The fund pursues its investment objective by allocating its portfolio of investments among the following three categories of the fixed-income market: domestic investment-grade; domestic noninvestment-grade (also known as "junk bonds"), and foreign (in both emerging and developed markets). Under normal market conditions it will endeavor to maintain an average effective portfolio duration within a range of negative two (-2) to positive three (+3) years, in order to manage Share price volatility due to interest rate risk.

Nasdaq

FFRSX

The investment seeks total return from income and capital appreciation with capital preservation as a secondary objective.  The fund seeks to achieve its investment objectives by managing the fund in a manner that follows a rules based strategy that employs a disciplined investment selection process with tactical overlays that determines whether it will be in a bullish or defensive position. The fund has adopted a non-fundamental policy to invest at least 80% of its net assets in the constituent securities that make up the model.

FLOTX

Normally, the fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in floating rate loans and other floating rate investments. Floating rate investments are securities and other instruments with interest rates that adjust or "float" periodically based on a specified interest rate or other reference and include senior secured floating rate loans, repurchase agreements, money market securities and shares of money market and short term bond funds.

FLYRX

The BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) aims to provide investors with high current income and capital preservation by primarily investing in floating rate debt securities, including those that are below investment grade, either directly or through derivatives.

NYSE

The investment seeks to maximize current income; capital appreciation is a secondary consideration.  The fund will invest at least 80% of its investable assets (net assets plus borrowings for investment purposes, if any) in floating rate loans and other floating rate debt securities. It may invest up to 20% of its total assets in senior loans that are not secured by any specific collateral. The fund may invest up to 25% of its total assets in senior loans made to foreign-domiciled borrowers and other foreign securities, including securities of issuers located in emerging market countries, which may be denominated in U.S. dollars or non-U.S. currencies.

FRFZX

The fund normally invests at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) ("Net Assets") in domestic or foreign floating rate loans and other floating or variable rate obligations rated below investment grade. It may invest up to 20% of its net assets in fixed income instruments, of any credit rating, including fixed rate corporate bonds, government bonds, convertible debt obligations, and mezzanine fixed income instruments.

GFRIX

The fund normally invests at least 80% of its assets (net assets, plus the amount of any borrowings for investment purposes) in floating rate senior secured syndicated bank loans, floating rate revolving credit facilities, floating rate unsecured loans, floating rate asset backed securities, other floating rate bonds, loans, notes and other securities, fixed income instruments, and derivative instruments that provide exposure to floating rate or variable rate loans, obligations or other securities.

GIFIX

The fund invests at least 80% of its assets in a portfolio of: (i) below-investment grade variable or floating rate loans and floating rate securities; (ii) high yield fixed-rate loans or debt securities with respect to which it has entered into interest rate swaps to effectively convert the fixed-rate interest payments into floating-rate interest payments; and (iii) fixed-rate instruments with a duration of less than or equal to one year, including money market securities of all types, repurchase agreements, and shares of money market and short-term bond funds.

HFHIX

The investment seeks to provide high current income, and long-term total return.  The fund normally invests at least 80% of its assets in below-investment-grade variable or floating rate loans and floating rate securities selected by the sub-adviser, Wellington Management Company LLP ("Wellington Management"). The fund may invest up to 25% of its net assets in loans of foreign Borrowers and securities of foreign issuers, and up to 10% of its net assets in foreign loans or securities that are denominated in a foreign currency.

HFLYX

Under normal market conditions, the fund invests at least 80% of its net assets (plus borrowings for investment purposes) in U.S. dollar denominated floating rate loans and other floating rate debt instruments, including: floating rate bonds; floating rate notes; money market instruments with a remaining maturity of 60 days or less; floating rate debentures; and tranches of floating rate asset-backed securities, including structured notes, made to, or issued by, U.S. and non-U.S. corporations or other business entities (collectively "Floating Rate Debt").

IFRIX

The fund will invest at least 80% of its net assets in floating-rate loans, which often include debt securities of domestic and foreign issuers that are rated below investment grade, at the time of purchase, or are of comparable quality, as determined by the manager, and other floating-rate securities. It may invest in domestic and foreign loans and loan participations that pay interest at rates that float or reset periodically at a margin above a generally recognized base lending rate such as the Prime Rate, the London InterBank Offered Rate, or another generally recognized base lending rate.

JFIIX

The investment seeks to provide current income with a secondary objective of capital appreciation.  The fund invests mainly in floating rate debt instruments issued by corporations. It normally invests at least 80% of its assets in floating rate instruments including Loans, convertible securities, corporate bonds, preferred shares and other floating rate debt instruments. The fund may invest up to 100% of its total assets in below investment grade securities or unrated securities that the adviser deems to be of equivalent quality. Up to 20% of the fund's total assets may be invested in non-U.S. dollar denominated securities in foreign and "emerging markets."

JPHSX

Under normal conditions, the fund pursues its investment objective by investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in floating or adjustable rate instruments and derivatives and other instruments that effectively enable the fund to achieve a floating rate of income. It may invest up to 20% of its net assets in other types of debt securities and short-term instruments.

LFRIX

The investment seeks a high level of current income.  The fund normally invests at least 80% of its net assets in a combination of adjustable floating rate loans and other floating rate debt instruments issued by U.S. and non-U.S. corporations or other business entities and fixed-income securities, including derivatives that reference the returns of these instruments. It may invest in Senior Loans directly as an original lender or by assignment from a lender, or it may invest indirectly through participation agreements, interests in collateralized loan obligations ("CLOs") and derivatives that reference such instruments. The fund is non-diversified.

