Defined Contribution Intermediary
Equity | International and Global Equity

Invesco Emerging Markets Innovators Trust - Class T

Class T

Class T

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Investment Objective

The Fund seeks capital appreciation.

Fund Style

Emerging Markets

Fund Management

Fund Trustee & Investment manager
Invesco Trust Company (the “Trust Company”) serves as the trustee of the Trust. In addition, the Trust Company is (i) an “investment manager” under Section 3(38) of ERISA and (ii) a fiduciary as defined under Section 3(21) of ERISA with respect to assets of the Participating Trusts that are placed in the Fund.

Fund Sub-Adviser
Invesco Advisers, Inc. (the “Sub-Adviser”), an affiliate of the Trust Company, has been appointed by the Trust Company to render investment advice to the Fund. For more information regarding the Sub-Adviser and the portfolio manager(s), please refer to the Sub-Adviser’s Form ADV Part 2A and 2B. The Trust Company has delegated to the Sub-Adviser as much of its authority with regard to the management of the Fund as may be permitted by applicable law. As such, the Sub-Adviser will act on behalf of the Trust Company with regard to all of the investment management and other related activities of the Fund (including the exercise of proxy voting or consent rights with respect to the securities in which the Fund may invest), subject to the supervision of the Trust Company. Nevertheless, the Trust Company will remain exclusively liable to the Fund and the Participating Trusts for the performance of its duties.

Fund Benchmark
MSCI Emerging Markets Mid Cap Index

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Performance

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Price History

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Important information

Current and prospective participating trusts are strongly encouraged to review the complete terms of the Declaration of Trust for additional details regarding the Fund and its operations. Further information regarding the Fund, including performance and portfolio holdings, can be found at www.InvescoTrustCompany.com.
The Fund is not guaranteed by Invesco, its subsidiaries or affiliates, including Invesco Advisers, Inc. The Fund is not insured by the FDIC or the Federal Reserve Bank, nor guaranteed by any governmental agency.

 Principal Risks of Investing

Principal risks of investing in the Fund

The risks of the Fund’s business are substantial. The Fund could realize losses rather than gains from some or all of the investments described herein and there is no assurance that the Fund will achieve its investment objective.

Please refer to the Offering Memorandum for a detailed discussion of the market, regulatory, and general fund risks associated with investing in the Fund. Specific market risks related to the Fund’s investment strategy include, but are not limited to, the following:

1. Risks of Investing in Stock. The value of the Fund’s portfolio may be affected by changes in the stock markets. Stock markets may experience significant short-term volatility and may fall sharply at times. In addition, adverse events in any part of the equity or fixed-income markets may have unexpected negative effects on other market segments. Different stock markets may behave differently from each other and U.S. stock markets may move in the opposite direction from one or more non-U.S. stock markets.

The prices of individual stocks generally do not all move in the same direction at the same time and a variety of factors can affect the price of a particular company’s stock. For example, “growth” stocks may perform well under circumstances in which “value” stocks in general have fallen. A variety of factors can affect the price of a particular company’s stock. These factors may include, but are not limited to: poor earnings reports, a loss of customers, litigation against the company, general unfavorable performance of the company’s sector or industry, or changes in government regulations affecting the company or its industry. To the extent that securities of a particular type are emphasized (for example non-U.S. stocks, stocks of small- or mid-cap companies, growth or value stocks, or stocks of companies in a particular industry), fund share values may fluctuate more in response to events affecting the market for those types of securities.

a. Common stock represents an ownership interest in an issuer. It ranks below preferred stock and debt securities in claims for dividends and in claims for assets of the issuer in a liquidation or bankruptcy.

b. Preferred stock has a set dividend rate and ranks ahead of common stocks and behind debt securities in claims for dividends and for assets of the issuer in a liquidation or bankruptcy. The dividends on preferred stock may be cumulative (they remain a liability of the issuer until paid) or non-cumulative. The fixed dividend rate of preferred stocks may cause their prices to behave more like those of debt securities. If prevailing interest rates rise, the fixed dividend on preferred stock may be less attractive, which may cause the price of preferred stock to decline.

c. Warrants are options to purchase equity securities at specific prices that are valid for a specific period of time. The prices of warrants do not necessarily move parallel to the prices of the underlying securities, and can be more volatile than the price of the underlying securities. If the market price of the underlying security does not exceed the exercise price during the life of the warrant, the warrant will expire worthless and any amount paid for the warrant will be lost. The market for warrants may be very limited and it may be difficult to sell a warrant promptly at an acceptable price. Rights are similar to warrants, but normally have a short duration and are distributed directly by the issuer to its shareholders. Rights and warrants have no voting rights, receive no dividends and have no rights with respect to the assets of the issuer.

