Floating Rate Income Fund (PFLRX)
An income fund that can benefit from higher interest rates
- Highlights
- Performance
- Holdings
- Expenses
Summary
Fund price |
Yesterday's close | 52-week high | 52-week low |
|---|---|---|---|
| Net asset value |
$8.79
0.11% ( $0.01 ) |
$9.01
(02/27/14) |
$8.60
(12/16/14) |
Management team
(Investing since 1986)
(Investing since 1985)
(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
Debate over high yield versus bank loans
Paul Scanlon, Co-Head of Fixed Income, and Norm Boucher, Portfolio Manager, discuss the differences between the high-yield and bank-loan markets.
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 12/31/14
| Annualized performance | 1 yr. | 3 yrs. | 5 yrs. | 10 yrs. |
|---|---|---|---|---|
| Before sales charge | 0.42% | 5.12% | 5.06% | 3.64% |
| After sales charge | -0.58% | 4.77% | 4.84% | 3.54% |
| Barclays U.S. High Yield Loan Index | 1.54% | 5.66% | 5.52% | -- |
| Cumulative performance | 1 yr. | 3 yrs. | 5 yrs. | 10 yrs. |
|---|---|---|---|---|
| Before sales charge | 0.42% | 16.15% | 27.97% | 43.04% |
| After sales charge | -0.58% | 14.99% | 26.69% | 41.61% |
Annual performance as of 12/31/14
| 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Before sales charge | 4.20% | 5.93% | 1.69% | -29.63% | 41.52% | 8.65% | 1.41% | 9.74% | 5.40% | 0.42% |
| Barclays U.S. High Yield Loan Index | -- | 7.05% | 2.12% | -29.47% | 53.84% | 9.71% | 1.06% | 10.23% | 5.39% | 1.54% |
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 01/31/15
| Clear Channel Tld L+675 06.9205 01/31/2019 | 1.08% |
|
|---|---|---|
| Neiman Marcus Tl L+325 04.2500 10/25/2020 | 0.93% |
|
| Patheon Tlb L+325 04.2500 01/09/2021 | 0.93% |
|
| Caesars Ent Oper Tlb6b L+675 07.0052 03/01/2017 | 0.91% |
|
| Dell Tlb L+350 04.5000 04/29/2020 | 0.91% |
|
| Quintiles Trans Tlb3 L+250 03.7500 06/08/2018 | 0.90% |
|
| Hj Heinz Tlb2 L+250 03.5000 06/05/2020 | 0.89% |
|
| Burlington Coat Tlb L+325 04.2500 07/17/2021 | 0.88% |
|
| Realogy Group Tlb L+300 03.7500 03/05/2020 | 0.88% |
|
| Tribune Tlb L+300 04.0000 12/27/2020 | 0.86% |
|
| Top 10 holdings, percent of portfolio | 9.17% |
|
Full portfolio holdings as of 12/31/14
| CLEAR CHANNEL TLD L+675 06.9192 01/31/2019 | 1.06 % |
|---|---|
| NEIMAN MARCUS TL L+325 04.2500 10/25/2020 | 0.91 % |
| PATHEON INC TLB L+325 04.2500 01/09/2021 | 0.90 % |
| BURLINGTON COAT TLB L+325 04.2500 07/17/2021 | 0.88 % |
| DELL INC TLB L+350 04.5000 04/29/2020 | 0.88 % |
| QUINTILES TRANS TLB3 L+250 03.7500 06/08/2018 | 0.88 % |
| CAESARS ENT OPER TLB6 L+675 07.0052 03/01/2017 | 0.87 % |
| HJ HEINZ TLB2 L+250 03.5000 06/05/2020 | 0.86 % |
