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 01/26/2023

$9.54

arrowDown$0.01

YTD Returns w/o sales charge as of 01/26/2023

3.19%

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

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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 01/26/2023  

w/o sales charge 3.98%
w/ sales charge 3.89%

30-Day Standardized Yield 2 as of 12/31/2022  

4.18%

Average Yield to Worst as of 12/30/2022

5.18%

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.

Expense Ratioas of 12/31/2022

Fund Basicsas of 12/30/2022

Total Net Assets
$2.23 B
Inception Date
08/31/2000
Dividend Frequency
Monthly (Daily Accrual)
Number of Holdings
367
Minimum Initial Investment
$1,500+

Fund Expense Ratio :

0.58%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 08/31/2000
w/o sales charge -13.65% -13.65% -2.61% -0.16% 0.82% 3.80%
Lipper Category Avg. Core Bond Funds -13.51% -13.51% -2.59% -0.04% 0.99% -
Bloomberg U.S. Aggregate Bond Index -13.01% -13.01% -2.71% 0.02% 1.06% 3.82%
w/ sales charge -15.56% -15.56% -3.33% -0.62% 0.59% 3.70%

Fund Expense Ratio :

0.58%

Fund Expense Ratio :

0.58%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 08/31/2000
w/o sales charge -13.65% -13.65% -2.61% -0.16% 0.82% 3.80%
Lipper Category Avg. Core Bond Funds -13.51% -13.51% -2.59% -0.04% 0.99% -
Bloomberg U.S. Aggregate Bond Index -13.01% -13.01% -2.71% 0.02% 1.06% 3.82%
w/ sales charge -15.56% -15.56% -3.33% -0.62% 0.59% 3.70%

Fund Expense Ratio :

0.58%

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
U.S. Government Related
MBS
ABS
CLO
CMBS
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 12/30/2022 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 01/26/2023  

w/o sales charge 3.98%
w/ sales charge 3.89%

30-Day Standardized Yield 2 as of 12/31/2022  

  Subsidized5 Un-Subsidized6
w/o sales charge 4.18% 4.18%

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

Fund Expense Ratio :

0.58%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 08/31/2000
w/o sales charge -13.65% -13.65% -2.61% -0.16% 0.82% 3.80%
Lipper Category Avg. Core Bond Funds -13.51% -13.51% -2.59% -0.04% 0.99% -
Bloomberg U.S. Aggregate Bond Index -13.01% -13.01% -2.71% 0.02% 1.06% 3.82%
w/ sales charge -15.56% -15.56% -3.33% -0.62% 0.59% 3.70%

Fund Expense Ratio :

0.58%

Fund Expense Ratio :

0.58%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 08/31/2000
w/o sales charge -13.65% -13.65% -2.61% -0.16% 0.82% 3.80%
Lipper Category Avg. Core Bond Funds -13.51% -13.51% -2.59% -0.04% 0.99% -
Bloomberg U.S. Aggregate Bond Index -13.01% -13.01% -2.71% 0.02% 1.06% 3.82%
w/ sales charge -15.56% -15.56% -3.33% -0.62% 0.59% 3.70%

Fund Expense Ratio :

0.58%

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 - - - - 3.19%
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 07/31/2021

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
U.S. Government Related
MBS
ABS
CLO
CMBS
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.

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 12/30/2022

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 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 12/30/2022

Total Net Assets
$2.23 B
Number of Issues
367
Average Coupon
3.88%
Average Life
7.81 Years
Average Maturity
7.81 Years
Average Effective Duration
6.06 Years
Average Yield to Worst
5.18%

