LFRAX | Floating Rate Fund Class A | Lord Abbett

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Floating Rate Fund

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Daily price w/o sales charge as of 12/01/2023

$8.07

$0.00

YTD Returns w/o sales charge as of 12/01/2023

10.89%

Please click here for performance current to the most recent quarter-end and month-end.

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Summary

Summary

What is the Floating Rate Fund?

The Fund seeks to deliver a high level of current income by investing primarily in a variety of below investment grade loans.

 

HISTORY OF CREDIT RESEARCH

Brings a 45-year heritage of high-yield credit investing, based on rigorous, fundamental credit research.

ATTRACTIVE INCOME & LOW EXPENSES

Has provided attractive income and lower expenses relative to its Morningstar peer group category average.‡

ATTRACTIVE RETURN FOR RISK

Has offered a track record of strong performance versus peers in up and down markets, demonstrating the strength of this active approach as a core bank loan holding over a full market cycle.

Yield

Average Yield to Maturity as of 10/31/2023

9.84%

30-Day Standardized Yield 1 as of 10/31/2023  

8.65%

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

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

Fund Basicsas of 10/31/2023

Total Net Assets
$4.98 B
Inception Date
12/31/2007
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.80%
Fund Net Expense Ratio
0.80%
Number of Holdings
562
Minimum Initial Investment
$1,500+

Fund Expense Ratio :

Gross 0.80%

Net 0.80%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2007
w/o sales charge 10.87% 10.99% 5.13% 3.31% 3.41% 3.96%
Lipper Category Avg. Loan Participation Funds - - - - - -
CS Leveraged Loan Index 11.26% 11.65% 5.53% 4.74% 4.33% 4.58%
w/ sales charge 8.38% 8.51% 4.33% 2.83% 3.17% 3.81%

Performance data for the Lipper Category Average and for the Index is shown as soon as it becomes available.

Fund Expense Ratio :

Gross 0.80%

Net 0.80%

Fund Expense Ratio :

Gross 0.80%

Net 0.80%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2007
w/o sales charge 9.54% 12.15% 5.72% 2.79% 3.41% 3.92%
Lipper Category Avg. Loan Participation Funds 8.78% 11.49% 4.73% 3.02% 3.20% -
CS Leveraged Loan Index 9.91% 12.47% 5.91% 4.31% 4.33% 4.55%
w/ sales charge 7.09% 9.62% 4.95% 2.33% 3.18% 3.77%

Fund Expense Ratio :

Gross 0.80%

Net 0.80%

The performance quoted represents past performance, which is no indication of future results. Current performance may be higher or lower than the performance data quoted. Returns shown include the reinvestment of all distributions. Returns shown at net asset value do not reflect the current maximum sales charge, had the sales charge been included, returns would have been lower. The investment return and principal value of an investment will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than the original cost. Therefore, there can be no assurance for future results.

Type Assets
Bank Loans
High Yield Bonds
Equity
Convertibles
ABS
Other
Cash

The Fund's portfolio is actively managed and is subject to change. "Other" may include municipal bonds and non-index holdings.

Maturity Assets
Less than 1 year
1-3 years
3-5 years
5-7 years
7-10 years

The Fund's portfolio is actively managed and is subject to change. "Other" may include municipal bonds and non-index holdings.

Credit Quality Distribution as of 10/31/2023 View Portfolio

Rating Assets
A
BBB
BB
B
<B
Not Rated

Ratings provided by Standard & Poor’s and Moody’s. Where the rating agencies rate a security differently, Lord Abbett uses the lower credit rating. 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

Kearney M. Posner
Kearney M. Posner, CFA

Partner, Portfolio Manager

24 Years of Industry Experience

Christopher Gizzo
Christopher Gizzo, CFA

Partner, Deputy Director of Leveraged Credit

15 Years of Industry Experience

Robert A. Lee
Robert A. Lee

Partner & Co-Head of Taxable Fixed Income

32 Years of Industry Experience

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Co-Head of Taxable Fixed Income

22 Years of Industry Experience

Supported By 76 Investment Professionals with 16 Years Avg. Industry Experience

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Performance

Performance

Average Yield to Maturity as of 10/31/2023

9.84%

30-Day Standardized Yield 1 as of 10/31/2023  

  Subsidized2 Un-Subsidized3
w/o sales charge 8.65% 8.65%

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

Fund Expense Ratio :

Gross 0.80%

Net 0.80%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2007
w/o sales charge 10.87% 10.99% 5.13% 3.31% 3.41% 3.96%
Lipper Category Avg. Loan Participation Funds - - - - - -
CS Leveraged Loan Index 11.26% 11.65% 5.53% 4.74% 4.33% 4.58%
w/ sales charge 8.38% 8.51% 4.33% 2.83% 3.17% 3.81%

Performance data for the Lipper Category Average and for the Index is shown as soon as it becomes available.

Fund Expense Ratio :

Gross 0.80%

Net 0.80%

Fund Expense Ratio :

Gross 0.80%

Net 0.80%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2007
w/o sales charge 9.54% 12.15% 5.72% 2.79% 3.41% 3.92%
Lipper Category Avg. Loan Participation Funds 8.78% 11.49% 4.73% 3.02% 3.20% -
CS Leveraged Loan Index 9.91% 12.47% 5.91% 4.31% 4.33% 4.55%
w/ sales charge 7.09% 9.62% 4.95% 2.33% 3.18% 3.77%

Fund Expense Ratio :

Gross 0.80%

Net 0.80%

The performance quoted represents past performance, which is no indication of future results. Current performance may be higher or lower than the performance data quoted. Returns shown include the reinvestment of all distributions. Returns shown at net asset value do not reflect the current maximum sales charge, had the sales charge been included, returns would have been lower. The investment return and principal value of an investment will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than the original cost. Therefore, there can be no assurance for future results.

Year Fund Returns CS Leveraged Loan Index
2022 -1.84% -1.06%
2021 5.13% 5.40%
2020 -1.70% 2.78%
2019 7.34% 8.17%
2018 -0.23% 1.14%
2017 3.86% 4.25%
2016 9.89% 9.88%
2015 0.35% -0.38%
2014 0.93% 2.06%
2013 5.89% 6.15%
2012 10.12% -
2011 1.44% -
2010 8.18% -
2009 32.26% -
2008 -21.31% -
2007 0.01% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2023 2.98% 3.23% 3.05% - 10.89%
2022 -0.09% -5.20% 1.23% 2.38% -1.84%
2021 1.82% 1.80% 0.98% 0.44% 5.13%
2020 -15.76% 7.54% 3.79% 4.54% -1.70%
2019 3.41% 1.64% 0.61% 1.51% 7.34%
2018 1.17% 0.72% 1.76% -3.78% -0.23%
2017 0.92% 0.44% 1.12% 1.33% 3.86%
2016 1.72% 2.77% 2.98% 2.09% 9.89%
2015 2.05% 0.66% -1.09% -1.24% 0.35%
2014 1.05% 1.08% -0.58% -0.61% 0.93%
2013 2.52% 0.35% 1.21% 1.69% 5.89%
2012 4.06% 0.57% 3.39% 1.78% 10.12%
2011 1.85% 0.34% -3.95% 3.35% 1.44%
2010 3.07% -0.89% 3.23% 2.59% 8.18%
2009 8.97% 11.57% 6.33% 2.31% 32.26%
2008 -3.34% 4.10% -5.05% -17.64% -21.31%
2007 - - - - 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 10/31/2023

The chart begins on the Fund's inception date of 12/31/2007.

