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Emerging Markets Corporate Debt Fund

Daily price w/o sales charge as of 08/21/2018

$14.50

arrowUp$0.01

YTD Returns w/o sales charge as of 08/21/2018

-3.96%

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 Emerging Markets Corporate Debt Fund?

The Fund seeks to deliver current income and long term growth of capital by investing primarily in emerging markets corporate debt securities.

DOLLAR DENOMINATED

Provides an allocation to global investment opportunities without the currency volatility of local debt.

HISTORICALLY HIGHER YIELDS

EM Corporate Debt has provided higher yields than comparably rated U.S. corporate bonds.

STRONG PERFORMANCE

Has provided solid performance, with low expenses, relative to peers.

Yield

Dividend Yield 1 as of 08/21/2018  

  Subsidized3 Un-Subsidized4
w/o sales charge 4.50% 4.00%
w/ sales charge 4.40% 3.91%

30-Day Standardized Yield 2 as of 07/31/2018  

  Subsidized5 Un-Subsidized6
w/o sales charge 4.73% 4.20%

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

Expense Ratioas of 07/31/2018

Expense ratio details, Click here.

Fund Basicsas of 07/31/2018

Total Net Assets
$46.91 M
Inception Date
12/31/2013
Dividend Frequency
Monthly (Daily Accrual)
Number of Holdings
225
CUSIP
543908677
Minimum Initial Investment
$1,000+

Fund Expense Ratio :

Gross 1.55%

Net 1.05%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2013
w/o sales charge -2.41% -0.14% 4.38% - - 5.08%
Lipper Category Avg. Emerging Mrkts Hard Currency Debt Funds -3.54% -1.03% 4.45% - - -
J.P. Morgan CEMBI Broad Diversified Index -1.46% 0.51% 4.46% - - 4.81%
w/ sales charge -4.62% -2.40% 3.60% - - 4.56%

Fund Expense Ratio :

Gross 1.55%

Net 1.05%

Fund Expense Ratio :

Gross 1.55%

Net 1.05%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2013
w/o sales charge -4.47% -1.34% 3.71% - - 4.68%
Lipper Category Avg. Emerging Mrkts Hard Currency Debt Funds -5.74% -2.20% 3.47% - - -
J.P. Morgan CEMBI Broad Diversified Index -2.87% -0.14% 3.94% - - 4.57%
w/ sales charge -6.63% -3.58% 2.94% - - 4.16%

Fund Expense Ratio :

Gross 1.55%

Net 1.05%

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.

RELATED CONTENT

EM Corporates: More Than a Fringe Asset Class
April 5, 2017

The days of emerging-market corporate bonds being thought of as a niche asset class are, in our view, behind us.

Bonds: Emerging Markets Are Back
March 27, 2017

Amid a brighter outlook for global growth and expectations of a less hawkish U.S. Federal Reserve, dollar-denominated EM corporate bonds offer a solid opportunity to participate in improving market fundamentals.

EM Corporate Bonds: On the Comeback Trail
September 6, 2016

Emerging markets (EM) got swept up in the broader concerns about a global economic slowdown. But they’re enjoying a comeback—and EM hard-currency corporate bonds may be one way to access the potential.

Country Assets
China
Brazil
Peru
Mexico
Turkey
UAE
Russia
Argentina
Colombia
Indonesia
Chile
India
Qatar
Israel
South Korea
South Africa
Nigeria
Singapore
Hong Kong
Zambia
Kazakhstan
Ukraine
Thailand
Malaysia
Saudi Arabia
United States
Ghana
Kuwait
Paraguay
Jamaica
Uruguay
Georgia
Morocco
Angola
Egypt
Sri Lanka
Oman
Costa Rica
Panama
Guatemala
Australia
Puerto Rico

Region classifications of countries are defined by Lord Abbett and may not be consistent with the MSCI region definitions. Country classifications of securities held within the universe of MSCI indexes are defined by MSCI. Country classifications of securities held by the portfolio only, and not included within the universe of MSCI indexes, are defined by Lord Abbett.

