Invesco Conservative Income Fund

Fixed Income | US Fixed Income

Objective & Strategy

The Fund seeks to provide capital preservation and current income while maintaining liquidity. The Fund seeks to achieve its investment objective by investing in a diversified portfolio of fixed income securities comprised of short duration, investment grade money market and fixed income securities including mortgage and asset-backed securities.

as of 11/30/2019

Morningstar Rating

Overall Rating - Ultrashort Bond Category

As of 11/30/2019 the Fund had an overall rating of N/A stars out of 159 funds and was rated N/A stars out of 159 funds, N/A stars out of 127 funds and N/A stars out of 55 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. ©2019 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 06/30/2019

Top Ten Holdings | View All

Issuer name Coupon % Maturity date % of total assets
BAT INTERNATIONAL FINANCE PLC BATINT CP 0 07/10/19 0.00 7/10/2019 1.43
ROYAL CARIBBEAN CRUISES LTD RCL CP 0 07/25/19 0.00 7/25/2019 1.19
TRI-PARTY WELLS FARGO SECURITIES 3.25 7/8/2019 1.12
COMMONSPIRIT HEALTH CATHIB CP 0 08/27/19 0.00 8/27/2019 1.03
TRI-PARTY NOMURA SECURITIES INTERN 3.15 10/1/2019 0.99
TRI-PARTY CITIGROUP GLOBAL MARKETS 2.8 12/1/2019 0.99
FEDERAL HOME LOAN BANKS FHLB 0 09/28/20 2.47 9/28/2020 0.98
BROADCOM INC AVGO CP 0 07/18/19 0.00 7/18/2019 0.98
MARRIOTT INTERNATIONAL INC/MD MAR CP 0 08/21/19 0.00 8/21/2019 0.98
TRI-PARTY RBC CAPITAL MARKETS LLC 2.77 8/21/2019 0.83

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

as of 11/30/2019 09/30/2019

Average Annual Returns (%)

  Incept.
Date
Max
Load (%)
Since
Incept. (%)
YTD (%) 1Y (%) 3Y (%) 5Y (%) 10Y (%)
NAV 04/02/2018 N/A 1.36 2.65 2.88 N/A N/A N/A
Load 04/02/2018 N/A N/A N/A N/A N/A N/A N/A
NAV 04/02/2018 N/A 1.33 2.29 2.82 N/A N/A N/A
Load 04/02/2018 N/A N/A N/A N/A N/A N/A N/A
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.

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

as of 11/30/2019 09/30/2019

Annualized Benchmark Returns


Index Name 1 Mo (%) 3 Mo (%) 1Y (%) 3Y (%) 5Y (%) 10Y (%)
ICE BofAML U.S. Treasury Bill Index 0.12 0.50 2.40 1.64 1.07 0.59
ICE BofAML U.S. Treasury Bill Index 0.12 0.50 2.40 1.64 1.07 0.59
ICE BofAML U.S. Treasury Bill Index 0.17 0.56 2.46 1.54 1.00 0.56
ICE BofAML U.S. Treasury Bill Index 0.17 0.56 2.46 1.54 1.00 0.56

An investment cannot be made directly in an index.

Expense Ratio per Prospectus

Management Fee 0.24
12b-1 Fee 0.10
Other Expenses 0.15
Interest/Dividend Exp N/A
Total Other Expenses 0.15
Acquired Fund Fees and Expenses (Underlying Fund Fees & Expenses) N/A
Total Annual Fund Operating Expenses 0.49
Contractual Waivers/Reimbursements -0.09
Net Expenses - PER PROSPECTUS 0.40
Additional Waivers/Reimbursements N/A
Net Expenses - With Additional Fee Reduction 0.40
This information is updated per the most recent prospectus.

