Form 497K AIM INVESTMENT FUNDS
Summary Prospectus |
March 30, 2023 |
Invesco SteelPath MLP Select 40 Fund
Class: A (MLPFX), C (MLPEX), R (SPMWX), Y (MLPTX), R5 (SPMVX), R6 (OSPSX)
Before you invest, you may want to
review the Fund’s prospectus, which contains more information about the Fund and its risks. You can find the Fund’s prospectus, reports to shareholders, and other
information about the Fund online at www.invesco.com/prospectus. You can also get this information at no cost by calling (800) 959-4246 or by sending an e-mail request to
[email protected]. The Fund’s prospectus and statement of additional information, both dated March 30, 2023 (as each may be amended or supplemented), are
incorporated by reference into this Summary Prospectus and may be obtained, free of charge, at the website, phone number or e-mail address noted above.
Investment Objective(s)
The
Fund’s investment objective is to seek total return.
Fees and Expenses of the
Fund
This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.
The table and Examples below do not reflect any transaction
fees that may be charged by financial intermediaries or
commissions that a shareholder may be required to pay directly
to its financial intermediary when buying or selling Class Y or
Class R6 shares. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least
$50,000 in the Invesco Funds. More
information about these and other discounts is available from your financial professional and in the section “Shareholder Account Information – Initial Sales Charges (Class A Shares Only)” on page A-3 of the prospectus and the
section “Purchase, Redemption and Pricing of Shares – Purchase and Redemption of Shares” on page L-1 of the statement of additional information (SAI).
Shareholder Fees (fees paid directly from your investment)
Class: |
A |
C |
R |
Y |
R5 |
R6 |
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |
5.50% |
None |
None |
None |
None |
None |
| ||||||
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, whichever is less) |
None1 |
1.00% |
None |
None |
None |
None |
|
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Class: |
A |
C |
R |
Y |
R5 |
R6 |
Management Fees |
0.70% |
0.70% |
0.70% |
0.70% |
0.70% |
0.70% |
| ||||||
Distribution and/or Service (12b-1) Fees |
0.25 |
1.00 |
0.50 |
None |
None |
None |
| ||||||
Deferred Income Tax Expense2
|
1.96 |
1.96 |
1.96 |
1.96 |
1.96 |
1.96 |
| ||||||
Other Expenses |
0.22 |
0.22 |
0.22 |
0.22 |
0.11 |
0.11 |
| ||||||
Interest |
0.03 |
0.03 |
0.03 |
0.03 |
0.03 |
0.03 |
| ||||||
Total Other Expenses |
2.21 |
2.21 |
2.21 |
2.21 |
2.10 |
2.10 |
| ||||||
Total Annual Fund Operating Expenses |
3.16 |
3.91 |
3.41 |
2.91 |
2.80 |
2.80 |
| ||||||
Fee Waiver and/or Expense Reimbursement3
|
0.05 |
0.05 |
0.05 |
0.05 |
None |
None |
| ||||||
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement |
3.11 |
3.86 |
3.36 |
2.86 |
2.80 |
2.80 |
|
1
A contingent deferred sales charge may apply in some cases. See “Shareholder Account
Information-Contingent Deferred Sales Charges (CDSCs).”
2
“Deferred Income Tax Expense” represents an estimate of the Fund's potential tax expense if it were to
recognize the unrealized gains in the portfolio. The Fund accrues deferred tax liability for its future tax liability associated with the capital appreciation of its investments
and the distributions received by the Fund considered to be a return of capital and for any net operating
gains. The Fund's accrued deferred income tax liability if any, is reflected each day in the Fund's net asset value per share. An estimate of deferred income tax expense depends upon the Fund's investment income/(loss) and realized and unrealized gains/(losses) on investments and
such expenses may vary greatly from day to day, month to month and year to year depending on the nature of the Fund's investments, the performance of those investments and general market conditions. Therefore, an estimate of deferred income tax expense
cannot be reliably predicted from year to year.
