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Invesco Perpetual Fixed Interest

Fixed interest funds

Today's bond markets are very different to how they looked 20 years ago. Investors now have access to many thousands of bonds from across the globe and macroeconomic developments have helped shape wide-ranging changes to the asset class.

Alongside these changes, our product offering has developed to provide investors with access to different and complementary strategies across the bond universe and includes high yield bond funds, a dedicated financial fund, unconstrained bond funds, global bond funds and mixed asset funds providing exposure to equity markets.

This page should be read in conjunction with the investment risks below.

Financial reform is really the big...
Read the quote
  • Financial reform is really the big, systemically important theme in our markets and we want to give investors the opportunity to invest directly into that theme.Paul Read, January 2012

  • 2012

    As the global financial sector embarked on a multi-year process of structural reform post the financial crisis, the team, with their wealth of experience, saw a huge opportunity for investments in corporate bonds in the financial sector. With compelling yields which offered attractive income streams and with many subordinated financials trading below par this backdrop presented significant capital growth opportunities. So the team launched the Invesco Perpetual Global Financial Capital Fund to enable investors to invest specifically in this sector.

  • We have thought about it for a long time, we think that it makes sense within our product range, and we think we can make it work for investors. Paul Read, February 2010

  • 2010

    By February 2010, the team believed that markets had reached a point where they could embrace a bond fund with a focus on total return, which had greater flexibility to add and remove risk. In what felt like a logical and important extension to the team's fund range, the Invesco Perpetual.

  • We have thought about it for a long time, we think that it makes sense within our product range, and we think we can make it work for investors. Paul Read, February 2010

    Read the quote

  • 2010

Invesco Perpetual Corporate Bond Fund

Fund managers

Paul Causer
Michael Matthews

Objective

The Invesco Perpetual Corporate Bond Fund aims to achieve a combination of income and capital growth over the medium to long term. The Fund seeks to achieve its objective by investing primarily in investment grade corporate debt securities. The Fund may also invest in government, unrated and sub-investment grade debt securities, cash, cash equivalents, money market instruments, collective investment schemes, and other transferable securities. Financial derivative instruments can be used for investment purposes and for efficient portfolio management. They may include derivatives on currencies, interest rates and credit and can be used to achieve both long and short positions.

Share types

For details of the share classes, please read the Key Investor Information Documents.

Other share classes are available. For full details, visit the main product page.

Charges

For full details of the fund's charges, including entry and exit charges, the ongoing charge and portfolio transaction costs, and any charges taken under specific conditions, please visit the main product page.

Cumulative performance (% growth)
  1 year 3 years 5 years Since launch
24.07.1995
Invesco Perpetual Corporate Bond Fund1 5.15 12.52 40.48 303.51
IA £ Corporate Bond sector 8.89 19.00 35.47 224.31
Quartile ranking 4 4 2 1
Standardised rolling 12 month performance (% growth)
  31.12.11
31.12.12
31.12.12
31.12.13
31.12.13
31.12.14
31.12.14
31.12.15
31.12.15
31.12.16
Invesco Perpetual Corporate Bond Fund1 19.52 4.46 5.88 1.06 5.15
Past performance is not a guide to future returns. Performance figures are shown in sterling, inclusive of reinvested income and net of the ongoing charge and portfolio transaction costs as at 31 December 2016. The figures do not reflect the entry charge paid by individual investors. Sector performance figures are calculated on an equivalent basis. Cumulative performance figures are to 31 December 2016. Standardised performance figures are as at 31 December 2016. (Source: Lipper)

1 Performance figures are based on the Z Accumulation share class. As this was launched on 12 November 2012, for the periods prior to this launch date, performance figures are based on the accumulation share class, without any adjustment for fees. Performance figures for all share classes can be found in the relevant Key Investor Information Document.

