Invesco Multi-Asset Inflation Fund

C000139719 Fund Overview

Invesco Multi-Asset Inflation Fund is a US mutual fund managed by Aim Growth Series (invesco Growth Series), categorised as Emerging Markets Real Estate. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Aim Growth Series (invesco Growth Series)
• Category: Emerging Markets Real Estate
• Assets under management: $1.39M
• SEC CIK: 0000202032
• SEC series ID: S000045031
• Share class ID: C000139719

C000139719 Investment Objective and Strategy

Invesco Multi-Asset Inflation Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Aim Growth Series (invesco Growth Series).

Investment objective

The Fund's investment objective is total return, comprised of current income and capital appreciation.

Principal investment strategy

The Fund invests in a mix of inflation-sensitive asset classes through underlying mutual funds, exchange-traded funds (ETFs) and other pooled investment vehicles, as well as individual equity and debt securities. The mutual funds, ETFs and other pooled investment vehicles in which the Fund invests may include those managed by Invesco Advisers, Inc. (Invesco or the Adviser) and its affiliates as well as by unaffiliated advisers (collectively referred to as the underlying funds). The inflation-sensitive asset classes in which the Fund will invest and the weighting of each such asset class is as follows: Asset Class Weighting in Fund U.S. Inflation-Indexed Investments 0%-40% Floating Rate Bonds and Bank Loans 0%-40% Currency-Related Investments 0%-25% Commodity-Related Investments (other than Gold) 0%-50% Gold and Gold Related Investments 0%-15% Infrastructure Related Investments 0%-25% Real Estate Related investments 0%-35% Global Equities 0%-30% Global Bonds 0%-30% Other Inflation Sensitive Investments 0%-30% The Adviser has discretion to allocate and reallocate the Funds assets among these asset classes and, within each asset class, among underlying funds.

The Adviser also has discretion to vary the asset class weightings and, in the future, to invest in additional asset classes other than those identified above. The U.S. inflation-indexed investments in which the Fund invests include inflation-protected debt securities issued by the U.S. Treasury (referred to as TIPS), inflation-indexed securities from issuers other than the U.S. Treasury, and other investments that provide inflation protection. The principal payments of TIPS increase with inflation and decrease with deflation, as measured by the Consumer Price Index (CPI). When a TIPS matures, the investor is paid the greater of the adjusted principal or the original principal amount. The Fund may invest in TIPS, inflation-indexed securities from issuers other than the U.S. Treasury, and other investments that provide inflation protection through one or more underlying funds.

The Fund invests in floating rate bonds and bank loans through one or more underlying funds that invest in senior secured floating rate loans made by banks and other lending institutions and in senior secured floating rate debt instruments, and in derivatives and other instruments that have economic characteristics similar to such securities. Floating rate loans are made to or are issued by companies (borrowers), which may include U.S. and non-U.S. companies, and bear interest at a floating rate that resets periodically based on a standardized interest rate. The floating rate bonds in which the underlying funds invest are generally securities determined to be below investment grade quality (i.e. junk bonds). The Fund invests in currency-related investments through one or more underlying funds that invest in currency futures.

The Fund will generally invest in underlying funds that provide exposure to currencies of industrialized countries, such as the currencies of the Group of 10 (G10) countries. These underlying funds may seek to track changes, whether positive or negative, in one or more currency-related indices, may take short positions in currency futures and may use leverage to seek to enhance returns. The Fund invests in gold and gold-related investments through one or more underlying funds that invest in gold and gold-related securities. In addition to gold and gold-related securities, these underlying funds may hold cash or U.S. Treasury securities as collateral for their futures positions. These underlying funds may track changes, whether positive or negative, in one or more gold-related indices. The Fund invests in commodity-related investments (other than gold) through one or more underlying funds that invest in commodity-related futures and other derivative instruments, such as commodity-related swaps and options.

The Fund will generally invest in underlying funds that provide exposure to agricultural/livestock, energy, industrial metals, precious metals and other physical commodities. These underlying funds may seek to track changes, whether positive or negative, in one or more commodity-related indices, may take short positions in currency futures and other derivatives such as options and swaps, and may use leverage to seek to enhance returns. In addition, these underlying funds may hold cash or U.S. Treasury securities as collateral for their futures positions. The Fund invests in infrastructure-related investments through one or more underlying funds that invest in publicly traded equity securities of U.S. and non-U.S. infrastructure companies. Infrastructure companies include those that derive revenues from the ownership or operation of infrastructure assets, such as physical structures, networks and systems of transportation, energy, water and sewage and communication.

