Defined Contribution Intermediary
Equity | International and Global Equity

Invesco OFI International Growth Trust -Tier 2

Class II

Class II

  • Class II
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  • Invesco International Select Equity Trust - Class F
  • Invesco International Small-Mid Cap Trust - Class T2
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  • Invesco Mid Cap Growth Trust - Class C
  • Invesco OFI International Growth Trust - Class A
  • Invesco OFI International Growth Trust - Class T
  • Invesco OFI International Growth Trust - Class T4
  • Invesco OFI International Growth Trust - Class T5
  • Invesco OFI International Growth Trust - Tier 2
  • Invesco Senior Loan Trust - Class A
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  • Invesco Stable Value Trust - Class I
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  • Invesco Stable Value Trust - Class III
  • Invesco Stable Value Trust - Class IV
  • Invesco U.S. Quantitative Core Trust - Class C
  • Invesco U.S. Quantitative Small Core Trust - Class C
  • Invesco U.S. Quantitative Small Value Trust - Class C

Investment Objective

The Fund seeks capital appreciation.

Fund Style

International Fundamental Large Growth

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 ACWI ex-USA Index (the “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 regulatory and general fund risks associated with investing in the Fund. Specific investment risks related to the Fund’s investment strategy include, but are not limited to, the following:

1. Common Stock. Common stock represents an ownership interest in a company. 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. Common stocks may be exchange-traded or over-the-counter securities. Over-the-counter securities may be less liquid than exchange-traded securities. The value of the Fund’s portfolio may be affected by changes in the stock markets. Stocks and other equity securities fluctuate in price in response to changes to equity markets in general. Stock markets may experience significant short-term volatility and may fall sharply at times. Adverse events in any part of the equity or fixedincome 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. 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), the net asset value (“NAV”) of the Units of the Fund may fluctuate more in response to events affecting the market for those types of securities.

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 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. To some extent that risk may be limited by the Fund’s strategy of not concentrating its investments in any one industry.

3. Risks of Non-U.S. Investing. The Fund may buy stocks and other equity securities of companies that are organized under the laws of a non-U.S. country or that have a substantial portion of their operations or assets in a non-U.S. country or countries, or that derive a substantial portion of their revenue or profits from businesses, investments or sales outside of the United States. Debt securities are not expected to be a main investment strategy of the Fund. Debt securities issued by a non-U.S. government may not be supported by the “full faith and credit” of that government. Securities traded in non-U.S. markets often involve special risks not present in U.S. investments that can increase the chances the Fund will lose money. Additional information regarding certain of the risks associated with non-U.S. investing is provided below.

a. 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 expense ratio.

b. 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.

c. 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.

d. Non-U.S. Currency Risk. A change in the value of a non-U.S. currency against the U.S. dollar will result in a change in the U.S. dollar value of securities denominated in that non-U.S. currency. If the U.S. dollar rises in value against a non-U.S. 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 non-U.S. 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. Non-U.S. 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 non-U.S. currency against the U.S. dollar will result in a change in the U.S. dollar value of derivatives linked to that non-U.S. currency. The Fund’s holdings of non-U.S. 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.

e. 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 non-U.S. 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.

f. Time Zone Arbitrage. If the Fund invests a significant amount of its assets in non-U.S. securities, it may be exposed to “time-zone arbitrage” attempts by investors seeking to take advantage of differences in the values of non-U.S. securities that might result from events that occur after the close of the non-U.S. 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 Participating Trusts. However, the Fund’s use of “fair value pricing” under certain circumstances, to adjust the closing market prices of non-U.S. securities to reflect what the Trust Company and/or Sub- Adviser believe to be their fair value, may help deter those activities.

g. 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.

h. 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.

4. Risks of Developing and Emerging Markets. Investments in developing and emerging market countries are subject to all the risks associated with non-U.S. investing, however, these risks may be magnified in developing and emerging markets. Investments in securities of issuers in developing or emerging market countries may be considered speculative. Additional information regarding certain of the risks associated with investing in developing and emerging markets is provided below.

a. Less Developed Securities Markets. Developing or emerging market countries may have less well-developed securities markets and exchanges. Consequently they have lower trading volume than the securities markets of more developed countries and may be substantially less liquid than those of more developed countries.

b. Transaction Settlement. 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. As a result there could be subsequent declines in the value of the portfolio security, a decrease in the level of liquidity of the Fund or, if there is a contract to sell the security, a possible liability to the purchaser.

c. Price Volatility. Securities prices in developing or emerging markets may be significantly more volatile than is the case in more developed nations of the world, which may lead to greater difficulties in pricing securities.

d. Less Developed Governments and Economies. The governments of developing or emerging market countries may be more unstable than the governments of more developed countries. In addition, the economies of developing or emerging market countries 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 may be subject to social, political, or economic instability. Further, the value of the currency of a developing or emerging market country may fluctuate more than the currencies of countries with more mature markets.

e. Government Restrictions. In certain developing or emerging market countries, government approval may be required for the repatriation of investment income, capital or the proceeds of sales of securities by non-U.S. investors. Other government restrictions may include confiscatory taxation, expropriation or nationalization of company assets, restrictions on non- U.S. ownership of local companies, protectionist measures, and practices such as share blocking.

f. Privatization Programs. The governments in some developing or emerging market countries have been engaged in programs to sell all or part of their interests in government-owned or controlled enterprises. However, in certain developing or emerging market countries, the ability of non-U.S. entities to participate in privatization programs may be limited by local law. There can be no assurance that privatization programs will be successful.

