Floating Rate Income Fund (PFLRX)
An income fund that can benefit from higher interest rates
Paul D. Scanlon, CFA
(investing since 1986)
Summary
Fund price |
Yesterday's close | 52-week high | 52-week low |
|---|---|---|---|
| Net asset value |
$8.96
-0.11% ( $-0.01 ) |
$9.04
(05/13/13) |
$8.88
(06/27/13) |
Management team
- Paul D. Scanlon, CFA® (Investing since 1986)
- Norman P. Boucher (Investing since 1985)
- Robert L. Salvin (Investing since 1986)
Strategy and process
- Floating-rate bank loans: The fund invests in bank loans with yields that are set at a margin above short-term interest rates and adjust when rates change.
- Protection from 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 manager commentary
Volatility remains low in bank-loan market
Paul Scanlon, Co-Head of Fixed Income, explains how floating rate bonds have a lower sensitivity to interest rates.
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. To obtain the most recent month-end performance, visit putnam.com.
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 Absolute Return 500 Fund and 700 Fund, and 4.00% and 3.25% for income funds (1.00% and 0.75% for Putnam Floating Rate Income Fund, Putnam Absolute Return 100 Fund and 300 Fund, and Putnam Short-Term Municipal Income 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, Putnam Absolute Return 100 Fund and 300 Fund, and Putnam Short-Term Municipal Income Fund, which is 1% in the first year, declining to 0.5% in the second 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, R, T, 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). 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, M, and T shares of Putnam money market funds have no initial sales charge. For a portion of the period, some funds had expenses limitations or had been sold on a limited basis with limited assets and expenses, without which returns would be lower.
Performance
Total return (%) as of 03/31/14
| Annualized performance | 1 yr. | 3 yrs. | 5 yrs. | Life (inception: 08/04/04 ) |
|---|---|---|---|---|
| Before sales charge | 3.89% | 5.06% | 10.54% | 3.93% |
| After sales charge | 2.85% | 4.71% | 10.32% | 3.82% |
| Barclays U.S. High Yield Loan Index | 4.26% | 5.03% | 12.65% | -- |
| S&P/LSTA Leveraged Loan Index | 4.35% | 5.01% | 12.53% | -- |
| Cumulative performance | 1 yr. | 3 yrs. | 5 yrs. | Life |
|---|---|---|---|---|
| Before sales charge | 3.89% | 15.95% | 65.06% | 45.14% |
| After sales charge | 2.85% | 14.79% | 63.41% | 43.69% |
Annual performance as of 03/31/14
| 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|
| Before sales charge | 4.20% | 5.93% | 1.69% | -29.63% | 41.52% | 8.65% | 1.41% | 9.74% | 5.40% |
| Barclays U.S. High Yield Loan Index | -- | 7.05% | 2.12% | -29.47% | 53.84% | 9.71% | 1.06% | 10.23% | 5.39% |
| S&P/LSTA Leveraged Loan Index | 5.08% | 6.77% | 2.02% | -29.11% | 51.61% | 10.17% | 1.52% | 9.66% | 5.29% |
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. To obtain the most recent month-end performance, visit putnam.com.
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 Absolute Return 500 Fund and 700 Fund, and 4.00% and 3.25% for income funds (1.00% and 0.75% for Putnam Floating Rate Income Fund, Putnam Absolute Return 100 Fund and 300 Fund, and Putnam Short-Term Municipal Income 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, Putnam Absolute Return 100 Fund and 300 Fund, and Putnam Short-Term Municipal Income Fund, which is 1% in the first year, declining to 0.5% in the second 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, R, T, 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). 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, M, and T shares of Putnam money market funds have no initial sales charge. For a portion of the period, some funds had expenses limitations or had been sold on a limited basis with limited assets and expenses, without which returns would be lower.
