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.
Active Income
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 |
$8.35
0.00% | $0.00 |
$8.53
05/01/19 |
$8.16
12/28/18 |
Fund facts as of 10/31/19
$434.35M
40%
Monthly
200
February
746763481 / 0057
08/04/04
Taxable Income
PFLRX
Management team
Literature
Fund documents |
| Prospectuses/SAI |
| Fact Sheet (A share) (PDF) |
| Fact Sheet (R6 share) (PDF) |
| Fact Sheet (Y share) (PDF) |
| Annual Fund Report (PDF) |
| Semiannual Fund Report (PDF) |
| Quarterly commentary (PDF) |
| Alternating Bond Market Leadership (PDF) |
| Floating rate loans offer a degree of protection from rising rates (PDF) |
| Floating rate bank loans for rising rates (PDF) |
Performance
Consistency of positive performance over five years
Performance shown above does not reflect the effects of any sales charges. Click on the dots to see specific returns in each five-year period as of the date revealed. 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)
3.96%
Average 5-year annualized return
Total return (%) as of 09/30/19
Annual performance as of 09/30/19
Annualized Total return (%) as of 09/30/19
| Annualized performance | 1 yr. | 3 yrs. | 5 yrs. | 10 yrs. |
|---|---|---|---|---|
| Before sales charge | 2.44% | 3.52% | 3.11% | 4.41% |
| After sales charge | 0.14% | 2.74% | 2.64% | 4.18% |
| S&P/LSTA Leveraged Loan Index | 3.13% | 4.53% | 3.98% | 5.22% |
Performance snapshot
| Before sales charge | After sales charge | ||
|---|---|---|---|
| 1 mt. as of 10/31/19 | -0.46% | -2.70% | |
| YTD as of 11/18/19 | 6.46% | 4.06% | |
Yield
| Distribution rate before sales charge as of 11/18/19 |
4.48% |
|---|---|
| Distribution rate after sales charge as of 11/18/19 |
4.38% |
| 30-day SEC yield as of 10/31/19 (after sales charge) |
4.11% |
Risk-adjusted performance as of 10/31/19
| Sharpe ratio (3 yrs.) | 0.56 |
|---|---|
| Information ratio (3 yrs.) | -2.11 |
Volatility as of 10/31/19
| Standard deviation (3 yrs.) | 2.82% |
|---|---|
| Beta | 1.02 |
| R-squared | 0.97 |
Lipper rankings as of 10/31/19
| Time period | Rank/Funds in category | Percentile ranking |
|---|---|---|
| 1 yr. | 84/240 | 35% |
| 3 yrs. | 132/214 | 62% |
| 5 yrs. | 105/193 | 55% |
| 10 yrs. | 40/78 | 51% |
Morningstar Ratings™ as of 10/31/19
| Time period | Funds in category | Morningstar Rating™ |
|---|---|---|
| Overall | 216 | |
| 3 yrs. | 216 | |
| 5 yrs. | 196 | |
| 10 yrs. | 78 |
Distributions
| Accrual days | 31 |
|---|---|
| Accrual start date | 10/01/19 |
| Accrual end date | 10/31/19 |
| Payable date | 10/31/19 |
| Income | $0.031150009 |
| 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
| Charter Communications | 1.34% |
|---|---|
| Transdigm | 1.23% |
| Centurylink | 1.22% |
| DELL Technologies | 1.22% |
| Altice USA | 1.05% |
| Refinitiv | 1.04% |
| Sprint Communications | 0.99% |
| Calpine Corp | 0.98% |
| Altice Numericable | 0.97% |
| Scientific Games | 0.96% |
| Top 10 holdings, percent of portfolio | 11.00% |
| Top 10 holdings as of 10/31/19 | |
|---|---|
| Charter Communications | |
| Transdigm | |
| Centurylink | |
| DELL Technologies | |
| Altice USA | |
| Refinitiv | |
| Sprint Communications | |
| Calpine Corp | |
| Altice Numericable | |
| Scientific Games | |
| Holdings represent 11.00% of portfolio | |
| Top 10 holdings as of 09/30/19 | |
|---|---|
| Charter Communications | |
| Transdigm | |
| Centurylink | |
| DELL Technologies | |
| Refinitiv | |
| Altice USA | |
| Sprint Communications | |
