# EDGAR Filing Document

**Accession Number:** 0001112996
**File Stem:** 0001193125-25-325591
**Filing Date:** 2025-12
**Character Count:** 38411
**Document Hash:** 89194a33c42740d8190545ae1e8fc167
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-325591.hdr.sgml**: 20251219

**ACCESSION NUMBER**: 0001193125-25-325591

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20251219

**DATE AS OF CHANGE**: 20251219

**EFFECTIVENESS DATE**: 20251219

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AIM COUNSELOR SERIES TRUST (INVESCO COUNSELOR SERIES TRUST)
- **CENTRAL INDEX KEY:** 0001112996

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-36074
- **FILM NUMBER:** 251584879

**BUSINESS ADDRESS:**
- **STREET 1:** 11 GREENWAY PLAZA
- **STREET 2:** SUITE 1000
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77046
- **BUSINESS PHONE:** 713-626-1919

**MAIL ADDRESS:**
- **STREET 1:** 11 GREENWAY PLAZA
- **STREET 2:** SUITE 1000
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77046

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AIM COUNSELOR SERIES TRUST
- **DATE OF NAME CHANGE:** 20040322

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AIM COUNSELOR SERIES FUNDS
- **DATE OF NAME CHANGE:** 20031126

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AIM COUNSELOR SERIES FUNDS INC
- **DATE OF NAME CHANGE:** 20031001

## Series and Classes Contracts Data

### Invesco Income Advantage U.S. Fund (Series ID: S000008063)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021879 | Class A      | SCAUX           |
| C000021881 | Class C      | SCCUX           |
| C000021882 | Class R      | SCRUX           |
| C000021883 | CLASS R5     | SCIUX           |
| C000057286 | INVESTOR     | SCNUX           |
| C000071346 | Class Y      | SCAYX           |
| C000188888 | Class R6     |  |

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| | |
|:---|:---|
| **Summary Prospectus** | **December 19, 2025** |

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**Invesco Income Advantage U.S. Fund**

Class: A (SCAUX), C (SCCUX), Investor (SCNUX), R (SCRUX), Y (SCAYX), R5 (SCIUX), R6 (SLESX)

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![](g402385invesco_global.jpg)

Before you invest, you may want to review the Fund's prospectus, which contains more information about the Fund and its risks. You can find the Fund's prospectus, reports to shareholders, and other information about the Fund online at www.invesco.com/prospectus. You can also get this information at no cost by calling (800) 959-4246 or by sending an e-mail request to ProspectusRequest@invesco.com. The Fund's prospectus and statement of additional information, both dated December 19, 2025 (as each may be amended or supplemented), are incorporated by reference into this Summary Prospectus and may be obtained, free of charge, at the website, phone number or e-mail address noted above.

**Investment Objective(s)**

The Fund's investment objective is income and 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, 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).

