AIM EQUITY FUNDS (INVESCO EQUITY FUNDS) (Form: 485BPOS, Received: 02/24/2012 17:30:01)

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).

Shareholder Fees (fees paid directly from your investment)

Class:

Investor

Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)

5.50

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			R			Y			Investor

Management Fees		0.68	%		0.68	%		0.68	%		0.68	%		0.68	%		0.68	%

Distribution and/or Service (12b-1) Fees		0.25			1.00			1.00			0.50			None			0.25

Other Expenses		0.35			0.35			0.35			0.35			0.35			0.35

Total Annual Fund Operating Expenses		1.28			2.03			2.03			1.53			1.03			1.28

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	$	673	$	934	$	1,214	$	2,010

Class B	$	706	$	937	$	1,293	$	2,166

Class C	$	306	$	637	$	1,093	$	2,358

Class R	$	156	$	483	$	834	$	1,824

Class Y	$	105	$	328	$	569	$	1,259

Investor Class	$	130	$	406	$	702	$	1,545

You would pay the following expenses if you did not redeem your shares:


	1 Year		3 Years		5 Years		10 Years

Class A	$	673	$	934	$	1,214	$	2,010

Class B	$	206	$	637	$	1,093	$	2,166

Class C	$	206	$	637	$	1,093	$	2,358

Class R	$	156	$	483	$	834	$	1,824

Class Y	$	105	$	328	$	569	$	1,259

Investor Class	$	130	$	406	$	702	$	1,545

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 127% of the average value of its portfolio.

Principal Investment Strategies of the Fund

The Fund invests primarily in equity securities of mid-capitalization issuers.

The Fund may invest up to 25% of its total assets in foreign securities.

The Adviser uses a bottom-up stock selection process designed to seek returns in excess of the benchmark as well as a disciplined portfolio construction process designed to manage risk. To narrow the investment universe, the Adviser uses a holistic approach that emphasizes fundamental research and, to a lesser extent, includes quantitative analysis. The Adviser then closely examines company fundamentals, including detailed modeling of all of a company’s financial statements and discussions with company management teams, suppliers, distributors, competitors, and customers. The Adviser uses a variety of valuation techniques based on the company in question, the industry in which the company operates, the stage of the business cycle, and other factors that best reflect a company’s value. The Adviser seeks to invest in companies with solid management teams, sound business models, strong financial health, attractive growth outlooks, and compelling valuations levels.

The Adviser considers whether to sell a particular security when a company hits the price target, a company’s fundamentals deteriorate, or the catalysts for growth are no longer present or reflected in the stock price.

In attempting to meet its investment objective, the Fund engages in active and frequent trading of portfolio securities.

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

1 Invesco Capital Development Fund

Fund can increase during times of significant market volatility. The principal risks of investing in the Fund are:

Active Trading Risk . The Fund engages in frequent trading of portfolio securities. Active trading results in added expenses and may result in a lower return and increased tax liability.

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.

Growth Investing Risk . Growth stocks tend to be more expensive relative to their earnings or assets compared with other types of stock. As a result they tend to be more sensitive to changes in their earnings and can be more volatile.

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.

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 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 September 30, 2009): 19.67%

Worst Quarter (ended December 31, 2008): -28.13%



Average Annual Total Returns (for the periods ended December 31, 2011)

	1			5			10
	Year			Years			Years

Class A shares: Inception (6/17/1996)
Return Before Taxes		-12.51	%		-2.85	%		3.03	%
Return After Taxes on Distributions		-12.51			-3.21			2.27
Return After Taxes on Distributions and Sale of Fund Shares		-8.13			-2.42			2.52

Class B shares: Inception (10/1/1996)		-12.72			-2.84			3.03

Class C shares: Inception (8/4/1997)		-9.06			-2.49			2.87

Class R shares ¹ : Inception (6/3/2002)		-7.68			-2.00			3.38

Class Y shares ² : Inception (10/3/2008)		-7.22			-1.59			3.69

Investor Class shares ² : Inception (11/30/2004)		-7.44			-1.76			3.62

S&P 500 ^® Index (reflects no deductions for fees, expenses or taxes)		2.09			-0.25			2.92

Russell Midcap ^® Growth Index (reflects no deductions for fees, expenses or taxes)		-1.65			2.44			5.29

Lipper Mid-Cap Growth Funds Index		-5.30			2.89			4.48


1		Class R shares’ performance shown prior to the inception date is that of Class A shares restated to reflect the higher 12b-1 fees applicable to Class R shares. Class A shares’ performance reflects any applicable fee waivers or expense reimbursements.
2		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.

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.

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.

There are no minimum investments for Class R shares for fund accounts. 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:


	Initial Investment		Additional 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 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

2 Invesco Capital Development Fund

Tax Information

The Fund’s distributions generally are taxable to you as ordinary income, capital gains, or some combination of both, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and the Fund’s distributor or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson or financial adviser to recommend the Fund over another investment. Ask your salesperson or financial adviser or visit your financial intermediary’s Web site for more information.

Investment Objective(s), Strategies, Risks and Portfolio Holdings

Objective(s) and Strategies

The Fund’s investment objective is long-term growth of capital. The Fund’s investment objective may be changed by the Board of Trustees without shareholder approval.

The Fund invests primarily in equity securities of mid-capitalization issuers. The Fund considers an issuer to be a mid-capitalization issuer if it has a market capitalization, at the time of purchase, within the range of the largest and smallest capitalized issuers included in the Russell Mid Cap ^® Index during the most recent 11-month period (based on month-end data) plus the most recent data during the current month. As of October 31, 2011, the capitalization of companies in the Russell Mid Cap ^® Index range from $202 million to $19.3 billion. The Russell Mid Cap ^® Index measures the performance of the 800 smallest issuers with the lowest market capitalization in the Russell 1000 ^® Index. The Russell 1000 ^® Index measures the performance of the 1,000 largest issuers domiciled in the United States based on total market capitalization. The issuers in the Russell Mid Cap ^® Index are considered representative of medium-sized issuers and constitute approximately 25% of the total market capitalization of the Russell 1000 ^® Index.

The Fund may invest up to 25% of its total assets in foreign securities.

In attempting to meet its investment objective, the Fund engages in active and frequent trading of portfolio securities.

The Fund may, from time to time, take temporary defensive positions in cash and other securities that are less risky and inconsistent with the Fund’s principal investment strategies in anticipation of, or in response to, adverse market, economic, political or other conditions. As a result, the Fund 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 of the types of securities described in this prospectus. Any percentage limitations with respect to assets of the Fund are applied at the time of purchase.

Risks

The principal risks of investing in the Fund are:

Active Trading Risk . Frequent trading of portfolio securities results in increased costs and may lower the Fund’s actual return. Frequent trading also may increase short term gains and losses, which may affect the Fund’s tax liability.

Foreign Securities Risk . The dollar value of the Fund’s foreign investments may be affected by changes in the exchange rates between the dollar and the currencies in which those investments are traded. The value of the Fund’s foreign investments may be adversely affected by political and social instability in their home countries, by changes in economic or taxation policies in those countries, or by the difficulty in enforcing obligations in those countries. Foreign companies generally may be subject to less stringent regulations than U.S. companies, including financial reporting requirements and auditing and accounting controls. As a result, there generally is less publicly available information about foreign companies than about U.S. companies. Trading in many foreign securities may be less liquid and more volatile than U.S. securities due to the size of the market or other factors.

Growth Investing Risk . Growth stocks can perform differently from the market as a whole. Growth stocks tend to be more expensive relative to their earnings or assets compared with other types of stock. As a result they tend to be more sensitive to changes in their earnings and can be more volatile.

Management Risk . The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results.

Portfolio Holdings

A description of the Fund policies and procedures with respect to the disclosure of the Fund portfolio holdings is available in the Fund SAI, which is available at www.invesco.com/us.

Fund Management

The Adviser(s)

Invesco Advisers, Inc. (Invesco or the Adviser) 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.

3 Invesco Capital Development Fund

Pending Litigation. Detailed information concerning pending litigation can be found in the SAI.

Adviser Compensation

During the fiscal year ended October 31, 2011, the Adviser received compensation of 0.68% of Invesco Capital Development Fund’s average daily net assets.

A discussion regarding the basis for the Board of Trustees’ approval of the investment advisory agreement and investment sub-advisory agreements of the Fund is available in the Fund’s most recent annual report to shareholders for the twelve-month period ended October 31.

Portfolio Managers

The following individual is primarily responsible for the day-to-day management of the Fund’s portfolio:


n	James Leach, Portfolio Manager, who has been responsible for the Fund since 2011 and has been associated with Invesco and/or its affiliates since 2011. From 2005 to 2011, he was a portfolio manager with Wells Capital Management.

More information on the portfolio manager 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 manager’s investments in the Fund, a description of the compensation structure and information regarding other accounts managed.

Sales Charges

Purchases of Class A shares of Invesco Capital Development 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 this prospectus. Purchases of Class B shares will be subject to payment of Category I contingent deferred sales charges (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 (CDSCs)” section of the prospectus. Purchases of Class C shares are subject to a CDSC. For more information on CDSCs, see the “Shareholder Account Information—Contingent Deferred Sales Charges (CDSCs)” section of this prospectus.

Dividends and Distributions

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.

Dividends

The Fund generally declares and pays dividends from net investment income, if any, annually.

Capital Gains Distributions

The Fund generally distributes long-term and short-term capital gains (net of any available capital loss carryovers), if any, at least annually. Capital gains 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 volatility, 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.

Lipper Mid-Cap Growth Funds Index is an unmanaged index considered representative of mid-cap growth funds tracked by Lipper.

Russell Midcap ^® Growth Index is an unmanaged index considered representative of mid-cap growth stocks. The Russell Midcap ^® Growth Index is a trademark/service mark of the Frank Russell Co. Russell ^® is a trademark of the Frank Russell Co.

S&P 500 ^® Index is an unmanaged index considered representative of the U.S. stock market.

4 Invesco Capital Development Fund

Hypothetical Investment and Expense Information

The financial highlights show the Fund’s financial history for the past five fiscal years or, if shorter, the period of operations of the Fund or any of its share classes. The financial highlights table is intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single Fund share. Institutional Class is not offered in this prospectus.

The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).

This information has been audited by PricewaterhouseCoopers LLP, whose report, along with the Fund’s financial statements, is included in the Fund’s annual report, which is available upon request.


																						Ratio of			Ratio of
						Net gains																expenses			expenses
						(losses)																to average			to average net			Ratio of net
	Net asset		Net			on securities						Distributions										net assets			assets without			investment
	value,		investment			(both			Total from			from net			Net asset					Net assets,		with fee waivers			fee waivers			income (loss)
	beginning		income			realized and			investment			realized			value, end		Total			end of period		and/or expenses			and/or expenses			to average			Portfolio
	of period		(loss) ^(a)			unrealized)			operations			gains			of period		Return ^(b)			(000s omitted)		absorbed			absorbed			net assets			turnover ^(c)


Class A
Year ended 10/31/11	$	15.10	$	(0.06	)	$	0.61		$	0.55		$	—		$	15.65		3.64	%	$	464,067		1.28	% ^(d)		1.28	% ^(d)		(0.35	)% ^(d)		127	%
Year ended 10/31/10		12.44		(0.06	)		2.72			2.66			—			15.10		21.38			586,166		1.31			1.31			(0.47	)		68
Year ended 10/31/09		10.62		(0.08	)		1.90			1.82			—			12.44		17.14			649,013		1.44			1.44			(0.72	)		94
Year ended 10/31/08		21.59		(0.10	)		(8.85	)		(8.95	)		(2.02	)		10.62		(45.35	)		664,270		1.25			1.26			(0.59	)		109
Year ended 10/31/07		19.73		(0.13	)		3.99			3.86			(2.00	)		21.59		21.13			1,511,918		1.20			1.20			(0.62	)		99

Class B
Year ended 10/31/11		13.04		(0.16	)		0.54			0.38			—			13.42		2.91			33,335		2.03	^(d)		2.03	^(d)		(1.10	) ^(d)		127
Year ended 10/31/10		10.83		(0.15	)		2.36			2.21			—			13.04		20.41			47,880		2.06			2.06			(1.22	)		68
Year ended 10/31/09		9.32		(0.13	)		1.64			1.51			—			10.83		16.20			57,452		2.19			2.19			(1.47	)		94
Year ended 10/31/08		19.33		(0.20	)		(7.79	)		(7.99	)		(2.02	)		9.32		(45.71	)		74,231		2.00			2.01			(1.34	)		109
Year ended 10/31/07		17.98		(0.25	)		3.60			3.35			(2.00	)		19.33		20.27			213,235		1.95			1.95			(1.37	)		99

Class C
Year ended 10/31/11		13.03		(0.16	)		0.53			0.37			—			13.40		2.84			52,725		2.03	^(d)		2.03	^(d)		(1.10	) ^(d)		127
Year ended 10/31/10		10.82		(0.15	)		2.36			2.21			—			13.03		20.43			61,286		2.06			2.06			(1.22	)		68
Year ended 10/31/09		9.30		(0.14	)		1.66			1.52			—			10.82		16.34			61,531		2.19			2.19			(1.47	)		94
Year ended 10/31/08		19.30		(0.19	)		(7.79	)		(7.98	)		(2.02	)		9.30		(45.74	)		64,620		2.00			2.01			(1.34	)		109
Year ended 10/31/07		17.96		(0.25	)		3.59			3.34			(2.00	)		19.30		20.23			151,259		1.95			1.95			(1.37	)		99

Class R
Year ended 10/31/11		14.76		(0.10	)		0.60			0.50			—			15.26		3.39			28,769		1.53	^(d)		1.53	^(d)		(0.60	) ^(d)		127
Year ended 10/31/10		12.19		(0.10	)		2.67			2.57			—			14.76		21.08			46,272		1.56			1.56			(0.72	)		68
Year ended 10/31/09		10.44		(0.10	)		1.85			1.75			—			12.19		16.76			49,083		1.69			1.69			(0.97	)		94
Year ended 10/31/08		21.30		(0.14	)		(8.70	)		(8.84	)		(2.02	)		10.44		(45.46	)		48,027		1.50			1.51			(0.84	)		109
Year ended 10/31/07		19.53		(0.18	)		3.95			3.77			(2.00	)		21.30		20.86			79,655		1.45			1.45			(0.87	)		99

Class Y
Year ended 10/31/11		15.18		(0.02	)		0.61			0.59			—			15.77		3.89			6,581		1.03	^(d)		1.03	^(d)		(0.10	) ^(d)		127
Year ended 10/31/10		12.47		(0.03	)		2.74			2.71			—			15.18		21.73			7,165		1.06			1.06			(0.22	)		68
Year ended 10/31/09		10.63		(0.05	)		1.89			1.84			—			12.47		17.31			5,717		1.19			1.19			(0.47	)		94
Year ended 10/31/08 ^(e)		12.21		(0.00	)		(1.58	)		(1.58	)		—			10.63		(12.94	)		2,595		1.06	^(f)		1.07	^(f)		(0.40	) ^(f)		109

Investor Class
Year ended 10/31/11		15.11		(0.06	)		0.61			0.55			—			15.66		3.64			9,214		1.28	^(d)		1.28	^(d)		(0.35	) ^(d)		127
Year ended 10/31/10		12.45		(0.06	)		2.72			2.66			—			15.11		21.37			10,420		1.31			1.31			(0.47	)		68
Year ended 10/31/09		10.64		(0.08	)		1.89			1.81			—			12.45		17.01			9,292		1.44			1.44			(0.72	)		94
Year ended 10/31/08		21.60		(0.10	)		(8.84	)		(8.94	)		(2.02	)		10.64		(45.27	)		6,261		1.25			1.26			(0.59	)		109
Year ended 10/31/07		19.74		(0.13	)		3.99			3.86			(2.00	)		21.60		21.12			12,237		1.20			1.20			(0.62	)		99

Institutional Class
Year ended 10/31/11		15.98		0.01			0.65			0.66			—			16.64		4.13			43,054		0.85	^(d)		0.85	^(d)		0.08	^(d)		127
Year ended 10/31/10		13.11		0.00			2.87			2.87			—			15.98		21.89			64,392		0.84			0.84			0.01			68
Year ended 10/31/09		11.13		(0.02	)		2.00			1.98			—			13.11		17.79			94,145		0.88			0.88			(0.16	)		94
Year ended 10/31/08		22.42		(0.03	)		(9.24	)		(9.27	)		(2.02	)		11.13		(45.07	)		87,467		0.80			0.81			(0.14	)		109
Year ended 10/31/07		20.33		(0.04	)		4.13			4.09			(2.00	)		22.42		21.68			133,433		0.75			0.75			(0.17	)		99


(a)		Calculated using average shares outstanding.
(b)		Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.
(c)		Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.
(d)		Ratios are based on average daily net assets (000’s omitted) of $571,725, $43,422, $60,967, $39,770, $7,128, $10,635 and $53,055 for Class A, Class B, Class C, Class R, Class Y, Investor Class and Institutional Class shares, respectively.
(e)		Commencement date of October 3, 2008.
(f)		Annualized.

5 Invesco Capital Development Fund

In connection with the final settlement reached between Invesco and certain of its affiliates with certain regulators, including the New York Attorney General’s Office, the SEC and the Colorado Attorney General’s Office (the settlement) arising out of certain market timing and unfair pricing allegations made against Invesco and certain of its affiliates, Invesco and certain of its affiliates agreed, among other things, to disclose certain hypothetical information regarding investment and expense information to Fund shareholders. The chart below is intended to reflect the annual and cumulative impact of the Fund’s expenses, including investment advisory fees and other Fund costs, on the Fund’s returns over a 10-year period. The example reflects the following:


	n	You invest $10,000 in the Fund and hold it for the entire 10-year period;
	n	Your investment has a 5% return before expenses each year;
	n	Hypotheticals both with and without any applicable initial sales charge applied; and
	n	There is no sales charge on reinvested dividends.

There is no assurance that the annual expense ratio will be the expense ratio for the Fund classes for any of the years shown. This is only a hypothetical presentation made to illustrate what expenses and returns would be under the above scenarios; your actual returns and expenses are likely to differ (higher or lower) from those shown below.



Class A (Includes Maximum
Sales Charge)	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10


Annual Expense Ratio ¹		1	.28%		1	.28%		1	.28%		1	.28%		1	.28%		1	.28%		1	.28%		1	.28%		1	.28%		1	.28%
Cumulative Return Before Expenses		5	.00%		10	.25%		15	.76%		21	.55%		27	.63%		34	.01%		40	.71%		47	.75%		55	.13%		62	.89%
Cumulative Return After Expenses		(1	.98)%		1	.66%		5	.44%		9	.37%		13	.43%		17	.65%		22	.03%		26	.57%		31	.28%		36	.16%
End of Year Balance	$	9,801	.54	$	10,166	.16	$	10,544	.34	$	10,936	.59	$	11,343	.43	$	11,765	.40	$	12,203	.08	$	12,657	.03	$	13,127	.87	$	13,616	.23
Estimated Annual Expenses	$	673	.21	$	127	.79	$	132	.55	$	137	.48	$	142	.59	$	147	.90	$	153	.40	$	159	.10	$	165	.02	$	171	.16


Class A (Without Maximum
Sales Charge)	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10


Annual Expense Ratio ¹		1	.28%		1	.28%		1	.28%		1	.28%		1	.28%		1	.28%		1	.28%		1	.28%		1	.28%		1	.28%
Cumulative Return Before Expenses		5	.00%		10	.25%		15	.76%		21	.55%		27	.63%		34	.01%		40	.71%		47	.75%		55	.13%		62	.89%
Cumulative Return After Expenses		3	.72%		7	.58%		11	.58%		15	.73%		20	.04%		24	.50%		29	.13%		33	.94%		38	.92%		44	.09%
End of Year Balance	$	10,372	.00	$	10,757	.84	$	11,158	.03	$	11,573	.11	$	12,003	.63	$	12,450	.16	$	12,913	.31	$	13,393	.68	$	13,891	.93	$	14,408	.71
Estimated Annual Expenses	$	130	.38	$	135	.23	$	140	.26	$	145	.48	$	150	.89	$	156	.50	$	162	.33	$	168	.36	$	174	.63	$	181	.12


Class B ²	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10


Annual Expense Ratio ¹		2	.03%		2	.03%		2	.03%		2	.03%		2	.03%		2	.03%		2	.03%		2	.03%		1	.28%		1	.28%
Cumulative Return Before Expenses		5	.00%		10	.25%		15	.76%		21	.55%		27	.63%		34	.01%		40	.71%		47	.75%		55	.13%		62	.89%
Cumulative Return After Expenses		2	.97%		6	.03%		9	.18%		12	.42%		15	.76%		19	.20%		22	.74%		26	.38%		31	.08%		35	.96%
End of Year Balance	$	10,297	.00	$	10,602	.82	$	10,917	.72	$	11,241	.98	$	11,575	.87	$	11,919	.67	$	12,273	.69	$	12,638	.21	$	13,108	.36	$	13,595	.99
Estimated Annual Expenses	$	206	.01	$	212	.13	$	218	.43	$	224	.92	$	231	.60	$	238	.48	$	245	.56	$	252	.86	$	164	.78	$	170	.91


Class C ²	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10


Annual Expense Ratio ¹		2	.03%		2	.03%		2	.03%		2	.03%		2	.03%		2	.03%		2	.03%		2	.03%		2	.03%		2	.03%
Cumulative Return Before Expenses		5	.00%		10	.25%		15	.76%		21	.55%		27	.63%		34	.01%		40	.71%		47	.75%		55	.13%		62	.89%
Cumulative Return After Expenses		2	.97%		6	.03%		9	.18%		12	.42%		15	.76%		19	.20%		22	.74%		26	.38%		30	.14%		34	.00%
End of Year Balance	$	10,297	.00	$	10,602	.82	$	10,917	.72	$	11,241	.98	$	11,575	.87	$	11,919	.67	$	12,273	.69	$	12,638	.21	$	13,013	.57	$	13,400	.07
Estimated Annual Expenses	$	206	.01	$	212	.13	$	218	.43	$	224	.92	$	231	.60	$	238	.48	$	245	.56	$	252	.86	$	260	.37	$	268	.10


Class R	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10


Annual Expense Ratio ¹		1	.53%		1	.53%		1	.53%		1	.53%		1	.53%		1	.53%		1	.53%		1	.53%		1	.53%		1	.53%
Cumulative Return Before Expenses		5	.00%		10	.25%		15	.76%		21	.55%		27	.63%		34	.01%		40	.71%		47	.75%		55	.13%		62	.89%
Cumulative Return After Expenses		3	.47%		7	.06%		10	.78%		14	.62%		18	.60%		22	.71%		26	.97%		31	.38%		35	.93%		40	.65%
End of Year Balance	$	10,347	.00	$	10,706	.04	$	11,077	.54	$	11,461	.93	$	11,859	.66	$	12,271	.19	$	12,697	.00	$	13,137	.59	$	13,593	.46	$	14,065	.15
Estimated Annual Expenses	$	155	.65	$	161	.06	$	166	.64	$	172	.43	$	178	.41	$	184	.60	$	191	.01	$	197	.63	$	204	.49	$	211	.59


Class Y	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10


Annual Expense Ratio ¹		1	.03%		1	.03%		1	.03%		1	.03%		1	.03%		1	.03%		1	.03%		1	.03%		1	.03%		1	.03%
Cumulative Return Before Expenses		5	.00%		10	.25%		15	.76%		21	.55%		27	.63%		34	.01%		40	.71%		47	.75%		55	.13%		62	.89%
Cumulative Return After Expenses		3	.97%		8	.10%		12	.39%		16	.85%		21	.49%		26	.31%		31	.33%		36	.54%		41	.96%		47	.60%
End of Year Balance	$	10,397	.00	$	10,809	.76	$	11,238	.91	$	11,685	.09	$	12,148	.99	$	12,631	.31	$	13,132	.77	$	13,654	.14	$	14,196	.21	$	14,759	.80
Estimated Annual Expenses	$	105	.04	$	109	.21	$	113	.55	$	118	.06	$	122	.75	$	127	.62	$	132	.68	$	137	.95	$	143	.43	$	149	.12

1 Your actual expenses may be higher or lower than those shown. 2 The hypothetical assumes you hold your investment for a full 10 years. Therefore, any applicable deferred sales charge that might apply in years one through six for Class B and year one for Class C has not been deducted.

6 Invesco Capital Development Fund


INVESTOR	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10


Annual Expense Ratio ¹		1	.28%		1	.28%		1	.28%		1	.28%		1	.28%		1	.28%		1	.28%		1	.28%		1	.28%		1	.28%
Cumulative Return Before Expenses		5	.00%		10	.25%		15	.76%		21	.55%		27	.63%		34	.01%		40	.71%		47	.75%		55	.13%		62	.89%
Cumulative Return After Expenses		3	.72%		7	.58%		11	.58%		15	.73%		20	.04%		24	.50%		29	.13%		33	.94%		38	.92%		44	.09%
End of Year Balance	$	10,372	.00	$	10,757	.84	$	11,158	.03	$	11,573	.11	$	12,003	.63	$	12,450	.16	$	12,913	.31	$	13,393	.68	$	13,891	.93	$	14,408	.71
Estimated Annual Expenses	$	130	.38	$	135	.23	$	140	.26	$	145	.48	$	150	.89	$	156	.50	$	162	.33	$	168	.36	$	174	.63	$	181	.12


1		Your actual expenses may be higher or lower than those shown.
2		The hypothetical assumes you hold your investment for a full 10 years. Therefore, any applicable deferred sales charge that might apply in years one through six for Class B and year one for Class C has not been deducted.

7 Invesco Capital Development Fund

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. Go to the tab for “Accounts & Services,” then click on “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.

Choosing a Share Class

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 year ⁴	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 distributions ^2,3	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 New or additional investments are not permitted.	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 Short Term Bond Fund unless you received Class C shares of Invesco Short Term Bond Fund through an exchange from Class C shares from another Invesco Fund that is still subject to a CDSC.
5		The 12b-1 fee for Class C shares of certain Funds is less than 1.00%. The “Fees and Expenses of the Fund—Annual Fund Operating Expenses” section of this prospectus reflects the actual 12b-1 fees paid by a Fund.

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 (New or additional investments in Class B5 shares are not permitted);


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—02/12

Share Class Eligibility

Class A, B, C and Invesco Cash Reserve Shares

Class A, 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.

New or additional investments in Class B shares are not permitted. Existing shareholders of Class B shares may continue as Class B shareholders, continue to reinvest dividends and capital gains distributions in Class B shares and exchange their Class B shares for Class B shares of other Funds as permitted by the current exchange privileges, until they convert. For Class B shares outstanding on November 29, 2010 and Class B shares acquired upon reinvestment of dividends, all Class B share attributes including the associated Rule 12b-1 fee, CDSC and conversion features, will continue.

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, C5 or R5 of a specific Fund may make additional purchases into Class A5, 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 Internal Revenue Code (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.

A-2 The Invesco Funds

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 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	have assets of at least $1 million; or
	n	have at least 100 employees eligible to participate in the Plan; or
	n	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 investment 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.

Rights of Accumulation

You may combine your new purchases of Class A shares of a Fund with other Fund shares currently owned (Class A, B, C, IB, IC, 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.

Letters of Intent

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.

This reinstatement privilege is suspended for the period of time in which a purchase block is in place on a shareholder’s account. Please see “Purchase Blocking Policy” discussed below.

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 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

First		5.00	%

Second		4.00

Third		3.00

Fourth		3.00

Fifth		2.00

Sixth		1.00

Seventh and following		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 Short Term Bond Fund

Class C shares of 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 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 Fund.
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; and


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.

Purchasing Shares

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.

A-5 The Invesco Funds

Minimum Investments

There are no minimum investments for Class P, R or S shares for fund accounts. The minimum investments for Class A, C, Y, Investor Class and Invesco Cash Reserve 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 219078, Kansas City, MO 64121-9078. 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*.
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.

Systematic Purchase Plan

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 (a Systematic Purchase Plan). 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.

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

A-6 The Invesco Funds

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.

Redeeming Shares

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 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;
		n The cost basis method or specific shares you wish to redeem for tax reporting purposes, if different than the method already on record; 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.

Systematic Withdrawals

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,

A-7 The Invesco Funds

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).

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.

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 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 1 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 B, 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. Please consult your financial adviser or other financial intermediary for details.

Exchanging Shares

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.

A-8 The Invesco Funds

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, 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, 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, Y*

Class R		Class R

Class R5		Class R

Class Y		Class Y


*		You may exchange your Invesco Cash Reserve Shares, Class A shares, Class C 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 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 C shares or Investor Class shares of one Fund cannot 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.

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 Boards of Trustees of the Funds (collectively, the Board) have 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.

Invesco 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.

A-9 The Invesco Funds


n	Purchase blocking.


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) has 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.

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

If a Fund or an Invesco Affiliate determines, in its sole discretion, that your short-term trading activity is excessive, the Fund may, in its sole discretion, reject any additional purchase and exchange orders.

Purchase Blocking Policy

The Funds (except those listed below) have adopted a policy under which any shareholder redeeming shares having a value of $5,000 or more from a Fund on any trading day will be precluded from investing in that Fund for 30 calendar days after the redemption transaction date. The policy applies to redemptions and purchases that are part of exchange transactions. Under the purchase blocking policy, certain purchases will not be prevented and certain redemptions will not trigger a purchase block, such as: purchases and redemptions of shares having a value of less than $5,000; systematic purchase, redemption and exchange account options; transfers of shares within the same Fund; non-discretionary rebalancing in fund-of-funds; asset allocation features; fee-based accounts; account maintenance fees; small balance account fees; plan-level omnibus retirement plans or employee benefit plans; death and disability and hardship distributions; loan transactions; transfers of assets; retirement plan rollovers; IRA conversions and re-characterizations; and mandatory distributions from retirement accounts.

The Funds reserve the right to modify any of the parameters (including those not listed above) of the purchase blocking policy at any time. Further, the purchase blocking policy may be waived with respect to specific shareholder accounts in those instances where Invesco Advisers, Inc. (“Invesco”) determines that its surveillance procedures are adequate to detect frequent trading in Fund shares.

To the extent that certain systems or intermediaries (such as investment dealers holding shareholder accounts in street name, retirement plan record keepers, insurance company separate accounts and bank trust companies) are unable to apply the purchase blocking policy, Invesco will work with those system providers or intermediaries to apply their own procedures, provided that Invesco believes the procedures are reasonably designed to enforce the frequent trading policies of the Funds. You should refer to disclosures provided by the intermediaries with which you have an account to determine the specific trading restrictions that apply to you. If Invesco identifies any activity that may constitute frequent trading, it reserves the right to contact the intermediary and request that the intermediary either provide information regarding an account owner’s transactions or restrict the account owner’s trading. There is no guarantee that all instances of frequent trading in fund shares will be prevented.

The purchase blocking policy does not apply to Invesco Money Market Fund, Invesco Tax-Exempt Cash Fund, Premier Portfolio, Premier Tax-Exempt Portfolio and Premier U.S. Government Money Portfolio.

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. An effect of fair value pricing may be to 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.

Pricing of Shares

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 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.

A-10 The Invesco Funds

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.

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. 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

A-11 The Invesco Funds

be permitted to purchase or redeem shares of such Funds and net asset values will be calculated for such Funds.

For financial reporting purposes and shareholder transactions on the last day of the fiscal quarter, transactions are normally accounted for on a trade date basis. For purposes of executing shareholder transactions in the normal course of business (other than shareholder transactions at a fiscal period-end), each Fund’s portfolio securities transactions are recorded no later than the first business day following the trade date.

The Invesco Balanced-Risk Allocation Fund, Invesco Balanced-Risk Commodity Strategy Fund and Invesco Commodities Strategy Fund may each invest up to 25% of their total assets in shares of their respective subsidiaries (the 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 Subsidiaries’ portfolio investments be marked-to-market (that is, the value on each of the Subsidiaries’ 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.

Taxes

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. 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 generally are 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 2012) 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.

Any long-term or short-term capital gains realized on sale or redemption of your 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. Your gain or loss is calculated by subtracting from the gross proceeds your cost basis. Gross proceeds and, for shares acquired on or after January 1, 2012 and disposed of after that date, cost basis will be reported to you and the Internal Revenue Service (IRS). Cost basis will be calculated using the Fund’s default method of average cost, unless you instruct the Fund to use a different calculation method. As a service to you, the Fund will continue to provide to you (but not the IRS) cost basis information for shares acquired before 2012, when available, using the average cost method. Shareholders should carefully review the cost basis information provided by a Fund and make any additional basis, holding period or other adjustments that are required when reporting these amounts on their federal income tax returns. If you hold your Fund shares through a broker (or other nominee), please contact that broker (nominee) with respect to reporting of cost basis and available elections for your account. For more information about the cost basis methods offered by Invesco, please refer to the Tax Center located under the Accounts & Services menu of our website at www.Invesco.com/us.


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.”

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 (for distributions and proceeds paid after December 31, 2012, the rate is

A-12 The Invesco Funds


	scheduled to rise to 31% unless the 28% rate is extended or made permanent).

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.

For taxable years beginning after December 31, 2012, an additional 3.8% Medicare tax will be imposed on certain net investment income (including ordinary dividends and capital gain distributions received from a Fund and net gains from redemptions or other taxable dispositions of Fund shares) of U.S. individuals, estates and trusts to the extent that such person’s “modified adjusted gross income” (in the case of an individual) or “adjusted gross income” (in the case of an estate or trust) exceeds a threshold amount.


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 generally are exempt from federal income tax, such as retirement plans that are qualified under Section 401 and 403 of the Code and individual retirement accounts (IRAs) and Roth IRAs.

Tax-Exempt and Municipal Funds

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, unless such municipal securities were issued in 2009 or 2010.


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.

There are risks that: (a) a security issued as tax-exempt may be reclassified by the IRS 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.

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 generally will not 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. REIT. Please see the SAI for a discussion of the risks and special tax consequences to shareholders in the event the Fund realizes excess inclusion income in excess of certain threshold amounts.
n	The Fund’s foreign shareholders should see the SAI for a discussion of the risks and special tax consequences to them from a sale of a U.S. real property interest by a REIT in which the Fund invests.

Invesco Balanced-Risk Allocation Fund, Invesco Balanced-Risk Commodity Strategy 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 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 Subsidiary as qualifying income. If, contrary to a number of private letter rulings (PLRs) issued by the IRS, the IRS were to determine such income is non qualifying, a Fund might fail to satisfy the income requirement. In lieu of disqualification, the Funds are permitted to pay a tax for certain failures to satisfy the asset diversification or income requirements, which, in general, are limited to those due to reasonable cause and not willful neglect for taxable years of the Fund with respect

A-13 The Invesco Funds


	to which the extended due date of the return is after December 22, 2010. The Funds intend to limit their investments in their respective Subsidiary to no more than 25% of the value of each Fund’s total assets in order to satisfy the asset diversification requirement.

The Invesco Balanced-Risk Allocation Fund and the Invesco Balanced-Risk Commodity Strategy Fund each have received a PLR from the IRS holding that income from a form of commodity-linked note is qualifying income. The Invesco Balanced-Risk Allocation Fund also has received a PLR from the IRS confirming that income derived by the Fund from its Subsidiary is qualifying income. The Invesco Balanced-Risk Commodity Strategy Fund has applied to the IRS for a PLR relating to its Subsidiary. However, the IRS has suspended issuance of any further PLRs pending a review of its position.

Invesco Emerging Market Local Currency Debt Fund

The Fund 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 on whether the realization of such foreign currency gains is qualified income for the Fund. If such regulations are issued, the Fund may not qualify as a regulated investment company and/or the Fund may change its investment policy. 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 Fund, resulting in the Fund’s failure to qualify as a regulated investment company. In lieu of disqualification, the Fund is permitted to pay a tax for certain failures to satisfy the asset diversification or income requirements, which, in general, are limited to those due to reasonable cause and not willful neglect for taxable years of the Fund with respect to which the extended due date of the return is after December 22, 2010.

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 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-14 The Invesco Funds

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 this prospectus (is legally a part of this prospectus). Annual and semi-annual reports to shareholders contain additional information about the Fund’s investments. The Fund’s annual report also discusses the market conditions and investment strategies that significantly affected the Fund’s performance during its last fiscal year. The Fund also files 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 the Fund’s current SAI, annual or semi-annual reports or Form N-Q, please contact us.


By Mail:		Invesco Investment Services, Inc. P.O. Box 219078 Kansas City, MO 64121-9078

By Telephone:		(800) 959-4246

On the Internet:		You can send us a request by e-mail or download prospectuses, SAIs, annual or semi-annual reports via our Web site: www.invesco.com/us

You can also review and obtain copies of the Fund’s SAI, annual or semi-annual 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 Capital Development Fund
SEC 1940 Act file number: 811-01424


invesco.com/us CDV-PRO-1


Prospectus	February 28, 2012



Class: A (CHTRX), B (BCHTX), C (CHTCX), R (CHRRX), Y (CHTYX)


Invesco Charter Fund

Invesco Charter Fund’s investment objective is long-term growth of capital.

