Informe Anual 2014

Invesco Funds Audited Annual Report
Socit dInvestissement Capital Variable

For the year ended 28 February 2014
(R.C.S. Luxembourg B34457)
Registered Office:
2-4 rue Eugne Ruppert, L-2453 Luxembourg
No subscription can be accepted on the basis of financial reports alone. Subscriptions, in order to be valid, must be made on the basis of the current
Prospectus supplemented by a copy of the latest available Audited Annual Report and a copy of the latest Unaudited Semi-Annual Report, if later than such
Audited Annual Report.
Copies of the Prospectus, Audited Annual Report and Unaudited Semi-Annual Report may be obtained at the Registered Office of the Company (Invesco
Funds), 2-4 rue Eugne Ruppert, L-2453 Luxembourg, as well as from the offices of the Global Distributor in Dublin. Notices of all General Meetings will be
published in the Luxemburger Wort and, to the extent required by law, in the Mmorial, Recueil des Socits et Associations (Mmorial) and will be sent to
holders of registered Shares at their address in the Register of Shareholders by post at least 8 days prior to meetings. In the event of any discrepancy between
translations from English text into foreign languages, please note that the English text will prevail.
Equalisation is calculated for tax reporting purposes and is not disclosed in the Audited Annual Report.
03 Invesco Funds

Page(s)
Report of the Board of Directors 05
Statement of Investments

Equity Funds

Global
Invesco Global Structured Equity Fund 06
Invesco Emerging Market Quantitative Equity Fund 09
Invesco Global Smaller Companies Equity Fund 12
Invesco Global Equity Income Fund 17

America
Invesco Latin American Equity Fund 19
Invesco US Structured Equity Fund 21
Invesco US Value Equity Fund 23
Invesco US Equity Fund 25

Europe
Invesco Pan European Structured Equity Fund 27
Invesco Pan European Equity Fund 29
Invesco Pan European Small Cap Equity Fund 31
Invesco European Growth Equity Fund 35
Invesco Pan European Equity Income Fund 37
Invesco Emerging Europe Equity Fund 39
Invesco Pan European Focus Equity Fund 41

Japan
Invesco Nippon Small/Mid Cap Equity Fund 42
Invesco Japanese Equity Advantage Fund 44
Invesco Japanese Value Equity Fund 45

Asia
Invesco Asia Opportunities Equity Fund 47
Invesco Greater China Equity Fund 49
Invesco Asia Infrastructure Fund 51
Invesco India Equity Fund 53
Invesco Asia Consumer Demand Fund 55
Invesco China Focus Equity Fund 57
Invesco Asian Focus Equity Fund 58

Theme Funds
Invesco Global Leisure Fund 60
Invesco Energy Fund 62
Invesco Global Income Real Estate Securities Fund 63
Invesco Gold & Precious Metals Fund 67
Reserve Funds
Invesco USD Reserve Fund 68
Invesco Euro Reserve Fund 69
Contents
04 Invesco Funds

Bond Funds
Invesco Global Bond Fund 70
Invesco European Bond Fund 72
Invesco Absolute Return Bond Fund 74
Invesco Euro Inflation-Linked Bond Fund 75
Invesco Euro Corporate Bond Fund 76
Invesco UK Investment Grade Bond Fund 80
Invesco Emerging Local Currencies Debt Fund 82
Invesco Global Investment Grade Corporate Bond Fund 84
Invesco Global Unconstrained Bond Fund 86
Invesco Global Total Return (EUR) Bond Fund 87
Invesco Emerging Market Corporate Bond Fund 88
Invesco Euro Short Term Bond Fund 90
Invesco Asian Bond Fund 92
Invesco US High Yield Bond Fund 94
Invesco Renminbi Fixed Income Fund 97

Mixed Funds
Invesco Capital Shield 90 (EUR) Fund 99
Invesco Asia Balanced Fund 100
Invesco Pan European High Income Fund 104
Invesco Global Absolute Return Fund 110
Invesco Balanced-Risk Allocation Fund 111
Invesco Global Targeted Returns Fund 112
Financial Statements

Statement of Net Assets 113-121

Comparative Net Asset Values 122-128

Statement of Operations and Changes in Net Assets 129-137

Notes to the Financial Statements 138-179

Audit Report 180

Other Information 181-189
Board of Directors 190
Organisation 190
Contents
Report of the Board of Directors
Dear Shareholders,
The following report provides a summary of the financial results of the Invesco Funds for the year ended 28 February 2014 together with a market review for
that year.
The Assets Under Management increased from USD 20,911,411,149 on 28 February 2013 to USD 33,138,030,165 on 28 February 2014.
The Net Proceeds from issue of shares was USD 9,559,656,297 for the year.
The Net Income for the year ended 28 February 2014 was USD 238,951,560 compared with USD 226,057,501 on 28 February 2013.
The following report covers the year from 1 March 2013 to 28 February 2014.
Market Overview
Global equity markets have risen over the past 12 months to the end of February 2014 on signs that economic growth is accelerating amid loose monetary
policies in the developed world. The resolution of the US government shutdown in October and the Federal Reserves announcement in December that it would
begin to reduce the pace of its asset purchase programme in January 2014, all served to support equity markets last year. Meanwhile, the outlook for financial
stability in the Eurozone has continued to improve. As such, weve seen a big divergence between developed market and emerging market performance; with
emerging markets hit the hardest since talk of reducing, or tapering, the US Federal Reserves monthly asset purchases began in May 2013.
Until then, the lessening of a number of risks across markets, notably the European financial crisis and the US fiscal negotiations, had served to support equity
markets. When investors began to worry about tapering and geopolitical tensions rose in the Middle East these worries were felt across almost all markets. But
they were particularly acute in emerging markets, not helped by decreasing Chinese growth expectations. Continuing political unrest in Egypt and the escalating
crisis in Syria, with the possibility of Western military intervention, began to affect market sentiment and the oil price in particular, which rose to a six-month high
in August 2013. While Syria is not a significant oil producer, there were concerns about wider supply disruption in the Middle East.
Given the strength of global equity markets throughout last year, 2014 began on an optimistic note. Driven by developed markets, the bulk of performance last
year came from the market re-rating rather than earnings growth and there is a feeling that we now need to see companies deliver increased levels of earnings
growth to justify valuations. In the early part of 2014 global equity markets had pulled back amid increased emerging market turbulence. Given the strength of
equity market moves last year, the correction was well overdue. Even last year, emerging markets and Asia were clearly the laggards in terms of equity market
performance. Concerns over a slowdown in Chinese economic growth had risen as the authorities there attempted to rebalance the economy from investment
and exports-led growth towards domestic consumption. Furthermore, emerging market assets tend to perform poorly during periods of US$ strength, and the
expectation of US interest rate rises in the spring of 2014 prompted a further sell-off in all emerging market assets. After all, a big part of what happens to
emerging markets is tied to what happens in the US. By January, we had seen financial markets become agitated by the slide in currencies of weak emerging
economies and more pronounced liquidity concerns in China related to the quality of its banks.
Yet by February, encouraging news over Chinas growth prospects and waning emerging market tensions aided by currency stabilisation led to an improvement
in global equity market sentiment for much of the month. Nonetheless, emerging equity markets continued to lag developed equity markets, further impacted by
the political instability in Ukraine in the final days of February. Developed equity markets were the beneficiaries of this unease as the economic recovery in the US,
UK and Europe continued to gain ground. In the US, equity markets reversed the losses that had been incurred during what was their worst January since 2010.
The strength of the US economy continued to be reflected in fourth quarter 2013 company earnings announcements, the majority of which exceeded market
expectations. Early in the month, the House of Representatives voted to raise the US debt ceiling until March 2015. This allows the US Treasury Department to
borrow to meet its obligations. Legislation was passed without conditions, and was in contrast to the last-minute political brinkmanship that has characterised
debt-ceiling discussions in recent years.
Following a strong rally from lows in 2011, bonds entered this period with relatively low yields and hence with limited potential for further capital appreciation.
However, with monetary policy loose and inflationary pressures relatively low, demand remained strong. In particular, higher yielding bonds continued to be
supported, resulting in tightening credit spreads. Former Chairman of the Federal Reserve, Ben Bernankes testimony to Congress in May 2013, raising the
prospect of reduced Federal Reserve asset purchases, marked a turning point, with core government bond markets selling off from historically low yield levels.
Yield curves also steepened as markets began to price in rising levels of growth even while the short end of the curve remained anchored by the strong commitment
of central banks to retain very low interest rates. Subordinated bank capital was a particularly strong area as banks continued to bolster their balance sheets to
adapt to new, more conservative, regulatory capital requirements. High yield benefitted both from higher income and sensitivity to rising equity valuations.
Latest Event:
17 June 2014 A new prospectus has been issued.
Dated: 19 June 2014
The information contained in this report relates to historical data and bears no relevance for the future development of the Fund.
05 Invesco Funds

Investment Nominal/Shares Market Value Net Assets
USD %
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
EQUITIES
AUSTRALIA
carsales.com Ltd 25,815 245,994 0.19
CSL Ltd 28,772 1,863,003 1.40
DuluxGroup Ltd 72,580 349,226 0.26
Flight Centre Travel Group Ltd 28,448 1,317,316 0.99
Primary Health Care Ltd 131,413 569,901 0.43
Ramsay Health Care Ltd 33,639 1,454,005 1.10
Sonic Healthcare Ltd 106,731 1,661,617 1.25
Suncorp Group Ltd 37,685 410,599 0.31
Telstra Corp Ltd 410,320 1,858,487 1.40
Wesfarmers Ltd 46,533 1,790,353 1.35
Woolworths Ltd 55,187 1,782,615 1.34
13,303,116 10.02
BERMUDA
Everest Re Group Ltd 6,000 894,960 0.67
Marvell Technology Group Ltd 159,900 2,450,468 1.85
3,345,428 2.52
CANADA
Atco Ltd 13,600 640,146 0.48
Canadian Oil Sands Ltd 119,700 2,238,733 1.69
Dollarama Inc 8,100 621,119 0.47
Empire Co Ltd 4,500 287,198 0.22
Encana Corp 121,900 2,285,359 1.72
Husky Energy Inc 70,200 2,089,789 1.58
Jean Coutu Group PJC Inc 14,400 267,185 0.20
Methanex Corp 30,100 2,079,191 1.57
National Bank of Canada 7,000 278,799 0.21
Stantec Inc 13,400 814,615 0.61
Tim Hortons Inc 42,000 2,266,135 1.71
13,868,269 10.46
CAYMAN ISLANDS
MGM China Holdings Ltd 312,000 1,331,622 1.00
DENMARK
Coloplast A/S 35,324 2,898,625 2.18
GN Store Nord A/S 71,952 1,759,506 1.33
4,658,131 3.51
FRANCE
Teleperformance 18,311 1,144,694 0.86
GERMANY
Freenet AG 34,366 1,147,774 0.87
IRELAND
Greencore Group Plc 79,036 345,073 0.26
ISRAEL
Bezeq The Israeli Telecommunication Corp Ltd 873,392 1,419,476 1.07
JAPAN
Aoyama Trading Co Ltd 12,200 299,897 0.23
Dai Nippon Printing Co Ltd 163,000 1,635,518 1.23
Daito Trust Construction Co Ltd 13,000 1,206,810 0.91
FamilyMart Co Ltd 29,700 1,319,530 0.99
Kewpie Corp 28,400 408,003 0.31
Namco Bandai Holdings Inc 10,200 227,812 0.17
Nippon Express Co Ltd 215,000 1,001,104 0.75
Nippon Telegraph & Telephone Corp 40,800 2,284,728 1.72
Suzuken Co Ltd 19,700 746,688 0.56
Tokyo Gas Co Ltd 362,000 1,813,463 1.37
West Japan Railway Co 60,500 2,477,469 1.87
13,421,022 10.11
Invesco Global Structured Equity Fund
Statement of Investments as at 28 February 2014
06 Invesco Funds
USD %
NETHERLANDS
NXP Semiconductor NV 47,100 2,665,860 2.01
Randstad Holding NV 37,042 2,320,499 1.75
4,986,359 3.76
NEW ZEALAND
Telecom Corp of New Zealand Ltd 596,791 1,249,876 0.94
NORWAY
Marine Harvest ASA 92,600 1,029,831 0.78
SINGAPORE
ComfortDelGro Corp Ltd 440,000 671,329 0.51
Flextronics International Ltd 58,100 526,676 0.40
StarHub Ltd 128,000 422,930 0.32
1,620,935 1.23
SWEDEN
Intrum Justitia AB 11,836 339,895 0.26
SWITZERLAND
OC Oerlikon Corp AG 56,869 972,292 0.73
UNITED KINGDOM
Amdocs Ltd 50,600 2,246,387 1.69
AstraZeneca Plc 34,897 2,364,902 1.78
Berendsen Plc 24,509 430,440 0.32
Britvic Plc 111,537 1,440,540 1.09
BT Group Plc 384,712 2,644,191 1.99
De La Rue Plc 32,708 440,037 0.33
ITV Plc 682,908 2,285,336 1.72
Micro Focus International Plc 24,572 323,301 0.24
Next Plc 23,883 2,653,171 2.00
Reed Elsevier Plc 157,497 2,411,915 1.82
Rightmove Plc 5,227 242,298 0.18
Royal Dutch Shell Plc 51,172 1,864,237 1.41
Shire Plc 47,152 2,677,093 2.02
WH Smith Plc 51,487 973,403 0.73
22,997,251 17.32
UNITED STATES
Amgen Inc 19,300 2,375,637 1.79
AOL Inc 41,900 1,868,950 1.41
Archer-Daniels-Midland Co 60,600 2,416,425 1.82
Best Buy Co Inc 26,000 663,650 0.50
Brocade Communications Systems Inc 193,300 1,877,910 1.42
CA Inc 70,200 2,343,627 1.77
Cardinal Health Inc 21,500 1,544,452 1.16
Celgene Corp 6,200 1,002,695 0.76
Cisco Systems Inc 96,100 2,105,070 1.59
ConocoPhillips 29,500 1,954,228 1.47
Edison International 36,400 1,895,166 1.43
Entergy Corp 24,100 1,536,736 1.16
Kroger Co 17,200 690,494 0.52
Lexmark International Inc 63,600 2,706,498 2.04
Lorillard Inc 49,000 2,379,685 1.79
Northrop Grumman Corp 21,000 2,520,735 1.90
Nu Skin Enterprises Inc 3,600 304,218 0.23
Omnicare Inc 24,100 1,424,913 1.07
Pfizer Inc 71,900 2,316,978 1.75
Tyson Foods Inc 40,400 1,571,762 1.18
United Therapeutics Corp 13,100 1,339,868 1.01
VeriSign Inc 33,400 1,844,849 1.39
38,684,546 29.16
07 Invesco Funds
USD %
TOTAL EQUITIES 125,865,590 94.86
TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE
LISTING OR DEALT IN ON ANOTHER REGULATED MARKET 125,865,590 94.86
Total Investments 125,865,590 94.86
The accompanying notes form an integral part of these financial statements.
08 Invesco Funds
USD %
EQUITIES
BERMUDA
China Gas Holdings Ltd 654,000 1,022,979 1.48
BRAZIL
AMBEV SA ADR 22,500 162,563 0.24
Banco do Brasil SA 104,700 914,059 1.33
Bradespar SA (Preferred) 19,700 182,500 0.27
Cia Brasileira de Distribuicao Grupo Pao de Acucar (Preferred) 10,000 425,259 0.62
Cia Energetica de Sao Paulo (Preferred) 56,400 553,920 0.80
Cyrela Brazil Realty SA Empreendimentos e Participacoes 59,800 349,248 0.51
Itausa - Investimentos Itau SA (Preferred) 252,200 922,064 1.34
Kroton Educacional SA 27,900 522,632 0.76
Natura Cosmeticos SA 14,200 214,999 0.31
Petroleo Brasileiro SA (Preferred) 21,000 126,939 0.18
Petroleo Brasileiro SA ADR 10,400 119,860 0.17
Porto Seguro SA 39,900 546,762 0.79
Souza Cruz SA 51,100 453,044 0.66
Sul America SA 35,242 223,189 0.32
Ultrapar Participacoes SA 42,600 973,913 1.41
Vale SA (Preferred) 20,300 256,161 0.37
6,947,112 10.08
CAYMAN ISLANDS
China Resources Cement Holdings Ltd 202,000 149,264 0.22
Country Garden Holdings Co Ltd 588,000 304,182 0.44
Geely Automobile Holdings Ltd 310,000 116,432 0.17
Shimao Property Holdings Ltd 135,000 270,480 0.39
Tencent Holdings Ltd 2,000 160,477 0.23
Want Want China Holdings Ltd 192,000 292,655 0.42
1,293,490 1.87
CHILE
AES Gener SA 316,605 162,382 0.24
Aguas Andinas SA 378,180 229,757 0.33
Banco de Credito e Inversiones 4,137 226,104 0.33
CAP SA 11,702 179,112 0.26
Cia Cervecerias Unidas SA ADR 13,600 300,492 0.44
Enersis SA 2,009,534 571,630 0.83
1,669,477 2.43
CHINA
Agricultural Bank of China Ltd - H Shares 378,000 160,479 0.23
Bank of China Ltd - H Shares 1,644,000 691,601 1.00
China Construction Bank Corp - H Shares 1,386,000 954,512 1.39
China Merchants Bank Co Ltd - H Shares 173,000 303,594 0.44
China Oilfield Services Ltd - H Shares 332,000 900,452 1.31
China Petroleum & Chemical Corp - H Shares 1,576,000 1,400,106 2.03
Chongqing Rural Commercial Bank - H Shares 325,000 135,465 0.20
Great Wall Motor Co Ltd - H Shares 208,000 950,728 1.38
Guangzhou R&F Properties Co Ltd - H Shares 316,800 429,001 0.62
Industrial & Commercial Bank of China Ltd - H Shares 1,514,000 910,014 1.32
Jiangsu Expressway Co Ltd - H Shares 198,000 250,778 0.36
Zhejiang Expressway Co Ltd - H Shares 298,000 260,709 0.38
7,347,439 10.66
COLOMBIA
Bancolombia SA ADR 2,500 123,413 0.18
GREECE
Hellenic Exchanges - Athens Stock Exchange SA Holding 14,254 163,488 0.24
HONG KONG
China Mobile Ltd 157,000 1,492,885 2.17
CNOOC Ltd 164,000 269,205 0.39
Lenovo Group Ltd 920,000 980,903 1.42
2,742,993 3.98
Invesco Emerging Market Quantitative Equity Fund
09 Invesco Funds
USD %
INDONESIA
Astra Agro Lestari Tbk PT 114,000 250,655 0.36
Bank Negara Indonesia Persero Tbk PT 507,000 198,057 0.29
Bank Rakyat Indonesia Persero Tbk PT 1,604,100 1,278,140 1.86
Indo Tambangraya Megah Tbk PT 76,500 169,191 0.25
Indofood Sukses Makmur Tbk PT 671,000 413,992 0.60
2,310,035 3.36
MALAYSIA
AirAsia BHD 731,100 566,760 0.82
Alliance Financial Group Bhd 94,000 131,252 0.19
Axiata Group Bhd 111,700 223,467 0.32
British American Tobacco Malaysia Bhd 10,100 184,675 0.27
DiGi.Com Bhd 160,300 251,469 0.36
IOI Corp Bhd 132,700 186,909 0.27
Kuala Lumpur Kepong Bhd 28,300 206,862 0.30
Malayan Banking Bhd 69,500 207,343 0.30
Petronas Chemicals Group Bhd 101,800 209,099 0.30
Public Bank Bhd 90,200 524,433 0.76
2,692,269 3.89
MEXICO
Alfa SAB de CV 159,300 383,269 0.56
America Movil SAB de CV ADR 54,300 1,078,127 1.57
Grupo Financiero Banorte SAB de CV 24,400 155,596 0.23
Grupo Mexico SAB de CV 284,000 887,519 1.29
Industrias CH SAB de CV 29,900 177,505 0.26
Industrias Penoles SAB de CV 6,925 167,890 0.24
Kimberly-Clark de Mexico SAB de CV 242,800 591,587 0.86
3,441,493 5.01
PHILIPPINES
Metropolitan Bank & Trust 342,810 629,592 0.91
POLAND
Powszechna Kasa Oszczednosci Bank Polski SA 92,327 1,336,337 1.94
Powszechny Zaklad Ubezpieczen SA 2,197 314,921 0.46
1,651,258 2.40
RUSSIA
Gazprom OAO ADR 16,192 125,642 0.18
Lukoil OAO ADR 15,693 871,589 1.27
MegaFon OAO GDR 23,777 684,896 0.99
Moscow Exchange MICEX-RTS OAO 180,682 322,784 0.47
NovaTek OAO GDR 5,843 742,353 1.08
Sberbank of Russia (Preferred) 160,949 335,245 0.49
Severstal OAO GDR 15,718 127,984 0.19
Sistema JSFC GDR 5,795 141,746 0.21
Uralkali OJSC GDR 24,629 563,142 0.82
3,915,381 5.70
SOUTH AFRICA
Exxaro Resources Ltd 27,805 375,798 0.55
FirstRand Ltd 339,895 1,075,833 1.56
Imperial Holdings Ltd 44,353 690,473 1.00
Kumba Iron Ore Ltd 22,553 920,205 1.34
Liberty Holdings Ltd 29,377 331,803 0.48
Netcare Ltd 186,011 392,246 0.57
SPAR Group Ltd 23,800 252,050 0.37
Woolworths Holdings Ltd 88,830 523,952 0.76
4,562,360 6.63
10 Invesco Funds
USD %
SOUTH KOREA
AMOREPACIFIC Group 811 379,100 0.55
Dongbu Insurance Co Ltd 8,858 426,927 0.62
E-Mart Co Ltd 1,351 321,139 0.47
Hyosung Corp 7,355 501,242 0.73
Hyundai Marine & Fire Insurance Co Ltd 5,300 144,602 0.21
Hyundai Motor Co 3,918 897,378 1.30
Kia Motors Corp 23,053 1,197,460 1.74
KT&G Corp 5,722 419,435 0.61
Kumho Petro chemical Co Ltd 8,014 667,020 0.97
LG Corp 3,491 183,298 0.27
LG Display Co Ltd 15,290 348,411 0.51
LG Hausys Ltd 3,839 615,858 0.89
Samsung Electronics Co Ltd 2,074 2,619,943 3.80
Samsung Electronics Co Ltd (Preferred) 202 201,243 0.29
SK Holdings Co Ltd 6,447 1,164,084 1.69
10,087,140 14.65
TAIWAN
Asustek Computer Inc 99,000 953,306 1.38
E.Sun Financial Holding Co Ltd 398,915 250,490 0.36
Farglory Land Development Co Ltd 124,000 203,099 0.29
Hon Hai Precision Industry Co Ltd 221,000 612,349 0.89
Inventec Corp 158,000 166,094 0.24
Mega Financial Holding Co Ltd 338,680 269,956 0.39
Merida Industry Co Ltd 27,000 181,571 0.26
Pou Chen Corp 281,000 376,315 0.55
Powertech Technology Inc 261,000 364,175 0.53
SinoPac Financial Holdings Co Ltd 251,000 120,331 0.17
Taishin Financial Holding Co Ltd 1,273,000 597,677 0.87
Taiwan Cement Corp 624,000 991,670 1.44
Taiwan Semiconductor Manufacturing Co Ltd ADR 116,500 2,097,583 3.05
Teco Electric and Machinery Co Ltd 334,000 383,078 0.56
United Microelectronics Corp 738,000 300,213 0.44
Vanguard International Semiconductor Corp 498,000 733,489 1.06
8,601,396 12.48
THAILAND
PTT Global Chemical PCL 424,000 973,088 1.41
PTT PCL 113,000 1,021,763 1.48
1,994,851 2.89
TURKEY
Turk Hava Yollari 73,413 218,100 0.32
Turk Telekomunikasyon AS 50,382 136,154 0.20
Turkiye Halk Bankasi AS 61,504 300,372 0.44
Turkiye Is Bankasi 85,086 157,579 0.23
812,205 1.19
OTHER TRANSFERABLE SECURITIES
RIGHTS
TAIWAN
Taishin Financial Holding Rights 04/04/2014 61,686 4,530 0.01
TOTAL RIGHTS 4,530 0.01
TOTAL OTHER TRANSFERABLE SECURITIES 4,530 0.01
OPEN-ENDED FUNDS
FRANCE
Lyxor ETF MSCI India 328,300 4,354,194 6.32
TOTAL OPEN-ENDED FUNDS 4,354,194 6.32
The accompanying notes form an integral part of these financial statements
11 Invesco Funds
USD %
EQUITIES
AUSTRALIA
BT Investment Management Ltd 192,993 1,083,374 0.85
Challenger Ltd 154,396 859,099 0.68
Domino's Pizza Enterprises Ltd 77,198 1,425,606 1.13
DuluxGroup Ltd 2,015 9,695 0.01
Navitas Ltd 290,000 1,877,378 1.48
SAI Global Ltd 144,746 523,967 0.41
Seek Ltd 130,000 1,996,502 1.58
Tox Free Solutions Ltd 192,994 568,925 0.45
Treasury Wine Estates Ltd 300,000 1,042,962 0.82
9,387,508 7.41
BELGIUM
EVS Broadcast Equipment SA 16,887 1,049,502 0.83
Umicore SA 18,000 870,258 0.69
1,919,760 1.52
CANADA
Aimia Inc 70,000 1,159,119 0.91
Air Canada 100,000 541,174 0.43
CAE Inc 120,622 1,619,468 1.28
Canaccord Genuity Group Inc 100,000 715,123 0.56
Dorel Industries Inc 24,125 814,254 0.64
Enghouse Systems Ltd 28,949 880,392 0.69
Hudson's Bay Co 120,621 1,847,163 1.46
MacDonald Dettwiler & Associates Ltd 12,063 877,455 0.69
Trican Well Service Ltd 72,373 886,774 0.70
Tricon Capital Group Inc 100,000 707,482 0.56
Ultra Petroleum Corp 18,364 451,663 0.36
Yellow Media Ltd 53,073 1,198,966 0.95
11,699,033 9.23
DENMARK
DSV A/S 25,000 793,873 0.63
FINLAND
Outotec OYJ 111,848 1,093,089 0.86
FRANCE
Edenred 60,355 1,924,606 1.51
Eiffage SA 9,650 679,533 0.54
Eurazeo SA 17,150 1,338,252 1.06
Euro Disney SCA 150,000 875,224 0.69
Ipsen SA 4,537 194,461 0.15
LISI 5,538 903,320 0.71
Orpea 15,448 944,781 0.75
Paris Orleans SA 43,424 1,064,400 0.84
Remy Cointreau SA 12,062 1,011,853 0.80
Societe BIC SA 6,983 886,604 0.70
Solocal Group 361,935 756,364 0.60
10,579,398 8.35
GERMANY
Carl Zeiss Meditec AG 36,050 1,089,769 0.86
MTU Aero Engines AG 19,461 1,639,518 1.29
Takkt AG 81,605 1,674,689 1.33
4,403,976 3.48
IRELAND
ICON Plc 11,297 536,438 0.42
Origin Enterprises Plc 96,497 967,756 0.77
1,504,194 1.19
Invesco Global Smaller Companies Equity Fund
12 Invesco Funds
USD %
ITALY
Brembo SpA 50,000 1,466,639 1.16
Maire Tecnimont SpA 289,491 707,797 0.56
Moleskine SpA 363,476 829,275 0.65
RCS MediaGroup SpA 800,000 1,751,828 1.39
RCS MediaGroup SpA 'B' Shares 699,231 601,856 0.47
Salvatore Ferragamo Italia SpA 33,774 1,078,735 0.85
6,436,130 5.08
JAPAN
Aica Kogyo Co Ltd 29,000 595,623 0.47
Asics Corp 86,800 1,690,771 1.33
Digital Garage Inc 72,400 1,284,877 1.01
GMO internet Inc 75,000 843,065 0.67
Mori Hills REIT Investment Corp 625 843,923 0.67
NTT Urban Development Corp 111,000 956,906 0.76
Pola Orbis Holdings Inc 19,300 769,879 0.61
Sanrio Co Ltd 9,200 350,287 0.28
Sanwa Holdings Corp 92,000 644,600 0.51
Start Today Co Ltd 57,900 1,423,849 1.12
Suruga Bank Ltd 48,000 843,138 0.67
Tokyu REIT Inc 844 1,027,823 0.80
Tosei Corp 96,500 607,949 0.48
Wowow Inc 36,200 1,232,658 0.97
13,115,348 10.35
LUXEMBOURG
GAGFAH SA 48,842 740,084 0.59
Samsonite International SA 238,400 651,965 0.51
1,392,049 1.10
MARSHALL ISLANDS
Scorpio Tankers Inc 8,120 78,399 0.06
NETHERLANDS
Arcadis NV 28,949 1,089,844 0.86
Koninklijke BAM Groep NV 151,567 901,615 0.71
Nutreco NV 24,350 1,105,219 0.87
Ordina NV 337,739 937,339 0.74
Royal Imtech NV 483,557 1,331,028 1.05
5,365,045 4.23
NEW ZEALAND
Trade Me Ltd Npv 289,491 942,877 0.74
PORTUGAL
Espirito Santo Saude SGPS SA 300,000 1,330,424 1.05
Impresa SGPS SA 588,869 1,279,342 1.01
REN - Redes Energeticas Nacionais SGPS SA 275,000 1,048,855 0.83
Sonae 434,236 774,483 0.61
4,433,104 3.50
SINGAPORE
Boustead Singapore Ltd 482,000 662,154 0.52
SPAIN
Acciona SA 12,289 975,719 0.77
EDP Renovaveis SA 168,869 1,080,127 0.86
Enagas SA 22,004 638,912 0.50
Indra Sistemas SA 30,561 556,665 0.44
3,251,423 2.57
SWEDEN
CDON Group AB 289,491 1,237,867 0.98
Nobia AB 144,746 1,265,493 1.00
2,503,360 1.98
13 Invesco Funds
USD %
SWITZERLAND
EFG International AG 60,000 811,472 0.64
Foster Wheeler AG 15,125 484,756 0.38
Nobel Biocare Holding AG 96,497 1,381,686 1.09
2,677,914 2.11
UNITED KINGDOM
Balfour Beatty Plc 208,070 1,098,181 0.86
Inchcape Plc 129,746 1,326,608 1.05
Stagecoach Group Plc 154,395 996,389 0.79
Thomas Cook Group Plc 120,622 368,737 0.29
United Utilities Group Plc 96,497 1,255,954 0.99
5,045,869 3.98
UNITED STATES
Actuate Corp 20,758 117,802 0.09
Affiliated Managers Group Inc 2,116 396,528 0.31
American Financial Group Inc 7,743 439,299 0.35
Apogee Enterprises Inc 13,715 464,733 0.37
ARRIS Group Inc 22,838 666,756 0.53
Arthur J Gallagher & Co 8,343 383,403 0.30
Artisan Partners Asset Management Inc 1,850 116,254 0.09
Bally Technologies Inc 7,294 497,998 0.39
BancorpSouth Inc 17,356 411,771 0.32
Beacon Roofing Supply Inc 8,358 316,935 0.25
Beazer Homes USA Inc 7,818 183,801 0.15
Bebe Stores Inc 21,542 128,713 0.10
Belden Inc 7,050 507,882 0.40
Bio-Rad Laboratories Inc 2,705 353,855 0.28
Boston Private Financial Holdings Inc 34,804 443,577 0.35
CACI International Inc 5,183 409,846 0.32
Cadence Design Systems Inc 26,331 404,313 0.32
Celadon Group Inc 19,296 437,923 0.35
Charles River Laboratories International Inc 7,649 462,879 0.37
Coherent Inc 6,553 442,885 0.35
Columbia Sportswear Co 6,596 550,041 0.43
Community Health Systems Inc 9,635 407,127 0.32
Conversant Inc 19,773 495,215 0.39
Cracker Barrel Old Country Store Inc 3,778 377,196 0.30
Cray Inc 20,577 742,109 0.59
Cubist Pharmaceuticals Inc 6,456 524,646 0.41
CVB Financial Corp 29,001 446,760 0.35
DineEquity Inc 4,242 355,840 0.28
Douglas Emmett Inc 13,800 365,493 0.29
Dresser-Rand Group Inc 5,448 295,636 0.23
E*TRADE Financial Corp 22,446 500,433 0.39
Eagle Materials Inc 5,423 473,292 0.37
East West Bancorp Inc 13,163 460,508 0.36
Endo Health Solutions Inc 6,270 510,911 0.40
Energen Corp 5,784 463,154 0.37
EnerSys Inc 8,321 583,427 0.46
Evercore Partners Inc 8,820 501,592 0.41
Fairchild Semiconductor International Inc 22,474 316,771 0.25
FEI Co 3,480 354,542 0.28
FMC Corp 5,843 445,441 0.35
Glacier Bancorp Inc 16,642 451,165 0.36
GNC Holdings Inc 7,869 374,210 0.30
Graphic Packaging Holding Co 59,295 611,034 0.49
Haemonetics Corp 7,919 293,241 0.23
Haynes International Inc 8,768 435,594 0.34
Helix Energy Solutions Group Inc 16,251 382,630 0.30
Hittite Microwave Corp 5,283 316,425 0.25
Informatica Corp 9,599 397,015 0.31
Interface Inc 23,944 464,154 0.37
Interpublic Group of Cos Inc 25,557 446,864 0.35
IPC The Hospitalist Co Inc 6,800 348,806 0.28
Jack Henry & Associates Inc 8,309 488,652 0.39
Janus Capital Group Inc 37,637 422,475 0.33
JDS Uniphase Corp 22,745 319,908 0.25
14 Invesco Funds
USD %
UNITED STATES (continued)
Jones Lang LaSalle Inc 4,368 536,717 0.43
Kindred Healthcare Inc 6,251 136,178 0.11
Landstar System Inc 4,784 276,204 0.22
LaSalle Hotel Properties 12,692 394,467 0.31
La-Z-Boy Inc 15,408 394,830 0.31
Lexington Realty Trust 31,400 354,349 0.28
LifePoint Hospitals Inc 7,584 409,839 0.32
MAXIMUS Inc 9,523 464,484 0.37
Medicines Co 10,816 342,056 0.27
MicroStrategy Inc 2,348 315,125 0.25
Minerals Technologies Inc 7,591 407,371 0.32
MRC Global Inc 11,690 299,790 0.24
Nexstar Broadcasting Group Inc 8,046 338,656 0.27
Oil States International Inc 3,936 370,338 0.29
Old Dominion Freight Line Inc 10,387 548,382 0.43
PacWest Bancorp 11,114 473,957 0.37
Papa John's International Inc 11,519 582,459 0.45
Penske Automotive Group Inc 10,267 451,235 0.36
Pier 1 Imports Inc 15,273 306,300 0.24
Power Integrations Inc 7,977 474,113 0.37
Premier Inc 8,125 274,138 0.22
Primoris Services Corp 16,214 505,309 0.40
Red Robin Gourmet Burgers Inc 6,536 508,076 0.40
Rosetta Resources Inc 6,596 293,027 0.23
Sanmina Corp 25,437 433,065 0.34
SciQuest Inc 7,171 215,560 0.17
SS&C Technologies Holdings Inc 13,398 518,570 0.41
StanCorp Financial Group Inc 6,545 429,123 0.34
Targa Resources Corp 5,550 540,820 0.43
Team Inc 10,909 465,869 0.37
Teleflex Inc 4,132 421,361 0.33
Texas Capital Bancshares Inc 7,535 469,167 0.37
Thor Industries Inc 8,121 451,406 0.36
TreeHouse Foods Inc 4,531 321,814 0.25
Trex Co Inc 7,570 597,652 0.47
TriMas Corp 10,725 363,738 0.29
Triumph Group Inc 5,114 328,907 0.26
TRW Automotive Holdings Corp 6,139 508,585 0.40
UGI Corp 9,478 420,397 0.33
United Natural Foods Inc 5,259 374,257 0.30
Valmont Industries Inc 1,042 151,241 0.12
Veeco Instruments Inc 8,716 343,105 0.27
Waste Connections Inc 10,235 431,866 0.34
Watts Water Technologies Inc 7,171 445,391 0.35
Webster Financial Corp 13,130 410,247 0.32
West Pharmaceutical Services Inc 9,164 419,894 0.33
Western Alliance Bancorp 18,377 424,601 0.34
Wintrust Financial Corp 9,270 423,500 0.33
Wright Medical Group Inc 15,026 483,612 0.38
42,360,608 33.43
TOTAL EQUITIES 129,645,111 102.32
EQUITIES
AUSTRALIA
Gunns Ltd** 939,388
Gunns Ltd (Preferred)** 727

