Mutual Funds

Invesco Senior Loan Fund

Alternatives | Bank Loans

Objective & Strategy

The fund seeks to provide a high level of current income, consistent with preservation of capital by investing at least 80% of its net assets in adjustable-rate senior loans.

Explore High-Conviction Investing with Invesco

Management team

as of 01/31/2017

Top Fixed-Income Holdings | View all

Holding Name Coupon % Bond Maturity Date % of Total Assets
NRG Energy Inc. 2.20
Twin River Management Group, Inc. 1.78
iHeartCommunications, Inc. 1.70
Asurion LLC 1.63
Vistra Operations Company LLC 1.49
First Data Corporation 1.46
Sears Roebuck Acceptance Corp. 1.41
Calpine Corporation 1.38
Transdigm Inc. 1.32
Dell International LLC 1.18

May not equal 100% due to rounding.

Holdings are subject to change and are not buy/sell recommendations.

as of 01/31/2017 12/31/2016

Average Annual Returns (%)

  Incept.
Date
Max
Load (%)
Since
Incept. (%)
YTD (%) 1Y (%) 3Y (%) 5Y (%) 10Y (%)
NAV 02/18/2005 N/A 3.52 1.13 18.80 3.89 6.28 3.13
Load 02/18/2005 3.25 3.23 -2.13 14.91 2.73 5.58 2.79
Performance quoted is past performance and cannot guarantee comparable future results; current performance may be lower or higher. Investment return and principal value will vary so that you may have a gain or a loss when you sell shares.

Performance shown at NAV does not include applicable front-end or CDSC sales charges, which would have reduced the performance.

Performance figures reflect reinvested distributions and changes in net asset value (NAV) and the effect of the maximum sales charge unless otherwise stated.

Had fees not been waived and/or expenses reimbursed currently or in the past, returns would have been lower.

as of 01/31/2017 12/31/2016

Annualized Benchmark Returns


Index Name 1 Mo (%) 3 Mo (%) 1Y (%) 3Y (%) 5Y (%) 10Y (%)
CS Leveraged Loan IX TR 0.53 2.02 11.27 3.70 5.05 4.30
CS Leveraged Loan IX TR 0.53 2.02 11.27 3.70 5.05 4.30
CS Leveraged Loan IX TR 1.15 2.25 9.88 3.76 5.35 4.33
CS Leveraged Loan IX TR 1.15 2.25 9.88 3.76 5.35 4.33

Source: Bloomberg LP

Source: Bloomberg LP

An investment cannot be made directly in an index.

Expense Ratio per Prospectus

Management Fee 0.88
12b-1 Fee 0.25
Other Expenses 0.55
Interest/Dividend Exp 0.30
Total Other Expenses 0.85
Acquired Fund Fees and Expenses (Underlying Fund Fees & Expenses) 0.00
Total Annual Fund Operating Expenses 1.98
Contractual Waivers/Reimbursements N/A
Net Expenses - PER PROSPECTUS 1.98
Additional Waivers/Reimbursements 0.00
Net Expenses - With Additional Fee Reduction 1.98
This information is updated per the most recent prospectus.

