Invesco fund guide Your diversified investment strategies resource. Data as of Sept. 30, 2016

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1 Invesco fund guide Your diversified investment strategies resource Data as of Sept. 30, 2016

2 Explore High-Conviction Investing with Invesco At Invesco, we re dedicated to delivering an investment experience that helps you get more out of life. Our comprehensive range of high-conviction investment capabilities is designed to help you build portfolios in more precise and impactful ways, and not just settle for average. This high-conviction approach is built on three core tenets: A pure focus on investing All we do is investment management. That means we are solely focused on delivering high-conviction portfolio solutions to meet your unique needs. Diversity of thought Passion to exceed Each of our investment teams is empowered to implement its own trusted investment philosophy and process. Our diverse range of capabilities allows you to create high-conviction portfolios custom-built for your needs. We are passionate about going beyond average to uncover high-conviction opportunities and provide an exceptional client experience.

3 Table of contents Data as of Sept. 30, Invesco risk spectrum 4 Invesco long-term style targets (fixed income) 5 6 Invesco long-term style targets (equity) Alternatives 9 Invesco All Cap Market Neutral Fund 11 Invesco Alternative Strategies Fund 13 Invesco Balanced-Risk Allocation Fund 15 Invesco Balanced-Risk Commodity Strategy Fund 17 Invesco Floating Rate Fund 19 Invesco Global Infrastructure Fund 21 Invesco Global Market Neutral Fund 23 Invesco Global Real Estate Fund 25 Invesco Global Real Estate Income Fund 27 Invesco Global Targeted Returns Fund 29 Invesco Long/Short Equity Fund 31 Invesco Macro Allocation Strategy Fund 33 Invesco Macro Long/Short Fund 35 Invesco MLP Fund 37 Invesco Real Estate Fund 39 Invesco Senior Loan Fund Balanced 43 Invesco Balanced-Risk Retirement 2020 Fund 45 Invesco Balanced-Risk Retirement 2030 Fund 47 Invesco Balanced-Risk Retirement 2040 Fund 49 Invesco Balanced-Risk Retirement 2050 Fund 51 Invesco Balanced-Risk Retirement Now Fund 53 Invesco Conservative Allocation Fund 55 Invesco Equity and Income Fund 57 Invesco Growth Allocation Fund 59 Invesco Income Allocation Fund 61 Invesco Moderate Allocation Fund 63 Invesco Multi-Asset Income Fund 65 Invesco Multi-Asset Inflation Fund Equity international & global 69 Invesco Asia Pacific Growth Fund 71 Invesco Developing Markets Fund 73 Invesco Emerging Markets Equity Fund 75 Invesco European Growth Fund 77 Invesco European Small Company Fund 79 Invesco Global Core Equity Fund 81 Invesco Global Growth Fund 83 Invesco Global Low Volatility Equity Yield Fund 85 Invesco Global Opportunities Fund 87 Invesco Global Responsibility Equity Fund 89 Invesco Global Small & Mid Cap Growth Fund 91 Invesco Greater China Fund 93 Invesco International Allocation Fund 95 Invesco International Companies Fund 97 Invesco International Core Equity Fund 99 Invesco International Growth Fund 101 Invesco International Small Company Fund 103 Invesco Low Volatility Emerging Markets Fund 105 Invesco Macro International Equity Fund 107 Invesco Pacific Growth Fund 109 Invesco Select Opportunities Fund Equity sector 113 Invesco Energy Fund 115 Invesco Global Health Care Fund 117 Invesco Gold & Precious Metals Fund 119 Invesco Technology Fund 121 Invesco Technology Sector Fund Equity US 125 Invesco American Franchise Fund 127 Invesco American Value Fund 129 Invesco Charter Fund 131 Invesco Comstock Fund 133 Invesco Diversified Dividend Fund 135 Invesco Dividend Income Fund 137 Invesco Endeavor Fund 139 Invesco Equally-Weighted S&P 500 Fund 141 Invesco Growth and Income Fund 143 Invesco Low Volatility Equity Yield Fund 145 Invesco Mid Cap Core Equity Fund 147 Invesco Mid Cap Growth Fund 149 Invesco S&P 500 Fund 151 Invesco Select Companies Fund 153 Invesco Small Cap Discovery Fund 155 Invesco Small Cap Equity Fund 157 Invesco Small Cap Growth Fund 159 Invesco Small Cap Value Fund 161 Invesco Summit Fund 163 Invesco Value Opportunities Fund Fixed income international & global 167 Invesco Emerging Markets Flexible Bond Fund 169 Invesco International Total Return Fund Fixed income money market 173 Invesco Government Money Market Fund 175 Invesco Tax-Exempt Cash Fund Fixed Income US taxable 179 Invesco Convertible Securities Fund 181 Invesco Core Plus Bond Fund 183 Invesco Corporate Bond Fund 185 Invesco High Yield Fund 187 Invesco Quality Income Fund 189 Invesco Short Duration Inflation Protected Fund 191 Invesco Short Term Bond Fund 193 Invesco Strategic Real Return Fund 195 Invesco U.S. Government Fund Fixed Income US tax-free 199 Invesco California Tax-Free Income Fund 201 Invesco High Yield Municipal Fund 203 Invesco Intermediate Term Municipal Income Fund 205 Invesco Limited Term Municipal Income Fund 207 Invesco Municipal Income Fund 209 Invesco New York Tax Free Income Fund 211 Invesco Pennsylvania Tax Free Income Fund 213 Invesco Short Duration High Yield Municipal Fund 215 Alphabetical index 1

