LCRAX | Core Fixed Income Fund Class A | Lord Abbett

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Core Fixed Income Fund

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Daily price w/o sales charge as of 05/26/2023

$9.22

$0.00

YTD Returns w/o sales charge as of 05/26/2023

1.14%

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 05/26/2023  

w/o sales charge 4.37%
w/ sales charge 4.27%

30-Day Standardized Yield 2 as of 04/30/2023  

4.25%

Average Yield to Worst as of 04/28/2023

5.05%

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

Yield-To-Worst - The yield-to-worst (YTW) is the lowest potential yield that can be received on a bond without the issuer actually defaulting. YTW is calculated by making worst-case scenario assumptions on the issue by calculating the return that would be received if the issuer uses provisions, including prepayments, calls or sinking funds. Average YTW is based on the weighted average YTW of the securities held in the Fund’s portfolio.

Fund Basicsas of 04/28/2023

Total Net Assets
$2.60 B
Inception Date
08/31/2000
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.57%
Fund Net Expense Ratio
0.57%
Number of Holdings
409
Minimum Initial Investment
$1,500+

Fund Expense Ratio :

Gross 0.57%

Net 0.57%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 08/31/2000
w/o sales charge 3.57% -1.69% -2.55% 0.98% 1.07% 3.91%
Lipper Category Avg. Core Bond Funds 3.64% -1.02% -2.31% 1.10% 1.24% -
Bloomberg U.S. Aggregate Bond Index 3.59% -0.43% -3.15% 1.18% 1.32% 3.92%
w/ sales charge 1.27% -3.90% -3.28% 0.52% 0.84% 3.80%

Fund Expense Ratio :

Gross 0.57%

Net 0.57%

Fund Expense Ratio :

Gross 0.57%

Net 0.57%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 08/31/2000
w/o sales charge 2.98% -5.56% -2.18% 0.71% 1.12% 3.89%
Lipper Category Avg. Core Bond Funds 3.04% -5.20% -1.70% 0.86% 1.29% -
Bloomberg U.S. Aggregate Bond Index 2.96% -4.78% -2.77% 0.91% 1.36% 3.91%
w/ sales charge 0.70% -7.69% -2.93% 0.24% 0.88% 3.79%

Fund Expense Ratio :

Gross 0.57%

Net 0.57%

Returns with sales charges reflect a maximum sales charge of 2.25%.

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
MBS
U.S. Government Related
ABS
CMBS
Sovereign
CLO
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 04/28/2023 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

29 Years of Industry Experience

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

Partner & Portfolio Manager

25 Years of Industry Experience

Robert A. Lee
Robert A. Lee

Partner & Co-Head of Taxable Fixed Income

32 Years of Industry Experience

Adam C. Castle
Adam C. Castle, CFA

Partner, Portfolio Manager

15 Years of Industry Experience

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

Partner & Portfolio Manager

22 Years of Industry Experience

Harris Trifon
Harris Trifon

Managing Director, Portfolio Manager

23 Years of Industry Experience

Supported By 77 Investment Professionals with 16 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 05/26/2023  

w/o sales charge 4.37%
w/ sales charge 4.27%

30-Day Standardized Yield 2 as of 04/30/2023  

  Subsidized5 Un-Subsidized6
w/o sales charge 4.25% 4.25%

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

Fund Expense Ratio :

Gross 0.57%

Net 0.57%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 08/31/2000
w/o sales charge 3.57% -1.69% -2.55% 0.98% 1.07% 3.91%
Lipper Category Avg. Core Bond Funds 3.64% -1.02% -2.31% 1.10% 1.24% -
Bloomberg U.S. Aggregate Bond Index 3.59% -0.43% -3.15% 1.18% 1.32% 3.92%
w/ sales charge 1.27% -3.90% -3.28% 0.52% 0.84% 3.80%

Fund Expense Ratio :

Gross 0.57%

Net 0.57%

Fund Expense Ratio :

Gross 0.57%

Net 0.57%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 08/31/2000
w/o sales charge 2.98% -5.56% -2.18% 0.71% 1.12% 3.89%
Lipper Category Avg. Core Bond Funds 3.04% -5.20% -1.70% 0.86% 1.29% -
Bloomberg U.S. Aggregate Bond Index 2.96% -4.78% -2.77% 0.91% 1.36% 3.91%
w/ sales charge 0.70% -7.69% -2.93% 0.24% 0.88% 3.79%

Fund Expense Ratio :

Gross 0.57%

Net 0.57%

Returns with sales charges reflect a maximum sales charge of 2.25%.

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
2022 -13.65% -13.01%
2021 -0.89% -1.54%
2020 7.92% 7.51%
2019 7.83% 8.72%
2018 -0.43% 0.01%
2017 3.25% 3.54%
2016 2.71% 2.65%
2015 -0.54% 0.55%
2014 6.13% 5.97%
2013 -2.28% -2.02%
2012 5.84% -
2011 7.60% -
2010 6.66% -
2009 12.49% -
2008 1.12% -
2007 6.15% -
2006 3.97% -
2005 2.14% -
2004 3.71% -
2003 3.82% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2023 2.98% - - - -
2022 -5.84% -5.20% -4.83% 1.65% -13.65%
2021 -2.72% 1.98% -0.03% -0.07% -0.89%
2020 1.63% 3.62% 1.33% 1.14% 7.92%
2019 2.83% 2.89% 2.04% -0.12% 7.83%
2018 -1.39% -0.34% 0.03% 1.29% -0.43%
2017 0.85% 1.32% 0.75% 0.29% 3.25%
2016 2.65% 2.37% 0.75% -2.99% 2.71%
2015 1.36% -1.66% 0.62% -0.85% -0.54%
2014 2.10% 2.17% 0.12% 1.61% 6.13%
2013 0.00% -2.72% 0.36% 0.10% -2.28%
2012 1.11% 2.06% 1.97% 0.57% 5.84%
2011 0.58% 2.19% 3.56% 1.09% 7.60%
2010 2.16% 3.13% 2.67% -1.40% 6.66%
2009 2.40% 3.95% 5.43% 0.24% 12.49%
2008 1.19% -0.08% -1.27% 1.30% 1.12%
2007 1.36% -0.74% 2.79% 2.65% 6.15%
2006 -0.56% -0.27% 3.75% 1.06% 3.97%
2005 -0.20% 2.87% -0.90% 0.39% 2.14%
2004 2.37% -2.39% 2.96% 0.81% 3.71%
2003 1.18% 2.68% -0.26% 0.19% 3.82%
2002 0.00% 2.80% 3.86% 2.38% 9.30%
2001 3.27% 0.53% 5.03% 0.37% 9.45%
2000 - - - 4.71% 5.70%

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

Growth of $10,000 as of 03/31/2023

The chart begins on the Fund's inception date of 08/31/2000.

