Always Diligent. Always Active.

Floating Rate Income Fund (Class A)  (PFLRX)

An income fund that can benefit from higher interest rates

Highlights

Objective

The fund seeks high current income. Preservation of capital is a secondary goal.

Strategy and process

  • Floating-rate bank loans: The fund primarily invests in bank loans with yields that are set at a margin above short-term interest rates and adjust when rates change.
  • Guard against rising interest rates: Bank loans have historically performed well amid rising interest rates because their yields adjust higher and become more attractive.
  • Backed by team research: The fund's experienced managers select a diverse range of loans using careful credit research.

Fund price

Yesterday’s close 52-week high 52-week low
Net asset value $8.50
-0.12% | $-0.01
$8.60
06/13/18
$8.16
12/27/18
Historical fund price

Fund facts as of 04/30/19

Total net assets
$535.78M
Turnover (fiscal year end)
40%
Dividend frequency (view rate)
Monthly
Number of issues
209
Fiscal year-end
February
CUSIP / Fund code
746763481 / 0057
Inception date
08/04/04
Category
Taxable Income
Open to new investors
Ticker
PFLRX

Management team

Co-Head of Fixed Income
Portfolio Manager
Portfolio Manager



Performance

Consistency of positive performance over five years

Performance represents 5-year returns in rolling quarter-end periods since inception.

Performance shown above does not reflect the effects of any sales charges. Note that returns of 0.00% are counted as positive periods. For complete fund performance, please see below.

12.52%

Best 5-year annualized return

(for period ending 12/31/13)


1.94%

Worst 5-year annualized return

(for period ending 09/30/11)


4.01%

Average 5-year annualized return


  • Total return (%) as of 03/31/19

  • Annual performance as of 03/31/19

Annualized Total return (%) as of 03/31/19

Annualized performance 1 yr. 3 yrs. 5 yrs. 10 yrs.
Before sales charge 1.93% 4.35% 2.69% 6.54%
After sales charge -0.36% 3.56% 2.22% 6.30%
S&P/LSTA Leveraged Loan Index 2.96%5.65%3.61%7.98%

Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary, and you may have a gain or loss when you sell your shares. Performance assumes reinvestment of distributions and does not account for taxes. Returns before sales charge do not reflect the current maximum sales charges as indicated below. Had the sales charge been reflected, returns would be lower. Returns at public offering price (after sales charge) for class A and class M shares reflect the current maximum initial sales charges of 5.75% and 3.50% for equity funds and Putnam Multi-Asset Absolute Return Fund, 4.00% and 3.25% for income funds and 2.25% and 0.75% for Putnam Floating Rate Income Fund, Short-Term Municipal Income, Short Duration Bond Fund, and Fixed Income Absolute Return Fund, respectively. Class B share returns reflect the applicable contingent deferred sales charge (CDSC), which is 5% in the first year, declining to 1% in the sixth year, and is eliminated thereafter (except for Putnam Floating Rate Income Fund, which is 3% in the first year, declining to 1% in the fourth year, and is eliminated thereafter). Class C shares reflect a 1% CDSC the first year that is eliminated thereafter. Performance for class B, C, M, N, R, and Y shares prior to their inception is derived from the historical performance of class A shares, adjusted for the applicable sales charge (or CDSC) and, except for class Y shares, the higher operating expenses for such shares (with the exception of Putnam Tax-Free High Yield Fund and Putnam AMT-Free Municipal Fund, which are based on the historical performance of class B shares). Returns at public offering price (after sales charge) for class N shares reflect the current maximum initial sales charge of 1.50%. Class R5/R6 shares, available to qualified employee-benefit plans only, are sold without an initial sales charge and have no CDSC. Class Y shares are generally only available for corporate and institutional clients and have no initial sales charge. Performance for Class R5/R6 shares before their inception are derived from the historical performance of class Y shares, which have not been adjusted for the lower expenses; had they, returns would have been higher. Class A and M shares of Putnam money market funds have no initial sales charge. For a portion of the periods, some funds had expense limitations or had been sold on a limited basis with limited assets and expenses, without which returns would be lower.