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.
For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each 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. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics. Data is historical. Past performance is no guarantee of future results.
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 03/31/14
| Clear Channel Tld L+675 06.9025 01/31/2019 | 1.07% |
|
|---|---|---|
| First Data Corp Ext L+400 04.1545 03/24/2018 | 0.96% |
|
| Community Health Tld L+325 04.2500 01/27/2021 | 0.93% |
|
| Hj Heinz Tlb2 L+250 03.5000 03/27/2020 | 0.91% |
|
| Caesars Ent Oper Tlb6 L+525 05.4886 01/28/2018 | 0.90% |
|
| Grifols Tlb L+300 03.2357 03/07/2021 | 0.84% |
|
| Neiman Marcus Tl L+325 04.2500 10/18/2020 | 0.82% |
|
| Springleaf Fin Tlb2 L+350 04.7500 09/17/2019 | 0.80% |
|
| Multiplan Tlb L+300 04.0000 03/21/2021 | 0.77% |
|
| Dell Tlb L+350 04.5000 03/24/2020 | 0.75% |
|
| Top 10 holdings, percent of portfolio | 8.75% |
|
Full portfolio holdings as of 12/31/13
| CLEAR CHANNEL TLD L+675 06.9190 01/31/2019 | 1.06 % |
|---|---|
| FIRST DATA CORP EXT L+400 04.1640 03/24/2018 | 0.97 % |
| HJ HEINZ TLB2 L+250 03.5000 03/27/2020 | 0.93 % |
| CAESARS ENT OPER TLB6 L+525 05.4883 01/28/2018 | 0.91 % |
| TRIBUNE TLB L+300 04.0000 11/20/2020 | 0.89 % |
| NEIMAN MARCUS TL L+400 05.0000 10/18/2020 | 0.83 % |
| SPRINGLEAF FIN TLB2 L+350 04.7500 09/17/2019 | 0.82 % |
| HILTON WORLDWIDE TLB L+275 03.7500 09/23/2020 | 0.75 % |
| QUINTILES TRANS TLB3 L+250 03.7500 06/01/2018 | 0.73 % |
| ARDAGH GROUP TLB L+325 04.2500 12/09/2019 | 0.72 % |
| KINETIC CONCEPTS TLD1 L+350 04.5000 05/04/2018 | 0.72 % |
| REALOGY CORP TLB L+350 04.5000 02/12/2020 | 0.72 % |
| ADS WASTE TLB L+300 04.2500 10/09/2019 | 0.71 % |
| WORLD KITCHEN TL L+425 05.5000 03/04/2019 | 0.70 % |
| AVAYA INC TL B3-EXT 04.5000 10/26/2017 | 0.69 % |
| INEOS GRP TL L+300 04.0000 05/04/2018 | 0.69 % |
| GETTY IMAGES TLB L+350 04.7500 10/18/2019 | 0.68 % |
| HAMILTON SUNDSTRAND TL L+300 04.0000 12/13/2019 | 0.66 % |
| TRAVELPORT LLC 1STL L+500 06.2500 06/21/2019 | 0.66 % |
| SRAM LLC TLB L+298 04.0255 03/12/2020 | 0.65 % |
| CITYCENTER TLB L+400 05.0000 09/30/2020 | 0.64 % |
| TRONOX INC TLB L+350 04.5000 02/26/2020 | 0.63 % |
| HUB INTL TLB L+375 04.7500 09/06/2020 | 0.62 % |
| TEXAS COMP ELEC TL EXT L+450 04.7304 10/10/2017 | 0.62 % |
| TRANSDIGM TLC L+300 03.7500 02/07/2020 | 0.61 % |
| ASURION TLB1 L+325 04.5000 05/24/2019 | 0.60 % |
| CROWN CASTLE TLB L+250 03.2500 01/31/2019 | 0.60 % |
| DELL INC TLB L+350 04.5000 03/24/2020 | 0.57 % |
| EXOPACK LLC TLB L+425 05.2500 04/24/2019 | 0.57 % |
| CHARTER COMM TLE L+225 03.0000 03/08/2020 | 0.56 % |
| NRG ENERGY TLB L+200 02.7500 07/01/2018 | 0.56 % |
| TERVITA CORP TLB L+500 06.2500 01/24/2018 | 0.56 % |
| HUDSON'S BAY 1STL L+375 04.7500 10/07/2020 | 0.54 % |
| ZAYO GROUP TLB L+300 04.0000 07/02/2019 | 0.54 % |
| EXCO RESOURCES TLB L+400 05.0000 08/01/2019 | 0.52 % |
| LIVINGSTON INTL 1STL L+375 05.0000 04/18/2019 | 0.52 % |
| AKORN INC TLB L+350 04.5000 08/27/2020 | 0.51 % |
| ALTISOURCE SOL TLB L+350 04.5000 11/27/2020 | 0.51 % |
| BMC SOFTWARE TL L+400 05.0000 05/22/2020 | 0.51 % |
| GENERAC POWER TLB L+275 03.5000 05/01/2020 | 0.51 % |
| IASIS HEALTHCARE TLB L+325 04.5000 05/03/2018 | 0.51 % |
| LANDRY'S TLB L+300 04.0000 04/24/2018 | 0.51 % |
| LESLIE'S POOLMART TLB L+325 04.2500 10/16/2019 | 0.51 % |