An investment in the Fund:

n is not FDIC insured;

n may lose value; and

n is not guaranteed by a bank.

Table of Contents



Fund Summary		1

Investment Objective(s), Strategies, Risks and Portfolio Holdings		3


Fund Management		4
The Adviser(s)		4
Adviser Compensation		4
Portfolio Managers		4


Other Information		5
Sales Charges		5
Dividends and Distributions		5


Benchmark Descriptions		5


Financial Highlights		6


Hypothetical Investment and Expense Information		8


Shareholder Account Information		A-1
Choosing a Share Class		A-1
Share Class Eligibility		A-2
Distribution and Service (12b-1) Fees		A-3
Initial Sales Charges (Class A Shares Only)		A-3
Contingent Deferred Sales Charges (CDSCs)		A-4
Purchasing Shares		A-5
Redeeming Shares		A-7
Exchanging Shares		A-8
Rights Reserved by the Funds		A-9
Excessive Short-Term Trading Activity (Market Timing) Disclosures		A-9
Pricing of Shares		A-10
Taxes		A-12
Payments to Financial Intermediaries		A-14
Important Notice Regarding Delivery of Security Holder Documents		A-14


Obtaining Additional Information		Back Cover

Invesco Charter Fund

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.

Shareholder Fees (fees paid directly from your investment)

Class:

Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)

5.50

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			R			Y

Management Fees ¹		0.61	%		0.61	%		0.61	%		0.61	%		0.61	%

Distribution and/or Service (12b-1) Fees		0.25			1.00			1.00			0.50			None

Other Expenses		0.26			0.26			0.26			0.26			0.26

Total Annual Fund Operating Expenses		1.12			1.87			1.87			1.37			0.87


1		Effective May 23, 2011, the Board of Trustees approved a reduced contractual advisory fee schedule for the Fund. Pursuant to the new fee schedule, the Fund’s maximum annual advisory fee rate ranges from 0.695% (for average net assets up to $250 million) to 0.52% (for average net assets over $10 billion). Management Fees have been restated to reflect the new fee schedule.

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.

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	$	658	$	886	$	1,133	$	1,838

Class B	$	690	$	888	$	1,211	$	1,995

Class C	$	290	$	588	$	1,011	$	2,190

Class R	$	139	$	434	$	750	$	1,646

Class Y	$	89	$	278	$	482	$	1,073

You would pay the following expenses if you did not redeem your shares:


	1 Year		3 Years		5 Years		10 Years

Class A	$	658	$	886	$	1,133	$	1,838

Class B	$	190	$	588	$	1,011	$	1,995

Class C	$	190	$	588	$	1,011	$	2,190

Class R	$	139	$	434	$	750	$	1,646

Class Y	$	89	$	278	$	482	$	1,073

Principal Investment Strategies of the Fund

The portfolio management team seeks to construct a portfolio of issuers that have high or improving return on invested capital (ROIC), quality management, a strong competitive position and which are trading at compelling valuations. The Fund invests primarily in equity securities.

The Fund may invest up to 25% of its total assets in foreign securities, which includes debt and equity securities.

The Fund can invest in derivatives, including index futures and forward foreign currency contracts.

Index futures can be used to gain exposure to the broad market by equitizing cash and as a hedge against downside risk. A stock index futures contract is an exchange-traded contract that provides for the delivery, at a designated date, time and place, of an amount of cash equal to a specified dollar amount multiplied by the difference between the stock index value at the close of trading on the date specified in the contract and the price agreed upon in the futures contract; no physical delivery of stocks comprising the index is made.

The Fund can utilize forward foreign currency contracts to mitigate the risk of foreign currency exposure. A forward foreign currency contract is an agreement between parties to exchange a specified amount of currency at a specified future time at a specified rate. Forward foreign currency contracts are used to protect against uncertainty in the level of future currency exchange rates or to gain or modify exposure to a particular currency. The Fund can use these contracts to hedge against adverse movements in the foreign currencies in which portfolio securities are denominated.

1 Invesco Charter Fund

management, a strong competitive position and is trading at an attractive valuation.

The portfolio managers consider selling a security when it exceeds the target price, has not shown a demonstrable improvement in fundamentals or a more compelling investment opportunity exists.

Principal Risks of Investing in the Fund

Cash/Cash Equivalents Risk . Holding cash or cash equivalents may negatively affect performance.

Derivatives Risk . The performance of derivative instruments is tied to the performance of an underlying currency, security, index 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 investment manager elects not to do so due to availability, cost, market conditions or other factors.

Management Risk . The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results.

Performance Information

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, 2009): 16.50%

Worst Quarter (ended December 31, 2008): -19.51%



Average Annual Total Returns (for the periods ended December 31, 2011)

	1			5			10
	Year			Years			Years

Class A shares: Inception (11/26/1968)
Return Before Taxes		-5.60	%		0.59	%		3.57	%
Return After Taxes on Distributions		-5.69			0.46			3.46
Return After Taxes on Distributions and Sale of Fund Shares		-3.52			0.49			3.08

Class B shares: Inception (6/26/1995)		-5.79			0.59			3.55

Class C shares: Inception (8/4/1997)		-1.83			0.97			3.40

Class R shares ¹ : Inception (6/3/2002)		-0.36			1.47			3.89

Class Y shares ² : Inception (10/3/2008)		0.11			1.90			4.24

S&P 500 ^® Index (reflects no deductions for fees, expenses or taxes)		2.09			-0.25			2.92

Russell 1000 ^® Index (reflects no deductions for fees, expenses or taxes)		1.50			-0.02			3.34

Lipper Large-Cap Core Funds Index		0.09			-0.60			2.16


1		Class R shares’ performance shown prior to the inception date is that of Class A shares restated to reflect the higher 12b-1 fees applicable to Class R shares. Class A shares’ performance reflects any applicable fee waivers or expense reimbursements.
2		Class Y 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.

Management of the Fund

Investment Adviser: Invesco Advisers, Inc.


Portfolio Managers	Title	Length of Service on the Fund

Ronald Sloan	Portfolio Manager (lead)		2002

Tyler Dann II	Portfolio Manager		2007

Brian Nelson	Portfolio Manager		2007

Purchase and Sale of Fund Shares

There are no minimum investments for Class R shares for fund accounts. New or additional investments in Class B shares are not

2 Invesco Charter Fund

permitted. The minimum investments for Class A, 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

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

Payments to Broker-Dealers and Other Financial Intermediaries

Investment Objective(s), Strategies, Risks and Portfolio Holdings

Objective(s) and Strategies

The Fund’s investment objective is long-term growth of capital. The Fund’s investment objective may be changed by the Board of Trustees without shareholder approval.

The portfolio management team seeks to construct a portfolio of issuers that have high or improving ROIC, quality management, a strong competitive position and which are trading at compelling valuations. The Fund invests primarily in equity securities.

The Fund may invest up to 25% of its total assets in foreign securities, which includes debt and equity securities.

The Fund can invest in derivatives, including index futures and forward foreign currency contracts.

In selecting securities for the Fund, the portfolio managers conduct fundamental research of issuers to gain a thorough understanding of their business prospects, appreciation potential and ROIC. The process they use to identify potential investments for the Fund includes three phases: financial analysis, business analysis and valuation analysis. Financial analysis evaluates an issuer’s capital allocation, and provides vital insight into historical and potential ROIC which is a key indicator of business quality and caliber of management. Business analysis allows the team to determine an issuer’s competitive positioning by identifying key drivers of the issuer, understanding industry challenges and evaluating the sustainability of competitive advantages. Both the financial and business analyses serve as a basis to construct valuation models that help estimate an issuer’s value. The portfolio managers use three primary valuation techniques: discounted cash flow, traditional valuation multiples and net asset value. At the conclusion of their research process, the portfolio managers will generally invest in an issuer when they have determined it potentially has high or improving ROIC, quality management, a strong competitive position and is trading at an attractive valuation.

The portfolio managers consider selling a security when it exceeds the target price, has not shown a demonstrable improvement in fundamentals or a more compelling investment opportunity exists.

The Fund employs a risk management strategy to help minimize loss of capital and reduce excessive volatility. Pursuant to this strategy, the Fund generally invests a substantial amount of its assets in cash and cash equivalents. As a result, the Fund may not achieve its investment objective.

Risks

The principal risks of investing in the Fund are:

Cash/Cash Equivalents Risk . To the extent Fund holds cash or cash equivalents rather than securities in which it primarily invests or uses to manage risk, the Fund may not achieve its investment objectives and may underperform.

[ ] Counterparty Risk. Counterparty risk is the risk that a counterparty to a derivative transaction will not fulfill its contractual obligations (including because of bankruptcy or insolvency) to make principal or interest payments to the Fund, when due, which may cause losses or additional costs to the Fund.

3 Invesco Charter Fund

instrument or transaction and the Fund could lose more than it invested. The Fund mitigates leverage risk by segregating or earmarking liquid assets or otherwise covering transactions that may give rise to such risk. Leverage may cause the Fund to be more volatile because it may exaggerate the effect of any increase or decrease in the value of the Fund’s portfolio securities. The use of some derivative instruments may result in implicit leverage, which does not result in the possibility of the Fund incurring obligations beyond its investment, but that nonetheless permits the Fund to gain exposure that is greater than would be the case in an unlevered instrument. The Fund does not segregate assets or otherwise cover investments in derivatives with implicit leverage.

[ ] Correlation Risk. To the extent that the Fund uses derivatives for hedging or reducing exposure, there is the risk of imperfect correlation between movements in the value of the derivative instrument and the value of underlying asset, reference rate or index. To the extent that the Fund uses derivatives for hedging purposes, there is the risk during extreme market conditions that an instrument which would usually operate as a hedge provides no hedging benefits at all.

[ ] Liquidity Risk. Liquidity risk is the risk that the Fund may be unable to close out a derivative position because the trading market becomes illiquid or the availability of counterparties becomes limited for a period of time. To the extent that the Fund is unable to close out a derivative position because of market illiquidity, the Fund may not be able to prevent further losses of value in its derivatives holdings and the liquidity of the Fund’s other assets may be impaired to the extent that it has a substantial portion of its otherwise liquid assets marked as segregated to cover its obligations under such derivative instruments. The Fund may also be required to take or make delivery of an underlying instrument that the Adviser would otherwise have attempted to avoid.

[ ] Tax Risk. The use of certain derivatives may cause the Fund to realize higher amounts of ordinary income or short-term capital gain, distributions from which are taxable to individual shareholders at ordinary income tax rates rather than at the more favorable tax rates for long-term capital gain. The Fund’s use of derivatives may be limited by the requirements for taxation of the Fund as a regulated investment company. The tax treatment of derivatives may be affected by changes in legislation, regulations or other legal authority that could affect the character, timing and amount of the Fund’s taxable income or gains and distributions to shareholders.

[ ] Market Risk. Derivatives are subject to the market risks associated with their underlying instruments, which 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. Derivatives may be subject to heightened and evolving government regulations, which could increase the costs of owning certain derivatives.

[ ] Interest Rate Risk. Some derivatives are particularly sensitive to interest rate risk, which is the risk that prices of fixed income instruments generally fall as interest rates rise; conversely, prices of fixed income instruments generally rise as interest rates fall. Specific fixed income instruments differ in their sensitivity to changes in interest rates depending on their individual characteristics.

[ ] Management Risk . The investment techniques and risk analysis used by the Fund’s portfolio managers in connection with investing in derivatives may not produce the desired results.

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.

Management Risk . The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results.

Portfolio Holdings

A description of Fund policies and procedures with respect to the disclosure of Fund portfolio holdings is available in the SAI, which is available at www.invesco.com/us.

Fund Management

The Adviser(s)

Pending Litigation. Detailed information concerning pending litigation can be found in the SAI.

Adviser Compensation

During the fiscal year ended October 31, 2011, the Adviser received compensation of 0.59% of Invesco Charter Fund’s average daily net assets after fee waiver and/or expense reimbursement.

Effective May 23, 2011, the Board of Trustees approved a reduced contractual advisory fee schedule for the Fund, as reflected in the “Fund Summary – Fees and Expenses of the Fund” section of the prospectus and the Fund’s SAI.

Portfolio Managers

The following individuals are jointly and primarily responsible for the day-to-day management of the Fund’s portfolio:


n	Ronald Sloan, (lead manager), Portfolio Manager, who has been responsible for the Fund since 2002 and has been associated with Invesco and/or its affiliates since 1998.

n	Tyler Dann II, Portfolio Manager, who has been responsible for the Fund since 2007 and has been associated with Invesco and/or its affiliates since 2004.

n	Brian Nelson, Portfolio Manager, who has been responsible for the Fund since 2007 and has been associated with Invesco and/or its affiliates since 2004.

4 Invesco Charter Fund

The lead manager generally has final authority over all aspects of the Fund’s investment portfolio, including but not limited to, purchases and sales of individual securities, portfolio construction techniques, portfolio risk assessment, and the management of daily cash flows in accordance with portfolio holdings. The degree to which the lead manager may perform these functions, and the nature of these functions, may change from time to time.

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.

Sales Charges

Purchases of Class A shares of Invesco Charter 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 this prospectus. Purchases of Class B shares will be subject to payment of Category I contingent deferred sales charges (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 (CDSCs)” section of the prospectus. Purchases of Class C shares are subject to a CDSC. For more information on CDSCs, see the “Shareholder Account Information—Contingent Deferred Sales Charges (CDSCs)” section of this prospectus.

Dividends and Distributions

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.

Dividends

The Fund generally declares and pays dividends from net investment income, if any, annually.

Capital Gains Distributions

Lipper Large-Cap Core Funds Index is an unmanaged index considered representative of large-cap core funds tracked by Lipper.

Russell 1000 ^® Index is an unmanaged index considered representative of large-cap stocks. The Russell 1000 ^® Index is a trademark/service mark of the Frank Russell Co. Russell ^® is a trademark of the Frank Russell Co.

S&P 500 ^® Index is an unmanaged index considered representative of the U.S. stock market.

5 Invesco Charter Fund

Hypothetical Investment and Expense Information

The financial highlights show the Fund’s financial history for the past five fiscal years or, if shorter, the period of operations of the Fund or any of its share classes.

The financial highlights table is intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single Fund share. Institutional Class and Class S are not offered in this prospectus.

The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).

This information has been audited by PricewaterhouseCoopers LLP, whose report, along with the Fund’s financial statements, is included in the Fund’s annual report, which is available upon request.


																						Ratio of			Ratio of
						Net gains																expenses			expenses
						(loss)																to average			to average net			Ratio of net
	Net asset		Net			on securities						Dividends										net assets			assets without			investment
	value,		investment			(both			Total from			from net			Net asset					Net assets,		with fee waivers			fee waivers			income (loss)
	beginning		income			realized and			investment			investment			value, end		Total			end of period		and/or expenses			and/or expenses			to average			Portfolio
	of period		(loss) ^(a)			unrealized)			operations			income			of period		Return ^(b)			(000s omitted)		absorbed			absorbed			net assets			turnover ^(c)


Class A
Year ended 10/31/11	$	15.30	$	0.10		$	1.04		$	1.14		$	(0.06	)	$	16.38		7.50	%	$	4,009,014		1.10	% ^(e)		1.13	% ^(e)		0.64	% ^(e)		40	%
Year ended 10/31/10		14.16		0.07			1.16	^(d)		1.23			(0.09	)		15.30		8.72	^(d)		4,027,296		1.14			1.18			0.45			48
Year ended 10/31/09		12.46		0.09			1.76	^(d)		1.85			(0.15	)		14.16		15.19	^(d)		3,915,161		1.26			1.29			0.76			32
Year ended 10/31/08		17.30		0.14			(4.76	)		(4.62	)		(0.22	)		12.46		(27.00	)		3,454,370		1.19			1.23			0.88			38
Year ended 10/31/07		14.96		0.20			2.25	^(d)		2.45			(0.11	)		17.30		16.44	^(d)		5,005,716		1.16			1.19			1.25			39

Class B
Year ended 10/31/11		14.69		(0.02	)		1.00			0.98			—			15.67		6.67			169,243		1.85	^(e)		1.88	^(e)		(0.11	) ^(e)		40
Year ended 10/31/10		13.62		(0.04	)		1.11	^(d)		1.07			—			14.69		7.86	^(d)		211,105		1.89			1.93			(0.30	)		48
Year ended 10/31/09		11.91		0.00			1.71	^(d)		1.71			—			13.62		14.36	^(d)		281,911		2.01			2.04			0.01			32
Year ended 10/31/08		16.50		0.02			(4.54	)		(4.52	)		(0.07	)		11.91		(27.51	)		388,985		1.94			1.98			0.13			38
Year ended 10/31/07		14.30		0.08			2.14	^(d)		2.22			(0.02	)		16.50		15.56	^(d)		1,067,897		1.91			1.94			0.50			39

Class C
Year ended 10/31/11		14.73		(0.02	)		1.00			0.98			—			15.71		6.65			257,790		1.85	^(e)		1.88	^(e)		(0.11	) ^(e)		40
Year ended 10/31/10		13.65		(0.04	)		1.12			1.08			—			14.73		7.91	^(d)		245,757		1.89			1.93			(0.30	)		48
Year ended 10/31/09		11.94		0.00			1.71	^(d)		1.71			—			13.65		14.32	^(d)		226,830		2.01			2.04			0.01			32
Year ended 10/31/08		16.55		0.02			(4.56	)		(4.54	)		(0.07	)		11.94		(27.55	)		179,759		1.94			1.98			0.13			38
Year ended 10/31/07		14.34		0.08			2.15	^(d)		2.23			(0.02	)		16.55		15.58	^(d)		272,904		1.91			1.94			0.50			39

Class R
Year ended 10/31/11		15.18		0.06			1.04			1.10			(0.03	)		16.25		7.26			66,405		1.35	^(e)		1.38	^(e)		0.39	^(e)		40
Year ended 10/31/10		14.07		0.03			1.15	^(d)		1.18			(0.07	)		15.18		8.43	^(d)		57,003		1.39			1.43			0.20			48
Year ended 10/31/09		12.38		0.07			1.75	^(d)		1.82			(0.13	)		14.07		14.93	^(d)		25,096		1.51			1.54			0.51			32
Year ended 10/31/08		17.18		0.10			(4.73	)		(4.63	)		(0.17	)		12.38		(27.19	)		7,717		1.44			1.48			0.63			38
Year ended 10/31/07		14.87		0.16			2.23	^(e)		2.39			(0.08	)		17.18		16.12	^(e)		6,565		1.41			1.44			1.00			39

Class S
Year ended 10/31/11		15.31		0.12			1.04			1.16			(0.08	)		16.39		7.62			21,080		1.00	^(e)		1.03	^(e)		0.74	^(e)		40
Year ended 10/31/10		14.16		0.08			1.16	^(d)		1.24			(0.09	)		15.31		8.80	^(d)		19,916		1.04			1.08			0.55			48
Year ended 10/31/09 ^(f)		14.25		0.01			(0.10	)		(0.09	)		—			14.16		(0.63	)		1,390		1.09	^(g)		1.12	^(g)		0.93	^(g)		32

Class Y
Year ended 10/31/11		15.36		0.15			1.04			1.19			(0.11	)		16.44		7.78			186,623		0.85	^(e)		0.88	^(e)		0.89	^(e)		40
Year ended 10/31/10		14.20		0.11			1.15	^(d)		1.26			(0.10	)		15.36		8.93	^(d)		167,170		0.89			0.93			0.70			48
Year ended 10/31/09		12.46		0.13			1.77	^(d)		1.90			(0.16	)		14.20		15.54	^(d)		70,187		1.01			1.04			1.01			32
Year ended 10/31/08 ^(f)		13.94		0.01			(1.49	)		(1.48	)		—			12.46		(10.62	)		9,424		0.97	^(g)		1.01	^(g)		1.10	^(g)		38

Institutional Class
Year ended 10/31/11		15.77		0.17			1.07			1.24			(0.14	)		16.87		7.92			404,441		0.73	^(e)		0.76	^(e)		1.01	^(e)		40
Year ended 10/31/10		14.57		0.14			1.20	^(d)		1.34			(0.14	)		15.77		9.20	^(d)		571,624		0.71			0.75			0.88			48
Year ended 10/31/09		12.83		0.16			1.80	^(d)		1.96			(0.22	)		14.57		15.74	^(d)		328,081		0.75			0.78			1.27			32
Year ended 10/31/08		17.81		0.20			(4.88	)		(4.68	)		(0.30	)		12.83		(26.68	)		202,467		0.76			0.80			1.31			38
Year ended 10/31/07		15.38		0.28			2.31	^(d)		2.59			(0.16	)		17.81		16.96	^(d)		134,745		0.73			0.76			1.68			39

6 Invesco Charter Fund


(a)		Calculated using average shares outstanding.
(b)		Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.
(c)		Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the period ending October 31, 2011, the portfolio turnover calculation excludes the value of securities purchased of $158,423,180 and sold of $177,461,241 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco Multi Sector Fund into in the Fund.
(d)		Includes litigation proceeds received during the period. Had the litigation proceeds not been received Net gains on securities (both realized and unrealized) per share for the year ended October 31, 2010 would have been $1.11, $1.06, $1.07, $1.10, $1.11, $1.10 and $1.15 for Class A, Class B, Class C, Class R, Class S, Class Y and Institutional Class, respectively and total return would have been lower. Net gains on securities (both realized and unrealized) per share for the year ended October 31, 2009 would have been $1.57, $1.52, $1.52, $1.56, $1.58 and $1.61 for Class A, Class B, Class C, Class R, Class Y and Institutional Class, respectively and total return would have been lower. Net gains on securities (both realized and unrealized) per share for the year ended October 31, 2007 would have been $2.12, $2.01, $2.02, $2.10 and $2.18 for Class A, Class B, Class C, Class R and Institutional Class, respectively and total return would have been lower.
(e)		Ratios are based on average daily net assets (000’s) of $4,154,579, $196,432, $256,865, $62,467, $21,402, $171,257 and $425,998 for Class A, Class B, Class C, Class R, Class S, Class Y, and Institutional Class shares, respectively.
(f)		Commencement date of September 25, 2009 and October 3, 2008 for Class S and Class Y shares, respectively.
(g)		Annualized.

7 Invesco Charter Fund


	n	You invest $10,000 in the Fund and hold it for the entire 10-year period;
	n	Your investment has a 5% return before expenses each year;


	n	Hypotheticals both with and without any applicable initial sales charge applied; and


	n	There is no sales charge on reinvested dividends.



Class A (Includes Maximum
Sales Charge)	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10


Annual Expense Ratio ¹		1	.12%		1	.12%		1	.12%		1	.12%		1	.12%		1	.12%		1	.12%		1	.12%		1	.12%		1	.12%
Cumulative Return Before Expenses		5	.00%		10	.25%		15	.76%		21	.55%		27	.63%		34	.01%		40	.71%		47	.75%		55	.13%		62	.89%
Cumulative Return After Expenses		(1	.83)%		1	.98%		5	.93%		10	.04%		14	.31%		18	.75%		23	.35%		28	.14%		33	.11%		38	.28%
End of Year Balance	$	9,816	.66	$	10,197	.55	$	10,593	.21	$	11,004	.23	$	11,431	.19	$	11,874	.72	$	12,335	.46	$	12,814	.08	$	13,311	.26	$	13,827	.74
Estimated Annual Expenses	$	657	.89	$	112	.08	$	116	.43	$	120	.95	$	125	.64	$	130	.51	$	135	.58	$	140	.84	$	146	.30	$	151	.98


Class A (Without Maximum
Sales Charge)	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10


Annual Expense Ratio ¹		1	.12%		1	.12%		1	.12%		1	.12%		1	.12%		1	.12%		1	.12%		1	.12%		1	.12%		1	.12%
Cumulative Return Before Expenses		5	.00%		10	.25%		15	.76%		21	.55%		27	.63%		34	.01%		40	.71%		47	.75%		55	.13%		62	.89%
Cumulative Return After Expenses		3	.88%		7	.91%		12	.10%		16	.45%		20	.96%		25	.66%		30	.53%		35	.60%		40	.86%		46	.33%
End of Year Balance	$	10,388	.00	$	10,791	.05	$	11,209	.75	$	11,644	.69	$	12,096	.50	$	12,565	.84	$	13,053	.40	$	13,559	.87	$	14,085	.99	$	14,632	.53
Estimated Annual Expenses	$	114	.17	$	118	.60	$	123	.20	$	127	.98	$	132	.95	$	138	.11	$	143	.47	$	149	.03	$	154	.82	$	160	.82


Class B ²	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10


Annual Expense Ratio ¹		1	.87%		1	.87%		1	.87%		1	.87%		1	.87%		1	.87%		1	.87%		1	.87%		1	.12%		1	.12%
Cumulative Return Before Expenses		5	.00%		10	.25%		15	.76%		21	.55%		27	.63%		34	.01%		40	.71%		47	.75%		55	.13%		62	.89%
Cumulative Return After Expenses		3	.13%		6	.36%		9	.69%		13	.12%		16	.66%		20	.31%		24	.08%		27	.96%		32	.93%		38	.08%
End of Year Balance	$	10,313	.00	$	10,635	.80	$	10,968	.70	$	11,312	.02	$	11,666	.08	$	12,031	.23	$	12,407	.81	$	12,796	.17	$	13,292	.67	$	13,808	.42
Estimated Annual Expenses	$	189	.93	$	195	.87	$	202	.00	$	208	.32	$	214	.85	$	221	.57	$	228	.51	$	235	.66	$	146	.10	$	151	.77


Class C ²	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10


Annual Expense Ratio ¹		1	.87%		1	.87%		1	.87%		1	.87%		1	.87%		1	.87%		1	.87%		1	.87%		1	.87%		1	.87%
Cumulative Return Before Expenses		5	.00%		10	.25%		15	.76%		21	.55%		27	.63%		34	.01%		40	.71%		47	.75%		55	.13%		62	.89%
Cumulative Return After Expenses		3	.13%		6	.36%		9	.69%		13	.12%		16	.66%		20	.31%		24	.08%		27	.96%		31	.97%		36	.10%
End of Year Balance	$	10,313	.00	$	10,635	.80	$	10,968	.70	$	11,312	.02	$	11,666	.08	$	12,031	.23	$	12,407	.81	$	12,796	.17	$	13,196	.69	$	13,609	.75
Estimated Annual Expenses	$	189	.93	$	195	.87	$	202	.00	$	208	.32	$	214	.85	$	221	.57	$	228	.51	$	235	.66	$	243	.03	$	250	.64


Class R	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10


Annual Expense Ratio ¹		1	.37%		1	.37%		1	.37%		1	.37%		1	.37%		1	.37%		1	.37%		1	.37%		1	.37%		1	.37%
Cumulative Return Before Expenses		5	.00%		10	.25%		15	.76%		21	.55%		27	.63%		34	.01%		40	.71%		47	.75%		55	.13%		62	.89%
Cumulative Return After Expenses		3	.63%		7	.39%		11	.29%		15	.33%		19	.52%		23	.85%		28	.35%		33	.01%		37	.84%		42	.84%
End of Year Balance	$	10,363	.00	$	10,739	.18	$	11,129	.01	$	11,532	.99	$	11,951	.64	$	12,385	.48	$	12,835	.08	$	13,300	.99	$	13,783	.82	$	14,284	.17
Estimated Annual Expenses	$	139	.49	$	144	.55	$	149	.80	$	155	.23	$	160	.87	$	166	.71	$	172	.76	$	179	.03	$	185	.53	$	192	.27


Class Y	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10


Annual Expense Ratio ¹		0	.87%		0	.87%		0	.87%		0	.87%		0	.87%		0	.87%		0	.87%		0	.87%		0	.87%		0	.87%
Cumulative Return Before Expenses		5	.00%		10	.25%		15	.76%		21	.55%		27	.63%		34	.01%		40	.71%		47	.75%		55	.13%		62	.89%
Cumulative Return After Expenses		4	.13%		8	.43%		12	.91%		17	.57%		22	.43%		27	.48%		32	.75%		38	.23%		43	.94%		49	.89%
End of Year Balance	$	10,413	.00	$	10,843	.06	$	11,290	.88	$	11,757	.19	$	12,242	.76	$	12,748	.39	$	13,274	.89	$	13,823	.15	$	14,394	.04	$	14,988	.52
Estimated Annual Expenses	$	88	.80	$	92	.46	$	96	.28	$	100	.26	$	104	.40	$	108	.71	$	113	.20	$	117	.88	$	122	.74	$	127	.81


1		Your actual expenses may be higher or lower than those shown.
2		The hypothetical assumes you hold your investment for a full 10 years. Therefore, any applicable deferred sales charge that might apply in years one through six for Class B and year one for Class C has not been deducted.

8 Invesco Charter Fund

Choosing a Share Class



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 year ⁴	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 distributions ^2,3	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 New or additional investments are not permitted.	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 Short Term Bond Fund unless you received Class C shares of Invesco Short Term Bond Fund through an exchange from Class C shares from another Invesco Fund that is still subject to a CDSC.
5		The 12b-1 fee for Class C shares of certain Funds is less than 1.00%. The “Fees and Expenses of the Fund—Annual Fund Operating Expenses” section of this prospectus reflects the actual 12b-1 fees paid by a Fund.

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 (New or additional investments in Class B5 shares are not permitted);


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—02/12

Share Class Eligibility

Class A, B, C and Invesco Cash Reserve Shares

Class A2 Shares

Class A5, B5, C5 and R5 Shares

Class P Shares

Class R Shares

Class S Shares

Class Y Shares

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.

A-2 The Invesco Funds

Distribution and Service (12b-1) Fees

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


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)


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


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	have assets of at least $1 million; or
	n	have at least 100 employees eligible to participate in the Plan; or
	n	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 investment 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

Rights of Accumulation

Letters of Intent

Reinstatement Following Redemption

This reinstatement privilege is suspended for the period of time in which a purchase block is in place on a shareholder’s account. Please see “Purchase Blocking Policy” discussed below.

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

CDSCs on Class B Shares


CDSC Category I
Year since purchase made	Class B CDSC

First		5.00	%

Second		4.00

Third		3.00

Fourth		3.00

Fifth		2.00

Sixth		1.00

Seventh and following		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

CDSCs on Class C Shares—Employee Benefit Plan

CDSCs on Class C Shares of Invesco Short Term Bond Fund

Computing a CDSC

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 Fund.
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; and


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.

Purchasing Shares

A-5 The Invesco Funds

Minimum Investments


			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 219078, Kansas City, MO 64121-9078. 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*.
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.

Systematic Purchase Plan

Dollar Cost Averaging

Automatic Dividend and Distribution Investment

A-6 The Invesco Funds

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

Redeeming Shares


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;
		n The cost basis method or specific shares you wish to redeem for tax reporting purposes, if different than the method already on record; 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

Redemption checks are mailed to your address of record, via first class U.S. mail, unless you make other arrangements with the transfer agent.

Expedited Redemptions (Invesco Cash Reserve Shares of Invesco Money Market Fund only)

Systematic Withdrawals

A-7 The Invesco Funds

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.

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.

Redemptions in Kind

Redemptions Initiated by the Funds

Minimum Account Balance

Exchanging Shares

A-8 The Invesco Funds

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, 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, 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, Y*

Class R		Class R

Class R5		Class R

Class Y		Class Y


*		You may exchange your Invesco Cash Reserve Shares, Class A shares, Class C 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

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 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 C shares or Investor Class shares of one Fund cannot 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.

Initial Sales Charges, CDSCs and 12b-1 Fees on Applicable to Exchanges

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


n	Trade activity monitoring.
n	Trading guidelines.

A-9 The Invesco Funds


n	Purchase blocking.


n	The use of fair value pricing consistent with procedures approved by the Board.

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.

Trade Activity Monitoring

Trading Guidelines

Purchase Blocking Policy

The purchase blocking policy does not apply to Invesco Money Market Fund, Invesco Tax-Exempt Cash Fund, Premier Portfolio, Premier Tax-Exempt Portfolio and Premier U.S. Government Money Portfolio.

Fair Value Pricing

Pricing of Shares

Determination of Net Asset Value

A-10 The Invesco Funds

Specific types of securities are valued as follows:

A-11 The Invesco Funds

be permitted to purchase or redeem shares of such Funds and net asset values will be calculated for such Funds.

Timing of Orders

Taxes

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 generally are 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 2012) 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	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.”

A-12 The Invesco Funds


	scheduled to rise to 31% unless the 28% rate is extended or made permanent).


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.

Tax-Exempt and Municipal Funds


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, unless such municipal securities were issued in 2009 or 2010.


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.

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.

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 generally will not 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. REIT. Please see the SAI for a discussion of the risks and special tax consequences to shareholders in the event the Fund realizes excess inclusion income in excess of certain threshold amounts.
n	The Fund’s foreign shareholders should see the SAI for a discussion of the risks and special tax consequences to them from a sale of a U.S. real property interest by a REIT in which the Fund invests.

Invesco Balanced-Risk Allocation Fund, Invesco Balanced-Risk Commodity Strategy 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 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 Subsidiary as qualifying income. If, contrary to a number of private letter rulings (PLRs) issued by the IRS, the IRS were to determine such income is non qualifying, a Fund might fail to satisfy the income requirement. In lieu of disqualification, the Funds are permitted to pay a tax for certain failures to satisfy the asset diversification or income requirements, which, in general, are limited to those due to reasonable cause and not willful neglect for taxable years of the Fund with respect

A-13 The Invesco Funds


	to which the extended due date of the return is after December 22, 2010. The Funds intend to limit their investments in their respective Subsidiary to no more than 25% of the value of each Fund’s total assets in order to satisfy the asset diversification requirement.

Invesco Emerging Market Local Currency Debt Fund

Payments to Financial Intermediaries

Important Notice Regarding Delivery of Security Holder Documents

A-14 The Invesco Funds

If you have questions about an Invesco Fund or your account, or you wish to obtain a free copy of the Fund’s current SAI, annual or semi-annual reports or Form N-Q, please contact us.


By Mail:		Invesco Investment Services, Inc. P.O. Box 219078 Kansas City, MO 64121-9078

By Telephone:		(800) 959-4246

On the Internet:		You can send us a request by e-mail or download prospectuses, SAIs, annual or semi-annual reports via our Web site: www.invesco.com/us





Invesco Charter Fund
SEC 1940 Act file number: 811-01424


invesco.com/us CHT-PRO-1


Prospectus	February 28, 2012



Class: A (CSTGX), B (CSTBX), C (CSTCX), R (CSTRX), Y (CSTYX)


Invesco Constellation Fund

Invesco Constellation Fund’s investment objective is long-term growth of capital.

An investment in the Fund:

n is not FDIC insured;

n may lose value; and

n is not guaranteed by a bank.

Table of Contents



Fund Summary		1

Investment Objective(s), Strategies, Risks and Portfolio Holdings		3


Fund Management		3
The Adviser(s)		3
Adviser Compensation		3
Portfolio Managers		3


Other Information		4
Sales Charges		4
Dividends and Distributions		4


Benchmark Descriptions		4


Financial Highlights		5


Hypothetical Investment and Expense Information		6


Shareholder Account Information		A-1
Choosing a Share Class		A-1
Share Class Eligibility		A-2
Distribution and Service (12b-1) Fees		A-3
Initial Sales Charges (Class A Shares Only)		A-3
Contingent Deferred Sales Charges (CDSCs)		A-4
Purchasing Shares		A-5
Redeeming Shares		A-7
Exchanging Shares		A-8
Rights Reserved by the Funds		A-9
Excessive Short-Term Trading Activity (Market Timing) Disclosures		A-9
Pricing of Shares		A-10
Taxes		A-12
Payments to Financial Intermediaries		A-14
Important Notice Regarding Delivery of Security Holder Documents		A-14


Obtaining Additional Information		Back Cover

Invesco Constellation Fund

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.

Shareholder Fees (fees paid directly from your investment)

Class:

Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)

5.50

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			R			Y

Management Fees		0.63	%		0.63	%		0.63	%		0.63	%		0.63	%

Distribution and/or Service (12b-1) Fees		0.25			1.00			1.00			0.50			None

Other Expenses		0.41			0.41			0.41			0.41			0.41

Total Annual Fund Operating Expenses ¹		1.29			2.04			2.04			1.54			1.04


1		Through December 31, 2012, Invesco Advisers, Inc. (Invesco or the Adviser) has contractually agreed to waive a portion of its advisory fees to the extent necessary so that the advisory fees payable by the Fund do not exceed a specified maximum annual advisory fee rate, wherein the fee rate includes breakpoints and is based upon net asset levels. The Fund’s maximum annual advisory fee rate ranges from 0.695% (for average net assets up to $250 million) to 0.52% (for average net assets over $10 billion). This fee waiver will terminate on December 31, 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.

