Always Diligent. Always Active.

Floating Rate Income Fund (Class M)  (PFLMX)

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 $8.39
0.00% | $0.00
$8.59
09/26/18
$8.15
12/28/18
Historical fund price

Fund facts as of 07/31/19

Total net assets
$484.73M
Turnover (fiscal year end)
40%
Dividend frequency (view rate)
Monthly
Number of issues
213
Fiscal year-end
February
CUSIP / Fund code
746763457 / 0657
Inception date
09/07/04
Category
Taxable Income
Open to new investors
Ticker
PFLMX

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.

12.43%

Best 5-year annualized return

(for period ending 12/31/13)


1.82%

Worst 5-year annualized return

(for period ending 09/30/09)


3.90%

Average 5-year annualized return


  • Total return (%) as of 06/30/19

  • Annual performance as of 06/30/19

Annualized Total return (%) as of 06/30/19

Annualized performance 1 yr. 3 yrs. 5 yrs. 10 yrs.
Before sales charge 3.17% 4.15% 2.74% 5.02%
After sales charge 2.40% 3.89% 2.59% 4.94%
S&P/LSTA Leveraged Loan Index 3.95%5.23%3.67%6.17%

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 07/31/19 0.62% -0.13%
YTD as of 08/16/19 5.71% 4.92%

Yield

Distribution rate before sales charge
as of 08/16/19
4.62%
Distribution rate after sales charge
as of 08/16/19
4.59%
30-day SEC yield as of 07/31/19
(after sales charge)
4.42%

Lipper rankings as of 07/31/19

Time period Rank/Funds in category Percentile ranking
1 yr. 103/243 43%
3 yrs. 143/216 66%
5 yrs. 122/194 63%
10 yrs. 49/81 60%
Lipper category: Loan Participation Funds

Morningstar Ratings as of 07/31/19

Time period Funds in category Morningstar Rating
Overall 219
3 yrs. 219
5 yrs. 197
10 yrs. 81
Morningstar category: Bank Loan

Distributions

Accrual days 31
Accrual start date 07/01/19
Accrual end date 07/31/19
Payable date 07/31/19
Income $0.032369704
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 07/31/19

Charter Communications 1.20%
Altice Numericable 1.12%
DELL Technologies 1.11%
Transdigm 1.11%
Centurylink 1.10%
Refinitiv 1.10%
Altice USA 0.95%
Univision Communications Inc 0.93%
Kronos Inc 0.92%
Sprint Communications 0.90%
Top 10 holdings, percent of portfolio 10.44%

