Invesco Oppenheimer International Bond Fund

Fixed Income | International and Global Fixed Income

Objective & Strategy

The Fund seeks total return. The strategy uses top down macro and bottom up country analyses to invest across foreign exchange, interest rates and credit securities in international and emerging markets.

as of 08/31/2019

Morningstar Rating

Overall Rating - World Bond Category

As of 08/31/2019 the Fund had an overall rating of 3 stars out of 199 funds and was rated 2 stars out of 199 funds, 3 stars out of 189 funds and 3 stars out of 116 funds for the 3-, 5- and 10- year periods, respectively.

Morningstar details

Source: Morningstar Inc. Ratings are based on a risk-adjusted return measure that accounts for variation in a fund's monthly performance, placing more emphasis on downward variations and rewarding consistent performance. Open-end mutual funds and exchange-traded funds are considered a single population for comparison purposes. Ratings are calculated for funds with at least a three year history. The overall rating is derived from a weighted average of three-, five- and 10-year rating metrics, as applicable, excluding sales charges and including fees and expenses. ©2019 Morningstar Inc. All rights reserved. The information contained herein is proprietary to Morningstar and/or its content providers. It may not be copied or distributed and 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. Past performance does not guarantee future results. The top 10% of funds in a category receive five stars, the next 22.5% four stars, the next 35% three stars, the next 22.5% two stars and the bottom 10% one star. Ratings are subject to change monthly. Had fees not been waived and/or expenses reimbursed currently or in the past, the Morningstar rating would have been lower. Ratings for other share classes may differ due to different performance characteristics.

Management team

as of 08/31/2019

Top Fixed-Income Holdings | View all

Holding Name Coupon % Bond Maturity Date % of Total Assets
Mexican Bonos 8.000 12/07/2023 2.84
United Kingdom Gilt 1.750 01/22/2049 2.41
Hellenic Republic Government Bond 3.900 01/30/2033 2.31
India Government Bond 8.240 02/15/2027 2.00
Russian Federal Bond - OFZ 7.000 01/25/2023 1.69
Mexican Bonos 8.500 05/31/2029 1.63
India Government Bond 8.400 07/28/2024 1.62
Republic of South Africa Government Bond 8.000 01/31/2030 1.58
India Government Bond 8.200 09/24/2025 1.50

May not equal 100% due to rounding.

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

as of 08/31/2019 06/30/2019

Average Annual Returns (%)

Load (%)
Incept. (%)
YTD (%) 1Y (%) 3Y (%) 5Y (%) 10Y (%)
NAV 06/15/1995 N/A 6.84 3.73 4.52 1.25 1.45 2.74
Load 06/15/1995 4.25 6.65 -0.71 0.08 -0.18 0.58 2.30
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 the result of a reorganization on May 24, 2019, the returns of the fund for periods on or prior to May 24, 2019 reflect performance of the Oppenheimer predecessor fund. Share class returns will differ from the predecessor fund due to a change in expenses and sales charges.

as of 08/31/2019 06/30/2019

Annualized Benchmark Returns

Index Name 1 Mo (%) 3 Mo (%) 1Y (%) 3Y (%) 5Y (%) 10Y (%)
Custom Invesco Oppenheimer International Bond Fund Benchmark 0.46 4.59 10.03 2.81 1.32 2.93
FTSE Non-USD World Government Bond Index (USD) 2.22 4.77 7.33 1.48 0.70 1.58
Custom Invesco Oppenheimer International Bond Fund Benchmark 3.94 4.48 7.48 2.84 1.10 3.35
FTSE Non-USD World Government Bond Index (USD) 3.21 3.93 4.54 0.83 0.19 1.88

An investment cannot be made directly in an index.

