Sustainable, Responsible &/or ESG Policy:

In order to achieve the investment objective, the Fund employs a replication method that looks to invest as far as possible and practicable in the constituents of the Reference Index. As such, the fund replicates the Sustainable, Responsible &/or ESG Policy embedded in its Reference Index.

This Fund promotes environmental and/or social characteristics but does not have as its objective sustainable investment, however the Fund intends to make sustainable investments. The environmental and/or social characteristics promoted by the Fund are to gain exposure to issuers demonstrating a robust ESG profile, i.e. issuers with limited/ no involvement in certain business activities and with no involvement in severe ESG controversies. The Fund also aims to gain increased exposure to those issuers generating revenue from green projects, and those that exhibit lower levels of carbon emissions and fossil fuel reserves, relative to the companies that comprise the FTSE All-Share ex Investment Trusts Index (the “Parent Index”). The Fund achieves this by tracking the Reference Index, which has a methodology that is consistent with attaining the environmental and social characteristics promoted by the Fund.

Through a combination of the exclusion criteria detailed in the methodology of the Reference Index and the qualitative assessment and/or engagement of Invesco’s ESG team, it is ensured that investee companies follow good governance practices. The Fund takes into account the PAI indicators defined in Table 1 of Annex I of the RTS and ensures alignment with the OECD guidelines and UNGP, thereby ensuring that the sustainable investments do not cause any significant harm to environmental and/or social objectives.

A minimum of 90% of the Fund’s NAV will be selected according to the binding elements of the investment strategy. Up to 10% of the Fund’s NAV may not be aligned with the environmental and/or social characteristics of the Fund, this portion of the Fund may be invested in financial derivative instruments for hedging and/or efficient portfolio management purposes and cash for ancillary liquidity purposes. A minimum of 10% of the Fund’s NAV will be in sustainable investments.

Process:

The Fund’s objective is to achieve the net total return performance of the Reference Index, less fees, expenses and transaction costs. In order to achieve the investment objective, the Fund will employ a replication method that looks to invest as far as possible and practicable in the constituents of the Reference Index. The Fund intends to replicate the Reference Index by holding all of its constituent securities in a similar proportion to their weightings in the Reference Index.

The Index methodology of the Reference Index applies exclusion criteria to the FTSE  All-Share ex Investment Trusts Index (the “Parent Index”) to exclude securities that:

• have faced very severe controversies pertaining to ESG issues (including UN Global Compact violations);
• are involved (as defined by the Index Provider) in any of the following business activities: Arctic oil and gas exploration, adult entertainment, controversial weapons, small arms, gambling, military contracting, nuclear power, oil sands, thermal coal, recreational cannabis and tobacco ; and
• do not have a FTSE Russell ESG Rating.

The Reference Index then applies a target exposure approach that assigns re-weighting factors to each of the remaining eligible securities. These factors are determined such that the Reference Index targets as near as possible:

• an uplift in the FTSE Russell ESG Rating, relative to the Parent Index, of the minimum of either 10% or one market cap weighted standard deviation;
• an increase in the weighted average percentage of revenue generated by green projects of 50%, relative to the Parent Index, based on data available to the Index Provider;
• a reduction in both the weighted average carbon emissions intensity (measured as Greenhouse Gas (GHG) Protocol Scope 1 and 2 emissions and calculated as operational carbon emissions in metric tons per million dollars revenue) and the weighted average fossil fuel reserve intensity of 50%, relative to the Parent Index, based on data available to the Index Provider.

The Reference Index is subject to the following constraints when applying the target exposure approach:

1) at each quarterly rebalance the two-way turnover (i.e. the sum of the individual weighting changes across all index constituents) of the Reference Index will not exceed 10%, unless it is not possible for the resultant target exposures, detailed above, to be achieved without a significant deviation from the targeted level for each, in which case this turnover constraint is relaxed in stages, whereby it is first set to 15% and then removed entirely if no feasible solution can be found. This process is set out in detail in the index methodology linked herein;

2) to limit industry divergence, aggregate Industry Classification Benchmark (“ICB”) industry weightings will not deviate by more than 2% from those in the Parent Index;

3) the weight of each individual constituent will not deviate by more than 3% from its weight in the Parent Index and will not exceed its weight in the Parent Index multiplied by a factor of five; and 4) the weight of each individual constituent will be capped at 7.5% and a floor of 0.05% will be applied such that eligible constituents with weights below the floor are removed. These conditions mean that any constituent with a weight in the Parent Index of less than 3% could be completely removed from the Reference Index.