Performance snapshot

  Before sales charge After sales charge
1 mt. as of 04/30/19 1.94% -0.36%
YTD as of 05/24/19 6.00% 3.61%

Yield

Distribution rate before sales charge
as of 05/24/19
4.60%
Distribution rate after sales charge
as of 05/24/19
4.49%
30-day SEC yield as of 04/30/19
(after sales charge)
4.52%

Risk-adjusted performance as of 04/30/19

Sharpe ratio (3 yrs.) 1.15
Information ratio (3 yrs.) -2.05

Volatility as of 04/30/19

Standard deviation (3 yrs.) 2.86%
Beta 1.03
R-squared 0.97

Lipper rankings as of 04/30/19

Time period Rank/Funds in category Percentile ranking
1 yr. 89/238 38%
3 yrs. 127/215 59%
5 yrs. 110/193 57%
10 yrs. 45/81 55%
Lipper category: Loan Participation Funds

Morningstar Ratings as of 04/30/19

Time period Funds in category Morningstar Rating
Overall 218
3 yrs. 218
5 yrs. 196
10 yrs. 81
Morningstar category: Bank Loan

Distributions

Accrual days 30
Accrual start date 04/01/19
Accrual end date 04/30/19
Payable date 04/30/19
Income $0.032592431
Extra taxable income --
Dividend frequency Monthly

Lipper rankings are based on total return without sales charge relative to all share classes of funds with similar objectives as determined by Lipper. Past performance is not indicative of future results.

The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

The up-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has risen. The ratio is calculated by dividing the manager’s returns by the returns of the index during the up-market, and multiplying that factor by 100. The down-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has dropped. The ratio is calculated by dividing the manager’s returns by the returns of the index during the down-market and multiplying that factor by 100.


Holdings

Top 10 holdings as of 04/30/19

Altice USA 1.23%
Asurion 1.21%
Travelport Worldwide 1.20%
Charter Communications 1.18%
Centurylink 1.18%
Refinitiv 1.16%
Kronos Inc 1.14%
Altice Numericable 1.07%
Mgm Resorts International 1.04%
Vistra Energy 1.01%
Top 10 holdings, percent of portfolio 11.42%

