Shareholder circular: Invesco Pan European High Income Fund & Invesco Euro Corporate Bond Fund

Transcription

1 Invesco Funds SICAV 2-4 rue Eugene Ruppert L-2453 Luxembourg Luxembourg 12 December 2017 Shareholder circular: Invesco Pan European High Income Fund & Invesco Euro Corporate Bond Fund This circular is important and requires your immediate attention. If you are in any doubt as to the action you should take you should seek advice from your professional adviser/consultant. Unless otherwise defined, all capitalised terms used herein bear the same meaning as defined in the prospectus of the SICAV and Appendix A (together the Prospectus ). You have transferred all of your Shares in Invesco Pan European High Income Fund and/or Invesco Euro Corporate Bond Fund, both sub-funds of Invesco Funds? - For Shareholders in Italy: Please be aware that you do not have to take any action if you have transferred all of your Shares. - For all other markets: Please pass this circular to the transferee or to the stockbroker, bank or other agent through whom the transfer was effected for transmission to the transferee as soon as possible. About the information in this circular: The directors of Invesco Funds (the Directors ) and the Management Company are the persons responsible for the information contained in this letter. To the best of the knowledge and belief of the Directors and the Management Company (having taken all reasonable care to ensure that such is the case), the information contained in this letter is, at the date hereof, in accordance with the facts and does not omit anything likely to affect the import of such information. The Directors and the Management Company accept responsibility accordingly. Invesco Funds is regulated by the Commission de Surveillance du Secteur Financier Directors: Peter Carroll (Irish), Douglas Sharp (Canadian), Timothy Caverly (American), Graeme Proudfoot (British) and Bernhard Langer (German) Incorporated in Luxembourg No B VAT No. LU LUX_S_EN

2 12 December 2017 Dear Shareholder, We are writing to you as a Shareholder of the Invesco Pan European High Income Fund and/or Invesco Euro Corporate Bond Fund (together the Funds ) in relation to some updates to Appendix A of the prospectus of the SICAV. We would like to inform you that the Investment Objective and Policy of both Funds will be amended, as from 8 March 2018 (the Effective Date ). It is proposed to allow the Funds to use derivatives for investment purposes and to make slight adjustments to their Investment Objective and Policy to allow for greater flexibility in the implementation of the investment strategies. It is also intended to align the language and format with the other existing sub-funds of the SICAV. A. Terms of amendments Invesco Pan European High Income Fund (the Pan European High Income Fund ) As from the Effective Date, the Investment Objective and Policy of the Pan European High Income Fund will be amended. It will be clarified that the Pan European High Income Fund aims to achieve a high level of income together with longterm capital growth by investing primarily in European debt and equity securities. The definition of European securities will be changed to include securities issued by European governments and any debt denominated in a European currency. Therefore, the Pan European High Income Fund will be able to invest in government debt securities as part of the 70% primary allocation. In addition, from the Effective Date, the requirement for the Pan European High Income Fund to invest more than 50% of its NAV in European debt securities will be amended to at least 50% of its NAV in debt securities (i.e. European or non- European). For the avoidance of doubt, the Pan European High Income Fund will continue to invest at least 70% of its NAV in European securities (debt and equity securities). In addition, in order to provide greater flexibility in the implementation of the investment strategy, it is proposed to extend the use of derivatives and allow the Pan European High Income Fund to use derivatives for investment purposes. To this end, the Sections Use of financial derivative instruments and Expected level of leverage in the Appendix A of the prospectus will be changed as follows from the Effective Date: Use of financial derivative instruments The Fund may enter into financial derivative instruments for efficient portfolio management, hedging purposes and for investment purposes (please refer to the Investment Policy above for further details on the use of derivatives for investment purposes). The expected proportion of the NAV of the Fund subject to total return swaps is 0%. Under normal circumstances, the maximum proportion of the NAV of the Fund subject to total return swaps is 30%. Expected level of leverage The level of leverage under normal market circumstances is expected to amount to 60% of the NAV of the Fund. Such level might be exceeded or might be subject to change in the future In addition, the risk table in Section 8 of the prospectus will be updated accordingly (the risk related to investing in financial derivative instruments for investment purposes will apply from the Effective Date). 2