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5 Invesco risk spectrum Data as of Sept. 30, 2016 Alternatives More aggressive Invesco Balanced-Risk Commodity Strategy Fund Invesco Global Real Estate Fund Invesco Real Estate Fund Invesco MLP Fund Invesco Global Infrastructure Fund Invesco Long/Short Equity Fund Invesco Macro Long/Short Fund Invesco All Cap Market Neutral Fund Invesco Global Real Estate Income Fund Invesco Alternatives Strategies Fund Invesco Macro Allocation Strategy Fund Invesco Global Targeted Returns Fund Invesco Balanced-Risk Allocation Fund Invesco Global Market Neutral Fund Invesco Senior Loan Fund Invesco Floating Rate Fund More conservative Multi-asset More aggressive Invesco Equity and Income Fund Invesco Multi-Asset Inflation Fund Invesco Multi-Asset Income Fund Invesco Income Allocation Fund More conservative Target date More aggressive Invesco Balanced-Risk Retirement 2050 Fund Invesco Balanced-Risk Retirement 2040 Fund Invesco Balanced-Risk Retirement 2030 Fund Invesco Balanced-Risk Retirement 2020 Fund Invesco Balanced-Risk Retirement Now Fund More conservative Target risk More aggressive Invesco Growth Allocation Fund Invesco Moderate Allocation Fund Invesco Conservative Allocation Fund More conservative Domestic equity Value More aggressive Invesco Small Cap Value Fund 1 Invesco American Value Fund Invesco Value Opportunities Fund Invesco Comstock Fund Invesco Growth and Income Fund Invesco Diversified Dividend Fund Invesco Dividend Income Fund More conservative Domestic core More aggressive Invesco Select Companies Fund Invesco Small Cap Equity Fund Invesco Endeavor Fund Invesco Mid Cap Core Equity Fund Invesco Equally-Weighted S&P 500 Fund Invesco S&P 500 Fund Invesco Charter Fund Invesco Low Volatility Equity Yield Fund More conservative Domestic growth More aggressive Invesco Small Cap Discovery Fund Invesco Small Cap Growth Fund 1 Invesco Mid Cap Growth Fund Invesco American Franchise Fund Invesco Summit Fund More conservative Sector equity More aggressive Invesco Gold & Precious Metals Fund Invesco Energy Fund Invesco Technology Fund Invesco Technology Sector Fund 1 Invesco Global Health Care Fund More conservative International/global/regional equity More aggressive Invesco Greater China Fund Invesco Emerging Markets Equity Fund Invesco Developing Markets Fund Invesco European Small Company Fund 1 Invesco International Small Company Fund Invesco Asia Pacific Growth Fund Invesco Low Volatility Emerging Markets Fund Invesco Pacific Growth Fund Invesco Global Opportunities Fund Invesco Select Opportunities Fund Invesco European Growth Fund Invesco International Companies Fund Invesco International Allocation Fund Invesco International Growth Fund Invesco Global Small & Mid Cap Growth Fund Invesco Global Growth Fund Invesco International Core Equity Fund Invesco Macro International Fund Invesco Global Core Equity Fund Invesco Global Responsibility Equity Fund Invesco Global Low Volatility Equity Yield Fund More conservative Fixed income Taxable More aggressive Invesco Emerging Markets Flexible Bond Fund Invesco Convertible Securities Fund Invesco High Yield Fund Invesco International Total Return Fund Invesco Strategic Real Return Fund Invesco Corporate Bond Fund Invesco Core Plus Bond Fund Invesco U.S. Government Fund Invesco Quality Income Fund Invesco Short Term Bond Fund Invesco Short Duration Inflation Protected Fund Invesco Government Money Market Fund More conservative Tax free More aggressive Invesco High Yield Municipal Fund 1 Invesco Short Duration High Yield Municipal Fund Invesco California Tax-Free Income Fund Invesco New York Tax Free Income Fund Invesco Pennsylvania Tax Free Income Fund Invesco Municipal Income Fund Invesco Intermediate Term Municipal Income Fund Invesco Limited Term Municipal Income Fund Invesco Tax-Exempt Cash Fund More conservative You could lose money by investing in the Invesco Government Money Market Fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Invesco Government Money Market Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. You could lose money by investing in the Invesco Tax-Exempt Cash Fund. Although the fund seeks to preserve your investment at $1.00 per share, it cannot guarantee it will do so. The fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the fund s liquidity falls below the required minimums because of market conditions or other factors. An investment in the Invesco Tax-Exempt Cash Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. 1 The fund has limited public sales of its shares to certain investors. For more information on who may continue to invest in the fund, please see the prospectus. The Invesco Risk Spectrum illustrates equity and fixed-income funds from more aggressive to more conservative. When assessing the degree of risk, qualitative and quantitative factors considered included the funds portfolio holdings, diversification permitted within the fund, the funds standard deviations for three, five, 10, 15, 20 and 25 years (as applicable), R-squared and beta analysis relative to the style-specific benchmarks, and the possibility of incorporating portfolio management tools such as leverage, derivatives and short selling. Fund rankings are relative to one another and should not be compared with other investments. There is no guarantee that any one fund will be less volatile than any other. This order is subject to change. A target maturity fund identifies a specific time at which investors are expected to begin making withdrawals, e.g., Now, 2020, The principal value of the fund is not guaranteed at any time, including at the target maturity date. 3