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Shareholder Fees** (fees paid directly from your investment) | **Shareholder Fees** (fees paid directly from your investment) | **Shareholder Fees** (fees paid directly from your investment) | **Shareholder Fees** (fees paid directly from your investment) | **Shareholder Fees** (fees paid directly from your investment) | **Shareholder Fees** (fees paid directly from your investment) | **Shareholder Fees** (fees paid directly from your investment) | **Shareholder Fees** (fees paid directly from your investment) |
| **Class:** | **A** | **C** | **R** | **Y** | **Investor** | **R5** | **R6** |
| Maximum Sales Charge (Load) <br> Imposed on Purchases (as a <br> percentage of offering price)<br>| 5.50<br> %<br>|  |  |  |  |  |  |
| Maximum Deferred Sales Charge <br> (Load) (as a percentage of original <br> purchase price or redemption <br> proceeds, whichever is less)<br>| None<sup>1</sup> <br>| 1.00<br> %<br>|  |  |  |  |  |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the <br> value of your investment)  | **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the <br> value of your investment)  | **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the <br> value of your investment)  | **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the <br> value of your investment)  | **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the <br> value of your investment)  | **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the <br> value of your investment)  | **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the <br> value of your investment)  | **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the <br> value of your investment)  |
| **Class:**  | **A**  | **C**  | **R**  | **Y**  | **Investor**  | **R5**  | **R6**  |
| Management Fees  | 0.60<br> % <br>| 0.60<br> % <br>| 0.60<br> % <br>| 0.60<br> % <br>| 0.60<br> % <br>| 0.60<br> % <br>| 0.60<br> % <br>|
| Distribution and/or Service (12b-1) <br> Fees <br>| 0.25<br>| 1.00<br>| 0.50<br>|  | 0.25<br>|  |  |
| Other Expenses  | 0.25<br>| 0.25<br>| 0.25<br>| 0.25<br>| 0.25<br>| 0.23<br>| 0.16<br>|
| Acquired Fund Fees and Expenses  | 0.03<br>| 0.03<br>| 0.03<br>| 0.03<br>| 0.03<br>| 0.03<br>| 0.03<br>|
| Total Annual Fund Operating <br> Expenses <br>| 1.13<br>| 1.88<br>| 1.38<br>| 0.88<br>| 1.13<br>| 0.86<br>| 0.79<br>|
| Fee Waiver and/or Expense <br> Reimbursement<sup>2</sup> <br>| 0.02<br>| 0.02<br>| 0.02<br>| 0.02<br>| 0.02<br>| 0.02<br>| 0.02<br>|
| Total Annual Fund Operating <br> Expenses After Fee Waiver and/or <br> Expense Reimbursement <br>| 1.11<br>| 1.86<br>| 1.36<br>| 0.86<br>| 1.11<br>| 0.84<br>| 0.77<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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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  | Invesco Advisers, Inc. (Invesco or the Adviser) has contractually agreed to waive a portion of the Fund's management fee in an amount equal to the net management fee that Invesco earns on the Fund's investments in certain affiliated funds, which will have the effect of reducing the Acquired Fund Fees and Expenses. Unless Invesco continues the fee waiver agreement, it will terminate on August 31, 2027. During its term, the fee waiver agreement cannot be terminated or amended to reduce the advisory fee waiver without approval of the Board of Trustees. |

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**Example.** This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. This Example does not include commissions and/or other forms of compensation that investors may pay on transactions in Class Y and Class R6 shares. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain equal to the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement in the first year and the Total Annual Fund Operating Expenses thereafter.

**1 Invesco Income Advantage U.S. Fund**

**invesco.com/us**LVEY-SUMPRO-1

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Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year**  | **3 Years**  | **5 Years**  | **10 Years**  |
| Class A  | $657<br>| &nbsp;&nbsp; $887<br>| &nbsp;&nbsp; $1136<br>| &nbsp;&nbsp; $1847<br>|
| Class C  | $289<br>| &nbsp;&nbsp; $589<br>| &nbsp;&nbsp; $1014<br>| &nbsp;&nbsp; $2003<br>|
| Class R  | $138<br>| &nbsp;&nbsp; $435<br>| &nbsp;&nbsp; $753<br>| &nbsp;&nbsp; $1656<br>|
| Class Y  | $88<br>| &nbsp;&nbsp; $279<br>| &nbsp;&nbsp; $486<br>| &nbsp;&nbsp; $1082<br>|
| Investor Class  | $113<br>| &nbsp;&nbsp; $357<br>| &nbsp;&nbsp; $620<br>| &nbsp;&nbsp; $1373<br>|
| Class R5  | $86<br>| &nbsp;&nbsp; $272<br>| &nbsp;&nbsp; $475<br>| &nbsp;&nbsp; $1059<br>|
| Class R6  | $79<br>| &nbsp;&nbsp; $250<br>| &nbsp;&nbsp; $437<br>| &nbsp;&nbsp; $976<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year**  | **3 Years**  | **5 Years**  | **10 Years**  |
| Class A  | $657<br>| &nbsp;&nbsp; $887<br>| &nbsp;&nbsp; $1136<br>| &nbsp;&nbsp; $1847<br>|
| Class C  | $189<br>| &nbsp;&nbsp; $589<br>| &nbsp;&nbsp; $1014<br>| &nbsp;&nbsp; $2003<br>|
| Class R  | $138<br>| &nbsp;&nbsp; $435<br>| &nbsp;&nbsp; $753<br>| &nbsp;&nbsp; $1656<br>|
| Class Y  | $88<br>| &nbsp;&nbsp; $279<br>| &nbsp;&nbsp; $486<br>| &nbsp;&nbsp; $1082<br>|
| Investor Class  | $113<br>| &nbsp;&nbsp; $357<br>| &nbsp;&nbsp; $620<br>| &nbsp;&nbsp; $1373<br>|
| Class R5  | $86<br>| &nbsp;&nbsp; $272<br>| &nbsp;&nbsp; $475<br>| &nbsp;&nbsp; $1059<br>|
| Class R6  | $79<br>| &nbsp;&nbsp; $250<br>| &nbsp;&nbsp; $437<br>| &nbsp;&nbsp; $976<br>|

