LAPTX | Core Plus Bond Fund Class R2 | Lord Abbett

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Core Plus Bond Fund

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Summary

Summary

What is the Core Plus Bond Fund?

The Fund seeks to deliver current income and the opportunity for capital appreciation by investing in a wide range of fixed income securities, including U.S. investment grade and high yield corporate bonds, mortgage-backed, asset-backed, and government-related securities, with select allocations to non-U.S. (including emerging market) debt securities.

 

Fund Basicsas of 03/31/2022

Total Net Assets
$404.24 M
Inception Date
Dividend Frequency
-
Number of Holdings
540
Type Assets
Investment Grade Corporate
U.S. Government Related
High Yield Corporate
MBS
CMBS
ABS
Bank Loans
CLO
Sovereign
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
1-2.99 years
3-4.99 years
5-6.99 years
7-9.99 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 03/31/2022 View Portfolio

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

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

Investment Team

Kewjin Yuoh
Kewjin Yuoh

Partner & Portfolio Manager

27 Years of Industry Experience

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

Partner & Portfolio Manager

23 Years of Industry Experience

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Co-Head of Taxable Fixed Income

20 Years of Industry Experience

Robert A. Lee
Robert A. Lee

Partner & Co-Head of Taxable Fixed Income

30 Years of Industry Experience

Adam C. Castle
Adam C. Castle, CFA

Managing Director, Portfolio Manager

13 Years of Industry Experience

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

Partner & Portfolio Manager

20 Years of Industry Experience

Harris Trifon
Harris Trifon

Managing Director, Portfolio Manager

21 Years of Industry Experience

Supported By 68 Investment Professionals with 16 Years Avg. Industry Experience

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Performance

Performance

Portfolio

Portfolio

Rating Assets
Investment Grade Corporate
U.S. Government Related
High Yield Corporate
MBS
CMBS
ABS
Bank Loans
CLO
Sovereign
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
1-2.99 years
3-4.99 years
5-6.99 years
7-9.99 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 03/31/2022

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

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

Portfolio Positioningas of 3/31/2022

  • Over the quarter, we added to the portfolio’s bank loan allocation as we continue to favor floating rate credit risk. We believe the asset class will continue to benefit from strong fundamentals and robust technicals.
  • We added to agency mortgage-backed securities (MBS) over the quarter - closing some of our underweight relative to the benchmark and peers. This decision was a relative value trade on recent weakness/underperformance of agency MBS versus other fixed income sectors. However, we plan on remaining underweight agency MBS as the technical backdrop is poor for the asset class given the Fed is likely to shift from a net buyer to net seller by year end.
  • In addition, we added to non-agency RMBS - both non-qualified mortgages and credit risk transfer securities (CRT). We believe strong buyer and refi activity will continue supporting the non-QM market. Also, CRT securities provide a liquid source to gain residential housing credit exposure through mortgages that have been underwritten by government sponsored entities (GSE). Both allocations provide strong risk-adjusted carry, in our opinion.
  • We used the sales of high-quality asset-backed securities (ABS) to fund the purchases of these additions over the quarter.

Portfolio Details as of 03/31/2022

Total Net Assets
$404.24 M
Number of Issues
540
Average Coupon
3.37%
Average Life
7.85 Years
Average Maturity
7.78 Years
Average Effective Duration
6.19 Years
Average Modified Duration
6.65 Years

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

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

Average Maturity - The length of time until the average security in a portfolio will mature or be redeemed by its issuer in proportion to its dollar value. Indicating a portfolio’s sensitivity to general market interest rate changes, a longer average maturity implies greater relative portfolio volatility.

Modified Duration - The change in the value of a fixed income security that will result from a 1% change in interest rates. Duration is expressed as a number of years, and generally, the larger a portfolio’s duration, the greater the interest-rate risk or reward for underlying bond prices. Where applicable, securities, such as common or preferred stock, convertible bonds and convertible preferred stock, ETFs and ADRs and futures, are excluded from these calculations.

