brochure 1

Invesco client guideMutual fund partners since 1983

Celebrating

30+years withPrimerica

2

Diversification does not guarantee a profit or eliminate the risk of loss.

Mutual funds — helping you reach your financial goalsMutual funds provide investors with access to the expertise of professional money managers, sophisticated strategies and well-diversified portfolios. They do this in a highly cost-efficient way by spreading the cost over many investors.

What is a mutual fund?A mutual fund is a group of stocks, bonds or other securities that have been pooled together as one investment. They provide access to professional managers who make and monitor the investment selections as dictated by the fund’s strategy. Mutual funds may provide investors:

• Professional management • Diversification

• Affordability • Convenience

Mutual fund process

Global economyIndividual investors Pooled assets

For illustrative purposes only

How many types of mutual funds are there?There are literally thousands of each type of fund available for purchase. Funds generally tend to be one of four types:

• Money market mutual funds • Stock mutual funds

• Bond mutual funds • Balanced or a mix of assets in one mutual fund

The ‘Rule of 72’ Do you know the Rule of 72? It’s an easy way to calculate just how long it’s going to take for your money to double. Just take the number 72 and divide it by the interest rate you hope to earn. That number gives you the approximate number of years it will take for your investment to double. As you can see, a one-time contribution of $10,000 doubles six more times at a 12 percent return than at 3 percent.

Rule of 72

Years 3% 6% 12% Years 3% 6% 12%

0 $10,000 $10,000 $10,000 30 $320,000

6 $20,000 36 $80,000 $640,000

12 $20,000 $40,000 42 $1,280,000

18 $80,000 48 $40,000 $160,000 $2,560,000

24 $20,000 $40,000 $160,000

How many doubling periods do you have in your life? This table serves as a demonstration of how the Rule of 72 concept works from a mathematical standpoint. It is not intended to represent the future values of any specific investment. The chart uses constant rates of return, unlike actual investments which will fluctuate in value. It does not include fees or taxes, which would lower performance. It is unlikely that an investment would grow 10% or greater on a consistent basis, given current market conditions.

Invesco client guide 3

How to build wealth — power of the PAC

Dollar-cost averaging through different market cyclesMarket conditions can alter over time. A dollar-cost averaging strategy — also known as Pre-Authorized Checking (PAC) or PAC Plus (PAC with a fixed contribution increase each year) — may help investors reach their long-term investment goals. Both hypothetical investor A and B below were able to cut their average cost per share during changing market conditions because they used this strategy.

Taking advantage of market highs and lows — example of investing $100 a Month

• Hypothetical Investor A: Began purchasing shares as the market was rising.• Hypothetical Investor B: Began purchasing shares as the market fell and then recovered to where it was at the

beginning of their investment period.

0

5

10

15

20

Month 6Month 5Month 4Month 3Month 2Month 1

Price per share ($)

Rising market

Fluctuating market

Month 1 Month 2 Month 3 Month 4 Month 5 Month 6Full shares accumulated

Hypothetical Investor AMonthly investment ($) 100 100 100 100 100 100

42Price per share ($) 10 12 14 16 18 20

Shares purchased 10.00 8.33 7.14 6.25 5.56 5.00

Hypothetical Investor BMonthly investment ($) 100 100 100 100 100 100

125Price per share ($) 10 7 4 2 6 10

Shares purchased 10.00 14.29 25.00 50.00 16.67 10.00

Total investment ($)

Total shares purchased

Average cost per share ($)

Average price per share ($)

Hypothetical Investor A 600 42.28 14.19 15.00

Hypothetical Investor B 600 125.95 4.76 6.50

Both hypothetical investor A and B were able to cut their average cost per share during rising and fluctuating market conditions because they used a dollar-cost averaging strategy. This strategy helped both investors stay on their wealth-building track while potentially weathering different kinds of market changes.

This hypothetical example is provided for illustrative purposes only and is not meant to depict the performance of any specific investment. Average cost per share: Total investment divided by total number of shares bought. Average price per share: Sum of share prices divided by the number of contributions. A program of regular investment cannot ensure a profit or protect against a loss in a declining market. Since such a dollar-cost averaging program involves continuous investments regardless of fluctuating share values, you should consider your financial ability to continue the program through all market cycles.

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Getting started: Investment profile questionnaire (IPQ)Answering the questions below and discussing them with your PFSI Registered Representative can be a valuable first step in identifying your own approach to investing. The total score from your responses is a rough indication of how much risk or safety you potentially prefer in your investments from information you have provided. If your Investment Profile score and matching Model Portfolio do not reflect your desired objectives, please consult your PFSI Registered Representative.

For each question below, choose the answer that best describes your situation and circle the corresponding point value that is associated with each of your answers, then total your points to determine your Investment Profile score.

Time horizon Your current situation and future income needs

What is your current age?Points5) Less than 454) 45 to 553) 56 to 652) 66 to 751) Older than 75

When do you expect to start drawing income from this account?Points5) Not for at least 20 years4) In 11 to 19 years3) In 6 to 10 years2) In 2 to 5 years1) 2 years or less

Long-term goals and expectations Your views of how an investment should perform over the long-term

For this investment, I intend to take:Points5) Higher risk in return for

potentially superior returns4) Moderate to higher risk in return

for potentially greater returns3) Moderate risk in return for some

potential growth opportunity2) Low risk in return for a little

potential growth opportunity1) Slight to no risk in return for

potential general stability of principal

Assuming normal market conditions, what would you expect from this investment over time?Points5) To generally keep pace with the

stock market4) To slightly trail the stock market,

but make a good profit3) To trail the stock market, but

make a moderate profit2) To have some stability, but

make modest profits1) To have a high degree of stability,

but make small profits

Suppose the stock market performs unusually poorly over the next decade. What would you expect from this investment?Points5) To also perform poorly4) To make very little or nothing3) To make a little gain2) To make a modest gain1) To make gains, regardless of the

stock market’s performance

Short-term risk attitudes Your attitude toward short-term volatility

Which of these statements would best describe your attitudes about the next three years’ performance of this investment?Points5) I understand a loss of principal

is a realistic possibility4) I can tolerate a loss3) I can tolerate a small loss2) I’d have a hard time tolerating

any losses1) I need to see at least some return

Which of these statements would best describe your attitudes about the next three month’s performance of this investment?Points5) I wouldn’t worry about market

fluctuations in that time frame4) If my investment declined greater

than 20%, I’d be concerned3) If my investment declined greater

than 10%, I’d be concerned2) I can only tolerate small short-term

fluctuations in my investment1) I’d have a hard time accepting

any investment declines

Please total your points to determine your Investment Profile score, then reference the Model Portfolios on the next page to identify your preferred investing style.

