Defined Contribution Intermediary
Alternatives | Global Macro

Invesco Global Targeted Returns Trust

Class C

Class C

  • Class C
Select a Fund

Select a Fund

  • Diversified Return Intermediate Trust - Class C
  • IBEW-NECA Stable Value Trust - Basic Class
  • IBEW-NECA Stable Value Trust - Premier Class
  • Invesco 500 Index Trust - Class C
  • Invesco Active Multi-Sector Credit Trust - Class II
  • Invesco American Franchise Trust - Class C
  • Invesco Balanced-Risk Allocation Trust - Class C
  • Invesco Balanced-Risk Commodity Trust - Class C
  • Invesco Core Plus Fixed Income Trust - Class C
  • Invesco Core Plus Fixed Income Trust - Class I
  • Invesco Diversified Dividend Trust - Class C
  • Invesco Diversified Dividend Trust - Class I
  • Invesco Emerging Markets Equity Trust - Class A
  • Invesco Emerging Markets Equity Trust - Class I
  • Invesco Emerging Markets Equity Trust - Class T
  • Invesco Emerging Markets Equity Trust - Class V
  • Invesco Emerging Markets Equity Trust - Class VI
  • Invesco Emerging Markets Innovators Trust - Class T
  • Invesco Equity Global Real Estate Securities Trust - Class C
  • Invesco Equity Real Estate Securities Trust - Class C
  • Invesco Global Asset Allocation Strategy Trust - Class C
  • Invesco Global Diversified Real Assets Trust - Class I
  • Invesco Global Equity Trust - Class T2
  • Invesco Global Equity Trust- Class A
  • Invesco Global Infrastructure Trust
  • Invesco Global Real Estate Income Trust - Class C
  • Invesco Global Targeted Returns Trust - Class C
  • Invesco Growth and Income Trust - Class C
  • Invesco Growth and Income Trust - Class I
  • Invesco Intermediate Bond Trust - Class C
  • Invesco International Growth Trust - Class C
  • Invesco International Growth Trust - Class I
  • Invesco International Select Equity Trust - Class F
  • Invesco International Small-Mid Cap Trust - Class T2
  • Invesco Macro Allocation Strategy Trust - Class C
  • Invesco Mid Cap Growth Trust - Class C
  • Invesco OFI International Growth Trust - Class A
  • Invesco OFI International Growth Trust - Class T
  • Invesco OFI International Growth Trust - Class T4
  • Invesco OFI International Growth Trust - Class T5
  • Invesco OFI International Growth Trust - Tier 2
  • Invesco Senior Loan Trust - Class A
  • Invesco Short Duration Inflation Protected Trust - Class C
  • Invesco Small Cap Index Plus Strategy Trust - Class C
  • Invesco Stable Value Trust - Class A1
  • Invesco Stable Value Trust - Class B1
  • Invesco Stable Value Trust - Class C
  • Invesco Stable Value Trust - Class I
  • Invesco Stable Value Trust - Class II
  • Invesco Stable Value Trust - Class III
  • Invesco Stable Value Trust - Class IV
  • Invesco U.S. Quantitative Core Trust - Class C
  • Invesco U.S. Quantitative Small Core Trust - Class C
  • Invesco U.S. Quantitative Small Value Trust - Class C

Investment Objective

The Fund’s investment objective is to seek a positive total return over the long term in all market environments.

Investor Profile

The Fund may be appropriate for investors seeking positive total return over the long term in all market environments through an unconstrained investment approach combined with robust risk management.

Fund Style

Absolute Return - Multi-Asset

Fund Management

Fund Trustee & Investment Manager
The trustee and investment manager for the Fund is Invesco Trust Company, a Texas trust company (the “Trustee”).

Fund Sub-Advisor
The investment sub-advisers for the Fund are Invesco Asset Management Ltd., and Invesco Advisers, Inc. (each, a “Sub- Adviser” and together, the “Sub-Advisers”). Information concerning each Sub-Adviser can be found in its Form ADV filed with the U.S. Securities and Exchange Commission (“SEC”).

Fund Benchmark

FTSE US 3-Month Treasury Bill Index (the “Index”).

