Investment Grade Floating Rate Fund
Daily price w/o sales charge as of 12/01/2023
$10.15
$0.00
Summary
Summary
Yield
Average Yield to Maturity as of 10/31/2023 |
7.04% |
Subsidized2 | Un-Subsidized3 | |
---|---|---|
w/o sales charge | 6.21% | 5.61% |
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 10/31/2023
- Total Net Assets
- $11.40 M
- Inception Date
- 05/01/2023*
- Dividend Frequency
- Monthly
- Fund Gross Expense Ratio
- 1.95%
- Fund Net Expense Ratio
- 0.55%
- Number of Holdings
- 71
- Minimum Initial Investment
- $1,500+
Fund Expense Ratio :
Gross 1.95%
Net 0.55%
YTD | 1-YR | 3-YR | 5-YR | 10-YR | Since Inception 05/04/2023 |
---|
w/o sales charge | - | - | - | - | - | 5.10% |
Lipper Category Avg. Loan Participation Funds | - | - | - | - | - | - |
w/ sales charge | - | - | - | - | - | 2.74% |
Performance data for the Lipper Category Average and for the Index is shown as soon as it becomes available.
Fund Expense Ratio :
Gross 1.95%
Net 0.55%
Fund Expense Ratio :
Gross 1.95%
Net 0.55%
YTD | 1-YR | 3-YR | 5-YR | 10-YR | Since Inception 05/04/2023 |
---|
w/o sales charge | - | - | - | - | - | 3.90% |
Lipper Category Avg. Loan Participation Funds | - | - | - | - | - | - |
w/ sales charge | - | - | - | - | - | 1.56% |
Performance data for the Lipper Category Average and for the Index is shown as soon as it becomes available.
Fund Expense Ratio :
Gross 1.95%
Net 0.55%
Returns with sales charges reflect a maximum sales charge of 2.25%.
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.
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Performance
Performance
Fund Expense Ratio :
Gross 1.95%
Net 0.55%
YTD | 1-YR | 3-YR | 5-YR | 10-YR | Since Inception 05/04/2023 |
---|
w/o sales charge | - | - | - | - | - | 5.10% |
Lipper Category Avg. Loan Participation Funds | - | - | - | - | - | - |
w/ sales charge | - | - | - | - | - | 2.74% |
Performance data for the Lipper Category Average and for the Index is shown as soon as it becomes available.
Fund Expense Ratio :
Gross 1.95%
Net 0.55%
Fund Expense Ratio :
Gross 1.95%
Net 0.55%
YTD | 1-YR | 3-YR | 5-YR | 10-YR | Since Inception 05/04/2023 |
---|
w/o sales charge | - | - | - | - | - | 3.90% |
Lipper Category Avg. Loan Participation Funds | - | - | - | - | - | - |
w/ sales charge | - | - | - | - | - | 1.56% |
Performance data for the Lipper Category Average and for the Index is shown as soon as it becomes available.
Fund Expense Ratio :
Gross 1.95%
Net 0.55%
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.
Portfolio
Portfolio
Type | Assets |
---|---|
MBS Other | |
CLO | |
ABS | |
Other | |
US Bank Loan High Yield | |
US Corp High Grade | |
US Bank Loan High Grade | |
Non-US Corp High Grade | |
Non-US Bank Loan High Yield | |
Non-US Bank Loan High Grade | |
Cash |
The Fund's portfolio is actively managed and is subject to change. "Other" may include municipal bonds and non-index holdings.
Rating | Assets |
---|---|
10-10.99 yrs | |
9-9.99 yrs | |
6-6.99 yrs | |
7-7.99 yrs | |
2-2.99 yrs | |
4-4.99 yrs | |
1-1.99 yrs | |
8-8.99 yrs | |
5-5.99 yrs | |
12-12.99 yrs | |
3-3.99 yrs | |
15-15.99 yrs | |
11-11.99 yrs | |
28-28.99 yrs | |
19-19.99 yrs | |
18-18.99 yrs | |
14-14.99 yrs | |
0-0.99 yrs |
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 10/31/2023
Rating | Assets |
---|---|
AAA | |
Not Rated | |
AA | |
A | |
BBB- | |
GOV | |
AA- | |
BBB+ | |
BB- | |
A- | |
BB+ | |
BBB | |
AA+ | |
BB | |
B- |
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. 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 are not rated. The credit quality distribution breakdown is not an S&P credit rating or an opinion of S&P as to the credit worthiness of the portfolio.
PORTFOLIO DETAILS as of 10/31/2023
- Total Net Assets
- $11.40 M
- Average Effective Duration
- 0.25 Years
- Average Life
- 2.51 Years
- Number of Issues
- 71
- Average Yield to Maturity
- 7.04%
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 (YTW) refers to the lesser of a bond’s (a) yield-to-maturity or (b) the lowest yield-to-call calculated on each scheduled call date.