Region Assets
Latin America
Asia
Middle East/Africa
Europe
North America

Credit Quality Distribution as of 07/31/2018 View Portfolio

Rating Assets
AA
A
BBB
<BBB
Not Rated

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

INVESTMENT TEAM

John Morton
John J. Morton, CFA

Portfolio Manager

33 Years of Industry Experience

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Director of Taxable Fixed Income

17 Years of Industry Experience

Supported By 62 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 08/21/2018  

  Subsidized3 Un-Subsidized4
w/o sales charge 4.50% 4.00%
w/ sales charge 4.40% 3.91%

30-Day Standardized Yield 2 as of 07/31/2018  

  Subsidized5 Un-Subsidized6
w/o sales charge 4.73% 4.20%

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

Fund Expense Ratio :

Gross 1.55%

Net 1.05%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2013
w/o sales charge -2.41% -0.14% 4.38% - - 5.08%
Lipper Category Avg. Emerging Mrkts Hard Currency Debt Funds -3.54% -1.03% 4.45% - - -
J.P. Morgan CEMBI Broad Diversified Index -1.46% 0.51% 4.46% - - 4.81%
w/ sales charge -4.62% -2.40% 3.60% - - 4.56%

Fund Expense Ratio :

Gross 1.55%

Net 1.05%

Fund Expense Ratio :

Gross 1.55%

Net 1.05%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2013
w/o sales charge -4.47% -1.34% 3.71% - - 4.68%
Lipper Category Avg. Emerging Mrkts Hard Currency Debt Funds -5.74% -2.20% 3.47% - - -
J.P. Morgan CEMBI Broad Diversified Index -2.87% -0.14% 3.94% - - 4.57%
w/ sales charge -6.63% -3.58% 2.94% - - 4.16%

Fund Expense Ratio :

Gross 1.55%

Net 1.05%

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.

Year Fund Returns J.P. Morgan CEMBI Broad Diversified Index
2017 8.54% 7.96%
2016 9.03% 9.65%
2015 1.77% 1.30%
2014 6.76% 4.96%
2013 0.01% -0.60%
Year Q1 Q2 Q3 Q4 Yearly Returns
2018 -1.49% -3.03% - - -3.96%
2017 3.28% 1.76% 2.59% 0.67% 8.54%
2016 4.37% 3.59% 2.81% -1.93% 9.03%
2015 2.14% 0.96% -1.58% 0.27% 1.77%
2014 2.75% 4.76% 0.30% -1.12% 6.76%
2013 - - - - 0.01%

Performance is shown for each quarter and each calendar year. Past performance is no guarantee of future results.

Growth of $10,000 as of 04/30/2018

The chart begins on the Fund's inception date of 12/31/2013.

Based on a hypothetical Class A share investment of $10,000 on 12/31/2013 without sales charge and includes the reinvestment of all distributions.

 

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Rating Assets
Investment Grade Corporate
High Yield Corporate
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 07/31/2018

Rating Assets
AA
A
BBB
<BBB
Not Rated

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

Portfolio Positioningas of 6/30/2018

  • We maintained the portfolio’s exposure to higher beta emerging markets countries. Despite a spike in volatility in global markets, we believe this segment will continue to perform well due to improving fundamentals.
  • The portfolio maintained an overweight positioning in Latin America. We think the outlook remains favorable for the region, as economic reforms in key countries in Latin America are translating into stronger economic growth.  
  • We maintained the portfolio’s overweight exposure to commodity producers in Russia and Brazil such as Vale, a large Brazilian iron ore producer. The majority of commodity prices remain on strong footing and we anticipate strong demand to continue given a recovery in global growth.
  • We remained defensively positioned in Asia due to ongoing tensions in the region and potential negative implications as a result of increased idiosyncratic risks and the threat of an escalating trade war with China. 

Portfolio Details as of 07/31/2018

Total Net Assets
$46.91 M
Number of Issues
225
Average Coupon
5.39%
Average Life
8.49 Years
Average Maturity
8.39 Years
Average Modified Duration
4.87 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 Life - Measures how long it will take, on average, to receive the repayment of the principal amount on a debt security.  Average life is often used in connection with mortgage-backed securities as a measurement of the length of time, on average, before the underlying mortgages are paid, refinanced, or otherwise retired.

Average 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.