Based on a hypothetical Class A share investment of $10,000 on 12/31/2007 without sales charge and includes the reinvestment of all distributions.

 

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Rating Assets
Bank Loans
High Yield Bonds
Equity
Convertibles
ABS
Other
Cash

The Fund's portfolio is actively managed and is subject to change. "Other" may include municipal bonds and non-index holdings.

Rating Assets
Less than 1 year
1-3 years
3-5 years
5-7 years
7-10 years

The Fund's portfolio is actively managed and is subject to change. "Other" may include municipal bonds and non-index holdings.

Credit Quality Distribution as of 10/31/2023

Rating Assets
A
BBB
BB
B
<B
Not Rated

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

Portfolio Positioning as of 09/30/2023

  • With all-in-yields above 9% and our higher-for-longer interest rate view still intact, our primary focus continued to be focusing on carry opportunities within the loan universe. We added to the Fund’s Single-B credit exposure throughout the period. We also found strong opportunities in select lower quality, higher-yielding loans, using tighter valuation and call-constrained BB-rated loans and high yield bonds as a source of funds. The team sees strong relative value in the loan market given the yield differential with high yield bonds, however, select issues of shorter duration high yield bonds that are candidates for refinancing also offer an attractive source of carry.
  • The Fund maintained a large weighting in both the Healthcare and IT sectors, which we believe are better positioned to adapt to and benefit from fundamental structural changes that were accelerated by the COVID-19 pandemic. Despite that, strong economic data and  a healthy U.S. consumer has benefited more cyclical areas like Leisure, Aerospace, and Energy. In Leisure specifically, we remain overweight Hotels and Gaming subsectors. In Transportation, we continue to see opportunities in the Airlines subsector, as domestic and international travel bookings remain strong. On the other hand, we have continued to be underweight certain sectors that we believe are overexposed to elevated costs. These sectors include Services and Telecommunications, which have broadly struggled to manage rising inflationary pressures.
  • Loans have performed well throughout 2023 as broader positive developments in macroeconomic data, paired with supportive market technicals, counteracted recessionary concerns. However, we continue to monitor for signs of rising credit stress given the surge in interest rates over the last 12 months. Separately, a growth slowdown and deterioration in credit metrics, particularly within CCC credits, could potentially lead to the default rate climbing above the long-term average of 3% in 2024. The risk posture within bank loan portfolios remains modestly defensive. We acknowledge that loan performance may be challenged, particularly if Federal Reserve (Fed) holds interest rates at restrictive levels for a longer period of time. This could be a headwind for loan issuers, who have already seen debt service costs double over the course of the last 12 months, although coverage ratios remain strong. Therefore, we believe it’s vital to watch for broader signs of rising credit stress, given tighter financial conditions and more stringent access to capital. Liquidity management is a paramount focus for us, and we have maintained an up-in-liquidity posture within the Fund. We also believe that strong security selection is necessary in this phase of the credit cycle, as downgrades and default risks climb, entailing the need to avoid deteriorating credits amid higher dispersion in performance.

Portfolio Details as of 10/31/2023

Total Net Assets
$4.98 B
Average Effective Duration
0.33 Years
Average Maturity
4.6 Years
Average Modified Duration
0.4 Years
Number of Issues
562
Average Yield to Maturity
9.84%

