-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Pb5SSwhL2oPI9/MBKhnDCGJYE251vTrH+MhLSuTUwBHE7BPMIwKG6ZEsmh4/oMNd t2R1Ir4m4eOYhSDbjT95/g== 0000950123-10-023566.txt : 20100311 0000950123-10-023566.hdr.sgml : 20100311 20100311155918 ACCESSION NUMBER: 0000950123-10-023566 CONFORMED SUBMISSION TYPE: 497K PUBLIC DOCUMENT COUNT: 4 FILED AS OF DATE: 20100311 DATE AS OF CHANGE: 20100311 EFFECTIVENESS DATE: 20100311 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AIM EQUITY FUNDS CENTRAL INDEX KEY: 0000105377 IRS NUMBER: 132576643 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 497K SEC ACT: 1933 Act SEC FILE NUMBER: 002-25469 FILM NUMBER: 10674115 BUSINESS ADDRESS: STREET 1: 11 GREENWAY PLZ STREET 2: STE 100 CITY: HOUSTON STATE: TX ZIP: 77046 BUSINESS PHONE: 7136261919 MAIL ADDRESS: STREET 1: 11 GREENWAY PLAZA STREET 2: SUITE 100 CITY: HOUSTON STATE: TX ZIP: 77046 FORMER COMPANY: FORMER CONFORMED NAME: AIM EQUITY FUNDS INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: WEINGARTEN EQUITY FUND INC DATE OF NAME CHANGE: 19880929 FORMER COMPANY: FORMER CONFORMED NAME: COMPUFUND INC DATE OF NAME CHANGE: 19880616 0000105377 S000000261 AIM Large Cap Growth Fund C000000640 Class A LCGAX C000000641 Class B LCGBX C000000642 Class C LCGCX C000000643 Class R LCRGX C000000644 Investor Class LCGIX C000021922 Institutional Class LCIGX C000069439 Class Y LCGYX 497K 1 h69065koe497k.htm 497K e497k

[INVESCO LOGO APPEARS HERE]

 
     
Summary Prospectus   March 11, 2010
 
AIM Large Cap Growth Fund
Effective April 30, 2010, AIM Large Cap Growth Fund will be known as Invesco Large Cap Growth Fund.
 
Class: A (LCGAX), B (LCGBX), C (LCGCX), R (LCRGX), Y (LCGYX), Investor (LCGIX)
     

 

 
 
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 and other information about the Fund online at www.invescoaim.com/prospectus. Effective April 30, 2010, www.invescoaim.com will be changed to www.invesco.com. 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 March 11, 2010, are incorporated by reference into this Summary Prospectus and may be obtained, free of charge, at the Web site, phone number or e-mail address noted above.
 
Investment Objective
The Fund’s investment objective is long-term growth of capital.
 
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
 
You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the AIM Funds. Effective April 1, 2010, you may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the AIM Funds. Effective April 30, 2010, any and all references in the prospectus to “AIM Funds” are replaced with “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   B   C   R   Y   Investor
 
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)     5.50 %     None       None       None       None       None  
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, whichever is less)     None       5.00 %     1.00 %     None       None       None  
 
                                                 
 
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
 
Class:   A   B   C   R   Y   Investor
 
Management Fees     0.66 %     0.66 %     0.66 %     0.66 %     0.66 %     0.66 %
Distribution and/or Service (12b-1) Fees     0.25       1.00       1.00       0.50       None       0.17  
Other Expenses     0.64       0.64       0.64       0.64       0.64       0.64  
Acquired Fund Fees and Expenses     0.01       0.01       0.01       0.01       0.01       0.01  
Total Annual Fund Operating Expenses     1.56       2.31       2.31       1.81       1.31       1.48  
 
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. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.
 
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
  $ 700     $ 1,016     $ 1,353     $ 2,304      
Class B
    734       1,021       1,435       2,458      
Class C
    334       721       1,235       2,646      
Class R
    184       569       980       2,127      
Class Y
    133       415       718       1,579      
Investor Class     151       468       808       1,768      
 
You would pay the following expenses if you did not redeem your shares:
 
                                     
    1 Year   3 Years   5 Years   10 Years    
 
Class A
  $ 700     $ 1,016     $ 1,353     $ 2,304      
Class B
    234       721       1,235       2,458      
Class C
    234       721       1,235       2,646      
Class R
    184       569       980       2,127      
Class Y
    133       415       718       1,579      
Investor Class     151       468       808       1,768      
 
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 the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 59% of the average value of its portfolio.
 