Expense Ratio per Prospectus

Management Fee 0.53
12b-1 Fee 0.25
Other Expenses 0.12
Interest/Dividend Exp N/A
Total Other Expenses 0.12
Acquired Fund Fees and Expenses (Underlying Fund Fees & Expenses) 0.01
Total Annual Fund Operating Expenses 0.91
Contractual Waivers/Reimbursements -0.01
Net Expenses - PER PROSPECTUS 0.90
Additional Waivers/Reimbursements N/A
Net Expenses - With Additional Fee Reduction 0.90
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
08/30/2019 0.0231 N/A N/A 5.374
07/31/2019 0.0211 N/A N/A 5.595
06/28/2019 0.0235 N/A N/A 5.631
05/31/2019 0.0244 N/A N/A 5.429
04/30/2019 0.0228 N/A N/A 5.46
03/29/2019 0.0258 N/A N/A 5.469
02/28/2019 0.0270 N/A N/A 5.532
01/31/2019 0.0242 N/A N/A 5.567
12/31/2018 0.0242 N/A N/A 5.359
11/30/2018 0.0232 N/A N/A 5.345
10/31/2018 0.0229 N/A N/A 5.331
09/28/2018 0.0201 N/A N/A 5.457
08/31/2018 0.0202 N/A N/A 5.406
07/31/2018 0.0206 N/A N/A 5.647
06/29/2018 0.0203 N/A N/A 5.564
05/31/2018 0.0210 N/A N/A 5.688
04/30/2018 0.0218 N/A N/A 5.901
03/29/2018 0.0219 N/A N/A 6.045
02/28/2018 0.0194 N/A N/A 6.018
01/31/2018 0.0212 N/A N/A 6.108
12/29/2017 0.0210 N/A N/A 5.956
11/30/2017 0.0206 N/A N/A 5.948
10/31/2017 0.0219 N/A N/A 5.903
09/29/2017 0.0218 N/A N/A 5.946
08/31/2017 0.0211 N/A N/A 5.998
07/31/2017 0.0202 N/A N/A 5.969
06/30/2017 0.0197 N/A N/A 5.868
05/31/2017 0.0191 N/A N/A 5.852
04/28/2017 0.0197 N/A N/A 5.805
03/31/2017 0.0200 N/A N/A 5.754
02/28/2017 0.0188 N/A N/A 5.716
01/31/2017 0.0255 N/A N/A 5.662
12/30/2016 0.0297 N/A N/A 5.613
11/30/2016 0.0238 N/A N/A 5.60
10/31/2016 0.0255 N/A N/A 5.845
09/30/2016 0.0196 N/A N/A 5.947
08/31/2016 0.0212 N/A N/A 5.945
07/29/2016 0.0203 N/A N/A 5.914
06/30/2016 0.0207 N/A N/A 5.805
05/31/2016 0.0239 N/A N/A 5.704
04/29/2016 0.0204 N/A N/A 5.798
03/31/2016 0.0125 N/A N/A 5.699
02/29/2016 0.0150 N/A N/A 5.469
01/29/2016 0.0166 N/A N/A 5.498
12/31/2015 0.0166 N/A N/A 5.517
11/30/2015 0.0144 N/A N/A 5.588
10/30/2015 0.0157 N/A N/A 5.638
09/30/2015 0.0134 N/A N/A 5.616
08/31/2015 0.0160 N/A N/A 5.696
07/31/2015 0.0195 N/A N/A 5.785
06/30/2015 0.0170 N/A N/A 5.755
05/29/2015 0.0168 N/A N/A 5.846
04/30/2015 0.0153 N/A N/A 5.907
03/31/2015 0.0134 N/A N/A 5.917
02/27/2015 0.0129 N/A N/A 5.961
01/30/2015 0.0136 N/A N/A 5.958
12/31/2014 0.0141 N/A N/A 5.916
11/28/2014 0.0126 N/A N/A 6.01
10/31/2014 0.0155 N/A N/A 6.024
09/30/2014 0.0138 N/A N/A 6.008
08/29/2014 0.0158 N/A N/A 6.152
07/31/2014 0.0156 N/A N/A 6.139
06/30/2014 0.0150 N/A N/A 6.195
05/30/2014 0.0162 N/A N/A 6.178
04/30/2014 0.0156 N/A N/A 6.137
03/31/2014 0.0143 N/A N/A 6.099
02/28/2014 0.0153 N/A N/A 6.082
01/31/2014 0.0182 N/A N/A 5.996
12/30/2013 0.0166 N/A 0.0022 6.083
11/29/2013 0.0176 N/A N/A 6.077
10/31/2013 0.0173 N/A N/A 6.173
09/30/2013 0.0150 N/A N/A 6.09
08/30/2013 0.0196 N/A N/A 5.966
07/31/2013 0.0193 N/A N/A 6.121
06/28/2013 0.0178 N/A N/A 6.086
05/31/2013 0.0216 N/A N/A 6.37
04/30/2013 0.0213 N/A N/A 6.614
03/28/2013 0.0209 N/A N/A 6.505
02/28/2013 0.0198 N/A N/A 6.54
01/31/2013 0.0206 N/A N/A 6.597
12/28/2012 0.0189 N/A 0.0400 6.585
11/30/2012 0.0214 N/A N/A 6.571
10/31/2012 0.0215 N/A N/A 6.554
09/28/2012 0.0168 N/A N/A 6.536
08/31/2012 0.0221 N/A N/A 6.46
07/31/2012 0.0197 N/A N/A 6.444
06/29/2012 0.0208 N/A N/A 6.298
