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 06/02/2023

$7.91

arrowUp$0.02

YTD Returns w/o sales charge as of 06/02/2023

4.20%

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

Dividend Yield 1 as of 06/02/2023  

w/o sales charge 8.68%
w/ sales charge 8.49%

30-Day Standardized Yield 2 as of 04/30/2023  

7.85%

Average Yield to Worst as of 04/28/2023

8.12%

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

Yield-To-Worst - The yield-to-worst (YTW) is the lowest potential yield that can be received on a bond without the issuer actually defaulting. YTW is calculated by making worst-case scenario assumptions on the issue by calculating the return that would be received if the issuer uses provisions, including prepayments, calls or sinking funds. Average YTW is based on the weighted average YTW of the securities held in the Fund’s portfolio.

Fund Basicsas of 04/28/2023

Total Net Assets
$5.26 B
Inception Date
12/31/2007
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.80%
Fund Net Expense Ratio
0.80%
Number of Holdings
532
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 3.75% 4.69% 5.39% 2.06% 2.92% 3.64%
Lipper Category Avg. Loan Participation Funds - - - - - -
CS Leveraged Loan Index 4.00% 5.48% 5.85% 3.58% 3.85% 4.28%
w/ sales charge 1.42% 2.27% 4.59% 1.60% 2.69% 3.49%

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 2.98% 1.17% 7.43% 2.03% 2.94% 3.63%
Lipper Category Avg. Loan Participation Funds 2.88% 0.81% 6.86% 2.31% 2.73% -
CS Leveraged Loan Index 3.11% 2.12% 8.38% 3.55% 3.86% 4.26%
w/ sales charge 0.67% -1.09% 6.62% 1.57% 2.70% 3.48%

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.

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

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

Credit Quality Distribution as of 04/28/2023 View Portfolio

Rating Assets
AAA
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

Dividend Yield 1 as of 06/02/2023  

w/o sales charge 8.68%
w/ sales charge 8.49%

30-Day Standardized Yield 2 as of 04/30/2023  

  Subsidized3 Un-Subsidized4
w/o sales charge 7.85% 7.85%

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 3.75% 4.69% 5.39% 2.06% 2.92% 3.64%
Lipper Category Avg. Loan Participation Funds - - - - - -
CS Leveraged Loan Index 4.00% 5.48% 5.85% 3.58% 3.85% 4.28%
w/ sales charge 1.42% 2.27% 4.59% 1.60% 2.69% 3.49%

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 2.98% 1.17% 7.43% 2.03% 2.94% 3.63%
Lipper Category Avg. Loan Participation Funds 2.88% 0.81% 6.86% 2.31% 2.73% -
CS Leveraged Loan Index 3.11% 2.12% 8.38% 3.55% 3.86% 4.26%
w/ sales charge 0.67% -1.09% 6.62% 1.57% 2.70% 3.48%

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% - - - 4.20%
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 03/31/2023

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
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 04/28/2023

Rating Assets
AAA
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 03/31/2023

  • Despite positive performance in loans for the quarter, credit concerns continued to be a primary focus for investors. One area in particular gaining attention is the effect of stricter financial conditions and tightening of credit lending standards, particularly as banks look to shore up balance sheets following the collapse of both SVB and Signature Bank. These tighter financial conditions may potentially lead to increased dispersion in loan issuer performance. In response, we maintained a more up-in-quality bias within the Fund with the goal of limiting exposure to loan issuers with possible credit issues. This was reflected in an overweight to higher quality, BB rated credits while moving further underweight CCCs given their increased sensitivity to recessionary pressures, and challenges to sponsorship from CLOs. However, we have been selective in increasing Single B exposure, adding to several positions that offered attractive current yields and higher coupons.
  • Within the loan space, we remained focused on potential investments within industries that we believe should benefit from long-term secular trends. The Fund continued to reflect this thesis with significant allocations in both Healthcare and IT sectors, which are better positioned to adapt to and benefit from fundamental structural changes that were accelerated by the COVID-19 pandemic. We also have had an increased focus on automation and education within this theme. That being said, we continue to be mindful of the Fund’s allocations in these sectors, reducing exposure in what we view as riskier credits that may succumb to recession risks, as well as regulatory headwinds.
  • Elsewhere, we remain tilted towards sectors with more defensive characteristics in favor of sectors that exhibit more cyclicality. The Fund held overweight allocations to Energy and Healthcare. Specific to Energy, the sector continued to exhibit defensive qualities, particularly as the broader energy index trades at tighter spreads than broader market values. The Fund also continued to be overweight the Aerospace sector, particularly to airlines. These issuers have benefited from increased travel bookings from resilient consumers, specifically within China as a result of dropping its zero-COVID policy and reopening economic activity. On the other hand, we have continued to be underweight certain sectors that we believe are overexposed to cyclicality and elevated costs. These sectors include Services and Automotives, which have broadly struggled to manage rising inflationary pressures.

