Mutual Funds

Invesco Global Real Estate Income Fund

Alternatives | Real Estate

Objective & Strategy

The fund seeks current income, with capital appreciation as a secondary objective, by investing in equity and debt real estate securities.

Global Income Focused

An active strategy with flexibility to invest across the globe and in both real estate equity and fixed income securities, seeking attractive income and total returns with a lower risk profile than an all-equity real estate index.1

Compelling income   Lower risk   Enhanced diversification
Yields from real estate fixed income securities offer attractive opportunities versus non-real estate related fixed income in today’s low-yield environment. This fund offers a solution for investors seeking greater income from their investments.   Including real estate fixed income, such as preferred securities, corporate debt and commercial mortgage backed securities (CMBS), has historically helped to lower the volatility of the fund relative to an all-equity real estate index.2   This fund provides diversification by investing globally in commercial real estate, where there has historically been moderate-to-low correlation between countries.

Additionally, this fund is an attractive diversifier for an investor’s income allocation, as real estate fixed income has historically had low correlation to traditional fixed income.


1 Source: StyleADVISOR. Three-year standard deviation is 8.73% versus 14.51% for the Custom Global Real Estate Income Index and 13.58% for the Lipper Global Real Estate Funds Average (peer group) as of Sept. 30, 2014. For more information on standard deviation, see the next page.
2 Not an exhaustive list of possible investments.

Style Map

Invesco Global Real Estate Income Fund

The map illustrates areas in which the fund can invest, not necessarily within a limited period of time.

as of 10/31/2015

Morningstar Rating

Overall Rating - Global Real Estate Category

As of 10/31/2015 the Fund had an overall rating of 4 stars out of 191 funds and was rated 2 stars out of 191 funds, 3 stars out of 153 funds and 5 stars out of 47 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 (including the effect of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The overall rating is derived from a weighted average of three-, five- and 10-year rating metrics, as applicable. ©2015 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. A fund is eligible for a Morningstar Rating three years after inception. 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. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) Ratings for other share classes may differ due to different performance characteristics.

Management team

as of 10/31/2015

Top Equity Holdings | View all

% of Total Assets

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

as of 10/31/2015 09/30/2015

Average Annual Returns (%)

Load (%)
Incept. (%)
YTD (%) 1Y (%) 3Y (%) 5Y (%) 10Y (%)
NAV 05/31/2002 N/A 9.03 0.09 0.42 5.23 7.04 5.82
Load 05/31/2002 5.50 8.57 -5.43 -5.07 3.25 5.83 5.23
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.

On March 12, 2007, the fund reorganized from a Closed-End Fund to an open-end fund. Returns prior to March 12, 2007, are the historical returns of the Closed-End Fund's Common Shares. The Closed-End Fund's Common Shares inception date is May 31, 2002.

The Fund's returns include an adjustment for a one time payment to the Fund by the Advisor. Had this payment to the Fund not been made, the returns would have been lower.

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

as of 10/31/2015 09/30/2015

Annualized Benchmark Returns

Index Name 1 Mo (%) 3 Mo (%) 1Y (%) 3Y (%) 5Y (%) 10Y (%)
Custom Global Real Estate Income IX 5.69 0.53 1.84 7.92 9.26 6.25
MSCI World IX ND 7.92 -2.93 1.77 11.63 9.15 5.80
Custom Global Real Estate Income IX 1.14 -1.63 2.73 6.24 9.06 5.41
MSCI World IX ND -3.69 -8.45 -5.09 8.58 8.29 4.73

Source: Invesco, FactSet Research Systems Inc.

Source: FactSet Research Systems Inc.

An investment cannot be made directly in an index.