Full portfolio holdings as of 06/30/19

REFINITIV TLB L+375 06.1524 10/01/2025 1.03%
UNIVISION TLC5 L+275 05.1524 03/15/2024 0.88%
SPRINT TLB L+250 04.9375 02/03/2024 0.86%
CALPINE CONS FIN TL L+250 04.9024 01/15/2025 0.84%
SCIENTIFIC GAMES TLB5 L+275 05.2162 08/14/2024 0.83%
BRAND ENERGY TL L+425 06.7871 06/21/2024 0.82%
PLY GEM TLB L+375 06.3535 04/12/2025 0.82%
TEMPO ACQUISITION TLB L+300 05.4024 05/01/2024 0.81%
GFL ENVIRONMENTAL TLB L+300 05.4024 05/31/2025 0.81%
DELL INTL TLB L+200 04.4100 09/07/2023 0.81%
AVAYA TLB L+425 06.7226 12/15/2024 0.80%
ARBY'S TLB L+325 05.6824 02/05/2025 0.80%
POWER SOLUTIONS TLB L+350 05.9024 03/15/2026 0.80%
MULTIPLAN TLB L+275 04.0000 06/07/2023 0.79%
AKZONOBEL TLB L+325 05.6685 10/01/2025 0.79%
MESSER INDUST TLB L+250 04.9892 03/01/2026 0.78%
ALLIANT HOLD TLB L+300 05.4036 05/10/2025 0.77%
CAESARS RESORT TL L+275 05.1524 12/22/2024 0.77%
GOLDEN NUGGET TL L+275 05.1488 10/04/2023 0.77%
CENTURYLINK TLB L+275 05.2724 01/31/2025 0.77%
ORTHO-CLINICAL TLB L+325 05.6799 06/01/2025 0.77%
TRAVELPORT TLB L+500 07.5412 03/18/2026 0.76%
GRAY TV TLC L+250 04.9305 11/02/2025 0.75%
WIDEOPENWEST TLB L+325 05.6536 08/19/2023 0.75%
CSC HOLDINGS TLB L+225 04.6443 07/17/2025 0.74%
HUB INTL TLB L+275 05.2399 04/25/2025 0.73%
PAREXEL TLB L+275 05.1524 09/27/2024 0.72%
USI INC TLB L+300 05.3299 05/16/2024 0.71%
WEIGHT WATCHERS TLB L+475 07.3500 11/29/2024 0.70%
SFR GROUP SA TLB L+275 05.2331 07/31/2025 0.70%
VERTIV TLB L+400 06.4385 11/15/2023 0.70%
ENVISION HEALTHCARE TL L+375 06.1524 10/10/2025 0.69%
ATOTECH TLB1 L+300 05.3299 01/31/2024 0.68%
CINEWORLD TLB L+225 04.6885 02/28/2025 0.68%
HUSKY TLB L+300 05.4024 03/28/2025 0.68%
PLANTRONICS TLB L+250 04.9024 07/02/2025 0.68%
KINETIC CONCEPTS TLB L+325 04.2846 02/03/2024 0.68%
BWAY CORP TLB L+325 05.8535 04/03/2024 0.66%
QUIKRETE TLB L+275 05.1885 11/15/2023 0.66%
STERIGENICS TLB L+300 05.4385 05/15/2022 0.66%
CPG INTL TL L+375 05.9332 05/05/2024 0.65%
AIR METHODS TLB L+350 05.8299 04/21/2024 0.63%
INFOR TLB6 L+275 05.2430 02/01/2022 0.63%
BJ'S WHOLESALE TLB L+275 05.1606 02/03/2024 0.63%
VICI PROPERTIES TL L+200 04.4036 12/22/2024 0.62%
BMC TLB L+425 06.5799 10/02/2025 0.62%
LPL HOLDINGS INC TLB L+225 04.5296 09/21/2024 0.62%
WERNER TLB L+400 06.3299 07/24/2024 0.61%
FOREST CITY TLB L+400 06.4024 12/07/2025 0.61%
NEXSTAR BROAD TLB L+275 02.7500 06/19/2026 0.60%
TAMKO BUILDING TLB L+325 05.5922 05/03/2026 0.60%
NAVISTAR INTL TLB L+350 05.8900 11/06/2024 0.60%
SOLERA TLB L+275 05.1524 03/03/2023 0.60%
LIFEPOINT TLB L+450 06.9036 11/16/2025 0.60%
AMERICAN TRAFFIC SOLUT L+375 06.1524 02/28/2025 0.60%
FILTRATION GROUP TLB L+300 05.4024 03/29/2025 0.59%
SOLENIS 1STL L+400 06.5218 06/26/2025 0.59%
BAUSCH HEALTH TLB L+300 05.4809 06/01/2025 0.59%
TTM TECH INC TL L+250 04.9385 09/28/2024 0.59%
ROCKET SOFTWARE TLB L+425 06.7452 11/20/2025 0.59%
GRIFOLS TLB L+225 04.6744 01/31/2025 0.58%
ABC SUPPLY TLB L+200 04.4024 10/31/2023 0.58%
FRONTIER COMMUNICAT L+375 06.1600 06/15/2024 0.58%
STAPLES TL L+500 07.5813 04/12/2026 0.58%
STARS GROUP TLB L+350 05.8299 07/10/2025 0.58%
YUM BRANDS TLB L+175 04.2314 04/03/2025 0.58%
KRONOS TLB L+300 05.2225 11/01/2023 0.57%
TALBOTS TLB L+700 09.3299 11/28/2022 0.56%
BASS PRO TLB L+500 07.5224 09/25/2024 0.56%
ALTRA INDUSTIAL TLB L+200 04.4024 10/01/2025 0.56%
