LFRAX | Floating Rate Fund Class A | Lord Abbett

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Floating Rate Fund

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Daily price w/o sales charge as of 12/11/2024

$8.18

$0.00

YTD Returns w/o sales charge as of 12/11/2024

8.61%

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

Average Yield to Maturity as of 11/29/2024

8.52%

30-Day Standardized Yield 1 as of 11/30/2024  

  Subsidized2 Un-Subsidized3
w/o sales charge 7.46% 7.45%

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

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

Fund Basicsas of 11/29/2024

Total Net Assets
$4.79 B
Inception Date
12/31/2007
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.80%
Fund Net Expense Ratio
0.80%
Number of Holdings
599
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 8.37% 10.10% 6.44% 4.71% 4.15% 4.31%
Lipper Category Avg. Loan Participation Funds 7.70% 9.42% 5.77% 4.73% 3.90% -
CS Leveraged Loan Index 8.41% 10.16% 6.86% 5.95% 4.95% 4.90%
w/ sales charge 5.90% 7.57% 5.65% 4.24% 3.92% 4.17%

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 6.60% 9.62% 5.79% 4.34% 4.03% 4.25%
Lipper Category Avg. Loan Participation Funds 6.01% 8.99% 5.14% 4.39% 3.79% -
CS Leveraged Loan Index 6.61% 9.65% 6.29% 5.60% 4.86% 4.85%
w/ sales charge 4.17% 7.10% 5.01% 3.87% 3.80% 4.11%

Fund Expense Ratio :

Gross 0.80%

Net 0.80%

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

Type Assets
Bank Loans
High Yield Bonds
CLO
Equity
Convertibles
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 11/29/2024 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

Kearney M. Posner
Kearney M. Posner, CFA

Partner, Portfolio Manager

25 Years of Industry Experience

Christopher Gizzo
Christopher Gizzo, CFA

Partner, Deputy Director of Leveraged Credit

16 Years of Industry Experience

Robert A. Lee
Robert A. Lee

Partner & Co-Head of Taxable Fixed Income

33 Years of Industry Experience

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Co-Head of Taxable Fixed Income

23 Years of Industry Experience

Supported By 82 Investment Professionals with 18 Years Avg. Industry Experience

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Performance

Performance

Average Yield to Maturity as of 11/29/2024

8.52%

30-Day Standardized Yield 1 as of 11/30/2024  

  Subsidized2 Un-Subsidized3
w/o sales charge 7.46% 7.45%

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 8.37% 10.10% 6.44% 4.71% 4.15% 4.31%
Lipper Category Avg. Loan Participation Funds 7.70% 9.42% 5.77% 4.73% 3.90% -
CS Leveraged Loan Index 8.41% 10.16% 6.86% 5.95% 4.95% 4.90%
w/ sales charge 5.90% 7.57% 5.65% 4.24% 3.92% 4.17%

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 6.60% 9.62% 5.79% 4.34% 4.03% 4.25%
Lipper Category Avg. Loan Participation Funds 6.01% 8.99% 5.14% 4.39% 3.79% -
CS Leveraged Loan Index 6.61% 9.65% 6.29% 5.60% 4.86% 4.85%
w/ sales charge 4.17% 7.10% 5.01% 3.87% 3.80% 4.11%

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
2023 12.64% 13.04%
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% -
2012 10.12% -
2011 1.44% -
2010 8.18% -
2009 32.26% -
2008 -21.31% -
Year Q1 Q2 Q3 Q4
2024 2.66% 1.82% 1.98% -
2023 2.98% 3.23% 3.05% 2.83%
2022 -0.09% -5.20% 1.23% 2.38%
2021 1.82% 1.80% 0.98% 0.44%
2020 -15.76% 7.54% 3.79% 4.54%
2019 3.41% 1.64% 0.61% 1.51%
2018 1.17% 0.72% 1.76% -3.78%
2017 0.92% 0.44% 1.12% 1.33%
2016 1.72% 2.77% 2.98% 2.09%
2015 2.05% 0.66% -1.09% -1.24%
2014 1.05% 1.08% -0.58% -0.61%
2013 2.52% 0.35% 1.21% 1.69%
2012 4.06% 0.57% 3.39% 1.78%
2011 1.85% 0.34% -3.95% 3.35%
2010 3.07% -0.89% 3.23% 2.59%
2009 8.97% 11.57% 6.33% 2.31%
2008 -3.34% 4.10% -5.05% -17.64%

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

Growth of $10,000 as of 11/30/2024

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
CLO
Equity
Convertibles
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 11/29/2024

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 09/30/2024

  • We continued to focus on sourcing loans with higher carry. As starting yields remain above 8%, we believe that bank loans are an attractive source of carry. Within the Fund, we added to Single B-rating exposure, primarily through primary markets. We also maintained a modest underweight to BBs and focused on selective opportunities within CCCs as we believe that the current backdrop is favorable for floating rate risk. While there are concerns around slowing growth which may affect lower-rated issuers, there is much higher levels of dispersion within lower-rated credit which in our view provides attractive potential investment opportunities.
  • The Fund is more balanced in sector allocations. We have moved the Fund to be more balanced in relative sector positioning. The top two sector allocations continued to be Technology and Healthcare, which have continued to benefit from shifts in secular trends following the COVID-19 pandemic. However, we added to areas such as Utilities, which has tailwinds including growing demand and falling gas prices, and Media/Telecom, which should see some relief from lower interest rates. On the other hand, we reduced the Fund’s exposure to Aerospace, Gaming/Leisure and Energy over the period, primarily as a result of concerns around weaker consumer and economic activity.
  • We added to sectors that have historically benefited from a lower interest rate environment. With the Fed expected to implement further rate cuts in the near term, we have shifted focus to adding exposure in sectors that should benefit from a lower interest rate environment. These include sectors like Financial Services and Real Estate which have performed well in lower rate environments.
  • Bank loans may provide an opportunity to capture carry amidst a higher rate environment. We continue to be constructive on bank loans despite falling interest rates and concerns around growth in U.S. economy. Loan issuer fundamentals remain health over the last several years in the face of high base rates, and lower rates should benefit issuer balance sheets. Additionally, the current pace of easing priced into futures markets may be too aggressive, and a walk back of those expectations could lead to higher rates which should benefit bank loans. Additionally, the technical picture in loan land remains particularly robust given historic CLO issuance and a limited new issue pipeline. However, we remain wary of the lowest tier of risk given the high volume of liability management exercises from issuers and sponsors alike which we expect to continue to meaningfully weigh on recoveries. Key risk factors to watch remain a resurgence of inflation that upends the narrative accommodative monetary policy, a pivot by issuers to more credit-unfriendly uses of debt finance, and a macro or policy driven spike of interest rate volatility that would leave investors flipping to defensive with less focus on credit.

