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 06/24/2022

$7.90

$0.00

YTD Returns w/o sales charge as of 06/24/2022

-4.27%

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 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

Dividend Yield 1 as of 06/24/2022  

w/o sales charge 4.06%
w/ sales charge 3.97%

30-Day Standardized Yield 2 as of 05/31/2022  

3.74%

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

Expense Ratioas of 05/31/2022

Fund Basicsas of 05/31/2022

Total Net Assets
$8.31 B
Inception Date
12/31/2007
Dividend Frequency
Monthly (Daily Accrual)
Number of Holdings
660
Minimum Initial Investment
$1,500+
 
Inflation Resource Center

Flexible Fixed-Income Solutions for a Number of Market Outcomes

In today's market environment, many are focused on the potential investment implications of rising inflation. While Lord Abbett's experts say they don't think now is the time to make drastic changes to a portfolio, this Reource Center provides thoughtful insights and potential solutions for a number of situation-based outcomes.

Learn More

 

 

Fund Expense Ratio :

0.79%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2007
w/o sales charge -2.72% -0.66% 1.00% 1.95% 3.39% 3.57%
Lipper Category Avg. Loan Participation Funds -3.21% -1.48% 1.55% 2.21% 3.07% -
CS Leveraged Loan Index -2.44% -0.21% 2.82% 3.39% 4.19% 4.19%
w/ sales charge -4.87% -2.86% 0.26% 1.49% 3.16% 3.40%

Fund Expense Ratio :

0.79%

Fund Expense Ratio :

0.79%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2007
w/o sales charge -0.09% 3.16% 2.34% 2.62% 3.66% 3.80%
Lipper Category Avg. Loan Participation Funds -0.51% 2.34% 2.87% 2.93% 3.36% -
CS Leveraged Loan Index -0.10% 3.24% 4.10% 4.05% 4.47% 4.42%
w/ sales charge -2.30% 0.87% 1.58% 2.16% 3.43% 3.64%

Fund Expense Ratio :

0.79%

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.

RELATED CONTENT

Bank Loans: Providing Balance and Income to Portfolios
November 29, 2021

Floating rate bank loans, whose coupons adjust with movements in short-term rates, offer the potential for attractive income without the duration exposure of fixed-rate bonds.

Type Assets
Bank Loans
High Yield Bonds
Equity
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
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 05/31/2022 View Portfolio

Rating Assets
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

Jeffrey D. Lapin
Jeffrey D. Lapin, J.D.

Partner & Portfolio Manager

25 Years of Industry Experience

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Co-Head of Taxable Fixed Income

21 Years of Industry Experience

Kearney M. Posner
Kearney M. Posner, CFA

Managing Director, Portfolio Manager

23 Years of Industry Experience

Robert A. Lee
Robert A. Lee

Partner & Co-Head of Taxable Fixed Income

31 Years of Industry Experience

Supported By 73 Investment Professionals with 16 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 06/24/2022  

w/o sales charge 4.06%
w/ sales charge 3.97%

30-Day Standardized Yield 2 as of 05/31/2022  

  Subsidized3 Un-Subsidized4
w/o sales charge 3.74% 3.74%

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

Fund Expense Ratio :

0.79%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2007
w/o sales charge -2.72% -0.66% 1.00% 1.95% 3.39% 3.57%
Lipper Category Avg. Loan Participation Funds -3.21% -1.48% 1.55% 2.21% 3.07% -
CS Leveraged Loan Index -2.44% -0.21% 2.82% 3.39% 4.19% 4.19%
w/ sales charge -4.87% -2.86% 0.26% 1.49% 3.16% 3.40%

Fund Expense Ratio :

0.79%

Fund Expense Ratio :

0.79%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2007
w/o sales charge -0.09% 3.16% 2.34% 2.62% 3.66% 3.80%
Lipper Category Avg. Loan Participation Funds -0.51% 2.34% 2.87% 2.93% 3.36% -
CS Leveraged Loan Index -0.10% 3.24% 4.10% 4.05% 4.47% 4.42%
w/ sales charge -2.30% 0.87% 1.58% 2.16% 3.43% 3.64%

Fund Expense Ratio :

0.79%

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
2021 5.13% 5.41%
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% 9.43%
2011 1.44% -
2010 8.18% -
2009 32.26% -
2008 -21.31% -
2007 0.01% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2022 -0.09% - - - -4.27%
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 07/31/2021

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
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
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 05/31/2022