3 The above changes are not intended to materially impact the way the Pan European High Income Fund is being managed or its risk profile. Any cost and/or expenses incurred in connection with the above changes will be borne by the Management Company. Invesco Euro Corporate Bond Fund ( the Euro Corporate Bond Fund ) As from the Effective Date, the Investment Objective and Policy of the Euro Corporate Bond Fund will be amended. The proposed changes will allow the Euro Corporate Bond Fund to remain a strategy with a focus on investment grade, but also providing flexibility in the Euro Corporate Bond Fund s ability to retain cash and access other opportunities. For consistency with other sub-funds of the SICAV, two previous references will be replaced: - Two thirds will be replaced by primarily (defined as 70% of the NAV of the Euro Corporate Bond Fund). - Up to one third will be replaced by 30%. We have taken the opportunity to simplify the messaging and change the primary investment universe to debt securities denominated in Euro issued by corporate issuers. We have also removed reference to the fact that the Euro Corporate Bond Fund will invest primarily in investment grade debt. However, to ensure that the focus remains within the investment grade sector, the Euro Corporate Bond Fund will continue to be restricted from investing no more than 30% of its NAV in non-investment grade debt. In addition, in order to provide greater flexibility in the implementation of the investment strategy, it is proposed to extend the use of derivatives and allow the Euro Corporate Bond Fund to use financial derivative instruments for investment purposes. To this end, the Section "Use of financial derivatives instruments in the Appendix A of the prospectus will be changed as follows from the Effective Date: The Fund may enter into financial derivative instruments for efficient portfolio management, hedging purposes and for investment purposes (please refer to the Investment Policy above for further details on the use of derivatives for investment purposes). The expected proportion of the NAV of the Fund subject to total return swaps is 0%. Under normal circumstances, the maximum proportion of the NAV of the Fund subject to total return swaps is 30%. In addition, the risk table in Section 8 of the prospectus will be updated accordingly (the risks related to investing in financial derivative instruments for investment purposes and volatility risk will apply from the Effective Date). The above changes are not intended to materially impact the way the Euro Corporate Bond Fund is being managed or its risk profile. Any cost and/or expenses incurred in connection with the above changes will be borne by the Management Company. Do any of the above mentioned amendments to the Funds not suit your investment requirements? In this case, you may at any time prior to the Effective Date: - Redeem your Shares in the Funds without any redemption charges. Redemptions will be carried out in accordance with the terms of the prospectus of the SICAV. - Avail of a free switch out of the relevant Share class into another sub-fund in the Invesco Cross-Border Product Range of funds domiciled in Ireland and Luxembourg. Please be aware that this is subject to the minimum investment amounts and eligibility requirements set out in the relevant fund prospectus and authorisation of the particular fund for sale in your jurisdiction. 3

4 B. Availability of documents and additional information Do you require additional information? The updated Prospectus, its Appendix A and the updated Key Investor Information Documents will be available free of charge at the registered office of the SICAV. These will also be available from the website of the Management Company of the SICAV (Invesco Management S.A.): Do you have any queries in relation to the above? Or would like information on other products in the Invesco range of funds that are authorised for sale in your jurisdiction? Please contact your local Invesco office. You may contact - Invesco Asset Management Deutschland GmbH at (+49) , - Invesco Asset Management Österreich- Zweigniederlassung der Invesco Asset Management Deutschland GmbH at (+43) , - Invesco Global Asset Management DAC at (+353) , - Invesco Asset Management Asia Limited at (+852) , - Invesco Asset Management S.A. Sucursal en España at (+34) , - Invesco International Limited Jersey at , - Invesco Asset Management S.A. Belgian Branch at (+32) , - Invesco Asset Management S.A. at (+33) , - Invesco Asset Management S.A. Sede Secondaria, - Invesco Asset Management (Schweiz) AG at (+41) , - Invesco Asset Management SA Dutch Branch at (+31) , - Invesco Asset Management S.A (France) Swedish Filial at (+46) or Invesco Global Investment Funds Limited