Historical Prices

From   to
No history records found for this date range

Distributions

From   to
    Capital Gains Reinvestment
Price ($)
Ex-Date Income Short Term Long Term
01/31/2017 0.0246 N/A N/A 6.66
12/30/2016 0.0246 N/A N/A 6.61
11/30/2016 0.0247 N/A N/A 6.50
10/31/2016 0.0267 N/A N/A 6.50
09/30/2016 0.0272 N/A N/A 6.45
08/31/2016 0.0272 N/A N/A 6.40
07/29/2016 0.0272 N/A N/A 6.36
06/30/2016 0.0272 N/A N/A 6.24
05/31/2016 0.0272 N/A N/A 6.21
04/29/2016 0.0308 N/A N/A 6.18
03/31/2016 0.0330 N/A N/A 6.02
02/29/2016 0.0329 N/A N/A 5.81
01/29/2016 0.0328 N/A N/A 5.91
12/31/2015 0.0328 N/A N/A 6.07
11/30/2015 0.0328 N/A N/A 6.22
10/30/2015 0.0309 N/A N/A 6.35
09/30/2015 0.0309 N/A N/A 6.38
08/31/2015 0.0309 N/A N/A 6.52
07/31/2015 0.0308 N/A N/A 6.65
06/30/2015 0.0308 N/A N/A 6.69
05/29/2015 0.0308 N/A N/A 6.78
04/30/2015 0.0308 N/A N/A 6.78
03/31/2015 0.0309 N/A N/A 6.75
02/27/2015 0.0309 N/A N/A 6.76
01/30/2015 0.0308 N/A N/A 6.68
12/31/2014 0.0308 N/A N/A 6.74
11/28/2014 0.0308 N/A N/A 6.88
10/31/2014 0.0281 N/A N/A 6.89
09/30/2014 0.0281 N/A N/A 6.91
08/29/2014 0.0281 N/A N/A 7.02
07/31/2014 0.0281 N/A N/A 7.01
06/30/2014 0.0281 N/A N/A 7.04
05/30/2014 0.0281 N/A N/A 7.01
04/30/2014 0.0281 N/A N/A 7.00
03/31/2014 0.0281 N/A N/A 7.01
02/28/2014 0.0281 N/A N/A 6.99
01/31/2014 0.0281 N/A N/A 7.00
12/31/2013 0.0282 N/A N/A 6.97
11/29/2013 0.0361 N/A N/A 6.95
10/31/2013 0.0360 N/A N/A 6.94
09/30/2013 0.0360 N/A N/A 6.91
08/30/2013 0.0360 N/A N/A 6.93
07/31/2013 0.0360 N/A N/A 6.96
06/28/2013 0.0360 N/A N/A 6.89
05/31/2013 0.0360 N/A N/A 6.98
04/30/2013 0.0361 N/A N/A 7.00
03/28/2013 0.0361 N/A N/A 6.94
02/28/2013 0.0361 N/A N/A 6.89
01/31/2013 0.0374 N/A N/A 6.89
12/31/2012 0.0733 N/A N/A 6.82
11/30/2012 0.0374 N/A N/A 6.82
10/31/2012 0.0315 N/A N/A 6.79
09/28/2012 0.0315 N/A N/A 6.77
08/31/2012 0.0315 N/A N/A 6.71
07/31/2012 0.0300 N/A N/A 6.66
06/29/2012 0.0300 N/A N/A 6.59
05/31/2012 0.0300 N/A N/A 6.56
04/30/2012 0.0300 N/A N/A 6.65
03/30/2012 0.0300 N/A N/A 6.60
02/29/2012 0.0275 N/A N/A 6.58
01/31/2012 0.0275 N/A N/A 6.54
12/30/2011 0.0275 N/A N/A 6.38
11/30/2011 0.0275 N/A N/A 6.35
10/31/2011 0.0275 N/A N/A 6.40
09/30/2011 0.0275 N/A N/A 6.23
08/31/2011 0.0275 N/A N/A 6.26
07/29/2011 0.0275 N/A N/A 6.66
06/30/2011 0.0275 N/A N/A 6.68
05/31/2011 0.0275 N/A N/A 6.73
04/29/2011 0.0275 N/A N/A 6.76
03/31/2011 0.0250 N/A N/A 6.72
02/28/2011 0.0250 N/A N/A 6.73