Rating Assets
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 3/31/2022

  • Recessionary risks ticked up in March driven by the combination of red-hot inflation, an increasingly hawkish Fed stance, and the Russian-Ukrainian War. As a result, we shifted the Fund to a moderately more defensive posture, paring CCC exposure and tilting up in quality into BBs. We also added to bank loans and CLOs, funded by a reduction in high yield corporate bonds, given a supportive technical backdrop for loans as well as the tailwind provided by a dynamic rate environment.
  • Within the loan space, we maintained our long-term focus on companies in industries that we believe are better positioned to adapt to and benefit from fundamental structural changes that were accelerated by the COVID-19 pandemic. The Fund continues to reflect this thesis with significant overweight positions in both Healthcare and Information Technology sectors, which should be aided by long-term secular tailwinds. During the most recent quarter, we continued to bolster these allocations as part of our more defensive posture. Within Healthcare, we primarily targeted health facilities, which should benefit from an expected increase in volumes as individuals resume more nonmandatory procedures. These higher volumes should offset cost pressures from tight labor markets, yet we continue to monitor these positions given a decrease in volumes.
  • While we maintained our general thesis on continued economic reopening throughout the quarter, we have been more selective in adding to this part of the Fund. More specifically, given recent volatility in the market and recessionary risk rising modestly, we trimmed the Fund’s Retail sector exposure. We remain generally constructive on the consumer, but we are now targeting higher end consumers and more resilient segments. We are avoiding exposure to low-end consumers which we expect to be affected more substantially by inflation given the segment’s less flexibility to absorb price shocks. Within Leisure, we were adding to casinos, restaurants, outdoor advertising, and travel issuers to start the year as we anticipated a strong reopening trend. We have since pared back some of our adds that fall within the general consumer bucket.
  • We continue to have a broadly constructive view on leveraged loans based on a supportive macroeconomic outlook, an attractive relative yield, balanced technicals and a favorable interest rate view. The broader credit environment remains supportive for leveraged loan issuers and demand has been persistent with loan funds experiencing their second largest quarterly inflow on record during the quarter. The current economic landscape is favorable for bank loan issuers supported by a positive earnings outlook, improving credit fundamentals, and low projected default rates. We expect the trailing 12-month default rate to remain below 1% through year end after peaking just above 4% in September 2020. Given the inverse relationship between recovery levels and the default rate, we expect default losses to continue to be a minimal drag on loan index performance throughout 2022.
  • Finally, we believe the technical picture remains supportive. While issuance has moderated from last year’s levels, demand for loans remains robust amid expectations of more aggressive Fed tightening. Additionally, we believe that strong CLO issuance will resume in the back half of the year once rate volatility comes down.

Portfolio Details as of 05/31/2022

Total Net Assets
$8.31 B
Number of Issues
660
Average Maturity
4.84 Years

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

Average Loan Size -Represents the weighted average of the overall asset size of the original loan issued.

Average Spread -The average number of basis points in excess of the London Interbank Offered Rate (LIBOR) benchmark interest rate a borrower must pay to the loan obligation holder.