Historical Prices

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Distributions

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    Capital Gains Reinvestment
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Ex-Date Income Short Term Long Term
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as of 06/30/2019

Top Ten Holdings | View All

Issuer name Coupon % Maturity date % of total assets
BAT INTERNATIONAL FINANCE PLC BATINT CP 0 07/10/19 0.00 7/10/2019 1.43
ROYAL CARIBBEAN CRUISES LTD RCL CP 0 07/25/19 0.00 7/25/2019 1.19
TRI-PARTY WELLS FARGO SECURITIES 3.25 7/8/2019 1.12
COMMONSPIRIT HEALTH CATHIB CP 0 08/27/19 0.00 8/27/2019 1.03
TRI-PARTY NOMURA SECURITIES INTERN 3.15 10/1/2019 0.99
TRI-PARTY CITIGROUP GLOBAL MARKETS 2.8 12/1/2019 0.99
FEDERAL HOME LOAN BANKS FHLB 0 09/28/20 2.47 9/28/2020 0.98
BROADCOM INC AVGO CP 0 07/18/19 0.00 7/18/2019 0.98
MARRIOTT INTERNATIONAL INC/MD MAR CP 0 08/21/19 0.00 8/21/2019 0.98
TRI-PARTY RBC CAPITAL MARKETS LLC 2.77 8/21/2019 0.83

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

 About risk

Asset-Backed Securities Risk. Asset-backed securities 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, which could result in the Fund reinvesting these early payments at lower interest rates, thereby reducing the Fund's income. Asset-backed securities also are subject to extension risk, which is the risk that a rise in interest rates could reduce the rate of prepayments, causing the price of the asset-backed securities and the Fund's share price to fall.

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 near historical lows. 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 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.

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 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 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 holding a position in 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 or the anticipated value of the underlying asset, 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. Derivatives strategies may not always be successful. For example, 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.

Financial Services Sector Risk. The Fund concentrates its investments in the financial services sector. The Fund may be susceptible to adverse economic or regulatory occurrences affecting the financial services sector. Financial services companies are subject to extensive government regulation and are disproportionately affected by unstable interest rates, each of which could adversely affect the profitability of such companies. Financial services companies may also have concentrated portfolios, which makes them especially vulnerable to unstable economic conditions.

Foreign Government Debt Risk. Investments in foreign government debt securities (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 Risk. 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. Unless the Fund has hedged its foreign securities risk, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful.

Liquidity Risk. The Fund may be unable to sell illiquid investments at the time or price it desires and, as a result, could lose its entire investment in such investments. Liquid securities can become illiquid during periods of market stress. If a significant amount of the Fund's securities become illiquid, the Fund may not be able to timely pay redemption proceeds and may need to sell securities at significantly reduced prices.

Management Risk. The Fund is actively managed and depends heavily on the 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 shares, 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 stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. 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.

Money Market Fund Risk. Although money market funds generally seek to preserve the value of an investment at $1.00 per share, the Fund may lose money by investing in money market funds. A money market fund's sponsor has no legal obligation to provide financial support to the money market fund. The credit quality of a money market fund's holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the money market fund's share price. A money market fund's share price can also be negatively affected during periods of high redemption pressures, illiquid markets and/or significant market volatility.

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 income 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.

Repurchase Agreement Risk. The Fund is subject to the risk that the counterparty may default on its obligation to repurchase the underlying instruments collateralizing the repurchase agreement, which may cause the Fund to lose money. These risks are magnified to the extent that a repurchase agreement is secured by securities other than cash or U.S. Government 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.

U.S. 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 Risks. When-issued and delayed delivery transactions subject the Fund to market risk because the value or yield of a security at delivery may be more or less than the purchase price or yield generally available when delivery occurs, and counterparty risk because the Fund relies on the buyer or seller, as the case may be, to consummate the transaction. These transactions also have a leveraging effect on the Fund because the Fund commits to purchase securities that it does not have to pay for until a later date, which increases the Fund's overall investment exposure and, as a result, its volatility.

Yield Risk. The Fund's yield will vary as the short-term securities in its portfolio mature or are sold and the proceeds are reinvested in other securities. When interest rates are very low, the Fund's expenses could absorb all or a portion of the Fund's income and yield. Additionally, inflation may outpace and diminish investment returns over time.

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.