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Summary Prospectus
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January 18, 2013
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Invesco Mid Cap Growth
Fund
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(formerly known as Invesco Van
Kampen Mid Cap Growth Fund)
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Class: R5 (VGRJX),
R6 (VGRFX)
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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 and other
information about the Fund online at www.invesco.com/prospectus.
You can also get this information at no cost by calling
(800) 659-1005
or by sending an
e-mail
request to ProspectusRequest@invesco.com. The Fund’s
prospectus and statement of additional information, both dated
January 18, 2013, are incorporated by reference into this
Summary Prospectus and may be obtained, free of charge, at the
Web site, phone number or
e-mail
address noted above.
Investment
Objective
The Fund’s investment objective is to seek capital growth.
Fees
and Expenses of the Fund
This table describes the fees and expenses that you may pay if
you buy and hold shares of the Fund.
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Shareholder Fees
(fees paid directly from your
investment)
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Class:
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R5
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R6
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Maximum Sales Charge (Load) Imposed on Purchases (as a
percentage of offering price)
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None
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None
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Maximum Deferred Sales Charge (Load) (as a percentage of
original purchase price or redemption proceeds, whichever is
less)
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None
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None
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Annual Fund Operating Expenses
(expenses that you pay
each year as a percentage of the value of your investment)
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Class:
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R5
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R6
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Management Fees
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0.70
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%
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0.70
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%
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Distribution
and/or
Service (12b-1) Fees
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None
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None
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Other
Expenses
1
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0.15
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0.07
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Total Annual Fund Operating
Expenses
1
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0.85
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0.77
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1
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“Other Expenses” and “Total Annual Fund Operating
Expenses” for Class R6 shares are based on estimated
amounts for the current fiscal year.
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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 $10,000 in the Fund for the
time periods indicated and then redeem all of your shares at the
end of those periods. The Example also assumes that your
investment has a 5% return each year and that the Fund’s
operating expenses remain the same. Although your actual costs
may be higher or lower, based on these assumptions your costs
would be:
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1 Year
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3 Years
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5 Years
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10 Years
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Class R5
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$
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87
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$
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271
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$
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471
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$
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1,049
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Class R6
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$
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79
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$
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246
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$
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428
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$
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954
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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 109% of the average value of its
portfolio.
Principal
Investment Strategies of the Fund
Under normal market conditions, Invesco Advisers, Inc. (the
Adviser), the Fund’s investment adviser, seeks to achieve
the Fund’s investment objective by investing primarily in
common stocks and other equity securities of medium-sized growth
companies. Under normal market conditions, the Fund invests at
least 80% of its net assets (including any borrowings for
investment purposes) in securities of medium-sized companies at
the time of investment.
In complying with the 80% investment requirement, the Fund may
include synthetic securities that have economic characteristics
similar to the Fund’s direct investments that are counted
toward the 80% investment requirement.
The Fund may invest up to 25% of its total assets in securities
of foreign issuers and may invest up to 10% of its total assets
in real estate investment trusts (REITs).
In attempting to meet its investment objective, the Fund engages
in active and frequent trading of portfolio securities.
The Adviser uses a
bottom-up
stock selection process designed to seek returns in excess of
the benchmark as well as a disciplined portfolio construction
process designed to manage risk. To narrow the investment
universe, the Adviser uses a holistic approach that emphasizes
fundamental research and, to a lesser extent, includes
quantitative analysis. The Adviser then closely examines company
fundamentals, including detailed modeling of all of a
company’s financial statements and discussions with company
management teams, suppliers, distributors, competitors, and
customers. The Adviser uses a variety of valuation techniques
based on the company in question, the industry in which the
company operates, the stage of the business cycle, and other
factors that best reflect a company’s value. The Adviser
seeks to invest in companies with solid management teams, sound
business models, strong financial health, attractive growth
outlooks, and compelling valuations levels.
The Adviser considers whether to sell a particular security when
a company hits the price target, a company’s fundamentals
deteriorate, or the catalysts for growth are no longer present
or reflected in the stock price.
Principal
Risks of Investing in the Fund
As with any mutual fund, 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 government agency.
1 Invesco
Mid Cap Growth Fund
VK-MCG-SUMPRO-2
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:
Active Trading Risk.
The Fund engages in frequent trading
of portfolio securities. Active trading results in added
expenses and may result in a lower return and increased tax
liability.
Management Risk.
The investment techniques and risk
analysis used by the Fund’s portfolio managers may not
produce the desired results.
Market Risk.
The prices of and the income generated by
the Fund’s securities may decline in response to, among
other things, investor sentiment; general economic and market
conditions; regional or global instability; and currency and
interest rate fluctuations.
Risks of Medium-Sized Companies.
Medium-sized companies
often have less predictable earnings, more limited product
lines, markets, distribution channels or financial resources and
the management of such companies may be dependent upon one or
few key people. The market movements of equity securities of
medium-sized companies may be more abrupt and volatile than the
market movements of equity securities of larger, more
established companies or the stock market in general.