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Medline Borrower LP 4.310% 10/23/2028 0.7%
ICON Luxembourg Sarl 3.313% 07/03/2028 0.6%
Peraton Corp 4.810% 02/01/2028 0.5%
Gainwell Acquisition Corp 5.006% 10/01/2027 0.5%
MH Sub I LLC 4.810% 09/13/2024 0.5%
McAfee Corp 4.842% 03/01/2029 0.5%
WP CityMD Bidco LLC 3.750% 12/22/2028 0.5%
Hudson River Trading LLC 4.149% 03/20/2028 0.5%
Jane Street Group LLC 3.810% 01/26/2028 0.5%
% of Total Assets 5.5%
Holding Coupon Maturity Assets
SPDR Blackstone Senior Loan ETF0.000% -1.3%
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Virgin Media Bristol LLC3.054% 01/31/20280.6%
Medline Borrower LP4.014% 10/23/20280.6%
ICON Luxembourg Sarl3.313% 07/03/20280.6%
Peraton Corp4.514% 02/01/20280.5%
MH Sub I LLC4.750% 09/13/20240.5%
Hudson River Trading LLC3.815% 03/20/20280.5%
Gainwell Acquisition Corp5.006% 10/01/20270.5%
WP CityMD Bidco LLC3.750% 12/22/20280.5%
Jane Street Group LLC3.514% 01/26/20280.5%
SCIENTIFIC GAMES INTL INC.3.573% 04/14/20290.5%
McAfee Corp4.500% 03/01/20290.4%
Verscend Holding Corp4.764% 08/27/20250.4%
RealPage Inc3.750% 04/24/20280.4%
MKS INSTRUMENTS INC0.000% 10/21/20280.4%
Phoenix Newco Inc4.264% 11/15/20280.4%
Univision Communications Inc4.014% 01/31/20290.4%
UKG Inc4.212% 05/04/20260.4%
Lucid Energy Group II Borrower LLC5.000% 11/24/20280.4%
Red Planet Borrower LLC4.756% 10/02/20280.4%
Jazz Financing Lux Sarl4.264% 04/21/20280.4%
SOLIS IV BV4.000% 02/26/20290.4%
Freeport LNG Investments LLLP4.563% 12/21/20280.4%
Dun & Bradstreet Corp/The3.919% 01/18/20290.4%
II VI INCORPORATED0.000% 12/01/20280.4%
Playtika Holding Corp3.514% 03/13/20280.4%
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Amneal Pharmaceuticals LLC4.313% 05/04/20250.4%
Organon & Co3.563% 06/02/20280.4%
Directv Financing LLC5.764% 08/02/20270.4%
EW Scripps Co/The3.326% 05/01/20260.4%
AthenaHealth Group Inc4.009% 02/15/20290.4%
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Magenta Buyer LLC6.230% 07/27/20280.3%
Proofpoint Inc3.758% 08/31/20280.3%
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CROCS INC3.500% 02/17/20290.3%
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Surf Holdings LLC4.110% 03/05/20270.3%
KUEHG Corp4.756% 02/21/20250.3%
Cobham Ultra US Co-Borrower LLC0.000% 11/17/20280.3%
Sophia LP4.256% 10/07/20270.3%
Minotaur Acquisition Inc5.514% 03/27/20260.3%
Genesys Cloud Services Holdings II LLC4.764% 12/01/20270.3%
ABG Intermediate Holdings 2 LLC4.000% 12/21/20280.3%
ADMI Corp4.139% 12/23/20270.3%
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DIRECT CHASSISLINK INC7.739% 04/10/20260.3%
Arcline FM Holdings LLC5.500% 06/23/20280.3%
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Electron Bidco Inc3.764% 11/01/20280.3%
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Minerva Merger Sub Inc6.500% 02/15/20300.3%
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Astra Acquisition Corp6.014% 10/25/20280.3%
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Cengage Learning Inc5.750% 07/14/20260.3%
iHeartCommunications Inc3.764% 05/01/20260.3%
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DOTDASH MEREDITH INC4.500% 12/01/20280.3%
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MKS INSTRUMENTS INC0.000% 04/08/20290.3%
Scientific Games Holdings LP4.175% 04/04/20290.3%
Cloudera Inc4.514% 10/08/20280.3%
Kingpin Intermediate Holdings LLC4.500% 07/03/20240.3%
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Torrid LLC6.739% 05/19/20280.3%
Asurion LLC6.014% 01/31/20280.3%
Grinding Media Inc4.796% 10/12/20280.3%
Horizon Therapeutics USA Inc2.438% 03/15/20280.3%
VFH PARENT LLC3.573% 01/13/20290.3%
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Asurion LLC6.014% 01/20/20290.3%
eResearchTechnology Inc5.500% 02/04/20270.3%
PENN NATIONAL GAMING INC0.000% 04/20/20290.3%
Global Medical Response Inc5.250% 10/02/20250.3%
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Surgery Center Holdings Inc4.500% 08/31/20260.3%
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PMHC II INC5.287% 04/21/20290.2%
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Cornerstone OnDemand Inc4.514% 10/16/20280.2%
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ACBL HLDG CORP0.000% -0.2%
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Gray Television Inc3.455% 12/01/20280.2%
CoreLogic Inc4.313% 06/02/20280.2%
EFS Cogen Holdings I LLC4.510% 10/01/20270.2%
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LBM Acquisition LLC4.500% 12/17/20270.2%