3
Invesco Advisers, Inc. (Invesco or the Adviser) has contractually agreed to waive advisory fees and/or reimburse
expenses to the extent necessary to limit Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement (excluding deferred income tax expense, tax expense, interest expense and certain other items discussed in the SAI) of Class A, Class C,
Class R, Class Y, Class R5 and Class R6 shares to 1.10%, 1.85%, 1.35%, 0.85%, 0.84% and 0.79%, respectively, of the Fund's average daily net assets (the “expense limits”). Unless Invesco continues the fee waiver agreement, it will terminate on
March 31, 2024. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits without approval of the Board of Trustees.
Example. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem
all of your shares at the end of those periods. This Example does not include commissions and/or other forms of compensation that investors may pay on transactions in Class Y and Class R6 shares. The Example also assumes that your
investment has a 5% return each year and that the Fund’s operating expenses remain equal to the Total
Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement in the first year and the
Total Annual Fund Operating Expenses thereafter.
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 |
$847 |
$1,466 |
$2,109 |
$3,823 |
| ||||
Class C |
$488 |
$1,188 |
$2,005 |
$3,967 |
| ||||
Class R |
$339 |
$1,043 |
$1,770 |
$3,690 |
| ||||
Class Y |
$289 |
$896 |
$1,529 |
$3,229 |
| ||||
Class R5 |
$283 |
$868 |
$1,479 |
$3,128 |
| ||||
Class R6 |
$283 |
$868 |
$1,479 |
$3,128 |
|
You would pay the following expenses if you did not redeem your shares:
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|
1 Year |
3 Years |
5 Years |
10 Years |
Class A |
$847 |
$1,466 |
$2,109 |
$3,823 |
| ||||
Class C |
$388 |
$1,188 |
$2,005 |
$3,967 |
| ||||
Class R |
$339 |
$1,043 |
$1,770 |
$3,690 |
| ||||
Class Y |
$289 |
$896 |
$1,529 |
$3,229 |
| ||||
Class R5 |
$283 |
$868 |
$1,479 |
$3,128 |
| ||||
Class R6 |
$283 |
$868 |
$1,479 |
$3,128 |
|
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 11% of the average value of its portfolio.
Principal Investment Strategies of the Fund
Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in master limited partnership (MLP) investments of issuers
that are engaged in the transportation, storage, processing, refining, marketing, exploration, production,
and mining of minerals and natural resources and in derivatives and other instruments that have economic characteristics similar to such securities. The Fund seeks to achieve its investment objective by normally investing substantially all of its net assets
in the equity securities of a minimum of 40 MLP investments. The Fund’s MLP investments may include
the following: MLPs structured as limited partnerships (LPs) or limited liability companies (LLCs); MLPs
that are taxed as “C” corporations; businesses that operate and have the economic characteristics of MLPs but are organized and taxed as “C” corporations; securities issued by MLP affiliates; and private investments in
public equities (PIPEs) issued by MLPs.
The Fund invests in MLP investments that primarily derive their revenue from
businesses engaged in the gathering, processing, transporting, terminalling, storing, distributing, or marketing of natural gas, natural gas liquids, crude oil, refined products (including non-hydrocarbon based products) or other hydrocarbons (Midstream MLP
investments). While the Fund primarily invests in Midstream MLP investments, it also may invest in MLP
investments that primarily derive their revenue from businesses engaging in or supporting the acquisition, exploration and development, or extraction of crude oil, condensate, natural gas, natural gas liquids, or other hydrocarbons (Upstream MLP investments)
and businesses engaging in the processing, treating, or refining of crude oil, natural gas liquids or other
hydrocarbons (Downstream MLP investments). The Fund may invest in MLP investments of all market
capitalization ranges. The Fund concentrates its investments in the securities of issuers in the energy sector and its underlying industries.
