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Core Plus Bond Fund

Daily price w/o sales charge as of 11/16/2018

$14.44

arrowUp$0.02

YTD Returns w/o sales charge as of 11/16/2018

-1.81%

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 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.

Yield

Dividend Yield 1 as of 11/16/2018  

  Subsidized3 Un-Subsidized4
w/o sales charge 3.55% 1.72%

30-Day Standardized Yield 2 as of 10/31/2018  

  Subsidized3 Un-Subsidized4
w/o sales charge 3.28% 1.50%

Fund Basicsas of 10/31/2018

Total Net Assets
$13.04 M
Inception Date
12/08/2015
Dividend Frequency
Monthly
Fund Gross Expense Ratio
2.81%
Fund Net Expense Ratio
0.98%
Number of Holdings
383
CUSIP
54401E523

Fund Expense Ratio :

Gross 2.81%

Net 0.98%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/08/2015
w/o sales charge -1.83% -1.61% - - - 2.43%
Lipper Category Avg. Core Plus Bond Funds -2.28% -2.02% - - - -
Bloomberg Barclays U.S. Universal Index -2.23% -1.95% - - - 1.83%

Fund Expense Ratio :

Gross 2.81%

Net 0.98%

Fund Expense Ratio :

Gross 2.81%

Net 0.98%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/08/2015
w/o sales charge -0.97% -0.50% - - - 2.82%
Lipper Category Avg. Core Plus Bond Funds -1.46% -1.09% - - - -
Bloomberg Barclays U.S. Universal Index -1.41% -1.00% - - - 2.19%

Fund Expense Ratio :

Gross 2.81%

Net 0.98%

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

Type Assets
ABS
MBS
Investment Grade Corporate
High Yield Corporate
U.S. Government Related
CMBS
Bank Loans
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 10/31/2018 View Portfolio

Rating Assets
U.S. Treasury
Agency
AAA
AA
A
BBB
<BBB

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

24 Years of Industry Experience

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

Partner & Portfolio Manager

20 Years of Industry Experience

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Director of Taxable Fixed Income

17 Years of Industry Experience

Robert A. Lee
Robert A. Lee

Partner & Chief Investment Officer

27 Years of Industry Experience

Supported By 63 Investment Professionals with 14 Years Avg. Industry Experience

Contact a Representative

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Performance

Performance

Dividend Yield 1 as of 11/16/2018  

  Subsidized3 Un-Subsidized4
w/o sales charge 3.55% 1.72%

30-Day Standardized Yield 2 as of 10/31/2018  

  Subsidized5 Un-Subsidized6
w/o sales charge 3.28% 1.50%

Fund Expense Ratio :

Gross 2.81%

Net 0.98%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/08/2015
w/o sales charge -1.83% -1.61% - - - 2.43%
Lipper Category Avg. Core Plus Bond Funds -2.28% -2.02% - - - -
Bloomberg Barclays U.S. Universal Index -2.23% -1.95% - - - 1.83%

Fund Expense Ratio :

Gross 2.81%

Net 0.98%

Fund Expense Ratio :

Gross 2.81%

Net 0.98%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/08/2015
w/o sales charge -0.97% -0.50% - - - 2.82%
Lipper Category Avg. Core Plus Bond Funds -1.46% -1.09% - - - -
Bloomberg Barclays U.S. Universal Index -1.41% -1.00% - - - 2.19%

Fund Expense Ratio :

Gross 2.81%

Net 0.98%

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

Portfolio

Portfolio

Rating Assets
ABS
MBS
Investment Grade Corporate
High Yield Corporate
U.S. Government Related
CMBS
Bank Loans
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 10/31/2018

Rating Assets
U.S. Treasury
Agency
AAA
AA
A
BBB
<BBB

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 09/30/2018

  • We remain optimistic that the U.S. economy will continue to grow at a moderate pace, helped by the implementation of tax cuts, high consumer confidence, prospects of deregulation, and strong fundamentals. However, given current valuations and the potential for volatility, we continue to closely monitor the risks to the portfolio. We are seeking carry-oriented and idiosyncratic opportunities that would provide uncorrelated sources of return to the portfolio.
  • We reduced the portfolio’s exposure to investment grade corporates, as spreads tightened over the course of the quarter, and used this as a source of capital for additions to mortgage-backed securities (MBS) and commercial mortgage-backed securities (CMBS), which are asset classes more domestic in nature and less sensitive to global weakness.
  • We specifically added to higher coupon MBS to the portfolio, which offered better protection against a continued rising rate environment. We also increased the portfolio’s position to CMBS which continued to outperform other fixed income asset classes, led by persistent spread tightening. Within CMBS we were able to find idiosyncratic opportunities, specifically within ‘BBB’ rated credits, and favorable relative value opportunities within single asset/single-borrower deals across the credit spectrum.
  • We also modestly increased the portfolio’s allocation to underperforming emerging markets, and specifically found compelling opportunities in Argentine securities.