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LogMeIn Inc5.304% 08/31/20270.2%
Armor Holdco Inc5.203% 12/11/20280.2%
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Storable Inc3.644% 04/17/20280.2%
Quikrete Holdings Inc4.239% 06/11/20280.2%
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AI Aqua Merger Sub Inc4.250% 07/31/20280.2%
Informatica LLC3.563% 10/27/20280.2%
Peabody Energy Corp3.499% 03/31/20250.2%
Polaris Newco LLC4.764% 06/02/20280.2%
ACProducts Holdings Inc4.750% 05/17/20280.2%
VENGA FINANCE SARL0.000% 12/04/20280.2%
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FMG Resources August 2006 Pty Ltd5.875% 04/15/20300.2%
VACO HOLDINGS LLC5.801% 01/21/20290.2%
APi Group DE Inc3.514% 01/03/20290.2%
DEDALUS FINANCE GMBH3.500% 07/17/20270.2%
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ConnectWise LLC4.264% 09/29/20280.2%
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Constellation Renewables LLC3.500% 12/15/20270.2%
Option Care Health Inc3.514% 10/27/20280.2%
Alloy Finco Ltd0.500% 03/06/20250.2%
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WP CPP Holdings LLC4.750% 04/30/20250.2%
Imprivata Inc4.514% 12/01/20270.2%
AP CORE HOLDINGS II LLC6.264% 09/01/20270.2%
Priority Holdings LLC6.750% 04/27/20270.2%
Nascar Holdings LLC3.264% 10/19/20260.2%
Cyxtera DC Holdings Inc4.000% 05/01/20240.2%
Lucky Bucks LLC6.506% 07/30/20270.2%
SILK BIDCO AS4.000% 02/24/20250.2%
CERAMTEC ACQUICO GMBH0.000% 03/16/20290.2%
PHYSICIAN PARTNERS LLC4.800% 12/26/20280.2%
Southern Veterinary Partners LLC5.239% 10/05/20270.2%
CMI Marketing Inc4.918% 03/23/20280.2%
Park River Holdings Inc4.217% 12/28/20270.2%
ZoomInfo LLC0.000% 02/02/20260.2%
Sabre GLBL Inc5.050% 06/30/20280.2%
AMC Networks Inc5.000% 04/01/20240.2%
Revint Intermediate II LLC5.014% 10/15/20270.2%
APFS STAFFING HOLDINGS INC4.500% 12/29/20280.2%
Heartland Dental LLC4.632% 04/30/20250.2%
Barracuda Networks Inc7.988% 10/30/20280.2%
MYOB US Borrower LLC4.764% 05/06/20260.2%
SeaWorld Parks & Entertainment Inc3.813% 08/25/20280.2%
Pretium PKG Holdings Inc7.250% 10/01/20290.2%
GENERATION BRIDGE AQC LLC6.006% 12/01/20280.2%
Synaptics Inc2.750% 12/02/20280.2%
Amentum Government Services Holdings LLC4.264% 01/29/20270.2%
INTELSAT JACKSON HOLDINGS SA4.920% 02/01/20290.2%
AI Aqua Merger Sub Inc0.000% 07/31/20280.2%
Air Canada4.250% 08/11/20280.2%
19th Holdings Golf LLC3.750% 02/07/20290.2%
Carnival Corp4.000% 10/18/20280.2%
AVSC Holding Corp0.250% 03/03/20250.2%
Tempo Acquisition LLC0.000% 08/31/20280.2%
Constant Contact Inc5.011% 02/10/20280.2%
Birkenstock US BidCo Inc3.750% 04/28/20280.2%
BELLA HOLDING COMPANY LLC4.514% 05/10/20280.2%
Blackhawk Network Holdings Inc7.563% 06/15/20260.2%
LSCS HOLDINGS INC.5.264% 12/16/20280.2%
Arches Buyer Inc4.014% 12/06/20270.2%
CNT Holdings I Corp4.250% 11/08/20270.2%
Aretec Group Inc5.014% 10/01/20250.2%
Team Health Holdings Inc6.250% 03/02/20270.2%
NEXUS BUYER LLC6.750% 10/29/20290.2%
AEA INTER HLDNGS LUX S A R L4.813% 09/07/20280.2%
BEP Ulterra Holdings Inc6.014% 11/26/20250.2%
Brazos Delaware II LLC4.625% 05/21/20250.2%
Helix Gen Funding LLC4.750% 06/03/20240.2%
MJH HEALTHCARE HOLDINGS LLC4.122% 01/28/20290.2%
NortonLifeLock Inc5.000% 04/15/20250.2%
BINGO INDUSTRIES LTD4.000% 07/08/20280.2%
Leslie's Poolmart Inc3.019% 03/09/20280.2%
Renaissance Holdings Corp4.014% 05/30/20250.2%
USIC Holdings Inc4.264% 05/12/20280.2%
CDI Escrow Issuer Inc5.750% 04/01/20300.2%
Fastlane Parent Co Inc5.249% 02/04/20260.2%
Global Aircraft Leasing Co Ltd6.500% 09/15/20240.2%
Summit Behavioral Healthcare LLC5.500% 11/24/20280.2%
SS+C TECHNOLOGIES INC.0.000% 03/22/20290.2%
Staples Inc5.317% 04/16/20260.2%
UWH PLLC5.000% 12/16/20270.2%
KAR Auction Services Inc5.125% 06/01/20250.2%
CHINOS INTERMEDIATE 2 LLC0.000% -0.2%
Beacon Roofing Supply Inc3.014% 05/19/20280.2%
City Football Group Ltd4.598% 07/21/20280.2%
Crescent Energy Finance LLC7.250% 05/01/20260.2%
Evergreen Acqco 1 LP6.506% 04/26/20280.2%
Project Boost Purchaser LLC4.264% 06/01/20260.2%
Avantor Funding Inc3.014% 11/08/20270.2%
Refficiency Holdings LLC4.514% 12/16/20270.1%
Walker & Dunlop Inc2.750% 12/16/20280.1%
Mamba Purchaser Inc4.344% 10/16/20280.1%
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp4.250% 02/01/20270.1%
Delta Topco Inc4.500% 12/01/20270.1%
Univision Communications Inc5.125% 02/15/20250.1%
CVR Partners LP / CVR Nitrogen Finance Corp6.125% 06/15/20280.1%
SPECTACLE GARY HOLDINGS LLC5.489% 11/19/20280.1%
SPRINGS WINDOW FASHIONS LLC4.750% 10/06/20280.1%