6 Invesco long-term style targets Fixed income funds Data as of Sept. 30, 2016 The chart below shows funds in relation to each other according to target credit quality and portfolio maturity. It represents the targeted outcome of each fund s investment style. This chart can be used to explain style differences within the Invesco fixed income product line, illustrate diversification/ asset allocation and identify overlap. It is important to use the style targets in combination with the Invesco Risk Spectrum. The alternatives, balanced portfolios, other fund and state-specific municipal funds listed below the chart do not lend themselves to this kind of analysis. Target investment quality Medium (A BBB) High (A+ or Higher) Low (BB or Lower) Target maturity Short (0 3 years) Intermediate (3 10 years) Long (10 30 years) Tax-Exempt Cash Government Money Market Short Term Bond Floating Rate Senior Loan Short Duration High Yield Municipal Short Duration Inflation Protected U.S. Government Quality Income Limited Term Municipal Income Core Plus Bond Strategic Real Return Strategic Income Emerging Markets Flexible Bond Intermediate Municipal Income High Yield International Total Return Corporate Bond Municipal Income High Yield Municipal 1 The target investment quality axis represents the target quality of securities and instruments in which the fund primarily invests. It is not indicative of a credit rating assigned to the fund itself. Alternatives Alternative Strategies Balanced portfolios Income Allocation Multi-Asset Income Multi-Asset Inflation Other Convertible Securities State-specific municipal funds California Tax-Free Income New York Tax Free Income Pennsylvania Tax Free Income You could lose money by investing in the Invesco Government Money Market Fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Invesco Government Money Market Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. You could lose money by investing in the Invesco Tax-Exempt Cash Fund. Although the fund seeks to preserve your investment at $1.00 per share, it cannot guarantee it will do so. The fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the fund s liquidity falls below the required minimums because of market conditions or other factors. An investment in the Invesco Tax-Exempt Cash Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. 1 The fund has limited public sales of its shares to certain investors. For more information on who may continue to invest in the fund, please see the prospectus. Asset allocation/diversification does not guarantee a profit or eliminate the risk of loss. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments and other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. 4

7 Invesco long-term style targets Domestic equity funds Data as of Sept. 30, 2016 The chart below shows funds in relation to each other according to cap size and investment style and can be used to explain style differences within the Invesco equity product line, illustrate diversification/asset allocation and identify overlap. The long-term style target is the targeted outcome of each fund s investment strategy. It is important to use the style targets in combination with the Invesco Risk Spectrum. The sector funds, target risk portfolios and alternative funds listed below the chart do not lend themselves to this kind of analysis. Target cap size Large Mid/large Target investment style Value Blend/core Growth Comstock Growth and Income S&P 500 Equity and Income 1 Charter Dividend Income Diversified Dividend Value Opportunities Low Volatility Equity Yield Equally-Weighted S&P 500 Summit American Franchise American Value Mid Cap Growth Mid Mid Cap Core Equity Endeavor Small Small/mid Small Cap Value 2 Select Companies Small Cap Equity Small Cap Discovery Small Cap Growth 2 Sector funds Energy Gold & Precious Metals Technology Technology Sector 2 Target risk portfolios Conservative Allocation Growth Allocation Moderate Allocation Alternative funds All Cap Market Neutral MLP Long/Short Equity Real Estate 1 Classifications are based on the equity portion of the portfolio. 2 The fund has limited public sales of its shares to certain investors. For more information on who may continue to invest in the fund, please see the prospectus. Asset allocation/diversification does not guarantee a profit or eliminate the risk of loss. 5

8 Invesco long-term style targets International/global equity funds Data as of Sept. 30, 2016 The chart below shows funds in relation to each other according to cap size and investment style and can be used to explain style differences within the Invesco international/global/regional equity product line, illustrate diversification/asset allocation and identify overlap. The long-term style target is the targeted outcome of each fund s investment strategy. It is important to use the style targets in combination with the Invesco Risk Spectrum. The alternative funds, sector funds and target maturity portfolios listed below the chart do not lend themselves to this kind of analysis. Target investment style Value Blend/core Growth Target cap size Large Mid/large Low VolatilityEmerging Markets Global Low Volatility Equity Yield International Core Equity Global Core Equity Macro International Equity International Allocation Global Opportunities Emerging Markets Equity Greater China Developing Markets Global Growth International Growth International Companies European Growth Mid Pacific Growth Small/mid Global Small & Mid Cap Growth International Small Company Asia Pacific Growth Small Select Opportunities European Small Company 1 Alternative funds Balanced-Risk Allocation Balanced-Risk Commodity Strategy Global Infrastructure Global Market Neutral Global Real Estate Global Real Estate Income Global Targeted Returns Macro Allocation Strategy Macro Long/Short Sector funds Global Health Care Target maturity portfolios Balanced-Risk Retirement 2020 Balanced-Risk Retirement 2030 Balanced-Risk Retirement 2040 Balanced-Risk Retirement 2050 Balanced-Risk Retirement Now 1 The fund has limited public sales of its shares to certain investors. For more information on who may continue to invest in the fund, please see the prospectus. Asset allocation/diversification does not guarantee a profit or eliminate the risk of loss. 6