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	$	674	$	936	$	1,219	$	2,021

Class B	$	707	$	940	$	1,298	$	2,176

Class C	$	307	$	640	$	1,098	$	2,369

Class R	$	157	$	486	$	839	$	1,834

Class Y	$	106	$	331	$	574	$	1,271

You would pay the following expenses if you did not redeem your shares:


	1 Year		3 Years		5 Years		10 Years

Class A	$	674	$	936	$	1,219	$	2,021

Class B	$	207	$	640	$	1,098	$	2,176

Class C	$	207	$	640	$	1,098	$	2,369

Class R	$	157	$	486	$	839	$	1,834

Class Y	$	106	$	331	$	574	$	1,271

Principal Investment Strategies of the Fund

The Fund invests primarily in equity securities of issuers of all market capitalizations.

The Fund may invest up to 25% of its total assets in foreign securities.

The Adviser uses a bottom-up stock selection process designed to seek returns in excess of the benchmark as well as a disciplined portfolio construction process designed to manage risk. To narrow the investment universe, the Adviser uses a holistic approach that emphasizes fundamental research and, to a lesser extent, includes quantitative analysis. The Adviser then closely examines company fundamentals, including detailed modeling of all of a company’s financial statements and discussions with company management teams, suppliers, distributors, competitors, and customers. The Adviser uses a variety of valuation techniques based on the company in question, the industry in which the company operates, the stage of the business cycle, and other factors that best reflect a company’s value. The Adviser seeks to invest in companies with strong or improving fundamentals, attractive valuation relative to growth prospects, and earning expectations that appear fair to conservative.

In attempting to meet its investment objective, the Fund engages in active and frequent trading of portfolio securities.

Principal Risks of Investing in the Fund

1 Invesco Constellation Fund

Fund can increase during times of significant market volatility. The principal risks of investing in the Fund are:

Active Trading Risk . The Fund engages in frequent trading of portfolio securities. Active trading results in added expenses and may result in a lower return and increased tax liability.

Management Risk . The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results.

Performance Information

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): 13.42%

Worst Quarter (ended December 31, 2008): -21.78%



Average Annual Total Returns (for the periods ended December 31, 2011)

	1			5			10
	Year			Years			Years

Class A shares: Inception (4/30/1976)
Return Before Taxes		-13.35	%		-5.04	%		-0.87	%
Return After Taxes on Distributions		-13.35			-5.04			-0.88
Return After Taxes on Distributions and Sale of Fund Shares		-8.68			-4.21			-0.74

Class B shares: Inception (11/3/1997)		-13.53			-5.06			-0.88

Class C shares: Inception (8/4/1997)		-9.85			-4.67			-1.03

Class R shares ¹ : Inception (6/3/2002)		-8.50			-4.19			-0.51

Class Y shares ² : Inception (10/3/2008)		-8.04			-3.79			-0.22

S&P 500 ^® Index (reflects no deductions for fees, expenses or taxes)		2.09			-0.25			2.92

Russell 1000 ^® Growth Index (reflects no deductions for fees, expenses or taxes)		2.64			2.50			2.60

Lipper Multi-Cap Growth Funds Index		-4.02			0.87			2.78


1		Class R shares’ performance shown prior to the inception date is that of Class A shares restated to reflect the higher 12b-1 fees applicable to Class R shares. Class A shares’ performance reflects any applicable fee waivers or expense reimbursements.
2		Class Y 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.

Management of the Fund

Investment Adviser: Invesco Advisers, Inc.


Portfolio Managers	Title	Length of Service on the Fund

Erik Voss	Portfolio Manager (lead)		2011

Ido Cohen	Portfolio Manager		2011

Purchase and Sale of Fund Shares

There are no minimum investments for Class R shares for fund accounts. New or additional investments in Class B shares are not permitted. The minimum investments for Class A, 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

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

2 Invesco Constellation Fund

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Investment Objective(s), Strategies, Risks and Portfolio Holdings

Objective(s) and Strategies

The Fund’s investment objective is long-term growth of capital. The Fund’s investment objective may be changed by the Board of Trustees without shareholder approval.

The Fund invests primarily in equity securities of issuers of all market capitalizations.

The Fund may invest up to 25% of its total assets in foreign securities.

The Adviser uses a bottom-up stock selection process designed to seek returns in excess of the benchmark as well as a disciplined portfolio construction process designed to manage risk. To narrow the investment universe, the Adviser uses a holistic approach that emphasizes fundamental research and, to a lesser extent, includes quantitative analysis. The Adviser then closely examines company fundamentals, including detailed modeling of all of a company’s financial statements and discussions with company management teams, suppliers, distributors, competitors, and customers. The Adviser uses a variety of valuation techniques based on the company in question, the industry in which the company operates, the stage of the business cycle, and other factors that best reflect a company’s value. The Adviser seeks to invest in companies with strong or improving fundamentals, attractive valuation relative to growth prospects, and earning expectations that appear fair to conservative.

In attempting to meet its investment objective, the Fund engages in active and frequent trading of portfolio securities.

Risks

The principal risks of investing in the Fund are:

Management Risk . The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results.

Portfolio Holdings

A description of the Fund policies and procedures with respect to the disclosure of the Fund portfolio holdings is available in the Fund SAI, which is available at www.invesco.com/us.

Fund Management

The Adviser(s)

Pending Litigation. Detailed information concerning pending litigation can be found in the SAI.

Adviser Compensation

During the fiscal year ended October 31, 2011, the Adviser received compensation of 0.62% of Invesco Constellation Fund’s average daily net assets after fee waiver and/or expense reimbursement.

Portfolio Managers

The following individuals are jointly and primarily responsible for the day-to-day management of the Fund’s portfolio:


n	Erik Voss, (lead manager), Portfolio Manager, who has been responsible for the Fund since 2011 and has been associated with Invesco and/or its affiliates since 2010. From 2006 to 2010, he was a portfolio manager with Columbia Management Investment Advisers, LLC (formerly known as RiverSource Investments, LLC).


n	Ido Cohen, Portfolio Manager, who has been responsible for the Fund since 2011 and has been associated with Invesco and/or its affiliates

3 Invesco Constellation Fund


	since 2010. From 2007 to 2010, he was a vice president and senior analyst with Columbia Management Investment Advisers, LLC (formerly known as RiverSource Investments, LLC). Prior to 2007, he was a member of a technology, media and telecom-focused investment team at Diamondback Capital.

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.

Sales Charges

Purchases of Class A shares of Invesco Constellation 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 this prospectus. Purchases of Class B shares will be subject to payment of Category I contingent deferred sales charges (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 (CDSCs)” section of the prospectus. Purchases of Class C shares are subject to a CDSC. For more information on CDSCs, see the “Shareholder Account Information—Contingent Deferred Sales Charges (CDSCs)” section of this prospectus.

Dividends and Distributions

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.

Dividends

The Fund generally declares and pays dividends from net investment income, if any, annually.

Capital Gains Distributions

Lipper Multi-Cap Growth Funds Index is an unmanaged index considered representative of multi-cap growth funds tracked by Lipper.

Russell 1000 ^® Growth Index is an unmanaged index considered representative of large-cap growth stocks. The Russell 1000 Growth Index is a trademark/service mark of the Frank Russell Co. Russell ^® is a trademark of the Frank Russell Co.

S&P 500 ^® Index is an unmanaged index considered representative of the U.S. stock market.

4 Invesco Constellation Fund

Hypothetical Investment and Expense Information

The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).

This information has been audited by PricewaterhouseCoopers LLP, whose report, along with the Fund’s financial statements, is included in the Fund’s annual report, which is available upon request.


																						Ratio of			Ratio of
						Net gains																expenses			expenses
						(losses)																to average			to average net			Ratio of net
	Net asset		Net			on securities						Dividends										net assets			assets without			investment
	value,		investment			(both			Total from			from net			Net asset					Net assets,		with fee waivers			fee waivers			income (loss)
	beginning		income			realized and			investment			investment			value, end		Total			end of period		and/or expenses			and/or expenses			to average			Portfolio
	of period		(loss) ^(a)			unrealized)			operations			income			of period		Return ^(b)			(000s omitted)		absorbed			absorbed			net assets			turnover ^(c)


Class A
Year ended 10/31/11	$	21.86	$	(0.05	)	$	0.59		$	0.54		$	—		$	22.40		2.47	%	$	2,417,873		1.27	% ^(d)		1.29	% ^(d)		(0.21	)% ^(d)		126	%
Year ended 10/31/10		18.66		(0.05	)		3.32	^(e)		3.27			(0.07	)		21.86		17.55	^(e)		2,712,368		1.32			1.34			(0.26	)		53
Year ended 10/31/09		17.79		0.08			0.79	^(e)		0.87			—			18.66		4.89	^(e)		2,684,240		1.42			1.44			0.44			90
Year ended 10/31/08		31.12		(0.04	)		(13.29	)		(13.33	)		—			17.79		(42.83	)		2,945,536		1.25			1.27			(0.16	)		96
Year ended 10/31/07		25.56		(0.07	)		5.63			5.56			—			31.12		21.75			6,145,755		1.17			1.20			(0.25	)		68

Class B
Year ended 10/31/11		19.66		(0.20	)		0.55			0.35			—			20.01		1.78			97,318		2.02	^(d)		2.04	^(d)		(0.96	) ^(d)		126
Year ended 10/31/10		16.85		(0.18	)		2.99	^(e)		2.81			—			19.66		16.68	^(e)		145,817		2.07			2.09			(1.01	)		53
Year ended 10/31/09		16.20		(0.05	)		0.70	^(e)		0.65			—			16.85		4.01	^(e)		179,737		2.17			2.19			(0.31	)		90
Year ended 10/31/08		28.54		(0.21	)		(12.13	)		(12.34	)		—			16.20		(43.24	)		281,592		2.00			2.02			(0.91	)		96
Year ended 10/31/07		23.62		(0.25	)		5.17			4.92			—			28.54		20.83			844,018		1.92			1.95			(1.00	)		68

Class C
Year ended 10/31/11		19.66		(0.20	)		0.54			0.34			—			20.00		1.73			90,152		2.02	^(d)		2.04	^(d)		(0.96	) ^(d)		126
Year ended 10/31/10		16.85		(0.18	)		2.99	^(e)		2.81			—			19.66		16.68	^(e)		100,596		2.07			2.09			(1.01	)		53
Year ended 10/31/09		16.19		(0.05	)		0.71	^(e)		0.66			—			16.85		4.08	^(e)		101,671		2.17			2.19			(0.31	)		90
Year ended 10/31/08		28.52		(0.21	)		(12.12	)		(12.33	)		—			16.19		(43.23	)		115,004		2.00			2.02			(0.91	)		96
Year ended 10/31/07		23.61		(0.25	)		5.16			4.91			—			28.52		20.80			256,377		1.92			1.95			(1.00	)		68

Class R
Year ended 10/31/11		21.55		(0.11	)		0.59			0.48			—			22.03		2.23			8,581		1.52	^(d)		1.54	^(d)		(0.46	) ^(d)		126
Year ended 10/31/10		18.40		(0.10	)		3.27	^(e)		3.17			(0.02	)		21.55		17.26	^(e)		10,155		1.57			1.59			(0.51	)		53
Year ended 10/31/09		17.59		0.03			0.78	^(e)		0.81			—			18.40		4.60	^(e)		8,987		1.67			1.69			0.19			90
Year ended 10/31/08		30.84		(0.10	)		(13.15	)		(13.25	)		—			17.59		(42.96	)		8,976		1.50			1.52			(0.41	)		96
Year ended 10/31/07		25.41		(0.14	)		5.57			5.43			—			30.84		21.37			14,580		1.42			1.45			(0.50	)		68

Class Y
Year ended 10/31/11		21.92		0.01			0.60			0.61			—			22.53		2.78			13,272		1.02	^(d)		1.04	^(d)		0.04	^(d)		126
Year ended 10/31/10		18.71		0.00			3.32	^(e)		3.32			(0.11	)		21.92		17.83	^(e)		13,229		1.07			1.09			(0.01	)		53
Year ended 10/31/09		17.80		0.12			0.79	^(e)		0.91			—			18.71		5.11	^(e)		13,003		1.17			1.19			0.69			90
Year ended 10/31/08 ^(f)		19.99		0.00			(2.19	)		(2.19	)		—			17.80		(10.96	)		5,827		1.05	^(g)		1.07	^(g)		0.04	^(g)		96

Institutional Class
Year ended 10/31/11		24.26		0.08			0.66			0.74			—			25.00		3.05			21,158		0.73	^(d)		0.75	^(d)		0.33	^(d)		126
Year ended 10/31/10		20.70		0.07			3.68	^(e)		3.75			(0.19	)		24.26		18.22	^(e)		24,534		0.76			0.78			0.30			53
Year ended 10/31/09		19.61		0.21			0.88	^(e)		1.09			—			20.70		5.56	^(e)		45,219		0.75			0.77			1.11			90
Year ended 10/31/08		34.14		0.09			(14.62	)		(14.53	)		—			19.61		(42.56	)		52,187		0.78			0.80			0.31			96
Year ended 10/31/07		27.92		0.06			6.16			6.22			—			34.14		22.28			115,443		0.71			0.74			0.21			68


(a)		Calculated using average shares outstanding.
(b)		Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.
(c)		Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.
(d)		Ratios are based on average daily net assets (000’s) of $2,684,321, $126,733, $100,012, $9,783, $13,953 and $23,784 for Class A, Class B, Class C, Class R, Class Y and Institutional Class shares, respectively.
(e)		Includes litigation proceeds received during the period. Had the litigation proceeds not been received, net gains on securities (both realized and unrealized) per share, for the year ended October 31, 2010, would have been $2.62, $2.29, $2.29, $2.57, $2.62 and $2.98 for Class A, Class B, Class C, Class R, Class Y and Institutional Class shares, respectively, and total returns would have been lower; net gains on securities (both realized and unrealized) per share, for the year ended October 31, 2009, would have been $0.61, $0.52, $0.53, $0.60, $0.61 and $0.70 for Class A, Class B, Class C, Class R, Class Y and Institutional Class shares, respectively, and total returns would have been lower.
(f)		Commencement date of October 3, 2008.
(g)		Annualized.

5 Invesco Constellation Fund


	n	You invest $10,000 in the Fund and hold it for the entire 10-year period;
	n	Your investment has a 5% return before expenses each year;


	n	Hypotheticals both with and without any applicable initial sales charge applied; and


	n	There is no sales charge on reinvested dividends.



Class A (Includes Maximum
Sales Charge)	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10


Annual Expense Ratio ¹		1	.29%		1	.29%		1	.29%		1	.29%		1	.29%		1	.29%		1	.29%		1	.29%		1	.29%		1	.29%
Cumulative Return Before Expenses		5	.00%		10	.25%		15	.76%		21	.55%		27	.63%		34	.01%		40	.71%		47	.75%		55	.13%		62	.89%
Cumulative Return After Expenses		(1	.99)%		1	.64%		5	.41%		9	.32%		13	.38%		17	.59%		21	.95%		26	.47%		31	.16%		36	.03%
End of Year Balance	$	9,800	.60	$	10,164	.20	$	10,541	.29	$	10,932	.37	$	11,337	.96	$	11,758	.60	$	12,194	.84	$	12,647	.27	$	13,116	.49	$	13,603	.11
Estimated Annual Expenses	$	674	.17	$	128	.77	$	133	.55	$	138	.51	$	143	.64	$	148	.97	$	154	.50	$	160	.23	$	166	.18	$	172	.34


Class A (Without Maximum
Sales Charge)	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10


Annual Expense Ratio ¹		1	.29%		1	.29%		1	.29%		1	.29%		1	.29%		1	.29%		1	.29%		1	.29%		1	.29%		1	.29%
Cumulative Return Before Expenses		5	.00%		10	.25%		15	.76%		21	.55%		27	.63%		34	.01%		40	.71%		47	.75%		55	.13%		62	.89%
Cumulative Return After Expenses		3	.71%		7	.56%		11	.55%		15	.69%		19	.98%		24	.43%		29	.05%		33	.83%		38	.80%		43	.95%
End of Year Balance	$	10,371	.00	$	10,755	.76	$	11,154	.80	$	11,568	.65	$	11,997	.84	$	12,442	.96	$	12,904	.60	$	13,383	.36	$	13,879	.88	$	14,394	.82
Estimated Annual Expenses	$	131	.39	$	136	.27	$	141	.32	$	146	.57	$	152	.00	$	157	.64	$	163	.49	$	169	.56	$	175	.85	$	182	.37


Class B ²	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10


Annual Expense Ratio ¹		2	.04%		2	.04%		2	.04%		2	.04%		2	.04%		2	.04%		2	.04%		2	.04%		1	.29%		1	.29%
Cumulative Return Before Expenses		5	.00%		10	.25%		15	.76%		21	.55%		27	.63%		34	.01%		40	.71%		47	.75%		55	.13%		62	.89%
Cumulative Return After Expenses		2	.96%		6	.01%		9	.15%		12	.38%		15	.70%		19	.13%		22	.65%		26	.28%		30	.97%		35	.83%
End of Year Balance	$	10,296	.00	$	10,600	.76	$	10,914	.54	$	11,237	.61	$	11,570	.25	$	11,912	.73	$	12,265	.34	$	12,628	.40	$	13,096	.91	$	13,582	.81
Estimated Annual Expenses	$	207	.02	$	213	.15	$	219	.46	$	225	.95	$	232	.64	$	239	.53	$	246	.62	$	253	.92	$	165	.93	$	172	.08


Class C ²	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10


Annual Expense Ratio ¹		2	.04%		2	.04%		2	.04%		2	.04%		2	.04%		2	.04%		2	.04%		2	.04%		2	.04%		2	.04%
Cumulative Return Before Expenses		5	.00%		10	.25%		15	.76%		21	.55%		27	.63%		34	.01%		40	.71%		47	.75%		55	.13%		62	.89%
Cumulative Return After Expenses		2	.96%		6	.01%		9	.15%		12	.38%		15	.70%		19	.13%		22	.65%		26	.28%		30	.02%		33	.87%
End of Year Balance	$	10,296	.00	$	10,600	.76	$	10,914	.54	$	11,237	.61	$	11,570	.25	$	11,912	.73	$	12,265	.34	$	12,628	.40	$	13,002	.20	$	13,387	.06
Estimated Annual Expenses	$	207	.02	$	213	.15	$	219	.46	$	225	.95	$	232	.64	$	239	.53	$	246	.62	$	253	.92	$	261	.43	$	269	.17


Class R	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10


Annual Expense Ratio ¹		1	.54%		1	.54%		1	.54%		1	.54%		1	.54%		1	.54%		1	.54%		1	.54%		1	.54%		1	.54%
Cumulative Return Before Expenses		5	.00%		10	.25%		15	.76%		21	.55%		27	.63%		34	.01%		40	.71%		47	.75%		55	.13%		62	.89%
Cumulative Return After Expenses		3	.46%		7	.04%		10	.74%		14	.58%		18	.54%		22	.64%		26	.88%		31	.27%		35	.82%		40	.52%
End of Year Balance	$	10,346	.00	$	10,703	.97	$	11,074	.33	$	11,457	.50	$	11,853	.93	$	12,264	.08	$	12,688	.41	$	13,127	.43	$	13,581	.64	$	14,051	.57
Estimated Annual Expenses	$	156	.66	$	162	.08	$	167	.69	$	173	.50	$	179	.50	$	185	.71	$	192	.13	$	198	.78	$	205	.66	$	212	.78


Class Y	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10


Annual Expense Ratio ¹		1	.04%		1	.04%		1	.04%		1	.04%		1	.04%		1	.04%		1	.04%		1	.04%		1	.04%		1	.04%
Cumulative Return Before Expenses		5	.00%		10	.25%		15	.76%		21	.55%		27	.63%		34	.01%		40	.71%		47	.75%		55	.13%		62	.89%
Cumulative Return After Expenses		3	.96%		8	.08%		12	.36%		16	.81%		21	.43%		26	.24%		31	.24%		36	.44%		41	.84%		47	.46%
End of Year Balance	$	10,396	.00	$	10,807	.68	$	11,235	.67	$	11,680	.60	$	12,143	.15	$	12,624	.02	$	13,123	.93	$	13,643	.64	$	14,183	.93	$	14,745	.61
Estimated Annual Expenses	$	106	.06	$	110	.26	$	114	.63	$	119	.16	$	123	.88	$	128	.79	$	133	.89	$	139	.19	$	144	.70	$	150	.43


1		Your actual expenses may be higher or lower than those shown.
2		The hypothetical assumes you hold your investment for a full 10 years. Therefore, any applicable deferred sales charge that might apply in years one through six for Class B and year one for Class C has not been deducted.

6 Invesco Constellation Fund

Choosing a Share Class



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 year ⁴	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 distributions ^2,3	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 New or additional investments are not permitted.	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 Short Term Bond Fund unless you received Class C shares of Invesco Short Term Bond Fund through an exchange from Class C shares from another Invesco Fund that is still subject to a CDSC.
5		The 12b-1 fee for Class C shares of certain Funds is less than 1.00%. The “Fees and Expenses of the Fund—Annual Fund Operating Expenses” section of this prospectus reflects the actual 12b-1 fees paid by a Fund.

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 (New or additional investments in Class B5 shares are not permitted);


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—02/12

Share Class Eligibility

Class A, B, C and Invesco Cash Reserve Shares

Class A2 Shares

Class A5, B5, C5 and R5 Shares

Class P Shares

Class R Shares

Class S Shares

Class Y Shares

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.

A-2 The Invesco Funds

Distribution and Service (12b-1) Fees

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


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)


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


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	have assets of at least $1 million; or
	n	have at least 100 employees eligible to participate in the Plan; or
	n	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 investment 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

Rights of Accumulation

Letters of Intent

Reinstatement Following Redemption

This reinstatement privilege is suspended for the period of time in which a purchase block is in place on a shareholder’s account. Please see “Purchase Blocking Policy” discussed below.

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

CDSCs on Class B Shares


CDSC Category I
Year since purchase made	Class B CDSC

First		5.00	%

Second		4.00

Third		3.00

Fourth		3.00

Fifth		2.00

Sixth		1.00

Seventh and following		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

CDSCs on Class C Shares—Employee Benefit Plan

CDSCs on Class C Shares of Invesco Short Term Bond Fund

Computing a CDSC

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 Fund.
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; and


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.

Purchasing Shares

A-5 The Invesco Funds

Minimum Investments


			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 219078, Kansas City, MO 64121-9078. 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*.
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.

Systematic Purchase Plan

Dollar Cost Averaging

Automatic Dividend and Distribution Investment

A-6 The Invesco Funds

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

Redeeming Shares


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;
		n The cost basis method or specific shares you wish to redeem for tax reporting purposes, if different than the method already on record; 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

Redemption checks are mailed to your address of record, via first class U.S. mail, unless you make other arrangements with the transfer agent.

Expedited Redemptions (Invesco Cash Reserve Shares of Invesco Money Market Fund only)

Systematic Withdrawals

A-7 The Invesco Funds

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.

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.

Redemptions in Kind

Redemptions Initiated by the Funds

Minimum Account Balance

Exchanging Shares

A-8 The Invesco Funds

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, 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, 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, Y*

Class R		Class R

Class R5		Class R

Class Y		Class Y


*		You may exchange your Invesco Cash Reserve Shares, Class A shares, Class C 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

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 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 C shares or Investor Class shares of one Fund cannot 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.

Initial Sales Charges, CDSCs and 12b-1 Fees on Applicable to Exchanges

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


n	Trade activity monitoring.
n	Trading guidelines.

A-9 The Invesco Funds


n	Purchase blocking.


n	The use of fair value pricing consistent with procedures approved by the Board.

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.

Trade Activity Monitoring

Trading Guidelines

Purchase Blocking Policy

The purchase blocking policy does not apply to Invesco Money Market Fund, Invesco Tax-Exempt Cash Fund, Premier Portfolio, Premier Tax-Exempt Portfolio and Premier U.S. Government Money Portfolio.

Fair Value Pricing

Pricing of Shares

Determination of Net Asset Value

A-10 The Invesco Funds

Specific types of securities are valued as follows:

A-11 The Invesco Funds

be permitted to purchase or redeem shares of such Funds and net asset values will be calculated for such Funds.

Timing of Orders

Taxes

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 generally are 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 2012) 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	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.”

A-12 The Invesco Funds


	scheduled to rise to 31% unless the 28% rate is extended or made permanent).


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.

Tax-Exempt and Municipal Funds


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, unless such municipal securities were issued in 2009 or 2010.


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.

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.

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 generally will not 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. REIT. Please see the SAI for a discussion of the risks and special tax consequences to shareholders in the event the Fund realizes excess inclusion income in excess of certain threshold amounts.
n	The Fund’s foreign shareholders should see the SAI for a discussion of the risks and special tax consequences to them from a sale of a U.S. real property interest by a REIT in which the Fund invests.

Invesco Balanced-Risk Allocation Fund, Invesco Balanced-Risk Commodity Strategy 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 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 Subsidiary as qualifying income. If, contrary to a number of private letter rulings (PLRs) issued by the IRS, the IRS were to determine such income is non qualifying, a Fund might fail to satisfy the income requirement. In lieu of disqualification, the Funds are permitted to pay a tax for certain failures to satisfy the asset diversification or income requirements, which, in general, are limited to those due to reasonable cause and not willful neglect for taxable years of the Fund with respect

A-13 The Invesco Funds


	to which the extended due date of the return is after December 22, 2010. The Funds intend to limit their investments in their respective Subsidiary to no more than 25% of the value of each Fund’s total assets in order to satisfy the asset diversification requirement.

Invesco Emerging Market Local Currency Debt Fund

Payments to Financial Intermediaries

Important Notice Regarding Delivery of Security Holder Documents

A-14 The Invesco Funds

If you have questions about an Invesco Fund or your account, or you wish to obtain a free copy of the Fund’s current SAI, annual or semi-annual reports or Form N-Q, please contact us.


By Mail:		Invesco Investment Services, Inc. P.O. Box 219078 Kansas City, MO 64121-9078

By Telephone:		(800) 959-4246

On the Internet:		You can send us a request by e-mail or download prospectuses, SAIs, annual or semi-annual reports via our Web site: www.invesco.com/us





Invesco Constellation Fund
SEC 1940 Act file number: 811-01424


invesco.com/us CST-PRO-1


Prospectus	February 28, 2012



Class: Y (AWEIX)


Invesco Disciplined Equity Fund

Invesco Disciplined Equity Fund’s investment objective is long-term capital appreciation and, secondarily, current income.

An investment in the Fund:

n is not FDIC insured;

n may lose value; and

n is not guaranteed by a bank.

Table of Contents



Fund Summary		1

Investment Objective(s), Strategies, Risks and Portfolio Holdings		2


Fund Management		3
The Adviser(s)		3
Adviser Compensation		3
Portfolio Managers		3


Other Information		3
Dividends and Distributions		3


Benchmark Descriptions		3


Financial Highlights		4


Hypothetical Investment and Expense Information		5


Shareholder Account Information		A-1
Choosing a Share Class		A-1
Share Class Eligibility		A-2
Distribution and Service (12b-1) Fees		A-3
Initial Sales Charges (Class A Shares Only)		A-3
Contingent Deferred Sales Charges (CDSCs)		A-4
Purchasing Shares		A-5
Redeeming Shares		A-7
Exchanging Shares		A-8
Rights Reserved by the Funds		A-9
Excessive Short-Term Trading Activity (Market Timing) Disclosures		A-9
Pricing of Shares		A-10
Taxes		A-12
Payments to Financial Intermediaries		A-14
Important Notice Regarding Delivery of Security Holder Documents		A-14


Obtaining Additional Information		Back Cover

Invesco Disciplined Equity Fund

Investment Objective(s)

The Fund’s investment objective is long-term capital appreciation and, secondarily, current income.

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.



Shareholder Fees (fees paid directly from your investment)

Class:	Y

Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)		None

Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, whichever is less)		None



Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Class:	Y

Management Fees		0.70	%

Distribution and/or Service (12b-1) Fees		None

Other Expenses		0.11

Total Annual Fund Operating Expenses		0.81

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.

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 Y	$	83	$	259	$	450	$	1,002

Principal Investment Strategies of the Fund

The Fund invests, under normal circumstances, at least 80% of net assets (plus borrowing for investment purposes) in equity securities. In complying with the 80% investment requirement, the Fund may include synthetic securities that have economic characteristics similar to the Fund’s direct investments that are counted toward the 80% investment requirement. The Fund invests in U.S. issuers and may also invest in equity securities of foreign issuers. The Fund may also invest in debt securities, including lower quality debt securities.

The Fund may invest up to 25% of its total assets in foreign securities.

The Fund normally invests in securities that generate strong cash flow and are available at attractive valuations. The Fund’s portfolio managers will be opportunistic with regard to the prices the Fund will pay for new investments and at which it will terminate positions. The Fund is not restricted to investing in particular sectors or in securities within a market capitalization range, but will tend toward large-cap issuers.

The Fund’s portfolio managers emphasize a bottom-up, fundamental stock selection that focuses on issuers that can consistently deliver strong cash flow growth and return on invested capital. The portfolio managers invest in issuers with a proven track record of solid business execution. These issuers typically have a proprietary product or business approach that allows them to be leaders within their respective industries. In addition, the portfolio managers emphasize diversification in terms of sector exposure as well as the number of securities held, and normally expect low turnover of holdings.

The portfolio managers consider selling a stock when its fundamental business prospects deteriorate, its ability to generate cash declines, or when they think the stock is too expensive based on cash flow valuation metrics.

Principal Risks of Investing in the Fund

Credit Risk . The issuer of instruments in which the Fund invests may be unable to meet interest and/or principal payments, thereby causing its instruments to decrease in value and lowering the issuer’s credit rating.

Management Risk . The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results.

Synthetic Securities Risk . Fluctuations in the values of synthetic securities may not correlate perfectly with the instruments they are designed to replicate. Synthetic securities may be subject to interest rate changes, market price fluctuations, counterparty risk and liquidity risk.

Performance Information

The bar chart and performance table provide an indication of the risks of investing in the Fund. The returns shown for the period prior to September 21, 2009, are those of Institutional Class shares of Atlantic Whitehall Equity Income Fund (the predecessor fund), which are not offered by the Fund. The predecessor fund was advised by Stein Roe Investment Counsel, Inc. The predecessor fund was reorganized into Class Y shares of Invesco Disciplined Equity Fund on September 21, 2009. Class Y shares’ returns will be different from the predecessor fund as they have different expenses. The performance table compares the Fund’s performance to that of a broad-based securities market benchmark 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.

1 Invesco Disciplined Equity Fund

Annual Total Returns

Best Quarter (ended June 30, 2009): 16.82%

Worst Quarter (ended December 31, 2008): -20.66%



Average Annual Total Returns (for the periods ended December 31, 2011)

	1			5			Since
	Year			Years			Inception

Class Y shares ¹ : Inception (12/1/2005)
Return Before Taxes		4.24	%		1.82	%		3.48	%
Return After Taxes on Distributions		3.82			1.20			2.91
Return After Taxes on Distributions and Sale of Fund Shares		3.31			1.41			2.84

S&P 500 ^® Index (reflects no deductions for fees, expenses or taxes) (from 11/30/2005)		2.09			-0.25			2.24


1		Class Y shares’ performance shown prior to September 21, 2009 is that of the predecessor fund’s Institutional Class shares at net asset value and reflects the expenses applicable to the predecessor fund. The inception date of the predecessor fund’s Institutional Class shares is December 1, 2005.

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 Y 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

Patricia Bannan	Portfolio Manager		2010

Paul McPheeters	Portfolio Manager		2009

Purchase and Sale of Fund Shares

The minimum investments for Class 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

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

Payments to Broker-Dealers and Other Financial Intermediaries

Investment Objective(s), Strategies, Risks and Portfolio Holdings

Objective(s) and Strategies

The Fund’s investment objective is long-term capital appreciation and, secondarily, current income. The Fund’s investment objective may be changed by the Board of Trustees without shareholder approval.

The Fund may invest up to 25% of its total assets in foreign securities.

The Fund’s portfolio managers emphasize a bottom-up, fundamental stock selection that focuses on issuers that can consistently deliver strong cash flow growth and return on invested capital. The portfolio managers also look to invest in issuers with a proven track record of solid business execution because they believe that such a history is an indication of the value of the underlying franchise or market position. These issuers typically have a proprietary product or business approach that allows them to be leaders within their respective industries. In addition, the portfolio managers emphasize diversification in terms of sector exposure as well as the number of securities held, and normally expect low turnover of holdings.

2 Invesco Disciplined Equity Fund

Risks

The principal risks of investing in the Fund are:

Credit Risk . The issuers of instruments in which the Fund invests may be unable to meet interest and/or principal payments. This risk is increased to the extent the Fund invests in junk bonds. An issuer’s securities may decrease in value if its financial strength weakens, which may reduce its credit rating and possibly its ability to meet its contractual obligations.

Interest Rate Risk . Interest rate risk refers to the risk that bond prices generally fall as interest rates rise; conversely, bond prices generally rise as interest rates fall. Specific bonds differ in their sensitivity to changes in interest rates depending on their individual characteristics. One measure of this sensitivity is called duration. The longer the duration of a particular bond, the greater its price sensitivity is to interest rates. Similarly, a longer duration portfolio of securities has greater price sensitivity. Falling interest rates may also prompt some issuers to refinance existing debt, which could affect the Fund’s performance.

Management Risk . The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results.

Portfolio Holdings

A description of the Fund policies and procedures with respect to the disclosure of the Fund portfolio holdings is available in the Fund SAI, which is available at www.invesco.com/us.

Fund Management

The Adviser(s)

Pending Litigation. Detailed information concerning pending litigation can be found in the SAI.

Adviser Compensation

During the fiscal year ended October 31, 2011, the Adviser received compensation of 0.69% of Invesco Disciplined Equity Fund’s average daily net assets.

Portfolio Managers

The following individuals are jointly and primarily responsible for the day-to-day management of the Fund’s portfolio:


n	Patricia Bannan, Portfolio Manager, who has been responsible for the Fund since 2010 and has been associated with Invesco and/or its affiliates since 2007. From 1999 to 2005, she was a portfolio manager and ultimately the head of the large cap growth team at Evergreen Investments.

n	Paul McPheeters, Portfolio Manager, who has been responsible for the Fund since inception on September 21, 2009, as well as the Fund’s predecessor from its inception on December 1, 2005, with the exception of the first five months of 2006. Mr. McPheeters has been associated with Invesco and/or its affiliates from 1997 thru 2005 and again from 2006 to the present. During the first five months of 2006, Mr. McPheeters served as a portfolio manager with another investment management company managing unregistered portfolios.

The Adviser employs a team approach with specific individual members of the team having final authority and ultimate accountability specific phases of the process. Portfolio managers and analysts are responsible for research in the sectors they cover. All members of the team conduct fundamental research to identify investment candidates and participate in the portfolio construction process. The lead portfolio managers of the team are jointly and primarily responsible for making the day-to-day investment decisions for the Fund.

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.

Dividends and Distributions

The Fund expects, based on its investment objectives and strategies, that its distributions, if any, will consist of ordinary income, capital gains, or some combination of both.

Dividends

The Fund generally declares and pays dividends from net investment income, if any, annually.

Capital Gains Distributions

S&P 500 ^® Index is an unmanaged index considered representative of the U.S. stock market.

3 Invesco Disciplined Equity Fund

Hypothetical Investment and Expense Information

The financial highlights show the Fund’s financial history for the past five fiscal years or, if shorter, the period of operations of the Fund. The financial highlights table is intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single Fund share.

The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund or predecessor fund, as applicable (assuming reinvestment of all dividends and distributions).

The information for the period ended 2009 has been audited by PricewaterhouseCoopers LLP, whose report, along with the Fund’s financial statements, is included in the Fund’s annual report, which is available upon request. Information prior to fiscal year ended 2009 was audited by other independent registered public accountants.

Financial history prior to September 21, 2009 is that of the predecessor fund.


																												Ratio of			Ratio of
						Net gains																						expenses			expenses
						(losses)																						to average			to average net			Ratio of net
	Net asset					on securities						Dividends			Distributions													net assets			assets without			investment
	value,		Net			(both			Total from			from net			from net						Net asset					Net assets,		with fee waivers			fee waivers			income to
	beginning		investment			realized and			investment			investment			realized			Total			value, end		Total			end of period		and/or expenses			and/or expenses			average			Portfolio
	of period		income			unrealized)			operations			income			gains			Distributions			of period		Return ^(a)			(000s omitted)		absorbed			absorbed			net assets			turnover ^(b)


Class Y*
Year ended 10/31/11	$	9.61	$	0.09	^(c)	$	1.00		$	1.09		$	(0.09	)	$	—		$	(0.09	)	$	10.61		11.44	%	$	227,712		0.80	% ^(d)		0.81	% ^(d)		0.89	% ^(d)		38	%
Year ended 10/31/10		8.47		0.09	^(c)		1.13			1.22			(0.08	)		0.00			(0.08	)		9.61		14.51			188,719		0.74			0.75			0.96			34
Eleven months ended 10/31/09		7.08		0.08	^(c)		1.43			1.51			(0.12	)		0.00			(0.12	)		8.47		21.80			166,898		1.12			1.33			1.16			44
Year ended 11/30/08		11.89		0.10			(3.71	)		(3.61	)		(0.13	)		(1.07	)		(1.20	)		7.08		(33.81	)		171,200		1.04			1.04			0.95			45
Year ended 11/30/07		11.00		0.11			0.80			0.91			(0.02	)		0.00			(0.02	)		11.89		8.14			284,846		1.01			1.05			1.08			95
Year ended 11/30/06 ^(e)		10.00		0.08			0.99			1.07			(0.07	)		0.00			(0.07	)		11.00		10.87			49,201		1.10	^(f)		1.64	^(f)		1.32	^(f)		43


*		Prior to September 21, 2009, the Fund operated as Atlantic Whitehall Equity Income Fund. On such date, holders of Institutional Class received Class Y shares of the Fund.
(a)		Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.
(b)		Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.
(c)		Calculated using average shares outstanding.
(d)		Ratios are based on average daily net assets (000’s omitted) of $213,367.
(e)		Commencement date of December 1, 2005.
(f)		Annualized.