The index methodology of the Reference Index includes good governance criteria whereby companies are assessed against indicators such as sound management structures, employee relations, remuneration of staff and tax compliance. Companies that are deemed not to meet good governance practices according to the methodology of the Reference Index will be excluded.

In addition to the assessment of good governance practices of companies by the index provider, the Investment Manager also implements a review of the constituents of the Reference Index at each rebalance to identify any gaps from a data coverage perspective in the methodology of the Reference Index. In the unlikely event that a company is not assessed in relation to good governance practices by the index provider, the Investment Manager and Invesco’s ESG team implements an internal process to review publicly available data and perform checks against UN Global Compact principles to verify that those companies follow good governance practices.

Resources, Affiliations & Corporate Strategies:

Created in 2013, Invesco’s dedicated Sustainable Investing Services (SIS) team and the Proxy Voting team are responsible for leveraging best practices globally in sustainable investing capabilities across Invesco including ESG integration, voting and engagement, supporting distribution teams with client engagement, and advising product teams on sustainability innovation.

Our Global SIS and Proxy Voting teams act as a centralised resource to guide, support and inform Invesco's investment teams on all work in this area. The teams are organized across five pillars:

• Client: Guides messaging and training for distribution teams, engages clients on ESG issues, and supports product strategy.
• Research: Conducts proprietary ESG research and collaborates with investment teams on engagements.
• Analytics: Manages ESG analytics, data vendor selection, portfolio screening and reviews.
• Operations: Project manages sustainability-focused initiatives and manages the scheduling and organization for the SIS team.
• Proxy: Provides guidance on governance issues and supports development of our PROXYintel voting platform and Global Proxy Voting Policy.

The combined SIS and proxy Voting teams includes 36 ESG professionals (as at 30 June 2025) located in North America, Asia Pacific, and EMEA who provide localized support and analysis to our investment teams across the globe. 

Our sustainable investing services professionals collaborate closely with these investment teams, providing support, insights and analysis while investment teams maintain discretion on portfolio decisions. Our governance structure enables oversight and accountability through the ESG Steering Committee, while allowing our investment teams to integrate sustainable investing approaches tailored to their asset classes and styles. 

As shown in the following organizational chart, the combined team comprises five pillars to support sustainable investing efforts across specific functions firm-wide. The team's geographic structure also ensures that most Invesco teams have an appropriate local contact. The ESG Steering Committee, asset class-specific investment teams, and firm-wide functional units also collaborate with SIS team members from each of the five pillars. 

Source: Invesco as of 30 June 2025. For illustrative purposes only.

Each investment team has a unique approach to incorporating sustainable investing considerations, as defined in its investment process and appropriate for the respective asset class. To support this effort, Invesco has dedicated specialists and champions within individual investment teams across the globe. These individuals are closely connected with the SIS team and formally collaborate via the ESG Steering Committee.

Governance oversight structure

Managing risk is an integral part of our investment culture at Invesco, and it starts with the recognition that everyone plays a role in risk management. Built with multiple lines of defense, our risk management approach seeks to ensure that our managers adhere to best practices. The goal is for portfolios to perform as expected and for clients to feel confident in their investment.

Investment teams

We believe the best outcomes are achieved through distinct investment teams across the globe, with discrete investment perspectives, operating under a disciplined philosophy and process. To support the unique needs of each investment team, each one deploys a robust risk management framework that is tailored to its investment process and is owned by its CIO. Each of our teams uses its framework to thoroughly assess the risk and return characteristics of each individual security and carefully calibrates the overall risk level of the portfolio when these investments are combined. Teams incorporate environmental, social, or governance related considerations where relevant or required to achieve portfolio objectives. Investment team leaders have responsibility for overseeing the implementation of investment strategies including those with ESG related objectives or incorporating ESG factors.

