0000826644 aif1:S000030111Member aif1:C000092479Member 2011-09-25 2012-09-24 0000826644 aif1:S000000234Member aif1:C000029646Member 2011-09-25 2012-09-24 0000826644 aif1:S000025654Member aif1:C000076841Member 2011-09-25 2012-09-24 0000826644 aif1:S000029175Member aif1:C000089699Member 2011-09-25 2012-09-24 0000826644 aif1:S000008410Member aif1:C000023080Member 2011-09-25 2012-09-24 0000826644 aif1:S000000237Member aif1:C000023085Member 2011-09-25 2012-09-24 0000826644 aif1:S000000234Member 2011-09-25 2012-09-24 0000826644 aif1:S000031988Member 2011-09-25 2012-09-24 0000826644 aif1:S000025654Member 2011-09-25 2012-09-24 0000826644 aif1:S000030111Member 2011-09-25 2012-09-24 0000826644 aif1:S000035024Member 2011-09-25 2012-09-24 0000826644 aif1:S000029175Member 2011-09-25 2012-09-24 0000826644 aif1:S000008408Member aif1:C000023072Member 2011-09-25 2012-09-24 0000826644 aif1:S000000239Member aif1:C000023087Member 2011-09-25 2012-09-24 0000826644 aif1:S000000234Member aif1:C000120699Member 2011-09-25 2012-09-24 0000826644 aif1:S000000237Member 2011-09-25 2012-09-24 0000826644 aif1:S000008410Member 2011-09-25 2012-09-24 0000826644 aif1:S000008408Member 2011-09-25 2012-09-24 0000826644 aif1:S000000239Member 2011-09-25 2012-09-24 0000826644 aif1:S000029175Member aif1:C000120703Member 2011-09-25 2012-09-24 0000826644 aif1:S000030111Member aif1:C000120704Member 2011-09-25 2012-09-24 0000826644 aif1:S000000237Member aif1:C000120700Member 2011-09-25 2012-09-24 0000826644 aif1:S000025654Member aif1:C000120702Member 2011-09-25 2012-09-24 0000826644 aif1:S000008410Member aif1:C000120701Member 2011-09-25 2012-09-24 0000826644 aif1:S000031988Member aif1:C000099583Member 2011-09-25 2012-09-24 0000826644 aif1:S000031988Member aif1:C000120705Member 2011-09-25 2012-09-24 0000826644 aif1:S000035024Member aif1:C000107692Member 2011-09-25 2012-09-24 0000826644 aif1:S000035024Member aif1:C000120706Member 2011-09-25 2012-09-24 0000826644 2011-09-25 2012-09-24 0000826644 aif1:S000029175Member rr:AfterTaxesOnDistributionsMember aif1:C000089699Member 2011-09-25 2012-09-24 0000826644 aif1:S000029175Member rr:AfterTaxesOnDistributionsAndSalesMember aif1:C000089699Member 2011-09-25 2012-09-24 0000826644 aif1:S000029175Member aif1:JPMorganGovernmentBondIndexMember 2011-09-25 2012-09-24 0000826644 aif1:S000029175Member aif1:LipperEmergingMarketsDebtFundsIndexMember 2011-09-25 2012-09-24 0000826644 aif1:S000000234Member rr:AfterTaxesOnDistributionsMember aif1:C000029646Member 2011-09-25 2012-09-24 0000826644 aif1:S000000234Member rr:AfterTaxesOnDistributionsAndSalesMember aif1:C000029646Member 2011-09-25 2012-09-24 0000826644 aif1:S000030111Member rr:AfterTaxesOnDistributionsMember aif1:C000092479Member 2011-09-25 2012-09-24 0000826644 aif1:S000030111Member rr:AfterTaxesOnDistributionsAndSalesMember aif1:C000092479Member 2011-09-25 2012-09-24 0000826644 aif1:S000025654Member rr:AfterTaxesOnDistributionsMember aif1:C000076841Member 2011-09-25 2012-09-24 0000826644 aif1:S000025654Member rr:AfterTaxesOnDistributionsAndSalesMember aif1:C000076841Member 2011-09-25 2012-09-24 0000826644 aif1:S000025654Member aif1:SAndPFiveHundredIndexMember 2011-09-25 2012-09-24 0000826644 aif1:S000025654Member aif1:CustomBalancedRiskAllocationBroadIndexMember 2011-09-25 2012-09-24 0000826644 aif1:S000025654Member aif1:CustomBalancedRiskAllocationStyleIndexMember 2011-09-25 2012-09-24 0000826644 aif1:S000025654Member aif1:LipperGlobalFlexiblePortfolioFundsIndexMember 2011-09-25 2012-09-24 0000826644 aif1:S000008410Member rr:AfterTaxesOnDistributionsMember aif1:C000023080Member 2011-09-25 2012-09-24 0000826644 aif1:S000008410Member rr:AfterTaxesOnDistributionsAndSalesMember aif1:C000023080Member 2011-09-25 2012-09-24 0000826644 aif1:S000000239Member rr:AfterTaxesOnDistributionsMember aif1:C000023087Member 2011-09-25 2012-09-24 0000826644 aif1:S000000239Member rr:AfterTaxesOnDistributionsAndSalesMember aif1:C000023087Member 2011-09-25 2012-09-24 0000826644 aif1:S000000239Member aif1:SAndPFiveHundredIndexMember 2011-09-25 2012-09-24 0000826644 aif1:S000000239Member aif1:RussellTwoThousandIndexMember 2011-09-25 2012-09-24 0000826644 aif1:S000000239Member aif1:LipperSmallCapCoreFundsIndexMember 2011-09-25 2012-09-24 0000826644 aif1:S000000237Member rr:AfterTaxesOnDistributionsMember aif1:C000023085Member 2011-09-25 2012-09-24 0000826644 aif1:S000000237Member rr:AfterTaxesOnDistributionsAndSalesMember aif1:C000023085Member 2011-09-25 2012-09-24 0000826644 aif1:S000000237Member aif1:SAndPFiveHundredIndexMember 2011-09-25 2012-09-24 0000826644 aif1:S000000237Member aif1:RussellMidcapIndexMember 2011-09-25 2012-09-24 0000826644 aif1:S000000237Member aif1:LipperMidCapCoreFundsIndexMember 2011-09-25 2012-09-24 0000826644 aif1:S000008408Member rr:AfterTaxesOnDistributionsMember aif1:C000023072Member 2011-09-25 2012-09-24 0000826644 aif1:S000008408Member rr:AfterTaxesOnDistributionsAndSalesMember aif1:C000023072Member 2011-09-25 2012-09-24 0000826644 aif1:S000030111Member aif1:DowJonesCommodityTotalReturnIndexMember 2011-09-25 2012-09-24 0000826644 aif1:S000000234Member aif1:MsciEafeIndexMember 2011-09-25 2012-09-24 0000826644 aif1:S000000234Member aif1:MsciEmergingMarketsIndexMember 2011-09-25 2012-09-24 0000826644 aif1:S000000234Member aif1:LipperEmergingMarketFundsIndexMember 2011-09-25 2012-09-24 0000826644 aif1:S000008410Member aif1:BarclaysCapitalGlobalAggregateExUsIndexMember 2011-09-25 2012-09-24 0000826644 aif1:S000008410Member aif1:LipperInternationalIncomFundIndexMember 2011-09-25 2012-09-24 0000826644 aif1:S000008408Member aif1:MsciEafeIndexMember 2011-09-25 2012-09-24 0000826644 aif1:S000008408Member aif1:LipperChinaRegionFundsIndexMember 2011-09-25 2012-09-24 0000826644 aif1:S000008408Member aif1:MsciChinaTenFourtyIndexMember 2011-09-25 2012-09-24 pure iso4217:USD 2012-06-30 2012-06-30 2012-06-30 2012-06-30 2012-06-30 2012-06-30 <div style="display:none">~ http://www.invesco.com/role/ScheduleShareholderFeesINVESCODevelopingMarketsFund column period compact * ~</div> <div style="display:none">~ http://www.invesco.com/role/ScheduleShareholderFeesInvescoEmergingMarketsEquityFund column period compact * ~</div> <div style="display:none">~ http://www.invesco.com/role/ScheduleShareholderFeesINVESCOBALANCEDRISKALLOCATIONFUND column period compact * ~</div> <div style="display:none">~ http://www.invesco.com/role/ScheduleShareholderFeesInvescoBalancedRiskCommodityStrategyFund column period compact * ~</div> <div style="display:none">~ http://www.invesco.com/role/ScheduleShareholderFeesInvescoPremiumIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.invesco.com/role/ScheduleShareholderFeesINVESCOEMERGINGMARKETLOCALCURRENCYDEBTFUND column period compact * ~</div> 2012-06-30 2012-06-30 574 563 Example. Example. Example. Example. Example. Example. Example. Example. Example. <div style="display:none">~ http://www.invesco.com/role/ScheduleShareholderFeesINVESCOInternationalTotalReturnFund column period compact * ~</div> <div style="display:none">~ http://www.invesco.com/role/ScheduleShareholderFeesINVESCOEndeavorFund column period compact * ~</div> <div style="display:none">~ http://www.invesco.com/role/ScheduleShareholderFeesINVESCOChinaFund column period compact * ~</div> Example. <div style="display:none">~ http://www.invesco.com/role/ScheduleShareholderFeesInvescoSelectCompaniesFund column period compact * ~</div> 709 709 647 647 488 482 547 547 0.002 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. During the period May 31, 2011 to October 31, 2011 the Fund’s portfolio turnover rate was 16% of the average value of its portfolio. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 17% of the average value of its portfolio. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 30% of the average value of its portfolio. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 33% of the average value of its portfolio. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 106% of the average value of its portfolio. www.invesco.com/us www.invesco.com/us 0.0708 573 573 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. During the period December 14, 2011 to January 31, 2012 the Fund’s portfolio turnover rate was 3% of the average value of its portfolio. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 226% of the average value of its portfolio. www.invesco.com/us www.invesco.com/us www.invesco.com/us The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. During the period November 30, 2010 to October 31, 2011 the Fund’s portfolio turnover rate was 0% of the average value of its portfolio. 676 www.invesco.com/us The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 97% of the average value of its portfolio. 482 www.invesco.com/us The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 38% of the average value of its portfolio. www.invesco.com/us 0 0 0 0 0 0 Fund Summaries - INVESCO BALANCED-RISK ALLOCATION FUND 0 0 <div style="display:none">~ http://www.invesco.com/role/ScheduleAnnualFundOperatingExpensesINVESCODevelopingMarketsFund column period compact * ~</div> Fund Summaries - INVESCO EMERGING MARKETS EQUITY FUND Fund Summaries - INVESCO BALANCED-RISK COMMODITY STRATEGY FUND Fund Summaries - INVESCO EMERGING MARKET LOCAL CURRENCY DEBT FUND 0 0 In the future, the Fund will disclose performance information in a bar chart and performance table. Such disclosure will give some indication of the risks of an investment in the Fund by comparing the Fund’s performance with a broad measure of market performance and by showing changes in the Fund’s performance from year to year. Shareholder Fees (fees paid directly from your investment) Fund Summaries - INVESCO ENDEAVOR FUND Shareholder Fees (fees paid directly from your investment) Fund Summaries - INVESCO DEVELOPING MARKETS FUND Shareholder Fees (fees paid directly from your investment) Shareholder Fees (fees paid directly from your investment) Shareholder Fees (fees paid directly from your investment) “Other Expenses” and “Total Annual Fund Operating Expenses” for Class R6 are based on estimated amounts for the current fiscal year. Shareholder Fees (fees paid directly from your investment) <div style="display:none">~ http://www.invesco.com/role/ScheduleAnnualFundOperatingExpensesInvescoBalancedRiskCommodityStrategyFund column period compact * ~</div> Fund Summaries - INVESCO CHINA FUND <div style="display:none">~ http://www.invesco.com/role/ScheduleAnnualFundOperatingExpensesInvescoEmergingMarketsEquityFund column period compact * ~</div> The bar chart and performance table provide an indication of the risks of investing in the Fund. The bar chart shows changes in the performance of the Fund from year to year as of December 31. The performance table compares the Fund’s performance to that of a broad-based securities market benchmark, a style specific benchmark and a peer group benchmark comprised of funds with investment objectives and strategies similar to the Fund. Fund Summaries - INVESCO INTERNATIONAL TOTAL RETURN FUND Shareholder Fees (fees paid directly from your investment) 0 0 0 0 0 0 <div style="display:none">~ http://www.invesco.com/role/ScheduleAnnualFundOperatingExpensesINVESCOBALANCEDRISKALLOCATIONFUND column period compact * ~</div> “Other Expenses” and “Total Annual Fund Operating Expenses” for Class R6 are based on estimated amounts for the current fiscal year. Fund Summaries - INVESCO PREMIUM INCOME FUND Shareholder Fees (fees paid directly from your investment) “Other Expenses” and “Total Annual Fund Operating Expenses” are based on estimated amounts for the current fiscal year. Shareholder Fees (fees paid directly from your investment) 0 “Other Expenses” and “Total Annual Fund Operating Expenses” for Class R6 are based on estimated amounts for the current fiscal year. 0.0479 0.0707 “Other Expenses” and “Total Annual Fund Operating Expenses” for Class R6 are based on estimated amounts for the current fiscal year. “Other Expenses” and “Total Annual Fund Operating Expenses” for Class R6 are based on estimated amounts for the current fiscal year. 0.0206 “Other Expenses” and “Total Annual Fund Operating Expenses” for Class R6 are based on estimated amounts for the current fiscal year. 0.0882 “Other Expenses” and “Total Annual Fund Operating Expenses” for Class R6 are based on estimated amounts for the current fiscal year. <div style="display:none">~ http://www.invesco.com/role/ScheduleAnnualFundOperatingExpensesInvescoPremiumIncomeFund column period compact * ~</div> Fund Summaries - INVESCO SELECT COMPANIES FUND <div style="display:none">~ http://www.invesco.com/role/ScheduleAnnualFundOperatingExpensesINVESCOEMERGINGMARKETLOCALCURRENCYDEBTFUND column period compact * ~</div> 0 <div style="display:none">~ http://www.invesco.com/role/ScheduleAnnualFundOperatingExpensesINVESCOInternationalTotalReturnFund column period compact * ~</div> 0.0117 <div style="display:none">~ http://www.invesco.com/role/ScheduleAnnualFundOperatingExpensesINVESCOEndeavorFund column period compact * ~</div> <div style="display:none">~ http://www.invesco.com/role/ScheduleAnnualFundOperatingExpensesINVESCOChinaFund column period compact * ~</div> Shareholder Fees (fees paid directly from your investment) 0.0483 <div style="display:none">~ http://www.invesco.com/role/ScheduleAnnualFundOperatingExpensesInvescoSelectCompaniesFund column period compact * ~</div> 106 104 101 101 AIM INVESTMENT FUNDS (INVESCO INVESTMENT FUNDS) 169 169 100 100 90 89 2010-06-16 2010-06-16 2010-06-16 2012-09-24 2010-06-30 2010-06-30 <div style="display:none">~ http://www.invesco.com/role/ScheduleAnnualTotalReturnsINVESCODevelopingMarketsFundBarChart column period compact * ~</div> 101 101 This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.       The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.       Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 2005-10-25 2005-10-25 2005-10-25 2012-09-24 Average Annual Total Returns (for the periods ended December 31, 2011) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 2010-11-30 2010-11-30 2012-09-24 2010-11-30 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 2009-06-02 2009-06-02 2009-06-02 2012-09-24 2009-05-31 2009-05-31 2009-05-31 2009-05-31 This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Fees and expenses of Invesco Cayman Commodity Fund I Ltd., a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (Subsidiary), are included in the table. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.      The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.      Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.       The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.       Although your actual costs may be higher or lower, based on these assumptions, your costs would be: This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.      The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.      Although your actual costs may be higher or lower, based on these assumptions, your costs would be: This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Fees and expenses of Invesco Cayman Commodity Fund III Ltd., a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (Subsidiary), are included in the table. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.      The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.      Although your actual costs may be higher or lower, based on these assumptions, your costs would be: After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangement, such as 401(k) plans or individual retirement accounts. Average Annual Total Returns (for the periods ended December 31, 2011) This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. The bar chart and performance table provide an indication of the risks of investing in the Fund. The bar chart shows changes in the performance of the Fund from year to year as of December 31. The performance table compares the Fund’s performance to that of a broad-based/style specific securities market benchmark comprised of funds with investment objectives and strategies similar to the Fund. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div style="display:none">~ http://www.invesco.com/role/ScheduleAnnualTotalReturnsInvescoBalanced-RiskCommodityStrategyFundBarChart column period compact * ~</div> 68 68 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangement, such as 401(k) plans or individual retirement accounts. This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. <div style="TEXT-INDENT: 0%; FONT-FAMILY: Arial, Helvetica; BACKGROUND: none transparent scroll repeat 0% 0%; COLOR: #000000; MARGIN-LEFT: 0%; FONT-SIZE: 8pt; MARGIN-RIGHT: 0%" align="left">Class R5 shares year-to-date (ended June 30, 2012): 1.17% </div><div align="left"></div><div style="TEXT-INDENT: 0%; FONT-FAMILY: Arial, Helvetica; BACKGROUND: none transparent scroll repeat 0% 0%; COLOR: #000000; MARGIN-LEFT: 0%; FONT-SIZE: 8pt; MARGIN-RIGHT: 0%" align="left">Best Quarter (ended June 30, 2009): 39.34% </div><div style="TEXT-INDENT: 0%; FONT-FAMILY: Arial, Helvetica; BACKGROUND: none transparent scroll repeat 0% 0%; COLOR: #000000; MARGIN-LEFT: 0%; FONT-SIZE: 8pt; MARGIN-RIGHT: 0%" align="left">Worst Quarter (ended September 30, 2011): -27.54% </div> This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.        The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.      Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 87 87 <div style="TEXT-INDENT: 0%; FONT-FAMILY: Arial, Helvetica; BACKGROUND: none transparent scroll repeat 0% 0%; COLOR: #000000; MARGIN-LEFT: 0%; FONT-SIZE: 8pt; MARGIN-RIGHT: 0%" align="left">Class R5 shares year-to-date (ended June 30, 2012): 7.08% </div><div align="left"></div><div style="TEXT-INDENT: 0%; FONT-FAMILY: Arial, Helvetica; BACKGROUND: none transparent scroll repeat 0% 0%; COLOR: #000000; MARGIN-LEFT: 0%; FONT-SIZE: 8pt; MARGIN-RIGHT: 0%" align="left">Best Quarter (ended June 30, 2009): 39.18% </div><div style="TEXT-INDENT: 0%; FONT-FAMILY: Arial, Helvetica; BACKGROUND: none transparent scroll repeat 0% 0%; COLOR: #000000; MARGIN-LEFT: 0%; FONT-SIZE: 8pt; MARGIN-RIGHT: 0%" align="left">Worst Quarter (ended December 31, 2008): -28.81% </div> This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.       The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.      Although your actual costs may be higher or lower, based on these assumptions, your costs would be: This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. The bar chart and performance table provide an indication of the risks of investing in the Fund. The bar chart shows changes in the performance of the Fund from year to year as of December 31. The performance table compares the Fund’s performance to that of a broad-based securities market benchmark, a style specific benchmark and a peer group benchmark comprised of funds with investment objectives and strategies similar to the Fund. <div style="TEXT-INDENT: 0%; FONT-FAMILY: Arial, Helvetica; BACKGROUND: none transparent scroll repeat 0% 0%; COLOR: #000000; MARGIN-LEFT: 0%; FONT-SIZE: 8pt; MARGIN-RIGHT: 0%" align="left">Class R5 shares year-to-date (ended June 30, 2012): 4.79% </div><div align="left"></div><div style="TEXT-INDENT: 0%; FONT-FAMILY: Arial, Helvetica; BACKGROUND: none transparent scroll repeat 0% 0%; COLOR: #000000; MARGIN-LEFT: 0%; FONT-SIZE: 8pt; MARGIN-RIGHT: 0%" align="left">Best Quarter (ended September 30, 2010): 7.21% </div><div style="TEXT-INDENT: 0%; FONT-FAMILY: Arial, Helvetica; BACKGROUND: none transparent scroll repeat 0% 0%; COLOR: #000000; MARGIN-LEFT: 0%; FONT-SIZE: 8pt; MARGIN-RIGHT: 0%" align="left">Worst Quarter (ended March 31, 2011): 0.54% </div> The bar chart and performance table provide an indication of the risks of investing in the Fund. The bar chart shows changes in the performance of the Fund from year to year as of December 31. The performance table compares the Fund’s performance to that of a broad-based/style specific securities market benchmark and a peer group benchmark comprised of funds with investment objectives and strategies similar to the Fund. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns (for the periods ended December 31, 2011) <div style="TEXT-INDENT: 0%; FONT-FAMILY: Arial, Helvetica; BACKGROUND: none transparent scroll repeat 0% 0%; COLOR: #000000; MARGIN-LEFT: 0%; FONT-SIZE: 8pt; MARGIN-RIGHT: 0%" align="left">Class R5 shares year-to-date (ended June 30, 2012): 0.20% </div><div align="left"></div><div style="TEXT-INDENT: 0%; FONT-FAMILY: Arial, Helvetica; BACKGROUND: none transparent scroll repeat 0% 0%; COLOR: #000000; MARGIN-LEFT: 0%; FONT-SIZE: 8pt; MARGIN-RIGHT: 0%" align="left">Best Quarter (ended December 31, 2011): 4.10% </div><div style="TEXT-INDENT: 0%; FONT-FAMILY: Arial, Helvetica; BACKGROUND: none transparent scroll repeat 0% 0%; COLOR: #000000; MARGIN-LEFT: 0%; FONT-SIZE: 8pt; MARGIN-RIGHT: 0%" align="left">Worst Quarter (ended September 30, 2011): -11.27% </div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangement, such as 401(k) plans or individual retirement accounts. The bar chart and performance table provide an indication of the risks of investing in the Fund. The bar chart shows changes in the performance of the Fund from year to year as of December 31. The performance table compares the Fund’s performance to that of a broad-based securities market benchmark, a style specific benchmark and a peer group benchmark comprised of funds with investment objectives and strategies similar to the Fund. The bar chart and performance table provide an indication of the risks of investing in the Fund. The bar chart shows changes in the performance of the Fund from year to year as of December 31. The performance table compares the Fund’s performance to that of a broad-based/style specific securities market benchmark comprised of funds with investment objectives and strategies similar to the Fund. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.      The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.      Although your actual costs may be higher or lower, based on these assumptions, your costs would be: This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.        The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.        Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div style="TEXT-INDENT: 0%; FONT-FAMILY: Arial, Helvetica; BACKGROUND: none transparent scroll repeat 0% 0%; COLOR: #000000; MARGIN-LEFT: 0%; FONT-SIZE: 8pt; MARGIN-RIGHT: 0%" align="left">Class R5 shares year-to-date (ended June 30, 2012): 7.07% </div><div align="left"></div><div style="TEXT-INDENT: 0%; FONT-FAMILY: Arial, Helvetica; BACKGROUND: none transparent scroll repeat 0% 0%; COLOR: #000000; MARGIN-LEFT: 0%; FONT-SIZE: 8pt; MARGIN-RIGHT: 0%" align="left">Best Quarter (ended June 30, 2011): 3.91% </div><div style="TEXT-INDENT: 0%; FONT-FAMILY: Arial, Helvetica; BACKGROUND: none transparent scroll repeat 0% 0%; COLOR: #000000; MARGIN-LEFT: 0%; FONT-SIZE: 8pt; MARGIN-RIGHT: 0%" align="left">Worst Quarter (ended September 30, 2011): -10.12% </div> 125 <div style="display:none">~ http://www.invesco.com/role/ScheduleAnnualTotalReturnsINVESCOBALANCED-RISKALLOCATIONFUNDBarChart column period compact * ~</div> <div style="TEXT-INDENT: 0%; FONT-FAMILY: Arial, Helvetica; BACKGROUND: none transparent scroll repeat 0% 0%; COLOR: #000000; MARGIN-LEFT: 0%; FONT-SIZE: 8pt; MARGIN-RIGHT: 0%" align="left">Class R5 shares year-to-date (ended June 30, 2012): 2.06% </div><div align="left"></div><div style="TEXT-INDENT: 0%; FONT-FAMILY: Arial, Helvetica; BACKGROUND: none transparent scroll repeat 0% 0%; COLOR: #000000; MARGIN-LEFT: 0%; FONT-SIZE: 8pt; MARGIN-RIGHT: 0%" align="left">Best Quarter (ended September 30, 2010): 10.45% </div><div style="TEXT-INDENT: 0%; FONT-FAMILY: Arial, Helvetica; BACKGROUND: none transparent scroll repeat 0% 0%; COLOR: #000000; MARGIN-LEFT: 0%; FONT-SIZE: 8pt; MARGIN-RIGHT: 0%" align="left">Worst Quarter (ended March 31, 2009): -6.36%</div> In the future, the Fund will disclose performance information in a bar chart and performance table. Such disclosure will give some indication of the risks of an investment in the Fund by comparing the Fund’s performance with a broad measure of market performance and by showing changes in the Fund’s performance from year to year. Average Annual Total Returns (for the periods ended December 31, 2011) <div style="TEXT-INDENT: 0%; FONT-FAMILY: Arial, Helvetica; BACKGROUND: none transparent scroll repeat 0% 0%; COLOR: #000000; MARGIN-LEFT: 0%; FONT-SIZE: 8pt; MARGIN-RIGHT: 0%" align="left">Class R5 shares year-to-date (ended June 30, 2012): 8.82% </div><div align="left"></div><div style="TEXT-INDENT: 0%; FONT-FAMILY: Arial, Helvetica; BACKGROUND: none transparent scroll repeat 0% 0%; COLOR: #000000; MARGIN-LEFT: 0%; FONT-SIZE: 8pt; MARGIN-RIGHT: 0%" align="left">Best Quarter (ended June 30, 2009): 34.96% </div><div style="TEXT-INDENT: 0%; FONT-FAMILY: Arial, Helvetica; BACKGROUND: none transparent scroll repeat 0% 0%; COLOR: #000000; MARGIN-LEFT: 0%; FONT-SIZE: 8pt; MARGIN-RIGHT: 0%" align="left">Worst Quarter (ended December 31, 2008): -29.18% </div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangement, such as 401(k) plans or individual retirement accounts. Average Annual Total Returns (for the periods ended December 31, 2011) 2006-03-31 2006-03-31 2006-03-31 2012-09-24 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangement, such as 401(k) plans or individual retirement accounts. Average Annual Total Returns (for the periods ended December 31, 2011) Average Annual Total Returns (for the periods ended December 31, 2011) <div style="display:none">~ http://www.invesco.com/role/ScheduleAnnualTotalReturnsINVESCOEMERGINGMARKETLOCALCURRENCYDEBTFUNDBarChart column period compact * ~</div> 89 2004-04-30 2004-04-30 2004-04-30 2003-10-31 2003-10-31 2003-10-31 <div style="display:none">~ http://www.invesco.com/role/ScheduleAnnualTotalReturnsINVESCOInternationalTotalReturnFundBarChart column period compact * ~</div> 2004-04-30 2004-04-30 2012-09-24 2003-10-31 2003-10-31 2003-10-31 2004-04-30 The bar chart and performance table provide an indication of the risks of investing in the Fund. The bar chart shows changes in the performance of the Fund from year to year as of December 31. The performance table compares the Fund’s performance to that of a broad-based securities market benchmark, a style specific benchmark and a peer group benchmark comprised of funds with investment objectives and strategies similar to the Fund. 2006-03-31 2006-03-31 2006-03-31 This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. <div style="display:none">~ http://www.invesco.com/role/ScheduleAnnualTotalReturnsINVESCOChinaFundBarChart column period compact * ~</div> This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.       The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.      Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns (for the periods ended December 31, 2011) The bar chart and performance table provide an indication of the risks of investing in the Fund. The bar chart shows changes in the performance of the Fund from year to year as of December 31. The performance table compares the Fund’s performance to that of a broad-based securities market benchmark, a style specific benchmark and a peer group benchmark comprised of funds with investment objectives and strategies similar to the Fund. <div style="TEXT-INDENT: 0%; FONT-FAMILY: Arial, Helvetica; BACKGROUND: none transparent scroll repeat 0% 0%; COLOR: #000000; MARGIN-LEFT: 0%; FONT-SIZE: 8pt; MARGIN-RIGHT: 0%" align="left">Class R5 shares year-to-date (ended June 30, 2012): 4.83% </div><div align="left"></div><div style="TEXT-INDENT: 0%; FONT-FAMILY: Arial, Helvetica; BACKGROUND: none transparent scroll repeat 0% 0%; COLOR: #000000; MARGIN-LEFT: 0%; FONT-SIZE: 8pt; MARGIN-RIGHT: 0%" align="left">Best Quarter (ended September 30, 2009): 30.11% </div><div style="TEXT-INDENT: 0%; FONT-FAMILY: Arial, Helvetica; BACKGROUND: none transparent scroll repeat 0% 0%; COLOR: #000000; MARGIN-LEFT: 0%; FONT-SIZE: 8pt; MARGIN-RIGHT: 0%" align="left">Worst Quarter (ended December 31, 2008): -23.87% </div> <div style="display:none">~ http://www.invesco.com/role/ScheduleAnnualTotalReturnsInvescoSelectCompaniesFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.invesco.com/role/ScheduleAnnualTotalReturnsINVESCOEndeavorFundBarChart column period compact * ~</div> 331 325 0 0 0.0136 0.0136 0 0 394 394 0.0104 0.0102 0 0 485BPOS 0000826644 0.0492 0.0492 -0.5235 -0.1098 2011-10-31 1186 1186 Investment Objective(s) 0 0 0.0122 0.0122 -0.0331 -0.0725 -0.0201 -0.0354 -0.0175 0.0219 363 363 -0.0814 -0.0814 -0.0529 -0.0859 -0.1332 0.0088 0.0087 281 278 Investment Objective(s) Fees and Expenses of the Fund Investment Objective(s) Fees and Expenses of the Fund 0 0 Investment Objective(s) -0.0814 Fees and Expenses of the Fund -0.1098 -0.1141 -0.0655 -0.1134 -0.1214 -0.1842 -0.1837 0.0099 0.0099 0.1575 0.1553 0.1438 0.1543 0.0467 0.1386 0.1326 315 315 2011-12-31 -0.0164 -0.0171 -0.0098 -0.0215 0.0209 -0.0565 2011-09-30 0.0929 0.1054 0.0706 0.103 0.0209 0.0467 -0.0001 -0.0469 As with any mutual fund investment, loss of money is a risk of investing. February 28, 2013 Portfolio Turnover. -0.3766 -0.0164 0.1054 Investment Objective(s) Fees and Expenses of the Fund Portfolio Turnover. Principal Investment Strategies of the Fund Investment Objective(s) Fees and Expenses of the Fund Fees and Expenses of the Fund February 28, 2013 Portfolio Turnover. Portfolio Turnover. Principal Investment Strategies of the Fund Portfolio Turnover. Principal Investment Strategies of the Fund Portfolio Turnover. Principal Investment Strategies of the Fund The Fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in securities issued by foreign companies and governments that are in developing markets countries, i.e., those that are in the initial stages of their industrial cycles. The Fund invests primarily in equity securities.      In complying with the 80% investment requirement, the Fund may include synthetic securities that have economic characteristics similar to the Fund’s direct investments that are counted toward the 80% investment requirement.      The Fund can invest in derivative instruments including forward foreign currency contracts and futures.      The Fund can utilize forward foreign currency contracts to mitigate the risk of foreign currency exposure. A forward foreign currency contract is an agreement between parties to exchange a specified amount of currency at a specified future time at a specified rate. Forward foreign currency contracts are used to protect against uncertainty in the level of future foreign currency exchange rates. The Fund can use these contracts to hedge against adverse movements in the foreign currencies in which portfolio securities are denominated.      The Fund can invest in futures contracts, including index futures, to seek exposure to certain asset classes. A futures contract is a standardized agreement between two parties to buy or sell a specific quantity of an underlying instrument at a specific price at a specific future time. The value of the futures contract tends to increase and decrease in tandem with the value of the underlying instrument. Futures contracts are bilateral agreements, with both the purchaser and the seller equally obligated to complete the transaction. Depending on the terms of the particular contract, futures contracts are settled through either physical delivery of the underlying instrument on the settlement date or by payment of a cash settlement amount on the settlement date.       The Fund is non-diversified, which means it can invest a greater percentage of its assets in any one issuer than a diversified fund can.      The Fund invests, under normal circumstances, in issuers located in at least three countries outside of the U.S., but it will invest no more than 25% of its total assets in issuers in any one country. As of October 31, 2011, the principal countries in which the Fund was invested were Brazil, China, Mexico, the Philippines, and Indonesia. The Fund may hold no more than 40% of its total assets in any one foreign currency and securities denominated in or indexed to such currency. A substantial number of the issuers in which the Fund invests are small- and mid-capitalization companies. Currently the Fund is unable to trade in local shares of Indian companies.      The portfolio managers employ a disciplined investment strategy that emphasizes fundamental research, supported by quantitative analysis, portfolio construction and risk management techniques. The strategy primarily focuses on identifying issuers that have experienced, or exhibit the potential for, accelerating or above average earnings growth but whose prices do not fully reflect these attributes. Investments for the portfolio are selected bottom-up on a security-by-security basis. The focus is on the strengths of individual issuers, rather than sector or country trends.      The Fund’s portfolio managers may consider selling a security for several reasons, including when, (1) its fundamentals deteriorate or it posts disappointing earnings, (2) its security price appears to be overvalued, or (3) a more attractive investment opportunity is identified. The Fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of foreign issuers that are in emerging market countries, i.e., those that are in the initial stages of their industrial cycles.       In complying with the 80% investment requirement, the Fund may include synthetic securities that have economic characteristics similar to the Fund’s direct investments that are counted toward the 80% investment requirement.       American Depositary Receipts are receipts, issued by U.S. banks, for the shares of foreign corporations, held by the bank issuing the receipt. American Depositary Receipts are typically issued in registered form, denominated in U.S. dollars and designed for use in the U.S. securities markets. Global Depositary Receipts are similar to American Depositary Receipts, except they are typically issued by foreign banks or trust companies, denominated in foreign currencies and designed for use outside the U.S. securities markets. Purchasing American Depositary Receipts or Global Depositary Receipts gives the Fund the ability to purchase the functional equivalent of foreign securities without going to the foreign securities markets to do so. The Fund will invest in American Depositary Receipts and Global Depositary Receipts to gain exposure to foreign companies.       Emerging market countries are those countries in the world other than developed countries of the European Union, the United States of America, Canada, Japan, Australia, New Zealand, Norway, Switzerland, Hong Kong and Singapore. A complete list of developed countries of the European Union can be found in the Fund’s SAI. The Fund may invest up to 100% of its net assets in securities of companies located in emerging market countries. The Fund uses the following criteria to determine whether an issuer is in an emerging market country, including whether (1) it is organized under the laws of an emerging market country; (2) it has a principal office in an emerging market country; (3) it derives 50% or more of its total revenues from business in an emerging market country; or (4) its securities are trading principally on a stock exchange, or in an over-the-counter market, in emerging market countries.       The Fund invests in a diversified portfolio that consists primarily of equity securities of foreign issuers that are, in the portfolio managers’ view, attractively valued based upon a proprietary analysis of a stock’s implied return adjusted for company-specific risk, as well as comparison of the share price to a company’s assets and current earnings environment. The Fund focuses its investments in marketable equity securities of foreign issuers that are listed on a foreign exchange or traded in a foreign over-the-counter market.       In selecting securities for the Fund, the portfolio managers seek to identify attractively valued issuers with market capitalization in excess of $1 billion. Initial factors considered by the portfolio managers when evaluating potential investments include an issuer’s return on equity, historic earnings stability and overall debt levels. In analyzing potential investments, the portfolio managers conduct research on issuers meeting their criteria and may communicate directly with management.       The Fund’s portfolio managers consider selling a security when (1) its share price increases and it is no longer attractively priced relative to other issuers according to our proprietary valuation model, (2) its fundamentals deteriorate or (3) it causes the portfolio’s sector or regional weighting relative to its benchmark to fall outside acceptable risk parameters. As with any mutual fund investment, loss of money is a risk of investing. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. The risks associated with an investment in the Fund can increase during times of significant market volatility. The principal risks of investing in the Fund are:       Depositary Receipts Risk. Depositary receipts involve many of the same risks as those associated with direct investment in foreign securities. In addition, the underlying issuers of certain depositary receipts, particularly unsponsored or unregistered depositary receipts, are under no obligation to distribute shareholder communications to the holders of such receipts or to pass through to them any voting rights with respect to the deposited securities.       Developing/Emerging Markets Securities Risk. Securities issued by foreign companies and governments located in developing/emerging countries may be affected more negatively by inflation, devaluation of their currencies, higher transaction costs, delays in settlement, adverse political developments, the introduction of capital controls, withholding taxes, nationalization of private assets, expropriation, social unrest, war or lack of timely information than those in developed countries.       Foreign Securities Risk. The Fund’s foreign investments may be affected by changes in a foreign country’s exchange rates, political and social instability, changes in economic or taxation policies, difficulties when enforcing obligations, decreased liquidity, and increased volatility. Foreign companies may be subject to less regulation resulting in less publicly available information about the companies.       Management Risk. The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results.       Market Risk. The prices of and the income generated by the Fund’s securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations.       Synthetic Securities Risk. Fluctuations in the values of synthetic securities may not correlate perfectly with the instruments they are designed to replicate. Synthetic securities may be subject to interest rate changes, market price fluctuations, counterparty risk and liquidity risk. As with any mutual fund investment, loss of money is a risk of investing. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. The risks associated with an investment in the Fund can increase during times of significant market volatility. The principal risks of investing in the Fund are:      Active Trading Risk. The Fund engages in frequent trading of portfolio securities. Active trading results in added expenses and may result in a lower return and increased tax liability.       Commodity-Linked Notes Risk. The Fund’s and the Subsidiary’s investments in commodity-linked notes may involve substantial risks, including risk of loss of a significant portion of their principal value. In addition to risks associated with the underlying commodities, they may be subject to additional special risks, such as the lack of a secondary trading market and temporary price distortions due to speculators and/or the continuous rolling over of futures contracts underlying the notes. Commodity-linked notes are also subject to counterparty risk, which is the risk that the other party to the contract will not fulfill its contractual obligation to complete the transaction with the Fund or the Subsidiary.      Commodity Risk. The Fund’s and the Subsidiary’s significant investment exposure to the commodities markets, and/or a particular sector of the commodities markets, may subject the Fund and the Subsidiary to greater volatility than investments in traditional securities, such as stocks and bonds. The commodities markets may fluctuate widely based on a variety of factors, including changes in overall market movements, domestic and foreign political and economic events and policies, war, acts of terrorism, changes in domestic or foreign interest rates and/or investor expectations concerning interest rates, domestic and foreign inflation rates and investment and trading activities of mutual funds, hedge funds and commodities funds. Prices of various commodities may also be affected by factors such as drought, floods, weather, livestock disease, embargoes, tariffs and other regulatory developments. The prices of commodities can also fluctuate widely due to supply and demand disruptions in major producing or consuming regions. Because the Fund’s and the Subsidiary’s performance is linked to the performance of volatile commodities, investors should be willing to assume the risks of potentially significant fluctuations in the value of the Fund’s shares.       Concentration Risk. To the extent the Fund invests a greater amount in any one sector or industry, the Fund’s performance will depend to a greater extent on the overall condition of the sector or industry, and there is increased risk to the Fund if conditions adversely affect that sector or industry.      Counterparty Risk. Many of the instruments that the Fund and the Subsidiary expect to hold may be subject to the risk that the other party to a contract will not fulfill its contractual obligations.       Credit Risk. The issuer of instruments in which the Fund and the Subsidiary invest 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 Risk. Derivatives may be more difficult to purchase, sell or value than other investments and may be subject to market, interest rate, credit, leverage, counterparty and management risks. A fund investing in a derivative could lose more than the cash amount invested or incur higher taxes. Over-the-counter derivatives are also subject to counterparty risk, which is the risk that the other party to the contract will not fulfill its contractual obligation to complete the transaction with the Fund. The derivative instruments and techniques that the Fund and the Subsidiary may principally use include:       [ ] Swaps. A swap contract is an agreement between two parties pursuant to which the parties exchange payments at specified dates on the basis of a specified notional amount, with the payments calculated by reference to specified securities, indexes, reference rates, currencies or other instruments. Swaps are subject to credit risk and counterparty risk.      [ ] Futures. A decision as to whether, when and how to use futures involves the exercise of skill and judgment and even a well conceived futures transaction may be unsuccessful because of market behavior or unexpected events.       Interest Rate Risk. Interest rate risk refers to the risk that bond prices generally fall as interest rates rise; conversely, bond prices generally rise as interest rates fall. Specific bonds differ in their sensitivity to changes in interest rates depending on their individual characteristics, including duration.      Leverage Risk. Leverage exists when the Fund or the Subsidiary purchases or sells an instrument or enters into a transaction without investing cash in an amount equal to the full economic exposure of the instrument or transaction and the Fund or the Subsidiary could lose more than it invested. Leverage created from borrowing or certain types of transactions or instruments may impair the Fund’s and the Subsidiary’s liquidity, cause them to liquidate positions at an unfavorable time, increase volatility or otherwise not achieve their intended objective.      Liquidity Risk. The Fund and the Subsidiary may hold illiquid securities that they are unable to sell at the preferred time or price and could lose their entire investment in such securities.      Management Risk. The investment techniques and risk analysis used by the Fund’s and the Subsidiary’s portfolio managers may not produce the desired results.       Market Risk. The prices of and the income generated by the Fund’s and the Subsidiary’s securities may decline in response to, among other things, investor sentiment; general economic and market conditions; regional or global instability; and currency and interest rate fluctuations.       Non-Diversification Risk. The Fund is non-diversified and can invest a greater portion of its assets in a single issuer. A change in the value of the issuer could affect the value of the Fund more than if it was a diversified fund.      Subsidiary Risk. By investing in the Subsidiary, the Fund is indirectly exposed to risks associated with the Subsidiary’s investments, including derivatives and commodities. Because the Subsidiary is not registered under the Investment Company Act of 1940, as amended (1940 Act), the Fund, as the sole investor in the Subsidiary, will not have the protections offered to investors in U.S. registered investment companies. Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary, respectively, are organized, could result in the inability of the Fund and/or the Subsidiary to operate as described in this prospectus and the SAI, and could negatively affect the Fund and its shareholders.       Tax Risk. The tax treatment of commodity-linked derivative instruments may be adversely affected by changes in legislation, regulations or other legally binding authority. If, as a result of any such adverse action, the income of the Fund from certain commodity-linked derivatives was treated as non-qualifying income, the Fund might fail to qualify as a regulated investment company and be subject to federal income tax at the Fund level. The Fund has received a private letter ruling from the Internal Revenue Service confirming that income derived from the Fund’s investment in a form of commodity-linked note constitutes qualifying income to the Fund. The Fund also has applied to the Internal Revenue Service for a private letter ruling relating to the Subsidiary. The Internal Revenue Service has issued a number of similar letter rulings (including to another Invesco fund), which indicate that income from a mutual fund’s investment in a wholly owned foreign subsidiary that invests in commodity-linked derivatives, such as the Subsidiary, constitutes qualifying income. However, the Internal Revenue Service has suspended issuance of any further private letter rulings pending a review of its position. Should the Internal Revenue Service issue guidance, or Congress enact legislation, that adversely affects the tax treatment of the Fund’s use of commodity-linked notes or the Subsidiary (which guidance might be applied retroactively to the Fund’s investment in the Subsidiary), it could limit the Fund’s ability to pursue its investment strategy and the Fund might not qualify as a regulated investment company for one or more years. In this event, the Fund’s Board of Trustees may authorize a significant change in investment strategy or Fund liquidation. The Fund also may incur transaction and other costs to comply with any new or additional guidance from the Internal Revenue Service.      U.S. Government Obligations Risk. The Fund may invest in obligations issued by U.S. government agencies and instrumentalities that may receive varying levels of support from the government, which could affect the Fund’s ability to recover should they default. The Fund invests primarily in derivative instruments and other financially-linked instruments whose performance is expected to correspond to U.S. and international fixed income, equity and commodity markets. The Fund invests in derivatives and other financially-linked instruments such as futures, swap agreements, including total return swaps and may also invest in U.S. and foreign government debt securities, the Subsidiary, exchange-traded funds (ETFs) and exchange-traded notes (ETNs).            The Fund’s international investments will generally be in developed countries, but may also include emerging market countries. The Fund’s fixed income investments are generally considered to be investment grade while the Fund’s commodity markets exposure will generally be in the precious metals, agriculture, livestock, energy and industrial metals sectors.            The Fund may invest up to 25% of its total assets in the Subsidiary to gain exposure to commodity markets. The Subsidiary, in turn, will invest in futures, swaps, ETFs and ETNs.            The Subsidiary is advised by Invesco, has the same investment objective as the Fund and generally employs the same investment strategy. The Subsidiary, unlike the Fund, may invest without limitation in commodity-linked derivatives and other securities that may provide leveraged and non-leveraged exposure to commodities. The Subsidiary also may hold cash and invest in cash equivalent instruments, including affiliated money market funds, some of which may serve as margin or collateral for the Subsidiary’s derivative positions. The Fund will be subject to the risks associated with any investment by the Subsidiary to the extent of the Fund’s investment in the Subsidiary.            The Fund is non-diversified, which means that it can invest a greater percentage of its assets in any one issuer than a diversified fund can.            The Fund will generally maintain in the range of 40% to 70% of its total assets (including assets invested in the Subsidiary) in cash and cash equivalent instruments including affiliated money market funds. Some of the cash holdings will serve as margin or collateral for the Fund’s obligations under derivative transactions. The larger the value of the Fund’s derivative positions, as opposed to positions held in non-derivative type instruments, the more the Fund will be required to maintain cash and cash equivalents as margin or collateral for such derivatives.            Swap agreements are contracts between two parties to which one party agrees with the other party to exchange the returns (or differentials in returns) earned or realized on a particular asset such as a commodity, calculated with respect to a “notional amount.” The payment streams are calculated by reference to an agreed upon notional amount. Commodity total return swaps are two party contracts in which the parties agree to exchange the return or interest rate on one instrument for the return of a particular commodity, commodity index or commodities futures or options contract.            A futures contract is a standardized agreement between two parties to buy or sell a specific quantity of an underlying instrument or commodity at a specific price at a specific future time. The value of a futures contract tends to increase and decrease in tandem with the value of the underlying instrument or commodity. Futures contracts are bilateral agreements, with both the purchaser and the seller equally obligated to complete the transaction. Depending on the terms of the particular contract, futures contracts are settled through either physical delivery of the underlying instrument or commodity on the settlement date or by payment of a cash settlement amount on the settlement date.            ETFs are traded on an exchange and generally hold a portfolio of securities, commodities and/or currencies that are designed to replicate (i) a specified market or other index, (ii) a basket of securities, commodities or currencies, or (iii) a particular commodity or currency.            ETNs are senior, unsecured, unsubordinated debt securities whose returns are linked to the performance of a particular market, benchmark or strategy. ETNs are traded on an exchange; however, investors can also hold the ETN until maturity. At maturity, the issuer pays to the investor a cash amount equal to the principal amount, subject to the day’s market benchmark or strategy factor.            The portfolio management team’s active three-step investment process involves (1) selecting representative assets to gain exposure to the equity, fixed income and commodity markets; (2) estimating the risk correlation of the selected assets to create a potential portfolio of investments; and (3) actively positioning the Fund’s positions to reflect the near-term market environment, while remaining consistent with the balanced-risk long-term portfolio structure the management team has designed. The management team balances the opportunity for excess return from active positioning and the need to maintain asset class exposure by setting controlled tactical ranges around the long-term asset allocation.            When executing the investment process described above, the management team can purchase derivatives. By using derivatives, the Fund is able to gain greater exposure to assets within each class than would be possible using cash instruments, and thus seeks to balance the amount of risk each asset class contributes to the Fund. Principal Investment Strategies of the Fund The Fund seeks to meet its objective by investing, normally, at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in debt securities denominated in the currencies of emerging market countries.      In complying with the 80% investment requirement, the Fund at times will invest in other investments that have economic characteristics similar to the Fund’s direct investments, including derivatives, which may have the effect of leveraging the Fund’s portfolio.      The Fund can invest in derivatives including credit default swaps, interest rate swaps, credit linked notes, currency futures and forward foreign currency contracts.      The Fund can invest in credit default swaps to hedge its credit risk to an asset class or a particular issuer. A credit default swap is an agreement between two parties where the first party agrees to make one or more payments to the second party, while the second party assumes the risk of certain defaults. A Fund may enter into credit default swaps to create long or short exposure to corporate debt securities or sovereign debt securities. A Fund may buy a credit default swap (buy credit protection) or sell a credit default swap (sell credit protection). When the Fund buys a credit default swap it makes a stream of payments based on a fixed interest rate (the premium) over the life of the swap in exchange for a counterparty (the seller) taking on the risk of default of a referenced debt obligation (the Reference Obligation). Alternatively, a Fund may sell a credit default swap whereby the Fund will receive premium payments from the buyer in exchange for taking the risk of default of the underlying Reference Obligation.      The Fund can invest in interest rate swaps to hedge its exposure to interest rates. An interest rate swap is an agreement between two parties pursuant to which the parties exchange a floating interest rate payment for a fixed interest rate payment based on a specified principal or notional amount.      Credit linked notes are securities with an embedded credit default swap allowing the issuer to transfer a specific credit risk to credit investors. The credit linked note’s price or coupon is linked to the performance of the reference asset of the second party. Generally, the credit linked note holder receives either fixed or floating coupon rate during the life of the credit linked note and par at maturity. The cash flows are dependent on specified credit-related events. Should the second party default or declare bankruptcy, the credit linked note holder will receive an amount equivalent to the recovery rate. In return for these risks, the credit linked note holder receives a higher yield. The Fund can generally use credit linked notes to gain exposure to certain markets.      The Fund can invest in forward foreign currency contracts and currency futures to mitigate the risk of foreign currency exposure. Forward foreign currency contracts and currency futures are agreements between parties to exchange a specified amount of currency at a specified future time at a specified rate. These contracts are used to protect against uncertainty in the level of future foreign currency exchange rates. The Fund can use these contracts to hedge against adverse movements in the foreign currencies in which portfolio securities are denominated.      The debt securities in which the Fund primarily invests include sovereign, quasi-sovereign, corporate and supranational bonds. Quasi-sovereign debt securities are debt securities either explicitly guaranteed by a foreign government or whose majority shareholder is a foreign government. Supranational bonds are bonds issued by an international organization designated or supported by two or more governmental entities and designed to promote economic reconstruction, development or international banking institutions.      Emerging market countries are those countries in the world other than developed countries of the European Union, the United States of America, Canada, Japan, Australia, New Zealand, Norway, Switzerland, Hong Kong and Singapore. A complete list of developed countries of the European Union can be found in the Fund’s SAI. The Fund uses the following criteria to determine whether an issuer is in an emerging market country, including whether (1) it is organized under the laws of an emerging market country; (2) it has a principal office in an emerging market country; (3) it derives 50% or more of its total revenues from business in an emerging market country; or (4) its securities are trading principally on a stock exchange, or in an over-the-counter market, in emerging market countries.      The Fund is non-diversified, which means it can invest a greater percentage of its assets in any one issuer than may a diversified fund.      In attempting to meet its investment objective, the Fund engages in active and frequent trading of portfolio securities.      The portfolio managers of the Fund employ a top-down approach with rigorous bottom-up country, currency and interest rate analysis. The strategy employs disciplined portfolio construction and places a strong emphasis on risk management. The management team strives to avoid substantial credit deterioration and currency devaluation. The management team also looks to participate in the upside of a positive market movement.      