Invesco Oppenheimer Senior Floating Rate Fund

Alternatives | Bank Loans

Objective & Strategy

The Fund seeks income. The strategy typically invests in senior loans.

as of 08/31/2019

Morningstar Rating

Overall Rating - Bank Loan Category

As of 08/31/2019 the Fund had an overall rating of 4 stars out of 219 funds and was rated 3 stars out of 219 funds, 3 stars out of 197 funds and 4 stars out of 81 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
CenturyLink Inc 5.140 01/31/2025 1.40
Tesla Inc 5.300 08/15/2025 1.37
Caesars Resort Collection LLC 5.100 12/23/2024 1.35
Sprint Communications Inc 4.740 02/02/2024 1.28
Murray Energy Corp 9.650 10/17/2022 1.27
Western Express Inc 10.390 02/23/2022 1.14
Regency Entertainment SA 2.330 10/13/2022 1.07
Univision Communications Inc 5.150 03/15/2024 0.96
Radiate Holdco LLC 5.270 02/01/2024 0.82
Ziggo BV 4.770 04/15/2025 0.82

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 09/08/1999 N/A 4.56 2.57 -1.08 3.44 2.79 5.44
Load 09/08/1999 3.25 4.39 -0.79 -4.26 2.28 2.12 5.09
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 Senior Floating Rate Fund Index -0.22 0.90 3.61 4.87 4.21 5.83
J.P. Morgan Leveraged Loan Index -0.22 0.90 3.61 4.87 4.20 5.78
Custom Invesco Oppenheimer Senior Floating Rate Fund Index 0.28 1.63 4.30 5.40 4.12 6.43
J.P. Morgan Leveraged Loan Index 0.28 1.63 4.30 5.40 4.13 6.40

An investment cannot be made directly in an index.

