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 09/28/2023

$8.90

arrowUp$0.02

YTD Returns w/o sales charge as of 09/28/2023

-0.89%

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

Average Yield to Maturity as of 08/31/2023

5.61%

30-Day Standardized Yield 1 as of 08/31/2023  

4.61%

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

Yield to maturity (YTM) represents the expected total return on a bond (expressed as an annualized rate) based on the bond’s expected future cash flows, including coupon payments over the life of the bond and the bond’s principal value received at maturity.

Fund Basicsas of 08/31/2023

Total Net Assets
$2.95 B
Inception Date
08/31/2000
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.57%
Fund Net Expense Ratio
0.57%
Number of Holdings
430
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 1.53% -1.41% -4.22% 0.36% 1.30% 3.76%
Lipper Category Avg. Core Bond Funds 1.68% -1.08% -4.13% 0.51% 1.45% -
Bloomberg U.S. Aggregate Bond Index 1.37% -1.19% -4.41% 0.49% 1.48% 3.77%
w/ sales charge -0.72% -3.60% -4.95% -0.09% 1.07% 3.66%

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 2.11% -1.22% -3.61% 0.60% 1.31% 3.81%
Lipper Category Avg. Core Bond Funds 2.20% -0.73% -3.54% 0.74% 1.47% -
Bloomberg U.S. Aggregate Bond Index 2.09% -0.94% -3.96% 0.77% 1.52% 3.83%
w/ sales charge -0.15% -3.40% -4.35% 0.15% 1.08% 3.71%

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 08/31/2023 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

Average Yield to Maturity as of 08/31/2023

5.61%

30-Day Standardized Yield 1 as of 08/31/2023  

  Subsidized2 Un-Subsidized3
w/o sales charge 4.61% 4.61%

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 1.53% -1.41% -4.22% 0.36% 1.30% 3.76%
Lipper Category Avg. Core Bond Funds 1.68% -1.08% -4.13% 0.51% 1.45% -
Bloomberg U.S. Aggregate Bond Index 1.37% -1.19% -4.41% 0.49% 1.48% 3.77%
w/ sales charge -0.72% -3.60% -4.95% -0.09% 1.07% 3.66%

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 2.11% -1.22% -3.61% 0.60% 1.31% 3.81%
Lipper Category Avg. Core Bond Funds 2.20% -0.73% -3.54% 0.74% 1.47% -
Bloomberg U.S. Aggregate Bond Index 2.09% -0.94% -3.96% 0.77% 1.52% 3.83%
w/ sales charge -0.15% -3.40% -4.35% 0.15% 1.08% 3.71%

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% -0.85% - - -0.89%
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 08/31/2023

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 08/31/2023

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 3/31/2023

  • During the quarter we maintained the Strategy’s overall up-in-quality and up-in-liquidity positioning and remained down in cyclicality and complexity.
  • Over the quarter, the portfolio predominantly benefitted from an overweight allocation as well as positive security selection within investment grade corporate bonds. Specifically, the Strategy’s conservative positioning, including an underweight to smaller regional banks and an overweight to insurance companies and large money centers drove positive performance relative to the benchark. The portfolio’s bank holdings are generally issued by institutions with strong deposit franchises, robust credit cultures, and strong management teams. We continued to reduce lower quality corporate bonds and increase the investment grade corporate allocation over the period. We added to Healthcare and Financials at what we believe to be attractive levels following the banking turmoil. 
  • An allocation to securitized credit – specifically CMBS, ABS, and CLO – had a positive impact on relative returns. High quality securitized credit outperformed both investment grade corporate bonds and government-related securities as the asset class provides superior risk-adjusted yields at the top of the credit stack.
  • Despite headline risk, the portfolio’s allocation to high-quality AAA-rated CMBS contributed as certain property types rebounded from challenged performance in the fourth quarter of last year, including hotel backed SASB deals and multi-family CRE CLO, both of which are overweight positions within the portfolio’s CMBS book. That said, we continued to reduce the portfolio’s exposure to CMBS over the quarter as we have been over the last few quarters. 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 and the portfolio’s exposure remains low relative to this time last year.
  • Another contributor to performance was the portfolio’s allocation to short-term, AAA-rated ABS as the asset class outperformed the broader index and corporate credit. Within the sector, we have identified issues that demonstrate robust credit fundamentals, including well behaved delinquency/loss trends, consistent collateral quality, and strong stress tested structures. We are particularly constructive on auto-loans and have predominantly allocated to this subsector within the broader ABS allocation.
  • The portfolio’s modest allocation to CLO also contributed to relative returns given the attractive carry profile of the sector. While we’re comfortable with the credit profile of the portfolio’s CLO holdings, we decreased exposure over the quarter, as we monetized attractive valuations and continue to shift to a highly liquid portfolio profile and are very selective with respect to spread targets when adding.
  • Duration positioning was a meaningful detractor from performance over the quarter. Being underweight duration versus the benchmark detracted as the 5-year and 10-year U.S. Treasury rates rallied during the period. Our preference is to underweight the belly of the curve (5s and 10s) and overweight the wings (2s and 30s). 
  • We added TIPS to the portfolio over the quarter. This addition was made to express the team’s view that the market may be underestimating the potential for higher inflation for longer

