Fixed Income

FRA

Floating Rate Income Strategies Fund

Overview

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Performance

Performance

  • Returns

  2011 2012 2013 2014 2015
NAV Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund. 2.46 13.50 8.55 2.30 1.94
Market Price Total Return (%) Market price return represents changes to the fund’s closing market price on its primary exchange and accounts for distributions from the fund. -4.00 21.54 2.57 -2.77 2.27

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted.


Returns are shown net of advisory fees paid by the fund and net of the fund’s operating fees and expenses. Investors who purchase shares of the fund through an investment adviser or other financial professional may separately pay a fee to that service provider. Past performance is not indicative of future results.

Growth of Hypothetical $10,000 The growth of hypothetical $10,000 chart reflects a hypothetical $10,000 investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

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Distributions

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Key Facts

Key Facts

Net Assets as of 02-Dec-2016 $557,710,191
Managed Assets 785,710,190.72
Share Class launch date 31-Oct-2003
Exchange New York Stock Exchange Inc.
Asset Class Fixed Income
Morningstar Category Bank Loan
Lipper Classification Loan Participation Funds
CUSIP 09255X100
Management Fee 1.02%
Gross Expense Ratio 1.54%
Shares Outstanding as of 02-Dec-2016 37,232,488
Number of Holdings as of 31-Oct-2016 527
3m Avg Volume as of 30-Nov-2016 124,340.00

Portfolio Characteristics

Portfolio Characteristics

Ratings

Ratings

Morningstar Rating

Overall Morningstar Rating for Floating Rate Income Strategies Fund as of 30-Nov-2016 rated against 26 Bank Loan Funds.

Holdings

Holdings

as of 31-Oct-2016
Name Weight (%)
LEVEL 3 FINANCING INC 2.24
FIRST DATA CORPORATION 2.07
KRONOS INCORPORATED 1.72
DAVITA INC 1.59
AVAGO TECHNOLOGIES CAYMAN FINANCE LTD 1.47
Name Weight (%)
CHARTER COMMUNICATIONS OPERATING LLC 1.40
TRANSDIGM INC 1.39
CAESARS ENTERTAINMENT RESORT PROPERTIES LLC 1.27
VALEANT PHARMACEUTICALS INTERNATIONAL INC 1.24
TRANS UNION LLC 1.23

Exposure Breakdowns

Exposure Breakdowns

as of 31-Oct-2016

% of Market Value Based on Managed Assets

as of 31-Oct-2016

% of Market Value Based on Managed Assets

as of 31-Oct-2016

% of Market Value Based on Managed Assets

as of 31-Oct-2016

% of Market Value Based on Managed Assets

as of 31-Oct-2016

% of Market Value Based on Managed Assets

as of 31-Oct-2016

% of Market Value Based on Managed Assets

as of 31-Oct-2016

% of Market Value Based on Managed Assets

The fund itself has not been rated by an independent rating agency. Credit quality ratings on underlying securities of the fund are received from S&P, Moody’s and Fitch and converted to the equivalent S&P major rating category. This breakdown is provided by BlackRock and takes the median rating of the three agencies when all three agencies rate a security the lower of the two ratings if only two agencies rate a security and one rating if that is all that is provided. Unrated securities do not necessarily indicate low quality. Below investment-grade is represented by a rating of BB and below. Ratings and portfolio credit quality may change over time.

Negative weightings may result from specific circumstances (including timing differences between trade and settle dates of securities purchased by the funds) and/or the use of certain financial instruments, including derivatives, which may be used to gain or reduce market exposure and/or risk management. Certain transactions the funds may utilize may give rise to a form of leverage through either (a) additional market exposure or (b) borrowing capital in an attempt to increase investment return. The use of such transactions includes certain leverage-related risks, including potential for higher volatility, greater decline of the fund’s net asset value and fluctuations of dividends and distributions paid by the fund.

Allocations are subject to change.

Portfolio Managers

Portfolio Managers

C. Adrian Marshall
C. Adrian Marshall
Joshua Tarnow
Head of Aviation, Global Fixed Income
Portfolio Manager

Literature

Literature