Based on a hypothetical Class A share investment of $10,000 on 08/31/2000 without sales charge and includes the reinvestment of all distributions.

 

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Rating Assets
MBS
U.S. Government Related
ABS
CMBS
Sovereign
CLO
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.

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 04/28/2023

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 12/31/2022

  • 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 portfolio to a higher quality profile.
  • We reduced the Fund’s exposure to CMBS over the period. Sales were focused on hospitality and office backed SASB deals. We’ve maintained a very high bar to add with a preference for high quality, liquid names. Recently, we have been adding agency-backed CMBS due to our up-in-quality preference and the sector’s relative value.
  • We reduced lower-quality ABS exposure and identified opportunities to sell positions that outperformed during the period. 
  • We reduced the Fund’s exposure to MBS over the period based on relative value considerations.
  • We increased the Fund’s exposure to investment grade corporate bonds over the period. We added to Healthcare, Utilities, and Telecommunications as we sought defensive, non-cyclical sectors of the market. The Energy sector also remains a large active weight. The energy allocation reflects our view that the industry as a whole is in a position to benefit even if prices were much lower than they are today. We feel that this, in addition to improving credit fundamentals, is not appropriately reflected in credit ratings. Additionally, we continue to focus on companies that are deleveraging with solid operating fundamentals.
  • We also reduced the Fund’s exposure to Bank Loans over the period.

Portfolio Details as of 04/28/2023

Total Net Assets
$2.60 B
Number of Issues
409
Average Coupon
4.07%
Average Life
8.05 Years
Average Maturity
8.05 Years
Average Effective Duration
6.36 Years
Average Yield to Worst
5.05%

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.

Yield-To-Worst - The yield-to-worst (YTW) is the lowest potential yield that can be received on a bond without the issuer actually defaulting. YTW is calculated by making worst-case scenario assumptions on the issue by calculating the return that would be received if the issuer uses provisions, including prepayments, calls or sinking funds. Average YTW is based on the weighted average YTW of the securities held in the Fund’s portfolio.

