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.

Management team

as of 09/30/2016

Top Fixed-Income Holdings | View all

Holding Name Coupon % Bond Maturity Date % of Total Assets
NRG Energy Inc. 2.24
Twin River Management Group, Inc. 1.69
Asurion LLC 1.68
iHeartCommunications, Inc. 1.60
Dell International LLC 1.45
First Data Corporation 1.45
Sears Roebuck Acceptance Corp. 1.44
Texas Competitive Electric Holdings Company LLC 1.33
Transdigm Inc. 1.27
Avago Technologies Cayman Finance Ltd. 1.25

May not equal 100% due to rounding.

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

as of 09/30/2016 09/30/2016

Average Annual Returns (%)

Load (%)
Incept. (%)
YTD (%) 1Y (%) 3Y (%) 5Y (%) 10Y (%)
NAV 02/18/2005 N/A 3.20 10.93 7.40 3.33 6.67 2.95
Load 02/18/2005 3.25 2.90 7.40 3.97 2.21 5.97 2.62
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 09/30/2016 09/30/2016

Annualized Benchmark Returns

Index Name 1 Mo (%) 3 Mo (%) 1Y (%) 3Y (%) 5Y (%) 10Y (%)
CS Leveraged Loan IX TR 0.87 3.10 5.35 3.61 5.45 4.31
CS Leveraged Loan IX TR 0.87 3.10 5.35 3.61 5.45 4.31
CS Leveraged Loan IX TR 0.87 3.10 5.35 3.61 5.45 4.31
CS Leveraged Loan IX TR 0.87 3.10 5.35 3.61 5.45 4.31

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


From   to
    Capital Gains Reinvestment
Price ($)
Ex-Date Income Short Term Long Term
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 09/30/2016

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: and select 'Understanding Ratings' under Rating Resources on the homepage; and select 'Rating Methodologies' under Research and Ratings on the homepage; and select 'Ratings Definitions' on the homepage.

as of 09/30/2016

Fund Characteristics

3-Year Alpha -2.34%
3-Year Beta 1.62
3-Year R-Squared 0.93
3-Year Sharpe Ratio 0.69
3-Year Standard Deviation 4.65
Number of Securities 590
Total Assets $834,436,068.00

Source: Bloomberg LP, StyleADVISOR

Benchmark:  CS Leveraged Loan IX TR

as of 09/30/2016

Top Fixed-Income Holdings | View all

Holding Name Coupon % Bond Maturity Date % of Total Assets
NRG Energy Inc. 2.24
Twin River Management Group, Inc. 1.69
Asurion LLC 1.68
iHeartCommunications, Inc. 1.60
Dell International LLC 1.45
First Data Corporation 1.45
Sears Roebuck Acceptance Corp. 1.44
Texas Competitive Electric Holdings Company LLC 1.33
Transdigm Inc. 1.27
Avago Technologies Cayman Finance Ltd. 1.25

May not equal 100% due to rounding.

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

as of 09/30/2016

Top Industries

  % of Total Assets
Information Technology 10.91
Telecommunications 7.52
Service 7.20
Utility 6.97
Healthcare 5.95
Retail 5.82
Gaming/Leisure 5.53
Energy 4.98
Diversified Media 4.34
Manufacturing 3.94

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, differ from conventional debt securities because principal is paid back over the life of the security rather than at maturity. Asset-backed securities 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. Faster prepayments often happen when interest rates are falling. As a result, the Fund may reinvest these early payments at lower interest rates, thereby reducing the Fund's income. Asset-backed securities also are subject to extension risk. An unexpected rise in interest rates could reduce the rate of prepayments and extend the life of the asset- backed securities, causing the price of the asset- backed securities and the Fund's share price to fall and would make the asset-backed securities more sensitive to interest rate changes.