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

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

Holding Coupon Maturity Assets
Cloud Software Group Inc 9.990% 03/30/2029 0.8%
AthenaHealth Group Inc 8.577% 02/15/2029 0.8%
McAfee Corp 9.165% 03/01/2029 0.7%
Medline Borrower LP 8.689% 10/23/2028 0.7%
AAdvantage Loyalty IP Ltd 10.427% 04/20/2028 0.7%
Fertitta Entertainment LLC/NV 9.324% 01/27/2029 0.6%
Asurion LLC 9.674% 08/19/2028 0.6%
GTCR W Merger Sub LLC 0.000% 09/20/2030 0.6%
Peraton Corp 9.174% 02/01/2028 0.6%
MH Sub I LLC 9.574% 05/03/2028 0.6%
% of Total Assets 6.7%
Holding Coupon Maturity Assets
BARCLAYS CAPITAL0.010% 11/01/20236.1%
BARCLAYS CAPITAL0.010% 11/01/20232.5%
Cloud Software Group Inc9.990% 03/30/20290.7%
AthenaHealth Group Inc8.577% 02/15/20290.7%
McAfee Corp9.165% 03/01/20290.7%
Invesco Senior Loan ETF0.000% -0.7%
Medline Borrower LP8.689% 10/23/20280.6%
AAdvantage Loyalty IP Ltd10.427% 04/20/20280.6%
Fertitta Entertainment LLC/NV9.324% 01/27/20290.5%
Asurion LLC9.674% 08/19/20280.5%
GTCR W Merger Sub LLC0.000% 09/20/20300.5%
Peraton Corp9.174% 02/01/20280.5%
MH Sub I LLC9.574% 05/03/20280.5%
MKS Instruments Inc7.819% 08/17/20290.5%
ACBL HLDG CORP0.000% -0.5%
Directv Financing LLC10.325% 08/02/20270.5%
AI Aqua Merger Sub Inc8.640% 07/31/20280.5%
Jazz Financing Lux Sarl8.939% 04/21/20280.5%
SPDR Blackstone Senior Loan ETF0.000% -0.5%
PROJECT ALPHA INTRMDT HLDG INC10.075% 10/28/20300.5%
Sedgwick Claims Management Services Inc9.074% 02/24/20280.5%
Jane Street Group LLC8.189% 01/26/20280.5%
Charter Next Generation Inc9.189% 12/01/20270.4%
AppLovin Corp8.424% 10/25/20280.4%
eResearchTechnology Inc9.939% 02/04/20270.4%
Mitchell International Inc9.189% 10/15/20280.4%
Pactiv Evergreen Group Holdings Inc8.689% 09/24/20280.4%
Genesys Cloud Services Holdings II LLC9.325% 12/01/20270.4%
UKG Inc8.764% 05/04/20260.4%
RealPage Inc8.439% 04/24/20280.4%
Heartland Dental LLC10.335% 04/28/20280.4%
Verscend Holding Corp9.325% 08/27/20250.4%
Caesars Entertainment Inc8.674% 02/06/20300.4%
Asurion LLC10.689% 01/20/20290.4%
Hudson River Trading LLC8.439% 03/20/20280.4%
PetSmart LLC9.174% 02/11/20280.4%
Clarios Global LP9.074% 05/06/20300.4%
SPX FLOW Inc9.924% 04/05/20290.4%
Emerald Debt Merger Sub LLC8.380% 05/31/20300.4%
Hunter US Bidco Inc9.740% 08/19/20280.4%
Nouryon USA LLC9.434% 04/03/20280.4%
CCS-CMGC Holdings Inc11.184% 10/01/20250.4%
LBM Acquisition LLC9.174% 12/17/20270.4%
Packaging Coordinators Midco Inc9.152% 11/30/20270.4%
Allied Universal Holdco LLC9.174% 05/12/20280.4%
Virgin Media Bristol LLC7.949% 01/31/20280.4%
Lumen Technologies Inc7.689% 03/15/20270.4%
Autokiniton US Holdings Inc9.939% 04/06/20280.4%
Osaic Holdings Inc9.824% 08/17/20280.4%
Amentum Government Services Holdings LLC9.335% 02/15/20290.4%
UTEX INDUSTRIES0.000% -0.4%
Rocket Software Inc10.145% 11/28/20280.4%
Amynta Agency Borrower Inc10.325% 02/28/20280.4%
Acrisure LLC9.689% 02/15/20270.4%
Madison IAQ LLC8.703% 06/21/20280.4%
AssuredPartners Inc8.939% 02/12/20270.4%
Central Parent Inc9.406% 07/06/20290.4%
Southern Veterinary Partners LLC9.439% 10/05/20270.4%
Flynn Restaurant Group LP9.689% 12/01/20280.4%
Mileage Plus Holdings LLC10.798% 06/21/20270.3%
LSF11 Trinity Bidco Inc9.835% 06/14/20300.3%
Brand Industrial Services Inc10.872% 08/01/20300.3%
Phoenix Newco Inc8.575% 11/15/20280.3%
ConnectWise LLC8.939% 09/29/20280.3%
Oryx Midstream Services Permian Basin LLC8.692% 10/05/20280.3%
Service Logic Acquisition Inc9.439% 10/29/20270.3%
Sophia LP8.924% 10/07/20270.3%
Organon & Co8.451% 06/02/20280.3%
Minotaur Acquisition Inc10.174% 03/27/20260.3%
Pegasus Bidco BV9.615% 07/12/20290.3%
DCG Acquisition Corp9.924% 09/30/20260.3%
CSC Holdings LLC7.699% 07/17/20250.3%
Chart Industries Inc8.665% 03/15/20300.3%
Dynasty Acquisition Co Inc9.324% 08/24/20280.3%
PEER HOLDING III B V0.000% 10/19/20300.3%
Nexus Buyer LLC11.674% 11/05/20290.3%
Apttus Corp9.439% 05/08/20280.3%
Bella Holding Co LLC9.174% 05/10/20280.3%
Legence Holdings LLC9.174% 12/16/20270.3%
Clydesdale Acquisition Holdings Inc9.599% 04/13/20290.3%
ACProducts Holdings Inc9.902% 05/17/20280.3%
Star Parent Inc9.386% 09/27/20300.3%
Red Planet Borrower LLC9.174% 10/02/20280.3%
Spring Education Group Inc9.914% 10/04/20300.3%
Zelis Payments Buyer Inc8.939% 09/30/20260.3%
Aramark Services Inc7.939% 06/22/20300.3%
TransDigm Inc8.640% 02/22/20270.3%
Cornerstone Building Brands Inc8.685% 04/12/20280.3%
Cubic Corp9.934% 05/25/20280.3%
Project Boost Purchaser LLC0.000% 05/30/20260.3%
Air Canada9.128% 08/11/20280.3%
Alloy Finco Ltd0.500% 03/06/20250.3%
Northriver Midstream Finance LP5.625% 02/15/20260.3%
Brazos Delaware II LLC9.085% 02/11/20300.3%
Coherent Corp8.189% 07/02/20290.3%
Mavis Tire Express Services Topco Corp9.439% 05/04/20280.3%
PARKWAY GENERATION LLC10.395% 02/18/20290.3%
Global Aircraft Leasing Co Ltd6.500% 09/15/20240.3%
Magnite Inc10.439% 04/28/20280.3%
Arcline FM Holdings LLC10.402% 06/23/20280.3%
Dexko Global Inc9.402% 10/04/20280.3%
Hilton Grand Vacations Borrower LLC8.075% 08/02/20280.3%
Windsor Holdings III LLC9.815% 08/01/20300.3%
DTI Holdco Inc10.133% 04/26/20290.3%
Quikrete Holdings Inc8.189% 03/19/20290.3%
Uber Technologies Inc8.159% 03/03/20300.3%
Petco Health & Wellness Co Inc8.902% 03/03/20280.3%
Delta 2 Lux Sarl7.574% 01/15/20300.3%
TricorBraun Holdings Inc8.689% 03/03/20280.3%
ADMI Corp8.439% 04/30/20250.3%
888 ACQUISITIONS LIMITED10.818% 07/01/20280.3%
Northwest Fiber LLC9.275% 04/30/20270.3%
Vibrantz Technologies Inc9.807% 04/23/20290.3%
