Aug. 31, 2024
The Fund’s investment objective is to seek capital appreciation.
This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.
The table and Examples below do not reflect any transaction fees that may be charged by financial intermediaries or commissions that a shareholder may be required to pay directly to its financial intermediary when buying or selling Class Y or Class R6 shares. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Invesco Funds. More information about these and other discounts is available from your financial professional and in the section “Shareholder Account Information – Initial Sales Charges (Class A Shares Only)” on page A-3 of the prospectus and the section “Purchase, Redemption and Pricing of Shares – Purchase and Redemption of Shares” on page L-1 of the statement of additional information (SAI).
| Shareholder Fees (fees paid directly from your investment) | ||||||
| Class: | A | C | R | Y | R5 | R6 |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | 5.50 % | None | None | None | None | None |
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| Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, whichever is less) | None1 | 1.00 % | None | None | None | None |
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| Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||||
| Class: | A | C | R | Y | R5 | R6 |
| Management Fees | 0.59 % | 0.59 % | 0.59 % | 0.59 % | 0.59 % | 0.59 % |
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| Distribution and/or Service (12b-1) Fees | 0.24 | 1.00 | 0.50 | None | None | None |
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| Other Expenses2 | 0.20 | 0.20 | 0.20 | 0.20 | 0.09 | 0.06 |
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| Total Annual Fund Operating Expenses | 1.03 | 1.79 | 1.29 | 0.79 | 0.68 | 0.65 |
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| 1 | A contingent deferred sales charge may apply in some cases. See “Shareholder Account Information-Contingent Deferred Sales Charges (CDSCs).” |
| 2 | “Other Expenses” have been restated to reflect current fees. |
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. This Example does not include commissions and/or other forms of compensation that investors may pay on transactions in Class Y and Class R6 shares. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain 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 | $649 | $860 | $1,087 | $1,740 |
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| Class C | $282 | $563 | $970 | $1,906 |
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| Class R | $131 | $409 | $708 | $1,556 |
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| Class Y | $81 | $252 | $439 | $978 |
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| Class R5 | $69 | $218 | $379 | $847 |
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| Class R6 | $66 | $208 | $362 | $810 |
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You would pay the following expenses if you did not redeem your shares:
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1 Year
|
3 Years
|
5 Years
|
10 Years
|
|
Class A
|
$649 |
$860 |
$1,087 |
$1,740 |
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|
Class C
|
$182 |
$563 |
$970 |
$1,906 |
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|
Class R
|
$131 |
$409 |
$708 |
$1,556 |
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Class Y
|
$81 |
$252 |
$439 |
$978 |
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Class R5
|
$69 |
$218 |
$379 |
$847 |
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Class R6
|
$66 |
$208 |
$362 |
$810 |
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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 86% of the average value of its portfolio.
The Fund mainly invests in common stocks of “growth companies.” Growth companies are companies that the portfolio managers expect to have above-average growth rates. The Fund emphasizes stocks of small-capitalization (or “small-cap”) companies. The Fund considers a company to be a small-capitalization company if it has a market capitalization, at the time of purchase, within the range of the market capitalizations of the companies included in the Russell 2000 Growth Index during the most recent 11-month period (based on month-end data) plus the most recent data during the current month. A company’s “market capitalization” is the value of its outstanding stock.
The Fund invests primarily in U.S. companies but may also purchase securities of issuers in any country, including developed countries and emerging markets. The Fund has no limits on the amount of its assets that can be invested in foreign securities.