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

Holding Coupon Maturity Assets
YPF S.A. 6.950% 07/21/2027 1.4%
Vale Overseas Ltd. 6.875% 11/10/2039 1.0%
Ecopetrol S.A. 4.125% 01/16/2025 1.0%
Israel Electric Corp. 4.250% 08/14/2028 1.0%
Petrobras Global Finance BV 5.999% 01/27/2028 0.9%
Banco Mercantil del Norte SA/Grand Cayman 7.625% 07/06/2167 0.9%
Saudi Electricity Global Sukuk Co. 3 5.500% 04/08/2044 0.9%
Zenith Bank plc 7.375% 05/30/2022 0.9%
Turkiye Garanti Bankasi AS 6.250% 04/20/2021 0.9%
Tullow Oil plc 7.000% 03/01/2025 0.8%
% of Total Assets 9.7%

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
Gazprom OAO Via Gaz Capital SA4.950% 02/06/20281.6%
Petrobras Global Finance BV5.999% 01/27/20281.4%
YPF S.A.6.950% 07/21/20271.3%
Ecopetrol S.A.4.125% 01/16/20250.9%
Vale Overseas Ltd.6.875% 11/10/20390.9%
Israel Electric Corp.4.250% 08/14/20280.9%
Vnesheconombank Via VEB Finance plc6.800% 11/22/20250.8%
Saudi Electricity Global Sukuk Co. 35.500% 04/08/20440.8%
Turkiye Garanti Bankasi AS6.250% 04/20/20210.8%
Banco Mercantil del Norte SA/Grand Cayman7.625% 07/06/21670.8%
Zenith Bank plc7.375% 05/30/20220.8%
Hyundai Capital America3.450% 03/12/20210.8%
QNB Finance Ltd.2.875% 04/29/20200.8%
Eskom Holdings SOC Ltd.5.750% 01/26/20210.8%
Abu Dhabi National Energy Co.4.375% 06/22/20260.8%
Industrial & Commercial Bank of China Ltd/Dubai2.625% 05/26/20200.8%
Acwa Power Management And Investments One Ltd5.950% 12/15/20390.8%
Qtel International Finance Ltd.3.250% 02/21/20230.8%
Turkiye Is Bankasi5.000% 04/30/20200.8%
SURA Asset Management SA4.375% 04/11/20270.8%
Tullow Oil plc7.000% 03/01/20250.8%
MMC Norilsk Nickel OJSC via MMC Finance Ltd.4.100% 04/11/20230.8%
Braskem Netherlands Finance BV4.500% 01/10/20280.7%
Adani Ports & Special Economic Zone Ltd4.000% 07/30/20270.7%
Turkiye Vakiflar Bankasi Tao5.625% 05/30/20220.7%
DP World Ltd.6.850% 07/02/20370.7%
JB y Co SA de CV3.750% 05/13/20250.7%
Kaisa Group Holdings Ltd.9.375% 06/30/20240.6%
Petrobras Global Finance BV7.250% 03/17/20440.6%
Eterna Capital Pte Ltd8.000% 12/11/20220.6%
Provincia de la Rioja9.750% 02/24/20250.6%
Shimao Property Holdings Ltd.8.375% 02/10/20220.5%
Southern Copper Corp.5.875% 04/23/20450.5%
Teva Pharmaceutical Finance Netherlands III BV6.000% 04/15/20240.5%
Embraer Netherlands Finance BV5.050% 06/15/20250.5%
Sberbank of Russia Via SB Capital S.A.5.250% 05/23/20230.5%
Banco de Credito del Peru4.850% 10/30/20200.5%
Reliance Industries Ltd.4.125% 01/28/20250.5%
Georgia Capital JSC6.125% 03/09/20240.5%
Fenix Power Peru SA4.317% 09/20/20270.5%
First Quantum Minerals Ltd.7.000% 02/15/20210.5%
Industrial & Commercial Bank of China Ltd.3.538% 11/08/20270.5%
OJSC Novolipetsk Steel via Steel Funding Ltd.4.000% 09/21/20240.5%
Petkim Petrokimya Holding AS5.875% 01/26/20230.5%
Ecopetrol S.A.5.875% 05/28/20450.5%
BBVA Bancomer SA5.125% 01/18/20330.4%
Medco Platinum Road Pte Ltd6.750% 01/30/20250.4%
Kazakhstan Temir Zholy Finance BV6.950% 07/10/20420.4%
