Fixed Income | US Fixed Income

Diversified Return Intermediate Trust

Class C

Class C

  • Class C
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  • Diversified Return Intermediate Trust - Class C
  • IBEW-NECA Stable Value Trust - Basic Class
  • IBEW-NECA Stable Value Trust - Premier Class
  • Invesco 500 Index Trust - Class C
  • Invesco Active Multi-Sector Credit Trust - Class II
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  • Invesco Balanced-Risk Allocation Trust - Class C
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  • Invesco Core Plus Fixed Income Trust - Class I
  • Invesco Diversified Dividend Trust - Class C
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  • Invesco Equity Global Real Estate Securities Trust - Class C
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  • Invesco Global Asset Allocation Strategy Trust - Class C
  • Invesco Global Diversified Real Assets Trust - Class I
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  • Invesco Global Equity Trust- Class A
  • Invesco Global Infrastructure Trust
  • Invesco Global Real Estate Income Trust - Class C
  • Invesco Global Targeted Returns Trust - Class C
  • Invesco Growth and Income Trust - Class C
  • Invesco Growth and Income Trust - Class I
  • Invesco Intermediate Bond Trust - Class C
  • Invesco International Growth Trust - Class C
  • Invesco International Growth Trust - Class I
  • Invesco International Growth Trust 2 - Class A
  • Invesco International Growth Trust 2 - Class T
  • Invesco International Growth Trust 2 - Class T4
  • Invesco International Growth Trust 2 - Class T5
  • Invesco International Growth Trust 2 - Tier 2
  • Invesco International Select Equity Trust - Class F
  • Invesco International Small-Mid Cap Trust - Class T2
  • Invesco Macro Allocation Strategy Trust - Class C
  • Invesco Mid Cap Growth Trust - Class C
  • Invesco Senior Loan Trust - Class A
  • Invesco Short Duration Inflation Protected Trust - Class C
  • Invesco Small Cap Index Plus Strategy Trust - Class C
  • Invesco Stable Value Trust - Class A1
  • Invesco Stable Value Trust - Class B1
  • Invesco Stable Value Trust - Class C
  • Invesco Stable Value Trust - Class I
  • Invesco Stable Value Trust - Class II
  • Invesco Stable Value Trust - Class III
  • Invesco Stable Value Trust - Class IV
  • Invesco U.S. Quantitative Core Trust - Class C
  • Invesco U.S. Quantitative Small Core Trust - Class C
  • Invesco U.S. Quantitative Small Value Trust - Class C

Investment Objective

The Fund employs a multi-manager strategy designed to generate returns that exceed the Index. The Fund’s investment strategy consists of investments in the Sub-Funds, each actively managed and offers complementary investment styles. The combined Sub-Fund strategies produce a highly diversified portfolio of investment grade securities. Duration, maturity selection, spread volatility, sector rotation and security selection are each potential sources of return.

Participant Profile

The Fund may be appropriate for investors seeking a well diversified bond portfolio that uses a total return strategy to outperform the Index. The Fund is currently not available to participant-directed retirement plans, such as 401(k) plans.

Fund Style

Intermediate-Term Maturity, Investment Grade

Fund Management

Fund Trustee and Investment Manager.
The trustee and investment manager for the Fund is Invesco Trust Company, a Texas trust company (the “Trustee” and “Investment Manager”).

Fund Sub-Advisor
The investment sub-advisor for the Fund is Invesco Advisers, Inc. Information concerning the sub-advisor can be found in its Form ADV filed with the Securities and Exchange Commission, available at www.sec.gov.

The Fund invests primarily in units of four affiliated collective trust funds (the “Sub-Funds”) that are sub-advised by Invesco Advisers, Inc., Loomis, Sayles & Company, L.P., Pacific Investment Management Company (PIMCO) and Jennison Associates LLC.

