Invesco Funds, SICAV Prospectus - Citibank Funds, SICAV Prospectus 27 June 2012 An open-ended umbrella investment fund established under the laws of Luxembourg and harmonised under

Invesco Funds, SICAVProspectus

27 June 2012

An open-ended umbrella investment fund established under the laws ofLuxembourg and harmonised under the EU Council Directive 2009/65/EC asamended.

The directors of Invesco Funds, SICAV (the “Directors”), are the persons responsiblefor the information contained in this document including its Appendices. To the bestof the knowledge and belief of the Directors, the information contained in thisdocument is at its date in accordance with the facts and does not omit anything likelyto affect the import of such information. The Directors accept responsibilityaccordingly.

IMPORTANT – If you are in any doubt about the contents of this Prospectus youshould consult your stockbroker, bank manager, solicitor, accountant or otherfinancial adviser.

This Prospectus and its Appendix A dated27 June 2012 are not valid without theAddendum dated 31 October 2012.

VISA 2012/87805-819-0-PCL'apposition du visa ne peut en aucun cas servird'argument de publicitéLuxembourg, le 2012-10-08Commission de Surveillance du Secteur Financier

01 Invesco Funds, SICAVProspectus

1. Important Information2. Definitions3. Directory

3.1. General information3.2. Main points of contact for different countries

4. The SICAV and its Shares4.1. Types of Shares4.2. Hedged Share classes4.3. Charges to Investors4.4. Distribution policy

4.4.1. Accumulation Shares

4.4.2. Distribution Shares

4.4.3. Fixed distribution Shares

4.4.4. Unclaimed distributions

4.4.5. Distribution dates

4.4.6 Reinvestment of distributions

5. Dealing Information5.1. Subscriptions

5.1.1. Standard Instruction Document

5.1.2. Applications for subscription of Shares

5.1.3. Settlement of subscriptions

5.1.4. Restrictions on ownership of Shares

5.2. Switches5.3 Redemptions

5.3.1. Applications for redemption of Shares

5.3.2. Possible restrictions on redemptions

5.3.3. Compulsory redemptions

5.3.4. Settlement of redemptions

5.4. Other Important Dealing Information5.4.1. Market Timing

5.4.2. Multi-currency dealing

5.4.3. Currency exchange rates

5.4.4. Delivery into Clearstream/Euroclear

5.4.5. Contract Notes

5.4.6. Closing of a Fund to further inflows

5.4.7. Statements of account

5.4.8. Joint Shareholders

5.4.9. Transfers

5.4.10. Personal Data

5.4.11. Anti-Money Laundering provisions and counter-terrorist financing

5.4.12. Segregation of Fund assets

5.4.13. Client Assets

Table of Contents


6. Calculation of Net Asset Value6.1. Determination of the Net Asset Value6.2. Calculation of assets and liabilities6.3. Subscription and redemption prices6.4. Publication of Share prices6.5. Temporary suspension of the determination of Net Asset Value

7. Investment Restrictions7.1. General restrictions7.2. Financial derivatives instruments restrictions7.3. Securities lending transactions and repurchase/reverse

repurchase transactions7.4. Additional restrictions7.5. Risk management procedures

8. Risk Warnings9. The SICAV, its Management and Administration

9.1. The SICAV9.2. Management and administration of the SICAV

9.2.1. The Directors

9.2.2. The Management Company

9.2.3. Liquidation and Merger

9.2.4. Service providers

9.2.5. Related party transactions

9.2.6. Soft commissions

9.3. Fees and expenses of the SICAV

10. Reports and Information10.1. Information about Invesco Group and Websites10.2. Where to obtain legal documentation

10.2.1. Articles

10.2.2. Prospectus

10.2.3. Key Investor Information Document

10.2.4. Reports

10.2.5. Country Supplements

10.3. Other documents available for inspection10.4. Notices to Shareholders10.5. Meetings of Shareholders and notices

11. Taxation11.1. General11.2. Taxation in Luxembourg

11.2.1. The SICAV

11.2.2. Shareholders

Table of ContentsContinued


This Prospectus comprises information on Invesco Funds, SICAV(the “SICAV”) , a UCITS under Part I of the Law of 17thDecember, 2010 on undertakings for collective investment asamended or supplemented from time to time (the “2010Law”). The SICAV is an umbrella investment company withvariable capital having segregated liability between its sub-funds(the “Funds”). Authorisation by the CSSF does not implyapproval by any Luxembourg authority of the contents of thisProspectus or of any portfolio of securities held by the Funds.Any representation to the contrary is unauthorised andunlawful. In particular, authorisation of the SICAV and theFunds by the CSSF does not constitute a warranty as to theperformance of the Funds and the CSSF shall not be liable forthe performance or default of the SICAV and the Funds.

A Key Investor Information Document (“KIID”) is available foreach Share class of the Funds. In addition to summarisingimportant information in this Prospectus, the KIID shall containinformation on the historical performance for each Share classof the Funds. The KIID is a pre-contractual document, whichshall provide information on the risk profile of the relevantFund, including appropriate guidance and warnings in relationto the risks associated with investment in the Fund and includesa synthetic risk and reward indicator in the form of a numericalscale, which ranks risks associated with investment on a scaleof one to seven. Please note that in accordance with the UCITSDirective if you are an investor, who invests directly in theSICAV in your own name and behalf, you must be in receipt ofthe most up-to-date version of the relevant KIID before placingyour subscription and/or switch of Shares; otherwise, therelevant transaction may be delayed or rejected. The KIID shallbe available on Invesco’s internal site www.invesco.com and canalso be obtained from the registered office of the ManagementCompany.

Statements made in this Prospectus are, except whereotherwise stated, based on the law and practice currently inforce in Luxembourg and are subject to changes therein. Thedelivery of this Prospectus (whether or not accompanied by anyReports) or the issue of Shares shall not, under anycircumstances, create any implication that the affairs of theSICAV and the Funds have not changed since the date hereof.

No person has been authorised to give any information or tomake any representations in connection with the offering ofShares other than those contained in this Prospectus and theReports, and, if given or made, such information orrepresentations must not be relied on as having beenauthorised by the SICAV.

The distribution of this Prospectus and the offering of Shares incertain jurisdictions may be restricted. Persons into whosepossession this Prospectus comes should inform themselvesabout and observe any such restrictions. This Prospectus doesnot constitute an offer or solicitation by anyone in anyjurisdiction in which such offer or solicitation is not authorisedor to any person to whom it is unlawful to make such offer orsolicitation.

The SICAV draws the attention of the investors to the factthat any investor will only be able to fully exercise his/herinvestor rights directly against the SICAV, notably the rightto participate in general meeting of Shareholders if theinvestor is registered himself/herself and in his/her ownname in the register of Shareholders. In cases where aninvestor invests in the SICAV through an intermediaryinvesting into the SICAV in his/her own name but on behalfof the investor, it may not always be possible for theinvestor to exercise certain Shareholder rights. Investors areadvised to take advice on their rights.

Important Information for US PersonsNone of the Shares have been or will be registered under theUnited States Securities Act of 1933, as amended (the “1933Act”), or registered or qualified under applicable state statutes,and none of the Shares may be offered or sold, directly orindirectly, in the United States of America or in any of itsterritories or possessions (the “United States”) or to any USPerson (as defined herein) except in a transaction which isexempt from registration under the 1933 Act and suchapplicable state statutes and subject to the limitations discussedbelow. The SICAV may, at its discretion, sell Shares to a limitednumber of Accredited Investors (as defined in Rule 501(a) ofRegulation D under the 1933 Act) and subject to the conditionthat any such Accredited Investors provide suchrepresentations, warranties or documentation as may berequired by the SICAV for it to determine that the sale ofShares to any such Accredited Investor is exempt fromregistration under the securities laws of the United States,including, but not limited to, the 1933 Act, or applicable statestatutes, and that in any event there will be no adverse taxconsequences to the SICAV or to Shareholders as a result ofsuch sale. The SICAV has not been and will not be registeredunder the United States Investment Company Act of 1940, asamended (the “1940 Act”), and investors will not be entitled tothe benefits and protections of the 1940 Act.

The SICAV will not knowingly offer or sell Shares to anyinvestor to whom such offer or sale would be unlawful, or mightresult in the SICAV incurring any liability to taxation or sufferingany other pecuniary disadvantages which the SICAV might nototherwise incur or suffer or would result in the SICAV beingrequired to register under the 1940 Act. Shares may not beheld by any person in breach of the law or requirements of anycountry or governmental authority including, without limitation,exchange control regulations. Each investor must represent andwarrant to the SICAV that, amongst other things, he is able toacquire Shares without violating applicable laws. Power isreserved in the Articles to reject subscriptions for any reason orto compulsorily redeem any Shares held directly or beneficiallyin contravention of these prohibitions.

This Prospectus may be translated into other languages. Insuch cases, the translation shall be as close as possible to adirect translation from the English text and any changestherefrom shall be only as necessary to comply with therequirements of the regulatory authorities of other jurisdictions.In the event of any inconsistency or ambiguity in relation to themeaning of any word or phrase in any translation, the Englishtext shall prevail to the extent permitted by the applicable lawsor regulations, and all disputes as to the terms thereof shall begoverned by, and construed in accordance with, the laws ofLuxembourg.

The investment objectives and policies of each Fund are set outin Appendix A

Investment in the Funds should be regarded as a medium tolong-term investment. There can be no guarantee that theobjectives of the Funds will be achieved.

The Funds’ investments are subject to normal marketfluctuations and the risks inherent in all investments andthere can be no assurances that appreciation will occur. Itwill be the policy of the SICAV to maintain a diversifiedportfolio of investments so as to minimise risk.

The SICAV may, at its discretion, alter investment objectivesand policies provided that any material change in investment

1 Important Information


objectives and policies is notified to Shareholders at least onemonth prior to its effective date and this Prospectus is updatedaccordingly.

The investments of a Fund may be denominated incurrencies other than the base currency of that Fund. Thevalue of those investments (when converted to the basecurrency of that Fund) may fluctuate due to changes inexchange rates. The value of Shares and the income fromthem may fall as well as rise and investors may not realisetheir initial investment.

Attention is drawn to Section 8 (Risk Warnings).

All capitalised terms used in this Prospectus shall have themeanings given to them in Section 2 (Definitions) unless thecontext requires otherwise.

Potential investors should inform themselves as to (a) thepossible tax consequences, (b) the legal requirements and (c)any foreign exchange restrictions or exchange controlrequirements which they might encounter under the laws of thecountries of their citizenship, residence or domicile and whichmight be relevant to the subscription, purchase, holding,switching and disposal of Shares.

Investors should note that certain Funds may be authorised fordistribution to the public in their country. Please see InvescoLocal Websites and/or contact your Invesco local office to verifywhich Funds are authorised for distribution to the public in yourcountry.

Certain important information on specific countries is set out inthe relevant country supplement distributed together with thisProspectus, as required by the relevant local laws.

1 Important InformationContinued

Equity Funds:Global: Invesco Global Structured Equity Fund

Invesco Emerging Market Quantitative Equity FundInvesco Global Smaller Companies Equity FundInvesco Global Equity Income Fund

America: Invesco Latin American Equity FundInvesco US Structured Equity FundInvesco US Value Equity FundInvesco US Equity Fund

Europe: Invesco Pan European Structured Equity FundInvesco Pan European Equity FundInvesco Pan European Small Cap Equity FundInvesco European Growth Equity FundInvesco Pan European Equity Income FundInvesco Emerging Europe Equity FundInvesco Pan European Focus Equity Fund

Japan: Invesco Nippon Small/Mid Cap Equity FundInvesco Japanese Equity Advantage FundInvesco Japanese Value Equity Fund

Asia: Invesco Asia Opportunities Equity FundInvesco Greater China Equity FundInvesco Asia Infrastructure FundInvesco India Equity FundInvesco Asia Consumer Demand FundInvesco China Focus Equity FundInvesco Asian Focus Equity Fund

Theme Funds: Invesco Global Leisure FundInvesco Energy FundInvesco Asia Pacific Real Estate Securities Fund (in liquidation and closed to further subscriptions)Invesco Global Income Real Estate Securities FundInvesco Gold & Precious Metals Fund

Reserve Funds: Invesco USD Reserve FundInvesco Euro Reserve Fund

Bond Funds: Invesco Global Bond FundInvesco European Bond FundInvesco Absolute Return Bond FundInvesco Euro Inflation-Linked Bond FundInvesco Euro Corporate Bond FundInvesco UK Investment Grade Bond FundInvesco Emerging Local Currencies Debt FundInvesco Global Investment Grade Corporate Bond FundInvesco Global Unconstrained Bond FundInvesco Global Total Return (EUR) Bond FundInvesco Emerging Market Corporate Bond FundInvesco Euro Short Term Bond FundInvesco Asian Bond FundInvesco US High Yield Bond FundInvesco Renminbi Fixed Income Fund

Mixed Funds: Invesco Capital Shield 90 (EUR) FundInvesco Asia Balanced FundInvesco Pan European High Income FundInvesco Global Absolute Return FundInvesco Balanced-Risk Allocation Fund


Appendix AInvestment objectives and policies – Fund’s specifics

“1933 Act”United States Securities Act of 1933, as amended.

“1940 Act”United States Investment Company Act of 1940, asamended.

“2010 Law”Luxembourg law of 17th December, 2010 onundertakings for collective investment as amended orsupplemented from time to time.

“Account”A shareholder dealing account opened with the GlobalDistributor by each Shareholder (in particular bycompleting and submitting the SID) in order to attribute ashareholder account number to each Shareholder andfacilitate dealings across the Invesco Global ProductRange. For the avoidance of doubt, such account is not,and shall not be construed as, a bank or securities accountnor a share register.

“AML/CTF Laws and Regulations”The Luxembourg law dated 12 November 2004 asamended in particular by the law dated 17 July 2008 andby the law of 27 October 2010, and all the implementingmeasures, regulations, circulars or positions (issued inparticular by the CSSF) made thereunder (as may beamended or supplemented from time to time) and/or theIrish Criminal Justice (Money Laundering and TerroristFinancing) Act 2010, the Criminal Justice (TerroristOffences) Act 2005 and all the implementing measuresand regulations made thereunder (as may be amended orsupplemented from time to time), as such laws/regulationsmay be applicable.

“Articles”Articles of Incorporation of the SICAV, as amended fromtime to time.

“Business Day”Any bank business day in Luxembourg, except if such bankbusiness day in Luxembourg is a day on which the GlobalDistributor is not open for business due to the occurrenceof substitution holidays following 25th/26th Decemberand/or 1st January in each year.

For the avoidance of doubt, unless otherwise decided bythe Directors, Good Friday and 24th December of eachyear, or such other dates determined by the Directors andnotified to Shareholders, are not Business Days.

“CDSC”Contingent deferred sales charge

“Connected Person”(a) Any person or company beneficially owning, directly

or indirectly, 20% or more of the shares of theManagement Company or able to exercise directly orindirectly, 20% or more of the total votes in theManagement Company; or

(b) any person or company controlled by a person whoor which meets one or both of the descriptions givenin (a); or

(c) any member of the group for which that companyforms part, or


(d) any director or officer of that company or of any ofits Connected Persons as defined in (a), (b) or (c).

“CSSF”Commission de Surveillance du Secteur Financier, theLuxembourg Supervisory Authority.

“Country Supplement”Document as may be distributed in certain jurisdictions,that contains important information about the offer of theFunds in such jurisdictions as required by local laws.

“Dealing Cut-off Point”12.00 p.m. (Irish time) on each Business Day, or suchother time, or times, as the Directors shall determine andnotified to Shareholders.

“Directors”The board of Directors of the SICAV, each of them being a“Director”.

“EU”European Union.

“Fund”A sub-fund of the SICAV.

“Fund Identifier”The SEDOL, ISIN, CUSIP or equivalent code or identifierfor a Fund, which will be included in the Fund's fact sheetand may be located in other relevant Fund marketingdocumentation.

“Global Distributor”Invesco Global Asset Management Limited

“Invesco Global Product Range”Those UCITS domiciled in Ireland or Luxembourg,promoted by the Invesco Group and branded as an Invescofund.

“Invesco Group”Invesco Limited together with its wholly owned subsidiariesand related corporate bodies.

“Invesco Internet Site”www.invesco.com

“Invesco Local Websites”Relevant Invesco local websites for certain countries,jurisdictions or regions as mentioned in Section 3.2 (Mainpoints of contact for different countries).

“Invesco Sub-Distributor”Each relevant entity within the Invesco Group that hasbeen appointed by the Global Distributor as localdistributor and/or representative for certain relevantjurisdictions or regions.

All applications for the issue, switch or redemption ofShares received by the Invesco Sub-Distributors in theirrespective regions will be sent to the Global Distributorwho will forward details to the Registrar & Transfer Agent.

“Invesco Series”Includes the Irish domiciled funds Invesco Funds Series,Invesco Funds Series 1 to 5 and Invesco Funds Series 6.

2. Definitions

“Local Sub-Distributor”Any recognised intermediary outside the Invesco Groupwho has been appointed as a distributor of the Funds inone or more jurisdictions.

“Material Contracts”The agreements referred to in Section 10.3. (Otherdocuments available for inspection).

“Member State”Any member state of the EU. The states that arecontracting parties to the agreement creating theEuropean Economic Area other than the member states ofthe EU are considered equivalent to the member states ofthe EU.

“Merger”Any operation as defined in article 1(20) of the 2010Law.

“Minimum Shareholding”The minimum shareholding for the different classes ofShares applicable to each Fund is the amount set out inSection 4.1. (Types of Shares) or such other amount asthe SICAV at its absolute discretion may determine. TheSICAV may at its absolute discretion from time to time (i)waive the minimum shareholding as set out in theProspectus, or (ii) compulsorily redeem any shareholdingwith a value below the amount set out in Section 4.1.(Types of Shares) or such other amount as the SICAV atits absolute discretion may determine.

“Minimum Initial Subscription Amount”The minimum initial subscription amounts for the differentclasses of Shares applicable to each Fund are the amountsset out in Section 4.1. (Types of Shares) or such otheramount as the SICAV at its absolute discretion maydetermine. In addition, the SICAV may, at its absolutediscretion, waive the Minimum Initial Subscription Amount.

“OECD”Organisation for Economic Cooperation and Development.

“Prohibited Persons”Are the persons defined in Section 5.1.4. (Restrictions onownership of Shares).

“Reports”Audited annual report and accounts and unaudited semi-annual report and accounts.

“Reserve Funds”Are the Reserve Funds as listed in Appendix A.

“Settlement Date”The Settlement Date in the case of subscriptions shall bethe third Business Day after the date of acceptance of theapplication by the SICAV/Global Distributor.

The Settlement Date in the case of redemptions shall bethe third Business Day after receipt by the SICAV/GlobalDistributor of complete redemption documentation.

“SFC”Securities and Futures Commission in Hong Kong.

“Shareholder”A holder of a Share.


“Shares”Shares in the SICAV.

“SICAV”Invesco Funds, SICAV, an open-ended investment companyorganised as a société anonyme under the laws ofLuxembourg and qualified as a société d’investissement àcapital variable (SICAV), also referred to as “InvescoFunds”.

“SID”Standard Instruction Document. Please see Section 5.1.1.(Standard Instruction Document).

“Sub-Distributors”Include the Invesco Sub-Distributors and the Local Sub-Distributors as defined herein.

“UCITS”An undertaking for collective investment in transferablesecurities within the meaning of the UCITS Directive.

“UCITS Directive”The EU Council Directive 2009/65/EC of 13 July 2009 onthe Coordination of Laws, Regulations and AdministrativeProvisions relating to Undertakings for CollectiveInvestment in Transferable Securities (UCITS), asamended.

“US Person”For purposes of this Prospectus, but subject to suchapplicable laws and to such changes as may be notified bythe SICAV to applicants for and transferees of Shares, aUS Person shall have the meaning set forth in RegulationS promulgated under the 1933 Act, as amended.

“Valuation Point”12.00 p.m. (Irish time) on any Business Day or such othertime, or times, as the Directors shall determine andnotified to Shareholders.

“VAT”Value Added Tax, a tax levied on the supply of goods orservices at varying rates.

2. DefinitionsContinued

3.1. General information

The SICAV

Invesco Funds(Registered Office)Vertigo Building - Polaris2-4 rue Eugène RuppertL-2453 Luxembourg

Management Company

Invesco Management S.A.19, rue de BitbourgL-1273 LuxembourgWebsite: www.invescomanagementcompany.lu

Custodian

The Bank of New York Mellon (International) Limited,Luxembourg BranchVertigo Building - Polaris2-4 rue Eugène RuppertL-2453 Luxembourg

Administration Agent, Registrar & Transfer Agent,Domiciliary and Corporate Agent and Paying Agent

The Bank of New York Mellon (International) Limited,Luxembourg BranchVertigo Building - Polaris2-4 rue Eugène RuppertL-2453 Luxembourg

Global Distributor

Invesco Global Asset Management LimitedGeorges Quay House43 Townsend StreetDublin 2Ireland

Auditors

PricewaterhouseCoopers S.àr.l.Espace Ariane400, route d’EschB.P. 1443L-1014 Luxembourg

Investment Advisers

Invesco Advisers, Inc.1166 Avenue of the AmericasNew YorkNY 10036USA

Invesco Asset Management Deutschland GmbHAn der Welle 5D-60322 Frankfurt am MainGermany

Invesco Asset Management Limited30 Finsbury SquareLondon EC2A 1AGUnited Kingdom


Invesco Asset Management (Japan) LimitedRoppongi Hills Mori Tower 14FP.O. Box 11510-1 Roppongi 6-chome, Minato-kuTokyo 106-6114Japan

Invesco Hong Kong Limited41/F, Citibank Tower3 Garden RoadCentralHong Kong

Legal Adviser as to Luxembourg law

Elvinger, Hoss & Prussen2, Place Winston ChurchillB.P. 425L-2014 Luxembourg

3.2. Main points of contact for different countries *

Austria

Invesco Asset Management Österreich GmbHRotenturmstrasse 16-18A-1010 ViennaAustriaTelephone: + 43 1 316 20 00Fax: + 43 1 316 20 20Website: http://www.invesco.at

Austrian Paying Agent

ALIZEE Bank AGRenngasse 6-81010 ViennaAustriaTelephone: +43 1 20595 160Fax: +43 1 20595 146

Belgium, Norway, Denmark and Finland

Invesco Asset Management S.A. Belgian BranchThe Blue Tower, 11th floorAvenue Louise 326, Box 31B-1050, BrusselsBelgiumPhone +322 641 0170Fax +322 641 0175Website: http://www.invesco.be

France

Invesco Asset Management S.A.18 rue de Londres75009 ParisFrancePhone +33 1 56 62 43 00Fax +33 1 56 62 43 83/43 20Website: http://www.invesco.fr

3. Directory

Spain, Portugal and Latin America

Invesco Asset Management S.A. Sucursal en EspañaCalle Recoletos 1528001 MadridSpainTel: +00 34 91 781 3020Fax: +00 34 91 576 0520Website: http://www.invesco.es

Germany

German Information AgentInvesco Asset Management Deutchland GmbHAn der Welle 5D-60322 Frankfurt am MainGermanyPhone +49 69 29807 0Fax +49 69 29807 159Website: http://www.de.invesco.com

German Paying AgentBNP Paribas Securities Services S.A. Branch OfficeFrankfurt am MainEuropa Allee 12D-60327 Frankfurt am MainGermany

Hong Kong and Macau

Invesco Asset Management Asia Limited41/F, Citibank Tower3 Garden Road,Central Hong KongPhone +852 3128 6000Fax +852 3128 6001Website: http://www.invesco.com.hk

Italy and Greece

Invesco Asset Management S.A. Sede SecondariaPiazza del Duomo, 22 – Galleria Pattari 220122 MilanoItalyTelephone +39 02 88074 1Fax +39 02 88074 391Website: http://www.invesco.it

Ireland

Invesco Global Asset Management LimitedGeorge’s Quay House43 Townsend StreetDublin 2IrelandPhone +353 1 439 8000Fax +353 1 439 8400Website: http://www.invesco.com

Netherlands

Invesco Asset Management SA Dutch BranchJ.C. Geesinkweg 9991096 AZ AmsterdamNetherlandsPhone +31 205 61 62 61Fax +31 205 61 68 88Website: http://www.invesco.nl


Sweden

Invesco Asset Management S.A (France) Swedish Filial

Stureplan 4c/4th FloorStockholm 11435SwedenMobile: +46 708 40 84 46Fax: + 32 2 641 01 75

Switzerland

Invesco Asset Management (Switzerland) LtdStockerstrasse 148002 ZurichSwitzerlandPhone +41 44 287 90 00Fax +41 44 287 90 10Website: http://www.invesco.ch

United Kingdom

Invesco Global Investment Funds Limited30 Finsbury SquareLondon EC2A 1AGUnited KingdomTelephone: +44 (0) 20 7065 4000Fax: +44 (0) 20 7638 0752Website: http://www.invescointernational.co.uk

* For more information about Invesco local offices pleaserefer to Invesco Internet Site www.invesco.com

Shareholders resident in Europe may also refer towww.invescoeurope.com

3. DirectoryContinued

The SICAV offers investors a choice of investments in one ormore Funds as detailed in Appendix A, in respect of which aseparate portfolio of investments is held for each Fund. Withineach Fund, Shares may be offered in different classes asdescribed in Section 4.1. below. Investors should note thatnot all classes of Shares are suitable for all investors andthey should ensure that the chosen class of Shares is themost suitable for them.

The subscription proceeds of all Shares in a Fund are investedin one common underlying portfolio of investments. Each Shareis, upon issue, entitled to participate equally in the assets of theFund to which it relates on liquidation and in dividends andother distributions as declared for such Fund or class. TheShares will carry no preferential or pre-emptive rights and eachwhole Share will be entitled to one vote at all meetings ofShareholders, subject to the restrictions contained in theArticles.

Fractions of Shares (of up to 2 decimal points, subject toSection 5.4.4. (Delivery into Clearstream/Euroclear)) may beissued.


All Shares will be issued in registered form.

The general meeting of Shareholders of a class of Shares maydecide to consolidate or split the Shares of such class by asimple majority of the Shares present or represented at thegeneral meeting.

The SICAV at its absolute discretion has the power to issuein certain Funds hedged Share classes denominated in majorinternational currencies (including but not limited to EUR,GBP, USD or JPY) different from the base currency of therelevant Fund. The SICAV may hedge the currency exposureof such classes of Shares in order to attempt to mitigateagainst the effect of exchange rate fluctuations between thecurrency of the Share class and the base currency of theFund. These are denoted by the suffix “Hgd” preceded by therelevant hedged currency. These classes of Shares areavailable as specified in Appendix A and their features arefurther detailed below under Section 4.2. (Hedged ShareClasses).

4. The SICAV and its Shares

4.1 Types of SharesMinimum MinimumInitial Incremental

Available Subscription Minimum Subscription Distribution InitialShares currency Available to Amount * Shareholding* Amount policy## charges#

A Base All investors USD1,500 N/A N/A Accumulation Not exceeding currency** or 5.25% of the

distribution net asset valueof the Shares

B, B1 Base Customers of distributors USD1,500 N/A N/A Accumulation Nil, CDSC currency** or intermediaries appointed only payable instead.

specifically for the purpose of distributing the B Shares.

C Base All investors USD USD50,000 N/A Accumulation Not exceeding currency** 250,000 or 5.25% of the

distribution net asset valueof the Shares

E EUR Some investors in certain EUR500 N/A N/A Accumulation Not exceeding jurisdictions only as, detailed or 3.0928% of the hereinafter distribution net asset value

of the Shares

I EUR Investors: (i) who, at the EUR EUR EUR Accumulation Not exceedingtime the relevant subscription 5,000,000 5,000,000 500,000 only 5.25% of theorder is received, are clients net asset valueof Invesco with an agreement of the Sharescovering the charging structurerelevant to the investors’ investments in such Shares; and (ii) who are institutional investors, as may be defined from time to time by the guidelines or recommendations issued by the CSSF.

R Base All investors USD1,500 N/A N/A Accumulation N/Acurrency** or distribution

* Or equivalent amount in any of the currencies listed in the SID or for hedged Share classes denominated in EUR and GBP, the same amount but in the base currency of the relevant hedgedShare class.

** Denominated in the base currency, unless otherwise provided in Appendix A with respect to each Fund.

# Reserve funds are not subject to any initial charges.

## Please refer to Appendix A for further details.

“A” SharesPlease refer to the table in Section 4.1. (Types of Shares).

“B” Shares and “B1” Shares“B” and “B1” Shares will be available to customers ofdistributors or intermediaries appointed specifically for thepurpose of distributing the B and B1 Shares and only in respectof those Funds in respect of which distribution arrangementshave been made. “B” and “B1” Shares will be denominated inthe base currency of the respective Funds.

No initial charge is payable by an investor on the acquisition of“B” and “B1” Shares of any Fund. Instead when such Sharesare redeemed within 4 years of the date of their purchase, theredemption proceeds thereof will be subject to a ContingentDeferred Sales Charge (“CDSC”) at the rates set forth in thetable below:

Redemption during Applicable Rate(during X years since purchase) of CDSC

1st Year 4%2nd Year 3%3rd Year 2%4th Year 1%After end of 4th Year None

The CDSC will be calculated on an amount being the lesser of(i) the current market value (based on the net asset value perShare ruling on the date of redemption) or (ii) the acquisitioncost, of the B and B1 Shares being redeemed. Accordingly, noCDSC will be imposed on any increase in the market valueabove the initial acquisition cost.

In determining whether a CDSC is applicable to the proceeds ofa redemption, the calculation will be determined in the mannerthat results in the lowest possible rate being charged.Therefore, it will be assumed that the first redemption of B andB1 Shares, respectively, will be deemed to be those of B andB1 Shares, if any, held for over four years and then of B andB1 Shares held for the longest period during the 4 year period.

The proceeds of the CDSC are retained by the Global Distributorand/or other party and are used in whole or in part to defrayexpenses in providing distributor-related services to the Fundsrelating to the sales, promotion and marketing of B and B1Shares of the Funds (including payments to dealers for theirservices in connection with the distribution of B and B1 Shares)and the furnishing of services to Shareholders by sales andmarketing personnel of the Global Distributor.

B Shares will be subject to an annual distribution fee, notexceeding 1.00%, calculated daily at a rate for the relevantFund as set out in this Section based on the net asset values ofsuch Shares of that Fund on each Business Day. Such fee willbe paid monthly out of the assets of the relevant Fund, to theGlobal Distributor and/or other party who may pay part or all ofthe distribution fee to those institutions involved in thedistribution of the B Shares.

The CDSC combined with the distribution fee (in the case of BShares) is designed to finance the distribution of B and B1Shares to investors in certain Funds through the GlobalDistributor and authorised dealers without an initial salescharge being applied at the time of purchase.

“C” Shares“C” Shares will incur a lower annual management charge than“A” Shares.


“E” Shares“E” Shares will be denominated in Euro and incur a higherannual management charge but a lower initial charge than “A”Shares.

“I” Shares“I” Shares will be denominated in Euro and will not bearManagement Fees. The Service Agents’ Fees will not exceed0.20% for Equity Funds and 0.10% for Bond Funds and MixedFunds and the Custodian Charge will not exceed 0.20%.

As detailed in Section 4.1. (Types of Shares), “I” Shares areavailable for certain categories of investors.

“R” SharesR Shares will be subject to an annual distribution fee, notexceeding 0.70%, calculated daily at a rate for the relevantFund as set out in Appendix A based on the net asset values ofsuch Shares of that Fund on each Business Day. Such fee willbe paid monthly out of the assets of the relevant Fund, to theGlobal Distributor and/or other party who will pay all thedistribution fee to those institutions appointed for thedistribution of the R Shares.

4.2. Hedged Share ClassesThe SICAV at its absolute discretion, has the power to issuecurrency hedged classes of Shares. For such classes of Shares,the SICAV may hedge the currency exposure of classes ofShares denominated in a currency other than the base currencyof the relevant Fund, in order to attempt to mitigate the effectof fluctuations in the exchange rate between the Share classcurrency and the base currency.

As this type of foreign exchange hedging may be utilised forthe benefit of a particular class of Shares, its cost and resultantprofit or loss on the hedged transaction shall be for the accountof that class of Shares only. Investors should note that the onlyadditional costs associated with this form of hedging are thetransaction costs relating to the instruments and contracts usedto implement the hedge. The costs and the resultant profit orloss on the hedged transaction will be applied to the relevantclass of Shares after deduction of all other fees and expenses,which will be calculated and deducted from the non-hedgedvalue of the relevant class of Shares. Accordingly, such costsand the resultant profit and loss will be reflected in the netasset value per Share for Shares of any such class of Share.

The SICAV may implement the foreign exchange hedge byusing any of the financial derivative instruments permitted inaccordance with Section 7. (Investment Restrictions). Currently,the SICAV intends to implement the foreign exchange hedge byusing forward foreign exchange contracts. The SICAV will limithedging to the extent of the hedged Share classes' currencyexposure. Although a hedged Share class may not generally beleveraged as a result of the use of such techniques andinstruments, the value of such instruments may be up to butmay not exceed 105% of the net asset value attributable to therelevant hedged Share class. The SICAV will monitor hedgingpositions on at least a monthly basis to ensure that they do notexceed the permitted level. Positions materially in excess of100% of the net asset value attributable to the relevant hedgedShare class will not be carried forward from month to month.The costs and gains/losses of the hedging transactions willaccrue solely to the relevant hedged Share class.