d. Convertible securities can be converted into or exchanged for a set amount of common stock of an issuer within a particular period of time at a specified price or according to a price formula. Convertible debt securities pay interest and convertible preferred stocks pay dividends until they mature or are converted, exchanged or redeemed. Some convertible debt securities may be considered “equity equivalents” because of the feature that makes them convertible into common stock. The conversion feature of convertible securities generally causes the market value of convertible securities to increase when the value of the underlying common stock increases, and to fall when the stock price falls. The market value of a convertible security reflects both its “investment value,” which is its expected income potential, and its “conversion value,” which is its anticipated market value if it were converted. If its conversion value exceeds its investment value, the security will generally behave more like an equity security, in which case its price will tend to fluctuate with the price of the underlying common stock or other security. If its investment value exceeds its conversion value, the security will generally behave more like a debt security, in which case the security’s price will likely increase when interest rates fall and decrease when interest rates rise. Convertible securities may offer the Fund the ability to participate in stock market movements while also seeking some current income. Convertible securities may provide more income than common stock but they generally provide less income than comparable nonconvertible debt securities. Most convertible securities will vary, to some extent, with changes in the price of the underlying common stock and are therefore subject to the risks of that stock. In addition, convertible securities may be subject to the risk that the issuer will not be able to pay interest or dividends when due, and their market value may change based on changes in the issuer’s credit rating or the market’s perception of the issuer’s creditworthiness. However, credit ratings of convertible securities generally have less impact on the value of the securities than they do for non-convertible debt securities. Some convertible preferred stocks have a mandatory conversion feature or a call feature that allows the issuer to redeem the stock on or prior to a mandatory conversion date. Those features could diminish the potential for capital appreciation on the investment.

2. Industry and Sector Focus. At times the Fund may increase the relative emphasis of its investments in a particular industry or sector. The prices of stocks of issuers in a particular industry or sector may go up and down in response to changes in economic conditions, government regulations, availability of basic resources or supplies, or other events that affect that industry or sector more than others. To the extent that the Fund increases the relative emphasis of its investments in a particular industry or sector, its NAV may fluctuate in response to events affecting that industry or sector. To some extent that risk may be limited by the Fund’s policy of not concentrating its investments in any one industry.

3. Risks of Non-U.S. Investing. Non-U.S. securities are subject to special risks. Securities traded in non-U.S. markets may be less liquid and more volatile than those traded in U.S. markets. Non-U.S. issuers are usually not subject to the same accounting and disclosure requirements that U.S. companies are subject to, which may make it difficult for the Fund to evaluate a non- U.S. company’s operations or financial condition. A change in the value of a foreign currency against the U.S. dollar will result in a change in the U.S. dollar value of investments denominated in that foreign currency and in the value of any income or distributions the Fund may receive on those investments. The value of non-U.S. investments may be affected by exchange control regulations, non-U.S. taxes, higher transaction and other costs, delays in the settlement of transactions, changes in economic or monetary policy in the United States or abroad, expropriation or nationalization of a company’s assets, or other political and economic factors.

a. Risks of Developing and Emerging Markets. Investments in developing and emerging markets are subject to all the risks associated with non-U.S. investing, however, these risks may be magnified in developing and emerging markets. Developing or emerging market countries may have less well-developed securities markets and exchanges that may be substantially less liquid than those of more developed markets. Settlement procedures in developing or emerging markets may differ from those of more established securities markets, and settlement delays may result in the inability to invest assets or to dispose of portfolio securities in a timely manner. Securities prices in developing or emerging markets may be significantly more volatile than is the case in more developed nations of the world, and governments of developing or emerging market countries may also be more unstable than the governments of more developed countries. Such countries’ economies may be more dependent on relatively few industries or investors that may be highly vulnerable to local and global changes. Developing or emerging market countries also may be subject to social, political or economic instability. The value of developing or emerging market countries’ currencies may fluctuate more than the currencies of countries with more mature markets. Investments in developing or emerging market countries may be subject to greater risks of government restrictions, including confiscatory taxation, expropriation or nationalization of a company’s assets, restrictions on non-U.S. ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures, and practices such as share blocking. In addition, the ability of non-U.S. entities to participate in privatization programs of certain developing or emerging market countries may be limited by local law. Investments in securities of issuers in developing or emerging market countries may be considered speculative.

b. China Market Risk. Investing in the securities markets in mainland China is subject to the risks of investing in emerging markets generally and the risks specific to the China market in particular. Companies in mainland China are required to follow the Chinese accounting standards and practice which, to a certain extent, follow international accounting standards. However, there may be significant differences between financial statements prepared by accountants following the Chinese accounting standards and practice and those prepared in accordance with international accounting standards. Both the Shanghai and Shenzhen securities markets are in the process of development and change. This may lead to trading volatility, difficulty in the settlement and recording of transactions and difficulty in interpreting and applying the relevant regulations. Under the prevailing tax policy in mainland China, there are certain tax incentives available to foreign investment. There can be no assurance, however, that the aforesaid tax incentives will not be abolished in the future.

c. Economic, Political and other Risks in China. The overall economic conditions in China may have a significant impact on the Fund’s financial performance. Economic developments in China typically follow patterns different from those in other developed countries as a result of differences in various economic aspects including economic structure, living standard, growth rate, level of government intervention in the economy, allocation of resources and rate of inflation. Further, the interpretation or application of current laws or regulations in China may have adverse effects on the Fund’s investments. The level of liquidity in the China A Share markets is low and are relatively small in terms of the combined total market value and the number of China A Shares available for investment. This may lead to severe price volatility.