Portfolio Details as of 04/28/2023

Total Net Assets
$5.26 B
Number of Issues
532
Average Maturity
4.33 Years
Average Effective Duration
0.24 Years
Average Yield to Worst
8.12%

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.

Yield-To-Worst - The yield-to-worst (YTW) is the lowest potential yield that can be received on a bond without the issuer actually defaulting. YTW is calculated by making worst-case scenario assumptions on the issue by calculating the return that would be received if the issuer uses provisions, including prepayments, calls or sinking funds. Average YTW is based on the weighted average YTW of the securities held in the Fund’s portfolio.

Holding Coupon Maturity Assets
Medline Borrower LP 8.275% 10/23/2028 0.8%
AAdvantage Loyalty IP Ltd 10.000% 04/20/2028 0.8%
Oryx Midstream Services Permian Basin LLC 8.193% 10/05/2028 0.7%
MKS Instruments Inc 7.814% 08/17/2029 0.7%
Peraton Corp 8.832% 02/01/2028 0.7%
AthenaHealth Group Inc 8.464% 02/15/2029 0.6%
Cloud Software Group Inc 9.498% 03/30/2029 0.6%
AI Aqua Merger Sub Inc 8.484% 07/31/2028 0.6%
MH Sub I LLC 8.775% 09/13/2024 0.6%
McAfee Corp 8.653% 03/01/2029 0.6%
% of Total Assets 6.7%
Holding Coupon Maturity Assets
BARCLAYS CAPITAL0.010% 05/01/20236.0%
Invesco Senior Loan ETF0.000% -0.9%
Medline Borrower LP8.275% 10/23/20280.8%
AAdvantage Loyalty IP Ltd10.000% 04/20/20280.7%
Oryx Midstream Services Permian Basin LLC8.193% 10/05/20280.7%
MKS Instruments Inc7.814% 08/17/20290.6%
Peraton Corp8.832% 02/01/20280.6%
AthenaHealth Group Inc8.464% 02/15/20290.6%
Cloud Software Group Inc9.498% 03/30/20290.6%
AI Aqua Merger Sub Inc8.484% 07/31/20280.6%
MH Sub I LLC8.775% 09/13/20240.5%
McAfee Corp8.653% 03/01/20290.5%
TransDigm Inc8.148% 02/22/20270.5%
Caesars Entertainment Inc8.332% 02/06/20300.5%
Fertitta Entertainment LLC/NV8.982% 01/27/20290.5%
Jazz Financing Lux Sarl8.525% 04/21/20280.5%
Asurion LLC9.332% 08/19/20280.5%
Genesys Cloud Services Holdings II LLC9.025% 12/01/20270.5%
Jane Street Group LLC7.775% 01/26/20280.5%
RealPage Inc8.025% 04/24/20280.5%
Coherent Corp7.847% 07/02/20290.5%
Directv Financing LLC10.025% 08/02/20270.5%
PetSmart LLC8.832% 02/11/20280.5%
Playtika Holding Corp7.775% 03/13/20280.4%
TK Elevator US Newco Inc8.602% 07/30/20270.4%
SPDR Blackstone Senior Loan ETF0.000% -0.4%
Phoenix Newco Inc8.275% 11/15/20280.4%
LifePoint Health Inc9.023% 11/16/20250.4%
Cornerstone Building Brands Inc8.240% 04/12/20280.4%
Mileage Plus Holdings LLC10.213% 06/21/20270.4%
Castlelake Aviation One DAC7.783% 10/22/20270.4%
Hudson River Trading LLC8.097% 03/20/20280.4%
AssuredPartners Inc8.525% 02/12/20270.4%
AppLovin Corp8.082% 10/25/20280.4%
Packaging Coordinators Midco Inc8.659% 11/30/20270.4%
Organon & Co7.971% 06/02/20280.4%
Sophia LP8.659% 10/07/20270.4%
Ascensus Holdings Inc8.563% 08/02/20280.4%
Arcline FM Holdings LLC9.901% 06/23/20280.4%
OneDigital Borrower LLC9.332% 11/16/20270.4%
UKG Inc8.271% 05/04/20260.4%
Uber Technologies Inc7.870% 03/03/20300.4%
1011778 BC ULC6.775% 11/19/20260.4%
Ascend Learning LLC8.471% 12/11/20280.4%
CLARIOS GLOBAL LP0.000% 04/26/20300.4%
Asurion LLC10.275% 01/20/20290.4%
ACBL HLDG CORP0.000% -0.4%
Minotaur Acquisition Inc9.832% 03/27/20260.4%
Hunter US Bidco Inc9.409% 08/19/20280.4%
Virgin Media Bristol LLC7.448% 01/31/20280.4%
Boxer Parent Co Inc8.775% 10/02/20250.4%
UTEX INDUSTRIES0.000% -0.4%
Amynta Agency Borrower Inc9.991% 02/28/20280.4%
Flynn Restaurant Group LP9.347% 12/01/20280.4%
Univision Communications Inc8.275% 03/15/20260.4%
Chariot Buyer LLC8.275% 11/03/20280.4%
