PONAX is one of Old_Skeet's fund holdings found in the income area of my portfolio. Year to date it trails most of the other funds found within its sleeve; but, for November (as the article states) it and a few other of it's income sleeve members are up while the others (within the sleeve) are down. With this, I've got four that are up, thus far, for Novemeber and five that are down. For November my income sleeve is down -0.28% while year to date it is up +8.95%. Overall, thus far, for November I'm up +0.22% and year to date +13.75%. I'm thinking not to bad for a 20%cash, 40% income, and 40% equity portfolio with a yield of about 3.2%; and, with anticipated yearend capital gain distributions figured in this will put the total income distribution yield at better than 5%. This results in more income than I need; but, it does leave some left for new investment opportunity.

TGUSX is institutional and TGUNX is retail, despite the same minimums. Still, a 1% ER for what appears to be a very promising fund with an 87% active share - and an MFO Great Owl - isn't too rich considering some of the competition's fees. I'm a great fan of multi-cap funds (22% of assets is in mid, small and micro caps) though NAV here has remained stagnant in the last few months.

FYI: The recent fixed-income selloff means large bond funds have posted losses in November. That might surprise investors who have seen healthy gains from bonds for most of the year.
But one popular Pimco fund is bucking the trend, climbing during the turbulence—though its conservative posture has caused it to lag for most of the year.
Regards,
Ted
https://www.barrons.com/articles/bond-funds-yields-treasurys-pimco-junk-duration-51573230142?refsec=bonds
M* Snapshot PONAX:
https://www.morningstar.com/funds/xnas/ponax/quote

interesting dive into valuations, this month:
https://humbledollar.com/2019/11/signal-failure/

I think the above discussion highlights the folly of making a major decision based solely on the criterion of taxes. I, for one, could never live in a place that didn't have a full-line super market close by and open late at night. Or a really good public library, or an educated population, etc.

AGREED. Hawaii now, for us. Even without A/C, as long as a fan is blowing on you, it's just lovely. While New England and the rest of the Northern tier of States endures 17 degrees and snow. So EARLY for dat shit. From the apt. we share with cousins, there is a fabulous view from the kitchen of the Koolau Mountains and the water is a very short drive. Botanical Garden just up the Kamehameha Hwy, off a side-street. Taxes are NOT wonderful here. But a lower income means lower taxes, anyhow... Kaneohe. ZIP: 96744.

FYI: The Securities and Exchange Commission took aim at conflicts of interest in target-date funds on Thursday, calling out a fund structure that holds the majority of 401(k) investors' assets.
The agency's Office of Compliance Inspections and Examinations issued an alert saying some TDFs provided "incomplete and potentially misleading disclosures" around conflicts of interest, such as those that could arise from "the use of affiliated funds and affiliated investment advisers."
Such a fund structure — in which a TDF provider uses its in-house investment funds as the underlying building blocks for its TDFs — is common among the largest target-date providers.
Regards,
Ted
https://www.google.com/search?sxsrf=ACYBGNT-v6cKOKHoLTn7ZjwAH95GvALKFA:1573211271115&source=hp&ei=h0zFXa7GBMG-tQXFiq7wDg&q=SEC+calls+out+conflicts+of+interest+in+TDFs&oq=SEC+calls+out+conflicts+of+interest+in+TDFs&gs_l=psy-ab.3..33i160.3916.3916..5171...0.0..0.93.93.1......0....2j1..gws-wiz.OvdOOdZ7D1Q&ved=0ahUKEwjupeDXvNrlAhVBX60KHUWFC-4Q4dUDCAc&uact=5

@Ted Too bad that in Wyoming they probably want to shoot these instead of watch them. Oh, and too bad all the right-wingers there miss this:

Or this:

Since many seniors end up being physically incapacitated before they pass away, I can't think of a much worse place to retire than Wyoming unless you're rich or have a truly dedicated family so you can either hire a chauffeur or have family members drive you around. A better ranking might look at services for the disabled like this one: https://wallethub.com/edu/best-worst-cities-for-people-with-disabilities/7164/ How isolating must it be to be a senior who has limited mobility stuck in a state with limited services for seniors? By default, you could argue that living in a city with good medical care--doctors and hospitals nearby--and easily accessible public transportation or senior transports to get food, medical care and entertainment makes a lot more sense than living in the country. These rankings that only look at taxes seem to ignore completely the fact that as we age we become by default more dependent on other people or technology--and yes, those "dreaded words," society and and government--to have a full life. And providing those services costs tax dollars. I suppose one could move to some pre-fabricated senior community with services in one of these no-tax states, but I wonder how boring that can get after a while? It could end up seeming like a well-manicured prison.