at (+44) C. Further information The value of investments and the income generated from investment can fluctuate (this may partly be the result of exchange rate fluctuations). Investors may not get back the full amount invested. - For Shareholders in the UK: For the purpose of the United Kingdom Financial Services and Markets Act, 2000 (the FSMA ), this letter has been issued by Invesco Global Investment Funds Limited which is authorised and regulated by the Financial Conduct Authority, on behalf of Invesco Global Asset Management DAC, the Global Distributor of the SICAV. For the purposes of United Kingdom law, the SICAV is a recognised scheme under section 264 of the FSMA. All or most of the protections provided by the United Kingdom regulatory system, for the protection of private clients, do not apply to offshore funds, compensation under the United Kingdom s Financial Services Compensation Scheme will not be available and United Kingdom cancellation rights do not apply. - For Shareholders in Germany: If you are acting as a distributor for German clients, please be advised you are required to forward this circular to your end clients by durable media. - For Shareholders in Switzerland: The Prospectus, the Key Investor Information Documents and the Articles, as well as the annual and interim reports of the Invesco Funds may be obtained free of charge from the Swiss representative. Invesco Asset Management (Switzerland) Ltd., Talacker 34, 8001 Zurich, is the Swiss representative and BNP Paribas Securities Services, Paris, Succursale de Zurich, Selnaustrasse 16, 8002 Zurich, is the Swiss paying agent. 4

5 A copy of this letter is available in various languages. For further information, please contact the Investor Services Team, IFDS, Dublin on (+353) (option 2) or your local Invesco office. Thank you for taking the time to read this communication. Yours faithfully, By order of the Board of Directors Acknowledged by Invesco Management S.A. 5

6 This marketing document is exclusively for use by Professional Clients and Financial Advisers in Continental Europe (as defined in the important information) and Ireland, Qualified Investors in Switzerland and Professional Clients in Cyprus, Dubai, Jersey, Guernsey, Isle Of Man, Malta and the UK. This document may also be used by financial intermediaries in the United States as defined below. This document is not for consumer use, please do not redistribute. Q&A - Prospectus Changes Invesco Pan European High Income Fund Invesco Euro Corporate Bond Fund December 2017 Why is Invesco issuing shareholder mailings to existing investors of the Invesco Euro Corporate Bond Fund and the Invesco Pan European High Income Fund on 12 December 2017? This is being done in order to inform existing shareholders about upcoming changes to the prospectus wording with a 2-3 month notice period. When will the prospectus changes become effective? The prospectus changes will become effective on 8 March Does this mean that the funds investment process will be implemented in a different way from 8 March 2018? The changes are not intended to materially impact the way either funds are being managed nor their respective risk profiles. The changes are being made to provide greater flexibility in the implementation of the investment strategy and allow the funds to use derivatives for investment purposes along with bringing the objective language in line with Invesco s standard prospectus wording. Why are the changes being made? The changes are being made to provide greater flexibility in the implementation of the investment strategy as well as clarifying existing wording. Invesco Pan European High Income Fund Exactly what changes are being made to the Invesco Pan European High Income Fund? The objective language is being amended as below: 1) It is being clarified that the fund aims to achieve a high level of income together with long-term capital growth by investing primarily in European securities; 2) The definition of European is being changed to include securities issued by European governments and any debt denominated in a European currency. Therefore, the fund is able to invest in government debt securities as part of the 70% primary allocation; 3) The requirement for the fund to invest more than 50% of its NAV in European debt securities has been amended to at least 50% of its NAV in debt securities; 4) The fund will now be permitted to use derivatives for investment purposes. Are the changes likely to result in an increase in the risk profile or positioning of the Fund? The messaging, look and feel of the portfolio is not expected to change materially and by association it is not expected that the changes will result in a material increase in the risk profile. Can we see a table with the changes? Yes. Please see below. Objective Primary bucket Old New Change/Comment Long-term total return growth from an actively managed, diversified portfolio investing primarily in higher yielding European debt and, to a lesser extent equities 70% in European Securities, with a minimum of 50% in European debt A high level of income together with long-term capital growth 70% in European Securities, with a minimum of 50% in debt securities Simplification of message and moving the investment objective to its own section Primary change here is that we have changed the 50% European debt requirement to 50% debt, while maintaining the 70% in European securities Invesco Pan European High Income Fund and Invesco Euro Corporate Bond Fund Prospectus Changes 1

