| Summary Prospectus |
April 28, 2023 |
Invesco Income Advantage International Fund
Class: A (GTNDX), C (GNDCX), R (GTNRX), Y (GTNYX), R5 (GNDIX), R6 (GNDSX)
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 28, 2023 (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 income and 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 |
0.75% |
0.75% |
0.75% |
0.75% |
0.75% |
0.75% |
| | ||||||
| Distribution and/or Service (12b-1) Fees |
0.25 |
1.00 |
0.50 |
None |
None |
None |
| | ||||||
| Other Expenses |
0.59 |
0.59 |
0.59 |
0.59 |
0.48 |
0.43 |
| | ||||||
| Acquired Fund Fees and Expenses |
0.03 |
0.03 |
0.03 |
0.03 |
0.03 |
0.03 |
| | ||||||
| Total Annual Fund Operating Expenses |
1.62 |
2.37 |
1.87 |
1.37 |
1.26 |
1.21 |
| | ||||||
| Fee Waiver and/or Expense Reimbursement2
|
0.36 |
0.36 |
0.36 |
0.36 |
0.25 |
0.20 |
| | ||||||
| Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement |
1.26 |
2.01 |
1.51 |
1.01 |
1.01 |
1.01 |
| | ||||||
1
A contingent deferred sales charge may apply in some cases. See “Shareholder Account
Information-Contingent Deferred Sales Charges (CDSCs).”
2
Invesco Advisers, Inc. (Invesco or the Adviser) has contractually agreed to waive advisory
fees and/or reimburse expenses to the extent necessary to limit Total Annual Fund
Operating
Expenses After Fee Waiver and/or Expense Reimbursement (excluding Acquired Fund Fees and Expenses and certain items discussed in the SAI) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.23%, 1.98%, 1.48%, 0.98%, 0.98% and 0.98%, respectively, of the Fund's
average daily net assets (the “expense limits”). Unless Invesco continues the fee waiver agreement, it will terminate on April 30, 2024. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits without approval of the
Board of Trustees.
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 equal to the Total
Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement in the first year and the
Total Annual Fund Operating Expenses thereafter.
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 |
$671 |
$1,000 |
$1,351 |
$2,338 |
| | ||||
| Class C |
$304 |
$705 |
$1,233 |
$2,492 |
| | ||||
| Class R |
$154 |
$553 |
$978 |
$2,161 |
| | ||||
| Class Y |
$103 |
$398 |
$716 |
$1,615 |
| | ||||
| Class R5 |
$103 |
$375 |
$668 |
$1,501 |
| | ||||
| Class R6 |
$103 |
$364 |
$646 |
$1,448 |
| | ||||
You would pay the following expenses if you did not redeem your shares:
| |
1 Year |
3 Years |
5 Years |
10 Years |
| Class A |
$671 |
$1,000 |
$1,351 |
$2,338 |
| | ||||
| Class C |
$204 |
$705 |
$1,233 |
$2,492 |
| | ||||
| Class R |
$154 |
$553 |
$978 |
$2,161 |
| | ||||
| Class Y |
$103 |
$398 |
$716 |
$1,615 |
| | ||||
| Class R5 |
$103 |
$375 |
$668 |
$1,501 |
| | ||||
| Class R6 |
$103 |
$364 |
$646 |
$1,448 |
| | ||||
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
1 Invesco Income Advantage International Fund
invesco.com/usGLVEY-SUMPRO-1
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 97% of the average value of its portfolio.
Principal Investment Strategies of the Fund
The Fund seeks to achieve its investment objective by investing in a diversified portfolio of equity securities and equity-linked notes designed to generate high income while providing some
downside protection in the event of broad equity market downturns and also providing equity market upside
participation.
The Fund invests primarily in equity securities, including common and preferred
stock, equity-linked notes (ELNs) and depositary receipts of U.S. and foreign issuers. A depositary receipt is generally issued by a bank or other financial institution and represents an ownership interest in the common stock or other equity securities of a
foreign company.
ELNs are hybrid derivative-type instruments that are specially designed to combine
the characteristics of investing in one or more underlying equity securities, or an index of equity securities and a related equity derivative, such as a put or call option, in a single note form (typically senior, unsecured debt) issued by financial institutions.