Total points:


Before you invest any money, you should read the mutual fund’s current prospectus carefully. If you want to know more about the investment companies offered through Primerica, contact your PFSI Registered Representative or write to Primerica, 1 Primerica Parkway, Duluth, GA 30099-0001. If you have any additional questions, please call 800 544 5445. These allocations might not be suitable for all investors. Asset allocation/diversification does not guarantee a profit or eliminate the risk of loss.

Use the point total from the previous page to determine your investment profileKeep in mind that this profile is intended to give you a start and doesn’t cover all the issues that you should consider. If your Investment Profile score and matching Model Portfolio do not reflect your desired objectives, please consult your PFSI Registered Representative.

Income Portfolio 7–10 points

% Investment profile description: This portfolio may be appropriate for investors whose primary objective is current income. The majority of assets in this portfolio are allocated to short-term and intermediate-term investments such as fixed-income securities (bonds). A portion of this portfolio is also invested in equities (stocks), which are subject to price fluctuations, as protection against the erosion to purchasing power caused by inflation.

• US Stock 23

• Non US Stock 7

• Bonds and Cash 70

Conservative Growth Portfolio 11–17 points

% Investment profile description: This portfolio may be appropriate for investors who prefer a balanced mix of current income and capital appreciation, and are willing to tolerate some short-term price fluctuations associated with equity (stock) investments. The assets in this portfolio are balanced among equities (stocks) and fixed-income securities (bonds).

• US Stock 38

• Non US Stock 12


Moderate Growth Portfolio 18–24 points

% Investment profile description: This portfolio may be appropriate for investors whose primary objective is capital appreciation and to whom current income is of secondary importance. A moderate growth investor is willing to tolerate short-term price fluctuations. The assets in this portfolio are a mix of equities (stocks) and fixed-income securities (bonds), with a higher weighting towards equities (stocks).

• US Stock 49

• Non US Stock 16


Growth Portfolio 25–31 points

% Investment profile description: This portfolio may be appropriate for investors whose primary objective is long-term capital appreciation and who are willing to tolerate potentially large price fluctuations. Generating current income is not a primary goal. Assets in this portfolio are invested primarily (and in some cases entirely) in equities (stocks).

• US Stock 64

• Non US Stock 21


Aggressive Growth Portfolio 32–35 points

% Investment profile description: This portfolio may be appropriate for investors whose primary objective is maximum long-term capital appreciation and who are willing to tolerate more substantial, potentially large price fluctuations. Generating current income is not a goal. Assets in this portfolio are invested entirely (or almost entirely) in equities (stocks).

• US Stock 75

• Non US Stock 25

After discussing your Investment Profile with your PFSI Registered Representative, please initial:Representative initials: Client initials: Date:

6

1 Annual dividends in cash represents the dividends paid out at the end of each calendar year on the 2,299 shares acquired from the original $10,000 on 8/31/60 plus additional shares acquired through reinvestment of capital gains. Annual dividends reinvested represents the dividends paid out at the end of each calendar year on the original shares, plus the dividends of additional shares acquired through reinvestment.

2 The Dow Jones Industrial AverageSM (Dow) is a price-weighted index of the 30 largest, most widely held stocks traded on the New York Stock Exchange. It is not possible to invest directly in an average or index.

3 Sources: Bloomberg, L.P., Invesco

Single fund solutionsInvesco Equity and Income FundGrowth of a $10,000 investment

Performance of an assumed $10,000 investment from first full month since inception (8/31/60 to 12/31/15).

$10,000

$100,000

$1,000,000

$5,000,000

1966Dow hits high of1,000 for first time

1972Watergate scandal;Dow closes above 1,000

1999Dow closes above

10,000 for first time

2001In wake of Sept. 11 attacks,US declares war on terrorism

2009Dow closesabove 10,000

1987Financial crisis; Dow falls morethan 22% on Black Monday

1982Dow closes above 1,000

and never looks back

1983US unemployment

rises to 9.7%

1962 1964 1966 1968 1970 1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2015

Flat market Bull market Bear marketCapital value

Annual dividends in cash ($)1

563 497 535 668 1,034 890 1,105 1,085 1,195 1,372 1,461 1,880 1,829 2,219 1,786 1,486 1,489 1,356 1,831 2,504 2,294 2,296 2,958 3,486 2,382 3,081 5,044 4,150

Value at year end ($) 9,407 11,107 11,845 21,721 15,871 18,676 12,307 17,442 15,937 16,689 22,622 25,384 29,610 29,724 30,480 39,166 41,735 60,566 84,159 106,124 90,394 118,101 137,274 101,087 134,626 144,030 187,588 179,131

Total value

Annual dividends reinvested ($)1

617 606 703 928 1,616 1,538 2,136 2,495 3,139 4,189 5,116 7,432 8,436 11,748 10,896 10,028 10,692 10,255 14,386 20,379 20,246 21,256 28,246 35,322 25,356 34,113 55,437 48,497

Value at year end ($) 10,688 13,946 16,152 31,748 25,990 33,579 25,567 41,766 43,743 53,700 83,522 109,626 145,081 166,438 193,134 270,877 307,996 471,902 685,308 905,652 811,826 1,108,464 1,344,838 1,044,524 1,449,966 1,616,598 2,203,337 2,151,597

Annual total returns (%)

-7.93 14.28 -8.29 36.96 4.23 1.32 -10.08 27.42 1.14 12.13 44.08 4.81 12.21 12.58 -4.68 10.72 -1.98 15.55 16.99 20.19 -8.32 11.77 12.53 -24.78 12.39 12.88 9.07 -2.35

Dow year end2,3 652 874 786 944 839 1,020 616 1,005 805 964 1,047 1,212 1,896 2,169 2,634 3,301 3,834 6,448 9,181 10,787 8,342 10,783 12,463 8,776 11,578 13,104 17,823 17,425

• Invesco Equity and Income Fund ending value (12/31/15) $2,151,597

Average annual total return on this investment (12/31/15) 10.19%


This is a hypothetical example, but is based on actual fund performance for Class A shares. Performance shown in the mountain chart includes the reinvestment of distributions but does not include sales charges. The illustration above is based on an initial investment of $10,000 in Class A shares made on 8/31/60. The illustration and calendar year returns represent those of Class A shares without the imposition of any sales charges. If sales charges were included, returns would be lower. Results are hypothetical. Performance for other share classes will vary. Please keep in mind that high, double-digit and/or triple-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions. The graph uses a logarithmic scale to more accurately reflect historic volatility. Past performance is no guarantee of future results and current performance may be lower or higher than the figures shown. For the most recent month-end performance figures, please visit invesco.com/performance. Investment returns and principal value will fluctuate and fund shares, when redeemed, may be worth more or less than their original cost. Performance of other share classes will vary.