Chariot Buyer LLC8.674% 11/03/20280.3%
Vertex Aerospace Services Corp0.000% 12/06/20280.3%
Open Text Corp8.174% 01/31/20300.3%
Castlelake Aviation One DAC8.421% 10/22/20270.3%
Frontier Communications Holdings LLC9.189% 10/08/20270.3%
Capstone Borrower Inc9.140% 06/17/20300.3%
Applied Systems Inc9.890% 09/18/20260.3%
Summit Behavioral Healthcare LLC10.429% 11/24/20280.3%
CERAMTEC ACQUICO GMBH7.283% 03/16/20290.3%
United PF Holdings LLC9.645% 12/30/20260.3%
Waystar Technologies Inc9.439% 10/22/20260.3%
AP Core Holdings II LLC10.939% 09/01/20270.3%
Titan Acquisition Ltd/Canada8.731% 03/28/20250.3%
Altar Bidco Inc7.993% 02/01/20290.3%
QUARTZ ACQUIRECO LLC8.824% 06/28/20300.3%
UKG Inc10.764% 05/03/20270.3%
Barnes Group Inc8.424% 09/03/20300.3%
HUB International Ltd9.662% 06/20/20300.3%
Arsenal AIC Parent LLC9.879% 08/18/20300.3%
Blackhawk Network Holdings Inc12.435% 06/15/20260.3%
Physician Partners LLC9.533% 12/26/20280.3%
Covetrus Inc10.390% 10/13/20290.3%
Garda World Security Corp9.746% 10/30/20260.3%
Belron Luxembourg Sarl8.245% 04/18/20290.3%
Proofpoint Inc8.689% 08/31/20280.3%
Freeport LNG Investments LLLP9.177% 12/21/20280.3%
Sunshine Luxembourg VII Sarl9.240% 10/01/20260.3%
SRS Distribution Inc8.825% 06/02/20280.3%
EFS Cogen Holdings I LLC9.160% 10/01/20270.3%
Univision Communications Inc8.689% 03/15/20260.3%
BCPE Empire Holdings Inc10.074% 12/11/20280.3%
Tiger Acquisition LLC8.674% 06/01/20280.3%
McGraw-Hill Education Inc10.189% 07/28/20280.3%
SeaWorld Parks & Entertainment Inc8.439% 08/25/20280.3%
ROPER IND PRODUCTS INV COM LLC9.890% 11/22/20290.3%
Par Petroleum LLC9.773% 02/28/20300.2%
Pacific Dental Services Inc8.936% 05/05/20280.2%
Alliant Holdings Intermediate LLC8.835% 11/05/20270.2%
Renaissance Holdings Corp10.066% 04/05/20300.2%
Rand Parent LLC8.500% 02/15/20300.2%
Fastlane Parent Co Inc9.827% 09/29/20280.2%
HOMESERVE USA HLDG CORP8.416% 10/21/20300.2%
Fortrea Holdings Inc9.074% 06/30/20300.2%
Surf Holdings LLC8.956% 03/05/20270.2%
Quikrete Holdings Inc8.064% 02/01/20270.2%
Compass Power Generation LLC9.688% 04/14/20290.2%
NFP Corp8.689% 02/16/20270.2%
LSF12 BADGER BIDCO LLC11.324% 08/30/20300.2%
Sunset Debt Merger Sub Inc9.439% 10/06/20280.2%
Dermatology Intermediate Holdings III Inc9.633% 03/30/20290.2%
Scientific Games Holdings LP8.914% 04/04/20290.2%
Storable Inc8.824% 04/17/20280.2%
Birkenstock US BidCo Inc7.690% 04/28/20280.2%
AVSC Holding Corp0.000% 03/03/20250.2%
Global Medical Response Inc9.934% 10/02/20250.2%
Enviri Corp7.689% 03/10/20280.2%
Arches Buyer Inc8.674% 12/06/20270.2%
Ascensus Holdings Inc8.939% 08/02/20280.2%
Electron Bidco Inc8.439% 11/01/20280.2%
Cobham Ultra SeniorCo Sarl9.363% 08/03/20290.2%
Hexion Holdings Corp10.033% 03/15/20290.2%
Playtika Holding Corp8.189% 03/13/20280.2%
Gainwell Acquisition Corp9.490% 10/01/20270.2%
Gray Television Inc5.875% 07/15/20260.2%
Hunter Douglas Inc8.891% 02/26/20290.2%
Boxer Parent Co Inc10.939% 02/27/20260.2%
Altice France SA/France10.894% 08/15/20280.2%
Boxer Parent Co Inc9.189% 10/02/20250.2%
Helix Gen Funding LLC10.074% 12/31/20270.2%
CP Atlas Buyer Inc9.075% 11/23/20270.2%
CHG Healthcare Services Inc8.575% 09/29/20280.2%
JFL-Tiger Acquisition Co Inc10.403% 10/17/20300.2%
Aretec Group Inc0.000% 08/09/20300.2%
Crocs Inc8.424% 02/20/20290.2%
Brown Group Holding LLC9.066% 07/02/20290.2%
Owens & Minor Inc8.715% 03/29/20290.2%
Radiate Holdco LLC8.689% 09/25/20260.2%
Astoria Energy LLC8.939% 12/10/20270.2%
SPECTACLE GARY HOLDINGS LLC9.674% 12/10/20280.2%
TK Elevator US Newco Inc9.311% 07/30/20270.2%
IRB Holding Corp8.424% 12/15/20270.2%
Asurion LLC9.424% 08/19/20280.2%
OneDigital Borrower LLC9.674% 11/16/20270.2%
FOGO DE CHAO INC10.136% 09/30/20300.2%
CNT Holdings I Corp12.176% 11/06/20280.2%
Edelman Financial Engines Center LLC/The12.189% 07/20/20260.2%
KUEHG CORP10.390% 06/12/20300.2%
Triumph Group Inc7.750% 08/15/20250.2%
Realtruck Group Inc9.189% 01/31/20280.2%
Pathway Vet Alliance LLC9.189% 03/31/20270.2%
City Football Group Ltd8.453% 07/21/20280.2%
ABG Intermediate Holdings 2 LLC8.800% 12/21/20280.2%
Carnival Corp8.336% 08/08/20270.2%
CITGO Petroleum Corp7.000% 06/15/20250.2%
Option Care Health Inc8.189% 10/27/20280.2%
Constellation Renewables LLC8.184% 12/15/20270.2%
Topgolf Callaway Brands Corp8.924% 03/15/20300.2%
Berry Petroleum Co LLC7.000% 02/15/20260.2%
United Airlines Inc9.189% 04/21/20280.2%
CQP Holdco LP8.990% 06/05/20280.2%
Plaskolite PPC Intermediate II LLC0.000% 12/15/20250.2%
Torrid LLC11.265% 06/14/20280.2%
LABL Inc10.424% 10/29/20280.2%
Medallion Midland Acquisition LP9.402% 10/18/20280.2%
Cinemark USA Inc9.074% 05/24/20300.2%
Ingenovis Health Inc9.189% 03/06/20280.2%
Nexstar Media Inc7.939% 09/18/20260.2%
Altice France SA/France2.500% 01/15/20250.2%
Surgery Center Holdings Inc9.203% 08/31/20260.2%
Smyrna Ready Mix Concrete LLC9.674% 04/02/20290.2%
Select Medical Corp8.324% 03/06/20270.2%
Mamba Purchaser Inc8.939% 10/16/20280.2%
FinThrive Software Intermediate Holdings Inc9.439% 12/18/20280.2%
Evergreen Acqco 1 LP / TVI Inc9.750% 04/26/20280.2%
AMER SPORTS OYJ7.948% 03/30/20260.2%
Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc5.250% 04/30/20250.2%
Talen Energy Supply LLC9.877% 05/17/20300.2%
CLAY HOLDCO B V0.000% 12/31/20290.2%
SILK BIDCO AS10.451% 02/28/20270.2%
USI Inc/NY9.140% 11/22/20290.2%
Imperva Inc9.627% 01/12/20260.2%
Prime Security Services Borrower LLC7.832% 10/13/20300.2%
Pro Mach Group Inc9.439% 08/31/20280.2%
LSCS HOLDINGS INC.9.939% 12/16/20280.2%
MIC Glen LLC8.689% 07/21/20280.2%
Foundation Building Materials Inc8.689% 01/31/20280.2%