| Altice Numericable | |
| Calpine Corp | |
| Scientific Games | |
| Holdings represent 10.56% of portfolio | |
| Top 10 holdings as of 08/31/19 | |
|---|---|
| Charter Communications | |
| DELL Technologies | |
| Transdigm | |
| Centurylink | |
| Refinitiv | |
| Altice USA | |
| Sprint Communications | |
| Calpine Corp | |
| Altice Numericable | |
| Scientific Games | |
| Holdings represent 10.42% of portfolio | |
| Top 10 holdings as of 07/31/19 | |
|---|---|
| Charter Communications | |
| Altice Numericable | |
| DELL Technologies | |
| Transdigm | |
| Centurylink | |
| Refinitiv | |
| Altice USA | |
| Univision Communications Inc | |
| Kronos Inc | |
| Sprint Communications | |
| Holdings represent 10.44% of portfolio | |
| REFINITIV TLB L+375 05.5359 10/01/2025 | 1.03% |
|---|---|
| SPRINT TLB L+250 04.3125 02/03/2024 | 0.99% |
| CALPINE CONS FIN TL L+250 04.2859 01/15/2025 | 0.97% |
| SCIENTIFIC GAMES TLB5 L+275 04.5359 08/14/2024 | 0.96% |
| POWER SOLUTIONS TLB L+350 05.7344 04/30/2026 | 0.91% |
| DELL INTL TLB L+200 04.0500 09/19/2025 | 0.90% |
| CAESARS RESORT TL L+275 04.5359 12/22/2024 | 0.89% |
| TEMPO ACQUISITION TLB L+300 04.7859 05/01/2024 | 0.88% |
| BRAND ENERGY TL L+425 06.2356 06/21/2024 | 0.87% |
| AKZONOBEL TLB L+325 05.1903 10/01/2025 | 0.87% |
| GFL ENVIRONMENTAL TLB L+300 04.7859 05/31/2025 | 0.85% |
| CSC HOLDINGS TLB L+225 04.1713 07/17/2025 | 0.85% |
| ALLIANT HOLD TLB L+300 04.8043 05/10/2025 | 0.84% |
| HUB INTL TLB L+300 04.9395 04/25/2025 | 0.83% |
| STAPLES TL L+500 06.7814 04/12/2026 | 0.83% |
| MESSER INDUST TLB L+250 04.6044 03/01/2026 | 0.82% |
| PLY GEM TLB L+375 05.6635 04/12/2025 | 0.81% |
| USI INC TLB L+300 05.1044 05/16/2024 | 0.81% |
| VERTIV TLB L+400 05.9271 11/15/2023 | 0.79% |
| PAREXEL TLB L+275 04.5359 09/27/2024 | 0.78% |
| HUSKY TLB L+300 04.7859 03/28/2025 | 0.77% |
| BWAY CORP TLB L+325 05.2343 04/03/2024 | 0.77% |
| GRAY TV TLC L+250 04.2814 11/02/2025 | 0.76% |
| UNIVISION TLC5 L+275 04.5359 03/15/2024 | 0.75% |
| STERIGENICS TLB L+300 04.9271 05/15/2022 | 0.75% |
| ENVISION HEALTHCARE TL L+375 05.5359 10/10/2025 | 0.74% |
| WIDEOPENWEST TLB L+325 05.0543 08/19/2023 | 0.74% |
| CINEWORLD TLB L+225 04.0359 02/28/2025 | 0.73% |
| VICI PROPERTIES TL L+200 03.8503 12/22/2024 | 0.72% |
| WEIGHT WATCHERS TLB L+475 06.8600 11/29/2024 | 0.72% |
| INFOR TLB6 L+275 04.8544 02/01/2022 | 0.72% |
| BJ'S WHOLESALE TLB L+275 04.6713 02/03/2024 | 0.72% |
| ORTHO-CLINICAL TLB L+325 05.3064 06/01/2025 | 0.71% |
| AIR METHODS TLB L+350 05.6044 04/21/2024 | 0.71% |
| LPL HOLDINGS INC TLB L+225 04.0543 09/21/2024 | 0.70% |
| DIAMOND SPORTS TLB L+325 05.0800 08/24/2026 | 0.69% |
| TAMKO BUILDING TLB L+325 05.5640 05/31/2026 | 0.69% |
| ARBY'S TLB L+325 05.2158 02/05/2025 | 0.69% |
| BMC TLB L+425 06.0359 10/02/2025 | 0.69% |
| CPG INTL TL L+375 05.9333 05/05/2024 | 0.68% |
| LIFEPOINT TLB L+450 06.3043 11/16/2025 | 0.68% |
| SOLERA TLB L+275 04.5359 03/03/2023 | 0.68% |
| AMERICAN TRAFFIC SOLUT L+375 05.5359 02/28/2025 | 0.68% |
| CENTURYLINK TLB L+275 05.2724 01/31/2025 | 0.68% |
| FRONTIER COMMUNICAT L+375 05.5400 06/15/2024 | 0.68% |
| NAVISTAR INTL TLB L+350 05.4200 11/06/2024 | 0.68% |
| ATOTECH TLB1 L+300 05.1044 01/31/2024 | 0.67% |
| TTM TECH INC TL L+250 04.2814 09/28/2024 | 0.67% |
| GRIFOLS TLB L+225 03.9300 01/31/2025 | 0.67% |
| PLANTRONICS TLB L+250 04.2859 07/02/2025 | 0.67% |
| YUM BRANDS TLB L+175 03.6275 04/03/2025 | 0.66% |
