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Summary Prospectus
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September 24, 2012
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Invesco Summit
Fund
Class:
R5 (SMITX)
Before you invest, you may want to review the Funds
prospectus, which contains more information about the Fund and
its risks. You can find the Funds prospectus and other
information about the Fund online at www.invesco.com/prospectus.
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 Funds
prospectus and statement of additional information, both dated
September 24, 2012, 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(s)
The Funds 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.
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Shareholder Fees (fees paid directly from your
investment)
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Class:
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R5
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Maximum Sales Charge (Load) Imposed on Purchases (as a
percentage of offering price)
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None
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Maximum Deferred Sales Charge (Load) (as a percentage of
original purchase price or redemption proceeds, whichever is
less)
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None
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Annual Fund Operating Expenses (expenses that you pay
each year as a percentage of the value of your
investment)
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Class:
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R5
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Management Fees
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0.64
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%
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Distribution and/or Service
(12b-1) Fees
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None
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Other Expenses
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0.11
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Total Annual Fund Operating Expenses
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0.75
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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 $10,000 in the Fund for the
time periods indicated and then redeem all of your
shares at the end of those periods. The Example also
assumes that your investment has a 5% return each year and that
the Funds operating expenses remain the same.
Although your actual costs may be higher or lower, based on
these assumptions, your costs would be:
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1 Year
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3 Years
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5 Years
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10 Years
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Class R5
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$
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77
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$
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240
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$
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417
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$
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930
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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 Funds
performance. During the most recent fiscal year, the Funds
portfolio turnover rate was 59% of the average value of its
portfolio.
Principal
Investment Strategies of the Fund
The Fund invests primarily in equity securities of issuers of
all market capitalizations.
The Fund may invest up to 25% of its total assets in foreign
securities.
The portfolio manager focuses on securities of issuers
exhibiting long-term, sustainable earnings and cash flow growth
that is not yet reflected in investor expectations or equity
valuations. The portfolio manager actively manages the Fund
using a two-step security selection process that combines
quantitative and fundamental analyses. The quantitative analysis
ranks securities based primarily on a set growth, quality and
valuation factors.
The fundamental analysis identifies and analyzes both industries
and issuers with strong characteristics of revenue, earnings and
cash flow growth. Valuation metrics are also incorporated in the
analysis.
The portfolio manager looks for key issuer-specific attributes
including: market leadership position with the potential for
additional growth; value added products or services with pricing
power; sustainable growth in revenue, earnings and cash flow;
potential to improve profitability and return on capital; and a
strong balance sheet, appropriate financial leverage and a
prudent use of capital.
The portfolio is constructed to minimize unnecessary risk by
broadly diversifying the portfolio.
The portfolio manager considers selling a security if
fundamental business prospects deteriorate, quantitative rank
delaines, the investment thesis deteriorates, or for a more
attractive investment opportunity.
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:
Foreign Securities Risk. The Funds foreign
investments may be affected by changes in a foreign
countrys exchange rates, political and social instability,
changes in economic or taxation policies, difficulties when
enforcing obligations, decreased liquidity, and increased
volatility.
1 Invesco
Summit Fund
SUM-SUMPRO-2
Foreign companies may be subject to less regulation resulting in
less publicly available information about the companies.
Growth Investing Risk. Growth stocks tend to be more
expensive relative to their earnings or assets compared with
other types of stock. As a result they tend to be more sensitive
to changes in their earnings and can be more volatile.
Management Risk. The investment techniques and risk
analysis used by the Funds portfolio managers may not
produce the desired results.
Market Risk. The prices of and the income generated by
the Funds 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.
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 the Fund from year to year as of
December 31. The performance table compares the Funds
performance to that of a broad-based securities market
benchmark, a style specific benchmark and a peer group benchmark
comprised of funds with investment objectives and strategies
similar to the Fund. The Funds past performance (before
and after taxes) is not necessarily an indication of its future
performance. Updated performance information is available on the
Funds Web site at www.invesco.com/us.
Annual Total
Returns
Class R5 shares year-to-date
(ended June 30, 2012): 8.73%
Best Quarter (ended September 30, 2010): 11.81%
Worst Quarter (ended September 30, 2011): -16.75%
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Average Annual Total Returns (for the periods ended
December 31, 2011)
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1
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5
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Since
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Year
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Years
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Inception
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Class R5 shares1:
Inception (10/3/2008)
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Return Before Taxes
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-4.42
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%
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-0.53
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%
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1.72
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%
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Return After Taxes on Distributions
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-4.54
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-0.86
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1.42
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Return After Taxes on Distributions and Sale of Fund Shares
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-2.87
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-0.50
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1.42
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S&P
500®
Index (reflects no deductions for fees, expenses or taxes) (from
10/31/2005)
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2.09
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-0.25
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2.82
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Russell
1000®
Growth Index (reflects no deductions for fees, expenses or
taxes) (from 10/31/2005)
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2.64
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2.50
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4.13
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Lipper Multi-Cap Growth Funds Index (from 10/31/2005)
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-4.02
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0.87
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3.09
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1
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Class R5 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. The inception date of the Funds
Class A shares is October 31, 2005.
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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 investors 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
arrangement, such as 401(k) plans or individual retirement
accounts.
Management
of the Fund
Investment Adviser: Invesco Advisers, Inc.
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Portfolio Managers
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Title
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Length of Service on the Fund
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Erik Voss
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Portfolio Manager (lead)
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2012
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Ryan Amerman
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Portfolio Manager
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2008
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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.
There is no minimum initial investment for (i) a defined
contribution plan with at least $100 million of combined
defined contribution and defined benefit plan assets, or
(ii) retirement plans investing through a retirement
platform that administers at least $2.5 billion in
retirement plan assets and trades multiple plans through an
omnibus account. All other retirement plans must meet a minimum
initial investment of at least $1 million in each Fund in
which it invests.
The minimum initial investment for all other institutional
investors is $10 million, unless such investment is made by
an investment company, as defined under the Investment Company
Act of 1940 (1940 Act), as amended, that is part of a family of
investment companies which own in the aggregate at least
$100 million in securities, in which case there is no
minimum initial investment.
Tax
Information
The Funds distributions generally are 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
Funds 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 intermediarys Web site for more information.
invesco.com/us SUM-SUMPRO-2