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Performance

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Since Incept.*
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*Since Inception performance is as of the first full month the fund was open. Total return assumes reinvestment of dividends and capital gains for the periods indicated. Past performance is no guarantee of future results. Gross performance has been calculated before the deduction of investment management and client service fees, but after the deduction of all other expenses applicable to the fund. Net Performance has been calculated after the deduction of the Annual Expense Ratio of the fund as well as a hypothetical management fee of 0.XX%. Investment return and principal value will vary and you may have a gain or loss when you sell shares.

The Barclays U.S. Treasury Bellwethers 3-Month Index is tracked by Barclays to provide performance for the three-month U.S. Treasury Bill. An investment cannot be made directly in an index.

Price History

From   to
No history records found for this date range

Important information

Current and prospective participating trusts are strongly encouraged to review the complete terms of the Declaration of Trust for additional details regarding the Fund and its operations. Further information regarding the Fund, including performance and portfolio holdings, can be found at www.InvescoTrustCompany.com.
The Fund is not guaranteed by Invesco, its subsidiaries or affiliates, including Invesco Advisers, Inc. The Fund is not insured by the FDIC or the Federal Reserve Bank, nor guaranteed by any governmental agency.

 Principal Risks of Investing

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 in which the Fund invests. Listed below are the principal risks associated with investing in the Fund:

Active Trading Risk. Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

Changing Fixed Income Market Conditions Risk. The current low interest rate environ-ment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates near historical lows. In-creases in the federal funds and equivalent foreign rates may expose fixed income mar-kets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced li-quidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs.

Commodity Risk. The Fund may have investment exposure to the commodities markets and/or a particular sector of the commodities markets, which may subject the Fund to greater volatility than investments in traditional securities, such as stocks and bonds. Volatility in the commodities markets may be caused by changes in overall market move-ments, domestic and foreign political and economic events and policies, war, acts of ter-rorism, changes in domestic or foreign interest rates and/or investor expectations con-cerning interest rates, domestic and foreign inflation rates, investment and trading activities of mutual funds, hedge funds and commodities funds, and factors such as drought, floods, weather, livestock disease, embargoes, tariffs and other regulatory de-velopments or supply and demand disruptions. Because the Fund’s performance may be linked to the performance of volatile commodities, investors should be willing to assume the risks of potentially significant fluctuations in the value of the Fund’s units.

Debt Securities Risk. The prices of debt securities held by the Fund will be affected by changes in interest rates, the creditworthiness of the issuer and other factors. An in-crease in prevailing interest rates typically causes the value of existing debt securities to fall and often has a greater impact on longer-duration debt securities and higher quality debt securities. Falling interest rates will cause the Fund to reinvest the proceeds of debt securities that have been repaid by the issuer at lower interest rates. Falling interest rates may also reduce the Fund’s distributable income because interest payments on floating rate debt instruments held by the Fund will decline. The Fund could lose money on investments in debt securities if the issuer or borrower fails to meet its obligations to make interest payments and/or to repay principal in a timely manner. Changes in an is-suer’s financial strength, the market’s perception of such strength or in the credit rating of the issuer or the security may affect the value of debt securities. The Management Team’s credit analysis may fail to anticipate such changes, which could result in buying a debt security at an inopportune time or failing to sell a debt security in advance of a price decline or other credit event.

Derivatives Risk. The value of a derivative instrument depends largely on (and is de-rived from) the value of an underlying security, currency, commodity, interest rate, in-dex or other asset (each referred to as an underlying asset). In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage and liquidity risks. Counterparty risk is the risk that the counterparty to the derivative contract will default on its obligation to pay the Fund the amount owed or otherwise perform under the derivative contract. Derivatives create leverage risk because they do not require payment up front equal to the econom-ic exposure created by holding a position in the derivative. As a result, an adverse change in the value of the underlying asset could result in the Fund sustaining a loss that is substantially greater than the amount invested in the derivative or the anticipated val-ue of the underlying asset, which may make the Fund’s returns more volatile and in-crease the risk of loss. Derivative instruments may also be less liquid than more tradi-tional investments and the Fund may be unable to sell or close out its derivative positions at a desirable time or price. This risk may be more acute under adverse market conditions, during which the Fund may be most in need of liquidating its derivative posi-tions. Derivatives may also be harder to value, less tax efficient and subject to changing government regulation that could impact the Fund’s ability to use certain derivatives or their cost. Derivatives strategies may not always be successful. For example, derivatives used for hedging or to gain or limit exposure to a particular market segment may not provide the expected benefits, particularly during adverse market conditions. These risks are greater for the Fund than most other funds because the Fund will implement its investment strategy primarily through derivative instruments, rather than direct invest-ments in stocks/bonds.