Holding Coupon Maturity Assets
United States Treasury Note/Bond 3.625% 03/31/2028 5.4%
United States Treasury Note/Bond 3.875% 02/15/2043 5.1%
United States Treasury Note/Bond 3.875% 03/31/2025 3.0%
30-YR GNMA II-TBA PROD JUN 5.000% 01/01/2053 2.8%
United States Treasury Note/Bond 3.625% 02/15/2053 2.7%
United States Treasury Inflation Indexed Bonds 1.625% 10/15/2027 1.8%
30-YR UMBS-TBA PROD JUN 5.500% 02/01/2053 1.7%
30-YR GNMA II-TBA PROD MAY 6.500% 11/01/2052 1.7%
Federal Home Loan Banks 4.810% 08/02/2023 1.6%
30-YR GNMA II-TBA PROD MAY 5.500% 12/01/2052 1.6%
% of Total Assets 27.4%
Holding Coupon Maturity Assets
United States Treasury Note/Bond3.875% 03/31/20256.7%
United States Treasury Note/Bond3.625% 03/31/20285.0%
United States Treasury Note/Bond3.875% 02/15/20434.6%
United States Treasury Bill0.000% 07/05/20233.6%
30-YR GNMA II-TBA PROD MAY5.000% 11/01/20522.8%
United States Treasury Note/Bond4.125% 01/31/20252.0%
30-YR GNMA II-TBA PROD MAY6.000% 12/01/20521.7%
30-YR GNMA II-TBA PROD MAY3.000% 02/01/20521.6%
30-YR GNMA II-TBA PROD MAY5.500% 12/01/20521.6%
United States Treasury Note/Bond3.625% 02/15/20531.4%
BARCLAYS CAPITAL0.010% 04/03/20231.3%
JPMorgan Chase & Co3.782% 02/01/20281.0%
United States Treasury Inflation Indexed Bonds0.000% 02/15/20531.0%
United States Treasury Inflation Indexed Bonds1.625% 10/15/20270.9%
30-YR GNMA II-TBA PROD MAY6.500% 12/01/20520.9%
15-YR UMBS-TBA PROD MAY5.000% 12/01/20370.9%
30-YR UMBS-TBA PROD MAY5.500% 01/01/20530.9%
30-YR GNMA II-TBA PROD APR6.500% 12/01/20520.8%
Nordic Investment Bank2.875% 07/19/20230.8%
Kommunalbanken AS4.000% 01/19/20280.7%
TORONTO DOMINION BANK THE0.010% 04/03/20230.7%
Fannie Mae Pool2.500% 08/01/20500.7%
30-YR GNMA II-TBA PROD MAY4.500% 09/01/20520.7%
Fannie Mae Pool2.500% 09/01/20500.7%
Japan Bank for International Cooperation4.250% 01/26/20260.7%
Goldman Sachs Group Inc/The2.383% 07/21/20320.7%
Amazon.com Inc4.700% 12/01/20320.6%
United States Treasury Note/Bond2.000% 11/15/20410.6%
Fannie Mae Pool3.000% 12/01/20480.6%
Bank of America Corp3.970% 03/05/20290.6%
30-YR UMBS-TBA PROD MAY6.000% 11/01/20520.6%
T-Mobile USA Inc3.875% 04/15/20300.6%
Santander Drive Auto Receivables Trust 2022-64.720% 06/15/20270.6%
Oracle Corp6.250% 11/09/20320.6%
30-YR GNMA II-TBA PROD APR4.500% 09/01/20520.5%
30-YR UMBS-TBA PROD MAY6.500% 11/01/20520.5%
Hilton Worldwide Finance LLC6.642% 06/22/20260.5%
BAT Capital Corp3.222% 08/15/20240.5%
30-YR GNMA II-TBA PROD APR6.000% 12/01/20520.5%
Kellogg Co5.250% 03/01/20330.5%
GE HealthCare Technologies Inc5.650% 11/15/20270.5%
Morgan Stanley4.431% 01/23/20300.5%
Charter Communications Operating LLC6.557% 04/30/20250.5%
CVS Health Corp3.250% 08/15/20290.5%
Svensk Exportkredit AB4.375% 02/13/20260.5%
Centene Corp3.375% 02/15/20300.5%
Fannie Mae Pool2.500% 08/01/20500.4%
Capital One Prime Auto Receivables Trust 2022-12.710% 06/16/20250.4%
15-YR UMBS-TBA PROD MAY5.500% 10/01/20370.4%
30-YR UMBS-TBA PROD MAY2.000% 11/01/20510.4%
Bank of America Corp2.687% 04/22/20320.4%
Arbor Realty Commercial Real Estate Notes 2021-FL4 Ltd6.034% 11/15/20360.4%
30-YR GNMA II-TBA PROD APR5.500% 12/01/20520.4%
Fannie Mae Pool2.500% 09/01/20510.4%
Citigroup Inc3.980% 03/20/20300.4%
Capital One Prime Auto Receivables Trust 2023-14.870% 02/15/20280.4%
AT&T Inc4.300% 02/15/20300.4%
Capital One Multi-Asset Execution Trust3.490% 05/15/20270.4%
Discover Card Execution Note Trust3.560% 07/15/20270.4%
National Fuel Gas Co3.950% 09/15/20270.4%
Citigroup Inc2.666% 01/29/20310.4%
30-YR GNMA II-TBA PROD APR5.000% 11/01/20520.4%
30-YR UMBS-TBA PROD MAY4.500% 09/01/20520.4%
UBS Group AG5.711% 01/12/20270.4%
15-YR UMBS-TBA PROD APR5.500% 10/01/20370.4%
Diamondback Energy Inc3.500% 12/01/20290.4%
CarMax Auto Owner Trust 2022-22.810% 05/15/20250.4%
30-YR UMBS-TBA PROD MAY4.000% 09/01/20520.4%
30-YR UMBS-TBA PROD APR5.500% 01/01/20530.4%
EQT Corp7.000% 02/01/20300.4%
American Transmission Systems Inc2.650% 01/15/20320.4%
Cigna Group/The2.400% 03/15/20300.4%
Duke Energy Corp4.500% 08/15/20320.4%
GCAT 2023-NQM1 Trust4.250% 10/25/20570.4%
Intercontinental Exchange Inc4.000% 09/15/20270.4%
State Street Corp4.164% 08/04/20330.3%
Warnermedia Holdings Inc3.428% 03/15/20240.3%
Goldman Sachs Group Inc/The3.272% 09/29/20250.3%
Freddie Mac Pool5.000% 08/01/20520.3%
International Flavors & Fragrances Inc1.230% 10/01/20250.3%
Avolon Holdings Funding Ltd2.125% 02/21/20260.3%
Morgan Stanley2.239% 07/21/20320.3%
JPMorgan Chase & Co2.963% 01/25/20330.3%
Freddie Mac Pool4.500% 08/01/20520.3%
Westlake Automobile Receivables Trust 2023-15.210% 01/18/20280.3%
Freddie Mac Multifamily Structured Pass Through Certificates3.123% 08/25/20320.3%
30-YR GNMA II-TBA PROD APR4.000% 08/01/20520.3%
Freddie Mac Multifamily Structured Pass Through Certificates2.580% 05/25/20320.3%
Humana Inc5.875% 03/01/20330.3%
Carlyle Global Market Strategies CLO 2014-5 Ltd5.932% 07/15/20310.3%
Continental Finance Credit Card ABS Master Trust2.240% 12/15/20280.3%
