| Summary Prospectus |
February 28, 2022 |
Invesco Rising Dividends Fund
Class: A (OARDX), C (OCRDX), R (ONRDX), Y (OYRDX), R5 (RSDQX), R6 (OIRDX)
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, reports to shareholders, 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, 2022 (as each may be amended or supplemented), are incorporated by reference into this Summary Prospectus and may be obtained, free of charge, at the website, phone number or e-mail address noted above.
Investment Objective(s)
The Fund’s investment objective is to seek total return.
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.
The table and Examples below do not reflect any transaction
fees that may be charged by financial intermediaries or
commissions that a shareholder may be required to pay directly
to its financial intermediary when buying or selling Class Y or
Class R6 shares. 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 |
R5 |
R6 |
| 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) |
None1 |
1.00% |
None |
None |
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 |
R5 |
R6 |
| Management Fees |
0.59% |
0.59% |
0.59% |
0.59% |
0.59% |
0.59% |
| | ||||||
| Distribution and/or Service (12b-1) Fees |
0.25 |
1.00 |
0.50 |
None |
None |
None |
| | ||||||
| Other Expenses |
0.16 |
0.16 |
0.16 |
0.16 |
0.06 |
0.06 |
| | ||||||
| Total Annual Fund Operating Expenses |
1.00 |
1.75 |
1.25 |
0.75 |
0.65 |
0.65 |
| | ||||||
1
A contingent deferred sales charge may apply in some cases. See “Shareholder Account
Information-Contingent Deferred Sales Charges (CDSCs).”
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. This Example does
not include commissions and/or other forms of
compensation that investors may pay on transactions in Class Y and Class R6 shares. 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 |
$646 |
$851 |
$1,072 |
$1,707 |
| | ||||
| Class C |
$278 |
$551 |
$949 |
$1,864 |
| | ||||
| Class R |
$127 |
$397 |
$686 |
$1,511 |
| | ||||
| Class Y |
$77 |
$240 |
$417 |
$930 |
| | ||||
| Class R5 |
$66 |
$208 |
$362 |
$810 |
| | ||||
| Class R6 |
$66 |
$208 |
$362 |
$810 |
| | ||||
You would pay the following expenses if you did not redeem your shares:
| |
1 Year |
3 Years |
5 Years |
10 Years |
| Class A |
$646 |
$851 |
$1,072 |
$1,707 |
| | ||||
| Class C |
$178 |
$551 |
$949 |
$1,864 |
| | ||||
| Class R |
$127 |
$397 |
$686 |
$1,511 |
| | ||||
| Class Y |
$77 |
$240 |
$417 |
$930 |
| | ||||
| Class R5 |
$66 |
$208 |
$362 |
$810 |
| | ||||
| Class R6 |
$66 |
$208 |
$362 |
$810 |
| | ||||
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 30% of the average value of its portfolio.
Principal Investment Strategies of the Fund
The Fund invests mainly in common stocks of companies that currently pay dividends or are expected to begin paying dividends in the future. The Fund emphasizes investments in companies that are
expected to grow their dividends over time. Under normal market conditions, the Fund will invest at least
80% of its net assets in securities of companies that the portfolio managers expect to experience dividend growth, including companies that currently pay dividends and are expected to increase them and companies that do not currently pay dividends but are
expected to begin paying them in
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the near future, and in derivatives and other instruments that have economic characteristics similar to such
securities.
The Fund can invest in issuers in all capitalization ranges. Currently, the
Fund’s stock investments are focused on large-cap issuers, but that emphasis can change over time.
While the Fund mainly invests in common stocks of U.S. companies, it may also invest in other securities, including foreign securities, fixed-income instruments, convertible securities, preferred stocks, and derivatives such as covered
call options.
In selecting investments for the Fund, the Fund uses a
“bottom up” approach that focuses on the fundamental prospects of individual companies and
issuers. The Fund mainly seeks companies that are believed to possess durable advantages relative to competitors within its industry, as well as whose managers generally prioritize dividend growth relative to other uses of corporate cash flow.
