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Summary Prospectus
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March 3, 2011
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Invesco
International Core Equity Fund
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Institutional Class: (IBVIX)
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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
March 3, 2011, 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 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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Institutional
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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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Redemption/Exchange Fee (as a percentage of amount
redeemed/exchanged within 31 days of purchase)
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2.00
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%
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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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Institutional
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Management Fees
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0.75
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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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0.16
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Total Annual Fund Operating Expenses
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0.91
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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 $10,000 in the Fund for the
time periods indicated and then redeem all of your
shares at the end of those periods. The Example also
assumes that your investment has a 5% return each year and that
the Funds operating expenses remain the same.
Although your actual costs may be higher or lower, based on
these assumptions, your costs would be:
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1 Year
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3 Years
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5 Years
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10 Years
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Institutional Class
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$
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93
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$
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290
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$
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504
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$
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1,120
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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 39% 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 any borrowings for investment purposes) in
equity securities. In complying with the 80% investment
requirement, the Fund may include synthetic instruments that
have economic characteristics similar to the Funds direct
investments that are counted toward the 80% investment
requirement.
The Fund invests in a diversified portfolio that consists
primarily of equity securities of foreign issuers that are, in
the portfolio managers view, attractively valued relative
to current or projected earnings, or to the current market value
of assets owned by the issuer. The Fund focuses its investments
in marketable equity securities of foreign issuers that are
listed on a foreign or U.S. securities exchange or traded in a
foreign or U.S. over-the-counter market.
The Fund invests, under normal circumstances, in issuers located
in at least three countries outside of the U.S. As of
October 31, 2010, the principal countries in which the Fund
invested were Japan, the United Kingdom, France, Switzerland and
Canada. The Fund emphasizes investment in issuers in the
developed countries of Western Europe and the Pacific Basin. The
Fund may invest up to 100% of its net assets in foreign
securities. The Fund may invest up to 20% of its total assets in
issuers located in developing countries, i.e., those that are
identified as in the initial stages of their industrial cycles.
In selecting securities for the Fund, the portfolio managers
seek to identify attractively valued issuers with market
capitalization in excess of $1 billion. Initial factors
considered by the portfolio managers when evaluating potential
investments include an issuers return on equity, amount of
shareholders capital and the percentage of earnings paid
in dividends, as well as an issuers historic earnings
stability and overall debt levels. In analyzing potential
investments, the portfolio managers conduct research on issuers
meeting their criteria and may communicate directly with
management.
The Funds portfolio managers consider selling a security
when (1) its share price increases to where it is no longer
attractively priced relative to other issuers within their
proprietary valuation model, (2) its fundamentals
deteriorate or (3) it causes the portfolios tracking
error relative to its benchmark to fall outside acceptable risk
parameters.
1 Invesco
International Core Equity Fund
I-ICE-SUMPRO-2
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:
Developing Markets Securities Risk. Securities issued by
foreign companies and governments located in developing
countries may be affected more negatively by inflation,
devaluation of their currencies, higher transaction costs,
delays in settlement, adverse political developments, the
introduction of capital controls, withholding taxes,
nationalization of private assets, expropriation, social unrest,
war or lack of timely information than those in developed
countries.
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. Foreign companies may be subject to less regulation
resulting in less publicly available information about the
companies.
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/style specific securities
market 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.
Best Quarter (ended June 30, 2009): 24.83%
Worst Quarter (ended December 31, 2008): -19.22%
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Average Annual Total Returns (for the periods ended
December 31, 2010)
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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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Institutional Class: Inception (04/30/04)
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Before Taxes
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6.26
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%
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2.98
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%
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6.51
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%
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After Taxes on Distributions
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6.22
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2.39
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5.96
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Return After Taxes on Distributions and Sale of Fund Shares
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4.74
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2.68
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5.78
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MSCI
EAFE®
Index (from 04/30/04)
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7.75
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2.46
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6.39
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Lipper International Large-Cap Core Funds Index (from 04/30/04)
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8.82
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2.33
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6.04
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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
arrangements, 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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Ingrid Baker
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Portfolio Manager
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1999
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W. Lindsay Davidson
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Portfolio Manager
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1998
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Sargent McGowan
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Portfolio Manager
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2009
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Anuja Singha
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Portfolio Manager
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2009
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Stephen Thomas
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Portfolio Manager
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2010
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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.
The minimum investments for Institutional Class shares for fund
accounts are as follows:
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Initial Investment
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Additional Investments
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Type of Account
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Per Fund
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Per Fund
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Defined Contribution Plan (for which sponsor has
$100 million in combined defined contribution and defined
benefit assets)
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$0
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$0
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Defined Contribution Plan (for which a sponsor has less than
$100 million in combined defined contribution and defined
benefit assets)
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$10 Million
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$0
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Banks, trust companies and certain other financial intermediaries
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$10 Million
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$0
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Financial intermediaries and other corporations acting for their
own accounts
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$1 Million
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$0
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Foundations or Endowments
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$1 Million
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$0
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Other institutional investors
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$1 Million
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$0
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Defined Benefit Plan
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$0
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$0
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Pooled investment vehicles (e.g., Funds of Funds)
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$0
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$0
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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 I-ICE-SUMPRO-2