Portfolio Details as of 08/31/2023

Total Net Assets
$2.95 B
Average Effective Duration
6.09 Years
Average Life
8.25 Years
Average Maturity
8.25 Years
Number of Issues
430
Average Yield to Maturity
5.61%

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

Yield to maturity (YTM) represents the expected total return on a bond (expressed as an annualized rate) based on the bond’s expected future cash flows, including coupon payments over the life of the bond and the bond’s principal value received at maturity.

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

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

Holding Coupon Maturity Assets
United States Treasury Note/Bond 4.375% 08/15/2043 4.8%
United States Treasury Note/Bond 4.625% 06/30/2025 3.2%
United States Treasury Note/Bond 4.000% 06/30/2028 3.1%
United States Treasury Note/Bond 5.000% 08/31/2025 3.0%
United States Treasury Note/Bond 3.625% 05/15/2053 2.9%
30-YR GNMA II-TBA PROD SEP 5.500% 06/01/2053 2.7%
30-YR UMBS-TBA PROD OCT 6.000% 06/01/2053 2.3%
30-YR GNMA II-TBA PROD OCT 6.000% 07/01/2053 2.3%
30-YR GNMA II-TBA PROD SEP 5.000% 06/01/2053 2.2%
United States Treasury Inflation Indexed Bonds 0.375% 07/15/2025 2.1%
% of Total Assets 28.6%
Holding Coupon Maturity Assets
United States Treasury Note/Bond3.875% 05/15/20435.7%
United States Treasury Note/Bond4.625% 06/30/20253.4%
United States Treasury Note/Bond4.000% 06/30/20283.1%
United States Treasury Note/Bond3.625% 05/15/20533.0%
30-YR GNMA II-TBA PROD SEP6.000% 11/01/20522.8%
30-YR GNMA II-TBA PROD SEP5.500% 03/01/20532.7%
30-YR GNMA II-TBA PROD SEP5.000% 03/01/20532.2%
United States Treasury Inflation Indexed Bonds0.375% 07/15/20252.0%
30-YR UMBS-TBA PROD SEP5.500% 04/01/20531.9%
30-YR GNMA II-TBA PROD SEP6.500% 11/01/20521.8%
30-YR UMBS-TBA PROD SEP6.000% 12/01/20521.8%
15-YR UMBS-TBA PROD SEP5.000% 01/01/20381.6%
United States Treasury Bill0.000% 11/14/20231.5%
Federal Home Loan Banks5.320% 09/19/20231.4%
30-YR GNMA II-TBA PROD SEP3.000% 01/01/20521.3%
United States Treasury Note/Bond4.250% 05/31/20251.3%
15-YR UMBS-TBA PROD SEP5.500% 01/01/20381.0%
30-YR UMBS-TBA PROD SEP5.000% 04/01/20531.0%
Brookfield Infrastructure Holdings Canada Inc0.000% 10/26/20231.0%
United States Treasury Bill0.000% 09/14/20231.0%
Province of Quebec Canada3.625% 04/13/20281.0%
BARCLAYS CAPITAL0.010% 08/01/20230.8%
JPMorgan Chase & Co3.782% 02/01/20280.8%
30-YR GNMA II-TBA PROD SEP4.500% 03/01/20530.7%
Kommunalbanken AS1.125% 10/26/20260.7%
30-YR UMBS-TBA PROD SEP6.500% 01/01/20530.7%
BARCLAYS CAPITAL0.010% 08/01/20230.7%
Svensk Exportkredit AB4.125% 06/14/20280.6%
30-YR GNMA II-TBA PROD AUG4.500% 03/01/20530.6%
BARCLAYS CAPITAL0.010% 08/01/20230.6%
Fannie Mae Pool2.500% 08/01/20500.6%
CDP Financial Inc4.250% 07/25/20280.6%
Goldman Sachs Group Inc/The2.383% 07/21/20320.5%
United States Treasury Note/Bond2.250% 05/15/20410.5%
Amazon.com Inc4.700% 12/01/20320.5%
Fannie Mae Pool2.500% 09/01/20500.5%
Bank of America Corp3.970% 03/05/20290.5%
Ford Credit Auto Owner Trust 2018-REV13.190% 07/15/20310.5%
30-YR GNMA II-TBA PROD SEP4.000% 08/01/20520.5%
Fannie Mae Pool3.000% 12/01/20480.5%
Kommunalbanken AS0.250% 12/08/20230.5%
Wells Fargo & Co2.406% 10/30/20250.5%
Santander Drive Auto Receivables Trust 2022-64.720% 06/15/20270.5%
T-Mobile USA Inc3.875% 04/15/20300.5%
30-YR UMBS-TBA PROD SEP3.000% 10/01/20510.5%