ECI Macola/Max Holding LLC4.756% 11/09/20270.1%
Millennium Escrow Corp6.625% 08/01/20260.1%
Ingram Micro Inc4.506% 06/30/20280.1%
Select Medical Corp3.020% 03/06/20250.1%
Griffon Corp3.267% 01/24/20290.1%
Laredo Petroleum Inc9.500% 01/15/20250.1%
Aethon United BR LP / Aethon United Finance Corp8.250% 02/15/20260.1%
Engineered Machinery Holdings Inc4.756% 05/19/20280.1%
INEOS STYROLUTION US HOLDG LLC3.514% 01/29/20260.1%
California Resources Corp7.125% 02/01/20260.1%
LSB Industries Inc6.250% 10/15/20280.1%
PRA Group Inc5.000% 10/01/20290.1%
Starwood Property Mortgage LLC4.014% 07/26/20260.1%
Pacific Dental Services Inc4.000% 05/05/20280.1%
Ahead DB Holdings LLC0.000% 10/18/20270.1%
Tiger Acquisition LLC3.758% 06/01/20280.1%
Navient Corp6.750% 06/25/20250.1%
Groupe Solmax Inc5.756% 05/29/20280.1%
KKR APPLE BIDCO LLC3.764% 09/23/20280.1%
Vertiv Group Corp3.202% 03/02/20270.1%
PRA Health Sciences Inc3.313% 07/03/20280.1%
LifePoint Health Inc4.499% 11/16/20250.1%
Lindblad Expeditions LLC6.750% 02/15/20270.1%
AP CORE HOLDINGS II LLC6.264% 09/01/20270.1%
Equinox Holdings Inc4.006% 03/08/20240.1%
CAMELOT US ACQUISITION 1 CO.0.000% 10/30/20260.1%
Veritas US Inc6.006% 09/01/20250.1%
Aegion Corp5.500% 05/17/20280.1%
CWGS Group LLC3.250% 06/03/20280.1%
Tenable Inc3.269% 07/07/20280.1%
iStar Inc4.250% 08/01/20250.1%
Learning Care Group US No 2 Inc4.250% 03/13/20250.1%
ZipRecruiter Inc5.000% 01/15/20300.1%
Condor Merger Sub Inc7.375% 02/15/20300.1%
Yak Access LLC5.508% 07/11/20250.1%
Kenan Advantage Group Inc/The4.514% 03/24/20260.1%
UKG Inc4.756% 05/04/20260.1%
Panera Bread Co3.063% 07/18/20220.1%
Banijay Group US Holding Inc4.202% 03/01/20250.1%
Grifols Worldwide Operations USA Inc0.000% 11/15/20270.1%
ECHO GLOBAL LOGISTICS INC4.514% 11/23/20280.1%
Chariot Buyer LLC4.506% 11/03/20280.1%
WESTERN DENTAL SERVICES INC5.281% 08/11/20280.1%
Eyecare Partners LLC4.756% 11/15/20280.1%
Hightower Holding LLC5.098% 04/21/20280.1%
Claros Mortgage Trust Inc5.000% 08/09/20260.1%
Bleriot US Bidco Inc5.006% 10/31/20260.1%
Renaissance Holdings Corp7.764% 05/29/20260.1%
Hunt Cos Inc5.250% 04/15/20290.1%
THE ULTIMATE SW GRP INC6.212% 05/03/20270.1%
Esdec Solar Group BV6.500% 08/30/20280.1%
Trans Union LLC2.514% 11/16/20260.1%
Coinbase Global Inc3.375% 10/01/20280.1%
Baffinland Iron Mines Corp / Baffinland Iron Mines LP8.750% 07/15/20260.1%
Stonegate Pub Co Financing 2019 PLC8.250% 07/31/20250.1%
DEXKO GLOBAL INC4.717% 10/04/20280.1%
AL GCX HOLDINGS LLC0.000% 04/21/20290.1%
VUE INTERNATIONAL BIDCO PLC4.750% 07/03/20260.1%
Ingenovis Health Inc4.756% 03/06/20280.1%
Insulet Corp4.014% 05/04/20280.1%
Ardonagh Midco 2 PLC11.500% 01/15/20270.1%
RAPTOR ACQUISITION CORP.4.934% 11/01/20260.1%
Callon Petroleum Co8.000% 08/01/20280.1%
Jazz Acquisition Inc5.010% 06/19/20260.1%
Miller's Ale House Inc5.418% 05/30/20250.1%
Magenta Buyer LLC9.480% 07/27/20290.1%
ABG Intermediate Holdings 2 LLC6.801% 12/20/20290.1%
Aramark Services Inc6.375% 05/01/20250.1%
Deliver Buyer Inc6.006% 05/01/20240.1%
American Trailer World Corp4.300% 03/03/20280.1%
Spirit AeroSystems Inc4.514% 01/15/20250.1%
Foundation Building Materials Inc4.489% 02/03/20280.1%
Carriage Purchaser Inc7.875% 10/15/20290.1%
Cloudera Inc6.764% 10/08/20290.1%
Encino Acquisition Partners Holdings LLC8.500% 05/01/20280.1%
Array Technologies Inc3.750% 10/14/20270.1%
Weld North Education LLC4.514% 12/21/20270.1%
Castle US Holding Corp4.514% 01/29/20270.1%
Zurn LLC3.014% 10/04/20280.1%
Watlow Electric Manufacturing Co4.514% 03/02/20280.1%
Sparta US HoldCo LLC4.250% 08/02/20280.1%
VICI Properties LP4.375% 05/15/20250.1%
Stagwell Global LLC5.625% 08/15/20290.1%
Ahern Rentals Inc7.375% 05/15/20230.1%
New Era Cap LLC6.750% 07/13/20270.1%
Resideo Funding Inc4.000% 09/01/20290.1%
Astoria Energy LLC4.500% 12/10/20270.1%
AMMC CLO 24 Ltd4.463% 01/20/20350.1%
Southwestern Energy Co3.301% 06/22/20270.1%
Warrior Met Coal Inc7.875% 12/01/20280.1%
SPX FLOW INC.5.300% 04/05/20290.1%
FOREFRONT MNGMNT HLDNGS LLC4.250% 03/23/20290.1%
Armor Holdco Inc8.500% 11/15/20290.1%
Carriage Purchaser Inc5.014% 09/30/20280.1%
VistaJet Malta Finance PLC / XO Management Holding Inc6.375% 02/01/20300.1%
White Cap Buyer LLC4.450% 10/19/20270.1%
Canada Goose Inc4.506% 10/07/20270.1%
Live Nation Entertainment Inc4.750% 10/15/20270.1%
ASP Unifrax Holdings Inc4.733% 12/12/20250.1%
Invesco CLO 2021-3 Ltd4.136% 10/22/20340.1%
Rockcliff Energy II LLC5.500% 10/15/20290.1%
Aruba Investments Holdings LLC4.500% 11/24/20270.1%
Eco Material Technologies Inc7.875% 01/31/20270.1%