Teva Pharmaceutical Finance Netherlands III BV2.800% 07/21/20230.4%
Alfa Bank OJSC Via Alfa Bond Issuance plc7.750% 04/28/20210.4%
Arcos Dorados Holdings, Inc.5.875% 04/04/20270.4%
Sberbank of Russia Via SB Capital S.A.6.125% 02/07/20220.4%
Bangkok Bank Public Co. Ltd.5.000% 10/03/20230.4%
OCP S.A.6.875% 04/25/20440.4%
Autopistas del Sol SA/Costa Rica7.375% 12/30/20300.4%
China Overseas Finance Cayman V Ltd.5.350% 11/15/20420.4%
Dolphin Energy Ltd.5.500% 12/15/20210.4%
SingTel Group Treasury Pte Ltd.4.500% 09/08/20210.4%
BBVA Banco Continental S.A.5.000% 08/26/20220.4%
Fresnillo plc5.500% 11/13/20230.4%
Rumo Luxembourg Sarl7.375% 02/09/20240.4%
Bahia Sul Holdings GmbH5.750% 07/14/20260.4%
Eldorado Intl. Finance GmbH8.625% 06/16/20210.4%
Gruposura Finance5.500% 04/29/20260.4%
HT Global IT Solutions Holdings Ltd7.000% 07/14/20210.4%
Banco de Bogota SA6.250% 05/12/20260.4%
Cemex Finance LLC6.000% 04/01/20240.4%
Bank of China Ltd.5.000% 11/13/20240.4%
Telefonica Celular del Paraguay SA6.750% 12/13/20220.4%
Hunt Oil Co of Peru LLC Sucursal Del Peru6.375% 06/01/20280.4%
KazMunayGas National Co.6.375% 10/24/20480.4%
Gruma SAB de CV4.875% 12/01/20240.4%
Kernel Holding SA8.750% 01/31/20220.4%
MAF Sukuk Ltd.4.500% 11/03/20250.4%
Perusahaan Listrik Negara PT6.150% 05/21/20480.4%
CNPC General Capital Ltd.3.950% 04/19/20220.4%
Zenith Bank plc6.250% 04/22/20190.4%
MHP S.A.7.750% 05/10/20240.4%
Angolan Government International Bond8.250% 05/09/20280.4%
E.CL SA4.500% 01/29/20250.4%
CNOOC Finance 2012 Ltd.3.875% 05/02/20220.4%
Bank of China Ltd./Hong Kong3.875% 06/30/20250.4%
China Railway Resources Huitung Ltd.3.850% 02/05/20230.4%
Banco de Credito del Peru4.250% 04/01/20230.4%
Peru LNG Srl5.375% 03/22/20300.4%
First Quantum Minerals Ltd.7.500% 04/01/20250.4%
EXIM Sukuk Malaysia Bhd2.874% 02/19/20190.4%
Qatar Government International Bond5.103% 04/23/20480.4%
ADCB Finance Cayman Ltd.4.000% 03/29/20230.4%
Abu Dhabi National Energy Co.4.875% 04/23/20300.4%
China Oil & Gas Group Ltd.5.000% 05/07/20200.4%
Woori Bank4.750% 04/30/20240.4%
Tencent Holdings Ltd.3.800% 02/11/20250.4%
Myriad International Holdings BV4.850% 07/06/20270.4%
National Savings Bank5.150% 09/10/20190.4%
Gas Natural de Lima y Callao S.A.4.375% 04/01/20230.4%
Cia Minera Milpo SAA4.625% 03/28/20230.4%
GNL Quintero SA4.634% 07/31/20290.4%
Cementos Pacasmayo SAA4.500% 02/08/20230.4%
Lukoil International Finance BV4.750% 11/02/20260.4%
Abu Dhabi National Energy Co.3.625% 01/12/20230.4%
Huarong Finance 2017 Co Ltd4.500% 01/24/21670.4%
SK Telecom Co. Ltd.3.750% 04/16/20230.4%
GC Treasury Center Co Ltd4.250% 09/19/20220.4%
Latam Finance Ltd.6.875% 04/11/20240.4%
Korea Exchange Bank4.250% 10/14/20240.4%
Swire Properties MTN Financing Ltd.3.625% 01/13/20260.4%
Delhi International Airport Pvt Ltd6.125% 10/31/20260.4%
China Overseas Finance Cayman V Ltd.3.950% 11/15/20220.4%
Corp Nacional del Cobre de Chile4.500% 08/01/20470.4%
