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Core Plus Bond Fund

Daily price w/o sales charge as of 05/25/2018

$14.70

arrowUp$0.02

YTD Returns w/o sales charge as of 05/25/2018

-1.62%

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 05/25/2018  

  Subsidized3 Un-Subsidized4
w/o sales charge 3.92% 2.09%
w/ sales charge 3.83% 2.04%

30-Day Standardized Yield 2 as of 04/30/2018  

  Subsidized3 Un-Subsidized4
w/o sales charge 3.64% 2.04%

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

Expense Ratioas of 04/30/2018

Expense ratio details, Click here.

Fund Basicsas of 04/30/2018

Total Net Assets
$13.70 M
Inception Date
12/08/2015
Dividend Frequency
Monthly (Daily Accrual)
Number of Holdings
438
CUSIP
54401E572
Minimum Initial Investment
$1,500+

Fund Expense Ratio :

Gross 2.51%

Net 0.68%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/08/2015
w/o sales charge -1.74% 0.38% - - - 3.25%
Lipper Category Avg. Core Plus Bond Funds -1.99% 0.19% - - - -
Bloomberg Barclays U.S. Universal Index -2.06% 0.01% - - - 2.29%
w/ sales charge -3.96% -1.88% - - - 2.28%

Fund Expense Ratio :

Gross 2.51%

Net 0.68%

Fund Expense Ratio :

Gross 2.51%

Net 0.68%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/08/2015
w/o sales charge -1.26% 1.81% - - - 3.59%
Lipper Category Avg. Core Plus Bond Funds -1.35% 1.62% - - - -
Bloomberg Barclays U.S. Universal Index -1.41% 1.52% - - - 2.67%
w/ sales charge -3.49% -0.50% - - - 2.58%

Fund Expense Ratio :

Gross 2.51%

Net 0.68%

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 of future results.

Type Assets
ABS
Investment Grade Corporate
High Yield Corporate
MBS
U.S. Government Related
CMBS
Sovereign
Bank Loans
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 04/30/2018 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 61 Investment Professionals with 15 Years Avg. Industry Experience

Contact a Representative

To contact your representative, enter your zip code and select your channel below.

Performance

Performance

Dividend Yield 1 as of 05/25/2018  

  Subsidized3 Un-Subsidized4
w/o sales charge 3.92% 2.09%
w/ sales charge 3.83% 2.04%

30-Day Standardized Yield 2 as of 04/30/2018  

  Subsidized5 Un-Subsidized6
w/o sales charge 3.64% 2.04%

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

Fund Expense Ratio :

Gross 2.51%

Net 0.68%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/08/2015
w/o sales charge -1.74% 0.38% - - - 3.25%
Lipper Category Avg. Core Plus Bond Funds -1.99% 0.19% - - - -
Bloomberg Barclays U.S. Universal Index -2.06% 0.01% - - - 2.29%
w/ sales charge -3.96% -1.88% - - - 2.28%

Fund Expense Ratio :

Gross 2.51%

Net 0.68%

Fund Expense Ratio :

Gross 2.51%

Net 0.68%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/08/2015
w/o sales charge -1.26% 1.81% - - - 3.59%
Lipper Category Avg. Core Plus Bond Funds -1.35% 1.62% - - - -
Bloomberg Barclays U.S. Universal Index -1.41% 1.52% - - - 2.67%
w/ sales charge -3.49% -0.50% - - - 2.58%

Fund Expense Ratio :

Gross 2.51%

Net 0.68%

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 of future results.

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

Portfolio

Portfolio

Rating Assets
ABS
Investment Grade Corporate
High Yield Corporate
MBS
U.S. Government Related
CMBS
Sovereign
Bank Loans
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 04/30/2018

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 3/31/2018

  • We remain generally optimistic that the U.S. economy will continue to grow at a moderate pace, given the implementation of tax cuts, prospects of deregulation, and strong economic fundamentals. However, given the current valuations and the potential for increased volatility, we continue to closely monitor the risks to the portfolio. We are seeking carry-oriented and idiosyncratic opportunities that would provide a diversified source of return to the portfolio.
  • We increased the portfolio’s exposure to high quality asset-backed securities (ABS), specifically backed by credit cards, auto loans, and equipment, as we believe they provide liquidity and present unique opportunities to find pockets of relative value and attractive risk-adjusted spread. We reduced the portfolio’s exposure to U.S. Treasuries in order to take advantage of more attractive investments in other sectors.
  • We increased the portfolio’s allocation to investment grade corporate bonds. During the recent market volatility, we found this area of the market attractive, given spread widening. We moderately increased the portfolio’s positioning to names that we believe have attractive valuations and positive credit fundamentals, specifically the financials sector, which continues to offer defensive exposure and good credit quality, amid stricter regulations and better underwriting standards. We also continue to find areas of opportunity in the high yield sector, specifically within the industrials, energy, and consumer cyclical areas.
  • We increased the portfolio’s allocation to high quality agency mortgage-backed securities (MBS), which appeared especially attractive relative to other sectors, following the uptick in volatility during the quarter. However, we continue to closely monitor the sector given the U.S. Federal Reserve’s plan to systematically unwind its balance sheet, which has the potential to further increase interest rate volatility.

