| Summary Prospectus |
June 28, 2024 |
Invesco Income Fund
Class: A (AGOVX), C (AGVCX), R (AGVRX), Y (AGVYX), Investor (AGIVX), R5 (AGOIX), R6 (AGVSX)
Before you invest, you may want to review the
Fund’s prospectus, which contains more information about the Fund and its risks. You can find the Fund’s prospectus, reports to shareholders, and other information
about the Fund online at www.invesco.com/prospectus. You can also get this information at no cost by calling (800) 959-4246 or by sending an e-mail request to
ProspectusRequest@invesco.com. The Fund’s prospectus and statement of additional information, both dated June 28, 2024 (as each may be amended or supplemented), are
incorporated by reference into this Summary Prospectus and may be obtained, free of charge, at the website, phone number or e-mail address noted above.
Investment Objective(s)
The Fund’s investment objective is current income, and secondarily, capital appreciation.
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.
The table and Examples below do not reflect any transaction
fees that may be charged by financial intermediaries or
commissions that a shareholder may be required to pay directly
to its financial intermediary when buying or selling Class Y or
Class R6 shares. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at
least $100,000 in the
Invesco Funds. More information about these and other discounts is available from your financial
professional and in the section “Shareholder Account Information – Initial Sales Charges (Class A Shares Only)” on page A-3 of the prospectus and the section “Purchase, Redemption and Pricing of Shares-Purchase and
Redemption of Shares” on page L-1 of the statement of additional information (SAI).
| Shareholder Fees (fees paid directly from your
investment) | |||||||
| Class: |
A |
C |
R |
Y |
Investor |
R5 |
R6 |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |
4.25 % |
None |
None |
None |
None |
None |
None |
| | |||||||
| Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, whichever is less) |
None1 |
1.00 % |
None |
None |
None |
None |
None |
| | |||||||
| Annual Fund Operating Expenses (expenses that you pay each
year as a percentage of the value of your investment) | |||||||
| Class: |
A |
C |
R |
Y |
Investor |
R5 |
R6 |
| Management Fees |
0.46 % |
0.46 % |
0.46 % |
0.46 % |
0.46 % |
0.46 % |
0.46 % |
| | |||||||
| Distribution and/or Service (12b-1) Fees |
0.25 |
1.00 |
0.50 |
None |
0.13 |
None |
None |
| | |||||||
| Other Expenses |
0.28 |
0.28 |
0.28 |
0.28 |
0.28 |
0.20 |
0.13 |
| | |||||||
| Acquired Fund Fees and Expenses |
0.01 |
0.01 |
0.01 |
0.01 |
0.01 |
0.01 |
0.01 |
| | |||||||
| Total Annual Fund Operating Expenses |
1.00 |
1.75 |
1.25 |
0.75 |
0.88 |
0.67 |
0.60 |
| | |||||||
| 1 |
A contingent deferred sales charge may apply in some cases. See “Shareholder Account Information-Contingent Deferred Sales Charges (CDSCs).”
|
Example. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in
other mutual funds.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. This Example does not
include commissions and/or other forms of compensation that investors may pay on transactions in Class Y and Class R6 shares. The Example also assumes that your investment has a 5% return each year and that the Fund’s
operating expenses remain equal to the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement in the first year and the Total Annual Fund Operating Expenses thereafter.
Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
| |
1 Year |
3 Years |
5 Years |
10 Years |
| Class A |
$523
|
$730
|
$954
|
$1,598
|
| | ||||
| Class C |
$278
|
$551
|
$949
|
$1,864
|
| | ||||
| Class R |
$127
|
$397
|
$686
|
$1,511
|
| | ||||
| Class Y |
$77
|
$240
|
$417
|
$930
|
| | ||||
| Investor Class |
$90
|
$281
|
$488
|
$1,084
|
| | ||||
| Class R5 |
$68
|
$214
|
$373
|
$835
|
| | ||||
| Class R6 |
$61
|
$192
|
$335
|
$750
|
| | ||||
You would pay the following expenses if you did not redeem your shares:
| |
1 Year |
3 Years |
5 Years |
10 Years |
| Class A |
$523
|
$730
|
$954
|
$1,598
|
| | ||||
| Class C |
$178
|
$551
|
$949
|
$1,864
|
| | ||||
| Class R |
$127
|
$397
|
$686
|
$1,511
|
| | ||||
| Class Y |
$77
|
$240
|
$417
|
$930
|
| | ||||
| Investor Class |
$90
|
$281
|
$488
|
$1,084
|
| | ||||
| Class R5 |
$68
|
$214
|
$373
|
$835
|
| | ||||
| Class R6 |
$61
|
$192
|
$335
|
$750
|
| | ||||
Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio
turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in
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the Example, affect the Fund’s
performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was
268% of the average value of its portfolio.