White Cap Buyer LLC8.732% 10/19/20270.4%
Topgolf Callaway Brands Corp8.582% 03/15/20300.4%
Proofpoint Inc8.275% 08/31/20280.4%
LSF11 TRINITY BIDCO INC0.000% 04/27/20300.4%
Nouryon USA LLC7.895% 10/01/20250.4%
Central Parent Inc9.148% 07/06/20290.4%
eResearchTechnology Inc9.525% 02/04/20270.3%
MHI Holdings LLC10.025% 09/21/20260.3%
Autokiniton US Holdings Inc9.597% 04/06/20280.3%
Altar Bidco Inc5.500% 02/01/20290.3%
Sedgwick Claims Management Services Inc8.732% 02/17/20280.3%
Open Text Corp8.582% 01/31/20300.3%
CQP Holdco LP8.659% 06/05/20280.3%
Chart Industries Inc8.740% 03/15/20300.3%
ConnectWise LLC8.525% 09/29/20280.3%
BRAZOS DELAWARE II LLC8.583% 02/11/20300.3%
Amentum Government Services Holdings LLC8.764% 02/15/20290.3%
Titan Acquisition Ltd/Canada8.151% 03/28/20250.3%
Spring Education Group Inc8.898% 07/30/20250.3%
Quikrete Holdings Inc8.025% 03/18/20290.3%
Alloy Finco Ltd0.500% 03/06/20250.3%
Pactiv Evergreen Group Holdings Inc8.347% 09/24/20280.3%
Waystar Technologies Inc9.025% 10/22/20260.3%
Perforce Software Inc8.775% 07/01/20260.3%
ABG Intermediate Holdings 2 LLC8.582% 12/21/20280.3%
SUNSHINE INVESTMENTS B V9.011% 07/12/20290.3%
Vertex Aerospace Services Corp8.525% 12/06/20280.3%
NEXUS BUYER LLC11.332% 11/05/20290.3%
Cubic Corp9.402% 05/25/20280.3%
AP Core Holdings II LLC10.525% 09/01/20270.3%
M6 ETX Holdings II Midco LLC9.482% 09/19/20290.3%
Gainwell Acquisition Corp8.998% 10/01/20270.3%
Select Medical Corp7.530% 03/06/20250.3%
KUEHG Corp8.909% 02/21/20250.3%
LBM Acquisition LLC8.775% 12/17/20270.3%
Acrisure LLC9.275% 02/15/20270.3%
IRB Holding Corp8.082% 12/15/20270.3%
Dexko Global Inc8.909% 10/04/20280.3%
PetVet Care Centers LLC8.525% 02/14/20250.3%
BEP Ulterra Holdings Inc10.275% 11/26/20250.3%
CCS-CMGC Holdings Inc10.525% 10/01/20250.3%
Surf Holdings LLC8.508% 03/05/20270.3%
Physician Partners LLC9.048% 12/23/20280.3%
Petco Health & Wellness Co Inc8.410% 03/03/20280.3%
ACProducts Holdings Inc9.409% 05/17/20280.3%
Kingpin Intermediate Holdings LLC8.482% 02/08/20280.3%
Elanco Animal Health Inc0.000% 08/01/20270.3%
SRS Distribution Inc8.471% 06/02/20280.3%
Penn Entertainment Inc7.732% 05/03/20290.3%
Zelis Payments Buyer Inc8.525% 09/30/20260.3%
Northwest Fiber LLC8.810% 04/30/20270.3%
Quikrete Holdings Inc7.650% 02/01/20270.3%
Intelsat Jackson Holdings SA9.082% 02/01/20290.3%
Zekelman Industries Inc7.018% 01/24/20270.3%
Electron Bidco Inc8.025% 11/01/20280.3%
Service Logic Acquisition Inc9.025% 10/29/20270.3%
Cloudera Inc8.832% 10/08/20280.3%
UKG Inc10.271% 05/03/20270.3%
Air Canada8.369% 08/11/20280.3%
Covetrus Inc9.898% 10/13/20290.3%
Advisor Group Holdings Inc9.525% 07/31/20260.3%
Madison IAQ LLC8.302% 06/21/20280.3%
Global Aircraft Leasing Co Ltd6.500% 09/15/20240.3%
EFS Cogen Holdings I LLC8.660% 10/01/20270.3%
Heartland Dental LLC9.025% 04/30/20250.3%
Apttus Corp9.523% 05/08/20280.3%
FORMULA ONE HOLDINGS LIMITED8.232% 01/15/20300.3%
Verscend Holding Corp9.025% 08/27/20250.3%
Refficiency Holdings LLC8.832% 12/16/20270.3%
Lumen Technologies Inc0.000% 03/15/20270.3%
Engineered Machinery Holdings Inc8.659% 05/19/20280.3%
Magnite Inc9.953% 04/28/20280.3%
Crocs Inc8.582% 02/20/20290.3%
Navient Corp6.750% 06/25/20250.3%
LSCS HOLDINGS INC.9.525% 12/16/20280.3%
DTI Holdco Inc9.795% 04/26/20290.3%
BELRON FINANCE US LLC0.000% 04/18/20290.3%
Scientific Games Holdings LP8.421% 04/04/20290.3%
Applied Systems Inc9.398% 09/18/20260.3%
Medallion Midland Acquisition LP8.910% 10/18/20280.3%
United PF Holdings LLC9.159% 12/30/20260.3%
Asurion LLC9.082% 08/19/20280.3%