Expense Ratio per Prospectus

Management Fee 0.59
12b-1 Fee 0.25
Other Expenses 0.15
Interest/Dividend Exp 0.13
Total Other Expenses 0.28
Acquired Fund Fees and Expenses (Underlying Fund Fees & Expenses) 0.01
Total Annual Fund Operating Expenses 1.13
Contractual Waivers/Reimbursements -0.01
Net Expenses - PER PROSPECTUS 1.12
Additional Waivers/Reimbursements N/A
Net Expenses - With Additional Fee Reduction 1.12
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 0.0336 N/A N/A 7.625
07/31/2019 0.0353 N/A N/A 7.767
06/28/2019 0.0336 N/A N/A 7.82
05/31/2019 0.0353 N/A N/A 7.833
04/30/2019 0.0322 N/A N/A 7.951
03/29/2019 0.0353 N/A N/A 7.874
02/28/2019 0.0321 N/A N/A 7.941
01/31/2019 0.0330 N/A N/A 7.838
12/31/2018 0.0391 N/A N/A 7.701
11/30/2018 0.0327 N/A N/A 7.94
10/31/2018 0.0322 N/A N/A 8.079
09/28/2018 0.0310 N/A N/A 8.148
08/31/2018 0.0331 N/A N/A 8.122
07/31/2018 0.0298 N/A N/A 8.131
06/29/2018 0.0287 N/A N/A 8.094
05/31/2018 0.0285 N/A N/A 8.132
04/30/2018 0.0243 N/A N/A 8.132
03/29/2018 0.0263 N/A N/A 8.141
02/28/2018 0.0234 N/A N/A 8.172
01/31/2018 0.0278 N/A N/A 8.172
12/29/2017 0.0290 N/A N/A 8.124
11/30/2017 0.0283 N/A N/A 8.083
10/31/2017 0.0295 N/A N/A 8.108
09/29/2017 0.0260 N/A N/A 8.091
08/31/2017 0.0341 N/A N/A 8.108
07/31/2017 0.0280 N/A N/A 8.146
06/30/2017 0.0256 N/A N/A 8.108
05/31/2017 0.0248 N/A N/A 8.149
04/28/2017 0.0250 N/A N/A 8.162
03/31/2017 0.0287 N/A N/A 8.167
02/28/2017 0.0241 N/A N/A 8.204
01/31/2017 0.0286 N/A N/A 8.164
12/30/2016 0.0345 N/A N/A 8.148
11/30/2016 0.0289 N/A N/A 8.069
10/31/2016 0.0303 N/A N/A 8.059
09/30/2016 0.0321 N/A N/A 7.976
08/31/2016 0.0318 N/A N/A 7.892
07/29/2016 0.0342 N/A N/A 7.85
06/30/2016 0.0329 N/A N/A 7.77
05/31/2016 0.0343 N/A N/A 7.786
04/29/2016 0.0319 N/A N/A 7.71
03/31/2016 0.0342 N/A N/A 7.577
02/29/2016 0.0314 N/A N/A 7.377
01/29/2016 0.0333 N/A N/A 7.457
12/31/2015 0.0354 N/A N/A 7.597
11/30/2015 0.0292 N/A N/A 7.735
10/30/2015 0.0316 N/A N/A 7.868
09/30/2015 0.0290 N/A N/A 7.912
08/31/2015 0.0281 N/A N/A 7.998
07/31/2015 0.0304 N/A N/A 8.084
06/30/2015 0.0282 N/A N/A 8.092
05/29/2015 0.0277 N/A N/A 8.165
04/30/2015 0.0286 N/A N/A 8.184
03/31/2015 0.0281 N/A N/A 8.154
02/27/2015 0.0270 N/A N/A 8.161
01/30/2015 0.0300 N/A N/A 8.078
12/31/2014 0.0395 N/A N/A 8.113
11/28/2014 0.0281 N/A N/A 8.26
10/31/2014 0.0322 N/A N/A 8.259
09/30/2014 0.0292 N/A N/A 8.276
08/29/2014 0.0306 N/A N/A 8.356
07/31/2014 0.0293 N/A N/A 8.396
06/30/2014 0.0272 N/A N/A 8.419
05/30/2014 0.0311 N/A N/A 8.405
04/30/2014 0.0292 N/A N/A 8.386
03/31/2014 0.0282 N/A N/A 8.417
02/28/2014 0.0280 N/A N/A 8.424
01/31/2014 0.0366 N/A N/A 8.426
12/30/2013 0.0313 N/A N/A 8.431
11/29/2013 0.0311 N/A N/A 8.41
10/31/2013 0.0332 N/A N/A 8.39
09/30/2013 0.0294 N/A N/A 8.361
08/30/2013 0.0355 N/A N/A 8.369
07/31/2013 0.0339 N/A N/A 8.394
06/28/2013 0.0281 N/A N/A 8.352
05/31/2013 0.0374 N/A N/A 8.406
04/30/2013 0.0356 N/A N/A 8.426
03/28/2013 0.0356 N/A N/A 8.397
02/28/2013 0.0250 N/A N/A 8.355
01/31/2013 0.0358 N/A N/A 8.351
12/28/2012 0.0354 N/A N/A 8.302
11/30/2012 0.0385 N/A N/A 8.282
10/31/2012 0.0364 N/A N/A 8.284
09/28/2012 0.0317 N/A N/A 8.291
08/31/2012 0.0391 N/A N/A 8.226
07/31/2012 0.0346 N/A N/A 8.193
06/29/2012 0.0352 N/A N/A 8.163
05/31/2012 0.0361 N/A N/A 8.162
04/30/2012 0.0340 N/A N/A 8.253
03/30/2012 0.0366 N/A N/A 8.245
02/29/2012 0.0329 N/A N/A 8.218
01/31/2012 0.0359 N/A N/A 8.185
12/29/2011 0.0363 N/A N/A 8.058
11/30/2011 0.0367 N/A N/A 8.021
10/31/2011 0.0343 N/A N/A 8.086
09/30/2011 0.0348 N/A N/A 7.928
08/31/2011 0.0365 N/A N/A 7.944
07/29/2011 0.0341 N/A N/A 8.335
06/30/2011 0.0364 N/A N/A 8.347
05/31/2011 0.0361 N/A N/A 8.404
04/29/2011 0.0362 N/A N/A 8.418
03/31/2011 0.0427 N/A N/A 8.392
02/28/2011 0.0351 N/A N/A 8.419
01/31/2011 0.0356 N/A N/A 8.388
12/30/2010 0.0591 N/A N/A 8.297
11/30/2010 0.0373 N/A N/A 8.242
10/29/2010 0.0427 N/A N/A 8.218
09/30/2010 0.0384 N/A N/A 8.118
08/31/2010 0.0376 N/A N/A 8.048
07/30/2010 0.0420 N/A N/A 8.042
06/30/2010 0.0382 N/A N/A 7.97
05/28/2010 0.0403 N/A N/A 8.015
04/29/2010 0.0234 N/A N/A 8.164
