Fund Facts  

Inception Date: Aug 16, 2000
CUSIP: 315807594
Ticker Symbol: FFRAX
Morningstar Category:Bank Loan
As of Mar 31, 2017
Fund Net Assets ($millions) $10,573

Documents for Fund or Underlying Fund(s)  

Description

Objective  

The investment seeks a high level of current income.

Principal Investment Strategies  

The fund invests at least 80% of assets in floating rate loans, which are often lower-quality debt securities, and other floating rate securities. It invests in companies in troubled or uncertain financial condition. The fund invests in money market and investment-grade debt securities, and repurchase agreements. It invests in domestic and foreign issuers. The fund uses fundamental analysis of each issuer's financial condition and industry position and market and economic conditions to select investments.

Principal Investment Risks  

There is no guarantee that the Fund will achieve its investment objective. You may lose money by investing in the Fund. Please see the Fund’s prospectus or other disclosure documents for information about the Fund’s risks.

 

Performance & Expenses

Standard Performance As of Mar 31, 2017
Fund/Benchmark Name QtrYTD1-Yr3-Yr5-Yr10-YrSince Inception
Fidelity Adv Float Rate Hi Inca0.84%0.84%9.11%2.65%3.27%3.53%3.95%
S&P/LSTA Leveraged Loan Indexa,b1.15%1.15%9.72%3.57%4.58%4.55%N/A
Morningstar Bank Loana,c1.01%1.01%8.93%2.78%3.93%3.24%N/A

Fund past performance, as shown, is no guarantee of how the Fund will perform in the future. The performance shown has been annualized for periods greater than one year. Investment returns and principal value will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. For current performance, visit www.icmarc.org.

Fund performance is shown comparing it to a "benchmark" which may be a (i) broad-based securities market index (ii) a group of mutual funds with similar investment objectives, or (iii) a short term government backed debt obligation such as a U.S. Treasury Bill. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading. A fund's portfolio may differ from the securities held in an index.

Annual Fund Operating Expenses
Total Expensesa0.99%

 

a. Certain information including, but not limited to, benchmark performance or other performance and/or fee information, is provided by Morningstar, Inc., © 2017 All rights reserved. This information: (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 and/or its content providers are responsible for any damages or losses arising from any use of information. Morningstar is a registered trademark of Morningstar, Inc.

b. The S&P/LSTA Leveraged Loan (LLI) Index is a leverage loan index which covers the U.S. Loan market.

c. The Fund’s Morningstar Category Average is a group of funds with similar investment objectives and strategies and is the equal–weighted return of all funds per category. Morningstar places funds in certain categories based on a fund’s historical portfolio holdings.

Distributions

Dividends and Capital Gains  
Record Date Ex/Payable Date Income/Capital Gains Paid Per Share
Apr 1, 2017 to Apr 28, 2017Apr 28, 2017$0.030234488
Mar 1, 2017 to Mar 31, 2017Mar 31, 2017$0.034999312
Feb 1, 2017 to Feb 28, 2017Feb 28, 2017$0.028644111
Dec 31, 2016 to Jan 31, 2017Jan 31, 2017$0.030785218
Dec 1, 2016 to Dec 30, 2016Dec 30, 2016$0.042564500
Nov 1, 2016 to Nov 30, 2016Nov 30, 2016$0.031676997
Oct 1, 2016 to Oct 31, 2016Oct 31, 2016$0.031495146
Sep 1, 2016 to Sep 30, 2016Sep 30, 2016$0.034501669
Jul 30, 2016 to Aug 31, 2016Aug 31, 2016$0.034645535
Jul 1, 2016 to Jul 29, 2016Jul 29, 2016$0.032689982
Jun 1, 2016 to Jun 30, 2016Jun 30, 2016$0.031054831
Apr 30, 2016 to May 31, 2016May 31, 2016$0.029520456
Apr 1, 2016 to Apr 29, 2016Apr 29, 2016$0.032955584
Mar 1, 2016 to Mar 31, 2016Mar 31, 2016$0.033487867
Jan 30, 2016 to Feb 29, 2016Feb 29, 2016$0.031824570
Jan 1, 2016 to Jan 29, 2016Jan 29, 2016$0.028738094
Dec 1, 2015 to Dec 31, 2015Dec 31, 2015$0.055421883
Oct 31, 2015 to Nov 30, 2015Nov 30, 2015$0.030570485
 