Avant Loans Funding Trust 2022-REV16.540% 09/15/20310.3%
Elevance Health Inc5.500% 10/15/20320.3%
nVent Finance Sarl4.550% 04/15/20280.3%
Santander Drive Auto Receivables Trust 2022-54.430% 03/15/20270.3%
Fannie Mae Pool5.000% 08/01/20520.3%
Crown Castle Inc3.300% 07/01/20300.3%
Wells Fargo & Co3.350% 03/02/20330.3%
GA Global Funding Trust3.850% 04/11/20250.3%
Fannie Mae Pool2.000% 11/01/20510.3%
Kentucky Utilities Co5.450% 04/15/20330.3%
Capital One Multi-Asset Execution Trust5.342% 05/15/20280.3%
Amgen Inc5.250% 03/02/20300.3%
East Ohio Gas Co/The1.300% 06/15/20250.3%
New York Life Global Funding4.550% 01/28/20330.3%
Macquarie Group Ltd4.654% 03/27/20290.3%
Entergy Corp0.900% 09/15/20250.3%
BA Credit Card Trust5.000% 04/15/20280.3%
Continental Resources Inc/OK5.750% 01/15/20310.3%
Danske Bank A/S3.773% 03/28/20250.3%
IPALCO Enterprises Inc4.250% 05/01/20300.3%
Royal Bank of Canada6.000% 11/01/20270.3%
Santander Drive Auto Receivables Trust 2022-64.960% 11/15/20280.3%
Fannie Mae Pool2.500% 01/01/20510.3%
Fannie Mae Pool4.000% 06/01/20520.3%
Elevance Health Inc2.250% 05/15/20300.3%
US ULTRA BOND CBT Jun230.000% 06/30/20230.3%
New York City Transitional Finance Authority Future Tax Secured Revenue2.690% 05/01/20330.3%
Philip Morris International Inc5.625% 11/17/20290.3%
30-YR GNMA II-TBA PROD MAY4.000% 08/01/20520.3%
NextEra Energy Capital Holdings Inc5.714% 03/21/20240.3%
Southern Co/The2.700% 08/01/20240.3%
Flagship Credit Auto Trust 2023-15.010% 08/16/20270.3%
American Tower Corp3.800% 08/15/20290.3%
Lowe's Cos Inc5.000% 04/15/20330.3%
DTE Electric Co5.400% 04/01/20530.3%
Eastern Gas Transmission & Storage Inc3.000% 11/15/20290.3%
Fannie Mae Pool2.500% 12/01/20510.3%
Citigroup Inc3.887% 01/10/20280.3%
US Bancorp4.967% 07/22/20330.3%
UnitedHealth Group Inc4.000% 05/15/20290.3%
Elmwood CLO 23 Ltd0.000% 04/16/20360.3%
Freddie Mac Pool2.500% 07/01/20510.3%
GM Financial Consumer Automobile Receivables Trust 2023-14.660% 02/16/20280.2%
Post Road Equipment Finance 2022-14.880% 11/15/20280.2%
Discover Card Execution Note Trust5.030% 10/15/20270.2%
Flagship Credit Auto Trust 2022-34.550% 04/15/20270.2%
Newark BSL CLO 1 Ltd6.015% 12/21/20290.2%
M&T Bank Corp5.053% 01/27/20340.2%
Global Payments Inc4.000% 06/01/20230.2%
Wells Fargo & Co2.393% 06/02/20280.2%
Netflix Inc5.875% 11/15/20280.2%
Freddie Mac STACR REMIC Trust 2022-HQA36.860% 08/25/20420.2%
JPMorgan Chase & Co2.580% 04/22/20320.2%
Enel Finance International NV0.500% 06/17/20300.2%
ACRES Commercial Realty 2021-FL2 Ltd6.084% 01/15/20370.2%
Bank of America Corp3.458% 03/15/20250.2%
Fannie Mae Pool2.500% 06/01/20510.2%
US Bancorp4.839% 02/01/20340.2%
Marlette Funding Trust 2022-35.950% 11/15/20320.2%
Dryden Senior Loan Fund6.262% 04/15/20280.2%
BA Credit Card Trust3.530% 11/15/20270.2%
Honeywell International Inc4.125% 11/02/20340.2%
Fannie Mae Pool3.500% 04/01/20520.2%
Toronto-Dominion Bank/The4.456% 06/08/20320.2%
7-Eleven Inc0.800% 02/10/20240.2%
Freddie Mac Pool5.000% 08/01/20520.2%
GM Financial Automobile Leasing Trust 2022-22.930% 10/21/20240.2%
Centene Corp2.450% 07/15/20280.2%
Wells Fargo Bank NA5.850% 02/01/20370.2%
Great Wolf Trust 2019-WOLF5.976% 12/15/20360.2%
FactSet Research Systems Inc3.450% 03/01/20320.2%
Lendmark Funding Trust 2021-22.370% 04/20/20320.2%
Constellation Brands Inc3.150% 08/01/20290.2%
Avolon TLB Borrower 1 US LLC6.511% 01/15/20250.2%
Wells Fargo Commercial Mortgage Trust 2015-NXS33.972% 09/15/20570.2%
Arbor Realty Commercial Real Estate Notes 2021-FL2 Ltd6.084% 05/15/20360.2%
HGI CRE CLO 2021-FL2 Ltd6.209% 09/17/20360.2%
Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc4.700% 02/01/20360.2%
Fannie Mae Pool2.500% 12/01/20510.2%
CenterPoint Energy Resources Corp4.400% 07/01/20320.2%
OneMain Financial Issuance Trust 2018-23.570% 03/14/20330.2%
COMM 2014-CCRE17 Mortgage Trust4.174% 05/10/20470.2%
Westlake Automobile Receivables Trust 2023-15.410% 01/18/20280.2%
CenterPoint Energy Resources Corp1.750% 10/01/20300.2%
Panama Government International Bond2.252% 09/29/20320.2%
Santander Consumer Auto Receivables Trust 2020-B7.030% 08/15/20280.2%
Cargill Inc4.000% 06/22/20320.2%
CSMC 2021-BHAR6.184% 11/15/20380.2%
Constellation Energy Generation LLC6.250% 10/01/20390.2%
ME Funding LLC 2019-16.448% 07/30/20490.2%
Verizon Master Trust5.230% 11/22/20270.2%
Brown-Forman Corp4.750% 04/15/20330.2%
BlueMountain CLO XXXI Ltd5.948% 04/19/20340.2%
Humana Inc1.350% 02/03/20270.2%
Magnetite VII Ltd5.592% 01/15/20280.2%
HSBC Holdings PLC3.803% 03/11/20250.2%
CIM Trust 2020-INV12.500% 04/25/20500.2%
Halliburton Co7.450% 09/15/20390.2%
Lending Funding Trust 2020-22.320% 04/21/20310.2%
Bain Capital Credit CLO 2019-25.892% 10/17/20320.2%
Citigroup Mortgage Loan Trust 2022-INV13.000% 11/27/20510.2%
Dryden 61 Clo Ltd5.782% 01/17/20320.2%
PerkinElmer Inc0.850% 09/15/20240.2%
Rad CLO 6 Ltd6.188% 01/20/20330.2%
OCP Clo 2019-17 Ltd5.848% 07/20/20320.2%