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 3.875% 11/30/2027 6.4%
United States Treasury Note/Bond 4.250% 12/31/2024 5.9%
United States Treasury Note/Bond 4.000% 11/15/2042 3.2%
United States Treasury Note/Bond 3.000% 08/15/2052 3.0%
United States Treasury Note/Bond 4.375% 10/31/2024 2.0%
30-YR GNMA II-TBA PROD FEB 3.000% 01/01/2052 1.7%
Federal Home Loan Banks 4.320% 01/03/2023 1.7%
United States Treasury Note/Bond 3.875% 11/30/2029 1.7%
United States Treasury Note/Bond 3.875% 12/31/2027 1.5%
30-YR UMBS-TBA PROD JAN 3.000% 03/01/2052 1.5%
% of Total Assets 28.6%
Holding Coupon Maturity Assets
United States Treasury Note/Bond4.250% 09/30/20247.4%
United States Treasury Note/Bond3.000% 06/30/20243.6%
30-YR UMBS-TBA PROD NOV2.000% 12/01/20512.8%
United States Treasury Note/Bond2.875% 05/15/20522.8%
United States Treasury Note/Bond2.750% 07/31/20272.7%
United States Treasury Note/Bond3.250% 05/15/20422.4%
United States Treasury Note/Bond4.125% 09/30/20272.4%
30-YR UMBS-TBA PROD NOV4.500% 07/01/20522.1%
30-YR UMBS-TBA PROD NOV3.000% 04/01/20522.1%
Federal Home Loan Banks2.980% 01/03/20232.0%
15-YR UMBS-TBA PROD NOV4.500% 07/01/20371.8%
30-YR UMBS-TBA PROD NOV3.500% 06/01/20521.6%
30-YR GNMA II-TBA PROD OCT4.500% 08/01/20521.4%
30-YR GNMA II-TBA PROD NOV4.500% 08/01/20521.2%
30-YR GNMA II-TBA PROD OCT5.000% 08/01/20521.2%
30-YR UMBS-TBA PROD NOV5.500% 07/01/20521.1%
Federal Home Loan Banks2.970% 10/18/20221.1%
30-YR UMBS-TBA PROD NOV5.000% 07/01/20521.0%
Federal Home Loan Banks3.375% 12/08/20231.0%
30-YR UMBS-TBA PROD NOV6.000% 07/01/20521.0%
Fannie Mae Pool2.500% 08/01/20501.0%
CarMax Auto Owner Trust 2022-22.810% 05/15/20251.0%
Fannie Mae Pool2.500% 09/01/20500.9%
Asian Development Bank4.125% 09/27/20240.9%
Fannie Mae Pool3.000% 12/01/20480.9%
JPMorgan Chase & Co3.782% 02/01/20280.9%
Capital One Prime Auto Receivables Trust 2022-12.710% 06/16/20250.9%
United States Treasury Note/Bond2.375% 02/15/20420.9%
15-YR UMBS-TBA PROD NOV5.000% 07/01/20370.8%
30-YR GNMA II-TBA PROD OCT4.000% 08/01/20520.8%
Southwestern Energy Co6.203% 06/22/20270.7%
30-YR UMBS-TBA PROD NOV2.500% 02/01/20520.7%
CPPIB Capital Inc3.267% 04/04/20250.6%
Fannie Mae Pool2.500% 08/01/20500.6%
United States Treasury Bill0.000% 03/16/20230.6%
Hertz Vehicle Financing III LP1.680% 12/27/20270.6%
Santander Drive Auto Receivables Trust 2022-64.720% 06/15/20270.6%
Bank of America Corp2.687% 04/22/20320.6%
Intercontinental Exchange Inc4.000% 09/15/20270.6%
Toronto-Dominion Bank/The4.456% 06/08/20320.6%
Oracle Corp2.875% 03/25/20310.6%
CPPIB Capital Inc4.125% 10/21/20240.6%
Charter Communications Operating LLC4.870% 04/30/20250.5%
United States Treasury Inflation Indexed Bonds0.125% 02/15/20520.5%
United States Treasury Note/Bond2.750% 08/15/20320.5%
30-YR GNMA II-TBA PROD NOV5.500% 08/01/20520.5%
Freddie Mac Pool5.000% 08/01/20520.5%
GM Financial Automobile Leasing Trust 2022-22.930% 10/21/20240.5%
Province of Ontario Canada3.100% 05/19/20270.5%
30-YR UMBS-TBA PROD NOV4.000% 08/01/20520.5%
Freddie Mac Pool4.500% 08/01/20520.5%
15-YR UMBS-TBA PROD NOV4.000% 06/01/20370.5%