| REALOGY GROUP TLB L+300 03.7500 03/05/2020 | 0.85 % |
| TRIBUNE TLB L+300 04.0000 12/27/2020 | 0.84 % |
| SCIENTIFIC GAMES TLB2 L+500 06.0000 10/01/2021 | 0.81 % |
| ACADEMY LTD TLB L+300 04.5000 08/03/2018 | 0.80 % |
| FIRST DATA TLB L+350 03.6670 03/24/2018 | 0.80 % |
| GRIFOLS TLB L+300 03.1692 03/07/2021 | 0.78 % |
| ZAYO GROUP TLB L+300 04.0000 07/02/2019 | 0.78 % |
| AKORN INC TLB L+350 04.5000 08/27/2020 | 0.75 % |
| MULTIPLAN TLB L+275 03.7500 03/31/2021 | 0.75 % |
| GATES GLOBAL TL L+325 04.2500 06/04/2021 | 0.74 % |
| TRANSDIGM TLC L+300 03.7500 02/28/2020 | 0.74 % |
| UNIVISION COMMUNI TLC4 L+300 04.0000 03/01/2020 | 0.74 % |
| ASURION TLB1 L+375 05.0000 05/24/2019 | 0.71 % |
| CITYCENTER TLB L+325 04.2500 10/16/2020 | 0.71 % |
| ROC FINANCE TL L+375 05.0000 06/20/2019 | 0.70 % |
| TRAVELPORT TLB L+500 06.0000 08/15/2021 | 0.70 % |
| COMMUNITY HEALTH TLD L+325 04.2500 01/27/2021 | 0.68 % |
| ENERGY TRANSFER EQ TL L+250 03.2500 12/02/2019 | 0.68 % |
| GETTY IMAGES TLB L+350 04.7500 10/18/2019 | 0.67 % |
| HUB INTL TLB L+325 04.2500 10/02/2020 | 0.67 % |
| HILTON WORLDWIDE TLB L+250 03.5000 10/26/2020 | 0.65 % |
| CHARTER COMM TLG L+350 04.2500 08/12/2021 | 0.64 % |
| FREESCALE SEMICO TLB4 L+325 04.2500 03/01/2020 | 0.64 % |
| PAR PHARMA TLB L+300 04.0000 09/28/2019 | 0.64 % |
| ZEBRA TECH TLB L+400 04.7500 04/14/2021 | 0.64 % |
| BURGER KING TLB L+350 04.5000 09/25/2021 | 0.63 % |
| IMC OP LP 1STL L+425 05.2500 07/23/2020 | 0.63 % |
| JELD-WEN INC TLB L+425 05.2500 09/09/2021 | 0.63 % |
| LEVEL 3 COMMUNICA TLB1 L+300 04.0000 01/15/2020 | 0.63 % |
| STEINWAY MUSIC 1STL L+375 04.7500 09/19/2019 | 0.63 % |
| TERVITA CORP TLB L+500 06.2500 01/24/2018 | 0.63 % |
| FORMULA ONE 1STL L+375 04.7500 07/15/2021 | 0.62 % |
| JC PENNEY RE TL L+500 06.0000 05/22/2018 | 0.62 % |
| RITE AID TL7 L+175 05.0000 02/21/2020 | 0.62 % |
| SBA COMM TLB L+250 03.2500 03/24/2021 | 0.62 % |
| TMS INTL TLB L+350 04.5000 10/16/2020 | 0.62 % |
| IASIS HEALTHCARE TLB L+325 04.5000 05/03/2018 | 0.61 % |
| MGM RESORTS TLB L+250 03.5000 12/20/2019 | 0.61 % |
| WORLD KITCHEN TL L+425 05.5000 03/04/2019 | 0.60 % |
| BMC SOFTWARE TL L+400 05.0000 09/10/2020 | 0.59 % |
| CHUCK E CHEESE'S TLB L+300 04.0000 02/14/2021 | 0.59 % |
| STATION CASINOS TLB L+325 04.2500 03/01/2020 | 0.59 % |
| AVAGO TECH TLB L+300 03.7500 12/16/2020 | 0.58 % |
| GENERAC POWER TLB L+250 03.2500 05/31/2020 | 0.57 % |
| LANDRY'S TLB L+300 04.0000 04/24/2018 | 0.57 % |
| NAVISTAR TLB L+450 05.7500 08/17/2017 | 0.56 % |
| TEXAS COMP ELEC TL EXT L+450 04.6612 10/10/2017 | 0.56 % |