4 Invesco Disciplined Equity Fund


	n	You invest $10,000 in the Fund and hold it for the entire 10-year period;
	n	Your investment has a 5% return before expenses each year;
	n	Hypotheticals both with and without any applicable initial sales charge applied; and
	n	There is no sales charge on reinvested dividends.



Class Y	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10


Annual Expense Ratio ¹		0	.81%		0	.81%		0	.81%		0	.81%		0	.81%		0	.81%		0	.81%		0	.81%		0	.81%		0	.81%
Cumulative Return Before Expenses		5	.00%		10	.25%		15	.76%		21	.55%		27	.63%		34	.01%		40	.71%		47	.75%		55	.13%		62	.89%
Cumulative Return After Expenses		4	.19%		8	.56%		13	.10%		17	.84%		22	.78%		27	.93%		33	.29%		38	.87%		44	.69%		50	.75%
End of Year Balance	$	10,419	.00	$	10,855	.56	$	11,310	.40	$	11,784	.31	$	12,278	.07	$	12,792	.52	$	13,328	.53	$	13,887	.00	$	14,468	.86	$	15,075	.11
Estimated Annual Expenses	$	82	.70	$	86	.16	$	89	.77	$	93	.53	$	97	.45	$	101	.54	$	105	.79	$	110	.22	$	114	.84	$	119	.65


1 Your actual expenses may be higher or lower than those shown.

5 Invesco Disciplined Equity Fund

Choosing a Share Class



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 year ⁴	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 distributions ^2,3	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 New or additional investments are not permitted.	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 Short Term Bond Fund unless you received Class C shares of Invesco Short Term Bond Fund through an exchange from Class C shares from another Invesco Fund that is still subject to a CDSC.
5		The 12b-1 fee for Class C shares of certain Funds is less than 1.00%. The “Fees and Expenses of the Fund—Annual Fund Operating Expenses” section of this prospectus reflects the actual 12b-1 fees paid by a Fund.

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 (New or additional investments in Class B5 shares are not permitted);


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—02/12

Share Class Eligibility

Class A, B, C and Invesco Cash Reserve Shares

Class A2 Shares

Class A5, B5, C5 and R5 Shares

Class P Shares

Class R Shares

Class S Shares

Class Y Shares

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.

A-2 The Invesco Funds

Distribution and Service (12b-1) Fees

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


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)


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


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	have assets of at least $1 million; or
	n	have at least 100 employees eligible to participate in the Plan; or
	n	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 investment 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

Rights of Accumulation

Letters of Intent

Reinstatement Following Redemption

This reinstatement privilege is suspended for the period of time in which a purchase block is in place on a shareholder’s account. Please see “Purchase Blocking Policy” discussed below.

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

CDSCs on Class B Shares


CDSC Category I
Year since purchase made	Class B CDSC

First		5.00	%

Second		4.00

Third		3.00

Fourth		3.00

Fifth		2.00

Sixth		1.00

Seventh and following		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

CDSCs on Class C Shares—Employee Benefit Plan

CDSCs on Class C Shares of Invesco Short Term Bond Fund

Computing a CDSC

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 Fund.
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; and


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.

Purchasing Shares

A-5 The Invesco Funds

Minimum Investments


			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 219078, Kansas City, MO 64121-9078. 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*.
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.

Systematic Purchase Plan

Dollar Cost Averaging

Automatic Dividend and Distribution Investment

A-6 The Invesco Funds

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

Redeeming Shares


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;
		n The cost basis method or specific shares you wish to redeem for tax reporting purposes, if different than the method already on record; 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

Redemption checks are mailed to your address of record, via first class U.S. mail, unless you make other arrangements with the transfer agent.

Expedited Redemptions (Invesco Cash Reserve Shares of Invesco Money Market Fund only)

Systematic Withdrawals

A-7 The Invesco Funds

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.

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.

Redemptions in Kind

Redemptions Initiated by the Funds

Minimum Account Balance

Exchanging Shares

A-8 The Invesco Funds

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, 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, 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, Y*

Class R		Class R

Class R5		Class R

Class Y		Class Y


*		You may exchange your Invesco Cash Reserve Shares, Class A shares, Class C 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

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 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 C shares or Investor Class shares of one Fund cannot 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.

Initial Sales Charges, CDSCs and 12b-1 Fees on Applicable to Exchanges

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


n	Trade activity monitoring.
n	Trading guidelines.

A-9 The Invesco Funds


n	Purchase blocking.


n	The use of fair value pricing consistent with procedures approved by the Board.

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.

Trade Activity Monitoring

Trading Guidelines

Purchase Blocking Policy

The purchase blocking policy does not apply to Invesco Money Market Fund, Invesco Tax-Exempt Cash Fund, Premier Portfolio, Premier Tax-Exempt Portfolio and Premier U.S. Government Money Portfolio.

Fair Value Pricing

Pricing of Shares

Determination of Net Asset Value

A-10 The Invesco Funds

Specific types of securities are valued as follows:

A-11 The Invesco Funds

be permitted to purchase or redeem shares of such Funds and net asset values will be calculated for such Funds.

Timing of Orders

Taxes

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 generally are 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 2012) 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	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.”

A-12 The Invesco Funds


	scheduled to rise to 31% unless the 28% rate is extended or made permanent).


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.

Tax-Exempt and Municipal Funds


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, unless such municipal securities were issued in 2009 or 2010.


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.

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.

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 generally will not 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. REIT. Please see the SAI for a discussion of the risks and special tax consequences to shareholders in the event the Fund realizes excess inclusion income in excess of certain threshold amounts.
n	The Fund’s foreign shareholders should see the SAI for a discussion of the risks and special tax consequences to them from a sale of a U.S. real property interest by a REIT in which the Fund invests.

Invesco Balanced-Risk Allocation Fund, Invesco Balanced-Risk Commodity Strategy 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 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 Subsidiary as qualifying income. If, contrary to a number of private letter rulings (PLRs) issued by the IRS, the IRS were to determine such income is non qualifying, a Fund might fail to satisfy the income requirement. In lieu of disqualification, the Funds are permitted to pay a tax for certain failures to satisfy the asset diversification or income requirements, which, in general, are limited to those due to reasonable cause and not willful neglect for taxable years of the Fund with respect

A-13 The Invesco Funds


	to which the extended due date of the return is after December 22, 2010. The Funds intend to limit their investments in their respective Subsidiary to no more than 25% of the value of each Fund’s total assets in order to satisfy the asset diversification requirement.

Invesco Emerging Market Local Currency Debt Fund

Payments to Financial Intermediaries

Important Notice Regarding Delivery of Security Holder Documents

A-14 The Invesco Funds

If you have questions about an Invesco Fund or your account, or you wish to obtain a free copy of the Fund’s current SAI, annual or semi-annual reports or Form N-Q, please contact us.


By Mail:		Invesco Investment Services, Inc. P.O. Box 219078 Kansas City, MO 64121-9078

By Telephone:		(800) 959-4246

On the Internet:		You can send us a request by e-mail or download prospectuses, SAIs, annual or semi-annual reports via our Web site: www.invesco.com/us





Invesco Disciplined Equity Fund
SEC 1940 Act file number: 811-01424


invesco.com/us DEQ-PRO-1


Prospectus	February 28, 2012



Class: A (LCEAX), B (LCEDX), C (LCEVX), Investor (LCEIX), R (DDFRX), Y (LCEYX)


Invesco Diversified Dividend Fund

Invesco Diversified Dividend Fund’s investment objective is long-term growth of capital and, secondarily, current income.

Investor Class shares offered by this prospectus are offered only to grandfathered investors.

An investment in the Fund:

n is not FDIC insured;

n may lose value; and

n is not guaranteed by a bank.

Table of Contents



Fund Summary		1

Investment Objective(s), Strategies, Risks and Portfolio Holdings		3


Fund Management		4
The Adviser(s)		4
Adviser Compensation		4
Portfolio Managers		4


Other Information		4
Sales Charges		4
Dividends and Distributions		4


Benchmark Descriptions		4


Financial Highlights		6


Hypothetical Investment and Expense Information		7


Shareholder Account Information		A-1
Choosing a Share Class		A-1
Share Class Eligibility		A-2
Distribution and Service (12b-1) Fees		A-3
Initial Sales Charges (Class A Shares Only)		A-3
Contingent Deferred Sales Charges (CDSCs)		A-4
Purchasing Shares		A-5
Redeeming Shares		A-7
Exchanging Shares		A-8
Rights Reserved by the Funds		A-9
Excessive Short-Term Trading Activity (Market Timing) Disclosures		A-9
Pricing of Shares		A-10
Taxes		A-12
Payments to Financial Intermediaries		A-14
Important Notice Regarding Delivery of Security Holder Documents		A-14


Obtaining Additional Information		Back Cover

Invesco Diversified Dividend Fund

Investment Objective(s)

The Fund’s investment objective is long-term growth of capital and, secondarily, current income.

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.

Shareholder Fees (fees paid directly from your investment)

Class:

Investor

Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)

5.50

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			R			Y			Investor

Management Fees		0.51	%		0.51	%		0.51	%		0.51	%		0.51	%		0.51	%

Distribution and/or Service (12b-1) Fees		0.25			1.00			1.00			0.50			None			0.18

Other Expenses		0.21			0.21			0.21			0.21			0.21			0.21

Total Annual Fund Operating Expenses		0.97			1.72			1.72			1.22			0.72			0.90

Fee Waiver and/or Expense Reimbursement ¹		0.02			0.02			0.02			0.02			0.02			0.02

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement		0.95			1.70			1.70			1.20			0.70			0.88


1		Invesco Advisers, Inc. (Invesco or the Adviser) has contractually agreed, through at least June 30, 2013, 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 in the SAI) of Class A, Class B, Class C, Class R, Class Y and Investor Class shares to 0.95%, 1.70%, 1.70%, 1.20%, 0.70% and 0.95%, respectively, of average daily net assets. Unless the Board of Trustees and Invesco mutually agree to amend or continue the fee waiver agreement, it will terminate on June 30, 2013.

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.

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	$	642	$	840	$	1,055	$	1,673

Class B	$	673	$	840	$	1,131	$	1,830

Class C	$	273	$	540	$	931	$	2,029

Class R	$	122	$	385	$	668	$	1,476

Class Y	$	72	$	228	$	399	$	893

Investor Class	$	90	$	285	$	497	$	1,106

You would pay the following expenses if you did not redeem your shares:


	1 Year		3 Years		5 Years		10 Years

Class A	$	642	$	840	$	1,055	$	1,673

Class B	$	173	$	540	$	931	$	1,830

Class C	$	173	$	540	$	931	$	2,029

Class R	$	122	$	385	$	668	$	1,476

Class Y	$	72	$	228	$	399	$	893

Investor Class	$	90	$	285	$	497	$	1,106

Principal Investment Strategies of the Fund

The Fund invests primarily in dividend-paying equity securities.

The Fund may invest up to 20% of its total assets in investment-grade debt securities of U.S. issuers. The Fund may also invest up to 25% of its total assets in foreign securities.

In selecting investments, the portfolio managers seek to identify dividend-paying issuers with strong profitability, solid balance sheets and capital allocation policies that support sustained or increasing dividends and share repurchases. Through fundamental research, financial statement analysis and the use of several valuation techniques, the management team estimates a target price for each security over a 2-3 year investment horizon. The portfolio managers manage risk utilizing a valuation framework, careful stock selection and a rigorous buy-and-sell discipline and incorporate an assessment of the potential reward relative to the downside risk to determine a fair valuation over the investment horizon. When evaluating cyclical businesses, the management team seeks companies that have normalized earnings power greater than that implied by their current market valuation and that return capital to shareholders via dividends and share repurchases. The portfolio managers then construct a portfolio they believe provides the best total return profile, which is created by seeking a combination of price appreciation potential, dividend income and capital preservation.

The portfolio managers maintain a rigorous sell discipline and consider selling or trimming a stock when it no longer materially meets our investment criteria, including when (1) a stock reaches its fair valuation (target price); (2) a company’s fundamental business prospects deteriorate; or (3) a more attractive investment opportunity presents itself.

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

1 Invesco Diversified Dividend Fund

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:

Call Risk . If interest rates fall, it is possible that issuers of debt securities with high interest rates will prepay or call their securities before their maturity dates. In this event, the proceeds from the called securities would likely be reinvested by the Fund in securities bearing the new, lower interest rates, resulting in a possible decline in the Fund’s income and distributions to shareholders.

Large Investor Risk . The Fund may accept investments from funds of funds, as well as from similar investment vehicles, such as 529 Plans. From time to time, the Fund may experience large investments or redemptions due to allocations or rebalancings by these funds of funds and/or similar investment vehicles. While it is impossible to predict the overall impact of these transactions over time, there could be adverse effects on portfolio management. For example, the Fund may be required to sell securities or invest cash at times when it would not otherwise do so. These transactions could also have tax consequences if sales of securities result in gains, and could also increase transaction costs or portfolio turnover.

Management Risk . The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results.

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

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, 2009): 17.60%

Worst Quarter (ended December 31, 2008): -19.87%



Average Annual Total Returns (for the periods ended December 31, 2011)

	1			5			10
	Year			Years			Years

Class A shares: Inception (12/31/2001)
Return Before Taxes		-5.66	%		-0.31	%		4.26	%
Return After Taxes on Distributions		-6.07			-0.84			3.77
Return After Taxes on Distributions and Sale of Fund Shares		-3.15			-0.30			3.64

Class B shares: Inception (12/31/2001)		-5.82			-0.27			4.29

Class C shares: Inception (12/31/2001)		-1.95			0.08			4.12

Class R shares ¹ : Inception (10/25/2005)		-0.53			0.60			4.65

Class Y shares ² : Inception (10/3/2008)		-0.03			1.00			4.94

Investor Class shares ² : Inception (7/15/2005)		-0.21			0.89			4.90

S&P 500 ^® Index (reflects no deductions for fees, expenses or taxes)		2.09			-0.25			2.92

Russell 1000 ^® Value Index (reflects no deductions for fees, expenses or taxes) ³		0.39			-2.64			3.89

Russell 1000 ^® Index (reflects no deductions for fees, expenses or taxes) ³		1.50			-0.02			3.34

Lipper Large-Cap Value Funds Index ⁴		-2.17			-2.26			2.59

Lipper Large-Cap Core Funds Index ⁴		0.09			-0.60			2.16


1		Class R shares’ performance shown prior to the inception date is that of Class A shares restated to reflect the higher 12b-1 fees applicable to Class R shares. Class A shares’ performance reflects any applicable fee waivers or expense reimbursements.
2		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.
3		The Fund has elected to use the Russell 1000 ^® Value Index to represent its style specific market benchmark rather than the Russell 1000 ^® Index because the Russell 1000 ^® Value Index more closely reflects the performance of the types of securities in which the Fund invests.
4		The Fund has elected to use the Lipper Large-Cap Value Funds Index to represent its peer group benchmark rather than the Lipper Large-Cap Core Funds Index because the Lipper Large-Cap Value Funds Index more closely reflects the performance of the types of securities in which the Fund invests.

Management of the Fund

Investment Adviser: Invesco Advisers, Inc.


Portfolio Managers	Title	Length of Service on the Fund

Meggan Walsh	Portfolio Manager (lead)		2002

Jonathan Harrington	Portfolio Manager		2008

2 Invesco Diversified Dividend Fund

Purchase and Sale of Fund Shares


	Initial Investment		Additional 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 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

Payments to Broker-Dealers and Other Financial Intermediaries

Investment Objective(s), Strategies, Risks and Portfolio Holdings

Objective(s) and Strategies

The Fund’s investment objective is long-term growth of capital and, secondarily, current income. The Fund’s investment objective may be changed by the Board of Trustees without shareholder approval.

The Fund invests primarily in dividend-paying equity securities.

The Fund may invest up to 20% of its total assets in investment-grade debt securities of U.S. issuers. The Fund may also invest up to 25% of its total assets in foreign securities.

Risks

The principal risks of investing in the Fund are:

Currency/Exchange Rate Risk . The dollar value of the Fund’s foreign investments will be affected by changes in the exchange rates between the dollar and the currencies in which those investments are traded. The Fund may buy or sell currencies other than the U.S. dollar in order to capitalize on anticipated changes in exchange rates. There is no guarantee that these investments will be successful.

3 Invesco Diversified Dividend Fund

rates may also prompt some issuers to refinance existing debt, which could affect the Fund’s performance.

Large Investor Risk . The Fund may accept investments from funds of funds, as well as from similar investment vehicles, such as 529 Plans. A “529 Plan” is a college savings program that operates under Section 529 of the Internal Revenue Code. From time to time, the Fund may experience large investments or redemptions due to allocations or rebalancings by these funds of funds and/or similar investment vehicles. While it is impossible to predict the overall impact of these transactions over time, there could be adverse effects on portfolio management. For example, the Fund may be required to sell securities or invest cash at times when it would not otherwise do so. These transactions could also have tax consequences if sales of securities result in gains, and could also increase transaction costs or portfolio turnover.

Management Risk . The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results.

Portfolio Holdings

A description of Fund policies and procedures with respect to the disclosure of Fund portfolio holdings is available in the SAI, which is available at www.invesco.com/us.

Fund Management

The Adviser(s)

Pending Litigation. Detailed information concerning pending litigation can be found in the SAI.

Adviser Compensation

During the fiscal year ended October 31, 2011, the Adviser received compensation of 0.48% of Invesco Diversified Dividend Fund’s average daily net assets after fee waiver and/or expense reimbursement.

Portfolio Managers

The following individuals are jointly and primarily responsible for the day-to-day management of the Fund’s portfolio:


n	Meggan Walsh, (lead manager), Portfolio Manager, who has been responsible for the Fund since 2002 and has been associated with Invesco and/or its affiliates since 1991.

n	Jonathan Harrington, Portfolio Manager, who has been responsible for the Fund since 2008 and has been associated with Invesco and/or its affiliates since 2001.

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.

Sales Charges

Purchases of Class A shares of Invesco Diversified Dividend 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 this prospectus. Purchases of Class B shares will be subject to payment of Category I contingent deferred sales charges (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 (CDSCs)” section of the prospectus. Purchases of Class C shares are subject to a CDSC. For more information on CDSCs, see the “Shareholder Account Information—Contingent Deferred Sales Charges (CDSCs)” section of this prospectus.

Dividends and Distributions

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.

Dividends

The Fund generally declares and pays dividends from net investment income, if any, quarterly.

Capital Gains Distributions

Lipper Large-Cap Core Funds Index is an unmanaged index considered representative of large-cap core funds tracked by Lipper.

Lipper Large-Cap Value Funds Index is an unmanaged index considered representative of large-cap value funds tracked by Lipper.

4 Invesco Diversified Dividend Fund

Russell 1000 ^® Value Index is an unmanaged index considered representative of large-cap value stocks. The Russell 1000 Value Index is a trademark/service mark of the Frank Russell Co. Russell ^® is a trademark of the Frank Russell Co.

S&P 500 ^® Index is an unmanaged index considered representative of the U.S. stock market.

5 Invesco Diversified Dividend Fund

Hypothetical Investment and Expense Information

The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).

This information has been audited by PricewaterhouseCoopers LLP, whose report, along with the Fund’s financial statements, is included in the Fund’s annual report, which is available upon request.


																												Ratio of			Ratio of
						Net gains																						expenses			expenses
						(losses)																						to average			to average net			Ratio of net
	Net asset					on securities						Dividends			Distributions													net assets			assets without			investment
	value,		Net			(both			Total from			from net			from net						Net asset					Net assets,		with fee waivers			fee waivers			income
	beginning		investment			realized and			investment			investment			realized			Total			value, end		Total			end of period		and/or expenses			and/or expenses			to average			Portfolio
	of period		income			unrealized)			operations			income			gains			Distributions			of period		Return ^(a)			(000s omitted)		absorbed			absorbed			net assets			turnover ^(b)


Class A
Year ended 10/31/11	$	11.67	$	0.19	^(c)	$	0.29		$	0.48		$	(0.23	)	$	—		$	(0.23	)	$	11.92		4.15	%	$	2,121,824		0.94	% ^(d)		0.97	% ^(d)		1.64	% ^(d)		20	%
Year ended 10/31/10		10.18		0.25	^(c)		1.43			1.68			(0.19	)		—			(0.19	)		11.67		16.64			377,758		1.01			1.02			2.23			13
Year ended 10/31/09		9.43		0.19	^(c)		0.75			0.94			(0.19	)		—			(0.19	)		10.18		10.42			185,274		1.11			1.12			2.17			24
Year ended 10/31/08		14.27		0.23	^(c)		(3.89	)		(3.66	)		(0.24	)		(0.94	)		(1.18	)		9.43		(27.56	)		157,407		1.01			1.02			1.93			18
Year ended 10/31/07		13.88		0.20			0.99			1.19			(0.21	)		(0.59	)		(0.80	)		14.27		8.86			237,467		1.00			1.00			1.45			17

Class B
Year ended 10/31/11		11.55		0.11	^(c)		0.28			0.39			(0.14	)		—			(0.14	)		11.80		3.39			36,873		1.69	^(d)		1.72	^(d)		0.89	^(d)		20
Year ended 10/31/10		10.08		0.16	^(c)		1.42			1.58			(0.11	)		—			(0.11	)		11.55		15.75			32,600		1.76			1.77			1.48			13
Year ended 10/31/09		9.34		0.13	^(c)		0.74			0.87			(0.13	)		—			(0.13	)		10.08		9.58			30,490		1.86			1.87			1.42			24
Year ended 10/31/08		14.14		0.15	^(c)		(3.86	)		(3.71	)		(0.15	)		(0.94	)		(1.09	)		9.34		(28.06	)		36,934		1.69			1.76			1.25			18
Year ended 10/31/07		13.76		0.11			0.98			1.09			(0.12	)		(0.59	)		(0.71	)		14.14		8.15			85,172		1.65			1.75			0.80			17

Class C
Year ended 10/31/11		11.53		0.11	^(c)		0.29			0.40			(0.14	)		—			(0.14	)		11.79		3.48			120,031		1.69	^(d)		1.72	^(d)		0.89	^(d)		20
Year ended 10/31/10		10.07		0.16	^(c)		1.41			1.57			(0.11	)		—			(0.11	)		11.53		15.66			52,755		1.76			1.77			1.48			13
Year ended 10/31/09		9.33		0.13	^(c)		0.74			0.87			(0.13	)		—			(0.13	)		10.07		9.59			36,573		1.86			1.87			1.42			24
Year ended 10/31/08		14.12		0.15	^(c)		(3.85	)		(3.70	)		(0.15	)		(0.94	)		(1.09	)		9.33		(28.02	)		30,998		1.69			1.76			1.25			18
Year ended 10/31/07		13.74		0.11			0.98			1.09			(0.12	)		(0.59	)		(0.71	)		14.12		8.16			52,524		1.65			1.75			0.80			17

Class R
Year ended 10/31/11		11.70		0.17	^(c)		0.29			0.46			(0.20	)		—			(0.20	)		11.96		3.97			19,261		1.19	^(d)		1.22	^(d)		1.39	^(d)		20
Year ended 10/31/10		10.19		0.22	^(c)		1.46			1.68			(0.17	)		—			(0.17	)		11.70		16.55			7,693		1.26			1.27			1.98			13
Year ended 10/31/09		9.44		0.18	^(c)		0.74			0.92			(0.17	)		—			(0.17	)		10.19		10.14			3,341		1.36			1.37			1.92			24
Year ended 10/31/08		14.28		0.20	^(c)		(3.89	)		(3.69	)		(0.21	)		(0.94	)		(1.15	)		9.44		(27.73	)		902		1.26			1.27			1.68			18
Year ended 10/31/07		13.88		0.17			1.00			1.17			(0.18	)		(0.59	)		(0.77	)		14.28		8.67			740		1.25			1.25			1.20			17

Class Y
Year ended 10/31/11		11.68		0.23	^(c)		0.30			0.53			(0.27	)		—			(0.27	)		11.94		4.50			131,365		0.69	^(d)		0.72	^(d)		1.89	^(d)		20
Year ended 10/31/10		10.19		0.28	^(c)		1.43			1.71			(0.22	)		—			(0.22	)		11.68		16.91			31,529		0.76			0.77			2.48			13
Year ended 10/31/09		9.43		0.22	^(c)		0.76			0.98			(0.22	)		—			(0.22	)		10.19		10.79			5,893		0.86			0.88			2.42			24
Year ended 10/31/08 ^(e)		10.84		0.01	^(c)		(1.42	)		(1.41	)		0.00			—			0.00			9.43		(13.01	)		2,213		0.82	^(f)		0.82	^(f)		2.12	^(f)		18

Investor Class
Year ended 10/31/11		11.66		0.21	^(c)		0.29			0.50			(0.24	)		—			(0.24	)		11.92		4.32			1,253,533		0.87	^(d)		0.90	^(d)		1.71	^(d)		20
Year ended 10/31/10		10.18		0.26	^(c)		1.42			1.68			(0.20	)		—			(0.20	)		11.66		16.62			1,089,663		0.92			0.93			2.32			13
Year ended 10/31/09		9.42		0.20	^(c)		0.76			0.96			(0.20	)		—			(0.20	)		10.18		10.63			986,096		1.01			1.03			2.27			24
Year ended 10/31/08		14.26		0.24	^(c)		(3.89	)		(3.65	)		(0.25	)		(0.94	)		(1.19	)		9.42		(27.50	)		963,835		0.93			0.94			2.01			18
Year ended 10/31/07		13.88		0.22			0.98			1.20			(0.23	)		(0.59	)		(0.82	)		14.26		8.91			1,472,311		0.91			0.91			1.54			17

Institutional Class
Year ended 10/31/11		11.67		0.24	^(c)		0.29			0.53			(0.28	)		—			(0.28	)		11.92		4.53			443,581		0.58	^(d)		0.59	^(d)		2.00	^(d)		20
Year ended 10/31/10		10.18		0.29	^(c)		1.43			1.72			(0.23	)		—			(0.23	)		11.67		17.05			254,392		0.64			0.65			2.61			13
Year ended 10/31/09		9.43		0.23	^(c)		0.75			0.98			(0.23	)		—			(0.23	)		10.18		10.88			58,842		0.69			0.69			2.60			24
Year ended 10/31/08		14.26		0.27	^(c)		(3.88	)		(3.61	)		(0.28	)		(0.94	)		(1.22	)		9.43		(27.25	)		39,425		0.67			0.68			2.27			18
Year ended 10/31/07		13.88		0.25			0.98			1.23			(0.26	)		(0.59	)		(0.85	)		14.26		9.17			53,464		0.66			0.66			1.79			17


(a)		Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.
(b)		Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the period ending October 31, 2011, the portfolio turnover calculation excludes the value of securities purchased of $1,261,900,843 and sold of $210,298,763 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco Dividend Growth Fund, Invesco Financial Services Fund and Invesco Van Kampen Core Equity Fund into the Fund.
(c)		Calculated using average shares outstanding.
(d)		Ratios are based on average daily net assets (000’s) of $985,476, $37,950, $88,287, $13,558, $90,779, $1,198,323 and $344,916 for Class A, Class B, Class C, Class R, Class Y, Investor Class and Institutional Class shares, respectively.
(e)		Commencement date of October 3, 2008.
(f)		Annualized.

6 Invesco Diversified Dividend Fund


	n	You invest $10,000 in the Fund and hold it for the entire 10-year period;
	n	Your investment has a 5% return before expenses each year;


	n	The Fund’s current annual expense ratio includes any applicable contractual fee waiver or expense reimbursement for the period committed;


	n	Hypotheticals both with and without any applicable initial sales charge applied; and
	n	There is no sales charge on reinvested dividends.



Class A (Includes Maximum
Sales Charge)	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10


Annual Expense Ratio ¹		0	.95%		0	.97%		0	.97%		0	.97%		0	.97%		0	.97%		0	.97%		0	.97%		0	.97%		0	.97%
Cumulative Return Before Expenses		5	.00%		10	.25%		15	.76%		21	.55%		27	.63%		34	.01%		40	.71%		47	.75%		55	.13%		62	.89%
Cumulative Return After Expenses		(1	.67)%		2	.29%		6	.41%		10	.70%		15	.16%		19	.80%		24	.63%		29	.65%		34	.88%		40	.31%
End of Year Balance	$	9,832	.73	$	10,228	.98	$	10,641	.21	$	11,070	.05	$	11,516	.18	$	11,980	.28	$	12,463	.08	$	12,965	.35	$	13,487	.85	$	14,031	.41
Estimated Annual Expenses	$	641	.59	$	97	.30	$	101	.22	$	105	.30	$	109	.54	$	113	.96	$	118	.55	$	123	.33	$	128	.30	$	133	.47


Class A (Without Maximum
Sales Charge)	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10


Annual Expense Ratio ¹		0	.95%		0	.97%		0	.97%		0	.97%		0	.97%		0	.97%		0	.97%		0	.97%		0	.97%		0	.97%
Cumulative Return Before Expenses		5	.00%		10	.25%		15	.76%		21	.55%		27	.63%		34	.01%		40	.71%		47	.75%		55	.13%		62	.89%
Cumulative Return After Expenses		4	.05%		8	.24%		12	.61%		17	.14%		21	.86%		26	.78%		31	.88%		37	.20%		42	.73%		48	.48%
End of Year Balance	$	10,405	.00	$	10,824	.32	$	11,260	.54	$	11,714	.34	$	12,186	.43	$	12,677	.54	$	13,188	.45	$	13,719	.94	$	14,272	.86	$	14,848	.05
Estimated Annual Expenses	$	96	.92	$	102	.96	$	107	.11	$	111	.43	$	115	.92	$	120	.59	$	125	.45	$	130	.51	$	135	.77	$	141	.24


Class B ²	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10


Annual Expense Ratio ¹		1	.70%		1	.72%		1	.72%		1	.72%		1	.72%		1	.72%		1	.72%		1	.72%		0	.97%		0	.97%
Cumulative Return Before Expenses		5	.00%		10	.25%		15	.76%		21	.55%		27	.63%		34	.01%		40	.71%		47	.75%		55	.13%		62	.89%
Cumulative Return After Expenses		3	.30%		6	.69%		10	.19%		13	.80%		17	.53%		21	.39%		25	.37%		29	.48%		34	.70%		40	.13%
End of Year Balance	$	10,330	.00	$	10,668	.82	$	11,018	.76	$	11,380	.18	$	11,753	.45	$	12,138	.96	$	12,537	.12	$	12,948	.33	$	13,470	.15	$	14,013	.00
Estimated Annual Expenses	$	172	.81	$	180	.59	$	186	.51	$	192	.63	$	198	.95	$	205	.47	$	212	.21	$	219	.17	$	128	.13	$	133	.29


Class C ²	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10


Annual Expense Ratio ¹		1	.70%		1	.72%		1	.72%		1	.72%		1	.72%		1	.72%		1	.72%		1	.72%		1	.72%		1	.72%
Cumulative Return Before Expenses		5	.00%		10	.25%		15	.76%		21	.55%		27	.63%		34	.01%		40	.71%		47	.75%		55	.13%		62	.89%
Cumulative Return After Expenses		3	.30%		6	.69%		10	.19%		13	.80%		17	.53%		21	.39%		25	.37%		29	.48%		33	.73%		38	.12%
End of Year Balance	$	10,330	.00	$	10,668	.82	$	11,018	.76	$	11,380	.18	$	11,753	.45	$	12,138	.96	$	12,537	.12	$	12,948	.33	$	13,373	.04	$	13,811	.68
Estimated Annual Expenses	$	172	.81	$	180	.59	$	186	.51	$	192	.63	$	198	.95	$	205	.47	$	212	.21	$	219	.17	$	226	.36	$	233	.79


Class R	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10


Annual Expense Ratio ¹		1	.20%		1	.22%		1	.22%		1	.22%		1	.22%		1	.22%		1	.22%		1	.22%		1	.22%		1	.22%
Cumulative Return Before Expenses		5	.00%		10	.25%		15	.76%		21	.55%		27	.63%		34	.01%		40	.71%		47	.75%		55	.13%		62	.89%
Cumulative Return After Expenses		3	.80%		7	.72%		11	.80%		16	.02%		20	.41%		24	.96%		29	.68%		34	.58%		39	.67%		44	.95%
End of Year Balance	$	10,380	.00	$	10,772	.36	$	11,179	.56	$	11,602	.15	$	12,040	.71	$	12,495	.85	$	12,968	.19	$	13,458	.39	$	13,967	.11	$	14,495	.07
Estimated Annual Expenses	$	122	.28	$	129	.03	$	133	.91	$	138	.97	$	144	.22	$	149	.67	$	155	.33	$	161	.20	$	167	.30	$	173	.62


Class Y	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10


Annual Expense Ratio ¹		0	.70%		0	.72%		0	.72%		0	.72%		0	.72%		0	.72%		0	.72%		0	.72%		0	.72%		0	.72%
Cumulative Return Before Expenses		5	.00%		10	.25%		15	.76%		21	.55%		27	.63%		34	.01%		40	.71%		47	.75%		55	.13%		62	.89%
Cumulative Return After Expenses		4	.30%		8	.76%		13	.42%		18	.27%		23	.34%		28	.61%		34	.12%		39	.86%		45	.85%		52	.09%
End of Year Balance	$	10,430	.00	$	10,876	.40	$	11,341	.91	$	11,827	.35	$	12,333	.56	$	12,861	.43	$	13,411	.90	$	13,985	.93	$	14,584	.53	$	15,208	.75
Estimated Annual Expenses	$	71	.51	$	76	.70	$	79	.99	$	83	.41	$	86	.98	$	90	.70	$	94	.58	$	98	.63	$	102	.85	$	107	.26

1 Your actual expenses may be higher or lower than those shown. 2 The hypothetical assumes you hold your investment for a full 10 years. Therefore, any applicable deferred sales charge that might apply in years one through six for Class B and year one for Class C has not been deducted.

7 Invesco Diversified Dividend Fund


INVESTOR	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10


Annual Expense Ratio ¹		0	.88%		0	.90%		0	.90%		0	.90%		0	.90%		0	.90%		0	.90%		0	.90%		0	.90%		0	.90%
Cumulative Return Before Expenses		5	.00%		10	.25%		15	.76%		21	.55%		27	.63%		34	.01%		40	.71%		47	.75%		55	.13%		62	.89%
Cumulative Return After Expenses		4	.12%		8	.39%		12	.83%		17	.46%		22	.27%		27	.29%		32	.51%		37	.94%		43	.60%		49	.48%
End of Year Balance	$	10,412	.00	$	10,838	.89	$	11,283	.29	$	11,745	.90	$	12,227	.48	$	12,728	.81	$	13,250	.69	$	13,793	.97	$	14,359	.52	$	14,948	.26
Estimated Annual Expenses	$	89	.81	$	95	.63	$	99	.55	$	103	.63	$	107	.88	$	112	.30	$	116	.91	$	121	.70	$	126	.69	$	131	.89


1		Your actual expenses may be higher or lower than those shown.
2		The hypothetical assumes you hold your investment for a full 10 years. Therefore, any applicable deferred sales charge that might apply in years one through six for Class B and year one for Class C has not been deducted.

8 Invesco Diversified Dividend Fund

Choosing a Share Class



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 year ⁴	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 distributions ^2,3	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 New or additional investments are not permitted.	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 Short Term Bond Fund unless you received Class C shares of Invesco Short Term Bond Fund through an exchange from Class C shares from another Invesco Fund that is still subject to a CDSC.
5		The 12b-1 fee for Class C shares of certain Funds is less than 1.00%. The “Fees and Expenses of the Fund—Annual Fund Operating Expenses” section of this prospectus reflects the actual 12b-1 fees paid by a Fund.

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 (New or additional investments in Class B5 shares are not permitted);


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—02/12

Share Class Eligibility

Class A, B, C and Invesco Cash Reserve Shares

Class A2 Shares

Class A5, B5, C5 and R5 Shares

Class P Shares

Class R Shares

Class S Shares

Class Y Shares

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.