The Fund will invest in ELNs that reference either a broad-based equity security index or an exchange-traded
fund that passively tracks such an index. The Fund’s portfolio of ELNs will be constituted by
positions in short-term ELNs issued by a diversified group of U.S. and international financial institutions and cash and cash equivalents. The Fund’s investment in ELNs can represent up to 50% of the Fund’s net assets, but is expected to be in the
range of 15% to 50%. The Fund’s investment in ELNs will be adjusted periodically to achieve the Fund’s desired yield.
The Fund may invest a significant amount of its assets in foreign securities. Under
normal circumstances, the Fund will provide exposure to investments that are economically tied to at least three different countries outside of the U.S. The Fund may also invest up to 50% 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’s exposure to the financials sector may at times be significant.
The Fund can invest in derivative instruments including futures contracts and forward
foreign currency contracts. The Fund can use futures contracts, including equity index futures, to gain exposure to the broad market in connection with managing cash balances. The Fund also can use futures contracts, including currency futures
and equity index futures, to hedge against adverse movements in the foreign currencies in which portfolio
securities are denominated. The Fund can hold long and short positions in equity index futures to hedge against adverse movements in the equity markets. A long position involves the Fund buying a derivative with the anticipation of a price increase of the
underlying asset, and a short position involves the Fund writing (selling) a derivative with the anticipation
of a price decrease of the underlying asset.
The Fund can use forward foreign currency contracts to hedge against adverse
movements in the foreign currencies in which portfolio securities are denominated.
The portfolio managers aim to construct a diversified portfolio that generates high
income while providing downside protection against broad equity market drawdowns and providing equity market upside participation. The equity portion of the Fund's portfolio will be constructed using quantitative models that generate broad-based
large-cap equity market indices developed by Invesco's affiliate, Invesco Indexing LLC, or third-party
index providers (the “Equity portfolio”). The indices will be constructed based on factors to
which the portfolio managers seek to gain market exposure, including but not limited to, momentum, value, quality and low volatility. The factors and their relative weighting will change over time based on the
portfolio managers' views on the relative strength of each factor and market conditions. The equity portion of the portfolio will therefore change over time.
The
portfolio managers also seek to construct a portion of the Fund’s portfolio in high-income, short-term ELNs with a focus on downside protection (the “ELN portfolio”). The portfolio managers seek to enhance portfolio diversification by
staggering the maturity dates of the ELNs to create more consistent returns over time. The portion of the ELN portfolio maintained in cash and cash equivalents is aimed at providing additional downside protection by limiting the ELN
portfolio’s exposure to broad equity market risk. The portion of the Fund’s assets allocated between the Equity portfolio and ELN portfolio will be actively adjusted on a periodic basis to balance yield targets, equity participation
with less volatility, and downside protection.
The Fund can hold a portion of its assets in cash or cash equivalents, including
treasury bills and money market funds, in an effort to maintain high liquidity and a downside buffer. From time to time, the Fund’s holdings in cash or cash equivalents may be significant.
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.
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
2 Invesco Income Advantage International Fund
invesco.com/usGLVEY-SUMPRO-1
liquid than many other securities, such as common stocks, and generally offer no voting rights with respect to the
issuer.
Equity Linked Notes Risk. ELNs may not perform as anticipated and could cause the Fund to realize significant losses including its entire principal investment. Other risks include those
of the underlying securities, as well as counterparty risk, liquidity risk and imperfect correlation between
ELNs and the underlying 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 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.
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.
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 (the “EMU”) 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 significant adverse effects 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.
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.
Financial Services Sector
Risk. The Fund may be susceptible to adverse economic or regulatory occurrences affecting the financial services sector. Financial services companies,
including financial institutions, are subject to extensive government regulation and are disproportionately
affected by unstable interest rates, volatility in the financial markets, changes in domestic and foreign
monetary policy, and changes in industry regulations, each of which could adversely affect the profitability of such companies. Financial services companies may also have concentrated portfolios, which makes them especially vulnerable to
unstable economic conditions.
Short Position Risk. Because the Fund’s potential loss on a short position arises from increases in the value of the asset sold short,
the Fund will incur a loss on a short position, which is theoretically unlimited, if the price of the asset
sold short increases from the short sale price. The counterparty to a short position or other market factors may prevent the Fund from closing out a short position at a desirable time or price and may reduce or eliminate any gain or result in a
loss. In a rising market, the Fund’s short positions will cause the Fund to underperform the overall
market and its peers that do not engage in shorting. If the Fund holds both long and short positions, and
both positions decline simultaneously, the short positions will not provide any buffer (hedge) from declines in value of the Fund’s long positions. Certain types of short positions involve leverage, which may exaggerate any losses,
potentially more than the actual cost of the investment, and will increase the volatility of the Fund’s returns.