Portfolio Details as of 10/31/2018

Total Net Assets
$13.04 M
Number of Issues
383
Average Coupon
3.98%
Average Life
7.62 Years
Average Maturity
7.62 Years
Average Effective Duration
5.56 Years
Average Modified Duration
5.95 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
FNMA Conventional Long T. 30yr 4.500% 05/31/2047 16.0%
U.S. Treasury Note 0.625% 04/15/2023 4.5%
U.S. Treasury Note/Bond 2.875% 05/15/2028 4.5%
FNMA Conventional Long T. 30yr 4.000% 03/31/2047 3.1%
U.S. Treasury Note/Bond 3.000% 02/15/2048 2.3%
TCI-Flatiron CLO 2016-1 Ltd 3.999% 07/17/2028 2.0%
Seneca Park CLO Ltd. 3.569% 07/17/2026 1.7%
Citibank Credit Card Issuance Trust 1.740% 01/19/2021 1.6%
Toronto-Dominion Bank 3.350% 10/22/2021 1.6%
Discover Card Execution Note Trust 2.120% 12/15/2021 1.6%
% of Total Assets 38.9%

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.

Holding Coupon Maturity Assets
FNMA Conventional Long T. 30yr4.500% 05/31/204715.9%
FNMA Conventional Long T. 30yr4.000% 04/30/20478.2%
United States Treasury Bill0.000% 12/13/20183.9%
U.S. Treasury Note/Bond2.875% 09/30/20233.4%
U.S. Treasury Note/Bond2.875% 05/15/20283.3%
TCI-Flatiron CLO 2016-1 Ltd3.886% 07/17/20281.9%
Seneca Park CLO Ltd.3.456% 07/17/20261.9%
U.S. Treasury Note/Bond3.000% 02/15/20481.8%
Discover Card Execution Note Trust2.120% 12/15/20211.5%
Citigroup, Inc.3.887% 01/10/20281.1%
InterXion Holding NV4.750% 06/15/20251.0%
Federal Home Loan Mortgage Corp.4.000% 08/01/20470.9%
Access Point Funding I 2017-1 LLC3.060% 04/15/20290.9%
AT&T, Inc.6.000% 08/15/20400.8%
BBCMS Trust4.197% 08/10/20350.8%
Atrium Hotel Portfolio Trust 2018-ATRM3.108% 06/15/20350.8%
GS Mortgage Securities Corp Trust 2018-RIVR3.108% 07/15/20350.8%
Citibank Credit Card Issuance Trust1.740% 01/19/20210.8%
ACC Trust 2018-14.820% 05/20/20210.8%
SCF Equipment Leasing 2018-1 LLC3.630% 10/20/20240.8%
Synchrony Credit Card Master Note Trust2.040% 03/15/20220.8%
Discover Card Execution Note Trust1.640% 07/15/20210.8%
CPS Auto Receivables Trust 2018-A2.770% 04/18/20220.8%
PFS Financing Corp.2.890% 02/15/20230.8%
Chase Issuance Trust1.270% 07/15/20210.8%
Credit Suisse Mortgage Capital Certificates3.938% 11/15/20340.8%
BB-UBS Trust3.430% 11/05/20360.8%
FNMA Conventional Long T. 30yr3.500% 05/31/20470.8%
Ford Credit Auto Owner Trust 2017-REV12.620% 08/15/20280.8%
SoFi Professional Loan Program 2017-E LLC2.720% 11/26/20400.7%
BWAY 2015-1740 Mortgage Trust2.917% 01/10/20350.7%
Foursight Capital Automobile Receivables Trust 2012.850% 08/16/20210.7%
Chesapeake Funding II LLC1.880% 06/15/20280.7%
COMM Mortgage Trust4.588% 07/10/20500.7%
Synchrony Credit Card Master Note Trust2.620% 10/15/20250.7%
Eni USA Inc7.300% 11/15/20270.7%
Universal Health Services, Inc.5.000% 06/01/20260.6%
Hyundai Auto Lease Securitization Trust 2017-C1.890% 03/16/20200.6%
Chesapeake Funding II LLC1.910% 08/15/20290.6%
Navient Student Loan Trust 2017-23.266% 12/27/20660.6%
Chesapeake Funding II LLC1.990% 05/15/20290.6%
Engs Commercial Finance Trust 2018-12.970% 02/22/20210.6%
General Motors Co.6.600% 04/01/20360.6%
Drive Auto Receivables Trust2.750% 10/15/20200.6%
ACC Trust 2018-13.700% 12/21/20200.6%
SCF Equipment Leasing 2017-2 LLC3.410% 12/20/20230.6%
California Republic Auto Receivables Trust 2017-12.910% 12/15/20220.6%
Dell International LLC / EMC Corp6.020% 06/15/20260.5%
BX Commercial Mortgage Trust 2018-BIOA2.829% 03/15/20370.5%
Wells Fargo Commercial Mortgage Trust4.423% 07/15/20460.5%
Chesapeake Funding II LLC2.110% 03/15/20280.5%
Shelter Growth CRE 2018-FL1 Issuer Ltd3.158% 01/15/20350.5%