| MGM RESORTS TLB L+250 03.5000 12/20/2019 | 0.51 % |
| REVLON CONS TLB L+300 04.0000 11/19/2017 | 0.51 % |
| RITE AID 1STL L+300 04.0000 01/31/2020 | 0.51 % |
| SALIX PHARMA TL L+325 04.2500 11/07/2019 | 0.51 % |
| TMS INTL TLB L+350 04.5000 08/23/2020 | 0.51 % |
| VIRGIN MEDIA TLB L+275 03.5000 02/06/2020 | 0.51 % |
| WALTER INVEST TLB L+375 04.7500 12/13/2020 | 0.48 % |
| CONVATEC TLB L+300 04.0000 12/22/2016 | 0.47 % |
| DEL MONTE CORP TLB L+300 04.0000 03/08/2018 | 0.47 % |
| FMG RESOURCES TLB L+325 04.2500 06/30/2019 | 0.47 % |
| CERIDIAN CORP TLB L+425 04.4146 05/09/2017 | 0.46 % |
| LIGHTOWER TLB L+350 04.5000 03/15/2020 | 0.46 % |
| STATION CASINOS TLB L+400 05.0000 02/13/2020 | 0.46 % |
| TEMPUR-PEDIC TLB L+275 03.5000 12/12/2019 | 0.46 % |
| FRAC TECH INTL TLB L+700 08.5000 04/19/2016 | 0.45 % |
| FREESCALE SEMICO TLB4 L+375 05.0000 01/30/2020 | 0.44 % |
| JC PENNEY TL L+500 06.0000 05/01/2018 | 0.44 % |
| NUVEEN INVESTMENTS 1ST L+400 04.1670 05/13/2017 | 0.44 % |
| ARDENT HEALTH 1STL L+525 06.7500 05/02/2018 | 0.43 % |
| EMERGENCY MEDICAL TLB L+300 04.0000 05/25/2018 | 0.43 % |
| INFOR US INC TLB2 L+400 05.2500 04/05/2018 | 0.43 % |
| INTERACTIVE DATA TLB L+275 03.7500 02/11/2018 | 0.43 % |
| EP ENERGY TLB3 L+275 03.5000 04/24/2018 | 0.42 % |
| SABRE INC TLB L+400 05.2500 02/01/2019 | 0.42 % |
| WEATHER COMPANY 2NDL L+600 07.0000 12/04/2020 | 0.42 % |
| ACADEMY LTD TLB L+300 04.5000 08/03/2018 | 0.41 % |
| ALLIANT TECHSYSTEMS TL L+275 03.5000 10/22/2020 | 0.41 % |
| APPVION 1STL L+450 05.7500 06/04/2019 | 0.41 % |
| CINCINNATI BELL TLB L+300 04.0000 08/09/2020 | 0.41 % |
| CPG INTL TLB L+375 04.7500 09/30/2020 | 0.41 % |
| DAYCO PRODUCTS TLB L+425 05.2500 11/12/2020 | 0.41 % |
| DUPONT PERF COAT TLB L+350 04.7500 01/03/2020 | 0.41 % |
| FIELDWOOD ENERGY 1STL L+288 03.8750 09/25/2018 | 0.41 % |
| FREESCALE SEMICO TLB5 L+375 05.0000 01/15/2021 | 0.41 % |
| GARDA WORLD TLB (USD) L+300 04.0000 11/01/2020 | 0.41 % |
| HCA INC TLB4 L+275 03.2500 05/01/2018 | 0.41 % |
| HOLOGIC INC L+275 03.7500 08/01/2019 | 0.41 % |
| LEVEL 3 COMMUNICA TLB1 L+300 04.0000 01/15/2020 | 0.41 % |
| MICHAELS STORES TLB L+275 03.7500 01/16/2020 | 0.41 % |
| ROOFING SUPPLY TLB L+375 05.0000 05/31/2019 | 0.41 % |
| SABRE INC TLB2 L+350 04.5000 02/19/2019 | 0.41 % |
| SINCLAIR BROADCAS TLB L+225 03.0000 04/09/2020 | 0.41 % |
| US FOODS TL L+350 04.5000 03/31/2019 | 0.41 % |
| USI INSURANCE TLB L+375 05.0000 12/14/2019 | 0.41 % |
| WIDE OPEN WEST TLB L+375 04.7500 03/27/2019 | 0.41 % |
| PAR PHARMACEUTICAL TLB L+325 04.2500 09/28/2019 | 0.40 % |
| SPECTRUM BRANDS 4YRTL L+225 03.0000 08/06/2017 | 0.40 % |
| BIOMET INC TLB2 L+350 03.7500 07/25/2017 | 0.39 % |
| ROC FINANCE TL L+375 05.0000 03/15/2019 | 0.39 % |
| YONKERS RACING 1STL L+325 04.2500 07/22/2019 | 0.39 % |
| GATEWAY CASINO TLB L+425 05.2500 11/04/2019 | 0.38 % |
| PENN NATL TLB L+250 03.2500 10/21/2020 | 0.38 % |
| TELESAT CANADA TLB2 L+275 03.5000 03/28/2019 | 0.38 % |
| VANTAGE DRILLING TLB L+400 05.0000 10/25/2017 | 0.38 % |
| ALCATEL-LUCENT TLC L+475 05.7500 01/30/2019 | 0.36 % |
| ENERGY TRANSFER EQ TL L+250 03.2500 11/04/2019 | 0.36 % |
| GARDNER DENVER TL L+325 04.2500 03/08/2020 | 0.36 % |
| HMA TLB L+275 03.5000 11/18/2018 | 0.36 % |
| MEG ENERGY TLB L+275 03.7500 03/18/2020 | 0.36 % |
| NAVISTAR TLB L+450 05.7500 08/17/2017 | 0.36 % |
| OCWEN TLB L+375 L+375 05.0000 01/15/2018 | 0.36 % |
| TRIBUNE TLB-EXIT L+300 04.0000 11/28/2019 | 0.36 % |
| ALLISON TRAN TLB3 L+275 03.7500 08/23/2019 | 0.35 % |
| EPICOR SOFTWARE TLB L+325 04.5000 05/16/2018 | 0.35 % |
| MULTIPLAN INC TLB L+300 04.0000 08/18/2017 | 0.35 % |
| NUVEEN INVESTMENTS 2ND L+525 06.5000 02/28/2019 | 0.35 % |