| GARDA WORLD TLB (USD) L+300 04.0000 11/01/2020 | 0.55 % |
| LIGHTOWER TLB L+325 04.0000 04/13/2020 | 0.55 % |
| ORTHO-CLINICAL TLB L+375 04.7500 06/30/2021 | 0.55 % |
| CONVATEC TLB L+300 04.0000 12/22/2016 | 0.54 % |
| CPG INTL TLB L+375 04.7500 09/30/2020 | 0.54 % |
| LIBBEY GLASS TLB L+300 03.7500 03/26/2021 | 0.54 % |
| PARAGON TLB L+275 03.7500 06/19/2021 | 0.52 % |
| WALTER INVEST TLB L+375 04.7500 12/18/2020 | 0.52 % |
| HEARTHSIDE TLB L+350 04.5000 04/07/2021 | 0.51 % |
| AIR MEDICAL TLB1 L+400 05.0000 06/30/2018 | 0.50 % |
| CAESARS GROWTH PROP TL L+525 06.2500 04/10/2021 | 0.50 % |
| EMERGENCY MEDICAL TLB L+300 04.0000 05/25/2018 | 0.50 % |
| FERRO CORP TLB L+325 04.0000 07/30/2021 | 0.50 % |
| HD SUPPLY TLB L+300 04.0000 06/28/2018 | 0.50 % |
| STUART WEITZMAN TLB L+350 04.5000 03/04/2020 | 0.50 % |
| US FOODS TL L+350 04.5000 03/31/2019 | 0.50 % |
| ADS WASTE TLB L+300 03.7500 10/09/2019 | 0.49 % |
| ARDENT HEALTH 1STL L+525 06.7500 07/02/2018 | 0.49 % |
| CHARTER COMM TLE L+225 03.0000 07/01/2020 | 0.49 % |
| KINETIC CONCEPTS TLE1 L+300 04.0000 05/04/2018 | 0.49 % |
| ROOFING SUPPLY TLB L+375 05.0000 05/31/2019 | 0.49 % |
| SINCLAIR BROADCAS TLB L+225 03.0000 04/09/2020 | 0.49 % |
| USI INSURANCE TLB L+325 04.2500 12/27/2019 | 0.49 % |
| INTERACTIVE DATA TLB L+375 04.7500 04/07/2021 | 0.48 % |
| MOTOR CITY TLB L+350 04.5000 07/18/2021 | 0.48 % |
| ALTISOURCE SOL TLB L+350 04.5000 12/09/2020 | 0.47 % |
| AXALTA COAT TL L+275 03.7500 02/01/2020 | 0.47 % |
| FIELDWOOD ENERGY 1STL L+288 03.8750 09/25/2018 | 0.47 % |
| JO-ANN STORES TLB L+300 04.0000 03/18/2018 | 0.47 % |
| PENN NATL TLB L+250 03.2500 10/30/2020 | 0.46 % |
| STARWOOD PROP TL L+275 03.5000 04/17/2020 | 0.46 % |
| TELESAT CANADA TLB2 L+275 03.5000 03/28/2019 | 0.46 % |
| TEMPUR-PEDIC TLB L+275 03.5000 03/18/2020 | 0.45 % |
| AMSURG TLB L+300 03.7500 07/08/2021 | 0.44 % |
| INFOR US INC TLB5 L+275 03.7500 06/03/2020 | 0.44 % |
| DEMATIC TLB L+325 04.2500 12/18/2019 | 0.43 % |
| GATEWAY CASINO TLB L+425 05.6500 11/04/2019 | 0.43 % |
| WIDE OPEN WEST TLB L+375 04.7500 04/01/2019 | 0.43 % |
| DEL MONTE 1STL L+275 03.5000 02/12/2020 | 0.42 % |
| GARDNER DENVER TL L+325 04.2500 03/08/2020 | 0.42 % |
| DAVE & BUSTER'S INC 04.2500 07/25/2020 | 0.41 % |
| JPMORGAN CHASE & CO 07.9000 04/29/2049 | 0.41 % |
| OCWEN TLB L+375 L+375 05.0000 02/15/2018 | 0.41 % |
| YONKERS RACING 1STL L+325 04.2500 07/22/2019 | 0.41 % |
| AVAYA INC TLB6 L+550 06.5000 03/31/2018 | 0.40 % |
| CHRYSLER GROUP TLB L+250 03.2500 12/31/2018 | 0.40 % |
| SAMSON INVEST 2NDL L+400 05.0000 09/25/2018 | 0.40 % |
| AMAYA GAMING 1STL L+400 05.0000 06/12/2021 | 0.38 % |