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**Portfolio Turnover.** The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 34% of the average value of its portfolio.

**Principal Investment Strategies of the Fund**

The Fund seeks to achieve its investment objective by investing primarily in a diversified portfolio of U.S. equity securities, including common stock and equity-linked notes (ELNs). The Fund is designed to generate income while providing some downside protection in the event of broad equity market downturns and also providing equity market upside participation. The Fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in securities of U.S. issuers, and in derivatives and other instruments that have economic characteristics similar to such securities. ELNs are counted toward the foregoing 80% policy to the extent they have economic characteristics similar to the securities included within that policy. The Fund uses various criteria to determine whether an issuer is a U.S. issuer, including whether (i) its principal securities trading market (i.e., a U.S. stock exchange, NASDAQ or over-the-counter markets) is in the U.S.; (ii) it (alone or through its consolidated subsidiaries) derives 50% or more of its annual revenue from goods produced, sales made, or services performed in the U.S.; (iii) it is organized under the laws of, or has a principal office in, the U.S.; or (iv) its "country of risk" is the U.S. as determined by a third party service provider such as Bloomberg. The Fund may also invest in real estate investment trusts (REITs), which are trusts that sell equity and/or debt securities to investors and use the proceeds to invest in real estate or interests therein.

ELNs are hybrid derivative-type instruments that are specially designed to combine the characteristics of investing in one or more underlying equity securities or an index of equity securities and a related equity derivative, such as a put or call option (or a combination thereof), in a single note form (typically senior, unsecured debt) issued by financial institutions. The options within the ELNs in which the Fund invests will reference either a broad-based equity security index or an exchange-traded fund that passively tracks such an index and such options will generally have covered

call and/or cash secured put strategies embedded within them. The Fund's portfolio of ELNs will be constituted by positions in short-term ELNs issued by a diversified group of U.S. and international financial institutions and cash and cash equivalents. When the Fund purchases an ELN from the issuing counterparty, the Fund is generally entitled to receive a premium generated by options positions within the ELN. Therefore, the ELNs are intended to provide recurring cash flow to the Fund based on the premiums received from selling the options. ELNs may be subject to resale restrictions such as those contained in Rule 144A promulgated under the Securities Act of 1933, as amended. Selling a call option entitles the seller to a premium equal to the value of the option at the time of trade. When the Fund sells call options within an ELN, it receives a premium but limits its opportunity to profit from an increase in the market value of either the underlying benchmark or ETF to the exercise price of the call option (plus the premium received). The maximum potential gain on the call option embedded within the ELN will be equal to the difference between the exercise price of the option and the purchase price of the underlying benchmark or ETF at the time the option is written, plus the premium received. Accordingly, because these premiums can partially offset losses incurred by the Fund's equity portfolio, the Fund's investments in ELNs may reduce the Fund's volatility relative to the index, while providing limited downside protection against declines in the value of the Fund's equity portfolio.

The Fund can invest in derivative instruments including futures contracts. The Fund can use futures contracts, including equity index futures, to gain exposure to the broad market in connection with managing cash balances. The Fund can hold long and short positions in equity index futures to hedge against adverse movements in the equity markets. A long position involves the Fund buying a derivative with the anticipation of a price increase of the underlying asset, and a short position involves the Fund writing (selling) a derivative with the anticipation of a price decrease of the underlying asset.