03/31/2010 0.0430 N/A N/A 8.062
02/26/2010 0.0451 N/A N/A 7.942
01/28/2010 0.0403 N/A N/A 7.918
12/30/2009 0.0471 N/A N/A 7.783
11/30/2009 0.0430 N/A N/A 7.628
10/29/2009 0.0316 N/A N/A 7.604
09/30/2009 0.0274 N/A N/A 7.522
08/31/2009 0.0348 N/A N/A 7.318
07/30/2009 0.0289 N/A N/A 7.152
06/30/2009 0.0267 N/A N/A 6.957
05/29/2009 0.0309 N/A N/A 6.549
04/29/2009 0.0215 N/A N/A 6.117
03/31/2009 0.0398 N/A N/A 5.781
02/27/2009 0.0453 N/A N/A 5.82
01/29/2009 0.0364 N/A N/A 5.838
12/30/2008 0.1608 N/A N/A 5.765
11/28/2008 0.0529 N/A N/A 6.204
10/30/2008 0.0471 N/A N/A 6.874
09/30/2008 0.0447 N/A N/A 7.814
08/29/2008 0.0463 N/A N/A 8.215
07/30/2008 0.0430 N/A N/A 8.265
06/30/2008 0.0439 N/A N/A 8.392
05/30/2008 0.0456 N/A N/A 8.392
04/29/2008 0.0381 N/A N/A 8.336
03/31/2008 0.0416 N/A N/A 8.214
02/29/2008 0.0537 N/A N/A 8.293
01/30/2008 0.0521 N/A N/A 8.718
12/28/2007 0.0540 N/A N/A 8.971
11/30/2007 0.0625 N/A N/A 9.009
10/30/2007 0.0552 N/A N/A 9.184
09/28/2007 0.0502 N/A N/A 9.148
08/31/2007 0.0667 N/A N/A 9.06
07/30/2007 0.0541 N/A N/A 9.11
06/29/2007 0.0582 N/A N/A 9.50
05/31/2007 0.0597 N/A N/A 9.534
04/27/2007 0.0515 N/A N/A 9.538
03/30/2007 0.0588 N/A N/A 9.534
02/28/2007 0.0550 N/A N/A 9.552
01/30/2007 0.0598 N/A N/A 9.536
12/28/2006 0.0588 N/A N/A 9.512
11/30/2006 0.0615 N/A N/A 9.51
10/30/2006 0.0572 N/A N/A 9.542
09/29/2006 0.0603 N/A N/A 9.539
08/31/2006 0.0627 N/A N/A 9.543
07/28/2006 0.0543 N/A N/A 9.538
06/30/2006 0.0625 N/A N/A 9.541
05/31/2006 0.0652 N/A N/A 9.572
04/27/2006 0.0477 N/A N/A 9.601
03/31/2006 0.0627 N/A N/A 9.594
02/28/2006 0.0528 N/A N/A 9.578
01/30/2006 0.0523 N/A N/A 9.552
12/29/2005 0.0577 N/A N/A 9.55
11/30/2005 0.0531 N/A N/A 9.54
10/28/2005 0.0458 N/A N/A 9.552
09/30/2005 0.0519 N/A N/A 9.57
08/31/2005 0.0540 N/A N/A 9.56
07/28/2005 0.0436 N/A N/A 9.534
06/30/2005 0.0434 N/A N/A 9.501
05/31/2005 0.0499 N/A N/A 9.492
04/28/2005 0.0425 N/A N/A 9.554
03/31/2005 0.0467 N/A N/A 9.592
02/28/2005 0.0435 N/A N/A 9.616
01/28/2005 0.0434 N/A N/A 9.605
12/30/2004 0.0434 N/A N/A 9.599
11/30/2004 0.0461 N/A N/A 9.588
10/28/2004 0.0382 N/A N/A 9.557
09/30/2004 0.0403 N/A N/A 9.544
08/31/2004 0.0470 N/A N/A 9.551
07/29/2004 0.0399 N/A N/A 9.558
06/30/2004 0.0387 N/A N/A 9.538
05/28/2004 0.0402 N/A N/A 9.488
04/29/2004 0.0379 N/A N/A 9.503
03/31/2004 0.0424 N/A N/A 9.478
02/27/2004 0.0405 N/A N/A 9.486
01/29/2004 0.0392 N/A N/A 9.486
12/30/2003 0.0413 N/A N/A 9.429
11/28/2003 0.0388 N/A N/A 9.383
10/30/2003 0.0373 N/A N/A 9.332
09/30/2003 0.0351 N/A N/A 9.298
08/29/2003 0.0391 N/A N/A 9.225
07/30/2003 0.0332 N/A N/A 9.242
06/30/2003 0.0386 N/A N/A 9.215
05/30/2003 0.0457 N/A N/A 9.135
04/29/2003 0.0437 N/A N/A 9.083
03/31/2003 0.0388 N/A N/A 9.001
02/28/2003 0.0382 N/A N/A 8.97
01/30/2003 0.0378 N/A N/A 8.94
12/30/2002 0.0382 N/A N/A 8.911
11/29/2002 0.0454 N/A N/A 8.832
10/30/2002 0.0431 N/A N/A 8.799
09/30/2002 0.0328 N/A N/A 8.933
08/30/2002 0.0439 N/A N/A 8.969
07/30/2002 0.0387 N/A N/A 9.044
06/28/2002 0.0399 N/A N/A 9.124
05/31/2002 0.0492 N/A N/A 9.227
04/29/2002 0.0352 N/A N/A 9.265
03/28/2002 0.0379 N/A N/A 9.206
02/28/2002 0.0355 N/A N/A 9.152
01/30/2002 0.0328 N/A N/A 9.222
12/28/2001 0.0437 N/A N/A 9.214
11/30/2001 0.0513 N/A N/A 9.182
10/30/2001 0.0457 N/A N/A 9.149
09/28/2001 0.0449 N/A N/A 9.326
08/31/2001 0.0649 N/A N/A 9.515
07/30/2001 0.0501 N/A N/A 9.505
06/29/2001 0.0560 N/A N/A 9.521
05/31/2001 0.0600 N/A N/A 9.616
05/01/2001 0.0593 N/A N/A 9.618
03/30/2001 0.0694 N/A N/A 9.724
02/28/2001 0.0629 N/A N/A 9.847
01/31/2001 0.0700 N/A N/A 9.863
12/28/2000 0.0749 N/A N/A 9.888
11/30/2000 0.0694 N/A N/A 9.909
10/31/2000 0.0718 N/A N/A 9.933
09/29/2000 0.0742 N/A N/A 9.946
08/31/2000 0.0742 N/A N/A 9.946
07/31/2000 0.0685 N/A N/A 9.963
06/30/2000 0.0769 N/A N/A 9.954
05/31/2000 0.0741 N/A N/A 9.953
04/28/2000 0.0654 N/A N/A 9.94
03/31/2000 0.0688 N/A N/A 9.966
02/29/2000 0.0669 N/A N/A 10.029
01/31/2000 0.0669 N/A N/A 10.014
12/30/1999 0.0645 N/A N/A 10.009
11/30/1999 0.0635 N/A N/A 9.979
10/29/1999 0.0636 N/A N/A 9.964
as of 08/31/2019

