Investment Grade Floating Rate Fund
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    Investment Grade Floating Rate Fund

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    Daily price w/o sales charge as of 04/29/2025

    $10.20

    arrowUp$0.01

    YTD Returns w/o sales charge as of 04/29/2025

    1.41%

    Click here to view all legal text including risk information

    Summary

    Summary

    What is the Investment Grade Floating Rate Fund?

    The Fund’s investment objective is to seek a high level of current income by investing primarily in a broad range of investment grade, floating rate instruments.

     

    DEEP CREDIT EXPERTISE

    Leverages the firm’s 50+ year history in multi-sector credit investing

    HIGH QUALITY WITH LOW DURATION

    A high quality portfolio designed to have limited interest rate exposure by investing primarily in investment grade securities with floating rate coupons

    EXPANDED OPPORUNITY SET

    Deep domain knowledge of sector specialists across Securitized Products and Corporate Credit provides a wide opportunity set for investment

    Yield

    Average Yield to Maturity as of 03/31/2025

    		5.82%

    Distribution Yield as of 04/29/2025  

    		6.13%

    30-Day Standardized Yield 1 as of 03/31/2025  

    		5.99%

    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.

    Distribution Yield is the calculation of cash flow for an investment vehicle, to calculate the distribution yield, the most recent distribution is multiplied by 12 to get an annualized total, which is then divided by the NAV.

    Fund Basicsas of 03/31/2025

    Total Net Assets
    $1.74 B
    Inception Date
    05/01/2023*
    Dividend Frequency
    Monthly
    Fund Gross Expense Ratio
    1.29%
    Fund Net Expense Ratio
    0.34%
    Number of Holdings
    467

    Fund Expense Ratio :

    Gross 1.29%

    Net 0.34%

    YTD 1-YR 3-YR 5-YR 10-YR Since Inception 05/04/2023
    YTD
    1-YR
    3-YR
    5-YR
    10-YR
    Since Inception 05/04/2023
    w/o sales charge 1.31% 7.28% -10000.0% -10000.0% -10000.0% 8.52%
    Lipper Category Avg. Loan Participation Funds 0.22% 6.00% -10000.0% -10000.0% -10000.0% -10000.0%

    Fund Expense Ratio :

    Gross 1.29%

    Net 0.34%

    Fund Expense Ratio :

    Gross 1.29%

    Net 0.34%

    YTD 1-YR 3-YR 5-YR 10-YR Since Inception 05/04/2023
    YTD
    1-YR
    3-YR
    5-YR
    10-YR
    Since Inception 05/04/2023
    w/o sales charge 1.31% 7.28% -10000.0% -10000.0% -10000.0% 8.52%
    Lipper Category Avg. Loan Participation Funds 0.22% 6.00% -10000.0% -10000.0% -10000.0% -10000.0%

    Fund Expense Ratio :

    Gross 1.29%

    Net 0.34%

    Past performance is not a reliable indicator or guarantee 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. 

    INVESTMENT TEAM

    Adam C. Castle
    Adam C. Castle, CFA

    Partner, Portfolio Manager

    17 Years of Industry Experience

    Yoana N. Koleva
    Yoana N. Koleva, CFA

    Partner, Portfolio Manager

    22 Years of Industry Experience

    Harris Trifon
    Harris Trifon

    Partner, Portfolio Manager

    25 Years of Industry Experience

    Robert A. Lee
    Robert A. Lee

    Partner & Co-Head of Taxable Fixed Income

    34 Years of Industry Experience

    Supported By 86 Investment Professionals with 18 Years Avg. Industry Experience

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    Performance

    Performance

    Fund Expense Ratio :

    Gross 1.29%

    Net 0.34%

    YTD 1-YR 3-YR 5-YR 10-YR Since Inception 05/04/2023
    YTD
    1-YR
    3-YR
    5-YR
    10-YR
    Since Inception 05/04/2023
    w/o sales charge 1.31% 7.28% -10000.0% -10000.0% -10000.0% 8.52%
    Lipper Category Avg. Loan Participation Funds 0.22% 6.00% -10000.0% -10000.0% -10000.0% -10000.0%
    w/ sales charge 1.31% 7.28% -10000.0% -10000.0% -10000.0% 8.52%

    Fund Expense Ratio :

    Gross 1.29%

    Net 0.34%

    Fund Expense Ratio :

    Gross 1.29%

    Net 0.34%

    YTD 1-YR 3-YR 5-YR 10-YR Since Inception 05/04/2023
    YTD
    1-YR
    3-YR
    5-YR
    10-YR
    Since Inception 05/04/2023
    w/o sales charge 1.31% 7.28% -10000.0% -10000.0% -10000.0% 8.52%
    Lipper Category Avg. Loan Participation Funds 0.22% 6.00% -10000.0% -10000.0% -10000.0% -10000.0%

    Fund Expense Ratio :

    Gross 1.29%

    Net 0.34%

    Past performance is not a reliable indicator or guarantee 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. 

    Portfolio

    Portfolio

    Type Assets
    CLO
    ABS
    U.S. Government Related
    Bank Loans
    Investment Grade Corporates
    CMBS
    Sovereign
    MBS
    High Yield Corporates
    Other
    Cash
    Rating Assets
    12-12.99 yrs
    1-1.99 yrs
    13-13.99 yrs
    11-11.99 yrs
    3-3.99 yrs
    2-2.99 yrs
    6-6.99 yrs
    4-4.99 yrs
    5-5.99 yrs
    7-7.99 yrs
    10-10.99 yrs
    9-9.99 yrs
    14-14.99 yrs
    18-18.99 yrs
    19-19.99 yrs
    8-8.99 yrs
    16-16.99 yrs
    26-26.99 yrs
    27-27.99 yrs
    15-15.99 yrs
    24-24.99 yrs
    22-22.99 yrs
    29-29.99 yrs
    0-0.99 yrs

    Credit Quality Distribution as of 03/31/2025

    Rating Assets
    U.S. Treasury
    Agency
    AAA
    AA
    A
    BBB
    <BBB
    Not Rated

