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Floating Rate Fund

Summary

Summary

What is the Floating Rate Fund?

The Fund seeks to deliver a high level of current income by investing primarily in a variety of below investment grade loans.

HISTORY OF CREDIT RESEARCH

Brings a 45-year heritage of high-yield credit investing, based on rigorous, fundamental credit research.

ATTRACTIVE INCOME & LOW EXPENSES

Has provided attractive income and lower expenses relative to its Morningstar peer group category average.

ATTRACTIVE RETURN FOR RISK

Has offered a track record of strong performance versus peers in up and down markets, demonstrating the strength of this active approach as a core bank loan holding over a full market cycle.

Yield

Dividend Yield 1 as of 09/18/2019  

w/o sales charge 5.91%

30-Day Standardized Yield 2 as of 08/31/2019  

5.71%

Fund Basicsas of 08/30/2019

Total Net Assets
$10.25 B
Inception Date
04/05/2017
Dividend Frequency
Monthly
Fund Expense Ratio
0.53%
Number of Holdings
495

Fund Expense Ratio :

0.53%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 5.57% 2.34% 4.20% 3.79% 5.25% -
Lipper Category Avg. Loan Participation Funds 5.36% 2.29% 3.79% 2.94% 4.66% -
CS Leveraged Loan Index 5.94% 3.38% 4.84% 3.92% 5.68% -

Fund Expense Ratio :

0.53%

Fund Expense Ratio :

0.53%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 5.23% 3.18% 4.88% 3.75% 5.68% -
Lipper Category Avg. Loan Participation Funds 5.03% 3.07% 4.41% 2.89% 5.18% -
CS Leveraged Loan Index 5.42% 4.15% 5.43% 3.85% 6.29% -

Fund Expense Ratio :

0.53%

RELATED CONTENT

Getting Up to Date on Floating Rate
May 6, 2019

Even after a strong rally to start 2019, bank loans continue to offer the potential for attractive income and total return, along with portfolio diversification.

Bank Loans: What’s the State of Floating Rate?
January 14, 2019

In light of the recent volatility, we address key questions for investors in U.S. bank loans.

Volatility Worries? Consider This Diversified Approach to Income
November 26, 2018

A strategic combination of ultra-short and short-term fixed-income securities, along with bank loans, may be an attractive option for income and total return amid market turmoil.

Type Assets
Bank Loans
High Yield Bonds
ABS
Equity
Cash
Maturity Assets
Less than 1 year
1-2.99 years
3-4.99 years
5-6.99 years
7-9.99 years
Greater than 10 years

Credit Quality Distribution as of 08/30/2019 View Portfolio

Rating Assets
BBB
BB
B
<B
Not Rated

Investment Team

Jeffrey D. Lapin
Jeffrey D. Lapin, J.D.

Partner & Portfolio Manager

22 Years of Industry Experience

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Director of Taxable Fixed Income

18 Years of Industry Experience

Robert A. Lee
Robert A. Lee

Partner & Chief Investment Officer

28 Years of Industry Experience

Kearney Posner
Kearney M. Posner, CFA

Portfolio Manager

18 Years of Industry Experience

Supported By 67 Investment Professionals with 15 Years Avg. Industry Experience

Contact a Representative

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Performance

Performance

Dividend Yield 1 as of 09/18/2019  

w/o sales charge 5.91%

30-Day Standardized Yield 2 as of 08/31/2019  

  Subsidized3 Un-Subsidized4
w/o sales charge 5.71% 5.71%

Fund Expense Ratio :

0.53%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 5.57% 2.34% 4.20% 3.79% 5.25% -
Lipper Category Avg. Loan Participation Funds 5.36% 2.29% 3.79% 2.94% 4.66% -
CS Leveraged Loan Index 5.94% 3.38% 4.84% 3.92% 5.68% -

Fund Expense Ratio :

0.53%

Fund Expense Ratio :

0.53%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 5.23% 3.18% 4.88% 3.75% 5.68% -
Lipper Category Avg. Loan Participation Funds 5.03% 3.07% 4.41% 2.89% 5.18% -
CS Leveraged Loan Index 5.42% 4.15% 5.43% 3.85% 6.29% -

Fund Expense Ratio :