Full portfolio holdings as of 03/31/19

REFINITIV TLB L+375 06.2486 10/01/2025 1.13%
AVAYA TLB L+425 06.7775 12/15/2024 0.95%
CLEAR CHANNEL TLD L+875 11.2430 01/30/2020 0.93%
DELL INTL TLB L+200 04.5000 09/07/2023 0.93%
WIDEOPENWEST TLB L+325 05.7406 08/19/2023 0.87%
BRAND ENERGY TL L+425 06.9561 06/21/2024 0.86%
TEMPO ACQUISITION TLB L+300 05.4986 05/01/2024 0.86%
KRONOS TLB L+300 05.2225 11/01/2023 0.82%
MESSER INDUST TLB L+250 04.9892 03/01/2026 0.82%
GOLDEN NUGGET TL L+275 05.2421 10/04/2023 0.81%
INFOR TLB6 L+275 05.2430 02/01/2022 0.80%
PLY GEM TLB L+375 06.5469 04/12/2025 0.80%
UNIVISION TLC5 L+275 05.2486 03/15/2024 0.80%
FREEDOM MORTGAGE TLB L+475 07.2486 02/23/2022 0.79%
GFL ENVIRONMENTAL TLB L+300 05.4986 05/31/2025 0.79%
HUSKY TLB L+300 05.4986 03/28/2025 0.79%
ORTHO-CLINICAL TLB L+325 05.7486 06/01/2025 0.79%
SOLERA TLB L+275 05.2486 03/03/2023 0.79%
SPRINT TLB L+250 05.0000 02/03/2024 0.79%
STERIGENICS TLB L+300 05.4986 05/15/2022 0.79%
CALPINE CONS FIN TL L+250 04.9986 01/15/2025 0.78%
BJ'S WHOLESALE TLB L+300 05.4989 02/03/2024 0.77%
SCIENTIFIC GAMES TLB5 L+275 05.3138 08/14/2024 0.76%
CPG INTL TL L+375 06.6330 05/05/2024 0.75%
MULTIPLAN TLB L+275 05.3510 06/07/2023 0.75%
AIR MEDICAL TLB L+325 05.7386 04/28/2022 0.74%
BAUSCH HEALTH TLB L+300 05.4809 06/01/2025 0.74%
AKZONOBEL TLB L+325 05.7404 09/20/2025 0.73%
ARBY'S TLB L+325 05.6824 02/05/2025 0.73%
GRAY TV TLC L+250 04.9819 11/02/2025 0.73%
POWER SOLUTIONS TLB L+350 04.5000 03/15/2026 0.73%
CAESARS RESORT TL L+275 05.2486 12/22/2024 0.72%
CENTURYLINK TLB L+275 05.2724 01/31/2025 0.72%
CINEWORLD TLB L+250 04.9986 02/28/2025 0.72%
STARS GROUP TLB L+350 06.1010 07/10/2025 0.72%
ALLIANT HOLD TLB L+275 05.2318 05/10/2025 0.71%
FOREST CITY TLB L+400 06.5122 12/07/2025 0.71%
MGM GROWTH PROP TLB L+200 04.4986 03/25/2025 0.71%
PAREXEL TLB L+275 05.2486 09/27/2024 0.70%
CALIFORNIA RESOURC TL L+475 07.2455 12/31/2022 0.69%
CLUBCORP TLB L+275 05.3510 09/18/2024 0.69%
ENVISION HEALTHCARE TL L+375 06.2486 10/11/2025 0.69%
INTELSAT S.A. TLB3 L+375 06.2291 11/27/2023 0.69%
KINETIC CONCEPTS TLB L+325 04.2846 02/03/2024 0.69%
NAVISTAR INTL TLB L+350 05.8900 11/06/2024 0.68%
SFR GROUP SA TLB L+275 05.2486 07/18/2025 0.68%
CSC HOLDINGS TLB L+225 04.7338 07/17/2025 0.67%
HUB INTL TLB L+275 05.2399 04/25/2025 0.67%
PLANTRONICS TLB L+250 04.9986 07/02/2025 0.67%
USI INC TLB L+300 05.6010 05/16/2024 0.67%
WEIGHT WATCHERS TLB L+475 07.5600 11/29/2024 0.67%