The Adviser relies on its disciplined investment process in determining investment
selection and weightings. This process includes a comparison of quantitative and qualitative value factors that are developed through the Adviser’s proprietary analysis and valuation models. To determine whether an investment meets its criteria, the
Adviser generally will perform a detailed fundamental analysis of the underlying businesses owned and operated by potential MLP and energy infrastructure portfolio companies. The Adviser seeks to invest in MLP investments that it
believes have, among other characteristics, sound business fundamentals, a strong record of cash flow
growth, distribution continuity, a solid business strategy, a respected management team and which are not
overly exposed to changes in commodity prices. The Adviser will sell investments if it determines that any
of the above-mentioned characteristics have changed materially from its initial analysis, or that
quantitative or qualitative value factors indicate that an investment is no longer earning a return commensurate with its risk.
Principal Risks
of Investing in the Fund
As with any mutual fund investment, loss of money is a risk of investing. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance
Corporation or any other governmental agency. The risks associated with an investment in the Fund can increase during times of significant market volatility. The principal risks of investing in the Fund
are:
Market Risk. The market values of the Fund’s investments, and therefore the value of the Fund’s shares, will go up and down, sometimes rapidly or unpredictably. Market risk may
affect a single issuer, industry or section of the economy, or it may affect the market as a whole. The value of the Fund’s investments may go up or down due to general market conditions that are not specifically related to the
particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook
for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflict, acts of terrorism, economic crisis or adverse
investor sentiment generally. During a general downturn in the financial markets, multiple asset classes may
decline in value. When markets perform well, there can be no assurance that specific investments held by
the Fund will rise in value.
MLP Risk. The Fund invests in securities of MLPs, which are subject to the following risks:
◾
Limited Partner Risk. An MLP is a public limited partnership or limited liability company taxed as a partnership under the Internal Revenue Code of 1986, as amended (the Code).
Although the characteristics of MLPs closely resemble a traditional limited partnership, a major difference
is that MLPs may trade on a public exchange or in the over-the-counter market. The risks of investing in an
MLP are similar to those of investing in a partnership, including more flexible governance structures, which could result in less protection for investors than investments in a corporation. Investors in an MLP normally would not be liable for the
debts of the MLP beyond the amount that the investor has contributed but investors may not be shielded to
the same extent that a shareholder of a corporation would be. In certain circumstances, creditors of an MLP would have the right to seek return of capital distributed to a limited partner, which right would continue after an investor sold its
investment in the MLP. In addition, MLP distributions may be reduced by fees and other expenses incurred by
the MLP.
◾
Equity Securities Risk. Investment in MLPs involves risks that differ from investments in common stock, including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of
interest between the MLP and the MLP’s general partner, dilution risks and cash flow risks. MLP
common units can be affected by macroeconomic and other factors affecting the stock market in general,
expectations of interest rates, investor sentiment towards MLPs, changes in a particular issuer’s
financial condition, or unfavorable or unanticipated poor performance of a particular issuer.
◾
General Partner Risk. The holder of the general partner or managing member interest can be liable in certain circumstances for amounts greater than the amount of the
holder’s investment in the general partner or managing member.
◾
MLP Tax Risk. MLPs taxed as partnerships do not pay U.S. federal income tax at the partnership level, subject to the application of certain partnership audit rules. A change in current
tax law, or a change in the underlying business mix of a given MLP, however, could result in an MLP being
classified as a corporation for U.S. federal income tax purposes, which would have the effect of reducing the
amount of cash available for distribution by the MLP and, as a result, could result in a reduction of the
value of the Fund’s investment, and consequently your investment in the Fund and lower income. Each
year, the Fund will send you an annual tax statement (Form 1099) to
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assist you in completing your federal, state and local tax returns. If an MLP in which the Fund invests amends its
partnership tax return, the Fund will, when necessary, send you a corrected Form 1099, which could, in
turn, require you to amend your federal, state or local tax returns. To the extent a distribution received by the Fund from an MLP is treated as a return of capital, the Fund's adjusted tax basis in the interests of the MLP may be reduced, which will
result in an increase in an amount of income or gain (or decrease in the amount of loss) that will be
recognized by the Fund for tax purposes upon the sale of any such interests or upon subsequent distributions in respect of such interests. Changes in the laws, regulations or related interpretations relating to the Fund's investments in MLPs
could increase the Fund's expenses, reduce its cash distributions, negatively impact the value of an
investment in an MLP, or otherwise impact the Fund's ability to implement its investment strategy.