Multiple groups within Invesco

At each step in the process, the investment teams are provided with global expertise and support that enhances their risk management efforts. The following groups provide oversight of the investment teams to make sure they are operating within best practices as well as their stated objectives:

• Investment Risk Management is responsible for identifying, measuring, and monitoring appropriate portfolio risks to ensure that each portfolio is managed as intended
• Global Performance delivers customized portfolio performance analysis and attribution reporting that facilitates the Investment Risk evaluation of whether ex-post performance results are aligned with ex-ante risk expectations
• Global Compliance monitors pre- and post-trade compliance and performs other fiduciary assurance functions
• Other governance structures that assure best practices include the Global Trade Operations Committee, the New Instrument Committee, the Pricing Committee and the Proxy Committee

Senior leaders, independent boards and audit teams

Oversight is critical. The following groups provide a high-level review of the entire process:

• The Invesco Performance and Risk Committeeis composed of senior leaders who review risk and performance issues and monitor progress against the firm-wide strategic priority of achieving strong investment performance.
• Internal Audit provides end-to-end process review to identify any control gaps and execution challenges.

Given the importance that Invesco places on ESG at an investment level, Invesco has a governance structure across multiple dimensions, which enables oversight and accountability for effective stewardship.

Invesco’s Sustainable Investing Services Team acts as a global resource, responsible for investment team support and analysis related to ESG risks and opportunities, voting and engagement, supporting the distribution teams with client engagement, and advising product teams on ESG innovation, while investment teams maintain discretion on portfolio decisions. The team comprises professionals located across three regions: North America, Asia Pacific and EMEA. The team is organized across four pillars that define their major responsibilities: Client, Research, Proxy and Analytics.

The ESG Executive Steering Committee (ESG Executive Steerco) establishes strategic direction for and implementation of ESG related investment management initiatives at Invesco. The Committee is composed of representatives from Investments, Distribution, and many functional areas. It provides direction for resource allocation and operational implementation while facilitating communication across the firm. The Committee aids in fostering global collaboration on ESG issues, enabling us to benefit from diverse perspectives and maintain consistent standards. Alongside various cross-functional working groups, it encapsulates our inclusive approach to ESG, ensuring a purposeful, holistic strategy that aligns with client objectives.

We have created a variety of working groups across the organization in support of delivering ESG related investment capabilities. Some groups are tasked with delivering on a specific initiative or facilitating collaboration across an asset class or region. Others are designed for providing broad communication about current themes or regulation, tools or resources such as data, or they focus on evergreen priorities including proxy voting.

Invesco's Global Invesco Proxy Advisory Committee is guided by our philosophy that investment teams should manage proxy voting. It is a global investments-driven committee comprised of representatives from various investment management teams and chaired by the Director of Proxy Voting and Governance. The committee provides a forum for investment teams to monitor, understand and discuss key proxy issues and voting trends within the Invesco complex, to assist us in meeting regulatory obligations, and to consider conflicts of interest in the proxy voting process.

Assurance

Internal Audit prepares a risk-based audit plan at least semi-annually based on its assessment of the risks presented by various activities within the firm. The Department begins by determining and closely examining the universe of Invesco’s functional areas and entities, engaging in discussions with responsible parties and various assurance functions, reviewing market and industry developments, reviewing discussion topics raised by risk management committees, and considering regulatory expectations. 

Each item in the universe is given a ranking of Critical, Major, Moderate or Minor risk that accounts for both the likelihood a particular risk event could occur and the associated impact to the organization. Determination of the appropriate risk ratings involves an evaluation of many factors including but not limited to: Financial, Legal/Regulatory, Reputational, Operational, Customer or Client, and Market Detriment impacts.  

During this process, other assurance reviews are also considered. Internal Audit uses the overall risk assessment scores noted above, along with the regulatory requirements, guidance and feedback from the Audit Committee and senior management, to preliminarily assess whether a process should be considered for inclusion in the audit plan. Based on the result of risk assessment, ESG related matters may be identified for audit coverage as part of the audit plan

Additionally, the Global Compliance department's annual testing plan seeks to assess compliance in key risk areas, avoiding duplication of testing and considering other control reviews, including internal audits. Our Compliance Monitoring team seeks to apply testing standards consistent with regulatory expectations in each region in which Invesco operates, and reports findings to senior management of Compliance and other impacted business functions. For example, in 2020 the Compliance Monitoring team conducted an advisory review of proxy voting in North America. The purpose of this review was to provide guidance and recommendations around the region's proxy voting process, to evaluate whether policies and procedures were reasonably designed and to determine how effectively the controls in place comply with regulations.