Quantitative Models Risk. Quantitative models are based upon many factors that measure individual securities relative to each other. Quantitative models may be highly reliant on the gathering, cleaning, culling and analysis of large amounts of data from
third parties and other external sources. Any errors or imperfections in the factors, or the data on which
measurements of those factors are based, could adversely affect the use of the quantitative models. The
factors used in models may not identify securities that perform well in the future, and the securities selected may
3 Invesco Income Advantage International Fund
invesco.com/usGLVEY-SUMPRO-1
perform differently from the market as a whole or from their expected performance.
Cash/Cash Equivalents Risk. In rising markets, holding cash or cash equivalents will negatively affect the Fund’s performance relative to its benchmark.
Money Market Fund Risk. Although money market funds generally seek to preserve the value of an investment at $1.00 per share, the Fund may lose money by investing in money market
funds. A money market fund's sponsor has no legal obligation to provide financial support to the money
market fund. The credit quality of a money market fund's holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the money market fund's share price. A money market fund's share price can also be
negatively affected during periods of high redemption pressures, illiquid markets and/or significant market
volatility.
Rule 144A Securities and Other Exempt Securities Risk. The market for Rule 144A and other securities exempt from certain registration requirements typically is less active than the market for publicly-traded securities. Rule 144A and other exempt
securities, which are also known as privately issued securities, carry the risk that their liquidity may become impaired and the Fund may be unable to dispose of the securities at a desirable time or price.
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 bar chart shows changes in the performance of the Fund from year to year as of December 31.
For periods prior to July 15, 2021, performance shown is that of the Fund using its previous investment
strategy. Therefore, the past performance shown for periods prior to July 15, 2021 may have differed had
the Fund’s current investment strategy been in effect. 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 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.
All Fund performance shown assumes the reinvestment of dividends and capital gains
and the effect of the Fund’s expenses.
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 |
12.70% |
| Worst Quarter |
March 31, 2020 |
-21.90% |
Average Annual Total Returns (for the periods ended December 31, 2022)
| |
Inception Date |
1 Year |
5 Years |
10
Years |
| Class A |
|
|
|
|
| Return Before Taxes |
9/15/1997 |
-17.01% |
-1.04% |
3.14% |
| Return After Taxes on Distributions |
|
-19.11 |
-1.82 |
2.29 |
| Return After Taxes on Distributions and Sale of Fund Shares |
|
-9.71 |
-0.82 |
2.36 |
| | ||||
| Class C |
1/2/1998 |
-13.54 |
-0.65 |
3.11 |
| | ||||
| Class R |
10/31/2005 |
-12.28 |
-0.14 |
3.47 |
| | ||||
| Class Y |
10/3/2008 |
-11.90 |
0.35 |
3.99 |
| | ||||
| Class R5 |
4/30/2004 |
-11.87 |
0.46 |
4.14 |
| | ||||
| Class R6 |
4/4/2017 |
-11.89 |
0.45 |
3.941 |
| | ||||
| MSCI ACWI ex-USA® Index (Net) (reflects reinvested dividends net of withholding taxes, but reflects no deduction for fees, expenses or other taxes) |
|
-16.00 |
0.88 |
3.80 |
| | ||||
| Lipper Global Equity Income Funds Index |
|
-10.06 |
3.77 |
6.15 |
| | ||||
1
Performance shown prior to the inception date is that of the 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 R6 shares' returns of the Fund will be different from Class A shares' returns of the Fund's 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.
4 Invesco Income Advantage International Fund
invesco.com/usGLVEY-SUMPRO-1
Management of the Fund
Investment Adviser: Invesco Advisers, Inc. (Invesco or the Adviser)
| Portfolio Managers |
Title |
Length of Service on the Fund |
| Scott Wolle, CFA |
Portfolio Manager (lead) |
2021 |
| | ||
| Mark Ahnrud, CFA |
Portfolio Manager |
2021 |
| | ||
| John Burrello, CFA |
Portfolio Manager |
2021 |
| | ||
| Chris Devine, CFA |
Portfolio Manager |
2021 |
| | ||
| Scott Hixon, CFA |
Portfolio Manager |
2021 |
| | ||
| Christian Ulrich, CFA |
Portfolio Manager |
2021 |
| | ||
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.
5 Invesco Income Advantage International Fund
invesco.com/usGLVEY-SUMPRO-1