BX Trust 2018-GW5.484% 05/15/20350.2%
Eni SpA5.700% 10/01/20400.2%
Corp Nacional del Cobre de Chile5.125% 02/02/20330.2%
Octagon Investment Partners XVII Ltd5.818% 01/25/20310.2%
Avolon Holdings Funding Ltd5.250% 05/15/20240.2%
Aircastle Ltd2.850% 01/26/20280.2%
Connecticut Avenue Securities Trust 2023-R026.860% 01/25/20430.2%
JP Morgan Mortgage Trust 2021-32.500% 07/25/20510.2%
Bank of America Corp1.658% 03/11/20270.2%
30-YR GNMA II-TBA PROD MAY3.500% 05/01/20520.2%
Wisconsin Power and Light Co3.950% 09/01/20320.2%
Marlette Funding Trust 2020-24.650% 09/16/20300.2%
Wells Fargo & Co2.188% 04/30/20260.2%
COMM 2015-LC21 Mortgage Trust4.043% 07/10/20480.2%
MF1 2022-FL9 LLC6.841% 06/19/20370.2%
Bank of America Corp3.593% 07/21/20280.2%
Freddie Mac Structured Agency Credit Risk Debt Notes7.210% 07/25/20420.2%
American Express Credit Account Master Trust3.390% 05/15/20270.2%
Arbor Realty Commercial Real Estate Notes 2021-FL2 Ltd5.784% 05/15/20360.2%
BRAVO Residential Funding Trust 2021-NQM20.970% 03/25/20600.2%
Connecticut Avenue Securities Trust 2023-R016.960% 12/25/20420.2%
NOV Inc3.600% 12/01/20290.2%
CVS Health Corp1.750% 08/21/20300.2%
Eaton Vance CLO 2013-1 Ltd6.042% 01/15/20340.2%
Palmer Square Loan Funding 2021-1 Ltd5.708% 04/20/20290.2%
Aviation Capital Group LLC1.950% 01/30/20260.2%
Citigroup Inc3.352% 04/24/20250.2%
Fannie Mae Pool2.000% 11/01/20510.2%
American Express Co4.420% 08/03/20330.2%
MF1 2022-FL8 Ltd5.909% 02/19/20370.2%
Baltimore Gas and Electric Co4.550% 06/01/20520.2%
J.P. Morgan Mortgage Trust 2021-INV83.000% 05/25/20520.2%
Bank of New York Mellon Corp/The4.596% 07/26/20300.2%
International Business Machines Corp1.500% 05/23/20290.2%
Kinder Morgan Energy Partners LP4.250% 09/01/20240.2%
GS Mortgage-Backed Securities Trust 2023-PJ13.500% 02/25/20530.2%
Freddie Mac Pool2.500% 11/01/20500.2%
Post Road Equipment Finance 2021-11.690% 11/15/20270.2%
Haleon US Capital LLC3.625% 03/24/20320.2%
Japan International Cooperation Agency3.250% 05/25/20270.2%
Southwest Gas Corp4.050% 03/15/20320.2%
Fannie Mae Pool2.000% 06/01/20510.2%
Deephaven Residential Mortgage Trust 2021-31.194% 08/25/20660.2%
International Business Machines Corp3.750% 02/06/20350.2%
Continental Resources Inc/OK4.900% 06/01/20440.2%
Texas Debt Capital CLO 2023-I Ltd6.709% 04/20/20360.2%
BNP Paribas SA4.375% 03/01/20330.2%
Oracle Corp2.875% 03/25/20310.2%
CVS Health Corp5.050% 03/25/20480.2%
Fannie Mae Pool2.500% 05/01/20520.2%
LoanCore 2022-CRE7 Issuer Ltd6.108% 01/17/20370.2%
Texas Natural Gas Securitization Finance Corp5.102% 04/01/20350.2%
Flagstar Mortgage Trust 2021-11INV3.000% 11/25/20510.2%
Metropolitan Life Global Funding I5.150% 03/28/20330.1%
Park Aerospace Holdings Ltd5.500% 02/15/20240.1%
Daimler Truck Finance North America LLC5.200% 01/17/20250.1%
SCF Equipment Leasing 2021-1 LLC1.540% 10/21/20300.1%
F&G Global Funding2.300% 04/11/20270.1%
Oglethorpe Power Corp5.950% 11/01/20390.1%
Freddie Mac Pool5.000% 07/01/20520.1%
BX Trust 2021-ARIA6.929% 10/15/20360.1%
Octagon Investment Partners XIV Ltd5.742% 07/15/20290.1%
Upstart Securitization Trust 2021-21.750% 06/20/20310.1%
Broadcom Inc4.150% 04/15/20320.1%
Westlake Automobile Receivables Trust 2020-33.340% 06/15/20260.1%
Oklahoma Gas and Electric Co5.400% 01/15/20330.1%
EFMT 2023-15.732% 02/25/20680.1%
Morgan Stanley5.050% 01/28/20270.1%
EIG Pearl Holdings Sarl3.545% 08/31/20360.1%
Fannie Mae Pool4.000% 05/01/20520.1%
Connecticut Avenue Securities Trust 2022-R087.110% 07/25/20420.1%
Macquarie Bank Ltd3.052% 03/03/20360.1%
Crown Castle Inc2.100% 04/01/20310.1%
Kenvue Inc5.050% 03/22/20530.1%
Saudi Government International Bond4.875% 07/18/20330.1%
Fannie Mae Pool2.500% 12/01/20510.1%
Galaxy Pipeline Assets Bidco Ltd3.250% 09/30/20400.1%
Elmwood CLO VIII Ltd6.048% 01/20/20340.1%
GS Mortgage Securities Corp Trust 2022-AGSS7.022% 08/15/20390.1%
Carlyle Global Market Strategies CLO 2015-1 Ltd5.788% 07/20/20310.1%
NGPL PipeCo LLC3.250% 07/15/20310.1%
Fannie Mae Pool3.500% 07/01/20450.1%
Mexico Government International Bond4.875% 05/19/20330.1%
Minejesa Capital BV4.625% 08/10/20300.1%
OCP CLO 2019-16 Ltd5.810% 04/10/20330.1%
Ohio Edison Co8.250% 10/15/20380.1%
Abu Dhabi Crude Oil Pipeline LLC4.600% 11/02/20470.1%
Cellnex Finance Co SA3.875% 07/07/20410.1%
Netflix Inc6.375% 05/15/20290.1%
Angel Oak Mortgage Trust 2022-34.000% 01/25/20670.1%
Elevance Health Inc5.125% 02/15/20530.1%
British Airways 2020-1 Class A Pass Through Trust4.250% 05/15/20340.1%
SCF Equipment Leasing 2019-2 LLC2.760% 08/20/20260.1%
BHMS 2018-ATLS5.934% 07/15/20350.1%
Duke Energy Indiana LLC5.400% 04/01/20530.1%
COMM 2014-UBS4 Mortgage Trust4.712% 08/10/20470.1%
Fannie Mae Pool3.000% 01/01/20510.1%
Freddie Mac Pool3.500% 02/01/20460.1%
Freddie Mac STACR REMIC Trust 2021-DNA76.360% 11/25/20410.1%
Freddie Mac STACR REMIC Trust 2021-DNA66.060% 10/25/20410.1%
NiSource Inc2.950% 09/01/20290.1%
Fannie Mae Pool5.000% 07/01/20520.1%