Energy Infrastructure and Energy-Related Industries Sector Risk. The Fund will concentrate its investments in the instruments of the
group of industries that comprise the energy sector. Energy infrastructure MLPs are subject to risks
specific to the energy and energy-related industries, including, but not limited to: fluctuations in commodity prices may impact the volume of energy commodities transported, processed, stored or distributed; reduced volumes of natural
gas or other energy commodities available for transporting, processing, storing or distributing may affect
the profitability of an MLP; slowdowns in new construction and acquisitions can limit growth potential; reduced demand for oil, natural gas and petroleum products, particularly for a sustained period of time, could adversely affect MLP revenues and cash flows;
depletion of natural gas reserves or other commodities, if not replaced, could impact an MLP’s ability
to make distributions; changes in the regulatory environment could adversely affect the profitability of
MLPs; extreme weather and environmental hazards could impact the value of MLP securities; rising interest
rates could result in higher costs of capital and drive investors into other investment opportunities; and threats of attack by terrorists on energy assets could impact the market for MLPs.
Changes in worldwide energy prices, exploration, production spending, government regulation, world events, local and international politics, and economic conditions can affect the Fund's
investments. In addition, MLPs in the energy infrastructure and energy-related industries companies are at an
increased risk of civil liability and environmental damage claims, and are also subject to the risk of loss
from terrorism and natural disasters. Commodity price volatility, imposition of import controls, increased
competition, depletion of resources, development of alternative energy sources, and technological
developments may also impact the Fund's investments. The Fund's investments may be highly volatile and subject to swift price fluctuations. Energy markets are subject to both short- and long-term trends that impact demand for and
supply of energy commodities. A decrease in the production of energy commodities or a decrease in the
volume of such commodities available may adversely impact the financial performance of companies operating in these industries. In addition, significant declines in the price of oil may contribute to significant market volatility, which
may adversely affect the Fund's performance.
MLP Common Units Risk. The common units of
many MLPs are listed and traded on U.S. securities exchanges, including the New York Stock Exchange, Inc.
(NYSE) and the Nasdaq National Market System (Nasdaq). MLP common units can be purchased through open market transactions and underwritten offerings, but may also be acquired through direct placements and privately negotiated transactions.
Holders of MLP common units typically have very limited control and voting rights. Holders of such common
units are typically entitled to receive the minimum quarterly distribution (MQD), including arrearage rights, from the issuer. Generally, an MLP must pay (or set aside for payment) the MQD to holders of common units before any distributions may be paid to
subordinated unit holders. In addition, incentive distributions are typically not paid to the general partner
or managing member unless the
quarterly distributions on the common units exceed specified threshold levels above the MQD. In the event of
liquidation, common unit holders are intended to have a preference to the remaining assets of the issuer
over holders of subordinated units. MLPs also issue different classes of common units that may have different voting, trading, and distribution rights.
MLP Affiliates Risk. The Fund may invest in the equity
securities of MLP affiliates, including the general partners or managing members of MLPs and companies that
own MLP general partner interests that are energy infrastructure companies. Such issuers may be organized and/or taxed as corporations and therefore may not offer the advantageous tax characteristics of MLP units. The Fund may
purchase such other MLP equity securities through market transactions, as well as through direct
placements. The Fund may also invest in MLP I-Shares, which represent an indirect ownership interest in MLP
common units. MLP I-Shares differ from MLP common units primarily in that, instead of receiving cash distributions, holders of MLP I-Shares receive distributions in the form of additional I-Shares. Issuers of MLP I-Shares are treated as
corporations and not partnerships for tax purposes. MLP affiliates also include publicly traded limited
liability companies that own, directly or indirectly, general partner interests of MLPs.
MLP Issuer Risk. The value of an MLP security
may decline for a number of reasons which directly relate to the issuer, such as management performance,
financial leverage and reduced demand for the issuer’s products or services.