ATOTECH TLB1 L+300 05.6010 01/31/2024 0.65%
HD SUPPLY WATERWORKS TLB L+300 05.7214 08/01/2024 0.64%
VERTIV TLB L+400 06.6289 11/15/2023 0.64%
BWAY CORP TLB L+325 06.0325 04/03/2024 0.63%
TRAVELPORT TLB L+500 07.6326 03/18/2026 0.63%
WERNER TLB L+400 06.7970 07/24/2024 0.63%
QUIKRETE TLB L+275 05.2486 11/15/2023 0.61%
VISTRA ENERGY TLB1 L+200 04.4986 08/04/2023 0.61%
BMC TLB L+425 06.8510 10/02/2025 0.60%
LPL HOLDINGS INC TLB L+225 04.5296 09/21/2024 0.57%
VICI PROPERTIES TL L+200 04.4906 12/22/2024 0.57%
ROCKET SOFTWARE TLB L+425 06.7452 11/20/2025 0.56%
AIR METHODS TLB L+350 06.1010 04/21/2024 0.55%
AMERICAN TRAFFIC SOLUT L+375 06.2486 03/01/2025 0.55%
FILTRATION GROUP TLB L+300 05.4986 03/29/2025 0.55%
LIFEPOINT TLB L+450 06.9818 11/16/2025 0.55%
TALBOTS TLB L+700 09.4986 11/28/2022 0.55%
TRAVELPORT TLB L+250 05.1838 03/16/2025 0.55%
ADT/PRIME SECURITY TLB L+275 05.2486 05/02/2022 0.54%
BASS PRO TLB L+500 07.5224 09/25/2024 0.54%
BUILDERS FIRSTSOURCE L+300 05.6010 02/29/2024 0.54%
FRONTIER COMMUNICAT L+375 06.2500 06/15/2024 0.54%
GRIFOLS TLB L+225 04.6595 01/31/2025 0.54%
NOVOLEX TL L+325 05.8761 06/22/2025 0.54%
SOLENIS 1STL L+400 06.6289 06/26/2025 0.54%
TTM TECH INC TL L+250 04.9892 09/28/2024 0.54%
ABC SUPPLY TLB L+200 04.4986 10/31/2023 0.53%
ALTRA INDUSTIAL TLB L+200 04.4986 10/01/2025 0.53%
DIVERSEY TL L+300 05.7444 09/06/2024 0.53%
TRANSDIGM INC TLE 04.9986 05/30/2025 0.53%
YUM BRANDS TLB L+175 04.2314 04/03/2025 0.53%
LIONS GATE TLB L+225 04.7486 03/24/2025 0.52%
BEACON ROOFING TLB L+225 04.7489 01/02/2025 0.50%
BOYD GAMING TLB L+225 04.6576 09/15/2023 0.50%
JACK OHIO FIN LLC/FI P/P 144A 06.7500 11/15/2021 0.50%
TMS INTL TLB L+275 05.4003 08/14/2024 0.50%
CERIDIAN TLB L+325 05.7430 04/30/2025 0.49%
CHARTER COMM TLB L+200 04.5000 04/30/2025 0.49%
MEREDITH TLB L+275 05.2486 01/31/2025 0.49%
RACKSPACE HOSTING INC L+300 05.7375 11/03/2023 0.49%
TOWNSQUARE TLB L+300 05.4986 04/01/2022 0.49%
WELBILT TLB L+250 04.9930 10/23/2025 0.48%
DIAMOND RESORTS TLB L+375 06.2489 09/02/2023 0.47%
CHUCK E CHEESE'S TLB L+325 05.7486 02/14/2021 0.46%
DUN & BRADSTREET TLB L+500 07.4791 02/08/2026 0.46%
JC PENNEY TLB L+425 06.8789 06/23/2023 0.46%
VIRGIN MEDIA BRISTOL L+250 04.9551 01/15/2026 0.46%
PQ CORP TLB L+250 05.2444 02/08/2025 0.44%
TRANSDIGM INC TLF L+250 04.9986 06/09/2023 0.44%
ASURION 2NDL L+650 08.9986 08/04/2025 0.43%
ASURION TLB6 L+300 05.4986 11/03/2023 0.43%