Principal Investment Strategies of the Fund
The Fund invests primarily in fixed-income securities and in derivatives and other instruments that have
economic characteristics similar to such securities. A significant portion of these securities consists of privately-issued mortgage-backed and asset-backed securities such as commercial mortgage-backed securities
(CMBS), residential mortgage-backed securities (RMBS), and collateralized loan obligations (CLOs)
of any rating. The mortgage-backed securities in which the Fund invests could also include mortgage pass-through certificates representing participation interests in pools of mortgage loans originated by the U.S. Government or private lenders as
well as those guaranteed by U.S. Government agencies such as the Government National Mortgage
Association (GNMA), the Federal National Mortgage Association (FNMA) or the Federal Home Loan
Mortgage Corporation (FHLMC).
The Fund will concentrate (i.e. invest more than 25%
of its total assets) in securities related to the real estate finance industry, including, without
limitation, CMBS, RMBS, real estate investment trusts (REITs), other real estate-related
securities, loans and other instruments that are secured by, or otherwise have exposure to, real estate. The Fund may, at times, invest substantially more than 25% of its total assets in securities related to the real estate finance
industry.
The Fund invests in below-investment grade securities. Below-investment grade securities are commonly referred to as junk bonds. A significant portion of the
Fund’s investments consists of below-investment grade securities.
The Fund may purchase and sell securities on a when-issued and delayed
delivery basis, which means that the Fund may buy or sell a security with payment and delivery taking place in the future. The Fund will engage in “to be announced” (TBA) transactions, which are transactions in which a fund buys or
sells mortgage-backed securities on a forward commitment basis. The Fund also expects to engage in short sales of TBA mortgages, including short sales on TBA mortgages the Fund does not own. The Fund’s use of TBA
transactions results in a form of leverage, which could increase the volatility of the Fund’s share price.
The Fund may invest in foreign securities, including securities of issuers located in emerging markets countries (i.e., those that are generally in the early stages of their industrial
cycles), in non-U.S. dollar denominated securities and in depositary receipts.
The Fund can invest in derivative instruments, including swap contracts,
options, futures contracts and forward foreign currency contracts.
The Fund can use swap contracts, including interest rate swaps, to seek to hedge or adjust its exposure to interest rates and to manage duration. The Fund can further use credit
default swaps or total return swaps to manage credit exposure and to manage duration.
The Fund can use options, including credit default swap options, to gain
the right to enter into a credit default swap at a specified future date. The Fund can further
use currency options to manage currency exposure; and options on bond or rate futures to manage interest rate exposure.
The Fund can use futures contracts, including interest rate futures contracts and bond futures contracts, to increase or reduce exposure to changes in interest rates and to
manage duration.
The Fund can use forward foreign currency contracts to hedge
against adverse movements in the foreign currencies in which portfolio securities are
denominated.
The Fund may invest in illiquid or thinly traded investments. The Fund
may also invest in securities that are subject to resale restrictions such as those contained in
Rule 144A promulgated under the Securities Act of 1933, as amended.
The Fund may invest in convertible securities, municipal securities and
common and preferred stock of REITs.
The portfolio managers seek risk-adjusted returns across the fixed income spectrum in an effort to provide a high, stable monthly income while providing the opportunity for long
term price appreciation. The portfolio managers use a “top down” analysis of macroeconomic trends combined with a “bottom up” fundamental analysis of market sub-sectors and individual issuers to seek to
continuously create investable information advantages throughout a market cycle. The portfolio managers will invest opportunistically across a wide range of credit and issuer types to seek to provide relative value across
fixed income.
In attempting to meet its investment objective or to manage subscription and redemption requests, the Fund may engage in active and frequent trading of portfolio
securities.
Principal Risks of Investing in the Fund
As with any
mutual fund investment, loss of money is a risk of investing. An investment in the Fund is not a
deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. The risks associated with an investment in the Fund can increase during times of significant market volatility. The principal risks of investing in the Fund
are:
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. The value of the Fund’s investments may go up or down due to general market conditions that are not specifically
related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global
instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflict, acts of terrorism, economic crisis or adverse investor sentiment generally. 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.
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 credit analysis applied to the
Fund’s debt securities 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.