A-2 The Invesco Funds

Distribution and Service (12b-1) Fees

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


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)


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


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	have assets of at least $1 million; or
	n	have at least 100 employees eligible to participate in the Plan; or
	n	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 investment 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

Rights of Accumulation

Letters of Intent

Reinstatement Following Redemption

This reinstatement privilege is suspended for the period of time in which a purchase block is in place on a shareholder’s account. Please see “Purchase Blocking Policy” discussed below.

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

CDSCs on Class B Shares


CDSC Category I
Year since purchase made	Class B CDSC

First		5.00	%

Second		4.00

Third		3.00

Fourth		3.00

Fifth		2.00

Sixth		1.00

Seventh and following		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

CDSCs on Class C Shares—Employee Benefit Plan

CDSCs on Class C Shares of Invesco Short Term Bond Fund

Computing a CDSC

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 Fund.
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; and


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.

Purchasing Shares

A-5 The Invesco Funds

Minimum Investments


			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 219078, Kansas City, MO 64121-9078. 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*.
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.

Systematic Purchase Plan

Dollar Cost Averaging

Automatic Dividend and Distribution Investment

A-6 The Invesco Funds

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

Redeeming Shares


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;
		n The cost basis method or specific shares you wish to redeem for tax reporting purposes, if different than the method already on record; 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

Redemption checks are mailed to your address of record, via first class U.S. mail, unless you make other arrangements with the transfer agent.

Expedited Redemptions (Invesco Cash Reserve Shares of Invesco Money Market Fund only)

Systematic Withdrawals

A-7 The Invesco Funds

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.

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.

Redemptions in Kind

Redemptions Initiated by the Funds

Minimum Account Balance

Exchanging Shares

A-8 The Invesco Funds

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, 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, 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, Y*

Class R		Class R

Class R5		Class R

Class Y		Class Y


*		You may exchange your Invesco Cash Reserve Shares, Class A shares, Class C 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

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 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 C shares or Investor Class shares of one Fund cannot 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.

Initial Sales Charges, CDSCs and 12b-1 Fees on Applicable to Exchanges

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


n	Trade activity monitoring.
n	Trading guidelines.

A-9 The Invesco Funds


n	Purchase blocking.


n	The use of fair value pricing consistent with procedures approved by the Board.

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.

Trade Activity Monitoring

Trading Guidelines

Purchase Blocking Policy

The purchase blocking policy does not apply to Invesco Money Market Fund, Invesco Tax-Exempt Cash Fund, Premier Portfolio, Premier Tax-Exempt Portfolio and Premier U.S. Government Money Portfolio.

Fair Value Pricing

Pricing of Shares

Determination of Net Asset Value

A-10 The Invesco Funds

Specific types of securities are valued as follows:

A-11 The Invesco Funds

be permitted to purchase or redeem shares of such Funds and net asset values will be calculated for such Funds.

Timing of Orders

Taxes

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 generally are 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 2012) 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	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.”

A-12 The Invesco Funds


	scheduled to rise to 31% unless the 28% rate is extended or made permanent).


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.

Tax-Exempt and Municipal Funds


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, unless such municipal securities were issued in 2009 or 2010.


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.

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.

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 generally will not 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. REIT. Please see the SAI for a discussion of the risks and special tax consequences to shareholders in the event the Fund realizes excess inclusion income in excess of certain threshold amounts.
n	The Fund’s foreign shareholders should see the SAI for a discussion of the risks and special tax consequences to them from a sale of a U.S. real property interest by a REIT in which the Fund invests.

Invesco Balanced-Risk Allocation Fund, Invesco Balanced-Risk Commodity Strategy 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 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 Subsidiary as qualifying income. If, contrary to a number of private letter rulings (PLRs) issued by the IRS, the IRS were to determine such income is non qualifying, a Fund might fail to satisfy the income requirement. In lieu of disqualification, the Funds are permitted to pay a tax for certain failures to satisfy the asset diversification or income requirements, which, in general, are limited to those due to reasonable cause and not willful neglect for taxable years of the Fund with respect

A-13 The Invesco Funds


	to which the extended due date of the return is after December 22, 2010. The Funds intend to limit their investments in their respective Subsidiary to no more than 25% of the value of each Fund’s total assets in order to satisfy the asset diversification requirement.

Invesco Emerging Market Local Currency Debt Fund

Payments to Financial Intermediaries

Important Notice Regarding Delivery of Security Holder Documents

A-14 The Invesco Funds

If you have questions about an Invesco Fund or your account, or you wish to obtain a free copy of the Fund’s current SAI, annual or semi-annual reports or Form N-Q, please contact us.


By Mail:		Invesco Investment Services, Inc. P.O. Box 219078 Kansas City, MO 64121-9078

By Telephone:		(800) 959-4246

On the Internet:		You can send us a request by e-mail or download prospectuses, SAIs, annual or semi-annual reports via our Web site: www.invesco.com/us





Invesco Diversified Dividend Fund
SEC 1940 Act file number: 811-01424


invesco.com/us DDI-PRO-1


Prospectus	February 28, 2012



Class: A (ASMMX), B (BSMMX), C (CSMMX), P (SMMIX), Y (ASMYX)


Invesco Summit Fund

Invesco Summit Fund’s investment objective is long-term growth of capital.

An investment in the Fund:

n is not FDIC insured;

n may lose value; and

n is not guaranteed by a bank.

Table of Contents



Fund Summary		1

Investment Objective(s), Strategies, Risks and Portfolio Holdings		2


Fund Management		3
The Adviser(s)		3
Adviser Compensation		3
Portfolio Managers		3


Other Information		3
Sales Charges		3
Dividends and Distributions		3


Benchmark Descriptions		3


Financial Highlights		5


Hypothetical Investment and Expense Information		6


Shareholder Account Information		A-1
Choosing a Share Class		A-1
Share Class Eligibility		A-2
Distribution and Service (12b-1) Fees		A-3
Initial Sales Charges (Class A Shares Only)		A-3
Contingent Deferred Sales Charges (CDSCs)		A-4
Purchasing Shares		A-5
Redeeming Shares		A-7
Exchanging Shares		A-8
Rights Reserved by the Funds		A-9
Excessive Short-Term Trading Activity (Market Timing) Disclosures		A-9
Pricing of Shares		A-10
Taxes		A-12
Payments to Financial Intermediaries		A-14
Important Notice Regarding Delivery of Security Holder Documents		A-14


Obtaining Additional Information		Back Cover

Invesco Summit Fund

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.

Shareholder Fees (fees paid directly from your investment)

Class:

Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)

5.50

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			P			Y

Management Fees		0.64	%		0.64	%		0.64	%		0.64	%		0.64	%

Distribution and/or Service (12b-1) Fees		0.25			1.00			1.00			0.10			None

Other Expenses		0.18			0.18			0.18			0.18			0.18

Total Annual Fund Operating Expenses		1.07			1.82			1.82			0.92			0.82

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.

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	$	653	$	872	$	1,108	$	1,784

Class B	$	685	$	873	$	1,185	$	1,940

Class C	$	285	$	573	$	985	$	2,137

Class P	$	94	$	293	$	509	$	1,131

Class Y	$	84	$	262	$	455	$	1,014

You would pay the following expenses if you did not redeem your shares:


	1 Year		3 Years		5 Years		10 Years

Class A	$	653	$	872	$	1,108	$	1,784

Class B	$	185	$	573	$	985	$	1,940

Class C	$	185	$	573	$	985	$	2,137

Class P	$	94	$	293	$	509	$	1,131

Class Y	$	84	$	262	$	455	$	1,014

Principal Investment Strategies of the Fund

The Fund invests primarily in equity securities of issuers of all market capitalizations.

The Fund may invest up to 25% of its total assets in foreign securities.

The portfolio manager focuses on securities of issuers exhibiting long-term, sustainable earnings and cash flow growth that is not yet reflected in investor expectations or equity valuations. The portfolio manager actively manages the Fund using a two-step security selection process that combines quantitative and fundamental analyses. The quantitative analysis ranks securities based primarily on a set growth, quality and valuation factors.

The fundamental analysis identifies and analyzes both industries and issuers with strong characteristics of revenue, earnings and cash flow growth. Valuation metrics are also incorporated in the analysis.

The portfolio manager looks for key issuer-specific attributes including: market leadership position with the potential for additional growth; value added products or services with pricing power; sustainable growth in revenue, earnings and cash flow; potential to improve profitability and return on capital; and a strong balance sheet, appropriate financial leverage and a prudent use of capital.

The portfolio is constructed to minimize unnecessary risk by broadly diversifying the portfolio.

The portfolio manager considers selling a security if fundamental business prospects deteriorate, quantitative rank delaines, the investment thesis deteriorates, or for a more attractive investment opportunity.

Principal Risks of Investing in the Fund

Management Risk . The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results.

Performance Information

1 Invesco Summit Fund

benchmark 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

Best Quarter (ended June 30, 2003): 16.15%

Worst Quarter (ended December 31, 2008): -21.12%



Average Annual Total Returns (for the periods ended December 31, 2011)

	1			5			10			Since
	Year			Years			Years			Inception

Class P shares: Inception (11/1/1982)
Return Before Taxes		-4.50	%		-0.62	%		2.06	%		—	%
Return After Taxes on Distributions		-4.56			-0.93			1.89			—
Return After Taxes on Distributions and Sale of Fund Shares		-2.93			-0.57			1.75			—

Class A shares: Inception (10/31/2005)		-10.01			-1.89			—			0.58

Class B shares: Inception (10/31/2005)		-10.11			-1.85			—			0.78

Class C shares: Inception (10/31/2005)		-6.34			-1.52			—			0.75

Class Y shares ¹ : Inception (10/3/2008)		-4.42			-0.61			—			1.65

S&P 500 ^® Index (reflects no deductions for fees, expenses or taxes)		2.09			-0.25			2.92			—

Russell 1000 ^® Growth Index (reflects no deductions for fees, expenses or taxes)		2.64			2.50			2.60			—

Lipper Multi-Cap Growth Funds Index		-4.02			0.87			2.78			—


1		Class Y 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.

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 P shares only and after-tax returns for other classes will vary.

Management of the Fund

Investment Adviser: Invesco Advisers, Inc.

Purchase and Sale of Fund Shares

There are no minimum investments for Class P shares for fund accounts. New or additional investments in Class B shares are not permitted. The minimum investments for Class A, 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

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

Payments to Broker-Dealers and Other Financial Intermediaries

Investment Objective(s), Strategies, Risks and Portfolio Holdings

Objective(s) and Strategies

The Fund’s investment objective is long-term growth of capital. The Fund’s investment objective may be changed by the Board of Trustees without shareholder approval.

The Fund invests primarily in equity securities of issuers of all market capitalizations.

The Fund may invest up to 25% of its total assets in foreign securities.

The portfolio manager focuses on securities of issuers exhibiting long-term, sustainable earnings and cash flow growth that is not yet reflected in investor expectations or equity valuations. The portfolio manager actively manages the Fund using a two-step security selection process that combines quantitative and fundamental analyses. The quantitative analysis involves using a security ranking model to rank securities based primarily upon a set of growth, quality and valuation factors.

The fundamental analysis focuses on identifying and analyzing both industries and issuers with strong characteristics of revenue, earnings and cash flow growth. Valuation metrics are also incorporated in the analysis.

The portfolio manager looks for key issuer-specific attributes including:


	n	market leadership position with the potential for additional growth;


	n	value added products or services with pricing power;


	n	sustainable growth in revenue, earnings and cash flow;


	n	potential to improve profitability and return on capital; and


	n	a strong balance sheet, appropriate financial leverage and a prudent use of capital.

2 Invesco Summit Fund

unnecessary risk. The portfolio manager attempts to limit risk by broadly diversifying the portfolio.

Risks

The principal risks of investing in the Fund are:

Management Risk . The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results.

Portfolio Holdings

A description of the Fund policies and procedures with respect to the disclosure of the Fund portfolio holdings is available in the Fund SAI, which is available at www.invesco.com/us.

Fund Management

The Adviser(s)

Pending Litigation. Detailed information concerning pending litigation can be found in the SAI.

Adviser Compensation

During the fiscal year ended October 31, 2011, the Adviser received compensation of 0.63% of Invesco Summit Fund’s average daily net assets.

Portfolio Managers

The following individual is primarily responsible for the day-to-day management of the Fund’s portfolio:


n	Ryan Amerman, Portfolio Manager, who has been responsible for the Fund since 2008 and has been associated with Invesco and/or its affiliates since 1996.

More information on the portfolio manager 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 manager’s investments in the Fund, a description of the compensation structure and information regarding other accounts managed.

Sales Charges

Purchases of Class A shares of Invesco Summit 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 this prospectus. Purchases of Class B shares will be subject to payment of Category I contingent deferred sales charges (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 (CDSCs)” section of the prospectus. Purchases of Class C shares are subject to a CDSC. For more information on CDSCs, see the “Shareholder Account Information—Contingent Deferred Sales Charges (CDSCs)” section of this prospectus.

Dividends and Distributions

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.

Dividends

The Fund generally declares and pays dividends from net investment income, if any, annually.

Capital Gains Distributions

Lipper Multi-Cap Growth Funds Index is an unmanaged index considered representative of multi-cap growth funds tracked by Lipper.

3 Invesco Summit Fund

S&P 500 ^® Index is an unmanaged index considered representative of the U.S. stock market.

4 Invesco Summit Fund

Hypothetical Investment and Expense Information

The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).

This information has been audited by PricewaterhouseCoopers LLP, whose report, along with the Fund’s financial statements, is included in the Fund’s annual report, which is available upon request.


																												Ratio of			Ratio of
						Net gains																						expenses			expenses
						(losses)																						to average			to average net			Ratio of net
	Net asset		Net			on securities						Dividends			Distributions													net assets			assets without			investment
	value,		investment			(both			Total from			from net			from net						Net asset					Net assets,		with fee waivers			fee waivers			income (loss)
	beginning		income			realized and			investment			investment			realized			Total			value, end		Total			end of period		and/or expense			and/or expense			to average			Portfolio
	of period		(loss) ^(a)			unrealized)			operations			income			gains			Distributions			of period		Return ^(b)			(000s omitted)		absorbed			absorbed			net assets			turnover ^(c)


Class A
Year ended 10/31/11	$	11.09	$	0.00		$	0.47		$	0.47		$	(0.00	)	$	—		$	(0.00	)	$	11.56		4.25	%	$	17,763		1.06	% ^(d)		1.07	% ^(d)		0.00	% ^(d)		59	%
Year ended 10/31/10		9.55		0.00			1.61			1.61			(0.07	)		—			(0.07	)		11.09		16.89			21,981		1.09			1.10			0.00			53
Year ended 10/31/09		9.81		0.06			0.33			0.39			(0.05	)		(0.60	)		(0.65	)		9.55		4.99			24,855		1.12			1.13			0.70			89
Year ended 10/31/08		15.42		0.05			(5.40	)		(5.35	)		(0.06	)		(0.20	)		(0.26	)		9.81		(35.26	)		25,529		1.06			1.07			0.34			79
Year ended 10/31/07		12.74		0.05			2.70			2.75			(0.07	)		—			(0.07	)		15.42		21.65			11,591		1.08			1.08			0.37			41

Class B
Year ended 10/31/11		10.87		(0.09	)		0.46			0.37			—			—			—			11.24		3.40			1,085		1.81	^(d)		1.82	^(d)		(0.75	) ^(d)		59
Year ended 10/31/10		9.37		(0.08	)		1.58			1.50			—			—			—			10.87		16.01			1,477		1.84			1.85			(0.75	)		53
Year ended 10/31/09		9.64		(0.00	)		0.33			0.33			—			(0.60	)		(0.60	)		9.37		4.31			1,975		1.87			1.88			(0.05	)		89
Year ended 10/31/08		15.20		(0.05	)		(5.30	)		(5.35	)		(0.01	)		(0.20	)		(0.21	)		9.64		(35.70	)		3,256		1.81			1.82			(0.41	)		79
Year ended 10/31/07		12.64		(0.05	)		2.66			2.61			(0.05	)		—			(0.05	)		15.20		20.74			2,727		1.83			1.83			(0.38	)		41

Class C
Year ended 10/31/11		10.85		(0.09	)		0.47			0.38			—			—			—			11.23		3.50			1,968		1.81	^(d)		1.82	^(d)		(0.75	) ^(d)		59
Year ended 10/31/10		9.36		(0.08	)		1.57			1.49			—			—			—			10.85		15.92			2,435		1.84			1.85			(0.75	)		53
Year ended 10/31/09		9.63		(0.00	)		0.33			0.33			—			(0.60	)		(0.60	)		9.36		4.31			3,145		1.87			1.88			(0.05	)		89
Year ended 10/31/08		15.20		(0.05	)		(5.31	)		(5.36	)		(0.01	)		(0.20	)		(0.21	)		9.63		(35.77	)		4,408		1.81			1.82			(0.41	)		79
Year ended 10/31/07		12.64		(0.05	)		2.66			2.61			(0.05	)		—			(0.05	)		15.20		20.74			995		1.83			1.83			(0.38	)		41

Class P
Year ended 10/31/11		11.15		0.02			0.48			0.50			(0.02	)		—			(0.02	)		11.63		4.46			1,545,006		0.91	^(d)		0.92	^(d)		0.15	^(d)		59
Year ended 10/31/10		9.60		0.02			1.60			1.62			(0.07	)		—			(0.07	)		11.15		16.97			1,663,462		0.94			0.95			0.15			53
Year ended 10/31/09		9.85		0.08			0.33			0.41			(0.06	)		(0.60	)		(0.66	)		9.60		5.22			1,572,776		0.97			0.98			0.85			89
Year ended 10/31/08		15.47		0.07			(5.42	)		(5.35	)		(0.07	)		(0.20	)		(0.27	)		9.85		(35.17	)		1,554,240		0.91			0.92			0.49			79
Year ended 10/31/07		12.77		0.07			2.71			2.78			(0.08	)		—			(0.08	)		15.47		21.85			2,594,668		0.92			0.94			0.52			41

Class S
Year ended 10/31/11		11.11		0.01			0.47			0.48			(0.01	)		—			(0.01	)		11.58		4.36			4,078		0.96	^(d)		0.97	^(d)		0.10	^(d)		59
Year ended 10/31/10		9.56		0.01			1.61			1.62			(0.07	)		—			(0.07	)		11.11		16.99			4,246		0.99			1.00			0.10			53
Year ended 10/31/09 ^(e)		9.65		0.01			(0.10	)		(0.09	)		—			—			—			9.56		(0.93	)		312		0.95	^(f)		0.96	^(f)		0.87	^(f)		89

Class Y
Year ended 10/31/11		11.11		0.03			0.47			0.50			(0.03	)		—			(0.03	)		11.58		4.48			1,186		0.81	^(d)		0.82	^(d)		0.25	^(d)		59
Year ended 10/31/10		9.56		0.03			1.60			1.63			(0.08	)		—			(0.08	)		11.11		17.14			1,422		0.84			0.85			0.25			53
Year ended 10/31/09		9.81		0.09			0.32			0.41			(0.06	)		(0.60	)		(0.66	)		9.56		5.26			2,201		0.87			0.88			0.95			89
Year ended 10/31/08 ^(e)		10.98		0.00			(1.17	)		(1.17	)		—			—			—			9.81		(10.66	)		224		0.85	^(f)		0.86	^(f)		0.55	^(f)		79

Institutional Class
Year ended 10/31/11		11.14		0.04			0.47			0.51			(0.05	)		—			(0.05	)		11.60		4.54			77		0.74	^(d)		0.75	^(d)		0.32	^(d)		59
Year ended 10/31/10		9.58		0.04			1.62			1.66			(0.10	)		—			(0.10	)		11.14		17.42			11		0.68			0.69			0.41			53
Year ended 10/31/09		9.81		0.10			0.33			0.43			(0.06	)		(0.60	)		(0.66	)		9.58		5.48			11,358		0.67			0.68			1.15			89
Year ended 10/31/08 ^(e)		10.98		0.00			(1.17	)		(1.17	)		—			—			—			9.81		(10.66	)		10,762		0.80	^(f)		0.81	^(f)		0.60	^(f)		79


(a)		Calculated using average shares outstanding.
(b)		Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.
(c)		Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.
(d)		Ratios are based on average daily net assets (000’s omitted) of $20,515, $1,366, $2,261, $1,673,879, $4,377, $1,344 and $21 for Class A, Class B, Class C, Class P, Class S, Class Y and Institutional Class shares, respectively.
(e)		Commencement date of September 25, 2009 for Class S shares and October 3, 2008 for Class Y and Institutional Class shares.
(f)		Annualized.

5 Invesco Summit Fund


	n	You invest $10,000 in the Fund and hold it for the entire 10-year period;
	n	Your investment has a 5% return before expenses each year;
	n	Hypotheticals both with and without any applicable initial sales charge applied; and
	n	There is no sales charge on reinvested dividends.



Class A (Includes Maximum
Sales Charge)	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10


Annual Expense Ratio ¹		1	.07%		1	.07%		1	.07%		1	.07%		1	.07%		1	.07%		1	.07%		1	.07%		1	.07%		1	.07%
Cumulative Return Before Expenses		5	.00%		10	.25%		15	.76%		21	.55%		27	.63%		34	.01%		40	.71%		47	.75%		55	.13%		62	.89%
Cumulative Return After Expenses		(1	.79)%		2	.07%		6	.09%		10	.25%		14	.59%		19	.09%		23	.77%		28	.64%		33	.69%		38	.94%
End of Year Balance	$	9,821	.39	$	10,207	.37	$	10,608	.51	$	11,025	.43	$	11,458	.73	$	11,909	.06	$	12,377	.08	$	12,863	.50	$	13,369	.04	$	13,894	.44
Estimated Annual Expenses	$	653	.10	$	107	.15	$	111	.36	$	115	.74	$	120	.29	$	125	.02	$	129	.93	$	135	.04	$	140	.34	$	145	.86


Class A (Without Maximum
Sales Charge)	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10


Annual Expense Ratio ¹		1	.07%		1	.07%		1	.07%		1	.07%		1	.07%		1	.07%		1	.07%		1	.07%		1	.07%		1	.07%
Cumulative Return Before Expenses		5	.00%		10	.25%		15	.76%		21	.55%		27	.63%		34	.01%		40	.71%		47	.75%		55	.13%		62	.89%
Cumulative Return After Expenses		3	.93%		8	.01%		12	.26%		16	.67%		21	.26%		26	.02%		30	.97%		36	.12%		41	.47%		47	.03%
End of Year Balance	$	10,393	.00	$	10,801	.44	$	11,225	.94	$	11,667	.12	$	12,125	.64	$	12,602	.18	$	13,097	.44	$	13,612	.17	$	14,147	.13	$	14,703	.11
Estimated Annual Expenses	$	109	.10	$	113	.39	$	117	.85	$	122	.48	$	127	.29	$	132	.29	$	137	.49	$	142	.90	$	148	.51	$	154	.35


Class B ²	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10


Annual Expense Ratio ¹		1	.82%		1	.82%		1	.82%		1	.82%		1	.82%		1	.82%		1	.82%		1	.82%		1	.07%		1	.07%
Cumulative Return Before Expenses		5	.00%		10	.25%		15	.76%		21	.55%		27	.63%		34	.01%		40	.71%		47	.75%		55	.13%		62	.89%
Cumulative Return After Expenses		3	.18%		6	.46%		9	.85%		13	.34%		16	.94%		20	.66%		24	.50%		28	.46%		33	.51%		38	.75%
End of Year Balance	$	10,318	.00	$	10,646	.11	$	10,984	.66	$	11,333	.97	$	11,694	.39	$	12,066	.27	$	12,449	.98	$	12,845	.89	$	13,350	.73	$	13,875	.42
Estimated Annual Expenses	$	184	.89	$	190	.77	$	196	.84	$	203	.10	$	209	.56	$	216	.22	$	223	.10	$	230	.19	$	140	.15	$	145	.66


Class C ²	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10


Annual Expense Ratio ¹		1	.82%		1	.82%		1	.82%		1	.82%		1	.82%		1	.82%		1	.82%		1	.82%		1	.82%		1	.82%
Cumulative Return Before Expenses		5	.00%		10	.25%		15	.76%		21	.55%		27	.63%		34	.01%		40	.71%		47	.75%		55	.13%		62	.89%
Cumulative Return After Expenses		3	.18%		6	.46%		9	.85%		13	.34%		16	.94%		20	.66%		24	.50%		28	.46%		32	.54%		36	.76%
End of Year Balance	$	10,318	.00	$	10,646	.11	$	10,984	.66	$	11,333	.97	$	11,694	.39	$	12,066	.27	$	12,449	.98	$	12,845	.89	$	13,254	.39	$	13,675	.88
Estimated Annual Expenses	$	184	.89	$	190	.77	$	196	.84	$	203	.10	$	209	.56	$	216	.22	$	223	.10	$	230	.19	$	237	.51	$	245	.07


P	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10


Annual Expense Ratio ¹		0	.92%		0	.92%		0	.92%		0	.92%		0	.92%		0	.92%		0	.92%		0	.92%		0	.92%		0	.92%
Cumulative Return Before Expenses		5	.00%		10	.25%		15	.76%		21	.55%		27	.63%		34	.01%		40	.71%		47	.75%		55	.13%		62	.89%
Cumulative Return After Expenses		4	.08%		8	.33%		12	.75%		17	.35%		22	.13%		27	.12%		32	.30%		37	.70%		43	.32%		49	.17%
End of Year Balance	$	10,408	.00	$	10,832	.65	$	11,274	.62	$	11,734	.62	$	12,213	.40	$	12,711	.70	$	13,230	.34	$	13,770	.14	$	14,331	.96	$	14,916	.70
Estimated Annual Expenses	$	93	.88	$	97	.71	$	101	.69	$	105	.84	$	110	.16	$	114	.66	$	119	.33	$	124	.20	$	129	.27	$	134	.54


Class Y	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10


Annual Expense Ratio ¹		0	.82%		0	.82%		0	.82%		0	.82%		0	.82%		0	.82%		0	.82%		0	.82%		0	.82%		0	.82%
Cumulative Return Before Expenses		5	.00%		10	.25%		15	.76%		21	.55%		27	.63%		34	.01%		40	.71%		47	.75%		55	.13%		62	.89%
Cumulative Return After Expenses		4	.18%		8	.53%		13	.07%		17	.80%		22	.72%		27	.85%		33	.20%		38	.76%		44	.56%		50	.61%
End of Year Balance	$	10,418	.00	$	10,853	.47	$	11,307	.15	$	11,779	.79	$	12,272	.18	$	12,785	.16	$	13,319	.58	$	13,876	.34	$	14,456	.37	$	15,060	.64
Estimated Annual Expenses	$	83	.71	$	87	.21	$	90	.86	$	94	.66	$	98	.61	$	102	.74	$	107	.03	$	111	.50	$	116	.16	$	121	.02


1		Your actual expenses may be higher or lower than those shown.
2		The hypothetical assumes you hold your investment for a full 10 years. Therefore, any applicable deferred sales charge that might apply in years one through six for Class B and year one for Class C has not been deducted.

6 Invesco Summit Fund

Choosing a Share Class



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 year ⁴	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 distributions ^2,3	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 New or additional investments are not permitted.	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 Short Term Bond Fund unless you received Class C shares of Invesco Short Term Bond Fund through an exchange from Class C shares from another Invesco Fund that is still subject to a CDSC.
5		The 12b-1 fee for Class C shares of certain Funds is less than 1.00%. The “Fees and Expenses of the Fund—Annual Fund Operating Expenses” section of this prospectus reflects the actual 12b-1 fees paid by a Fund.

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 (New or additional investments in Class B5 shares are not permitted);


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—02/12

Share Class Eligibility

Class A, B, C and Invesco Cash Reserve Shares

Class A2 Shares

Class A5, B5, C5 and R5 Shares

Class P Shares

Class R Shares

Class S Shares

Class Y Shares

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.

A-2 The Invesco Funds

Distribution and Service (12b-1) Fees

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


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)


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


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	have assets of at least $1 million; or
	n	have at least 100 employees eligible to participate in the Plan; or
	n	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 investment 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

Rights of Accumulation

Letters of Intent

Reinstatement Following Redemption

This reinstatement privilege is suspended for the period of time in which a purchase block is in place on a shareholder’s account. Please see “Purchase Blocking Policy” discussed below.

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

CDSCs on Class B Shares


CDSC Category I
Year since purchase made	Class B CDSC

First		5.00	%

Second		4.00

Third		3.00

Fourth		3.00

Fifth		2.00

Sixth		1.00

Seventh and following		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

CDSCs on Class C Shares—Employee Benefit Plan

CDSCs on Class C Shares of Invesco Short Term Bond Fund

Computing a CDSC

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 Fund.
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; and


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.

Purchasing Shares

A-5 The Invesco Funds

Minimum Investments


			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 219078, Kansas City, MO 64121-9078. 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*.
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.

Systematic Purchase Plan

Dollar Cost Averaging

Automatic Dividend and Distribution Investment

A-6 The Invesco Funds

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

Redeeming Shares


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;
		n The cost basis method or specific shares you wish to redeem for tax reporting purposes, if different than the method already on record; 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

Redemption checks are mailed to your address of record, via first class U.S. mail, unless you make other arrangements with the transfer agent.

Expedited Redemptions (Invesco Cash Reserve Shares of Invesco Money Market Fund only)

Systematic Withdrawals

A-7 The Invesco Funds

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.

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.

Redemptions in Kind

Redemptions Initiated by the Funds

Minimum Account Balance

Exchanging Shares

A-8 The Invesco Funds

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, 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, 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, Y*

Class R		Class R

Class R5		Class R

Class Y		Class Y


*		You may exchange your Invesco Cash Reserve Shares, Class A shares, Class C 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

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 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 C shares or Investor Class shares of one Fund cannot 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.

Initial Sales Charges, CDSCs and 12b-1 Fees on Applicable to Exchanges

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


n	Trade activity monitoring.
n	Trading guidelines.

A-9 The Invesco Funds


n	Purchase blocking.


n	The use of fair value pricing consistent with procedures approved by the Board.

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.

Trade Activity Monitoring

Trading Guidelines

Purchase Blocking Policy

The purchase blocking policy does not apply to Invesco Money Market Fund, Invesco Tax-Exempt Cash Fund, Premier Portfolio, Premier Tax-Exempt Portfolio and Premier U.S. Government Money Portfolio.

Fair Value Pricing

Pricing of Shares

Determination of Net Asset Value

A-10 The Invesco Funds

Specific types of securities are valued as follows:

A-11 The Invesco Funds

be permitted to purchase or redeem shares of such Funds and net asset values will be calculated for such Funds.

Timing of Orders

Taxes

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 generally are 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 2012) 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	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.”

A-12 The Invesco Funds


	scheduled to rise to 31% unless the 28% rate is extended or made permanent).


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.

Tax-Exempt and Municipal Funds


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, unless such municipal securities were issued in 2009 or 2010.


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.

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.

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 generally will not 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. REIT. Please see the SAI for a discussion of the risks and special tax consequences to shareholders in the event the Fund realizes excess inclusion income in excess of certain threshold amounts.
n	The Fund’s foreign shareholders should see the SAI for a discussion of the risks and special tax consequences to them from a sale of a U.S. real property interest by a REIT in which the Fund invests.

Invesco Balanced-Risk Allocation Fund, Invesco Balanced-Risk Commodity Strategy 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 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 Subsidiary as qualifying income. If, contrary to a number of private letter rulings (PLRs) issued by the IRS, the IRS were to determine such income is non qualifying, a Fund might fail to satisfy the income requirement. In lieu of disqualification, the Funds are permitted to pay a tax for certain failures to satisfy the asset diversification or income requirements, which, in general, are limited to those due to reasonable cause and not willful neglect for taxable years of the Fund with respect

A-13 The Invesco Funds


	to which the extended due date of the return is after December 22, 2010. The Funds intend to limit their investments in their respective Subsidiary to no more than 25% of the value of each Fund’s total assets in order to satisfy the asset diversification requirement.

Invesco Emerging Market Local Currency Debt Fund

Payments to Financial Intermediaries

Important Notice Regarding Delivery of Security Holder Documents

A-14 The Invesco Funds

If you have questions about an Invesco Fund or your account, or you wish to obtain a free copy of the Fund’s current SAI, annual or semi-annual reports or Form N-Q, please contact us.


By Mail:		Invesco Investment Services, Inc. P.O. Box 219078 Kansas City, MO 64121-9078

By Telephone:		(800) 959-4246

On the Internet:		You can send us a request by e-mail or download prospectuses, SAIs, annual or semi-annual reports via our Web site: www.invesco.com/us





Invesco Summit Fund
SEC 1940 Act file number: 811-01424


invesco.com/us SUM-PRO-1


Prospectus	February 28, 2012







Invesco Charter Fund (CHRSX)

Invesco Summit Fund (SMMSX)

Class S

Invesco Charter Fund’s investment objective is long-term growth of capital.

Invesco Summit Fund’s investment objective is long-term growth of capital.

An investment in the Funds:

n is not FDIC insured;

n may lose value; and

n is not guaranteed by a bank.

Table of Contents



Fund Summaries		1
Invesco Charter Fund		1
Invesco Summit Fund		2

Investment Objective(s), Strategies, Risks and Portfolio Holdings		4
Invesco Charter Fund		4
Invesco Summit Fund		5


Fund Management		6
The Adviser(s)		6
Adviser Compensation		6
Portfolio Managers		6


Other Information		6
Dividends and Distributions		6


Benchmark Descriptions		6


Financial Highlights		7


Hypothetical Investment and Expense Information		9


Shareholder Account Information		A-1
Choosing a Share Class		A-1
Share Class Eligibility		A-2
Distribution and Service (12b-1) Fees		A-3
Initial Sales Charges (Class A Shares Only)		A-3
Contingent Deferred Sales Charges (CDSCs)		A-4
Purchasing Shares		A-5
Redeeming Shares		A-7
Exchanging Shares		A-8
Rights Reserved by the Funds		A-9
Excessive Short-Term Trading Activity (Market Timing) Disclosures		A-9
Pricing of Shares		A-10
Taxes		A-12
Payments to Financial Intermediaries		A-14
Important Notice Regarding Delivery of Security Holder Documents		A-14


Obtaining Additional Information		Back Cover

Invesco Equity Funds

Fund Summaries

INVESCO CHARTER FUND

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.



Shareholder Fees (fees paid directly from your investment)

Class:	S

Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)		None

Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, whichever is less)		None



Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Class:	S

Management Fees ¹		0.61	%

Distribution and/or Service (12b-1) Fees		0.15

Other Expenses		0.26

Total Annual Fund Operating Expenses		1.02


1		Effective May 23, 2011, the Board of Trustees approved a reduced contractual advisory fee schedule for the Fund. Pursuant to the new fee schedule, the Fund’s maximum annual advisory fee rate ranges from 0.695% (for average net assets up to $250 million) to 0.52% (for average net assets over $10 billion). Management Fees have been restated to reflect the new fee schedule.

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.

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 S	$	104	$	325	$	563	$	1,248

Principal Investment Strategies of the Fund

The Fund may invest up to 25% of its total assets in foreign securities, which includes debt and equity securities.

The Fund can invest in derivatives, including index futures and forward foreign currency contracts.

The portfolio managers consider selling a security when it exceeds the target price, has not shown a demonstrable improvement in fundamentals or a more compelling investment opportunity exists.

Principal Risks of Investing in the Fund

Cash/Cash Equivalents Risk . Holding cash or cash equivalents may negatively affect performance.

Management Risk . The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results.

1 Invesco Equity Funds

Performance Information

Annual Total Returns

Best Quarter (ended December 31, 2010): 8.59%

Worst Quarter (ended September 30, 2011): -13.58%



Average Annual Total Returns (for the periods ended December 31, 2011)

	1			5			10
	Year			Years			Years

Class S shares ¹ : Inception (9/25/2009)
Return Before Taxes		0.04	%		1.78	%		4.18	%
Return After Taxes on Distributions		-0.07			1.64			4.07
Return After Taxes on Distributions and Sale of Fund Shares		0.17			1.51			3.63

S&P 500 ^® Index (reflects no deductions for fees, expenses or taxes)		2.09			-0.25			2.92

Russell 1000 ^® Index (reflects no deductions for fees, expenses or taxes)		1.50			-0.02			3.34

Lipper Large-Cap Core Funds Index		0.09			-0.60			2.16


1		Class S 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. The inception date of the Fund’s Class A shares is November 26, 1968.

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 S 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

Ronald Sloan	Portfolio Manager (lead)		2002

Tyler Dann II	Portfolio Manager		2007

Brian Nelson	Portfolio Manager		2007

Purchase and Sale of Fund Shares

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

INVESCO SUMMIT FUND

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.



Shareholder Fees (fees paid directly from your investment)

Class:	S

Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)		None

Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, whichever is less)		None



Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Class:	S

Management Fees		0.64	%

Distribution and/or Service (12b-1) Fees		0.15

Other Expenses		0.18

Total Annual Fund Operating Expenses		0.97

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.

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 S	$	99	$	309	$	536	$	1,190

2 Invesco Equity Funds

Principal Investment Strategies of the Fund

The Fund invests primarily in equity securities of issuers of all market capitalizations.

