|
|
|
|
Prospectus |
July 28,
2010
|
as revised
August 10, 2010 |
Class: A (GLBAX), B (GLBBX), C (GLBCX), Y (GLBDX)
Invesco
Global Dividend Growth Securities Fund
Invesco Global Dividend Growth Securities Fund’s
investment objective is to provide reasonable current income and
long-term growth of income and capital.
As with all other mutual fund securities, the Securities and
Exchange Commission (SEC) has not approved or disapproved these
securities or determined whether the information in this
prospectus is adequate or accurate. Anyone who tells you
otherwise is committing a crime.
An investment in the Fund:
n is
not FDIC insured;
n may
lose value; and
n is
not guaranteed by a bank.
| |
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5
|
|
|
|
|
|
5
|
|
|
|
|
|
5
|
|
|
|
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5
|
|
|
|
|
|
5
|
|
|
|
|
|
5
|
|
|
|
|
|
5
|
|
|
|
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A-1
|
|
|
|
|
|
A-1
|
|
|
|
|
|
A-2
|
|
|
|
|
|
A-2
|
|
|
|
|
|
A-3
|
|
|
|
|
|
A-4
|
|
|
|
|
|
A-5
|
|
|
|
|
|
A-6
|
|
|
|
|
|
A-7
|
|
|
|
|
|
A-9
|
|
|
|
|
|
A-10
|
|
|
|
|
|
A-10
|
|
|
|
|
|
A-11
|
|
|
|
|
|
A-12
|
|
|
|
|
|
A-14
|
|
|
|
|
|
A-14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Back Cover
|
|
|
Invesco
Global Dividend Growth Securities Fund
Investment
Objective
The Fund’s investment objective is to provide reasonable
current income and long-term growth of income and capital.
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. 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
|
|
B
|
|
C
|
|
Y
|
|
|
|
|
|
Maximum Sales Charge (Load) Imposed on Purchases (as a
percentage of offering price)
|
|
|
5.50
|
%
|
|
|
None
|
|
|
|
None
|
|
|
|
None
|
|
|
|
|
|
|
Maximum Deferred Sales Charge (Load) (as a percentage of
original purchase price or redemption proceeds, whichever is
less)
|
|
|
None
|
|
|
|
5.00
|
%
|
|
|
1.00
|
%
|
|
|
None
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annual Fund Operating Expenses (expenses that you pay
each year as a percentage of the value of your investment)
|
|
|
|
Class:
|
|
A
|
|
B
|
|
C
|
|
Y
|
|
|
|
|
|
Management Fees
|
|
|
0.67
|
%
|
|
|
0.67
|
%
|
|
|
0.67
|
%
|
|
|
0.67
|
%
|
|
|
|
|
|
Distribution
and/or
Service (12b-1) Fees
|
|
|
0.25
|
|
|
|
0.22
|
|
|
|
1.00
|
|
|
|
None
|
|
|
|
|
|
|
Other
Expenses1
|
|
|
0.39
|
|
|
|
0.39
|
|
|
|
0.39
|
|
|
|
0.39
|
|
|
|
|
|
|
Total Annual Fund Operating
Expenses1
|
|
|
1.31
|
|
|
|
1.28
|
|
|
|
2.06
|
|
|
|
1.06
|
|
|
|
|
|
|
Fee
Waiver2
|
|
|
0.06
|
|
|
|
0.06
|
|
|
|
0.06
|
|
|
|
0.06
|
|
|
|
|
|
|
Total Annual Fund Operating Expenses After Fee Waiver and/or
Expense Reimbursement
|
|
|
1.25
|
|
|
|
1.22
|
|
|
|
2.00
|
|
|
|
1.00
|
|
|
|
|
|
| |
|
|
|
1
|
|
“Other Expenses” and “Total Annual
Fund Operating Expenses” are based on estimated
amounts for the current fiscal year.
|
|
2
|
|
The Adviser has contractually agreed, through at least
June 30, 2012, to waive advisory fees
and/or
reimburse expenses of all shares to the extent necessary to
limit Total Annual Fund Operating Expenses After Fee Waiver
and/or
Expense Reimbursement (excluding certain items discussed below)
of Class A shares to 1.25%, Class B shares to 2.00%,
Class C shares to 2.00% and Class Y shares to 1.00% of
average daily net assets, respectively. In determining the
Adviser’s obligation to waive advisory fees
and/or
reimburse expenses, the following expenses are not taken into
account, and could cause the Total Annual Fund Operating
Expenses After Fee Waiver
and/or
Expense Reimbursement to exceed the limit reflected above:
(1) interest; (2) taxes; (3) dividend expense on
short sales; (4) extraordinary or non-routine items; and
(5) expenses that the Fund has incurred but did not
actually pay because of an expense offset arrangement. Unless
the Board of Trustees and Invesco Advisers, Inc. mutually agree
to amend or continue the fee waiver agreement, it will terminate
on June 30, 2012.
|
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:
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Year
|
|
3 Years
|
|
5 Years
|
|
10 Years
|
|
|
|
|
|
Class A
|
|
$
|
670
|
|
|
$
|
931
|
|
|
$
|
1,218
|
|
|
$
|
2,032
|
|
|
|
|
|
|
Class B
|
|
|
624
|
|
|
|
694
|
|
|
|
890
|
|
|
|
1,543
|
|
|
|
|
|
|
Class C
|
|
|
303
|
|
|
|
634
|
|
|
|
1,097
|
|
|
|
2,380
|
|
|
|
|
|
|
Class Y
|
|
|
102
|
|
|
|
325
|
|
|
|
573
|
|
|
|
1,283
|
|
|
|
|
|
You would pay the following expenses if you did not redeem your
shares:
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Year
|
|
3 Years
|
|
5 Years
|
|
10 Years
|
|
|
|
|
|
Class A
|
|
$
|
670
|
|
|
$
|
931
|
|
|
$
|
1,218
|
|
|
$
|
2,032
|
|
|
|
|
|
|
Class B
|
|
|
124
|
|
|
|
394
|
|
|
|
690
|
|
|
|
1,543
|
|
|
|
|
|
|
Class C
|
|
|
203
|
|
|
|
634
|
|
|
|
1,097
|
|
|
|
2,380
|
|
|
|
|
|
|
Class Y
|
|
|
102
|
|
|
|
325
|
|
|
|
573
|
|
|
|
1,283
|
|
|
|
|
|
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. The portfolio turnover rate of the Morgan Stanley
Global Dividend Growth Securities Fund (the predecessor fund)
was 85% of the average value of its portfolio.
Principal
Investment Strategies of the Fund
The Fund will normally invest at least 80% of its net assets
(plus any borrowings for investment purposes) in dividend paying
equity securities of companies located in various countries
around the world. The Fund’s investment adviser, Invesco
Advisers, Inc. (the Adviser), seeks investments primarily in
common stocks (including depositary receipts) of companies of
any size with a record of paying dividends and potential for
increasing dividends. In selecting investments, the Adviser
employs a
bottom-up
investment approach that is value driven and emphasizes security
selection on an individual company basis. The Adviser selects
securities of issuers from a broad range of countries, which may
include emerging market countries.
In selecting securities for the Fund, the portfolio managers
seek to identify attractively valued issuers with market
capitalization in excess of $1 billion. Initial factors
considered by the portfolio managers when evaluating potential
investments include an issuer’s return on equity, amount of
shareholders’ capital and the percentage of earnings paid
in dividends, as well as an issuer’s historic earnings
stability and overall debt levels. In analyzing potential
investments, the portfolio managers conduct research on issuers
meeting their criteria and may communicate directly with
management.
The Fund may invest up to 20% of its assets in convertible debt
securities, convertible preferred securities, U.S. government
securities, fixed-income securities issued by foreign
governments and international organizations and investment grade
corporate debt securities. Up to 15% of the Fund’s assets
may be invested in emerging market securities (held either
directly or in the form of depositary receipts), including up to
10% of the Fund’s assets that may be invested in local
shares (shares traded in the issuer’s local or regional
market). The Fund may also use forward foreign currency exchange
contracts, which are derivative instruments, in connection with
its investments in foreign securities. These derivative
instruments will be counted toward the 80% policy discussed
above to the extent they have economic characteristics similar
to the securities included within that policy.
1 Invesco
Global Dividend Growth Securities Fund
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 (FDIC) or any other government 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:
Common Stocks. In general, stock values fluctuate in
response to activities specific to the company as well as
general market, economic and political conditions. Stock prices
can fluctuate widely in response to these factors.
Convertible Securities. Investments in convertible
securities subject the Fund to the risks associated with both
fixed-income securities, including credit risk and interest rate
risk, and common stocks. A portion of the Fund’s
convertible securities investments may be rated below investment
grade. Securities rated below investment grade are commonly
known as junk bonds and have speculative characteristics.
Small and Medium Capitalization Companies. Investments in
small and medium capitalization companies entail greater risks
than those associated with larger, more established companies.
Often the stock of these companies may be more volatile and less
liquid than the stock of more established companies. These
stocks may have returns that vary, sometimes significantly, from
the overall stock market.
Value Investing Style. The Fund emphasizes a value style
of investing, which focuses on undervalued companies with
characteristics for improved valuations. This style of investing
is subject to the risk that the valuations never improve or that
the returns on “value” equity securities are less than
returns on other styles of investing or the overall stock
market. Value stocks also may decline in price, even though in
theory they are already underpriced.
Foreign and Emerging Market Securities. The risks of
investing in foreign and emerging market securities can include
fluctuations in foreign currencies, foreign currency exchange
controls, political and economic instability, differences in
securities regulation and trading, and foreign taxation issues.
In connection with its investments in foreign securities, the
Fund also may enter into contracts with banks, brokers or
dealers to purchase or sell securities or foreign currencies at
a future date (forward contracts). Hedging the Fund’s
currency risks involves the risk of mismatching the Fund’s
objectives under a forward or futures contract with the value of
securities denominated in a particular currency. There is
additional risk that such transactions reduce or preclude the
opportunity for gain and that currency contracts create exposure
to currencies in which the Fund’s securities are not
denominated.
Fixed-Income Securities. All fixed-income securities are
subject to two types of risk: credit risk and interest rate
risk. When the general level of interest rates goes up, the
prices of most fixed-income securities go down. When the general
level of interest rates goes down, the prices of most fixed
income securities go up.
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 securities market benchmark
and a peer group benchmark 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 shown are those of the Class A, Class B,
Class C and Class I shares of the predecessor fund.
The predecessor fund was advised by Morgan Stanley Investment
Advisors Inc. Class A, Class B, Class C and
Class I shares of the predecessor fund were reorganized
into Class A, Class B, Class C and Class Y
shares, respectively, of the Fund on June 1, 2010.
Class A, Class B, Class C and Class Y
shares’ returns of the Fund will be different from the
predecessor fund as they have different expenses. Performance
for Class A and Class B shares have been restated to
reflect the Fund’s applicable sales charge. Performance for
Class B shares assumes conversion to Class A shares
eight years after the start of the performance period. Quarterly
returns include returns of the Fund for periods ending on and
after June 1, 2010.
Updated performance information is available on the Fund’s
Web site at www.invesco.com/us.
Annual Total
Returns
Class B shares
year-to-date
(ended June 30, 2010): (9.58)%
Best Quarter (ended June 30, 2003): 19.40%
Worst Quarter (ended September 30, 2002): -21.00%
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Annual Total Returns (for the periods ended
December 31, 2009)
|
|
|
|
|
|
1
|
|
5
|
|
10
|
|
|
|
|
|
Year
|
|
Years
|
|
Years
|
|
|
|
|
|
Class A: Inception (07/28/97)
|
|
|
9.48
|
%
|
|
|
(2.37
|
%)
|
|
|
0.58
|
%
|
|
|
|
|
|
Class B: Inception (06/30/93)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return Before Taxes
|
|
|
10.95
|
|
|
|
(1.50
|
)
|
|
|
0.77
|
|
|
|
|
Return After Taxes on Distributions
|
|
|
10.20
|
|
|
|
(2.44
|
)
|
|
|
0.15
|
|
|
|
|
Return After Taxes on Distributions and Sale of Fund Shares
|
|
|
8.06
|
|
|
|
(1.03
|
)
|
|
|
0.75
|
|
|
|
|
|
|
Class C: Inception (07/28/97)
|
|
|
14.08
|
|
|
|
(1.99
|
)
|
|
|
0.39
|
|
|
|
|
|
|
Class Y: Inception (07/28/97)
|
|
|
16.18
|
|
|
|
(0.94
|
)
|
|
|
1.43
|
|
|
|
|
|
|
|
|
|
29.99
|
|
|
|
2.01
|
|
|
|
(0.24
|
)
|
|
|
|
|
Lipper Global Large-Cap Value Funds Avg
|
|
|
24.72
|
|
|
|
(0.62
|
)
|
|
|
2.14
|
|
|
|
|
|
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 B shares
only and after-tax returns for other classes will vary.
Management
of the Fund
Investment Adviser: Invesco Advisers, Inc. (the Adviser).
| |
|
|
|
|
|
|
|
Portfolio Managers
|
|
Title
|
|
Length of Service
|
|
|
|
Ingrid Baker
|
|
Portfolio Manager
|
|
|
2010
|
|
|
|
|
W. Lindsay Davidson
|
|
Portfolio Manager
|
|
|
2010
|
|
|
|
|
Sargent McGowan
|
|
Portfolio Manager
|
|
|
2010
|
|
|
|
|
Anuja Singha
|
|
Portfolio Manager
|
|
|
2010
|
|
|
|
|
Stephen Thomas
|
|
Portfolio Manager
|
|
|
2010
|
|
|
|
Purchase
and Sale of Fund Shares
You may purchase, redeem or exchange shares of the Fund on any
business day through your financial adviser, through our Web
site at www.invesco.com/us, by mail to Invesco Investment
Services, Inc., P.O. Box 4739, Houston, Texas
77210-4739,
or by telephone at
800-959-4246.
The minimum investments for Class A, B, C and Y shares for
Fund accounts are as follows:
| |
|
|
|
|
|
|
|
|
|
|
|
Initial Investment
|
|
Additional Investments
|
|
Type of Account
|
|
Per Fund
|
|
Per Fund
|
|
|
|
Asset or fee-based accounts managed by your financial adviser
|
|
|
None
|
|
|
|
None
|
|
|
|
2 Invesco
Global Dividend Growth Securities Fund
| |
|
|
|
|
|
|
|
|
|
|
|
Initial Investment
|
|
Additional Investments
|
|
Type of Account
|
|
Per Fund
|
|
Per Fund
|
|
|
|
Eligible employee benefit plans, SEP, SARSEP and SIMPLE IRA plans
|
|
|
None
|
|
|
|
None
|
|
|
|
|
IRAs, Roth IRAs and Coverdell ESA accounts 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, Roth IRAs and Coverdell ESAs
|
|
|
250
|
|
|
|
25
|
|
|
|
|
All other accounts
|
|
|
1,000
|
|
|
|
50
|
|
|
|
Tax
Information
The Fund’s distributions are generally 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 an 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 to
recommend the Fund over another investment. Ask your salesperson
or visit your financial intermediary’s Web site for more
information.
Investment
Objective, Strategies, Risks and Portfolio Holdings
Investment
Objective
The Fund’s investment objective is to provide reasonable
current income and long-term growth of income and capital. The
Fund’s investment objective may be changed by the Board of
Trustees (the Board) without shareholder approval.
Principal
Investment Strategies
The Fund will normally invest at least 80% of its net assets
(plus any borrowings for investment purposes) in dividend paying
equity securities of companies located in various countries
around the world. The Fund’s Adviser seeks investments
primarily in common stocks (including depositary receipts) of
companies of any size with a record of paying dividends and
potential for increasing dividends. The Fund invests in at least
three separate countries. The percentage of the Fund’s
assets invested in particular geographic sectors will shift from
time to time in accordance with the judgment of the Adviser. In
addition, in selecting investments, the Adviser employs a
bottom-up
investment approach that is value driven and emphasizes security
selection on an individual company basis. The Adviser selects
securities of issuers from a broad range of countries, which may
include emerging market countries.
In selecting securities for the Fund, the portfolio managers
seek to identify attractively valued issuers with market
capitalization in excess of $1 billion. Initial factors
considered by the portfolio managers when evaluating potential
investments include an issuer’s return on equity, amount of
shareholders’ capital and the percentage of earnings paid
in dividends, as well as an issuer’s historic earnings
stability and overall debt levels. In analyzing potential
investments, the portfolio managers conduct research on issuers
meeting their criteria and may communicate directly with
management. The Fund may also use derivative instruments as
discussed below. These derivative instruments will be counted
toward the 80% policy discussed above to the extent they have
economic characteristics similar to the securities included
within that policy.
Common stock is a share ownership or equity interest in a
corporation. It may or may not pay dividends, as some companies
reinvest all of their profits back into their businesses, while
others pay out some of their profits to shareholders as
dividends. A depositary receipt is generally issued by a bank or
financial institution and represents an ownership interest in
the common stock or other equity securities of a foreign company.
The Fund may invest up to 20% of its assets in convertible debt
securities, convertible preferred securities, U.S. government
securities, fixed-income securities issued by foreign
governments and international organizations and investment grade
corporate debt securities. A convertible security is a bond,
debenture, note, preferred stock, right, warrant or other
security that may be converted into or exchanged for a
prescribed amount of common stock or other security of the same
or a different issuer or into cash within a particular period of
time at a specified price or formula. A convertible security
generally entitles the holder to receive interest paid or
accrued on debt securities or the dividend paid on preferred
stock until the convertible security matures or is redeemed,
converted or exchanged. The Fund’s fixed-income investments
may include zero coupon securities, which are purchased at a
discount and generally accrue interest, but make no payment
until maturity.
Up to 15% of the Fund’s assets may be invested in emerging
market securities (held either directly or in the form of
depositary receipts), including up to 10% of the Fund’s
assets that may be invested in local shares (shares traded in
the issuer’s local or regional market).
In addition, the Fund may utilize forward foreign currency
exchange contracts, which are derivative instruments, in
connection with its investments in foreign securities.
Derivatives are financial instruments whose value and
performance are based on the value and performance of another
security or financial instrument. Forward foreign currency
exchange contracts involve the purchase or sale of a specific
amount of foreign currency at the current price with delivery at
a specified future date. The Fund may use these contracts to
hedge against adverse movements in the foreign currencies in
which portfolio securities are denominated. In addition, the
Fund may use these instruments to modify its exposure to various
currency markets. In connection with its investments in foreign
securities, the Fund also may enter into forward contracts. A
foreign currency forward contract is a negotiated agreement
between the contracting parties to exchange a specified amount
of currency at a specified future time at a specified rate. The
rate can be higher or lower than the spot rate between the
currencies that are the subject of the contract. Forward foreign
currency exchange contracts may be used to protect against
uncertainty in the level of future foreign currency exchange
rates or to gain or modify exposure to a particular currency. In
addition, the Fund may use cross currency hedging or proxy
hedging with respect to currencies in which the Fund has or
expects to have portfolio or currency exposure. Cross currency
hedges involve the sale of one currency against the positive
exposure to a different currency and may be used for hedging
purposes or to establish an active exposure to the exchange rate
between any two currencies.
The Fund’s portfolio managers consider selling a security
when (1) its share price increases and its relative
valuation ranking deteriorates relative to other issuers,
(2) its fundamentals deteriorate or (3) it causes the
portfolio’s sector or regional weighting relative to its
benchmark to fall outside acceptable risk parameters.
Principal
Risks
Common Stock. A principal risk of investing in the Fund
is associated with its common stock investments. In general,
stock values fluctuate in response to activities specific to the
company as well as general market, economic and political
conditions. Stock prices can fluctuate widely in response to
these factors.
3 Invesco
Global Dividend Growth Securities Fund
Convertible Securities. Investments in convertible
securities subject the Fund to the risks associated with both
fixed-income securities, including credit risk and interest rate
risk, and common stocks. To the extent that a convertible
security’s investment value is greater than its conversion
value, its price will be likely to increase when interest rates
fall and decrease when interest rates rise. If the conversion
value exceeds the investment value, the price of the convertible
security will tend to fluctuate directly with the price of the
underlying equity security. A portion of the Fund’s
convertible securities investments may be rated below investment
grade. Securities rated below investment grade are commonly
known as junk bonds and have speculative characteristics.
Small and Medium Capitalization Companies. Investing in
securities of small and medium capitalization companies involves
greater risks than is customarily associated with investing in
larger, more established companies. Often, the stocks of these
companies, particularly small companies, may be more volatile
and less liquid than the stocks of more established companies
and may be subject to more abrupt and erratic price movements.
These stocks may have returns that vary, sometimes
significantly, from the overall stock market. Often small and
medium capitalization companies and the industries in which they
are focused are still evolving and, while this may offer better
growth potential than larger, more established companies, it
also may make them more sensitive to changing market conditions.
Value Investing Style. The Fund emphasizes a value style
of investing, which focuses on undervalued companies with
characteristics for improved valuations. This style of investing
is subject to the risk that the valuations never improve or that
the returns on “value” equity securities are less than
returns on other styles of investing or the overall stock
market. Value stocks also may decline in price, even though in
theory they are already underpriced. Different types of stocks
tend to shift in and out of favor depending on market and
economic conditions and the Fund’s performance may
sometimes be lower or higher than that of other types of funds
(such as those emphasizing growth stocks).