| B/E AEROSPACE TLB L+325 04.0000 11/10/2021 | 0.38 % |
| LIONS GATE 2NDL L+400 05.0000 07/09/2020 | 0.38 % |
| ORION ENGINEERED TLB L+400 05.0000 08/01/2021 | 0.38 % |
| AES CORP/VA 03.2336 06/01/2019 | 0.37 % |
| AMERICAN CASINO 1STL L+350 04.5000 07/03/2019 | 0.37 % |
| ATKORE INTL 1STL L+350 04.5000 03/27/2021 | 0.37 % |
| CALPINE CORP TLB3 L+300 04.0000 10/09/2019 | 0.37 % |
| JC PENNEY ABL TL L+400 05.0000 06/14/2019 | 0.37 % |
| MEDIA GENERAL TLB2 L+325 04.2500 06/30/2020 | 0.37 % |
| ORBITZ WORLDWIDE TL L+350 04.5000 04/15/2021 | 0.37 % |
| PABST BLUE RIBBON 1STL L+475 05.7500 09/22/2021 | 0.37 % |
| REYNOLDS GROUP TLB L+300 04.0000 12/01/2018 | 0.37 % |
| SURGICAL CARE TLB-DD L+300 04.0000 06/01/2018 | 0.37 % |
| TALBOTS INC 1STL L+375 04.7500 03/04/2020 | 0.37 % |
| WINDSTREAM CORP TLB4 L+275 03.5000 01/23/2020 | 0.37 % |
| LESLIE'S POOLMART TLB L+325 04.2500 10/16/2019 | 0.36 % |
| PETCO ANIMAL SUPP TL L+300 04.0000 11/24/2017 | 0.36 % |
| WEATHER COMPANY 2NDL L+600 07.0000 06/26/2020 | 0.36 % |
| DEL MONTE 1STL L+325 04.2500 02/18/2021 | 0.35 % |
| INEOS GRP TLB L+275 03.7500 05/04/2018 | 0.34 % |
| CAPITAL AUTO 2NDL L+500 06.0000 04/29/2020 | 0.32 % |
| ICAHN ENTER/FIN 03.5000 03/15/2017 | 0.32 % |
| SEVENTY SEVEN ENERGY T L+300 03.7500 06/17/2021 | 0.32 % |
| ASURION LLC 2NDL L+750 08.5000 02/18/2021 | 0.31 % |
| FMG RESOURCES TLB L+275 03.7500 06/30/2019 | 0.31 % |
| ILFC (DELOS) TLB L+275 03.5000 02/13/2021 | 0.31 % |
| JACOBS DOUWE TLB2 L+350 03.5000 07/01/2021 | 0.31 % |
| NEP BROAD ADD-ON TLB L+325 04.2500 01/22/2020 | 0.31 % |
| NORTEK INC TLB L+300 03.7500 12/31/2020 | 0.31 % |
| REVLON CONS TLB L+300 04.0000 08/19/2019 | 0.31 % |
| UNITED SURGICAL TL L+375 04.7500 04/03/2019 | 0.31 % |
| VANTAGE DRILLING TLB L+400 05.0000 10/25/2017 | 0.31 % |
| VIRGIN MEDIA TLB L+275 03.5000 02/06/2020 | 0.31 % |
| VISTEON TLB-DD L+275 03.5000 04/08/2021 | 0.31 % |
| ALLIANT HOLDINGS TLB L+325 04.2500 12/20/2019 | 0.30 % |
| AVAYA INC TL B3-EXT 04.5000 10/26/2017 | 0.30 % |
| EP ENERGY TLB3 L+275 03.5000 05/24/2018 | 0.30 % |
| LEVEL 3 FIN TLB5 L+350 04.5000 01/31/2022 | 0.30 % |
| SYNIVERSE HLDG TL L+300 04.0000 04/23/2019 | 0.30 % |
| BLUELINE RENTAL FIN P/P 144A 07.0000 02/01/2019 | 0.29 % |
| CALPINE CONS FIN TLB L+225 03.0000 05/30/2020 | 0.29 % |
| CBAC/HORSESHOE TLB L+700 08.2500 07/02/2020 | 0.29 % |
| CROWN CASTLE TLB2 L+225 03.0000 01/31/2021 | 0.29 % |
| SPRINT COMM P/P 144A 09.0000 11/15/2018 | 0.29 % |
| CAD/USD 01/21/2015 UBS | 0.28 % |
| TENET HEALTHCARE 06.2500 11/01/2018 | 0.28 % |
| TRONOX INC TLB L+300 04.0000 03/19/2020 | 0.28 % |
