LUBAX | Ultra Short Bond Fund Class A | Lord Abbett

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Ultra Short Bond Fund

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Daily price w/o sales charge as of 06/02/2023

$9.87

arrowDown$0.01

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

2.15%

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Summary

Summary

What is the Ultra Short Bond Fund ?

The Fund seeks to deliver current income consistent with the preservation of capital by investing in a broad range of investment grade ultra-short fixed income and money market securities with a weighted average duration of less than one year.

Yield

7 Day Yield 1,4 as of 06/02/2023  

w/o sales charge 4.33%
w/ sales charge -

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

4.74%

Average Yield to Worst as of 04/28/2023

5.97%

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
$9.64 B
Inception Date
10/17/2016
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.43%
Fund Net Expense Ratio
0.43%
Number of Holdings
309
Minimum Initial Investment
$1,500+

Fund Expense Ratio :

0.43%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 10/17/2016
w/o sales charge 2.13% 3.08% 0.91% 1.42% - 1.41%
Lipper Category Avg. Ultra-Short Obligations Funds - - - - - -
ICE BofA U.S. Treasury Bill Index 1.83% 3.13% 1.10% 1.51% - 1.37%
w/ sales charge 2.13% 3.08% 0.91% 1.42% - 1.41%

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

Fund Expense Ratio :

0.43%

Fund Expense Ratio :

0.43%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 10/17/2016
w/o sales charge 1.43% 2.11% 1.23% 1.35% - 1.34%
Lipper Category Avg. Ultra-Short Obligations Funds 1.23% 2.02% 1.57% 1.46% - -
ICE BofA U.S. Treasury Bill Index 1.12% 2.50% 0.86% 1.43% - 1.29%
w/ sales charge 1.43% 2.11% 1.23% 1.35% - 1.34%

Fund Expense Ratio :

0.43%

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
Corp Fixed Rate
ABS
Commercial Paper
Corp Floating
CLO
U.S. Government Related
CMBS
Bank Loans
MBS
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
1-2.99 years
3-4.99 years

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

Rating Assets
A-2/P-2
A-3/P-3
U.S. Treasury
AAA
AA
A
BBB
Not Rated

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

INVESTMENT TEAM

Yoana N. Koleva
Yoana N. Koleva, CFA

Partner, Portfolio Manager

20 Years of Industry Experience

Andrew H. O'Brien
Andrew H. O'Brien, CFA

Partner & Portfolio Manager

25 Years of Industry Experience

Kewjin Yuoh
Kewjin Yuoh

Partner & Portfolio Manager

29 Years of Industry Experience

Adam C. Castle
Adam C. Castle, CFA

Partner, Portfolio Manager

15 Years of Industry Experience

Supported By 78 Investment Professionals with 17 Years Avg. Industry Experience

Your Representative

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Performance

Performance

NAV HISTORICAL PRICES

Date Net Asset Value

Fund Expense Ratio :

Gross 0.43%

Net 0.43%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 10/17/2016
w/o sales charge 2.13% 3.08% 0.91% 1.42% - 1.41%
Lipper Category Avg. Ultra-Short Obligations Funds - - - - - -
ICE BofA U.S. Treasury Bill Index 1.83% 3.13% 1.10% 1.51% - 1.37%
w/ sales charge 2.13% 3.08% 0.91% 1.42% - 1.41%

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

Fund Expense Ratio :

Gross 0.43%

Net 0.43%

Fund Expense Ratio :

Gross 0.43%

Net 0.43%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 10/17/2016
w/o sales charge 1.43% 2.11% 1.23% 1.35% - 1.34%
Lipper Category Avg. Ultra-Short Obligations Funds 1.23% 2.02% 1.57% 1.46% - -
ICE BofA U.S. Treasury Bill Index 1.12% 2.50% 0.86% 1.43% - 1.29%

Fund Expense Ratio :

Gross 0.43%

Net 0.43%

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 ICE BofA U.S. Treasury Bill Index
2022 -0.11% 1.34%
2021 -0.10% 0.05%
2020 1.11% 0.74%
2019 2.83% 2.35%
2018 1.93% 1.88%
2017 1.42% 0.82%
2016 0.15% 0.37%
Year Q1 Q2 Q3 Q4 Yearly Returns
2023 1.43% - - - 2.15%
2022 -0.78% -0.56% 0.18% 1.06% -0.11%
2021 -0.02% 0.09% 0.00% -0.17% -0.10%
2020 -1.35% 2.14% 0.25% 0.09% 1.11%
2019 0.86% 0.74% 0.59% 0.62% 2.83%
2018 0.32% 0.53% 0.66% 0.40% 1.93%
2017 0.35% 0.39% 0.33% 0.35% 1.42%
2016 - - - - 0.15%

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 10/17/2016.