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11 Mutual Fund Retail Share Classes Data as of Sept. 30, 2016 Invesco All Cap Market Neutral Fund Absolute Return Investment Objective The fund seeks to provide a positive return over a full market cycle from a broadly diversified portfolio of stocks while seeking to limit exposure to the general risks associated with stock market investing. Portfolio Management Michael Abata, Charles Ko, Anthony Munchak, Glen Murphy, Francis Orlando, Andrew Waisburd, Donna Wilson Fund Facts Nasdaq A: CPNAX C: CPNCX Y: CPNYX R: CPNRX R6: CPNSX R5: CPNFX Total Net Assets $169,617,090 Total Number of Holdings 316 Portfolio Composition Percentage of Net Asset (Long) Percentage of Net Asset (Short) Gross Exposure (Long + Short) Net Exposure (Long - Short) 0.00 Gross Exposure represents the absolute exposure of the fund to long and short holdings combined. Net Exposure represents the difference between long and short holdings exposure for the fund. Top 5 Long Positions Oasis Petroleum Inc HP Inc Five Prime Therapeutics Inc Quad Graphics Inc Supernus Pharmaceuticals Inc Top 5 Short Positions Weatherford International plc CF Industries Holdings Inc Halliburton Co Chevron Corp Netflix.com Inc Expense Ratios % Net % Total Class A Shares Class C Shares Class Y Shares Per the current prospectus Net = Total annual operating expenses less any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least Feb. 28, 2017 and contractual management fee waivers in effect through at least June 30, See current prospectus for more information. This fund employs a strategy that seeks to add value by capturing the performance differential between its long and short holdings in domestic large-, mid-, and small-cap stocks. Performance of a $10,000 Investment Class A shares at NAV (Dec. 17, 2013 Sept. 30, 2016) Invesco All Cap Market Neutral Fund - $10,833 $20,000 $10,000 0 Investment Results 9/14 9/15 9/16 Average Annual Total Returns (%) as of Sept. 30, 2016 Class A Shares Class C Shares Class Y Shares 12/17/13 12/17/13 12/17/13 Load 5.50% NAV CDSC 1.00% NAV NAV Style-Specific Citigroup 90- Day Treasury Bill Period Inception Year Quarter Performance quoted is past performance and cannot guarantee comparable future results; current performance may be lower or higher. Visit invesco.com/performance for the most recent month-end performance. Performance figures reflect reinvested distributions and changes in net asset value (NAV). Investment return and principal value will vary, and you may have a gain or a loss when you sell shares. No contingent deferred sales charge (CDSC) will be imposed on redemptions of Class C shares following one year from the date shares were purchased. Performance shown at NAV does not include applicable CDSC or front-end sales charges, which would have reduced the performance. Class Y shares have no sales charge; therefore, performance is at NAV. Returns less than one year are cumulative; all others are annualized. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have See current prospectus for more information. returns do not reflect any fees, expenses, or sales charges. source: FactSet Research Systems Inc. Calendar Year Total Returns (%) Class A Shares at NAV YTD Inception year is Return for inception year 2013 is a partial-year return. Class Y shares are available only to certain investors. See the prospectus for more information. Asset allocation/diversification does not guarantee a profit or eliminate the risk of loss. The fund's equity exposures may be achieved through direct investment or through derivatives including, but not limited to, equity-related futures contracts and swap agreements, such as total return swaps. See current prospectus for more information. The fund holdings are organized according to the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI Inc. and Standard & Poor s. The Citigroup 90-Day Treasury Bill is an unmanaged index representative of three-month Treasury bills. An investment cannot be made directly in an index. 9

12 Morningstar Rankings Class A Shares vs. Morningstar Market Neutral Category 1 Year 91% (147 of 161) Source: 2016 Morningstar Inc. All rights reserved. This information is proprietary to Morningstar and/or its content providers. It may not be copied or distributed and isn't warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Morningstar rankings are based on total return, excluding sales charges and including fees and expenses, versus all funds in the Morningstar category. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had fees not been waived and/or expenses reimbursed currently or in the past, the ranking would've Past performance doesn't guarantee future results. Equity Sector Breakdown Sector Long Weight (%) Short Weight (%) Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Real Estate Telecommunications Utilities Lipper Rankings Class A Shares vs. Lipper Alternative Equity Market Neutral Funds Category 1 Year 89% (91 of 102) Source: Lipper Inc. Lipper fund percentile rankings are based on total returns, excluding sales charges and including fees and expenses, and are versus all funds in the Lipper category. Fund About Risk Derivatives may be more volatile and less liquid than traditional investments and are subject to market, interest rate, credit, leverage, counterparty and management risks. An investment in a derivative could lose more than the cash amount invested. Short sales may cause an investor to repurchase a security at a higher price, causing a loss. As there is no limit on how much the price of the security can increase, exposure to potential loss is unlimited. Stocks of small and mid-sized companies tend to be more vulnerable to adverse developments, may be more volatile, and may be illiquid or restricted as to resale. The fund is subject to certain other risks. Please see the current prospectus for more information regarding the risks associated with an investment in the fund. NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE Before investing, investors should carefully read the prospectus and/or summary prospectus and carefully consider the investment objectives, risks, charges and expenses. For this and more complete information about the fund(s), investors should ask their advisors for a prospectus/summary prospectus or visit invesco.com/fundprospectus. Note: Not all products available at all firms. Advisors, please contact your home office. All data provided by Invesco unless otherwise noted. Invesco All Cap Market Neutral Fund ACMN-PC-1 10/16 invesco.com/us Invesco Distributors, Inc.