The currency of denomination and currency hedging, are theonly differences between these classes of Shares and theexisting “A” Shares, “C” Shares, “E” Shares, “I” Shares and “R”

4. The SICAV and its SharesContinued

Shares in the Funds offering hedged classes of Shares.Accordingly, all other references in the Prospectus andAppendix A to “A” Shares, “C” Shares, “E” Shares “I” Sharesand “R” Shares apply equally to their hedged Share classesrespectively.

For those classes of Shares denominated in a differentcurrency than the base currency, investors should note thatthere is no guarantee that the exposure of the currency inwhich the Shares are denominated can be fully hedgedagainst the base currency of the relevant Fund. Investorsshould also note that the successful implementation of thestrategy may substantially reduce the benefit toShareholders in the relevant class of Shares or decrease thevalue of the Share class currency against the base currencyof the relevant Fund. In addition, investors should note that,in the event that they request payment of redemptionproceeds in a currency other than the currency in which theShares are denominated, the exposure of that currency tothe currency in which the Shares are denominated will notbe hedged.

4.3 Charges to Investors• Initial ChargeThe Global Distributor may, at its discretion, make an initialcharge upon the issue of Shares in any Fund to investors which,until otherwise notified, will not exceed a percentage of the netasset value of the Shares, as set out in Section 4.1. (Types ofShares), out of which the Global Distributor will pay the fees ofthe Sub-Distributors. The Global Distributor or the Invesco Sub-Distributors may re-allocate or pay all or part of the initialcharge to recognised intermediaries or such other persons asthe Global Distributor and/or the Invesco Sub-Distributors maydetermine, at their absolute discretion.

No initial charge is payable on Shares issued in the ReserveFunds.

• Contingent Deferred Sales Charge (CDSC)For B and B1 Shares only as detailed in Section 4.1. (Types ofShares) under the title B and B1 Shares.

• Redemption chargeThere are no redemption charge.

• Switching ChargeExcept for switching into a Reserve Fund where no switchingcharge will apply, switching shares from one Fund to anotherfund of the Invesco Global Product Range is normally subject toa payment of a charge not exceeding 1% of the value of theShares being switched. In the case of investors who initiallyinvested in a Fund (where no initial charge is payable) andsubsequently switch into a fund where an initial charge ispayable such switch will be subject to the initial charge thenapplicable to the fund into which such investment is switchedand is payable to the Global Distributor. For more informationabout switches please refer to Section 5.2. (Switches).

In certain jurisdictions, where subscriptions, redemptions andswitches are made through a third party agent or through abank, additional fees and charges upon local investors may beimposed by that third party, agent or bank. Such fees andcharges do not accrue to the SICAV.

4.4. Distribution PolicyThe difference between Accumulation, Distribution and FixedDistribution Share Classes lies in the different distributionpolicies.


4.4.1. Accumulation SharesInvestors holding Accumulation Shares will not receive anydistributions. Instead, the income due to them will be rolled upto enhance the value of the Accumulation Shares.

For tax and accounting purposes the SICAV may implementincome equalisation arrangements with a view to ensuring thatthe level of income derived from investments is not affected bythe subscription, switching or redemption of Shares during therelevant accounting period.

4.4.2. Distribution SharesThe SICAV intends to distribute all of the available incomeattributable to the Distribution Shares and to maintain anequalisation account in respect of those Shares in order toavoid any dilution of distributable income.

Certain classes of Shares of certain Funds, as disclosed inSection 4.4.3 (Fixed Distributions Shares), will pay fixeddistributions. The payment of such distributions may result, inaddition to the distribution of the available income, in thedistribution of a portion of the capital attributable to therelevant class of Shares.

The frequency of distributions for the relevant Funds or classesof Shares is annually, semi-annually, quarterly or monthly.Unless Shareholders elect otherwise in jurisdictions where thisis possible, all distributions will be applied in the purchase offurther Distribution Shares of the relevant class of Shares. Forthe avoidance of doubt, the number of the relevant furtherDistribution Shares to be issued may be rounded up or down to2 decimal points subject to Section 5.4.4. (Delivery intoClearstream/Euroclear)

Distributions shall not be paid to any Shareholder, pending thereceipt of documents required by the SICAV/Global Distributorfor the purposes of compliance with the AML/CTF Laws andRegulations.

4.4.3. Fixed distribution SharesThe SICAV, at its absolute discretion, also has the power toissue currency classes of Shares that offer a fixed distribution.At present, certain Funds offer such fixed distribution Shareclasses as specified in Appendix A.

For such classes of Shares, the SICAV intends to pay dividendsof a fixed yield. The investment advisor will calculate theappropriate yield based on the securities held within theportfolio and this yield will then be used to calculate thedistribution amount on a monthly basis. Investors should notethat while the yield will be fixed, the distribution rate may varyfrom month to month. The yield will be re-set on at least anannual basis based on the then current market conditions. Inextreme market conditions this may occur on a more regularbasis at the discretion of the SICAV.

As the generation of income has a higher priority than capitalgrowth in the context of the fixed distribution Share classes, aportion or all of the fees and expenses payable by andattributable to the fixed distribution Share classes, togetherwith miscellaneous expenses set out in Section 9.3. (Fees andExpenses of the SICAV) under the heading ‘Other Expenses”,may be paid from the capital of such classes where necessaryin order to ensure there is sufficient income to meet the fixeddistribution payments. If there is a change to this policy, priorapproval will be sought from the SFC and affected Shareholderswill receive at least one month’s prior written notification.Investors should note that the charging of fees and expenses to


capital in this manner will result in capital erosion and thereforeconstrain future capital growth for such classes of Sharestogether with the likelihood that the value of future returnswould be diminished. Investors should also note that thepayment of fees and expenses out of capital represents a returnor withdrawal of part of the amount they originally invested orfrom any capital gains attributable to the original investment.Such payment of fees and expenses may reduce the net assetvalue per Share of the relevant fixed distribution Share classimmediately after the monthly distribution date. In thesecircumstances, distributions made in respect of such classes ofShares during the life of the relevant Fund should beunderstood by investors as a form of capital reimbursement.Details of the fees charged to capital in order to manage thelevel of income paid and/or available to Shareholders of thefixed distribution Share classes will be detailed in the annualreports. In extreme market conditions the yield in respect of thefixed distribution Share classes may be re-set at the discretionof the SICAV in order to ensure that distributions are not paidunless they are covered by income from underlyinginvestments.

The relevant fees and expenses paid out of capital (if any) isavailable from the Hong Kong Sub-Distributor andRepresentative on request and on the Invesco internet site(www.invesco.com.hk). For non-HK shareholders, at request,such information can be obtained from the Global Distributor.

Shareholders should also note that the yield and relevantincome are calculated by reference to an annual calculationperiod. Accordingly, while the aggregate fixed distributionpayable in respect of a fixed distribution Share class in a givenmonth may exceed the actual income attributable to such classof Share for the relevant month, distributions shall not be madeout of capital in respect of the relevant annual calculationperiod.

For classes of Shares where the amount of the periodicdistribution is variable, fees and expenses are paid fromavailable income, thereby reducing the yield, while aiming topreserve capital.

The Minimum Initial Subscription Amount and the MinimumShareholding of fixed distribution Share classes are the same asthe non-hedged Share class to which they relate.

4.4.4. Unclaimed distributionsAny distribution payment which remains unclaimed after aperiod of six years from the date of original payment shall beforfeited and revert to the capital of the relevant Fund.Thereafter neither the Shareholder nor any of his successorsshall have any right to the distribution payment.

4.4.5. Distribution datesIf the distribution date does not fall on a Business Day, it will becarried over to the next available Business Day.

4.4.6 Reinvestment of distributionsAll distributions below USD 50 (or its equivalent) in value will beautomatically applied in the purchase of further Shares of thesame class. Where Shareholders hold their Shares throughClearstream, (formerly Cedel) or Euroclear, reinvestment ofdistributions will not be possible and distributions (if any)regardless of the value will be paid to investors.


Applications for subscription, switching, transfer or redemptionmay be made on any Business Day to the Global Distributor inDublin, to the relevant Invesco Sub-Distributor as applicable ordirectly to the SICAV in Luxembourg.

Applications for subscription, switching, transfer, or redemptionmay also be made through a Local Sub-Distributor or otherlocal intermediaries in certain jurisdictions. Applications throughInvesco Sub-Distributor or Local Sub-Distributor may be subjectto additional requirements or procedures as may be required orunder applicable local laws. For more information, pleasecontact the relevant Invesco local office for your area. Relevantinformation may also be set out in each Country Supplement.

The Global Distributor in turn will forward details of all suchapplications and those directly received by the GlobalDistributor in Dublin to the Registrar & Transfer Agent inLuxembourg to effect the subscription, switching, transfer orredemption of Shares.

Applications which are received prior to the Dealing Cut-offPoint will, if accepted, be dealt with on the basis of the netasset value per Share of the relevant class calculated at thenext Valuation Point. Applications received after the DealingCut-off Point will, if accepted, be dealt with at the ValuationPoint following the next Dealing Cut-off Point.

Applications taken in a dealing location on a day which is not aBusiness Day will, if accepted, be processed on the nextBusiness Day.

5.1. Subscriptions5.1.1. Standard Instruction Document (“SID”)Prior to placing their initial subscription, applicants must openan Account with the Global Distributor and/or the Registrar &Transfer Agent by completing and submitting to the GlobalDistributor and/or the Registrar & Transfer Agent the SID.

Applicants must provide the original SID and the relevantdocumentation required under the AML/CTF Laws andRegulations and applicants from the EU must providedocumentation required under the European taxation of savingsincome directive. For further information regarding thisdirective, please see Section 11 (Taxation) and for moreinformation regarding the AML/CTF Laws and Regulations,please see Section 5.4.11 (Anti-Money Laundering andCounter-Terrorist Financing).

Applicants are required to complete all relevant sections of theSID, including all applicable declarations and indemnities to theapplicant.

Applicants may, in addition, authorise an agent or attorney toconduct dealings for their account and on their behalf.

Applicants should note that failure to complete all relevantsections of the SID in full may cause the Global Distributorand/or the Registrar & Transfer Agent to reject the application.

In case of failure or refusal by an applicant to provide theoriginal SID and supporting documentation required theapplication shall not be accepted. Any proposed transactionsmay, as a result, be delayed or rejected pending receipt of alldocumentation as requested, at the discretion of the GlobalDistributor and/or the Registrar & Transfer Agent.

The Global Distributor and/or the Registrar & Transfer Agentreserve the right at any time during the course of its


5. Dealing Information

relationship with an applicant or Shareholder, to suspend theexecution of applications for subscription, switching, transfer orredemption, in whole or in part and to request the applicant orShareholder to submit additional information anddocumentation, from time to time, for the purpose ofadherence to the AML/CTF Laws and Regulations.

5.1.2. Applications for subscription of SharesOn acceptance of their initial application, applicants will beallocated a Shareholder Account number. This ShareholderAccount number should be used for all future dealings by theShareholder with the SICAV. Any changes to the Shareholder’spersonal details or loss of Shareholder account number must benotified immediately to the Global Distributor and the SICAV inwriting (excluding e-mail). In such circumstances, theShareholder shall be required to submit such documents as theGlobal Distributor and/or the SICAV may specify in order tovalidate the changes to the Shareholder’s personal details orclaims with regard to the loss of the Shareholder accountnumber. The Global Distributor and/or the SICAV reserves theright to require an indemnity and/or verification certified by anofficial body or other party acceptable to it before acceptingsuch instructions.

Once the account is opened and the initial application forShares has been accepted by the Global Distributor and/or theRegistrar & Transfer Agent, subsequent applications for Sharesshould be made by fax, telephone or in writing. The term “inwriting” in relation to application for Shares shall include orderssubmitted by way of SWIFT or other electronic means(excluding e-mail) in accordance with the investor’s instructions.The Global Distributor and/or the Registrar & Transfer Agentreserve the right to accept subsequent subscriptions only onreceipt of cleared payment with subscription order. Applicationsmust include the following information:

• The full name of the Fund and class in which the applicantwishes to invest;

• The amount of cash to be invested or the number ofShares applied for in respect of each class of Shares;

• The currency in which settlement proceeds will be paid;

• The name and Shareholder account number (if available)of the client and such information that the GlobalDistributor and/or the Registrar & Transfer Agent mayrequire to ensure compliance with the AML/CTF Laws andRegulations.

If possible, applicants should also include the Fund Identifier.

Investors should note the Minimum Initial Subscription Amountfor each class of Shares as set forth in Section 4.1. (Types ofShares).

Investors should also note that while receipt and acceptance bythe Global Distributor and/or the Registrar & Transfer Agent ofverification documents required under the AML/CTF Laws andRegulations are pending, all transactions may be rejected ordelayed.

5.1.3. Settlement of subscriptionsSettlement for subscriptions is due in cleared funds for receiptby the SICAV/Global Distributor on the Settlement Date.Payment must be made by electronic funds transfer (please seethe SID for details).


In the event of a late payment, the SICAV/Global Distributormay either rescind the subscription or charge interest at thethen current rate for overdraft for such currency from the dateof acceptance of the application by the SICAV/GlobalDistributor.

In all cases, applicants and Shareholders (or in the case ofelectronic funds transfers, their bank) should provide thefollowing information together with their payment: theapplicant’s name, Invesco Client Account Number (if available),the deal reference (if available) and the name of the relevantFund or Funds in which investment is made. The SICAV/GlobalDistributor reserves the right to reject monies with insufficientor inaccurate reference information.

Applicants and Shareholders should note that incompletesubscription applications and subscription applications whichare not settled by the due date may be cancelled by theSICAV/Global Distributor and any costs of cancellation passedon to the applicant/Shareholder.

Applicants should not remit monies for the settlement of initialsubscriptions to the Global Distributor until acceptance by theGlobal Distributor and/or the Registrar & Transfer Agent of anoriginal SID and relevant documentation required under theAML/CTF Laws and Regulations.

The SICAV/Global Distributor shall not release any moniesremitted to it by any applicant, pending the receipt of a dulycompleted SID and any documents required by theSICAV/Global Distributor for the purposes of compliance withthe AML/CTF Laws and Regulations.

5.1.4. Restrictions on ownership of SharesThe SICAV may restrict or prevent the ownership of Shares byany person, firm or corporate body if the holding of Shares bysuch person results in a breach of law or regulations whetherLuxembourg or foreign or if such holding may be detrimental tothe SICAV or the majority of its Shareholders. More specifically,the SICAV shall have power to impose such restrictions as itmay think necessary for the purpose of ensuring that no Sharesin the SICAV are acquired or held directly or beneficially by anyperson or persons in circumstances which (whether directly orindirectly affecting such person or persons and whether takenalone or in conjunction with any other person or personsconnected or not, or any other circumstances appearing to theDirectors to be relevant) in the opinion of the Directors mightresult in the SICAV incurring any liability to taxation or sufferingany other pecuniary disadvantages which the SICAV might nototherwise have incurred or suffered or might result in theSICAV being required to register under the 1940 Act (suchpersons, firms or corporate bodies to be determined by theDirectors being herein referred to as “Prohibited Persons”).

In particular, all investors should note that ownership of Sharesby US Persons is not permitted. The Global Distributor and/orthe Registrar & Transfer Agent shall therefore reserve the rightto reject any applications for Shares made by a US Person.Shareholders are also required to notify the Global Distributorand/or the Registrar & Transfer Agent immediately in the eventthat they become a US Person and the Global Distributor may,at its discretion, redeem or otherwise dispose of the Shares bytransferring them to a person who is not a US Person.

5.2. SwitchesAny Shareholder may request the conversion of Shares fromone Fund or class of Shares to another fund or class of Sharesof the Global Product Range (only the SICAV and the Invesco

5. Dealing InformationContinued

Series). Such conversion request will be treated as aredemption of Shares and a simultaneous purchase of Shares.Consequently, any Shareholder requesting such conversionmust comply with the procedures of redemption andsubscription as well as all other requirements, notably relatingto investor qualifications and minimum investment and holdingthresholds applicable to each of the funds or classes of Sharesconcerned. In the case of the Funds, such conditions are setforth in Section 4.1. (Types of Shares).

Shareholders should note that while receipt of verificationdocuments are pending, all transactions may be rejected ordelayed.

Without prejudice to the above, the SICAV/Global Distributor, atits absolute discretion, has the power to convert aShareholder’s Shares from one class into another class if thevalue of the Shareholder’s investment falls below the MinimumShareholding Amount as set forth in Section 4.1. (Types ofShares) for the relevant class.

Following acceptance of the instruction by the SICAV/GlobalDistributor, the number of shares to be allotted in the fund(s) inwhich the Shareholder wishes to switch all or part of hisexisting holding(s) of Shares will be determined on the basis ofthe respective net asset values of the relevant Shares, takinginto account the switching charge (if any) and any currencyconversion factor (if applicable).

5.3. Redemptions5.3.1. Applications for redemption of SharesApplications for redemption of Shares may be placed by fax,telephone, in writing, or per the Shareholder’s instructions onthe SID. The term “in writing” in relation to redemption ordersshall include orders submitted by way of SWIFT or otherelectronic means (excluding e-mail) in accordance with theShareholder’s instructions. Shareholders who do not elect intheir SID to receive redemption payments by EFT (ElectronicFunds Transfer) will be required to submit a signed originalredemption application in order to release redemptionproceeds. Applications for redemption of Shares will only beaccepted for Shares which have been fully paid as at theDealing Cut-off Point on the proposed date of redemption.Shareholders should note that while pending receipt ofverification documents required under the AML/CTF Laws andRegulations, all transactions may be rejected or delayed.

Shareholders may redeem all or part of their shareholding in aFund. If such request would reduce a shareholding to below theMinimum Shareholding for the relevant class of Shares, suchrequest may, at the absolute discretion of the SICAV, betreated as a request to convert the shareholding to a class ofShares with a lower Minimum Shareholding.

Redemption orders must include the following information:

• The full name of the Fund and class for the Shares whichthe Shareholder wishes to redeem;

• The amount of cash or the number of Shares to beredeemed in respect of each class of Shares;

• The currency in which the settlement proceeds will bepaid;

• The name and Shareholder Account number of the clientas well as the agent code (if applicable).


• If not previously supplied, a Non-US Person declaration, asreferred to in the SID; and,

• Such information that the Global Distributor and/or theRegistrar & Transfer Agent may require to ensurecompliance with the AML/CTF Laws and Regulations.

If possible, Shareholders should also include the Fund Identifier.

For redemption orders of 5% or more in value of the totalnumber of Shares in issue in a Fund, the SICAV may (with theconsent of the Shareholder and subject to obtaining a valuationreport from the Auditors) distribute underlying investments,equivalent to the value of the Shareholder’s Shares in therelevant Fund(s), rather than cash, in satisfaction of theredemption, provided such action shall not prejudice theinterests of remaining Shareholders.

In such circumstances, the Shareholder has the right to instructthe SICAV to sell such underlying investments on its behalf (theamount that the Shareholder receives after such a sale, beingnet of all transaction costs).

5.3.2. Possible restrictions on redemptions(I) The SICAV may limit the total number of Shares in a Fund

which may be redeemed on any Business Day to a numberrepresenting 10% of the net asset value of a Fund. Thelimitation will be applied pro rata to all Shareholders in therelevant Fund who have requested redemptions to beeffected on or as at such Business Day so that theproportion redeemed of each holding so requested is thesame for all such Shareholders. Any Shares which, byvirtue of this limitation, are not redeemed on anyparticular Business Day shall be carried forward forredemption on the next following Business Day for therelevant Fund.

(II) Shareholders may ask for the redemption of all or part oftheir Shares of any class. If, however, the SICAV receivesa request for redemption of Shares relating to: (i) part of aholding which consists of Shares having a value of lessthan USD 2,500 or its equivalent or (ii) if after redemptionthe holder would be left with a balance of Shares having avalue of less than the current minimum holding amount orless than USD 100 or its equivalent, the SICAV may treatthis as a request to redeem such Shareholder’s entireholding.

5.3.3. Compulsory redemptionsFor compulsory redemptions in the context of thedissolution/liquidation of a class or Fund please refer to Section9.2.3. (Liquidation and Merger).

If it shall come to the attention of the SICAV at any time thatShares are beneficially owned by a Prohibited Person, eitheralone or in conjunction with any other person, and theProhibited Person fails to comply with the direction of theSICAV to sell his Shares and to provide the SICAV withevidence of such sale within thirty days of being so directed bythe SICAV, the SICAV may in its discretion compulsorily redeemsuch Shares at their redemption price in accordance with article10 of the Articles.

5.3.4. Settlement of redemptionsSettlement for redemptions will normally be made by electronicfund transfer on the Settlement Date after receipt by theSICAV/Global Distributor of complete redemptiondocumentation. It should take no longer than 10 Business Days


for the SICAV/Global Distributor to effect settlement ofredemptions after receipt of all documentation requested byand to the satisfaction of the SICAV/Global Distributor. Ifrequested by prior original instructions in writing, theSICAV/Global Distributor may effect settlement by cheque sentto the registered address of the Shareholder (at his/her risk).

Redemption proceeds shall not be paid to any Shareholder,pending the receipt of documents required by the SICAV/GlobalDistributor for the purposes of compliance with the AML/CTFLaws and Regulations.

5.4. Other Important Dealing Information5.4.1. Market TimingThe SICAV reserves the right to restrict or refuse subscriptionsfrom investors whom the SICAV considers market timers. TheSICAV does not knowingly allow investments which areassociated with market timing practices, as such practices mayadversely affect the interests of all non-market timingShareholders by harming Funds’ performance and dilutingprofitability.

In general, market timing refers to the investment behaviour ofan individual or a group of individuals buying, selling orexchanging shares or other securities on the basis ofpredetermined market indicators. Market timers also includeindividuals or groups of individuals whose securitiestransactions seem to follow a timing pattern or arecharacterised by frequent or large exchanges.

The SICAV may therefore combine Shares which are undercommon ownership or control for the purposes of ascertainingwhether an individual or group of individuals can be deemed tobe involved in market timing practices. Common ownership orcontrol includes without limitation legal or beneficial ownershipand agent or nominee relationships giving control to the agentor nominee of Shares legally or beneficially owned by others.

Accordingly, the SICAV reserves the right to 1) reject anyapplication for switching of Shares by Shareholders whom theSICAV considers market timers or 2) restrict or refusepurchases by Shareholders whom the SICAV considers markettimers.

5.4.2. Multi-currency dealingDealing may be effected in any of the currencies listed in theSID, and the transaction will be settled in the same currency.

5.4.3. Currency exchange ratesIn respect of the currencies listed in the SID the SICAV/GlobalDistributor may arrange for conversion of subscription amountsand redemption proceeds into and out of the base currency ofthe relevant class or Fund. Such conversions will be applied toeach deal at competitive rates applying on the relevantBusiness Day. Due to fluctuations in currency markets, returnsto investors, when converted back into the currency in whichthe investor subscribes and redeems, may be different to thereturn calculated by reference to the base currency.

Therefore, the value of those investments (when converted tothe base currency of that Fund) may fluctuate due to changesin exchange rates. The price of Shares and the income fromthem can go down as well as up and investors may not realisetheir initial investment.

In addition, in relation to Hedged Share Class, investors shouldnote that, in the event that they request payment ofredemption proceeds in a currency other than the currency in


which the Shares are denominated, the exposure of thatcurrency to the currency in which the Shares are denominatedwill not be hedged.

5.4.4. Delivery into Clearstream/EuroclearArrangements can be made for Shares to be held in accountsmaintained with either Clearstream or Euroclear. For furtherinformation about the procedures involved, please contact yourlocal Invesco office. Investors should note that Clearstream willaccept deliveries of fractional Shares to two decimal places,whereas Euroclear shall only accept deliveries for wholenumbers of Shares. Shares held by Clearstream or Euroclearwill be registered in the name of the relevant depository. Pleaserefer also to section 4.4. (Distribution Policy).

5.4.5. Contract NotesA contract note will be sent to the Shareholder or financialadviser if applicable by post on the first Business Day followingacceptance of the dealing instruction for Shares, providing fulldetails of the transaction.

All Shares issued will be registered and the Share register keptby the Registrar and Transfer Agent will be conclusive evidenceof ownership. Shares will be issued in uncertificated form.

5.4.6. Closing of a Fund to further inflowsA Fund may be closed to new subscriptions or switches into(but not to redemptions or switches out of it) if, in the opinionof the Directors, this is necessary to protect the interests ofexisting Shareholders. One such circumstance would be wherethe Fund has reached a size such that the capacity of themarket and/or the capacity of the relevant Investment Adviserhas been reached, and where to permit further inflows wouldbe detrimental to the performance of the Fund. Where anyFund is materially capacity constrained in the opinion of theDirectors the Fund may be closed to new subscriptions orswitches into without notice to Shareholders. Details of Fundswhich are closed to new subscriptions and switches will beprovided in the Reports.

5.4.7. Statements of accountStatements will be forwarded to the first registered Shareholderin the currency and at the intervals specified by theShareholder on the SID. Should the Shareholder omit to selecta currency and frequency, statements will be issued quarterlyin USD. Statements of Account provide confirmation ofownership of Shares.

5.4.8. Joint ShareholdersThe SICAV recognises only one single owner per Share. If oneor more Shares are jointly owned or if the ownership of suchShare(s) is disputed, all persons claiming a right to suchShare(s) shall jointly exercise their rights with respect to suchShare(s) unless they appoint one or several person(s) torepresent such share(s) towards the SICAV.

5.4.9. TransfersShares may be transferred by stock transfer form or otherinstruments in writing which the SICAV may sanction or allow,signed or sealed as appropriate by or on behalf of thetransferor. A transfer may not be effected if the transferor andthe proposed transferee have not completed a SID and providedsuch supporting documents required for identification purposes.Save as agreed by the SICAV no transfer may be made, whichwould result in either the transferor or the transferee remainingor being registered as the holder of Shares in a Fund or classwith a net asset value below the Minimum Shareholding (for thetransferor) or Minimum Initial Subscription Amount (for the


transferee) or such lesser amount as may be permitted orwhich would otherwise be in breach of the normal conditionsfor subscription. The SICAV shall not be bound to register morethan four persons in respect of each Share, nor transfer Sharesto persons under the age of 18 nor, without the specificconsent of the Directors, transfer to US Persons.

5.4.10. Personal dataShareholders are required to provide personal data to theSICAV and/or the Global Distributor and/or the Invesco Sub-Distributors. This data shall be held on computer and processedby the Management Company, Investment Advisers, GlobalDistributor, Administration Agent or Registrar & Transfer Agentor Custodian or their agents or delegates as data processor (asappropriate). Such data will be processed for the purposes ofcarrying out the services of the SICAV, Management Company,Global Distributor, Administration Agent, Registrar & TransferAgent or Custodian as prescribed by law such as processingsubscriptions and redemptions, maintaining registers ofShareholders and providing financial and other information toShareholders, and to comply with applicable legal obligations.The information may be used in connection with investments inother investment fund(s) managed or administered by theInvesco Group.

The SICAV will take steps to ensure that all personal data inrelation to Shareholders is recorded accurately and maintainedin a secure and confidential format. Such data will be retainedonly as long as necessary or in accordance with applicable lawsand will only be disclosed to such third parties (including agentsor delegates of the SICAV) as may be permitted underapplicable laws or, where appropriate, with the consent of theShareholder. This may include disclosure to third parties suchas Auditors and the regulators or agents or delegates of theManagement Company, Global Distributor, AdministrationAgent or Registrar & Transfer Agent or Custodian who processthe data inter alia for anti-money laundering purposes or forcompliance with foreign regulatory requirements.

Personal data may be transferred and/or disclosed to entitieswithin the Invesco Group including their agents or delegates.Personal data may also be transferred and/or disclosed to theentities referred to in the first paragraph of this Section andtheir affiliates. Transfers/disclosures will be made in such partieslegitimate interest for the purposes of maintaining global clientrecords and providing centralised administrative services andshareholder servicing as well as marketing services also incountries, such as but not limited to India and/or the UnitedStates, which may not have data protection requirementsdeemed equivalent to those prevailing in the EuropeanEconomic Area.

The Global Distributor has delegated, in accordance withapplicable laws and regulations, certain data processingfunctions to third party entities within or outside the InvescoGroup in countries, such as but not limited to India and/or theUnited States, which may not have data protectionrequirements deemed equivalent to those prevailing in theEuropean Economic Area.

The Global Distributor has delegated certain data processingfunctions to Invesco (Hyderabad) Private Limited in India andhas provided that the transfer of data to this Invesco entity mayonly be conducted in accordance with the requirements of themodel clauses set out in Article 26(2) of Directive 95/46/EC forthe transfer of personal data to processors established in thirdcountries, the provisions of which require that data processors


in third countries sign up to a similar level of data protection aswould apply in the European Economic Area.

Data will only be used for the purpose for which it wascollected, unless the consent of the Shareholder is obtained forits use for a different purpose. Shareholders may requestaccess to, rectification or deletion of any data supplied by themto the Global Distributor or any of the parties above, or storedby the Global Distributor or any of the parties above, in themanner and subject to the limitations prescribed in applicablelaws. Such requests should be directed to the Data ProtectionOfficer at the address of the Global Distributor

5.4.11. Anti-Money Laundering and Counter-TerroristFinancingThe Registrar & Transfer Agent and the Global Distributor aresubject to anti-money laundering and counter-terrorist financingobligations under the AML/CTF Laws and Regulations. To meetthese obligations, they are required to apply due diligencemeasures to investors, including but not limited to establishingand verifying the identities of applicants, Shareholders andbeneficial owners, as well as conducting ongoing due diligenceand scrutinising Shareholders’ transactions during the course ofthe business relationship.

Applicants will be required to provide original and/or certifiedtrue copies of such documents and information that the GlobalDistributor and/or the Registrar & Transfer Agent may specifyto establish proof of identity and address of the applicant andto comply with the requirements of the AML/CTF Laws andRegulations. The extent and form of the documentation andinformation required will depend on the nature of the applicantand will be at the discretion of the Global Distributor and/or theRegistrar & Transfer Agent.

Existing Shareholders may be requested to provide additional orupdated verification documents from time to time pursuant tothe Global Distributor’s and/or the Registrar & Transfer Agent’songoing client due diligence requirements under the AML/CTFLaws and Regulations.

The SID sets out a list of the relevant information anddocumentation that different categories of applicants arerequired to submit to the Global Distributor and/or the Registrar& Transfer Agent with their initial applications. This list is non-exhaustive and is subject to change. The Global Distributorand/or the Registrar & Transfer Agent shall reserve the right torequest all such other documentation that may be required toensure compliance with the provisions of the AML/CTF Lawsand Regulations. For more information, please contact theGlobal Distributor and/or the Registrar & Transfer Agent.

5.4.12. Segregation of Fund AssetsIn accordance with article 181 of the 2010 Law, each Fund issegregated and corresponds to a distinct part of the assets andliabilities of the SICAV.

5.4.13. Client AssetsAs the Global Distributor is located in Ireland, any money paidto or to be paid by the Global Distributor prior to and pendingthe settlement of a transaction (“Client Assets”) will be held inaccordance with any applicable Client Assets regulations inIreland. Any interest earned on Client Assets will be retained forthe benefit of the Global Distributor and will not be paid toinvestors. One example of such circumstance where moneywould be held as Client Assets would be where transactions arerejected or delayed pending the receipt of the requireddocumentation under the AML/CTF Laws and Regulations.


6.1. Determination of the Net Asset ValueThe net asset value of each class of Shares of each Fund shallbe expressed in the base currency of the relevant Fund or classof Shares concerned as a per Share figure and shall bedetermined by the Administration Agent for each Business Day,in accordance with article 11 of the Articles, (as of theValuation Point), by dividing the value of the assets of therelevant Fund attributable to that class less the amount of theliabilities of such Fund attributable to that class by the totalnumber of Shares of the relevant class then outstanding.

If, during any Business Day, there has been a material changein the quotations on the markets on which a substantial portionof the investments of a Fund is dealt or quoted, the SICAV may,in order to safeguard the interests of the holders of Shares ofthe relevant Fund, cancel the first valuation and carry out asecond valuation.

6.2. Calculation of assets and liabilitiesThe assets and liabilities of each Fund or class will bedetermined on the basis of the contribution to and withdrawalsfrom a Fund or class as a result of (i) the issue and redemptionof Shares, (ii) the allocation of assets, liabilities and income andexpenditure attributable to a Fund or class as a result of theoperations carried out by the SICAV on behalf of such Fund orclass and (iii) the payment of any expenses or distributions toholders of Shares of a Fund or class.

In calculating the value of the assets and the amount of theliabilities of each Fund, income and expenditure items aretreated as accruing on a daily basis.