15 Invesco Funds
USD %
GERMANY
SCS Standard Computersysteme Npv** 1,795
TOTAL EQUITIES
TOTAL OTHER TRANSFERABLE SECURITIES - -
**Securities valued at fair market value as determined in good faith pursuant to procedures established by the Directors.
16 Invesco Funds
Invesco Global Equity Income Fund
USD %
EQUITIES
AUSTRALIA
Amcor Ltd 711,679 6,472,407 1.23
Orora Ltd 3,306,506 3,807,045 0.72
10,279,452 1.95
BERMUDA
Catlin Group Ltd 500,059 4,389,067 0.84
Hiscox Ltd 341,798 3,657,313 0.70
Yue Yuen Industrial Holdings Ltd 1,723,000 5,289,182 1.01
13,335,562 2.55
FRANCE
BNP Paribas SA 103,978 8,414,826 1.60
GERMANY
Allianz SE 57,218 10,084,773 1.92
Deutsche Boerse AG 111,996 9,091,521 1.73
RTL Group Npv 131,216 16,897,996 3.22
36,074,290 6.87
HONG KONG
Hutchison Whampoa Ltd 673,000 9,074,540 1.73
IRELAND
Covidien Plc 103,992 7,421,389 1.41
ITALY
Atlantia SpA 456,813 11,373,738 2.17
JAPAN
Canon Inc 349,000 10,834,222 2.06
Honda Motor Co Ltd 174,300 6,234,468 1.19
17,068,690 3.25
NETHERLANDS
Koninklijke Ahold NV 615,463 11,454,653 2.18
Reed Elsevier NV 850,536 18,660,099 3.55
30,114,752 5.73
NORWAY
Orkla ASA 758,979 6,018,231 1.15
Statoil ASA 418,657 11,048,199 2.10
17,066,430 3.25
SINGAPORE
ComfortDelGro Corp Ltd 3,641,000 5,555,245 1.06
SPAIN
Indra Sistemas SA 485,912 8,850,822 1.69
SWEDEN
Nordea Bank AB 1,356,135 19,345,350 3.68
SWITZERLAND
Adecco SA 145,808 12,439,633 2.37
Novartis AG 305,863 25,539,729 4.85
Roche Holding AG 72,532 22,305,055 4.25
UBS AG 488,509 10,401,992 1.98
17 Invesco Funds
Invesco Global Equity Income Fund
70,686,409 13.45
USD %
UNITED KINGDOM
Aon Plc 96,337 8,264,751 1.57
Booker Group Plc 1,274,721 3,687,264 0.70
BP Plc 929,091 7,801,249 1.49
British American Tobacco Plc 289,147 15,710,922 2.99
BT Group Plc 3,147,716 21,634,785 4.12
DS Smith Plc 667,372 3,899,863 0.74
GlaxoSmithKline Plc 309,743 8,652,113 1.65
HSBC Holdings Plc 1,346,371 14,185,171 2.70
Ladbrokes Plc 2,195,957 6,013,089 1.14
Legal & General Group Plc 3,803,350 15,228,331 2.90
Standard Chartered Plc 242,288 5,068,834 0.97
110,146,372 20.97
UNITED STATES
Amgen Inc 90,295 11,114,412 2.12
Baxter International Inc 149,802 10,321,358 1.97
Chevron Corp 77,734 8,992,269 1.71
Kellogg Co 172,450 10,375,454 1.98
Macy's Inc 224,865 13,009,565 2.48
Mead Johnson Nutrition Co 64,524 5,267,417 1.00
Microsoft Corp 476,225 18,037,021 3.43
Pfizer Inc 490,935 15,820,380 3.01
Philip Morris International Inc 144,607 11,683,523 2.22
PNC Financial Services Group Inc 132,568 10,785,070 2.05
Target Corp 108,223 6,564,266 1.25
United Parcel Service Inc 83,236 7,955,281 1.51
United Technologies Corp 131,112 15,289,625 2.92
Viacom Inc 'B' 57,456 4,992,352 0.95
150,207,993 28.60
18 Invesco Funds
Invesco Latin American Equity Fund
USD %
EQUITIES
BERMUDA
Credicorp Ltd 1,375 177,183 2.87
BRAZIL
Aliansce Shopping Centers SA 11,500 89,930 1.46
Alpargatas SA (Preferred) 16,656 90,000 1.46
AMBEV SA 30,400 220,850 3.57
Banco do Estado do Rio Grande do Sul SA (Preferred) 16,500 77,617 1.26
Banco Santander Brasil SA 16,000 80,464 1.30
BB Seguridade Participacoes SA 11,300 114,506 1.86
Bematech SA 16,400 54,984 0.89
BM&FBovespa SA 31,400 136,018 2.20
Cia de Locacao das Americas 15,900 24,430 0.40
Direcional Engenharia SA 5,900 26,941 0.44
Estacio Participacoes SA 16,700 156,002 2.53
Even Construtora e Incorporadora SA 29,600 94,079 1.52
Gerdau SA (Preferred) 19,300 123,100 1.99
Itau Unibanco Holding SA ADR 34,125 461,541 7.49
JSL SA 10,500 62,159 1.01
Linx SA 1,650 31,906 0.52
Mahle-Metal Leve SA Industria e Comercio 4,450 46,252 0.75
Odontoprev SA 8,300 30,881 0.50
Paranapanema SA 24,300 37,911 0.61
Petroleo Brasileiro SA ADR 8,050 92,776 1.50
Petroleo Brasileiro SA SPON ADR 11,900 144,645 2.35
Smiles SA 6,900 109,075 1.77
Suzano Papel e Celulose SA (Preferred) 17,500 67,069 1.09
Telefonica Brasil SA ADR 9,625 182,249 2.95
TPI - Triunfo Participacoes e Investimentos SA 26,269 100,790 1.63
Tractebel Energia SA 6,600 95,214 1.54
Ultrapar Participacoes SA 8,000 182,895 2.96
Vale SA ADR 22,775 326,251 5.30
3,260,535 52.85
CANADA
Methanex Corp 1,800 124,337 2.01
Pacific Rubiales Energy Corp 5,600 75,085 1.22
199,422 3.23
CHILE
Cia Cervecerias Unidas SA 5,835 64,035 1.04
Masisa SA 766,000 37,370 0.61
SACI Falabella 10,625 86,801 1.40
188,206 3.05
MEXICO
Arca Continental SAB de CV 16,400 86,260 1.40
Banregio Grupo Financiero SAB de CV 13,400 70,916 1.15
Bolsa Mexicana de Valores SAB de CV 37,200 66,625 1.08
Cemex SAB de CV ADR 23,250 306,784 4.97
Corp Inmobiliaria Vesta SAB de CV 21,000 39,401 0.64
El Puerto de Liverpool SAB de CV 12,900 130,178 2.11
Fibra Uno Administracion SA de CV 61,900 195,449 3.16
Gruma SAB de CV 14,150 112,922 1.83
Grupo Financiero Interacciones SA de CV 20,550 112,027 1.82
Grupo Televisa SAB ADR 5,900 169,714 2.75
Hoteles City Express SAB de CV 17,400 28,911 0.47
Kimberly-Clark de Mexico SAB de CV 41,400 100,872 1.63
1,420,059 23.01
19 Invesco Funds
Invesco Latin American Equity Fund
USD %
PANAMA
Avianca Holdings SA ADR 2,700 42,498 0.69
Copa Holdings SA 1,350 181,649 2.94
224,147 3.63
SPAIN
Cemex Latam Holdings SA 15,600 118,753 1.92
CERTIFICATES
BRAZIL
Merrill Lynch Certificates Share Linked 10/06/14 USD (FIBRIA CEL) 13,500 145,437 2.36
Merrill Lynch Certificates Share Linked 26/06/14 USD (JSL SA) 13,125 77,194 1.25
222,631 3.61
UNITED STATES
Merrill Lynch Certificates Share Linked 22/10/14 USD (ODONTOPRE) 17,400 64,319 1.04
Merrill Lynch Certificates Share Linked 29/05/14 USD (IGUATEMI E) 10,108 92,708 1.50
157,027 2.543
TOTAL CERTIFICATES 379,658 6.15
20 Invesco Funds
Invesco US Structured Equity Fund
USD %
EQUITIES
BASIC MATERIALS
Alcoa Inc 87,300 1,049,782 0.82
COMMUNICATIONS
AOL Inc 18,400 820,732 0.64
AT&T Inc 95,200 3,067,820 2.39
Facebook Inc 43,900 3,026,247 2.35
Google Inc 545 664,619 0.52
News Corp 13,200 237,930 0.18
Symantec Corp 7,300 156,914 0.12
VeriSign Inc 17,900 988,706 0.77
Verizon Communications Inc 20,900 993,272 0.77
Viacom Inc 'B' 7,700 669,053 0.52
13,348,084 10.38
CONSUMER, CYCLICAL
Best Buy Co Inc 73,400 1,873,535 1.46
GameStop Corp 50,200 1,869,699 1.45
Gap Inc 5,300 231,663 0.18
Harman International Industries Inc 8,100 855,400 0.67
Hasbro Inc 5,600 308,140 0.24
Home Depot Inc 7,200 590,292 0.46
Lear Corp 11,800 959,753 0.75
Magna International Inc 4,400 383,592 0.30
Michael Kors Holdings Ltd 8,700 866,129 0.67
Southwest Airlines Co 90,400 2,029,028 1.58
Staples Inc 43,600 585,766 0.46
Wal-Mart Stores Inc 13,700 1,021,541 0.79
11,574,538 9.01
CONSUMER, NON-CYCLICAL
Alexion Pharmaceuticals Inc 12,150 2,235,235 1.74
AmerisourceBergen Corp 1,200 81,630 0.06
Archer-Daniels-Midland Co 49,500 1,973,812 1.54
Avery Dennison Corp 11,100 545,176 0.42
Boston Scientific Corp 76,400 1,015,738 0.79
Cintas Corp 1,100 66,357 0.05
CR Bard Inc 1,400 202,377 0.16
Eli Lilly & Co 9,600 571,632 0.44
Johnson & Johnson 7,900 721,942 0.56
Kroger Co 33,900 1,360,916 1.06
Lorillard Inc 40,800 1,981,452 1.54
Mallinckrodt Plc 3,500 245,263 0.19
Manpowergroup Inc 9,500 735,348 0.57
McGraw Hill Financial Inc 1,900 151,430 0.12
McKesson Corp 13,750 2,398,756 1.87
Moody's Corp 1,100 86,784 0.07
Omnicare Inc 12,200 721,325 0.56
Pfizer Inc 113,400 3,654,315 2.84
Towers Watson & Co 7,500 804,338 0.63
Tyson Foods Inc 63,200 2,458,796 1.91
UnitedHealth Group Inc 30,000 2,281,050 1.77
Western Union Co 55,200 916,596 0.71
27,236,015 21.18
ENERGY
Anadarko Petroleum Corp 11,700 971,685 0.76
Baker Hughes Inc 12,000 748,380 0.58
Chesapeake Energy Corp 76,500 1,981,732 1.54
Cimarex Energy Co 600 68,613 0.05
ConocoPhillips 34,800 2,305,326 1.79
Devon Energy Corp 22,000 1,415,150 1.10
EOG Resources Inc 12,800 2,399,360 1.87
Exxon Mobil Corp 12,500 1,198,812 0.93
Helmerich & Payne Inc 15,000 1,453,725 1.13
Suncor Energy Inc 51,900 1,715,555 1.33
14,258,338 11.08
21 Invesco Funds
Invesco US Structured Equity Fund
USD %
FINANCIAL
American International Group Inc 46,900 2,312,404 1.80
Ameriprise Financial Inc 5,700 619,020 0.48
Assurant Inc 1,100 71,219 0.06
Berkshire Hathaway Inc 13,000 1,487,915 1.16
Capital One Financial Corp 6,900 501,492 0.39
Citigroup Inc 62,800 3,057,418 2.38
Discover Financial Services 38,800 2,191,618 1.70
E*TRADE Financial Corp 9,300 207,343 0.16
Extra Space Storage Inc 1,500 72,023 0.06
JPMorgan Chase & Co 57,900 3,280,903 2.55
Legg Mason Inc 8,600 388,763 0.30
Lincoln National Corp 41,200 2,045,786 1.59
MetLife Inc 36,100 1,823,953 1.42
NASDAQ OMX Group Inc 18,000 691,740 0.54
Prudential Financial Inc 4,700 395,623 0.31
Public Storage 2,000 333,110 0.26
SLM Corp 3,300 78,474 0.06
State Street Corp 19,700 1,327,485 1.03
Unum Group 3,300 113,438 0.09
20,999,727 16.34
INDUSTRIAL
Allegion Plc 4,400 243,650 0.19
Boeing Co 18,900 2,427,894 1.89
Expeditors International of Washington Inc 5,100 199,843 0.16
Flextronics International Ltd 62,300 564,749 0.44
Garmin Ltd 9,500 508,725 0.40
General Electric Co 117,000 2,982,915 2.32
ITT Corp 2,300 101,097 0.08
Masco Corp 2,700 62,951 0.05
Northrop Grumman Corp 21,400 2,568,749 2.00
Raytheon Co 23,000 2,244,455 1.75
11,905,028 9.28
TECHNOLOGY
Activision Blizzard Inc 92,500 1,808,838 1.41
Apple Inc 4,040 2,132,090 1.66
CA Inc 21,900 731,131 0.57
Computer Sciences Corp 23,100 1,461,883 1.14
Dun & Bradstreet Corp 2,500 247,363 0.19
Hewlett-Packard Co 93,900 2,793,994 2.17
Intel Corp 37,200 920,886 0.72
Lexmark International Inc 13,400 570,237 0.44
Microsoft Corp 105,900 4,010,963 3.12
NetApp Inc 21,900 889,469 0.69
NVIDIA Corp 52,000 961,740 0.75
Pitney Bowes Inc 51,600 1,290,258 1.00
Western Digital Corp 22,300 1,971,655 1.53
19,790,507 15.39
UTILITIES
AAES Corp 20,300 279,835 0.22
Edison International 5,800 301,977 0.23
581,812 0.45
22 Invesco Funds
Invesco US Value Equity Fund
USD %
EQUITIES
CANADA
FRANCE
Sanofi ADR 54,466 2,808,267 1.41
Vivendi SA 25,955 737,613 0.37
3,545,880 1.78
IRELAND
Ingersoll-Rand Plc 48,576 2,940,548 1.48
NETHERLANDS
Unilever NV 40,540 1,597,073 0.80
PANAMA
Carnival Corp 81,017 3,277,543 1.65
SWITZERLAND
Novartis AG 39,152 3,269,214 1.65
Roche Holding AG ADR 54,256 2,088,856 1.05
Weatherford International Ltd 327,821 5,340,204 2.68
10,698,274 5.38
UNITED KINGDOM
BP Plc ADR 82,442 4,155,489 2.10
GlaxoSmithKline Plc ADR 35,930 2,017,470 1.01
Noble Corp plc 23,186 723,055 0.36
Royal Dutch Shell Plc ADR 54,280 3,958,369 1.99
Vodafone Group Plc ADR 15,573 642,698 0.32
11,497,081 5.78
UNITED STATES
Aflac Inc 19,327 1,225,235 0.62
Alcoa Inc 192,664 2,316,785 1.17
Allstate Corp 69,765 3,783,705 1.90
AT&T Inc 23,020 741,820 0.37
Autodesk Inc 26,607 1,444,361 0.73
Bank of America Corp 209,444 3,452,684 1.73
Bank of New York Mellon Corp 131,045 4,178,370 2.10
Bristol-Myers Squibb Co 55,643 3,001,383 1.51
Chevron Corp 20,985 2,427,545 1.22
Citigroup Inc 172,828 8,414,130 4.22
Comcast Corp 57,705 2,947,571 1.48
ConAgra Foods Inc 97,890 2,765,882 1.39
Corning Inc 133,524 2,581,687 1.30
CVS Caremark Corp 47,909 3,457,832 1.74
eBay Inc 57,923 3,380,096 1.70
Emerson Electric Co 35,295 2,302,822 1.16
Express Scripts Holding Co 19,366 1,443,832 0.73
Fifth Third Bancorp 104,234 2,263,441 1.14
FirstEnergy Corp 29,642 912,825 0.46
General Electric Co 163,007 4,155,864 2.09
General Motors Co 112,716 4,145,130 2.08
Goldman Sachs Group Inc 12,070 1,994,447 1.00
Halliburton Co 86,107 4,794,869 2.41
Hewlett-Packard Co 124,625 3,708,217 1.86
Honeywell International Inc 17,594 1,660,434 0.83
Intel Corp 69,892 1,730,176 0.87
International Paper Co 44,212 2,159,093 1.08
Johnson Controls Inc 45,250 2,247,794 1.13
JPMorgan Chase & Co 113,969 6,458,053 3.24
Kohl's Corp 40,632 2,265,031 1.14
Merck & Co Inc 84,227 4,772,723 2.39
MetLife Inc 53,130 2,684,393 1.35
23 Invesco Funds
Invesco US Value Equity Fund
USD %
Microsoft Corp 99,536 3,769,926 1.89
Mondelez International Inc 51,767 1,752,572 0.88
Morgan Stanley 127,249 3,861,371 1.94
Murphy Oil Corp 43,012 2,551,687 1.28
Newell Rubbermaid Inc 41,050 1,310,932 0.66
Occidental Petroleum Corp 24,912 2,379,345 1.20
Pfizer Inc 122,514 3,948,014 1.98
PG&E Corp 39,909 1,731,851 0.87
PNC Financial Services Group Inc 40,124 3,264,288 1.64
PPL Corp 74,147 2,369,368 1.19
QEP Resources Inc 73,561 2,090,971 1.05
State Street Corp 23,197 1,563,130 0.79
Target Corp 22,359 1,356,185 0.68
Time Warner Cable Inc 19,661 2,725,604 1.37
Time Warner Inc 21,197 1,394,233 0.70
Travelers Cos Inc 8,789 737,002 0.37
Twenty-First Century Fox Inc 84,622 2,717,636 1.37
Tyson Foods Inc 15,652 608,941 0.31
UnitedHealth Group Inc 51,747 3,934,583 1.98
US Bancorp 25,445 1,046,935 0.53
Verizon Communications Inc 34,804 1,654,060 0.83
Viacom Inc 'B' 55,853 4,853,066 2.43
WellPoint Inc 25,297 2,258,390 1.13
Wells Fargo & Co 96,783 4,455,405 2.24
Yahoo! Inc 35,649 1,371,239 0.69
159,898,816 80.34
24 Invesco Funds
Invesco US Equity Fund
USD %
EQUITIES
AUSTRALIA
Treasury Wine Estates Ltd 4,575 15,905 0.14
BERMUDA
Nabors Industries Ltd 8,133 183,196 1.62
FRANCE
Accor SA 2,075 104,550 0.93
L'Oreal SA 542 91,323 0.81
Total SA 1,665 106,808 0.94
302,681 2.68
GERMANY
Deutsche Telekom AG 3,731 62,826 0.56
NETHERLANDS
Heineken NV 4,220 284,619 2.52
SWITZERLAND
ABB Ltd 4,292 108,525 0.95
Novartis AG 536 44,756 0.40
Pentair Ltd 1,265 102,402 0.91
255,683 2.26
UNITED KINGDOM
Royal Dutch Shell Plc 4,720 184,063 1.63
UNITED STATES
AGL Resources Inc 1,787 83,498 0.74
Altria Group Inc 3,598 129,078 1.14
American Electric Power Co Inc 2,232 111,165 0.98
AT&T Inc 6,529 210,397 1.87
Automatic Data Processing Inc 1,111 86,380 0.77
Avery Dennison Corp 1,021 50,146 0.44
Baker Hughes Inc 2,541 158,469 1.40
Brinker International Inc 1,655 87,541 0.78
Bristol-Myers Squibb Co 2,374 128,054 1.13
Campbell Soup Co 4,939 213,044 1.89
Charles Schwab Corp 5,615 148,376 1.31
Coach Inc 4,285 209,151 1.84
Coca-Cola Co 5,348 203,625 1.80
Columbia Sportswear Co 601 50,117 0.44
Consolidated Edison Inc 2,916 162,057 1.44
Cullen/Frost Bankers Inc 726 53,887 0.48
Darden Restaurants Inc 3,037 151,227 1.34
Dominion Resources Inc 642 44,674 0.40
Duke Energy Corp 2,446 172,356 1.52
Eli Lilly & Co 3,020 179,826 1.59
Entergy Corp 678 43,233 0.38
Exelon Corp 5,413 163,337 1.45
Federated Investors Inc 4,705 127,106 1.13
Fifth Third Bancorp 3,543 76,936 0.68
General Mills Inc 5,560 276,806 2.46
Guess? Inc 3,197 97,429 0.86
Harley-Davidson Inc 634 41,473 0.37
Hudson City Bancorp Inc 15,802 148,302 1.31
International Paper Co 920 44,928 0.40
Johnson & Johnson 1,107 101,163 0.90
Johnson Controls Inc 1,792 89,018 0.79
KeyCorp 15,461 201,302 1.78
Kimberly-Clark Corp 964 105,013 0.93
Kraft Foods Group Inc 3,954 218,123 1.94
Legg Mason Inc 2,760 124,766 1.11
Lincoln National Corp 2,538 126,024 1.12
Linear Technology Corp 2,719 126,800 1.12
M&T Bank Corp 1,306 151,058 1.34
25 Invesco Funds
Invesco US Equity Fund
USD %
Marriott International Inc 1,156 62,251 0.55
Masco Corp 7,975 185,937 1.65
Mead Johnson Nutrition Co 884 72,165 0.64
Medtronic Inc 893 52,057 0.46
Microsoft Corp 2,563 97,074 0.86
Mondelez International Inc 3,153 106,745 0.95
Newell Rubbermaid Inc 4,728 150,989 1.34
Pepco Holdings Inc 7,629 155,899 1.38
Philip Morris International Inc 1,164 94,045 0.83
PPL Corp 5,274 168,530 1.49
Procter & Gamble Co 2,674 209,067 1.85
Prudential Financial Inc 506 42,593 0.38
Raytheon Co 1,532 149,500 1.32
Sempra Energy 786 73,955 0.66
Sonoco Products Co 1,166 48,465 0.43
StanCorp Financial Group Inc 1,544 101,232 0.90
Stryker Corp 1,334 108,281 0.96
SunTrust Banks Inc 3,850 144,702 1.28
Sysco Corp 5,056 181,738 1.61
Target Corp 3,118 189,122 1.68
Texas Instruments Inc 1,938 86,813 0.77
Time Warner Inc 1,001 65,841 0.58
TJX Cos Inc 1,710 103,848 0.92
Travelers Cos Inc 1,198 100,458 0.89
United Parcel Service Inc 1,235 118,035 1.05
Walgreen Co 2,940 200,479 1.78
Weyerhaeuser Co 1,000 29,505 0.26
Zions Bancorporation 8,161 251,401 2.22
8,246,612 73.06
26 Invesco Funds
EUR %
EQUITIES
AUSTRIA
OMV AG 241,387 7,945,857 0.35
Voestalpine AG 208,323 6,865,284 0.30
14,811,141 0.65
BELGIUM
Anheuser-Busch InBev NV 354,905 26,786,455 1.19
Colruyt SA 142,103 5,669,554 0.25
Delhaize Group SA* 399,814 20,574,428 0.91
53,030,437 2.35
DENMARK
Coloplast A/S 367,654 21,871,266 0.97
GN Store Nord A/S 545,301 9,667,111 0.43
Jyske Bank A/S 104,743 4,475,897 0.20
Novo Nordisk A/S 1,147,281 39,325,197 1.74
Pandora A/S 631,112 30,211,983 1.34
TDC A/S 1,404,104 10,061,220 0.45
115,612,674 5.13
FINLAND
Orion OYJ* 221,849 5,339,905 0.24
UPM-Kymmene OYJ* 1,567,195 20,655,630 0.91
25,995,535 1.15
FRANCE
Cap Gemini SA 337,610 18,950,049 0.84
Electricite de France 1,598,506 45,061,884 2.00
Natixis 7,492,279 38,933,628 1.72
Safran SA 821,412 41,202,026 1.82
Suez Environnement Co 1,234,757 17,950,280 0.79
Teleperformance 117,432 5,322,018 0.24
Thales SA 240,731 11,550,273 0.51
Valeo SA 508,498 50,839,630 2.25
Vinci SA 362,920 19,528,725 0.86
249,338,513 11.03
GERMANY
Bayer AG 426,345 42,900,966 1.90
Continental AG 257,459 44,553,280 1.97
Deutsche Lufthansa AG 1,990,227 37,301,830 1.65
Deutsche Telekom AG 3,560,539 43,465,280 1.93
Duerr AG 88,986 5,333,376 0.24
Freenet AG 306,446 7,419,824 0.33
Fresenius SE & Co KGaA 215,035 23,852,757 1.06
Merck KGaA 176,570 22,150,706 0.98
ProSiebenSat.1 Media AG 359,406 12,306,960 0.54
TUI AG 330,951 4,299,881 0.19
United Internet AG 246,556 8,142,512 0.36
251,727,372 11.15
IRELAND
Smurfit Kappa Group Plc 395,090 7,930,444 0.35
ITALY
Gtech Spa 247,105 5,877,392 0.26
NETHERLANDS
Koninklijke Ahold NV 3,091,134 41,707,125 1.85
Randstad Holding NV 674,703 30,641,637 1.36
SBM Offshore NV 1,409,804 15,775,707 0.70
88,124,469 3.91
NORWAY
DNB ASA 2,323,731 30,455,728 1.35
Gjensidige Forsikring ASA 239,040 3,636,591 0.16
Marine Harvest ASA 2,095,858 16,897,757 0.75
Orkla ASA 1,603,891 9,219,903 0.41
Statoil ASA 2,376,791 45,471,213 2.01
Telenor ASA 1,878,817 29,978,159 1.33
135,659,351 6.01
Invesco Pan European Structured Equity Fund
27 Invesco Funds
EUR %
SPAIN
Amadeus IT Holding SA 1,010,761 31,694,938 1.40
Ebro Foods SA 424,669 6,736,312 0.30
Ferrovial SA 1,476,304 22,425,058 0.99
Gamesa Corp Tecnologica SA 1,094,890 8,785,945 0.39
Obrascon Huarte Lain SA 314,397 9,922,369 0.44
Viscofan SA 83,320 3,054,719 0.13
82,619,341 3.65
SWEDEN
Hennes & Mauritz AB 1,315,135 42,825,203 1.90
Securitas AB 1,329,050 10,487,507 0.46
Skandinaviska Enskilda Banken AB 4,359,049 44,217,901 1.96
Svenska Handelsbanken AB 1,157,106 43,304,676 1.92
Swedbank AB 2,097,484 42,648,222 1.89
TeliaSonera AB 7,309,322 40,731,405 1.80
Trelleborg AB 969,413 13,678,997 0.61
237,893,911 10.54
SWITZERLAND
Actelion Ltd 506,368 38,084,224 1.69
Adecco SA 726,548 44,936,884 1.99
Galenica AG 12,019 9,237,198 0.41
Geberit AG 33,331 7,521,215 0.33
Georg Fischer AG 10,518 6,010,276 0.27
Givaudan SA 3,763 4,261,890 0.19
Novartis AG* 168,026 10,171,342 0.45
OC Oerlikon Corp AG 355,623 4,407,818 0.19
Roche Holding AG 199,471 44,469,866 1.97
Swisscom AG 103,149 43,931,014 1.95
213,031,727 9.44
UNITED KINGDOM
Associated British Foods Plc 151,900 5,447,370 0.24
AstraZeneca Plc 457,903 22,509,783 1.00
BAE Systems Plc 1,549,991 7,678,224 0.34
BP Plc 7,268,354 44,244,000 1.96
British Sky Broadcasting Group Plc 528,714 6,018,498 0.27
Britvic Plc 1,052,049 9,850,417 0.44
BT Group Plc 8,788,504 43,790,956 1.94
Cobham Plc 2,187,700 7,897,039 0.35
Dixons Retail Plc 8,090,153 4,991,196 0.22
GlaxoSmithKline Plc 1,964,808 39,788,105 1.76
ITV Plc 17,270,772 41,899,814 1.86
J Sainsbury Plc 5,547,289 23,037,337 1.02
Johnson Matthey Plc 287,380 11,418,354 0.51
Next Plc 557,566 44,904,011 1.99
Reckitt Benckiser Group Plc 614,779 36,549,046 1.62
Reed Elsevier Plc 3,793,435 42,114,798 1.87
Rightmove Plc 254,510 8,552,927 0.38
Royal Dutch Shell Plc 1,641,532 43,354,133 1.92
Sage Group Plc 2,727,506 14,275,131 0.63
Shire Plc 1,190,900 49,017,495 2.17
SSE Plc 1,854,420 31,619,199 1.40
Tate & Lyle Plc 1,522,768 11,793,997 0.52
TUI Travel Plc 3,016,377 16,210,288 0.72
WH Smith Plc 455,663 6,245,272 0.28
Whitbread Plc 492,073 26,465,291 1.17
William Hill Plc 969,322 4,571,924 0.20
631,211,506 27.97
TOTAL EQUITIES 2,112,863,813 93.59
LISTING OR DEALT IN ON ANOTHER REGULATED MARKET 2,112,863,813 93.59
Total Investments 2,112,863,813 93.59
*Securities partially lent, see note 15 for further details.
28 Invesco Funds
EUR %
EQUITIES
BELGIUM
Solvay SA 383,893 42,429,774 1.24
FINLAND
Stora Enso OYJ 2,976,644 24,572,196 0.72
UPM-Kymmene OYJ 4,551,953 59,994,741 1.75
84,566,937 2.47
FRANCE
AXA SA 3,024,517 56,709,694 1.66
BNP Paribas SA 1,093,024 64,127,718 1.87
Cap Gemini SA 1,149,723 64,533,952 1.89
Cie Generale des Etablissements Michelin 773,936 68,013,496 1.99
Lafarge SA 625,238 33,862,890 0.99
Safran SA 1,285,293 64,470,297 1.88
Societe Generale SA 1,010,484 48,215,244 1.41
399,933,291 11.69
GERMANY
Daimler AG 678,600 45,232,083 1.32
Deutsche Post AG 2,399,275 64,336,559 1.88
ThyssenKrupp AG 2,021,071 39,794,888 1.16
203,389,772 5.94
IRELAND
C&C Group Plc 8,012,771 38,481,333 1.12
Kingspan Group Plc 2,576,484 37,359,018 1.09
75,840,351 2.21
ITALY
Atlantia SpA 1,765,701 31,870,903 0.93
Autogrill SpA 6,138,894 43,217,814 1.26
Enel Green Power SpA 19,087,603 38,385,170 1.12
UnipolSai SpA 10,297,611 24,652,481 0.72
138,126,368 4.03
NETHERLANDS
Airbus Group NV 1,172,955 62,113,832 1.81
ASM International NV 1,144,210 31,960,646 0.93
ING Groep NV 5,771,987 60,490,424 1.77
Koninklijke Ahold NV 3,318,143 44,770,044 1.31
Reed Elsevier NV 3,447,249 54,828,495 1.60
SBM Offshore NV 3,720,434 41,631,656 1.22
295,795,097 8.64
NORWAY
Statoil ASA 2,709,043 51,827,642 1.51
PORTUGAL
Galp Energia SGPS SA 2,654,030 32,060,682 0.94
SPAIN
Banco Bilbao Vizcaya Argentaria SA 7,050,247 62,606,193 1.83
Bankinter SA 6,415,854 36,724,348 1.07
Bolsas y Mercados Espanoles SA 780,708 23,364,639 0.68
International Consolidated Airlines Group SA 11,305,897 59,695,136 1.74
Mediaset Espana Comunicacion SA 4,373,054 37,630,130 1.10
Obrascon Huarte Lain SA 1,619,324 51,105,865 1.49
Red Electrica Corp SA 917,699 51,817,874 1.51
Repsol SA 2,064,109 37,494,540 1.10
360,438,725 10.52
Invesco Pan European Equity Fund
29 Invesco Funds
EUR %
SWEDEN
Intrum Justitia AB 259,511 5,402,665 0.16
Nordea Bank AB 4,101,134 42,412,125 1.24
SSAB AB 6,618,886 37,672,512 1.10
Telefonaktiebolaget LM Ericsson 6,663,725 62,554,401 1.83
148,041,703 4.33
SWITZERLAND
Adecco SA 1,015,002 62,777,720 1.83
Credit Suisse Group AG 2,254,791 51,287,722 1.50
Novartis AG 1,930,683 116,872,605 3.41
Roche Holding AG 372,453 83,034,300 2.43
UBS AG 4,165,017 64,294,403 1.88
378,266,750 11.05
UNITED KINGDOM
Aberdeen Asset Management Plc 2,418,152 11,320,673 0.33
BAE Systems Plc 13,314,245 65,955,062 1.93
Balfour Beatty Plc 10,651,703 40,756,410 1.19
BG Group Plc 2,748,487 36,448,610 1.06
BP Plc 13,969,459 85,035,036 2.48
British Sky Broadcasting Group Plc 1,166,098 13,274,017 0.39
BT Group Plc 16,896,468 84,190,949 2.46
Cable & Wireless Communications Plc 25,338,276 16,429,318 0.48
Carphone Warehouse Group Plc 4,908,440 20,529,736 0.60
G4S Plc 5,681,378 16,265,115 0.48
G4S Plc GBP 500,000 1,431,075 0.04
GKN Plc 13,028,253 64,049,768 1.87
GlaxoSmithKline Plc 1,655,250 33,519,438 0.98
HSBC Holdings Plc 8,713,730 66,555,869 1.94
Land Securities Group Plc 2,147,178 28,091,327 0.82
Legal & General Group Plc 23,142,635 67,175,551 1.96
N Brown Group Plc 5,146,234 36,122,879 1.06
Rentokil Initial Plc 42,388,992 67,353,605 1.97
Resolution Ltd 18,190,857 82,828,626 2.42
Rio Tinto Plc 2,017,018 83,697,643 2.45
Rolls-Royce Holdings Plc 2,104,071 25,370,225 0.74
Royal Dutch Shell Plc 3,103,527 81,987,425 2.40
Schroders Plc 1,459,719 36,420,080 1.06
TalkTalk Telecom Group Plc 3,644,528 13,980,259 0.41
WPP Plc 1,592,280 24,915,153 0.73
1,124,917,716 32.87
TOTAL EQUITIES 3,335,634,808 97.44
CERTIFICATES
UNITED KINGDOM
Barclays Bank Plc NTS 31/01/2019 (LAKE ACQ-CVR) 1,102,320 266,695 0.01
TOTAL CERTIFICATES 266,695 0.01
Invesco Pan European Equity Fund
30 Invesco Funds
EUR %
EQUITIES
AUSTRIA
ams AG 34,531 3,144,338 1.07
Palfinger AG 55,190 1,607,961 0.55
4,752,299 1.62
BELGIUM
bpost SA 320,319 4,929,709 1.67
KBC Ancora 104,582 2,959,671 1.01
7,889,380 2.68
BERMUDA
Catlin Group Ltd 100,169 637,378 0.22
Hiscox Ltd 317,620 2,463,842 0.83
North Atlantic Drilling Ltd 97,477 603,183 0.21
3,704,403 1.26
CANADA
Africa Oil Corp 1,105,912 6,260,141 2.12
Wentworth Resources Ltd 2,768,718 1,606,295 0.55
7,866,436 2.67
CAYMAN ISLANDS
Polarcus Ltd 806,429 393,856 0.13
DENMARK
D/S Norden A/S 58,356 2,060,863 0.70
Pandora A/S 38,861 1,860,316 0.63
TDC A/S 445,668 3,193,469 1.09
Vestas Wind Systems A/S 46,255 1,185,079 0.40
8,299,727 2.82
FINLAND
Outotec OYJ 316,114 2,239,667 0.76
Sanitec Corp 145,132 1,321,424 0.45
3,561,091 1.21
FRANCE
AtoS 17,221 1,203,145 0.41
Faurecia 88,298 2,804,565 0.96
Inside Secure SA 391,638 1,161,207 0.39
Remy Cointreau SA 31,399 1,909,530 0.65
SEB SA 34,943 2,030,363 0.69
9,108,810 3.10
GERMANY
Aareal Bank AG 149,741 4,827,651 1.64
Aixtron SE 124,791 1,497,804 0.51
Axel Springer SE 49,937 2,523,816 0.86
Bilfinger SE 13,998 1,264,859 0.43
CANCOM SE 42,649 1,541,761 0.52
GEA Group AG 61,621 2,154,732 0.73
Gerresheimer AG 33,961 1,652,712 0.56
MTU Aero Engines AG 64,137 3,917,168 1.33
Nabaltec AG 109,676 1,260,451 0.43
Norma Group SE 38,629 1,581,085 0.54
Sartorius AG (Preferred) 11,030 1,071,454 0.36
SHW AG 38,359 1,801,051 0.61
SNP Schneider-Neureither & Partner AG 105,325 1,194,912 0.41
Surteco SE 92,792 2,609,312 0.89
Takkt AG 121,140 1,802,260 0.61
Talanx AG 130,004 3,255,300 1.11
33,956,328 11.54
Invesco Pan European Small Cap Equity Fund
31 Invesco Funds
EUR %
IRELAND
Kenmare Resources Plc 3,603,701 709,710 0.24
ITALY
RCS MediaGroup SpA 1,307,442 2,075,564 0.71
Unipol Gruppo Finanziario SpA (Preferred) 413,903 1,882,017 0.64
UnipolSai SpA 882,314 2,112,260 0.71
6,069,841 2.06
LUXEMBOURG
GAGFAH SA 242,528 2,664,170 0.91
SAF-Holland SA 199,415 2,208,521 0.75
4,872,691 1.66
MARSHALL ISLANDS
Navios Maritime Acq Corp 2,524,807 7,239,142 2.46
NETHERLANDS
Nutreco NV 89,109 2,932,132 1.00
Royal Imtech NV 2,151,465 4,293,248 1.46
Ziggo NV 226,768 7,431,754 2.52
14,657,134 4.98
NORWAY
Agrinos AS 464,260 392,385 0.13
IDEX ASA 1,788,924 1,629,688 0.56
MagSeis AS 13,500 725,349 0.25
Marine Harvest ASA 690,135 5,564,181 1.89
Norwegian Air Shuttle AS 60,209 1,870,123 0.64
Odfjell SE 338,435 1,565,047 0.53
Petroleum Geo-Services ASA 494,068 3,880,496 1.31
Sevan Marine ASA 466,519 1,408,195 0.48
Spectrum ASA 228,358 991,216 0.34
18,026,680 6.13
PORTUGAL
CTT-Correios de Portugal SA 581,869 4,186,547 1.43
Impresa SGPS SA 1,322,864 2,083,511 0.71
Mota-Engil SGPS SA 171,840 863,410 0.29
REN - Redes Energeticas Nacionais SGPS SA 227,621 629,372 0.21
7,762,840 2.64
SPAIN
Abengoa SA 1,564,639 5,225,112 1.77
Acciona SA 83,199 4,788,934 1.63
Enagas SA 200,893 4,228,798 1.44
14,242,844 4.84
SWEDEN
Bufab Holding AB 546,487 3,201,453 1.09
Investment AB Kinnevik 80,482 2,239,487 0.76
Rezidor Hotel Group AB 111,171 579,392 0.20
6,020,332 2.05
SWITZERLAND
Comet Holding AG 7,369 2,980,919 1.01
EFG International AG 33,026 323,810 0.11
Evolva Holding SA 2,482,024 3,010,055 1.03
Feintool International Holding AG 26,727 1,626,142 0.55
Leonteq AG 55,258 6,085,753 2.07
14,026,679 4.77
32 Invesco Funds
EUR %
UNITED KINGDOM
Abcam Plc 270,948 1,618,753 0.55
Accsys Technologies Plc 6,729,324 1,514,098 0.51
Advanced Medical Solutions Group Plc 995,174 1,315,219 0.45
Amerisur Resources Plc 2,615,254 1,874,476 0.64
Bovis Homes Group Plc 133,147 1,489,476 0.51
Brammer Plc 44,737 260,918 0.09
Brewin Dolphin Holdings Plc 279,417 1,136,392 0.39
Brooks Macdonald Group Plc 64,070 1,243,575 0.42
Cape Plc 186,641 640,367 0.22
Carclo Plc 68,320 160,128 0.05
Chemring Group Plc 233,550 762,819 0.26
CLS Holdings Plc 50,582 830,641 0.28
Consort Medical Plc 91,020 1,129,697 0.38
Crest Nicholson Holdings plc 210,342 970,475 0.33
CVS Group Plc 804,837 2,984,120 1.01
Dairy Crest Group Plc 177,235 1,130,966 0.38
Dechra Pharmaceuticals Plc 175,842 1,489,544 0.51
Dialog Semiconductor Plc 411,254 6,928,602 2.35
Dignity Plc 75,392 1,363,009 0.46
Diploma Plc 375,949 3,400,660 1.15
Domino's Pizza Group Plc 111,826 754,163 0.26
Dunelm Group Plc 82,846 986,153 0.34
EKF Diagnostics Holdings Plc 1,319,491 588,594 0.20
Electrocomponents Plc 216,818 695,055 0.24
Elementis Plc 737,090 2,502,438 0.85
EMIS Group Plc 142,027 1,024,418 0.35
EnQuest Plc 749,338 1,318,920 0.45
Essentra Plc 148,308 1,585,968 0.54
Euromoney Institutional Investor Plc 134,201 2,116,952 0.72
Fenner Plc 124,034 635,811 0.22
FLEX LNG Ltd 2,377,937 1,823,171 0.62
Go-Ahead Group Plc 46,115 1,206,915 0.41
Guinness Peat Group Plc 3,201,404 1,316,731 0.45
Howden Joinery Group Plc 618,830 2,825,211 0.96
Hunting Plc 189,578 1,928,113 0.65
Innovation Group Plc 4,272,305 1,828,253 0.62
JD Sports Fashion Plc 45,981 872,172 0.30
Jupiter Fund Management Plc 201,830 1,057,308 0.36
Keywords Studios Plc 191,652 365,150 0.12
Latchways Plc 68,770 898,464 0.31
LSL Property Services Plc 290,310 1,669,899 0.57
Marston's Plc 1,120,780 2,024,221 0.69
Mears Group Plc 455,053 2,753,076 0.94
Micro Focus International Plc 159,693 1,523,229 0.52
Microgen Plc 190,692 312,572 0.11
N Brown Group Plc 437,061 3,067,855 1.03
Premier Oil Plc 224,941 856,334 0.29
RPS Group Plc 456,471 1,857,025 0.63
RWS Holdings Plc 125,602 1,470,407 0.50
Senior Plc 671,554 2,321,373 0.79
Servelec Group Plc 193,960 641,722 0.22
Stanley Gibbons Group Plc 365,200 1,678,774 0.57
Synergy Health Plc 222,802 3,590,055 1.23
Topps Tiles Plc 499,032 843,641 0.29
Tungsten Corp Plc 173,241 612,991 0.21
Ultra Electronics Holdings Plc 102,007 2,356,898 0.79
Utilitywise Plc 238,403 869,154 0.30
Victrex Plc 72,221 1,656,891 0.56
Workspace Group Plc 124,771 884,105 0.30
WS Atkins Plc 44,930 788,917 0.27
Xaar Plc 51,906 674,686 0.23
91,027,720 30.95
33 Invesco Funds
EUR %
RIGHTS
UNITED KINGDOM
Innovation Group Rights 17/03/2014 412,271 16,832 0.01
TOTAL RIGHTS 16,832 0.01
WARRANTS
UNITED KINGDOM
Kenmare Resources Npv WTS 16/11/2019** 124,296
TOTAL WARRANTS
34 Invesco Funds
EUR %
EQUITIES
BELGIUM
Anheuser-Busch InBev NV 11,554 872,038 1.32
D'ieteren SA/NV 19,248 628,543 0.95
1,500,581 2.27
BERMUDA
Catlin Group Ltd 106,503 677,681 1.03
Lancashire Holdings Ltd 62,116 549,474 0.83
1,227,155 1.86
CYPRUS
Prosafe SE 187,738 979,467 1.49
DENMARK
Carlsberg A/S 12,765 975,409 1.48
Novo Nordisk A/S 25,430 871,661 1.32
1,847,070 2.80
FRANCE
Metropole Television SA 21,599 359,029 0.54
Publicis Groupe SA 15,219 1,035,044 1.57
Schneider Electric SA 11,838 758,638 1.15
Total SA 28,966 1,347,064 2.04
Vicat 14,937 877,997 1.33
4,377,772 6.63
GERMANY
Allianz SE 7,596 970,579 1.47
Brenntag AG 2,214 296,842 0.45
Deutsche Boerse AG 15,623 919,414 1.39
Deutsche Post AG 23,276 624,146 0.95
GEA Group AG 17,646 617,037 0.94
Morphosys AG 17,496 1,117,557 1.70
MTU Aero Engines AG 9,678 591,084 0.90
SAP AG 19,727 1,141,207 1.73
Volkswagen AG (Preferred) 3,588 674,185 1.02
7,625,417 11.57
IRELAND
DCC Plc 36,133 1,381,676 2.10
Dragon Oil Plc 168,348 1,248,887 1.89
2,630,563 3.99
ISRAEL
Israel Chemicals Ltd 89,861 550,939 0.84
ITALY
Ansaldo STS SpA 34,113 276,059 0.42
Danieli & C Officine Meccaniche SpA 35,299 619,850 0.94
Prada SpA 79,200 430,372 0.65
Saipem SpA 45,172 767,472 1.16
2,093,753 3.17
NETHERLANDS
Aalberts Industries NV 11,297 274,291 0.42
Unilever NV 20,787 595,911 0.90
870,202 1.32
NORWAY
TGS Nopec Geophysical Co ASA 24,633 553,945 0.84
SPAIN
Construcciones y Auxiliar de Ferrocarriles SA 1,843 711,214 1.08
Invesco European Growth Equity Fund
35 Invesco Funds
EUR %
SWEDEN
Investment AB Kinnevik 3,286 91,436 0.14
Investor AB 40,695 1,048,276 1.59
Telefonaktiebolaget LM Ericsson 77,603 728,483 1.10
2,781,550 4.22
SWITZERLAND
ABB Ltd 49,189 901,679 1.37
Aryzta AG 28,754 1,728,192 2.62
Dufry AG 7,166 874,059 1.33
Julius Baer Group Ltd 20,690 700,950 1.06
Kuoni Reisen Holding AG 2,353 721,860 1.09
Nestle SA 13,255 723,370 1.10
Novartis AG 9,752 590,331 0.90
Roche Holding AG 5,781 1,288,810 1.96
Syngenta AG 3,546 933,985 1.42
Tecan Group AG 5,570 479,031 0.73
UBS AG 39,164 604,566 0.92
9,546,833 14.50
TURKEY
Haci Omer Sabanci Holding AS 372,022 960,641 1.46
Tupras Turkiye Petrol Rafinerileri AS 23,136 297,273 0.45
1,257,914 1.91
UNITED KINGDOM
Aberdeen Asset Management Plc 197,546 924,819 1.40
Amlin Plc 142,666 768,685 1.17
Balfour Beatty Plc 183,521 702,203 1.07
British Sky Broadcasting Group Plc 133,277 1,517,129 2.30
Bunzl Plc 33,303 630,285 0.96
Centrica Plc 134,357 515,876 0.78
Chemring Group Plc 138,758 453,210 0.69
Compass Group Plc 116,940 1,329,392 2.02
Halma Plc 59,184 432,433 0.66
Homeserve Plc 116,707 463,990 0.70
IG Group Holdings Plc 125,316 949,362 1.44
Informa Plc 147,997 931,414 1.41
John Wood Group Plc 55,257 501,667 0.76
Kingfisher Plc 110,449 520,278 0.79
Micro Focus International Plc 57,214 545,735 0.83
Next Plc 7,503 604,260 0.92
Reed Elsevier Plc 134,528 1,493,533 2.27
Shire Plc 22,478 925,195 1.40
Smith & Nephew Plc 69,539 797,470 1.21
Smiths Group Plc 39,074 634,570 0.96
UBM Plc 69,632 608,589 0.92
Ultra Electronics Holdings Plc 26,730 617,604 0.94
William Hill Plc 161,989 764,041 1.16
WPP Plc 74,143 1,160,150 1.76
21,350,212 32.40
Invesco European Growth Equity Fund
36 Invesco Funds
37 Invesco Funds
EUR %
EQUITIES
BASIC MATERIALS
UPM-Kymmene OYJ 80,341 1,058,894 2.08
COMMUNICATIONS
BT Group Plc 222,166 1,106,999 2.18
Elisa OYJ 42,669 864,474 1.70
Mediaset Espana Comunicacion SA 65,804 566,243 1.11
ProSiebenSat.1 Media AG 25,060 858,117 1.69
Reed Elsevier NV 60,898 968,583 1.91
RTL Group Npv 10,801 1,008,381 1.99
6,254,081 12.31
CONSUMER, CYCLICAL
Bayerische Motoren Werke AG 9,986 832,483 1.64
Electrolux AB 20,973 359,180 0.71
International Consolidated Airlines Group SA 43,925 231,780 0.46
Thomas Cook Group Plc 61,301 135,853 0.27
1,559,296 3.08
Adecco SA 16,227 1,003,638 1.98
Atlantia SpA 66,007 1,191,426 2.35
C&C Group Plc 144,370 693,337 1.36
Capita Plc 60,996 850,394 1.67
Cranswick Plc 34,194 515,815 1.02
G4S Plc GBP 290,056 830,184 1.63
GlaxoSmithKline Plc 33,794 684,341 1.35
Imperial Tobacco Group Plc 26,833 790,723 1.56
Interserve Plc 52,010 373,409 0.74
Koninklijke Ahold NV 65,576 884,784 1.74
Novartis AG 29,483 1,784,734 3.51
Reckitt Benckiser Group Plc 13,801 820,479 1.62
Recordati SpA 58,029 765,112 1.51
Roche Holding AG 7,088 1,580,192 3.11
Sanofi 12,748 954,825 1.88
Synergy Health Plc 37,624 606,243 1.19
15,856,003 31.22
ENERGY
BG Group Plc 33,310 441,735 0.87
Galp Energia SGPS SA 36,604 442,176 0.87
Statoil ASA 54,243 1,037,742 2.04
1,921,653 3.78
FINANCIAL
Ageas 29,723 979,447 1.93
Allianz SE 7,824 999,712 1.97
Amlin Plc 56,089 302,208 0.59
AXA SA 44,737 838,819 1.65
Banco Bilbao Vizcaya Argentaria SA 134,905 1,197,956 2.36
Bankinter SA 87,508 500,896 0.99
Beazley Plc 101,422 318,013 0.63
BNP Paribas SA 13,758 807,182 1.59
Bolsas y Mercados Espanoles SA 29,736 889,924 1.75
Catlin Group Ltd 69,826 444,304 0.87
Credit Suisse Group AG 29,871 679,449 1.34
Deutsche Boerse AG 11,722 689,840 1.36
ING Groep NV 96,063 1,006,740 1.98
Nordea Bank AB 98,299 1,016,565 2.00
Provident Financial Plc 28,151 625,066 1.23
Invesco Pan European Equity Income Fund
38 Invesco Funds
EUR %
FINANCIAL (continued)
Resolution Ltd 100,865 459,270 0.90
Societe Generale SA 11,249 536,746 1.06
UBS AG 57,592 889,034 1.75
UnipolSai SpA 182,328 436,493 0.86
UNIQA Insurance Group AG 59,496 577,498 1.14
14,195,162 27.95
INDUSTRIAL
BAE Systems Plc 125,407 621,231 1.22
Orkla ASA 144,251 829,221 1.63
Rolls-Royce Holdings Plc 101,812 1,227,617 2.42
Utilitywise Plc 147,006 535,945 1.06
3,214,014 6.33
TECHNOLOGY
Cap Gemini SA 13,949 782,957 1.54
Domino Printing Sciences Plc 44,414 429,821 0.85
Indra Sistemas SA 49,838 658,111 1.30
WANdisco Plc 21,489 341,188 0.67
2,212,077 4.36
UTILITIES
Centrica Plc 66,317 254,630 0.50
Red Electrica Corp SA 12,617 712,419 1.40
SSE Plc 18,541 316,137 0.62
1,283,186 2.52
OPEN-ENDED FUNDS
Invesco Perpetual Fixed Interest Investment Series - European High Yield Fund 94,812 51,589 0.10
TOTAL OPEN-ENDED FUNDS 51,589 0.10
Invesco Pan European Equity Income Fund
39 Invesco Funds
USD %
EQUITIES
AUSTRIA
DO & CO AG 6,300 348,891 1.54
CYPRUS
Globaltrans Investment Plc GDR 40,700 526,251 2.33
MD Medical Group Investments Plc GDR 15,600 156,000 0.69
682,251 3.02
HUNGARY
OTP Bank Plc 14,900 264,542 1.17
IRELAND
Dragon Oil Plc 35,000 358,155 1.58
KAZAKHSTAN
KCell JSC GDR 32,000 474,720 2.10
NETHERLANDS
Cinema City International NV 25,000 293,260 1.30
Fortuna Entertainment Group NV 72,500 478,133 2.11
771,393 3.41
POLAND
CCC SA 16,500 726,126 3.21
Integer.pl SA 4,100 425,823 1.88
KRUK SA 20,000 545,069 2.41
LPP SA 137 444,781 1.97
Lubelski Wegiel Bogdanka SA 10,400 424,035 1.88
Powszechny Zaklad Ubezpieczen SA 6,600 946,053 4.18
Synthos SA 325,000 567,367 2.51
4,079,254 18.04
RUSSIA
AK Transneft OAO (Preferred) 204 454,987 2.01
Alrosa AO 500,750 535,180 2.37
Gazprom OAO ADR 214,000 1,660,533 7.34
Lukoil OAO ADR 37,100 2,060,534 9.11
M Video OJSC 56,000 364,333 1.61
Magnitogorsk Iron & Steel Works GDR 93,500 204,905 0.91
Mobile Telesystems OJSC ADR 65,500 1,134,133 5.01
NovaTek OAO GDR 8,900 1,130,745 5.00
Phosagro OAO GDR 55,000 620,400 2.74
Rosneft OAO GDR 106,000 711,684 3.15
Sberbank of Russia ADR 200,000 2,033,500 8.99
Surgutnrftegaz OAO ADR (Preferred) 1,000,000 745,301 3.30
Tatneft OAO ADR 29,000 1,036,315 4.58
VTB Bank OJSC GDR 45,000 103,185 0.46
12,795,735 56.58
TURKEY
Teknosa Ic Ve Dis Ticaret AS 70,000 336,338 1.49
Turkiye Sinai Kalkinma Bankasi AS 281,500 220,346 0.97
556,684 2.46
Invesco Emerging Europe Equity Fund
USD %
UNITED KINGDOM
Etalon Group Ltd GDR 101,500 491,260 2.17
Hikma Pharmaceuticals Plc 31,000 742,299 3.28
ITE Group Plc 110,000 515,504 2.28
Mail.ru Group Ltd GDR 9,600 404,448 1.79
2,153,511 9.52
Invesco Emerging Europe Equity Fund
40 Invesco Funds
Invesco Pan European Focus Equity Fund
EUR %
EQUITIES
FINLAND
UPM-Kymmene OYJ 54,747 721,565 2.54
FRANCE
BNP Paribas SA 13,964 819,268 2.89
Cap Gemini SA 13,393 751,749 2.65
Cie Generale des Etablissements Michelin 9,133 802,608 2.83
Paris Orleans SA 24,084 427,973 1.51
Safran SA 14,851 744,926 2.63
3,546,524 12.51
GERMANY
Deutsche Post AG 30,084 806,702 2.84
NETHERLANDS
ING Groep NV 70,458 738,400 2.60
Koninklijke BAM Groep NV 176,370 760,595 2.68
Reed Elsevier NV 46,179 734,477 2.59
Royal Imtech NV 223,877 446,747 1.58
SBM Offshore NV 44,406 496,903 1.75
3,177,122 11.20
NORWAY
Statoil ASA 43,252 827,469 2.92
SPAIN
Banco Bilbao Vizcaya Argentaria SA 88,003 781,466 2.76
Bankinter SA 100,643 576,081 2.03
International Consolidated Airlines Group SA 126,246 666,579 2.35
Obrascon Huarte Lain SA 21,104 666,042 2.35
Red Electrica Corp SA 12,027 679,105 2.39
3,369,273 11.88
SWITZERLAND
Novartis AG 25,264 1,529,339 5.39
Roche Holding AG 5,696 1,269,861 4.48
UBS AG 55,270 853,190 3.01
3,652,390 12.88
UNITED KINGDOM
Aberdeen Asset Management Plc 106,561 498,869 1.76
BAE Systems Plc 101,210 501,366 1.77
Balfour Beatty Plc 180,290 689,840 2.43
BP Plc 159,733 972,328 3.43
BT Group Plc 136,965 682,463 2.41
CVS Group Plc 169,383 628,027 2.22
Dairy Crest Group Plc 80,890 516,173 1.82
GKN Plc 161,603 794,476 2.80
Guinness Peat Group Plc 795,387 327,141 1.15
Legal & General Group Plc 142,399 413,338 1.46
Rentokil Initial Plc 321,363 510,627 1.80
Resolution Ltd 119,437 543,834 1.92
Rio Tinto Plc 18,606 772,070 2.72
Royal Dutch Shell Plc 37,503 990,736 3.49
Schroders Plc 27,060 675,149 2.38
Synergy Health Plc 32,314 520,682 1.84
Topps Tiles Plc 333,790 564,291 1.99
WPP Plc 35,991 563,168 1.99
11,164,578 39.38
41 Invesco Funds
42 Invesco Funds
JPY %
EQUITIES
BASIC MATERIALS
Furukawa Co Ltd 971,000 178,178,500 0.79
Kumiai Chemical Industry Co Ltd 482,000 275,945,000 1.22
Riken Technos Corp 620,000 323,640,000 1.44
777,763,500 3.45
COMMUNICATIONS
COLOPL Inc* 120,300 351,636,900 1.56
CyberAgent Inc 193,500 863,493,750 3.83
Dena Co Ltd 117,500 258,147,500 1.15
Hikari Tsushin Inc 89,400 786,720,000 3.49
IREP Co Ltd 368,200 224,233,800 0.99
Kadokawa Corp* 217,700 725,485,250 3.22
Livesense Inc* 147,300 232,144,800 1.03
MONEY SQUARE JAPAN Inc 216,800 289,753,200 1.29
Nexyz Corp* 279,900 311,808,600 1.38
WirelessGate Inc 81,900 244,962,900 1.09
4,288,386,700 19.03
CONSUMER, CYCLICAL
Ai Holdings Corp 588,300 976,283,850 4.33
Amiyaki Tei Co Ltd 104,300 331,674,000 1.47
F T Communications Co Ltd 171,200 636,864,000 2.82
HIS Co Ltd 160,100 933,383,000 4.14
Plenus Co Ltd 232,200 523,030,500 2.32
Ride On Express Co Ltd 68,900 207,733,500 0.92
Tosho Co Ltd* 207,600 379,596,600 1.68
VT Holdings Co Ltd 153,600 253,363,200 1.12
4,241,928,650 18.80
Asahi Intecc Co Ltd 212,700 925,776,750 4.11
PeptiDream Inc 47,600 476,714,000 2.11
Srg Takamiya Co Ltd 455,400 643,935,600 2.86
Tanseisha Co Ltd* 428,300 203,442,500 0.90
ZERIA Pharmaceutical Co Ltd 168,000 373,548,000 1.66
2,623,416,850 11.64
FINANCIAL
eGuarantee Inc* 204,200 411,054,600 1.82
Financial Products Group Co Ltd* 67,300 72,313,850 0.32
Jowa Holdings Co Ltd 249,000 829,792,500 3.68
Open House Co Ltd 307,200 617,625,600 2.74
Shinoken Group Co Ltd 146,000 199,655,000 0.89
Sun Frontier Fudousan Co Ltd* 677,900 854,831,900 3.79
2,985,273,450 13.24
INDUSTRIAL
Daiseki Co Ltd 437,400 794,099,700 3.52
Harmonic Drive Systems Inc* 272,000 933,640,000 4.14
Maeda Kosen Co Ltd* 193,000 279,367,500 1.24
Meiko Electronics Co Ltd 561,900 364,111,200 1.61
Nihon Trim Co Ltd* 55,400 354,283,000 1.57
Nippon Ceramic Co Ltd* 371,300 660,542,700 2.93
Nissei ASB Machine Co Ltd 247,900 542,157,300 2.40
Sinko Industries Ltd 286,000 235,807,000 1.05
SMK Corp 813,000 395,931,000 1.76
Tamron Co Ltd* 238,500 601,735,500 2.67
Teikoku Electric Manufacturing Co Ltd 205,900 617,700,000 2.74
Tocalo Co Ltd 108,200 183,020,300 0.81
Yushin Precision Equipment Co Ltd 129,600 316,288,800 1.40
6,278,684,000 27.84
Invesco Nippon Small/Mid Cap Equity Fund
43 Invesco Funds
JPY %
TECHNOLOGY
Furuya Metal Co Ltd 47,000 98,958,500 0.44
Mobile Create Co Ltd 115,600 391,306,000 1.74
Sourcenext Corp* 478,300 321,178,450 1.42
811,442,950 3.60
TOTAL EQUITIES 22,006,896,100 97.60
*Securities partially lent, see note 15 for further details.
44 Invesco Funds
JPY %
EQUITIES
BASIC MATERIALS
Aica Kogyo Co Ltd 863,600 1,807,514,800 1.52
Nippon Steel & Sumitomo Metal Corp 10,445,000 3,096,942,500 2.61
Shin-Etsu Chemical Co Ltd 782,200 4,503,125,400 3.80
Taiyo Nippon Sanso Corp 2,928,000 2,228,208,000 1.88
11,635,790,700 9.81
COMMUNICATIONS
Dentsu Inc 739,400 2,830,053,500 2.39
M3 Inc 5,252 1,779,115,000 1.50
Rakuten Inc 1,862,300 2,718,958,000 2.29
7,328,126,500 6.18
CONSUMER, CYCLICAL
Descente Ltd 1,637,000 1,134,441,000 0.96
Ichibanya Co Ltd 469,300 1,790,379,500 1.51
Marubeni Corp 3,238,000 2,305,456,000 1.94
Nifco Inc 764,600 2,099,973,900 1.77
Oriental Land Co Ltd 194,200 2,964,463,000 2.50
Sanrio Co Ltd 466,100 1,808,468,000 1.52
Toyota Tsusho Corp 1,736,700 4,351,301,850 3.67
16,454,483,250 13.87
Hisamitsu Pharmaceutical Co Inc 166,100 790,636,000 0.67
Ito En Ltd 1,814,300 4,143,861,200 3.50
Paramount Bed Holdings Co Ltd 331,400 996,685,500 0.84
Tsumura & Co 1,145,100 3,100,930,800 2.61
9,032,113,500 7.62
FINANCIAL
Fukuoka Financial Group Inc 7,449,000 3,050,365,500 2.57
Mizuho Financial Group Inc 19,599,900 4,086,579,150 3.45
ORIX Corp 3,411,000 5,106,267,000 4.30
Sumitomo Mitsui Financial Group Inc 994,800 4,518,381,600 3.81
16,761,593,250 14.13
INDUSTRIAL
East Japan Railway Co 496,400 3,938,685,800 3.32
Fuji Kyuko Co Ltd 1,286,000 1,168,331,000 0.99
Hamamatsu Photonics KK 735,200 3,038,214,000 2.56
Hitachi Construction Machinery Co Ltd 518,400 1,023,840,000 0.86
Hoya Corp 1,410,800 4,252,856,600 3.59
Keyence Corp 133,400 5,824,244,000 4.91
Kubota Corp 2,259,000 3,217,945,500 2.71
Optex Co Ltd 564,300 900,340,650 0.76
SMC Corp 165,100 4,267,835,000 3.60
Taikisha Ltd 971,300 2,030,502,650 1.71
Toshiba Plant Systems & Services Corp 1,042,800 1,390,573,800 1.17
Wacom Co Ltd 1,872,600 1,162,884,600 0.98
Yokogawa Electric Corp 2,271,700 3,598,372,800 3.03
35,814,626,400 30.19
TECHNOLOGY
Axell Corp 242,600 398,713,100 0.34
Broadleaf Co Ltd 571,100 788,974,650 0.67
Canon Inc 931,600 2,947,116,600 2.48
Ricoh Co Ltd 4,146,200 5,294,697,400 4.46
Roland DG Corp 669,700 2,359,018,250 1.99
Square Enix Holdings Co Ltd 2,313,600 5,346,729,600 4.51
Tecmo Koei Holdings Co Ltd 2,549,300 3,190,448,950 2.69
20,325,698,550 17.14
TOTAL EQUITIES 117,352,432,150 98.94
Invesco Japanese Equity Advantage Fund
45 Invesco Funds
JPY %
EQUITIES
BASIC MATERIALS
Daicel Corp 363,000 318,169,500 2.05
Denki Kagaku Kogyo KK 273,000 107,152,500 0.69
Kaneka Corp 174,000 115,362,000 0.74
Lintec Corp 48,600 95,912,100 0.62
Mitsubishi Chemical Holdings Corp 251,400 115,392,600 0.74
Sumitomo Metal Mining Co Ltd 129,000 171,505,500 1.11
Toyo Ink SC Holdings Co Ltd 297,000 138,253,500 0.89
1,061,747,700 6.84
CONSUMER, CYCLICAL
AOKI Holdings Inc 91,700 133,652,750 0.86
Daiwa House Industry Co Ltd 101,000 186,345,000 1.20
FamilyMart Co Ltd 39,800 180,194,500 1.16
Gulliver International Co Ltd 198,700 155,681,450 1.00
Hitachi High-Technologies Corp 80,700 198,158,850 1.28
Honda Motor Co Ltd 150,200 547,479,000 3.53
Marubeni Corp 384,000 273,408,000 1.76
Mitsubishi Corp 150,500 292,797,750 1.89
Nagase & Co Ltd 52,500 65,415,000 0.42
Nifco Inc 84,500 232,079,250 1.50
Nissan Motor Co Ltd 290,000 263,900,000 1.70
Resorttrust Inc 130,500 220,740,750 1.42
Sekisui Chemical Co Ltd 303,000 351,177,000 2.26
Shimamura Co Ltd 21,400 196,773,000 1.27
Suzuki Motor Corp 57,900 158,182,800 1.02
Toyoda Gosei Co Ltd 44,200 94,897,400 0.61
Toyota Motor Corp 122,000 711,626,000 4.59
Yamaha Motor Co Ltd 32,500 47,823,750 0.31
4,310,332,250 27.78
Astellas Pharma Inc 80,600 531,436,100 3.43
Nippon Meat Packers Inc 122,000 199,165,000 1.28
Ono Pharmaceutical Co Ltd 34,500 347,242,500 2.24
Seven & I Holdings Co Ltd 143,200 545,735,200 3.52
1,623,578,800 10.47
FINANCIAL
Chiba Bank Ltd 226,000 139,216,000 0.90
Daito Trust Construction Co Ltd 24,900 235,554,000 1.52
Hitachi Capital Corp 131,700 318,384,750 2.05
Mitsubishi Estate Co Ltd 180,000 432,540,000 2.79
Mitsubishi UFJ Financial Group Inc 1,174,500 690,606,000 4.45
ORIX Corp 326,000 488,022,000 3.15
Relo Holdings Inc 26,500 148,267,500 0.96
Sumitomo Mitsui Financial Group Inc 158,500 719,907,000 4.63
Tokyu Fudosan Holdings Corp 109,100 87,443,650 0.56
3,259,940,900 21.01
INDUSTRIAL
Amada Co Ltd 252,000 213,444,000 1.38
Casio Computer Co Ltd 51,400 59,110,000 0.38
Daifuku Co Ltd 158,500 215,877,000 1.39
Daikin Industries Ltd 60,500 353,199,000 2.28
East Japan Railway Co 54,400 431,636,800 2.77
Hitachi Ltd 688,000 551,776,000 3.55
JGC Corp 56,000 210,616,000 1.36
Kyocera Corp 32,700 150,191,100 0.97
Maeda Road Construction Co Ltd 121,000 192,027,000 1.24
Invesco Japanese Value Equity Fund
46 Invesco Funds
JPY %
INDUSTRIAL (continued)
Minebea Co Ltd 86,000 77,142,000 0.50
Mitsubishi Heavy Industries Ltd 568,000 355,000,000 2.29
Nidec Corp 34,400 429,742,000 2.77
Obayashi Corp 217,000 135,408,000 0.87
Sanwa Holdings Corp 373,000 266,322,000 1.72
Toshiba Corp 611,000 269,451,000 1.74
Tsubakimoto Chain Co 339,000 294,760,500 1.90
Yaskawa Electric Corp 161,000 243,673,500 1.57
4,449,375,900 28.68
TECHNOLOGY
Canon Inc 97,300 307,808,550 1.99
Ricoh Co Ltd 104,200 133,063,400 0.86
TDK Corp 10,400 45,656,000 0.29
486,527,950 3.14
TOTAL EQUITIES 15,191,503,500 97.92
Invesco Japanese Value Equity Fund
47 Invesco Funds
USD %
EQUITIES
BERMUDA
Dairy Farm International Holdings Ltd 186,300 1,708,371 1.41
Giordano International Ltd 2,184,000 1,430,915 1.18
Huabao International Holdings Ltd 1,208,000 574,333 0.47
Johnson Electric Holdings Ltd 1,929,000 1,866,562 1.54
Trinity Ltd 1,730,000 445,807 0.37
6,025,988 4.97
CAYMAN ISLANDS
Biostime International Holdings Ltd 155,500 1,384,455 1.14
Bonjour Holdings Ltd 10,088,000 2,001,687 1.65
Haitian International Holdings Ltd 871,000 1,877,519 1.55
Lifestyle International Holdings Ltd 1,165,500 2,299,100 1.89
SA SA International Holdings Ltd 1,114,000 1,037,035 0.85
Sands China Ltd 146,000 1,218,984 1.00
Semiconductor Manufacturing International Corp 7,497,000 642,361 0.53
Tencent Holdings Ltd 74,200 5,953,714 4.90
16,414,855 13.51
CHINA
Great Wall Motor Co Ltd - H Shares 203,000 927,873 0.76
Guizhou Xinbang Pharmaceutical Co Ltd - A Shares 337,580 2,404,812 1.98
Industrial & Commercial Bank of China Ltd - H Shares 3,847,000 2,312,300 1.90
Jiangsu Expressway Co Ltd - H Shares 1,772,000 2,244,334 1.85
Kweichow Moutai Co Ltd - A Shares 35,000 854,325 0.70
Ping An Insurance Group Co of China Ltd - H Shares 216,500 1,759,485 1.45
Siasun Robot & Automation Co Ltd - A Shares 210,483 1,791,932 1.47
Sinotrans Ltd - H Shares 3,105,000 1,388,230 1.14
Zhuzhou CSR Times Electric Co Ltd - H Shares 628,000 1,986,467 1.63
15,669,758 12.88
HONG KONG
AIA Group Ltd 247,400 1,208,915 0.99
China Resources Enterprise Ltd 220,000 619,362 0.51
CNOOC Ltd 1,026,000 1,684,175 1.39
Guangdong Investment Ltd 2,440,000 2,548,081 2.10
SJM Holdings Ltd 380,000 1,219,139 1.00
Techtronic Industries Co 863,500 2,280,796 1.88
Wharf Holdings Ltd 261,000 1,821,838 1.50
11,382,306 9.37
INDIA
HCL Technologies Ltd 188,058 4,787,013 3.94
Hindustan Unilever Ltd 267,648 2,372,255 1.95
Wipro Ltd 314,546 3,030,258 2.49
10,189,526 8.38
INDONESIA
TArwana Citramulia Tbk PT 22,978,000 1,672,531 1.38
Indocement Tunggal Prakarsa Tbk PT 1,161,000 2,192,689 1.80
Perusahaan Gas Negara Persero Tbk PT 4,443,500 1,876,497 1.54
Surya Citra Media Tbk PT 6,972,300 1,665,148 1.37
7,406,865 6.09
SINGAPORE
OSIM International Ltd 1,234,000 2,362,598 1.94
Raffles Medical Group Ltd 1,136,000 2,892,485 2.38
5,255,083 4.32
Invesco Asia Opportunities Equity Fund
48 Invesco Funds
USD %
SOUTH KOREA
Able C&C Co Ltd 7,274 233,552 0.19
Grand Korea Leisure Co Ltd 31,570 1,300,507 1.07
Hyundai Mobis 10,844 3,182,092 2.62
Kia Motors Corp 50,488 2,622,538 2.16
NAVER Corp 3,484 2,668,075 2.20
17,678,371 14.55
TAIWAN
China Steel Chemical Corp 357,000 2,056,126 1.69
Faraday Technology Corp 902,000 1,304,712 1.07
Hiwin Technologies Corp 130,000 1,299,013 1.07
King Slide Works Co Ltd 172,000 1,996,865 1.64
Largan Precision Co Ltd 47,000 2,090,320 1.72
Makalot Industrial Co Ltd 376,000 2,063,173 1.70
President Chain Store Corp 291,000 1,803,263 1.48
Radiant Opto-Electronics Corp 722,000 2,925,127 2.41
Realtek Semiconductor Corp 471,000 1,397,548 1.15
Teco Electric and Machinery Co Ltd 1,967,000 2,256,032 1.86
Yulon Nissan Motor Co Ltd 165,000 2,081,697 1.71
21,273,876 17.50
THAILAND
Airports of Thailand PCL 118,100 676,926 0.56
Delta Electronics Thailand PCL 712,500 1,182,040 0.97
Sino-Thai Engineering & Construction PCL 2,754,100 1,363,332 1.12
Supalai PCL 2,584,700 1,398,313 1.15
Thai Tap Water Supply PCL 6,355,600 1,797,101 1.48
6,417,712 5.28
Invesco Asia Opportunities Equity Fund
49 Invesco Funds
USD %
EQUITIES
BERMUDA
Giordano International Ltd 22,898,000 15,002,334 0.56
Man Wah Holdings Ltd 7,940,000 13,810,983 0.51
Nine Dragons Paper Holdings Ltd 40,921,000 31,265,924 1.16
Pou Sheng International Holdings Ltd 78,315,000 3,582,149 0.13
Shangri-La Asia Ltd 10,442,000 17,423,034 0.65
SmarTone Telecommunications Holdings Ltd 23,515,500 27,738,495 1.03
Yue Yuen Industrial Holdings Ltd 12,510,000 38,402,593 1.43
147,225,512 5.47
CAYMAN ISLANDS
AAC Technologies Holdings Inc 19,647,000 89,296,328 3.32
Ajisen China Holdings Ltd 41,267,000 45,540,794 1.69
Asia Cement China Holdings Corp 47,971,500 33,377,007 1.24
Baidu Inc ADR 148,555 26,591,345 0.99
China Dongxiang Group Co 216,256,000 42,910,070 1.60
Chow Tai Fook Jewellery Group Ltd 30,976,600 54,200,570 2.02
Ctrip.com International Ltd ADR 532,695 29,679,102 1.10
FIH Mobile Ltd 92,687,000 50,098,085 1.86
HOSA International Ltd 21,456,000 5,860,774 0.22
Microport Scientific Corp 21,979,000 15,688,738 0.58
Minth Group Ltd 28,146,000 56,246,929 2.09
SINA Corp 196,139 13,355,104 0.50
Stella International Holdings Ltd 11,838,000 28,980,259 1.08
Towngas China Co Ltd 23,461,000 29,986,690 1.11
Uni-President China Holdings Ltd 43,294,000 43,259,336 1.61
Vinda International Holdings Ltd 31,991,000 50,946,766 1.89
WuXi PharmaTech Cayman Inc ADR 1,022,078 39,947,919 1.49
655,965,816 24.39
CHINA
Anhui Conch Cement Co Ltd - H Shares 19,200,000 70,071,511 2.61
Bank of China Ltd - H Shares 58,552,000 24,631,749 0.92
China Construction Bank Corp - H Shares 94,743,000 65,247,695 2.43
China Life Insurance Co Ltd - H Shares 11,947,000 34,981,070 1.30
China Merchants Bank Co Ltd - H Shares 53,899,000 94,586,281 3.52
Dalian Port PDA Co Ltd - H Shares 30,258,000 6,822,579 0.25
Dongfeng Motor Group Co Ltd - H Shares 63,744,000 86,484,448 3.22
Huadian Energy Co Ltd - B Shares 2 1
Jiangling Motors Corp Ltd - B Shares 4,519,730 15,560,347 0.58
Ping An Insurance Group Co of China Ltd - H Shares 3,329,000 27,054,617 1.01
Shanghai Fosun Pharmaceutical Group Co Ltd - H Shares 11,828,500 42,216,262 1.57
Shanghai Jinjiang International Hotels Development Co Ltd - B Shares 21,439,727 32,652,704 1.21
Sinopharm Group Co Ltd - H Shares 12,266,000 34,018,601 1.26
Weifu High-Technology Group Co Ltd - B Shares 1 3
620,372,180 23.08
HONG KONG
AIA Group Ltd 5,888,600 28,774,513 1.07
China Mobile Ltd 4,830,000 45,927,608 1.71
China Unicom Hong Kong Ltd 55,816,000 74,433,663 2.77
CITIC Telecom International Holdings Ltd 71,479,125 25,971,598 0.97
Dah Chong Hong Holdings Ltd 64,961,000 40,468,724 1.50
Hong Kong Exchanges and Clearing Ltd 1,942,300 30,130,971 1.12
Hutchison Whampoa Ltd 6,177,000 83,288,908 3.10
MTR Corp Ltd 11,945,000 43,363,109 1.61
Sun Art Retail Group Ltd 68,068,000 77,309,994 2.87
449,669,088 16.72
LUXEMBOURG
LOccitane International SA 18,710,250 41,030,752 1.53
Invesco Greater China Equity Fund
50 Invesco Funds
USD %
TAIWAN
Asustek Computer Inc 9,715,000 93,549,135 3.48
Compal Electronics Inc 33,145,000 22,398,969 0.83
Far EasTone Telecommunications Co Ltd 16,952,000 34,325,875 1.28
Faraday Technology Corp 13,677,000 19,783,306 0.74
Formosa Petrochemical Corp 13,775,000 35,326,347 1.31
Formosa Plastics Corp 14,136,720 35,974,034 1.34
HTC Corp 11,043,000 49,660,340 1.85
Largan Precision Co Ltd 883,000 39,271,327 1.46
MediaTek Inc 7,951,000 116,845,445 4.34
Novatek Microelectronics Corp 8,533,000 39,217,784 1.46
President Chain Store Corp 6,136,264 38,025,076 1.41
Realtek Semiconductor Corp 11,519,000 34,179,096 1.27
Taiwan Semiconductor Manufacturing Co Ltd 11,980,872 42,608,065 1.58
Uni-President Enterprises Corp 30,067,760 50,165,869 1.87
Wistron NeWeb Corp 5,918,659 15,325,067 0.57
Yuanta Financial Holding Co Ltd 73,216,000 38,483,232 1.43
YungShin Global Holding Corp 12,557,000 23,478,585 0.87
728,617,552 27.09
UNITED STATES
Sohu.com Inc 656,900 51,789,996 1.93
TOTAL EQUITIES 2,694,670,896 100.21
Invesco Greater China Equity Fund
51 Invesco Funds
USD %
EQUITIES
AUSTRALIA
Adelaide Brighton Ltd 2,445,000 9,212,139 1.05
APA Group 2,788,615 16,615,974 1.89
BHP Billiton Ltd 794,200 27,308,250 3.10
Boral Ltd 2,720,000 13,587,182 1.54
Rio Tinto Ltd 153,412 9,201,543 1.05
Sydney Airport 5,932,727 21,529,056 2.44
Telstra Corp Ltd 10,530,000 47,694,154 5.41
Woodside Petroleum Ltd 679,910 23,107,336 2.62
168,255,634 19.10
BERMUDA
Beijing Enterprises Water Group Ltd 30,736,000 21,899,934 2.49
Cheung Kong Infrastructure Holdings Ltd 2,200,000 14,378,549 1.64
Kerry Logistics Network Ltd 6,905,500 11,308,657 1.28
47,587,140 5.41
CAYMAN ISLANDS
21Vianet Group Inc ADR 500,000 12,932,500 1.47
ENN Energy Holdings Ltd 1,100,000 7,745,566 0.88
20,678,066 2.35
CHINA
Beijing Capital International Airport Co Ltd - H Shares 8,246,000 6,295,091 0.72
China CNR Corp Ltd - A Shares 13,000,000 9,213,185 1.05
China Oilfield Services Ltd - H Shares 2,400,000 6,509,291 0.74
China Petroleum & Chemical Corp - A Shares 11,199,982 9,778,345 1.11
China Southern Airlines Co Ltd - H Shares 21,100,000 7,353,940 0.84
China State Construction Engineering Corp Ltd - A Shares 22,200,000 10,205,863 1.16
China Suntien Green Energy Corp Ltd - H Shares 30,000,000 12,697,755 1.45
Dalian Port PDA Co Ltd - H Shares 8,000,000 1,803,841 0.20
Daqin Railway Co Ltd - A Shares 9,449,956 10,449,549 1.18
Huaneng Renewables Corp Ltd - H Shares 36,736,000 16,022,153 1.82
Jiangsu Expressway Co Ltd - H Shares 21,482,000 27,208,122 3.09
SDIC Power Holdings Co Ltd - A Shares 15,359,897 10,110,791 1.15
Shanghai International Airport Co Ltd - A Shares 5,799,942 12,104,846 1.37
Top Resource Conservation Engineering Co Ltd - A Shares 2,559,970 5,571,947 0.63
Zhejiang Expressway Co Ltd - H Shares 13,854,000 12,120,354 1.38
157,445,073 17.89
HONG KONG
Cathay Pacific Airways Ltd 3,001,000 6,109,328 0.69
China Merchants Holdings International Co Ltd 3,980,000 14,114,995 1.60
China Mobile Ltd 1,410,500 13,412,193 1.52
China Resources Power Holdings Co Ltd 3,700,000 8,948,213 1.02
Guangdong Investment Ltd 25,012,000 26,119,916 2.97
Hutchison Whampoa Ltd 4,637,000 62,523,986 7.11
MTR Corp Ltd 3,672,469 13,331,911 1.51
152,561,867 17.33
INDIA
Larsen & Toubro Ltd 555,000 9,923,824 1.13
Sobha Developers Ltd 686,000 3,267,852 0.37
13,191,676 1.50
INDONESIA
Astra International Tbk PT 15,900,000 9,501,787 1.08
Indocement Tunggal Prakarsa Tbk PT 11,176,800 21,108,736 2.40
Matahari Department Store Tbk PT 6,341,500 7,627,116 0.87
Modern Internasional Tbk PT 29,890,500 1,795,902 0.20
Perusahaan Gas Negara Persero Tbk PT 12,600,000 5,321,001 0.60
Semen Indonesia Persero Tbk PT 8,779,500 11,126,573 1.26
Telekomunikasi Indonesia Persero Tbk PT 91,147,500 18,215,366 2.07
United Tractors Tbk PT 9,040,655 14,767,285 1.68
89,463,766 10.16
Invesco Asia Infrastructure Fund
52 Invesco Funds
Invesco Asia Infrastructure Fund
USD %
MALAYSIA
Gamuda Bhd 9,020,000 12,415,707 1.41
Lafarge Malaysia Bhd 5,676,200 15,115,117 1.72
27,530,824 3.130
PAKISTAN
Oil & Gas Development Co Ltd 7,500,000 18,843,843 2.14
PHILIPPINES
Ayala Corp 1,054,170 13,574,194 1.54
SINGAPORE
Keppel Corp Ltd 1,016,800 8,409,159 0.96
Singapore Telecommunications Ltd 10,080,000 28,610,301 3.25
37,019,460 4.21
SOUTH KOREA
Hyundai Motor Co 30,500 6,985,714 0.79
SK Telecom Co Ltd 33,000 6,685,012 0.76
29,082,154 3.30
TAIWAN
Asia Cement Corp 3,788,732 4,786,248 0.54
CTCI Corp 3,100,000 4,269,177 0.48
Delta Electronics Inc 1,300,000 7,219,124 0.82
Hiwin Technologies Corp 1,105,000 11,041,614 1.26
Taiwan Semiconductor Manufacturing Co Ltd 4,002,073 14,232,736 1.62
Teco Electric and Machinery Co Ltd 5,800,000 6,652,255 0.76
48,201,154 5.48
THAILAND
Advanced Info Service PCL 2,600,000 16,855,174 1.91
PTT Global Chemical PCL 4,600,000 10,557,089 1.20
Siam Cement PCL 390,000 5,152,185 0.59
Sino-Thai Engineering & Construction PCL 14,528,571 7,191,922 0.82
39,756,370 4.52
53 Invesco Funds
Invesco India Equity Fund
USD %
EQUITIES
BASIC MATERIALS
JSW Steel Ltd 110,000 1,549,992 1.40
COMMUNICATIONS
Idea Cellular Ltd 200,000 419,329 0.38
Zee Entertainment Enterprises Ltd 625,000 2,744,332 2.47
3,163,661 2.85
CONSUMER, CYCLICAL
Bajaj Auto Ltd 48,000 1,505,092 1.36
Bata India Ltd 130,000 2,229,118 2.01
Mahindra & Mahindra Ltd 140,000 2,196,111 1.98
Maruti Suzuki India Ltd 120,000 3,079,380 2.78
Sobha Developers Ltd 416,178 1,982,519 1.79
Tata Motors Ltd 600,000 4,032,912 3.62
15,025,132 13.54
Cadila Healthcare Ltd 120,000 2,020,329 1.82
Dr Reddy's Laboratories Ltd 87,000 4,078,563 3.68
Godrej Consumer Products Ltd 210,000 2,696,998 2.43
Ipca Laboratories Ltd 150,612 2,159,731 1.95
ITC Ltd 980,000 5,154,170 4.64
Lupin Ltd 300,000 4,830,831 4.35
20,940,622 18.87
ENERGY
Reliance Industries Ltd 180,000 2,317,013 2.09
FINANCIAL
Axis Bank Ltd 205,000 4,196,909 3.78
HDFC Bank Ltd 720,000 7,783,444 7.02
Housing Development Finance Corp 360,000 4,735,817 4.27
ICICI Bank Ltd 140,000 2,354,848 2.12
IndusInd Bank Ltd 300,000 1,923,886 1.73
ING Vysya Bank Ltd 250,000 2,194,256 1.98
Jammu & Kashmir Bank Ltd 200,000 4,308,647 3.88
Kotak Mahindra Bank Ltd 140,000 1,544,111 1.39
29,041,918 26.17
INDUSTRIAL
Grasim Industries Ltd 35,000 1,452,121 1.31
Larsen & Toubro Ltd 180,000 3,218,538 2.90
Pidilite Industries Ltd 380,000 1,754,388 1.58
6,425,047 5.79
PERSONAL & HOUSEHOLD GOODS
Emami Ltd 148,920 1,110,172 1.00
54 Invesco Funds
USD %
TECHNOLOGY
HCL Technologies Ltd 244,000 6,211,015 5.60
Infosys Ltd 170,000 10,510,006 9.47
Tata Consultancy Services Ltd 210,000 7,697,711 6.94
Tech Mahindra Ltd 100,000 3,024,362 2.73
Wipro Ltd 240,000 2,312,100 2.08
29,755,194 26.82
BONDS
CHEMICALS
Coromandel International Ltd 9% INR 23/07/2016 4,500,000 71,784 0.06
TOTAL BONDS 71,784 0.06
Invesco India Equity Fund
55 Invesco Funds
Invesco Asia Consumer Demand Fund
USD %
EQUITIES
BERMUDA
Brilliance China Automotive Holdings Ltd 11,000,000 16,752,534 2.04
Haier Electronics Group Co Ltd 4,470,000 13,203,443 1.61
Jardine Matheson Holdings Ltd 216,000 12,556,080 1.53
Shangri-La Asia Ltd 5,912,000 9,864,488 1.20
52,376,545 6.38
CAYMAN ISLANDS
Baidu Inc ADR 78,000 13,962,000 1.70
Belle International Holdings Ltd 10,300,000 12,700,461 1.55
China Mengniu Dairy Co Ltd 4,040,000 20,678,337 2.52
Chow Tai Fook Jewellery Group Ltd 9,678,000 16,933,851 2.06
Ctrip.com International Ltd ADR 150,000 8,357,250 1.02
Hengan International Group Co Ltd 1,174,000 12,744,076 1.55
Lifestyle International Holdings Ltd 8,340,000 16,451,730 2.00
Minth Group Ltd 6,520,000 13,029,559 1.59
SA SA International Holdings Ltd 4,400,000 4,096,009 0.50
Tencent Holdings Ltd 203,000 16,288,463 1.98
135,241,736 16.47
CHINA
China Life Insurance Co Ltd - H Shares 5,220,000 15,284,271 1.86
Luzhou Laojiao Co Ltd - A Shares 2,395,917 6,552,222 0.80
Ping An Insurance Group Co of China Ltd - H Shares 2,090,000 16,985,326 2.07
Tong Ren Tang Technologies Co Ltd - H Shares 3,500,000 12,198,478 1.48
67,165,580 8.18
HONG KONG
AIA Group Ltd 3,400,000 16,614,024 2.02
Cathay Pacific Airways Ltd 4,500,000 9,160,938 1.11
China Mobile Ltd 2,200,000 20,919,407 2.55
Emperor Watch & Jewellery Ltd 66,000,000 5,144,814 0.63
Galaxy Entertainment Group Ltd 2,394,000 23,990,235 2.92
Wharf Holdings Ltd 1,853,000 12,934,352 1.57
88,763,770 10.80
INDIA
Bajaj Auto Ltd 397,000 12,448,362 1.52
ICICI Bank Ltd 795,980 13,388,656 1.63
ITC Ltd 1,540,000 8,099,409 0.99
Lupin Ltd 800,000 12,882,217 1.57
Maruti Suzuki India Ltd 522,842 13,416,909 1.63
Sobha Developers Ltd 1,650,000 7,859,993 0.96
68,095,546 8.30
INDONESIA
Astra International Tbk PT 35,679,000 21,321,651 2.60
Indofood CBP Sukses Makmur Tbk PT 10,200,000 9,763,760 1.19
Matahari Department Store Tbk PT 10,500,000 12,628,671 1.54
Modern Internasional Tbk PT 64,999,150 3,905,324 0.47
Surya Citra Media Tbk PT 58,523,476 13,976,770 1.70
61,596,176 7.50
MALAYSIA
Astro Malaysia Holdings Bhd 8,860,000 8,517,902 1.04
Genting Bhd 3,900,000 12,081,449 1.47
20,599,351 2.51
56 Invesco Funds
USD %
PHILIPPINES
Alliance Global Group Inc 19,700,000 13,196,593 1.61
Ayala Land Inc 22,900,000 15,519,770 1.89
28,716,363 3.50
SINGAPORE
CapitaLand Ltd 6,528,000 14,663,087 1.78
CapitaMalls Asia Ltd 11,700,000 16,511,819 2.01
Raffles Medical Group Ltd 4,237,913 10,790,579 1.31
Singapore Telecommunications Ltd 4,310,000 12,233,174 1.49
54,198,659 6.59
SOUTH KOREA
Amorepacific Corp 12,600 13,851,147 1.69
Hyundai Mobis 110,000 32,278,688 3.93
Hyundai Motor Co 182,000 41,685,245 5.07
NongShim Co Ltd 35,000 9,786,885 1.19
Samsung Life Insurance Co Ltd 124,000 11,761,124 1.43
138,417,421 16.85
TAIWAN
HTC Corp 1,800,000 8,094,595 0.98
President Chain Store Corp 2,670,000 16,545,402 2.01
Uni-President Enterprises Corp 9,938,807 16,582,176 2.02
Yuanta Financial Holding Co Ltd 23,627,000 12,418,643 1.51
53,640,816 6.52
THAILAND
Bangkok Dusit Medical Services PCL 3,793,900 14,826,737 1.80
Kasikornbank PCL 2,016,900 10,679,525 1.30
Kasikornbank PCL NVDR 910,100 4,749,258 0.58
30,255,520 3.68
UNITED KINGDOM
Genting Singapore Plc 11,200,000 11,915,432 1.45
Invesco Asia Consumer Demand Fund
57 Invesco Funds
USD %
EQUITIES
BERMUDA
Man Wah Holdings Ltd 310,000 539,220 1.30
Pou Sheng International Holdings Ltd 3,160,000 144,539 0.35
Yue Yuen Industrial Holdings Ltd 153,000 469,672 1.14
1,153,431 2.79
CAYMAN ISLANDS
AAC Technologies Holdings Inc 290,500 1,320,333 3.20
Asia Cement China Holdings Corp 2,714,000 1,888,313 4.57
Baidu Inc ADR 6,785 1,214,515 2.94
Chow Tai Fook Jewellery Group Ltd 580,600 1,015,891 2.46
Ctrip.com International Ltd ADR 16,633 926,708 2.25
FIH Mobile Ltd 2,648,000 1,431,266 3.47
Microport Scientific Corp 1,117,000 797,321 1.93
Minth Group Ltd 1,292,000 2,581,931 6.26
SINA Corp 4,981 339,156 0.82
Stella International Holdings Ltd 220,500 539,800 1.31
Towngas China Co Ltd 584,000 746,440 1.81
Uni-President China Holdings Ltd 1,679,000 1,677,655 4.07
Vinda International Holdings Ltd 972,000 1,547,943 3.75
WuXi PharmaTech Cayman Inc ADR 15,000 586,275 1.42
16,613,547 40.26
CHINA
Anhui Conch Cement Co Ltd - H Shares 308,000 1,124,064 2.72
Bank of China Ltd - H Shares 3,581,000 1,506,461 3.65
China Construction Bank Corp - H Shares 3,807,000 2,621,809 6.35
China Life Insurance Co Ltd - H Shares 623,000 1,824,157 4.42
Jiangling Motors Corp Ltd - B Shares 178,379 614,116 1.49
Shanghai Jinjiang International Hotels Development Co Ltd - H Shares 1,164,443 1,773,447 4.29
Sinopharm Group Co Ltd - H Shares 366,400 1,016,176 2.46
16,748,182 40.58
HONG KONG
Sun Art Retail Group Ltd 1,203,000 1,366,338 3.31
3,588,040 8.69
LUXEMBOURG
LOccitane International SA 232,500 509,862 1.24
TAIWAN
MediaTek Inc 109,000 1,601,830 3.88
Invesco China Focus Equity Fund
58 Invesco Funds
USD %
EQUITIES
BERMUDA
Jardine Matheson Holdings Ltd 1,600 93,008 2.04
Pacific Basin Shipping Ltd 70,000 43,563 0.95
136,571 2.99
CAYMAN ISLANDS
Baidu Inc ADR 799 143,021 3.13
China Meidong Auto Holdings Ltd 395,702 67,554 1.48
EVA Precision Industrial Holdings Ltd 676,000 86,664 1.90
Greatview Aseptic Packaging Co Ltd 164,000 89,489 1.96
HKR International Ltd 253,600 113,873 2.49
NetEase Inc ADR 1,937 133,111 2.91
Samson Holding Ltd 351,000 48,843 1.07
682,555 14.94
CHINA
China Shenhua Energy Co Ltd - H Shares 23,000 62,603 1.37
Industrial & Commercial Bank of China Ltd - H Shares 229,000 137,644 3.01
PetroChina Co Ltd ADR 1,067 112,584 2.47
Qingling Motors Co Ltd - H Shares 382,000 112,466 2.46
Shenzhen Expressway Co Ltd - H Shares 50,000 22,065 0.48
447,362 9.79
HONG KONG
AIA Group Ltd 22,600 110,434 2.42
Cathay Pacific Airways Ltd 43,000 87,538 1.92
CNOOC Ltd 39,000 64,018 1.40
Hutchison Whampoa Ltd 17,000 229,224 5.01
491,214 10.75
INDIA
HDFC Bank Ltd ADR 1,619 54,407 1.19
ICICI Bank Ltd ADR 2,815 99,271 2.17
Infosys Ltd ADR 1,658 102,216 2.24
Tata Motors Ltd ADR 2,883 101,092 2.21
356,986 7.81
INDONESIA
Bank Negara Indonesia Persero Tbk PT 303,000 118,365 2.59
Telekomunikasi Indonesia Persero Tbk PT 344,800 68,907 1.51
187,272 4.10
LUXEMBOURG
Samsonite International SA 30,900 84,504 1.85