Portfolio Details as of 11/29/2024

Total Net Assets
$4.79 B
Average Effective Duration
0 Years
Average Maturity
5.2 Years
Average Modified Duration
0.2 Years
Number of Issues
599
Average Yield to Maturity
8.52%

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

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

Holding Coupon Maturity Assets
Cloud Software Group Inc 8.604% 03/30/2029 0.7%
McAfee Corp 8.100% 03/01/2029 0.7%
AI Aqua Merger Sub Inc 8.357% 07/31/2028 0.7%
Belron Finance 2019 LLC 7.495% 10/01/2031 0.7%
ACBL HLDG CORP 0.000% - 0.7%
JANE STREET GROUP LLC 6.585% 01/26/2028 0.6%
Alpha Generation LLC 7.447% 09/30/2031 0.6%
AssuredPartners Inc 8.185% 02/14/2031 0.6%
Polaris Newco LLC 7.345% 06/02/2028 0.6%
Thunder Generation Funding LLC 7.610% 10/03/2031 0.6%
% of Total Assets 6.5%
Holding Coupon Maturity Assets
J P MORGAN SECURITIES INC0.010% 11/01/20246.6%
J P MORGAN SECURITIES INC0.010% 11/01/20242.0%
Invesco Senior Loan ETF0.000% -1.5%
Cloud Software Group Inc8.604% 03/30/20290.6%
McAfee Corp8.100% 03/01/20290.6%
AI Aqua Merger Sub Inc8.357% 07/31/20280.6%
Belron Finance 2019 LLC7.495% 10/01/20310.6%
ACBL HLDG CORP0.000% -0.6%
JANE STREET GROUP LLC6.585% 01/26/20280.6%
SPDR Blackstone Senior Loan ETF0.000% -0.5%
Alpha Generation LLC7.447% 09/30/20310.5%
AssuredPartners Inc8.185% 02/14/20310.5%
Polaris Newco LLC7.345% 06/02/20280.5%
Thunder Generation Funding LLC7.610% 10/03/20310.5%
Hudson River Trading LLC7.865% 03/20/20280.5%
Raven Acquisition Holdings LLC0.000% 10/24/20310.5%
Sedgwick Claims Management Services Inc7.585% 07/31/20310.5%
Peraton Corp8.535% 02/01/20280.5%
Central Parent LLC7.854% 07/06/20290.5%
AAdvantage Loyalty IP Ltd9.629% 04/20/20280.5%
Modena Buyer LLC9.104% 07/01/20310.5%
First Eagle Holdings Inc7.604% 03/05/20290.5%
Jazz Financing Lux Sarl6.935% 05/05/20280.5%
Amentum Holdings Inc6.935% 09/29/20310.5%
ADMI Corp10.435% 12/23/20270.5%
TIH Insurance Holdings LLC7.854% 05/06/20310.5%
INEOS Finance PLC6.646% 06/23/20310.5%
Rocket Software Inc9.435% 11/28/20280.4%
Acrisure LLC8.009% 11/06/20300.4%
Virgin Media Bristol LLC7.418% 01/31/20280.4%
Tenneco Inc9.704% 11/17/20280.4%
Asurion LLC10.050% 01/20/20290.4%
Allied Universal Holdco LLC8.535% 05/12/20280.4%
Compass Power Generation LLC8.435% 04/14/20290.4%
Alliant Holdings Intermediate LLC7.759% 09/19/20310.4%
Heartland Dental LLC9.185% 04/28/20280.4%
MH Sub I LLC8.935% 05/03/20280.4%
Gainwell Acquisition Corp8.704% 10/01/20270.4%
Dcert Buyer Inc8.685% 10/16/20260.4%
Oryx Midstream Services Permian Basin LLC7.900% 10/05/20280.4%
Asurion LLC9.035% 08/19/20280.4%
UKG Inc7.617% 02/10/20310.4%
EFS Cogen Holdings I LLC8.110% 10/03/20310.4%
NUVEI TECHNOLOGIES CORP0.000% 07/18/20310.4%
eResearchTechnology Inc8.685% 02/04/20270.4%
CSC Holdings LLC7.174% 04/15/20270.4%
Boxer Parent Co Inc8.335% 07/30/20310.4%
Berlin Packaging LLC8.354% 06/09/20310.4%
Nouryon USA LLC8.628% 04/03/20280.4%
Zelis Payments Buyer Inc0.000% 10/25/20310.4%
GLATFELTER CORP0.000% 10/10/20310.4%
HAMILTON PROJECTS ACQUIROR LLC8.435% 05/22/20310.4%
South Field Energy LLC0.000% 08/29/20310.4%
Titan Acquisition Ltd/Canada10.326% 02/15/20290.4%
Renaissance Holdings Corp8.935% 04/05/20300.4%
Sinclair Television Group Inc7.300% 09/30/20260.4%
Caesars Entertainment Inc7.435% 02/06/20310.4%
LORCA HOLDCO LIMITED7.195% 03/25/20310.4%
Hunter US Bidco Inc8.954% 08/19/20280.4%
Ensemble RCM LLC7.585% 08/01/20290.4%
Arcline FM Holdings LLC9.567% 06/23/20280.4%
ION Trading Finance Ltd7.595% 04/01/20280.4%
Spin Holdco Inc9.256% 03/04/20280.4%
PetSmart LLC8.535% 02/11/20280.4%
