| Summary Prospectus |
June 28, 2024 |
Invesco Real Estate Fund
Class: A (IARAX), C (IARCX), Investor (REINX), R (IARRX), Y (IARYX), R5 (IARIX), R6 (IARFX)
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 June 28, 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 |
Investor |
R5 |
R6 |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |
5.50 % |
None |
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 |
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 |
Investor |
R5 |
R6 |
| Management Fees |
0.73 % |
0.73 % |
0.73 % |
0.73 % |
0.73 % |
0.73 % |
0.73 % |
| | |||||||
| Distribution and/or Service (12b-1) Fees |
0.25 |
1.00 |
0.50 |
None |
0.20 |
None |
None |
| | |||||||
| Other Expenses |
0.27 |
0.27 |
0.27 |
0.27 |
0.27 |
0.14 |
0.07 |
| | |||||||
| Total Annual Fund Operating Expenses |
1.25 |
2.00 |
1.50 |
1.00 |
1.20 |
0.87 |
0.80 |
| | |||||||
| 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 |
$670
|
$925
|
$1,199
|
$1,978
|
| | ||||
| Class C |
$303
|
$627
|
$1,078
|
$2,134
|
| | ||||
| Class R |
$153
|
$474
|
$818
|
$1,791
|
| | ||||
| Class Y |
$102
|
$318
|
$552
|
$1,225
|
| | ||||
| Investor Class |
$122
|
$381
|
$660
|
$1,455
|
| | ||||
| Class R5 |
$89
|
$278
|
$482
|
$1,073
|
| | ||||
| Class R6 |
$82
|
$255
|
$444
|
$990
|
| | ||||
You would pay the following expenses if you did not redeem your shares:
| |
1 Year |
3 Years |
5 Years |
10 Years |
| Class A |
$670
|
$925
|
$1,199
|
$1,978
|
| | ||||
| Class C |
$203
|
$627
|
$1,078
|
$2,134
|
| | ||||
| Class R |
$153
|
$474
|
$818
|
$1,791
|
| | ||||
| Class Y |
$102
|
$318
|
$552
|
$1,225
|
| | ||||
| Investor Class |
$122
|
$381
|
$660
|
$1,455
|
| | ||||
| Class R5 |
$89
|
$278
|
$482
|
$1,073
|
| | ||||
| Class R6 |
$82
|
$255
|
$444
|
$990
|
| | ||||
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 62% 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 securities of real estate and real estate-related issuers, and in derivatives and other
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instruments that have economic
characteristics similar to such securities. The Fund invests primarily in real
estate investment trusts (REITs) and equity securities, including common and preferred stock and convertible securities.
The Fund concentrates its investments in the securities of domestic and foreign real estate and real estate-related companies. The Fund considers an issuer to be a real estate or
real estate-related company if at least 50% of its assets, gross income or net profits are attributable to ownership, construction, management or sale of residential, commercial or industrial real estate. These issuers include
(i) REITs or other real estate operating companies that (a) own property, (b) make or invest in short-term construction and development mortgage loans, or (c) invest in long-term mortgages or mortgage pools, and
(ii) issuers whose products and services are related to the real estate industry, such as manufacturers and distributors of building supplies and financial institutions that issue or service mortgages.
The Fund may also invest in debt securities, including corporate debt obligations and commercial mortgage-backed securities. The Fund may invest up to 10% of its net assets in
non-investment grade debt securities (commonly known as “junk bonds”) of real estate and real estate-related issuers.
The Fund
may invest in securities of issuers of all capitalization sizes. Real estate companies tend to have smaller asset bases compared with other market sectors, therefore, the Fund may hold a significant amount of securities of small- and
mid-capitalization issuers.
The Fund may invest up to 25% of its net assets in
foreign securities. In regard to foreign security holdings, up to 10% of the Fund’s net assets may be in securities of issuers located in emerging market countries, i.e., those that are generally in the early
stages of their industrial cycles.
The Fund may engage in short sales of
securities. The Fund may engage in short sales with respect to securities it owns or securities it does not own. Generally, the Fund will sell a security short to (1) take advantage of an expected decline in
the security price in anticipation of purchasing the same security at a later date at a lower price, or (2) to protect a profit in a security that it owns. The Fund will not sell a security short if, as a result of such short sale, the
aggregate market value of all securities sold short exceeds 10% of the Fund’s net assets.
The Fund can invest in derivative instruments including forward foreign
currency contracts.
The Fund can use forward foreign currency contracts to hedge against
adverse movements in the foreign currencies in which portfolio securities are denominated; though
the Fund has not historically used these instruments.
When constructing the portfolio, the portfolio managers use a
fundamentals-driven investment process, including an evaluation of factors such as property
market cycle analysis, property evaluation and management and structure review to identify securities with characteristics including (i) quality underlying properties, (ii) solid management teams with the ability to
effectively manage capital structure decisions and execute their stated strategic plan, and (iii) attractive valuations relative to peer investment alternatives.