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:
Market Risk. The market values of the Fund’s investments, and therefore the value of the Fund’s shares, will go up and
down, sometimes rapidly or unpredictably. Market risk may affect a single issuer, industry or section of
the economy, or it may affect the market as a whole. The value of the Fund’s investments may go up or down due to general market conditions that are not specifically related to the particular issuer, such as real or perceived adverse economic
conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health
issues, war, acts of terrorism or adverse investor sentiment generally. During a general downturn in the
financial markets, multiple asset classes may decline in value. When markets perform well, there can be no
assurance that specific investments held by the Fund will rise in value.
Investing in Stocks Risk. The value of the Fund’s portfolio may be affected by changes in the stock markets. Stock markets may experience significant short-term volatility and may fall or
rise sharply at times. Adverse events in any part of the equity or fixed-income markets may have unexpected
negative effects on other market segments. Different stock markets may behave differently from each other and U.S. stock markets may move in the opposite direction from one or more foreign stock markets.
The prices of individual stocks generally do not all move in the same direction at the same time.
However, individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. A variety of factors can negatively affect the price of a particular company’s stock.
These factors may include, but are not limited to: poor earnings reports, a loss of customers, litigation against the company, general unfavorable performance of the company’s sector or industry, or changes in government regulations
affecting the company or its industry. To the extent that securities of a particular type are emphasized (for
example foreign stocks, stocks of small- or mid-cap companies, growth or value stocks, or stocks of
companies in a particular industry), fund share values may fluctuate more in response to events affecting the market for those types of securities.
Sector Focus Risk. The Fund may from time to time have a significant amount of its assets invested in one market sector or group of related industries. In this event, the Fund’s
performance will depend to a greater extent on the overall condition of the sector or group of industries and there is increased risk that the Fund will lose significant value if conditions adversely affect that sector or group of
industries.
Dividend Risk. As a group, securities that pay high dividends may fall out of favor with investors and underperform companies that do
not pay
high dividends. Companies that
pay dividends are not required to continue paying them. Therefore, there is the possibility that such companies could reduce or eliminate the payment of dividends in the future or an anticipated acceleration of dividends may not occur.
Depending on market conditions, dividend paying that meet the Fund’s investment criteria may not be widely available for purchase by the Fund, which may increase the volatility of the Fund’s returns and limit its ability
to produce current income while remaining fully diversified. High-dividend stocks may not experience high
earnings growth or capital appreciation. The Fund’s performance during a broad market advance could
suffer because dividend paying stocks may not experience the same capital appreciation as non-dividend paying stocks.
Small- and Mid-Capitalization Companies Risk. Investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. Stocks of small- and mid-capitalization
companies tend to be more vulnerable to changing market conditions, may have little or no operating history
or track record of success, and may have more limited product lines and markets, less experienced management and fewer financial resources than larger companies. These companies’ securities may be more volatile and less liquid than
those of more established companies. They may be more sensitive to changes in a company’s earnings
expectations and may experience more abrupt and erratic price movements. Smaller companies’
securities often trade in lower volumes and in many instances, are traded over-the-counter or on a regional securities exchange, where the frequency and volume of trading is substantially less than is typical for securities of larger companies
traded on national securities exchanges. Therefore, the securities of smaller companies may be subject to
wider price fluctuations and it might be harder for the Fund to dispose of its holdings at an acceptable price when it wants to sell them. Since small- and mid-cap companies typically reinvest a high proportion of their earnings in their business, they may not pay
dividends for some time, particularly if they are newer companies. It may take a substantial period of time to realize a gain on an investment in a small- or mid-cap company, if any gain is realized at all.
Foreign Securities Risk. The Fund's foreign investments may be adversely affected by political and social instability, changes in economic or
taxation policies, difficulty in enforcing obligations, decreased liquidity or increased volatility.
Foreign investments also involve the risk of the possible seizure, nationalization or expropriation of the issuer or foreign deposits (in which the Fund could lose its entire investments in a certain market) and the possible adoption of foreign governmental
restrictions such as exchange controls. Foreign companies generally may be subject to less stringent
regulations than U.S. companies, including financial reporting requirements and auditing and accounting
controls, and may therefore be more susceptible to fraud or corruption. There may be less public information
available about foreign companies than U.S. companies, making it difficult to evaluate those foreign
companies. Unless the Fund has hedged its foreign currency exposure, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign
currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in
value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging
strategies, if used, are not always successful.