LSFYX

The fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in floating rate investments and in investments that are the economic equivalent of floating rate investments. The fund's investments may have any credit quality without limitation, including investments rated below investment grade. Under current market conditions, a substantial portion of the fund's portfolio will consist of leveraged loans rated below investment grade or unrated.

MWFLX

The fund invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in a portfolio of floating rate loans and other floating rate debt securities. When the fund's Subadvisor believes that market or economic conditions are unfavorable to investors, up to 100% of the fund's assets may be invested in money market or short-term debt securities. The fund may invest up to 25% of its total assets in foreign securities which are generally U.S. dollar-denominated loans and other debt securities issued by one or more non-U.S. borrower(s) without a U.S. domiciled co-borrower.

MXFIX

The investment seeks high current income.  To pursue its goal, the fund invests mainly in floating rate senior secured loans issued in U.S. dollars by U.S. and foreign corporations, partnerships and other business entities (borrowers). These loans are often at the time of investment below investment grade securities (commonly known as "junk bonds"). It normally invests at least 80% of its net assets in floating rate securities (including loans) and other investment companies that provide investment exposure to such floating rate securities.

NFIAX

The investment seeks income.  The fund invests mainly in floating rate loans that hold a senior position in the capital structure of U.S. and foreign corporations, partnerships or other business entities that, under normal circumstances, allow them to have priority of claim ahead of other obligations of a borrower in the event of liquidation. Under normal market conditions, it will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in Senior Loans, and in derivatives and other instruments that have economic characteristics similar to such securities.

OOSAX

The investment seeks high current income and, secondarily, capital appreciation.  The fund will normally invest at least 80% of its net assets (including any borrowings for investment purposes) in floating rate loans and floating rate debt securities. Floating rate loans represent amounts borrowed by companies or other entities from banks and other lenders. In many cases, they are issued in connection with recapitalizations, acquisitions, leveraged buyouts, and refinancings. Most, if not all, of the loans in which the fund invests are rated below investment grade (below BBB or an equivalent rating) or are not rated by established credit rating agencies.

PAFRX

The investment seeks high current income, while preservation of capital is a secondary goal.  The fund invests mainly in corporate loans and debt securities that have floating rates of interest and other corporate debt securities. It will invest at least 80% of its net assets in income-producing floating rate loans and other floating rate debt securities. The fund invests mainly in obligations of U.S. issuers that are below-investment-grade in quality. The adviser may consider, among other factors, credit, interest rate and prepayment risks, as well as general market conditions, when deciding whether to buy or sell investments.

Symbol	Full Name	Category	Inception	Expense Ratio	YTD Return	10Y Return (Annualized)	Dividend Yield
FFRSX	Federated Hermes Floating Rate Strat Inc Fund	Bank Loan	Dec 2, 2010	0.68%	3.46%	3.14%	8.10%
FLOTX	Donoghue Forlines Risk Managed Income Fund	Bank Loan	Dec 26, 2017	1.07%	2.45%	—	7.81%
FLYRX	Pioneer Floating Rate Fund	Bank Loan	Feb 13, 2007	0.75%	4.05%	3.76%	8.68%
FRA	BlackRock Floating Rate Income Strategies Fund Inc	Bank Loan	Oct 29, 2003	2.17%	8.71%	6.23%	10.82%
FRFZX	PGIM Floating Rate Income Fund	Bank Loan	Mar 29, 2011	0.70%	3.08%	4.28%	9.09%
GFRIX	Goldman Sachs High Yield Floating Rate Fund	Bank Loan	Mar 30, 2011	0.75%	3.23%	3.81%	8.67%
GIFIX	Guggenheim Floating Rate Strategies Fund	Bank Loan	Nov 29, 2011	0.78%	2.55%	4.16%	8.67%
HFHIX	Hartford Floating Rate High Income Fund	Bank Loan	Sep 29, 2011	0.80%	1.73%	3.41%	8.51%
HFLYX	Hartford Floating Rate Fund	Bank Loan	Apr 28, 2005	0.74%	2.99%	3.62%	8.61%
IFRIX	Voya Floating Rate Fund	Bank Loan	Aug 16, 2010	0.81%	3.14%	3.07%	10.71%
JFIIX	John Hancock Funds Floating Rate Income Fund	Bank Loan	Jan 1, 2008	0.78%	3.34%	3.82%	9.18%
JPHSX	JPMorgan Floating Rate Income Fund	Bank Loan	May 31, 2011	0.75%	2.94%	3.22%	7.83%
LFRIX	Lord Abbett Floating Rate Fund	Bank Loan	Dec 30, 2007	0.60%	4.33%	3.98%	8.60%
LSFYX	Loomis Sayles Senior Floating Rate and Fixed Incom...	Bank Loan	Sep 29, 2011	0.80%	3.07%	3.71%	9.19%
MWFLX	Metropolitan West Floating Rate Income Fund	Bank Loan	Jun 27, 2013	0.70%	3.69%	3.96%	8.79%
MXFIX	MainStay Floating Rate Fund	Bank Loan	May 2, 2004	0.74%	3.70%	3.92%	8.42%
NFIAX	Neuberger Berman Floating Rate Income Fund	Bank Loan	Dec 28, 2009	0.97%	3.32%	3.80%	8.38%
OOSAX	Invesco Senior Floating Rate Fund	Bank Loan	Sep 7, 1999	1.04%	3.00%	3.24%	9.15%
PAFRX	T. Rowe Price Floating Rate Fund	Bank Loan	Jul 28, 2011	0.97%	3.01%	3.97%	8.34%
PFLRX	Putnam Floating Rate Income Fund	Bank Loan	Aug 3, 2004	1.03%	2.81%	3.44%	8.90%

The Best Bank Loan Mutual Funds

Risk vs. Return Scatterplot