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). Financial services companies may be dependent on the supply of short-term financing. The value of bank instruments and securities of issuers in the banking and financial services industry, or guaranteed by such issuers, can be affected by and sensitive to changes in government regulation and interest rates and to economic downturns in the United States and abroad. The risk of holding bank instruments is also directly tied to the risk of insolvency or bankruptcy of the issuing banks, which risk may be higher for larger or more complex financial institutions that combine traditional, commercial and investment banking.

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. If the borrower defaults on its obligation to pay, there is the possibility that the collateral securing a loan, if any, may be difficult to liquidate or be insufficient to cover the amount owed under the loan. 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 results 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 increases in the event of an economic downturn or a substantial increase in interest rates. An increased risk of default could result in a decline in the value of Senior Loans and in the Fund's net asset value. The Fund may acquire Senior Loans of Borrowers that are experiencing, or are more likely to experience, financial difficulty, including Senior Loans of Borrowers that have filed for bankruptcy protection. Borrowers may have outstanding debt obligations that are rated below investment grade. More recently, rating agencies have begun rating Senior Loans, and Senior Loans in the Fund's portfolio may themselves be rated below investment grade. The Fund may invest a substantial portion of its assets in Senior Loans of Borrowers that have outstanding debt obligations rated below investment grade or that are unrated but of comparable quality to such securities. Debt securities rated below investment grade are viewed by the rating agencies as speculative and are commonly known as "junk bonds." Senior Loans may not be rated at the time that the Fund purchases them. If a Senior Loan is rated at the time of purchase, the Adviser may consider the rating when evaluating the Senior Loan but, in any event, does not view ratings as a determinative factor in investment decisions. As a result, the Fund is more dependent on the Adviser's credit analysis abilities. 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. The values of Senior Loans of Borrowers that have filed for bankruptcy protection or that are experiencing payment difficulty could be affected by, among other things, the assessment of the likelihood that the Lenders ultimately will receive repayment of the principal amount of such Senior Loans, the likely duration, if any, of a lapse in the scheduled payment of interest and repayment of principal and prevailing interest rates. As of February 29, 2016, the Fund held in its portfolio 12 Senior Loans (the aggregate value of which represented approximately 3.62% of the value of the Fund's net assets on such date) of Borrowers that were subject to protection under the federal bankruptcy laws. There is no assurance that the Fund will be able to recover any amount on Senior Loans of such Borrowers. 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 event of bankruptcy, liquidation may not occur and the court may not give Lenders the full benefit of their senior positions. If the terms of a Senior Loan do not require the Borrower to pledge additional collateral in the event of a decline in the value of the original collateral, the Fund will be exposed to the risk that the value of the collateral will not at all times equal or exceed the amount of the Borrower's obligations under the Senior Loans. To the extent that a Senior Loan is collateralized by stock in the Borrower or its subsidiaries, such stock may lose all of its value in the event of bankruptcy of the Borrower. 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 persist in the future, potentially leading 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. In addition, because of changing central bank policies, the Fund may experience higher than normal shareholder redemptions which could potentially increase portfolio turnover and the Fund's transaction costs and potentially lower the Fund's performance returns.

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. In the case of a credit linked note that is "funded," the par amount of the security will represent the maximum loss that could be incurred on the investment and no leverage is introduced. 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. If an issuer seeks to restructure the terms of its borrowings or the Fund is required to seek recovery upon a default in the payment of interest or the repayment of principal, the Fund may incur additional expenses. 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. The Fund will generally not receive interest payments on defaulted securities and may incur costs to protect its investment. Defaulted securities and any securities received in an exchange for such securities may be subject to restrictions on resale. Investments in defaulted securities and obligations of distressed issuers are considered speculative and the prices of these securities may be more volatile than non-defaulted securities.

Derivatives Risk. A derivative is an instrument whose value 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, which are described below.