| FILTRATION GROUP TLB L+300 04.7859 03/29/2025 | 0.65% |
| SOLENIS 1STL L+400 06.1241 06/26/2025 | 0.65% |
| BAUSCH HEALTH TLB L+300 05.4809 06/01/2025 | 0.64% |
| STARS GROUP TLB L+350 05.6044 07/10/2025 | 0.64% |
| TALBOTS TLB L+700 08.7859 11/28/2022 | 0.64% |
| NEXSTAR BROAD TLB L+275 04.8070 09/19/2026 | 0.64% |
| ALTRA INDUSTIAL TLB L+200 03.7859 10/01/2025 | 0.63% |
| BEACON ROOFING TLB L+225 04.0359 01/02/2025 | 0.63% |
| FOREST CITY TLB L+400 05.7859 12/07/2025 | 0.62% |
| TOWNSQUARE TLB L+300 04.7859 04/01/2022 | 0.61% |
| WELBILT TLB L+250 04.2859 10/23/2025 | 0.60% |
| JACK OHIO FIN LLC/FI P/P 144A 06.7500 11/15/2021 | 0.60% |
| ROCKET SOFTWARE TLB L+425 06.7452 11/20/2025 | 0.59% |
| CLUBCORP TLB L+275 04.8544 09/18/2024 | 0.59% |
| SFR GROUP SA TLB L+275 04.5359 07/31/2025 | 0.59% |
| WERNER TLB L+400 05.7859 07/24/2024 | 0.59% |
| BERRY GLOBAL TLU L+250 5.02189 07/01/2026 | 0.58% |
| RACKSPACE HOSTING INC L+300 04.9021 11/03/2023 | 0.57% |
| DUN & BRADSTREET TLB L+500 07.2411 02/08/2026 | 0.57% |
| VIRGIN MEDIA TL L+250 04.4213 01/04/2028 | 0.57% |
| QUIKRETE TLB L+275 04.5359 11/15/2023 | 0.57% |
| BOYD GAMING TLB L+225 03.9604 09/15/2023 | 0.57% |
| PRIME SECURITY L+325 05.0349 09/23/2026 | 0.57% |
| TRANSDIGM INC TLF L+250 04.2859 06/09/2023 | 0.55% |
| GOLDEN NUGGET TL L+275 04.6866 10/04/2023 | 0.54% |
| CEC ENTERTAINMENT INC L+650 08.2859 08/30/2026 | 0.54% |
| BASS PRO TLB L+500 06.7859 09/25/2024 | 0.54% |
| GARDA WORLD TLB L+475 06.6903 10/23/2026 | 0.54% |
| ASURION TLB6 L+300 04.7859 11/03/2023 | 0.53% |
| AIR MEDICAL TLB L+325 05.0964 04/28/2022 | 0.53% |
| CLEAR CHANNEL TLB L+350 05.5435 08/21/2026 | 0.53% |
| FORMULA ONE TLB L+250 04.2859 02/01/2024 | 0.52% |
| TRIDENT TPI HLDG INC L+325 05.0359 10/05/2024 | 0.52% |
| MEREDITH TLB L+275 04.5359 01/31/2025 | 0.52% |
| VISTRA ENERGY TLB1 L+200 03.7859 08/04/2023 | 0.52% |
| ATLANTIC BROADBAND TLB L+225 04.0359 01/04/2025 | 0.51% |
| PQ CORP TLB L+250 04.4271 02/08/2025 | 0.51% |
| CHARTER COMM TLB2 L+175 03.6391 02/01/2027 | 0.50% |
| REYNOLDS GROUP TL L+300 04.5359 02/05/2023 | 0.49% |
| PPD TL L+250 04.2859 08/18/2022 | 0.48% |
| NEWELL BRANDS INC. 03.8500 04/01/2023 | 0.48% |
| CERIDIAN TLB L+300 04.7996 04/30/2025 | 0.48% |
| CHARTER COMM OPT LLC/CAP 03.5591 02/01/2024 | 0.47% |
| TRAVELPORT TLB L+500 07.5413 05/30/2026 | 0.47% |
| INTELSAT JACKSON TLB4 L+450 06.4320 01/02/2024 | 0.46% |
| PENSKE AUTOMOTIVE GROUP 03.7500 08/15/2020 | 0.46% |
| BUCKEYE PARTNERS TLB L+275 04.9443 10/16/2026 | 0.46% |
| GOLDMAN SACHS GROUP INC 02.8976 02/23/2023 | 0.46% |
| PNC BANK NA 02.4033 07/22/2022 | 0.46% |
| SINCLAIR TV TLB2B L+250 04.4300 07/18/2026 | 0.46% |
| ULTIMATE SOFTWARE TL L+375 05.5359 05/03/2026 | 0.46% |
| BLACKSTONE CQP TLB L+350 05.8866 06/20/2024 | 0.46% |
| LOTUS MIDSTREAM TLB L+325 05.0359 09/30/2025 | 0.46% |
| GATES GLOBAL TLB L+275 04.5359 03/31/2024 | 0.46% |
| COMMSCOPE TLB2 L+325 05.0359 04/04/2026 | 0.45% |
| LIONS GATE TLB L+225 04.0359 03/24/2025 | 0.45% |
| MGM GROWTH PROP TLB L+200 03.7859 03/25/2025 | 0.45% |
| THERMON TLB L+375 05.5314 10/30/2024 | 0.45% |
| ZEKELMAN TLB L+225 04.0728 06/14/2021 | 0.45% |
| KRONOS TLB L+300 04.9091 11/01/2023 | 0.44% |
| RESTAURANT BRANDS TLB L+225 04.0359 02/17/2024 | 0.44% |
| ASCEND LEARNING TLB L+300 04.7859 07/12/2024 | 0.43% |
| ELDORADO RESORTS TLB L+225 04.1051 04/17/2024 | 0.42% |
| VIDEOTRON LTD USD 05.0000 07/15/2022 | 0.41% |
| IRON MOUNTAIN TLB L+175 03.5359 01/02/2026 | 0.41% |
