Mutual Funds

Invesco U.S. Mortgage Fund

Fixed Income | US Fixed Income

Objective & Strategy

The fund seeks high current income with liquidity and safety of principal by investing primarily in obligations issued or guaranteed by the US government, its agencies or instrumentalities, including mortgage-backed securities. Fund shares are neither insured nor guaranteed by the US government.

as of 07/31/2015

Morningstar Rating

Overall Rating - Intermediate-Term Bond Category

As of 07/31/2015 the Fund had an overall rating of 2 stars out of 932 funds and was rated 2 stars out of 932 funds, 2 stars out of 819 funds and 2 stars out of 591 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 07/31/2015

Top Fixed-Income Holdings | View all

Holding Name Coupon % Bond Maturity Date % of Total Assets
FNMA TBA 3.5 08/01/2045 3.500 08/01/2045 9.15
GNMA TBA 3.5 08/01/2045 3.500 08/01/2045 7.64
FNMA TBA 3.0 08/01/2045 3.000 08/01/2045 5.54
FGLMC TBA 3% 08-01-2045 3.000 08/01/2045 5.40
FH GOLD TBA 3.5% 08/01/2045 3.500 08/01/2045 5.22
FH GOLD #G07154 4.500 08/01/2041 5.02
FNMA TBA 2.5 08/01/2030 2.500 08/01/2030 4.95
FNMA TBA 4 08/01/2045 4.000 08/01/2045 4.37
GNMA TBA 4% 08/01/2045 4.000 08/01/2045 3.58
FH GOLD TBA 4% 08/01/2045 4.000 08/01/2045 3.25

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

as of 07/31/2015 06/30/2015

Average Annual Returns (%)

  Incept.
Date
Max
Load (%)
Since
Incept. (%)
YTD (%) 1Y (%) 3Y (%) 5Y (%) 10Y (%)
NAV 05/31/1984 N/A 6.67 1.13 3.77 2.22 3.09 3.64
Load 05/31/1984 4.25 6.52 -3.18 -0.62 0.75 2.21 3.19
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.

as of 07/31/2015 06/30/2015

Annualized Benchmark Returns


Index Name 1 Mo (%) 3 Mo (%) 1Y (%) 3Y (%) 5Y (%) 10Y (%)
Barclays US Mtg Sec TR IX 0.63 -0.16 3.54 1.86 2.85 4.68
BOFAML 1-10Y US Trs TR IX 0.42 0.05 2.64 0.81 2.13 3.89
Barclays US Mtg Sec TR IX -0.76 -0.74 2.28 1.92 2.89 4.56
BOFAML 1-10Y US Trs TR IX -0.41 -0.47 1.93 0.89 2.20 3.75

Source: FactSet Research Systems Inc.

Source: FactSet Research Systems Inc.

An investment cannot be made directly in an index.

Expense Ratio per Prospectus

Management Fee 0.47
12b-1 Fee 0.24
Other Expenses 0.25
Interest/Dividend Exp 0.00
Total Other Expenses 0.25
Acquired Fund Fees and Expenses (Underlying Fund Fees & Expenses) 0.00
Total Annual Fund Operating Expenses 0.96
Contractual Waivers/Reimbursements N/A
Net Expenses - PER PROSPECTUS 0.96
Additional Waivers/Reimbursements 0.00
Net Expenses - With Additional Fee Reduction 0.96
This information is updated per the most recent prospectus.