Foreign and Emerging Market Securities. The Fund’s
investments in foreign and emerging market securities involve
risks that are in addition to the risks associated with domestic
securities. One additional risk is currency risk. While the
price of Fund shares is quoted in U.S. dollars, the Fund may
convert U.S. dollars to a foreign market’s local currency
to purchase a security in that market. If the value of that
local currency falls relative to the U.S. dollar, the U.S.
dollar value of the foreign security will decrease. This is true
even if the foreign security’s local price remains
unchanged.
Foreign securities also have risks related to economic and
political developments abroad, including expropriations,
confiscatory taxation, exchange control regulation, limitations
on the use or transfer of Fund assets and any effects of foreign
social, economic or political instability. Foreign companies, in
general, are not subject to the regulatory requirements of U.S.
companies and, as such, there may be less publicly available
information about these companies. Moreover, foreign accounting,
auditing and financial reporting standards generally are
different from those applicable to U.S. companies. Finally, in
the event of a default of any foreign debt obligations, it may
be more difficult for the Fund to obtain or enforce a judgment
against the issuers of the securities.
Securities of foreign issuers may be less liquid than comparable
securities of U.S. issuers and, as such, their price changes may
be more volatile. Furthermore, foreign exchanges and
broker-dealers are generally subject to less government and
exchange scrutiny and regulation than their U.S. counterparts.
In addition, differences in clearance and settlement procedures
in foreign markets may cause delays in settlement of the
Fund’s trades effected in those markets and could result in
losses to the Fund due to subsequent declines in the value of
the securities subject to the trades.
The foreign securities in which the Fund may invest may be
issued by issuers located in emerging market or developing
countries. Compared to the United States and other developed
countries, emerging market or developing countries may have
relatively unstable governments, economies based on only a few
industries and securities markets that trade a small number of
securities. Securities issued by companies located in these
countries tend to be especially volatile and may be less liquid
than securities traded in developed countries. In the past,
securities in these countries have been characterized by greater
potential loss than securities of companies located in developed
countries.
Depositary receipts involve many of the same risks as those
associated with direct investment in foreign securities. In
addition, the underlying issuers of certain depositary receipts,
particularly unsponsored or unregistered depositary receipts,
are under no obligation to distribute shareholder communications
to the holders of such receipts, or to pass through to them any
voting rights with respect to the deposited securities.
Hedging the Fund’s currency risks involves the risk of
mismatching the Fund’s objectives under a forward or
futures contract with the value of securities denominated in a
particular currency. Furthermore, such transactions reduce or
preclude the opportunity for gain if the value of the currency
should move in the direction opposite to the position taken.
There is an additional risk to the effect that currency
contracts create exposure to currencies in which the Fund’s
securities are not denominated. Unanticipated changes in
currency prices may result in poorer overall performance for the
Fund than if it had not entered into such contracts.
Fixed-Income Securities. All fixed-income securities,
such as corporate bonds, are subject to two types of risk:
credit risk and interest rate risk. Credit risk refers to the
possibility that the issuer of a security will be unable to make
interest payments
and/or repay
the principal on its debt. Interest rate risk refers to
fluctuations in the value of a fixed-income security resulting
from changes in the general level of interest rates. When the
general level of interest rates goes up, the prices of most
fixed-income securities go down. When the general level of
interest rates goes down, the prices of most fixed-income
securities go up. (Zero coupon securities are typically subject
to greater price fluctuations than comparable securities that
pay interest.)
The performance of the Fund also will depend on whether or not
the Adviser is successful in applying the Fund’s investment
strategies. The Fund is also subject to other risks from its
permissible investments, including the risks associated with its
investments in real estate investment trusts (REITs) and foreign
real estate companies.
Additional
Investment Strategy Information
REITs and Foreign Real Estate Companies. The Fund may
invest in REITs and foreign real estate companies, which are
similar to entities organized and operated as REITs in the
United States. REITs and foreign real estate companies pool
investor funds for investments primarily in real estate
properties or real estate-related loans. They may also include,
among other businesses, real estate developers, brokers and
operating companies whose products and services are
significantly related to the real estate industry such as
building suppliers and mortgage lenders.
Defensive Investing. The Fund may take temporary
defensive positions in attempting to respond to adverse market
conditions. The Fund may invest any amount of its assets in cash
or money market instruments in a defensive posture that may be
inconsistent with the Fund’s principal investment
strategies when the Adviser believes it is advisable to do so.
Although taking a defensive posture is designed to protect the
Fund from an anticipated market downturn, it could have the
effect of reducing the benefit from any upswing in the market.
When the Fund takes a defensive position, it may not achieve its
investment objective.
The Fund’s investments in the types of securities described
in this prospectus vary from time to time, and at any time, the
Fund may not be invested in all types of securities described in
this prospectus. The Fund may also invest in securities and
other investments not described in this prospectus. Any
percentage limitations with respect to assets of the Fund are
applied at the time of purchase.
4 Invesco
Global Dividend Growth Securities Fund
Additional Risk
Information
REITs and Foreign Real Estate Companies. REITs and
foreign real estate companies generally derive their income from
rents on the underlying properties or interest on the underlying
loans, and their value is impacted by changes in the value of
the underlying property or changes in interest rates affecting
the underlying loans owned by the REITs
and/or
foreign real estate companies. REITs and foreign real estate
companies are more susceptible to risks associated with the
ownership of real estate and the real estate industry in
general. These risks can include fluctuations in the value of
underlying properties; defaults by borrowers or tenants; market
saturation; changes in general and local economic conditions;
decreases in market rates for rents; increases in competition,
property taxes, capital expenditures or operating expenses; and
other economic, political or regulatory occurrences affecting
the real estate industry. In addition, REITs and foreign real
estate companies depend upon specialized management skills, may
not be diversified (which may increase the volatility of a
REIT’s
and/or
foreign real estate company’s value), may have less trading
volume and may be subject to more abrupt or erratic price
movements than the overall securities market. Foreign real
estate companies may be subject to laws, rules and regulations
governing those entities and their failure to comply with those
laws, rules and regulations could negatively impact the
performance of those entities. Furthermore, investments in REITs
and foreign real estate companies may involve duplication of
management fees and certain other expenses, as the Fund
indirectly bears its proportionate share of any expenses paid by
REITs and foreign real estate companies in which it invests.
U.S. REITs are not taxed on income distributed to shareholders
provided they comply with several requirements of the Internal
Revenue Code of 1986, as amended (the Code). U.S. REITs are
subject to the risk of failing to qualify for tax-free
pass-through of income under the Code.
Portfolio
Holdings
A description of the Fund’s policies and procedures with
respect to the disclosure of the Fund’s portfolio holdings
is available in the Fund’s SAI, which is available at
www.invesco.com/us.
Invesco Advisers, Inc. (the Adviser or Invesco) serves as the
Fund’s investment adviser. The Adviser manages the
investment operations of the Fund as well as other investment
portfolios that encompass a broad range of investment
objectives, and has agreed to perform or arrange for the
performance of the Fund’s
day-to-day
management. The Adviser is located at 1555 Peachtree Street,
N.E., Atlanta, Georgia 30309. The Adviser, as successor in
interest to multiple investment advisers, has been an investment
adviser since 1976.
Advisory Agreement. The Fund retains the Adviser to
manage the investment of its assets and to place orders for the
purchase and sale of its portfolio securities. Under an
investment advisory agreement between the Adviser and the Fund,
the Fund pays the Adviser a monthly fee computed based upon an
annual rate applied to the average daily net assets of the Fund
as follows:
| |
|
|
|
|
|
Average Daily Net Assets
|
|
% Per Annum
|
|
|
|
|
|
|
0.670
|
%
|
|
|
|
|
|
|
0.645
|
|
|
|
|
|
|
|
0.620
|
|
|
|
|
|
|
|
0.595
|
|
|
|
|
|
|
|
0.570
|
|
|
|
|
|
|
|
0.545
|
|
|
|
When issued, a discussion regarding the basis for the
Board’s approval of the investment advisory and investment
sub-advisory
agreements of the Fund will be available in the Fund’s
first annual or semiannual report to shareholders.
The following individuals are jointly and primarily responsible
for the day-to-day management of the Fund’s portfolio:
|
|
| n
|
Ingrid Baker, Portfolio Manager, who has been responsible for
the Fund since 2010 and has been associated with Invesco
and/or its
affiliates since 1999.
|
| |
| n
|
W. Lindsay Davidson, Portfolio Manager, who has been responsible
for the Fund since 2010 and has been associated with Invesco
and/or its
affiliates since 1984.
|
|
|
| n
|
Sargent McGowan, Portfolio Manager, who has been responsible for
the Fund since 2010 and has been associated with Invesco
and/or its
affiliates since 2002.
|
| |
| n
|
Anuja Singha, Portfolio Manager, who has been responsible for
the Fund since 2010 and has been associated with Invesco
and/or its
affiliates since 1998.
|
|
|
| n |
Stephen Thomas, Portfolio Manager, who has been responsible for
the Fund since 2010 and has been associated with Invesco
and/or its
affiliates since 2000.
|
More information on the portfolio managers may be found at
www.invesco.com/us. The Web site is not part of this prospectus.
The Fund’s SAI provides additional information about the
portfolio managers’ investments in the Fund, a description
of the compensation structure and information regarding other
accounts managed.
Purchases of Class A shares of the Fund are subject to the
maximum 5.50% initial sales charge as listed under the heading
“Category I Initial Sales Charges” in the
“Shareholder Account Information—Initial Sales Charges
(Class A Shares Only)” section of the prospectus.
Class B shares purchased prior to June 1, 2010 will be
subject to payment of CDSC Category II CDSCs during the
applicable CDSC periods (including exchanges into Class B
Shares of another Invesco Fund during the applicable CDSC
periods) listed under the heading “CDSCs on Class B
Shares” in the “Shareholder Account
Information—Contingent Deferred Sales Charges” section
of the prospectus. Class B shares purchased on or after
June 1, 2010 will be subject to payment of CDSC Category I
CDSCs during the applicable CDSC periods (including exchanges
into Class B Shares of another Invesco Fund during the
applicable CDSC periods) listed under the heading “CDSCs on
Class B Shares” in the “Shareholder Account
Information—Contingent Deferred Sales Charges” section
of the prospectus.
The Fund expects, based on its investment objective and
strategies, that its distributions if any, will consist of
ordinary income, capital gains or some combination of both.
The Fund generally declares dividends from net investment
income, if any, semi-annually.
Capital
Gains Distributions
The Fund generally distributes long-term and short-term capital
gains (net of any capital loss carryovers), if any, at least
annually. Capital gains
5 Invesco
Global Dividend Growth Securities Fund
distributions may vary considerably from year to year as a
result of the Fund’s normal investment activities and cash
flows. During a time of economic downturn, a Fund may experience
capital losses and unrealized depreciation in value of
investments, the effect of which may be to reduce or eliminate
capital gains distributions for a period of time. Even though a
Fund may experience a current year loss, it may nonetheless
distribute prior year capital gains.
The MSCI World
Indexsm
is an unmanaged index considered representative of stocks of
developed countries.
The Lipper Global Large-Cap Value Funds Avg is an unmanaged
index considered representative of global large-cap value funds
tracked by Lipper.
6 Invesco
Global Dividend Growth Securities Fund
The financial highlights show the predecessor fund’s
financial history for the past five fiscal years ended March 31,
2010. The financial highlights table is intended to help you
understand the financial performance of the predecessor
fund’s Class A, B, C and I (which were reorganized into
Class Y shares of the Fund) shares. The Fund has the same
investment objective and similar investment policies as the
predecessor fund. Certain information reflects financial results
for a single predecessor fund share.
The total returns in the table represent the rate that an
investor would have earned (or lost) on an investment in the
predecessor fund (assuming reinvestment of all dividends and
distributions).
The information has been audited by Deloitte & Touche LLP,
an independent registered public accounting firm, whose report,
along with the predecessor fund’s financial statements, is
included in the predecessor fund’s annual report, which is
available upon request.
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOR THE YEAR ENDED MARCH 31,
|
|
|
|
|
2010
|
|
|
2009
|
|
|
2008
|
|
|
2007
|
|
|
2006
|
|
|
|
|
Class A Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Per Share Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
|
$
|
7.36
|
|
|
$
|
13.25
|
|
|
$
|
16.32
|
|
|
$
|
15.11
|
|
|
$
|
13.80
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from investment operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment
income(1)
|
|
|
0.28
|
|
|
|
0.28
|
|
|
|
0.28
|
|
|
|
0.22
|
|
|
|
0.20
|
|
|
Net realized and unrealized gain (loss)
|
|
|
2.38
|
|
|
|
(5.66
|
)
|
|
|
(1.17
|
)
|
|
|
2.46
|
|
|
|
1.44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total income (loss) from investment operations
|
|
|
2.66
|
|
|
|
(5.38
|
)
|
|
|
(0.89
|
)
|
|
|
2.68
|
|
|
|
1.64
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less dividends and distributions from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
(0.40
|
)
|
|
|
(0.12
|
)
|
|
|
(0.26
|
)
|
|
|
(0.22
|
)
|
|
|
(0.33
|
)
|
|
Net realized gain
|
|
|
—
|
|
|
|
(0.39
|
)
|
|
|
(1.92
|
)
|
|
|
(1.25
|
)
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total dividends and distributions
|
|
|
(0.40
|
)
|
|
|
(0.51
|
)
|
|
|
(2.18
|
)
|
|
|
(1.47
|
)
|
|
|
(0.33
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, end of period
|
|
$
|
9.62
|
|
|
$
|
7.36
|
|
|
$
|
13.25
|
|
|
$
|
16.32
|
|
|
$
|
15.11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return(2)
|
|
|
37.38
|
%
|
|
|
(42.18
|
)%
|
|
|
(6.84
|
)%
|
|
|
18.56
|
%
|
|
|
12.07
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net
Assets(3):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses (before expense offset)
|
|
|
1.33
|
%(4)
|
|
|
1.25
|
%(4)
|
|
|
1.16
|
%(4)
|
|
|
1.21
|
%
|
|
|
1.22
|
%
|
|
Net investment income
|
|
|
3.18
|
%(4)
|
|
|
2.66
|
%(4)
|
|
|
1.73
|
%(4)
|
|
|
1.44
|
%
|
|
|
1.45
|
%
|
|
Rebate from Morgan Stanley affiliate
|
|
|
0.00
|
%(5)
|
|
|
0.00
|
%(5)
|
|
|
0.00
|
%(5)
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period, in thousands
|
|
$
|
327,155
|
|
|
$
|
292,080
|
|
|
$
|
643,008
|
|
|
$
|
860,085
|
|
|
$
|
871,393
|
|
|
Portfolio turnover rate
|
|
|
85
|
%
|
|
|
95
|
%
|
|
|
39
|
%
|
|
|
21
|
%
|
|
|
21
|
%
|
|
|
|
|
(1) |
|
The per share amounts were
computed using an average number of shares outstanding during
the period. |
| |
|
(2) |
|
Does not reflect the deduction
of sales charge. Calculated based on the net asset value as of
the last business day of the period. |
| |
|
(3) |
|
Reflects overall Fund ratios for
investment income and non-class specific expenses. |
| |
|
(4) |
|
The ratios reflect the rebate of
certain Fund expenses in connection with investments in a Morgan
Stanley affiliate during the period. The effect of the rebate on
the ratios is disclosed in the above table as “Rebate from
Morgan Stanley affiliate”. |
| |
|
(5) |
|
Amount is less than
0.005%. |
7 Invesco
Global Dividend Growth Securities Fund
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOR THE YEAR ENDED MARCH 31,
|
|
|
|
|
2010
|
|
|
2009
|
|
|
2008
|
|
|
2007
|
|
|
2006
|
|
|
|
|
Class B Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Per Share Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
|
$
|
7.47
|
|
|
$
|
13.45
|
|
|
$
|
16.53
|
|
|
$
|
15.29
|
|
|
$
|
13.79
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from investment operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment
income(1)
|
|
|
0.28
|
|
|
|
0.29
|
|
|
|
0.29
|
|
|
|
0.24
|
|
|
|
0.22
|
|
|
Net realized and unrealized gain (loss)
|
|
|
2.42
|
|
|
|
(5.76
|
)
|
|
|
(1.18
|
)
|
|
|
2.49
|
|
|
|
1.44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total income (loss) from investment operations
|
|
|
2.70
|
|
|
|
(5.47
|
)
|
|
|
(0.89
|
)
|
|
|
2.73
|
|
|
|
1.66
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less dividends and distributions from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
(0.40
|
)
|
|
|
(0.12
|
)
|
|
|
(0.27
|
)
|
|
|
(0.24
|
)
|
|
|
(0.16
|
)
|
|
Net realized gain
|
|
|
—
|
|
|
|
(0.39
|
)
|
|
|
(1.92
|
)
|
|
|
(1.25
|
)
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total dividends and distributions
|
|
|
(0.40
|
)
|
|
|
(0.51
|
)
|
|
|
(2.19
|
)
|
|
|
(1.49
|
)
|
|
|
(0.16
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, end of period
|
|
$
|
9.77
|
|
|
$
|
7.47
|
|
|
$
|
13.45
|
|
|
$
|
16.53
|
|
|
$
|
15.29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return(2)
|
|
|
37.46
|
%
|
|
|
(42.17
|
)%
|
|
|
(6.83
|
)%
|
|
|
18.65
|
%
|
|
|
12.10
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net
Assets(3):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses (before expense offset)
|
|
|
1.30
|
%(4)
|
|
|
1.19
|
%(4)
|
|
|
1.12
|
%(4)
|
|
|
1.12
|
%
|
|
|
1.19
|
%
|
|
Net investment income
|
|
|
3.21
|
%(4)
|
|
|
2.72
|
%(4)
|
|
|
1.77
|
%(4)
|
|
|
1.53
|
%
|
|
|
1.48
|
%
|
|
Rebate from Morgan Stanley affiliate
|
|
|
0.00
|
%(5)
|
|
|
0.00
|
%(5)
|
|
|
0.00
|
%(5)
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period, in thousands
|
|
$
|
89,588
|
|
|
$
|
82,980
|
|
|
$
|
191,099
|
|
|
$
|
187,734
|
|
|
$
|
204,250
|
|
|
Portfolio turnover rate
|
|
|
85
|
%
|
|
|
95
|
%
|
|
|
39
|
%
|
|
|
21
|
%
|
|
|
21
|
%
|
|
|
|
|
(1) |
|
The per share amounts were
computed using an average number of shares outstanding during
the period. |
| |
|
(2) |
|
Does not reflect the deduction
of sales charge. Calculated based on the net asset value as of
the last business day of the period. |
| |
|
(3) |
|
Reflects overall Fund ratios for
investment income and non-class specific expenses. |
| |
|
(4) |
|
The ratios reflect the rebate of
certain Fund expenses in connection with investments in a Morgan
Stanley affiliate during the period. The effect of the rebate on
the ratios is disclosed in the above table as “Rebate from
Morgan Stanley affiliate”. |
| |
|
(5) |
|
Amount is less than
0.005%. |
8 Invesco
Global Dividend Growth Securities Fund
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOR THE YEAR ENDED MARCH 31,
|
|
|
|
|
2010
|
|
|
2009
|
|
|
2008
|
|
|
2007
|
|
|
2006
|
|
|
|
|
Class C Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Per Share Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
|
$
|
7.27
|
|
|
$
|
13.17
|
|
|
$
|
16.23
|
|
|
$
|
15.04
|
|
|
$
|
13.66
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from investment operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment
income(1)
|
|
|
0.21
|
|
|
|
0.20
|
|
|
|
0.16
|
|
|
|
0.11
|
|
|
|
0.10
|
|
|
Net realized and unrealized gain (loss)
|
|
|
2.37
|
|
|
|
(5.62
|
)
|
|
|
(1.16
|
)
|
|
|
2.44
|
|
|
|
1.42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total income (loss) from investment operations
|
|
|
2.58
|
|
|
|
(5.42
|
)
|
|
|
(1.00
|
)
|
|
|
2.55
|
|
|
|
1.52
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less dividends and distributions from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
(0.30
|
)
|
|
|
(0.09
|
)
|
|
|
(0.14
|
)
|
|
|
(0.11
|
)
|
|
|
(0.14
|
)
|
|
Net realized gain
|
|
|
—
|
|
|
|
(0.39
|
)
|
|
|
(1.92
|
)
|
|
|
(1.25
|
)
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total dividends and distributions
|
|
|
(0.30
|
)
|
|
|
(0.48
|
)
|
|
|
(2.06
|
)
|
|
|
(1.36
|
)
|
|
|
(0.14
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, end of period
|
|
$
|
9.55
|
|
|
$
|
7.27
|
|
|
$
|
13.17
|
|
|
$
|
16.23
|
|
|
$
|
15.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return(2)
|
|
|
36.40
|
%
|
|
|
(42.63
|
)%
|
|
|
(7.52
|
)%
|
|
|
17.69
|
%
|
|
|
11.25
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net
Assets(3):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses (before expense offset)
|
|
|
2.08
|
%(4)
|
|
|
2.00
|
%(4)
|
|
|
1.90
|
%(4)
|
|
|
1.96
|
%
|
|
|
1.93
|
%
|
|
Net investment income
|
|
|
2.43
|
%(4)
|
|
|
1.91
|
%(4)
|
|
|
0.99
|
%(4)
|
|
|
0.69
|
%
|
|
|
0.74
|
%
|
|
Rebate from Morgan Stanley affiliate
|
|
|
0.00
|
%(5)
|
|
|
0.00
|
%(5)
|
|
|
0.00
|
%(5)
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period, in thousands
|
|
$
|
7,402
|
|
|
$
|
7,107
|
|
|
$
|
16,756
|
|
|
$
|
19,675
|
|
|
$
|
18,644
|
|
|
Portfolio turnover rate
|
|
|
85
|
%
|
|
|
95
|
%
|
|
|
39
|
%
|
|
|
21
|
%
|
|
|
21
|
%
|
|
|
|
|
(1) |
|
The per share amounts were
computed using an average number of shares outstanding during
the period. |
| |
|
(2) |
|
Does not reflect the deduction
of sales charge. Calculated based on the net asset value as of
the last business day of the period. |
| |
|
(3) |
|
Reflects overall Fund ratios for
investment income and non-class specific expenses. |
| |
|
(4) |
|
The ratios reflect the rebate of
certain Fund expenses in connection with investments in a Morgan
Stanley affiliate during the period. The effect of the rebate on
the ratios is disclosed in the above table as “Rebate from
Morgan Stanley affiliate”. |
| |
|
(5) |
|
Amount is less than
0.005%. |
9 Invesco
Global Dividend Growth Securities Fund
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOR THE YEAR ENDED MARCH 31,
|
|
|
|
|
2010
|
|
|
2009
|
|
|
2008
|
|
|
2007
|
|
|
2006
|
|
|
|
|
Class I Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Per Share Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
|
$
|
7.43
|
|
|
$
|
13.28
|
|
|
$
|
16.35
|
|
|
$
|
15.14
|
|
|
$
|
13.83
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from investment operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment
income(1)
|
|
|
0.30
|
|
|
|
0.36
|
|
|
|
0.32
|
|
|
|
0.26
|
|
|
|
0.24
|
|
|
Net realized and unrealized gain (loss)
|
|
|
2.40
|
|
|
|
(5.69
|
)
|
|
|
(1.16
|
)
|
|
|
2.46
|
|
|
|
1.43
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total income (loss) from investment operations
|
|
|
2.70
|
|
|
|
(5.33
|
)
|
|
|
(0.84
|
)
|
|
|
2.72
|
|
|
|
1.67
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less dividends and distributions from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
(0.43
|
)
|
|
|
(0.13
|
)
|
|
|
(0.31
|
)
|
|
|
(0.26
|
)
|
|
|
(0.36
|
)
|
|
Net realized gain
|
|
|
—
|
|
|
|
(0.39
|
)
|
|
|
(1.92
|
)
|
|
|
(1.25
|
)
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total dividends and distributions
|
|
|
(0.43
|
)
|
|
|
(0.52
|
)
|
|
|
(2.23
|
)
|
|
|
(1.51
|
)
|
|
|
(0.36
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, end of period
|
|
$
|
9.70
|
|
|
$
|
7.43
|
|
|
$
|
13.28
|
|
|
$
|
16.35
|
|
|
$
|
15.14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return(2)
|
|
|
37.69
|
%
|
|
|
(41.72
|
)%
|
|
|
(6.65
|
)%
|
|
|
18.89
|
%
|
|
|
12.33
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net
Assets(3):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses (before expense offset)
|
|
|
1.08
|
%(4)
|
|
|
1.00
|
%(4)
|
|
|
0.91
|
%(4)
|
|
|
0.97
|
%
|
|
|
0.97
|
%
|
|
Net investment income
|
|
|
3.43
|
%(4)
|
|
|
2.91
|
%(4)
|
|
|
1.98
|
%(4)
|
|
|
1.68
|
%
|
|
|
1.70
|
%
|
|
Rebate from Morgan Stanley affiliate
|
|
|
0.00
|
%(5)
|
|
|
0.00
|
%(5)
|
|
|
0.00
|
%(5)
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period, in thousands
|
|
$
|
2,673
|
|
|
$
|
1,958
|
|
|
$
|
205,119
|
|
|
$
|
270,462
|
|
|
$
|
290,318
|
|
|
Portfolio turnover rate
|
|
|
85
|
%
|
|
|
95
|
%
|
|
|
39
|
%
|
|
|
21
|
%
|
|
|
21
|
%
|
|
|
|
|
(1) |
|
The per share amounts were
computed using an average number of shares outstanding during
the period. |
| |
|
(2) |
|
Calculated based on the net
asset value as of the last business day of the period. |
| |
|
(3) |
|
Reflects overall Fund ratios for
investment income and non-class specific expenses. |
| |
|
(4) |
|
The ratios reflect the rebate of
certain Fund expenses in connection with investments in a Morgan
Stanley affiliate during the period. The effect of the rebate on
the ratios is disclosed in the above table as “Rebate from
Morgan Stanley affiliate”. |
| |
|
(5) |
|
Amount is less than
0.005%. |
10 Invesco
Global Dividend Growth Securities Fund
Shareholder
Account Information
In addition to the Fund, Invesco serves as investment adviser to
many other Invesco and Invesco Van Kampen mutual funds that are
offered to retail investors (Invesco Funds or Funds). The
following information is about all of the Invesco Funds that
offer retail share classes.