Summit Behavioral Healthcare LLC9.885% 11/24/20280.3%
Generation Bridge LLC10.025% 12/01/20280.3%
Par Petroleum LLC9.241% 02/28/20300.3%
Harsco Corp7.347% 03/10/20280.3%
CHG Healthcare Services Inc8.275% 09/29/20280.3%
ICON Luxembourg Sarl7.410% 07/03/20280.3%
QUARTZ ACQUIRECO LLC0.000% 04/14/20300.3%
Ensono Inc9.151% 05/26/20280.3%
Hunter Douglas Inc8.373% 02/26/20290.3%
Southern Veterinary Partners LLC9.025% 10/05/20270.3%
Dun & Bradstreet Corp/The8.247% 01/18/20290.3%
Carnival Corp8.025% 06/30/20250.3%
Compass Power Generation LLC9.346% 04/14/20290.3%
Pathway Vet Alliance LLC8.775% 03/31/20270.3%
Option Care Health Inc7.775% 10/27/20280.3%
Four Seasons Hotels Ltd8.332% 11/30/20290.3%
Fastlane Parent Co Inc9.525% 02/04/20260.2%
Freeport LNG Investments LLLP8.750% 12/21/20280.2%
Tiger Acquisition LLC8.332% 06/01/20280.2%
CNT Holdings I Corp8.459% 11/08/20270.2%
Ingenovis Health Inc8.780% 03/06/20280.2%
Sabre GLBL Inc10.082% 06/30/20280.2%
Sunshine Luxembourg VII Sarl8.909% 10/01/20260.2%
Hexion Inc9.454% 03/15/20290.2%
SeaWorld Parks & Entertainment Inc8.063% 08/25/20280.2%
Birkenstock US BidCo Inc7.690% 04/28/20280.2%
United Airlines Inc8.770% 04/21/20280.2%
OPTIV SECURITY INC0.000% 08/17/20260.2%
Kenan Advantage Group Inc/The8.775% 03/24/20260.2%
Carnival Corp8.275% 10/18/20280.2%
Frontier Communications Holdings LLC8.813% 05/01/20280.2%
PCI Gaming Authority7.525% 05/29/20260.2%
SPX FLOW INC.9.582% 04/05/20290.2%
Alliant Holdings Intermediate LLC8.376% 11/05/20270.2%
Pacific Dental Services Inc8.510% 05/05/20280.2%
Northriver Midstream Finance LP8.427% 10/01/20250.2%
Grinding Media Inc8.701% 10/12/20280.2%
Renaissance Holdings Corp9.732% 04/05/20300.2%
Dermatology Intermediate Holdings III Inc9.295% 03/30/20290.2%
Altice France SA/France10.435% 08/15/20280.2%
Blackhawk Network Holdings Inc12.250% 06/15/20260.2%
Storable Inc8.291% 04/17/20280.2%
CVR Partners LP / CVR Nitrogen Finance Corp6.125% 06/15/20280.2%
Coty Inc7.197% 04/07/20250.2%
Amentum Government Services Holdings LLC9.025% 01/29/20270.2%
Owens & Minor Inc8.615% 03/29/20290.2%
Clydesdale Acquisition Holdings Inc9.257% 04/13/20290.2%
Trans Union LLC7.275% 12/01/20280.2%
Cobham Ultra US Co-Borrower LLC8.560% 08/03/20290.2%
Hawaiian Brand Intellectual Property Ltd / HawaiianMiles Loyalty Ltd5.750% 01/20/20260.2%
Great Outdoors Group LLC8.775% 03/06/20280.2%
MJH HEALTHCARE HOLDINGS LLC8.582% 01/28/20290.2%
Global Medical Response Inc9.236% 10/02/20250.2%
Renaissance Holdings Corp12.025% 05/29/20260.2%
Mitchell International Inc8.760% 10/15/20280.2%
Mamba Purchaser Inc8.525% 10/16/20280.2%
PRA Group Inc5.000% 10/01/20290.2%
SILK BIDCO AS9.697% 02/26/20270.2%
Whitewater Whistler Holdings LLC8.148% 02/15/20300.2%
Weld North Education LLC8.780% 12/21/20270.2%
Red Planet Borrower LLC8.322% 10/02/20280.2%
LSB Industries Inc6.250% 10/15/20280.2%
VFH Parent LLC8.064% 01/13/20290.2%
Torrid LLC10.525% 06/14/20280.2%
USIC Holdings Inc8.525% 05/12/20280.2%
Surgery Center Holdings Inc8.698% 08/31/20260.2%
Vibrantz Technologies Inc9.304% 04/23/20290.2%
Radiate Holdco LLC8.275% 09/25/20260.2%
Brown Group Holding LLC8.732% 07/02/20290.2%
Evergreen Acqco 1 LP / TVI Inc9.750% 04/26/20280.2%
Constellation Renewables LLC7.460% 12/15/20270.2%
VS Buyer LLC7.903% 02/28/20270.2%
FinThrive Software Intermediate Holdings Inc9.025% 12/18/20280.2%
Edelman Financial Engines Center LLC/The11.775% 07/20/20260.2%
888 ACQUISITIONS LIMITED10.215% 07/01/20280.2%
APi Group DE Inc7.768% 01/03/20290.2%
Mavis Tire Express Services Topco Corp0.000% 05/04/20280.2%