Single fund solutionsInvesco Equity and Income FundGrowth of a $10,000 investment

Performance of an assumed $10,000 investment from first full month since inception (8/31/60 to 12/31/15).

$10,000

$100,000

$1,000,000

$5,000,000

1966Dow hits high of1,000 for first time

1972Watergate scandal;Dow closes above 1,000

1999Dow closes above

10,000 for first time

2001In wake of Sept. 11 attacks,US declares war on terrorism

2009Dow closesabove 10,000

1987Financial crisis; Dow falls morethan 22% on Black Monday

1982Dow closes above 1,000

and never looks back

1983US unemployment

rises to 9.7%

1962 1964 1966 1968 1970 1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2015

Flat market Bull market Bear marketCapital value

Annual dividends in cash ($)1

563 497 535 668 1,034 890 1,105 1,085 1,195 1,372 1,461 1,880 1,829 2,219 1,786 1,486 1,489 1,356 1,831 2,504 2,294 2,296 2,958 3,486 2,382 3,081 5,044 4,150

Value at year end ($) 9,407 11,107 11,845 21,721 15,871 18,676 12,307 17,442 15,937 16,689 22,622 25,384 29,610 29,724 30,480 39,166 41,735 60,566 84,159 106,124 90,394 118,101 137,274 101,087 134,626 144,030 187,588 179,131

Total value

Annual dividends reinvested ($)1

617 606 703 928 1,616 1,538 2,136 2,495 3,139 4,189 5,116 7,432 8,436 11,748 10,896 10,028 10,692 10,255 14,386 20,379 20,246 21,256 28,246 35,322 25,356 34,113 55,437 48,497

Value at year end ($) 10,688 13,946 16,152 31,748 25,990 33,579 25,567 41,766 43,743 53,700 83,522 109,626 145,081 166,438 193,134 270,877 307,996 471,902 685,308 905,652 811,826 1,108,464 1,344,838 1,044,524 1,449,966 1,616,598 2,203,337 2,151,597

Annual total returns (%)

-7.93 14.28 -8.29 36.96 4.23 1.32 -10.08 27.42 1.14 12.13 44.08 4.81 12.21 12.58 -4.68 10.72 -1.98 15.55 16.99 20.19 -8.32 11.77 12.53 -24.78 12.39 12.88 9.07 -2.35

Dow year end2,3 652 874 786 944 839 1,020 616 1,005 805 964 1,047 1,212 1,896 2,169 2,634 3,301 3,834 6,448 9,181 10,787 8,342 10,783 12,463 8,776 11,578 13,104 17,823 17,425

• Invesco Equity and Income Fund ending value (12/31/15) $2,151,597

Average annual total return on this investment (12/31/15) 10.19%

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Experienced leadership2

Thomas Bastian20 years of financial industry experience

James Roeder19 years of financial industry experience

Sergio Marcheli17 years of financial industry experience

Chuck Burge 19 years of financial industry experience

Matthew Titus14 years of financial industry experience

Invesco Equity and Income Fund (ACEIX)1

Portfolio diversification in a single investment (%)Data as of June 30, 2016

• Domestic Common Stock 54.33

• Domestic Corporate Bonds 11.57

• Domestic Government Bonds 10.25

• International Common Stock 8.45

• Domestic Convertible Bonds 6.93

• Cash 4.67

• International Corporate Bonds 2.20

• Domestic Convertible Preferred 0.95

• Other 0.46

• International Convertible Bonds 0.07

• Domestic Preferred Stock 0.04

Diversification does not guarantee a profit or eliminate the risk of loss.

Different asset class returns vary through market cycles3

Performance of a $10,000 investment (June 30, 1996 to June 30, 2016)

• Invesco Equity and Income Fund • Bonds: Barclays U.S. Aggregate Index• Cash: Consumer Price Index

• Stocks: S&P 500 Index • US Treasuries: US 3-Month Treasury Bills Index

10,000

20,000

30,000

40,000

50,000

$60,000

$30,156Return: 5.67%

$15,467Return: 2.20% $14,972

Return: 2.04%

$45,477Return: 7.87%

$50,913Return: 8.48%

StocksInvesco Equity and Income Fund

USTreasuries

Bonds Cash (adjustedfor inflation)

Sources: Morningstar Inc, Lipper Inc. Returns are annualized. Past performance is no guarantee of future results. Performance shown for Invesco Equity and Income Fund is for Class A shares and does not include payment of the maximum sales charge of 5.50%; if it did, the results would have been lower. Important note: On the surface, conservative savings vehicles such as Treasury Bills and certificates of deposit (CDs) may appear attractive because they fluctuate less. But you need to balance these considerations with a realistic evaluation of how you want your investments to grow. CDs offer a guaranteed return of principal over a stated period of time and a fixed rate of interest. They are typically issued by institutions whose deposits are insured. The income and principal payments of US government bonds are backed by the full faith and credit of the US government if held to maturity. Mutual fund shares may be more volatile than other investments. They are not insured, and the value of shares, when redeemed, may be more or less than what you originally paid for them. Accordingly, it is possible to lose money in a mutual fund investment.

Average annual total returns (%)Invesco Equity and Income Fund Class A shares as of June 30, 2016

1-year 3-year 5-year 10-year Inception (8/3/1960)

Without sales charge –1.85 6.31 7.71 6.01 10.12

With max 5.50% sales charge –7.29 4.32 6.49 5.41 10.01

Performance quoted is past performance and cannot guarantee comparable future results; current performance may be lower or higher. Visit invesco.com for the most recent month end performance. Performance figures reflect reinvested distributions and changes in net asset value (NAV). Performance shown at NAV does not include applicable front-end sales charge. If sales charges had been reflected, performance would be lower. Investment return and principal value will vary so that you may have a gain or a loss when you sell shares. 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 been lower. The gross expense ratio is 0.81% for Class A shares. The net expense ratio is 0.80% for Class A shares. Expenses are as of the fund’s fiscal year end as outlined in the fund’s current prospectus. Net = gross annual operating expenses less any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least Sept. 30, 2016. See current prospectus for more information.

1 See PFS Investments “Suitability Guide Approved Funds List” (SB-72) for guidance. This is found in the Operations Support area on the Asset Management Page of POL in the Approved Funds section.

2 As of June 30, 2016. Subject to change without notice.3 While stocks typically entail greater risk and experience more fluctuations, they have historically outpaced bonds and cash over longer periods


Experienced leadership2

Duy Nguyen, CFA, CAIA23 years of financial industry experience

Jacob Borbridge, CFA, CAIA12 years of financial industry experience

1 Holdings are a target allocation that funds are rebalanced to every quarter. Holdings are subject to change and are not buy/sell recommendations. Totals may not equal 100% due to rounding.