0.53%

Year Fund Returns CS Leveraged Loan Index
2018 0.03% 1.14%
2017 4.11% 4.25%
2016 10.18% 9.88%
2015 0.62% -0.38%
2014 1.21% 2.06%
2013 6.28% 6.15%
2012 10.28% 9.43%
2011 1.72% 1.82%
2010 8.65% 9.97%
2009 32.91% 44.87%
2008 -20.94% -
2007 0.01% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 3.47% 1.70% - - 6.11%
2018 1.23% 0.78% 1.82% -3.71% 0.03%
2017 0.98% 0.60% 1.19% 1.29% 4.11%
2016 1.78% 2.83% 3.05% 2.16% 10.18%
2015 2.11% 0.73% -1.13% -1.07% 0.62%
2014 1.01% 1.26% -0.51% -0.54% 1.21%
2013 2.70% 0.42% 1.28% 1.75% 6.28%
2012 4.12% 0.63% 3.34% 1.85% 10.28%
2011 1.81% 0.41% -3.78% 3.41% 1.72%
2010 3.18% -0.82% 3.42% 2.66% 8.65%
2009 9.11% 11.72% 6.56% 2.32% 32.91%
2008 -3.23% 4.22% -4.94% -17.54% -20.94%
2007 - - - - 0.01%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Rating Assets
Bank Loans
High Yield Bonds
ABS
Equity
Cash
Rating Assets
Less than 1 year
1-2.99 years
3-4.99 years
5-6.99 years
7-9.99 years
Greater than 10 years

Credit Quality Distribution as of 08/30/2019

Rating Assets
BBB
BB
B
<B
Not Rated

Portfolio Positioning as of 6/30/2019

  • Leveraged loans posted positive returns during the quarter, but underperformed the broader investment grade universe, as represented by the Bloomberg Barclays U.S. Aggregate Bond Index, as sharply declining rates benefitted longer duration assets.
  • The portfolio is overweight the aerospace sector, as we believe increasing global passenger demand along with a solid backdrop for continued defense spending due to rising geopolitical tensions are tailwinds for this sector.
  • The portfolio is overweight the health care sector, specifically in the health care services segment, as we believe this segment will benefit from a continued data-driven movement in the healthcare market.
  • The portfolio is underweight the service sector in an effort to be positioned more defensively from a sector standpoint, as this sector tends to be more cyclical.
  • We are more constructive on the U.S. domestic environment, focusing on sectors that are less tied to international trade as a result of continuing headwinds from U.S./China trade tensions. From a credit quality standpoint the portfolio remains overweight to the lower-rated segment, as we believe a strong U.S. economic growth picture in the back half of the year will be a tailwind to this segment.

Portfolio Details as of 08/30/2019

Total Net Assets
$10.25 B
Number of Issues
495

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 09/18/2019
$0.351
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 08/31/2019 $0.04367 $8.84
Daily Daily 07/31/2019 $0.04529 $8.92
Daily Daily 06/30/2019 $0.04364 $8.90
Daily Daily 05/31/2019 $0.04469 $8.91
Daily Daily 04/30/2019 $0.04274 $8.99
Daily Daily 03/31/2019 $0.04523 $8.88
Daily Daily 02/28/2019 $0.04038 $8.94
Daily Daily 01/31/2019 $0.04628 $8.84

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 09/30/2019
Daily Daily 10/31/2019
Daily Daily 11/30/2019
Daily Daily 12/31/2019

Fees & Expenses

Fees & Expenses

Expense Ratioas of 08/31/2019

0.53%

Fund Documents

Fund Documents

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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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Prospectus (XBRL)
Publish Date:11/03/2015
SAI
Publish Date:11/03/2015
Annual Report
Publish Date:11/03/2015
Semi-Annual Report
Publish Date:11/03/2015
Fact Sheet
Publish Date:11/03/2015
Commentary
Publish Date:11/03/2015
Publish Date:11/03/2015
Publish Date:11/03/2015

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Class F3 - The inception date for Class F3 shares is April 4, 2017. The performance quotations for Class F3 are based on the following methods of calculation: (a) for periods prior to June 30, 2015,  a figure is used based on the historical performance of the Fund’s Class I Shares, since inception, restated to reflect all charges and fees applicable to Class F3 shares; (b) for periods prior to April 4, 2017 but after June 30, 2015, performance is based on the historical performance of the Fund’s Class R6 shares, which have an equivalent expense ratio to the Fund’s F3 shares; and (c) for periods after April 4, 2017, actual Class F3 performance is used, which reflects all charges and fees applicable to Class F3 shares.

Class F3 shares are only offered to certain eligible investors. For additional information, see the Fund’s current prospectus.

The Credit Suisse Leveraged Loan Index is designed to mirror the investable universe of the U.S. dollar-denominated leveraged loan market. The CS Leveraged Loan Index is an unmanaged, trader-priced index that tracks leveraged loans. The CS Leveraged Loan Index, which includes reinvested dividends, has been taken from published sources.

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