Invesco Perpetual High Yield Fund

Fund managers

Paul Causer
Thomas Moore

Objective

The Invesco Perpetual High Yield Fund aims to achieve a high level of income together with capital growth over the medium to long term. The Fund seeks to achieve its objective by investing primarily in high yielding corporate and government debt securities (which may include unrated or sub-investment grade), and equities. The Fund may also invest in cash, cash equivalents, money market instruments, collective investment schemes and other transferable securities. Financial derivative instruments can be used for investment purposes and for efficient portfolio management. They may include derivatives on currencies, interest rates, credit and equities and can be used to achieve both long and short positions.

Share types

For details of the share classes, please read the Key Investor Information Documents.

Other share classes are available. For full details, visit the main product page.

Charges

For full details of the fund's charges, including entry and exit charges, the ongoing charge and portfolio transaction costs, and any charges taken under specific conditions, please visit the main product page.

Cumulative performance (% growth)
  1 year 3 years 5 years Since launch
14.05.1999
Invesco Perpetual High Yield Fund1 7.80 9.75 63.89 189.64
IA £ High Yield sector 9.91 10.61 41.60 122.21
Quartile ranking 3 3 1 1
Standardised rolling 12 month performance (% growth)
  31.12.11
31.12.12
31.12.12
31.12.13
31.12.13
31.12.14
31.12.14
31.12.15
31.12.15
31.12.16
Invesco Perpetual High Yield Fund1 35.80 9.97 3.09 -1.25 7.80
Past performance is not a guide to future returns. Performance figures are shown in sterling, inclusive of reinvested income and net of the ongoing charge and portfolio transaction costs as at 31 December 2016. The figures do not reflect the entry charge paid by individual investors. Sector performance figures are calculated on an equivalent basis. Cumulative performance figures are to 31 December 2016. Standardised performance figures are as at 31 December 2016. (Source: Lipper)

1 Performance figures are based on the Z Accumulation share class. As this was launched on 12 November 2012, for the periods prior to this launch date, performance figures are based on the accumulation share class, without any adjustment for fees. Performance figures for all share classes can be found in the relevant Key Investor Information Document.

Invesco Perpetual Distribution Fund

Fund managers

Paul Causer
Paul Read
Ciaran Mallon
UK Equities Fund Manager

Objective

The Invesco Perpetual Distribution Fund aims to achieve a combination of income and capital growth over the medium to long term. The Fund seeks to achieve its objective by investing primarily in corporate and government debt securities globally (which may be unrated or sub-investment grade) and equities. The Fund may also invest in cash, cash equivalents, money market instruments, collective investment schemes, and other transferable securities. Financial derivative instruments can be used for investment purposes and for efficient portfolio management. They may include derivatives on currencies, interest rates, credit and equities and can be used to achieve both long and short positions.

Share types

For details of the share classes, please read the Key Investor Information Documents.

Other share classes are available. For full details, visit the main product page.

Charges

For full details of the fund's charges, including entry and exit charges, the ongoing charge and portfolio transaction costs, and any charges taken under specific conditions, please visit the main product page.

Cumulative performance (% growth)
  1 year 3 years 5 years Since launch
26.01.2004
Invesco Perpetual Distribution Fund1 5.52 11.37 49.84 146.27
IA £ Mixed Investment 20-60% Shares sector 10.60 17.36 39.44 97.18
Quartile ranking 4 4 1 1
Standardised rolling 12 month performance (% growth)
  31.12.11
31.12.12
31.12.12
31.12.13
31.12.13
31.12.14
31.12.14
31.12.15
31.12.15
31.12.16
Invesco Perpetual Distribution Fund1 18.33 13.70 4.55 0.94 5.52
Past performance is not a guide to future returns. Performance figures are shown in sterling, inclusive of reinvested income and net of the ongoing charge and portfolio transaction costs as at 31 December 2016. The figures do not reflect the entry charge paid by individual investors. Sector performance figures are calculated on an equivalent basis. Cumulative performance figures are to 31 December 2016. Standardised performance figures are as at 31 December 2016. (Source: Lipper)

1 Performance figures are based on the Z Accumulation share class. As this was launched on 12 November 2012, for the periods prior to this launch date, performance figures are based on the accumulation share class, without any adjustment for fees. Performance figures for all share classes can be found in the relevant Key Investor Information Document.