PHILIPPINES
Filinvest Land Inc 3,448,000 112,011 2.45
LT Group Inc 73,100 29,037 0.64
141,048 3.09
SINGAPORE
Cambridge Industrial Trust 174,139 97,958 2.15
Goodpack Ltd 61,000 88,857 1.94
United Overseas Bank Ltd 4,000 65,183 1.43
251,998 5.52
SOUTH KOREA
Hyundai Mobis 527 154,644 3.39
Korea Electric Power Corp 4,600 159,546 3.49
Korean Reinsurance Co 6,987 73,143 1.60
LG Fashion Corp 3,040 79,097 1.73
POSCO 334 88,936 1.95
Samsung Electronics Co Ltd 220 277,910 6.07
Shinhan Financial Group Co Ltd 3,010 125,264 2.74
958,540 20.97
Invesco Asian Focus Equity Fund
USD %
TAIWAN
Hon Hai Precision Industry Co Ltd 35,310 97,837 2.14
Taiwan Semiconductor Manufacturing Co Ltd 49,000 174,261 3.82
272,098 5.96
THAILAND
Kasikornbank PCL 14,400 76,248 1.67
UNITED KINGDOM
HSBC Holdings Plc 11,200 118,693 2.60
Standard Chartered Plc 3,150 66,704 1.46
185,397 4.06
OPEN-ENDED FUNDS
LUXEMBOURG
DB X-Trackers MSCI India TRN Index ETF 16,530 137,695 3.01
TOTAL OPEN-ENDED FUNDS 137,695 3.01
Invesco Asian Focus Equity Fund
59 Invesco Funds
60 Invesco Funds
USD %
EQUITIES
BERMUDA
Norwegian Cruise Line Holdings Ltd 61,219 2,040,123 0.56

