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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 08/14/2020  

w/o sales charge 4.36%

30-Day Standardized Yield 2 as of 07/31/2020  

4.28%

Fund Basicsas of 07/31/2020

Total Net Assets
$6.07 B
Inception Date
06/30/2015
Dividend Frequency
Monthly
Fund Expense Ratio
0.86%
Number of Holdings
591

Fund Expense Ratio :

0.86%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge -7.70% -6.41% 0.12% 1.91% 3.46% -
Lipper Category Avg. Loan Participation Funds -4.20% -2.80% 1.22% 2.23% 3.30% -
CS Leveraged Loan Index -2.97% -1.20% 2.50% 3.31% 4.38% -

Fund Expense Ratio :

0.86%

Fund Expense Ratio :

0.86%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge -9.43% -7.51% -0.28% 1.54% 3.42% -
Lipper Category Avg. Loan Participation Funds -5.92% -3.91% 0.85% 1.86% 3.28% -
CS Leveraged Loan Index -4.76% -2.27% 2.13% 2.94% 4.34% -

Fund Expense Ratio :

0.86%

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
ABS
Equity
Investment Grade Bonds
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 07/31/2020 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 08/14/2020  

w/o sales charge 4.36%

30-Day Standardized Yield 2 as of 07/31/2020  

  Subsidized3 Un-Subsidized4
w/o sales charge 4.28% 4.28%

Fund Expense Ratio :

0.86%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge -7.70% -6.41% 0.12% 1.91% 3.46% -
Lipper Category Avg. Loan Participation Funds -4.20% -2.80% 1.22% 2.23% 3.30% -
CS Leveraged Loan Index -2.97% -1.20% 2.50% 3.31% 4.38% -

Fund Expense Ratio :

0.86%

Fund Expense Ratio :

0.86%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge -9.43% -7.51% -0.28% 1.54% 3.42% -
Lipper Category Avg. Loan Participation Funds -5.92% -3.91% 0.85% 1.86% 3.28% -
CS Leveraged Loan Index -4.76% -2.27% 2.13% 2.94% 4.34% -

Fund Expense Ratio :

0.86%

Year Fund Returns CS Leveraged Loan Index
2019 7.29% 8.17%
2018 -0.27% 1.14%
2017 3.69% 4.25%
2016 9.95% 9.88%
2015 0.31% -0.38%
2014 0.88% 2.06%
2013 5.94% 6.15%
2012 9.93% 9.43%
2011 1.40% 1.82%
2010 8.30% 9.97%
2009 32.49% -
2008 -21.19% -
2007 0.01% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2020 -15.77% 7.53% - - -6.82%
2019 3.40% 1.62% 0.60% 1.50% 7.29%
2018 1.16% 0.71% 1.75% -3.79% -0.27%
2017 0.79% 0.54% 1.00% 1.32% 3.69%
2016 1.70% 2.75% 2.97% 2.19% 9.95%
2015 2.03% 0.65% -1.20% -1.14% 0.31%
2014 0.93% 1.18% -0.59% -0.62% 0.88%
2013 2.62% 0.34% 1.20% 1.67% 5.94%
2012 4.04% 0.55% 3.26% 1.76% 9.93%
2011 1.73% 0.33% -3.86% 3.33% 1.40%
2010 3.10% -0.89% 3.34% 2.58% 8.30%
2009 9.02% 11.63% 6.48% 2.24% 32.49%
2008 -3.31% 4.14% -5.02% -17.61% -21.19%
2007 - - - - 0.01%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Rating Assets
Bank Loans
High Yield Bonds
ABS
Equity
Investment Grade Bonds
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 07/31/2020

Rating Assets
BBB
BB
B
<B
Not Rated

Portfolio Positioning as of 06/30/2020

  • The Fund is overweight the aerospace sector, as we believe it is a strategic and essential industry that will continue to benefit from governmental support. We also believe that the industry’s ability to access capital markets along with the overall recovery within the leisure sector are both reassuring signs of the attractive long demand picture of airlines.
  • The Fund is overweight the housing sector as we added to our exposure in homebuilders and repair and remodeling companies. COVID-19 lockdowns and dramatically decreased travel demand allowed consumers to transfer their spending from vacations to home upgrades. Similarly, we added to our automotive sector overweight because we believe people will be using less public transport in light of pandemic-related fears and a shift from urban living to less public suburban living.
  • We anticipate the reopening of the economy to take part in several stages, with the first likely including a slow and cautious restart of some essential industries, and with the last stage bringing us back to full swing. However, the magnitude and scale of this global pandemic could cause some secular shifts. The Fund’s positioning currently reflects this view as we are investing in companies and industries that we believe will not be secularly impaired. While we are still waiting for better data on the health, economic and consumer behavioral fronts before we get more constructive in unsecured risk of directly affected sectors such as airlines, destination gaming, and crowd-oriented leisure, we have begun to add high quality, secured paper in these industries. 

Portfolio Details as of 07/31/2020

Total Net Assets
$6.07 B
Number of Issues
591

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 08/14/2020
$0.227
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 07/31/2020 $0.02906 $7.93
Daily Daily 06/30/2020 $0.02899 $7.81
Daily Daily 05/31/2020 $0.02921 $7.78
Daily Daily 04/30/2020 $0.03356 $7.52
Daily Daily 03/31/2020 $0.03662 $7.35
Daily Daily 02/29/2020 $0.03357 $8.62
Daily Daily 01/31/2020 $0.03648 $8.82

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
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

Fees & Expenses

Fees & Expenses

Expense Ratioas of 07/31/2020

0.86%

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
n/a
Statutory Prospectus
Publish Date:11/03/2015
n/a
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
Publish Date:11/03/2015
Publish Date:11/03/2015

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Class R4 - The inception date for Class R4 shares is June 30, 2015. The performance quotations for Class R4 are based on the following methods of calculation: (a) for periods prior to June 30, 2015, a restated figure is used based on the historical performance of the Fund’s portfolio since inception to reflect all charges and fees applicable to Class R4 shares; and (b) for periods after June 30, 2015, actual Class R4 performance is used, which reflects all charges and fees applicable to Class R4 shares.

Class R4 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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