Based on a hypothetical Class A share investment of $10,000 on 10/17/2016 without sales charge and includes the reinvestment of all distributions.

 

Portfolio

Portfolio

Type Assets
Corp Fixed Rate
ABS
Commercial Paper
Corp Floating
CLO
U.S. Government Related
CMBS
Bank Loans
MBS
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
1-2.99 years
3-4.99 years

CREDIT QUALITY DISTRIBUTION as of 04/28/2023

Rating Assets
A-2/P-2
A-3/P-3
U.S. Treasury
AAA
AA
A
BBB
Not Rated

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

Portfolio Positioning as of 3/31/2023

  • Each broad fixed income sector the Fund invested in produced a positive return during the period, therefore contributing to the Fund’s total return on an absolute basis.
  • The portfolios allocation to asset-backed securities (ABS) contributed to performance. Despite modest spread widening within short-term ABS, the sector outperformed corporate credit. We continue to favor high-quality ABS within the auto loan sector, focusing on newly originated loans with superior underwriting. The majority of the additions made during the quarter were within AAA-rated auto loans.
  • The portfolio’s allocation to commercial mortgage-backed securities (CMBS) contributed to performance, despite some of the ongoing headwinds the sector has faced. Our focus on higher quality securities within CMBS helped to mitigate some of the underperformance the rest of the sector faced.  Although valuations are compelling across the sector, we are concerned about the potential for deteriorating commercial real estate fundamentals. We reduced the portfolio’s exposure to CMBS over the period specifically within floating rate SASB. We’ve maintained a very high bar to add with a preference for high quality, liquid names.
  • Additionally, the portfolio’s allocation to collateralized loan obligations (CLO) contributed to performance. We’re comfortable with the credit profiles of the CLO book as the allocation is very short in maturity, AAA-rated, and exhibits low spread volatility; therefore, relatively insulated from the fragilities of the broader asset class.
  • While front-end investment grade corporates were a big underperformer in the first half of March, with spreads nearly doubling given the notable weight of banks in the short-term indices, low duration corporate bonds contributed to performance over the quarter. Despite rising short-term rates, the portfolio’s allocation to fixed-rate corporate bonds contributed due to their attractive carry. Short-term corporate floating-rate notes also contributed as rates on bonds with 6-months or less in maturity rose. The aforementioned headwinds in early March created idiosyncratic opportunities at attractive valuations during the month.
  • The portfolio’s allocation to commercial paper also contributed to performance. We continue to increase the portfolio’s exposure to commercial paper given the attractive yields driven by an inverted yield curve, specifically at the 6-month part of the curve.

Portfolio Details as of 04/28/2023

Total Net Assets
$9.64 B
Number of Issues
309
Average Coupon
3.48%
Average Life
0.9 Years
Average Effective Duration
0.63 Years
Average Yield to Worst
5.97%

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

Average Coupon - The weighted average annual rate of interest on a bond’s face value that the issuer agrees to pay the holder until maturity for all the securities in a portfolio.

Average Life - Measures how long it will take, on average, to receive the repayment of the principal amount on a debt security.  Average life is often used in connection with mortgage-backed securities as a measurement of the length of time, on average, before the underlying mortgages are paid, refinanced, or otherwise retired.