Infrastructure-related investments may also include underlying funds that invest in master limited partnerships (MLPs) engaged in the gathering, transportation, storage, processing, refining, treating, marketing, exploration, production or mining of minerals and natural resources, such as natural gas, crude oil and coal. The Fund invests in real estate-related investments through one or more underlying funds that invest in securities of real estate and real-estate related companies and in derivatives and other instruments that have economic characteristics similar to such securities. The Fund will generally invest in underlying funds that provide exposure to real estate and real-estate related companies, including real estate investment trusts (REITs), in developed countries, including the U.S.

The underlying funds may, however, invest a portion of their assets in real estate and real estate-related companies located in emerging markets; i.e., those that are in the early stages of their industrial cycles. Real estate and real-estate related issuers generally include REITs or other real estate operating companies that own property, make or invest in short term construction and development mortgage loans, or invest in long-term mortgages or mortgage pools, as well as companies whose products and services are related to the real estate industry, such as manufacturers and distributors of building supplies and financial institutions that issue or service mortgages. These underlying funds may engage in short sales of securities. The Fund invests in global bonds and equities through one or more underlying funds that invest in equities and bonds, including derivatives that have similar characteristics of equities and bonds.

These underlying funds may track changes, whether positive or negative, in one or more equity or fixed income related indices. The Fund may invest in other inflation-sensitive investments through one or more underlying funds that invest in securities of issuers engaged in exploring for, mining, processing, or dealing and investing in precious metals such as gold, silver, platinum and palladium, as well as diamonds, and in derivatives and other instruments that have economic characteristics similar to such securities. This asset class may also include underlying funds that principally invest in securities of foreign issuers doing business in the four main energy subsectors: (1) major oil issuers; (2) energy services issuers; (3) oil and gas exploration/ production issuers; and (4) natural gas and logistic pipeline issuers.

These may include securities of issuers located in emerging markets countries. This asset class may also include underlying funds that principally invest in debt securities denominated in the currencies of emerging markets countries, including emerging markets sovereign, quasi-sovereign, corporate and supranational bonds. Certain of the bonds held by such underlying funds may be below investment grade (i.e., junk bonds). The underlying funds in this asset class may use derivative instruments, such as futures, swap contracts and forward foreign currency contracts, to create long or short exposure to the desired investments, or as a hedge against adverse movements in such investments. The underlying funds investments may include investments in companies of all capitalization sizes and may include exposure to companies located both in the U.S.

and in foreign countries, including companies located in emerging markets countries. The Adviser uses a two-step process to create the Funds portfolio including: (1) determining eligible and desirable asset classes based on liquidity, diversification benefits and how different asset classes have historically performed in different economic inflationary regimes and (2) the actual allocation of assets among individual investments and underlying funds to represent the asset classes. The Adviser also may make active adjustments of the Funds investment portfolio 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 Funds total assets that each asset class, and each underlying fund and other investments within an asset class, will represent will vary from time to time based on the portfolio managers estimates of potential returns and risk of each asset class, underlying fund and other investments.

The Adviser rebalances the Funds investments in the underlying funds and other investments at least quarterly to keep them at 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 Funds asset class weightings may not be within the percentage weighting ranges described in this prospectus during a quarter due to market fluctuations, cash flows or other factors. The Adviser may change the Funds asset class 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 Funds SAI. The Funds portfolio managers consider selling an underlying fund or other investment (1) for risk control purposes, (2) when it is no longer deemed attractively valued relative to other investments, or (3) when it otherwise no longer fits the Advisers proprietary model.

C000139719 Costs and Fees

C000139719 costs about $77 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.77%
• Gross expense ratio: 12.09%
• Portfolio turnover: 44%
• Brokerage commissions: 0.97 bps of average net assets (SEC N-CEN)

C000139719 Cashflows

Over the 12 months to 2019-09, Invesco Multi-Asset Inflation Fund had net inflows of $59.47K, from monthly SEC N-PORT filings.

C000139719 Debt Constituents

No individual debt constituents are reported in Invesco Multi-Asset Inflation Fund's latest SEC N-PORT filing.

C000139719 Prospectus and SEC Filings

Official Invesco Multi-Asset Inflation Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2019-05-13
• Prospectus (485BPOS) — filed 2018-05-10
• Prospectus (485BPOS) — filed 2017-06-26
• Portfolio holdings (N-PORT) — filed 2019-11-29
• Annual census (N-CEN) — filed 2019-03-14

Related Funds

Other Emerging Markets Real Estate funds tracked on ABC INVEST:

• Westwood Low Volatility Equity Fund (WLVIX)
• Pzena U.S. Large Cap Value ETF (PZLV)
• Noble Absolute Return ETF (NOPE)
• Jackson Square Global Growth Fund (JSPVX)
• Jackson Square Select 20 Growth Fund (DPCEX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.