Invesco Perpetual Monthly Income Plus Fund

Fund managers

Paul Causer
Paul Read
Ciaran Mallon
UK Equities Fund Manager

Objective

The Invesco Perpetual Monthly Income Plus Fund aims to achieve a high level of income together with capital growth over the medium to long term. The Fund seeks to achieve its objective by investing primarily in corporate and government high yielding debt securities globally (which may be unrated or sub-investment grade), and equities. The Fund may also invest in cash, cash equivalents, money market instruments, collective investment schemes and other transferable securities. Financial derivative instruments can be used for investment purposes and for efficient portfolio management. They may include derivatives on currencies, interest rates, credit and equities and can be used to achieve both long and short positions.

Share types

For details of the share classes, please read the Key Investor Information Documents.

Other share classes are available. For full details, visit the main product page.

Charges

For full details of the fund's charges, including entry and exit charges, the ongoing charge and portfolio transaction costs, and any charges taken under specific conditions, please visit the main product page.

Cumulative performance (% growth)
  1 year 3 years 5 years Since launch
06.02.1999
Invesco Perpetual Monthly Income Plus Fund2 5.89 12.29 49.19 228.61
IA £ Strategic Bond sector 7.05 13.24 32.19 128.31
Quartile ranking 3 3 1 1
Standardised rolling 12 month performance (% growth)
  31.12.11
31.12.12
31.12.12
31.12.13
31.12.13
31.12.14
31.12.14
31.12.15
31.12.15
31.12.16
Invesco Perpetual Monthly Income Plus Fund2 20.31 10.44 4.91 1.07 5.89
Past performance is not a guide to future returns. Performance figures are shown in sterling, inclusive of reinvested income and net of the ongoing charge and portfolio transaction costs as at 31 December 2016. The figures do not reflect the entry charge paid by individual investors. Sector performance figures are calculated on an equivalent basis. Cumulative performance figures are to 31 December 2016. Standardised performance figures are as at 31 December 2016. (Source: Lipper)

2 Performance figures are based on the Z Accumulation share class. As this was launched on 12 November 2012, for the periods prior to this launch date, performance figures are based on the income share class, without any adjustment for fees. Performance figures for all share classes can be found in the relevant Key Investor Information Document.

Invesco Perpetual European High Income Fund

Fund managers

Paul Causer
Paul Read
Stephanie Butcher
European Equities Fund Manager

Objective

The Invesco Perpetual European High Income Fund aims to achieve a high level of income together with capital growth over the medium to long term. The Fund seeks to achieve its objective by investing primarily in European government and corporate debt securities (which may be unrated or sub-investment grade) and European equities. The Fund may also invest in cash, cash equivalents, money market instruments, collective investment schemes, and other transferable securities. Financial derivative instruments can be used for investment purposes and for efficient portfolio management. They may include derivatives on currencies, interest rates, credit and equities and can be used to achieve both long and short positions.

Share types

For details of the share classes, please read the Key Investor Information Documents.

Other share classes are available. For full details, visit the main product page.

Charges

For full details of the fund's charges, including entry and exit charges, the ongoing charge and portfolio transaction costs, and any charges taken under specific conditions, please visit the main product page.

