Equity | Small Cap

Invesco Small Cap Index Plus Strategy Trust Class C

Class C

Class C

  • Class C
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  • Diversified Return Intermediate Trust - Class C
  • IBEW-NECA Stable Value Trust - Basic Class
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  • Invesco 500 Index Trust - Class C
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  • Invesco Core Plus Fixed Income Trust - Class I
  • Invesco Diversified Dividend Trust - Class C
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  • Invesco Emerging Markets Equity Trust - Class I
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  • Invesco Growth and Income Trust - Class C
  • Invesco Growth and Income Trust - Class I
  • Invesco Intermediate Bond Trust - Class C
  • Invesco International Growth Trust - Class C
  • Invesco International Growth Trust - Class I
  • Invesco International Growth Trust 2 - Class A
  • Invesco International Growth Trust 2 - Class T
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  • Invesco International Growth Trust 2 - Class T5
  • Invesco International Growth Trust 2 - Tier 2
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  • Invesco International Small-Mid Cap Trust - Class T2
  • Invesco Macro Allocation Strategy Trust - Class C
  • Invesco Mid Cap Growth Trust - Class C
  • Invesco Senior Loan Trust - Class A
  • Invesco Short Duration Inflation Protected Trust - Class C
  • Invesco Small Cap Index Plus Strategy Trust - Class C
  • Invesco Stable Value Trust - Class A1
  • Invesco Stable Value Trust - Class B1
  • Invesco Stable Value Trust - Class C
  • Invesco Stable Value Trust - Class I
  • Invesco Stable Value Trust - Class II
  • Invesco Stable Value Trust - Class III
  • Invesco Stable Value Trust - Class IV
  • Invesco U.S. Quantitative Core Trust - Class C
  • Invesco U.S. Quantitative Small Core Trust - Class C
  • Invesco U.S. Quantitative Small Value Trust - Class C

Investment Objective

The objective of the Fund is to seek a total return in excess of the Index.

Investor Profile

The Fund may be appropriate for investors seeking to augment specific benchmark exposures with a unique, macro-oriented, excess return source that generally exhibits low correlations to traditional active, fundamental-based management styles. The Fund seeks to achieve this objective by investing primarily in cash equivalents, derivatives, other affiliated or unaffiliated funds, and individual securities.

Fund Style

Fund management

Fund trustee & investment manager
The trustee and investment manager for the Fund is Invesco Trust Company, a Texas trust company (the "Trustee").

Fund sub-advisor
The investment sub-adviser for the Fund is Invesco Advisers, Inc. (the "Sub-Adviser"). Information concerning the Sub-Adviser can be found in its Form ADV filed with the U.S. Securities and Exchange Commission ("SEC"), available at www.sec.gov.

Fund Benchmark
Russell 2000 Total Return Index (the "Index").

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Performance

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Price History

From   to
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Investment Objective

The objective of the Fund is to seek a total return in excess of the Index.

Investor Profile

The Fund may be appropriate for investors seeking to augment specific benchmark exposures with a unique, macro-oriented, excess return source that generally exhibits low correlations to traditional active, fundamental-based management styles. The Fund seeks to achieve this objective by investing primarily in cash equivalents, derivatives, other affiliated or unaffiliated funds, and individual securities.

Investment strategy

The Fund seeks to accomplish its investment objective by owning two types of assets: excess return-generating assets and index-replicating assets.

The excess return-generating assets generally will be investments in units of an affiliated collective trust fund, namely the Invesco Macro Allocation Strategy Trust (the "Underlying Fund"), which seeks a positive absolute return over a complete economic and market cycle. The Fund intends to invest approximately 50% of its portfolio in the Underlying Fund.

The remaining portion of the Fund's portfolio will be invested in index-replicating assets, which will consist of cash, cash equivalents, derivatives, other affiliated or unaffiliated funds, individual securities, or some combination of the foregoing. The Fund's investment in index-replicating assets will seek to replicate the returns of the Index, while balancing cost, implementation, and precision. While the index-replicating assets will only comprise approximately one-half of the Fund's portfolio in terms of allocated capital, its notional value is expected to cover all of the Fund in order to translate fully the cash-benchmarked returns of the excess-return generating assets into returns relative to the Index.

The Fund may make investments either directly or indirectly in registered or unregistered investment vehicles that may be affiliated or unaffiliated with the Fund, including, but not limited to, money market funds, exchange traded funds ("ETFs"), or index funds. In addition, for the purpose of hedging or to ensure the Fund's liquidity, the Fund's portfolio management team (the "Management Team") may invest in cash or cash deposits, money market instruments and other liquid financial instruments such as repurchase agreements, commercial papers, bonds, notes, bills, deposits, and certificates of deposit, or open-ended collective investment trusts that invest primarily in such liquid financial instruments, including, without limitation, those managed by the Trustee or any of its affiliates.