Carlyle Global Market Strategies CLO 2014-5 Ltd3.652% 07/15/20310.5%
Avant Loans Funding Trust 2022-REV16.540% 09/15/20310.5%
Continental Finance Credit Card ABS Master Trust2.240% 12/15/20280.4%
Fannie Mae Pool5.000% 08/01/20520.4%
CVS Health Corp3.250% 08/15/20290.4%
Santander Drive Auto Receivables Trust 2022-54.430% 03/15/20270.4%
CIFC Funding 2021-I Ltd3.893% 04/25/20330.4%
Cargill Inc4.000% 06/22/20320.4%
NOV Inc3.600% 12/01/20290.4%
Morgan Stanley4.431% 01/23/20300.4%
Citigroup Inc2.666% 01/29/20310.4%
Santander Drive Auto Receivables Trust 2022-64.960% 11/15/20280.4%
EQT Corp7.000% 02/01/20300.4%
United States Treasury Note/Bond3.375% 11/15/20480.4%
Fannie Mae Pool2.500% 01/01/20510.4%
Fannie Mae Pool4.000% 06/01/20520.4%
Kommunalbanken AS3.477% 06/17/20260.4%
American Express Co4.420% 08/03/20330.4%
IPALCO Enterprises Inc4.250% 05/01/20300.4%
Lamar Media Corp5.102% 02/05/20270.4%
NextEra Energy Capital Holdings Inc3.790% 03/21/20240.4%
Asian Development Bank3.066% 04/06/20270.4%
Southern Co/The2.700% 08/01/20240.4%
Goldman Sachs Group Inc/The0.627% 11/17/20230.4%
New York City Transitional Finance Authority Future Tax Secured Revenue2.690% 05/01/20330.4%
Elevance Health Inc2.250% 05/15/20300.4%
US Bancorp4.967% 07/22/20330.4%
Ally Financial Inc8.000% 11/01/20310.3%
Citigroup Inc3.887% 01/10/20280.3%
Bank of New York Mellon Corp/The4.596% 07/26/20300.3%
Flagship Credit Auto Trust 2022-34.550% 04/15/20270.3%
Encina Equipment Finance 2022-1 LLC4.880% 11/15/20280.3%
Japan Bank for International Cooperation3.875% 09/16/20250.3%
National Fuel Gas Co3.950% 09/15/20270.3%
Global Payments Inc4.000% 06/01/20230.3%
Diamondback Energy Inc3.500% 12/01/20290.3%
Ready Capital Mortgage Financing 2022-FL8 LLC3.931% 01/25/20370.3%
Fannie Mae Pool3.500% 04/01/20520.3%
Marlette Funding Trust 2022-35.950% 11/15/20320.3%
Dryden Senior Loan Fund3.982% 04/15/20280.3%
Danske Bank A/S3.773% 03/28/20250.3%
nVent Finance Sarl4.550% 04/15/20280.3%
BRAVO Residential Funding Trust 2021-NQM20.970% 03/25/20600.3%
Freddie Mac Pool5.000% 08/01/20520.3%
7-Eleven Inc0.800% 02/10/20240.3%
Goldman Sachs Group Inc/The2.383% 07/21/20320.3%
Great Wolf Trust 2019-WOLF3.852% 12/15/20360.3%
GS Mortgage Securities Corp Trust 2022-ECI5.040% 08/15/20390.3%
JPMorgan Chase & Co2.580% 04/22/20320.3%
American Express Credit Account Master Trust3.750% 08/15/20270.3%
BNG Bank NV3.500% 08/26/20240.3%
HGI CRE CLO 2021-FL2 Ltd4.493% 09/17/20360.3%
Entergy Corp0.900% 09/15/20250.3%
Marlette Funding Trust 2020-24.650% 09/16/20300.3%
Fannie Mae Pool2.500% 12/01/20510.3%
Arbor Realty Commercial Real Estate Notes 2021-FL2 Ltd4.218% 05/15/20360.3%
OneMain Financial Issuance Trust 2018-23.570% 03/14/20330.3%
Citigroup Inc3.980% 03/20/20300.3%
Centene Corp3.375% 02/15/20300.3%
FactSet Research Systems Inc3.450% 03/01/20320.3%
ME Funding LLC 2019-16.448% 07/30/20490.3%
Lendmark Funding Trust 2021-22.370% 04/20/20320.3%
CSMC 2021-BHAR4.318% 11/15/20380.3%
Santander UK Group Holdings PLC3.373% 01/05/20240.3%
Bank of America Corp3.970% 03/05/20290.3%
T-Mobile USA Inc3.875% 04/15/20300.3%