d. Frontier Market Risk. The risks associated with investments in frontier market countries include all the risks associated with investments in developing and emerging markets; however, these risks are magnified for frontier market countries. As a result, investments in companies in frontier market countries are generally subject to a higher risk of loss than investments in companies in traditional emerging and developing market countries due to less developed securities markets, different settlement procedures, greater price volatility, less developed governments and economies, more government restrictions, and the limited ability of non-U.S. entities to participate in certain privatization programs. Investments in companies operating in frontier market countries are highly speculative in nature

e. Globalization Risks. The growing inter-relationship of global economies and financial markets has increased the effect of conditions in one country or region on issuers of securities in a different country or region. In particular, the adoption or prolongation of protectionist trade policies by one or more countries, changes in economic or monetary policy in the United States or abroad, or a slowdown in the U.S. economy, could lead to a decrease in demand for products and reduced flows of capital and income to companies in other countries. Those events might particularly affect companies in emerging and developing market countries.

f. Eurozone Investments Risks. The European Union (“EU”) is an economic and political union of most western European countries and a growing number of eastern European countries. One of the key mandates of the EU is the establishment and administration of a common single market, consisting of, among other things, a single currency and a common trade policy. In order to pursue this goal, member states established the Economic and Monetary Union (“EMU”), which sets out different stages and commitments that member states need to follow to achieve greater economic and monetary policy coordination, including the adoption of a single currency, the euro. Many member states have adopted the euro as their currency and, as a result, are subject to the monetary policies of the European Central Bank (“ECB”).

The recent global economic crisis has caused severe financial difficulties for many EU countries, pushing some to the brink of insolvency and causing others to experience recession, large public debt, restructuring of government debt, credit rating downgrades and an overall weakening of banking and financial sectors. Some of those countries have depended on, and may continue to be dependent on, the assistance from others such as the ECB, the International Monetary Fund, or other governments and institutions to address those issues. Failure by one or more EU countries to implement reforms or attain a certain performance level imposed as a condition of assistance, or an insufficient level of assistance, could deepen or prolong the economic downturn which could have a significant adverse effect on the value of investments in those and other European countries. By adopting the euro as its currency, members of the EMU are subject to fiscal and monetary controls that could limit to some degree the ability to implement their own economic policies. Additionally, EMU member countries could voluntarily abandon the euro or involuntarily be forced out of the euro, including by way of a partial or complete dissolution of the monetary union. The effects of such outcomes on the rest of the Eurozone and global markets as a whole are unpredictable, but are likely to be negative, including adversely impacted market values of Eurozone and various other securities and currencies, redenomination of certain securities into less valuable local currencies, and more volatile and illiquid markets. Under such circumstances, investments denominated in euros or replacement currencies may be difficult to value, the ability to operate an investment strategy in connection with eurodenominated securities may be significantly impaired and the value of eurodenominated investments may decline significantly and unpredictably. Additionally, Britain’s intended departure from the EU, known as “Brexit,” may have significant political and financial consequences for Eurozone markets, including greater market volatility and illiquidity, currency fluctuations, deterioration in economic activity, a decrease in business confidence and an increased likelihood of a recession in the United Kingdom (“UK”). Uncertainty relating to the withdrawal procedures and timeline may have adverse effects on asset valuations and the renegotiation of current trade agreements, as well as an increase in financial regulation of UK banks. While the full impact of Brexit is unknown, market disruption in the EU and globally may have a negative effect on the value of the Fund’s investments.

g. Non-U.S. Market Risk. If there are fewer investors in a particular non-U.S. market, securities traded in that market may be less liquid and more volatile than U.S. securities and more difficult to price. Non-U.S. markets may also be subject to delays in the settlement of transactions and difficulties in pricing securities. If the Fund is delayed in settling a purchase or sale transaction, it may not receive any return on the invested assets or it may lose money if the value of the security declines. It may also be more expensive for the Fund to buy or sell securities in certain non-U.S. markets than in the United States, which may increase the Fund’s costs.

h. Non-U.S. Economy Risk. Non-U.S. economies may be more vulnerable to political or economic changes than the U.S. economy. They may be more concentrated in particular industries or may rely on particular resources or trading partners to a greater extent. Certain non-U.S. economies may be adversely affected by shortages of investment capital or by high rates of inflation. Changes in economic or monetary policy in the U.S. or abroad may also have a greater impact on the economies of certain non- U.S. countries.

i. Non-U.S. Governmental and Regulatory Risks. Non-U.S. companies may not be subject to the same accounting and disclosure requirements as U.S. companies. As a result there may be less accurate information available regarding a non-U.S. company’s operations and financial condition. Non-U.S. companies may be subject to capital controls, nationalization, or confiscatory taxes. There may be less government regulation of non-U.S. issuers, exchanges and brokers than in the United States. Some countries also have restrictions that limit non-U.S. ownership and may impose penalties for increases in the value of the Fund’s investment. The value of the Fund’s non-U.S. investments may be affected if it experiences difficulties in enforcing legal judgments in non-U.S. courts.

