LCROX | Core Fixed Income Fund Class F3 | Lord Abbett

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Core Fixed Income Fund

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Daily price w/o sales charge as of 10/06/2022

$9.22

arrowDown$0.03

YTD Returns w/o sales charge as of 10/06/2022

-14.73%

Overall Morningstar Ratings

Intermediate Core Bond
as of 08/31/2022

Morningstar rated the Lord Abbett Core Fixed Income Fund class F3 share 4 and 4 stars among 401 and 363 Intermediate Core Bond Funds for the overall rating and the 3 and 5 year periods ended 8/31/2022, respectively.

Please click here for performance current to the most recent quarter-end and month-end.

Click here to view all legal text including risk information

Summary

Summary

What is the Core Fixed Income Fund?

The Fund seeks to deliver current income and the opportunity for capital appreciation by investing primarily in U.S. investment grade corporate, government, and mortgage- and asset-backed securities.

 

Yield

Dividend Yield 1 as of 10/06/2022  

w/o sales charge 3.83%

30-Day Standardized Yield 2 as of 08/31/2022  

3.83%

In absence of the fee waiver, yields shown would have been lower. Yields for other share classes will vary.

Fund Basicsas of 08/31/2022

Total Net Assets
$1.93 B
Inception Date
04/05/2017
Dividend Frequency
Monthly
Fund Expense Ratio
0.31%
Number of Holdings
357

Fund Expense Ratio :

0.31%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge -14.88% -14.87% -2.92% -0.16% 1.00% -
Lipper Category Avg. Core Bond Funds -15.00% -15.16% -3.08% -0.31% 0.87% -
Bloomberg U.S. Aggregate Bond Index -14.61% -14.60% -3.26% -0.27% 0.89% -

Fund Expense Ratio :

0.31%

Fund Expense Ratio :

0.31%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge -14.88% -14.87% -2.92% -0.16% 1.00% -
Lipper Category Avg. Core Bond Funds -15.00% -15.16% -3.08% -0.31% 0.87% -
Bloomberg U.S. Aggregate Bond Index -14.61% -14.60% -3.26% -0.27% 0.89% -

Fund Expense Ratio :

0.31%

The performance quoted represents past performance, which is no indication of future results. Current performance may be higher or lower than the performance data quoted. Returns shown include the reinvestment of all distributions. Returns shown at net asset value do not reflect the current maximum sales charge, had the sales charge been included, returns would have been lower. The investment return and principal value of an investment will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than the original cost. Therefore, there can be no assurance for future results.

Type Assets
U.S. Government Related
MBS
ABS
CMBS
CLO
Sovereign
Bank Loans
Corporates
Other
Cash

The Fund's portfolio is actively managed and is subject to change. "Other" may include municipal bonds and non-index holdings.

Maturity Assets
Less than 1 year
1-3 years
3-5 years
5-7 years
7-10 years
Greater than 10 years

The Fund's portfolio is actively managed and is subject to change. "Other" may include municipal bonds and non-index holdings.

Credit Quality Distribution as of 08/31/2022 View Portfolio

Rating Assets
U.S. Treasury
Agency
AAA
AA
A
BBB
<BBB
Not Rated

Ratings (other than U.S. Treasury securities or securities issued or backed by U.S. agencies) provided by Standard & Poor's, Moody's, and Fitch. For certain securities that are not rated by any of these three agencies, credit ratings from other agencies may be used. Where the rating agencies rate a security differently, Lord Abbett uses the median, but if there are only two ratings, the lower rating is used. Ratings range from AAA (highest) to D (lowest). Bonds rated BBB or above are considered investment grade. Credit ratings BB and below are lower-rated securities (junk bonds). High-yielding, non-investment-grade bonds (junk bonds) involve higher risks than investment-grade bonds. Adverse conditions may affect the issuer's ability to pay interest and principal on these securities. A portion of the portfolio's securities may not be rated. Breakdown is not an S&P credit rating or an opinion of S&P as to the creditworthiness of such portfolio. Ratings apply to the credit worthiness of the issuers of the underlying securities and not the fund or its shares. Ratings may be subject to change.

Investment Team

Kewjin Yuoh
Kewjin Yuoh

Partner & Portfolio Manager

28 Years of Industry Experience

Andrew H. O'Brien
Andrew H. O'Brien, CFA

Partner & Portfolio Manager

24 Years of Industry Experience

Robert A. Lee
Robert A. Lee

Partner & Co-Head of Taxable Fixed Income

31 Years of Industry Experience

Adam C. Castle
Adam C. Castle, CFA

Partner, Portfolio Manager

14 Years of Industry Experience

Leah G. Traub
Leah G. Traub, Ph.D.

Partner & Portfolio Manager

21 Years of Industry Experience

Harris Trifon
Harris Trifon

Managing Director, Portfolio Manager

22 Years of Industry Experience

Supported By 69 Investment Professionals with 16 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 10/06/2022  

w/o sales charge 3.83%

30-Day Standardized Yield 2 as of 08/31/2022  

  Subsidized5 Un-Subsidized6
w/o sales charge 3.83% 3.83%

In absence of the fee waiver, yields shown would have been lower. Yields for other share classes will vary.

Fund Expense Ratio :

0.31%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge -14.88% -14.87% -2.92% -0.16% 1.00% -
Lipper Category Avg. Core Bond Funds -15.00% -15.16% -3.08% -0.31% 0.87% -
Bloomberg U.S. Aggregate Bond Index -14.61% -14.60% -3.26% -0.27% 0.89% -

Fund Expense Ratio :

0.31%

Fund Expense Ratio :

0.31%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge -14.88% -14.87% -2.92% -0.16% 1.00% -
Lipper Category Avg. Core Bond Funds -15.00% -15.16% -3.08% -0.31% 0.87% -
Bloomberg U.S. Aggregate Bond Index -14.61% -14.60% -3.26% -0.27% 0.89% -

Fund Expense Ratio :

0.31%

The performance quoted represents past performance, which is no indication of future results. Current performance may be higher or lower than the performance data quoted. Returns shown include the reinvestment of all distributions. Returns shown at net asset value do not reflect the current maximum sales charge, had the sales charge been included, returns would have been lower. The investment return and principal value of an investment will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than the original cost. Therefore, there can be no assurance for future results.