CAYMAN ISLANDS
Baidu Inc ADR 16,205 2,900,695 0.79
FRANCE
Criteo SA ADR 44,918 2,292,839 0.63
ITALY
Prada SpA 347,858 2,607,406 0.71
JAPAN
Nintendo Co Ltd 29,900 3,685,969 1.00
LIBERIA
Royal Caribbean Cruises Ltd 99,772 5,319,344 1.45
MEXICO
Cemex SAB de CV ADR 525,064 6,928,220 1.89
NETHERLANDS
Yandex NV 44,280 1,668,028 0.45
UNITED KINGDOM
Michael Kors Holdings Ltd 55,004 5,475,923 1.49
Monitise Plc 5,763,838 7,610,107 2.07
13,086,030 3.56
UNITED STATES
Amazon.com Inc 30,898 11,123,280 3.03
Apple Inc 24,200 12,771,429 3.48
Bebe Stores Inc 396,880 2,371,358 0.65
Brunswick Corp 163,974 7,337,017 2.00
CBS Corp 153,796 10,211,285 2.78
Chipotle Mexican Grill Inc 5,936 3,330,482 0.91
Comcast Corp 190,184 9,714,599 2.65
DIRECTV 132,694 10,101,331 2.75
Discovery Communications Inc 22,716 1,865,324 0.51
DISH Network Corp 342,563 19,610,019 5.34
Dollar General Corp 100,815 6,026,217 1.64
Domino's Pizza Inc 72,959 5,690,437 1.55
DR Horton Inc 132,301 3,289,664 0.90
Electronic Arts Inc 148,118 4,228,028 1.15
Facebook Inc 288,645 19,897,743 5.42
Ford Motor Co 390,494 6,011,655 1.64
Gap Inc 71,506 3,125,527 0.85
General Motors Co 347,826 12,791,301 3.49
Google Inc 4,437 5,410,855 1.47
Group 1 Automotive Inc 41,862 2,822,127 0.77
Harley-Davidson Inc 83,248 5,445,668 1.48
Harman International Industries Inc 27,595 2,914,170 0.79
Home Depot Inc 87,131 7,143,435 1.95
Interpublic Group of Cos Inc 707,296 12,367,071 3.37
Jarden Corp 51,321 3,163,683 0.86
Las Vegas Sands Corp 58,793 5,005,930 1.36
La-Z-Boy Inc 230,835 5,915,147 1.61
Lowe's Cos Inc 161,029 8,184,299 2.23
Macy's Inc 84,726 4,901,823 1.34
Mattress Firm Holding Corp 106,935 4,652,207 1.27
Millennial Media Inc 107,048 669,585 0.18
National CineMedia Inc 141,108 2,203,401 0.60
Nordstrom Inc 57,527 3,530,144 0.96
Papa John's International Inc 115,865 5,858,714 1.60
Penn National Gaming Inc 111,263 1,474,791 0.40
Pool Corp 88,850 5,173,736 1.41
priceline.com Inc 4,884 6,633,546 1.81
Invesco Global Leisure Fund
61 Invesco Funds
USD %
PulteGroup Inc 313,282 6,668,207 1.82
PVH Corp 54,220 6,843,648 1.86
Rocket Fuel Inc 31,045 1,797,661 0.49
Scripps Networks Interactive Inc 45,721 3,702,029 1.01
Sinclair Broadcast Group Inc 90,068 2,550,275 0.70
Southwest Airlines Co 96,402 2,163,743 0.59
Starbucks Corp 13,866 1,001,056 0.27
Taylor Morrison Home Corp 53,382 1,393,804 0.38
Thor Industries Inc 80,174 4,456,472 1.21
Time Warner Cable Inc 65,945 9,141,955 2.49
Time Warner Inc 40,338 2,653,232 0.72
TJX Cos Inc 48,770 2,961,802 0.81
Trex Co Inc 66,120 5,220,174 1.42
TripAdvisor Inc 45,693 4,555,364 1.24
Twenty-First Century Fox Inc 181,822 6,008,308 1.64
Twitter Inc 12,345 688,357 0.19
Under Armour Inc 17,235 2,005,206 0.55
VF Corp 41,188 2,429,886 0.66
Viacom Inc 'A' 15,031 1,306,720 0.36
Viacom Inc 'B' 71,268 6,192,477 1.69
Vitamin Shoppe Inc 47,728 2,212,909 0.60
Walt Disney Co 130,785 10,528,193 2.87
Whirlpool Corp 44,795 6,495,947 1.77
Wyndham Worldwide Corp 10,568 771,094 0.21
Yum! Brands Inc 15,402 1,136,668 0.31
337,852,215 92.06
TOTAL EQUITIES 378,380,869 103.10
Invesco Global Leisure Fund
62 Invesco Funds
USD %
EQUITIES
CANADA
Canadian Natural Resources Ltd 138,483 5,024,445 2.93
Cenovus Energy Inc 115,978 3,009,975 1.75
Ultra Petroleum Corp 163,123 4,012,010 2.34
16,856,978 9.82
PORTUGAL
Galp Energia SGPS SA 84,401 1,406,378 0.82
SWITZERLAND
Weatherford International Ltd 410,457 6,686,344 3.89
UNITED KINGDOM
BG Group Plc 199,338 3,646,405 2.12
BP Plc ADR 107,036 5,395,150 3.14
Ensco Plc 90,705 4,771,083 2.78
Royal Dutch Shell Plc ADR 69,444 5,064,204 2.95
18,876,842 10.99
UNITED STATES
Anadarko Petroleum Corp 93,219 7,741,838 4.51
Apache Corp 88,131 7,013,906 4.09
Cabot Oil & Gas Corp 45,950 1,626,400 0.95
Cameron International Corp 67,753 4,312,478 2.51
Chevron Corp 73,445 8,496,118 4.95
Cobalt International Energy Inc 64,803 1,261,390 0.73
Concho Resources Inc 42,706 5,120,663 2.98
Devon Energy Corp 86,503 5,564,305 3.24
Dow Chemical Co 53,318 2,586,723 1.51
EOG Resources Inc 31,340 5,874,683 3.42
EQT Corp 16,572 1,676,755 0.98
Exxon Mobil Corp 71,577 6,864,592 4.00
Halliburton Co 93,565 5,210,167 3.04
Helmerich & Payne Inc 38,418 3,723,280 2.17
Marathon Oil Corp 132,730 4,423,227 2.58
Marathon Petroleum Corp 41,666 3,506,611 2.04
Midstates Petroleum Co Inc 175,170 761,114 0.44
National Oilwell Varco Inc 32,879 2,455,897 1.43
Noble Energy Inc 51,737 3,515,788 2.05
Occidental Petroleum Corp 94,006 8,978,513 5.23
Oceaneering International Inc 10,946 773,499 0.45
Phillips 66 58,214 4,352,370 2.54
Range Resources Corp 22,764 1,975,574 1.15
Schlumberger Ltd 70,285 6,507,337 3.79
Southwestern Energy Co 89,172 3,847,772 2.24
Superior Energy Services Inc 66,669 1,933,068 1.13
Tidewater Inc 58,152 2,824,733 1.65
Whiting Petroleum Corp 82,077 5,615,298 3.27
118,544,099 69.07
Invesco Energy Fund
63 Invesco Funds
USD %
EQUITIES
AUSTRALIA
BWP Trust 16,520 35,081 0.24
CFS Retail Property Trust Group 57,477 101,456 0.69
Charter Hall Group 26,374 94,881 0.65
Charter Hall Retail REIT 20,277 65,498 0.45
Dexus Property Group 128,732 123,420 0.84
Federation Centres Ltd 52,469 111,891 0.76
Goodman Group 25,628 109,878 0.75
GPT Group 19,023 63,066 0.43
Investa Office Fund 11,082 31,626 0.22
Mirvac Group 33,403 52,751 0.36
Stockland 49,842 171,938 1.17
Westfield Group 4,672 42,971 0.29
Westfield Retail Trust 32,100 89,450 0.61
1,093,907 7.46
CANADA
Allied Properties Real Estate Investment Trust 4,300 128,046 0.87
Artis Real Estate Investment Trust 5,900 82,661 0.57
Boardwalk Real Estate Investment Trust 1,300 69,184 0.47
Calloway Real Estate Investment Trust 3,100 71,592 0.49
Canadian Apartment Properties REIT 4,500 88,228 0.60
Canadian Real Estate Investment Trust 2,900 113,639 0.78
Cominar Real Estate Investment Trust 6,300 103,046 0.70
H&R Real Estate Investment Trust 3,700 72,394 0.49
Morguard Real Estate Investment Trust 1,700 25,254 0.17
754,044 5.14
CAYMAN ISLANDS
Shimao Property Holdings Ltd 18,500 37,066 0.25
SOHO China Ltd 138,500 105,108 0.72
142,174 0.97
FINLAND
Sponda OYJ 6,354 34,138 0.23
FRANCE
Klepierre 1,067 48,467 0.33
Mercialys SA 5,232 117,961 0.81
Unibail-Rodamco SE 890 233,040 1.59
399,468 2.73
GERMANY
Alstria Office REIT-AG 7,026 96,587 0.66
Deutsche Euroshop AG 2,357 105,071 0.72
201,658 1.38
HONG KONG
Link REIT 28,500 132,379 0.90
New World Development Co Ltd 34,000 43,939 0.30
Sino Land Co Ltd 46,400 65,883 0.45
Sun Hung Kai Properties Ltd 4,000 51,178 0.35
Wharf Holdings Ltd 10,000 69,802 0.48
363,181 2.48
JAPAN
Activia Properties Inc 13 109,965 0.75
Advance Residence Investment Corp 52 110,960 0.76
Frontier Real Estate Investment Corp 26 140,199 0.96
Hulic Co Ltd 3,800 43,648 0.30
Invesco Global Income Real Estate Securities Fund
64 Invesco Funds
USD %
JAPAN (continued)
Industrial & Infrastructure Fund Investment Corp 7 59,727 0.41
Japan Logistics Fund Inc 1 2,228 0.01
Japan Prime Realty Investment Corp 51 175,664 1.20
Japan Retail Fund Investment Corp 49 96,432 0.66
Kenedix Office Investment Corp 27 133,801 0.91
Mitsui Fudosan Co Ltd 4,000 118,856 0.81
Nippon Prologis REIT Inc 40 85,217 0.58
Sumitomo Realty & Development Co Ltd 3,000 120,583 0.82
United Urban Investment Corp 37 56,296 0.38
1,253,576 8.55
NETHERLANDS
Eurocommercial Properties NV 1,533 69,417 0.47
NORWAY
Norwegian Property ASA 22,343 27,351 0.19
SINGAPORE
Ascendas Real Estate Investment Trust 64,000 108,891 0.74
CapitaCommercial Trust 45,000 51,871 0.35
CapitaLand Ltd 26,000 58,401 0.40
CDL Hospitality Trusts 5,000 6,405 0.04
Fortune REIT 117,000 90,450 0.62
Frasers Centrepoint Trust 42,000 57,864 0.40
Mapletree Commercial Trust 55,000 52,434 0.36
Mapletree Industrial Trust 59,000 62,769 0.43
Starhill Global REIT 113,000 69,811 0.48
Suntec Real Estate Investment Trust 84,000 110,588 0.75
669,484 4.57
SOUTH AFRICA
Growthpoint Properties Ltd 34,082 73,525 0.50
Hyprop Investments Ltd 7,385 52,317 0.36
125,842 0.86
SWEDEN
Fabege AB 3,269 45,219 0.31
UNITED KINGDOM
Big Yellow Group Plc 12,703 119,762 0.82
Hammerson Plc 12,433 119,291 0.81
Hansteen Holdings Plc 30,304 56,078 0.38
Land Securities Group Plc 17,797 321,173 2.19
Shaftesbury Plc 5,118 56,344 0.39
672,648 4.59
UNITED STATES
Acadia Realty Trust 3,300 86,641 0.59
Alexandria Real Estate Equities Inc (Preferred) 2,100 57,330 0.39
AvalonBay Communities Inc 1,774 225,812 1.54
BioMed Realty Trust Inc 5,000 102,925 0.70
Boston Properties Inc 600 66,540 0.45
Brixmor Property Group Inc 2,000 44,130 0.30
CBL & Associates Properties Inc 4,000 70,780 0.48
CBL & Associates Properties Inc (Preferred) 1,600 37,576 0.26
CoreSite Realty Corp (Preferred) 6,000 145,260 0.99
Corrections Corp of America 898 29,845 0.20
DCT Industrial Trust Inc 9,500 74,243 0.51
DDR Corp Series J (Preferred) 6,500 149,695 1.02
DDR Corp Series K (Preferred) 6,500 144,040 0.98
Duke Realty Corp Series J (Preferred) 1,181 28,433 0.19
Duke Realty Corp Series L (Preferred) 1,600 38,584 0.26
EastGroup Properties Inc 1,600 98,592 0.67
65 Invesco Funds
USD %
UNITED STATES ( continued)
EPR Properties Series E (Preferred) 3,900 117,078 0.80
EPR Properties Series F (Preferred) 2,000 44,780 0.31
Essex Property Trust Inc (Preferred) 4,336 112,237 0.77
Essex Property Trust Inc 500 82,535 0.56
Extra Space Storage Inc 1,500 72,023 0.49
General Growth Properties Inc (Preferred) 1,500 34,770 0.24
Geo Group Inc 900 29,003 0.20
Government Properties Income Trust 4,800 118,392 0.81
Health Care REIT Inc Series I (Preferred) 2,700 150,039 1.02
Health Care REIT Inc Series J (Preferred) 2,522 61,373 0.42
Healthcare Realty Trust Inc 5,700 136,230 0.93
Healthcare Trust of America Inc 6,900 75,797 0.52
Hersha Hospitality Trust 13,500 75,127 0.51
Hersha Hospitality Trust Series B (Preferred) 3,500 89,530 0.61
Highwoods Properties Inc 1,700 63,741 0.44
Hudson Pacific Properties Inc (Preferred) 4,406 115,085 0.79
Kilroy Realty Corp (Preferred) 6,076 146,189 1.00
LaSalle Hotel Properties 4,600 142,968 0.98
LaSalle Hotel Properties Series G (Preferred) 2,465 60,812 0.41
LaSalle Hotel Properties Series H (Preferred) 700 17,791 0.12
LaSalle Hotel Properties Series I (Preferred) 1,300 28,977 0.20
Liberty Property Trust 3,700 136,881 0.94
LTC Properties Inc 2,000 75,400 0.52
Mid-America Apartment Communities Inc 2,600 175,227 1.20
National Health Investors Inc 1,100 67,815 0.46
National Retail Properties Inc 5,400 190,647 1.30
National Retail Properties Inc Series D (Preferred) 8,500 202,852 1.38
National Retail Properties Inc Series E (Preferred) 1,500 30,982 0.21
Pebblebrook Hotel Trust Series A (Preferred) 4,000 102,380 0.70
Pebblebrook Hotel Trust Series B (Preferred) 2,000 50,990 0.35
Pebblebrook Hotel Trust Series C (Preferred) 4,109 91,185 0.62
Piedmont Office Realty Trust Inc 4,500 76,770 0.52
PS Business Parks Inc (Preferred) 2,100 49,686 0.34
Public Storage 900 149,899 1.02
Realty Income Corp 1,800 79,947 0.55
Regency Centers Corp Series 6 (Preferred) 5,000 120,850 0.82
Regency Centers Corp Series 7 (Preferred) 2,000 43,530 0.30
Retail Opportunity Investments Corp 14,100 208,328 1.42
RLJ Lodging Trust 5,900 151,778 1.04
Saul Centers Inc (Preferred) 7,000 165,690 1.13
Senior Housing Properties Trust (Preferred) 3,119 64,782 0.44
Simon Property Group Inc 1,600 256,632 1.75
SL Green Realty Corp (Preferred) 9,000 210,690 1.44
Summit Hotel Properties Inc (Preferred) 1,279 32,205 0.22
Taubman Centers Inc Series J (Preferred) 3,017 70,175 0.48
Taubman Centers Inc Series K (Preferred) 6,409 143,401 0.98
Terreno Realty Corp (Preferred) 1,829 46,850 0.32
Ventas Inc 1,100 68,689 0.47
Ventas Realty LP / Ventas Capital Corp (Preferred) 3,000 66,990 0.46
Vornado Realty Trust Series I (Preferred) 3,836 94,749 0.65
Vornado Realty Trust Series L (Preferred) 3,000 62,625 0.43
Weyerhaeuser Co (Preferred) 3,000 162,960 1.11
6,626,488 45.23
66 Invesco Funds
USD %
BONDS
AUSTRALIA
General Property Trust 6.75% AUD 24/01/2019 20,000 19,451 0.13
BRAZIL
BR Properties SA 144A 9% USD Perpetual 150,000 151,500 1.03
UNITED KINGDOM
Hercules Eclipse 2006-4 Plc FRN GBP 25/10/2018 149,706 230,114 1.57
Triton European Loan Conduit No 26 Plc FRN GBP 25/10/2019 53,676 83,273 0.57
313,387 2.14
UNITED STATES
Bear Stearns Commercial Mortgage Securities Trust C 4.858% USD 11/06/2041 100,000 99,607 0.68
CD 2005-CD1 Commercial Mortgage Trust FRN USD 15/07/2044 150,000 149,386 1.02
Credit Suisse First Boston 5.1% USD 15/09/2015 25,000 25,681 0.18
Credit Suisse First Boston Mortgage Securities Corp 4.882% USD 15/07/2037 50,000 47,599 0.33
Credit Suisse First Boston Mortgage Securities Corp FRN USD 15/08/2038 50,000 50,946 0.35
Credit Suisse First Boston Var 5.745% USD 15/12/2036 50,000 49,918 0.34
DLJ Commercial Mortgage Corp 144A 7.172% USD 10/06/2031 1,322 1,322 0.01
JP Morgan Chase Commercial Mortgage Securities Trust 2006-LDP7 FRN USD 15/04/2045 50,000 51,412 0.35
JPMorgan Chase Co 4.368% USD 15/01/2042 50,000 48,026 0.33
Morgan Stanley 4.302% USD 15/10/2022 100,000 92,316 0.63
Morgan Stanley Capital I Inc 5.447% USD 01/09/2042 25,000 25,616 0.17
Morgan Stanley Capital I Trust 2006-HQ8 Class C FRN USD 12/03/2044 150,000 142,677 0.97
Morgan Stanley Capital I Trust 2006-HQ8 Class D FRN USD 12/03/2044 100,000 89,802 0.61
Morgan Stanley Capital I Trust 2007-HQ11 FRN USD 12/02/2044 150,000 159,846 1.09
Morgan Stanley Capital I Trust 2007-TOP27 FRN USD 11/06/2042 100,000 110,281 0.75
Retail Opportunity Investments Partnership LP 5% USD 15/12/2023 25,000 26,004 0.18
Senior Housing Properties Trust 4.3% USD 15/01/2016 100,000 104,053 0.71
Wachovia Bank Commerical Mortgage Trust 5.436% USD 15/05/2044 100,000 101,371 0.69
1,375,863 9.39
TOTAL BONDS 1,860,201 12.69
EQUITIES
AUSTRALIA
BGP Holdings** 187,667
TOTAL EQUITIES
BONDS
UNITED STATES
GS Mortgage Var 5% USD 10/03/2044 25,000 23,027 0.16
67 Invesco Funds
USD %
EQUITIES
AUSTRALIA
Boart Longyear Ltd 698,488 192,451 0.73
BERMUDA
Continental Gold Ltd 114,331 525,201 1.99
CANADA
Agnico-Eagle Mines Ltd 35,209 1,155,207 4.39
Alamos Gold Inc 60,530 575,701 2.19
B2Gold Corp 256,250 731,388 2.78
Barrick Gold Corp 36,177 748,683 2.84
Detour Gold Corp 96,548 843,626 3.20
Eldorado Gold Corp 158,609 1,064,383 4.04
Franco-Nevada Corp 25,866 1,313,767 4.98
Goldcorp Inc 44,425 1,202,363 4.57
Kinross Gold Corp 189,942 985,229 3.74
New Gold Inc 141,671 859,020 3.26
Osisko Mining Corp 119,953 760,222 2.89
Pan American Silver Corp 41,176 584,082 2.22
Platinum Group Metals Ltd 118,374 140,466 0.53
Pretium Resources Inc 27,570 174,730 0.66
Rubicon Minerals Corp 307,918 413,825 1.57
SEMAFO Inc 130,523 529,181 2.01
Silver Wheaton Corp 44,323 1,130,458 4.29
Tahoe Resources Inc 34,033 759,963 2.89
Torex Gold Resources Inc 974,299 1,033,510 3.92
Turquoise Hill Resources Ltd 310,231 1,142,035 4.34
Yamana Gold Inc 112,049 1,136,737 4.32
17,284,576 65.63
SOUTH AFRICA
Gold Fields Ltd ADR 38,823 145,780 0.55
UNITED KINGDOM
Fresnillo Plc 43,985 702,029 2.67
Lydian International Ltd 334,621 311,339 1.18
Randgold Resources Ltd ADR 12,417 993,174 3.77
2,006,542 7.62
UNITED STATES
Newmont Mining Corp 34,684 818,716 3.11
Stillwater Mining Co 34,752 474,365 1.80
1,293,081 4.91
CERTIFICATES
IRELAND
Source Physical Markets Gold P-ETC 15,425 2,022,295 7.68
TOTAL CERTIFICATES 2,022,295 7.68
Invesco Gold & Precious Metals Fund
68 Invesco Funds
USD %
BONDS
Svenska Handelsbanken 144A FRN USD 08/06/2017 3,000,000 3,000,000 2.51
TOTAL BONDS 3,000,000 2.51
TOTAL OTHER TRANSFERABLE SECURITIES 3,000,000 2.51
MONEY MARKET INSTRUMENTS ELIGIBLE UNDER ARTICLE 41.1H OF THE LAW OF 17 DECEMBER 2010
Bank Of Tokyo C/D USD 22/04/2014 4,000,000 3,998,587 3.34
BMW Finance NV C/P USD 13/03/2014 4,000,000 3,999,711 3.35
Cancara Asset C/P USD 07/03/2014 4,000,000 3,999,893 3.35
Fms Wertmanagement C/P USD 07/04/2014 4,000,000 3,999,451 3.35
HSBC France C/D USD 19/05/2014 4,000,000 3,998,666 3.34
Macquarie Bank C/P USD 07/04/2014 4,000,000 3,999,272 3.34
Matchpoint Finance C/P USD 27/05/2014 4,000,000 3,997,979 3.34
Mizuho Bank Ltd C/D USD 19/05/2014 4,000,000 3,998,428 3.34
Nationwide Building Society C/P USD 12/05/2014 4,000,000 3,998,246 3.34
Scaldis Cap Ltd C/P USD 20/03/2014 4,000,000 3,999,538 3.35
Standard Chartered Bank C/P USD 10/04/2014 4,000,000 3,999,135 3.34
Sumitomo Mitsui Banking C/D USD 19/03/2014 4,000,000 3,999,536 3.35
Toyota Kreditbank C/P USD 12/03/2014 4,000,000 3,999,720 3.35
TOTAL MONEY MARKET INSTRUMENTS ELIGIBLE UNDER ARTICLE 41.1H OF
THE LAW OF 17 DECEMBER 2010 51,988,162 43.48
OPEN-ENDED FUNDS
Invesco Short-Term Investments Co Global Series - US Dollar Liquidity Portfolio 10,050,000 10,050,000 8.40
Invesco USD Reserve Fund
69 Invesco Funds
EUR %
MONEY MARKET INSTRUMENTS ELIGIBLE UNDER ARTICLE 41.1H OF THE LAW OF 17 DECEMBER 2010
Bank Of Tokyo C/D EUR 14/07/2014 10,000,000 9,989,815 4.40
Dexia Credit Local SA C/D EUR 19/03/2014 10,000,000 9,998,498 4.40
Fms Wertmanagement C/P EUR 23/04/2014 10,000,000 9,997,600 4.40
GE Captial Europe C/P EUR 10/07/2014 10,000,000 9,990,219 4.40
LMA SA C/P EUR 10/03/2014 10,000,000 9,999,512 4.41
Macquarie Bank Ltd C/P EUR 31/03/2014 10,000,000 9,998,282 4.40
Mont Blanc Capital C/P EUR 10/04/2014 7,000,000 6,997,927 3.08
Mont Blanc Capital C/P EUR 14/04/2014 3,250,000 3,248,944 1.43
Narco C/P EUR 17/03/2014 10,000,000 9,999,010 4.41
Natixis C/D EUR 07/03/2014 10,000,000 9,999,509 4.41
Nordea Bank C/P EUR 08/04/2014 10,000,000 9,997,880 4.40
Procter & Gamble Co C/P EUR 19/05/2014 10,000,000 9,995,781 4.40
Rabobank Nederland C/D EUR 12/05/2014 10,000,000 9,996,757 4.40
Regency Assets C/P EUR 19/03/2014 10,000,000 9,998,531 4.41
Sheffield Receivables C/P EUR 25/03/2014 7,000,000 6,998,981 3.08
Standard Chartered Bank C/P EUR 28/03/2014 10,000,000 9,999,145 4.41
Sumitomo Mitsui Banking C/P EUR 22/04/2014 10,000,000 9,996,249 4.40
Toyota Kreditbank C/P EUR 21/08/2014 10,000,000 9,988,896 4.40
Unilever NV C/P EUR 18/06/2014 10,000,000 9,992,982 4.40
TOTAL MONEY MARKET INSTRUMENTS ELIGIBLE UNDER ARTICLE 41.1H OF
THE LAW OF 17 DECEMBER 2010 177,184,518 78.04
OPEN-ENDED FUNDS
Invesco Short-Term Investments Co Global Series - Euro Liquidity Portfolio 21,500,000 21,500,000 9.47
Invesco Euro Reserve Fund
70 Invesco Funds
USD %
BONDS
Abbey National Treasury Services Plc/London 3.625% EUR 08/09/2016 500,000 742,375 0.59
Abbey National Treasury Services Plc/London 5.75% GBP 02/03/2026 250,000 505,042 0.40
Apple Inc 1% USD 03/05/2018 1,700,000 1,663,200 1.32
Apple Inc 2.4% USD 03/05/2023 1,000,000 927,252 0.73
Autonomous Community of Madrid Spain 2.875% EUR 06/04/2019 1,500,000 2,091,759 1.66
Banco Santander SA 3.875% EUR 27/05/2014 1,000,000 1,390,992 1.10
Bank of America Corp 5.75% GBP 12/12/2014 300,000 518,649 0.41
Barclays Bank Plc 4.25% GBP 12/01/2022 500,000 901,402 0.71
Belgium Government Bond 144A 2.6% EUR 22/06/2024 3,000,000 4,241,346 3.36
BMW Finance NV 3.25% EUR 14/01/2019 500,000 752,204 0.60
BMW Finance NV 3.375% GBP 14/12/2018 500,000 878,509 0.70
BP Capital Markets Plc 3.994% USD 26/09/2023 830,000 857,785 0.68
Bundesobligation 0.5% EUR 13/10/2017 2,000,000 2,777,406 2.20
Bundesobligation 1% EUR 22/02/2019 5,000,000 7,011,517 5.55
Bundesrepublik Deutschland 2% EUR 15/08/2023 2,000,000 2,875,245 2.28
Bundesrepublik Deutschland 2.5% EUR 04/01/2021 1,000,000 1,515,681 1.20
Chrysler Group LLC / CG Co-Issuer Inc 8% USD 15/06/2019 300,000 332,250 0.26
Citigroup Inc 4.45% USD 10/01/2017 1,000,000 1,087,623 0.86
Commonwealth Bank of Australia 2.625% EUR 12/01/2017 500,000 729,132 0.58
Danske Bank A/S 3.875% EUR 28/02/2017 500,000 748,094 0.59
Deutsche Telekom International Finance BV 144A 2.25% USD 06/03/2017 2,000,000 2,056,584 1.63
European Financial Stability Facility 2.75% EUR 05/12/2016 1,000,000 1,467,634 1.16
European Investment Bank 1.125% USD 15/09/2017 3,000,000 3,006,826 2.38
European Investment Bank 1.875% USD 15/10/2019 3,000,000 2,986,489 2.37
FCE Bank Plc 4.825% GBP 15/02/2017 500,000 898,493 0.71
FMS Wertmanagement AoeR 3.375% EUR 17/06/2021 1,000,000 1,565,956 1.24
GE Capital UK Funding 4.375% GBP 31/07/2019 750,000 1,353,896 1.07
General Electric Capital Corp FRN USD 14/01/2019 4,000,000 3,997,170 3.17
Goldman Sachs Group Inc 3.3% USD 03/05/2015 750,000 772,360 0.61
Instituto de Credito Oficial 6% EUR 08/03/2021 250,000 411,591 0.33
Intesa Sanpaolo SpA 2.375% USD 13/01/2017 2,000,000 2,005,779 1.59
Italy Buoni Poliennali Del Tesoro 2.15% EUR 15/09/2014 2,000,000 3,401,404 2.69
JPMorgan Chase & Co 4.5% USD 24/01/2022 500,000 542,181 0.43
Lloyds Bank Plc 5.125% GBP 07/03/2025 500,000 955,195 0.76
Lloyds Bank Plc FRN AUD 19/12/2021 807,000 873,935 0.69
Macquarie Bank Ltd 144A 3.45% USD 27/07/2015 1,000,000 1,034,840 0.82
Mexican Bonos 4.75% MXN 14/06/2018 12,000,000 895,536 0.71
Mexican Bonos 7.75% MXN 13/11/2042 15,000,000 1,181,318 0.94
Morgan Stanley 3.75% EUR 21/09/2017 500,000 746,528 0.59
Morgan Stanley 5.5% USD 26/01/2020 750,000 855,431 0.68
Netherlands Government Bond 144A 3.25% EUR 15/07/2021 500,000 777,183 0.62
Northern Rock Asset Management Plc 5.625% USD 22/06/2017 1,000,000 1,130,614 0.89
Origin Energy Finance Ltd 144A 3.5% USD 09/10/2018 1,600,000 1,638,103 1.30
Pernod Ricard SA 5% EUR 15/03/2017 200,000 306,271 0.24
Poland Government International Bond 3.375% EUR 09/07/2024 2,000,000 2,928,377 2.32
Poland Government International Bond 5% USD 23/03/2022 1,000,000 1,102,313 0.87
Portugal Obrigacoes do Tesouro OT 144A 4.45% EUR 15/06/2018 1,000,000 1,444,299 1.14
Societe Generale SFH 2.875% EUR 14/03/2019 500,000 749,936 0.59
Spain Government Bond 2.75% EUR 31/03/2015 2,000,000 2,822,856 2.24
Spain Government International Bond 4% USD 06/03/2018 1,000,000 1,047,351 0.83
Telefonica Europe BV 8.25% USD 15/09/2030 1,000,000 1,282,036 1.01
United Kingdom Gilt Inflation Linked 0.125% GBP 22/03/2044 1,000,000 1,772,576 1.40
United States Treasury Inflation Indexed Bonds 0.125% USD 15/04/2018 4,000,000 4,173,509 3.31
United States Treasury Inflation Indexed Bonds 0.125% USD 15/01/2023 1,000,000 986,499 0.78
United States Treasury Inflation Indexed Bonds 0.375% USD 15/07/2023 1,800,000 1,801,166 1.43
Invesco Global Bond Fund
Invesco Global Bond Fund
71 Invesco Funds
USD %
BONDS (continued)
United States Treasury Note/Bond 0.625% USD 31/05/2017 1,000,000 993,633 0.79
United States Treasury Note/Bond 0.875% USD 31/01/2017 1,000,000 1,005,664 0.80
Verizon Communications Inc FRN USD 14/09/2018 833,000 874,201 0.69
Verizon Communications Inc 3.65% USD 14/09/2018 1,250,000 1,335,015 1.06
Wal-Mart Stores Inc 1.95% USD 15/12/2018 1,667,000 1,686,885 1.34
Yorkshire Building Society 4.75% GBP 12/04/2018 400,000 731,470 0.58
TOTAL BONDS 109,190,040 86.49
BONDS
Canada Housing Trust No 1 FRN 1.223% CAD 15/09/2018 1,600,000 1,440,120 1.14
Queensland Treasury Corp 6% AUD 14/06/2021 1,500,000 1,508,735 1.19
TOTAL BONDS 2,948,855 2.33
72 Invesco Funds
EUR %
BONDS
ABN AMRO Bank NV 6.375% EUR 27/04/2021 1,000,000 1,193,756 0.56
Adria Bidco BV 7.875% EUR 15/11/2020 500,000 520,840 0.24
AG Spring Finance II Ltd 9.5% EUR 01/06/2019 450,000 476,438 0.22
Allied Irish Banks Plc 2.875% EUR 28/11/2016 1,800,000 1,826,459 0.86
Autodis SA 6.5% EUR 01/02/2019 500,000 508,125 0.24
Bakkavor Finance 2 Plc 8.25% GBP 15/02/2018 475,000 616,222 0.29
Banca Monte dei Paschi di Siena SpA 4.875% EUR 15/09/2016 3,000,000 3,196,711 1.50
Bankia SA 3.5% EUR 17/01/2019 2,700,000 2,779,704 1.30
Bankia SA 3.625% EUR 05/10/2016 2,500,000 2,634,777 1.23
Bankia SA 4.875% EUR 31/03/2014 200,000 200,816 0.09
Belden Inc 5.5% EUR 15/04/2023 200,000 202,832 0.10
Belgium Government Bond 3.75% EUR 22/06/2045 4,700,000 5,151,506 2.41
Cabot Financial Luxembourg SA 10.375% GBP 01/10/2019 200,000 278,037 0.13
Credit Suisse AG FRN EUR 18/09/2025 2,200,000 2,406,045 1.13
Delta Lloyd Levensverzekering NV FRN EUR 29/08/2042 2,280,000 2,891,063 1.35
Direct Line Insurance Group Plc FRN GBP 27/04/2042 750,000 1,160,066 0.54
Electricite de France 4.125% FRN EUR Perpetual 1,300,000 1,313,313 0.61
Enel SpA FRN EUR 15/01/2075 350,000 357,195 0.17
Enel SpA FRN GBP 15/09/2076 300,000 371,838 0.17
France Government Bond OAT 1% EUR 25/11/2018 6,330,000 6,362,742 2.98
France Government Bond OAT 2.25% EUR 25/05/2024 9,500,000 9,559,920 4.48
France Government Bond OAT 3.5% EUR 25/04/2020 6,850,000 7,770,326 3.64
Gala Group Finance Plc 8.875% GBP 01/09/2018 300,000 390,520 0.18
Gazprombank OJSC Via GPB Eurobond Finance Plc 3.984% EUR 30/10/2018 1,450,000 1,487,042 0.70
Glencore Finance Europe SA 6.5% GBP 27/02/2019 1,250,000 1,729,491 0.81
Heathrow Funding Ltd 6.25% GBP 10/09/2018 380,000 518,606 0.24
HSBC Capital Funding LP 5.3687% FRN EUR Perpetual 1,300,000 1,303,260 0.61
HSS Financing Plc 6.75% GBP 01/08/2019 400,000 490,084 0.23
Icap Group Holdings Plc 3.125% EUR 06/03/2019 1,200,000 1,205,142 0.56
Imperial Tobacco Finance Plc 4.875% GBP 07/06/2032 800,000 986,595 0.46
Infinis Plc 7% GBP 15/02/2019 150,000 196,425 0.09
ING Bank NV FRN EUR 29/05/2023 1,000,000 1,131,793 0.53
Ireland Government Bond 4.5% EUR 18/04/2020 5,000,000 5,670,019 2.65
Kelda Finance No 3 Plc 5.75% GBP 17/02/2020 150,000 183,908 0.09
Lloyds Bank Plc FRN GBP 29/05/2020 750,000 952,832 0.45
Lowell Group Financing Plc 10.75% GBP 01/04/2019 350,000 483,729 0.23
Magnolia BC SA 9% EUR 01/08/2020 400,000 422,000 0.20
Manutencoop Facility Management SpA 8.5% EUR 01/08/2020 450,000 490,779 0.23
Matterhorn Financing & CY SCA 9% EUR 15/04/2019 250,000 260,205 0.12
Nara Cable Funding Ltd 8.875% EUR 01/12/2018 350,000 382,120 0.18
Nationwide Building Society FRN EUR 20/03/2023 1,400,000 1,473,093 0.69
Nestle Holdings Inc 1.625% GBP 11/12/2017 3,200,000 3,875,981 1.81
New Look Bondco I Plc 8.75% GBP 14/05/2018 480,000 629,274 0.29
NGG Finance Plc FRN GBP 18/06/2073 1,000,000 1,229,156 0.58
Odeon & UCI Finco Plc 9% GBP 01/08/2018 100,000 124,519 0.06
Old Mutual Plc 8% GBP 03/06/2021 750,000 981,737 0.46
OMV AG FRN EUR Perpetual 1,350,000 1,507,835 0.71
Orange SA 4.25% FRN EUR Perpetual 900,000 918,090 0.43
Play Finance 2 SA 5.25% EUR 01/02/2019 500,000 514,668 0.24
Poland Government Bond 4% PLN 25/10/2023 26,700,000 6,221,511 2.91
R&R Ice Cream Plc 8.375% EUR 15/11/2017 100,000 106,867 0.05
Royal Bank of Scotland Group Plc 1.5% EUR 28/11/2016 500,000 502,325 0.24
Invesco European Bond Fund
73 Invesco Funds
EUR %
BONDS (continued)
RWE AG FRN GBP Perpetual 1,200,000 1,562,025 0.73
Santander Consumer Finance SA 1.625% EUR 23/04/2015 1,400,000 1,398,250 0.65
Scottish Widows Plc 5.5% GBP 16/06/2023 1,500,000 1,880,187 0.88
Slovenia Government Bond 4.625% EUR 09/09/2024 7,500,000 7,901,188 3.70
Solvay Finance SA 4.199% FRN EUR Perpetual 1,000,000 1,016,036 0.48
Spain Government Bond 144A 5.15% EUR 31/10/2044 2,150,000 2,387,130 1.12
Spain Government Inflation Linked Bond 144A 5.15% EUR 31/10/2028 5,900,000 6,659,227 3.12
SSE Plc FRN GBP Perpetual 800,000 1,002,466 0.47
SSE Plc 5.625% FRN EUR Perpetual 1,200,000 1,294,464 0.61
Svenska Handelsbanken AB FRN EUR 15/01/2024 900,000 920,000 0.43
Thomas Cook Finance Plc 7.75% EUR 15/06/2020 550,000 605,688 0.28
Thomas Cook Group Plc 7.75% GBP 22/06/2017 100,000 133,974 0.06
ThyssenKrupp AG 3.125% EUR 25/10/2019 1,000,000 998,450 0.47
Travelex Financing Plc 8% GBP 01/08/2018 500,000 658,549 0.31
UBS AG FRN EUR 12/02/2026 1,350,000 1,397,608 0.65
United Kingdom Gilt 2.25% GBP 07/09/2023 6,750,000 7,851,717 3.68
United Kingdom Gilt Inflation Linked 2.5% GBP 26/07/2016 750,000 3,064,730 1.43
UPC Holding BV 6.75% EUR 15/03/2023 200,000 215,610 0.10
Veolia Environnement SA FRN EUR Perpetual 600,000 603,197 0.28
Virgin Media Finance Plc 7% GBP 15/04/2023 250,000 321,166 0.15
Wind Acquisition Finance SA 7.375% EUR 15/02/2018 500,000 531,047 0.25
TOTAL BONDS 194,340,289 90.99
BONDS
Permanent Master Issuer Plc FRN EUR 15/07/2042 350,000 353,297 0.16
Verizon Communications Inc 4.75% GBP 17/02/2034 600,000 739,421 0.35
TOTAL BONDS 1,092,718 0.51
OPEN-ENDED FUNDS
Invesco Short-Term Investments Co Global Series - Euro Liquidity Portfolio 60 60
Invesco Short-Term Investments Co Global Series - Sterling Liquidity Portfolio 2,220 2,684
TOTAL OPEN-ENDED FUNDS 2,744
74 Invesco Funds
EUR %
BONDS
Alliander NV FRN EUR Perpetual 100,000 102,008 0.93
Allied Irish Banks Plc 2.875% EUR 28/11/2016 100,000 101,470 0.93
American Financial Group Inc 9.875% USD 15/06/2019 150,000 141,931 1.30
Banca Monte dei Paschi di Siena SpA 4.875% EUR 15/09/2016 100,000 106,557 0.97
Bankia SA 3.5% EUR 17/01/2019 100,000 102,952 0.94
Barclays Bank Plc FRN GBP 20/01/2015 200,000 244,990 2.24
Belgium Government Bond 2.25% EUR 22/06/2023 720,000 727,900 6.64
Bundesobligation 2.25% EUR 11/04/2014 230,000 230,481 2.11
Bundesrepublik Deutschland 2% EUR 15/08/2023 260,000 270,976 2.47
Bundesrepublik Deutschland 3.75% EUR 04/01/2015 250,000 257,637 2.35
Bundesschatzanweisungen 0.25% EUR 14/03/2014 570,000 570,016 5.20
China CITIC Bank International Ltd FRN USD 07/05/2024 200,000 146,100 1.33
Credit Agricole SA FRN USD Perpetual 200,000 155,689 1.42
Credit Agricole SA FRN USD 19/09/2033 200,000 165,580 1.51
Credit Suisse AG FRN EUR 18/09/2025 100,000 109,366 1.00
Crown European Holdings SA 7.125% EUR 15/08/2018 100,000 105,636 0.97
Direct Line Insurance Group Plc FRN GBP 27/04/2042 100,000 154,675 1.41
DNB Bank ASA FRN EUR 08/03/2022 100,000 108,487 0.99
Electricite de France 4.125% FRN EUR Perpetual 100,000 101,024 0.92
EnBW Energie Baden-Wuerttemberg AG FRN EUR 02/04/2072 45,000 50,748 0.46
Enel SpA FRN EUR 15/01/2075 100,000 102,056 0.93
Enel SpA FRN GBP 15/09/2076 100,000 123,946 1.13
ENTEL Chile SA 4.875% USD 30/10/2024 200,000 145,258 1.33
Gerresheimer AG 5% EUR 19/05/2018 100,000 112,077 1.02
Gold Fields Orogen Holding BVI Ltd 4.875% USD 07/10/2020 250,000 155,866 1.42
Hutchison Whampoa International 12 Ltd FRN USD Perpetual 300,000 233,255 2.13
Italy Buoni Poliennali Del Tesoro 2.55% EUR 15/09/2041 150,000 150,304 1.37
Italy Buoni Poliennali Del Tesoro 144A 4.75% EUR 01/09/2044 80,000 84,623 0.77
Mexican Bonos 10% MXN 05/12/2024 6,570,000 461,334 4.21
New Zealand Government Bond 5% NZD 15/03/2019 850,000 541,605 4.94
New Zealand Government Bond 5.5% NZD 15/04/2023 310,000 202,636 1.85
NGG Finance Plc FRN GBP 18/06/2073 100,000 122,916 1.12
Nordea Bank AB FRN EUR 15/02/2022 100,000 108,030 0.99
Norway Government Bond 4.25% NOK 19/05/2017 1,300,000 168,982 1.54
Poland Government Bond 4% PLN 25/10/2023 1,200,000 279,618 2.55
Portugal Obrigacoes do Tesouro OT 144A 4.75% EUR 14/06/2019 130,000 136,862 1.25
Portugal Obrigacoes do Tesouro OT 144A 5.65% EUR 15/02/2024 370,000 394,486 3.60
RL Finance Bonds No. 2 plc FRN GBP 30/11/2043 100,000 123,099 1.12
RWE AG FRN GBP Perpetual 100,000 130,169 1.19
Scottish Widows Plc 5.5% GBP 16/06/2023 100,000 125,346 1.15
Slovenia Government Bond 4.625% EUR 09/09/2024 200,000 210,698 1.92
Societe Generale SA 7.875% FRN USD Perpetual 200,000 154,133 1.41
Solvay Finance SA 4.199% FRN EUR Perpetual 100,000 101,604 0.93
Spain Government Bond 144A 4.4% EUR 31/10/2023 220,000 237,434 2.17
Spain Government Inflation Linked Bond 144A 3.8% EUR 30/04/2024 90,000 92,183 0.84
SSE Plc FRN GBP Perpetual 100,000 125,308 1.15
United States Treasury Note/Bond 1.75% USD 15/05/2023 54,000 36,471 0.33
Verizon Communications Inc 6.55% USD 15/09/2043 100,000 88,899 0.81
TOTAL BONDS 9,948,336 90.80
Invesco Absolute Return Bond Fund
75 Invesco Funds
EUR %
BONDS
Bundesrepublik Deutschland 2% EUR 15/08/2023 90,000 93,799 0.55
Bundesrepublik Deutschland Bundesobligation Inflation Linked Bond 0.75% EUR 15/04/2018 520,000 578,182 3.37
Deutsche Bundesrepublik Inflation Linked Bond 0.1% EUR 15/04/2023 1,300,000 1,343,292 7.83
Deutsche Bundesrepublik Inflation Linked Bond 1.5% EUR 15/04/2016 1,960,000 2,366,320 13.79
Deutsche Bundesrepublik Inflation Linked Bond 1.75% EUR 15/04/2020 400,000 490,177 2.86
France Government Inflation Linked Bond OAT 1.1% EUR 25/07/2022 1,890,000 2,174,656 12.67
France Government Inflation Linked Bond OAT 1.3% EUR 25/07/2019 20,000 22,992 0.13
France Government Inflation Linked Bond OAT 1.8% EUR 25/07/2040 600,000 802,030 4.67
France Government Inflation Linked Bond OAT 3.15% EUR 25/07/2032 670,000 1,129,991 6.58
France Government Inflation Linked Bond OAT 3.4% EUR 25/07/2029 580,000 1,001,730 5.84
Italy Buoni Poliennali Del Tesoro Inflation Linked Bond 2.1% EUR 15/09/2016 580,000 644,508 3.75
Italy Buoni Poliennali Del Tesoro Inflation Linked Bond 2.6% EUR 15/09/2023 540,000 631,221 3.68
Reseau Ferre de France 2.45% EUR 28/02/2023 340,000 479,400 2.79
Spain Government 3.8% EUR 30/04/2024 370,000 378,973 2.21
Spain Government 5.15% EUR 31/10/2028 180,000 203,163 1.18
TOTAL BONDS 16,334,204 95.16
Invesco Euro InflationLinked Bond Fund
76 Invesco Funds
EUR %
BONDS
3M Co 1.875% EUR 15/11/2021 39,375,000 39,467,084 0.93
ABN AMRO Bank NV FRN EUR Perpetual 8,000,000 8,080,000 0.19
Achmea BV FRN EUR 04/04/2043 22,400,000 24,836,840 0.58
Achmea Hypotheekbank NV 2.75% EUR 18/02/2021 6,000,000 6,103,679 0.14
Akzo Nobel NV 4% EUR 17/12/2018 8,000,000 8,933,032 0.21
Allianz Finance II BV 3% EUR 13/03/2028 5,000,000 5,138,920 0.12
Allianz Finance II BV 3.5% EUR 14/02/2022 7,500,000 8,290,844 0.19
Allianz Finance II BV FRN EUR 08/07/2041 35,000,000 40,574,415 0.95
Allianz SE FRN EUR 17/10/2042 36,000,000 41,730,858 0.98
America Movil SAB de CV FRN EUR 06/09/2073 3,000,000 3,241,875 0.08
Anheuser-Busch InBev NV 3.25% EUR 24/01/2033 20,000,000 20,715,003 0.49
Aquarius and Investments Plc for Zurich Insurance Co Ltd FRN EUR 02/10/2043 15,000,000 15,850,095 0.37
Assicurazioni Generali SpA 5.125% EUR 16/09/2024 2,500,000 2,889,213 0.07
AT&T Inc 3.55% EUR 17/12/2032 43,000,000 43,307,770 1.02
Atlantia SpA 4.5% EUR 08/02/2019 4,000,000 4,503,342 0.11
Atlas Copco AB 2.625% EUR 15/03/2019 5,000,000 5,302,500 0.12
Aviva Plc FRN EUR Perpetual 2,500,000 2,547,686 0.06
Aviva Plc FRN EUR 05/07/2043 8,582,000 9,761,318 0.23
Aviva Plc FRN EUR 22/05/2038 27,050,000 31,124,339 0.73
AXA SA FRN EUR 04/07/2043 5,400,000 5,931,397 0.14
AXA SA FRN EUR 16/04/2040 29,300,000 32,460,572 0.76
Banco Bilbao Vizcaya Argentaria SA 3.5% EUR 05/12/2017 10,000,000 10,799,645 0.25
Banco Santander SA 3.875% EUR 27/05/2014 24,000,000 24,201,840 0.57
Bank of America Corp FRN EUR 14/09/2018 5,000,000 4,805,609 0.11
Bank of America Corp 2.5% EUR 27/07/2020 21,000,000 21,734,889 0.51
Bank of America Corp 4% EUR 23/03/2015 5,300,000 5,486,713 0.13
Bank of America Corp 4.625% EUR 07/08/2017 12,000,000 13,358,212 0.31
Bank of Scotland Plc FRN EUR 07/02/2035 14,324,000 15,047,362 0.35
Barclays Bank Plc FRN EUR 22/03/2021 18,070,000 15,720,013 0.37
Barclays Bank Plc FRN EUR Perpetual 37,000,000 32,944,060 0.77
Barclays Bank Plc 6.625% EUR 30/03/2022 13,000,000 15,904,002 0.37
Barclays Plc FRN EUR Perpetual 10,660,000 11,313,957 0.27
BASF SE 2% EUR 05/12/2022 7,000,000 7,013,784 0.16
BASF SE 2.5% EUR 22/01/2024 25,000,000 25,586,155 0.60
Bayer AG 1.875% EUR 25/01/2021 6,000,000 5,992,471 0.14
BBVA Senior Finance SAU 3.25% EUR 23/04/2015 32,000,000 32,864,533 0.77
BG Energy Capital Plc FRN EUR 30/11/2072 2,000,000 2,241,050 0.05
BMW Finance NV 2.375% EUR 24/01/2023 13,000,000 13,246,282 0.31
BMW Finance NV 2.625% EUR 17/01/2024 40,000,000 41,168,046 0.97
BNP Paribas Home Loan SFH 3.125% EUR 22/03/2022 5,000,000 5,525,131 0.13
BNP Paribas SA 2.875% EUR 24/10/2022 17,000,000 17,724,553 0.42
BNP Paribas SA FRN EUR Perpetual 27,000,000 31,671,000 0.74
Bouygues SA 4.5% EUR 09/02/2022 14,000,000 16,188,532 0.38
BP Capital Markets Plc 2.177% EUR 28/09/2021 17,500,000 17,704,838 0.42
BPCE SA 4.625% EUR 18/07/2023 10,000,000 11,028,365 0.26
BSH Bosch und Siemens Hausgeraete GmbH 1.875% EUR 13/11/2020 6,000,000 6,036,393 0.14
Caisse de Refinancement de l'Habitat SA 2.4% EUR 17/01/2025 18,000,000 18,304,605 0.43
CaixaBank SA FRN EUR 14/11/2023 10,100,000 10,630,370 0.25
Citigroup Inc FRN EUR 05/03/2014 40,000,000 40,010,004 0.94
Cloverie Plc for Swiss Reinsurance Co Ltd FRN EUR 01/09/2042 4,250,000 5,252,397 0.12
CNP Assurances FRN EUR 14/09/2040 34,650,000 38,135,442 0.89
Coca-Cola Enterprises Inc 2.375% EUR 07/05/2025 8,000,000 7,674,414 0.18
Commerzbank AG 7.75% EUR 16/03/2021 18,000,000 21,327,037 0.50
Co-Operative Bank Plc 2.375% EUR 23/10/2015 30,000,000 29,461,080 0.69
Coventry Building Society 2.25% EUR 04/12/2017 3,000,000 3,092,304 0.07
Credit Agricole SA FRN EUR Perpetual 5,700,000 6,656,859 0.16
Credit Agricole SA FRN USD Perpetual 2,220,000 1,728,147 0.04
Daimler AG 2.25% EUR 24/01/2022 25,000,000 25,389,764 0.60
Daimler AG 2.375% EUR 12/09/2022 10,000,000 10,208,946 0.24
Danone SA 1.25% EUR 06/06/2018 10,000,000 10,070,447 0.24
Deutsche Telekom International Finance BV 4.5% EUR 28/10/2030 6,500,000 7,528,597 0.18
Dresdner Bank AG FRN EUR 26/02/2021 5,000,000 4,291,438 0.10
Eandis CVBA 2.75% EUR 30/11/2022 5,000,000 5,151,458 0.12
Invesco Euro Corporate Bond Fund
77 Invesco Funds
EUR %
BONDS (continued)
Eandis CVBA 2.875% EUR 09/10/2023 5,000,000 5,178,999 0.12
Electricite de France 2.75% EUR 10/03/2023 5,000,000 5,152,309 0.12
Electricite de France 4.5% EUR 12/11/2040 20,250,000 23,455,189 0.55
Electricite de France 5% FRN EUR Perpetual 17,600,000 18,282,215 0.43
Elenia Finance Oyj 2.875% EUR 17/12/2020 10,000,000 10,184,229 0.24
Elia System Operator SA/NV 3.25% EUR 04/04/2028 4,000,000 4,203,716 0.10
EnBW Energie Baden-Wuerttemberg AG FRN EUR 02/04/2072 21,500,000 24,246,281 0.57
Enel Finance International NV 5% EUR 12/07/2021 12,000,000 13,925,990 0.33
Enel Finance International NV 5.75% EUR 24/10/2018 10,000,000 11,746,815 0.28
Enel SpA FRN EUR 10/01/2074 8,938,000 9,750,643 0.23
Enexis Holding NV 1.875% EUR 13/11/2020 9,000,000 9,077,651 0.21
Enexis Holding NV 3.375% EUR 26/01/2022 4,000,000 4,359,889 0.10
Eni SpA 3.625% EUR 29/01/2029 9,170,000 9,674,425 0.23
EWE AG 4.125% EUR 04/11/2020 5,000,000 5,617,280 0.13
Export-Import Bank of Korea 2% EUR 30/04/2020 20,000,000 19,932,809 0.47
FCE Bank Plc 2.875% EUR 03/10/2017 12,500,000 13,126,881 0.31
Fiat Finance & Trade SA 6.75% EUR 14/10/2019 11,000,000 12,374,218 0.29
Finmeccanica Finance SA 4.375% EUR 05/12/2017 5,000,000 5,302,359 0.12
Gas Natural Capital Markets SA 4.125% EUR 24/04/2017 4,000,000 4,349,152 0.10
Gas Natural Fenosa Finance BV 3.875% EUR 11/04/2022 20,000,000 21,906,655 0.51
GDF Suez 2.625% EUR 20/07/2022 5,000,000 5,190,286 0.12
GDF Suez FRN EUR Perpetual 20,000,000 21,608,066 0.51
GDF Suez 5.95% EUR 16/03/2111 5,000,000 6,642,900 0.16
General Electric Capital Corp 4.125% EUR 19/09/2035 6,520,000 6,936,238 0.16
General Electric Capital Corp FRN EUR 15/09/2066 4,000,000 4,162,929 0.10
General Electric Capital Corp FRN EUR 15/09/2067 26,000,000 27,749,475 0.65
General Mills Inc 2.1% EUR 16/11/2020 6,875,000 6,978,199 0.16
Gestamp Funding Luxembourg SA 5.875% EUR 31/05/2020 5,000,000 5,368,048 0.13
Goldman Sachs Group Inc 3.25% EUR 01/02/2023 5,000,000 5,183,859 0.12
Great-West Lifeco Inc 2.5% EUR 18/04/2023 8,000,000 8,032,000 0.19
Groupama SA FRN EUR Perpetual 6,000,000 5,734,380 0.13
Groupama SA FRN EUR 27/10/2039 16,000,000 17,461,600 0.41
Gtech Spa 3.5% EUR 05/03/2020 13,000,000 13,844,753 0.33
Gtech Spa 5.375% EUR 05/12/2016 4,500,000 4,978,315 0.12
Hannover Finance Luxembourg SA FRN EUR 30/06/2043 27,000,000 29,868,030 0.70
Heineken NV 2.875% EUR 04/08/2025 7,000,000 7,003,882 0.16
Hera SpA 5.2% EUR 29/01/2028 5,000,000 5,841,805 0.14
HIT Finance BV 5.75% EUR 09/03/2018 7,000,000 8,101,443 0.19
HSBC Holdings Plc FRN EUR 10/01/2024 5,000,000 5,161,888 0.12
HSBC SFH France SA 2% EUR 16/10/2023 41,000,000 41,051,795 0.96
HSE Netz AG 6.125% EUR 23/04/2041 14,900,000 19,936,498 0.47
Iberdrola International BV 2.875% EUR 11/11/2020 19,500,000 20,301,158 0.48
Iberdrola International BV 3% EUR 31/01/2022 8,700,000 9,048,239 0.21
Iberdrola International BV FRN EUR Perpetual 9,000,000 9,631,482 0.23
International Business Machines Corp 1.375% EUR 19/11/2019 10,000,000 9,961,717 0.23
Intesa Sanpaolo SpA 3% EUR 28/01/2019 17,900,000 18,474,467 0.43
Intesa Sanpaolo SpA FRN EUR Perpetual 15,000,000 17,078,967 0.40
Investor AB 4.5% EUR 12/05/2023 5,000,000 5,902,883 0.14
IPIC GMTN Ltd 2.375% EUR 30/05/2018 22,000,000 22,916,300 0.54
Iron Mountain Inc 6.75% EUR 15/10/2018 9,875,000 9,999,108 0.23
Johnson & Johnson 3.375% USD 05/12/2023 50,000,000 37,180,813 0.87
JPMorgan Chase & Co FRN EUR 12/10/2015 5,000,000 4,951,903 0.12
JPMorgan Chase & Co 2.75% EUR 24/08/2022 30,000,000 31,029,687 0.73
Koninklijke KPN NV FRN EUR Perpetual 16,400,000 17,384,820 0.41
LBG Capital No.1 Plc 6.439% EUR 23/05/2020 65,777,000 69,732,793 1.64
Lloyds Bank Plc 6.5% EUR 24/03/2020 18,000,000 21,518,507 0.51
LVMH Moet Hennessy Louis Vuitton SA 1.25% EUR 04/11/2019 4,000,000 3,983,711 0.09
Mapfre SA 5.125% EUR 16/11/2015 6,500,000 6,941,302 0.16
78 Invesco Funds
EUR %
BONDS (continued)
Marks & Spencer Plc 7.125% USD 01/12/2037 12,120,000 9,469,016 0.22
McDonald's Corp 2% EUR 01/06/2023 12,000,000 11,703,739 0.27
Metropolitan Life Global Funding I 2.375% EUR 30/09/2019 11,250,000 11,694,564 0.27
Metropolitan Life Global Funding I 2.375% EUR 11/01/2023 42,000,000 42,153,504 0.99
Microsoft Corp 2.625% EUR 02/05/2033 52,200,000 49,594,066 1.16
Mondelez International Inc 2.375% EUR 26/01/2021 12,000,000 12,097,778 0.28
Morgan Stanley 2.25% EUR 12/03/2018 15,000,000 15,469,187 0.36
Morgan Stanley FRN EUR 23/09/2019 10,000,000 10,769,022 0.25
Muenchener Rueckversicherungs AG FRN EUR 26/05/2042 15,000,000 18,246,470 0.43
National Capital Instruments Euro LLC 2 FRN EUR Perpetual 16,300,000 15,508,558 0.36
National Westminster Bank Plc FRN EUR Perpetual 8,000,000 7,489,600 0.18
Nationwide Building Society FRN EUR 20/03/2023 5,000,000 5,261,047 0.12
Nederlandse Waterschapsbank NV FRN EUR 15/08/2035 9,703,000 10,321,566 0.24
Nestle Finance International Ltd 1.75% EUR 12/09/2022 22,000,000 21,843,769 0.51
NGG Finance Plc FRN EUR 18/06/2076 17,750,000 18,296,061 0.43
Nomura Bank International Plc FRN EUR 16/02/2017 10,000,000 10,144,770 0.24
Nomura Bank International Plc FRN EUR 30/09/2019 6,000,000 6,730,461 0.16
Novalis SAS 6% EUR 15/06/2018 5,000,000 5,307,900 0.12
Novartis Capital Corp 3.4% USD 06/05/2024 85,000,000 61,954,003 1.45
Obrascon Huarte Lain SA 8.75% EUR 15/03/2018 3,000,000 3,336,930 0.08
OMV AG 2.625% EUR 27/09/2022 10,000,000 10,370,932 0.24
OMV AG FRN EUR Perpetual 8,750,000 9,773,006 0.23
Oracle Corp 3.125% EUR 10/07/2025 9,500,000 10,035,320 0.24
Orange SA 4.25% FRN EUR Perpetual 31,750,000 32,388,175 0.76
Origin Energy Finance Ltd 3.5% EUR 04/10/2021 10,000,000 10,448,872 0.25
Origin Energy Finance Ltd FRN EUR 16/06/2071 18,000,000 19,202,737 0.45
Philip Morris International Inc 3.125% EUR 03/06/2033 25,000,000 24,651,263 0.58
Picard Groupe SAS FRN EUR 01/08/2019 5,000,000 5,124,300 0.12
Procter & Gamble Co 2% EUR 05/11/2021 29,221,000 29,662,449 0.70
Prologis LP 3.375% EUR 20/02/2024 7,660,000 7,782,938 0.18
Prosegur Cia de Seguridad SA 2.75% EUR 02/04/2018 5,000,000 5,139,675 0.12
Rolls-Royce Plc 2.125% EUR 18/06/2021 8,000,000 8,081,783 0.19
Royal Bank of Scotland Plc FRN EUR 14/06/2022 71,000,000 62,125,000 1.46
Royal Bank of Scotland Plc FRN EUR 16/03/2022 861,000 1,055,659 0.02
RWE AG FRN EUR Perpetual 74,666,000 76,685,529 1.80
SABIC Capital I BV 2.75% EUR 20/11/2020 5,000,000 5,097,342 0.12
Santander International Debt SAU 3.5% EUR 12/08/2014 30,000,000 30,368,694 0.71
Santos Finance Ltd FRN EUR 22/09/2070 13,000,000 14,716,000 0.35
Siemens Financieringsmaatschappij NV 1.5% EUR 10/03/2020 21,000,000 21,029,744 0.49
Siemens Financieringsmaatschappij NV 2.875% EUR 10/03/2028 22,000,000 22,632,666 0.53
Snam SpA 2.375% EUR 30/06/2017 12,000,000 12,396,804 0.29
Snam SpA 3.5% EUR 13/02/2020 16,000,000 17,294,734 0.41
Snam SpA 3.875% EUR 19/03/2018 5,000,000 5,454,853 0.13
Societa Iniziative Autostradali e Servizi SpA 3.375% EUR 13/02/2024 2,330,000 2,373,812 0.06
Societe Generale SA FRN EUR Perpetual 9,000,000 10,763,100 0.25
SoftBank Corp 4.625% EUR 15/04/2020 10,000,000 10,439,600 0.25
Standard Chartered Plc 1.75% EUR 29/10/2017 15,000,000 15,258,289 0.36
Suez Environnement Co 4.078% EUR 17/05/2021 5,000,000 5,687,538 0.13
Suez Environnement Co FRN EUR Perpetual 14,200,000 14,615,006 0.34
Svenska Cellulosa AB SCA 2.5% EUR 09/06/2023 3,000,000 3,021,451 0.07
TDC A/S 3.75% EUR 02/03/2022 5,000,000 5,512,538 0.13
Telecom Italia Finance SA 7.75% EUR 24/01/2033 2,000,000 2,393,547 0.06
Telecom Italia SpA 4.5% EUR 20/09/2017 2,500,000 2,672,631 0.06
79 Invesco Funds
EUR %
BONDS (continued)
Telecom Italia SpA FRN EUR 20/03/2073 2,000,000 2,020,000 0.05
Telefonica Emisiones SAU 3.661% EUR 18/09/2017 15,000,000 16,098,511 0.38
Telefonica Europe BV 6.5% FRN EUR Perpetual 18,700,000 20,317,550 0.48
Telefonica SA FRN EUR 02/03/2015 3,000,000 3,001,632 0.07
TeliaSonera AB 3.625% EUR 14/02/2024 15,000,000 16,514,068 0.39
TenneT Holding BV 2.125% EUR 01/11/2020 7,742,000 7,868,113 0.18
Tesco Corporate Treasury Services Plc 2.125% EUR 12/11/2020 6,500,000 6,523,026 0.15
Teva Pharmaceutical Finance IV BV 2.875% EUR 15/04/2019 8,000,000 8,454,796 0.20
Total Capital International SA 2.125% EUR 15/03/2023 32,100,000 32,000,789 0.75
Toyota Motor Credit Corp 1.8% EUR 23/07/2020 9,260,000 9,399,120 0.22
UBS AG FRN EUR 12/02/2026 7,610,000 7,878,368 0.19
UBS AG 4.28% FRN EUR Perpetual 71,275,000 72,440,346 1.70
Unibail-Rodamco SE 2.25% EUR 01/08/2018 3,500,000 3,619,550 0.09
UniCredit SpA 3.625% EUR 24/01/2019 15,000,000 15,950,097 0.37
Verizon Communications Inc 2.375% EUR 17/02/2022 8,000,000 8,069,127 0.19
Vier Gas Transport GmbH 2% EUR 12/06/2020 7,000,000 7,053,171 0.17
Vier Gas Transport GmbH 2.875% EUR 12/06/2025 13,500,000 13,695,956 0.32
Vivendi SA 4.125% EUR 18/07/2017 8,000,000 8,772,713 0.21
Vivendi SA 4.75% EUR 13/07/2021 4,000,000 4,609,625 0.11
Volkswagen Bank GmbH 3.125% EUR 11/04/2014 8,477,000 8,500,311 0.20
Volkswagen Leasing GmbH 2.375% EUR 06/09/2022 10,000,000 10,144,033 0.24
Wal-Mart Stores Inc 4.875% EUR 21/09/2029 20,000,000 24,900,296 0.58
Zapadoslovenska Energetika AS 2.875% EUR 14/10/2018 6,000,000 6,138,398 0.14
TOTAL BONDS 3,753,303,597 88.06
BONDS
Im Bes Empresas 0.42% EUR 20/11/2043 985,138 982,250 0.03
Santander International Debt SAU 1.152% EUR 17/10/2014 75,000,000 75,087,007 1.76
TOTAL BONDS 76,069,257 1.79
80 Invesco Funds
GBP %
BONDS
ABN AMRO Bank NV 2.25% GBP 11/09/2017 500,000 503,288 1.02
Bankia SA 4.875% EUR 31/03/2014 400,000 332,010 0.67
Barclays Bank Plc FRN GBP 16/01/2023 500,000 557,902 1.13
BG Energy Capital Plc 5% GBP 04/11/2036 300,000 320,875 0.65
British Telecommunications Plc 8.5% GBP 07/12/2016 350,000 412,493 0.83
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA 3.875% EUR 25/07/2023 500,000 434,544 0.88
Daimler AG 1.75% GBP 08/11/2017 550,000 550,257 1.11
Delta Lloyd Levensverzekering NV FRN EUR 29/08/2042 500,000 524,101 1.06
Digital Stout Holding LLC 4.25% GBP 17/01/2025 200,000 192,145 0.39
DONG Energy A/S 4.875% GBP 12/01/2032 650,000 671,340 1.36
Electricite de France FRN GBP Perpetual 300,000 303,281 0.61
Electricite de France 6% GBP 23/01/2114 300,000 347,983 0.70
Enel SpA FRN GBP 15/09/2076 350,000 358,610 0.72
GE Capital UK Funding 4.375% GBP 31/07/2019 600,000 649,097 1.31
General Electric Capital Corp FRN USD 15/11/2067 1,000,000 665,208 1.34
Glencore Finance Europe SA 6.5% GBP 27/02/2019 250,000 285,937 0.58
HSBC Capital Funding LP FRN GBP Perpetual 655,000 701,963 1.42
HSBC Finance Corp 6.25% GBP 19/08/2019 500,000 582,877 1.18
Icap Group Holdings Plc 3.125% EUR 06/03/2019 350,000 290,568 0.59
Infinis Plc 7% GBP 15/02/2019 150,000 162,375 0.33
ING Bank NV FRN EUR 29/05/2023 500,000 467,799 0.94
IPIC GMTN Ltd 6.875% GBP 14/03/2026 470,000 588,557 1.19
Jaguar Land Rover Automotive Plc 8.25% GBP 15/03/2020 250,000 285,070 0.58
Kelda Finance No 3 Plc 5.75% GBP 17/02/2020 175,000 177,366 0.36
Manchester Airport Group Funding Plc 4.75% GBP 31/03/2034 400,000 404,935 0.82
Morgan Stanley 5.75% GBP 14/02/2017 400,000 442,196 0.89
Nationwide Building Society FRN EUR 20/03/2023 350,000 304,434 0.61
Nationwide Building Society FRN GBP Perpetual 250,000 262,031 0.53
Nestle Holdings Inc 1.625% GBP 11/12/2017 500,000 500,638 1.01
Old Mutual Plc 8% GBP 03/06/2021 500,000 541,036 1.09
Orange SA FRN GBP Perpetual 300,000 303,918 0.61
Pacific Life Funding LLC 5.125% GBP 20/01/2015 270,000 281,450 0.57
RL Finance Bonds No. 2 plc FRN GBP 30/11/2043 300,000 305,280 0.62
RSA Insurance Group Plc FRN GBP Perpetual 430,000 451,513 0.91
RWE AG FRN USD 12/10/2072 770,000 508,599 1.03
Santander Finance Preferred SAU FRN GBP Perpetual 500,000 515,480 1.04
SSE Plc FRN GBP Perpetual 300,000 310,759 0.63
Standard Chartered Bank FRN GBP Perpetual 500,000 548,281 1.11
Standard Chartered Bank FRN USD Perpetual 1,000,000 629,161 1.27
Svenska Handelsbanken AB FRN EUR 15/01/2024 650,000 549,264 1.11
Invesco UK Investment Grade Bond Fund
81 Invesco Funds
GBP %
BONDS (continued)
UBS AG FRN EUR 12/02/2026 500,000 427,902 0.86
United Kingdom Gilt 4% GBP 22/01/2060 1,200,000 1,356,090 2.74
William Hill Plc 4.25% GBP 05/06/2020 400,000 396,048 0.80
TOTAL BONDS 47,593,257 96.18
Invesco UK Investment Grade Bond Fund
82 Invesco Funds
USD %
BONDS
AHML Finance Ltd 7.75% RUB 13/02/2018 380,000,000 9,938,070 1.53
Barclays Bank Plc 9.5% IDR 17/07/2031 90,000,000,000 8,056,793 1.24
Barclays Bank Plc 10% IDR 17/02/2028 80,000,000,000 7,489,661 1.15
Barclays Bank Plc 10.25% IDR 19/07/2027 30,000,000,000 2,846,808 0.44
Brazil Letras do Tesouro Nacional 0% BRL 01/07/2016 49,300,000 16,293,816 2.51
Brazil Notas do Tesouro Nacional Serie F 10% BRL 01/01/2017 61,050,000 25,553,576 3.93
Colombia Government International Bond 4.375% COP 21/03/2023 10,594,000,000 4,389,196 0.68
Colombia Government International Bond 7.75% COP 14/04/2021 16,933,000,000 8,899,922 1.37
Cosan Luxembourg SA 9.5% BRL 14/03/2018 11,000,000 4,083,236 0.63
Export-Import Bank of Korea 4% PHP 26/11/2015 159,100,000 3,659,167 0.56
Export-Import Bank of Korea 8.3% IDR 15/03/2014 21,300,000,000 1,834,783 0.28
Export-Import Bank of Korea 8.4% IDR 06/07/2016 32,300,000,000 2,803,470 0.43
Federal Grid Co OJS via Federal Grid Finance Ltd 8.446% RUB 13/03/2019 208,800,000 5,503,741 0.85
Hungary Government Bond 6.75% HUF 24/02/2017 4,090,700,000 19,300,644 2.97
Hungary Government Bond 7.5% HUF 12/11/2020 620,000,000 3,080,281 0.47
Hungary Government Bond 7.75% HUF 24/08/2015 2,587,400,000 12,181,280 1.88
JPMorgan Chase Bank 7% IDR 18/05/2027 111,500,000,000 8,214,492 1.26
JPMorgan Chase Bank 8.25% IDR 17/06/2032 47,000,000,000 3,751,760 0.58
JPMorgan Chase Indonesian Government Linked Notes 8.375% IDR 17/09/2026 70,000,000,000 5,840,911 0.90
Malaysia Government Bond 3.835% MYR 12/08/2015 12,272,000 3,784,377 0.58
Mexican Bonos 8% MXN 11/06/2020 323,000,000 27,425,916 4.22
Nigeria Government Bond 7% NGN 23/10/2019 1,000,000,000 4,480,605 0.69
Nigeria Government Bond 15.1% NGN 27/04/2017 1,280,000,000 7,977,244 1.23
Nigeria Government Bond 16.39% NGN 27/01/2022 650,000,000 4,414,217 0.68
Peru Government Bond 7.84% PEN 12/08/2020 23,500,000 9,201,413 1.42
Philippine Government International Bond 3.9% PHP 26/11/2022 105,000,000 2,205,236 0.34
Poland Government Bond 5.25% PLN 25/10/2020 34,800,000 12,299,840 1.89
Romania Government Bond 5.75% RON 27/01/2016 39,900,000 12,634,105 1.94
Russian Federal Bond - OFZ 6.8% RUB 11/12/2019 50,000,000 1,311,536 0.20
Russian Federal Bond - OFZ 8.15% RUB 03/02/2027 1,000,000 27,507
Russian Railways via RZD Capital Plc 8.3% RUB 02/04/2019 444,000,000 11,943,288 1.84
Serbia Treasury Bonds 10% RSD 17/10/2016 500,000,000 5,914,326 0.91
South Africa Government Bond 6.75% ZAR 31/03/2021 140,000,000 11,985,344 1.84
Standard Chartered Bank 8.375% IDR 17/03/2034 48,300,000,000 4,083,432 0.63
Thailand Government Bond 1.25% THB 12/03/2028 333,300,000 8,685,544 1.34
Thailand Government Bond 3.65% THB 17/12/2021 545,865,000 16,838,441 2.59
Turkey Government Bond 3% TRY 23/02/2022 20,430,000 10,023,937 1.54
Invesco Emerging Local Currencies Debt Fund
83 Invesco Funds
USD %
BONDS (continued)
Turkey Government Bond 10.5% TRY 15/01/2020 7,616,000 3,478,104 0.54
TOTAL BONDS 563,907,723 86.77
BONDS
Citigroup Funding Inc 6.25% IDR 17/04/2017 54,300,000,000 4,497,335 0.69
Deutsche Bank AG London 9% IDR 19/03/2029 54,000,000,000 4,686,486 0.72
Nigeria Government Bond 10.7% NGN 30/05/2018 700,000,000 3,828,354 0.59
TOTAL BONDS 63,574,331 9.78
Invesco Emerging Local Currencies Debt Fund
84 Invesco Funds
USD %
EQUITIES
Reinsurance Group of America Inc (Preferred) 10,000 258,200 0.57
State Street Corp (Preferred) 5,100 129,795 0.28
Wells Fargo & Co (Preferred) 36,000 889,740 1.96
BONDS
ABN AMRO Bank NV FRN USD 13/09/2022 600,000 653,324 1.44
Achmea BV 6% EUR Perpetual 600,000 857,727 1.89
Advance Auto Parts Inc 5.75% USD 01/05/2020 300,000 336,407 0.74
Agence Francaise de Developpement FRN EUR Perpetual 150,000 207,136 0.46
Bank of New York Mellon Corp FRN USD Perpetual 300,000 278,625 0.61
Bestgain Real Estate Ltd 2.625% USD 13/03/2018 400,000 368,947 0.81
BG Energy Capital Plc FRN USD 30/11/2072 800,000 878,702 1.94
BG Energy Capital Plc FRN GBP 30/11/2072 500,000 907,162 2.00
BNP Paribas Fortis SA FRN EUR Perpetual 200,000 280,903 0.62
BPCE SA 5.15% USD 21/07/2024 250,000 250,782 0.55
China CITIC Bank International Ltd FRN USD 07/05/2024 400,000 403,059 0.89
China Overseas Finance Cayman III Ltd 5.375% USD 29/10/2023 300,000 294,217 0.65
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA 8.375% FRN USD Perpetual 1,250,000 1,367,915 3.01
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA 8.4% FRN USD Perpetual 1,400,000 1,562,610 3.44
Co-operative Group Holdings 2011 6.875% GBP 08/07/2020 100,000 176,170 0.39
Credit Suisse AG FRN EUR 18/09/2025 750,000 1,131,436 2.49
Delta Lloyd Levensverzekering NV FRN EUR 29/08/2042 900,000 1,574,174 3.47
Electricite de France FRN USD Perpetual 500,000 504,250 1.11
Electricite de France FRN GBP Perpetual 600,000 1,040,311 2.29
EnBW Energie Baden-Wuerttemberg AG FRN EUR 02/04/2072 900,000 1,400,028 3.08
Erste Group Bank AG FRN USD 28/03/2023 1,000,000 1,071,973 2.36
General Electric Capital Corp FRN USD 15/11/2067 1,300,000 1,443,000 3.18
General Electric Capital Corp 5.25% FRN USD Perpetual 300,000 295,875 0.65
General Electric Capital Corp 6.25% FRN USD Perpetual 700,000 753,975 1.66
Gold Fields Orogen Holding BVI Ltd 4.875% USD 07/10/2020 300,000 258,000 0.57
Golden Eagle Retail Group Ltd 4.625% USD 21/05/2023 400,000 342,811 0.76
HSBC Capital Funding LP FRN GBP Perpetual 100,000 178,829 0.39
HSBC Capital Funding LP 5.13% FRN EUR Perpetual 100,000 146,109 0.32
HSBC Capital Funding LP 5.3687% FRN EUR Perpetual 200,000 276,570 0.61
Hutchison Whampoa Europe Finance 13 Ltd FRN EUR Perpetual 500,000 677,180 1.49
Hutchison Whampoa International 12 Ltd FRN USD Perpetual 1,200,000 1,287,000 2.83
ING Bank NV FRN GBP 30/05/2023 50,000 93,319 0.21
JPMorgan Chase & Co FRN USD Perpetual 50,000 56,360 0.12
MDC Holdings Inc 6% USD 15/01/2043 250,000 223,750 0.49
Nan Fung Treasury Ltd 4.5% USD 20/09/2022 250,000 237,445 0.52
Nationwide Building Society FRN GBP Perpetual 700,000 1,224,268 2.70
NGG Finance Plc FRN GBP 18/06/2073 600,000 1,017,292 2.24
Noble Group Ltd 6.75% USD 29/01/2020 500,000 540,625 1.19
Nordea Bank AB FRN USD Perpetual 300,000 318,251 0.70
OMV AG FRN EUR Perpetual 600,000 924,398 2.04
Petrobras Argentina SA 5.875% USD 15/05/2017 500,000 532,500 1.17
Rabobank Capital Funding Trust IV FRN GBP Perpetual 100,000 174,739 0.39
RWE AG FRN EUR Perpetual 700,000 991,690 2.18
RWE AG FRN USD 12/10/2072 750,000 826,630 1.82
Invesco Global Investment Grade Corporate Bond Fund
85 Invesco Funds
USD %
BONDS (continued)
Santander Issuances SAU FRN GBP 27/07/2019 300,000 514,880 1.13
Scottish Widows Plc FRN GBP Perpetual 700,000 1,177,180 2.59
SSE Plc 5.625% FRN EUR Perpetual 550,000 818,388 1.80
Standard Chartered Bank FRN GBP Perpetual 800,000 1,463,823 3.22
Standard Chartered Bank FRN USD Perpetual 300,000 314,955 0.69
Stanley Black & Decker Inc FRN USD 15/12/2053 1,000,000 1,087,500 2.39
Suez Environnement Co FRN EUR Perpetual 700,000 993,794 2.19
Turkiye Is Bankasi 3.875% USD 07/11/2017 350,000 339,343 0.75
UBS AG FRN USD 22/02/2022 1,000,000 1,109,195 2.44
UBS AG FRN USD 22/05/2023 750,000 766,186 1.69
UBS AG FRN EUR 12/02/2026 400,000 571,214 1.26
Verizon Communications Inc 5.15% USD 15/09/2023 200,000 219,784 0.48
TOTAL BONDS 42,809,535 94.26
BONDS
Verizon Communications Inc 4.75% GBP 17/02/2034 100,000 169,992 0.37
Invesco Global Investment Grade Corporate Bond Fund
86 Invesco Funds
GBP %
BONDS
BBVA International Preferred SAU FRN GBP Perpetual 200,000 207,852 5.09
Bundesrepublik Deutschland 1.75% EUR 15/02/2024 300,000 251,117 6.14
Chrysler Group LLC 144A 8% USD 15/06/2019 200,000 132,742 3.25
Co-Operative Bank Plc 2.375% EUR 23/10/2015 100,000 81,180 1.99
DEPFA Bank Plc FRN EUR 15/12/2015 100,000 76,866 1.88
Eksportfinans ASA 3% USD 17/11/2014 100,000 60,303 1.48
Groupama SA FRN EUR 27/10/2039 50,000 45,108 1.10
ING Groep NV 8% EUR Perpetual 200,000 171,530 4.20
Intesa Sanpaolo SpA FRN EUR Perpetual 100,000 94,122 2.30
KBC Bank NV 8% EUR Perpetual 100,000 85,145 2.08
LBG Capital No.2 Plc 8.5% GBP 07/06/2032 100,000 107,000 2.62
National Westminster Bank Plc 11.5% GBP Perpetual 100,000 136,313 3.34
Pearl Group Holdings No 1 Ltd 6.586% GBP Perpetual 42,500 38,947 0.95
Phoenix Life Ltd FRN GBP Perpetual 50,000 50,250 1.23
Portugal Obrigacoes do Tesouro OT 4.2% EUR 15/10/2016 100,000 87,171 2.13
Santander Finance Preferred SAU FRN GBP Perpetual 150,000 154,644 3.78
Societe Generale SA FRN GBP Perpetual 85,000 95,116 2.33
Spain Government Bond 3.75% EUR 31/10/2015 200,000 173,436 4.24
Telecom Italia SpA 5.625% GBP 29/12/2015 100,000 105,514 2.58
United Kingdom Gilt Inflation Linked 0.125% GBP 22/03/2044 200,000 212,456 5.20
United Kingdom Gilt Inflation Linked 0.75% GBP 22/03/2034 50,000 61,864 1.51
Vedanta Resources Jersey Ltd 5.5% USD 13/07/2016 100,000 60,499 1.48
TOTAL BONDS 3,733,204 91.35
Invesco Global Unconstrained Bond Fund
87 Invesco Funds
Invesco Global Total Return (EUR) Bond Fund
EUR %
BONDS
Banco Bilbao Vizcaya Argentaria SA FRN EUR Perpetual 1,000,000 1,010,790 0.74
Banco Bilbao Vizcaya Argentaria SA FRN USD Perpetual 2,200,000 1,734,946 1.27
Commerzbank AG 144A 8.125% USD 19/09/2023 1,600,000 1,316,522 0.97
Electricite de France FRN USD Perpetual 6,000,000 4,386,717 3.22
Enel SpA 144A FRN USD 24/09/2073 2,000,000 1,614,842 1.18
KBC Bank NV 8% EUR Perpetual 500,000 515,000 0.38
Koninklijke KPN NV FRN GBP 14/03/2073 1,000,000 1,262,624 0.93
Marks & Spencer Plc 7.125% USD 01/12/2037 1,000,000 781,272 0.57
Peabody Energy Corp 4.75% USD 15/12/2041 3,780,000 2,185,420 1.60
Prologis LP 3.375% EUR 20/02/2024 610,000 619,790 0.45
Royal Bank of Scotland Group Plc 5.25% EUR Perpetual 100,000 87,681 0.06
Societe Generale SA 7.875% FRN USD Perpetual 1,120,000 863,146 0.63
Societe Generale SA 8.25% FRN USD Perpetual 1,429,000 1,139,560 0.84
Telefonica Europe BV 6.75% FRN GBP Perpetual 2,100,000 2,661,038 1.95
T-Mobile USA Inc 6.5% USD 15/01/2024 450,000 345,805 0.25
UBS AG FRN EUR 12/02/2026 610,000 631,512 0.46
UBS AG 7.152% FRN EUR Perpetual 200,000 225,750 0.17
United States Treasury Note/Bond 3% USD 15/05/2042 2,000,000 1,294,728 0.95
Vedanta Resources Jersey Ltd 5.5% USD 13/07/2016 2,000,000 1,463,703 1.07
TOTAL BONDS 96,483,843 70.74
88 Invesco Funds
USD %
Abu Dhabi National Energy Co 2.5% USD 12/01/2018 300,000 304,978 0.21
Access Finance BV 7.25% USD 25/07/2017 1,800,000 1,797,409 1.25
ADCB Finance Cayman Ltd 4.5% USD 06/03/2023 2,800,000 2,800,185 1.95
Ajecorp BV 6.5% USD 14/05/2022 1,985,000 1,942,819 1.36
Andrade Gutierrez International SA 4% USD 30/04/2018 1,400,000 1,368,500 0.96
Arcos Dorados Holdings Inc 6.625% USD 27/09/2023 3,619,000 3,673,285 2.57
Banco Davivienda SA 5.875% USD 09/07/2022 1,500,000 1,473,750 1.03
Banco de Bogota SA 5% USD 15/01/2017 1,850,000 1,956,375 1.37
Banco Internacional del Peru SAA 5.75% USD 07/10/2020 1,520,000 1,584,600 1.11
Banco Santander Mexico SA 4.125% USD 09/11/2022 1,300,000 1,274,000 0.89
Banco Santander Mexico SA FRN USD 30/01/2024 1,650,000 1,720,125 1.20
Bank of Ceylon 6.875% USD 03/05/2017 1,000,000 1,047,500 0.73
Bao-trans Enterprises Ltd 3.75% USD 12/12/2018 2,500,000 2,493,939 1.74
BBVA Bancomer SA 6.5% USD 10/03/2021 1,690,000 1,843,790 1.29
BBVA Bancomer SA 6.75% USD 30/09/2022 2,300,000 2,524,250 1.77
BDO Unibank Inc 3.875% USD 22/04/2016 932,000 946,222 0.66
CFR International SpA 5.125% USD 06/12/2022 1,500,000 1,434,431 1.00
China Electronics Corp Holdings Co Ltd 4.7% CNY 16/01/2017 8,700,000 1,407,845 0.98
China Mengniu Dairy Co Ltd 3.5% USD 27/11/2018 1,800,000 1,814,234 1.27
Cia Minera Ares SAC 7.75% USD 23/01/2021 2,800,000 2,870,000 2.00
Colombia Telecomunicaciones SA ESP 5.375% USD 27/09/2022 1,500,000 1,451,250 1.01
Comcel Trust 6.875% USD 06/02/2024 2,200,000 2,282,500 1.60
Controladora Mabe SA de CV 7.875% USD 28/10/2019 2,600,000 2,912,000 2.03
Cosan Luxembourg SA 5% USD 14/03/2023 2,500,000 2,287,500 1.60
Country Garden Holdings Co Ltd 7.5% USD 10/01/2023 900,000 862,875 0.60
DBS Bank Ltd FRN USD 21/09/2022 1,600,000 1,659,394 1.16
Development Bank of Kazakhstan JSC 4.125% USD 10/12/2022 1,300,000 1,169,554 0.82
Dubai Electricity & Water Authority 7.375% USD 21/10/2020 700,000 843,282 0.59
Embotelladora Andina SA 5% USD 01/10/2023 2,000,000 2,058,167 1.44
Emirate of Dubai Government International Bonds 5.25% USD 30/01/2043 400,000 356,000 0.25
Export-Import Bank of Malaysia Bhd 2.875% USD 14/12/2017 200,000 206,789 0.14
Fresnillo Plc 5.5% USD 13/11/2023 1,500,000 1,522,500 1.06
Gazprom Neft OAO Via GPN Capital SA 6% USD 27/11/2023 2,500,000 2,519,880 1.76
Gazprom OAO Via Gaz Capital SA 6.51% USD 07/03/2022 400,000 428,500 0.30
Gazprombank OJSC Via GPB Eurobond Finance Plc 4.96% USD 05/09/2019 750,000 751,639 0.53
Globo Comunicacao e Participacoes SA 6.25% USD Perpetual 2,050,000 2,167,875 1.52
Gold Fields Orogen Holding BVI Ltd 4.875% USD 07/10/2020 1,350,000 1,161,000 0.81
Golden Eagle Retail Group Ltd 4.625% USD 21/05/2023 1,800,000 1,542,650 1.08
Grupo Aval Ltd 4.75% USD 26/09/2022 500,000 473,750 0.33
Grupo KUO SAB De CV 6.25% USD 04/12/2022 1,800,000 1,836,000 1.28
GTB Finance B.V. 7.5% USD 19/05/2016 400,000 422,917 0.30
Hongkong Land Finance Cayman Island Co Ltd/The 4.5% USD 01/06/2022 400,000 416,209 0.29
Indo Energy Finance BV 7% USD 07/05/2018 1,000,000 995,000 0.70
Indo Energy Finance II BV 6.375% USD 24/01/2023 1,100,000 913,000 0.64
Indonesia Government International Bond 5.875% USD 15/01/2024 500,000 531,576 0.37
Inversiones CMPC SA 4.5% USD 25/04/2022 300,000 295,630 0.21
IPIC GMTN Ltd 5.5% USD 01/03/2022 250,000 281,406 0.20
Israel Electric Corp Ltd 6.7% USD 10/02/2017 900,000 985,500 0.69
Israel Electric Corp Ltd 6.875% USD 21/06/2023 1,000,000 1,089,010 0.76
Kaisa Group Holdings Ltd 8.875% USD 19/03/2018 1,200,000 1,198,944 0.84
KazMunayGas National Co JSC 4.4% USD 30/04/2023 330,000 309,061 0.22
KazMunayGas National Co JSC 5.75% USD 30/04/2043 530,000 461,750 0.32
Invesco Emerging Market Corporate Bond Fund
89 Invesco Funds
USD %
BONDS (continued)
Medjool Ltd 3.875% USD 19/03/2023 2,160,072 2,118,116 1.48
Mobile Telesystems OJSC via MTS International Funding Ltd 5% USD 30/05/2023 2,500,000 2,319,860 1.62
Mobile Telesystems OJSC via MTS International Funding Ltd 8.625% USD 22/06/2020 1,000,000 1,176,714 0.82
Morocco Government International Bond 4.25% USD 11/12/2022 1,600,000 1,552,320 1.08
National Bank of Abu Dhabi PJSC 3% USD 13/08/2019 550,000 555,944 0.39
Odebrecht Offshore Drilling Finance Ltd 6.625% USD 01/10/2022 1,700,000 1,757,375 1.23
Oi SA 5.75% USD 10/02/2022 1,500,000 1,440,000 1.01
Oversea-Chinese Banking Corp Ltd FRN USD 11/03/2023 1,000,000 1,008,755 0.70
Pertamina Persero PT 4.3% USD 20/05/2023 500,000 453,750 0.31
Perusahaan Listrik Negara PT 5.25% USD 24/10/2042 250,000 198,750 0.14
Perusahaan Listrik Negara PT 5.5% USD 22/11/2021 800,000 811,000 0.57
Perusahaan Penerbit SBSN Indonesia 6.125% USD 15/03/2019 600,000 654,000 0.46
Petrobras Global Finance BV 4.375% USD 20/05/2023 2,500,000 2,279,590 1.58
Petroleos Mexicanos 3.125% USD 23/01/2019 670,000 685,075 0.48
Petroleos Mexicanos 4.875% USD 24/01/2022 1,800,000 1,882,556 1.32
Petroleos Mexicanos 6.375% USD 23/01/2045 910,000 957,285 0.67
Petroleos Mexicanos 7.65% MXN 24/11/2021 12,600,000 987,748 0.69
Poland Government International Bond 4% USD 22/01/2024 1,600,000 1,606,946 1.12
Polyus Gold International Ltd 5.625% USD 29/04/2020 2,200,000 2,153,383 1.50
Reliance Holding USA Inc 5.4% USD 14/02/2022 2,000,000 2,089,539 1.46
Republic of Angola Via Northern Lights III BV 7% USD 16/08/2019 450,000 480,817 0.34
Republic of Serbia 5.875% USD 03/12/2018 1,000,000 1,055,941 0.74
RHB Bank BHD 3.25% USD 11/05/2017 400,000 409,412 0.29
Russian Agricultural Bank OJSC Via RSHB Capital SA 5.1% USD 25/07/2018 1,000,000 1,021,259 0.71
Russian Agricultural Bank OJSC Via RSHB Capital SA 8.625% RUB 17/02/2017 7,500,000 204,079 0.14
Samarco Mineracao SA 4.125% USD 01/11/2022 2,300,000 2,110,250 1.47
Sberbank of Russia Via SB Capital SA 5.18% USD 28/06/2019 1,000,000 1,046,891 0.73
Sberbank of Russia Via SB Capital SA 5.717% USD 16/06/2021 1,200,000 1,247,394 0.87
Scotiabank Peru SA FRN USD 13/12/2027 2,600,000 2,320,500 1.62
Shimao Property Holdings Ltd 8.125% USD 22/01/2021 1,000,000 1,005,000 0.70
Sistema JSFC via Sistema International Funding SA 6.95% USD 17/05/2019 2,900,000 3,062,855 2.15
Southern Copper Corp 7.5% USD 27/07/2035 1,500,000 1,652,058 1.15
Sri Lanka Government International Bond 6% USD 14/01/2019 1,500,000 1,567,500 1.10
Sri Lanka Government International Bond 7.4% USD 22/01/2015 300,000 313,222 0.22
State Oil Co of the Azerbaijan Republic 4.75% USD 13/03/2023 1,800,000 1,706,187 1.19
State Oil Co of the Azerbaijan Republic 5.45% USD 09/02/2017 500,000 528,066 0.37
Telefonica Chile SA 3.875% USD 12/10/2022 1,700,000 1,593,820 1.11
Transnet SOC Ltd 4% USD 26/07/2022 800,000 727,438 0.51
Trust F/1401 5.25% USD 15/12/2024 2,650,000 2,636,749 1.85
Vale Overseas Ltd 6.875% USD 10/11/2039 1,500,000 1,579,059 1.10
Vedanta Resources Plc 8.25% USD 07/06/2021 1,700,000 1,788,188 1.25
VimpelCom Holdings BV 5.2% USD 13/02/2019 800,000 799,563 0.56
VimpelCom Holdings BV 7.504% USD 01/03/2022 1,050,000 1,102,877 0.77
Volcan Cia Minera SAA 5.375% USD 02/02/2022 1,770,000 1,712,475 1.20
VTB Bank OJSC Via VTB Capital SA 6% USD 12/04/2017 220,000 233,954 0.16
VTR Finance BV 6.875% USD 15/01/2024 500,000 514,402 0.37
TOTAL BONDS 135,613,985 94.77
Invesco Emerging Market Corporate Bond Fund
90 Invesco Funds
EUR %
BONDS
Abbey National Treasury Services Plc 1.75% EUR 15/01/2018 300,000 304,427 0.39
ABN AMRO Bank NV 4.25% EUR 11/04/2016 100,000 107,134 0.14
Achmea BV 6% EUR Perpetual 300,000 310,908 0.40
American International Group Inc 4.375% EUR 26/04/2016 100,000 107,037 0.14
Austria Government Bond 144A 3.5% EUR 15/07/2015 500,000 522,831 0.66
AXA SA 4.5% EUR 23/01/2015 100,000 103,508 0.13
Banca Monte dei Paschi di Siena SpA 4.875% EUR 15/09/2016 400,000 426,228 0.54
Bankia SA 3.5% EUR 17/01/2019 1,300,000 1,338,376 1.69
Bankia SA 3.625% EUR 05/10/2016 600,000 632,347 0.80
Bankia SA 4.875% EUR 31/03/2014 100,000 100,408 0.13
Barclays Bank Plc 3.5% EUR 18/03/2015 100,000 103,145 0.13
BAT International Finance Plc 5.375% EUR 29/06/2017 500,000 570,895 0.73
BAT International Finance Plc 5.875% EUR 12/03/2015 150,000 158,075 0.20
BBVA Senior Finance SAU 3.25% EUR 21/03/2016 400,000 416,830 0.53
Belgium Government Bond 144A 3.5% EUR 28/06/2017 600,000 657,961 0.84
Belgium Government Bond 144A 3.75% EUR 28/09/2015 700,000 739,227 0.94
BG Energy Capital Plc FRN USD 30/11/2072 200,000 159,255 0.20
BP Capital Markets Plc 3.472% EUR 01/06/2016 150,000 159,267 0.20
Bundesobligation 2.5% EUR 10/10/2014 500,000 507,157 0.64
Bundesschatzanweisungen 0% EUR 12/12/2014 1,000,000 999,214 1.27
Bundesschatzanweisungen 0% EUR 11/12/2015 1,500,000 1,496,830 1.90
Caixa Geral de Depositos SA 3% EUR 15/01/2019 300,000 307,828 0.39
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA FRN USD Perpetual 100,000 80,916 0.10
Deutsche Telekom International Finance BV 5.875% EUR 10/09/2014 100,000 102,866 0.13
Dexia Credit Local SA 5.375% EUR 21/07/2014 400,000 406,713 0.51
Digital Stout Holding LLC 4.25% GBP 17/01/2025 100,000 116,219 0.15
DONG Energy A/S FRN EUR 08/07/3013 500,000 531,283 0.68
Enel SpA FRN EUR 15/01/2075 300,000 306,167 0.39
F Van Lanschot Bankiers NV 2.875% EUR 17/10/2016 750,000 770,495 0.97
France Government Bond OAT 5% EUR 25/10/2016 500,000 561,537 0.71
France Treasury Bill BTF 0% EUR 07/05/2014 1,500,000 1,499,573 1.91
French Treasury Note BTAN 2% EUR 12/07/2015 500,000 512,398 0.65
French Treasury Note BTAN 2.5% EUR 25/07/2016 750,000 789,503 1.01
Gazprombank OJSC Via GPB Eurobond Finance Plc 3.984% EUR 30/10/2018 300,000 307,664 0.39
GDF Suez 1.5% EUR 20/07/2017 300,000 305,949 0.39
GDF Suez FRN EUR Perpetual 500,000 521,279 0.66
Hannover Finance Luxembourg SA FRN EUR Perpetual 500,000 517,733 0.66
Heathrow Funding Ltd 4.6% EUR 30/09/2014 150,000 154,071 0.20
Heathrow Funding Ltd 4.6% EUR 15/02/2018 200,000 224,340 0.28
HSBC Finance Corp 4.5% EUR 14/06/2016 500,000 539,930 0.69
HSBC Finance Corp 6.25% GBP 19/08/2019 150,000 211,532 0.27
Hutchison Whampoa Finance 05 Ltd 4.125% EUR 28/06/2015 100,000 104,504 0.13
Intesa Sanpaolo SpA 4.125% EUR 19/09/2016 800,000 854,202 1.09
Italy Buoni Ordinari Del Tesoro 0% EUR 14/03/2014 1,500,000 1,499,929 1.91
Italy Buoni Poliennali Del Tesoro 3% EUR 01/04/2014 1,500,000 1,504,344 1.91
Italy Buoni Poliennali Del Tesoro 3% EUR 15/04/2015 300,000 307,875 0.39
Invesco Euro Short Term Bond Fund
91 Invesco Funds
Invesco Euro Short Term Bond Fund
EUR %
BONDS (continued)
Jaguar Land Rover Automotive Plc 8.25% GBP 15/03/2020 150,000 206,910 0.26
Kutxabank SA 3% EUR 01/02/2017 400,000 421,012 0.54
Lloyds Banking Group Plc 5.875% EUR 08/07/2014 500,000 506,553 0.64
Macquarie Bank Ltd 2.5% EUR 18/09/2018 250,000 258,054 0.33
Manchester Airport Group Funding Plc 4.75% GBP 31/03/2034 400,000 489,849 0.63
Mapfre SA 5.125% EUR 16/11/2015 300,000 320,368 0.41
Microsoft Corp 2.125% EUR 06/12/2021 250,000 253,539 0.32
Morgan Stanley 3.75% EUR 21/09/2017 500,000 541,202 0.68
Nationwide Building Society FRN EUR 20/03/2023 250,000 263,052 0.33
Nationwide Building Society FRN GBP Perpetual 500,000 633,958 0.81
NGG Finance Plc FRN EUR 18/06/2076 500,000 515,382 0.65
Renault SA 3.625% EUR 19/09/2018 100,000 105,770 0.13
Royal Bank of Scotland Group Plc 1.5% EUR 28/11/2016 1,100,000 1,105,116 1.41
RSA Insurance Group Plc FRN GBP Perpetual 260,000 330,257 0.42
RWE AG FRN USD 12/10/2072 130,000 103,874 0.13
Sampo 4.25% EUR 27/02/2017 100,000 108,453 0.14
Sanofi 1.875% EUR 04/09/2020 200,000 202,582 0.26
Santander Consumer Finance SA 1.625% EUR 23/04/2015 700,000 699,125 0.89
Securitas AB 2.75% EUR 28/02/2017 200,000 207,956 0.26
Slovenia Government Bond 2.75% EUR 17/03/2015 1,500,000 1,542,698 1.96
Spain Government Bond 4% EUR 30/07/2015 1,000,000 1,046,570 1.33
Spain Letras del Tesoro 0% EUR 14/03/2014 1,500,000 1,499,933 1.91
SSE Plc 5.625% FRN EUR Perpetual 150,000 161,808 0.21
Standard Chartered Bank 5.875% EUR 26/09/2017 500,000 569,145 0.72
Standard Chartered Bank FRN USD Perpetual 200,000 152,219 0.19
Svenska Cellulosa AB 3.625% EUR 26/08/2016 100,000 106,681 0.14
Svenska Handelsbanken AB FRN EUR 15/01/2024 1,000,000 1,022,222 1.30
Swiss Re Treasury US Corp 7% EUR 19/05/2014 100,000 101,329 0.13
ThyssenKrupp AG 3.125% EUR 25/10/2019 500,000 499,225 0.63
UBS AG FRN EUR 12/02/2026 750,000 776,449 0.98
UBS AG FRN USD 22/05/2023 200,000 148,121 0.19
Verizon Communications Inc 2.375% EUR 17/02/2022 500,000 504,320 0.64
Vodafone Group Plc 6.25% EUR 15/01/2016 200,000 220,555 0.28
Xstrata Finance Dubai Ltd 1.75% EUR 19/05/2016 300,000 303,687 0.39
Zurich Finance USA Inc 4.5% EUR 17/09/2014 100,000 102,175 0.13
TOTAL BONDS 71,727,444 91.19
OPEN-ENDED FUNDS
92 Invesco Funds
USD %
BONDS
Bank of East Asia Ltd FRN USD 04/05/2022 400,000 433,609 1.88
Bestgain Real Estate Ltd 2.625% USD 13/03/2018 400,000 368,947 1.60
Bestgain Real Estate Lyra Ltd 4.05% CNY 16/12/2016 3,000,000 487,521 2.11
Big Will Investments Ltd 10.875% USD 29/04/2016 500,000 540,344 2.34
CapitaLand Treasury Ltd 4.3% SGD 31/08/2020 250,000 208,445 0.90
Champion MTN Ltd 3.75% USD 17/01/2023 1,000,000 869,516 3.75
Cheung Kong Bond Securities Ltd 5.125% SGD Perpetual 750,000 541,750 2.34
China Government Bond 1.4% CNY 18/08/2016 2,000,000 317,999 1.37
China Mengniu Dairy Co Ltd 3.5% USD 27/11/2018 500,000 503,954 2.18
CITIC Securities Finance 2013 Co Ltd 2.5% USD 03/05/2018 250,000 240,903 1.04
CNOOC Finance 2012 Ltd 5% USD 02/05/2042 200,000 197,478 0.85
Country Garden Holdings Co Ltd 11.125% USD 23/02/2018 1,000,000 1,105,000 4.77
CSSC Capital 2013 Ltd 2.75% USD 12/12/2016 250,000 250,019 1.08
Doosan Infracore Co Ltd 4.5% USD 23/11/2016 300,000 323,516 1.40
Export-Import Bank of India 4% USD 14/01/2023 250,000 230,750 1.00
Genting Singapore Plc 5.125% SGD Perpetual 1,250,000 955,319 4.13
Hong Kong Government Bond Programme FRN HKD 22/06/2015 1,500,000 197,617 0.85
Hong Kong Government Bond Programme FRN HKD 28/07/2014 2,650,000 343,405 1.49
Hutchison Whampoa International 11 Ltd 4.625% USD 13/01/2022 300,000 316,453 1.37
ICICI Bank Ltd 3.65% SGD 14/01/2020 500,000 380,487 1.65
ICICI Bank Ltd 5.75% USD 16/11/2020 500,000 530,467 2.29
Indonesia Treasury Bond 9.5% IDR 15/06/2015 5,000,000,000 444,598 1.92
Industrial & Commercial Bank of China Ltd 3.2% CNY 28/11/2015 1,500,000 244,305 1.06
Kaisa Group Holdings Ltd 6.875% CNY 22/04/2016 2,500,000 404,380 1.75
Longfor Properties Co Ltd 6.75% USD 29/01/2023 500,000 456,670 1.97
Majapahit Holding BV 7.75% USD 20/01/2020 200,000 228,750 0.99
Majapahit Holding BV 8% USD 07/08/2019 200,000 232,000 1.00
Malaysia Government Bond 4.16% MYR 15/07/2021 1,500,000 460,542 1.99
Malaysia Government Bond 4.378% MYR 29/11/2019 1,500,000 470,264 2.03
Mongolia Government International Bond 5.125% USD 05/12/2022 400,000 319,499 1.38
Pertamina Persero PT 6% USD 03/05/2042 400,000 345,000 1.49
PHBS Ltd 6.625% USD Perpetual 1,000,000 986,865 4.27
Philippine Government International Bond 6.25% PHP 14/01/2036 32,000,000 708,704 3.07
Philippine Government International Bond 9.5% USD 02/02/2030 300,000 464,250 2.01
Philippine Government International Bond 10.625% USD 16/03/2025 200,000 311,500 1.35
POSCO 8.75% USD 26/03/2014 300,000 301,427 1.30
Shimao Property Holdings Ltd 6.625% USD 14/01/2020 250,000 237,302 1.03
Shimao Property Holdings Ltd 11% USD 08/03/2018 600,000 665,444 2.88
Singapore Airlines Ltd 3.22% SGD 09/07/2020 250,000 201,403 0.87
Sinopec Capital 2013 Ltd 1.875% USD 24/04/2018 300,000 294,418 1.27
Sun Hung Kai Properties Capital Market Ltd 3.23% HKD 10/01/2023 2,000,000 243,506 1.05
Thailand Government Bond 1.25% THB 12/03/2028 10,000,000 260,592 1.13
Thailand Government Bond 3.65% THB 17/12/2021 30,000,000 925,418 4.00
Wharf Finance No 1 Ltd 4% CNY 27/03/2018 3,000,000 493,939 2.14
Zhongsheng Group Holdings Ltd 4.75% CNY 21/04/2014 2,000,000 325,482 1.41
TOTAL BONDS 21,463,380 92.81
Invesco Asian Bond Fund
93 Invesco Funds
Invesco Asian Bond Fund
USD %
BONDS
BNP Paribas SA 3.05% HKD 30/09/2014 3,000,000 389,797 1.69
Hysan MTN Ltd 3.9% HKD 08/03/2019 2,000,000 258,709 1.12
Wheelock Finance Ltd 4.2% HKD 13/09/2022 2,000,000 250,548 1.08
94 Invesco Funds
Invesco US High Yield Bond Fund
USD %
EQUITIES
General Motors Co 6,868 252,571 0.29
Goodyear Tire & Rubber Co (Preferred) 1,001 74,314 0.08
TOTAL EQUITIES 326,885 0.37
BONDS
Access Midstream Partners LP / ACMP Finance Corp 5.875% USD 15/04/2021 230,000 246,675 0.28
Access Midstream Partners LP / ACMP Finance Corp 6.125% USD 15/07/2022 105,000 114,188 0.13
AES Corp 7.375% USD 01/07/2021 813,000 928,853 1.06
AES Corp 8% USD 15/10/2017 7,000 8,295 0.01
AG Spring Finance II Ltd 9.5% EUR 01/06/2019 300,000 438,129 0.50
Aircastle Ltd 6.25% USD 01/12/2019 175,000 191,625 0.22
Aircastle Ltd 7.625% USD 15/04/2020 836,000 955,130 1.08
Albea Beauty Holdings SA 8.75% EUR 01/11/2019 100,000 149,329 0.17
Ally Financial Inc 7.5% USD 15/09/2020 680,000 825,349 0.95
Ally Financial Inc 8% USD 15/03/2020 242,000 300,685 0.34
America West Airlines 2001-1 Pass Through Trust 7.1% USD 02/04/2021 48,863 53,505 0.06
American Axle & Manufacturing Inc 6.25% USD 15/03/2021 200,000 215,000 0.25
AmeriGas Finance LLC 7% USD 20/05/2022 548,000 604,170 0.69
Amkor Technology Inc 6.625% USD 01/06/2021 430,000 457,950 0.52
Anixter Inc 5.625% USD 01/05/2019 35,000 37,363 0.04
Antero Resources Finance Corp 6% USD 01/12/2020 500,000 533,750 0.61
ArcelorMittal 5.75% USD 05/08/2020 45,000 48,375 0.06
ArcelorMittal 6% USD 01/03/2021 466,000 505,610 0.57
Astaldi SpA 7.125% EUR 01/12/2020 100,000 147,428 0.17
Atlas Pipeline Partners LP 6.625% USD 01/10/2020 638,000 684,254 0.78
Atwood Oceanics Inc 6.5% USD 01/02/2020 130,000 140,725 0.16
Autodis SA 6.5% EUR 01/02/2019 400,000 560,723 0.64
Avaya Inc 144A 9% USD 01/04/2019 250,000 260,625 0.30
Avis Budget Finance Plc 6% EUR 01/03/2021 115,000 169,664 0.19
B/E Aerospace Inc 5.25% USD 01/04/2022 55,000 56,994 0.07
Bakkavor Finance 2 Plc 8.25% GBP 15/02/2018 400,000 715,799 0.82
Ball Corp 5.75% USD 15/05/2021 866,000 926,619 1.06
Basic Energy Services Inc 7.75% USD 15/02/2019 51,000 54,570 0.06
Beazer Homes USA Inc 9.125% USD 15/06/2018 295,000 314,175 0.36
Berry Petroleum Co LLC 6.375% USD 15/09/2022 229,000 239,591 0.27
Berry Petroleum Co LLC 6.75% USD 01/11/2020 145,000 154,425 0.18
Bertin SA 10.25% USD 05/10/2016 100,000 112,875 0.13
Biomet Inc 6.5% USD 01/08/2020 436,000 472,515 0.54
Biomet Inc 6.5% USD 01/10/2020 390,000 417,788 0.48
Boise Cascade Co 6.375% USD 01/11/2020 150,000 160,875 0.18
Bombardier Inc 7.75% USD 15/03/2020 105,000 117,600 0.14
Bonanza Creek Energy Inc 6.75% USD 15/04/2021 407,000 437,525 0.50
Boyd Gaming Corp 9% USD 01/07/2020 336,000 367,080 0.42
Boyd Gaming Corp 9.125% USD 01/12/2018 81,000 88,088 0.10
Bristow Group Inc 6.25% USD 15/10/2022 834,000 889,253 1.02
Cabot Financial Luxembourg SA 10.375% GBP 01/10/2019 100,000 191,761 0.22
Caesars Entertainment Operating Co Inc 9% USD 15/02/2020 860,000 838,499 0.96
Caesars Entertainment Operating Co Inc 10% USD 15/12/2015 107,000 89,345 0.10
CCO Holdings LLC 6.5% USD 30/04/2021 418,000 448,305 0.51
Cemex SAB de CV 5.875% USD 25/03/2019 500,000 516,875 0.59
Central European Media Enterprises Ltd 11.625% EUR 15/09/2016 50,000 68,626 0.08
Chaparral Energy Inc 7.625% USD 15/11/2022 270,000 294,300 0.34
Chaparral Energy Inc 8.25% USD 01/09/2021 276,000 303,600 0.35
Chemtura Corp 5.75% USD 15/07/2021 425,000 442,531 0.51
Chesapeake Energy Corp 6.625% USD 15/08/2020 175,000 200,813 0.23
Chiquita Brands International Inc 4.25% USD 15/08/2016 180,000 177,975 0.20
Cimarex Energy Co 5.875% USD 01/05/2022 585,000 636,188 0.73
CIT Group Inc 5% USD 15/08/2022 785,000 826,785 0.95
JBS SA 10.5% USD 04/08/2016 100,000 112,750 0.13
Jerrold Finco Plc 9.75% GBP 15/09/2018 350,000 647,320 0.73
K Hovnanian Enterprises Inc 6.25% USD 15/01/2016 382,000 405,875 0.46
KB Home 7% USD 15/12/2021 425,000 456,875 0.52
KB Home 7.5% USD 15/09/2022 25,000 27,250 0.03
Key Energy Services Inc 6.75% USD 01/03/2021 166,000 174,300 0.20
Kleopatra Holdings 1 SCA 10.25% EUR 15/08/2017 264,284 387,336 0.44
95 Invesco Funds
USD %
BONDS (continued)
Kodiak Oil & Gas Corp 5.5% USD 15/01/2021 204,000 209,610 0.24
L Brands Inc 5.625% USD 15/02/2022 260,000 273,000 0.31
L Brands Inc 6.625% USD 01/04/2021 55,000 61,875 0.07
La Financiere Atalian SAS 7.25% EUR 15/01/2020 250,000 368,987 0.42
Ladder Capital Finance Holdings LLLP 7.375% USD 01/10/2017 230,000 245,525 0.28
Laredo Petroleum Inc 7.375% USD 01/05/2022 237,000 264,255 0.30
Lennar Corp 6.95% USD 01/06/2018 90,000 101,925 0.12
Level 3 Communications Inc 8.875% USD 01/06/2019 43,000 47,515 0.05
Level 3 Financing Inc 7% USD 01/06/2020 1,111,000 1,216,544 1.40
Levi Strauss & Co 6.875% USD 01/05/2022 250,000 275,625 0.31
Levi Strauss & Co 7.625% USD 15/05/2020 75,000 82,125 0.09
LIN Television Corp 6.375% USD 15/01/2021 440,000 468,600 0.53
M/I Homes Inc 8.625% USD 15/11/2018 330,000 358,875 0.41
Manitowoc Co Inc 5.875% USD 15/10/2022 150,000 158,250 0.18
MarkWest Energy Partners LP 5.5% USD 15/02/2023 165,000 169,950 0.19
MarkWest Energy Partners LP 6.5% USD 15/08/2021 337,000 366,488 0.42
Meritor Inc 6.25% USD 15/02/2024 225,000 230,625 0.26
MetroPCS Wireless Inc 6.625% USD 15/11/2020 355,000 382,069 0.44
MGM Resorts International 6.625% USD 15/12/2021 230,000 253,288 0.29
Mobile Challenger Intermediate Group SA 8.75% CHF 15/03/2019 200,000 235,308 0.27
MPT Operating Partnership LP 6.875% USD 01/05/2021 65,000 70,525 0.08
Nara Cable Funding Ltd 8.875% USD 01/12/2018 200,000 218,500 0.25
Nara Cable Funding Ltd 8.875% EUR 01/12/2018 250,000 376,495 0.43
Navistar International Corp 8.25% USD 01/11/2021 255,000 267,113 0.30
New Look Bondco I Plc 8.75% GBP 14/05/2018 100,000 180,837 0.21
Newfield Exploration Co 6.875% USD 01/02/2020 369,000 397,598 0.45
Norbord Inc 144A 5.375% USD 01/12/2020 99,000 100,238 0.11
Nortek Inc 8.5% USD 15/04/2021 835,000 937,287 1.06
Nortek Inc 10% USD 01/12/2018 144,000 159,480 0.18
NRG Energy Inc 7.625% USD 15/01/2018 100,000 113,500 0.13
NRG Energy Inc 7.875% USD 15/05/2021 605,000 674,575 0.77
Orange SA FRN GBP Perpetual 320,000 540,942 0.62
Outerwall Inc 6% USD 15/03/2019 270,000 282,150 0.32
Peabody Energy Corp 6.5% USD 15/09/2020 250,000 266,250 0.30
Pendragon Plc 6.875% GBP 01/05/2020 300,000 534,384 0.62
PH Glatfelter Co 5.375% USD 15/10/2020 791,000 818,684 0.93
Pinnacle Entertainment Inc 7.5% USD 15/04/2021 330,000 360,525 0.41
Play Finance 2 SA 5.25% EUR 01/02/2019 245,000 347,865 0.40
PolyOne Corp 7.375% USD 15/09/2020 58,000 63,873 0.07
Post Holdings Inc 7.375% USD 15/02/2022 202,000 220,685 0.25
Precision Drilling Corp 6.625% USD 15/11/2020 502,000 542,160 0.62
PVH Corp 4.5% USD 15/12/2022 90,000 88,425 0.10
PVR Partners LP 8.375% USD 01/06/2020 392,000 440,020 0.50
QEP Resources Inc 5.25% USD 01/05/2023 167,000 167,418 0.19
QEP Resources Inc 5.375% USD 01/10/2022 319,000 322,190 0.37
R&R Pik Plc 9.25% EUR 15/05/2018 100,000 141,929 0.16
Range Resources Corp 5% USD 15/08/2022 130,000 133,250 0.15
Regency Energy Partners LP 5.75% USD 01/09/2020 71,000 74,550 0.09
Regency Energy Partners LP 6.5% USD 15/07/2021 747,000 810,494 0.93
Regions Bank 6.45% USD 26/06/2037 250,000 277,583 0.32
Rent-A-Center Inc 6.625% USD 15/11/2020 185,000 193,788 0.22
Reynolds Group Issuer Inc 5.75% USD 15/10/2020 702,000 736,222 0.85
RHP Hotel Properties LP 5% USD 15/04/2021 169,000 170,268 0.19
Rosetta Resources Inc 5.625% USD 01/05/2021 276,000 285,660 0.33
Rosetta Resources Inc 5.875% USD 01/06/2022 149,000 152,911 0.17
Royal Bank of Scotland Group Plc 6.125% USD 15/12/2022 115,000 121,315 0.14
Royal Bank of Scotland Plc FRN USD 16/03/2022 511,000 604,411 0.69
Royal Caribbean Cruises Ltd 7.25% USD 15/03/2018 25,000 29,000 0.03
RR Donnelley & Sons Co 7.875% USD 15/03/2021 75,000 84,938 0.10
Ryland Group Inc 5.375% USD 01/10/2022 290,000 285,650 0.33
Sally Holdings LLC 5.5% USD 01/11/2023 140,000 142,100 0.16
Sally Holdings LLC 5.75% USD 01/06/2022 302,000 317,855 0.36
96 Invesco Funds
USD %
BONDS (continued)
SandRidge Energy Inc 7.5% USD 15/03/2021 751,000 794,182 0.91
SBA Communications Corp 5.625% USD 01/10/2019 379,000 399,845 0.46
Schaeffler Finance BV 4.25% EUR 15/05/2018 300,000 433,035 0.49
Schaeffler Holding Finance BV 6.875% EUR 15/08/2018 200,000 295,879 0.34
SM Energy Co 6.5% USD 15/11/2021 600,000 650,999 0.74
Speedway Motorsports Inc 6.75% USD 01/02/2019 105,000 111,825 0.13
Spie BondCo 3 SCA 11% EUR 15/08/2019 100,000 157,904 0.18
Spirit AeroSystems Inc 6.75% USD 15/12/2020 403,000 435,240 0.50
Sprint Capital Corp 6.9% USD 01/05/2019 110,000 121,413 0.14
Sprint Communications Inc 6% USD 15/11/2022 567,000 582,592 0.67
Sprint Communications Inc 7% USD 15/08/2020 371,000 406,245 0.46
Starz LLC 5% USD 15/09/2019 329,000 343,805 0.39
Steel Dynamics Inc 6.375% USD 15/08/2022 493,000 542,300 0.62
Suburban Propane Partners LP 7.375% USD 15/03/2020 238,000 257,040 0.29
Suburban Propane Partners LP 7.375% USD 01/08/2021 258,000 285,735 0.33
Synovus Financial Corp 5.125% USD 15/06/2017 287,000 301,350 0.34
Synovus Financial Corp 7.875% USD 15/02/2019 630,000 718,988 0.82
Takko Luxembourg 2 S.C.A 9.875% EUR 15/04/2019 100,000 124,140 0.14
Targa Resources Partners LP 6.875% USD 01/02/2021 788,000 858,919 0.98
Tenet Healthcare Corp 8% USD 01/08/2020 670,000 737,837 0.85
Terex Corp 6% USD 15/05/2021 290,000 306,675 0.35
Terex Corp 6.5% USD 01/04/2020 25,000 27,188 0.03
Tesoro Logistics LP 5.875% USD 01/10/2020 532,000 555,940 0.63
Texas Industries Inc 9.25% USD 15/08/2020 815,000 948,455 1.07
Thomas Cook Finance Plc 7.75% EUR 15/06/2020 100,000 151,906 0.17
TransDigm Inc 5.5% USD 15/10/2020 134,000 136,345 0.16
TransDigm Inc 7.5% USD 15/07/2021 220,000 243,650 0.28
Tutor Perini Corp 7.625% USD 01/11/2018 55,000 59,056 0.07
United Continental Holdings Inc 6.375% USD 01/06/2018 755,000 809,737 0.92
United Refining Co 10.5% USD 28/02/2018 30,000 33,675 0.04
United Rentals North America Inc 6.125% USD 15/06/2023 175,000 185,938 0.21
United Rentals North America Inc 8.25% USD 01/02/2021 50,000 56,625 0.06
United States Steel Corp 7.375% USD 01/04/2020 609,000 668,378 0.76
United States Steel Corp 7.5% USD 15/03/2022 170,000 182,325 0.21
Universal Hospital Services Inc 7.625% USD 15/08/2020 365,000 394,200 0.45
UPC Holding BV 6.75% CHF 15/03/2023 150,000 183,201 0.21
UPC Holding BV 6.75% EUR 15/03/2023 100,000 148,705 0.17
US Airways 2013-1 Class B Pass Through Trust 5.375% USD 15/05/2023 100,000 101,625 0.12
USG Corp 9.75% USD 15/01/2018 332,000 400,890 0.46
Valeant Pharmaceuticals International 6.375% USD 15/10/2020 405,000 443,981 0.51
Vedanta Resources Plc 6% USD 31/01/2019 450,000 447,750 0.51
ViaSat Inc 6.875% USD 15/06/2020 315,000 336,263 0.38
Vimpel Communications Via VIP Finance Ireland Ltd OJSC 7.748% USD 02/02/2021 200,000 215,420 0.25
Virgin Media Finance Plc 7% GBP 15/04/2023 400,000 708,822 0.81
Virgin Media Secured Finance Plc 6% GBP 15/04/2021 100,000 175,834 0.20
WellCare Health Plans Inc 5.75% USD 15/11/2020 235,000 246,163 0.28
Whiting Petroleum Corp 5.75% USD 15/03/2021 394,000 426,505 0.49
Wind Acquisition Finance SA 6.5% USD 30/04/2020 200,000 221,500 0.25
WPX Energy Inc 6% USD 15/01/2022 371,000 379,348 0.43
Zions Bancorporation FRN USD Perpetual 150,000 137,625 0.16
Zobele Holding SpA 7.875% EUR 01/02/2018 100,000 147,032 0.17
TOTAL BONDS 82,967,347 94.72
97 Invesco Funds
Invesco Renminbi Fixed Income Fund
USD %
BONDS
AUSTRALIA
Australia & New Zealand Banking Group Ltd 2.9% CNY 14/08/2015 3,000,000 492,978 1.00
BERMUDA
China Electronics Corp Holdings Co Ltd 4.7% CNY 16/01/2017 3,500,000 566,374 1.15
IT Ltd 6.25% CNY 15/05/2018 9,500,000 1,301,921 2.63
Noble Group Ltd 4% CNY 30/01/2016 8,000,000 1,303,526 2.64
3,171,821 6.42
CAYMAN ISLANDS
Kaisa Group Holdings Ltd 6.875% CNY 22/04/2016 8,000,000 1,294,016 2.62
Zhongsheng Group Holdings Ltd 4.75% CNY 21/04/2014 3,000,000 488,223 0.99
1,782,239 3.61
CHINA
Agricultural Bank of China Ltd 3.2% CNY 28/11/2015 2,000,000 325,587 0.66
Bank of China Ltd 3.45% CNY 16/01/2017 3,000,000 487,973 0.99
Bank of Communications Co Ltd 2.98% CNY 09/03/2014 3,000,000 488,234 0.99
China Development Bank Corp 3.45% CNY 16/01/2017 5,000,000 814,561 1.64
China General Nuclear Power Holding Corp 3.75% CNY 01/11/2015 12,000,000 1,964,564 3.98
China Government Bond 3.1% CNY 29/06/2022 11,000,000 1,710,714 3.46
China Government Bond 3.6% CNY 27/06/2028 7,000,000 1,019,452 2.06
HSBC Bank China Co Ltd FRN CNY 10/01/2015 11,500,000 1,896,008 3.83
Huaneng Power International Inc 3.85% CNY 05/02/2016 9,000,000 1,469,650 2.97
14,732,804 29.82
HONG KONG
Asian Development Bank 2.85% CNY 21/10/2020 1,000,000 157,368 0.32
BYD HK Co Ltd 4.5% CNY 28/04/2014 2,000,000 325,335 0.66
Gemdale Asia Holding Ltd 5.625% CNY 21/03/2018 7,500,000 1,184,261 2.40
Gemdale International Holding Ltd 9.15% CNY 26/07/2015 1,000,000 170,418 0.34
HKCG Finance Ltd 1.4% CNY 11/04/2016 11,000,000 1,730,339 3.50
Wharf Finance No 1 Ltd 4% CNY 27/03/2018 9,700,000 1,597,071 3.23
Wing Lung Bank Ltd 1.2% CNY 22/04/2014 3,000,000 487,763 0.99
Yanlord Land HK Co Ltd 5.375% CNY 23/05/2016 2,000,000 319,989 0.65
5,972,544 12.09
INDIA
ICICI Bank Ltd 4% CNY 25/06/2016 4,000,000 648,833 1.31
ICICI Bank Ltd 4.9% CNY 21/09/2015 7,000,000 1,161,973 2.35
1,810,806 3.66
MALAYSIA
Axiata SPV2 Bhd 3.75% CNY 18/09/2014 9,500,000 1,551,628 3.14
NETHERLANDS
Unilever NV 2.95% CNY 27/02/2017 3,000,000 490,135 0.99
Volkswagen International Finance NV 3.75% CNY 30/11/2017 1,000,000 166,131 0.34
656,266 1.33
SOUTH KOREA
Korea Development Bank 3.3% CNY 21/06/2015 3,000,000 492,045 1.00
Shinhan Bank 3.5% CNY 19/09/2014 8,800,000 1,437,856 2.91
1,929,901 3.91
98 Invesco Funds
Invesco Renminbi Fixed Income Fund
USD %
SWEDEN
Volvo Treasury AB 3.8% CNY 22/11/2015 5,000,000 820,525 1.66
UNITED KINGDOM
Bestgain Real Estate Lyra Ltd 4.05% CNY 16/12/2016 4,000,000 650,029 1.32
Big Will Investments Ltd 7% CNY 29/04/2014 10,000,000 1,633,644 3.31
BP Capital Markets Plc 1.7% CNY 15/09/2014 7,000,000 1,132,283 2.29
BP Capital Markets Plc 3.95% CNY 08/10/2018 2,000,000 332,363 0.67
CNPC Golden Autumn Ltd 2.95% CNY 26/10/2014 1,670,000 272,332 0.55
Silvery Castle Ltd 2.75% CNY 14/07/2014 7,000,000 1,135,754 2.30
Standard Chartered Plc 2.625% CNY 31/05/2016 11,000,000 1,781,858 3.61
Value Success International Ltd 2.075% CNY 09/06/2014 12,000,000 1,946,995 3.93
Value Success International Ltd 4.75% CNY 04/11/2018 3,000,000 489,973 0.99
9,375,231 18.97
UNITED STATES
Caterpillar Financial Services Corp 3.25% CNY 26/06/2015 2,000,000 328,173 0.66