The derivative instruments in which the Fund principally invests may include, but are not limited to, futures and swap agreements.

In anticipation of or in response to market, economic, political or other conditions, the Management Team may temporarily use a different investment strategy for defensive purposes, such as transitioning to large positions in cash and cash equivalents. If the Management Team does so, different factors could affect the Fund's performance, and the Fund may not achieve its investment objective.

The Fund's investments in the types of securities and other investments described in this Fund Description vary from time to time, and, at any time, the Fund may not be invested in all of the types of securities and other investments described in this Fund Description. The Fund may also invest in securities and other investments not described in this Fund Description.

The Underlying Fund
Invesco Macro Allocation Strategy Trust. Detailed information about the Invesco Macro Allocation Strategy Trust is found in its fund description, attached as an exhibit to this Fund Description.

Fund management

Fund trustee & investment manager
The trustee and investment manager for the Fund is Invesco Trust Company, a Texas trust company (the "Trustee").

Fund sub-advisor
The investment sub-adviser for the Fund is Invesco Advisers, Inc. (the "Sub-Adviser"). Information concerning the Sub-Adviser can be found in its Form ADV filed with the U.S. Securities and Exchange Commission ("SEC"), available at www.sec.gov.

Fund Benchmark
Russell 2000 Total Return Index (the "Index").

Additional Information

Minimum Initial Investment. The minimum initial investment is $500,000. The Trustee reserves the right to waive or accept less than the minimum amount in its sole discretion.

Classes of Units. The Fund currently offers Class C units. The Trustee may establish additional classes of units from time to time.

Contributions and Withdrawals. Requests for contributions or withdrawal of units of the Fund must be received by the Trustee in good order no later than 4:00 p.m. Eastern Standard Time on the valuation date for such request, unless a written prior day trading agreement has been executed with the Trustee. Each such request shall be irrevocable and the party delivering it shall be liable for any damages sustained by the Fund arising from such party’s failure to make timely payment.

Important information

Current and prospective participating trusts are strongly encouraged to review the complete terms of the Declaration of Trust for additional details regarding the Fund and its operations. Further information regarding the Fund, including performance and portfolio holdings, can be found at www.InvescoTrustCompany.com.
The Fund is not guaranteed by Invesco, its subsidiaries or affiliates, including Invesco Advisers, Inc. The Fund is not insured by the FDIC or the Federal Reserve Bank, nor guaranteed by any governmental agency.

 Principal Risks of Investing

There is a risk that you could lose all or a portion of your investment in the Fund. The value of your investment in the Fund will go up and down with the prices of the securities and investments in which the Fund and the Underlying Fund invest. The risks associated with the Fund's investments in the Underlying Fund can increase during times of significant market volatility. Listed below are the principal risks the Fund is subject to, either directly or through investment in the Underlying Fund:

Allocation Risk. The Fund's investment performance depends, in part, on how its assets are allocated among the underlying funds or asset classes. The Management Team's evaluations and assumptions regarding the asset classes or the underlying funds in which the Fund invests may be incorrect, causing the Fund to be invested (or not invested) in one or more asset classes or underlying funds at an inopportune time, which could negatively affect the Fund's performance.

Cash/Cash Equivalents Risk. In rising markets, holding cash or cash equivalents will negatively affect the Fund's performance relative to the Index.

Changing Fixed Income Market Conditions Risk. The current low interest rate environment was created in part by the Federal Reserve Board and certain foreign central banks keeping the federal funds and equivalent foreign rates near, at or below zero. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer marketmaking capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund's investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund's transaction costs.

Commodity-Linked Notes Risk. In addition to risks associated with the underlying commodities, investments in commodity-linked notes ("CLNs") may be subject to additional risks, such as non-payment of interest and loss of principal, counterparty risk, lack of a secondary market and risk of greater volatility than traditional equity and debt securities. The value of the CLNs the Fund buys may fluctuate significantly because the values of the underlying investments to which they are linked are themselves volatile. Additionally, certain CLNs employ "economic" leverage by requiring payment by the issuer of an amount that is a multiple of the price increase or decrease of the underlying commodity, commodity index, or another economic variable. Such economic leverage will increase the volatility of the value of these CLNs and the Fund to the extent it invests in such notes.

Commodity Risk. The Fund may have investment exposure to the commodities markets and/or a particular sector of the commodities markets, which may subject the Fund to greater volatility than investments in traditional securities, such as stocks and bonds. Volatility in the commodities markets may be caused by 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, investment and trading activities of mutual funds, hedge funds and commodities funds, and factors such as drought, floods, weather, livestock disease, embargoes, tariffs and other regulatory developments or supply and demand disruptions. Because the Fund's performance may be 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 Units.