Principal Investment Strategies of the Fund
The Fund invests, under normal circumstances, at least 80% of net assets (plus borrowings for investment purposes) in securities of large capitalization issuers. In complying with the 80% investment requirement, the Fund
 
1        AIM Large Cap Growth Fund

 

may also invest in the following other investments with economic characteristics similar to the Fund’s direct investments: derivatives, exchange-traded funds (ETFs) and American Depositary Receipts. These derivatives and other investments may have the effect of leveraging the Fund’s portfolio. The Fund invests primarily in equity securities.
 
The Fund may also invest up to 25% of its total assets in foreign securities.
 
The Fund’s portfolio managers seek to identify large-cap issuers with the potential to meet or exceed consensus earnings estimates and that can generate sustainable growth characteristics. They utilize a rules-based approach that balances proprietary quantitative analysis with rigorous fundamental analysis. They also incorporate a proprietary sell model that seeks to identify and eliminate securities at high risk of underperformance.
 
First, the portfolio managers use a quantitative model to rank issuers based on a set of fundamental, valuation and timeliness factors.
 
The portfolio managers then use fundamental analysis which includes an examination of financial statements to gain a critical understanding of growth drivers. They analyze industry trends, growth rates and the competitive landscape. Valuation is also a key consideration.
 
The portfolio managers consider whether to sell a particular security due to deteriorating business prospects, negative changes to the investment thesis, and/or signals from their sell model.
 
Principal Risks of Investing in the Fund
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 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.
 
Foreign Securities Risk. The Fund’s foreign investments will be affected by changes in the foreign country’s exchange rates; political and social instability; changes in economic or taxation policies; difficulties when enforcing obligations; decreased liquidity; and increased volatility. Foreign companies may be subject to less regulation resulting in less publicly available information about the companies.
 
Exchange-Traded Funds Risk. An investment by an underlying fund in ETFs generally presents the same primary risks as an investment in a mutual fund. In addition, ETFs may be subject to the following: (1) a discount of the ETF’s shares to its net asset value; (2) failure to develop an active trading market for the ETF’s shares; (3) the listing exchange halting trading of the ETF’s shares; (4) failure of the ETFs shares to track the referenced index; and (5) holding troubled securities in the referenced index.
 
Limited Number of Holdings Risk. The Fund may invest a large percentage of its assets in a limited number of securities, which could negatively affect the value of the Fund.
 
Management Risk. The investment techniques and risk analysis used by the Fund’s portfolio managers may produce the desired results.
 
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 government agency.
 
Performance Information
The bar chart and performance table shown below provide an indication of the risks of investing in the Fund. The performance table compares the Fund’s performance to that of a broad-based securities market benchmark, a style specific benchmark and a peer group benchmark with similar investment objectives of the Fund. The benchmarks may not reflect payment of fees, expenses or taxes. The Fund is not managed to track the performance of any particular benchmark, including the benchmarks shown below, and consequently, the performance of the Fund may deviate significantly from the performance of these benchmarks. The Fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. Updated performance information is available at www.invescoaim.com. Effective April 30, 2010, www.invescoaim.com will be changed to www.invesco.com.
 
Annual Total Returns
The bar chart shows changes in the performance of the Fund from year to year as of December 31. The bar chart does not reflect sales loads. If it did, the annual total returns shown would be lower.
 
Best Quarter (ended March 31, 2000): 26.64%.
Worst Quarter (ended March 31, 2001): (34.26)%.
 
                                 
 
Average Annual Total Returns (for the periods ended December 31, 2009)
 
    1
 		  5
 		  10
 		  Inception
    Year   Years   Years   Date
 
Class A:                             03/01/99  
Return Before Taxes
    18.12 %     (0.47 )%     (3.49 )%        
Return After Taxes on Distributions
    18.09       (0.47 )     (3.49 )        
Return After Taxes on Distributions and Sale of Fund Shares
    11.82       (0.40 )     (2.89 )        
Class B     19.09       (0.49 )     (3.49 )     04/05/99  
Class C     23.09       (0.10 )     (3.63 )     04/05/99  
Class R1     24.66       0.40       (3.13 )     06/03/02  
Class Y2     25.17       0.69       (2.93 )     10/03/08  
Investor Class2     25.04       0.72       (2.87 )     09/30/03  
S&P 500® Index     26.47       0.42       (0.95 )        
Russell 1000® Growth Index     37.21       1.63       (3.99 )        
Lipper Large-Cap Growth Funds Index     38.50       1.01       (4.51 )        
 
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-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only and after-tax returns for other classes will vary.
     
1
  Class R shares performance shown prior to the inception date is that of Class A shares restated to reflect the higher 12b-1 fees applicable to Class R shares. Class A shares performance reflects any applicable fee waivers or expense reimbursements.
2
  Class Y shares and Investor Class shares performance shown prior to the inception date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares. Class A shares performance reflects any applicable fee waivers or expense reimbursements.
 