Ellucian Holdings Inc8.285% 10/09/20290.4%
Charter Next Generation Inc7.685% 12/01/20270.4%
Cornerstone Building Brands Inc9.304% 05/15/20310.4%
Flynn Restaurant Group LP9.050% 12/01/20280.4%
Lightstone Holdco LLC10.335% 01/29/20270.3%
ConnectWise LLC8.365% 09/29/20280.3%
Red Planet Borrower LLC8.285% 10/02/20280.3%
Ontario Gaming GTA LP8.893% 08/01/20300.3%
DTI Holdco Inc9.435% 04/26/20290.3%
Star Parent Inc8.354% 09/27/20300.3%
WaterBridge Midstream Operating LLC9.393% 06/27/20290.3%
Hyperion Refinance Sarl8.185% 02/15/20310.3%
DRW Holdings LLC8.588% 06/26/20310.3%
Spring Education Group Inc8.604% 10/04/20300.3%
Aretec Group Inc8.685% 08/09/20300.3%
PG Polaris BidCo Sarl7.604% 03/26/20310.3%
Fortress Intermediate 3 Inc8.435% 06/27/20310.3%
Osaic Holdings Inc8.685% 08/17/20280.3%
CD+R HYDRA BUYER INC8.785% 03/25/20310.3%
CHG PPC Parent LLC7.550% 12/08/20280.3%
AthenaHealth Group Inc7.935% 02/15/20290.3%
Service Logic Acquisition Inc8.085% 10/29/20270.3%
AVSC Holding Corp8.195% 03/03/20250.3%
EDGE FINCO PLC0.000% 08/04/20310.3%
Blackstone Mortgage Trust Inc7.061% 04/23/20260.3%
Nuvei Technologies Corp7.785% 12/19/20300.3%
Caesars Entertainment Inc7.435% 02/06/20300.3%
RealPage Inc7.800% 04/24/20280.3%
AMC Entertainment Holdings Inc11.745% 01/04/20290.3%
VetStrategy Canada Holdings Inc9.393% 12/12/20280.3%
Pretium PKG Holdings Inc1.380% 10/02/20280.3%
EPIC Y-Grade Services LP10.601% 06/29/20290.3%
Staples Inc10.689% 09/04/20290.3%
CP Atlas Buyer Inc8.535% 11/23/20270.3%
United PF Holdings LLC8.847% 12/30/20260.3%
Pacific Dental Services Inc7.536% 03/15/20310.3%
White Cap Supply Holdings LLC7.935% 10/19/20290.3%
BCPE Empire Holdings Inc8.185% 12/11/20280.3%
CMG Media Corp8.104% 12/17/20260.3%
Lumen Technologies Inc7.182% 04/15/20290.3%
Alloy Finco Ltd0.500% 03/06/20250.3%
BCPE GRILL PARENT9.435% 09/30/20300.3%
PointClickCare Technologies Inc0.000% 10/10/20310.3%
Curia Global Inc8.435% 08/30/20260.3%
PODS LLC7.847% 03/31/20280.3%
Entain PLC6.922% 06/30/20280.3%
Ivanti Software Inc9.121% 12/01/20270.3%
Tempur Sealy International Inc0.000% 10/03/20310.3%
Delta Topco Inc8.198% 11/30/20290.3%
Ovation Parent Inc8.104% 04/21/20310.3%
Champions Financing Inc9.852% 02/23/20290.3%
Soliant Lower Intermediate LLC8.435% 07/18/20310.3%
CoreLogic Inc8.300% 06/02/20280.3%
NAUTILUS POWER LLC10.115% 11/16/20260.3%
Vision Solutions Inc8.847% 04/24/20280.3%
888 ACQUISITIONS LIMITED9.495% 07/01/20280.3%
AppLovin Corp7.185% 10/25/20280.3%
Cloudera Inc8.535% 10/08/20280.3%
Ziggo BV6.245% 01/31/20290.3%
Wellpath Holdings Inc0.000% 10/01/20250.3%
Boost Newco Borrower LLC7.104% 01/31/20310.3%
Bella Holding Co LLC8.535% 05/10/20280.3%
Medline Borrower LP7.435% 10/23/20280.3%
Ensono Inc8.800% 05/26/20280.3%
INSTRUCTURE HOLDINGS INC0.000% 09/11/20310.3%
Rand Parent LLC8.354% 03/17/20300.3%
Acuris Finance US Inc / Acuris Finance SARL9.000% 08/01/20290.3%
Global Medical Response Inc10.259% 10/31/20280.3%
Mavis Tire Express Services Topco Corp8.185% 05/04/20280.3%
MARKET BIDCO LIMITED8.292% 11/04/20270.3%
Ardonagh Group Finco Pty Ltd8.354% 02/15/20310.3%
Ascensus Holdings Inc8.300% 08/02/20280.3%
Newfold Digital Holdings Group Inc8.471% 02/10/20280.3%
Touchdown Acquirer Inc7.854% 02/21/20310.3%
Fertitta Entertainment LLC/NV8.536% 01/27/20290.3%
BCPE PEQUOD BUYER INC0.000% 09/19/20310.3%
KOUTI B V6.930% 08/31/20280.3%
Castlelake Aviation One LLC7.697% 10/22/20270.3%
8th Avenue Food & Provisions Inc8.550% 10/01/20250.3%
LSF12 CRWN US COMRCL BIDCO LLC0.000% 10/10/20310.3%
KKR CLO 45a Ltd8.547% 04/15/20350.3%