KKR CLO 29 Ltd5.992% 01/15/20320.1%
T-Mobile USA Inc3.500% 04/15/20250.1%
Stars Group Holdings BV7.409% 07/21/20260.1%
Marble Point CLO XVII Ltd6.108% 04/20/20330.1%
EQUS 2021-EQAZ Mortgage Trust5.439% 10/15/20380.1%
ServiceNow Inc1.400% 09/01/20300.1%
Fannie Mae Pool4.000% 05/01/20520.1%
Rad CLO 15 Ltd5.898% 01/20/20340.1%
Fannie Mae Pool2.500% 08/01/20500.1%
Connecticut Avenue Securities Trust 2021-R016.110% 10/25/20410.1%
Ares XL CLO Ltd5.700% 01/15/20290.1%
BX Commercial Mortgage Trust 2021-XL25.373% 10/15/20380.1%
GS Mortgage-Backed Securities Corp Trust 2020-PJ43.000% 01/25/20510.1%
SEB Funding LLC4.969% 01/30/20520.1%
Barings CLO Ltd 2019-III5.878% 04/20/20310.1%
Morgan Stanley2.484% 09/16/20360.1%
JPMBB Commercial Mortgage Securities Trust 2015-C304.230% 07/15/20480.1%
AES Corp/The3.950% 07/15/20300.1%
Fannie Mae Pool5.000% 07/01/20520.1%
Viterra Finance BV4.900% 04/21/20270.1%
Fannie Mae Pool2.500% 09/01/20510.1%
TCI-Flatiron Clo 2017-1 Ltd5.861% 11/18/20300.1%
Fannie Mae Connecticut Avenue Securities6.560% 11/25/20410.1%
Mountain View CLO 2017-1 LLC5.882% 10/16/20290.1%
Fannie Mae Pool2.500% 08/01/20510.1%
Mariner Finance Issuance Trust 2021-A3.830% 03/20/20360.1%
Apidos CLO XXXV5.858% 04/20/20340.1%
BANK 2021-BNK352.285% 06/15/20640.1%
Alfa Desarrollo SpA4.550% 09/27/20510.1%
TCW CLO 2022-1 Ltd5.993% 04/22/20330.1%
Angel Oak Mortgage Trust 2021-31.068% 05/25/20660.1%
BX TRUST 2021-LBA5.742% 02/15/20360.1%
Hilton Orlando Trust 2018-ORL5.704% 12/15/20340.1%
Occidental Petroleum Corp6.450% 09/15/20360.1%
Hudsons Bay Simon JV Trust 2015-HBS4.666% 08/05/20340.1%
ABN AMRO Bank NV3.324% 03/13/20370.1%
Lendmark Funding Trust 2021-13.410% 11/20/20310.1%
Ballyrock CLO 23 Ltd6.808% 04/25/20360.1%
Freddie Mac STACR REMIC Trust 2021-HQA45.510% 12/25/20410.1%
National Australia Bank Ltd2.990% 05/21/20310.1%
Apidos CLO XXVI6.295% 07/18/20290.1%
Prosus NV3.257% 01/19/20270.1%
Sunrun Demeter Issuer 2021-2 LLC2.270% 01/30/20570.1%
DTE Energy Co0.000% 11/01/20240.1%
Citigroup Inc4.140% 05/24/20250.1%
Alcoa Nederland Holding BV4.125% 03/31/20290.1%
Cigna Group/The4.375% 10/15/20280.1%
UBS AG5.125% 05/15/20240.1%
Metropolitan Life Global Funding I4.050% 08/25/20250.1%
Sabine Pass Liquefaction LLC5.625% 03/01/20250.1%
CF Trust 2019-BOSS7.934% 12/15/20240.1%
American Tower Corp2.950% 01/15/20250.1%
Bayer Corp/NJ6.650% 02/15/20280.1%
Fannie Mae Pool3.500% 09/01/20510.1%
BBCMS 2019-BWAY Mortgage Trust5.898% 11/15/20340.1%
Starwood Mortgage Residential Trust 2020-31.486% 04/25/20650.1%
Freddie Mac Pool2.500% 05/01/20520.1%
Assurant Inc2.650% 01/15/20320.0%
GS Mortgage Securities Corp Trust 2018-RIVR5.634% 07/15/20350.0%
Baxalta Inc4.000% 06/23/20250.0%
Verus Securitization Trust 2020-41.502% 05/25/20650.0%
J.P. Morgan Chase Commercial Mortgage SecuritiesTrust 2018-MINN5.954% 11/15/20350.0%
30-YR UMBS-TBA PROD APR6.000% 11/01/20520.0%
Neuberger Berman Group LLC / Neuberger Berman Finance Corp4.500% 03/15/20270.0%
GCAT 2020-NQM2 Trust1.555% 04/25/20650.0%
US 10YR NOTE (CBT)Jun230.000% 06/30/20230.0%
Bank of America Corp4.000% 01/22/20250.0%
Freddie Mac Multifamily Structured Pass Through Certificates2.114% 02/25/20320.0%
Oracle Corp6.125% 07/08/20390.0%
Vista Point Securitization Trust 2020-21.475% 04/25/20650.0%
Oracle Corp5.375% 07/15/20400.0%
BBCMS 2019-BWAY Mortgage Trust6.252% 11/15/20340.0%
Neuberger Berman Group LLC / Neuberger Berman Finance Corp4.875% 04/15/20450.0%
CSMC 2020-AFC1 Trust2.240% 02/25/20500.0%
CSMC 2020-NQM1 Trust1.208% 05/25/20650.0%
Ellington Financial Mortgage Trust 2020-12.006% 05/25/20650.0%
Verus Securitization Trust 2020-INV11.977% 03/25/20600.0%
Galaxy XXI CLO Ltd5.828% 04/20/20310.0%
ReadyCap Commercial Mortgage Trust 2019-62.833% 10/25/20520.0%
Towd Point Asset Trust 2018-SL15.445% 01/25/20460.0%
Credit Suisse Mortgage Capital Certificates1.616% 04/25/20650.0%
Mountain View CLO X Ltd5.635% 10/13/20270.0%
Verus Securitization Trust 2020-12.417% 01/25/20600.0%
New Residential Mortgage Loan Trust 2020-NQM12.464% 01/26/20600.0%
Angel Oak Mortgage Trust 2020-12.466% 12/25/20590.0%
Citigroup Commercial Mortgage Trust 2014-GC211.123% 05/10/20470.0%
Westlake Automobile Receivables Trust 2019-23.200% 11/15/20240.0%
WFRBS Commercial Mortgage Trust 2014-C230.550% 10/15/20570.0%
Residential Mortgage Loan Trust 2020-12.376% 01/26/20600.0%
Mountain View CLO 2014-1 Ltd6.792% 10/15/20260.0%
US 5YR NOTE (CBT) Jun230.000% 07/06/20230.0%
Flagship Credit Auto Trust 2021-10.310% 06/16/20250.0%
Starwood Mortgage Residential Trust 2020-12.275% 02/25/20500.0%
FX EUR/USD 06/230.000% 06/13/20230.0%
COMM 2014-CCRE19 Mortgage Trust0.930% 08/10/20470.0%
US 2YR NOTE (CBT) Jun230.000% 07/06/20230.0%
EURO-BOBL FUTURE Jun230.000% 06/12/20230.0%
EURO-BUND FUTURE Jun230.000% 06/12/20230.0%
FX EUR/USD 06/230.000% 06/13/20230.0%
US LONG BOND(CBT) Jun230.000% 06/30/20230.0%
FX USD/EUR 06/230.000% 06/13/20230.0%
US 10yr Ultra Fut Jun230.000% 06/30/20230.0%

