Invesco Global Targeted Returns Fund Z-Acc Sharesdeb319b4-5799-4f8c-aeaa-02ff5ae41… · Invesco Global Targeted Returns Fund Z-Acc Shares 31 July 2020 This marketing document is

Invesco Global Targeted Returns FundZ-Acc Shares30 November 2020This marketing document is exclusively for use by Qualified Investors in Switzerland andProfessional Clients in Continental European countries as defined in the important informationsection. This document is not for consumer use, please do not redistribute.This document may also be used by financial intermediaries in the United States as defined inthe important information section.

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*Source: © 2020 Morningstar. Indexed performance: Performance of an investment of 100 in share class currency. Gross income re-invested to 30 November2020 unless otherwise stated. The figures do not reflect the entry charge payable by individual investors. All performance data on this factsheet is in the currencyof the share class. Reference Benchmark Source: Bloomberg.

Summary of fund objectiveThe Fund aims to achieve a positive totalreturn in all market conditions over arolling 3 year period. The Fund targets agross return of 5% p.a. above 3 monthEURIBOR (or an equivalent reference rate)and aims to achieve this with less than halfthe volatility of global equities, over thesame rolling 3 year period. There is noguarantee that the Fund will achieve apositive return or its volatility target. Forthe full objectives and investment policyplease consult the current prospectus.

Key facts

Gwilym Satchell, David Millar, RichardBatty, Sebastian Mackay Henley -on- ThamesManaged fund since December 2013

Share class launch18 December 2013Original fund launch 18 December 2013Legal statusLuxembourg SICAV with UCITS statusShare class currencyEURShare class typeAccumulationFund sizeEUR 1.66 bn Ongoing charges 1

0.87%Reference Benchmark3 Month Euribor Index + 5%ISIN codeLU1004133531

Current NAVEUR 10.85

12 month price highEUR 11.34 (21/02/2020)

12 month price lowEUR 10.68 (30/10/2020)Minimum investment 2

EUR 1,000

Entry charge Up to 5.00%

Annual management fee0.7%

Quarterly fund commentaryThe ebb and flow of the coronavirus pandemic continued to dominate market sentiment.Early optimism in the quarter, boosted by the massive stimulus provided by central banksand governments globally, led equity markets higher but a resurgence in cases in Europecaused markets to stutter towards quarter end. Emerging market equities did well, driven byAsia, which appears to be managing the virus with more success. Interest rates in the US,UK and Europe ended broadly unchanged while the popularity of investment grade creditremained a feature of markets. During the quarter, the team added four new ideas to theportfolio, removed four and made changes to eight others. This included adding a ‘Credit –US Investment Grade’ idea, here we believe the segment offers a more defensive form of‘risk on’ exposure, especially as the US Federal Reserve seems prepared to act as a backstop.Ideas that we closed included two currency ideas, our short position in the New Zealanddollar and our idea preferring the US dollar to the euro. We also closed our ‘Equity – Brazil’idea, as we felt there were better opportunities available elsewhere.

Indexed performance*Fund Benchmark

11/15 11/16 11/17 11/18 11/19 11/2080

90

100

110

120

130

The performance period shown here starts on the last day of the first indicated month and ends on thelast day of the last indicated month.

Cumulative performance*in % YTD 1 month 1 year 3 years 5 years

Fund -1.89 1.52 -1.85 -4.96 -1.71

Benchmark 4.20 0.36 4.60 14.58 25.65

Calendar year performance*in % 2015 2016 2017 2018 2019

Fund 1.42 2.24 -0.03 -4.99 2.85

Benchmark 4.98 4.75 4.67 4.68 4.64

Standardised rolling 12 month performance*30.11.15 30.11.16 30.11.17 30.11.18 30.11.19

in % 30.11.16 30.11.17 30.11.18 30.11.19 30.11.20

Fund 0.81 2.59 -6.27 3.31 -1.85

Benchmark 4.77 4.67 4.68 4.65 4.60Past performance is not a guide to future returns. The performance shown does not take account ofthe commissions and costs incurred on the issue and redemption of units.

The holdings date for risk purposes may be moved by one business day to the closest day that is notdistorted by fund flows or trading and may therefore differ from the date used for showing performanceor other fund data.

