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nvesting always carries some level of risk, including the possibility of losing money. Past performance is not a reliable indicator of future results.

    US private real estate is represented by the NCREIF Property Index (NPI), which tracks the total return on private commercial properties held for investment purposes. The NPI is published quarterly and reflects the returns of institutional-quality real estate, excluding leverage and management fees. It's based on appraisal values and represents a broad measure of private real estate index returns.

    US stocks are represented by the S&P 500 Index, an unmanaged index of the 500 largest US companies. This index is subject to market risk and reflects the broader stock market. Similarly, US bonds are represented by the Bloomberg US Aggregate Bond Index, which tracks investment-grade fixed-rate bonds in the US market. It's also subject to credit risk.

    US Treasury bills are represented by the Bloomberg 90-Day US Treasury Bill Index, an unmanaged index that measures the performance of short-term US government securities. These indices illustrate general market performance but cannot be invested in directly.

    Investment risks include fluctuations in value and potential losses. Property investments can be illiquid, making it difficult to sell them when needed. The value of property is often determined by independent valuers, which may not reflect its true worth. Real estate assets are generally illiquid and carry a moderate to high degree of risk, including the possibility of partial or total loss of capital.

    Investing in commercial real estate involves specific risks, such as tenants defaulting on rent payments, interest rate increases, and changes in supply and demand for similar properties. Invesco does not provide tax advice, and investors should consult their own professionals for information on federal and state tax laws.