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Summary Prospectus
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February 28,
2013
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Invesco Global Health Care
Fund
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Class: A (GGHCX), B (GTHBX), C
(GTHCX), Investor (GTHIX), Y (GGHYX)
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Before you invest, you may want to review the Fund’s
prospectus, which contains more information about the Fund and
its risks. You can find the Fund’s prospectus and other
information about the Fund online at www.invesco.com/prospectus.
You can also get this information at no cost by calling
(800) 959-4246
or by sending an
e-mail
request to ProspectusRequest@invesco.com. The Fund’s
prospectus and statement of additional information, both dated
February 28, 2013, are incorporated by reference into this
Summary Prospectus and may be obtained, free of charge, at the
Web site, phone number or
e-mail
address noted above.
Investment
Objective(s)
The Fund’s investment objective is long-term growth of
capital.
Fees
and Expenses of the Fund
This table describes the fees and expenses that you may pay if
you buy 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).
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Shareholder Fees
(fees paid directly from your
investment)
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Class:
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A
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B
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C
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Y
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Investor
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Maximum Sales Charge (Load) Imposed on Purchases (as a
percentage of offering price)
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5.50
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%
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None
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None
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None
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None
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Maximum Deferred Sales Charge (Load) (as a percentage of
original purchase price or redemption proceeds, whichever is
less)
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None
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5.00
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%
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1.00
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%
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None
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None
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Annual Fund Operating Expenses
(expenses that you pay
each year as a percentage of the value of your
investment)
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Class:
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A
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B
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C
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Y
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Investor
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Management Fees
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0.65
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%
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0.65
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%
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0.65
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%
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0.65
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%
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0.65
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%
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Distribution and/or Service
(12b-1)
Fees
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0.25
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1.00
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1.00
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None
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0.25
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Other Expenses
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0.28
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0.28
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0.28
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0.28
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0.28
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Total Annual Fund Operating Expenses
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1.18
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1.93
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1.93
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0.93
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1.18
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Example.
This Example is intended to help you
compare the cost of investing in the Fund with the cost of
investing in other mutual funds.
The Example assumes that you invest $10,000 in the Fund for the
time periods indicated and then redeem all of your
shares at the end of those periods. The Example also
assumes that your investment has a 5% return each year and that
the Fund’s operating expenses remain the same.
Although your actual costs may be higher or lower, based on
these assumptions, your costs would be:
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1 Year
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3 Years
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5 Years
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10 Years
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Class A
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$
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664
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$
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904
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$
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1,163
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$
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1,903
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Class B
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$
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696
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$
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906
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$
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1,242
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$
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2,059
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Class C
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$
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296
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$
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606
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$
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1,042
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$
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2,254
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Class Y
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$
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95
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$
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296
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$
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515
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$
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1,143
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Investor Class
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$
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120
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$
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375
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$
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649
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$
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1,432
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You would pay the following expenses if you did not redeem your
shares:
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1 Year
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3 Years
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5 Years
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10 Years
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Class A
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$
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664
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$
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904
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$
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1,163
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$
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1,903
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Class B
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$
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196
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$
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606
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$
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1,042
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$
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2,059
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Class C
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$
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196
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$
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606
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$
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1,042
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$
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2,254
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Class Y
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$
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95
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$
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296
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$
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515
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$
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1,143
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Investor Class
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$
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120
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$
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375
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$
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649
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$
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1,432
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Portfolio Turnover.
The Fund pays transaction costs,
such as commissions, when it buys and sells securities (or
“turns over” its portfolio). A higher portfolio
turnover rate may indicate higher transaction costs and may
result in higher taxes when Fund shares are held in a taxable
account. These costs, which are not reflected in annual Fund
operating expenses or in the example, affect the Fund’s
performance. During the most recent fiscal year, the Fund’s
portfolio turnover rate was 39% of the average value of its
portfolio.
Principal
Investment Strategies of the Fund
The Fund invests, under normal circumstances, at least 80% of
its net assets (plus any borrowings for investment purposes) in
securities issued by foreign companies and governments engaged
primarily in the health care-related industry. Effective on
April 29, 2013, the previous sentence will be replaced with
the following: The Fund invests, under normal circumstances, at
least 80% of its net assets (plus any borrowings for investment
purposes) in securities of issuers engaged primarily in health
care-related industries, and in derivatives and other
instruments that have economic characteristics similar to such
securities.
The Fund uses various criteria to determine whether an issuer is
engaged in health care-related industries, including whether
(1) it derives 50% or more of its gross income or its net
sales from activities in the health care industry; (2) it
devotes 50% or more of its assets to producing
1 Invesco
Global Health Care Fund
GHC-SUMPRO-1
revenues from the health care industry; or (3) based on
other available information, the Fund’s portfolio manager
determines that its primary business is within the health care
industry. Issuers engaged in health care-related industries
include those that design, manufacture, or sell products or
services used for or in connection with health care or medicine
(such as pharmaceutical issuers, biotechnology research firms,
companies that sell medical products, and companies that own or
operate health care facilities).