Invesco Global Targeted Returns FundZ-Acc Shares30 November 2020

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Source: *Invesco. Portfolio weightings and allocations are subject to change. The weightings for each breakdown are rounded to the nearest tenth orhundredth of a percent; therefore, the aggregate weights for each breakdown may not equal 100%. **Global equity risk is the expected volatility of theMSCI World index as measured by its standard deviation over the last three and a half years, 16.49%, on 30 November 2020.

Independent risk3 per idea*

Commodity - Commodity Carry 0.87

Credit - Selective Credit 0.79

Credit - US High Yield 0.80

Credit - US Investment Grade 0.77

Currency - Japanese Yen vs Europe 0.40

Currency - Japanese Yen vs USDollar

1.18

Currency - Mexican Peso vs US Dollar 0.83

Currency - Norwegian Krone vs UKPound

0.99

Currency - Poland vs Europe 0.73

Currency - Russian Ruble vs ChileanPeso

0.77

Currency - US Dollar vs Asia 0.38

Equity - Australia 0.90

Equity - China 1.21

Equity - Diversified Alpha 0.97

Equity - Equity Optionality 0.59

Equity - European Mid Caps vs LargeCaps

0.57

Equity - Japan 1.32

Equity - Taiwan Carry 0.93

Equity - US vs EU Industrials 0.98

Inflation - Short UK 1.52

Inflation - US Steepener 0.75

Interest Rates - Selective EM Debt 0.84

Interest Rates - Yield Compression 1.98

Volatility - Global FX Volatility 0.62

Volatility - US Variance 0.15

Cash & Residual FX4 0.35

Total independent risk 22.19

Expected fund risk5 5.58

Expected diversification from combining ideas*■■ Ideas expressed through Invesco investment strategies ■■ Other investment ideas

Total independent risk3 22.19% Expected fund risk5 5.58%

Independent risk Expected fund risk

Expecte

d d

ivers

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ati

on b

enefit

0

5

10

15

20

25

Expecte

d r

isk

50% of global equity risk **

Independent risk3 breakdown by region %*

g United Statesg Europeg Japang United Kingdomg Mexicog Taiwang Asiag China Offshoreg Norwayg Australiag Hungaryg Hong Kongg Other

Independent risk3 breakdown by asset type %*

g Commodityg Creditg Currencyg Equityg Inflationg Interest ratesg Volatility

Independent risk3 breakdown byregion %*

United States 16.94

Europe 13.21

Japan 7.33

United Kingdom 6.94

Mexico 5.61

Taiwan 5.20

Asia 5.16

China Offshore 4.62

Norway 4.38

Australia 4.25

Hungary 3.56

Hong Kong 3.45

Other 19.35

Independent risk3 breakdown byasset type %*

Commodity 3.91

Credit 10.64

Currency 25.41

Equity 33.67

Inflation 10.20

Interest rates 12.71

Volatility 3.46

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Risk Warnings

The value of investments and any income will fluctuate (this may partly be the result of exchange rate fluctuations) and investors may notget back the full amount invested. Debt instruments are exposed to credit risk which is the ability of the borrower to repay the interest andcapital on the redemption date. Changes in interest rates will result in fluctuations in the value of the fund. The fund uses derivatives(complex instruments) for investment purposes, which may result in the fund being significantly leveraged and may result in largefluctuations in the value of the fund. The fund may invest in distressed securities which carry a significant risk of capital loss. The fund mayinvest in certain securities listed in China which can involve significant regulatory constraints that may affect the liquidity and/or theinvestment performance of the fund. Investment in instruments providing exposure to commodities is generally considered to be high riskwhich may result in large fluctuations in the value of the fund. As a portion of the Fund may be exposed to less developed countries, youshould be prepared to accept large fluctuations in the value of the Fund.

Important Information

1The ongoing charges figure is based on expenses for the year ending February 2020. This figure may vary from year to year. Itexcludes portfolio transaction costs except in the case of an entry or exit charge paid by the Fund when buying or sellingshares/units in another fund.2The minimum investment amounts are: USD 1,500 / EUR 1,000 / GBP 1,000 / CHF 1,500 / SEK 10,000. Please contact us orrefer to the most up to date Prospectus for details of minimum investment amounts in other currencies.3Total independent risk – the sum of the expected volatility of the individual ideas as measured by their standard deviation over the lastthree and a half years.4Residual FX refers to risk arising from unhedged currency exposure rather than an individual investment idea.5Expected fund risk - the expected volatility of the fund as measured by the standard deviation of the current portfolio of ideas over thelast three and a half years.