| MONARCH TLB1 L+325 04.5000 09/12/2019 | 0.27 % |
| PINNACLE ENTER TLB2 L+275 03.7500 08/13/2020 | 0.27 % |
| WIDEOPENWEST FIN 10.2500 07/15/2019 | 0.27 % |
| ACCUDYNE INDUSTRIES BOR USD 04.0000 12/13/2019 | 0.26 % |
| AMERICAN CASINO 2NDL L+1000 11.2500 01/03/2020 | 0.26 % |
| DIGICEL LIMITED P/P 144A 08.2500 09/01/2017 | 0.26 % |
| GLP CAP LP / FIN II 04.3750 11/01/2018 | 0.26 % |
| NUMERICABLE-SFR P/P 144A 04.8750 05/15/2019 | 0.26 % |
| PPDI TLB L+300 04.0000 12/05/2018 | 0.26 % |
| PQ CORP P/P 144A 08.7500 05/01/2018 | 0.26 % |
| SCHAEFFLER FIN BV P/P 144A 07.7500 02/15/2017 | 0.26 % |
| APPVION 1STL L+450 05.7500 06/28/2019 | 0.25 % |
| ARIZ CHEMICAL 2NDL L+650 07.5000 05/22/2022 | 0.25 % |
| AVAYA INC P/P 144A 07.0000 04/01/2019 | 0.25 % |
| CHESAPEAKE ENERGY CORP 03.5028 04/15/2019 | 0.25 % |
| GOLDEN NUGGET TLB L+450 05.5000 10/21/2019 | 0.25 % |
| GUGGENHEIM TLB L+325 04.2500 07/22/2020 | 0.25 % |
| HUSKY INJECT 1STL L+325 04.2500 06/10/2021 | 0.25 % |
| HUSKY INJECT 2NDL L+625 07.2500 06/10/2022 | 0.25 % |
| ISTAR FINANCIAL INC 04.8750 07/01/2018 | 0.25 % |
| MTR GAMING GROUP INC 11.5000 08/01/2019 | 0.25 % |
| NEXEO SOLUTIONS TLB1 L+350 05.0000 09/08/2017 | 0.25 % |
| RITE AID 2NDL L+387.5 04.8750 06/07/2021 | 0.25 % |
| SABRE INC TLB L+300 04.2500 02/19/2019 | 0.25 % |
| SABRE INC TLB2 L+350 04.5000 02/19/2019 | 0.25 % |
| SIGNODE INDUSTRIAL TLB L+275 04.0000 05/01/2021 | 0.25 % |
| SOLENIS 2NDL L+675 07.7500 06/16/2022 | 0.25 % |
| TALBOTS INC 2NDL L+725 08.2500 03/04/2021 | 0.25 % |
| THE AES CORPORATION 08.0000 10/15/2017 | 0.25 % |
| TRANSFIRST 1STL L+450 05.5000 10/16/2021 | 0.25 % |
| AMC ENTMNT TLB L+275 03.5000 04/30/2020 | 0.24 % |
| ARIZ CHEMICAL 1STL L+350 04.5000 05/22/2021 | 0.24 % |
| HERTZ CORP 03.5000 03/11/2018 | 0.24 % |
| INFOR US INC TLB L+275 03.7500 06/03/2020 | 0.24 % |
| RITE AID 2NDL L+475 05.7500 08/21/2020 | 0.24 % |
| SHELF DRILL MIDCO TL L+900 10.0000 10/08/2018 | 0.24 % |
| VALEANT PHARMA TLC2 L+275 03.5000 12/11/2019 | 0.24 % |
| VALEANT PHARMA TLD2 L+275 03.5000 02/13/2019 | 0.24 % |
| INTELSAT JACKSON TLB2 L+275 03.7500 06/30/2019 | 0.23 % |
| RYERSON INC / JOSEPH 09.0000 10/15/2017 | 0.23 % |
| ATLANTIC BROAD TLB L+250 03.2500 11/30/2019 | 0.22 % |
| BERRY PLASTICS TLE L+275 03.7500 01/06/2021 | 0.22 % |
| CALPINE CONSTRUCT TLB2 L+250 03.2500 01/03/2022 | 0.22 % |
| ENERGY FUTURE INTER L+325 04.2500 06/19/2016 | 0.22 % |
| LINN ENERGY LLC/FIN 06.5000 05/15/2019 | 0.22 % |
| NATIONSTAR MORT/CAP CORP 06.5000 08/01/2018 | 0.22 % |
| QUIKRETE CO 2NDL L+600 07.0000 03/30/2021 | 0.22 % |
| AMER ENERGY MARC 1STL L+425 05.2500 06/20/2020 | 0.21 % |