Historical Prices

From   to
No history records found for this date range

Distributions

From   to
    Capital Gains Reinvestment
Price ($)
Ex-Date Income Short Term Long Term
08/31/2015 0.0398 N/A N/A 12.34
07/31/2015 0.0445 N/A N/A 12.38
06/30/2015 0.0445 N/A N/A 12.34
05/29/2015 0.0445 N/A N/A 12.48
04/30/2015 0.0445 N/A N/A 12.51
03/31/2015 0.0445 N/A N/A 12.54
02/27/2015 0.0445 N/A N/A 12.54
01/30/2015 0.0445 N/A N/A 12.58
12/31/2014 0.0445 N/A N/A 12.55
11/28/2014 0.0445 N/A N/A 12.56
10/31/2014 0.0445 N/A N/A 12.52
09/30/2014 0.0445 N/A N/A 12.47
08/29/2014 0.0445 N/A N/A 12.52
07/31/2014 0.0445 N/A N/A 12.45
06/30/2014 0.0471 N/A N/A 12.55
05/30/2014 0.0472 N/A N/A 12.55
04/30/2014 0.0472 N/A N/A 12.44
03/31/2014 0.0472 N/A N/A 12.38
02/28/2014 0.0522 N/A N/A 12.48
01/31/2014 0.0522 N/A N/A 12.48
12/31/2013 0.0522 N/A N/A 12.35
11/29/2013 0.0522 N/A N/A 12.45
10/31/2013 0.0422 N/A N/A 12.58
09/30/2013 0.0383 N/A N/A 12.53
08/30/2013 0.0383 N/A N/A 12.41
07/31/2013 0.0383 N/A N/A 12.47
06/28/2013 0.0383 N/A N/A 12.56
05/31/2013 0.0383 N/A N/A 12.76
04/30/2013 0.0383 N/A N/A 12.93
03/28/2013 0.0333 N/A N/A 12.94
02/28/2013 0.0333 N/A N/A 12.97
01/31/2013 0.0333 N/A N/A 12.96
12/31/2012 0.0333 N/A N/A 13.02
11/30/2012 0.0333 N/A N/A 13.03
10/31/2012 0.0333 N/A N/A 13.09
09/28/2012 0.0383 N/A N/A 13.15
08/31/2012 0.0383 N/A N/A 13.12
07/31/2012 0.0403 N/A N/A 13.08
06/29/2012 0.0428 N/A N/A 12.99
05/31/2012 0.0500 N/A N/A 13.00
04/30/2012 0.0500 N/A N/A 13.03
03/30/2012 0.0600 N/A N/A 13.01
02/29/2012 0.0600 N/A N/A 12.98
01/31/2012 0.0694 N/A N/A 12.98
12/30/2011 0.0695 N/A N/A 12.99
11/30/2011 0.0694 N/A N/A 12.99
10/31/2011 0.0694 N/A N/A 13.02
09/30/2011 0.0694 N/A N/A 13.04
08/31/2011 0.0600 N/A N/A 13.10
07/29/2011 0.0600 N/A N/A 13.08
06/30/2011 0.0600 N/A N/A 13.06
05/31/2011 0.0500 N/A N/A 13.20
04/29/2011 0.0400 N/A N/A 13.13
03/31/2011 0.0400 N/A N/A 13.00
02/28/2011 0.0350 N/A N/A 13.02
01/31/2011 0.0326 N/A N/A 13.00
12/31/2010 0.0646 N/A N/A 13.00
11/30/2010 0.0348 N/A N/A 13.12
10/29/2010 0.0348 N/A N/A 13.16
09/30/2010 0.0298 N/A N/A 13.07
08/31/2010 0.0298 N/A N/A 13.15
07/30/2010 0.0298 N/A N/A 13.17
06/30/2010 0.0395 N/A N/A 13.11
05/27/2010 0.0305 N/A N/A 12.98
04/30/2010 0.0350 N/A N/A 12.88
03/31/2010 0.0350 N/A N/A 12.84
02/26/2010 0.0350 N/A N/A 12.87
01/29/2010 0.0350 N/A N/A 12.91
12/31/2009 0.0325 N/A N/A 12.75
11/30/2009 0.0325 N/A N/A 12.95
10/30/2009 0.0270 N/A N/A 12.83
09/30/2009 0.0270 N/A N/A 12.72
08/31/2009 0.0270 N/A N/A 12.64
07/31/2009 0.0270 N/A N/A 12.56
06/30/2009 0.0270 N/A N/A 12.46
05/29/2009 0.0270 N/A N/A 12.49
04/30/2009 0.0270 N/A N/A 12.48
03/31/2009 0.0270 N/A N/A 12.48
02/27/2009 0.0270 N/A N/A 12.31
01/30/2009 0.0320 N/A N/A 12.26
12/31/2008 0.0400 N/A N/A 12.22
11/28/2008 0.0618 N/A N/A 12.13
10/31/2008 0.0670 N/A N/A 11.93
09/30/2008 0.0670 N/A N/A 12.14
08/29/2008 0.0670 N/A N/A 12.11
07/31/2008 0.0670 N/A N/A 12.12
06/30/2008 0.0670 N/A N/A 12.49
05/30/2008 0.0670 N/A N/A 12.76
04/30/2008 0.0670 N/A N/A 12.86
03/31/2008 0.0670 N/A N/A 12.85
02/29/2008 0.0705 N/A N/A 13.15
01/31/2008 0.0705 N/A N/A 13.39
12/31/2007 0.0705 N/A N/A 13.26
11/30/2007 0.0705 N/A N/A 13.36
10/31/2007 0.0705 N/A N/A 13.23
08/31/2007 0.0705 N/A N/A 13.13
07/31/2007 0.0705 N/A N/A 13.08
05/31/2007 0.0705 N/A N/A 13.18
04/30/2007 0.0705 N/A N/A 13.32
02/28/2007 0.0705 N/A N/A 13.36
01/31/2007 0.0705 N/A N/A 13.27
12/29/2006 0.0705 N/A N/A 13.34
11/30/2006 0.0680 N/A N/A 13.49
10/31/2006 0.0680 N/A N/A 13.45
09/29/2006 0.0680 N/A N/A 13.44
08/31/2006 0.0639 N/A N/A 13.40
07/31/2006 0.0610 N/A N/A 13.33
06/30/2006 0.0610 N/A N/A 13.25
05/31/2006 0.0610 N/A N/A 13.29
04/28/2006 0.0564 N/A N/A 13.37
03/31/2006 0.0540 N/A N/A 13.44
02/28/2006 0.0540 N/A N/A 13.60
01/31/2006 0.0540 N/A N/A 13.60
12/30/2005 0.0540 N/A N/A 13.63
06/30/2005 0.0520 N/A N/A 13.92
10/29/2004 0.0515 N/A N/A 13.99
08/31/2004 0.0565 N/A N/A 13.99
07/30/2004 0.0565 N/A N/A 13.90
05/28/2004 0.0565 N/A N/A 13.80
04/30/2004 0.0565 N/A N/A 13.88
02/27/2004 0.0600 N/A N/A 14.13
01/30/2004 0.0600 N/A N/A 14.10
07/31/2003 0.0600 N/A N/A 14.10
11/29/2002 0.0600 N/A N/A 14.64
08/30/2002 0.0600 N/A N/A 14.71
07/31/2002 0.0600 N/A N/A 14.67
06/28/2002 0.0600 N/A N/A 14.57
05/31/2002 0.0600 N/A N/A 14.51
04/30/2002 0.0600 N/A N/A 14.48
03/28/2002 0.0600 N/A N/A 14.29
02/28/2002 0.0600 N/A N/A 14.49
01/31/2002 0.0660 N/A N/A 14.42
10/31/2001 0.0660 N/A N/A 14.60
09/28/2001 0.0660 N/A N/A 14.49
07/31/2001 0.0660 N/A N/A 14.32
06/29/2001 0.0660 N/A N/A 14.12
05/31/2001 0.0660 N/A N/A 14.14
04/30/2001 0.0660 N/A N/A 14.13
03/30/2001 0.0660 N/A N/A 14.21
02/28/2001 0.0660 N/A N/A 14.19
01/31/2001 0.0660 N/A N/A 14.17
12/29/2000 0.0660 N/A N/A 14.03
11/30/2000 0.0660 N/A N/A 13.87
10/31/2000 0.0660 N/A N/A 13.73
09/29/2000 0.0660 N/A N/A 13.71
08/31/2000 0.0660 N/A N/A 13.65
07/31/2000 0.0660 N/A N/A 13.52
06/30/2000 0.0700 N/A N/A 13.50
05/31/2000 0.0700 N/A N/A 13.30
04/28/2000 0.0700 N/A N/A 13.40
02/29/2000 0.0730 N/A N/A 13.41
01/31/2000 0.0730 N/A N/A 13.33
07/31/1998 0.0790 N/A N/A 14.54
07/31/1997 0.0842 N/A N/A 14.60
07/31/1996 0.0875 N/A N/A 14.25
07/31/1995 0.0900 N/A N/A 14.63
as of 07/31/2015