Year Fund Returns Bloomberg U.S. Aggregate Bond Index
2021 -0.61% -1.54%
2020 8.21% 7.51%
2019 8.14% 8.72%
2018 -0.16% 0.01%
2017 3.57% 3.54%
2016 3.04% 2.65%
2015 -0.22% 0.55%
2014 6.45% 5.97%
2013 -1.90% -2.02%
2012 6.06% 4.22%
2011 7.92% -
2010 7.00% -
2009 12.99% -
2008 1.58% -
2007 6.71% -
2006 - -
Year Q1 Q2 Q3 Q4 Yearly Returns
2022 -5.78% -5.13% -4.77% - -14.73%
2021 -2.65% 1.96% 0.13% 0.01% -0.61%
2020 1.69% 3.69% 1.40% 1.21% 8.21%
2019 2.91% 2.96% 2.11% -0.05% 8.14%
2018 -1.31% -0.27% 0.09% 1.35% -0.16%
2017 0.93% 1.38% 0.83% 0.38% 3.57%
2016 2.74% 2.36% 0.92% -2.91% 3.04%
2015 1.44% -1.58% 0.71% -0.76% -0.22%
2014 2.17% 2.25% 0.20% 1.69% 6.45%
2013 0.16% -2.65% 0.43% 0.18% -1.90%
2012 1.10% 2.23% 2.05% 0.56% 6.06%
2011 0.66% 2.27% 3.54% 1.26% 7.92%
2010 2.17% 3.31% 2.65% -1.24% 7.00%
2009 2.51% 4.07% 5.54% 0.35% 12.99%
2008 1.30% 0.03% -1.16% 1.41% 1.58%
2007 1.57% -0.72% 2.98% 2.76% 6.71%
2006 - - - 1.17% -

Performance is shown for each quarter and each calendar year. Past performance is no guarantee of future results.

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Rating Assets
U.S. Government Related
MBS
ABS
CMBS
CLO
Sovereign
Bank Loans
Corporates
Other
Cash
Rating Assets
Less than 1 year
1-3 years
3-5 years
5-7 years
7-10 years
Greater than 10 years

The Fund's portfolio is actively managed and is subject to change. "Other" may include municipal bonds and non-index holdings.

Credit Quality Distribution as of 08/31/2022

Rating Assets
U.S. Treasury
Agency
AAA
AA
A
BBB
<BBB
Not Rated

Ratings (other than U.S. Treasury securities or securities issued or backed by U.S. agencies) provided by Standard & Poor's, Moody's, and Fitch. For certain securities that are not rated by any of these three agencies, credit ratings from other agencies may be used. Where the rating agencies rate a security differently, Lord Abbett uses the median, but if there are only two ratings, the lower rating is used. Ratings range from AAA (highest) to D (lowest). Bonds rated BBB or above are considered investment grade. Credit ratings BB and below are lower-rated securities (junk bonds). High-yielding, non-investment-grade bonds (junk bonds) involve higher risks than investment-grade bonds. Adverse conditions may affect the issuer's ability to pay interest and principal on these securities. A portion of the portfolio's securities may not be rated. Breakdown is not an S&P credit rating or an opinion of S&P as to the creditworthiness of such portfolio. Ratings apply to the credit worthiness of the issuers of the underlying securities and not the fund or its shares. Ratings may be subject to change.

Portfolio Positioning as of 6/30/2022

  • During the quarter we focused on shifting the Fund’s overall positioning to be higher in quality and liquidity. Specifically, we used less volatile market days to take gains in lower quality holdings and repositioned the Fund to a higher quality profile.
  • While already only a modest portion of the Fund’s asset allocation, the sales of lower quality holdings were primarily within the high yield bond and bank loan allocations. Within both leveraged credit sectors, we focused on selling securities at the bottom of the credit stack as well as consumer cyclical issues. Overall, while we took down the Fund’s weight and risk within each leveraged credit sector, we have maintained these allocations with a bias for BB’s and basic industry names while remaining cautious of exposure to securities further down the credit stack and those within the consumer cyclical category.
  • We used the proceeds from selling lower quality holdings to purchase agency residential mortgage-backed securities (MBS) – decreasing a notable underweight to the sector. We believe that the sector is relatively cheap as it has underperformed year-to-date and this shift aligns with the Fund’s up-in-quality and up-in-liquidity themes. Specifically, we bought up-in-coupon MBS with a focus on 5/5.5’s and some specified pools which are offering an attractive pickup in carry versus the to-be-announced (TBA) market.
  • We maintained the Fund’s positions within other securitized products – asset-backed securities (ABS), commercial mortgage-backed securities (CMBS), non-agency mortgage-backed securities (RMBS), and collateralized loan obligations (CLO) – over the period. We continued to believe in the benefit of a true multi-sector portfolio and believe the securitized product exposure provides diversification benefits. Also, we focused on shifting the securitized product allocations up-in-quality across the board as part of the broader portfolio theme.
  • We also added to the Fund’s allocation to sovereign, supranational, and agency (SSA) issues – also aligning with the higher quality theme. We’ve identified short maturity SSA bonds that are providing an attractive pick-up in yield versus U.S. Treasuries.
  • Within investment grade corporate bonds, we focused on shifting the positions up-in-quality from BBB’s to A’s with a focus on adding to the financials, utilities, industrials, and consumer noncyclical sectors. We also favored shorter-term tenors when adding to high-quality investment grade corporate bonds over the quarter. We sold out of idiosyncratic investment grade credits within the consumer cyclical sector and exited some lower-quality industrial names. We maintained the Fund’s overweight position to the energy sector based on fundamentals and potential tailwinds from continued persistent inflation.