The Fund invests primarily in equity securities, securities
convertible into equity securities, and depositary receipts. The
principal types of equity securities in which the Fund invests
are common and preferred stock.
The Fund may invest in the securities of issuers of all
capitalization sizes; however, the Fund may invest a significant
amount of its net assets in the securities of small- and
mid-capitalization issuers.
The Fund invests, under normal circumstances, in securities of
issuers located in at least three different countries, including
the U.S. The Fund may invest up to 20% of its net assets in
securities of issuers located in emerging markets countries,
i.e., those that are in the initial stages of their industrial
cycles.
The Fund can invest in derivative instruments including forward
foreign currency contracts.
The Fund can use forward foreign currency contracts to hedge
against adverse movements in the foreign currencies in which
portfolio securities are denominated.
In selecting securities for the Fund, the portfolio manager
first screens the global investment universe. Securities of
issuers with a minimum market capitalization threshold are
considered for further evaluation if they are identified as
having attractive growth prospects relative to their current
valuations. The portfolio manager uses a research-oriented
bottom-up
investment approach, focusing on issuer fundamentals in an
effort to uncover future growth prospects which are not yet
appreciated by the market.
In analyzing specific industries, the portfolio manager
ordinarily looks for above-average growth and demand;
below-average reimbursement risk; and high barriers to entry. In
analyzing specific issuers, the portfolio manager ordinarily
looks for leading issuers with defensible franchises; issuers
with a solid 18- to
24-month
outlook; value-added
and/or
niche-oriented products
and/or
services; potential to expand margins and improve profitability;
superior
earnings-per-share
growth; a strong balance sheet and moderate financial leverage;
and a capable management team and potential for downside risks.
Security selection is then further refined by valuation
analysis. In general, the portfolio manager targets securities
trading at attractive valuations based upon one or more of the
following parameters:
price-to-earnings
(P/E); P/E ratio versus expected earnings per share growth rate;
enterprise value to earnings before interest depreciation and
taxes (EBITDA); discounted cash flow analysis; sum of parts
analysis and asset/scarcity value. Additionally, position size
is limited in an effort to maximize risk-adjusted returns.
The portfolio manager will consider selling the security of an
issuer if, among other things, (1) a security’s price
reaches its valuation target; (2) an issuer’s
fundamentals deteriorate; or (3) if more compelling
opportunities exist.
Principal
Risks of Investing in the Fund
As with any mutual fund investment, loss of money is a risk of
investing. An investment in the Fund is not a deposit in a bank
and is not insured or guaranteed by the Federal Deposit
Insurance Corporation or any other governmental agency. The
risks associated with an investment in the Fund can increase
during times of significant market volatility. The principal
risks of investing in the Fund are:
Convertible Securities Risk
. The Fund may own convertible
securities, the value of which may be affected by market
interest rates, the risk that the issuer will default, the value
of the underlying stock or the right of the issuer to buy back
the convertible securities.
Depositary Receipts Risk
. 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.
Derivatives Risk
. The performance of derivative
instruments is tied to the performance of an underlying
currency, security, index, commodity or other instrument. In
addition to risks relating to their underlying instruments, the
use of derivatives may include other, possibly greater, risks.
Derivatives involve costs, may be volatile, and may involve a
small initial investment relative to the risk assumed. Risks
associated with the use of derivatives may include counterparty,
leverage, correlation, liquidity, tax, market, interest rate and
management risks. Derivatives may also be more difficult to
purchase, sell or value than other investments. The Fund may
lose more than the cash amount invested on investments in
derivatives. Investors should bear in mind that, while the Fund
intends to use derivative strategies, it is not obligated to
actively engage in these transactions, generally or in any
particular kind of derivative, if the Adviser elects not to do
so due to availability, cost, market conditions or other factors.
Developing/Emerging Markets Securities Risk
. The prices
of securities issued by foreign companies and governments
located in developing/emerging markets countries may be affected
more negatively by inflation, devaluation of their currencies,
higher transaction costs, delays in settlement, adverse
political developments, the introduction of capital controls,
withholding taxes, nationalization of private assets,
expropriation, social unrest, war or lack of timely information
than those in developed countries.
Foreign Securities Risk
. The Fund’s foreign
investments may be affected by changes in a foreign
country’s exchange rates, political and social instability,
changes in economic or taxation policies, difficulties when
enforcing obligations, decreased liquidity, and increased
volatility. Foreign companies may be subject to less regulation
resulting in less publicly available information about the
companies.
Geographic Focus Risk
. From time to time the Fund may
invest a substantial amount of its assets in securities of
issuers located in a single country or a limited number of
countries. If the Fund focuses its investments in this manner,
it assumes the risk that economic, political and social
conditions in those countries will have a significant impact on
its investment performance. The Fund’s investment
performance may also be more volatile if it focuses its
investments in certain countries, especially emerging markets
countries.
Health Care Sector Risk
. The Fund’s performance is
vulnerable to factors affecting the health care industry,
including government regulation, obsolescence caused by
scientific advances and technological innovations.