Expense Ratio per Prospectus

Management Fee 0.74
12b-1 Fee 0.25
Other Expenses 0.28
Interest/Dividend Exp 0.00
Total Other Expenses 0.28
Acquired Fund Fees and Expenses (Underlying Fund Fees & Expenses) 0.01
Total Annual Fund Operating Expenses 1.28
Contractual Waivers/Reimbursements N/A
Net Expenses - PER PROSPECTUS 1.28
Additional Waivers/Reimbursements 0.00
Net Expenses - With Additional Fee Reduction 1.28
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
09/17/2015 0.0759 N/A N/A 8.78
06/18/2015 0.0759 N/A N/A 9.16
03/19/2015 0.0759 N/A N/A 9.38
12/12/2014 0.1051 N/A 0.0048 9.17
09/18/2014 0.1260 N/A N/A 9.08
06/19/2014 0.1106 N/A N/A 9.25
03/20/2014 0.0905 N/A N/A 8.70
12/13/2013 0.1312 N/A 0.1024 8.38
09/19/2013 0.0904 N/A N/A 8.88
06/20/2013 0.0904 N/A N/A 8.69
03/21/2013 0.0736 N/A N/A 9.26
12/07/2012 0.2367 N/A N/A 8.89
09/20/2012 0.1021 N/A N/A 9.02
06/14/2012 0.1100 N/A N/A 8.41
03/15/2012 0.0946 N/A N/A 8.56
12/09/2011 0.1050 N/A N/A 7.98
09/15/2011 0.0908 N/A N/A 8.14
06/16/2011 0.0908 N/A N/A 8.39
03/17/2011 0.0584 N/A N/A 8.23
12/03/2010 0.0838 N/A N/A 8.07
09/16/2010 0.0745 N/A N/A 7.92
06/17/2010 0.0685 N/A N/A 7.60
03/18/2010 0.0698 N/A N/A 7.56
12/11/2009 0.0691 N/A N/A 7.00
09/18/2009 0.0661 N/A N/A 6.93
06/19/2009 0.0398 N/A N/A 5.49
03/20/2009 0.0453 N/A N/A 4.29
12/12/2008 0.0876 N/A N/A 5.04
09/18/2008 0.1045 N/A N/A 8.01
06/18/2008 0.1045 N/A N/A 8.79
03/18/2008 0.0891 N/A N/A 8.54
12/14/2007 0.2438 0.2776 5.8990 8.743
09/20/2007 0.2124 N/A N/A 16.37
06/20/2007 0.2178 N/A N/A 16.809
03/20/2007 0.0605 N/A N/A 17.415
02/28/2007 0.0500 N/A 0.0937 17.523
01/31/2007 0.0500 N/A N/A 17.917
12/29/2006 N/A 0.3404 2.9623 17.347
11/29/2006 0.1040 N/A N/A 20.591
10/30/2006 0.1040 N/A N/A 20.313
09/28/2006 0.1040 N/A N/A 19.638
08/30/2006 0.1040 N/A N/A 19.397
07/28/2006 0.1040 N/A 0.2867 18.564
06/26/2006 0.1040 N/A N/A 17.755
05/30/2006 0.1040 N/A N/A 17.525
04/28/2006 0.1040 N/A N/A 18.37
03/30/2006 0.1040 N/A N/A 19.113
02/27/2006 0.1040 N/A N/A 18.844
01/30/2006 0.1040 N/A N/A 18.532
12/29/2005 0.1040 N/A 1.0768 17.561
11/29/2005 0.1040 N/A N/A 19.087
10/28/2005 0.1040 N/A N/A 18.674
09/29/2005 0.1030 N/A 0.5885 19.361
08/30/2005 0.1030 N/A N/A 19.702
07/28/2005 0.1030 N/A N/A 21.069
06/29/2005 0.1030 N/A N/A 20.108
05/27/2005 0.1030 N/A N/A 19.158
04/28/2005 0.1030 N/A N/A 18.526
03/30/2005 0.1030 N/A N/A 18.11
02/25/2005 0.1030 N/A N/A 18.906
01/28/2005 0.1030 N/A N/A 18.453
12/30/2004 0.1030 N/A 0.5009 20.024
11/29/2004 0.1030 N/A N/A 19.922
10/29/2004 0.1030 N/A N/A 19.441
09/29/2004 0.1030 N/A N/A 18.582
08/30/2004 0.1030 N/A N/A 18.484
07/30/2004 0.1030 N/A N/A 17.512
06/29/2004 0.1030 N/A N/A 17.319
05/28/2004 0.1030 N/A N/A 17.271
04/29/2004 0.1030 N/A N/A 16.558
03/30/2004 0.1030 N/A N/A 19.637
02/27/2004 0.1030 N/A N/A 18.923
01/30/2004 0.1030 N/A N/A 18.663
12/30/2003 0.1030 N/A N/A 17.979
11/26/2003 0.1020 N/A N/A 17.046
10/30/2003 0.1020 N/A N/A 16.49
09/29/2003 0.1020 N/A N/A 15.856
08/28/2003 0.1020 N/A N/A 15.287
07/30/2003 0.1020 N/A N/A 15.67
06/27/2003 0.1020 N/A N/A 14.87
05/29/2003 0.1020 N/A N/A 14.047
04/29/2003 0.1020 N/A N/A 13.56
03/28/2003 0.1020 N/A N/A 12.846
02/27/2003 0.1010 N/A N/A 12.587
01/30/2003 0.1010 N/A N/A 12.259
12/30/2002 0.1010 N/A N/A 12.784
11/29/2002 0.1010 N/A N/A 12.899
10/16/2002 0.1000 N/A N/A 12.231
09/13/2002 0.1000 N/A N/A 13.735
08/07/2002 0.1000 N/A N/A 13.556
as of 10/31/2015

