AGOVX

Fixed Income | US Fixed Income

Invesco Income Fund

Class A

Class A

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  • Class R5
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  • Class Y
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  • Invesco Active Allocation Fund
  • Invesco Advantage International Fund
  • Invesco All Cap Market Neutral Fund
  • Invesco American Franchise Fund
  • Invesco American Value Fund
  • Invesco Asia Pacific Growth Fund
  • Invesco Balanced-Risk Allocation Fund
  • Invesco Balanced-Risk Commodity Strategy Fund
  • Invesco Balanced-Risk Retirement 2020 Fund
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  • Invesco Balanced-Risk Retirement 2040 Fund
  • Invesco Balanced-Risk Retirement 2050 Fund
  • Invesco Balanced-Risk Retirement Now Fund
  • Invesco Charter Fund
  • Invesco Comstock Fund
  • Invesco Comstock Select Fund
  • Invesco Conservative Income Fund
  • Invesco Convertible Securities Fund
  • Invesco Core Plus Bond Fund
  • Invesco Corporate Bond Fund
  • Invesco Developing Markets Fund
  • Invesco Diversified Dividend Fund
  • Invesco Dividend Income Fund
  • Invesco Emerging Markets Select Equity Fund
  • Invesco Endeavor Fund
  • Invesco Energy Fund
  • Invesco Environmental Focus Municipal Fund
  • Invesco Equally-Weighted S&P 500 Fund
  • Invesco Equity and Income Fund
  • Invesco European Growth Fund
  • Invesco European Small Company Fund
  • Invesco Floating Rate ESG Fund
  • Invesco Global Core Equity Fund
  • Invesco Global Growth Fund
  • Invesco Global Infrastructure Fund
  • Invesco Global Low Volatility Equity Yield Fund
  • Invesco Global Real Estate Fund
  • Invesco Global Real Estate Income Fund
  • Invesco Global Targeted Returns Fund
  • Invesco Greater China Fund
  • Invesco Growth and Income Fund
  • Invesco Health Care Fund
  • Invesco High Yield Bond Factor Fund
  • Invesco High Yield Fund
  • Invesco High Yield Municipal Fund
  • Invesco Income Allocation Fund
  • Invesco Income Fund
  • Invesco Intermediate Bond Factor Fund
  • Invesco Intermediate Term Municipal Income Fund
  • Invesco International Core Equity Fund
  • Invesco International Growth Fund
  • Invesco International Select Equity Fund
  • Invesco International Small Company Fund
  • Invesco Limited Term Municipal Income Fund
  • Invesco Low Volatility Equity Yield Fund
  • Invesco MSCI World SRI Index Fund
  • Invesco Macro Allocation Strategy Fund
  • Invesco Multi-Asset Income Fund
  • Invesco Municipal Income Fund
  • Invesco Oppenheimer Capital Appreciation Fund
  • Invesco Oppenheimer Developing Markets Fund
  • Invesco Oppenheimer Discovery Fund
  • Invesco Oppenheimer Discovery Mid Cap Growth Fund
  • Invesco Oppenheimer Emerging Markets Innovators Fund
  • Invesco Oppenheimer Emerging Markets Local Debt Fund
  • Invesco Oppenheimer Fundamental Alternatives Fund
  • Invesco Oppenheimer Global Allocation Fund
  • Invesco Oppenheimer Global Focus Fund
  • Invesco Oppenheimer Global Fund
  • Invesco Oppenheimer Global Opportunities Fund
  • Invesco Oppenheimer Global Strategic Income Fund
  • Invesco Oppenheimer Gold & Special Minerals Fund
  • Invesco Oppenheimer International Bond Fund
  • Invesco Oppenheimer International Diversified Fund
  • Invesco Oppenheimer International Equity Fund
  • Invesco Oppenheimer International Growth Fund
  • Invesco Oppenheimer International Small-Mid Company Fund
  • Invesco Oppenheimer Main Street All Cap Fund
  • Invesco Oppenheimer Main Street Fund
  • Invesco Oppenheimer Main Street Mid Cap Fund
  • Invesco Oppenheimer Main Street Small Cap Fund
  • Invesco Oppenheimer Rising Dividends Fund
  • Invesco Oppenheimer Rochester AMT-Free Municipal Fund
  • Invesco Oppenheimer Rochester AMT-Free New York Municipal Fund
  • Invesco Oppenheimer Rochester California Municipal Fund
  • Invesco Oppenheimer Rochester High Yield Municipal Fund
  • Invesco Oppenheimer Rochester Limited Term California Municipal Fund
  • Invesco Oppenheimer Rochester Limited Term New York Municipal Fund
  • Invesco Oppenheimer Rochester New Jersey Municipal Fund
  • Invesco Oppenheimer Rochester New York Municipals Fund
  • Invesco Oppenheimer Rochester Pennsylvania Municipal Fund
  • Invesco Oppenheimer Senior Floating Rate Fund
  • Invesco Oppenheimer Senior Floating Rate Plus Fund
  • Invesco Oppenheimer Short Term Municipal Fund
  • Invesco Oppenheimer SteelPath MLP Alpha Fund
  • Invesco Oppenheimer SteelPath MLP Alpha Plus Fund
  • Invesco Oppenheimer SteelPath MLP Income Fund
  • Invesco Oppenheimer SteelPath MLP Select 40 Fund
  • Invesco Oppenheimer Total Return Bond Fund
  • Invesco Pacific Growth Fund
  • Invesco Peak Retirement 2015 Fund
  • Invesco Peak Retirement 2020 Fund
  • Invesco Peak Retirement 2025 Fund
  • Invesco Peak Retirement 2030 Fund
  • Invesco Peak Retirement 2035 Fund
  • Invesco Peak Retirement 2040 Fund
  • Invesco Peak Retirement 2045 Fund
  • Invesco Peak Retirement 2050 Fund
  • Invesco Peak Retirement 2055 Fund
  • Invesco Peak Retirement 2060 Fund
  • Invesco Peak Retirement 2065 Fund
  • Invesco Peak Retirement Now Fund
  • Invesco Quality Income Fund
  • Invesco Real Estate Fund
  • Invesco S&P 500 Index Fund
  • Invesco Select Companies Fund
  • Invesco Select Opportunities Fund
  • Invesco Select Risk: Conservative Investor Fund
  • Invesco Select Risk: Growth Investor Fund
  • Invesco Select Risk: High Growth Investor Fund
  • Invesco Select Risk: Moderate Investor Fund
  • Invesco Select Risk: Moderately Conservative Investor Fund
  • Invesco Senior Loan Fund
  • Invesco Short Duration High Yield Municipal Fund
  • Invesco Short Duration Inflation Protected Fund
  • Invesco Short Term Bond Fund
  • Invesco Small Cap Equity Fund
  • Invesco Small Cap Growth Fund
  • Invesco Small Cap Value Fund
  • Invesco Summit Fund
  • Invesco Technology Fund
  • Invesco U.S. Managed Volatility Fund
  • Invesco Value Opportunities Fund
  • Invesco World Bond Factor Fund