| TRAVELPORT TL1 2NDL L+800 09.5000 01/31/2016 | 0.32 % |
| AIR MEDICAL TLB L+525 06.5000 05/26/2018 | 0.31 % |
| AMERICAN CASINO 1ST L+475 06.0000 06/11/2020 | 0.31 % |
| BALLY TECH TLB L+325 04.2500 08/20/2020 | 0.31 % |
| BEECHCRAFT TLB L+450 05.7500 02/15/2020 | 0.31 % |
| BURLINGTON COAT TLB2 L+325 04.2500 02/23/2017 | 0.31 % |
| BWAY HOLDING TLB L+325 04.5000 08/31/2017 | 0.31 % |
| CALPINE CORP TLB3 L+300 04.0000 10/09/2019 | 0.31 % |
| DEL MONTE 1STL L+325 04.2500 11/26/2020 | 0.31 % |
| DEMATIC TL L+400 05.2500 11/30/2019 | 0.31 % |
| HD SUPPLY TLB L+325 04.5000 10/12/2017 | 0.31 % |
| IMS HEALTH INC TLB L+275 03.7500 08/26/2017 | 0.31 % |
| JARDEN CORP TLB1 L+275 02.9190 09/30/2020 | 0.31 % |
| LIONS GATE 2NDL L+400 05.0000 07/09/2020 | 0.31 % |
| MACDERMID INC 1STL L+300 04.0000 06/30/2020 | 0.31 % |
| ORBITZ WORLDWIDE TLC L+475 05.7500 03/25/2019 | 0.31 % |
| PINNACLE ENTER TLB2 L+275 03.7500 08/05/2020 | 0.31 % |
| PINNACLE FOODS TLG L+250 03.2500 04/11/2020 | 0.31 % |
| PQ CORP TLB L+350 04.5000 08/07/2017 | 0.31 % |
| REYNOLDS GROUP TLB L+300 04.0000 12/31/2018 | 0.31 % |
| SAMSON INVEST 2NDL L+475 06.0000 09/15/2018 | 0.31 % |
| STARWOOD PROP TL L+275 03.5000 04/11/2020 | 0.31 % |
| STEINWAY MUSIC 1STL L+375 04.7500 09/11/2019 | 0.31 % |
| SUNGARD DATA TLE L+300 04.0000 02/20/2020 | 0.31 % |
| SURGICAL CARE TLB-DD L+325 04.2500 06/01/2018 | 0.31 % |
| SWIFT TRANS TLB2 L+300 04.0000 12/21/2017 | 0.31 % |
| UNIVISION COMM TLC1 L+325 04.5000 02/06/2020 | 0.31 % |
| VAN WAGNER TLB L+500 06.2500 08/03/2018 | 0.31 % |
| ALLIANT INSURANCE TLB L+375 05.0000 11/26/2019 | 0.30 % |
| CHS/COMMUNITY HEALTH SYS 05.1250 08/15/2018 | 0.30 % |
| CSC HOLDINGS TLB L+250 02.6690 04/09/2020 | 0.30 % |
| ISTAR FINANCIAL TL L+350 04.5000 10/15/2017 | 0.30 % |
| MOTOR CITY TLB L+375 05.0000 03/01/2017 | 0.30 % |
| NEXEO SOLUTIONS TLB L+350 05.0000 09/30/2017 | 0.30 % |
| PETCO ANIMAL SUPP TL L+300 04.0000 11/24/2017 | 0.30 % |
| WINDSTREAM CORP TLB4 L+275 03.5000 01/08/2020 | 0.30 % |
| AFFINION GROUP TL L+350 05.0000 10/09/2016 | 0.29 % |
| INTELSAT JACKSON TLB2 L+275 03.7500 06/30/2019 | 0.29 % |
| PENINSULA GAMING TLB L+325 04.2500 11/20/2017 | 0.29 % |
| SPROUTS FARM TL L+300 04.0000 04/12/2020 | 0.29 % |
| SUN PRODUCTS TLB L+425 05.5000 03/06/2020 | 0.29 % |
| SHELF DRILL MIDCO TL L+900 10.0000 10/08/2018 | 0.28 % |
| SPRINT COMMUNICATIONS INC. 08.3750 08/15/2017 | 0.27 % |
| ALCATEL-LUCENT TLC L+350 04.5000 01/30/2019 | 0.26 % |
| AVAYA TLB5 L+675 08.0000 03/31/2018 | 0.26 % |
| BASS PRO TLB L+300 03.7500 11/20/2019 | 0.26 % |
| DARLING INTL TLB L+250 03.2500 01/01/2021 | 0.26 % |
| FIELDWOOD ENERGY 2NDL L+713 08.3750 09/30/2020 | 0.26 % |
| REVLON CONS TLB L+300 04.0000 08/19/2019 | 0.26 % |
| UNITED SURGICAL INC TL L+375 04.7500 02/04/2019 | 0.26 % |
| AIR MEDICAL TL 07.6250 05/20/2018 | 0.25 % |
| BJ'S WHOLESALE 2NDL L+750 08.5000 03/31/2020 | 0.25 % |
| CAD/USD 01/16/2014 UBS | 0.25 % |
| ENTERCOM RADIO TLB L+300 04.0000 11/23/2018 | 0.25 % |
| INTELSAT LUXEMB P/P 144A 06.7500 06/01/2018 | 0.25 % |
| ISS A/S TLB L+275 03.7500 03/04/2018 | 0.25 % |
| PETCO ANIMAL SUP P/P 144A 09.2500 12/01/2018 | 0.25 % |
| PITTSBURGH GLASS P/P 144A 08.0000 11/15/2018 | 0.25 % |
| SYNIVERSE HLDG TL L+300 04.0000 04/23/2019 | 0.25 % |
| VALEANT PHARMA TLE L+375 04.5000 06/01/2020 | 0.25 % |
| AGUILA 3 SA P/P 144A 07.8750 01/31/2018 | 0.24 % |
| CALPINE CONS FIN TLB L+225 03.0000 05/01/2020 | 0.24 % |
| CBAC/HORSESHOE TLB L+700 08.2500 04/16/2020 | 0.24 % |
| FRONTIER COMMUNICATIONS 08.2500 04/15/2017 | 0.24 % |
| L BRANDS INC. 06.9000 07/15/2017 | 0.24 % |
| MONARCH TLB1 L+325 04.5000 09/12/2019 | 0.24 % |
| MTR GAMING GROUP INC 11.5000 08/01/2019 | 0.24 % |