    PORTFOLIO DETAILS as of 03/31/2025

    Total Net Assets
    $1.74 B
    Average Effective Duration
    0.32 Years
    Average Life
    3.57 Years
    Number of Issues
    467
    Average Yield to Maturity
    5.82%

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

    Holding Coupon Maturity Assets
    Holding
    Coupon
    Maturity
    Assets
    United States Treasury Floating Rate Note 4.348% 01/31/2027 10.2%
    United States Treasury Floating Rate Note 4.400% 04/30/2026 1.4%
    European Bank for Reconstruction & Development 4.689% 02/20/2028 1.4%
    Inter-American Development Bank 4.710% 10/05/2028 1.2%
    Kommunalbanken AS 4.760% 03/03/2028 1.2%
    RR 26 Ltd 5.439% 04/15/2038 1.1%
    Park Blue CLO 2025-VII Ltd 5.518% 04/25/2038 1.1%
    Wind River 2024-1 CLO Ltd 5.893% 04/20/2037 1.0%
    Svensk Exportkredit AB 5.361% 05/05/2027 0.9%
    Silver Point Clo 4 Ltd 5.932% 04/15/2037 0.9%
    % of Total Assets 20.4%
    Holding Coupon Maturity Assets
    Holding
    Coupon
    Maturity
    Assets
    J P MORGAN SECURITIES INC4.280% 03/03/20254.2%
    United States Treasury Floating Rate Note4.338% 01/31/20273.5%
    RR 26 LTD5.437% 04/15/20381.5%
    WIND RIVER 2024-1 CLO LTD5.893% 04/20/20371.4%
    Freddie Mac STACR REMIC Trust 2024-HQA25.602% 08/25/20441.3%
    Sycamore Tree CLO 2025-6 Ltd5.517% 04/20/20381.1%
    AB BSL CLO 3 Ltd5.568% 04/20/20381.0%
    Elmwood CLO 27 Ltd6.243% 04/18/20371.0%
    KKR CLO 35 Ltd5.517% 01/20/20380.9%
    Birch Grove CLO 12 Ltd5.867% 04/22/20380.9%
    Freddie Mac STACR REMIC Trust 2024-HQA15.602% 03/25/20440.9%
    Regatta 31 Funding Ltd6.217% 03/25/20380.8%
    Bain Capital Credit CLO 2023-4 Ltd9.293% 10/21/20360.8%
    MADISON PARK FUNDING LXVIII LT5.801% 01/20/20380.8%
    Magnetite XXVI Ltd6.016% 01/25/20380.8%
    SILVER POINT CLO 8 LTD5.767% 04/15/20380.8%
    Bridge Street CLO Ltd5.537% 04/20/20380.8%
    OCP CLO 2015-9 Ltd5.418% 01/15/20370.7%
    Park Blue CLO 2022-1 Ltd5.713% 10/20/20370.7%
    Venture 48 CLO Ltd7.043% 10/20/20360.7%
    Birch Grove CLO 3 Ltd5.565% 01/19/20380.7%
    Regatta XX Funding Ltd5.859% 01/15/20380.7%
    Parallel 2021-1 Ltd5.966% 07/15/20340.7%
    Park Blue CLO 2022-II Ltd5.713% 07/20/20370.7%
    Trinitas CLO XXI Ltd5.916% 04/20/20380.6%
    First Eagle Holdings Inc7.452% 03/05/20290.6%
    1988 CLO 6 Ltd6.967% 04/15/20380.6%
    1988 CLO 1 Ltd5.662% 10/15/20390.6%
    Ares XXVII CLO Ltd5.950% 10/28/20340.6%
    Black Diamond CLO 2024-1 Ltd6.649% 10/25/20370.6%
    Federal Farm Credit Banks Funding Corp4.555% 05/03/20270.6%
    AMMC CLO 27 Ltd7.025% 01/20/20370.6%
    Barings CLO Ltd 2025-I6.917% 04/20/20380.6%
    Westlake Flooring Master Trust6.070% 02/15/20280.6%
    Generate Clo 18 Ltd6.221% 01/20/20380.6%
    Carlyle US CLO 2024-6 Ltd6.157% 10/25/20370.6%
    Madison Park Funding XXVII Ltd5.917% 04/20/20380.6%
    TRESTLES CLO II LTD6.700% 07/25/20370.6%
    Ares LVI CLO Ltd6.200% 01/25/20380.6%
    Rockford Tower CLO 2025-1 Ltd5.917% 03/31/20380.6%
    HalseyPoint CLO 3 Ltd5.767% 07/30/20370.6%
    Birch Grove Clo 11 Ltd5.709% 01/22/20380.6%
    Atlantic Avenue 2023-1 Ltd9.893% 10/20/20360.5%
    Ballyrock CLO 25 Ltd6.903% 01/25/20380.5%
    Elmwood CLO XI Ltd5.869% 01/20/20380.5%
    Avolon TLB Borrower 1 US LLC6.073% 06/24/20300.5%
    Post CLO VI Ltd6.556% 01/20/20380.5%
    720 East CLO 2023-I Ltd10.152% 04/15/20360.5%
    SOUND POINT CLO 40 LTD6.689% 10/20/20370.5%
    Freddie Mac STACR REMIC Trust 2025-DNA15.302% 01/25/20450.5%
    Broadcom Inc5.697% 11/22/20280.5%
    Calpine Corp6.062% 02/27/20320.5%
    CARLYLE US CLO 2022-2 LTD5.653% 01/20/20380.5%
    Benefit Street Partners CLO XXVIII Ltd5.643% 10/20/20370.5%
    GLS Auto Receivables Issuer Trust 2021-22.870% 05/15/20280.5%
    Voya CLO 2024-1 Ltd10.952% 04/15/20370.5%
    Pikes Peak CLO 66.823% 05/18/20340.5%
    Flutter Financing BV6.103% 11/25/20300.5%
    Barrow Hanley CLO I Ltd5.836% 01/20/20380.5%
    NRG Energy Inc6.068% 04/16/20310.5%
    TEXAS Commercial Mortgage Trust 2025-TWR5.603% 04/15/20420.5%
    Park Blue Clo 2024-V Ltd5.780% 07/25/20370.5%
    Octagon Investment Partners 42 Ltd6.102% 07/15/20370.5%