Portfolio Details as of 04/30/2018

Total Net Assets
$13.70 M
Number of Issues
438
Average Coupon
4.11%
Average Life
7.84 Years
Average Maturity
7.84 Years
Average Effective Duration
5.58 Years
Average Modified Duration
5.92 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 8.4%
U.S. Treasury Note/Bond 2.750% 04/30/2023 4.5%
FNMA Conventional Long T. 30yr 4.000% 04/30/2047 3.4%
U.S. Treasury Note/Bond 2.250% 11/15/2027 2.3%
Dryden 38 Senior Loan Fund 3.778% 07/15/2027 1.8%
Shackleton 2014-VI CLO 3.513% 07/17/2026 1.8%
Japan Bank for International Cooperation/Japan 2.375% 11/16/2022 1.4%
OHA Loan Funding Ltd. 2.732% 08/23/2024 1.2%
Access Point Funding I 2017-1 LLC 3.060% 04/15/2029 1.2%
Bank of America Corp. 3.824% 01/20/2028 0.9%
% of Total Assets 26.9%

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% 05/31/20478.3%
U.S. Treasury Note/Bond2.375% 01/31/20232.1%
GNMA II Single Family 30yr4.000% 05/31/20471.9%
FNMA Conventional Long T. 30yr4.000% 04/30/20471.9%
Dryden 38 Senior Loan Fund3.152% 07/15/20271.8%
Shackleton 2014-VI CLO2.891% 07/17/20261.8%
U.S. Treasury Note0.625% 01/15/20261.8%
U.S. Treasury Note/Bond2.750% 08/15/20471.6%
U.S. Treasury Note/Bond2.250% 11/15/20271.5%
Japan Finance Organization for Municipalities2.625% 04/20/20221.4%
Japan Bank for International Cooperation/Japan2.375% 11/16/20221.4%
OHA Loan Funding Ltd.2.732% 08/23/20241.2%
Access Point Funding I 2017-1 LLC3.060% 04/15/20291.2%
Chesapeake Funding II LLC1.880% 06/15/20280.9%
Bank of America Corp.3.824% 01/20/20280.9%
Federal Home Loan Mortgage Corp.4.000% 08/01/20470.9%
Citigroup, Inc.3.887% 01/10/20280.9%
Missouri Higher Education Loan Authority2.451% 01/26/20260.8%
AT&T, Inc.6.000% 08/15/20400.8%
BBCMS Trust4.197% 08/10/20350.8%
Leaf Receivables Funding 12 LLC2.070% 08/15/20200.7%
Province of Alberta Canada3.300% 03/15/20280.7%
FNMA Conventional Long T. 30yr3.500% 06/30/20470.7%
Credit Suisse Mortgage Capital Certificates3.811% 11/15/20340.7%
Mercedes-Benz Master Owner Trust2.157% 04/15/20200.7%
Foursight Capital Automobile Receivables Trust 2012.850% 08/16/20210.7%
Engs Commercial Finance Trust 2018-12.970% 02/22/20210.7%
PFS Financing Corp.2.397% 04/15/20200.7%
Chase Issuance Trust1.620% 07/15/20200.7%
Citibank Credit Card Issuance Trust1.740% 01/19/20210.7%
PFS Financing Corp.2.890% 02/15/20230.7%
Barclays Dryrock Issuance Trust 2015-41.720% 08/16/20210.7%
Synchrony Credit Card Master Note Trust2.040% 03/15/20220.7%
CPS Auto Receivables Trust 2018-A2.770% 04/18/20220.7%
Hyundai Auto Lease Securitization Trust 2017-C1.890% 03/16/20200.7%
Discover Card Execution Note Trust1.640% 07/15/20210.7%
SoFi Professional Loan Program 2017-E LLC2.720% 11/26/20400.7%
DLL Securitization Trust 2017-A2.430% 11/17/20250.7%
BWAY 2015-1740 Mortgage Trust2.917% 01/10/20350.7%
SCF Equipment Leasing 2017-2 LLC3.410% 12/20/20230.7%
Hyundai Auto Lease Securitization Trust 2016-B1.520% 10/15/20190.7%
Navient Student Loan Trust 2017-22.922% 12/27/20660.6%
Eni USA Inc7.300% 11/15/20270.6%
Synchrony Credit Card Master Note Trust2.620% 10/15/20250.6%
COMM Mortgage Trust4.441% 07/10/20500.6%
Universal Health Services, Inc.5.000% 06/01/20260.6%
AmeriCredit Automobile Receivables Trust2.860% 12/09/20190.6%
Diamond Resorts Owner Trust4.110% 10/22/20290.6%
Pacific Gas & Electric Co.6.050% 03/01/20340.5%
California Republic Auto Receivables Trust 2017-12.910% 12/15/20220.5%
Dell International LLC / EMC Corp6.020% 06/15/20260.5%
Wells Fargo Commercial Mortgage Trust4.291% 07/15/20460.5%
BX Commercial Mortgage Trust 2018-BIOA2.321% 03/15/20370.5%
U.S. Treasury Note/Bond3.000% 05/15/20470.5%
CVS Caremark Corp.4.300% 03/25/20280.5%
General Motors Co.6.600% 04/01/20360.5%
American International Group, Inc.4.700% 07/10/20350.5%
Nvent Finance Sarl4.550% 04/15/20280.5%
Conn's Receivables Funding 2017-B LLC2.730% 07/15/20200.5%
Ford Motor Co.7.450% 07/16/20310.4%
Time Warner Cable LLC6.550% 05/01/20370.4%