Regatta XXVIII Funding Ltd8.626% 04/25/20370.3%
Fitness International LLC10.035% 02/05/20290.3%
Project Boost Purchaser LLC8.147% 07/16/20310.2%
Proampac PG Borrower LLC8.656% 09/15/20280.2%
GTCR Everest Borrower LLC7.604% 09/05/20310.2%
UTEX INDUSTRIES0.000% -0.2%
WaterBridge NDB Operating LLC9.603% 05/10/20290.2%
Amynta Agency Borrower Inc8.435% 02/28/20280.2%
Garda World Security Corp8.286% 02/01/20290.2%
Foundation Building Materials Inc7.835% 01/31/20280.2%
S+S HOLDINGS LLC0.000% 10/01/20310.2%
Arches Buyer Inc8.035% 12/06/20270.2%
Dragon Buyer Inc7.854% 09/30/20310.2%
Cengage Learning Inc9.538% 03/22/20310.2%
Wave Distribution Holdings LLC8.359% 03/05/20270.2%
BOLUDA TOWAGE S.L.7.255% 01/31/20300.2%
CUSHMAN + WAKFILD US BRROWRLLC7.935% 01/31/20300.2%
ABG Intermediate Holdings 2 LLC7.447% 12/21/20280.2%
Leia Finco US LLC9.887% 10/09/20320.2%
Virgin Media Bristol LLC7.724% 03/31/20310.2%
SUMMER BC HOLDCO B SARL9.864% 02/15/20290.2%
Legence Holdings LLC8.285% 12/16/20270.2%
Coherent Corp7.185% 07/02/20290.2%
Michaels Cos Inc/The9.115% 04/17/20280.2%
Azalea Topco Inc8.185% 04/30/20310.2%
Leia Finco US LLC7.887% 07/02/20310.2%
SupplyOne Inc8.435% 04/21/20310.2%
Altice France SA2.500% 01/15/20250.2%
SPEEDSTER BIDCO GMBH0.000% 10/17/20310.2%
PRA Group Inc5.000% 10/01/20290.2%
OneDigital Borrower LLC7.935% 07/02/20310.2%
WASH Multifamily Acquisition Inc5.750% 04/15/20260.2%
Ingenovis Health Inc9.050% 03/06/20280.2%
Southern Veterinary Partners LLC7.995% 10/05/20270.2%
Asurion LLC8.785% 08/19/20280.2%
First Advantage Holdings LLC0.000% 09/19/20310.2%
TransDigm Inc7.354% 03/22/20300.2%
CELESTIAL SATURN PARENT INC11.300% 06/04/20290.2%
Directv Financing LLC9.847% 08/02/20270.2%
Armor Holdco Inc10.014% 12/11/20280.2%
Nexus Buyer LLC8.685% 07/31/20310.2%
Park River Holdings Inc8.105% 12/28/20270.2%
Dye & Durham Ltd8.625% 04/15/20290.2%
Vision Solutions Inc12.097% 04/23/20290.2%
Herens Holdco Sarl7.270% 07/03/20280.2%
Triton Water Holdings Inc7.918% 03/31/20280.2%
PEGASUS BIDCO BV10.250% 07/12/20290.2%
Olympus Water US Holding Corp8.104% 06/20/20310.2%
National Mentor Holdings Inc8.454% 03/02/20280.2%
TransDigm Inc7.104% 02/28/20310.2%
United Airlines Inc7.385% 02/22/20310.2%
Jefferson Capital Holdings LLC6.000% 08/15/20260.2%
Barracuda Networks Inc11.685% 08/15/20300.2%
MDVIP INC8.036% 10/16/20280.2%
QSRP FINCO BV8.961% 06/19/20310.2%
Cinemark USA Inc7.854% 05/24/20300.2%
Surgery Center Holdings Inc7.495% 12/19/20300.2%
Albion Financing 3 SARL8.860% 08/16/20290.2%
PEER HOLDING III BV7.604% 07/01/20310.2%
Aragorn Parent Corp8.745% 12/15/20280.2%
Examworks Bidco Inc7.800% 11/01/20280.2%
Ahead DB Holdings LLC8.104% 02/01/20310.2%
Applied Systems Inc7.604% 02/24/20310.2%
PEER HOLDING III B V7.854% 10/28/20300.2%
Generate CLO 15 Ltd8.367% 07/20/20370.2%
Resonetics LLC8.368% 06/18/20310.2%
BELLIS ACQUISITION COMPANY PLC7.092% 05/14/20310.2%
Star Holding LLC9.185% 07/31/20310.2%
Talen Energy Supply LLC8.596% 05/17/20300.2%
Varsity Brands Inc8.821% 08/26/20310.2%
XPLOR T1 LLC8.854% 06/24/20310.2%
JetBlue Airways Corp10.517% 08/27/20290.2%
UPFIELD BV9.765% 01/03/20280.2%
Boxer Parent Co Inc10.335% 07/30/20320.2%
Magnite Inc8.435% 02/06/20310.2%
Carlyle US CLO 2024-1 Ltd8.547% 04/15/20370.2%
Advantage Sales & Marketing Inc0.000% 10/28/20270.2%
Nexus Buyer LLC11.035% 11/05/20290.2%
Medline Borrower LP6.935% 10/23/20280.2%
WCG Intermediate Corp8.185% 01/08/20270.2%
TruGreen LP0.000% 11/02/20270.2%
Conga Corp8.089% 05/08/20280.2%
Mitchell International Inc7.935% 06/17/20310.2%
Evergreen Acqco 1 LP / TVI Inc9.750% 04/26/20280.2%