Emerging Markets Securities Risk. Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign in-vestment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably. In addition, investments in emerging markets securities may be subject to additional transaction costs, delays in settlement procedures, and lack of timely information.

Exchange-Traded Funds Risk. In addition to the risks associated with the underlying as-sets held by the exchange-traded fund, investments in ETFs are subject to the following additional risks: (1) an ETF’s shares may trade above or below its net asset value; (2) an active trading market for the ETF’s shares may not develop or be maintained; (3) trading an ETF’s shares may be halted by the listing exchange; (4) a passively managed ETF may not track the performance of the reference asset; and (5) a passively managed ETF may hold troubled securities. Investment in ETFs may involve duplication of management fees and certain other expenses, as the Fund indirectly bears its proportionate share of any expenses paid by the ETFs in which it invests. Further, certain ETFs in which the Fund may invest are leveraged, which may result in economic leverage, permitting the Fund to gain exposure that is greater than would be the case in an unlevered instrument and potentially resulting in greater volatility.

Foreign Government Debt Risk. Investments in foreign government debt securities (sometimes referred to as sovereign debt securities) involve certain risks in addition to those relating to foreign securities or debt securities generally. The issuer of the debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due in accordance with the terms of such debt, and the Fund may have limited recourse in the event of a default against the de- faulting government. Without the approval of debt holders, some governmental debtors have in the past been able to reschedule or restructure their debt payments or declare moratoria on payments. Foreign Securities Risk. The Fund’s foreign investments may be adversely affected by political and social instability, changes in economic or taxation policies, difficulty in en-forcing obligations, decreased liquidity or increased volatility. Foreign investments also involve the risk of the possible seizure, nationalization or expropriation of the issuer or foreign deposits (in which the Fund could lose its entire investments in a certain market) and the possible adoption of foreign governmental restrictions such as exchange con-trols. Unless the Fund has hedged its foreign securities risk, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the val-ue of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency ex-change rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful.

High Yield Debt Securities (Junk Bond) Risk. Investments in high yield debt securities (“junk bonds”) and other lower-rated securities will subject the Fund to substantial risk of loss. These securities are considered to be speculative with respect to the issuer’s ability to pay interest and principal when due, are more susceptible to default or decline in market value and are less liquid than investment grade debt securities. Prices of high yield debt securities tend to be very volatile.

Inflation-Indexed Securities Risk. The values of inflation-indexed securities generally fluctuate in response to changes in real interest rates, and the Fund’s income from its in- vestments in these securities is likely to fluctuate considerably more than the income distributions of its investments in more traditional fixed-income securities.

Investing in the European Union Risk. Investments in certain countries in the European Union are susceptible to high economic risks associated with high levels of debt, such as investments in sovereign debt of Greece, Italy, and Spain. Efforts of the member states to further unify their economic and of one-member state’s market to cause a similar ef-fect on other member states’ markets. Separately, the European Union faces issues in-volving its membership, structure, procedures and policies. The exit of one or more member states from the European Union, such as the United Kingdom (UK) which has announced its intention to exit, would place its currency and banking system in jeopardy. The exit by the UK or other member states will likely result in increased volatility, illiquid-ity and potentially lower economic growth in the affected markets, which will adversely affect the Fund’s investments.

Investment Companies Risk. Investing in other investment companies could result in the duplication of certain fees, including management and administrative fees, and may expose the Fund to the risks of owning the underlying investments that the other invest-ment company holds.