BEACON ROOFING TLB L+225 04.6634 01/02/2025 0.55%
CLUBCORP TLB L+275 05.3510 09/18/2024 0.54%
TOWNSQUARE TLB L+300 04.2500 04/01/2022 0.53%
JACK OHIO FIN LLC/FI P/P 144A 06.7500 11/15/2021 0.52%
WELBILT TLB L+250 04.9930 10/23/2025 0.52%
RACKSPACE HOSTING INC L+300 05.5755 11/03/2023 0.52%
BOYD GAMING TLB L+225 04.6095 09/15/2023 0.52%
TMS INTL TLB L+275 05.2637 08/14/2024 0.52%
ADT/PRIME SECURITY TLB L+275 05.1524 05/02/2022 0.51%
DIAMOND RESORTS TLB L+375 06.2489 09/02/2023 0.51%
VIRGIN MEDIA BRISTOL L+250 04.8943 01/15/2026 0.50%
BERRY GLOBAL TLU L+250 5.02189 05/17/2026 0.50%
DUN & BRADSTREET TLB L+500 07.4791 02/06/2026 0.50%
AIR MEDICAL TLB L+325 05.7226 04/28/2022 0.49%
JC PENNEY TLB L+425 06.7706 06/23/2023 0.49%
KEANE GROUP TLB L+375 06.3125 05/25/2025 0.48%
PQ CORP TLB L+250 05.0828 02/08/2025 0.48%
TRANSDIGM INC TLF L+250 04.8299 06/09/2023 0.48%
ASURION 2NDL L+650 08.9024 08/04/2025 0.47%
ASURION TLB6 L+300 05.4024 11/03/2023 0.47%
TRIDENT TPI HLDG INC L+325 05.6885 10/05/2024 0.46%
FORMULA ONE TLB L+250 03.7500 02/01/2024 0.45%
IRON MOUNTAIN TLB L+175 04.1885 01/02/2026 0.45%
MEREDITH TLB L+275 05.1524 01/31/2025 0.45%
VISTRA ENERGY TLB1 L+200 04.4024 08/04/2023 0.45%
ORYX TLB L+400 06.4360 05/09/2026 0.44%
ATLANTIC BROADBAND TLB L+225 04.6524 01/04/2025 0.44%
CHARTER COMM TLB L+200 04.4900 04/30/2025 0.44%
DIVERSEY TL L+300 05.5828 09/06/2024 0.43%
EXTENDED STAY TLB L+200 04.4024 08/30/2023 0.43%
REYNOLDS GROUP TL L+300 05.2166 02/05/2023 0.42%
PPD TL L+250 04.9989 08/18/2022 0.42%
CERIDIAN TLB L+300 05.4859 04/30/2025 0.42%
THERMON TLB L+375 06.2515 10/30/2024 0.41%
NEWELL BRANDS INC. 03.8500 04/01/2023 0.41%
GATES GLOBAL TLB L+275 05.1524 03/31/2024 0.40%
CALIFORNIA RESOURC TL L+475 07.1524 12/31/2022 0.40%
CHARTER COMM OPT LLC/CAP 04.2290 02/01/2024 0.40%
EQUITRANS TLB L+450 05.7500 01/31/2024 0.40%
LIONS GATE TLB L+225 04.6885 03/24/2025 0.40%
BLACKSTONE CQP TLB L+350 05.8866 06/07/2024 0.40%
INTELSAT JACKSON TLB4 L+450 06.9298 01/02/2024 0.40%
PENSKE AUTOMOTIVE GROUP 03.7500 08/15/2020 0.40%
ULTIMATE SOFTWARE TL L+375 06.0799 05/03/2026 0.40%
COMMSCOPE TLB2 L+325 05.6524 04/04/2026 0.40%
TALLGRASS ENERGY TL L+475 07.0799 03/11/2026 0.40%
TWIN RIVER TLB L+275 05.1616 05/10/2026 0.40%
LOTUS MIDSTREAM TLB L+325 05.8510 09/30/2025 0.40%
ELDORADO RESORTS TLB L+225 04.6951 04/17/2024 0.40%
ALBERTSON'S TLB7 L+300 05.4024 11/16/2025 0.40%
RESTAURANT BRANDS TLB L+225 04.6885 02/17/2024 0.40%
FLORA FOOD TLB L+300 05.0573 07/02/2025 0.39%
WESTERN DIGITAL TLB L+175 04.0925 04/29/2023 0.39%
HORSESHOE BALTIMORE TL L+400 06.4930 07/07/2024 0.39%
TRIBUNE MEDIA TLB L+300 05.4024 01/27/2024 0.39%
ZEKELMAN TLB L+225 04.8620 06/14/2021 0.39%
MGM GROWTH PROP TLB L+200 04.4024 03/25/2025 0.39%
NUMERICABLE TLB12 L+369 06.1426 01/31/2026 0.38%
BCP RENAISSANCE PARENT L+350 05.8424 10/31/2024 0.38%
IHEARTMEDIA TL L+400 06.5790 05/01/2026 0.38%
ASCEND LEARNING TLB L+300 05.4024 07/12/2024 0.37%
INTELSAT S.A. TLB3 L+375 06.2291 11/27/2023 0.37%
VIDEOTRON LTD USD 05.0000 07/15/2022 0.36%
CAPITAL AUTO 1STL L+250 04.9100 03/24/2024 0.36%
CAPITAL AUTO 2NDL L+600 08.4100 03/24/2025 0.35%
GATEWAY CASINO TLB L+300 05.6010 03/13/2025 0.35%
ASURION TLB7 L+300 05.4024 11/03/2024 0.35%
CALIFORNIA RESOURCES L+1038 12.7774 12/31/2021 0.35%
HCA INC 05.8750 05/01/2023 0.34%