13 Mutual Fund Retail Share Classes Data as of Sept. 30, 2016 Invesco Alternative Strategies Fund Multi-alternative Investment Objective The fund s primary investment objective is long-term capital appreciation. Portfolio Management Duy Nguyen, Jacob Borbidge Fund Facts Nasdaq A: LQLAX C: LQLCX Y: LQLYX R: LQLRX R6: LQLSX R5: LQLFX Total Net Assets $1,434,629 Total Number of Holdings 12 Annual Turnover (as of 12/31/15) 52% Distribution Frequency Annually The fund seeks exposure to a broad spectrum of affiliated alternative strategies and asset classes to help meet the objective of long-term capital appreciation. Performance of a $10,000 Investment Class A shares at NAV (Oct. 14, 2014 Sept. 30, 2016) Invesco Alternative Strategies Fund - $10,315 $20,000 $10,000 Expense Ratios % Net % Total Class A Shares Class C Shares Class Y Shares Per the current prospectus Net and Total = The expense ratio includes acquired fund fees and expenses of 1.02% for the underlying funds. Net = Total annual operating expenses less any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least April 30, See current prospectus for more information. 0 9/14 9/15 9/16 Investment Results Average Annual Total Returns (%) as of Sept. 30, 2016 Class A Shares Class C Shares Class Y Shares 10/14/14 10/14/14 10/14/14 Load 5.50% NAV CDSC 1.00% NAV NAV Style-Specific Citigroup 90- Day Treasury Bill Period Inception Year Quarter Performance quoted is past performance and cannot guarantee comparable future results; current performance may be lower or higher. Visit invesco.com/performance for the most recent month-end performance. Performance figures reflect reinvested distributions and changes in net asset value (NAV). Investment return and principal value will vary, and you may have a gain or a loss when you sell shares. No contingent deferred sales charge (CDSC) will be imposed on redemptions of Class C shares following one year from the date shares were purchased. Performance shown at NAV does not include applicable CDSC or front-end sales charges, which would have reduced the performance. Class Y shares have no sales charge; therefore, performance is at NAV. Returns less than one year are cumulative; all others are annualized. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have See current prospectus for more information. returns do not reflect any fees, expenses, or sales charges. source: FactSet Research Systems Inc. Calendar Year Total Returns (%) Class A Shares at NAV YTD Inception year is Return for inception year 2014 is a partial-year return. Class Y shares are available only to certain investors. See the prospectus for more information. Asset allocation/diversification does not guarantee a profit or eliminate the risk of loss. The Citigroup 90-Day Treasury Bill is an unmanaged index representative of three-month Treasury bills. An investment cannot be made directly in an index. 11

14 Fund Holdings Invesco Global Market Neutral Fund Invesco All Cap Market Neutral Fund Invesco Balanced-Risk Allocation Fund Invesco Global Markets Strategy Fund Invesco Macro Long/Short Fund Invesco Global Infrastructure Fund 4.24 Invesco Global Real Estate Fund 4.02 Invesco Long/Short Equity Fund 3.63 PowerShares DB Base Metals Fund 2.35 Invesco Balanced-Risk Commodity Strategy Fund 2.09 Total may not equal 100% due to rounding. Morningstar Rankings Class A Shares vs. Morningstar Multialternative Category 1 Year 25% (117 of 473) Source: 2016 Morningstar Inc. All rights reserved. This information is proprietary to Morningstar and/or its content providers. It may not be copied or distributed and isn't warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Morningstar rankings are based on total return, excluding sales charges and including fees and expenses, versus all funds in the Morningstar category. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had fees not been waived and/or expenses reimbursed currently or in the past, the ranking would've Past performance doesn't guarantee future results. About Risk The fund s investment performance depends, in part, on how its assets are allocated among the underlying funds. It is possible that due to unexpected market movements or other factors, the Adviser s allocation of the fund s assets among underlying funds may not produce the desired results and could cause the fund to perform poorly or underperform other available funds. The principal risks of investing in the Fund also include the risks of each underlying fund. Certain underlying funds invest in asset classes which may be subject to greater volatility, such as foreign and emerging markets, high yield bonds, and commodities. Alternative products typically hold more nontraditional investments and employ more complex trading strategies, including hedging and leveraging through derivatives, short selling and opportunistic Lipper Rankings Class A Shares vs. Lipper Alternative Multi-Strategy Funds Category 1 Year 26% (57 of 222) Source: Lipper Inc. Lipper fund percentile rankings are based on total returns, excluding sales charges and including fees and expenses, and are versus all funds in the Lipper category. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had fees not been waived and/or expenses reimbursed currently or in the past, the ranking would have strategies that change with market conditions. Investors considering alternatives should be aware of their unique characteristics and additional risks from the strategies they use. Like all investments, performance will fluctuate. You can lose money. An investment in exchange-traded funds (ETFs) may trade at a discount to net asset value, fail to develop an active trading market, halt trading on the listing exchange, fail to track the referenced index, or hold troubled securities. ETFs may involve duplication of management fees and certain other expenses. Certain of the ETFs the fund invests in are leveraged, which can magnify any losses on those investments. The fund is subject to certain other risks. Please see the current prospectus for more information regarding the risks associated with an investment in the fund. NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE Before investing, investors should carefully read the prospectus and/or summary prospectus and carefully consider the investment objectives, risks, charges and expenses. For this and more complete information about the fund(s), investors should ask their advisors for a prospectus/summary prospectus or visit invesco.com/fundprospectus. Note: Not all products available at all firms. Advisors, please contact your home office. All data provided by Invesco unless otherwise noted. Invesco Alternative Strategies Fund ALST-PC-1 10/16 invesco.com/us Invesco Distributors, Inc.