Fund Characteristics

3-Year Alpha 0.53%
3-Year Beta 0.90
3-Year R-Squared 0.92
3-Year Sharpe Ratio 0.99
3-Year Standard Deviation 2.19
Number of Securities 897
Total Assets $430,631,013.00

Source: FactSet Research Systems Inc., StyleADVISOR

Benchmark:  Barclays US Mtg Sec TR IX

as of 07/31/2015

Top Fixed-Income Holdings | View all

Holding Name Coupon % Bond Maturity Date % of Total Assets
FNMA TBA 3.5 08/01/2045 3.500 08/01/2045 9.15
GNMA TBA 3.5 08/01/2045 3.500 08/01/2045 7.64
FNMA TBA 3.0 08/01/2045 3.000 08/01/2045 5.54
FGLMC TBA 3% 08-01-2045 3.000 08/01/2045 5.40
FH GOLD TBA 3.5% 08/01/2045 3.500 08/01/2045 5.22
FH GOLD #G07154 4.500 08/01/2041 5.02
FNMA TBA 2.5 08/01/2030 2.500 08/01/2030 4.95
FNMA TBA 4 08/01/2045 4.000 08/01/2045 4.37
GNMA TBA 4% 08/01/2045 4.000 08/01/2045 3.58
FH GOLD TBA 4% 08/01/2045 4.000 08/01/2045 3.25

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

 About risk

Active Trading Risk. The Fund engages in frequent trading of portfolio securities. Active trading results in added expenses and may result in a lower return and increased tax liability.