Management of the Fund
Investment Adviser: Invesco Advisers, Inc.
 
             
Portfolio Managers   Title   Service Date
 
Geoffrey Keeling   Senior Portfolio Manager     1999  
Robert Shoss   Senior Portfolio Manager     1999  
 
Purchase and Sale of Fund Shares
You may purchase, redeem or exchange shares of the Fund on any business day through your financial adviser, through our Web site at www.invescoaim.com, by mail to Invesco Aim Investment Services, Inc., P.O. Box 4739, Houston, Texas 77210-4739, or by telephone at 800-959-4246. Effective April 30, 2010, Invesco Aim Investment Services, Inc. will be known as Invesco Investment Services, Inc
 
2        AIM Large Cap Growth Fund

 

There are no minimum investments for Class R shares for Fund accounts. The minimum investments for Class A, B, C, Y and Investor Class shares for Fund accounts are as follows:
 
                 
    Initial Investment
 		  Additional Investments
Type of Account   Per Fund   Per Fund
 
Asset or fee-based accounts managed by your financial adviser     None       None  
Eligible employee benefit plans, SEP, SARSEP and SIMPLE IRA plans     None       None  
IRAs, Roth IRAs and Coverdell ESA accounts 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, Roth IRAs and Coverdell ESAs     250       25  
All other accounts     1,000       50  
 
Tax Information
The Fund’s distributions are generally taxable to you as ordinary income, capital gains, or some combination of both, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement 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 and the Fund’s distributor or its related 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 Web site for more information.
 
3        AIM Large Cap Growth Fund

 

invescoaim.com  LCG-SUMPRO-1

 

[INVESCO LOGO APPEARS HERE]

 
     
Summary Prospectus   March 11, 2010
 
AIM Large Cap Growth Fund
Effective April 30, 2010, AIM Large Cap Growth Fund will be known as Invesco Large Cap Growth Fund.
 
Institutional Class: (LCIGX)
     

 

 
 
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 and other information about the Fund online at www.invescoaim.com/prospectus. Effective April 30, 2010, www.invescoaim.com will be changed to www.invesco.com. You can also get this information at no cost by calling (800) 659-1005 or by sending an e-mail request to ProspectusRequest@invesco.com. The Fund’s prospectus and statement of additional information, both dated March 11, 2010, are incorporated by reference into this Summary Prospectus and may be obtained, free of charge, at the Web site, phone number or e-mail address noted above.
 
Investment Objective
The Fund’s investment objective is long-term growth of capital.
 
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy and hold Institutional Class shares of the Fund.
 
             
 
Shareholder Fees (fees paid directly from your investment)
 
    Institutional Class    
 
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)     None      
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, whichever is less)     None      
 
             
 
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
 
    Institutional Class    
 
Management Fees     0.66 %    
Distribution and/or Service (12b-1) Fees     None      
Other Expenses     0.10      
Acquired Fund Fees and Expenses     0.01      
Total Annual Fund Operating Expenses     0.77      
 
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. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.
 
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    
 
Institutional Class
  $ 79     $ 246     $ 428     $ 954      
 
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 the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 59% of the average value of its portfolio.
 
Principal Investment Strategies of the Fund
The Fund invests, under normal circumstances, at least 80% of net assets (plus borrowings for investment purposes) in securities of large capitalization issuers. In complying with the 80% investment requirement, the Fund may also invest in the following investments with economic characteristics similar to the Fund’s direct investments: derivatives, exchange-traded funds (ETFs) and American Depositary Receipts. These derivatives and other investments may have the effect of leveraging the Fund’s portfolio. The Fund invests primarily in equity securities.
 
The Fund may also invest up to 25% of its total assets in foreign securities.
 
The Fund’s portfolio managers seek to identify large-cap issuers with the potential to meet or exceed consensus earnings estimates and that can generate sustainable growth characteristics. They utilize a rules-based approach that balances proprietary quantitative analysis with rigorous fundamental analysis. They also incorporate a proprietary sell model that seeks to identify and eliminate securities at high risk of underperformance.
 
First, the portfolio managers use a quantitative model to rank issuers based on a set of fundamental, valuation and timeliness factors.
 
The portfolio managers then use fundamental analysis which includes an examination of financial statements to gain a critical understanding of growth drivers. They analyze industry trends, growth rates and the competitive landscape. Valuation is also a key consideration.
 
The portfolio managers consider whether to sell a particular security due to deteriorating business prospects, negative changes to the investment thesis, and/or signals from their sell model.
 