  • Counterparty Risk. Certain derivatives do not trade on an established exchange (referred to as over-the-counter (OTC) derivatives) and are simply financial contracts between the Fund and a counterparty. When the Fund is owed moneyonanOTCderivative,theFund is dependent on the counterparty to pay or, in some cases, deliver the underlying asset, unless the Fund can otherwise sell its derivative contract to a third party priortoitsexpiration.Many counterparties are financial institutions such as banks and broker-dealers and their creditworthiness (and ability to pay or perform) may be negatively impacted by factors affecting financial institutions generally. In addition, in the event that a counterparty becomes bankrupt or insolvent, the Fund's ability to recover the collateral that the Fund has on deposit with the counterparty could be delayed or impaired. For derivatives traded on a centralized exchange, the Fund generally is dependent upon the solvency of the relevant exchange clearing house (which acts as a guarantor for each contractual obligation under such derivatives) for payment on derivative instruments for which the Fund is owed money.
  • Leverage Risk. Many derivatives do not require a payment up front equal to the economic exposure created by owning the derivative, which creates a form of leverage. 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. Leverage may therefore make the Fund's returns more volatile and increase the risk of loss. The Fund segregates or earmarks liquid assets with a value at least equal to the amount that the Fund owes the derivative counterparty each day, if any, or otherwise holds instruments that offset the Fund's daily obligation under the derivatives instrument. This process is sometimes referred to as "cover." The amount of liquid assets needed as cover willfluctuateovertimeasthevalueof the derivative instrument rises and falls. If the value of the Fund's derivative positions or the value of the assets used as cover unexpectedly decreases, the Fund may be forced to segregate additional liquid assets as cover or sell assets at a disadvantageous time or price to meet its derivative obligations or to meet redemption requests, which could affect management of the Fund and the Fund's returns. In certain market conditions, losses on derivative instruments can grow larger while the value of the Fund's other assets fall, resulting in the Fund's derivative positions becoming a larger percentage of the Fund's investments.
  • Liquidity Risk. There is a smaller pool of buyers and sellers for certain derivatives, particularly OTC derivatives, than for more traditional investments such as stocks. These buyers and sellers are often financial institutions that may be unable or unwilling to buy or sell derivatives during times of financial or market stress. Derivative instruments may therefore be less liquid than more traditional investments and the Fund maybeunabletosellorexititsderivative 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. To theextentthattheFundisunabletoexit a derivative position because of market illiquidity,theFundmaynotbeableto prevent further losses of value in its derivatives holdings and the liquidity of the Fund and its ability to meet redemption requests may be impaired to theextentthatasubstantialportionof the Fund's otherwise liquid assets must be used as margin or cover. Another consequence of illiquidity is that the Fund may be required to hold a derivative instrument to maturity and take or make delivery of the underlying asset that the Adviser would otherwise have attempted to avoid.
  • Other Risks. Compared to other types of investments, derivatives may be harder to value and may also be less tax efficient, as described under the "Federal Income Taxation" section of the prospectus. In addition, changes in government regulation of derivative instruments could affect the character, timing and amount of the Fund's taxable income or gains, and may limit or prevent the Fund from using certain types of derivative instruments as a part of its investment strategy, which could make the investment strategy more costly to implement or require the Fund to change its investment strategy. To the extent that the Fund uses derivatives for hedgingortogainorlimitexposuretoa particular market or market segment, there may be imperfect correlation between the value of the derivative instrument and the value of the instrument being hedged or the relevant market or market segment, in which case the Fund may not realize the intended benefits. There is also the risk that during adverse market conditions, an instrument which would usually operate as a hedge provides no hedging benefits at all. The Fund's use of derivatives may be limited by the requirements for taxation of the Fund as a regulated investment company.
as of 10/21/2016


NAV Change ($)
$6.48 0.00
N/As may appear until data is available. Data is usually updated between 3 and 6 p.m. CST.
as of 10/21/2016


  • Distribution Yield
    with Sales Charge 4.78%
  • Distribution Yield
    without Sales Charge 4.94%
  • SEC 30-Day Yield 4.25%
  • Unsub. 30-day yield N/A

Fund Details

  • Distribution Frequency Monthly
  • 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