In making investment decisions, the portfolio management team makes an initial assessment of the global economic environment, which provides the context for the management team’s sovereign and local currencies outlook, positioning relative to the economic cycle and the level of fundamental risk targeted within the Fund. Members of the team conduct sovereign debt and currency analysis using bottom-up fundamental analysis of the macroeconomic environment of each country, political analysis, appraisals of market supply and demand dynamics, as well as other factors. A forward-looking assessment is then made for each country’s fixed income securities and currency. Securities are selected for inclusion based on perceived value of individual securities relative to alternatives, duration and yield curve positioning appropriate for the interest rate outlook, credit and currency opportunities, and an effort to achieve appropriate diversification. Duration is a measure of volatility expressed in years and represents the anticipated percent change in a bond’s price at a single point in time for a 1% change in yield. As duration increases, volatility increases as applicable interest rates change. In addition, fundamental analysis for corporate issuers is conducted where applicable. The management team will consider selling a security if, among other things: (1) the foreign exchange and interest rate outlook is no longer consistent with the original investment thesis; (2) the issue has met or exceeded its foreign exchange and interest rate objectives; or (3) there are more attractive investment alternatives in the market.      While the Fund anticipates being largely invested in investment grade securities, the Fund may invest up to 100% of its total assets in assets considered to be non-investment grade securities (junk bonds). A fixed income security is considered investment grade if it is either rated at least Baa3 by Moody’s Investors Service, Inc., BBB- by Standard & Poor’s or BBB- by Fitch, or the Fund’s portfolio managers believe it to be of comparable quality. Investment Objective(s) The Fund invests, under normal conditions, in derivatives and other commodity-linked instruments whose performance is expected to correspond to the performance of the underlying commodity, without investing directly in physical commodities. Commodities are assets that have tangible properties, such as oil, metals, and agricultural products. The Fund seeks to achieve its investment objective by investing in derivatives and other commodity-linked instruments that provide exposure to the following four sectors of the commodities markets: agricultural, energy, industrial metals and precious metals.       The Fund primarily will invest in the Subsidiary, commodity-based exchange-traded funds, commodity-linked notes and cash and cash equivalents. Commodity-linked notes generally pay a return linked to the performance of a commodities index or basket of futures contracts with respect to all of the commodities in an index. In some cases, the return will be based on a multiple of the performance of the index, and this embedded leverage will magnify the positive and negative return the Fund earns from these notes as compared to the index. The Fund may invest up to 25% of its total assets in the Subsidiary.       In attempting to meet its investment objective, the Fund engages in active and frequent trading of portfolio securities. The Fund invests in the Subsidiary in order to gain additional exposure to commodities. The Subsidiary, in turn, will invest in commodity-linked derivatives such as futures, swap agreements and in other commodity-linked instruments. In order to gain additional exposure to commodities, the Fund may also invest directly in futures, swaps and commodity-linked notes.       The Fund will generally maintain in the range of 40% to 70% of its total assets (including assets invested in the Subsidiary) in cash and cash equivalent instruments including affiliated money market funds. Some of the cash holdings will serve as margin or collateral for the Fund’s obligations under derivative transactions. The larger the value of the Fund’s derivative positions, as opposed to positions held in non-derivative type instruments, the more the Fund will be required to maintain cash and cash equivalents as margin or collateral for such derivatives. The Fund’s investments in derivatives may create significant leveraged exposure to certain commodities. Leverage occurs when the investments in derivatives create greater economic exposure than the amount invested. This means that the Fund could lose more than originally invested in the derivative.       The Subsidiary is advised by Invesco and has the same investment objective as the Fund and generally employs the same investment strategy. The Subsidiary, unlike the Fund, may invest without limitation in commodity-linked derivatives and other securities that may provide leveraged and non-leveraged exposure to commodities. The Subsidiary also may hold cash and invest in cash equivalent instruments, including affiliated money market funds, some of which may serve as margin or collateral for the Subsidiary’s derivative positions. The Fund will be subject to the risks associated with any investment by the Subsidiary to the extent of the Fund’s investment in the Subsidiary.       The Fund is non-diversified, which means that it can invest a greater percentage of its assets in any one issuer than a diversified fund can.       Relative to index-based commodity funds that are passively managed, the Fund will seek to provide greater capital loss protection during down markets using the portfolio management team’s active three-step investment process.       This three step investment process involves (1) selecting representative commodity assets to gain exposure to the agriculture, energy, industrial metals, and precious metals sectors; (2) estimating the risk correlation of the selected commodity assets to create a potential portfolio of investments; and (3) actively positioning the Fund’s commodity positions to reflect the near-term market environment, while remaining consistent with the balanced-risk long-term portfolio structure described above. The management team balances the opportunity for excess return from active positioning and the need to maintain commodity asset class exposure by setting controlled tactical ranges around the long-term commodity asset allocation.       When executing the investment process described above, the portfolio managers may purchase commodity-linked derivative instruments, such as futures and/or swap contracts on different types of commodity assets. The portfolio managers purchase these commodity-linked derivatives to obtain both long and short commodity positions, in order to actively balance the risk associated with different types of commodity assets and sectors. As with any mutual fund investment, loss of money is a risk of investing. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. The risks associated with an investment in the Fund can increase during times of significant market volatility. The principal risks of investing in the Fund are:      Currency/Exchange Rate Risk. The dollar value of the Fund’s foreign investments will be affected by changes in the exchange rates between the dollar and the currencies in which those investments are traded.      Derivatives Risk. The performance of derivative instruments is tied to the performance of an underlying currency, security, index or other instrument. In addition to risks relating to their underlying instruments, the use of derivatives may include other, possibly greater, risks. Derivatives involve costs, may be volatile, and may involve a small initial investment relative to the risk assumed. Risks associated with the use of derivatives may include counterparty, leverage, correlation, liquidity, tax, market, interest rate and management risks. Derivatives may also be more difficult to purchase, sell or value than other investments. The Fund may lose more than the cash amount invested on investments in derivatives. Investors should bear in mind that, while the Fund intends to use derivative strategies, it is not obligated to actively engage in these transactions, generally or in any particular kind of derivative, if the investment manager elects not to do so due to availability, cost, market conditions or other factors.      Developing/Emerging Markets Securities Risk. Securities issued by foreign companies and governments located in developing/emerging countries may be affected more negatively by inflation, devaluation of their currencies, higher transaction costs, delays in settlement, adverse political developments, the introduction of capital controls, withholding taxes, nationalization of private assets, expropriation, social unrest, war or lack of timely information than those in developed countries.      Foreign Securities Risk. The Fund’s foreign investments may be affected by changes in a foreign country’s exchange rates, political and social instability, changes in economic or taxation policies, difficulties when enforcing obligations, decreased liquidity, and increased volatility. Foreign companies may be subject to less regulation resulting in less publicly available information about the companies.      Management Risk. The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results.      Market Risk. The prices of and the income generated by the Fund’s securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations.      Non-Diversification Risk. The Fund is non-diversified and can invest a greater portion of its assets in a single issuer. A change in the value of the issuer could affect the value of the Fund more than if it was a diversified fund.      Small- and Mid-Capitalization Risks. Stocks of small and mid-sized companies tend to be more vulnerable to adverse developments and may have little or no operating history or track record of success, and limited product lines, markets, management and financial resources. The securities of small and mid-sized companies may be more volatile due to less market interest and less publicly available information about the issuer. They also may be illiquid or restricted as to resale, or may trade less frequently and in smaller volumes, all of which may cause difficulty when establishing or closing a position at a desirable price.      Synthetic Securities Risk. Fluctuations in the values of synthetic securities may not correlate perfectly with the instruments they are designed to replicate. Synthetic securities may be subject to interest rate changes, market price fluctuations, counterparty risk and liquidity risk. As with any mutual fund investment, loss of money is a risk of investing. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. The risks associated with an investment in the Fund can increase during times of significant market volatility. The principal risks of investing in the Fund are:       Commodity-Linked Notes Risk. The Fund’s and the Subsidiary’s investments in commodity-linked notes may involve substantial risks, including risk of loss of a significant portion of their principal value. In addition to risks associated with the underlying commodities, they may be subject to additional special risks, such as the lack of a secondary trading market and temporary price distortions due to speculators and/or the continuous rolling over of futures contracts underlying the notes. Commodity-linked notes are also subject to counterparty risk, which is the risk that the other party to the contract will not fulfill its contractual obligation to complete the transaction with the Fund or the Subsidiary.       Commodity Risk. The Fund’s and the Subsidiary’s significant investment exposure to the commodities markets, and/or a particular sector of the commodities markets, may subject the Fund and the Subsidiary to greater volatility than investments in traditional securities, such as stocks and bonds. The commodities markets may fluctuate widely based on a variety of factors, including changes in overall market movements, domestic and foreign political and economic events and policies, war, acts of terrorism, changes in domestic or foreign interest rates and/or investor expectations concerning interest rates, domestic and foreign inflation rates and investment and trading activities of mutual funds, hedge funds and commodities funds. Prices of various commodities may also be affected by factors such as drought, floods, weather, livestock disease, embargoes, tariffs and other regulatory developments. The prices of commodities can also fluctuate widely due to supply and demand disruptions in major producing or consuming regions. Because the Fund’s and the Subsidiary’s performance are linked to the performance of volatile commodities, investors should be willing to assume the risks of potentially significant fluctuations in the value of the Fund’s shares.       Concentration Risk. To the extent the Fund invests a greater amount in any one sector or industry, the Fund’s performance will depend to a greater extent on the overall condition of the sector or industry, and there is increased risk to the Fund if conditions adversely affect that sector or industry.       Counterparty Risk. Counterparty risk is the risk that the other party to the contract will not fulfill its contractual obligations, which may cause losses or additional costs to the Fund and the Subsidiary.       Credit Risk. The issuer of instruments in which the Fund and the Subsidiary invest 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.       Currency/Exchange Rate Risk. The dollar value of the Fund’s and the Subsidiary’s foreign investments will be affected by changes in the exchange rates between the dollar and the currencies in which those investments are traded.       Derivatives Risk. The performance of derivative instruments is tied to the performance of an underlying currency, security, index or other instrument. In addition to risks relating to their underlying instruments, the use of derivatives may include other, possibly greater, risks. Derivatives involve costs, may be volatile, and may involve a small initial investment relative to the risk assumed. Risks associated with the use of derivatives may include counterparty, leverage, correlation, liquidity, tax, market, interest rate and management risks. Derivatives may also be more difficult to purchase, sell or value than other investments. The Fund and the Subsidiary may lose more than the cash amount invested on investments in derivatives. Investors should bear in mind that, while the Fund intends to use derivative strategies, it is not obligated to actively engage in these transactions, generally or in any particular kind of derivative, if the investment manager elects not to do so due to availability, cost, market conditions or other factors.       Developing/Emerging Markets Securities Risk. Securities issued by foreign companies and governments located in developing/emerging countries may be affected more negatively by inflation, devaluation of their currencies, higher transaction costs, delays in settlement, adverse political developments, the introduction of capital controls, withholding taxes, nationalization of private assets, expropriation, social unrest, war or lack of timely information than those in developed countries.       Exchange-Traded Funds Risk. An investment by the Fund and the Subsidiary in exchange-traded funds generally presents the same primary risks as an investment in a mutual fund. In addition, an exchange-traded fund may be subject to the following: (1) a discount of the exchange-traded fund’s shares to its net asset value; (2) failure to develop an active trading market for the exchange-traded fund’s shares; (3) the listing exchange halting trading of the exchange-traded fund’s shares; (4) failure of the exchange-traded fund’s shares to track the referenced index; and (5) holding troubled securities in the referenced index. Exchange-traded funds may involve duplication of management fees and certain other expenses, as the Fund and the Subsidiary indirectly bear their proportionate share of any expenses paid by the exchange-traded funds in which they invest. Further, certain of the exchange-traded funds in which the Fund and the Subsidiary may invest are leveraged. The more the Fund and the Subsidiary invest in such leveraged exchange-traded funds, the more this leverage will magnify any losses on those investments.       Exchange-Traded Notes Risk. Exchange-traded notes are subject to credit risk, including the credit risk of the issuer, and the value of the exchange-traded note may drop due to a downgrade in the issuer’s credit rating, despite the underlying market benchmark or strategy remaining unchanged. The value of an exchange-traded note may also be influenced by time to maturity, level of supply and demand for the exchange-traded note, volatility and lack of liquidity in underlying assets, changes in the applicable interest rates, changes in the issuer’s credit rating, and economic, legal, political, or geographic events that affect the referenced underlying asset.       Foreign Securities Risk. The Fund’s and the Subsidiary’s foreign investments may be affected by changes in a foreign country’s exchange rates, political and social instability, changes in economic or taxation policies, difficulties when enforcing obligations, decreased liquidity, and increased volatility. Foreign companies may be subject to less regulation resulting in less publicly available information about the companies.       Interest Rate Risk. Interest rate risk refers to the risk that bond prices generally fall as interest rates rise; conversely, bond prices generally rise as interest rates fall. Specific bonds differ in their sensitivity to changes in interest rates depending on their individual characteristics, including duration.       Leverage Risk. Leverage exists when the Fund or the Subsidiary purchases or sells an instrument or enters into a transaction without investing cash in an amount equal to the full economic exposure of the instrument or transaction and the Fund or the Subsidiary could lose more than it invested. Leverage created from borrowing or certain types of transactions or instruments may impair the Fund’s and the Subsidiary’s liquidity, cause them to liquidate positions at an unfavorable time, increase volatility or otherwise not achieve their intended objective.       Liquidity Risk. The Fund and the Subsidiary may hold illiquid securities that they may be unable to sell at the preferred time or price and could lose their entire investment in such securities.       Management Risk. The investment techniques and risk analysis used by the Fund’s and the Subsidiary’s portfolio managers may not produce the desired results.       Market Risk. The prices of and the income generated by the Fund’s and the Subsidiary’s securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations.       Non-Diversification Risk. The Fund is non-diversified and can invest a greater portion of its assets in a single issuer. A change in the value of the issuer could affect the value of the Fund more than if it was a diversified fund.       