7 Definition of European Securities European securities are to be understood to be those of companies having their registered office in a European country or in other countries but carrying out their business activities predominantly in Europe or holding companies investing predominantly in equities of companies having their registered office in a European country. 30% bucket Up to 30% of the net asset value of the Fund may be invested in aggregate in cash and cash equivalents, money market instruments, equity and equity related securities issued by companies or other entities not meeting the above requirements or in debt securities (including convertible bonds) of issuers worldwide. Derivative use Derivatives may be used for efficient portfolio management, including credit default swaps as protection purchaser and seller. The Fund may also, from time to time, sell interest rate futures in order to reduce participation in the bond markets or to produce gains for the Fund in falling bond markets. The Fund may enter into financial derivative instruments for efficient portfolio management and hedging purposes only (please refer to the Investment Policy above for further details on the use of derivatives). Numerical example Old New Comment European securities are to be understood to be those issued by European governments or companies or any debt denominated in a European currency. European companies are those with their registered office in a European country, or carrying out business activities predominantly in Europe, or holding companies, the interests of which are predominantly invested in companies with their registered office in a European country. Up to 30% of the net asset value of the Fund may be invested in aggregate in cash, cash equivalents, money market instruments, equity and equity-related securities issued by companies or other entities not meeting the above requirements or in convertible debt of issuers worldwide. The Fund s use of derivatives may include derivatives on credit, rates, equities and currencies and may be used to achieve both long and short positions, which overall will not result in the Fund being directionally short or short any asset class. The Fund may enter into financial derivative instruments for efficient portfolio management, hedging purposes and for investment purposes (please refer to the Investment Policy above for further details on the use of derivatives for investment purposes). The expected proportion of the NAV of the Fund subject to total return swaps is 0%. Under normal circumstances, the maximum proportion of the NAV of the Fund subject to total return swaps is 30%. European Securities >70% >70% Slight change to definition We have included European Govt debt in the definition of European Securities. In addition, we have included debt securities issued by non- European issuers but denominated in a European currency in the definition. No change, slight change in terminology for consistency purposes. Enhancement to allow use for investment purposes. The paragraph on Total Return Swaps has been added as a result of regulation called SFTR (Securities Financial Transactions Regulation) Debt >50% in European debt >50% in debt While there is a change to the debt allocation requirement the fund still needs to maintain 70% in European securities so it will stay true to mandate. The current issue was that if the Fund has 29% in European equities it would still require the fund to hold an additional 50% in European debt, meaning 79% in practice in European securities. While this is not ordinarily an issue as the Fund should and will continue to have a European focus the change does provide some additional flexibility into the future. It is not expected that the change will alter how and to what extent the fund accesses the equity market. Cash, Cash equivalents and other securities 0-30% 0-30% No change Invesco Pan European High Income Fund and Invesco Euro Corporate Bond Fund Prospectus Changes 2