In addition, article 11 of the Articles provides, inter alia, that:

a) The value of any cash on hand or on deposit, bills anddemand notes and accounts receivable, prepaid expenses,cash dividends and interest declared or accrued asaforesaid and not yet received is deemed to be the fullamount thereof, unless in any case the same is unlikely tobe paid or received in full, in which case the value thereofis arrived at after making such discount as may beconsidered appropriate in such case to reflect the truevalue thereof.

b) Securities listed on a recognised stock exchange or dealt inon any other Regulated Market (as defined in Section 7.1(General Restrictions) hereof) will be valued at their lastavailable prices, or, in the event that there should beseveral such markets, on the basis of their last availableprices on the main market for the relevant security.

c) In the event that any assets are not listed or dealt in onany stock exchange or on any other Regulated Market, orif, with respect to assets listed or dealt in on any stockexchange, or other Regulated Market as aforesaid, theprice as determined pursuant to sub-paragraph (b) is notrepresentative of the fair market value of the relevantassets, the value of such assets will be based on thereasonably foreseeable sales price determined prudentlyand in good faith pursuant to procedures established bythe Directors.

d) The liquidating value of futures or options contracts nottraded on exchanges or on other Regulated Markets shallmean their net liquidating value determined, pursuant tothe policies established by the Directors, on a basisconsistently applied for each different variety of contracts.The liquidating value of futures or options contracts traded


on exchanges or on other Regulated Markets shall bebased upon the last available prices of these contracts onexchanges and Regulated Markets on which the particularfutures or options contracts are traded by the SICAV;provided that if a futures or options contract could not beliquidated on the day with respect to which net assets arebeing determined, the basis for determining the liquidatingvalue of such contract shall be such value as the Directorsmay deem fair and reasonable.

e) The net asset value per share of any Fund of the SICAVmay be determined by using an amortised cost method forall investments with a known short term maturity date.This involves valuing an investment at its cost andthereafter assuming a constant amortisation to maturity ofany discount or premium, regardless of the impact offluctuating interest rates on the market value of theinvestments. While this method provides certainty invaluation, it may result in periods during which value, asdetermined by amortisation cost, is higher or lower thanthe price such Fund would receive if it sold the investment.The Directors will continually assess this method ofvaluation and recommend changes, where necessary, toensure that the relevant Fund's investments will be valuedat their fair value as determined in good faith by theDirectors. If the Directors believe that a deviation from theamortised cost per share may result in material dilution orother unfair results to shareholders, the Directors shalltake such corrective action, if any, as they deemappropriate to eliminate or reduce, to the extentreasonably practicable, the dilution or unfair results.

The relevant Fund shall, in principle, keep in its portfoliothe investments determined by the amortisation costmethod until their respective maturity date.

f) Units or shares of an open-ended undertaking forcollective Investment (“UCI”) will be valued at their lastdetermined and available net asset value or, if such priceis not representative of the fair market value of suchassets, then the price shall be determined by the Directorson a fair and equitable basis. Units or shares of a closed-ended UCI will be valued at their last available stockmarket value.

g) The value of swaps shall be determined by applying arecognised and transparent valuation method on a regularbasis.

h) All other securities and other assets will be valued at fairmarket value as determined in good faith pursuant toprocedures established by the Directors.

To the extent that the Directors consider that it is in the bestinterests of Shareholders, taking into account factors includingthe prevailing market conditions, the level of subscriptions andredemptions in a particular Fund and the size of the Fund, thenet asset value of a Fund may be adjusted to reflect theestimated dealing spreads, costs and charges (including fiscalcharges) to be incurred by the Fund in liquidating or purchasinginvestments to satisfy the net transactions on a particularBusiness Day.

All investments, cash balances and other assets of the SICAVnot expressed in the currency in which the net asset value ofany class is denominated, shall be valued after taking intoaccount the market rate or rates of exchange in force at thedate and time for determination of the asset value of Shares.

6. Calculation of Net Asset Value

6.3. Subscription and redemption pricesThe subscription and redemption prices per Share are based onthe net asset value calculated by the SICAV, as at eachValuation Point and subject to such dealing charges and/orcommissions as set forth in Section 4.3. (Charges to Investors).

The net asset value per Share shall be calculated to twodecimal places unless otherwise provided. For Yen denominatedFunds/classes the net asset value per Share shall be calculatedto the nearest whole Yen.

6.4. Publication of Share pricesThe SICAV will arrange for the net asset value per Share ofeach class within each Fund to be published as may be requiredby laws and regulations and, in addition as it may decide, inleading financial newspapers and websites worldwide. Shareprices are currently also available from Reuters, Morningstarand Bloomberg.

Shareholders may view the net asset value per Share onwww.invesco.com and the relevant Invesco Local Websites,where required by local laws.

6.5. Temporary suspension of the determination of NetAsset ValueThe SICAV may suspend the determination of the net assetvalue per share of any particular class of Share and/or Fund,and the subscription, switching and redemption in any suchFund and class of Share in any of the following events:

a) during any period when any of the principal stockexchanges or other markets on which a substantial portionof the investments of the SICAV attributable to such classof shares from time to time is quoted or dealt in is closedotherwise than for ordinary holidays, or during whichdealings therein are restricted or suspended, provided thatsuch restriction or suspension affects the valuation of theinvestments of the SICAV attributable to such class ofshares quoted thereon;

b) during the existence of any state of affairs (including anypolitical, economic, military, monetary or other emergencybeyond the control, liability and influence of the SICAV)which constitutes an emergency in the opinion of theDirectors as a result of which disposal or valuation ofassets owned by the SICAV attributable to such class ofshares would be impracticable;

c) during any breakdown in the means of communication orcomputation normally employed in determining the priceor value of any of the investments of such class of sharesor the current price or value on any stock exchange orother market in respect of the assets attributable to suchclass of shares;

d) during any period when the SICAV is unable to repatriatefunds for the purpose of making payments on theredemption of shares of such class of shares or duringwhich any transfer of funds involved in the realisation oracquisition of investments or payments due on redemptionof shares cannot, in the opinion of the Directors, beeffected at normal rates of exchange;

e) when for any other reason the prices of any investmentsowned by the SICAV attributable to such class of Sharescannot promptly or accurately be ascertained;


f) any period when the net asset value of any subsidiary ofthe SICAV may not be determined accurately;

g) from the time of publication of a notice convening anextraordinary general meeting of Shareholders for thepurpose of winding-up the SICAV, any Funds or classes ofShares, or merging the SICAV or any Funds, or informingthe Shareholders of the decision of the Directors toterminate Funds or classes of Shares or to merge Funds.

Any such suspension shall be published, if appropriate, by theSICAV and may be notified to Shareholders having made anapplication for subscription, redemption or conversion of Sharesfor which the calculation of the net asset value has beensuspended. If the request is not withdrawn, the relevanttransaction will take place as of the first Business Day followingthe termination of the suspension.

Notice of any suspension will also be given to the CSSF and toregulators in other jurisdictions as may be required underapplicable local requirements and, provided that the Shares ofthe Fund are listed, to the relevant stock exchange(s) as soonas practicable after the suspension takes effect.

6. Calculation of Net Asset ValueContinued

7.1. General RestrictionsThe following definitions shall apply for the purpose of theinvestments restrictions set forth hereafter:

EU European Union

Derivative Contracts shall mean for the purposes ofthis section, futures contracts(including currency futures, stockindex futures, interest ratefutures) and options (including putoptions, call options, index optionsand options on interest rates)and/or any other derivativecontracts or financial derivativeinstruments which the SICAVdetermines from time to time

money market instruments shall mean instruments normallydealt in on the money marketwhich are liquid, and have a valuewhich can be accuratelydetermined at any time

Regulated Market a market within the meaning ofDirective 2004/39/EC of theEuropean Parliament and of theCouncil of 21 April 2004 onmarkets in financial instrumentsand any other market in any statewhich is regulated, operatesregularly and is recognised andopen to the public

Transferable securities shall mean:

– shares and other securitiesequivalent to shares,

– bonds and other forms ofsecuritised debt,

– any other negotiable securitieswhich carry the right to acquireany such transferable securitiesby subscription or exchange,excluding techniques andinstruments relating totransferable securities andmoney market instruments.

UCITS an Undertaking for CollectiveInvestment in TransferableSecurities within the meaning ofthe EU Council Directive2009//65/EC on the Coordinationof Laws, Regulations andAdministrative Provisions relatingto Undertakings for CollectiveInvestment in TransferableSecurities (UCITS), as amended

other UCI an undertaking for collectiveinvestment.

The Directors shall, based upon the principle of spreading ofrisks, have power to determine the investment policy for theinvestments of the SICAV in respect of each Fund subject to thefollowing restrictions.


I. (1) The Funds may invest in:

a) Transferable securities and money marketinstruments admitted to or dealt in on aregulated market in Member States,

b) Transferable securities and money marketinstruments dealt in on other markets inMember States, which are regulated, areoperating regularly, are recognised and areopen to the public,

c) Transferable securities and money marketinstruments admitted to official listings on stockexchanges in any other country in Eastern andWestern Europe, the American continent, Asia,Oceania and Africa,

d) Transferable securities and money marketinstruments dealt in on other markets, whichare regulated, are operating regularly, arerecognised and open to the public of any othercountry in Eastern and Western Europe, theAmerican continent, Asia, Oceania and Africa,

e) Recently issued transferable securities andmoney market instruments provided that theterms of the issue include an undertaking thatapplication will be made for admission to theofficial listing on one of the stock exchanges asspecified in a) and c) or regulated markets thatare operating regularly, are recognised andopen to the public as specified in b) and d) andthat such admission is secured within a year ofissue,

f) Units of UCITS and/or other UCIs within themeaning of Article 1, paragraph (2), points a)and b) of Directive 2009/65/EC, as amended,whether they are situated in a Member State ornot, provided that:

– such other UCIs are authorised under lawswhich provide that they are subject tosupervision considered by the CSSF to beequivalent to that laid down in Communitylaw, and that cooperation betweenauthorities is sufficiently ensured;

– the level of protection for unitholders inthe other UCIs is equivalent to thatprovided for unitholders in a UCITS, and inparticular that the rules on assetssegregation, borrowing, lending, anduncovered sales of transferable securitiesand money market instruments areequivalent to the requirements of Directive2009/65/EC, as amended;

– the business of other UCIs is reported inhalf-yearly and annual reports to enable anassessment to be made of the assets andliabilities, income and operations over thereporting period;

– no more than 10% of the UCITS' or otherUCIs’ assets (or of the assets of any sub-fund thereof, provided that the principle of

7. Investment Restrictions

segregation of liabilities of the differentsub-funds is ensured in relation to thirdparties) whose acquisition is contemplatedcan, according to their constitutionaldocuments, be invested in aggregate inunits of other UCITS or other UCIs;

g) Deposits with credit institutions which arerepayable on demand or have the right to bewithdrawn, and maturing in no more than 12months, provided that the credit institution hasits registered office in a Member State or, if theregistered office of the credit institution issituated in a non-Member State, provided that itis subject to prudential rules considered by theCSSF as equivalent to those laid down inCommunity law;

h) financial derivative instruments, includingequivalent cash-settled instruments, dealt in ona Regulated Market; and/or financial derivativeinstruments dealt in over-the-counter (“OTCderivatives”), provided that:

– the underlying consists of instrumentsdescribed in sub-paragraphs (a) to (g)above, financial indices, interest rates,foreign exchange rates or currencies, inwhich the Company may invest accordingto its investment objectives;

– the counterparties to OTC derivativetransactions are institutions subject toprudential supervision, and belonging tothe categories approved by the CSSF and;

– the OTC derivatives are subject to reliableand verifiable valuation on a daily basisand can be sold, liquidated or closed by anoffsetting transaction at any time at theirfair value at the Company's initiative;

(i) money market instruments other than thosedealt in on a Regulated Market, which fall underArticle 1 of the 2010 Law, if the issue or issuerof such instruments is itself regulated for thepurpose of protecting investors and savings, andprovided that they are:

– issued or guaranteed by a central, regionalor local authority or central bank of aMember State the European Central Bank,the EU or the European Investment Bank, anon-Member State or, in the case of aFederal State, by one of the membersmaking up the federation, or by a publicinternational body to which one or moreMember States belong or;

– issued by an undertaking any securities ofwhich are dealt in on markets referred to insubparagraphs (a), (b), (c) or (d) above, or;issued or guaranteed by an establishmentsubject to prudential supervision, inaccordance with criteria defined byCommunity law, or by an establishmentwhich is subject to and complies withprudential rules considered by the CSSF to


be at least as stringent as those laid downby Community law, or;

– issued by other bodies belonging to thecategories approved by the CSSF providedthat investments in such instruments aresubject to investor protection equivalent tothat laid down in the first, the second orthe third indent and provided that theissuer is a company whose capital andreserves amount to at least EUR 10 millionand which presents and publishes itsannual accounts in accordance withDirective 78/660/EEC (1), is an entitywhich, within a group of companies whichincludes one or several listed companies, isdedicated to the financing of the group oris an entity which is dedicated to thefinancing of securitisation vehicles whichbenefit from a banking liquidity line.

(2) In addition, the SICAV may invest a maximum of 10%of the net assets of any Fund in transferablesecurities and money market instruments other thanthose referred to under (1) above.

(3) The SICAV may acquire movable and immovableproperty which is essential for the direct pursuit of itsbusiness.

II. A Fund may hold ancillary liquid assets.

III. a) (i) A Fund will invest no more than 10% of its netassets in transferable securities and moneymarket instruments issued by the same body(and in case of credit linked securities, both theissuer of the credit linked securities and theissuer of the underlying securities).

(ii) A Fund may not invest more than 20% of its netassets in deposits made with the same bodywhen the body is a credit institution referred toin I. (d) above or the Custodian or 10% of its netassets in other cases.

(iii) The risk exposure of a Fund to a counterparty inan OTC derivative transaction may not exceed10% of its net assets when the counterparty is acredit institution referred to in I. d) above or 5%of its net assets in other cases.

b) Where a Fund holds investments in transferablesecurities and money market instruments of bodieswhich individually exceed 5% of the net assets ofsuch Fund, the total of all such investments must notaccount for more than 40% of the total net assets ofsuch Fund.

This limitation does not apply to deposits and OTCderivative transactions made with financialinstitutions subject to prudential supervision.

Notwithstanding the individual limits laid down inparagraph a), a Fund may not combine:

– investments in transferable securities or moneymarket instruments issued by a single body,

– deposits made with a single body,

7. Investment RestrictionsContinued

and/or

– exposures arising from OTC derivativetransactions undertaken with a single body

in excess of 20% of its net assets.

c) The limit of 10% laid down in sub-paragraph a) (i)above is increased to a maximum of 35% in respectof transferable securities or money marketinstruments which are issued or guaranteed by aMember State, its local authorities, or any other stateor by public international bodies of which one ormore Member States are members.

d) The limit of 10% laid down in sub-paragraph a) (i) isincreased to 25% for certain bonds when they areissued by a credit institution which has its registeredoffice in a Member State and is subject by law, tospecial public supervision designed to protectbondholders. In particular, sums deriving from theissue of these bonds must be invested in conformitywith the law in assets which, during the whole periodof validity of the bonds, are capable of coveringclaims attaching to the bonds and which, in case ofbankruptcy of the issuer, would be used on a prioritybasis for the repayment of principal and payment ofthe accrued interest.

If a Fund invests more than 5% of its net assets in thebonds referred to in this sub-paragraph and issued byone issuer, the total value of such investments maynot exceed 80% of the net assets of the Fund.

Notwithstanding the above provisions, each Fundis authorised to invest up to 100% of its netassets, in accordance with the principle of riskspreading, in transferable securities and moneymarket instruments issued or guaranteed by aMember State, by its local authorities or agencies,or by another member State of the OECD or bypublic international bodies of which one or moreMember States are members, provided that suchFund must hold securities from at least sixdifferent issues and securities from one issue donot account for more than 30% of the net assets ofsuch Fund.

e) The transferable securities and money marketinstruments referred to in paragraphs c) and d) shallnot be included in the calculation of the limit of 40%in paragraph b).

The limits set out in sub-paragraphs a), b), c) and d)may not be aggregated and, accordingly, investmentsin transferable securities or money marketinstruments issued by the same body, in deposits orin OTC derivative transactions effected with the samebody may not, in any event, exceed a total of 35% ofany Fund’s net assets.

Companies which are part of the same group for thepurposes of the establishment of consolidatedaccounts, as defined in accordance with directive83/349/EEC or in accordance with recognisedinternational accounting rules, are regarded as asingle body for the purpose of calculating the limitscontained in this paragraph III).


However a limit of 20% of the net assets of a Fundmay be applied to investments in transferablesecurities and money market instruments within thesame group.

IV. a) Without prejudice to the limits laid down in paragraphV., the limits provided in paragraph III. are raised to amaximum of 20% for investments in shares and/orbonds issued by the same body if the aim of theinvestment policy of a Fund is to replicate thecomposition of a certain stock or bond index which issufficiently diversified, represents an adequatebenchmark for the market to which it refers, ispublished in an appropriate manner and disclosed inthe relevant Fund’s investment policy.

b) The limit laid down in paragraph a) is raised to 35%where this proves to be justified by exceptionalmarket conditions, in particular on Regulated Marketswhere certain transferable securities or moneymarket instruments are highly dominant. Theinvestment up to this limit is only permitted for asingle issuer.

V. The SICAV may not acquire shares carrying voting rightswhich should enable it to exercise significant influenceover the management of a body.

The SICAV may acquire no more than:

– 10% of the non-voting shares of the same issuer;

– 10% of the debt securities of the same issuer;

– 10% of the money market instruments of the sameissuer.

These limits under second and third indents may bedisregarded at the time of acquisition, if at that time thegross amount of debt securities or of the money marketinstruments or the net amount of the instruments in issuecannot be calculated.

The provisions of paragraph V. shall not be applicable totransferable securities and money market instrumentsissued or guaranteed by a Member State or its localauthorities or by any other state, or issued by publicinternational bodies of which one or more Member Statesare members.

These provisions are also waived as regards shares held bya Fund in the capital of a company incorporated in a non-Member State which invests its assets mainly in thesecurities of bodies having their registered office in thatstate, where under the legislation of that state, such aholding represents the only way in which the Fund caninvest in the securities of bodies in that state provided thatthe investment policy of the company from the non-Member State complies with the limits laid down inparagraph III., V. and VI. a), b), c) and d).

VI. a) Unless otherwise disclosed in Appendix A for one orseveral Fund(s), a Fund may acquire units of theUCITS and/or other UCIs referred to in paragraphI.(1) c), provided that no more than 10% of its netassets be invested, in aggregate, in the units ofUCITS or other UCI or in one single such UCITS orother UCI. In case this restriction is not applicable to


a specific Fund, as provided in its investment policyand objectives in Appendix A, such Fund may acquireunits of the UCITS and/or other UCIs referred to inparagraph I.(1) c), provided that no more than 20%of its assets be invested in the units of a single UCITSor other UCI. Investments made in units of UCIs otherthan UCITS may not in aggregate exceed 30% of thenet assets of a Fund.

b) The underlying investments held by the UCITS orother UCIs in which the Fund invests do not have tobe considered for the purpose of the investmentrestrictions set forth under III. above.

c) When the SICAV invests in the units of UCITS and/orother UCIs that are managed, directly or bydelegation, by the management company or by anyother company to which the management company islinked by common management or control, or by asubstantial direct or indirect holding (i.e. more than10% of the capital or voting rights), the managementcompany or other company cannot chargesubscription or redemption fees on account of itsinvestment in the units of such UCITS and/or otherUCIs.

In respect of a Fund’s investments in other UCITS andother UCIs referred to in the preceding paragraph,the total management fees (excluding anyperformance fee, if any) that may be charged to suchFund and each of the other UCITS or other UCIsconcerned shall not be higher than the maximumannual management fee specified for the relevantclass of Shares of the Fund in Appendix A. In suchcircumstances, the SICAV will indicate in its annualreport the total management fees charged both tothe relevant Fund and to the other UCITS and UCIs inwhich such Fund has invested during the relevantperiod.

d) A Fund may acquire no more than 25% (i) of theunits of the same UCITS or other UCI and (ii) in caseof a UCITS or other UCI with multiple sub-fund(s), ofthe units of each sub-fund. This limit may bedisregarded at the time of acquisition if at that timethe gross amount of the units in issue cannot becalculated.

VII. Notwithstanding the above restrictions, a Fund (the“Investing Fund”) may subscribe, acquire and/or holdsecurities to be issued or issued by one or more Funds(each, a “Target Fund”) without the SICAV being subject tothe requirements of the law of 10 August 1915 oncommercial companies, as amended, with respect to thesubscription, acquisition and/or the holding by a companyof its own shares, under the condition however that:

• the Target Fund does not, in turn, invest in theInvesting Fund invested in this Target Fund; and

• no more than 10% of the assets that the Target Fundwhose acquisition is contemplated, may, according toits investment policy, be invested in units of otherUCITS or other UCIs; and

• the Investing Fund may not invest more than 20% ofits net assets in shares of a single Target Fund; and


• voting rights, if any, attaching to the Shares of theTarget Fund are suspended for as long as they areheld by the Investing Fund concerned and withoutprejudice to the appropriate processing in theaccounts and the periodic reports; and

• for as long as these securities are held by theInvesting Fund, their value will not be taken intoconsideration for the calculation of the net assets ofthe SICAV for the purposes of verifying the minimumthreshold of the net assets imposed by the 2010Law; and

• there is no duplication of management/subscriptionor repurchase fees between those at the level of theInvesting Fund having invested in the Target Fund,and this Target Fund.

VIII. Notwithstanding the above restrictions, any Fund may, tothe widest extent permitted by applicable Luxembourglaws and regulations and as disclosed in Appendix A withrespect to the relevant Fund, be considered as a masterfund or a feeder fund within the meaning of the 2010Law. In such case, the relevant Fund shall comply with theprovisions of the 2010 Law

IX a) A Fund may not borrow for the account of any Fundamounts in excess of 10% of the net assets of thatFund, any such borrowings to be effected only on atemporary basis, provided that the SICAV mayacquire foreign currencies by means of “back-to-back” loans.

b) The SICAV may not grant loans to or act asguarantor on behalf of third parties.

This restriction shall not prevent the SICAV fromacquiring transferable securities, money marketinstruments or other financial instruments referred toin I. (1) c), e) and f) which are not fully paid.

c) The SICAV may not carry out uncovered sales oftransferable securities, money market instruments,units of UCITS or other UCI’s or other financialinstruments.

d) A Fund may not acquire either precious metals orcertificates representing them.

X. a) A Fund need not comply with the limits laid down inthe investment restrictions when exercisingsubscription rights attaching to transferable securitiesor money market instruments which form part of itsassets. While ensuring observance of the principle ofrisk spreading, recently created Funds may derogatefrom paragraphs III., IV. and VI. a), b) and c) for aperiod of six months following the date of theircreation.

b) If the limits referred to in paragraph a) are exceededfor reasons beyond the control of the SICAV or as aresult of the exercise of subscription rights, it mustadopt as a priority objective for its sales transactionsthe remedying of that situation, taking due accountof the interest of its Shareholders.

c) To the extent that an issuer is a legal entity withmultiple sub-funds where the assets of the sub-fund


are exclusively reserved to the investors in such sub-fund and to those creditors whose claim has arisen inconnection with the creation, operation or liquidationof that sub-fund, each sub-fund is to be consideredas a separate issuer for the purpose of theapplication of the risk spreading rules set out inparagraphs III., IV. and VI.

The SICAV need not comply with the investment limitpercentages when exercising subscription rightsattaching to securities which form part of its assets.If, as a result of the exercise of subscription rights orfor reasons beyond the control of the SICAV, such assubsequent fluctuation in value of a Fund’s assets,the above investment limit percentages are infringed,priority will be given, when sales of securities aremade, to correcting the situation, having due regardto the interests of Shareholders.

7.2. Financial Derivative Instruments RestrictionsAs further described in Appendix A and subject to therestrictions set out in the investment policy of the relevantFund and this Section 7.1. (General Restrictions), Funds mayenter into financial derivative instruments either for efficientportfolio management and hedging purposes only (i.e.financial derivative instruments will not be used forinvestment purposes), or also for investment purposes (i.e.entering into financial derivative instruments to achieve theinvestment objectives). The use of financial derivativeinstruments may be extensive either for efficient portfoliomanagement and hedging purposes only (in which casehowever a Fund may use such instruments merely in thecircumstances described below) or for investment purposes.Shareholders should note the specific risk warningscontained in Section 8. (Risk Warnings – Investing inFinancial Derivative Instruments and Investment Strategies)of the Prospectus relating to the use of financial derivativesinstruments either for efficient portfolio management andhedging purposes only or also for investment purposes.

Financial derivative instruments may include (but are notlimited to) futures (including currency futures, stock indexfutures, interest rate futures), forwards, non-deliverableforwards, swaps such as interest rate swaps and credit defaultswaps and complex options structures (such as straddles andratio spreads). In addition, financial derivative instruments mayincorporate derivatives on derivatives (i.e. forward dated swaps,swap options).

Efficient portfolio management allows derivative instruments tobe used for the purpose of reducing risks and/or costs and/orincreasing capital or income returns, subject to any suchtransactions complying with the overall investment restrictionsof the relevant Fund and that any potential exposure arisingfrom the transaction must be fully covered by cash or otherproperty sufficient to meet any obligation to pay or deliver thatcould arise. When using such derivative instruments forefficient portfolio management, the risks of using theseinstruments are adequately captured by the risk managementprocess of the SICAV, and using such instruments cannot resultin a change to the investment objectives of the relevant Fund oradd substantial supplementary risks to the relevant Fund incomparison to the general risk policy as described herein.

7.3 Securities lending transactions and repurchase/reverserepurchase transactionsRepurchase/reverse repurchase and securities lendingagreements may only be effected in accordance with normalmarket practice.


Securities lending and repurchase and reverse repurchaseagreements may be used for efficient portfolio managementpurposes.

The SICAV may lend portfolio investments or enter intorepurchase/reverse repurchase transactions to the extentallowed by, and within the limits set forth in, the 2010 Law, aswell as present or future related Luxembourg laws,implementing regulations, circulars or CSSF positions and inparticular the provisions of (i) article 11 of the Grand-Ducalregulation of 8 February 2008 relating to certain definitions ofthe 2010 Law and of (ii) CSSF Circular 08/356 relating to therules applicable to undertakings for collective investments whenthey use certain techniques and instruments relating totransferable securities and money market instruments (as thesemay be amended or replaced from time to time). The SICAV,for each Fund, may, for the purpose of generating additionalcapital or income or for reducing costs or risks (A) engage insecurities lending transactions and (B) enter, either aspurchaser or seller, into optional as well as non optionalrepurchase and reverse repurchase transactions. The SICAVmay, on behalf of a Fund, enter into such transactions for up to100% of the relevant Fund's net assets.

As the case may be, cash collateral received by the SICAV foreach Fund in relation to any of these transactions may bereinvested in a manner consistent with the investmentobjectives of such Fund in (a) shares or units issued by moneymarket undertakings for collective investment calculating a dailynet asset value and being assigned a rating of AAA or itsequivalent, (b) short-term bank deposits, (c) money marketinstruments as defined in the above referred Grand-Ducalregulation, (d) short-term bonds issued or guaranteed by amember state of the EU, Switzerland, Canada, Japan or theUnited States or by their local authorities or by supranationalinstitutions and undertakings with EU, regional or world-widescope, (e) bonds issued or guaranteed by first class issuersoffering an adequate liquidity, and (f) reverse repurchaseagreement transactions according to the provisions describedunder section I.C.a) of the above referred CSSF Circular. Suchreinvestment will be taken into account for the calculation ofthe relevant Fund’s global exposure, in particular if it creates aleverage effect.

Should the SICAV on behalf of a Fund engage in securitieslending, all incremental income accruing from securities lent willbe shared between the parties as agreed to from time to timeand disclosed in the SICAV’s report and accounts each year.The SICAV will seek to appoint counterparties who have aminimum credit rating of at least A2 by Standard & Poor’sRating Agency and P2 by Moody’s Rating Agency or be of asimilar credit status.

To the extent that any such stock lending transactions are withany appointed investment managers or investment adviser ofthe SICAV or any Connected Person of either of them, suchtransactions will be at arm’s length and will be executed as ifeffected in normal commercial terms. In particular, cashcollateral invested in money market funds in this manner maybe subject to a pro rata portion of such money market fund'sexpenses, including management fees. Investors should notethat such expenses would be in addition to the managementfees charged by the SICAV and disclosed in section 9.3. (Feesand expenses of the SICAV).

As security for any securities lending activities, the relevantFund will obtain collateral in the manner set out below, themarket value of which will at all times be at least 100% of themarket value of the securities lent.


(A) Collateral must be obtained for each repurchase/reverserepurchase contract or securities lending transaction.Collateral must take the form of:

(i) liquid assets, liquid assets include not only cash andshort term bank certificates, but also money marketinstruments such as defined within Directive2007/16/EC of 19 March 2007 implementingCouncil Directive 2009/65/EC on the coordination oflaws, regulations and administrative provisionsrelating to certain UCITS as regards the clarificationof certain definitions. A letter of credit or a guaranteeat first-demand given by a first class credit institutionnot affiliated to the counterparty are considered asequivalent to liquid assets;

(ii) bonds issued or guaranteed by a member state of theOECD or by their local public authorities or bysupranational institutions and undertakings with EU,regional or world-wide scope;

(iii) shares or units issued by money market UCIscalculating a daily net asset value and being assigneda rating of AAA or its equivalent;

(iv) shares or units issued by UCITS investing mainly inbonds/shares mentioned in (v) and (vi) below;

(v) bonds issued or guaranteed by first class issuersoffering an adequate liquidity, or

(vi) shares admitted to or dealt in on a regulated marketof a EU member state of the European Union or on astock exchange of a member state of the OECD, onthe condition that these shares are included in amain index.

(B) Until expiry of the repurchase/reverse repurchase contractor lending arrangement, collateral obtained under suchcontracts or arrangements must:

(i) be marked to market daily;

(ii) be equal or exceed in value at all times the value ofthe amount invested or securities on loan;

(iii) be transferred into the name of the SICAV, theCustodian of the SICAV or an agent of the Custodian;

(iv) be immediately available to the relevant Fund withoutrecourse to the counterparty in the event of defaultby the counterparty;

The requirement at (iii) above is not applicable in theevent that the Fund uses collateral management servicesof a recognised international clearing institution andrelevant institutions which are generally recognised asspecialists in this type of transaction.

7.4. Additional Restrictions(1) The SICAV may enter into OTC option transactions with

highly rated financial institutions participating in thesetypes of transactions if such transactions are moreadvantageous to the Fund concerned or if quoted optionshaving the required features are not available;

(2) The SICAV may only place deposits of cash (which, for theavoidance of doubt, shall include monies deposited on call)


with a bank whose assets less contra accounts exceed onehundred million United States Dollars (USD 100,000,000),or with a bank which is a wholly owned subsidiary of abank whose balance sheet total is not less than the saidamount;

(3) The cash assets of each Fund may not at any time bedeposited with the Management Company, the GlobalDistributor, the Sub-Distributors, the Investment Advisersor any connected entity except such entities who have thestatus of a licensed bank in their country of incorporation;

(4) Except with the written consent of the Directors, theSICAV may not purchase, sell, borrow or lend portfolioinvestments from or to, or otherwise execute transactionswith, any appointed investment manager or investmentadviser of the SICAV, or any Connected Person of eitherof them. Such transactions (if any) will be disclosed in theSICAV’s annual report and will be executed at arm’s lengthand executed as if effected on normal commercial terms.

(5) During such time as the SICAV is authorised as a mutualfund corporation by the SFC, the SICAV shall not:

(a) invest more than 10% of the total value of the netassets of any Fund in partly paid or nil paid securities,any such investment to be approved by the Custodianif the security cannot be paid up at the option of theSICAV within one year of its purchase;

(b) purchase or otherwise acquire any investment inwhich the liability of the holder is unlimited;

(c) make deposits with any bank or financial institution ifthe total value of money market instruments issuedby or pursuant to the guarantee of such bank orinstitution held by that Fund, together with such cashdeposits with such bank or institution, exceeds 25%of the value of the net assets of such Fund (or 10% ofsuch value where the bank or financial institution is aConnected Person);

(d) in the case of the Reserve Funds, which are regardedby the SFC as “Money Market Funds”, permit theaverage portfolio maturity to exceed ninety (90)days.

(e) unless otherwise stated for the relevant Fund inAppendix A, invest more than 10% of the net assetvalue of any Fund in China A shares and China Bshares (including exposure through participationnotes, equity linked notes or similar China A sharesaccess products). Unless otherwise agreed with theSFC, not less than one month’s prior notice will begiven to existing Hong Kong investors in the relevantSFC authorised Fund of any change to theaforementioned policy and the relevant offeringdocument will be updated accordingly.

(6) For so long as the SICAV is registered in Taiwan, unlessotherwise approved or exempted by the FinancialSupervisory Commission (the “FSC”), the Funds offeredand sold in Taiwan, other than offshore ETFs, will besubject to the following restrictions:

The percentage of derivatives trading conducted by a Fundmay not exceed the following percentages set by the FSC:(i) the risk exposure of the open position in derivative


products held by the Fund for purposes of increase ofinvestment efficiency shall not exceed 40% of net assetvalue of such Fund and (ii) the total value of the openshort position in derivative products held by the Fund forhedging purpose shall not exceed the total market value ofthe relevant securities held by such Fund;

The Fund may not invest in gold, spot commodities or realestate;

The percentages of the Fund’s total investments that areinvested in securities in the Mainland China securitiesmarket may not exceed the percentages set by the FSC;

The percentage of the investment in any Fund that iscontributed by Taiwan investors may not exceed the limitset by the FSC;

The investment portfolio of the Fund may not make Taiwansecurities markets its primary investment area; apercentage limit for such investment shall be set by theFSC;

The Fund may not be denominated in New Taiwan Dollarsor Renminbi; and

The Fund must have been established for one full year.

In the event that the above restrictions are amended, theSICAV shall comply with such amended restrictions.