MGM RESORTS INTL 06.0000 03/15/2023 0.34%
MURRAY ENERGY TLB2 L+725 09.7718 04/17/2020 0.33%
ROBERTSHAW TL 2L L+800 10.4375 02/28/2026 0.33%
ROBERTSHAW US HOLDING L+350 06.0000 02/28/2025 0.33%
LENNAR CORP 04.7500 11/15/2022 0.33%
ACADEMY SPORTS TLB L+400 06.4390 07/02/2022 0.32%
BRIGGS & STRATTON CORPORATION 06.8750 12/15/2020 0.32%
PETSMART INC TLB L+300 06.6700 03/11/2022 0.32%
JO-ANN STORES 2NDL L+925 11.7272 05/21/2024 0.32%
ZEP INC TLB L+400 06.3299 08/11/2024 0.32%
TENET HEALTHCARE 04.5000 04/01/2021 0.32%
TRANSDIGM INC TLE 04.8299 05/30/2025 0.32%
WHITING PETROLEUM CORP 05.7500 03/15/2021 0.31%
WPX ENERGY INC 06.0000 01/15/2022 0.31%
JO-ANN STORES TL L+500 07.5915 10/16/2023 0.31%
SS&C TECH TLB3 L+250 04.3969 04/16/2025 0.31%
NEWFIELD EXPLORATION CO 05.7500 01/30/2022 0.31%
KRONOS 2NDL L+825 10.9862 11/01/2024 0.31%
APERGY TLB L+250 04.9375 05/09/2025 0.31%
CCO HLDGS LLC/CAP CO P/P 144A 05.1250 05/01/2023 0.31%
STEEL DYNAMICS INC 05.2500 04/15/2023 0.31%
LEVEL 3 FINANCING INC 05.1250 05/01/2023 0.30%
CHS/COMMUNITY HEALTH SYS 06.2500 03/31/2023 0.28%
CIT GROUP INC 05.0000 08/01/2023 0.28%
TRAVERSE TLB L+400 06.6000 09/27/2024 0.28%
CBS RADIO TLB1 L+275 05.0365 11/17/2024 0.27%
DIAMOND 1 FIN/DIAMON P/P 144A 07.1250 06/15/2024 0.26%
TRANSDIGM INC P/P 144A 06.2500 03/15/2026 0.26%
NEIMAN MARCUS TL L+600 08.4209 10/25/2023 0.25%
TEVA PHARMACEUTICALS NE USD 02.2000 07/21/2021 0.25%
ANTERO RESOURCES COR 05.6250 06/01/2023 0.24%
ZOETIS INC 02.9596 08/20/2021 0.24%
BAUSCH HLTH COS INC P/P 144A 06.5000 03/15/2022 0.24%
CHENIERE CORP CHRIST 07.0000 06/30/2024 0.23%
GREAT LAKES D&D 08.0000 05/15/2022 0.23%
LIONS GATE CAP HOLD P/P 144A 06.3750 02/01/2024 0.22%
ALLY FINANCIAL INC 05.1250 09/30/2024 0.22%
SS&C TECH TLB4 L+225 04.6524 04/16/2025 0.22%
THE AES CORPORATION 04.8750 05/15/2023 0.21%
ASCENT RESOURCES/AEU P/P 144A 10.0000 04/01/2022 0.21%
BUILDERS FIRSTSOURCE P/P 144A 05.6250 09/01/2024 0.21%
COMMSCOPE INC P/P 144A 05.5000 03/01/2024 0.21%
ICAHN ENTERPRISES/FI 06.2500 02/01/2022 0.21%
IHEARTCOMMUNICATIONS INC 06.3750 05/01/2026 0.21%
1011778 BC / NEW RED P/P 144A 04.2500 05/15/2024 0.20%
SIRIUS XM RADIO INC P/P 144A 04.6250 05/15/2023 0.20%
RIVERS PITTSBURGH LP P/P 144A 06.1250 08/15/2021 0.20%
ADT SEC CORP 03.5000 07/15/2022 0.20%
BIG RIVER STEEL TLB L+500 07.3299 08/23/2023 0.20%
ALBERTSON'S LLC TLB5 L+300 05.6088 12/21/2022 0.20%
BLOUNT INTL TLB L+375 06.1524 04/12/2023 0.20%
SS&C TECH TLB5 L+250 04.6524 04/16/2025 0.20%
SABRE GBL TLB L+200 04.4024 02/22/2024 0.20%
STAPLES TL L+450 07.1010 04/09/2024 0.20%
SYNIVERSE TL 2L L+900 11.5089 03/11/2024 0.19%
CABLEVISION SYS CORP 08.0000 04/15/2020 0.18%
CLEAR CHANNEL OUTDOOR HOLDIN 0.17%
LEVEL 3 TLB L+225 04.6524 02/22/2024 0.17%
IHEARTCOMMUNICATIONS INC 08.3750 05/01/2027 0.16%
TRANSOCEAN SENTR P/P 144A 05.3750 05/15/2023 0.15%
NETFLIX INC 05.5000 02/15/2022 0.15%
REVLON CONS TLB L+350 06.0469 09/07/2023 0.15%
VISTRA ENERGY TLB3 L+200 04.3968 12/01/2025 0.14%
FRAC TECH INTL TLB L+475 06.0000 04/16/2021 0.11%
SOLERA LLC / SOLERA P/P 144A 10.5000 03/01/2024 0.11%
AIR MEDICAL TLB L+425 06.6524 03/14/2025 0.09%
TRIBUNE CLASS 1C LITIGAT 0.06%
ASCENT RESOURCES TLB L+650 08.9106 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 0.00%
AVAYA INC ESCROW P/P 144A 07.0000 04/01/2020 0.00%
CHC GROUP LLC P/P 0.00%