KEANE GROUP TLB L+375 06.3125 05/25/2025 0.43%
ORYX TLB L+325 05.7486 02/28/2025 0.43%
TRIDENT TPI HLDG INC L+325 05.7486 10/05/2024 0.43%
CAPITAL AUTO 2NDL L+600 08.5000 03/24/2025 0.42%
IRON MOUNTAIN TLB L+175 04.2430 01/02/2026 0.42%
ATLANTIC BROADBAND TLB L+238 04.8736 01/04/2025 0.41%
FORMULA ONE TLB L+250 04.9986 02/01/2024 0.41%
TEVA PHARMACEUTICALS NE USD 02.2000 07/21/2021 0.41%
THERMON TLB L+375 06.2392 10/30/2024 0.41%
EXTENDED STAY TLB L+200 04.4986 08/30/2023 0.40%
PPD TL L+250 04.9989 08/18/2022 0.39%
REYNOLDS GROUP TL L+300 05.2486 02/05/2023 0.39%
EAGLECLAW MID TL L+425 06.8789 06/30/2024 0.38%
MURRAY ENERGY TLB2 L+725 09.8780 04/17/2020 0.38%
ALBERTSON'S TLB7 L+300 05.4986 11/16/2025 0.37%
CHARTER COMM OPT LLC/CAP 04.3863 02/01/2024 0.37%
COMMSCOPE TLB2 L+325 04.2500 02/07/2026 0.37%
ELDORADO RESORTS TLB L+225 04.8750 04/17/2024 0.37%
EQUITRANS TLB L+450 07.0000 01/31/2024 0.37%
GATES GLOBAL TLB L+275 05.2486 03/31/2024 0.37%
INTELSAT JACKSON TLB4 L+450 07.0019 01/02/2024 0.37%
LOTUS MIDSTREAM TLB L+325 05.8510 09/26/2025 0.37%
MODA MIDSTREAM TLB L+325 05.7430 09/28/2025 0.37%
PENSKE AUTOMOTIVE GROUP 03.7500 08/15/2020 0.37%
TALLGRASS ENERGY TL L+475 07.3658 03/11/2026 0.37%
ALTICE USA TLB L+225 04.7338 01/15/2026 0.36%
BCP RENAISSANCE PARENT L+350 05.8424 10/31/2024 0.36%
CBS RADIO TLB1 L+275 05.0365 11/17/2024 0.36%
FLORA FOOD TLB L+300 05.0573 07/02/2025 0.36%
HORSESHOE BALTIMORE TL L+400 06.4930 07/07/2024 0.36%
RESTAURANT BRANDS TLB L+225 04.7486 02/17/2024 0.36%
STEINWAY MUSIC TLB L+375 06.2601 02/15/2025 0.36%
TRIBUNE MEDIA TLB L+300 05.4986 01/27/2024 0.36%
WESTERN DIGITAL TLB L+175 04.0925 04/29/2023 0.36%
ZEKELMAN TLB L+225 04.8620 06/14/2021 0.36%
ASCEND LEARNING TLB L+300 05.4986 07/12/2024 0.34%
NUMERICABLE TLB12 L+369 06.1426 01/31/2026 0.34%
APERGY TLB L+249 05.0241 05/09/2025 0.33%
CALIFORNIA RESOURCES L+1038 12.8705 12/31/2021 0.33%
CAPITAL AUTO 1STL L+250 05.0000 03/24/2024 0.33%
GATEWAY CASINO TLB L+300 05.8030 03/13/2025 0.33%
JO-ANN STORES 2NDL L+925 11.7272 05/21/2024 0.33%
JO-ANN STORES TL L+500 07.7610 10/16/2023 0.33%
PETSMART INC TLB L+300 05.4900 03/11/2022 0.33%
VIDEOTRON LTD USD 05.0000 07/15/2022 0.33%
ASURION TLB7 L+300 05.4986 11/03/2024 0.32%
NEIMAN MARCUS TL L+325 05.7631 10/25/2020 0.32%
HCA INC 05.8750 05/01/2023 0.31%
ROBERTSHAW TL 2L L+800 10.5000 02/28/2026 0.31%
ROBERTSHAW US HOLDING L+350 06.0000 02/28/2025 0.31%
ZEP INC TLB L+400 06.6010 08/11/2024 0.31%