Management Risk
. The investment techniques and risk
analysis used by the Fund’s portfolio managers may not
produce the desired results.
Market Risk
. The prices of and the income generated by
the Fund’s securities may decline in response to, among
other things, investor sentiment, general economic and market
conditions, regional or global instability, and currency and
interest rate fluctuations.
Small- and Mid-Capitalization Risks
. Stocks of small- and
mid-sized companies tend to be more vulnerable to adverse
developments and may have little or no operating history or
track record of success, and limited product lines, markets,
management and financial resources. The securities of small- and
mid-sized companies may be more volatile due to less market
interest and less publicly available information about the
issuer. They also may be illiquid or restricted as to resale, or
may trade less frequently and in smaller volumes, all of which
may cause difficulty when establishing or closing a position at
a desirable price.
2 Invesco
Global Health Care Fund
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, a style specific benchmark and a peer group benchmark
comprised of funds with investment objectives and strategies
similar to the Fund. The Fund’s past performance (before
and after taxes) is not necessarily an indication of its future
performance. Updated performance information is available on the
Fund’s Web site at www.invesco.com/us.
Annual Total
Returns
The bar chart does not reflect sales loads. If it did, the
annual total returns shown would be lower.
Best Quarter (ended June 30, 2003): 14.69%
Worst Quarter (ended December 31, 2008): -18.45%
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Average Annual Total Returns
(for the periods ended
December 31, 2012)
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1
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5
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10
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Year
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Years
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Years
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Class A shares: Inception (8/7/1989)
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Return Before Taxes
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14.14
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%
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2.58
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%
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6.66
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%
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Return After Taxes on Distributions
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12.90
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2.19
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6.07
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Return After Taxes on Distributions and Sale of Fund Shares
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10.83
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2.16
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5.74
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Class B shares: Inception (4/1/1993)
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14.85
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2.61
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6.68
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Class C shares: Inception (3/1/1999)
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18.88
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2.97
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6.52
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Class Y
shares
1
:
Inception (10/3/2008)
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21.10
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3.97
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7.37
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Investor
Class shares
1
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Inception (7/15/2005)
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20.77
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3.74
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7.26
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MSCI World
Index
SM
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15.83
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-1.18
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7.51
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MSCI World Health Care Index
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17.54
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4.22
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6.90
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Lipper Global Health/Biotechnology Funds Index
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18.63
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3.50
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7.80
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1
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Class Y shares’ and Investor Class shares’
performance shown prior to the inception date is that of
Class A shares and includes the 12b-1 fees applicable
to Class A shares. Class A shares’ performance
reflects any applicable fee waivers or expense reimbursements.
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After-tax returns are calculated using the historical highest
individual federal marginal income tax rates and do not reflect
the impact of state and local taxes. Actual after-tax returns
depend on an investor’s tax situation and may differ from
those shown, and after-tax returns shown are not relevant to
investors who hold their Fund shares through tax-deferred
arrangements, such as 401(k) plans or individual retirement
accounts. After-tax returns are shown for Class A
shares only and after-tax returns for other
classes will vary.
Management
of the Fund
Investment Adviser: Invesco Advisers, Inc.
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Portfolio Manager
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Title
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Length of Service on the Fund
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Derek Taner
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Portfolio Manager
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2005
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Purchase
and Sale of Fund Shares
You may purchase, redeem or exchange shares of the Fund on any
business day through your financial adviser, through our Web
site at www.invesco.com/us, by mail to Invesco Investment
Services, Inc., P.O. Box 219078, Kansas City, MO
64121-9078,
or by telephone at
800-959-4246.
New or additional investments in Class B shares are not
permitted. The minimum investments for Class A, C, Y and
Investor Class shares for fund accounts are as follows:
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Initial Investment
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Additional Investments
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Type of Account
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Per Fund
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Per Fund
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Asset or fee-based accounts managed by your financial adviser
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None
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None
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Employer Sponsored Retirement and Benefit Plans and Employer
Sponsored IRAs
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None
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None
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IRAs and Coverdell ESAs if the new investor is purchasing shares
through a systematic purchase plan
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$25
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$25
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All other types of accounts if the investor is purchasing shares
through a systematic purchase plan
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50
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50
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IRAs and Coverdell ESAs
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250
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25
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All other accounts
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1,000
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50
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Tax
Information
The Fund’s distributions generally are taxable to you as
ordinary income, capital gains, or some combination of both,
unless you are investing through a tax-deferred arrangement,
such as a 401(k) plan or individual retirement account.
Payments
to Broker-Dealers and Other Financial Intermediaries
If you purchase the Fund through a broker-dealer or other
financial intermediary (such as a bank), the Fund and the
Fund’s distributor or its related companies may pay the
intermediary for the sale of Fund shares and related services.
These payments may create a conflict of interest by influencing
the broker-dealer or other intermediary and your salesperson or
financial adviser to recommend the Fund over another investment.
Ask your salesperson or financial adviser or visit your
financial intermediary’s Web site for more information.
3 Invesco
Global Health Care Fund