Hightower Holding LLC6.750% 04/15/20290.1%
Imperva Inc5.000% 01/12/20260.1%
Learfield Communications LLC4.250% 12/01/20230.1%
CNX Resources Corp6.000% 01/15/20290.1%
POLARIS NEWCO LLC9.000% 06/04/20290.1%
Windstream Services LLC7.250% 09/21/20270.1%
Blackstone Mortgage Trust Inc3.750% 01/15/20270.1%
DELIVERY HERO SE0.000% 07/09/20270.1%
Pretium PKG Holdings Inc4.500% 10/02/20280.1%
Chassix Inc6.500% 11/15/20230.1%
Owens & Minor Inc4.450% 03/29/20290.1%
Imprivata Inc4.750% 12/01/20270.1%
Vertex Aerospace Services Corp0.000% 12/06/20280.1%
Peninsula Pacific Entertainment LLC / Peninsula Pacific Entertainment Finance In8.500% 11/15/20270.1%
TEAMBLUE FINCO SARL3.750% 03/30/20280.1%
DIVERSITECH HOLDINGS INC.7.756% 12/21/20290.1%
SCIH Salt Holdings Inc0.000% 03/16/20270.1%
Air Methods Corp4.506% 04/22/20240.1%
THE ENTERPRISE DEVLOPMT ATHRTY5.014% 02/28/20280.1%
Harbor Freight Tools USA Inc3.514% 10/19/20270.1%
Berry Petroleum Co LLC7.000% 02/15/20260.1%
Service Logic Acquisition Inc4.750% 10/29/20270.1%
Mohegan Gaming & Entertainment8.000% 02/01/20260.1%
ECL ENTERTAINMENT LLC8.264% 05/01/20280.1%
Peraton Corp8.500% 02/01/20290.1%
KKR CLO 38 Ltd4.713% 04/15/20330.1%
LSF11 A5 HoldCo LLC4.315% 10/15/20280.1%
AppLovin Corp4.014% 08/15/20250.1%
City Brewing Co LLC4.469% 04/05/20280.1%
CANOPY GROWTH CORPORATION7.000% 03/18/20260.1%
Jefferson Capital Holdings LLC6.000% 08/15/20260.1%
ACBL HLDG CORP0.000% -0.1%
Affinity Gaming6.875% 12/15/20270.1%
Seaspan Corp5.500% 08/01/20290.1%
EverArc Escrow Sarl5.000% 10/30/20290.1%
SCP Eye Care Services LLC6.000% 03/16/20280.1%
Caesars Resort Collection LLC / CRC Finco Inc5.750% 07/01/20250.1%
Sunnova Energy Corp5.875% 09/01/20260.1%
Global Medical Response Inc5.250% 03/14/20250.1%
MEG Energy Corp7.125% 02/01/20270.1%
Ahead DB Holdings LLC6.625% 05/01/20280.1%
Station Casinos LLC0.000% 02/08/20270.1%
WW International Inc4.264% 04/13/20280.1%
DIVERSITECH HOLDINGS INC.4.756% 12/22/20280.1%
Cinemark USA Inc2.520% 03/31/20250.1%
Fortress Transportation and Infrastructure Investors LLC5.500% 05/01/20280.1%
Jerrold Finco PLC5.250% 01/15/20270.1%
Cinemark USA Inc5.250% 07/15/20280.1%
Kennedy-Wilson Inc4.750% 02/01/20300.1%
MOTION FINCO SARL4.256% 11/12/20260.1%
Instructure Holdings Inc3.989% 10/30/20280.1%
Hilcorp Energy I LP / Hilcorp Finance Co5.750% 02/01/20290.1%
THERMOSTAT PURCHASER III INC.5.250% 08/31/20280.1%
RVR Dealership Holdings LLC4.500% 02/08/20280.1%
Barracuda Networks Inc0.000% 02/12/20250.1%
Constant Contact Inc8.511% 02/12/20290.1%
Medical Solutions Holdings Inc7.500% 11/01/20290.1%
GPS Hospitality Holding Co LLC / GPS Finco Inc7.000% 08/15/20280.1%
Colgate Energy Partners III LLC7.750% 02/15/20260.1%
Park River Holdings Inc6.750% 08/01/20290.1%
SPX FLOW Inc8.750% 04/01/20300.1%
RIVERBED TECHNOLOGY INC2.000% 12/08/20260.1%
Full House Resorts Inc8.250% 02/15/20280.1%
Autokiniton US Holdings Inc5.000% 04/06/20280.1%
SRS Distribution Inc0.000% 06/02/20280.1%
Renaissance Holdings Corp5.000% 03/30/20290.1%
Alpha Metallurgical Resources Inc10.000% 06/14/20240.1%
Chegg Inc0.000% 09/01/20260.1%
Frontier Communications Holdings LLC4.813% 05/01/20280.1%
Doncasters US LLC8.500% 03/06/20240.1%
ASR Media and Sponsorship SpA5.125% 08/01/20240.1%
Frontier Communications Holdings LLC6.750% 05/01/20290.1%
BCP Renaissance Parent LLC0.000% 10/31/20260.1%
BELRON FINANCE US LLC3.500% 10/30/20260.1%
TerraForm Power Operating LLC4.750% 01/15/20300.1%
Urban One Inc7.375% 02/01/20280.1%
TNT CRANE AND RIGGING0.000% -0.1%
Proofpoint Inc6.758% 08/31/20290.1%
Rocket Software Inc5.014% 11/28/20250.1%
Signa Development Finance SCS5.500% 07/23/20260.1%
BELRON FINANCE US LLC3.250% 04/13/20280.1%
Jacobs Entertainment Inc6.750% 02/15/20290.1%
Owens & Minor Inc6.625% 04/01/20300.1%
Midcap Financial Issuer Trust6.500% 05/01/20280.1%
Edgewater Generation LLC4.514% 12/13/20250.1%
Azalea Topco Inc0.000% 07/24/20260.1%
USIC Holdings Inc7.264% 05/14/20290.1%
SunCoke Energy Inc4.875% 06/30/20290.1%
Comstock Resources Inc6.750% 03/01/20290.1%
LONZA GROUP AG5.006% 07/03/20280.1%
BCP Raptor II LLC5.514% 11/03/20250.1%
Octagon 56 Ltd4.263% 10/15/20340.1%
Punch Finance PLC6.125% 06/30/20260.1%
Resideo Funding Inc2.750% 02/11/20280.1%
SHARP CORPORATION5.006% 12/31/20280.1%
Equinox Holdings Inc8.006% 09/06/20240.1%
Range Resources Corp4.750% 02/15/20300.1%
Precision Drilling Corp6.875% 01/15/20290.1%
Centennial Resource Production LLC6.875% 04/01/20270.1%
CNT Holdings I Corp7.500% 11/06/20280.1%
Frontier Communications Holdings LLC6.000% 01/15/20300.1%