Subsidiary Risk. By investing in the Subsidiary, the Fund is indirectly exposed to risks associated with the Subsidiary’s investments, including derivatives and commodities. Because the Subsidiary is not registered under the Investment Company Act of 1940, as amended (1940 Act), the Fund, as the sole investor in the Subsidiary, will not have the protections offered to investors in U.S. registered investment companies. Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary, respectively, are organized, could result in the inability of the Fund and/or the Subsidiary to operate as described in this prospectus and the SAI, and could negatively affect the Fund and its shareholders.       Tax Risk. The tax treatment of commodity-linked derivative instruments may be adversely affected by changes in legislation, regulations or other legally binding authority. If, as a result of any such adverse action, the income of the Fund from certain commodity-linked derivatives was treated as non-qualifying income, the Fund might fail to qualify as a regulated investment company and be subject to federal income tax at the Fund level. The Fund has received private letter rulings from the Internal Revenue Service confirming that income derived from the Fund’s investments in the Subsidiary and a form of commodity-linked note constitutes qualifying income to the Fund. However, the Internal Revenue Service has suspended issuance of any further private letter rulings pending a review of its position. Should the Internal Revenue Service issue guidance, or Congress enact legislation, that adversely affects the tax treatment of the Fund’s use of commodity-linked notes, or the Subsidiary, it could limit the Fund’s ability to pursue its investment strategy. In this event, the Fund’s Board of Trustees may authorize a significant change in investment strategy or Fund liquidation. The Fund also may incur transaction and other costs to comply with any new or additional guidance from the Internal Revenue Service.       U.S. Government Obligations Risk. The Fund may invest in obligations issued by U.S. Government agencies and instrumentalities that may receive varying levels of support from the government, which could affect the Fund’s ability to recover should they default. The Fund invests primarily in equity securities of mid-capitalization issuers.      The Fund may invest up to 10% of its total assets in fixed-income securities such as investment-grade debt securities and longer-term U.S. Government securities. The Fund may invest up to 25% of its total assets in foreign securities.      The Fund can invest in derivative instruments including forward foreign currency contracts. The Fund can utilize forward foreign currency contracts to mitigate the risk of foreign currency exposure. A forward foreign currency contract is an agreement between parties to exchange a specified amount of currency at a specified future time at a specified rate. Forward foreign currency contracts are used to protect against uncertainty in the level of future foreign currency exchange rates. The Fund can use these contracts to hedge against adverse movements in the foreign currencies in which portfolio securities are denominated.      In selecting securities, the portfolio managers seek to identify issuers that are both attractively priced relative to their prospective earnings and cash flow, and have strong long-term growth prospects. In evaluating issuers, the portfolio managers emphasize several factors such as the quality of the issuer’s management team, their commitment to securing a competitive advantage, and the issuer’s sustainable growth potential.      The portfolio managers typically consider whether to sell a security in any of four circumstances: 1) a more attractive investment opportunity is identified, 2) the full value of the investment is deemed to have been realized, 3) there has been a fundamental negative change in management strategy of the issuer, or 4) there has been a fundamental negative change in competitive environment.      The Fund may at times invest a significant amount of its assets in cash and cash equivalents if the portfolio managers are not able to find equity securities that meet their investment criteria. As a result, the Fund may not achieve its investment objective. Investment Objective(s) Fees and Expenses of the Fund 0 0 0 0 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangement, such as 401(k) plans or individual retirement accounts. 0.0108 0.0108 0.0095 2009-06-30 0.0095 0.3918 Worst Quarter 2008-12-31 -0.0028 0 0 -0.0028 February 28, 2013 As with any mutual fund investment, loss of money is a risk of investing. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. The risks associated with an investment in the Fund can increase during times of significant market volatility. The principal risks of investing in the Fund are:      Active Trading Risk. The Fund engages in frequent trading of portfolio securities. Active trading results in added expenses and may result in a lower return and increased tax liability.      Cash/Cash Equivalents Risk. Holding cash or cash equivalents may negatively affect performance.      Credit Linked Notes Risk. Risks of credit linked notes include those risks associated with the underlying reference obligation including but not limited to market risk, interest rate risk, credit risk, default risk and foreign currency risk. In the case of a credit linked note created with credit default swaps, the structure will be “funded” such that the par amount of the security will represent the maximum loss that could be incurred on the investment and no leverage is introduced. An investor in a credit linked note bears counterparty risk or the risk that the issuer of the credit linked note will default or become bankrupt and not make timely payment of principal and interest of the structured security.      Credit Risk. The issuer of instruments in which the Fund invests 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 Risk. The performance of derivative instruments is tied to the performance of an underlying currency, security, index or other instrument. In addition to risks relating to their underlying instruments, the use of derivatives may include other, possibly greater, risks. Derivatives involve costs, may be volatile, and may involve a small initial investment relative to the risk assumed. Risks associated with the use of derivatives may include counterparty, leverage, correlation, liquidity, tax, market, interest rate and management risks. Derivatives may also be more difficult to purchase, sell or value than other investments. The Fund may lose more than the cash amount invested on investments in derivatives. Investors should bear in mind that, while the Fund intends to use derivative strategies, it is not obligated to actively engage in these transactions, generally or in any particular kind of derivative, if the investment manager elects not to do so due to availability, cost, market conditions or other factors.      Developing/Emerging Markets Securities Risk. Securities issued by foreign companies and governments located in developing/emerging countries may be affected more negatively by inflation, devaluation of their currencies, higher transaction costs, delays in settlement, adverse political developments, the introduction of capital controls, withholding taxes, nationalization of private assets, expropriation, social unrest, war or lack of timely information than those in developed countries.      Foreign Securities Risk. The Fund’s foreign investments may be affected by changes in a foreign country’s exchange rates, political and social instability, changes in economic or taxation policies, difficulties when enforcing obligations, decreased liquidity, and increased volatility. Foreign companies may be subject to less regulation resulting in less publicly available information about the companies.      High Yield Bond (Junk Bond) Risk. Junk bonds involve a greater risk of default or price changes due to changes in the credit quality of the issuer. The values of junk bonds fluctuate more than those of high-quality bonds in response to company, political, regulatory or economic developments. Values of junk bonds can decline significantly over short periods of time.      Interest Rate Risk. Interest rate risk refers to the risk that bond prices generally fall as interest rates rise; conversely, bond prices generally rise as interest rates fall. Specific bonds differ in their sensitivity to changes in interest rates depending on their individual characteristics, including duration.      Leverage Risk. Leverage exists when the Fund purchases or sells an instrument or enters into a transaction without investing cash in an amount equal to the full economic exposure of the instrument or transaction and the Fund could lose more than it invested. Leverage created from borrowing or certain types of transactions or instruments may impair the Fund’s liquidity, cause them to liquidate positions at an unfavorable time, increase volatility or otherwise not achieve their intended objective.      Management Risk. The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results.      Market Risk. The prices of and the income generated by the Fund’s securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations.      Non-Diversification Risk. The Fund is non-diversified and can invest a greater portion of its assets in a single issuer. A change in the value of the issuer could affect the value of the Fund more than if it was a diversified fund.      Reinvestment Risk. Reinvestment risk is the risk that a bond’s cash flows (coupon income and principal repayment) will be reinvested at an interest rate below that on the original bond.      Sovereign Debt Risk. Investments in foreign sovereign debt obligations involve certain risks in addition to those relating to foreign securities or debt securities generally. The issuer of the debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due in accordance with the terms of such debt, and the Fund may have limited recourse in the event of a default against the defaulting government. Without the approval of debt holders, some governmental debtors have in the past been able to reschedule or restructure their debt payments or declare moratoria on payments.      Synthetic Securities Risk. Fluctuations in the values of synthetic securities may not correlate perfectly with the instruments they are designed to replicate. Synthetic securities may be subject to interest rate changes, market price fluctuations, counterparty risk and liquidity risk.      Tax Risk. If the U.S. Treasury Department were to exercise its authority to issue regulations that exclude from the definition of “qualifying income” foreign currency gains not directly related to the Fund’s business of investing in securities, the Fund may be unable to qualify as a regulated investment company for one or more years. In this event, the Fund’s Board of Trustees may authorize a significant change in investment strategy or Fund liquidation. 275 275 Investment Objective(s) Fees and Expenses of the Fund Portfolio Turnover. Principal Investment Strategies of the Fund After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangement, such as 401(k) plans or individual retirement accounts. 0.041 321 321 As with any mutual fund investment, loss of money is a risk of investing. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. The risks associated with an investment in the Fund can increase during times of significant market volatility. The principal risks of investing in the Fund are:      Cash/Cash Equivalents Risk. Holding cash or cash equivalents may negatively affect performance.      Debt Securities Risk. The Fund may invest in debt securities that are affected by changing interest rates and changes in their effective maturities and credit quality.      Derivatives Risk. The performance of derivative instruments is tied to the performance of an underlying currency, security, index or other instrument. In addition to risks relating to their underlying instruments, the use of derivatives may include other, possibly greater, risks. Derivatives involve costs, may be volatile, and may involve a small initial investment relative to the risk assumed. Risks associated with the use of derivatives may include counterparty, leverage, correlation, liquidity, tax, market, interest rate and management risks. Derivatives may also be more difficult to purchase, sell or value than other investments. The Fund may lose more than the cash amount invested on investments in derivatives. Investors should bear in mind that, while the Fund intends to use derivative strategies, it is not obligated to actively engage in these transactions, generally or in any particular kind of derivative, if the investment manager elects not to do so due to availability, cost, market conditions or other factors.      Foreign Securities Risk. The Fund’s foreign investments may be affected by changes in a foreign country’s exchange rates, political and social instability, changes in economic or taxation policies, difficulties when enforcing obligations, decreased liquidity, and increased volatility. Foreign companies may be subject to less regulation resulting in less publicly available information about the companies.      Management Risk. The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results.      Market Risk. The prices of and the income generated by the Fund’s securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations.      Small- and Mid-Capitalization Risks. Stocks of small and mid-sized companies tend to be more vulnerable to adverse developments and may have little or no operating history or track record of success, and limited product lines, markets, management and financial resources. The securities of small and mid-sized companies may be more volatile due to less market interest and less publicly available information about the issuer. They also may be illiquid or restricted as to resale, or may trade less frequently and in smaller volumes, all of which may cause difficulty when establishing or closing a position at a desirable price.      U.S. Government Obligations Risk. The Fund may invest in obligations issued by U.S. Government agencies and instrumentalities that may receive varying levels of support from the government, which could affect the Fund’s ability to recover should they default. Portfolio Turnover. February 28, 2013 As with any mutual fund investment, loss of money is a risk of investing.       Non-Diversification Risk. The Fund is non-diversified and can invest a greater portion of its assets in a single issuer. A change in the value of the issuer could affect the value of the Fund more than if it was a diversified fund. Fees and Expenses of the Fund Principal Investment Strategies of the Fund Worst Quarter The Fund invests its assets in a diversified portfolio of foreign government and corporate debt securities, generally represented by the sector categories within the Barclays Capital Global Aggregate ex-U.S. Index (unhedged), interest rate futures, and in foreign currency investments. Debt securities that the Fund may invest in include foreign sovereign, corporate or agency securities of varying maturities, including securitized securities, such as asset-backed and mortgage-backed securities, and commercial paper and other short-term debt instruments.        The Fund can invest in derivatives, including interest rate futures and forward foreign currency contracts. Derivative instruments may have the effect of leveraging the Fund’s portfolio.       The Fund can invest in interest rate futures to gain or reduce its exposure to interest rates. Interest rate futures are used by the managers to manage duration and yield curve positioning within the portfolio. An interest rate futures contract is an exchange-traded contract in which the specified underlying security is either an interest-bearing fixed income security or an inter-bank deposit. Interest rate futures are based off an underlying security which is a debt obligation and moves in value as interest rates change.       The Fund can utilize forward foreign currency contracts to mitigate the risk of foreign currency exposure. A forward foreign currency contract is an agreement between parties to exchange a specified amount of currency at a specified future time at a specified rate. 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. The Fund can use these contracts to hedge against adverse movement in the foreign currencies in which portfolio securities are denominated.       The Fund may invest a significant amount of its total assets in foreign securities. The Fund considers a company to be foreign based on its domicile, or in certain cases such as where the security is guaranteed by the parent or issued by a special purpose entity, its parent’s domicile. The Fund will normally invest in companies located in at least three countries other than the United States. As of October 31, 2011, the principal countries in which the Fund was invested were the United Kingdom, Germany, Italy and France.       The Fund may invest up to 30% of its total assets in U.S. dollar-denominated securities. The Fund may invest up to 25% of its total assets in non-investment grade securities (junk bonds), including non-investment grade emerging market securities.       In attempting to meet its investment objective, the Fund engages in active and frequent trading of portfolio securities.       The Fund will use the Barclays Capital Global Aggregate ex-U.S. Index (unhedged) (its benchmark index) as a guide in structuring and selecting its investments, but will seek to outperform such index by applying an actively managed top-down portfolio construction and bottom-up security selection total return strategy. The Fund seeks to outperform its benchmark through an analysis of a variety of alpha sources (specific factors affecting the return on investments in excess of the benchmark), including, among others, interest rate and yield curve risk, high yield and emerging market risk, country risk and currency risk. In constructing the portfolio, the portfolio managers will consider macro-economic and sector level factors such as economic or political conditions, monetary policy, and emerging markets, as well as issuer specific factors such as cash flow coverage, revenue growth, stable or improving credit ratings and business margin improvement. The portfolio managers focus on securities that they believe have favorable prospects for exceeding the benchmark. The portfolio managers may adjust the split between sovereign, agency and corporate bonds in the Fund depending on their assessment of overall market conditions. The portfolio managers will consider whether to sell a particular security when the risk factors relative to return materially change. Sell decisions are also based on (1) a conscious decision to alter the Fund’s macro-risk exposure (for example, duration, yield curve positioning or sector exposure); (2) the need to limit or reduce exposure to a particular sector or issuer; (3) degradation of an issuer’s credit quality; (4) realignment of a valuation target; (5) presentation of a better relative value opportunity; and/or (6) general liquidity needs of the Fund. As with any mutual fund investment, loss of money is a risk of investing.       