05/31/2012 0.0210 N/A N/A 6.196
04/30/2012 0.0192 N/A N/A 6.378
03/30/2012 0.0233 N/A N/A 6.328
02/29/2012 0.0205 N/A N/A 6.39
01/31/2012 0.0213 N/A N/A 6.37
12/29/2011 0.1082 N/A N/A 6.191
11/30/2011 0.0201 N/A N/A 6.287
10/31/2011 0.0198 N/A N/A 6.453
09/30/2011 0.0217 N/A N/A 6.294
08/31/2011 0.0199 N/A N/A 6.772
07/29/2011 0.0216 N/A N/A 6.806
06/30/2011 0.0209 N/A N/A 6.742
05/31/2011 0.0206 N/A N/A 6.723
04/29/2011 0.0217 N/A N/A 6.798
03/31/2011 0.0210 N/A N/A 6.548
02/28/2011 0.0195 N/A N/A 6.485
01/31/2011 0.0219 N/A N/A 6.46
12/30/2010 0.0258 N/A 0.0625 6.527
11/30/2010 0.0220 N/A N/A 6.474
10/29/2010 0.0241 N/A N/A 6.914
09/30/2010 0.0217 N/A N/A 6.804
08/31/2010 0.0229 N/A N/A 6.542
07/30/2010 0.0212 N/A N/A 6.492
06/30/2010 0.0218 N/A N/A 6.208
05/28/2010 0.0217 N/A N/A 6.145
04/30/2010 0.0244 N/A N/A 6.44
03/31/2010 0.0232 N/A N/A 6.426
02/26/2010 0.0197 N/A N/A 6.37
01/29/2010 0.0210 N/A N/A 6.344
12/30/2009 0.0214 0.0465 N/A 6.39
11/30/2009 0.0195 N/A N/A 6.697
10/30/2009 0.0220 N/A N/A 6.544
09/30/2009 0.0202 N/A N/A 6.541
08/31/2009 0.0199 N/A N/A 6.31
07/31/2009 0.0219 N/A N/A 6.212
06/30/2009 0.0208 N/A N/A 6.056
05/29/2009 0.0200 N/A N/A 6.059
04/30/2009 0.0206 N/A N/A 5.731
03/31/2009 0.0196 N/A N/A 5.608
02/27/2009 0.0127 N/A N/A 5.456
01/30/2009 0.0123 N/A N/A 5.703
12/30/2008 0.1197 0.0221 0.0230 5.921
11/28/2008 0.0180 N/A N/A 5.676
10/31/2008 0.0221 N/A N/A 5.544
09/30/2008 0.0202 N/A N/A 5.961
08/29/2008 0.0228 N/A N/A 6.307
07/31/2008 0.0229 N/A N/A 6.481
06/30/2008 0.0215 N/A N/A 6.468
05/30/2008 0.0237 N/A N/A 6.547
04/30/2008 0.0217 N/A N/A 6.63
03/31/2008 0.0208 N/A N/A 6.753
02/29/2008 0.0213 N/A N/A 6.686
01/31/2008 0.0212 N/A N/A 6.56
12/28/2007 0.2069 N/A 0.0253 6.375
11/30/2007 0.0227 N/A N/A 6.622
10/31/2007 0.0218 N/A N/A 6.566
09/28/2007 0.0195 N/A N/A 6.414
08/31/2007 0.0248 N/A N/A 6.195
07/31/2007 0.0205 N/A N/A 6.262
06/29/2007 0.0211 N/A N/A 6.179
05/31/2007 0.0213 N/A N/A 6.258
04/30/2007 0.0197 N/A N/A 6.254
03/30/2007 0.0220 N/A N/A 6.123
02/28/2007 0.0173 N/A N/A 6.047
01/31/2007 0.0194 N/A N/A 5.926
12/28/2006 0.0195 N/A 0.0126 6.008
11/30/2006 0.0204 N/A N/A 6.059
10/31/2006 0.0159 N/A N/A 5.92
09/29/2006 0.0181 N/A N/A 5.802
08/31/2006 0.0195 N/A N/A 5.82
07/31/2006 0.0154 N/A N/A 5.761
06/30/2006 0.0186 N/A N/A 5.644
05/31/2006 0.0194 N/A N/A 5.699
04/28/2006 0.0149 N/A N/A 5.95
03/31/2006 0.0185 N/A N/A 5.853
02/28/2006 0.0174 N/A N/A 6.003
01/31/2006 0.0181 N/A N/A 5.918
12/29/2005 0.1276 N/A 0.0236 5.762
11/30/2005 0.0635 N/A N/A 5.878
10/31/2005 0.0192 N/A N/A 5.882
09/30/2005 0.0209 N/A N/A 6.012
08/31/2005 0.0227 N/A N/A 5.922
07/29/2005 0.0208 N/A N/A 5.893
06/30/2005 0.0199 N/A N/A 5.949
05/31/2005 0.0195 N/A N/A 5.873
04/29/2005 0.0209 N/A N/A 5.847
03/31/2005 0.0185 N/A N/A 5.755
02/28/2005 0.0166 N/A N/A 5.959
01/31/2005 0.0172 N/A N/A 5.894
12/30/2004 0.1315 0.0597 N/A 5.981
11/30/2004 0.0885 N/A N/A 5.984
10/29/2004 0.0169 N/A N/A 5.818
09/30/2004 0.0124 N/A N/A 5.626
08/31/2004 0.0121 N/A N/A 5.562
07/30/2004 0.0129 N/A N/A 5.423
06/30/2004 0.0127 N/A N/A 5.445
05/28/2004 0.0128 N/A N/A 5.448
04/30/2004 0.0105 N/A N/A 5.499
03/31/2004 0.0102 N/A N/A 5.794
02/27/2004 0.0113 N/A N/A 5.593
01/30/2004 0.0112 N/A N/A 5.602