ACADEMY SPORTS TLB L+400 06.4896 07/02/2022 0.30%
BRIGGS & STRATTON CORPORATION 06.8750 12/15/2020 0.30%
LENNAR CORP 04.7500 11/15/2022 0.30%
MGM RESORTS INTL 06.0000 03/15/2023 0.30%
TENET HEALTHCARE 04.5000 04/01/2021 0.30%
CCO HLDGS LLC/CAP CO P/P 144A 05.1250 05/01/2023 0.29%
KRONOS 2NDL L+825 10.9862 11/01/2024 0.29%
NEWFIELD EXPLORATION CO 05.7500 01/30/2022 0.29%
SS&C TECH TLB3 L+225 04.7430 04/16/2025 0.29%
STEEL DYNAMICS INC 05.2500 04/15/2023 0.29%
WHITING PETROLEUM CORP 05.7500 03/15/2021 0.29%
WPX ENERGY INC 06.0000 01/15/2022 0.29%
LEVEL 3 FINANCING INC 05.1250 05/01/2023 0.28%
PG&E CORP DIP TL L+225 02.2500 12/31/2020 0.28%
CHS/COMMUNITY HEALTH SYS 06.2500 03/31/2023 0.26%
TRAVERSE TLB L+400 06.6000 09/27/2024 0.26%
CIT GROUP INC 05.0000 08/01/2023 0.25%
MICROCHIP TECH TLB L+200 04.5000 05/29/2025 0.25%
ANTERO RESOURCES COR 05.6250 06/01/2023 0.24%
VISTRA TLB2 L+225 04.7486 12/14/2023 0.23%
BAUSCH HLTH COS INC P/P 144A 06.5000 03/15/2022 0.22%
GREAT LAKES D&D 08.0000 05/15/2022 0.22%
J. CREW GROUP TL L+322 05.9666 03/05/2021 0.21%
SS&C TECH TLB4 L+225 04.7486 04/16/2025 0.21%
BIG RIVER STEEL TLB L+500 07.6010 08/23/2023 0.19%
RANGE RESOURCES CORP 05.7500 06/01/2021 0.19%
ALBERTSON'S LLC TLB5 L+300 05.6088 12/21/2022 0.18%
BLOUNT INTL TLB L+375 06.2486 04/12/2023 0.18%
CHESAPEAKE ENERGY CORP 06.0373 04/15/2019 0.18%
NAVISTAR FIN CORP TLB L+375 06.3125 07/30/2025 0.18%
RIVERS PITTSBURGH LP P/P 144A 06.1250 08/15/2021 0.18%
SABRE GBL TLB L+200 04.4986 02/22/2024 0.18%
SS&C TECH TLB5 L+250 04.7486 04/16/2025 0.18%
SYNIVERSE TL 2L L+900 11.5089 03/11/2024 0.18%
CABLEVISION SYS CORP 08.0000 04/15/2020 0.17%
COMMSCOPE TLB5 L+200 04.4930 12/29/2022 0.15%
LEVEL 3 TLB L+225 04.7355 02/22/2024 0.15%
NETFLIX INC 05.5000 02/15/2022 0.14%
VISTRA ENERGY TLB3 L+200 04.4863 12/01/2025 0.14%
REVLON CONS TLB L+350 06.1289 09/07/2023 0.12%
FRAC TECH INTL TLB L+475 07.2430 04/16/2021 0.11%
SOLERA LLC / SOLERA P/P 144A 10.5000 03/01/2024 0.10%
AIR MEDICAL TLB L+425 06.7355 03/14/2025 0.09%
PG&E CORP DIP DD L+225 04.9944 12/31/2020 0.09%
INFOR SOFTWARE P/P 144A 07.1250 05/01/2021 0.08%
TRIBUNE CLASS 1C LITIGAT 0.07%
ASCENT RESOURCES TLB L+650 08.9927 03/30/2023 0.06%
CHC GRP LLC/FIN P/P USD 00.0000 10/01/2020 0.03%
TXU TCEH RIGHTS 0.01%
AVAYA HOLDINGS CORP 0.00%
AVAYA INC ESCROW P/P 144A 07.0000 04/01/2020 0.00%
CHC GROUP LLC P/P 0.00%
COMMUNITY HEALTH TLH L+325 05.8789 01/27/2021 0.00%