Heartland Dental LLC4.198% 04/30/20250.1%
LSF11 A5 HoldCo LLC6.625% 10/15/20290.1%
National Mentor Holdings Inc8.260% 03/02/20290.1%
Welltec International ApS8.250% 10/15/20260.1%
Delta Topco Inc8.000% 12/01/20280.1%
AthenaHealth Group Inc0.018% 02/15/20290.1%
IRI Holdings Inc0.000% 12/01/20250.1%
CIFC Funding 2021-III Ltd4.063% 07/15/20360.1%
AVSC Holding Corp8.250% 09/01/20250.1%
ALTAR BIDCO INC.6.100% 02/01/20300.1%
Jazz Acquisition Inc8.760% 06/18/20270.1%
Edelman Financial Engines Center LLC/The7.514% 07/20/20260.1%
Equinox Holdings Inc10.006% 03/08/20240.1%
Camelot Finance SA0.000% 10/30/20260.1%
SM Energy Co6.500% 07/15/20280.1%
ADMI Corp4.264% 12/23/20270.1%
LONZA GROUP AG0.000% 07/03/20280.1%
VICI Properties LP / VICI Note Co Inc3.500% 02/15/20250.1%
WP CPP Holdings LLC8.750% 04/30/20260.1%
Kennedy-Wilson Inc4.750% 03/01/20290.1%
Octagon Investment Partners 44 Ltd4.294% 10/15/20340.0%
Punch Finance PLC6.125% 06/30/20260.0%
Cubic Corp5.000% 05/25/20280.0%
FX USD/EUR 06/220.000% 06/10/20220.0%
iHeartMedia Inc0.000% -0.0%
Epicor Software Corp8.750% 07/31/20280.0%
Aruba Investments Holdings LLC8.500% 11/24/20280.0%
United PF Holdings LLC9.506% 12/30/20270.0%
CIFC Funding 2020-II Ltd4.113% 10/20/20340.0%
OHA Credit Funding 6 Ltd4.213% 07/20/20340.0%
Reverb Buyer Inc0.035% 11/01/20280.0%
Sabre GLBL Inc4.264% 12/17/20270.0%
CHINOS INTERMEDIATE HLDGS A IN9.000% 09/10/20270.0%
CARLYLE US CLO 2019-3 LTD4.263% 10/20/20320.0%
Rocket Software Inc5.014% 11/28/20250.0%
AI Aqua Merger Sub Inc0.000% 07/31/20280.0%
Proampac PG Borrower LLC4.500% 11/03/20250.0%
Eaton Vance CLO 2020-1 Ltd4.163% 10/15/20340.0%
Azalea Topco Inc4.207% 07/24/20260.0%
AIT Worldwide Logistics Holdings Inc5.719% 04/06/20280.0%
New Frontera Holdings LLC14.006% 07/28/20260.0%
Refficiency Holdings LLC0.038% 12/16/20270.0%
ACBL HLDG CORP0.000% -0.0%
Sabre GLBL Inc4.264% 12/17/20270.0%
Signa Development Finance SCS5.500% 07/23/20260.0%
DEXKO GLOBAL INC0.038% 10/04/20280.0%
FX USD/GBP 06/220.000% 06/07/20220.0%
CIFC Funding 2019-I Ltd4.163% 04/20/20320.0%
Party City Holdings Inc6.625% 08/01/20260.0%
Comstock Resources Inc5.875% 01/15/20300.0%
FOREFRONT MNGMNT HLDNGS LLC0.000% 03/23/20290.0%
ELEMNT MAT TECH GRP US HOL INC0.000% 06/30/20290.0%
THERMOSTAT PURCHASER III INC0.045% 08/31/20280.0%
DIVERSITECH HOLDINGS INC.0.038% 12/22/20280.0%
THL Credit Wind River 2018-3 CLO Ltd4.013% 01/20/20310.0%
SCP Eye Care Services LLC0.045% 03/16/20280.0%
Interest Rate Swap1.209% 10/01/20290.0%
Interest Rate Swap1.150% 10/01/20280.0%
Welltec International ApS8.250% 10/15/20260.0%
Interest Rate Swap1.225% 01/15/20300.0%
Interest Rate Swap0.493% 09/15/20240.0%
Interest Rate Swap1.211% 09/01/20290.0%
WESTERN DENTAL SERVICES INC0.045% 08/18/20280.0%
MOTION FINCO SARL0.043% 11/12/20260.0%
Interest Rate Swap1.209% 08/15/20290.0%
Signal Peak CLO 5 Ltd6.834% 04/25/20310.0%
Total Return Swap0.285% 06/20/20220.0%
Interest Rate Swap1.220% 10/15/20290.0%
Interest Rate Swap1.152% 10/15/20280.0%
New Frontera Holdings LLC2.506% 07/28/20280.0%
Service Logic Acquisition Inc0.040% 10/29/20270.0%
UTEX INDUSTRIES0.000% -0.0%
CHINOS INTERMEDIATE 2 LLC0.000% -0.0%
Interest Rate Swap0.451% 05/15/20230.0%
GENERATION BDGE AQSTN LLC6.006% 12/01/20280.0%
Total Return Swap0.285% 06/20/20220.0%
FX USD/EUR 06/220.000% 06/10/20220.0%
Total Return Swap0.285% 06/20/20220.0%
NPC International Inc1.000% 04/18/20250.0%
FX USD/EUR 06/220.000% 06/10/20220.0%
FX USD/GBP 06/220.000% 06/07/20220.0%
Total Return Swap0.285% 09/20/20220.0%
FRONTERA GENERATION0.000% -0.0%
Total Return Swap0.285% 09/20/20220.0%
TNT CRANE AND RIGGING0.000% -0.0%
Interest Rate Swap0.051% 10/21/20220.0%
Interest Rate Swap0.184% 10/21/20250.0%
Interest Rate Swap0.272% 10/21/20220.0%
Interest Rate Swap0.272% 10/21/20250.0%
Life Time Inc0.000% 06/10/20220.0%
MIRABELA NICKEL LTD.1.000% 09/16/20440.0%
FX EUR/USD 06/220.000% 06/10/20220.0%
Total Return Swap0.285% 09/20/20220.0%
FX EUR/USD 06/220.000% 06/10/20220.0%
Total Return Swap0.285% 09/20/20220.0%
FX GBP/USD 06/220.000% 06/07/20220.0%
FX EUR/USD 06/220.000% 06/10/20220.0%
Total Return Swap0.928% 06/20/20220.0%
FX EUR/USD 06/220.000% 06/10/20220.0%
Total Return Swap0.285% 09/20/20220.0%
Total Return Swap0.285% 09/20/20220.0%
Total Return Swap0.928% 06/20/20220.0%
Total Return Swap0.285% 09/20/20220.0%
Total Return Swap0.928% 06/20/20220.0%
FX EUR/USD 06/220.000% 06/10/20220.0%
Total Return Swap0.285% 06/20/20220.0%
Total Return Swap0.928% 06/20/20220.0%
Total Return Swap0.928% 06/20/20220.0%