Cumulative performance (% growth)
  1 year 3 years 5 years Since launch
01.05.2008
Invesco Perpetual European High Income Fund1 16.70 23.41 71.98 91.55
IA £ Mixed Investment 20-60% Shares sector 10.60 17.36 39.44 48.28
Quartile ranking 1 1 1 1
Standardised rolling 12 month performance (% growth)
  31.12.11
31.12.12
31.12.12
31.12.13
31.12.13
31.12.14
31.12.14
31.12.15
31.12.15
31.12.16
Invesco Perpetual European High Income Fund1 18.57 17.53 3.28 2.39 16.70
Past performance is not a guide to future returns. Performance figures are shown in sterling, inclusive of reinvested income and net of the ongoing charge and portfolio transaction costs as at 31 December 2016. The figures do not reflect the entry charge paid by individual investors. Sector performance figures are calculated on an equivalent basis. Cumulative performance figures are to 31 December 2016. Standardised performance figures are as at 31 December 2016. (Source: Lipper)

1 Performance figures are based on the Z Accumulation share class. As this was launched on 12 November 2012, for the periods prior to this launch date, performance figures are based on the accumulation share class, without any adjustment for fees. Performance figures for all share classes can be found in the relevant Key Investor Information Document.

Invesco Perpetual Global Distribution Fund

Fund managers

Paul Causer
Paul Read
Global Equity Income Group

Objective

The objective of the Fund is to achieve a combination of income and capital growth over the medium to long term. The Fund invests primarily in corporate and government fixed interest and other debt securities globally (which may be sub-investment grade or have no credit rating), shares of companies globally and cash.The Fund may use derivatives (complex instruments) and other financially linked instruments in order to meet the Fund's investment objective and to reduce risk, minimise costs and/or generate additional capital or income. The Fund is actively managed within its objectives and is not constrained by a benchmark.

Share types

For details of the share classes, please read the Key Investor Information Documents.

Other share classes are available. For full details, visit the main product page.

Charges

For full details of the fund's charges, including entry and exit charges, the ongoing charge and portfolio transaction costs, and any charges taken under specific conditions, please visit the main product page.

Performance (% growth)
  1 year 3 years 5 years Since launch
09.05.2014
Invesco Perpetual Global Distribution Fund3 8.82 N/A N/A 16.08
IA £ Mixed Investment 20-60% Shares sector 10.60 N/A N/A 15.80
Quartile ranking 3 N/A N/A 3
Standardised rolling 12 month performance (% growth)
  31.12.11
31.12.12
31.12.12
31.12.13
31.12.13
31.12.14
31.12.14
31.12.15
31.12.15
31.12.16
Invesco Perpetual Global Distribution Fund3 N/A N/A N/A 3.15 8.82
Past performance is not a guide to future returns. Performance figures are shown in sterling, inclusive of reinvested income and net of the ongoing charge and portfolio transaction costs as at 31 December 2016. The figures do not reflect the entry charge paid by individual investors. Sector performance figures are calculated on an equivalent basis. Cumulative performance figures are to 31 December 2016. Standardised performance figures are as at 31 December 2016. (Source: Lipper) As the fund was launched on 9 May 2014, performance figures are not available for the complete period covered by the table.

3 Performance figures are based on the Z Accumulation share class. Performance figures for all share classes can be found in the relevant Key Investor Information Document.

Invesco Perpetual Global Bond Fund

Fund manager

Stuart Edwards
Jack Parker
Deputy Fund Manager

Objective

The Invesco Perpetual Global Bond Fund aims to achieve a combination of income and capital growth over the medium to long term. The Fund seeks to achieve its objective by investing primarily in debt securities and currencies globally. Debt securities include government bonds, as well as securities issued by supranational bodies, local authorities, national public bodies and corporate issuers. The Fund may also invest in high yield, unrated, convertible, sub-investment grade debt securities, cash, cash equivalents, money market instruments, collective investment schemes and other transferable securities. Financial derivative instruments can be used for investment purposes and for efficient portfolio management. They may include derivatives on currencies, interest rates and credit and can be used to achieve both long and short positions.

Share types

For details of the share classes, please read the Key Investor Information Documents.

Other share classes are available. For full details, visit the main product page.

Charges

For full details of the fund's charges, including entry and exit charges, the ongoing charge and portfolio transaction costs, and any charges taken under specific conditions, please visit the main product page.

