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| Summary Prospectus | February 28, 2013 | |
|
Invesco Select Opportunities
Fund |
||
| Class: A (IZSAX), C (IZSCX), R (IZSRX), Y (IZSYX) | ||
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.invesco.com/prospectus.
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
February 28, 2013, 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 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
$50,000 in the 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 | C | R | Y | ||||||||||||||
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | 5.50 | % | None | None | None | |||||||||||||
| Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, whichever is less) | None | 1.00 | % | None | None | |||||||||||||
|
Annual Fund Operating Expenses (expenses that you pay
each year as a percentage of the value of your
investment) |
||||||||||||||||||
| Class: | A | C | R | Y | ||||||||||||||
|
Management Fees
|
0.80 | % | 0.80 | % | 0.80 | % | 0.80 | % | ||||||||||
|
Distribution and/or Service
(12b-1) Fees
|
0.25 | 1.00 | 0.50 | None | ||||||||||||||
|
Other
Expenses1
|
1.71 | 1.71 | 1.71 | 1.71 | ||||||||||||||
|
Total Annual Fund Operating
Expenses1
|
2.76 | 3.51 | 3.01 | 2.51 | ||||||||||||||
|
Fee Waiver and/or Expense
Reimbursement2
|
1.25 | 1.25 | 1.25 | 1.25 | ||||||||||||||
|
Total Annual Fund Operating Expenses After Fee Waiver and/or
Expense Reimbursement
|
1.51 | 2.26 | 1.76 | 1.26 | ||||||||||||||
|
1
|
“Other Expenses” and “Total Annual Fund Operating Expenses” are based on estimated amounts for the current fiscal year. | |
|
2
|
Invesco Advisers, Inc. (Invesco or the Adviser) has contractually agreed, through at least February 28, 2014, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement (excluding certain items discussed in the SAI) of Class A, Class C, Class R and Class Y shares to 1.51%, 2.26%, 1.76% and 1.26%, respectively, of average daily net assets. Unless the Board of Trustees and Invesco mutually agree to amend or continue the fee waiver agreement, it will terminate on February 28, 2014. |
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 | |||||||||
|
Class A
|
$ | 695 | $ | 1,247 | ||||||
|
Class C
|
$ | 329 | $ | 961 | ||||||
|
Class R
|
$ | 179 | $ | 813 | ||||||
|
Class Y
|
$ | 128 | $ | 662 | ||||||
You would pay the following expenses if you did not redeem your
shares:
| 1 Year | 3 Years | |||||||||
|
Class A
|
$ | 695 | $ | 1,247 | ||||||
|
Class C
|
$ | 229 | $ | 961 | ||||||
|
Class R
|
$ | 179 | $ | 813 | ||||||
|
Class Y
|
$ | 128 | $ | 662 | ||||||
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 period August 3, 2012 to
October 31, 2012 the Fund’s portfolio turnover rate
was 7% of the average value of its portfolio.
Principal
Investment Strategies of the Fund
The Fund generally invests in equity securities of
small-capitalization domestic and foreign issuers, including
securities of issuers located in emerging markets countries,
i.e., those that are in the initial stages of their industrial
cycle. The principal types of equity securities in which the
Fund invests are common and preferred stock, convertible
securities, rights and warrants to purchase common stock and
depositary receipts.
The Fund may invest up to 10% of its net assets in fixed-income
securities such as investment-grade debt securities and
longer-term U.S. government securities
1 Invesco
Select Opportunities Fund
SOPP-SUMPRO-1
The Fund is non-diversified, which means it can invest a greater
percentage of its assets in a small number of issuers or in any
one issuer than a diversified fund can.
In selecting securities, the portfolio managers seek to identify
issuers that are both attractively priced relative to their
prospective earnings and cash flow, and have strong long-term
growth prospects. In evaluating issuers, the portfolio managers
emphasize several factors such as the quality of the
issuer’s management team, their commitment to securing a
competitive advantage, and the issuer’s sustainable growth
potential.
The portfolio managers typically consider whether to sell a
security in any of four circumstances: 1) a more attractive
investment opportunity is identified, 2) the full value of
the investment is deemed to have been realized, 3) there
has been a fundamental negative change in the management
strategy of the issuer, or 4) there has been a fundamental
negative change in the competitive environment.
The Fund may at times invest a significant amount of its assets
in cash and cash equivalents if the portfolio managers are not
able to find equity securities that meet their investment
criteria. As a result, the Fund may not achieve its investment
objective.
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:
Cash/Cash Equivalents Risk. Holding cash or cash
equivalents may negatively affect performance.
Debt Securities Risk. The Fund may invest in debt
securities that are affected by changing interest rates and
changes in their effective maturities and credit quality.