XPO Logistics Inc4.383% 02/24/20250.3%
Wells Fargo Bank NA5.850% 02/01/20370.3%
CenterPoint Energy Resources Corp1.750% 10/01/20300.3%
NUTRITION BIOSCIENCES INC0.044% 01/17/20250.3%
VERDE CLO Ltd3.612% 04/15/20320.3%
Eastern Gas Transmission & Storage Inc3.000% 11/15/20290.3%
NextEra Energy Capital Holdings Inc5.000% 07/15/20320.3%
Citibank Credit Card Issuance Trust3.553% 05/14/20290.3%
Bain Capital Credit CLO 2019-23.840% 10/17/20320.3%
GA Global Funding Trust3.850% 04/11/20250.3%
Santander Consumer Auto Receivables Trust 2020-B7.030% 08/15/20280.3%
Lending Funding Trust 2020-22.320% 04/21/20310.3%
Dryden 61 Clo Ltd3.730% 01/17/20320.3%
PerkinElmer Inc0.850% 09/15/20240.3%
Rad CLO 6 Ltd4.090% 01/20/20330.3%
Inter-American Investment Corp2.625% 04/22/20250.3%
OCP Clo 2019-17 Ltd3.750% 07/20/20320.3%
BX Trust 2018-GW3.618% 05/15/20350.3%
Crown Castle Inc3.300% 07/01/20300.3%
Freddie Mac Structured Agency Credit Risk Debt Notes4.931% 07/25/20420.3%
Avolon Holdings Funding Ltd5.250% 05/15/20240.3%
Apidos CLO XX4.290% 07/16/20310.3%
Eni SpA5.700% 10/01/20400.3%
GS Mortgage Securities Corp Trust 2022-SHIP3.576% 08/15/20240.2%
JP Morgan Chase Commercial Mortgage Securities Trust 2018-WPT3.833% 07/05/20330.2%
American Airlines 2021-1 Class A Pass Through Trust2.875% 01/11/20360.2%
State Street Corp4.164% 08/04/20330.2%
Bank of America Corp1.658% 03/11/20270.2%
Rad CLO 7 Ltd3.940% 04/17/20330.2%
Wisconsin Power and Light Co3.950% 09/01/20320.2%
Broadcom Inc4.150% 04/15/20320.2%
Eaton Vance CLO 2013-1 Ltd3.762% 01/15/20340.2%
BX Trust 2021-RISE3.565% 11/15/20360.2%
Bank of America Corp3.593% 07/21/20280.2%
Deephaven Residential Mortgage Trust 2021-31.194% 08/25/20660.2%
Burlington Northern Santa Fe LLC4.450% 01/15/20530.2%
CenterPoint Energy Resources Corp4.400% 07/01/20320.2%
Freddie Mac Pool2.500% 11/01/20500.2%
Wells Fargo & Co2.393% 06/02/20280.2%
MF1 2022-FL8 Ltd3.634% 02/19/20370.2%
Kinder Morgan Energy Partners LP4.250% 09/01/20240.2%
30-YR GNMA II-TBA PROD OCT3.500% 06/01/20520.2%
Encina Equipment Finance 2021-1 LLC1.690% 11/15/20270.2%
Japan International Cooperation Agency3.250% 05/25/20270.2%
Cigna Corp2.400% 03/15/20300.2%
30-YR GNMA II-TBA PROD NOV3.000% 02/01/20520.2%
Bay Area Toll Authority3.126% 04/01/20550.2%
15-YR UMBS-TBA PROD DEC5.000% 07/01/20370.2%
LoanCore 2022-CRE7 Issuer Ltd3.834% 01/17/20370.2%
GSK Consumer Healthcare Capital US LLC3.625% 03/24/20320.2%
East Ohio Gas Co/The1.300% 06/15/20250.2%
Barings CLO Ltd 2019-III3.780% 04/20/20310.2%
Park Aerospace Holdings Ltd5.500% 02/15/20240.2%
BNP Paribas SA4.375% 03/01/20330.2%
Freddie Mac Pool5.000% 07/01/20520.2%
Octagon Investment Partners XIV Ltd3.462% 07/15/20290.2%
Genesis Sales Finance Master Trust2.240% 09/22/20250.2%
BX Trust 2021-ARIA5.062% 10/15/20360.2%
Connecticut Avenue Securities Trust 2022-R084.831% 07/25/20420.2%
Dell International LLC / EMC Corp8.350% 07/15/20460.2%
Continental Resources Inc/OK4.900% 06/01/20440.2%
SCF Equipment Leasing 2021-1 LLC1.540% 10/21/20300.2%
Invitation Homes Operating Partnership LP2.000% 08/15/20310.2%
