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Address And Details

One Franklin Pkwy , San Mateo, CA 94403
Fund Manager Team Managed
Manager Tenure

Strategy And Objective

The Fund seeks High level of current income. A secondary goal is preservation of capital. The Fund normally invests at least 80% of its net assets in income-producing floating interest rate corporate loans and corporate debt securities made to or issued by U.S. companies, non-U.S. entities and U.S. subsidiaries of non-U.S. entities. Floating interest rates vary with and are periodically adjusted to a generally recognized base interest rate such as the London Interbank Offered Rate (LABOR) or the Prime Rate. The Fund may invest in companies whose financial condition is troubled or uncertain and that may be involved in bankruptcy proceedings, reorganizations or financial restructuring. Floating interest rate corporate loans and debt securities, also called bank loans or senior floating rate interests (collectively, floating rate investments), generally have credit ratings below investment grade and may be subject to restrictions on resale. Under normal market conditions, the Fund invests at least 75% of its net assets in floating rate investments that are rated B-or higher at the time of purchase by a nationally recognized statistical rating organization (NRSRO) or, if unrated, are determined to be of comparable quality by the Funds investment manager. Under normal market conditions, the Fund may invest up to 25% of its net assets in floating rate investments that are rated below B-by an NRSRO or, if unrated, are determined to be of comparable quality by the investment manager. The Fund's floating rate investments typically hold the most senior position in the capitalization structure of a company and are generally secured by specific collateral. Such senior position means that, in case the company becomes insolvent, the lenders or security holders in a senior position like the Fund's position will typically be paid before other unsecured or subordinated creditors of the company from the assets of the company. The Fund typically invests in a corporate loan or corporate debt security if the investment manager judges that the borrower can meet the scheduled payments of interest and principal on the obligation. The investment manager performs its own independent credit analysis of each borrower/issuer and of the collateral structure securing the Funds investment. The investment manager also considers the nature of the industry in which the borrower operates, the nature of the borrower's assets, and the general quality and creditworthiness of the borrower and of any shareholder or other entity providing credit support to the borrower. The Fund may invest in covenant lite loans and debt securities. Certain financial institutions may define covenant lite loans differently. Covenant lite loans or securities, which have varied terms and conditions, may have tranches that contain fewer or no maintenance financial covenants, which require borrowers/issuers to meet financial requirements specified under the loan credit agreement that are tested regularly for compliance. The most common examples of maintenance financial covenants include maximum leverage and minimum interest coverage ratios. Because a covenant lite loan or debt security does not require the borrower to maintain these financial tests regularly, investors typically have less ability to declare a default, and therefore receive collateral in a timely manner, or to force restructurings and other capital changes on struggling borrowers compared to an otherwise similar loan that does contain maintenance financial covenants. The Fund may experience relatively greater difficulty or delays in enforcing its rights on its holdings of certain covenant lite loans and debt securities than its holdings of loans or securities with maintenance financial covenants. However, depending on the circumstances, there are often alternative sources of recourse portfolio managers can seek in order to protect their investments. The Fund may invest in complex fixed income securities, including collateralized loan obligations (CLOs). The Fund currently limits its investments in debt obligations of non-U.S. entities to no more than 25% of its total assets. The Fund currently invests predominantly in debt obligations that are U.S. dollar-denominated or otherwise provide for payment in U.S. dollars.

Net Asset Value

as of 5:44 PM ET 05/23/2022


  • 1 Week
  • -0.65%
  • 1 Month
  • -3.56%
  • 3 Months
  • -3.31%
  • 1 Yr Return
  • -1.43%
  • 5 Yr Return
  • -14.43%

Equity Sector Breakdown

ConsumerDurables n/a
Energy n/a
Finance n/a
Health n/a
IndustrialCyclical n/a
NonDurables n/a
RetailTrade n/a
Services n/a
Technology n/a
Utilities n/a

Asset Allocation

Asset Type % Of Allocation
Bonds 87.71%
Cash 14.21%
Stocks 3.50%
Preferred 0.10%
Convertible 0.00%
ForeignStocks 0.00%
ForeignBonds 0.00%
ForeignHedged 0.00%
Other -5.52%
Total Net Assets 108.17 M

Risk Measures

Criteria 3 Years 5 Years 10 Years
Alpha 0.63 0.57 1.81
Beta 0.10 0.03 0.04
R Squared 0.00 0.00 0.00
Std Deviation 7.34 5.84 4.55
Sharpe Ratio 0.09 0.10 n/a

Purchase Information

as of 5:54 PM ET 05/19/2022
Minimum Initial $1000
Minimum Additional $0
Minimum Initial IRA $250


Timeframe Average Annual Current Performance Monthly As Of 04/30/2022 Average Annual Current Performance Quarterly As Of 03/31/2022 Avg Annual Current Performance Monthly As Of 04/30/2022 Avg Annual Current Performance Quarterly As Of 03/31/2022
1 Year
  • +5.59%
  • +6.60%
+5.59% +6.60%
3 Year
  • +1.05%
  • +1.35%
+1.05% +1.35%
10 Year
  • +2.38%
  • +2.47%
+2.38% +2.47%
Life Of Fund
  • +2.91%
  • +2.93%
+2.91% +2.93%

Top 10 Holdings

Symbol Company Name % Of Assets

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