Cumulative performance (% growth)
  1 year 3 years 5 years Since launch
10.03.1992
Invesco Perpetual Global Bond Fund2 11.14 18.97 25.56 213.29
IA Global Bond sector 14.08 18.85 23.48 207.25
Quartile ranking 3 2 2 3
Standardised rolling 12 month performance (% growth)
  31.12.11
31.12.12
31.12.12
31.12.13
31.12.13
31.12.14
31.12.14
31.12.15
31.12.15
31.12.16
Invesco Perpetual Global Bond Fund2 5.54 0.00 4.15 2.79 11.14
Past performance is not a guide to future returns. Performance figures are shown in sterling, inclusive of reinvested income and net of the ongoing charge and portfolio transaction costs as at 31 December 2016. The figures do not reflect the entry charge paid by individual investors. Sector performance figures are calculated on an equivalent basis. Cumulative performance figures are to 31 December 2016. Standardised performance figures are as at 31 December 2016. (Source: Lipper)

2 Performance figures are based on the Z Accumulation share class. As this was launched on 12 November 2012, for the periods prior to this launch date, performance figures are based on the income share class, without any adjustment for fees. Performance figures for all share classes can be found in the relevant Key Investor Information Document.

Invesco Perpetual Tactical Bond Fund

Fund managers

Paul Causer
Paul Read

Objective

The Invesco Perpetual Tactical Bond Fund aims to achieve a high level of return through a combination of income and capital growth over the medium to long term. This will be achieved through a flexible allocation to corporate and government debt securities (which may be unrated or sub-investment grade), transferable securities, collective investment schemes, financial derivative instruments and cash. Financial derivative instruments can be used for investment purposes and for efficient portfolio management. Derivatives may be used to achieve both long and short exposure to credit, interest rates and currencies globally. Depending on market conditions the Fund may invest up to 100% of its net assets in cash, cash equivalents, short term debt securities and money market instruments.

Share types

For details of the share classes, please read the Key Investor Information Documents.

Other share classes are available. For full details, visit the main product page.

Charges

For full details of the fund's charges, including entry and exit charges, the ongoing charge and portfolio transaction costs, and any charges taken under specific conditions, please visit the main product page.

Cumulative performance (% growth)
  1 year 3 years 5 years Since launch
01.02.2010
Invesco Perpetual Tactical Bond Fund1 3.64 9.31 43.20 43.51
IA £ Strategic Bond sector 7.05 13.24 32.19 44.29
Quartile ranking 4 4 2 3
Standardised rolling 12 month performance (% growth)
  31.12.11
31.12.12
31.12.12
31.12.13
31.12.13
31.12.14
31.12.14
31.12.15
31.12.15
31.12.16
Invesco Perpetual Tactical Bond Fund1 25.75 4.18 5.22 0.24 3.64
Past performance is not a guide to future returns. Performance figures are shown in sterling, inclusive of reinvested income and net of the ongoing charge and portfolio transaction costs as at 31 December 2016. The figures do not reflect the entry charge paid by individual investors. Sector performance figures are calculated on an equivalent basis. Cumulative performance figures are to 31 December 2016. Standardised performance figures are as at 31 December 2016. (Source: Lipper)

1 Performance figures are based on the Z Accumulation share class. As this was launched on 12 November 2012, for the periods prior to this launch date, performance figures are based on the accumulation share class, without any adjustment for fees. Performance figures for all share classes can be found in the relevant Key Investor Information Document.