15 Mutual Fund Retail Share Classes Data as of Sept. 30, 2016 Invesco Balanced-Risk Allocation Fund Balanced risk Investment Objective The fund seeks to provide total return with a low to moderate correlation to traditional financial market indices. Portfolio Management Mark Ahnrud, Chris Devine, Scott Hixon, Christian Ulrich, Scott Wolle Fund Facts Nasdaq A: ABRZX C: ABRCX Y: ABRYX R: ABRRX R6: ALLFX R5: ABRIX Total Net Assets $5,490,990,219 Distribution Frequency Annually Expense Ratios % Net % Total Class A Shares Class C Shares Class Y Shares Per the current prospectus Net = Total annual operating expenses less any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least June 30, See current prospectus for more information. Gross Performance Attribution Since July 1, 2009 Quarter (Annualized) Equities 2.30% 2.86% Fixed Income 0.30% 4.62% Commodities -0.68% 0.04% Active Positioning 0.50% 1.70% Cash 0.10% 0.14% Total 2.52% 9.36% Returns are gross of fund expenses; net returns will be lower. Cash represents fund collateral used to support derivative positions. Risk Positioning Strategic Position Tactical Position Equities 33% Overweight Fixed Income 33% Underweight Commodities 33% Underweight The strategic allocation targets an equal risk contribution from each asset class to the overall portfolio risk. Tactical positioning seeks to overweight, underweight or maintain those strategic positions depending on the current economic environment. An actively managed strategy that provides exposure to stocks, bonds and commodities, using a risk-balanced approach. The fund seeks to participate meaningfully during periods of economic strength and to protect during periods of economic stress. Performance of a $10,000 Investment Class A shares at NAV (June 02, 2009 Sept. 30, 2016) Invesco Balanced-Risk Allocation Fund - $17,516 $20,000 $10, /09 9/10 9/11 9/12 9/13 9/14 9/15 9/16 Investment Results Average Annual Total Returns (%) as of Sept. 30, 2016 Class A Shares Class C Shares Class Y Shares 06/02/09 06/02/09 06/02/09 Load 5.50% NAV CDSC 1.00% NAV NAV Style-Specific Custom Invesco Balanced Risk Allocation Style Period Inception Years Years Year Quarter Performance quoted is past performance and cannot guarantee comparable future results; current performance may be lower or higher. Visit invesco.com/performance for the most recent month-end performance. Performance figures reflect reinvested distributions and changes in net asset value (NAV). Investment return and principal value will vary, and you may have a gain or a loss when you sell shares. No contingent deferred sales charge (CDSC) will be imposed on redemptions of Class C shares following one year from the date shares were purchased. Performance shown at NAV does not include applicable CDSC or front-end sales charges, which would have reduced the performance. Class Y shares have no sales charge; therefore, performance is at NAV. Returns less than one year are cumulative; all others are annualized. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have See current prospectus for more information. returns do not reflect any fees, expenses, or sales charges. sources: FactSet Research Systems Inc., Invesco Calendar Year Total Returns (%) Class A Shares at NAV YTD Inception year is Return for inception year 2009 is a partial-year return. Class Y shares are available only to certain investors. See the prospectus for more information. Under normal conditions, the strategy invests in derivatives and other financially-linked instruments whose performance is expected to correspond to US and international fixed income, equity and commodity markets. However, the performance of the asset classes cannot be guaranteed. The derivative investments and enhanced investment techniques (such as leverage) used by the portfolio are subject to greater risks than those associated with investing directly in securities or more traditional instruments. The Custom Invesco Balanced Risk Allocation Style, created by Invesco as the fund's benchmark, is composed of the following indexes: MSCI World (60%) and Bloomberg Barclays U.S. Aggregate (40%). An investment cannot be made directly in an index. 13