Non-Diversification Risk. The Fund is non-diversified and can invest a greater portion of its assets in a single issuer. A change in the value of the issuer could affect the value of the Fund more than if it was a diversified fund. As with any mutual fund investment, loss of money is a risk of investing. As with any mutual fund investment, loss of money is a risk of investing. 0 The Fund seeks to achieve its investment objective by actively allocating assets across multiple income producing asset classes and strategies. The Fund is organized into two portfolios: (i) a high income portfolio (the High Income Portfolio) designed to seek income and increase in value during periods of economic strength, and (ii) a government bond portfolio (the Government Bond Portfolio) which will hold assets that are expected to provide income and increase in value during periods of economic stress. The Adviser’s Global Asset Allocation (GAA) Team will employ risk balancing strategies to allocate assets between and within the two portfolios to create a balanced risk profile for the Fund. The Adviser expects this strategy to provide protection during periods of economic stress while meeting the Fund’s investment objective.      In addition to the High Income Portfolio and the Government Bond Portfolio, which are described further below, the GAA Team will make opportunistic investments in other asset classes they believe have favorable prospects for high current income and the possibility of growth of capital. The GAA Team will implement these opportunistic investments by investing in affiliated and unaffiliated exchange-traded funds (ETFs), open-end investment companies, closed-end investment companies that invest in senior secured floating rate loans made by banks and other lending institutions, senior secured floating rate debt instruments, mortgage-backed securities consisting of interests in underlying mortgages with maturities of up to thirty years, equity securities of global companies principally engaged in the real estate industry, equity real estate investment trusts (REITs) and mortgage REITs.      The Fund may invest all of its assets in securities or loans of issuers located in foreign countries, all of which may be securities or loans of issuers located in emerging market countries, i.e., those that are identified as in the initial stages of their industrial cycles. Emerging market countries are those countries in the world other than developed countries of the European Union, the United States of America, Canada, Japan, Australia, New Zealand, Norway, Switzerland, Hong Kong and Singapore. A complete list of developed countries of the European Union can be found in the Fund’s SAI. The Fund’s securities can be denominated in either U.S. dollars or foreign currencies. The Fund uses the following criteria to determine whether an issuer is in an emerging market country, including whether (1) it is organized under the laws of an emerging market country; (2) it has a principal office in an emerging market country; (3) it derives 50% or more of its total revenues from business in an emerging market country; or (4) its securities are trading principally on a stock exchange, or in an over-the-counter market, in emerging market countries.      The Fund intends to use derivative instruments for risk management, portfolio management, earning income, managing target duration, gaining exposure to a particular asset class or hedging its exposure to non-U.S. currencies. Derivatives are financial instruments whose value is based on the value of another underlying asset, interest rate, index or financial instrument. The Fund’s use of derivatives will involve the purchase and sale of treasury futures (including foreign government bond futures), options on treasury futures, interest rate swaps, credit default index swaps, forward foreign currency exchange contracts and other related instruments and techniques. The Fund’s investments in certain derivatives may create leveraged exposure to certain equity and fixed income markets. Leverage occurs when the investments in derivatives create greater economic exposure than the amount invested.      In attempting to meet its investment objective, the Fund may engage in active and frequent trading of portfolio securities.High Income Portfolio The GAA Team will determine how to allocate the High Income Portfolio’s assets among different asset classes by evaluating income-producing assets based on yield, liquidity, and tax treatment. As of the date of this prospectus, the High Income Portfolio includes allocations to three core segments: a non-investment grade (high yield) debt segment, a U.S. dollar-denominated emerging market debt segment, and a preferred equity segment. Each segment is described below and will be managed by a different investment team comprised of certain portfolio managers of the Fund. The GAA Team will set controlled tactical ranges around these segments and may allocate assets of the High Income Portfolio to investments in credit default swaps, individual securities and ETFs.      The GAA Team may also add or delete segments in which the High Income Portfolio will invest in its discretion.      High Yield Debt Segment. The high yield debt segment of the Fund’s portfolio invests primarily in debt securities of U.S. and foreign issuers that are determined to be below investment grade quality. The Fund considers debt securities to be below investment grade quality if they are rated BB/Ba or lower by Standard & Poor’s Ratings Services (S&P), Moody’s Investors Service, Inc. (Moody’s), or any other nationally recognized statistical rating organization (NRSRO), or are determined by the portfolio managers to be of comparable quality to such rated securities. These types of securities are commonly known as “junk bonds.” The Fund will invest principally in junk bonds rated B or above by an NRSRO or deemed to be of comparable quality by the portfolio managers. This segment of the Fund’s portfolio will invest in derivative instruments such as credit default index swaps and also ETFs and closed-end investment companies to manage its exposure to the high yield debt asset class. The Fund may also invest in Rule 144A private placement securities.      In selecting securities for this segment of the Fund’s portfolio, the portfolio managers focus on high yield bonds that they believe have favorable prospects for high current income and the possibility of growth of capital. The portfolio managers’ research generally includes a bottom-up fundamental analysis of an issuer before its securities are purchased by the Fund. The portfolio managers attempt to control the Fund’s risk by (i) limiting the portfolio’s assets that are invested in any one security, and (ii) diversifying the portfolio’s holdings over a number of different industries. The portfolio managers of this segment of the Fund’s portfolio will consider selling a security if (i) there appears to be a deterioration in a security’s risk profile, or (ii) they determine that other securities offer better value.      Emerging Market Debt Segment. The emerging market debt segment of the Fund’s portfolio invests primarily in U.S. dollar denominated emerging market debt securities, including sovereign, quasi-sovereign, corporate and supranational bonds. Quasi-sovereign debt securities are debt securities either explicitly guaranteed by a foreign government or whose majority shareholder is a foreign government. Supranational bonds are bonds issued by an international organization designated or supported by two or more governmental entities and designed to promote economic reconstruction, development or international banking institutions. This segment of the Fund’s portfolio will also invest in credit linked notes and derivative instruments such as credit default index swaps to manage its exposure to the emerging market asset class.      The portfolio managers of this segment of the Fund’s portfolio employ a top-down approach with bottom-up country, currency and interest rate analysis. The strategy employs disciplined portfolio construction and places a strong emphasis on risk management. The portfolio managers of this segment of the Fund’s portfolio will consider selling a security if, among other things, (i) the foreign exchange, spread and interest rate outlook is no longer consistent with the original investment thesis; (ii) the issue has met or exceeded its foreign exchange, spread and interest rate objectives; or (iii) there are more attractive investment alternatives in the market. While the Fund anticipates that this segment of the portfolio will largely be invested in investment grade securities, the entire segment of the portfolio may be invested in junk bonds.      Preferred Equity Segment. The preferred equity segment of the Fund’s portfolio invests primarily in fixed rate U.S. dollar-denominated preferred securities, which generally are securities in The BofA Merrill Lynch Core Plus Fixed Rate Preferred Securities Index (the Index), with a view of maintaining a securities exposure that reflects the number and weights of the underlying securities included in the Index. The Index is a market capitalization-weighted index designed to reflect the total return performance of the fixed rate U.S. dollar-denominated preferred securities market. The Index includes traditional preferred securities and other preferred securities, including those issued by foreign companies in the form of American Depositary Shares. Most of the preferred securities included in the Index are traded on national securities exchanges; however, a small percentage are traded in the over-the-counter (OTC) market. Securities qualifying for the Index must be rated at least B3 (based on an average of Moody’s, S&P and Fitch Ratings, Inc. (Fitch)) and must have an investment grade rated country of risk (based on an average of Moody’s, S&P and Fitch foreign currency long term sovereign debt ratings). The Fund may also invest in floating rate U.S. dollar-denominated preferred securities.      The portfolio managers of this segment of the Fund’s portfolio will consider selling a security if, among other things: (1) there appears to be deterioration in a security’s risk profile, or (2) they determine that there are more attractive investment alternatives in the market.Government Bond Portfolio The Government Bond Portfolio includes investments in debt securities issued, guaranteed or otherwise backed by the U.S. Government or its agencies and instrumentalities. These securities include: (1) U.S. Treasury obligations (including the principal components or the interest components issued by the U.S. Government under the Separate Trading of Registered Interest and Principal Securities program (i.e. STRIPS); and (2) obligations issued or guaranteed by U.S. Government agencies and instrumentalities and supported by (a) the full faith and credit of the U.S. Treasury, (b) the right of the issuer to borrow from the U.S. Treasury, or (c) the credit of the agency or instrumentality. The Fund may also invest in securities issued by foreign governments. The Fund intends to invest in derivative instruments such as treasury futures (including U.S. Government and foreign government bond futures) and options on treasury futures (including U.S. Government and foreign government bond futures) to adjust the duration of the portfolio. The duration of the Government Bond Portfolio is based on two considerations: (1) the duration necessary to balance any volatility associated with the Fund’s non-Treasury assets; and (2) the Adviser’s current view on interest rates.      The purchase or sale of securities within the Government Bond Portfolio may be related to a decision to alter the Fund’s risk exposure or general liquidity needs of the Fund. 2010-09-30 -0.0024 -0.0024 0.0721 Worst Quarter 0.0123 2011-03-31 As with any mutual fund investment, loss of money is a risk of investing. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. The risks associated with an investment in the Fund can increase during times of significant market volatility. The principal risks of investing in the Fund are:        Active Trading Risk. The Fund engages in frequent trading of portfolio securities. Active trading results in added expenses and may result in a lower return and increased tax liability.       Call Risk. If interest rates fall, it is possible that issuers of debt securities with high interest rates will prepay or call their securities before their maturity dates. In this event, the proceeds from the called securities would likely be reinvested by the Fund in securities bearing the new, lower interest rates, resulting in a possible decline in the Fund’s income and distributions to shareholders.       Credit Risk. The issuer of instruments in which the Fund invests 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.       Currency/Exchange Rate Risk. The dollar value of the Fund’s foreign investments will be affected by changes in the exchange rates between the dollar and the currencies in which those investments are traded.       Derivatives Risk. The performance of derivative instruments is tied to the performance of an underlying currency, security, index or other instrument. In addition to risks relating to their underlying instruments, the use of derivatives may include other, possibly greater, risks. Derivatives involve costs, may be volatile, and may involve a small initial investment relative to the risk assumed. Risks associated with the use of derivatives may include counterparty, leverage, correlation, liquidity, tax, market, interest rate and management risks. Derivatives may also be more difficult to purchase, sell or value than other investments. The Fund may lose more than the cash amount invested on investments in derivatives. Investors should bear in mind that, while the Fund intends to use derivative strategies, it is not obligated to actively engage in these transactions, generally or in any particular kind of derivative, if the investment manager elects not to do so due to availability, cost, market conditions or other factors.       Developing/Emerging Markets Securities Risk. Securities issued by foreign companies and governments located in developing/emerging countries may be affected more negatively by inflation, devaluation of their currencies, higher transaction costs, delays in settlement, adverse political developments, the introduction of capital controls, withholding taxes, nationalization of private assets, expropriation, social unrest, war or lack of timely information than those in developed countries.       Foreign Securities Risk. The Fund’s foreign investments may be affected by changes in a foreign country’s exchange rates, political and social instability, changes in economic or taxation policies, difficulties when enforcing obligations, decreased liquidity, and increased volatility. Foreign companies may be subject to less regulation resulting in less publicly available information about the companies.      High Yield Bond (Junk Bond) Risk. Junk bonds involve a greater risk of default or price changes due to changes in the credit quality of the issuer. The values of junk bonds fluctuate more than those of high-quality bonds in response to company, political, regulatory or economic developments. Values of junk bonds can decline significantly over short periods of time.      Interest Rate Risk. Interest rate risk refers to the risk that bond prices generally fall as interest rates rise; conversely, bond prices generally rise as interest rates fall. Specific bonds differ in their sensitivity to changes in interest rates depending on their individual characteristics, including duration.      Leverage Risk. Leverage exists when the Fund purchases or sells an instrument or enters into a transaction without investing cash in an amount equal to the full economic exposure of the instrument or transaction and the Fund could lose more than it invested. Leverage created from borrowing or certain types of transactions or instruments may impair the Fund’s liquidity, cause them to liquidate positions at an unfavorable time, increase volatility or otherwise not achieve their intended objective.      Management Risk. The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results.      Market Risk. The prices of and the income generated by the Fund’s securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations.      Mortgage- and Asset-Backed Securities Risk. The Fund may invest in mortgage- and asset-backed securities that are subject to prepayment or call risk, which is the risk that the borrower’s payments may be received earlier or later than expected due to changes in prepayment rates on underlying loans. Faster prepayments often happen when interest rates are falling. As a result, the Fund may reinvest these early payments at lower interest rates, thereby reducing the Fund’s income. Conversely, when interest rates rise, prepayments may happen more slowly, causing the security to lengthen in duration. Longer duration securities tend to be more volatile. Securities may be prepaid at a price less than the original purchase value. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of mortgage-backed securities and could result in losses to the Fund. The risk of such defaults is generally higher in the case of mortgage pools that include subprime mortgages. Subprime mortgages refer to loans made to borrowers with weakened credit histories or with lower capacity to make timely payments on their mortgages.      Sovereign Debt Risk. Investments in foreign sovereign debt obligations involve certain risks in addition to those relating to foreign securities or debt securities generally. The issuer of the debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due in accordance with the terms of such debt, and the Fund may have limited recourse in the event of a default against the defaulting government. Without the approval of debt holders, some governmental debtors have in the past been able to reschedule or restructure their debt payments or declare moratoria on payments. As with any mutual fund investment, loss of money is a risk of investing. As with any mutual fund investment, loss of money is a risk of investing.       Non-Diversification Risk. The Fund is non-diversified and can invest a greater portion of its assets in a single issuer. A change in the value of the issuer could affect the value of the Fund more than if it was a diversified fund. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangement, such as 401(k) plans or individual retirement accounts. -0.0326 -0.0326 0.0277 Principal Investment Strategies of the Fund 0.0534 390 Portfolio Turnover. As with any mutual fund investment, loss of money is a risk of investing. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. The risks associated with an investment in the Fund can increase during times of significant market volatility. The principal risks of investing in the Fund are:      Active Trading Risk. The Fund engages in frequent trading of portfolio securities. Active trading results in added expenses and may result in a lower return and increased tax liability.      Call Risk. If interest rates fall, it is possible that issuers of debt securities with high interest rates will prepay or call their securities before their maturity dates. In this event, the proceeds from the called securities would likely be reinvested by the Fund in securities bearing the new, lower interest rates, resulting in a possible decline in the Fund’s income and distributions to shareholders.      