Strategy. The Funds investment strategy is designed to seek to provide capital loss protection during down markets. Under normal market conditions, the Funds portfolio management team allocates across three macro factors: growth, defensive and real return, such that no one macro factor drives the Funds performance. The Funds exposure to these three macro factors will be achieved primarily through investments in derivative instruments (generally having aggregate notional exposure exceeding 65% of the Funds net assets), including but not limited to futures, options, currency forward contracts and swap agreements. The portfolio managers implement their investment decisions primarily through the use of derivatives and other investments that create leverage. The Fund uses derivatives and other leveraged instruments to create and adjust exposures to … Show more… The Funds investment strategy is designed to seek to provide capital loss protection during down markets. Under normal market conditions, the Funds portfolio management team allocates across three macro factors: growth, defensive and real return, such that no one macro factor drives the Funds performance. The Funds exposure to these three macro factors will be achieved primarily through investments in derivative instruments (generally having aggregate notional exposure exceeding 65% of the Funds net assets), including but not limited to futures, options, currency forward contracts and swap agreements. The portfolio managers implement their investment decisions primarily through the use of derivatives and other investments that create leverage. The Fund uses derivatives and other leveraged instruments to create and adjust exposures to the three macro factors. The portfolio managers make these adjustments when they believe it will benefit the Fund. Using derivatives often allows the portfolio managers to implement their views more efficiently and to gain more exposure to the macro factors than investing in more traditional assets such as stocks and bonds would allow. The Fund holds long and short positions in derivatives. The Funds use of derivatives and the leveraged investment exposure created by the use of derivatives are expected to be significant and typically greater than most mutual funds. The Fund may use quantitative models as part of the investment selection process. In addition, the Fund may invest directly in common stock. The Funds net asset value over a short to intermediate term is expected to be volatile because of the significant use of derivatives and other instruments that provide leverage including futures contracts, options, swaps and commodity-linked notes. Volatility measures the range of returns of a security, fund, index or other investment, as indicated by the annualized standard deviation of its returns. Higher volatility generally indicates higher risk and is often reflected by frequent and sometimes significant movements up and down in value. The Funds investment strategy seeks to achieve a positive absolute return over a complete economic and market cycle, notwithstanding the expected short and intermediate term volatility in the net asset value of the Fund. The Fund will have the potential for greater gains, as well as the potential for greater losses, than if the Fund did not use derivatives or other instruments that have a leveraging effect. Leveraging tends to magnify, sometimes significantly depending on the amount of leverage used, the effect of any increase or decrease in the Funds exposure to a macro factor and may cause the Funds net asset value to be more volatile than a fund that does not use leverage. For example, if the Fund gains exposure to a specific macro factor through an instrument that provides leveraged exposure to the class, and that leveraged instrument increases in value, the gain to the Fund will be magnified; however, if the leveraged instrument decreases in value, the loss to the Fund will be magnified. The Fund seeks to implement its strategy through the combination of two components an adaptive positioning component and a diversified defensive component using a process that has three steps. The first step is adaptive positioning, which involves selecting representative investments for each macro factor from a large universe of potential investments. The portfolio managers seek to construct the portfolio so that an approximately equal amount of risk comes from growth, defensive and real return allocations. Tactical adjustments to the Funds portfolio are then made periodically to try to take advantage of shorter-term market dynamics. The adaptive positioning component is based on the premise that over the long term, macro factors typically generate an excess return over cash. This component seeks to capitalize on the long-term characteristics of macro factors by capturing market trends by taking both long and short positions across global equity, government bond, foreign currency and commodity markets. The second step of the process is diversified defensive positioning, in which the portfolio managers seek to invest in instruments and use strategies that are expected to have defensive properties during market turbulence. These assets and strategies may include the use of high quality sovereign debt, long equity put options, defensive equity factor premia (e.g., momentum, low volatility and quality) and select commodities. The diversified defensive component is designed to exhibit low correlation to broad capital markets and thereby seeks to provide a level of defense to the Funds overall strategy. In the third step of the process, the final portfolio is compiled to seek to achieve a long-term correlation to equities of zero. From a risk-contribution perspective, the adaptive positioning is designed to generally contribute approximately 80% of the portfolios aggregate risk, while the diversified defensive positioning is designed to generally contribute 20% of the portfolios aggregate risk. The size and number of short derivative positions held by the Fund will vary with the market environment. In some cases there will be no short derivative positions in the Fund. In other cases the net short derivative exposure of the Fund (the amount by which short positions exceed long positions) could be 50% of net asset value or higher. The Funds long positions in derivative instruments generally will benefit from an increase in the price of the underlying investment. The Funds short positions in derivative instruments generally will benefit from a decrease in the price of the underlying investment. The Funds growth exposure will be achieved primarily through investments in derivatives that track equity indices comprised of shares of companies in developed and/or emerging market countries, including equity indices that emphasize exposure to companies associated with certain characteristics, known as style factors, including high dividend, quality, value, growth, low volatility, size (large-, mid- or small-cap) and momentum. In addition, the Fund may invest directly in shares of such companies and in ETFs that provide equity exposure, including ETFs that track factor-based indices that emphasize the style factors noted above. The Fund may also buy and write (sell) put and call options on equities, equity indices and ETFs, including in combination, to adjust the Funds equity exposure or to generate income. Additionally, the Fund can use currency forward contracts to hedge against the risk that the value of the foreign currencies in which its equity investments are denominated will depreciate against the U.S. dollar. The Funds defensive exposure will be achieved primarily through derivatives that offer exposure to the debt or credit of issuers in developed and/or emerging markets that are rated investment grade or are unrated but deemed to be investment grade quality by the Adviser, including U.S. and foreign government debt securities having intermediate (5 10 years) and long (10 plus years) term maturity. The Funds real return exposure will be achieved primarily through investments in commodity-related ETFs, commodity futures and swaps, ETNs and commodity-linked notes, some or all of which will be owned through Invesco Cayman Commodity Fund V Ltd., a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (Subsidiary). The commodity investments will be focused in four sectors of the commodities market: energy, precious metals, industrial metals and agriculture/livestock. The Fund will invest in the Subsidiary to gain exposure to commodities markets. The Subsidiary, in turn, will invest in commodity futures and swaps, commodity-linked notes, commodity-related ETFs and ETNs. The Subsidiary is advised by the Adviser, has the same investment objective as the Fund and generally employs the same investment strategy. Unlike the Fund, however, the Subsidiary may invest without limitation in commodity-linked derivatives and other investments that may provide leveraged and non-leveraged exposure to commodities. The Subsidiary holds cash and can invest in cash equivalent instruments, including affiliated money market funds, some or all of which may serve as margin or collateral for the Subsidiarys derivative positions. Because the Subsidiary is wholly-owned by the Fund, the Fund will be subject to the risks associated with any investment by the Subsidiary. In managing the Subsidiary's portfolio, the Adviser is subject to the same operational guidelines that apply to the management of the Fund. The Fund applies its investment restrictions and compliance policies and procedures, on a look-through basis, to the Subsidiary. The Fund generally will maintain a substantial portion of its net assets (including assets held by the Subsidiary) in cash and cash equivalent instruments, including affiliated money market funds, as margin or collateral for the Funds obligations under derivative transactions, or for cash management purposes. The larger the value of the Funds derivative positions, as opposed to positions held in non-derivative instruments, the more the Fund will be required to maintain cash and cash equivalents as margin or collateral for such derivatives. Show less