McGraw-Hill Education Inc9.703% 07/28/20280.2%
CITGO Petroleum Corp7.000% 06/15/20250.2%
MOTION FINCO SARL8.409% 11/12/20260.2%
Crescent Energy Finance LLC7.250% 05/01/20260.2%
PARKWAY GENERATION LLC9.902% 02/18/20290.2%
City Football Group Ltd8.273% 07/21/20280.2%
AMER SPORTS OYJ7.898% 03/30/20260.2%
Spirit Loyalty Cayman Ltd / Spirit IP Cayman Ltd8.000% 09/20/20250.2%
Barracuda Networks Inc9.545% 08/15/20290.2%
Anastasia Parent LLC8.909% 08/11/20250.2%
BINGO INDUSTRIES LTD8.660% 07/14/20280.2%
ROPER IND PRODUCTS INV COM LLC9.398% 11/22/20290.2%
Insulet Corp8.347% 05/04/20280.2%
Prime Security Services Borrower LLC7.608% 09/23/20260.2%
Nexstar Media Inc7.525% 09/18/20260.2%
Scientific Games International Inc7.981% 04/14/20290.2%
Clarios Global LP8.275% 04/30/20260.2%
HUB International Ltd8.409% 04/25/20250.2%
Severin Acquisition LLC8.045% 08/01/20250.2%
Vaco Holdings LLC10.048% 01/21/20290.2%
ABG Intermediate Holdings 2 LLC11.082% 12/20/20290.2%
Astoria Energy LLC8.530% 12/10/20270.2%
Smyrna Ready Mix Concrete LLC9.332% 04/02/20290.2%
LORCA HOLDCO LIMITED6.769% 09/17/20270.2%
Halcyon Loan Advisors Funding 2017-2 Ltd6.960% 01/17/20300.2%
Tenable Inc7.775% 07/07/20280.2%
KKR Apple Bidco LLC7.775% 09/23/20280.2%
Gray Television Inc7.918% 12/01/20280.2%
Hilton Grand Vacations Borrower LLC8.025% 08/02/20280.2%
Beacon Roofing Supply Inc7.275% 05/19/20280.2%
PG&E Corp8.025% 06/23/20250.2%
Project Boost Purchaser LLC8.525% 06/01/20260.2%
AL NGPL Holdings LLC8.961% 04/14/20280.2%
Warrior Met Coal Inc7.875% 12/01/20280.2%
Pro Mach Group Inc9.025% 08/31/20280.2%
CERAMTEC ACQUICO GMBH6.448% 03/16/20290.2%
Creative Artists Agency LLC8.482% 11/27/20280.2%
Houghton Mifflin Harcourt Co10.332% 04/09/20290.2%
AL GCX Holdings LLC8.554% 05/17/20290.2%
SCIL IV LLC / SCIL USA Holdings LLC5.375% 11/01/20260.2%
Whatabrands LLC8.275% 08/03/20280.2%
Esdec Solar Group BV9.960% 08/30/20280.2%
New Era Cap LLC10.937% 07/13/20270.2%
DCG Acquisition Corp0.000% 09/30/20260.2%
Dynasty Acquisition Co Inc8.582% 04/06/20260.2%
ADMI Corp8.025% 04/30/20250.2%
Earthstone Energy Holdings LLC8.000% 04/15/20270.2%
SCIH Salt Holdings Inc9.025% 03/16/20270.2%
WCG Intermediate Corp8.953% 01/08/20270.2%
Bella Holding Co LLC8.832% 05/10/20280.2%
Rain CII Carbon LLC / CII Carbon Corp7.250% 04/01/20250.2%
ECL Entertainment LLC12.597% 05/01/20280.2%
Tank Holding Corp10.832% 03/31/20280.2%
CSC Holdings LLC7.198% 07/17/20250.2%
Allegiant Travel Co7.250% 08/15/20270.2%
Peraton Corp12.651% 02/01/20290.2%
Reverb Buyer Inc8.241% 11/01/20280.2%
LSF11 A5 HoldCo LLC6.625% 10/15/20290.2%
Barracuda Networks Inc12.045% 08/15/20300.2%
Arches Buyer Inc8.221% 12/06/20270.2%
CMG Media Corp8.659% 12/17/20260.2%
Civitas Resources Inc5.000% 10/15/20260.2%
Mauser Packaging Solutions Holding Co8.803% 08/14/20260.2%
Axalta Coating Systems US Holdings Inc8.068% 12/20/20290.2%
Ingram Micro Inc8.659% 06/30/20280.2%
Pretium PKG Holdings Inc11.758% 10/01/20290.2%
Griffon Corp7.548% 01/24/20290.2%
Jazz Acquisition Inc9.082% 06/19/20260.2%
Curia Global Inc8.818% 08/30/20260.2%
Informatica LLC7.813% 10/27/20280.2%
ACBL HLDG CORP0.000% -0.2%
Sunnova Energy Corp5.875% 09/01/20260.2%
CNT Holdings I Corp11.709% 11/06/20280.2%
Epicor Software Corp8.275% 07/30/20270.2%
Station Casinos LLC7.280% 02/08/20270.2%
Life Time Inc8.000% 04/15/20260.2%
Instructure Holdings Inc7.852% 10/30/20280.2%
Jefferson Capital Holdings LLC6.000% 08/15/20260.2%
Chobani LLC / Chobani Finance Corp Inc7.500% 04/15/20250.2%
William Morris Endeavor Entertainment LLC7.780% 05/18/20250.1%
Seaspan Corp5.500% 08/01/20290.1%