Principal Risks of Investing in the Fund
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 prices of and the income generated by the Fund’s securities may decline in response to, among other things, investor
 
1        AIM Large Cap Growth Fund

 

sentiment; general economic and market conditions; regional or global instability; and currency and interest rate fluctuations.
 
Foreign Securities Risk. The Fund’s foreign investments will be affected by changes in the foreign country’s exchange rates; political and social instability; changes in economic or taxation policies; difficulties when enforcing obligations; decreased liquidity; and increased volatility. Foreign companies may be subject to less regulation resulting in less publicly available information about the companies.
 
Exchange-Traded Funds Risk. An investment by an underlying fund in ETFs generally presents the same primary risks as an investment in a mutual fund. In addition, ETFs may be subject to the following: (1) a discount of the ETF’s shares to its net asset value; (2) failure to develop an active trading market for the ETF’s shares; (3) the listing exchange halting trading of the ETF’s shares; (4) failure of the ETFs shares to track the referenced index; and (5) holding troubled securities in the referenced index.
 
Limited Number of Holdings Risk. The Fund may invest a large percentage of its assets in a limited number of securities, which could negatively affect the value of the Fund.
 
Management Risk. The investment techniques and risk analysis used by the Fund’s portfolio managers may produce the desired results.
 
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 government agency.
 
Performance Information
The bar chart and performance table provide an indication of the risks of investing in the Fund. The performance table compares the Fund’s performance to that of a broad-based securities market benchmark, a style specific benchmark and a peer group benchmark with similar investment objectives to the Fund. The benchmarks may not reflect payment of fees, expenses or taxes. The Fund is not managed to track the performance of any particular benchmark, including the benchmarks shown below, and consequently, the performance of the Fund may deviate significantly from the performance of these benchmarks. The Fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. Updated performance information is available at www.invescoaim.com. Effective April 30, 2010, www.invescoaim.com will be changed to www.invesco.com.
 
Annual Total Returns
The bar chart shows changes in the performance of the Fund from year to year as of December 31. Institutional Class shares are not subject to sales loads.
 
Best Quarter (ended September 30, 2009): 13.49%
Worst Quarter (ended December 31, 2008): (19.16)%
 
                                 
 
Average Annual Total Returns (for the periods ended December 31, 2009)
 
    1
 		  5
 		  10
 		  Inception
    Year   Years   Years   Date
 
Institutional Class1:                             04/30/04  
Return Before Taxes     25.85 %     1.25 %     (2.62 )%        
Return After Taxes on Distributions
    25.72       1.23       (2.63 )        
Return After Taxes on Distributions and Sale of Fund Shares
    16.97       1.07       (2.18 )        
S&P 500® Index
    26.47       0.42       (0.95 )        
Russell 1000® Growth Index
    37.21       1.63       (3.99 )        
Lipper Large-Cap Growth Funds Index
    38.50       1.01       (4.51 )        
 
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-deferred arrangements, such as 401(k) plans or individual retirement accounts.
     
1
  Institutional Class shares performance shown prior to the inception date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares. Class A shares performance reflects any applicable fee wavers or expense reimbursements.
 
Management of the Fund
Investment Adviser: Invesco Advisers, Inc.
 
             
Portfolio Managers   Title   Service Date
 
Geoffrey Keeling   Senior Portfolio Manager     1999  
Robert Shoss   Senior Portfolio Manager     1999  
 
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 800-659-1005.
 
The minimum investments for Institutional Class shares for Fund accounts are as follows:
 
                 
    Initial Investment
 		  Additional Investments
Type of Account   Per Fund   Per Fund
 
Defined Contribution Plan (for which sponsor has $100 million in combined defined contribution and defined benefit assets)     $0       $0  
Defined Contribution Plan (for which a sponsor has less than $100 million in combined defined contribution and defined benefit assets)     $10 Million       $0  
Banks, trust companies and certain other financial intermediaries     $10 Million       $0  
Financial intermediaries and other corporations acting for their own accounts, foundations and endowments     $1 Million       $0  
Defined Benefit Plan     $0       $0  
Pooled investment vehicles
(e.g., Funds of Funds) 		    $0       $0  
Other institutional investors     $1 Million       $0  
 
Tax Information
The Fund’s distributions are generally taxable to you as ordinary income, capital gains, or some combination of both, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or individual retirement 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 and the Fund’s distributor or its related companies may pay the intermediary for the sale of Fund shares
 
2        AIM Large Cap Growth Fund

 

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 Web site for more information.
 
3        AIM Large Cap Growth Fund

 

invescoaim.com  LCG-SUMPRO-2

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