Asset Mix

as of 10/31/2015

Fund Characteristics

3-Year Alpha -0.08%
3-Year Beta 0.66
3-Year R-Squared 0.92
3-Year Sharpe Ratio 0.61
3-Year Standard Deviation 8.56
Number of Securities 144
Total Assets $969,497,393.00
Wghtd Med Mkt Cap MM$ $4,962.00

Source: FactSet Research Systems Inc., StyleADVISOR

Benchmark:  Custom Global Real Estate Income IX

as of 10/31/2015

Top Equity Holdings | View all

% of Total Assets

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

as of 10/31/2015

Top Industries

  % of Total Assets
Retail REITs 20.73
CMOs 15.00
Specialized REITs 10.86
Diversified REITs 9.26
Office REITs 7.47
Residential REITs 5.37
Industrial REITs 4.69
Diversified Real Estate Activities 4.54
Real Estate Operating Companies 2.82
CMBS Conduit 1.29

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 10/31/2015

Top Countries

  % of Total Assets
United States 63.00
Japan 6.90
Australia 6.85
United Kingdom 6.28
Hong Kong 3.79
France 3.15
Singapore 2.31
Canada 1.79
Netherlands 1.49
Germany 1.34

 About risk

Changing Fixed Income Market Conditions Risk. The current historically 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. There is a risk that interest rates will rise when the FRB and central banks raise these rates. This risk is heightened due to the "tapering" of the FRB's quantitative easing program and other similar foreign central bank actions. This tapering and eventual increase in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund's investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund's transaction costs.

Credit Risk. The issuer of instruments in which the Fund invests may be unable to meet interest and/or principal payments, thereby causing its instruments to decrease in value and lowering the issuer's credit rating.

Depositary Receipts Risk. Depositary receipts involve many of the same risks as those associated with direct investment in foreign securities. In addition, the underlying issuers of certain depositary receipts, particularly unsponsored or unregistered depositary receipts, are under no obligation to distribute shareholder communications to the holders of such receipts or to pass through to them any voting rights with respect to the deposited securities.

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

Developing/Emerging Markets Securities Risk. The prices of securities issued by foreign companies and governments located in developing/emerging market countries may be affected more negatively by inflation, devaluation of their currencies, higher transaction costs, delays in settlement, adverse political developments, the introduction of capital controls, withholding taxes, nationalization of private assets, expropriation, social unrest, war or lack of timely information than those in developed countries.

Foreign Securities Risk. The Fund's foreign investments may be affected by changes in a foreign country's exchange rates, political and social instability, changes in economic or taxation policies, difficulties when enforcing obligations, decreased liquidity, and increased volatility. Foreign companies may be subject to less regulation resulting in less publicly available information about the companies.