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

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
United States Treasury Bill 0.000% 06/08/2023 3.7%
United States Treasury Note/Bond 3.875% 03/31/2025 1.9%
Bayer Corp 0.000% 07/21/2023 1.3%
Fidelity National Information Services Inc 0.000% 05/26/2023 1.3%
Verizon Master Trust 1.040% 01/20/2027 1.2%
JPMorgan Chase & Co 3.797% 07/23/2024 1.2%
BAT International Finance PLC 0.000% 06/27/2023 1.1%
Brookfield Infrastructure Holdings Canada Inc 0.000% 07/27/2023 1.1%
Charter Communications Operating LLC 6.721% 04/30/2025 1.0%
Hyundai Capital America 0.800% 01/08/2024 1.0%
% of Total Assets 14.8%
Holding Coupon Maturity Assets
United States Treasury Bill0.000% 06/08/20233.7%
United States Treasury Note/Bond3.875% 03/31/20251.9%
Bayer Corp0.000% 07/21/20231.3%
Fidelity National Information Services Inc0.000% 05/26/20231.3%
Verizon Master Trust1.040% 01/20/20271.2%
JPMorgan Chase & Co3.797% 07/23/20241.2%
BAT International Finance PLC0.000% 06/27/20231.1%
Brookfield Infrastructure Holdings Canada Inc0.000% 07/27/20231.1%
Charter Communications Operating LLC6.721% 04/30/20251.0%
Hyundai Capital America0.800% 01/08/20241.0%
Bank of America Corp3.864% 07/23/20241.0%
Morgan Stanley5.256% 01/25/20241.0%
Westlake Automobile Receivables Trust 2021-10.950% 03/16/20260.9%
NatWest Group PLC4.519% 06/25/20240.9%
AT&T Inc0.000% 12/19/20230.8%
HSBC Holdings PLC3.803% 03/11/20250.8%
Brookfield Infrastructure Holdings Canada Inc0.000% 10/05/20230.8%
Danske Bank A/S5.375% 01/12/20240.8%
JPMorgan Chase & Co5.546% 12/15/20250.8%
UniCredit SpA7.830% 12/04/20230.7%
Barclays PLC4.338% 05/16/20240.7%
Bank of Ireland Group PLC4.500% 11/25/20230.7%
Bank of Nova Scotia/The5.319% 09/15/20230.7%
CommonSpirit Health0.000% 06/14/20230.7%
NUTRITION BIOSCIENCES INC0.063% 02/01/20240.7%
Charter Communications Operating LLC / Charter Communications Operating Capital6.464% 02/01/20240.7%
Macquarie Group Ltd6.207% 11/22/20240.7%
NatWest Group PLC4.269% 03/22/20250.7%
NextEra Energy Capital Holdings Inc2.940% 03/21/20240.7%
Octagon Investment Partners 30 Ltd6.260% 03/17/20300.7%
Toronto-Dominion Bank/The4.285% 09/13/20240.7%
Goldman Sachs Group Inc/The5.292% 10/21/20240.6%
Santander Drive Auto Receivables Trust 2022-22.980% 10/15/20260.6%
Citigroup Inc3.352% 04/24/20250.6%
Honda Auto Receivables 2022-2 Owner Trust3.810% 03/18/20250.6%
Dominion Energy Inc0.000% 05/22/20230.6%
NextEra Energy Capital Holdings Inc5.081% 11/03/20230.6%
Citigroup Inc4.044% 06/01/20240.6%
BlueMountain Fuji US Clo I Ltd6.230% 07/20/20290.6%
Glencore Funding LLC4.625% 04/29/20240.6%
Octagon Investment Partners XIV Ltd6.210% 07/15/20290.6%
Madison Park Funding XI Ltd6.173% 07/23/20290.6%
Morgan Stanley3.620% 04/17/20250.6%
Toyota Auto Receivables 2022-C Owner Trust3.830% 08/15/20250.6%
Bank of Montreal5.453% 03/08/20240.6%
Morgan Stanley5.427% 01/24/20250.6%
GE HealthCare Technologies Inc5.550% 11/15/20240.5%
BPCE SA5.700% 10/22/20230.5%
Jackson National Life Global Funding5.960% 06/28/20240.5%
CommonSpirit Health0.000% 06/22/20230.5%
Ford Credit Auto Lease Trust 2023-A4.940% 03/15/20260.5%
Madison Park Funding XVII Ltd6.261% 07/21/20300.5%