Storable Inc8.185% 04/17/20280.2%
Lightning Power LLC8.346% 08/18/20310.2%
Titan US Finco LLC8.865% 10/18/20280.2%
S2P ACQUISITION BORROWER INC0.000% 10/08/20310.2%
TransDigm Inc7.320% 01/19/20320.2%
CHG Healthcare Services Inc8.300% 09/29/20280.2%
Lodi Park CLO Ltd10.267% 07/21/20370.2%
Bulldog Purchaser Inc8.854% 06/27/20310.2%
Dryden 115 CLO Ltd8.432% 04/18/20370.2%
Tank Holding Corp10.245% 03/31/20280.2%
LABL Inc8.625% 10/01/20310.2%
Global Auto Holdings Ltd/AAG FH UK Ltd8.750% 01/15/20320.2%
Phoenix Newco Inc7.685% 11/15/20280.2%
JFL-Tiger Acquisition Co Inc9.259% 10/17/20300.2%
Triton Water Holdings Inc8.604% 03/31/20280.2%
Generate Clo 16 Ltd7.867% 07/20/20370.2%
Neptune Bidco US Inc0.000% 04/11/20290.2%
CHRYSAOR BIDCO SARL0.000% 07/17/20310.2%
Conair Holdings LLC0.000% 05/17/20280.2%
Grant Thornton LLP/Chicago7.935% 06/02/20310.2%
Werner FinCo LP / Werner FinCo Inc11.500% 06/15/20280.2%
Anastasia Parent LLC8.615% 08/11/20250.2%
Vibrantz Technologies Inc9.058% 04/23/20290.2%
Lumen Technologies Inc4.000% 02/15/20270.2%
NVENT ELECTRIC PUBLIC LTD CO0.000% 09/12/20310.2%
Benefit Street Partners CLO IV Ltd8.032% 04/20/20340.2%
AppLovin Corp7.185% 08/16/20300.2%
Hobbs & Associates LLC7.935% 07/23/20310.2%
Helios Software Holdings Inc / ION Corporate Solutions Finance Sarl8.750% 05/01/20290.2%
VistaJet Malta Finance PLC / Vista Management Holding Inc9.500% 06/01/20280.2%
Dermatology Intermediate Holdings III Inc10.085% 03/30/20290.2%
Waystar Technologies Inc7.435% 10/22/20290.2%
Sunnova Energy Corp5.875% 09/01/20260.2%
VIANT MEDICAL HOLDINGS INC0.000% 10/17/20310.2%
MOSEL BIDCO SE9.104% 09/16/20300.2%
RR 30 LTD10.397% 07/15/20360.2%
Rakuten Group Inc9.750% 04/15/20290.2%
IFCO MANAGEMENT GMBH6.697% 11/29/20290.2%
BARENTZ INTERNATIONAL B V8.704% 03/01/20310.2%
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp4.250% 02/01/20270.2%
Brand Industrial Services Inc9.748% 08/01/20300.2%
CPPIB OVM Member US LLC7.854% 08/20/20310.2%
Radnet Management Inc7.132% 04/18/20310.2%
Curaleaf Holdings Inc8.000% 12/15/20260.2%
IMA Industria Macchine Automatiche SpA6.929% 04/15/20290.2%
CORNERSTONE GENERATION LLC0.000% 10/28/20310.2%
Physician Partners LLC8.735% 12/26/20280.2%
Penn Entertainment Inc7.535% 05/03/20290.2%
BCP V MDLR SRVCS HLDNGS IV LTD7.520% 12/15/20280.2%
Lumen Technologies Inc7.182% 04/15/20300.2%
Navient Corp9.375% 07/25/20300.2%
Artera Services LLC0.000% 02/15/20310.2%
National Mentor Holdings Inc11.954% 03/02/20290.2%
LBM Acquisition LLC8.668% 06/06/20310.2%
Nova Alexandre III SAS8.429% 07/15/20290.2%
Ballyrock CLO 22 Ltd8.147% 04/15/20370.2%
McGraw-Hill Education Inc0.000% 08/06/20310.2%
Cloud Software Group Inc9.104% 03/21/20310.2%
Barracuda Networks Inc0.000% 08/15/20290.2%
CHG Healthcare Services Inc8.300% 09/29/20280.2%
GPS Hospitality Holding Co LLC / GPS Finco Inc7.000% 08/15/20280.2%
Seaspan Corp5.500% 08/01/20290.2%
EquipmentShare.com Inc9.000% 05/15/20280.2%
Cotiviti Inc8.094% 05/01/20310.2%
Bain Capital Credit CLO 2024-4 Ltd10.626% 10/23/20370.2%
Zelis Payments Buyer Inc7.435% 09/28/20290.2%
Astoria Energy LLC7.935% 12/10/20270.2%
Chobani LLC8.435% 10/25/20270.2%
Alta Equipment Group Inc9.000% 06/01/20290.2%
Quikrete Holdings Inc7.185% 04/14/20310.2%
Oscar Acquisitionco LLC8.495% 04/29/20290.2%
MH Sub I LLC10.935% 02/23/20290.2%
Brock Holdings III LLC10.604% 05/02/20300.1%
LifePoint Health Inc8.406% 05/16/20310.1%
LifePoint Health Inc8.632% 05/17/20310.1%
ROCKPOINT GAS STORAGE CA8.363% 09/12/20310.1%
Mangrove Luxco III Sarl8.179% 07/15/20290.1%
Bally's Corp8.143% 10/02/20280.1%