| WESTERN DIGITAL TLB L+175 03.5314 04/29/2023 | 0.41% |
| MGM RESORTS INTL 06.0000 03/15/2023 | 0.39% |
| HCA INC 05.8750 05/01/2023 | 0.39% |
| GATEWAY CASINO TLB L+300 05.1044 03/13/2025 | 0.39% |
| SFR GROUP TLB12 L+369 05.6088 01/31/2026 | 0.38% |
| LENNAR CORP 04.7500 11/15/2022 | 0.38% |
| INTELSAT S.A. TLB3 L+375 05.6820 11/27/2023 | 0.37% |
| PETSMART INC TLB L+300 05.9300 03/11/2022 | 0.37% |
| CALIFORNIA RESOURC TL L+475 06.5496 12/31/2022 | 0.37% |
| TRANSDIGM INC TLE 04.2859 05/30/2025 | 0.37% |
| ORYX TLB L+400 06.0536 05/22/2026 | 0.36% |
| ROBERTSHAW TL 2L L+800 09.8125 02/28/2026 | 0.36% |
| ROBERTSHAW US HOLDING L+325 05.0625 02/28/2025 | 0.36% |
| SS&C TECH TLB3 L+225 04.0359 04/16/2025 | 0.36% |
| CCO HLDGS LLC/CAP CO P/P 144A 05.1250 05/01/2023 | 0.35% |
| BRIGGS & STRATTON CORPORATION 06.8750 12/15/2020 | 0.35% |
| STEEL DYNAMICS INC 05.2500 04/15/2023 | 0.35% |
| ACADEMY SPORTS TLB L+400 05.7826 07/02/2022 | 0.35% |
| LEVEL 3 FINANCING INC 05.1250 05/01/2023 | 0.35% |
| ALBERTSON'S TLB7 L+275 04.5359 11/17/2025 | 0.35% |
| KRONOS 2NDL L+825 10.1591 11/01/2024 | 0.35% |
| ZEP INC TLB L+400 06.1044 08/11/2024 | 0.35% |
| IHEARTMEDIA TL L+400 05.7814 05/01/2026 | 0.34% |
| APERGY TLB L+250 04.3125 05/09/2025 | 0.33% |
| CHS/COMMUNITY HEALTH SYS 06.2500 03/31/2023 | 0.32% |
| CIT GROUP INC 05.0000 08/01/2023 | 0.32% |
| KEANE GROUP TLB L+375 05.5625 05/25/2025 | 0.31% |
| JO-ANN STORES TL L+500 06.9340 10/16/2023 | 0.31% |
| TRANSDIGM INC P/P 144A 06.2500 03/15/2026 | 0.31% |
| CBS RADIO TLB1 L+275 04.5543 11/17/2024 | 0.31% |
| CAPITAL AUTO 2NDL L+600 07.7900 03/24/2025 | 0.30% |
| DIAMOND 1 FIN/DIAMON P/P 144A 07.1250 06/15/2024 | 0.30% |
| CAPITAL AUTO 1STL L+250 04.2900 03/24/2024 | 0.30% |
| BCP RENAISSANCE PARENT L+350 05.3631 10/31/2024 | 0.29% |
| EXTENDED STAY TLB L+200 03.7859 09/18/2026 | 0.29% |
| TEVA PHARMACEUTICALS NE USD 02.2000 07/21/2021 | 0.28% |
| TRAVERSE TLB L+400 05.8000 09/27/2024 | 0.28% |
| CALIFORNIA RESOURCES L+1038 12.1746 12/31/2021 | 0.28% |
| DIVERSEY TL L+300 04.9270 09/06/2024 | 0.28% |
| ASURION 2NDL L+650 08.2859 08/04/2025 | 0.28% |
| ZOETIS INC 02.5759 08/20/2021 | 0.28% |
| GLP CAPITAL LP / FIN II 05.3750 11/01/2023 | 0.28% |
| BAUSCH HLTH COS INC P/P 144A 06.5000 03/15/2022 | 0.27% |
| CHENIERE CORP CHRIST 07.0000 06/30/2024 | 0.26% |
| GREAT LAKES D&D 08.0000 05/15/2022 | 0.26% |
| ALLY FINANCIAL INC 05.1250 09/30/2024 | 0.25% |
| NEIMAN MARCUS TL L+600 07.9895 10/25/2023 | 0.25% |
| IHEARTCOMMUNICATIONS INC 06.3750 05/01/2026 | 0.24% |
| 1011778 BC / NEW RED P/P 144A 04.2500 05/15/2024 | 0.24% |
| ICAHN ENTERPRISES/FI 06.2500 02/01/2022 | 0.24% |
| SS&C TECH TLB4 L+225 04.0359 04/16/2025 | 0.24% |
| SIRIUS XM RADIO INC P/P 144A 04.6250 05/15/2023 | 0.23% |
| COMMSCOPE INC P/P 144A 05.5000 03/01/2024 | 0.23% |
| ADT SEC CORP 03.5000 07/15/2022 | 0.23% |
| LIONS GATE CAP HOLD P/P 144A 06.3750 02/01/2024 | 0.23% |
| SS&C TECH TLB5 L+250 04.0359 04/16/2025 | 0.23% |
| BLOUNT INTL TLB L+375 05.9463 04/12/2023 | 0.23% |
| SABRE GBL TLB L+200 03.7859 02/22/2024 | 0.23% |
| BIG RIVER STEEL TLB L+500 07.1044 08/23/2023 | 0.22% |
| ASCENT RESOURCES/AEU P/P 144A 10.0000 04/01/2022 | 0.22% |
| ADVANCED DRAINAGE SYS L+225 04.0625 09/24/2026 | 0.21% |
| THE AES CORPORATION 04.8750 05/15/2023 | 0.21% |
| BUILDERS FIRSTSOURCE P/P 144A 05.6250 09/01/2024 | 0.21% |
| ANTERO RESOURCES COR 05.6250 06/01/2023 | 0.20% |
| CABLEVISION SYS CORP 08.0000 04/15/2020 | 0.20% |
