| Summary Prospectus |
December 20, 2024 |
Invesco Equally-Weighted S&P 500 Fund
Class: A (VADAX), C (VADCX), R (VADRX), Y (VADDX), R6 (VADFX)
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 December 20, 2024 (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 total return through growth of capital and current
income.
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 |
R6 |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |
5.50 % |
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 |
| | |||||
| Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | |||||
| Class: |
A |
C |
R |
Y |
R6 |
| Management Fees |
0.11 % |
0.11 % |
0.11 % |
0.11 % |
0.11 % |
| | |||||
| Distribution and/or Service (12b-1) Fees
|
0.25 |
0.99 |
0.50 |
None |
None |
| | |||||
| Other Expenses2 |
0.17 |
0.17 |
0.17 |
0.17 |
0.07 |
| | |||||
| Total Annual Fund Operating Expenses |
0.53 |
1.27 |
0.78 |
0.28 |
0.18 |
| | |||||
| 1 |
A contingent deferred sales charge may apply in some cases. See “Shareholder Account Information-Contingent Deferred Sales Charges
(CDSCs).”
|
| 2 |
“Other Expenses” have been restated to reflect current fees. |
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 |
$601
|
$711
|
$830
|
$1,178
|
| | ||||
| Class C |
$229
|
$403
|
$697
|
$1,329
|
| | ||||
| Class R |
$80
|
$249
|
$433
|
$966
|
| | ||||
| Class Y |
$29
|
$90
|
$157
|
$356
|
| | ||||
| Class R6 |
$18
|
$58
|
$101
|
$230
|
| | ||||
You would pay the following expenses if you did not redeem your shares:
| |
1 Year |
3 Years |
5 Years |
10 Years |
| Class A |
$601
|
$711
|
$830
|
$1,178
|
| | ||||
| Class C |
$129
|
$403
|
$697
|
$1,329
|
| | ||||
| Class R |
$80
|
$249
|
$433
|
$966
|
| | ||||
| Class Y |
$29
|
$90
|
$157
|
$356
|
| | ||||
| Class R6 |
$18
|
$58
|
$101
|
$230
|
| | ||||
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 22% of the average value of its
portfolio.
Principal Investment Strategies of the Fund
The Fund invests, under normal circumstances, all, or substantially all, of its net assets in common stocks
represented in the S&P 500® Equal Weight Index (the Underlying Index), and in derivatives and other instruments that have economic characteristics
similar to such securities. The Underlying Index is an equal-weighted version of the S&P 500® Index, which is comprised of common stocks of approximately 500 large-capitalization
1 Invesco Equally-Weighted S&P 500 Fund
invesco.com/usMS-EWSP-SUMPRO-1
companies that generally represent the
large-cap segment of the U.S. equity market. “Equal weighting” means that, unlike the S&P 500® Index, which employs a float-adjusted market capitalization weighted methodology, the Underlying Index assigns each
component security the same weight at each quarterly rebalance.
In seeking to track the investment results (before fees and expenses) of the Underlying Index, the portfolio managers primarily utilize a “full replication” methodology,
pursuant to which the Fund generally invests in all of the securities comprising the Underlying Index in proportion to their weightings in the Underlying Index.
The Underlying Index is typically rebalanced quarterly and constituent changes are incorporated in the Underlying Index as and when they are made to the S&P 500® Index. The Fund is generally rebalanced in accordance with the Underlying Index. Constituent changes are generally incorporated in the Fund as and when
they are made to the Underlying Index.
The Fund can invest in derivative instruments including futures contracts.
The Fund
can use futures contracts, including index futures, to seek exposure to certain equity securities represented in the Underlying Index while managing cash balances.
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, military conflict, acts of terrorism, economic crisis
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.
Mid-Capitalization Companies
Risk. Mid-capitalization companies tend to be more vulnerable to changing market conditions 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, and their returns
may vary, sometimes significantly, from the overall securities market.
Index Risk. Unlike many investment companies, the Fund does not utilize an investing strategy that seeks returns in
excess of its Underlying Index. Therefore, the Fund would not necessarily buy or sell a security
unless that security is added to or removed from, respectively, the Underlying Index, even if
that security generally is underperforming. Additionally, the Fund generally rebalances its portfolio in accordance with the Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will
typically result in corresponding changes to the Fund’s rebalance schedule.
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.
Non-Correlation
Risk. The Fund’s return may not match the return of the Underlying Index for a number of reasons. For example, the Fund incurs operating expenses not applicable
to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing and reconstituting the Fund’s securities holdings to reflect changes in the composition of the Underlying
Index. In addition, the performance of the Fund and the Underlying Index may vary due to asset valuation differences and differences between the Fund’s portfolio and the Underlying Index resulting from legal restrictions,
costs or liquidity constraints.
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 Fund’s performance to that of a style-specific benchmark and a broad-based securities market benchmark (in that order). The Fund's past performance (before and after taxes) is not necessarily an indication of its future performance.
Fund performance reflects any applicable fee waivers and expense reimbursements. Performance returns would be lower without applicable fee waivers and expense
reimbursements.
All Fund performance shown assumes the reinvestment of dividends
and capital gains and the effect of the Fund’s expenses.
2 Invesco Equally-Weighted S&P 500 Fund
invesco.com/usMS-EWSP-SUMPRO-1
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 |
| Year-to-date |
September 30, 2024 |
14.72% |
| Best Quarter |
June 30, 2020 |
21.78% |
| Worst Quarter |
March 31, 2020 |
-26.84% |
Average Annual Total Returns (for the periods ended December 31, 2023)
| |
Inception Date |
1 Year |
5 Years |
10
Years |
| Class A |
|
|
|
|
| Return Before Taxes |
7/28/1997 |
7.09 % |
11.92 % |
9.20 % |
| Return After Taxes on Distributions |
|
5.91 |
10.10 |
7.87 |
| Return After Taxes on Distributions and Sale of Fund Shares |
|
4.98 |
9.22 |
7.21 |
| | ||||
| Class C |
7/28/1997 |
11.48 |
12.36 |
9.18 |
| | ||||
| Class R |
3/31/2008 |
13.03 |
12.91 |
9.54 |
| | ||||
| Class Y |
7/28/1997 |
13.61 |
13.48 |
10.09 |
| | ||||
| Class R6 |
9/24/2012 |
13.72 |
13.60 |
10.21 |
| | ||||
| S&P 500® Equal Weight Index (reflects no deduction for fees, expenses or taxes) |
|
13.87 |
13.77 |
10.40 |
| | ||||
| S&P 500® Index (reflects no deduction for fees, expenses or taxes) |
|
26.29 |
15.69 |
12.03 |
| | ||||
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.
Management of the Fund
Investment Adviser: Invesco Advisers, Inc. (Invesco or the Adviser)
Investment Sub-Adviser: Invesco Capital Management LLC (Invesco Capital or the Sub-Adviser)
| Portfolio Managers |
Title |
Length of Service on the Fund |
| Peter Hubbard |
Portfolio Manager |
2020 |
| | ||
| Pratik Doshi, CFA |
Portfolio Manager |
2020 |
| | ||
| Michael Jeanette |
Portfolio Manager |
2020 |
| | ||
| Tony Seisser |
Portfolio Manager |
2020 |
| | ||
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 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 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 R6 shares, the
minimum initial investment 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.
3 Invesco Equally-Weighted S&P 500 Fund
invesco.com/usMS-EWSP-SUMPRO-1