Fund Evaluator:
Invesco Income Allocation R (RLIAX)
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Best Performing in Moderately Conservative Allocation Over the Last Year
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Fund Details
Invesco Income Allocation R Overview
Invesco Income Allocation R (RLIAX) is an actively managed Allocation Moderately Conservative Allocation fund. Invesco launched the fund in 2005.
The investment seeks current income and, secondarily, growth of capital. The fund is a “fund of funds,” and may invest its assets in underlying open-end and closed-end funds (including unlisted interval funds) advised by Invesco Advisers, Inc. (Invesco or the Adviser), including exchange-traded funds (ETFs), and other pooled investment vehicles advised by Invesco Capital Management LLC (Invesco Capital), or underlying open-end and closed-end funds, including ETFs, and other pooled investment vehicles advised by unaffiliated advisers (the underlying funds).
About Invesco Income Allocation R (RLIAX)
There are 2 members of the management team with an average tenure of 3.31 years: Jeffrey Bennett (2020), Preston Oklejas (2026). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: S&P 500 (TR) (1970) index with a weighting of 100%. Invesco Income Allocation R has 19 securities in its portfolio. The top 10 holdings constitute 87.8% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Invesco Income Allocation R is part of the Allocation global asset class and is within the Allocation fund group. Invesco Income Allocation R has 17.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 28.2%. There is 7.5% allocated to foreign stock, and 1.3% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 70.4% (60.9% domestic bond, 9.6% foreign bond and 0.7% convertible bond). Invesco Income Allocation R has -8.2% of the portfolio in cash.
Assets Under Management
The fund has $5 million in total assets, which is below the $561 million average for the Moderately Conservative Allocation category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
RLIAX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Invesco Income Allocation R expense ratio is high compared to funds in the Moderately Conservative Allocation category. Invesco Income Allocation R has an expense ratio of 1.07%, which is 6% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Invesco Income Allocation R has a portfolio turnover rate of 5%, indicating that holds its assets around 0.2 years. By way of comparison, the average portfolio turnover is 43% for the Moderately Conservative Allocation category.
Recently, in the month of July 2026, Invesco Income Allocation R returned -0.5%, which earned it a grade of C, as the Moderately Conservative Allocation category had an average return of -0.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Invesco Income Allocation R has a trailing yield of 3.89%, which is above the 3.29% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Invesco Income Allocation R Grades
Year to date, the fund has returned 4.3%, 0.5 percentage points worse than the category, which translates into a grade of D. The fund has returned 10.3% over the past year (grade of C), 8.0% over the past three years (grade of F) and 3.2% per year over the past five years (grade of F) and 4.1% per year over the past 10 years (grade of F).
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RLIAX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| RLIAX Return (NAV) | -0.5% | 1.2% | 10.3% | 8.0% | 3.2% | 4.1% |
| RLIAX Grade | C | D | C | F | F | F |
| +/- Category | -0.2% | 0.0% | -0.1% | -1.3% | -1.5% | -1.9% |
| Moderately Conservative Allocation Avg | -0.3% | 1.2% | 10.4% | 9.4% | 4.6% | 6.0% |
| RLIAX Tax Cost Ratio | na | na | 1.6% | 1.6% | 1.5% | 1.5% |
RLIAX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| RLIAX Return (NAV) | 4.3% | 11.3% | 5.6% | 6.9% | -11.9% | 7.2% | 2.1% | 14.9% | -4.7% | 7.6% | 8.9% |
| RLIAX Grade | D | C | F | F | C | F | F | D | D | F | C |
| +/- Category | -0.5% | -0.1% | -2.7% | -3.1% | -0.1% | -2.8% | -6.0% | -0.7% | -0.4% | -2.2% | 0.4% |
| Moderately Conservative Allocation Avg | 4.8% | 11.5% | 8.3% | 10.0% | -11.8% | 10.0% | 8.1% | 15.6% | -4.3% | 9.8% | 8.5% |
| Risk Measures | |
| Standard Deviation: | 6.7% |
| Total Risk Index: | 0.55 - Below Average |
| Category Risk Index: | 0.91 - Below Average |
| Category Risk Grade: | B (24% Rank) |
| Beta: | 0.70 |
| R-Squared: | 95% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Value |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 3.9% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $317 Mil |
| Fund Total Assets: | $ 5 Mil |
| Share Class Type: | Retirement |
| Portfolio Turnover: | 5% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 6.3 years | |||
| Average Tenure: 3.3 years | |||
| Managers (Year): Bennett Jeffrey (2020), Oklejas Preston (2026) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 19 |
| % in Top 10 Holdings: | 87.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 17.1% |
Portfolio Allocation |
|
| Domestic Stock: | 28.2% |
| Foreign Stock: | 7.5% |
| Preferred Stock: | 1.3% |
| Domestic Bond: | 60.9% |
| Foreign Bond: | 9.6% |
| Convertible Bond: | 0.7% |
| Other: | 0.1% |
| Cash: | -8.2% |
Purchase Information
| Fund Family: | Invesco |
| Phone Number: | 800-959-4246 |
| Website: | www.invesco.com/us |
| Status: | Open |
| Inception Date: | October 31, 2005 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 250 |
| True No-Load: | No |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.50% |
Expenses and Fees | |
| Expense Ratio (%): | 1.07% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.01% |
| Share Class: | Invesco Income Allocation R5 |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 25 |