Prior top 10 holdings

Top 10 holdings as of 04/30/19
Altice USA
Asurion
Travelport Worldwide
Charter Communications
Centurylink
Refinitiv
Kronos Inc
Altice Numericable
Mgm Resorts International
Vistra Energy
Holdings represent 11.42% of portfolio
Top 10 holdings as of 03/31/19
Cequel Communications
Asurion
Travelport Worldwide
Charter Communications
Centurylink
Refinitiv
Kronos Inc
Intelsat
California Resources
Altice Numericable
Holdings represent 11.20% of portfolio
Top 10 holdings as of 02/28/19
Cequel Communications
Asurion
Centurylink
Charter Communications
Refinitiv
Kronos Inc
Intelsat
California Resources
Altice Numericable
Mgm Resorts International
Holdings represent 10.87% of portfolio
Top 10 holdings as of 01/31/19
Cequel Communications
Asurion
Transdigm
Charter Communications
Centurylink
Scientific Games
Refinitiv
Kronos Inc
Solera Holdings Inc
Intelsat
Holdings represent 9.94% of portfolio

Fixed income statistics as of 04/30/19

Average effective maturity 4.79 yrs.
Average effective duration 0.19 yrs.
Average yield to maturity 5.53%
Average coupon 5.42%
Average price $99.29

Sector weightings as of 04/30/19

  Cash investments Non-cash investments Total portfolio
  Weight Spread duration Weight Spread duration Weight Spread duration
Bank loans 87.37% 3.73 0.00% 0.00 87.37% 3.73
High-yield corporate bonds 5.74% 0.11 0.00% 0.00 5.74% 0.11
Investment-grade corporate bonds 1.81% 0.06 0.00% 0.00 1.81% 0.06
Emerging-market bonds 0.42% 0.01 0.00% 0.00 0.42% 0.01
Equity investments 0.09% 0.00 0.00% 0.00 0.09% 0.00
Convertible securities 0.03% 0.00 0.00% 0.00 0.03% 0.00
Net cash 4.54% 0.00 0.00% 0.00 4.54% 0.00

Spread duration is displayed in years and reflects the contribution by sector to the portfolio's total spread duration with the exception of the Treasury and Interest-rate swap sectors where effective duration is displayed. Spread duration estimates the price sensitivity of a specific sector or asset class to a 100 basis-point movement, 1%, (either widening or narrowing) in its yield spread relative to Treasuries. Effective duration provides a measure of a portfolio's interest-rate sensitivity. The longer a portfolio's duration, the more sensitive the portfolio is to shifts in the interest rates. Allocations may not total 100% of net assets because the table includes the notional value of derivatives (the economic value for purposes of calculating periodic payment obligations), in addition to the market value of securities.

Maturity detail as of 04/30/19

0 - 1 yr. 7.01%
1 - 5 yrs. 36.27%
5 - 10 yrs. 56.72%

Quality rating as of 04/30/19

BBB 7.97%
BB 39.82%
B 44.32%
CCC and Below 3.18%
Not Rated 0.17%
Net cash 4.54%

Fund characteristics will vary over time.

Due to rounding, percentages may not equal 100%.

Consider these risks before investing: The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, and factors related to a specific issuer, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. Lower-rated bonds may offer higher yields in return for more risk.  Bond investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Interest-rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds. Unlike bonds, funds that invest in bonds have fees and expenses. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. Floating-rate loans may reduce, but not eliminate, interest-rate risk. These loans are typically secured by specific collateral or assets of the issuer (so that holders of the loan, such as the fund, have a priority claim on those assets in the event of the issuer’s default or bankruptcy). The value of collateral may be insufficient to meet the issuer’s obligations, and the fund’s access to collateral may be limited by bankruptcy or other insolvency laws. You can lose money by investing in the fund.

Credit qualities are shown as a percentage of the fund's net assets. A bond rated BBB or higher (A-3 or higher, for short-term debt) is considered investment grade. This chart reflects the highest security rating provided by one or more of Standard & Poor’s, Moody’s, and Fitch. Ratings and portfolio credit quality will vary over time. Net cash, if any, represent the market value weights of cash, derivatives, and short-term securities in the portfolio. The fund itself has not been rated by an independent rating agency.