12/30/2003 0.0077 N/A N/A 5.507
11/28/2003 0.1719 N/A N/A 5.281
10/31/2003 0.0114 N/A N/A 5.361
09/30/2003 0.0138 N/A N/A 5.329
08/29/2003 0.0158 N/A N/A 4.997
07/31/2003 0.0182 N/A N/A 5.002
06/30/2003 0.0163 N/A N/A 5.108
05/30/2003 0.0205 N/A N/A 5.184
04/30/2003 0.0158 N/A N/A 4.984
03/31/2003 0.0121 N/A N/A 4.789
02/28/2003 0.0116 N/A N/A 4.795
01/31/2003 0.0163 N/A N/A 4.764
12/30/2002 0.0155 N/A N/A 4.676
11/29/2002 0.0168 N/A N/A 4.489
10/31/2002 0.0222 N/A N/A 4.442
09/30/2002 0.0188 N/A N/A 4.38
08/30/2002 0.0224 N/A N/A 4.435
07/31/2002 0.0129 N/A N/A 4.344
06/28/2002 0.0125 N/A N/A 4.392
05/31/2002 0.0175 N/A N/A 4.272
04/30/2002 0.0191 N/A N/A 4.19
03/28/2002 0.0225 N/A N/A 4.113
02/28/2002 0.0179 N/A N/A 4.104
01/31/2002 0.0168 N/A N/A 4.07
12/28/2001 0.0154 N/A N/A 4.059
11/30/2001 0.0215 N/A N/A 4.103
10/31/2001 0.0203 N/A N/A 4.007
09/28/2001 0.0214 N/A N/A 3.95
08/31/2001 0.0232 N/A N/A 4.07
07/31/2001 0.0220 N/A N/A 3.993
06/29/2001 0.0280 N/A N/A 4.034
05/31/2001 0.0185 N/A N/A 4.031
04/30/2001 0.0212 N/A N/A 4.029
03/30/2001 0.0278 N/A N/A 4.08
02/28/2001 0.0237 N/A N/A 4.187
01/31/2001 0.0301 N/A N/A 4.323
12/28/2000 0.0297 N/A N/A 4.25
11/30/2000 0.0265 N/A N/A 4.108
10/31/2000 0.0278 N/A N/A 4.08
09/29/2000 0.0351 N/A N/A 4.187
08/31/2000 0.0305 N/A N/A 4.296
07/31/2000 0.0277 N/A N/A 4.285
06/30/2000 0.0287 N/A N/A 4.287
05/31/2000 0.0206 N/A N/A 4.172
04/28/2000 0.0282 N/A N/A 4.245
03/31/2000 0.0379 N/A N/A 4.421
02/29/2000 0.0336 N/A N/A 4.348
01/31/2000 0.0368 N/A N/A 4.278
12/30/1999 0.0387 N/A N/A 4.339
11/30/1999 0.0463 N/A N/A 4.282
10/29/1999 0.0455 N/A N/A 4.302
09/30/1999 0.0483 N/A N/A 4.233
08/31/1999 0.0512 N/A N/A 4.222
07/30/1999 0.0421 N/A N/A 4.319
06/30/1999 0.0421 N/A N/A 4.309
05/28/1999 0.0421 N/A N/A 4.285
04/30/1999 0.0421 N/A N/A 4.392
03/31/1999 0.0438 N/A N/A 4.29
02/26/1999 0.0438 N/A N/A 4.306
01/29/1999 0.0438 N/A N/A 4.438
12/31/1998 0.0438 N/A N/A 4.434
11/30/1998 0.0438 N/A N/A 4.477
10/30/1998 0.0438 N/A N/A 4.386
09/30/1998 0.0438 N/A N/A 4.321
08/31/1998 0.0438 N/A N/A 4.334
07/31/1998 0.0438 N/A N/A 4.937
06/30/1998 0.0438 N/A N/A 4.931
05/29/1998 0.0438 N/A N/A 5.008
04/30/1998 0.0438 N/A N/A 5.148
03/31/1998 0.0438 N/A N/A 5.114
02/27/1998 0.0438 N/A N/A 5.133
01/30/1998 0.0438 N/A N/A 5.106
12/31/1997 0.0438 0.0190 0.0036 5.17
11/28/1997 0.0438 N/A N/A 5.213
10/31/1997 0.0438 N/A N/A 5.309
09/30/1997 0.0438 N/A N/A 5.508
08/29/1997 0.0438 N/A N/A 5.449
07/31/1997 0.0438 N/A N/A 5.494
06/30/1997 0.0438 N/A N/A 5.514
05/30/1997 0.0438 N/A N/A 5.498
04/30/1997 0.0438 N/A N/A 5.453
03/31/1997 0.0438 N/A N/A 5.486
02/28/1997 0.0438 N/A N/A 5.57
01/31/1997 0.0438 N/A N/A 5.577
12/31/1996 0.0438 0.0511 N/A 5.578
11/29/1996 0.0438 N/A N/A 5.625
10/31/1996 0.0438 N/A N/A 5.548
09/30/1996 0.0438 N/A N/A 5.49
08/30/1996 0.0438 N/A N/A 5.442
07/31/1996 0.0438 N/A N/A 5.392
06/28/1996 0.0438 N/A N/A 5.372
05/31/1996 0.0438 N/A N/A 5.341
04/30/1996 0.0438 N/A N/A 5.307
03/29/1996 0.0438 N/A N/A 5.26
02/29/1996 0.0438 N/A N/A 5.24
01/31/1996 0.0438 N/A N/A 5.27
12/29/1995 0.0438 N/A N/A 5.20
11/30/1995 0.0438 N/A N/A 5.12
10/31/1995 0.0438 N/A N/A 5.12
09/29/1995 0.0438 N/A N/A 5.10
08/31/1995 0.0438 N/A N/A 5.02
07/31/1995 0.0662 N/A N/A 5.06
as of 08/31/2019