With all this talk on bonds and with the Schwab MM now down to 1.62%, I'm adding to my 2 bond funds, IOFAX and MAINX. Both have about the same return YTD, ~11%, and maintaining steady, persistent upward trends.

For those reading this thread, below is an easy read list for yields. The major countries 10 year yield starts the list, with other time frame/yields as you scroll down. These numbers are updated daily on trading days.
@Junkster , agree with the note about buying the 30 year at 2.01%. And yes, the long bonds have one hell of a ride this year; but of course, become more subject to profit taking by the smart bond traders. I do follow EDV and LTPZ for a view of this area. Excellent profits with both of these if one has their head to the trading screen and gonads of steel; and happens to catch the buy and sell correctly.

Global bond yields list

U.S. bond prices I follow for reference peaked around Sept. 3. This includes gov't. issues, broad based IG corp. and high yield munis. IOFIX referenced by @Junkster , and a decent HY fund of ARTFX continues an up trend from Sept. 3, but the gains remain less so than from the beginning of the year. A general overview of U.S. bonds from Sept. 3 indicate up and down moves that were of consequence for short periods, but as of Nov. 6 this 2 month period is FLAT for price profits.
I suggest a bottom in pricing that may be held could be the result of international monies wanting to hold bonds, but will continue to stay away from the negative yield world. A 10 yr Treasury may not look like much here at 1.8% yield, but is a decent spread from a negative -.5% in Euroland.
My 2 cents about the current bondland.

@catch22, there has been a huge move in bund rates the past month. The German 30 year has gone from negative to positive. The 10 year at -0.24% should follow. Our 10 year is at 1.96 today. I can get 1.80 from a Fidelity money market fund. I think the current steepening of the yield curve has only just begun. But we shall see. I am no expert. Then again, the last expert I referenced a month or so ago said you better buy up all the bonds you can get, especially the 30 year when it was at 2.01%. Not the best advice so far.

U.S. bond prices I follow for reference peaked around Sept. 3. This includes gov't. issues, broad based IG corp. and high yield munis. IOFIX referenced by @Junkster , and a decent HY fund of ARTFX continues an up trend from Sept. 3, but the gains remain less so than from the beginning of the year. A general overview of U.S. bonds from Sept. 3 indicate up and down moves that were of consequence for short periods, but as of Nov. 6 this 2 month period is FLAT to negative, for price profits.
I suggest a bottom in pricing that may be held could be the result of international monies wanting to hold bonds, but will continue to stay away from the negative yield world. A 10 yr Treasury may not look like much here at 1.8% yield, but is a decent spread from a negative -.5% in Euroland.
My 2 cents about the current bondland.

Not sure bonds (except for maybe high yield) are the place to be. 2020 may be the reverse of 2019 as the 10 year moves to the 2.50 to 3% range. The negative rate scenario may also be a thing of the past in places like Europe next year. End of the day my only holding will be IOFIX but lightening up a bit there too just in case. The fundamentals still look compelling for that niche bond fund but never know when investors will sell en masse anything bond related.

This month Vanguard has 25 funds on our Honor Roll and none on our Three Alarm list, which I find extraordinary.
American Funds has 8 funds on our Three Alarm list and none on our Honor Roll.
You can read more here about the monthly update.

FYI: It’s less taxing to retire to Wyoming.
While retirees flock to Florida in part for its tax-friendliness, those who really want to save big on their tax bill may want to head west. An analysis released this week by the personal-finance publisher Kiplinger revealed that the state of Wyoming was the most tax-friendly for retirees.
“For Wyoming, it starts with the fact that there is no state income tax,” explains Rocky Mengle, the tax editor at Kiplinger. That means the state does not tax Social Security benefits, pension income, 401(k) plan withdrawals and IRA distributions, or other income. “You can’t beat that,” he says, adding that property and sales taxes are also relatively low in Wyoming. “When you add it all up, Wyoming offers retirees the most tax-friendly environment around.”
Regards,
Ted
https://www.marketwatch.com/story/this-is-the-least-tax-friendly-state-in-america-for-retirees-and-surprise-its-in-the-midwest-2019-11-06/print

FYI: From short to long, from muni to high-yield, investors seem to have an insatiable appetite for fixed-income ETFs.
Regards,
Ted
https://www.marketwatch.com/story/investors-cant-seem-to-get-enough-bond-funds-2019-11-04/print

@joe74 Two things:
1. The manager, Rezo Kanovich, who really made this Invesco Oppenheimer fund successful left to join Artisan Funds before the Invesco merger occurred. He now runs the Artisan International Small-Mid (ARTJX) fund.
2. David Nadel previously ran Royce International Premier (RYIPX) very successfully.
In other words, this is good news for Invesco Oppenheimer shareholders after Kanovich's departure, but bad news for Royce shareholders.

