Fixed Income

BFRKX

Floating Rate Income Fund

Overview

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Performance

Performance

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, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. Effective as of May 31, 2018, the performance information for periods prior to the inception date of the share class shows the performance of the Fund’s Investor A Shares. The performance of this share class would be substantially similar to Investor A Shares because this share class and Investor A Shares invest in the same portfolio of securities and performance would only differ to the extent that this share class and Investor A Shares have different expenses. For performance periods prior to May 31, 2018, the performance information for periods prior to the inception date of the share class shows the performance of the Fund’s Investor A Shares, adjusted to reflect the fees and expenses applicable to such share class. See the fund prospectus for more details.

The Fund’s returns prior to September 17, 2018 are the returns of a predecessor fund that reorganized into the Fund on September 17, 2018. The predecessor fund had the same investment objectives, strategies and policies, portfolio management team and contractual arrangements, including the same contractual fees and expenses, as the Fund as of the date of the reorganization. The predecessor fund's returns prior to March 21, 2011 are the returns of a fund that reorganized into the predecessor fund on March 21, 2011.

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

Size of Class (Millions) as of Jun 04, 2020 $267.7 M
Size of Fund (Millions) as of Jun 04, 2020 $2,401.8 M
Share Class launch date Mar 28, 2016
Asset Class Fixed Income
Morningstar Category Bank Loan
Lipper Classification Loan Participation Funds
Benchmark Index S&P/LSTA Leveraged Loan Index
CUSIP 09260B739
Number of Holdings as of Apr 30, 2020 345
Max Offer Price as of Jun 04, 2020 $9.45
Open to New Investors Yes
Turnover Percent as of May 31, 2020 52%

Portfolio Characteristics

Portfolio Characteristics

R-Squared (3y) as of May 31, 2020 99.19
Beta (3y) as of May 31, 2020 0.87
Nominal WAL as of Apr 30, 2020 4.71 yrs
Best 3-Month Return Over the Last 3 Years 3 months ending Mar 31, 2019 3.95%
Worst 3-Month Return Over the Last 3 Years 3 months ending Mar 31, 2020 -11.63%
Fund Standard Deviation (3y) as of May 31, 2020 7.50

For the latest month-end Distribution Yield, click here.


This information must be preceded or accompanied by a current prospectus. For standardized performance, please see the Performance section above.

Ratings

Ratings

Morningstar Rating

Overall Morningstar Rating for Floating Rate Income Fund, Class K, as of May 31, 2020 rated against 225 Bank Loan Funds based on risk adjusted total return.

Holdings

Holdings

as of Apr 30, 2020
Name Weight (%)
ISHARES IBOXX DOLLAR HIGH YIELD CORPORATE BOND FUND 2.67
ZAYO GROUP HOLDINGS INC 1.95
CONNECT US FINCO LLC 1.59
KRONOS INCORPORATED 1.56
INFORMATICA LLC 1.42
Name Weight (%)
INFOR US INC 1.39
SOTERA HEALTH HOLDINGS LLC 1.22
TIBCO SOFTWARE INC 1.16
T-MOBILE USA INC 1.11
BAUSCH HEALTH COMPANIES INC 1.03

Exposure Breakdowns

Exposure Breakdowns

as of Apr 30, 2020

% of Market Value

Type Fund Benchmark Net
as of Apr 30, 2020

% of Market Value

Type Fund Benchmark Net
as of Apr 30, 2020

% of Market Value

Type Fund Benchmark Net
as of Apr 30, 2020

% of Market Value

Type Fund Benchmark Net
Allocations subject to change.
as of Apr 30, 2020

% of Market Value

Type Fund Benchmark Net
as of Apr 30, 2020

% of Market Value

Type Fund Benchmark Net
as of Apr 30, 2020

% of Market Value

Type Fund Benchmark Net
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

James Keenan, CFA
Chief Investment Officer and Global Co-Head of Credit

     

David Delbos
Managing Director

    

Mitchell S. Garfin, CFA
Co-Head of U.S. High Yield in Global Credit team

  

Carly Wilson
Carly Wilson
Matthew Maxwell
Matthew Maxwell
Abigail Apistolas
Abigail Apistolas
Portfolio Manager

Literature

Literature

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