Flagship Credit Auto Trust 2017-42.920% 11/15/20230.5%
Cox Communications, Inc.8.375% 03/01/20390.5%
Time Warner Cable LLC6.550% 05/01/20370.5%
Sabine Pass Liquefaction LLC5.875% 06/30/20260.5%
21st Century Fox America, Inc.7.750% 12/01/20450.4%
Ford Motor Co.7.450% 07/16/20310.4%
Diamond Resorts Owner Trust4.110% 10/22/20290.4%
Wells Fargo Capital X5.950% 12/15/20360.4%
1345 Avenue of the Americas & Park Avenue Plaza Tr5.278% 08/10/20350.4%
Macquarie Group Ltd.4.654% 03/27/20290.4%
Teachers Insurance & Annuity Association of Americ4.900% 09/15/20440.4%
Wells Fargo Commercial Mortgage Trust4.266% 05/15/20480.4%
World Financial Network Credit Card Master Trust2.310% 08/15/20240.4%
Comm 2014-UBS2 Mortgage Trust4.199% 03/10/20470.4%
Drive Auto Receivables Trust5.150% 08/15/20220.4%
WFRBS Commercial Mortgage Trust5.055% 08/15/20450.4%
World Financial Network Credit Card Master Trust3.140% 01/17/20230.4%
Valero Energy Corp.10.500% 03/15/20390.4%
WFRBS Commercial Mortgage Trust4.487% 03/15/20480.4%
COMM Mortgage Trust4.588% 07/10/20500.4%
COMM Mortgage Trust4.349% 12/10/20470.4%
GS Mortgage Securities Trust4.659% 11/10/20470.4%
Exelon Generation Co. LLC5.600% 06/15/20420.4%
Citigroup Commercial Mortgage Trust 2016-GC362.850% 02/10/20490.4%
Glencore Finance Canada Ltd.5.550% 10/25/20420.4%
Hilton Orlando Trust 2018-ORL2.928% 12/15/20340.3%
PHEAA Student Loan Trust I2.605% 04/25/20380.3%
Nvent Finance Sarl4.550% 04/15/20280.3%
Kerr-McGee Corp.7.875% 09/15/20310.3%
JPMorgan Chase & Co.3.782% 02/01/20280.3%
California Republic Auto Receivables Trust2.530% 06/15/20210.3%
The Royal Bank of Scotland Group PLC6.125% 12/15/20220.3%
Daimler Trucks Retail Trust 2018-12.600% 05/15/20200.3%
BMW Vehicle Owner Trust 2018-A2.090% 11/25/20200.3%
JP Morgan Chase Commercial Mortgage Securities Cor4.128% 07/05/20310.3%
National Oilwell Varco, Inc.2.600% 12/01/20220.3%
VEREIT Operating Partnership L.P.3.000% 02/06/20190.3%
Orchestra Borrower LLC / Orchestra Co-Issuer Inc6.750% 06/15/20220.3%
JP Morgan Chase Commercial Mortgage Securities Tru3.158% 06/15/20320.3%
Energy Transfer Partners LP6.125% 12/15/20450.3%
United Rentals, Inc.4.875% 01/15/20280.3%
Wabtec Corp.4.700% 09/15/20280.3%
Santander UK plc7.950% 10/26/20290.3%
Diamond Resorts Owner Trust2.990% 05/22/20280.3%
Government National Mortgage Association2.700% 08/16/20580.3%
BX Trust 2018-GW2.958% 05/15/20350.3%
Navient Corp.6.750% 06/25/20250.3%
Protective Life Corp.8.450% 10/15/20390.3%
Caesars Palace Las Vegas Trust 2017-VICI3.531% 10/15/20340.3%
Drive Auto Receivables Trust3.040% 11/15/20210.3%
ReadyCap Commercial Mortgage Trust 2018-43.390% 02/27/20510.3%
SPX FLOW, Inc.5.625% 08/15/20240.3%
Goldman Sachs Group, Inc.6.750% 10/01/20370.3%
Government National Mortgage Association2.750% 02/16/20580.3%
Foursight Capital Automobile Receivables Trust 2012.870% 10/15/20210.2%
Government National Mortgage Association2.700% 04/16/20570.2%
Rain CII Carbon LLC7.250% 04/01/20250.2%
EPR Properties4.950% 04/15/20280.2%
Charter Communications Operating LLC6.484% 10/23/20450.2%
Mercedes-Benz Auto Lease Trust 2018-A2.200% 04/15/20200.2%
Government National Mortgage Association2.600% 06/16/20570.2%
Hanover Insurance Group, Inc.4.500% 04/15/20260.2%
California Resources Corp.8.000% 12/15/20220.2%
Dell International LLC / EMC Corp.8.350% 07/15/20460.2%
Cheniere Corpus Christi Holdings LLC5.125% 06/30/20270.2%
American International Group, Inc.4.700% 07/10/20350.2%
Sirius XM Radio, Inc.5.000% 08/01/20270.2%