TOTAL BONDS 42,624,916 86.27
MONEY MARKET INSTRUMENTS ELIGIBLE UNDER ARTICLE 41.1H
OF THE LAW OF 20 DECEMBER 2002
CHINA
Bank of Communications Co Ltd C/D CNY 18/09/2014 7,000,000 1,141,224 2.31

TOTAL MONEY MARKET INSTRUMENTS ELIGIBLE UNDER ARTICLE 41.1H
OF THE LAW OF 20 DECEMBER 2002 1,141,224 2.31
BONDS
CHINA
Bank of China Ltd 1.2% CNY 09/06/2014 7,000,000 1,137,329 2.29
China Construction Bank Corp 2.65% CNY 04/03/2014 3,000,000 488,202 0.99
China Construction Bank Corp 3.25% CNY 28/06/2015 5,000,000 814,677 1.65
Export-Import Bank of China 2.7% CNY 07/04/2014 5,000,000 814,080 1.65
3,744,016 7.57
TOTAL BONDS 3,744,016 7.57
HONG KONG
Wing Lung Bank Ltd C/D 3% CNY 22/04/2014 3,000,000 488,889 0.99

OF THE LAW OF 20 DECEMBER 2002 488,889 0.99
99 Invesco Funds
EUR %
CERTIFICATES
ETFS Copper 144,091 3,420,015 3.61
Bank Of Tokyo C/D EUR 14/07/2014 4,000,000 3,995,926 4.22
BMW Finance NV C/P EUR 31/03/2014 4,000,000 3,999,352 4.22
Dexia Credit Local SA C/D EUR 19/03/2014 4,000,000 3,999,399 4.22
Fms Wertmanagement C/P EUR 23/04/2014 4,000,000 3,999,040 4.22
GE Captial Europe C/P EUR 10/07/2014 4,000,000 3,996,088 4.22
LMA SA C/P EUR 10/03/2014 4,000,000 3,999,805 4.23
Mizuho Corporate C/D EUR 21/05/2014 4,000,000 3,997,711 4.22
Natixis C/D EUR 07/03/2014 4,000,000 3,999,804 4.23
Nieuw Amsterdam Receivables C/P EUR 03/03/2014 4,000,000 3,999,964 4.23
Nordea Bank C/P EUR 06/05/2014 4,000,000 3,998,507 4.22
Nordea Bank AB C/P EUR 04/03/2014 4,000,000 3,999,947 4.23
Procter & Gamble Co C/P EUR 14/03/2014 4,000,000 3,999,765 4.23
Rabobank Nederland C/D EUR 12/05/2014 4,000,000 3,998,703 4.22
Regency Assets C/P EUR 19/03/2014 4,000,000 3,999,412 4.22
Sheffield Receivables C/P EUR 25/03/2014 3,000,000 2,999,563 3.17
Sumitomo Mitsui Banking C/P EUR 22/04/2014 4,000,000 3,998,499 4.22

OF THE LAW OF 17 DECEMBER 2010 62,981,485 66.52
OPEN-ENDED FUNDS
Invesco Funds SICAV - Global Structured Equity Fund 290,000 8,993,965 9.50
Invesco Capital Shield 90 (EUR) Fund
100 Invesco Funds
USD %
EQUITIES
AUSTRALIA
Amalgamated Holdings Ltd 787,659 5,875,409 0.73
AMP Ltd 2,559,144 11,086,815 1.38
APA Group 1,757,893 10,474,413 1.30
Australia & New Zealand Banking Group Ltd 519,938 14,977,804 1.87
BT Investment Management Ltd 974,128 5,468,305 0.68
Cardno Ltd 1,714,266 9,761,339 1.22
Envestra Ltd 11,280,606 12,861,921 1.60
Iress Ltd 1,213,471 10,030,241 1.25
Myer Holdings Ltd 3,836,798 9,024,307 1.12
Orica Ltd 426,292 9,205,340 1.15
SP AusNet 10,470,776 12,431,123 1.55
STW Communications Group Ltd 7,885,386 10,421,508 1.30
Tatts Group Ltd 3,812,155 9,956,913 1.24
Telstra Corp Ltd 3,912,721 17,722,119 2.21
Westpac Banking Corp 451,444 13,528,533 1.69
Wotif.com Holdings Ltd 1,242,134 2,860,337 0.36
165,686,427 20.65
BERMUDA
Huabao International Holdings Ltd 19,540,000 9,290,119 1.16
NWS Holdings Ltd 3,164,000 4,945,015 0.62
Texwinca Holdings Ltd 5,878,000 5,483,255 0.68
19,718,389 2.46
CHINA
China Shenhua Energy Co Ltd - H Shares 3,403,500 9,263,878 1.15
Yantai Changyu Pioneer Wine Co Ltd 1,369,231 3,297,284 0.41
Zijin Mining Group Co Ltd - H Shares 13,788,000 2,993,447 0.37
35,264,544 4.39
HONG KONG
Shougang Fushan Resources Group Ltd 23,318,000 6,189,119 0.77
Television Broadcasts Ltd 1,416,900 8,735,575 1.09
14,924,694 1.86
INDIA
Union Bank of India 2,974,327 4,935,616 0.61

INDONESIA
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT 69,981,700 6,148,792 0.77

NEW ZEALAND
Contact Energy Ltd 1,472,684 6,533,976 0.81
Nuplex Industries Ltd 2,100,674 5,892,505 0.73
SKYCITY Entertainment Group Ltd 3,073,272 10,145,796 1.26
22,572,277 2.80
PAKISTAN
National Bank of Pakistan 17,995,242 9,710,002 1.21
Pakistan Oilfields Ltd 2,272,685 10,811,476 1.35
United Bank Ltd 9,344,300 11,917,000 1.48
32,438,478 4.04
SINGAPORE
Singapore Post Ltd 19,741,000 20,612,365 2.57
StarHub Ltd 3,391,000 11,204,339 1.40
31,816,704 3.97
Invesco Asia Balanced Fund
101 Invesco Funds
USD %
TAIWAN
AcBel Polytech Inc 17,490,000 20,738,278 2.58
Chicony Electronics Co Ltd 3,933,104 10,274,778 1.28
Chunghwa Telecom Co Ltd 3,148,541 9,550,167 1.19
Far EasTone Telecommunications Co Ltd 5,011,000 10,146,706 1.26
Lite-On Technology Corp 7,175,362 10,544,691 1.32
Novatek Microelectronics Corp 2,829,000 13,002,123 1.62
Richtek Technology Corp 1,234,000 6,791,522 0.85
Taiwan Hon Chuan Enterprise Co Ltd 2,865,000 6,198,455 0.78
Taiwan Mobile Co Ltd 3,291,000 9,906,240 1.23
Tripod Technology Corp 2,874,000 5,473,293 0.68
Wistron Corp 6,493,000 5,395,118 0.67
108,021,371 13.46
THAILAND
Advanced Info Service PCL 3,139,600 20,353,271 2.54
Delta Electronics Thailand PCL 6,515,800 10,809,738 1.35
Kiatnakin Bank PCL 3,843,900 4,668,645 0.58
Major Cineplex Group PCL 10,412,900 5,840,800 0.73
MCOT PCL 4,703,200 4,342,802 0.54
Thai Tap Water Supply PCL 34,369,900 9,718,387 1.21
55,733,643 6.95
BONDS
AUSTRALIA
Macquarie Group Ltd 7.3% USD 01/08/2014 2,000,000 2,055,207 0.26
Macquarie Group Ltd 7.625% USD 13/08/2019 4,000,000 4,854,152 0.60
National Australia Bank Ltd FRN USD Perpetual 2,000,000 2,239,604 0.28
9,148,963 1.14
BERMUDA
Noble Group Ltd 6.75% USD 29/01/2020 2,000,000 2,162,500 0.27

CANADA
Harvest Operations Corp 2.125% USD 14/05/2018 3,000,000 2,994,480 0.37

CAYMAN ISLANDS
Agile Property Holdings Ltd 10% USD 14/11/2016 2,000,000 2,102,500 0.26
Champion MTN Ltd 3.75% USD 17/01/2023 3,000,000 2,608,549 0.32
China Mengniu Dairy Co Ltd 3.5% USD 27/11/2018 1,500,000 1,511,862 0.19
China Overseas Finance Cayman II Ltd 5.5% USD 10/11/2020 1,000,000 1,037,100 0.13
Hutchison Whampoa Finance CI Ltd 7.45% USD 01/08/2017 1,000,000 1,189,579 0.15
Hutchison Whampoa International 03/33 Ltd 7.45% USD 24/11/2033 1,000,000 1,340,724 0.17
Hutchison Whampoa International 09 Ltd 7.625% USD 09/04/2019 3,500,000 4,304,366 0.54
Hutchison Whampoa International 10 Ltd FRN USD Perpetual 4,000,000 4,245,000 0.53
Hutchison Whampoa International 11 Ltd 4.625% USD 13/01/2022 3,300,000 3,480,982 0.43
Kaisa Group Holdings Ltd 8.875% USD 19/03/2018 1,000,000 999,120 0.12
KWG Property Holding Ltd 8.975% USD 14/01/2019 3,000,000 2,957,910 0.37
Longfor Properties Co Ltd 6.75% USD 29/01/2023 3,500,000 3,196,692 0.40
OZ Wing Cayman II Ltd FRN USD 27/02/2017 1,267,373 1,268,957 0.16
PHBS Ltd 6.625% USD Perpetual 9,000,000 8,881,790 1.11
Shimao Property Holdings Ltd 6.625% USD 14/01/2020 3,750,000 3,559,528 0.44
Shimao Property Holdings Ltd 11% USD 08/03/2018 4,400,000 4,879,925 0.61
Sun Hung Kai Properties Capital Market Ltd 4.5% USD 14/02/2022 3,000,000 3,103,444 0.39
Swire Pacific MTN Financing Ltd 4.5% USD 28/02/2022 1,000,000 1,028,645 0.13
Swire Pacific MTN Financing Ltd 6.25% USD 18/04/2018 2,000,000 2,295,290 0.29
Tencent Holdings Ltd 3.375% USD 05/03/2018 2,000,000 2,059,448 0.26
65,938,361 8.23
102 Invesco Funds
USD %
HONG KONG
AIA Group Ltd 3.125% USD 13/03/2023 7,000,000 6,489,206 0.81
Bank of China Hong Kong Ltd 5.55% USD 11/02/2020 4,000,000 4,315,416 0.54
Bank of East Asia Ltd 6.125% USD 16/07/2020 3,500,000 3,816,699 0.48
Bank of East Asia Ltd FRN USD 04/05/2022 2,000,000 2,168,042 0.27
Bank of East Asia Ltd FRN USD Perpetual 2,000,000 2,279,781 0.28
Standard Chartered Bank Hong Kong Ltd 5.875% USD 24/06/2020 3,500,000 3,877,948 0.48
Swire Properties MTN Financing Ltd 4.375% USD 18/06/2022 2,000,000 2,023,950 0.25
24,971,042 3.11
INDIA
Export-Import Bank of India 4% USD 14/01/2023 750,000 692,251 0.09
ICICI Bank Ltd FRN USD Perpetual 4,000,000 3,818,786 0.48
State Bank of India 4.5% USD 27/07/2015 1,000,000 1,033,722 0.13
5,544,759 0.70
INDONESIA
Indonesia Government International Bond 6.75% USD 15/01/2044 1,000,000 1,066,974 0.13
Pertamina Persero PT 4.3% USD 20/05/2023 1,800,000 1,633,500 0.20
Pertamina Persero PT 6% USD 03/05/2042 1,100,000 948,750 0.12
28,686,836 3.58
MALAYSIA
Axiata SPV1 Labuan Ltd 5.375% USD 28/04/2020 2,000,000 2,183,720 0.27
Malayan Banking Bhd FRN USD 20/09/2022 2,000,000 1,994,498 0.25
Petronas Capital Ltd 5.25% USD 12/08/2019 2,000,000 2,273,182 0.28
Petronas Capital Ltd 7.875% USD 22/05/2022 2,000,000 2,614,602 0.33
9,066,002 1.13
MONGOLIA
Mongolia Government International Bond 5.125% USD 05/12/2022 1,600,000 1,277,995 0.16

NETHERLANDS
Majapahit Holding BV 7.75% USD 17/10/2016 2,000,000 2,245,100 0.28
Majapahit Holding BV 7.75% USD 20/01/2020 2,000,000 2,287,500 0.28
Majapahit Holding BV 8% USD 07/08/2019 6,000,000 6,960,000 0.87
11,492,600 1.43
PHILIPPINES
Philippine Government International Bond 9.5% USD 02/02/2030 5,700,000 8,820,750 1.10
21,050,750 2.63
SINGAPORE
Bumi Capital Pte Ltd 12% USD 10/11/2016 1,000,000 596,250 0.07
CapitaLand Treasury Ltd 4.076% USD 20/09/2022 6,000,000 5,857,998 0.73
DBS Bank Ltd FRN USD 21/09/2022 6,000,000 6,222,726 0.78
12,676,974 1.58
SOUTH KOREA
Export-Import Bank of Korea 4% USD 14/01/2024 4,000,000 4,144,272 0.52
Export-Import Bank of Korea 4.125% USD 09/09/2015 3,000,000 3,158,382 0.39
Kookmin Bank 7.25% USD 14/05/2014 1,000,000 1,013,294 0.13
Korea Development Bank 4.375% USD 10/08/2015 4,000,000 4,215,284 0.53
Korea Gas Corp 4.25% USD 02/11/2020 1,000,000 1,074,094 0.13
Korea Hydro & Nuclear Power Co Ltd 4.75% USD 13/07/2021 2,000,000 2,185,434 0.27
103 Invesco Funds
Statement of Investments as at 31 August 2013
USD %
SOUTH KOREA (continued)
Korea Hydro & Nuclear Power Co Ltd 6.25% USD 17/06/2014 2,000,000 2,032,928 0.25
Korea National Oil Corp 5.375% USD 30/07/2014 3,000,000 3,056,763 0.38
Korea South-East Power Co Ltd 6% USD 25/05/2016 1,000,000 1,103,141 0.14
KT Corp 4.875% USD 15/07/2015 2,000,000 2,100,106 0.26
National Agricultural Cooperative Federation 5% USD 30/09/2014 500,000 512,724 0.06
POSCO 8.75% USD 26/03/2014 3,000,000 3,014,271 0.38
Republic of Korea 7.125% USD 16/04/2019 3,500,000 4,324,512 0.54
Shinhan Bank FRN USD 02/03/2035 3,000,000 3,128,424 0.39
Shinhan Bank FRN USD 20/09/2036 1,000,000 1,089,424 0.14
Woori Bank Co Ltd 7% USD 02/02/2015 2,200,000 2,325,156 0.29
Woori Bank Co Ltd 7.63% USD 14/04/2015 1,000,000 1,067,500 0.13
39,545,709 4.93
THAILAND
PTT PCL 5.875% USD 03/08/2035 500,000 493,376 0.06

UNITED KINGDOM
Bestgain Real Estate Ltd 2.625% USD 13/03/2018 2,000,000 1,844,736 0.24
Big Will Investments Ltd 10.875% USD 29/04/2016 1,500,000 1,621,033 0.20
Cheung Kong Bond Securities 03 Ltd 5.375% USD Perpetual 3,000,000 2,670,000 0.32
CITIC Securities Finance 2013 Co Ltd 2.5% USD 03/05/2018 1,750,000 1,686,324 0.21
CNOOC Finance 2003 Ltd 5.5% USD 21/05/2033 1,950,000 2,048,253 0.25
CNOOC Finance 2011 Ltd 4.25% USD 26/01/2021 2,000,000 2,058,423 0.25
CNOOC Finance 2012 Ltd 5% USD 02/05/2042 300,000 296,216 0.04
CNPC General Capital Ltd 3.4% USD 16/04/2023 4,000,000 3,725,756 0.46
CNPC HK Overseas Capital Ltd 5.95% USD 28/04/2041 2,000,000 2,227,732 0.28
CSSC Capital 2013 Ltd 2.75% USD 12/12/2016 3,500,000 3,500,262 0.44
Genting Singapore Plc 5.125% SGD Perpetual 5,000,000 3,821,276 0.48
Mega Advance Investments Ltd 6.375% USD 12/05/2041 1,500,000 1,645,183 0.20
NWD MTN Ltd 5.25% USD 26/02/2021 3,000,000 2,998,411 0.37
Sinopec Capital 2013 Ltd 1.875% USD 24/04/2018 2,700,000 2,649,764 0.33
Standard Chartered Bank FRN USD Perpetual 6,000,000 6,299,093 0.79
Yuexiu REIT MTN Co 3.1% USD 14/05/2018 3,500,000 3,292,313 0.41
49,817,341 6.20
UNITED STATES
CBA Capital Trust II FRN USD Perpetual 2,000,000 2,124,880 0.25
Reliance Holding USA Inc 6.25% USD 19/10/2040 2,000,000 1,983,207 0.25
4,108,087 0.50
TOTAL BONDS 288,975,775 36.02
BONDS
HONG KONG
Wheelock Finance Ltd 4.2% HKD 13/09/2022 8,000,000 1,002,194 0.12

MALAYSIA
Tenaga Nasional Bhd 7.5% USD 01/11/2025 3,500,000 4,341,837 0.54

TOTAL BONDS 5,344,031 0.66
104 Invesco Funds
EUR %
EQUITIES
FINLAND
Elisa OYJ 479,838 9,721,518 0.46
UPM-Kymmene OYJ 940,432 12,394,894 0.59
22,116,412 1.05
FRANCE
AXA SA 585,415 10,976,531 0.52
BNP Paribas SA 233,821 13,718,278 0.65
Cap Gemini SA 178,466 10,017,297 0.47
Cie Generale des Etablissements Michelin 80,408 7,066,255 0.34
Sanofi 185,105 13,864,364 0.66
55,642,725 2.64
GERMANY
Allianz SE 96,805 12,369,259 0.59
Bayerische Motoren Werke AG 112,294 9,361,389 0.44
LEG Immobilien AG 176,354 8,163,427 0.39
ProSiebenSat.1 Media AG 184,983 6,334,280 0.30
RTL Group Npv 100,205 9,355,139 0.44
53,557,316 2.54
ITALY
Atlantia SpA 756,285 13,650,944 0.64
Recordati SpA 539,659 7,115,404 0.34
20,766,348 0.98
NETHERLANDS
Airbus Group NV 166,976 8,842,214 0.42
ING Groep NV 871,794 9,136,401 0.43
Koninklijke Ahold NV 983,252 13,266,528 0.63
Reed Elsevier NV 600,152 9,545,417 0.45
40,790,560 1.93
NORWAY
Statoil ASA 528,312 10,107,320 0.48
SPAIN
Banco Bilbao Vizcaya Argentaria SA 1,549,431 13,758,947 0.65
Bankinter SA 1,404,186 8,037,561 0.38
Bolsas y Mercados Espanoles SA 394,426 11,804,184 0.56
Indra Sistemas SA 560,280 7,398,498 0.35
Mediaset Espana Comunicacion SA 1,002,207 8,623,991 0.41
Red Electrica Corp SA 201,228 11,362,339 0.54
60,985,520 2.89
SWEDEN
Nordea Bank AB 1,188,708 12,293,095 0.58
SWITZERLAND
Adecco SA 228,092 14,107,456 0.67
Credit Suisse Group AG 450,126 10,238,615 0.49
Novartis AG 263,034 15,922,588 0.75
Roche Holding AG 69,268 15,442,539 0.73
UBS AG 740,107 11,424,860 0.54
67,136,058 3.18
UNITED KINGDOM
Ecclesiastical Insurance Group Plc (Preferred) 1,200,000 1,747,411 0.08
General Accident Plc (Preferred) 3,000,000 4,255,120 0.20
Premier Farnell Plc (Preferred) 170,000 3,290,384 0.16
18,672,792 0.89
Invesco Pan European High Income Fund
105 Invesco Funds
EUR %
UNITED STATES
General Motors Co 6,320 168,493 0.01
Motors Liquidation Co GUC Trust 1,507 34,578
203,071 0.01
BONDS
AUSTRALIA
Origin Energy Finance Ltd FRN EUR 16/06/2071 13,500,000 14,402,053 0.68

AUSTRIA
OMV AG FRN EUR Perpetual 250,000 279,229 0.01
Telekom Austria AG FRN EUR Perpetual 1,200,000 1,278,836 0.06
1,558,065 0.07
BELGIUM
KBC Bank NV 8% EUR Perpetual 6,115,000 6,298,450 0.30

CANADA
Bombardier Inc 144A 6.125% USD 15/01/2023 9,425,000 6,952,295 0.33

CAYMAN ISLANDS
UPCB Finance Ltd 7.625% EUR 15/01/2020 400,000 432,640 0.02

CZECH REPUBLIC
CE Energy AS 7% EUR 01/02/2021 3,000,000 3,107,970 0.15

FINLAND
Sanitec Corp FRN EUR 15/05/2018 5,292,000 5,396,517 0.26

FRANCE
AXA SA FRN EUR 16/04/2040 2,850,000 3,157,428 0.15
BNP Paribas SA FRN USD Perpetual 7,238,000 5,194,769 0.25
BNP Paribas SA FRN EUR Perpetual 1,100,000 1,290,300 0.06
BPCE SA FRN EUR Perpetual 1,000,000 1,065,530 0.05
BPCE SA 13% USD Perpetual 154,500 124,324 0.01
CNP Assurances FRN EUR Perpetual 2,444,000 1,852,037 0.09
CNP Assurances FRN EUR 14/09/2040 2,000,000 2,201,180 0.10
Credit Agricole SA FRN EUR Perpetual 1,200,000 1,401,444 0.07
Credit Agricole SA 9.75% USD Perpetual 100,000 76,033
Electricite de France FRN USD Perpetual 47,939,000 35,049,135 1.66
Electricite de France 144A FRN USD Perpetual 10,000,000 7,316,632 0.35
Electricite de France 5% FRN EUR Perpetual 10,600,000 11,010,879 0.52
Groupama SA FRN EUR Perpetual 2,450,000 2,341,538 0.11
Groupama SA FRN EUR 27/10/2039 1,250,000 1,364,187 0.06
Kerneos Tech Group SAS FRN EUR 01/03/2021 1,250,000 1,265,937 0.06
Kerneos Tech Group SAS 5.75% EUR 01/03/2021 431,000 443,661 0.02
La Financiere Atalian SAS 7.25% EUR 15/01/2020 1,600,000 1,712,000 0.08
Picard Groupe SAS FRN EUR 01/08/2019 12,000,000 12,298,320 0.58
Societe Generale SA 8.75% USD Perpetual 4,000,000 3,105,163 0.15
Societe Generale SA FRN GBP Perpetual 100,000 135,367 0.01
Societe Generale SA FRN EUR Perpetual 1,000,000 1,195,900 0.06
Suez Environnement Co FRN EUR Perpetual 1,000,000 1,029,226 0.05
Total Capital International SA 2.125% EUR 15/03/2023 5,000,000 4,984,546 0.24
Veolia Environnement SA FRN EUR Perpetual 1,100,000 1,105,861 0.05
149,690,238 7.10
106 Invesco Funds
EUR %
GERMANY
ALBA Group plc & Co KG 8% EUR 15/05/2018 400,000 390,616 0.02
BASF SE 2% EUR 05/12/2022 5,000,000 5,009,846 0.24
Commerzbank AG 144A 8.125% USD 19/09/2023 9,800,000 8,063,700 0.38
Dresdner Bank AG FRN EUR 26/02/2021 11,000,000 9,441,163 0.45
EnBW Energie Baden-Wuerttemberg AG FRN EUR 02/04/2072 2,000,000 2,255,468 0.11
KraussMaffei Group GmbH 8.75% EUR 15/12/2020 710,000 796,308 0.04
RWE AG FRN EUR Perpetual 27,000,000 27,730,283 1.31
Safari Holding Verwaltungs GmbH 8.25% EUR 15/02/2021 4,320,000 4,457,735 0.21
SGL Carbon SE 4.875% EUR 15/01/2021 3,000,000 3,142,560 0.15
Unitymedia Hessen GmbH & Co KG 5.625% EUR 15/04/2023 4,000,000 4,321,640 0.20
Unitymedia Hessen GmbH & Co KG 6.25% EUR 15/01/2029 29,500,000 31,535,795 1.49
Unitymedia KabelBW GmbH 9.5% EUR 15/03/2021 200,000 232,200 0.01
Unitymedia KabelBW GmbH 9.625% EUR 01/12/2019 300,000 329,917 0.02
253,735,204 12.02
GREECE
FAGE Dairy Industry SA 144A 9.875% USD 01/02/2020 500,000 386,946 0.02