Citadel Securities LP7.939% 07/29/20300.2%
Proampac PG Borrower LLC12.000% 09/15/20280.2%
Whatabrands LLC8.439% 08/03/20280.2%
WCG Intermediate Corp9.439% 01/08/20270.2%
Hawaiian Brand Intellectual Property Ltd / HawaiianMiles Loyalty Ltd5.750% 01/20/20260.2%
Summer BC Holdco B SARL5.750% 10/31/20260.2%
Camelot Return Merger Sub Inc8.750% 08/01/20280.2%
CMG Media Corp8.990% 12/17/20260.2%
Enstall Group BV10.402% 08/30/20280.2%
Bausch + Lomb Corp8.755% 05/10/20270.2%
SCIL IV LLC / SCIL USA Holdings LLC5.375% 11/01/20260.2%
Sabre GLBL Inc10.424% 06/30/20280.2%
PRA Group Inc5.000% 10/01/20290.2%
Acrisure LLC8.939% 02/15/20270.2%
ECL Entertainment LLC10.140% 08/31/20300.2%
FORWARD AIR CORPORATION0.000% 09/20/20300.2%
MOTION FINCO SARL7.972% 11/12/20290.2%
Peraton Corp13.233% 02/01/20290.2%
GIP Pilot Acquisition Partners LP8.388% 10/04/20300.2%
Anastasia Parent LLC9.402% 08/11/20250.2%
Barracuda Networks Inc12.383% 08/15/20300.2%
Oscar Acquisitionco LLC9.990% 04/29/20290.2%
Tank Holding Corp11.174% 03/31/20280.2%
PetVet Care Centers LLC8.924% 02/14/20250.2%
CHG Healthcare Services Inc9.145% 09/29/20280.2%
Reverb Buyer Inc8.773% 11/01/20280.2%
PG&E Corp8.439% 06/23/20250.2%
Pretium PKG Holdings Inc0.000% 10/02/20280.2%
LORCA HOLDCO LIMITED8.022% 09/17/20270.2%
Gray Television Inc8.429% 12/01/20280.2%
White Cap Buyer LLC9.074% 10/19/20270.2%
Ascend Learning LLC8.924% 12/11/20280.2%
LSF11 A5 HoldCo LLC6.625% 10/15/20290.2%
Proofpoint Inc11.689% 08/31/20290.2%
Informatica LLC8.189% 10/27/20280.2%
Jefferson Capital Holdings LLC6.000% 08/15/20260.2%
GPS Hospitality Holding Co LLC / GPS Finco Inc7.000% 08/15/20280.2%
Herbalife Nutrition Ltd / HLF Financing Inc7.875% 09/01/20250.2%
Kenan Advantage Group Inc/The9.477% 03/24/20260.2%
Life Time Inc8.000% 04/15/20260.2%
MOSEL BIDCO SE10.164% 09/16/20300.2%
Tenneco Inc10.414% 11/17/20280.2%
ISOLVED INC9.484% 10/14/20300.2%
Houghton Mifflin Harcourt Co10.674% 04/09/20290.2%
Griffon Corp7.791% 01/24/20290.2%
Penn Entertainment Inc8.170% 05/03/20290.2%
Chobani LLC / Chobani Finance Corp Inc7.500% 04/15/20250.2%
USI Inc/NY0.000% 09/27/20300.2%
Engineered Machinery Holdings Inc9.152% 05/19/20280.2%
LSF11 A5 HoldCo LLC9.674% 10/15/20280.2%
Curia Global Inc9.174% 08/30/20260.2%
Crescent Energy Finance LLC7.250% 05/01/20260.2%
LSB Industries Inc6.250% 10/15/20280.2%
Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC11.493% 10/15/20260.2%
CVR Partners LP / CVR Nitrogen Finance Corp6.125% 06/15/20280.2%
Service Properties Trust4.350% 10/01/20240.1%
Seaspan Corp5.500% 08/01/20290.1%
Icebox Holdco III Inc9.402% 12/22/20280.1%
Engineered Machinery Holdings Inc11.652% 05/21/20290.1%
Spirit Loyalty Cayman Ltd / Spirit IP Cayman Ltd8.000% 09/20/20250.1%
Sunnova Energy Corp5.875% 09/01/20260.1%
Project Boost Purchaser LLC8.939% 06/01/20260.1%
WASH Multifamily Acquisition Inc5.750% 04/15/20260.1%
MJH HEALTHCARE HOLDINGS LLC8.924% 01/28/20290.1%
Icebox Holdco III Inc12.402% 12/21/20290.1%
Carnival Corp8.689% 10/18/20280.1%
Medical Solutions Holdings Inc12.523% 11/01/20290.1%
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp4.250% 02/01/20270.1%
BCP V MODULAR SERV HOLD IV LTD8.397% 12/15/20280.1%
eG Global Finance PLC4.375% 02/07/20250.1%
Armor Holdco Inc10.087% 12/11/20280.1%
Ascensus Holdings Inc0.000% 08/02/20290.1%
WM MORRISON0.000% 11/04/20270.1%
CPM Holdings Inc9.827% 09/28/20280.1%
Standard Aero Ltd9.324% 08/24/20280.1%
Pinnacle Bidco PLC8.250% 10/11/20280.1%
EquipmentShare.com Inc9.000% 05/15/20280.1%
Jones Deslauriers Insurance Management Inc9.615% 03/15/20300.1%
TerraForm Power Operating LLC7.990% 05/21/20290.1%
Life Time Inc10.130% 01/15/20260.1%
Equinox Holdings Inc12.731% 09/06/20240.1%
AssuredPartners Inc9.074% 02/12/20270.1%
Azalea Topco Inc9.181% 07/24/20260.1%
LIFEPOINT HEALTH INC.0.000% 11/16/20280.1%
Pretium PKG Holdings Inc12.195% 10/01/20290.1%
AMC Entertainment Holdings Inc8.447% 04/22/20260.1%
Aruba Investments Holdings LLC13.174% 11/24/20280.1%
Husky III Holding Ltd13.000% 02/15/20250.1%
Apple Bidco LLC8.189% 09/22/20280.1%
JetBlue Airways Corp0.500% 04/01/20260.1%
Tank Holding Corp11.424% 03/31/20280.1%
Epicor Software Corp8.689% 07/30/20270.1%
MH Sub I LLC11.574% 02/23/20290.1%
Amentum Government Services Holdings LLC9.439% 01/29/20270.1%
VistaJet Malta Finance PLC / Vista Management Holding Inc9.500% 06/01/20280.1%
Baytex Energy Corp8.500% 04/30/20300.1%
Virgin Media Bristol LLC8.790% 03/31/20310.1%
Urban One Inc7.375% 02/01/20280.1%
Mauser Packaging Solutions Holding Co7.875% 08/15/20260.1%
iHeartCommunications Inc6.375% 05/01/20260.1%
Imperva Inc13.395% 01/11/20270.1%
Carriage Purchaser Inc7.875% 10/15/20290.1%
Olympus Water US Holding Corp9.402% 11/09/20280.1%
Seadrill Finance Ltd8.375% 08/01/20300.1%
Callon Petroleum Co7.500% 06/15/20300.1%
CSC Holdings LLC4.125% 12/01/20300.1%
Dave & Buster's Inc9.188% 06/29/20290.1%
Vital Energy Inc9.750% 10/15/20300.1%
Aethon United BR LP / Aethon United Finance Corp8.250% 02/15/20260.1%
Nexus Buyer LLC9.174% 11/09/20260.1%
Camelot US Acquisition LLC8.439% 10/30/20260.1%
SRS Distribution Inc8.939% 06/02/20280.1%
Team Health Holdings Inc10.574% 03/02/20270.1%
Iris Holding Inc10.232% 06/28/20280.1%
POLARIS NEWCO LLC14.773% 06/04/20290.1%
Spirit AeroSystems Inc7.500% 04/15/20250.1%
SK Invictus Intermediate II Sarl5.000% 10/30/20290.1%
AppLovin Corp8.412% 08/14/20300.1%
Nouryon USA LLC9.419% 04/03/20280.1%
Altice France SA/France2.125% 02/15/20250.1%
CANOPY GROWTH CORPORATION14.183% 03/18/20260.1%