Counterparty Risk. Counterparty risk is the risk that the other party to the contract will not fulfill its contractual obligations, which may cause losses or additional costs to the Fund.      Credit Risk. The issuer of instruments in which the Fund invests 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 Risk. The performance of derivative instruments is tied to the performance of an underlying currency, security, index or other instrument. In addition to risks relating to their underlying instruments, the use of derivatives may include other, possibly greater, risks. Derivatives involve costs, may be volatile, and may involve a small initial investment relative to the risk assumed. Risks associated with the use of derivatives may include counterparty, leverage, correlation, liquidity, tax, market, interest rate and management risks. Derivatives may also be more difficult to purchase, sell or value than other investments. The Fund may lose more than the cash amount invested on investments in derivatives. Investors should bear in mind that, while the Fund intends to use derivative strategies, it is not obligated to actively engage in these transactions, generally or in any particular kind of derivative, if the investment manager elects not to do so due to availability, cost, market conditions or other factors.      Developing/Emerging Markets Securities Risk. Securities issued by foreign companies and governments located in developing/emerging countries may be affected more negatively by inflation, devaluation of their currencies, higher transaction costs, delays in settlement, adverse political developments, the introduction of capital controls, withholding taxes, nationalization of private assets, expropriation, social unrest, war or lack of timely information than those in developed countries.      Exchange-Traded Funds Risk. An investment by the Fund in exchange-traded funds generally presents the same primary risks as an investment in a mutual fund. In addition, an exchange-traded fund may be subject to the following: (1) a discount of the exchange-traded fund’s shares to its net asset value; (2) failure to develop an active trading market for the exchange-traded fund’s shares; (3) the listing exchange halting trading of the exchange-traded fund’s shares; (4) failure of the exchange-traded fund’s shares to track the referenced index; and (5) holding troubled securities in the referenced index. Exchange-traded funds may involve duplication of management fees and certain other expenses, as the Fund indirectly bears its proportionate share of any expenses paid by the exchange-traded funds in which it invests. Further, certain of the exchange-traded funds in which the Fund may invest are leveraged. The more the Fund invests in such leveraged exchange-traded funds, the more this leverage will magnify any losses on those investments.      Financial Institutions Risk. Investments in financial institutions may be subject to certain risks, including, but not limited to, the risk of regulatory actions, changes in interest rates and concentration of loan portfolios in an industry or sector. Financial institutions are highly regulated and may suffer setbacks should regulatory rules and interpretations under which they operate change. Likewise, there is a high level of competition among financial institutions which could adversely affect the viability of an institution.      Foreign Securities Risk. The Fund’s foreign investments may be affected by changes in a foreign country’s exchange rates, political and social instability, changes in economic or taxation policies, difficulties when enforcing obligations, decreased liquidity, and increased volatility. Foreign companies may be subject to less regulation resulting in less publicly available information about the companies.      High Yield Bond (Junk Bond) Risk. Junk bonds involve a greater risk of default or price changes due to changes in the credit quality of the issuer. The values of junk bonds fluctuate more than those of high-quality bonds in response to company, political, regulatory or economic developments. Values of junk bonds can decline significantly over short periods of time.      Interest Rate Risk. Interest rate risk refers to the risk that bond prices generally fall as interest rates rise; conversely, bond prices generally rise as interest rates fall. Specific bonds differ in their sensitivity to changes in interest rates depending on their individual characteristics, including duration.      Leverage Risk. Leverage exists when the Fund purchases or sells an instrument or enters into a transaction without investing cash in an amount equal to the full economic exposure of the instrument or transaction and the Fund could lose more than it invested. Leverage created from borrowing or certain types of transactions or instruments may impair the Fund’s liquidity, cause them to liquidate positions at an unfavorable time, increase volatility or otherwise not achieve their intended objective.      Liquidity Risk. The Fund may hold illiquid securities that it may be unable to sell at the preferred time or price and could lose its entire investment in such securities.      Management Risk. The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results.      Market Risk. The prices of and the income generated by the Fund’s securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations.      Mortgage- and Asset-Backed Securities Risk. The Fund may invest in mortgage- and asset-backed securities that are subject to prepayment or call risk, which is the risk that the borrower’s payments may be received earlier or later than expected due to changes in prepayment rates on underlying loans. Faster prepayments often happen when interest rates are falling. As a result, the Fund may reinvest these early payments at lower interest rates, thereby reducing the Fund’s income. Conversely, when interest rates rise, prepayments may happen more slowly, causing the security to lengthen in duration. Longer duration securities tend to be more volatile. Securities may be prepaid at a price less than the original purchase value. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of mortgage-backed securities and could result in losses to the Fund. The risk of such defaults is generally higher in the case of mortgage pools that include subprime mortgages. Subprime mortgages refer to loans made to borrowers with weakened credit histories or with lower capacity to make timely payments on their mortgages.      Non-Correlation Risk. The return of the Fund’s preferred equity segment may not match the return of the Index for a number of reasons. For example, the Fund incurs operating expenses not applicable to the Index, and incurs costs in buying and selling securities, especially when rebalancing securities holdings to reflect changes in the Index. In addition, the performance of the preferred equity segment and the Index may vary due to asset valuation differences and differences between the preferred equity segment and the Index resulting from legal restrictions, costs or liquidity constraints.      Preferred Securities Risk. Preferred securities may include provisions that permit the issuer, in its discretion, to defer or omit distributions for a certain period of time. If the Fund owns a security that is deferring or omitting its distributions, the Fund may be required to report the distribution on its tax returns, even though it may not have received this income. Further, preferred securities may lose substantial value due to the omission or deferment of dividend payments.      Reinvestment Risk. Reinvestment risk is the risk that a bond’s cash flows (coupon income and principal repayment) will be reinvested at an interest rate below that on the original bond.      REIT Risk/Real Estate Risk. Investments in real estate related instruments may be affected by economic, legal, cultural, environmental or technological factors that affect property values, rents or occupancies of real estate related to the Fund’s holdings. Real estate companies, including REITs or similar structures, tend to be small and mid cap companies, and their shares may be more volatile and less liquid. The value of investments in real estate related companies may be affected by the quality of management, the ability to repay loans, the utilization of leverage and financial covenants related thereto, whether the company carries adequate insurance and environmental factors. If a real estate related company defaults, the Fund may own real estate directly, which involves the following additional risks: environmental liabilities, difficulty in valuing and selling the real estate, and economic or regulatory changes.      Tax Risk. If the U.S. Treasury Department were to exercise its authority to issue regulations that exclude from the definition of “qualifying income” foreign currency gains not directly related to the Fund’s business of investing in securities, the Fund may be unable to qualify as a regulated investment company for one or more years. In this event, the Fund’s Board of Trustees may authorize a significant change in investment strategy or Fund liquidation.      U.S. Government Obligations Risk. The Fund may invest in obligations issued by U.S. Government agencies and instrumentalities that may receive varying levels of support from the government, which could affect the Fund’s ability to recover should they default. 2011-06-30 0.0391 Worst Quarter 2011-09-30 As with any mutual fund investment, loss of money is a risk of investing. Principal Investment Strategies of the Fund -0.0331 2010-09-30 0.1045 Worst Quarter 2009-03-31 0.0534 0.032 0.0361 0.0507 0.0436 0.034 The Fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in a diversified portfolio of issuers with substantial exposure to China (including the People’s Republic of China, Hong Kong and Macau). The Fund will invest primarily in equity and equity-related transferable securities, including warrants and convertible securities, participation notes and/or debt securities. Under normal market conditions, the Fund does not expect to invest more than 25% of its net assets in investment-grade debt securities.       In complying with the 80% investment requirement, the Fund may include synthetic securities that have economic characteristics similar to the Fund’s direct investments that are counted toward the 80% investment requirement.      The Fund may invest up to 100% of its net assets in foreign securities, including developing market countries. A substantial number of the issuers in which the Fund invests are small- and mid-capitalization companies.      In selecting securities to buy and sell, the Fund’s portfolio managers will apply an actively managed bottom-up fundamental analysis and top down multi-factor analysis that blends both growth at a reasonable price and value-oriented disciplines. In the security selection process, the portfolio managers will consider four main factors, including valuation, management/franchise value determination (including management and ownership, earnings quality, balance sheet quality and product quality), earnings growth, and liquidity.      The portfolio managers will consider whether to sell a particular security when the security trades significantly above its estimated fair value, when there is a permanent, fundamental deterioration in business prospects or when a more attractive investment opportunity is identified. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangement, such as 401(k) plans or individual retirement accounts. 2009-06-30 0.3496 Worst Quarter 2008-12-31 As with any mutual fund investment, loss of money is a risk of investing. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. The risks associated with an investment in the Fund can increase during times of significant market volatility. The principal risks of investing in the Fund are:      Convertible Securities Risk. The Fund may own convertible securities, the value of which may be affected by market interest rates, the risk that the issuer will default, the value of the underlying stock or the right of the issuer to buy back the convertible securities.      Credit Risk. The issuer of instruments in which the Fund invests 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.      Currency/Exchange Rate Risk. The dollar value of the Fund’s foreign investments will be affected by changes in the exchange rates between the dollar and the currencies in which those investments are traded.      Developing/Emerging Markets Securities Risk. Securities issued by foreign companies and governments located in developing/emerging countries may be affected more negatively by inflation, devaluation of their currencies, higher transaction costs, delays in settlement, adverse political developments, the introduction of capital controls, withholding taxes, nationalization of private assets, expropriation, social unrest, war or lack of timely information than those in developed countries.      Foreign Securities Risk. The Fund’s foreign investments may be affected by changes in a foreign country’s exchange rates, political and social instability, changes in economic or taxation policies, difficulties when enforcing obligations, decreased liquidity, and increased volatility. Foreign companies may be subject to less regulation resulting in less publicly available information about the companies.      Geographic Concentration Risk. Because the Fund’s investments are concentrated in China, the Fund’s performance is expected to be closely tied to social, political, and economic conditions within China and to be more volatile than the performance of more geographically diversified funds.      Interest Rate Risk. Interest rate risk refers to the risk that bond prices generally fall as interest rates rise; conversely, bond prices generally rise as interest rates fall. Specific bonds differ in their sensitivity to changes in interest rates depending on their individual characteristics, including duration.      Management Risk. The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results.      Market Risk. The prices of and the income generated by the Fund’s securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations.      Small- and Mid-Capitalization Risks. Stocks of small and mid-sized companies tend to be more vulnerable to adverse developments and may have little or no operating history or track record of success, and limited product lines, markets, management and financial resources. The securities of small and mid-sized companies may be more volatile due to less market interest and less publicly available information about the issuer.They also may be illiquid or restricted as to resale, or may trade less frequently and in smaller volumes, all of which may cause difficulty when establishing or closing a position at a desirable price.      Synthetic Securities Risk. Fluctuations in the values of synthetic securities may not correlate perfectly with the instruments they are designed to replicate. Synthetic securities may be subject to interest rate changes, market price fluctuations, counterparty risk and liquidity risk.      Unique Economic and Political Risks of Investing in China. China remains a totalitarian country with the following risks: nationalization, expropriation, or confiscation of property, difficulty in obtaining and/or enforcing judgments, alteration or discontinuation of economic reforms, military conflicts, either internal or with other countries, inflation, currency fluctuations and fluctuations in inflation and interest rates that may have negative effects on the economy and securities markets of China, and China’s dependency on the economies of other Asian countries, many of which are developing countries.      Warrants Risk. Warrants may be significantly less valuable on their relevant expiration date resulting in a loss of money or they may expire worthless resulting in a total loss of the investment. Warrants may also be postponed or terminated early resulting in a partial or total loss of the investment. Warrants may also be subject to illiquidity. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangement, such as 401(k) plans or individual retirement accounts. Investment Objective(s) 0 0.0087 278 -0.0023 -0.0023 -0.402 0.087 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangement, such as 401(k) plans or individual retirement accounts.       Non-Diversification Risk. The Fund is non-diversified and can invest a greater portion of its assets in a single issuer. A change in the value of the issuer could affect the value of the Fund more than if it was a diversified fund. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangement, such as 401(k) plans or individual retirement accounts. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangement, such as 401(k) plans or individual retirement accounts. As with any mutual fund investment, loss of money is a risk of investing. -0.0037 -0.0037 2009-06-30 0.3994 Worst Quarter 2011-09-30 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangement, such as 401(k) plans or individual retirement accounts. -0.5172 -0.2308 Fees and Expenses of the Fund Portfolio Turnover. Principal Investment Strategies of the Fund       The Fund generally invests in equity securities of small-capitalization issuers.       The Fund may invest up to 10% of its net assets in fixed-income securities such as investment-grade debt securities and longer-term U.S. Government securities. The Fund may invest up to 25% of its net assets in foreign securities.       In selecting securities, the portfolio managers seek to identify issuers that are both attractively priced relative to their prospective earnings and cash flow, and have strong long-term growth prospects. In evaluating issuers, the portfolio managers emphasize several factors such as the quality of the issuer’s management team, their commitment to securing a competitive advantage, and the issuer’s sustainable growth potential.       The portfolio managers typically consider whether to sell a security in any of four circumstances: 1) a more attractive investment opportunity is identified, 2) the full value of the investment is deemed to have been realized, 3) there has been a fundamental negative change in management strategy of the issuer, or 4) there has been a fundamental negative change in competitive environment.       The Fund may at times invest a significant amount of its assets in cash and cash equivalents if the portfolio managers are not able to find equity securities that meet their investment criteria. As a result, the Fund may not achieve its investment objective. As with any mutual fund investment, loss of money is a risk of investing. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. The risks associated with an investment in the Fund can increase during times of significant market volatility. The principal risks of investing in the Fund are:       Debt Securities Risk. The Fund may invest in debt securities that are affected by changing interest rates and changes in their effective maturities and credit quality.       Foreign Securities Risk. The Fund’s foreign investments may be affected by changes in a foreign country’s exchange rates, political and social instability, changes in economic or taxation policies, difficulties when enforcing obligations, decreased liquidity, and increased volatility. Foreign companies may be subject to less regulation resulting in less publicly available information about the companies.       