Sabine Pass Liquefaction LLC5.875% 06/30/20260.4%
Cox Communications, Inc.8.375% 03/01/20390.4%
Province of Quebec, Canada2.375% 01/31/20220.4%
Kinder Morgan Energy Partners L.P.7.500% 11/15/20400.4%
21st Century Fox America, Inc.7.750% 12/01/20450.4%
Teachers Insurance & Annuity Association of Americ4.900% 09/15/20440.4%
Comcast Corp.3.150% 03/01/20260.4%
U.S. Treasury Note/Bond3.625% 02/15/20440.4%
Boston Properties, Inc.3.200% 01/15/20250.4%
1345 Avenue of the Americas & Park Avenue Plaza Tr5.278% 08/10/20350.4%
BMW Vehicle Owner Trust 2018-A2.090% 11/25/20200.4%
Amazon.com, Inc.5.200% 12/03/20250.4%
Comm 2014-UBS2 Mortgage Trust4.199% 03/10/20470.4%
World Financial Network Credit Card Master Trust2.310% 08/15/20240.4%
WFRBS Commercial Mortgage Trust4.894% 08/15/20450.4%
WFRBS Commercial Mortgage Trust4.339% 03/15/20480.4%
Verizon Communications, Inc.4.862% 08/21/20460.4%
COMM Mortgage Trust4.349% 12/10/20470.4%
COMM Mortgage Trust4.441% 07/10/20500.4%
World Financial Network Credit Card Master Trust3.140% 01/17/20230.4%
Province of Ontario, Canada2.550% 02/12/20210.4%
GS Mortgage Securities Trust4.510% 11/10/20470.4%
Valero Energy Corp.10.500% 03/15/20390.4%
PHEAA Student Loan Trust I2.015% 04/25/20380.4%
Wells Fargo Commercial Mortgage Trust4.132% 05/15/20480.4%
Foursight Capital Automobile Receivables Trust 2012.870% 10/15/20210.4%
Diamond Resorts Owner Trust2.990% 05/22/20280.3%
JPMorgan Chase & Co.3.782% 02/01/20280.3%
Exelon Generation Co. LLC5.600% 06/15/20420.3%
Dominion Resources, Inc.7.000% 06/15/20380.3%
Kerr-McGee Corp.7.875% 09/15/20310.3%
Energy Transfer Partners LP6.625% 10/15/20360.3%
Hilton Orlando Trust 2018-ORL2.547% 12/15/20340.3%
American Credit Acceptance Receivables Trust 2018-2.720% 03/10/20210.3%
World Financial Network Credit Card Master Trust2.257% 02/15/20220.3%
Province of Quebec, Canada2.750% 04/12/20270.3%
United Rentals, Inc.4.875% 01/15/20280.3%
The Royal Bank of Scotland Group PLC6.125% 12/15/20220.3%
Daimler Trucks Retail Trust 2018-12.600% 05/15/20200.3%
California Republic Auto Receivables Trust2.530% 06/15/20210.3%
Wells Fargo Commercial Mortgage Trust 2017-C414.188% 11/15/20500.3%
Trinity Industries, Inc.4.550% 10/01/20240.3%
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%
Santander UK plc7.950% 10/26/20290.3%
DLL Securitization Trust 2017-A1.500% 11/15/20180.3%
Royal Caribbean Cruises Ltd.7.500% 10/15/20270.3%
Protective Life Corp.8.450% 10/15/20390.3%
Glencore Finance Canada Ltd.5.550% 10/25/20420.3%
VEREIT Operating Partnership L.P.3.950% 08/15/20270.3%
AmeriCredit Automobile Receivables Trust2.180% 06/08/20200.3%
EPR Properties5.250% 07/15/20230.3%
Government National Mortgage Association2.700% 08/16/20580.3%
Navient Corp.6.750% 06/25/20250.3%
Caesars Palace Las Vegas Trust 2017-VICI3.531% 10/15/20340.3%
ReadyCap Commercial Mortgage Trust 2018-43.390% 02/27/20510.3%
Freeport-McMoRan, Inc.3.875% 03/15/20230.3%
Citigroup Commercial Mortgage Trust 2016-GC362.850% 02/10/20490.3%
Goldman Sachs Group, Inc.6.750% 10/01/20370.3%
Government National Mortgage Association2.750% 02/16/20580.2%
Wells Fargo Capital X5.950% 12/15/20360.2%
Mercedes-Benz Auto Lease Trust 2018-A2.200% 04/15/20200.2%
Rain CII Carbon LLC7.250% 04/01/20250.2%
Government National Mortgage Association2.700% 04/16/20570.2%
US Cellular Corp.6.700% 12/15/20330.2%
Charter Communications Operating LLC6.484% 10/23/20450.2%
Government National Mortgage Association2.600% 06/16/20570.2%
AmeriCredit Automobile Receivables Trust 2017-42.600% 09/18/20230.2%
UBS Commercial Mortgage Trust 2018-C84.567% 02/15/20510.2%
Florida Gas Transmission Co., LLC4.350% 07/15/20250.2%
HCA, Inc.5.500% 06/15/20470.2%
HudBay Minerals, Inc.7.625% 01/15/20250.2%
TRI Pointe Homes LLC5.250% 06/01/20270.2%
J.P. Morgan Chase Commercial Mortgage Securities T3.227% 10/15/20330.2%
California Republic Auto Receivables Trust 2017-11.900% 03/15/20210.2%
Assurant, Inc.4.900% 03/27/20280.2%
Cheniere Corpus Christi Holdings LLC5.125% 06/30/20270.2%