Objective & Strategy

The Fund’s investment objective is current income, and secondarily, capitalappreciation.

as of 08/31/2020

Morningstar Rating

Overall Rating - Nontraditional Bond Category

As of 08/31/2020 the Fund had an overall rating of 1 stars out of 272 funds and was rated 1 stars out of 272 funds, 1 stars out of 243 funds and 1 stars out of 88 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. ©2020 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 08/31/2020

Top Fixed-Income Holdings | View all

Holding Name Coupon % Bond Maturity Date % of Total Assets
Fannie Mae or Freddie Mac 2.000 09/01/2050 11.10
United States Treasury Note/Bond 0.630 08/15/2030 3.00
Fannie Mae or Freddie Mac 2.500 09/01/2050 2.66
Ginnie Mae II Pool 2.000 10/01/2050 2.64
COMM 2014-CCRE16 Mortgage Trust 5.090 04/10/2047 1.64
Tricon American Homes 2020-SFR1 2.550 07/17/2038 1.53
CBAM 2017-3 Ltd 1.500 10/17/2029 1.34
Symphony CLO XXII Ltd 2.600 04/18/2033 1.25
Wells Fargo Commercial Mortgage Trust 2015-C28 4.240 05/15/2048 1.25
COMM 2015-CCRE24 Mortgage Trust 4.520 08/10/2048 1.23

May not equal 100% due to rounding.