Edelman Financial Engines Center LLC/The9.935% 10/06/20280.1%
Constant Contact Inc0.000% 02/12/20290.1%
Constant Contact Inc8.918% 02/10/20280.1%
Wand NewCo 3 Inc7.854% 01/30/20310.1%
CIFC Funding 2013-I Ltd8.459% 07/16/20300.1%
LSF11 A5 HoldCo LLC8.300% 10/15/20280.1%
HUB International Ltd7.367% 06/20/20300.1%
Peraton Corp12.971% 02/01/20290.1%
RealPage Inc11.300% 04/23/20290.1%
Dermatology Intermediate Holdings III Inc8.835% 03/30/20290.1%
Carriage Purchaser Inc7.875% 10/15/20290.1%
Concentra Health Services Inc6.935% 07/28/20310.1%
OneDigital Borrower LLC9.935% 07/02/20310.1%
Recess Holdings Inc9.085% 02/20/20300.1%
CEVA SANTE ANIMALE6.845% 11/08/20300.1%
Sabre GLBL Inc4.000% 04/15/20250.1%
Delta Topco Inc9.948% 11/29/20300.1%
Elmwood CLO 28 Ltd7.947% 04/17/20370.1%
Tank Holding Corp10.785% 03/31/20280.1%
Altice France SA7.432% 07/31/20250.1%
PEGASUS BIDCO BV7.042% 07/12/20290.1%
Petco Health & Wellness Co Inc8.115% 03/03/20280.1%
Cerdia Finanz GmbH9.375% 10/03/20310.1%
Ahead DB Holdings LLC6.625% 05/01/20280.1%
LABL Inc0.000% 10/29/20280.1%
Deuce Finco Plc5.500% 06/15/20270.1%
Baytex Energy Corp8.500% 04/30/20300.1%
Capstone Borrower Inc7.854% 06/17/20300.1%
Kobe US Midco 2 Inc9.250% 11/01/20260.1%
Trulieve Cannabis Corp8.000% 10/06/20260.1%
USALCO LLC0.000% 09/17/20310.1%
Project Boost Purchaser LLC9.897% 07/16/20320.1%
Medical Solutions Holdings Inc11.685% 11/01/20290.1%
PEER HOLDING III BV6.595% 01/16/20270.1%
Kraken Oil & Gas Partners LLC7.625% 08/15/20290.1%
Park River Holdings Inc5.625% 02/01/20290.1%
AGL CLO 29 Ltd8.367% 04/21/20370.1%
Arsenal AIC Parent LLC7.935% 08/18/20300.1%
Freedom Mortgage Holdings LLC9.125% 05/15/20310.1%
Berry Petroleum Co LLC7.000% 02/15/20260.1%
Park-Ohio Industries Inc6.625% 04/15/20270.1%
FX USD/EUR 11/240.000% 11/20/20240.1%
Sabre GLBL Inc8.300% 12/17/20270.1%
OCP Clo 2019-17 Ltd10.867% 07/20/20370.1%
CPM Holdings Inc9.344% 09/28/20280.1%
Northriver Midstream Finance LP6.750% 07/15/20320.1%
Freedom Mortgage Corp6.625% 01/15/20270.1%
Catalent Pharma Solutions Inc6.859% 02/22/20280.1%
Bear Mountain Park CLO Ltd10.597% 07/15/20370.1%
ASP Unifrax Holdings Inc10.425% 09/30/20290.1%
ASPIRE BAKERIES HOLDINGS LLC0.000% 12/13/20300.1%
Cotiviti Inc7.625% 05/01/20310.1%
Mitchell International Inc9.935% 06/17/20320.1%
ACProducts Holdings Inc6.375% 05/15/20290.1%
Epicor Software Corp7.935% 05/30/20310.1%
Summit Behavioral Healthcare LLC9.307% 11/24/20280.1%
MILANO ACQUISITION CORP0.000% 10/02/20280.1%
INEOS US Finance LLC8.435% 02/07/20310.1%
CEVA SANTE ANIMALE8.354% 11/08/20300.1%
Talen Energy Supply LLC8.596% 05/17/20300.1%
New Frontera Holdings LLC17.865% 07/28/20260.1%
ABG Intermediate Holdings 2 LLC0.000% 12/21/20280.1%
SPX FLOW Inc8.185% 04/05/20290.1%
Altice France SA6.179% 02/02/20260.1%
DONCASTERS FINANCE US LLC11.104% 04/23/20300.1%
OCP CLO 2024-31 Ltd8.567% 04/20/20370.1%
Sigma Holdco BV7.875% 05/15/20260.1%
Millennium Escrow Corp6.625% 08/01/20260.1%
ACProducts Holdings Inc9.115% 05/17/20280.1%
Realtruck Group Inc9.800% 01/31/20280.1%
Entain PLC8.014% 10/31/20290.1%
Bain Capital Credit CLO 2023-3 Ltd13.185% 07/24/20360.1%
Level 3 Financing Inc0.000% 04/15/20290.1%
AVSC Holding Corp12.050% 09/01/20250.1%
AVSC Holding Corp9.285% 10/15/20260.1%
Hanger Inc0.000% 10/16/20310.1%
KUEHG Corp9.104% 06/12/20300.1%
Sabre GLBL Inc8.300% 12/17/20270.1%
IMA Industria Macchine Automatiche SpA6.965% 04/15/20290.1%
Evergreen Acqco 1 LP8.393% 04/26/20280.1%
Medical Solutions Holdings Inc8.185% 11/01/20280.1%
S&S Holdings LLC8.375% 10/01/20310.1%
ACBL HLDG CORP0.000% -0.1%