AP Core Holdings II LLC10.939% 09/01/20270.1%
Millennium Escrow Corp6.625% 08/01/20260.1%
VUE INTERNATIONAL BIDCO P L C6.130% 12/31/20270.1%
CNT Holdings I Corp8.926% 11/08/20270.1%
ABG Intermediate Holdings 2 LLC9.325% 12/21/20280.1%
SUMMER BC HOLDCO B SARL10.150% 12/04/20260.1%
Atrium XIII7.474% 11/21/20300.1%
Talen Energy Supply LLC9.877% 05/17/20300.1%
ABG Intermediate Holdings 2 LLC11.310% 12/20/20290.1%
ACBL HLDG CORP0.000% -0.1%
CEVA SANTE ANIMALE0.000% 11/01/20300.1%
National Mentor Holdings Inc12.740% 03/02/20290.1%
Maxim Crane Works Holdings Capital LLC11.500% 09/01/20280.1%
Earthstone Energy Holdings LLC9.875% 07/15/20310.1%
LSF11 A5 HoldCo LLC8.939% 10/15/20280.1%
Camelot Finance SA8.439% 10/30/20260.1%
Mitchell International Inc9.189% 10/15/20280.1%
Realtruck Group Inc10.406% 01/31/20280.1%
Apple Bidco LLC9.324% 09/22/20280.1%
Sabre GLBL Inc9.674% 06/30/20280.1%
New Frontera Holdings LLC18.652% 07/28/20260.1%
Madison Park Funding XVIII Ltd7.574% 10/21/20300.1%
MOTION FINCO SARL8.903% 11/12/20260.1%
AVSC Holding Corp12.689% 09/01/20250.1%
Cubic Corp9.934% 05/25/20280.1%
Evergreen Acqco 1 LP10.902% 04/26/20280.1%
Acrisure LLC0.000% 10/18/20300.1%
Carriage Purchaser Inc9.689% 10/02/20280.1%
Olympus Water US Holding Corp10.390% 11/09/20280.1%
Doncasters US LLC12.145% 12/06/20240.1%
Civitas Resources Inc8.625% 11/01/20300.1%
Altice France SA/France8.395% 07/31/20250.1%
United PF Holdings LLC14.145% 12/30/20270.1%
Edelman Financial Engines Center LLC/The8.825% 04/07/20280.1%
Azalea Topco Inc9.434% 07/24/20260.1%
Allied Universal Holdco LLC10.074% 05/12/20280.1%
Cushman & Wakefield US Borrower LLC9.324% 01/31/20300.1%
Macquarie Airfinance Holdings Ltd8.125% 03/30/20290.1%
Apidos CLO XXII7.627% 04/20/20310.0%
PetVet Care Centers LLC11.674% 02/13/20260.0%
iHeartCommunications Inc8.439% 05/01/20260.0%
Kenan Advantage Group Inc/The9.727% 03/24/20260.0%
USI Inc/NY8.640% 09/27/20300.0%
Epicor Software Corp0.000% 07/30/20270.0%
Dermatology Intermediate Holdings III Inc0.043% 03/30/20290.0%
Interest Rate Swap1.225% 01/15/20300.0%
FX USD/EUR 12/230.000% 12/13/20230.0%
PARKWAY GENERATION LLC10.395% 02/18/20290.0%
Graham Packaging Co Inc8.439% 08/04/20270.0%
Physician Partners LLC10.883% 12/23/20280.0%
VUE INTERNATIONAL BIDCO P L C12.130% 06/30/20270.0%
Interest Rate Swap1.220% 10/15/20290.0%
LORCA HOLDCO LIMITED7.522% 09/17/20270.0%
New Frontera Holdings LLC7.152% 07/28/20280.0%
Interest Rate Swap1.152% 10/15/20280.0%
Interest Rate Swap2.475% 10/01/20290.0%
TNT CRANE AND RIGGING0.000% -0.0%
Engineered Machinery Holdings Inc12.152% 05/21/20290.0%
Sabre GLBL Inc8.939% 12/17/20270.0%
Interest Rate Swap2.489% 08/01/20290.0%
Tank Holding Corp0.010% 03/31/20280.0%
Sabre GLBL Inc8.939% 12/17/20270.0%
Interest Rate Swap2.498% 10/15/20290.0%
Ardonagh Midco 2 PLC11.500% 01/15/20270.0%
MOTION FINCO SARL0.089% 11/12/20260.0%
Renaissance Holdings Corp12.424% 05/29/20260.0%
Interest Rate Swap3.317% 04/30/20300.0%
CHINOS INTERMEDIATE 2 LLC0.000% -0.0%
UTEX INDUSTRIES0.000% -0.0%
Interest Rate Swap3.843% 02/15/20300.0%
Interest Rate Swap3.636% 01/20/20260.0%
Interest Rate Swap3.794% 12/01/20300.0%
Envalior Finance GmbH10.883% 03/29/20300.0%
Interest Rate Swap3.987% 08/01/20280.0%
Interest Rate Swap3.805% 11/01/20260.0%
Interest Rate Swap4.021% 04/26/20280.0%
Interest Rate Swap3.599% 02/01/20280.0%
Interest Rate Swap3.814% 08/01/20300.0%
Interest Rate Swap3.825% 06/15/20300.0%
Interest Rate Swap3.925% 05/01/20260.0%
Interest Rate Swap3.767% 07/15/20310.0%
Interest Rate Swap3.866% 10/30/20290.0%
NPC International Inc1.000% 04/18/20250.0%
Interest Rate Swap4.265% 05/01/20260.0%
Interest Rate Swap4.372% 09/15/20240.0%
Interest Rate Swap4.007% 06/01/20280.0%
Rain CII Carbon LLC / CII Carbon Corp7.250% 04/01/20250.0%
Univision Communications Inc9.640% 06/24/20290.0%
Interest Rate Swap4.013% 05/15/20280.0%
Interest Rate Swap4.214% 09/01/20260.0%
Interest Rate Swap4.447% 06/15/20250.0%
Interest Rate Swap4.217% 08/15/20260.0%
Interest Rate Swap4.494% 04/01/20250.0%
Interest Rate Swap4.561% 02/15/20260.0%
Interest Rate Swap4.500% 04/15/20260.0%
Interest Rate Swap4.523% 02/15/20260.0%
Interest Rate Swap4.391% 08/15/20260.0%
Hightower Holding LLC9.380% 04/21/20280.0%
Harbor Freight Tools USA Inc8.189% 10/19/20270.0%
Ensono Inc9.439% 05/26/20280.0%
Berlin Packaging LLC9.179% 03/11/20280.0%
Aegion Corp10.395% 05/17/20280.0%
AIT Worldwide Logistics Holdings Inc0.000% 04/06/20280.0%
Aimbridge Acquisition Co Inc9.189% 02/02/20260.0%
LTI Holdings Inc8.939% 09/06/20250.0%
PROJECT CASTLE INC10.890% 06/01/20290.0%
RVR Dealership Holdings LLC9.182% 02/08/20280.0%
Spin Holdco Inc9.664% 03/04/20280.0%
TruGreen LP9.424% 11/02/20270.0%
American Trailer World Corp0.000% 03/03/20280.0%
ASP LS Acquisition Corp10.396% 05/07/20280.0%
CoreLogic Inc8.931% 06/02/20280.0%
Interest Rate Swap4.743% 09/20/20250.0%
Tosca Services LLC9.145% 08/18/20270.0%
FX EUR/USD 12/230.000% 12/13/20230.0%
Interest Rate Swap4.392% 08/15/20260.0%
Total Return Swap5.324% 12/20/20230.0%
FRONTERA GENERATION0.000% -0.0%
ABG Intermediate Holdings 2 LLC0.040% 12/21/20280.0%
TNT CRANE AND RIGGING0.000% -0.0%
MIRABELA NICKEL LTD.1.000% 09/16/20440.0%
FX EUR/USD 12/230.000% 12/13/20230.0%
FX EUR/USD 12/230.000% 12/13/20230.0%
FX EUR/USD 12/230.000% 12/13/20230.0%
Total Return Swap5.324% 12/20/20230.0%
FX USD/EUR 12/230.000% 12/13/20230.0%
Total Return Swap5.324% 12/20/20230.0%
Total Return Swap5.324% 12/20/20230.0%
Total Return Swap5.324% 12/20/20230.0%
US 2YR NOTE (CBT) Dec230.000% 01/04/20240.0%