Management Risk. The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results.       Market Risk. The prices of and the income generated by the Fund’s securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations.       Small- and Mid-Capitalization Risks. Stocks of small and mid-sized companies tend to be more vulnerable to adverse developments and may have little or no operating history or track record of success, and limited product lines, markets, management and financial resources. The securities of small and mid-sized companies may be more volatile due to less market interest and less publicly available information about the issuer. They also may be illiquid or restricted as to resale, or may trade less frequently and in smaller volumes, all of which may cause difficulty when establishing or closing a position at a desirable price.       Synthetic Securities Risk. Fluctuations in the values of synthetic securities may not correlate perfectly with the instruments they are designed to replicate. Synthetic securities may be subject to interest rate changes, market price fluctuations, counterparty risk and liquidity risk.       U.S. Government Obligations Risk. The Fund may invest in obligations issued by U.S. Government agencies and instrumentalities that may receive varying levels of support from the government, which could affect the Fund’s ability to recover should they default. As with any mutual fund investment, loss of money is a risk of investing. 2009-09-30 0.3011 Worst Quarter 2008-12-31 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangement, such as 401(k) plans or individual retirement accounts. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangement, such as 401(k) plans or individual retirement accounts. 2012-09-21 February 28, 2013 0.0088 0.0088 0 0 1271 1248 0.0075 0.0075 0 0 0.0061 0.0061 0.0099 0.0099 1603 1603 0.0016 0.0014 2012-09-24 2012-09-24 false 0.0094 0.0094 0 0 0.0392 0.0392 0.0006 0.0006 0.0166 0.0166 0.3947 0.3339 0.8439 0.2183 0.0105 0 0.0016 The Fund’s investment objective is to provide total return with a low to moderate correlation to traditional financial market indices. 0.0001 0.0098 0.0105 0 0.0016 0.0001 0.0098 0.0555 0.0139 0.0247 0.0536 0.0653 0.0652 1456 1456 0.0082 0.007 0.0082 -0.0375 0.0037 0.0075 0.0075 0 0 0.0013 0.0012 <div style="display:none">~ http://www.invesco.com/role/ScheduleExpenseExampleTransposedINVESCODevelopingMarketsFund column period compact * ~</div> 1084 1073 <div style="display:none">~ http://www.invesco.com/role/ScheduleAverageAnnualTotalReturnsTransposedINVESCODevelopingMarketsFund column period compact * ~</div> 0.0091 0.0091 0 0 0.0006 0.0006 0.0491 0.0456 0.0432 0.0445 -0.0472 0.0002 0.024 0.0002 0.0104 The Fund’s investment objective is long-term growth of capital. 1213 1213 0.0308 0.0272 0.0257 0.0249 -0.0025 0.0128 -0.1127 0.1341 0.1132 0.1033 0.1313 0.1525 0.1241 0.0998 0.094 0.086 0.0826 0.0753 0.0806 0.0432 0.06 No performance information is available for the Fund because it has not yet completed a full calendar year of operations. In the future, the Fund will disclose performance information in a bar chart and performance table. Such disclosure will give some indication of the risks of an investment in the Fund by comparing the Fund’s performance with a broad measure of market performance and by showing changes in the Fund’s performance from year to year. 0.16 An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. 0.0796 No performance information is available for the Fund because it has not yet completed a full calendar year of operations. 0.238 -0.0391 0.5894 0.2428 Annual Total Returns 0.1328 The Fund’s investment objective is long-term growth of capital. The Fund’s investment objective is to provide total return. The Fund’s investment objective is to provide total return. Principal Risks of Investing in the Fund Performance Information The Fund’s investment objective is long-term growth of capital. 0.17 0.33 1.06 0.3 Principal Risks of Investing in the Fund Principal Risks of Investing in the Fund <div style="display:none">~ http://www.invesco.com/role/ScheduleExpenseExampleTransposedInvescoBalancedRiskCommodityStrategyFund column period compact * ~</div> The Fund’s investment objective is long-term growth of capital. <div style="display:none">~ http://www.invesco.com/role/ScheduleExpenseExampleTransposedInvescoEmergingMarketsEquityFund column period compact * ~</div> Performance Information The bar chart and performance table provide an indication of the risks of investing in the Fund. The bar chart shows changes in the performance of the Fund from year to year as of December 31. The performance table compares the Fund’s performance to that of a broad-based/style specific securities market benchmark comprised of funds with investment objectives and strategies similar to the Fund. The Fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. Updated performance information is available on the Fund’s Web site at www.invesco.com/us. Principal Risks of Investing in the Fund Annual Total Returns The bar chart and performance table provide an indication of the risks of investing in the Fund. The bar chart shows changes in the performance of the Fund from year to year as of December 31. The performance table compares the Fund’s performance to that of a broad-based securities market benchmark, a style specific benchmark and a peer group benchmark comprised of funds with investment objectives and strategies similar to the Fund. The Fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. Updated performance information is available on the Fund’s Web site at www.invesco.com/us. The Fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. Principal Risks of Investing in the Fund The Fund’s investment objective is total return, comprised of current income and capital appreciation. The Fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. <div style="display:none">~ http://www.invesco.com/role/ScheduleAverageAnnualTotalReturnsTransposedInvescoBalancedRiskCommodityStrategyFund column period compact * ~</div> 0.0065 0.0065 0 0 0.0043 0.0043 0.0085 0.0085 0.0063 0.0063 0 0 0.0029 0.0029 0.0003 0.0003 -0.2881 Class R5 shares year-to-date 0.0067 0.0067 The Fund’s investment objective is to provide current income. Principal Risks of Investing in the Fund 1296 1296 An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. Performance Information The bar chart and performance table provide an indication of the risks of investing in the Fund. The bar chart shows changes in the performance of the Fund from year to year as of December 31. The performance table compares the Fund’s performance to that of a broad-based securities market benchmark, a style specific benchmark and a peer group benchmark comprised of funds with investment objectives and strategies similar to the Fund. The Fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. Updated performance information is available on the Fund’s Web site at www.invesco.com/us. 2.26 0 Class R5 shares year-to-date Best Quarter Annual Total Returns An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. Principal Risks of Investing in the Fund Performance Information The bar chart and performance table provide an indication of the risks of investing in the Fund. The bar chart shows changes in the performance of the Fund from year to year as of December 31. The performance table compares the Fund’s performance to that of a broad-based/style specific securities market benchmark and a peer group benchmark comprised of funds with investment objectives and strategies similar to the Fund. The Fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. Updated performance information is available on the Fund’s Web site at www.invesco.com/us. Performance Information The Fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. 0.0094 Best Quarter 0 0.0029 0.0054 Class R5 shares year-to-date The bar chart and performance table provide an indication of the risks of investing in the Fund. The bar chart shows changes in the performance of the Fund from year to year as of December 31. The performance table compares the Fund’s performance to that of a broad-based securities market benchmark, a style specific benchmark and a peer group benchmark comprised of funds with investment objectives and strategies similar to the Fund. The Fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. Updated performance information is available on the Fund’s Web site at www.invesco.com/us. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. Performance Information Annual Total Returns The bar chart and performance table provide an indication of the risks of investing in the Fund. The bar chart shows changes in the performance of the Fund from year to year as of December 31. The performance table compares the Fund’s performance to that of a broad-based/style specific securities market benchmark comprised of funds with investment objectives and strategies similar to the Fund. The Fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. Updated performance information is available on the Fund’s Web site at www.invesco.com/us. The Fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. Annual Total Returns <div style="display:none">~ http://www.invesco.com/role/ScheduleExpenseExampleTransposedINVESCOBALANCEDRISKALLOCATIONFUND column period compact * ~</div> 0.0958 0.07 0.034 Principal Risks of Investing in the Fund 1489 Class R5 shares year-to-date Best Quarter -0.1012 An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. No performance information is available for the Fund because it has not yet completed a full calendar year of operations. In the future, the Fund will disclose performance information in a bar chart and performance table. Such disclosure will give some indication of the risks of an investment in the Fund by comparing the Fund’s performance with a broad measure of market performance and by showing changes in the Fund’s performance from year to year. <div style="display:none">~ http://www.invesco.com/role/ScheduleAverageAnnualTotalReturnsTransposedINVESCOBALANCEDRISKALLOCATIONFUND column period compact * ~</div> No performance information is available for the Fund because it has not yet completed a full calendar year of operations. Class R5 shares year-to-date Best Quarter -0.0636 0.0559 0.0409 0.0395 0.0533 0.0642 0.0601 0.0609 0.0471 0.0447 0.0583 0.0696 0.062 Principal Risks of Investing in the Fund Best Quarter Best Quarter -0.2918 Class R5 shares year-to-date Performance Information Annual Total Returns The bar chart and performance table provide an indication of the risks of investing in the Fund. The bar chart shows changes in the performance of the Fund from year to year as of December 31. The performance table compares the Fund’s performance to that of a broad-based securities market benchmark, a style specific benchmark and a peer group benchmark comprised of funds with investment objectives and strategies similar to the Fund. The Fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. Updated performance information is available on the Fund’s Web site at www.invesco.com/us. Annual Total Returns <div style="display:none">~ http://www.invesco.com/role/ScheduleExpenseExampleTransposedInvescoPremiumIncomeFund column period compact * ~</div> -0.2308 -0.2322 -0.148 -0.1214 -0.2598 -0.1836 0.0555 0.0521 0.047 -0.0472 0.0277 0.0301 0.1046 0.1011 0.0907 -0.0169 0.0958 0.0751 <div style="display:none">~ http://www.invesco.com/role/ScheduleExpenseExampleTransposedINVESCOEMERGINGMARKETLOCALCURRENCYDEBTFUND column period compact * ~</div> 0.0073 0 0.0013 0.0001 1073 0.1352 0.1339 0.037 0.6638 0.23 Performance Information <div style="display:none">~ http://www.invesco.com/role/ScheduleAverageAnnualTotalReturnsTransposedINVESCOEMERGINGMARKETLOCALCURRENCYDEBTFUND column period compact * ~</div> 0.087 0.087 0.0566 0.0209 -0.0418 -0.0381 0.0665 0.0633 0.0561 -0.0025 0.0015 0.0132 0.1076 0.103 0.0935 0.0432 0.0559 0.0629 0.97 <div style="display:none">~ http://www.invesco.com/role/ScheduleExpenseExampleTransposedINVESCOInternationalTotalReturnFund column period compact * ~</div> <div style="display:none">~ http://www.invesco.com/role/ScheduleAverageAnnualTotalReturnsTransposedINVESCOInternationalTotalReturnFund column period compact * ~</div> An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. The Fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. Class R5 shares year-to-date Best Quarter -0.2754 Performance Information 0.7553 0.8307 0.0979 <div style="display:none">~ http://www.invesco.com/role/ScheduleExpenseExampleTransposedINVESCOEndeavorFund column period compact * ~</div> The Fund’s investment objective is long-term growth of capital. <div style="display:none">~ http://www.invesco.com/role/ScheduleExpenseExampleTransposedINVESCOChinaFund column period compact * ~</div> <div style="display:none">~ http://www.invesco.com/role/ScheduleAverageAnnualTotalReturnsTransposedINVESCOChinaFund column period compact * ~</div> 0.38 Principal Risks of Investing in the Fund Performance Information Annual Total Returns -0.0155 0.0141 The bar chart and performance table provide an indication of the risks of investing in the Fund. The bar chart shows changes in the performance of the Fund from year to year as of December 31. The performance table compares the Fund’s performance to that of a broad-based securities market benchmark, a style specific benchmark and a peer group benchmark comprised of funds with investment objectives and strategies similar to the Fund. The Fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. Updated performance information is available on the Fund’s Web site at www.invesco.com/us. 0.03 The Fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. Class R5 shares year-to-date Best Quarter -0.2387 0.0727 <div style="display:none">~ http://www.invesco.com/role/ScheduleAverageAnnualTotalReturnsTransposedINVESCOEndeavorFund column period compact * ~</div> <div style="display:none">~ http://www.invesco.com/role/ScheduleExpenseExampleTransposedInvescoSelectCompaniesFund column period compact * ~</div> <div style="display:none">~ http://www.invesco.com/role/ScheduleAverageAnnualTotalReturnsTransposedInvescoSelectCompaniesFund column period compact * ~</div> An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. The Fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. "Other Expenses" and "Total Annual Fund Operating Expenses" for Class R6 are based on estimated amounts for the current fiscal year. Invesco Advisers, Inc. (Invesco or the Adviser) has contractually agreed, through at least February 28, 2013 to waive advisory fees and/or reimburse expenses to the extent necessary to limit Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement (excluding certain items discussed in the SAI) of each of Class R5 and Class R6 shares to 0.99% of average daily net assets. Unless the Board of Trustees and Invesco mutually agree to amend or continue the fee waiver agreement, it will terminate on February 28, 2013. Invesco Advisers, Inc. (Invesco or the Adviser) has contractually agreed, through at least February 28, 2013, to waive advisory fees and/or reimburse expenses to the extent necessary to limit Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement (excluding certain items discussed in the SAI) of each of Class R5 and Class R6 shares to 1.60% of average daily net assets. Acquired Fund Fees and Expenses are also excluded in determining such obligation. Unless the Board of Trustees and Invesco mutually agree to amend or continue the fee waiver agreement, it will terminate on February 28, 2013. Invesco Advisers, Inc. (Invesco or the Adviser) has contractually agreed, through at least February 28, 2013 to waive advisory fees and/or reimburse expenses to the extent necessary to limit Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement (excluding certain items discussed in the SAI) of each of Class R5 and Class R6 shares to 0.97% of average daily net assets. Acquired Fund Fees and Expenses are also excluded in determining such obligation. Unless the Board of Trustees and Invesco mutually agree to amend or continue the fee waiver agreement, it will terminate on February 28, 2013. Class R5 and Class R6 shares' performance shown prior to the inception date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares. Class A shares' performance reflects any applicable fee waivers or expense reimbursements. The inception date of the Fund's Class A shares is January 11, 1994. Class R6 shares' performance shown prior to the inception date is that of the Class A shares, and includes the 12b-1 fees applicable to Class A shares. Class A shares' performance reflects any applicable fee waivers and/or expense reimbursements. The inception date of the Fund's Class A shares is June 2, 2009. Invesco Advisers, Inc. (Invesco or the Adviser) has contractually agreed, through at least February 28, 2013 to waive advisory fees and/or reimburse expenses to the extent necessary to limit Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement (excluding certain items discussed in the SAI) of each of Class R5 and Class R6 shares to 0.85% of average daily net assets. Unless the Board of Trustees and Invesco mutually agree to amend or continue the fee waiver agreement, it will terminate on February 28, 2013. "Other Expenses" and "Total Annual Fund Operating Expenses" are based on estimated amounts for the current fiscal year. Invesco Advisers, Inc. (Invesco or the Adviser) has contractually agreed, through at least February 28, 2013, to waive advisory fees and/or reimburse expenses to the extent necessary to limit Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement (excluding certain items discussed in the SAI) of each of Class R5 and Class R6 shares to 0.64% of average daily net assets. Acquired Fund Fees and Expenses are also excluded in determining such obligation. Unless the Board of Trustees and Invesco mutually agree to amend or continue the fee waiver agreement, it will terminate on February 28, 2013. Class R6 shares' performance shown prior to the inception date is that of the Class A shares, and includes the 12b-1 fees applicable to Class A shares. Class A shares' performance reflects any applicable fee waivers and/or expense reimbursements. The inception date of the Fund's Class A shares is November 30, 2010. Class R6 shares' performance shown prior to the inception date is that of the Class A shares, and includes the 12b-1 fees applicable to Class A shares. Class A shares' performance reflects any applicable fee waivers and/or expense reimbursements. The inception date of the Fund's Class A shares is March 31, 2006. Class R6 shares' performance shown prior to the inception date is that of the Class A shares, and includes the 12b-1 fees applicable to Class A shares. Class A shares' performance reflects any applicable fee waivers and/or expense reimbursements. The inception date of the Fund's Class A shares is June 16, 2010. Class R5 and Class R6 shares' performance shown prior to the inception date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares. Class A shares' performance reflects any applicable fee waivers or expense reimbursements. The inception date of the Fund's Class A shares is November 4, 2003. Class R5 shares' performance shown prior to the inception date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares. Class A shares' performance reflects any applicable fee waivers or expense reimbursements. The inception date of the Fund's Class A shares is November 4, 2003.