Prior top 10 holdings

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
Top 10 holdings as of 06/30/19
Asurion
Centurylink
Charter Communications
Altice Numericable
DELL Technologies
Transdigm
Refinitiv
Altice USA
Kronos Inc
Univision Communications Inc
Holdings represent 10.66% of portfolio
Top 10 holdings as of 05/31/19
Asurion
Centurylink
Charter Communications
Altice Numericable
Vistra Energy
DELL Technologies
Transdigm
Refinitiv
Air Medical Group Holdings
Altice USA
Holdings represent 10.56% of portfolio
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

Fixed income statistics as of 07/31/19

Average effective maturity 4.68 yrs.
Average effective duration 0.26 yrs.
Average yield to maturity 5.23%
Average coupon 5.29%
Average price $99.21

Sector weightings as of 07/31/19

  Cash investments Non-cash investments Total portfolio
  Weight Spread duration Weight Spread duration Weight Spread duration
Bank loans 83.82% 3.61 0.00% 0.00 83.82% 3.61
High-yield corporate bonds 9.03% 0.17 0.00% 0.00 9.03% 0.17
Investment-grade corporate bonds 2.30% 0.07 0.00% 0.00 2.30% 0.07
Emerging-market bonds 0.25% 0.00 0.00% 0.00 0.25% 0.00
Equity investments 0.20% 0.00 0.00% 0.00 0.20% 0.00
Convertible securities 0.03% 0.00 0.00% 0.00 0.03% 0.00
Net cash 4.37% 0.00 0.00% 0.00 4.37% 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 07/31/19

0 - 1 yr. 8.11%
1 - 5 yrs. 39.12%
5 - 10 yrs. 52.77%

Quality rating as of 07/31/19

A 0.41%
BBB 6.94%
BB 46.44%
B 39.35%
CCC and Below 2.20%
Not Rated 0.29%
Net cash 4.37%

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 07/31/19

Consumer cyclicals 25.94%
Technology 10.44%
Capital goods 10.21%
Communication services 9.53%
Basic materials 8.89%
Health care 8.89%
Consumer staples 7.36%
Financials 7.07%
Energy 5.57%
 
Other
6.10%
Net Cash 4.37%
Utilities 1.73%

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 07/31/19

United States 99.02%
Canada 0.58%
Israel 0.25%
Cayman Islands 0.15%

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. 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.