TCF Auto Receivables Owner Trust3.530% 03/15/20220.2%
World Financial Network Credit Card Master Trust1.980% 06/15/20230.2%
VEREIT Operating Partnership L.P.3.950% 08/15/20270.2%
TRI Pointe Homes LLC5.250% 06/01/20270.2%
Hardee's Funding LLC4.959% 06/20/20480.2%
Fidelity National Financial Group4.500% 08/15/20280.2%
IRB Holding Corp6.750% 02/15/20260.2%
Capital One Multi-Asset Execution Trust1.330% 06/15/20220.2%
Hilton Orlando Trust 2018-ORL3.858% 12/15/20340.2%
Bombardier, Inc.7.500% 03/15/20250.2%
Caesars Palace Las Vegas Trust 2017-VICI4.499% 10/15/20340.2%
Transocean Proteus Ltd.6.250% 12/01/20240.2%
MSCI, Inc.5.750% 08/15/20250.2%
Tesla Motors, Inc.5.300% 08/15/20250.2%
Ashland, Inc.6.875% 05/15/20430.2%
Fresenius Medical Care US Finance II, Inc.4.750% 10/15/20240.2%
Con-way, Inc.6.700% 05/01/20340.2%
J.P. Morgan Chase Commercial Mortgage Securities T3.710% 07/05/20330.2%
MGM Resorts International6.000% 03/15/20230.2%
Citigroup Commercial Mortgage Trust 2017-P83.789% 09/15/20500.2%
Dominion Resources, Inc.7.000% 06/15/20380.2%
Sealed Air Corp.5.500% 09/15/20250.2%
American Credit Acceptance Receivables Trust 2018-2.720% 03/10/20210.2%
Aquarion Co.4.000% 08/15/20240.2%
Caesars Palace Las Vegas Trust 2017-VICI4.138% 10/15/20340.2%
Community Health Systems, Inc.8.000% 11/15/20190.2%
Ausgrid Finance Pty Ltd4.350% 08/01/20280.2%
California Republic Auto Receivables Trust 2015-43.730% 11/15/20210.2%
Pacific Gas & Electric Co.6.050% 03/01/20340.2%
Federal Home Loan Mortgage Corp.3.444% 12/25/20270.2%
J.P. Morgan Chase Commercial Mortgage Securities T4.248% 07/05/20330.2%
Silversea Cruise Finance Ltd.7.250% 02/01/20250.2%
DISH DBS Corp.7.750% 07/01/20260.2%
Drive Auto Receivables Trust3.010% 11/15/20210.2%
Kraft Heinz Foods Co.6.875% 01/26/20390.2%
California Republic Auto Receivables Trust 2017-11.900% 03/15/20210.2%
William Lyon Homes, Inc.5.875% 01/31/20250.2%
Rockies Express Pipeline LLC6.875% 04/15/20400.2%
BWAY Holding Co.7.250% 04/15/20250.2%
Anheuser-Busch InBev Finance, Inc.4.700% 02/01/20360.2%
MEG Energy Corp.6.375% 01/30/20230.2%
Continental Resources, Inc.4.900% 06/01/20440.2%
Brand Energy & Infrastructure Services Inc8.500% 07/15/20250.2%
Drive Auto Receivables Trust2.780% 10/15/20200.2%
Drive Auto Receivables Trust3.720% 09/16/20240.2%
Kennametal, Inc.4.625% 06/15/20280.2%
Canadian Natural Resources Ltd.3.850% 06/01/20270.2%
World Financial Network Credit Card Master Trust2.660% 08/15/20240.2%
Quicken Loans Inc5.250% 01/15/20280.2%
Alta Mesa Holdings L.P. / Alta Mesa Finance Servic7.875% 12/15/20240.2%
Mohegan Tribal Gaming Authority7.875% 10/15/20240.2%
Caesars Palace Las Vegas Trust 2017-VICI3.835% 10/15/20340.2%
CarMax Auto Owner Trust2.440% 11/16/20200.2%
Leidos, Inc.7.125% 07/01/20320.2%
Ford Credit Floorplan Master Owner Trust A2.160% 09/15/20220.2%
Ahern Rentals, Inc.7.375% 05/15/20230.2%
CCO Holdings LLC / CCO Holdings Capital Corp.5.750% 02/15/20260.2%
T-Mobile USA, Inc.6.500% 01/15/20260.2%
Vistra Energy Corp7.625% 11/01/20240.2%
Weight Watchers International, Inc.8.625% 12/01/20250.2%
Solera Finance, Inc.10.500% 03/01/20240.2%
Sirius XM Radio, Inc.6.000% 07/15/20240.2%
Eldorado Resorts, Inc.6.000% 04/01/20250.2%
WellCare Health Plans, Inc.5.250% 04/01/20250.2%
Popular, Inc.7.000% 07/01/20190.2%
UTEX Industries6.242% 05/22/20210.2%
BANK 2018-BNK103.898% 02/15/20610.2%
Burlington Northern Santa Fe LLC5.750% 05/01/20400.2%
Crosby Group (KKR)5.212% 11/22/20200.2%
Helmerich & Payne International Drilling Co.4.650% 03/15/20250.2%
Citigroup Commercial Mortgage Trust 2016-P32.804% 04/15/20490.2%