Percentages represent the strategic weights to which the portfolio is rebalanced on a quarterly basis.2 As of June 30, 2016. Subject to change without notice. Class A: Invesco Conservative Allocation Fund (CAAMX), Invesco Moderate Allocation Fund (AMKAX), Invesco Growth Allocation Fund (AADAX)

Class AInvesco Conservative Allocation Fund (CAAMX)

Invesco Moderate Allocation Fund (AMKAX)

Invesco Growth Allocation Fund (AADAX)

Invesco asset allocation funds allocation1

Invesco Conservative Allocation Fund

Invesco Moderate Allocation Fund

Invesco Growth Allocation Fund

Low

er

Pot

entia

l ret

urns

H

ighe

r

29.85%Stocks

59.60%Bonds

10.02%Alternative

54.08%Stocks

35.42%Bonds

10.13%Alternative

73.14%Stocks

15.28%Bonds

10.98%Alternative

Lower Risk Higher

Conservative allocation (%)

Moderate allocation (%)

Growth allocation (%)

US stocks 24.05 40.88 53.99

Invesco American Franchise Fund 2.49 4.44 5.98

Invesco Comstock Fund 0.00 4.46 5.96

Invesco Diversified Dividend Fund 7.14 9.67 11.60

Invesco Endeavor Fund 1.93 1.92 2.42

Invesco Equally-Weighted S&P 500 Fund 6.07 8.00 9.99

Invesco Growth and Income Fund 3.96 0.00 0.00

Invesco Long/Short Equity Fund 0.00 1.91 3.05

Invesco Small Cap Equity Fund 0.00 1.93 2.97

PowerShares Russell Top 200 Pure Growth ETF 2.45 4.45 5.94

PowerShares S&P Mid Cap Low Vol ETF 0.00 2.07 3.04

PowerShares S&P Small Cap Low Vol ETF 0.00 2.04 3.04

International stocks 5.80 13.20 19.15

Invesco Developing Markets Fund 0.00 1.53 2.55

Invesco International Companies Fund 0.00 2.01 3.02

Invesco International Growth Fund 2.93 4.86 7.83

PowerShares FTSE RAFI Dev Mkts ex-US ETF 2.87 4.79 5.76

Bonds 59.60 35.42 15.28

Invesco Core Plus Bond Fund 18.11 10.04 3.96

Invesco Emerging Mkt Local Currency Debt Fund1 4.92 3.00 1.94

Invesco Floating Rate Fund 4.98 1.99 0.00

Invesco High Yield Fund 6.01 3.50 0.00

Invesco Low Volatility Emerging Markets Debt Fund 0.00 1.51 2.53

Invesco Short Duration Inflation Protected Fund 4.90 2.43 0.00

Invesco Short Term Bond Fund 3.91 2.92 1.92

Invesco U.S. Mortgage Fund 7.85 5.00 2.47

PowerShares 1-30 Laddered Treasury ETF 6.03 5.04 2.46

PowerShares LadderRite 0-5Yr Corp Bond ETF 2.88 0.00 0.00

Alternatives 10.02 10.13 10.98

Invesco All Cap Market Neutral Fund 2.36 3.00 3.94

Invesco Balanced-Risk Allocation Fund 4.60 4.58 4.53

Invesco Global Real Estate Income Fund 3.07 2.55 2.51

10

1 The model portfolios were constructed for Primerica by Ibbotson Associates, a Morningstar® Company, and are endorsed by Primerica.These allocations might not be suitable for all investors. Diversification does not guarantee a profit or eliminate the risk of loss.

Model portfoliosPrimerica model portfolios1

Primerica is committed to helping you achieve your goals through the model portfolios listed below:

Plus portfolio Premium portfolio

Income portfolio (%) Income portfolio (%)• Invesco Core Plus Bond Fund

A (ACPSX)35 • Invesco Core Plus Bond Fund

A (ACPSX)35 • Invesco International Growth

Fund A (AIIEX)6

• Invesco Growth and Income Fund A (ACGIX)

24 • Invesco Equity and Income Fund A (ACEIX)

15 • Invesco American Franchise Fund A (VAFAX)

5

• Invesco Corporate Bond Fund A (ACCBX)

20 • Invesco Gov’t Money Market Cash Reserves Fund (AIMXX)

13 • Invesco High Yield Fund A (AMHYX)

4

• Invesco Gov’t Money Market Cash Reserves Fund (AIMXX)

15 • Invesco Corporate Bond Fund A (ACCBX)

10 • Invesco Diversified Dividend Fund A (LCEAX)

3

• Invesco International Growth Fund A (AIIEX)

6 • Invesco American Value Fund A (MSAVX)

6 • Invesco International Total Return Fund A (AUBAX)

3

Conservative growth portfolio (%) Conservative growth portfolio (%)• Invesco Growth and Income

Fund A (ACGIX)41 • Invesco Core Plus Bond Fund

A (ACPSX)21 • Invesco International Growth

Fund A (AIIEX)9

• Invesco Core Plus Bond Fund A (ACPSX)



8




8


10 • Invesco Equity and Income Fund A (ACEIX)

12 • Invesco Comstock Fund A (ACSTX)

3


9 • Invesco Small Cap Equity Fund A (SMEAX)

3

Moderate growth portfolio (%) Moderate growth portfolio (%)• Invesco Core Plus Bond Fund

A (ACPSX)35 • Invesco Core Plus Bond Fund

A (ACPSX)20 • Invesco American Value Fund

A (MSAVX)12

• Invesco Growth and Income Fund A (ACGIX)


16 • Invesco Comstock Fund A (ACSTX)

6

• Invesco American Franchise Fund A (VAFAX)

20 • Invesco International Growth Fund A (AIIEX)

14 • Invesco Mid Cap Core Equity Fund A (GTAGX)

3




3


13

Growth portfolio (%) Growth portfolio (%)• Invesco Growth and Income

Fund A (ACGIX)37 • Invesco International Growth

Fund A (AIIEX)18 • Invesco Comstock Fund A

(ACSTX)7



17 • Invesco Equally Weighted S&P 500 Fund A (VADAX)

7


19 • Invesco Core Plus Bond Fund A (ACPSX)

14 • Invesco Growth and Income Fund A (ACGIX)

5

• Invesco Core Plus Bond Fund A (ACPSX)



3

• Invesco American Value Fund A (MSAVX)


3

Aggressive growth portfolio (%) Aggressive growth portfolio (%)• Invesco Growth and Income

Fund A (ACGIX)37 • Invesco International Growth

Fund A (AIIEX)21 • Invesco Equally Weighted

S&P 500 Fund A (VADAX)8



20 • Invesco Growth and Income Fund A (ACGIX)

6




5

• Invesco Small Cap Equity Fund A (SMEAX)



5

• Invesco Comstock Fund A (ACSTX)

8


Custom portfoliosCustomizing portfoliosInvesco offers a diverse selection of traditional and alternative strategies across all major equity, fixed income and alternative asset classes — and within asset allocation solutions. These strategies cover both domestic and international markets. Connect the returns of individual asset classes to illustrate trends over the past 10 years. What you will see is that the Invesco Equity and Income Fund may be appropriate for investors looking for consistency over the long term.