j. Foreign currency Risk. A change in the value of a foreign currency against the U.S. dollar will result in a change in the U.S. dollar value of securities denominated in that foreign currency. If the U.S. dollar rises in value against a foreign currency, a security denominated in that currency will be worth less in U.S. dollars and if the U.S. dollar decreases in value against a foreign currency, a security denominated in that currency will be worth more in U.S. dollars. The dollar value of non-U.S. investments may also be affected by exchange controls. Foreign currency exchange transactions may impose additional costs on the Fund. The Fund can also invest in derivative instruments linked to non-U.S. currencies. The change in value of a foreign currency against the U.S. dollar will result in a change in the U.S. dollar value of derivatives linked to that foreign currency. The investment adviser’s selection of foreign currency denominated investments may not perform as expected. Currency derivative investments may be particularly volatile and subject to greater risks than other types of non-U.S.-currency denominated investments.

k. Non-U.S. Custody Risk. There may be very limited regulatory oversight of certain non- U.S. banks or securities depositories that hold non-U.S. securities and foreign currency and the laws of certain countries may limit the ability to recover such assets if a non- U.S. bank or depository or their agents goes bankrupt. There may also be an increased risk of loss of portfolio securities.

l. Time-Zone Arbitrage. If the Fund invests a significant amount of its assets in foreign securities, it may be exposed to “time-zone arbitrage” attempts by investors seeking to take advantage of differences in the values of foreign securities that might result from events that occur after the close of the foreign securities market on which a security is traded and before the close of the New York Stock Exchange that day, when the Fund’s NAV is calculated. If such time-zone arbitrage were successful, it might dilute the interests of other Unit holders. However, the Fund’s use of “fair value pricing” under certain circumstances, to adjust the closing market prices of foreign securities to reflect what the Trust Company and the Sub-Adviser believe to be their fair value, may help deter those activities.

m. Regional Focus. At times, the Fund might increase the relative emphasis of its investments in a particular region of the world. Securities of issuers in a region might be affected by changes in economic conditions or by changes in government regulations, availability of basic resources or supplies, or other events that affect that region more than others. If the Fund has a greater emphasis on investments in a particular region, it may be subject to greater risks from adverse events that occur in that region than a fund that invests in a different region or that is more geographically diversified. Political, social or economic disruptions in the region may adversely affect the values of the Fund’s holdings.

n. American Depositary Receipts, Global Depositary Receipts and Similar Securities Risk. The Fund may also invest in foreign securities through ADRs and GDRs or other securities representing underlying shares of foreign companies, including, but not limited to, certificates of deposit issued by foreign banks and foreign branches of U.S. banks, participatory notes (instruments issued by registered foreign financial intermediaries to U.S. institutional investors), or other instruments that allow the Company to participate in foreign markets. ADRs are receipts issued by a U.S. bank or trust company evidencing ownership of underlying securities issued by foreign issuers. ADRs may be listed on a national securities exchange or may be traded in the over-thecounter market. GDRs are receipts issued by either a U.S. or non U.S. banking institution representing ownership in a foreign company’s publicly traded securities that are traded on foreign stock exchanges or foreign over-the-counter markets. Holders of unsponsored ADRs or GDRs generally bear all the costs of such facilities. The depository of an unsponsored facility frequently is under no obligation to distribute investor communications received from the issuer of the deposited security or to pass through voting rights to the holders of depositary receipts in respect of the deposited securities. Investments in ADRs and GDRs pose, to the extent not hedged, currency exchange risks (including blockage, devaluation and non-exchangeability), as well as a range of other potential risks relating to the underlying shares, which could include expropriation, confiscatory taxation, imposition of withholding or other taxes on dividends, interest, capital gains or other income, political or social instability or diplomatic developments that could affect investments in those countries, illiquidity, price volatility and market manipulation. In addition, less information may be available regarding the underlying shares of ADRs and GDRs, and foreign companies may not be subject to accounting, auditing and financial reporting standards and requirements comparable to, or as uniform as, those of U.S. companies. Such risks may have a material adverse effect on the performance of such investments and could result in substantial losses

4. Risks of Investing in the China Fund. The China Fund is not registered under the Investment Company Act. To the extent the Fund invests in the China Fund, it will not have all of the protections offered to investors by the Investment Company Act. However, pursuant to an exemptive order granted on October 31, 2017 to the China Fund by the SEC, the China Fund is required to comply with the substantive requirements of a number of provisions of the Investment Company Act and the regulations thereunder. The China Fund is managed by OppenheimerFunds, Inc., an affiliate of the Trust Company and Sub-Adviser.

Investments in Chinese companies involve certain risks and special considerations not typically associated with investments in U.S. companies, such as greater government control over the economy, political and legal uncertainty, currency fluctuations or blockage, the risk that the Chinese government may decide not to continue to support economic reform programs and the risk of nationalization or expropriation of assets. Additionally, the Chinese securities markets are emerging markets and may be characterized by relatively low trading volume, which may result in substantially less liquidity and greater price volatility than more developed markets. Some of these risks may be more pronounced for the China A Shares market than for Chinese securities markets generally because the A-share market is subject to greater government restrictions and control. The China Fund’s China A Shares investment quota may be reduced or revoked by the Chinese government at any time, including if redemptions reduce the amount invested in China A Shares by the China Fund below the current quota amount. Further, the China Fund may invest substantially all of its assets in a limited number of issuers or a single issuer. To the extent that it does so, the China Fund is more subject to the risks associated with and developments affecting such issuers than a fund that invests more widely. In addition, although it is not currently expected to do so, the China Fund may invest a portion of its assets in certain exchanged-traded and over-the-counter financial instruments from countries other than China.