Historically, medium-sized companies have sometimes gone through
extended periods when they did not perform as well as larger
companies. In addition, equity securities of medium-sized
companies generally are less liquid than larger companies. This
means that the Fund could have greater difficulty selling such
securities at the time and price that the Fund would like.
Growth Investing Risk.
Investments in growth-oriented
equity securities may have above-average volatility of price
movement. The returns on growth securities may or may not move
in tandem with the returns on other styles of investing or the
overall stock markets. Different types of stocks tend to shift
in and out of favor depending on market and economic conditions.
Thus, the value of the Fund’s investments will vary and at
times may be lower or higher than that of other types of
investments.
Foreign Risks.
The risks of investing in securities of
foreign issuers, including emerging market issuers, can include
fluctuations in foreign currencies, foreign currency exchange
controls, political and economic instability, differences in
securities regulation and trading, and foreign taxation issues.
Risks of Investing in REITs.
Investing in REITs makes the
Fund more susceptible to risks associated with the ownership of
real estate and with the real estate industry in general and may
involve duplication of management fees and other expenses. REITs
may be less diversified than other pools of securities, may have
lower trading volumes and may be subject to more abrupt or
erratic price movements than the overall securities markets.
Synthetic Securities Risk.
Fluctuations in the values of
synthetic securities may not correlate perfectly with the
instruments they are designed to replicate. Synthetic securities
may be subject to interest rate changes, market price
fluctuations, counterparty risk and liquidity risk.
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
and Van Kampen Mid Cap Growth Fund’s (the predecessor fund)
performance to that of a broad-based securities market
benchmark, a style specific benchmark and a peer group benchmark
comprised of funds with investment objectives and strategies
similar to the Fund. The Fund’s (and the predecessor
fund’s) past performance (before and after taxes) is not
necessarily an indication of its future performance.
The returns for Class R5 shown prior to June 1, 2010
are those of the Class A shares of the predecessor fund.
Class R6 shares of the Fund have less than a calendar year
of performance; therefore, the returns shown are those of the
Fund’s (and the predecessor Fund’s) Class A shares,
which are not offered in this prospectus. Class R5 and Class R6
shares would have different returns from the predecessor fund
because, although the shares are invested in the same portfolio
of securities, Class R5 and Class R6 shares have different
expenses. The predecessor fund was advised by Van Kampen Asset
Management.
Updated performance information is available on the Fund’s
Web site at www.invesco.com/us.
Annual Total
Returns
Class R5 shares
year-to-date
(ended December 31, 2012): 12.25%
Best Quarter (ended December 31, 2011): 10.22%
Worst Quarter (ended September 30, 2011): -22.64%
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Average Annual Total Returns
(for the periods ended
December 31, 2011)
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1
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5
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10
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Year
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Years
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Years
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Class R5
shares
1
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Inception (06/01/10)
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Return Before Taxes
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-8.62
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3.18
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5.65
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Return After Taxes on Distributions
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-10.06
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2.46
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5.16
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Return After Taxes on Distributions and Sale of Fund Shares
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-4.70
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2.57
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4.86
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Class R6
shares
1
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Inception (01/18/13)
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-9.10
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3.09
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5.61
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S&P
500
®
Index (reflects no deductions for fees, expenses or taxes
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2.09
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-0.25
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2.92
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Russell
Midcap
®
Growth Index (reflects no deductions for fees, expenses or taxes)
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-1.65
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2.44
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5.29
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Lipper Mid-Cap Growth Funds Index
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-5.30
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2.89
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4.48
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1
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Class R5 and Class R6 shares’ performance shown prior to
the inception date is that of the Fund’s and the
predecessor fund’s Class A shares and includes the
12b-1 fees applicable to Class A shares. Class A
shares’ performance reflects any applicable fee waivers or
expense reimbursements. The inception date of the predecessor
fund’s Class A shares is December 27, 1995.
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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-deferred
arrangements, such as 401(k) plans or individual retirement
accounts. After-tax returns are shown for Class R5 shares
only and after-tax returns for other classes will vary.
Management
of the Fund
Investment Adviser: Invesco Advisers, Inc. (the Adviser)
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Length of Service
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Portfolio Manager
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Title
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on the Fund
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James Leach
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Portfolio Manager
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2011
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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
800-659-1005.
There is no minimum initial investment for (i) a defined
contribution plan with at least $100 million of combined
defined contribution and defined benefit plan assets, or (ii)
retirement plans investing through a retirement platform that
administers at least $2.5 billion in retirement plan assets
and trades multiple plans through an omnibus account. All other
retirement plans must meet a minimum initial investment of at
least $1 million in each Fund in which it invests.
The minimum initial investment for all other institutional
investors is $10 million, unless such investment is made by
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, in which case there is no minimum initial
investment.
2 Invesco
Mid Cap Growth Fund
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-deferred arrangement,
such as a 401(k) plan or individual retirement 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 and 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 Web site for more information.
3 Invesco
Mid Cap Growth Fund