The portfolio managers seek to construct the equity portion of the Fund's portfolio using a U.S. large-cap, market-cap-weighted index developed by Invesco's affiliate, Invesco Indexing LLC, or third-party index providers (the Equity portfolio). The specific index or indices that are used to construct the Equity portfolio may change from time to time.

The portfolio managers also seek to construct a portion of the Fund's portfolio by investing in high-income, short-term ELNs with a focus on downside protection (the ELN portfolio). The portfolio managers seek to enhance portfolio diversification by staggering the maturity dates of the ELNs to create more consistent returns over time. The portion of the ELN portfolio maintained in cash and cash equivalents is aimed at providing additional downside protection by limiting the ELN portfolio's exposure to broad equity market risk. The portion of the Fund's assets allocated between the Equity portfolio and ELN portfolio will be actively adjusted on a periodic basis to balance yield targets, equity participation with less volatility, and downside protection.

The Fund may hold up to 25% of its assets in cash or cash equivalents, including treasury bills and money market funds, outside of the ELN portfolio in an effort to maintain high liquidity and a downside buffer.

**Principal Risks of Investing in the Fund** 

As with any mutual fund investment, loss of money is a risk of investing. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. The risks associated with an investment in the Fund can increase during times of significant market volatility. The principal risks of investing in the Fund are:

***Market Risk***. The market values of the Fund's investments, and therefore the value of the Fund's shares, will go up and down, sometimes rapidly or unpredictably. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. The value of the Fund's investments may go up or down due to general market conditions that are not specifically related to the particular issuer. These

**2 Invesco Income Advantage U.S. Fund**

**invesco.com/us**LVEY-SUMPRO-1

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market conditions may include real or perceived adverse economic conditions, changes in trade regulation or economic sanctions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability and uncertainty, natural or environmental disasters, widespread disease or other public health issues, war, military conflict, acts of terrorism, economic crisis or adverse investor sentiment generally, among others. Certain changes in the U.S. economy in particular, such as when the U.S. economy weakens or when its financial markets decline, may have a material adverse effect on global financial markets as a whole, and on the securities to which the Fund has exposure. Increasingly strained relations between the U.S. and foreign countries, including as a result of economic sanctions and tariffs, may also adversely affect U.S. issuers, as well as non-U.S. issuers.

During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.

***Investing in Stocks Risk****.* The value of the Fund's portfolio may be affected by changes in the stock markets. Stock markets may experience significant short-term volatility and may fall or rise sharply at times. Adverse events in any part of the equity or fixed-income markets may have unexpected negative effects on other market segments. Different stock markets may behave differently from each other and U.S. stock markets may move in the opposite direction from one or more foreign stock markets.

The prices of individual stocks generally do not all move in the same direction at the same time. However, individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. A variety of factors can negatively affect the price of a particular company's stock. These factors may include, but are not limited to: poor earnings reports, a loss of customers, litigation against the company, general unfavorable performance of the company's sector or industry, or changes in government regulations affecting the company or its industry. To the extent that securities of a particular type are emphasized (for example foreign stocks, stocks of small- or mid-cap companies, growth or value stocks, or stocks of companies in a particular industry), Fund share values may fluctuate more in response to events affecting the market for those types of securities.

***Equity-Linked Notes Risk****.* Investments in ELNs are susceptible to the risks of their underlying securities or index, which could include management risk, market risk and, as applicable, foreign securities and currency risks. ELNs are also subject to certain debt securities risks, such as interest rate and credit risks. Should the prices of the underlying securities or index move in an unexpected manner, the Fund may not achieve the anticipated benefits of an investment in an ELN, and may realize losses, which could be significant and could include the Fund's entire principal investment. An ELN investment is also subject to counterparty risk, which is the risk that the issuer of the ELN will default or become bankrupt and the Fund may not be repaid the principal amount of, or income from, its investment. ELNs utilized by the Fund may involve synthetic exposure to options that can create economic leverage risk which, depending on the performance of the underlying securities or index, could magnify or otherwise increase investment losses to the Fund and result in losses on the ELN that exceed the losses on the underlying securities or index. The economic leverage associated with investments in ELNs is distinguishable from indebtedness leverage in that it does not expose the Fund to losing more than the principal amount of the ELN. In addition, investments in ELNs allow for enhanced yield but are subject to limited upside appreciation potential based on movements of the underlying securities or index. ELNs may also be less liquid than more traditional investments and the Fund may be unable to sell ELNs at a desirable time or price. Further, the price of ELNs may not correlate with the underlying securities, index or a fixed income investment. Unlike a direct investment in equity securities, ELNs have a maturity date, potentially increasing the Fund's turnover rate, transaction costs and tax liability. Investing in ELNs may be more costly to the Fund than if the Fund had invested in the underlying securities or index directly. By