Membership of other ESG/RI associations

Invesco is an active member and supporter of several external organisations, largely via our global investment teams. Following is a representative list of current affiliations.

A member of:

• 30% Club Japan Investors Group
• Asian Corporate Governance Association (ACGA)
• Asia Investor Group on Climate Change (AIGCC)
• Better Building Partnership (BBP)
• Carbon Disclosure Project
• Climate Bonds Initiative
• Corporate Responsibility Interface Center (CRIC) (DACH countries)
• Council of Institutional Investors (CII) (US)
• Farm Animal Investment Risk & Return Initiative (FAIRR)
• Global Real Estate Sustainability Benchmark (GRESB)
• EFAMA Sustainable Finance Committee
• ESG Disclosure Study Group (Japan)
• Hong Kong Green Finance Association (HKGFA)
• IFRS Advisory Council (oversees ISSB – successor to SASB)
• Investment Company Institute (ICI) (ICI Fund Disclosure Working Group, ICI Global ESG Task Force, and ICI Proxy Issues Working Group)
• Investment Association (UK)
• Investor Forum (UK)
• Institutional Investors Group on Climate Change (IIGCC), including Net Zero Investment Framework working group
• Investment Management Education Alliance (IMEA)
• Ireland Central Bank group (Invesco Investment Management Limited) 
• Irish Funds ESG Legal committee
• One Planet Asset Managers
• Quoted Companies Alliance (QCA)
• Responsible Investment Association (RIA) (Canada)
• Responsible Investment Association Australasia (RIAA)
• Task force on Climate-Related Financial Disclosures (TCFD) (Supporter and Discloser), TCFD Consortium
• Transition Pathway Initiative
• Task force on Nature-Related Financial Disclosures’ (TNFD) Forum
• UK Sustainable Investment and Finance Association (UKSIF)

A signatory to:

• Principles for Responsible Investment (PRI)
• EFAMA Stewardship Code
• Indian Stewardship Code
• Japan’s Stewardship Code
• UK Stewardship Code
• Net Zero Asset Managers Initiative

Additionally, GRESB provides the basis for the reporting, scoring and peer ranking of Invesco Real Estate's (IRE’s) ESG management and policies:

• IRE has submitted data to GRESB since 2012 and has been a GRESB member since 2014.
• In 2024, six IRE-managed strategies achieved five out of five Green Stars, placing them in the top 20% of all global submissions in 2024.

Source: Invesco as at 30 June 2025.

Invesco is committed to adopting and implementing responsible investment principles in a manner that is consistent with its fiduciary responsibilities to clients. We have a client-centric approach to responsible investing which focuses on customising solutions to client needs and objectives. Therefore, we do not apply a single, top-down, firm-wide responsible investing policy or process, instead, our investment teams implement policies or processes tailored to their asset classes, investment styles and client objectives. Where appropriate, sustainable and responsible investing policies are applied on a product-by-product basis in alignment with regional regulatory or client requirements.

We believe this approach is better than a one-size-fits-all methodology and allows us to provide a range of sustainable investing capabilities that support our clients in meeting their various objectives.

While we do not have a specific firm-wide responsible investing policy in the strictest definition, we do have a number of sustainability-related policies, statements and reports at the firm level which in aggregate lay out a high-level vision for responsible investing. These are listed below.

• Investment Stewardship Report outlines Invesco's accomplishments, reaffirming our commitment to global stewardship and detailing how our endeavours reinforce this core mission.
• Invesco’s Policy Statement on Global Corporate Governance and Proxy Voting describes Invesco's commitment to responsible investing and proxy voting, as well as the good governance principles that inform our approach to engagement and voting at shareholder meetings.

Invesco's Task Force on Climate Related Financial Disclosures (TCFD) Report seeks to build on our past experience and provide a comparable, investor-relevant disclosure on our activities and capabilities in climate-aware investing.

SDR Labelling:

Not eligible to use label (out of scope)