Fund Facts  

Inception Date: Aug 16, 2000
CUSIP: 315807594
Ticker Symbol: FFRAX
Morningstar Category:Bank Loan
As of Mar 31, 2021
Fund Net Assets ($millions) $7,757

Documents for Fund or Underlying Fund(s)  



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, 2021
Fund/Benchmark Name QtrYTD1-Yr3-Yr5-Yr10-YrSince Inception
Fidelity Adv Float Rate Hi Inca2.02%2.02%19.06%3.37%4.58%3.28%3.86%
S&P/LSTA Leveraged Loan Indexa,b1.78%1.78%20.71%4.13%5.28%4.25%N/A
Morningstar Bank Loana,c1.48%1.48%17.39%2.83%4.09%3.32%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, participants or plan sponsors in an ICMA-RC administered account can log in at, or institutions can go to

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.

Fund Expensesa
Gross Expenses0.99%
Net Expenses0.99%


a. Certain information including, but not limited to, benchmark performance or other performance and/or fee information, is provided by Morningstar, Inc., © 2021 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 nor 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 Morningstar category represents the average return for a category of funds with similar investment objectives and strategies. The average is calculated and funds are assigned to a category by Morningstar.


Dividends and Capital Gains  
Record Date Ex/Payable Date Income/Capital Gains Paid Per Share
Feb 27, 2021 to Mar 31, 2021Mar 31, 2021$0.029785061
Jan 30, 2021 to Feb 26, 2021Feb 26, 2021$0.027410692
Jan 1, 2021 to Jan 29, 2021Jan 29, 2021$0.030641593
Dec 1, 2020 to Dec 31, 2020Dec 31, 2020$0.036854465
Oct 31, 2020 to Nov 30, 2020Nov 30, 2020$0.031469229
Oct 1, 2020 to Oct 30, 2020Oct 30, 2020$0.033883951
Sep 1, 2020 to Sep 30, 2020Sep 30, 2020$0.033528927
Aug 1, 2020 to Aug 31, 2020Aug 31, 2020$0.029501150
Jul 1, 2020 to Jul 31, 2020Jul 31, 2020$0.033453556
May 30, 2020 to Jun 30, 2020Jun 30, 2020$0.035244231
May 1, 2020 to May 29, 2020May 29, 2020$0.038303112
Apr 1, 2020 to Apr 30, 2020Apr 30, 2020$0.038864754
Mar 1, 2020 to Mar 31, 2020Mar 31, 2020$0.043301047
Feb 1, 2020 to Feb 28, 2020Feb 28, 2020$0.038381663
Jan 1, 2020 to Jan 31, 2020Jan 31, 2020$0.046185326
Nov 30, 2019 to Dec 31, 2019Dec 31, 2019$0.044971434
Dec 26, 2019Dec 26, 2019$0.013000000
Nov 1, 2019 to Nov 29, 2019Nov 29, 2019$0.044503608

Morningstar Information

Morningstar RatingTM   As of Mar 31, 2021
Period Stars Category Size
Overall 3 Stars232
3-Year 3 Stars232
5-Year 4 Stars209
10-Year 3 Stars109

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, 2021
Type of Asset Percent
Fixed Income90%

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



Allocation of Assets As of Jan 31, 2021
Asset ClassPercent
Domestic Stock1.4%
Foreign Stock0.0%
Domestic Bond79.3%
Foreign Bond10.9%

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


Equity Sector As of Jan 31, 2021
Consumer Cyclical0.1%
Communication Services0.0%

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

Credit Quality As of Jan 31, 2021
Quality LevelPercent
Below B5.9%
Not Rated5.5%

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

Top Ten Holdings As of Jan 31, 2021
Holding NamePercent
Fidelity Revere Str Tr8.2%
Bass Pro Group Llc 5.75%2.8%
CHTR COMM TERM B2 1LN 02/01/271.3%
INTELSAT TERM B-3 11/27/231.1%
MICRO FOCUS TERM B-3 06/21/241.0%
ASURION TERM B2 2LN 08/04/250.8%
California Resources Corp Ordinary Shares - New0.8%
HUB INTL TERM B 04/25/250.7%
Fixed Income Sector As of Jan 31, 2021
Cash & Equivalents8.2%

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



Portfolio Statistics As of Mar 31, 2021
Standard Deviation8.476.65

Trading Restrictions

Redemption Fee  
Holding PeriodFee
60 days1.0%



Please read the fund's prospectus or disclosure materials 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 or disclosure materials before investing. To request a prospectus or disclosure materials, you may contact us by calling 800-669-7400, or log in at

The source for this information is Morningstar, Inc. Copyright © 2021 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.