If shares of the Funds are held in an account maintained by an
intermediary or in the name of a conduit investment vehicle (and
not in the name of an individual investor), the intermediary or
conduit investment vehicle may impose rules which differ from,
and/or
charge a transaction or other fee in addition to, those
described in this prospectus.
Additional information is available on the Internet at
www.invesco.com/us.
Click on the link for Accounts & Services, then Service
Center, or consult the Fund’s SAI, which is available on
that same Web site or upon request free of charge. The Web site
is not part of this prospectus.
Each Fund may offer multiple classes of shares and not all Funds
offer all share classes discussed herein. Each class represents
an interest in the same portfolio of investments. Certain
classes have higher expenses than other classes which may lower
the return on your investment when compared to a less expensive
class. In deciding which class of shares to purchase, you should
consider the following attributes of the various share classes,
among other things: (i) the eligibility requirements that
apply to purchases of a particular class, (ii) the initial
sales charges and contingent deferred sales charges (CDSCs), if
any, applicable to the class, (iii) the
12b-1 fee,
if any, paid by the class, and (iv) any services you may
receive from a financial intermediary. Please contact your
financial adviser to assist you in making your decision. Please
refer to the prospectus fee table for more information on the
fees and expenses of a particular Fund’s share classes.
| |
|
|
|
|
|
|
|
|
|
|
|
|
Share Classes
|
|
|
|
Class A
|
|
Class B
|
|
Class C
|
|
Class R
|
|
Class Y
|
|
Investor Class
|
|
|
|
n Initial sales charge which may be waived or reduced
|
|
n No initial sales charge
|
|
n No initial sales charge
|
|
n No initial sales charge
|
|
n No initial sales charge
|
|
n No initial sales charge
|
|
n Contingent deferred sales charge on certain redemptions
|
|
n Contingent deferred sales charge on redemptions within six or fewer years
|
|
n Contingent deferred sales charge on redemptions within one year4
|
|
n No contingent deferred sales charge
|
|
n No contingent deferred sales charge
|
|
n No contingent deferred sales charge
|
|
n 12b-1 fee of up to 0.25%1
|
|
n 12b-1 fee of up to 1.00%
|
|
n 12b-1 fee of up to 1.00%5
|
|
n 12b-1 fee of up to 0.50%
|
|
n No 12b-1 fee
|
|
n 12b-1 fee of up to 0.25%1
|
|
|
|
n Generally converts to Class A shares on or about the end of the month which is at least eight years after the date on which shares were purchased along with a pro rata portion of reinvested dividends and distributions2,3
|
|
n Does not convert to Class A shares
|
|
n Does not convert to Class A shares
|
|
n Does not convert to Class A shares
|
|
n Does not convert to Class A shares
|
|
n Generally more appropriate for long-term investors
|
|
n Available only to investors with a total account balance less than $ 100,000. The total account value for this purpose includes all accounts eligible for Rights of Accumulation.
|
|
n Generally more appropriate for short-term investors
n Purchase orders limited to amounts less than $ 1,000,000
|
|
n Generally, available only to employee benefit plans
|
|
n Generally, available only to investors who purchase through fee-based advisory accounts with an approved financial intermediary or to any current, former or retired trustee, director, officer or employee (or immediate family member of a current, former or retired trustee, director, officer or employee) of any Invesco Fund or of Invesco Ltd. or any of its subsidiaries.
|
|
n Generally closed to new investors
|
| |
|
|
|
1
|
|
Class A2 shares of Invesco Tax-Free Intermediate Fund and
Investor Class shares of Invesco Money Market Fund, Invesco
Tax-Exempt Cash Fund, Premier Portfolio, Premier Tax-Exempt
Portfolio and Premier U.S. Government Money Portfolio do
not have a
12b-1 fee.
|
|
2
|
|
Class B shares of Invesco Money Market Fund convert to Invesco
Cash Reserve Shares. Class B5 shares of Invesco Money
Market Fund convert to Class A5 shares.
|
|
3
|
|
Class B shares and Class B5 shares will not convert to
Class A shares or Class A5 shares, respectively, that
have a higher 12b-1 fee rate than the respective Class B
shares or Class B5 shares at the time of conversion.
|
|
4
|
|
CDSC does not apply to redemption of Class C shares of Invesco
LIBOR Alpha Fund or Invesco Short Term Bond Fund unless you
received Class C shares of Invesco LIBOR Alpha Fund or Invesco
Short Term Bond Fund through an exchange from Class C shares
from another Invesco Fund that is still subject to a CDSC.
|
|
5
|
|
Class C shares of Invesco Floating Rate Fund have a
12b-1 fee of
0.75%.
|
In addition to the share classes shown in the chart above, the
following Funds offer the following additional share classes on
a limited basis:
|
|
| n
|
Class A2 shares: Invesco Limited Maturity Treasury Fund and
Invesco Tax-Free Intermediate Fund;
|
| |
| n
|
Class A5 shares: Invesco Balanced-Risk Retirement Funds and
Invesco Money Market Fund;
|
| |
| n
|
Class B5 shares: Invesco Money Market Fund;
|
| |
| n
|
Class C5 shares: Invesco Balanced-Risk Retirement Funds and
Invesco Money Market Fund;
|
| |
| n
|
Class R5 shares: Invesco Balanced-Risk Retirement Funds;
|
| |
| n
|
Class P shares: Invesco Summit Fund;
|
| |
| n
|
Class S shares: Invesco Charter Fund, Invesco Conservative
Allocation Fund, Invesco Growth Allocation Fund, Invesco
Moderate Allocation Fund and Invesco Summit Fund; and
|
| |
| n
|
Invesco Cash Reserve Shares: Invesco Money Market Fund.
|
A-1 The
Invesco Funds
MCF—07/10
Class A, B,
C and Invesco Cash Reserve Shares
Class A, B, C and Invesco Cash Reserve Shares are available
to all retail investors, including individuals, trusts,
corporations and other business and charitable organizations and
eligible employee benefit plans. The share classes offer
different fee structures which are intended to compensate
financial intermediaries for services provided in connection
with the sale of shares and continued maintenance of the
customer relationship. You should consider the services provided
by your financial adviser and any other financial intermediaries
who will be involved in the servicing of your account when
choosing a share class.
Class B shares are not available as an investment for
retirement plans maintained pursuant to Section 401 of the
Internal Revenue Code (the Code).
These plans include 401(k)
plans (including Invesco Solo 401(k) plans), money purchase
pension plans and profit sharing plans. However, plans that have
existing accounts invested in Class B shares will continue
to be allowed to make additional purchases.
Class A2 Shares
Class A2 shares, which are offered only on Invesco
Limited Maturity Treasury Fund and Invesco Tax-Free Intermediate
Fund, are closed to new investors. All references in this
prospectus to Class A shares, shall include Class A2 shares,
unless otherwise noted.
Class A5,
B5, C5 and R5 Shares
Class A5, B5, C5 and R5 shares are closed to new investors.
Only investors who have continuously maintained an account in
Class A5, B5, C5 or R5 of a specific Fund may make
additional purchases into Class A5, B5, C5 and R5,
respectively, of such specific Fund. All references in this
Prospectus to Class A, B, C or R shares of the Invesco
Funds, shall include Class A5 (excluding Invesco Money
Market Fund), B5, C5, or R5 shares, respectively, of the Invesco
Funds, unless otherwise noted. All references in this Prospectus
to Invesco Cash Reserve Shares of Invesco Money Market Fund,
shall include Class A5 shares of Invesco Money Market Fund,
unless otherwise noted.
Class P
Shares
In addition to the other share classes discussed herein, the
Invesco Summit Fund offers Class P shares, which were
historically sold only through the AIM Summit Investors Plans I
and II (each a Plan and, collectively, the Summit Plans).
Class P shares are sold with no initial sales charge and
have a 12b-1
fee of 0.10%. However, Class P shares are not sold to
members of the general public. Only shareholders who had
accounts in the Summit Plans at the close of business on
December 8, 2006 may purchase Class P shares and only
until the total of their combined investments in the Summit
Plans and in Class P shares directly equals the face amount
of their former Plan under the 30 year extended investment
option. The face amount of a Plan is the combined total of all
scheduled monthly investments under the Plan. For a Plan with a
scheduled monthly investment of $100.00, the face amount would
have been $36,000.00 under the 30 year extended investment
option.
Class R
Shares
Class R shares are generally available only to eligible
employee benefit plans. These may include, for example,
retirement and deferred compensation plans maintained pursuant
to Sections 401, 403, and 457 of the Code; nonqualified
deferred compensation plans; health savings accounts maintained
pursuant to Section 223 of the Code; and voluntary
employees’ beneficiary arrangements maintained pursuant to
Section 501(c)(9) of the Code. Retirement plans maintained
pursuant to Section 401 generally include 401(k) plans,
profit sharing plans, money purchase pension plans, and defined
benefit plans. Class R shares are generally not available
for individual retirement accounts (IRAs) such as traditional,
Roth, SEP, SAR-SEP and SIMPLE IRAs.
Class S
Shares
Class S shares are limited to investors who purchase shares
with the proceeds received from a systematic contractual
investment plan redemption within the
12-months
prior to purchasing Class S shares, and who purchase
through an approved financial intermediary that has an agreement
with the distributor to sell Class S shares. Class S
shares are not otherwise sold to members of the general public.
An investor purchasing Class S shares will not pay an
initial sales charge. The investor will no longer be eligible to
purchase additional Class S shares at that point where the
value of the contributions to the prior systematic contractual
investment plan combined with the subsequent Class S share
contributions equals the face amount of what would have been the
investor’s systematic contractual investment plan under the
30-year
investment option. The face amount of a systematic contractual
investment plan is the combined total of all scheduled monthly
investments under that plan. For a plan with a scheduled monthly
investment of $100.00, the face amount would have been
$36,000.00 under the
30-year
extended investment option.
Class Y
Shares
Class Y shares are generally available to investors who
purchase through a fee-based advisory account with an approved
financial intermediary or to any current, former or retired
trustee, director, officer or employee (or immediate family
members of a current, former or retired trustee, director,
officer or employee) of any Invesco Fund or of Invesco Ltd. or
any of its subsidiaries. In fee-based advisory programs, a
financial intermediary typically charges each investor a fee
based on the value of the investor’s account in exchange
for servicing that account.
Subject to any conditions or limitations imposed on the
servicing of Class Y shares by your financial adviser, if
you received Class Y shares as a result of a merger or
reorganization of a predecessor fund into any of the Funds, you
will be permitted to make additional Class Y share
purchases.
Investor
Class Shares
Some of the Funds offer Investor Class
shares. Investor Class shares are sold with no initial
sales charge and have a maximum
12b-1 fee of
0.25%. Investor Class shares are not sold to members of the
general public. Only the following persons may purchase Investor
Class shares:
|
|
| n
|
Investors who established accounts prior to April 1, 2002,
in Investor Class shares who have continuously maintained an
account in Investor Class shares (this includes anyone listed in
the registration of an account, such as a joint owner, trustee
or custodian, and immediate family members of such persons).
These investors are referred to as “Investor Class
grandfathered investors.”
|
| n
|
Customers of certain financial intermediaries which have had
relationships with the Funds’ distributor or any Funds that
offered Investor Class shares prior to April 1, 2002, who
have continuously maintained such relationships. These
intermediaries are referred to as “Investor Class
grandfathered intermediaries.”
|
| n
|
Eligible employee benefit plans. Investor Class shares are
generally not available for IRAs unless the IRA depositor is
considered an Investor Class grandfathered investor or the
account is opened through an Investor Class grandfathered
intermediary.
|
| n
|
Any current, former or retired trustee, director, officer or
employee (or immediate family member of a current, former or
retired trustee, director, officer or employee) of any Invesco
Fund or of Invesco Ltd. or any of its subsidiaries.
|
Distribution
and Service
(12b-1)
Fees
Except as noted below, each Fund has adopted a distribution plan
or distribution plan and service plan pursuant to SEC
Rule 12b-1.
A 12b-1 plan
allows a Fund to pay distribution and service fees to Invesco
Distributors, Inc. (Invesco Distributors) to compensate or
reimburse, as applicable, Invesco Distributors for its efforts
in connection with the sale
A-2 The
Invesco Funds
and distribution of the Fund’s shares and for services
provided to shareholders, all or a substantial portion of which
are paid to the dealer of record. Because the Funds pay these
fees out of their assets on an ongoing basis, over time these
fees will increase the cost of your investment and may cause you
to pay more than the maximum permitted initial sales charges
described in this prospectus.
The following Funds and share classes do
not have
12b-1 plans:
|
|
| n
|
Invesco Tax-Free Intermediate Fund, Class A2 shares.
|
| n
|
Invesco Money Market Fund, Investor Class shares.
|
| n
|
Invesco Tax-Exempt Cash Fund, Investor Class shares.
|
| n
|
Premier Portfolio, Investor Class shares.
|
| n
|
Premier U.S. Government Money Portfolio, Investor Class
shares.
|
| n
|
Premier Tax-Exempt Portfolio, Investor Class shares.
|
| n
|
All Funds, Class Y shares
|
Under the applicable distribution plan or distribution plan and
service plan, the Funds may pay distribution and service fees up
to the following amounts with respect to each Fund’s
average daily net assets with respect to such class:
|
|
| n
|
Class A shares: 0.25%
|
| n
|
Class B shares: 1.00%
|
| n
|
Class C shares: 1.00%
|
| n
|
Class P shares: 0.10%
|
| n
|
Class R shares: 0.50%
|
| n
|
Class S shares: 0.15%
|
| n
|
Invesco Cash Reserve Shares: 0.15%
|
| n
|
Investor Class shares: 0.25%
|
Please refer to the prospectus fee table for more information on
a particular Fund’s
12b-1 fees.
Initial
Sales Charges (Class A Shares Only)
The Funds are grouped into four categories for determining
initial sales charges. The “Other Information” section
of each Fund’s prospectus will tell you the sales charge
category in which the Fund is classified. As used below, the
term “offering price” with respect to all categories
of Class A shares includes the initial sales charge.
