| Summary Prospectus |
April 29, 2022 |
Invesco Global Core Equity Fund
Class: A (AWSAX), C (AWSCX), R (AWSRX), Y (AWSYX), R5 (AWSIX), R6 (AWSSX)
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 April 29, 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 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, 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 |
0.78% |
0.78% |
0.78% |
0.78% |
0.78% |
0.78% |
| | ||||||
| Distribution and/or Service (12b-1) Fees |
0.25 |
1.00 |
0.50 |
None |
None |
None |
| | ||||||
| Other Expenses |
0.19 |
0.19 |
0.19 |
0.19 |
0.15 |
0.09 |
| | ||||||
| Total Annual Fund Operating Expenses |
1.22 |
1.97 |
1.47 |
0.97 |
0.93 |
0.87 |
| | ||||||
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 |
$667 |
$916 |
$1,183 |
$1,946 |
| | ||||
| Class C |
$300 |
$618 |
$1,062 |
$2,102 |
| | ||||
| Class R |
$150 |
$465 |
$803 |
$1,757 |
| | ||||
| Class Y |
$99 |
$309 |
$536 |
$1,190 |
| | ||||
| Class R5 |
$95 |
$296 |
$515 |
$1,143 |
| | ||||
| Class R6 |
$89 |
$278 |
$482 |
$1,073 |
| | ||||
You would pay the following expenses if you did not redeem your shares:
| |
1 Year |
3 Years |
5 Years |
10 Years |
| Class A |
$667 |
$916 |
$1,183 |
$1,946 |
| | ||||
| Class C |
$200 |
$618 |
$1,062 |
$2,102 |
| | ||||
| Class R |
$150 |
$465 |
$803 |
$1,757 |
| | ||||
| Class Y |
$99 |
$309 |
$536 |
$1,190 |
| | ||||
| Class R5 |
$95 |
$296 |
$515 |
$1,143 |
| | ||||
| Class R6 |
$89 |
$278 |
$482 |
$1,073 |
| | ||||
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 23% of the average value of its portfolio.
Principal
Investment Strategies of the Fund
The Fund invests, under normal circumstances, at least 80% of its net
assets (plus any borrowings for investment purposes) in equity securities, and in derivatives and other
instruments, including depositary receipts that have economic characteristics similar to such securities.
The principal types of equity securities in which the Fund invests are common and preferred stock. The Fund’s common stock investments may
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also include China A-shares (shares of companies based in mainland China that trade on the Shanghai Stock Exchange and the Shenzhen Stock Exchange).
Under normal circumstances, the Fund will provide exposure to investments that are economically tied to at least three different countries, including the U.S. and at least 40%,
unless market conditions are not deemed favorable, in which case at least 30%, of the Fund’s net assets will provide exposure to investments that are economically tied to countries other than the U.S. The Fund may invest up to
20% of its net assets in securities of issuers located in emerging markets countries, i.e., those that are
generally in the early stages of their industrial cycles.
The Fund can
invest in derivative instruments, including forward foreign currency contracts and options.
The Fund can use forward foreign currency contracts to hedge against adverse
movements in the foreign currencies in which portfolio securities are denominated.
The Fund can use options to mitigate risk and to hedge against adverse movements in
the foreign currencies in which portfolio securities are denominated.
The Fund may invest in the securities of issuers of all capitalization sizes, and a
substantial number of the issuers in which the Fund invests are large-capitalization issuers.
In selecting investments for the Fund, the portfolio manager applies a rigorous
bottom-up fundamental investment approach to analyze the quality and value of individual companies. There is no attempt to mirror the composition of the Fund’s benchmark index.
The portfolio manager looks for companies that (i) possess sustainable competitive advantages that provide opportunities for long-term growth; (ii) have management teams that are strong
capital allocators and efficient operators; and (iii) are believed to be attractively priced in relation to their intrinsic value.
As part of a comprehensive assessment of a company’s intrinsic value, the
portfolio management team uses a variety of valuation methods and will typically review a company’s financial information, competitive position and its future prospects. The team may also meet with the company’s management and take into account general industry
and economic trends. The team will then compare the intrinsic value that it has placed on the company
against its current market price and will consider investing where the market price is sufficiently lower than the determined intrinsic value.
The portfolio management team will typically sell a security under the following conditions: (a) where the price of the security increases to a level that it considers to be at or near its
intrinsic value, (b) where there are more attractive opportunities, or (c) where the original investment thesis for a company is no longer valid.
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 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.
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.