16 Overall Morningstar Rating (Class A shares as of Sept. 30, 2016) AAAA AAA (load waived) (load) Ratings are based on a risk-adjusted return measure that accounts for variation in a fund s monthly performance, placing more emphasis on the downward variations and rewarding consistent performance. The overall rating is derived from a weighted average of three-, five- and 10-year rating metrics, as applicable. With-load ratings include the effect of sales charges, loads and redemption fees. Load-waived ratings exclude sales charges, loads and redemption fees, and are only applicable to investors not subject to sales charges. Fund performance reflects any applicable fee waivers and/or expense reimbursed currently or in the past, the Morningstar rating would have Class A shares received 3 stars for the overall, 3 stars for the three years and 3 stars for the five years (load); 4 stars for the overall, 4 stars for the three years and 4 stars for the five years (load-waived). The fund was rated among 289, 289 and 194 funds within the Morningstar Tactical Allocation Category for the overall period, three and five years, respectively. Source: 2016 Morningstar Inc. All rights reserved. The information contained herein is proprietary to Morningstar and/or its content providers. It may not be copied or distributed and isn't warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Ratings are as of the most recent quarter end and are subject to change monthly. A fund is eligible for a Morningstar rating three years after inception. The top 10% of funds in a category receive five stars, the next 22.5% four stars, the next 35% three stars, the next 22.5% two stars and the bottom 10% one star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) Ratings for other share classes may differ. Past performance does not guarantee future results. Morningstar Rankings Class A Shares vs. Morningstar Tactical Allocation Category 1 Year 10% (35 of 355) 3 Years 27% (79 of 289) 5 Years 37% (72 of 194) Source: Morningstar Inc. Morningstar rankings are based on total return, excluding sales charges and including fees and expenses, versus all funds in the Morningstar category. Fund Lipper Rankings Class A Shares vs. Lipper Alternative Global Macro Funds Category 1 Year 10% (31 of 321) 3 Years 15% (39 of 268) 5 Years 21% (38 of 180) Source: Lipper Inc. Lipper fund percentile rankings are based on total returns, excluding sales charges and including fees and expenses, and are versus all funds in the Lipper category. Fund About Risk Commodities may subject an investor to greater volatility than traditional securities such as stocks and bonds and can fluctuate significantly based on weather, political, tax, and other regulatory and market developments. An issuer 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. Should the Fund s asset classes or the selected countries and investments become correlated in a way not anticipated by the Adviser, the risk allocation process may result in magnified risks and loss instead of balancing (reducing) the risk of loss. Derivatives may be more volatile and less liquid than traditional investments and are subject to market, interest rate, credit, leverage, counterparty and management risks. An investment in a derivative could lose more than the cash amount invested. The risks of investing in securities of foreign issuers, including emerging markets, can include fluctuations in foreign currencies, political and economic instability, and foreign taxation issues. Interest rate risk refers to the risk that bond prices generally fall as interest rates rise and vice versa. Short sales may cause an investor to repurchase a security at a higher price, causing a loss. As there is no limit on how much the price of the security can increase, exposure to potential loss is unlimited. By investing in the subsidiary, the fund is indirectly exposed to risks associated with the subsidiary's investments, including derivatives and commodities. Because the subsidiary is not registered under the Investment Company Act of 1940, the fund will not have the protections offered to investors in US registered investment companies. Underlying investments may appreciate or decrease significantly in value over short periods of time and cause an underlying fund's shares to experience significant volatility over short periods of time. The fund is subject to certain other risks. Please see the current prospectus for more information regarding the risks associated with an investment in the fund. NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE Before investing, investors should carefully read the prospectus and/or summary prospectus and carefully consider the investment objectives, risks, charges and expenses. For this and more complete information about the fund(s), investors should ask their advisors for a prospectus/summary prospectus or visit invesco.com/fundprospectus. Note: Not all products available at all firms. Advisors, please contact your home office. All data provided by Invesco unless otherwise noted. Invesco Balanced-Risk Allocation Fund IBRA-PC-1 10/16 invesco.com/us Invesco Distributors, Inc.

17 Mutual Fund Retail Share Classes Data as of Sept. 30, 2016 Invesco Balanced-Risk Commodity Strategy Fund Balanced risk Investment Objective The fund seeks to provide total return. Portfolio Management Mark Ahnrud, Chris Devine, Scott Hixon, Christian Ulrich, Scott Wolle Fund Facts Nasdaq A: BRCAX C: BRCCX Y: BRCYX R: BRCRX R6: IBRFX R5: BRCNX Total Net Assets $792,427,970 Distribution Frequency Annually Expense Ratios % Net % Total Class A Shares Class C Shares Class Y Shares Per the current prospectus Net = Total annual operating expenses less any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least June 30, See current prospectus for more information. Gross Performance Attribution Since Dec. 1, 2010 Quarter (Annualized) Precious Metals 0.12% -0.94% Agriculture -2.60% 0.03% Energy -0.30% -3.05% Industrial Metals 0.06% -2.21% Active Positioning 0.43% 1.35% Cash 0.10% 0.12% Total -2.19% -4.70% Returns are gross of fund expenses; net returns will be lower. Cash represents fund collateral used to support derivative positions. Risk Positioning Strategic Position Tactical Position Precious Metals 25% Overweight Agriculture 25% Overweight Energy 25% Underweight Industrial Metals 25% Underweight The fund s strategic allocation targets an equal risk contribution within and across each of the portfolio s four commodity complexes to the overall portfolio risk. Tactical positioning, which is applied monthly, seeks to overweight, underweight or maintain those strategic positions depending on a select group of factors such as supply and demand, the current economic environment and short- and intermediate-term price movements. An actively managed strategy that provides exposure to commodity markets. The goal of risk balancing is to provide greater diversification and less downside risk than commodity indexes. Performance of a $10,000 Investment Class A shares at NAV (Nov. 30, 2010 Sept. 30, 2016) Invesco Balanced-Risk Commodity Strategy Fund - $6,996 $20,000 $10,000 0 Investment Results 9/11 9/12 9/13 9/14 9/15 9/16 Average Annual Total Returns (%) as of Sept. 30, 2016 Class A Shares Class C Shares Class Y Shares 11/30/10 11/30/10 11/30/10 Load 5.50% NAV CDSC 1.00% NAV NAV Style-Specific Bloomberg Commodity Period Inception Years Years Year Quarter Performance quoted is past performance and cannot guarantee comparable future results; current performance may be lower or higher. Visit invesco.com/performance for the most recent month-end performance. Performance figures reflect reinvested distributions and changes in net asset value (NAV). Investment return and principal value will vary, and you may have a gain or a loss when you sell shares. No contingent deferred sales charge (CDSC) will be imposed on redemptions of Class C shares following one year from the date shares were purchased. Performance shown at NAV does not include applicable CDSC or front-end sales charges, which would have reduced the performance. Class Y shares have no sales charge; therefore, performance is at NAV. Returns less than one year are cumulative; all others are annualized. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have See current prospectus for more information. returns do not reflect any fees, expenses, or sales charges. source: Bloomberg L.P. Calendar Year Total Returns (%) Class A Shares at NAV YTD Inception year is Return for inception year 2010 is a partial-year return. Class Y shares are available only to certain investors. See the prospectus for more information. Asset allocation/diversification does not guarantee a profit or eliminate the risk of loss. The Bloomberg Commodity is designed to be a liquid and diversified benchmark for the commodity futures market. It is a rolling index composed of futures contracts on 19 physical commodities traded on US exchanges. The index was known as the Dow Jones UBS Commodity Total Return SM prior to July 1, An investment cannot be made directly in an index. 15