Portfolio Details as of 08/31/2022

Total Net Assets
$1.93 B
Number of Issues
357
Average Coupon
3.43%
Average Life
8.74 Years
Average Maturity
8.74 Years
Average Effective Duration
6.33 Years

To view definitions for the above Portfolio Details, Click here.

Average Coupon - The weighted average annual rate of interest on a bond’s face value that the issuer agrees to pay the holder until maturity for all the securities in a portfolio.

Average Life - Measures how long it will take, on average, to receive the repayment of the principal amount on a debt security.  Average life is often used in connection with mortgage-backed securities as a measurement of the length of time, on average, before the underlying mortgages are paid, refinanced, or otherwise retired.

Average Effective Duration - The change in the value of a fixed income security that will result from a 1% change in interest rates, taking into account anticipated cash flow fluctuations from mortgage prepayments, puts, adjustable coupons, and potential call dates. Duration is expressed as a number of years, and generally, the larger a duration, the greater the interest-rate risk or reward for a portfolio’s underlying bond prices. Where applicable, certain investments, such as common or preferred stock, convertible bonds and convertible preferred stock, ETFs, ADRs, and CPI swaps and related futures, are excluded from these calculations.

Holding Coupon Maturity Assets
United States Treasury Note/Bond 2.750% 07/31/2027 7.1%
United States Treasury Note/Bond 3.250% 05/15/2042 5.9%
United States Treasury Note/Bond 3.250% 08/31/2024 5.3%
United States Treasury Note/Bond 3.250% 06/30/2027 2.5%
United States Treasury Note/Bond 2.750% 08/15/2032 2.4%
30-YR GNMA II-TBA PROD SEP 4.500% 07/01/2052 2.1%
30-YR UMBS-TBA PROD SEP 3.000% 03/01/2052 2.1%
United States Treasury Note/Bond 3.000% 06/30/2024 2.0%
United States Treasury Bill 0.000% 10/27/2022 2.0%
30-YR UMBS-TBA PROD OCT 4.500% 05/01/2052 1.9%
% of Total Assets 33.3%
Holding Coupon Maturity Assets
United States Treasury Note/Bond2.750% 07/31/20277.1%
United States Treasury Note/Bond3.250% 05/15/20425.9%
United States Treasury Note/Bond3.250% 08/31/20245.3%
United States Treasury Note/Bond3.250% 06/30/20272.5%
United States Treasury Note/Bond2.750% 08/15/20322.4%
30-YR GNMA II-TBA PROD SEP4.500% 07/01/20522.1%
30-YR UMBS-TBA PROD SEP3.000% 03/01/20522.1%
United States Treasury Note/Bond3.000% 06/30/20242.0%
United States Treasury Bill0.000% 10/27/20222.0%
30-YR UMBS-TBA PROD OCT4.500% 05/01/20521.9%
15-YR UMBS-TBA PROD OCT4.500% 06/01/20371.8%
Federal Home Loan Banks0.000% 09/26/20221.6%
30-YR UMBS-TBA PROD SEP3.500% 04/01/20521.6%
United States Treasury Note/Bond2.875% 05/15/20521.4%
30-YR UMBS-TBA PROD SEP5.500% 07/01/20521.3%
30-YR UMBS-TBA PROD SEP4.500% 05/01/20521.2%
30-YR UMBS-TBA PROD OCT3.500% 04/01/20521.1%
Fannie Mae Pool2.500% 08/01/20501.1%
30-YR UMBS-TBA PROD OCT5.000% 06/01/20521.1%
Federal Home Loan Banks2.300% 10/18/20221.0%
Fannie Mae Pool2.500% 09/01/20501.0%
Fannie Mae Pool3.000% 12/01/20480.9%
CarMax Auto Owner Trust 2022-22.810% 05/15/20250.9%
JPMorgan Chase & Co3.782% 02/01/20280.9%
30-YR UMBS-TBA PROD OCT4.000% 05/01/20520.9%
30-YR GNMA II-TBA PROD SEP5.000% 07/01/20520.9%
Capital One Prime Auto Receivables Trust 2022-12.710% 06/16/20250.9%
15-YR UMBS-TBA PROD OCT4.000% 05/01/20370.8%
30-YR UMBS-TBA PROD OCT5.500% 07/01/20520.8%
United States Treasury Note/Bond3.000% 07/31/20240.7%
Southwestern Energy Co4.704% 06/22/20270.7%
United States Treasury Bill0.000% 02/16/20230.7%
Fannie Mae Pool2.500% 08/01/20500.7%
United States Treasury Inflation Indexed Bonds0.125% 02/15/20520.6%
CPPIB Capital Inc3.124% 04/04/20250.6%
Hertz Vehicle Financing III LP1.680% 12/27/20270.6%
Bank of America Corp2.687% 04/22/20320.6%
Toronto-Dominion Bank/The4.456% 06/08/20320.6%
Oracle Corp2.875% 03/25/20310.6%
Intercontinental Exchange Inc4.000% 09/15/20270.6%