An investment in the China Fund may be deemed to be illiquid. Interests in the China Fund may be redeemed, and net redemption proceeds may be repatriated each day. Prior to this change, repatriations were only permitted on a weekly basis. In addition, the China Fund is subject to a monthly accumulated repatriation limit equal to 20% of the China Fund’s total investment in China A Shares and other securities available to investors holding a qualified foreign institutional investor (“QFII”) license (“QFII Permitted Securities”) as of the end of the previous year. The Fund’s redemption of interests from the China Fund may be limited accordingly.

The China Fund seeks long term capital appreciation by investing primarily in companies established or operating in the People’s Republic of China. It is expected that the China Fund will invest a substantial portion of its assets in China A Shares and other QFII Permitted Securities in order to be classified and regulated as an “open-end China Fund” for purposes of Chinese regulations.

This Fund Supplement does not purport to describe the terms of a direct investment in the China Fund. A description of the terms of the Fund’s investment in the China Fund is only available in the China Fund’s confidential private placement memorandum, a copy of which is available upon request.

5. Risks of Shenzhen-Hong Kong Stock Connect and Shanghai-Hong Kong Stock Connect and other Stock Connect Schemes. The Fund may invest directly in the China A Shares market through the Stock Connect, and will be subject to the following additional risks:

a. Quota Limitations. Trading under the Stock Connect will be subject to a daily quota which may change without prior notice. Quota limitations restrict the Fund’s ability to invest in China A Shares through Stock Connect on a timely basis.

b. Suspension Risk. In seeking to ensure an orderly and fair market and to manage risks prudently, the Stock Exchange of Hong Kong Limited (“SEHK”), the SSE and SZSE would reserve the right to apply trading suspensions to the securities of individual issuers for reasons specific to that issuer, or may be applied broadly in response to market events. Consent from the relevant regulator would be sought before a suspension is triggered. In the event of a suspension, the Fund’s ability to access the PRC market will be adversely affected.

c. Differences in Trading Day. Stock Connect will only operate on days when both markets are open for trading and when banks in both markets are open on the corresponding settlement days. Therefore, due to the differences in trading days, the Fund may not be able to trade its China A Shares when the Stock Connect is not trading but it is a normal trading day for the PRC market. The Fund may also be subject to the risk of price fluctuations in China A Shares on such days when the Stock Connect is not trading.

d. Operational Risk. Stock Connect relies on functioning of the operational systems of the relevant market participants. Market participants must meet certain information technology capability, risk management and other requirements specified by the relevant exchange and/or clearing house. While market participants had an opportunity to configure and adapt their operational and technical systems, the securities regimes and legal systems of the two markets differ significantly, market participants may need to address issues arising from the differences on an ongoing basis. The “connectivity” in the Stock Connect requires routing of orders across the border, which requires the development of new information technology systems by the SEHK and exchange participants. There is no assurance that the systems of the SEHK and market participants will function properly or will continue to adapt to changes and developments. If relevant systems fail to function properly, trading in both markets through the program could be disrupted, and the Fund’s ability to access the China A Share market will also be adversely affected.

e. Restrictions on Turnaround (day) Trading. Turnaround (day) trading is not permitted on the China A Share market where investors cannot purchase and sell the same securities via Stock Connect in the same trading day. This may restrict the Fund’s ability to invest in China A Shares through the Stock Connect and to enter into or exit trades on a timely basis.

f. Clearing and Settlement Risk. Hong Kong Securities Clearing Company Limited (“HKSCC”), a wholly-owned subsidiary of HKEx and ChinaClear, will establish the clearing links and each will become a participant of each other to facilitate clearing and settlement of cross-border trades. For cross-border trades initiated in a market, the clearing house of that market will on one hand clear and settle with its own clearing participants, and on the other hand undertake to fulfill the clearing and settlement obligations of its clearing participants with the counterparty clearing house. In the event that a ChinaClear default occurs and ChinaClear is declared as a defaulter, HKSCC’s liabilities under its market contracts with clearing participants will be limited to assisting clearing participants in pursuing their claims against ChinaClear. HKSCC will in good faith, seek recovery of the outstanding stocks and monies from ChinaClear through available legal channels or through ChinaClear’s liquidation. In such an event, the Fund may suffer delays in the recovery process or may not be able to fully recover its losses from ChinaClear.

g. Regulatory Risk. The Stock Connect is novel in nature and will be subject to regulations promulgated by regulatory authorities and implementation rules made by the stock exchanges in the PRC and Hong Kong. The regulations are untested and there is no certainty as to how they will be applied. There can also be no assurance that the Stock Connect will not be abolished. The Fund’s investments in the PRC markets through the Stock Connect may be adversely affected as a result of such changes. The value of the Fund’s assets may be affected by uncertainties such as changes in government policies, taxation, currency repatriation restrictions, permitted foreign ownership levels and other developments in the law or regulations of the PRC.