The portfolio managers focus on equity REITs and real estate operating
issuers. Each qualified security in the investment universe is analyzed using fundamental real
estate analysis and valuation review to identify securities that appear to have relatively favorable long-term prospects and attractive values. Some of the fundamental real estate factors that are considered include: forecasted occupancy and
rental rates of the various property markets in which a firm may operate, property locations, physical attributes, management depth and skill, insider ownership, overall debt levels, percentage of variable rate financing and
fixed charge coverage ratios. The issuers that are believed to have the most attractive fundamental real estate attributes are then evaluated on the basis of relative value. Some of the valuation factors that are
considered include: cash flow consistency and growth, dividend yield, dividend coverage and growth, and cash flow and assets to price multiples.
The portfolio managers seek to construct a portfolio with risk characteristics similar to the
FTSE Nareit All Equity REITs Index. The Fund uses this index as a guide in structuring the portfolio, but the Fund is not an index fund.
The
portfolio managers seek to limit risk through various controls, such as diversifying the portfolio property types and geographic areas as well as by considering the relative liquidity of each security and limiting the size of any one holding.
The portfolio managers will consider selling a security if they conclude (1) its relative valuation has fallen below desired levels, (2) its risk/return profile has changed
significantly, (3) its fundamentals have changed, or (4) a more attractive investment opportunity is identified.
As part of the Fund’s investment process to implement its investment strategy in pursuit of its investment objective, the Fund’s portfolio managers may also consider both
qualitative and quantitative environmental, social and governance (ESG) factors they believe to be material to understand an issuer’s fundamentals, assess whether any ESG factors pose a material financial risk or opportunity to
the issuer and determine whether such risks are appropriately reflected in the issuer’s valuation. This analysis may involve the use of third-party research as well as proprietary research. Consideration of ESG factors is just
one component of the portfolio managers' assessment of issuers eligible for investment and not necessarily determinative to an investment decision. Therefore, the Fund’s portfolio managers may still invest in
securities of issuers that may be viewed as having a high ESG risk profile. The ESG factors considered by the Fund’s portfolio managers may change over time, one or more factors may not be relevant with respect to all issuers
eligible for investment and ESG considerations may not be applied to each issuer or Fund investment.
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.
REIT Risk/Real Estate Risk. Investments in real estate related instruments may be adversely affected by economic, legal, cultural, environmental or technological factors
that affect property values, rents or occupancies. Shares of real estate related companies, which tend to be small- and mid-cap companies, may be more volatile and less liquid than larger companies. If a real estate
related company defaults on certain types of debt obligations held by the Fund, the Fund may acquire real estate directly, which involves additional risks such as environmental liabilities; difficulty in valuing and selling
the real estate; and economic or regulatory changes.
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
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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 liquid than many other securities, such as common stocks, and generally offer no voting rights with respect to
the issuer.
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 that 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 and therefore considered to have more speculative characteristics and greater susceptibility to default or decline in market value than
investment grade securities.
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.
Debt Securities
Risk. The prices of debt securities held by the Fund will be affected by changes in interest rates, the creditworthiness of the issuer and other factors. An
increase in prevailing interest rates typically causes the value of existing debt securities to fall and often has a greater impact on longer-duration debt securities and higher quality debt securities. Falling interest rates will
cause the Fund to reinvest the proceeds of debt securities that have been repaid by the issuer at lower interest rates. Falling
interest rates may also reduce the
Fund’s distributable income because interest payments on floating rate debt instruments held by the Fund will decline. The Fund could lose money on investments in debt securities if the issuer or borrower fails to meet
its obligations to make interest payments and/or to repay principal in a timely manner. Changes in an issuer’s financial strength, the market’s perception of such strength or in the credit rating of the issuer or the security
may affect the value of debt securities. The credit analysis applied to the Fund’s debt securities may fail to anticipate such changes, which could result in buying a debt security at an inopportune time or failing to sell a debt
security in advance of a price decline or other credit event.
High Yield Debt Securities (Junk Bond/Below-Investment Grade) Risk. Investments in high yield debt securities (junk bonds) and other lower-rated securities will subject the Fund
to substantial risk of loss. These securities are considered to be speculative with respect to the
issuer’s ability to pay interest and principal when due, are more susceptible to default or
decline in market value and are less liquid than investment grade debt securities. Prices of high yield debt securities tend to be very volatile.