01/31/2011 0.0250 N/A N/A 6.69
12/31/2010 0.0250 N/A N/A 6.54
11/30/2010 0.0250 N/A N/A 6.48
10/29/2010 0.0250 N/A N/A 6.45
09/30/2010 0.0269 N/A N/A 6.36
08/31/2010 0.0269 N/A N/A 6.29
07/30/2010 0.0295 N/A N/A 6.29
06/30/2010 0.0333 N/A N/A 6.23
05/27/2010 0.0257 N/A N/A 6.30
04/30/2010 0.0295 N/A N/A 6.49
03/31/2010 0.0295 N/A N/A 6.40
02/26/2010 0.0295 N/A N/A 6.25
01/29/2010 0.0295 N/A N/A 6.26
12/31/2009 0.0067 N/A N/A 6.16
12/24/2009 0.0295 N/A N/A 6.14
11/25/2009 0.0270 N/A N/A 6.02
10/23/2009 0.0282 N/A N/A 6.02
09/25/2009 0.0270 N/A N/A 5.94
08/25/2009 0.0270 N/A N/A 5.70
07/24/2009 0.0270 N/A N/A 5.48
06/25/2009 0.0270 N/A N/A 5.30
05/22/2009 0.0270 N/A N/A 4.98
04/24/2009 0.0270 N/A N/A 4.61
03/25/2009 0.0270 N/A N/A 4.25
02/25/2009 0.0307 N/A N/A 4.35
01/23/2009 0.0337 N/A N/A 4.23
12/31/2008 0.0102 N/A N/A 4.09
12/24/2008 0.0439 N/A N/A 4.10
11/25/2008 0.0439 N/A N/A 4.61
10/24/2008 0.0416 N/A N/A 5.43
09/25/2008 0.0392 N/A N/A 6.97
08/25/2008 0.0392 N/A N/A 7.39
07/25/2008 0.0392 N/A N/A 7.48
06/25/2008 0.0392 N/A N/A 7.66
05/23/2008 0.0392 N/A N/A 7.59
04/25/2008 0.0549 N/A N/A 7.56
03/25/2008 0.0549 N/A N/A 7.35
02/25/2008 0.0549 N/A N/A 7.50
01/25/2008 0.0429 N/A N/A 8.05
12/31/2007 0.0120 N/A N/A 8.37
12/24/2007 0.0549 N/A N/A 8.38
11/23/2007 0.0549 N/A N/A 8.46
10/25/2007 0.0549 N/A N/A 8.66
09/25/2007 0.0549 N/A N/A 8.62
08/24/2007 0.0549 N/A N/A 8.58
07/25/2007 0.0564 N/A N/A 8.86
06/25/2007 0.0564 N/A N/A 9.06
05/25/2007 0.0575 N/A N/A 9.08
04/25/2007 0.0575 N/A N/A 9.07
03/23/2007 0.0605 N/A N/A 9.08
02/23/2007 0.0605 N/A N/A 9.10
01/25/2007 0.0445 N/A N/A 9.03
12/29/2006 0.0160 N/A N/A 9.01
12/22/2006 0.0605 N/A N/A 9.01
11/24/2006 0.0605 N/A N/A 9.01
10/25/2006 0.0590 N/A N/A 9.01
09/25/2006 0.0590 N/A N/A 9.02
08/25/2006 0.0520 N/A N/A 9.02
07/25/2006 0.0497 N/A N/A 9.00
06/23/2006 0.0497 N/A N/A 9.01
05/25/2006 0.0474 N/A N/A 9.05
04/25/2006 0.0450 N/A N/A 9.06
03/24/2006 0.0450 N/A N/A 9.07
02/24/2006 0.0415 N/A N/A 9.07
01/25/2006 0.0300 N/A N/A 9.03
12/30/2005 0.0096 N/A N/A 9.03
12/23/2005 0.0396 N/A N/A 9.04
11/25/2005 0.0370 N/A N/A 9.05
10/25/2005 0.0362 N/A N/A 9.06
09/23/2005 0.0362 N/A N/A 9.08
08/25/2005 0.0349 N/A N/A 9.08
07/25/2005 0.0334 N/A N/A 9.11
06/24/2005 0.0334 N/A N/A 9.10
05/25/2005 0.0315 N/A N/A 9.08
04/25/2005 0.0296 N/A N/A 9.15
03/24/2005 0.0296 N/A N/A 9.13
02/25/2005 0.0038 N/A N/A 9.13
as of 01/31/2017