15-YR UMBS-TBA PROD SEP4.000% 05/01/20370.6%
30-YR UMBS-TBA PROD SEP4.000% 05/01/20520.6%
Kreditanstalt fuer Wiederaufbau3.375% 08/23/20240.6%
Charter Communications Operating LLC4.280% 04/30/20250.5%
30-YR GNMA II-TBA PROD OCT4.500% 07/01/20520.5%
Freddie Mac Pool5.000% 08/01/20520.5%
Freddie Mac Pool4.500% 08/01/20520.5%
Province of Ontario Canada3.100% 05/19/20270.5%
GM Financial Automobile Leasing Trust 2022-22.930% 10/21/20240.5%
30-YR GNMA II-TBA PROD OCT4.000% 07/01/20520.5%
Fannie Mae Pool5.000% 08/01/20520.5%
Avant Loans Funding Trust 2022-REV16.540% 09/15/20310.4%
Carlyle Global Market Strategies CLO 2014-5 Ltd3.652% 07/15/20310.4%
Continental Finance Credit Card ABS Master Trust2.240% 12/15/20280.4%
30-YR GNMA II-TBA PROD SEP4.000% 07/01/20520.4%
Cargill Inc4.000% 06/22/20320.4%
Santander Drive Auto Receivables Trust 2022-54.430% 03/15/20270.4%
United States Treasury Note/Bond3.375% 11/15/20480.4%
Fannie Mae Pool2.500% 01/01/20510.4%
Morgan Stanley4.431% 01/23/20300.4%
CIFC Funding 2021-I Ltd3.893% 04/25/20330.4%
Citigroup Inc2.666% 01/29/20310.4%
NOV Inc3.600% 12/01/20290.4%
Fannie Mae Pool4.000% 06/01/20520.4%
EQT Corp7.000% 02/01/20300.4%
American Express Co4.420% 08/03/20330.4%
IPALCO Enterprises Inc4.250% 05/01/20300.4%
Kommunalbanken AS2.724% 06/17/20260.4%
New York City Transitional Finance Authority Future Tax Secured Revenue2.690% 05/01/20330.4%
Elevance Health Inc2.250% 05/15/20300.4%
Lamar Media Corp3.868% 02/05/20270.4%
NextEra Energy Capital Holdings Inc2.871% 03/21/20240.4%
Southern Co/The2.700% 08/01/20240.4%
Asian Development Bank2.895% 04/06/20270.4%
US Bancorp4.967% 07/22/20330.4%
Ally Financial Inc8.000% 11/01/20310.4%
Goldman Sachs Group Inc/The0.627% 11/17/20230.4%
Bank of New York Mellon Corp/The4.596% 07/26/20300.4%
National Fuel Gas Co3.950% 09/15/20270.4%
Citigroup Inc3.887% 01/10/20280.4%
30-YR UMBS-TBA PROD SEP5.000% 06/01/20520.3%
Fannie Mae Pool3.500% 04/01/20520.3%
Encina Equipment Finance 2022-1 LLC4.880% 11/15/20280.3%
Flagship Credit Auto Trust 2022-34.550% 04/15/20270.3%
Diamondback Energy Inc3.500% 12/01/20290.3%
CVS Health Corp3.250% 08/15/20290.3%
Global Payments Inc4.000% 06/01/20230.3%
Goldman Sachs Group Inc/The2.383% 07/21/20320.3%
nVent Finance Sarl4.550% 04/15/20280.3%
Ready Capital Mortgage Financing 2022-FL8 LLC3.833% 01/25/20370.3%
BRAVO Residential Funding Trust 2021-NQM20.970% 03/25/20600.3%
Freddie Mac Pool5.000% 08/01/20520.3%
Danske Bank A/S3.773% 03/28/20250.3%
Freddie Mac STACR REMIC Trust 2021-HQA43.133% 12/25/20410.3%
JPMorgan Chase & Co2.580% 04/22/20320.3%
Dryden Senior Loan Fund3.982% 04/15/20280.3%
Fannie Mae Pool2.500% 12/01/20510.3%
Citigroup Inc3.980% 03/20/20300.3%
FactSet Research Systems Inc3.450% 03/01/20320.3%
7-Eleven Inc0.800% 02/10/20240.3%
American Express Credit Account Master Trust3.750% 08/16/20270.3%
Great Wolf Trust 2019-WOLF3.425% 12/15/20360.3%
GS Mortgage Securities Corp II4.358% 08/15/20390.3%
BNG Bank NV3.500% 08/26/20240.3%
Entergy Corp0.900% 09/15/20250.3%
HGI CRE CLO 2021-FL2 Ltd3.880% 09/17/20360.3%
Marlette Funding Trust 2020-24.650% 09/16/20300.3%
Wells Fargo Bank NA5.850% 02/01/20370.3%
Bank of America Corp3.970% 03/05/20290.3%
OneMain Financial Issuance Trust 2018-23.570% 03/14/20330.3%
Arbor Realty Commercial Real Estate Notes 2021-FL2 Ltd3.791% 05/15/20360.3%
Lendmark Funding Trust 2021-22.370% 04/20/20320.3%
CenterPoint Energy Resources Corp1.750% 10/01/20300.3%
ME Funding LLC 2019-16.448% 07/30/20490.3%
EASTERN GAS TRANSMISSION & STO3.000% 11/15/20290.3%
NextEra Energy Capital Holdings Inc5.000% 07/15/20320.3%
Santander UK Group Holdings PLC3.373% 01/05/20240.3%
CSMC 2021-BHAR3.891% 11/15/20380.3%
VERDE CLO Ltd3.612% 04/15/20320.3%
XPO Logistics Inc4.123% 02/24/20250.3%
Citibank Credit Card Issuance Trust3.161% 05/14/20290.3%
NUTRITION BIOSCIENCES INC0.044% 01/17/20250.3%
Eni SpA5.700% 10/01/20400.3%