Changing Fixed Income Market Conditions Risk. Increases in the
federal funds and equivalent foreign rates or other changes to monetary policy or regulatory
actions may expose fixed income markets to heightened volatility, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed income investments, particularly those with longer maturities. Such changes and
resulting increased volatility may adversely impact the Fund, including its operations, universe of potential investment options, and return potential. It is difficult to predict the impact of interest rate changes on various
markets. 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
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central bank policies and other
governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets, which could result in higher than normal
redemptions by shareholders, which could potentially increase the Fund’s portfolio turnover rate and transaction costs.
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 share 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-backed securities and asset-backed securities may be less liquid than other types of
securities and the Fund may be unable to sell these securities at the time or price it desires. During periods of market stress or high redemptions, the Fund may be forced to sell these securities at significantly reduced
prices, resulting in losses. Liquid privately-issued mortgage-backed securities and asset-backed securities can become illiquid during periods of market stress. 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, liquidity risk or other underwriting characteristics, and wider variances in interest rate, term, size, purpose and borrower characteristics. The Fund may invest in mortgage pools that
include subprime mortgages, which are loans made to borrowers with weakened credit histories or with lower capacity to make timely payments on their mortgages. Liquidity risk is even greater for mortgage
pools that include subprime mortgages. The risks of investing in mortgage- and asset-backed securities will be greater for the Fund than other funds that do not concentrate in the real estate finance industry.
Collateralized Loan Obligations Risk. CLOs are subject to the risks of substantial losses due to actual defaults by underlying borrowers, which will be greater during
periods of economic or financial stress. CLOs may also lose value due to collateral defaults and disappearance of subordinate tranches, market anticipation of defaults, and investor aversion to CLO securities as a class. The
risks of CLOs will be greater if the Fund invests in CLOs that hold loans of uncreditworthy borrowers or if the Fund holds subordinate tranches of the CLO that absorb losses from the defaults before senior tranches. In
addition, CLOs are subject to interest rate risk and credit risk. The risks of investing in CLOs will be greater for the Fund than other funds that do not concentrate in the real estate finance industry.
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.
Real Estate Finance
Industry Concentration Risk. Investments in real estate related instruments, including CMBS, RMBS, CLOs and REITs, 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. Shares of real estate related companies, which tend to be small- and
mid-cap companies, may be more volatile and less liquid than larger companies. If a real estate related company defaults on certain types of debt obligations, the Fund may own real estate directly,
which involves additional risks such as environmental liabilities; difficulty in valuing and selling the real estate; and economic or regulatory changes. Because the Fund will concentrate its
investments in the real estate finance industry, the Fund will be subject to increased risks associated with this industry.
High Yield Debt Securities (Junk Bond/Below-Investment Grade) Risk. Investments in high yield debt securities (junk bonds) and other lower-rated securities will subject the Fund
to substantial risk of loss. These securities are considered to be speculative with respect to the
issuer’s ability to pay interest and principal when due, are more susceptible to default or
decline in market value and are less liquid than investment grade debt securities. Prices of high yield debt securities tend to be very volatile.
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.
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. 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. 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. In addition, taking short positions results in a form of leverage, which could increase the volatility of the Fund’s share
price.
Short Position Risk. Because the Fund’s potential loss on a short position arises from increases in the value of the asset sold short, the Fund will incur a loss on a short
position, which is theoretically unlimited, if the price of the asset sold short increases from the short sale price. The counterparty to a short position or other market factors may prevent the Fund from closing out a short
position at a desirable time or price and may reduce or eliminate any gain or result in a loss. In a rising market, the Fund’s short positions will cause the Fund to underperform the overall market and its peers that do not
engage in shorting. If the Fund holds both long and short positions, and both positions decline simultaneously, the short positions will not provide any buffer (hedge) from declines in value of the Fund’s long positions.
Certain types of short positions involve leverage, which may exaggerate any losses, potentially more than the actual cost of the investment, and will increase the volatility of the Fund’s returns.
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. Foreign companies generally may be subject to less stringent regulations than U.S. companies,
including financial reporting requirements and auditing and accounting controls, and may therefore be more susceptible to fraud or corruption. There may be less public information available about foreign companies
than U.S. companies, making it difficult to evaluate those foreign companies. Unless the Fund has hedged its foreign currency exposure, foreign securities risk also involves the risk of negative foreign currency rate
fluctuations, which may cause the value of
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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.
