INVESCO MACRO LONGSHORT FUND CLASS Y (LSTYX) Exchange: NMFQS

DELISTED - The Fund will attempt to achieve its objective primarily through investments in equity securities, derivative instruments and cash. The Fund will generally seek to create a strategic net equity exposure of approximately 35%–45% of the Fund’s assets by owning stocks and through the use of equity index futures. However, the Fund’s net equity exposure may vary between approximately -20% and 100% of the Fund’s assets, depending on Invesco Advisers, Inc.’s (Invesco or the Adviser) short-term and long-term views of whether the particular equity markets in which the Fund invests are attractive or not. Equity exposure greater than or less than the Fund’s equity exposure through owning stocks will generally be achieved through investments in futures and other derivatives. The Fund’s assets that are not invested in equities or derivatives will be held in cash or cash equivalent instruments, including affiliated money market funds. The larger the value of the Fund’s derivative positions, the more the Fund will be required to maintain cash and cash equivalents as margin or collateral for such derivatives. The Adviser believes that the Fund’s low exposure to equity markets relative to mutual funds with more traditional investment strategies will result in less volatility than other global equity mutual funds. The Fund will provide exposure to investments that are economically tied to both the U.S. and foreign countries, including emerging markets countries (i.e., those that are in the early stages of their industrial cycles). From time to time, the Fund’s exposure to a particular country’s equity market may be negative (sometimes referred to as short exposure), meaning that the value of the Fund’s exposure to that country would increase when the country’s equity market decreased in value. The Fund may invest in companies of any market capitalization. The investment team employs a three-step investment and portfolio construction process.In the first step, the portfolio managers seek to obtain core equity exposure by investing in companies included in indices with alternative weighting schemes (sometimes referred to as “smart beta” indices). These indices are currently created and maintained by third-party index providers and differ from traditional, market capitalization-based indices in that they use equal weighting, low volatility or other methodologies to determine the stocks included in the indices and the weights of individual stocks within the indices. The management team intends to invest in companies in approximately the same proportion as they are represented in the smart beta indices that the management team determines are representative of the equity markets in which the Fund seeks to invest. Different portions or “sleeves” of the Fund will seek to track different smart beta indices to achieve what the management team believes is appropriate diversification. The second step seeks to determine whether individual equity markets are attractively priced relative to fundamentals. The management team uses a proprietary fundamental methodology in determining individual equity market valuations. The investment approach focuses on four concepts: absolute valuation, relative valuation, the economic environment, and historic price movements. When the balance of these concepts is positive, the management team will increase exposure to a region or country’s equity market by purchasing more relative to the strategic allocation. In a like manner, the management team will reduce exposure to a region or country’s equity market strategic assets when the balance of these concepts is negative.In the third step, the portfolio managers actively adjust portfolio positions to reflect the near-term environment while remaining consistent with what they believe is an optimized portfolio structure. The portfolio managers set controlled ranges around these tactical, near-term adjustments in order to maintain what they believe is an optimal long-term allocation. The tactical ranges differ for each equity market based on the management team’s estimates of risk for each such market. The Fund may hold long and short positions in derivatives. A long derivative position involves the Fund buying a derivative with the anticipation of a price increase of the underlying asset. A short derivative position involves the Fund writing (selling) a derivative with the anticipation of a price decrease of the underlying asset. The Fund’s use of derivatives and the leveraged investment exposure created by the use of derivatives may be greater than other mutual funds. The derivatives in which the Fund will invest will include but are not limited to equity-related futures contracts, swap agreements, such as total return swaps, and forward foreign currency contracts. Futures contracts and swap contracts will be used to increase or reduce equity market exposure in the jurisdictions in which the Fund invests. Forward foreign currency contracts are used to protect against uncertainty in the level of future currency exchange rates or to gain or modify exposure to a particular currency.