Small- and Mid-Capitalization Companies Risk. Investing in securities of
small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. Stocks of small- and mid-capitalization companies tend to be more vulnerable to changing market conditions,
may have little or no operating history or track record of success, and may have more limited product lines
and markets, less experienced management and fewer financial resources than larger companies. These companies’ securities may be more volatile and less liquid than those of more established companies. They may be more sensitive to changes in a
company’s earnings expectations and may experience more abrupt and erratic price movements. Smaller
companies’ securities often trade in lower volumes and in many instances, are traded over-the-counter or on a regional securities exchange, where the frequency and volume of trading is substantially less than is typical for securities of larger companies
traded on national securities exchanges. Therefore, the securities of smaller companies may be subject to
wider price fluctuations and it might be harder for the Fund to dispose of its holdings at an acceptable price when it wants to sell them. Since small- and mid-cap companies typically reinvest a high proportion of their earnings in their business, they may not pay
dividends for some time, particularly if they are newer companies. It may take a substantial period of time to realize a gain on an investment in a small- or mid-cap company, if any gain is realized at all.
Deferred Taxes Risk. The Fund is classified for federal tax purposes as a taxable regular corporation (also referred to as a “C
corporation”) subject to U.S. federal income tax on its taxable income at the rates applicable to
corporations, as well as state and local income taxes. This strategy involves complicated accounting, tax, net asset value and share valuation aspects that cause the Fund to differ significantly from most other open-end registered investment companies,
which could result in unexpected and potentially significant accounting, tax and valuation consequences for
the Fund and shareholders. Additionally, accounting, tax and valuation practices in this area are challenging, and there may not always be clear industry guidance on the most appropriate approach. This could result in changes over time in the
practices applied by the Fund, which in turn could have significant adverse consequences on the Fund and
shareholders.
As a C corporation the Fund accrues deferred income taxes for any future tax
liability, reflected each day in the Fund’s NAV, associated with its
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investments in MLPs. Current and deferred tax liabilities, if any, will depend upon net investment gains and losses and
realized and unrealized gains and losses on investments, and therefore may vary greatly from year to year and
day to day depending on the nature and performance of the Fund’s investments and the general market
conditions. The Fund will rely to some extent on information provided by the MLPs, which may not be timely, to estimate deferred tax liability and/or asset balances, subject to the Fund’s modification of those estimates or
assumptions as new information becomes available. The daily estimate of the Fund’s deferred tax liability and/or asset balances used to calculate its NAV may vary dramatically from the Fund’s actual tax liability. Actual
income tax expense, if any, will be incurred over many years depending upon whether and when investment
gains and losses are realized, the then-current basis of the Fund’s assets, prevailing tax rates, and
other factors. Upon the sale of an MLP security, the Fund will be liable for previously deferred taxes, if any. As a result, the Fund’s actual tax liability could have a material impact on the Fund’s NAV to the extent that its actual tax
liability differs from the estimated deferred tax liability.
Distribution Policy Risk. The Fund’s dividend
distribution policy is intended to provide investors with a dividend distribution rate similar to owning
MLPs directly. Under the policy, the Fund generally pays out dividends that over time approximate the distributions received from the Fund’s portfolio investments based on, among other considerations, distributions the Fund actually received from
portfolio investments, distributions it would have received if it had been fully invested at all times, and
estimated future cash flows. Such dividends are not tied to the Fund’s investment income and may not represent yield or investment return on the Fund’s portfolio. To the extent that the dividends paid exceed the distributions the Fund receives from its
underlying investments, the Fund’s assets will decline. A decline in the Fund’s assets may also result in an increase in the Fund’s expense ratio and over time the dividends paid in excess of distributions received could
erode the Fund’s net asset value. The Adviser seeks to generate positive investment returns (net of fund expenses) to offset the effect of dividends paid in excess of distributions from underlying investments. The Fund tactically
employs cash to seek to take advantage of market opportunities, which, if successfully implemented, may
offset or exceed the NAV impact of paying dividends as if the Fund had been fully invested and held no
cash. There is no guarantee that investment returns and the tactical deployment of cash will produce such a result, however, and the tactical use of cash causes the Fund’s assets to be less fully invested than would otherwise be
the case. There is also the risk that a decline in the financial markets, particularly the energy and related industry markets, could reduce investment return and that the assumptions underlying the estimates of cash flows from portfolio
holdings could be inaccurate. As such, the Fund’s tendency to pay a consistent dividend may change,
and the Fund’s level of distributions may increase or decrease.