The Fund may invest up to 25% of its total assets in foreign securities.

The portfolio is constructed to minimize unnecessary risk by broadly diversifying the portfolio.

Principal Risks of Investing in the Fund

Management Risk . The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results.

Performance Information

Annual Total Returns

Best Quarter (ended September 30, 2010): 11.72%

Worst Quarter (ended September 30, 2011): -16.76%



Average Annual Total Returns (for the periods ended December 31, 2011)

	1			5			Since
	Year			Years			Inception

Class S shares ¹ : Inception (9/25/2009)
Return Before Taxes		-4.62	%		-0.71	%		1.56	%
Return After Taxes on Distributions		-4.67			-1.01			1.29
Return After Taxes on Distributions and Sale of Fund Shares		-3.00			-0.65			1.30

S&P 500 ^® Index (reflects no deductions for fees, expenses or taxes) (from 10/31/2005)		2.09			-0.25			2.82

Russell 1000 ^® Growth Index (reflects no deductions for fees, expenses or taxes) (from 10/31/2005)		2.64			2.50			4.13

Lipper Multi-Cap Growth Funds Index (from 10/31/2005)		-4.02			0.87			3.09


1		Class S 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. The inception date of the Fund’s Class A shares is October 31, 2005.

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 S shares only and after-tax returns for other classes will vary.

Management of the Fund

Investment Adviser: Invesco Advisers, Inc.

Purchase and Sale of Fund Shares

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

3 Invesco Equity Funds

Investment Objective(s), Strategies, Risks and Portfolio Holdings

Invesco Charter Fund

Objective(s) and Strategies

The Fund’s investment objective is long-term growth of capital. The Fund’s investment objective may be changed by the Board of Trustees without shareholder approval.

The Fund may invest up to 25% of its total assets in foreign securities, which includes debt and equity securities.

The Fund can invest in derivatives, including index futures and forward foreign currency contracts.

The portfolio managers consider selling a security when it exceeds the target price, has not shown a demonstrable improvement in fundamentals or a more compelling investment opportunity exists.

Risks

The principal risks of investing in the Fund are:

[ ] Leverage Risk. Leverage exists when the Fund purchases or sells a derivative instrument or enters into a transaction without investing cash in an amount equal to the full economic exposure of the instrument or transaction and the Fund could lose more than it invested. The Fund mitigates leverage risk by segregating or earmarking liquid assets or otherwise covering transactions that may give rise to such risk. Leverage may cause the Fund to be more volatile because it may exaggerate the effect of any increase or decrease in the value of the Fund’s portfolio securities. The use of some derivative instruments may result in implicit leverage, which does not result in the possibility of the Fund incurring obligations beyond its investment, but that nonetheless permits the Fund to gain exposure that is greater than would be the case in an unlevered instrument. The Fund does not segregate assets or otherwise cover investments in derivatives with implicit leverage.

4 Invesco Equity Funds

ordinary income tax rates rather than at the more favorable tax rates for long-term capital gain. The Fund’s use of derivatives may be limited by the requirements for taxation of the Fund as a regulated investment company. The tax treatment of derivatives may be affected by changes in legislation, regulations or other legal authority that could affect the character, timing and amount of the Fund’s taxable income or gains and distributions to shareholders.

[ ] Management Risk . The investment techniques and risk analysis used by the Fund’s portfolio managers in connection with investing in derivatives may not produce the desired results.

Management Risk . The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results.

Invesco Summit Fund

Objective(s) and Strategies

The Fund’s investment objective is long-term growth of capital. The Fund’s investment objective may be changed by the Board of Trustees without shareholder approval.

The Fund invests primarily in equity securities of issuers of all market capitalizations.

The Fund may invest up to 25% of its total assets in foreign securities.

The portfolio manager focuses on securities of issuers exhibiting long-term, sustainable earnings and cash flow growth that is not yet reflected in investor expectations or equity valuations. The portfolio manager actively manages the Fund using a two-step security selection process that combines quantitative and fundamental analyses. The quantitative analysis involves using a security ranking model to rank securities based primarily upon a set of growth, quality and valuation factors.

The portfolio manager looks for key issuer-specific attributes including:


	n	market leadership position with the potential for additional growth;


	n	value added products or services with pricing power;


	n	sustainable growth in revenue, earnings and cash flow;


	n	potential to improve profitability and return on capital; and


	n	a strong balance sheet, appropriate financial leverage and a prudent use of capital.

The portfolio manager also focuses on other industry attributes such as a rational competitive environment, pricing flexibility and differentiation of products and services. The portfolio is constructed to minimize unnecessary risk. The portfolio manager attempts to limit risk by broadly diversifying the portfolio.

Risks

The principal risks of investing in the Fund are:

Management Risk . The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results.

Portfolio Holdings

A description of Fund policies and procedures with respect to the disclosure of Fund portfolio holdings is available in the SAI, which is available at www.invesco.com/us.

5 Invesco Equity Funds

Fund Management

The Adviser(s)

Invesco Advisers, Inc. (Invesco or the Adviser) serves as each Fund’s investment adviser. The Adviser manages the investment operations of each 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 each 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.

Pending Litigation. Detailed information concerning pending litigation can be found in the SAI.

Adviser Compensation

During the fiscal year ended October 31, 2011, the Adviser received compensation of 0.59% of Invesco Charter Fund’s average daily net assets after fee waiver and/or expense reimbursement.

During the fiscal year ended October 31, 2011, the Adviser received compensation of 0.63% of Invesco Summit Fund’s average daily net assets.

Effective, May 23, 2011, the Board of Trustees approved a reduced contractual advisory fee schedule for the Invesco Charter Fund, as reflected in the “Fund Summaries – INVESCO CHARTER FUND – Fees and Expenses of the Fund” section of the prospectus and the Fund’s SAI.

A discussion regarding the basis for the Board of Trustees’ approval of the investment advisory agreement and investment sub-advisory agreements of each Fund is available in each Fund’s most recent annual report to shareholders for the twelve-month period ended October 31.

Portfolio Managers

The following individuals are jointly and primarily responsible for the day-to-day management of each Funds portfolio:

Invesco Charter Fund


n	Ronald Sloan, (lead manager), Portfolio Manager, who has been responsible for the Fund since 2002 and has been associated with Invesco and/or its affiliates since 1998.

n	Tyler Dann II, Portfolio Manager, who has been responsible for the Fund since 2007 and has been associated with Invesco and/or its affiliates since 2004.

n	Brian Nelson, Portfolio Manager, who has been responsible for the Fund since 2007 and has been associated with Invesco and/or its affiliates since 2004.

Invesco Summit Fund


n	Ryan Amerman, Portfolio Manager, who has been responsible for the Fund since 2008 and has been associated with Invesco and/or its affiliates since 1996.

All Funds

A lead manager generally has final authority over all aspects of the Funds’ investment portfolio, including but not limited to, purchases and sales of individual securities, portfolio construction techniques, portfolio risk assessment, and the management of daily cash flows in accordance with portfolio holdings. The degree to which a lead manager may perform these functions, and the nature of these functions, may change from time to time.

More information on the portfolio managers may be found at www.invesco.com/us. The Web site is not part of this prospectus.

The Funds’ SAI provides additional information about the portfolio managers’ investments in the Funds, a description of the compensation structure and information regarding other accounts managed.

Dividends and Distributions

Invesco Charter 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.

Invesco Summit 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.

Dividends

Invesco Charter Fund generally declares and pays dividends from net investment income, if any, annually.

Invesco Summit Fund generally declares and pays dividends from net investment income, if any, annually.

Capital Gains Distributions

Invesco Charter Fund generally distributes long-term and short-term capital gains (net of any available capital loss carryovers), if any, at least annually. Capital gains 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 volatility, 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.

Invesco Summit Fund generally distributes long-term and short-term capital gains (net of any available capital loss carryovers), if any, at least annually. Capital gains 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 volatility, 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.

Lipper Large-Cap Core Funds Index is an unmanaged index considered representative of large-cap core funds tracked by Lipper.

Lipper Multi-Cap Growth Funds Index is an unmanaged index considered representative of multi-cap growth funds tracked by Lipper.

S&P 500 ^® Index is an unmanaged index considered representative of the U.S. stock market.

6 Invesco Equity Funds

Hypothetical Investment and Expense Information

The financial highlights show each Fund’s financial history for the past five fiscal years or, if shorter, the period of operations of each Fund or any of its share classes. The financial highlights tables are intended to help you understand each Fund’s financial performance. Certain information reflects financial results for a single Fund share. Only Class S is offered in this prospectus.

The total returns in the tables represent the rate that an investor would have earned (or lost) on an investment in each Fund (assuming reinvestment of all dividends and distributions).

This information has been audited by PricewaterhouseCoopers LLC, whose report, along with each Fund’s financial statements, is included in each Fund’s annual report, which is available upon request.

Invesco Charter Fund


																						Ratio of			Ratio of
						Net gains																expenses			expenses
						(loss)																to average			to average net			Ratio of net
	Net asset		Net			on securities						Dividends										net assets			assets without			investment
	value,		investment			(both			Total from			from net			Net asset					Net assets,		with fee waivers			fee waivers			income (loss)
	beginning		income			realized and			investment			investment			value, end		Total			end of period		and/or expenses			and/or expenses			to average			Portfolio
	of period		(loss) ^(a)			unrealized)			operations			income			of period		Return ^(b)			(000s omitted)		absorbed			absorbed			net assets			turnover ^(c)


Class A
Year ended 10/31/11	$	15.30	$	0.10		$	1.04		$	1.14		$	(0.06	)	$	16.38		7.50	%	$	4,009,014		1.10	% ^(e)		1.13	% ^(e)		0.64	% ^(e)		40	%
Year ended 10/31/10		14.16		0.07			1.16	^(d)		1.23			(0.09	)		15.30		8.72	^(d)		4,027,296		1.14			1.18			0.45			48
Year ended 10/31/09		12.46		0.09			1.76	^(d)		1.85			(0.15	)		14.16		15.19	^(d)		3,915,161		1.26			1.29			0.76			32
Year ended 10/31/08		17.30		0.14			(4.76	)		(4.62	)		(0.22	)		12.46		(27.00	)		3,454,370		1.19			1.23			0.88			38
Year ended 10/31/07		14.96		0.20			2.25	^(d)		2.45			(0.11	)		17.30		16.44	^(d)		5,005,716		1.16			1.19			1.25			39

Class B
Year ended 10/31/11		14.69		(0.02	)		1.00			0.98			—			15.67		6.67			169,243		1.85	^(e)		1.88	^(e)		(0.11	) ^(e)		40
Year ended 10/31/10		13.62		(0.04	)		1.11	^(d)		1.07			—			14.69		7.86	^(d)		211,105		1.89			1.93			(0.30	)		48
Year ended 10/31/09		11.91		0.00			1.71	^(d)		1.71			—			13.62		14.36	^(d)		281,911		2.01			2.04			0.01			32
Year ended 10/31/08		16.50		0.02			(4.54	)		(4.52	)		(0.07	)		11.91		(27.51	)		388,985		1.94			1.98			0.13			38
Year ended 10/31/07		14.30		0.08			2.14	^(d)		2.22			(0.02	)		16.50		15.56	^(d)		1,067,897		1.91			1.94			0.50			39

Class C
Year ended 10/31/11		14.73		(0.02	)		1.00			0.98			—			15.71		6.65			257,790		1.85	^(e)		1.88	^(e)		(0.11	) ^(e)		40
Year ended 10/31/10		13.65		(0.04	)		1.12			1.08			—			14.73		7.91	^(d)		245,757		1.89			1.93			(0.30	)		48
Year ended 10/31/09		11.94		0.00			1.71	^(d)		1.71			—			13.65		14.32	^(d)		226,830		2.01			2.04			0.01			32
Year ended 10/31/08		16.55		0.02			(4.56	)		(4.54	)		(0.07	)		11.94		(27.55	)		179,759		1.94			1.98			0.13			38
Year ended 10/31/07		14.34		0.08			2.15	^(d)		2.23			(0.02	)		16.55		15.58	^(d)		272,904		1.91			1.94			0.50			39

Class R
Year ended 10/31/11		15.18		0.06			1.04			1.10			(0.03	)		16.25		7.26			66,405		1.35	^(e)		1.38	^(e)		0.39	^(e)		40
Year ended 10/31/10		14.07		0.03			1.15	^(d)		1.18			(0.07	)		15.18		8.43	^(d)		57,003		1.39			1.43			0.20			48
Year ended 10/31/09		12.38		0.07			1.75	^(d)		1.82			(0.13	)		14.07		14.93	^(d)		25,096		1.51			1.54			0.51			32
Year ended 10/31/08		17.18		0.10			(4.73	)		(4.63	)		(0.17	)		12.38		(27.19	)		7,717		1.44			1.48			0.63			38
Year ended 10/31/07		14.87		0.16			2.23	^(e)		2.39			(0.08	)		17.18		16.12	^(e)		6,565		1.41			1.44			1.00			39

Class S
Year ended 10/31/11		15.31		0.12			1.04			1.16			(0.08	)		16.39		7.62			21,080		1.00	^(e)		1.03	^(e)		0.74	^(e)		40
Year ended 10/31/10		14.16		0.08			1.16	^(d)		1.24			(0.09	)		15.31		8.80	^(d)		19,916		1.04			1.08			0.55			48
Year ended 10/31/09 ^(f)		14.25		0.01			(0.10	)		(0.09	)		—			14.16		(0.63	)		1,390		1.09	^(g)		1.12	^(g)		0.93	^(g)		32

Class Y
Year ended 10/31/11		15.36		0.15			1.04			1.19			(0.11	)		16.44		7.78			186,623		0.85	^(e)		0.88	^(e)		0.89	^(e)		40
Year ended 10/31/10		14.20		0.11			1.15	^(d)		1.26			(0.10	)		15.36		8.93	^(d)		167,170		0.89			0.93			0.70			48
Year ended 10/31/09		12.46		0.13			1.77	^(d)		1.90			(0.16	)		14.20		15.54	^(d)		70,187		1.01			1.04			1.01			32
Year ended 10/31/08 ^(f)		13.94		0.01			(1.49	)		(1.48	)		—			12.46		(10.62	)		9,424		0.97	^(g)		1.01	^(g)		1.10	^(g)		38

Institutional Class
Year ended 10/31/11		15.77		0.17			1.07			1.24			(0.14	)		16.87		7.92			404,441		0.73	^(e)		0.76	^(e)		1.01	^(e)		40
Year ended 10/31/10		14.57		0.14			1.20	^(d)		1.34			(0.14	)		15.77		9.20	^(d)		571,624		0.71			0.75			0.88			48
Year ended 10/31/09		12.83		0.16			1.80	^(d)		1.96			(0.22	)		14.57		15.74	^(d)		328,081		0.75			0.78			1.27			32
Year ended 10/31/08		17.81		0.20			(4.88	)		(4.68	)		(0.30	)		12.83		(26.68	)		202,467		0.76			0.80			1.31			38
Year ended 10/31/07		15.38		0.28			2.31	^(d)		2.59			(0.16	)		17.81		16.96	^(d)		134,745		0.73			0.76			1.68			39


(a)		Calculated using average shares outstanding.
(b)		Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.
(c)		Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the period ending October 31, 2011, the portfolio turnover calculation excludes the value of securities purchased of $158,423,180 and sold of $177,461,241 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco Multi Sector Fund into in the Fund.

7 Invesco Equity Funds


(d)		Includes litigation proceeds received during the period. Had the litigation proceeds not been received Net gains on securities (both realized and unrealized) per share for the year ended October 31, 2010 would have been $1.11, $1.06, $1.07, $1.10, $1.11, $1.10 and $1.15 for Class A, Class B, Class C, Class R, Class S, Class Y and Institutional Class, respectively and total return would have been lower. Net gains on securities (both realized and unrealized) per share for the year ended October 31, 2009 would have been $1.57, $1.52, $1.52, $1.56, $1.58 and $1.61 for Class A, Class B, Class C, Class R, Class Y and Institutional Class, respectively and total return would have been lower. Net gains on securities (both realized and unrealized) per share for the year ended October 31, 2007 would have been $2.12, $2.01, $2.02, $2.10 and $2.18 for Class A, Class B, Class C, Class R and Institutional Class, respectively and total return would have been lower.
(e)		Ratios are based on average daily net assets (000’s) of $4,154,579, $196,432, $256,865, $62,467, $21,402, $171,257 and $425,998 for Class A, Class B, Class C, Class R, Class S, Class Y, and Institutional Class shares, respectively.
(f)		Commencement date of September 25, 2009 and October 3, 2008 for Class S and Class Y shares, respectively.
(g)		Annualized.

Invesco Summit Fund


																												Ratio of			Ratio of
						Net gains																						expenses			expenses
						(losses)																						to average			to average net			Ratio of net
	Net asset		Net			on securities						Dividends			Distributions													net assets			assets without			investment
	value,		investment			(both			Total from			from net			from net						Net asset					Net assets,		with fee waivers			fee waivers			income (loss)
	beginning		income			realized and			investment			investment			realized			Total			value, end		Total			end of period		and/or expense			and/or expense			to average			Portfolio
	of period		(loss) ^(a)			unrealized)			operations			income			gains			Distributions			of period		Return ^(b)			(000s omitted)		absorbed			absorbed			net assets			turnover ^(c)


Class A
Year ended 10/31/11	$	11.09	$	0.00		$	0.47		$	0.47		$	(0.00	)	$	—		$	(0.00	)	$	11.56		4.25	%	$	17,763		1.06	% ^(d)		1.07	% ^(d)		0.00	% ^(d)		59	%
Year ended 10/31/10		9.55		0.00			1.61			1.61			(0.07	)		—			(0.07	)		11.09		16.89			21,981		1.09			1.10			0.00			53
Year ended 10/31/09		9.81		0.06			0.33			0.39			(0.05	)		(0.60	)		(0.65	)		9.55		4.99			24,855		1.12			1.13			0.70			89
Year ended 10/31/08		15.42		0.05			(5.40	)		(5.35	)		(0.06	)		(0.20	)		(0.26	)		9.81		(35.26	)		25,529		1.06			1.07			0.34			79
Year ended 10/31/07		12.74		0.05			2.70			2.75			(0.07	)		—			(0.07	)		15.42		21.65			11,591		1.08			1.08			0.37			41

Class B
Year ended 10/31/11		10.87		(0.09	)		0.46			0.37			—			—			—			11.24		3.40			1,085		1.81	^(d)		1.82	^(d)		(0.75	) ^(d)		59
Year ended 10/31/10		9.37		(0.08	)		1.58			1.50			—			—			—			10.87		16.01			1,477		1.84			1.85			(0.75	)		53
Year ended 10/31/09		9.64		(0.00	)		0.33			0.33			—			(0.60	)		(0.60	)		9.37		4.31			1,975		1.87			1.88			(0.05	)		89
Year ended 10/31/08		15.20		(0.05	)		(5.30	)		(5.35	)		(0.01	)		(0.20	)		(0.21	)		9.64		(35.70	)		3,256		1.81			1.82			(0.41	)		79
Year ended 10/31/07		12.64		(0.05	)		2.66			2.61			(0.05	)		—			(0.05	)		15.20		20.74			2,727		1.83			1.83			(0.38	)		41

Class C
Year ended 10/31/11		10.85		(0.09	)		0.47			0.38			—			—			—			11.23		3.50			1,968		1.81	^(d)		1.82	^(d)		(0.75	) ^(d)		59
Year ended 10/31/10		9.36		(0.08	)		1.57			1.49			—			—			—			10.85		15.92			2,435		1.84			1.85			(0.75	)		53
Year ended 10/31/09		9.63		(0.00	)		0.33			0.33			—			(0.60	)		(0.60	)		9.36		4.31			3,145		1.87			1.88			(0.05	)		89
Year ended 10/31/08		15.20		(0.05	)		(5.31	)		(5.36	)		(0.01	)		(0.20	)		(0.21	)		9.63		(35.77	)		4,408		1.81			1.82			(0.41	)		79
Year ended 10/31/07		12.64		(0.05	)		2.66			2.61			(0.05	)		—			(0.05	)		15.20		20.74			995		1.83			1.83			(0.38	)		41

Class P
Year ended 10/31/11		11.15		0.02			0.48			0.50			(0.02	)		—			(0.02	)		11.63		4.46			1,545,006		0.91	^(d)		0.92	^(d)		0.15	^(d)		59
Year ended 10/31/10		9.60		0.02			1.60			1.62			(0.07	)		—			(0.07	)		11.15		16.97			1,663,462		0.94			0.95			0.15			53
Year ended 10/31/09		9.85		0.08			0.33			0.41			(0.06	)		(0.60	)		(0.66	)		9.60		5.22			1,572,776		0.97			0.98			0.85			89
Year ended 10/31/08		15.47		0.07			(5.42	)		(5.35	)		(0.07	)		(0.20	)		(0.27	)		9.85		(35.17	)		1,554,240		0.91			0.92			0.49			79
Year ended 10/31/07		12.77		0.07			2.71			2.78			(0.08	)		—			(0.08	)		15.47		21.85			2,594,668		0.92			0.94			0.52			41

Class S
Year ended 10/31/11		11.11		0.01			0.47			0.48			(0.01	)		—			(0.01	)		11.58		4.36			4,078		0.96	^(d)		0.97	^(d)		0.10	^(d)		59
Year ended 10/31/10		9.56		0.01			1.61			1.62			(0.07	)		—			(0.07	)		11.11		16.99			4,246		0.99			1.00			0.10			53
Year ended 10/31/09 ^(e)		9.65		0.01			(0.10	)		(0.09	)		—			—			—			9.56		(0.93	)		312		0.95	^(f)		0.96	^(f)		0.87	^(f)		89

Class Y
Year ended 10/31/11		11.11		0.03			0.47			0.50			(0.03	)		—			(0.03	)		11.58		4.48			1,186		0.81	^(d)		0.82	^(d)		0.25	^(d)		59
Year ended 10/31/10		9.56		0.03			1.60			1.63			(0.08	)		—			(0.08	)		11.11		17.14			1,422		0.84			0.85			0.25			53
Year ended 10/31/09		9.81		0.09			0.32			0.41			(0.06	)		(0.60	)		(0.66	)		9.56		5.26			2,201		0.87			0.88			0.95			89
Year ended 10/31/08 ^(e)		10.98		0.00			(1.17	)		(1.17	)		—			—			—			9.81		(10.66	)		224		0.85	^(f)		0.86	^(f)		0.55	^(f)		79

Institutional Class
Year ended 10/31/11		11.14		0.04			0.47			0.51			(0.05	)		—			(0.05	)		11.60		4.54			77		0.74	^(d)		0.75	^(d)		0.32	^(d)		59
Year ended 10/31/10		9.58		0.04			1.62			1.66			(0.10	)		—			(0.10	)		11.14		17.42			11		0.68			0.69			0.41			53
Year ended 10/31/09		9.81		0.10			0.33			0.43			(0.06	)		(0.60	)		(0.66	)		9.58		5.48			11,358		0.67			0.68			1.15			89
Year ended 10/31/08 ^(e)		10.98		0.00			(1.17	)		(1.17	)		—			—			—			9.81		(10.66	)		10,762		0.80	^(f)		0.81	^(f)		0.60	^(f)		79


(a)		Calculated using average shares outstanding.
(b)		Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.
(c)		Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.
(d)		Ratios are based on average daily net assets (000’s omitted) of $20,515, $1,366, $2,261, $1,673,879, $4,377, $1,344 and $21 for Class A, Class B, Class C, Class P, Class S, Class Y and Institutional Class shares, respectively.
(e)		Commencement date of September 25, 2009 for Class S shares and October 3, 2008 for Class Y and Institutional Class shares.
(f)		Annualized.

8 Invesco Equity Funds


	n	You invest $10,000 in the Fund and hold it for the entire 10-year period; and
	n	Your investment has a 5% return before expenses each year.

There is no assurance that the annual expense ratio will be the expense ratio for the Fund Class S shares for any of the years shown. This is only a hypothetical presentation made to illustrate what expenses and returns would be under the above scenarios; your actual returns and expenses are likely to differ (higher or lower) from those shown below.



Invesco Charter Fund — Class S	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10


Annual Expense Ratio ¹		1	.02%		1	.02%		1	.02%		1	.02%		1	.02%		1	.02%		1	.02%		1	.02%		1	.02%		1	.02%
Cumulative Return Before Expenses		5	.00%		10	.25%		15	.76%		21	.55%		27	.63%		34	.01%		40	.71%		47	.75%		55	.13%		62	.89%
Cumulative Return After Expenses		3	.98%		8	.12%		12	.42%		16	.90%		21	.55%		26	.39%		31	.42%		36	.65%		42	.09%		47	.74%
End of Year Balance	$	10,398	.00	$	10,811	.84	$	11,242	.15	$	11,689	.59	$	12,154	.83	$	12,638	.60	$	13,141	.61	$	13,664	.65	$	14,208	.50	$	14,774	.00
Estimated Annual Expenses	$	104	.03	$	108	.17	$	112	.48	$	116	.95	$	121	.61	$	126	.45	$	131	.48	$	136	.71	$	142	.15	$	147	.81

Invesco Summit Fund — Class S	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10


Annual Expense Ratio ¹		0	.97%		0	.97%		0	.97%		0	.97%		0	.97%		0	.97%		0	.97%		0	.97%		0	.97%		0	.97%
Cumulative Return Before Expenses		5	.00%		10	.25%		15	.76%		21	.55%		27	.63%		34	.01%		40	.71%		47	.75%		55	.13%		62	.89%
Cumulative Return After Expenses		4	.03%		8	.22%		12	.58%		17	.12%		21	.84%		26	.75%		31	.86%		37	.17%		42	.70%		48	.45%
End of Year Balance	$	10,403	.00	$	10,822	.24	$	11,258	.38	$	11,712	.09	$	12,184	.09	$	12,675	.11	$	13,185	.91	$	13,717	.30	$	14,270	.11	$	14,845	.20
Estimated Annual Expenses	$	98	.95	$	102	.94	$	107	.09	$	111	.41	$	115	.90	$	120	.57	$	125	.43	$	130	.48	$	135	.74	$	141	.21


1 Your actual expenses may be higher or lower than those shown.

9 Invesco Equity Funds

Choosing a Share Class



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 year ⁴	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 distributions ^2,3	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 New or additional investments are not permitted.	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 Short Term Bond Fund unless you received Class C shares of Invesco Short Term Bond Fund through an exchange from Class C shares from another Invesco Fund that is still subject to a CDSC.
5		The 12b-1 fee for Class C shares of certain Funds is less than 1.00%. The “Fees and Expenses of the Fund—Annual Fund Operating Expenses” section of this prospectus reflects the actual 12b-1 fees paid by a Fund.

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 (New or additional investments in Class B5 shares are not permitted);


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—02/12

Share Class Eligibility

Class A, B, C and Invesco Cash Reserve Shares

Class A2 Shares

Class A5, B5, C5 and R5 Shares

Class P Shares

Class R Shares

Class S Shares

Class Y Shares

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.

A-2 The Invesco Funds

Distribution and Service (12b-1) Fees

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


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)


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


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	have assets of at least $1 million; or
	n	have at least 100 employees eligible to participate in the Plan; or
	n	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 investment 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

Rights of Accumulation

Letters of Intent

Reinstatement Following Redemption

This reinstatement privilege is suspended for the period of time in which a purchase block is in place on a shareholder’s account. Please see “Purchase Blocking Policy” discussed below.

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

CDSCs on Class B Shares


CDSC Category I
Year since purchase made	Class B CDSC

First		5.00	%

Second		4.00

Third		3.00

Fourth		3.00

Fifth		2.00

Sixth		1.00

Seventh and following		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

CDSCs on Class C Shares—Employee Benefit Plan

CDSCs on Class C Shares of Invesco Short Term Bond Fund

Computing a CDSC

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 Fund.
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; and


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.

Purchasing Shares

A-5 The Invesco Funds

Minimum Investments


			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 219078, Kansas City, MO 64121-9078. 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*.
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.

Systematic Purchase Plan

Dollar Cost Averaging

Automatic Dividend and Distribution Investment

A-6 The Invesco Funds

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

Redeeming Shares


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;
		n The cost basis method or specific shares you wish to redeem for tax reporting purposes, if different than the method already on record; 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

Redemption checks are mailed to your address of record, via first class U.S. mail, unless you make other arrangements with the transfer agent.

Expedited Redemptions (Invesco Cash Reserve Shares of Invesco Money Market Fund only)

Systematic Withdrawals

A-7 The Invesco Funds

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.

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.

Redemptions in Kind

Redemptions Initiated by the Funds

Minimum Account Balance

Exchanging Shares

A-8 The Invesco Funds

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, 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, 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, Y*

Class R		Class R

Class R5		Class R

Class Y		Class Y


*		You may exchange your Invesco Cash Reserve Shares, Class A shares, Class C 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

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 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 C shares or Investor Class shares of one Fund cannot 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.

Initial Sales Charges, CDSCs and 12b-1 Fees on Applicable to Exchanges

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


n	Trade activity monitoring.
n	Trading guidelines.

A-9 The Invesco Funds


n	Purchase blocking.


n	The use of fair value pricing consistent with procedures approved by the Board.

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.

Trade Activity Monitoring

Trading Guidelines

Purchase Blocking Policy

The purchase blocking policy does not apply to Invesco Money Market Fund, Invesco Tax-Exempt Cash Fund, Premier Portfolio, Premier Tax-Exempt Portfolio and Premier U.S. Government Money Portfolio.

Fair Value Pricing

Pricing of Shares

Determination of Net Asset Value

A-10 The Invesco Funds

Specific types of securities are valued as follows:

A-11 The Invesco Funds

be permitted to purchase or redeem shares of such Funds and net asset values will be calculated for such Funds.

Timing of Orders

Taxes

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 generally are 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 2012) 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	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.”

A-12 The Invesco Funds


	scheduled to rise to 31% unless the 28% rate is extended or made permanent).


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.

Tax-Exempt and Municipal Funds


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, unless such municipal securities were issued in 2009 or 2010.


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.

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.

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 generally will not 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. REIT. Please see the SAI for a discussion of the risks and special tax consequences to shareholders in the event the Fund realizes excess inclusion income in excess of certain threshold amounts.
n	The Fund’s foreign shareholders should see the SAI for a discussion of the risks and special tax consequences to them from a sale of a U.S. real property interest by a REIT in which the Fund invests.

Invesco Balanced-Risk Allocation Fund, Invesco Balanced-Risk Commodity Strategy 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 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 Subsidiary as qualifying income. If, contrary to a number of private letter rulings (PLRs) issued by the IRS, the IRS were to determine such income is non qualifying, a Fund might fail to satisfy the income requirement. In lieu of disqualification, the Funds are permitted to pay a tax for certain failures to satisfy the asset diversification or income requirements, which, in general, are limited to those due to reasonable cause and not willful neglect for taxable years of the Fund with respect

A-13 The Invesco Funds


	to which the extended due date of the return is after December 22, 2010. The Funds intend to limit their investments in their respective Subsidiary to no more than 25% of the value of each Fund’s total assets in order to satisfy the asset diversification requirement.

Invesco Emerging Market Local Currency Debt Fund

Payments to Financial Intermediaries

Important Notice Regarding Delivery of Security Holder Documents

A-14 The Invesco Funds

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 each Fund and is incorporated by reference into this prospectus (is legally a part of this prospectus). Annual and semi-annual reports to shareholders contain additional information about each Fund’s investments. Each Fund’s annual report also discusses the market conditions and investment strategies that significantly affected each Fund’s performance during its last fiscal year. Each Fund also files 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 the Fund’s current SAI, annual or semi-annual reports or Form N-Q, please contact us.


By Mail:		Invesco Investment Services, Inc. P.O. Box 219078 Kansas City, MO 64121-9078

By Telephone:		(800) 959-4246

On the Internet:		You can send us a request by e-mail or download prospectuses, SAIs, annual or semi-annual reports via our Web site: www.invesco.com/us

You can also review and obtain copies of each Fund’s SAI, annual or semi-annual 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 Charter Fund and		Invesco Summit Fund
SEC 1940 Act file number: 811-01424


invesco.com/us AEF-PRO-1-S


Prospectus	February 28, 2012







Invesco Capital Development Fund (ACDVX)

Invesco Charter Fund (CHTVX)

Invesco Constellation Fund (CSITX)

Invesco Diversified Dividend Fund (DDFIX)

Invesco Summit Fund (SMITX)

Institutional Classes

Invesco Capital Development Fund’s investment objective is long-term growth of capital.

Invesco Charter Fund’s investment objective is long-term growth of capital.

Invesco Constellation Fund’s investment objective is long-term growth of capital.

Invesco Diversified Dividend Fund’s investment objective is long-term growth of capital and, secondarily, current income.

Invesco Summit Fund’s investment objective is long-term growth of capital.

An investment in the Funds:

n is not FDIC insured;

n may lose value; and

n is not guaranteed by a bank.

Table of Contents



Fund Summaries		1
Invesco Capital Development Fund		1
Invesco Charter Fund		2
Invesco Constellation Fund		4
Invesco Diversified Dividend Fund		5
Invesco Summit Fund		7

Investment Objective(s), Strategies, Risks and Portfolio Holdings		9
Invesco Capital Development Fund		9
Invesco Charter Fund		10
Invesco Constellation Fund		11
Invesco Diversified Dividend Fund		11
Invesco Summit Fund		12


Fund Management		13
The Adviser(s)		13
Adviser Compensation		13
Portfolio Managers		13


Other Information		14
Dividends and Distributions		14


Benchmark Descriptions		14


Financial Highlights		16


Hypothetical Investment and Expense Information		21


Shareholder Account Information		A-1
Suitability for Investors		A-1
Purchasing Shares		A-1
Redeeming Shares		A-2
Exchanging Shares		A-2
Rights Reserved by the Funds		A-2
Excessive Short-Term Trading Activity (Market Timing) Disclosures		A-2
Pricing of Shares		A-3
Taxes		A-4
Payments to Financial Intermediaries		A-6
Important Notice Regarding Delivery of Security Holder Documents		A-7


Obtaining Additional Information		Back Cover

Invesco Equity Funds

Fund Summaries

INVESCO CAPITAL DEVELOPMENT FUND

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.



Shareholder Fees (fees paid directly from your investment)

Class:	Institutional

Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)		None

Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, whichever is less)		None



Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Class:	Institutional

Management Fees		0.68	%

Distribution and/or Service (12b-1) Fees		None

Other Expenses		0.17

Total Annual Fund Operating Expenses		0.85

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.

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

Institutional Class	$	87	$	271	$	471	$	1,049

Principal Investment Strategies of the Fund

The Fund invests primarily in equity securities of mid-capitalization issuers.

The Fund may invest up to 25% of its total assets in foreign securities.

In attempting to meet its investment objective, the Fund engages in active and frequent trading of portfolio securities.

Principal Risks of Investing in the Fund

Active Trading Risk . The Fund engages in frequent trading of portfolio securities. Active trading results in added expenses and may result in a lower return and increased tax liability.

Management Risk . The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results.

Performance Information

1 Invesco Equity Funds

Annual Total Returns

Best Quarter (ended September 30, 2009): 19.84%

Worst Quarter (ended December 31, 2008): -28.06%



Average Annual Total Returns (for the periods ended December 31, 2011)

	1			5			Since
	Year			Years			Inception

Institutional Class shares: Inception (3/15/2002)
Return Before Taxes		-7.02	%		-1.28	%		3.80	%
Return After Taxes on Distributions		-7.02			-1.63			3.04
Return After Taxes on Distributions and Sale of Fund Shares		-4.56			-1.10			3.18

S&P 500 ^® Index (reflects no deductions for fees, expenses or taxes) (from 02/28/2002)		2.09			-0.25			-4.28

Russell Midcap ^® Growth Index (reflects no deductions for fees, expenses or taxes) (from 02/28/2002)		-1.65			2.44			-8.72

Lipper Mid-Cap Growth Funds Index (from 02/28/2002)		-5.30			2.89			-12.28

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 arrangement, such as 401(k) plans or individual retirement accounts.

Management of the Fund

Investment Adviser: Invesco Advisers, Inc.

Purchase and Sale of Fund Shares

You may purchase, redeem or exchange shares of the Fund on any business day through your financial adviser or by telephone at 800-659-1005.

The minimum investments for Institutional Class shares for fund accounts are as follows:


	Initial Investment		Additional Investments
Type of Account	Per Fund		Per Fund

Defined Contribution Plan (for which sponsor has $100 million in combined defined contribution and defined benefit assets)		$0		$0

Defined Contribution Plan (for which a sponsor has less than $100 million in combined defined contribution and defined benefit assets)		$10 Million		$0

Banks, trust companies and certain other financial intermediaries		$10 Million		$0

Financial intermediaries and other corporations acting for their own accounts		$1 Million		$0

Foundations or Endowments		$1 Million		$0

Other institutional investors		$1 Million		$0

Defined Benefit Plan		$0		$0

Pooled investment vehicles (e.g., Funds of Funds)		$0		$0

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

INVESCO CHARTER FUND

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.