| WPX ENERGY INC 05.2500 01/15/2017 | 0.24 % |
| BEV PCK HD LU/IN P/P 144A 05.6250 12/15/2016 | 0.23 % |
| BLUE BUFFALO TLB L+300 04.0000 08/08/2019 | 0.23 % |
| CAPELLA HEALTHCARE 09.2500 07/01/2017 | 0.23 % |
| CHRYSLER GROUP TLB L+350 04.2500 05/24/2017 | 0.23 % |
| GMAC CAPITAL TRUST I PCT 08.1250 | 0.23 % |
| TEREX CORP TL L+275 03.5000 04/28/2017 | 0.23 % |
| US TELEPACIFIC CORP TL L+450 05.7500 02/10/2017 | 0.23 % |
| VALEANT PHARMA TLC2 L+300 03.7500 12/11/2019 | 0.23 % |
| VALEANT PHARMA TLD2 L+300 03.7500 02/13/2019 | 0.23 % |
| AMERICAN CASINO 2NDL L+1000 11.2500 06/11/2021 | 0.22 % |
| ARCELORMITTAL USD 05.0000 02/25/2017 | 0.22 % |
| DINEEQUITY TLB2 L+275 03.7500 10/19/2017 | 0.22 % |
| PPDI TLB L+300 04.0000 12/05/2018 | 0.22 % |
| ROC FIN LLC/ROC FIN P/P 144A 12.1250 09/01/2018 | 0.22 % |
| SCHAEFFLER FIN BV P/P 144A 07.7500 02/15/2017 | 0.22 % |
| SHERIDAN HOLD 2NDL L+725 08.2500 12/31/2021 | 0.22 % |
| STEINWAY MUSIC 2NDL L+825 09.2500 08/14/2020 | 0.22 % |
| AES CORP TLB L+275 03.7500 06/01/2018 | 0.21 % |
| ALLY FINANCIAL INC 03.5000 07/18/2016 | 0.21 % |
| CAPITAL AUTO 2NDL L+500 06.0000 04/16/2020 | 0.21 % |
| CHROMAFLO TECH 2NDL L+725 08.2500 05/01/2020 | 0.21 % |
| DIGICEL LIMITED P/P 144A 08.2500 09/01/2017 | 0.21 % |
| FILTRATION GROUP 1STL L+350 04.5000 11/15/2020 | 0.21 % |
| GOLDEN NUGGET TLB L+450 05.5000 10/21/2019 | 0.21 % |
| GUGGENHEIM TLB L+325 04.2500 07/09/2020 | 0.21 % |
| HCA INC TLB5 L+275 02.9190 03/31/2017 | 0.21 % |
| HOME LOAN SERV TLB L+350 04.5000 06/11/2020 | 0.21 % |
| HUNTSMAN INTL L 08.6250 03/15/2021 | 0.21 % |
| LEAP WIRELESS TLC L+350 04.7500 02/22/2020 | 0.21 % |
| OPE USIC HLD 1STL L+375 04.7500 07/26/2020 | 0.21 % |
| PACIFIC DRILLING TLB L+350 04.5000 05/20/2018 | 0.21 % |
| QUIKRETE CO 2NDL L+600 07.0000 08/26/2021 | 0.21 % |
| RITE AID 2NDL L+387.5 04.8750 06/07/2021 | 0.21 % |
| THE AES CORPORATION 08.0000 10/15/2017 | 0.21 % |
| WARNER MUSIC TL L+275 03.7500 05/18/2020 | 0.21 % |
| YONKERS RACING 2NDL L+750 08.7500 07/22/2020 | 0.21 % |
| ALLISON TRANS TLB3 L+275 03.7500 08/23/2019 | 0.20 % |
| AMC ENTMNT TLB L+275 03.5000 04/23/2020 | 0.20 % |
| ATLANTIC BROAD TLB L+250 03.2500 11/30/2019 | 0.20 % |
| BANCO SANT CHILE P/P 144A 02.1166 06/07/2018 | 0.20 % |
| BERRY PLASTICS TLE L+275 03.7500 12/18/2020 | 0.20 % |
| CHROMAFLO TECH 1STL L+350 04.5000 11/01/2019 | 0.20 % |
| CONSTELLATION BRND TLB L+200 02.7500 05/01/2020 | 0.20 % |
| HERTZ CORP TLB L+225 03.0000 03/11/2018 | 0.20 % |
| INFOR US INC TLB L+275 03.7500 05/16/2020 | 0.20 % |
| RITE AID 2NDL L+475 05.7500 08/01/2020 | 0.20 % |
| STARWOOD PROP ADD-ON L+275 03.5000 04/19/2020 | 0.20 % |
| TAMINCO GLOBAL TLB2 L+325 04.2500 02/15/2019 | 0.20 % |
| AOT BEDDING TLB L+325 04.2500 10/01/2019 | 0.19 % |
| DYNEGY INC TLB2 L+300 04.0000 04/16/2020 | 0.19 % |
| HEXION FIN/ESCRO 08.8750 02/01/2018 | 0.19 % |
| JO-ANN STORES TLB L+300 04.0000 03/18/2018 | 0.19 % |
| NATIONSTAR MORT/CAP CORP 06.5000 08/01/2018 | 0.19 % |
| SIX FLAGS TLB L+275 04.0000 12/31/2018 | 0.19 % |
| SYNIVERSE HLDG TLB L+300 04.0000 04/23/2019 | 0.19 % |
| NGPL PIPECO TLB L+550 06.7500 09/15/2017 | 0.18 % |
| NRG ENERGY INC 07.6250 01/15/2018 | 0.18 % |
| QUICKSILVER RES 2NDL L+575 07.0000 05/23/2019 | 0.18 % |
| ASURION TL L+950 11.0000 09/02/2019 | 0.17 % |
| E*TRADE FINANCIAL CORP 06.7500 06/01/2016 | 0.17 % |
| CEMEX SAB DE CV P/P 144A 04.9989 10/15/2018 | 0.16 % |
| CHESAPEAKE ENERGY TLB L+450 05.7500 12/02/2017 | 0.16 % |
| DISH DBS CORP 04.2500 04/01/2018 | 0.16 % |
| FILTRATION GROUP 2NDL L+725 08.2500 11/15/2021 | 0.16 % |
| ISTAR FINANCIAL INC 04.8750 07/01/2018 | 0.16 % |
| LIVINGSTON INTL 2ND L+775 09.0000 04/18/2020 | 0.16 % |