Quality Breakdown

Ratings are based on S&P, Moody's or Fitch, as applicable. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. NR indicates the debtor was not rated, and should not be interpreted as indicating low quality. If securities are rated differently by the rating agencies, the higher rating is applied. Credit ratings are based largely on the rating agency's investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuer's current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security's market value or of the liquidity of an investment in the security. For more information on the rating methodology, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Ratings' under Rating Resources on the homepage; www.moodys.com and select 'Rating Methodologies' under Research and Ratings on the homepage; www.fitchratings.com and select 'Ratings Definitions' on the homepage.

as of 01/31/2017

Fund Characteristics

3-Year Alpha -2.01%
3-Year Beta 1.65
3-Year R-Squared 0.93
3-Year Sharpe Ratio 0.78
3-Year Standard Deviation 4.78
Number of Securities 616
Total Assets $842,256,911.00

Source: Bloomberg LP, StyleADVISOR

Benchmark:  CS Leveraged Loan IX TR

as of 01/31/2017

Top Fixed-Income Holdings | View all

Holding Name Coupon % Bond Maturity Date % of Total Assets
NRG Energy Inc. 2.20
Twin River Management Group, Inc. 1.78
iHeartCommunications, Inc. 1.70
Asurion LLC 1.63
Vistra Operations Company LLC 1.49
First Data Corporation 1.46
Sears Roebuck Acceptance Corp. 1.41
Calpine Corporation 1.38
Transdigm Inc. 1.32
Dell International LLC 1.18

May not equal 100% due to rounding.

Holdings are subject to change and are not buy/sell recommendations.

as of 01/31/2017

Top Industries

  % of Total Assets
Information Technology 9.58
Service 7.50
Telecommunications 7.42
Utility 7.32
Healthcare 6.90
Retail 6.13
Energy 6.09
Gaming/Leisure 5.77
Cable/Wireless Video 4.96
Aerospace 4.53

May not equal 100% due to rounding.

The holdings are organized to mirror the Credit Suisse High Yield Bond Index industry classifications. These classifications are the exclusive property and service mark of Credit Suisse AG.

Materials & Resources

 About risk

Asset-Backed Securities Risk. Asset-backed securities, including collateralized debt obligations, are subject to prepayment or call risk, which is the risk that a borrower's payments may be received earlier or later than expected due to changes in prepayment rates on underlying debt obligations. This could result in the Fund reinvesting these early payments at lower interest rates, thereby reducing the Fund's income. Asset-backed securities also are subject to extension risk, which is the risk that an unexpected rise in interest rates could reduce the rate of prepayments, causing the price of the asset-backed securities and the Fund’s share price to fall.

Banking and Financial Services Industry Focus Risk. From time to time, the Fund may invest more than 25% of its assets in unsecured bank instruments, including but not limited to certificates of deposit and time deposits, or securities that may have guarantees or credit and liquidity enhancements provided by banks, insurance companies or other financial institutions. To the extent the Fund focuses its investments in these instruments or securities, the Fund's performance will depend on the overall condition of those industries and the individual banks and financial institutions in which the Fund invests (directly or indirectly), the supply of short-term financing, changes in government regulation, changes in interest rates, and economic downturns in the United States and abroad.

Bank Loan Risk. There are a number of risks associated with an investment in bank loans including credit risk, interest rate risk, liquidity risk and prepayment risk. Lack of an active trading market, restrictions on resale, irregular trading activity, wide bid/ask spreads and extended trade settlement periods may impair the Fund’s ability to sell bank loans within its desired time frame or at an acceptable price and its ability to accurately value existing and prospective investments. Extended trade settlement periods may result in cash not being immediately available to the Fund. As a result, the Fund may have to sell other investments or engage in borrowing transactions to raise cash to meet its obligations. The risk of holding bank loans is also directly tied to the risk of insolvency or bankruptcy of the issuing banks. These risks could cause the Fund to lose income or principal on a particular investment, which in turn could affect the Fund's returns. The value of bank loans can be affected by and sensitive to changes in government regulation and to economic downturns in the United States and abroad. Bank loans generally are floating rate loans, which are subject to interest rate risk as the interest paid on the floating rate loans adjusts periodically based on changes in widely accepted reference rates. Bank loans held by the Fund might not be considered securities for purposes of the Securities Act of 1933 or the Securities Exchange Act of 1934, and therefore a risk exists that purchasers, such as the Fund, may not be entitled to rely on the anti-fraud provisions of those Acts.