| NRG ENERGY INC 07.6250 01/15/2018 | 0.21 % |
| NUMERICABLE US TLB1 L+375 04.5000 03/17/2020 | 0.21 % |
| PERSTORP HOLDING AB P/P 144A 08.7500 05/15/2017 | 0.21 % |
| VALEANT PHARMA P/P 144A 06.7500 08/15/2018 | 0.21 % |
| CEMEX SAB DE CV P/P 144A 05.0028 10/15/2018 | 0.20 % |
| INTELSAT JACKSON HLD USD 07.2500 04/01/2019 | 0.20 % |
| AIR MEDICAL TL 07.6250 05/31/2018 | 0.19 % |
| FIRST DATA EXT TL L+400 04.1670 03/24/2021 | 0.19 % |
| FREESCALE SEMICO TLB5 L+375 05.0000 01/15/2021 | 0.19 % |
| GULFPORT ENERGY CORP 07.7500 11/01/2020 | 0.19 % |
| SYNIVERSE HOLDINGS INC 09.1250 01/15/2019 | 0.19 % |
| JBS USA INCR TL L+275 03.7500 09/13/2020 | 0.18 % |
| NUMERICABLE US TLB2 L+375 04.5000 03/17/2020 | 0.18 % |
| SEQUA CORP TLB L+400 05.2500 06/19/2017 | 0.18 % |
| WINDSTREAM CORP TLB5 L+275 03.5000 08/08/2019 | 0.18 % |
| FIRST DATA CORP 11.2500 01/15/2021 | 0.17 % |
| SUPERMEDIA INC TL L+860 11.6000 12/31/2016 | 0.17 % |
| YONKERS RACING 2NDL L+750 08.7500 07/22/2020 | 0.17 % |
| CABLEVISION SYSTEMS 08.6250 09/15/2017 | 0.16 % |
| CHC HELICOPTER SA USD 09.2500 10/15/2020 | 0.16 % |
| HERTZ CORP 04.2500 04/01/2018 | 0.16 % |
| HEXION FIN/ESCRO 08.8750 02/01/2018 | 0.16 % |
| IGLOO HOLDINGS CORP P/P 144A 08.2500 12/15/2017 | 0.16 % |
| TMX FIN/TITLEMAX P/P 144A 08.5000 09/15/2018 | 0.16 % |
| WADDINGTON 2NDL L+725 08.5000 12/07/2020 | 0.16 % |
| EUR/USD 03/18/2015 JPMCB | 0.15 % |
| FIELDWOOD ENERGY 2NDL L+713 08.3750 09/30/2020 | 0.15 % |
| JAGUAR HOLDING CO I P/P 144A 09.3750 10/15/2017 | 0.15 % |
| NOVAFIVES SAS P/P 144A 04.0820 06/30/2020 | 0.15 % |
| ARDAGH PKG FIN/HLDGS P/P 144A 03.2406 12/15/2019 | 0.14 % |
| CLEAR CHNL WORLD 07.6250 03/15/2020 | 0.14 % |
| DISH DBS CORP 04.2500 04/01/2018 | 0.14 % |
| GARDA WORLD DD (USD) L+300 04.0000 11/08/2020 | 0.14 % |
| MONARCH TLB2 L+325 04.5000 09/12/2019 | 0.14 % |
| PRESTIGE BRANDS TLB L+313 04.1250 01/31/2019 | 0.14 % |
| STANDARD PACIFIC CORP 08.3750 05/15/2018 | 0.14 % |
| TPC GROUP INC P/P 144A 08.7500 12/15/2020 | 0.14 % |
| INTELSAT LUXEMB USD 06.7500 06/01/2018 | 0.13 % |
| LEVEL 3 TLB III L+300 04.000 11/12/2019 | 0.13 % |
| LIVINGSTON INTL 2ND L+775 09.0000 04/18/2020 | 0.13 % |
| PITTSBURGH GLASS P/P 144A 08.0000 11/15/2018 | 0.13 % |
| SHELF DRILL HOLD LTD P/P 144A 08.6250 11/01/2018 | 0.13 % |
| SUNGARD DATA SYSTEMS INC 07.3750 11/15/2018 | 0.13 % |
| TRANSFIRST 2NDL L+800 09.0000 10/16/2022 | 0.13 % |
| CALFRAC HOLDINGS LP P/P 144A 07.5000 12/01/2020 | 0.12 % |
| FORMULA ONE 2NDL L+675 07.7500 07/29/2022 | 0.12 % |
| NEXEO SOLUTIONS TLB2 L+350 05.0000 09/09/2017 | 0.12 % |
| PABST BLUE RIBBON 2NDL L+825 09.2500 09/22/2022 | 0.12 % |