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 05/26/2023
$0.12941
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 04/30/2023 $0.03356 $9.47
Daily Daily 03/31/2023 $0.03437 $9.45
Daily Daily 02/28/2023 $0.03061 $9.28
Daily Daily 01/31/2023 $0.03087 $9.54

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 05/31/2023
Daily Daily 06/30/2023
Daily Daily 07/31/2023
Daily Daily 08/31/2023
Daily Daily 09/30/2023
Daily Daily 10/31/2023
Daily Daily 11/30/2023
Daily Daily 12/31/2023

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. 

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 05/26/2023

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $9.43
$100,000 to $249,999 1.75% 1.50% $9.38
$250,000 to $499,999 1.25% 1.00% $9.34
$500,000 to $999,999 0.00% 1.00% $9.22
$1,000,000 to $5,000,000 0.00% 1.00% $9.22

The 12b-1 trail commission is 0.15% (accrues immediately) for all fixed-income and municipal income funds.

Class A shares purchased without a sales charge (commissionable NAV) will be subject to a CDSC of 1% if they are redeemed before the first day of the month in which the one-year anniversary of the purchase falls.

For Sales Charge Reductions and Waivers View Full Disclosure

SALES CHARGE REDUCTIONS AND WAIVERS

Please inform the fund company or your financial intermediary at the time of your purchase of fund shares if you believe you qualify for a reduced front-end sales charge.

Reducing Your Class A Share Front-End Sales Charge
You may purchase Class A shares at a discount if you qualify under the circumstances outlined below. To receive a reduced front-end sales charge, you must let the fund or your financial intermediary know at the time of your purchase of fund shares that you believe you qualify for a discount. If you or a related party have holdings of eligible funds (as defined below) in other accounts with your financial intermediary or with other financial intermediaries that may be combined with your current purchases in determining the sales charge as described below, you must inform a fund or your financial intermediary. You may be asked to provide supporting account statements or other information to allow us or your financial intermediary to verify your eligibility for a discount. If you or your financial intermediary do not notify a fund or provide the requested information, you may not receive the reduced sales charge for which you otherwise qualify. Class A shares may be purchased at a discount if you qualify under either of the following conditions:

  • Rights of Accumulation - A Purchaser (as defined below) may combine thevalue of Class A, A1, C, F, and P shares of any Eligible Fund currentlyowned with a new purchase of Class A shares of any Eligible Fund in orderto reduce the sales charge on the new purchase. Class F3, I, R2, R3, R4, R5,and R6 share holdings may not be combined for these purposes.To the extent that your financial intermediary is able to do so, the value ofClass A, A1, C, F, and P shares of Eligible Funds determined for the purposeof reducing the sales charge of a new purchase under the Rights ofAccumulation will be calculated at the higher of: (1) the aggregate currentmaximum offering price of your existing Class A, A1, C, F, and P shares ofEligible Funds; or (2) the aggregate amount you invested in such shares(including dividend reinvestments but excluding capital appreciation) less anyredemptions. You should retain any information and account recordsnecessary to substantiate the historical amounts you and any relatedPurchasers have invested in Eligible Funds. You must inform the Fund and/or your financial intermediary at the time of purchase if you believe yourpurchase qualifies for a reduced sales charge and you may be requested toprovide documentation of your holdings in order to verify your eligibility. Ifyou do not do so, you may not receive all sales charge reductions for whichyou are eligible.

  • Letter of Intention — In order to reduce your Class A front-end salescharge, a Purchaser may combine purchases of Class A, A1, C, F, and Pshares of any Eligible Fund the Purchaser intends to make over the next13 months in determining the applicable sales charge. The 13-month Letterof Intention period commences on the day that the Letter of Intention isreceived by the Fund, and the Purchaser must tell the Fund that laterpurchases are subject to the Letter of Intention. Purchases submitted prior tothe date the Letter of Intention is received by the Fund are not countedtoward the sales charge reduction. Current holdings under Rights ofAccumulation may be included in a Letter of Intention in order to reduce thesales charge for purchases during the 13-month period covered by the Letterof Intention. Shares purchased through reinvestment of dividends ordistributions are not included. Class F3, I, R2, R3, R4, R5, and R6 shareholdings may not be combined for these purposes. Class A and A1 shares valued at up to 5% of the amount of intended purchases are escrowed andmay be redeemed to cover the additional sales charges payable if the intendedpurchases under the Letter of Intention are not completed. The Letter ofIntention is neither a binding obligation on you to buy, nor on the Fund tosell, any or all of the intended purchase amount.