h. Eligible Securities. It is expected that the list of eligible securities on Stock Connect will be subject to review and may change from time to time. Hong Kong and overseas investors will trade and settle SSE and SZSE securities in China yuan renminbi (“CNY” or “RMB” as it is commonly referred) only. Hence, the Fund will need to use CNY to trade and settle SSE and SZSE Securities. The CSRC stipulates that, when holding China A Shares through Stock Connect, Hong Kong and overseas investors are subject to the following shareholding restrictions: (i) single foreign investors’ shareholding by any Hong Kong or overseas investor in a China A Share must not exceed 10% of the total issued shares; and (ii) aggregate foreign investors’ shareholding by all Hong Kong and overseas investors in a China A Share must not exceed 30% of the total issue shares. Should the shareholding of a single investor in a China A Share listed company exceed the above restrictions, the investor would be required to unwind its position on the excessive shareholding according to a last-in-first-out basis within a specific period. The SSE, the SZSE and the SEHK will issue warnings or restrict the buy orders for the related China A Shares if the percentage of total shareholding is approaching the upper limit.

i. Taxation Risk. According to a circular of Caishui [2014] no. 81 jointly issued by the PRC Ministry of Finance, the State Administration of Tax and the CSRC on 14 November 2014, the capital gains realized by the Fund from trading of eligible China A Shares on the SSE under the Stock Connect may currently enjoy a temporary exemption from PRC income tax and PRC business tax. It is uncertain when such exemption will expire and whether other PRC taxes will be applicable to trading of SSE and SZSE Securities under the Stock Connect in the future. The dividends derived from SSE and SZSE Securities are subject to a 10% PRC withholding tax, except that investors who are tax residents of countries which have entered into tax treaties with China where the applicable tax rate for dividends is lower than 10% may apply to the applicable tax authority for applying the lower tax rate under such treaties. PRC stamp duty is also payable for transactions in SSE and SZSE Securities under the Stock Connect. Although tax guidance concerning the Stock Connect was issued in November 2014, there are uncertainties as to how the guidance would be implemented in practice. In addition, the PRC tax authorities may issue further guidance on the tax consequences relating to SSE and SZSE securities and, as a result, the PRC tax positions of a fund using the Stock Connect may change. The Fund will not make any PRC income tax or business tax provision for realized and unrealized gains derived from trading SSE and SZSE securities under the Stock Connect until and unless a tax provision is required by any further guidance issued by PRC tax authorities, which may have a substantial negative impact on the Fund’s NAV.

j. Taxation in PRC. Tax regulations in the PRC are subject to change, possibly with retroactive effect. Changes in PRC tax regulations could have a significant adverse effect on the Fund and its investments, including reducing returns, reducing the value of the Fund’s investments and possibly impairing capital invested by the Fund. The CSRC have clarified that: (a) an exemption from business tax and income tax on capital gains applies to trading on Stock Connect (this is stated to be a temporary exemption, but no expiry date is provided); (b) normal Chinese stamp duty is payable; and (c) a 10% dividend withholding tax will be applied. Investors should seek their own tax advice on their position with regard to their investment in the Fund. There is no guarantee that the temporary tax exemption with respect to Stock Connect described above will continue to apply, will not be repealed and re-imposed retrospectively, or that no new tax regulations and practice in PRC specifically relating to Stock Connect will not be promulgated in the future. Such uncertainties may operate to the advantage or disadvantage of Unit holders and may result in an increase or decrease in NAV of the Fund.

6. Risks of Growth Investing. If a growth company’s earnings or stock price fails to increase as anticipated, or if its business plans do not produce the expected results, its securities may decline sharply. Growth companies may be newer or smaller companies that may experience greater stock price fluctuations and risks of loss than larger, more established companies. Newer growth companies tend to retain a large part of their earnings for research, development or investments in capital assets. Therefore, they may not pay any dividends for some time. Growth investing has gone in and out of favor during past market cycles and is likely to continue to do so. During periods when growth investing is out of favor or when markets are unstable, it may be more difficult to sell growth company securities at an acceptable price. Growth stocks may also be more volatile than other securities because of investor speculation.

7. Small-Cap Investments. Small-cap companies may be either established or newer companies, including “unseasoned” companies that have been in operation for less than three years. While smaller companies might offer greater opportunities for gain than larger companies, they also involve greater risk of loss. They may be more sensitive to changes in a company’s earnings expectations and may experience more abrupt and erratic price movements. Smaller companies’ securities often trade in lower volumes and in many instances, are traded over-thecounter or on a regional securities exchange, where the frequency and volume of trading is substantially less than is typical for securities of larger companies traded on national securities exchanges. Therefore, the securities of smaller companies may be subject to wider price fluctuations and it might be harder for the Fund to dispose of its holdings at an acceptable price when it wants to sell them. Smaller companies may not have established markets for their products or services and may have fewer customers and product lines. They may have more limited access to financial resources and may not have the financial strength to sustain them through business downturns or adverse market conditions. Since smaller companies typically reinvest a high proportion of their earnings in their business, they may not pay dividends for some time, particularly if they are newer companies. Smaller companies may have unseasoned management or less depth in management skill than larger, more established companies. They may be more reliant on the efforts of particular members of their management team and management changes may pose a greater risk to the success of the business. Securities of small, unseasoned companies may be particularly volatile, especially in the short-term, and may have very limited liquidity in a declining market. It may take a substantial period of time to realize a gain on an investment in a small-cap company, if any gain is realized at all.