TCI-Flatiron Clo 2017-1 Ltd5.861% 11/18/20300.5%
Galaxy XIX CLO Ltd6.223% 07/24/20300.5%
Octagon Investment Partners 31 Ltd6.300% 07/20/20300.5%
Bank of America Corp5.357% 02/04/20250.5%
Bank of Nova Scotia/The5.250% 12/06/20240.5%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust4.875% 01/16/20240.5%
Danske Bank A/S3.875% 09/12/20230.5%
CommonSpirit Health0.000% 05/03/20230.5%
GA Global Funding Trust6.166% 04/11/20250.5%
Walgreens Boots Alliance Inc0.000% 05/31/20230.5%
General Motors Financial Co Inc5.424% 10/15/20240.5%
Rogers Communications Inc0.000% 06/27/20230.5%
MF1 2021-FL6 Ltd6.048% 07/16/20360.5%
Galaxy XXIII CLO Ltd6.143% 04/24/20290.5%
TransCanada PipeLines Ltd6.266% 03/09/20260.5%
Commonwealth Bank of Australia5.560% 03/13/20260.5%
CenterPoint Energy Inc5.343% 05/13/20240.5%
First Investors Auto Owner Trust 2021-20.480% 03/15/20270.4%
AES Corp/The0.000% 05/01/20230.4%
VASA Trust 2021-VASA5.848% 07/15/20390.4%
Bank of America Corp3.093% 10/01/20250.4%
General Motors Financial Co Inc5.901% 11/17/20230.4%
Glencore Funding LLC4.125% 03/12/20240.4%
BAXTER INTL INC0.060% 09/30/20240.4%
General Motors Financial Co Inc0.000% 07/12/20230.4%
Jabil Inc0.000% 05/01/20230.4%
PFS Financing Corp1.000% 10/15/20250.4%
NatWest Markets PLC6.253% 03/22/20250.4%
Atrium IX6.091% 05/28/20300.4%
LFT CRE 2021-FL1 Ltd6.698% 06/15/20390.4%
Walgreens Boots Alliance Inc0.000% 05/12/20230.4%
Royal Bank of Canada4.950% 04/25/20250.4%
GM Financial Consumer Automobile Receivables Trust 2023-15.190% 03/16/20260.4%
Invitation Homes Operating Partnership LP6.025% 01/31/20250.4%
Volkswagen Auto Lease Trust 2022-A3.440% 07/21/20250.4%
American Express Credit Account Master Trust3.390% 05/15/20270.4%
Tesla Auto Lease Trust 2021-A0.560% 03/20/20250.4%
UBS AG5.125% 05/15/20240.4%
Marlette Funding Trust 2021-31.300% 12/15/20310.4%
Philip Morris International Inc5.125% 11/15/20240.4%
General Motors Financial Co Inc5.100% 01/17/20240.4%
American Express Co5.662% 03/04/20250.4%
Avolon Holdings Funding Ltd5.250% 05/15/20240.4%
Hilton Orlando Trust 2018-ORL5.968% 12/15/20340.4%
GS Mortgage Securities Corp Trust 2021-ROSS6.098% 05/15/20260.4%
KREF 2021-FL2 Ltd6.018% 02/15/20390.4%
Donlen Fleet Lease Funding 2 LLC0.560% 12/11/20340.4%
Regatta Funding LP 2013-2A6.110% 01/15/20290.4%
Mitsubishi UFJ Financial Group Inc6.250% 04/17/20260.4%
Mercedes-Benz Finance North America LLC5.740% 03/30/20250.4%
Flagship Credit Auto Trust 2022-23.280% 08/15/20250.4%
GA Global Funding Trust0.800% 09/13/20240.4%
FMC Corp0.000% 05/17/20230.4%
RWE AG0.000% 07/24/20230.4%
General Motors Financial Co Inc0.000% 08/21/20230.4%
BXMT 2020-FL2 LTD5.904% 02/15/20380.4%
Dominion Energy Inc5.396% 09/15/20230.4%
BPCE SA5.150% 07/21/20240.4%
Intesa Sanpaolo SpA5.250% 01/12/20240.3%
UBS Group AG4.488% 05/12/20260.3%
AT&T Inc5.463% 03/25/20240.3%
American Electric Power Co Inc5.294% 11/01/20230.3%
OneMain Direct Auto Receivables Trust 2021-10.870% 07/14/20280.3%
Brighthouse Financial Global Funding5.565% 04/12/20240.3%
Enbridge Inc5.330% 02/16/20240.3%
Thermo Fisher Scientific Inc5.194% 10/18/20230.3%
Haleon UK Capital PLC0.000% 05/09/20230.3%
OneMain Direct Auto Receivables Trust 2021-11.260% 07/14/20280.3%
Ovintiv Inc0.000% 06/16/20230.3%