Depositary Receipts Risk. Depositary receipts involve
many of the same risks as those associated with direct
investment in foreign securities. In addition, the underlying
issuers of certain depositary receipts, particularly unsponsored
or unregistered depositary receipts, are under no obligation to
distribute shareholder communications to the holders of such
receipts or to pass through to them any voting rights with
respect to the deposited securities.
Developing/Emerging Markets Securities Risk. The prices
of securities issued by foreign companies and governments
located in developing/emerging markets 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 Fund’s foreign
investments may be affected by changes in a 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.
Management Risk. The investment techniques and risk
analysis used by the Fund’s portfolio managers may not
produce the desired results.
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.
Non-Diversification Risk. The Fund is non-diversified and
can invest a greater portion of its assets in a small number of
issuers or a single issuer. A change in the value of the issuer
could affect the value of the Fund more than if it was a
diversified fund.
Small- and Mid-Capitalization Risks. Stocks of small- and
mid-sized companies tend to be more vulnerable to adverse
developments and may have little or no operating history or
track record of success, and limited product lines, markets,
management and financial resources. The securities of small- and
mid-sized companies may be more volatile due to less market
interest and less publicly available information about the
issuer. They also may be illiquid or restricted as to resale, or
may trade less frequently and in smaller volumes, all of which
may cause difficulty when establishing or closing a position at
a desirable price.
U.S. Government Obligations Risk. The Fund may
invest in obligations issued by U.S. Government agencies
and instrumentalities that may receive varying levels of support
from the government, which could affect the Fund’s ability
to recover should they default.
Performance
Information
No performance information is available for the Fund because it
has not yet completed a full calendar year of operations. In the
future, the Fund will disclose performance information in a bar
chart and performance table. Such disclosure will give some
indication of the risks of an investment in the Fund by
comparing the Fund’s performance with a broad measure of
market performance and by showing changes in the Fund’s
performance from year to year.
Management
of the Fund
Investment Adviser: Invesco Advisers, Inc.
Investment
Sub-Adviser:
Invesco Canada Ltd.
| Portfolio Managers | Title | Length of Service on the Fund | ||||
| Virginia Au | Portfolio Manager (lead) | 2012 | ||||
| Robert Mikalachki | Portfolio Manager | 2012 | ||||
| Jason Whiting | Portfolio Manager | 2012 | ||||
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.invesco.com/us, by mail to Invesco Investment
Services, Inc., P.O. Box 219078, Kansas City, MO
64121-9078,
or by telephone at
800-959-4246.
There are no minimum investments for Class R shares for
fund accounts. The minimum investments for Class A, C and Y
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 | ||||||
| Employer Sponsored Retirement and Benefit Plans and Employer Sponsored IRAs | None | None | ||||||
| IRAs and Coverdell ESAs 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 and Coverdell ESAs | 250 | 25 | ||||||
| All other accounts | 1,000 | 50 | ||||||
Tax
Information
The Fund’s 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
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
2 Invesco
Select Opportunities Fund
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 Invesco
Select Opportunities Fund
invesco.com/us SOPP-SUMPRO-1
| Summary Prospectus | February 28, 2013 | |
|
Invesco Select Opportunities
Fund |
||
| Class: R5 (IZSIX), R6 (IZFSX) | ||
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.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 Fund’s
prospectus and statement of additional information, both dated
February 28, 2013, 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 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.
|
Shareholder Fees (fees paid directly from your
investment) |
||||||||||
| Class: | R5 | R6 | ||||||||
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | None | None | ||||||||
| Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, whichever is less) | None | None | ||||||||
|
Annual Fund Operating Expenses (expenses that you pay
each year as a percentage of the value of your
investment) |
||||||||||
| Class: | R5 | R6 | ||||||||
|
Management Fees
|
0.80 | % | 0.80 | % | ||||||
|
Distribution and/or Service
(12b-1) Fees
|
None | None | ||||||||
|
Other
Expenses1
|
1.59 | 1.55 | ||||||||
|
Total Annual Fund Operating
Expenses1
|
2.39 | 2.35 | ||||||||
|
Fee Waiver and/or Expense
Reimbursement2
|
1.13 | 1.09 | ||||||||
|
Total Annual Fund Operating Expenses After Fee Waiver and/or
Expense Reimbursement
|
1.26 | 1.26 | ||||||||
|
1
|
“Other Expenses” and “Total Annual Fund Operating Expenses” are based on estimated amounts for the current fiscal year. | |
|
2
|
Invesco Advisers, Inc. (Invesco or the Adviser) has contractually agreed, through at least February 28, 2014, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement (excluding certain items discussed in the SAI) of each of Class R5 and Class R6 shares to 1.26% of average daily net assets. Unless the Board of Trustees and Invesco mutually agree to amend or continue the fee waiver agreement, it will terminate on February 28, 2014. |
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 | |||||||||
|
Class R5
|
$ | 128 | $ | 637 | ||||||
|
Class R6
|
$ | 128 | $ | 629 | ||||||
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 period August 3, 2012 to
October 31, 2012 the Fund’s portfolio turnover rate
was 7% of the average value of its portfolio.