Holding Coupon Maturity Assets
United States Treasury Note/Bond 2.375% 02/15/2042 6.2%
30-YR UMBS-TBA PROD MAY 3.500% 07/01/2051 5.6%
United States Treasury Note/Bond 2.500% 03/31/2027 5.5%
United States Treasury Bill 0.000% 07/28/2022 5.0%
United States Treasury Note/Bond 2.250% 02/15/2052 3.5%
United States Treasury Note/Bond 1.875% 02/15/2032 2.9%
30-YR GNMA II-TBA PROD MAY 3.500% 01/01/2052 2.0%
United States Treasury Note/Bond 1.500% 01/31/2027 1.8%
30-YR UMBS-TBA PROD MAY 3.000% 01/01/2052 1.0%
Oracle Corp 2.875% 03/25/2031 0.8%
% of Total Assets 34.3%
Holding Coupon Maturity Assets
United States Treasury Note/Bond2.375% 02/15/20426.2%
30-YR UMBS-TBA PROD MAY3.500% 07/01/20515.6%
United States Treasury Note/Bond2.500% 03/31/20275.5%
United States Treasury Bill0.000% 07/28/20225.0%
United States Treasury Note/Bond2.250% 02/15/20523.5%
United States Treasury Note/Bond1.875% 02/15/20322.9%
30-YR GNMA II-TBA PROD MAY3.500% 01/01/20522.0%
United States Treasury Note/Bond1.500% 01/31/20271.8%
30-YR UMBS-TBA PROD MAY3.000% 01/01/20521.0%
Oracle Corp2.875% 03/25/20310.8%
Kommunalbanken AS1.177% 06/17/20260.7%
Goldman Sachs Group Inc/The3.500% 04/01/20250.7%
Freeport-McMoRan Inc4.625% 08/01/20300.7%
CPPIB Capital Inc0.000% 04/04/20250.6%
Continental Resources Inc/OK5.750% 01/15/20310.5%
Glencore Funding LLC4.875% 03/12/20290.5%
UBS AG5.125% 05/15/20240.5%
SCF Equipment Leasing 2021-1 LLC3.560% 08/20/20320.5%
KKR CLO 30 Ltd2.241% 10/17/20310.5%
Bank of America Corp3.593% 07/21/20280.5%
BHMS 2018-ATLS2.297% 07/15/20350.5%
BX Trust 2021-ARIA2.641% 10/15/20360.5%
United States Treasury Note/Bond1.500% 02/15/20250.5%
General Motors Financial Co Inc3.600% 06/21/20300.5%
Occidental Petroleum Corp5.550% 03/15/20260.5%
Santander Consumer Auto Receivables Trust 2020-B7.030% 08/15/20280.4%
Carlyle Global Market Strategies CLO 2014-5 Ltd1.381% 07/15/20310.4%
Bayer US Finance II LLC4.250% 12/15/20250.4%
Charter Communications Operating LLC / Charter Communications Operating Capital2.250% 01/15/20290.4%
Ally Financial Inc8.000% 11/01/20310.4%
Ford Motor Co3.250% 02/12/20320.4%
Goldman Sachs Group Inc/The2.383% 07/21/20320.4%
Asian Development Bank1.280% 04/06/20270.4%
Bank of America Corp2.687% 04/22/20320.4%
Citigroup Inc3.980% 03/20/20300.4%
Anglo American Capital PLC4.000% 09/11/20270.4%
Prestige Auto Receivables Trust 2021-13.470% 03/15/20290.4%
OneMain Direct Auto Receivables Trust 2019-14.190% 11/14/20280.4%
Danske Bank A/S5.375% 01/12/20240.4%
Lamar Media Corp1.968% 02/05/20270.3%
EQT Corp7.500% 02/01/20300.3%
Exeter Automobile Receivables Trust 2020-27.190% 09/15/20270.3%
CPS Auto Receivables Trust 2020-B7.380% 06/15/20270.3%
Ready Capital Mortgage Financing 2022-FL8 LLC1.749% 01/25/20370.3%
Danske Bank A/S0.000% 03/28/20250.3%
nVent Finance Sarl4.550% 04/15/20280.3%
Centene Corp4.250% 12/15/20270.3%
KKR CLO 10 Ltd2.526% 09/15/20290.3%
Aviation Capital Group LLC5.500% 12/15/20240.3%
Time Warner Cable LLC7.300% 07/01/20380.3%
National Fuel Gas Co3.950% 09/15/20270.3%
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara3.000% 06/30/20300.3%
Wells Fargo Commercial Mortgage Trust 2016-C354.176% 07/15/20480.3%
Tencent Holdings Ltd2.390% 06/03/20300.3%
Voya CLO 2019-3 Ltd3.391% 10/17/20320.3%
NRG Energy Inc4.450% 06/15/20290.3%
Westpac Banking Corp4.322% 11/23/20310.3%
Morgan Stanley4.431% 01/23/20300.3%
Baidu Inc2.375% 08/23/20310.3%
Aqua Finance Trust 2021-A1.540% 07/17/20460.3%
AIB Group PLC4.750% 10/12/20230.3%
Aircastle Ltd2.850% 01/26/20280.3%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust4.875% 01/16/20240.3%
Occidental Petroleum Corp6.625% 09/01/20300.3%
Citigroup Inc3.887% 01/10/20280.3%
EPR Properties4.950% 04/15/20280.3%
Westlake Automobile Receivables Trust 2021-13.910% 09/15/20270.3%
VERDE CLO Ltd1.341% 04/15/20320.3%
Bank of America Corp3.970% 03/05/20290.3%
Steel Dynamics Inc5.000% 12/15/20260.3%
Glencore Funding LLC2.850% 04/27/20310.3%
CSMC 2021-BHAR2.397% 11/15/20380.3%
Constellation Energy Generation LLC6.250% 10/01/20390.3%
BankUnited Inc5.125% 06/11/20300.3%
ZH Trust 2021-22.349% 10/17/20270.3%
Morgan Stanley2.484% 09/16/20360.2%
Freddie Mac STACR REMIC Trust 2021-HQA32.199% 09/25/20410.2%
Fluor Corp4.250% 09/15/20280.2%
Avolon TLB Borrower 1 US LLC2.750% 12/01/20270.2%
Broadcom Inc4.150% 11/15/20300.2%
Bain Capital Credit CLO 2018-21.328% 07/19/20310.2%
CHT 2017-COSMO Mortgage Trust4.138% 11/15/20360.2%
T-Mobile USA Inc3.875% 04/15/20300.2%
Genesis Sales Finance Master Trust2.240% 09/22/20250.2%
Morgan Stanley4.000% 07/23/20250.2%
Laredo Petroleum Inc9.500% 01/15/20250.2%
Rockford Tower CLO 2018-1 Ltd1.580% 05/20/20310.2%