| LEVEL 3 TLB L+225 04.0359 02/22/2024 | 0.19% |
| NETFLIX INC 05.5000 02/15/2022 | 0.17% |
| TRANSOCEAN SENTR P/P 144A 05.3750 05/15/2023 | 0.17% |
| VISTRA ENERGY TLB3 L+200 03.8275 12/01/2025 | 0.17% |
| REVLON CONS TLB L+350 05.6241 09/07/2023 | 0.16% |
| JO-ANN STORES 2NDL L+925 11.0730 05/21/2024 | 0.15% |
| ALBERTSON'S TLB8 L+275 04.5359 08/17/2026 | 0.14% |
| SOLERA LLC / SOLERA P/P 144A 10.5000 03/01/2024 | 0.12% |
| FRAC TECH INTL TLB L+475 06.5359 04/16/2021 | 0.11% |
| CLEAR CHANNEL OUTDOOR HOLDIN SEDOL BJHVCH9 | 0.10% |
| TRIBUNE CLASS 1C LITIGAT | 0.08% |
| ASCENT RESOURCES TLB L+650 08.4135 03/30/2023 | 0.07% |
| CHC GRP LLC P/P CV 00.0000 10/01/2020 | 0.03% |
| ALLEGHENY TECHNOLOGIES 05.9500 01/15/2021 | 0.02% |
| TXU TCEH RIGHTS | 0.02% |
| CHC GROUP LLC P/P SEDOL BYXD3K4 | 0.00% |
| ABC SUPPLY TLB L+200 04.0435 10/31/2023 | 0.00% |
| AVAYA INC ESCROW P/P 144A 07.0000 04/01/2020 | 0.00% |
| REFINITIV TLB L+375 05.7935 10/01/2025 | 1.04% |
|---|---|
| SPRINT TLB L+250 04.5625 02/03/2024 | 0.95% |
| CALPINE CONS FIN TL L+250 04.5435 01/15/2025 | 0.93% |
| SCIENTIFIC GAMES TLB5 L+275 04.8758 08/14/2024 | 0.92% |
| BRAND ENERGY TL L+425 06.4076 06/21/2024 | 0.90% |
| UNIVISION TLC5 L+275 04.7935 03/15/2024 | 0.88% |
| POWER SOLUTIONS TLB L+350 05.7344 04/30/2026 | 0.87% |
| AVAYA TLB L+425 06.3343 12/15/2024 | 0.87% |
| DELL INTL TLB L+200 04.0500 09/11/2025 | 0.86% |
| AKZONOBEL TLB L+325 05.2921 10/01/2025 | 0.86% |
| CAESARS RESORT TL L+275 04.7935 12/22/2024 | 0.86% |
| ALLIANT HOLD TLB L+300 05.0536 05/10/2025 | 0.86% |
| GFL ENVIRONMENTAL TLB L+300 05.0435 05/31/2025 | 0.84% |
| TEMPO ACQUISITION TLB L+300 05.0435 05/01/2024 | 0.84% |
| ORTHO-CLINICAL TLB L+325 05.3064 06/01/2025 | 0.84% |
| MESSER INDUST TLB L+250 04.6044 03/01/2026 | 0.83% |
| CSC HOLDINGS TLB L+225 04.2775 07/17/2025 | 0.82% |
| WIDEOPENWEST TLB L+325 05.2935 08/19/2023 | 0.81% |
| HUB INTL TLB L+300 05.2666 04/25/2025 | 0.80% |
| PLY GEM TLB L+375 05.7886 04/12/2025 | 0.79% |
| USI INC TLB L+300 05.1044 05/16/2024 | 0.79% |
| GRAY TV TLC L+250 04.5109 11/02/2025 | 0.77% |
| VERTIV TLB L+400 06.0435 11/15/2023 | 0.76% |
| HUSKY TLB L+300 05.0435 03/28/2025 | 0.75% |
| QUIKRETE TLB L+275 04.7935 11/15/2023 | 0.74% |
| BWAY CORP TLB L+325 05.5895 04/03/2024 | 0.74% |
| PAREXEL TLB L+275 04.7935 09/27/2024 | 0.74% |
| CPG INTL TL L+375 05.9333 05/05/2024 | 0.72% |
| WEIGHT WATCHERS TLB L+475 06.8600 11/29/2024 | 0.72% |
| STERIGENICS TLB L+300 05.0435 05/15/2022 | 0.72% |
| ENVISION HEALTHCARE TL L+375 05.7935 10/10/2025 | 0.71% |
| CINEWORLD TLB L+225 04.2935 02/28/2025 | 0.70% |
| VICI PROPERTIES TL L+200 04.0459 12/22/2024 | 0.69% |
| INFOR TLB6 L+275 04.8544 02/01/2022 | 0.69% |
| AIR METHODS TLB L+350 05.6044 04/21/2024 | 0.69% |
| BJ'S WHOLESALE TLB L+275 04.7859 02/03/2024 | 0.69% |
| BMC TLB L+425 06.2935 10/02/2025 | 0.68% |
| LPL HOLDINGS INC TLB L+225 04.3036 09/21/2024 | 0.68% |
| FOREST CITY TLB L+400 06.0435 12/07/2025 | 0.67% |
| DIAMOND SPORTS TLB L+325 05.3000 08/24/2026 | 0.66% |
| ARBY'S TLB L+325 05.5495 02/05/2025 | 0.66% |
| TAMKO BUILDING TLB L+325 05.5640 05/31/2026 | 0.66% |
| LIFEPOINT TLB L+450 06.5536 11/16/2025 | 0.66% |
| SOLERA TLB L+275 04.7935 03/03/2023 | 0.65% |
| TTM TECH INC TL L+250 04.5315 09/28/2024 | 0.65% |
| NAVISTAR INTL TLB L+350 05.5300 11/06/2024 | 0.65% |
| AMERICAN TRAFFIC SOLUT L+375 05.7935 02/28/2025 | 0.65% |
| ATOTECH TLB1 L+300 05.1044 01/31/2024 | 0.65% |
| CENTURYLINK TLB L+275 05.2724 01/31/2025 | 0.65% |