Oracle Corp6.250% 11/09/20320.5%
30-YR GNMA II-TBA PROD AUG6.500% 11/01/20520.4%
Hilton Worldwide Finance LLC7.148% 06/22/20260.4%
BAT Capital Corp3.222% 08/15/20240.4%
EQT Corp7.000% 02/01/20300.4%
30-YR GNMA II-TBA PROD AUG5.000% 03/01/20530.4%
National Fuel Gas Co3.950% 09/15/20270.4%
United States Treasury Note/Bond1.625% 11/15/20500.4%
Exeter Automobile Receivables Trust 2023-36.110% 09/15/20250.4%
CommonSpirit Health0.000% 08/08/20230.4%
TORONTO DOMINION BANK THE0.010% 08/01/20230.4%
Pfizer Investment Enterprises Pte Ltd4.750% 05/19/20330.4%
Flagship Credit Auto Trust 2022-34.550% 04/15/20270.4%
GE HealthCare Technologies Inc5.650% 11/15/20270.4%
Charter Communications Operating LLC7.067% 04/30/20250.4%
CVS Health Corp3.250% 08/15/20290.4%
Morgan Stanley4.431% 01/23/20300.4%
Centene Corp3.375% 02/15/20300.4%
BlackRock Inc4.750% 05/25/20330.4%
Freddie Mac Pool2.000% 03/01/20510.4%
Merck & Co Inc4.500% 05/17/20330.4%
Humana Inc5.875% 03/01/20330.4%
OCP Clo 2019-17 Ltd6.628% 07/20/20320.4%
nVent Finance Sarl4.550% 04/15/20280.4%
Svensk Exportkredit AB4.625% 11/28/20250.4%
AT&T Inc5.400% 02/15/20340.4%
Arbor Realty Commercial Real Estate Notes 2021-FL4 Ltd6.686% 11/15/20360.4%
Fannie Mae Pool2.500% 08/01/20500.4%
Fannie Mae Pool2.000% 07/01/20510.4%
Citigroup Inc3.980% 03/20/20300.4%
Continental Resources Inc/OK5.750% 01/15/20310.3%
JPMorgan Chase & Co3.845% 06/14/20250.3%
Connecticut Avenue Securities Trust 2023-R027.369% 01/25/20430.3%
Citigroup Commercial Mortgage Trust 2023-PRM36.360% 07/10/20280.3%
BARCLAYS CAPITAL0.010% 08/01/20230.3%
BARCLAYS CAPITAL0.010% 08/01/20230.3%
Fannie Mae Pool2.500% 09/01/20510.3%
Discover Card Execution Note Trust3.560% 07/15/20270.3%
GM Financial Consumer Automobile Receivables Trust 2023-35.450% 06/16/20280.3%
Citigroup Inc2.666% 01/29/20310.3%
Angel Oak Mortgage Trust 2023-34.800% 09/26/20670.3%
IPALCO Enterprises Inc4.250% 05/01/20300.3%
International Flavors & Fragrances Inc1.230% 10/01/20250.3%
30-YR UMBS-TBA PROD SEP4.500% 04/01/20530.3%
Japan Bank for International Cooperation4.625% 07/19/20280.3%
30-YR UMBS-TBA PROD SEP2.500% 10/01/20510.3%
Crown Castle Inc3.300% 07/01/20300.3%
National Grid PLC5.809% 06/12/20330.3%
Warnermedia Holdings Inc3.428% 03/15/20240.3%
Electricite de France SA6.250% 05/23/20330.3%
Duke Energy Corp4.500% 08/15/20320.3%
American Transmission Systems Inc2.650% 01/15/20320.3%
Intercontinental Exchange Inc4.000% 09/15/20270.3%
Goldman Sachs Group Inc/The3.272% 09/29/20250.3%
Kellogg Co5.250% 03/01/20330.3%
State Street Corp4.164% 08/04/20330.3%
Avolon Holdings Funding Ltd2.125% 02/21/20260.3%
American Tower Corp3.800% 08/15/20290.3%
GCAT 2023-NQM1 Trust4.250% 10/25/20570.3%
Dell Equipment Finance Trust 2023-25.840% 01/22/20290.3%
Morgan Stanley2.239% 07/21/20320.3%
JPMorgan Chase & Co2.963% 01/25/20330.3%
Westlake Automobile Receivables Trust 2023-15.210% 01/18/20280.3%
Continental Finance Credit Card ABS Master Trust2.240% 12/15/20280.3%
Carlyle Global Market Strategies CLO 2014-5 Ltd6.710% 07/15/20310.3%
Avant Loans Funding Trust 2022-REV16.540% 09/15/20310.3%
Freddie Mac Pool5.000% 08/01/20520.3%
EIG Pearl Holdings Sarl3.545% 08/31/20360.3%
GLS Auto Receivables Issuer Trust 2023-15.980% 08/17/20260.3%
OneMain Financial Issuance Trust 2022-35.940% 05/15/20340.3%
ACRES Commercial Realty 2021-FL2 Ltd6.736% 01/15/20370.3%