Historical asset class returns (%): Stocks, bonds or both?2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Wor

st

Per

form

ers

Bes

t

Real estate 35.06

Large-cap growth11.81

Fixed income5.24

Mid-cap growth46.29

Small-cap growth29.09

Real estate 8.28

Real estate 19.70


Real estate 28.03

Large-capgrowth5.67

International 26.34

Mid-cap growth11.43

Equity and Income Fund-24.78


Real estate 27.95

Fixed income7.84

Mid-cap value18.51

Mid-cap growth35.74

Mid-cap value14.75

Real estate 2.83

Small-cap value23.48

International 11.17

Small-cap value -28.92


Mid-cap growth26.38



Small-cap value 34.52

Large-cap value13.45

Fixedincome0.55



Large-cap value -36.85

Mid-cap value 34.21

Mid-cap value 24.75

Large-cap value0.39


Large-cap growth 33.48


Mid-capgrowth-0.2

Mid-cap value20.22

Fixed income6.97

Real estate -37.73

International 31.78



International 17.32

Mid-cap value 33.46

Mid-cap growth11.90

International -0.81


Equity and Income Fund3.26

Large-cap growth -38.44

Real estate 27.99


Mid-cap value -1.38

Mid-cap growth 15.81

Large-cap value 32.53


Small-capgrowth-1.38


Large-cap value-0.17

Mid-cap value-38.44


Large-cap value 15.51

Mid-cap growth -1.65



Fixed income5.97


Mid-cap growth10.66

Mid-cap value-1.42

Small-cap growth-38.54



Small-cap growth -2.91

Small-cap growth 14.59

International 22.78


Large-capvalue-3.83


Small-cap value-9.78

International -43.38


International 7.75

Small-cap value-5.50


Real estate 2.86

Small-cap value4.22

Mid-cap value -4.78

Fixed income4.33

Real estate -15.69

Mid-cap growth-44.32

Fixed income5.93

Fixed income6.54

International -12.14

Fixed income4.22

Fixed income-2.02

International -4.90

Small-capvalue-7.47

Source: Lipper Inc. as of Dec. 31, 2015. International is represented by the Morgan Stanley Capital International (MSCI) EAFE Index. Large-Cap Growth is represented by the Russell 1000® Growth Index. Large-Cap Value is represented by the Russell 1000® Value Index. Fixed Income is represented by the Barclays US Aggregate Index. Real Estate is represented by FTSE NAREIT All Equity REITs Index. Small-Cap Growth is represented by the Russell 2000® Growth Index. Small-Cap Value is represented by the Russell 2000® Value Index. Mid-Cap Growth is represented by the Russell Midcap Growth® Index. Mid-Cap Value is represented by the Russell Midcap® Value Index. This table is presented for information purposes only. Performance shown for Invesco Equity and Income Fund is for Class A shares and does not include payment of the maximum sales charge of 5.50%; if it did, the results would have been lower. Asset allocation/diversification does not guarantee a profit or eliminate the risk of loss. Performance figures reflect reinvested dividends. The table depicts annual returns for various asset classes over the past 10 years, ranked from best to worst each year. Each asset class is color coded for easy tracking. Well known, industry-standard indexes are used as proxies for each asset class. The indexes and their returns are not representative of any Invesco funds. The indexes do not include any expenses, fees or charges and are unmanaged and should not be considered investments. An investment cannot be made directly in an index. See important index definitions on the back cover. Investments focused in a particular sector, such as real estate, are subject to greater risk, and are more greatly impacted by market volatility, than more diversified investments. Fixed-income products are subject to risk, including, but not limited to, the effects of changing interest rates. The price of equity securities may decline in response to, among other things, investor sentiment or general economic market conditions. Investing in securities of small- and medium-sized companies may involve greater risk than is customarily associated with investing in large companies. Foreign securities have additional risks, including exchange rate changes, political and economic upheaval, relative lack of information, relatively low market liquidity, and the potential lack of strict financial and accounting controls and standards. Growth stocks tend to be more sensitive to changes in their earnings and can be more volatile. Value stocks tend to be inexpensive relative to their earnings or assets compared to other types of stocks and may never realize their full value. Past performance is no guarantee of future results and current performance may be lower or higher than the figures shown. For the most recent month-end performance figures, please visit invesco.com/performance. Investment returns and principal value will fluctuate and fund shares, when redeemed, may be worth more or less than their original cost. Performance shown at NAV does not include applicable front-end sales charge. If sales charges had been reflected, performance would be lower. Had fees not been waived and/or expenses reimbursed in the past, returns would have been lower. Performance of other share classes will vary.

12

Source: ©2016 Morningstar, Inc. The percentile rankings are based on the average annual total returns for the periods stated and do not include any sales charges, but do include reinvestment of dividends and capital gains and Rule 12b-1 fees. Past performance is no guarantee of future results. Any reference to a ranking, a rating or an award provides no guarantee for future performance results and is not constant over time. Rankings for other share classes may differ due to different performance characteristics. For risk considerations, see the back of this brochure.

Invesco funds’ notable performance by asset classes1

Invesco offers a broad range of actively managed mutual funds to help customize investors’ portfolios to their unique needs.

Morningstar ranking Class A shares based on total return as of June 30, 2016. Fund rank/number of funds in category

• Top 25% • Top 26 to 50%

Fund name Morningstar category Symbol share class 1-year 3-year 5-year 10-year

Class A Class C Class Y

Invesco domestic core/blend funds Invesco Equally Weighted S&P 500 Fund Large Blend VADAX VADCX VADAX 34% 514/1523 28% 394/1392 29% 351/1206 8% 69/895

Invesco Endeavor Fund Mid-Cap Blend ATDAX ATDCX ATDAX 78% 331/420 94% 355/376 74% 237/321 46% 105/228

Invesco Select Companies Fund2 Small Blend ATIAX ATICX ATIAX 78% 616/784 90% 594/654 83% 468/559 19% 72/381

Invesco Small Cap Equity Fund Small Blend SMEAX SMECX SMEAX 86% 678/784 76% 502/654 80% 447/559 45% 170/381

Invesco domestic value funds Invesco American Value Fund Mid-Cap Value MSAVX MSVCX MSAVX 91% 429/470 85% 349/408 62% 216/348 30% 73/240

