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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 06/04/2020  

w/o sales charge 4.68%

30-Day Standardized Yield 2 as of 04/30/2020  

5.45%

Fund Basicsas of 04/30/2020

Total Net Assets
$6.42 B
Inception Date
12/31/2007
Dividend Frequency
Monthly
Fund Expense Ratio
0.61%
Number of Holdings
558
Minimum Initial Investment
$1,000,000+

Fund Expense Ratio :

0.61%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2007
w/o sales charge -9.90% -7.54% -0.31% 1.57% 3.60% 3.47%
Lipper Category Avg. Loan Participation Funds -6.82% -4.59% 0.49% 1.58% 3.16% -
CS Leveraged Loan Index -6.02% -3.35% 1.66% 2.60% 4.17% 3.90%

Fund Expense Ratio :

0.61%

Fund Expense Ratio :

0.61%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2007
w/o sales charge -15.60% -12.36% -2.21% 0.45% 2.83% 2.97%
Lipper Category Avg. Loan Participation Funds -13.02% -9.93% -1.61% 0.35% 2.32% -
CS Leveraged Loan Index -13.19% -9.51% -0.73% 1.21% 3.26% 3.28%

Fund Expense Ratio :

0.61%

RELATED CONTENT

An Update on Floating Rate Bank Loans Amid Recent Market Volatility
April 17, 2020

Our expert assesses current market conditions—and the historical resilience of floating rate bank loans after periods of elevated volatility.

An Update on Floating Rate Bank Loans Amid Recent Market Volatility
April 17, 2020

Our expert assesses current market conditions—and the historical resilience of floating rate bank loans after periods of elevated volatility.

Leveraged Credit: Asymmetric Risks in ‘BB’-Rated Debt
January 13, 2020

Elevated prices for ‘BB’-rated securities in both the high yield bond and leveraged loan markets suggest better value and upside in certain lower-rated credit.

Type Assets
Bank Loans
High Yield Bonds
Investment Grade Bonds
ABS
Equity
Other
Cash
Maturity Assets
Less than 1 year
1-3 years
3-5 years
5-7 years
7-10 years
Greater than 10 years

Credit Quality Distribution as of 04/30/2020 View Portfolio

Rating Assets
BBB
BB
B
<B
Not Rated

INVESTMENT TEAM

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

Partner & Portfolio Manager

23 Years of Industry Experience

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Director of Taxable Fixed Income

19 Years of Industry Experience

Kearney M. Posner
Kearney M. Posner, CFA

Managing Director, Portfolio Manager

21 Years of Industry Experience

Robert A. Lee
Robert A. Lee

Partner & Chief Investment Officer

29 Years of Industry Experience

Supported By 61 Investment Professionals with 16 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 06/04/2020  

w/o sales charge 4.68%

30-Day Standardized Yield 2 as of 04/30/2020  

  Subsidized3 Un-Subsidized4
w/o sales charge 5.45% 5.45%

Fund Expense Ratio :

0.61%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2007
w/o sales charge -9.90% -7.54% -0.31% 1.57% 3.60% 3.47%
Lipper Category Avg. Loan Participation Funds -6.82% -4.59% 0.49% 1.58% 3.16% -
CS Leveraged Loan Index -6.02% -3.35% 1.66% 2.60% 4.17% 3.90%

Fund Expense Ratio :

0.61%

Fund Expense Ratio :

0.61%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2007
w/o sales charge -15.60% -12.36% -2.21% 0.45% 2.83% 2.97%
Lipper Category Avg. Loan Participation Funds -13.02% -9.93% -1.61% 0.35% 2.32% -
CS Leveraged Loan Index -13.19% -9.51% -0.73% 1.21% 3.26% 3.28%

Fund Expense Ratio :