Cablevision Systems Corp.5.875% 09/15/20220.2%
York Risk Services5.992% 10/01/20210.2%
AMC Networks, Inc.4.750% 12/15/20220.2%
Conn's, Inc.7.250% 07/15/20220.2%
Warrior Met Coal Inc8.000% 11/01/20240.2%
AV Homes, Inc.6.625% 05/15/20220.2%
Pulte Group, Inc.5.500% 03/01/20260.2%
Neuberger Berman Group LLC4.500% 03/15/20270.2%
Ashton Woods USA LLC / Ashton Woods Finance Co.6.750% 08/01/20250.2%
Brink's Co/The4.625% 10/15/20270.2%
Weight Watchers International, Inc.7.054% 11/29/20240.2%
Goodman US Finance Three LLC3.700% 03/15/20280.2%
Santander Drive Auto Receivables Trust 2018-12.100% 11/16/20200.2%
South Carolina Electric & Gas Co.6.050% 01/15/20380.2%
Amgen, Inc.6.400% 02/01/20390.1%
CEC Entertainment, Inc.8.000% 02/15/20220.1%
Edwards Lifesciences Corp.4.300% 06/15/20280.1%
JP Morgan Chase Commercial Mortgage Securities Tru4.258% 06/15/20320.1%
Polaris Intermediate Corp8.500% 12/01/20220.1%
Flagship Credit Auto Trust 2018-12.590% 06/15/20220.1%
Royal Caribbean Cruises Ltd.7.500% 10/15/20270.1%
Barrick North America Finance LLC7.500% 09/15/20380.1%
Drive Auto Receivables Trust3.020% 11/15/20210.1%
Rayonier AM Products, Inc.5.500% 06/01/20240.1%
Bank of America Corp.3.824% 01/20/20280.1%
Colonial Pipeline Co.4.250% 04/15/20480.1%
Macquarie Bank Ltd.6.625% 04/07/20210.1%
Neuberger Berman Group LLC4.875% 04/15/20450.1%
E*TRADE Financial Corp.4.500% 06/20/20280.1%
Morgan Stanley4.000% 07/23/20250.1%
HCA, Inc.7.500% 11/06/20330.1%
Fluor Corp.4.250% 09/15/20280.1%
U.S. Treasury Note/Bond3.000% 05/15/20450.1%
U.S. Treasury Note/Bond2.250% 08/15/20460.1%
Pulte Group, Inc.7.875% 06/15/20320.1%
Hillman Group, Inc.6.375% 07/15/20220.1%
Summit Materials LLC5.125% 06/01/20250.1%
Marvell Technology Group Ltd.4.200% 06/22/20230.1%
Monitronics International, Inc.9.125% 04/01/20200.1%
Valmont Industries, Inc.5.250% 10/01/20540.1%
Hyundai Auto Lease Securitization Trust 2016-B1.520% 10/15/20190.1%
AmeriCredit Automobile Receivables Trust 2017-22.970% 03/20/20230.1%
Dow Chemical Co.9.400% 05/15/20390.1%
Netflix, Inc.5.750% 03/01/20240.1%
Bill Barrett Corp.7.000% 10/15/20220.1%
Drive Auto Receivables Trust3.910% 05/17/20210.1%
Ortho-Clinical Diagnostics Inc / Ortho-Clinical Di6.625% 05/15/20220.1%
Ally Financial, Inc.8.000% 11/01/20310.1%
BAT Capital Corp3.557% 08/15/20270.1%
Hilcorp Energy L.P. / Hilcorp Finance Co.5.000% 12/01/20240.1%
CNO Financial Group, Inc.5.250% 05/30/20250.1%
Tapstone Energy LLC / Tapstone Energy Finance Corp9.750% 06/01/20220.1%
Alexandria Real Estate Equities, Inc.3.950% 01/15/20280.1%
CIT Group, Inc.6.000% 04/01/20360.1%
Prime Security Services Borrower LLC / Prime Finan9.250% 05/15/20230.1%
Popular, Inc.6.125% 09/14/20230.1%
Government National Mortgage Association2.700% 07/16/20570.1%
First Investors Auto Owner Trust2.410% 12/15/20220.1%
TNT Crane and Rigging6.886% 11/27/20200.1%
Albertsons Cos LLC / Safeway, Inc. / New Albertson6.625% 06/15/20240.1%
Cliffs Natural Resources, Inc.5.750% 03/01/20250.1%
Freeport-McMoRan, Inc.3.875% 03/15/20230.1%
Conn's Receivables Funding 2017-B LLC2.730% 07/15/20200.1%
Appalachian Power Co.7.000% 04/01/20380.1%
Hunt Cos Inc6.250% 02/15/20260.1%
Citigroup, Inc.4.450% 09/29/20270.1%
Chemours Co.7.000% 05/15/20250.1%
Bancorp Commercial Mortgage 2018-CRE3 Trust/The2.913% 01/15/20330.1%
Government National Mortgage Association2.650% 11/16/20500.1%
CenturyLink, Inc.6.750% 12/01/20230.1%
Navient Corp.6.625% 07/26/20210.1%
Carnival plc7.875% 06/01/20270.1%
Flagship Credit Auto Trust 2017-42.070% 04/15/20220.1%