18 Overall Morningstar Rating (Class A shares as of Sept. 30, 2016) AAAAA AAAA (load waived) (load) Ratings are based on a risk-adjusted return measure that accounts for variation in a fund s monthly performance, placing more emphasis on the downward variations and rewarding consistent performance. The overall rating is derived from a weighted average of three-, five- and 10-year rating metrics, as applicable. With-load ratings include the effect of sales charges, loads and redemption fees. Load-waived ratings exclude sales charges, loads and redemption fees, and are only applicable to investors not subject to sales charges. Fund performance reflects any applicable fee waivers and/or expense reimbursed currently or in the past, the Morningstar rating would have Class A shares received 4 stars for the overall, 4 stars for the three years and 4 stars for the five years (load); 5 stars for the overall, 4 stars for the three years and 5 stars for the five years (load-waived). The fund was rated among 121, 121 and 79 funds within the Morningstar Commodities Broad Basket Category for the overall period, three and five years, respectively. Source: 2016 Morningstar Inc. All rights reserved. The information contained herein is proprietary to Morningstar and/or its content providers. It may not be copied or distributed and isn't warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Ratings are as of the most recent quarter end and are subject to change monthly. A fund is eligible for a Morningstar rating three years after inception. The top 10% of funds in a category receive five stars, the next 22.5% four stars, the next 35% three stars, the next 22.5% two stars and the bottom 10% one star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) Ratings for other share classes may differ. Past performance does not guarantee future results. Morningstar Rankings Class A Shares vs. Morningstar Commodities Broad Basket Category 1 Year 13% (21 of 155) 3 Years 22% (27 of 121) 5 Years 11% (9 of 79) Source: Morningstar Inc. Morningstar rankings are based on total return, excluding sales charges and including fees and expenses, versus all funds in the Morningstar category. Fund Lipper Rankings Class A Shares vs. Lipper Commodities General Funds Category 1 Year 12% (17 of 151) 3 Years 24% (29 of 121) 5 Years 10% (8 of 79) Source: Lipper Inc. Lipper fund percentile rankings are based on total returns, excluding sales charges and including fees and expenses, and are versus all funds in the Lipper category. Fund About Risk Commodities may subject an investor to greater volatility than traditional securities such as stocks and bonds and can fluctuate significantly based on weather, political, tax, and other regulatory and market developments. Commodity-linked notes may involve substantial risks, including risk of loss of a significant portion of principal and risks resulting from lack of a secondary trading market, temporary price distortions, and counterparty risk. Changes in the value of two investments or asset classes may not track or offset each other in the manner anticipated by the portfolio managers, which may inhibit their risk allocation process from achieving its investment objective. Derivatives may be more volatile and less liquid than traditional investments and are subject to market, interest rate, credit, leverage, counterparty and management risks. An investment in a derivative could lose more than the cash amount invested. An investment in exchange-traded funds (ETFs) may trade at a discount to net asset value, fail to develop an active trading market, halt trading on the listing exchange, fail to track the referenced index, or hold troubled securities. ETFs may involve duplication of management fees and certain other expenses. Certain of the ETFs the fund invests in are leveraged, which can magnify any losses on those investments. Exchange-traded notes (ETNs) are subject to credit risk of the issuer, and the value of the ETN may drop due to a downgrade in the issuer s credit rating, despite the underlying market benchmark or strategy remaining unchanged. Short sales may cause an investor to repurchase a security at a higher price, causing a loss. As there is no limit on how much the price of the security can increase, exposure to potential loss is unlimited. By investing in the subsidiary, the fund is indirectly exposed to risks associated with the subsidiary's investments, including derivatives and commodities. Because the subsidiary is not registered under the Investment Company Act of 1940, the fund will not have the protections offered to investors in US registered investment companies. The fund is subject to certain other risks. Please see the current prospectus for more information regarding the risks associated with an investment in the fund. NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE Before investing, investors should carefully read the prospectus and/or summary prospectus and carefully consider the investment objectives, risks, charges and expenses. For this and more complete information about the fund(s), investors should ask their advisors for a prospectus/summary prospectus or visit invesco.com/fundprospectus. Note: Not all products available at all firms. Advisors, please contact your home office. All data provided by Invesco unless otherwise noted. Invesco Balanced-Risk Commodity Strategy Fund BRCS-PC-1 10/16 invesco.com/us Invesco Distributors, Inc.