Invesco USD Ultra-Short Term Debt FundA-Acc Shares29 February 2020

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*Source: © 2020 Morningstar. The track record of the share class is shown from 06 December 2018 onwards as the name of the fund and the objective changedon that date. Gross income re-invested to 29 February 2020 unless otherwise stated. The figures do not reflect the entry charge payable by individual investors. Allperformance data on this factsheet is in the currency of the share class. Reference Benchmark Source: Bloomberg. Please refer to Page 3 for Risk Warnings andImportant Information. There is currently a discretionary cap on the ongoing charge of 0.39% in place. This discretionary cap may positively impact theperformance of the Share Class.

Summary of fund objectiveThe Fund seeks to achieve a gross returnin excess of 3-month USD LIBOR. The Fundseeks to achieve its objective by investingin debt securities and cash. Please notethere is no guarantee this performancetarget will be achieved. For the fullobjectives and investment policy pleaseconsult the current prospectus. Namechanged from Invesco USD Reserve Fundon 06.12.2018. The fund objective alsochanged.

Key facts

Laurie BrignacAtlantaManaged fund sinceDecember 2018

Joseph MadridAtlantaManaged fund sinceDecember 2018

Marques MercierAtlantaManaged fund sinceDecember 2018

Share class launch02 January 1991Original fund launch 02 January 1991Legal statusLuxembourg SICAV with UCITS statusShare class currencyUSDShare class typeAccumulationFund sizeUSD 78.62 mn Reference BenchmarkLIBOR 3 Month USDBloomberg codeINVPDRI LXISIN codeLU0028121183Settlement dateTrade Date + 3 Days

Quarterly fund commentaryThe ultra-short maturity portion of the US bond market had a positive return as yields fellduring the quarter. Falling US interest rates drove valuations as the yield on the BofAML USTreasury Bill index decreased from 1.80% to 1.51%, while the 2-year Treasury yield fellfrom 1.63% to 1.57% as the Federal Reserve (Fed) eased monetary policy by reducing theFederal Funds rate to a range of 1.50% to 1.75% on October 31st. The Fed cited slowingglobal growth due to ongoing trade tensions, low inflation and a desire to extend the USeconomic expansion as primary reasons for the latest reduction. The yield curve went frombeing inverted out to the 3-year maturity at the beginning of the quarter to upward slopingat quarter’s end. The market has priced in zero Federal Fund rate changes out through thesummer of 2020. Shorter maturity US credit notched solid returns for the quarter. Thoughdecelerating growth pushed interest rates lower at the front end of the curve, investorshungry for yield continued to invest in credit risk assets, and risk assets in general, given anaccommodative Fed and easy monetary policy, including injecting liquidity to supportrepurchase agreement (repo) markets. The yield spread between US investment grade creditand comparable duration US Treasuries narrowed, with the segment continuing tooutperform for the quarter and the year. Continued global demand for US credit helpedspreads to narrow despite robust issuance/increase supply for the quarter.

Indexed performance 6 December 2018 - 29 February 2020*Fund Benchmark

11/18 02/19 05/19 08/19 11/19 02/2090

100

110

Data points are as at month end.

Cumulative performance*in % YTD 1 month 1 year 3 years Since inception

Fund 0.43 0.20 2.61 - 3.31

Benchmark 0.29 0.13 2.18 - 2.82

Calendar year performance*in % 2015 2016 2017 2018 2019

Fund - - - - 2.71

Benchmark - - - - 2.33

Standardised rolling 12 month performance*28.02.15 29.02.16 28.02.17 28.02.18 28.02.19

in % 29.02.16 28.02.17 28.02.18 28.02.19 29.02.20

Fund - - - - 2.61

Benchmark - - - - 2.18Past performance is not a guide to future returns.

Invesco USD Ultra-Short Term Debt FundA-Acc Shares29 February 2020

-2-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%.

Top 10 holdings* (total holdings: 68)

Holding %

Ford Motor Credit 0.000 Jun 02 22 3.4

Lloyds Banking 3.000 Jan 11 22 3.3

Microsoft Corp 2.000 Nov 03 20 2.6

Natixis C/D (New York) 0.000 Mar 27 20 2.6

Broadcom 0.000 Mar 10 20 2.5

PNC Bank 0.000 May 19 20 2.2

White Plains Capital 0.000 Mar 13 20 2.2

Boeing Commercial Paper May 26 20 2.0

UBS AG Stamford 4.875 Aug 04 20 1.9

Mitsubishi UFJ Financial Group FRN Jul 25 22 1.9

Credit ratings of the fund in %*

g A-1+ or A-1g A-2 or A-3g AAAg AAg Ag BBB

Geographical weightings of the fund in %*

g United Statesg Canadag United Kingdomg Australiag Franceg Others

NAV and fees

Current NAV USD 92.15 12 month price highUSD 92.17 (27/02/2020)12 month price low USD 89.81 (01/03/2019)Minimum investment 1