| MONARCH 2NDL L+700 08.2500 03/12/2020 | 0.16 % |
| OXEA SARL 2NDL L+725 08.2500 06/01/2020 | 0.16 % |
| BEAZER HOMES USA 08.1250 06/15/2016 | 0.15 % |
| GOLDMAN SACHS GROUP INC 01.2377 02/07/2014 | 0.15 % |
| JBS USA INCR TL L+275 03.7500 09/13/2020 | 0.15 % |
| JM HUBER CORP P/P 144A 09.8750 11/01/2019 | 0.15 % |
| LEAP WIRELESS TLB L+350 04.7500 09/24/2019 | 0.15 % |
| MGM RESORTS INTERNATIONAL 07.5000 06/01/2016 | 0.15 % |
| NEP BROADCASTING 1STL L+350 04.7500 01/03/2020 | 0.15 % |
| PERSTORP HOLDING AB P/P 144A 08.7500 05/15/2017 | 0.15 % |
| PINNACLE FOODS TLH L+250 03.2500 04/29/2020 | 0.15 % |
| QUIKRETE CO 1STL L+300 04.0000 08/26/2020 | 0.15 % |
| SABRE HOLDINGS CORPORATION 08.3500 03/15/2016 | 0.15 % |
| SEQUA CORP TLB L+400 05.2500 05/29/2017 | 0.15 % |
| SUN MERGER SUB INC P/P 144A 05.2500 08/01/2018 | 0.15 % |
| SUPERMEDIA INC TL L+860 11.6000 12/31/2016 | 0.15 % |
| WINDSTREAM CORP TLB5 L+275 03.5000 08/08/2019 | 0.15 % |
| ATKORE INTL INC 09.8750 01/01/2018 | 0.14 % |
| CABLEVISION SYSTEMS 08.6250 09/15/2017 | 0.14 % |
| DAVE & BUSTER'S TLB L+325 04.5000 06/01/2016 | 0.14 % |
| PRESTIGE BRANDS TLB L+272 03.7885 01/31/2019 | 0.14 % |
| WADDINGTON 2NDL L+725 08.5000 10/31/2020 | 0.14 % |
| ASURION LLC TLB2 L+275 03.5000 06/21/2020 | 0.13 % |
| JELD-WEN INC P/P 144A 12.2500 10/15/2017 | 0.13 % |
| TAMINCO GLOBAL CHEM P/P 144A 09.7500 03/31/2020 | 0.13 % |
| BERRY PLASTICS CORP 09.7500 01/15/2021 | 0.12 % |
| CONVATEC HEALTHCARE P/P 144A 10.5000 12/15/2018 | 0.12 % |
| EL PASO LLC 07.0000 06/15/2017 | 0.12 % |
| GIBSON BRANDS INC P/P 144A 08.8750 08/01/2018 | 0.12 % |
| GRAY TV TLB L+375 04.7500 09/24/2019 | 0.12 % |
| MONARCH TLB2 L+325 04.5000 09/12/2019 | 0.12 % |
| SPECTRUM BRANDS 6YRTL L+275 03.5000 08/06/2019 | 0.12 % |
| STANDARD PACIFIC CORP 08.3750 05/15/2018 | 0.12 % |
| ENERGY FUTURE/EFIH P/P 144A 06.8750 08/15/2017 | 0.11 % |
| HERCULES OFFSHORE P/P 144A 07.1250 04/01/2017 | 0.11 % |
| ICAHN ENTERPRISES 08.0000 01/15/2018 | 0.11 % |
| LEVEL 3 TLB III L+300 04.000 11/12/2019 | 0.11 % |
| POLYPORE INTL I 07.5000 11/15/2017 | 0.11 % |
| SBA COMM TL B L+275 L+275 03.7500 06/30/2018 | 0.11 % |
| SHELF DRILL HOLD LTD P/P 144A 08.6250 11/01/2018 | 0.11 % |
| TRIBUNE CLASS 1C LITIGAT | 0.11 % |
| AIR MEDICAL TLB1 ADD-ON L+400 05.0000 05/29/2018 | 0.10 % |
| ARAMARK CORP-EXT TLB2 L+350 03.7466 07/26/2016 | 0.10 % |
| BORGATA TLB L+575 06.7500 08/15/2018 | 0.10 % |
| CAD/USD 01/16/2014 JPMCB | 0.10 % |
| CHESAPEAKE ENERGY CORP 03.2500 03/15/2016 | 0.10 % |
| DEL MONTE 2NDL L+725 08.2500 05/26/2021 | 0.10 % |
| FLYING FORTRESS TL3 L+275 03.5000 06/30/2017 | 0.10 % |
| HBOS PLC USD 00.9419 09/06/2017 | 0.10 % |
| LIN TV TLB L+300 04.0000 12/21/2018 | 0.10 % |
| MANITOWOC TLB L+250 03.2500 01/01/2021 | 0.10 % |
| NEXEO SOLUTIONS INCR T L+350 05.0000 09/09/2017 | 0.10 % |
| OXBOW CARBON 1STL L+325 04.2500 07/17/2019 | 0.10 % |
| OXBOW CARBON 2NDL L+700 08.0000 01/17/2020 | 0.10 % |
| POLYMER GROUP TLB L+425 05.2500 12/13/2019 | 0.10 % |
| T-MOBILE USA INC P/P 144A 05.2500 09/01/2018 | 0.10 % |
| THERMADYNE HLDG CORP 09.0000 12/15/2017 | 0.10 % |
| UNIFRAX TLB L+325 04.2500 11/01/2018 | 0.10 % |
| CHESAPEAKE ENERGY CORP 09.5000 02/15/2015 | 0.09 % |
| GOLDEN NUGGET DD L+450 05.5000 10/21/2019 | 0.09 % |
| M/I HOMES INC 08.6250 11/15/2018 | 0.09 % |
| VANTAGE DRILLING TLB L+450 05.7500 03/28/2019 | 0.09 % |
| CERIDIAN CORP 11.2500 11/15/2015 | 0.08 % |
| WADDINGTON 1STL (CAN) L+325 04.5000 06/07/2020 | 0.08 % |
| WESCO INTL TL L+350 04.5000 12/04/2019 | 0.08 % |
| FMG RESOURCES AUG P/P 144A 07.0000 11/01/2015 | 0.07 % |
| ISTAR FINANCIAL INC 09.0000 06/01/2017 | 0.07 % |
| FELCOR LODGING LP 10.0000 10/01/2014 | 0.06 % |