Borrower Credit Risk. Senior Loans, like most other debt obligations, are subject to the risk of default. Default in the payment of interest or principal on a Senior Loan will result in a reduction in income to the Fund, a reduction in the value of the Senior Loan and a potential decrease in the Fund’s net asset value. The risk of default will increase in the event of an economic downturn or a substantial increase in interest rates. The Fund may acquire Senior Loans of Borrowers that are experiencing, or are more likely to experience, financial difficulty, including Senior Loans issued in highly leveraged transactions. The Fund may even acquire and retain in its portfolio Senior Loans of Borrowers that have filed for bankruptcy protection. Because of the protective terms of Senior Loans, the Adviser believes that the Fund is more likely to recover more of its investment in a defaulted Senior Loan than would be the case for most other types of defaulted debt securities. Nevertheless, even in the case of collateralized Senior Loans, there is no assurance that sale of the collateral would raise enough cash to satisfy the Borrower's payment obligation or that the collateral can or will be liquidated. In the case of bankruptcy, liquidation may not occur and the court may not give Lenders the full benefit of their senior position. Uncollateralized Senior Loans involve a greater risk of loss.

Changing Fixed Income Market Conditions. The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates at or near zero. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund's investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs.

Collateralized Loan Obligations Risk. CLOs are subject to the risks of substantial losses due to actual defaults by underlying borrowers, which will be greater during periods of economic or financial stress. CLOs may also lose value due to collateral defaults and disappearance of subordinate tranches, market anticipation of defaults, and investor aversion to CLO securities as a class. The risks of CLOs will be greater if the Fund invests in CLOs that hold loans of uncreditworthy borrowers or if the Fund holds subordinate tranches of the CLO that absorbs losses from the defaults before senior tranches. In addition, CLOs are subject to interest rate risk and credit risk.

Credit Linked Notes Risk. Risks of credit linked notes include those risks associated with the underlying reference obligation including but not limited to market risk, interest rate risk, credit risk, default risk and, in some cases, foreign currency risk. An investor in a credit linked note bears counterparty risk or the risk that the issuer of the credit linked note will default or become bankrupt and not make timely payment of principal and interest of the structured security. Credit linked notes may be less liquid than other investments and therefore harder to dispose of at the desired time and price. In addition, credit linked notes may be leveraged and, as a result, small changes in the value of the underlying reference obligation may produce disproportionate losses to the Fund.

Debt Securities Risk. The prices of debt securities held by the Fund will be affected by changes in interest rates, the creditworthiness of the issuer and other factors. An increase in prevailing interest rates typically causes the value of existing debt securities to fall and often has a greater impact on longer-duration debt securities and higher quality debt securities. Falling interest rates will cause the Fund to reinvest the proceeds of debt securities that have been repaid by the issuer at lower interest rates. Falling interest rates may also reduce the Fund's distributable income because interest payments on floating rate debt instruments held by the Fund will decline. The Fund could lose money on investments in debt securities if the issuer or borrower fails to meet its obligations to make interest payments and/ or to repay principal in a timely manner. Changes in an issuer’s financial strength, the market’s perception of such strength or in the credit rating of the issuer or the security may affect the value of debt securities. The Adviser's credit analysis may fail to anticipate such changes, which could result in buying a debt security at an inopportune time or failing to sell a debt security in advance of a price decline or other credit event.

Defaulted Securities Risk. Defaulted securities pose a greater risk that principal will not be repaid than non-defaulted securities. Defaulted securities and any securities received in an exchange for such securities may be subject to restrictions on resale.

Derivatives Risk. The value of a derivative instrument depends largely on (and is derived from) the value of an underlying security, currency, commodity, interest rate, index or other asset (each referred to as an underlying asset). In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage and liquidity risks. Counterparty risk is the risk that the counterparty to the derivative contract will default on its obligation to pay the Fund the amount owed or otherwise perform under the derivative contract. Derivatives create leverage risk because they do not require payment up front equal to the economic exposure created by owning the derivative. As a result, an adverse change in the value of the underlying asset could result in the Fund sustaining a loss that is substantially greater than the amount invested in the derivative, which may make the Fund’s returns more volatile and increase the risk of loss. Derivative instruments may also be less liquid than more traditional investments and the Fund may be unable to sell or close out its derivative positions at a desirable time or price. This risk may be more acute under adverse market conditions, during which the Fund may be most in need of liquidating its derivative positions. Derivatives may also be harder to value, less tax efficient and subject to changing government regulation that could impact the Fund's ability to use certain derivatives or their cost. Also, derivatives used for hedging or to gain or limit exposure to a particular market segment may not provide the expected benefits, particularly during adverse market conditions.