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 05/31/2022

Sector Weighting Fund Change from Previous Quarter
Sector Weighting Fund Change from Previous Quarter
Energy arrowUp0.7%
Retail arrowDown0.2%
Diversified Media arrowUp0.4%
Metals/Minerals arrowDown0.2%
Shipping arrowDown0.1%
Food And Drug -
Housing 0.0%
Consumer Non-Durables 0.0%
Land Transportation arrowDown0.3%
Wireless Communications 0.0%
Utility arrowUp0.2%
Information Technology arrowDown0.1%
Consumer Durables 0.0%
Cable/Wireless Video arrowDown0.2%
Automotive arrowDown0.2%
Manufacturing arrowDown0.3%
Telecommunications arrowDown0.2%
Service arrowUp0.3%
Food/Tobacco arrowUp0.3%
Chemicals arrowDown0.2%
Forest Prod/Containers -
Gaming/Leisure arrowUp0.7%
Healthcare arrowDown0.2%
Aerospace arrowUp0.3%
Financial arrowUp0.6%
Other arrowDown1.5%
Transportation arrowDown0.1%
Broadcasting arrowUp0.4%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 06/24/2022
$0.123
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 05/31/2022 $0.02675 $8.05
Daily Daily 04/30/2022 $0.02482 $8.28
Daily Daily 03/31/2022 $0.02527 $8.32
Daily Daily 02/28/2022 $0.02306 $8.32
Daily Daily 01/31/2022 $0.02395 $8.39

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 06/30/2022
Daily Daily 07/31/2022
Daily Daily 08/31/2022
Daily Daily 09/30/2022
Daily Daily 10/31/2022
Daily Daily 11/30/2022
Daily Daily 12/31/2022

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. 

Upcoming Capital Gain Distribution

Record Date Ex-Dividend Date
12/19/2022 12/20/2022

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 06/24/2022

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $8.08
$100,000 to $249,999 1.75% 1.50% $8.04
$250,000 to $499,999 1.25% 1.00% $8.00
$500,000 to $999,999 0.00% 1.00% $7.90
$1,000,000 to $5,000,000 0.00% 1.00% $7.90

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 05/31/2022

Fund Documents

Fund Documents

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*"Barron's Best Fund Families of 2021", #4 ranking in the Taxable Bond category based on the net total return of the one-year period ending 12/31/2021, among 51 qualifying fund families. Ranking for the ten-year period ending 12/31/2021 is #2 out of 45 qualifying fund families.

Source: Barron’s, “Barron’s Best Fund Families of 2021,” February 18, 2022. Barron’s rankings are based on asset weighted returns in funds in five categories: general equity, world equity (including international and global portfolios), mixed asset (which invest in stocks, bonds and other securities), taxable bond, and tax-exempt (each a "Barron's ranking category"). Rankings also take into account an individual fund's performance within its Lipper peer universe. Lipper calculated each fund's net total return for the year ended December 31, 2021, minus the effects of 12b-1 fees and sales charges. Each fund in the survey was given a percentile ranking with 100 the highest and 1 the lowest in its category. That ranking measured how a fund compared with its peer "universe," as tracked by Lipper, not just the funds in the survey. Individual fund scores were then multiplied by the 2020 weighting of their Barron's ranking category as determined by the entire Lipper universe of funds. Those fund scores were then totaled, creating an overall score and ranking for each fund family in the survey in each Barron's ranking category. The process is repeated for the five- and ten-year rankings as well.

Barron's Fund Family Rankings are awarded annually.

To qualify for the ranking, firms must offer at least three active mutual funds or actively run ETFs in Lipper’s general U.S. stock category; one in world equity; and one mixed asset, such as a balanced or allocation fund. They also need to offer at least two taxable bond funds and one national tax-exempt bond fund. All funds must have a track record of at least one year. While the ranking excludes index funds, it does include actively managed ETFs and “smart beta” ETFs, which are run passively but built on active investment strategies.

© Refinitiv Lipper 2022. All Rights Reserved. Refinitiv, an LSEG (London Stock Exchange Group) business, is one of the world’s largest providers of financial markets data and infrastructure. Lipper provides global, independent fund performance data. Although Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Lipper.

‡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.

+

Minimum initial investment varies depending on the class of shares you buy and the type of account. IRAs, SIMPLEs, and SEP accounts with payroll deductions have no minimums. Please see Fund prospectuses for additional information.      

                    

1

Dividend Yield is a financial ratio that shows how much a mutual fund pays out in dividends each year relative to value with maximum sales charges and without sales charges. The dividend yield is calculated by annualizing the last dividend and dividing it by the fund’s net asset value with maximum sales charges and without sales charges.

 

2

The 30-Day Standardized Yield represents net investment income earned by a fund over a 30-day period. It is expressed as an annual percentage rate using a method of calculation adopted by the Securities and Exchange Commission (SEC). Yields for other share classes will vary.

 

 

IMPORTANT INFORMATION

 

A Note about Risk: The Fund is subject to the general risks associated with investing in debt securities, including market, credit, liquidity, and interest rate risk. The value of 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.   

 

The Credit Suisse Leveraged Loan Index is designed to mirror the investable universe of the U.S. dollar-denominated leveraged loan market. The CS Leveraged Loan Index is an unmanaged, trader-priced index that tracks leveraged loans. The CS Leveraged Loan Index, which includes reinvested dividends, has been taken from published sources.

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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