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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 04/22/2019  

w/o sales charge 5.78%
w/ sales charge 5.65%

30-Day Standardized Yield 2 as of 03/31/2019  

5.40%

Expense Ratioas of 03/31/2019

Fund Basicsas of 03/29/2019

Total Net Assets
$12.38 B
Inception Date
12/31/2007
Dividend Frequency
Monthly (Daily Accrual)
Number of Holdings
543
Minimum Initial Investment
$1,500+

Fund Expense Ratio :

0.79%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2007
w/o sales charge 3.41% 1.98% 5.00% 3.37% 6.36% 4.20%
Lipper Category Avg. Loan Participation Funds 3.64% 2.18% 4.84% 2.81% 6.65% -
CS Leveraged Loan Index 3.78% 3.33% 5.87% 3.83% 7.95% 4.50%
w/ sales charge 1.08% -0.30% 4.22% 2.90% 6.12% 3.99%

Fund Expense Ratio :

0.79%

Fund Expense Ratio :

0.79%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2007
w/o sales charge 3.41% 1.98% 5.00% 3.37% 6.36% 4.20%
Lipper Category Avg. Loan Participation Funds 3.64% 2.18% 4.84% 2.81% 6.65% -
CS Leveraged Loan Index 3.78% 3.33% 5.87% 3.83% 7.95% 4.50%
w/ sales charge 1.08% -0.30% 4.22% 2.90% 6.12% 3.99%

Fund Expense Ratio :

0.79%

RELATED CONTENT

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.

Bank Loans: A Source of Stability in a Volatile Market
November 19, 2018

Floating-rate bank loans have weathered the recent tumult comparatively well, and, in our view, continue to be favorably positioned in the current economic environment.

Type Assets
Bank Loans
High Yield Bonds
ABS
Equity
Investment Grade Bonds
Other
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 03/29/2019 View Portfolio

Rating Assets
Treasury
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

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Performance

Performance

Dividend Yield 1 as of 04/22/2019  

w/o sales charge 5.78%
w/ sales charge 5.65%

30-Day Standardized Yield 2 as of 03/31/2019  

  Subsidized3 Un-Subsidized4
w/o sales charge 5.40% 5.40%

Fund Expense Ratio :

0.79%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2007
w/o sales charge 3.41% 1.98% 5.00% 3.37% 6.36% 4.20%
Lipper Category Avg. Loan Participation Funds 3.64% 2.18% 4.84% 2.81% 6.65% -
CS Leveraged Loan Index 3.78% 3.33% 5.87% 3.83% 7.95% 4.50%
w/ sales charge 1.08% -0.30% 4.22% 2.90% 6.12% 3.99%

Fund Expense Ratio :

0.79%

Fund Expense Ratio :

0.79%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2007
w/o sales charge 3.41% 1.98% 5.00% 3.37% 6.36% 4.20%
Lipper Category Avg. Loan Participation Funds 3.64% 2.18% 4.84% 2.81% 6.65% -
CS Leveraged Loan Index 3.78% 3.33% 5.87% 3.83% 7.95% 4.50%
w/ sales charge 1.08% -0.30% 4.22% 2.90% 6.12% 3.99%

Fund Expense Ratio :

0.79%

Year Fund Returns CS Leveraged Loan Index
2018 -0.23% 1.14%
2017 3.86% 4.25%
2016 9.89% 9.88%
2015 0.35% -0.38%
2014 0.93% 2.06%
2013 5.89% 6.15%
2012 10.12% 9.43%
2011 1.44% 1.82%
2010 8.18% 9.97%
2009 32.26% 44.87%
2008 -21.31% -
2007 0.01% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 3.41% - - - 4.80%
2018 1.17% 0.72% 1.76% -3.78% -0.23%
2017 0.92% 0.44% 1.12% 1.33% 3.86%
2016 1.72% 2.77% 2.98% 2.09% 9.89%
2015 2.05% 0.66% -1.09% -1.24% 0.35%
2014 1.05% 1.08% -0.58% -0.61% 0.93%
2013 2.52% 0.35% 1.21% 1.69% 5.89%
2012 4.06% 0.57% 3.39% 1.78% 10.12%
2011 1.85% 0.34% -3.95% 3.35% 1.44%
2010 3.07% -0.89% 3.23% 2.59% 8.18%
2009 8.97% 11.57% 6.33% 2.31% 32.26%
2008 -3.34% 4.10% -5.05% -17.64% -21.31%
2007 - - - - 0.01%

Growth of $10,000 as of 03/31/2019

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
1-2.99 years
3-4.99 years
5-6.99 years
7-9.99 years
Greater than 10 years

Credit Quality Distribution as of 03/29/2019

Rating Assets
Treasury
BBB
BB
B
<B
Not Rated

Portfolio Positioning as of 12/31/2018

  • Leveraged loans were challenged over the fourth quarter amid fears of slowing global growth and potential U.S. Federal Reserve (Fed) policy mistakes, sharp equity and oil price declines, and technical pressures.
  • We trimmed the portfolio’s long standing overweight to the gaming and leisure sector, as valuations are becoming full in our view; however, the portfolio remains overweight, as fundamentals remain solid. We believe strong economic growth combined with falling unemployment is conducive to an increase in discretionary spending for consumers and continues to be a tailwind for the sector.
  • 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 underweight the service sector, in an effort to be positioned more defensively and up-in-liquidity, as this sector tends to be more cyclical and contain smaller issue sizes.
  • We trimmed the portfolio’s overweight to CCC-rated loans over the quarter. However, given current valuations, solid economic growth in the United States, and our expectation for default rates to trend lower, the portfolio remains overweight the lower-rated segment of the loan market.

Portfolio Details as of 03/29/2019

Total Net Assets
$12.38 B
Number of Issues
543
Average Loan Size
$1.56 B
Average Spread
3.5796

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 04/22/2019
$0.125
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 03/31/2019 $0.04316 $8.87
Daily Daily 02/28/2019 $0.03848 $8.93
Daily Daily 01/31/2019 $0.04417 $8.82

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 04/30/2019
Daily Daily 05/31/2019
Daily Daily 06/30/2019
Daily Daily 07/31/2019
Daily Daily 08/31/2019
Daily Daily 09/30/2019
Daily Daily 10/31/2019
Daily Daily 11/30/2019
Daily Daily 12/31/2019

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
12/17/2019 12/18/2019

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 04/22/2019

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $9.17
$100,000 to $249,999 1.75% 1.50% $9.12
$250,000 to $499,999 1.25% 1.00% $9.07
$500,000 to $999,999 0.00% 1.00% $8.96
$1,000,000 to $5,000,000 0.00% 1.00% $8.96

Expense Ratioas of 03/31/2019

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
Flyer
Publish Date:11/03/2015
Publish Date:11/03/2015

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Class A  Except as noted below, returns with sales charges reflect a maximum sales charge of 5.75% for equity funds, 2.25% for all tax-free income funds, fixed income funds and multi-asset class funds. There are also ongoing 12b-1 service fees (and, in certain cases, 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% if the shares are redeemed 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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