Fund Benchmark
Invesco Custom Intermediate Index, consisting of the following percentages of the Bloomberg Barclays US Bond indices (the “Underlying Benchmark Indices”):
30% Intermediate US Treasury, 25% US MBS, 5% CMBS ERISA eligible AAA, 30% USD Corporate 1-5 Year, and 10% Intermediate Corporate (the “Index”) The Underlying Benchmark Indices, including percentages, may be changed from time to time when the investment manager and sub-adviser believe that such changes will benefit the Fund and its participating trusts. Information about the Index and the Underlying Benchmark Indices is available upon request.

Management Team

Invesco Advisers, Inc. - Invesco Advisers, Inc. is a wholly owned subsidiary of Invesco Ltd. Invesco Fixed Income is a separate, distinct group within Invesco Advisers, Inc. that is focused exclusively on fixed income management.

Pacific Investment Management Company LLC (PIMCO) - Pacific Investment Management Company LLC (PIMCO) is a wholly owned subsidiary of Allianz Dresdner Asset Management of America L.P.

Loomis, Sayles & Company, L.P. - Loomis, Sayles & Company, L.P. is a wholly owned subsidiary of Natixis Global Asset Management.

Jennison Associates LLC ("Jennison") - Jennison Associates LLC ("Jennison") is a direct wholly owned subsidiary of Prudential Investment Management, Inc. ("PIM"); PIM is an indirect wholly owned subsidiary of Prudential Financial.

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Performance

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*Since Inception performance is as of the first full month the fund was open. Total return assumes reinvestment of dividends and capital gains for the periods indicated. Past performance is no guarantee of future results. Gross performance has been calculated before the deduction of investment management and client service fees, but after the deduction of all other expenses applicable to the fund. Net Performance has been calculated after the deduction of the Annual Expense Ratio of the fund as well as a hypothetical management fee of 0.30%. Investment return and principal value will vary and you may have a gain or loss when you sell shares.

Invesco Custom Intermediate Index, consisting of the following percentages of the Bloomberg Barclays US bond indices (the “Underlying Benchmark Indices”): 30% Intermediate US Treasury, 25% US MBS, 5% CMBS ERISA eligible AAA, 30% USD Corporate 1-5 Year, and 10% Intermediate Corporate (the “Index”). The Underlying Benchmark Indices, including percentages, may be changed from time to time when the investment manager and sub-adviser believe that such changes will benefit the Fund and its investors, without prior notice to investors. Information about the Index and the Underlying Benchmark Indices is available upon request.

Price History

From   to
No history records found for this date range

Important information

Current and prospective participating trusts are strongly encouraged to review the complete terms of the Declaration of Trust for additional details regarding the Fund and its operations. Further information regarding the Fund, including performance and portfolio holdings, can be found at www.InvescoTrustCompany.com.
The Fund is not guaranteed by Invesco, its subsidiaries or affiliates, including Invesco Advisers, Inc. The Fund is not insured by the FDIC or the Federal Reserve Bank, nor guaranteed by any governmental agency.

 Principal Risks of Investing

There is a risk that you could lose all or a portion of your investment in the Fund. The value of your investment in the Fund will go up and down with the prices of the securities in which the Fund and the Sub-Funds invest. Listed below are the principal risks the Fund is subject to, either directly or through investments in one or more of the Sub-Funds.

Active Trading Risk. The Fund may engage in active and frequent trading of portfolio securities to achieve its investment objective. If the Fund does trade in this way, it may incur increased costs, which can lower the actual return of the Fund.

Asset Allocation Risk. The Fund is subject to the risk that the selection or combination of Sub-Funds, and the allocation of assets to them, may cause the Fund to underperform other funds with similar investment objectives and strategies.

Changing Fixed Income Market Conditions Risk. The current low interest rate environment was created in part by the U.S. Federal Reserve Board (“FRB”) and certain foreign central banks keeping the federal funds and equivalent foreign rates near, at or below zero. Increases 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 unit price may decline. Changes in central bank policies could also result in higher than normal withdrawals, which could potentially increase portfolio turnover and the Fund’s transaction costs.