IRELAND
AG Spring Finance II Ltd 9.5% EUR 01/06/2019 5,000,000 5,293,750 0.25
AG Spring Finance Ltd 7.5% EUR 01/06/2018 4,000,000 4,252,700 0.20
Aquarius and Investments Plc for Zurich Insurance Co Ltd FRN EUR 02/10/2043 4,000,000 4,226,692 0.20
Nara Cable Funding Ltd 8.875% EUR 01/12/2018 1,000,000 1,091,770 0.06
14,864,912 0.71
ITALY
Atlantia SpA 4.5% EUR 08/02/2019 400,000 450,334 0.02
Enel SpA FRN EUR 15/01/2075 14,170,000 14,461,290 0.69
Enel SpA FRN EUR 10/01/2074 8,939,000 9,751,734 0.46
Gamenet SpA 7.25% EUR 01/08/2018 2,500,000 2,600,000 0.12
Intesa Sanpaolo SpA FRN EUR Perpetual 3,550,000 4,042,022 0.19
Intesa Sanpaolo Vita SpA 5.35% EUR 18/09/2018 2,000,000 2,197,217 0.11
Italy Government International Bond 6% GBP 04/08/2028 3,000,000 3,939,230 0.19
Manutencoop Facility Management SpA 8.5% EUR 01/08/2020 5,000,000 5,453,100 0.26
Sisal Holding Istituto di Pagamento SPA 7.25% EUR 30/09/2017 1,700,000 1,765,365 0.08
Societa Iniziative Autostradali e Servizi SpA 3.375% EUR 13/02/2024 1,170,000 1,192,000 0.06
TeamSystem Holding SpA 7.375% EUR 15/05/2020 1,350,000 1,437,318 0.07
UniCredit SpA FRN EUR 28/10/2025 5,000,000 5,342,714 0.25
Zobele Holding SpA 7.875% EUR 01/02/2018 3,000,000 3,197,760 0.15
91,961,921 4.36
JAPAN
SoftBank Corp 4.625% EUR 15/04/2020 2,000,000 2,087,920 0.10

LUXEMBOURG
Altice Financing SA 6.5% EUR 15/01/2022 2,500,000 2,627,000 0.13
Altice Financing SA 144A 6.5% USD 15/01/2022 2,000,000 1,511,536 0.07
Bormioli Rocco Holdings SA 10% EUR 01/08/2018 2,160,000 2,385,634 0.11
Cirsa Funding Luxembourg SA 8.75% EUR 15/05/2018 750,000 781,875 0.04
107 Invesco Funds
EUR %
LUXEMBOURG(continued)
Gategroup Finance Luxembourg SA 6.75% EUR 01/03/2019 600,000 646,476 0.03
GCS Holdco Finance I SA 6.5% EUR 15/11/2018 1,236,000 1,321,939 0.06
Gestamp Funding Luxembourg SA 5.875% EUR 31/05/2020 1,600,000 1,717,775 0.08
Mobile Challenger Intermediate Group SA 8.75% EUR 15/03/2019 4,700,000 4,878,318 0.23
Puma International Financing SA 6.75% USD 01/02/2021 5,000,000 3,647,476 0.17
S&B Minerals Finance SCA 9.25% EUR 15/08/2020 2,700,000 3,009,690 0.14
Stena International SA 144A 5.75% USD 01/03/2024 15,000,000 11,091,847 0.53
Takko Luxembourg 2 S.C.A 9.875% EUR 15/04/2019 5,000,000 4,499,800 0.21
Telecom Italia Finance SA 6.125% EUR 15/11/2016 9,000,000 10,340,280 0.49
Telenet Finance V Luxembourg SCA 6.25% EUR 15/08/2022 400,000 440,200 0.02
Telenet Finance V Luxembourg SCA 6.75% EUR 15/08/2024 500,000 552,750 0.03
UniCredit International Bank Luxembourg SA FRN EUR Perpetual 1,000,000 1,136,232 0.05
Xefin Lux SCA 8% EUR 01/06/2018 1,000,000 1,074,887 0.05
58,705,966 2.78
MEXICO
America Movil SAB de CV FRN EUR 06/09/2073 7,650,000 8,266,781 0.39

NETHERLANDS
Achmea BV FRN EUR 04/04/2043 6,600,000 7,317,998 0.35
Adria Bidco BV 7.875% EUR 15/11/2020 3,333,000 3,471,919 0.16
Allianz Finance II BV FRN EUR 08/07/2041 1,500,000 1,738,903 0.08
Cable Communications Systems NV 7.5% EUR 01/11/2020 3,000,000 3,166,470 0.15
GMAC International Finance BV 7.5% EUR 21/04/2015 1,000,000 1,068,650 0.05
Heineken NV 2.875% EUR 04/08/2025 10,000,000 10,005,546 0.47
Iberdrola International BV 3% EUR 31/01/2022 2,200,000 2,288,060 0.11
ING Groep NV 8% EUR Perpetual 400,000 415,000 0.02
Koninklijke KPN NV FRN GBP 14/03/2073 20,998,000 26,512,587 1.26
Koninklijke KPN NV FRN USD 28/03/2073 270,000 205,525 0.01
OI European Group BV 4.875% EUR 31/03/2021 2,333,000 2,495,004 0.12
Pfleiderer Finance BV 7.125% EUR Perpetual 200,000 5,822
Portugal Telecom International Finance BV 4.625% EUR 08/05/2020 10,000,000 10,359,795 0.49
Schaeffler Finance BV 4.25% EUR 15/05/2018 2,500,000 2,616,100 0.12
Schaeffler Finance BV 144A 4.75% USD 15/05/2021 17,000,000 12,539,949 0.59
Schaeffler Finance BV 6.75% EUR 01/07/2017 500,000 535,320 0.03
Stampos BV FRN EUR 15/05/2019 2,500,000 2,526,088 0.12
Telefonica Europe BV 6.75% FRN GBP Perpetual 7,900,000 10,010,570 0.47
TenneT Holding BV 2.125% EUR 01/11/2020 3,871,000 3,934,056 0.19
TMF Group Holding BV FRN EUR 03/12/2018 748,000 763,977 0.04
TMF Group Holding BV 9.875% EUR 01/12/2019 586,000 652,740 0.03
146,929,768 6.96
PORTUGAL
Banco Espirito Santo SA 4.75% EUR 15/01/2018 2,900,000 3,028,673 0.14

SLOVAKIA
Zapadoslovenska Energetika AS 4% EUR 14/10/2023 10,313,000 10,705,994 0.51

SPAIN
Abengoa Finance SAU 144A 7.75% USD 01/02/2020 10,370,000 8,194,410 0.39
Abengoa SA 4.5% EUR 03/02/2017 600,000 623,976 0.03
Abengoa SA 6.25% EUR 17/01/2019 4,400,000 5,960,240 0.28
Banco Bilbao Vizcaya Argentaria SA FRN EUR Perpetual 11,200,000 11,320,846 0.54
Banco Bilbao Vizcaya Argentaria SA FRN USD Perpetual 18,800,000 14,825,899 0.70
Banco Popular Espanol SA FRN EUR Perpetual 3,400,000 3,866,539 0.18
Bankia SA 3.5% EUR 17/01/2019 16,100,000 16,575,272 0.79
BBVA International Preferred SAU FRN GBP Perpetual 100,000 125,719 0.01
CaixaBank SA 2.5% EUR 18/04/2017 5,800,000 5,961,791 0.28
CaixaBank SA FRN EUR 14/11/2023 10,100,000 10,630,370 0.51
Gas Natural Capital Markets SA 5.125% EUR 02/11/2021 750,000 890,580 0.04
108 Invesco Funds
EUR %
SPAIN (continued)
NH Hoteles SA 6.875% EUR 15/11/2019 1,600,000 1,729,520 0.08
Obrascon Huarte Lain SA 8.75% EUR 15/03/2018 1,000,000 1,112,310 0.05
Santander Finance Preferred SAU FRN GBP Perpetual 1,000,000 1,247,152 0.06
Santander Issuances SAU FRN GBP 27/07/2019 1,000,000 1,244,221 0.06
84,308,845 4.00
SWEDEN
Eileme 2 AB 11.75% EUR 31/01/2020 850,000 1,030,515 0.05
SWITZERLAND
Credit Suisse AG 6.5% USD 08/08/2023 750,000 592,026 0.03
UBS AG FRN EUR 12/02/2026 24,570,000 25,436,465 1.20
UBS AG/Jersey FRN EUR Perpetual 37,100,000 37,706,585 1.79
63,735,076 3.02
UNITED ARAB EMIRATES
Aabar Investments PJSC 4% EUR 27/05/2016 3,000,000 3,633,450 0.17
UNITED KINGDOM
AA Bond Co Ltd 9.5% GBP 31/07/2019 1,100,000 1,500,330 0.07
Anglian Water Osprey Financing Plc 7% GBP 31/01/2018 1,000,000 1,288,379 0.06
Arqiva Broadcast Finance Plc 9.5% GBP 31/03/2020 1,150,000 1,566,260 0.07
Avis Budget Finance Plc 6% EUR 01/03/2021 1,300,000 1,390,428 0.07
Aviva Plc FRN EUR 05/07/2043 1,194,000 1,358,077 0.06
Aviva Plc FRN GBP Perpetual 550,000 696,107 0.03
Barclays Plc FRN EUR Perpetual 10,660,000 11,313,957 0.54
Boparan Finance Plc 9.875% GBP 30/04/2018 500,000 657,532 0.03
Care UK Health & Social Care Plc 9.75% GBP 01/08/2017 190,000 245,778 0.01
Clerical Medical Finance Plc FRN GBP Perpetual 100,000 120,970 0.01
Co-Operative Bank Plc 2.375% EUR 23/10/2015 32,250,000 31,670,661 1.50
DFS Furniture Holdings Plc FRN GBP 15/08/2018 6,410,000 7,895,691 0.37
DFS Furniture Holdings Plc 7.625% GBP 15/08/2018 470,000 611,087 0.03
Direct Line Insurance Group Plc FRN GBP 27/04/2042 1,000,000 1,546,754 0.07
Eco-Bat Finance Plc 7.75% EUR 15/02/2017 400,000 416,000 0.02
Enterprise Inns Plc 6.5% GBP 06/12/2018 5,636,000 7,196,425 0.34
Equiniti Newco 2 plc FRN GBP 15/12/2018 2,500,000 3,065,833 0.15
Equiniti Newco 2 plc 7.125% GBP 15/12/2018 800,000 1,033,084 0.05
Gala Electric Casinos Plc 11.5% GBP 01/06/2019 5,500,000 7,196,396 0.34
Gala Group Finance Plc 8.875% GBP 01/09/2018 500,000 650,867 0.03
Galaxy Finco Ltd 7.875% GBP 15/11/2021 1,812,000 2,263,216 0.11
HBOS Plc FRN EUR Perpetual 434,000 442,680 0.02
HBOS Sterling Finance Jersey LP FRN GBP Perpetual 1,700,000 2,329,880 0.11
HSBC Capital Funding LP FRN EUR Perpetual 50,987,000 51,114,860 2.42
Innovia Group Finance Plc FRN EUR 31/03/2020 3,950,000 3,989,038 0.19
LBG Capital No.1 Plc FRN USD Perpetual 5,000,000 3,865,174 0.18
LBG Capital No.1 Plc 11.04% GBP 19/03/2020 250,000 339,061 0.02
Marks & Spencer Plc 7.125% USD 01/12/2037 4,000,000 3,125,088 0.15
NGG Finance Plc FRN EUR 18/06/2076 3,400,000 3,504,598 0.17
Odeon & UCI Finco Plc 9% GBP 01/08/2018 7,500,000 9,338,944 0.44
Peel Land & Property Investments Plc 8.375% GBP 30/04/2040 100,000 145,556 0.01
Pipe Holdings Plc 9.5% GBP 01/11/2015 2,000,000 2,542,644 0.12
Rexam Plc FRN EUR 29/06/2067 5,100,000 5,506,929 0.26
Southern Water Greensands Financing Plc 8.5% GBP 15/04/2019 1,000,000 1,325,650 0.06
Standard Chartered Plc FRN EUR 21/10/2025 7,704,000 7,883,509 0.37
Thames Water Kemble Finance Plc 7.75% GBP 01/04/2019 1,000,000 1,299,760 0.06
Vedanta Resources Jersey Ltd 5.5% USD 13/07/2016 23,500,000 17,198,514 0.82
109 Invesco Funds
EUR %
UNITED KINGDOM (continued)
Vedanta Resources Plc 144A 8.25% USD 07/06/2021 1,000,000 762,564 0.04
Vougeot Bidco Plc FRN EUR 15/07/2020 6,833,000 6,975,571 0.33
299,787,404 14.21
UNITED STATES
3M Co 1.875% EUR 15/11/2021 5,625,000 5,638,155 0.27
Apple Inc 2.4% USD 03/05/2023 55,000,000 36,972,016 1.75
Apple Inc 3.85% USD 04/05/2043 10,000,000 6,365,285 0.30
AT&T Inc 3.55% EUR 17/12/2032 5,000,000 5,035,787 0.24
Belden Inc 144A 5.5% USD 01/09/2022 1,000,000 719,520 0.03
Belden Inc 5.5% EUR 15/04/2023 7,300,000 7,403,368 0.35
Chrysler Group LLC 144A 8% USD 15/06/2019 3,000,000 2,408,671 0.11
Chrysler Group LLC 8% USD 15/06/2019 500,000 401,445 0.02
Chrysler Group LLC 144A 8.25% USD 15/06/2021 6,000,000 4,936,959 0.23
CSX Corp 4.1% USD 15/03/2044 10,000,000 6,591,475 0.31
Dresdner Funding Trust I 144A 8.151% USD 30/06/2031 5,000,000 3,960,079 0.19
Fresenius US Finance II Inc 4.25% USD 01/02/2021 4,545,000 3,325,821 0.16
General Mills Inc 2.1% EUR 16/11/2020 4,125,000 4,186,920 0.20
General Motors Co 144A 4.875% USD 02/10/2023 10,000,000 7,630,176 0.36
Iron Mountain Inc 5.75% USD 15/08/2024 800,000 565,467 0.03
Iron Mountain Inc 6% USD 15/08/2023 7,100,000 5,436,727 0.26
Iron Mountain Inc 6.75% EUR 15/10/2018 2,415,000 2,445,351 0.12
JPMorgan Chase & Co 2.75% EUR 24/08/2022 1,500,000 1,551,484 0.07
KBC Bank Funding Trust IV FRN EUR Perpetual 2,000,000 1,965,000 0.09
Kinder Morgan Incdel Regs 5.625% USD 15/11/2023 4,170,000 3,049,524 0.14
Levi Strauss & Co 7.75% EUR 15/05/2018 1,500,000 1,575,521 0.08
Peabody Energy Corp 4.75% USD 15/12/2041 8,400,000 4,856,489 0.23
Prologis LP 3.375% EUR 20/02/2024 6,120,000 6,218,222 0.30
Sprint Corp 144A 7.875% USD 15/09/2023 3,510,000 2,811,783 0.13
T-Mobile USA Inc 6.5% USD 15/01/2024 12,260,000 9,421,255 0.45
Virgin Media Finance Plc 7% GBP 15/04/2023 2,000,000 2,569,330 0.12
208,002,821 9.86
TOTAL BONDS 1,439,010,424 68.21
WARRANTS
UNITED STATES
General Motors Co WTS 10/07/2016 5,745 113,951 0.01
General Motors Co WTS 10/07/2019 5,745 78,800
192,751 0.01
TOTAL WARRANTS 192,751 0.01
BONDS
LUXEMBOURG
M&G Finance Luxembourg SA 7.5% EUR Perpetual 100,000 60,000

UNITED KINGDOM
Algeco Scotsman Global Finance Plc 9% EUR 15/10/2018 1,000,000 1,098,590 0.05

UNITED STATES
KBC Bank Funding Trust III FRN USD Perpetual 1,000,000 717,708 0.04

TOTAL BONDS 1,876,298 0.09
110 Invesco Funds
EUR %
OPEN-ENDED FUNDS
IRELAND
Invesco Global Absolute Return Fund
111 Invesco Funds
EUR %
BONDS
GERMANY
Bundesschatzanweisungen 0.25% EUR 14/03/2014 230,000,000 230,006,416 6.93
Bundesschatzanweisungen 0.25% EUR 13/03/2015 150,000,000 150,221,198 4.52
German Treasury Bill 0% EUR 26/03/2014 170,000,000 169,987,641 5.12
2,091,096,786 62.95
UNITED STATES
Canadian Imperial Bank 0% USD 18/11/2014 80,000,000 60,890,614 1.83
Canadian Imperial Bank of Commerce 0% USD 04/04/2014 245,200,000 193,437,921 5.82
JP Morgan Structured Products BV 0% USD 09/06/2014 197,500,000 141,752,860 4.27
396,081,395 11.92
TOTAL BONDS 2,487,178,181 74.87
CERTIFICATES
GERMANY
RICI Enhanced Agriculture ETC 130,000 14,502,800 0.44
RICI Enhanced Brent Crude ETC 880,000 89,865,600 2.70
RICI Enhanced WTI Crude Index 610,000 52,023,850 1.57
156,392,250 4.71
UNITED KINGDOM
ETFS Aluminium 700,000 1,672,621 0.05
ETFS Copper 2,750,000 65,271,531 1.97
ETFS Physical Silver 5,800,000 86,520,348 2.60
Gold Bullion Securities Ltd 1,345,000 124,511,253 3.75
277,975,753 8.37
BONDS
Barclays 0% EUR 21/11/2014 165,000,000 165,000,000 4.97