    Oaktree CLO 2022-2 Ltd5.872% 10/15/20370.5%
    Cedar Funding IV CLO Ltd5.619% 01/23/20380.5%
    American Express Co5.398% 01/30/20310.5%
    CarVal CLO III Ltd5.632% 07/20/20320.5%
    Exeter Automobile Receivables Trust 2023-56.850% 01/16/20290.5%
    BX Trust 2025-ROIC5.467% 03/15/20300.5%
    Bryant Park Funding 2023-19 Ltd5.919% 04/15/20380.5%
    GIH Borrower LLC6.818% 11/26/20310.4%
    Jane Street Group LLC6.396% 12/15/20310.4%
    SBNA Auto Receivables Trust 2024-A5.590% 01/15/20300.4%
    Park Blue CLO 2024-VI Ltd5.641% 01/25/20380.4%
    Connecticut Avenue Securities Series 2025-R015.303% 01/25/20450.4%
    Sagard-Halseypoint Clo 8 Ltd8.314% 01/30/20380.4%
    Federal Farm Credit Banks Funding Corp4.480% 09/14/20260.4%
    SILVER POINT CLO 8 LTD5.527% 04/15/20380.4%
    AMMC CLO 23 Ltd6.353% 04/17/20350.4%
    GLS Auto Receivables Issuer Trust 2022-26.150% 04/17/20280.4%
    Oracle Corp5.139% 08/03/20280.4%
    Sycamore Tree CLO 2021-1 Ltd5.901% 01/20/20380.4%
    Benefit Street Partners CLO XXXVIII Ltd5.623% 01/25/20380.4%
    NatWest Markets PLC5.520% 05/17/20290.4%
    Trinitas CLO XXIV Ltd7.050% 04/25/20370.4%
    Canyon Capital CLO 2022-2 Ltd5.867% 04/15/20380.4%
    Freddie Mac STACR REMIC Trust 2024-DNA25.602% 05/25/20440.4%
    Crown City CLO V5.893% 04/20/20370.4%
    Stream Innovations 2024-2 Issuer Trust5.210% 02/15/20450.4%
    Sixth Street CLO XVI Ltd11.713% 01/20/20370.4%
    HPS Loan Management 2024-19 Ltd11.302% 04/15/20370.4%
    PARK BLUE CLO 2023-III LTD12.093% 04/20/20360.4%
    Dryden 115 CLO Ltd6.293% 04/18/20370.4%
    Carmax Auto Owner Trust 2023-35.610% 02/15/20290.4%
    Post CLO 2024-1 Ltd6.793% 04/20/20370.4%
    Post CLO 2024-1 Ltd6.393% 04/20/20370.4%
    Regatta 30 Funding Ltd5.633% 01/25/20380.4%
    Silver Point CLO 7 LTD5.645% 01/15/20380.4%
    Goldman Sachs Group Inc/The5.457% 01/28/20310.4%
    CARLYLE US CLO 2019-3 LTD6.343% 04/20/20370.4%
    ICG US CLO 2024-1 Ltd5.902% 04/15/20370.4%
    Carlyle US CLO 2021-10 LTD5.863% 01/20/20380.4%
    RR 35 LTD6.002% 01/15/20400.4%
    CIFC Funding 2018-II Ltd5.663% 10/20/20370.4%
    JPMorgan Chase & Co5.177% 01/24/20290.4%
    Lloyds Banking Group PLC5.441% 11/26/20280.4%
    Ares LVI CLO Ltd6.000% 01/25/20380.4%
    Ford Motor Credit Co LLC5.827% 11/05/20260.4%
    NOVELIS CORPORATION6.323% 02/25/20320.4%
    Tikehau US CLO VII Ltd7.417% 02/25/20380.4%
    AMMC CLO 31 Ltd5.627% 02/20/20380.4%
    HSBC Holdings PLC5.414% 03/03/20290.4%
    Battalion CLO XXVIII Ltd7.367% 01/20/20380.4%
    Garda World Security Corp7.323% 02/01/20290.4%
    Evergreen Credit Card Trust5.240% 05/15/20290.4%
    Westlake Automobile Receivables Trust 2024-15.650% 02/15/20290.4%
    REYNOLDS CONSUMER PRODUCTS LLC6.073% 02/19/20320.4%
    LoanCore 2025 2025-CRE8 Issuer LLC5.760% 08/17/20420.4%
    Birch Grove CLO Ltd5.893% 07/17/20370.3%
    Merchants Fleet Funding LLC5.820% 04/20/20370.3%
    RR 8 Ltd6.002% 07/15/20370.3%
    CPS Auto Receivables Trust 2022-B7.140% 10/15/20290.3%
    Wellington Management CLO 1 Ltd6.743% 10/20/20360.3%
    FORTIVA RETAIL PRIME MASTER6.600% 09/17/20290.3%
    New Mountain CLO 2 Ltd5.719% 01/15/20380.3%
    Bain Capital Credit CLO 2021-3 Ltd5.844% 07/24/20340.3%
    Santander Consumer Auto Receivables Trust 2021-A5.790% 08/15/20280.3%
    Sycamore Tree CLO 2023-3 Ltd6.443% 04/20/20370.3%
    PASADENA PERFO PRODUCTS LLC7.824% 02/27/20320.3%
    Exeter Automobile Receivables Trust 2022-24.560% 07/17/20280.3%
    Generate CLO 4 Ltd5.723% 07/20/20370.3%
    GLS Auto Receivables Issuer Trust 2025-15.610% 11/15/20300.3%
    Asurion LLC7.687% 07/30/20270.3%
    Freddie Mac STACR REMIC Trust 2024-DNA35.402% 10/25/20440.3%
    Elmwood CLO II Ltd6.293% 10/20/20370.3%
    Regatta XXII Funding Ltd5.993% 07/20/20350.3%
    Exeter Automobile Receivables Trust 2023-26.320% 08/15/20290.3%
    Cherry Securitization Trust 2024-15.700% 04/15/20320.3%
    Zais Clo 15 Ltd5.790% 07/28/20370.3%
    Park Blue CLO 2023-IV Ltd7.000% 01/25/20370.3%
    1988 CLO 3 Ltd7.552% 10/15/20380.3%
    Warwick Capital CLO 1 Ltd9.893% 10/20/20360.3%
    KKR CLO 54 LTD5.641% 01/15/20380.3%