Invesco Comstock Fund Large Value ACSTX ACSYX ACSTX 90% 1236/1368 87% 1023/1169 65% 675/1030 51% 386/756

Invesco Diversified Dividend Fund Large Value LCEAX LCEVX LCEAX 8% 105/1368 4% 42/1169 5% 51/1030 4% 28/756

Invesco Dividend Income Fund Large Value IAUTX IUTCX IAUTX 2% 15/1368 1% 8/1169 5% 48/1030 3% 20/756

Invesco Growth and Income Fund Large Value ACGIX ACGKX ACGIX 79% 1084/1368 72% 841/1169 61% 628/1030 40% 304/756

Invesco Small Cap Value Fund2 Small Value VSCAX VSMCX VSCAX 98% 431/438 82% 306/372 54% 181/335 9% 19/213

Invesco domestic growth funds Invesco American Franchise Fund Large Growth VAFAX VAFCX VAFAX 44% 713/1627 30% 449/1483 77% 998/1289 50% 466/931

Invesco Mid-Cap Growth Fund Mid-Cap Growth VGRAX VGRCX VGRAX 67% 489/724 41% 264/650 69% 395/573 38% 165/429

Invesco Small Cap Discovery Fund Small Growth VASCX VCSCX VASCX 72% 524/729 62% 409/655 64% 380/591 65% 281/431

Invesco Small Cap Growth Fund2 Small Growth GTSAX GTSDX GTSAX 42% 307/729 14% 89/655 16% 91/591 9% 39/431

Invesco international/global funds Invesco Asia Pacific Growth Fund Pacific/Asia ex-Japan Stock ASIAX ASICX ASIAX 7% 7/88 36% 27/74 4% 3/58 6% 2/20

Invesco Developing Markets Fund Diversified Emerging Markets GTDDX GTDCX GTDDX 2% 18/856 51% 302/590 15% 62/416 7% 13/186

Invesco European Growth Fund Europe Stock AEDAX AEDCX AEDAX 26% 31/116 27% 25/92 15% 12/77 21% 14/63

Invesco European Small Company Fund2 Europe Stock ESMAX ESMCX ESMAX 7% 9/116 4% 4/92 2% 2/77 5% 4/63

Invesco Global Growth Fund World Stock AGGAX AGGCX AGGAX 42% 475/1131 18% 168/940 31% 223/731 37% 151/409

Invesco Global Small and Mid Cap Growth World Stock AGAAX AGACX AGAAX 72% 813/1131 56% 529/940 61% 450/731 35% 144/409

Invesco International Growth Fund Foreign Large Growth AIIEX AIECX AIIEX 40% 142/355 28% 88/320 39% 107/275 20% 38/189

Invesco International Small Company Fund Foreign Small/Mid Blend IEGAX IEGCX IEGAX 63% 61/96 94% 69/73 91% 56/61 50% 14/27

Invesco taxable fixed income funds Invesco Convertible Securities Fund Convertibles CNSAX CNSCX CNSAX 39% 39/100 62% 49/78 42% 31/72 10% 5/42

Invesco Core Plus Bond Fund Intermediate-Term Bond ACPSX CPCFX ACPSX 18% 191/1061 3% 26/953 9% 75/836 —

Invesco Corporate Bond Fund Corporate Bond ACCBX ACCEX ACCBX 35% 67/190 20% 34/168 32% 47/145 45% 42/93

Invesco High Yield Fund High Yield Bond AMHYX AHYCX AMHYX 48% 376/775 42% 276/653 33% 176/529 25% 91/371

Invesco Short Term Bond Fund Short-Term Bond STBAX STBCX STBAX 26% 146/571 24% 120/493 33% 134/405 87% 248/284

Invesco Quality Income Fund Intermediate-Term Bond VKMGX VUSCX VUSIX 62% 660/1061 42% 396/953 71% 596/836 83% 500/603

Invesco tax-exempt fixed income funds Invesco High Yield Municipal Fund2 High Yield Muni ACTHX ACTFX ACTHX 18% 36/200 12% 21/167 14% 21/146 9% 9/95

Invesco Intermediate Term Muni Income Fund Muni National Interm VKLMX VKLCX VKLMX 29% 97/333 23% 70/306 35% 93/266 25% 45/177

Invesco Limited Term Municipal Income Fund Muni National Short ATFAX ATFCX ATFAX 20% 42/214 5% 10/190 3% 5/175 3% 4/115

Invesco Municipal Income Fund Muni National Long VKMMX VMICX VKMMX 27% 55/205 22% 41/185 26% 45/173 63% 92/145

Invesco New York Tax Free Income Fund Muni New York Long VNYAX VNYCX VNYYX 47% 43/91 34% 31/89 30% 24/79 41% 27/65

Invesco Pennsylvania Tax Free Income Fund Muni Pennsylvania VKMPX VKPCX VKPYX 29% 22/75 29% 22/73 26% 19/71 50% 30/59

Invesco multi-asset funds Invesco Equity and Income Fund Allocation — 50% to 70% Equity ACEIX ACERX ACEIX 79% 709/895 39% 322/820 18% 128/704 23% 111/479

Invesco Income Allocation Fund Allocation — 530% to 50% Equity ALAAX CLIAX ALAAX 6% 31/568 7% 33/480 9% 37/409 17% 45/271

Invesco alternative funds Invesco Floating Rate Fund Bank Loan AFRAX AFRCX AFRAX 83% 215/259 69% 148/215 39% 66/170 57% 38/66

Invesco Global Real Estate Income Fund Global Real Estate ASRAX ASRCX ASRAX 64% 162/254 66% 138/208 52% 87/165 1% 1/67

Invesco Gold & Precious Metals Fund Equity Precious Metals IGDAX IGDCX IGDAX 87% 64/73 77% 55/71 22% 16/69 31% 16/50


The funds may have experienced negative returns for the time periods shown. Please see invesco.com/fundperformance for most recent performance.1 For a complete list of mutual funds offered by Invesco, please visit invesco.com/us.2 The fund has limited public sales of its shares to new investors. For more information on who may continue to invest in the fund, please see the prospectus.

Invesco funds’ notable performance by asset classes1

Invesco offers a broad range of actively managed mutual funds to help customize investors’ portfolios to their unique needs.