Due to the tax characterization of distributions made by MLPs, the Fund anticipates
that a significant portion of its distributions may constitute a return of capital for U.S. federal income tax purposes. No assurance can be given as to whether or to what extent the Fund’s distributions will be characterized as dividend income or as a
return of capital, and the character of distributions may vary from year to year. In general, a distribution will constitute a return of capital, rather than a dividend, to the extent it exceeds the Fund’s current and
accumulated earnings and profits. Return of capital reduces a shareholder’s adjusted cost basis in the Fund’s shares. This, in turn, affects the amount of any capital gain or loss realized by the shareholder upon selling the Fund’s shares
and is not currently subject to tax unless the shareholder’s adjusted cost basis has been reduced to zero. Once a shareholder’s adjusted cost basis has been reduced to zero, return of capital will be treated as capital
gains. A return of capital does not reflect positive investment performance.
The Fund may derive substantially all or a portion of its cash flow from investments
in equity or debt securities of MLPs. The amount of cash that the Fund will have available to pay or distribute to you depends entirely on
the ability of the MLPs that the
Fund owns to make distributions to its partners and the tax character of those distributions. Neither the Fund nor the Adviser has control over the actions of underlying MLPs. The amount of cash that each individual MLP can distribute
to its partners will depend on the amount of cash it generates from operations, which will vary from
quarter to quarter depending on factors affecting the energy infrastructure market generally and on factors
affecting the particular business lines of the MLP. Available cash will also depend on the MLPs' level of operating costs (including incentive distributions to the general partner), level of capital expenditures, debt service requirements,
acquisition costs (if any), fluctuations in working capital needs and other factors. The Fund's investments
may not distribute the expected or anticipated levels of cash, resulting in the risk that the Fund may not be able to meet its stated investment objective.
Regulatory Risk. Changes in the laws, regulations or related interpretations relating to the Fund’s tax treatment as a C
corporation, or its investments in MLPs or other instruments, could increase the Fund’s expenses,
reduce its cash distributions, negatively impact the value of an investment in an MLP, or otherwise impact the Fund’s ability to implement its investment strategy. As discussed above, a change in current tax law, or a change in the underlying business mix of
a given MLP, could result in the MLP itself being treated as a corporation for U.S. federal income tax
purposes, which could result in a requirement to pay federal income tax on its taxable income and have the
effect of reducing the amount of cash available for distribution or the value of the Fund’s investment. Due to the heavy state and federal regulations that an MLP’s assets may be subject to, an MLP’s profitability could be
adversely impacted by changes in the regulatory environment.
Private Investments in Public Equity (PIPEs) Risk. PIPEs are equity securities
issued in a private placement by companies that have outstanding, publicly traded equity securities of the same class. Shares in PIPEs generally are not registered with the Securities and Exchange Commission until after a certain time period from
the date the private sale is completed. As with investments in other types of restricted securities, such
an investment may be illiquid. The Fund’s ability to dispose of securities acquired in PIPE
transactions may depend on the registration of such securities for resale or on the ability to sell such securities through an exempt transaction. Any number of factors may prevent or delay a proposed registration. There is no guarantee, however,
that an active trading market for the securities will exist at the time of disposition of the securities, and
the lack of such a market could hurt the market value of the Fund’s investments. The Fund may not be
able to sell all the securities on short notice, and the sale of the securities could lower the market price of the securities.
Cash/Cash Equivalents
Risk. In rising markets, holding cash or cash equivalents will negatively affect the Fund’s performance relative to its benchmark.