TOTAL BONDS 165,000,000 4.97
Invesco Balanced-Risk Allocation Fund
112 Invesco Funds
EUR %
OPEN-ENDED FUNDS
Invesco Funds Series - Invesco Asian Equity Fund 434,760 3,414,621 11.90
Invesco Funds - Invesco Pan European Equity Fund 91,355 1,761,475 6.14
Invesco Funds - Invesco Pan European Structured Equity Fund 117,277 1,770,918 6.17
Invesco Perpetual Fixed Interest Investment Series - Monthly Income Plus Fund 1,237,629 3,460,983 12.07
Invesco Perpetual Global Investment Series - Global Equity Fund 509,464 1,742,398 6.08
Invesco Perpetual Global Investment Series - Global Equity Income Fund 545,999 1,749,849 6.10
Invesco Perpetual UK Investment Series - Income Fund 546,311 1,758,912 6.13
Invesco Perpetual UK Investment Series - UK Growth Fund 482,465 1,774,025 6.19
Short-Term Investments Co Global Series - Euro Liquidity Portfolio 6,900,000 7,799,829 27.19
Invesco Global Targeted Returns Fund
Invesco Invesco Invesco Invesco Invesco
Global Emerging Global Global Latin Invesco
Structured Market Smaller Equity American US Structured
Equity Quantitative Companies Income Equity Equity
Fund Equity Fund Equity Fund Fund Fund Fund
Notes USD USD USD USD USD USD
ASSETS
Investments at market value 2(b) 125,865,590 66,367,095 129,645,111 525,015,860 5,967,963 120,743,831
CURRENT ASSETS
Due from brokers 693,561 804,525 3,356,442
Receivable for Shares issued 147,394 202,238 419,672 3,501,770 5,915 13,202
Other debtors 325,038 214,012 125,890 1,864,504 134,554 191,057
Bank balances 6,083,236 1,494,510 4,400 4,423 101,528 12,320,375
Unrealised gain on forward foreign
exchange contracts/futures contracts 7,8,2(i)&2(j) 1,274,300 378,880 474,673 196,660 8,398 273,208
Unrealised gain on equity swaps 11&2(m)
Unrealised gain on credit default swaps 9&2(k)
Unrealised gain on ination swaps 9&2(k)
Unrealised gain on equity variance swaps 9&2(k)
Unrealised gain on interest rate swaps 10&2(l)
Unrealised gain on options 12&2(n)
Total Assets 133,695,558 69,350,296 131,474,271 533,939,659 6,218,358 133,541,673
CURRENT LIABILITIES
Bank overdraft 132,677 3,013,885 3,051,840 257
Due to brokers 120,501 761,742 3,882,327
Payable for Shares redeemed 363,826 97,892 273,428 1,102,261 1,321 4,833,840
Other creditors 175,333 118,278 245,235 666,311 45,186 162,831
Unrealised loss on forward foreign
exchange contracts/future contracts 7,8,2(i)&2(j) 476,533 9,646 469,784 3,968 571 3,276
Unrealised loss on equity swaps 11&2(m)
Unrealised loss on credit default swaps 9&2(k)
Unrealised loss on ination swaps 9&2(k)
Unrealised loss on equity variance swaps 9&2(k)
Unrealised loss on interest rate swaps 10&2(l)
Unrealised loss on options 12&2(n)
Total Liabilities 1,015,692 478,994 4,764,074 8,706,707 47,078 5,000,204
Net Assets 132,679,866 68,871,302 126,710,197 525,232,952 6,171,280 128,541,469
The accompanying notes form an integral part of the financial statements.
113 Invesco Funds
Invesco Funds
Statement of Net Assets as at 28 February 2014
114 Invesco Funds
Invesco Funds
Invesco Invesco Invesco
Invesco Invesco Pan European Invesco Pan European European
US Value US Structured Pan European Small Cap Growth
Equity Equity Equity Equity Equity Equity
Fund Fund Fund Fund Fund Fund
Notes USD USD EUR EUR EUR EUR
ASSETS
Investments at market value 2(b) 196,957,855 9,535,585 2,112,863,813 3,335,901,503 264,204,775 59,904,587
CURRENT ASSETS
Due from brokers 48,976 21,259,110 481,929 99,343
Receivable for Shares issued 5,225 147,359 16,051,055 35,490,070 12,573,120 304,049
Other debtors 646,724 129,281 4,036,493 5,655,803 87,660 99,884
Bank balances 3,496,473 1,761,675 241,238,245 85,307,195 24,618,461 5,815,470
exchange contracts/futures contracts 7,8,2(i)&2(j) 31,294 113,736 1,454,308 347
Unrealised gain on options 12&2(n) 303,375
Total Assets 201,186,547 11,687,636 2,375,643,914 3,483,614,028 302,269,320 66,223,333
CURRENT LIABILITIES
Bank overdraft 34,333 2,566
Due to brokers 288,285 324,892 112,831,384 56,000,631 7,124,659 149,712
Payable for Shares redeemed 1,571,737 2,673,886 9,261 510,374 32,810
Other creditors 273,671 65,986 2,669,568 4,472,313 477,485 133,685
exchange contracts/future contracts 7,8,2(i)&2(j) 46,298 7,948 151 12
Total Liabilities 2,179,991 398,826 118,174,989 60,516,550 8,115,084 316,207
Net Assets 199,006,556 11,288,810 2,257,468,925 3,423,097,478 294,154,236 65,907,126
115 Invesco Funds
Invesco Funds
Invesco Invesco Invesco Invesco Invesco Invesco
Pan European Emerging Pan European Nippon Japanese Japanese
Equity Europe Focus Small/Mid Cap Equity Value
Income Equity Equity Equity Advantage Equity
Notes EUR USD EUR JPY JPY JPY
ASSETS
Investments at market value 2(b) 47,605,955 22,485,136 27,265,623 22,006,896,100 117,352,432,150 15,191,503,500
CURRENT ASSETS
Due from brokers 192,820 116,519,470 8,172,424
Receivable for Shares issued 479,793 340 433,634 159,058,103 37,525,964
Other debtors 181,158 17,769 120,102 30,860,714 89,051,554 13,751,367
Bank balances 2,827,814 349,294 626,539 1,186,253,815 1,066,036,225 175,477,078
exchange contracts/futures contracts 7,8,2(i)&2(j) 450,154,421 137,644,517
Total Assets 51,094,720 23,045,359 28,445,898 23,499,588,202 118,965,846,774 15,555,902,426
CURRENT LIABILITIES
Bank overdraft 274,612
Due to brokers 73,238 6,230 195,440,280
Payable for Shares redeemed 232,440 271,264 10,770 709,972,080 209,432,619 7,228,309
Other creditors 71,572 84,941 70,164 44,978,426 117,761,835 24,693,805
exchange contracts/future contracts 7,8,2(i)&2(j) 30,501,683 9,775,370
Total Liabilities 304,012 429,443 87,164 950,390,786 357,970,749 41,697,484
Net Assets 50,790,708 22,615,916 28,358,734 22,549,197,416 118,607,876,025 15,514,204,942
116 Invesco Funds
Invesco Funds
Asia Greater Invesco Invesco Asia Invesco
Opportunities China Asia India Consumer China Focus
Equity Equity Infrastructure Equity Demand Equity
ASSETS
Investments at market value 2(b) 117,714,340 2,694,670,896 863,191,221 109,400,535 810,982,915 41,476,332
CURRENT ASSETS
Due from brokers 3,375,959 8,120,620 230,922 8,940,021 372,874
Receivable for Shares issued 3,821 207,125 73,386 240,233 133
Other debtors 234,896 562,061 3,446,813 26,949 1,038,868 88,610
Bank balances 3,667,534 2,951,975 20,644,746 1,721,812 7,998,892 59,152
exchange contracts/futures contracts 7,8,2(i)&2(j) 1,175,972 364,790 1,902,977
Total Assets 124,996,550 2,699,568,029 895,841,576 111,380,218 831,103,906 41,997,101
CURRENT LIABILITIES
Bank overdraft 533,053 1,700 5,230 334
Due to brokers 2,435,419 4,490,035 5,638,997
Payable for Shares redeemed 59,680 6,772,670 4,832,532 119,520 2,515,454 621,595
Other creditors 419,482 3,618,348 6,192,834 296,206 1,417,587 105,837
exchange contracts/future contracts 7,8,2(i)&2(j) 107,593 14,792 154,401
Total Liabilities 3,447,634 10,500,311 15,535,423 415,726 9,726,773 727,432
Net Assets 121,548,916 2,689,067,718 880,306,153 110,964,492 821,377,133 41,269,669
Invesco Funds
117 Invesco Funds
Invesco Invesco
Invesco Invesco Global Income Gold &
Asian Focus Global Invesco Real Estate Precious Invesco
Equity Leisure Energy Securities Metals USD Reserve
ASSETS
CURRENT ASSETS
Due from brokers 157,410 249,747 42,039
Receivable for Shares issued 5,701 281,008 3,695,416 344 348,652 504,139
Other debtors 97,995 246,353 303,429 90,732 89,629 51,459
Bank balances 31,310 948 5,769,810 188,114 2,424,068 55,511,548
exchange contracts/futures contracts 7,8,2(i)&2(j) 116,541 95,228
Total Assets 4,701,904 379,158,925 172,255,837 14,683,052 26,427,503 121,105,308
CURRENT LIABILITIES
Bank overdraft 4,787,711 1,551 342
Due to brokers 68,633 1,290 4,087
Payable for Shares redeemed 6,737,224 255,577 1,149 12,427 1,432,347
Other creditors 64,309 619,183 326,030 27,636 68,963 91,050
exchange contracts/future contracts 7,8,2(i)&2(j) 8,757 3,790
Total Liabilities 132,942 12,144,118 591,915 30,075 89,267 1,523,739
Net Assets 4,568,962 367,014,807 171,663,922 14,652,977 26,338,236 119,581,569
Invesco Funds
118 Invesco Funds
Invesco Invesco Invesco Absolute Euro Euro
Euro Global European Return Ination-Linked Corporate
Reserve Bond Bond Bond Bond Bond
Notes EUR USD EUR EUR EUR EUR
ASSETS
Investments at market value 2(b) 198,684,518 112,138,895 195,435,751 9,948,336 16,334,204 3,829,372,854
CURRENT ASSETS
Due from brokers 4,952,020 100,595 1,469,250
Receivable for Shares issued 127,417 206,003 2,046,234 196 11,549 43,290,576
Other debtors 59,294 1,070,284 3,264,783 141,450 171,244 72,040,608
Bank balances 35,125,708 16,831,926 11,487,219 1,006,376 633,510 404,736,507
contracts/futures contracts 7,8,2(i)&2(j) 653,110 5,685 69,140 13,826 1,155,174
Unrealised gain on credit default swaps 9&2(k) 687,971
Total Assets 233,996,937 130,900,218 217,191,692 11,266,093 18,633,583 4,351,283,690
CURRENT LIABILITIES
Due to brokers 2,924,075 2,242,215 99,654 1,335,358 69,834,199
Payable for Shares redeemed 6,789,825 399,150 3,635 78,543 164,873
Other creditors 157,647 204,391 265,987 29,634 45,856 4,801,377
exchange contracts/future contracts 7,8,2(i)&2(j) 1,122,169 206,470 135,475 9,629 13,159,180
Unrealised loss on credit default swaps 9&2(k) 234,283 40,920 1,283,353
Unrealised loss on interest rate swaps 10&2(l) 3,096
Total Liabilities 6,947,472 4,652,881 3,611,996 309,318 1,469,386 89,242,982
Net Assets 227,049,465 126,247,337 213,579,696 10,956,775 17,164,197 4,262,040,708
Invesco Funds
Invesco Emerging Local Global Global Global Total Emerging Market
UK Investment Currencies Investment Grade Unconstrained Return (EUR) Corporate
Grade Bond Debt Corporate Bond Bond Bond Bond
Notes GBP USD USD GBP EUR USD
ASSETS
CURRENT ASSETS
Due from brokers 624,065 2,007,178 1,501,212 2,024,760 5,732,812
Receivable for Shares issued 790 386,091 493,760 3,472,275 167,045
Other debtors 707,602 10,621,325 1,091,037 123,019 1,809,035 1,961,705
Bank balances 1,474,493 13,270,658 480,199 300,308 33,281,417 4,984,260
exchange contracts/futures contracts 7,8,2(i)&2(j) 152,286 3,024,017 451,753 18,146 221,126 1,035,956
Total Assets 50,552,493 656,791,323 48,275,223 4,174,677 137,292,456 149,495,763
CURRENT LIABILITIES
Bank overdraft 3,481,942 271,381
Due to brokers 906,167 1,964,809 5,572,095
Payable for Shares redeemed 30,329 1,837,224 29,805 377,378
Other creditors 68,556 1,202,490 100,468 35,399 215,778 405,229
exchange contracts/future contracts 7,8,2(i)&2(j) 63,834 366,156 357,398 10,159 585,021 40,471
Unrealised loss on credit default swaps 9&2(k) 163,439 42,283 67,980
Total Liabilities 1,068,886 6,887,812 2,857,495 87,841 898,584 6,395,173
Net Assets 49,483,607 649,903,511 45,417,728 4,086,836 136,393,872 143,100,590
119 Invesco Funds
Invesco Funds
Invesco Invesco US High Renminbi Capital Invesco
Euro Short Asian Yield Fixed Shield Asia
Term Bond Bond Bond Income 90 (EUR) Balanced
Notes EUR USD USD USD EUR USD
ASSETS
CURRENT ASSETS
Due from brokers 1,182,695 594,967 11,516,903
Receivable for Shares issued 1,077,087 73,025 37,855 50,259
Other debtors 895,053 422,528 1,476,411 528,698 7,608 6,758,500
Bank balances 2,093,111 409,548 2,227,363 1,124,993 22,702,798 1,832,545
exchange contracts/futures contracts 7,8,2(i)&2(j) 12,015 3,800 995,592 825,638 901,265
Total Assets 80,587,489 23,198,310 88,661,590 49,690,591 98,981,768 812,589,954
CURRENT LIABILITIES
Due to brokers 1,669,200 573,687 3,998,507
Payable for Shares redeemed 14,774 108,554 170,139 18,320 8,849,885
Other creditors 95,999 55,562 175,202 110,030 136,814 1,260,613
exchange contracts/future contracts 7,8,2(i)&2(j) 166,441 1,359 207,248 145,002 8,592
Total Liabilities 1,931,640 71,695 1,064,691 280,169 4,298,643 10,122,795
Net Assets 78,655,849 23,126,615 87,596,899 49,410,422 94,683,125 802,467,159
120 Invesco Funds
Invesco Funds
Invesco Invesco
Pan European Global Invesco 28.02.14
High Absolute Balanced-Risk Invesco *Consolidated-
Income Return Allocation Global Targeted Net Assets
Fund Fund Fund Returns Fund
1
USD Equiv.
Notes EUR EUR EUR EUR USD
ASSETS
Investments at market value 2(b) 1,803,350,690 4,500,000 3,086,546,184 25,233,010 31,010,567,225
CURRENT ASSETS
Due from brokers 666,410 55,380 94,746,561
Receivable for Shares issued 43,830,455 97 1,683,404 688,392 236,020,324
Other debtors 26,191,177 16,766 10,064,772 38,268 208,814,838
Bank balances 288,749,271 45,655,227 173,205,989 4,966,201 2,103,717,337
exchange contracts/futures contracts 7,8,2(i)&2(j) 3,121,259 291,091 79,302,274 530,335 139,534,776
Unrealised gain on equity swaps 11&2(m) 2,801,784 3,864,758
Unrealised gain on credit default swaps 9&2(k) 22,904 980,575
Unrealised gain on ination swaps 9&2(k) 22,685 31,292
Unrealised gain on equity variance swaps 9&2(k) 77,391 106,753
Unrealised gain on interest rate swaps 10&2(l) 356,465 491,705
Unrealised gain on options 12&2(n) 2,216,730 3,476,213
Total Assets 2,165,909,262 53,264,965 3,350,802,623 34,207,761 33,802,352,357
CURRENT LIABILITIES
Bank overdraft 5,946 16,261,996
Due to brokers 51,543,512 2,751,238 459,595,183
Payable for Shares redeemed 21,141 10,170,828 81,394,077
Other creditors 3,618,513 130,310 5,043,843 596,420 52,383,464
exchange contracts/future contracts 7,8,2(i)&2(j) 1,082,203 720,044 13,943,886 340,427 45,992,555
Unrealised loss on equity swaps 11&2(m) 2,670,207 3,683,262
Unrealised loss on credit default swaps 9&2(k) 194,652 2,746,127
Unrealised loss on ination swaps 9&2(k) 20,133 27,771
Unrealised loss on equity variance swaps 9&2(k) 57,873 79,830
Unrealised loss on interest rate swaps 10&2(l) 208,968 291,345
Unrealised loss on options 12&2(n) 1,353,191 1,866,582
Total Liabilities 56,244,228 3,547,648 29,158,557 5,522,902 664,322,192
Net Assets 2,109,665,034 49,717,317 3,321,644,066 28,684,859 33,138,030,165
*Consolidated aggregate all sub-funds. Investments by one sub-fund into another are not eliminated, and are thus accounted twice in the consolidated figures.
See Note 2 (p) on the Notes to the Financial Statements.
1
Invesco Global Targeted Returns Fund launched on 18th December 2013
121 Invesco Funds
122 Invesco Funds
28 February 28 February 29 February
2014 2013 2012
Total NAV NAV per Total NAV NAV per Total NAV NAV per
in sub-fund Number Share in in sub-fund Number Share in in sub-fund Number Share in
currency of Shares share class currency of Shares share class currency of Shares share class
Ccy Total in issue currency Total in issue currency Total in issue currency
Invesco Global Structured Equity Fund (USD)
Distribution A USD 34,271,026 837,559 40.92 27,337,203 778,021 35.14 15,826,006 513,041 30.85
Accumulation A Hedg (EUR) EUR 4,824,221 111,545 31.35 4,404,135 125,778 26.69 292,063 9,315 23.32
Distribution C USD 28,722,838 668,003 43.00 13,348,376 361,621 36.91 21,214,251 654,695 32.40
Accumulation C Hedg (EUR) EUR 39,137,001 852,122 33.30 23,207,075 626,577 28.24 15,487,572 468,828 24.57
Accumulation C Hedg (GBP) GBP 6,219,105 127,102 29.32 167,838 4,459 24.78 152,477 4,459 21.45
Accumulation E EUR 19,496,448 455,188 31.05 4,499,113 123,034 27.88 3,003,792 94,071 23.75
Accumulation I EUR 9,227 548 12.21 39,618,157 2,803,048 10.77
Invesco Emerging Market Quantitative Equity Fund (USD)
Accumulation A USD 11,197,176 1,035,765 10.81 6,382,608 526,546 12.12 891,018 74,431 11.97
Accumulation A Hedg (EUR) EUR 1,476,430 127,296 8.41 4,746,217 382,098 9.47 4,943,428 389,448 9.44
Accumulation C USD 16,789,192 1,519,426 11.05 26,986,004 2,190,968 12.32 24,856,943 2,055,894 12.09
Accumulation C Hedg (EUR) EUR 15,760,929 1,330,298 8.59 16,091,364 1,276,024 9.61 4,836,594 377,695 9.53
Accumulation C Hedg (GBP) GBP 79,293 6,505 7.30 80,438 6,505 8.14 83,211 6,505 8.02
Accumulation I EUR 21,854,289 1,910,100 8.29 28,757,244 2,275,100 9.64 1,229 100 9.14
Accumulation Z EUR 7,210 523 9.99
Invesco Global Smaller Companies Equity Fund (USD)
Distribution A SD USD 2,320,166 41,081 56.48 245,336 5,819 42.16 74,152 1,947 38.09
Accumulation A USD 55,213,705 973,932 56.69 22,547,094 532,820 42.32 26,021,719 681,131 38.20
Accumulation A Hedg (EUR) EUR 13,457,709 584,077 16.70 897,645 54,647 12.52
Accumulation C USD 42,760,319 673,299 63.51 39,383,614 837,036 47.05 35,004,467 830,268 42.16
Accumulation E EUR 9,280,939 409,424 16.43 403,678 23,700 12.98 15,937 1,030 11.51
Accumulation R USD 3,434,185 69,715 49.26 1,987,253 53,669 37.03 2,258,082 67,081 33.66
Accumulation Z USD 243,174 20,688 11.75
Invesco Global Equity Income Fund (USD)*
Distribution A SD USD 94,021,027 6,136,505 15.32 219,537 17,565 12.50 6,646 600 11.08
Accumulation A USD 191,606,217 3,151,751 60.79 112,888,224 2,299,806 49.09 102,238,894 2,374,442 43.06
Accumulation A Hedg (CHF) CHF 221,198 17,856 10.92
Accumulation C USD 189,021,412 2,775,707 68.10 40,296,726 738,250 54.58 24,485,791 515,135 47.53
Accumulation C Hedg (CHF) CHF 115,053 9,256 10.96
Accumulation E EUR 18,265,980 916,894 14.44 1,617,251 99,615 12.38 70,402 4,899 10.69
Distribution Z AD EUR 7,913 523 10.97
Distribution Z SD USD 7,910 700 11.30
Invesco Latin American Equity Fund (USD)
Accumulation A Hedg (EUR) EUR 356,510 39,326 6.57 445,923 40,917 8.31 792,976 69,916 8.44
Accumulation C USD 62,988 6,981 9.02 2,810,888 248,930 11.29 2,794,056 247,065 11.31
Accumulation C Hedg (EUR) EUR 27,423 2,964 6.71 32,773 2,964 8.43 33,937 2,964 8.52
Accumulation Z USD 6,769 700 9.67
Invesco US Structured Equity Fund (USD)
Accumulation A Hedg (EUR) EUR 2,458,866 161,547 11.03 877,795 75,292 8.89 915,441 83,494 8.16
Accumulation B USD 2,066,433 113,331 18.23 309,392 20,915 14.79 846 62 13.61
Accumulation I EUR 2,367 111 15.44 1,878 111 12.88 1,691 111 11.32
Accumulation Z USD 7,835 700 11.19
Invesco US Value Equity Fund (USD)
Distribution A SD USD 2,535,272 86,409 29.34 576,129 24,254 23.75 388,616 18,545 20.95
Distribution C SD USD 41,063,593 1,405,365 29.22 447,740 18,947 23.63 781,696 37,522 20.83
Accumulation E EUR 2,255,560 110,780 14.76 206,419 12,415 12.67 12,957 875 11.02
Invesco US Equity Fund (USD)
Distribution A AD USD 40,389 2,897 13.94 11,771 1,000 11.77
Distribution A AD Hedg (EUR) EUR 107,147 5,613 13.84 86,146 5,606 11.72
Accumulation C USD 5,605,679 398,453 14.07 4,524,585 383,000 11.81
Accumulation E Hedg (EUR) EUR 2,328,275 123,518 13.67 165,608 10,831 11.66
Distribution Z AD (EUR) EUR 7,667 523 10.63
Accumulation R Hedg (EUR) EUR 231,482 12,268 13.68 94,332 6,166 11.66
Invesco Funds
Comparative Net Asset Values for the year ended 28 February 2014
123 Invesco Funds
2014 2013 2012
Invesco Pan European Structured Equity Fund (EUR)
Distribution A AD EUR 71,829,154 5,278,760 13.61 21,762,878 1,932,217 11.26 381,370 38,765 9.84
Accumulation A EUR 1,167,459,499 82,537,130 14.14 722,410,898 62,666,737 11.53 419,515,787 42,422,821 9.89
Accumulation A Hedg (CHF) CHF 1,145,591 124,762 11.17
Accumulation B EUR 15,677,168 1,223,572 12.81 1,056,630 100,186 10.55 935 102 9.14
Accumulation C EUR 807,471,483 53,473,630 15.10 434,607,081 35,491,667 12.25 321,506,769 30,759,668 10.45
Accumulation C Hedg (CHF) CHF 1,097,549 119,251 11.19
Accumulation E EUR 153,414,363 12,262,674 12.51 60,139,035 5,842,556 10.29 29,909,600 3,355,374 8.91
Accumulation R EUR 31,447,212 2,178,960 14.43 2,162,866 182,609 11.84 224,519 21,952 10.23
Distribution Z AD EUR 7,926,910 691,139 11.47
Invesco Pan European Equity Fund (EUR)*
Distribution A AD EUR 65,041,499 4,035,621 16.12 26,198,258 2,133,592 12.28 21,620,593 1,995,849 10.83
Distribution A AD USD 192,748,963 11,773,181 22.58 3,107,041 249,119 16.36 385,166 34,991 14.80
Accumulation B EUR 8,950,495 591,576 15.13 1,155,100 100,191 11.53 2,071,230 204,818 10.11
Distribution C AD EUR 124,799,658 7,286,730 17.13 39,192,815 3,005,490 13.04 39,747,122 3,455,080 11.50
Accumulation C EUR 1,476,253,075 76,796,119 19.22 400,543,931 27,762,858 14.43 322,789,958 25,886,850 12.47
Accumulation I EUR 15,888,608 824,025 19.28 1,414 99 14.27 1,206 99 12.17
Accumulation R EUR 15,218,005 1,053,250 14.45 1,380,664 125,666 10.99 158,873 16,511 9.62
Distribution Z AD USD 6,127 700 12.07
Invesco Pan European Small Cap Equity Fund (EUR)*
Distribution A AD USD 8,123,183 420,225 26.66 7,179 500 18.83 42,600 3,353 17.08
Accumulation A EUR 201,931,117 10,356,434 19.50 93,464,576 6,477,184 14.43 92,815,005 7,299,120 12.72
Accumulation B EUR 1,507,310 89,783 16.79 668,386 53,315 12.54 992,136 89,018 11.15
Accumulation C EUR 68,076,883 3,237,302 21.03 7,803,126 504,434 15.47 8,097,523 597,097 13.56
Invesco European Growth Equity Fund (EUR)
Invesco Pan European Equity Income Fund (EUR)*
Distribution A SD EUR 17,869,208 1,529,397 11.68 4,961,704 552,946 8.97 4,195,371 536,334 7.82
Accumulation A EUR 14,608,755 1,141,164 12.80 1,164,904 119,818 9.72 201,968 24,253 8.33
Accumulation C EUR 1,962,079 147,936 13.26 1,392,470 139,071 10.01 766 90 8.51
Accumulation E EUR 16,207,504 1,321,807 12.26 2,040,956 217,859 9.37 1,107,452 137,190 8.07
Distribution Z SD EUR 143,162 12,169 11.76
Invesco Emerging Europe Equity Fund (USD)
Accumulation B USD 2,108,952 225,650 9.35 1,711,174 170,582 10.03 1,325,811 130,228 10.18
Invesco Pan European Focus Equity Fund (EUR)*
Distribution A AD EUR 137,962 7,417 18.60 6,235 460 13.56 5,262 460 11.44
Accumulation A EUR 14,011,048 897,510 15.61 2,570,789 227,770 11.29 1,359,783 142,749 9.53
Accumulation C EUR 53,578 2,820 19.00 6,279 460 13.66 5,268 460 11.46
Accumulation E EUR 9,883,379 532,785 18.55 395,422 29,329 13.48 5,256 460 11.43
Accumulation R EUR 4,272,767 231,337 18.47 133,328 9,916 13.45 5,254 460 11.43
Invesco Nippon Small/Mid Cap Equity Fund (JPY)
Distribution A AD USD 6,954,746,085 4,926,794 13.85 2,983,614,866 3,340,052 9.69 448,921 600 9.31
Accumulation A JPY11,605,525,148 11,639,086 997.12 3,076,757,672 4,876,388 630.95 3,001,679,804 5,681,466 528.33
Accumulation B JPY 182,645,747 212,243 860.55 27,419,541 49,901 549.48 45,314,638 97,640 464.10
Distribution C AD USD 1,366,072,686 954,567 14.04 807,721,659 894,939 9.79 450,674 600 9.34
Accumulation C JPY 387,801,920 359,214 1,079.58 751,909,625 1,108,568 678.27 27,673,176 49,047 564.22
Accumulation E EUR 2,026,141,659 2,251,098 6.40 207,882,158 362,284 4.75 213,589,430 441,143 4.48
Accumulation Z JPY 26,042,913 21,703 1,199.96
Invesco Funds
124 Invesco Funds
2014 2013 2012
Invesco Japanese Equity Advantage Fund (JPY)
Distribution A AD EUR 6,221,695,158 3,389,605 13.05 6,360,837,500 4,350,967 12.09 2,529,897,236 2,233,162 10.48
Accumulation A JPY 15,188,815,878 5,088,258 2,985.07 18,101,967,583 7,618,477 2,376.06 5,593,407,913 3,038,503 1,840.84
Accumulation A Hedg (EUR) EUR 4,029,590,341 2,817,754 10.17
Accumulation C JPY 77,956,900,476 24,700,036 3,156.15 22,556,491,663 9,047,752 2,493.05 5,091,241,198 2,656,212 1,916.73
Accumulation C Hedg (CHF) CHF 1,120,909,179 951,256 10.19
Accumulation C Hedg (EUR) EUR 10,349,167,386 7,215,153 10.20
Accumulation C GBP 1,035,792,322 478,264 12.73 767,902 449 12.22
Accumulation E EUR 1,505,496,748 842,010 12.71 1,057,859,565 738,397 11.85 993,313,203 889,013 10.34
Accumulation R JPY 412,377,141 148,396 2,778.91 296,982,128 133,245 2,228.85 218,413,256 125,531 1,739.92
Accumulation Z EUR 775,496,163 540,005 10.21
Accumulation Z GBP 749,606 446 9.88
Invesco Japanese Value Equity Fund (JPY)
Distribution A AD USD 195,507,359 201,025 9.54 357,302,090 460,373 8.42 648,040,834 940,846 8.57
Distribution A SD JPY 24,473,838 25,393 963.78 39,780,918 51,928 766.09 99,036,853 145,112 682.49
Accumulation A JPY 5,410,090,006 5,533,900 977.63 5,929,499,686 7,640,000 776.11 15,592,031,734 22,635,172 688.84
Accumulation A Hedg (EUR) EUR 3,256,950,794 892,238 25.95 463,798,670 182,930 20.97 195,163,824 95,561 18.89
Distribution C AD USD 752,347 606 12.17 593,886 600 10.74 223,808,784 256,714 10.85
Accumulation C JPY 3,887,486,832 3,548,947 1,095.39 3,375,076,180 3,910,994 862.97 7,739,196,428 10,180,868 760.17
Accumulation C Hedg (EUR) EUR 1,730,770,950 570,315 21.58 2,619,066,484 1,251,844 17.30 2,192,952,912 1,311,850 15.46
Accumulation E EUR 100,970,218 62,326 11.52 31,472,482 24,301 10.71 531,892 460 10.70
Accumulation R JPY 896,173,078 1,088,040 823.66 891,049,726 1,352,075 659.02 882,300,903 1,496,727 589.49
Invesco Asia Opportunities Equity Fund (USD)
Accumulation C USD 83,941,756 806,409 104.09 104,535,371 1,000,755 104.46 109,272,066 1,118,096 97.73
Invesco Greater China Equity Fund (USD)
Accumulation A Hedg (AUD) AUD 159,586 17,529 10.16
Accumulation A Hedg (CAD) CAD 330,106 36,292 10.12
Accumulation A Hedg (NZD) NZD 102,068 11,936 10.17
Accumulation A Hedg (RMB) CNY 85,426 5,000 104.99
Accumulation C USD 2,068,459,158 43,414,730 47.64 376,576,169 9,306,027 40.47 301,967,631 7,814,108 38.64
Accumulation C Hedg (AUD) AUD 94,750 10,383 10.18
Accumulation R USD 2,487,625 221,862 11.21 665,531 68,974 9.65 260,367 27,912 9.33
Accumulation Z USD 4,540,078 410,880 11.05
Invesco Asia Infrastructure Fund (USD)*
Distribution A SD USD 147,682,734 11,474,353 12.87 213,804,135 15,368,465 13.91 316,242,906 22,402,504 14.12
Accumulation A USD 496,006,905 36,398,495 13.63 761,414,414 52,390,253 14.53 1,130,998,696 77,648,121 14.57
Accumulation A (HKD) HKD 18,225 1,674 84.48 5,420 467 90.03 5,431 467 90.20
Accumulation A Hedg (EUR) EUR 16,910,649 1,276,824 9.60 30,876,745 2,291,414 10.27 49,783,147 3,570,391 10.37
Accumulation C Hedg (EUR) EUR 193,769 13,686 10.26 604,586 42,205 10.92 2,010,404 136,551 10.95
Accumulation R USD 971,472 118,284 8.21 1,318,734 149,525 8.82 303,870 34,150 8.90
Accumulation Z USD 4,533,157 434,927 10.42
Accumulation Z EUR 403,443 28,910 10.12
Invesco India Equity Fund (USD)
Distribution A AD USD 57,859,482 1,546,974 37.40 81,677,975 2,196,834 37.18 109,198,585 2,865,326 38.11
Accumulation A HKD 67,883 6,358 82.86 9,989 941 82.32 7,186 660 84.38
Distribution C AD USD 37,483,468 906,333 41.36 26,495,628 648,361 40.87 21,277,793 511,085 41.63
Accumulation E EUR 15,553,659 437,984 25.74 22,448,250 631,146 27.11 37,483,800 1,020,291 27.33
Invesco Funds
125 Invesco Funds
2014 2013 2012
Invesco Asia Consumer Demand Fund (USD)
Accumulation A HKD 58,334 4,467 101.35 115,037 9,167 97.34 5,383 467 89.40
Accumulation C Hedg (EUR) EUR 36,475,298 2,607,002 10.14 41,857,987 3,282,088 9.72 32,557,076 2,708,371 8.94
Invesco China Focus Equity Fund (USD)
Accumulation A USD 7,624,998 507,392 15.03 3,793,982 295,311 12.85 22,335 1,927 11.59
Accumulation C USD 26,459,299 1,738,057 15.22 26,220,241 2,026,958 12.94 9,341,352 804,862 11.61
Accumulation E EUR 4,802,499 248,747 14.00 1,473,954 88,867 12.64 12,358 822 11.19
Accumulation R USD 2,382,873 161,108 14.79 296,533 23,286 12.73 6,945 600 11.57
Invesco Asian Focus Equity Fund (USD)
Distribution A AD EUR 12,057 801 10.92 12,295 801 11.70
Accumulation A USD 300,417 24,922 12.05 64,247 5,229 12.29
Accumulation C USD 3,624,029 296,000 12.24 3,660,473 296,000 12.37
Accumulation E EUR 534,637 35,949 10.78 290,686 19,026 11.65
Accumulation R USD 97,822 8,211 11.91 90,449 7,394 12.23
Invesco Global Leisure Fund (USD)*
Accumulation B USD 15,124,405 521,887 28.98 506,869 24,629 20.58 249,135 14,218 17.52
Accumulation C USD 16,653,397 454,584 36.63 4,710,980 183,835 25.63 879,050 40,899 21.49
Invesco Energy Fund (USD)
Distribution A AD USD 637,059 22,283 28.59 36,238 1,430 25.34 35,723 1,294 27.60
Accumulation A (HKD) HKD 685,121 55,833 95.24 5,078 467 84.36 5,530 467 91.85
Accumulation C USD 16,734,089 549,264 30.47 29,895,863 1,112,517 26.87 22,385,070 768,469 29.13
Accumulation C Hedg (EUR) EUR 159,515 7,330 15.78 201,151 10,983 13.96 2,987,152 145,547 15.27
Accumulation E EUR 17,010,099 657,883 18.74 22,443,930 972,044 17.60 31,817,700 1,255,670 18.85
Accumulation R USD 377,490 42,888 8.80 55,689 7,090 7.85 45,380 5,270 8.61
Invesco Asia Pacic Real Estate Securities Fund (USD)
Accumulation C USD 1,437,866 150,000 9.59
Accumulation E EUR 244,093 26,422 6.87
Distribution A SD USD 1,403,633 151,328 9.28
Accumulation A USD 131,672 14,033 9.38
Invesco Global Income Real Estate Securities Fund (USD)
Distribution A MD USD 7,260 712 10.19
Distribution A QD USD 7,025,775 776,067 9.05 5,622,773 600,807 9.36 4,709,491 556,679 8.46
Accumulation C USD 7,684 647 11.87 14,939 1,261 11.84 6,669 647 10.30
Accumulation E EUR 3,863,219 382,228 7.33 2,493,662 244,662 7.77 682,960 76,236 6.66
Invesco Gold & Precious Metals Fund (USD)
Accumulation A USD 10,773,608 1,754,282 6.14 8,586,219 1,078,426 7.96 9,847,812 876,240 11.24
Accumulation A HKD 3,120 466 51.97 4,045 466 67.34 5,711 466 95.05
Accumulation C USD 603,258 96,181 6.27 139,794 17,283 8.09 341,134 30,059 11.35
Accumulation R USD 1,387,029 293,837 4.72 530,526 86,046 6.17 194,825 22,226 8.77
Invesco USD Reserve Fund (USD)
Accumulation A USD 82,785,277 951,390 87.02 57,949,790 665,940 87.02 90,635,923 1,041,611 87.02
Accumulation B USD 76 1 76.10 38,142 496 76.90 1,380,892 17,771 77.71
Accumulation B1 USD 175,798 2,026 86.77 910,625 10,489 86.82 1,997,927 23,004 86.85
Invesco Funds
126 Invesco Funds
2014 2013 2012
Invesco Euro Reserve Fund (EUR)
Distribution A AD EUR 48,703,647 150,958 322.63 14,836 46 322.58 14,822 46 322.28
Accumulation B EUR 46,728 166 281.63 75,066 264 284.43 75,789 264 287.17
Accumulation C EUR 74,673,719 222,973 334.90 82,617,112 246,758 334.81 251,553,377 752,496 334.29
Invesco Global Bond Fund (USD)
Accumulation C USD 26,051,291 2,780,732 9.37 4,895,414 538,884 9.08 9,799,185 1,120,244 8.75
Accumulation C Hedg (EUR) EUR 15,341,486 1,034,659 10.75 12,312,246 898,036 10.45
Accumulation E Hedg (EUR) EUR 1,291,579 87,664 10.68 641,249 46,892 10.42
Distribution Z SD USD 60,128 5,818 10.33
Invesco European Bond Fund (EUR)
Distribution A SD EUR 47,790,913 8,582,140 5.57 42,583,037 7,988,193 5.33 10,571,064 2,086,678 5.07
Accumulation B EUR 13,089,546 2,447,227 5.35 1,910,377 378,178 5.05 111,500 23,539 4.74
Invesco Absolute Return Bond Fund (EUR)
Accumulation C EUR 635,297 214,074 2.97 191,074 65,314 2.93 1,522,845 521,071 2.92
Invesco Euro Ination-Linked Bond Fund (EUR)
Accumulation A EUR 9,017,345 604,309 14.92 14,970,498 989,733 15.13 20,752,220 1,404,770 14.77
Accumulation C EUR 852,031 54,786 15.55 201,744 12,844 15.71 5,206,018 340,648 15.28
Accumulation R EUR 507,488 50,127 10.12 838,861 81,174 10.33 210,398 20,699 10.16
Invesco Euro Corporate Bond Fund (EUR)
Distribution A AD EUR 58,119,468 4,986,456 11.66 4,870,089 434,716 11.20
Distribution A MD EUR 909,054,354 72,725,668 12.50 740,268,831 60,845,569 12.17 477,648,562 42,131,713 11.34
Accumulation C EUR 1,413,650,400 84,297,162 16.77 1,074,904,373 68,019,988 15.80 596,378,929 41,815,235 14.26
Distribution R MD EUR 109,003,690 9,721,497 11.21 99,957,031 9,159,026 10.91 33,765,283 3,320,224 10.17
Accumulation R EUR 43,061,029 3,586,097 12.01 31,973,387 2,796,122 11.43 7,267,141 696,787 10.43
Accumulation Z EUR 25,327,923 2,418,326 10.47
Invesco UK Investment Grade Bond Fund (GBP)
Distribution A QD GBP 49,151,818 52,589,571 0.93 65,996,500 69,901,837 0.94 85,654,612 93,147,160 0.92
Distribution C QD GBP 4,541 452 10.04
Distribution Z QD GBP 327,248 31,671 10.33
Invesco Emerging Local Currencies Debt Fund (USD)*
Distribution A AD EUR 636,609 53,242 8.67 4,052,191 290,639 10.63
Distribution A MD Hedg (EUR) EUR 86,204,898 8,649,907 7.22 93,370,423 8,311,696 8.56 41,978,047 3,680,678 8.48
Distribution A MD USD 284,951,409 30,584,035 9.32 544,765,411 48,919,740 11.14 354,205,202 31,947,736 11.09
Distribution A MD HKD 51,070 4,736 83.69 49,987 3,930 98.64 6,014 481 97.02
Accumulation C Hedg (EUR) EUR 20,746,345 1,687,668 8.91 43,441,836 3,282,895 10.09 21,687,469 1,693,052 9.53
Distribution R MD Fixed USD 48,326,496 5,838,797 8.28 64,142,696 6,484,595 9.89 20,326,069 2,064,042 9.85
Distribution Z AD Hedg (EUR) EUR 432,248 31,439 9.97
Invesco Funds
127 Invesco Funds
2014 2013 2012
Invesco Global Investment Grade Corporate Bond Fund (USD)
Distribution A AD USD 15,891,085 1,373,979 11.57 12,179,004 1,066,998 11.41 8,467,983 773,036 10.95
Distribution A MD USD 12,009,499 1,069,964 11.22 11,978,399 1,073,307 11.16 4,610,142 432,843 10.65
Distribution A MD HKD 7,003 496 109.47 6,739 481 108.77 6,269 468 103.78
Accumulation A Hedg (EUR) EUR 6,486,411 524,537 8.96 13,041,931 1,150,318 8.64 2,650,604 244,623 8.06
Distribution C AD USD 831,449 71,422 11.64 3,112,251 270,945 11.49 2,889,115 262,108 11.02
Invesco Global Unconstrained Bond Fund (GBP)
Accumulation A GBP 637,622 44,453 14.34 611,763 44,453 13.76 536,822 44,453 12.08
Accumulation A Hedg (EUR) EUR 30,644 2,190 16.92 30,830 2,190 16.30 26,543 2,190 14.37
Accumulation C GBP 2,584,559 176,227 14.67 2,411,121 172,384 13.99 2,103,132 172,384 12.20
Accumulation E Hedg (EUR) EUR 30,090 2,190 16.62 30,423 2,190 16.09 26,321 2,190 14.25
Invesco Global Total Return (EUR) Bond Fund (EUR)
Distribution A AD EUR 50,586 4,565 11.08 5,932 561 10.58
Accumulation A EUR 17,183,201 1,351,105 12.72 15,242,880 1,264,932 12.05 4,448,095 390,332 11.40
Accumulation A Hedg (SEK) SEK 145,852 12,108 106.67
Accumulation C EUR 52,968,300 4,100,510 12.92 37,689,973 3,093,346 12.18 6,961,205 606,918 11.47
Distribution E QD EUR 20,028,104 1,712,804 11.69 30,828,767 2,737,086 11.26 5,010,607 458,660 10.92
Accumulation E EUR 19,535,763 1,549,674 12.61 12,764,008 1,065,919 11.97 576,391 50,766 11.35
Distribution R MD EUR 24,940,979 2,224,706 11.21 25,962,449 2,396,731 10.83 1,013,888 97,110 10.44
Invesco Emerging Market Corporate Bond Fund (USD)*
Distribution A MD Fixed USD 39,651,962 3,770,899 10.52 43,969,009 3,946,446 11.14 7,316,745 712,616 10.27
Accumulation A Hedg (EUR) EUR 17,861,093 1,091,181 11.87 33,700,418 2,134,143 12.04 1,466,933 102,838 10.61
Accumulation C USD 14,961,370 1,234,744 12.12 19,539,313 1,602,108 12.20 760,507 71,400 10.65
Accumulation C Hedg (EUR) EUR 9,571,720 574,925 12.07 3,336,536 209,034 12.17 685,389 47,817 10.66
Accumulation E Hedg (EUR) EUR 22,939,990 1,421,289 11.70 26,924,233 1,720,770 11.93 774,983 54,554 10.57
Distribution R MD Fixed USD 31,321,879 2,981,726 10.50 31,025,561 2,787,645 11.13 2,499,656 243,718 10.26
Distribution Z AD Hedg (EUR) EUR 108,509 7,472 10.53
Invesco Euro Short Term Bond Fund (EUR)*
Accumulation A EUR 14,425,521 1,328,315 10.86 5,731,942 544,284 10.53 1,825,947 180,910 10.09
Accumulation R EUR 5,678,541 533,250 10.65 3,182,670 306,057 10.40 1,774,896 176,848 10.04
Invesco Asian Bond Fund (USD)
Distribution A AD EUR 805,849 63,667 9.18 2,879,185 213,815 10.27
Distribution A MD USD 2,735,092 272,848 10.02 2,503,754 232,201 10.78 73,785 7,095 10.40
Distribution A MD HKD 57,194 4,440 99.97 136,569 9,857 107.47 19,121 1,431 103.64
Distribution A MD Hedg (RMB) CNY 84,949 5,066 103.04
Accumulation C USD 12,573,371 1,158,630 10.85 10,377,906 923,175 11.24 8,830,865 846,234 10.44
Accumulation E EUR 989,801 71,217 10.08 1,824,564 125,908 11.05 12,931 955 10.07
Distribution R MD USD 1,131,977 115,473 9.80 1,065,052 101,007 10.54
Invesco US High Yield Bond Fund (USD)
Distribution A AD USD 7,797,840 678,506 11.49 5,201,255 481,000 10.81
Distribution A AD Hedg (EUR) EUR 25,498,822 1,624,673 11.38 3,783,885 268,526 10.74
Distribution A MD Fixed USD 23,513,120 2,185,014 10.76 9,663,969 928,331 10.41
Distribution A MD HKD 650,719 45,989 109.82 10,769 792 105.42
Accumulation A USD 4,644,410 396,560 11.71 2,338,595 217,060 10.77
Accumulation A Hedg (EUR) EUR 21,120,379 1,313,542 11.66 1,531,341 108,688 10.74
Accumulation C USD 7,484 700 10.69
Accumulation E EUR 2,029,439 139,857 10.52 439,664 32,772 10.23
Accumulation R USD 2,334,682 201,697 11.58 170,506 15,901 10.72
Invesco Renminbi Fixed Income Fund (USD)*
Distribution A AD EUR 3,124,809 236,431 9.58 2,568,492 196,968 9.94
Accumulation A USD 7,229,037 677,939 10.66 4,680,382 448,525 10.44
Accumulation C USD 32,637,982 3,037,714 10.74 18,450,934 1,762,764 10.47
Accumulation E EUR 3,231,972 243,576 9.62 3,451,542 265,148 9.92
Accumulation R USD 3,186,622 302,861 10.52 1,290,252 124,434 10.37
Invesco Funds
128 Invesco Funds
2014 2013 2012
Invesco Capital Shield 90 (EUR) Fund (EUR)
Invesco Asia Balanced Fund (USD)*
Distribution A MD USD 9,972,609 1,006,267 9.91
Distribution A MD Hedg (RMB) CNY 82,453 5,017 100.98
Distribution A -1 MD USD 2,291,545 229,547 9.98
Distribution A QD USD 298,646,526 19,294,343 15.48 277,633,156 16,637,952 16.69 321,336,791 20,396,508 15.75
Distribution A QD HKD 92,691,369 5,963,262 120.64 53,453,425 3,189,923 129.97 45,855,040 2,898,389 122.69
Accumulation A Hedg (EUR) EUR 21,985,460 1,186,442 13.43 21,627,704 1,185,974 13.90 14,118,919 839,006 12.52
Accumulation C Hedg (EUR) EUR 1,000,606 40,720 17.81 1,549,411 64,432 18.33 647,971 29,358 16.42
Accumulation R USD 8,187,713 757,725 10.81 3,591,416 319,703 11.23 820,127 80,946 10.13
Accumulation Z Hedg (EUR) EUR 129,134 9,179 10.20
Invesco Pan European High Income Fund (EUR)*
Distribution A AD EUR 4,080,539 310,986 13.12 17,039 1,460 11.67
Distribution A QD EUR 639,481,332 47,575,530 13.44 107,373,648 8,872,347 12.10 34,050,862 3,092,859 11.01
Accumulation R EUR 132,464,927 10,027,808 13.21 5,075,530 437,178 11.61
Distribution Z AD EUR 12,199 1,107 11.02
Invesco Global Absolute Return Fund (EUR)
Accumulation C Hedg (JPY) JPY 20,962,723 2,381,576 1,237.28 24,251,778 2,385,803 1,228.80 58,690 5,082 1,248.48
Accumulation C Hedg (USD) USD 56,791 5,231 14.98 59,218 5,231 14.85 58,549 5,231 15.05
Accumulation E EUR 6,915,401 663,575 10.42 11,328,351 1,080,546 10.48 20,600,655 1,906,257 10.81
Accumulation Z EUR 5,421 531 10.21
Invesco Balanced-Risk Allocation Fund (EUR)
Distribution A AD EUR 300,728,405 20,446,806 14.71 273,253,658 18,937,171 14.43 101,528,036 7,206,895 14.09
Accumulation A EUR 1,046,822,411 71,219,824 14.70 1,066,873,792 73,985,902 14.42 329,593,154 23,410,104 14.08
Accumulation A Hedg (USD) USD 102,842,909 7,254,654 19.55 91,190,676 6,248,030 19.15 35,025,163 2,531,224 18.60
Accumulation C Hedg (JPY) JPY 20,522,368 2,779,254 1,037.97
Accumulation C Hedg (GBP) GBP 38,193,985 2,360,675 13.37 31,989,321 2,124,433 13.00 1,672,132 112,298 12.56
Accumulation C Hedg (USD) USD 25,378,074 1,742,622 20.09 26,878,337 1,803,378 19.55 496,716 35,338 18.90
Accumulation R EUR 201,929,727 16,886,087 11.96 190,443,007 16,119,942 11.81 53,080,746 4,569,927 11.62
Accumulation Z Hedg (GBP) GBP 12,656,415 996,589 10.50
Accumulation Z Hedg (USD) USD 1,721,547 226,319 10.49
Invesco Global Targeted Returns Fund (EUR)**
Distribution A AD EUR 94,530 9,182 10.30
Accumulation A EUR 2,326,287 225,946 10.30
Accumulation A Hedg (USD) USD 111,076 14,876 10.30
Accumulation C EUR 25,824,455 2,505,544 10.31
Accumulation E EUR 25,369 2,465 10.29
Accumulation R EUR 189,504 18,422 10.29
* Sub-fund which swung the price on NAV at 28 February 2014. Reconciliation between un-swung NAV and published swung NAV is disclosed in note 13 to the financial statements.
**Invesco Global Targeted Returns Fund launched on 18 December 2013.
Invesco Funds
129 Invesco Funds
Global Emerging Global Global Latin Invesco
Structured Market Smaller Equity American US Structured
Equity Quantitative Companies Income Equity Equity
Fund Equity Fund Equity Fund Fund Fund Fund
INCOME
Dividends 2(e) 3,507,046 2,490,201 1,466,637 7,358,192 231,130 1,365,882
Bond interest 2(e)
Accretion of market discount/Amortisation
of market premium 2(e)
Bank interest 5,217 429 5,635 2,559
Net interest received on swaps 2(k);2(l);2(m)
Other income 126 3,072
3,512,389 2,490,630 1,466,637 7,363,827 231,130 1,371,513
EXPENSES
Management and Investment Adviser fees 3 997,018 502,263 1,416,442 3,881,648 126,216 912,023
Service Agents fee 4 228,797 70,629 267,293 653,334 22,015 202,667
Custodian fee 4 31,588 33,589 27,697 37,751 10,359 11,806
Luxembourg taxes 5 62,025 31,226 53,189 162,965 3,648 53,250
Administration expenses 108,895 120,528 49,268 42,942 11,564 110,918
Amortisation of preliminary expenses 2(h) 12,500 3,917
Bank overdraft interest 9,752 159
Net interest paid on Swaps 2(k);2(l);2(m)
1,428,323 770,735 1,823,641 4,778,640 177,878 1,290,664
Net investment income/(loss) for
the year/period 2,084,066 1,719,895 (357,004) 2,585,187 53,252 80,849
Dividends paid and payable 6 (513,956) (112) (259,254)
Net (increase) in provision for unrealised
capital gains tax
Net proceeds/(payments) from
issue/(redemption) of shares (3,867,182) (8,401,187) 31,788,181 292,239,611 (2,389,611) 39,770,612
Net realised surplus/(decit) on disposal of
investments, derivatives and foreign currencies 15,311,804 (4,036,080) 22,644,519 21,118,679 (228,501) 15,873,618
Net change in unrealised appreciation/
depreciation on forward foreign
exchange contracts and futures 2(i);2(j) 1,485,176 1,226,688 37,207 204,168 60,617 376,677
depreciation on credit default swaps 2(k)
depreciation on ination swaps 2(k)
depreciation on equity variance swaps 2(k)
depreciation on options 2(n)
depreciation on interest rate swaps 2(l)
depreciation on equity swaps 2(m)
depreciation on investments 5,598,061 (7,263,576) 7,132,786 43,350,532 (1,771,326) 4,480,587
Net assets at the beginning of the year/period 112,581,897 85,625,562 65,464,620 165,994,029 10,446,849 67,959,126
Net assets at the end of the year/period 132,679,866 68,871,302 126,710,197 525,232,952 6,171,280 128,541,469
Invesco Funds
Statement of Operations and Changes in Net Assets for the year ended 28 February 2014
130 Invesco Funds
Invesco Pan European Invesco Pan European European
US Value Invesco Structured Pan European Small Cap Growth
Equity US Equity Equity Equity Equity Equity
Notes USD USD EUR EUR EUR EUR
INCOME
Dividends 2(e) 2,921,373 119,250 43,703,525 31,059,018 1,802,597 2,050,395
Bond interest 2(e)
Bank interest 9,141 218 31,920 11,214 425 1,713
Other income 394,643 1,245,270 1,405,218 2,085
2,930,514 119,468 44,130,088 32,315,502 3,208,240 2,054,193
EXPENSES
Management and Investment Adviser fees 3 2,015,272 91,858 19,485,806 20,101,308 2,088,013 970,248
Service Agents fee 4 321,256 11,534 3,288,595 5,440,149 548,391 227,121
Custodian fee 4 16,833 1,232 212,577 206,262 25,845 21,555
Amortisation of preliminary expenses 2(h) 3,471
Bank overdraft interest
2,475,344 122,082 24,074,242 26,749,856 2,821,298 1,317,822
the year/period 455,170 (2,614) 20,055,846 5,565,646 386,942 736,371
Dividends paid and payable 6 (70,805) (5) (332,728) (815,737) (26)
Net (increase) in provision for
unrealised capital gains tax
issue/(redemption) of shares 30,288,045 4,934,932 671,809,534 2,165,654,354 142,686,222 (21,337,599)
Net realised surplus on disposal of investments,
derivatives and foreign currencies 19,621,131 274,083 114,058,526 31,355,225 19,189,283 9,814,557
exchange contracts and futures 2(i);2(j) (263,014) 119,669 1,912,798 335 19
depreciation on options 2(n) 303,375
depreciation on investments 15,700,221 957,504 207,825,561 382,581,707 25,311,125 (689,239)
Net assets at the beginning of the year/period 133,275,808 5,005,241 1,242,139,388 838,755,948 106,277,296 77,383,036
Net assets at the end of the year/period 199,006,556 11,288,810 2,257,468,925 3,423,097,478 294,154,236 65,907,126
Invesco Funds
131 Invesco Funds
Pan European Emerging Pan European Nippon Japanese Japanese
Equity Europe Focus Small/Mid Cap Equity Value
Income Equity Equity Equity Advantage Equity
Notes EUR USD EUR JPY JPY JPY
INCOME
Dividends 2(e) 475,460 1,012,523 189,056 162,968,062 1,266,037,801 279,287,777
Bond interest 2(e)
Bank interest 148 17
Other income 25,474,076 33,922,547
475,608 1,012,523 189,073 188,442,138 1,299,960,348 279,287,777
EXPENSES
Management and Investment Adviser fees 3 350,751 490,571 175,737 269,226,633 975,350,558 185,526,534
Service Agents fee 4 26,296 83,877 30,697 69,433,648 162,186,472 28,265,664
Custodian fee 4 9,231 22,691 4,971 3,140,458 14,491,553 2,933,341
Luxembourg taxes 5 11,273 13,217 5,225 9,499,280 51,678,198 7,940,694
Administration expenses 10,406 83,471 15,389 18,216,421 10,654,902 24,167,893
Amortisation of preliminary expenses 2(h) 4,826
Bank overdraft interest 284 143,194 88,912 34,325
407,957 694,111 236,845 369,659,634 1,214,450,595 248,868,451
Net investment income/(loss)
for the year/period 67,651 318,412 (47,772) (181,217,496) 85,509,753 30,419,326
Dividends paid and payable 6 (79,376) (51) (2,179,427) (4,162,798) (1,783,316)
capital gains tax
Net proceeds/(payments) from issue/
(redemption) of shares 35,589,559 (10,612,324) 22,326,974 8,959,751,397 53,005,094,146 (2,217,300,920)
Net realised surplus on disposal of investments,
derivatives and foreign currencies 858,208 232,738 316,713 4,975,951,131 8,655,140,504 2,844,587,806
depreciation on forward foreign exchange
contracts and futures 2(i);2(j) 419,652,738 278,644,807
depreciation on investments 4,794,632 (2,486,077) 2,650,817 941,448,995 8,071,735,341 871,997,117
Net assets at the beginning of the year/period 9,560,034 35,163,167 3,112,053 7,855,442,816 48,374,906,341 13,707,640,122
Net assets at the end of the year/period 50,790,708 22,615,916 28,358,734 22,549,197,416 118,607,876,025 15,514,204,942
Invesco Funds
132 Invesco Funds
Asia Greater Invesco Invesco Asia Invesco
Opportunities China Asia India Consumer China Focus
Equity Equity Infrastructure Equity Demand Equity
INCOME
Dividends 2(e) 3,151,107 26,722,010 38,157,135 1,848,352 11,956,623 728,249
Bond interest 2(e) 5,400
of market premium 2(e) 22,171
Bank interest 832 27,709 56,407 9,789
Other income
3,151,939 26,749,719 38,213,542 1,875,923 11,966,412 728,249
EXPENSES
Management and Investment Adviser fees 3 1,649,687 19,791,116 17,793,405 1,738,737 11,824,057 564,351
Service Agents fee 4 448,109 5,383,083 4,385,610 511,670 2,778,878 88,280
Custodian fee 4 91,485 866,048 573,765 116,400 372,786 16,386
Bank overdraft interest 1,221 49
2,443,672 27,113,067 23,705,998 2,605,539 15,594,055 725,486
Net investment income/(loss) for the
year/period 708,267 (363,348) 14,507,544 (729,616) (3,627,643) 2,763
Dividends paid and payable 6 (2,219,916) (84,043)
Net (increase)/decrease in provision
for unrealised capital gains tax (51,351) 795,042
issue/(redemption) of shares (33,608,777) 1,579,412,643 (485,224,030) (19,713,776) 61,689,191 3,840,633
investments, derivatives and foreign currencies 5,974,290 86,542,602 26,481,225 (4,949,904) 41,361,446 4,415,448
exchange contracts and futures 2(i);2(j) 1,473,908 1,731,744 5,469,850
depreciation on investments (8,330,966) 128,320,132 (129,265,526) 5,725,934 (16,430,556) 1,226,115
Net assets at the beginning of the year/period 156,857,453 893,681,781 1,453,500,070 130,631,854 732,998,888 31,784,710
Net assets at the end of the year/period 121,548,916 2,689,067,718 880,306,153 110,964,492 821,377,133 41,269,669
Invesco Funds
133 Invesco Funds
Asian Invesco Global Income Gold &
Focus Global Invesco Real Estate Precious Invesco
Equity Leisure Energy Securities Metals USD Reserve
INCOME
Dividends 2(e) 81,294 1,416,317 2,328,250 589,532 141,039 14,088
Bond interest 2(e) 123,945 11,120
of market premium 2(e) 16,259 141,638
Bank interest 4,461 4,171 3,738 40,628
Other income
81,294 1,420,778 2,332,421 733,474 141,039 207,474
EXPENSES
Management and Investment Adviser fees 3 35,764 2,662,614 2,975,715 220,372 245,653 87,087
Service Agents fee 4 6,788 504,425 582,812 47,992 45,543
Custodian fee 4 2,011 10,910 20,992 3,979 4,972 14,940
Bank overdraft interest 7 11
57,469 3,370,782 3,840,824 285,803 334,374 189,881
the year/period 23,825 (1,950,004) (1,508,403) 447,671 (193,335) 17,593
Dividends paid and payable 6 (208,221)
issue/(redemption) of shares 495,606 273,268,187 (88,399,339) 2,645,273 14,238,093 24,837,247
investments, derivatives and foreign currencies 138,688 6,678,126 15,785,974 (14,515) (4,928,828) (7,013)
exchange contracts and futures 2(i);2(j) 582,416 294,129
depreciation on investments (207,307) 46,164,442 9,932,284 (865,951) 1,566,036 (17,237)
Invesco Funds
134 Invesco Funds
Invesco Invesco Invesco Absolute Euro Euro
Euro Global European Return Ination-Linked Corporate
Reserve Bond Bond Bond Bond Bond
Notes EUR USD EUR EUR EUR EUR
INCOME
Dividends 2(e) 3,457 2,556 13,577
Bond interest 2(e) 2,902,297 6,394,725 350,970 308,250 130,759,022
of market premium 2(e) 231,577 (115,581) (324,195) (52,590) (528) 25,176,954
Bank interest 17,755 36,342 12,490 43 118,616
Other income 15,310
268,099 2,823,058 6,085,576 298,380 307,765 156,068,169
EXPENSES
Management and Investment Adviser fees 3 22,483 955,919 1,414,769 94,604 176,929 35,149,239
Service Agents fee 4 135,428 266,171 365,690 21,610 41,411 7,350,336
Custodian fee 4 28,217 33,186 46,915 12,101 5,982 535,502
Luxembourg taxes 5 27,088 67,137 91,817 5,067 10,051 1,837,454
Amortisation of preliminary expenses 2(h)
Bank overdraft interest 1,045
Net interest paid on Swaps 2(k);2(l);2(m) 5,574 117,917 32,370 119,513
227,881 1,428,963 2,094,650 205,081 290,959 45,542,289
Net investment income for the year/period 40,218 1,394,095 3,990,926 93,299 16,806 110,525,880
Dividends paid and payable 6 (280,180) (1,027,865) (25,146,033)
capital gains tax
issue/(redemption) of shares 36,716,720 8,888,674 31,706,002 (702,012) (8,867,347) 489,035,465
investments, derivatives and foreign currencies (2,117) 1,377,127 3,462,008 (38,682) 205,091 66,654,935
exchange contracts and futures 2(i);2(j) (334,222) 224,838 (126,423) 21,105 (8,821,028)
depreciation on credit default swaps 2(k) (234,283) 94,984 (1,711,001)
depreciation on interest rate swaps 2(l) (3,096)
depreciation on investments (8,347) 2,364,011 4,378,825 101,842 (601,308) 41,044,568
Net assets at the beginning of the year/period 190,302,991 112,840,928 171,079,245 11,533,767 26,389,850 3,590,457,922
Net assets at the end of the year/period 227,049,465 126,247,337 213,579,696 10,956,775 17,164,197 4,262,040,708
Invesco Funds
135 Invesco Funds
UK Investment Emerging Local Global Global Global Total Emerging Market
Grade Currencies Investment Grade Unconstrained Return (EUR) Corporate
Bond Debt Corporate Bond Bond Bond Bond
Notes GBP USD USD GBP EUR USD
INCOME
Dividends 2(e) 3,410 39,918
Bond interest 2(e) 2,223,038 64,260,718 2,546,392 148,451 4,131,866 9,685,968
of market premium 2(e) (140,819) (5,127,517) (255,763) 31,937 376,330 (252,646)
Bank interest 129 20,753 1,008 2,467 4,024
Net interest received on swaps 2(k);2(l);2(m) 25,347
Other income 96,946 7,755
2,182,704 59,161,709 2,331,555 182,855 4,537,567 9,433,322
EXPENSES
Management and Investment Adviser fees 3 349,902 15,262,328 470,928 43,587 1,455,720 2,894,710
Service Agents fee 4 112,087 2,014,044 124,637 4,652 219,021 321,141
Custodian fee 4 10,637 1,028,744 14,502 5,165 21,982 23,133
Amortisation of preliminary expenses 2(h) 12,501 1,984 10,001 14,001
Bank overdraft interest 2,382
Net interest paid on Swaps 2(k);2(l);2(m) 37,324 13,531
554,363 19,125,409 708,553 72,964 1,848,377 3,458,938
Net investment income for the year/period 1,628,341 40,036,300 1,623,002 109,891 2,689,190 5,974,384
Dividends paid and payable 6 (1,543,397) (31,683,601) (783,079) (680,296) (3,481,404)
issue/(redemption) of shares (15,830,221) (397,254,239) (7,138,076) 69,597 8,303,583 (15,488,343)
investments, derivatives and foreign currencies 1,156,877 (59,606,718) (1,065,949) 151,700 3,306,277 (9,647,647)
exchange contracts and futures 2(i);2(j) 725,267 10,240,188 688,021 67,494 (213,254) 3,690,539
depreciation on credit default swaps 2(k) (163,439) (42,283) 205,210
depreciation on options 2(n) (14,924)
depreciation on investments (2,649,760) (129,076,002) 1,416,645 (135,435) 289,153 (2,819,640)
Net assets at the beginning of the year/period 65,996,500 1,217,247,583 50,840,603 3,880,796 122,494,009 164,872,701
Invesco Funds
136 Invesco Funds
Invesco Invesco Invesco Invesco
Euro Invesco US Renminbi Capital Invesco
Short Term Asian High Yield Fixed Shield Asia
Bond Bond Bond Income 90 (EUR) Balanced
Notes EUR USD USD USD EUR USD
INCOME
Dividends 2(e) 84 20,230 65 39,236,993
Bond interest 2(e) 1,239,987 1,250,362 3,979,246 1,415,636 15,590,713
of market premium 2(e) (434,746) (113,121) (135,272) 169,002 75,762 (2,570,026)
Bank interest 270 30,096 8,650 53,773
Other income
805,595 1,137,241 3,864,204 1,614,734 84,477 52,311,453
EXPENSES
Management and Investment Adviser fees 3 268,249 226,803 768,239 364,946 830,533 12,291,193
Service Agents fee 4 30,555 19,807 122,696 75,976 170,299 2,820,413
Custodian fee 4 11,715 5,502 5,424 6,973 26,874 357,135
Amortisation of preliminary expenses 2(h) 10,001 12,138 12,489 12,501
Bank overdraft interest 163 1,495
362,123 293,855 1,071,201 553,523 1,148,753 16,263,563
the year/period 443,472 843,386 2,793,003 1,061,211 (1,064,276) 36,047,890
Dividends paid and payable 6 (197,087) (1,196,312) (19,874) (22,606,559)
issue/(redemption) of shares 48,463,264 2,181,847 58,054,082 18,232,512 (10,953,492) 201,982,165
investments, derivatives and foreign currencies 36,412 (351,374) 1,263,777 259,827 2,206,340 (12,638,984)
exchange contracts and futures 2(i);2(j) (79,996) 7,825 974,948 (1,399,285) 1,811,555
depreciation on investments 971,303 (1,692,260) 2,567,416 (564,856) 1,264,124 (71,472,545)
Invesco Funds
137 Invesco Funds
Pan European Global Invesco Global 28.02.2014
High Absolute Balanced-Risk Targeted *Consolidated-
Income Return Allocation Returns Net Assets
Fund Fund Fund Fund
1
USD Equiv.
Notes EUR EUR EUR EUR USD
INCOME
Dividends 2(e) 3,031,325 537 9 277,240,181
Bond interest 2(e) 28,278,558 21,724,281 372,210,493
of market premium 2(e) 5,942,792 (29,505,360) 1,801 (6,350,287)
Bank interest 54,158 11,725 290,478 1,094,727
Net interest received on swaps 2(k);2(l);2(m) 1,909 962,333 6,603 1,374,139
Other income 4,980,006
37,308,742 974,595 (7,490,601) 8,413 650,549,259
EXPENSES
Management and Investment Adviser fees 3 11,524,554 691,470 47,837,000 22,676 314,731,324
Service Agents fee 4 2,392,029 161,578 10,273,169 3,699 67,537,833
Custodian fee 4 113,759 11,796 530,578 6,509,574
Luxembourg taxes 5 424,885 26,966 1,944,755 1,847 13,184,814
Administration expenses 131,031 67,642 897,035 4,329 7,544,598
Amortisation of preliminary expenses 2(h) 685 10,001 1,217 161,860
Bank overdraft interest 2,193 22,604
Net interest paid on Swaps 2(k);2(l);2(m) 1,063,842 1,905,092
14,586,258 2,023,979 61,492,538 35,961 411,597,699
the year/period 22,722,484 (1,049,384) (68,983,139) (27,548) 238,951,560
Dividends paid and payable 6 (6,572,289) (114,061,537)
Net (increase)/decrease in provision
for unrealised capital gains tax 743,691
issue/(redemption) of shares 1,678,186,261 (4,807,734) 69,436,932 28,082,158 9,559,656,297
investments, derivatives and foreign currencies 13,043,916 565,029 138,760,380 (1,049,860) 907,278,416
exchange contracts and futures 2(i);2(j) 1,614,961 (2,151,189) (41,688,731) 189,908 (31,627,963)
depreciation on credit default swaps 2(k) (1,808) (171,748) (2,742,620)
depreciation on ination swaps 2(k) 2,551 3,519
depreciation on equity variance swaps 2(k) 19,519 26,924
depreciation on options 2(n) 863,540 1,584,730
depreciation on interest rate swaps 2(l) 147,497 200,360
depreciation on equity swaps 2(m) (566,628) (781,602)
depreciation on investments 77,604,931 (12,330) 12,260,141 628,842 1,045,479,289
Net assets at the beginning of the year/period 323,066,578 57,739,553 3,211,858,483 21,533,319,101**
Net assets at the end of the year/period 2,109,665,034 49,717,317 3,321,644,066 28,684,859 33,138,030,165
1
Invesco Global Targeted Returns Fund launched on 18 December 2013.
*Consolidated aggregate all sub-funds. Investments by one sub-fund into another are not eliminated, and are thus accounted twice in the consolidated figures.
See Note 2(p) on the Notes to the Financial Statements.
**With the exchange rates prevailing as at 28 February 2013, this amount was equal to USD 20,911,411,149.
Invesco Funds
138 Invesco Funds
Notes to the Financial Statements
1. General
Invesco Funds (the Fund) is an investment company organised under part I of the Luxembourg Law on collective investment of December 17, 2010,
as amended, as a Socit Anonyme qualifying as a Socit dInvestissement Capital Variable (SICAV). Invesco Funds is an umbrella fund,
comprising 51 active sub-funds with each sub-fund being treated as a separate entity.
(a) Invesco India (Mauritius) Limited
Investments in Indian securities are made through a wholly-owned Mauritian subsidiary, Invesco India (Mauritius) Limited (the "Subsidiary"), whose
sole object is to carry out investment activities on behalf of the Fund. The Subsidiary is wholly owned by Invesco India Equity Fund. Currently the
Subsidiary benets from the relief due to the India/Mauritius double tax treaty. The Subsidiary holds a Category 1 Global Business Licence issued by
the Mauritius Offshore Business Activities Authority. As a result it is currently subject to a reduced rate of Mauritian income tax on its income. In
addition, no capital gains tax are currently payable in respect of the Subsidiary's investments in India and any dividends and redemption proceeds paid
by the Subsidiary to the Invesco India Equity Fund are currently exempt from Mauritian withholding tax. No guarantee or warranty can be given or
should be assumed that the tax benets of the treaty will continue to be available in future periods due to, among others, changes in the regulatory
environment in Mauritius, India or the European Union.
(b) Classes of Shares
The Shares of some of the sub-funds are available in up to eight classes (Class A, Class B, Class B1, Class C, Class E, Class I, Class R and Class Z). Class
A Shares are available without any restraints. Class B Shares are available to customers of distributors or intermediaries appointed specically for the
purpose of distributing the B Shares and only in respect of those Funds in respect of which distribution arrangements have been made with such
distributors. Class C Shares are available to all investors, which have a higher minimum initial subscription amount and benet from reduced
management charges, are intended primarily for larger or institutional investors. Class E Shares denominated in Euro have a lower initial subscription
amount and higher annual management fee than either the A or the C Class. Class B1 Shares are only available to customers of Merrill Lynch. Class I
Shares are denominated in Euro and are only available to Institutional clients who have an Institutional Management Agreement in place with Invesco.
Class R shares are available without any restraints. There are distributing A, C, E & R Share Classes, hedged Share Classes and xed distribution share
classes within some of the sub-funds Class Z Shares will incur a lower management charge than A Shares and are available to certain categories of
Investors, as further disclosed in the Prospectus.
Hedged Share Classes are available to investors on several sub-funds. For such classes of Shares, the SICAV may hedge the currency exposure of
classes of Shares denominated in a currency other than the base currency of the relevant Fund, in order to attempt to mitigate the effect of
uctuations in the exchange rate between the Share Class currency and the base currency.
(c) Activity of the Fund
Activity on the Fund since 28 February 2013
Share Class Launch
Effective 19 June 2013 the following Shares Classes were launched:
Invesco Asia Balanced Fund A (Monthly Distributing) USD
Invesco UK Investment Grade Bond Fund C (Quarterly Distributing) GBP
Effective 21 August 2013 the following Shares Classes were launched:
Invesco Global Smaller Companies Equity Fund Z (Accumulation) USD
Invesco Global Equity Income Fund Z (Accumulation) USD
Invesco Global Equity Income Fund Z (Semi-Annually Distributing) USD
Invesco Global Equity Income Fund Z (Annually Distributing) EUR
Invesco Latin American Equity Fund Z (Accumulation) USD
Invesco US Structured Equity Fund Z (Accumulation) USD
Invesco US Equity Fund Z (Annually Distributing) EUR
Invesco Pan European Structured Equity Fund Z (Annually Distributing) EUR
Invesco Pan European Equity Fund Z (Annually Distributing) USD
Invesco Pan European Equity Fund Z (Annually Distributing) EUR
Invesco European Growth Equity Fund Z (Annually Distributing) EUR
Invesco Pan European Equity Income Fund Z (Semi-Annually Distributing) EUR
Invesco Nippon Small/Mid Cap Equity Fund Z (Accumulation) JPY
Invesco Japanese Equity Advantage Fund Z (Accumulation) GBP
Invesco Japanese Equity Advantage Fund Z (Accumulation) EUR
Invesco Greater China Equity Fund Z (Accumulation) USD
Invesco Greater China Equity Fund Z (Accumulation) EUR
Invesco Asia Infrastructure Fund Z (Accumulation) USD
Invesco Asia Infrastructure Fund Z (Accumulation) EUR
Invesco Asia Consumer Demand Fund Z (Accumulation) USD
Invesco Asia Consumer Demand Fund Z (Accumulation) EUR
Invesco Global Bond Fund Z (Semi-Annually Distributing) USD
Invesco European Bond Fund Z (Annually Distributing) EUR
Invesco Euro Corporate Bond Fund Z (Accumulation) EUR
Invesco Euro Corporate Bond Fund Z (Annually Distributing) EUR
Invesco UK Investment Grade Bond Fund Z (Quarterly Distributing) GBP
Invesco Emerging Local Currencies Debt Fund Z (Annually Distributing) EUR Hedged
Invesco Global Total Return (EUR) Bond Fund Z (Annually Distributing) EUR
Invesco Emerging Market Corporate Bond Fund Z (Annually Distributing) EUR Hedged
Invesco Asia Balanced Fund Z (Accumulation) EUR Hedged
139 Invesco Funds
1. General (continued)
Share Class Launch (continued)
Effective 21 August 2013 the following Shares Classes were launched:
Invesco Asia Balanced Fund A (Monthly Distributing) USD
Invesco Pan European High Income Fund Z (Annually Distributing) EUR
Invesco Global Absolute Return Fund Z (Accumulation) EUR
Invesco Balanced-Risk Allocation Fund Z (Accumulation) GBP Hedged
Invesco Balanced-Risk Allocation Fund Z (Accumulation) USD Hedged
Invesco Balanced-Risk Allocation Fund Z (Accumulation) EUR
Effective 18 September 2013 the following Shares Classes were launched:
Invesco Global Equity Income Fund A (Accumulation) CHF Hedged
Invesco Global Equity Income Fund C (Accumulation) CHF Hedged
Invesco Pan European Structured Equity Fund A (Accumulation) CHF Hedged
Invesco Pan European Structured Equity Fund C (Accumulation) CHF Hedged
Invesco Pan European Equity Fund A (Accumulation) CHF Hedged
Invesco Pan European Equity Fund C (Accumulation) CHF Hedged
Invesco Japanese Equity Advantage Fund A (Accumulation) EUR Hedged
Invesco Japanese Equity Advantage Fund A (Accumulation) CHF Hedged
Invesco Japanese Equity Advantage Fund C (Accumulation) EUR Hedged
Invesco Japanese Equity Advantage Fund C (Accumulation) CHF Hedged
Invesco Japanese Value Equity Fund A (Accumulation) CHF Hedged
Invesco Greater China Equity Fund A (Accumulation) RMB Hedged
Invesco Asia Infrastructure Fund A (Accumulation) CHF Hedged
Invesco Asia Consumer Demand Fund A (Accumulation) CHF Hedged
Invesco Global Income Real Estate Securities Fund A (Monthly Distributing Gross) USD
Invesco Global Bond Fund A (Accumulation) CHF Hedged
Invesco Global Bond Fund C (Accumulation) CHF Hedged
Invesco European Bond Fund A (Accumulation) CHF Hedged
Invesco European Bond Fund C (Accumulation) CHF Hedged
Invesco Euro Corporate Bond Fund A (Accumulation) CHF Hedged
Invesco Euro Corporate Bond Fund C (Accumulation) CHF Hedged
Invesco Global Total Return (EUR) Bond Fund A (Accumulation) CHF Hedged
Invesco Global Total Return (EUR) Bond Fund A (Accumulation) SEK Hedged
Invesco Global Total Return (EUR) Bond Fund C (Accumulation) CHF Hedged
Invesco Emerging Market Corporate Bond Fund A (Accumulation) SEK Hedged
Invesco Asian Bond Fund A (Monthly Distributing) RMB Hedged
Invesco US High Yield Bond Fund C (Accumulation) USD
Invesco Asia Balanced Fund A (Monthly Distributing) RMB Hedged
Invesco Balanced-Risk Allocation Fund A (Accumulation) CHF Hedged
Invesco Balanced-Risk Allocation Fund A (Accumulation) SEK Hedged
Invesco Balanced-Risk Allocation Fund C (Accumulation) JPY Hedged
Invesco Balanced-Risk Allocation Fund C (Accumulation) CHF Hedged
Effective 23 October 2013 the following Share Classes were launched:
Invesco Greater China Equity Fund A (Accumulation) AUD Hedged