Equinix, Inc.5.875% 01/15/20260.1%
HCA, Inc.5.500% 06/15/20470.1%
Quality Distribution, Inc.10.886% 08/18/20230.1%
Government National Mortgage Association2.750% 02/16/20580.1%
WPX Energy, Inc.5.250% 09/15/20240.1%
Drive Auto Receivables Trust2.610% 08/16/20210.1%
Jacobs Entertainment, Inc.7.875% 02/01/20240.1%
Norbord, Inc.6.250% 04/15/20230.1%
Men's Wearhouse, Inc.7.000% 07/01/20220.1%
Netflix, Inc.4.375% 11/15/20260.1%
Valeant Pharmaceuticals International, Inc.5.625% 12/01/20210.1%
Citgo Holding, Inc.10.750% 02/15/20200.1%
Drive Auto Receivables Trust4.160% 05/15/20240.1%
Goldman Sachs Group, Inc.4.223% 05/01/20290.1%
Westlake Automobile Receivables Trust 2017-21.800% 07/15/20200.1%
TCF Auto Receivables Owner Trust 2016-PT12.920% 10/17/20220.1%
Community Health Systems, Inc.6.250% 03/31/20230.1%
OM Asset Management plc4.800% 07/27/20260.1%
BCD Acquisition, Inc.9.625% 09/15/20230.1%
Commercial Mortgage Backed Index Swap0.350% 10/17/20570.1%
Commercial Mortgage Backed Index Swap0.350% 10/17/20570.1%
Santander Drive Auto Receivables Trust2.650% 08/17/20200.1%
Peabody Energy Corp.6.375% 03/31/20250.1%
Government National Mortgage Association2.600% 07/16/20580.1%
J.P. Morgan Chase Commercial Mortgage Securities T4.950% 07/05/20330.1%
J.P. Morgan Chase Commercial Mortgage Securities T4.549% 07/05/20330.1%
Expedia, Inc.5.000% 02/15/20260.1%
Trimble Navigation Ltd.4.900% 06/15/20280.1%
Caesars Palace Las Vegas Trust 2017-VICI4.499% 10/15/20340.1%
J.P. Morgan Chase Commercial Mortgage Securities T3.060% 07/05/20330.1%
Drive Auto Receivables Trust3.340% 09/15/20220.1%
EPR Properties4.750% 12/15/20260.1%
CCUBS Commercial Mortgage Trust 2017-C13.907% 11/15/20500.1%
Flagship Credit Auto Trust 2017-32.590% 07/15/20220.1%
First Investors Auto Owner Trust2.720% 04/17/20230.1%
JPMBB Commercial Mortgage Securities Trust4.441% 07/15/20480.1%
Energy Transfer Partners LP7.500% 07/01/20380.1%
Morgan Stanley3.625% 01/20/20270.1%
Lincoln National Corp.6.300% 10/09/20370.1%
COMM Mortgage Trust4.588% 07/10/20500.1%
Time Warner Cable LLC7.300% 07/01/20380.1%
Vulcan Materials Co.4.700% 03/01/20480.1%
Acadia Healthcare Co., Inc.5.625% 02/15/20230.1%
Kaiser Foundation Hospitals4.150% 05/01/20470.1%
Intelsat Connect Finance SA9.500% 02/15/20230.1%
California Republic Auto Receivables Trust2.660% 08/17/20200.1%
SunTrust Auto Receivables Trust1.780% 01/15/20210.1%
Morgan Stanley3.875% 01/27/20260.1%
National Oilwell Varco, Inc.3.950% 12/01/20420.1%
Reynolds American, Inc.5.700% 08/15/20350.1%
Mercedes-Benz Auto Receivables Trust 2016-11.260% 02/16/20210.1%
E*TRADE Financial Corp.3.800% 08/24/20270.1%
Dell International LLC / EMC Corp.5.450% 06/15/20230.1%
SM Energy Co.6.625% 01/15/20270.1%
Cleco Power LLC6.000% 12/01/20400.1%
Six Flags Entertainment Corp.5.500% 04/15/20270.1%
Bayer Corp6.650% 02/15/20280.1%
Bank of America Corp.4.450% 03/03/20260.1%
U.S. Treasury Note/Bond3.125% 11/15/20410.1%
California Republic Auto Receivables Trust 2016-22.520% 05/16/20220.1%
International Paper Co.7.300% 11/15/20390.1%
Flagship Credit Auto Trust 2017-31.880% 10/15/20210.1%
Dell International LLC / EMC Corp7.125% 06/15/20240.1%
Time Warner Entertainment Co. L.P.8.375% 07/15/20330.1%
Teva Pharmaceutical Finance Netherlands III BV2.200% 07/21/20210.1%
Berry Petroleum Co.7.000% 02/15/20260.1%
Berkshire Hathaway Energy Co.3.800% 07/15/20480.1%
AmeriCredit Automobile Receivables Trust2.180% 06/08/20200.1%
U.S. Treasury Note/Bond4.375% 05/15/20410.1%
Kinross Gold Corp.5.950% 03/15/20240.1%