BX Trust 2021-ARIA2.990% 10/15/20360.2%
CSAIL 2016-C7 Commercial Mortgage Trust4.382% 11/15/20490.2%
HGI CRE CLO 2021-FL2 Ltd1.941% 09/17/20360.2%
GoodLeap Sustainable Home Solutions Trust 2022-13.500% 01/20/20490.2%
Amur Equipment Finance Receivables IX LLC2.300% 11/22/20270.2%
JP Morgan Chase Commercial Mortgage Securities Trust 2020-MKST2.647% 12/15/20360.2%
Seminole Tribe of Florida Inc2.207% 07/08/20240.2%
Navient Corp6.750% 06/25/20250.2%
National Australia Bank Ltd3.933% 08/02/20340.2%
Avid Automobile Receivables Trust 2021-13.390% 04/17/20280.2%
SEB Funding LLC4.969% 01/30/20520.2%
MPT Operating Partnership LP / MPT Finance Corp4.625% 08/01/20290.2%
GS Mortgage Securities Corp II2.047% 11/15/20360.2%
Macquarie Group Ltd2.691% 06/23/20320.2%
Bain Capital Credit CLO 2019-21.341% 10/17/20320.2%
Dell International LLC / EMC Corp8.350% 07/15/20460.2%
ME Funding LLC 2019-16.448% 07/30/20490.2%
CIM Retail Portfolio Trust 2021-RETL4.147% 08/15/20360.2%
Wells Fargo & Co3.350% 03/02/20330.2%
EIG Pearl Holdings Sarl3.545% 08/31/20360.2%
LoanCore 2022-CRE7 Issuer Ltd1.600% 01/17/20370.2%
Romark CLO Ltd1.908% 10/23/20300.2%
Danske Bank A/S4.375% 06/12/20280.2%
American Tower Corp4.050% 03/15/20320.2%
BNP Paribas SA4.375% 03/01/20330.2%
JPMorgan Chase & Co2.963% 01/25/20330.2%
CBAM 2017-1 Ltd4.004% 07/20/20300.2%
Hertz Vehicle Financing III LP1.680% 12/27/20270.2%
Invitation Homes Operating Partnership LP2.000% 08/15/20310.2%
GS Mortgage Securities Corp Trust 2019-70P1.717% 10/15/20360.2%
Arbor Realty Commercial Real Estate Notes 2021-FL4 Ltd3.297% 11/15/20360.2%
Neighborly Issuer 2022-13.695% 01/30/20520.2%
BROADCOM INC4.150% 04/15/20320.2%
IPALCO Enterprises Inc4.250% 05/01/20300.2%
THL Credit Wind River 2017-3 Clo Ltd4.091% 04/15/20350.2%
Ausgrid Finance Pty Ltd4.350% 08/01/20280.2%
Flagship Credit Auto Trust 2019-33.840% 12/15/20260.2%
Avant Loans Funding Trust 2021-REV14.300% 07/15/20300.2%
Alibaba Group Holding Ltd3.400% 12/06/20270.2%
Scientific Games International Inc3.207% 08/14/20240.2%
JD.com Inc3.875% 04/29/20260.2%
State of Illinois5.100% 06/01/20330.2%
Discover Bank4.682% 08/09/20280.2%
Perimeter Master Note Business Trust7.060% 05/15/20240.2%
CF Industries Inc5.375% 03/15/20440.2%
Nigeria Government International Bond7.143% 02/23/20300.2%
Toyota Auto Receivables 2021-A Owner Trust0.160% 07/17/20230.2%
Santander Consumer Auto Receivables Trust 2021-A5.790% 08/15/20280.2%
Gulfport Energy Corp8.000% 05/17/20260.2%
Carlyle Global Market Strategies CLO 2015-1 Ltd1.234% 07/20/20310.2%
Avolon Holdings Funding Ltd4.250% 04/15/20260.2%
Freddie Mac STACR REMIC Trust 2021-DNA63.499% 10/25/20410.2%
British Airways 2020-1 Class A Pass Through Trust4.250% 05/15/20340.2%
Galaxy Pipeline Assets Bidco Ltd3.250% 09/30/20400.2%
Radiology Partners Inc9.250% 02/01/20280.2%
EMPLOYBRIDGE LLC5.756% 07/14/20280.2%
Ovintiv Inc6.500% 02/01/20380.2%
Rad CLO 7 Ltd1.441% 04/17/20330.2%
OCP Clo 2019-17 Ltd1.854% 07/20/20320.2%
Drive Auto Receivables Trust 2019-14.090% 06/15/20260.2%
PulteGroup Inc6.375% 05/15/20330.2%
EPR Properties3.750% 08/15/20290.2%
Deephaven Residential Mortgage Trust 2021-31.194% 08/25/20660.2%
Santander Holdings USA Inc4.400% 07/13/20270.2%
Freeport-McMoRan Inc4.125% 03/01/20280.2%
BX Commercial Mortgage Trust 2021-VOLT1.097% 09/15/20360.2%
Lendmark Funding Trust 2019-15.340% 12/20/20270.2%
COMM 2014-UBS4 Mortgage Trust4.713% 08/10/20470.2%
Lendmark Funding Trust 2021-24.460% 04/20/20320.2%
Macquarie Bank Ltd3.624% 06/03/20300.2%
Range Resources Corp8.250% 01/15/20290.2%
Viterra Finance BV3.200% 04/21/20310.2%
United States Steel Corp6.875% 03/01/20290.2%
Hudson River Trading LLC3.144% 03/20/20280.2%
Lending Funding Trust 2020-26.770% 04/21/20310.2%
Freddie Mac Structured Agency Credit Risk Debt Notes3.749% 11/25/20410.2%
Netflix Inc6.375% 05/15/20290.2%
BFLD 2019-DPLO2.637% 10/15/20340.2%
World Omni Auto Receivables Trust 2021-A0.170% 02/15/20240.2%
Fairstone Financial Issuance Trust I6.873% 10/20/20390.2%
Sunrun Demeter Issuer 2021-2 LLC2.270% 01/30/20570.2%
VMC Finance 2019-FL3 LLC1.497% 09/15/20360.2%
NGPL PipeCo LLC4.875% 08/15/20270.2%
Arbor Realty Commercial Real Estate Notes 2021-FL3 Ltd2.597% 08/15/20340.2%
KUEHG Corp4.756% 02/21/20250.2%
Lowe's Cos Inc3.750% 04/01/20320.2%
Microchip Technology Inc4.333% 06/01/20230.2%
Petroleos Mexicanos6.700% 02/16/20320.2%
Brazos Delaware II LLC4.449% 05/21/20250.2%
Playtika Holding Corp3.207% 03/13/20280.2%
Claros Mortgage Trust Inc5.000% 08/09/20260.2%
Callon Petroleum Co8.000% 08/01/20280.2%
AMMC CLO 23 Ltd2.241% 10/17/20310.2%