Westlake Automobile Receivables Trust 2020-33.340% 06/15/20260.2%
Upstart Securitization Trust 2021-21.750% 06/20/20310.2%
COMM 2014-UBS4 Mortgage Trust4.869% 08/10/20470.2%
Constellation Energy Generation LLC6.250% 10/01/20390.2%
Baltimore Gas and Electric Co4.550% 06/01/20520.2%
Arbor Realty Commercial Real Estate Notes 2021-FL3 Ltd5.018% 08/15/20340.2%
Fannie Mae Pool4.000% 05/01/20520.2%
Oglethorpe Power Corp5.950% 11/01/20390.2%
Fannie Mae Pool2.500% 12/01/20510.2%
Carlyle Global Market Strategies CLO 2015-1 Ltd3.690% 07/20/20310.2%
Fannie Mae Pool3.500% 07/01/20450.2%
Elmwood CLO VIII Ltd3.950% 01/20/20340.2%
UnitedHealth Group Inc4.000% 05/15/20290.2%
EIG Pearl Holdings Sarl3.545% 08/31/20360.2%
Macquarie Bank Ltd3.052% 03/03/20360.2%
Extended Stay America Trust 2021-ESH4.518% 07/15/20380.2%
EPR Properties3.750% 08/15/20290.2%
JPMorgan Chase & Co2.963% 01/25/20330.2%
American Transmission Systems Inc2.650% 01/15/20320.2%
Wells Fargo & Co3.350% 03/02/20330.2%
Ohio Edison Co8.250% 10/15/20380.2%
OCP CLO 2019-16 Ltd3.428% 04/10/20330.2%
Time Warner Cable LLC7.300% 07/01/20380.2%
Aviation Capital Group LLC1.950% 01/30/20260.2%
Galaxy Pipeline Assets Bidco Ltd3.250% 09/30/20400.2%
Angel Oak Mortgage Trust 2022-34.000% 01/25/20670.2%
BHMS 2018-ATLS4.068% 07/15/20350.2%
SCF Equipment Leasing 2019-2 LLC2.760% 08/20/20260.2%
Oaktree CLO 2019-4 Ltd4.960% 10/20/20320.2%
Advanced Micro Devices Inc3.924% 06/01/20320.2%
NGPL PipeCo LLC3.250% 07/15/20310.2%
Abu Dhabi Crude Oil Pipeline LLC4.600% 11/02/20470.2%
Minejesa Capital BV4.625% 08/10/20300.2%
COMM 2015-PC1 Mortgage Trust4.434% 07/10/20500.2%
Morgan Stanley2.239% 07/21/20320.2%
British Airways 2020-1 Class A Pass Through Trust4.250% 05/15/20340.2%
US LONG BOND(CBT) Dec220.000% 12/30/20220.2%
Mexico Government International Bond4.875% 05/19/20330.2%
Freddie Mac Pool3.500% 02/01/20460.2%
COMM 2015-DC1 Mortgage Trust4.441% 02/10/20480.2%
Netflix Inc6.375% 05/15/20290.2%
Barings CLO Ltd 2019-III4.310% 04/20/20310.2%
Fannie Mae Pool5.000% 07/01/20520.2%
KKR CLO 29 Ltd3.712% 01/15/20320.2%
Macquarie Group Ltd4.654% 03/27/20290.2%
Freddie Mac STACR REMIC Trust 2021-DNA63.781% 10/25/20410.1%
Halliburton Co7.450% 09/15/20390.1%
Freddie Mac STACR REMIC Trust 2021-DNA74.081% 11/25/20410.1%
Cellnex Finance Co SA3.875% 07/07/20410.1%
Marble Point CLO XVII Ltd4.010% 04/20/20330.1%
Glencore Finance Canada Ltd5.550% 10/25/20420.1%
Fannie Mae Pool2.500% 08/01/20500.1%
Freddie Mac STACR REMIC Trust 2022-HQA34.581% 08/25/20420.1%
Aircastle Ltd2.850% 01/26/20280.1%
Fannie Mae Pool4.000% 05/01/20520.1%
Dell International LLC / EMC Corp3.375% 12/15/20410.1%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust3.500% 01/15/20250.1%
CBAM 2017-1 Ltd6.460% 07/20/20300.1%
Advanced Micro Devices Inc4.393% 06/01/20520.1%
Ares XL CLO Ltd3.382% 01/15/20290.1%
Netflix Inc5.875% 11/15/20280.1%
Glencore Funding LLC2.850% 04/27/20310.1%
TCI-Flatiron Clo 2017-1 Ltd3.921% 11/18/20300.1%
Mountain View CLO 2017-1 LLC3.830% 10/16/20290.1%
Connecticut Avenue Securities Trust 2021-R013.831% 10/25/20410.1%
