Senior Floating Rate and Fixed Income Fund
Y shares are only available to certain institutional investors. Please click here for other share classes.
The Senior Floating Rate and Fixed Income Fund seeks to provide a high level of current income
Primary Benchmark:
S&P/ LSTA Leveraged Loan Index
Portfolio Management
Kevin Perry
John Bell
Total Fund Assets (as of 4/30/2013):
$562.3 million
Strategy Highlights
- Value driven, opportunistic approach
- Allocations to out of benchmark securities for offensive and defensive purposes
- Macro-guided portfolio construction
- Long term investment horizon
Investment Strategy
- Must invest at least 65% in floating rate loans
- May invest up to 35% of assets in other fixed income securities
- May invest up to 20% of assets in non-US issuers, including 10% in emerging market debt securities
- The Fund may use leverage through borrowing up to 33.33% of the Fund’s total assets after such borrowing
About Risk
- This fund is non-diversified and may tend to be more volatile than diversified funds.
- The fund invests in floating rate and other debt securities that are typically rated below investment grade, which can increase the risk of default and price volatility. While the market for floating rate loans is large, the volume on the secondary market for these securities can be less robust than other fixed income markets. This limited liquidity may affect the ability of the fund to purchase or sell floating rate loans and may have a negative impact on fund performance. The use of leverage can cause increases and decreases in the value of portfolio securities to be more exaggerated than if the fund did not use leverage. This fund is non-diversified and may tend to be more volatile than diversified funds.
- The use of leverage can cause increases and decreases in the value of portfolio securities to be more exaggerated than if the fund did not use leverage.
- The Fund can invest a percentage of assets in foreign securities, the value of the Fund shares can be adversely affected by changes in currency exchange rates, political, and economic developments, which can be significant in emerging markets
- Mutual funds that invest in bonds can lose their value. When interest rates rise, bond prices usually fall and vice versa
Past performance is no guarantee of future results.1 For further detail regarding Minimum Initial Investment, please see the fund prospectus.
2 Unlike net expense ratio, gross expense ratio does not reflect any potential reimbursement/waiver of expenses, if any, as stated in the most recent Fund prospectus. Fund expenses and expense reductions are subject to change. Expense reductions are contractual and are set to expire 3/31/2014. Investors should consult the most recent prospectus for more detailed information.
3Unsubsidized 30-day SEC yield is calculated using the gross expenses of the fund. Gross expenses do not include any fee waivers or reimbursement.
The
S&P/LSTA Leveraged Loan Index reflects the market-weighted performance of institutional leveraged loans based upon real-time market weightings, spreads and interest payments. Indexes are unmanaged and do not incur fees. It is not possible to invest directly in an index.
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Primary Benchmark: S&P/ LSTA Leveraged Loan Index
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Year-to-Date Performance as of 6/18/2013 Month-End Performance as of 4/30/2013 Cumulative
Total Return | Class Y | Index |
|---|
| 3 month | 1.95% | 1.64% | | Year-to-date | 3.27% | 2.72% |
Average Annualized
Total Return | Class Y | Index |
|---|
| 1 Year | 9.03% | 7.76% | | Since Inception (9/30/2011) | 12.48% | 9.78% |
Quarter-End Performance as of 3/31/2013 Cumulative
Total Return | Class Y | Index |
|---|
| 3 month | 2.39% | 2.08% | | Year-to-date | 2.39% | 2.08% |
Average Annualized
Total Return | Class Y | Index |
|---|
| 1 Year | 9.16% | 7.88% | | Since Inception (9/30/2011) | 12.56% | 9.89% |
Gross Expense Ratio: (Y) 1.37%; Net Expense Ratio: (Y) 0.85% Waivers/reimbursements are contractual and are set to expire 1/31/14. |
Lipper Rankings as of 4/30/2013 | | Class Y |
|---|
| 1 Year | 24/163 | | 3 Years | N/A | | 5 Years | N/A | | 10 Years | N/A | | Lipper Category: NA |
Morningstar Rankings as of 3/31/2013 | | Class Y |
|---|
| 1 Year | N/A | | 3 Years | N/A | | 5 Years | N/A | | 10 Years | N/A | | Morningstar Category: NA |
Lipper and Morningstar rankings are based on total returns calculated by each ranking entity. Rankings do not take into account sales charges, if applicable, but include reinvestment of dividends and capital gains, if any.
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Total return assumes reinvestment of dividends and capital gains distributions, if any.
Performance data quoted represents past performance and is no guarantee of future results. Total return and value will vary and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. Returns include changes in share price and reinvestment of dividends and capital gains, if any.
Lipper Analytical Services Inc., a Thomson Reuters Company, is a nationally recognized organization that provides performance information for mutual funds. Copyright 2013 © Reuters. All rights reserved. Any copying, republication or redistribution of Lipper content is expressly prohibited without the prior written consent of Lipper. Lipper shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.