Investing in Stocks Risk. The value of the Fund’s portfolio may be affected by changes in the stock markets. Stock markets may experience significant short-term volatility and may fall or
rise sharply at times. Adverse events in any part of the equity or fixed-income markets may have unexpected
negative effects on other market segments. Different stock markets may behave differently from each other and U.S. stock markets may move in the opposite direction from one or more foreign stock markets.
The prices of individual stocks generally do not all move in the same direction at
the same time. However, individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. A variety of factors can negatively affect the price of a particular company’s stock.
These factors may include, but are not limited to: poor earnings reports, a loss of customers, litigation against the company, general unfavorable performance of the company’s sector or industry, or changes in government regulations
affecting the company or its industry. To the extent that securities of a particular type are emphasized (for
example foreign stocks, stocks of small- or mid-cap companies, growth or
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value stocks, or stocks of companies in a particular industry), fund share values may fluctuate more in response to
events affecting the market for those types of securities.
Management Risk. The Fund is actively managed and depends heavily on the Adviser’s judgment about markets, interest rates or the
attractiveness, relative values, liquidity, or potential appreciation of particular investments made for
the Fund’s portfolio. The Fund could experience losses if these judgments prove to be incorrect. Additionally, legislative, regulatory, or tax developments may adversely affect management of the Fund and, therefore, the ability of the Fund to
achieve its investment objective.
Performance Information
The
bar chart and performance table provide an indication of the risks of investing in the Fund. The Fund has
adopted the performance of the Oppenheimer SteelPath MLP Select 40 Fund (the predecessor fund) as the
result of a reorganization of the predecessor fund into the Fund, which was consummated after the close of
business on May 24, 2019 (the “Reorganization”). Prior to the Reorganization, the Fund had not yet commenced operations. The bar chart shows changes in the performance of the predecessor fund and the Fund from year to year as of December 31. The performance table compares the predecessor
fund’s and the Fund’s performance to that of a broad measure of market performance and an
additional index with characteristics relevant to the Fund. The Fund’s (and the predecessor fund’s) past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
The returns shown for periods ending on or prior to May 24, 2019 are those of the
Class A, Class C, Class Y and Class I shares of the predecessor fund. Class A, Class C and Class I shares of the predecessor fund were reorganized into Class A, Class C and Class R6 shares, respectively, of the Fund, and Class Y and Class W shares of the
predecessor fund were reorganized into Class Y shares of the Fund after the close of business on May 24,
2019. Class A, Class C, Class Y and Class R6 shares’ returns of the Fund will be different from the returns of the predecessor fund as they have different expenses. Performance for Class A shares has been restated to reflect the Fund’s applicable sales charge. Fund performance reflects any applicable fee waivers and expense reimbursements. Performance returns would be lower without applicable fee waivers and
expense reimbursements.
Updated performance information is available on the Fund’s website at
www.invesco.com/us.
Annual Total Returns
The bar chart does not reflect sales loads. If it did, the annual total returns shown would be lower.
Class A |
Period Ended |
Returns |
Best Quarter |
June 30, 2020 |
51.89% |
Worst Quarter |
March 31, 2020 |
-58.91% |
Average Annual Total Returns (for the periods ended December 31, 2022)
|
Inception Date |
1 Year |
5 Years |
10 Years |
Since
Inception |
Class A |
|
|
|
|
|
Return Before Taxes |
3/31/2010 |
15.06% |
2.94% |
2.71% |
—% |
Return After Taxes on Distributions |
|
14.24 |
0.71 |
0.94 |
— |
Return After Taxes on Distributions and Sale of Fund Shares |
|
9.44 |
1.19 |
1.24 |
— |
| |||||
Class C |
7/14/2011 |
19.85 |
3.30 |
2.67 |
— |
| |||||
Class R |
5/24/2019 |
21.63 |
3.871 |
3.041 |
— |
| |||||
Class Y |
3/31/2010 |
22.02 |
4.34 |
3.55 |
— |
| |||||
Class R5 |
5/24/2019 |
21.97 |
4.321 |
3.401 |
— |
| |||||
Class R6 |
6/28/2013 |
22.18 |
4.42 |
— |
1.96 |
| |||||
Alerian MLP Index (reflects no deduction for fees, expenses or taxes) |
|
30.92 |
4.08 |
1.99 |
— |
| |||||
S&P 500® Index (reflects no deduction for fees, expenses or taxes) |
|
-18.11 |
9.42 |
12.56 |
— |
|
1
Performance shown prior to the inception date is that of the predecessor fund's Class A
shares at net asset value and includes the 12b-1 fees applicable to that class. Although invested in the
same portfolio of securities, Class R and Class R5 shares' returns of the Fund will be different from Class A shares' returns of the predecessor fund as they have different expenses.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not
reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to
investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans, 529 college savings plans or individual retirement accounts. After-tax returns are shown
for Class A shares only and after-tax returns for other classes will vary.