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Category I Initial Sales Charges
|
|
|
|
|
|
Investor’s Sales Charge
|
Amount invested
|
|
As a % of
|
|
As a % of
|
|
in a single transaction
|
|
Offering Price
|
|
Investment
|
|
|
|
Less than
|
|
$
|
50,000
|
|
|
|
5.50
|
%
|
|
|
5.82
|
%
|
|
|
|
$50,000 but less than
|
|
$
|
100,000
|
|
|
|
4.50
|
|
|
|
4.71
|
|
|
|
|
$100,000 but less than
|
|
$
|
250,000
|
|
|
|
3.50
|
|
|
|
3.63
|
|
|
|
|
$250,000 but less than
|
|
$
|
500,000
|
|
|
|
2.75
|
|
|
|
2.83
|
|
|
|
|
$500,000 but less than
|
|
$
|
1,000,000
|
|
|
|
2.00
|
|
|
|
2.04
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Category II Initial Sales Charges
|
|
|
|
|
|
Investor’s Sales Charge
|
Amount invested
|
|
As a % of
|
|
As a % of
|
|
in a single transaction
|
|
Offering Price
|
|
Investment
|
|
|
|
Less than
|
|
$
|
50,000
|
|
|
|
4.75
|
%
|
|
|
4.99
|
%
|
|
|
|
$50,000 but less than
|
|
$
|
100,000
|
|
|
|
4.25
|
|
|
|
4.44
|
|
|
|
|
$100,000 but less than
|
|
$
|
250,000
|
|
|
|
3.50
|
|
|
|
3.63
|
|
|
|
|
$250,000 but less than
|
|
$
|
500,000
|
|
|
|
2.50
|
|
|
|
2.56
|
|
|
|
|
$500,000 but less than
|
|
$
|
1,000,000
|
|
|
|
2.00
|
|
|
|
2.04
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Category III Initial Sales Charges
|
|
|
|
|
|
Investor’s Sales Charge
|
Amount invested
|
|
As a % of
|
|
As a % of
|
|
in a single transaction
|
|
Offering Price
|
|
Investment
|
|
|
|
Less than
|
|
$
|
100,000
|
|
|
|
1.00
|
%
|
|
|
1.01
|
%
|
|
|
|
$100,000 but less than
|
|
$
|
250,000
|
|
|
|
0.75
|
|
|
|
0.76
|
|
|
|
|
$250,000 but less than
|
|
$
|
1,000,000
|
|
|
|
0.50
|
|
|
|
0.50
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Category IV Initial Sales Charges
|
|
|
|
|
|
Investor’s Sales Charge
|
Amount invested
|
|
As a % of
|
|
As a % of
|
|
in a single transaction
|
|
Offering Price
|
|
Investment
|
|
|
|
Less than
|
|
$
|
100,000
|
|
|
|
2.50
|
%
|
|
|
2.56
|
%
|
|
|
|
$100,000 but less than
|
|
$
|
250,000
|
|
|
|
1.75
|
|
|
|
1.78
|
|
|
|
|
$250,000 but less than
|
|
$
|
500,000
|
|
|
|
1.25
|
|
|
|
1.27
|
|
|
|
|
$500,000 but less than
|
|
$
|
1,000,000
|
|
|
|
1.00
|
|
|
|
1.01
|
|
|
|
Class A
Shares Sold Without an Initial Sales Charge
Certain categories of investors are permitted to purchase and
certain intermediaries are permitted to sell Class A shares
of the Funds without an initial sales charge because their
transactions involve little or no expense. The investors who may
purchase Class A shares without paying an initial sales
charge include the following:
|
|
| n
|
Investors who purchase shares through a fee-based advisory
account with an approved financial intermediary or any current
or retired trustee, director, officer or employee of any Invesco
Fund or of Invesco Ltd. or any of its subsidiaries. In a fee
based advisory program, a financial intermediary typically
charges each investor a fee based on the value of the
investor’s account in exchange for servicing that account.
|
| n
|
Any investor who purchases their shares with the proceeds of a
rollover, transfer or distribution from a retirement plan or
individual retirement account for which Invesco Distributors
acts as the prototype sponsor to another eligible retirement
plan or individual retirement account for which Invesco
Distributors acts as the prototype sponsor, to the extent that
such proceeds are attributable to the redemption of shares of a
Fund held through the plan or account.
|
| n
|
Certain retirement plans (the “Plan” or
“Plans”); provided, however, that such Plans:
|
|
|
|
| |
n
|
a. have assets of at least $1 million; or
|
| |
n
|
b. have at least 100 employees eligible to participate in the
Plan; or
|
| |
n
|
c. execute multiple-plan transactions through a single omnibus
account per Fund.
|
|
|
| n
|
Any investor who maintains an account in Investor Class shares
of a Fund (this includes anyone listed in the registration of an
account, such as a joint owner, trustee or custodian, and
immediate family members of such persons).
|
| n
|
Qualified Tuition Programs created and maintained in accordance
with Section 529 of the Code.
|
| n
|
Insurance company separate accounts.
|
No investor will pay an initial sales charge in the following
circumstances:
|
|
| n
|
When buying Class A shares of Invesco Tax-Exempt Cash Fund
and Class A2 shares of Invesco Limited Maturity
Treasury Fund or Invesco Tax-Free Intermediate Fund.
|
| n
|
When reinvesting dividends and distributions.
|
| n
|
When exchanging shares of one Fund, that were previously
assessed a sales charge, for shares of another Fund.
|
| n
|
As a result of a Fund’s merger, consolidation, or
acquisition of the assets of another Fund.
|
| n
|
Unit investments trusts sponsored by Invesco Distributors or its
affiliates.
|
| n
|
Unitholders of Invesco Van Kampen unit investment trusts that
enrolled in the reinvestment program prior to December 3,
2007 to reinvest
|
A-3 The
Invesco Funds
|
|
|
distributions from such trusts in Class A shares of the
Funds. The Funds reserve the right to modify or terminate this
program at any time.
|
Reduced Sales
Charges and Sales Charge Exceptions
You may qualify for reduced sales charges or sales charge
exceptions. Qualifying types of accounts for you and your
“Immediate Family” as described in a Fund’s SAI
include individual,
joint, certain
trusts,
529 college savings
plan and Coverdell Education Savings, certain retirement plans
established for the benefit of an individual, and
Uniform
Gifts/Transfers to Minor Acts accounts. To qualify for these
reductions or exceptions, you or your financial adviser must
notify the transfer agent and provide the necessary
documentation at the time of purchase that your purchase
qualifies for such treatment. Certain
individuals and
employer-sponsored retirement plans may link accounts for the
purpose of qualifying for lower initial sales charges.
Purchases of Class A shares of Invesco Tax-Exempt Cash Fund
or Invesco Cash Reserve Shares of Invesco Money Market Fund or
Investor Class shares of any fund will not be taken into account
in determining whether a purchase qualifies for a reduction in
initial sales charges pursuant to Rights of Accumulation
or Letters of Intent.
You may combine your new purchases of Class A shares of a
Fund with other Fund shares currently owned (
Class A, B, C,
P, R, S or Y) for the purpose of qualifying for the lower
initial sales charge rates that apply to larger purchases. The
applicable initial sales charge for the new purchase is based on
the total of your current purchase and the value of other shares
owned based on their
current public offering price. The transfer
agent may automatically link certain accounts registered in the
same name with the same taxpayer identification number for the
purpose of qualifying you for lower initial sales charge rates.
Under a Letter of Intent (LOI), you commit to purchase a
specified dollar amount of Class A shares of one or more
Funds during a
13-month
period. The amount you agree to purchase determines the initial
sales charge you pay. If the full amount committed to in the LOI
is not invested by the end of the
13-month
period, your account will be assessed the higher initial sales
charge that would normally be applicable to the total amount
actually invested.
Reinstatement
Following Redemption
If you redeem any class of shares of a Fund, you may reinvest
all or a portion of the proceeds from the redemption
in the same
share class of any Fund in the same Category within
180 days of the redemption without paying an initial sales
charge. Class B, P and S redemptions may be reinvested only
into Class A shares with no initial sales charge.
Class Y redemptions may be reinvested into either
Class Y shares or Class A shares with no initial sales
charge.
This reinstatement privilege does not apply to a purchase made
through a regularly scheduled automatic investment plan, such as
a purchase by a regularly scheduled payroll deduction or
transfer from a bank account.
In order to take advantage of this reinstatement privilege, you
must inform your financial adviser or the transfer agent that
you wish to do so at the time of your investment.
Contingent
Deferred Sales Charges (CDSCs)
CDSCs on
Class A Shares and Invesco Cash Reserve Shares of Invesco
Money Market Fund
You can purchase $
1,000,000 or more (a Large Purchase) of
Class A shares of Category I, II and IV Funds
without
paying an initial sales charge. However, if you redeem these
shares prior to
18 months after the date of purchase, they
will be subject to a CDSC of
1%.
If you currently own Class A shares of a Category I, II or
IV Fund, and make additional purchases without paying an initial
sales charge that result in account balances of $1,000,000 or
more, the additional shares purchased will be subject to an
18-month, 1%
CDSC.
If Invesco Distributors pays a concession to the dealer of
record in connection with a Large Purchase of Class A
shares by an employee benefit plan, the Class A shares may
be subject to a 1% CDSC if all of the plan’s shares are
redeemed within one year from the date of the plan’s
initial purchase.
If you acquire Invesco Cash Reserve Shares of Invesco Money
Market Fund or Class A shares of Invesco Tax-Exempt Cash
Fund through an exchange involving Class A shares that were
subject to a CDSC, the shares acquired as a result of the
exchange will continue to be subject to that same CDSC.
CDSCs on
Class B Shares
Class B shares are sold without an initial sales charge.
However, they are subject to a CDSC. If you redeem your shares
during the CDSC period, you will be assessed a CDSC as follows,
unless you qualify for one of the CDSC exceptions outlined
below. The Funds are grouped into seven categories for
determining CDSCs. The “Other Information” section of
each Fund’s prospectus will tell you the CDSC category in
which the Fund is classified.
| |
|
|
|
|
|
CDSC Category I
|
|
|
Year since purchase made
|
|
Class B CDSC
|
|
|
|
|
|
|
|
|
5.00
|
%
|
|
|
|
|
|
|
4.00
|
|
|
|
|
|
|
|
3.00
|
|
|
|
|
|
|
|
3.00
|
|
|
|
|
|
|
|
2.00
|
|
|
|
|
|
|
|
1.00
|
|
|
|
|
|
|
|
None
|
|
|
|
| |
|
|
|
|
|
CDSC Category II
|
|
|
Year since purchase made
|
|
Class B CDSC
|
|
|
|
|
|
First
|
|
|
5.00
|
%
|
|
|
|
Second
|
|
|
4.00
|
|
|
|
|
Third
|
|
|
3.00
|
|
|
|
|
Fourth
|
|
|
2.00
|
|
|
|
|
Fifth
|
|
|
2.00
|
|
|
|
|
Sixth
|
|
|
1.00
|
|
|
|
|
Seventh and following
|
|
|
None
|
|
|
|
| |
|
|
|
|
|
CDSC Category III
|
|
|
Year since purchase made
|
|
Class B CDSC
|
|
|
|
|
|
First
|
|
|
5.00
|
%
|
|
|
|
Second
|
|
|
4.00
|
|
|
|
|
Third
|
|
|
3.00
|
|
|
|
|
Fourth
|
|
|
2.50
|
|
|
|
|
Fifth
|
|
|
1.50
|
|
|
|
|
Sixth
|
|
|
None
|
|
|
|
A-4 The
Invesco Funds
| |
|
|
|
|
|
CDSC Category IV
|
|
|
Year since purchase made
|
|
Class B CDSC
|
|
|
|
|
|
First
|
|
|
4.00
|
%
|
|
|
|
Second
|
|
|
3.75
|
|
|
|
|
Third
|
|
|
3.50
|
|
|
|
|
Fourth
|
|
|
2.50
|
|
|
|
|
Fifth
|
|
|
1.50
|
|
|
|
|
Sixth
|
|
|
1.00
|
|
|
|
|
Seventh and following
|
|
|
None
|
|
|
|
| |
|
|
|
|
|
CDSC Category V
|
|
|
Year since purchase made
|
|
Class B CDSC
|
|
|
|
|
|
First
|
|
|
2.00
|
%
|
|
|
|
Second
|
|
|
1.50
|
|
|
|
|
Third
|
|
|
1.00
|
|
|
|
|
Fourth
|
|
|
0.50
|
|
|
|
|
Fifth and following
|
|
|
None
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
CDSC Category VI
|
|
|
|
|
Class B CDSC
|
|
|
Class B CDSC
|
|
|
|
|
purchased before
|
|
|
purchased on or after
|
|
|
Year since purchase made
|
|
June 1, 2005
|
|
|
June 1, 2005
|
|
|
|
|
|
First
|
|
|
3.00
|
%
|
|
|
4.00
|
%
|
|
|
|
Second
|
|
|
2.50
|
|
|
|
4.00
|
|
|
|
|
Third
|
|
|
2.00
|
|
|
|
3.00
|
|
|
|
|
Fourth
|
|
|
1.00
|
|
|
|
2.50
|
|
|
|
|
Fifth
|
|
|
None
|
|
|
|
1.50
|
|
|
|
|
Sixth and following
|
|
|
None
|
|
|
|
None
|
|
|
|
| |
|
|
|
|
|
CDSC Category VII
|
|
|
Year since purchase made
|
|
Class B CDSC
|
|
|
|
|
|
First
|
|
|
4.00
|
%
|
|
|
|
Second
|
|
|
4.00
|
|
|
|
|
Third
|
|
|
3.00
|
|
|
|
|
Fourth
|
|
|
2.50
|
|
|
|
|
Fifth
|
|
|
1.50
|
|
|
|
|
Sixth and following
|
|
|
None
|
|
|
|
CDSCs on
Class C Shares
Class C shares are sold without an initial sales charge.
However, they are subject to a CDSC. If you redeem your shares
during the
first year since purchase has been made you will be
assessed a
1% CDSC, unless you qualify for one of the CDSC
exceptions outlined below.
CDSCs on
Class C Shares—Employee Benefit Plan
Invesco Distributors pays a concession to the dealer of record
in connection with a purchase of Class C shares by an
employee benefit plan; the Class C shares are subject to a
1.00% CDSC at the time of redemption if all of the plan’s
shares are redeemed within one year from the date of the
plan’s initial purchase.
CDSCs on
Class C Shares of Invesco LIBOR Alpha Fund and Invesco
Short Term Bond Fund
Class C shares of Invesco LIBOR Alpha Fund and Invesco
Short Term Bond Fund are not normally subject to a CDSC.
However, if you acquired shares of those Funds through an
exchange, and the shares originally purchased were subject to a
CDSC, the shares acquired as a result of the exchange will
continue to be subject to that same CDSC. Conversely, if you
acquire Class C shares of any other Fund as a result of an
exchange involving Class C shares of Invesco LIBOR Alpha
Fund or Invesco Short Term Bond Fund that were not subject to a
CDSC, then the shares acquired as a result of the exchange will
not be subject to a CDSC.
Computing a
CDSC
The CDSC on redemptions of shares is computed based on the lower
of their original purchase price or current net asset value, net
of reinvested dividends and capital gains distributions. In
determining whether to charge a CDSC, shares are accounted for
on a
first-in,
first-out basis, which means that you will redeem shares on
which there is no CDSC first and, then, shares in the order of
their purchase.
CDSC
Exceptions
Investors who own shares that are otherwise subject to a CDSC
will not pay a CDSC in the following circumstances:
|
|
| n
|
If you participate in the Systematic Redemption Plan and
withdraw up to 12% of the value of your shares that are subject
to a CDSC in any twelve-month period.
|
| n
|
If you redeem shares to pay account fees.
|
| n
|
If you are the executor, administrator or beneficiary of an
estate or are otherwise entitled to assets remaining in an
account following the death or post-purchase disability of a
shareholder or beneficial owner and you choose to redeem those
shares.
|
There are other circumstances under which you may be able to
redeem shares without paying CDSCs.
Shares acquired through the reinvestment of dividends and
distributions are not subject to CDSCs.
The following share classes are sold with no CDSC:
|
|
| n
|
Class A shares of Invesco Tax-Exempt Cash Fund.
|
| n
|
Class A shares of Invesco Limited Maturity Treasury
Fund and Invesco Tax-Free Intermediate Fund purchased on or
after October 21, 2002, and prior to February 1, 2010.
|
| n
|
Class A2 shares of Invesco Limited Maturity Treasury
Fund and Invesco Tax-Free Intermediate
|
| n
|
Invesco Cash Reserve Shares of Invesco Money Market Fund.
|
| n
|
Investor Class shares of any Fund.
|
| n
|
Class P shares of Invesco Summit Fund.
|
| n
|
Class S shares of Invesco Charter Fund, Invesco
Conservative Allocation Fund, Invesco Growth Allocation Fund,
Invesco Moderate Allocation Fund and Invesco Summit Fund.
|
| n
|
Class Y shares of any Fund.
|
CDSCs Upon
Converting to Class Y Shares
If shares that are subject to a CDSC are converted to
Class Y shares, the applicable CDSC will be assessed prior
to conversion.
Certain Funds impose a 2% redemption fee (on redemption
proceeds) if you redeem or exchange shares within 31 days
of purchase. Please refer to the applicable Fund’s
prospectus to determine whether that Fund
A-5 The
Invesco Funds
imposes a redemption fee. As of the date of this prospectus, the
following Funds impose redemption fees:
| |
|
|
|
|
|
Invesco Asia Pacific Growth Fund
Invesco China Fund
Invesco Developing Markets Fund
Invesco Emerging Market Local Currency Debt Fund
Invesco European Growth Fund
Invesco European Small Company Fund
Invesco Floating Rate Fund
Invesco Global Core Equity Fund
Invesco Global Equity Fund
Invesco Global Fund
Invesco Global Growth Fund
Invesco Global Health Care Fund
Invesco Global Real Estate Fund
Invesco Global Small & Mid Cap Growth Fund
Invesco Gold & Precious Metals Fund
|
|
Invesco High Yield Fund
Invesco High Yield Securities Fund
Invesco International Allocation Fund
Invesco International Core Equity Fund
Invesco International Growth Fund
Invesco International Growth Equity Fund
Invesco International Small Company Fund
Invesco International Total Return Fund
Invesco Japan Fund
Invesco Pacific Growth Fund
Invesco Special Value Fund
|
|
Invesco U.S. Small Cap Value Fund
Invesco Van Kampen Emerging Markets Fund
Invesco Van Kampen High Yield Fund
Invesco Van Kampen High Yield Municipal Fund
Invesco Van Kampen International Advantage Fund
Invesco Van Kampen International Growth Fund
Invesco Van Kampen Small Cap Growth Fund
Invesco Van Kampen Small Cap Value Fund
|
The redemption fee will be retained by the Fund from which you
are redeeming or exchanging shares, and is intended to offset
the trading costs, market impact and other costs associated with
short-term money movements in and out of the Fund. The
redemption fee is imposed on a
first-in,
first-out basis, which means that you will redeem shares in the
order of their purchase.
Redemption fees generally will not be charged in the following
circumstances:
|
|
| n
|
Redemptions and exchanges of shares held in accounts maintained
by intermediaries that do not have the systematic capability to
assess the redemption fees.
|
| n
|
Redemptions and exchanges of shares held by funds of funds,
qualified tuition plans maintained pursuant to Section 529
of the Code, variable insurance contracts or separately managed
qualified default investment alternative vehicles maintained
pursuant to Section 404(c)(5) of the Employee Retirement Income
Security Act of 1974, as amended (ERISA), which use the Funds as
underlying investments.
|
| n
|
Redemptions and exchanges effectuated pursuant to automatic
investment rebalancing or dollar cost averaging programs or
systematic withdrawal plans.
|
| n
|
Redemptions requested within 31 days following the death or
post-purchase disability of an account owner.
|
| n
|
Redemptions or exchanges initiated by a Fund.
|
The following shares are not subject to redemption fees,
irrespective of whether they are redeemed in accordance with any
of the exceptions set forth above:
|
|
| n
|
Shares acquired through the reinvestment of dividends and
distributions.
|
| n
|
Shares acquired through systematic purchase plans.
|
| n
|
Shares acquired in connection with a rollover or transfer of
assets from the trustee or custodian of an employee benefit plan
to the trustee or custodian of another employee benefit plan.
|
Shares held by employee benefit plans will only be subject to
redemption fees if the shares were acquired by exchange and are
redeemed by exchange within 31 days of purchase.
Some investments in the Funds are made through accounts that are
maintained by intermediaries (rather than the Funds’
transfer agent) and some investments are made indirectly through
products that use the Funds as underlying investments, such as
employee benefit plans, Funds of Funds, qualified tuition plans,
and variable insurance contracts (these products are generally
referred to as conduit investment vehicles). If shares of the
Funds are held in an account maintained by an intermediary or in
the name of a conduit investment vehicle (and not in the names
of individual investors), the intermediary account or conduit
investment vehicle may be considered an individual shareholder
of the Funds for purposes of assessing redemption fees. In these
cases, the Funds are likely to be limited in their ability to
assess redemption fees on transactions initiated by individual
investors, and the applicability of redemption fees will be
determined based on the aggregate holdings and redemptions of
the intermediary account or the conduit investment vehicle.
If shares of the Funds are held in an account maintained by an
intermediary or in the name of a conduit investment vehicle (and
not in the names of individual investors), the intermediary or
conduit investment vehicle may impose rules intended to limit
short-term money movements in and out of the Funds which differ
from those described in this prospectus. In such cases, there
may be redemption fees imposed by the intermediary or conduit
investment vehicle on different terms (and subject to different
exceptions) than those set forth above. Please consult your
financial adviser or other financial intermediary for details.
The Funds have the discretion to waive the 2% redemption fee if
a Fund is in jeopardy of losing its registered investment
company qualification for tax purposes.
Your financial adviser or other financial intermediary may
charge service fees for handling redemption transactions. Your
shares also may be subject to a CDSC in addition to the
redemption fee.
If you hold your shares through a financial intermediary, your
eligibility to purchase shares and the terms by which you may
purchase, redeem and exchange shares may differ depending on
that institution’s policies.
Minimum
Investments
There are no minimum investments for Class P, R or S shares
for fund accounts. The minimum investments for Class A, B,
C, Y and Investor Class shares for fund accounts are as follows:
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional
|
|
|
|
Initial Investment
|
|
Investments
|
|
Type of Account
|
|
Per Fund
|
|
Per Fund
|
|
|
|
Asset or fee-based accounts managed by your financial adviser
|
|
|
None
|
|
|
|
None
|
|
|
|
Eligible employee benefit plans, SEP, SARSEP and SIMPLE IRA plans
|
|
|
None
|
|
|
|
None
|
|
|
|
|
IRAs, Roth IRAs and Coverdell ESAs accounts if the new investor
is purchasing shares through a systematic purchase plan
|
|
$
|
25
|
|
|
$
|
25
|
|
|
|
|
All other accounts if the investor is purchasing shares through
a systematic purchase plan
|
|
|
50
|
|
|
|
50
|
|
|
|
IRAs, Roth IRAs and Coverdell ESAs
|
|
|
250
|
|
|
|
25
|
|
|
|
|
All other accounts
|
|
|
1,000
|
|
|
|
50
|
|
|
|
|
Invesco Distributors has the discretion to accept orders for
lesser amounts
|
|
|
|
|
|
|
|
|
|
|
How to Purchase
Shares
| |
|
|
|
|
|
|
|
Opening An Account
|
|
Adding To An Account
|
|
|
|
Through a Financial Adviser
|
|
Contact your financial adviser.
|
|
Contact your financial adviser.
|
|
By Mail
|
|
Mail completed account application and check to the transfer
agent,
Invesco Investment Services, Inc.,
P.O. Box 4739, Houston, TX 77210-4739.