Mortgage- and Asset-Backed Securities Risk. Mortgage- and
asset-backed securities, including collateralized debt obligations and collateralized mortgage
obligations, are subject to prepayment or call risk, which is the risk that a borrower's payments may be received earlier or later than expected due to changes in prepayment rates on underlying loans. This could result in the Fund
reinvesting these early payments at lower interest rates, thereby reducing the Fund's income. Mortgage- and asset-backed securities also are subject to extension risk, which is the risk that an unexpected rise in interest rates
could reduce the rate of prepayments, causing the price of the mortgage- and asset-backed securities and the Fund’s share price to fall. An unexpectedly high rate of defaults on the mortgages held by a mortgage
pool may adversely affect the value of mortgage-backed securities and could result in losses to the Fund. Privately-issued mortgage-backed securities and asset-backed securities may be less liquid than other types of
securities and the Fund may be unable to sell these securities at the time or price it desires. During periods of market stress or high redemptions, the Fund may be forced to sell these securities at significantly reduced
prices, resulting in losses. Liquid privately-issued mortgage-backed securities and asset-backed securities can become illiquid during periods of market stress. Privately-issued mortgage-related securities are not
subject to the same underwriting requirements as those with government or government-sponsored entity guarantees and, therefore, mortgage loans underlying privately-issued mortgage-related securities may have
less favorable collateral, credit risk, liquidity risk or other underwriting characteristics, and wider variances in interest rate, term, size, purpose and borrower characteristics. The Fund may invest in mortgage pools that
include subprime mortgages, which are loans made to borrowers with weakened credit histories or with lower capacity to make timely payments on their mortgages. Liquidity risk is even greater for mortgage
pools that include subprime mortgages.
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
3 Invesco Real Estate Fund
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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.
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.
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.
Environmental, Social
and Governance (ESG) Considerations Risk. The ESG
considerations that may be assessed as part of the investment process to implement the Fund’s investment strategy in pursuit of its investment objective may vary across types of eligible investments and issuers, and not every ESG
factor may be identified or evaluated for every investment, and not every investment or issuer may be evaluated for ESG considerations. The Fund’s portfolio will not be solely based on ESG considerations, and therefore the
issuers in which the Fund invests may not be considered ESG-focused issuers. The incorporation of ESG factors may affect the Fund’s exposure to certain issuers or industries and may not work as intended. The Fund may
underperform other funds that do not assess an issuer’s ESG factors or that use a different methodology to identify and/or incorporate ESG factors. Information used by the Fund to evaluate such factors may not be readily available,
complete or accurate, and may vary across providers and issuers as ESG is not a uniformly defined
characteristic. There is no guarantee that the evaluation of ESG considerations will be additive
to the Fund’s performance.
Management
Risk. The Fund is actively managed and depends heavily on the Adviser’s or Sub-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. There can be no guarantee that the Adviser’s
or Sub-Adviser's investment techniques or investment decisions will produce the desired results. 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 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.
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.
4 Invesco Real Estate Fund
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| Class A |
Period Ended |
Returns |
| Year-to-date |
March 31, 2024 |
-1.91% |
| Best Quarter |
March 31, 2019 |
16.92% |
| Worst Quarter |
March 31, 2020 |
-24.40% |
Average Annual Total Returns (for the periods ended December 31, 2023)
| |
Inception Date |
1 Year |
5 Years |
10
Years |
| Class A |
|
|
|
|
| Return Before Taxes |
12/31/1996 |
2.74 % |
4.44 % |
5.77 % |
| Return After Taxes on Distributions |
|
1.54 |
2.44 |
3.44 |
| Return After Taxes on Distributions and Sale of Fund Shares |
|
1.77 |
3.09 |
4.05 |
| | ||||
| Class C |
5/1/1995 |
6.89 |
4.81 |
5.73 |
| | ||||
| Class R |
4/30/2004 |
8.52 |
5.35 |
6.10 |
| | ||||
| Class Y |
10/3/2008 |
9.04 |
5.88 |
6.63 |
| | ||||
| Investor Class |
9/30/2003 |
8.85 |
5.66 |
6.39 |
| | ||||
| Class R5 |
4/30/2004 |
9.19 |
6.01 |
6.77 |
| | ||||
| Class R6 |
9/24/2012 |
9.21 |
6.09 |
6.85 |
| | ||||
| FTSE Nareit All Equity REITs Index (reflects no deduction for fees, expenses or taxes) |
|
11.36 |
7.59 |
7.95 |
| | ||||
| 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 Asset Management Limited (Invesco Asset
Management)
| Portfolio Managers |
Title |
Length of Service on the Fund |
| James Cowen |
Portfolio Manager |
2015 |
| | ||
| Grant Jackson, CFA |
Portfolio Manager |
2018 |
| | ||
| Darin Turner |
Portfolio Manager |
2009 |
| | ||
| Ping-Ying Wang, CFA |
Portfolio Manager |
2006 |
| | ||
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.
Investor Class shares of the Fund are offered only to
grandfathered investors. The minimum investments for Class A, C, R, Y and Investor Class 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 |
| | ||
The Fund will discontinue sales of its Class R5 shares to new investors after the close of business on September 30, 2024. 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 Real Estate Fund
invesco.com/usREA-SUMPRO-1