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Invesco Oppenheimer International Small-Mid Company Fund manager change

https://www.sec.gov/Archives/edgar/data/880859/000119312519284727/d820045d497.htm

497 1 d820045d497.htm 497
Statutory Prospectus and Statement of Additional Information Supplement dated November 5, 2019

The purpose of this supplement is to provide you with changes to the current Statutory Prospectuses and Statement of Additional Information for Class A, C, R, Y, R5 and R6 shares of the Fund listed below:

Invesco Oppenheimer International Small-Mid Company Fund

This supplement amends the Statutory Prospectuses and Statement of Additional Information of the above referenced fund (the “Fund”) and is in addition to any other supplement(s). You should read this supplement in conjunction with the Statutory Prospectuses and Statement of Additional Information and retain it for future reference.

The following information replaces the table in its entirety under the heading “Fund Summary - Management of the Fund” in the prospectuses:

“Portfolio Managers Title Length of Service on the Fund
David Nadel Portfolio Manager (lead) 2019
Frank Jennings, PhD Portfolio Manager 2019 (predecessor fund 2018)”

Mr. Jennings will continue to serve as Portfolio Manager to ensure a smooth transition.

The following information replaces in its entirety the information under, and including, the heading “FUND MANAGEMENT – Portfolio Manager” for the Fund in the prospectuses:

“FUND MANAGEMENT – Portfolio Managers

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

• David Nadel (lead manager), Portfolio Manager, who has been responsible for the Fund since 2019 and has been associated with Invesco and/or its affiliates since 2019. Prior to joining Invesco, Mr. Nadel was employed by Royce & Associates from 2006 to 2019, where he served as Principal, Director of International Research and Portfolio Manager.

•Frank Jennings, PhD, Portfolio Manager, who has been responsible for the Fund since 2019 and has been associated with Invesco and/or its affiliates since 2019. Mr. Jennings will continue to serve as Portfolio Manager to ensure a smooth transition. Prior to the commencement of the Fund’s operations, Mr. Jennings managed the predecessor fund since 2018 and was associated with OppenheimerFunds, a global asset management firm, since 1995.

More information on the portfolio managers may be found at www.invesco.com/us. The website 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.”

The Statement of Additional Information is also amended to reflect the portfolio manager changes above.

As of November 5, 2019, Mr. Nadel manages one other vehicle in the Invesco fund complex but does not own shares of the Fund.

O-ISMC-PRO SUP 110519

Comments

  • the above mentioned fund is closed to new investors as far as I can tell.
  • edited November 2019
    @ET91,

    You are correct as listed in the below 5/25/19 filing:

    https://www.sec.gov/Archives/edgar/data/880859/000119312519154380/d723247d485bpos.htm#toc726790_201

    ..."Limited Fund Offering

    The Fund is closed to new investors. Investors should note that the Fund reserves the right to refuse any order that might disrupt the efficient management of the Fund.

    Investors who were invested in the Fund on May 24, 2019, may continue to make additional purchases in their accounts.

    Any Employer Sponsored Retirement and Benefit Plan or its affiliated plans may continue to make additional purchases of Fund shares and may add new accounts at the plan level that may purchase Fund shares if the Employer Sponsored Retirement and Benefit Plan or its affiliated plan had invested in the Fund as of May 24, 2019. New Employer Sponsored Retirement and Benefit Plans or its affiliated plans authorized prior to May 24, 2019 will have until December 31, 2019 to fund the account. Any brokerage firm wrap program may continue to make additional purchases of Fund shares and may add new accounts at the program level that may purchase Fund shares if the brokerage firm wrap program had invested in the Fund as of May 24, 2019. The Fund may also accept investments by 529 college savings plans managed by the Adviser during this limited offering.

    The Fund may resume sale of shares to new investors on a future date if the Adviser determines it is appropriate."



  • If the past is any indication, many more manager changes and fund mergers are on the way from this acquisition. And likely to drag out for some time.
  • edited November 2019
    @joe74 Two things:
    1. The manager, Rezo Kanovich, who really made this Invesco Oppenheimer fund successful left to join Artisan Funds before the Invesco merger occurred. He now runs the Artisan International Small-Mid (ARTJX) fund.

    2. David Nadel previously ran Royce International Premier (RYIPX) very successfully.

    In other words, this is good news for Invesco Oppenheimer shareholders after Kanovich's departure, but bad news for Royce shareholders.
  • edited November 2019
    Received notice from Invesco recently that Oppenheimer / Invesco Macquarie Global Infrastructure Fund (OQGAX) will terminate Macquarie’s management of the fund by year’s end. Sorry I can’t dig up more specifics at the moment, but if I find more I’ll add it here. Invesco has its own in-house infrastructure fund, and I think they’re merging the two - but not sure. If I didn’t own a bit of OQGAX, I’d not have taken note. While OQGAX has lagged its peers recently, Macquarie has a solid reputation longer term as a manager of these types of investments. So, I wasn’t thrilled with the news. As has been noted by others, Invesco is in the process of cutting out duplication.

    (Sitting at snow-covered O’Hare at the moment. There’s some infrastructure! ):)
  • @Hank: Welcome to the Windy City !
    Regards,
    Ted:)
  • edited November 2019
    @Ted, That’s kind of you. Was only there a couple hours waiting for a connecting flight. United and American both have service up to TVC close to home. But it’s a very fine airport. And the folks from Chicago I’ve met there and on some of the flights in and out of Chicago all seem very pleasant..

    Now, that raises an interesting question ... Oh - Never mind.:)
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