Management Risk. The Fund is actively managed and depends heavily on the Trustee’s and the Sub-Advisers’ judgments about markets, interest rates or the attractiveness, rel-ative values, liquidity, or potential appreciation of particular investments made for the Fund’s portfolio. The Fund could experience losses if these judgments prove to be incor-rect. Because the Fund’s investment process relies heavily on its asset allocation pro-cess, market movements that are counter to the Management Team’s expectations may have a significant adverse effect on the Fund’s net asset value. 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.

Market Risk. The market values of the Fund’s investments, and therefore the value of the Fund’s shares, will go up and down, sometimes rapidly or unpredictably. Market risk may affect a single issuer, industry or section of the economy, or it may affect the mar-ket as a whole. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets per-form well, there can be no assurance that specific investments held by the Fund will rise in value.

REIT Risk/Real Estate Risk. Investments in real estate related instruments may be af-fected by economic, legal, cultural, environmental or technological factors that affect property values, rents or occupancies of real estate related to the Fund’s holdings. Shares of real estate related companies, which tend to be small- and mid-cap companies, may be more volatile and less liquid.

Short Position Risk. Because the Fund’s potential loss on a short position arises from increases in the value of the asset sold short, the Fund will incur a loss on a short posi-tion, which is theoretically unlimited, if the price of the asset sold short increases from the short sale price. The counterparty to a short position or other market factors may prevent the Fund from closing out a short position at a desirable time or price and may reduce or eliminate any gain or result in a loss. In a rising market, the Fund’s short posi-tions will cause the Fund to underperform the overall market and its peers that do not engage in shorting. If the Fund holds both long and short positions, and both positions decline simultaneously, the short positions will not provide any buffer (hedge) from de-clines in value of the Fund’s long positions. Certain types of short positions involve lever-age, which may exaggerate any losses, potentially more than the actual cost of the in-vestment, and will increase the volatility of the Fund’s returns.

Small- and Mid-Capitalization Companies Risks. Small- and mid-capitalization compa-nies tend to be more vulnerable to changing market conditions, may have little or no op-erating history or track record of success, and may have more limited product lines and markets, less experienced management and fewer financial resources than larger com-panies. These companies’ securities may be more volatile and less liquid than those of more established companies, and their returns may vary, sometimes significantly, from the overall securities market.

U.S. Government Obligations Risk. Obligations of U.S. government agencies and au-thorities receive varying levels of support and may not be backed by the full faith and credit of the U.S. government, which could affect the Fund’s ability to recover should they default. No assurance can be given that the U.S. government will provide financial support to its agencies and authorities if it is not obligated by law to do so.

Volatility Risk. Although the Fund’s investment strategy targets a specific volatility lev- el, certain of the Fund’s investments may appreciate or decrease significantly in value over short periods of time. This may cause the Fund’s net asset value per share to expe-rience significant increases or declines in value over short periods of time.

No Registration Under U.S. Federal or State Securities Laws. The Fund will not 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 Invest-ment 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. Units of the Fund are exempt from registration under U.S. federal securities laws and, accordingly, this Fund Description does 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 securi-ties 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 dis-tribution, 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 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 U.S. Commodity Futures Trading Commission (“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 participating trusts. Nev-ertheless, all participating trusts will receive a copy of the Declaration of Trust as well as an annual report for the Fund. The relevant Sub-Adviser, registered commodity trading advisor under CFTC regulation, will provide commodity interest trading advice to the Fund as if it were exempt from registration as a commodity trading advisor with respect to the Fund pursuant to CFTC Regulation 4.14(a)(8)(i)(B).

Risks of Investing in China A Shares. Investments in Class A Shares of Chinese compa- nies involve certain risks and special considerations not typically associated with invest- ments in U.S. companies, such as greater government control over the economy, politi- cal and legal uncertainty, currency fluctuations or blockage, the risk that the Chinese government may decide not to continue to support economic reform programs and the risk of nationalization or expropriation of assets. Additionally, the Chinese securities markets are emerging markets subject to the special risks applicable to developing and emerging market countries described elsewhere in this Fund Description.

Risks of Investing Through Stock Connect. The Fund may invest directly in China A shares through Stock Connect, and will be subject to the following risks: sudden changes in quota limitations, application of trading suspensions, differences in trading days between the PRC and Stock Connect, operational risk, clearing and settlement risk, and regulatory and taxation risk.