Drive Auto Receivables Trust3.910% 05/17/20210.2%
Santander Drive Auto Receivables Trust 2018-12.100% 11/16/20200.2%
TCF Auto Receivables Owner Trust3.530% 03/15/20220.2%
Anheuser-Busch InBev Finance, Inc.4.700% 02/01/20360.2%
World Financial Network Credit Card Master Trust1.980% 06/15/20230.2%
Sirius XM Radio, Inc.5.000% 08/01/20270.2%
Men's Wearhouse, Inc.7.000% 07/01/20220.2%
Capital One Multi-Asset Execution Trust2.290% 07/15/20250.2%
AV Homes, Inc.6.625% 05/15/20220.2%
Xilinx, Inc.2.950% 06/01/20240.2%
Tesla Motors, Inc.5.300% 08/15/20250.2%
Hilton Orlando Trust 2018-ORL3.477% 12/15/20340.2%
Bombardier, Inc.7.500% 03/15/20250.2%
Con-way, Inc.6.700% 05/01/20340.2%
Fresenius Medical Care US Finance II, Inc.4.750% 10/15/20240.2%
Caesars Palace Las Vegas Trust 2017-VICI4.354% 10/15/20340.2%
Citigroup Commercial Mortgage Trust 2017-P83.789% 09/15/20500.2%
MSCI, Inc.5.750% 08/15/20250.2%
MGM Resorts International6.000% 03/15/20230.2%
CBRE Services, Inc.4.875% 03/01/20260.2%
Anheuser-Busch InBev Worldwide, Inc.4.000% 04/13/20280.2%
Gulfstream Natural Gas System LLC4.600% 09/15/20250.2%
Aquarion Co.4.000% 08/15/20240.2%
AmeriCredit Automobile Receivables Trust 2017-43.080% 12/18/20230.2%
Federal Home Loan Mortgage Corp.3.444% 12/25/20270.2%
Flagship Credit Auto Trust 2018-12.590% 06/15/20220.2%
California Republic Auto Receivables Trust 2015-43.730% 11/15/20210.2%
California Resources Corp.8.000% 12/15/20220.2%
Baker Hughes a GE Co LLC / Baker Hughes Co-Obligor3.337% 12/15/20270.2%
Kraft Heinz Foods Co.6.875% 01/26/20390.2%
American Axle & Manufacturing, Inc.6.250% 04/01/20250.2%
Morgan Stanley3.625% 01/20/20270.2%
GCP Applied Technologies, Inc.9.500% 02/01/20230.2%
Alta Mesa Holdings L.P. / Alta Mesa Finance Servic7.875% 12/15/20240.2%
William Lyon Homes, Inc.5.875% 01/31/20250.2%
Goldman Sachs Group, Inc.2.908% 06/05/20230.2%
BWAY Holding Co.7.250% 04/15/20250.2%
DISH DBS Corp.7.750% 07/01/20260.2%
Rockies Express Pipeline LLC6.875% 04/15/20400.2%
Silversea Cruise Finance Ltd.7.250% 02/01/20250.2%
Oracle Corp.6.125% 07/08/20390.2%
Brand Energy & Infrastructure Services Inc8.500% 07/15/20250.2%
Community Health Systems, Inc.8.000% 11/15/20190.2%
Drive Auto Receivables Trust 2017-21.820% 06/15/20200.2%
Quicken Loans Inc5.250% 01/15/20280.2%
Santander Drive Auto Receivables Trust 2017-21.600% 03/16/20200.2%
Canadian Natural Resources Ltd.3.850% 06/01/20270.2%
Mohegan Tribal Gaming Authority7.875% 10/15/20240.2%
World Financial Network Credit Card Master Trust2.660% 08/15/20240.2%
Leidos, Inc.7.125% 07/01/20320.2%
Continental Resources, Inc.4.900% 06/01/20440.2%
Enterprise Products Operating LLC5.750% 03/01/20350.2%
Caesars Palace Las Vegas Trust 2017-VICI3.835% 10/15/20340.2%
Macquarie Group Ltd.4.654% 03/27/20290.2%
Kinder Morgan, Inc.7.750% 01/15/20320.2%
CarMax Auto Owner Trust2.440% 11/16/20200.2%
Westlake Automobile Receivables Trust 2017-21.800% 07/15/20200.2%
Ford Credit Floorplan Master Owner Trust A2.160% 09/15/20220.2%
California Republic Auto Receivables Trust 2016-11.890% 05/15/20200.2%
SPX FLOW, Inc.5.625% 08/15/20240.2%
BANK 2018-BNK103.898% 02/15/20610.2%
T-Mobile USA, Inc.6.500% 01/15/20260.2%
Cenovus Energy, Inc.5.400% 06/15/20470.2%
Solera Finance, Inc.10.500% 03/01/20240.2%
Comcast Corp.3.969% 11/01/20470.2%
MEG Energy Corp.6.375% 01/30/20230.2%
Dynegy, Inc.7.625% 11/01/20240.2%
Chemours Co.7.000% 05/15/20250.2%
Ahern Rentals, Inc.7.375% 05/15/20230.2%
Eldorado Resorts, Inc.6.000% 04/01/20250.2%
Century Aluminum Co.7.500% 06/01/20210.2%
Sirius XM Radio, Inc.6.000% 07/15/20240.2%
Popular, Inc.7.000% 07/01/20190.2%
Weight Watchers International, Inc.8.625% 12/01/20250.2%
Helmerich & Payne International Drilling Co.4.650% 03/15/20250.2%
Ashton Woods USA LLC / Ashton Woods Finance Co.6.750% 08/01/20250.2%
Pulte Group, Inc.5.500% 03/01/20260.2%
Jason6.814% 06/30/20210.1%
Crosby Group (KKR)4.904% 11/22/20200.1%
WellCare Health Plans, Inc.5.250% 04/01/20250.1%