| FRONTIER COMMUNICAT L+375 05.8000 06/15/2024 | 0.65% |
| ABC SUPPLY TLB L+200 04.0435 10/31/2023 | 0.64% |
| GRIFOLS TLB L+225 04.1424 01/31/2025 | 0.64% |
| PLANTRONICS TLB L+250 04.5435 07/02/2025 | 0.64% |
| SOLENIS 1STL L+400 06.1239 06/26/2025 | 0.63% |
| STARS GROUP TLB L+350 05.6044 07/10/2025 | 0.63% |
| YUM BRANDS TLB L+175 03.7909 04/03/2025 | 0.63% |
| FILTRATION GROUP TLB L+300 05.0435 03/29/2025 | 0.63% |
| BASS PRO TLB L+500 07.0435 09/25/2024 | 0.62% |
| BAUSCH HEALTH TLB L+300 05.4809 06/01/2025 | 0.62% |
| ROCKET SOFTWARE TLB L+425 06.7452 11/20/2025 | 0.61% |
| TALBOTS TLB L+700 09.0435 11/28/2022 | 0.61% |
| NEXSTAR BROAD TLB L+275 04.8070 06/19/2026 | 0.61% |
| ALTRA INDUSTIAL TLB L+200 04.0435 10/01/2025 | 0.60% |
| BEACON ROOFING TLB L+225 04.2935 01/02/2025 | 0.60% |
| STAPLES TL L+500 07.1228 04/12/2026 | 0.59% |
| TOWNSQUARE TLB L+300 05.0435 04/01/2022 | 0.58% |
| WELBILT TLB L+250 04.5435 10/23/2025 | 0.58% |
| JACK OHIO FIN LLC/FI P/P 144A 06.7500 11/15/2021 | 0.57% |
| WERNER TLB L+400 06.0435 07/24/2024 | 0.57% |
| CLUBCORP TLB L+275 04.8544 09/18/2024 | 0.57% |
| SFR GROUP SA TLB L+275 04.7935 07/31/2025 | 0.56% |
| RACKSPACE HOSTING INC L+300 05.2868 11/03/2023 | 0.56% |
| PRIME SECURITY L+325 04.2500 09/23/2026 | 0.56% |
| BOYD GAMING TLB L+225 04.1428 09/15/2023 | 0.55% |
| BERRY GLOBAL TLU L+250 5.02189 05/15/2026 | 0.55% |
| DUN & BRADSTREET TLB L+500 07.2411 02/08/2026 | 0.55% |
| VIRGIN MEDIA BRISTOL L+250 04.5275 01/15/2026 | 0.55% |
| AIR MEDICAL TLB L+325 05.3070 04/28/2022 | 0.53% |
| CEC ENTERTAINMENT INC L+650 08.5435 08/30/2026 | 0.53% |
| KRONOS TLB L+300 05.2531 11/01/2023 | 0.53% |
| TRANSDIGM INC TLF L+250 04.5435 06/09/2023 | 0.53% |
| TMS INTL TLB L+275 04.9261 08/14/2024 | 0.52% |
| GOLDEN NUGGET TL L+275 04.7995 10/04/2023 | 0.52% |
| ASURION TLB6 L+300 05.0435 11/03/2023 | 0.51% |
| TRIDENT TPI HLDG INC L+325 05.2935 10/05/2024 | 0.51% |
| CLEAR CHANNEL TLB L+350 05.5435 08/09/2026 | 0.51% |
| FORMULA ONE TLB L+250 04.5435 02/01/2024 | 0.50% |
| VISTRA ENERGY TLB1 L+200 04.0435 08/04/2023 | 0.50% |
| MEREDITH TLB L+275 04.7935 01/31/2025 | 0.49% |
| ATLANTIC BROADBAND TLB L+225 04.2935 01/04/2025 | 0.49% |
| PQ CORP TLB L+250 04.7555 02/08/2025 | 0.48% |
| CHARTER COMM TLB L+200 04.0500 04/30/2025 | 0.48% |
| REYNOLDS GROUP TL L+300 04.7935 02/05/2023 | 0.47% |
| PPD TL L+250 04.5435 08/18/2022 | 0.46% |
| CERIDIAN TLB L+300 05.0459 04/30/2025 | 0.46% |
| NEWELL BRANDS INC. 03.8500 04/01/2023 | 0.45% |
| CHARTER COMM OPT LLC/CAP 03.9031 02/01/2024 | 0.45% |
| INTELSAT JACKSON TLB4 L+450 06.5536 01/02/2024 | 0.44% |
| ULTIMATE SOFTWARE TL L+375 05.7935 05/03/2026 | 0.44% |
| PENSKE AUTOMOTIVE GROUP 03.7500 08/15/2020 | 0.44% |
| SINCLAIR TV TLB2B L+250 04.5400 07/18/2026 | 0.44% |
| BLACKSTONE CQP TLB L+350 05.8866 06/20/2024 | 0.44% |
| LIONS GATE TLB L+225 04.2935 03/24/2025 | 0.44% |
| PNC BANK NA 02.7090 07/22/2022 | 0.44% |
| WESTERN DIGITAL TLB L+175 03.7473 04/29/2023 | 0.44% |
| COMMSCOPE TLB2 L+325 05.2935 04/04/2026 | 0.44% |
| GATES GLOBAL TLB L+275 04.7935 03/31/2024 | 0.44% |
| TWIN RIVER TLB L+275 04.7935 05/10/2026 | 0.44% |
| LOTUS MIDSTREAM TLB L+325 05.2935 09/30/2025 | 0.44% |
| TRAVELPORT TLB L+500 07.5413 05/30/2026 | 0.43% |
| FLORA FOOD TLB L+300 05.0851 07/02/2025 | 0.43% |
| TALLGRASS ENERGY TL L+475 06.8544 03/11/2026 | 0.43% |
| THERMON TLB L+375 05.7815 10/30/2024 | 0.43% |
| ZEKELMAN TLB L+225 04.3036 06/14/2021 | 0.43% |