ABJA Investment Co. Pte Ltd.5.950% 07/31/20240.4%
United Overseas Bank Ltd.3.500% 09/16/20260.4%
China Cinda Finance 2017 I Ltd4.100% 03/09/20240.4%
Hyundai Capital America2.600% 03/19/20200.4%
Axis Bank Ltd./Dubai3.250% 05/21/20200.4%
Baidu, Inc.3.500% 11/28/20220.4%
Korea Development Bank2.500% 01/13/20210.4%
Alibaba Group Holding Ltd.3.600% 11/28/20240.4%
Emirates Telecommunications Corp.3.500% 06/18/20240.4%
Eskom Holdings SOC Ltd.7.125% 02/11/20250.4%
Shinhan Bank2.250% 04/15/20200.4%
Celeo Redes Operacion Chile SA5.200% 06/22/20470.4%
Turkiye Sise ve Cam Fabrikalari AS4.250% 05/09/20200.4%
Bank of India3.125% 05/06/20200.4%
State Grid Overseas Investment 2016 Ltd2.250% 05/04/20200.4%
First Quantum Minerals Ltd.6.875% 03/01/20260.4%
Geopark Ltd.6.500% 09/21/20240.4%
CNAC HK Finbridge Co Ltd3.500% 07/19/20220.4%
Grupo Cementos de Chihuahua SAB de CV5.250% 06/23/20240.4%
VM Holding SA5.375% 05/04/20270.4%
Industrial Bank of Korea2.000% 04/23/20200.4%
KOC Holding AS5.250% 03/15/20230.4%
Petroleos del Peru SA5.625% 06/19/20470.4%
Transportadora de Gas del Peru SA4.250% 04/30/20280.4%
Yingde Gases Investment Ltd6.250% 01/19/20230.4%
Sigma Finance Netherlands BV4.875% 03/27/20280.4%
Indo Energy Finance II BV6.375% 01/24/20230.4%
Energuate Trust5.875% 05/03/20270.4%
Nigeria Government International Bond7.143% 02/23/20300.4%
CNOOC Finance (2015) U.S.A. LLC3.500% 05/05/20250.4%
Equate Petrochemical BV3.000% 03/03/20220.4%
CK Hutchison International 17 Ltd3.500% 04/05/20270.4%
Huarong Finance II Co Ltd4.625% 06/03/20260.4%
Banco do Brasil SA4.875% 04/19/20230.4%
Oztel Holdings SPC Ltd6.625% 04/24/20280.4%
Emirates Semb Corp Water & Power Co PJSC4.450% 08/01/20350.4%
Teva Pharmaceutical Finance Co. B.V.3.650% 11/10/20210.4%
WTT Investment Ltd/Hong Kong5.500% 11/21/20220.4%
Qtel International Finance Ltd.3.875% 01/31/20280.4%
Cosan Luxembourg SA5.000% 03/14/20230.4%
NBK SPC Ltd.2.750% 05/30/20220.4%
Banistmo SA3.650% 09/19/20220.4%
Halcyon Agri Corp Ltd4.500% 10/26/20990.4%
Phosagro OAO via Phosagro Bond Funding Ltd3.949% 04/24/20230.4%
MHP Lux SA6.950% 04/03/20260.4%
Tengizchevroil Finance Co International Ltd4.000% 08/15/20260.4%
Arcor6.000% 07/06/20230.4%
Unifin Financiera SAB de CV SOFOM ENR7.000% 01/15/20250.4%
Banco de Bogota SA4.375% 08/03/20270.4%
Turkiye Halk Bankasi AS4.750% 06/04/20190.4%
JD.com, Inc.3.875% 04/29/20260.4%
Abu Dhabi Crude Oil Pipeline LLC4.600% 11/02/20470.4%
Pakuwon Prima Pte Ltd5.000% 02/14/20240.4%
Grupo KUO SAB De CV5.750% 07/07/20270.4%
Saka Energi Indonesia PT4.450% 05/05/20240.4%
Marble II Pte Ltd.5.300% 06/20/20220.4%
Colbun S.A.3.950% 10/11/20270.4%
Banco do Brasil SA4.625% 01/15/20250.4%
Fibria Overseas Finance Ltd.4.000% 01/14/20250.4%
Finansbank A.S.4.875% 05/19/20220.4%
Nakilat, Inc.6.267% 12/31/20330.4%
CNAC HK Finbridge Co Ltd4.125% 07/19/20270.4%
Aegea Finance Sarl5.750% 10/10/20240.4%
China Evergrande Group6.250% 06/28/20210.4%
Egypt Government International Bond7.903% 02/21/20480.4%