Invesco Perpetual Global Financial Capital Fund

Fund managers

Paul Causer
Julien Eberhardt

Objective

The Invesco Perpetual Global Financial Capital Fund aims to achieve a combination of income and capital growth over the medium to long term. The Fund seeks to achieve its objective by investing primarily in capital instruments issued by banks and financial institutions globally. Capital instruments include debt securities (including sub-investment grade and unrated bonds), equity and equity related securities. The Fund may also invest in cash, cash equivalents, money market instruments, collective investment schemes, government debt securities and other transferable securities. Financial derivative instruments can be used for investment purposes and for efficient portfolio management. They may include derivatives on currencies, interest rates, credit and equities and can be used to achieve both long and short positions. Depending on market conditions, at times the Fund's holdings in cash, cash equivalents and money market instruments could be substantial.

Share types

For details of the share classes, please read the Key Investor Information Documents.

Other share classes are available. For full details, visit the main product page.

Charges

For full details of the fund's charges, including entry and exit charges, the ongoing charge and portfolio transaction costs, and any charges taken under specific conditions, please visit the main product page.

Cumulative performance (% growth)
  1 year 3 years 5 years Since launch
25.01.2012
Invesco Perpetual Global Financial Capital Fund1 4.20 15.70 N/A 88.44
There is no suitable IA peer group or benchmark index for this fund.
Standardised rolling 12 month performance (% growth)
  31.12.11
31.12.12
31.12.12
31.12.13
31.12.13
31.12.14
31.12.14
31.12.15
31.12.15
31.12.16
Invesco Perpetual Global Financial Capital Fund1 N/A 16.93 6.49 4.28 4.20
Past performance is not a guide to future returns. Performance figures are shown in sterling, inclusive of reinvested income and net of the ongoing charge and portfolio transaction costs as at 31 December 2016. The figures do not reflect the entry charge paid by individual investors. Sector performance figures are calculated on an equivalent basis. Cumulative performance figures are to 31 December 2016. Standardised performance figures are as at 31 December 2016. (Source: Lipper) As the fund was launched on 25 January 2012, performance figures are not available for the complete period covered by the table.

1 Performance figures are based on the Z Accumulation share class. As this was launched on 12 November 2012, for the periods prior to this launch date, performance figures are based on the accumulation share class, without any adjustment for fees. Performance figures for all share classes can be found in the relevant Key Investor Information Document.

Invesco Perpetual Money Fund

Fund manager

Stuart Edwards

Objective

The Invesco Perpetual Money Fund is classified and operates as a money market fund and invests its assets in accordance with the FCA's Collective Investment Scheme Sourcebook's definition of a money market fund. The fund aims to produce a level of income return in line with money market rates combined with maintenance of capital. The fund invests primarily in Sterling-denominated money market instruments (including qualifying short term debt securities) as well as deposits. In pursuing this objective, the fund managers may include investments that they consider appropriate which include permitted collective investment schemes and other permitted investments and transactions as detailed in Appendix 2 of the most recent Prospectus.

Share types

For details of the share classes, please read the Key Investor Information Documents.

Other share classes are available. For full details, visit the main product page.

Charges

For full details of the fund's charges, including entry and exit charges, the ongoing charge and portfolio transaction costs, and any charges taken under specific conditions, please visit the main product page.

Cumulative performance (% growth)
  1 year 3 years 5 years Since launch
25.07.1994
Invesco Perpetual Money Fund1 0.38 1.18 2.09 81.78
IA Money Market sector 0.30 0.68 1.72 73.28
Quartile ranking 2 2 1 2
Standardised rolling 12 month performance (% growth)
  31.12.11
31.12.12
31.12.12
31.12.13
31.12.13
31.12.14
31.12.14
31.12.15
31.12.15
31.12.16
Invesco Perpetual Money Fund1 0.60 0.30 0.39 0.40 0.38
Past performance is not a guide to future returns. Performance figures are shown in sterling, inclusive of reinvested income and net of the ongoing charge and portfolio transaction costs as at 31 December 2016. The figures do not reflect the entry charge paid by individual investors. Sector performance figures are calculated on an equivalent basis. Cumulative performance figures are to 31 December 2016. Standardised performance figures are as at 31 December 2016. (Source: Lipper)

1 Performance figures are based on the Z Accumulation share class. As this was launched on 12 November 2012, for the periods prior to this launch date, performance figures are based on the accumulation share class, without any adjustment for fees. Performance figures for all share classes can be found in the relevant Key Investor Information Document.