(7) Although the SICAV is now authorised by the Luxembourgsupervisory authority as a UCITS under the 2010 Law andthe Prospectus has been updated to incorporate newinvestment restrictions provided thereunder, for so long asthe SICAV and a Fund remain authorised by the SFC inHong Kong and unless otherwise approved by the SFC, theManagement Company and each relevant InvestmentAdviser confirms its intention to operate the Invesco USDReserve Fund in accordance with the investment principlesof Chapter 7.17 to 7.20, 7.22 to 7.24 and Chapter 8.2 ofthe Hong Kong Code on Unit Trusts and Mutual Funds andto operate each other Fund authorised in Hong Kong(other than Invesco Emerging Local Currencies Debt Fund,Invesco Global Investment Grade Corporate Bond Fund andInvesco Emerging Market Corporate Bond Fund) inaccordance with the 2010 Law, except that such Fundmay only enter into financial derivative instruments forefficient portfolio management or hedging purposes, andto comply with any other requirements or conditionsimposed by the SFC from time to time in respect of therelevant Fund unless otherwise agreed with the SFC.Unless otherwise agreed with the SFC, not less than 1month’s prior notice will be given to existing Hong Konginvestors in the relevant SFC authorised Fund of anychange to the aforementioned policy and the relevantoffering document will be updated accordingly.

7.5. Risk Management ProceduresThe SICAV will employ a risk-management process whichenables it to monitor and measure the risk of the positions andtheir contribution to the overall risk profile of each Fund. TheSICAV will employ, if applicable, a process for accurate andindependent assessment of the value of any OTC derivativeinstruments.

The SICAV will calculate the global exposure of each Fund byusing either the Value-at-Risk (VaR) methodology or the


“commitment approach” depending on the ManagementCompany’s assessment of the risk profile of the relevant Fundresulting from its investment policy (including but not limited toits potential use of financial derivative instruments and thefeatures thereof) in accordance with the relevant Europeanand/or Luxembourg applicable laws and/or regulations. In theinterests of Shareholders, the Management Company hasdetermined that the SICAV will, as a default, use the advancedrisk measurement methodology of the Value-at-Risk (VaR) foreach Fund unless otherwise provided in Appendix A in relationto a specific Fund.

The Value-at-Risk (VaR) is a statistical model which intends toquantify the maximum potential loss at a given confidence level(probability) over a specific time period under ‘normal’ marketconditions.

Each Fund using Value-at-Risk (VaR) can use either the absoluteVaR approach or the relative VaR approach (which measuresthe risk relative to a benchmark or reference portfolio) asfurther detailed in Appendix A.

Moreover, in accordance with relevant European and/orLuxembourg applicable laws and/or regulations, the SICAV willdisclose in Appendix A for each Fund the expected level ofleverage. This ratio merely reflects the usage of all financialderivative instruments within the portfolio of the relevant Fundand is calculated using either the commitment approach or thesum of notionals of all financial derivative instruments asfurther detailed for each Fund in Appendix A, taking basicnetting effects into account. For the avoidance of doubtfinancial derivative instruments used to hedge a position willalso form part of the calculation. Some of the instruments mayreduce the risk within the portfolio and therefore this ratio doesnot necessarily indicate any increased level of risk within anindividual Fund.

Shareholders should note that the market risk of the relevantFund will be adequately monitored using the Value-at-Risk (VaR)within the limits of relevant European and/or Luxembourgapplicable laws and/or regulations and the Value-at-Risk (VaR)measure should be published in the audited annual report.

A risk management team at affiliated companies of the InvescoGroup, independent from the appointed portfolio managers, isundertaking risk monitoring and reporting on behalf of theManagement Company and providing reports for oversight bythe conducting officers of the Management Company. Theleverage ratio calculation, and the VaR calculation, the back-testing , as well as exposure limits on counterparties and issuerconcentration shall comply at all times with the rules set forthin the latest relevant European and/or Luxembourg applicablelaws and/or regulations. For details in relation to the methodsused by each Sub-Fund to calculate the global exposure and theleverage ratio, please refer to Appendix A.

The Management Company has the ultimate responsibility forthe risk management of the SICAV.

The Directors will receive the relevant risk report at least on aquarterly basis.


GeneralVarious factors may adversely affect the value of the Funds’assets. The following are the principal risks of investing in theFunds:

International InvestingInvestments on an international basis involve certain risks,including:

• The value of the assets of a Fund may be affected byuncertainties such as changes in government policies,taxation, fluctuations in foreign exchange rates, theimposition of currency repatriation restrictions, social andreligious instability, political, economic or otherdevelopments in the law or regulations of the countries inwhich a Fund may invest and, in particular, by changes inlegislation relating to the level of foreign ownership in thecountries in which a Fund may invest.

• Accounting auditing and financial reporting standards,practices and disclosure requirements applicable to somecountries in which a Fund may invest may differ fromthose applicable in Luxembourg in that less information isavailable to investors and such information may be out ofdate.

• A Fund’s assets may be invested in securities denominatedin currencies other than the base currency of the Fund,and any income from these investments will be received inthose currencies, some of which may fall against the basecurrency of the Fund. A Fund will compute its net assetvalue and make any distributions in the base currency ofthe Fund. Therefore, if a Fund’s assets are invested insecurities denominated in currencies other than the basecurrency of the Fund, there will be a currency exchangerisk which will affect the value of the Shares and theincome distributions paid by a Fund.

• For those hedged Share classes denominated in a differentcurrency to the base currency, investors should note thatthere is no guarantee that the exposure of the currency inwhich the Shares are denominated can be fully hedgedagainst the base currency of the relevant Fund. Investorsshould also note that the successful implementation of thestrategy may substantially reduce the benefit toShareholders in the relevant class of Shares as a result ofdecreases in the value of the Share class currency againstthe base currency of the relevant Fund. In addition,investors should note that, in the event that they requestpayment of redemption proceeds in a currency other thanthe currency in which the Shares are denominated, theexposure of that currency to the currency in which theShares are denominated will not be hedged.

Equities riskThe Funds may invest in equity securities. The prices of and theincome generated by equity securities may decline in responseto certain events, including the activities and results of theissuer, general economic and market conditions, regional orglobal economic instability and currency and interest ratefluctuations. There can be no guarantee that the value of anyequity securities held by a Fund will increase in value or thatany income will be derived from such securities. The value of,and income derived from, equity securities held may fall as wellas rise and the Fund may not recoup the original amountinvested in such securities.


Investing in CommoditiesInvestors should note that investments which grant an exposureto commodities involve additional risks than those resultingfrom traditional investments. More specifically, political, militaryand natural events may influence the production and trading ofcommodities and, as a consequence, influence financialinstruments which grant exposure to commodities. Terrorismand other criminal activities may have an influence on theavailability of commodities and therefore also negatively impactfinancial instruments which grant exposure to commodities.

Investment in Developing MarketsThe following considerations apply to Funds which invest inemerging markets or newly industrialised countries.

The securities markets of developing countries are not as largeas the more established securities markets and havesubstantially less trading volume. The markets may lack liquidityand exhibit high price volatility meaning that the accumulationand disposal of holdings in some investments may be timeconsuming and may need to be conducted at unfavourableprices. The market may also exhibit a high concentration ofmarket capitalisation and trading volume in a small number ofissuers, representing a limited number of industries, as well asa high concentration of investors and financial intermediaries.Brokers in developing countries typically are fewer in numberand less capitalised than brokers in established markets.

At present, some stock markets in emerging market countriesrestrict foreign investment which results in fewer investmentopportunities for a Fund. This may have an adverse impact oninvestment performance of a Fund which has as its investmentobjective to invest substantially in developing countries.

Many emerging markets are undergoing a period of rapidgrowth and are less regulated than the world’s leading stockmarkets and there may be less publicly available informationabout companies listed on such markets than is regularlypublished about companies listed on other stock markets. Inaddition, market practices in relation to settlement of securitiestransactions and custody assets in emerging markets canprovide increased risk to emerging markets funds.

Although the Directors consider that a truly diversified globalportfolio should include a certain level of exposure to theemerging markets, they recommend that an investment in anyone emerging market Fund should not constitute a substantialportion of any investor’s portfolio and may not be appropriatefor all investors.

Investing in smaller companiesInvestment in smaller companies may involve greater risks andthus may be considered speculative. Investment in a Fundinvesting in smaller companies should be considered long termand not as a vehicle for seeking short term profits. Many smallcompany stocks trade less frequently and in smaller volumesand may be subject to more abrupt or erratic price movementsthan stocks of larger companies. The securities of smallcompanies may also be more sensitive to market changes thansecurities in large companies. The Directors recommend that aninvestment in any one smaller company Fund should notconstitute a substantial portion of any investor’s portfolio andmay not be appropriate for all investors.

Investing in sector-based FundsThe Investment Adviser will not normally, in the case of sector-based Funds, maintain a wide spread of investments in ordermerely to provide a balanced portfolio of investments. A more

8. Risk Warnings

concentrated approach is taken than is normally the case inorder to take greater advantage of successful investments. TheInvestment Adviser considers that this policy involves a greaterthan usual degree of risk and, since investments are chosen fortheir long term potential and their prices (and therefore the netasset value of the Fund) may be subject to above averagevolatility. Investors should be aware that there can be noassurance that the Fund’s investment will be successful or thatthe investment objective described will be attained.

Investing in High Yield BondsHigh yield bonds are regarded as being predominatelyspeculative as to the issuer’s ability to make payments ofprincipal and interest. Investment in such securities involvessubstantial risk. Issuers of high yield debt securities may behighly leveraged and may not have available to them moretraditional methods of financing. An economic recession mayadversely affect an issuer’s financial condition and the marketvalue of high yield debt securities issued by such entity. Theissuer’s ability to service its debt obligations may be adverselyaffected by specific issuer developments, or the issuer’s inabilityto meet specific projected business forecasts, or theunavailability of additional financing. In the event of bankruptcyof an issuer, the SICAV may experience losses and incur costs.

Investment in Russia and UkraineThere are significant risks inherent in investing in Russia andUkraine including: (a) delays in settling transactions and the riskof loss arising out of Russia’s and Ukraine’s system of securitiesregistration and custody; (b) the lack of corporate governanceprovisions or general rules or regulations relating to investorprotection; (c) pervasiveness of corruption, insider trading, andcrime in the Russian and Ukrainian economic systems; (d)difficulties associated in obtaining accurate market valuations ofmany Russian and Ukrainian securities, based partly on thelimited amount of publicly available information; (e) taxregulations are ambiguous and unclear and there is a risk ofimposition of arbitrary or onerous taxes; (f) the generalfinancial condition of Russian and Ukrainian companies, whichmay involve particularly large amounts of inter-company debt;(g) banks and other financial systems are not well developed orregulated and as a result tend to be untested and have lowcredit ratings and (h) the risk that the governments of Russiaand Ukraine or other executive or legislative bodies may decidenot to continue to support the economic reform programsimplemented since the dissolution of the Soviet Union.

The concept of fiduciary duty on the part of a company’smanagement is generally non-existent. Local laws andregulations may not prohibit or restrict a company’smanagement from materially changing the company’s structurewithout shareholder consent. Foreign investors cannot beguaranteed redress in a court of law for breach of local laws,regulations or contracts. Regulations governing securitiesinvestment may not exist or may be applied in an arbitrary andinconsistent manner.

Securities in Russia and Ukraine are issued only in book entryform and ownership records are maintained by registrars whoare under contract with the issuers. The registrars are neitheragents of, nor responsible to, the SICAV, the Custodian or theirlocal agents in Russia or Ukraine. Transferees of securities haveno proprietary rights in respect of securities until their nameappears in the register of holders of the securities of the issuer.The law and practice relating to registration of holders ofsecurities are not well developed in Russia and Ukraine andregistration delays and failures to register securities can occur.Although Russian and Ukrainian sub-custodians will maintain


copies of the registrar’s records (“Extracts”) on its premises,such Extracts may not, however, be legally sufficient toestablish ownership of securities. Further a quantity of forgedor otherwise fraudulent securities, Extracts or other documentsare in circulation in the Russian and Ukrainian markets andthere is therefore a risk that a Fund’s purchases may be settledwith such forged or fraudulent securities. In common with otheremerging markets, Russia and Ukraine has no central source forthe issuance or publication of corporate actions information.The Custodian therefore cannot guarantee the completeness ortimeliness of the distribution of corporate actions notifications.

However, in recognition of such risks, the Russian andUkrainian correspondent of the Custodian is following increased“due diligence” procedures. The correspondent has entered intoagreements with Russian and Ukrainian company registrars andwill only permit investment in those companies that haveadequate registrar procedures in place. In addition, thesettlement risk is minimised as the correspondent will notrelease cash until registrar extracts have been received andchecked.

It should be taken into consideration that when investing inUkrainian government debt, whether via the primary orsecondary market, local regulations stipulate that investorsmaintain a Ukrainian Cash Account directly with thecorrespondent. Such balance represents a debt due from theUkrainian correspondent to the investors and the Custodianshall not be liable for this balance.

The CSSF has confirmed that they consider that the RussianTrading System Stock Exchange (RTS Stock Exchange) andMoscow Interbank Currency Exchange (MICEX) as regulatedmarkets under the terms of article 41(1) of the 2010 Law.Accordingly, the 10% limit generally applicable to securitieswhich are listed or traded on markets in Russia will not apply toinvestments in securities listed or traded on the RTS StockExchange or MICEX. However, the risk warnings regardinginvestment in Russia will continue to apply to all investments inRussia.

Investment in ChinaCertain Funds may invest in securities or instruments whichhave exposure to the China market. Other than risks involved ininvestments on an international basis and in emerging markets,as well as other risks of investments generally as describedabove which are applicable to investments in China, investorsshould also note the additional specific risks below.

QFII Regulatory RisksUnder current China law and regulations, investments in theChina domestic securities market (China A shares and otherdomestic securities as permitted) can only be made by orthrough holders of a Qualified Foreign Institutional Investor(“QFII”) licence, within certain investment quota as approvedunder and subject to applicable China regulatory requirements(“QFII Regulations”). Funds may either invest directly in Chinadomestic securities through a QFII of the Invesco Group(“Invesco’s QFII”) or indirectly via access products such asparticipation notes, equity-linked notes or similar financialinstruments, or through other collective investment schemesthat invest in China, where the underlying assets consist ofsecurities issued by companies quoted on regulated markets inChina, and/or the performance of which is linked to theperformance of securities issued by companies quoted onregulated markets in China. In each of those cases, suchinvestment shall be made through managers or issuers of suchschemes, notes or instruments who may possess QFII licenses

8. Risk WarningsContinued

and investment quotas. Actions of the relevant manager orissuer which violate QFII regulations could result in therevocation of, or other regulatory action against, the relevantQFII licence as a whole, and may impact on the Fund’s exposureto Chinese securities as the relevant scheme, note orinstrument may be required to dispose its holdings in Chinesesecurities. In addition, a Fund may also be impacted by therules and restrictions under the QFII Regulations (includingrules on investment restrictions, minimum investment holdingperiods, and repatriation of principal and profits), which mayconsequently have an adverse impact on the liquidity and/orinvestment performance of the Fund.

The QFII Regulations which regulate investments by QFIIs inChina are relatively new, and may be subject to furtherrevisions in the future. The application and interpretation of theQFII Regulations are relatively untested and there is limitedcertainty as to how they will be applied. There is no assurancewhether future revisions to the QFII Regulations or applicationof the QFII Regulations may or may not adversely affect aFund’s investments in China.

QFII Quota RisksWhile certain Funds may invest in China through Invesco’s QFII,the Funds do not have the exclusive use of the investmentquota of Invesco’s QFII. QFII Regulations including those relatingto investment restrictions, foreign ownership limits and therepatriation of principal and profits which shall apply to theInvesco’s QFII as a whole may affect investments of a Fund evenif any violations arise out of activities related to such part ofthe investment quota not utilised by or made on behalf of suchFund. Hence, the ability of a Fund to make investments and/orrepatriate monies from China may be adversely affected byother funds or clients investing through the Invesco’s QFII. Suchrisks are minimized as the assets of the Fund are segregatedcontractually and held on behalf of the relevant Fund accordingto the books and records of the Fund’s custodian and sub-custodians.

Further, there can be no assurance that the Invesco’s QFII willmake available to any Fund sufficient investment quota to meetproposed investments of the Fund. Should the Invesco’s QFIIlose its QFII status or its investment quota is revoked orreduced, a Fund may no longer be able to invest in China ormay be required to dispose of its investments in China heldthrough the Invesco’s QFII, which could have an adverse effecton the investment performance of the Fund or result insignificant loss.

QFII Custody RisksWhere a Fund invests in China A shares or other securities inChina through a QFII, such securities will be maintained by acustodian bank (“China QFII Custodian”) appointed by the QFIIin accordance with QFII Regulations and held through asecurities account with the China Securities Depository andClearing Corporation Limited. Where a Fund invests throughInvesco’s QFII, the China QFII Custodian has been appointed bythe Custodian or its sub-custodian to hold for and on behalf ofsuch Fund the assets of such Fund invested in China throughInvesco’s QFII. Notwithstanding that, such account may be inthe name of the QFII and not in the name of such Fund, andthe assets within such account may be held for and on behalfof clients of the QFII including but not limited to such Fund.Hence, the assets of such Fund held within such account issubject to a risk of being treated as part of the assets of theQFII and be vulnerable to claims by creditors of the QFII in theevent of the insolvency of the QFII. In addition, the assets of


the Fund may not be adequately segregated from the assets ofother Funds, funds or clients investing through the QFII.

QFII Tax ConsiderationsBy investing in China A shares and other permitted securities inChina including corporate and government bonds, securitiesinvestment funds and warrants listed on the China stockexchanges (together “China Securities”), a Fund may be subjectto withholding and other taxes imposed under China tax law orregulations. The current tax laws, regulations and practice inChina may change in the future with retrospective effect.Specifically, a Fund’s income from interests, dividends andprofit distributions sourced from China, received by QFII onbehalf of the relevant Fund, is generally subject to Chinesewithholding tax at a rate of 10%, in the absence of anapplicable tax treaty. In addition, given the uncertaintysurrounding a Fund's potential China tax liabilities, indetermining the net asset value of the relevant Fund, aprovision shall be made in the amount of 10% of capital gainsfor potential China capital gains tax. The net asset value ofthe relevant Fund on any Valuation Day may not accuratelyreflect the tax liabilities, and investors should be aware thatthere may at any point in time be under-accrual or over-accrual for China tax liabilities which impact on theperformance of the relevant Fund and the net asset valueduring the period of such under-accrual or over-accrual andthere may be subsequent adjustments to the net assetvalue. Consequently, investors may be advantaged ordisadvantaged depending upon the final outcome of how suchcapital gains will be taxed, the level of provision and whenthey subscribed and/or redeemed their Shares in/from therelevant Fund. In case of any shortfall between theprovisions and actual tax liabilities, which will be debitedfrom the relevant Fund’s assets, the relevant Fund’s assetvalue will be adversely affected. Moreover, there is noassurance that the existing tax laws and regulations will notbe revised or amended in the future. Any of these changesmay reduce the income from, and/or value of, theinvestments of the relevant Fund.

Investing in Financial Derivative Instruments andInvestment StrategiesThere are certain investment risks which apply in relation totechniques and instruments which the Investment Adviser mayemploy for efficient portfolio management purposes or ifdisclosed in relation to any Fund, as part of the principalinvestment policy including, but not limited to, those describedbelow. However, should the Investment Adviser’s expectationsin employing such techniques and instruments be incorrect orineffective, a Fund may suffer a substantial loss, having anadverse effect on the net asset value of the Shares.

Investments of a Fund may be composed of securities withvarying degrees of volatility and may comprise, from time totime, financial derivative instruments. Since financial derivativeinstruments may be geared instruments, their use may result ingreater fluctuations of the net asset value of the Fundconcerned.

A Fund may use financial derivative instruments for efficientportfolio management or to attempt to hedge or reduce theoverall risk of its investments or, if disclosed in relation to anyFund in Appendix A, financial derivative instruments may beused as part of the principal investment policies and strategies.Such strategies might be unsuccessful and incur losses for theFund, due to market conditions. A Fund’s ability to use thesestrategies may be limited by market conditions, regulatorylimits and tax considerations. Investments in financial derivative


instruments are subject to normal market fluctuations andother risks inherent in investment in securities. In addition, theuse of financial derivative instruments involves special risks,including:

1. dependence on the Investment Adviser’s ability toaccurately predict movements in the price of theunderlying security;

2. imperfect correlation between the movements in securitiesor currency on which a financial derivative instrumentscontract is based and movements in the securities orcurrencies in the relevant Fund;

3. the absence of a liquid market for any particularinstrument at any particular time which may inhibit theability of a Fund to liquidate a financial derivativeinstrument at an advantageous price;

4. the degree of leverage inherent in futures trading (i.e. theloan margin deposits normally required in future tradingmeans that futures trading may be highly leveraged).Accordingly, a relatively small price movement in a futurescontract may result in an immediate and substantial lossto a Fund; and

5. possible impediments to efficient portfolio management orthe ability to meet repurchase requests or other shortterm obligations because a percentage of a Fund’s assetsmay be segregated to cover its obligations.

Upon request by any Shareholder, information relating to therisk management methods employed for any Fund, includingthe quantitative limits that are applied and any recentdevelopments in risk and yield characteristics of the maincategories of investments, may be provided to suchShareholder.

Credit Default SwapsWhen these transactions are used in order to eliminate a creditrisk in respect of the issuer of a security, they imply that theSICAV bears a counterparty risk in respect of the protectionseller.

This risk is, however, mitigated by the fact that the SICAV willonly enter into credit default swap transactions with highlyrated financial institutions.

Credit default swaps (“CDS”) used for a purpose other thanhedging, such as for efficient portfolio management purposesor if disclosed in relation to any Fund, as part of the principalinvestment policy, may present a risk of liquidity if the positionmust be liquidated before its maturity for any reason. TheSICAV will mitigate this risk by limiting in an appropriatemanner the use of this type of transaction. Furthermore, thevaluation of CDS may give rise to difficulties which traditionallyoccur in connection with the valuation of OTC contracts.

Insofar as the Fund(s) use CDS, which are financial derivativeinstruments, for efficient portfolio management or hedgingpurposes, investors should note that such instruments aredesigned to transfer credit exposure of fixed income productsbetween the buyer and seller. The Fund(s) would typically buy aCDS to protect against the risk of default of an underlyinginvestment, known as the reference entity and would typicallysell a CDS for which it receives payment for effectivelyguaranteeing the creditworthiness of the reference entity to thebuyer. In the latter case, the Fund(s) would incur exposure tothe creditworthiness of the reference entity but without any


legal recourse to such reference entity. In addition, as with allOTC derivatives, CDS expose the buyer and seller tocounterparty risk and the Fund(s) may suffer losses in the eventof a default by the counterparty of its obligations under thetransaction and/or disputes as to whether a credit event hasoccurred, which could mean the Fund(s) cannot realize the fullvalue of the CDS.

Counterparty RiskThe SICAV will be exposed to credit risk on the counterpartieswith which it trades in relation to financial derivative instrumentcontracts that are not traded on a recognised exchange. Suchinstruments are not afforded the same protections as mayapply to participants trading financial derivative instruments onorganised exchanges, such as the performance of guarantee ofan exchange clearing house and therefore the Fund will bearthe risk of the counterparty’s insolvency, bankruptcy or defaultor a delay in settlement due to a credit or liquidity problemaffecting the counterparty. It may prove difficult to locatereplacement counterparties to implement the hedging orefficient portfolio strategy behind the original contract and aFund may suffer a loss due to adverse market movements whilereplacement contracts are executed. A downgrade in acounterparty’s credit rating may oblige a Fund to terminate therelevant contract in order to ensure compliance with itsinvestment policy and/or the applicable regulations

Repurchase/Reverse Repurchase or Securities LendingAgreementsIn relation to repurchase/reverse repurchase transactions,investors must notably be aware that (A) in the event of thefailure of the counterparty with which cash of a Fund has beenplaced there is the risk that collateral received may yield lessthan the cash placed out, whether because of inaccurate pricingof the collateral, adverse market movements, a deterioration inthe credit rating of issuers of the collateral, or the illiquidity ofthe market in which the collateral is traded; that (B) (i) lockingcash in transactions of excessive size or duration, (ii) delays inrecovering cash placed out, or (iii) difficulty in realisingcollateral may restrict the ability of the Fund to meetredemption requests, security purchases or, more generally,reinvestment; and that (C) repurchase/reverse repurchasetransactions will, as the case may be, further expose a Fund torisks similar to those associated with optional or forwardfinancial derivative instruments, which risks are furtherdescribed in other Sections of this prospectus.

In relation to securities lending transactions, investors mustnotably be aware that (A) if the borrower of securities lent by aFund fails to return these there is a risk that the collateralreceived may realise less than the value of the securities lentout, whether due to inaccurate pricing, adverse marketmovements, a deterioration in the credit rating of issuers of thecollateral, or the illiquidity of the market in which the collateralis traded; that (B) in case of reinvestment of cash collateralsuch reinvestment may (i) create leverage with correspondingrisks and risk of losses and volatility, (ii) introduce marketexposures inconsistent with the objectives of the Fund, or (iii)yield a sum less than the amount of collateral to be returned;and that (C) delays in the return of securities on loans mayrestrict the ability of a Fund to meet delivery obligations undersecurity sales.

In the event of insolvency, bankruptcy or default of thecounterparty under a repurchase/reverse repurchase agreementor securities lending agreement, the SICAV may experienceboth delays in liquidating the underlying securities and losses,including the possible decline in the value of securities, duringthe period while it seeks to enforce its rights thereto, possible


sub-normal levels of income and lack of access to incomeduring the period and expenses in enforcing its rights. In suchcircumstances, the collateral will be called upon. Whilst value ofthe collateral will be maintained to at least equate to the valueof the securities transferred, in the event of a sudden marketmovement there is a risk that the value of such collateral mayfall below the value of the securities transferred.

The SICAV shall seek to mitigate this risk by requiring anysecurities lending agent to indemnify the relevant Fund againstsuch fall in the value of collateral (save where such collateralhas been re-invested at the instructions of the SICAV).

Custody RiskThe assets owned by the SICAV are held in custody for accountof the SICAV by a custodian that is also regulated by the CSSF.

The Custodian may entrust the safekeeping of the SICAV’sassets to sub-custodians in the markets where the SICAVinvests. Luxembourg law provides that the Custodian’s liabilityshall not be affected by the fact that it has entrusted the assetsof the SICAV to third parties. The CSSF requires that theCustodian ensures that there is legal separation of non-cashassets held under custody and that records are maintained thatclearly identify the nature and amount of all assets undercustody, the ownership of each asset and where the documentsof title to that asset are located. Where the Custodian engagesa sub-custodian, the CSSF requires that the Custodian ensuresthat the sub-custodian maintains these standards and theliability of the Custodian will not be affected by the fact that ithas entrusted to a sub-custodian some or all of the assets ofthe SICAV. However, certain jurisdictions have different rulesregarding the ownership and custody of assets generally andthe recognition of the interests of a beneficial owner such as aFund. There is a risk that in the event the Custodian or sub-custodian becomes insolvent, the relevant Fund’s beneficialownership of assets may not be recognised in foreignjurisdictions and creditors of the Custodian or sub-custodianmay seek to have recourse to the Fund’s assets. In jurisdictionswhere the relevant Fund’s beneficial ownership is ultimatelyrecognised, the Fund may suffer a delay in recovering itsassets, pending the resolution of the relevant insolvency orbankruptcy proceedings.

In respect of cash assets, the general position is that any cashaccounts will be designated to the order of the Custodian forthe benefit of the relevant Fund. However, due to the fungiblenature of cash, it will be held on the balance sheet of the bankwith whom such cash accounts are held (whether a sub-custodian or a third party bank), and will not be protected fromthe bankruptcy of such bank. A Fund will therefore havecounterparty exposure risk to such bank. Subject to anyapplicable government guarantee or insurance arrangements inrespect of bank deposits or cash deposits, where a sub-custodian or third party bank holds cash assets andsubsequently becomes insolvent, the Fund would be required toprove the debt along with other unsecured creditors. The Fundwill monitor its exposure in respect of such cash assets on anongoing basis.

Settlement RiskA Fund will be exposed to a credit risk on parties with whom ittrades securities, and may also bear the risk of settlementdefault, in particular in relation to debt securities such asbonds, notes and similar debt obligations or instruments.Shareholders should also note that settlement mechanisms inemerging markets are generally less developed and reliablethan those in more developed countries and that this therefore


increases the risk of settlement default, which could result insubstantial losses for a Fund in respect to investments inemerging markets. A Fund will be exposed to the credit risk ofthe counterparties with which, or the brokers, dealers andexchanges through which, they deal, whether they engage inexchange traded or off-exchange transactions. A Fund may besubject to the risk of loss of its assets on deposit with a brokerin the event of the broker's bankruptcy, the bankruptcy of anyclearing broker through which the broker executes and clearstransactions on behalf of the Fund, or the bankruptcy of anexchange clearing house. In any case the Custodian will have toexercise its supervisory duties as determined by applicableregulation over the aforementioned parties.

Interest Rate RiskThe Funds that invest in bonds or other fixed income securitiesmay fall in value if the interest rates change. Generally, theprices of debt securities rise when interest rates fall, while theprices fall when interest rates rise. Longer term debt securitiesare usually more sensitive to interest rate changes.

Credit RiskThe Funds that invest in bonds and other fixed incomesecurities are subject to the risk that issuers do not makepayments on such securities. An issuer suffering from anadverse change in its financial condition could lower the qualityof a security leading to greater price volatility on that security.A lowering of the credit rating of a security may also offset thesecurity’s liquidity, making it more difficult to sell. Fundsinvesting in lower quality debt securities are more susceptible tothese problems and their value may be more volatile.

A Fund may bear the risk of loss on an investment due to thedeterioration of an issuer’s financial standing. Such adeterioration may result in a reduction of the credit rating ofthe issuer’s securities and may lead to the issuer’s inability tohonour its contractual obligations, including making timelypayment of interest and principal. Credit ratings are a measureof credit quality. Although a downgrade or upgrade of aninvestment’s credit ratings may or may not affect its price, adecline in credit quality may make the investment lessattractive, thereby driving its yield up and its price down.Declines in credit quality can result in bankruptcy for the issuerand permanent loss of investment. In the event of a bankruptcyor other default, the relevant Fund could experience both delaysin liquidating the underlying securities and losses including apossible decline in value of the underlying securities during theperiod when the relevant fund seeks to enforce its rightsthereto. This will have the effect of reducing levels of capitaland income in the Fund and lack of access to income duringthis period together with the expense of enforcing the Fund’srights.

Shareholders should note that securities which were investmentgrade at the time of acquisition may be downgraded and thatthere is no specific requirement to sell such securities if theyfall below investment grade unless otherwise stated in theinvestment policy of the relevant Fund. The risk of securities,which are investment grade at the time of acquisition, beingdowngraded will vary over time. The Management Company willassess each situation on its merits but does not expect that amajority of any such securities held by a relevant Fund wouldbe downgraded in this manner, except in extreme marketconditions. Under normal market conditions, the ManagementCompany does not expect such downgrading to occurfrequently as, in general, the Management Company willendeavour to avoid the purchase of securities that may follow adownward migration path.


Market suspension riskA Fund may invest in securities listed on a Regulated Market.Trading on a Regulated Market may be halted or suspended dueto market conditions, technical malfunctions which preventtrades from being processed or otherwise pursuant to theRegulated Market’s rules. If trading on a Regulated Market ishalted or suspended, the Fund will not be able to sell thesecurities traded on that Regulated Market until tradingresumes.

Further, trading of the securities of a specific issuer may besuspended by a Regulated Market due to circumstances relatingto the issuer. If trading of a particular security is halted orsuspended, the Fund will not be able to sell that security untiltrading resumes.

Market Liquidity RiskThe Fund may be adversely affected by a decrease in marketliquidity for the securities in which it invests which may impairthe Fund’s ability to execute transactions. In suchcircumstances, some of the Fund’s securities may becomeilliquid which would impact the Fund’s ability to acquire ordispose of such securities at their intrinsic value.

Early Termination RiskThe SICAV, a Fund and/or certain classes of Shares may beterminated under certain conditions and in the mannerspecified in Section 9.2.3. (Liquidation and Merger). It ispossible that at the time of such termination, certaininvestments may be worth less than their acquisition cost,resulting in Shareholders having to realise an investment lossand/or being unable to recover an amount equal to theiroriginal capital invested.

Fixed Distribution Share ClassesAs disclosed in Section 4.1. (Types of Shares) and Appendix A,certain Funds have classes of Shares that offer a fixeddistribution. Investors should note that while the yield will befixed, the distribution rate may vary from month to month. Theyield will be re-set on at least an annual basis based on thethen current market conditions.

For more information about the yield, please contact the GlobalDistributor and/or the Registrar & Transfer Agent.