Greenko Dutch BV5.250% 07/24/20240.4%
Cencosud SA4.375% 07/17/20270.4%
Itau Unibanco Holding SA (Cayman Islands)6.125% 12/12/21670.4%
Pampa Energia SA7.500% 01/24/20270.4%
Sinopec Group Overseas Development Ltd.4.100% 04/28/20450.4%
Press Metal Labuan Ltd4.800% 10/30/20220.4%
SACI Falabella3.750% 10/30/20270.4%
Minejesa Capital BV4.625% 08/10/20300.4%
Tencent Holdings Ltd.3.925% 01/19/20380.4%
Country Garden Holdings Co. Ltd.4.750% 09/28/20230.4%
Intercorp Financial Services Inc4.125% 10/19/20270.4%
Turkiye Vakiflar Bankasi Tao5.750% 01/30/20230.4%
Mexico City Airport Trust5.500% 07/31/20470.4%
Rede D'or Finance Sarl4.950% 01/17/20280.4%
Listrindo Capital BV4.950% 09/14/20260.4%
Banco de Credito e Inversiones3.500% 10/12/20270.4%
Capex SA6.875% 05/15/20240.4%
Tupras Turkiye Petrol Rafine4.500% 10/18/20240.4%
Indika Energy Capital III Pte Ltd5.875% 11/09/20240.4%
Mexichem SAB de CV5.500% 01/15/20480.4%
Turkiye Halk Bankasi AS4.750% 02/11/20210.4%
Infraestructura Energetica Nova SAB de CV4.875% 01/14/20480.3%
China Evergrande Group8.750% 06/28/20250.3%
Digicel Ltd.6.750% 03/01/20230.3%
GMR Hyderabad International Airport Ltd4.250% 10/27/20270.3%
BRF GmbH4.350% 09/29/20260.3%
CIMPOR Financial Operations BV5.750% 07/17/20240.3%
YPF S.A.7.000% 12/15/20470.3%
Banco Regional SAECA8.125% 01/24/20190.3%
BanColombia SA5.950% 06/03/20210.3%
Terraform Global Operating LLC6.125% 03/01/20260.3%
AngloGold Ashanti Holdings plc6.500% 04/15/20400.3%
CSN Resources SA6.500% 07/21/20200.3%
Grupo Televisa SAB6.625% 01/15/20400.3%
Samarco Mineracao S.A.4.125% 11/01/20220.3%
Ras Laffan Liquefied Natural Gas Co., Ltd.5.298% 09/30/20200.3%
Province of Neuquen8.625% 05/12/20280.3%
Teva Pharmaceutical Finance Netherlands III BV3.150% 10/01/20260.3%
Digicel Group Ltd.7.125% 04/01/20220.3%
Emirates Airline4.500% 02/06/20250.3%
Republic of Argentina7.820% 12/31/20330.3%
Rio Energy SA / UGEN SA / UENSA SA6.875% 02/01/20250.3%
Dubai Electricity & Wtr Auth7.375% 10/21/20200.2%
Guanay Finance Ltd.6.000% 12/15/20200.2%
Petronas Capital Ltd.5.250% 08/12/20190.2%
Bangkok Bank Public Co. Ltd.4.800% 10/18/20200.2%
IRSA Propiedades Comerciales SA8.750% 03/23/20230.2%
Province of Neuquen7.500% 04/27/20250.1%
Barminco Finance Pty Ltd.6.625% 05/15/20220.1%
Vale Overseas Ltd.4.375% 01/11/20220.1%
Provincia de Buenos Aires, Argentina6.500% 02/15/20230.1%
Vale Overseas Ltd.6.250% 08/10/20260.1%
Yum! Brands, Inc.5.350% 11/01/20430.1%
Uruguay Treasury Bills0.000% 03/08/20190.1%
Eterna Capital Pte Ltd7.500% 12/11/20220.1%
Vedanta Ltd0.000% -0.1%
Popular, Inc.7.000% 07/01/20190.1%
FX USD/EUR 12/180.000% 12/20/20180.0%
US ULTRA BOND CBT SEP180.000% 09/28/20180.0%
EURO-BOBL FUT Sep180.000% 09/10/20180.0%
US 10YR ULTRA FUT SEP180.000% 09/28/20180.0%
US LONG BOND(CBT) SEP180.000% 09/28/20180.0%
US 10YR NOTE (CBT)SEP180.000% 09/28/20180.0%
US 5YR NOTE (CBT) SEP180.000% 10/03/20180.0%
US 2YR NOTE (CBT) SEP180.000% 10/03/20180.0%