Morningstar ranking Class A shares based on total return as of June 30, 2016. Fund rank/number of funds in category

• Top 25% • Top 26 to 50%

Fund name Morningstar category Symbol share class 1-year 3-year 5-year 10-year

Class A Class C Class Y

Invesco domestic core/blend funds Invesco Equally Weighted S&P 500 Fund Large Blend VADAX VADCX VADAX 34% 514/1523 28% 394/1392 29% 351/1206 8% 69/895

Invesco Endeavor Fund Mid-Cap Blend ATDAX ATDCX ATDAX 78% 331/420 94% 355/376 74% 237/321 46% 105/228

Invesco Select Companies Fund2 Small Blend ATIAX ATICX ATIAX 78% 616/784 90% 594/654 83% 468/559 19% 72/381

Invesco Small Cap Equity Fund Small Blend SMEAX SMECX SMEAX 86% 678/784 76% 502/654 80% 447/559 45% 170/381

Invesco domestic value funds Invesco American Value Fund Mid-Cap Value MSAVX MSVCX MSAVX 91% 429/470 85% 349/408 62% 216/348 30% 73/240

Invesco Comstock Fund Large Value ACSTX ACSYX ACSTX 90% 1236/1368 87% 1023/1169 65% 675/1030 51% 386/756

Invesco Diversified Dividend Fund Large Value LCEAX LCEVX LCEAX 8% 105/1368 4% 42/1169 5% 51/1030 4% 28/756

Invesco Dividend Income Fund Large Value IAUTX IUTCX IAUTX 2% 15/1368 1% 8/1169 5% 48/1030 3% 20/756

Invesco Growth and Income Fund Large Value ACGIX ACGKX ACGIX 79% 1084/1368 72% 841/1169 61% 628/1030 40% 304/756

Invesco Small Cap Value Fund2 Small Value VSCAX VSMCX VSCAX 98% 431/438 82% 306/372 54% 181/335 9% 19/213

Invesco domestic growth funds Invesco American Franchise Fund Large Growth VAFAX VAFCX VAFAX 44% 713/1627 30% 449/1483 77% 998/1289 50% 466/931

Invesco Mid-Cap Growth Fund Mid-Cap Growth VGRAX VGRCX VGRAX 67% 489/724 41% 264/650 69% 395/573 38% 165/429

Invesco Small Cap Discovery Fund Small Growth VASCX VCSCX VASCX 72% 524/729 62% 409/655 64% 380/591 65% 281/431

Invesco Small Cap Growth Fund2 Small Growth GTSAX GTSDX GTSAX 42% 307/729 14% 89/655 16% 91/591 9% 39/431

Invesco international/global funds Invesco Asia Pacific Growth Fund Pacific/Asia ex-Japan Stock ASIAX ASICX ASIAX 7% 7/88 36% 27/74 4% 3/58 6% 2/20

Invesco Developing Markets Fund Diversified Emerging Markets GTDDX GTDCX GTDDX 2% 18/856 51% 302/590 15% 62/416 7% 13/186

Invesco European Growth Fund Europe Stock AEDAX AEDCX AEDAX 26% 31/116 27% 25/92 15% 12/77 21% 14/63

Invesco European Small Company Fund2 Europe Stock ESMAX ESMCX ESMAX 7% 9/116 4% 4/92 2% 2/77 5% 4/63

Invesco Global Growth Fund World Stock AGGAX AGGCX AGGAX 42% 475/1131 18% 168/940 31% 223/731 37% 151/409

Invesco Global Small and Mid Cap Growth World Stock AGAAX AGACX AGAAX 72% 813/1131 56% 529/940 61% 450/731 35% 144/409

Invesco International Growth Fund Foreign Large Growth AIIEX AIECX AIIEX 40% 142/355 28% 88/320 39% 107/275 20% 38/189

Invesco International Small Company Fund Foreign Small/Mid Blend IEGAX IEGCX IEGAX 63% 61/96 94% 69/73 91% 56/61 50% 14/27

Invesco taxable fixed income funds Invesco Convertible Securities Fund Convertibles CNSAX CNSCX CNSAX 39% 39/100 62% 49/78 42% 31/72 10% 5/42

Invesco Core Plus Bond Fund Intermediate-Term Bond ACPSX CPCFX ACPSX 18% 191/1061 3% 26/953 9% 75/836 —

Invesco Corporate Bond Fund Corporate Bond ACCBX ACCEX ACCBX 35% 67/190 20% 34/168 32% 47/145 45% 42/93

Invesco High Yield Fund High Yield Bond AMHYX AHYCX AMHYX 48% 376/775 42% 276/653 33% 176/529 25% 91/371

Invesco Short Term Bond Fund Short-Term Bond STBAX STBCX STBAX 26% 146/571 24% 120/493 33% 134/405 87% 248/284

Invesco Quality Income Fund Intermediate-Term Bond VKMGX VUSCX VUSIX 62% 660/1061 42% 396/953 71% 596/836 83% 500/603

Invesco tax-exempt fixed income funds Invesco High Yield Municipal Fund2 High Yield Muni ACTHX ACTFX ACTHX 18% 36/200 12% 21/167 14% 21/146 9% 9/95

Invesco Intermediate Term Muni Income Fund Muni National Interm VKLMX VKLCX VKLMX 29% 97/333 23% 70/306 35% 93/266 25% 45/177

Invesco Limited Term Municipal Income Fund Muni National Short ATFAX ATFCX ATFAX 20% 42/214 5% 10/190 3% 5/175 3% 4/115

Invesco Municipal Income Fund Muni National Long VKMMX VMICX VKMMX 27% 55/205 22% 41/185 26% 45/173 63% 92/145

Invesco New York Tax Free Income Fund Muni New York Long VNYAX VNYCX VNYYX 47% 43/91 34% 31/89 30% 24/79 41% 27/65

Invesco Pennsylvania Tax Free Income Fund Muni Pennsylvania VKMPX VKPCX VKPYX 29% 22/75 29% 22/73 26% 19/71 50% 30/59

Invesco multi-asset funds Invesco Equity and Income Fund Allocation — 50% to 70% Equity ACEIX ACERX ACEIX 79% 709/895 39% 322/820 18% 128/704 23% 111/479

Invesco Income Allocation Fund Allocation — 530% to 50% Equity ALAAX CLIAX ALAAX 6% 31/568 7% 33/480 9% 37/409 17% 45/271

Invesco alternative funds Invesco Floating Rate Fund Bank Loan AFRAX AFRCX AFRAX 83% 215/259 69% 148/215 39% 66/170 57% 38/66

Invesco Global Real Estate Income Fund Global Real Estate ASRAX ASRCX ASRAX 64% 162/254 66% 138/208 52% 87/165 1% 1/67

Invesco Gold & Precious Metals Fund Equity Precious Metals IGDAX IGDCX IGDAX 87% 64/73 77% 55/71 22% 16/69 31% 16/50

14

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Bridging the digital divideInvesco continues to bring Industry leading technology and commentary from global outlooks to portfolio manager’s market insight to webcasts on specific topics like energy and real estate. Invesco strives to bring timely and relevant information direct to financial advisors and their clients. Below are just some of the ways that Invesco is bridging the digital divide.