Octagon Investment Partners XVII Ltd3.783% 01/25/20310.1%
Fannie Mae Pool5.000% 07/01/20520.1%
Goldman Sachs Group Inc/The2.615% 04/22/20320.1%
JPMBB Commercial Mortgage Securities Trust 2015-C304.373% 07/15/20480.1%
Charter Communications Operating LLC / Charter Communications Operating Capital6.484% 10/23/20450.1%
Southwest Gas Corp4.050% 03/15/20320.1%
Fannie Mae Pool2.500% 09/01/20510.1%
Viterra Finance BV4.900% 04/21/20270.1%
Angel Oak Mortgage Trust 2021-31.068% 05/25/20660.1%
Morgan Stanley2.484% 09/16/20360.1%
AES Corp/The3.950% 07/15/20300.1%
Continental Resources Inc/OK5.750% 01/15/20310.1%
Fannie Mae Connecticut Avenue Securities4.281% 11/25/20410.1%
Apidos CLO XXXV3.760% 04/20/20340.1%
Warnermedia Holdings Inc3.428% 03/15/20240.1%
TCW CLO 2022-1 Ltd2.087% 04/22/20330.1%
Mariner Finance Issuance Trust 2021-A3.830% 03/20/20360.1%
AEP Transmission Co LLC4.500% 06/15/20520.1%
PulteGroup Inc6.375% 05/15/20330.1%
Hudsons Bay Simon JV Trust 2015-HBS4.666% 08/05/20340.1%
Hilton Orlando Trust 2018-ORL3.738% 12/15/20340.1%
Freddie Mac STACR REMIC Trust 2021-HQA43.231% 12/25/20410.1%
DBWF 2018-GLKS Mortgage Trust4.023% 12/19/20300.1%
First American Financial Corp2.400% 08/15/20310.1%
Occidental Petroleum Corp6.450% 09/15/20360.1%
Alfa Desarrollo SpA4.550% 09/27/20510.1%
ABN AMRO Bank NV3.324% 03/13/20370.1%
National Australia Bank Ltd2.990% 05/21/20310.1%
Wells Fargo Commercial Mortgage Trust 2016-C354.176% 07/15/20480.1%
Lendmark Funding Trust 2021-13.410% 11/20/20310.1%
Sunrun Demeter Issuer 2021-2 LLC2.270% 01/30/20570.1%
Citigroup Inc4.140% 05/24/20250.1%
DTE Energy Co0.000% 11/01/20240.1%
Prosus NV3.257% 01/19/20270.1%
UBS AG5.125% 05/15/20240.1%
Bank of America Corp4.000% 01/22/20250.1%
Alcoa Nederland Holding BV4.125% 03/31/20290.1%
Starwood Mortgage Residential Trust 2020-31.486% 04/25/20650.1%
Baxalta Inc4.000% 06/23/20250.1%
Apidos CLO XXVI4.240% 07/18/20290.1%
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%
CF Trust 2019-BOSS6.068% 12/15/20240.1%
Fannie Mae Pool3.500% 09/01/20510.1%
American Tower Corp2.950% 01/15/20250.1%
Hudsons Bay Simon JV Trust 2015-HBS5.331% 08/05/20340.1%
SLC Student Loan Trust 2008-14.893% 12/15/20320.1%
Bayer Corp6.650% 02/15/20280.1%
BBCMS 2019-BWAY Mortgage Trust3.774% 11/15/20340.1%
HONO 2021-LULU Mortgage Trust4.268% 10/15/20360.1%
CSAIL 2016-C7 Commercial Mortgage Trust4.526% 11/15/20490.1%
GS Mortgage Securities Corp Trust 2018-RIVR3.768% 07/15/20350.1%
Freeport Indonesia PT5.315% 04/14/20320.1%
Centene Corp2.450% 07/15/20280.1%
Assurant Inc2.650% 01/15/20320.1%
Verus Securitization Trust 2020-41.502% 05/25/20650.1%
Foothill-Eastern Transportation Corridor Agency4.094% 01/15/20490.1%
Carlyle Global Market Strategies CLO 2015-5 Ltd5.010% 01/20/20320.1%
Atrium Hotel Portfolio Trust 2018-ATRM3.768% 06/15/20350.1%
Goldman Sachs Group Inc/The6.750% 10/01/20370.1%
Goldentree Loan Management US Clo 3 Ltd4.260% 04/20/20300.1%
Tengizchevroil Finance Co International Ltd3.250% 08/15/20300.1%
J.P. Morgan Chase Commercial Mortgage SecuritiesTrust 2018-MINN4.088% 11/15/20350.1%
GCAT 2020-NQM2 Trust1.555% 04/25/20650.1%