Changing Fixed Income Market Conditions Risk. The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the
federal funds and equivalent foreign rates near historical lows. Increases in the federal funds and
equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for
certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed
income dealer market-making capacity may also potentially lead to heightened volatility and reduced
liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline.
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Changes in central bank policies could also result in higher than normal shareholder redemptions, which could
potentially increase portfolio turnover and the Fund’s transaction costs.
Convertible Securities Risk. The market values of convertible securities are affected by market interest rates, the risk of actual issuer default on interest or principal payments and the value
of the underlying common stock into which the convertible security may be converted. Additionally, a
convertible security is subject to the same types of market and issuer risks as apply to the underlying
common stock. In addition, certain convertible securities are subject to involuntary conversions and may undergo principal write-downs upon the occurrence of certain triggering events, and, as a result, are subject to an increased risk of
loss. Convertible securities may be rated below investment grade.
Preferred Securities Risk. Preferred securities are subject to issuer-specific and market risks applicable generally to equity securities. Preferred securities also may be
subordinated to bonds or other debt instruments, subjecting them to a greater risk of non-payment, may be less liquid than many other securities, such as common stocks, and generally offer no voting rights with respect to the
issuer.
Derivatives Risk. The value of a derivative instrument depends largely on (and is derived from) the value of an underlying security,
currency, commodity, interest rate, index or other asset (each referred to as an underlying asset). In
addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage and liquidity risks. Counterparty risk is the risk that the counterparty to the derivative
contract will default on its obligation to pay the Fund the amount owed or otherwise perform under the derivative contract. Derivatives create leverage risk because they do not require payment up front equal to the economic exposure
created by holding a position in the derivative. As a result, an adverse change in the value of the
underlying asset could result in the Fund sustaining a loss that is substantially greater than the amount
invested in the derivative or the anticipated value of the underlying asset, which may make the Fund’s
returns more volatile and increase the risk of loss. Derivative instruments may also be less liquid than
more traditional investments and the Fund may be unable to sell or close out its derivative positions at a desirable time or price. This risk may be more acute under adverse market conditions, during which the Fund may be most in need of
liquidating its derivative positions. Derivatives may also be harder to value, less tax efficient and subject to changing government regulation that could impact the Fund’s ability to use certain derivatives or their cost.
Derivatives strategies may not always be successful. For example, derivatives used for hedging or to gain or limit exposure to a particular market segment may not provide the expected benefits, particularly during adverse market
conditions.
Management Risk. The Fund is actively managed and depends heavily on the Adviser’s judgment about markets, interest rates or the attractiveness, relative values, liquidity, or
potential appreciation of particular investments made for the Fund’s portfolio. The Fund could experience losses if these judgments prove to be incorrect. Additionally, legislative, regulatory, or tax developments may
adversely affect management of the Fund and, therefore, the ability of the Fund to achieve its investment
objective.
Performance Information
The bar chart and performance table provide an indication of the risks of investing in the Fund. The Fund has adopted the performance of the Oppenheimer Rising Dividends Fund (the predecessor
fund) as the result of a reorganization of the predecessor fund into the Fund, which was consummated after
the close of business on May 24, 2019 (the “Reorganization”). Prior to the Reorganization, the Fund had not yet commenced operations. The bar chart shows changes in the performance of the predecessor fund and the Fund from year to year as of December 31. The performance table compares the predecessor
fund’s and the Fund’s performance to that of a broad measure of market performance and an
additional index with characteristics relevant to the
Fund. The Fund’s (and the predecessor fund’s) past performance (before and after taxes) is not necessarily an indication of how the Fund
will perform in the future.
The returns shown for periods ending on or prior to May 24,
2019 are those of the Class A, Class C, Class R, Class Y and Class I shares of the predecessor fund. Class
A, Class C, Class R, Class Y and Class I shares of the predecessor fund were reorganized into Class A, Class C, Class R, Class Y and Class R6 shares, respectively, of the Fund after the close of business on May 24, 2019. Class A, Class C, Class R,
Class Y and Class R6 shares’ returns of the Fund will be different from the returns of the predecessor
fund as they have different expenses. Performance for Class A shares has been restated to reflect the Fund’s applicable sales charge.