Morningstar Information

Morningstar RatingTM   As of Mar 31, 2017
Period Stars Category Size
Overall 3 Stars206
3-Year 3 Stars206
5-Year 2 Stars155
10-Year 4 Stars61

The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange–traded funds, closed–end funds, and separate accounts) with at least a three–year history. Exchange–traded funds and open–ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk–Adjusted Return measure that accounts for variation in a managed product′s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product 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. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three–, five–, and 10–year (if applicable) Morningstar Rating metrics. The weights are: 100% three–year rating for 36–59 months of total returns, 60% five–year rating⁄40% three–year rating for 60–119 months of total returns, and 50% 10–year rating⁄30% five–year rating⁄20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

Allocation of Assets As of Jan 31, 2017
Type of Asset Percent
Equity0%
Fixed Income89%
Cash/Other11%

Due to rounding, percentages shown may not add up to 100%.

 
 

Characteristics

Allocation of Assets As of Jan 31, 2017
Asset ClassPercent
Domestic Stock0.4%
Foreign Stock0.0%
Domestic Bond59.1%
Foreign Bond29.6%
Preferred0.0%
Convertible0.0%
Cash10.9%
Other0.0%

Due to rounding, percentages shown may not add up to 100%.

 
Fixed Income Sector As of Jan 31, 2017
SectorPercent
Corporate88.4%
Cash & Equivalents10.9%

Exposure reflects fixed income securities only and will sum to the fixed income exposure of the fund.

 
Credit Quality As of Jan 31, 2017
Quality LevelPercent
AAA7.6%
AA0.0%
A0.0%
BBB2.2%
BB38.3%
B40.9%
Below B5.7%
Not Rated5.3%

Due to rounding, percentages shown may not add up to 100%. Exposure reflects fixed income securities only.

 
Top Ten Holdings As of Jan 31, 2017
Holding NamePercent
Albertsons Llc Tl B-4 08/25/211.7%
Caesars Growth Term 1ln 5/211.5%
Laureate Education Term B 3/211.3%
Intelsat Jackson Term B-2 6/191.1%
Caesars Prop Tm B 1ln 10/11/201.0%
Community Health Term H 01/210.8%
Jc Penney Term B 06/23/230.8%
Murray Energy Trm B-2 5yr 4/200.8%
First Data Corp Term B 7/10/220.8%
Bass Pro Escrow Trm B 12/16/230.7%
 

Statistics

Portfolio Statistics As of Mar 31, 2017
Statistic3-Year5-Year
Beta1.051.02
Alpha-1.53-1.65
Standard Deviation3.172.64
 
 

Trading Restrictions

Redemption Fee  
Holding PeriodFee
60 days1.0%
 

Footnotes

1.

Please read the fund's prospectus carefully for a complete summary of all fees, expenses, investment objectives and strategies, risks, financial highlights, and performance information. Investing involves risk, including possible loss of the amount invested. Investors should carefully consider the information contained in the prospectus before investing. You may contact us to obtain a prospectus or to answer questions by calling 800-669-7400, emailing investorservices@icmarc.org, or visiting www.icmarc.org.

The source for this information is Morningstar, Inc. Copyright © 2017 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. Morningstar, Inc. is a global investment research firm that is not affiliated with ICMA-RC. ICMA-RC does not independently verify Morningstar data.

Morningstar places funds in certain categories based on the fund's historical portfolio holdings. Placement of a fund in a particular Morningstar category does not mean that the fund will remain in that category or that it will invest primarily in securities consistent with its Morningstar category. A fund's investment strategy and portfolio holdings are governed by its prospectus, guidelines or other governing documents, not its Morningstar category.