| BORGATA TLB L+575 06.7500 08/15/2018 | 0.11 % |
| CAD/USD 01/21/2015 JPMCB | 0.11 % |
| DEL MONTE 2NDL L+725 08.2500 08/18/2021 | 0.11 % |
| GOLDEN NUGGET DD L+450 05.5000 10/21/2019 | 0.11 % |
| HSBC USA INC PCT 03.5000 | 0.11 % |
| HUNTSMAN INTL L 08.6250 03/15/2021 | 0.11 % |
| M/I HOMES INC 08.6250 11/15/2018 | 0.11 % |
| OXBOW CARBON 2NDL L+700 08.0000 01/19/2020 | 0.11 % |
| PETCO ANIMAL SUP P/P 144A 09.2500 12/01/2018 | 0.10 % |
| OXEA SARL 2NDL L+725 08.2500 06/01/2020 | 0.09 % |
| WADDINGTON 1STL (CAN) L+325 04.5000 06/07/2020 | 0.09 % |
| CAESARS ENT OPER TLB7 L+875 09.7500 03/01/2017 | 0.08 % |
| NOVELIS INC 08.3750 12/15/2017 | 0.08 % |
| VANTAGE DRILLING TLB L+450 05.7500 03/28/2019 | 0.08 % |
| CAD/USD 01/21/2015 HSBCB | 0.05 % |
| HILAND PART LP/CORP P/P 144A 07.2500 10/01/2020 | 0.05 % |
| ISTAR FINANCIAL TLA2 L+575 07.0000 03/19/2017 | 0.05 % |
| WADDINGTON 1STL (US) L+325 04.5000 06/07/2020 | 0.05 % |
| LIGHTOWER 2NDL L+675 08.0000 04/12/2021 | 0.02 % |
| REALOGY CORP LC EXT L+440 04.4000 10/10/2016 | 0.02 % |
| TRIBUNE CLASS 1C LITIGAT | 0.02 % |
| TEXAS COMP ELEC PP L+450 04.6612 10/10/2017 | 0.01 % |
| CAD/USD 01/21/2015 HSBCB | -0.05 % |
| CAD/USD 01/21/2015 JPMCB | -0.10 % |
| EUR/USD 03/18/2015 JPMCB | -0.15 % |
| CAD/USD 01/21/2015 UBS | -0.27 % |
Prior top 10 holdings
| Top 10 holdings as of 01/31/15 |
|---|
| Clear Channel Tld L+675 06.9205 01/31/2019 |
| Neiman Marcus Tl L+325 04.2500 10/25/2020 |
| Patheon Tlb L+325 04.2500 01/09/2021 |
| Caesars Ent Oper Tlb6b L+675 07.0052 03/01/2017 |
| Dell Tlb L+350 04.5000 04/29/2020 |
| Quintiles Trans Tlb3 L+250 03.7500 06/08/2018 |
| Hj Heinz Tlb2 L+250 03.5000 06/05/2020 |
| Burlington Coat Tlb L+325 04.2500 07/17/2021 |
| Realogy Group Tlb L+300 03.7500 03/05/2020 |
| Tribune Tlb L+300 04.0000 12/27/2020 |
| Holdings represent 9.17% of portfolio |
| Top 10 holdings as of 12/31/14 |
|---|
| Clear Channel Tld L+675 06.9192 01/31/2019 |
| Neiman Marcus Tl L+325 04.2500 10/25/2020 |
| Patheon Tlb L+325 04.2500 01/09/2021 |
| Burlington Coat Tlb L+325 04.2500 07/17/2021 |
| Dell Tlb L+350 04.5000 04/29/2020 |
| Quintiles Trans Tlb3 L+250 03.7500 06/08/2018 |
| Caesars Ent Oper Tlb6 L+675 06.9851 03/01/2017 |
| Hj Heinz Tlb2 L+250 03.5000 06/05/2020 |
| Realogy Group Tlb L+300 03.7500 03/05/2020 |
| Tribune Tlb L+300 04.0000 12/27/2020 |
| Holdings represent 8.94% of portfolio |
| Top 10 holdings as of 11/30/14 |
|---|
| Clear Channel Tld L+675 06.9062 01/31/2019 |
| Burlington Coat Tlb L+325 04.2500 07/17/2021 |
| Hj Heinz Tlb2 L+250 03.5000 06/05/2020 |
| Neiman Marcus Tl L+325 04.2500 10/25/2020 |