Freddie Mac Multifamily Structured Pass Through Certificates3.123% 08/25/20320.3%
Freddie Mac Pool4.500% 08/01/20520.3%
GM Financial Automobile Leasing Trust 2023-25.050% 07/20/20260.3%
CenterPoint Energy Resources Corp1.750% 10/01/20300.3%
Elevance Health Inc5.500% 10/15/20320.3%
UBS Group AG6.442% 08/11/20280.3%
JPMBB Commercial Mortgage Securities Trust 2014-C263.800% 01/15/20480.3%
Centene Corp2.450% 07/15/20280.3%
Galaxy Pipeline Assets Bidco Ltd3.250% 09/30/20400.3%
Santander Drive Auto Receivables Trust 2022-54.430% 03/15/20270.3%
Wells Fargo & Co3.350% 03/02/20330.3%
UBS Group AG5.711% 01/12/20270.3%
Diamondback Energy Inc3.500% 12/01/20290.3%
Kentucky Utilities Co5.450% 04/15/20330.3%
Mexico Government International Bond4.875% 05/19/20330.3%
Capital One Multi-Asset Execution Trust6.120% 05/15/20280.3%
Amgen Inc5.250% 03/02/20300.3%
GA Global Funding Trust3.850% 04/11/20250.3%
East Ohio Gas Co/The1.300% 06/15/20250.3%
Macquarie Group Ltd4.654% 03/27/20290.3%
Danske Bank A/S3.773% 03/28/20250.3%
Fannie Mae Pool5.000% 08/01/20520.3%
Entergy Corp0.900% 09/15/20250.3%
Ready Capital Mortgage Financing 2023-FL12 LLC7.633% 05/25/20380.3%
J.P. Morgan Mortgage Trust 2021-INV83.000% 05/25/20520.2%
GM Financial Automobile Leasing Trust 2023-25.540% 05/20/20270.2%
Arbor Realty Commercial Real Estate Notes 2021-FL2 Ltd6.436% 05/15/20360.2%
Fannie Mae Pool2.000% 11/01/20510.2%
Exeter Automobile Receivables Trust 2023-36.680% 04/16/20290.2%
New York Life Global Funding4.550% 01/28/20330.2%
BA Credit Card Trust5.000% 04/15/20280.2%
Capital One Prime Auto Receivables Trust 2022-12.710% 06/16/20250.2%
Santander Drive Auto Receivables Trust 2022-64.960% 11/15/20280.2%
Royal Bank of Canada6.000% 11/01/20270.2%
Sprint Capital Corp8.750% 03/15/20320.2%
Freddie Mac STACR REMIC Trust 2022-HQA37.369% 08/25/20420.2%
GS Mortgage-Backed Securities Trust 2021-PJ22.500% 07/25/20510.2%
BANK 2022-BNK445.746% 11/15/20550.2%
Panama Government International Bond2.252% 09/29/20320.2%
Wells Fargo Commercial Mortgage Trust 2018-C454.184% 06/15/20510.2%
Affirm Asset Securitization Trust 2023-A6.610% 01/18/20280.2%
ME Funding LLC 2019-16.448% 07/30/20490.2%
New York City Transitional Finance Authority Future Tax Secured Revenue2.690% 05/01/20330.2%
Freddie Mac Multifamily Structured Pass Through Certificates2.580% 05/25/20320.2%
NextEra Energy Capital Holdings Inc6.097% 03/21/20240.2%
Elevance Health Inc2.250% 05/15/20300.2%
Fannie Mae Pool4.000% 06/01/20520.2%
Corp Nacional del Cobre de Chile5.125% 02/02/20330.2%
Southern Co/The2.700% 08/01/20240.2%
Fannie Mae Pool2.500% 01/01/20510.2%
Philip Morris International Inc5.625% 11/17/20290.2%
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara5.450% 05/21/20280.2%
Flagship Credit Auto Trust 2023-15.010% 08/16/20270.2%
Bank of America Corp2.687% 04/22/20320.2%
Abu Dhabi Crude Oil Pipeline LLC4.600% 11/02/20470.2%
Lowe's Cos Inc5.000% 04/15/20330.2%
Saudi Government International Bond4.875% 07/18/20330.2%
Prosus NV3.257% 01/19/20270.2%
Citigroup Inc3.887% 01/10/20280.2%
Lloyds Banking Group PLC3.900% 03/12/20240.2%
Eastern Gas Transmission & Storage Inc3.000% 11/15/20290.2%
UnitedHealth Group Inc4.000% 05/15/20290.2%
US Bancorp4.967% 07/22/20330.2%
Metropolitan Life Global Funding I5.150% 03/28/20330.2%
Post Road Equipment Finance 2022-14.880% 11/15/20280.2%