UTEX Industries5.877% 05/22/20210.1%
York Risk Services5.627% 10/01/20210.1%
J.C. Penney Corp., Inc.5.875% 07/01/20230.1%
South Carolina Electric & Gas Co.6.050% 01/15/20380.1%
AMC Networks, Inc.4.750% 12/15/20220.1%
Amgen, Inc.6.400% 02/01/20390.1%
Peak 10 Holding Corp9.023% 08/01/20250.1%
Neuberger Berman Group LLC4.500% 03/15/20270.1%
Conn's, Inc.7.250% 07/15/20220.1%
Goodman US Finance Three LLC3.700% 03/15/20280.1%
Weight Watchers International, Inc.6.446% 11/29/20240.1%
Westpac Banking Corp.4.322% 11/23/20310.1%
Calpine Corporation4.377% 01/15/20250.1%
Warrior Met Coal Inc8.000% 11/01/20240.1%
Cablevision Systems Corp.5.875% 09/15/20220.1%
BakerCorp4.772% 02/07/20200.1%
Barrick North America Finance LLC7.500% 09/15/20380.1%
Sanchez Energy Corp.6.125% 01/15/20230.1%
Amazon.com, Inc.3.150% 08/22/20270.1%
CCO Holdings LLC / CCO Holdings Capital Corp.5.750% 02/15/20260.1%
Polaris Intermediate Corp8.500% 12/01/20220.1%
CEC Entertainment, Inc.8.000% 02/15/20220.1%
Valmont Industries, Inc.5.250% 10/01/20540.1%
Pulte Group, Inc.7.875% 06/15/20320.1%
Walgreen Co.4.500% 11/18/20340.1%
European Investment Bank1.250% 05/15/20180.1%
Drive Auto Receivables Trust3.020% 11/15/20210.1%
Rayonier AM Products, Inc.5.500% 06/01/20240.1%
Santander Drive Auto Receivables Trust2.650% 08/17/20200.1%
Engs Commercial Finance Trust2.310% 10/22/20210.1%
Macquarie Bank Ltd.6.625% 04/07/20210.1%
Hillman Group, Inc.6.375% 07/15/20220.1%
Morgan Stanley4.000% 07/23/20250.1%
Flagship Credit Auto Trust 2017-42.070% 04/15/20220.1%
HCA, Inc.7.500% 11/06/20330.1%
Summit Materials LLC5.125% 06/01/20250.1%
Dow Chemical Co.9.400% 05/15/20390.1%
Monitronics International, Inc.9.125% 04/01/20200.1%
Scotts Miracle-Gro Co.6.000% 10/15/20230.1%
Intelsat Connect Finance SA12.500% 04/01/20220.1%
AmeriCredit Automobile Receivables Trust 2017-22.970% 03/20/20230.1%
Netflix, Inc.5.750% 03/01/20240.1%
California Republic Auto Receivables Trust 2016-21.560% 07/15/20200.1%
Bill Barrett Corp.7.000% 10/15/20220.1%
Tronox Finance LLC7.500% 03/15/20220.1%
Sealed Air Corp.5.500% 09/15/20250.1%
BAT Capital Corp3.557% 08/15/20270.1%
IRB Holding Corp.4.936% 02/05/20250.1%
Hilcorp Energy L.P. / Hilcorp Finance Co.5.000% 12/01/20240.1%
Ortho-Clinical Diagnostics Inc / Ortho-Clinical Di6.625% 05/15/20220.1%
SunTrust Auto Receivables Trust1.780% 01/15/20210.1%
Enbridge Energy Partners L.P.5.133% 10/01/20370.1%
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%
CNO Financial Group, Inc.5.250% 05/30/20250.1%
Brink's Co/The4.625% 10/15/20270.1%
Government National Mortgage Association2.700% 07/16/20570.1%
Transocean Proteus Ltd.6.250% 12/01/20240.1%
Appalachian Power Co.7.000% 04/01/20380.1%
BJ's Wholesale Club, Inc.5.191% 02/03/20240.1%
Team Health Holdings, Inc.6.375% 02/01/20250.1%
Colonial Pipeline Co.4.250% 04/15/20480.1%
IRB Holding Corp6.750% 02/15/20260.1%
First Investors Auto Owner Trust2.410% 12/15/20220.1%
Nationstar Mortgage LLC / Nationstar Capital Corp.7.875% 10/01/20200.1%
Mercedes-Benz Auto Receivables Trust 2016-11.260% 02/16/20210.1%
Cliffs Natural Resources, Inc.5.750% 03/01/20250.1%
Chrysler Capital Auto Receivables Trust2.280% 11/15/20190.1%
International Paper Co.7.300% 11/15/20390.1%
TNT Crane and Rigging6.802% 11/27/20200.1%
Caesars Palace Las Vegas Trust 2017-VICI4.138% 10/15/20340.1%
Government National Mortgage Association2.650% 11/16/20500.1%
Citigroup, Inc.4.450% 09/29/20270.1%
Bancorp Commercial Mortgage 2018-CRE3 Trust/The2.627% 01/15/20330.1%
Edison International4.125% 03/15/20280.1%
Carnival plc7.875% 06/01/20270.1%
Tapstone Energy LLC / Tapstone Energy Finance Corp9.750% 06/01/20220.1%
Almonde, Inc.9.234% 06/13/20250.1%
BlueLine Rental Finance Corp. / BlueLine Rental LL9.250% 03/15/20240.1%
Dell International LLC / EMC Corp.8.350% 07/15/20460.1%
Navios Maritime Acq Corp./Fin US Inc.8.125% 11/15/20210.1%
Continental Resources, Inc.3.800% 06/01/20240.1%
Ascentium Equipment Receivables 2017-1 Trust1.870% 07/10/20190.1%