Lending Funding Trust 2020-22.320% 04/21/20310.3%
GA Global Funding Trust3.850% 04/11/20250.3%
Bain Capital Credit CLO 2019-23.840% 10/17/20320.3%
Inter-American Investment Corp2.625% 04/22/20250.3%
Dryden 61 Clo Ltd3.730% 01/17/20320.3%
Rad CLO 6 Ltd4.090% 01/20/20330.3%
OCP Clo 2019-17 Ltd3.750% 07/20/20320.3%
BX Trust 2018-GW3.191% 05/15/20350.3%
Kommuninvest I Sverige AB3.250% 01/16/20240.3%
State Street Corp4.164% 08/04/20330.3%
Freddie Mac Structured Agency Credit Risk Debt Notes4.833% 07/25/20420.3%
Burlington Northern Santa Fe LLC4.450% 01/15/20530.2%
Avolon Holdings Funding Ltd5.250% 05/15/20240.2%
Deephaven Residential Mortgage Trust 2021-31.194% 08/25/20660.2%
Apidos CLO XX4.290% 07/16/20310.2%
Bank of America Corp1.658% 03/11/20270.2%
American Airlines 2021-1 Class A Pass Through Trust2.875% 01/11/20360.2%
Wisconsin Power and Light Co3.950% 09/01/20320.2%
Broadcom Inc4.150% 04/15/20320.2%
JP Morgan Chase Commercial Mortgage Securities Trust 2018-WPT3.576% 07/05/20330.2%
GS Mortgage Securities Corp Trust 2022-SHIP3.038% 08/15/20240.2%
Constellation Energy Generation LLC6.250% 10/01/20390.2%
Freddie Mac STACR REMIC Trust 2021-HQA34.283% 09/25/20410.2%
CenterPoint Energy Resources Corp4.400% 07/01/20320.2%
Freddie Mac Pool2.500% 11/01/20500.2%
Bay Area Toll Authority3.126% 04/01/20550.2%
Bank of America Corp3.593% 07/21/20280.2%
30-YR GNMA II-TBA PROD OCT3.500% 04/01/20520.2%
Rad CLO 7 Ltd3.940% 04/17/20330.2%
Wells Fargo & Co2.393% 06/02/20280.2%
BX Trust 2021-RISE3.139% 11/15/20360.2%
Kinder Morgan Energy Partners LP4.250% 09/01/20240.2%
Eaton Vance CLO 2013-1 Ltd3.762% 01/15/20340.2%
MF1 2022-FL8 Ltd3.383% 02/19/20370.2%
Japan International Cooperation Agency3.250% 05/25/20270.2%
Encina Equipment Finance 2021-1 LLC1.690% 11/15/20270.2%
GSK Consumer Healthcare Capital US LLC3.625% 03/24/20320.2%
Dell International LLC / EMC Corp8.350% 07/15/20460.2%
BNP Paribas SA4.375% 03/01/20330.2%
Continental Resources Inc/OK4.900% 06/01/20440.2%
Freddie Mac Pool5.000% 07/01/20520.2%
East Ohio Gas Co/The1.300% 06/15/20250.2%
Baltimore Gas and Electric Co4.550% 06/01/20520.2%
LoanCore 2022-CRE7 Issuer Ltd3.533% 01/17/20370.2%
Invitation Homes Operating Partnership LP2.000% 08/15/20310.2%
Barings CLO Ltd 2019-III3.780% 04/20/20310.2%
Connecticut Avenue Securities Trust 2022-R084.733% 07/25/20420.2%
Park Aerospace Holdings Ltd5.500% 02/15/20240.2%
Oglethorpe Power Corp5.950% 11/01/20390.2%
SCF Equipment Leasing 2021-1 LLC1.540% 10/21/20300.2%
BX Trust 2021-ARIA4.636% 10/15/20360.2%
Genesis Sales Finance Master Trust2.240% 09/22/20250.2%
Octagon Investment Partners XIV Ltd3.462% 07/15/20290.2%
Fannie Mae Pool4.000% 05/01/20520.2%
Westlake Automobile Receivables Trust 2020-33.340% 06/15/20260.2%
Fannie Mae Pool2.500% 12/01/20510.2%
Fannie Mae Pool3.500% 07/01/20450.2%
EIG Pearl Holdings Sarl3.545% 08/31/20360.2%
COMM 2014-UBS4 Mortgage Trust4.869% 08/10/20470.2%
Galaxy Pipeline Assets Bidco Ltd3.250% 09/30/20400.2%
Upstart Securitization Trust 2021-21.750% 06/20/20310.2%
Macquarie Bank Ltd3.052% 03/03/20360.2%
EPR Properties3.750% 08/15/20290.2%
Wells Fargo & Co3.350% 03/02/20330.2%
UnitedHealth Group Inc4.000% 05/15/20290.2%
JPMorgan Chase & Co2.963% 01/25/20330.2%
American Transmission Systems Inc2.650% 01/15/20320.2%
Arbor Realty Commercial Real Estate Notes 2021-FL3 Ltd4.591% 08/15/20340.2%
Time Warner Cable LLC7.300% 07/01/20380.2%
Carlyle Global Market Strategies CLO 2015-1 Ltd3.690% 07/20/20310.2%
Ohio Edison Co8.250% 10/15/20380.2%
Elmwood CLO VIII Ltd3.950% 01/20/20340.2%
Minejesa Capital BV4.625% 08/10/20300.2%
Abu Dhabi Crude Oil Pipeline LLC4.600% 11/02/20470.2%
Angel Oak Mortgage Trust 2022-34.000% 01/25/20670.2%
Kommuninvest I Sverige AB2.875% 07/03/20240.2%
Extended Stay America Trust 2021-ESH4.091% 07/15/20380.2%
Aviation Capital Group LLC1.950% 01/30/20260.2%
Advanced Micro Devices Inc3.924% 06/01/20320.2%
NGPL PipeCo LLC3.250% 07/15/20310.2%