In selecting investments for the Fund, the portfolio managers look for companies with high growth potential using a “bottom-up” stock selection process. The “bottom-up” approach focuses on fundamental analysis of individual issuers before considering the impact of overall economic, market or industry trends. This approach includes analysis of a company’s financial statements and management structure and consideration of the company’s operations, product development, and its industry position. The portfolio managers currently focus on what they believe to be high-growth companies that are characterized by industry leadership, market share growth, high caliber management teams, sustainable competitive advantages, and strong growth themes or new innovative products or services. As reflected in the Fund's name, the “Discovery” team of portfolio managers seek to discover such companies early. The portfolio managers monitor individual issuers for changes in the factors above, which may trigger a decision to sell a security, but does not require a decision to do so. The factors considered by the portfolio managers may vary in particular cases and may change over time.
The bar chart and performance table provide an indication of the risks of investing in the Fund. The Fund has adopted the performance of the Oppenheimer Discovery Fund (the predecessor fund) as the result of a reorganization of the predecessor fund into the Fund, which was consummated after the close of business on May 24, 2019 (the “Reorganization”). Prior to the Reorganization, the Fund had not yet commenced operations. The bar chart shows changes in the performance of the predecessor fund and the Fund from year to year as of December 31. The performance table compares the predecessor fund’s and the Fund’s performance to that of a broad measure of market performance and additional indices with characteristics relevant to the Fund. The Fund’s (and the predecessor fund’s) past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
The returns shown for periods ending on or prior to May 24, 2019 are those of the Class A, Class C, Class R, Class Y and Class I shares of the predecessor fund. Class A, Class C, Class R, Class Y and Class I shares of the predecessor fund were reorganized into Class A, Class C, Class R, Class Y and Class R6 shares, respectively, of the Fund after the close of business on May 24, 2019. Class A, Class C, Class R, Class Y and Class R6 shares’ returns of the Fund will be different from the returns of the predecessor fund as they have different expenses. Performance for Class A shares has been restated to reflect the Fund’s applicable sales charge.
Fund performance reflects any applicable fee waivers and expense reimbursements. Performance returns would be lower without applicable fee waivers and expense reimbursements.
All Fund performance shown assumes the reinvestment of dividends and capital gains and the effect of the Fund’s expenses.
Updated performance information is available on the Fund’s website at www.invesco.com/us.
The bar chart does not reflect sales loads. If it did, the annual total returns shown would be lower.
| Class A | Period Ended | Returns |
| Year-to-date | September 30, 2024 | 21.12% |
| Best Quarter | June 30, 2020 | 33.80% |
| Worst Quarter | June 30, 2022 | -22.11% |
| | Inception Date | 1 Year | 5 Years | 10 Years |
| Class A | | | | |
| Return Before Taxes | 9/11/1986 | 10.57 % | 12.51 % | 8.84 % |
| Return After Taxes on Distributions | | 10.57 | 10.66 | 6.73 |
| Return After Taxes on Distributions and Sale of Fund Shares | | 6.26 | 10.09 | 6.75 |
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| Class C | 10/2/1995 | 15.14 | 12.93 | 8.80 |
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| Class R | 3/1/2001 | 16.71 | 13.49 | 9.17 |
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| Class Y | 6/1/1994 | 17.30 | 14.06 | 9.72 |
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| Class R5 | 5/24/2019 | 17.46 | 14.14 1 | 9.63 1 |
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| Class R6 | 1/27/2012 | 17.46 | 14.23 | 9.90 |
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| Russell 2000® Growth Index (reflects no deduction for fees, expenses or taxes) | | 18.66 | 9.22 | 7.16 |
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| Russell 2000® Index (reflects no deduction for fees, expenses or taxes) | | 16.93 | 9.97 | 7.16 |
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| S&P 500® Index (reflects no deduction for fees, expenses or taxes) | | 26.29 | 15.69 | 12.03 |
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1
Performance shown prior to the inception date is that of the Fund’s and the predecessor fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to that class. Although invested in the same portfolio of securities, Class R5 shares' returns of the Fund will be different from Class A shares' returns of the Fund and the predecessor fund as they have different expenses.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans, 529 college savings plans or individual retirement accounts. After-tax returns are shown for Class A shares only and after-tax returns for other classes will vary.