5. Eurozone Investment Risks. Certain of the regions in which the Fund may invest, including the European Union (EU), currently experience significant financial difficulties. Following the global economic crisis that began in 2008, some of these countries have depended on, and may continue to be dependent on, the assistance from others such as the European Central Bank (ECB) or other governments or institutions, and failure to implement reforms as a condition of assistance could have a significant adverse effect on the value of investments in those and other European countries. In addition, countries that have adopted the euro are subject to fiscal and monetary controls that could limit the ability to implement their own economic policies, and could voluntarily abandon, or be forced out of, the euro. Such events could impact the market values of Eurozone and various other securities and currencies, cause redenomination of certain securities into less valuable local currencies, and create more volatile and illiquid markets. Additionally, the United Kingdom’s intended departure from the EU, commonly 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. The risks related to Brexit could be more pronounced if one or more additional EU member states seek to leave the EU.

6. Risks of Small- and Mid-Cap Companies. Small-cap companies may be either established or newer companies, including “unseasoned” companies that have been in operation for less than three years. Mid-cap companies are generally companies that have completed their initial start-up cycle, and in many cases have established markets and developed seasoned market teams. While smaller companies might offer greater opportunities for gain than larger companies, they also may 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. Small- and mid-cap companies’ securities may trade in lower volumes and it might be harder for the Fund to dispose of its holdings at an acceptable price when it wants to sell them. Small- and mid-cap 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 small- and 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. Small- and 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. It may take a substantial period of time before the Fund realizes a gain on an investment in a small- or mid-cap company, if it realizes any gain 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 capitalizationrange 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 distributions to shareholders. When the Fund invests in smaller company securities that might trade infrequently, investors might seek to trade Fund shares based on their knowledge or understanding of the value of those securities (this is sometimes referred to as “price arbitrage”). If such price arbitrage were successful, it might interfere with the efficient management of the Fund’s portfolio and the Fund may be required to sell securities at disadvantageous times or prices to satisfy the liquidity requirements created by that activity. Successful price arbitrage might also dilute the value of fund shares held by other shareholders.

7. Risks of Growth Investing. Growth companies are companies whose earnings and stock prices are expected to grow at a faster rate than the overall market. Growth companies can be new companies or established companies that may be entering a growth cycle in their business. Their anticipated growth may come from developing new products or services or from expanding into new or growing markets. Growth companies may be applying new technologies, new or improved distribution methods or new business models that could enable them to capture an important or dominant market position. They may have a special area of expertise or the ability to take advantage of changes in demographic or other factors in a more profitable way. Although newer growth companies may not pay any dividends for some time, their stocks may be valued because of their potential for price increases.

8. Diversification and Concentration. The Fund is a diversified fund. It 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.

9. Other Equity Securities. In addition to common stocks, the Fund can invest in other equity or “equity equivalents” securities such as preferred stocks, convertible securities, rights or warrants. a. Preferred Stock. 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 company 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.

b. Warrants and Rights. Warrants are options to purchase equity securities at specific prices valid for a specific period of time. Their prices 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.

c. Convertible Securities. A convertible security 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. 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 non-convertible debt securities. Convertible securities are subject to credit and interest rate risk, however credit ratings of convertible securities generally have less impact on the value of the securities than they do for non-convertible debt securities.

10. Debt Securities. The Fund may invest in 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 securities” as described above, or debt securities purchased for temporary defensive or liquidity purposes. The debt securities market can be susceptive 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.

11. Risks of Derivative Investments. The Fund can only invest in derivative instruments for purposes of currency hedging (but not for speculation or other purposes), including buying and selling put and call options, currency swaps, futures contracts on foreign currencies, forward contracts and options on futures for currency hedging purposes. The Fund may also hold warrants. 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.

12. 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. 13. Investing in Special Situations. At times, the Fund may seek to benefit from what are considered 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 anticipated 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.

14. Investing in Domestic Securities. The Fund can invest in common and preferred stocks and debt securities of U.S. companies. It can also hold U.S. corporate and government debt securities for defensive and liquidity purposes. Under normal market conditions, the Fund does not expect to invest a significant amount of its assets in securities of U.S. issuers.

15. Restricted Investments. The Fund may invest in “new issues” and therefore may have “new issue” income. A “new issue” generally is any initial public offering of an equity security, as defined in Section 3(a)(11) of the Exchange Act. Under the rules adopted by the Financial Industry Regulatory Authority, Inc. (“FINRA”), certain Participating Trusts may be restricted from participating in “new issues,” including FINRA members, other broker-dealers and their affiliates, certain personnel of broker-dealers, certain finders and fiduciaries and portfolio managers of certain entities and accounts, including collective investment accounts (which include hedge funds) and directors and executive officers of U.S. public companies and other companies that meet certain financial thresholds. Such restricted persons will be limited in their ability to participate in profits and losses attributable to the Fund’s “new issues” investments, except to the extent permitted by applicable FINRA rules.

In addition, the Fund may from time to time invest in other securities, commodities and/or other financial instruments in which participation by certain Participating Trusts may be prohibited or limited pursuant to federal, state, local or non-U.S. laws or regulations and/or any other investor-based restrictions to which the Sub-Adviser has agreed in writing.

16. 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 not invest more than 15% of its net assets in illiquid securities. The Fund’s holdings of illiquid securities are monitored on an ongoing basis to determine whether to sell any of those securities to maintain adequate liquidity.

17. 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 shortterm, 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 the Fund’s advisory fee representing the Fund’s share of the advisory fee paid by such unaffiliated fund to any unaffiliated manager.

18. 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 funds 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.

19. 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 100% annually. Increased portfolio turnover may result in higher brokerage fees or other transaction costs, which can reduce performance.