This marketing document is exclusively for use by Professional Clients and Financial Advisers in Continental Europe and QualifiedInvestors in Switzerland. This document is not for consumer use, please do not redistribute. For the purpose of the distribution of thisdocument Continental Europe is defined as Austria, Belgium, Germany, Spain, Finland, France, Greece, Italy, Liechtenstein, Luxembourg,Netherlands, Norway, Portugal, Sweden. Data as at 30 November 2020, unless otherwise stated. This document is marketing materialand is not intended as a recommendation to invest in any particular asset class, security or strategy. Regulatory requirements thatrequire impartiality of investment/investment strategy recommendations are therefore not applicable nor are any prohibitions to tradebefore publication. The information provided is for illustrative purposes only, it should not be relied upon as recommendations to buy orsell securities. By accepting this document, you consent to communicate with us in English, unless you inform us otherwise.

"Z" shares are available to distributors and financial intermediaries, which according to regulatory requirements or based on individual feearrangements with their clients, are not allowed to accept and keep commissions on management fee, subject to the approval of theManagement Company. No commissions on management fee may be paid to any distributor or financial intermediary in relation to any ofthe “Z” Shares. Shareholders in the “Z" Shares who subscribed prior to 12 December 2017, when different share class access applied,are not subject to the above access requirements. All fund portfolio figures within this leaflet are as at 30 November 2020 (Source:Invesco). Past performance is not a guide to future returns. Where individuals or the business have expressed opinions, they are based oncurrent market conditions, they may differ from those of other investment professionals and are subject to change without notice and arenot to be construed as investment advice. This marketing document is not an invitation to subscribe for shares in the fund and is by wayof information only, it should not be considered financial advice. This does not constitute an offer or solicitation by anyone in anyjurisdiction in which such an offer is not authorised or to any person to whom it is unlawful to make such an offer or solicitation. Personsinterested in acquiring the fund should inform themselves as to (i) the legal requirements in the countries of their nationality, residence,ordinary residence or domicile; (ii) any foreign exchange controls and (iii) any relevant tax consequences. As with all investments, there areassociated risks. This document is by way of information only. Asset management services are provided by Invesco in accordance withappropriate local legislation and regulations. The fund is available only in jurisdictions where its promotion and sale is permitted. Not allshare classes of this fund may be available for public sale in all jurisdictions and not all share classes are the same nor do they necessarilysuit every investor. Fee structure and minimum investment levels may vary dependent on share class chosen. Please check the mostrecent version of the fund prospectus in relation to the criteria for the individual share classes and contact your local Invesco office for fulldetails of the fund registration status in your jurisdiction. Forecasts are not reliable indicators of future performance. For more informationon our funds, please refer to the most up to date relevant fund and share class-specific Key Investor Information Documents, the latestAnnual or Interim Reports and the latest Prospectus, and constituent documents. This information is available in English using the contactdetails of the issuer and is without charge. Further information on our products is available using the contact details shown. Subscriptionsof shares are only accepted on the basis of the most up to date legal offering documents. The legal offering documents (fund & shareclass specific Key Investor Information Document, prospectus, annual and semi-annual reports, articles and trustee deed) are available freeof charge with your local Invesco representative or on our website www.invesco.eu.

© 2020 Morningstar. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers;(2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its contentproviders are responsible for any damages or losses arising from any use of this information.

Additional information for Financial Intermediaries in the United States: This document is intended for distribution to US financialintermediaries for informational purposes and in relation to their activities with offshore clients only. The Funds are not registered underany US securities law, and may not be offered or sold directly or indirectly in the US, its territories or possessions, nor to any US persons,citizens or residents. The Fund must not be marketed on US soil. This does not constitute a recommendation of any investment strategyor product for a particular investor. Investors should consult a financial professional before making any investment decisions. Issued in theUS by Invesco Distributors, Inc., 11 Greenway Plaza, Suite 1000, Houston, Texas 77046, USA. Invesco Distributors, Inc. is the appointedUS sub-distributor of the Invesco Funds, SICAV. All entities are indirect, wholly owned subsidiaries of Invesco Ltd.