INEOS Finance PLC0.000% 11/08/20270.1%
Epicor Software Corp12.832% 07/31/20280.1%
CHINOS INTERMEDIATE HLDGS A IN13.307% 09/10/20270.1%
Arconic Corp6.125% 02/15/20280.1%
Heartland Dental LLC8.775% 04/30/20250.1%
Nouryon USA LLC8.990% 04/03/20280.1%
Medical Solutions Holdings Inc11.991% 11/01/20290.1%
JetBlue Airways Corp0.500% 04/01/20260.1%
Icebox Holdco III Inc8.659% 12/22/20280.1%
Madison IAQ LLC5.875% 06/30/20290.1%
Icebox Holdco III Inc11.909% 12/21/20290.1%
Armor Holdco Inc9.541% 12/11/20280.1%
TerraForm Power Operating LLC7.498% 05/21/20290.1%
GPS Hospitality Holding Co LLC / GPS Finco Inc7.000% 08/15/20280.1%
Midcap Financial Issuer Trust6.500% 05/01/20280.1%
ELEMENT MAT TEC GR US HLD INC9.248% 06/07/20290.1%
Sabre GLBL Inc9.332% 06/30/20280.1%
Rocket Software Inc9.275% 11/28/20250.1%
WestJet Airlines Ltd8.064% 12/11/20260.1%
AssuredPartners Inc9.232% 02/12/20270.1%
Proofpoint Inc11.275% 08/31/20290.1%
Bread Financial Holdings Inc4.750% 12/15/20240.1%
Oscar Acquisitionco LLC9.498% 04/29/20290.1%
Azalea Topco Inc8.832% 07/24/20260.1%
LSF11 A5 HoldCo LLC8.597% 10/15/20280.1%
Benefit Street Partners CLO XI6.760% 04/15/20290.1%
AppLovin Corp8.332% 08/15/20250.1%
SM Energy Co6.500% 07/15/20280.1%
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp7.125% 02/15/20310.1%
Boxer Parent Co Inc10.525% 02/27/20260.1%
BCP V Modular Services Finance PLC6.750% 11/30/20290.1%
Permian Resources Operating LLC6.875% 04/01/20270.1%
Urban One Inc7.375% 02/01/20280.1%
Aruba Investments Holdings LLC8.775% 11/24/20270.1%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC3.250% 09/01/20280.1%
Aruba Investments Holdings LLC12.775% 11/24/20280.1%
CHINOS INTERMEDIATE 2 LLC0.000% -0.1%
Benteler International AG10.500% 05/15/20280.1%
ABG INTERMEDIATE HLDGS 2 LLC9.407% 12/21/20280.1%
VUE INTERNATIONAL BIDCO P L C4.859% 12/31/20270.1%
Frontier Communications Holdings LLC6.000% 01/15/20300.1%
Garda World Security Corp9.296% 10/30/20260.1%
SS&C Technologies Inc7.332% 03/22/20290.1%
iHeartCommunications Inc6.375% 05/01/20260.1%
CSC Holdings LLC4.125% 12/01/20300.1%
Baytex Energy Corp8.500% 04/30/20300.1%
Evergreen Acqco 1 LP10.660% 04/26/20280.1%
Graham Packaging Co Inc8.025% 08/04/20270.1%
CANOPY GROWTH CORPORATION13.510% 03/18/20260.1%
SPX FLOW Inc8.750% 04/01/20300.1%
BCP V MODULAR SERV HOLD IV LTD0.000% 12/15/20280.1%
Equinox Holdings Inc12.159% 09/06/20240.1%
Carriage Purchaser Inc7.875% 10/15/20290.1%
TALEN ENERGY SUPPLY LLC0.000% 05/27/20300.1%
Standard Aero Ltd8.582% 04/06/20260.1%
Aramark Services Inc6.375% 05/01/20250.1%
Camelot US Acquisition LLC8.025% 10/30/20260.1%
Nexus Buyer LLC8.832% 11/09/20260.1%
Calpine Corp7.530% 12/16/20270.1%
AP Core Holdings II LLC10.525% 09/01/20270.1%
Callon Petroleum Co8.000% 08/01/20280.1%
POLARIS NEWCO LLC12.953% 06/04/20290.1%
Jazz Acquisition Inc13.020% 06/18/20270.1%
Team Health Holdings Inc10.232% 03/02/20270.1%
Doncasters US LLC11.773% 03/06/20240.1%
Triumph Group Inc9.000% 03/15/20280.1%
Ahead DB Holdings LLC8.909% 10/18/20270.1%
Atrium XIII7.061% 11/21/20300.1%
TNT CRANE AND RIGGING0.000% -0.1%
TALEN ENERGY SUPPLY LLC0.000% 05/27/20300.1%
Olympus Water US Holding Corp8.938% 11/09/20280.1%
SS&C Technologies Inc6.775% 04/16/20250.1%
Camelot Finance SA8.025% 10/30/20260.1%
SRS Distribution Inc8.525% 06/02/20280.1%
Foundation Building Materials Inc8.275% 01/31/20280.1%
JELD-WEN Inc0.000% 07/28/20280.1%
Trans Union LLC6.775% 11/16/20260.1%
SS&C Technologies Inc7.332% 03/22/20290.1%
SS&C Technologies Inc6.775% 04/16/20250.1%