Correlation and Replication Risks. Because the Fund's investment strategy seeks to balance risk across various asset classes and, within each asset class, across different countries and investments, to the extent either the asset classes or the selected countries and investments become correlated in a way not anticipated by the Management Team, the Fund's risk allocation process may result in magnified risks and loss instead of balancing (reducing) the risk of loss. In addition, the Fund may not fully replicate the Index, which may potentially increase the risk of divergence between the Fund's return and that of the Index.

Debt Securities Risk. The prices of debt securities held by the Fund will be affected by changes in interest rates, the creditworthiness of the issuer and other factors. An increase in prevailing interest rates typically causes the value of existing debt securities to fall and often has a greater impact on longer-duration debt securities and higher quality debt securities. Falling interest rates will cause the Fund to reinvest the proceeds of debt securities that have been repaid by the issuer at lower interest rates. Falling interest rates may also reduce the Fund's distributable income because interest payments on floating rate debt instruments held by the Fund will decline. The Fund could lose money on investments in debt securities if the issuer or borrower fails to meet its obligations to make interest payments and/or to repay principal in a timely manner. Changes in an issuer's financial strength, the market's perception of such strength or in the credit rating of the issuer or the security may affect the value of debt securities. The Management Team's credit analysis may fail to anticipate such changes, which could result in buying a debt security at an inopportune time or failing to sell a debt security in advance of a price decline or other credit events.

Derivatives Risk. The value of a derivative instrument depends largely on (and is derived from) the value of an underlying security, currency, commodity, interest rate, index or other assets (each referred to as an underlying asset). In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage and liquidity risks. Counterparty risk is the risk that the counterparty to the derivative contract will default on its obligation to pay the Fund the amount owed or otherwise perform under the derivative contract. Derivatives create leverage risk because they do not require payment up front equal to the economic exposure created by holding a position in the derivative. As a result, an adverse change in the value of the underlying asset could result in the Fund sustaining a loss that is substantially greater than the amount invested in the derivative or the anticipated value of the underlying asset, which may make the Fund's returns more volatile and increase the risk of loss. Derivative instruments may also be less liquid than more traditional investments and the Fund may be unable to sell or close out its derivative positions at a desirable time or price. This risk may be more acute under adverse market conditions, during which the Fund may be most in need of liquidating its derivative positions. Derivatives may also be harder to value and subject to changing government regulation that could impact the Fund's ability to use certain derivatives or their cost. Also, derivatives used for hedging or to gain or limit exposure to a particular market segment may not provide the expected benefits, particularly during adverse market conditions. These risks are greater for the Fund because the Fund will implement its investment strategy primarily through derivative instruments rather than direct investments in stocks/bonds.

Emerging Markets Securities Risk. Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably. In addition, investments in emerging markets securities may also be subject to additional transaction costs, delays in settlement procedures, and lack of timely information.

Exchange-Traded Funds Risk. In addition to the risks associated with the underlying assets held by ETFs, investments in ETFs are subject to the following additional risks: (1) an ETF's shares may trade above or below its net asset value; (2) an active trading market for the ETF's shares may not develop or be maintained; (3) trading an ETF's shares may be halted by the listing exchange; (4) a passively managed ETF may not track the performance of the reference asset; and (5) a passively managed ETF may hold troubled securities. Investment in ETFs may involve duplication of management fees and certain other expenses, as the Fund indirectly bears its proportionate share of any expenses paid by the ETFs in which it invests. Further, certain ETFs in which the Fund may invest are leveraged, which may result in economic leverage, permitting the Fund to gain exposure that is greater than would be the case in an unlevered instrument and potentially resulting in greater volatility.

Exchange-Traded Notes Risk. Exchange-Traded Notes ("ETNs") are subject to credit risk, counterparty risk, and the risk that the value of the ETN may drop due to a downgrade in the issuer's credit rating. The value of an ETN may also be influenced by time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in the underlying market, changes in the applicable interest rates, and economic, legal, political, or geographic events that affect the referenced underlying market or assets. The Fund will bear its proportionate share of any fees and expenses borne by an ETN in which it invests. For certain ETNS, there may be restrictions on the Fund's right to redeem its investment, which is meant to be held until maturity.

Foreign Government Debt Risk. Investments in foreign government debt securities (sometimes referred to as sovereign debt securities) 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.

Foreign Securities Risk. The Fund's foreign investments may be adversely affected by political and social instability, changes in economic or taxation policies, difficulty in enforcing obligations, decreased liquidity or increased volatility. Foreign investments also involve the risk of the possible seizure, nationalization or expropriation of the issuer or foreign deposits (in which the Fund could lose its entire investments in a certain market) and the possible adoption of foreign governmental restrictions such as exchange controls. Unless the Fund has hedged its foreign securities risk, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful.