  • Financial reform is really the big, systemically important theme in our markets and we want to give investors the opportunity to invest directly into that theme. Paul Read, January 2012

  • 2012

    As the global financial sector embarked on a multi-year process of structural reform post the financial crisis, the team, with their wealth of experience, saw a huge opportunity for investments in corporate bonds in the financial sector. With compelling yields which offered attractive income streams and with many subordinated financials trading below par this backdrop presented significant capital growth opportunities. So the team launched the Invesco Perpetual Global Financial Capital Fund to enable investors to invest specifically in this sector.

  • Financial reform is really the big, systemically important theme in our markets and we want to give investors the opportunity to invest directly into that theme. Paul Read, January 2012

    Read the quote

  • 2012

Investment risks

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.

The securities that the Invesco Perpetual Corporate Bond, High Yield, Distribution, Monthly Income Plus, European High Income, Global Bond, Global Distribution, Tactical Bond and Global Financial Capital funds invest in may not always make interest and other payments nor is the solvency of the issuers guaranteed. Market conditions, such as a decrease in market liquidity for the securities in which the funds invest, may mean that the funds may not be able to sell those securities at their true value. These risks increase where the funds invest in high yield or lower credit quality bonds and where we use derivatives.

The Invesco Perpetual Money Fund may use derivatives (complex instruments) in an attempt to reduce the overall risk of its investments, reduce the costs of investing and/or generate additional capital or income, although this may not be achieved. The use of such complex instruments may result in greater fluctuations of the value of the fund. The Manager, however, will ensure that the use of derivatives within the fund does not materially alter the overall risk profile of the fund.

The Invesco Perpetual Corporate Bond, High Yield, Distribution, Monthly Income Plus, European High Income, Global Bond, Global Distribution and Global Financial Capital funds have the ability to make use of financial derivatives (complex instruments) which may result in the funds being leveraged and can result in large fluctuations in the value of the funds. Leverage on certain types of transactions including derivatives may impair the funds' liquidity, cause them to liquidate positions at unfavourable times or otherwise cause the funds not to achieve their intended objective. Leverage occurs when the economic exposure created by the use of derivatives is greater than the amount invested resulting in the funds being exposed to a greater loss than the initial investment.

The Invesco Perpetual Corporate Bond, Distribution, European High Income, High Yield, Global Bond, Global Distribution, Global Financial Capital, Monthly Income Plus and Tactical Bond funds may be exposed to counterparty risk should an entity with which the funds do business become insolvent resulting in financial loss.

The Invesco Perpetual Tactical Bond Fund has the ability to make significant use of financial derivatives (complex instruments) which may result in the fund being leveraged and can result in large fluctuations in the value of the fund. Leverage on certain types of transactions including derivatives may impair the fund's liquidity, cause it to liquidate positions at unfavourable times or otherwise cause the fund not to achieve its intended objective. Leverage occurs when the economic exposure created by the use of derivatives is greater than the amount invested resulting in the fund being exposed to a greater loss than the initial investment. As the Invesco Perpetual Tactical Bond Fund can rapidly change its holdings across the fixed income and debt spectrum and cash, this can increase its risk profile.

As the Invesco Perpetual Global Financial Capital Fund is a theme-based fund, which only invests in fixed interest and other debt securities and shares of banks and other financial institutions, investors should be prepared to accept a higher degree of risk than for a fund that is more widely diversified across different sectors.

Important information

Where Invesco Perpetual has expressed views and opinions, these may change.

For the most up to date information on our ICVC funds, please refer to the relevant fund and share class-specific Key Investor Information Documents, the Supplementary Information Document, the Annual or Interim Short Reports and the Prospectus, which are available from the Literature section.