Equinix, Inc.5.875% 01/15/20260.1%
Navient Corp.6.625% 07/26/20210.1%
Government National Mortgage Association2.750% 02/16/20580.1%
Capital One Multi-Asset Execution Trust2.357% 07/15/20270.1%
Navios Maritime Holdings, Inc. / Navios Maritime F7.375% 01/15/20220.1%
William Lyon Homes, Inc.6.000% 09/01/20230.1%
Quality Distribution, Inc.10.802% 08/18/20230.1%
Drive Auto Receivables Trust2.610% 08/16/20210.1%
Aleris International, Inc.9.500% 04/01/20210.1%
General Electric Co.6.150% 08/07/20370.1%
AmeriCredit Automobile Receivables Trust 2015-32.080% 09/08/20200.1%
New York and Presbyterian Hospital/The4.063% 08/01/20560.1%
Norbord, Inc.6.250% 04/15/20230.1%
WPX Energy, Inc.5.250% 09/15/20240.1%
Jacobs Entertainment, Inc.7.875% 02/01/20240.1%
Netflix, Inc.4.375% 11/15/20260.1%
Air Canada7.750% 04/15/20210.1%
Drive Auto Receivables Trust4.160% 05/15/20240.1%
Citgo Holding, Inc.10.750% 02/15/20200.1%
OM Asset Management plc4.800% 07/27/20260.1%
Drive Auto Receivables Trust2.510% 01/15/20210.1%
Flagship Credit Auto Trust 2017-31.880% 10/15/20210.1%
GM Financial Automobile Leasing Trust 2016-31.610% 12/20/20190.1%
BCD Acquisition, Inc.9.625% 09/15/20230.1%
TCF Auto Receivables Owner Trust 2016-PT12.920% 10/17/20220.1%
U.S. Treasury Note/Bond1.875% 04/30/20220.1%
AmeriCredit Automobile Receivables Trust 2017-31.690% 12/18/20200.1%
Valeant Pharmaceuticals International, Inc.5.625% 12/01/20210.1%
Peabody Energy Corp.6.375% 03/31/20250.1%
Government National Mortgage Association2.600% 07/16/20580.1%
Community Health Systems, Inc.6.250% 03/31/20230.1%
Expedia, Inc.5.000% 02/15/20260.1%
CCUBS Commercial Mortgage Trust 2017-C13.907% 11/15/20500.1%
Caesars Palace Las Vegas Trust 2017-VICI4.354% 10/15/20340.1%
EPR Properties4.750% 12/15/20260.1%
CarMax Auto Owner Trust 2014-32.290% 06/15/20200.1%
American Credit Acceptance Receivables Trust 2017-1.820% 03/10/20200.1%
Lincoln National Corp.6.300% 10/09/20370.1%
Flagship Credit Auto Trust 2017-32.590% 07/15/20220.1%
Neuberger Berman Group LLC4.875% 04/15/20450.1%
Frontier Communications Corp.11.000% 09/15/20250.1%
First Investors Auto Owner Trust2.720% 04/17/20230.1%
AK Steel Corp.7.000% 03/15/20270.1%
Vulcan Materials Co.4.700% 03/01/20480.1%
Energy Transfer Partners LP7.500% 07/01/20380.1%
JPMBB Commercial Mortgage Securities Trust4.308% 07/15/20480.1%
Flagship Credit Auto Trust2.380% 10/15/20200.1%
Building Materials Corp. of America6.000% 10/15/20250.1%
COMM Mortgage Trust4.441% 07/10/20500.1%
Kaiser Foundation Hospitals4.150% 05/01/20470.1%
American International Group, Inc.4.800% 07/10/20450.1%
Acadia Healthcare Co., Inc.5.625% 02/15/20230.1%
Reynolds American, Inc.5.700% 08/15/20350.1%
Cedar Fair L.P. / Canada's Wonderland Co. / Magnum5.375% 04/15/20270.1%
Morgan Stanley3.875% 01/27/20260.1%
California Republic Auto Receivables Trust2.660% 08/17/20200.1%
Amazon.com, Inc.4.800% 12/05/20340.1%
National Oilwell Varco, Inc.3.950% 12/01/20420.1%
Drive Auto Receivables Trust2.200% 05/15/20200.1%
E*TRADE Financial Corp.3.800% 08/24/20270.1%
Dell International LLC / EMC Corp.5.450% 06/15/20230.1%
Bayer Corp6.650% 02/15/20280.1%
TI Group Automotive Systems LLC8.750% 07/15/20230.1%
Cleco Power LLC6.000% 12/01/20400.1%
Bank of America Corp.4.450% 03/03/20260.1%
CarMax Auto Owner Trust2.080% 01/15/20200.1%
GM Financial Automobile Leasing Trust 2017-21.720% 01/21/20200.1%
California Republic Auto Receivables Trust 2016-22.520% 05/16/20220.1%
Berkshire Hathaway Energy Co.3.800% 07/15/20480.1%
Dell International LLC / EMC Corp7.125% 06/15/20240.1%
Viking Cruises Ltd.5.875% 09/15/20270.1%
Kinross Gold Corp.5.950% 03/15/20240.1%
Chobani LLC / Chobani Finance Corp Inc7.500% 04/15/20250.1%
South Carolina Electric & Gas Co.6.625% 02/01/20320.1%
Building Materials Corp. of America5.500% 02/15/20230.1%
Teva Pharmaceutical Finance Netherlands III BV2.200% 07/21/20210.1%
First Data Corp.5.750% 01/15/20240.1%
Berry Petroleum Co.7.000% 02/15/20260.1%