Debt Securities Risk. The prices of debt securities held by the Fund will be affected by changes in interest rates, the creditworthiness of the issuer and other factors. An increase in prevailing interest rates typically causes the value of existing debt securities to fall and often has a greater impact on longer-duration debt securities and higher quality debt securities. Falling interest rates will cause the Fund to reinvest the proceeds of debt securities that have been repaid by the issuer at lower interest rates. Falling interest rates may also reduce the Fund’s distributable income because interest payments on floating rate debt instruments held by the Fund will decline. The Fund could lose money on investments in debt securities if the issuer or borrower fails to meet its obligations to make interest payments and/or to repay principal in a timely manner. Changes in an issuer's financial strength, the market’s perception of such strength or in the credit rating of the issuer or the security may affect the value of debt securities. The Investment Manager's or Sub-Adviser’s credit analysis may fail to anticipate such changes, which could result in buying a debt security at an inopportune time or failing to sell a debt security in advance of a price decline or other credit event.

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 assets (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 Transaction Risk. Dollar roll transactions occur in connection with TBA transactions and involve the risk that the market value of the securities the Fund is required to purchase may decline below the agreed upon purchase price of those securities. Dollar roll transactions add a form of leverage to the Fund’s portfolio, which may make the Fund’s returns more volatile and increase the risk of loss. In addition, dollar roll transactions may increase the Fund’s portfolio turnover, which may result in increased brokerage costs and may lower the Fund’s actual return.

Foreign Government Debt Risk. Investments in foreign government debt obligations (sometimes referred to as sovereign debt securities) involve certain risks in addition to those relating to foreign securities or debt securities generally. The issuer of the debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due in accordance with the terms of such debt, and the Fund may have limited recourse in the event of a default against the defaulting government. Without the approval of debt holders, some governmental debtors have in the past been able to reschedule or restructure their debt payments or declare moratoria on payments.

Foreign Securities and Credit Exposure Risk. U.S. dollar-denominated securities carrying foreign credit exposure may be affected by unfavorable political, economic or governmental developments that could affect payments of principal and interest. Furthermore, the Fund’s foreign investments may be adversely affected by political and social instability, changes in economic or taxation policies, difficulty in enforcing obligations, decreased liquidity or increased volatility. Foreign investments also involve the risk of the possible seizure, nationalization or expropriation of the issuer or foreign deposits (in which the Fund could lose its entire investments in a certain market) and the possible adoption of foreign governmental restrictions such as exchange controls.

General Investment Risk. The business of the Fund is to invest in securities, including primarily U.S. fixed-income securities, and to utilize certain investment techniques that involve various risks. The prices of Fund investments may be volatile and market movements are difficult to predict. In addition, the amount and timing of contributions and withdrawals may have a negative impact on the Fund’s return. While the Investment Manager seeks to mitigate investment risks, there can be no assurance that participating trusts will not incur losses. Participating Trusts should not subscribe to or invest in the Fund unless they can readily bear the consequences of such loss.

Management Risk. The Fund is actively managed and depends heavily on the Investment Manager’s and Sub-Adviser’s judgment about markets, interest rates or the attractiveness, relative values, liquidity, or potential appreciation of particular investments made for the Fund’s portfolio. The Fund could experience losses if these judgments prove to be incorrect. Additionally, legislative, regulatory, or tax developments may adversely affect management of the Fund and, therefore, the ability of the Fund to achieve its investment objective.

Market Risk. The market values of the Fund’s investments, and therefore the value of the Fund’s Units, will go up and down, sometimes rapidly or unpredictably. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. Individual bond prices tend to go up and down less dramatically than those of certain other types of investments, such as stocks. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.

Multimanager Risk. Managers’ individual investing styles may not complement each other. This can result in both higher portfolio turnover and enhanced or reduced concentration in a particular region, country, industry, or investing style compared with an investment with a single manager.

