SUMMARY PROSPECTUS Lord Abbett Bond Debenture pdf.fbdmn.com/prospectus/LBNDX.pdf · SUMMARY PROSPECTUS

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    SUMMARY PROSPECTUS

    Lord Abbett Bond Debenture FundMAY 1, 2018

    CLASS/TICKER

    CLASS A .. . . . . . . LBNDX CLASS I . . . . . . . . . LBNYX CLASS R5 .. . . . . . LBNTXCLASS B .. . . . . . . LBNBX CLASS P .. . . . . . . LBNPX CLASS R6 .. . . . . . LBNVXCLASS C .. . . . . . . BDLAX CLASS R2 .. . . . . . LBNQX CLASS T .. . . . . . . ALPTXCLASS F... . . . . . . LBDFX CLASS R3 .. . . . . . LBNRXCLASS F3 .. . . . . . LBNOX CLASS R4 .. . . . . . LBNSX

    Before you invest, you may want to review the Funds prospectus and statementof additional information, which contain more information about the Fund and itsrisks. You can find the Funds prospectus, statement of additional information andother information about the Fund at www.lordabbett.com/documentsandliterature.You can also get this information at no cost by calling 888-522-2388 (Option #2)or by sending an email request to literature@lordabbett.com. The currentprospectus and statement of additional information dated May 1, 2018, as may besupplemented from time to time, are incorporated by reference into this summaryprospectus.

    INVESTMENT OBJECTIVE

    The Funds investment objective is to seek high current income and theopportunity for capital appreciation to produce a high total return.

    FEES AND EXPENSES

    This table describes the fees and expenses that you may pay if you buy and holdshares of the Fund. You may qualify for sales charge discounts if you and certainmembers of your family invest, or agree to invest in the future, at least $100,000in the Lord Abbett Family of Funds. More information about these and otherdiscounts is available from your financial professional and in Sales ChargeReductions and Waivers on page 49 of the prospectus, Appendix A to theprospectus, titled Intermediary-Specific Sales Charge Reductions and Waivers,and Purchases, Redemptions, Pricing, and Payments to Dealers on page 9-1 ofPart II of the statement of additional information (SAI).

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    Shareholder Fees(1) (Fees paid directly from your investment)

    Class A B C F, F3, I, P, R2, R3, R4, R5, and R6 T

    Maximum Sales Charge (Load)

    Imposed on Purchases

    (as a percentage of offering price) 2.25% None None None 2.50%

    Maximum Deferred Sales Charge (Load)

    (as a percentage of offering price or

    redemption proceeds, whichever

    is lower) None(2) 5.00% 1.00%(3) None None

    AnnualFundOperatingExpenses

    (Expenses that you pay each year as a percentage of the value of your investment)

    Class A B C F F3 I P

    Management Fees 0.44% 0.44% 0.44% 0.44% 0.44% 0.44% 0.44%

    Distribution and Service (12b-1) Fees 0.20% 1.00% 0.82%(4) 0.10% None None 0.45%

    Other Expenses 0.16% 0.16% 0.16% 0.16% 0.08% 0.16% 0.16%

    Total Annual Fund Operating Expenses 0.80% 1.60% 1.42% 0.70% 0.52% 0.60% 1.05%(5)

    AnnualFundOperatingExpenses (continued)

    (Expenses that you pay each year as a percentage of the value of your investment)

    Class R2 R3 R4 R5 R6 T

    Management Fees 0.44% 0.44% 0.44% 0.44% 0.44% 0.44%

    Distribution and Service (12b-1) Fees 0.60% 0.50% 0.25% None None 0.25%

    Other Expenses 0.16% 0.16% 0.16% 0.16% 0.08% 0.16%

    Total Annual Fund Operating Expenses 1.20% 1.10% 0.85% 0.60% 0.52% 0.85%(5)

    (1) A shareholder transacting in share classes without a front-end sales charge may be required to pay a commission to its

    financial intermediary. Please contact your financial intermediary for more information about whether such a commission may

    apply to your transaction.(2) A contingent-deferred sales charge (CDSC) of 1.00% may be assessed on certain Class A shares purchased or acquired

    without a sales charge if they are redeemed before the first day of the month of the one-year anniversary of the purchase.(3) A CDSC of 1.00% may be assessed on Class C shares if they are redeemed before the first anniversary of their purchase.(4) The 12b-1 fee the Fund will pay on Class C shares will be a blended rate calculated based on (i) 1.00% of the Funds average

    daily net assets attributable to shares held for less than one year and (ii) 0.80% of the Funds average daily net assets

    attributable to shares held for one year or more. All Class C shareholders of the Fund will bear 12b-1 fees at the same rate.(5) These amounts have been updated from fiscal year amounts to reflect current fees and expenses.