Management of
the Fund
Investment Adviser: Invesco Advisers, Inc.
Portfolio Managers |
Title |
Length of Service on the Fund |
Stuart Cartner |
Portfolio Manager |
2019 (predecessor fund 2010) |
| ||
Brian Watson, CFA |
Portfolio Manager |
2019 (predecessor fund 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 or by telephone at 800-959-4246. Shares of the Fund, other than Class R5 and Class R6
shares, may also be purchased, redeemed or exchanged on any business day through our website at
www.invesco.com/us or by mail to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.
The minimum investments for Class A, C, R and Y shares for fund accounts are as follows:
Type of Account |
Initial
Investment Per Fund |
Additional
Investments Per Fund |
Asset or fee-based accounts managed by your financial adviser |
None |
None |
| ||
Employer Sponsored Retirement and Benefit Plans and Employer Sponsored IRAs |
None |
None |
| ||
IRAs and Coverdell ESAs if the new investor is purchasing shares through a systematic purchase plan |
$25 |
$25 |
| ||
All other types of accounts if the investor is purchasing shares through a systematic purchase plan |
50 |
50 |
| ||
IRAs and Coverdell ESAs |
250 |
25 |
| ||
All other accounts |
1,000 |
50 |
|
With respect to Class R5 and Class R6 shares, there is no minimum initial investment for Employer Sponsored Retirement and Benefit Plans investing through a retirement platform that
administers at least $2.5 billion in retirement plan assets. All other Employer Sponsored Retirement and
Benefit Plans must meet a minimum initial investment of at least $1 million in each Fund in which it
invests.
5 Invesco SteelPath MLP Select 40 Fund
invesco.com/usO-SPMS40-SUMPRO-1
For all other institutional investors purchasing Class R5 or Class R6 shares, the minimum initial
investment in each share class is $1 million, unless such investment is made by (i) an investment company, as defined under the Investment Company Act of 1940, as amended (1940 Act), that is part of a family of investment companies which
own in the aggregate at least $100 million in securities, or (ii) an account established with a 529 college
savings plan managed by Invesco, in which case there is no minimum initial investment.
There are no minimum investment amounts for Class R6 shares held through retail
omnibus accounts maintained by an intermediary, such as a broker, that (i) generally charges an asset-based fee or commission in addition to those described in this prospectus, and (ii) maintains Class R6 shares and makes them available to retail
investors.
Tax Information
The Fund
is taxed as a regular corporation, or so-called Subchapter “C” corporation, for U.S. federal, state and local income tax purposes. The Fund’s distributions generally are taxable to you as ordinary income and/or tax-deferred returns of capital,
unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan, 529 college savings
plans or individual retirement account, in which case your distributions may be taxed as ordinary income
when withdrawn from such tax-advantaged account.
Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund, the Fund’s distributor or its related companies may pay the intermediary
for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson or financial adviser to recommend the Fund over another
investment. Ask your salesperson or financial adviser or visit your financial intermediary’s website
for more information.
6 Invesco SteelPath MLP Select 40 Fund
invesco.com/usO-SPMS40-SUMPRO-1
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