attaining this investment exposure synthetically through an ELN, rather than directly, 100% of the yield arising from the ELN's stated coupon is treated as ordinary income for U.S. federal income tax purposes, which is consistent with the Fund's investment objective to maximize income. Conversely, the U.S. federal income tax consequences of attaining the investment exposure directly ordinarily will give rise to capital gains.

***Information Technology Sector Risk***. Information technology companies are subject to intense competition and their products are at risk of rapid obsolescence, which make the prices of securities issued by these companies particularly volatile. Product obsolescence can result from rapid technological developments, frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Factors that may also significantly affect the market value of securities of issuers in the information technology sector include the failure to obtain, or delays in obtaining, financing or regulatory approval, intense competition, product compatibility, changing consumer preferences, increased government scrutiny, high required corporate capital expenditure for research and development or infrastructure and development of new products, rapid obsolescence and competition from alternative technologies. Information technology companies are also heavily dependent on patent and other intellectual property rights, and the loss or impairment of these rights may adversely affect the company's profitability.

***REIT Risk/Real Estate Risk****.* Investments in real estate related instruments may be adversely affected by economic, legal, cultural, environmental or technological factors that affect property values, rents or occupancies. Shares of real estate related companies, which tend to be small- and mid-cap companies, may be more volatile and less liquid than larger companies. If a real estate related company defaults on certain types of debt obligations held by the Fund, the Fund may acquire real estate directly, which involves additional risks such as environmental liabilities; difficulty in valuing and selling the real estate; and economic or regulatory changes.

***Short Position Risk****.* Because the Fund's potential loss on a short position arises from increases in the value of the asset sold short, the Fund will incur a loss on a short position, which is theoretically unlimited, if the price of the asset sold short increases from the short sale price. The counterparty to a short position or other market factors may prevent the Fund from closing out a short position at a desirable time or price and may reduce or eliminate any gain or result in a loss. In a rising market, the Fund's short positions will cause the Fund to underperform the overall market and its peers that do not engage in shorting. If the Fund holds both long and short positions, and both positions decline simultaneously, the short positions will not provide any buffer (hedge) from declines in value of the Fund's long positions. Certain types of short positions involve leverage, which may exaggerate any losses, potentially more than the actual cost of the investment, and will increase the volatility of the Fund's returns.

***Indexing Risk****.* Certain portions of the Fund's assets are managed pursuant to an indexing approach (the Equity portfolio) and, therefore, the adverse performance of a particular security necessarily will not result in the elimination of the security from the Equity portfolio. Ordinarily, the Fund will not sell portfolio securities of the Equity portfolio except to reflect additions or deletions of the securities that comprise the index the Fund seeks to track with respect to the Equity portfolio, or as may be necessary to raise cash to pay Fund shareholders who redeem Fund shares. As such, the Equity portfolio, and therefore the Fund, will be negatively affected by declines in the securities represented by the Equity portfolio. Also, there is no guarantee that the Fund will be able to correlate the performance of the Equity portfolio with that of the corresponding index.

***Money Market Fund Risk****.* Although money market funds generally seek to preserve the value of an investment at $1.00 per share, the Fund may lose money by investing in money market funds. A money market fund's sponsor is not required to reimburse the money market fund for losses. The credit quality of a money market fund's holdings can change rapidly in certain markets, and the default of a single holding could have an

**3 Invesco Income Advantage U.S. Fund**

**invesco.com/us**LVEY-SUMPRO-1

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adverse impact on the money market fund's share price. A money market fund's share price can also be negatively affected during periods of high redemption pressures, illiquid markets and/or significant market volatility. To the extent the 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 the Fund's benchmark or other funds that remain fully invested.