Fund Characteristics

3-Year Alpha -1.88%
3-Year Beta 1.16
3-Year R-Squared 0.85
3-Year Sharpe Ratio 0.60
3-Year Standard Deviation 3.24
Number of Securities 337
Total Assets $10,425,667,152.00
as of 08/31/2019

Top Fixed-Income Holdings | View all

Holding Name Coupon % Bond Maturity Date % of Total Assets
CenturyLink Inc 5.140 01/31/2025 1.40
Tesla Inc 5.300 08/15/2025 1.37
Caesars Resort Collection LLC 5.100 12/23/2024 1.35
Sprint Communications Inc 4.740 02/02/2024 1.28
Murray Energy Corp 9.650 10/17/2022 1.27
Western Express Inc 10.390 02/23/2022 1.14
Regency Entertainment SA 2.330 10/13/2022 1.07
Univision Communications Inc 5.150 03/15/2024 0.96
Radiate Holdco LLC 5.270 02/01/2024 0.82
Ziggo BV 4.770 04/15/2025 0.82

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
Coal & Consumable Fuels 2.95
Integrated Telecommunication Services 2.45
Alternative Carriers 1.60
Automobile Manufacturers 1.41
Application Software 1.29
Wireless Telecommunication Services 1.28
Health Care Services 1.20
Broadcasting 1.18
Data Processing & Outsourced Services 0.96
Building Products 0.90

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.

 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 Senior Loans and Other Loans. In addition to the risks typically associated with debt securities, such as credit and interest rate risk, senior loans are also subject to the risk that a court could subordinate a senior loan, which typically holds a senior position in the capital structure of a borrower, to presently existing or future indebtedness or take other action detrimental to the holders of senior loans. Loans usually have mandatory and optional prepayment provisions. If a borrower prepays a loan, the Fund will have to reinvest the proceeds in other loans or financial assets that may pay lower rates of return.

