Invesco High Yield

Objective And Strategy

Objective
Total return, comprised of current income and capital appreciation.

Strategy
The Fund seeks to meet its objective by investing, normally, at least 80% of its net assets, plus the amount of borrowings for investment purposes, in debt securities that are determined to be below investment grade quality because they are rated BB/Ba or lower by Standard & Poor’s Ratings Services, Moody’s Investors Service, Inc., 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.
Tax Inefficient Fund

Principal Risks

* This portfolio is subject to the risks of investing in low-grade corporate bonds that have a higher default risk, less liquidity and greater sensitivity to changes in the economy than investment-grade bonds. High-yield bonds are rated lower because there is a greater risk associated with the issuer's ability to pay principal and interest.

* This portfolio invests in securities of foreign issuers which involves risks not typically associated with domestic issuers, including currency fluctuations and the possibility of political and economic instability. Emerging markets involve risks in addition to those generally associated with foreign securities, because political and economic structures in many emerging markets may be undergoing significant evolution and rapid development.