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 08/31/2019

Fund Characteristics

3-Year Alpha -1.34%
3-Year Beta 0.88
3-Year R-Squared 0.76
3-Year Sharpe Ratio -0.04
3-Year Standard Deviation 6.83
Number of Securities 508
Total Assets $3,752,816,115.00
as of 08/31/2019

Top Fixed-Income Holdings | View all

Holding Name Coupon % Bond Maturity Date % of Total Assets
Mexican Bonos 8.000 12/07/2023 2.84
United Kingdom Gilt 1.750 01/22/2049 2.41
Hellenic Republic Government Bond 3.900 01/30/2033 2.31
India Government Bond 8.240 02/15/2027 2.00
Russian Federal Bond - OFZ 7.000 01/25/2023 1.69
Mexican Bonos 8.500 05/31/2029 1.63
India Government Bond 8.400 07/28/2024 1.62
Republic of South Africa Government Bond 8.000 01/31/2030 1.58
India Government Bond 8.200 09/24/2025 1.50

May not equal 100% due to rounding.

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

as of 08/31/2019

Top Industries

  % of Total Assets
Diversified Banks 20.54
Diversified Capital Markets 4.34
Integrated Oil & Gas 0.98
Investment Banking & Brokerage 0.57
Oil & Gas Refining & Marketing 0.52
Specialized Finance 0.50
Real Estate Development 0.47
Oil & Gas Storage & Transportation 0.37
Integrated Telecommunication Services 0.29
Steel 0.28

May not equal 100% due to rounding.

The holdings are organized according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. and Standard & Poor's.

as of 08/31/2019

Top Countries

  % of Total Assets
India 10.58
Mexico 7.59
United Kingdom 7.46
Indonesia 6.26
South Africa 5.29
Brazil 3.78
Spain 3.69
Greece 3.56
Italy 3.08
Egypt 2.53

May not equal 100% due to rounding.