Fund of Funds Risk. The Fund's performance depends on that of the underlying funds in which it invests. Accordingly, the risks associated with an investment in the Fund include the risks associated with investments in the underlying funds. The Fund will indirectly pay a proportional share of the fees and expenses of the underlying funds in which it invests. There are risks that the Fund will vary from its target weightings (if any) in the underlying funds, that the underlying funds will not achieve its investment objectives, that the underlying funds' performance may be lower than its represented asset classes, and that the Fund may withdraw its investments in the underlying funds at a disadvantageous time.

Liquidity Risk. The Fund may hold illiquid securities that it is unable to sell at the preferred time or price and could lose its entire investment in such securities. The Fund's significant use of derivative instruments may cause liquidity risk to be greater than other funds that invest in more traditional assets such as stocks and bonds, which trade on markets with more market participants.

Management Risk. The Fund depends heavily on the Management Team's judgment about markets, interest rates or the attractiveness, relative values, liquidity, or potential appreciation of particular investments made for the Fund's portfolio. The Fund could experience losses if these judgments prove to be incorrect. Because the Fund's investment process relies heavily on its asset allocation process, market movements that are counter to the Management Team's expectations may have a significant adverse effect on the Fund's net asset value. Additionally, legislative, regulatory, or tax developments may adversely affect management of the Fund and, therefore, the ability of the Fund to achieve its investment objective.

Market Risk. The market values of the Fund's investments, and therefore the value of the Fund's shares, will go up and down, sometimes rapidly or unpredictably. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.

Short Position Risk. Because the Fund's potential loss on a short position arises from increases in the value of the asset sold short, the Fund will incur a loss on a short position, which is theoretically unlimited, if the price of the asset sold short increases from the short sale price. The counterparty to a short position or other market factors may prevent the Fund from closing out a short position at a desirable time or price and may reduce or eliminate any gain or result in a loss. In a rising market, the Fund's short positions will cause the Fund to underperform the overall market and its peers that do not engage in shorting. If the Fund holds both long and short positions, and both positions decline simultaneously, the short positions will not provide any buffer (hedge) from declines in value of the Fund's positions. Certain types of short positions involve leverage, which may exaggerate any losses, potentially more than the actual cost of the investment, and will increase the volatility of the Fund's returns.

Small- and Mid-Capitalization Companies Risks. Small- and mid-capitalization companies tend to be more vulnerable to changing market conditions, may have little or no operating history or track record of success, and may have more limited product lines and markets, less experienced management and fewer financial resources than larger companies. These companies' securities may be more volatile and less liquid than those of more established companies, and their returns may vary, sometimes significantly, from the overall securities market.

U.S. Government Obligations Risk. Obligations of U.S. government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the U.S. government, which could affect the Fund's ability to recover should they default. No assurance can be given that the U.S. government will provide financial support to its agencies and authorities if it is not obligated by law to do so.

Volatility Risk. Although the Fund's investment strategy targets a specific volatility level, certain of the Fund's investments may appreciate or decrease significantly in value over short periods of time. This may cause the Fund's net asset value per unit to experience significant increases or declines in value over short periods of time.

No Registration Under U.S. Federal or State Securities Laws. The Fund will not be registered with the SEC as an investment company under the Investment Company Act of 1940 (the "Investment Company Act") in reliance upon an exemption from the Investment Company Act; therefore, the provisions of the Investment Company Act applicable to registered investment companies (i.e., mutual funds) are not applicable to the Fund. Units of the Fund are exempt from registration under U.S. federal securities laws and, accordingly, this Fund Description does not contain information that would otherwise be included if registration were required. Similar reliance has been placed on exemptions from securities registration and qualification requirements under applicable state securities laws. No assurance can be given that the offering currently qualifies or will continue to qualify under one or more exemptions due to, among other things, the manner of distribution, the existence of similar offerings in the past or in the future, or the retroactive change of any securities laws or regulation.

No Registration with the CFTC. Since the Fund may purchase, sell or trade exchangetraded futures contracts, options thereon, and other Commodity Interests, the Fund may be viewed as subject to regulation as a commodity pool under the U.S. Commodity Exchange Act and the rules of the U.S. Commodity Futures Trading Commission ("CFTC"). However, pursuant to CFTC Rule 4.5, the Trustee is exempt from having to register as a commodity pool operator with respect to the Fund. The Trustee has filed an exemption notice to affect the exemption and will comply with the requirements thereof. As a result, the Trustee, unlike a registered commodity pool operator, is not required to deliver a dis- closure document and a certified annual report to participating trusts. Nevertheless, all investors will receive a copy of the Declaration of Trust as well as an annual report for the Fund. The investment sub-adviser, a registered commodity trading advisor under CFTC regulation, will provide commodity interest trading advice to the Fund as if it were exempt from registration as a commodity trading advisor with respect to the Fund pursuant to CFTC Regulation 4.14(a)(8)(i)(B).