The Fund measures the market capitalization of an issuer at the time of investment. Because the relative sizes of companies change over time as the securities market changes, the Fund’s definition of what is a “small-cap,” “mid-cap” or “large-cap” company may change over time as well. After the Fund buys the security of an individual company, that company may expand or contract and no longer fall within the designated capitalization range. Although the Fund is not required to sell the securities of companies whose market capitalizations have grown or decreased beyond the Fund’s capitalization-range definition, it might sell some of those holdings to try to adjust the dollar-weighted median capitalization of its portfolio. That might cause the Fund to realize capital gains on an investment and could increase taxable income to Participating Trusts.

8. Mid-Cap Investments. Mid-cap companies are generally companies that have completed their initial start-up cycle, and in many cases have established markets and developed seasoned management teams. While mid-cap companies might offer greater opportunities for gain than larger companies, they also involve greater risk of loss. They may be more sensitive to changes in a company’s earnings expectations and may experience more abrupt and erratic price movements than larger companies. Mid-cap companies’ securities often trade in lower volumes and in many instances, are traded over-the-counter or on a regional securities exchange, where the frequency and volume of trading is substantially less than is typical for securities of larger companies traded on national securities exchanges. Therefore, the securities of mid-cap companies may be subject to wider price fluctuations and may be less liquid than securities of larger exchange-traded issuers, meaning it might be harder for the Fund to dispose of those holdings at an acceptable price when it wants to sell them. Mid-cap companies may have less established markets for their products or services and may have fewer customers and product lines than larger companies. They may have more limited access to financial resources and may not have the financial strength to sustain them through business downturns or adverse market conditions. Since mid-cap companies typically reinvest a high proportion of their earnings in their business, they may not pay dividends for some time, particularly if they are newer companies. Mid-cap companies may have unseasoned management or less depth in management skill than larger, more established companies. They may be more reliant on the efforts of particular members of their management team and management changes may pose a greater risk to the success of the business. Securities of unseasoned companies may be particularly volatile, especially in the short term and in periods of market instability, and may have limited liquidity in a declining market. It may take a substantial period of time to realize a gain on an investment in a mid-cap company, if any gain is realized at all.

9. Diversification and Concentration. The Fund attempts to reduce its exposure to the risks of individual securities by diversifying its investments across a broad number of different issuers. The Fund will not concentrate its investments in issuers in any one industry. At times, however, the Fund may emphasize investments in some industries or sectors more than others. The prices of securities of issuers in a particular industry or sector may go up and down in response to changes in economic conditions, government regulations, availability of basic resources or supplies, or other events that affect that industry or sector more than others. To the extent that the Fund increases the relative emphasis of its investments in a particular industry or sector, its NAV may fluctuate in response to events affecting that industry or sector. 10. Other Equity Securities. In addition to common stocks, the Fund can invest in other equity or “equity equivalents” securities such as preferred stocks or convertible securities. Preferred stocks generally pay a dividend and rank ahead of common stocks and behind debt securities in claims for dividends and for assets of the issuer in a liquidation or bankruptcy. The dividend rate of preferred stocks may cause their prices to behave more like those of debt securities. A convertible security is one that can be converted into or exchanged for common stock of an issuer within a particular period of time at a specified price, upon the occurrence of certain events or according to a price formula. Convertible securities offer the Fund the ability to participate in stock market movements while also seeking some current income. Convertible debt securities pay interest and convertible preferred stocks pay dividends until they mature or are converted, exchanged or redeemed. The Fund considers some convertible securities to be “equity equivalents” because they are convertible into common stock. The credit ratings of those convertible securities generally have less impact on the investment decision, although they are still subject to credit and interest rate risk.

11. Debt Securities. Debt securities can include debt securities of non-U.S. companies and governments, including those in developing countries. However, the Fund does not invest for income and does not expect to invest significant amounts in debt securities, unless they are convertible securities considered to be “equity equivalents,” or debt securities purchased for temporary defensive or liquidity purposes. The debt securities market can be susceptible to unusual volatility and illiquidity. In addition, debt securities may be subject to the following risks: interest rate risk; duration risk; credit risk; credit spread risk; extension risk; reinvestment risk; prepayment risk; and event risk.

12. Investing in Special Situations. At times, investment benefit may be sought from what the Sub- Adviser considers to be “special situations,” such as mergers, reorganizations, restructurings or other unusual events that are expected to affect a particular issuer. There is a risk that the expected change or event might not occur, which could cause the price of the security to fall, perhaps sharply. In that case, the investment might not produce the expected gains or might cause a loss. This is an aggressive investment technique that may be considered speculative.

13. Derivative Investments. Subject to the Fund’s investment strategy, the Fund can invest in certain “derivative” instruments. A derivative is an instrument whose value depends on (or is derived from) the value of an underlying security, asset, interest rate, index or currency. Derivatives may allow the Fund to increase or decrease its exposure to certain markets or risks. Derivatives may be used for hedging purposes. The Fund is not required to use derivatives for hedging and might not do so.

a. Hedging. Hedging transactions are intended to reduce the risks of securities in the Fund’s portfolio. At times, however, a hedging instrument’s value might not be correlated with the investment it is intended to hedge, and the hedge might be unsuccessful. If the Fund uses a hedging instrument at the wrong time or judges market conditions incorrectly, the strategy could reduce its return or create a loss. b. Risks of Derivative Investments. Derivatives may be volatile and may involve significant risks. The underlying currency, obligor or other instrument on which a derivative is based, or the derivative itself, may not perform as expected. For some derivatives, it is possible to lose more than the amount invested in the derivative investment. In addition, some derivatives have the potential for unlimited loss, regardless of the size of the Fund’s initial investment. Certain derivative investments held by the Fund may be illiquid, making it difficult to close out an unfavorable position. Derivative transactions may require the payment of premiums and can increase portfolio turnover. Derivatives are subject to credit risk, since the Fund may lose money on a derivative investment if the issuer or counterparty fails to pay the amount due. As a result of these risks, the Fund could realize little or no income or lose money from the investment, or the use of a derivative for hedging might be unsuccessful.