| FIRST DATA TL L+400 04.1640 03/24/2017 | 0.06 % |
| GARDA WORLD DD (USD) L+300 04.0000 11/08/2020 | 0.06 % |
| HEALTH NET INC. 06.3750 06/01/2017 | 0.06 % |
| MANITOWOC TLB L+300 04.2500 11/13/2017 | 0.06 % |
| MGM RESORTS INTERNATIONAL 07.6250 01/15/2017 | 0.06 % |
| CAD/USD 01/16/2014 HSBCB | 0.05 % |
| ISTAR FINANCIAL TLA2 L+575 07.0000 03/19/2017 | 0.05 % |
| NORTEK INC TLB L+400 05.2500 04/26/2017 | 0.05 % |
| USG CORPORATION 09.7500 01/15/2018 | 0.05 % |
| REALOGY CORP LC EXT L+440 04.5780 10/10/2016 | 0.04 % |
| WADDINGTON 1STL (US) L+322 04.5300 06/07/2020 | 0.04 % |
| LIGHTOWER 2NDL L+675 08.0000 03/15/2021 | 0.03 % |
| HARRAHS-INCR TLB L+750 09.5000 10/31/2016 | 0.02 % |
| KINETICS CONCEPT/KCI 10.5000 11/01/2018 | 0.02 % |
| UNIVISION COMM P/P 144A 06.8750 05/15/2019 | 0.02 % |
| ARAMARK CORP-SYN LC L+325 00.0190 07/26/2016 | 0.01 % |
| BARCLAYS BANK PLC P/P 144A 06.0500 12/04/2017 | 0.01 % |
| HARRY & DAVID HOLDINGS INC | 0.00 % |
| CAD/USD 01/16/2014 HSBCB | -0.05 % |
| CAD/USD 01/16/2014 JPMCB | -0.10 % |
| CAD/USD 01/16/2014 UBS | -0.24 % |
Prior top 10 holdings
| Top 10 holdings as of 03/31/14 |
|---|
| Clear Channel Tld L+675 06.9025 01/31/2019 |
| First Data Corp Ext L+400 04.1545 03/24/2018 |
| Community Health Tld L+325 04.2500 01/27/2021 |
| Hj Heinz Tlb2 L+250 03.5000 03/27/2020 |
| Caesars Ent Oper Tlb6 L+525 05.4886 01/28/2018 |
| Grifols Tlb L+300 03.2357 03/07/2021 |
| Neiman Marcus Tl L+325 04.2500 10/18/2020 |
| Springleaf Fin Tlb2 L+350 04.7500 09/17/2019 |
| Multiplan Tlb L+300 04.0000 03/21/2021 |
| Dell Tlb L+350 04.5000 03/24/2020 |
| Holdings represent 8.75% of portfolio |
| Top 10 holdings as of 02/28/14 |
|---|
| Clear Channel Tld L+675 06.9095 01/31/2019 |
| First Data Corp Ext L+400 04.1555 03/24/2018 |
| Community Health Tld L+325 04.2500 01/27/2021 |
| Hj Heinz Tlb2 L+250 03.5000 03/27/2020 |
| Caesars Ent Oper Tlb6 L+525 05.4886 01/28/2018 |
| Neiman Marcus Tl L+400 05.0000 10/18/2020 |
| Springleaf Fin Tlb2 L+350 04.7500 09/17/2019 |
| Dell Tlb L+350 04.5000 03/24/2020 |
| Patheon Tlb L+325 04.2500 01/09/2021 |
| Tribune Tlb L+300 04.0000 11/20/2020 |
| Holdings represent 8.60% of portfolio |
| Top 10 holdings as of 01/31/14 |
|---|
| Clear Channel Tld L+675 06.9095 01/31/2019 |
| First Data Corp Ext L+400 04.1580 03/24/2018 |
| Community Health Tld L+325 04.2500 01/27/2021 |
| Hj Heinz Tlb2 L+250 03.5000 03/27/2020 |
| Caesars Ent Oper Tlb6 L+525 05.4886 01/28/2018 |
| Neiman Marcus Tl L+400 05.0000 10/18/2020 |
| Springleaf Fin Tlb2 L+350 04.7500 09/17/2019 |
| Dell Tlb L+350 04.5000 03/24/2020 |
| Hilton Worldwide Tlb L+275 03.7500 09/23/2020 |
| Patheon Tlb L+325 04.2500 01/09/2021 |
| Holdings represent 8.69% of portfolio |
| Top 10 holdings as of 12/31/13 |
|---|
| Clear Channel Tld L+675 06.9190 01/31/2019 |
| First Data Corp Ext L+400 04.1640 03/24/2018 |
| Hj Heinz Tlb2 L+250 03.5000 03/27/2020 |
| Caesars Ent Oper Tlb6 L+525 05.4883 01/28/2018 |
| Tribune Tlb L+300 04.0000 11/20/2020 |
| Neiman Marcus Tl L+400 05.0000 10/18/2020 |
| Springleaf Fin Tlb2 L+350 04.7500 09/17/2019 |
| Hilton Worldwide Tlb L+275 03.7500 09/23/2020 |
| Quintiles Trans Tlb3 L+250 03.7500 06/01/2018 |
| Kinetic Concepts Tld1 L+350 04.5000 05/04/2018 |
| Holdings represent 8.61% of portfolio |
Fixed income statistics as of 03/31/14
| Average effective maturity | 5.14 yrs. |
|---|---|
| Average effective duration | 0.44 yrs. |
| Average yield to maturity | 3.99% |
| Average coupon | 4.78% |
| Average price | $101.41 |
Average effective maturity depends on the maturity of the underlying bonds within each fund. The longer the maturity, the greater the interest-rate risk.