Invesco Investment Services, Inc. does NOT accept the following
types of payments: Credit Card Checks, Third Party Checks, and
Cash*.
|
|
Mail your check and the remittance slip from your confirmation
statement to the transfer agent. Invesco Investment Services,
Inc. does NOT accept the following types of payments: Credit
Card Checks, Third Party Checks, and Cash*.
|
A-6 The
Invesco Funds
| |
|
|
|
|
|
|
|
Opening An Account
|
|
Adding To An Account
|
|
|
|
By Wire
|
|
Mail completed account application to the transfer agent. Call
the transfer agent at (800)
959-4246 to
receive a reference number. Then, use the wire instructions
provided below.
|
|
Call the transfer agent to receive a reference number. Then, use
the wire instructions provided below.
|
|
Wire Instructions
|
|
Beneficiary Bank ABA/Routing #: 011001234
Beneficiary Account Number: 729639
Beneficiary Account Name: Invesco Investment Services, Inc.
RFB: Fund Name, Reference #
OBI: Your Name, Account #
|
|
By Telephone
|
|
Open your account using one of the methods described above.
|
|
Select the Bank Account Information option on your completed
account application or complete a Systematic Options and Bank
Information Form. Mail the application or form to the transfer
agent. Once the transfer agent has received the form, call the
transfer agent at the number below to place your purchase order.
|
|
Automated Investor Line
|
|
Open your account using one of the methods described above.
|
|
Call the Invesco Investment Services, Inc.
24-hour
Automated Investor Line at
1-800-246-5463.
You may place your order after you have provided the bank
instructions that will be requested.
|
|
By Internet
|
|
Open your account using one of the methods described above.
|
|
Access your account at www.invesco.com/us. The proper bank
instructions must have been provided on your account. You may
not purchase shares in retirement accounts on the internet.
|
|
|
| |
|
|
|
*
|
|
In addition, Invesco Investment Services, Inc. does not accept
cash equivalents for employer sponsored plan accounts. Cash
equivalents include cashier’s checks, official checks, bank
drafts, traveler’s checks, treasurer’s checks, postal
money orders or money orders. We also reserve the right to
reject at our sole discretion payment by Temporary / Starter
Checks.
|
Purchase orders will not be processed unless the account
application and purchase payment are received in good order. In
accordance with the USA PATRIOT Act, if you fail to provide all
the required information requested in the current account
application, your purchase order will not be processed.
Additionally, federal law requires that the Fund verify and
record your identifying information.
You can arrange for periodic investments in any of the Funds by
authorizing the transfer agent to withdraw the amount of your
investment from your bank account on a day or dates you specify
and in an amount of at least $25 per Fund for IRAs, Roth IRAs
and Coverdell ESAs, and at least $50 per Fund for all other
types of accounts. You may stop the Systematic Purchase Plan at
any time by giving the transfer agent notice ten days prior to
your next scheduled withdrawal. Certain financial advisers and
other financial intermediaries may also offer systematic
purchase plans.
Dollar Cost
Averaging
Dollar Cost Averaging allows you to make automatic periodic
exchanges, if permitted, from one Fund to another Fund or
multiple other Funds. The account from which exchanges are to be
made must have a minimum balance of $5,000 before you can use
this option. Exchanges will occur on (or about) the day of the
month you specify, in the amount you specify. Dollar Cost
Averaging cannot be set up for the 29th through the 31st of the
month. The minimum amount you can exchange to another Fund is
$50. Certain financial advisers and other financial
intermediaries may also offer dollar cost averaging programs. If
you participate in one of these programs and it is the same or
similar to Invesco’s Dollar Cost Averaging program,
exchanges made under the program generally will not be counted
toward the limitation of four exchanges out of a Fund per
calendar year, discussed below.
Automatic
Dividend and Distribution Investment
Your dividends and distributions may be paid in cash or
reinvested in the same Fund or another Fund without paying an
initial sales charge. Unless you specify otherwise, your
dividends and distributions will automatically be reinvested in
the same Fund. If you elect to receive your distributions by
check, and the distribution amount is $10 or less, then the
amount will be automatically reinvested in the same Fund and no
check will be issued. If you have elected to receive
distributions by check, and the postal service is unable to
deliver checks to your address of record, then your distribution
election may be converted to having all subsequent distributions
reinvested in the same Fund and no checks will be issued. With
respect to certain account types, if your check remains uncashed
for six months, the Fund generally reserves the right to
reinvest your distribution check in your account at NAV and to
reinvest all subsequent distributions in shares of the Fund.
Such checks will be reinvested into the same share class of the
Fund unless you own shares in both Class A and Class B of the
same Fund, in which case the check may be reinvested into the
Class A shares. You should contact the transfer agent to
change your distribution option, and your request to do so must
be received by the transfer agent before the record date for a
distribution in order to be effective for that distribution. No
interest will accrue on amounts represented by uncashed
distribution checks.
You must comply with the following requirements to be eligible
to invest your dividends and distributions in shares of another
Fund:
|
|
| n
|
Your account balance in the Fund paying the dividend or
distribution must be at least $5,000; and
|
| n
|
Your account balance in the Fund receiving the dividend or
distribution must be at least $500.
|
Portfolio
Rebalancing Program
If you have at least $5,000 in your account, you may participate
in the Portfolio Rebalancing Program. Under this Program, you
can designate how the total value of your Fund holdings should
be rebalanced, on a percentage basis, between two and ten of
your Funds on a quarterly, semiannual or annual basis. Your
portfolio will be rebalanced through the exchange of shares in
one or more of your Funds for shares of the same class of one or
more other Funds in your portfolio. Rebalancing will not occur
if your portfolio is within 2% of your stated allocation. If you
wish to participate in the Program, make changes or cancel the
Program, the transfer agent must receive your request to
participate, changes, or cancellation in good order at least
five business days prior to the next rebalancing date, which is
normally the 28th day of the last month of the period you
choose. We may modify, suspend or terminate the Program at any
time on 60 days’ prior written notice to participating
investors. Certain financial advisers and other financial
intermediaries may also offer portfolio rebalancing programs. If
you participate in one of these programs and it is the same as
or similar to Invesco’s program, exchanges made under the
program generally will not be counted toward the limitation of
four exchanges out of a Fund per calendar year, discussed below.
For Funds other than Premier Portfolio, Premier Tax-Exempt
Portfolio and Premier U.S. Government Money Portfolio, the
transfer agent or authorized intermediary, if applicable, must
receive your call during the hours of the
A-7 The
Invesco Funds
customary trading session of the New York Stock Exchange (NYSE)
in order to effect the redemption at that day’s net asset
value. For Premier Portfolio, Premier Tax-Exempt Portfolio and
Premier U.S. Government Money Portfolio, the transfer agent
or authorized intermediary, if applicable, must receive your
call before the Funds’ net asset value determination in
order to effect the redemption that day.
| |
|
|
|
How to Redeem Shares
|
|
|
|
Through a Financial Adviser or Financial Intermediary
|
|
Contact your financial adviser or financial intermediary
(including your retirement plan administrator).
|
|
By Mail
|
|
Send a written request to the transfer agent which includes:
|
|
|
|
n Original signatures of all registered owners/trustees;
|
|
|
|
n The dollar value or number of shares that you wish to redeem;
|
|
|
|
n The name of the Fund(s) and your account number; and
|
|
|
|
n Signature guarantees, if necessary (see below).
|
|
|
|
The transfer agent may require that you provide additional
documentation, or information, such as corporate resolutions or
powers of attorney, if applicable. If you are redeeming from an
IRA or other type of retirement account, you must complete the
appropriate distribution form, as well as employer authorization.
|
|
By Telephone
|
|
Call the transfer agent at
1-800-959-4246.
You will be allowed to redeem by telephone if:
|
|
|
|
n Your redemption proceeds are to be mailed to your address on record (and there has been no change in your address of record within the last 30 days) or transferred electronically to a pre-authorized checking account;
|
|
|
|
n You do not hold physical share certificates;
|
|
|
|
n You can provide proper identification information;
|
|
|
|
n Your redemption proceeds do not exceed $ 250,000 per Fund; and
|
|
|
|
n You have not previously declined the telephone redemption privilege.
|
|
|
|
You may, in limited circumstances, initiate a redemption from an
Invesco IRA account by telephone. Redemptions from other types
of retirement plan accounts may be initiated only in writing and
require the completion of the appropriate distribution form, as
well as employer authorization.
|
|
Automated Investor Line
|
|
Call the Invesco Investment Services, Inc. 24-hour Automated
Investor Line at
1-800-246-5463.
You may place your redemption order after you have provided the
bank instructions that will be requested.
|
|
By Internet
|
|
Place your redemption request at www.invesco.com/us. You will be
allowed to redeem by Internet if:
|
|
|
|
n You do not hold physical share certificates;
|
|
|
|
n You can provide proper identification information;
|
|
|
|
n Your redemption proceeds do not exceed $250,000 per Fund; and
|
|
|
|
n You have already provided proper bank information.
|
|
|
|
Redemptions from most retirement plan accounts may be initiated
only in writing and require the completion of the appropriate
distribution form, as well as employer authorization.
|
|
|
Timing and Method
of Payment
We normally will send out payments within one business day, and
in any event no more than seven days, after your redemption
request is received in good order (meaning that all necessary
information and documentation related to the redemption request
have been provided to the transfer agent or authorized
intermediary, if applicable). If you redeem shares recently
purchased by check or ACH, you may be required to wait up to ten
business days before we send your redemption proceeds. This
delay is necessary to ensure that the purchase has cleared.
Payment may be postponed under unusual circumstances, as allowed
by the SEC, such as when the NYSE restricts or suspends trading.
Redemption checks are mailed to your address of record, via
first class U.S. mail, unless you make other
arrangements with the transfer agent.
We use reasonable procedures to confirm that instructions
communicated via telephone and the Internet are genuine, and we
are not liable for losses arising from actions taken in
accordance with instructions that are reasonably believed to be
genuine.
Expedited
Redemptions (Invesco Cash Reserve Shares of Invesco Money Market
Fund only)
If you place your redemption order by telephone, before
11:30 a.m. Eastern Time and request an expedited
redemption, we will transmit payment of redemption proceeds on
that same day via federal wire to a bank of record on your
account. If we receive your redemption order after
11:30 a.m. Eastern Time and before the close of the
customary trading session of the NYSE, we will transmit payment
on the next business day.
You may arrange for regular periodic withdrawals from your
account in amounts equal to or greater than $
50 per Fund. We
will redeem the appropriate number of shares from your account
to provide redemption proceeds in the amount requested. You must
have a total account balance of at least $
5,000 in order to
establish a Systematic Redemption Plan, unless you are
establishing a Required Minimum Distribution for a retirement
plan. You can stop this plan at any time by giving ten days
prior notice to the transfer agent.
Check
Writing
The transfer agent provides check writing privileges for
accounts in the following Funds and share classes:
|
|
| n
|
Invesco Money Market Fund, Invesco Cash Reserve Shares,
Class A5 shares, Class Y shares and Investor Class
shares
|
| n
|
Invesco Tax-Exempt Cash Fund, Class A shares, Class Y
shares and Investor Class shares
|
| n
|
Premier Portfolio, Investor Class shares
|
| n
|
Premier Tax-Exempt Portfolio, Investor Class shares
|
| n
|
Premier U.S. Government Money Portfolio, Investor Class
shares
|
You may redeem shares of these Funds by writing checks in
amounts of $250 or more if you have subscribed to the service by
completing a Check Writing authorization form.
Redemption by check is not available for retirement accounts.
Checks are not eligible to be converted to ACH by the payee. You
may not give authorization to a payee by phone to debit your
account by ACH for a debt owed to the payee.
Signature
Guarantees
We require a signature guarantee in the following circumstances:
|
|
| n
|
When your redemption proceeds will equal or exceed $250,000 per
Fund.
|
| n
|
When you request that redemption proceeds be paid to someone
other than the registered owner of the account.
|
| n
|
When you request that redemption proceeds be sent somewhere
other than the address of record or bank of record on the
account.
|
| n
|
When you request that redemption proceeds be sent to a new
address or an address that changed in the last 30 days.
|
The transfer agent will accept a guarantee of your signature by
a number of different types of financial institutions. Call the
transfer agent for additional information. Some institutions
have transaction amount maximums for these guarantees. Please
check with the guarantor institution to determine whether the
signature guarantee offered will be sufficient to cover the
value of your transaction request.
Redemptions in
Kind
Although the Funds generally intend to pay redemption proceeds
solely in cash, the Funds reserve the right to determine, in
their sole discretion, whether to satisfy redemption requests by
making payment in securities or other property (known as a
redemption in kind).
A-8 The
Invesco Funds
Redemptions
Initiated by the Funds
If your account (Class A, B, C, P, S and Investor Class
shares only) has been open at least one year, you have not made
an additional purchase in the account during the past six
calendar months, and the value of your account falls below $500
for three consecutive months, the Funds have the right to redeem
the account after giving you 60 days’ prior written
notice. You may avoid having your account redeemed during the
notice period by bringing the account value up to $500 or by
initiating a Systematic Purchase Plan.
If the Fund determines that you have not provided a correct
Social Security or other tax identification number on your
account application, or the Fund is not able to verify your
identity as required by law, the Fund may, at its discretion,
redeem the account and distribute the proceeds to you.
You may, under certain circumstances, exchange shares in one
Fund for those of another Fund. An exchange is the purchase of
shares in one Fund which is paid for with the proceeds from a
redemption of shares of another Fund effectuated on the same
day. Any gain on the transaction may be subject to federal
income tax. Accordingly, the procedures and processes applicable
to redemptions of Fund shares, as discussed under the heading
“Redeeming Shares” above, will apply. Before
requesting an exchange, review the prospectus of the Fund you
wish to acquire.
All exchanges are subject to the limitations set forth in the
prospectuses of the Funds. If you wish to exchange shares of one
Fund for those of another Fund, you must consult the prospectus
of the Fund whose shares you wish to acquire to determine
whether the Fund is offering shares to new investors and whether
you are eligible to acquire shares of that Fund.
Permitted
Exchanges
Except as otherwise provided herein or in the SAI, you generally
may exchange your shares for shares of the same class of another
Fund. The following below shows permitted exchanges:
| |
|
|
|
Exchange From
|
|
Exchange To
|
|
|
|
Invesco Cash Reserve Shares
|
|
Class A, B, C, R, Y*, Investor Class
|
|
|
|
Class A
|
|
Class A, Y*, Investor Class, Invesco Cash Reserve Shares
|
|
|
|
Class A2
|
|
Class A, Y*, Investor Class, Invesco Cash Reserve Shares
|
|
|
|
Class A5
|
|
Class A, A5, Y*, Investor Class, Invesco Cash Reserve Shares
|
|
|
|
Investor Class
|
|
Class A, Y*, Investor Class
|
|
|
|
Class P
|
|
Class A, Invesco Cash Reserve Shares
|
|
|
|
Class S
|
|
Class A, S, Invesco Cash Reserve Shares
|
|
|
|
Class B
|
|
Class B
|
|
|
|
Class B5
|
|
Class B
|
|
|
|
Class C
|
|
Class C, Y*
|
|
|
|
Class C5
|
|
Class C, C5, Y*
|
|
|
|
Class R
|
|
Class R
|
|
|
|
Class R5
|
|
Class R, R5
|
|
|
|
Class Y
|
|
Class Y
|
|
|
| |
|
|
|
*
|
|
You may exchange your Invesco Cash Reserve Shares, Class A
shares, Class C shares, Class C5 shares or Investor Class
shares for Class Y shares of the same Fund if you otherwise
qualify to buy that Fund’s Class Y shares. Please consult
your financial adviser to discuss the tax implications, if any,
of all exchanges into Class Y shares of the same Fund.
|
Exchanges into
Invesco Van Kampen Senior Loan Fund
Invesco Van Kampen Senior Loan Fund is a closed-end fund that
continuously offers its shares pursuant to the terms and
conditions of its prospectus. The Adviser is the investment
adviser for the Invesco Van Kampen Senior Loan Fund. As with the
Invesco Funds, you generally may exchange your shares of
Class A (Invesco Cash Reserve Shares of Invesco Money
Market Fund), Class B or Class C of any Invesco Fund
for shares of Class A, Class B or Class C,
respectively, of Invesco Van Kampen Senior Loan Fund. Please
refer to the prospectus for the Invesco Van Kampen Senior Loan
Fund for more information, including limitations on exchanges
out of Invesco Van Kampen Senior Loan Fund.
Exchanges Not
Permitted
The following exchanges are not permitted:
|
|
| n
|
Investor Class shares cannot be exchanged for Class A
shares of any Fund which offers Investor Class shares.
|
| n
|
Exchanges into Class A2 shares of Invesco Limited Maturity
Treasury Fund and Invesco Tax-Free Intermediate Fund (also known
as the Category III Funds) are not permitted.
|
| n
|
Class A2 shares of Invesco Limited Maturity Treasury Fund
and Invesco Tax-Free Intermediate Fund cannot be exchanged for
Class A shares of those Funds.
|
| n
|
Invesco Cash Reserve Shares cannot be exchanged for
Class B, C or R shares if the shares being exchanged were
acquired by exchange from Class A shares of any Fund.
|
| n
|
Invesco Cash Reserve shares, Class A shares,
Class A2 shares, Class C shares or Investor Class
shares of one Fund can not be exchanged for Class Y shares
of a different Fund.
|
| n
|
All existing systematic exchanges and reallocations will cease
and these options will no longer be available on all 403(b)
prototype plans.
|
Exchange
Conditions
The following conditions apply to all exchanges:
|
|
| n
|
Shares must have been held for at least one day prior to the
exchange with the exception of dividends and distributions that
are reinvested; and
|
| n
|
If you have physical share certificates, you must return them to
the transfer agent in order to effect the exchange.
|
Under unusual market conditions, a Fund may delay the exchange
of shares for up to five business days if it determines that it
would be materially disadvantaged by the immediate transfer of
exchange proceeds. The exchange privilege is not an option or
right to purchase shares. Any of the participating Funds or the
distributor may modify or terminate this privilege at any time.
Limit on the
Number of Exchanges
You will generally be limited to four exchanges out of a Fund
per calendar year (other than the money market funds and Invesco
Limited Maturity Treasury Fund); provided, however, that the
following transactions will not count toward the exchange
limitation:
|
|
| n
|
Exchanges of shares held in accounts maintained by
intermediaries that do not have the systematic capability to
apply the exchange limitation.
|
| n
|
Exchanges of shares held by Funds of Funds, qualified tuition
plans maintained pursuant to Section 529 of the Code, and
insurance company separate accounts which use the Funds as
underlying investments.
|
| n
|
Generally, exchanges effectuated pursuant to automatic
investment rebalancing or dollar cost averaging programs.
|
| n
|
Generally, exchanges on fee-based advisory accounts which
involve a periodic rebalancing feature.
|
| n
|
Exchanges initiated by a Fund or by the trustee, administrator
or other fiduciary of an employee benefit plan (not in response
to distribution or exchange instructions received from a plan
participant).
|
A-9 The
Invesco Funds
Each Fund reserves the discretion to accept exchanges in excess
of these guidelines on a
case-by-case
basis if the Fund, or its designated agent, believes that
granting such exceptions would be consistent with the best
interests of shareholders.
There is no limit on the number of exchanges out of Invesco
Limited Maturity Treasury Fund, Invesco Money Market Fund,
Invesco Tax-Exempt Cash Fund, Premier Portfolio, Premier
Tax-Exempt Portfolio and Premier U.S. Government Money
Portfolio.
If you exchange shares of one Fund for shares of multiple other
Funds as part of a single transaction, that transaction is
counted as one exchange out of a Fund.
Initial Sales
Charges, CDSCs and 12b-1 Fees on Applicable to
Exchanges
You may be required to pay an initial sales charge when
exchanging from a Fund with a lower initial sales charge than
the one into which you are exchanging. If you exchange into
shares that are subject to a CDSC, we will begin the holding
period for purposes of calculating the CDSC on the date you made
your initial purchase.
In addition, as a result of differences in the forms of
distribution plans and distribution plans and service plans
among the Funds, certain exchanges of Class A shares,
Class B shares, Class C shares, and Class R
shares of a Fund for the same class of shares of another fund
may result in investors paying a higher or a lower 12b-1 fee on
the Fund being exchanged into. Please refer to the prospectus
fee table and financial highlights table and the statement of
additional information for more information on the fees and
expenses, including applicable 12b-1 fees, of the Fund you wish
to acquire.
Rights
Reserved by the Funds
Each Fund and its agents reserve the right at any time to:
|
|
| n
|
Reject or cancel all or any part of any purchase or exchange
order.
|
| n
|
Modify any terms or conditions related to the purchase,
redemption or exchange of shares of any Fund.
|
| n
|
Reject or cancel any request to establish a Systematic Purchase
Plan, Systematic Redemption Plan or Portfolio Rebalancing
Program.
|
| n
|
Suspend, change or withdraw all or any part of the offering made
by this prospectus.
|
Excessive
Short-Term Trading Activity (Market Timing)
Disclosures
While the Funds provide their shareholders with daily liquidity,
their investment programs are designed to serve long-term
investors and are not designed to accommodate excessive
short-term trading activity in violation of our policies
described below. Excessive short-term trading activity in the
Funds’ shares (i.e., a purchase of Fund shares followed
shortly thereafter by a redemption of such shares, or vice
versa) may hurt the long-term performance of certain Funds by
requiring them to maintain an excessive amount of cash or to
liquidate portfolio holdings at a disadvantageous time, thus
interfering with the efficient management of such Funds by
causing them to incur increased brokerage and administrative
costs. Where excessive short-term trading activity seeks to take
advantage of arbitrage opportunities from stale prices for
portfolio securities, the value of Fund shares held by long-term
investors may be diluted.