Principal
Investment Strategies of the Fund
The Fund generally invests in equity securities of
small-capitalization domestic and foreign issuers, including
securities of issuers located in emerging markets countries,
i.e., those that are in the initial stages of their industrial
cycle. The principal types of equity securities in which the
Fund invests are common and preferred stock, convertible
securities, rights and warrants to purchase common stock and
depositary receipts.
The Fund may invest up to 10% of its net assets in fixed-income
securities such as investment-grade debt securities and
longer-term U.S. government securities
The Fund is non-diversified, which means it can invest a greater
percentage of its assets in a small number of issuers or in any
one issuer than a diversified fund can.
In selecting securities, the portfolio managers seek to identify
issuers that are both attractively priced relative to their
prospective earnings and cash flow, and have strong long-term
growth prospects. In evaluating issuers, the portfolio managers
emphasize several factors such as the quality of the
issuer’s management team, their commitment to securing a
competitive advantage, and the issuer’s sustainable growth
potential.
The portfolio managers typically consider whether to sell a
security in any of four circumstances: 1) a more attractive
investment opportunity is identified, 2) the full value of
the investment is deemed to have been realized, 3) there
has been a fundamental negative change in the management
strategy of the issuer, or 4) there has been a fundamental
negative change in the competitive environment.
The Fund may at times invest a significant amount of its assets
in cash and cash equivalents if the portfolio managers are not
able to find equity securities that meet their investment
criteria. As a result, the Fund may not achieve its investment
objective.
1 Invesco
Select Opportunities Fund
SOPP-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:
Cash/Cash Equivalents Risk. Holding cash or cash
equivalents may negatively affect performance.
Debt Securities Risk. The Fund may invest in debt
securities that are affected by changing interest rates and
changes in their effective maturities and credit quality.
Depositary Receipts Risk. Depositary receipts involve
many of the same risks as those associated with direct
investment in foreign securities. In addition, the underlying
issuers of certain depositary receipts, particularly unsponsored
or unregistered depositary receipts, are under no obligation to
distribute shareholder communications to the holders of such
receipts or to pass through to them any voting rights with
respect to the deposited securities.
Developing/Emerging Markets Securities Risk. The prices
of securities issued by foreign companies and governments
located in developing/emerging markets 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 Fund’s foreign
investments may be affected by changes in a 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.
Management Risk. The investment techniques and risk
analysis used by the Fund’s portfolio managers may not
produce the desired results.
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.
Non-Diversification Risk. The Fund is non-diversified and
can invest a greater portion of its assets in a small number of
issuers or a single issuer. A change in the value of the issuer
could affect the value of the Fund more than if it was a
diversified fund.
Small- and Mid-Capitalization Risks. Stocks of small- and
mid-sized companies tend to be more vulnerable to adverse
developments and may have little or no operating history or
track record of success, and limited product lines, markets,
management and financial resources. The securities of small- and
mid-sized companies may be more volatile due to less market
interest and less publicly available information about the
issuer. They also may be illiquid or restricted as to resale, or
may trade less frequently and in smaller volumes, all of which
may cause difficulty when establishing or closing a position at
a desirable price.
U.S. Government Obligations Risk. The Fund may
invest in obligations issued by U.S. Government agencies
and instrumentalities that may receive varying levels of support
from the government, which could affect the Fund’s ability
to recover should they default.
Performance
Information
No performance information is available for the Fund because it
has not yet completed a full calendar year of operations. In the
future, the Fund will disclose performance information in a bar
chart and performance table. Such disclosure will give some
indication of the risks of an investment in the Fund by
comparing the Fund’s performance with a broad measure of
market performance and by showing changes in the Fund’s
performance from year to year.
Management
of the Fund
Investment Adviser: Invesco Advisers, Inc.
Investment
Sub-Adviser:
Invesco Canada Ltd.
| Portfolio Managers | Title | Length of Service on the Fund | ||||
| Virginia Au | Portfolio Manager (lead) | 2012 | ||||
| Robert Mikalachki | Portfolio Manager | 2012 | ||||
| Jason Whiting | Portfolio Manager | 2012 | ||||
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) Employer Sponsored Retirement and Benefit 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 Employer
Sponsored Retirement and Benefit 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, as amended (1940 Act), 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 Fund’s 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
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.
invesco.com/us SOPP-SUMPRO-2