Loans are subject to the risk that the value of the collateral, if any, securing a loan may decline, be insufficient to meet the obligations of the borrower, or be difficult to liquidate. In the event of a default, the Fund may have difficulty collecting on any collateral and would not have the ability to collect on any collateral for an uncollateralized loan. In addition, the lenders’ security interest or their enforcement of their security under the loan agreement may be found by a court to be invalid or the collateral may be used to pay other outstanding obligations of the borrower. The Fund’s access to collateral, if any, may be limited by bankruptcy, other insolvency laws, or by the type of loan the Fund has purchased. As a result, a collateralized loan may not be fully collateralized and can decline significantly in value.

Loan investments are often issued in connection with highly leveraged transactions. Such transactions include leveraged buyout loans, leveraged recapitalization loans, and other types of acquisition financing. These obligations are subject to greater credit risks than other investments including a greater possibility that the borrower may default or enter bankruptcy.

Due to restrictions on transfers in loan agreements and the nature of the private syndication of loans including, for example, the lack of publicly available information, some loans are not as easily purchased or sold as publicly-traded securities. Some loans are illiquid, which may make it difficult for the Fund to value them or dispose of them at an acceptable price when it wants to. The market price of investments in floating rate loans is expected to be less affected by changes in interest rates than fixed-rate investments because floating rate loans pay a floating rate of interest that will fluctuate as market interest rates do and therefore should more closely track market movements in interest rates.

Compared to securities and to certain other types of financial assets, purchases and sales of loans take relatively longer to settle. This extended settlement process can (i) increase the counterparty credit risk borne by the Fund; (ii) leave the Fund unable to timely vote, or otherwise act with respect to, loans it has agreed to purchase; (iii) delay the Fund from realizing the proceeds of a sale of a loan; (iv) inhibit the Fund’s ability to re-sell a loan that it has agreed to purchase if conditions change (leaving the Fund more exposed to price fluctuations); (v) prevent the Fund from timely collecting principal and interest payments; and (vi) expose the Fund to adverse tax or regulatory consequences.

To the extent the extended loan settlement process gives rise to short-term liquidity needs, such as the need to satisfy redemption requests, the Fund may hold cash, sell investments or temporarily borrow from banks or other lenders. If the Fund undertakes such measures, the Fund’s ability to pay redemption proceeds in a timely manner, as well as the Fund’s performance, may be adversely affected.

If the Fund invests in a loan via a participation, the Fund will be exposed to the ongoing counterparty risk of the entity providing exposure to the loan (and, in certain circumstances, such entity’s credit risk), in addition to the exposure the Fund has to the creditworthiness of the borrower.

In certain circumstances, loans may not be deemed to be securities, and in the event of fraud or misrepresentation by a borrower or an arranger, lenders will not have the protection of the anti-fraud provisions of the federal securities laws, as would be the case for bonds or stocks. Instead, in such cases, lenders generally rely on the contractual provisions in the loan agreement itself, and common-law fraud protections under applicable state law.

Risks of Borrowing and Leverage. The Fund can borrow up to one-third of the value of its total assets (including the amount borrowed) from banks, as permitted by the Investment Company Act of 1940. It can use those borrowings for a number of purposes, including for purchasing Senior Loans or other securities, which can create “leverage.” In that case, changes in the value of the Fund’s investments will have a larger effect on its share price than if it did not borrow. Borrowing results in interest payments to the lenders and related expenses. Borrowing for investment purposes might reduce the Fund’s return if the yield on the investments purchased is less than those borrowing costs. The Fund may also borrow to meet redemption obligations or for temporary and emergency purposes. The Fund may participate in a line of credit with certain banks as lenders.

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 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 Concentration in Financial Securities. The Fund will not concentrate its investments in issuers in any one industry, except that the Fund may invest without limit in instruments of the group of industries in the financial securities sector. Financial securities industries may be more susceptible to particular economic and regulatory events such as volatility in the financial markets and interest rates, changes in domestic and foreign monetary policy, and changes in industry regulations.
as of 09/20/2019


NAV Change ($)
$7.58 -0.02
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 5.15%
  • Distribution Yield
    without Sales Charge 5.32%
  • SEC 30-Day Yield 6.69%
  • Unsub. 30-day yield 6.68%

Fund Details

  • Distribution Frequency Monthly
  • WSJ Abrev. N/A
  • CUSIP 00141G872
  • Fund Type Tax Bond
  • Geography Type Domestic
  • Inception Date 09/08/1999
  • Fiscal Year End 07/31
  • Min Initial Investment $1,000
  • Subsequent Investment $50
  • Min Initial IRA Investment $250
  • Fund Number 1488
  • Tax ID 91-1986511