Morgan Stanley2.239% 07/21/20320.2%
Freddie Mac Pool3.500% 02/01/20460.2%
OCP CLO 2019-16 Ltd3.428% 04/10/20330.2%
Mexico Government International Bond4.875% 05/19/20330.2%
BHMS 2018-ATLS3.641% 07/15/20350.2%
Oaktree CLO 2019-4 Ltd4.960% 10/20/20320.2%
British Airways 2020-1 Class A Pass Through Trust4.250% 05/15/20340.2%
COMM 2015-PC1 Mortgage Trust4.435% 07/10/20500.2%
SCF Equipment Leasing 2019-2 LLC2.760% 08/20/20260.2%
Netflix Inc6.375% 05/15/20290.2%
Fannie Mae Pool5.000% 07/01/20520.2%
Halliburton Co7.450% 09/15/20390.2%
COMM 2015-DC1 Mortgage Trust4.441% 02/10/20480.2%
Macquarie Group Ltd4.654% 03/27/20290.2%
Cellnex Finance Co SA3.875% 07/07/20410.2%
OneMain Direct Auto Receivables Trust 2019-13.950% 11/14/20280.2%
Barings CLO Ltd 2019-III4.310% 04/20/20310.2%
Dell International LLC / EMC Corp3.375% 12/15/20410.2%
KKR CLO 29 Ltd3.712% 01/15/20320.2%
Freddie Mac STACR REMIC Trust 2021-DNA73.983% 11/25/20410.2%
Freddie Mac STACR REMIC Trust 2021-DNA63.683% 10/25/20410.2%
Glencore Finance Canada Ltd5.550% 10/25/20420.2%
Fannie Mae Pool2.500% 08/01/20500.1%
Advanced Micro Devices Inc4.393% 06/01/20520.1%
Wind River 2021-4 CLO Ltd4.360% 01/20/20350.1%
Fannie Mae Pool4.000% 05/01/20520.1%
Freddie Mac STACR REMIC Trust 2022-HQA34.483% 08/25/20420.1%
Aircastle Ltd2.850% 01/26/20280.1%
Marble Point CLO XVII Ltd4.010% 04/20/20330.1%
CBAM 2017-1 Ltd6.460% 07/20/20300.1%
Glencore Funding LLC2.850% 04/27/20310.1%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust3.500% 01/15/20250.1%
Netflix Inc5.875% 11/15/20280.1%
Southwest Gas Corp4.050% 03/15/20320.1%
Ares XL CLO Ltd3.382% 01/15/20290.1%
Charter Communications Operating LLC / Charter Communications Operating Capital6.484% 10/23/20450.1%
Fannie Mae Pool2.500% 09/01/20510.1%
Goldman Sachs Group Inc/The2.615% 04/22/20320.1%
Connecticut Avenue Securities Trust 2021-R013.733% 10/25/20410.1%
Fannie Mae Pool5.000% 07/01/20520.1%
Morgan Stanley2.484% 09/16/20360.1%
TCI-Flatiron Clo 2017-1 Ltd3.921% 11/18/20300.1%
Mountain View CLO 2017-1 LLC3.830% 10/16/20290.1%
Angel Oak Mortgage Trust 2021-31.068% 05/25/20660.1%
AEP Transmission Co LLC4.500% 06/15/20520.1%
Octagon Investment Partners XVII Ltd3.783% 01/25/20310.1%
JPMBB Commercial Mortgage Securities Trust 2015-C304.373% 07/15/20480.1%
AES Corp/The3.950% 07/15/20300.1%
Viterra Finance BV4.900% 04/21/20270.1%
Continental Resources Inc/OK5.750% 01/15/20310.1%
Fannie Mae Connecticut Avenue Securities4.183% 11/25/20410.1%
Magallanes Inc3.428% 03/15/20240.1%
Mariner Finance Issuance Trust 2021-A3.830% 03/20/20360.1%
PulteGroup Inc6.375% 05/15/20330.1%
Apidos CLO XXXV3.760% 04/20/20340.1%
TCW CLO 2022-1 Ltd2.087% 04/22/20330.1%
Alfa Desarrollo SpA4.550% 09/27/20510.1%
Occidental Petroleum Corp6.450% 09/15/20360.1%
First American Financial Corp2.400% 08/15/20310.1%
ABN AMRO Bank NV3.324% 03/13/20370.1%
Hudsons Bay Simon JV Trust 2015-HBS4.666% 08/05/20340.1%
Hilton Orlando Trust 2018-ORL3.311% 12/15/20340.1%
National Australia Bank Ltd2.990% 05/21/20310.1%
DBWF 2018-GLKS Mortgage Trust3.396% 12/19/20300.1%
Physicians Realty LP2.625% 11/01/20310.1%
Wells Fargo Commercial Mortgage Trust 2016-C354.176% 07/15/20480.1%
Sunrun Demeter Issuer 2021-2 LLC2.270% 01/30/20570.1%
Capital One Financial Corp4.166% 05/09/20250.1%
Lendmark Funding Trust 2021-13.410% 11/20/20310.1%
Alcoa Nederland Holding BV4.125% 03/31/20290.1%
Citigroup Inc4.140% 05/24/20250.1%
Prosus NV3.257% 01/19/20270.1%
UBS AG5.125% 05/15/20240.1%
DTE Energy Co0.000% 11/01/20240.1%
Bank of America Corp4.000% 01/22/20250.1%
Starwood Mortgage Residential Trust 2020-31.486% 04/25/20650.1%
Baxalta Inc4.000% 06/23/20250.1%
FirstEnergy Corp4.400% 07/15/20270.1%
Venture Global Calcasieu Pass LLC4.125% 08/15/20310.1%
Sabine Pass Liquefaction LLC5.625% 03/01/20250.1%
Toll Brothers Finance Corp3.800% 11/01/20290.1%
Apidos CLO XXVI4.240% 07/18/20290.1%
Baidu Inc2.375% 08/23/20310.1%
Fannie Mae Pool3.500% 09/01/20510.1%