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.

Sector Allocationas of 10/31/2023

Sector Weighting Fund Change from Previous Quarter
Sector Weighting Fund Change from Previous Quarter
Aerospace arrowDown0.3%
Forest Prod/Containers arrowUp0.3%
Food And Drug 0.0%
Shipping 0.0%
Metals/Minerals arrowDown0.3%
Retail arrowUp0.1%
Automotive arrowUp0.4%
Utility 0.0%
Broadcasting 0.0%
Consumer Non-Durables 0.0%
Land Transportation arrowDown0.2%
Financial arrowUp0.1%
Diversified Media arrowDown0.1%
Consumer Durables 0.0%
Telecommunications 0.0%
Information Technology arrowUp0.2%
Wireless Communications -
Chemicals 0.0%
Food/Tobacco arrowDown0.1%
Service arrowUp0.4%
Energy arrowUp0.1%
Healthcare 0.0%
Gaming/Leisure arrowDown0.4%
Transportation arrowDown0.2%
Housing arrowDown0.2%
Manufacturing arrowUp0.2%
Cable/Wireless Video arrowDown0.2%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 12/01/2023
$0.60660
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 11/30/2023 $0.05780 $8.07
Daily Daily 10/31/2023 $0.05888 $8.01
Daily Daily 09/30/2023 $0.05667 $8.09
Daily Daily 08/31/2023 $0.05972 $8.09
Daily Daily 07/31/2023 $0.05668 $8.06
Daily Daily 06/30/2023 $0.05406 $8.02
Daily Daily 05/31/2023 $0.05722 $7.88
Daily Daily 04/30/2023 $0.05241 $7.95
Daily Daily 03/31/2023 $0.05104 $7.93
Daily Daily 02/28/2023 $0.05255 $7.97
Daily Daily 01/31/2023 $0.04956 $7.98

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 12/31/2023

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
12/17/2013 12/18/2013 - $0.0160 $0.0160 $9.50
*

Taxed as ordinary income

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

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 12/01/2023

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $8.26
$100,000 to $249,999 1.75% 1.50% $8.21
$250,000 to $499,999 1.25% 1.00% $8.17
Greater than $500,000 0.00% 1.00% $8.07

Class A shares purchased without a sales charge (commissionable NAV) will be subject to a CDSC of 1% if they are redeemed before the first day of the month in which the one-year anniversary of the purchase falls.

For Sales Charge Reductions and Waivers View Full Disclosure

SALES CHARGE REDUCTIONS AND WAIVERS

Please inform the fund company or your financial intermediary at the time of your purchase of fund shares if you believe you qualify for a reduced front-end sales charge.