 About risk

As with any mutual fund investment, loss of money is a risk of investing. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. The risks associated with an investment in the Fund can increase during times of significant market volatility. The principal risks of investing in the Fund are:

Risks of Investing in Debt Securities. Debt securities may be subject to interest rate risk, duration risk, credit risk, credit spread risk, extension risk, reinvestment risk, prepayment risk and event risk. Interest rate risk is the risk that when prevailing interest rates fall, the values of already-issued debt securities generally rise; and when prevailing interest rates rise, the values of already-issued debt securities generally fall, and therefore, those debt securities may be worth less than the amount the Fund paid for them or valued them. When interest rates change, the values of longer-term debt securities usually change more than the values of shorter-term debt securities. Risks associated with rising interest rates are heightened given that interest rates in the U.S. are near historic lows. Duration is a measure of the price sensitivity of a debt security or portfolio to interest rate changes. Duration risk is the risk that longer-duration debt securities will be more volatile and thus more likely to decline in price, and to a greater extent, in a rising interest rate environment than shorter-duration debt securities. Credit risk is the risk that the issuer of a security might not make interest and principal payments on the security as they become due. If an issuer fails to pay interest or repay principal, the Fund’s income or share value might be reduced. Adverse news about an issuer or a downgrade in an issuer’s credit rating, for any reason, can also reduce the market value of the issuer’s securities. “Credit spread” is the difference in yield between securities that is due to differences in their credit quality. There is a risk that credit spreads may increase when the market expects lower-grade bonds to default more frequently. Widening credit spreads may quickly reduce the market values of the Fund’s lower-rated and unrated securities. Some unrated securities may not have an active trading market or may trade less actively than rated securities, which means that the Fund might have difficulty selling them promptly at an acceptable price. Extension risk is the risk that an increase in interest rates could cause prepayments on a debt security to occur at a slower rate than expected. Extension risk is particularly prevalent for a callable security where an increase in interest rates could result in the issuer of that security choosing not to redeem the security as anticipated on the security’s call date. Such a decision by the issuer could have the effect of lengthening the debt security’s expected maturity, making it more vulnerable to interest rate risk and reducing its market value. Reinvestment risk is the risk that when interest rates fall the Fund may be required to reinvest the proceeds from a security’s sale or redemption at a lower interest rate. Callable bonds are generally subject to greater reinvestment risk than non-callable bonds. Prepayment risk is the risk that the issuer may redeem the security prior to the expected maturity or that borrowers may repay the loans that underlie these securities more quickly than expected, thereby causing the issuer of the security to repay the principal prior to the expected maturity. The Fund may need to reinvest the proceeds at a lower interest rate, reducing its income. Event risk is the risk that an issuer could be subject to an event, such as a buyout or debt restructuring, that interferes with its ability to make timely interest and principal payments and cause the value of its debt securities to fall.

Fixed-Income Market Risks. The fixed-income securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity may decline unpredictably in response to overall economic conditions or credit tightening. During times of reduced market liquidity, the Fund may not be able to readily sell bonds at the prices at which they are carried on the Fund’s books and could experience a loss. If the Fund needed to sell large blocks of bonds to meet shareholder redemption requests or to raise cash, those sales could further reduce the bonds’ prices, particularly for lower-rated and unrated securities. An unexpected increase in redemptions by Fund shareholders (including requests from shareholders who may own a significant percentage of the Fund’s shares), which may be triggered by general market turmoil or an increase in interest rates, as well as other adverse market and economic developments, could cause the Fund to sell its holdings at a loss or at undesirable prices and adversely affect the Fund’s share price and increase the Fund’s liquidity risk, Fund expenses and/or taxable distributions, if applicable. As of the date of this prospectus, interest rates in the U.S. are near historically low levels, increasing the exposure of bond investors to the risks associated with rising interest rates.

Economic and other market developments can adversely affect fixed income securities markets in the United States, Europe and elsewhere. At times, participants in debt securities markets may develop concerns about the ability of certain issuers of debt securities to make timely principal and interest payments, or they may develop concerns about the ability of financial institutions that make markets in certain debt securities to facilitate an orderly market. Those concerns may impact the market price or value of those debt securities and may cause increased volatility in those debt securities or debt securities markets. Under some circumstances, those concerns may cause reduced liquidity in certain debt securities markets, reducing the willingness of some lenders to extend credit, and making it more difficult for borrowers to obtain financing on attractive terms (or at all). A lack of liquidity or other adverse credit market conditions may hamper the Fund’s ability to sell the debt securities in which it invests or to find and purchase suitable debt instruments.

Risks of Below-Investment-Grade Securities. As compared to investment-grade debt securities, below-investment grade debt securities (also referred to as “junk” bonds), whether rated or unrated, may be subject to greater price fluctuations and increased credit risk, as the issuer might not be able to pay interest and principal when due, especially during times of weakening economic conditions or rising interest rates. Credit rating downgrades of a single issuer or related similar issuers whose securities the Fund holds in significant amounts could substantially and unexpectedly increase the Fund’s exposure to below-investment-grade securities and the risks associated with them, especially liquidity and default risk. The market for below-investment-grade securities may be less liquid and therefore these securities may be harder to value or sell at an acceptable price, especially during times of market volatility or decline. Because the Fund can invest without limit in below-investment-grade securities, the Fund’s credit risks are greater than those of funds that buy only investment-grade securities. Credit rating downgrades of a single issuer or related similar issuers whose securities the Fund holds in significant amounts could substantially and unexpectedly increase the Fund’s exposure to below-investment-grade securities and the risks associated with them, especially liquidity and default risk.