As the generation of income has a higher priority than capitalgrowth in the context of the fixed distribution Share classes, aportion or all of the fees and expenses payable by andattributable to the fixed distribution Share classes, togetherwith miscellaneous expenses set in Section 9.3. (Fees andexpenses of the SICAV) under the heading “Other Expenses”,may be paid from the capital of such classes where necessaryin order to ensure there is sufficient income to meet the fixeddistribution payments. If there is a change to this policy, priorapproval will be sought from the SFC and affected Shareholderswill receive at least one month’s prior written notification.Investors should note that the charging of fees and expenses tocapital in this manner will result in capital erosion and thereforeconstrain future capital growth for such classes of Shares,together with the likelihood that the value of future returnswould be diminished. Investors should also note that thepayment of fees and expenses out of capital represents a returnor withdrawal of part of the amount they originally invested orfrom any capital gains attributable to the original investment.Such payment of fees and expenses may reduce the net assetvalue per Share of the relevant fixed distribution Share classimmediately after the monthly distribution date. In thesecircumstances, distributions made in respect of such classes of


Shares during the life of the relevant Fund should beunderstood by investors as a form of capital reimbursement.Details of the fees charged to capital in order to manage thelevel of income paid and/or available to Shareholders of thefixed distribution Share classes will be detailed in the Reports.In extreme market conditions the yield in respect of the fixeddistribution Share classes may be re-set at the discretion of theSICAV in order to ensure that distributions are not paid unlessthey are covered by income from underlying investments.

The relevant fees and expenses paid out of capital (if any) isavailable from the Hong Kong Sub-Distributor andRepresentative on request and on the Invesco internet site(www.invesco.com.hk). For non-HK shareholders, at request,such information can be obtained from the Global Distributor.

Investors in a Fund with multiple classes of Shares out of whichone at least is a fixed distribution Share class should note that,while the fixed distribution Share class(es) will participate in thesame pool of assets and be subject to the same fees as theother Share class(es), the amount of the fixed distribution willbe based on an estimate of the appropriate yield and may notbe the same as the distributions made in respect of the otherclass(es) of Shares. In the event that the fixed distributiondeclared is less than the actual income received in respect ofsuch Shares, the excess income will be accumulated into thenet asset value of such fixed distribution Share class. Incircumstances where the fixed distribution exceeds the actualincome received, the provisions outlined above in relation to thecharging of a portion of fees to capital and/or the resetting ofthe yield in respect of the fixed distribution Share class willapply.

For classes of Shares where the amount of the periodicdistribution is variable, fees and expenses are paid fromavailable income, thereby reducing the yield, while aiming topreserve capital.


9.1. The SICAVThe SICAV is incorporated as a société anonyme under the lawsof the Grand-Duchy of Luxembourg and qualifies as an open-ended société d’investissement à capital variable. The SICAV isregistered as a UCITS under the UCITS Directive. The SICAVwas incorporated in Luxembourg on 31st July, 1990. ItsArticles were published in the Mémorial of 19th October, 1990.The latest amendment dated 14th December 2011 have beenpublished in the Mémorial on 9th January 2012. Aconsolidated version of the Articles is on file with the Registrede Commerce et des Sociétés of Luxembourg where it may beinspected and where copies thereof may be obtained. The SICAVis registered with the Registre de Commerce et des Sociétés ofLuxembourg under Number B34457. The capital of the SICAVshall be equal to the net assets of the SICAV. The minimumcapital is the equivalent in United States Dollars of 1,250,000Euro. The SICAV is incorporated for an unlimited period.

For the most recent updates on the SICAV, you may consultInvesco Internet Site and the relevant Invesco Local Website foryour area.

9.2. Management and Administration of the SICAV9.2.1. The DirectorsThe Directors of the SICAV are responsible for the managementand administration of the SICAV and for its overall investmentpolicy.

The Directors of the SICAV are:

Leslie Schmidt (Chairperson)President and member of the board of Invesco National TrustCompany, Invesco, US

Carsten MajerChief Marketing Officer CE, Invesco, Germany

John RowlandHead of Investment Operations, Invesco, UK

Oliver CarrollHead of Finance, Invesco, Ireland

Cormac O’SullivanHead of Office, Invesco, Ireland

The Directors of the SICAV have appointed InvescoManagement S.A. as Management Company to be responsibleon a day to day basis under the supervision of the Directors,for providing administration, marketing, investmentmanagement and advice services in respect of all Funds.

The Directors shall be elected by the Shareholders at a generalmeeting of Shareholders; the latter shall further determine thenumber of Directors, their remuneration and the term of theiroffice. However, any Director may be removed with or withoutcause or be replaced at any time by resolution adopted by thegeneral meeting of Shareholders. In the event of a vacancy inthe office of Director, the remaining Directors may temporarilyfill such vacancy; the Shareholders shall take a final decisionregarding such nomination at their next general meeting ofShareholders.

Conflict of interest in relation to DirectorsBy virtue of the Articles no contract or other transactionbetween the SICAV and any other company or firm shall beaffected or invalidated by the fact that any one or more of theDirectors or officers of the SICAV is interested in, or is a


director, associate, officer or employee of, such other companyor firm. Any Director or officer of the SICAV who serves as adirector, officer or employee of any company or firm with whichthe SICAV shall contract or otherwise engage in business shallnot, by reason of such affiliation with such other company orfirm, be prevented from considering and voting or acting uponany matters with respect to such contract or other business.

In the event any Director or officer of the SICAV may have aninterest opposite to the interests of the SICAV in anytransaction, such Director or officer shall make known to theDirectors such opposite interest and shall not take part in thedeliberations or vote on any such transaction, and suchtransaction and such Director’s or officer’s interest therein shallbe reported at the next succeeding meeting of Shareholders.These rules do not apply when the Directors vote ontransactions in which any Director may have any personalinterest, if they are concluded in the ordinary course ofbusiness at arm’s length.

The Articles provide that the term ‘opposite interest’ as used inthe preceding paragraph, shall not include any relationship withor without interest in any matter, position or transactioninvolving Invesco Group or such other person, company orentity as may from time to time be determined by the Directorsin their discretion unless such “opposite interest” is consideredto be a conflicting interest by applicable laws and regulations.

9.2.2. The Management CompanyThe Management Company, Invesco Management SA, wasincorporated as a “société anonyme” under the laws of theGrand Duchy of Luxembourg on 19th September 1991 and itsarticles of incorporation are deposited with the LuxembourgRegistre de Commerce et des Sociétés. The ManagementCompany is approved as a management company regulated bychapter 15 of the 2010 Law and is subject to anyimplementing regulations, circulars or positions issued by theCSSF. At the date of this Prospectus, its capital amounts toUSD 3,840,000 and the Directors are also composing theboard of directors of the Management Company.

The Management Company has delegated the administrationfunctions to the Administration Agent and registrar and transferfunctions to the Registrar & Transfer Agent. The ManagementCompany has delegated the marketing and distributionfunctions to the Global Distributor and the investmentmanagement services to the Investment Advisers as listed inSection 3 (Directory)

The Management Company is part of the Invesco Group. Themother company of the Invesco Group is Invesco Ltd,incorporated in Bermuda, with headquarters in Atlanta, USAand with subsidiaries or sister companies located throughoutthe world. Invesco Ltd. is listed on the New York StockExchange under the symbol “IVZ”.

The Management Company shall ensure compliance of theSICAV with the investment restrictions and oversee theimplementation of the SICAV’s strategies and investment policy.The Management Company shall send reports to the Directorson a quarterly basis and inform each Director without delay ofany non-compliance of the SICAV with the investmentrestrictions.

The Management Company will receive periodic reports fromthe Investment Advisers detailing the Funds’ performance andanalysing their investments. The Management Company willreceive similar reports from the other service providers inrelation to the services which they provide.

9. The SICAV, its Management and Administration

Conflicts of interests in relation to companies within theInvesco GroupThe Investment Advisers and other companies within theInvesco Group may from time to time act as investmentmanagers or advisers to other funds/clients and may act inother capacities in respect of such funds or other clients. It istherefore possible that such members of the Invesco Groupmay, in the course of their business, have potential conflicts ofinterest with the SICAV. The Management Company, theInvestment Adviser and such other members of the InvescoGroup will, however, have regard in such event to theirobligations under the Articles, and the Material Contracts, andin particular, to their obligations to act in the best interests ofthe SICAV so far as is practicable, having regard to theirobligations to other clients when undertaking any investmentswhere potential conflicts of interest may arise. In particular,where a limited number of securities are available for purchasein a situation where conflicts of interest arise, they will beallocated pro rata among the clients of the Investment Adviser.When the SICAV makes an investment in any other open-endedinvestment company or unit trust managed by a member of theInvesco Group no initial charge will be payable by the SICAVand the Management Company will charge only the annualmanagement fee mentioned in the Prospectus and nosubscription or redemption fee may be charged to the relevantFund for its investment in the units/shares of such InvestmentFunds. The Directors of the SICAV will in the event any conflictof interest actually arises endeavour to ensure that suchconflict is resolved fairly and in the best interests of the SICAV.

9.2.3. Liquidation and MergerLiquidation of the SICAVThe life of the SICAV is indefinite and normally its dissolution isto be decided upon at an extraordinary general meeting ofShareholders. Such a meeting must be called within 40 daysfrom the ascertainment that the capital (being the total netassets of the SICAV as defined by the Articles) of the SICAVbecomes less than two-thirds of the minimum provided by lawas set forth in Section 9.1. (The SICAV).

Should the SICAV be voluntarily liquidated, its liquidation will becarried out in accordance with the provisions of the 2010 Lawwhich specifies the steps to be taken to enable Shareholders toparticipate in the liquidation distribution(s) and in thatconnection provides for deposit in escrow at the Caisse desConsignations of any such amounts as have not been claimedby any Shareholders at the close of liquidation. Amounts notclaimed from escrow within the prescription period would beliable to be forfeited in accordance with the provisions ofLuxembourg law.

Liquidation of a FundIn the event that for any reason the value of the assets in anyFund or the value of the net assets of any class of Shareswithin a Fund has decreased to, or has not reached, an amountdetermined by the Directors to be the minimum level for suchFund, or such class of Shares to be operated in an economicallyefficient manner (such amount currently being (fifty millionUnited States Dollars (USD 50,000,000) or its equivalent) or incase of a substantial modification in the political, economic ormonetary situation or as a matter of economic rationalization,the Directors may decide to compulsorily redeem all the Sharesof the relevant class or classes issued in such Fund at the netasset value per Share (taking into account actual realisationprices of investments and realisation expenses), calculated atthe Valuation Point at which such decision shall take effect. TheSICAV shall serve one month’s (or such other period inaccordance with relevant requirement) notice to the holders of


the relevant class or classes of Shares in writing prior to theeffective date for the compulsory redemption, which willindicate the reasons for, and the procedure of, the redemptionoperations.

In addition, the general meeting of Shareholders of any class ofShares issued in a Fund may, upon proposal from the Directors,redeem all the Shares of the relevant class issued in such Fundand refund to the Shareholders the net asset value of theirShares (taking into account actual realisation prices ofinvestments and realisation expenses) calculated at theValuation Point at which such decision shall take effect. Thereshall be no quorum requirements for such general meeting ofShareholders which shall decide by resolution taken by simplemajority of the votes cast. Assets which may not be distributedto their beneficiaries upon the implementation of theredemption will be deposited with the Caisse de Consignationon behalf of the persons entitled thereto.

All redeemed Shares shall be cancelled.

Merger of a Fund or of a class of SharesAt any time, the Directors may decide to proceed with a Mergerof any Fund or class of Shares with another existing Fund orclass of Shares within the SICAV or to another undertaking forcollective investment or to another sub-fund or class of shareswithin such other undertaking for collective investmentorganised under the provisions of Part I of the 2010 Law orunder the legislation of a Member State implementing theUCITS Directive.

In case of a Merger of a Fund, the SICAV must provide therelevant Shareholders with a written notice of such Merger toall Shareholders more than one month prior to the effectivedate of the Merger in order to afford the Shareholdersconcerned the right to request redemption or conversion oftheir Shares free of charge as provided for in the 2010 Law.

In addition, a Merger of Funds or classes of Shares may bedecided upon by a general meeting of the Shareholders of classor classes of Shares issued in the Fund concerned or class orclasses of Shares concerned for which there shall be no quorumrequirements and which will decide upon such Merger byresolution taken by simple majority of the votes cast.

9.2.4. Service ProvidersThe Investment AdvisersEach of the Investment Advisers has discretionary investmentmanagement powers in respect of the Fund or Funds for whichthey provide investment management services.

CustodianThe Fund has appointed the Bank of New York Mellon(International) Limited, Luxembourg Branch, (“BNYMI”) as theCustodian of the assets of the SICAV which will be held eitherdirectly by BNYMI or through correspondents, nominees,agents or delegates of BNYMI.

The Custodian shall ensure that the subscriptions andredemptions of Shares are carried out in accordance with theprovisions of the law relating to collective investmentundertakings and the Articles; ensure that in transactionsinvolving the SICAV’s assets any consideration is remitted to theCustodian within the usual time limits, and ensure that theSICAV’s income is applied in accordance with the provisions ofthe law relating to collective investment undertakings and theArticles.

9. The SICAV, its Management and AdministrationContinued

In this context, BNYMI has delegated the processing ofshareholder payments and the safe-keeping of assets owned bythe SICAV to its affiliate, The Bank of New York Mellon(Luxembourg) S.A., a Luxembourg credit institution which issubject to the prudential supervision of the CSSF. BNYMI'sliability shall not be affected by this delegation and BNYMI shallremain liable for the acts and omissions of The Bank of NewYork Mellon (Luxembourg) S.A. in relation to assets formingpart of the property of the SICAV.

Registrar & Transfer Agent, Administration Agent andPaying AgentThe Management Company has appointed BNYMI as theAdministration Agent. As such, BNYMI is responsible for thecomputation of the net asset values per Share in each Fund,the maintenance of records and other general administrativefunctions.

The Management Company has appointed BNYMI as Registrar& Transfer Agent of the SICAV. As Registrar, BNYMI is mainlyresponsible, under the control and supervision of the Custodian,for the issue, redemption and cancellation of Shares.

BNYMI also acts as the Paying Agent.

Domiciliary and Corporate Agent and Listing AgentThe SICAV has appointed BNYMI to act as Listing Agent of theSICAV in relation to any future listing of the Shares on theLuxembourg Stock Exchange.

The SICAV has appointed BNYMI to act as Domiciliary andCorporate Agent of the SICAV in relation to the provision of theregistered office, corporate secretarial services and payingagent services.

Global Distributor and Sub-DistributorsThe Management Company has appointed Invesco Global AssetManagement Limited as Global Distributor of the SICAV. Assuch, the Global Distributor having full authority to do so, hasin turn appointed Sub-Distributors. All applications for the issue,switch or redemption of Shares received by the Sub-Distributorsin their respective regions will be sent to the Global Distributorwho will forward details to the Registrar & Transfer Agent.

9.2.5. Related party transactionsThe Management Company, the Custodian or their associatesmay have dealings in the assets of the SICAV provided that anysuch transactions are effected on normal commercial termsnegotiated at arm’s length and provided that each suchtransaction complies with any of the following:

(i) a certified valuation of such transaction is provided by aperson approved by the Directors as independent andcompetent;

(ii) the transaction has been executed on best terms, on andunder the rules of an organised investment exchange; or

where neither i) or ii) is practical;

(iii) where the Directors are satisfied that the transaction hasbeen executed on normal commercial terms negotiated atarm’s length.

9.2.6. Soft commissionsThe Management Company and any of its Connected Personsmay effect transactions by or through the agency of anotherperson with whom the Management Company and any of its


Connected Persons have an arrangement under which thatparty will, from time to time, provide to, or procure for theManagement Company and any of its Connected Persons,group services or other benefits such as research and advisoryservices, computer hardware associated with specialisedsoftware or researched services and performance methods,portfolio valuation and analysis, market price services etc. Theprovision of such services can reasonably be expected tobenefit the SICAV as a whole and may contribute animprovement to the SICAV’s performance and that of theManagement Company or any of its Connected Persons inproviding services to the SICAV and for which no directpayment is made but instead the Management Company andany of its Connected Persons undertake to place business withthat party. It is the policy of the Invesco Group to obtain bestexecution on all transactions for all customers. For theavoidance of doubt, such goods and services do not includetravel, accommodation, entertainment, general administrativegoods or services, general office equipment or premises,membership fees, employees’ salaries or direct moneypayments.

The Management Company and any Connected Person shall notretain the benefit of any cash commission, rebate being cashcommission repayment made by a broker or dealer to theManagement Company and/or any Connected Person paid orpayable for any such broker or dealer in respect of any businessplaced with such broker or dealer by the Management Companyor any Connected Persons for the account of and on behalf ofthe SICAV. Any such cash commission rebate received from anysuch broker or dealer shall be held by the ManagementCompany and any Connected Persons for the account of theSICAV.

The Management Company may also at its discretion and onbehalf of the Funds transact foreign exchange business withparties which are related to the Management Company or theCustodian but will endeavour to adhere to its policy of bestexecution in relation to all such transactions. Soft commissionsand related party transactions shall be disclosed in the Reports.

9.3. Fees and expenses of the SICAVThe Management Fees, Service Agents Fees, Distribution Fees,Custodian Charges and Service Agents Fees are expressed as apercentage per annum of the average net asset value of therelevant class of Shares and are paid monthly out of the assetsof the Fund.

Please refer to Appendix A for further details on specific feestructures related to a specific type of Share for each of theFunds.

Management FeeThe Management Company will be paid by the SICAV amanagement fee calculated daily and paid monthly at a rate foreach class of Share in each Fund. I Shares will not bearManagement Fees.

For so long as a Fund is authorised in Hong Kong, in the eventof any increase of the management fee from the level set out inAppendix A up to the maximum level permitted by the Articles,at least three months prior notice will be given to Shareholders.

The Management Company is responsible for the fees of theInvestment Advisers and the Global Distributor, and may pay apart of the management fee to recognised intermediaries, orsuch other persons as the Management Company maydetermine, at its absolute discretion.


Please refer to Section 9.2.2. (Management Company) underthe heading “Conflicts of interests in relation to companieswithin the Invesco Group” for further details on the calculationof the management fee in the event the SICAV makes aninvestment in any other open-ended investment company orunit trust managed by a member of the Invesco Group andplease refer to Section 7.1. (General Restrictions), sub-sectionVII, for further details on the calculation of the managementfee in the event a Fund subscribes, acquires and/or holdsShares to be issued or issued by one or more Funds.

Service Agents’ FeesThe Management Company will be paid by the SICAV anadditional fee for each Fund as set out in Appendix A. Out ofthis, the Management Company shall pay the fees of theAdministration Agent, Domiciliary and Corporate Agent and theRegistrar & Transfer Agent as well as fees of Service Providersand fees incurred in places where the SICAV is registered. Eachof these fees shall be calculated on each Business Day on thenet asset value of each Fund at a rate which shall be agreedfrom time to time with the Management Company and paidmonthly.

Service Agents’ Fees will not exceed 0.40% of the net assets ofeach Fund (please see Appendix A for further details). Theamounts actually charged shall be disclosed in the Reports.

Distribution FeesAs further set out in Section 4.1. (Types of Shares), certainclasses of Shares are subject to an annual distribution fee. Suchdistribution fee will be paid to the relevant sub-distributors inconsideration for providing specific distribution-related services,including but not limited to advising potential applicants withrespect to the choice of class of Share they intend to subscribe.

Distribution fees are only applicable to “B” Shares and “R”Shares.

Custodian ChargeThe Custodian will be paid by the SICAV a fee calculated on amonthly basis at a rate of up to a maximum of 0.0075% perannum of the net asset value of each Fund on the last BusinessDay of each calendar month (or at such higher rate as theCustodian and the SICAV may at any time agree and except forI Shares as further disclosed in Section 4.1. (Types of Shares)),plus VAT (if any) and will be paid monthly. In addition, theCustodian will charge each Fund safekeeping and servicing feesat varying rates, depending on the country in which the assetsof a Fund are held and currently ranging from 0.001% to 0.45%of the net asset value of the assets invested in such country,plus VAT (if any), together with charges at normal commercialrates in respect of investment transactions, as agreed with theSICAV from time to time. Sub-custodian fees are paid out ofthese safekeeping and servicing fees. The amounts actuallycharged shall be disclosed in the Reports.

Other ExpensesOther fees which will be borne by the SICAV include stampduties, taxes, commissions and other dealing costs, foreignexchange costs, bank charges, registration fees in relation toinvestments, insurance and security costs, fees and expenses ofthe Auditors, the remuneration and expenses of its directorsand officers, all expenses incurred in the collection of incomeand in the acquisition, holding and disposal of investments. TheSICAV will also be responsible for the costs of preparing,translating, printing and distributing all rating agenciesstatements, notices, accounts, Prospectuses, KIIDs (to theextent available), Reports and relevant documents as required


by relevant local laws, as well as certain other expensesincurred in the administration of the Fund such as but notlimited to legal costs and rating agency fees.

Formation Expenses of the Funds and/or Share classesUnless borne by the Management Company or otherwise setout in Appendix A of this Prospectus, the formation expensesrelating to the setting up of any Fund and/or class of Sharesand the authorisation/approval of the relevant Fund or class ofShares in various jurisdictions will be borne by the relevantFund and/or class of Shares and will be amortised over the firstfive years of the relevant Fund and/or class of Shares (subjectto a maximum amortisation of any accounting year of 0.05% ofthe average net asset value). Any unamortised expenses at theend of the relevant five years will be borne by the ManagementCompany. The formation expenses relating to the setting up ofany Fund are reasonably estimated to be approximately EUR50,000 (or its equivalent).

Allocation of Costs and ExpensesEach Fund is charged costs or expenses specifically attributableto it. Costs and expenses not attributable to any particular Fundare allocated among all the Funds pro rata to their respectivenet asset values.


Subject to the information provided in each relevant CountrySupplement that may be issued as required by law, investorscan obtain legal documentation as stated in this Section 10.

10.1 Information about Invesco Group and WebsitesRelevant information about the Invesco Group and the Fundscan be obtained from Invesco Internet Site and Invesco LocalWebsites details of which are set out in Section 2 (Definitions),or if not provided therein, can be obtained from relevantInvesco Sub-Distributor.

10.2 Where to obtain legal documentation10.2.1. ArticlesThe Articles shall be deemed to form part of the Prospectus.

Copies of the Articles will be sent free of charge upon requestby the SICAV, the Global Distributor or the Invesco Sub-Distributors or are available at the registered offices of suchentities.

10.2.2. ProspectusCopies of this Prospectus will be sent free of charge uponrequest by the SICAV, the Global Distributor or the Sub-Distributors. The SICAV will make this Prospectus available onInvesco Internet Site www.invesco.com and, as required by locallaws, in Invesco Local Websites.

10.2.3. Key Investor Information DocumentA KIID summarizes the information applicable to one or severalclass(es) of Shares. Copies of any KIID shall be sent free ofcharge upon request by the SICAV, the Global Distributor, orthe Sub-Distributors. The SICAV will make any KIID available onInvesco Internet Site www.invesco.com and, as required by locallaws, in Invesco Local Websites, as well as on any other durablemedium as agreed with Shareholders/applicants.

10.2.4. ReportsThe audited annual report of the SICAV made up to the last dayof February each year, will be prepared in USD and will bemade available to Shareholders, within four months of thefinancial year end.

The SICAV will also prepare half-yearly reports dated31 August, which will be made available to Shareholders withintwo months of the period end.

The base currency of the SICAV is United States Dollars (orhereinafter also as USD) and the consolidated financialstatements contained in the Prospectus will be expressed inUnited States Dollars.

Copies of the latest annual report and any subsequent half-yearly report will be sent free of charge only upon request.They are available, as required by law in the registered office ofthe SICAV and in the offices of the Global Distributor or theSub-Distributors.

The SICAV intends to make the latest annual report and anysubsequent semi-annual report available on Invesco InternetSite www.invesco.com and, as required by local laws, in InvescoLocal Websites.

10.2.5. Country SupplementsAny relevant Country Supplement will be provided separately orbe distributed as part of the Prospectus, as required by locallaws.


Copies of the Country Supplements can be obtained from therelevant Invesco local offices, the relevant Invesco Sub-Distributors or Local Sub-Distributors. They may also beobtained from Invesco Local Websites, as required by local laws.

10.3. Other documents available for inspectionCopies of the following documents are available for inspectionupon request and free of charge during usual business hours onany bank business day at the registered office of the SICAV or,as required by local laws, at the offices of any of the InvescoSub-Distributors:

(a) the Articles;

(b) the articles of incorporation of the Management Company;

(c) the Management Company Services Agreement betweenthe SICAV and the Management Company;

(d) the Custodian Agreement between the SICAV and theCustodian;

(e) the Registrar and Transfer Agency and Domiciliary,Administration and Corporate Agency Agreement betweenthe Management Company, the SICAV and BNYMI;

(f) the Investment Advisory Agreements between theManagement Company and the appointed InvestmentAdvisers;

(g) the Global Distribution Agreement entered into betweenthe Management Company and the Global Distributor; and

(h) the Reports.

Moreover, in accordance with Luxembourg laws andregulations, additional information such as, but not limited to,Shareholder complaints handling procedures, conflicts ofinterest rules, or voting rights policy of Invesco ManagementS.A. as Management Company of the SICAV shall be availableto Shareholders at the registered office of Invesco ManagementS.A. as Management Company of the SICAV.

Further information relating to the Funds may be available onspecific enquiry to the Management Company.

10.4. Notices to ShareholdersAny notice required to be served upon a Shareholder is deemedto have been duly given if sent by post or left at theShareholder’s address as appearing in the Shareholder register.Service or delivery of a notice or document to any one ofseveral joint Shareholders is deemed effective on the other jointShareholders. Notices and documents (including cheques andwarrants) sent by post by the Administrative Agent, the SICAVor the Global Distributor are sent at the risk of the personsentitled to them.

10.5 Meetings of Shareholders and NoticesThe annual general meeting of Shareholders of the SICAV willbe held at the registered office of the SICAV in Luxembourg at11.30 am on the third Wednesday of July of each year or, ifsuch day is not a Business Day, on the next following BusinessDay.

Furthermore the Directors may call meetings of a Fund and/or aclass of Shares which may pass resolutions concerning matterslimited to the affairs of the relevant Fund and/or class ofShares.

10. Reports and Information

Each Share of whatever class and regardless of the net assetvalue per Share within its class is entitled to one vote subject tothe restrictions contained in the Articles. A Shareholder mayact at any meeting of Shareholders by appointing anotherperson as his proxy in writing by mail or facsimile or if allowedin the convening notice to the meeting of Shareholders byelectronic mail or by any other means of communication. Suchproxy shall be deemed valid, provided that it is not revoked, forany reconvened Shareholders’ meeting. Voting in respect offractions of Shares is not permitted.

Except as otherwise required by law or as otherwise providedherein, resolutions at a meeting of Shareholders duly convenedwill be passed by a simple majority of votes cast. Votes castshall not include votes in relation to the Shares represented atthe meeting but in respect of which the Shareholders have nottaken part in the vote or have abstained or have returned ablank or invalid vote.

The Directors may determine all other conditions that must befulfilled by Shareholders for them to take part in any meeting ofShareholders.

Notices of all general meetings are sent by mail to all registeredShareholders at their registered address at least eight daysprior to the meeting. Such notice will indicate the time andplace of the meeting, the conditions of admission thereto, willcontain the agenda and refer to the requirements ofLuxembourg law with regard to the necessary quorum andmajorities at the meeting. To the extent required by law, furthernotices will be published in the Mémorial and in Luxembourgnewspaper(s) and in any such other newspaper as the Directorsmay decide.

Under the conditions set forth in Luxembourg laws andregulations, the notice of any general meeting of Shareholdersmay provide that the quorum and the majority for a generalmeeting shall be determined according to the Shares issued andoutstanding at a certain date and time preceding the generalmeeting (the “Record Date”), whereas the right of aShareholder to attend a general meeting of Shareholders and toexercise the voting rights attaching to their Shares shall bedetermined by reference to the Shares held by this Shareholderas at the Record Date.

Proceedings of any extraordinary general meeting called uponto resolve on amendments to the Articles shall not be validunless it complies with the quorum and majority requirementsprovided by the Luxembourg law of 10 August 1915 oncommercial companies, as amended.


11.1. GeneralThe information given under this heading is based on theenacted laws and current practice of Luxembourg, whichmay be subject to change in content and interpretation. It isnot comprehensive and does not constitute legal or taxadvice. Prospective investors should consult their ownprofessional advisers as to the implications of theirsubscribing for, purchasing, holding, switching or disposingof Shares under the laws of the jurisdictions in which theymay be subject to tax. Any amendment of the Articles issubject to a fixed registration duty.

11.2. Taxation in Luxembourg11.2.1. The SICAVUnder current law and practice the SICAV is not liable to anyLuxembourg income tax. The SICAV is, however, liable inLuxembourg to a tax at a rate of 0.05% per annum of its netassets, except for the Reserve Funds and “I” Share classeswhere the tax rate is 0.01% per annum, such tax being payablequarterly on the basis of the net asset value of the Funds at theend of the relevant quarter. No stamp or other tax will bepayable in Luxembourg on the issue of the Shares of the SICAVexcept a once and for all tax of 1,239.47 Euro which was paidupon incorporation.

Under current law and practice no Luxembourg capital gains taxis payable on the realised capital appreciation of the assets ofthe SICAV.

Income received by the SICAV from its investments may besubject to withholding taxes at varying rates. Such withholdingtaxes are usually not recoverable.

Dividends (if any) and interest that the Funds receive withrespect to its investments may be subject to taxes, includingwithholding taxes, in the countries in which the issuers ofinvestments are located. The Funds may not be able to benefitfrom reduced rates of withholding tax in double taxationagreements between Luxembourg and such countries. TheFunds may not therefore be able to reclaim withholding taxsuffered by it in particular countries. If this position changes inthe future and the application of a lower rate results in arepayment of the Funds the net asset value will not be restatedand the benefit will be allocated to the existing Shareholdersrateably at the time of repayment.

11.2.2. ShareholdersCouncil Directive 2003/48/EC on the taxation of savingsincome in the form of interest payments (the “Directive”)provides that member states of the EU will be required toprovide the tax authorities of another member state of the EUwith information on payments of interest or other similarincome paid by a paying agent (as defined by the Directive)within its jurisdiction to an individual resident in that othermember state of the EU. Austria, and Luxembourg have optedinstead for a tax withholding system for a transitional period inrelation to such payments. Switzerland, Monaco, Liechtenstein,Andorra and San Marino have also introduced measuresequivalent to information reporting or, during the abovetransitional period, withholding tax. The Channel Islands, theIsle of Man and the dependent or associated territories in theCaribbean have introduced information reporting or, during theabove transitional period, withholding tax.

The Directive has been implemented in Luxembourg by a lawdated 21st June, 2005 (the “Law”).

10. Reports and InformationContinued

11. Taxation

Dividends distributed by a Fund will be subject to the Directiveand the Law if more than 15% of such Fund’s assets areinvested in debt claims (as defined in the Law) and proceedsrealised by Shareholders on the redemption or sale of Shares ina Fund will be subject to the Directive and the Law if more than25% of such Fund’s assets are invested in debt claims (suchFunds, hereafter “Affected Funds”).

The applicable withholding tax is at a rate of 35% since1st July, 2011.

Consequently, if in relation to an Affected Fund a Luxembourgpaying agent makes a payment of dividends or redemptionproceeds directly to a Shareholder who is an individual residentor deemed resident for tax purposes in another member stateof the EU or certain of the above mentioned dependent orassociated territories, such payment will, subject to the nextparagraph below, be subject to withholding tax at the rateindicated above.

No withholding tax will be withheld by the Luxembourg payingagent if the relevant individual either (i) has expresslyauthorised the paying agent to report information to the taxauthorities in accordance with the provisions of the Law or (ii)has provided the paying agent with a certificate drawn up in theformat required by the Law by the competent authorities of hisState of residence for tax purposes. Any global payment ofdividends or redemption proceeds made by the SICAV to theGlobal Distributor which in turn makes payments directly toindividual shareholders in any of the countries referred to abovewill be subject to the Irish legislation implementing theDirective.

The SICAV reserves the right to reject any application forShares if the information provided by any prospective investordoes not meet the standards required by the Law as a result ofthe Directive.

Provided the relevant Fund does not fall within the scope of theLaw, under current legislation, non-resident Shareholders arenot subject to any income, withholding, estate, inheritance orother taxes in Luxembourg.

Taxation of investments of Invesco India Equity Fund in Indiathrough Invesco India (Mauritius) Limited (the "Subsidiary")On the basis that it is a Mauritian tax resident, the Subsidiarywill benefit from the tax advantages available to it under theIndia-Mauritius double taxation treaty, which became effectiveon 1 July 1983. The Subsidiary will file, through its custodian,a declaration of Mauritian residency with the registrar of eachIndian company in which it invests. Capital gains resulting fromthe purchase and sale by the Subsidiary of stocks on the Indianstock exchanges will be exempt from tax on the basis that theSubsidiary is able to benefit from the provisions of the India-Mauritius double taxation treaty.

Interest on certain notified securities and bonds and ondeposits in foreign currency with scheduled banks is exemptfrom income tax. The sale and purchase of stocks andsecurities through a stock exchange in India is subject to IndianSecurities Transaction Tax.

The above-stated tax treatment under the India-Mauritius taxtreaty will be available provided that the Subsidiary does nothave a permanent establishment or its effective managementand control in India. No guarantee or warranty can be given orshould be assumed that the tax benefits of the treaty willcontinue to be available in future periods due to, among


others, changes in the regulatory environment in Mauritius,India or the European Union.

