Fund Fees and Expenses
Please refer to the Declaration of Trust and the Participation Agreement for information relating to fees and expenses payable in connection with an investment in the Fund. Fees and expenses charged by funds in which the Fund invests will be borne by the Fund.


Investor Profile
Invesco GTAA Alpha Overlay Trust may be appropriate for investors looking for either an aggressive, global macro hedge fund style investment or to replicate a global tactical asset allocation (GTAA) overlay strategy. Replication of an overlay or portable alpha strategy is typically achieved by making a small investment (20% or less) in the GTAA strategy and targeting the specific alpha/risk target relative to a much larger notional portfolio. The Fund will often be used to add a diversified alpha source to a traditional portfolio.


Investment Objective
The investment objective of the Fund is to outperform the Index over a rolling three- to five-year investment horizon. The Fund will strive to achieve this objective with an active GTAA overlay strategy with tracking error generally between 8 – 16% and a 0.75 target information ratio. Tracking error is defined as the annualized standard deviation of excess return from the strategy.


Investment Strategy
The Fund seeks to achieve excess return (alpha) with a macro oriented, global investment strategy. The GTAA investment process involves gathering fundamental economic and investment information and transforming it into very specific views as to the relative attractiveness of each market. The three step process includes:

Fundamental Research
Fundamental research represents the first step of the investment process. We analyze markets to determine the distinctive characteristics of each market relative to its comparison universe. We then generate hypotheses about how various economic events will interact with the characteristics and affect relative performance. Empirical research then allows us to confirm or revise our hypotheses. The result is identification of the key drivers of relative performance for each equity, bond, commodity and currency market.

Quantitative Modeling
In the second step of the investment process, we use the research from step one to create quantitative models that incorporate both longer-term valuation as well as the dynamics present in the near-term environment. To address valuation, we determine if competing investment alternatives are cheap or expensive relative to their underlying fundamentals. Valuation focuses on the longer-term, secular influences on each asset and suggests that there is a mean reverting, long-term, or equilibrium relationship between prices and fundamentals. Dynamics reconciles the short-run behavior of asset prices with their long-run behavior and recognizes that these mis-valuations may not correct instantaneously. Together, valuation and dynamics attempt to answer the asset allocation question of whether one asset will outperform another, resulting in a quantitative expression of our fundamental investment process. We express the output of the models in the form of probabilities by combining valuation and dynamics in one equation.

Portfolio Construction and Risk Management
The third step of the investment process allows us to map probabilities to express the relative attractiveness of any decision directly to a portfolio’s specified allocation range consistent with the Fund’s investment policy guidelines and risk budget. In allocating the risk across the underlying strategies we have taken the view that the most robust portfolio solution is one that not only looks to maximize the ex-ante information ratio of the strategy, but also seeks to minimize the potential for draw-downs. Specifically, the optimization targets a portfolio where each component contributes an equal level of risk, with constraints on minimum expected alpha and maximum levels of tracking error. This is the core of our risk allocation philosophy, providing the highest expected information ratio while also minimizing draw-downs.



Investment Guidelines



Permitted Investments
The investment objective of the Fund, as described above, will be achieved primarily through investment in a portfolio that includes long and short positions in both US and non-US securities as follows:

1.	Equity and equity-linked investments including, but not limited to, equity-linked futures, equity-linked swaps, equity-linked over-the-counter options, (collectively, "equity instruments")
2.	Fixed income investments including but not limited to, (a) listed futures and options, credit default swaps, interest rate swaps, over-the-counter options and other derivatives, (b) sovereign debt, rated or unrated corporate bonds and notes, mortgage-backed securities, treasury bills, preferred stocks, structured notes and securities loans (based on underlying instruments including, but not limited to, interest rates and foreign exchange).
3.	Commodity futures or physical commodities, commodity linked notes or any other commodity derivatives, and
4.	Currency futures, currency forward contracts and any other form of currency derivatives.

The Fund may make investments above either directly or indirectly, though investment in other registered or unregistered investment vehicles that may be affiliated with the Fund. For the purpose of diversification, hedging, or to ensure the Fund’s liquidity, the portfolio managers may invest in cash or cash deposits, money market instruments (or open-ended collective investment schemes that invest primarily in money market instruments) and other liquid financial instruments such as repurchase agreements, commercial paper, bonds, notes, bills, deposits, certificates of deposit and cash, or open-ended collective investment schemes which invest primarily in such liquid financial instruments.

Investment Restrictions

1.	The Fund will not take or seek to take legal or management control of any issuer in which it invests.
2.	The Fund will not invest in real property.
3.	No borrowing will be allowed.
4.	The portfolio manager will not conduct any trading activity with affiliates, including agency trades, principal trades and cross-trades.

Cash or other assets belonging to the Fund may be passed outside of the Fund’s custodial network in order to support the Fund’s transactions. The extent to which assets may be so passed is unlimited provided that any “over-the-counter” counterparty of the Fund must have a credit rating or an implied credit rating of A2/P2 as rated by Standard & Poor’s/IBCA or Moody’s or an equivalent rating provided by an internationally recognised rating agency. A rating decline on the part of counterparty below this level would result in an orderly liquidation of positions consistent with the best interests of the Fund.



Principal Risks of Investing in the Fund

An investment in the Fund is speculative and involves a high degree of risk, including the 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 in which the Fund invests directly and indirectly. Listed below are some of the principal risks associated with investing in the Fund.