Shareholder Fees (fees paid directly from your investment)

Class:	Institutional

Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)		None

Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, whichever is less)		None



Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Class:	Institutional

Management Fees ¹		0.61	%

Distribution and/or Service (12b-1) Fees		None

Other Expenses		0.14

Total Annual Fund Operating Expenses		0.75


1		Effective May 23, 2011, the Board of Trustees approved a reduced contractual advisory fee schedule for the Fund. Pursuant to the new fee schedule, the Fund’s maximum annual advisory fee rate ranges from 0.695% (for average net assets up to $250 million) to 0.52% (for average net assets over $10 billion). Management Fees have been restated to reflect the new fee schedule.

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.

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

Institutional Class	$	77	$	240	$	417	$	930

2 Invesco Equity Funds

most recent fiscal year, the Fund’s portfolio turnover rate was 40% of the average value of its portfolio.

Principal Investment Strategies of the Fund

The Fund may invest up to 25% of its total assets in foreign securities, which includes debt and equity securities.

The Fund can invest in derivatives, including index futures and forward foreign currency contracts.

The portfolio managers consider selling a security when it exceeds the target price, has not shown a demonstrable improvement in fundamentals or a more compelling investment opportunity exists.

Principal Risks of Investing in the Fund

Cash/Cash Equivalents Risk . Holding cash or cash equivalents may negatively affect performance.

Management Risk . The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results.

Performance Information

Annual Total Returns

Best Quarter (ended June 30, 2009): 16.62%

Worst Quarter (ended December 31, 2008): -19.41%



Average Annual Total Returns (for the periods ended December 31, 2011)

	1			5			10
	Year			Years			Years

Institutional Class shares: Inception (7/30/1991)
Return Before Taxes		0.27	%		2.16	%		4.63	%
Return After Taxes on Distributions		0.13			1.97			4.45
Return After Taxes on Distributions and Sale of Fund Shares		0.36			1.83			4.01

S&P 500 ^® Index (reflects no deductions for fees, expenses or taxes)		2.09			-0.25			2.92

Russell 1000 ^® Index (reflects no deductions for fees, expenses or taxes)		1.50			-0.02			3.34

Lipper Large-Cap Core Funds Index		0.09			-0.60			2.16

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 arrangement, such as 401(k) plans or individual retirement accounts.

Management of the Fund

Investment Adviser: Invesco Advisers, Inc.


Portfolio Managers	Title	Length of Service on the Fund

Ronald Sloan	Portfolio Manager (lead)		2002

Tyler Dann II	Portfolio Manager		2007

Brian Nelson	Portfolio Manager		2007

3 Invesco Equity Funds

Purchase and Sale of Fund Shares

You may purchase, redeem or exchange shares of the Fund on any business day through your financial adviser or by telephone at 800-659-1005.

The minimum investments for Institutional Class shares for fund accounts are as follows:


	Initial Investment		Additional Investments
Type of Account	Per Fund		Per Fund

Defined Contribution Plan (for which sponsor has $100 million in combined defined contribution and defined benefit assets)		$0		$0

Defined Contribution Plan (for which a sponsor has less than $100 million in combined defined contribution and defined benefit assets)		$10 Million		$0

Banks, trust companies and certain other financial intermediaries		$10 Million		$0

Financial intermediaries and other corporations acting for their own accounts		$1 Million		$0

Foundations or Endowments		$1 Million		$0

Other institutional investors		$1 Million		$0

Defined Benefit Plan		$0		$0

Pooled investment vehicles (e.g., Funds of Funds)		$0		$0

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

INVESCO CONSTELLATION FUND

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.



Shareholder Fees (fees paid directly from your investment)

Class:	Institutional

Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)		None

Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, whichever is less)		None



Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Class:	Institutional

Management Fees		0.63	%

Distribution and/or Service (12b-1) Fees		None

Other Expenses		0.12

Total Annual Fund Operating Expenses ¹		0.75


1		Through December 31, 2012, Invesco Advisers, Inc. (Invesco or the Adviser) has contractually agreed to waive a portion of its advisory fees to the extent necessary so that the advisory fees payable by the Fund do not exceed a specified maximum annual advisory fee rate, wherein the fee rate includes breakpoints and is based upon net asset levels. The Fund’s maximum annual advisory fee rate ranges from 0.695% (for average net assets up to $250 million) to 0.52% (for average net assets over $10 billion). This fee waiver will terminate on December 31, 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.

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

Institutional Class	$	77	$	240	$	417	$	930

Principal Investment Strategies of the Fund

The Fund invests primarily in equity securities of issuers of all market capitalizations.

The Fund may invest up to 25% of its total assets in foreign securities.

The Adviser uses a bottom-up stock selection process designed to seek returns in excess of the benchmark as well as a disciplined portfolio construction process designed to manage risk. To narrow the investment universe, the Adviser uses a holistic approach that emphasizes fundamental research and, to a lesser extent, includes quantitative analysis. The Adviser then closely examines company fundamentals, including detailed modeling of all of a company’s financial statements and discussions with company management teams, suppliers, distributors, competitors, and customers. The Adviser uses a variety of valuation techniques based on the company in question, the industry in which the company operates, the stage of the business cycle, and other factors that best reflect a company’s value. The Adviser seeks to invest in companies with strong or improving fundamentals, attractive valuation relative to growth prospects, and earning expectations that appear fair to conservative.

In attempting to meet its investment objective, the Fund engages in active and frequent trading of portfolio securities.

Principal Risks of Investing in the Fund

4 Invesco Equity Funds

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:

Active Trading Risk . The Fund engages in frequent trading of portfolio securities. Active trading results in added expenses and may result in a lower return and increased tax liability.

Management Risk . The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results.

Performance Information

Annual Total Returns

Best Quarter (ended June 30, 2003): 13.60%

Worst Quarter (ended December 31, 2008): -21.67%



Average Annual Total Returns (for the periods ended December 31, 2011)

	1			5			10
	Year			Years			Years

Institutional Class shares: Inception (4/8/1992)
Return Before Taxes		-7.77	%		-3.43	%		0.22	%
Return After Taxes on Distributions		-7.77			-3.46			0.20
Return After Taxes on Distributions and Sale of Fund Shares		-5.05			-2.89			0.18

S&P 500 ^® Index (reflects no deductions for fees, expenses or taxes)		2.09			-0.25			2.92

Russell 1000 ^® Growth Index (reflects no deductions for fees, expenses or taxes)		2.64			2.50			2.60

Lipper Multi-Cap Growth Funds Index		-4.02			0.87			2.78

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 arrangement, such as 401(k) plans or individual retirement accounts.

Management of the Fund

Investment Adviser: Invesco Advisers, Inc.


Portfolio Managers	Title	Length of Service on the Fund

Erik Voss	Portfolio Manager (lead)		2011

Ido Cohen	Portfolio Manager		2011

Purchase and Sale of Fund Shares

You may purchase, redeem or exchange shares of the Fund on any business day through your financial adviser or by telephone at 800-659-1005.

The minimum investments for Institutional Class shares for fund accounts are as follows:


	Initial Investment		Additional Investments
Type of Account	Per Fund		Per Fund

Defined Contribution Plan (for which sponsor has $100 million in combined defined contribution and defined benefit assets)		$0		$0

Defined Contribution Plan (for which a sponsor has less than $100 million in combined defined contribution and defined benefit assets)		$10 Million		$0

Banks, trust companies and certain other financial intermediaries		$10 Million		$0

Financial intermediaries and other corporations acting for their own accounts		$1 Million		$0

Foundations or Endowments		$1 Million		$0

Other institutional investors		$1 Million		$0

Defined Benefit Plan		$0		$0

Pooled investment vehicles (e.g., Funds of Funds)		$0		$0

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

INVESCO DIVERSIFIED DIVIDEND FUND

Investment Objective(s)

The Fund’s investment objective is long-term growth of capital and, secondarily, current income.

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.

5 Invesco Equity Funds



Shareholder Fees (fees paid directly from your investment)

Class:	Institutional

Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)		None

Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, whichever is less)		None



Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Class:	Institutional

Management Fees		0.51	%

Distribution and/or Service (12b-1) Fees		None

Other Expenses		0.08

Total Annual Fund Operating Expenses		0.59

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.

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

Institutional Class	$	60	$	189	$	329	$	738

Principal Investment Strategies of the Fund

The Fund invests primarily in dividend-paying equity securities.

The Fund may invest up to 20% of its total assets in investment-grade debt securities of U.S. issuers. The Fund may also invest up to 25% of its total assets in foreign securities.

Principal Risks of Investing in the Fund

Management Risk . The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results.

Performance Information

6 Invesco Equity Funds

Annual Total Returns

Best Quarter (ended June 30, 2009): 17.76%

Worst Quarter (ended December 31, 2008): -19.81%



Average Annual Total Returns (for the periods ended December 31, 2011)

	1			5			10
	Year			Years			Years

Institutional Class shares ¹ : Inception (10/25/2005)
Return Before Taxes		0.08	%		1.18	%		5.08	%
Return After Taxes on Distributions		-0.40			0.60			4.55
Return After Taxes on Distributions and Sale of Fund Shares		0.68			0.96			4.36

S&P 500 ^® Index (reflects no deductions for fees, expenses or taxes)		2.09			-0.25			2.92

Russell 1000 ^® Value Index (reflects no deductions for fees, expenses or taxes) ²		0.39			-2.64			3.89

Russell 1000 ^® Index (reflects no deductions for fees, expenses or taxes) ²		1.50			-0.02			3.34

Lipper Large-Cap Value Funds Index ³		-2.17			-2.26			2.59

Lipper Large-Cap Core Funds Index ³		0.09			-0.60			2.16


1		Institutional 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. The inception date of the Fund’s Class A shares is December 31, 2001.
2		The Fund has elected to use the Russell 1000 ^® Value Index to represent its style specific market benchmark rather than the Russell 1000 ^® Index because the Russell 1000 ^® Value Index more closely reflects the performance of the types of securities in which the Fund invests.
3		The Fund has elected to use the Lipper Large-Cap Value Funds Index to represent its peer group benchmark rather than the Lipper Large-Cap Core Funds Index because the Lipper Large-Cap Value Funds Index more closely reflects the performance of the types of securities in which the Fund invests.

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 arrangement, such as 401(k) plans or individual retirement accounts.

Management of the Fund

Investment Adviser: Invesco Advisers, Inc.


Portfolio Managers	Title	Length of Service on the Fund

Meggan Walsh	Portfolio Manager (lead)		2002

Jonathan Harrington	Portfolio Manager		2008

Purchase and Sale of Fund Shares

You may purchase, redeem or exchange shares of the Fund on any business day through your financial adviser or by telephone at 800-659-1005.

The minimum investments for Institutional Class shares for fund accounts are as follows:


	Initial Investment		Additional Investments
Type of Account	Per Fund		Per Fund

Defined Contribution Plan (for which sponsor has $100 million in combined defined contribution and defined benefit assets)		$0		$0

Defined Contribution Plan (for which a sponsor has less than $100 million in combined defined contribution and defined benefit assets)		$10 Million		$0

Banks, trust companies and certain other financial intermediaries		$10 Million		$0

Financial intermediaries and other corporations acting for their own accounts		$1 Million		$0

Foundations or Endowments		$1 Million		$0

Other institutional investors		$1 Million		$0

Defined Benefit Plan		$0		$0

Pooled investment vehicles (e.g., Funds of Funds)		$0		$0

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

INVESCO SUMMIT FUND

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.



Shareholder Fees (fees paid directly from your investment)

Class:	Institutional

Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)		None

Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, whichever is less)		None



Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Class:	Institutional

Management Fees		0.64	%

Distribution and/or Service (12b-1) Fees		None

Other Expenses		0.11

Total Annual Fund Operating Expenses		0.75

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

7 Invesco Equity Funds

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

Institutional Class	$	77	$	240	$	417	$	930

Principal Investment Strategies of the Fund

The Fund invests primarily in equity securities of issuers of all market capitalizations.

The Fund may invest up to 25% of its total assets in foreign securities.

The portfolio is constructed to minimize unnecessary risk by broadly diversifying the portfolio.

Principal Risks of Investing in the Fund

Management Risk . The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results.

Performance Information

Annual Total Returns

Best Quarter (ended September 30, 2010): 11.81%

Worst Quarter (ended September 30, 2011): -16.75%



Average Annual Total Returns (for the periods ended December 31, 2011)

	1			5			Since
	Year			Years			Inception

Institutional Class shares ¹ : Inception (10/3/2008)
Return Before Taxes		-4.42	%		-0.53	%		1.72	%
Return After Taxes on Distributions		-4.54			-0.86			1.42
Return After Taxes on Distributions and Sale of Fund Shares		-2.87			-0.50			1.42

S&P 500 ^® Index (reflects no deductions for fees, expenses or taxes) (from 10/31/2005)		2.09			-0.25			2.82

Russell 1000 ^® Growth Index (reflects no deductions for fees, expenses or taxes) (from 10/31/2005)		2.64			2.50			4.13

Lipper Multi-Cap Growth Funds Index (from 10/31/2005)		-4.02			0.87			3.09


1		Institutional 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. The inception date of the Fund’s Class A shares is October 31, 2005.

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 arrangement, such as 401(k) plans or individual retirement accounts.

Management of the Fund

Investment Adviser: Invesco Advisers, Inc.

Purchase and Sale of Fund Shares

You may purchase, redeem or exchange shares of the Fund on any business day through your financial adviser or by telephone at 800-659-1005.

8 Invesco Equity Funds

The minimum investments for Institutional Class shares for fund accounts are as follows:


	Initial Investment		Additional Investments
Type of Account	Per Fund		Per Fund

Defined Contribution Plan (for which sponsor has $100 million in combined defined contribution and defined benefit assets)		$0		$0

Defined Contribution Plan (for which a sponsor has less than $100 million in combined defined contribution and defined benefit assets)		$10 Million		$0

Banks, trust companies and certain other financial intermediaries		$10 Million		$0

Financial intermediaries and other corporations acting for their own accounts		$1 Million		$0

Foundations or Endowments		$1 Million		$0

Other institutional investors		$1 Million		$0

Defined Benefit Plan		$0		$0

Pooled investment vehicles (e.g., Funds of Funds)		$0		$0

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Investment Objective(s), Strategies, Risks and Portfolio Holdings

Invesco Capital Development Fund

Objective(s) and Strategies

The Fund’s investment objective is long-term growth of capital. The Fund’s investment objective may be changed by the Board of Trustees without shareholder approval.

The Fund may invest up to 25% of its total assets in foreign securities.

In attempting to meet its investment objective, the Fund engages in active and frequent trading of portfolio securities.

Risks

The principal risks of investing in the Fund are:

Management Risk . The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results.

9 Invesco Equity Funds

Invesco Charter Fund

Objective(s) and Strategies

The Fund’s investment objective is long-term growth of capital. The Fund’s investment objective may be changed by the Board of Trustees without shareholder approval.

The Fund may invest up to 25% of its total assets in foreign securities, which includes debt and equity securities.

The Fund can invest in derivatives, including index futures and forward foreign currency contracts.

The portfolio managers consider selling a security when it exceeds the target price, has not shown a demonstrable improvement in fundamentals or a more compelling investment opportunity exists.

Risks

The principal risks of investing in the Fund are:

10 Invesco Equity Funds

underlying instrument that the Adviser would otherwise have attempted to avoid.

[ ] Management Risk . The investment techniques and risk analysis used by the Fund’s portfolio managers in connection with investing in derivatives may not produce the desired results.

Management Risk . The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results.

Invesco Constellation Fund

Objective(s) and Strategies

The Fund’s investment objective is long-term growth of capital. The Fund’s investment objective may be changed by the Board of Trustees without shareholder approval.

The Fund invests primarily in equity securities of issuers of all market capitalizations.

The Fund may invest up to 25% of its total assets in foreign securities.

The Adviser uses a bottom-up stock selection process designed to seek returns in excess of the benchmark as well as a disciplined portfolio construction process designed to manage risk. To narrow the investment universe, the Adviser uses a holistic approach that emphasizes fundamental research and, to a lesser extent, includes quantitative analysis. The Adviser then closely examines company fundamentals, including detailed modeling of all of a company’s financial statements and discussions with company management teams, suppliers, distributors, competitors, and customers. The Adviser uses a variety of valuation techniques based on the company in question, the industry in which the company operates, the stage of the business cycle, and other factors that best reflect a company’s value. The Adviser seeks to invest in companies with strong or improving fundamentals, attractive valuation relative to growth prospects, and earning expectations that appear fair to conservative.

In attempting to meet its investment objective, the Fund engages in active and frequent trading of portfolio securities.

Risks

The principal risks of investing in the Fund are:

Management Risk . The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results.

Invesco Diversified Dividend Fund

Objective(s) and Strategies

11 Invesco Equity Funds

The Fund invests primarily in dividend-paying equity securities.

The Fund may invest up to 20% of its total assets in investment-grade debt securities of U.S. issuers. The Fund may also invest up to 25% of its total assets in foreign securities.

Risks

The principal risks of investing in the Fund are:

Management Risk . The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results.

Invesco Summit Fund

Objective(s) and Strategies

The Fund’s investment objective is long-term growth of capital. The Fund’s investment objective may be changed by the Board of Trustees without shareholder approval.

The Fund invests primarily in equity securities of issuers of all market capitalizations.

The Fund may invest up to 25% of its total assets in foreign securities.

The portfolio manager focuses on securities of issuers exhibiting long-term, sustainable earnings and cash flow growth that is not yet reflected in investor expectations or equity valuations. The portfolio manager actively manages the Fund using a two-step security selection process that combines quantitative and fundamental analyses. The quantitative analysis involves using a security ranking model to rank securities based primarily upon a set of growth, quality and valuation factors.

The portfolio manager looks for key issuer-specific attributes including:


	n	market leadership position with the potential for additional growth;


	n	value added products or services with pricing power;


	n	sustainable growth in revenue, earnings and cash flow;


	n	potential to improve profitability and return on capital; and

12 Invesco Equity Funds


	n	a strong balance sheet, appropriate financial leverage and a prudent use of capital.

Risks

The principal risks of investing in the Fund are:

Management Risk . The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results.

Portfolio Holdings

A description of Fund policies and procedures with respect to the disclosure of Fund portfolio holdings is available in the SAI, which is available at www.invesco.com/us.

Fund Management

The Adviser(s)

Pending Litigation. Detailed information concerning pending litigation can be found in the SAI.

Adviser Compensation

During the fiscal year ended October 31, 2011, the Adviser received compensation of 0.68% of Invesco Capital Development Fund’s average daily net assets.

During the fiscal year ended October 31, 2011, the Adviser received compensation of 0.59% of Invesco Charter Fund’s average daily net assets after fee waiver and/or expense reimbursement.

During the fiscal year ended October 31, 2011, the Adviser received compensation of 0.62% of Invesco Constellation Fund’s average daily net assets after fee waiver and/or expense reimbursement.

During the fiscal year ended October 31, 2011, the Adviser received compensation of 0.63% of Invesco Summit Fund’s average daily net assets.

Portfolio Managers

The following individuals are jointly and primarily responsible for the day-to-day management of each Funds portfolio:

Invesco Capital Development Fund


n	James Leach, Portfolio Manager, who has been responsible for the Fund since 2011 and has been associated with Invesco and/or its affiliates since 2011. From 2005 to 2011, he was a portfolio manager with Wells Capital Management.

Invesco Charter Fund


n	Ronald Sloan, (lead manager), Portfolio Manager, who has been responsible for the Fund since 2002 and has been associated with Invesco and/or its affiliates since 1998.

n	Tyler Dann II, Portfolio Manager, who has been responsible for the Fund since 2007 and has been associated with Invesco and/or its affiliates since 2004.

n	Brian Nelson, Portfolio Manager, who has been responsible for the Fund since 2007 and has been associated with Invesco and/or its affiliates since 2004.

Invesco Constellation Fund


n	Erik Voss, (lead manager), Portfolio Manager, who has been responsible for the Fund since 2011 and has been associated with Invesco and/or its affiliates since 2010. From 2006 to 2010, he was a portfolio manager with Columbia Management Investment Advisers, LLC (formerly known as RiverSource Investments, LLC).

Ido Cohen, Portfolio Manager, who has been responsible for the Fund since 2011 and has been associated with Invesco and/or its affiliates since 2010. From 2007 to 2010, he was a vice president and senior analyst with Columbia Management Investment Advisers, LLC (formerly known as RiverSource Investments, LLC). Prior to 2007, he was a member of a technology, media and telecom-focused investment team at Diamondback Capital.

13 Invesco Equity Funds

Invesco Diversified Dividend Fund


n	Meggan Walsh, (lead manager), Portfolio Manager, who has been responsible for the Fund since 2002 and has been associated with Invesco and/or its affiliates since 1991.


n	Jonathan Harrington, Portfolio Manager, who has been responsible for the Fund since 2008 and has been associated with Invesco and/or its affiliates since 2001.

Invesco Summit Fund


n	Ryan Amerman, Portfolio Manager, who has been responsible for the Fund since 2008 and has been associated with Invesco and/or its affiliates since 1996.

All Funds

More information on the portfolio managers may be found at www.invesco.com/us. The Web site is not part of this prospectus.

Dividends and Distributions

Invesco Capital Development 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.

Invesco Charter 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.

Invesco Constellation 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.

Invesco Diversified Dividend 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.

Invesco Summit 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.

Dividends

Invesco Capital Development Fund generally declares and pays dividends from net investment income, if any, annually.

Invesco Charter Fund generally declares and pays dividends from net investment income, if any, annually.

Invesco Constellation Fund generally declares and pays dividends from net investment income, if any, annually.

Invesco Diversified Dividend Fund generally declares and pays dividends from net investment income, if any, quarterly.

Invesco Summit Fund generally declares and pays dividends from net investment income, if any, annually.

Capital Gains Distributions

Invesco Capital Development Fund generally distributes long-term and short-term capital gains (net of any available capital loss carryovers), if any, at least annually. Capital gains 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 volatility, 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.

Invesco Constellation Fund generally distributes long-term and short-term capital gains (net of any available capital loss carryovers), if any, at least annually. Capital gains 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 volatility, 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.

Invesco Diversified Dividend Fund generally distributes long-term and short-term capital gains (net of any available capital loss carryovers), if any, at least annually. Capital gains 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 volatility, 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.

Lipper Large-Cap Core Funds Index is an unmanaged index considered representative of large-cap core funds tracked by Lipper.

Lipper Large-Cap Value Funds Index is an unmanaged index considered representative of large-cap value funds tracked by Lipper.

Lipper Mid-Cap Growth Funds Index is an unmanaged index considered representative of mid-cap growth funds tracked by Lipper.

Lipper Multi-Cap Growth Funds Index is an unmanaged index considered representative of multi-cap growth funds tracked by Lipper.

Russell Midcap ^® Growth Index is an unmanaged index considered representative of mid-cap growth stocks. The Russell Midcap ^® Growth

14 Invesco Equity Funds

Index is a trademark/service mark of the Frank Russell Co. Russell ^® is a trademark of the Frank Russell Co.

S&P 500 ^® Index is an unmanaged index considered representative of the U.S. stock market.

15 Invesco Equity Funds

Hypothetical Investment and Expense Information

The total returns in the tables represent the rate that an investor would have earned (or lost) on an investment in each Fund (assuming reinvestment of all dividends and distributions).

Invesco Capital Development Fund


																						Ratio of			Ratio of
						Net gains																expenses			expenses
						(losses)																to average			to average net			Ratio of net
	Net asset		Net			on securities						Distributions										net assets			assets without			investment
	value,		investment			(both			Total from			from net			Net asset					Net assets,		with fee waivers			fee waivers			income (loss)
	beginning		income			realized and			investment			realized			value, end		Total			end of period		and/or expenses			and/or expenses			to average			Portfolio
	of period		(loss) ^(a)			unrealized)			operations			gains			of period		Return ^(b)			(000s omitted)		absorbed			absorbed			net assets			turnover ^(c)


Class A
Year ended 10/31/11	$	15.10	$	(0.06	)	$	0.61		$	0.55		$	—		$	15.65		3.64	%	$	464,067		1.28	% ^(d)		1.28	% ^(d)		(0.35	)% ^(d)		127	%
Year ended 10/31/10		12.44		(0.06	)		2.72			2.66			—			15.10		21.38			586,166		1.31			1.31			(0.47	)		68
Year ended 10/31/09		10.62		(0.08	)		1.90			1.82			—			12.44		17.14			649,013		1.44			1.44			(0.72	)		94
Year ended 10/31/08		21.59		(0.10	)		(8.85	)		(8.95	)		(2.02	)		10.62		(45.35	)		664,270		1.25			1.26			(0.59	)		109
Year ended 10/31/07		19.73		(0.13	)		3.99			3.86			(2.00	)		21.59		21.13			1,511,918		1.20			1.20			(0.62	)		99

Class B
Year ended 10/31/11		13.04		(0.16	)		0.54			0.38			—			13.42		2.91			33,335		2.03	^(d)		2.03	^(d)		(1.10	) ^(d)		127
Year ended 10/31/10		10.83		(0.15	)		2.36			2.21			—			13.04		20.41			47,880		2.06			2.06			(1.22	)		68
Year ended 10/31/09		9.32		(0.13	)		1.64			1.51			—			10.83		16.20			57,452		2.19			2.19			(1.47	)		94
Year ended 10/31/08		19.33		(0.20	)		(7.79	)		(7.99	)		(2.02	)		9.32		(45.71	)		74,231		2.00			2.01			(1.34	)		109
Year ended 10/31/07		17.98		(0.25	)		3.60			3.35			(2.00	)		19.33		20.27			213,235		1.95			1.95			(1.37	)		99

Class C
Year ended 10/31/11		13.03		(0.16	)		0.53			0.37			—			13.40		2.84			52,725		2.03	^(d)		2.03	^(d)		(1.10	) ^(d)		127
Year ended 10/31/10		10.82		(0.15	)		2.36			2.21			—			13.03		20.43			61,286		2.06			2.06			(1.22	)		68
Year ended 10/31/09		9.30		(0.14	)		1.66			1.52			—			10.82		16.34			61,531		2.19			2.19			(1.47	)		94
Year ended 10/31/08		19.30		(0.19	)		(7.79	)		(7.98	)		(2.02	)		9.30		(45.74	)		64,620		2.00			2.01			(1.34	)		109
Year ended 10/31/07		17.96		(0.25	)		3.59			3.34			(2.00	)		19.30		20.23			151,259		1.95			1.95			(1.37	)		99

Class R
Year ended 10/31/11		14.76		(0.10	)		0.60			0.50			—			15.26		3.39			28,769		1.53	^(d)		1.53	^(d)		(0.60	) ^(d)		127
Year ended 10/31/10		12.19		(0.10	)		2.67			2.57			—			14.76		21.08			46,272		1.56			1.56			(0.72	)		68
Year ended 10/31/09		10.44		(0.10	)		1.85			1.75			—			12.19		16.76			49,083		1.69			1.69			(0.97	)		94
Year ended 10/31/08		21.30		(0.14	)		(8.70	)		(8.84	)		(2.02	)		10.44		(45.46	)		48,027		1.50			1.51			(0.84	)		109
Year ended 10/31/07		19.53		(0.18	)		3.95			3.77			(2.00	)		21.30		20.86			79,655		1.45			1.45			(0.87	)		99

Class Y
Year ended 10/31/11		15.18		(0.02	)		0.61			0.59			—			15.77		3.89			6,581		1.03	^(d)		1.03	^(d)		(0.10	) ^(d)		127
Year ended 10/31/10		12.47		(0.03	)		2.74			2.71			—			15.18		21.73			7,165		1.06			1.06			(0.22	)		68
Year ended 10/31/09		10.63		(0.05	)		1.89			1.84			—			12.47		17.31			5,717		1.19			1.19			(0.47	)		94
Year ended 10/31/08 ^(e)		12.21		(0.00	)		(1.58	)		(1.58	)		—			10.63		(12.94	)		2,595		1.06	^(f)		1.07	^(f)		(0.40	) ^(f)		109

Investor Class
Year ended 10/31/11		15.11		(0.06	)		0.61			0.55			—			15.66		3.64			9,214		1.28	^(d)		1.28	^(d)		(0.35	) ^(d)		127
Year ended 10/31/10		12.45		(0.06	)		2.72			2.66			—			15.11		21.37			10,420		1.31			1.31			(0.47	)		68
Year ended 10/31/09		10.64		(0.08	)		1.89			1.81			—			12.45		17.01			9,292		1.44			1.44			(0.72	)		94
Year ended 10/31/08		21.60		(0.10	)		(8.84	)		(8.94	)		(2.02	)		10.64		(45.27	)		6,261		1.25			1.26			(0.59	)		109
Year ended 10/31/07		19.74		(0.13	)		3.99			3.86			(2.00	)		21.60		21.12			12,237		1.20			1.20			(0.62	)		99

Institutional Class
Year ended 10/31/11		15.98		0.01			0.65			0.66			—			16.64		4.13			43,054		0.85	^(d)		0.85	^(d)		0.08	^(d)		127
Year ended 10/31/10		13.11		0.00			2.87			2.87			—			15.98		21.89			64,392		0.84			0.84			0.01			68
Year ended 10/31/09		11.13		(0.02	)		2.00			1.98			—			13.11		17.79			94,145		0.88			0.88			(0.16	)		94
Year ended 10/31/08		22.42		(0.03	)		(9.24	)		(9.27	)		(2.02	)		11.13		(45.07	)		87,467		0.80			0.81			(0.14	)		109
Year ended 10/31/07		20.33		(0.04	)		4.13			4.09			(2.00	)		22.42		21.68			133,433		0.75			0.75			(0.17	)		99


(a)		Calculated using average shares outstanding.
(b)		Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.
(c)		Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.
(d)		Ratios are based on average daily net assets (000’s omitted) of $571,725, $43,422, $60,967, $39,770, $7,128, $10,635 and $53,055 for Class A, Class B, Class C, Class R, Class Y, Investor Class and Institutional Class shares, respectively.
(e)		Commencement date of October 3, 2008.
(f)		Annualized.

16 Invesco Equity Funds

Invesco Charter Fund


																						Ratio of			Ratio of
						Net gains																expenses			expenses
						(loss)																to average			to average net			Ratio of net
	Net asset		Net			on securities						Dividends										net assets			assets without			investment
	value,		investment			(both			Total from			from net			Net asset					Net assets,		with fee waivers			fee waivers			income (loss)
	beginning		income			realized and			investment			investment			value, end		Total			end of period		and/or expenses			and/or expenses			to average			Portfolio
	of period		(loss) ^(a)			unrealized)			operations			income			of period		Return ^(b)			(000s omitted)		absorbed			absorbed			net assets			turnover ^(c)


Class A
Year ended 10/31/11	$	15.30	$	0.10		$	1.04		$	1.14		$	(0.06	)	$	16.38		7.50	%	$	4,009,014		1.10	% ^(e)		1.13	% ^(e)		0.64	% ^(e)		40	%
Year ended 10/31/10		14.16		0.07			1.16	^(d)		1.23			(0.09	)		15.30		8.72	^(d)		4,027,296		1.14			1.18			0.45			48
Year ended 10/31/09		12.46		0.09			1.76	^(d)		1.85			(0.15	)		14.16		15.19	^(d)		3,915,161		1.26			1.29			0.76			32
Year ended 10/31/08		17.30		0.14			(4.76	)		(4.62	)		(0.22	)		12.46		(27.00	)		3,454,370		1.19			1.23			0.88			38
Year ended 10/31/07		14.96		0.20			2.25	^(d)		2.45			(0.11	)		17.30		16.44	^(d)		5,005,716		1.16			1.19			1.25			39

Class B
Year ended 10/31/11		14.69		(0.02	)		1.00			0.98			—			15.67		6.67			169,243		1.85	^(e)		1.88	^(e)		(0.11	) ^(e)		40
Year ended 10/31/10		13.62		(0.04	)		1.11	^(d)		1.07			—			14.69		7.86	^(d)		211,105		1.89			1.93			(0.30	)		48
Year ended 10/31/09		11.91		0.00			1.71	^(d)		1.71			—			13.62		14.36	^(d)		281,911		2.01			2.04			0.01			32
Year ended 10/31/08		16.50		0.02			(4.54	)		(4.52	)		(0.07	)		11.91		(27.51	)		388,985		1.94			1.98			0.13			38
Year ended 10/31/07		14.30		0.08			2.14	^(d)		2.22			(0.02	)		16.50		15.56	^(d)		1,067,897		1.91			1.94			0.50			39

Class C
Year ended 10/31/11		14.73		(0.02	)		1.00			0.98			—			15.71		6.65			257,790		1.85	^(e)		1.88	^(e)		(0.11	) ^(e)		40
Year ended 10/31/10		13.65		(0.04	)		1.12			1.08			—			14.73		7.91	^(d)		245,757		1.89			1.93			(0.30	)		48
Year ended 10/31/09		11.94		0.00			1.71	^(d)		1.71			—			13.65		14.32	^(d)		226,830		2.01			2.04			0.01			32
Year ended 10/31/08		16.55		0.02			(4.56	)		(4.54	)		(0.07	)		11.94		(27.55	)		179,759		1.94			1.98			0.13			38
Year ended 10/31/07		14.34		0.08			2.15	^(d)		2.23			(0.02	)		16.55		15.58	^(d)		272,904		1.91			1.94			0.50			39

Class R
Year ended 10/31/11		15.18		0.06			1.04			1.10			(0.03	)		16.25		7.26			66,405		1.35	^(e)		1.38	^(e)		0.39	^(e)		40
Year ended 10/31/10		14.07		0.03			1.15	^(d)		1.18			(0.07	)		15.18		8.43	^(d)		57,003		1.39			1.43			0.20			48
Year ended 10/31/09		12.38		0.07			1.75	^(d)		1.82			(0.13	)		14.07		14.93	^(d)		25,096		1.51			1.54			0.51			32
Year ended 10/31/08		17.18		0.10			(4.73	)		(4.63	)		(0.17	)		12.38		(27.19	)		7,717		1.44			1.48			0.63			38
Year ended 10/31/07		14.87		0.16			2.23	^(e)		2.39			(0.08	)		17.18		16.12	^(e)		6,565		1.41			1.44			1.00			39

Class S
Year ended 10/31/11		15.31		0.12			1.04			1.16			(0.08	)		16.39		7.62			21,080		1.00	^(e)		1.03	^(e)		0.74	^(e)		40
Year ended 10/31/10		14.16		0.08			1.16	^(d)		1.24			(0.09	)		15.31		8.80	^(d)		19,916		1.04			1.08			0.55			48
Year ended 10/31/09 ^(f)		14.25		0.01			(0.10	)		(0.09	)		—			14.16		(0.63	)		1,390		1.09	^(g)		1.12	^(g)		0.93	^(g)		32

Class Y
Year ended 10/31/11		15.36		0.15			1.04			1.19			(0.11	)		16.44		7.78			186,623		0.85	^(e)		0.88	^(e)		0.89	^(e)		40
Year ended 10/31/10		14.20		0.11			1.15	^(d)		1.26			(0.10	)		15.36		8.93	^(d)		167,170		0.89			0.93			0.70			48
Year ended 10/31/09		12.46		0.13			1.77	^(d)		1.90			(0.16	)		14.20		15.54	^(d)		70,187		1.01			1.04			1.01			32
Year ended 10/31/08 ^(f)		13.94		0.01			(1.49	)		(1.48	)		—			12.46		(10.62	)		9,424		0.97	^(g)		1.01	^(g)		1.10	^(g)		38

Institutional Class
Year ended 10/31/11		15.77		0.17			1.07			1.24			(0.14	)		16.87		7.92			404,441		0.73	^(e)		0.76	^(e)		1.01	^(e)		40
Year ended 10/31/10		14.57		0.14			1.20	^(d)		1.34			(0.14	)		15.77		9.20	^(d)		571,624		0.71			0.75			0.88			48
Year ended 10/31/09		12.83		0.16			1.80	^(d)		1.96			(0.22	)		14.57		15.74	^(d)		328,081		0.75			0.78			1.27			32
Year ended 10/31/08		17.81		0.20			(4.88	)		(4.68	)		(0.30	)		12.83		(26.68	)		202,467		0.76			0.80			1.31			38
Year ended 10/31/07		15.38		0.28			2.31	^(d)		2.59			(0.16	)		17.81		16.96	^(d)		134,745		0.73			0.76			1.68			39


(a)		Calculated using average shares outstanding.
(b)		Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.
(c)		Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the period ending October 31, 2011, the portfolio turnover calculation excludes the value of securities purchased of $158,423,180 and sold of $177,461,241 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco Multi Sector Fund into in the Fund.
(d)		Includes litigation proceeds received during the period. Had the litigation proceeds not been received Net gains on securities (both realized and unrealized) per share for the year ended October 31, 2010 would have been $1.11, $1.06, $1.07, $1.10, $1.11, $1.10 and $1.15 for Class A, Class B, Class C, Class R, Class S, Class Y and Institutional Class, respectively and total return would have been lower. Net gains on securities (both realized and unrealized) per share for the year ended October 31, 2009 would have been $1.57, $1.52, $1.52, $1.56, $1.58 and $1.61 for Class A, Class B, Class C, Class R, Class Y and Institutional Class, respectively and total return would have been lower. Net gains on securities (both realized and unrealized) per share for the year ended October 31, 2007 would have been $2.12, $2.01, $2.02, $2.10 and $2.18 for Class A, Class B, Class C, Class R and Institutional Class, respectively and total return would have been lower.
(e)		Ratios are based on average daily net assets (000’s) of $4,154,579, $196,432, $256,865, $62,467, $21,402, $171,257 and $425,998 for Class A, Class B, Class C, Class R, Class S, Class Y, and Institutional Class shares, respectively.
(f)		Commencement date of September 25, 2009 and October 3, 2008 for Class S and Class Y shares, respectively.
(g)		Annualized.