Risks of Sovereign Debt. Sovereign debt instruments are subject to the risk that a governmental entity may delay or refuse, or otherwise be unable, to pay interest or repay principal on its sovereign debt. If a governmental entity defaults, it may ask for more time in which to pay or for further loans. There is no legal process for collecting sovereign debt that a government does not pay nor are there bankruptcy proceedings through which all or part of such sovereign debt may be collected. A restructuring or default of sovereign debt may also cause additional impacts to the financial markets, such as downgrades to credit ratings, a flight to quality debt instruments, disruptions in common trading markets or unions, reduced liquidity, increased volatility, and heightened financial sector, foreign securities and currency risk, among others.

Risks of Foreign Investing. Foreign securities are subject to special risks. Securities traded in foreign markets may be less liquid and more volatile than those traded in U.S. markets. Foreign issuers are usually not subject to the same accounting and disclosure requirements that U.S. companies are subject to, which may make it difficult for the Fund to evaluate a foreign company’s operations or financial condition. A change in the value of a foreign currency against the U.S. dollar will result in a change in the U.S. dollar value of investments denominated in that foreign currency and in the value of any income or distributions the Fund may receive on those investments. The value of foreign investments may be affected by exchange control regulations, foreign taxes, higher transaction and other costs, delays in the settlement of transactions, changes in economic or monetary policy in the United States or abroad, expropriation or nationalization of a company’s assets, or other political and economic factors. In addition, due to the inter-relationship of global economies and financial markets, changes in political and economic factors in one country or region could adversely affect conditions in another country or region. Investments in foreign securities may also expose the Fund to time-zone arbitrage risk. Foreign securities may trade on weekends or other days when the Fund does not price its shares. As a result, the value of the Fund’s net assets may change on days when you will not be able to purchase or redeem the Fund’s shares. At times, the Fund may emphasize investments in a particular country or region and may be subject to greater risks from adverse events that occur in that country or region. Foreign securities and foreign currencies held in foreign banks and securities depositories may be subject to only limited or no regulatory oversight.

Risks of Developing and Emerging Markets. Investments in developing and emerging markets are subject to all the risks associated with foreign investing, however, these risks may be magnified in developing and emerging markets. Developing or emerging market countries may have less well developed securities markets and exchanges that may be substantially less liquid than those of more developed markets. Settlement procedures in developing or emerging markets may differ from those of more established securities markets, and settlement delays may result in the inability to invest assets or to dispose of portfolio securities in a timely manner. Securities prices in developing or emerging markets may be significantly more volatile than is the case in more developed nations of the world, and governments of developing or emerging market countries may also be more unstable than the governments of more developed countries. Such countries’ economies may be more dependent on relatively few industries or investors that may be highly vulnerable to local and global changes. Developing or emerging market countries also may be subject to social, political or economic instability. The value of developing or emerging market countries’ currencies may fluctuate more than the currencies of countries with more mature markets. Investments in developing or emerging market countries may be subject to greater risks of government restrictions, including confiscatory taxation, expropriation or nationalization of a company’s assets, restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures, and practices such as share blocking. In addition, the ability of foreign entities to participate in privatization programs of certain developing or emerging market countries may be limited by local law. Investments in securities of issuers in developing or emerging market countries may be considered speculative.

Eurozone Investment Risks. Certain of the regions in which the Fund may invest, including the European Union (EU), currently experience significant financial difficulties. Following the global economic crisis that began in 2008, some of these countries have depended on, and may continue to be dependent on, the assistance from others such as the European Central Bank (ECB) or other governments or institutions, and failure to implement reforms as a condition of assistance could have a significant adverse effect on the value of investments in those and other European countries. In addition, countries that have adopted the euro are subject to fiscal and monetary controls that could limit the ability to implement their own economic policies, and could voluntarily abandon, or be forced out of, the euro. Such events could impact the market values of Eurozone and various other securities and currencies, cause redenomination of certain securities into less valuable local currencies, and create more volatile and illiquid markets. Additionally, the United Kingdom’s intended departure from the EU, commonly known as “Brexit,” may have significant political and financial consequences for Eurozone markets, including greater market volatility and illiquidity, currency fluctuations, deterioration in economic activity, a decrease in business confidence and an increased likelihood of a recession in the United Kingdom.