General Investment Risk
The business of the Fund is to invest in securities and to utilize certain investment techniques that involve various risks. The prices of Fund investments may be volatile and market movements are difficult to predict. In addition, the amount and timing of Investor purchases and redemptions may a have a negative impact on the Fund’s return. While the portfolio management team seeks to mitigate investment risks, there can be no assurance that Investors will not incur losses. Investors should not subscribe to or invest in the Fund unless they can readily bear the consequences of such loss.

Market Risk
The price of and the income generated by securities held directly and indirectly by the Fund may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Fund; general economic and market conditions; regional or global economic instability; and currency and interest rate fluctuations.

Equity Securities Risk
The prices of equity securities change in response to many factors including the historical and prospective earnings of the issuer, the value of its assets, general economic conditions, interest rates, investor perceptions and market liquidity.

Concentration Risk
Because a large percentage of the Fund’s assets may be invested in a limited number of securities, a change in the value of the securities could significantly affect the value of your investment in the Fund.

Derivatives Risk
The Fund may invest (directly or indirectly) in "derivatives"–so-called because their value "derives" from the value of an underlying asset (including an underlying security), reference rate or index–the value of which may rise or fall more rapidly than other investments. For some derivatives, it is possible to lose more than the amount invested in the derivative. If the Fund uses derivatives to "hedge" a portfolio risk, it is possible that the hedge may not succeed. This may happen for various reasons, including unexpected changes in the value of the rest of the Fund's portfolio. 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.

Commodity Risk
The fund may invest in commodity-linked derivatives instruments that may subject it to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or other factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. The fund may concentrate its assets in a particular sector of the commodities market (such as oil, metal or agricultural products). As a result, the fund may be more susceptible to risks associated with those sectors.

Leverage Risk
The use of derivatives may give rise to a form of leverage. Leverage may cause the Fund's portfolio to be more volatile than if the portfolio had not been leveraged because leverage can exaggerate the effect of any increase or decrease in the value of securities held by the Fund.

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 to interest rates depending on the specific characteristics of each bond. A measure investors commonly use to determine this sensitivity is called duration. The longer the duration of a particular bond, the greater is its process sensitivity to interest rate changes. Similarly, a longer duration portfolio of securities has greater price sensitivity. Duration is determined by a number factors including coupon rate, whether the coupon is fixed or floating, time to maturity, call or put features, and various repayment features.

Credit Risk
Credit risk is the risk of loss on an investment due to the deterioration of an issuer's financial health. Such a deterioration of financial health may result in a reduction of the credit rating of the issuer's securities and may lead to the issuer's inability to honor its contractual obligations including making timely payment of interest and principal. Credit ratings are a measure of credit quality. Although a downgrade or upgrade of a bond's credit ratings may or may not affect its price, a decline in credit quality may make bonds less attractive, thereby driving up the yield on the bond and driving down the price. Declines in credit quality can result in bankruptcy for the issuer and permanent loss of investment.

Foreign Securities Risk
Foreign securities have additional risks, including fluctuations in the value of the U.S. dollar relative to the values of other currencies, and may have relatively low market liquidity, decreased publicly available information about issuers, inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers, expropriation, nationalization or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities may also be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions.

Currency Risk
Currency risk is a form of risk that arises from the change in price of one currency against another. Whenever investors or companies have assets or business operations across national borders, they face currency risk if their positions are not hedged. The currency exchange risk associated with a foreign denominated instrument is a key element in foreign investment. This risk flows from differential monetary policy and growth in real productivity, which results in differential inflation rates.

Investment Vehicle Risk
The Fund will invest a substantial portion of its assets in other affiliated and unaffiliated investment vehicles and will be is subject to the underlying risk of those investment vehicles’ portfolio securities.

Active Trading Risk
The Fund may engage in active and frequent trading of portfolio securities to achieve its investment objective. If the Fund does trade in this way, it may incur increased costs, which can lower the actual return of the Fund.

Management Risk
There is no guarantee that the investment techniques and risk analyses used by the Fund’s portfolio managers will produce the desired results.

Accounts of Affiliates of the Investment Manager
Affiliates of the Trustee or the Sub-Adviser may trade in securities at the same time as the Fund and, therefore, may potentially affect prices or available opportunities, but at no time will they receive preferential treatment on pricing or allocations.

No Registration Under the Investment Company Act, the Securities Act or State Securities Laws
The Fund will not be registered with the SEC as an investment company under the Investment Company Act of 1940 in reliance upon an exemption from the Investment Company Act. Accordingly, the provisions of the Investment Company Act that are applicable to registered investment companies (i.e., mutual funds) will not be applicable. Some of the Fund’s investment policies and strategies may not be permissible for registered investment companies. Units of the Fund will not be registered with the Securities and Exchange Commission in reliance on the exemptive provisions of Section 3(a)(2) of the Securities Act of 1933, nor will it be registered with any state securities regulator.

No Registration with the CFTC
Since the Fund may purchase, sell or trade exchange-traded 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 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 effect 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 disclosure document and a certified annual report to Fund investors. Nevertheless, all investors will receive a copy of the Declaration of Trust as well as an annual report for the Fund.




Additional Fund Information

Notice of each purchase and redemption order for this Fund must be received by Invesco National Trust Company in good order no later than 3:00 p.m. ET on the trade date for such order. Each such notice 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.

Investors and prospective investors in the Fund are strongly encouraged to review the complete terms of the Declaration of Trust for additional details regarding the Fund and its operation. Additional information regarding the Fund including performance, portfolio holdings and portfolio manager information can be found at www.invesconationaltrust.com.