Avolon Holdings Funding Ltd2.125% 02/21/20260.2%
Fontainebleau Miami Beach Trust 2019-FBLU3.144% 12/10/20360.2%
Colgate Energy Partners III LLC7.750% 02/15/20260.1%
Quikrete Holdings Inc2.957% 02/01/20270.1%
Hilcorp Energy I LP / Hilcorp Finance Co5.750% 02/01/20290.1%
MEG Energy Corp5.875% 02/01/20290.1%
National Fuel Gas Co5.500% 01/15/20260.1%
Life Time Inc5.750% 01/15/20260.1%
Carmax Auto Owner Trust 2021-10.220% 02/15/20240.1%
180 Medical Inc3.875% 10/15/20290.1%
Mohegan Gaming & Entertainment8.000% 02/01/20260.1%
Altar Bidco Inc0.000% 02/01/20290.1%
Amentum Government Services Holdings LLC3.957% 01/29/20270.1%
SeaWorld Parks & Entertainment Inc3.500% 08/25/20280.1%
Heartland Dental LLC3.957% 04/30/20250.1%
Jane Street Group LLC3.207% 01/26/20280.1%
Cushman & Wakefield US Borrower LLC3.207% 08/21/20250.1%
Acrisure LLC3.957% 02/15/20270.1%
Clear Channel Outdoor Holdings Inc3.799% 08/21/20260.1%
Clear Channel Outdoor Holdings Inc7.750% 04/15/20280.1%
SunCoke Energy Inc4.875% 06/30/20290.1%
COMM 2015-DC1 Mortgage Trust4.332% 02/10/20480.1%
Wind River 2021-4 CLO Ltd1.904% 01/20/20350.1%
Fontainebleau Miami Beach Trust 2019-FBLU3.447% 12/10/20360.1%
Blackstone Mortgage Trust Inc3.750% 01/15/20270.1%
TK Elevator US Newco Inc5.250% 07/15/20270.1%
Ford Credit Auto Lease Trust 2021-A0.190% 07/15/20230.1%
Red Planet Borrower LLC4.756% 10/02/20280.1%
Truck Hero Inc4.000% 01/31/20280.1%
Physicians Realty LP2.625% 11/01/20310.1%
Delta Air Lines Inc7.000% 05/01/20250.1%
Anglo American Capital PLC3.875% 03/16/20290.1%
CEC Entertainment LLC6.750% 05/01/20260.1%
FirstEnergy Corp4.400% 07/15/20270.1%
NGPL PipeCo LLC3.250% 07/15/20310.1%
Bombardier Inc6.000% 02/15/20280.1%
Oaktree CLO 2019-4 Ltd2.504% 10/20/20320.1%
Bank of America Corp2.087% 06/14/20290.1%
Goldman Sachs Group Inc/The2.615% 04/22/20320.1%
Cikarang Listrindo Tbk PT4.950% 09/14/20260.1%
Westpac Banking Corp4.110% 07/24/20340.1%
American Airlines Inc11.750% 07/15/20250.1%
Madison IAQ LLC5.875% 06/30/20290.1%
BHMS 2018-ATLS1.647% 07/15/20350.1%
Charter Communications Operating LLC / Charter Communications Operating Capital5.250% 04/01/20530.1%
OCP SA3.750% 06/23/20310.1%
FactSet Research Systems Inc3.450% 03/01/20320.1%
Affinity Gaming6.875% 12/15/20270.1%
American Homes 4 Rent LP2.375% 07/15/20310.1%
Dell International LLC / EMC Corp3.375% 12/15/20410.1%
United Rentals North America Inc3.875% 11/15/20270.1%
AAdvantage Loyalty IP Ltd5.500% 04/20/20280.1%
Toll Brothers Finance Corp3.800% 11/01/20290.1%
Mariner Finance Issuance Trust 2021-A5.400% 03/20/20360.1%
M360 2019-CRE2 LLC2.014% 09/15/20340.1%
Morgan Stanley2.239% 07/21/20320.1%
GS Mortgage Securities Corp Trust 2019-SMP1.897% 08/15/20320.1%
HCA Inc4.625% 03/15/20520.1%
Arbor Realty Commercial Real Estate Notes 2021-FL2 Ltd2.897% 05/15/20360.1%
Great Wolf Trust 2019-WOLF1.431% 12/15/20360.1%
Avolon Holdings Funding Ltd3.950% 07/01/20240.1%
Workday Inc3.800% 04/01/20320.1%
Ammc Clo 19 Ltd2.041% 10/16/20280.1%
Ammc Clo 19 Ltd2.791% 10/16/20280.1%
Avid Automobile Receivables Trust 2019-13.140% 07/15/20260.1%
Caesars Entertainment Inc8.125% 07/01/20270.1%
Bank of America Corp3.384% 04/02/20260.1%
CVR Partners LP / CVR Nitrogen Finance Corp6.125% 06/15/20280.1%
DBWF 2018-GLKS Mortgage Trust1.479% 12/19/20300.1%
Comstock Resources Inc6.750% 03/01/20290.1%
DIVERSITECH HOLDINGS INC4.250% 12/22/20280.1%
Westlake Automobile Receivables Trust 2020-33.340% 06/15/20260.1%
Party City Holdings Inc8.750% 02/15/20260.1%
Tricolor Auto Securitization Trust 2021-13.230% 09/15/20260.1%
Extended Stay America Trust 2021-ESH2.097% 07/15/20380.1%
Wells Fargo Commercial Mortgage Trust 2013-LC124.305% 07/15/20460.1%
Upstart Securitization Trust 2021-21.750% 06/20/20310.1%
Perimeter Master Note Business Trust4.170% 05/15/20240.1%
First American Financial Corp2.400% 08/15/20310.1%
ReadyCap Commercial Mortgage Trust 2019-62.833% 10/25/20520.1%
KIND Trust 2021-KIND2.697% 08/15/20380.1%
Assurant Inc2.650% 01/15/20320.1%
Alcoa Nederland Holding BV6.125% 05/15/20280.1%
Atrium Hotel Portfolio Trust 2018-ATRM1.347% 06/15/20350.1%
Westpac Banking Corp2.894% 02/04/20300.1%
Avolon Holdings Funding Ltd5.250% 05/15/20240.1%
BELRON FINANCE US LLC2.563% 10/30/20260.1%
PBF Holding Co LLC / PBF Finance Corp9.250% 05/15/20250.1%
Owl Rock Capital Corp2.875% 06/11/20280.1%
Egypt Government International Bond5.800% 09/30/20270.1%
Marble Point CLO XVII Ltd1.554% 04/20/20330.1%
FMG Resources August 2006 Pty Ltd4.375% 04/01/20310.1%
Flagship Credit Auto Trust 2020-34.980% 12/15/20270.1%
Cemex SAB de CV5.450% 11/19/20290.1%
NCL Finance Ltd6.125% 03/15/20280.1%