| MGM GROWTH PROP TLB L+200 04.0435 03/25/2025 | 0.43% |
| RESTAURANT BRANDS TLB L+225 04.2935 02/17/2024 | 0.42% |
| HORSESHOE BALTIMORE TL L+400 06.0435 07/07/2024 | 0.41% |
| ASCEND LEARNING TLB L+300 05.0435 07/12/2024 | 0.41% |
| ELDORADO RESORTS TLB L+225 04.3125 04/17/2024 | 0.40% |
| BCP RENAISSANCE PARENT L+350 05.7555 10/31/2024 | 0.40% |
| IRON MOUNTAIN TLB L+175 03.7935 01/02/2026 | 0.39% |
| VIDEOTRON LTD USD 05.0000 07/15/2022 | 0.39% |
| HCA INC 05.8750 05/01/2023 | 0.38% |
| MGM RESORTS INTL 06.0000 03/15/2023 | 0.38% |
| GATEWAY CASINO TLB L+300 05.1044 03/13/2025 | 0.37% |
| SFR GROUP TLB12 L+369 05.7150 01/31/2026 | 0.37% |
| CALIFORNIA RESOURC TL L+475 06.7935 12/31/2022 | 0.37% |
| ORYX TLB L+400 06.0536 05/09/2026 | 0.37% |
| LENNAR CORP 04.7500 11/15/2022 | 0.36% |
| ROBERTSHAW TL 2L L+800 10.0625 02/28/2026 | 0.36% |
| INTELSAT S.A. TLB3 L+375 05.8036 11/27/2023 | 0.35% |
| PETSMART INC TLB L+300 06.0400 03/11/2022 | 0.35% |
| ROBERTSHAW US HOLDING L+325 05.3125 02/28/2025 | 0.35% |
| TRANSDIGM INC TLE 04.5435 05/30/2025 | 0.35% |
| BRIGGS & STRATTON CORPORATION 06.8750 12/15/2020 | 0.35% |
| ACADEMY SPORTS TLB L+400 06.0244 07/02/2022 | 0.35% |
| SS&C TECH TLB3 L+225 04.2935 04/16/2025 | 0.34% |
| APERGY TLB L+250 04.5625 05/09/2025 | 0.34% |
| CCO HLDGS LLC/CAP CO P/P 144A 05.1250 05/01/2023 | 0.34% |
| STEEL DYNAMICS INC 05.2500 04/15/2023 | 0.34% |
| ZEP INC TLB L+400 06.1044 08/11/2024 | 0.34% |
| KRONOS 2NDL L+825 10.5031 11/01/2024 | 0.33% |
| LEVEL 3 FINANCING INC 05.1250 05/01/2023 | 0.33% |
| ALBERTSON'S TLB7 L+275 04.7935 11/17/2025 | 0.33% |
| IHEARTMEDIA TL L+400 06.0315 05/01/2026 | 0.33% |
| CALIFORNIA RESOURCES L+1038 12.4185 12/31/2021 | 0.32% |
| CHS/COMMUNITY HEALTH SYS 06.2500 03/31/2023 | 0.32% |
| KEANE GROUP TLB L+375 05.8125 05/25/2025 | 0.31% |
| CIT GROUP INC 05.0000 08/01/2023 | 0.30% |
| TRANSDIGM INC P/P 144A 06.2500 03/15/2026 | 0.30% |
| CAPITAL AUTO 2NDL L+600 08.0435 03/24/2025 | 0.29% |
| CBS RADIO TLB1 L+275 04.8036 11/17/2024 | 0.29% |
| DIAMOND 1 FIN/DIAMON P/P 144A 07.1250 06/15/2024 | 0.29% |
| CAPITAL AUTO 1STL L+250 04.5500 03/24/2024 | 0.28% |
| EXTENDED STAY TLB L+200 04.0435 09/18/2026 | 0.28% |
| DIVERSEY TL L+300 05.2555 09/06/2024 | 0.27% |
| TRAVERSE TLB L+400 06.0500 09/27/2024 | 0.27% |
| ASURION 2NDL L+650 08.5435 08/04/2025 | 0.27% |
| MURRAY ENERGY TLB2 L+725 09.3741 04/17/2020 | 0.27% |
| JO-ANN STORES TL L+500 07.2516 10/16/2023 | 0.27% |
| ZOETIS INC 02.5759 08/20/2021 | 0.26% |
| GLP CAPITAL LP / FIN II 05.3750 11/01/2023 | 0.26% |
| TEVA PHARMACEUTICALS NE USD 02.2000 07/21/2021 | 0.26% |
| BAUSCH HLTH COS INC P/P 144A 06.5000 03/15/2022 | 0.26% |
| GREAT LAKES D&D 08.0000 05/15/2022 | 0.25% |
| CHENIERE CORP CHRIST 07.0000 06/30/2024 | 0.25% |
| NEIMAN MARCUS TL L+600 07.9895 10/25/2023 | 0.25% |
| LIONS GATE CAP HOLD P/P 144A 06.3750 02/01/2024 | 0.24% |
| ALLY FINANCIAL INC 05.1250 09/30/2024 | 0.24% |
| ANTERO RESOURCES COR 05.6250 06/01/2023 | 0.24% |
| IHEARTCOMMUNICATIONS INC 06.3750 05/01/2026 | 0.23% |
| SS&C TECH TLB4 L+225 04.2935 04/16/2025 | 0.23% |
| 1011778 BC / NEW RED P/P 144A 04.2500 05/15/2024 | 0.23% |
| COMMSCOPE INC P/P 144A 05.5000 03/01/2024 | 0.23% |
| ICAHN ENTERPRISES/FI 06.2500 02/01/2022 | 0.23% |
| SIRIUS XM RADIO INC P/P 144A 04.6250 05/15/2023 | 0.22% |
| ADT SEC CORP 03.5000 07/15/2022 | 0.22% |
| ADVANCED DRAINAGE SYS L+225 04.2990 09/18/2026 | 0.22% |