Reducing Your Class A Share Front-End Sales Charge
You may purchase Class A shares at a discount if you qualify under the circumstances outlined below. To receive a reduced front-end sales charge, you must let the fund or your financial intermediary know at the time of your purchase of fund shares that you believe you qualify for a discount. If you or a related party have holdings of eligible funds (as defined below) in other accounts with your financial intermediary or with other financial intermediaries that may be combined with your current purchases in determining the sales charge as described below, you must inform a fund or your financial intermediary. You may be asked to provide supporting account statements or other information to allow us or your financial intermediary to verify your eligibility for a discount. If you or your financial intermediary do not notify a fund or provide the requested information, you may not receive the reduced sales charge for which you otherwise qualify. Class A shares may be purchased at a discount if you qualify under either of the following conditions:

  • Rights of Accumulation - A Purchaser (as defined below) may combine thevalue of Class A, A1, C, F, and P shares of any Eligible Fund currentlyowned with a new purchase of Class A shares of any Eligible Fund in orderto reduce the sales charge on the new purchase. Class F3, I, R2, R3, R4, R5,and R6 share holdings may not be combined for these purposes.To the extent that your financial intermediary is able to do so, the value ofClass A, A1, C, F, and P shares of Eligible Funds determined for the purposeof reducing the sales charge of a new purchase under the Rights ofAccumulation will be calculated at the higher of: (1) the aggregate currentmaximum offering price of your existing Class A, A1, C, F, and P shares ofEligible Funds; or (2) the aggregate amount you invested in such shares(including dividend reinvestments but excluding capital appreciation) less anyredemptions. You should retain any information and account recordsnecessary to substantiate the historical amounts you and any relatedPurchasers have invested in Eligible Funds. You must inform the Fund and/or your financial intermediary at the time of purchase if you believe yourpurchase qualifies for a reduced sales charge and you may be requested toprovide documentation of your holdings in order to verify your eligibility. Ifyou do not do so, you may not receive all sales charge reductions for whichyou are eligible.

  • Letter of Intention — In order to reduce your Class A front-end salescharge, a Purchaser may combine purchases of Class A, A1, C, F, and Pshares of any Eligible Fund the Purchaser intends to make over the next13 months in determining the applicable sales charge. The 13-month Letterof Intention period commences on the day that the Letter of Intention isreceived by the Fund, and the Purchaser must tell the Fund that laterpurchases are subject to the Letter of Intention. Purchases submitted prior tothe date the Letter of Intention is received by the Fund are not countedtoward the sales charge reduction. Current holdings under Rights ofAccumulation may be included in a Letter of Intention in order to reduce thesales charge for purchases during the 13-month period covered by the Letterof Intention. Shares purchased through reinvestment of dividends ordistributions are not included. Class F3, I, R2, R3, R4, R5, and R6 shareholdings may not be combined for these purposes. Class A and A1 shares valued at up to 5% of the amount of intended purchases are escrowed andmay be redeemed to cover the additional sales charges payable if the intendedpurchases under the Letter of Intention are not completed. The Letter ofIntention is neither a binding obligation on you to buy, nor on the Fund tosell, any or all of the intended purchase amount.

Purchaser — A Purchaser includes: (1) an individual; (2) an individual, his or her spouse, domestic partner, and childrenunder the age of 21; (3) retirement and benefit plansincluding a 401(k) plan, profit-sharing plan, moneypurchase plan, defined benefit plan, and 457(b) plan sponsored by a governmental entity, non-profitorganization, school district or church to which employer contributions are made, as well as SIMPLE IRAplans and SEP-IRA plans; or (4) a trustee or other fiduciary purchasing shares for a single trust, estate orsingle fiduciary account or a trust established by the individual as grantor. An individual may include underitem (1) his or her holdings in Eligible Funds as described below in IRAs, as a sole participant of aretirement and benefit plan sponsored by the individual’s business, and as a participant in a 403(b) plan towhich only pre-tax salary deferrals are made. An individual, his or her spouse, and domestic partner mayinclude under item (2) their holdings in IRAs, and as the sole participants in retirement and benefit planssponsored by a business owned by either or both of them. A retirement and benefit plan under item (3)includes all qualified retirement and benefit plans of a single employer and its consolidated subsidiaries,and all qualified retirement and benefit plans of multiple employers registered in the name of a singlebank trustee.

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

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

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

 

Expense Ratioas of 10/31/2023

Fund Gross Expense Ratio Fund Net Expense Ratio
0.80% 0.80%

Fund Documents

Fund Documents

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Portfolio Holdings 1Q
Publish Date:11/03/2015
Portfolio Holdings 3Q
Publish Date:11/03/2015
Summary Prospectus
Publish Date:11/03/2015
Statutory Prospectus
Publish Date:11/03/2015
SAI
Publish Date:11/03/2015
Annual Report
Publish Date:11/03/2015
Semi-Annual Report
Publish Date:11/03/2015
Fact Sheet
Publish Date:11/03/2015

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‡Morningstar Bank Loan Category. Data as of 06/30/2016. The Morningstar Bank Loan portfolios primarily invest in floating-rate loans instead of bonds. In exchange for their credit risk, these loans offer high interest payments that typically float above a common short-term benchmark such as the London Interbank Offered Rate or LIBOR.

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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 Subsidized yields reflect fee waivers in effect. Without such fee waivers, yields would be reduced.  

 

3

The 30-day Standardized Unsubsidized yield does not reflect fee waivers.

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 investments in debt securities will 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 substantially in high yield, lower-rated securities. These securities carry increased risks of price volatility, illiquidity, and the possibility of default in the timely payment of interest and principal. Moreover, the specific collateral used to secure a loan may decline in value or become illiquid, which would adversely affect the loan's value. 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. Certain of the Fund's derivative transactions may give rise to leverage risk. Leverage, including borrowing for investment purposes, may increase volatility in the Fund by magnifying the effect of changes in the value of the Fund's holdings. The use of leverage may cause investors in the Fund to lose more money in adverse environments than would have been the case in the absence of leverage. These factors may 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.

 

 

CUSIP identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by Standard & Poor’s Financial Services, LLC, and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, © 2011 American Bankers Association. “CUSIP” is a registered trademark of the American Bankers Association.

 

Class 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.   

 

Indexes reflect total return, unless otherwise specified, with all dividends reinvested. Indexes are unmanaged, do not reflect the deduction of fees or expenses, and are not available for direct investment.

 

The Overall Morningstar RatingTM is derived from a weighted average of the performance figures associated with a fund's three-, five-, and 10-year (as applicable) Morningstar RatingTM metrics. © Morningstar, Inc. All rights reserved. The information contained herein (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

 

Morningstar proprietary ratings reflect historical risk-adjusted performance. For each fund with at least a three-year history, Morningstar calculates a Morningstar RatingTM based on a Morningstar risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. Load-waived ratings do not include any front-end sales charges (which are only available for certain defined contribution plans and certain mutual fund advisory programs) and should only be considered by investors who are not subject to sales loads. Not all funds with a load-waived rating may waive their front-end load. An investor should check with their advisor to determine if they are eligible to purchase the load-waived Class A share. The top 10% of the funds in an investment category receive 5 stars, 22.5% receive 4 stars, 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages). The Overall Morningstar rating is a weighted average of funds' three-, five-, and 10-year (as applicable) ratings. Past performance is no guarantee of future results. Morningstar Rating is for the Class A share only; other classes may have different performance characteristics.

 

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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