    Benefit Street Partners CLO XVI Ltd6.022% 01/17/20380.3%
    Toronto-Dominion Bank/The5.415% 12/17/20290.3%
    RAD CLO 27 Ltd6.191% 01/15/20380.3%
    Silver Point CLO 1 Ltd5.613% 01/20/20380.3%
    CIFC Funding 2024-III Ltd5.773% 07/21/20370.3%
    Neuberger Berman Loan Advisers CLO 46 Ltd6.046% 01/20/20370.3%
    PFS Financing Corp4.988% 01/16/20290.3%
    Tikehau US CLO VII Ltd6.317% 02/25/20380.3%
    Mercury Financial Credit Card Master Trust6.560% 07/20/20290.3%
    ABG Intermediate Holdings 2 LLC6.564% 02/16/20320.3%
    Amentum Holdings Inc6.574% 09/29/20310.3%
    Sycamore Tree CLO 2023-3 Ltd8.543% 04/20/20370.3%
    TCO Commercial Mortgage Trust 2024-DPM5.555% 12/15/20390.3%
    RAD CLO 28 Ltd7.063% 04/20/20380.3%
    Freddie Mac STACR REMIC Trust 2024-DNA15.702% 02/25/20440.3%
    Huntington National Bank/The5.115% 04/12/20280.3%
    Santander Drive Auto Receivables Trust 2025-15.040% 03/17/20310.3%
    Rad Clo 25 Ltd6.093% 07/20/20370.3%
    KKR CLO 52 Ltd13.118% 07/16/20360.3%
    Diameter Capital Clo 6 Ltd9.302% 04/15/20370.3%
    BX Trust 2021-RISE5.676% 11/15/20360.3%
    AMMC CLO 31 Ltd7.267% 02/20/20380.3%
    Ares XLIII CLO Ltd7.302% 01/15/20380.3%
    Rad CLO 22 Ltd6.123% 01/20/20370.3%
    Sandstone Peak III Ltd5.930% 04/25/20370.3%
    Barrow Hanley CLO I Ltd7.396% 01/20/20380.3%
    Securitized Term Auto Receivables Trust6.746% 07/25/20310.3%
    DRW Holdings LLC7.775% 06/26/20310.3%
    Affirm Asset Securitization Trust 2023-B11.320% 09/15/20280.3%
    Battalion CLO XXV Ltd6.493% 03/13/20370.3%
    Post Road Equipment Finance 2025-1 LLC7.080% 05/17/20320.3%
    Dryden 83 CLO Ltd6.243% 04/18/20370.3%
    CAL Receivables 2022-1 LLC8.689% 10/15/20260.3%
    LAD Auto Receivables Trust 2023-36.430% 12/15/20280.3%
    Wellington Management Clo 2 Ltd5.843% 04/20/20370.3%
    Quikrete Holdings Inc6.573% 02/10/20320.3%
    Ballyrock CLO 24 Ltd9.352% 07/15/20360.3%
    SCF Equipment Trust 2016-1 LLC6.750% 11/20/20350.2%
    Mountain View CLO 2016-1 LLC6.637% 04/14/20330.2%
    Cajun Global LLC3.931% 11/20/20510.2%
    ICG US CLO 2023-1 I Ltd10.123% 07/18/20360.2%
    VStrong Auto Receivables Trust 2024-A7.290% 07/15/20300.2%
    VStrong Auto Receivables Trust 2024-A6.440% 07/15/20300.2%
    Columbia Cent CLO 34 Ltd7.739% 01/25/20380.2%
    Sycamore Tree CLO 2023-2 Ltd6.643% 01/20/20370.2%
    Crockett Partners Equipment Co IIA LLC6.050% 01/20/20310.2%
    Warwick Capital CLO 5 Ltd5.915% 01/20/20380.2%
    Post Road Equipment Finance 2025-1 LLC5.040% 05/15/20310.2%
    Exeter Automobile Receivables Trust 2023-36.210% 06/15/20280.2%
    Captree Park CLO Ltd6.193% 07/20/20370.2%
    Madison Park Funding LXVII Ltd6.005% 04/25/20370.2%
    Bryant Park Funding 2024-25 Ltd5.915% 01/18/20380.2%
    Athene Global Funding5.192% 01/07/20270.2%
    KREF HOLDINGS X LLC7.562% 02/25/20320.2%
    AmWINS Group Inc6.574% 01/21/20320.2%
    Driven Brands Funding LLC7.393% 10/20/20520.2%
    Sierra Timeshare 2024-3 Receivables Funding LLC6.930% 08/20/20410.2%
    ONE 2021-PARK Mortgage Trust5.126% 03/15/20360.2%
    LAD Auto Receivables Trust 2025-15.050% 05/15/20300.2%
    Bridge Street CLO Ltd7.167% 04/20/20380.2%
    Connecticut Avenue Securities Trust 2024-R055.352% 07/25/20440.2%
    Hyundai Capital America5.409% 06/24/20270.2%
    Westlake Automobile Receivables Trust 2023-26.290% 03/15/20280.2%
    Great Wolf Trust 2024-WOLF5.854% 03/15/20390.2%
    Corpay Technologies Operating Co LLC6.074% 04/28/20280.2%
    Ally Bank Auto Credit-Linked Notes Series 2024-A5.827% 05/17/20320.2%
    Island Finance Trust 2025-16.540% 03/19/20350.2%
    Rockford Tower CLO 2024-1 Ltd11.773% 04/20/20370.2%
    Rockford Tower CLO 2025-1 Ltd9.917% 03/31/20380.2%
    Benefit Street Partners Clo XXXIII Ltd8.550% 01/25/20360.2%
    Magnetite Xlii Ltd5.621% 01/25/20380.2%
    Sycamore Tree CLO 2025-6 Ltd5.917% 04/20/20380.2%
    Invesco US CLO 2024-3 Ltd6.543% 07/20/20370.2%
    EATON VANCE CLO 2019-1 LTD5.812% 07/15/20370.2%
    Generate CLO 20 Ltd6.239% 01/25/20380.2%
    Asurion LLC7.687% 12/23/20260.2%
    Capital One Multi-Asset Execution Trust5.114% 05/15/20280.2%
    SWCH Commercial Mortgage Trust 2025-DATA5.750% 03/15/20420.2%
