Putnam Investments has gathered $50 million in assets in a new loan fund designed to benefit from rising interest rates.

The Floating Rate Income Fund invests at least 80 percent of its net assets in senior floating rate loans and other floating rate instruments.

The fund has a sales charge of 4.5 percent and total operating expenses will be 1.05 percent, according to an SEC filing.

Stephen Peacher will be the lead manager on the fund, with Joseph Towell and Neal Reiner also managing. 

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