17 Invesco Equity Funds

Invesco Constellation Fund


																						Ratio of			Ratio of
						Net gains																expenses			expenses
						(losses)																to average			to average net			Ratio of net
	Net asset		Net			on securities						Dividends										net assets			assets without			investment
	value,		investment			(both			Total from			from net			Net asset					Net assets,		with fee waivers			fee waivers			income (loss)
	beginning		income			realized and			investment			investment			value, end		Total			end of period		and/or expenses			and/or expenses			to average			Portfolio
	of period		(loss) ^(a)			unrealized)			operations			income			of period		Return ^(b)			(000s omitted)		absorbed			absorbed			net assets			turnover ^(c)


Class A
Year ended 10/31/11	$	21.86	$	(0.05	)	$	0.59		$	0.54		$	—		$	22.40		2.47	%	$	2,417,873		1.27	% ^(d)		1.29	% ^(d)		(0.21	)% ^(d)		126	%
Year ended 10/31/10		18.66		(0.05	)		3.32	^(e)		3.27			(0.07	)		21.86		17.55	^(e)		2,712,368		1.32			1.34			(0.26	)		53
Year ended 10/31/09		17.79		0.08			0.79	^(e)		0.87			—			18.66		4.89	^(e)		2,684,240		1.42			1.44			0.44			90
Year ended 10/31/08		31.12		(0.04	)		(13.29	)		(13.33	)		—			17.79		(42.83	)		2,945,536		1.25			1.27			(0.16	)		96
Year ended 10/31/07		25.56		(0.07	)		5.63			5.56			—			31.12		21.75			6,145,755		1.17			1.20			(0.25	)		68

Class B
Year ended 10/31/11		19.66		(0.20	)		0.55			0.35			—			20.01		1.78			97,318		2.02	^(d)		2.04	^(d)		(0.96	) ^(d)		126
Year ended 10/31/10		16.85		(0.18	)		2.99	^(e)		2.81			—			19.66		16.68	^(e)		145,817		2.07			2.09			(1.01	)		53
Year ended 10/31/09		16.20		(0.05	)		0.70	^(e)		0.65			—			16.85		4.01	^(e)		179,737		2.17			2.19			(0.31	)		90
Year ended 10/31/08		28.54		(0.21	)		(12.13	)		(12.34	)		—			16.20		(43.24	)		281,592		2.00			2.02			(0.91	)		96
Year ended 10/31/07		23.62		(0.25	)		5.17			4.92			—			28.54		20.83			844,018		1.92			1.95			(1.00	)		68

Class C
Year ended 10/31/11		19.66		(0.20	)		0.54			0.34			—			20.00		1.73			90,152		2.02	^(d)		2.04	^(d)		(0.96	) ^(d)		126
Year ended 10/31/10		16.85		(0.18	)		2.99	^(e)		2.81			—			19.66		16.68	^(e)		100,596		2.07			2.09			(1.01	)		53
Year ended 10/31/09		16.19		(0.05	)		0.71	^(e)		0.66			—			16.85		4.08	^(e)		101,671		2.17			2.19			(0.31	)		90
Year ended 10/31/08		28.52		(0.21	)		(12.12	)		(12.33	)		—			16.19		(43.23	)		115,004		2.00			2.02			(0.91	)		96
Year ended 10/31/07		23.61		(0.25	)		5.16			4.91			—			28.52		20.80			256,377		1.92			1.95			(1.00	)		68

Class R
Year ended 10/31/11		21.55		(0.11	)		0.59			0.48			—			22.03		2.23			8,581		1.52	^(d)		1.54	^(d)		(0.46	) ^(d)		126
Year ended 10/31/10		18.40		(0.10	)		3.27	^(e)		3.17			(0.02	)		21.55		17.26	^(e)		10,155		1.57			1.59			(0.51	)		53
Year ended 10/31/09		17.59		0.03			0.78	^(e)		0.81			—			18.40		4.60	^(e)		8,987		1.67			1.69			0.19			90
Year ended 10/31/08		30.84		(0.10	)		(13.15	)		(13.25	)		—			17.59		(42.96	)		8,976		1.50			1.52			(0.41	)		96
Year ended 10/31/07		25.41		(0.14	)		5.57			5.43			—			30.84		21.37			14,580		1.42			1.45			(0.50	)		68

Class Y
Year ended 10/31/11		21.92		0.01			0.60			0.61			—			22.53		2.78			13,272		1.02	^(d)		1.04	^(d)		0.04	^(d)		126
Year ended 10/31/10		18.71		0.00			3.32	^(e)		3.32			(0.11	)		21.92		17.83	^(e)		13,229		1.07			1.09			(0.01	)		53
Year ended 10/31/09		17.80		0.12			0.79	^(e)		0.91			—			18.71		5.11	^(e)		13,003		1.17			1.19			0.69			90
Year ended 10/31/08 ^(f)		19.99		0.00			(2.19	)		(2.19	)		—			17.80		(10.96	)		5,827		1.05	^(g)		1.07	^(g)		0.04	^(g)		96

Institutional Class
Year ended 10/31/11		24.26		0.08			0.66			0.74			—			25.00		3.05			21,158		0.73	^(d)		0.75	^(d)		0.33	^(d)		126
Year ended 10/31/10		20.70		0.07			3.68	^(e)		3.75			(0.19	)		24.26		18.22	^(e)		24,534		0.76			0.78			0.30			53
Year ended 10/31/09		19.61		0.21			0.88	^(e)		1.09			—			20.70		5.56	^(e)		45,219		0.75			0.77			1.11			90
Year ended 10/31/08		34.14		0.09			(14.62	)		(14.53	)		—			19.61		(42.56	)		52,187		0.78			0.80			0.31			96
Year ended 10/31/07		27.92		0.06			6.16			6.22			—			34.14		22.28			115,443		0.71			0.74			0.21			68


(a)		Calculated using average shares outstanding.
(b)		Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.
(c)		Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.
(d)		Ratios are based on average daily net assets (000’s) of $2,684,321, $126,733, $100,012, $9,783, $13,953 and $23,784 for Class A, Class B, Class C, Class R, Class Y and Institutional Class shares, respectively.
(e)		Includes litigation proceeds received during the period. Had the litigation proceeds not been received, net gains on securities (both realized and unrealized) per share, for the year ended October 31, 2010, would have been $2.62, $2.29, $2.29, $2.57, $2.62 and $2.98 for Class A, Class B, Class C, Class R, Class Y and Institutional Class shares, respectively, and total returns would have been lower; net gains on securities (both realized and unrealized) per share, for the year ended October 31, 2009, would have been $0.61, $0.52, $0.53, $0.60, $0.61 and $0.70 for Class A, Class B, Class C, Class R, Class Y and Institutional Class shares, respectively, and total returns would have been lower.
(f)		Commencement date of October 3, 2008.
(g)		Annualized.

18 Invesco Equity Funds

Invesco Diversified Dividend Fund


																												Ratio of			Ratio of
						Net gains																						expenses			expenses
						(losses)																						to average			to average net			Ratio of net
	Net asset					on securities						Dividends			Distributions													net assets			assets without			investment
	value,		Net			(both			Total from			from net			from net						Net asset					Net assets,		with fee waivers			fee waivers			income
	beginning		investment			realized and			investment			investment			realized			Total			value, end		Total			end of period		and/or expenses			and/or expenses			to average			Portfolio
	of period		income			unrealized)			operations			income			gains			Distributions			of period		Return ^(a)			(000s omitted)		absorbed			absorbed			net assets			turnover ^(b)


Class A
Year ended 10/31/11	$	11.67	$	0.19	^(c)	$	0.29		$	0.48		$	(0.23	)	$	—		$	(0.23	)	$	11.92		4.15	%	$	2,121,824		0.94	% ^(d)		0.97	% ^(d)		1.64	% ^(d)		20	%
Year ended 10/31/10		10.18		0.25	^(c)		1.43			1.68			(0.19	)		—			(0.19	)		11.67		16.64			377,758		1.01			1.02			2.23			13
Year ended 10/31/09		9.43		0.19	^(c)		0.75			0.94			(0.19	)		—			(0.19	)		10.18		10.42			185,274		1.11			1.12			2.17			24
Year ended 10/31/08		14.27		0.23	^(c)		(3.89	)		(3.66	)		(0.24	)		(0.94	)		(1.18	)		9.43		(27.56	)		157,407		1.01			1.02			1.93			18
Year ended 10/31/07		13.88		0.20			0.99			1.19			(0.21	)		(0.59	)		(0.80	)		14.27		8.86			237,467		1.00			1.00			1.45			17

Class B
Year ended 10/31/11		11.55		0.11	^(c)		0.28			0.39			(0.14	)		—			(0.14	)		11.80		3.39			36,873		1.69	^(d)		1.72	^(d)		0.89	^(d)		20
Year ended 10/31/10		10.08		0.16	^(c)		1.42			1.58			(0.11	)		—			(0.11	)		11.55		15.75			32,600		1.76			1.77			1.48			13
Year ended 10/31/09		9.34		0.13	^(c)		0.74			0.87			(0.13	)		—			(0.13	)		10.08		9.58			30,490		1.86			1.87			1.42			24
Year ended 10/31/08		14.14		0.15	^(c)		(3.86	)		(3.71	)		(0.15	)		(0.94	)		(1.09	)		9.34		(28.06	)		36,934		1.69			1.76			1.25			18
Year ended 10/31/07		13.76		0.11			0.98			1.09			(0.12	)		(0.59	)		(0.71	)		14.14		8.15			85,172		1.65			1.75			0.80			17

Class C
Year ended 10/31/11		11.53		0.11	^(c)		0.29			0.40			(0.14	)		—			(0.14	)		11.79		3.48			120,031		1.69	^(d)		1.72	^(d)		0.89	^(d)		20
Year ended 10/31/10		10.07		0.16	^(c)		1.41			1.57			(0.11	)		—			(0.11	)		11.53		15.66			52,755		1.76			1.77			1.48			13
Year ended 10/31/09		9.33		0.13	^(c)		0.74			0.87			(0.13	)		—			(0.13	)		10.07		9.59			36,573		1.86			1.87			1.42			24
Year ended 10/31/08		14.12		0.15	^(c)		(3.85	)		(3.70	)		(0.15	)		(0.94	)		(1.09	)		9.33		(28.02	)		30,998		1.69			1.76			1.25			18
Year ended 10/31/07		13.74		0.11			0.98			1.09			(0.12	)		(0.59	)		(0.71	)		14.12		8.16			52,524		1.65			1.75			0.80			17

Class R
Year ended 10/31/11		11.70		0.17	^(c)		0.29			0.46			(0.20	)		—			(0.20	)		11.96		3.97			19,261		1.19	^(d)		1.22	^(d)		1.39	^(d)		20
Year ended 10/31/10		10.19		0.22	^(c)		1.46			1.68			(0.17	)		—			(0.17	)		11.70		16.55			7,693		1.26			1.27			1.98			13
Year ended 10/31/09		9.44		0.18	^(c)		0.74			0.92			(0.17	)		—			(0.17	)		10.19		10.14			3,341		1.36			1.37			1.92			24
Year ended 10/31/08		14.28		0.20	^(c)		(3.89	)		(3.69	)		(0.21	)		(0.94	)		(1.15	)		9.44		(27.73	)		902		1.26			1.27			1.68			18
Year ended 10/31/07		13.88		0.17			1.00			1.17			(0.18	)		(0.59	)		(0.77	)		14.28		8.67			740		1.25			1.25			1.20			17

Class Y
Year ended 10/31/11		11.68		0.23	^(c)		0.30			0.53			(0.27	)		—			(0.27	)		11.94		4.50			131,365		0.69	^(d)		0.72	^(d)		1.89	^(d)		20
Year ended 10/31/10		10.19		0.28	^(c)		1.43			1.71			(0.22	)		—			(0.22	)		11.68		16.91			31,529		0.76			0.77			2.48			13
Year ended 10/31/09		9.43		0.22	^(c)		0.76			0.98			(0.22	)		—			(0.22	)		10.19		10.79			5,893		0.86			0.88			2.42			24
Year ended 10/31/08 ^(e)		10.84		0.01	^(c)		(1.42	)		(1.41	)		0.00			—			0.00			9.43		(13.01	)		2,213		0.82	^(f)		0.82	^(f)		2.12	^(f)		18

Investor Class
Year ended 10/31/11		11.66		0.21	^(c)		0.29			0.50			(0.24	)		—			(0.24	)		11.92		4.32			1,253,533		0.87	^(d)		0.90	^(d)		1.71	^(d)		20
Year ended 10/31/10		10.18		0.26	^(c)		1.42			1.68			(0.20	)		—			(0.20	)		11.66		16.62			1,089,663		0.92			0.93			2.32			13
Year ended 10/31/09		9.42		0.20	^(c)		0.76			0.96			(0.20	)		—			(0.20	)		10.18		10.63			986,096		1.01			1.03			2.27			24
Year ended 10/31/08		14.26		0.24	^(c)		(3.89	)		(3.65	)		(0.25	)		(0.94	)		(1.19	)		9.42		(27.50	)		963,835		0.93			0.94			2.01			18
Year ended 10/31/07		13.88		0.22			0.98			1.20			(0.23	)		(0.59	)		(0.82	)		14.26		8.91			1,472,311		0.91			0.91			1.54			17

Institutional Class
Year ended 10/31/11		11.67		0.24	^(c)		0.29			0.53			(0.28	)		—			(0.28	)		11.92		4.53			443,581		0.58	^(d)		0.59	^(d)		2.00	^(d)		20
Year ended 10/31/10		10.18		0.29	^(c)		1.43			1.72			(0.23	)		—			(0.23	)		11.67		17.05			254,392		0.64			0.65			2.61			13
Year ended 10/31/09		9.43		0.23	^(c)		0.75			0.98			(0.23	)		—			(0.23	)		10.18		10.88			58,842		0.69			0.69			2.60			24
Year ended 10/31/08		14.26		0.27	^(c)		(3.88	)		(3.61	)		(0.28	)		(0.94	)		(1.22	)		9.43		(27.25	)		39,425		0.67			0.68			2.27			18
Year ended 10/31/07		13.88		0.25			0.98			1.23			(0.26	)		(0.59	)		(0.85	)		14.26		9.17			53,464		0.66			0.66			1.79			17


(a)		Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.
(b)		Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the period ending October 31, 2011, the portfolio turnover calculation excludes the value of securities purchased of $1,261,900,843 and sold of $210,298,763 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco Dividend Growth Fund, Invesco Financial Services Fund and Invesco Van Kampen Core Equity Fund into the Fund.
(c)		Calculated using average shares outstanding.
(d)		Ratios are based on average daily net assets (000’s) of $985,476, $37,950, $88,287, $13,558, $90,779, $1,198,323 and $344,916 for Class A, Class B, Class C, Class R, Class Y, Investor Class and Institutional Class shares, respectively.
(e)		Commencement date of October 3, 2008.
(f)		Annualized.

19 Invesco Equity Funds

Invesco Summit Fund


																												Ratio of			Ratio of
						Net gains																						expenses			expenses
						(losses)																						to average			to average net			Ratio of net
	Net asset		Net			on securities						Dividends			Distributions													net assets			assets without			investment
	value,		investment			(both			Total from			from net			from net						Net asset					Net assets,		with fee waivers			fee waivers			income (loss)
	beginning		income			realized and			investment			investment			realized			Total			value, end		Total			end of period		and/or expense			and/or expense			to average			Portfolio
	of period		(loss) ^(a)			unrealized)			operations			income			gains			Distributions			of period		Return ^(b)			(000s omitted)		absorbed			absorbed			net assets			turnover ^(c)


Class A
Year ended 10/31/11	$	11.09	$	0.00		$	0.47		$	0.47		$	(0.00	)	$	—		$	(0.00	)	$	11.56		4.25	%	$	17,763		1.06	% ^(d)		1.07	% ^(d)		0.00	% ^(d)		59	%
Year ended 10/31/10		9.55		0.00			1.61			1.61			(0.07	)		—			(0.07	)		11.09		16.89			21,981		1.09			1.10			0.00			53
Year ended 10/31/09		9.81		0.06			0.33			0.39			(0.05	)		(0.60	)		(0.65	)		9.55		4.99			24,855		1.12			1.13			0.70			89
Year ended 10/31/08		15.42		0.05			(5.40	)		(5.35	)		(0.06	)		(0.20	)		(0.26	)		9.81		(35.26	)		25,529		1.06			1.07			0.34			79
Year ended 10/31/07		12.74		0.05			2.70			2.75			(0.07	)		—			(0.07	)		15.42		21.65			11,591		1.08			1.08			0.37			41

Class B
Year ended 10/31/11		10.87		(0.09	)		0.46			0.37			—			—			—			11.24		3.40			1,085		1.81	^(d)		1.82	^(d)		(0.75	) ^(d)		59
Year ended 10/31/10		9.37		(0.08	)		1.58			1.50			—			—			—			10.87		16.01			1,477		1.84			1.85			(0.75	)		53
Year ended 10/31/09		9.64		(0.00	)		0.33			0.33			—			(0.60	)		(0.60	)		9.37		4.31			1,975		1.87			1.88			(0.05	)		89
Year ended 10/31/08		15.20		(0.05	)		(5.30	)		(5.35	)		(0.01	)		(0.20	)		(0.21	)		9.64		(35.70	)		3,256		1.81			1.82			(0.41	)		79
Year ended 10/31/07		12.64		(0.05	)		2.66			2.61			(0.05	)		—			(0.05	)		15.20		20.74			2,727		1.83			1.83			(0.38	)		41

Class C
Year ended 10/31/11		10.85		(0.09	)		0.47			0.38			—			—			—			11.23		3.50			1,968		1.81	^(d)		1.82	^(d)		(0.75	) ^(d)		59
Year ended 10/31/10		9.36		(0.08	)		1.57			1.49			—			—			—			10.85		15.92			2,435		1.84			1.85			(0.75	)		53
Year ended 10/31/09		9.63		(0.00	)		0.33			0.33			—			(0.60	)		(0.60	)		9.36		4.31			3,145		1.87			1.88			(0.05	)		89
Year ended 10/31/08		15.20		(0.05	)		(5.31	)		(5.36	)		(0.01	)		(0.20	)		(0.21	)		9.63		(35.77	)		4,408		1.81			1.82			(0.41	)		79
Year ended 10/31/07		12.64		(0.05	)		2.66			2.61			(0.05	)		—			(0.05	)		15.20		20.74			995		1.83			1.83			(0.38	)		41

Class P
Year ended 10/31/11		11.15		0.02			0.48			0.50			(0.02	)		—			(0.02	)		11.63		4.46			1,545,006		0.91	^(d)		0.92	^(d)		0.15	^(d)		59
Year ended 10/31/10		9.60		0.02			1.60			1.62			(0.07	)		—			(0.07	)		11.15		16.97			1,663,462		0.94			0.95			0.15			53
Year ended 10/31/09		9.85		0.08			0.33			0.41			(0.06	)		(0.60	)		(0.66	)		9.60		5.22			1,572,776		0.97			0.98			0.85			89
Year ended 10/31/08		15.47		0.07			(5.42	)		(5.35	)		(0.07	)		(0.20	)		(0.27	)		9.85		(35.17	)		1,554,240		0.91			0.92			0.49			79
Year ended 10/31/07		12.77		0.07			2.71			2.78			(0.08	)		—			(0.08	)		15.47		21.85			2,594,668		0.92			0.94			0.52			41

Class S
Year ended 10/31/11		11.11		0.01			0.47			0.48			(0.01	)		—			(0.01	)		11.58		4.36			4,078		0.96	^(d)		0.97	^(d)		0.10	^(d)		59
Year ended 10/31/10		9.56		0.01			1.61			1.62			(0.07	)		—			(0.07	)		11.11		16.99			4,246		0.99			1.00			0.10			53
Year ended 10/31/09 ^(e)		9.65		0.01			(0.10	)		(0.09	)		—			—			—			9.56		(0.93	)		312		0.95	^(f)		0.96	^(f)		0.87	^(f)		89

Class Y
Year ended 10/31/11		11.11		0.03			0.47			0.50			(0.03	)		—			(0.03	)		11.58		4.48			1,186		0.81	^(d)		0.82	^(d)		0.25	^(d)		59
Year ended 10/31/10		9.56		0.03			1.60			1.63			(0.08	)		—			(0.08	)		11.11		17.14			1,422		0.84			0.85			0.25			53
Year ended 10/31/09		9.81		0.09			0.32			0.41			(0.06	)		(0.60	)		(0.66	)		9.56		5.26			2,201		0.87			0.88			0.95			89
Year ended 10/31/08 ^(e)		10.98		0.00			(1.17	)		(1.17	)		—			—			—			9.81		(10.66	)		224		0.85	^(f)		0.86	^(f)		0.55	^(f)		79

Institutional Class
Year ended 10/31/11		11.14		0.04			0.47			0.51			(0.05	)		—			(0.05	)		11.60		4.54			77		0.74	^(d)		0.75	^(d)		0.32	^(d)		59
Year ended 10/31/10		9.58		0.04			1.62			1.66			(0.10	)		—			(0.10	)		11.14		17.42			11		0.68			0.69			0.41			53
Year ended 10/31/09		9.81		0.10			0.33			0.43			(0.06	)		(0.60	)		(0.66	)		9.58		5.48			11,358		0.67			0.68			1.15			89
Year ended 10/31/08 ^(e)		10.98		0.00			(1.17	)		(1.17	)		—			—			—			9.81		(10.66	)		10,762		0.80	^(f)		0.81	^(f)		0.60	^(f)		79


(a)		Calculated using average shares outstanding.
(b)		Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.
(c)		Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.
(d)		Ratios are based on average daily net assets (000’s omitted) of $20,515, $1,366, $2,261, $1,673,879, $4,377, $1,344 and $21 for Class A, Class B, Class C, Class P, Class S, Class Y and Institutional Class shares, respectively.
(e)		Commencement date of September 25, 2009 for Class S shares and October 3, 2008 for Class Y and Institutional Class shares.
(f)		Annualized.

20 Invesco Equity Funds


	n	You invest $10,000 in the Fund and hold it for the entire 10-year period; and


	n	Your investment has a 5% return before expenses each year.



Invesco Capital Development Fund — INSTITUTIONAL	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10


Annual Expense Ratio ¹		0	.85%		0	.85%		0	.85%		0	.85%		0	.85%		0	.85%		0	.85%		0	.85%		0	.85%		0	.85%
Cumulative Return Before Expenses		5	.00%		10	.25%		15	.76%		21	.55%		27	.63%		34	.01%		40	.71%		47	.75%		55	.13%		62	.89%
Cumulative Return After Expenses		4	.15%		8	.47%		12	.97%		17	.66%		22	.55%		27	.63%		32	.93%		38	.44%		44	.19%		50	.17%
End of Year Balance	$	10,415	.00	$	10,847	.22	$	11,297	.38	$	11,766	.22	$	12,254	.52	$	12,763	.08	$	13,292	.75	$	13,844	.40	$	14,418	.94	$	15,017	.33
Estimated Annual Expenses	$	86	.76	$	90	.36	$	94	.11	$	98	.02	$	102	.09	$	106	.32	$	110	.74	$	115	.33	$	120	.12	$	125	.10

Invesco Charter Fund — INSTITUTIONAL	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10


Annual Expense Ratio ¹		0	.75%		0	.75%		0	.75%		0	.75%		0	.75%		0	.75%		0	.75%		0	.75%		0	.75%		0	.75%
Cumulative Return Before Expenses		5	.00%		10	.25%		15	.76%		21	.55%		27	.63%		34	.01%		40	.71%		47	.75%		55	.13%		62	.89%
Cumulative Return After Expenses		4	.25%		8	.68%		13	.30%		18	.11%		23	.13%		28	.37%		33	.82%		39	.51%		45	.44%		51	.62%
End of Year Balance	$	10,425	.00	$	10,868	.06	$	11,329	.96	$	11,811	.48	$	12,313	.47	$	12,836	.79	$	13,382	.35	$	13,951	.10	$	14,544	.02	$	15,162	.14
Estimated Annual Expenses	$	76	.59	$	79	.85	$	83	.24	$	86	.78	$	90	.47	$	94	.31	$	98	.32	$	102	.50	$	106	.86	$	111	.40

Invesco Constellation Fund — INSTITUTIONAL	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10


Annual Expense Ratio ¹		0	.75%		0	.75%		0	.75%		0	.75%		0	.75%		0	.75%		0	.75%		0	.75%		0	.75%		0	.75%
Cumulative Return Before Expenses		5	.00%		10	.25%		15	.76%		21	.55%		27	.63%		34	.01%		40	.71%		47	.75%		55	.13%		62	.89%
Cumulative Return After Expenses		4	.25%		8	.68%		13	.30%		18	.11%		23	.13%		28	.37%		33	.82%		39	.51%		45	.44%		51	.62%
End of Year Balance	$	10,425	.00	$	10,868	.06	$	11,329	.96	$	11,811	.48	$	12,313	.47	$	12,836	.79	$	13,382	.35	$	13,951	.10	$	14,544	.02	$	15,162	.14
Estimated Annual Expenses	$	76	.59	$	79	.85	$	83	.24	$	86	.78	$	90	.47	$	94	.31	$	98	.32	$	102	.50	$	106	.86	$	111	.40

Invesco Diversified Dividend Fund — INSTITUTIONAL	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10


Annual Expense Ratio ¹		0	.59%		0	.59%		0	.59%		0	.59%		0	.59%		0	.59%		0	.59%		0	.59%		0	.59%		0	.59%
Cumulative Return Before Expenses		5	.00%		10	.25%		15	.76%		21	.55%		27	.63%		34	.01%		40	.71%		47	.75%		55	.13%		62	.89%
Cumulative Return After Expenses		4	.41%		9	.01%		13	.82%		18	.84%		24	.08%		29	.55%		35	.27%		41	.23%		47	.46%		53	.96%
End of Year Balance	$	10,441	.00	$	10,901	.45	$	11,382	.20	$	11,884	.16	$	12,408	.25	$	12,955	.45	$	13,526	.79	$	14,123	.32	$	14,746	.16	$	15,396	.46
Estimated Annual Expenses	$	60	.30	$	62	.96	$	65	.74	$	68	.64	$	71	.66	$	74	.82	$	78	.12	$	81	.57	$	85	.16	$	88	.92

Invesco Summit Fund — INSTITUTIONAL	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10


Annual Expense Ratio ¹		0	.75%		0	.75%		0	.75%		0	.75%		0	.75%		0	.75%		0	.75%		0	.75%		0	.75%		0	.75%
Cumulative Return Before Expenses		5	.00%		10	.25%		15	.76%		21	.55%		27	.63%		34	.01%		40	.71%		47	.75%		55	.13%		62	.89%
Cumulative Return After Expenses		4	.25%		8	.68%		13	.30%		18	.11%		23	.13%		28	.37%		33	.82%		39	.51%		45	.44%		51	.62%
End of Year Balance	$	10,425	.00	$	10,868	.06	$	11,329	.96	$	11,811	.48	$	12,313	.47	$	12,836	.79	$	13,382	.35	$	13,951	.10	$	14,544	.02	$	15,162	.14
Estimated Annual Expenses	$	76	.59	$	79	.85	$	83	.24	$	86	.78	$	90	.47	$	94	.31	$	98	.32	$	102	.50	$	106	.86	$	111	.40


1 Your actual expenses may be higher or lower than those shown.

21 Invesco Equity Funds

In addition to the Fund(s), Invesco serves as investment adviser to many other mutual funds. The following information is about the Institutional Classes of the Invesco Funds and Invesco Van Kampen Funds (Invesco Funds or Funds), which are offered only to certain eligible institutional investors.

Suitability for Investors

The Institutional Class of the Fund is intended solely for use by institutional investors who (i) meet the eligibility requirements set forth below and (ii) trade through an omnibus, trust or similar account with the Fund. Institutional investors will receive an institutional level of fund services, which generally are limited to buying, selling or exchanging shares. Services such as dollar cost averaging and internet account access are generally limited to retail investors and are not available for institutional investor accounts.

Shares of the Institutional Class of the Fund are generally available for banks, trust companies and certain other financial intermediaries acting for the benefit of institutional client accounts, collective trust funds, entities acting for the account of a public entity (e.g., Taft-Hartley funds, states, cities or government agencies), funds of funds or other pooled investment vehicles, financial intermediaries and corporations investing for their own accounts, certain defined benefit plans, endowments, foundations and defined contribution plans offered pursuant to Sections 401, 457, 403(a), or 403(b) or (c) of the Internal Revenue Code (the Code) (defined contribution plans offered pursuant to Section 403(b) must be sponsored by a Section 501(c)(3) organization) which meet asset and/or minimum initial investment requirements.

As illustrated in the table below, the Institutional Class minimum investment amounts are as follows: (i) for an institutional investor that is a defined contribution plan for which the sponsor has combined defined contribution plan and defined benefit plan assets of at least $100 million, there is no minimum initial investment requirement; otherwise the minimum initial investment requirement for an institutional investor that is a defined contribution plan is $10 million per client sub-account; (ii) for an institutional investor that is a bank, trust company or certain other financial intermediaries acting for the benefit of institutional client accounts, the minimum initial investment requirement is $10 million per client sub-account; (iii) for certain other institutional investors, the minimum initial investment requirement is $1 million per client sub-account; and (iv) for defined benefit plans, funds of funds or other pooled investment vehicles, there is no minimum initial investment requirement.

Purchasing Shares

Shares Sold Without Sales Charges

You will not pay an initial or contingent deferred sales charge on purchases of any Institutional Class shares.

Minimum Investments

The minimum investments for Institutional Class accounts are as follows:



	Initial		Additional
Type of Account	Investments		Investments

Defined Contribution Plan (for which sponsor has $100 million in combined DC and DB assets)	$	0	$	0

Defined Contribution Plan (for which sponsor has less than $100 million in combined DC and DB assets)	$	10 M	$	0

Banks, Trust Companies and certain other financial intermediaries	$	10 M	$	0

Financial Intermediaries and other Corporations acting for their own accounts	$	1 M	$	0

Foundations or Endowments	$	1 M	$	0

Other institutional investors	$	1 M	$	0

Defined Benefit Plan	$	0	$	0

Pooled investment vehicles (e.g., Fund of Funds)	$	0	$	0

How to Purchase Shares


Purchase Options
	Opening An Account	Adding To An Account

Through a Financial Adviser or Financial Intermediary	Contact your financial adviser or financial intermediary. The financial adviser or financial intermediary should mail your completed account application to the transfer agent,	Contact your financial adviser or financial intermediary.
	Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.
	The financial adviser or financial intermediary should call the transfer agent at (800) 659-1005 to receive a reference number. Then, use the following 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 and Wire	Open your account through a financial adviser or financial intermediary as described above.	Call the transfer agent at (800) 659-1005 and wire payment for your purchase order in accordance with the wire instructions listed above.

Automatic Dividend and Distribution Investment

All of your dividends and distributions may be paid in cash or reinvested in the same Fund at net asset value. Unless you specify otherwise, your dividends and distributions will automatically be reinvested in the same Fund.

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INSTCL—02/12

Redeeming Shares


How to Redeem Shares

Through a Financial Adviser or Financial Intermediary		Contact your financial adviser or financial intermediary (including your retirement plan administrator). Redemption proceeds will be sent in accordance with the wire instructions specified in the account application provided to the transfer agent. The transfer agent must receive your financial adviser’s or financial intermediary’s call before the close of the customary trading session of the New York Stock Exchange (NYSE) on days the NYSE is open for business in order to effect the redemption at that day’s closing price. Please contact your financial adviser or financial intermediary with respect to reporting of cost basis and available elections for your account.
By Telephone		A person who has been authorized in the account application to effect transactions may make redemptions by telephone. You must call the transfer agent before the close of the customary trading session of the NYSE on days the NYSE is open for business in order to effect the redemption at that day’s closing price.

Timing and Method of Payment

We normally will send out redemption proceeds 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). If your request is not in good order, we may require additional documentation in order to redeem your shares. Payment may be postponed under unusual circumstances, as allowed by the Securities and Exchange Commission (SEC), such as when the NYSE restricts or suspends trading.

If you redeem by telephone, we will transmit the amount of redemption proceeds electronically to your pre-authorized bank account.

We use reasonable procedures to confirm that instructions communicated via telephone are genuine, and we are not liable for losses arising from actions taken in accordance with instructions that are reasonably believed to be genuine.

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).

Redemptions Initiated by the Funds

If the Fund determines that you have not provided a correct Social Security or other tax ID 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.

Exchanging Shares

You may, under most circumstances, exchange Institutional Class shares in one Fund for Institutional Class shares 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. Before requesting an exchange, review the prospectus of the Fund you wish to acquire.

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.

Any of the participating Funds or the distributor may modify or terminate this privilege at any time.

Rights Reserved by the Funds

Each Fund and its agent reserves 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	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 Funds’ Boards of Trustees (collectively, the Board) have adopted policies and procedures designed to discourage excessive or short-term trading of Fund shares for all 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.


n	Trade activity monitoring.
n	Trading guidelines.


n	Purchase blocking.


n	The use of fair value pricing consistent with procedures approved by the Board.

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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 Funds’ policies uniformly given the practical limitations described above.

Trading Guidelines

If a Fund or Invesco Affiliates, in their sole discretion determine that your short-term trading activity is excessive, the Fund may, in its sole discretion, reject any additional purchase and exchange orders.

Purchase Blocking Policy

The purchase blocking policy does not apply to Invesco Money Market Fund, Invesco Tax-Exempt Cash Fund, Premier Portfolio, Premier Tax-Exempt Portfolio and Premier U.S. Government Money Portfolio.

Fair Value Pricing

Pricing of Shares

Determination of Net Asset Value

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.

Specific types of securities are valued as follows:

A-3 The Invesco Funds—Institutional Class

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. Invesco High Income Municipal 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.

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 other open-end Funds explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing.

Each Fund 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.

Timing of Orders

You can purchase, exchange or redeem shares on each business day prior to the close of the customary trading session or any earlier NYSE closing time that day. 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 SEC, such as when the NYSE restricts or suspends trading.

Taxes

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 generally are 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 2012) 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.

A-4 The Invesco Funds—Institutional Class


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	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	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.

Tax-Exempt and Municipal Funds


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, unless such municipal securities were issued in 2009 or 2010.


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.

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.

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

A-5 The Invesco Funds—Institutional Class


	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 generally will not 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. REIT. Please see the SAI for a discussion of the risks and special tax consequences to shareholders in the event the Fund realizes excess inclusion income in excess of certain threshold amounts.
n	The Fund’s foreign shareholders should see the SAI for a discussion of the risks and special tax consequences to them from a sale of a U.S. real property interest by a REIT in which the Fund invests.

Invesco Balanced-Risk Allocation Fund, Invesco Balanced-Risk Commodity Strategy 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 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 Subsidiary as qualifying income. If, contrary to a number of private letter rulings (PLRs) issued by the IRS, the IRS were to determine such income is non qualifying, a Fund might fail to satisfy the income requirement. In lieu of disqualification, the Funds are permitted to pay a tax for certain failures to satisfy the asset diversification or income requirements, which, in general, are limited to those due to reasonable cause and not willful neglect for taxable years of the Fund with respect to which the extended due date of the return is after December 22, 2010. The Funds intend to limit their investments in their respective Subsidiary to no more than 25% of the value of each Fund’s total assets in order to satisfy the asset diversification requirement.

Invesco Emerging Market Local Currency Debt Fund

Payments to Financial Intermediaries

Invesco Distributors, the distributor of the Funds, an Invesco Affiliate, or one or more of its corporate affiliates (collectively, Invesco Affiliates) may make cash payments to financial intermediaries in connection with the promotion and sale of shares of the Funds. These cash payments may include cash payments and other payments for certain marketing and support services. Invesco Affiliates make these payments from their own resources. 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 Fund 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 0.10% 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 intermediaries. 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 or sub-accounting agreement. All fees payable by Invesco Affiliates under this category of services are charged back to the Funds, subject to certain limitations approved by the Board.

A-6 The Invesco Funds—Institutional Class

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

A-7 The Invesco Funds—Institutional Class