8 Invesco Euro Corporate Bond Fund Exactly what changes are being made to the Invesco Euro Corporate Bond Fund? The objective language is being amended as below: 1) Two thirds is being replaced by primarily (defined as 70% of the NAV of the Invesco Euro Corporate Bond Fund). Up to one third will be replaced by 30% ; 2) The messaging is being simplified and the primary investment universe is being changed to debt securities denominated in Euro issued by corporate issuers from investment grade fixed and floating rate bonds and other debt securities; 3) The fund continues to be restricted from investing no more than 30% of its NAV in non-investment grade debt and therefore remains an investment grade-focused strategy but is permitted additional flexibility in its ability to retain cash; 4) The fund will now be permitted to use derivatives for investment purposes. Can we see a table with the changes? Yes. Please see below. Old New Change/Comment Objective The Fund is invested to achieve, in the medium to long-term, a competitive overall investment return in Euros with relative security of capital in comparison to equities. The Fund aims to achieve a combination of income and capital growth over the medium to longterm. Simplification of the objective and movement of the investment objective to its own individual section. Primary bucket The Fund will invest at least two thirds of its net asset value in debt securities or instruments denominated in Euro issued by corporate issuers. The Fund will invest primarily (at least 70% of its net asset value of the Fund) in investment grade (Moody s Baa or higher) fixed and floating rate bonds and other debt securities which, in the opinion of the Investment Manager, have a comparable credit quality issued by corporations in any part of the world or issued or guaranteed by any government, government agency, supranational or public international organisation in any part of the world. The Fund may invest in noninvestment grade securities which generally will not exceed 30% of the net asset value of the Fund. 30% bucket Up to one third of the net asset value of the Fund may be invested in Non- Euro debt instruments or debt instruments issued by public international debtors. The Fund seeks to achieve its objective by investing primarily (at least 70% of its net asset value of the Fund) in debt securities denominated in Euro issued by corporate issuers. Up to 30% of the net asset value of the Fund may be invested in noninvestment grade debt. Up to 30% of the net asset value of the Fund may be invested in aggregate in cash, cash equivalents, money market instruments and debt securities issued by companies or other entities not meeting the above requirements. The existing policy is unclear with two separate buckets allocated to Euro corporate securities and investment grade securities, one at 2/3rds and the other at 70%. As both are separate requirements in the existing Policy they are both applicable and therefore restrict the team s ability to hold cash in certain situations. For simplicity and consistency with other products we have changed from 2/3rds to 70%. We have maintained the requirement that the Fund can only invest a maximum of 30% in non-investment Grade debt, despite removing the explicit requirement for 70% of NAV to be held in Investment Grade. We have also provided some additional flexibility, while ensuring that the Fund remains at heart an Investment Grade product. Simplification of message and consistent with other strategies. Moved from 1/3 rd to 30% in line with the primary/30% allocation model employed widely across the range. Invesco Pan European High Income Fund and Invesco Euro Corporate Bond Fund Prospectus Changes 3

9 Derivative use The Fund may use derivatives (including but not limited to futures, forwards, non-deliverable forwards, swaps and complex options structures) for hedging and efficient portfolio management purposes. Such derivatives may also incorporate derivatives on derivatives (i.e. forward dated swaps, swap options). Derivatives and forwards relating to debt instruments may be used for the efficient portfolio management. The aim of any derivative or forward used for such reasons is not to materially alter the risk profile of the Fund, rather their use is to assist the Investment Manager in meeting the investment objectives of the Fund by: reducing risk; and/or The Fund s use of derivatives may include derivatives on credit, rates and currencies and may be used to achieve both long and short positions, which overall will not result in the Fund being directionally short or short any asset class. The Fund may enter into financial derivative instruments for efficient portfolio management, hedging purposes and for investment purposes (please refer to the Investment Policy above for further details on the use of derivatives for investment purposes). The expected proportion of the NAV of the Fund subject to total return swaps is 0%. Under normal circumstances, the maximum proportion of the NAV of the Fund subject to total return swaps is 30%. Significant simplification of the message, while also providing for increased derivative powers. reducing cost; and/or generating additional income or capital for the Fund at an acceptable level of cost and risk. The Fund may, from time to time, sell interest rate futures in order to reduce participation in the bond markets or to produce