Goodman US Finance Four LLC4.500% 10/15/20370.1%
SM Energy Co.6.500% 01/01/20230.1%
Unum Group5.750% 08/15/20420.1%
Bank of America Corp.4.000% 01/22/20250.1%
PPL Corp.5.200% 07/15/20410.1%
Ally Auto Receivables Trust 2017-51.810% 06/15/20200.1%
Santander Drive Auto Receivables Trust 2016-31.890% 06/15/20210.1%
Halcon Resources Corp.6.750% 02/15/20250.1%
AmeriCredit Automobile Receivables Trust 2017-32.240% 06/19/20230.0%
Hunt Cos Inc6.250% 02/15/20260.0%
Republic of Argentina4.625% 01/11/20230.0%
Central Garden & Pet Co.5.125% 02/01/20280.0%
Toronto-Dominion Bank3.625% 09/15/20310.0%
Precision Drilling Corp.7.750% 12/15/20230.0%
Kratos Defense & Security Solutions Inc6.500% 11/30/20250.0%
First Cash Financial Services, Inc.5.375% 06/01/20240.0%
Affiliated Managers Group, Inc.4.250% 02/15/20240.0%
American Credit Acceptance Receivables Trust 2016-6.090% 05/12/20220.0%
Ascension Health3.945% 11/15/20460.0%
Dell International LLC / EMC Corp3.480% 06/01/20190.0%
Honda Auto Receivables 2016-2 Owner Trust1.390% 04/15/20200.0%
Ford Credit Auto Owner Trust1.040% 09/15/20190.0%
Forterra, Inc.4.877% 10/25/20230.0%
Drive Auto Receivables Trust2.370% 11/16/20200.0%
Pennsylvania5.350% 05/01/20300.0%
Commercial Mortgage Backed Index Swap0.350% 10/17/20570.0%
MGM Growth Properties Operating Partnership LP / M5.625% 05/01/20240.0%
Valvoline, Inc.5.500% 07/15/20240.0%
Pharmaceutical Product Development LLC6.375% 08/01/20230.0%
Physicians Realty L.P.4.300% 03/15/20270.0%
Santander Drive Auto Receivables Trust 2017-32.760% 12/15/20220.0%
Santander Drive Auto Receivables Trust2.600% 11/16/20200.0%
Rent-A-Center, Inc.4.750% 05/01/20210.0%
Honda Auto Receivables Trust1.040% 04/18/20190.0%
Mercedes-Benz Auto Receivables Trust1.340% 12/16/20190.0%
International Lease Finance Corp.5.875% 08/15/20220.0%
Grinding Media, Inc. / MC Grinding Media Canada, I7.375% 12/15/20230.0%
Acadia Healthcare Co., Inc.6.500% 03/01/20240.0%
Koppers, Inc.6.000% 02/15/20250.0%
Drive Auto Receivables Trust4.180% 03/15/20240.0%
Ascentium Equipment Receivables 2017-1 Trust2.290% 06/10/20210.0%
California Republic Auto Receivables Trust 2015-42.040% 01/15/20200.0%
Affiliated Managers Group, Inc.3.500% 08/01/20250.0%
First Investors Auto Owner Trust 2016-21.530% 11/16/20200.0%
Valeant Pharmaceuticals International, Inc.7.500% 07/15/20210.0%
Commercial Mortgage Backed Index Swap0.350% 10/17/20570.0%
GM Financial Consumer Automobile 2017-12.300% 06/16/20230.0%
Americredit Automobile Receivables Trust 2016-41.340% 04/08/20200.0%
CarMax Auto Owner Trust1.210% 11/15/20190.0%
Drive Auto Receivables Trust 2017-21.630% 08/15/20190.0%
CNH Equipment Trust1.050% 11/15/20190.0%
MPH Acquisition Holdings LLC7.125% 06/01/20240.0%
HudBay Minerals, Inc.7.250% 01/15/20230.0%
NYU Hospitals Center4.368% 07/01/20470.0%
Peabody Energy Corp.6.000% 03/31/20220.0%
Ascentium Equipment Receivables 2016-2 Trust1.460% 04/10/20190.0%
Santander Drive Auto Receivables Trust2.130% 08/17/20200.0%
AmeriCredit Automobile Receivables Trust 2014-31.920% 11/08/20190.0%
TCF Auto Receivables Owner Trust 2016-11.390% 11/15/20190.0%
US 2YR NOTE (CBT) JUN180.000% 07/05/20180.0%
US 10YR ULTRA FUT JUN180.000% 06/29/20180.0%
US LONG BOND(CBT) JUN180.000% 06/29/20180.0%
US 5YR NOTE (CBT) JUN180.000% 07/05/20180.0%
US 10YR NOTE (CBT)JUN180.000% 06/29/20180.0%
Commercial Mortgage Backed Index Swap0.350% 10/17/20570.0%
Commercial Mortgage Backed Index Swap3.000% 11/18/20540.0%
Commercial Mortgage Backed Index Swap3.000% 11/18/20540.0%
Commercial Mortgage Backed Index Swap0.500% 09/17/20580.0%
Commercial Mortgage Backed Index Swap0.500% 09/17/20580.0%
Commercial Mortgage Backed Index Swap0.500% 09/17/20580.0%
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 05/25/2018
$0.176
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 04/30/2018 $0.04799 $14.72
Daily Daily 03/31/2018 $0.04599 $14.84
Daily Daily 02/28/2018 $0.04169 $14.86
Daily Daily 01/31/2018 $0.04083 $15.03

