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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 04/07/2020  

w/o sales charge 6.25%

30-Day Standardized Yield 2 as of 02/29/2020  

5.09%

Fund Basicsas of 02/28/2020

Total Net Assets
$9.47 B
Inception Date
06/30/2015
Dividend Frequency
Monthly
Fund Expense Ratio
0.61%
Number of Holdings
503

Fund Expense Ratio :

0.61%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge -15.69% -12.35% -2.23% 0.47% 2.84% -
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% -

Fund Expense Ratio :

0.61%

Fund Expense Ratio :

0.61%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge -15.69% -12.35% -2.23% 0.47% 2.84% -
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% -

Fund Expense Ratio :

0.61%

RELATED CONTENT

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.

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.

What Investors May Be Missing on Floating Rate Loans
October 28, 2019

Those focused on short-term movements in interest rates may not realize floating rate bank loans’ historical track record of providing attractive income and effective portfolio diversification.

Type Assets
Bank Loans
High Yield Bonds
ABS
Equity
Investment Grade Bonds
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 02/28/2020 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

Kearney M. Posner
Kearney M. Posner, CFA

Managing Director, Portfolio Manager

20 Years of Industry Experience

Robert A. Lee
Robert A. Lee

Partner & Chief Investment Officer

28 Years of Industry Experience

Supported By 64 Investment Professionals with 16 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 04/07/2020  

w/o sales charge 6.25%

30-Day Standardized Yield 2 as of 02/29/2020  

  Subsidized3 Un-Subsidized4
w/o sales charge 5.09% 5.09%

Fund Expense Ratio :

0.61%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge -15.69% -12.35% -2.23% 0.47% 2.84% -
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% -

Fund Expense Ratio :

0.61%

Fund Expense Ratio :

0.61%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge -15.69% -12.35% -2.23% 0.47% 2.84% -
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% -

Fund Expense Ratio :

0.61%

Year Fund Returns CS Leveraged Loan Index
2019 7.56% 8.17%
2018 -0.01% 1.14%
2017 3.96% 4.25%
2016 10.24% 9.88%
2015 0.57% -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 -15.69% - - - -15.37%
2019 3.45% 1.69% 0.78% 1.45% 7.56%
2018 1.33% 0.66% 1.81% -3.72% -0.01%
2017 0.86% 0.60% 1.17% 1.27% 3.96%
2016 1.77% 2.82% 3.03% 2.25% 10.24%
2015 2.10% 0.71% -1.14% -1.07% 0.57%
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
ABS
Equity
Investment Grade Bonds
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 02/28/2020

Rating Assets
BBB
BB
B
<B
Not Rated

Portfolio Positioning as of 12/31/2019

  • 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 services segment of the health care sector, 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 up-in-liquidity and more defensively from a sector standpoint, as this sector tends to be more cyclical.
  • The portfolio remains underweight the diversified media sector, notably within the legacy paper/print segment, although we are constructive on the content side.
  • 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 02/28/2020

Total Net Assets
$9.47 B
Number of Issues
503

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 04/07/2020
$0.112
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 03/31/2020 $0.03845 $7.36
Daily Daily 02/29/2020 $0.03539 $8.63
Daily Daily 01/31/2020 $0.03842 $8.83

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 04/30/2020
Daily Daily 05/31/2020
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

Fees & Expenses

Fees & Expenses

Expense Ratioas of 03/31/2020

0.61%

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 R5 - The inception date for Class R5 shares is June 30, 2015. The performance quotations for Class R5 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 R5 shares; and (b) for periods after June 30, 2015, actual Class R5 performance is used, which reflects all charges and fees applicable to Class R5 shares.

Class R5 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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