Invesco’s online resourcesInvesco continually strives to bring you timely, valuable information that is easy to use and beneficial.

We offer immediate access to a wealth of tools and resources via invesco.com/us.

Gain knowledge on: • Current market updates • Retirement planning insights and tools • Invesco products directly from investment specialists

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Portfolio Illustrator: Tool designed to help advisors build a client’s portfolio with ease.

Here’s how it works: 1. Select the client’s risk tolerance 2. Choose the investments 3. Customize the proposal 4. Review and print

To learn more about the Invesco Portfolio Illustrator, visit the advisor site of invesco.com/tools or contact your sales team.

On the Go with Invesco AppThe Invesco app for iPad® gives you access to the information, insights and ideas you need — on the go.

Find a product that meets your needs across a comprehensive range of asset classes.Personalize your view of product data through interactive charts and graphs.Build your briefcase with Invesco products and commentaries and share them with clients and colleagues.Gain insights and analysis from our investment professionals.Access exclusive business-building ideas from Invesco Consulting.


About riskPage 12 risksFixed income products are subject to risk, including credit risk of the issuer and the effects of changing interest rates. Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest. The risks of investing in securities of foreign issuers can included fluctuations in foreign currencies, foreign currency exchange controls, political and economic instability, differences in financial reporting, differences in securities regulation and trading and foreign taxation issues.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. Alternative products typically hold more non-traditional investments and employ more complex trading strategies, including hedging and leveraging through derivatives, short selling and opportunistic 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. Each fund is subject to certain unique risks, and some funds may employ the use of derivatives or enhanced investment techniques that could experience greater volatility. There is no assurance that these mutual funds will achieve their investment objectives. Funds are subject to market risk, which is the possibility that the market values of securities owned by these funds will decline and that the value of the fund shares may therefore be less than what you paid for them. Accordingly, you can lose money investing in these funds. Please be aware that these funds may be subject to certain additional risks. See the prospectus for complete details about the risks associated with each fund.

Invesco Equity and Income Fund risksConvertible securities may be affected by market interest rates, the risk that the issuer will default, the value of the underlying stock or the right of issuer to buy back the convertible securities. 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. 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 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. Preferred securities may include provisions that permit the issuer to defer or omit distributions for a certain period of time, and reporting the distribution for tax purposes may be required, even though the income may not have been received. Further, preferred securities may lose substantial value due to the omission or deferment of dividend payments. A value style of investing is subject to the risk that the valuations never improve or that the returns will trail other styles of investing or the overall stock markets. 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.

Invesco Conservative Allocation Fund, Invesco Moderate Allocation Fund and Invesco Growth Allocation Fund risksAsset allocation/diversification does not guarantee a profit or eliminate the risk of loss. Interest rate risk refers to the risk that bond prices generally fall as interest rates rise and vice versa. 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. The risks of investing in securities of foreign issuers can include fluctuations in foreign currencies, political and economic instability, and foreign taxation issues. The Fund is subject to the risks of the underlying funds. Market fluctuations may change the target weightings in the underlying funds and certain factors may cause the Fund to withdraw its investments therein at a disadvantageous time. 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. 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. 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 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.

Invesco Moderate Allocation Fund and Invesco Growth Allocation Fund risksIn general, stock values fluctuate, sometimes widely, in response to activities specific to the company as well as general market, economic and political conditions.

Invesco Conservative Allocation FundThere is a heightened risk that the Federal Reserve Board (FRB) and central banks may raise the federal funds and equivalent foreign rates due to the potential “tapering” of the FRB’s quantitative easing program and other similar foreign central bank actions, which may expose fixed income investments to higher volatility and reduced liquidity, particularly those with longer maturities. As a result, the Fund’s investments and share price may decline.

1 Source: Invesco. Invesco Ltd. Client-related data, investment professional, employee data and AUM are as of June 30, 2016, and include all assets under advisement, distributed and overseen by Invesco. Invesco PowerShares Capital Management LLC is the sponsor for the PowerShares QQQ and BLDRS products. ALPS Distributors, Inc. is the distributor of PowerShares QQQ, BLDRS Funds and the PowerShares DB Funds. Invesco PowerShares Capital Management LLC and Invesco Distributors, Inc. are indirect, wholly owned subsidiaries of Invesco Ltd. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail products. Invesco Ltd. is not affiliated with ALPS Distributors, Inc. or Deutsche Bank. The entities listed are each indirect, wholly owned subsidiaries of Invesco Ltd., except ALPS Distributors Inc., Deutsche Bank and Invesco Great Wall in Shenzhen, which is a joint venture between Invesco and Great Wall Securities, and the Huaneng Invesco WLR Investment Consulting Company Ltd. in Beijing, which is a joint venture between Huaneng Capital Services and Invesco WLR Limited. Please consult your Invesco representative for more information.

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. You could lose money by investing in the Fund. Although the Fund seeks to preserve your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the 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.

The opinions expressed are those of the author, are based on current market conditions and are subject to change without notice. These opinions may differ from those of other Invesco investment professionals.

Index definitionsIt is not possible to invest directly in an index. S&P 500 Index is a market-weighted index of 500 widely held common stocks of companies chosen for market size, liquidity and industry group representation. Barclays US Aggregate Index is an unmanaged index considered representative of the US investment-grade, fixed income bond market. US 3-Month Treasury Bills is an unmanaged index representative of three-month Treasury bills. This index was used to represent US Treasuries in the example. The Consumer Price Index is an index representing the rate of inflation of US consumer prices as determined by the US Bureau of Labor Statistics. This index was used to represent cash (adjusted for inflation) in the example shown. Russell 1000® Growth Index is an unmanaged index considered representative of large-cap growth stocks. Russell 1000® Value Index is an unmanaged index considered representative of large-cap value stocks. Russell 2000® Growth Index is an unmanaged index considered representative of small-cap growth stocks. Russell 2000® Value Index is an unmanaged index considered representative of small-cap value stocks. Russell Midcap® Growth Index is an unmanaged index considered representative of mid-cap growth stocks. Russell Midcap® Value Index is an unmanaged index considered representative of mid-cap value stocks. The Russell indexes are trademarks/service marks of Frank Russell Co. Russell® is a trademark of the Frank Russell Co. The MSCI EAFE® Index is an unmanaged index considered representative of stocks of Europe, Australasia and the Far East. The FTSE NAREIT Equity REITs Index is an unmanaged index considered representative of US REITs.

invesco.com/us PFSCOV-BRO-1 08/16 Invesco Distributors, Inc. US10028

A strong legacy of investment management

A strong legacy of investment management, with an investment history dating to the:

Assets Under Management1 ($ in billions):

Countries where Invesco has on-the-ground presence:1

1940s $779.6 20

brochure 1

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