Average effective duration provides a measure of a fund's interest-rate sensitivity. The longer a fund's duration, the more sensitive the fund is to shifts in interest rates.
Average yield to maturity is the weighted average of the yield to maturities of all the bonds in a portfolio. The yield to maturity of an individual bond is the anticipated rate of return if the bond is held to maturity and all coupons are reinvested at the same rate of return as the bond's current yield.
Average coupon is the weighted average coupon rate of each bond in the portfolio.
Average price is the weighted average of the price of each bond in the portfolio.
Duration to worst is the weighted average of the duration to worst value of each bond in the portfolio. Duration to worst is the duration of a bond computed using the bond's nearest call date or maturity, whichever comes first.
Sector weightings as of 03/31/14
| Cash investments | Non-cash investments | Total portfolio | ||||
|---|---|---|---|---|---|---|
| Weight | Spread duration | Weight | Spread duration | Weight | Spread duration | |
| Bank loans | 88.70% | 4.18 | 0.00% | 0.00 | 88.70% | 4.18 |
| High-yield corporate bonds | 9.21% | 0.22 | 0.00% | 0.00 | 9.21% | 0.22 |
| Net cash | 1.07% | 0.00 | 0.00% | 0.00 | 1.07% | 0.00 |
| Investment-grade corporate bonds | 0.41% | 0.01 | 0.00% | 0.00 | 0.41% | 0.01 |
| Emerging-market bonds | 0.36% | 0.01 | 0.00% | 0.00 | 0.36% | 0.01 |
| Equity investments | 0.25% | 0.00 | 0.00% | 0.00 | 0.25% | 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 sector 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 fund's interest-rate sensitivity. The longer a fund's duration, the more sensitive the fund is to shifts in interest rates.
Maturity detail as of 03/31/14
| 0 - 1 yr. | 1.38% |
|---|---|
| 1 - 5 yrs. | 39.31% |
| 5 - 10 yrs. | 59.31% |
Quality rating as of 03/31/14
| AA | 0.20% |
|---|---|
| BBB | 5.11% |
| BB | 40.48% |
| B | 47.03% |
| CCC and Below | 5.39% |
| Not Rated | 0.72% |
| Net cash | 1.07% |
Fund characteristics will vary over time.
Due to rounding, percentages may not equal 100%.
Expenses
Expense ratio |
Class A | Class B | Class C | Class M | Class R | Class Y |
|---|---|---|---|---|---|---|
| Total expense ratio | 1.03% | 1.23% | 1.78% | 1.08% | 1.28% | 0.78% |
| What you pay | 1.03% | 1.23% | 1.78% | 1.08% | 1.28% | 0.78% |
Sales charge
| Investment Breakpoint | Class A | Class B | Class C | Class M | Class R | Class Y |
|---|---|---|---|---|---|---|
| $0-$49,999 | 1.00% | -- | -- | 0.75% | -- | -- |
| $50,000-$99,999 | 1.00% | -- | -- | 0.75% | -- | -- |
| $100,000-$249,999 | 1.00% | -- | -- | 0.75% | -- | -- |
| $250,000-$499,999 | 1.00% | -- | -- | 0.75% | -- | -- |
| $500,000-$999,999 | -- | -- | -- | -- | -- | -- |
| $1M-$4M | -- | -- | -- | -- | -- | -- |
| $4M-$50M | -- | -- | -- | -- | -- | -- |
| $50M+ | -- | -- | -- | -- | -- | -- |
CDSC
|
Class A
(sales for $500,000+) |
Class B | Class C | Class M | Class R | Class Y | |
|---|---|---|---|---|---|---|
| 0 to 9 mts. | 1.00% | 1.00% | 1.00% | -- | -- | -- |
| 9 to 12 mts. | -- | 1.00% | 1.00% | -- | -- | -- |
| 2 yrs. | -- | 0.50% | -- | -- | -- | -- |
| 3 yrs. | -- | -- | -- | -- | -- | -- |
| 4 yrs. | -- | -- | -- | -- | -- | -- |
| 5 yrs. | -- | -- | -- | -- | -- | -- |
| 6 yrs. | -- | -- | -- | -- | -- | -- |
| 7+ yrs. | -- | -- | -- | -- | -- | -- |
Yield more closely reflects current performance than total return.
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. The S&P/LSTA Leveraged Loan Index (LLI) is an unmanaged index of U.S. leveraged loans. You cannot invest directly in an index.
Consider these risks before investing: Maturity detail includes only cash bonds and cash equivalents.
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 greater for longer-term bonds, and credit risk is greater for below-investment-grade bonds. Unlike bonds, funds that invest in bonds have fees and expenses. Bond prices may fall or fail to rise over time for several reasons, including general financial market conditions and factors related to a specific issuer or industry. 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. (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.) 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 net assets as of the date indicated above. A bond rated Baa or higher (Prime-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. Short-term cash bonds are included in the net cash category. Ratings and portfolio credit quality will vary over time. Credit quality includes the fixed-income portion of the portfolio. Derivative instruments, including currency forwards, are only included to the extent of any unrealized gain or loss on such instruments and are shown in the net cash category. The fund itself has not been rated by an independent rating agency.
You can lose money by investing in a fund. Any given fund may not achieve its goal, and is not intended as a complete investment program. All funds have risk. The value and/or returns of a portfolio will fluctuate with market conditions. You may have more or less than the original amount invested when you redeem your shares.