Comision Federal de Electricidad4.875% 01/15/20240.3%
BAT International Finance PLC0.000% 07/28/20230.3%
Bank of America Corp3.458% 03/15/20250.3%
Cigna Group/The6.150% 07/15/20230.3%
Standard Chartered PLC5.200% 01/26/20240.3%
LFT CRE 2021-FL1 Ltd6.118% 06/15/20390.3%
Boeing Co/The1.433% 02/04/20240.3%
Marvell Technology Inc4.200% 06/22/20230.3%
BAT International Finance PLC0.000% 06/23/20230.3%
GLS Auto Receivables Issuer Trust 2021-30.780% 11/17/20250.3%
Westlake Automobile Receivables Trust 2023-25.870% 07/15/20260.3%
BXHPP Trust 2021-FILM5.598% 08/15/20360.3%
Ovintiv Inc0.000% 06/20/20230.3%
Westlake Automobile Receivables Trust 2021-21.230% 12/15/20260.3%
Freddie Mac STACR REMIC Trust 2022-DNA15.815% 01/25/20420.3%
Bank of America Corp3.841% 04/25/20250.3%
BPCE SA5.374% 01/14/20250.3%
Delos Finance Sarl6.909% 10/06/20230.3%
Oglethorpe Power Corp0.000% 05/03/20230.3%
BMW Vehicle Lease Trust 2023-15.270% 02/25/20250.3%
Hertz Vehicle Financing LLC1.210% 12/26/20250.3%
BNP Paribas SA4.705% 01/10/20250.3%
Aviation Capital Group LLC0.000% 06/02/20230.3%
BXMT 2021-FL4 Ltd5.998% 05/15/20380.3%
Hewlett Packard Enterprise Co5.900% 10/01/20240.3%
Bank of Montreal5.200% 12/12/20240.3%
AMERICAN TOWER CORPORATION0.061% 12/08/20230.3%
Lloyds Banking Group PLC3.900% 03/12/20240.3%
Haleon UK Capital PLC0.000% 06/01/20230.3%
Pagaya AI Debt Trust 2022-12.030% 10/15/20290.3%
TARGA RESOURCES CORP6.721% 07/12/20250.3%
GLS Auto Receivables Issuer Trust 2021-31.110% 09/15/20260.2%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust4.500% 09/15/20230.2%
JPMorgan Chase & Co3.845% 06/14/20250.2%
World Omni Automobile Lease Securitization Trust 2022-A3.210% 02/18/20250.2%
Santander Retail Auto Lease Trust 2021-A0.920% 03/20/20260.2%
KIND Trust 2021-KIND5.954% 08/15/20380.2%
Goldman Sachs Group Inc/The6.159% 03/15/20240.2%
Ally Auto Receivables Trust 2022-35.290% 06/16/20250.2%
GS Mortgage Securities Corp Trust 2021-RENT5.682% 11/21/20350.2%
Park Aerospace Holdings Ltd5.500% 02/15/20240.2%
Credit Suisse Group AG4.207% 06/12/20240.2%
NatWest Markets PLC5.223% 08/12/20240.2%
Goldman Sachs Group Inc/The5.502% 01/24/20250.2%
UBS AG/London0.700% 08/09/20240.2%
DNB Bank ASA2.968% 03/28/20250.2%
Pelabuhan Indonesia Persero PT4.500% 05/02/20230.2%
Connecticut Avenue Securities Trust 2022-R026.015% 01/25/20420.2%
Toronto-Dominion Bank/The3.766% 06/06/20250.2%
Tesla Auto Lease Trust 2021-A1.020% 03/20/20250.2%
Avolon Holdings Funding Ltd5.125% 10/01/20230.2%
General Motors Financial Co Inc0.000% 05/31/20230.2%
First Investors Auto Owner Trust 2022-26.260% 07/15/20270.2%
Truist Financial Corp4.810% 06/09/20250.2%
GLS Auto Receivables Issuer Trust 2021-21.080% 06/15/20260.2%
Santander UK Group Holdings PLC4.796% 11/15/20240.2%
International Flavors & Fragrances Inc0.000% 05/05/20230.2%
Verizon Master Trust5.230% 11/22/20270.2%
NextGear Floorplan Master Owner Trust5.850% 03/15/20280.2%
Exeter Automobile Receivables Trust 2022-44.330% 02/17/20260.2%
Parker-Hannifin Corp3.650% 06/15/20240.2%
Lending Funding Trust 2020-22.320% 04/21/20310.2%
Bank of America Corp2.015% 02/13/20260.2%
CBAM 2019-9 Ltd6.478% 02/12/20300.2%
HPEFS Equipment Trust 2023-15.430% 08/20/20250.2%