    General Motors Financial Co Inc5.418% 07/15/20270.2%
    CarMax Auto Owner Trust 2023-15.190% 01/16/20290.2%
    Sycamore Tree CLO 2023-2 Ltd11.973% 01/20/20370.2%
    CPS Auto Receivables Trust 2022-A4.880% 04/16/20290.2%
    Affirm Master Trust4.990% 02/15/20330.2%
    Toronto-Dominion Bank/The5.198% 01/31/20280.2%
    37 Capital Clo 4 Ltd9.646% 04/15/20350.2%
    AMMC CLO 31 Ltd9.767% 02/20/20380.2%
    Santander Drive Auto Receivables Trust 2024-15.450% 03/15/20300.2%
    ICG US CLO 2024-R1 Ltd8.204% 01/25/20380.2%
    GLS Auto Receivables Issuer Trust 2023-47.180% 08/15/20290.2%
    Mariner Finance Issuance Trust 2024-A9.020% 09/22/20360.2%
    Rockford Tower CLO 2021-3 Ltd6.642% 01/15/20380.2%
    Ally Bank Auto Credit-Linked Notes Series 2024-A7.917% 05/17/20320.2%
    VStrong Auto Receivables Trust 2023-A9.310% 02/15/20300.2%
    Jump Financial LLC8.567% 02/20/20320.2%
    Exeter Automobile Receivables Trust 2023-39.980% 01/15/20310.2%
    Jackson National Life Global Funding5.337% 01/14/20280.2%
    Santander Bank Auto Credit-Linked Notes Series 2022-C14.592% 12/15/20320.2%
    Santander Drive Auto Receivables Trust 2023-46.040% 12/15/20310.2%
    SFS Auto Receivables Securitization Trust 2025-15.110% 02/20/20310.2%
    Santander Bank Auto Credit-Linked Notes Series 2022-B14.552% 08/16/20320.2%
    Santander Bank Auto Credit-Linked Notes Series 2022-A12.662% 05/15/20320.2%
    Neuberger Berman Loan Advisers CLO 28 Ltd11.243% 10/20/20380.2%
    Corebridge Global Funding5.113% 01/07/20280.2%
    1988 CLO 4 Ltd8.552% 04/15/20370.2%
    Harvest US CLO 2024-1 Ltd8.793% 04/18/20370.2%
    OHA Credit Funding 14 Ltd9.043% 04/20/20360.2%
    KKR CLO 51 Ltd6.143% 10/20/20370.2%
    720 East CLO 2022-I Ltd10.193% 01/20/20380.2%
    Bayview Opportunity Master Fund VII Trust 2024-SN18.000% 10/15/20290.2%
    Silver Point CLO 2 Ltd13.283% 04/20/20350.2%
    GRACIE POINT INTERNATIONAL FUNDING 2023-17.024% 09/01/20260.2%
    OWN Equipment Fund I LLC5.700% 12/20/20320.2%
    Ballyrock CLO 22 Ltd6.652% 04/15/20370.2%
    Benefit Street Partners Clo XXXVII Ltd5.698% 01/25/20380.2%
    Neuberger Berman CLO XXII Ltd6.753% 04/15/20380.2%
    RR 5 Ltd6.252% 07/15/20390.2%
    Drive Auto Receivables Trust 2024-15.430% 11/17/20310.2%
    ABN AMRO Bank NV5.384% 12/03/20280.2%
    CIFC Funding 2022-VI Ltd6.058% 10/16/20380.2%
    BX Trust 2021-ARIA5.326% 10/15/20360.2%
    CIFC Funding 2017-V Ltd6.003% 07/17/20370.2%
    Affirm Asset Securitization Trust 2024-A5.610% 02/15/20290.2%
    SOUND POINT CLO 38 LTD6.872% 02/20/20370.2%
    MTN Commercial Mortgage Trust 2022-LPFL5.717% 03/15/20390.2%
    Oaktree CLO 2021-2 Ltd7.804% 01/15/20350.2%
    BARROW HANLEY CLO II LTD9.417% 10/20/20350.2%
    Westlake Automobile Receivables Trust 2024-16.020% 10/15/20290.2%
    JPMorgan Chase & Co5.303% 07/22/20280.1%
    AMMC CLO 30 Ltd8.802% 01/15/20370.1%
    GLS Auto Receivables Issuer Trust 2024-27.980% 05/15/20310.1%
    NextEra Energy Capital Holdings Inc5.178% 02/04/20280.1%
    PEAC Solutions Receivables 2025-1 LLC4.940% 10/20/20280.1%
    Swedbank AB5.411% 11/20/20290.1%
    Driven Brands Funding LLC3.981% 10/20/20490.1%
    AMMC Clo 28 Ltd7.793% 07/20/20370.1%
    Invesco CLO 2022-3 Ltd5.660% 10/22/20370.1%
    SDR Commercial Mortgage Trust 2024-DSNY5.704% 05/15/20390.1%
    Generate CLO 20 Ltd9.639% 01/25/20380.1%
    Glencore Funding LLC5.423% 04/04/20270.1%
    CONE Trust 2024-DFW15.954% 08/15/20410.1%
    Goldman Sachs Group Inc/The6.238% 03/15/20280.1%
    Bayview Opportunity Master Fund VII 2024-CAR1 LLC6.402% 12/26/20310.1%
    Athene Global Funding5.412% 08/27/20260.1%
    Warwick Capital CLO 3 Ltd8.793% 04/20/20370.1%
    NRTH 2024-PARK Mortgage Trust5.953% 03/15/20390.1%
    Chevron USA Inc4.852% 02/26/20280.1%
    Exeter Automobile Receivables Trust 2023-16.690% 06/15/20290.1%
    Bank of Nova Scotia/The5.458% 08/01/20290.1%
    Affirm Asset Securitization Trust 2024-A9.170% 02/15/20290.1%
    Katayma CLO II Ltd8.793% 04/20/20370.1%
    Harmony-Peace Park CLO Ltd5.785% 10/20/20370.1%
    Great Outdoors Group LLC7.572% 01/23/20320.1%
    Trans Union LLC6.073% 06/24/20310.1%