The Indian Central Board of Direct Taxes has confirmed theavailability of the treaty benefits to companies holding acertificate of Mauritian tax residence. The Supreme Court ofIndia confirmed on 7 October 2003 the validity of this position.A certificate of Mauritian tax residence has been granted to theSubsidiary by the Commissioner of Income Tax in Mauritius. Onthe basis that it is Mauritian tax resident, the Subsidiary willqualify for certain reliefs from Indian tax as set out above.

The Subsidiary holds a Category 1 Global Business Licenceissued by the Mauritius Offshore Business Activities Authority.As a result it is subject to a reduced rate of Mauritian incometax on its income. In addition, no Mauritian capital gains tax willbe payable in respect of the Subsidiary's investments in Indiaand any dividends and redemption proceeds paid by theSubsidiary to the Invesco India Equity Fund will be exempt fromMauritian withholding tax.

11. TaxationContinued

40 Invesco Funds, SICAVProspectus – Appendix A

Invesco Funds, SICAVProspectus – Appendix A

27 June 2012

Investment objectives and policies – Fund’s specifics

Equity Funds:Global: Invesco Global Structured Equity Fund

Invesco Emerging Market Quantitative Equity FundInvesco Global Smaller Companies Equity FundInvesco Global Equity Income Fund

Americas: Invesco Latin American Equity FundInvesco US Structured Equity Fund Invesco US Value Equity FundInvesco US Equity Fund

Europe: Invesco Pan European Structured Equity FundInvesco Pan European Equity FundInvesco Pan European Small Cap Equity Fund Invesco European Growth Equity FundInvesco Pan European Equity Income FundInvesco Emerging Europe Equity FundInvesco Pan European Focus Equity Fund

Japan: Invesco Nippon Small/Mid Cap Equity FundInvesco Japanese Equity Advantage FundInvesco Japanese Value Equity Fund

Asia: Invesco Asia Opportunities Equity FundInvesco Greater China Equity Fund Invesco Asia Infrastructure Fund Invesco India Equity FundInvesco Asia Consumer Demand FundInvesco China Focus Equity FundInvesco Asian Focus Equity Fund

Theme Funds: Invesco Global Leisure Fund Invesco Energy FundInvesco Asia Pacific Real Estate Securities Fund (in liquidation and closed to further subscriptions)Invesco Global Income Real Estate Securities FundInvesco Gold & Precious Metals Fund

Reserve Funds: Invesco USD Reserve Fund Invesco Euro Reserve Fund

Bond Funds: Invesco Global Bond FundInvesco European Bond FundInvesco Absolute Return Bond FundInvesco Euro Inflation-Linked Bond FundInvesco Euro Corporate Bond FundInvesco UK Investment Grade Bond FundInvesco Emerging Local Currencies Debt FundInvesco Global Investment Grade Corporate Bond FundInvesco Global Unconstrained Bond FundInvesco Global Total Return (EUR) Bond FundInvesco Emerging Market Corporate Bond FundInvesco Euro Short Term Bond FundInvesco Asian Bond FundInvesco US High Yield Bond FundInvesco Renminbi Fixed Income Fund

Mixed Funds: Invesco Capital Shield 90 (EUR) FundInvesco Asia Balanced Fund Invesco Pan European High Income Fund Invesco Global Absolute Return FundInvesco Balanced-Risk Allocation Fund

This document is an Appendix of the Invesco Funds Prospectus and should be readin conjunction with such Prospectus. If you do not have a copy of the Invesco FundsProspectus, please contact your local Invesco office and we will send you aProspectus immediately.


Distributions: • Annual distributions: Unless otherwise provided herein

for a Fund, annual distributions are made on the lastBusiness Day of February. Payments will be made on the21st of the month following the distribution date and ifsuch day is not a Business Day, payments will be made onthe next Business Day.

• Semi-annual distributions: Unless otherwise providedherein for a Fund, semi-annual distributions are made onthe last Business Days of February and August. Paymentswill be made on the 21st of the month following thedistribution date and if such day is not a Business Day,payments will be made on the next Business Day.

• Quarterly distributions: Unless otherwise provided hereinfor a Fund, quarterly distributions are made on the lastBusiness Days of February, May, August and November.Payments will be made on the 21st of the month followingthe distribution date and if such day is not a Business Day,payments will be made on the next Business Day.

• Monthly distributions: Unless otherwise provided hereinfor a Fund, monthly distributions are made on the lastBusiness Days of each month. Payments will be made onthe 21st of the month following the distribution date andif such day is not a Business Day, payments will be madeon the next Business Day.

Investment objectives and policies:• Unless otherwise provided herein for a Fund, the term

“primarily” used in the investment objectives and policiesof a Fund should be understood as referring to at least70% of the total assets of the relevant Fund (withouttaking into account ancillary liquid assets).

Profile of the Typical Investor:• The information contained in the “Profile of the Typical

Investor” section for each Fund in Appendix A is providedfor reference only. Before making any investmentdecisions, investors should consider their own specificcircumstances, including, without limitation, their own risktolerance level, financial circumstances, investmentobjectives. If you are in any doubt about this information,you should consult your stockbroker, bank manager,solicitor, accountant or other financial adviser.

General information in relation to the Funds

GLOBAL

Invesco Global Structured Equity FundInception date11.12.2006

Base currencyUSD

Investment objectives and policiesThe objective of the Fund is to achieve long-term capital growthby investing at least 70% of its total assets (after deductingancillary liquid assets) in a diversified portfolio of equities orequity-related securities (excluding convertibles or bonds withwarrants attached) of companies worldwide. In the selection ofinvestments, the Investment Adviser will follow a highlystructured and clearly defined process. Quantitative indicatorsthat are available for each stock in the investment universe areanalysed and used by the Investment Adviser to evaluate therelative attractiveness of each stock. The portfolio isconstructed using an optimisation process that takes intoaccount the calculated expected returns of each stock as wellas risk control parameters.

Non base currency risk within the Fund may be hedged at thediscretion of the Investment Adviser.

The Fund may also hold up to 30% of its assets in cash andcash equivalents, money market instruments or debt securities(including convertible bonds) of issuers worldwide denominatedin any convertible currency.

Use of derivative instrumentsThe Fund may enter into financial derivative instruments forefficient portfolio management and hedging purposes only.

Method used to calculate the global exposureThe Fund uses the relative Value-at-Risk (VaR) approach tomeasure its global exposure, by reference to the MSCI WorldIndex.

Expected level of leverageThe level of leverage under normal market circumstances isexpected to amount to 70% of the net asset value of the Fund.Such level might be exceeded or might be subject to change inthe future.

This ratio merely reflects the usage of all financial derivativeinstruments within the portfolio of the relevant Fund and iscalculated using the sum of notionals of all financial derivativeinstruments, taking basic netting effects into account. For theavoidance of doubt financial derivative instruments used tohedge a position will also form part of the calculation. Some ofthe instruments may actually reduce the risk within theportfolio and therefore this ratio does not necessarily indicateany increased level of risk within the Fund.


The overall exposure of the Fund will not exceed 100% of thenet asset value of the Fund.


Profile of the Typical InvestorThis Fund is suitable for investors who are seeking capitalappreciation over a 5 to 10 year timeframe and who areprepared to accept risk to their capital and at least a moderatevolatility in the value of their investments. Potential investorswould be typically looking for mainstream developed-market(i.e. Global, United Kingdom, United States, Europe or Japan)equity funds.

Investment AdviserInvesco Asset Management Deutschland GmbH

Characteristics of the Share classes available in the FundShare Distribution Class Currency policy Fee structure*

A USD Annual Management fee 1.00%distribution Serv. Agent fee (max) 0.40%

A EUR Accumulation Management fee 1.00%(EUR Hgd) Serv. Agent fee (max) 0.40%

C USD Annual Management fee 0.60%distribution Serv. Agent fee (max) 0.30%

C EUR Accumulation Management fee 0.60%(EUR Hgd) Serv. Agent fee (max) 0.30%

C GBP Accumulation Management fee 0.60%(GBP Hgd) Serv. Agent fee (max) 0.30%

E EUR Accumulation Management fee 1.50%Serv. Agent fee (max) 0.40%

* Please refer to Sections 4.1. (Types of Shares), 4.3. (Charges to Investors) and 9.3. (Fees andexpenses of the SICAV) for further information on fees and charges which are the same for allFunds and/or for each class of Shares.

Equity Funds

Invesco Emerging Market Quantitative EquityFundInception date21.06.2010

Base currencyUSD

Investment objectives and PoliciesThe objective of this Fund is to achieve long-term capital growththrough investment in companies in emerging markets.

The Fund will invest primarily in listed equity or equity relatedsecurities of (i) companies with their registered office in anemerging market country or (ii) companies established orlocated in a non-emerging market country but carrying outtheir business activities predominantly in emerging marketcountries or (iii) holding companies, the interests of which arepredominantly invested in companies with their registered officein emerging market countries. The Fund may also invest in cashand cash equivalents, equity and equity-related securities ofcompanies which do not meet the above requirements.

Diversification of risk across a range of markets and companieswill be of primary importance. The stock selection follows ahighly structured and clearly defined investment process.Quantitative indicators that are available for each stock in theinvestment universe are analysed and used by the InvestmentAdviser to evaluate the relative attractiveness of each stock.The portfolio is constructed using an optimisation process thattakes into account the calculated expected returns of eachstock as well as risk control parameters. Beta, industry andcountry allocation as well as style exposures relative to thebenchmark are minimised to focus on the stock specific excessreturns that are delivered by the stock selection process.

For the purposes of the Fund, emerging market countries aredefined as all the countries in the world other than (i) membersof the European Union which the Investment Adviser regards asdeveloped countries, (ii) United States of America, (iii) Canada,(iv) Japan, (v) Australia, (vi) New Zealand, (vii) Norway, (viii)Switzerland, (ix) Hong Kong and (x) Singapore.


Method used to calculate the global exposureThe Fund uses the relative Value-at-Risk (VaR) approach tomeasure its global exposure, by reference to the MSCIEmerging Markets Index.






Profile of the Typical InvestorThis Fund is suitable for investors who are seeking capitalappreciation over a 5 to 10 year timeframe and are prepared toaccept risk to their capital and a higher level of volatility in thevalue of their investments. Invesco would classify this type ofinvestment as being more “specialist” than a mainstreamdeveloped-market equity fund.



A USD Accumulation Management fee 1.25%Serv. Agent fee (max) 0.35%


C USD Accumulation Management fee 0.75%Serv. Agent fee (max) 0.30%




I EUR Accumulation Management fee n/aServ. Agent fee (max) 0.20%


Equity FundsContinued

Invesco Global Smaller Companies EquityFundInception date30.06.2011

Base currencyUSD

Investment objectives and policiesThe objective of the Fund is to achieve long-term capital growththrough a portfolio of investments in global equities. TheInvestment Adviser intends to invest primarily in equity andequity related securities of smaller companies, which arequoted on the world’s stock markets. In pursuing this objectivethe Investment Adviser may include other investments that areconsidered appropriate which may include equity and equityrelated securities in large cap companies.


Method used to calculate the global exposureThe Fund uses the relative Value-at-Risk (VaR) approach tomeasure its global exposure, by reference to the MSCI WorldSmall Cap Index.





Profile of the Typical InvestorThis Fund is suitable for investors who are seeking capitalappreciation over a 5 to 10 year timeframe and who areprepared to accept risk to their capital and at least a moderatevolatility in the value of their investments.

Investment AdviserInvesco Asset Management Limited



A USD Semi-annual Management fee 1.60%distribution Serv. Agent fee (max) 0.40%





R USD Accumulation Management fee 1.60%Serv. Agent fee (max) 0.40%



Invesco Global Equity Income FundInception date30.06.2011

Base currencyUSD

Investment objectives and policiesThe Fund aims to generate a rising level of income, togetherwith long-term capital growth, investing primarily in globalequities. In pursuing this objective, the Investment Adviser mayinclude investments that they consider appropriate whichinclude transferable securities, money market instruments,warrants, undertakings for collective investment, deposits andother permitted investments.


Method used to calculate the global exposureThe Fund uses the relative Value-at-Risk (VaR) approach tomeasure its global exposure, by reference to the MSCI WorldIndex.

















AMERICA

Invesco Latin American Equity FundInception date11.08.2010

Base currencyUSD

Investment objectives and policiesThe Fund aims to achieve long-term capital growth throughinvesting in Latin American companies.

The Fund will invest primarily in listed equity or equity relatedsecurities of (i) companies with their registered office in a LatinAmerican country (ii) companies established or located incountries outside of Latin America but carrying out theirbusiness activities predominantly in Latin America, or (iii)holding companies the interests of which are predominantlyinvested in equity of companies having their registered office ina Latin American country.

For the purposes of the Fund, Latin American countries arecountries in South and Central America (including Mexico) andthe Caribbean.

The Fund may also invest in cash and cash equivalents, moneymarket instruments, equity and equity related securities issuedby companies or other entities not meeting the aboverequirements or in debt securities (including convertible bonds)of issuers worldwide.


Method used to calculate the global exposureThe Fund uses the relative Value-at-Risk (VaR) approach tomeasure its global exposure, by reference to the MSCI EM LatinAmerica Index.
















Invesco US Structured Equity FundInception date28.06.2002

Base currencyUSD

Investment objectives and policiesThe objective of the Fund is to achieve long-term capitalappreciation by investing in a diversified portfolio of large capequities listed on recognised US stock exchanges. At least 70%of the total assets of the Fund (without taking into accountancillary liquid assets) shall at all times be invested in equitiesof large cap companies with their registered office in the US orexercising their business activities predominantly in the US.

For the present purposes “large cap” shall mean companieshaving a market capitalisation exceeding USD 1 billion.

Up to 30% of the total assets of the Fund may be invested inaggregate in cash and cash equivalents, money marketinstruments, equity and equity related instruments issued bycompanies or other entities not meeting the above requirementor debt securities (including convertible debt) of issuersworldwide.

The stock selection follows a highly structured and clearlydefined investment process. Quantitative indicators that areavailable for each stock in the investment universe are analysedand used by the Investment Adviser to evaluate the relativeattractiveness of each stock. The portfolio is constructed usingan optimisation process that takes into account the calculatedexpected returns of each stock as well as risk controlparameters. Beta, industry allocation and style exposuresrelative to the benchmark are minimised to focus on the stockspecific excess returns that are delivered by our stock selectionprocess.


Method used to calculate the global exposureThe Fund uses the relative Value-at-Risk (VaR) approach tomeasure its global exposure, by reference to the S&P 500Index.



Shareholders should note that the market risk of the relevantFund will be adequately monitored using the Value-at-Risk (VaR)within the limits of relevant European and/or Luxembourg


applicable laws and/or regulations and the Value-at-Risk (VaR)measure should be published in the audited annual report.


Profile of the Typical InvestorThis Fund is suitable for investors who are seeking capitalappreciation over a 5 to 10 year timeframe and are prepared toaccept risk to their capital and at least moderate volatility in thevalue of their investments.

Investment AdviserInvesco Advisers, Inc.




B USD Accumulation Management fee 1.00%Serv. Agent fee (max) 0.30%







Invesco US Value Equity FundInception date30.06.2011

Base currencyUSD

Investment objectives and policiesThe investment objective of the Fund is to provide reasonablelong-term capital growth, measured in US Dollars. Investmentswill be sought in equity securities that the Investment Adviserbelieves to be undervalued relative to the stock market ingeneral at the time of purchase. The Fund will invest primarilyin the common or preferred stocks of companies which arelocated in the United States of America (US). A company will beconsidered located in the US if (i) it is organised under the lawsof the US and has its principal office in the US or (ii) it derives50% or more of its revenues from businesses in the US. TheFund may also invest, on an ancillary basis, in the equitysecurities of companies traded principally on US stockexchanges, convertible debt securities, US Governmentsecurities (securities issued or guaranteed as to principal andinterest by the US Government or its agencies andinstrumentalities), money market instruments and investmentgrade corporate debt securities.














C USD Semi-annual Management fee 0.70%distribution Serv. Agent fee (max) 0.30%





Invesco US Equity FundInception date27.06.2012

Base currencyUSD

Investment objectives and policiesThe objective of the Fund is to achieve long-term capitalappreciation and to a lesser extent current income by investingprimarily in equities of US companies. At least 70% of the totalassets of the Fund shall be invested in securities issued by (i)companies and other entities with their registered office in theUS, or (ii) companies and other entities with their registeredoffice outside of the US but carrying out their businessactivities predominantly in the US or (iii) holding companies,the interests of which are predominantly invested in companieswith their registered office in the US.

Up to 30% of the total assets of the Fund may be invested inaggregate in cash and cash equivalents, money marketinstruments, equity and equity related instruments issued bycompanies or other entities not meeting the aboverequirements or debt securities (including convertible debt) ofissuers worldwide. Not more than 10% of the total assets of theFund may be invested in securities issued by or guaranteed by acountry whose credit rating is below investment grade.













A EUR Annual Management fee 1.50%(EUR Hgd) distribution Serv. Agent fee (max) 0.40%


E EUR Accumulation Management fee 2.25%(EUR Hgd) Serv. Agent fee (max) 0.40%

R EUR Accumulation Management fee 1.50%(EUR Hgd) Serv. Agent fee (max) 0.40%



Invesco Pan European Structured EquityFundInception date06.11.2000

Base currencyEUR

Investment objectives and policiesThe objective of the Fund is to achieve long-term capitalappreciation by investing at least two thirds of the total assetsof the Fund (without taking into account ancillary liquid assets)in a diversified portfolio of equities of companies with theirregistered office in a European country or exercising theirbusiness activities predominantly in European countries whichare listed on recognised European stock exchanges. The stockselection follows a highly structured and clearly definedinvestment process. Quantitative indicators that are availablefor each stock in the investment universe are analysed andused by the Investment Adviser to evaluate the relativeattractiveness of each stock. The portfolio is constructed usingan optimisation process that takes into account the calculatedexpected returns of each stock as well as risk controlparameters.

Up to one third of the total assets of the Fund may be investedin aggregate in cash and cash equivalents, money marketinstruments or equity and equity related instruments issued bycompanies or other entities not meeting the aboverequirement.


Method used to calculate the global exposureThe Fund uses the relative Value-at-Risk (VaR) approach tomeasure its global exposure, by reference to the MSCIEuropean Monetary Union Index.









A EUR Annual Management fee 1.30%distribution Serv. Agent fee (max) 0.40%

A EUR Accumulation Management fee 1.30%Serv. Agent fee (max) 0.40%

B EUR Accumulation Management fee 1.30%Serv. Agent fee (max) 0.30%

C EUR Accumulation Management fee 0.80%Serv. Agent fee (max) 0.30%


R EUR Accumulation Management fee 1.30%Serv. Agent fee (max) 0.40%



Invesco Pan European Equity FundInception date02.01.1991

Base currencyEUR

Investment objectives and policiesThe Fund aims to provide long-term capital growth by investingin a portfolio of equity or equity related instruments ofEuropean companies with an emphasis on larger companies. Atleast 70% of the total assets of the Fund (without taking intoaccount ancillary liquid assets) shall be invested in equity orequity related instruments of companies with their registeredoffice in a European country or with their registered officeoutside of Europe but carrying out their business activitiespredominantly in Europe or holding companies, the interests ofwhich are predominantly invested in companies with theirregistered office in a European country. There is nopredetermined geographical distribution and a flexible policy willbe adopted on weighting driven predominantly by views onindividual companies as well as overall economic or businessconsiderations.



Method used to calculate the global exposureThe Fund uses the relative Value-at-Risk (VaR) approach tomeasure its global exposure, by reference to the MSCI EuropeIndex.













C EUR Annual Management fee 1.00%distribution Serv. Agent fee (max) 0.30%







Invesco Pan European Small Cap Equity FundInception date02.01.1991

Base currencyEUR

Investment objectives and policiesThe Fund aims to provide long-term capital growth primarilyfrom a portfolio of investments in smaller companies of anyEuropean stock market. The Fund may on occasion invest inspecial situations such as recovery stocks, takeover situationsand, in due course, the emerging markets of Eastern Europe.The Fund aims to limit risk by investing in a broader spread ofcompanies than might be usual in a conventional portfolio.


Method used to calculate the global exposureThe Fund uses the relative Value-at-Risk (VaR) approach tomeasure its global exposure, by reference to the HSBC SmallerEuropean Cos Index.
















Invesco European Growth Equity FundInception date30.06.2004

Base currencyEUR

Investment objectives and policiesThe Fund’s investment objective is long-term capital growth.The Fund seeks to meet its objective by investing at least 70%of its total assets (after deducting ancillary liquid assets) inequity and equity related securities of European companies. Thefollowing are considered European companies: (i) companieshaving their registered office in a European country, (ii)companies with their registered office outside Europe carryingout their business activities predominantly in Europe, or (iii)holding companies, the interests of which are predominantlyinvested in companies with their registered office in a Europeancountry.

Up to 30% of the total assets of the Fund may be invested inaggregate in cash and cash equivalents, money marketinstruments, equity and equity related securities issued bycompanies or other entities not meeting the aboverequirements or in debt securities (including convertible bonds)of issuers worldwide. The Fund may also invest on an ancillarybasis in securities and money market instruments listed on theRussian Trading Systems Stock Exchange (RTS) or MoscowInterbank Currency Exchange (MICEX). Any investment insecurities and money market instruments listed on Russianstock exchanges and dealt on Russian markets not qualifying asRegulated Markets will (together with other assets qualifyingunder 7.1. (General Restrictions) I (2) of the Prospectus) notexceed 10% of the total assets of the Fund.

The Investment Adviser focuses on companies that haveexperienced above-average long-term growth in earnings andhave strong prospects for future growth. In selecting countriesin which the Fund will invest, the Investment Adviser alsoconsiders such factors as the prospect for relative economicgrowth among countries or regions, economic or politicalconditions, currency exchange fluctuations, tax considerationsand the liquidity of a particular security. The InvestmentAdviser considers whether to sell a particular security when anyof these factors materially changes. The Fund will invest withoutregard to market capitalization.


Method used to calculate the global exposureThe Fund uses the relative Value-at-Risk (VaR) approach tomeasure its global exposure, by reference to the MSCI EuropeGrowth Index.


This ratio merely reflects the usage of all financial derivativeinstruments within the portfolio of the relevant Fund and iscalculated using the sum of notionals of all financial derivativeinstruments, taking basic netting effects into account. For theavoidance of doubt financial derivative instruments used to


hedge a position will also form part of the calculation. Some ofthe instruments may actually reduce the risk within theportfolio and therefore this ratio does not necessarily indicateany increased level of risk within the Fund.












Invesco Pan European Equity Income FundInception date31.10.2006

Base currencyEUR

Investment objectives and policiesThe Fund aims to generate income together with long-termcapital growth, through investing primarily in European equities.The Fund will seek to deliver an above average gross dividendyield.

At least 75% of the total assets of the Fund (after deductingancillary liquid assets) shall be invested in equity and equityrelated securities which in the view of the Investment Adviseroffer or reflect prospects for dividends and are issued by:

(i) companies having their registered office in a Europeancountry,

(ii) companies with a registered office outside Europe carryingout their business activities predominantly in Europe, or

(iii) holding companies, the interests of which arepredominantly invested in subsidiary companies with aregistered office in a European country.

Up to 25% in aggregate of the total assets of the Fund (afterdeducting ancillary liquid assets) may be invested in cash andcash equivalents, money market instruments, equity and equityrelated securities issued by companies or other entities notmeeting the above requirements or in debt securities (includingconvertible bonds) of issuers worldwide.











A EUR Semi-annual Management fee 1.50%distribution Serv. Agent fee (max) 0.40%






Invesco Emerging Europe Equity FundInception date02.01.1991

Base currencyUSD

Investment objectives and policiesThe Fund aims to achieve long-term capital growth frominvestment of at least 70% of its total assets (after deductingancillary liquid assets) in equity and equity related securities(excluding convertibles or bonds with warrants attached) ofcompanies in emerging European markets.

For the purpose of the Fund, companies in emerging Europeanmarkets are considered to refer to: (i) companies having theirregistered office in an emerging European country, (ii)companies established or located in countries outside ofemerging Europe but carrying out their business activitiespredominantly in emerging European countries, or (iii) holdingcompanies the interests of which are predominantly invested inequity of companies having their registered office in anemerging European country.

Up to 30% of the total assets of the Fund may be invested inaggregate in cash and cash equivalents, money marketinstruments, equity and equity related securities issued bycompanies or other entities not meeting the aboverequirements or in debt securities (including convertible bonds)of issuers worldwide.

No restrictions as regards investing in particular countries applyand accordingly the assets of the Fund may be investedprimarily in one or a limited number of target countries.

For the purposes of the Fund, the Investment Adviser hasdefined emerging European markets as including (but notlimited to) the following countries Estonia, Latvia, Lithuania,Poland, Czech Republic, Slovakia, Hungary, Romania, Bulgaria,Slovenia, Israel, Turkey, Russia, Croatia and the Ukraine.


Method used to calculate the global exposureThe Fund uses the relative Value-at-Risk (VaR) approach tomeasure its global exposure, by reference to the MSCIEmerging Markets Eastern Europe Index.















Invesco Pan European Focus Equity FundInception date07.07.2011

Base currencyEUR

Investment objectives and policiesThe Fund aims to achieve long term capital growth through aconcentrated portfolio by investing at least 70% of the Fund’sassets in equity and equity related securities of companieslisted on European exchanges. Up to 30% of the Fund’s assetsmay be invested in cash and cash equivalents, money marketinstruments, equity and equity related securities issued bycompanies or other entities not meeting the aboverequirements or debt securities (including convertible debt) ofissuers worldwide.







Profile of the Typical InvestorThe Fund is suitable for investors who are seeking capitalappreciation over a 5 to 10 year timeframe and are prepared toaccept risk to their capital and higher levels of volatility in thevalue of their investments.



Specific risksThe Investment Adviser does not intend to maintain a widerange of investments in order to provide a balanced portfolio ofinvestments. As with some sector-based funds, a moreconcentrated approach is taken than is normally the case inorder to take greater advantage of successful investments.Please see the risk warnings relating to ‘Investing in sector-based Funds’ in Section 8. (Risk Warnings) of the Prospectus.



A EUR Annual Management fee 1.50%Distribution Serv. Agent fee (max) 0.40%






JAPAN

Invesco Nippon Small/Mid Cap Equity FundInception date02.01.1991

Base currencyJPY

Investment objectives and policiesThe objective of the Fund is to achieve long-term capital growthby investing in small to medium sized Japanese companies andto a lesser extent in large Japanese companies.

At least 70% of the Fund’s total assets (after deducting ancillaryliquid assets) will be invested in equity or equity-relatedsecurities of small or mid cap Japanese companies. For thepresent purposes, Japanese companies shall mean (i)companies having their registered office in Japan, (ii)companies with their registered office outside Japan carryingout their business activities predominantly in Japan, or (iii)holding companies, the interests of which are predominantlyinvested in companies with their registered office in Japan. Forthe present purposes, small and mid cap companies shall meancompanies whose market capitalisation shall not exceed bottomhalf of total market capitalisation in Japan.

Up to 30% of the total assets of the Fund may be invested incash and cash equivalents, money market instruments, equityand equity related instruments issued by companies or otherentities not meeting the above requirement or debt securities(including convertible debt) of Japanese companies of any size.


Method used to calculate the global exposureThe Fund uses the relative Value-at-Risk (VaR) approach tomeasure its global exposure, by reference to the RussellNomura Small Cap Index.







Investment AdviserInvesco Asset Management (Japan) Limited



A JPY Accumulation Management fee 1.50%Serv. Agent fee (max) 0.40%

B JPY Accumulation Management fee 1.50%Serv. Agent fee (max) 0.30%


C JPY Accumulation Management fee 1.00%Serv. Agent fee (max) 0.30%





Invesco Japanese Equity Advantage FundInception date30.06.2011

Base currencyJPY

Investment objectives and policiesThe investment objective of the Fund is to seek long termcapital appreciation, measured in Yen, through investmentprimarily in the equity securities of companies domiciled in orexercising the predominant part of their economic activity inJapan and which are listed on any exchanges or over thecounter markets. The Fund will invest in companies who makeadvantageous use not only of their capital but also of theirintangible assets (for example, but not limited to, brand values,technical development or strong customer base). The Fund mayalso invest, on an ancillary basis, in debt securities convertibleinto common shares and other equity linked instruments.


Method used to calculate the global exposureThe Fund uses the relative Value-at-Risk (VaR) approach tomeasure its global exposure, by reference to the Japan TOPIXIndex.








Specific risksThe Investment Adviser does not intend to maintain a widerange of investments in order to provide a balanced portfolio ofinvestments. As with some sector-based funds, a moreconcentrated approach is taken than is normally the case inorder to take greater advantage of successful investments.Please see the risk warnings relating to ‘Investing in sector-based Funds’ in Section 8. (Risk Warnings) of the Prospectus.





C GBP Accumulation Management fee 0.75%Serv. Agent fee (max) 0.30%


R JPY Accumulation Management fee 1.40%Serv. Agent fee (max) 0.40%



Invesco Japanese Value Equity FundInception date30.06.2011

Base currencyJPY

Investment objectives and policiesThe investment objective of the Fund is to seek long termcapital appreciation, measured in Yen, through investment inthe securities of companies listed on the exchanges and over-the-counter markets in Japan. The Fund is primarily invested inthe equity securities of Japanese companies, but may alsoinvest in debt securities convertible into common shares andother equity linked instruments.


Method used to calculate the global exposureThe Fund uses the relative Value-at-Risk (VaR) approach tomeasure its global exposure, by reference to the Japan TOPIXIndex.










A JPY Semi-annual Management fee 1.40%distribution Serv. Agent fee (max) 0.40%







R JPY Accumulation Management fee 1.40%Serv. Agent fee (max) 0.40%



ASIA

Invesco Asia Opportunities Equity FundInception date03.03.1997

Base currencyUSD

Investment objectives and policiesThe Fund aims to provide long-term capital growth from adiversified portfolio of investments in Asian companies, with thepotential for growth, including investments in small to medium-sized companies with a market capitalisation of less than US$1billion. At least 70% of the total assets of the Fund (withouttaking into account ancillary liquid assets) shall be invested inequity or equity-related securities issued by companies withtheir registered office in an Asian country or with theirregistered office outside of Asia but carrying out their businessactivities predominantly in Asia or holding companies, theinterests of which are predominantly invested in companies withtheir registered office in an Asian country.

Up to 30% of the total assets of the Fund may be invested incash and cash equivalents, money market instruments, equityand equity related instruments issued by companies or otherentities not meeting the above requirement or debt securities(including convertible debt) of issuers worldwide.

The Fund will have a flexible approach to country allocationcovering investments in Asia including the Indian subcontinentbut excluding Japan and Australasia.

There is no requirement as to the geographical spread of theFund’s investments. Investors should not assume that the assetsof the Fund will at all times include investments from eachcountry in the Asia region.


Method used to calculate the global exposureThe Fund uses the relative Value-at-Risk (VaR) approach tomeasure its global exposure, by reference to the MSCI AC Asiaex Japan Index.







Investment AdviserInvesco Hong Kong Limited








Invesco Greater China Equity FundInception date15.07.1992

Base currencyUSD

Investment objectives and policiesThe objective of the Fund is to achieve long-term capital growthby investing in securities of Greater China. At least 70% of thetotal assets of the Fund (after deducting ancillary liquid assets)shall be invested in equity or equity-related securities issued by(i) companies and other entities having their registered office inGreater China, their governments or any of their respectiveagencies or instrumentalities or any local government, (ii)companies and other entities located outside Greater Chinacarrying out their business activities principally (50% or moreby revenue, profit, assets or production) in Greater China, or(iii) holding companies, the interests of which are principallyinvested in subsidiary companies with a registered office inGreater China.

Up to 30% of the total assets of the Fund may be invested incash and cash equivalents, money market instruments, equityand equity related instruments issued by companies or entitiesnot meeting the above requirement or debt securities (includingconvertible debt) of issuers worldwide.

For the purposes of the Investment Objective and Policies,Greater China refers to mainland China, Hong Kong SAR, MacauSAR and Taiwan.


Method used to calculate the global exposureThe Fund uses the relative Value-at-Risk (VaR) approach tomeasure its global exposure, by reference to the MSCI GoldenDragon Index.


















Invesco Asia Infrastructure FundInception date31.03.2006

Base currencyUSD

Investment Objective and PolicyThe Fund aims to achieve long-term capital growth frominvestments in a diversified portfolio of Asian securities ofissuers which are predominantly engaged in infrastructureactivities. At least 70% of the total assets of the Fund (withouttaking into account ancillary liquid assets) shall be invested inequity and debt securities denominated in any convertiblecurrency issued by Asian companies predominantly active in theinfrastructure sector. “Asian companies” shall mean companieslisted in an Asian stock market and having their registeredoffice in an Asian country or established in other countries butcarrying out their business activities predominantly in Asia orholding companies investing predominantly in equity ofcompanies having their registered office in an Asian country.

Up to 30% of the total assets of the Fund may be invested inaggregate in cash and cash equivalents, money marketinstruments, equity and equity related instruments or debtsecurities (including convertible debt) issued by companies orother entities not meeting the above requirement.


Method used to calculate the global exposureThe Fund uses the relative Value-at-Risk (VaR) approach tomeasure its global exposure, by reference to the MSCI AC AsiaPacific ex Japan Index.