Glencore Funding LLC4.125% 05/30/20230.2%
Affirm Asset Securitization Trust 2022-X11.750% 02/15/20270.2%
Flagship Credit Auto Trust 2022-34.060% 10/15/20250.2%
Aviation Capital Group LLC4.375% 01/30/20240.2%
BPCE SA6.394% 09/12/20230.2%
Aqua Finance Trust 2021-A1.540% 07/17/20460.2%
ANZ New Zealand Int'l Ltd/London5.303% 02/18/20250.2%
Saudi Electricity Global Sukuk Co 34.000% 04/08/20240.2%
CarMax Auto Owner Trust 2023-15.230% 01/15/20260.2%
Bank of Montreal5.093% 12/08/20230.2%
Canadian Imperial Bank of Commerce5.144% 04/28/20250.2%
Carvana Auto Receivables Trust 2022-P34.420% 12/10/20250.2%
First-Citizens Bank & Trust Co3.929% 06/19/20240.2%
HGI CRE CLO 2021-FL1 Ltd5.998% 06/16/20360.2%
Danske Bank A/S1.226% 06/22/20240.2%
Regatta VIII Funding Ltd6.510% 10/17/20300.2%
Navient Private Education Refi Loan Trust 2020-E1.690% 05/15/20690.2%
Fannie Mae Connecticut Avenue Securities5.715% 11/25/20410.2%
Celanese US Holdings LLC0.063% 10/31/20230.2%
Santander Retail Auto Lease Trust 2022-A0.970% 03/20/20250.2%
Aviation Capital Group LLC3.875% 05/01/20230.2%
Hyundai Capital America1.250% 09/18/20230.2%
Hawaiian Electric Industries Inc0.000% 05/05/20230.2%
Flatiron Clo 17 Ltd5.844% 05/15/20300.2%
Santander Retail Auto Lease Trust 2021-C0.500% 03/20/20250.2%
Benefit Street Partners CLO V-B Ltd6.340% 04/20/20310.2%
GS Mortgage Securities Corp Trust 2018-HULA5.868% 07/15/20250.2%
General Motors Financial Co Inc0.000% 07/10/20230.2%
Bayer US Finance II LLC5.876% 12/15/20230.1%
Jersey Central Power & Light Co4.700% 04/01/20240.1%
NatWest Group PLC2.359% 05/22/20240.1%
Great Wolf Trust 2019-WOLF6.038% 12/15/20360.1%
General Motors Financial Co Inc3.700% 05/09/20230.1%
Santander Retail Auto Lease Trust 2021-C1.110% 03/20/20260.1%
Thermo Fisher Scientific Inc5.334% 10/18/20240.1%
Monongahela Power Co4.100% 04/15/20240.1%
Canadian Imperial Bank of Commerce5.224% 10/18/20240.1%
Capital One Prime Auto Receivables Trust 2023-15.200% 05/15/20260.1%
BPCE SA4.625% 07/11/20240.1%
FS RIALTO6.168% 05/16/20380.1%
CPS Auto Receivables Trust 2022-C4.180% 04/15/20300.1%
Freddie Mac STACR REMIC Trust 2021-HQA35.665% 09/25/20410.1%
GreatAmerica Leasing Receivables Funding LLC Series 2021-21.040% 09/15/20270.1%
Atalaya Equipment Leasing Trust 21-11.230% 05/15/20260.1%
Santander Drive Auto Receivables Trust 2021-20.900% 06/15/20260.1%
International Flavors & Fragrances Inc0.000% 05/12/20230.1%
Santander UK Group Holdings PLC1.089% 03/15/20250.1%
PFP 2021-7 Ltd5.796% 04/14/20380.1%
Barclays PLC3.932% 05/07/20250.1%
Hertz Vehicle Financing III LLC1.990% 06/25/20260.1%
UBS Group AG1.008% 07/30/20240.1%
Carvana Auto Receivables Trust 2021-N11.090% 01/10/20280.1%
Amgen Inc5.250% 03/02/20250.1%
Flagship Credit Auto Trust 2023-15.380% 12/15/20260.1%
LMREC 2021-CRE4 LLC6.060% 04/22/20370.1%
Freddie Mac STACR REMIC Trust 2021-HQA45.765% 12/25/20410.1%
Tricolor Auto Securitization Trust 2022-13.300% 02/18/20250.1%
Hyatt Hotels Corp1.800% 10/01/20240.1%
GLS Auto Receivables Issuer Trust 2021-11.200% 01/15/20270.1%
AutoNation Inc0.000% 05/15/20230.1%
Dell Equipment Finance Trust 2021-20.810% 12/22/20260.1%
Lloyds Banking Group PLC3.870% 07/09/20250.1%
NextEra Energy Capital Holdings Inc6.051% 03/01/20250.1%