Emerging Market Securities Risk. Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability,
uncertain trading markets and more governmental limitations on foreign investment than more developed
markets. In addition, companies operating in emerging markets may be subject to lower trading volume and
greater price fluctuations than companies in more developed markets. Such countries’ economies may be
more dependent on relatively few industries or investors that may be highly vulnerable to local and global
changes. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a
result, information, including financial information, about such companies may be less available and
reliable, which can impede the Fund’s ability to evaluate such companies. Securities law and the
enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a
company’s assets, restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to
pursue or enforce such actions, may be limited. In addition, the ability of foreign entities to
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participate in privatization programs of certain developing or emerging market countries may be limited by local law. Investments in emerging market securities may be subject to additional
transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely
information.
The
Fund's investments in China A-shares are subject to trading restrictions, quota limitations and clearing and settlement risks.
Geographic Focus Risk. The Fund may from time to time have a substantial amount of its assets invested in securities of issuers located in a
single country or a limited number of countries. Adverse economic, political or social conditions in those
countries may therefore have a significant negative impact on the Fund’s investment performance.
European Investment Risk. The Economic and Monetary Union of the European Union (the “EU”) requires compliance with restrictions on
inflation rates, deficits, interest rates, debt levels and fiscal and monetary controls, each of which may
significantly affect every country in Europe. Decreasing imports or exports, changes in governmental or EU regulations on trade, changes in the exchange rate of the euro, the default or threat of default by an EU member country on its sovereign
debt, and recessions in an EU member country may have a significant adverse effect on the economies of EU
member countries. Responses to financial problems by EU countries may not produce the desired results, may limit future growth and economic recovery, or may result in social unrest or have other unintended consequences. Further defaults or restructurings by
governments and other entities of their debt could have additional adverse effects on economies, financial
markets, and asset valuations around the world. A number of countries in Eastern Europe remain relatively undeveloped and can be particularly sensitive to political and economic developments. Separately, the EU faces issues involving its membership,
structure, procedures and policies. The exit of one or more member states from the EU, such as the recent
departure of the United Kingdom (known as “Brexit”), would place its currency and banking system in jeopardy. The exit by the United Kingdom or other member states will likely result in increased volatility, illiquidity and potentially lower economic growth in the
affected markets, which will adversely affect the Fund’s investments.
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.
Depositary Receipts Risk. Investing in depositary receipts involves the same risks as direct investments in foreign securities. In addition, the
underlying issuers of certain depositary receipts are under no obligation to distribute shareholder
communications or pass through any voting rights with respect to the deposited securities to the holders of such receipts. The
Fund may therefore receive less timely information or have
less control than if it invested directly in the foreign issuer.
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.
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.
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.
Value Investing Risk. Value investing entails the risk that if the market does not recognize that a selected security is undervalued, the
prices of that security might not appreciate as anticipated. A value approach could also result in fewer
investments that increase rapidly during times of market gains and could cause a fund to underperform funds that use a growth or non-value approach to investing. Value investing has gone in and out of favor during past market cycles and when value
investing is out of favor or when markets are unstable, the securities of “value” companies may
underperform the securities of “growth” companies or the overall stock market.
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 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 broad-based/style-specific securities
market benchmark and a peer group benchmark comprised of
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funds with investment objectives and strategies similar to those of the Fund (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.
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 |
21.37% |
| Worst Quarter |
March 31, 2020 |
-25.61% |
Average Annual Total Returns (for the periods ended December 31, 2021)
| |
Inception Date |
1 Year |
5 Years |
10
Years |
| Class A |
|
|
|
|
| Return Before Taxes |
12/29/2000 |
9.32% |
9.89% |
8.80% |
| Return After Taxes on Distributions |
|
7.43 |
7.75 |
7.30 |
| Return After Taxes on Distributions and Sale of Fund Shares |
|
5.92 |
7.30 |
6.78 |
| | ||||
| Class C |
12/29/2000 |
13.90 |
10.35 |
8.77 |
| | ||||
| Class R |
5/23/2011 |
15.49 |
10.89 |
9.16 |
| | ||||
| Class Y |
10/3/2008 |
15.97 |
11.43 |
9.70 |
| | ||||
| Class R5 |
10/25/2005 |
16.05 |
11.44 |
9.75 |
| | ||||
| Class R6 |
4/4/2017 |
16.17 |
11.471 |
9.581 |
| | ||||
| MSCI World IndexSM (Net) (reflects reinvested dividends net of withholding taxes, but reflects no deductions for fees, expenses or other taxes) |
|
21.82 |
15.03 |
12.70 |
| | ||||
| Lipper Global Large-Cap Core Funds Index |
|
21.13 |
14.46 |
12.22 |
| | ||||
1
Performance includes returns of the Fund’s Class A shares at net asset value and
includes the 12b-1 fees applicable to that class. Class A shares’ performance reflects any applicable
fee waivers and/or expense reimbursements.
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 Canada Ltd.
| Portfolio Manager |
Title |
Length of Service on the Fund |
| Michael Hatcher, CFA |
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 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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