The Board has adopted policies and
procedures designed to discourage excessive or short-term
trading of Fund shares for all Funds except the money market
funds. However, there is the risk that these Funds’
policies and procedures will prove ineffective in whole or in
part to detect or prevent excessive or short-term trading. These
Funds may alter their policies at any time without prior notice
to shareholders if the adviser believes the change would be in
the best interests of long-term shareholders.
The Invesco Affiliates and certain of its corporate affiliates
(Invesco and such affiliates, collectively, the Invesco
Affiliates) currently use the following tools designed to
discourage excessive short-term trading in the retail Funds:
|
|
| n
|
Trade activity monitoring.
|
| n
|
Trading guidelines.
|
| n
|
Redemption fees on trades in certain Funds.
|
| n
|
The use of fair value pricing consistent with procedures
approved by the Board.
|
Each of these tools is described in more detail below. Although
these tools are designed to discourage excessive short-term
trading, you should understand that none of these tools alone
nor all of them taken together eliminate the possibility that
excessive short-term trading activity in the Funds will occur.
Moreover, each of these tools involves judgments that are
inherently subjective. Invesco Affiliates seek to make these
judgments to the best of their abilities in a manner that they
believe is consistent with long-term shareholder interests.
Money Market Funds. The Board of Invesco Money
Market Fund, Invesco Tax-Exempt Cash Fund, Premier Portfolio,
Premier Tax-Exempt Portfolio and Premier U.S. Government
Money Portfolio (the money market funds) have not adopted any
policies and procedures that would limit frequent purchases and
redemptions of such Funds’ shares. The Board considered the
risks of not having a specific policy that limits frequent
purchases and redemptions, and determined that those risks were
minimal. Nonetheless, to the extent that a money market fund
must maintain additional cash
and/or
securities with short-term durations in greater amounts than may
otherwise be required or borrow to honor redemption requests,
the money market fund’s yield could be negatively impacted.
The Board does not believe that it is appropriate to adopt any
such policies and procedures for the money market funds for the
following reasons:
|
|
| n
|
The money market funds are offered to investors as cash
management vehicles; investors must perceive an investment in
such Funds as an alternative to cash, and must be able to
purchase and redeem shares regularly and frequently.
|
| n
|
One of the advantages of a money market fund as compared to
other investment options is liquidity. Any policy that
diminishes the liquidity of the money market funds will be
detrimental to the continuing operations of such Funds.
|
| n
|
The money market funds’ portfolio securities are valued on
the basis of amortized cost, and such Funds seek to maintain a
constant net asset value. As a result, there are no price
arbitrage opportunities.
|
| n
|
Because the money market funds seek to maintain a constant net
asset value, investors expect to receive upon redemption the
amount they originally invested in such Funds. Imposition of
redemption fees would run contrary to investor expectations.
|
Invesco Limited Maturity Treasury Fund. The Board of
Invesco Limited Maturity Treasury Fund has not adopted any
policies and procedures that would limit frequent purchases and
redemptions of such Fund’s shares. The Board considered the
risks of not having a specific policy that limits frequent
purchases and redemptions and determined that those risks were
minimal. Nonetheless, to the extent that Invesco Limited
Maturity Treasury Fund must maintain additional cash
and/or
securities with short-term durations in greater amounts than may
otherwise be required or borrow to honor redemption requests,
Invesco Limited Maturity Treasury Fund’s yield could be
negatively impacted.
The Board does not believe that it is appropriate to adopt any
such policies and procedures for the Fund for the following
reasons:
|
|
| n |
Many investors use Invesco Limited Maturity Treasury Fund as a
short-term investment alternative and should be able to purchase
and redeem shares regularly and frequently.
|
A-10 The
Invesco Funds
|
|
| n |
One of the advantages of Invesco Limited Maturity Treasury Fund
as compared to other investment options is liquidity. Any policy
that diminishes the liquidity of Invesco Limited Maturity
Treasury Fund will be detrimental to the continuing operations
of such Fund.
|
Trade Activity
Monitoring
Invesco Affiliates monitor selected trades on a daily basis in
an effort to detect excessive short-term trading activities. If,
as a result of this monitoring, Invesco Affiliates believe that
a shareholder has engaged in excessive short-term trading, they
will seek to act in a manner that they believe is consistent
with the best interests of long-term investors, which may
include taking steps such as (i) asking the shareholder to
take action to stop such activities or (ii) refusing to
process future purchases or exchanges related to such activities
in the shareholder’s accounts other than exchanges into a
money market Fund. Invesco Affiliates will use reasonable
efforts to apply the Fund’s policies uniformly given the
practical limitations described above.
The ability of Invesco Affiliates to monitor trades that are
made through accounts that are maintained by intermediaries
(rather than the Funds’ transfer agent) and through conduit
investment vehicles may be limited.
Trading
Guidelines
You will be limited to four exchanges out of a Fund per calendar
year (other than the money market funds and Invesco Limited
Maturity Treasury Fund).
If you meet the four exchange limit
within a Fund in a calendar year, or a Fund or an Invesco
Affiliate determines, in its sole discretion, that your
short-term trading activity is excessive (regardless of whether
or not you exceed such guidelines), it may, in its sole
discretion, reject any additional purchase and exchange orders.
Redemption Fees
You may be charged a 2% redemption fee if you redeem, including
redeeming by exchange, shares of certain Funds within
31 days of purchase. The ability of a Fund to assess a
redemption fee on redemptions effectuated through accounts that
are maintained by intermediaries (rather than the Funds’
transfer agent) and through conduit investment vehicles may be
limited.
Fair Value
Pricing
Securities owned by a Fund are to be valued at current market
value if market quotations are readily available. All other
securities and assets of a Fund for which market quotations are
not readily available are to be valued at fair value determined
in good faith using procedures approved by the Board. Fair value
pricing may reduce the ability of frequent traders to take
advantage of arbitrage opportunities resulting from potentially
“stale” prices of portfolio holdings. However, it
cannot eliminate the possibility of frequent trading.
Determination of
Net Asset Value
The price of each Fund’s shares is the Fund’s net
asset value per share. The Funds value portfolio securities for
which market quotations are readily available at market value.
The Funds value all other securities and assets for which market
quotations are unavailable or unreliable at their fair value in
good faith using procedures approved by the Boards of Trustees
of the Funds (collectively, the Board). The Board has delegated
the daily determination of good faith fair value methodologies
to Invesco’s Valuation Committee, which acts in accordance
with Board approved policies. On a quarterly basis, Invesco
provides the Board various reports indicating the quality and
effectiveness of its fair value decisions on portfolio holdings.
Securities and other assets quoted in foreign currencies are
valued in U.S. dollars based on the prevailing exchange
rates on that day.
Even when market quotations are available, they may be stale or
unreliable because the security is not traded frequently,
trading on the security ceased before the close of the trading
market or issuer specific events occurred after the security
ceased trading or because of the passage of time between the
close of the market on which the security trades and the close
of the NYSE and when the Fund calculates its net asset value.
Issuer specific events may cause the last market quotation to be
unreliable. Such events may include a merger or insolvency,
events which affect a geographical area or an industry segment,
such as political events or natural disasters, or market events,
such as a significant movement in the U.S. market. Where
market quotations are not readily available, including where
Invesco determines that the closing price of the security is
unreliable, Invesco will value the security at fair value in
good faith using procedures approved by the Board. Fair value
pricing may reduce the ability of frequent traders to take
advantage of arbitrage opportunities resulting from potentially
“stale” prices of portfolio holdings. However, it
cannot eliminate the possibility of frequent trading.
Fair value is that amount that the owner might reasonably expect
to receive for the security upon its current sale. Fair value
requires consideration of all appropriate factors, including
indications of fair value available from pricing services. A
fair value price is an estimated price and may vary from the
prices used by other mutual funds to calculate their net asset
values.
Invesco may use indications of fair value from pricing services
approved by the Board. In other circumstances, the Invesco
Valuation Committee may fair value securities in good faith
using procedures approved by the Board. As a means of evaluating
its fair value process, Invesco routinely compares closing
market prices, the next day’s opening prices for the
security in its primary market if available, and indications of
fair value from other sources. Fair value pricing methods and
pricing services can change from time to time as approved by the
Board.
Specific types of securities are valued as follows:
Senior Secured Floating Rate Loans and Senior Secured
Floating Rate Debt Securities. Senior secured floating rate
loans and senior secured floating rate debt securities are fair
valued using evaluated quotes provided by an independent pricing
service. Evaluated quotes provided by the pricing service may
reflect appropriate factors such as market quotes, ratings,
tranche type, industry, company performance, spread, individual
trading characteristics, institution-size trading in similar
groups of securities and other market data.
Domestic Exchange Traded Equity Securities. Market
quotations are generally available and reliable for domestic
exchange traded equity securities. If market quotations are not
available or are unreliable, Invesco will value the security at
fair value in good faith using procedures approved by the Board.
Foreign Securities. If market quotations are
available and reliable for foreign exchange traded equity
securities, the securities will be valued at the market
quotations. Because trading hours for certain foreign securities
end before the close of the NYSE, closing market quotations may
become unreliable. If between the time trading ends on a
particular security and the close of the customary trading
session on the NYSE events occur that are significant and may
make the closing price unreliable, the Fund may fair value the
security. If an issuer specific event has occurred that Invesco
determines, in its judgment, is likely to have affected the
closing price of a foreign security, it will price the security
at fair value. Invesco also relies on a screening process from a
pricing vendor to indicate the degree of certainty, based on
historical data, that the closing price in the principal market
where a foreign security trades is not the current market value
as of the close of the NYSE. For foreign securities where
Invesco believes, at the approved degree of certainty, that the
price is not reflective of current market value, Invesco will
use the indication of fair value from the pricing service to
determine the fair value of the security. The pricing vendor,
pricing methodology or degree of certainty may change from time
to time.
A-11 The
Invesco Funds
Fund securities primarily traded on foreign markets may trade on
days that are not business days of the Fund. Because the net
asset value of Fund shares is determined only on business days
of the Fund, the value of the portfolio securities of a Fund
that invests in foreign securities may change on days when you
will not be able to purchase or redeem shares of the Fund.
Fixed Income Securities. Government, corporate,
asset-backed and municipal bonds, convertible securities,
including high yield or junk bonds, and loans, normally are
valued on the basis of prices provided by independent pricing
services. Prices provided by the pricing services may be
determined without exclusive reliance on quoted prices, and may
reflect appropriate factors such as institution-size trading in
similar groups of securities, developments related to special
securities, dividend rate, maturity and other market data.
Prices received from pricing services are fair value prices. In
addition, if the price provided by the pricing service and
independent quoted prices are unreliable, the Invesco valuation
committee will fair value the security using procedures approved
by the Board.
Short-term Securities. The Funds’ short-term
investments are valued at amortized cost when the security has
60 days or less to maturity. Invesco Money Market Fund,
Invesco Tax-Exempt Cash Fund, Premier Portfolio, Premier
Tax-Exempt Portfolio and Premier U.S. Government Money
Portfolio value all their securities at amortized cost. Invesco
High Income Municipal Fund, Invesco Municipal Bond Fund and
Invesco Tax-Free Intermediate Fund value variable rate
securities that have an unconditional demand or put feature
exercisable within seven days or less at par, which reflects the
market value of such securities.
Futures and Options. Futures contracts are valued at
the final settlement price set by the exchange on which they are
principally traded. Options are valued on the basis of market
quotations, if available.
Swap Agreements. Swap Agreements are fair valued
using an evaluated quote provided by an independent pricing
service. Evaluated quotes provided by the pricing service are
based on a model that may include end of day net present values,
spreads, ratings, industry and company performance.
Open-end Funds. To the extent a Fund invests in
other open-end Funds, other than open-end Funds that are
exchange traded, the investing Fund will calculate its net asset
value using the net asset value of the underlying Fund in which
it invests, and the prospectuses for such open-end Funds explain
the circumstances under which they will use fair value pricing
and the effects of using fair value pricing.
Each Fund, except for Premier Portfolio, Premier Tax-Exempt
Portfolio and Premier U.S. Government Money Portfolio,
determines the net asset value of its shares on each day the
NYSE is open for business (a business day), as of the close of
the customary trading session, or earlier NYSE closing time that
day. Premier Portfolio, Premier Tax-Exempt Portfolio and Premier
U.S. Government Money Portfolio open for business at
8:00 a.m. Eastern Time. Premier Portfolio and Premier
U.S. Government Money Portfolio will generally determine
the net asset value of their shares at 5:30 p.m. Eastern
Time. Premier Tax-Exempt Portfolio will generally determine the
net asset value of its shares at 4:30 p.m. Eastern Time.
Premier Portfolio, Premier Tax-Exempt Portfolio and Premier
U.S. Government Money Portfolio are authorized not to open
for trading on a day that is otherwise a business day if the
Federal Reserve Bank of New York and The Bank of New York
Mellon, the Fund’s custodian, are not open for business or
the Securities Industry and Financial Markets Association
(SIFMA) recommends that government securities dealers not open
for trading and any such day will not be considered a business
day. Premier Portfolio, Premier Tax-Exempt Portfolio and Premier
U.S. Government Money Portfolio also may close early on a
business day if SIFMA recommends that government securities
dealers close early. If Premier Portfolio, Premier Tax-Exempt
Portfolio or Premier U.S. Government Money Portfolio uses
its discretion to close early on a business day, the Fund will
calculate its net asset value as of the time of such closing.
From time to time and in circumstances deemed appropriate by
Invesco in its sole discretion, each of Premier Portfolio,
Premier Tax-Exempt Portfolio and Premier U.S. Government
Money Portfolio may remain open for business, during customary
business day hours, on a day that the NYSE is closed for
business. In such event, on such day you will be permitted to
purchase or redeem shares of such Funds and net asset values
will be calculated for such Funds.
The Invesco Balanced-Risk Allocation Fund and Invesco
Commodities Strategy Fund may each invest up to 25% of their
total assets in shares of their respective Subsidiaries. The
Subsidiaries offer to redeem all or a portion of their shares at
the current net asset value per share every regular business
day. The value of shares of the Subsidiaries will fluctuate with
the value of the respective Subsidiary’s portfolio
investments. The Subsidiaries price their portfolio investments
pursuant to the same pricing and valuation methodologies and
procedures used by the Funds, which require, among other things,
that each of the Subsidiary’s portfolio investments be
marked-to-market
(that is, the value on each of the Subsidiary’s books
changes) each business day to reflect changes in the market
value of the investment.
Timing of
Orders
For Funds other than Premier Portfolio, Premier Tax-Exempt
Portfolio and Premier U.S. Government Money Portfolio, you
can purchase or redeem shares on each business day prior to the
close of the customary trading session or any earlier NYSE
closing time that day. For Funds other than Premier Portfolio,
Premier Tax-Exempt Portfolio and Premier U.S. Government
Money Portfolio, purchase orders that are received and accepted
before the close of the customary trading session or any earlier
NYSE closing time on a business day generally are processed that
day and settled on the next business day.
For Premier Portfolio, Premier Tax-Exempt Portfolio and Premier
U.S. Government Money Portfolio, you can purchase or redeem
shares on each business day, prior to the Funds’ net asset
value determination on such business day; however, if your order
is received and accepted after the close of the customary
trading session or any earlier NYSE closing time that day, your
order generally will be processed on the next business day and
settled on the second business day following the receipt and
acceptance of your order.
For all Funds, you can exchange shares on each business day,
prior to the close of the customary trading session or any
earlier NYSE closing time that day. Shareholders of Premier
Portfolio, Premier Tax-Exempt Portfolio and Premier
U.S. Government Money Portfolio therefore cannot exchange
their shares after the close of the customary trading session or
any earlier NYSE closing time on a particular day, even though
these Funds remain open after such closing time.
The Funds price purchase, exchange and redemption orders at the
net asset value calculated after the transfer agent receives an
order in good order. Any applicable sales charges are applied at
the time an order is processed. A Fund may postpone the right of
redemption only under unusual circumstances, as allowed by the
Securities and Exchange Commission, such as when the NYSE
restricts or suspends trading.
A Fund intends to qualify each year as a regulated investment
company and, as such, is not subject to entity-level tax on the
income and gain it distributes to shareholders. If you are a
taxable investor, dividends and distributions you receive from a
Fund generally are taxable to you whether you reinvest
distributions in additional Fund shares or take them in cash.
Every year, you will be sent information showing the amount of
dividends and distributions you received from a Fund during the
prior calendar year.
A-12 The
Invesco Funds
In addition, investors in taxable accounts should be aware of
the following basic tax points as supplemented below where
relevant:
Fund Tax
Basics
|
|
| n
|
A Fund earns income generally in the form of dividends or
interest on its investments. This income, less expenses incurred
in the operation of a Fund, constitutes the Fund’s net
investment income from which dividends may be paid to you. If
you are a taxable investor, distributions of net investment
income are generally taxable to you as ordinary income.
|
| n
|
Distributions of net short-term capital gains are taxable to you
as ordinary income. A Fund with a high portfolio turnover rate
(a measure of how frequently assets within a Fund are bought and
sold) is more likely to generate short-term capital gains than a
Fund with a low portfolio turnover rate.
|
| n
|
Distributions of net long-term capital gains are taxable to you
as long-term capital gains no matter how long you have owned
your Fund shares.
|
| n
|
If you are an individual and meet certain holding period
requirements, a portion of income dividends paid to you by a
Fund may be designated as qualified dividend income eligible for
taxation at long-term capital gain rates. These reduced rates
generally are available (through 2010) for dividends
derived from a Fund’s investment in stocks of domestic
corporations and qualified foreign corporations. In the case of
a Fund that invests primarily in debt securities, either none or
only a nominal portion of the dividends paid by the Fund will be
eligible for taxation at these reduced rates.
|
| n
|
Distributions declared to shareholders with a record date in
December—if paid to you by the end of January—are
taxable for federal income tax purposes as if received in
December.
|
| n
|
Any long-term or short-term capital gains realized from
redemptions of Fund shares will be subject to federal income
tax. For tax purposes, an exchange of your shares for shares of
another Fund is the same as a sale.
|
| n
|
At the time you purchase your Fund shares, the Fund’s net
asset value may reflect undistributed income, undistributed
capital gains, or net unrealized appreciation in value of
portfolio securities held by the Fund. A subsequent distribution
to you of such amounts, although constituting a return of your
investment, would be taxable. This is sometimes referred to as
”buying a dividend.”
|
| n
|
By law, if you do not provide a Fund with your proper taxpayer
identification number and certain required certifications, you
may be subject to backup withholding on any distributions of
income, capital gains, or proceeds from the sale of your shares.
A Fund also must withhold if the IRS instructs it to do so. When
withholding is required, the amount will be 28% of any
distributions or proceeds paid.
|
| n
|
You will not be required to include the portion of dividends
paid by the Fund derived from interest on U.S. government
obligations in your gross income for purposes of personal and,
in some cases, corporate income taxes in many state and local
tax jurisdictions. The percentage of dividends that constitutes
dividends derived from interest on federal obligations will be
determined annually. This percentage may differ from the actual
percentage of interest received by the Fund on federal
obligations for the particular days on which you hold shares.
|
| n
|
Fund distributions and gains from sale or exchange of your Fund
shares generally are subject to state and local income taxes.
|
| n
|
If a Fund qualifies to pass through to you the tax benefits from
foreign taxes it pays on its investments, and elects to do so,
then any foreign taxes it pays on these investments may be
passed through to you as a foreign tax credit. You will then be
required to include your pro-rata share of these taxes in gross
income, even though not actually received by you, and will be
entitled either to deduct your share of these taxes in computing
your taxable income, or to claim a foreign tax credit for these
taxes against your U.S. federal income tax.
|
| n
|
Foreign investors should be aware that U.S. withholding,
special certification requirements to avoid U.S. backup
withholding and claim any treaty benefits and estate taxes may
apply to an investment in a Fund.
|
The above discussion concerning the taxability of Fund dividends
and distributions and of redemptions and exchanges of Fund
shares is inapplicable to investors that are generally exempt
from federal income tax, such as retirement plans that are
qualified under Section 401, 403, 408, 408A and 457 of the
Code, individual retirement accounts (IRAs) and Roth IRAs.