GLS Auto Receivables Issuer Trust 2021-20.770% 09/15/20250.1%
Flagship Credit Auto Trust 2021-20.930% 06/15/20270.1%
Bank of America Corp2.456% 10/22/20250.1%
Santander Consumer Auto Receivables Trust 2021-A0.330% 10/15/20250.1%
First-Citizens Bank & Trust Co2.969% 09/27/20250.1%
National Fuel Gas Co0.000% 05/04/20230.1%
BX Trust 2021-ARIA5.847% 10/15/20360.1%
Avolon Holdings Funding Ltd3.950% 07/01/20240.1%
Hyundai Capital America3.400% 06/20/20240.1%
Hyundai Auto Lease Securitization Trust 2023-A5.200% 04/15/20250.1%
Standard Chartered PLC3.785% 05/21/20250.1%
Canadian Natural Resources Ltd0.000% 05/25/20230.1%
Ford Credit Auto Lease Trust 2023-A5.190% 06/15/20250.1%
GM Financial Automobile Leasing Trust 2023-15.270% 06/20/20250.1%
Aircastle Ltd4.400% 09/25/20230.1%
Exeter Automobile Receivables Trust 2022-65.730% 11/17/20250.1%
Santander Drive Auto Receivables Trust 2022-32.760% 03/17/20250.1%
Foursight Capital Automobile Receivables Trust 2021-20.810% 05/15/20260.1%
Marlette Funding Trust 2021-21.060% 09/15/20310.1%
Triton Container International Ltd0.800% 08/01/20230.1%
GA Global Funding Trust4.810% 09/13/20240.1%
AstraZeneca PLC5.542% 08/17/20230.1%
Connecticut Avenue Securities Trust 2021-R015.565% 10/25/20410.1%
Avis Budget Rental Car Funding AESOP LLC2.360% 03/20/20260.1%
Truist Financial Corp3.750% 12/06/20230.1%
Mercedes-Benz Auto Receivables Trust 2023-15.090% 01/15/20260.1%
Dell Equipment Finance Trust 2021-20.940% 12/22/20260.1%
CPS Auto Receivables Trust 2022-A0.980% 04/16/20290.1%
Post Road Equipment Finance 2021-10.740% 12/15/20260.1%
HGI CRE CLO 2021-FL1 Ltd6.548% 06/16/20360.1%
Dell Equipment Finance Trust 2021-21.210% 06/22/20270.1%
Octane Receivables Trust 2021-10.930% 03/22/20270.1%
Tricolor Auto Securitization Trust 2023-16.480% 08/17/20260.1%
HGI CRE CLO 2021-FL1 Ltd6.348% 06/16/20360.1%
Avant Loans Funding Trust 2021-REV11.210% 07/15/20300.1%
Exeter Automobile Receivables Trust 2022-43.990% 08/15/20240.1%
PenFed Auto Receivables Owner Trust 2022-A3.830% 12/16/20240.1%
Lendmark Funding Trust 2019-22.780% 04/20/20280.1%
Pagaya AI Debt Selection Trust 2021-11.180% 11/15/20270.1%
OGE Energy Corp0.703% 05/26/20230.1%
NextEra Energy Capital Holdings Inc4.200% 06/20/20240.1%
Santander Retail Auto Lease Trust 2021-B0.840% 06/20/20250.0%
Toronto-Dominion Bank/The5.100% 09/10/20240.0%
BBCMS 2017-DELC Mortgage Trust5.923% 08/15/20360.0%
CPS Auto Receivables Trust 2021-D0.610% 10/15/20250.0%
Bayer Corp0.000% 09/14/20230.0%
Arivo Acceptance Auto Loan Receivables Trust 2021-11.190% 01/15/20270.0%
BDS 2020-FL5 LTD6.154% 02/16/20370.0%
Freddie Mac STACR REMIC Trust 2021-HQA25.515% 12/25/20330.0%
Carvana Auto Receivables Trust 2020-P10.440% 06/09/20250.0%
Dell Equipment Finance Trust 2020-20.570% 10/23/20230.0%
BBVA Bancomer SA/Texas4.375% 04/10/20240.0%
Danske Bank A/S6.214% 09/12/20230.0%
HSBC Holdings PLC5.915% 05/18/20240.0%
Freddie Mac STACR REMIC Trust 2021-DNA65.615% 10/25/20410.0%
Dell Equipment Finance Trust 2021-20.330% 12/22/20260.0%
Marlette Funding Trust 2021-11.000% 06/16/20310.0%
Theorem Funding Trust 2021-11.210% 12/15/20270.0%
CarMax Auto Owner Trust 2020-21.700% 11/15/20240.0%
US 2YR NOTE (CBT) Jun230.000% 07/06/20230.0%