Invesco Global Targeted Returns FundZ-Acc Shares30 November 2020

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Important Information�

Additional information for Austria: Issued in Austria by Invesco Management S.A., President Building, 37A Avenue JF Kennedy, L-1855Luxembourg, regulated by the Commission de Surveillance du Secteur Financier, Luxembourg.

Additional information for Belgium: Issued in Belgium by Invesco Management S.A., President Building, 37A Avenue JF Kennedy, L-1855Luxembourg, regulated by the Commission de Surveillance du Secteur Financier, Luxembourg.

Additional information for Finland: Issued in Finland by Invesco Management S.A., President Building, 37A Avenue JF Kennedy, L-1855Luxembourg, regulated by the Commission de Surveillance du Secteur Financier, Luxembourg.

Additional information for France: Issued in France by Invesco Management S.A., President Building, 37A Avenue JF Kennedy, L-1855Luxembourg, regulated by the Commission de Surveillance du Secteur Financier, Luxembourg.

Additional information for Germany: Issued in Germany by Invesco Management S.A., President Building, 37A Avenue JF Kennedy, L-1855 Luxembourg, regulated by the Commission de Surveillance du Secteur Financier, Luxembourg.

Additional information for Greece: Issued in Greece by Invesco Management S.A., President Building, 37A Avenue JF Kennedy, L-1855Luxembourg, regulated by the Commission de Surveillance du Secteur Financier, Luxembourg.

Additional information for Italy: Issued in Italy by Invesco Management S.A., President Building, 37A Avenue JF Kennedy, L-1855Luxembourg, regulated by the Commission de Surveillance du Secteur Financier, Luxembourg. The fund's share class is registered in Italyfor Professional Investors only and not for public distribution. The marketing of the fund to Retail Clients is therefore currently forbidden.

Additional information for Liechtenstein: Issued in Liechtenstein by Invesco Management S.A., President Building, 37A Avenue JFKennedy, L-1855 Luxembourg, regulated by the Commission de Surveillance du Secteur Financier, Luxembourg. Paying agent inLiechtenstein: LGT Bank AG, Herrengasse 12, 9490 Vaduz, Principality of Liechtenstein.

Additional information for Luxembourg: Issued in Luxembourg by Invesco Management S.A., President Building, 37A Avenue JF Kennedy,L-1855 Luxembourg, regulated by the Commission de Surveillance du Secteur Financier, Luxembourg.

Additional information for Netherlands: Issued in Netherlands by Invesco Management S.A., President Building, 37A Avenue JF Kennedy,L-1855 Luxembourg, regulated by the Commission de Surveillance du Secteur Financier, Luxembourg.

Additional information for Norway: Issued in Norway by Invesco Management S.A., President Building, 37A Avenue JF Kennedy, L-1855Luxembourg, regulated by the Commission de Surveillance du Secteur Financier, Luxembourg.

Additional information for Portugal: Issued in Portugal by Invesco Management S.A., President Building, 37A Avenue JF Kennedy, L-1855Luxembourg, regulated by the Commission de Surveillance du Secteur Financier, Luxembourg.

Additional information for Spain: Issued in Spain by Invesco Management S.A., President Building, 37A Avenue JF Kennedy, L-1855Luxembourg, regulated by the Commission de Surveillance du Secteur Financier, Luxembourg.

Additional information for Sweden: Issued in Sweden by Invesco Management S.A., President Building, 37A Avenue JF Kennedy, L-1855Luxembourg, regulated by the Commission de Surveillance du Secteur Financier, Luxembourg.

Additional information for Switzerland: Issued in Switzerland by Invesco Asset Management (Schweiz) AG, Talacker 34, CH-8001 Zurich,who acts as representative for the funds distributed in Switzerland. Paying agent for the funds distributed in Switzerland: BNP PARIBASSECURITIES SERVICES, Paris, succursale de Zurich, Selnaustrasse 16, CH-8002 Zurich. The legal offering documents are available free ofcharge at our website and local language from the issuer of this document. The fund is domiciled in Luxembourg.