Tax-Exempt and
Municipal Funds
|
|
| n
|
You will not be required to include the
“exempt-interest” portion of dividends paid by the
Fund in your gross income for federal income tax purposes. You
will be required to report the receipt of exempt-interest
dividends and other tax-exempt interest on your federal income
tax returns. The percentage of dividends that constitutes
exempt-interest dividends will be determined annually. This
percentage may differ from the actual percentage of exempt
interest received by the Fund for the particular days in which
you hold shares.
|
| n
|
A Fund may invest in municipal securities the interest on which
constitutes an item of tax preference and could give rise to a
federal alternative minimum tax liability for you. However,
under recently enacted provisions of the American Recovery and
Reinvestment Act of 2009, tax exempt interest on such municipal
securities issued in 2009 and 2010 is not an item of tax
preference for purposes of the alternative minimum tax.
|
| n
|
Exempt-interest dividends from interest earned on municipal
securities of a state, or its political subdivisions, generally
are exempt from that state’s personal income tax. Most
states, however, do not grant tax-free treatment to interest
from municipal securities of other states.
|
| n
|
A Fund may invest a portion of its assets in securities that pay
income that is not tax-exempt. To the extent that dividends paid
by a Fund are derived from taxable investments or realized
capital gains, they will be taxable as ordinary income or
long-term capital gains.
|
| n
|
A Fund may distribute to you any market discount and net
short-term capital gains from the sale of its portfolio
securities. If you are a taxable investor, Fund distributions
from this income are taxable to you as ordinary income, and
generally will neither qualify for the dividends received
deduction in the case of corporate shareholders nor as qualified
dividend income subject to reduced rates of taxation in the case
of noncorporate shareholders.
|
| n
|
Exempt-interest dividends from a Fund are taken into account
when determining the taxable portion of your social security or
railroad retirement benefits, may be subject to state and local
income taxes, may affect the deductibility of interest on
certain indebtedness, and may have other collateral federal
income tax consequences for you.
|
| n
|
There are risks that: (a) a security issued as tax-exempt
may be reclassified by the Internal Revenue Service or a state
tax authority as taxable
and/or
(b) future legislative, administrative or court actions
could adversely impact the qualification of income from a
tax-exempt security as tax-free. Such reclassifications or
actions could cause interest from a security to become taxable,
possibly retroactively, subjecting you to increased tax
liability. In addition, such reclassifications or actions could
cause the value of a security, and therefore, the value of the
Fund’s shares, to decline.
|
Money Market
Funds
|
|
| n
|
A Fund does not anticipate realizing any long-term capital gains.
|
| n
|
Because a Fund expects to maintain a stable net asset value of
$1.00 per share, investors should not have any gain or loss on
sale or exchange of Fund shares.
|
A-13 The
Invesco Funds
Real Estate
Funds
|
|
| n
|
Because of “noncash” expenses such as property
depreciation, the cash flow of a REIT that owns properties will
exceed its taxable income. The REIT, and in turn a Fund, may
distribute this excess cash to shareholders. Such a distribution
is classified as a return of capital. Return-of capital
distributions generally are not taxable to you. Your cost basis
in your Fund shares will be decreased by the amount of any
return of capital. Any return of capital distributions in excess
of your cost basis will be treated as capital gains.
|
| n
|
Dividends paid to shareholders from the Funds’ investments
in U.S. REITs will not generally qualify for taxation at
long-term capital gain rates applicable to qualified dividend
income.
|
| n
|
The Fund may derive “excess inclusion income” from
certain equity interests in mortgage pooling vehicles either
directly or through an investment in a
U.S.-qualified
REIT. If, contrary to expectations, the Fund were to receive
excess inclusion income in excess of certain threshold amounts,
such income would be allocated to Fund shareholders with special
tax consequences.
|
| n
|
The sale of a U.S. real property interest by a REIT in which a
Fund invests may trigger special tax consequences to the
Fund’s foreign shareholders.
|
Invesco
Balanced-Risk Allocation Fund and Invesco Commodities Strategy
Fund
|
|
| n
|
The Funds’ strategies of investing in derivatives and
financially-linked instruments whose performance is expected to
correspond to the fixed income, equity and commodity markets may
cause the Funds to recognize more ordinary income and short-term
capital gains taxable as ordinary income than would be the case
if the Funds invested directly in debt instruments, stocks and
commodities.
|
| n
|
The Funds must meet certain requirements under the Internal
Revenue Code (the Code) for favorable tax treatment as a
regulated investment company, including asset diversification
and income requirements. The Funds intend to treat the income
each derives from commodity-linked notes and their respective
Subsidiaries as qualifying income. If, contrary to a number of
private letter rulings (PLRs) issued by the IRS to
third-parties, the IRS were to determine such income is non
qualifying, a Fund might fail to satisfy the income requirement.
The Funds intend to limit their investments in their respective
Subsidiaries to no more than 25% of the value of each
Fund’s total assets in order to satisfy the asset
diversification requirement. Additionally, the Invesco
Balanced-Risk Allocation Fund has received a private letter
ruling (PLR) from the IRS holding that the Invesco Balanced-Risk
Allocation Fund’s income derived from its Subsidiary’s
investments in commodity-linked derivatives is qualifying income.
|
Invesco FX Alpha
Strategy Fund, Invesco FX Alpha Plus Strategy Fund and Invesco
Emerging Market Local Currency Debt Fund
|
|
| n |
The Funds may realize gains from the sale or other disposition
of foreign currencies (including but not limited to gains from
options, futures or forward contracts) derived from investing in
securities or foreign currencies. The U.S. Treasury Department
is authorized to issue regulations that might cause the Funds,
as a result of their realization of such foreign currency gains,
to fail to qualify as a regulated investment company. As of the
date of this prospectus, no regulations have been issued
pursuant to this authorization. It is possible, however, that
such regulations may be issued in the future. Additionally, the
IRS has not issued any guidance on how to apply the asset
diversification test to such foreign currency positions. Thus,
the IRS’ determination as to how to treat such foreign
currency positions for purposes of satisfying the asset
diversification test might differ from that of the Funds, which
may result in either of the Funds’ failure to qualify as
regulated investment companies.
|
Invesco Van
Kampen Equity Premium Income Fund
|
|
| n |
If as a result of adverse market conditions, the Fund realizes a
loss in connection with its option writing strategy, some or all
of the Fund’s previously distributed income may be
classified as a return of capital. Return of capital
distributions generally are not taxable to you. Your cost basis
in your Fund shares will be decreased by the amount of any
return of capital. Any return of capital distributions in excess
of your cost basis will be treated as capital gains.
|
This discussion of “Taxes” is for general
information only and not tax advice. All investors should
consult their own tax advisers as to the federal, state, local
and foreign tax provisions applicable to them.
Payments
to Financial Intermediaries
The financial adviser or intermediary through which you purchase
your shares may receive all or a portion of the sales charges
and distribution fees discussed above. In addition to those
payments, Invesco Distributors and other Invesco Affiliates, may
make additional cash payments to financial intermediaries in
connection with the promotion and sale of shares of the Funds.
These additional cash payments may include cash payments and
other payments for certain marketing and support services.
Invesco Affiliates make these payments from their own resources,
from Invesco Distributors’ retention of initial sales
charges and from payments to Invesco Distributors made by the
Funds under their
12b-1 plans.
In the context of this prospectus, “financial
intermediaries” include any broker, dealer, bank (including
bank trust departments), registered investment adviser,
financial planner, retirement plan administrator, insurance
company and any other financial intermediary having a selling,
administration or similar agreement with Invesco Affiliates.
Invesco Affiliates make payments as incentives to certain
financial intermediaries to promote and sell shares of the
Funds. The benefits Invesco Affiliates receive when they make
these payments include, among other things, placing the Funds on
the financial intermediary’s funds sales system, and access
(in some cases on a preferential basis over other competitors)
to individual members of the financial intermediary’s sales
force or to the financial intermediary’s management. These
payments are sometimes referred to as “shelf space”
payments because the payments compensate the financial
intermediary for including the Funds in its fund sales system
(on its “sales shelf”). Invesco Affiliates compensate
financial intermediaries differently depending typically on the
level and/or
type of considerations provided by the financial intermediary.
The payments Invesco Affiliates make may be calculated based on
sales of shares of the Funds (Sales-Based Payments), in which
case the total amount of such payments shall not exceed 0.25% of
the public offering price of all shares sold by the financial
intermediary during the particular period. Payments may also be
calculated based on the average daily net assets of the
applicable Funds attributable to that particular financial
intermediary (Asset-Based Payments), in which case the total
amount of such cash payments shall not exceed 0.25% per annum of
those assets during a defined period. Sales-Based Payments
primarily create incentives to make new sales of shares of the
Funds and Asset-Based Payments primarily create incentives to
retain previously sold shares of the Funds in investor accounts.
Invesco Affiliates may pay a financial intermediary either or
both Sales-Based Payments and Asset-Based Payments.
Invesco Affiliates are motivated to make these payments as they
promote the sale of Fund shares and the retention of those
investments by clients of financial intermediary. To the extent
financial intermediaries sell more shares of the Funds or retain
shares of the Funds in their clients’ accounts, Invesco
Affiliates benefit from the incremental management and other
fees paid to Invesco Affiliates by the Funds with respect to
those assets.
Invesco Affiliates also may make payments to certain financial
intermediaries for certain administrative services, including
record keeping and
sub-accounting
of shareholder accounts pursuant to a
sub-transfer
agency, omnibus account service or
sub-accounting
agreement. All fees
A-14 The
Invesco Funds
payable by Invesco Affiliates under this category of services
are charged back to the Funds, subject to certain limitations
approved by the Board.
You can find further details in the Fund’s SAI about these
payments and the services provided by financial intermediaries.
In certain cases these payments could be significant to the
financial intermediary. Your financial adviser may charge you
additional fees or commissions other than those disclosed in
this prospectus. You can ask your financial adviser about any
payments it receives from Invesco Affiliates or the Funds, as
well as about fees
and/or
commissions it charges.
Important
Notice Regarding Delivery of Security Holder Documents
To reduce Fund expenses, only one copy of most shareholder
documents may be mailed to shareholders with multiple accounts
at the same address (Householding). Mailing of your shareholder
documents may be householded indefinitely unless you instruct us
otherwise. If you do not want the mailing of these documents to
be combined with those for other members of your household,
please contact Invesco Investment Services, Inc. at
800-959-4246
or contact your financial institution. We will begin sending you
individual copies for each account within thirty days after
receiving your request.
A-15 The
Invesco Funds
Obtaining
Additional Information
More information may be obtained free of charge upon request.
The SAI, a current version of which is on file with the SEC,
contains more details about the Fund and is incorporated by
reference into the prospectus (is legally a part of the
prospectus). When issued, annual and semiannual reports to
shareholders will contain additional information about the
Fund’s investments. The Fund’s annual report will
discuss the market conditions and investment strategies that
significantly affected the Fund’s performance during its
last fiscal year. The Fund will also file its complete schedule
of portfolio holdings with the SEC for the 1st and 3rd quarters
of each fiscal year on
Form N-Q.
If you have questions about an Invesco Fund or your account, or
you wish to obtain a free copy of a current SAI, annual or
semiannual reports or
Form N-Q,
please contact us.
| |
|
|
|
By Mail:
|
|
Invesco Investment Services, Inc.
P.O. Box 4739, Houston, TX
77210-4739
|
|
|
|
|
|
By Telephone:
|
|
(800) 959-4246
|
|
|
|
|
|
On the Internet:
|
|
You can send us a request by
e-mail or
download prospectuses, SAI, annual or semiannual reports via our
Web site: www.invesco.com/us
|
You can also review and obtain copies of SAIs, annual or
semiannual reports,
Forms N-Q
and other information at the SEC’s Public Reference Room in
Washington, DC; on the EDGAR database on the SEC’s Web site
(http://www.sec.gov);
or, after paying a duplicating fee, by sending a letter to the
SEC’s Public Reference Section, Washington, DC
20549-1520
or by sending an electronic mail request to publicinfo@sec.gov.
Please call the SEC at 1-202-551-8090 for information about the
Public Reference Room.
| |
|
|
|
|
|
|
|
|
|
[INVESCO LOGO APPEARS HERE]
|
|
|
|
|
|
|
|
Invesco Global Dividend Growth Securities Fund
|
|
SEC 1940 Act file number: 811-05426
|
|
|
|
|
|
|
|
|
invesco.com/us MS-GDG-PRO-1
|
|
|
Statutory Prospectus Supplement dated September 20, 2010
The purpose of this mailing is to provide you with changes to the current Statutory Prospectus
for Class A, A2, A5, B, B5, C, C5, P, R, R5, S, Y, Invesco Cash Reserve Shares and Investor Class
shares, as applicable, for each of the Funds listed below:
Invesco Asia Pacific Growth Fund
Invesco Balanced Fund
Invesco Balanced-Risk Allocation Fund
Invesco Balanced-Risk Retirement 2010 Fund
Invesco Balanced-Risk Retirement 2020 Fund
Invesco Balanced-Risk Retirement 2030 Fund
Invesco Balanced-Risk Retirement 2040 Fund
Invesco Balanced-Risk Retirement 2050 Fund
Invesco Balanced-Risk Retirement Now Fund
Invesco Basic Balanced Fund
Invesco Basic Value Fund
Invesco California Tax-Free Income Fund
Invesco Capital Development Fund
Invesco Charter Fund
Invesco China Fund
Invesco Commodities Strategy Fund
Invesco Conservative Allocation Fund
Invesco Constellation Fund
Invesco Convertible Securities Fund
Invesco Core Bond Fund
Invesco Core Plus Bond Fund
Invesco Developing Markets Fund
Invesco Diversified Dividend Fund
Invesco Dividend Growth Securities Fund
Invesco Dynamics Fund
Invesco Emerging Market Local Currency Debt Fund
Invesco Endeavor Fund
Invesco Energy Fund
Invesco Equally-Weighted S&P 500 Fund
Invesco European Growth Fund
Invesco European Small Company Fund
Invesco Financial Services Fund
Invesco Floating Rate Fund
Invesco Fundamental Value Fund
Invesco Global Fund
Invesco Global Advantage Fund
Invesco Global Core Equity Fund
Invesco Global Dividend Growth Securities Fund
Invesco Global Equity Fund
Invesco Global Growth Fund
Invesco Global Health Care Fund
Invesco Global Real Estate Fund
Invesco Global Small & Mid Cap Growth Fund
Invesco Gold & Precious Metals Fund
Invesco Growth Allocation Fund
Invesco Health Sciences Fund
Invesco High Income Municipal Fund
Invesco High Yield Fund
Invesco High Yield Securities Fund
Invesco Income Fund
Invesco Income Allocation Fund
Invesco International Allocation Fund
Invesco International Core Equity Fund
Invesco International Growth Fund
Invesco International Small Company Fund
Invesco International Total Return Fund
Invesco Japan Fund
Invesco Large Cap Basic Value Fund
Invesco Large Cap Growth Fund
Invesco Large Cap Relative Value Fund
Invesco Leisure Fund
Invesco LIBOR Alpha Fund
Invesco Limited Maturity Treasury Fund
Invesco Mid Cap Basic Value Fund
Invesco Mid Cap Core Equity Fund
Invesco Mid-Cap Value Fund
Invesco Moderate Allocation Fund
Invesco Moderate Growth Allocation Fund
Invesco Moderately Conservative Allocation Fund
Invesco Money Market Fund
Invesco Multi-Sector Fund
Invesco Municipal Fund
Invesco Municipal Bond Fund
Invesco New York Tax-Free Income Fund
Invesco Pacific Growth Fund
Invesco Real Estate Fund
Invesco S&P 500 Index Fund
Invesco Select Equity Fund
Invesco Select Real Estate Income Fund
Invesco Short Term Bond Fund
Invesco Small Cap Equity Fund
Invesco Small Cap Growth Fund
Invesco Small Companies Fund
Invesco Small-Mid Special Value Fund
Invesco Special Value Fund
Invesco Structured Core Fund
Invesco Summit Fund
Invesco Tax-Exempt Securities Fund
Invesco Tax-Free Intermediate Fund
Invesco Technology Fund
Invesco Technology Sector Fund
Invesco U.S. Government Fund
Invesco U.S. Mid Cap Value Fund
Invesco U.S. Small Cap Value Fund
Invesco U.S. Small/Mid Cap Value Fund
Invesco Utilities Fund
Invesco Value Fund
Invesco Value II Fund
Invesco Van Kampen American Franchise Fund
Invesco Van Kampen American Value Fund
Invesco Van Kampen Asset Allocation Conservative Fund
Invesco Van Kampen Asset Allocation Growth Fund
Invesco Van Kampen Asset Allocation Moderate Fund
Invesco Van Kampen California Insured Tax Free Fund
Invesco Van Kampen Capital Growth Fund
Invesco Van Kampen Comstock Fund
Invesco Van Kampen Core Equity Fund
Invesco Van Kampen Core Plus Fixed Income Fund
Invesco Van Kampen Corporate Bond Fund
Invesco Van Kampen Emerging Markets Fund
Invesco Van Kampen Enterprise Fund
Invesco Van Kampen Equity and Income Fund
Invesco Van Kampen Equity Premium Income Fund
Invesco Van Kampen Global Equity Allocation Fund
1
Invesco Van Kampen Global Franchise Fund
Invesco Van Kampen Global Tactical Asset Allocation Fund
Invesco Van Kampen Government Securities Fund
Invesco Van Kampen Growth and Income Fund
Invesco Van Kampen Harbor Fund
Invesco Van Kampen High Yield Fund
Invesco Van Kampen High Yield Municipal Fund
Invesco Van Kampen Insured Tax Free Income Fund
Invesco Van Kampen Intermediate Term Municipal Income Fund
Invesco Van Kampen International Advantage Fund
Invesco Van Kampen International Growth Fund
Invesco Van Kampen Leaders Fund
Invesco Van Kampen Limited Duration Fund
Invesco Van Kampen Mid Cap Growth Fund
Invesco Van Kampen Municipal Income Fund
Invesco Van Kampen New York Tax Free Income Fund
Invesco Van Kampen Pennsylvania Tax Free Income Fund
Invesco Van Kampen Real Estate Securities Fund
Invesco Van Kampen Small Cap Growth Fund
Invesco Van Kampen Small Cap Value Fund
Invesco Van Kampen Technology Fund
Invesco Van Kampen U.S. Mortgage Fund
Invesco Van Kampen Utility Fund
Invesco Van Kampen Value Opportunities Fund
Effective November 30, 2010, Class B or Class B5 shares may not be purchased or acquired by
exchange from share classes other than Class B or Class B5 shares. Any investment received by a
Fund on or after this date that is intended for Class B or Class B5 shares will be rejected.
Shareholders with investments in Class B or Class B5 shares may continue to hold such shares until
they convert to Class A or Class A5 shares, respectively. However, no additional investments will
be accepted in Class B or Class B5 shares on or after November 30, 2010. Dividends and capital
gain distributions may continue to be reinvested in Class B or Class B5 shares until their
conversion dates. In addition, shareholders invested in Class B or Class B5 shares will be able to
exchange those shares for Class B or Class B5 shares, respectively, of other Invesco Funds offering
such shares until they convert.
The following information was added as a new heading under “SHAREHOLDER ACCOUNT INFORMATION —
Redeeming Shares” on page A-9 in the Prospectus:
“Minimum Account Balance
A low balance fee of $12 per year will be deducted in the fourth quarter of each year from all
Class A share, Class B share, Class C share and Investor Class share accounts held in the Fund
(each a Fund Account) with a value less than the low balance amount (the Low Balance Amount) as
determined from time to time by the Fund and the Adviser. The Fund and the Adviser generally
expect the Low Balance Amount to be $750, but such amount may be adjusted for any year depending on
various factors, including market conditions. The Low Balance Amount and the date on which it will
be deducted from any Fund Account will be posted on our web site, www.invesco.com/us, on or about
November 15 of each year. This fee will be payable to the transfer agent by redeeming from a Fund
Account sufficient shares owned by a shareholder and will be used by the transfer agent to offset
amounts that would otherwise be payable by the Fund to the transfer agent under the transfer agency
agreement. The low balance fee is not applicable to Fund Accounts comprised of: (i) fund
of funds accounts, (ii) escheated accounts, (iii) accounts participating in a Systematic Purchase
Plan established directly with the Fund, (iv) accounts with Dollar Cost Averaging, (v) accounts in
which Class B Shares are immediately involved in the automatic conversion to Class A Shares, and
those corresponding Class A Shares immediately involved in such conversion, (vi) accounts in which
all shares are evidenced by share certificates, (vii) certain retirement plan accounts, (viii)
forfeiture accounts in connection with certain retirement plans, (ix) investments in Class P, Class
R, Class S or Class Y Shares, (x) certain money market funds (Investor Class of Premier U.S.
Government Money, Premier Tax-Exempt and Premier Portfolios; all classes of Invesco Money Market
Fund; and all classes of Invesco Tax-Exempt Cash Fund), or (xi) accounts in Class A shares
established pursuant to an advisory fee program.
Some investments in the Funds are made through accounts that are maintained by intermediaries
(rather than the Funds’ transfer agent) and some investments are made indirectly through products
that use the Funds as underlying investments, such as employee benefit plans, funds of funds,
qualified tuition plans, and variable insurance contracts (these products are generally referred to
as conduit investment vehicles). If shares of the Funds are held in an account maintained by an
intermediary or in the name of a conduit investment vehicle (and not in the names of individual
investors), the intermediary or conduit investment vehicle may impose rules which differ from those
described in this prospectus. In such cases, there may be low balance fees imposed by the
intermediary or conduit investment vehicle on different terms (and subject to different exceptions)
than those set forth above. Please consult your financial adviser or other financial intermediary
for details.”