Dividends & Cap Gains

Dividends & Cap Gains

DIVIDEND PAYMENTS

DIVIDEND PAYMENTS

For
YTD Dividends Paidas of 06/02/2023
$0.15826
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 05/31/2023 $0.03509 $9.87
Daily Daily 04/30/2023 $0.03327 $9.88
Daily Daily 03/31/2023 $0.03192 $9.87
Daily Daily 02/28/2023 $0.02898 $9.87
Daily Daily 01/31/2023 $0.02900 $9.87

Upcoming Dividend Payment Dates

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

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 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
12/14/2017 12/15/2017 - $0.0003 $0.0003 $10.01
*

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

EXPENSE RATIOas of 04/30/2023

Fund Gross Expense Ratio Fund Net Expense Ratio
0.43% 0.43%

Fund Documents

Fund Documents

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

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

Barron's Fund Family Rankings are awarded annually.

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

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

+

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

The Ultra Short Bond Fund’s 7 Day Yield are shown with and without sales charges and with maximum sales charges. The Fund’s 7 Day Yield takes into account any fee waiver or expense limitation arrangements, if any. Without such fee waivers or expense limitation arrangements, the Fund’s dividend yield would have been lower. Information regarding any fee waivers or expense limitation arrangements applicable to the Fund is provided with the Fund’s expense ratio information.

 

2

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

 

3

The Fund’s 7 Day Yield is shown without sales charges. The Fund’s Subsidized 7 Day Yield takes into account any fee waiver or expense limitation arrangements, if any. Without such fee waivers or expense limitation arrangements, the Fund’s 7 Day Yield would have been lower. Information regarding any fee waivers or expense limitation arrangements applicable to the Fund is provided with the Fund’s expense ratio information.

 

 

4The Ultra Short Bond Fund's 7 Day Yield is computed by averaging daily income dividends declared (net of expenses) in the Fund over the previous 7 days, and dividing that annualized rate by the Fund’s NAV.  This is a rolling calculation, updated daily. 

 

5

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

 

6

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

 

IMPORTANT INFORMATION

 

New Fund Risk: The Fund is newly organized. There can be no assurance that the Fund will reach or maintain a sufficient asset size to effectively implement its investing strategy.

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 an investment in the Fund will change as interest rates 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. Debt securities are subject to credit risk, which is the risk that the issuer will fail to make timely payments of interest and principal to the Fund. 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. Although the Fund may invest in money market securities, this is not a money market fund. These factors can affect Fund performance. As it is a newly organized fund, the Fund’s performance at this time is very limited. The Fund's performance achieved during its initial period of investment operation may not be replicated over longer periods and may not be indicative of how the Fund will perform in the future. Past performance is no guarantee of future results.

 

 

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.

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

 

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

 

The ICE BofA ML U.S. Treasury Bill Index tracks the performance of US dollar denominated US Treasury Bills publicly issued in the US domestic market. Qualifying securities must have at least one month remaining term to final maturity and a minimum amount outstanding of $1 billion. The benchmark has not been examined by Deloitte & Touche LLP. 
 

Source: ICE Data Indices, LLC. 

Source ICE Data Indices, LLC (“ICE”), used with permission. ICE PERMITS USE OF THE ICE BofAML INDICES AND RELATED DATA ON AN "AS IS" BASIS, MAKES NO WARRANTIES REGARDING SAME, DOES NOT GUARANTEE THE SUITABILITY, QUALITY, ACCURACY, TIMELINESS, AND/OR COMPLETENESS OF THE ICE BofAML INDICES OR ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM, ASSUMES NO LIABILITY IN CONNECTION WITH THE USE OF THE FOREGOING, AND DOES NOT SPONSOR, ENDORSE, OR RECOMMEND LORD ABBETT, OR ANY OF ITS PRODUCTS OR SERVICES.

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.

 

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