***Cash/Cash Equivalents Risk****.* In rising markets, holding cash or cash equivalents will negatively affect the Fund's performance relative to its benchmark.

***Rule 144A Securities and Other Exempt Securities Risk***. The market for Rule 144A and other securities exempt from certain registration requirements may be less active than the market for publicly-traded securities. Rule 144A and other exempt securities, while initially privately placed, carry the risk that their liquidity may become impaired and the Fund may be unable to dispose of the securities at a desirable time or price.

***Restricted Securities Risk****.* Limitations on the resale of restricted securities may have an adverse effect on their marketability, and may prevent the Fund from disposing of them promptly at reasonable prices. There can be no assurance that a trading market will exist at any time for any particular restricted security. Transaction costs may be higher for restricted securities and such securities may be difficult to value and may have significant volatility.

***Valuation Risk***. The price the Fund could receive upon the sale of a portfolio investment may differ from the Fund's valuation of the investment, particularly for investments that trade in thin or volatile markets or that are valued using a fair valuation methodology. Financial information related to securities of non-U.S. issuers may be less reliable than information related to securities of U.S. issuers, which may make it difficult to obtain a current price for a non-U.S. security held by the Fund. When market quotations are not readily available for Fund investments, those investments are fair valued by the Adviser. There are multiple methods that can be used to fair value a portfolio investment and such methods may involve more subjectivity than the use of market quotations. The value established for an investment through fair valuation may be different from what would be produced if the investment had been valued using market quotations. In addition, there is no assurance that the Fund could sell a portfolio investment at any time for the value ascribed to it for purposes of calculating the Fund's net asset value, and it is possible that the Fund could incur a loss because an investment is

sold at a discount to its ascribed value. The ability to value investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

***Management Risk****.* The Fund is actively managed and depends heavily on the Adviser's judgment about markets, interest rates or the attractiveness, relative values, liquidity, or potential appreciation of particular investments made for the Fund's portfolio. The Fund could experience losses if these judgments prove to be incorrect. There can be no guarantee that the Adviser's investment techniques or investment decisions will produce the desired results. Additionally, legislative, regulatory, or tax developments may adversely affect management of the Fund and, therefore, the ability of the Fund to achieve its investment objective.

**Performance Information**

The bar chart and performance table provide an indication of the risks of investing in the Fund. The bar chart shows changes in the performance of the Fund from year to year as of December 31. For periods prior to July 15, 2021, performance shown is that of the Fund using its previous investment strategy. Therefore, the past performance shown for periods prior to July 15, 2021 may have differed had the Fund's current investment strategy been in effect. The performance table compares the Fund's performance to that of a broad-based securities market benchmark. The Fund's past performance (before and after taxes) is not necessarily an indication of its future performance.

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.

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**Annual Total Returns**

The bar chart does not reflect sales loads. If it did, the annual total returns shown would be lower.

![](g402385lvey.jpg)

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| | | |
|:---|:---|:---|
| **Class A** | **Period Ended** | **Returns** |
| Year-to-date | September 30, 2025 | 13.31% |
| Best Quarter | June 30, 2020 | 14.59% |
| Worst Quarter | March 31, 2020 | -22.74% |

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**4 Invesco Income Advantage U.S. Fund**