Hanger Inc0.000% 10/16/20310.1%
Nouryon USA LLC7.784% 04/03/20280.1%
New Frontera Holdings LLC6.365% 07/28/20280.1%
Altice France SA2.125% 02/15/20250.1%
Invesco US CLO 2023-2 Ltd9.567% 04/21/20360.1%
Rand Parent LLC8.500% 02/15/20300.1%
USALCO LLC0.000% 09/17/20310.1%
Select Medical Corp7.685% 03/06/20270.0%
LORCA HOLDCO LIMITED8.104% 03/25/20310.0%
Wellington Management Clo 3 Ltd10.382% 07/18/20370.0%
GAINWELL ACQUISITION CORP0.000% 10/02/20280.0%
Interest Rate Swap1.225% 01/15/20300.0%
FRONTERA GENERATION0.000% -0.0%
ION Corporate Solutions Finance Sarl7.095% 03/11/20280.0%
OCP CLO 2023-30 LTD9.135% 01/24/20370.0%
South Field Energy LLC0.000% 08/29/20310.0%
Tank Holding Corp0.010% 03/31/20280.0%
Interest Rate Swap1.220% 10/15/20290.0%
Physician Partners LLC10.085% 12/26/20280.0%
UNITED AIRLINES INC0.000% 02/22/20310.0%
Total Return Swap4.854% 12/20/20240.0%
Lightstone Holdco LLC10.335% 01/29/20270.0%
TNT CRANE AND RIGGING0.000% -0.0%
Interest Rate Swap2.475% 10/01/20290.0%
Bain Capital CLO 2024-1 Ltd11.447% 04/16/20370.0%
EquipmentShare.com Inc8.625% 05/15/20320.0%
CHRYSAOR BIDCO SARL0.000% 05/14/20310.0%
Total Return Swap4.854% 12/20/20240.0%
Total Return Swap4.854% 12/20/20240.0%
Interest Rate Swap2.489% 08/01/20290.0%
Epicor Software Corp0.010% 05/30/20310.0%
National Mentor Holdings Inc8.454% 03/02/20280.0%
CHINOS INTERMEDIATE 2 LLC0.000% -0.0%
Sabre GLBL Inc9.785% 06/30/20280.0%
US 2YR NOTE (CBT) Dec240.000% 01/06/20250.0%
FX USD/EUR 11/240.000% 11/20/20240.0%
FX USD/GBP 12/240.000% 12/06/20240.0%
Interest Rate Swap3.317% 04/30/20300.0%
FX USD/EUR 11/240.000% 11/20/20240.0%
FX USD/EUR 11/240.000% 11/20/20240.0%
Hexion Holdings Corp9.771% 03/15/20290.0%
AIT Worldwide Logistics Holdings Inc9.968% 04/06/20280.0%
AZURIA WATER SOLUTIONS INC8.435% 05/17/20280.0%
PROJECT CASTLE INC9.762% 06/01/20290.0%
Cobham Ultra SeniorCo Sarl9.245% 08/03/20290.0%
Great Outdoors Group LLC8.550% 03/06/20280.0%
RVR Dealership Holdings LLC8.504% 02/08/20280.0%
American Trailer World Corp8.535% 03/03/20280.0%
Aimbridge Acquisition Co Inc8.597% 02/02/20260.0%
LSCS HOLDINGS INC.9.300% 12/16/20280.0%
FX USD/EUR 11/240.000% 11/20/20240.0%
ASP LS Acquisition Corp9.365% 05/07/20280.0%
FX EUR/USD 11/240.000% 11/20/20240.0%
FX EUR/USD 11/240.000% 11/20/20240.0%
FX USD/EUR 11/240.000% 11/20/20240.0%
Hobbs & Associates LLC0.016% 07/23/20310.0%
UTEX INDUSTRIES0.000% -0.0%
VIANT MEDICAL HOLDINGS INC0.000% 10/17/20310.0%
TNT CRANE AND RIGGING0.000% -0.0%
FX EUR/USD 11/240.000% 11/20/20240.0%
DONCASTERS FINANCE US LLC0.015% 04/23/20300.0%
MIRABELA NICKEL LTD.1.000% 09/16/20440.0%
FX EUR/USD 11/240.000% 11/20/20240.0%
Raven Acquisition Holdings LLC0.000% 10/24/20310.0%
FX EUR/USD 11/240.000% 11/20/20240.0%
FX USD/EUR 11/240.000% 11/20/20240.0%
Interest Rate Swap4.217% 08/15/20260.0%
Interest Rate Swap4.214% 09/01/20260.0%
Interest Rate Swap4.013% 05/15/20280.0%
FX EUR/USD 11/240.000% 11/20/20240.0%
FX EUR/USD 11/240.000% 11/20/20240.0%
FX EUR/USD 11/240.000% 11/20/20240.0%
Interest Rate Swap4.007% 06/01/20280.0%
Interest Rate Swap4.523% 02/15/20260.0%
Interest Rate Swap4.491% 10/06/20260.0%
Interest Rate Swap4.021% 04/26/20280.0%
Interest Rate Swap4.058% 07/25/20300.0%
FX EUR/USD 11/240.000% 11/20/20240.0%
Interest Rate Swap4.423% 02/01/20270.0%
FX EUR/USD 11/240.000% 11/20/20240.0%
FX EUR/USD 11/240.000% 11/20/20240.0%
Interest Rate Swap4.131% 04/15/20290.0%
Interest Rate Swap4.015% 01/15/20320.0%
Interest Rate Swap4.000% 07/15/20320.0%
FX EUR/USD 11/240.000% 11/20/20240.0%
FX EUR/USD 11/240.000% 11/20/20240.0%