Financial Leverage. There are risks associated with borrowing or issuing preferred shares in an effort to increase the yield and distributions on the Common Shares, including that the costs of the financial leverage exceed the income from investments made with such leverage, the higher volatility of the net asset value of the Common Shares, and that fluctuations in the interest rates on the borrowing or dividend rates on preferred shares may affect the yield and distributions to the Common Shareholders. The Fund’s use of leverage also may impair the ability of the Fund to maintain its qualification for federal income tax purposes, as a regulated investment company. As long as the Fund is able to invest the proceeds of any financial leverage in senior loans or other investments that provide a higher net return than the current cost of such financial leverage (i.e., the current interest rate on any borrowing or dividend rate of any preferred shares after taking into account the expenses of any borrowing or preferred shares offering) and the Fund’s operating expenses, the effect of leverage will be to cause the Common Shareholders to realize a higher current rate of return than if the Fund were not leveraged. However, if the current costs of financial leverage were to exceed the return on such proceeds after expenses (which the Adviser believes to be an unlikely scenario), the Common Shareholders would have a lower rate of return than if the Fund had an unleveraged capital structure. During any annual period when the Fund has a net payable on the interest due on borrowings or the dividends due on any outstanding preferred shares, the failure to pay on such amounts would preclude the Fund from paying dividends on the Common Shares. The rights of lenders to the Fund to receive interest on and repayment of principal on any borrowings will be senior to those of the holders of the Common Shares, and the terms of any such borrowings may contain provisions which limit certain activities of the Fund, including the payment of dividends to holders of Common Shares in certain circumstances, and may require the Fund to pledge assets to secure such borrowings. Further, the terms of such borrowings may, and the 1940 Act does (in certain circumstances), grant to the lenders to the Fund certain voting rights in the event of default in the payment of interest on or repayment of principal. In addition, under the 1940 Act, the Fund is not permitted to declare any cash dividend or other distribution on its Common Shares unless, at the time of such declaration and after deducting the amount of such dividend or distribution, the Fund is in compliance with the asset coverage requirements of the 1940 Act. Such prohibition on the payment of dividends or distributions might impair the ability of the Fund to maintain its qualification, for federal income tax purposes, as a regulated investment company. The Fund intends, however, to the extent possible, to repay borrowings or redeem any outstanding preferred securities from time to time if necessary, which may involve the payment by the Fund of a premium and the sale by the Fund of portfolio securities at a time when it may be disadvantageous to do so, to maintain compliance with such asset coverage requirements. If there are preferred shares issued and outstanding, holders of the preferred shares will elect two Trustees. In addition, the terms of any preferred shares or borrowing may entitle holders of the preferred shares or lenders, as the case may be, to elect a majority of the Board of Trustees in certain other circumstances.

Foreign Investments Risk. The Fund's foreign Investments may be adversely affected by political and social instability, changes in economic or taxation policies, difficulty in enforcing obligations, decreased liquidity or increased volatility. Foreign investments also involve the risk of the possible seizure, nationalization or expropriation of the issuer or foreign deposits (in which the Fund could lose its entire investments in a certain market) and the possible adoption of foreign governmental restrictions such as exchange controls. Unless the Fund has hedged its foreign securities risk, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful.

High Yield Senior Loans Risk. Investments in high yield Senior Loans ("junk investments") and other lower-rated Senior Loans will subject the Fund to substantial risk of loss. These Senior Loans are considered to be speculative with respect to the issuer's ability to pay interest and principal when due, are more susceptible to default or decline in market value and are less liquid than investment grade debt securities. Prices of high yield Senior Loans tend to be very volatile.