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 08/21/2018
$0.376
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 07/31/2018 $0.05439 $14.77
Daily Daily 06/30/2018 $0.05496 $14.54
Daily Daily 05/31/2018 $0.05465 $14.75
Daily Daily 04/30/2018 $0.05344 $15.00
Daily Daily 03/31/2018 $0.05282 $15.16
Daily Daily 02/28/2018 $0.05393 $15.32
Daily Daily 01/31/2018 $0.05257 $15.56

Upcoming Dividend Payment Dates

This section lists all anticipated income and Capital Gain distribution dates and any actual distributions are subject to adequacy of earnings and must be approved by the Board of Directors/Trustees. Please note that dates are subject to change.

Record Date Ex-Dividend Date Reinvest & Payable Date
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

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
07/30/2018 07/31/2018 - $0.0292 $0.0292 $14.77
*

Taxed as ordinary income

Lord Abbett does not provide tax advice. It is strongly recommended that you discuss the impact of dividends and distributions with your tax advisor. 

Upcoming Capital Gain Distribution

This section lists all anticipated income and Capital Gain distribution dates and any actual distributions are subject to adequacy of earnings and must be approved by the Board of Directors/Trustees. Please note that dates are subject to change.

Record Date Ex-Dividend Date
12/17/2018 12/18/2018

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 08/21/2018

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $14.83
$100,000 to $249,999 1.75% 1.50% $14.76
$250,000 to $499,999 1.25% 1.00% $14.68
$500,000 to $999,999 0.00% 1.00% $14.50
$1,000,000 to $5,000,000 0.00% 1.00% $14.50

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 07/31/2018

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
Flyer
Publish Date:11/03/2015
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.      

                    

*

J.P. Morgan

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. Investing in the bond market is also subject to issuer, call, and inflation risk; investments may be worth more or less than the original cost when redeemed. Bonds issued or guaranteed by foreign governments and governmental entities (commonly referred to as ‘‘sovereign debt’’) present risks not associated with investments in other types of bonds. The sovereign government or governmental entity issuing or guaranteeing the debt may be unable or unwilling to make interest payments and/or repay the principal owed. The Fund is subject to risks associated with its investments in emerging market securities. Foreign investments generally pose greater risks than domestic investments. The securities markets of emerging market countries tend to be less liquid, to be especially subject to greater price volatility, to have a smaller market capitalization, and to have less government regulation. Investing in foreign denominated and/or domiciled securities may involve heightened risk due to currency fluctuations, and economic and political risks, which may be increased in emerging markets. The Fund may invest substantially in derivatives, which are subject to certain risks such as liquidity, market, and counterparty risk and the risk that a position could not be closed when most advantageous. Investing in derivatives could cause the Fund to lose more than the amount invested. High-yield, lower-rated securities involve greater credit risk, price volatility, illiquidity, and default risk than higher-rated securities. These factors can affect Fund performance.
 

 

 

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 J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified (CEMBI BD) Index is a market capitalization weighted index that tracks total returns of US dollar-denominated debt instruments issued by corporate entities in Emerging Markets countries. The index limits the current face amount allocations of the bonds in the CEMBI Broad by constraining the total face amount outstanding for countries with larger debt stocks.

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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