South Carolina Electric & Gas Co.6.625% 02/01/20320.1%
U.S. Treasury Note/Bond2.500% 02/15/20460.1%
Bank of America Corp.4.000% 01/22/20250.1%
AmeriCredit Automobile Receivables Trust 2017-32.240% 06/19/20230.1%
PPL Corp.5.200% 07/15/20410.1%
Central Garden & Pet Co.5.125% 02/01/20280.1%
Chobani LLC / Chobani Finance Corp Inc7.500% 04/15/20250.1%
Santander Drive Auto Receivables Trust 2016-31.890% 06/15/20210.1%
Toronto-Dominion Bank3.625% 09/15/20310.1%
Precision Drilling Corp.7.750% 12/15/20230.1%
GM Financial Automobile Leasing Trust 2016-31.610% 12/20/20190.0%
Unum Group5.750% 08/15/20420.0%
Engs Commercial Finance Trust2.310% 10/22/20210.0%
Kratos Defense & Security Solutions Inc6.500% 11/30/20250.0%
AmeriCredit Automobile Receivables Trust 2015-32.080% 09/08/20200.0%
American Credit Acceptance Receivables Trust 2016-6.090% 05/12/20220.0%
Affiliated Managers Group, Inc.4.250% 02/15/20240.0%
Dell International LLC / EMC Corp3.480% 06/01/20190.0%
Republic of Argentina4.625% 01/11/20230.0%
Ascension Health3.945% 11/15/20460.0%
Forterra, Inc.5.242% 10/25/20230.0%
AmeriCredit Automobile Receivables Trust 2017-31.690% 12/18/20200.0%
MGM Growth Properties Operating Partnership LP / M5.625% 05/01/20240.0%
Pennsylvania5.350% 05/01/20300.0%
VEREIT Operating Partnership L.P.4.875% 06/01/20260.0%
Pharmaceutical Product Development LLC6.375% 08/01/20230.0%
Santander Drive Auto Receivables Trust 2017-32.760% 12/15/20220.0%
GM Financial Automobile Leasing Trust 2017-21.720% 01/21/20200.0%
Ally Auto Receivables Trust 2017-51.810% 06/15/20200.0%
International Lease Finance Corp.5.875% 08/15/20220.0%
Grinding Media, Inc. / MC Grinding Media Canada, I7.375% 12/15/20230.0%
Ascentium Equipment Receivables 2017-1 Trust1.870% 07/10/20190.0%
Acadia Healthcare Co., Inc.6.500% 03/01/20240.0%
Drive Auto Receivables Trust4.180% 03/15/20240.0%
California Republic Auto Receivables Trust 2016-21.560% 07/15/20200.0%
Ascentium Equipment Receivables 2017-1 Trust2.290% 06/10/20210.0%
Flagship Credit Auto Trust2.380% 10/15/20200.0%
Affiliated Managers Group, Inc.3.500% 08/01/20250.0%
Comcast Corp.3.969% 11/01/20470.0%
Cox Communications, Inc.4.500% 06/30/20430.0%
Honda Auto Receivables 2016-2 Owner Trust1.390% 04/15/20200.0%
Valeant Pharmaceuticals International, Inc.7.500% 07/15/20210.0%
Drive Auto Receivables Trust2.510% 01/15/20210.0%
MPH Acquisition Holdings LLC7.125% 06/01/20240.0%
Commercial Mortgage Backed Index Swap3.000% 11/18/20540.0%
FX USD/EUR 12/180.000% 12/07/20180.0%
Mercedes-Benz Auto Receivables Trust1.340% 12/16/20190.0%
Commercial Mortgage Backed Index Swap3.000% 11/18/20540.0%
First Investors Auto Owner Trust 2016-21.530% 11/16/20200.0%
American Credit Acceptance Receivables Trust 2017-1.820% 03/10/20200.0%
Drive Auto Receivables Trust2.370% 11/16/20200.0%
US 10YR ULTRA FUT DEC180.000% 12/31/20180.0%
US LONG BOND(CBT) DEC180.000% 12/31/20180.0%
EURO-SCHATZ FUT DEC180.000% 12/10/20180.0%
US 10YR NOTE (CBT)DEC180.000% 12/31/20180.0%
US 5YR NOTE (CBT) DEC180.000% 01/04/20190.0%
Commercial Mortgage Backed Index Swap0.500% 11/18/20540.0%
Commercial Mortgage Backed Index Swap0.350% 10/17/20570.0%
Credit Index Swap1.000% 06/20/20230.0%
Commercial Mortgage Backed Index Swap0.500% 09/17/2058-0.1%
Commercial Mortgage Backed Index Swap0.500% 09/17/2058-0.1%
Commercial Mortgage Backed Index Swap0.500% 09/17/2058-0.1%
Commercial Mortgage Backed Index Swap0.500% 09/17/2058-0.1%
Commercial Mortgage Backed Index Swap0.350% 09/17/2058-0.1%
Commercial Mortgage Backed Index Swap0.500% 09/17/2058-0.1%