Weatherford International Ltd8.625% 04/30/20300.1%
NOV Inc3.600% 12/01/20290.1%
II-VI Inc5.000% 12/15/20290.1%
Cellnex Finance Co SA3.875% 07/07/20410.1%
TRTX 2019-FL3 Issuer Ltd2.264% 10/15/20340.1%
CIFC Funding 2014-V Ltd1.439% 10/17/20310.1%
Condor Merger Sub Inc7.375% 02/15/20300.1%
Oglethorpe Power Corp5.950% 11/01/20390.1%
Alfa Desarrollo SpA4.550% 09/27/20510.1%
Civitas Resources Inc5.000% 10/15/20260.1%
American Axle & Manufacturing Inc5.000% 10/01/20290.1%
Block Inc3.500% 06/01/20310.1%
CHS/Community Health Systems Inc6.125% 04/01/20300.1%
Protective Life Corp8.450% 10/15/20390.1%
Organon & Co / Organon Foreign Debt Co-Issuer BV4.125% 04/30/20280.1%
CCO Holdings LLC / CCO Holdings Capital Corp4.750% 03/01/20300.1%
Oryx Midstream Services Permian Basin LLC3.750% 10/05/20280.1%
Royal Caribbean Cruises Ltd5.500% 04/01/20280.1%
Jamestown CLO VI-R Ltd1.408% 04/25/20300.1%
ModivCare Escrow Issuer Inc5.000% 10/01/20290.1%
Penn National Gaming Inc4.125% 07/01/20290.1%
Staples Inc7.500% 04/15/20260.1%
Peraton Corp4.500% 02/01/20280.1%
BFLD 2019-DPLO2.937% 10/15/20340.1%
Kraft Heinz Foods Co4.875% 10/01/20490.1%
SCF Equipment Leasing 2019-2 LLC2.760% 08/20/20260.1%
CS Master Trust4.449% 04/15/20250.1%
Mozart Debt Merger Sub Inc3.875% 04/01/20290.1%
Station Casinos LLC0.000% 02/08/20270.1%
Park Aerospace Holdings Ltd5.500% 02/15/20240.1%
Carlyle Global Market Strategies CLO 2015-5 Ltd2.554% 01/20/20320.1%
Pug LLC3.957% 02/12/20270.1%
Frontier Communications Holdings LLC5.000% 05/01/20280.1%
Cinemark USA Inc5.250% 07/15/20280.1%
Jacobs Entertainment Inc6.750% 02/15/20290.1%
SPRINGS WINDOW FASHIONS LLC4.750% 10/06/20280.1%
IEA Energy Services LLC6.625% 08/15/20290.1%
National CineMedia LLC5.875% 04/15/20280.1%
FirstEnergy Corp2.650% 03/01/20300.1%
Fortress Transportation and Infrastructure Investors LLC5.500% 05/01/20280.1%
Seaspan Corp5.500% 08/01/20290.1%
SRS Distribution Inc6.000% 12/01/20290.1%
Agrosuper SA4.600% 01/20/20320.1%
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp5.250% 05/15/20270.1%
SEG Holding LLC / SEG Finance Corp5.625% 10/15/20280.1%
Sprint Capital Corp6.875% 11/15/20280.1%
Live Nation Entertainment Inc3.750% 01/15/20280.1%
CA Magnum Holdings5.375% 10/31/20260.1%
COMM 2015-PC1 Mortgage Trust4.324% 07/10/20500.1%
Calpine Corp5.125% 03/15/20280.1%
Ball Corp2.875% 08/15/20300.1%
Novelis Corp3.875% 08/15/20310.1%
Precision Drilling Corp6.875% 01/15/20290.1%
Venture Global Calcasieu Pass LLC4.125% 08/15/20310.1%
Carnival Corp5.750% 03/01/20270.1%
CNX Midstream Partners LP4.750% 04/15/20300.1%
Empresa Generadora de Electricidad Haina SA5.625% 11/08/20280.1%
MSCI Inc3.625% 11/01/20310.1%
Hertz Corp/The5.000% 12/01/20290.1%
LBM Acquisition LLC6.250% 01/15/20290.1%
TSMC Arizona Corp3.250% 10/25/20510.1%
Vista Outdoor Inc4.500% 03/15/20290.1%
GSK Consumer Healthcare Capital US LLC3.625% 03/24/20320.1%
Hillenbrand Inc3.750% 03/01/20310.1%
SCIH Salt Holdings Inc6.625% 05/01/20290.1%
Alcoa Nederland Holding BV4.125% 03/31/20290.1%
Frontier Communications Holdings LLC5.875% 11/01/20290.1%
Murphy Oil USA Inc4.750% 09/15/20290.1%
Global Aircraft Leasing Co Ltd6.500% 09/15/20240.1%
Fannie Mae Connecticut Avenue Securities3.399% 11/25/20410.1%
Braskem Netherlands Finance BV4.500% 01/31/20300.1%
Coinbase Global Inc3.375% 10/01/20280.1%
Connecticut Avenue Securities Trust 2021-R013.199% 10/25/20410.1%
Tengizchevroil Finance Co International Ltd3.250% 08/15/20300.1%
Atkore Inc4.250% 06/01/20310.1%
Prosus NV3.257% 01/19/20270.1%
Hilton Domestic Operating Co Inc4.875% 01/15/20300.1%
Mariner Finance Issuance Trust 2021-B4.680% 11/20/20360.1%
Invitation Homes Operating Partnership LP2.300% 11/15/20280.1%
ABN AMRO Bank NV3.324% 03/13/20370.1%
ASP Unifrax Holdings Inc7.500% 09/30/20290.1%
CERAMTEC ACQUICO GMBH0.000% 01/19/20290.1%
Phosagro OAO Via Phosagro Bond Funding DAC2.600% 09/16/20280.1%
Invesco CLO 2021-3 Ltd1.908% 10/22/20340.1%
SCIENTIFIC GAMES HOLDINGS LP0.000% 02/04/20290.1%
Macy's Retail Holdings LLC4.500% 12/15/20340.1%
BBCMS 2019-BWAY Mortgage Trust2.007% 11/15/20340.1%
Becton Dickinson and Co1.613% 06/06/20220.1%
Park River Holdings Inc5.625% 02/01/20290.1%
SM Energy Co5.625% 06/01/20250.1%
Mercer International Inc5.125% 02/01/20290.1%
Entegris Inc3.625% 05/01/20290.1%
American Trailer World Corp4.500% 03/03/20280.1%
Barings CLO Ltd 2018-III3.154% 07/20/20290.1%
PFP 2019-6 Ltd2.487% 04/14/20370.1%
Uber Technologies Inc4.500% 08/15/20290.1%
Citigroup Commercial Mortgage Trust 2016-GC362.850% 02/10/20490.1%
Air Canada3.875% 08/15/20260.1%
Avis Budget Car Rental LLC / Avis Budget Finance Inc5.375% 03/01/20290.1%