AmeriCredit Automobile Receivables Trust 2022-24.200% 12/18/20250.2%
M&T Bank Corp5.053% 01/27/20340.2%
Freddie Mac Structured Agency Credit Risk Debt Notes7.169% 04/25/20430.2%
Discover Card Execution Note Trust5.030% 10/15/20270.2%
Fannie Mae Pool2.500% 12/01/20510.2%
Apidos CLO XXIV6.538% 10/20/20300.2%
Bank of America Corp3.458% 03/15/20250.2%
30-YR UMBS-TBA PROD SEP2.000% 09/01/20510.2%
Freddie Mac Pool2.500% 07/01/20510.2%
Wells Fargo & Co2.393% 06/02/20280.2%
Ovintiv Inc6.500% 02/01/20380.2%
Marlette Funding Trust 2022-35.950% 11/15/20320.2%
Netflix Inc5.875% 11/15/20280.2%
Voya CLO 2018-2 Ltd6.570% 07/15/20310.2%
Honeywell International Inc4.125% 11/02/20340.2%
US Bancorp4.839% 02/01/20340.2%
7-Eleven Inc0.800% 02/10/20240.2%
Cigna Group/The2.400% 03/15/20300.2%
Eni SpA5.700% 10/01/20400.2%
Bank of America Corp2.299% 07/21/20320.2%
Avolon Holdings Funding Ltd2.750% 02/21/20280.2%
NiSource Inc2.950% 09/01/20290.2%
BMO 2023-C5 Mortgage Trust5.494% 06/15/20560.2%
Great Wolf Trust 2019-WOLF6.370% 12/15/20360.2%
AEP Texas Inc5.400% 06/01/20330.2%
Fannie Mae Pool2.500% 06/01/20510.2%
Newark BSL CLO 1 Ltd6.695% 12/21/20290.2%
Wells Fargo Bank NA5.850% 02/01/20370.2%
FactSet Research Systems Inc3.450% 03/01/20320.2%
Lendmark Funding Trust 2021-22.370% 04/20/20320.2%
Toronto-Dominion Bank/The4.456% 06/08/20320.2%
SEB Funding LLC4.969% 01/30/20520.2%
Constellation Brands Inc3.150% 08/01/20290.2%
Fannie Mae Pool3.500% 04/01/20520.2%
Freddie Mac Pool5.000% 08/01/20520.2%
Wells Fargo Commercial Mortgage Trust 2015-NXS33.972% 09/15/20570.2%
Freddie Mac STACR REMIC Trust 2022-HQA18.569% 03/25/20420.2%
PFP 2023-10 Ltd7.684% 04/16/20280.2%
BAT CAPITAL CORP6.343% 08/02/20300.2%
COMM 2014-CCRE17 Mortgage Trust4.174% 05/10/20470.2%
Santander Consumer Auto Receivables Trust 2020-B7.030% 08/15/20280.2%
Brown-Forman Corp4.750% 04/15/20330.2%
Fannie Mae Pool2.500% 12/01/20510.2%
HSBC Holdings PLC3.803% 03/11/20250.2%
BlueMountain CLO XXXI Ltd6.732% 04/19/20340.2%
Halliburton Co7.450% 09/15/20390.2%
Humana Inc1.350% 02/03/20270.2%
Cargill Inc4.000% 06/22/20320.2%
Constellation Energy Generation LLC6.250% 10/01/20390.2%
Bain Capital Credit CLO 2019-26.670% 10/17/20320.2%
Lending Funding Trust 2020-22.320% 04/21/20310.2%
UBS Group AG1.494% 08/10/20270.2%
Madison Park Funding LIX Ltd6.712% 01/18/20340.2%
Fannie Mae Pool2.000% 09/01/20510.2%
Revvity Inc0.850% 09/15/20240.2%
BX Trust 2018-GW6.319% 05/15/20350.2%
CIM Trust 2020-INV12.500% 04/25/20500.2%
Rad CLO 6 Ltd6.968% 01/20/20330.2%
Citigroup Mortgage Loan Trust 2022-INV13.000% 11/27/20510.2%
Carlyle Global Market Strategies CLO 2014-2R Ltd6.371% 05/15/20310.2%
Aircastle Ltd2.850% 01/26/20280.2%
CarMax Auto Owner Trust 2022-22.810% 05/15/20250.2%
Avolon Holdings Funding Ltd5.250% 05/15/20240.2%
Bank of America Corp1.658% 03/11/20270.2%
Apidos CLO XII6.970% 04/15/20310.2%
Hyundai Capital America1.800% 10/15/20250.2%
HEICO Corp5.350% 08/01/20330.1%
Wisconsin Power and Light Co3.950% 09/01/20320.1%
30-YR GNMA II-TBA PROD SEP3.500% 02/01/20520.1%
Bank of New York Mellon Corp/The4.967% 04/26/20340.1%
Wells Fargo & Co2.188% 04/30/20260.1%
MF1 2022-FL9 LLC7.396% 06/19/20370.1%
COMM 2015-LC21 Mortgage Trust4.043% 07/10/20480.1%
JP Morgan Mortgage Trust 2021-32.500% 07/25/20510.1%
Bank of America Corp3.593% 07/21/20280.1%
Eaton Vance CLO 2013-1 Ltd6.820% 01/15/20340.1%