| Patheon Tlb L+325 04.2500 01/09/2021 |
| Caesars Ent Oper Tlb6 L+675 06.9851 03/01/2017 |
| Quintiles Trans Tlb3 L+250 03.7500 06/08/2018 |
| Akorn Tlb L+350 04.5000 08/27/2020 |
| Dell Tlb L+350 04.5000 04/29/2020 |
| Realogy Group Tlb L+300 03.7500 03/05/2020 |
| Holdings represent 8.92% of portfolio |
| Top 10 holdings as of 10/31/14 |
|---|
| Clear Channel Tld L+675 06.9040 01/31/2019 |
| Burlington Coat Tlb L+325 04.2500 07/17/2021 |
| Hj Heinz Tlb2 L+250 03.5000 06/05/2020 |
| Neiman Marcus Tl L+325 04.2500 10/25/2020 |
| Patheon Tlb L+325 04.2500 01/09/2021 |
| Caesars Ent Oper Tlb6 L+675 06.9851 03/01/2017 |
| Dell Tlb L+350 04.5000 04/29/2020 |
| Quintiles Trans Tlb3 L+250 03.7500 06/08/2018 |
| Akorn Tlb L+350 04.5000 08/27/2020 |
| Realogy Group Tlb L+300 03.7500 03/05/2020 |
| Holdings represent 8.78% of portfolio |
Fixed income statistics as of 01/31/15
| Average effective maturity | 4.67 yrs. |
|---|---|
| Average effective duration | 0.34 yrs. |
| Average yield to maturity | 4.83% |
| Average coupon | 4.64% |
| Average price | $97.89 |
Sector weightings as of 01/31/15
| Cash investments | Non-cash investments | Total portfolio | ||||
|---|---|---|---|---|---|---|
| Weight | Spread duration | Weight | Spread duration | Weight | Spread duration | |
| Bank loans | 85.66% | 3.83 | 0.00% | 0.00 | 85.66% | 3.83 |
| High-yield corporate bonds | 10.02% | 0.28 | 0.00% | 0.00 | 10.02% | 0.28 |
| Net cash | 3.30% | 0.00 | 0.00% | 0.00 | 3.30% | 0.00 |
| Investment-grade corporate bonds | 0.69% | 0.02 | 0.00% | 0.00 | 0.69% | 0.02 |
| Emerging-market bonds | 0.20% | 0.01 | 0.00% | 0.00 | 0.20% | 0.01 |
| Equity investments | 0.13% | 0.00 | 0.00% | 0.00 | 0.13% | 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 01/31/15
| 0 - 1 yr. | 4.10% |
|---|---|
| 1 - 5 yrs. | 44.30% |
| 5 - 10 yrs. | 51.60% |
Quality rating as of 01/31/15
| BBB | 4.60% |
|---|---|
| BB | 41.57% |
| B | 44.73% |
| CCC and Below | 4.73% |
| Not Rated | 1.07% |
| Net cash | 3.30% |
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 | 1.02% | 1.22% | 1.77% | 1.07% | 1.27% | 0.77% |
| What you pay | 1.02% | 1.22% | 1.77% | 1.07% | 1.27% | 0.77% |
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. | -- | -- | -- | -- | -- | -- |
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 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. Short-term cash bonds are included in the net cash category. Ratings and portfolio credit quality will vary over time. 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. Cash is also 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.