National Mentor Holdings Inc12.248% 03/02/20290.1%
Calpine Corp5.250% 06/01/20260.1%
Rocket Software Inc9.275% 11/28/20250.1%
PRA Health Sciences Inc7.126% 07/03/20280.1%
Cubic Corp9.402% 05/25/20280.1%
JELD-WEN Inc4.625% 12/15/20250.1%
TerraForm Power Operating LLC4.750% 01/15/20300.1%
AVSC Holding Corp12.056% 09/01/20250.1%
ELEMNT MAT TECH GRP US HOL INC0.000% 07/06/20290.1%
ACBL HLDG CORP0.000% -0.1%
Madison Park Funding XVIII Ltd7.161% 10/21/20300.1%
New Frontera Holdings LLC18.159% 07/28/20260.1%
Carriage Purchaser Inc9.275% 09/30/20280.1%
United PF Holdings LLC13.659% 12/30/20270.1%
ZF North America Capital Inc6.875% 04/14/20280.1%
Tap Rock Resources LLC7.000% 10/01/20260.1%
Edelman Financial Engines Center LLC/The0.000% 04/07/20280.1%
Azalea Topco Inc8.732% 07/24/20260.1%
INEOS US Petrochem LLC7.847% 01/29/20260.0%
iHeartCommunications Inc8.025% 05/01/20260.0%
Apidos CLO XXII7.200% 04/20/20310.0%
Dermatology Intermediate Holdings III Inc0.043% 03/30/20290.0%
PetVet Care Centers LLC11.275% 02/13/20260.0%
Total Return Swap4.805% 06/20/20230.0%
VUE INTERNATIONAL BIDCO P L C11.086% 06/30/20270.0%
LORCA HOLDCO LIMITED6.269% 09/17/20270.0%
MOTION FINCO SARL0.084% 11/12/20260.0%
Interest Rate Swap1.225% 01/15/20300.0%
Total Return Swap4.805% 06/20/20230.0%
PARKWAY GENERATION LLC9.902% 02/18/20290.0%
New Frontera Holdings LLC6.659% 07/28/20280.0%
LSF11 A5 HOLDCO LLC9.332% 10/15/20280.0%
Interest Rate Swap1.220% 10/15/20290.0%
Interest Rate Swap1.152% 10/15/20280.0%
Sabre GLBL Inc8.525% 12/17/20270.0%
Total Return Swap4.805% 06/20/20230.0%
Aimbridge Acquisition Co Inc8.775% 02/02/20260.0%
Total Return Swap4.805% 06/20/20230.0%
Sabre GLBL Inc8.525% 12/17/20270.0%
Total Return Swap4.805% 06/20/20230.0%
Interest Rate Swap2.475% 10/01/20290.0%
Ardonagh Midco 2 PLC11.500% 01/15/20270.0%
Interest Rate Swap2.489% 08/01/20290.0%
CHINOS INTERMEDIATE 2 LLC0.000% -0.0%
Interest Rate Swap2.496% 12/01/20280.0%
UTEX INDUSTRIES0.000% -0.0%
Generation Bridge LLC10.025% 12/01/20280.0%
Interest Rate Swap2.498% 10/15/20290.0%
NPC International Inc1.000% 04/18/20250.0%
Univision Communications Inc9.148% 06/24/20290.0%
TruGreen LP9.082% 11/02/20270.0%
KUEHG Corp13.409% 08/22/20250.0%
FX EUR/USD 06/230.000% 06/13/20230.0%
FX EUR/USD 06/230.000% 06/13/20230.0%
Interest Rate Swap3.636% 01/20/20260.0%
FX EUR/USD 06/230.000% 06/13/20230.0%
Interest Rate Swap4.372% 09/15/20240.0%
NAPA Management Services Corp10.050% 02/23/20290.0%
FRONTERA GENERATION0.000% -0.0%
TNT CRANE AND RIGGING0.000% -0.0%
MIRABELA NICKEL LTD.1.000% 09/16/20440.0%
FX EUR/USD 06/230.000% 06/13/20230.0%
ABG Intermediate Holdings 2 LLC0.000% 12/21/20280.0%
Interest Rate Swap4.062% 12/15/20250.0%
Interest Rate Swap3.317% 04/30/20300.0%
Interest Rate Swap4.494% 04/01/20250.0%
Interest Rate Swap4.203% 10/15/20260.0%
Interest Rate Swap3.599% 02/01/20280.0%
Interest Rate Swap3.925% 05/01/20260.0%
Interest Rate Swap3.805% 11/01/20260.0%
Interest Rate Swap3.708% 04/15/20270.0%
Interest Rate Swap4.447% 06/15/20250.0%
FX USD/EUR 06/230.000% 06/13/20230.0%
Interest Rate Swap3.536% 09/01/20280.0%
Interest Rate Swap4.440% 06/25/20250.0%
Interest Rate Swap3.974% 04/01/20270.0%
Interest Rate Swap3.890% 07/15/20280.0%
Interest Rate Swap4.217% 08/15/20260.0%
Interest Rate Swap4.214% 09/01/20260.0%
Interest Rate Swap3.875% 05/01/20280.0%
Interest Rate Swap3.940% 08/15/20270.0%
Interest Rate Swap4.265% 05/01/20260.0%
AthenaHealth Group Inc0.035% 02/15/20290.0%
Interest Rate Swap3.803% 06/30/20290.0%
Interest Rate Swap3.766% 04/01/20300.0%
FX USD/EUR 06/230.000% 06/13/20230.0%