    Example

    This Example is intended to help you compare the cost of investing in the Fundwith the cost of investing in other mutual funds. The Example assumes that youinvest $10,000 in the Fund for the time periods indicated and then redeem all ofyour shares at the end of those periods. The Example also assumes that yourinvestment has a 5% return each year and that the Funds operating expensesremain the same. Although your actual costs may be higher or lower, based onthese assumptions your costs would be:

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    SUMMARY BOND DEBENTURE FUND

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    Class If Shares Are Redeemed If Shares Are Not Redeemed

    1 Year 3 Years 5 Years 10 Years 1 Year 3 Years 5 Years 10 Years

    Class A Shares $305 $475 $ 659 $1,193 $305 $475 $659 $1,193

    Class B Shares $663 $805 $1,071 $1,686 $163 $505 $871 $1,686

    Class C Shares $245 $449 $ 776 $1,702 $145 $449 $776 $1,702

    Class F Shares $ 72 $224 $ 390 $ 871 $ 72 $224 $390 $ 871

    Class F3 Shares $ 53 $167 $ 291 $ 653 $ 53 $167 $291 $ 653

    Class I Shares $ 61 $192 $ 335 $ 750 $ 61 $192 $335 $ 750

    Class P Shares $107 $334 $ 579 $1,283 $107 $334 $579 $1,283

    Class R2 Shares $122 $381 $ 660 $1,455 $122 $381 $660 $1,455

    Class R3 Shares $112 $350 $ 606 $1,340 $112 $350 $606 $1,340

    Class R4 Shares $ 87 $271 $ 471 $1,049 $ 87 $271 $471 $1,049

    Class R5 Shares $ 61 $192 $ 335 $ 750 $ 61 $192 $335 $ 750

    Class R6 Shares $ 53 $167 $ 291 $ 653 $ 53 $167 $291 $ 653

    Class T Shares $335 $514 $ 710 $1,273 $335 $514 $710 $1,273

    Portfolio Turnover. The Fund pays transaction costs, such as commissions,when it buys and sells securities (or turns over its portfolio). A higherportfolio turnover rate may indicate higher transaction costs and may result inhigher taxes when Fund shares are held in a taxable account. These costs, whichare not reflected in the annual fund operating expenses or in the example, affectthe Funds performance. During the most recent fiscal year, the Funds portfolioturnover rate was 113% of the average value of its portfolio.

    PRINCIPAL INVESTMENT STRATEGIES

    To pursue its objective, under normal conditions, the Fund invests at least 80% ofits net assets, plus the amount of any borrowings for investment purposes, in bonds,debentures and other fixed income securities. The Fund may invest a substantialportion of its net assets in high-yield securities (commonly referred to as belowinvestment grade or junk bonds). High-yield securities are debt securities thatare rated BB/Ba or lower by an independent rating agency, or that are unrated butdetermined by Lord, Abbett & Co. LLC (Lord Abbett) to be of comparablequality. Although the Fund is diversified across many industries and sectors, itsassets may, from time to time, be overweighted or underweighted to certainindustries and sectors relative to its benchmark index. Under normal conditions, theFund has an average effective portfolio maturity of five to twelve years.

    The Funds investments primarily consist of the following types of securities andother financial instruments:

    U.S. high-yield securities;

    U.S. investment grade fixed income securities;

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    SUMMARY BOND DEBENTURE FUND

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    convertible securities;

    foreign (including emerging market) securities;

    mortgage-related and other asset-backed securities;

    senior loans, including bridge loans, novations, assignments, andparticipations; and

    equity securities.

    Under normal conditions, the Fund allocates its assets principally among fixedincome securities in the following four asset categories: U.S. high-yield securities;U.S. investment grade fixed income securities; convertible securities; and foreign(including emerging market) securities. However, the Fund may investsubstantially all of its assets in any one of these categories at any time, providedthat (i) at least 20% of the Funds net assets are invested in any combination ofinvestment grade debt securities, U.S. Government securities, and cashequivalents, and (ii) the Funds investments in foreign securities, which aresecurities of non-U.S. issuers that are denominated in non-U.S. currencies, donot exceed 20% of its net assets.

    The Fund may invest up to 20% of its net assets in equity securities, includingcommon stocks, preferred stocks, convertible preferred stocks, and similarinstruments. The Fund may invest up to 15% of its net assets in floating oradjustable rate senior loans, including bridge loans, novations, assignments, andparticipations.

    The Fund may use derivatives to hedge against risk or to gain investmentexposure. Currently, the Fund expects to invest in derivatives consistingprincipally of futures, forwards, options, and swaps. The Fund may usederivatives to seek to enhance returns, to attempt to hedge some of its investmentrisk, to manage portfolio duration, as a substitute for holding the underlyingasset on which the derivative instrument is based, or for cash managementpurposes. For example, the Fund may invest in U.S. Treasury futures or sell U.S.Treasury futures short to adjust the Funds exposure to the direction of interestrates, or for other portfolio management reasons.

    The portfolio management team selects securities using a bottom-up analysis ofan issuers management quality, credit risk, and relative market position, andindustry dynamics, as well as an evaluation of conditions within the b