In addition, under financial reform legislation currently being implemented, certain overthe- counter derivatives, including certain interest rate swaps and certain credit default swaps, are (or soon will be) required to be executed on a regulated market and/or cleared through a clearinghouse, which may result in increased margin requirements and costs for the Fund. It is unclear how these regulatory changes will affect counterparty risk, and entering into a derivative transaction that is cleared may entail further risks and costs, including the counterparty risk of the clearinghouse and the futures commission merchant through which the Fund accesses the clearinghouse. 14. Investments in Money Market Instruments. The Fund can invest its free cash balances in money market instruments to provide liquidity or for defensive purposes. Money market instruments are short-term, U.S. dollar-denominated debt instruments issued or guaranteed by domestic and non-U.S. corporations and financial institutions, the U.S. government, its agencies and instrumentalities and other entities. Money market instruments include certificates of deposit, commercial paper, repurchase agreements, treasury bills and other short term debt obligations that have a final maturity, as defined under rules under the Investment Company Act, of 397 days or less. They may have fixed, variable or floating interest rates. Money market instruments are subject to certain risks, including the risk that an issuer of an obligation that the Fund holds might have its credit rating downgraded or might default on its obligations, or that interest rates might rise sharply, causing the value of the Fund’s investments to fall.

The Fund may invest in money market instruments by investing in affiliated or unaffiliated money market funds. It may also invest in money market instruments directly. The Fund may invest in such money market funds rather than purchasing individual short-term investments. At the time of an investment, the Fund cannot always predict what will be the yield of money market funds it may hold, because of the wide variety of instruments that such fund may hold in its portfolio. The return on those investments may, in some cases, be lower than the return that would have been derived from other types of investments that would provide liquidity. As a shareholder, the Fund will be subject to its proportional share of the expenses of any money market fund it may hold, including its advisory fee. However, if the Fund invests in a money market fund that is managed or underwritten by an affiliate of the Sub-Adviser and/or the Trust Company, the Trust Company will waive a portion of the Fund’s investment management fee by an amount that equals the Fund’s share of the advisory fee of such money market fund that is paid to an affiliate of the Sub-Adviser and/or the Trust Company. If the Fund invests in an unaffiliated money market fund, the Trust Company will not waive a portion of such Fund’s advisory fee representing that Fund’s share of the advisory fee paid by such unaffiliated fund to any unaffiliated manager.

15. Illiquid and Restricted Securities. Investments that do not have an active trading market, or that have legal or contractual limitations on their resale, are generally referred to as “illiquid” securities. Illiquid securities may be difficult to value or to sell promptly at an acceptable price or may require registration under applicable securities laws before they can be sold publicly. Securities that have limitations on their resale are referred to as “restricted securities.” Certain restricted securities that are eligible for resale to qualified institutional purchasers may not be regarded as illiquid. The Fund will limit its investments in illiquid and restricted securities to fifteen percent (15%) of its net assets. The Trust Company and the Sub-Adviser monitor the Fund’s holdings of illiquid and restricted securities on an ongoing basis to determine whether to sell any of those securities to maintain adequate liquidity.

16. Portfolio Turnover. A change in the securities held by the Fund is known as “portfolio turnover.” The Fund may engage in active and frequent trading to try to achieve its investment objective and may have a portfolio turnover rate of over one hundred percent (100%) annually. Increased portfolio turnover may result in higher brokerage fees or other transaction costs, which can reduce performance.

17. Temporary Defensive and Interim Investments. For temporary defensive purposes in times of adverse or unstable market, economic or political conditions, the Fund can invest up to 100% of its total assets in investments that may be inconsistent with the Fund's principal investment strategies. Generally, the Fund would invest in money market or other short-term investment funds or vehicles, including collective investment trusts, or in the types of instruments in which money market and short-term investment funds or vehicles invest, or in other short-term U.S. government securities. The Fund might also hold these types of securities as interim investments pending the investment of proceeds from the sale of Fund Units or the sale of Fund portfolio securities or to meet anticipated redemptions of Fund Units. To the extent the Fund invests in these securities, it might not achieve its investment objective.

18. Competition. The securities industry, the various markets in which the Fund participates and the varied strategies and techniques engaged in by the Sub-Adviser are extremely competitive and each involves a high degree of risk. The Fund, the Trust Company and the Sub-Adviser compete with firms, including, without limitation, many of the larger securities and investment banking firms, which may have substantially greater financial resources, larger research staffs and more traders than the Sub-Adviser has or expects to have in the future, which may place the Fund at a competitive disadvantage.