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

as of 08/31/2020 06/30/2020

Average Annual Returns (%)

  Incept.
Date
Max
Load (%)
Since
Incept. (%)
YTD (%) 1Y (%) 3Y (%) 5Y (%) 10Y (%)
NAV 04/28/1987 N/A 4.50 -10.96 -9.52 -1.79 -0.45 0.60
Load 04/28/1987 4.25 4.37 -14.76 -13.39 -3.22 -1.31 0.16
NAV 04/28/1987 N/A 4.39 -14.65 -11.89 -2.88 -1.17 0.43
Load 04/28/1987 4.25 4.26 -18.29 -15.60 -4.27 -2.03 0.00
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 July 26, 2018, the Fund’s investment strategy changed from primarily investing in U.S. Government securities to investing in the real estate finance industry. Results prior to July 26, 2018, reflect the performance of the Fund’s previous strategy.

as of 08/31/2020 06/30/2020

Annualized Benchmark Returns


Index Name 1 Mo (%) 3 Mo (%) 1Y (%) 3Y (%) 5Y (%) 10Y (%)
Bloomberg Barclays U.S. Government Index -1.06 0.14 6.91 5.12 3.88 3.09
Bloomberg Barclays US Aggregate Bond Index -0.81 1.31 6.47 5.09 4.33 3.65
Bloomberg Barclays U.S. Government Index 0.10 0.49 10.34 5.54 4.05 3.34
Bloomberg Barclays US Aggregate Bond Index 0.63 2.90 8.74 5.32 4.30 3.82

Source: FactSet Research Systems Inc.

Source: RIMES Technologies Corp.

An investment cannot be made directly in an index.

Expense Ratio per Prospectus

Management Fee 0.44
12b-1 Fee 0.25
Other Expenses 0.31
Interest/Dividend Exp 0.00
Total Other Expenses 0.31
Acquired Fund Fees and Expenses (Underlying Fund Fees & Expenses) 0.01
Total Annual Fund Operating Expenses 1.01
Contractual Waivers/Reimbursements N/A
Net Expenses - PER PROSPECTUS 1.01
Additional Waivers/Reimbursements 0.00
Net Expenses - With Additional Fee Reduction 1.01
This information is updated per the most recent prospectus.

Historical Prices

 
No history records found for this date range
Date Net Asset Value ($) Public Offering Price ($)
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Distributions

From   to
    Capital Gains Reinvestment
Price ($)
Ex-Date Income Short Term Long Term
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as of 08/31/2020

Fund Characteristics

3-Year Alpha N/A
3-Year Beta N/A
3-Year R-Squared N/A
3-Year Sharpe Ratio -0.21
3-Year Standard Deviation 15.60
Number of Securities 344
Total Assets $594,646,417.00

Source: RIMES Technologies Corp.,StyleADVISOR

Benchmark:  N/A

as of 08/31/2020

Top Fixed-Income Holdings | View all

Holding Name Coupon % Bond Maturity Date % of Total Assets
Fannie Mae or Freddie Mac 2.000 09/01/2050 11.10
United States Treasury Note/Bond 0.630 08/15/2030 3.00
Fannie Mae or Freddie Mac 2.500 09/01/2050 2.66
Ginnie Mae II Pool 2.000 10/01/2050 2.64
COMM 2014-CCRE16 Mortgage Trust 5.090 04/10/2047 1.64
Tricon American Homes 2020-SFR1 2.550 07/17/2038 1.53
CBAM 2017-3 Ltd 1.500 10/17/2029 1.34
Symphony CLO XXII Ltd 2.600 04/18/2033 1.25
Wells Fargo Commercial Mortgage Trust 2015-C28 4.240 05/15/2048 1.25
COMM 2015-CCRE24 Mortgage Trust 4.520 08/10/2048 1.23

May not equal 100% due to rounding.

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.

Call Risk. If interest rates fall, it is possible that issuers of debt securities with high interest rates will prepay or call their securities before their maturity dates. In this event, the proceeds from the called securities would likely be reinvested by the Fund in securities bearing the new, lower interest rates, resulting in a possible decline in the Fund's income and distributions to shareholders.

Changing Fixed Income Market Conditions Risk. The current 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.

Collateralized Loan Obligations Risk. In addition to the normal interest rate, default and other risks of fixed income securities, collateralized loan obligations carry additional risks, including the possibility that distributions from collateral securities will not be adequate to make interest or other payments, the quality of the collateral may decline in value or default, the Fund may invest in collateralized loan obligations that are subordinate to other classes, values may be volatile, and disputes with the issuer may produce unexpected investment results.

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.

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.

Reinvestment Risk. Reinvestment risk is the risk that a bond's cash flows (coupon income and principal repayment) will be reinvested at an interest rate below that on the original bond.

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.