Holding | Coupon | Maturity | Assets |
---|
United States Treasury Floating Rate Note | 5.587% | 04/30/2025 | 5.1% |
Palmer Square CLO 2020-3 Ltd | 6.706% | 11/15/2031 | 4.4% |
Capital One Multi-Asset Execution Trust | 6.205% | 05/15/2028 | 3.5% |
CAL Receivables 2022-1 LLC | 9.670% | 10/15/2026 | 3.0% |
Avant Loans Funding Trust 2021-REV1 | 1.210% | 07/15/2030 | 2.4% |
Rad CLO 20 Ltd | 10.416% | 07/20/2036 | 2.2% |
OHA Credit Funding 16 Ltd | 8.033% | 10/20/2036 | 2.2% |
Madison Park Funding XLVIII Ltd | 6.808% | 04/19/2033 | 2.2% |
Magnetite XXXIX Ltd | 7.940% | 10/25/2033 | 2.2% |
Valley Stream Park CLO LTD | 7.666% | 10/20/2034 | 2.2% |
Holding | Coupon | Maturity | Assets |
---|
United States Treasury Floating Rate Note | 5.587% | 04/30/2025 | 5.1% |
Palmer Square CLO 2020-3 Ltd | 6.706% | 11/15/2031 | 4.4% |
Capital One Multi-Asset Execution Trust | 6.205% | 05/15/2028 | 3.5% |
CAL Receivables 2022-1 LLC | 9.670% | 10/15/2026 | 3.0% |
Avant Loans Funding Trust 2021-REV1 | 1.210% | 07/15/2030 | 2.4% |
Rad CLO 20 Ltd | 10.416% | 07/20/2036 | 2.2% |
OHA Credit Funding 16 Ltd | 8.033% | 10/20/2036 | 2.2% |
Madison Park Funding XLVIII Ltd | 6.808% | 04/19/2033 | 2.2% |
Magnetite XXXIX Ltd | 7.940% | 10/25/2033 | 2.2% |
Valley Stream Park CLO LTD | 7.666% | 10/20/2034 | 2.2% |
Palmer Square CLO 2023-4 Ltd | 8.016% | 10/20/2033 | 2.2% |
CIFC Funding 2014-V Ltd | 6.864% | 10/17/2031 | 2.2% |
Ballyrock CLO 20 Ltd | 7.994% | 07/15/2034 | 2.2% |
CIFC Funding 2020-II Ltd | 6.847% | 10/20/2034 | 2.2% |
Voya CLO 2018-4 Ltd | 6.695% | 01/15/2032 | 2.2% |
Elmwood CLO 15 Ltd | 6.752% | 04/22/2035 | 2.2% |
Harriman Park CLO LTD | 6.797% | 04/20/2034 | 2.2% |
CARLYLE US CLO 2021-2 LTD | 6.757% | 04/20/2034 | 2.2% |
Madison Park Funding XXXVII Ltd | 7.305% | 07/15/2033 | 2.2% |
APIDOS CLO XVIII | 7.324% | 10/22/2030 | 2.2% |
Bain Capital Credit CLO 2018-1 | 6.634% | 04/23/2031 | 2.2% |
Voya CLO 2018-1 Ltd | 6.958% | 04/19/2031 | 2.1% |
CIFC Funding 2021-IV Ltd | 8.555% | 07/15/2033 | 2.1% |
Octagon Investment Partners 36 Ltd | 6.625% | 04/15/2031 | 2.1% |
Octagon Investment Partners XVII Ltd | 6.640% | 01/25/2031 | 2.0% |
CarMax Auto Owner Trust 2023-1 | 6.270% | 11/15/2029 | 1.9% |
CARLYLE US CLO 2017-3 Ltd | 6.577% | 07/20/2029 | 1.8% |
GRACIE POINT INTERNATIONAL FUNDING 2023-1 | 7.174% | 09/01/2026 | 1.8% |
Affirm Asset Securitization Trust 2023-B | 6.820% | 09/15/2028 | 1.8% |
SEB Funding LLC | 4.969% | 01/30/2052 | 1.7% |
ING Groep NV | 6.331% | 04/01/2027 | 1.7% |
Exeter Automobile Receivables Trust 2023-3 | 6.680% | 04/16/2029 | 1.7% |
Mariner Finance Issuance Trust 2020-A | 3.210% | 08/21/2034 | 1.6% |
Fairstone Financial Issuance Trust I | 6.873% | 10/20/2039 | 1.4% |
UNITED STATES TREASURY FLOATIN | 5.568% | 10/31/2025 | 1.3% |
GA Global Funding Trust | 5.310% | 09/13/2024 | 1.3% |
Avant Loans Funding Trust 2021-REV1 | 2.300% | 07/15/2030 | 1.2% |
Hyundai Capital America | 0.000% | 11/03/2025 | 1.0% |
Truist Financial Corp | 5.310% | 06/09/2025 | 0.9% |
Setanta Aircraft Leasing DAC | 7.652% | 11/05/2028 | 0.9% |
International Bank for Reconstruction & Development | 5.623% | 11/22/2028 | 0.9% |
LPL Holdings Inc | 7.165% | 11/12/2026 | 0.9% |
Stars Group Holdings BV | 7.902% | 07/21/2026 | 0.9% |
PFP 2023-10 Ltd | 7.699% | 04/16/2028 | 0.9% |
Hilton Worldwide Finance LLC | 7.174% | 06/22/2026 | 0.9% |
KFC Holding Co | 7.199% | 03/15/2028 | 0.9% |
Brighthouse Financial Global Funding | 6.073% | 04/12/2024 | 0.9% |
Avolon TLB Borrower 1 US LLC | 7.689% | 12/01/2027 | 0.9% |
Charter Communications Operating LLC | 7.074% | 02/01/2027 | 0.9% |
Connecticut Avenue Securities Trust 2023-R07 | 7.271% | 09/25/2043 | 0.9% |