Emerging Market Securities Risk. Emerging markets (also referred to as developing markets) are generally subject to greater market volatility,
political, social and economic instability, uncertain trading markets and more governmental
limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Such
countries’ economies may be more dependent on relatively few industries or investors that may be highly vulnerable to local and global changes. Companies in emerging market countries generally may be subject to
less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such
companies may be less available and reliable, which can impede the Fund’s ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly
and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory
taxation, expropriation, nationalization of a company’s assets, restrictions on foreign
ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the
ability of foreign entities to participate in privatization programs of certain developing or emerging market countries may be limited by local law. Investments in emerging market securities may be subject to
additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.
Depositary Receipts Risk. Investing in
depositary receipts involves the same risks as direct investments in foreign securities. In addition, the underlying issuers of certain depositary receipts are under no obligation to distribute shareholder
communications or pass through any voting rights with respect to the deposited securities to the holders of such receipts. The Fund may therefore receive less timely information or have less control than if it invested directly in the
foreign issuer.
Restricted Securities
Risk. Limitations on the resale of restricted securities may have an adverse effect on their marketability, and may prevent the Fund from disposing of them
promptly at reasonable prices. There can be no assurance that a trading market will exist at any time for any particular restricted security. Transaction costs may be higher for restricted securities and such
securities may be difficult to value and may have significant volatility.
Rule 144A Securities and Other Exempt Securities Risk. The market for Rule 144A and other securities exempt from certain registration requirements may be less active than the market for publicly-traded securities. Rule 144A and other exempt
securities, while initially privately placed, carry the risk that their liquidity may become impaired and the Fund may be unable to dispose of the securities at a desirable time or price.
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.
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.
Preferred
Securities Risk. Preferred securities are subject to issuer-specific and market risks applicable generally to equity securities. Preferred securities also may be
subordinated to bonds or other debt instruments, subjecting them to a greater risk of non-payment, may be less liquid than many other securities, such as common stocks, and generally offer no voting rights with respect to
the issuer.
Convertible Securities Risk. The market values of convertible securities are affected by market interest rates, the risk of actual issuer default on interest or principal
payments and the value of the underlying common stock into which the convertible security may be converted. Additionally, a convertible security is subject to the same types of market and issuer risks that apply to the
underlying common stock. In addition, certain convertible securities are subject to involuntary conversions and may undergo principal write-downs upon the occurrence of certain triggering events, and, as a result, are subject
to an increased risk of loss. Convertible securities may be rated below investment grade and therefore considered to have more speculative characteristics and greater susceptibility to default or decline in market value than
investment grade securities.
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.
Active Trading Risk. Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.
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. There can be no guarantee that the Adviser’s investment
techniques or investment decisions will produce the desired results. 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.
Performance
Information
The bar chart and performance table provide an indication of the risks of investing in the Fund. The bar chart shows changes in the performance of
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the Fund from year to year as of December
31. For periods prior to July 26, 2018, performance shown is that of the Fund using its previous U.S. Government securities focused strategy. The performance table compares the Fund's performance to that of a
broad-based securities market benchmark. The Fund's past performance (before and after taxes) is not necessarily an indication of its future
performance.
Fund performance reflects any applicable fee waivers and expense reimbursements. Performance
returns would be lower without applicable fee waivers and expense reimbursements.
All Fund performance shown assumes the reinvestment of dividends and
capital gains and the effect of the Fund’s expenses.
Updated performance
information is available on the Fund's website at www.invesco.com/us.
Annual Total Returns
The bar chart does
not reflect sales loads. If it did, the annual total returns shown would be lower.
| Class A |
Period Ended |
Returns |
| Year-to-date |
March 31, 2024 |
2.24% |
| Best Quarter |
June 30, 2020 |
13.63% |
| Worst Quarter |
March 31, 2020 |
-24.89% |
Average Annual Total Returns (for the periods ended December 31, 2023)
| |
Inception Date |
1 Year |
5 Years |
10
Years |
| Class A |
|
|
|
|
| Return Before Taxes |
4/28/1987 |
1.15 % |
-0.61 % |
0.10 % |
| Return After Taxes on Distributions |
|
-1.12 |
-2.28 |
-1.16 |
| Return After Taxes on Distributions and Sale of Fund Shares |
|
0.64 |
-1.14 |
-0.44 |
| | ||||
| Class C |
8/4/1997 |
3.93 |
-0.45 |
-0.05 |
| | ||||
| Class R |
6/3/2002 |
5.46 |
0.02 |
0.29 |
| | ||||
| Class Y |
10/3/2008 |
5.83 |
0.51 |
0.79 |
| | ||||
| Investor Class |
9/30/2003 |
5.80 |
0.36 |
0.60 |
| | ||||
| Class R5 |
4/29/2005 |
6.07 |
0.63 |
0.91 |
| | ||||
| Class R6 |
4/4/2017 |
6.15 |
0.65 |
0.79 1 |
| | ||||
| Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) |
|
5.53 |
1.10 |
1.81 |
| | ||||
1
Performance shown prior to the inception date is that of the Fund's Class A shares at
net asset value and includes the 12b-1 fees applicable to that class. Although invested in the same
portfolio of securities, Class R6 shares' returns of the Fund will be different from Class A shares' returns of the Fund as they have different expenses.