Risks of Small- and Mid-Cap Companies. Small-cap companies may be either established or newer companies, including “unseasoned” companies that have typically been in operation for less than three years. Mid-cap companies are generally companies that have completed their initial start-up cycle, and in many cases have established markets and developed seasoned market teams. While smaller companies might offer greater opportunities for gain than larger companies, they also may involve greater risk of loss. They may be more sensitive to changes in a company’s earnings expectations and may experience more abrupt and erratic price movements. Small- and mid-cap companies’ securities may trade in lower volumes and it might be harder for the Fund to dispose of its holdings at an acceptable price when it wants to sell them. Small- and mid-cap companies may not have established markets for their products or services and may have fewer customers and product lines. They may have more limited access to financial resources and may not have the financial strength to sustain them through business downturns or adverse market conditions. Since small- and mid-cap companies typically reinvest a high proportion of their earnings in their business, they may not pay dividends for some time, particularly if they are newer companies. Small- and mid-cap companies may have unseasoned management or less depth in management skill than larger, more established companies. They may be more reliant on the efforts of particular members of their management team and management changes may pose a greater risk to the success of the business. It may take a substantial period of time before the Fund realizes a gain on an investment in a small- or mid-cap company, if it realizes any gain at all.

Risks of Derivative Investments. Derivatives may involve significant risks. Derivatives may be more volatile than other types of investments, may require the payment of premiums, may increase portfolio turnover, may be illiquid, and may not perform as expected. Derivatives are subject to counterparty risk and the Fund may lose money on a derivative investment if the issuer or counterparty fails to pay the amount due. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund’s initial investment. As a result of these risks, the Fund could realize little or no income or lose money from its investment, or a hedge might be unsuccessful. In addition, pursuant to rules implemented under financial reform legislation, certain over-the-counter derivatives are required to be executed on a regulated market and/or cleared through a clearinghouse. Entering into a derivative transaction with a clearinghouse may entail further risks and costs.

Risks of Non-Diversification. The Fund is classified as a “non-diversified” fund under the Investment Company Act of 1940. Accordingly, the Fund may invest a greater portion of its assets in the securities of a single issuer than if it were a “diversified” fund. To the extent that the Fund invests a higher percentage of its assets in the securities of a single issuer, the Fund is more subject to the risks associated with and developments affecting that issuer than a fund that invests more widely.

Risks of Investing in Regulation S Securities. Regulation S securities may be less liquid than publicly traded securities and may not be subject to the disclosure and other investor protection requirements that would be applicable if they were publicly traded. Accordingly, Regulation S securities may involve a high degree of business and financial risk and may result in substantial losses.

Risks of Investments in the Fund’s Wholly-Owned Subsidiary. The Subsidiary is not registered under the Investment Company Act of 1940 and is not subject to its investor protections (except as otherwise noted in this prospectus). As an investor in the Subsidiary, the Fund does not have all of the protections offered to investors by the Investment Company Act of 1940. However, the Subsidiary is wholly-owned and controlled by the Fund and managed by the investment adviser. Therefore, the Fund’s ownership and control of the Subsidiary make it unlikely that the Subsidiary would take actions contrary to the interests of the Fund or its shareholders. In addition, changes in the laws of the United States and/or the Cayman Islands (where the Subsidiary is incorporated) could result in the inability of the Fund and/or the Subsidiary to operate as described in this prospectus and the SAI and could adversely affect the Fund. Changes in the laws of the United States and/or the Cayman Islands could adversely affect the performance of the Fund and/or the Subsidiary. For example, the Cayman Islands currently does not impose certain taxes on exempted companies like the Subsidiary, including income and capital gains tax, among others. If Cayman Islands laws were changed to require such entities to pay Cayman Islands taxes, the investment returns of the Fund would likely decrease.
as of 09/20/2019


NAV Change ($)
$5.46 0.00
N/As may appear until data is available. Data is usually updated between 3 and 6 p.m. CST.
as of 09/20/2019


  • Distribution Yield
    with Sales Charge 4.86%
  • Distribution Yield
    without Sales Charge 5.08%
  • SEC 30-Day Yield 4.7%
  • Unsub. 30-day yield 4.75%

Fund Details

  • Distribution Frequency Monthly
  • WSJ Abrev. N/A
  • CUSIP 00143K673
  • Fund Type Tax Bond
  • Geography Type International
  • Inception Date 06/15/1995
  • Fiscal Year End 09/30
  • Min Initial Investment $1,000
  • Subsequent Investment $50
  • Min Initial IRA Investment $250
  • Fund Number 1860
  • Tax ID 84-1308320