USD 1,500Entry charge0.00%Annual management fee 0.25%Ongoing charges 2

0.39%

Credit ratings*

(average rating: A-)in %

A-1+ or A-1 3.3

A-2 or A-3 13.3

AAA 2.6

AA 27.5

A 41.7

BBB 11.6

Sector weightings*in %

Utilities 57.9

Industrials 39.0

Financials 1.9

Others 2.7

Cash & Cash Equivalents -1.4

Maturity distribution*in %

1-7 days -0.7

8-30 days 11.1

31-90 days 17.4

91-360 days 26.8

1-2 years 29.8

2-3 years 15.6

Duration distribution*

(average duration: 0.5)in %

<0.25 years 60.9

0.25-0.50 years 12.6

0.50-0.75 years 4.5

0.75-1.00 years 7.6

1.00-1.50 years 3.3

1.50-2.00 years 7.2

2.00-2.50 years 2.7

>2.50 years 1.3

Geographical weightings*in %

United States 64.3

Canada 10.2

United Kingdom 4.6

Australia 4.4

France 3.9

Others 14.1

Cash & Cash Equivalents -1.4

Currency exposure*in %

USD 100.0

Yield %*

Gross Current Yield 2.18

Gross Distribution Yield 2.13

Invesco USD Ultra-Short Term Debt FundA-Acc Shares29 February 2020

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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.

Important Information

1The 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.2As a result of the introduction of a material change in the fee structure, the ongoing charges figure is estimated based on theexpected total of charges. This figure may vary from year to year. It excludes portfolio transaction costs except in the case of anentry or exit charge paid by the Fund when buying or selling shares/units in another fund.

Where individuals or the business have expressed opinions, they are based on current market conditions, they may differ from those ofother investment professionals and are subject to change without notice. This marketing document is not an invitation to subscribe forshares in the fund and is by way of information only, it should not be considered financial advice. This does not constitute an offer orsolicitation by anyone in any jurisdiction in which such an offer is not authorised or to any person to whom it is unlawful to make such anoffer or solicitation. Persons interested in acquiring the fund should inform themselves as to (i) the legal requirements in the countries oftheir nationality, residence, ordinary residence or domicile; (ii) any foreign exchange controls and (iii) any relevant tax consequences. Aswith all investments, there are associated risks. This document is by way of information only. Asset management services are provided byInvesco in accordance with appropriate local legislation and regulations. The fund is available only in jurisdictions where its promotion andsale is permitted. Not all share classes of this fund may be available for public sale in all jurisdictions and not all share classes are the samenor do they necessarily suit every investor. Fee structure and minimum investment levels may vary dependent on share class chosen.Please check the most recent version of the fund prospectus in relation to the criteria for the individual share classes and contact yourlocal Invesco office for full details of the fund registration status in your jurisdiction. This document is marketing material and is notintended as a recommendation to invest in any particular asset class, security or strategy. Regulatory requirements that requireimpartiality of investment/investment strategy recommendations are therefore not applicable nor are any prohibitions to trade beforepublication. The information provided is for illustrative purposes only, it should not be relied upon as recommendations to buy or sellsecurities. Please refer to the most up to date relevant fund and share class-specific Key Investor Information Document, the latestProspectus and Annual or Interim Short Reports for more information on our funds. UK based investors should also refer to the relevantSupplementary Information Document. This information is available using the contact details shown. The yields shown are expressed as a% per annum of the current NAV of the fund. They are an estimate for the next 12 months, assuming that the fund’s portfolio remainsunchanged and there are no defaults or deferrals of coupon payments or capital repayments. Cash income is estimated coupons frombonds. The yields are not guaranteed. Nor do they reflect the fund charges or the entry charge of the fund. Investors may be subject totax on distributions. The gross current yield is an indication of the expected cash income over the next 12 months. The estimated grossdistribution yield is calculated by annualising the most recent cash income distributed by the fund and dividing the result by the currentNAV. The yields’ calculation is on a fund level and not attributable to a particular share class. Issued in the UK by Invesco ManagementS.A., President Building, 37A Avenue JF Kennedy, L-1855 Luxembourg, regulated by the Commission de Surveillance du SecteurFinancier, Luxembourg. For the purposes of UK law, the fund is a recognised scheme under section 264 of the Financial Services &Markets Act 2000. The protections provided by the UK regulatory system, for the protection of Retail Clients, do not apply to offshoreinvestments. Compensation under the UK’s Financial Services Compensation Scheme will not be available and UK cancellation rights do notapply. Issued in Dubai for Professional Clients only by Invesco Asset Management Limited, PO Box 506599, DIFC Precinct Building No 4,Level 3, Office 305, Dubai, United Arab Emirates. Regulated by the Dubai Financial Services Authority.

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