Aviation Capital Group LLC1.950% 01/30/20260.1%
Citigroup Inc3.352% 04/24/20250.1%
MF1 2022-FL8 Ltd6.418% 02/19/20370.1%
NOV Inc3.600% 12/01/20290.1%
UBS Group AG1.364% 01/30/20270.1%
American Express Co4.420% 08/03/20330.1%
Connecticut Avenue Securities Trust 2023-R048.619% 05/25/20430.1%
Post Road Equipment Finance 2021-11.690% 11/15/20270.1%
Magnetite VII Ltd6.370% 01/15/20280.1%
Kinder Morgan Energy Partners LP4.250% 09/01/20240.1%
Connecticut Avenue Securities Trust 2023-R017.469% 12/25/20420.1%
Bank of New York Mellon Corp/The4.596% 07/26/20300.1%
Haleon US Capital LLC3.625% 03/24/20320.1%
Rad CLO 15 Ltd6.678% 01/20/20340.1%
Southwest Gas Corp4.050% 03/15/20320.1%
Minejesa Capital BV4.625% 08/10/20300.1%
Continental Resources Inc/OK4.900% 06/01/20440.1%
Fannie Mae Pool2.000% 11/01/20510.1%
BNP Paribas SA4.375% 03/01/20330.1%
BRAVO Residential Funding Trust 2021-NQM20.970% 03/25/20600.1%
GS Mortgage-Backed Securities Trust 2023-PJ13.500% 02/25/20530.1%
Oracle Corp2.875% 03/25/20310.1%
Freddie Mac Pool2.500% 11/01/20500.1%
CIFC Funding 2014-III Ltd6.807% 10/22/20310.1%
CVS Health Corp5.050% 03/25/20480.1%
LoanCore 2022-CRE7 Issuer Ltd6.618% 01/17/20370.1%
NatWest Group PLC5.808% 09/13/20290.1%
BANK 2022-BNK445.746% 11/15/20550.1%
Park Aerospace Holdings Ltd5.500% 02/15/20240.1%
Fannie Mae Pool2.000% 06/01/20510.1%
Texas Natural Gas Securitization Finance Corp5.102% 04/01/20350.1%
OneMain Financial Issuance Trust 2018-23.570% 03/14/20330.1%
Dryden 61 Clo Ltd6.560% 01/17/20320.1%
EQUS 2021-EQAZ Mortgage Trust6.091% 10/15/20380.1%
Fannie Mae Pool2.500% 05/01/20520.1%
SCF Equipment Leasing 2021-1 LLC1.540% 10/21/20300.1%
Deephaven Residential Mortgage Trust 2021-31.194% 08/25/20660.1%
Flagstar Mortgage Trust 2021-11INV3.000% 11/25/20510.1%
F&G Global Funding2.300% 04/11/20270.1%
Freddie Mac STACR REMIC Trust 2022-DNA37.969% 04/25/20420.1%
Carlyle Global Market Strategies CLO 2012-3 Ltd6.753% 01/14/20320.1%
Oglethorpe Power Corp5.950% 11/01/20390.1%
Westlake Automobile Receivables Trust 2020-33.340% 06/15/20260.1%
Broadcom Inc4.150% 04/15/20320.1%
Freddie Mac Pool5.000% 07/01/20520.1%
Palmer Square Loan Funding 2021-1 Ltd6.488% 04/20/20290.1%
Macquarie Bank Ltd3.052% 03/03/20360.1%
Connecticut Avenue Securities Trust 2023-R037.569% 04/25/20430.1%
Hyundai Capital America5.800% 06/26/20250.1%
Upstart Securitization Trust 2021-21.750% 06/20/20310.1%
Oklahoma Gas and Electric Co5.400% 01/15/20330.1%
EFMT 2023-15.732% 02/25/20680.1%
JPMorgan Chase & Co2.580% 04/22/20320.1%
American Tower Corp5.550% 07/15/20330.1%
Octagon Investment Partners XVI Ltd6.590% 07/17/20300.1%
Elmwood CLO VIII Ltd6.828% 01/20/20340.1%
Occidental Petroleum Corp6.450% 09/15/20360.1%
Connecticut Avenue Securities Trust 2022-R087.619% 07/25/20420.1%
Crown Castle Inc2.100% 04/01/20310.1%
Morgan Stanley4.210% 04/20/20280.1%
GS Mortgage Securities Corp Trust 2022-AGSS7.417% 08/15/20390.1%
Fannie Mae Pool4.000% 05/01/20520.1%
Madison Park Funding XXXII Ltd6.607% 01/22/20310.1%
Mitsubishi UFJ Financial Group Inc5.541% 04/17/20260.1%
Neuberger Berman Loan Advisers CLO 35 Ltd6.922% 01/19/20330.1%
Carlyle Global Market Strategies CLO 2015-1 Ltd6.568% 07/20/20310.1%
Fannie Mae Pool2.500% 12/01/20510.1%
Oracle Corp6.125% 07/08/20390.1%
NGPL PipeCo LLC3.250% 07/15/20310.1%
L3Harris Technologies Inc5.600% 07/31/20530.1%