Top industry sectors as of 04/30/19

Consumer cyclicals 25.25%
Technology 10.37%
Communication services 10.01%
Health care 9.82%
Basic materials 9.27%
Capital goods 8.74%
Consumer staples 7.21%
Financials 6.53%
Energy 6.08%
 
Other
6.72%
Net Cash 4.54%
Utilities 2.18%

Allocations may not total 100% of net assets because the table includes the notional value of certain derivatives (the economic value for purposes of calculating periodic payment obligations), in addition to the market value of securities.

Sectors will vary over time.

Country allocation as of 04/30/19

United States 98.61%
Luxembourg 0.64%
Israel 0.42%
Canada 0.33%

Expenses

Expense ratio

Class A Class B Class C Class M Class R Class R6 Class Y
Total expense ratio 1.02% 1.22% 1.77% 1.07% 1.27% 0.68% 0.77%
What you pay 1.02% 1.22% 1.77% 1.07% 1.27% 0.68% 0.77%

Sales charge

Investment Breakpoint Class A Class B Class C Class M Class R Class R6 Class Y
$0-$49,999 2.25% 0.00% 0.00% 0.75% -- -- --
$50,000-$99,999 2.25% 0.00% 0.00% 0.75% -- -- --
$100,000-$249,999 1.75% -- 0.00% 0.75% -- -- --
$250,000-$499,999 1.25% -- 0.00% 0.75% -- -- --
$500,000-$999,999 0.00% -- -- -- -- -- --
$1M-$4M 0.00% -- -- -- -- -- --
$4M-$50M 0.00% -- -- -- -- -- --
$50M+ 0.00% -- -- -- -- -- --

CDSC

  Class A (sales for $500,000+) Class B Class C Class M Class R Class R6 Class Y
0 to 9 mts. 1.00% 1.00% 1.00% -- -- -- --
9 to 12 mts. 1.00% 1.00% 1.00% -- -- -- --
2 yrs. 0.00% 0.50% 0.00% -- -- -- --
3 yrs. 0.00% -- 0.00% -- -- -- --
4 yrs. 0.00% -- 0.00% -- -- -- --
5 yrs. 0.00% -- 0.00% -- -- -- --
6 yrs. 0.00% -- 0.00% -- -- -- --
7+ yrs. 0.00% -- 0.00% -- -- -- --

The S&P/LSTA Leveraged Loan Index is an unmanaged index of U.S. leveraged loans. The Barclays U.S. High Yield Loan Index is an unmanaged index that provides broad and comprehensive total return metrics of the universe of U.S. dollar denominated, syndicated term loans.You cannot invest directly in an index.

Consider these risks before investing: The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, and factors related to a specific issuer, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. Lower-rated bonds may offer higher yields in return for more risk.  Bond investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Interest-rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds. Unlike bonds, funds that invest in bonds have fees and expenses. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. Floating-rate loans may reduce, but not eliminate, interest-rate risk. These loans are typically secured by specific collateral or assets of the issuer (so that holders of the loan, such as the fund, have a priority claim on those assets in the event of the issuer’s default or bankruptcy). The value of collateral may be insufficient to meet the issuer’s obligations, and the fund’s access to collateral may be limited by bankruptcy or other insolvency laws. You can lose money by investing in the fund.

Credit qualities are shown as a percentage of the fund's net assets. A bond rated BBB or higher (A-3 or higher, for short-term debt) is considered investment grade. This chart reflects the highest security rating provided by one or more of Standard & Poor’s, Moody’s, and Fitch. Ratings and portfolio credit quality will vary over time. Net cash, if any, represent the market value weights of cash, derivatives, and short-term securities in the portfolio. The fund itself has not been rated by an independent rating agency.