Neuberger Berman Group LLC / Neuberger Berman Finance Corp4.875% 04/15/20450.1%
CPI Swap0.010% 02/14/20320.1%
VMware Inc4.700% 05/15/20300.1%
Country Garden Holdings Co Ltd3.875% 10/22/20300.1%
JP Morgan Chase Commercial Mortgage Securities Corp Series 2019-PCC2.762% 09/15/20290.1%
JP Morgan Chase Commercial Mortgage Securities Corp Series 2019-PCC3.462% 09/15/20290.1%
JP Morgan Chase Commercial Mortgage Securities Corp Series 2019-PCC4.462% 09/15/20290.1%
JP Morgan Chase Commercial Mortgage Securities Corp Series 2019-PCC5.462% 09/15/20290.1%
Mercedes-Benz Auto Lease Trust 2021-A0.180% 03/15/20230.1%
Trans Union LLC2.750% 12/01/20280.1%
Flagship Credit Auto Trust 2021-10.310% 06/16/20250.1%
CHS/Community Health Systems Inc4.750% 02/15/20310.1%
FMG Resources August 2006 Pty Ltd4.500% 09/15/20270.1%
California Resources Corp7.125% 02/01/20260.1%
Verus Securitization Trust 2020-51.218% 05/25/20650.1%
BBCMS 2019-BWAY Mortgage Trust1.353% 11/15/20340.1%
Avid Automobile Receivables Trust 2019-12.820% 07/15/20260.1%
Buckeye Partners LP6.375% 01/22/20780.1%
Netflix Inc5.875% 11/15/20280.1%
Assurant Inc3.700% 02/22/20300.1%
Amsted Industries Inc4.625% 05/15/20300.1%
CPS Auto Receivables Trust 2020-B4.750% 04/15/20260.1%
Uber Technologies Inc8.000% 11/01/20260.1%
Spring Education Group Inc5.256% 07/30/20250.1%
Macquarie Group Ltd4.654% 03/27/20290.1%
Aviation Capital Group LLC1.950% 01/30/20260.1%
County of Miami-Dade FL2.786% 10/01/20370.1%
Bath & Body Works Inc6.625% 10/01/20300.1%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust3.300% 01/30/20320.1%
J.P. Morgan Chase Commercial Mortgage Securities Trust 2017-MARK3.392% 06/05/20320.1%
American Airlines Group Inc3.750% 03/01/20250.1%
Western Midstream Operating LP4.550% 02/01/20300.1%
Levi Strauss & Co3.500% 03/01/20310.1%
OneMain Financial Issuance Trust 2020-23.450% 09/14/20350.1%
Nationstar Mortgage Holdings Inc5.500% 08/15/20280.1%
Caesars Entertainment Inc4.625% 10/15/20290.1%
M360 2019-CRE2 LLC2.414% 09/15/20340.1%
Acadia Healthcare Co Inc5.000% 04/15/20290.1%
Delta Air Lines Inc / SkyMiles IP Ltd4.750% 10/20/20280.1%
Yum! Brands Inc7.750% 04/01/20250.1%
Hawaiian Brand Intellectual Property Ltd / HawaiianMiles Loyalty Ltd5.750% 01/20/20260.1%
Delta Air Lines Inc / SkyMiles IP Ltd4.500% 10/20/20250.1%
Ally Financial Inc4.700% 08/15/21700.1%
Mountain View CLO 2017-1 LLC1.991% 10/16/20290.1%
Signal Peak CLO 2 LLC3.104% 04/20/20290.1%
HONO 2021-LULU Mortgage Trust1.847% 10/15/20360.1%
TransDigm Inc6.375% 06/15/20260.1%
Twilio Inc3.875% 03/15/20310.1%
TerraForm Power Operating LLC4.750% 01/15/20300.1%
SS+C TECHNOLOGIES INC0.000% 03/23/20290.1%
Watco Cos LLC / Watco Finance Corp6.500% 06/15/20270.1%
JP Morgan Chase Commercial Mortgage Securities Corp Series 2019-PCC1.862% 09/15/20290.1%
Bayer Corp6.650% 02/15/20280.1%
Tenet Healthcare Corp6.250% 02/01/20270.1%
Foothill-Eastern Transportation Corridor Agency4.094% 01/15/20490.1%
Newell Brands Inc5.625% 04/01/20360.1%
CSAIL 2019-C18 Commercial Mortgage Trust3.321% 12/15/20520.1%
Western Alliance Bancorp3.000% 06/15/20310.1%
CF Trust 2019-BOSS4.750% 12/15/20240.1%
Chesapeake Funding II LLC2.940% 04/15/20310.0%
Centene Corp2.450% 07/15/20280.0%
Sri Lanka Government International Bond5.875% 07/25/20220.0%
CS Master Trust4.574% 04/15/20230.0%
Wells Fargo Commercial Mortgage Trust 2017-HSDB1.237% 12/13/20310.0%
Occidental Petroleum Corp6.125% 01/01/20310.0%
SM Energy Co6.750% 09/15/20260.0%
New Jersey Educational Facilities Authority3.636% 09/01/20290.0%
Prestige Auto Receivables Trust 2017-13.610% 10/16/20230.0%
Vista Point Securitization Trust 2020-21.475% 04/25/20650.0%
MHP Lux SA6.250% 09/19/20290.0%
SS+C TECHNOLOGIES INC0.000% 03/23/20290.0%
BB-UBS Trust 2012-SHOW3.430% 11/05/20360.0%
Hecla Mining Co7.250% 02/15/20280.0%
Boyd Gaming Corp4.750% 12/01/20270.0%
Prima Capital CRE Securitization 2019-RK1 Ltd4.000% 04/15/20380.0%
Royal Caribbean Cruises Ltd11.500% 06/01/20250.0%
CPS Auto Receivables Trust 2019-D2.540% 08/15/20240.0%
GS Mortgage Securities Trust 2013-G13.557% 04/10/20310.0%
Mattel Inc5.450% 11/01/20410.0%
Tenet Healthcare Corp6.750% 06/15/20230.0%
HONO 2021-LULU Mortgage Trust2.247% 10/15/20360.0%
Wells Fargo Commercial Mortgage Trust 2017-C413.785% 11/15/20500.0%
BX Commercial Mortgage Trust 2019-XL1.847% 10/15/20360.0%
Drive Auto Receivables Trust 2019-42.510% 11/17/20250.0%
Credit Suisse Mortgage Capital Certificates1.616% 04/25/20650.0%
Arbor Realty Commercial Real Estate Notes 2021-FL2 Ltd3.347% 05/15/20360.0%
BX Commercial Mortgage Trust 2019-XL1.647% 10/15/20360.0%
Cheniere Energy Partners LP3.250% 01/31/20320.0%