A HKD Accumulation Management fee 1.50%Serv. Agent fee (max) 0.40%








Invesco India Equity FundInception date11.12.2006

Base currencyUSD

Investment Objective and PolicyThe objective of the Fund is to achieve long-term capital growthby investing principally in equity or similar instruments of Indiancompanies. At least 70% of the total assets of the Fund (afterdeducting ancillary liquid assets) shall be invested in equity andequity related securities issued by Indian Companies. For thepresent purposes, Indian Companies shall mean (i) companieshaving their registered office in India (ii) companies locatedoutside India carrying out their business activitiespredominantly in India, or (iii) holding companies, which arepredominantly invested in companies with their registered officein India. Up to 30% of the total assets of the Fund may beinvested in cash and cash equivalents, money marketinstruments, equity and equity related securities issued bycompanies or other entities not meeting the aboverequirements or debt securities (including convertible debt) ofissuers worldwide and denominated in any convertible currency.

Additional Information Relating to the Invesco India EquityFund(1) The Fund intends to invest a substantial proportion of its

net assets in India through Invesco India (Mauritius)Limited (the “Subsidiary”) by utilising a tax efficient meansof investing in Indian securities. The Subsidiary is aMauritian company wholly-owned by the SICAV andgoverned by the Companies Act 2001.

The majority of directors of the Subsidiary are Directors ofthe SICAV. The investment objectives of the Subsidiary arein line with those of the Fund and the Subsidiary will applythe SICAV’s investment restrictions as outlined in theProspectus.

The Subsidiary was incorporated in Mauritius on17 November 1994 as a company with limited liability.The Subsidiary issues redeemable participating shares onlyto the Fund. The Subsidiary is registered with theMauritius Offshore Business Activities Authority and hasobtained a certificate of Mauritian tax residency from theCommissioner of Income Tax in Mauritius. Investments inIndia made by the Subsidiary allow the Fund to avail of thedouble taxation treaty between India and Mauritius. (Forfurther details, please refer to section “Taxation – Taxationof investments of Invesco India Equity Fund in Indiathrough Invesco India (Mauritius) Limited” of theProspectus in regard to tax risks related to Invesco India(Mauritius) Ltd.).

The directors of the Subsidiary are responsible, inter alia,for establishing the investment objective and policies ofthe Subsidiary, for monitoring the Subsidiary’s investmentsand performance and for providing advisory services tothe exclusive benefit of the SICAV, including (whenrequested) in relation to large redemptions in the Fund.The Subsidiary has appointed International FinancialServices Limited (“IFS”), IFS Court, 28 Cybercity, Ebene,Mauritius, to provide administrative services to theSubsidiary in Mauritius, including maintenance of itsaccounts, books and records. The Subsidiary hasappointed PricewaterhouseCoopers, Mauritius, as auditors

of the Subsidiary in Mauritius to perform the auditor’sduties required by Mauritius law.

The Subsidiary has appointed the Custodian as custodianover its assets. Based on its custodian arrangements withthe Company and the Subsidiary, the Custodian hasappointed Deutsche Bank AG as its agent in the Indianmarket.

The SICAV and the Subsidiary shall issue consolidatedaccounts.

(2) Invesco Asset Management Asia Limited has obtainedapproval from the Securities and Exchange Board of India(“SEBI”) and the Reserve Bank of India as an approvedForeign Institutional Investor (“FII”). Invesco AssetManagement Asia Limited was registered as an FII withSEBI on 7 December 1992, under registration numberIN-HK-FA-0005-92. The Fund invests in India via theSubsidiary (as defined above) which maintains a sub-account under the Invesco Asset Management AsiaLimited FII. To maintain the sub-account, the Subsidiary isrequired to comply with certain conditions, including that(i) the Subsidiary shall source its funds from the Fundonly; (ii) no single individual investor holds more than 10%of the Shares; and (iii) if an institutional investor holdsmore than 10% of the Shares, then the institutionalinvestor must itself have at least 20 shareholders, with nosingle individual shareholder of the institutional investorholding more than 10% of its shares or units.

(3) The Mauritian administrator, IFS, will be paid by theSubsidiary an administration fee in respect ofadministrative functions carried out in Mauritius, currentlyin the amount of US$2,000 per month. IFS will alsocharge a fee for ensuring compliance with local laws andregulations. The current costs for personnel are notexpected to exceed USD 8,500 per annum.


Method used to calculate the global exposureThe Fund uses the relative Value-at-Risk (VaR) approach tomeasure its global exposure, by reference to the MSCI India10/40 Index.







Profile of the Typical InvestorThis Fund is suitable for investors who are seeking capitalappreciation over a 5 to 10 year timeframe and are prepared toaccept risk to their capital and a higher level of volatility in thevalue of investments. Invesco would classify this type ofinvestment as more “specialist” than a mainstream developed-market equity fund. Other examples would include funds thatinvest principally in emerging markets, smaller companies,theme funds or aggressively managed funds.










Invesco Asia Consumer Demand FundInception date25.03.2008

Base currencyUSD

Investment Objective and PolicyThe objective of the Fund is to achieve long-term capitalappreciation by investing at least 70% of the total assets of theFund (without taking into account ancillary liquid assets) inequity securities of Asian companies whose business is likely tobenefit from, or is related to growth in domestic consumption inAsian economies, excluding Japan.

For the present purposes, “Asian companies” shall mean (i)companies having their registered office in an Asian country (ii)companies established or located in countries outside of Asiabut carrying out their business activities predominantly in Asia,or (iii) holding companies the interests of which arepredominantly invested in equity of companies having theirregistered office in an Asian country.

Asian companies whose business will benefit from, or is relatedto growth in domestic consumption include (but is not limitedto):

– companies predominantly engaged in the production,distribution, marketing or retail sale of consumernondurables or durables, such as food, beverages,household products, apparel, cosmetics, tobacco,consumer electronics and electrical appliances,automobiles and companies in the information technologysector which are considered to benefit from the trend ofrising domestic consumption.

– companies primarily engaged in the development andmanagement of properties including (but not limited to)residential properties, hotels, resorts and shopping malls).The Fund may invest directly in closed ended listed REITs.

– companies which benefit from growing disposable incomeand increasing demand for consumer related services suchas travel, media, healthcare, utilities andtelecommunications as well as insurance companies andfinancial services related companies.

Up to 30% of the total assets of the Fund may be invested incash and cash equivalents, money market instruments, equityand equity related instruments issued by companies or otherentities not meeting the above requirement or debt securities(including convertible debt) of issuers worldwide.

Additional DisclosureInvestors should note that insofar as the Fund directly invests inREITs, any dividend policy or dividend payout at the Fund levelmay not be representative of the dividend policy or dividendpayout of the relevant underlying REIT. Hong Kong investorsshould also note that the relevant underlying REIT may notnecessarily be authorised by the SFC in Hong Kong.



Method used to calculate the global exposureThe Fund uses the relative Value-at-Risk (VaR) approach tomeasure its global exposure, by reference to the MSCI AC Asiaex Japan Index.


















Invesco China Focus Equity FundInception date15.12.2011

Base currencyUSD

Investment Objective and PolicyThe objective of the Fund is to achieve long term capital growthby investing in equity or equity-related securities of companieswith exposure to China. The Investment Adviser will seek toinvest the Fund’s assets primarily in listed equity or equity-related securities issued by (i) companies and other entitieshaving their registered office in China, or (ii) companies andother entities located outside China carrying out businessactivities predominantly in China, or (iii) holding companies, theinterests of which are predominantly invested in subsidiarycompanies with a registered office in China.

Up to 20% of the total assets of the Fund may be exposed toChina A shares, of which no more than 10% of the total assetsof the Fund may be direct investment in China A shares listedon the Shanghai or Shenzhen Stock Exchanges throughInvesco’s QFII quota and no more than 10% of the total assetsof the Fund may be through participation notes, equity-linkednotes, swaps or similar China A shares access products.

The Fund may also invest in cash and cash equivalents, equityand equity-related securities issued by companies or otherentities not meeting the above requirements or debt securitiesof issuers worldwide.


Method used to calculate the global exposureThe Fund uses the relative Value-at-Risk (VaR) approach tomeasure its global exposure, by reference to the MSCI China10/40 Index.






Profile of the Typical InvestorThis fund is suitable for investors who are seeking capitalappreciation over a 5 to 10 year timeframe and are prepared toaccept risk to their capital and at least moderate volatility in thevalue of their investments. Invesco would classify thisinvestment as being more “specialist” than a mainstreamdeveloped-market equity fund.

Specific risksInvestors should note the China specific risks contained inSection 8. (Risk Warnings) of the Prospectus relevant to theFun’'s investment in China and the QFII risks specifically forinvestment in China A shares.

The Investment Adviser does not intend to maintain a widerange of investments in order to provide a balanced portfolio ofinvestments. As with some sector-based funds, a moreconcentrated approach is taken than is normally the case inorder to take greater advantage of successful investments.Please see the risk warnings relating to‘'Investing in sector-based Fund’' in Section 8. (Risk Warnings) of the Prospectus.









Invesco Asian Focus Equity FundInception date27.06.2012

Base currencyUSD

Investment objectives and policiesThe Fund aims to achieve long term capital growth by investingin a concentrated portfolio of equity or equity relatedinstruments of companies with exposure to Asian countries, Atleast 70% of the total assets of the Fund shall be invested inequity and equity related securities issued by (i) companies andother entities with their registered office in an Asian country, or(ii) companies and other entities with their registered officeoutside of Asia but carrying out their business activitiespredominantly in one or more Asian countries or (iii) holdingcompanies, the interests of which are predominantly invested incompanies with their registered office in an Asian country.

For the purpose of the Fund, the investment adviser hasdefined Asian countries as all countries in Asia excluding Japanbut including Australia and New Zealand.



Method used to calculate the global exposureThe Fund uses the relative Value-at-Risk (VaR) approach tomeasure its global exposure, by reference to the MSCI AC Asiaex Japan ND index.








Specific risksThe Investment Adviser does not intend to maintain a widerange of investments in order to provide a balanced portfolio ofinvestments. As with some sector-based funds, a moreconcentrated approach is taken than is normally the case inorder to take greater advantage of successful investments.Please see the risk warnings relating to‘'Investing in sector-based Fund’' in Section 8. (Risk Warnings) of the Prospectus.









Invesco Global Leisure FundInception date03.10.1994

Base currencyUSD

Investment Objective and PolicyThe Fund aims to achieve long-term capital growth from aninternational portfolio of investments in companiespredominantly engaged in the design, production or distributionof products and services related to the leisure time activities ofindividuals.

At least 70% of the Fund’s total assets will be invested in theequity securities of such companies. Up to 30% of the Fund’stotal assets may be held as cash and cash equivalents, moneymarket securities or invested in debt (including convertibledebt) or equity securities issued by companies outside theleisure industries sector.


Method used to calculate the global exposureThe Fund uses the relative Value-at-Risk (VaR) approach tomeasure its global exposure, by reference to the MSCI WorldCons Discretionary Index.







Specific risksThe Investment Adviser will not normally, in the case of ThemeFunds, maintain a wide spread of investments in order merelyto provide a balanced portfolio of investments. In compliancewith the investment restrictions of the SICAV, a moreconcentrated approach is taken than is normally the case inorder to take greater advantage of successful investments. TheInvestment Adviser considers that this policy involves a greaterthan usual degree of risk since investments are chosen for theirlong term potential and their prices (and therefore the net assetvalue of the Fund) may be subject to above average volatility.Investors should be aware that there can be no assurance thatthe Fund’s investment will be successful or that the investmentobjectives described will be attained.

Certain technology and telecommunications companies are atan early stage of development and many of these companieshave a short track record. Therefore, investment in these typesof companies is subject to additional levels of risk.








Theme Funds

Invesco Energy FundInception date01.02.2001

Base currencyUSD

Investment Objective and PolicyThe Fund aims to provide long-term capital growth by investingat least 70% of its total assets (without taking into accountancillary liquid assets) in an international portfolio of energystocks, which include major oil companies, energy services,natural gas infrastructure companies and oil and gasexploration and production companies, as well as companiesdeveloping alternative energy sources. The Fund focuses onreasonably priced companies with above-average productionvolume growth and earnings, cash flow and asset value growth.


Use of financial derivative instrumentsThe Fund may enter into financial derivative instruments forefficient portfolio management and hedging purposes only.

Method used to calculate the global exposureThe Fund uses the relative Value-at-Risk (VaR) approach tomeasure its global exposure, by reference to the MSCI WorldEnergy Index.







Specific risksThe Investment Adviser will not normally, in the case of ThemeFunds, maintain a wide spread of investments in order merelyto provide a balanced portfolio of investments. In compliancewith the investment restrictions of the SICAV, a moreconcentrated approach is taken than is normally the case inorder to take greater advantage of successful investments. TheInvestment Adviser considers that this policy involves a greaterthan usual degree of risk since investments are chosen for theirlong term potential and their prices (and therefore the net assetvalue of the Fund) may be subject to above average volatility.Investors should be aware that there can be no assurance thatthe Fund’s investment will be successful or that the investmentobjectives described will be attained. Certain technology andtelecommunications companies are at an early stage ofdevelopment and many of these companies have a short trackrecord. Therefore, investment in these types of companies issubject to additional levels of risk.













Theme FundsContinued

Invesco Asia Pacific Real Estate SecuritiesFund(In liquidation and closed to further subscriptions)

Inception date31.07.2008

Base currencyUSD

Investment Objective and PolicyThe objective of the Fund is to achieve long-term capital growthby investing in a diversified portfolio of securities of companiesand other entities engaged in the Asia-Pacific (including but notlimited to Australia, New Zealand, Japan, India and China) realestate sector.

The Fund seeks to achieve its objective through investing atleast 70% of the total assets of the Fund (without taking intoaccount ancillary liquid assets) in equity, equity related and/ordebt securities issued by companies and other entities whichderive the predominant part of their revenues from activitiesrelated to real estate in the Asia-Pacific region (as definedabove) including in real estate investment trusts (REITs), REIT-like companies and other real estate operating companies.

Up to 30% of the total assets of the Fund may be invested incash and cash equivalents, money market instruments, equityand equity related instruments or debt securities issued bycompanies or other entities (including governments) notmeeting the above requirements.

Additional disclosureInvestors should note that insofar as the Fund directly invests inREITs, any dividend policy or dividend payout at the Fund levelmay not be representative of the dividend policy or dividendpayout of the relevant underlying REIT. Hong Kong investorsshould also note that the relevant underlying REIT may notnecessarily be authorised by the SFC in Hong Kong.

The Fund does not invest directly in real estate. It is authorisedunder the SFC’s Code on Unit Trusts and Mutual Funds and notunder the SFC’s Code on Real Estate Investment Trusts. SFCauthorisation does not imply official approval orrecommendation.


Method used to calculate the global exposureThe Fund uses the relative Value-at-Risk (VaR) approach tomeasure its global exposure, by reference to the FTSEEPRA/NAREIT Developed Asia Index.


This ratio merely reflects the usage of all financial derivativeinstruments within the portfolio of the relevant Fund and iscalculated using the sum of notionals of all financial derivativeinstruments, taking basic netting effects into account. For theavoidance of doubt financial derivative instruments used tohedge a position will also form part of the calculation. Some of


the instruments may actually reduce the risk within theportfolio and therefore this ratio does not necessarily indicateany increased level of risk within the Fund.














Invesco Global Income Real Estate SecuritiesFundInception date31.10.2008

Base currencyUSD

Investment Objective and PolicyThe objective of the Fund is to generate income and to a lesserextent to achieve long-term capital appreciation by investing ina diversified portfolio of securities of companies and otherentities engaged in the real estate sector worldwide.

The Fund seeks to achieve its objective through investing atleast 70% of the total assets of the Fund (without taking intoaccount ancillary liquid assets) in equity, equity related and/ordebt securities issued by companies and other entities whichderive the predominant part of their revenues from activitiesrelated to real estate worldwide including real estate investmenttrusts (“REITs”), REIT- like companies and other real estateoperating companies worldwide.

Up to 30% of the total assets of the Fund may be invested incash and cash equivalents, money market instruments, equityand equity related instruments or debt securities issued bycompanies or other entities (including governments) notmeeting the above requirements.

Additional disclosureInvestors should note that insofar as the Fund directly invests inREITs, any dividend policy or dividend payout at the Fund levelmay not be representative of the dividend policy or dividendpayout of the relevant underlying REIT. Hong Kong investorsshould also note that the relevant underlying REIT may notnecessarily be authorised by the SFC in Hong Kong.

The Fund does not invest directly in real estate. It is authorisedunder the SFC’s Code on Unit Trusts and Mutual Funds and notunder the SFC’s Code on Real Estate Investment Trusts. SFCauthorisation does not imply official approval orrecommendation.


Method used to calculate the global exposureThe Fund uses the relative Value-at-Risk (VaR) approach tomeasure its global exposure, by reference to the FTSE/EPRANAREIT Developed Index.






Profile of the Typical InvestorThis Fund is suitable for Medium to Long Term High RiskInvestors. Invesco would classify this type if investment as beingmore “specialist” than a mainstream developed-market equityfund.





A USD Quarterly Management fee 1.25%distribution Serv. Agent fee (max) 0.40%






Invesco Gold & Precious Metals FundInception date21.06.2010

Base currencyUSD

Investment Objective and PolicyThe Fund’s investment objective is long-term growth of capital.The Fund invests primarily in the equity and equity relatedsecurities of companies engaged predominantly in exploring for,mining, processing, or dealing and investing in gold and otherprecious metals such as silver, platinum and palladium, as wellas diamonds, worldwide.

The Fund can hold up to 10% of its net assets in exchangetraded funds and exchange traded commodities, which provideexposure to gold and other precious metals.


Method used to calculate the global exposureThe Fund uses the relative Value-at-Risk (VaR) approach tomeasure its global exposure, by reference to the PhiladelphiaGold & Silver Index.






Specific risksThe Investment Adviser will not normally, in the case of ThemeFunds, maintain a wide spread of investments in order merelyto provide a balanced portfolio of investments. In compliancewith the investment restrictions of the SICAV, a moreconcentrated approach is taken than is normally the case in


order to take greater advantage of successful investments. TheInvestment Adviser considers that this policy involves a greaterthan usual degree of risk since investments are chosen for theirlong term potential and their prices (and therefore the net assetvalue of the Fund) may be subject to above average volatility.Investors should be aware that there can be no assurance thatthe Fund’s investment will be successful or that the investmentobjectives described will be attained.


Investors should note the specific risk warning contained inSection 8. (Risk Warnings) of the Prospectus regardinginvesting in commodities.







C EUR Accumulation Management fee 1.00%(EUR Hdg) Serv. Agent fee (max) 0.30%





Invesco USD Reserve FundInception date02.01.1991

Base currencyUSD

Investment Objective and PolicyThe Fund aims to provide maximum return with a high degreeof security from a portfolio of short-dated fixed interestsecurities which have an initial or residual maturity notexceeding 12 months. The assets of the Fund may alsocomprise floating rate debt securities and debt securities with amaturity exceeding 12 months, provided, as a result of theterms of issue or by the use of adequate instruments ortechniques, the rate of interest thereof is adjusted at least onceannually in the light of market conditions. The portfolio of theFund may include cash and cash equivalents.


Method used to calculate the global exposureThe Fund uses the absolute Value-at-Risk (VaR) approach tomeasure its global exposure.





Profile of the Typical InvestorThis Fund is suitable for investors who are seeking capitalappreciation over a 1 to 3 year timeframe from a cash/nearcash fund. Investors would be seeking low volatility in the valueof their investments and more predictable returns than inequity or bond funds.






B1 USD Accumulation Management fee 0.50%Serv. Agent fee (max) 0.10%




Reserve Funds

Invesco Euro Reserve FundInception date14.10.1999

Base currencyEUR

Investment Objective and PolicyThe Fund aims to provide maximum return with a degree ofsecurity from a portfolio of short-dated fixed interest Eurosecurities which have an initial or residual maturity notexceeding 12 months.

The assets of the Fund may also comprise floating rate debtsecurities and debt securities with a maturity exceeding 12months, provided, as a result of the terms of issue or by theuse of adequate instruments or techniques, the rate of interestthereof is adjusted at least once annually in the light of marketconditions.

The portfolio of the Fund may include cash and cashequivalents.







Profile of the Typical InvestorThis Fund is suitable for investors who are seeking capitalappreciation over a 1 to 3 year timeframe from a cash/nearcash fund. Investors would be seeking low volatility in the valueof their investments and more predictable returns than inequity or bond funds.










Reserve FundsContinued

Invesco Global Bond FundInception date01.07.1994

Base currencyUSD

Investment Objective and PolicyThe Fund aims to achieve long-term capital growth with incomefrom a diversified portfolio constructed from bonds or otherdebt instruments, including high yield bonds, issued byGovernments, supranational bodies, local authorities, nationalpublic bodies and corporate issuers worldwide. The Fund mayalso invest, for efficient portfolio management purposes only, inderivative instruments, including credit default swaps as aprotection purchaser and seller.

The Fund will not invest more than one third of its total assetsin aggregate in money market instruments, bank

deposits or convertible bonds and bonds with warrantsattached. Investments in convertible bonds and bonds withwarrants attached may in aggregate not exceed 25% of theFund’s total assets. The Fund will not invest in equity securities.

Use of financial derivative instrumentsThe Fund may enter into financial derivative instruments forefficient portfolio management and hedging purposes only(please refer to the “Investment Policy” above for furtherdetails on the use of derivatives).

Method used to calculate the global exposureThe Fund uses the relative Value-at-Risk (VaR) approach tomeasure its global exposure, by reference to the JPM GlobalGovernment Bond Index.











A EUR Accumulation Management fee 0.75%(EUR Hdg) Serv. Agent fee (max) 0.27%




E EUR Accumulation Management fee 0.90%(EUR Hdg) Serv. Agent fee (max) 0.27%


Bond Funds

Invesco European Bond FundInception date01.04.1996

Base currencyEUR

Investment Objective and PolicyThe Fund aims to provide long-term growth from a diversifiedportfolio of bonds denominated in European currencies.

The Fund’s portfolio will be constructed from bonds or otherdebt securities issued by corporations and governments,supranational bodies, local authorities and national publicbodies. It is not intended that the Fund should invest in equitysecurities. The Fund may also invest, for efficient portfoliomanagement purposes only, in derivative instruments, includingcredit default swaps as a protection purchaser.

The Fund can invest up to 30% of its net assets in liquid assets.


Method used to calculate the global exposureThe Fund uses the relative Value-at-Risk (VaR) approach tomeasure its global exposure, by reference to the BarclaysCapital Pan-European Aggregate Index.







Specific risksWhile it is the aim of the Investment Adviser to preserve capitaland generate competitive returns, investors should be awarethat this may not be achieved as the Fund may invest in non-investment grade fixed income securities.



A EUR Semi-annual Management fee 0.75%distribution Serv. Agent fee (max) 0.27%






Bond FundsContinued

Invesco Absolute Return Bond FundInception date14.10.1999

Base currencyEUR

Investment Objective and PolicyThe Fund aims to provide absolute returns in excess of 3 monthEURIBOR by actively managing a portfolio which invests in aflexible allocation of cash, debt securities and financialderivative instruments worldwide. It is the intention of theInvestment Adviser to target a gross return of 2.60% p.a. above3 month EURIBOR. The Investment Adviser uses an active anddisciplined investment process that analyses a wide range ofmarkets to identify potential investment decisions. The portfoliois constructed and managed so as to target a low level ofannual volatility comparable to the annual volatility of a shortterm bond portfolio.

The Investment Adviser intends to invest in securities andderivatives within the investment universe which is defined asall cash, debt securities, (including asset backed securities),financial derivative instruments on debt and credit markets andall currencies worldwide. Debt securities may originate from allsectors and derivatives can be used to take both long and shortpositions in all markets within the investment universe. TheFund may also take active currency positions on all currenciesworldwide through the use of derivatives. Derivatives mayinclude (but are not limited to) futures, forwards, non-deliverable forwards, swaps such as interest rate swaps andcredit default swaps and complex options structures (such asstraddles and ratio spreads). In addition, derivatives mayincorporate derivatives on derivatives (i.e.: forward datedswaps, swap options).

Use of financial derivative instrumentsThe Fund may enter into financial derivative instruments forefficient portfolio management, hedging purposes and forinvestment purposes (please refer to the “Investment Policy”above for further details on the use of derivatives forinvestment purposes).

The Fund’s global exposure to derivatives will not exceed 100 %of the net asset value of the Fund and hence the total exposuremay not exceed 200 % of its net asset value on a permanentbasis.








Specific risksWhile it is the aim of the Investment Adviser to generateabsolute returns, investors should be aware that this may notbe achieved as the Fund may invest in non-investment gradefixed income securities and financial derivative instruments.





C GBP Accumulation Management fee 0.50%(GBP Hdg) Serv. Agent fee (max) 0.20%




Bond FundsContinued

Invesco Euro Inflation-Linked Bond FundInception date06.11.2000

Base currencyEUR

Investment Objective and PolicyThe Fund aims to provide long-term capital growth from adiversified portfolio of bonds and other debt instruments. Atleast 70% of the Fund’s total assets will be invested in inflationlinked bonds and other inflation-linked debt instrumentsdenominated in Euro.

The portfolio will be constructed from bonds or other debtinstruments of investment grade, with scope to invest up to 5%of the Fund’s net assets in non investment grade bonds. Non-Euro investments are intended to be hedged back into Euro atthe discretion of the Investment Adviser. The Fund may alsoinvest, for efficient portfolio management purposes only, inderivative instruments, including credit default swaps as aprotection purchaser and seller.

The Fund will not invest more than 30% of its total assets inaggregate in money market instruments, bank deposits orconvertible bonds and bonds with warrants attached.Investments in convertible bonds and bonds with warrantsattached may in aggregate not exceed 25% of the Fund’s totalassets. The Fund will not invest in equity securities.

Use of financial derivative instrumentsThe Fund may enter into financial derivative instruments forefficient portfolio management and hedging purposes only(please refer to the “Investment Policy” above for furtherdetails on the use of derivatives for investment purposes).

Method used to calculate the global exposureThe Fund uses the relative Value-at-Risk (VaR) approach tomeasure its global exposure, by reference to the Barcap EuroGovernment Inflation Linked All Maturities Index.






Profile of the Typical InvestorThis Fund is suitable for investors who are seeking capitalappreciation over a 5 to 10 year timeframe and who areprepared to accept risk to their capital but are looking for alower risk fixed-income investment, with generally lowervolatility than corporate bond or equity funds.

Specific risksInflation-linked bonds carry the following risks:

– A lower inflation rate than expected will lead to anunderperformance of inflation-linked bonds in comparisonto conventional bonds;

– The European inflation-linked bond market is currentlyrelatively small. If there are major changes on the demandor supply side, this could have a more significant impactthan on mature markets.









Bond FundsContinued

Invesco Euro Corporate Bond FundInception date31.03.2006

Base currencyEUR

Investment Objective and PolicyThe Fund is invested to achieve, in the medium to long-term, acompetitive overall investment return in Euros with relativesecurity of capital in comparison to equities.

The Fund will invest at least two thirds of its total assets(without taking into account ancillary liquid assets) in debtsecurities or instruments denominated in Euro issued bycorporate issuers.

The Fund will invest primarily in investment grade (Moody’s Baaor higher) fixed and floating rate bonds and other debtsecurities which, in the opinion of the Investment Adviser, havea comparable credit quality issued by corporations in any partof the world or issued or guaranteed by any government,government agency, supranational or public internationalorganisation in any part of the world.

The Fund may invest in non-investment grade securities whichgenerally will not exceed 30% of the net assets of the Fund.

Up to one third of the total assets of the Fund (without takinginto account ancillary liquid assets) may be invested in Non-Euro debt instruments or debt instruments issued by publicinternational debtors. Investments not denominated in the Euroare intended to be hedged back into Euro at the discretion ofthe Investment Adviser.

Fixed interest securities comprise any or all of the followingtypes of security:

(a) bonds, debentures, notes and treasury bills issued bygovernments, local authorities and public authorities.

(b) corporate bonds, notes and debentures whether securedor unsecured (including securities convertible into orexchangeable for equity shares)

(c) securities issued by public international bodies such as theEuropean Investment Bank, International Bank forReconstruction and Development or such other bodywhich is, in the opinion of the Investment Adviser ofsimilar standing.

(d) certificates of deposit, commercial paper and bankersacceptances.

Derivatives and forwards relating to debt instruments may beused for the efficient portfolio management. The aim of anyderivative or forward used for such reasons is not to materiallyalter the risk profile of the Fund, rather their use is to assist theInvestment Adviser in meeting the investment objectives of theFund by:

– reducing risk and/or

– reducing cost, and/or

– generating additional income or capital for the Fund at anacceptable level of cost and risk.


The Fund may, from time to time, sell interest rate futures inorder to reduce participation in the bond markets or to producegains for the Fund in falling bond markets.

The Fund may also enter into credit default swaps (as both aprotection buyer and seller).

The Fund can invest up to 30% of its net assets in liquid assets.


Method used to calculate the global exposureThe Fund uses the relative Value-at-Risk (VaR) approach tomeasure its global exposure, by reference to a composite index(70% Barclays Euro Corporate Index and 30% Euro High YieldIndex).





Profile of the Typical InvestorThis Fund is suitable for investors who are seeking capitalappreciation over a 5 to 10 year timeframe and are prepared toaccept risk to their capital but are looking for a lower risk fixed-income investment, with generally lower volatility thancorporate bond or equity funds.


Bond FundsContinued


A EUR Monthly Management fee 1.00%distribution Serv. Agent fee (max) 0.27%






R EUR Monthly Management fee 1.00%distribution Serv. Agent fee (max) 0.27%



Bond FundsContinued

Invesco UK Investment Grade Bond FundInception date11.12.2006

Base currencyGBP

Investment Objective and PolicyThe primary objective of the Fund is to provide investors withSterling income from a managed portfolio of the UnitedKingdom and international fixed income and money marketsecurities.

The Fund will invest predominantly in Sterling bonds and moneymarket instruments of investment grade quality. The proportioninvested in fixed interest securities and money marketinstruments will vary as circumstances dictate. Non-Sterlingsecurities may also be included in the portfolio but suchsecurities may be protected in Sterling terms by hedgingtechniques. The Fund may also invest in equity convertiblebonds up to a maximum of 20% of the Fund’s net asset value.

The Fund can invest up to 30% of its net assets in cash andmoney market instruments.

The Fund may also invest, for efficient portfolio managementpurposes only, in derivative instruments, including credit defaultswaps. The Fund may, from time to time, sell interest ratefutures in order to reduce participation in the bond markets orto produce gains for the Fund in falling bond markets.

Use of financial derivative instrumentsThe Fund may enter into financial derivative instruments forefficient portfolio management and hedging purposes only((please refer to the “Investment Policy” above for furtherdetails on the use of derivatives).

Method used to calculate the global exposureThe Fund uses the relative Value-at-Risk (VaR) approach tomeasure its global exposure, by reference to the ML SterlingBroad Market Index.






Profile of the Typical InvestorThis Fund is suitable for investors who are seeking capitalappreciation over a 5 to 10 year timeframe and are prepared toaccept risk to their capital but are looking for a lower risk fixed-income investment, with generally lower volatility than highyield bonds or equity funds.



A GBP Quarterly Management fee 0.625%distribution Serv. Agent fee (max) 0.27%


Bond FundsContinued

Invesco Emerging Local Currencies Debt FundInception date14.12.2006

Base currencyUSD

Investment Objective and PolicyThe objective of the Fund is to achieve long-term capital growthand high income. The Fund will invest at least two thirds of itstotal assets (after deduction of ancillary liquid assets) in aflexible allocation of cash, debt securities (including corporatebonds, and bonds issued by supranational organisations) andfinancial derivative instruments which are denominated in thecurrency of emerging market countries (as more fully describedbelow).

The Investment Adviser intends to invest in securities andderivatives within the investment universe which is defined asall cash, debt securities (including asset backed securities),financial derivative instruments on debt and credit markets andall currencies worldwide. Debt securities may originate fromemerging markets but may also be issued by developedmarkets. Derivatives can be used to take both long and shortpositions in all markets within the investment universe.Derivatives may include (but are not limited to) futures,forwards, non-deliverable forwards, forward rate agreements,swaps such as credit default swaps, interest rate swaps, totalreturn swaps and complex option structures such as straddles.In addition, derivatives may incorporate structured notesincluding but not limited to credit linked notes, deposit linkednotes or total return notes. The Fund may also take activecurrency positions on all currencies worldwide through the useof derivatives.

Equities and equity related instruments may be held up to amaximum of 5% of the net asset value of the Fund.

The Fund can, in the best interest of shareholders and on atemporary basis own up to 100% of NAV in cash, moneymarket instruments or up to 10% of NAV in money marketfunds.

The Fund may also invest on an ancillary basis in securities andmoney market instruments listed on the Russian TradingSystems Stock Exchange (RTS) or Moscow Interbank CurrencyExchange (MICEX). Investments in securities and money marketinstruments listed on the St Petersburg Currency Exchange(SPCEX) together with other assets qualifying under Section7.1. (General Restrictions) I. (2) of the Prospectus will notexceed 10% of the net assets of the Fund.

For the purposes of the Fund, the Investment Advisor hasdefined the emerging markets as all markets in the countries inthe world other (i) than those members of the European Unionthat the Investment Advisor regards as developed countries, (ii)United States of America, (iii) Canada, (iv) Japan, (v) Australia,(vi) New Zealand, (vii) Norway, (viii) Switzerland, (ix) HongKong and (x) Singapore.



