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Change of fund name and investment objective - Invesco Euro Reserve Fund

Effective 6 December 2018, Invesco have advised that they are changing the name of the fund to Invesco Euro Ultra-Short Debt Fund and changing the investment objective accordingly.

Impacts on
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Impacts on
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Summary of Changes

We have been notified by Invesco that they are changing the name of the Invesco Euro Reserve Fund to the Invesco Euro Ultra-Short Term Debt Fund and the investment objective with effect from 6 December 2018 (the "effective date") Invesco have also advised of the addition of an additional fund manager, Laurie Brignac.


The re-positioning will seek to move the fund further along the yield curve as a differentiated liquidity solution to money market funds. The move to the ultra-short bond space will loosen restrictions around both initial and residual maturity, which will allow the investment managers to implement the desired strategy more effectively.


Invesco have advised that there will be no change to the philosophy or investment process of the fund because of this change.


There will be no amendments to the fund's investment objectives and the fund will continue to be managed by the same team using the same investment process and strategy.


Investment objective prior to effective date

"The Fund aims to provide maximum return with a degree of security from a portfolio of short-dated fixed interest Euro securities which have an initial or residual maturity not exceeding 12 months.

The assets of the Fund may also comprise floating rate debt securities and debt securities with a maturity exceeding 12 months, provided, as a result of the terms of issue or by the use of adequate instruments or techniques, the rate of interest thereof is adjusted at least once annually in the light of market conditions.

The portfolio of the Fund may include cash and cash equivalents."


Investment objective after the effective date

"The Fund seeks to achieve a gross return in excess of 3-month EURIBOR.

The Fund seeks to achieve its objective by investing in debt securities and cash. Debt securities may include government debt securities, fixed and floating rate corporate debt securities, Money Market Instruments and cash equivalents.

The Fund will invest at least 70% of its NAV in debt securities denominated in Euro.

The average portfolio duration will not exceed 12 months. For the purposes of the Fund, debt securities will not have a residual maturity exceeding 3 years at the time of purchase.

The Fund may invest up to 5% of its NAV in non-investment grade debt securities but will not invest in securities with a credit rating of below B- by Standard and Poor's rating agency, or equivalent (or in the case of unrated debt securities, determined to be of an equivalent rating).

The Fund may invest, for efficient portfolio management and hedging purposes only, in derivatives on credit, rates and currencies.

Non-Euro investments are intended to be hedged back into Euro on a discretionary basis."



You can view a sample of the Invesco notification opposite.


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For more information about Invesco visit https://www.invesco.co.uk

Notifications