Marlette Funding Trust 2020-24.650% 09/16/20300.1%
Connecticut Avenue Securities Trust 2023-R067.769% 07/25/20430.1%
BHMS 2018-ATLS6.519% 07/15/20350.1%
Apache Corp4.750% 04/15/20430.1%
Fannie Mae Pool3.500% 07/01/20450.1%
Madison Park Funding XXI Ltd6.650% 10/15/20320.1%
Ohio Edison Co8.250% 10/15/20380.1%
Netflix Inc6.375% 05/15/20290.1%
SCF Equipment Leasing 2019-2 LLC2.760% 08/20/20260.1%
Cellnex Finance Co SA3.875% 07/07/20410.1%
Bayer Corp/NJ6.650% 02/15/20280.1%
COMM 2014-UBS4 Mortgage Trust4.711% 08/10/20470.1%
Duke Energy Indiana LLC5.400% 04/01/20530.1%
Octagon Investment Partners XIV Ltd6.520% 07/15/20290.1%
British Airways 2020-1 Class A Pass Through Trust4.250% 05/15/20340.1%
Angel Oak Mortgage Trust 2022-34.000% 01/25/20670.1%
GM Financial Automobile Leasing Trust 2022-22.930% 10/21/20240.1%
Freddie Mac STACR REMIC Trust 2021-DNA76.869% 11/25/20410.1%
Freddie Mac STACR REMIC Trust 2021-DNA66.569% 10/25/20410.1%
KKR CLO 29 Ltd6.770% 01/15/20320.1%
Fannie Mae Pool3.000% 01/01/20510.1%
T-Mobile USA Inc3.500% 04/15/20250.1%
Freddie Mac Pool3.500% 02/01/20460.1%
Stars Group Holdings BV7.754% 07/21/20260.1%
Fannie Mae Pool5.000% 07/01/20520.1%
Marble Point CLO XVII Ltd6.888% 04/20/20330.1%
Donlen Fleet Lease Funding 2 LLC0.560% 12/11/20340.1%
ServiceNow Inc1.400% 09/01/20300.1%
Connecticut Avenue Securities Trust 2021-R016.619% 10/25/20410.1%
Fannie Mae Pool4.000% 05/01/20520.1%
Octane Receivables Trust 2022-25.110% 02/22/20280.1%
Fannie Mae Pool2.500% 08/01/20500.1%
Morgan Stanley2.484% 09/16/20360.1%
Fannie Mae Connecticut Avenue Securities7.069% 11/25/20410.1%
Barings CLO Ltd 2019-III6.658% 04/20/20310.1%
AES Corp/The3.950% 07/15/20300.1%
Viterra Finance BV4.900% 04/21/20270.1%
GS Mortgage-Backed Securities Corp Trust 2020-PJ43.000% 01/25/20510.1%
JPMBB Commercial Mortgage Securities Trust 2015-C304.227% 07/15/20480.1%
Freddie Mac Structured Agency Credit Risk Debt Notes7.719% 07/25/20420.1%
Alfa Desarrollo SpA4.550% 09/27/20510.1%
Fannie Mae Pool2.500% 09/01/20510.1%
Fannie Mae Pool5.000% 07/01/20520.1%
Fannie Mae Pool2.500% 08/01/20510.1%
Mariner Finance Issuance Trust 2021-A3.830% 03/20/20360.1%
Apidos CLO XXXV6.638% 04/20/20340.1%
BANK 2021-BNK352.285% 06/15/20640.1%
BX Commercial Mortgage Trust 2021-XL26.025% 10/15/20380.1%
TCI-Flatiron Clo 2017-1 Ltd6.305% 11/18/20300.1%
TCW CLO 2022-1 Ltd6.686% 04/22/20330.1%
Hilton Orlando Trust 2018-ORL6.289% 12/15/20340.1%
ABN AMRO Bank NV3.324% 03/13/20370.1%
Hudsons Bay Simon JV Trust 2015-HBS4.666% 08/05/20340.1%
Ballyrock CLO 23 Ltd7.331% 04/25/20360.1%
Lendmark Funding Trust 2021-13.410% 11/20/20310.1%
Angel Oak Mortgage Trust 2021-31.068% 05/25/20660.1%
Ares XL CLO Ltd6.440% 01/15/20290.1%
Mountain View CLO 2017-1 LLC6.660% 10/16/20290.1%
Freddie Mac STACR REMIC Trust 2021-HQA46.019% 12/25/20410.1%
Citigroup Inc4.140% 05/24/20250.1%
DTE Energy Co0.000% 11/01/20240.1%
Sunrun Demeter Issuer 2021-2 LLC2.270% 01/30/20570.1%
Metropolitan Life Global Funding I4.050% 08/25/20250.1%
Sabine Pass Liquefaction LLC5.625% 03/01/20250.1%
CF Trust 2019-BOSS8.519% 12/15/20240.1%
UBS AG5.125% 05/15/20240.1%
Cigna Group/The4.375% 10/15/20280.1%
American Tower Corp2.950% 01/15/20250.0%
US 10yr Ultra Fut Sep230.000% 09/29/20230.0%
Fannie Mae Pool3.500% 09/01/20510.0%
Freddie Mac Pool2.500% 05/01/20520.0%
Starwood Mortgage Residential Trust 2020-31.486% 04/25/20650.0%