After-tax returns are calculated using the historical highest individual
federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual
after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans,
529 college savings plans or individual retirement accounts. After-tax returns are shown for Class A shares only and after-tax returns for other classes will vary.
Management of the
Fund
Investment Adviser: Invesco Advisers, Inc. (Invesco or the Adviser)
| Portfolio Managers |
Title |
Length of Service on the Fund |
| Philip Armstrong, CFA |
Portfolio Manager |
2018 |
| | ||
| Kevin Collins |
Portfolio Manager |
2018 |
| | ||
| Clint Dudley, CFA |
Portfolio Manager |
2009 |
| | ||
| David Lyle |
Portfolio Manager |
2018 |
| | ||
| Brian Norris, CFA |
Portfolio Manager |
2018 |
| | ||
Purchase and Sale of Fund Shares
You may purchase, redeem or exchange shares of the Fund on any business day through your financial adviser or by telephone at 800-959-4246. Shares of the Fund, other than Class R5
and Class R6 shares, may also be purchased, redeemed or exchanged on any business day through our
website at www.invesco.com/us or by mail to Invesco Investment Services, Inc., P.O. Box 219078,
Kansas City, MO 64121-9078.
Investor Class shares of the Fund are
offered only to grandfathered investors. The minimum investments for Class A, C, R, Y and Investor Class shares for fund accounts are as follows:
| Type of Account |
Initial
Investment Per Fund |
Additional Investments
Per Fund |
| Asset or fee-based accounts managed by your financial adviser |
None |
None |
| | ||
| Employer Sponsored Retirement and Benefit Plans and Employer Sponsored IRAs |
None |
None |
| | ||
| IRAs and Coverdell ESAs if the new investor is purchasing shares through a systematic purchase plan |
$25 |
$25 |
| | ||
| All other types of accounts if the investor is purchasing shares through a systematic purchase plan |
50 |
50 |
| | ||
| IRAs and Coverdell ESAs |
250 |
25 |
| | ||
| All other accounts |
1,000 |
50 |
| | ||
The Fund will discontinue sales of its Class R5 shares to new investors after the close of business on September 30, 2024. With respect to Class R5 and Class R6 shares, there is no
minimum initial investment for Employer Sponsored Retirement and Benefit Plans investing through a
retirement platform that administers at least $2.5 billion in retirement plan assets. All other
Employer Sponsored Retirement and Benefit Plans must meet a minimum initial investment of at least $1 million in each Fund in which it invests.
For all other institutional investors purchasing Class R5 or Class R6
shares, the minimum initial investment in each share class is $1 million, unless such investment
is made by (i) an investment company, as defined under the Investment Company Act of 1940, as amended (1940 Act), that is part of a family of investment companies which own in the aggregate at least $100 million in securities, or
(ii) an account established with a 529 college savings plan managed by Invesco, in which case there is no minimum initial investment.
There are no minimum investment amounts for Class R6 shares held through
retail omnibus accounts maintained by an intermediary, such as a broker, that (i) generally charges an asset-based fee or commission in addition to those described in this prospectus, and (ii) maintains Class R6 shares and makes them available to
retail investors.
Tax Information
The
Fund’s distributions generally are taxable to you as ordinary income, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan, 529 college savings plan or individual retirement account. Any distributions from a 401(k) plan
or individual retirement account may be taxed when withdrawn from such plan or account.
Payments to Broker-Dealers and Other Financial
Intermediaries
If you
purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund, the Fund’s distributor or its related
5 Invesco Income Fund
invesco.com/usINC-SUMPRO-1
companies may pay the intermediary for the
sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson or financial adviser to recommend the Fund over
another investment. Ask your salesperson or financial adviser or visit your financial intermediary’s website for more information.
6 Invesco Income Fund
invesco.com/usINC-SUMPRO-1