gains for the Fund in falling bond markets. The Fund may also enter into credit default swaps (as both a protection buyer and seller). However, financial derivative instruments will not be extensively used for investment purposes (i.e. entering into financial derivative instruments to achieve the investment objectives). The Fund may enter into financial derivative instruments forefficient portfolio management and hedging purposes only (please refer to the Investment Policy above for further details on the use of derivatives). Numerical example Euro denominated corporates Old New Comment >66.66% >70% Change from 2/3 rds to 70% to align with other funds Investment Grade debt >70% >40% While in theory this may look like a significant change in practice it would be expected that the Fund, unless it is not fully invested will remain close to the upper limit described today, not least due to the fact that Non-Investment Grade debt is capped at a maximum of 30%. Non-IG <30% <30% No change Cash, Cash equivalents and other securities %% 0-30% Slight change from 1/3 rd to 30% Invesco Pan European High Income Fund and Invesco Euro Corporate Bond Fund Prospectus Changes 4

10 Important Information This marketing document is exclusively for use by Professional Clients and Financial Advisers in Continental Europe (as defined below) and Ireland, Qualified Investors in Switzerland and Professional Clients in Cyprus, Dubai, Jersey, Guernsey, Isle Of Man, Malta and the UK. This document may also be used by financial intermediaries in the United States as defined below. This document is not for consumer use, please do not redistribute. Data as at , unless otherwise stated. This document is marketing material and is not intended as a recommendation to invest in any particular asset class, security or strategy. Regulatory requirements that require impartiality of investment/investment strategy recommendations are therefore not applicable nor are any prohibitions to trade before publication. The information provided is for illustrative purposes only, it should not be relied upon as recommendations to buy or sell securities. Past performance is not a guide to future returns. Where individuals or the business have expressed opinions, they are based on current market conditions, they may differ from those of other investment professionals, they are subject to change without notice. The value of investments and any income will fluctuate (this may partly be the result of exchange-rate fluctuations) and investors may not get back the full amount invested. Debt instruments are exposed to credit risk which is the ability of the borrower to repay the interest and capital on the redemption date. Changes in interest rates will result in fluctuations in the value of the funds. The funds may hold a large amount of debt instruments which are of lower credit quality and may result in large fluctuations in the value of the funds. The funds may invest in distressed securities which carry a significant risk of capital loss. The funds may invest in contingent convertible bonds which may result in significant risk of capital loss based on certain trigger events. For more information on our funds, please refer to the most up to date relevant fund and share class-specific Key Investor Information Documents, the latest Annual or Interim Reports and the latest Prospectus, and constituent documents. This information is available using the contact details of the issuer and is without charge. Further information on our products is available in English using the contact details shown. The distribution and the offering of the funds or its share classes in certain jurisdictions may be restricted by law. Persons into whose possession this document may come are required to inform themselves about and to comply with any relevant restrictions. This does not constitute an offer or solicitation by anyone in any jurisdiction in which such an offer is not authorised or to any person to whom it is unlawful to make such an offer or solicitation. Persons interested in acquiring the fund should inform themselves as to (i) the legal requirements in the countries of their nationality, residence, ordinary residence or domicile; (ii) any foreign exchange controls and (iii) any relevant tax consequences. As with all investments, there are associated risks. This document is by way of information only. Asset management services are provided by Invesco in accordance with appropriate local legislation and regulations where applicable. The funds are available only in jurisdictions where their promotion and sale are permitted. Not all share classes of these funds may be available for public sale in all jurisdictions and not all share classes are the same nor do they necessarily suit every investor. Fee structure and minimum investment levels may vary dependent on share class chosen. These funds are domiciled in Luxembourg. For the distribution of this document, Continental Europe