Assurant Inc2.650% 01/15/20320.0%
BBCMS 2019-BWAY Mortgage Trust6.292% 11/15/20340.0%
Baxalta Inc4.000% 06/23/20250.0%
GS Mortgage Securities Corp Trust 2018-RIVR6.219% 07/15/20350.0%
J.P. Morgan Chase Commercial Mortgage SecuritiesTrust 2018-MINN6.539% 11/15/20350.0%
Neuberger Berman Group LLC / Neuberger Berman Finance Corp4.500% 03/15/20270.0%
Verus Securitization Trust 2020-41.502% 05/25/20650.0%
GCAT 2020-NQM2 Trust1.555% 04/25/20650.0%
Avis Budget Rental Car Funding AESOP LLC3.700% 09/20/20240.0%
Bank of America Corp4.000% 01/22/20250.0%
Freddie Mac Multifamily Structured Pass Through Certificates2.110% 02/25/20320.0%
Vista Point Securitization Trust 2020-21.475% 04/25/20650.0%
Oracle Corp5.375% 07/15/20400.0%
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%
Galaxy XXI CLO Ltd6.608% 04/20/20310.0%
Ellington Financial Mortgage Trust 2020-12.006% 05/25/20650.0%
BBCMS 2019-BWAY Mortgage Trust6.646% 11/15/20340.0%
ReadyCap Commercial Mortgage Trust 2019-62.833% 10/25/20520.0%
Verus Securitization Trust 2020-INV11.977% 03/25/20600.0%
Verus Securitization Trust 2020-12.417% 01/25/20600.0%
Towd Point Asset Trust 2018-SL16.012% 01/25/20460.0%
US 10YR NOTE (CBT)Sep230.000% 09/29/20230.0%
Credit Suisse Mortgage Capital Certificates1.616% 04/25/20650.0%
New Residential Mortgage Loan Trust 2020-NQM12.464% 01/26/20600.0%
Angel Oak Mortgage Trust 2020-12.466% 12/25/20590.0%
Residential Mortgage Loan Trust 2020-12.376% 01/26/20600.0%
WFRBS Commercial Mortgage Trust 2014-C230.547% 10/15/20570.0%
Citigroup Commercial Mortgage Trust 2014-GC211.118% 05/10/20470.0%
FX EUR/USD 09/230.000% 09/13/20230.0%
Starwood Mortgage Residential Trust 2020-12.275% 02/25/20500.0%
FX EUR/USD 09/230.000% 09/13/20230.0%
COMM 2014-CCRE19 Mortgage Trust0.926% 08/10/20470.0%
FX EUR/USD 09/230.000% 09/13/20230.0%
EURO-BUND FUTURE Sep230.000% 09/11/20230.0%
US 5YR NOTE (CBT) Sep230.000% 10/04/20230.0%
FX USD/EUR 09/230.000% 09/13/20230.0%
US 2YR NOTE (CBT) Sep230.000% 10/04/20230.0%
US ULTRA BOND CBT Sep230.000% 09/29/2023-0.1%
LAC0.010% 08/01/2023-0.3%
LAC0.010% 08/01/2023-0.3%
LAC0.010% 08/01/2023-0.7%
LAC0.010% 08/01/2023-0.8%

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 09/28/2023
$0.26386
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 08/31/2023 $0.03390 $9.15
Daily Daily 07/31/2023 $0.03356 $9.24
Daily Daily 06/30/2023 $0.03331 $9.27
Daily Daily 05/31/2023 $0.03368 $9.32
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 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 09/28/2023

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $9.10
$100,000 to $249,999 1.75% 1.50% $9.06
$250,000 to $499,999 1.25% 1.00% $9.01
$500,000 to $999,999 0.00% 1.00% $8.90
$1,000,000 to $5,000,000 0.00% 1.00% $8.90

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 08/31/2023

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
Portfolio Holdings 3Q
Publish Date:11/03/2015
Summary Prospectus
Publish Date:11/03/2015
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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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

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.

 

2

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

 

3

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.

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