The Fund’s global exposure to derivatives will not exceed 100 %of the net asset value of the Fund of the Fund and hence thetotal exposure may not exceed 200 % of its net asset value on apermanent basis.

Method used to calculate the global exposureThe Fund uses the relative Value-at-Risk (VaR) approach tomeasure its global exposure, by reference to the JP MorganGovernment Bond Index EM Global Diversified Composite Index.





Profile of the Typical InvestorThis Fund is suitable for investors who are seeking capitalappreciation and/or high income over a 5 to 10 year timeframeand are prepared to accept risk to their capital and a higherlevel of volatility in the value of their investments. Invescowould classify this type of investment as being more “specialist”than a mainstream developed-market debt fund.

Specific risksInvestors should note the specific risk warning contained inSection 8. (Risk Warnings) of the Prospectus regardinginvestment in Russia, investing in derivatives and investing indeveloping markets.


Bond FundsContinued


A USD Monthly Management fee 1.50%distribution Serv. Agent fee (max) 0.27%(fixed distribution)


A HKD Monthly Management fee 1.50%distribution Serv. Agent fee (max) 0.27%


A EUR Accumulation Management fee 1.50%(EUR Hdg) Serv. Agent fee (max) 0.27%

A EUR Monthly Management fee 1.50%(EUR Hgd) distribution Serv. Agent fee (max) 0.27%




R USD Monthly Management fee 1.50%distribution Serv. Agent fee (max) 0.27%(fixed distribution)



Bond FundsContinued

Invesco Global Investment Grade CorporateBond FundInception date01.09.2009

Base currencyUSD

Investment Objective and PolicyThe Fund intends to achieve, in the medium to long term, acompetitive overall investment return with relative security ofcapital in comparison to equities. The Fund will invest at least70% of its assets in investment grade corporate bonds. Atpurchase all corporate bonds bought will be investment gradecorporate bonds.

Up to 30% in aggregate of the total assets of the Fund may beinvested in cash, cash equivalent securities and other debtsecurities. The Fund will not invest in equity securities.

The Fund will invest in derivative instruments in order to adjustthe Fund’s duration (the Fund’s sensitivity to movements ininterest rates). The Fund may also use derivatives for efficientportfolio management purposes.

Non-USD investments are intended to be hedged back into USDat the discretion of the Investment Adviser.

Use of financial derivative instrumentsThe Fund may enter into financial derivative instruments forefficient portfolio management, hedging purposes and forinvestment purposes (please refer to the “Investment Policy”above for details on the use of derivatives for investmentpurposes).

Method used to calculate the global exposureThe Fund uses the relative Value-at-Risk (VaR) approach tomeasure its global exposure, by reference to the Barclays GlobalCorporate Index.







Specific risksInvestors should note the specific risk warnings contained inSection 8. (Risk Warnings) of the Prospectus regardinginvesting in derivatives and financial derivative instruments andinvestment strategies.




A USD Monthly Management fee 1.00%distribution Serv. Agent fee (max) 0.27%








Bond FundsContinued

Invesco Global Unconstrained Bond FundInception date21.06.2010

Base currencyGBP

Investment Objective and PolicyThe Fund aims to maximise total return through investment in aflexible allocation of cash, debt securities and financialderivative instruments worldwide.

The Investment Adviser intends to actively manage the Fundand will seek out opportunities within the investment universewhich it believes will contribute to achieving the objective of theFund.

The Fund may invest primarily in debt securities (includingconvertible bonds, high yield bonds and non investment gradebonds) and derivatives within the investment universe.Depending on market conditions, the Fund may invest up to100% of its net assets in cash, cash equivalents, short termbonds and money market instruments, such money marketinstruments having an initial or residual maturity not exceeding397 days. The Fund may invest up to 10% of its net assets inmoney market funds of issuers worldwide denominated in anycurrency.

The investment universe is defined as all cash, debt securitiesissued worldwide, asset backed securities and financialderivative instruments on debt and credit markets and allcurrencies worldwide.

The Fund may also take active currency positions on allcurrencies worldwide through the use of derivatives.

Financial derivative instruments will be used to achieve longand short positions and will include (but are not limited to)futures, forwards, non-deliverable forwards, options, interestrate swaps, credit default swaps as protection purchaser andseller and contracts for differences in each of the above assetclasses. Short positions will be held through financial derivativeinstruments. The Fund may also use financial derivativeinstruments for efficient portfolio management and hedgingpurposes.

While it is not the intention of the Investment Adviser to investin equity securities it is possible that such securities may beheld as a result of a corporate action or other conversions.


The aggregate notional/contract value of long and shortfinancial derivative instruments positions for non hedgingpurposes will not exceed 200% (expressed in net assets of theFund).







Profile of the Typical InvestorThis Fund is suitable for experienced investors who are seekinga total return over a 5 to 10 year timeframe and are preparedto accept higher risk to their capital and high volatility in thevalue of their investments.

Specific risksInvestors should note that the investment strategy and risksinherent in the Fund are not typically encountered in traditionalequity long only funds and attention is drawn to the specificrisk warnings contained in Section 8. (Risk Warnings) of theProspectus regarding investing in derivatives and financialderivative instruments and investment strategies. The Fund willuse derivatives to take both long and short positions as part ofits investment strategy. Such investments are inherently volatileand the Fund could potentially be exposed to additional risksand costs should the market move against it and therefore havea negative effect in the Fund’s value. In extreme marketconditions investors could face minimal or no returns, or mayeven suffer a total loss, on such investments.



A GBP Accumulation Management fee 1.50%Serv. Agent fee (max) 0.27%


C GBP Accumulation Management fee 1.00%Serv. Agent fee (max) 0.20%




Bond FundsContinued

Invesco Global Total Return (EUR) Bond FundInception date15.09.2010

Base currencyEUR

Investment Objective and PolicyThe Fund aims to maximise total return primarily throughinvestment in a flexible allocation of debt securities and cash.

The Investment Adviser intends to actively manage the Fundand will seek opportunities within the investment universewhich it believes will contribute to achieving the objective of theFund.

The Fund may invest primarily in debt securities (includingconvertible bonds and in sub investment grade bonds) andderivatives within the investment universe. Depending onmarket conditions the Fund may invest up to 100% of its netassets in cash, cash equivalents, short term bonds and moneymarket instruments. The Fund may invest up to 10% of its netassets in money market funds of issuers worldwidedenominated in any currency.

The investment universe is defined as all cash, debt securities,asset backed securities, currencies and financial derivativeinstruments on debt and credit markets worldwide.

The Fund may also take active currency positions on allcurrencies worldwide including via derivatives.

While it is not the intention of the Investment Adviser to investin equity securities, it is possible that such securities may beheld as a result of a corporate action or other conversions.








Profile of the Typical InvestorThe Fund is suitable for investors who are seeking capitalappreciation over a 5 to 10 year timeframe and are prepared toaccept risk to their capital and higher levels of volatility in thevalue of their investments.

Specific risksInvestors should be aware that the Fund may significantly alterits asset allocation across debt securities (including noninvestment grade securities), cash and cash equivalent.Investors should therefore note the specific risk warningcontained in Section 8. (Risk Warnings) of the Prospectus underthe heading “Investing in High Yield Bonds” as well as thespecific risk warnings entitled“"Investing in Financial DerivativeInstrument”" and“"Financial Derivative Instruments andInvestment Strategie”". Investors should also be aware that achange in asset allocation may lead to substantial and suddenchanges in the risk profile of the Fund.







E EUR Quarterly Management fee 1.25%distribution Serv. Agent fee (max) 0.27%

R EUR Monthly Management fee 1.00%distribution Serv. Agent fee (max) 0.27%


Bond FundsContinued

Invesco Emerging Market Corporate BondFundInception date04.05.2011

Base currencyUSD

Investment Objective and PolicyThe objective of the Fund is to achieve a high income yield andlong-term capital appreciation by investing primarily in debtsecurities of emerging market corporate issuers.

The Investment Adviser intends to invest in securities andfinancial derivative instruments within the investment universewhich is defined as all cash, debt securities (including assetbacked securities), financial derivative instruments on debt andcredit markets and all currencies worldwide. Financial derivativeinstruments can be used to take both long and short positionsin all markets within the investment universe. Financialderivative instruments may include (but are not limited to)futures, forwards, non-deliverable forwards, and swaps such ascredit default swaps, interest rate swaps and total return swaps.In addition, financial derivative instruments may incorporatestructured notes including but not limited to credit linked notes,deposit linked notes or total return notes.

Equities and equity related instruments may be held up to amaximum of 20% of the net asset value of the Fund. The Fundcan, in the best interest of shareholders and on a temporarybasis own up to 100% of its net assets in cash, money marketinstruments including up to 10% of net asset value in moneymarket funds.

Companies in emerging markets shall mean: (i) companieshaving their registered office in an emerging market, (ii)companies established or located elsewhere but carrying outtheir business activities predominantly in emerging markets or(iii) holding companies the interests of which are predominantlyinvested in equity of companies having their registered office inan emerging market.

For the purposes of the Fund, the Investment Adviser hasdefined the emerging markets as all markets in the countries inthe world other than (i) those members of the European Unionthat the Investment Adviser regards as developed countries, (ii)United States of America, (iii) Canada, (iv) Japan, (v) Australia,(vi) New Zealand, (vii) Norway, (viii) Switzerland, (ix) HongKong and (x) Singapore.


The Fund’s global exposure to derivatives will not exceed 100%of the net asset value of the Fund and hence the total exposuremay not exceed 200% of its net asset value on a permanentbasis.

Method used to calculate the global exposureThe Fund uses the relative Value-at-Risk (VaR) approach tomeasure its global exposure, by reference to the JPM CEMBIBroad Diversified Index.






Profile of the Typical InvestorThis Fund is suitable for investors who are seeking capitalappreciation and/or high income over a 5 to 10 year timeframeand are prepared to accept risk to their capital and a higherlevel of volatility in the value of their investments.

Specific RisksInvestors should note the specific risk warning contained inSection 8. (Risk Warnings) of the Prospectus regardinginvestment in Russia and Ukraine, investing in derivatives,financial derivative instruments and investment strategies, highyield bonds and investing in developing markets.



A USD Monthly Management fee 1.50%distribution Serv. Agent fee (max) 0.27%(fixed distribution)






R USD Monthly Management fee 1.50%distribution Serv. Agent fee (max) 0.27%(fixed distribution)


Bond FundsContinued

Invesco Euro Short Term Bond FundInception date04.05.2011

Base currencyEUR

Investment Objective and PolicyThe objective of the Fund is to provide capital growth byinvesting primarily in short term investment grade debtsecurities (including money market instruments) denominatedin Euro.

The portfolio can include securities issued by governments,government agencies, supranational and corporate entitiesworldwide.

The Fund may also invest in debt securities in non-eurodenominated investments which may be hedged back into Euroat the discretion of the Investment Adviser.

The average portfolio duration of this Fund will normally bebetween one and three years. For the purpose of the Fund,short term debt securities will not have a residual maturityexceeding five years.

The Fund may take active currency positions including throughfinancial derivative instruments up to a maximum of 20% of netassets. The Fund may use financial derivative instruments, totake both long and short positions, and also to manageduration and credit risk.


Method used to calculate the global exposureThe Fund uses the relative Value-at-Risk (VaR) approach tomeasure its global exposure, by reference to a composite index(50% Euro Credit Corp 1-5 Yr Index, 20% Euro Government-Related 1-3 Yr Index, 20% Euro Treasury 1-3 Yr Index and 10%Euro Securitized 1-3 Yr Index)..






Profile of the Typical InvestorThis Fund is suitable for investors who are seeking capitalappreciation over a 1 to 3 year timeframe. Investors areprepared to accept risk to their capital and low to mediumvolatility in the value of their investments.

Specific risksInvestors should note the specific risk warnings contained inSection 8. (Risk Warnings) of the Prospectus regardinginvesting in derivatives and financial derivative instruments andinvestment strategies.








Bond FundsContinued

Invesco Asian Bond FundInception date15.12.2011

Base currencyUSD

Investment Objective and PolicyThe objective of the Fund is to generate income and long termcapital appreciation by investing in Asian debt securities. TheInvestment Adviser will seek to achieve the investmentobjective by investing at least 70% of the Fund’s assets in aportfolio of both investment grade and non-investment gradedebt securities (including unrated debt securities andconvertibles) which include the following:

– debt securities issued/guaranteed by the governments,local authorities/public authorities of Asian countries, or

– debt securities issued/guaranteed by entities which arelisted on exchanges of Asian countries carrying outbusiness predominantly in Asia, or

– debt securities denominated in currencies of Asiancountries, which may be issued/guaranteed bygovernments, authorities or entities other than thosedescribed above.

Not more than 10% of the Fund’s assets will be directly orindirectly invested in China onshore debt securities listed on theShanghai or Shenzhen Stock Exchanges through Invesco’s QFIIquota.

Up to 30% of the Fu’d's assets may be invested in cash andcash equivalents, and debt securities not meeting the aboverequirements, of issuers worldwide and denominated in anycurrency.

For the purposes of the Fund, the Investment Adviser hasdefined Asian countries as all countries in Asia excluding Japanbut including Australia and New Zealand.


Method used to calculate the global exposureThe Fund uses the relative Value-at-Risk (VaR) approach tomeasure its global exposure, by reference to the HSBC AsiaLocal Bond Index





Profile of the Typical InvestorThe Fund is suitable for investors who are seeking capitalappreciation and/or income over a 5 to 10 year timeframe andare prepared to accept risk to their capital and higher levels ofvolatility in the value of their investments.

Specific risksWhile it is the aim of the Investment Adviser to generateincome and long term capital appreciation, investors should beaware that this may not be achieved as the Fund may invest innon-investment grade fixed income securities.

The securities markets of some of the target Asian countries(including the Chinese onshore market and offshore RMB bondmarket) are developing markets and as such are not as large asthe more established securities markets and have substantiallyless trading volume. These markets may lack liquidity andexhibit higher price volatility meaning that the accumulationand disposal of holdings in some investments may be timeconsuming and may need to be conducted at unfavourableprices. However, investments will be made to ensure that theoverall liquidity of the Fund shall not be impacted.


In managing the Fund, the Investment Adviser will be supportedby Invesco Asset Management Limited as its investment sub-adviser in order to use the expertise of a specialist investmentdivision (Invesco Fixed Income) of Invesco Asset ManagementLimited. However, the Investment Adviser will retain fullinvestment discretion for the Fund.


A USD Monthly Management fee 1.00%distribution Serv. Agent fee (max) 0.27%







R USD Monthly Management fee 1.00%distribution Serv. Agent fee (max) 0.27%


Bond FundsContinued


Invesco US High Yield Bond FundInception date27.06.2012

Base currencyUSD

Investment objectives and policiesThe Fund aims to achieve high income and long-term capitalgrowth. The Fund will invest at least 70% of its total assets innon-investment grade debt securities (including convertible debtor unrated debt securities) issued by US issuers. Such USissuers include (i) companies and other entities with theirregistered office in the US or incorporated or organised in theUS, or (ii) companies and other entities with their registeredoffice outside of the US but carrying out their businessactivities predominantly in the US or (iii) holding companies,the interests of which are predominantly invested in companieswith their registered office in the US or in companiesincorporated or organised in the US.

Non-USD investments are intended to be hedged back into USDat the discretion of the Investment Adviser.

Up to 30% of the total assets of the Fund may be invested inaggregate in cash and cash equivalents, money marketinstruments, debt securities not meeting the aboverequirement, or preference shares. Not more than 10% of thetotal assets of the Fund may be invested in securities issued byor guaranteed by a country whose credit rating is belowinvestment grade.

While it is not the intention of the Investment Adviser to investin equity securities it is possible that such securities may beheld as a result of a corporate action or other conversions.


Method used to calculate the global exposureThe Fund uses the relative Value-at-Risk (VaR) approach tomeasure its global exposure, by reference to the BarclaysCapital U.S. Corporate High Yield 2% Issuer Cap Index.






Profile of the Typical InvestorThis Fund is suitable for investors who are seeking capitalappreciation and/or high income over a 5 to 10 year timeframeand are prepared to accept risk to their capital and a higherlevel of volatility in the value of their investments.

Specific risksInvestors should therefore note the specific risk warningcontained in Section 8. (Risk Warnings) of the Prospectus underthe heading “Investing in High Yield Bonds”





A EUR Annual Management fee 1.25%(EUR Hgd) distribution Serv. Agent fee (max) 0.30%

A USD Monthly Management fee 1.25%distribution Serv. Agent fee (max) 0.30%(fixeddistribution)






Bond FundsContinued

Invesco Renminbi Fixed Income FundInception date27.06.2012

Base currencyUSD

Investment objectives and policiesThe investment objective of the Fund is to achieve total return,comprised of current income and capital appreciation byinvesting at least 70% of its assets into Renminbi (RMB)denominated debt instruments issued outside mainland Chinaand RMB denominated money market instruments and bankdeposits. The term “Renminbi (RMB)” used herein refers tooffshore RMB“("CNH") traded in Hong Kong and not to onshoreRMB“("CNY") traded in Mainland China.

The Fund will invest in a flexible allocation of (i) RMBdenominated debt instruments of governments, supranationalbodies, local authorities, national public bodies and corporateissuers worldwide which are issued outside mainland China, (ii)RMB denominated money market instruments and (iii) RMBdenominated bank deposits including certificates of deposits.The proportion invested in debt instruments and money marketinstruments will vary as circumstances dictate.

Up to 30% of the total assets of the Fund may be invested inaggregate in non-RMB denominated investments including cashand cash equivalents, money market instruments or debtsecurities (including convertible debt).








Profile of the Typical InvestorThis Fund is suitable for investors who are seeking currentincome and capital appreciation over a 5 to 10 year timeframeand who are prepared to accept risk to their capital and at leasta moderate volatility in the value of their investments.

Specific risksThe offshore RMB bond market is a developing market and assuch is not as large as the more established securities marketsand has substantially less trading volume. This market may lackliquidity and exhibit higher price volatility meaning that theaccumulation and disposal of holdings in some investments maybe time consuming and may need to be conducted atunfavourable prices. However, investments will be made toensure that the overall liquidity of the Fund shall not beimpacted.


In managing the Fund, the Investment Adviser will be supportedby Invesco Asset Management Limited as its investment sub-adviser in order to use the expertise of a specialist investmentdivision (Invesco Fixed Income) of Invesco Asset ManagementLimited. However, the Investment Adviser will retain fullinvestment discretion for the Fund.








Bond FundsContinued

Invesco Capital Shield 90 (EUR) FundInception date09.05.2003

Base currencyEUR

Investment Objective and PolicyThe Fund aims to provide a total return through investment in adiversified portfolio of short-term debt securities and moneymarket instruments including commercial paper, and exposureto bond and equity markets through the use of derivatives. TheFund may take both long and short positions throughderivatives. The maximum equity exposure is 50% of the netassets, and the maximum bond exposure is 100% of the netassets. To a lesser extent, the Fund may invest directly inlongterm debt and equity securities. In addition the Fund mayseek exposure to commodity markets through exchange tradedcommodities, exchange traded funds and derivatives oncommodity indices for up to 20% of its net asset value.

The Fund may take active currency positions on all currenciesworldwide through the use of derivatives. The allocation of theparticipation between bond, equity, commodity or currencymarkets will be determined on the basis of the asset allocationmodels developed by the Investment Adviser.

From time to time the Investment Adviser may decide to hold asubstantial part or all of the Fund’s assets in the form of liquidassets.

The Euro (EUR) mentioned in the Fund’s name is the basecurrency in which the Fund’s accounts are kept and theperformance is measured, though not necessarily the currencyin which the assets of the Fund will be denominated. Non-Euroinvestments are intended to be hedged back into Euro at thediscretion of the Investment Adviser.

It is the intention of the Investment Adviser to preserve untilthe termination of the Fund a Net Asset Value of no less than90% of the Net Asset Value of the A share class on 14 August2009 (such minimum value referred to as the “Floor”). TheFloor will be adjusted to equal 90% of the Net Asset Value ofthe A share class of the Fund if the Net Asset Value of the Ashare class increases from and after 14 August 2009 and willremain at its high water mark level if the Net Asset Value of theA share class of the Fund thereafter decreases. The Fund ismanaged with reference to the Floor, as adjusted, and it is theintention of the Investment Adviser to maintain the Net AssetValue of the A share class at or above the Floor, as adjusted,although there is no guarantee that it can or will be somaintained. In this regard, please refer to the “Specific risk”below.








Profile of the Typical InvestorThis Fund is suitable for investors who are seeking capitalappreciation over a 5 to 10 year timeframe and are prepared toaccept risk to their capital but are looking for a lower riskedfixed-income investment, with generally lower volatility thancorporate bond or equity funds.

Specific risksThe Investment Adviser undertakes every reasonable effort topreserve the Floor, as adjusted, but neither the InvestmentAdviser, nor any other Invesco entity, guarantees that Floor, asadjusted. Investors should not therefore construe the aboveinvestment objectives as a guarantee and be aware that theybear the residual risk in the event that the preservation targetis not achieved. Investors should note that, because the Floor iscalculated with reference to the A share class of the Fund, andbecause of the differences in Annual Management Fees andService Agent Fees applied to the C and E share classes incomparison to the A share class, in the event that the NetAsset Value of the A share class declines below the Floor, asadjusted, the Net Asset Value of the C share class may behigher or lower, and the Net Asset Value of the E share classwill be lower, than an amount equal to 90% of the Net AssetValue of the respective share class on 14 August 2009, asadjusted pursuant to the methodology described in the lastparagraph of “Investment Policy” above. Investors should notethat in the event that the Net Asset Value of the A share classdeclines below the Floor, as adjusted, as a consequence ofchanges in the relevant markets, the amount available forinvestment in derivatives will be limited to the differencebetween income derived from debt securities less all expensesgenerated in relation to the management (and administration)of the Fund. This limitation may restrict the InvestmentAdviser’s ability to manage the Fund in a way that will allow theNet Asset Value of the A share class of the Fund to regain orrise above the Floor, as adjusted.

While the above techniques are designed to limit the downsiderisk of the relevant bond and equity markets, other risksassociated with the debt securities part of the Fund are not thesubject of particular risk avoidance (debtor risk of an issuer ofthe instruments of the debt securities component, transfer,counterparty and settlement risk of securities transactions).

Mixed Funds

Transactions in futures carry a high degree of risk. The amountof the initial margin is small relative to the value of the futurescontract so that transactions are “leveraged” or “geared”. Arelatively small market movement may have a proportionatelylarger impact which may work for or against the investor.However, the Fund will limit the exposure arising from suchtransactions as described in the “Investment Policy”.









Mixed FundsContinued

Invesco Asia Balanced FundInception date31.10.2008

Base currencyUSD

Investment Objective and PolicyThe primary objective of the Fund is to generate income frominvestment in Asia-Pacific equities and debt securities (excludingJapan). The Fund will also aim to provide long term capitalappreciation.

The Fund will invest at least 70% of total assets (after deductingancillary liquid assets) in a diversified portfolio of equities anddebt securities in the Asia-Pacific region (excluding Japan). Theallocation mix between equities and debt securities may varyaccording to the Investment Adviser’s discretion and marketconditions. Included in this category are listed real estateinvestment trusts (“REITs”) in Asia-Pacific ex Japan.

Up to 30% of the total assets of the Fund may be invested inaggregate in cash and cash equivalents, money marketinstruments, equity, equity related and debt securities issued bycompanies or other entities not meeting the aboverequirements.

The Fund will have a flexible approach to country allocationcovering investments in the Asia-Pacific region including theIndian subcontinent and Australasia but excluding Japan.

Additional disclosureInvestors should note that insofar as the Fund directly invests inREITs, any dividend policy or dividend payout at the Fund levelmay not be representative of the dividend policy or dividendpayout of the relevant underlying REIT.


Method used to calculate the global exposureThe Fund uses the relative Value-at-Risk (VaR) approach tomeasure its global exposure, by reference to a composite index(50% MSCI AC Pacific ex Japan Index and 50% HSBC AsianDollar Bond Index).






Profile of the Typical InvestorThis Fund is suitable for investors who are seeking capitalappreciation over a 5 to 10 year timeframe and are prepared toaccept risk to their capital and at least moderate to highvolatility in the value of their investments.



A USD Quarterly Management fee 1.25%distribution Serv. Agent fee (max) 0.35%


A HKD Quarterly Management fee 1.25%distribution Serv. Agent fee (max) 0.35%








Invesco Pan European High Income FundInception date31.03.2006

Base currencyEUR

Investment Objective and PolicyThe Fund aims to provide to Shareholders long-term total returngrowth from an actively managed, diversified portfolio investingprimarily in higher yielding European debt securities and, to alesser extent, equities.

At least 70% of the total assets of the Fund (without taking intoaccount ancillary liquid assets) shall be invested in Europeansecurities. The Fund will invest more than 50% of the totalassets in European debt securities.

Up to 30% of the total assets of the Fund may be invested inaggregate in cash and cash equivalents, money marketinstruments, equity and equity related securities issued bycompanies or other entities not meeting the aboverequirements or in debt securities (including convertible bonds)of issuers worldwide.

European securities are to be understood to be those ofcompanies having their registered office in a European countryor in other countries but carrying out their business activitiespredominantly in Europe or holding companies investingpredominantly in equities of companies having their registeredoffice in a European country.

Derivatives may be used for efficient portfolio management,including credit default swaps as protection purchaser andseller.

The Fund may also, from time to time, sell interest rate futuresin order to reduce participation in the bond markets or toproduce gains for the Fund in falling bond markets.

Investment RestrictionsSection 7.2. (Financial Derivative Instruments Restrictions) ofthe Prospectus shall be read to permit also the sale of interestrate futures to reduce participation in the bond markets or toproduce gains for the Fund in falling bond markets.












A EUR Quarterly Management fee 1.25%distribution Serv. Agent fee (max) 0.40%







Invesco Global Absolute Return FundInception date25.03.2008

Base currencyEUR

Investment Objective and PolicyThe Fund will be managed with the objective of achieving in allmarket environments an absolute return in excess of the returnon Euro short-term money-market instruments through acombination of (i) a market neutral micro economic strategy oftaking long and short positions in global equities (“microstrategy”) where the long positions may be held through acombination of direct investments and/or financial derivativeinstruments and where the short positions are held through theuse of financial derivative instruments and (ii) a global macroeconomic strategy of taking long and short positions in globalstock, bond, foreign exchange and commodity index futures(“macro strategy”). Short positions will be held throughfinancial derivatives instruments.

The Investment Adviser will apply a fundamental and systematicapproach to investing in global equities and global stock, bond,foreign exchange and commodity index futures The InvestmentAdviser expects the combination of macro and micro strategiesto deliver a higher ratio of return to risk than the use of asingle strategy.

Financial derivative instruments used to achieve long and shortpositions may include (but are not limited to) futures (includingsingle stock futures), forwards, equity swaps and contracts fordifferences. The Fund may also use financial derivativeinstruments for efficient portfolio management and hedgingpurposes.

The Fund may invest directly in cash, cash equivalents, moneymarket instruments and debt securities (including floating ratenotes). Non-Euro investments are intended to be hedged backinto Euro at the discretion of the Investment Adviser.

Use of financial derivative instrumentsThe Fund may enter into financial derivative instruments forefficient portfolio management, hedging purposes and forinvestment purposes (please refer to the “Investment Policy”above for further details on the use of derivatives).

The Fund may through the use of financial derivativeinstruments hold gross long or short positions of up to 290% ofthe Fund’s Net Asset Value and net long or short positions ofup to 200% of the Fund’s Net Asset Value.

The total combined gross long and short positions through theuse of financial derivative instruments may not exceed 380% ofthe Fund’s Net Asset Value.







Profile of the Typical InvestorThis Fund is suitable for experienced investors who are seekingcapital appreciation over a 5 to 10 year timeframe and areprepared to accept risk to their capital and higher volatility inthe value of their investments. Although the Fund has a cashbenchmark, it should not be used as a substitute for traditionalliquidity funds.

Specific risksInvestors should note that the investment strategy and risksinherent in the Fund are not typically encountered in traditionallong only funds. The Fund will use derivatives as part of itsinvestment strategy and such investments are inherentlyvolatile and the Fund could potentially be exposed to additionalrisks and costs should the market move against it. The marketneutral strategy used by the Fund may fail to produce theintended result. There is no guarantee that the use ofcorresponding long and short positions will succeed ingenerating an absolute return for investors in all marketconditions. The Fund will frequently use derivatives to takeshort positions in some investments. Should the value of suchinvestments increase, it will have a negative effect in the Fund’svalue. In extreme market conditions, the Fund may be facedwith theoretically unlimited losses. Such extreme marketconditions could mean that investors could, in certaincircumstances, face minimal or no returns, or may even suffera loss, on such investments.





C JPY Accumulation Management fee 1.00%(JPY hdg) Serv. Agent fee (max) 0.30%

C USD Accumulation Management fee 1.00%(USD Hgd) Serv. Agent fee (max) 0.30%




Invesco Balanced-Risk Allocation FundInception date01.09.2009

Base currencyEUR

Investment Objective and PolicyThe Fund’s objective is to provide total return with low tomoderate correlations relative to traditional financial marketindices, by gaining exposure to three asset classes: debtsecurities, equities and commodities. The overall risk of theFund is intended to be consistent with that of a balancedportfolio of equity and debt securities.

To achieve this investment objective, the Fund utilises two mainstrategies:

– the first seeks to balance the risk contribution from eachof the three asset classes, with the aim of reducing theprobability, magnitude, and duration of capital losses;

– the second seeks to tactically shift the allocation amongthe assets with the aim of improving expected returns.

The Fund intends to mainly invest directly in cash, cashequivalents, money market instruments, equities, equity relatedsecurities and debt securities (including floating rate notes).Financial derivative instruments (including but not limited tofutures and total return swaps) are used to achieve additionallong exposure on debt, equities and commodities worldwide.The Fund intends to gain exposure to commodity marketsthrough exchange traded commodities, exchange traded fundsand derivatives on commodity indices. The Fund may also usefinancial derivative instruments, including currency futures andforwards, for efficient portfolio management and hedgingpurposes. Financial derivative instruments will not be used tocreate net short positions in any asset class.

Non-Euro investments are intended to be hedged back into Euroat the discretion of the Investment Adviser.


The aggregate notional/contract value of long financialderivative instruments positions will not exceed 200%(expressed in net assets of the Fund).

Method used to calculate the global exposureThe Fund uses the relative Value-at-Risk (VaR) approach tomeasure its global exposure, by reference to a composite index(60% MSCI World Index and 40% JPM GBI Global all MatsIndex).






Profile of the Typical InvestorThis Fund is suitable for experienced investors who are seekingcapital appreciation over a 5 to 10 year timeframe and areprepared to accept risk to their capital and higher volatility inthe value of their investments.

Specific risksThe Fund will make significant use of financial derivativeinstruments for investment purposes and investors should notethe specific risk warnings contained in Section 8. (RiskWarnings) of the Prospectus regarding investing in derivativesand financial derivative instruments and investment strategies.While the overall risk of the Fund is intended to be consistentwith that of a balanced portfolio of equity and debt securities,investors should be aware that this may not be achieved andthe Fund can experience high volatility.





A USD Accumulation Management fee 1.25%(USD Hgd) Serv. Agent fee (max) 0.35%


C GBP Accumulation Management fee 0.75%(GBP Hdg) Serv. Agent fee (max) 0.30%

C USD Accumulation Management fee 0.75%(USD Hgd) Serv. Agent fee (max) 0.30%





Perivan Financial Print 225510

Invesco Funds, SICAVAddendum dated 31 October 2012To the Prospectus dated 27 June 2012

This Addendum should be read in conjunction with and forms part of the InvescoFunds Prospectus dated 27 June 2012 (“the Prospectus”). All capitalized termsherein contained shall have the same meaning in this Addendum as in theProspectus, unless otherwise stated.

An open-ended umbrella investment fund established under the laws ofLuxembourg and harmonised under the EU Council Directive 2009/65/EC asamended.

The directors of Invesco Funds, SICAV (the “Directors”), are the persons responsiblefor the information contained in this document including its Appendices. To the bestof the knowledge and belief of the Directors, the information contained in thisdocument is at its date in accordance with the facts and does not omit anything likelyto affect the import of such information. The Directors accept responsibilityaccordingly.

IMPORTANT – If you are in any doubt about the contents of this Prospectus youshould consult your stockbroker, bank manager, solicitor, accountant or otherfinancial adviser.

2 Invesco Funds, SICAVAddendum dated 31 October 2012

Appendix A to the Prospectus dated 27 June 2012 is amendedby the incorporation of the table detailed below to reflect thelaunch of an additional I share class in respect of the InvescoGlobal Structured Equity Fund (the “Fund”).

In the description of the Fund contained in Appendix A, thetable “Characteristics of the Share classes available in theFund” is therefore amended by the insertion of the followingline, which sets forth the features of this additional I shareclass:


I EUR Accumulation Management fee n\aServ. Agent fee (max) 0.20%

* Please refer to Sections 4.1. (Types of Shares), 4.3. (Charges to Investors) and 9.3. (Feesand expenses of the SICAV) for further information on fees and charges which are the samefor all Funds and/or for each class of Shares.

** This I Share class will be launched on 7 November 2012 or such later date as the Directorsmay determine in their absolute discretion.

31 October 2012

Documents

Invesco Funds, SICAV Prospectus - Citibank Funds, SICAV Prospectus 27 June 2012 An open-ended umbrella investment fund established under the laws of Luxembourg and harmonised under