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GHC-UPD-1-E_Communication 7/28/2017 1:26 PM Page 1 Mutual Fund Retail Share Classes Data as of June 30, 2017 Invesco Global Health Care Fund Quarterly Performance Commentary Nasdaq: A: GGHCX C: GTHCX Investor: GTHIX Y: GGHYX Market overview Investment Objective - The global equity rally continued in the second quarter as strengthening corporate earnings, support from central banks and economic improvement bolstered investor confidence. Volatility was generally muted, but spiked briefly in May amid French election uncertainty, a series of terror attacks and Washington rhetoric. However, investors largely shrugged off these events, and equities posted strong gains, with non-US stocks, particularly European stocks, outperforming. Within global equities, health care was the best performing sector, with the MSCI World Health Care Index returning 6.93%. The fund seeks long-term growth of capital. Portfolio Management Derek Taner, Henry Wu Portfolio Information Total Net Assets $1,451,520,268 Total Number of Holdings 71 Distribution Frequency Top Holdings Annually % of Total Net Assets Celgene Corp. Shire Pharmaceuticals Group PLC Thermo Fisher Scientific Inc. Merck & Co. Inc. Alexion Pharmaceuticals Inc. BioMarin Pharmaceutical Inc. Biogen Idec Inc. Eli Lilly and Co. Aetna Inc. UnitedHealth Group Inc. Top Contributors - The fund’s Class A shares at net asset value (NAV) underperformed the benchmark, the MSCI World Health Care Index, in the second quarter. (Please see the investment results table on page 2 for fund and index performance.) Relative underperformance largely resulted from an overweight and stock selection in biotechnology. However, the industry also included a number of the fund’s largest individual contributors. Stock selection in health care equipment also detracted, while managed health care and pharmaceuticals were the fund's largest relative contributors for the quarter. Contributors to performance - Managed health care was the largest contributor to the fund’s relative results, due in large part to Aetna Inc., which rebounded following its failed merger with Humana Inc. (2.06% of total net assets). - While biotechnology was a relative detractor, the industry had a positive absolute return and included key contributors Vertex Pharmaceuticals Inc., Clovis Oncology Inc. and Exact Sciences Corp. Exact Sciences reported strong first quarter results that led to a positive outlook for Cologuard, its colon cancer screening test. - An overweight position in the life science tools and services industry also added to the fund’s relative outperformance. The fund’s largest holding in the industry, Thermo Fisher Scientific Inc., which markets scientific instruments and lab equipment, was a key contributor to results. During the quarter, the company reported strong first quarter earnings, coupled with a favorable outlook for underlying business trends. % of Total Net Assets 1. Thermo Fisher Scientific Inc. 2. Aetna Inc. 3. Vertex Pharmaceuticals Inc. 4. Clovis Oncology Inc. 5. Exact Sciences Corp. Top Detractors 5.75 4.61 4.43 3.97 3.57 3.46 3.02 2.91 2.87 2.69 Performance highlights 4.43 2.87 2.57 1.39 1.13 % of Total Net Assets 1. Shire PLC 2. Wright Medical Group NV 3. Alder Biopharmaceuticals Inc. 4. Incyte Corp. 5. Alexion Pharmaceuticals Inc. 4.61 1.52 0.20 2.09 3.57 Detractors from performance - Biotechnology was the largest detractor from the fund’s relative return during the quarter. Within the industry, Shire PLC, Alder Biopharmaceuticals Inc., Incyte Corp. and Alexion Pharmaceuticals Inc. were notable detractors. Despite solid earnings, concerns about competitive threats to Shire’s hemophilia franchise weighed on the stock. Alder Pharmaceuticals’ shares declined amid mounting concern about competitive positioning for a migraine therapy it is currently developing. - Stock selection in health care equipment detracted from results, particularly due to weakness in shares of Wright Medical Group NV. Shares of the device maker underperformed due to weaker earnings expectations in the first half of the year. Positioning and outlook - During the quarter, we slightly reduced the fund’s exposure to health care facilities and pharmaceuticals and added to health care equipment. At quarter end, biotechnology remained the fund’s largest industry exposure and largest overweight relative to the benchmark, while pharmaceuticals remained the largest underweight. Despite near-term headlines related to drug pricing and revision of the Affordable Care Act, we believe health care should benefit from several long-term trends, including improving innovation, a favorable merger & acquisition environment, the aging population and increased access to health care across the globe. We continue to emphasize biotechnology and specialty pharmaceuticals stocks based on their generally robust product portfolios, strong development pipelines, and our view that many