is defined as Austria, Belgium, Denmark, Finland, France, Germany, Greece, Italy, Liechtenstein, Luxembourg, Netherlands, Norway, Portugal, Spain, Sweden. Germany, Austria, Switzerland and Liechtenstein: This document is issued in Germany by Invesco Asset Management Deutschland GmbH. This document is issued in Austria by Invesco Asset Management Österreich Zweigniederlassung der Invesco Asset Management Deutschland GmbH, and in Switzerland as well as Liechtenstein by Invesco Asset Management (Schweiz) AG. Subscriptions of shares are only accepted on the basis of the most up to date legal offering documents. The legal offering documents (fund & share class specific Key Investor Information Document, prospectus, annual & semi-annual reports, articles and trustee deed) are available free of charge at our website and in hardcopy and local language from the issuers: Invesco Asset Management Deutschland GmbH, An der Welle 5, D Frankfurt am Main, Invesco Asset Management Österreich Zweigniederlassung der Invesco Asset Management Deutschland GmbH, Rotenturmstrasse 16-18, A-1010 Wien, and Invesco Asset Management (Schweiz) AG, Talacker 34, CH-8001 Zurich, who acts as a representative for the funds distributed in Switzerland. In Liechtenstein the KIID and Prospectus are available in German and English on respectively. Paying agent in Switzerland: BNP PARIBAS SECURITIES SERVICES, Paris, succursale de Zurich, Selnaustrasse 16, CH-8002 Zürich. Paying agent in Liechtenstein: LGT Bank AG, Herrengasse 12, FL-9490 Vaduz. Ireland: Issued by Invesco Global Asset Management DAC, Central Quay, Riverside IV, Sir John Rogerson s Quay, Dublin 2, Ireland. Regulated in Ireland by the Central Bank of Ireland. Cyprus: Issued in Cyprus by Invesco Global Asset Management DAC, Central Quay, Riverside IV, Sir John Rogerson s Quay, Dublin 2, Ireland, which is regulated in Ireland by the Central Bank of Ireland. Any scheme provided by the Cyprus regulatory system, for the protection of retail clients, does not apply to offshore investments. Compensation under any such scheme will not be available. The Invesco Euro Corporate Bond Fund and Invesco Pan European High Income Fund are subject to the provisions of the European Directive 2009/65/EC. Dubai: Issued by Invesco Asset Management Limited, Po Box , DIFC Precinct Building No 4, Level 3, Office 305, Dubai, United Arab Emirates. Regulated by the Dubai Financial Services Authority. Jersey and Guernsey: Issued by Invesco International Limited, 2nd Floor, Orviss House, 17a Queen Street, St Helier, Jersey, JE2 4WD. Regulated by the Jersey Financial Services Commission. In Guernsey, the funds can only be promoted to Professional Clients. Isle of Man and Malta: Issued by Invesco Global Asset Management DAC, Central Quay, Riverside IV, Sir John Rogerson s Quay, Dublin 2, Ireland. Regulated in Ireland by the Central Bank of Ireland. Investments should be based on the full details of the Prospectuses. The Prospectuses, the fund and share class-specific Key Investor Information Documents and further information are available from Invesco Global Asset Management DAC. In the Isle of Man, this document is for Professional Clients only. The funds are unregulated schemes that cannot be promoted to retail clients in the Isle of Man. The participants in the scheme will not be protected by any statutory compensation scheme. UK: Issued by Invesco Fund Managers Limited, Perpetual Park, Perpetual Park Drive, Henley-on-Thames, Oxfordshire RG9 1HH, UK. Authorised and regulated by the Financial Conduct Authority. For the purposes of UK law, the funds are recognised schemes under section 264 of the Financial Services & Markets Act The protections provided by the UK regulatory system, for the protection of Retail Clients, do not apply to offshore investments. Invesco Pan European High Income Fund and Invesco Euro Corporate Bond Fund Prospectus Changes 5

11 Additional information for financial intermediaries in the United States: This document is intended for distribution to US financial intermediaries for informational purposes and in relation to their activities with offshore clients only. The Funds are not registered under any US securities law, and may not be offered or sold directly or indirectly in the US, its territories or possessions, nor to any US persons, citizens or residents. The Funds must not be marketed on US soil. This does not constitute a recommendation of any investment strategy or product for a particular investor. Investors should consult a financial professional before making any investment decisions. Issued in the US by Invesco Distributors, Inc., 11 Greenway Plaza, Suite 1000, Houston, Texas 77046, USA. Invesco Distributors, Inc. is the appointed US subdistributor of the Invesco Funds SICAV and Invesco Fund Series 1-6. All entities are indirect, wholly owned subsidiaries of Invesco Ltd. CEUK1124/2017 Invesco Pan European High Income Fund and Invesco Euro Corporate Bond Fund Prospectus Changes 6