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 05/31/2018
Daily Daily 06/30/2018
Daily Daily 07/31/2018
Daily Daily 08/31/2018
Daily Daily 09/30/2018
Daily Daily 10/31/2018
Daily Daily 11/30/2018
Daily Daily 12/31/2018

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 05/25/2018

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $15.04
$100,000 to $249,999 1.75% 1.50% $14.96
$250,000 to $499,999 1.25% 1.00% $14.89
$500,000 to $999,999 0.00% 1.00% $14.70
$1,000,000 to $5,000,000 0.00% 1.00% $14.70

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 Click here.

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 may combine the value of Class A, B, C, F, and P shares of any eligible fund currently owned with a new purchase of Class A shares of any eligible fund in order to reduce the sales charge on the new purchase. Class I, R2, and R3 share holdings may not be combined for these purposes.

    To the extent that your financial intermediary is able to do so, the value of Class A, B, C, F, and P shares of eligible funds determined for the purpose of reducing the sales charge of a new purchase under the Rights of Accumulation will be calculated at the higher of: 1) the aggregate current maximum offering price of your existing Class A, B, C, F, and P shares of eligible funds or 2) the aggregate amount you invested in such shares (including dividend reinvestments but excluding capital appreciation) less any withdrawals. You should retain any information and account records necessary to substantiate the historical amounts you and any related purchasers have invested in eligible funds. You must inform a fund and/or your financial intermediary at the time of purchase if you believe your purchase qualifies for a reduced sales charge; you may be requested to provide documentation of your holdings in order to verify your eligibility. If you do not do so, you may not receive all sales charge reductions for which you are eligible.

  • Letter of Intention — In order to reduce your Class A front-end sales charge, a purchaser may combine purchases of Class A, B, C, F, and P shares of any eligible fund the purchaser intends to make over the next 13 months in determining the applicable sales charge. The 13-month Letter of Intention period commences on the day that the Letter of Intention is received by a fund, and the purchaser must tell a fund that later purchases are subject to the Letter of Intention. Purchases submitted prior to the date the Letter of Intention is received by a fund are not counted toward the sales charge reduction. Current holdings under Rights of Accumulation may be included in a Letter of Intention in order to reduce the sales charge for purchases during the 13-month period covered by the Letter of Intention. Shares purchased through reinvestment of dividends or distributions are not included. Class I, R2, and R3 share holdings may not be combined for these purposes. Class A shares valued at 5% of the amount of intended purchases are escrowed and may be redeemed to cover the additional sales charges payable if the intended purchases under the Letter of Intention is not completed. The Letter of Intention is neither a binding obligation on you to buy nor on a fund to sell any or all of an intended purchase amount.

Purchaser — A purchaser includes: 1) an individual; 2) an individual, his or her spouse, and children under the age of 21; 3) retirement and benefit plans, including a 401(k) plan, profit-sharing plan, money purchase plan, defined benefit plan, and 457(b) plan sponsored by a governmental entity, nonprofit organization, school district, or church to which employer contributions are made, as well as SIMPLE IRA plans and SEP-IRA plans; or 4) a trustee or other fiduciary purchasing shares for a single trust, estate, or single fiduciary account. An individual may include under item (1) his or her holdings in eligible funds as described above in IRAs, as a sole participant of a retirement and benefit plan sponsored by the individual's business, and as a participant in a 403(b) plan to which only pretax salary deferrals are made. An individual and his or her spouse may include under item (2) their holdings in IRAs, and as the sole participants in retirement and benefit plans sponsored 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 single bank trustee.

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

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

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

 

Expense Ratioas of 04/30/2018

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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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 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 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 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.

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