High Yield Bond (Junk Bond) Risk. Junk bonds involve a greater risk of default or price changes due to changes in the credit quality of the issuer. The values of junk bonds fluctuate more than those of high-quality bonds in response to company, political, regulatory or economic developments. Values of junk bonds can decline significantly over short periods of time.

Interest Rate Risk. Interest rate risk refers to the risk that bond prices generally fall as interest rates rise; conversely, bond prices generally rise as interest rates fall. Specific bonds differ in their sensitivity to changes in interest rates depending on their individual characteristics, including duration.

Management Risk. The investment techniques and risk analysis used by the Fund's portfolio managers may not produce the desired results.

Market Risk. The prices of and the income generated by the Fund's securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations.

Mortgage- and Asset-Backed Securities Risk. The Fund may invest in mortgage- and asset-backed securities that are subject to prepayment or call risk, which is the risk that the borrower's payments may be received earlier or later than expected due to changes in prepayment rates on underlying loans. 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. Conversely, when interest rates rise, prepayments may happen more slowly, causing the security to lengthen in duration. Longer duration securities tend to be more volatile. Securities may be prepaid at a price less than the original purchase value. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of mortgage-backed securities and could result in losses to the Fund. The risk of such defaults is generally higher in the case of mortgage pools that include subprime mortgages. Subprime mortgages refer to loans made to borrowers with weakened credit histories or with lower capacity to make timely payments on their mortgages.

REIT Risk/Real Estate Risk. The Fund concentrates its investments in the securities of real estate and real estate related companies. Investments in real estate related instruments may be affected by economic, legal, cultural, environmental or technological factors that affect property values, rents or occupancies of real estate related to the Fund's holdings. Real estate companies, including REITs or similar structures, tend to be small and mid cap companies, and their shares may be more volatile and less liquid. The value of investments in real estate related companies may be affected by the quality of management, the ability to repay loans, the utilization of leverage and financial covenants related thereto, whether the company carries adequate insurance and environmental factors. If a real estate related company defaults, the Fund may own real estate directly, which involves the following additional risks: environmental liabilities, difficulty in valuing and selling the real estate, and economic or regulatory changes.

Short Sales Risk. Short sales may cause the Fund to repurchase a security at a higher price, thereby causing the Fund to incur a loss. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund's exposure is unlimited. In order to establish a short position in a security, the Fund must borrow the security from a broker. The Fund may not always be able to borrow a security the Fund seeks to sell short at a particular time or at an acceptable price. The Fund also may not always be able to close out the short position by replacing the borrowed securities at a particular time or at an acceptable price. The Fund will incur increased transaction costs associated with selling securities short. In addition, taking short positions in securities results in a form of leverage which may cause the Fund to be volatile.

Small- and Mid-Capitalization Risks. Stocks of small- and mid-sized companies tend to be more vulnerable to adverse developments and may have little or no operating history or track record of success, and limited product lines, markets, management and financial resources. The securities of small- and mid-sized companies may be more volatile due to less market interest and less publicly available informa tion about the issuer. They also may be illiquid or restricted as to resale, or may trade less frequently and in smaller volumes, all of which may cause difficulty when establishing or closing a position at a desirable price.

as of 11/25/2015


NAV Change ($)
$8.91 0.01
N/As may appear until data is available. Data is usually updated between 3 and 6 p.m. CST.
as of 11/25/2015


  • Distribution Yield
    with Sales Charge 3.22%
  • Distribution Yield
    without Sales Charge 3.41%
  • SEC 30-Day Yield 2.63%
  • Unsub. 30-Day Yield N/A

Fund Details

  • Distribution Frequency Quarterly
  • WSJ Abrev. N/A
  • CUSIP 00141A628
  • Fund Type Alternative
  • Geography Type Global
  • Inception Date 05/31/2002
  • Fiscal Year End 08/31
  • Min Initial Investment $1,000
  • Subsequent Investment $50
  • Min Initial IRA Investment $250
  • Fund Number 1540
  • Tax ID 36-4494062