SLC Student Loan Trust 2008-13.429% 12/15/20320.1%
CF Trust 2019-BOSS5.641% 12/15/20240.1%
American Tower Corp2.950% 01/15/20250.1%
Bayer Corp6.650% 02/15/20280.1%
Hudsons Bay Simon JV Trust 2015-HBS5.331% 08/05/20340.1%
BBCMS 2019-BWAY Mortgage Trust3.347% 11/15/20340.1%
HONO 2021-LULU Mortgage Trust3.841% 10/15/20360.1%
Freeport Indonesia PT5.315% 04/14/20320.1%
CSAIL 2016-C7 Commercial Mortgage Trust4.526% 11/15/20490.1%
Assurant Inc2.650% 01/15/20320.1%
Centene Corp2.450% 07/15/20280.1%
Foothill-Eastern Transportation Corridor Agency4.094% 01/15/20490.1%
GS Mortgage Securities Corp Trust 2018-RIVR3.341% 07/15/20350.1%
Verus Securitization Trust 2020-41.502% 05/25/20650.1%
Goldman Sachs Group Inc/The6.750% 10/01/20370.1%
Carlyle Global Market Strategies CLO 2015-5 Ltd5.010% 01/20/20320.1%
Atrium Hotel Portfolio Trust 2018-ATRM3.341% 06/15/20350.1%
Tengizchevroil Finance Co International Ltd3.250% 08/15/20300.1%
Flagship Credit Auto Trust 2021-10.310% 06/16/20250.1%
GCAT 2020-NQM2 Trust1.555% 04/25/20650.1%
Goldentree Loan Management US Clo 3 Ltd4.260% 04/20/20300.1%
Neuberger Berman Group LLC / Neuberger Berman Finance Corp4.500% 03/15/20270.1%
J.P. Morgan Chase Commercial Mortgage SecuritiesTrust 2018-MINN3.661% 11/15/20350.1%
Westlake Automobile Receivables Trust 2019-23.200% 11/15/20240.1%
Vista Point Securitization Trust 2020-21.475% 04/25/20650.0%
Freddie Mac Multifamily Structured Pass Through Certificates2.125% 02/25/20320.0%
HONO 2021-LULU Mortgage Trust4.241% 10/15/20360.0%
Ford Credit Floorplan Master Owner Trust A4.060% 11/15/20300.0%
Verus Securitization Trust 2020-INV11.977% 03/25/20600.0%
Ellington Financial Mortgage Trust 2020-12.006% 05/25/20650.0%
Mountain View CLO 2014-1 Ltd4.512% 10/15/20260.0%
Oracle Corp6.125% 07/08/20390.0%
Regents of the University of California Medical Center Pooled Revenue3.006% 05/15/20500.0%
CSMC 2020-AFC1 Trust2.240% 02/25/20500.0%
BBCMS 2019-BWAY Mortgage Trust3.701% 11/15/20340.0%
Neuberger Berman Group LLC / Neuberger Berman Finance Corp4.875% 04/15/20450.0%
Oracle Corp5.375% 07/15/20400.0%
COMM 2015-PC1 Mortgage Trust4.435% 07/10/20500.0%
Massachusetts Educational Financing Authority3.733% 04/25/20380.0%
ReadyCap Commercial Mortgage Trust 2019-62.833% 10/25/20520.0%
Citigroup Commercial Mortgage Trust 2016-P32.804% 04/15/20490.0%
Towd Point Asset Trust 2018-SL13.044% 01/25/20460.0%
Credit Suisse Mortgage Capital Certificates1.616% 04/25/20650.0%
Galaxy XXI CLO Ltd3.730% 04/20/20310.0%
MFA 2021-NQM2 Trust1.029% 11/25/20640.0%
Pennsylvania Higher Education Assistance Agency3.053% 04/25/20380.0%
US LONG BOND(CBT) Dec220.000% 12/30/20220.0%
Verus Securitization Trust 2020-12.417% 01/25/20600.0%
Mountain View CLO X Ltd3.275% 10/13/20270.0%
Citigroup Commercial Mortgage Trust 2014-GC211.302% 05/10/20470.0%
Angel Oak Mortgage Trust 2020-12.466% 12/25/20590.0%
WFRBS Commercial Mortgage Trust 2014-C230.702% 10/15/20570.0%
New Residential Mortgage Loan Trust 2020-NQM12.464% 01/26/20600.0%
Residential Mortgage Loan Trust 2020-12.376% 01/26/20600.0%
Avid Automobile Receivables Trust 2019-12.820% 07/15/20260.0%
GCAT 2019-NQM2 Trust2.247% 01/25/20600.0%
Government National Mortgage Association2.900% 02/16/20530.0%
Starwood Mortgage Residential Trust 2020-12.275% 02/25/20500.0%
COMM 2014-CCRE19 Mortgage Trust1.091% 08/10/20470.0%
CPS Auto Receivables Trust 2018-B4.260% 03/15/20240.0%
JBS USA LUX SA5.070% 05/01/20260.0%
Commercial Mortgage Backed Index Swap3.000% 08/17/20610.0%
Commercial Mortgage Backed Index Swap3.000% 08/17/20610.0%
Commercial Mortgage Backed Index Swap3.000% 08/17/20610.0%
US 5YR NOTE (CBT) Dec220.000% 01/05/20230.0%
US ULTRA BOND CBT Dec220.000% 12/30/20220.0%
US 2YR NOTE (CBT) Dec220.000% 01/05/20230.0%
Commercial Mortgage Backed Index Swap3.000% 08/17/20610.0%
Commercial Mortgage Backed Index Swap3.000% 11/17/20590.0%
Commercial Mortgage Backed Index Swap3.000% 08/17/20610.0%