© 2013 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Monthly as of 4/30/2013
| Characteristics | |
|---|
| Number of Issues | 331 | | Average Maturity | 5.11 | | Weighted Average Duration | 0.42 | | Annual Turnover (11/30/2012) | 88% |
| Currency Distribution | |
|---|
| U S Dollars | 100% |
| Duration Distribution | |
|---|
| Less than 1 Yr. | 87.0% | | 1 to 3 Yrs. | 7.2% | | 3 to 5 Yrs. | 4.8% | | Cash & Equiv | 1.0% |
Top Ten Holdings
as of 4/30/2013 | % Assets |
|---|
| FAIRPOINT COMMUNICATIONS TLB L+625 | 1.1% | | HARLAND CLARKE INCL TLB-3 L+550 LF150 | 1.1% | | PATRIOT COAL DIP TL 10/03/13 L+775 LF150 | 1.0% | | HOSTESS BRANDS TLB L+550 | 0.9% | | FLEETPRIDE 1ST LIEN L+400 LF125 | 0.9% | | INTEGRA TELECOM 2ND LIEN L+850 | 0.9% | | MARINA DISTRICT FINANCE | 0.9% | | EDWARDS CAYMAN TLB L+350 | 0.9% | | TRUVEN HLTH TLB L+325 LF125 | 0.8% | | DONCASTERS 1ST LIEN L+425 LF125 | 0.8% | | Total | 9.1% | |
| Sector Distribution * | |
|---|
| 0.0% | | 0.0% |
| Country Distribution | |
|---|
| United States | 96.7% | | Luxembourg | 1.7% | | Sweden | 0.8% | | Canada | 0.8% | | Bermuda | 0.1% |
| Maturity Distribution | |
|---|
| Less than 1 Yr. | 4.3% | | 1 to 3 Yrs. | 8.4% | | 3 to 5 Yrs. | 21.2% | | 5 to 7 Yrs. | 60.4% | | 7 to 10 Yrs. | 4.7% | | Cash & Equiv | 1.0% |
| Credit Quality | |
|---|
| Baa | 1.2% | | Ba | 28.9% | | B | 54.9% | | Caa & Lower | 14.0% | | Cash & Equiv | 1.0% |
|
Credit Quality reflects the highest credit rating assigned to individual holdings of the fund among Moody's, S&P or Fitch ratings are subject to change. The Fund's shares are not rated by any rating agency and no credit rating for Fund shares is implied.
Cash & Equivalents reflects unsettled trades, fees and derivatives. Negative Cash & Equivalents reflect the market value of future trade commitments for the fund. In the Sector, Duration and Maturity distributions, the calculations are based on the specific traits of each security related to that distribution, which can result in variations of the Cash & Equivalents weightings.
Due to rounding, quality, maturity, sector, currency, country and duration totals may not equal 100.00%.
Quarterly as of 3/31/2013
| Characteristics | Fund | Index |
|---|
| Number of Issues | 309 | | | Average Maturity | 5.23 | | | Weighted Average Duration | .39 | | | Annual Turnover (11/30/2012) | 88% | |
| Currency Distribution | Fund | Index |
|---|
| U S Dollars | 100% | 0.0% |
| Duration Distribution | Fund | Index |
|---|
| Less than 1 Yr. | 89.2% | 0.0% | | 1 to 3 Yrs. | 6.3% | 0.0% | | 3 to 5 Yrs. | 4.7% | 0.0% | | Cash & Equiv | -0.2% | 0.0% |
Top Ten Holdings
as of 3/31/2013 | % Assets |
|---|
| FAIRPOINT COMMUNICATIONS TLB L+625 | 1.2% | | CLARKE AMERICAN EXT TLB 06/30/17 L+525 | 1.1% | | EDWARDS CAYMAN TLB L+350 | 1.0% | | HOSTESS BRANDS TLB L+550 | 0.9% | | ALCATEL-LUCENT TLC L+625 LF100 | 0.9% | | BLACKBOARD TL-B2 L+475 LF150 | 0.9% | | CPP HOLDINGS TLB L+375 | 0.8% | | WIDEOPENWEST FIN/CAPITAL 144A W/RTS | 0.8% | | NEW BREED LOGISTICS TLB 9/21/19 L+475 LF | 0.8% | | WIND ACQUISITION FIN SA 144A W/O RTS | 0.8% | | Total | 9.3% | |
| Sector Distribution * | Fund | Index |
|---|
| 0.0% | 0.0% | | 0.0% | 0.0% |
| Country Distribution | Fund | Index |
|---|
| United States | 97.8% | 0.0% | | Luxembourg | 1.3% | 0.0% | | Canada | 0.8% | 0.0% | | Bermuda | 0.1% | 0.0% |
| Maturity Distribution | Fund | Index |
|---|
| Less than 1 Yr. | 2.4% | @ERROR% | | 1 to 3 Yrs. | 9.1% | @ERROR% | | 3 to 5 Yrs. | 22.9% | @ERROR% | | 5 to 7 Yrs. | 61.6% | @ERROR% | | 7 to 10 Yrs. | 4.2% | @ERROR% | | Cash & Equiv | -0.2% | @ERROR% |
| Credit Quality | Fund | Index |
|---|
| Baa | 1.2% | @ERROR% | | Ba | 31.7% | @ERROR% | | B | 53.3% | @ERROR% | | Caa & Lower | 13.9% | @ERROR% | | Not Rated | 0.1% | @ERROR% | | Cash & Equiv | -0.2% | @ERROR% |
|
Credit Quality reflects the highest credit rating assigned to individual holdings of the fund among Moody's, S&P or Fitch ratings are subject to change. The Fund's shares are not rated by any rating agency and no credit rating for Fund shares is implied.
Cash & Equivalents reflects unsettled trades, fees and derivatives. Negative Cash & Equivalents reflect the market value of future trade commitments for the fund. In the Sector, Duration and Maturity distributions, the calculations are based on the specific traits of each security related to that distribution, which can result in variations of the Cash & Equivalents weightings.
Due to rounding, quality, maturity, sector, currency, country and duration totals may not equal 100.00%.