    Silver Point CLO 1 Ltd7.193% 01/20/20380.1%
    Benefit Street Partners CLO V-B Ltd5.823% 07/20/20370.1%
    ACRES Commercial Realty 2021-FL1 Ltd6.026% 06/15/20360.1%
    AGL CLO 35 Ltd5.852% 01/21/20380.1%
    Regatta XXI Funding Ltd6.052% 10/15/20370.1%
    Exeter Automobile Receivables Trust 2023-36.680% 04/16/20290.1%
    Cedar Funding XIV CLO Ltd5.682% 10/15/20370.1%
    Sixth Street CLO XXI Ltd5.663% 10/21/20370.1%
    Voya CLO 2024-7 Ltd6.136% 01/20/20380.1%
    Sixth Street CLO XV Ltd5.667% 10/24/20370.1%
    Palmer Square CLO 2022-5 Ltd5.643% 10/20/20370.1%
    Rad CLO 17 Ltd6.043% 01/20/20380.1%
    Bridge Street CLO Ltd9.667% 04/20/20380.1%
    Freddie Mac STACR REMIC Trust 2023-HQA36.202% 11/25/20430.1%
    BLP Commercial Mortgage Trust 2024-IND25.654% 03/15/20410.1%
    Clover CLO 2018-1 LLC7.743% 04/20/20370.1%
    RAD CLO 27 Ltd5.611% 01/15/20380.1%
    JP Morgan Chase Commercial Mortgage Securities Trust 2018-WPT5.502% 07/05/20330.1%
    US Bank NA9.785% 08/25/20320.1%
    Huntington Bank Auto Credit-Linked Notes Series 2024-19.596% 05/20/20320.1%
    Madison Park Funding LVIII Ltd7.950% 04/25/20370.1%
    Westlake Automobile Receivables Trust 2023-36.470% 03/15/20290.1%
    Hudson River Trading LLC7.323% 03/18/20300.1%
    Exeter Automobile Receivables Trust 2023-112.070% 09/16/20300.1%
    KKR CLO 47 Ltd10.827% 01/15/20380.1%
    JW Commercial Mortgage Trust 2024-MRCO5.933% 06/15/20390.1%
    BX Commercial Mortgage Trust 2024-XL55.704% 03/15/20410.1%
    Benefit Street Partners CLO IX Ltd6.570% 10/20/20370.1%
    Trinitas CLO XXIV Ltd8.400% 04/25/20370.1%
    Danby Park CLO Ltd5.993% 10/21/20370.1%
    KKR CLO 45a Ltd6.802% 04/15/20350.1%
    Battery Park CLO II Ltd6.643% 10/20/20370.1%
    OCP Clo 2019-17 Ltd6.043% 07/20/20370.1%
    Sandstone Peak Ltd6.132% 10/15/20340.1%
    KKR CLO 23 Ltd6.193% 10/20/20310.1%
    Empower CLO 2023-2 Ltd9.702% 07/15/20360.1%
    Reach ABS Trust 2025-14.960% 08/16/20320.1%
    Citigroup Inc5.133% 08/25/20360.1%
    Affirm Asset Securitization Trust 2024-A9.170% 02/15/20290.1%
    Barings Clo Ltd 2023-I9.493% 04/20/20360.1%
    LAD Auto Receivables Trust 2023-36.920% 12/16/20300.1%
    HCA Inc5.254% 03/01/20280.1%
    Fairstone Financial Issuance Trust I6.873% 10/20/20390.1%
    Ballyrock CLO 21 Ltd7.443% 10/20/20370.1%
    Canyon Capital CLO 2023-1 Ltd12.282% 10/15/20360.1%
    Carmax Auto Owner Trust 2023-26.550% 10/15/20290.1%
    CPS Auto Receivables Trust 2023-C6.770% 10/15/20290.1%
    RR 34 LTD9.802% 10/15/20390.1%
    Benefit Street Partners CLO XIV Ltd7.543% 10/20/20370.1%
    Cifc Funding 2023-III Ltd8.543% 01/20/20370.1%
    CIFC Funding 2024-IV Ltd6.000% 10/16/20370.1%
    Citibank NA5.092% 11/19/20270.1%
    OHA Credit Funding 16 Ltd8.293% 10/20/20360.1%
    Cedar Funding X CLO Ltd6.343% 10/20/20370.1%
    Silver Point CLO 6 Ltd6.617% 10/15/20370.1%
    Trinitas CLO XXVIII LTD6.400% 04/25/20370.1%
    Bank of Montreal5.285% 09/10/20270.1%
    Continental Finance Credit Card ABS Master Trust5.780% 12/15/20320.1%
    RR 5 Ltd5.802% 07/15/20390.1%
    OHA Credit Partners XIII Ltd6.243% 10/21/20370.1%
    Generate CLO 6 Ltd5.690% 10/22/20370.1%
    Empower CLO 2024-2 Ltd5.822% 07/15/20370.1%
    KKR Financial CLO 2013-1 Ltd5.752% 04/15/20290.1%
    RR 8 Ltd5.652% 07/15/20370.1%
    Rad CLO 7 Ltd5.653% 04/17/20360.1%
    Lending Funding Trust 2020-26.770% 04/21/20310.1%
    Flagship Credit Auto Trust 2020-43.840% 07/17/20280.1%
    Huntington Bank Auto Credit-Linked Notes Series 2024-26.946% 10/20/20320.1%
    Canadian Imperial Bank of Commerce5.327% 09/11/20270.1%
    HILCORP ENERGY I LP6.324% 02/05/20300.1%
    Host Hotels & Resorts LP5.223% 01/04/20280.1%
    ACRES Commercial Realty 2021-FL2 Ltd6.676% 01/15/20370.1%
    Kinetic Advantage Master Owner Trust6.989% 11/15/20270.1%
    Sumitomo Mitsui Trust Bank Ltd5.394% 09/10/20270.1%
    Pacific Gas and Electric Co5.367% 09/04/20250.1%
    Charter Communications Operating LLC6.573% 12/15/20310.1%
    Morgan Stanley Bank NA5.248% 05/26/20280.1%
    Silver Point CLO 6 Ltd10.867% 10/15/20370.1%
    Dryden 102 CLO Ltd6.752% 10/15/20360.1%