Mortgage- and Asset-Backed Securities Risk. Mortgage- and asset-backed securities, including collateralized debt obligations and collateralized mortgage obligations, are subject to prepayment or call risk, which is the risk that a borrower’s payments may be received earlier or later than expected due to changes in prepayment rates on underlying loans. This could result in the Fund reinvesting these early payments at lower interest rates, thereby reducing the Fund’s income. Mortgage- and asset-backed securities also are subject to extension risk, which is the risk that an unexpected rise in interest rates could reduce the rate of prepayments, causing the price of the mortgage- and asset-backed securities and the Fund’s unit price to fall. 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. Privately issued mortgage-related securities are not subject to the same underwriting requirements as those with government or government-sponsored entity guarantees and, therefore, mortgage loans underlying privately issued mortgage-related securities may have less favorable collateral, credit risk or other underwriting characteristics, and wider variances in interest rate, term, size, purpose and borrower characteristics.

Municipal Securities Risk. The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer’s regional economic conditions may affect the municipal security’s value, interest payments, repayment of principal and the Fund’s ability to sell the security. Failure of a municipal security issuer to comply with applicable tax requirements may make interest paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.

Risks Associated with Investing in an Investment Vehicle. The Fund may itself invest in an investment vehicle, such as a private investment or commingled fund. When it does so, the Fund is subject to the underlying risk of that investment vehicle’s portfolio securities.

TBA Transactions Risk. TBA transactions involve the risk of loss if the securities received are less favorable than what was anticipated by the Fund when entering into the TBA transaction, or if the counterparty fails to deliver the securities. The Fund cannot enter into a short sale of a TBA mortgage unless the Fund owns sufficient agency residential mortgage-backed securities deliverable into the short TBA position.

US Government Obligations Risk. Obligations of U.S. government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the U.S. government, which could affect the Fund’s ability to recover should they default. No assurance can be given that the U.S. government will provide financial support to its agencies and authorities if it is not obligated by law to do so.

When Issued, Delayed Delivery and Forward Commitment Risk. Obligations of U.S. government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the U.S. government, which could affect the Fund’s ability to recover should they default. No assurance can be given that the U.S. government will provide financial support to its agencies and authorities if it is not obligated by law to do so.

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 loans that periodically pay interest.

Not FDIC Insured Risk. The investment is not a deposit or obligation of, or guaranteed or endorsed by, any bank and is not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other U.S. governmental agency.

No Registration under U.S. Federal or State Securities Laws. The Fund will not be registered with the SEC as an investment company under the Investment Company Act of 1940 (the “Investment Company Act”) in reliance upon an exemption from the Investment Company Act. Accordingly, the provisions of the Investment Company Act that are applicable to registered investment companies (i.e., mutual funds) will not be applicable. Some of the Fund’s investment policies and strategies may not be permissible for registered investment companies. Units of the Fund are exempt from registration under U.S. federal securities laws and, accordingly, this Fund Description does not contain information that would otherwise be included if registration were required. Similar reliance has been placed on exemptions from securities registration and qualification requirements under applicable state securities laws. No assurance can be given that the offering currently qualifies or will continue to qualify under one or more exemptions due to, among other things, the manner of distribution, the existence of similar offerings in the past or in the future, or the retroactive change of any securities laws or regulation.

No Registration with the CFTC. Since the Fund may purchase, sell or trade exchange-traded futures contracts, options thereon, and other Commodity Interests, the Fund may be viewed as subject to regulation as a commodity pool under the U.S. Commodity Exchange Act and the rules of the Commodity Futures Trading Commission (CFTC. However, pursuant to CFTC Rule 4.5, the Trustee is exempt from having to register as a commodity pool operator with respect to the Fund. The Trustee has filed an exemption notice to effect the exemption and will comply with the requirements thereof. As a result, the Trustee, unlike a registered commodity pool operator, is not required to deliver a dis-closure document or a certified annual report to Fund participating trusts. Nevertheless, all participating trusts will receive a copy of the Declaration of Trust as well as an annual report for the Fund. The investment sub-adviser, a registered commodity trading advisor under CFTC regulation, will provide commodity interest trading advice to the Fund as if it were exempt from registration as a commodity trading advisor with respect to the Fund pursuant to CFTC Regulation 4.14(a)(8)(i)(B).