**invesco.com/us**LVEY-SUMPRO-1

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**Average Annual Total Returns** (for the periods ended December 31, 2024)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Inception**<br> **Date**<br>| **1**<br> **Year**<br>| **5**<br> **Years**<br>| **10**<br> **Years**<br>|
| Class A |  |  |  |  |
| Return Before Taxes | 3/31/2006 | 11.34<br> %<br>| 6.03<br> %<br>| 4.66<br> %<br>|
| Return After Taxes on Distributions |  | 8.64 | 3.75 | 3.17 |
| &nbsp;&nbsp; Return After Taxes on Distributions and Sale of Fund <br> Shares<br>|  | 6.83 | 3.87 | 3.14 |
| Class C | 3/31/2006 | 15.99 | 6.45 | 4.61 |
| Class R | 3/31/2006 | 17.53 | 6.96 | 4.99 |
| Class Y | 10/3/2008 | 18.11 | 7.50 | 5.51 |
| Investor Class | 4/25/2008 | 17.82 | 7.23 | 5.25 |
| Class R5 | 3/31/2006 | 18.11 | 7.60 | 5.66 |
| Class R6 | 4/4/2017 | 17.15 | 7.42 | 5.47 <br><sup>1</sup><br>|
| &nbsp;&nbsp; S&P 500<sup>®</sup> Index (reflects no deduction for fees, <br> expenses or taxes)<br>|  | 25.02 | 14.53 | 13.10 |

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Performance shown prior to the inception date is that of the 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 R6 shares' returns of the Fund will be different from Class A shares' returns of the Fund as they have different expenses.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans, 529 college savings plans or individual retirement accounts. After-tax returns are shown for Class A shares only and after-tax returns for other classes will vary.

**Management of the Fund**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| **Portfolio Managers** | **Title** | **Length of Service on the Fund** |
| Scott Wolle, CFA | Portfolio Manager (Lead) | 2021 |
| John Burrello, CFA | Portfolio Manager | 2021 |
| Chris Devine, CFA | Portfolio Manager | 2021 |
| Scott Hixon, CFA | Portfolio Manager | 2021 |

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**Purchase and Sale of Fund Shares**

You may purchase, redeem or exchange shares of the Fund on any business day through your financial adviser or by telephone at 800-959-4246. Shares of the Fund, other than Class R5 and Class R6 shares, may also be purchased, redeemed or exchanged on any business day through our website at www.invesco.com/us or by mail to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Investor Class shares and Class R5 shares of the Fund are offered only to grandfathered investors. The minimum investments for Class A, C, R, Y and Investor Class shares for fund accounts are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| **Type of Account** | **Initial** <br> **Investment** <br> **Per Fund**<br>| **Additional**<br> **Investments** <br> **Per Fund**<br>|
| Asset or fee-based accounts managed by your financial adviser |  |  |
| Employer Sponsored Retirement and Benefit Plans and <br> Employer Sponsored IRAs<br>|  |  |
| IRAs and Coverdell ESAs if the new investor is purchasing <br> shares through a systematic purchase plan<br>| $25 | &nbsp;&nbsp; $25 |
| All other types of accounts if the investor is purchasing shares <br> through a systematic purchase plan<br>| 50 | &nbsp;&nbsp; 50 |
| IRAs and Coverdell ESAs | 250 | &nbsp;&nbsp; 25 |
| All other accounts | 1000 | &nbsp;&nbsp; 50 |

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With respect to Class R5 and Class R6 shares, there is no minimum initial investment for Employer Sponsored Retirement and Benefit Plans investing through a retirement platform that administers at least $2.5 billion in retirement plan assets. All other Employer Sponsored Retirement and Benefit Plans must meet a minimum initial investment of at least $1 million in each Fund in which it invests.

For all other institutional investors purchasing Class R5 or Class R6 shares, the minimum initial investment in each share class is $1 million, unless such investment is made by (i) an investment company, as defined under the Investment Company Act of 1940, as amended (1940 Act), that is part of a family of investment companies which own in the aggregate at least $100 million in securities, or (ii) an account established with a 529 college savings plan managed by Invesco, in which case there is no minimum initial investment.

There are no minimum investment amounts for Class R6 shares held through retail omnibus accounts maintained by an intermediary, such as a broker, that (i) generally charges an asset-based fee or commission in addition to those described in this prospectus, and (ii) maintains Class R6 shares and makes them available to retail investors.

**Tax Information** 

The Fund's distributions generally are taxable to you as ordinary income, capital gains, or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan, 529 college savings plan or individual retirement account. Any distributions from a 401(k) plan or individual retirement account may be taxed as ordinary income when withdrawn from such plan or account.

**Payments to Broker-Dealers and Other Financial Intermediaries**

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

**5 Invesco Income Advantage U.S. Fund**

**invesco.com/us**LVEY-SUMPRO-1

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