Fund Evaluator:
Invesco Quality Income Y (VUSIX)
Follow This Fund
Best Performing in Government Mortgage-Backed Bond Over the Last Year
| 3.2% | Fidelity Advisor Mortgage Securities Z (FIKUX) |
| 3.1% | Fidelity GNMA (FGMNX) |
| 3.1% | Vanguard Mortgage-Backed Secs Idx Adm (VMBSX) |
| 3.1% | Fidelity Mortgage Securities (FMSFX) |
| 3.0% | Vanguard GNMA Adm (VFIJX) |
Fund Details
Invesco Quality Income Y Overview
Invesco Quality Income Y (VUSIX) is an actively managed Taxable Bond Government Mortgage-Backed Bond fund. Invesco launched the fund in 2006.
The investment seeks a high level of current income, with liquidity and safety of principal. The fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in mortgage-backed securities of any maturity or type guaranteed by, or secured by collateral that is guaranteed by, the U.S. government, its agencies, instrumentalities or sponsored corporations (a Federal Agency), and in mortgage-backed securities privately issued in the United States, and in derivatives and other instruments that have economic characteristics similar to such securities.
About Invesco Quality Income Y (VUSIX)
There are 3 members of the management team with an average tenure of 11.83 years: Clint Dudley (2010), Brian Norris (2010), David Lyle (2023). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and Bloomberg US MBS TR USD index with a weighting of 100%. Invesco Quality Income Y has 651 securities in its portfolio. The top 10 holdings constitute 32.4% 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 Quality Income Y is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Invesco Quality Income Y has 0.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 1.3%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 112.6% (112.3% domestic bond, 0.3% foreign bond and 0.0% convertible bond). Invesco Quality Income Y has -13.9% of the portfolio in cash.
Assets Under Management
The fund has $61 million in total assets, which is below the $334 million average for the Government Mortgage-Backed Bond 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.
VUSIX 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 Quality Income Y expense ratio is above average compared to funds in the Government Mortgage-Backed Bond category. Invesco Quality Income Y has an expense ratio of 0.64%, which is 30% lower than its category average, making the fund expense ratio grade a C. 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 Quality Income Y has a portfolio turnover rate of 349%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 367% for the Government Mortgage-Backed Bond category.
Recently, in the month of August 2026, Invesco Quality Income Y returned 0.4%, which earned it a grade of A, as the Government Mortgage-Backed Bond 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 Quality Income Y has a trailing yield of 3.89%, which is above the 3.86% 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 Quality Income Y Grades
Year to date, the fund has returned -0.1%, 0.1 percentage points better than the category, which translates into a grade of C. The fund has returned 2.6% over the past year (grade of B), 4.5% over the past three years (grade of B) and 0.1% per year over the past five years (grade of C) and 1.3% per year over the past 10 years (grade of B).
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VUSIX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| VUSIX Return (NAV) | 0.4% | -0.7% | 2.6% | 4.5% | 0.1% | 1.3% |
| VUSIX Grade | A | B | B | B | C | B |
| +/- Category | 0.1% | 0.0% | 0.6% | 0.4% | -0.0% | 0.3% |
| Government Mortgage-Backed Bond Avg | 0.3% | -0.7% | 2.0% | 4.1% | 0.2% | 1.0% |
| VUSIX Tax Cost Ratio | na | na | 1.5% | 1.6% | 1.5% | 1.5% |
VUSIX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| VUSIX Return (NAV) | -0.1% | 8.5% | 1.2% | 5.4% | -12.3% | -1.4% | 5.7% | 6.2% | 0.1% | 2.3% | 2.7% |
| VUSIX Grade | C | A | B | A | D | C | B | B | D | A | A |
| +/- Category | 0.1% | 0.8% | 0.0% | 0.9% | -1.8% | -0.0% | 1.3% | 1.0% | -0.3% | 1.0% | 1.3% |
| Government Mortgage-Backed Bond Avg | -0.1% | 7.6% | 1.2% | 4.4% | -10.5% | -1.4% | 4.4% | 5.2% | 0.5% | 1.3% | 1.3% |
| Risk Measures | |
| Standard Deviation: | 6.5% |
| Total Risk Index: | 0.53 - Below Average |
| Category Risk Index: | 1.14 - High |
| Category Risk Grade: | F (86% Rank) |
| Beta: | 1.15 |
| R-Squared: | 99% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 3.9% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $474 Mil |
| Fund Total Assets: | $ 61 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 349% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 16.3 years | |||
| Average Tenure: 11.8 years | |||
| Managers (Year): Dudley Clint (2010), Norris Brian (2010), Lyle David (2023) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 651 |
| % in Top 10 Holdings: | 32.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.3% |
Portfolio Allocation |
|
| Domestic Stock: | 1.3% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 112.3% |
| Foreign Bond: | 0.3% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | -13.9% |
Purchase Information
| Fund Family: | Invesco |
| Phone Number: | 800-959-4246 |
| Website: | www.invesco.com/us |
| Status: | Open |
| Inception Date: | September 25, 2006 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 250 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.64% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.91% |
| Share Class: | Invesco Quality Income A |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 25 |