| ASCENT RESOURCES/AEU P/P 144A 10.0000 04/01/2022 | 0.22% |
| SS&C TECH TLB5 L+250 04.2935 04/16/2025 | 0.22% |
| BLOUNT INTL TLB L+375 05.9463 04/12/2023 | 0.22% |
| SABRE GBL TLB L+200 04.0435 02/22/2024 | 0.22% |
| STAPLES TL L+450 06.6228 04/09/2024 | 0.22% |
| BIG RIVER STEEL TLB L+500 07.1044 08/23/2023 | 0.22% |
| THE AES CORPORATION 04.8750 05/15/2023 | 0.20% |
| BUILDERS FIRSTSOURCE P/P 144A 05.6250 09/01/2024 | 0.20% |
| CABLEVISION SYS CORP 08.0000 04/15/2020 | 0.19% |
| LEVEL 3 TLB L+225 04.2935 02/22/2024 | 0.18% |
| NETFLIX INC 05.5000 02/15/2022 | 0.16% |
| TRANSOCEAN SENTR P/P 144A 05.3750 05/15/2023 | 0.16% |
| VISTRA ENERGY TLB3 L+200 04.0359 12/01/2025 | 0.16% |
| REVLON CONS TLB L+350 05.6241 09/07/2023 | 0.15% |
| JO-ANN STORES 2NDL L+925 11.5094 05/21/2024 | 0.14% |
| ALBERTSON'S TLB8 L+275 04.7935 08/17/2026 | 0.13% |
| SOLERA LLC / SOLERA P/P 144A 10.5000 03/01/2024 | 0.12% |
| FRAC TECH INTL TLB L+475 06.7935 04/16/2021 | 0.11% |
| CLEAR CHANNEL OUTDOOR HOLDIN SEDOL BJHVCH9 | 0.10% |
| TRIBUNE CLASS 1C LITIGAT | 0.07% |
| ASCENT RESOURCES TLB L+650 08.5276 03/30/2023 | 0.06% |
| CHC GRP LLC P/P CV 00.0000 10/01/2020 | 0.02% |
| ALLEGHENY TECHNOLOGIES 05.9500 01/15/2021 | 0.02% |
| TXU TCEH RIGHTS | 0.02% |
| AVAYA HOLDINGS CORP SEDOL BD9G9B3 | 0.00% |
| AVAYA INC ESCROW P/P 144A 07.0000 04/01/2020 | 0.00% |
| CHC GROUP LLC P/P SEDOL BYXD3K4 | 0.00% |
Fixed income statistics as of 10/31/19
| Average effective maturity | 4.53 yrs. |
|---|---|
| Average effective duration | 0.20 yrs. |
| Average yield to maturity | 5.02% |
| Average coupon | 4.88% |
Sector weightings as of 10/31/19
| Cash investments | Non-cash investments | Total portfolio | ||||
|---|---|---|---|---|---|---|
| Weight | Spread duration | Weight | Spread duration | Weight | Spread duration | |
| Bank loans | 82.05% | 3.53 | 0.00% | 0.00 | 82.05% | 3.53 |
| High-yield corporate bonds | 8.45% | 0.15 | 0.00% | 0.00 | 8.45% | 0.15 |
| Investment-grade corporate bonds | 3.67% | 0.10 | 0.00% | 0.00 | 3.67% | 0.10 |
| Emerging-market bonds | 0.29% | 0.00 | 0.00% | 0.00 | 0.29% | 0.00 |
| Equity investments | 0.19% | 0.00 | 0.00% | 0.00 | 0.19% | 0.00 |
| Convertible securities | 0.03% | 0.00 | 0.00% | 0.00 | 0.03% | 0.00 |
| Net cash | 5.32% | 0.00 | 0.00% | 0.00 | 5.32% | 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 10/31/19
| 0 - 1 yr. | 8.85% |
|---|---|
| 1 - 5 yrs. | 42.09% |
| 5 - 10 yrs. | 49.06% |
Quality rating as of 10/31/19
| A | 0.93% |
|---|---|
| BBB | 8.53% |
| BB | 45.61% |
| B | 37.01% |
| CCC and Below | 2.31% |
| Not Rated | 0.29% |
| Net cash | 5.32% |
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 10/31/19
| Consumer cyclicals | 24.47% |
|---|---|
| Capital goods | 11.14% |
| Communication services | 10.15% |
| Technology | 9.93% |
| Basic materials | 8.88% |
| Health care | 8.28% |
| Financials | 8.07% |
| Consumer staples | 7.31% |
| Net Cash | 5.32% |
| Other | 6.45% |
0
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 10/31/19
| United States | 98.35% |
|---|---|
| Canada | 1.19% |
| Israel | 0.29% |
| Cayman Islands | 0.17% |
0
Expenses
Expense ratio |
Class A | Class B | Class C | Class M | Class R | Class R6 | Class Y |
|---|---|---|---|---|---|---|---|
| Total expense ratio | 1.03% | 1.23% | 1.78% | 1.08% | 1.28% | 0.68% | 0.78% |
| What you pay | 1.03% | 1.23% | 1.78% | 1.08% | 1.28% | 0.68% | 0.78% |
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. 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.