Borrowing Risk. Borrowing money to buy securities exposes the Fund to leverage because the Fund can achieve a return on a capital base larger than the assets that shareholders have contributed to the Fund. Borrowing may cause the Fund to be more volatile because it may exaggerate the effect of any increase or decrease in the value of the Fund's portfolio securities. Borrowing may also cause the Fund to liquidate positions when it may not be advantageous to do so. In addition, borrowing will cause the Fund to incur interest expenses and other fees. There can be no assurance that the Fund's borrowing strategy will be successful.

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.

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.

Dollar Roll Transactions Risk. Dollar roll transactions involve the risk that the market value and yield of the securities retained by the Fund may decline below the price of the mortgage-related securities sold by the Fund that it is obligated to repurchase.

Income Risk. The income you receive from the Fund is based primarily on prevailing interest rates, which can vary widely over the short- and long-term. If interest rates drop, your income from the Fund may drop as well.

Liquidity Risk. The Fund may hold illiquid securities that it may be unable to sell at the preferred time or price and could lose its entire investment in such securities.

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.

TBA Transactions Risk. TBA transactions involve the risk that the securities received may be less favorable than what was anticipated by the Fund when entering into the TBA transaction. TBA transactions also involve the risk that a counterparty will fail to deliver the securities, exposing the Fund to further losses. Whether or not the Fund takes delivery of the securities at the termination date of a TBA transaction, the Fund will nonetheless be exposed to changes in the value of the underlying investments during the term of the agreement. When the Fund enters into a short sale of a TBA mortgage it does not own, the Fund may have to purchase deliverable mortgages to settle the short sale at a higher price than anticipated, thereby causing a loss. A short position in a TBA mortgage poses more risk than holding the same TBA mortgage long. As there is no limit on how much the price of mortgage securities can increase, the Fund's exposure is unlimited. The Fund may not always be able to purchase mortgage securities to close out the short position at a particular time or at an acceptable price. The Fund will earmark or segregate liquid assets in an amount at least equal to its exposure for the duration of the contract. The Fund will incur increased transaction costs associated with selling TBA mortgages short. In addition, taking short positions in TBA mortgages results in a form of leverage which could increase the volatility of the Fund's share price.

U. S. Government Obligations Risk. The Fund may invest in obligations issued by U. S. Government agencies and instrumentalities that may receive varying levels of support from the government, which could affect the Fund's ability to recover should they default.

When-Issued and Delayed Delivery Risks. When-issued and delayed delivery transactions are subject to market risk as the value or yield of a security at delivery may be more or less than the purchase price or the yield generally available on securities when delivery occurs. In addition, the Fund is subject to counterparty risk because it relies on the buyer or seller, as the case may be, to consummate the transaction, and failure by the other party to complete the transaction may result in the Fund missing the opportunity of obtaining a price or yield considered to be advantageous.

Zero Coupon or Pay-In-Kind Securities Risk. The value, interest rates, and liquidity of non-cash paying instruments, such as zero coupon and pay-in-kind securities, are subject to greater fluctuation than other types of securities. The higher yields and interest rates on pay-in-kind securities reflect the payment deferral and increased credit risk associated with such instruments and that such investments may represent a higher credit risk than coupon loans. Pay-in-kind securities may have a potential variability in valuations because their continuing accruals require continuing judgments about the collectability of the deferred payments and the value of any associated collateral.

as of 09/02/2015

VKMGX

NAV Change ($)
$12.33 -0.02
N/As may appear until data is available. Data is usually updated between 3 and 6 p.m. CST.
as of 09/02/2015

Yield 

  • Distribution Yield
    with Sales Charge 3.71%
  • Distribution Yield
    without Sales Charge 3.87%
  • SEC 30-Day Yield 2.97%
  • Unsub. 30-Day Yield N/A

Fund Details

  • Distribution Frequency Monthly
  • NASDAQ VKMGX
  • WSJ Abrev. US GvA
  • CUSIP 00888W619
  • Fund Type Fixed Income
  • Geography Type N/A
  • Inception Date 05/31/1984
  • Fiscal Year End 12/31
  • Min Initial Investment $1,000
  • Subsequent Investment $50
  • Min Initial IRA Investment $250
  • Fund Number 1774
  • Tax ID 36-3324850

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