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.

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 11/16/2018
$0.424
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 10/31/2018 $0.04273 $14.46
Daily Daily 09/30/2018 $0.04345 $14.63
Daily Daily 08/31/2018 $0.04358 $14.67
Daily Daily 07/31/2018 $0.04485 $14.66
Daily Daily 06/30/2018 $0.04419 $14.65
Daily Daily 05/31/2018 $0.04386 $14.71
Daily Daily 04/30/2018 $0.04436 $14.72
Daily Daily 03/31/2018 $0.04224 $14.84
Daily Daily 02/28/2018 $0.03823 $14.85
Daily Daily 01/31/2018 $0.03710 $15.02

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 11/30/2018
Daily Daily 12/31/2018

Fees & Expenses

Fees & Expenses

Expense Ratioas of 10/31/2018

Fund Gross Expense Ratio Fund Net Expense Ratio
2.81% 0.98%

Expense ratio details, Click here.

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
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Statutory Prospectus
Publish Date:11/03/2015
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Prospectus (XBRL)
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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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 yield reflects 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 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 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. The fund performance history at this time is very limited; therefore, performance achieved during its initial period of investment operation may not be replicated over longer periods and may not be indicative of how the Fund will perform in the future. 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.

 

 

Class R3 - The performance quotations for Class R3 reflect the following methods of calculation: (a) for periods prior to the inception date for Class R3, 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 R3, adjusted to reflect the Rule 12b-1 rate differential between Class A and Class R3, which has a higher 12b-1 fee than Class A; and (b) for periods after the inception date for Class R3, actual Class R3 performance is used reflecting all charges and fees applicable to Class R3 shares. Hypothetical performance data for Class R3, 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 R3 performance information for the inception date for Class R3. Please refer to the Class A performance information for the inception date for Class A.

Class R3 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 Barclays U.S. Universal Index represents the union of the U.S. Aggregate Index, the U.S. High-Yield Corporate Index, the 144A Index, the Eurodollar Index, the Emerging Markets Index, and the non-ERISA portion of the CMBS Index. Municipal debt, private placements, and non-dollar-denominated issues are excluded from the Universal Index. The only constituent of the index that includes floating-rate debt is the Emerging Markets Index.

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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