Inflation-Indexed Securities Risk. The values of inflation-indexed securities generally fluctuate in response to changes in real interest rates, and the Fund's income from its investments in these securities is likely to fluctuate considerably more than the income distributions of its investments in more traditional fixed-income securities.

Liquidity Risk. The Fund may be unable to sell illiquid investments at the time or price it desires and, as a result, could lose its entire investment in such investments. Liquid securities can become illiquid during periods of market stress. If a significant amount of the Fund's securities become illiquid, the Fund may not be able to timely pay redemption proceeds and may need to sell securities at significantly reduced prices.

Management Risk. The Fund is actively managed and depends heavily on the Adviser's judgment about markets, interest rates or the attractiveness, relative values, liquidity, or potential appreciation of particular investments made for the Fund's portfolio. The Fund could experience losses if these judgments prove to be incorrect. Additionally, legislative, regulatory, or tax developments may adversely affect management of the Fund and, therefore, the ability of the Fund to achieve its investment objective.

Market Risk. The market values of the Fund's investments, and therefore the value of the Fund’s shares, will go up and down, sometimes rapidly or unpredictably. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.

No Trading Market for Shares. The Fund is a closed-end investment company designed primarily for long-term investors and not as a trading vehicle. While there is no restriction on transferring the Shares, the Fund does not intend to list the Shares for trading on any national securities exchange. There is no secondary trading market for Shares. An investment in the Shares is illiquid. There is no guarantee that you will be able to sell all of the Shares that you desire to sell in any repurchase offer by the Fund.

Repurchase Offer Risks. If the Fund repurchases more Shares than it is able to sell, the Fund's net assets may decline and its expense ratios may increase, and the Fund's ability to achieve its investment objective may be adversely affected. Moreover, this may force the Fund to sell assets it would not otherwise sell, and the Fund may be forced to dispose of Fund assets that may have declined in value. The Fund may borrow money to, among other things, finance repurchases of Shares. The rights of any lenders to the Fund to receive payments of interest on and repayments of principal of any borrowings will be senior to the rights of shareholders. The loan agreement for any borrowing likely will limit certain activities of the Fund, including the payment of dividends to holders of Shares in certain circumstances. Interest payments and fees incurred in connection with borrowings to finance repurchases of Shares will reduce the amount of net income available for payment to shareholders and may increase volatility of the net asset value of the Common Shares. See also the next section above on "Financial leverage" and the section of the Prospectus entitled "Repurchase of Shares."

Warrants, Equity Securities and Junior Debt Securities. Warrants, equity securities and junior debt securities have a subordinate claim on a Borrower's assets as compared with Senior Loans. As a result, the values of warrants, equity securities and junior debt securities generally are more dependent on the financial condition of the Borrower and less dependent on fluctuations in interest rates than are the values of many debt securities. The values of warrants, equity securities and junior debt securities may be more volatile than those of Senior Loans and thus may increase the volatility of the Fund's net asset value. Additionally, warrants may be significantly less valuable on their relevant expiration date resulting in a loss of money or they may expire worthless resulting in a total loss of the investment. Warrants may also be postponed or terminated early resulting in a partial or total loss of the investment. Warrants may also be illiquid.
as of 02/17/2017

VSLAX

NAV Change ($)
$6.67 0.01
N/As may appear until data is available. Data is usually updated between 3 and 6 p.m. CST.
as of 02/17/2017

Yield 

  • Distribution Yield
    with Sales Charge 4.28%
  • Distribution Yield
    without Sales Charge 4.43%
  • SEC 30-Day Yield 5.02%
  • Unsub. 30-day yield N/A

Fund Details

  • Distribution Frequency Monthly
  • NASDAQ VSLAX
  • WSJ Abrev. N/A
  • CUSIP 46131G109
  • Fund Type Alternative
  • Geography Type N/A
  • Inception Date 02/18/2005
  • Fiscal Year End 02/28
  • Min Initial Investment $1,000
  • Subsequent Investment $50
  • Min Initial IRA Investment $250
  • Fund Number 1732
  • Tax ID 36-6911789