Purchaser — A Purchaser includes: (1) an individual; (2) an individual, his or her spouse, domestic partner, and childrenunder the age of 21; (3) retirement and benefit plansincluding a 401(k) plan, profit-sharing plan, moneypurchase plan, defined benefit plan, and 457(b) plan sponsored by a governmental entity, non-profitorganization, school district or church to which employer contributions are made, as well as SIMPLE IRAplans and SEP-IRA plans; or (4) a trustee or other fiduciary purchasing shares for a single trust, estate orsingle fiduciary account or a trust established by the individual as grantor. An individual may include underitem (1) his or her holdings in Eligible Funds as described below in IRAs, as a sole participant of aretirement and benefit plan sponsored by the individual’s business, and as a participant in a 403(b) plan towhich only pre-tax salary deferrals are made. An individual, his or her spouse, and domestic partner mayinclude under item (2) their holdings in IRAs, and as the sole participants in retirement and benefit planssponsored by a business owned by either or both of them. A retirement and benefit plan under item (3)includes all qualified retirement and benefit plans of a single employer and its consolidated subsidiaries,and all qualified retirement and benefit plans of multiple employers registered in the name of a singlebank trustee.

Eligible fund — An eligible fund is any Lord Abbett-sponsored fund except for (1) each portfolio of Lord Abbett Series Fund, Inc., (2) Lord Abbett U.S. Government & Government Sponsored Enterprises Money Market Fund, Inc. ("Money Market Fund") (except for holdings in Money Market Fund, which are attributable to any shares exchanged from the Lord Abbett-sponsored funds), and (3) any other fund the shares of which are not available to the investor at the time of the transaction due to a limitation on the offering of a fund's shares.

Front-end Sales Charge Waivers
Class A shares may be purchased without a front-end sales charge under any of the following conditions:

  • purchases of $1 million or more (may be subject to a CDSC);
  • purchases by retirement and benefit plans with at least 100 eligible employees (may be subject to a CDSC);
  • purchases for retirement and benefit plans made through financial intermediaries that perform participant recordkeeping or other administrative services for the plans and that have entered into special arrangements with a fund and/or Lord Abbett Distributor specifically for such purchases (may be subject to a CDSC);
  • purchases made by or on behalf of financial intermediaries for clients that pay the financial intermediaries fees in connection with fee-based advisory program, provided that the financial intermediaries or their trading agents have entered into special arrangements with a fund and/or Lord Abbett Distributor specifically for such purchases; and
  • certain other types of investors may qualify to purchase Class A share without a front-end sales charge as described in the Statement of Additional Information (SAI).

 

Expense Ratioas of 04/30/2023

Fund Gross Expense Ratio Fund Net Expense Ratio
0.57% 0.57%

Fund Documents

Fund Documents

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Portfolio Holdings 1Q
Publish Date:11/03/2015
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Portfolio Holdings 3Q
Publish Date:11/03/2015
Summary Prospectus
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Statutory Prospectus
Publish Date:11/03/2015
SAI
Publish Date:11/03/2015
Annual Report
Publish Date:11/03/2015
Semi-Annual Report
Publish Date:11/03/2015
Fact Sheet
Publish Date:11/03/2015
Commentary
Publish Date:11/03/2015

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*"Barron's Best Fund Families of 2021", #4 ranking in the Taxable Bond category based on the net total return of the one-year period ending 12/31/2021, among 51 qualifying fund families. Ranking for the ten-year period ending 12/31/2021 is #2 out of 45 qualifying fund families.

Source: Barron’s, “Barron’s Best Fund Families of 2021,” February 18, 2022. Barron’s rankings are based on asset weighted returns in funds in five categories: general equity, world equity (including international and global portfolios), mixed asset (which invest in stocks, bonds and other securities), taxable bond, and tax-exempt (each a "Barron's ranking category"). Rankings also take into account an individual fund's performance within its Lipper peer universe. Lipper calculated each fund's net total return for the year ended December 31, 2021, minus the effects of 12b-1 fees and sales charges. Each fund in the survey was given a percentile ranking with 100 the highest and 1 the lowest in its category. That ranking measured how a fund compared with its peer "universe," as tracked by Lipper, not just the funds in the survey. Individual fund scores were then multiplied by the 2020 weighting of their Barron's ranking category as determined by the entire Lipper universe of funds. Those fund scores were then totaled, creating an overall score and ranking for each fund family in the survey in each Barron's ranking category. The process is repeated for the five- and ten-year rankings as well.

Barron's Fund Family Rankings are awarded annually.

To qualify for the ranking, firms must offer at least three active mutual funds or actively run ETFs in Lipper’s general U.S. stock category; one in world equity; and one mixed asset, such as a balanced or allocation fund. They also need to offer at least two taxable bond funds and one national tax-exempt bond fund. All funds must have a track record of at least one year. While the ranking excludes index funds, it does include actively managed ETFs and “smart beta” ETFs, which are run passively but built on active investment strategies.

© Refinitiv Lipper 2022. All Rights Reserved. Refinitiv, an LSEG (London Stock Exchange Group) business, is one of the world’s largest providers of financial markets data and infrastructure. Lipper provides global, independent fund performance data. Although Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Lipper.

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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.

 

5

The 30-day Standardized Subsidized yields reflect fee waivers in effect. Without such fee waivers, yields would be reduced.  

 

6

The 30-day Standardized Unsubsidized yield does not reflect fee waivers.

 

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.

Class A  Except as noted below, returns with sales charges reflect a maximum sales charge of 5.75% for equity funds, 2.25% for all tax-free income funds, fixed income funds and multi-asset class funds. There are also ongoing 12b-1 service fees (and, in certain cases, distribution fees).

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1% if the shares are redeemed before the first day of the month in which the one year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

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.

 

 

CUSIP identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by Standard & Poor’s Financial Services, LLC, and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, © 2011 American Bankers Association. “CUSIP” is a registered trademark of the American Bankers Association.

 

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.

Select funds to run a Morningstar Hypothetical Report.

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