Invesco Global Diversified Real Assets Trust - Class I

There is 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 and investments in which the Fund and the Underlying Funds invest. The risks associated with the Fund’s investments in the Underlying Funds can increase during times of significant market volatility. Given the Fund’s investment in the Underlying Funds, the Fund is subject to the risks associated with the Underlying Funds in which it invests.

Detailed information on the principal risks of the Underlying Funds can be found in their respective fund descriptions. Listed below are certain of the principal risks associated with investing in the Fund.

Allocation Risk. The Management Team seeks to rebalance the Fund’s investments among the old Underlying Funds on a monthly basis. If the Management Team fails to rebalance timely, this may impact the Fund’s performance. Additionally, in the event of large market movements during any given month affecting one or more of the Underlying Funds, the Fund’s performance could be impacted to a greater degree by its investments in such Underlying Fund(s).

Business Continuity and Operational Risk. The Trust Company, the Sub–Adviser, the Fund and the Fund’s service providers may experience disruptions or operating errors, such as processing errors or human errors, inadequate or failed internal or external processes, systems or technology failures, or other disruptive events, that could negatively impact and cause disruptions in normal business operations of the Trust Company, the Sub–Adviser, the Fund or the Fund’s service providers. The Trust Company has developed a Business Continuity Program (the “Program”) designed to minimize the disruption of normal business operations in the event of an adverse incident affecting the Fund and/or its affiliates. The Program is also designed to enable the Trust Company to re–establish normal business operations in a timely manner during such an adverse incident; however, there are inherent limitations in the Program (including the possibility that contingencies have not been anticipated and procedures do not work as intended) and, under some circumstances (e.g., natural disasters, terrorism, public health crises, power or utility shortages and failures, system failures or malfunctions), the Trust Company, its affiliates and any service providers or vendors used by the Trust Company or such affiliates, could be prevented or hindered from providing services to the Fund for extended periods of time. These circumstances could cause disruptions and negatively impact the Fund’s service providers and the Fund’s business operations, potentially including an inability to process Fund Unitholder transactions, an inability to calculate the Fund’s net asset value and price the Fund’s investments, and impediments to trading portfolio securities.

Cybersecurity Risk. The Fund, like all companies, may be susceptible to operational and information security risks. Cybersecurity failures or breaches of the Fund or its service providers or the issuers of securities in which the Fund invests, have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, the inability of Fund unitholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, and/or additional compliance costs. The Fund and its Unitholders could be negatively impacted as a result.

Management Risk. The Fund depends heavily on the Management Team’s judgments about investing in the Underlying Funds. The Underlying Funds may underperform relative to funds with similar strategies in their peer group. The Fund also depends heavily on the judgments of the management teams of the Underlying Funds about markets, interest rates or the attractiveness, relative values, liquidity or potential appreciation of particular investments made for the Underlying Funds’ portfolios. The Underlying Funds, and therefore the Fund, could experience losses if these judgments prove to be incorrect. Additionally, legislative, regulatory, or tax developments may adversely affect management of the Fund and, therefore, the ability of the Fund to achieve its investment objective.

Natural Disaster/Epidemic Risk. Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis and other severe weather–related phenomena generally, and widespread disease, including pandemics and epidemics, have been and can be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund’s investments. Given the increasing interdependence among global economies and markets, conditions in one country, market, or region are increasingly likely to adversely affect markets, issuers, and/or foreign exchange rates in other countries, including the United States. These disruptions could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund’s ability to achieve its investment objective. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund.

No Registration Under U.S. Federal or State Securities Laws. Neither the Fund nor the Underlying Funds will be registered with the SEC as an investment company under the Investment Company Act of 1940 (the “Investment Company Act”) in reliance upon an exemption from the Investment Company Act; therefore, the provisions of the Investment Company Act applicable to registered investment companies (i.e., mutual funds) are not applicable to the Fund or the Underlying Funds. Units of the Fund and each Underlying Fund are exempt from registration under U.S. federal securities laws and, accordingly, this Fund Description and the fund descriptions of the Underlying Funds do not contain information that would otherwise be included if registration were required. Similar reliance has been placed on exemptions from securities registration and qualification requirements under applicable state securities laws. No assurance can be given that the offering currently qualifies or will continue to qualify under one or more exemptions due to, among other things, the manner of distribution, the existence of similar offerings in the past or in the future, or the retroactive change of any securities laws or regulation.

No Registration with the CFTC. Since the Fund and the Underlying Funds 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 of 1936 (“CEA”) and the rules of the U.S. Commodity Futures Trading Commission (“CFTC”). However, pursuant to CFTC Rule 4.5, the Trustee has claimed an exclusion from the definition of the term “commodity pool operator (“CPO”) under the CEA and, therefore, is not subject to registration or regulation as a CPO. The Trustee has filed a notice to effect the exclusion and will comply with the requirements thereof The Sub–Adviser, a registered commodity trading advisor under CFTC regulations, will provide commodity interest trading advice to the Fund as if it was exempt from registration as a commodity trading advisor with respect to the Fund pursuant to CFTC Regulation 4.14(a)(8). The Sub–Adviser and/or the relevant investment sub–adviser to each Underlying Fund will also provide commodity interest trading advice to the relevant Underlying Fund pursuant to CFTC Regulation 4.14(a)(8).

Underlying Funds’ Risks; Risks of Investing in Underlying Funds. The performance of the Fund is largely dependent on the performance of the Underlying Funds. Each of the Underlying Funds has its own investment risks, and those risks can affect the value of the Fund’s investments and therefore the value of the Fund’s units. There is no guarantee that the Fund or any Underlying Fund will achieve its investment objective. The Underlying Funds will each pursue their respective investment objectives and policies without any input from or approval of the Fund or the Management Team. If an Underlying Fund were to change its investment objective or policies, the Fund may be forced to sell its units of that Underlying Fund at a disadvantageous time. Listed below are certain of the principal risks of the Underlying Funds. For detailed information relating to these risks please see the fund descriptions of the applicable Underlying Funds.

Active Trading Risk
Changing Fixed Income Market Conditions Risk
Commodity–Linked Notes Risk
Commodity Risk
Convertible Securities Risk
Correlation Risk
Debt Securities Risk
Depositary Receipts Risk
Derivatives Risk
Emerging Markets Securities Risk
Exchange–Traded Funds Risk
Exchange–Traded Notes Risk
Foreign Securities Risk
Geographic Focus Risk
High Yield Debt Securities (Junk Bond) Risk
Index Risk
Inflation–Indexed Securities Risk
Inflation–Indexed Securities Tax Risk
Infrastructure–Related Companies Risk
Investing in Stocks Risk
Investing in the European Union Risk
Management Risk
Market Risk
Master Limited Partnership Risk
Master Limited Partnership Tax Risk
Mortgage– and Asset–Backed Securities Risk
Non–Diversification Risk
Preferred Securities Risk
REIT Risk/Real Estate Risk
Sampling Risk
Securities Lending Risk
Short Position Risk
Small– and Mid–Capitalization Companies Risks
Subsidiary Risk
U.S. Government Obligations Risk
Volatility Risk
When–Issued, Delayed Delivery and Forward Commitment Risks