Toll Brothers Finance Corp4.350% 02/15/20280.0%
ASP Unifrax Holdings Inc4.756% 12/12/20250.0%
Packaging Coordinators Midco Inc4.500% 11/30/20270.0%
CSMC 2020-AFC1 Trust2.240% 02/25/20500.0%
Helmerich & Payne Inc2.900% 09/29/20310.0%
GreatAmerica Leasing Receivables Funding LLC Series 2019-13.210% 02/18/20250.0%
DIVERSITECH HOLDINGS INC0.000% 12/22/20280.0%
Planet Fitness Master Issuer LLC4.666% 09/05/20480.0%
OneMain Financial Issuance Trust 2018-23.570% 03/14/20330.0%
Commercial Mortgage Pass Through Certificates3.400% 10/05/20300.0%
BAMLL Commercial Mortgage Securities Trust 2019-AHT1.997% 03/15/20340.0%
GS Mortgage Securities Corp Trust 2018-RIVR1.347% 07/15/20350.0%
Citigroup Commercial Mortgage Trust 2016-GC363.849% 02/10/20490.0%
MHP Lux SA6.950% 04/03/20260.0%
West Town Mall Trust 2017-KNOX3.823% 07/05/20300.0%
Prima Capital CRE Securitization 2019-RK1 Ltd4.450% 04/15/20380.0%
Ford Credit Floorplan Master Owner Trust A4.060% 11/15/20300.0%
BBCMS 2019-BWAY Mortgage Trust1.707% 11/15/20340.0%
BX Commercial Mortgage Trust 2019-XL2.197% 10/15/20360.0%
Ashland LLC6.875% 05/15/20430.0%
Ellington Financial Mortgage Trust 2020-21.178% 10/25/20650.0%
Verus Securitization Trust 2020-12.417% 01/25/20600.0%
BBCMS 2018-TALL Mortgage Trust2.834% 03/15/20370.0%
Westlake Automobile Receivables Trust 2019-23.200% 11/15/20240.0%
BX Trust 2018-GW1.197% 05/15/20350.0%
COMM 2015-PC1 Mortgage Trust4.290% 07/10/20500.0%
COMM 2014-UBS6 Mortgage Trust4.349% 12/10/20470.0%
Natixis Commercial Mortgage Securities Trust 2018-285M3.790% 11/15/20320.0%
WFRBS Commercial Mortgage Trust 2013-C124.317% 03/15/20480.0%
COMM 2015-PC1 Mortgage Trust4.324% 07/10/20500.0%
Natixis Commercial Mortgage Securities Trust 2018-285M3.790% 11/15/20320.0%
WFRBS Commercial Mortgage Trust 2012-C84.859% 08/15/20450.0%
CoreVest American Finance 2018-1 Trust3.804% 06/15/20510.0%
GS Mortgage Securities Trust 2014-GC264.524% 11/10/20470.0%
Toll Brothers Finance Corp4.875% 03/15/20270.0%
Angel Oak Mortgage Trust 2020-12.466% 12/25/20590.0%
1345 Avenue of the Americas & Park Avenue Plaza Trust5.278% 08/10/20350.0%
New Residential Mortgage Loan Trust 2020-NQM12.464% 01/26/20600.0%
Residential Mortgage Loan Trust 2020-12.376% 01/26/20600.0%
SG Commercial Mortgage Securities Trust 2019-787E0.305% 02/15/20410.0%
JP Morgan Chase Commercial Mortgage Securities Trust 2018-WPT1.789% 07/05/20330.0%
Starwood Mortgage Residential Trust 2020-12.275% 02/25/20500.0%
WFRBS Commercial Mortgage Trust 2013-C123.863% 03/15/20480.0%
GCAT 2019-NQM2 Trust2.247% 01/25/20600.0%
Pennsylvania Higher Education Assistance Agency0.528% 04/25/20380.0%
Citigroup Commercial Mortgage Trust 2016-P32.804% 04/15/20490.0%
Neuberger Berman Group LLC / Neuberger Berman Finance Corp4.500% 03/15/20270.0%
Orange Lake Timeshare Trust 2019-A3.060% 04/09/20380.0%
ReadyCap Commercial Mortgage Trust 2018-43.390% 02/27/20510.0%
COMM 2015-PC1 Mortgage Trust4.324% 07/10/20500.0%
J.P. Morgan Chase Commercial Mortgage SecuritiesTrust 2018-MINN2.020% 11/15/20350.0%
JP Morgan Chase Commercial Mortgage Securities Trust 2018-WPT4.549% 07/05/20330.0%
JP Morgan Chase Commercial Mortgage Securities Trust 2018-WPT4.950% 07/05/20330.0%
JPMBB Commercial Mortgage Securities Trust 2015-C304.264% 07/15/20480.0%
J.P. Morgan Chase Commercial Mortgage SecuritiesTrust 2018-MINN2.350% 11/15/20350.0%
JP Morgan Chase Commercial Mortgage Securities Trust 2018-WPT1.489% 07/05/20330.0%
OneMain Financial Issuance Trust 2019-13.480% 02/14/20310.0%
JP Morgan Chase Commercial Mortgage Securities Trust 2014-DSTY3.805% 06/10/20270.0%
Government National Mortgage Association2.650% 11/16/20500.0%
Carvana Auto Receivables Trust 2021-P12.160% 12/10/20270.0%
Orange Lake Timeshare Trust 2015-A2.880% 09/08/20270.0%
GS Mortgage Securities Corp Trust 2019-70P0.000% 10/15/20360.0%
GS Mortgage Securities Corp Trust 2019-SMP0.000% 08/15/20320.0%
FX USD/CAD 04/220.000% 04/20/20220.0%
Commercial Mortgage Backed Index Swap3.000% 09/17/20580.0%
Commercial Mortgage Backed Index Swap3.000% 09/17/20580.0%
Commercial Mortgage Backed Index Swap3.000% 09/17/20580.0%
Commercial Mortgage Backed Index Swap3.000% 08/17/20610.0%
Commercial Mortgage Backed Index Swap3.000% 09/17/20580.0%
Commercial Mortgage Backed Index Swap3.000% 11/17/20590.0%
CPI Swap0.010% 03/02/20520.0%
Commercial Mortgage Backed Index Swap3.000% 09/17/20580.0%
Commercial Mortgage Backed Index Swap3.000% 08/17/20610.0%
CPI Swap0.010% 03/02/20520.0%
LAC0.010% 12/31/20500.0%
US 5YR NOTE (CBT) Jun220.000% 07/06/2022-0.1%
US 2YR NOTE (CBT) Jun220.000% 07/06/2022-0.1%
US ULTRA BOND CBT Jun220.000% 06/30/2022-0.1%