Neuberger Berman Group LLC / Neuberger Berman Finance Corp4.500% 03/15/20270.1%
Freddie Mac Multifamily Structured Pass Through Certificates2.119% 02/25/20320.0%
Wind River 2021-4 CLO Ltd4.360% 01/20/20350.0%
Vista Point Securitization Trust 2020-21.475% 04/25/20650.0%
HONO 2021-LULU Mortgage Trust4.668% 10/15/20360.0%
Flagship Credit Auto Trust 2021-10.310% 06/16/20250.0%
Westlake Automobile Receivables Trust 2019-23.200% 11/15/20240.0%
Verus Securitization Trust 2020-INV11.977% 03/25/20600.0%
Mountain View CLO 2014-1 Ltd4.512% 10/15/20260.0%
Ellington Financial Mortgage Trust 2020-12.006% 05/25/20650.0%
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 Trust4.128% 11/15/20340.0%
Neuberger Berman Group LLC / Neuberger Berman Finance Corp4.875% 04/15/20450.0%
Massachusetts Educational Financing Authority3.733% 04/25/20380.0%
Oracle Corp5.375% 07/15/20400.0%
ReadyCap Commercial Mortgage Trust 2019-62.833% 10/25/20520.0%
Towd Point Asset Trust 2018-SL13.684% 01/25/20460.0%
Galaxy XXI CLO Ltd3.730% 04/20/20310.0%
Pennsylvania Higher Education Assistance Agency3.053% 04/25/20380.0%
Credit Suisse Mortgage Capital Certificates1.616% 04/25/20650.0%
Mountain View CLO X Ltd3.275% 10/13/20270.0%
Verus Securitization Trust 2020-12.417% 01/25/20600.0%
Citigroup Commercial Mortgage Trust 2014-GC211.301% 05/10/20470.0%
Angel Oak Mortgage Trust 2020-12.466% 12/25/20590.0%
WFRBS Commercial Mortgage Trust 2014-C230.701% 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%
Credit Index Swap1.000% 12/20/20270.0%
Avid Automobile Receivables Trust 2019-12.820% 07/15/20260.0%
Starwood Mortgage Residential Trust 2020-12.275% 02/25/20500.0%
COMM 2014-CCRE19 Mortgage Trust1.091% 08/10/20470.0%
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% 12/30/2022-0.4%

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 01/26/2023
$0
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 12/31/2022 $0.03162 $9.27
Daily Daily 11/30/2022 $0.03033 $9.34
Daily Daily 10/31/2022 $0.02949 $9.06
Daily Daily 09/30/2022 $0.02752 $9.21
Daily Daily 08/31/2022 $0.02820 $9.67
Daily Daily 07/31/2022 $0.02563 $9.95
Daily Daily 06/30/2022 $0.02237 $9.76
Daily Daily 05/31/2022 $0.02104 $9.97
Daily Daily 04/30/2022 $0.01864 $9.99
Daily Daily 03/31/2022 $0.01770 $10.36
Daily Daily 02/28/2022 $0.01440 $10.70
Daily Daily 01/31/2022 $0.01348 $10.83

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 01/31/2023
Daily Daily 02/28/2023
Daily Daily 03/31/2023
Daily Daily 04/30/2023
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 01/26/2023

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $9.76
$100,000 to $249,999 1.75% 1.50% $9.71
$250,000 to $499,999 1.25% 1.00% $9.66
$500,000 to $999,999 0.00% 1.00% $9.54
$1,000,000 to $5,000,000 0.00% 1.00% $9.54

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 12/31/2022

Fund Documents

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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.

+

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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