@ET91,
You are correct as listed in the below 5/25/19 filing:
https://www.sec.gov/Archives/edgar/data/880859/000119312519154380/d723247d485bpos.htm#toc726790_201
..."Limited Fund Offering
The Fund is closed to new investors. Investors should note that the Fund reserves the right to refuse any order that might disrupt the efficient management of the Fund.
Investors who were invested in the Fund on May 24, 2019, may continue to make additional purchases in their accounts.
Any Employer Sponsored Retirement and Benefit Plan or its affiliated plans may continue to make additional purchases of Fund shares and may add new accounts at the plan level that may purchase Fund shares if the Employer Sponsored Retirement and Benefit Plan or its affiliated plan had invested in the Fund as of May 24, 2019. New Employer Sponsored Retirement and Benefit Plans or its affiliated plans authorized prior to May 24, 2019 will have until December 31, 2019 to fund the account. Any brokerage firm wrap program may continue to make additional purchases of Fund shares and may add new accounts at the program level that may purchase Fund shares if the brokerage firm wrap program had invested in the Fund as of May 24, 2019. The Fund may also accept investments by 529 college savings plans managed by the Adviser during this limited offering.
The Fund may resume sale of shares to new investors on a future date if the Adviser determines it is appropriate."

https://www.sec.gov/Archives/edgar/data/880859/000119312519284727/d820045d497.htm
497 1 d820045d497.htm 497
Statutory Prospectus and Statement of Additional Information Supplement dated November 5, 2019
The purpose of this supplement is to provide you with changes to the current Statutory Prospectuses and Statement of Additional Information for Class A, C, R, Y, R5 and R6 shares of the Fund listed below:
Invesco Oppenheimer International Small-Mid Company Fund
This supplement amends the Statutory Prospectuses and Statement of Additional Information of the above referenced fund (the “Fund”) and is in addition to any other supplement(s). You should read this supplement in conjunction with the Statutory Prospectuses and Statement of Additional Information and retain it for future reference.
The following information replaces the table in its entirety under the heading “Fund Summary - Management of the Fund” in the prospectuses:
“Portfolio Managers Title Length of Service on the Fund
David Nadel Portfolio Manager (lead) 2019
Frank Jennings, PhD Portfolio Manager 2019 (predecessor fund 2018)”
Mr. Jennings will continue to serve as Portfolio Manager to ensure a smooth transition.
The following information replaces in its entirety the information under, and including, the heading “FUND MANAGEMENT – Portfolio Manager” for the Fund in the prospectuses:
“FUND MANAGEMENT – Portfolio Managers
The following individuals are jointly and primarily responsible for the day-to-day management of the Fund’s portfolio:
• David Nadel (lead manager), Portfolio Manager, who has been responsible for the Fund since 2019 and has been associated with Invesco and/or its affiliates since 2019. Prior to joining Invesco, Mr. Nadel was employed by Royce & Associates from 2006 to 2019, where he served as Principal, Director of International Research and Portfolio Manager.
•Frank Jennings, PhD, Portfolio Manager, who has been responsible for the Fund since 2019 and has been associated with Invesco and/or its affiliates since 2019. Mr. Jennings will continue to serve as Portfolio Manager to ensure a smooth transition. Prior to the commencement of the Fund’s operations, Mr. Jennings managed the predecessor fund since 2018 and was associated with OppenheimerFunds, a global asset management firm, since 1995.
More information on the portfolio managers may be found at www.invesco.com/us. The website is not part of this prospectus.
The Fund’s SAI provides additional information about the portfolio managers’ investments in the Fund, a description of the compensation structure and information regarding other accounts managed.”
The Statement of Additional Information is also amended to reflect the portfolio manager changes above.
As of November 5, 2019, Mr. Nadel manages one other vehicle in the Invesco fund complex but does not own shares of the Fund.
O-ISMC-PRO SUP 110519

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