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.

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Dividends & Cap Gains

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Fund Documents

Fund Documents

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*Barron’s Overall Fund Family of 2020,” #7 overall ranking among 53 qualifying fund families based on the net total return of the one-year period ending 12/31/2020. Five-year overall ranking is #4 out of 50 qualifying fund families; and 10-year overall ranking is #21 out of 44 qualifying fund families.

Source: Barron’s, “Barron’s Best Fund Families of 2020,” February 20, 2021. 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, 2020, 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 2021. 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 debt securities, including market, credit, liquidity, and interest rate risk. The value of an investment will change as interest rates fluctuate and in response to market movements. When interest rates fall, the prices of debt securities tend to rise, and when interest rates rise, the prices of debt securities are likely to decline. Debt securities are subject to credit risk, which is the risk that the issuer will fail to make timely payments of interest and principal to the Fund. The Fund may invest in high yield, lower-rated debt securities, sometimes called junk bonds and may involve greater risks than higher rated debt securities. These securities carry increased risks of price volatility, illiquidity, and the possibility of default in the timely payment of interest and principal. 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. Past performance is no guarantee of future results.

 

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.

 

Class R2 - The performance quotations for Class R2 reflect the following methods of calculation: (a) for periods prior to the inception date for Class R2, a restated figure is used based on the Fund's Class A performance, excluding the effect of Class A's maximum sales charge (which does not apply to Class R2) adjusted to reflect the Rule 12b-1 rate differential between Class A and Class R2, which has a higher 12b-1 fee than Class A; and (b) for periods after the inception date for Class R2, actual Class R2 performance is used reflecting all charges and fees applicable to Class R2 shares. Hypothetical performance data for Class R2, as measured from since inception of the Fund using the methodology described above, is not available if the Class A inception date is equal or greater than ten years old. Please refer to the Class R2 performance information for the inception date for Class R2. Please refer to the Class A performance information for the inception date for Class A.

Class R2 shares are only offered to certain eligible investors. For additional information, see the Fund’s current prospectus.

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.

 

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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