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Strategy

The Portfolio invests 100% of its assets in the Invesco Equally-Weighted S&P 500 Fund. The Underlying Fund invests in a diversified portfolio of common stocks represented in the Standard & Poor's® 500 Composite Stock Price Index (S&P 500 Index or the Index). The S&P 500 Index is a well-known stock market index that includes common stocks of 500 companies. The Underlying Fund generally invests in each common stock included in the S&P 500 Index in approximately equal proportions. This approach differs from the S&P 500 Index because stocks in the S&P 500 Index are represented in proportion to their market value or market capitalization. The Underlying Fund does not utilize an investment strategy that attempts to outperform the Index. Rather, the Underlying Fund utilizes an indexing approach, which may eliminate the chance that the Underlying Fund will substantially outperform the Index, but it may also reduce some of the risk of active management. For example, the 50 largest companies in the S&P 500 Index represent approximately 50% of the S&P 500 Index's value; however, these same 50 companies represent roughly 10% of the Underlying Fund's value. The Underlying Fund may invest in securities of foreign issuers represented in the S&P 500 Index, which may include securities of issuers located in emerging markets countries (i.e., those that are in the initial stages of their industrial cycles) or depositary receipts.

The Underlying Fund's investment advisor will adjust the Underlying Fund's investment securities on a quarterly basis to maintain an approximately equal weighting of each S&P 500 Index stock. Buy and sell decisions for the Underlying Fund are a function of changes in the S&P 500 Index rather than independent decisions made by the investment team.