could be targets for acquisition. GHC-UPD-1-E_Communication 7/28/2017 1:26 PM Page 2 Investment Results Top Industries Average Annual Total Returns (%) as of June 30, 2017 Class A Shares Inception: 08/07/89 Max Load 5.50% NAV Period Inception 10.58 10.80 10 Years 7.84 8.46 5 Years 12.53 13.80 3 Years 2.55 4.50 1 Year 5.62 11.79 Quarter -0.95 4.82 Class C Shares Inception: 03/01/99 Max CDSC 1.00% NAV 8.06 8.06 7.64 7.64 12.96 12.96 3.72 3.72 9.94 10.94 3.65 4.65 Investor Class Shares Inception: 07/15/05 Class Y Shares Inception: 10/03/08 NAV 8.53 8.45 13.80 4.50 11.79 4.82 Style-Specific Index MSCI World Health Care Index 8.62 14.90 7.08 9.83 6.93 NAV 8.69 14.09 4.76 12.06 4.89 % of Total Net Assets Biotechnology Pharmaceuticals Managed Health Care Life Sciences Tools & Services Health Care Equipment Health Care Facilities Health Care Supplies Health Care Distributors Health Care Services Drug Retail 37.69 28.45 11.63 6.55 6.13 2.20 1.63 1.60 1.34 0.48 Performance quoted is past performance and cannot guarantee comparable future results; current performance may be lower or higher. Visit invesco.com/performance for the most recent month-end performance. Performance figures reflect reinvested distributions and changes in net asset value (NAV). Investment return and principal value will vary, and you may have a gain or a loss when you sell shares. No contingent deferred sales charge (CDSC) will be imposed on redemptions of Class C shares following one year from the date shares were purchased. Performance shown at NAV does not include applicable CDSC or front-end sales charges, which would have reduced the performance. The Investor Class shares have no sales charge; therefore, performance is at NAV. Class Y shares have no sales charge; therefore, performance is at NAV. Performance shown prior to the inception date of Class Y shares is that of Class A shares and includes the 12b-1 fees applicable to Class A shares. Returns less than one year are cumulative; all others are annualized. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. Index returns do not reflect any fees, expenses, or sales charges. Index source: FactSet Research Systems Inc. Asset Mix (%) Domestic Common Stk Int'l Common Stk Cash Other 72.45 25.25 2.66 -0.36 A negative in Cash or Other, as of the date shown, is normally due to fund activity that has accrued or is pending settlement. Expense Ratios % Net % Total Class A Shares Class C Shares Investor Class Shares Class Y Shares 1.09 1.84 1.09 0.84 1.09 1.84 1.09 0.84 Per the current prospectus For more information you can visit us at www.invesco.com/us Class Y shares and Investor Class shares are available only to certain investors. See the prospectus for more information. The fund holdings are organized according to the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI Inc. and Standard & Poor’s. The MSCI World Health Care Index is an unmanaged index considered representative of health care stocks of developed countries. An investment cannot be made directly in an index. GHC-UPD-1-E_Communication 7/28/2017 1:26 PM Page 3 About risk Convertible securities may be affected by market interest rates, the risk of issuer default, the value of the underlying stock or the issuer's right to buy back the convertible securities. Derivatives may be more volatile and less liquid than traditional investments and are subject to market, interest rate, credit, leverage, counterparty and management risks. An investment in a derivative could lose more than the cash amount invested. The risks of investing in securities of foreign issuers, including emerging markets, can include fluctuations in foreign currencies, political and economic instability, and foreign taxation issues. The health care industry is subject to risks relating to government regulation, obsolescence caused by scientific advances and technological innovations. The fund is subject to certain other risks. Please see the current prospectus for more information regarding the risks associated with an investment in the fund. NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE Before investing, investors should carefully read the prospectus and/or summary prospectus and carefully consider the investment objectives, risks, charges and expenses. For this and more complete information about the fund(s), investors should ask their advisors for a prospectus/summary prospectus or visit invesco.com/fundprospectus. Note: Not all products available at all firms. Advisors, please contact your home office. The opinions expressed are those of the fund’s portfolio management, are based on current market conditions and are subject to change without notice. These opinions may differ from those of other Invesco investment professionals. Holdings are subject to change and are not buy/sell recommendations. All data provided by Invesco unless otherwise noted. Invesco Global Health Care Fund GHC-UPD-1-E 07/17 invesco.com/us Invesco Distributors, Inc.