Aggregate holdings are updated monthly, 30 days after month end. Aggregate holdings are presented to illustrate examples of the securities that the Fund has bought and the diversity of the areas in which the Fund may invest, and may not be representative of the Fund's current or future investments. The figures presented are as of the date shown and may change at any time.

Sector Allocationas of 11/29/2024

Sector Weighting Fund Change from Previous Quarter
Sector Weighting Fund Change from Previous Quarter
Clo arrowUp0.2%
Energy arrowDown1.2%
Industrial^electronics^electronic Secur Devices -
Consumer, Cyclical^retail^retail-Petroleum Prod -
Diversified Media arrowUp0.4%
Consumer Non-Durables arrowUp0.4%
Industrial^transportation^transport-Air Freight -
Shipping arrowUp0.2%
Metals/Minerals arrowDown0.2%
Cable/Wireless Video arrowUp0.2%
Media/Telecom -
Financial arrowUp2.4%
Retail arrowUp0.1%
Consumer Durables arrowUp0.2%
Healthcare arrowDown1.4%
Gaming/Leisure arrowDown0.1%
Automotive arrowUp0.3%
Broadcasting arrowDown0.3%
Land Transportation 0.0%
Wireless Communications 0.0%
Food/Tobacco 0.0%
Telecommunications arrowDown0.3%
Information Technology arrowDown2.4%
Manufacturing arrowUp0.4%
Chemicals arrowDown0.6%
Housing arrowDown1.3%
Service arrowUp2.2%
Food And Drug arrowDown0.2%
Communications^internet^internet Financial Svcs 0.0%
Transportation arrowDown0.1%
Utility arrowUp0.4%
Aerospace arrowUp0.5%
Forest Prod/Containers arrowUp0.1%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 12/11/2024
$0.61824
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 11/30/2024 $0.05225 $8.18
Daily Daily 10/31/2024 $0.05216 $8.16
Daily Daily 09/30/2024 $0.05572 $8.15
Daily Daily 08/31/2024 $0.05825 $8.15
Daily Daily 07/31/2024 $0.05685 $8.16
Daily Daily 06/30/2024 $0.05878 $8.16
Daily Daily 05/31/2024 $0.05562 $8.19
Daily Daily 04/30/2024 $0.05378 $8.18
Daily Daily 03/31/2024 $0.06036 $8.18
Daily Daily 02/29/2024 $0.05593 $8.16
Daily Daily 01/31/2024 $0.05854 $8.14

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 12/31/2024

Capital Gains Distributions

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

Taxed as ordinary income

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

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 12/11/2024

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $8.37
$100,000 to $249,999 1.75% 1.50% $8.33
$250,000 to $499,999 1.25% 1.00% $8.28
Greater than $500,000 0.00% 1.00% $8.18

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 11/30/2024

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

Fund Documents

Fund Documents

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Portfolio Holdings 1Q
Publish Date:11/03/2015
Portfolio Holdings 3Q
Publish Date:11/03/2015
Summary Prospectus
Publish Date:11/03/2015
Statutory Prospectus
Publish Date:11/03/2015
SAI
Publish Date:11/03/2015
Annual Financial Statements and Other Information *
Publish Date:11/03/2015
Semi-Annual Financial Statements and Other Information *
Publish Date:11/03/2015
Semi-Annual Tailored Shareholder Report
Publish Date:11/03/2015
Fact Sheet
Publish Date:11/03/2015
Commentary
Publish Date:11/03/2015
* includes items 7-11 of form N-CSR as required, if any.

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

+

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

                    

1

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

 

2

The 30-day Standardized Subsidized yields reflect fee waivers in effect. Without such fee waivers, yields would be reduced.  

 

3

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

A Note about Risk: The Fund is subject to the general risks associated with investing in debt securities, including market, credit, liquidity, and interest rate risk. The value of investments in debt securities will fluctuate in response to market movements. When interest rates rise, the prices of debt securities are likely to decline, and when interest rates fall, the prices of debt securities tend to rise. The Fund may invest substantially in high yield, lower-rated securities. These securities carry increased risks of price volatility, illiquidity, and the possibility of default in the timely payment of interest and principal. Moreover, the specific collateral used to secure a loan may decline in value or become illiquid, which would adversely affect the loan's value. The Fund may invest in foreign or emerging market securities, which may be adversely affected by economic, political, or regulatory factors and subject to currency volatility and greater liquidity risk. The Fund may invest in derivatives, which are subject to greater liquidity, leverage, and counterparty risk. Certain of the Fund's derivative transactions may give rise to leverage risk. Leverage, including borrowing for investment purposes, may increase volatility in the Fund by magnifying the effect of changes in the value of the Fund's holdings. The use of leverage may cause investors in the Fund to lose more money in adverse environments than would have been the case in the absence of leverage. These factors may affect Fund performance.

 

Performance data quoted is historical. Past performance is not indicative of future results. Current performance may be higher or lower than the performance quoted. The investment return and principal value of an investment in the Fund will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than their original cost. To obtain performance data current to the most recent quarter-end, go to quarter ending performance on our Website or call Lord Abbett at (888) 522-2388.

 

 

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

 

Class A  Except as noted below, returns with sales charges reflect a maximum sales charge of 5.75% for equity funds, 2.25% for all tax-free income funds, fixed income funds and multi-asset class funds. There are also ongoing 12b-1 service fees (and, in certain cases, distribution fees).

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1% if the shares are redeemed before the first day of the month in which the one year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

With Sales Charge - Returns with sales charges reflect applicable fees and expenses and include all distributions reinvested.

 

Without Sales Charge - Returns shown are without sales charges and have all distributions reinvested. If a sales charge had been deducted, the results would have been lower.

 

Returns shown at less than a year reflect aggregate total returns.

 

Double-Digit Returns - instances of high double-digit returns were achieved primarily during favorable market conditions and may not be sustainable over time.   

 

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

 

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

 

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

 

Lipper Category Average - Peer group averages are based on universes of funds with the same investment objectives. The average return for the peer group is based on the returns of each individual fund within the group for the period shown. This average assumes reinvestment of dividends.

 

Fund Expense Ratio Detail: Reflects expenses for the Fund's fiscal year-end and is subject to change. Fund expenses may fluctuate with market volatility. A substantial reduction in Fund assets (since its most recently completed fiscal year), whether caused by market conditions or significant redemptions or both, will likely cause total operating expenses (as a percentage of Fund assets) to become higher than those shown.

 

 

Lipper Category Average Expense Ratio reflects the average net expenses of Class A shares of all funds with in the peer group based on Lipper data available.

 

The Fund's portfolio is actively managed and portfolio characteristics, such as individual holdings and sector weightings may change significantly over time. The portfolio data is for information only. It does not constitute a recommendation or an offer for a particular security or fund, nor should it be taken as a solicitation or recommendation to buy or sell securities or other investments.  

 

Dividends and Capital Gains: The information presented in this section is intended for general information and is not intended to be relied upon and should not be relied upon, as financial, legal or tax advice for any particular investor. We strongly recommend that you contact your financial, legal or tax advisor regarding your particular tax situation.

The information presented in this section is not written or intended to be used, and cannot be used, for the purpose of avoiding any tax liabilities or penalties.

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