The Fund may at times invest a significant amount of
its assets in cash and cash equivalents, including money market funds, if the portfolio managers are not able to find equity securities that meet their investment criteria. As a result, the Fund may not achieve its investment objective.
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:
Cash/Cash Equivalents Risk.
Holding cash or cash equivalents may negatively affect performance.
Debt Securities Risk.
The Fund may invest in debt securities that are affected by changing interest rates and changes in their effective maturities and credit quality.
Derivatives Risk.
The value of a derivative instrument depends largely on (and is derived from) the value of an underlying security, currency, commodity, interest rate, index or other asset (each referred to as an underlying asset). In addition to risks relating to
the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage and liquidity risks. Counterparty risk is the risk that the counterparty to the derivative contract will default on its
obligation to pay the Fund the amount owed or otherwise perform under the derivative contract. Derivatives create leverage risk because they do not require payment up front equal to the economic exposure created by owning the derivative. As a
result, an adverse change in the value of the underlying asset could result in the Fund sustaining a loss that is substantially greater than the amount invested in the derivative, which may make the Fund’s returns more volatile and increase
the risk of loss. Derivative instruments may also be less liquid than more traditional investments and the Fund may be unable to sell or close out its derivative positions at a desirable time or price. This risk may be more acute under adverse
market conditions, during which the Fund may be most in need of liquidating its derivative positions. Derivatives may also be harder to value, less tax efficient and subject to changing government regulation that could impact the Fund’s
ability to use certain derivatives or their cost. Also, derivatives used for hedging or to gain or limit exposure to a particular market segment may not provide the expected benefits, particularly during adverse market conditions.
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.
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.
U.S. Government Obligations Risk.
The Fund may invest in obligations issued by U.S.Government agencies and instrumentalities that may receive
varying levels of support from the government, which could affect the
Fund's ability to recover should they default.
Value Investing Style Risk.
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.
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. For more information on the benchmarks used see the “Benchmark Descriptions” section in the prospectus. 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
Best
Quarter (ended June 30, 2009): 34.96%
Worst Quarter (ended December 31, 2008): -29.18%
Average
Annual Total Returns
(for the periods ended December 31, 2013)
|
|
1
Year
|
5
Years
|
10
Years
|
Class
R5 shares
1
: Inception (4/30/2004)
|
Return
Before Taxes
|
28.35%
|
24.31%
|
11.16%
|
Return
After Taxes on Distributions
|
27.05
|
23.50
|
10.52
|
Return
After Taxes on Distributions and Sale of Fund Shares
|
17.04
|
20.00
|
9.23
|
|
Class
R6 shares
1
: Inception (9/24/2012)
|
28.54
|
23.83
|
10.70
|
|
S&P
500
®
Index (reflects no deductions for fees, expenses or taxes)
|
32.39
|
17.94
|
7.41
|
|
Russell
Midcap
®
Index (reflects no deductions for fees, expenses or taxes)
|
34.76
|
22.36
|
10.22
|
|
Lipper
Mid-Cap Core Funds Index
|
35.04
|
20.68
|
9.14
|
|
1
|
Class R5 and Class R6
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. The inception date
of the Fund's Class A shares is November 4, 2003.
|
After-tax returns are calculated using the historical
highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant
to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class R5 shares only and after-tax returns for other classes will vary.
Management of the Fund
Investment Adviser: Invesco Advisers, Inc.
Investment Sub-Adviser: Invesco Canada Ltd.
Portfolio
Managers
|
Title
|
Length
of Service on the Fund
|
Mark
Uptigrove
|
Portfolio
Manager (lead)
|
2008
|
|
Clayton
Zacharias
|
Portfolio
Manager
|
2007
|
|