Aggregate holdings are updated monthly, 30 days after month end. Aggregate holdings are presented to illustrate examples of the securities that the Fund has bought and the diversity of the areas in which the Fund may invest, and may not be representative of the Fund's current or future investments. The figures presented are as of the date shown and may change at any time.

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 10/06/2022
$0.209
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 09/30/2022 $0.02944 $9.21
Daily Daily 08/31/2022 $0.03039 $9.67
Daily Daily 07/31/2022 $0.02785 $9.95
Daily Daily 06/30/2022 $0.02458 $9.76
Daily Daily 05/31/2022 $0.02341 $9.97
Daily Daily 04/30/2022 $0.02095 $9.99
Daily Daily 03/31/2022 $0.02014 $10.36
Daily Daily 02/28/2022 $0.01667 $10.70
Daily Daily 01/31/2022 $0.01600 $10.83

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 10/31/2022
Daily Daily 11/30/2022
Daily Daily 12/31/2022

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
12/16/2021 12/17/2021 $0.0408 - $0.0408 $11.09
*

Taxed as ordinary income

Lord Abbett does not provide tax advice. It is strongly recommended that you discuss the impact of dividends and distributions with your tax advisor. 

Upcoming Capital Gain Distribution

Record Date Ex-Dividend Date
12/19/2022 12/20/2022

Fees & Expenses

Fees & Expenses

Expense Ratioas of 09/30/2022

0.31%

Fund Documents

Fund Documents

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Minimum initial investment varies depending on the class of shares you buy and the type of account. IRAs, SIMPLEs, and SEP accounts with payroll deductions have no minimums. Please see Fund prospectuses for additional information.      

                    

1

Dividend Yield is a financial ratio that shows how much a mutual fund pays out in dividends each year relative to value with maximum sales charges and without sales charges. The dividend yield is calculated by annualizing the last dividend and dividing it by the fund’s net asset value with maximum sales charges and without sales charges.

 

2

The 30-Day Standardized Yield represents net investment income earned by a fund over a 30-day period. It is expressed as an annual percentage rate using a method of calculation adopted by the Securities and Exchange Commission (SEC). Yields for other share classes will vary.

 

3

The Fund’s Dividend Yield, 12-Month Dividend Yield and 7 Day Yield are shown with and without sales charges and with maximum sales charges. The Fund’s Subsidized Dividend yield takes into account any fee waiver or expense limitation arrangements, if any. Without such fee waivers or expense limitation arrangements, the Fund’s dividend yield would have been lower. Information regarding any fee waivers or expense limitation arrangements applicable to the Fund is provided with the Fund’s expense ratio information.

 

4

The Fund’s Unsubsidized Dividend yield is shown without sales charges and with maximum sales charges. The Fund’s unsubsidized dividend yield reflects what the yield would have been without the effect of fee waivers or expense limitation arrangements.

 

 

IMPORTANT INFORMATION

 

A Note about Risk: The Fund is subject to the general risks associated with investing in fixed income securities, including market, credit, liquidity, and interest rate risk. The value of an investment in the Fund will change as interest rates fluctuate in response to market movements. When interest rates rise, the prices of debt securities are likely to decline, and when interest rates fall, the prices of debt securities tend to rise. The Fund may invest in Treasury Inflation Protected Securities and other inflation-indexed securities, which are subject to greater inflation rate and interest rate volatility. The Fund may invest in foreign or emerging market securities, which may be adversely affected by economic, political, or regulatory factors and subject to currency volatility and greater liquidity risk. The Fund may invest in derivatives, which are subject to greater liquidity, leverage, and counterparty risk. These factors can affect Fund performance.

With Sales Charge - Returns with sales charges reflect applicable fees and expenses and include all distributions reinvested.

 

Without Sales Charge - Returns shown are without sales charges and have all distributions reinvested. If a sales charge had been deducted, the results would have been lower.

 

Returns shown at less than a year reflect aggregate total returns.

 

Double-Digit Returns - instances of high double-digit returns were achieved primarily during favorable market conditions and may not be sustainable over time.   

 

The Bloomberg U.S. Aggregate Bond Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Total return comprises price appreciation/depreciation and income as a percentage of the original investment. 

Indexes reflect total return, unless otherwise specified, with all dividends reinvested. Indexes are unmanaged, do not reflect the deduction of fees or expenses, and are not available for direct investment.

 

The Overall Morningstar RatingTM is derived from a weighted average of the performance figures associated with a fund's three-, five-, and 10-year (as applicable) Morningstar RatingTM metrics. © Morningstar, Inc. All rights reserved. The information contained herein (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

 

Morningstar proprietary ratings reflect historical risk-adjusted performance. For each fund with at least a three-year history, Morningstar calculates a Morningstar RatingTM based on a Morningstar risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. Load-waived ratings do not include any front-end sales charges (which are only available for certain defined contribution plans and certain mutual fund advisory programs) and should only be considered by investors who are not subject to sales loads. Not all funds with a load-waived rating may waive their front-end load. An investor should check with their advisor to determine if they are eligible to purchase the load-waived Class A share. The top 10% of the funds in an investment category receive 5 stars, 22.5% receive 4 stars, 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages). The Overall Morningstar rating is a weighted average of funds' three-, five-, and 10-year (as applicable) ratings. Past performance is no guarantee of future results. Morningstar Rating is for the Class A share only; other classes may have different performance characteristics.

 

 

Performance data quoted is historical. Past performance is not indicative of future results. Current performance may be higher or lower than the performance quoted. The investment return and principal value of an investment in the Fund will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than their original cost. To obtain performance data current to the most recent quarter-end, go to quarter ending performance on our Website or call Lord Abbett at (888) 522-2388.

 

 

Lipper Category Average - Peer group averages are based on universes of funds with the same investment objectives. The average return for the peer group is based on the returns of each individual fund within the group for the period shown. This average assumes reinvestment of dividends.

 

Fund Expense Ratio Detail: Reflects expenses for the Fund's fiscal year-end and is subject to change. Fund expenses may fluctuate with market volatility. A substantial reduction in Fund assets (since its most recently completed fiscal year), whether caused by market conditions or significant redemptions or both, will likely cause total operating expenses (as a percentage of Fund assets) to become higher than those shown.

 

 

Lipper Category Average Expense Ratio reflects the average net expenses of Class A shares of all funds with in the peer group based on Lipper data available.

 

The Fund's portfolio is actively managed and portfolio characteristics, such as individual holdings and sector weightings may change significantly over time. The portfolio data is for information only. It does not constitute a recommendation or an offer for a particular security or fund, nor should it be taken as a solicitation or recommendation to buy or sell securities or other investments.  

 

Dividends and Capital Gains: The information presented in this section is intended for general information and is not intended to be relied upon and should not be relied upon, as financial, legal or tax advice for any particular investor. We strongly recommend that you contact your financial, legal or tax advisor regarding your particular tax situation.

The information presented in this section is not written or intended to be used, and cannot be used, for the purpose of avoiding any tax liabilities or penalties.

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