INVESCO ALTERNATIVE STRATEGIES FUND CLASS Y (LQLYX) Exchange: NMFQS

DELISTED - The Fund is a “fund of funds,” and invests its assets in other underlying mutual funds advised by Invesco Advisers, Inc. (Invesco or the Adviser) and exchange-traded funds (ETFs) advised by Invesco Capital Management LLC (Invesco Capital) or mutual funds and ETFs advised by unaffiliated advisers (collectively referred to as the underlying funds). Invesco and Invesco Capital are affiliates of each other.The Fund intends to allocate its assets among a range of alternative asset classes and strategies. These alternative asset classes and strategies may include, but are not limited to, long/short equity, global macro, risk parity, market neutral, real estate, infrastructure, master limited partnerships (MLPs), commodities, currencies and senior loans. The Fund has broad discretion to allocate and reallocate the Fund’s assets among the underlying funds and, therefore, among alternative asset classes and investment strategies. The Fund expects to invest in at least 5 underlying funds that employ one or more of the following alternative strategies, among others:Long/Short Equity Strategies. Long-short equity strategies generally seek to produce returns from investments in the equity markets by taking long and short positions in stocks and common stock indices (through the use of derivatives or through a short position in an ETF). These strategies are generally focused on risk-adjusted returns.Market Neutral Strategies. Market neutral strategies typically utilize offsetting long and short stocks in dollar-matched equity portfolios, and attempt to limit non-security specific risk from industry or sector selection, style, country and regional allocation or currency exposure.Global Macro Strategies. Global macro strategies generally focus on macro-economic (economy-wide phenomena such as changes in unemployment, national income, rate of growth, gross domestic product, inflation and price levels) opportunities across numerous markets and investments. Investments may be long or short and are typically based on the relative value or direction of a market, a currency, an interest rate, a commodity or any other macroeconomic variable. Global macro strategies can focus on either a top-down or bottom-up approach.Risk Parity Strategies. Risk parity strategies are constructed so that each asset class-i.e., stocks, bonds and commodities– contributes a relatively equal amount of risk to the portfolio and seeks to limit the effect that one underperforming asset may have on overall performance while providing balance during different phases of the economic cycle-noninflationary growth, inflationary growth and recession. These portfolios may also include a tactical overlay that allows managers to opportunistically adjust the strategic allocation within a pre-defined range.Alternative Asset Classes. Alternative asset classes may have higher correlations to traditional equity and fixed income markets than some alternative strategies and are often used for diversification purposes. Examples of alternative asset classes include real estate investment trusts (REITs), infrastructure, commodities, MLPs, currencies and senior loans.The underlying funds’ investment strategies may partly or wholly rely on derivative investments, such as futures, forwards, swaps and options, to obtain long and short exposure to these asset classes or to implement their investment strategies.The underlying fund’s investments may include exposure to companies located both in the U.S. and in foreign countries, including companies located in emerging market countries, i.e., those that are in the early stages of their industrial cycles.The underlying funds may invest in securities and other investments that provide exposure to issuers of all capitalization sizes, including securities and other investments that provide exposure to small- and mid-capitalization issues.The Adviser uses a two-step process to create the Fund’s portfolio including: (1) determining eligible asset classes and investment strategies based on liquidity, diversification benefits and how different alternative strategies and asset classes have historically performed in different economic regimes and (2) the actual allocation of Fund assets to the underlying funds to represent those alternative investment strategies and asset classes. In allocating the Fund’s portfolio, the Adviser will construct a core portfolio of strategies with an absolute return focus that historically have had low to medium correlations to financial indices that track traditional equity markets and add satellite holdings to provide additional, tactical exposures. The Adviser may make active adjustments of the Fund’s satellite holdings to reflect the near term market environment while remaining consistent with what the Adviser believes is the optimal long-term portfolio structure.The percent of the Fund’s total assets that each asset class will comprise will vary from time to time based on the portfolio managers’ estimates of risk and attractiveness of each asset class. The Adviser rebalances the Fund’s investments in the underlying funds at least quarterly to keep them at or near target weightings assigned by the Adviser. Although the Adviser has the ability to rebalance on a more frequent basis if it believes it is appropriate to do so, the Fund’s asset class weightings may not match the Adviser’s target percentage weightings during a quarter due to market fluctuations, cash flows and other factors. The Adviser may change the Fund’s asset class and investment strategy allocations, the underlying funds or the target weightings in the underlying funds without shareholder approval. A list of the underlying funds and their weightings as of a certain date is located in the Fund’s SAI.The Fund’s portfolio managers consider selling an underlying fund (1) for risk control purposes, (2) when it is no longer deemed attractively valued relative to other underlying funds, or (3) when it otherwise no longer fits the Adviser’s proprietary model.In attempting to meet their investment objectives, certain underlying funds engage in active and frequent trading of portfolio securities.