2
Statutory Prospectus Supplement dated October 6, 2010
The purpose of this supplement is to provide you with changes to the current Prospectus for
Class A, A2, A5, B, B5, C, C5, P, R, R5, S, Y and Investor Class, as applicable, of each of the
Funds listed below:
Invesco Alternative Opportunities Fund
Invesco Balanced Fund
Invesco California Tax-Free Income Fund
Invesco Commodities Strategy Fund
Invesco Convertible Securities Fund
Invesco Core Bond Fund
Invesco Dynamics Fund
Invesco Emerging Market Local Currency Debt Fund
Invesco Energy Fund
Invesco Equally-Weighted S&P 500 Fund
Invesco Financial Services Fund
Invesco Fundamental Value Fund
Invesco FX Alpha Plus Strategy Fund
Invesco FX Alpha Strategy Fund
Invesco Global Advantage Fund
Invesco Global Dividend Growth Securities Fund
Invesco Global Real Estate Fund
Invesco Gold & Precious Metals Fund
Invesco High Income Municipal Fund
Invesco High Yield Fund
Invesco Income Fund
Invesco International Growth Equity Fund
Invesco Large Cap Relative Value Fund
Invesco Leisure Fund
Invesco LIBOR Alpha Fund
Invesco Mid Cap Basic Value Fund
Invesco Municipal Bond Fund
Invesco Municipal Fund
Invesco New York Tax-Free Income Fund
Invesco Pacific Growth Fund
Invesco Real Estate Fund
Invesco S&P 500 Index Fund
Invesco Short Term Bond Fund
Invesco Tax-Exempt Securities Fund
Invesco Technology Fund
Invesco Technology Sector Fund
Invesco U.S. Government Fund
Invesco Utilities Fund
Invesco U.S. Mid Cap Value Fund
Invesco Van Kampen American Value Fund
Invesco Van Kampen California Insured Tax Free Fund
Invesco Van Kampen Comstock Fund
Invesco Van Kampen Core Equity Fund
Invesco Van Kampen Equity and Income Fund
Invesco Van Kampen Global Bond Fund
Invesco Van Kampen Global Franchise Fund
Invesco Van Kampen Global Tactical Asset Allocation Fund
Invesco Van Kampen Growth and Income Fund
Invesco Van Kampen Harbor Fund
Invesco Van Kampen High Yield Municipal Fund
Invesco Van Kampen Insured Tax Free Income Fund
Invesco Van Kampen Intermediate Term Municipal Income Fund
Invesco Van Kampen Leaders Fund
Invesco Van Kampen Mid Cap Growth Fund
Invesco Van Kampen Municipal Income Fund
Invesco Van Kampen New York Tax Free Income Fund
Invesco Van Kampen Pennsylvania Tax Free Income Fund
Invesco Van Kampen Small Cap Growth Fund
Invesco Van Kampen U.S. Mortgage Fund
Invesco Van Kampen Utility Fund
Invesco Van Kampen Value Opportunities Fund
The following information is added to the end of the first paragraph appearing under the heading
“OTHER INFORMATION — Sales Charges”:
| |
|
“Purchases of Class C shares are subject to a contingent deferred sales charge. For more
information on contingent deferred sales charges, see “Shareholder Account
Information—Contingent Deferred Sales Charges (CDSCs)” section of this prospectus.” |
Invesco Retail-SUP-1A 100610
Prospectus Supplement dated November 10, 2010
The purpose of this supplement is to provide you with changes to the current Prospectus for Class
A, B, C, R, S, Y, Investor Class and Institutional Class Shares, as applicable, of each of the
Funds listed below:
Invesco Balanced Fund
Invesco Basic Balanced Fund
Invesco Basic Value Fund
Invesco Commodities Strategy Fund
Invesco Conservative Allocation Fund
Invesco Core Bond Fund
Invesco Dividend Growth Securities Fund
Invesco Financial Services Fund
Invesco Fundamental Value Fund
Invesco Global Advantage Fund
Invesco Global Dividend Growth Securities Fund
Invesco Global Fund
Invesco Health Sciences Fund
Invesco Income Fund
Invesco Japan Fund
Invesco Large Cap Basic Value Fund
Invesco Large Cap Growth Fund
Invesco Large Cap Relative Value Fund
Invesco LIBOR Alpha Fund
Invesco Mid Cap Basic Value Fund
Invesco Mid-Cap Value Fund
Invesco Moderate Growth Allocation Fund
Invesco Multi-Sector Fund
Invesco Municipal Fund
Invesco New York Tax-Free Income Fund
Invesco Select Equity Fund
Invesco Small-Mid Special Value Fund
Invesco Special Value Fund
Invesco Tax-Exempt Securities Fund
Invesco Technology Sector Fund
Invesco U.S. Small Cap Value Fund
Invesco U.S. Small-Mid Cap Value Fund
Invesco Value Fund
Invesco Value II Fund
Invesco Van Kampen Asset Allocation Conservative Fund
Invesco Van Kampen Asset Allocation Growth Fund
Invesco Van Kampen Asset Allocation Moderate Fund
Invesco Van Kampen California Insured Tax Free Fund
Invesco Van Kampen Capital Growth Fund
Invesco Van Kampen Core Equity Fund
Invesco Van Kampen Core Plus Fixed Income Fund
Invesco Van Kampen Emerging Markets Fund
Invesco Van Kampen Enterprise Fund
Invesco Van Kampen Equity Premium Income Fund
Invesco Van Kampen Global Equity Allocation Fund
Invesco Van Kampen Global Franchise Fund
Invesco Van Kampen Government Securities Fund
Invesco Van Kampen Harbor Fund
Invesco Van Kampen High Yield Fund
Invesco Van Kampen Insured Tax Free Income Fund
Invesco Van Kampen International Advantage Fund
Invesco Van Kampen International Growth Fund
Invesco Van Kampen Limited Duration Fund
Invesco Van Kampen Real Estate Securities Fund
Invesco Van Kampen Technology Fund
Invesco Van Kampen Utility Fund
Following a number of meetings in September and
October, 2010, the Boards of Trustees of the Invesco Funds have unanimously approved an Agreement
and Plan of Reorganization (the “Agreement”) pursuant to which each Target Fund listed below would
transfer all of its assets and liabilities to the corresponding Acquiring Fund listed below in
exchange for shares of the Acquiring Fund that would be distributed to Target Fund shareholders:
| |
|
|
| TARGET FUND |
|
ACQUIRING FUND |
Invesco Balanced Fund, a series portfolio of AIM Counselor Series
Trust (Invesco Counselor Series Trust)
|
|
Invesco Van Kampen Equity and Income Fund, a series portfolio of
AIM Counselor Series Trust (Invesco Counselor Series Trust) |
|
|
|
Invesco Basic Balanced Fund, a series portfolio of AIM Fund Group
(Invesco Funds Group)
|
|
Invesco Van Kampen Equity and Income Fund, a series portfolio of
AIM Counselor Series Trust (Invesco Counselor Series Trust) |
|
|
|
Invesco Basic Value Fund, a series portfolio of AIM Growth Series
(Invesco Growth Series)
|
|
Invesco Van Kampen Value Opportunities Fund, a series portfolio
of AIM Sector Funds (Invesco Sector Funds) |
|
|
|
Invesco Commodities Strategy Fund, a series portfolio of AIM
Investment Funds (Invesco Investment Funds)
|
|
Invesco Balanced-Risk Commodity Strategy Fund, a series portfolio
of AIM Investment Funds (Invesco Investment Funds) |
|
|
|
Invesco Conservative Allocation Fund, a series portfolio of AIM
Growth Series (Invesco Growth Series)
|
|
Invesco Moderately Conservative Allocation Fund, a series
portfolio of AIM Growth Series (Invesco Growth Series) |
|
|
|
Invesco Core Bond Fund, a series portfolio of AIM Investment
Securities Funds (Invesco Investment Securities Funds)
|
|
Invesco Core Plus Bond Fund, a series portfolio of AIM Counselor
Series Trust (Invesco Counselor Series Trust) |
|
|
|
Invesco Dividend Growth Securities Fund, a series portfolio of
AIM Counselor Series Trust (Invesco Counselor Series Trust)
|
|
Invesco Diversified Dividend Fund, a series portfolio of AIM
Equity Funds (Invesco Equity Funds) |
Invesco Retail SUP-1 111010
1
| |
|
|
| TARGET FUND |
|
ACQUIRING FUND |
|
|
|
Invesco Financial Services Fund, a series portfolio of AIM Sector
Funds (Invesco Sector Funds)
|
|
Invesco Diversified Dividend Fund, a series portfolio of AIM
Equity Funds (Invesco Equity Funds) |
|
|
|
Invesco Fundamental Value Fund, a series portfolio of AIM
Counselor Series Trust (Invesco Counselor Series Trust)
|
|
Invesco Van Kampen Growth and Income Fund, a series portfolio of
AIM Counselor Series Trust (Invesco Counselor Series Trust) |
|
|
|
Invesco Global Advantage Fund, a series portfolio of AIM
Investment Funds (Invesco Investment Funds)
|
|
Invesco Global Growth Fund, a series portfolio of AIM
International Mutual Funds (Invesco International Mutual Funds) |
|
|
|
Invesco Global Dividend Growth Securities Fund, a series
portfolio of AIM Investment Funds (Invesco Investment Funds)
|
|
Invesco Global Core Equity Fund, a series portfolio of AIM Funds
Group (Invesco Funds Group) |
|
|
|
Invesco Global Fund, a series portfolio of AIM Investment Funds
(Invesco Investment Funds)
|
|
Invesco Global Core Equity Fund, a series portfolio of AIM Funds
Group (Invesco Funds Group) |
|
|
|
Invesco Health Sciences Fund, a series portfolio of AIM
Investment Funds (Invesco Investment Funds)
|
|
Invesco Global Health Care Fund, a series portfolio of AIM
Investment Funds (Invesco Investment Funds) |
|
|
|
Invesco Income Fund, a series portfolio of AIM Investment
Securities Funds (Invesco Investment Securities Funds)
|
|
Invesco Van Kampen Corporate Bond Fund, a series portfolio of AIM
Investment Securities Funds (Invesco Investment Securities Funds) |
|
|
|
Invesco Japan Fund, a series portfolio of AIM Investment Funds
(Invesco Investment Funds)
|
|
Invesco Pacific Growth Fund, a series portfolio of AIM Investment
Funds (Invesco Investment Funds) |
|
|
|
Invesco Large Cap Basic Value Fund, a series portfolio of AIM
Equity Funds (Invesco Equity Funds)
|
|
Invesco Van Kampen Comstock Fund, a series portfolio of AIM
Sector Funds (Invesco Sector Funds) |
|
|
|
Invesco Large Cap Growth Fund, a series portfolio of AIM Equity
Funds (Invesco Equity Funds)
|
|
Invesco Van Kampen American Franchise Fund, a series portfolio of
AIM Counselor Series Trust (Invesco Counselor Series Trust) |
|
|
|
Invesco Large Cap Relative Value Fund, a series portfolio of AIM
Counselor Series Trust (Invesco Counselor Series Trust)
|
|
Invesco Van Kampen Growth and Income Fund, a series portfolio of
AIM Counselor Series Trust (Invesco Counselor Series Trust) |
|
|
|
Invesco LIBOR Alpha Fund, a series portfolio of AIM Investment
Funds (Invesco Investment Funds)
|
|
Invesco Short Term Bond Fund, a series portfolio of AIM
Investment Securities Funds (Invesco Investment Securities Funds) |
|
|
|
Invesco Mid Cap Basic Value Fund, a series portfolio of AIM Funds
Group (Invesco Funds Group)
|
|
Invesco Van Kampen American Value Fund, a series portfolio of AIM
Sector Funds (Invesco Sector Funds) |
|
|
|
Invesco Mid-Cap Value Fund, a series portfolio of AIM Sector
Funds (Invesco Sector Funds)
|
|
Invesco Van Kampen American Value Fund, a series portfolio of AIM
Sector Funds (Invesco Sector Funds) |
|
|
|
Invesco Moderate Growth Allocation Fund, a series portfolio of
AIM Growth Series (Invesco Growth Series)
|
|
Invesco Growth Allocation Fund, a series portfolio of AIM Growth
Series (Invesco Growth Series) |
|
|
|
Invesco Multi-Sector Fund, a series portfolio of AIM Counselor
Series Trust (Invesco Counselor Series Trust)
|
|
Invesco Charter Fund, a series portfolio of AIM Equity Funds
(Invesco Equity Funds) |
|
|
|
Invesco Municipal Fund, a series portfolio of AIM Tax-Exempt
Funds (Invesco Tax-Exempt Funds)
|
|
Invesco Van Kampen Intermediate Term Municipal Income Fund, a series
portfolio of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) |
|
|
|
Invesco New York Tax-Free Income Fund, a series portfolio of AIM
Tax-Exempt Funds (Invesco Tax-Exempt Funds)
|
|
Invesco Van Kampen New York Tax Free Income Fund, a series
portfolio of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) |
|
|
|
Invesco Select Equity Fund, a series portfolio of AIM Funds Group
(Invesco Funds Group)
|
|
Invesco Structured Core Fund, a series portfolio of AIM Counselor
Series Trust (Invesco Counselor Series Trust) |
|
|
|
Invesco Small-Mid Special Value Fund, a series portfolio of AIM
Sector Funds (Invesco Sector Funds)
|
|
Invesco Van Kampen Small Cap Value Fund, a series portfolio of
AIM Sector Funds (Invesco Sector Funds) |
|
|
|
Invesco Special Value Fund, a series portfolio of AIM Sector
Funds (Invesco Sector Funds)
|
|
Invesco Van Kampen Small Cap Value Fund, a series portfolio of
AIM Sector Funds (Invesco Sector Funds) |
|
|
|
Invesco Tax-Exempt Securities Fund, a series portfolio of AIM
Tax-Exempt Funds (Invesco Tax-Exempt Funds)
|
|
Invesco Van Kampen Municipal Income Fund, a series portfolio of
AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) |
|
|
|
Invesco Technology Sector Fund, a series portfolio of AIM Sector
Funds (Invesco Sector Funds)
|
|
Invesco Technology Fund, a series portfolio of AIM Sector Funds
(Invesco Sector Funds) |
|
|
|
Invesco U.S. Small Cap Value Fund, a series portfolio of AIM
Sector Funds (Invesco Sector Funds)
|
|
Invesco Van Kampen Small Cap Value Fund, a series portfolio of
AIM Sector Funds (Invesco Sector Funds) |
|
|
|
Invesco U.S. Small-Mid Cap Value Fund, a series portfolio of AIM
Sector Funds (Invesco Sector Funds)
|
|
Invesco Van Kampen Small Cap Value Fund, a series portfolio of
AIM Sector Funds (Invesco Sector Funds) |
|
|
|
Invesco Value Fund, a series portfolio of AIM Sector Funds
(Invesco Sector Funds)
|
|
Invesco Van Kampen Comstock Fund, a series portfolio of AIM
Sector Funds (Invesco Sector Funds) |
|
|
|
Invesco Value II Fund, a series portfolio of AIM Sector Funds
(Invesco Sector Funds)
|
|
Invesco Van Kampen Comstock Fund, a series portfolio of AIM
Sector Funds (Invesco Sector Funds) |
|
|
|
Invesco Van Kampen Asset Allocation Conservative Fund, a series
portfolio of AIM Growth Series (Invesco Growth Series)
|
|
Invesco Moderately Conservative Allocation Fund, a series
portfolio of AIM Growth Series (Invesco Growth Series) |
|
|
|
2
| |
|
|
| TARGET FUND |
|
ACQUIRING FUND |
Invesco Van Kampen Asset Allocation Growth Fund, a series
portfolio of AIM Growth Series (Invesco Growth Series)
|
|
Invesco Growth Allocation Fund, a series portfolio of AIM Growth
Series (Invesco Growth Series) |
|
|
|
Invesco Van Kampen Asset Allocation Moderate Fund, a series
portfolio of AIM Growth Series (Invesco Growth Series)
|
|
Invesco Moderate Allocation Fund, a series portfolio of AIM
Growth Series (Invesco Growth Series) |
|
|
|
Invesco Van Kampen California Insured Tax Free Fund, a series
portfolio of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds)
|
|
Invesco California Tax-Free Income Fund, a series portfolio of
AIM Counselor Series Trust (Invesco Counselor Series Trust) |
|
|
|
Invesco Van Kampen Capital Growth Fund, a series portfolio of AIM
Sector Funds (Invesco Sector Funds)
|
|
Invesco Van Kampen American Franchise Fund, a series portfolio of
AIM Counselor Series Trust (Invesco Counselor Series Trust) |
|
|
|
Invesco Van Kampen Core Equity Fund, a series portfolio of AIM
Counselor Series Trust (Invesco Counselor Series Trust)
|
|
Invesco Diversified Dividend Fund, a series portfolio of AIM Equity
Funds
(Invesco Equity Funds) |
|
|
|
Invesco Van Kampen Core Plus Fixed Income Fund, a series
portfolio of AIM Investment Securities Funds (Invesco
Investment Securities Funds)
|
|
Invesco Core Plus Bond Fund, a series portfolio of AIM Counselor
Series Trust (Invesco Counselor Series Trust) |
|
|
|
Invesco Van Kampen Emerging Markets Fund, a series portfolio of
AIM Investment Funds (Invesco Investment Funds)
|
|
Invesco Developing Markets Fund, a series portfolio of AIM Investment
Funds (Invesco Investment Funds) |
|
|
|
Invesco Van Kampen Enterprise Fund, a series portfolio of AIM
Sector Funds (Invesco Sector Funds)
|
|
Invesco Van Kampen American Franchise Fund, a series portfolio of
AIM Counselor Series Trust (Invesco Counselor Series Trust) |
|
|
|
Invesco Van Kampen Equity Premium Income Fund, a series portfolio
of AIM Counselor Series Trust (Invesco Counselor Series Trust)
|
|
Invesco Structured Core Fund, a series portfolio of AIM Counselor
Series Trust (Invesco Counselor Series Trust) |
|
|
|
Invesco Van Kampen Global Equity Allocation Fund, a series
portfolio of AIM Investment Funds (Invesco Investment Funds)
|
|
Invesco Global Core Equity Fund, a series portfolio of AIM Funds
Group (Invesco Funds Group) |
|
|
|
Invesco Van Kampen Global Franchise Fund, a series portfolio of
AIM Investment Funds (Invesco Investment Funds)
|
|
Invesco Global Core Equity Fund, a series portfolio of AIM Funds
Group (Invesco Funds Group) |
|
|
|
Invesco Van Kampen Government Securities Fund, a series portfolio
of AIM Investment Securities Funds (Invesco Investment
Securities Funds)
|
|
Invesco U.S. Government Fund, a series portfolio of AIM
Investment Securities Funds (Invesco Investment Securities Funds) |
|
|
|
Invesco Van Kampen Harbor Fund, a series portfolio of AIM Growth
Series (Invesco Growth Series)
|
|
Invesco Convertible Securities Fund, a series portfolio of AIM Growth
Series (Invesco Growth Series) |
|
|
|
Invesco Van Kampen High Yield Fund, a series portfolio of AIM
Investment Securities Funds (Invesco Investment Securities
Funds)
|
|
Invesco High Yield Fund, a series portfolio of AIM Investment
Securities Funds (Invesco Investment Securities Funds) |
|
|
|
Invesco Van Kampen Insured Tax Free Income Fund, a series
portfolio of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds)
|
|
Invesco Van Kampen Municipal Income Fund, a series portfolio of AIM
Tax-Exempt Funds (Invesco Tax-Exempt Funds) |
|
|
|
Invesco Van Kampen International Advantage Fund, a series
portfolio of AIM Investment Funds (Invesco Investment Funds)
|
|
Invesco International Growth Fund, a series portfolio of AIM
International
Mutual Funds (Invesco International Mutual Funds) |
|
|
|
Invesco Van Kampen International Growth Fund, a series portfolio
of AIM Investment Funds (Invesco Investment Funds)
|
|
Invesco International Growth Fund, a series portfolio of AIM
International Mutual Funds (Invesco International Mutual Funds) |
|
|
|
Invesco Van Kampen Limited Duration Fund, a series portfolio of
AIM Investment Securities Funds (Invesco Investment Securities
Funds)
|
|
Invesco Short Term Bond Fund, a series portfolio of AIM
Investment Securities Funds (Invesco Investment Securities Funds) |
|
|
|
Invesco Van Kampen Real Estate Securities Fund, a series
portfolio of AIM Growth Series (Invesco Growth Series)
|
|
Invesco Real Estate Fund, a series portfolio of AIM Investment
Securities Funds (Invesco Investment Securities Funds) |
|
|
|
Invesco Van Kampen Technology Fund, a series portfolio of AIM
Sector Funds (Invesco Sector Funds)
|
|
Invesco Technology Fund, a series portfolio of AIM Sector Funds
(Invesco Sector Funds) |
|
|
|
Invesco Van Kampen Utility Fund, a series portfolio of AIM Sector
Funds (Invesco Sector Funds)
|
|
Invesco Utilities Fund, a series portfolio of AIM Sector Funds
(Invesco Sector Funds) |
The Agreement requires approval by the Target Fund shareholders and will be submitted to the
shareholders for their consideration at a meeting to be held in or around April 2011. If the
Agreement is approved by shareholders of the Target Funds and certain conditions required by the
Agreement are satisfied, the reorganizations are expected to be consummated shortly thereafter.
Upon closing of the reorganizations, shareholders of the Target Fund will receive a corresponding
class of shares of the Acquiring Fund in exchange for their shares of the Target Fund, and the
Target Fund will liquidate and cease operations. Shareholders of each Target Fund will vote
separately on the Agreement, and the reorganization will be effected as to a particular Target Fund
only if that fund’s shareholders approve the Agreement.
A combined Proxy Statement/Prospectus will be sent to shareholders of each Target Fund to seek
their approval of the Agreement, which will include a full discussion of the reorganization and the
factors the Boards of Trustees considered in approving the Agreement.
3
If shareholders approve a reorganization, it is anticipated that the Target Fund will close to new
investors as soon as practicable following shareholder approval through the consummation of the
reorganization to facilitate a smooth transition of Target Fund shareholders to the Acquiring Fund.
The Acquiring Fund will remain open for purchase during this period.
All investors who are invested in a Target Fund as of the date on which the Target Fund closed
to new investors and remain invested in the Target Fund may continue to make additional
investments in their existing accounts and may open new accounts in their name.
4