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 04/28/2023

Sector Weighting Fund Change from Previous Quarter
Sector Weighting Fund Change from Previous Quarter
Energy 0.0%
Housing 0.0%
Shipping 0.0%
Utility arrowUp0.1%
Information Technology 0.0%
Food And Drug -
Cable/Wireless Video arrowDown0.2%
Automotive arrowUp1.1%
Broadcasting arrowDown0.1%
Consumer Non-Durables arrowDown0.2%
Land Transportation arrowDown0.4%
Aerospace arrowUp0.1%
Consumer Durables arrowDown0.2%
Wireless Communications -
Telecommunications arrowUp0.3%
Diversified Media arrowDown0.2%
Manufacturing 0.0%
Chemicals arrowDown0.5%
Food/Tobacco 0.0%
Forest Prod/Containers arrowUp0.2%
Service arrowDown0.2%
Financial arrowUp0.1%
Healthcare arrowUp0.1%
Gaming/Leisure 0.0%
Other 0.0%
Transportation arrowUp0.1%
Metals/Minerals arrowUp0.1%
Retail arrowDown0.2%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 06/02/2023
$0.26279
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
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 06/30/2023
Daily Daily 07/31/2023
Daily Daily 08/31/2023
Daily Daily 09/30/2023
Daily Daily 10/31/2023
Daily Daily 11/30/2023
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 06/02/2023

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $8.09
$100,000 to $249,999 1.75% 1.50% $8.05
$250,000 to $499,999 1.25% 1.00% $8.01
$500,000 to $999,999 0.00% 1.00% $7.91
$1,000,000 to $5,000,000 0.00% 1.00% $7.91

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 04/30/2023

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

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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.   

 

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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