Fund performance reflects any applicable fee waivers and expense reimbursements.
Performance returns would be lower without applicable fee waivers and expense reimbursements.
Updated performance information is available on the Fund’s website at
www.invesco.com/us.
Annual Total Returns
The bar chart does not reflect sales loads. If it did, the annual total returns shown would be lower.
| Class A |
Period Ended |
Returns |
| Best Quarter |
June 30, 2020 |
18.62% |
| Worst Quarter |
March 31, 2020 |
-20.66% |
Average Annual Total Returns (for the periods ended December 31, 2021)
| |
Inception Date |
1 Year |
5 Years |
10 Years |
Since
Inception |
| Class A |
|
|
|
|
|
| Return Before Taxes |
4/30/1980 |
19.68% |
13.91% |
12.23% |
—% |
| Return After Taxes on Distributions |
|
16.21 |
11.89 |
10.24 |
— |
| Return After Taxes on Distributions and Sale of Fund Shares |
|
13.69 |
10.63 |
9.45 |
— |
| | |||||
| Class C |
9/1/1993 |
24.66 |
14.35 |
12.19 |
— |
| | |||||
| Class R |
3/1/2001 |
26.29 |
14.92 |
12.55 |
— |
| | |||||
| Class Y |
12/16/1996 |
26.97 |
15.49 |
13.13 |
— |
| | |||||
| Class R51
|
5/24/2019 |
27.11 |
15.43 |
12.97 |
— |
| | |||||
| Class R6 |
2/28/2012 |
27.08 |
15.67 |
— |
12.52 |
| | |||||
| Russell 1000® Index (reflects no deduction for fees, expenses or taxes) |
|
26.45 |
18.43 |
16.54 |
— |
| | |||||
| S&P 500® Index (reflects no deduction for fees, expenses or taxes) |
|
28.71 |
18.47 |
16.55 |
— |
| | |||||
1
Performance shown prior to the inception date is that of the predecessor fund's Class A
shares at net asset value and includes the 12b-1 fees applicable to that class. Although invested in the
same portfolio of securities, Class R5 shares' returns of the Fund will be different from Class A shares' returns of the Fund and the predecessor fund as they have different expenses.
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-advantaged arrangements, such as 401(k) plans, 529 college savings plans or individual retirement accounts. After-tax returns are shown
for Class A shares only and after-tax returns for other classes will vary.
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Management of the Fund
Investment Adviser: Invesco Advisers, Inc.
| Portfolio Managers |
Title |
Length of Service on the Fund |
| Raman Vardharaj, CFA |
Portfolio Manager (co-lead) |
2019
(predecessor fund 2018) |
| | ||
| Belinda Cavazos, CFA |
Portfolio Manager (co-lead) |
2020 |
| | ||
| Manind Govil, CFA |
Portfolio Manager |
2019
(predecessor fund 2016) |
| | ||
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 800-959-4246. Shares of the Fund, other than Class R5 and Class R6
shares, may also be purchased, redeemed or exchanged on any business day through our website at
www.invesco.com/us or by mail to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.
The minimum investments for Class A, C, R and Y shares for fund accounts are as follows:
| Type of Account |
Initial
Investment Per Fund |
Additional
Investments 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 |
| | ||
With respect to Class R5 and Class R6 shares, there is no minimum initial investment for Employer Sponsored Retirement and Benefit Plans investing through a retirement platform that
administers at least $2.5 billion in retirement plan assets. 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.
For all other institutional investors purchasing Class R5 or Class R6 shares, the
minimum initial investment in each share class is $1 million, unless such investment is made by (i) 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, or (ii) an account established with a 529 college
savings plan managed by Invesco, in which case there is no minimum initial investment.
There are no minimum investment amounts for Class R6 shares held through retail
omnibus accounts maintained by an intermediary, such as a broker, that (i) generally charges an asset-based fee or commission in addition to those described in this prospectus, and (ii) maintains Class R6 shares and makes them available to retail
investors.
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-advantaged arrangement, such as a 401(k) plan, 529 college savings plan or individual retirement account. Any
distributions from a 401(k) plan or individual retirement account may be taxed as ordinary income when
withdrawn from such plan or 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, 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 website for more information.
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