    National Australia Bank Ltd4.978% 10/26/20270.1%
    CIFC Funding 2019-I Ltd10.043% 10/20/20370.1%
    Huntington Bank Auto Credit-Linked Notes Series 2024-25.696% 10/20/20320.1%
    Empower CLO 2022-1 Ltd10.193% 10/20/20370.1%
    Invesco US CLO 2024-3 Ltd7.843% 07/20/20370.1%
    Crown City CLO V8.393% 04/20/20370.1%
    Birch Grove CLO 5 Ltd7.643% 10/20/20370.1%
    Ares LV CLO Ltd10.802% 10/15/20370.1%
    Business Jet Securities 2024-2 LLC5.364% 09/15/20390.1%
    Madison Park Funding XLII Ltd5.440% 11/21/20300.1%
    Generate CLO 3 Ltd12.123% 10/20/20360.1%
    ABN AMRO Bank NV6.156% 09/18/20270.1%
    Societe Generale SA5.481% 02/19/20270.1%
    GLS Auto Select Receivables Trust 2023-28.220% 02/18/20310.1%
    Vistra Operations Co LLC6.073% 12/20/20300.1%
    AGL CLO 26 Ltd12.543% 10/21/20360.1%
    Multifamily Connecticut Avenue Securities Trust 2024-017.102% 07/25/20540.0%
    Voya CLO 2016-3 Ltd5.993% 10/18/20310.0%
    Cifc Funding 2023-III Ltd6.943% 01/20/20370.0%
    AIMCO CLO 22 Ltd7.693% 04/19/20370.0%
    Somnigroup International Inc6.822% 10/24/20310.0%
    Freddie Mac STACR REMIC Trust 2021-DNA76.152% 11/25/20410.0%
    Madison Park Funding XLII Ltd6.052% 11/21/20300.0%
    US Bank NA/Cincinnati OH5.063% 10/22/20270.0%
    Connecticut Avenue Securities Trust 2024-R065.502% 09/25/20440.0%
    Bain Capital Credit Clo 2024-5 Ltd10.760% 10/21/20370.0%
    GLS Auto Select Receivables Trust 2023-17.930% 07/15/20300.0%
    LAD Auto Receivables Trust 2023-17.300% 06/17/20300.0%
    Bain Capital Credit CLO 2023-3 Ltd12.847% 07/24/20360.0%
    Huntington Bank Auto Credit-Linked Notes Series 2024-28.346% 10/20/20320.0%
    Ballyrock CLO 20 Ltd10.502% 10/15/20360.0%
    Empower CLO 2023-2 Ltd7.702% 07/15/20360.0%
    Ballyrock CLO 23 Ltd9.500% 04/25/20360.0%
    OHA Credit Funding 17 Ltd6.593% 04/20/20370.0%
    CARLYLE US CLO 2023-2 LTD7.293% 07/20/20360.0%
    AMMC CLO 25 Ltd6.052% 04/15/20350.0%
    AON CORPORATION5.574% 02/16/20270.0%
    Neuberger Berman Loan Advisers CLO 55 Ltd7.790% 04/22/20380.0%
    Avant Loans Funding Trust 2024-REV15.920% 10/15/20330.0%
    Aramark Services Inc6.324% 06/24/20300.0%
    BMW US Capital LLC5.178% 08/13/20260.0%
    Royal Bank of Canada5.092% 10/18/20270.0%
    Toyota Motor Credit Corp5.148% 08/07/20260.0%
    Wells Fargo Commercial Mortgage Trust 2024-MGP6.003% 08/15/20410.0%
    HGI CRE CLO 2021-FL1 Ltd5.476% 06/16/20360.0%
    AGL CLO 25 Ltd9.593% 07/21/20360.0%
    OHA Credit Funding 18 Ltd7.743% 04/20/20370.0%
    Empower CLO 2023-1 Ltd9.800% 04/25/20360.0%
    Korea National Oil Corp5.270% 09/30/20270.0%
    Sixth Street CLO XXII Ltd9.290% 04/22/20360.0%
    KKR CLO 56 Ltd10.802% 10/15/20370.0%
    Barings CLO Ltd 2024-I8.293% 01/20/20370.0%
    OCP CLO 2023-26 Ltd12.553% 04/17/20360.0%
    OHA Credit Funding 14 Ltd12.043% 04/20/20360.0%
    Magnetite XXXV Ltd8.300% 10/25/20360.0%
    Rad CLO 20 Ltd9.293% 07/20/20360.0%
    BPCE SA6.352% 10/19/20270.0%
    Sycamore Tree CLO 2024-5 Ltd8.543% 04/20/20360.0%
    Carlyle US CLO 2022-3 Ltd6.843% 04/20/20370.0%
    Regatta XXV Funding Ltd7.352% 07/15/20360.0%
    OHA Credit Funding 16 Ltd6.943% 10/20/20360.0%
    Post CLO 2023-1 Ltd6.793% 04/20/20360.0%
    GREYWOLF CLO VII Ltd6.453% 10/20/20310.0%
    MF1 2024-FL14 LLC6.051% 03/19/20390.0%
    Generate Clo 16 Ltd10.443% 07/20/20370.0%
    NatWest Group PLC5.678% 11/15/20280.0%
    Marsh & McLennan Cos Inc5.078% 11/08/20270.0%
    Citadel Securities Global Holdings LLC6.325% 10/31/20310.0%
    Bayview Opportunity Master Fund VII 2024-CAR1 LLC5.652% 12/26/20310.0%
    APIDOS CLO XLVIII Ltd10.050% 07/25/20370.0%
    Carmax Auto Owner Trust 2024-35.670% 01/15/20310.0%
    Empower CLO 2024-2 Ltd10.352% 07/15/20370.0%
    Citadel Securities Global Holdings LLC6.688% 07/29/20300.0%
    PFP 2023-10 Ltd6.677% 09/16/20380.0%
    Entain PLC5.779% 06/30/20280.0%
    Interest Rate Swap3.000% 03/19/20270.0%
    FX USD/CAD 03/250.000% 03/07/20250.0%
    Credit Index Swap1.000% 12/20/20290.0%
    Fairstone Financial Issuance Trust I2.509% 10/20/20390.0%
    FX USD/EUR 05/250.000% 05/23/20250.0%
    Interest Rate Swap3.000% 03/19/20300.0%