MTN Commercial Mortgage Trust 2022-LPFL | 6.731% | 03/15/2039 | 0.9% |
BX Trust 2021-ARIA | 6.348% | 10/15/2036 | 0.8% |
SCF Equipment Leasing 2021-1 LLC | 1.930% | 09/20/2030 | 0.8% |
Freddie Mac Structured Agency Credit Risk Debt Notes | 7.421% | 04/25/2043 | 0.8% |
Freddie Mac STACR REMIC Trust 2022-DNA4 | 7.521% | 05/25/2042 | 0.8% |
BX Commercial Mortgage Trust 2021-XL2 | 6.137% | 10/15/2038 | 0.7% |
Imperva Inc | 9.627% | 01/12/2026 | 0.6% |
Cushman & Wakefield US Borrower LLC | 9.324% | 01/31/2030 | 0.6% |
Citadel Securities LP | 7.939% | 07/29/2030 | 0.6% |
Uber Technologies Inc | 8.159% | 03/03/2030 | 0.4% |
Quikrete Holdings Inc | 8.189% | 03/19/2029 | 0.4% |
Jane Street Group LLC | 8.189% | 01/26/2028 | 0.4% |
Owens & Minor Inc | 8.715% | 03/29/2029 | 0.4% |
AAdvantage Loyalty IP Ltd | 10.427% | 04/20/2028 | 0.4% |
Compass Power Generation LLC | 9.688% | 04/14/2029 | 0.4% |
PEER HOLDING III B V | 0.000% | 10/19/2030 | 0.4% |
Talen Energy Supply LLC | 9.877% | 05/17/2030 | 0.3% |
Emerald Debt Merger Sub LLC | 8.380% | 05/31/2030 | 0.3% |
US 2YR NOTE (CBT) Dec23 | 0.000% | 01/04/2024 | 0.0% |
FX USD/CAD 11/23 | 0.000% | 11/20/2023 | 0.0% |
US 5YR NOTE (CBT) Dec23 | 0.000% | 01/04/2024 | 0.0% |
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.
Dividends & Cap Gains
Dividends & Cap Gains
Dividend Payments
Dividend Payments
- YTD Dividends Paidas of 12/01/2023
- $0.35312
- Dividend Frequency
- Monthly (Daily Accrual)
Record Date | Ex-Dividend Date | Reinvest & Payable Date | Dividend | Reinvest Price |
---|---|---|---|---|
Daily | Daily | 11/30/2023 | $0.05302 | $10.15 |
Daily | Daily | 10/31/2023 | $0.05430 | $10.12 |
Daily | Daily | 09/30/2023 | $0.05060 | $10.14 |
Daily | Daily | 08/31/2023 | $0.05292 | $10.12 |
Daily | Daily | 07/31/2023 | $0.05149 | $10.10 |
Daily | Daily | 06/30/2023 | $0.04886 | $10.04 |
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 | 12/31/2023 |
Fees & Expenses
Fees & Expenses
Sales Charge Schedule as of 12/01/2023
Sales Charge | Dealer's Concession | Prices at Breakpoint | |
---|---|---|---|
Less than $100,000 | 2.50% | 2.00% | $10.38 |
$100,000 to $249,999 | 1.75% | 1.50% | $10.33 |
$250,000 to $499,999 | 1.25% | 1.00% | $10.28 |
Greater than $500,000 | 0.00% | 1.00% | $10.15 |
The 12b-1 trail commission is 0.15% (accrues immediately) for all fixed-income and municipal income funds.
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.
Expense Ratioas of 10/31/2023
Fund Gross Expense Ratio | Fund Net Expense Ratio | |
---|---|---|
1.95% | 0.55% |
Expense ratio details, Click here.
The net expense ratio takes into account contractual fee waivers/expense reimbursements that currently are scheduled to remain in place through 11/30/2024. For periods when fees and expenses were waived and/or reimbursed, the Fund benefited by not bearing such expenses. Without such fee waivers/reimbursements, performance would have been lower.
Fund Documents
Fund Documents
0Documents selected
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Summary Prospectus
Publish Date:11/03/2015
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Statutory Prospectus
Publish Date:11/03/2015
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SAI
Publish Date:11/03/2015
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Annual Report
Publish Date:11/03/2015
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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.
The 30-day Standardized Subsidized yields reflect fee waivers in effect. Without such fee waivers, yields would be reduced.
The 30-day Standardized Unsubsidized yield does not reflect fee waivers.