0.61%

Year Fund Returns CS Leveraged Loan Index
2019 7.55% 8.17%
2018 -0.03% 1.14%
2017 3.95% 4.25%
2016 10.10% 9.88%
2015 0.55% -0.38%
2014 1.14% 2.06%
2013 6.21% 6.15%
2012 10.20% 9.43%
2011 1.65% 1.82%
2010 8.57% 9.97%
2009 32.81% -
2008 -21.00% -
2007 0.01% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2020 -15.60% - - - -8.69%
2019 3.57% 1.57% 0.78% 1.45% 7.55%
2018 1.33% 0.66% 1.81% -3.73% -0.03%
2017 0.86% 0.60% 1.17% 1.27% 3.95%
2016 1.76% 2.81% 2.91% 2.25% 10.10%
2015 2.10% 0.71% -1.15% -1.08% 0.55%
2014 0.99% 1.24% -0.53% -0.56% 1.14%
2013 2.68% 0.40% 1.26% 1.74% 6.21%
2012 4.10% 0.62% 3.32% 1.83% 10.20%
2011 1.79% 0.39% -3.80% 3.40% 1.65%
2010 3.16% -0.83% 3.40% 2.64% 8.57%
2009 9.09% 11.70% 6.55% 2.31% 32.81%
2008 -3.25% 4.21% -4.96% -17.55% -21.00%
2007 - - - - 0.01%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Rating Assets
Bank Loans
High Yield Bonds
Investment Grade Bonds
ABS
Equity
Other
Cash
Rating Assets
Less than 1 year
1-3 years
3-5 years
5-7 years
7-10 years
Greater than 10 years

Credit Quality Distribution as of 04/30/2020

Rating Assets
BBB
BB
B
<B
Not Rated

Portfolio Positioning as of 03/31/2020

  • The portfolio is overweight the aerospace sector, as we believe the sector will benefit from governmental support and has a very attractive long term demand picture. Specifically, the names we own have attractive visibility from a revenue perspective.
  • The portfolio is underweight the health care sector as strong performance and an attractive demand picture made it a good candidate to provide liquidity in the portfolio recently. While the sector will see some near term stress, the long term picture remains robust.
  • The portfolio is underweight the service sector in an effort to be positioned up-in-liquidity and more defensively from a sector standpoint, as this sector tends to be more cyclical.
  • The portfolio is underweight the gaming/leisure sector, as we believe it has an unattractive relative value and is particularly risky given the coronavirus-fueled global economic growth slowdown.
  • From a credit quality standpoint the portfolio gravitated up in quality as we are geared much more defensively, focusing on the addition of BB bonds and selectively adding BB loans. We believe the curtailment of economic activity subsequent to coronavirus-related mitigation measures will likely delay any economic growth until the back half of the year. We believe the recovery will favor higher quality segments of the market first, due largely to liquidity and the technical backdrop.

Portfolio Details as of 04/30/2020

Total Net Assets
$6.42 B
Number of Issues
558
Average Coupon
4.5%
Average Maturity
5.0 Years
Average Modified Duration
0.5 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 06/04/2020
$0.177
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 05/31/2020 $0.03078 $7.79
Daily Daily 04/30/2020 $0.03510 $7.53
Daily Daily 03/31/2020 $0.03834 $7.36
Daily Daily 02/29/2020 $0.03527 $8.62
Daily Daily 01/31/2020 $0.03830 $8.83

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 06/30/2020
Daily Daily 07/31/2020
Daily Daily 08/31/2020
Daily Daily 09/30/2020
Daily Daily 10/31/2020
Daily Daily 11/30/2020
Daily Daily 12/31/2020

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
12/17/2013 12/18/2013 - $0.0160 $0.0160 $9.50

Upcoming Capital Gain Distribution

Record Date Ex-Dividend Date
12/17/2020 12/18/2020

Fees & Expenses

Fees & Expenses

Expense Ratioas of 05/31/2020

0.61%

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
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Statutory Prospectus
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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
Fund Story
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Publish Date:11/03/2015

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Class I - SEC Returns reflect performance for Class I shares at Net Asset Value.

Except as noted below, returns with sales charges reflect a maximum sales charge of 2.50%. There are also ongoing 12b-1 service and 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 1.50% if the shares are repurchased 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.

Except as noted below, returns with sales charges reflect a maximum sales charge of 2.50%. There are also ongoing 12b-1 service and 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 1.50% if the shares are repurchased 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.

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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