    Dividends & Cap Gains

    Dividends & Cap Gains

    Dividend Payments

    Dividend Payments

    For
    YTD Dividends Paidas of 04/29/2025
    $0.15429
    Dividend Frequency
    Monthly (Daily Accrual)
    Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
    Daily Daily 03/31/2025 $0.05206 $10.24
    Daily Daily 02/28/2025 $0.04890 $10.29
    Daily Daily 01/31/2025 $0.05333 $10.28

    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 04/30/2025
    Daily Daily 05/31/2025
    Daily Daily 06/30/2025
    Daily Daily 07/31/2025
    Daily Daily 08/31/2025
    Daily Daily 09/30/2025
    Daily Daily 10/31/2025
    Daily Daily 11/30/2025
    Daily Daily 12/31/2025

    Capital Gains Distributions

    For
    Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
    12/16/2024 12/17/2024 $0.0007 $0.0053 $0.0060 $10.26

    Fees & Expenses

    Fees & Expenses

    Expense Ratioas of 03/31/2025

    Fund Gross Expense Ratio 1.29%
    Fund Net Expense Ratio 0.34%

    Expense ratio details, Click here.

    Fund Documents

    Fund Documents

    0Documents selected
    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
    Annual Tailored Shareholder Report
    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.

    To order literature visit full website

    1

    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.

     

    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.

     

    IMPORTANT INFORMATION

     

     

    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.

     

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

     

    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.

     

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

     

    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.

    Average Yield to Maturity is the total rate of return earned when a bond makes all interest payments and repays the original principal.

    Distribution Yield is the calculation of cash flow for an investment vehicle, to calculate the distribution yield, the most recent distribution is multiplied by 12 to get an annualized total, which is then divided by the NAV.

     

    About Barron's Best Fund Families
    Source: Barron's, "Best Fund Families of 2024." February 27, 2025. Used with permission. ©2025 Dow Jones & Company, Inc.

    The 2024 Barron’s Best Fund Families List ranks the active management ability of qualifying companies. Rankings are based on the asset-weighted one-year returns as of 12/31/24, excluding 12b-1 fees and sales loads, of a company’s actively managed fund line up in five asset class categories: US Equity, World Equity, Mixed Asset, Taxable Bond, and Tax-Exempt Bond as determined by Barron’s. Overall ranking based on aggregate, weighted score across the five asset categories. Performance data from Refinitiv Lipper.

    Past performance does not guarantee future results. Lord Abbett ranked overall #1 of 48, #6 of 46, and #23 of 46 for the 1- ,5-, and 10-year periods respectively. Lord Abbett ranked #1 of 48 in US Equity, #2 of 48 in Mixed Asset, #2 of 48 in Taxable Bond, and #5 of 48 in Tax-Exempt Bond.

    How We Ranked the Fund Families
    In ranking mutual and exchange-traded funds, our aim is to measure manager skill, independent of expenses beyond annual management fees. That is why we calculate returns before any 12b-1 fees are deducted. Similarly, fund loads, or sales charges, aren’t included in our calculation of returns.

    Each fund’s performance is measured against all of the other funds in its LSEG Lipper category, with a percentile ranking of 100 being the highest and one the lowest. This result is then weighted by asset size relative to the fund family’s other assets in its general classification. If a family’s biggest funds do well, that boosts its overall ranking, and vice versa.

    To be included in the ranking, a firm must have at least three funds in the general equity category, one in world equity, one in mixed equity such as a balanced or target-date fund, two taxable bond funds, and one national tax-exempt bond fund.

    Single-sector and country equity funds are factored into the rankings as general equity. We exclude all index funds, but include actively managed ETFs and so-called smart-beta ETFs, which are passively managed but created from active strategies.

    Finally, the score is multiplied by the weighting of its general classification, as determined by the Lipper universe of funds. The category weightings for 2024 were general equity, 39.1%; mixed asset, 21.6%; world equity, 15.3%; taxable bond,20.1%; and tax-exempt bond, 3.9%.

    The category weightings for the five-year results were general equity, 39%; mixed asset, 21.7%; world equity, 15.3%; taxable bond, 19.9%; and tax-exempt bond, 4%.For the 10-year list, they were general equity, 40%; mixed asset, 22.1%; world equity, 14.8%; taxable bond, 19.2%; and tax[1]exempt bond, 3.9%. The weightings may not total 100 due to rounding.

    How the scoring works: Say a fund in the general U.S. equity category has $500million in assets, accounting for half of the firm’s assets in that category, and its performance lands it in the 75th percentile for the category. The first calculation would be 75 times 0.5, which comes to 37.5. That score is then multiplied by 39.1%, general equity’s overall weighting in Lipper’s universe. So, it would be 37.5 times0.391, which equals 14.66. Similar calculations are done for each fund in our study; then the numbers are added for each category and overall. The shop with the highest total score wins. The same process is repeated to determine the five- and 10-year rankings.

    Select funds to run a Morningstar Hypothetical Report.

    • U.S. Equity
    • U.S. Equity
    • U.S. Equity
    • U.S. Equity
    • U.S. Equity
    • U.S. Equity
    • U.S. Equity
    • U.S. Equity
    • U.S. Equity
    • U.S. Equity
    • U.S. Equity
    • U.S. Equity
    • U.S. Equity
    • U.S. Equity
    • U.S. Equity
    • Global & International Equity
    • Global & International Equity
    • Global & International Equity
    • Global & International Equity
    • Global & International Equity
    • Global & International Equity
    • Global & International Equity
    • Multi-Asset
    • Multi-Asset
    • Fixed Income
    • Fixed Income
    • Fixed Income
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