Invesco Greater China Equity Fund A (Accumulation) CAD Hedged
Invesco Greater China Equity Fund A (Accumulation) NZD Hedged
Invesco Greater China Equity Fund C (Accumulation) AUD Hedged
The Invesco Global Targeted Returns Fund was launched on 18 December 2013.
Prospectus
A new Prospectus was issued on 21 May 2013, 20 August 2013 and 18 December 2013.
Activity on the Fund since 28 February 2014
Invesco India Bond Fund
The Invesco India Bond Fund was launched on 23 April 2014.
Invesco USD Reserve Fund
The Invesco USD Reserve Fund Accumulation E Share Class merged into the Invesco USD Reserve Fund Accumulation A Share Class on 7 May 2014.
Notes to the Financial Statements (continued)
140 Invesco Funds
2. Summary of Significant Accounting Policies
(a) The accompanying nancial statements have been prepared in accordance with the format prescribed by Luxembourg regulations. Consolidated
gures appearing in the Statement of Net Assets and Statement of Operations and Changes in Net Assets are for statistical purposes only and should
not be used by investors with holdings in one or more sub-funds.
(b) Valuation of investments
Investments, including nancial derivative instruments, are valued on the basis of the latest dealing price or the latest available midmarket quotation
(the midpoint between the latest quoted bid and offer prices) of the securities on the relevant securities market on which the investments of the Fund
are traded, quoted or dealt as at the Valuation Point on that day. Where investments of a sub-fund are both listed on a stock exchange and dealt by
market makers outside the stock exchange on which the investments are listed, then the SICAV will determine the principal market for the
investments in question and they are valued at the latest available price in that market. Securities which are not quoted or dealt in any stock exchange
but which are dealt in on any other regulated market are valued in a manner as near as possible to that described above. If no price quotation is
available for any of the securities held by a sub-fund or if the value as determined pursuant to the points above is not representative of the fair market
value of the relevant securities, the value of such securities is based on the reasonably foreseeable sales price determined prudently and in good faith.
Short-term Money-Market Instruments are valued based on amortised cost method.
The nancial statements have been prepared on the basis of the last net asset values determined in the accounting period. In accordance with the
Prospectus, net asset values were calculated by reference to the latest available prices at 12.00 p.m. (Irish time) on 28 February 2014.
(c) Impact on Values
By way of information, if the Fund had calculated the net asset values solely with a view to publication, the market prices used to value the investment
portfolio would have been the closing prices on 28 February 2014 for the entire investment portfolio, including the American and European equities.
However, these net asset values would not have been signicantly different from those shown in these audited nancial statements.
(d) Cost of sales of investments
Any surplus or decit on sales of investments is determined on the basis of average cost.
(e) Income from investments
Dividend income is accounted for on an ex-dividend basis. Income arising on xed interest securities and deposit interest is accrued on a day-to-day
basis. Amortisation/Accretion of Premium/Discount is disclosed under the Income section on the Statement of Operations and Changes in Net Assets.
Amortization is the process of decreasing the book value of a bond purchased at a premium until the book value is equal to the par value at the time of
maturity. As the book value is reduced, it is accounted for as a reduction in net investment income. Accretion is the process of writing up the book
value of a bond purchased at a discount. As the book value is increased, it is accounted for as an increase in net investment income. The
Amortization/Accretion approach provides a consistent accounting treatment over the life of bond-like assets of the capital gain or loss associated
with holding these assets.
(f) Foreign exchange
Transactions in currencies other than the designated currency for each sub-fund are translated at the rates of exchange ruling at the time of the
transactions. The market value of the investments and other assets and liabilities in currencies other than the designated currency for each sub-fund
are translated at the rates of exchange ruling at the year end.
The principle exchange rates used at 28 February 2014 :
Currency USD 1.00 Currency USD 1.00 Currency USD 1.00
ARS 7.8765 HUF 224.9575 PKR 104.895
AUD 1.1161 IDR 11,609.00 PLN 3.0216
BRL 2.3235 ILS 3.4835 RON 3.2635
CAD 1.1124 INR 61.98 RSD 84.04
CHF 0.8817 JPY 101.905 RUB 36.127
CLP 561.54 KRW 1,067.50 SEK 6.4195
CNY 6.145 MXN 13.2525 SGD 1.2666
COP 2,053.23 MYR 3.2765 THB 32.625
CZK 19.822 NGN 165.15 TRY 2.2165
DKK 5.4102 NOK 6.0043 TWD 30.298
EUR 0.725 NZD 1.1889 ZAR 10.7055
GBP 0.5993 PEN 2.7998
HKD 7.7612 PHP 44.635
(g) Expenses allocation
Where the Fund incurs an expense which relates to a particular sub-fund, such expense is allocated to the relevant sub-fund. In cases where an
expense cannot be considered as being attributable to a particular sub-fund, such expense is allocated between sub-funds on the basis of their
respective Net Asset Values.
(h) Preliminary expenses
The preliminary expenses will be amortised over the rst 5 years. Sub-funds are subject to a maximum amortisation in any accounting year of 0.05%
of the average net asset value. Any unamortised expenses at the end of the 5 years or liquidation date, will be borne by the Management Company.
141 Invesco Funds
2. Summary of Signicant Accounting Policies (continued)
(i) Forward foreign exchange contracts
The unrealised gain or loss on open forward foreign exchange contracts is calculated as the difference between the contracted rate and the rate to
close out the contract and is disclosed in the Statement of Net Assets (see note 7 for details). Realised gains or losses include net results on contracts
which have been settled or offset on other contracts and are recorded in the Statement of Operations and Changes in Net Assets.
(j) Futures contracts
Derivative nancial instruments are initially recognized at cost and subsequently are re-measured at market value. Market values are obtained from
quoted market prices and exchange rates. All derivatives are carried in assets when amounts are receivable by the Fund and in liabilities when
amounts are payable by the Fund. Changes in market values of future contracts are included in the Statement of Net Assets (see note 8 for details).
(k) Credit default swaps, Equity variance swaps & Inflation linked swaps
Credit default swaps
A credit default swap is a credit derivative transaction in which two parties enter into an agreement, whereby one party pays the other a xed periodic
coupon for the specied life of the agreement. The other party makes no payments unless a credit event, relating to a predetermined reference asset
occurs. If such an event occurs, the party will then make a payment to the rst party and the swap will terminate. Interest received/paid on Credit
default swaps are recorded as net interest received on swaps/net interest paid on Swaps in the Statement of Operations and Changes in Net Assets.
Realised gains/losses, including initial payments related to the acquisition of Credit default swaps, are recorded within net realised surplus/(decit) on
disposal of investments, derivatives and foreign currencies in the Statement of Operations and Changes in Net Assets.The credit default swaps are
marked to market daily based upon quotations from market makers and recorded in the Statement of Net Assets (see note 9 for details).
Equity variance swaps
An equity variance swap is a bilateral agreement in which each party agrees to exchange cash ows based on the measured variance of a specied
underlying asset. One party agrees to exchange a xed rate or strike price payment for the oating rate or realised price variance on the
underlying asset with respect to the variance notional amount. At the maturity date, a net cash ow is exchanged, where the payoff amount is
equivalent to the difference between the realised price variance of the underlying asset and the strike price multiplied by the variance notional
amount. Equity variance swaps are marked to market at each NAV calculation date. The estimated market value is based on the valuation elements
laid down in the contracts, and is obtained from third party pricing agents, market makers or internal models. The unrealised
appreciation/(depreciation) is disclosed in the statement of net assets under Unrealised gain/(loss) on equity variance swaps. Realised
gains/(losses) and changes in unrealised appreciation/(depreciation) as a result thereof are included in the statement of operations and changes in
net assets respectively under Net realised surplus/(decit) on disposal of investments, derivatives and foreign currencies and Net change in
unrealised appreciation/(depreciation) on equity variance swaps.
Ination linked swaps
An ination linked swap is a swap used to transfer ination risk from one party to another through an exchange of cash ows. In an ination linked
swap, one party pays a xed rate on a notional principal amount, while the other party pays a oating rate linked to an ination index. Ination linked
swaps are marked to market at each NAV calculation date. The estimated market value is based on the valuation elements laid down in the contracts,
and is obtained from third party pricing agents, market makers or internal models. The unrealised appreciation/(depreciation) is disclosed in the
statement of net assets under Unrealised gain/(loss) on ination swaps. Realised gains/(losses) and changes in unrealised appreciation/(depreciation)
as a result thereof are included in the statement of operations and changes in net assets respectively under Net realised surplus/(decit) on disposal
of investments, derivatives and foreign currencies and Net change in unrealised appreciation/(depreciation) on ination swaps.
(l) Interest rate swaps
An interest rate swap is a bilateral agreement in which each of the parties agrees to exchange a series of interest payments for another series of
payments (usually xed/oating) based on a notional amount that serves as a computation basis and that is usually not exchanged. Interest
received/paid on Interest rate swaps are recorded as net interest received on swaps/net interest paid on Swaps in the Statement of Operations and
Changes in Net Assets. The interest rate swaps are marked to market daily based upon quotations from market makers and recorded in the Statement
of Net Assets (see note 10 for details).
(m) Equity swaps
An Equity Swap is a derivative transaction in which the Fund and the counterparty enter into an agreement whereby one party pays the returns
generated by an equity or a basket of equities. The other party pays interest based on the agreed notional amount of the transaction. Interest
received/paid on Equity swaps are recorded as net interest received on swaps/net interest paid on Swaps in the Statement of Operations and Changes
in Net Assets. The value of equity swap transactions is the net present value of all cash ows, both inows and outows. Equity swaps are recorded in
the Statement of Net Assets (see note 11 for details).
(n) Options
A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price (strike price) to the option
seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option
seller.
Purchased Options Premiums paid by the Fund for purchased options are included in the Statement of Net Assets as an investment. The option is
adjusted daily to reect the current market value of the option and the change is recorded as unrealised appreciation or depreciation. If the option is
allowed to expire the Fund will lose the entire premium it paid and record a realised loss for the premium amount. Premiums paid for purchased
options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to
determine the realised gain/loss or cost basis of the security.
Written Options - Premiums received by the Fund for written options are included in the Statement of Net Assets. The amount of the liability is
adjusted daily to reect the current market value of the written option and the change in market value is recorded as unrealised appreciation or
depreciation. Premiums received from written options that expire are treated as realised gains. The Fund records a realised gain or loss on written
options based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the
premium received by the Fund is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the
closing transaction to determine whether there has been a realised gain or loss. If a put option is exercised by an option buyer, the premium received
142 Invesco Funds
2. Summary of Signicant Accounting Policies (continued)
(n) Options (continued)
by the option seller reduces the cost basis of the purchased security. Written uncovered call options subject the Fund to unlimited risk of loss. Written
covered call options limit the upside potential of a security above the strike price. Written put options subject the Fund to risk of loss if the value of the
security declines below the exercise price minus the put premium. Outstanding options traded on a regulated market are valued based on the closing
price or the last available market price of the instruments. OTC options are marked to market based upon daily prices obtained from third party pricing
agents and veried against the value from the counterparty. The unrealised gain/(loss) on options is included in the Statement of Net Assets. The
change in unrealised appreciation/ depreciation on options is disclosed in the Statement of Operations and Changes in Net Assets under the heading
Net change in unrealised appreciation/depreciation on options. Realised gains/(losses) on options are included under the heading Net realised surplus
on disposal of investments, derivatives and foreign currencies in the Statement of Operations and Changes in Net Assets.
(o) Margin Accounts
Margin accounts represent the cash collateral held at brokers for futures contracts.
(p) Cross Investments
Cross Sub-Fund investment holdings were not eliminated from the consolidated gures. At February 28, 2014, the total cross Sub-Fund investment
holdings on Invesco Global Targeted Returns Fund amounted to USD 3,532,393 and on Invesco Capital Shield 90 (EUR) Fund amounted to EUR
8,993,965 (USD equivalent (using year end rate 1 USD = EUR 0.7250) is USD 12,405,469). Therefore the total consolidated net assets at year-end,
if these cross investment holdings were eliminated would have amounted to USD 33,122,092,303.
143 Invesco Funds
3. Management and Investment Adviser Fees
The Directors of the Fund (the Directors) are responsible for the investment policy, management and administration of the Fund. The Directors
delegate the day-to-day investment management of the securities portfolio of the Fund to Invesco Management S.A. (the Management Company).
In following the investment policy of the Directors, the Management Company seeks investment advice from, as appropriate, Invesco Advisers Inc. in
the United States, Invesco Asset Management Deutschland GmbH in Germany, Invesco Asset Management Limited in the United Kingdom, Invesco
Asset Management (Japan) Limited and Invesco Hong Kong Limited.
For its services the Management Company is paid by the Fund a percentage of the Net Asset Value of each sub-fund as set out in the table below:
Sub-fund Management Management Management Management Management Management Management
Fee Fee Fee Fee Fee Fee Fee
Class A Class B Class B1 Class C Class E Class R Class Z
(includes a 1% (includes a 0.7%
Distribution fee) Distribution fee)
EQUITY FUNDS
Global
Invesco Global Structured Equity Fund 1.00% - - 0.60% 1.50% - -
Invesco Emerging Market
Quantitative Equity Fund 1.25% - - 0.75% 1.75% - 0.62%
Invesco Global Smaller Companies
Equity Fund 1.60% - - 0.95% 2.25% 2.30% 0.80%
Invesco Global Equity Income Fund 1.40% - - 0.75% 2.25% 2.10% 0.70%
America
Invesco Latin American Equity Fund 1.50% - - 1.00% 2.25% - 0.75%
Invesco US Structured Equity Fund 1.00% 2.00% - 0.60% 1.50% - 0.50%
Invesco US Value Equity Fund 1.40% - - 0.70% 2.25% 2.10% -
Invesco US Equity Fund 1.50% - - 1.00% 2.25% 2.20% 0.75%
Europe
Invesco Pan European Structured
Equity Fund 1.30% 2.30% - 0.80% 2.25% 2.00% 0.65%
Invesco Pan European Equity Fund 1.50% 2.50% - 1.00% 2.00% 2.20% 0.75%
Invesco Pan European Small Cap
Equity Fund 1.50% 2.50% - 1.00% 2.25% - -
Invesco European Growth Equity
Fund 1.50% - - 1.00% 2.25% - 0.75%
Invesco Pan European Equity
Income Fund 1.50% - - 1.00% 2.00% - 0.75%
Invesco Emerging Europe Eq
uity Fund 1.50% 2.50% - 1.00% 2.25% - -
Invesco Pan European Focus
Equity Fund 1.50% - - 1.00% 2.00% 2.20% -
Japan
Invesco Nippon Small/Mid Cap
Equity Fund 1.50% 2.50% - 1.00% 2.25% - 0.75%
Invesco Japanese Equity
Advantage Fund 1.40% - - 0.75% 2.00% 2.10% 0.70%
Invesco Japanese Value Equity Fund 1.40% - - 0.75% 2.00% 2.10% -
Asia
Invesco Asia Opportunities
Equity Fund 1.50% 2.50% - 1.00% 2.25% - -
Invesco Greater China Equity Fund 1.50% 2.50% - 1.00% 2.25% 2.20% 0.75%
Invesco Asia Infrastructure Fund 1.50% - - 1.00% 2.25% 2.20% 0.75%
Invesco India Equity Fund 1.50% - - 1.00% 2.25% - -
Invesco Asia Consumer Demand
Fund 1.50% - - 1.00% 2.25% 2.20% 0.75%
Invesco China Focus Equity Fund 1.75% - - 1.25% 2.25% 2.45% -
Invesco Asian Focus Equity Fund 1.50% - - 0.60% 2.25% 2.20% -
THEME FUNDS
Invesco Global Leisure Fund 1.50% 2.50% - 1.00% 2.25% - -
Invesco Energy Fund 1.50% 2.50% - 1.00% 2.25% 2.20% -
Invesco Global Income Real
Estate Securities Fund 1.25% - - 0.80% 1.75% - -
Invesco Gold & Precious Metals
Fund 1.50% - - 1.00% 2.00% 2.20% -
144 Invesco Funds
3. Management and Investment Adviser Fees (continued)
Sub-fund Management Management Management Management Management Management Management
Fee Fee Fee Fee Fee Fee Fee
Class A Class B Class B1 Class C Class E Class R Class Z
(includes a 1% (includes a 0.7%
Distribution fee) Distribution fee)
RESERVE FUNDS
Invesco USD Reserve Fund 0.45% 1.50% 0.50% 0.25% 0.50% - -
Invesco Euro Reserve Fund 0.35% 1.45% - 0.15% 0.50% - -
BOND FUNDS
Invesco Global Bond Fund 0.75% - - 0.50% 0.90% - 0.38%
Invesco European Bond Fund 0.75% 1.75% - 0.50% 0.90% - 0.38%
Invesco Absolute Return Bond Fund 0.75% - - 0.50% 1.00% - -
Invesco Euro Ination-Linked Bond
Fund 0.75% - - 0.50% 0.90% 1.45% -
Invesco Euro Corporate Bond Fund 1.00% - - 0.65% 1.25% 1.70% 0.50%
Invesco UK Investment Grade Bond
Fund 0.625% - - 0.40% - - 0.32%
Invesco Emerging Local Currencies
Debt Fund 1.50% - - 1.00% 2.00% 2.20% 0.75%
BOND FUNDS
Invesco Global Investment Grade
Corporate Bond Fund 1.00% - - 0.65% 1.25% - -
Invesco Global Unconstrained
Bond Fund 1.50% - - 1.00% 2.00% - -
Invesco Global Total Return (EUR)
Bond Fund 1.00% - - 0.65% 1.25% 1.70% 0.50%
Invesco Emerging Market Corporate
Bond Fund 1.50% - - 1.00% 2.00% 2.20% 0.75%
Invesco Euro Short Term Bond Fund 0.70% - - 0.40% 0.90% 1.40% -
Invesco Asian Bond Fund 1.00% - - 0.75% 1.25% 1.70% -
Invesco US High Yield Bond Fund 1.25% - - 0.75% 1.75% 1.95% -
Invesco Renminbi Fixed Income Fund 1.00% - - 0.60% 1.25% 1.70% -
MIXED FUNDS
Invesco Capital Shield 90 (EUR) Fund 1.00% - - 0.60% 1.50% - -
Invesco Asia Balanced Fund 1.25% - - 0.80% 1.75% 1.95% 0.62%
Invesco Pan European High Income
Fund 1.25% - - 0.80% 1.75% 1.95% 0.62%
Invesco Global Absolute Return Fund 1.75% - - 1.00% 2.30% - 0.88%
Invesco Balanced-Risk Allocation Fund 1.25% - - 0.75% 1.75% 1.95% 0.62%
Invesco Global Targeted Returns Fund 1.40% - - 0.90% 1.90% 2.10% 0.75%
The management fees are calculated daily based on the Net Asset Value of each sub-fund on each business day and paid monthly. The fees of the
Investment Adviser are paid out of the Managers remuneration.
For the year under review, the Management Company partially waived the management fee for the Invesco USD Reserve Fund and Invesco Euro
Reserve Fund.
There is no annual management fee for I Shares.
145 Invesco Funds
4. Other Fees
The Manager is paid an additional fee by each Fund (the Service Agent Fee). The Service Agent Fee for A and R Shares shall not exceed 0.40% for
Equity Funds or Theme Funds, 0.27% for Bond Funds, 0.20% for the Structured Funds, 0.13% for Reserve Funds, 0.35% for Invesco Asia Balanced Fund
and Invesco Balanced-Risk Allocation Fund, 0.30% for Invesco US High Yield Bond Fund and 0.40% for Invesco Pan European High Income Fund and
Invesco Global Absolute Return Fund of the Net Asset Value of each Fund. The Service Agent Fee for B, B1 and C Shares shall not exceed 0.30% for
Equity Funds and Theme Funds, 0.10% for Reserve Funds, 0.20% for Bond Funds (except for Invesco Euro Ination-Linked Bond Fund which shall not
exceed 0.10%), 0.30% for Structured Funds and 0.30% for the Mixed Funds of the Net Asset Value of each Fund. Out of this Service Agent Fee, the
Manager discharges the fees of the Administration Agent, the Domiciliary & Corporate Agent and the Registrar & Transfer Agent as well as fees of
service providers and fees incurred in places where the Fund is registered. Each of these fees shall be calculated on each Business Day on the Net
Asset Value of the sub-funds (at a rate which shall be agreed from time to time with the Manager) and paid monthly. Additionally, the Manager
reimburses the expenses of the Funds Hong Kong Sub-Distributor and Representative.
The Custodian will be paid a fee calculated on a monthly basis at a rate of up to a maximum of 0.0075% per annum of the net asset value of each Fund
on the last Business Day of each calendar month (or at such higher rate as the Custodian and the SICAV may at any time agree), plus VAT (if any) and
will be paid monthly. In addition, the Custodian will charge each Fund safekeeping and servicing fees at varying rates, depending on the country in
which the assets of a Fund are held and currently ranging from 0.001% to 0.45% of the net asset value of the assets invested in such country, plus VAT
(if any), together with charges at normal commercial rates in respect of investment transactions, as agreed with the SICAV from time to time. Sub-
custodian fees are paid out of these safekeeping and servicing fees.
.The Management Company has agreed to cap operational expenses charged to the following sub-funds at its discretion, at the following annual rates:
Sub-Fund Date since capping is in place Annual Rate
Invesco Global Absolute Return Fund* 01/09/2010 0.10%
Invesco Global Total Return (EUR) Bond Fund* 15/09/2010 0.05%
Invesco Global Unconstrained Bond Fund 21/06/2010 0.05%
Invesco Gold & Precious Metals Fund 21/06/2010 0.15%
Invesco Latin America Equity Fund 11/08/2010 0.15%
Invesco Pan European Equity Income Fund 01/09/2010 0.05%
Invesco Global Investment Grade Corporate Bond Fund 09/10/2009 0.05%
Invesco Emerging Market Quantitative Equity Fund* 21/06/2010 0.05%
Invesco Emerging Market Corporate Bond Fund* 04/05/2011 0.15%
Invesco Pan European Focus Equity Fund 07/07/2011 0.15%
Invesco China Focus Equity Fund 15/12/2011 0.05%
Invesco Asian Bond Fund 15/12/2011 0.05%
Invesco Global Income Real Estate Securities Fund 01/03/2012 0.05%
Invesco US High Yield Bond Fund 27/06/2012 0.20%
Invesco Renminbi Fixed Income Fund 27/06/2012 0.15%
Invesco Asian Focus Equity Fund 27/06/2012 0.20%
Invesco US Equity Fund 27/06/2012 0.15%
Invesco Global Targeted Returns Fund 18/12/2013 0.10%
*Cap was removed with effect from 28 March 2013
The Management Company has agreed to cap the Total Expense Ratio charged to the following sub-funds at its discretion:
Date since capping
Fund is in place TER Class A TER Class C TER Class E TER Class R
Invesco Global Smaller Companies Equity Fund*** 03/10/2011 2.16% 1.41% 2.81% 2.86%
Invesco Global Equity Income Fund*** 03/10/2011 1.79% 1.06% 2.71% 2.56%
Invesco US Value Equity Fund*** 03/10/2011 1.81% 1.01% 2.74% 2.59%
Invesco Japanese Equity Advantage Fund** 03/10/2011 1.91% 1.14% 2.56% 2.66%
Invesco Japanese Value Equity Fund*** 03/10/2011 1.72% 0.96% 2.46% 2.56%
**Cap was removed with effect from 15 May 2013
***Cap was removed with effect from 06 July 2013
5. Tax Status
The Fund is registered under Luxembourg law as a collective investment undertaking. Accordingly, no Luxembourg income or capital gains tax is at
present payable by the Fund. It is, however, subject to an annual taxe dabonnement calculated at an annual rate of 0.05% of the Net Asset Value.
The two Reserve sub-funds and I share classes are subject to a reduced annual rate of 0.01% of the Net Asset Value, such tax being payable
quarterly on the basis of the Net Asset Value of the sub-funds at the end of the relevant quarter.
Further to a number of rulings of the European Court of Justice regarding taxation withheld on overseas dividends, the Manager has taken steps to
make claims with certain European Tax Authorities for repayment of taxation suffered on foreign dividend income. Due to the uncertainty regarding
the likely success of the claims, it is not possible to estimate the potential amount of overseas withholding tax that may be received and these are
recorded on cash basis.
146 Invesco Funds
6. Dividends
In accordance with the distribution policy of the Fund, income is distributed by way of a dividend payment, only to holders of Distribution Shares.
Invesco Emerging Local Currencies Debt Fund, Class R and Class A monthly distribution share class pay a distribution based on yield xed annually by
the Board of Directors. For the period from 1 March 2013 to 31 August 2013, the yield was xed at 4.80% and 5.50% respectively for the R Share
Class and A share class and for the period from 1 September 2013 to 28 February 2014, the yield was xed at 4.55% and 5.25% respectively for the R
Share Class and A share class, as approved by the Board of Directors. Invesco Emerging Markets Corporate Bond Fund, Class R and Class A monthly
distribution share class pay a distribution based on yield xed annually by the Board of Directors. For the period from 1 March 2013 to 28 February
2014, the yield was xed at 3.80% and 4.50% respectively for the R Share Class and A share class as approved by the Board of Directors. Invesco US
High Yield Bond Fund, Class A monthly distribution share class pays a distribution based on yield xed annually by the Board of Directors. For the
period from 1 November 2013 to 28 February 2014, the yield was xed at 5.00%. The income due to Shareholders of Accumulation Shares is
reinvested to enhance the value of the relevant share class.
Type of Share Distribution Frequency Record Date Distribution Pay
Rate Distribution Date
Invesco Global Structured Equity Fund USD per Share
A Distribution 0.4147 Annually 28 February 2014* 21 March 2014
C Distribution 0.5912 Annually 28 February 2014* 21 March 2014
Invesco Global Smaller Companies Equity Fund USD per Share
A Distribution 0.0079 Semi Annually 30 August 2013 23 September 2013
Invesco Global Equity Income Fund USD per Share
A Distribution 0.0103 Semi Annually 28 February 2014* 21 March 2014
Z Distribution 0.0407 Semi Annually 28 February 2014* 21 March 2014
Z Distribution 0.0431 Annually 28 February 2014* 21 March 2014
Invesco US Value Equity Fund USD per Share
C Distribution 0.0896 Semi Annually 30 August 2013 23 September 2013
C Distribution 0.1142 Semi Annually 28 February 2014* 21 March 2014
Invesco US Equity Fund EUR per Share
Invesco Pan European Structured Equity Fund EUR per Share
Invesco Pan European Equity Fund EUR and USD per Share
A Distribution (EUR) 0.0608 Annually 28 February 2014* 21 March 2014
A Distribution (USD) 0.0848 Annually 28 February 2014* 21 March 2014
C Distribution (EUR) 0.1539 Annually 28 February 2014* 21 March 2014
Invesco European Growth Equity Fund EUR per Share
Invesco Pan European Equity Income Fund EUR per Share
Invesco Pan European Focus Equity Fund EUR per Share
Invesco Asia Infrastructure Fund USD per Share
Invesco Asia Consumer Demand Fund USD per Share
Invesco Global Income Real Estate Securities Fund USD per Share
A Distribution 0.0740 Quarterly 31 May 2013 21 June 2013
A Distribution 0.0743 Quarterly 30 August 2013 23 September 2013
A Distribution 0.0587 Monthly 31 October 2013 21 November 2013
A Distribution 0.0533 Quarterly 29 November 2013 23 December 2013
A Distribution 0.0250 Monthly 29 November 2013 23 December 2013
A Distribution 0.0667 Monthly 31 December 2013 21 March 2014
A Distribution 0.0219 Monthly 31 January 2014 21 February 2014
A Distribution 0.0588 Quarterly 28 February 2014* 21 March 2014
A Distribution 0.0196 Monthly 28 February 2014* 21 March 2014
Invesco Euro Reserve Fund EUR per Share
Invesco Global Bond Fund USD per Share
Invesco European Bond Fund EUR per Share
147 Invesco Funds
6. Dividends (continued)
Invesco Euro Corporate Bond Fund EUR per Share
A Distribution 0.0277 Monthly 28 March 2013 22 April 2013
R Distribution 0.0190 Monthly 28 March 2013 22 April 2013
A Distribution 0.0309 Monthly 30 April 2013 13 May 2013
R Distribution 0.0208 Monthly 30 April 2013 13 May 2013
A Distribution 0.0290 Monthly 31 May 2013 21 June 2013
R Distribution 0.0194 Monthly 31 May 2013 21 June 2013
A Distribution 0.0313 Monthly 28 June 2013 22 July 2013
R Distribution 0.0222 Monthly 28 June 2013 22 July 2013
A Distribution 0.0334 Monthly 31 July 2013 21 August 2013
R Distribution 0.0232 Monthly 31 July 2013 21 August 2013
A Distribution 0.0292 Monthly 30 August 2013 23 September 2013
R Distribution 0.0199 Monthly 30 August 2013 23 September 2013
A Distribution 0.0310 Monthly 30 September 2013 21 October 2013
R Distribution 0.0213 Monthly 30 September 2013 21 October 2013
R Distribution 0.0215 Monthly 31 October 2013 21 November 2013
R Distribution 0.0191 Monthly 29 November 2013 23 December 2013
A Distribution 0.0307 Monthly 31 December 2013 21 January 2014
R Distribution 0.0208 Monthly 31 December 2013 21 January 2014
R Distribution 0.0190 Monthly 31 January 2014 21 February 2014
R Distribution 0.0168 Monthly 28 February 2014* 21 March 2014
Invesco UK Investment Grade Bond Fund GBP per Share
C Distribution 0.0552 Quarterly 30 August 2013 23 September 2013
C Distribution 0.0724 Quarterly 29 November 2013 23 December 2013
Z Distribution 0.0830 Quarterly 29 November 2013 23 December 2013
C Distribution 0.0771 Quarterly 28 February 2014* 21 March 2014
Z Distribution 0.0803 Quarterly 28 February 2014* 21 March 2014
Invesco Emerging Local Currencies Debt Fund USD, EUR and HKD per Share
A Distribution (USD) 0.0504 Monthly 28 March 2013 22 April 2013
A Distribution (EUR) 0.0244 Monthly 28 March 2013 22 April 2013
R Distribution (USD) 0.0391 Monthly 28 March 2013 22 April 2013
A Distribution (HKD) 0.2772 Monthly 28 March 2013 22 April 2013
A Distribution (USD) 0.0518 Monthly 30 April 2013 13 May 2013
A Distribution (EUR) 0.0278 Monthly 30 April 2013 13 May 2013
R Distribution (USD) 0.0401 Monthly 30 April 2013 13 May 2013
A Distribution (HKD) 0.3229 Monthly 30 April 2013 13 May 2013
A Distribution (USD) 0.0488 Monthly 31 May 2013 21 June 2013
A Distribution (EUR) 0.0256 Monthly 31 May 2013 21 June 2013
R Distribution (USD) 0.0378 Monthly 31 May 2013 21 June 2013
A Distribution (HKD) 0.2958 Monthly 31 May 2013 21 June 2013
A Distribution (USD) 0.0457 Monthly 28 June 2013 22 July 2013
A Distribution (EUR) 0.0220 Monthly 28 June 2013 22 July 2013
R Distribution (USD) 0.0354 Monthly 28 June 2013 22 July 2013
A Distribution (HKD) 0.2513 Monthly 28 June 2013 22 July 2013
A Distribution (USD) 0.0454 Monthly 31 July 2013 21 August 2013
A Distribution (EUR) 0.0352 Monthly 31 July 2013 21 August 2013
R Distribution (USD) 0.0352 Monthly 31 July 2013 21 August 2013
A Distribution (HKD) 0.4133 Monthly 31 July 2013 21 August 2013
A Distribution (USD) 0.0432 Monthly 30 August 2013 23 September 2013
A Distribution (EUR) 0.0204 Monthly 30 August 2013 23 September 2013
R Distribution (USD) 0.0335 Monthly 30 August 2013 23 September 2013
A Distribution (HKD) 0.2466 Monthly 30 August 2013 23 September 2013
A Distribution (USD) 0.0426 Monthly 30 September 2013 21 October 2013
A Distribution (EUR) 0.0252 Monthly 30 September 2013 21 October 2013
R Distribution (USD) 0.0328 Monthly 30 September 2013 21 October 2013
A Distribution (HKD) 0.2970 Monthly 30 September 2013 21 October 2013
A Distribution (USD) 0.0439 Monthly 31 October 2013 21 November 2013
A Distribution (EUR) 0.0251 Monthly 31 October 2013 21 November 2013
R Distribution (USD) 0.0338 Monthly 31 October 2013 21 November 2013
148 Invesco Funds
Invesco Emerging Local Currencies Debt Fund USD, EUR and HKD per Share(continued)
A Distribution (HKD) 0.2915 Monthly 31 October 2013 21 November 2013
A Distribution (USD) 0.0420 Monthly 29 November 2013 23 December 2013
A Distribution (EUR) 0.0225 Monthly 29 November 2013 23 December 2013
R Distribution (USD) 0.0324 Monthly 29 November 2013 23 December 2013
A Distribution (HKD) 0.2620 Monthly 29 November 2013 23 December 2013
A Distribution (USD) 0.0415 Monthly 31 December 2013 21 January 2014
A Distribution (EUR) 0.0260 Monthly 31 December 2013 21 January 2014
R Distribution (USD) 0.0320 Monthly 31 December 2013 21 January 2014
A Distribution (HKD) 0.3024 Monthly 31 December 2013 21 January 2014
A Distribution (USD) 0.0394 Monthly 31 January 2014 21 February 2014
A Distribution (EUR) 0.0338 Monthly 31 January 2014 21 February 2014
R Distribution (USD) 0.0303 Monthly 31 January 2014 21 February 2014
A Distribution (HKD) 0.3875 Monthly 31 January 2014 21 February 2014
A Distribution (USD) 0.0407 Monthly 28 February 2014* 21 March 2014
A Distribution (EUR) 0.0198 Monthly 28 February 2014* 21 March 2014
R Distribution (USD) 0.0313 Monthly 28 February 2014* 21 March 2014
A Distribution (HKD) 0.2383 Monthly 28 February 2014* 21 March 2014
Z Distribution (EUR) 0.2501 Annually 28 February 2014* 21 March 2014
Invesco Global Investment Grade Corporate Bond Fund USD and HKD per Share
A Distribution (USD) 0.3746 Annually 28 February 2014* 21 March 2014
C Distribution (USD) 0.4248 Annually 28 February 2014* 21 March 2014
Invesco Global Total Return (EUR) Bond Fund EUR per Share
E Distribution 0.0242 Quarterly 31 May 2013 21 June 2013
E Distribution 0.0473 Quarterly 30 August 2013 23 September 2013
E Distribution 0.0684 Quarterly 29 November 2013 23 December 2013
E Distribution 0.0660 Quarterly 28 February 2014* 21 March 2014
149 Invesco Funds
Invesco Emerging Market Corporate Bond Fund USD per Share
A Distribution 0.0420 Monthly 28 March 2013 22 April 2013
A Distribution 0.0421 Monthly 30 April 2013 13 May 2013
A Distribution 0.0415 Monthly 31 May 2013 21 June 2013
A Distribution 0.0390 Monthly 28 June 2013 22 July 2013
A Distribution 0.0394 Monthly 31 July 2013 21 August 2013
A Distribution 0.0380 Monthly 30 August 2013 23 September 2013
A Distribution 0.0386 Monthly 30 September 2013 21 October 2013
A Distribution 0.0388 Monthly 31 December 2013 21 January 2014
Invesco Asian Bond Fund USD, HKD, CNY and EUR per Share
R Distribution (USD) 0.0215 Monthly 28 March 2013 22 April 2013
R Distribution (USD) 0.0207 Monthly 30 April 2013 13 May 2013
R Distribution (USD) 0.0225 Monthly 31 May 2013 21 June 2013
A Distribution (USD) 0.0269 Monthly 3 28 June 2013 22 July 2013
A Distribution (HKD) 0.2676 Monthly 3 28 June 2013 22 July 2013
R Distribution (USD) 0.0208 Monthly 3 28 June 2013 22 July 2013
R Distribution (USD) 0.0248 Monthly 31 July 2013 21 August 2013
R Distribution (USD) 0.0244 Monthly 30 August 2013 23 September 2013
R Distribution (USD) 0.0253 Monthly 30 September 2013 21 October 2013
R Distribution (USD) 0.0260 Monthly 31 October 2013 21 November 2013
A Distribution (CNY) 0.4589 Monthly 31 October 2013 21 November 2013
R Distribution (USD) 0.0191 Monthly 29 November 2013 23 December 2013
A Distribution (CNY) 0.2535 Monthly 29 November 2013 23 December 2013
R Distribution (USD) 0.0239 Monthly 31 December 2013 21 January 2014
A Distribution (CNY) 0.3069 Monthly 31 December 2013 21 January 2014
R Distribution (USD) 0.0247 Monthly 31 January 2014 21 February 2014
A Distribution (CNY) 0.3169 Monthly 31 January 2014 21 February 2014
R Distribution (USD) 0.0255 Monthly 28 February 2014* 21 March 2014
A Distribution (CNY) 0.3251 Monthly 28 February 2014* 21 March 2014
150 Invesco Funds
Invesco US High Yield Bond Fund USD and HKD per Share
C Distribution (USD) 0.5325 Annually 28 February 2014* 21 March 2014
Invesco Renminbi Fixed Income Fund EUR per Share
Invesco Asia Balanced Fund USD, HKD and CNY per Share
A Distribution (USD) 0.2733 Quarterly 31 May 2013 21 June 2013
A Distribution (HKD) 2.1305 Quarterly 31 May 2013 21 June 2013
A Distribution (USD) 0.1947 Quarterly 30 August 2013 23 September 2013
A Distribution (HKD) 1.5162 Quarterly 30 August 2013 23 September 2013
A-1 Distribution (USD) 0.0400 Monthly 30 September 2013 21 October 2013
A-1 Distribution (USD) 0.0400 Monthly 31 October 2013 21 November 2013
A Distribution (CNY) 0.0908 Monthly 31 October 2013 21 November 2013
A Distribution (USD) 0.0915 Quarterly 29 November 2013 23 December 2013
A Distribution (HKD) 0.7125 Quarterly 29 November 2013 23 December 2013
A-1 Distribution (USD) 0.0400 Monthly 29 November 2013 23 December 2013
A Distribution (CNY) 0.1822 Monthly 29 November 2013 23 December 2013
A-1 Distribution (USD) 0.0400 Monthly 31 December 2013 21 January 2014
A Distribution (CNY) 0.0642 Monthly 31 December 2013 21 January 2014
A-1 Distribution (USD) 0.0400 Monthly 31 January 2014 21 February 2014
A Distribution (CNY) 0.0067 Monthly 31 January 2014 21 February 2014
A Distribution (USD) 0.0582 Quarterly 28 February 2014* 21 March 2014
A Distribution (HKD) 0.4533 Quarterly 28 February 2014* 21 March 2014
A Distribution (CNY) 0.3091 Monthly 28 February 2014* 21 March 2014
A-1 Distribution (USD) 0.0400 Monthly 28 February 2014* 21 March 2014
Invesco Pan European High Income Fund EUR per Share
*Distributions with an record date 28 February 2014 and pay date 21 March 2014 have not been reected in the Financial Statements. These
distributions impact the Net Asset Values calculated on 3 March 2014.
151 Invesco Funds
7. Forward Foreign Exchange Contracts
Forward foreign exchange contracts open at 28 February 2014 were as follows:
Invesco Global Structured Equity Fund Unrealised
Details of Forward Foreign Exchange Contracts Counterparty Gain/(Loss) Maturity Date
USD
Buy 115,208 USD to Sell 69,032 GBP BNY Mellon 24 07/03/2014
Buy 1,710,335 USD to Sell 1,022,008 GBP BNY Mellon 5,144 14/03/2014
Buy 1,766,154 CHF to Sell 1,977,692 USD BNY Mellon 25,597 14/03/2014
Buy 11,853,850 USD to Sell 13,103,377 CAD BNY Mellon 78,426 14/03/2014
Buy 15,088,096 USD to Sell 16,753,067 AUD BNY Mellon 91,804 14/03/2014
Buy 3,742,603 GBP to Sell 6,099,430 USD BNY Mellon 145,328 07/03/2014
Buy 33,222,451 EUR to Sell 45,015,144 USD BNY Mellon 811,147 07/03/2014
Total unrealised gain on open forward foreign exchange contracts 1,157,470
Buy 15,522,228 USD to Sell 9,438,357 GBP BNY Mellon (225,391) 14/03/2014
Buy 12,523,605 USD to Sell 1,281,524,345 JPY BNY Mellon (52,990) 14/03/2014
Buy 2,166,162 USD to Sell 1,600,154 EUR BNY Mellon (41,054) 07/03/2014
Buy 2,781,081 USD to Sell 2,486,258 CHF BNY Mellon (38,998) 14/03/2014
Buy 3,871,291 USD to Sell 21,122,520 DKK BNY Mellon (33,410) 14/03/2014
Buy 4,233,510 AUD to Sell 3,816,787 USD BNY Mellon (27,215) 14/03/2014
Buy 1,020,841 USD to Sell 1,230,107 NZD BNY Mellon (12,708) 14/03/2014
Buy 115,806 USD to Sell 71,130 GBP BNY Mellon (2,878) 07/03/2014
Buy 179,814 CAD to Sell 164,144 USD BNY Mellon (2,553) 14/03/2014
Buy 338,504 SGD to Sell 268,546 USD BNY Mellon (1,291) 14/03/2014
Buy 1,198,748 USD to Sell 1,519,941 SGD BNY Mellon (1,272) 14/03/2014
Buy 95,012 GBP to Sell 159,036 USD BNY Mellon (503) 07/03/2014
Total unrealised loss on open forward foreign exchange contracts (476,533)
Total net unrealised gain on open forward foreign exchange contracts 680,937
Invesco Emerging Market Quantitative Equity Fund Unrealised
USD
Buy 48,142 GBP to Sell 78,495 USD BNY Mellon 1,833 07/03/2014
Total unrealised gain on open forward foreign exchange contracts 359,600
Buy 595,507 USD to Sell 438,683 EUR BNY Mellon (9,602) 07/03/2014
Buy 2,666 USD to Sell 1,623 GBP BNY Mellon (42) 07/03/2014
Buy 544 GBP to Sell 910 USD BNY Mellon (2) 07/03/2014
Invesco Global Smaller Companies Equity Fund Unrealised
USD
Buy 1,073,000 AUD to Sell 942,662 USD BNY Mellon 15,675 15/04/2014
Buy 8,745,497 USD to Sell 9,727,053 AUD BNY Mellon 57,898 15/04/2014
Buy 2,947,459 USD to Sell 3,353,000 AUD BNY Mellon (47,233) 15/04/2014
Buy 647,000 AUD to Sell 580,806 USD BNY Mellon (2,946) 15/04/2014
152 Invesco Funds
7. Forward Foreign Exchange Contracts (continued)
Invesco Global Equity Income Fund Unrealised
USD
Buy 297,602 CHF to Sell 331,584 USD BNY Mellon 5,956 07/03/2014
Buy 3,056 USD to Sell 2,768 CHF BNY Mellon (84) 07/03/2014
Invesco Latin American Equity Fund Unrealised
USD
Buy 303,774 EUR to Sell 410,622 USD BNY Mellon 8,398 07/03/2014
Buy 41,287 USD to Sell 30,345 EUR BNY Mellon (571) 07/03/2014
Total unrealised loss on open forward foreign exchange contracts (571)
Invesco US Structured Equity Fund Unrealised
USD
Invesco US Value Equity Fund Unrealised
USD
Buy 1,587,281 USD to Sell 949,977 GBP Barclays 2,444 28/03/2014
Buy 1,587,288 USD to Sell 949,977 GBP Goldman Sachs 2,450 28/03/2014
Buy 1,615,717 USD to Sell 966,816 GBP Citigroup 2,787 28/03/2014
Buy 1,587,668 USD to Sell 949,977 GBP CIBC 2,830 28/03/2014
Buy 908,958 USD to Sell 1,004,162 CAD Goldman Sachs 6,868 28/03/2014
Buy 2,070,307 USD to Sell 2,289,072 CAD CIBC 13,915 28/03/2014
Buy 1,559,433 USD to Sell 1,383,150 CHF Citigroup (9,612) 28/03/2014
Buy 1,459,219 USD to Sell 1,294,707 CHF Goldman Sachs (9,496) 28/03/2014
Buy 1,459,876 USD to Sell 1,294,707 CHF Barclays (8,839) 28/03/2014
Buy 1,875,011 USD to Sell 1,362,970 EUR Goldman Sachs (4,980) 28/03/2014
Buy 2,016,990 USD to Sell 1,465,854 EUR Citigroup (4,912) 28/03/2014
Buy 1,875,695 USD to Sell 1,362,970 EUR Barclays (4,296) 28/03/2014
Buy 1,875,828 USD to Sell 1,362,970 EUR CIBC (4,163) 28/03/2014
Total net unrealised loss on open forward foreign exchange contracts (15,004)
Invesco US Equity Fund Unrealised
USD
153 Invesco Funds
Invesco Pan European Structured Equity Fund Unrealised
EUR
Buy 2,758,253 CHF to Sell 2,262,726 EUR BNY Mellon 5,262 07/03/2014
Buy 38,972 EUR to Sell 47,580 CHF BNY Mellon (151) 07/03/2014
Invesco Pan European Equity Fund Unrealised
EUR
Buy 216,972 CHF to Sell 178,059 EUR BNY Mellon 347 07/03/2014
Total unrealised gain on open forward foreign exchange contracts 347
Buy 2,130 EUR to Sell 2,606 CHF BNY Mellon (12) 07/03/2014
Total net unrealised gain on open forward foreign exchange contracts 335
Invesco Japanese Equity Advantage Fund Unrealised
JPY
Buy 51,807,353 JPY to Sell 368,320 EUR BNY Mellon 36,186 07/03/2014
Buy 10,756,547 CHF to Sell 1,207,294,284 JPY BNY Mellon 35,908,715 07/03/2014
Buy 108,255,963 EUR to Sell 14,802,281,849 JPY BNY Mellon 414,209,520 07/03/2014
Buy 1,644,693,133 JPY to Sell 11,881,871 EUR BNY Mellon (25,426,346) 07/03/2014
Buy 127,645,377 JPY to Sell 1,126,456 CHF BNY Mellon (2,546,438) 07/03/2014
Buy 7,092,428 EUR to Sell 999,418,011 JPY BNY Mellon (2,504,146) 07/03/2014
Buy 239,874 CHF to Sell 27,748,459 JPY BNY Mellon (24,753) 07/03/2014
Total unrealised loss on open forward foreign exchange contracts (30,501,683)
Total net unrealised gain on open forward foreign exchange contracts 419,652,738
Invesco Japanese Value Equity Fund Unrealised
JPY
Buy 70,467,060 JPY to Sell 500,937 EUR BNY Mellon 55,192 07/03/2014
Buy 104,167 CHF to Sell 11,688,497 JPY BNY Mellon 350,789 07/03/2014
Buy 38,078,568 EUR to Sell 5,215,096,456 JPY BNY Mellon 137,238,536 07/03/2014
Buy 577,904,008 JPY to Sell 4,174,972 EUR BNY Mellon (8,931,062) 07/03/2014
Buy 2,456,150 EUR to Sell 346,059,252 JPY BNY Mellon (822,161) 07/03/2014
Buy 1,094,440 JPY to Sell 9,659 CHF BNY Mellon (21,946) 07/03/2014
Buy 1,944 CHF to Sell 224,851 JPY BNY Mellon (201) 07/03/2014
154 Invesco Funds
Invesco Greater China Equity Fund Unrealised
USD
Buy 5,886 CAD to Sell 5,287 USD BNY Mellon 3 07/03/2014
Buy 2,505 USD to Sell 15,219 CNY BNY Mellon 27 07/03/2014
Buy 4,012 USD to Sell 4,443 AUD BNY Mellon 33 07/03/2014
Buy 9,805 USD to Sell 10,856 CAD BNY Mellon 48 07/03/2014
Buy 124,846 NZD to Sell 101,291 USD BNY Mellon 3,661 07/03/2014
Buy 277,714 AUD to Sell 243,541 USD BNY Mellon 5,173 07/03/2014
Buy 42,769,314 EUR to Sell 57,827,989 USD BNY Mellon 1,167,027 07/03/2014
Buy 539,645 CNY to Sell 89,265 USD BNY Mellon (1,402) 07/03/2014
Buy 14,258 AUD to Sell 12,834 USD BNY Mellon (65) 07/03/2014
Buy 2,935 USD to Sell 3,556 NZD BNY Mellon (54) 07/03/2014
Buy 3,401 USD to Sell 3,818 AUD BNY Mellon (18) 07/03/2014
Invesco Asia Infrastructure Fund Unrealised
USD
Invesco Asia Consumer Demand Fund Unrealised
USD
Invesco Energy Fund Unrealised
USD
155 Invesco Funds
Invesco Gold & Precious Metals Fund Unrealised
USD
Invesco Global Bond Fund Unrealised
USD
Buy 4,000,000 GBP to Sell 6,668,600 USD Royal Bank of Scotland 5,846 03/03/2014
Buy 3,637,334 EUR to Sell 3,000,000 GBP Deutsche Bank 11,450 03/03/2014
Buy 3,005,548 GBP to Sell 5,000,000 USD JP Morgan Chase 12,864 29/04/2014
Buy 1,574,457 USD to Sell 1,740,000 CAD JP Morgan Chase 13,079 13/05/2014
Buy 607,908 GBP to Sell 1,000,000 USD Royal Bank of Scotland 14,063 10/04/2014
Buy 184,338,200 JPY to Sell 2,000,000 AUD JP Morgan Chase 26,775 13/05/2014
Buy 2,000,000 GBP to Sell 3,257,920 USD Deutsche Bank 78,373 08/04/2014
Buy 4,520,000 EUR to Sell 6,142,762 USD Deutsche Bank 92,060 03/03/2014
Buy 8,206,264 USD to Sell 5,000,000 GBP Deutsche Bank (136,794) 03/03/2014
Buy 5,293,220 USD to Sell 3,227,551 GBP Deutsche Bank (90,808) 08/04/2014
Buy 7,916,582 USD to Sell 5,800,000 EUR JP Morgan Chase (83,601) 13/05/2014
Buy 3,262,628 USD to Sell 2,000,000 GBP JP Morgan Chase (73,691) 07/04/2014
Buy 6,133,979 USD to Sell 4,500,000 EUR Deutsche Bank (73,255) 03/03/2014
Buy 3,375,775 USD to Sell 2,500,000 EUR Deutsche Bank (72,553) 08/04/2014
Buy 4,071,198 USD to Sell 3,000,000 EUR Royal Bank of Scotland (66,796) 10/04/2014
Buy 6,142,159 USD to Sell 4,500,000 EUR JP Morgan Chase (64,830) 07/04/2014
Buy 3,000,000 GBP to Sell 3,663,049 EUR Deutsche Bank (46,921) 03/03/2014
Buy 34,000,000 MXN to Sell 2,580,170 USD Deutsche Bank (15,243) 03/03/2014
Buy 2,556,455 USD to Sell 34,000,000 MXN JP Morgan Chase (8,472) 03/03/2014
Buy 6,665,600 USD to Sell 4,000,000 GBP Royal Bank of Scotland (5,558) 06/05/2014
Invesco European Bond Fund Unrealised
Details of Forward Foreign Exchange Contracts Counterparty Gain Maturity Date
EUR
Buy 1,698,112 EUR to Sell 1,400,000 GBP Citigroup 5,426 13/05/2014
156 Invesco Funds
Invesco Absolute Return Bond Fund Unrealised
EUR
Buy 220,000 USD to Sell 159,366 EUR BNY Mellon 127 11/03/2014
Buy 91,966 GBP to Sell 110,849 EUR BNY Mellon 398 07/03/2014
Buy 8,460,000 MXN to Sell 637,097 USD Goldman Sachs 509 11/03/2014
Buy 290,000 EUR to Sell 398,686 USD Goldman Sachs 965 11/03/2014
Buy 430,000 NOK to Sell 50,645 EUR Goldman Sachs 1,252 11/03/2014
Buy 197,407 EUR to Sell 300,000 AUD BNY Mellon 2,682 11/03/2014
Buy 344,152 USD to Sell 430,000 SGD BNY Mellon 3,377 11/03/2014
Buy 37,670,000 JPY to Sell 364,973 USD Goldman Sachs 3,411 11/03/2014
Buy 800,000 AUD to Sell 710,836 USD Goldman Sachs 3,933 11/03/2014
Buy 262,853 USD to Sell 3,400,000 MXN CIBC 4,732 11/03/2014
Buy 609,265 USD to Sell 670,000 AUD BNY Mellon 6,812 11/03/2014
Buy 405,781 USD to Sell 5,250,000 MXN BNY Mellon 7,238 11/03/2014
Buy 723,548 USD to Sell 770,000 CAD BNY Mellon 22,861 11/03/2014
Buy 1,190,232 USD to Sell 1,440,000 NZD BNY Mellon (14,459) 11/03/2014
Buy 251,494 USD to Sell 1,540,000 NOK BNY Mellon (3,539) 11/03/2014
Buy 300,000 CAD to Sell 273,788 USD Goldman Sachs (3,024) 11/03/2014
Buy 299,655 USD to Sell 220,000 EUR Goldman Sachs (2,760) 11/03/2014
Buy 184,744 USD to Sell 2,500,000 MXN Royal Bank of Scotland (2,705) 11/03/2014
Buy 457,295 USD to Sell 46,950,000 JPY BNY Mellon (2,505) 11/03/2014
Buy 176,267 USD to Sell 200,000 AUD Goldman Sachs (2,028) 11/03/2014
Buy 216,224 USD to Sell 2,900,000 MXN Goldman Sachs (1,745) 11/03/2014
Buy 2,750,000 SEK to Sell 311,861 EUR Goldman Sachs (1,358) 11/03/2014
Buy 170,000 GBP to Sell 206,780 EUR Goldman Sachs (1,145) 11/03/2014
Buy 53,219 EUR to Sell 450,000 NOK Citigroup (1,092) 11/03/2014
Buy 249,248 USD to Sell 150,000 GBP Goldman Sachs (745) 11/03/2014
Buy 96,441 EUR to Sell 860,000 SEK Goldman Sachs (661) 11/03/2014
Buy 380,000 SGD to Sell 300,614 USD BNY Mellon (433) 11/03/2014
Buy 67,200,000 HUF to Sell 216,797 EUR Goldman Sachs (376) 11/03/2014
Buy 217,327 EUR to Sell 300,000 USD BNY Mellon (164) 11/03/2014
Invesco Euro Inflation-Linked Bond Fund Unrealised
EUR
Buy 560,337 EUR to Sell 10,000,000 MXN BNY Mellon 13,826 12/03/2014
Buy 14,900,000 MXN to Sell 819,258 EUR BNY Mellon (4,957) 12/03/2014
Buy 272,408 EUR to Sell 5,000,000 MXN BNY Mellon (847) 12/03/2014
157 Invesco Funds
Invesco Euro Corporate Bond Fund Unrealised
EUR
Buy 2,210,047 EUR to Sell 3,000,000 USD Royal Bank of Scotland 35,083 22/04/2014
Buy 10,971,200 EUR to Sell 15,000,000 USD Citigroup 96,391 30/04/2014
Buy 27,198,183 EUR to Sell 37,000,000 USD JP Morgan Chase 373,584 07/04/2014
Invesco UK Investment Grade Bond Fund Unrealised
GBP
Buy 500,000 EUR to Sell 410,403 GBP Goldman Sachs 2,974 20/03/2014
Buy 2,875,892 GBP to Sell 4,700,000 USD BNY Mellon 58,811 20/03/2014
Buy 5,691,758 GBP to Sell 6,775,000 EUR BNY Mellon 90,501 20/03/2014
Buy 369,693 GBP to Sell 450,000 EUR BNY Mellon (2,346) 20/03/2014
Invesco Emerging Local Currencies Debt Fund Unrealised
USD
Buy 124,918,776 ZAR to Sell 11,381,032 USD Barclays 185,531 24/04/2014
Invesco Global Investment Grade Corporate Bond Fund Unrealised
USD
Buy 100,000,000 JPY to Sell 973,243 USD BNY Mellon 8,166 20/03/2014
Buy 1,401,488 USD to Sell 145,000,000 JPY BNY Mellon (21,554) 20/03/2014
Buy 710,736 USD to Sell 800,000 AUD BNY Mellon (5,073) 20/03/2014
158 Invesco Funds
Invesco Global Unconstrained Bond Fund Unrealised
GBP
Buy 166,802 GBP to Sell 200,000 EUR Royal Bank of Scotland 1,419 15/04/2014
Buy 122,601 GBP to Sell 200,000 USD JP Morgan Chase 2,708 07/04/2014
Buy 272,765 GBP to Sell 450,000 USD Deutsche Bank 3,013 04/04/2014
Buy 153,309 GBP to Sell 250,000 USD Deutsche Bank 3,409 07/05/2014
Buy 712,361 GBP to Sell 857,460 EUR BNY Mellon 3,510 07/03/2014
Buy 773,064 GBP to Sell 930,000 EUR JP Morgan Chase 4,087 07/04/2014
Buy 1,902,041 EUR to Sell 1,576,771 GBP BNY Mellon (4,379) 07/03/2014
Buy 246,694 GBP to Sell 300,000 EUR Citigroup (1,399) 25/04/2014
Buy 164,410 GBP to Sell 200,000 EUR Citigroup (992) 30/04/2014
Buy 205,990 GBP to Sell 250,000 EUR Citigroup (759) 28/04/2014
Buy 82,143 GBP to Sell 100,000 EUR JP Morgan Chase (549) 17/04/2014
Buy 123,734 GBP to Sell 150,000 EUR Royal Bank of Scotland (297) 10/04/2014
Buy 100,000 USD to Sell 10,229,400 JPY Deutsche Bank (255) 20/05/2014
Invesco Global Total Return (EUR) Bond Fund Unrealised
EUR
Buy 194,901 SEK to Sell 21,841 EUR BNY Mellon 167 07/03/2014
Buy 1,210,815 EUR to Sell 1,000,000 GBP Royal Bank of Scotland 1,562 22/04/2014
Buy 1,206,476 EUR to Sell 1,000,000 GBP Deutsche Bank (2,912) 08/04/2014
Buy 1,126,522 SEK to Sell 127,516 EUR BNY Mellon (312) 07/03/2014
Buy 3,226 EUR to Sell 28,958 SEK BNY Mellon (44) 07/03/2014
Invesco Emerging Market Corporate Bond Fund Unrealised
USD
Buy 823,890 SEK to Sell 125,905 USD BNY Mellon 2,421 07/03/2014
Invesco Euro Short Term Bond Fund Unrealised
EUR
Buy 1,095,297 EUR to Sell 900,000 GBP BNY Mellon 6,702 20/03/2014
Buy 2,831,165 EUR to Sell 2,380,000 GBP BNY Mellon (47,564) 20/03/2014
Invesco Asian Bond Fund Unrealised
USD
Buy 265 USD to Sell 1,601 CNY BNY Mellon 5 07/03/2014
Invesco US High Yield Bond Fund Unrealised
USD
Buy 500,000 EUR to Sell 684,278 USD Citigroup 5,412 06/03/2014
Buy 4,248,072 USD to Sell 2,600,000 GBP Citigroup (90,217) 06/03/2014
Buy 1,010,695 USD to Sell 618,397 GBP BNY Mellon (21,145) 06/03/2014
Invesco Capital Shield 90 (EUR) Fund Unrealised
EUR
Buy 121,078 EUR to Sell 100,000 GBP CIBC 118 13/03/2014
Buy 19,400,000 JPY to Sell 136,324 EUR Royal Bank of Scotland 1,701 13/03/2014
Buy 100,000 GBP to Sell 118,601 EUR Citigroup 2,359 13/03/2014
Buy 249,286 EUR to Sell 34,700,000 JPY CIBC 2,407 13/03/2014
Buy 8,500,000 USD to Sell 6,132,761 EUR CIBC 29,496 13/03/2014
Buy 18,070,215 EUR to Sell 24,866,423 USD Goldman Sachs 42,771 13/03/2014
Buy 600,999 EUR to Sell 505,000 GBP Citigroup (9,850) 13/03/2014
Buy 167,130 EUR to Sell 24,300,000 JPY CIBC (5,757) 13/03/2014
Buy 22,700,000 JPY to Sell 166,072 EUR Royal Bank of Scotland (4,569) 13/03/2014
Buy 44,700,000 JPY to Sell 321,984 EUR Goldman Sachs (3,958) 13/03/2014
Buy 238,018 EUR to Sell 200,000 GBP Goldman Sachs (3,903) 13/03/2014
Buy 873,902 EUR to Sell 123,178,000 JPY Citigroup (2,469) 13/03/2014
Buy 100,000 GBP to Sell 121,386 EUR CIBC (426) 13/03/2014
Buy 12,500,000 JPY to Sell 89,307 EUR CIBC (374) 13/03/2014
159 Invesco Funds
Invesco Asia Balanced Fund Unrealised
USD
Buy 63,077,700 USD to Sell 70,000,000 AUD Goldman Sachs 413,708 13/03/2014
Invesco Pan European High Income Fund Unrealised
EUR
Buy 158,109 EUR to Sell 1,400,000 SEK JP Morgan Chase 103 07/04/2014
Buy 316,736 EUR to Sell 2,800,000 SEK JP Morgan Chase 777 17/04/2014
Buy 1,817,010 EUR to Sell 1,500,000 GBP JP Morgan Chase 3,233 29/04/2014
Buy 2,826,328 EUR to Sell 25,000,000 SEK Deutsche Bank 4,663 04/04/2014
Buy 1,263,449 EUR to Sell 11,125,000 SEK Citigroup 8,303 28/04/2014
Buy 2,648,503 EUR to Sell 23,300,000 SEK Royal Bank of Scotland 19,488 22/04/2014
Buy 4,260,836 EUR to Sell 3,500,000 GBP JP Morgan Chase 28,283 17/04/2014
Buy 12,164,858 EUR to Sell 10,000,000 GBP Deutsche Bank 70,591 04/04/2014
Buy 8,114,380 EUR to Sell 10,000,000 CHF Royal Bank of Scotland (111,659) 22/04/2014
Buy 6,679,630 EUR to Sell 56,000,000 NOK JP Morgan Chase (62,799) 13/05/2014
Buy 4,063,693 EUR to Sell 5,000,000 CHF Citigroup (49,538) 28/04/2014
Buy 5,395,632 EUR to Sell 4,500,000 GBP Royal Bank of Scotland (46,310) 15/04/2014
Buy 5,723,233 EUR to Sell 7,000,000 CHF Deutsche Bank (34,108) 04/04/2014
Buy 5,728,286 EUR to Sell 7,000,000 CHF JP Morgan Chase (29,695) 17/04/2014
Buy 3,000,000 GBP to Sell 3,657,912 EUR Royal Bank of Scotland (28,880) 03/03/2014
Buy 2,858,121 EUR to Sell 25,500,000 SEK Citigroup (18,750) 30/04/2014
Buy 6,027,553 EUR to Sell 5,000,000 GBP JP Morgan Chase (17,754) 13/05/2014
Buy 707,514 EUR to Sell 6,000,000 NOK Deutsche Bank (15,984) 04/04/2014
Buy 2,455,193 EUR to Sell 3,000,000 CHF Deutsche Bank (12,323) 08/04/2014
160 Invesco Funds
Invesco Pan European High Income Fund (continued) Unrealised
EUR
Buy 2,409,647 EUR to Sell 2,000,000 GBP JP Morgan Chase (9,148) 07/04/2014
Buy 388,932 EUR to Sell 3,500,000 SEK Citigroup (5,965) 25/04/2014
Buy 357,465 EUR to Sell 3,000,000 NOK Citigroup (3,988) 25/04/2014
Buy 819,787 EUR to Sell 1,000,000 CHF JP Morgan Chase (2,866) 29/04/2014
Buy 721,733 EUR to Sell 6,000,000 NOK JP Morgan Chase (1,060) 29/04/2014
Invesco Global Absolute Return Fund Unrealised
EUR
Buy 2,959,553 EUR to Sell 4,500,000 CAD CIBC 28,733 28/03/2014
Buy 2,940,320,226 JPY to Sell 21,521,225 EUR BNY Mellon (602,657) 07/03/2014
Buy 113,000,000 JPY to Sell 813,289 EUR BNY Mellon (9,250) 28/03/2014
Invesco Balanced-Risk Allocation Fund Unrealised
EUR
Buy 366,443 EUR to Sell 301,159 GBP BNY Mellon 2,148 07/03/2014
Buy 2,150,946 EUR to Sell 3,300,000 AUD Citigroup 9,264 13/03/2014
Buy 1,237,824 EUR to Sell 172,500,000 JPY Citigroup 10,544 13/03/2014
Buy 2,557,504 EUR to Sell 2,100,000 GBP Goldman Sachs 17,339 13/03/2014
Buy 6,549,677 EUR to Sell 5,400,000 GBP CIBC 17,824 13/03/2014
Buy 1,900,000 GBP to Sell 2,274,945 EUR Goldman Sachs 23,300 13/03/2014
Buy 2,160,032 EUR to Sell 22,800,000 HKD BNY Mellon 30,222 13/03/2014
Buy 2,500,000 GBP to Sell 2,992,650 EUR CIBC 31,356 13/03/2014
Buy 4,400,000 AUD to Sell 2,823,771 EUR Goldman Sachs 31,804 13/03/2014
Buy 4,309,773 EUR to Sell 600,799,999 JPY Royal Bank of Scotland 35,279 13/03/2014
Buy 1,239,499,999 JPY to Sell 8,777,384 EUR CIBC 41,250 13/03/2014
Buy 2,011,703 EUR to Sell 3,000,000 CAD Citigroup 57,157 13/03/2014
Buy 17,400,000 AUD to Sell 11,224,730 EUR CIBC 67,770 13/03/2014
Buy 22,607,761 EUR to Sell 241,283,000 HKD Citigroup 68,866 13/03/2014
Buy 5,918,629 EUR to Sell 9,000,000 AUD Goldman Sachs 77,681 13/03/2014
Buy 5,900,000 GBP to Sell 7,043,849 EUR Citigroup 92,806 13/03/2014
Buy 8,252,157 EUR to Sell 87,200,000 HKD Royal Bank of Scotland 106,571 13/03/2014
Buy 3,111,948 EUR to Sell 4,600,000 CAD Royal Bank of Scotland 114,977 13/03/2014
Buy 1,381,499,999 JPY to Sell 9,713,583 EUR Goldman Sachs 115,335 13/03/2014
Buy 2,724,935 EUR to Sell 4,000,000 CAD Goldman Sachs 118,873 13/03/2014
Buy 35,000,000 USD to Sell 25,249,902 EUR Royal Bank of Scotland 124,096 13/03/2014
Buy 12,593,250 EUR to Sell 1,751,099,998 JPY CIBC 134,752 13/03/2014
Buy 41,286,571 GBP to Sell 49,763,886 EUR BNY Mellon 178,311 07/03/2014
Buy 15,901,697 EUR to Sell 168,200,000 HKD CIBC 189,682 13/03/2014
Buy 23,465,615 EUR to Sell 35,727,000 AUD CIBC 278,995 13/03/2014
Buy 70,726,679 EUR to Sell 96,900,000 USD CIBC 476,955 13/03/2014
Buy 41,763,932 EUR to Sell 62,272,000 CAD CIBC 1,192,765 13/03/2014
Buy 902,386,002 EUR to Sell 1,241,773,378 USD Goldman Sachs 2,135,872 13/03/2014
Buy 182,275,466 USD to Sell 134,706,732 EUR BNY Mellon (2,563,423) 07/03/2014
Buy 180,333,605 USD to Sell 132,977,108 EUR CIBC (2,240,409) 13/03/2014
Buy 46,821,435 EUR to Sell 39,228,890 GBP Citigroup (629,929) 13/03/2014
161 Invesco Funds
Invesco Balanced-Risk Allocation Fund (continued) Unrealised
EUR
Buy 2,879,157,687 JPY to Sell 21,064,216 EUR BNY Mellon (580,782) 07/03/2014
Buy 20,000,000 CAD to Sell 13,420,194 EUR CIBC (389,887) 13/03/2014
Buy 16,800,000 CAD to Sell 11,309,157 EUR BNY Mellon (363,698) 13/03/2014
Buy 23,433,870 EUR to Sell 3,344,299,997 JPY CIBC (359,722) 13/03/2014
Buy 130,900,000 HKD to Sell 12,442,341 EUR Goldman Sachs (214,620) 13/03/2014
Buy 2,127,499,997 JPY to Sell 15,341,124 EUR Goldman Sachs (204,663) 13/03/2014
Buy 799,699,999 JPY to Sell 5,852,306 EUR Royal Bank of Scotland (162,704) 13/03/2014
Buy 7,496,841 EUR to Sell 11,800,000 AUD CIBC (161,290) 13/03/2014
Buy 14,000,000 GBP to Sell 17,089,009 EUR BNY Mellon (154,574) 13/03/2014
Buy 18,500,000 AUD to Sell 12,143,927 EUR Goldman Sachs (137,534) 13/03/2014
Buy 4,849,632 EUR to Sell 4,100,000 GBP Goldman Sachs (109,738) 13/03/2014
Buy 132,500,000 HKD to Sell 12,482,939 EUR CIBC (105,757) 13/03/2014
Buy 6,629,963 EUR to Sell 946,600,000 JPY Goldman Sachs (104,783) 13/03/2014
Buy 62,300,000 HKD to Sell 5,908,404 EUR Royal Bank of Scotland (88,792) 13/03/2014
Buy 8,032,369 EUR to Sell 6,700,000 GBP CIBC (71,968) 13/03/2014
Buy 5,900,000 CAD to Sell 3,915,086 EUR Goldman Sachs (71,145) 13/03/2014
Buy 14,927,601 EUR to Sell 23,100,000 AUD Goldman Sachs (64,167) 13/03/2014
Buy 15,000,000 AUD to Sell 9,794,959 EUR BNY Mellon (60,045) 13/03/2014
Buy 1,800,000 CAD to Sell 1,232,187 EUR Royal Bank of Scotland (59,460) 13/03/2014
Buy 7,562,315 EUR to Sell 6,300,000 GBP Royal Bank of Scotland (58,182) 13/03/2014
Buy 17,638,654 EUR to Sell 2,486,199,999 JPY Citigroup (49,839) 13/03/2014
Buy 1,213,099,999 JPY to Sell 8,669,135 EUR CIBC (38,328) 13/03/2014
Buy 6,206,404 EUR to Sell 9,600,000 AUD Royal Bank of Scotland (23,942) 13/03/2014
Buy 3,500,000 AUD to Sell 2,293,519 EUR Royal Bank of Scotland (22,039) 13/03/2014
Buy 3,600,000 AUD to Sell 2,352,734 EUR CIBC (16,355) 13/03/2014
Buy 2,062,464 EUR to Sell 3,200,000 AUD Citigroup (14,317) 13/03/2014
Buy 21,100,000 HKD to Sell 1,983,797 EUR BNY Mellon (12,789) 13/03/2014
Buy 2,700,000 GBP to Sell 3,277,427 EUR CIBC (11,500) 13/03/2014
Buy 2,716,531 EUR to Sell 29,200,000 HKD CIBC (11,119) 13/03/2014
Buy 982,266 GBP to Sell 1,197,146 EUR BNY Mellon (8,951) 07/03/2014
Buy 3,566,187 EUR to Sell 38,200,000 HKD Royal Bank of Scotland (2,178) 13/03/2014
Buy 1,301,780 EUR to Sell 2,000,000 CAD CIBC (1,251) 13/03/2014
Buy 1,118,814 SEK to Sell 126,479 EUR BNY Mellon (145) 07/03/2014
Buy 20,043 EUR to Sell 16,665 GBP BNY Mellon (115) 07/03/2014
Total net unrealised loss on open forward foreign exchange contracts (3,371,418)
Invesco Global Targeted Returns Fund Unrealised
EUR
Buy 226,000 HKD to Sell 21,112 EUR BNY Mellon 0 21/03/2014
Buy 547,320 USD to Sell 609,097 CAD Merrill Lynch 3 18/03/2014
Buy 116,025 USD to Sell 7,206,313 INR Citigroup 23 18/03/2014
Buy 428,626 USD to Sell 3,323,016 HKD Citigroup 326 18/03/2014
Buy 147,776 USD to Sell 902,025 CNY Merrill Lynch 574 18/03/2014
Buy 156,519 EUR to Sell 128,886 GBP Deutsche Bank 624 18/03/2014
Buy 19,566,231 JPY to Sell 191,000 USD Merrill Lynch 741 18/03/2014
Buy 495,598 USD to Sell 527,945,681 KRW Citigroup 841 18/03/2014
Buy 295,369 EUR to Sell 243,391 GBP Royal Bank of Scotland 972 18/03/2014
Buy 364,183 GBP to Sell 606,106 USD Royal Bank of Scotland 1,089 18/03/2014
Buy 899,409 USD to Sell 5,509,607 CNY Citigroup 1,178 18/03/2014
Buy 205,900 EUR to Sell 2,190,000 HKD BNY Mellon 1,318 21/03/2014
Buy 163,329 EUR to Sell 249,297 AUD Deutsche Bank 1,626 21/03/2014
Buy 1,933,516 BRL to Sell 824,000 USD Citigroup 2,622 18/03/2014
Buy 959,097 EUR to Sell 1,318,464 USD Deutsche Bank 3,237 21/03/2014
Buy 329,506 USD to Sell 9,819,345 TWD Citigroup 3,864 18/03/2014
Buy 61,366,572 JPY to Sell 666,000 AUD Deutsche Bank 4,536 18/03/2014
Buy 42,288,847 JPY to Sell 456,000 AUD JP Morgan Chase 5,041 18/03/2014
Buy 499,354 EUR to Sell 762,070 AUD BNY Mellon 5,047 21/03/2014
Buy 824,000 USD to Sell 459,792,000 CLP Citigroup 5,100 18/03/2014
162 Invesco Funds
Invesco Global Targeted Returns Fund (continued) Unrealised
EUR
Buy 230,818,500 JPY to Sell 2,250,000 USD Deutsche Bank 11,055 18/03/2014
Buy 18,116,322 NOK to Sell 1,793,516 GBP Merrill Lynch 12,335 19/05/2014
Buy 516,325 GBP to Sell 843,857 USD Citigroup 12,751 18/03/2014
Buy 1,565,000 AUD to Sell 140,105,232 JPY Deutsche Bank 18,491 18/03/2014
Buy 319,283,880 JPY to Sell 3,100,000 USD Citigroup 24,248 18/03/2014
Buy 4,986,804 BRL to Sell 2,084,809 USD Deutsche Bank 36,053 18/03/2014
Buy 8,642,479 EUR to Sell 7,114,155 GBP BNY Mellon 37,606 21/03/2014
Buy 2,084,809 USD to Sell 1,118,524,481 CLP Deutsche Bank 70,610 18/03/2014
Buy 3,331,145 USD to Sell 3,598,539 CAD Deutsche Bank 70,766 18/03/2014
Buy 1,700,000 AUD to Sell 156,697,500 JPY Deutsche Bank (11,977) 18/03/2014
Buy 635,895 EUR to Sell 535,056 GBP Deutsche Bank (11,290) 18/03/2014
Buy 235,744 USD to Sell 14,957,839 INR Citigroup (3,639) 18/03/2014
Buy 753,967 EUR to Sell 920,121 CHF BNY Mellon (2,713) 21/03/2014
Buy 121,505 USD to Sell 131,346,905 KRW Merrill Lynch (1,092) 18/03/2014
Buy 243,916 USD to Sell 261,990,176 KRW Citigroup (1,048) 18/03/2014
Buy 292,000 GBP to Sell 354,205 EUR BNY Mellon (1,019) 21/03/2014
Buy 118,391 EUR to Sell 1,056,000 SEK BNY Mellon (823) 21/03/2014
Buy 57,797 USD to Sell 3,660,284 INR Merrill Lynch (812) 18/03/2014
Buy 69,000 AUD to Sell 45,249 EUR BNY Mellon (492) 21/03/2014
Buy 169,058 USD to Sell 122,961 EUR Deutsche Bank (398) 21/03/2014
Buy 162,171 USD to Sell 4,922,814 TWD Citigroup (254) 18/03/2014
Buy 3,500,000 AUD to Sell 319,163,950 JPY Citigroup (122) 18/03/2014
Buy 196,000 HKD to Sell 18,400 EUR BNY Mellon (91) 21/03/2014
Buy 105,085 USD to Sell 815,812 HKD Merrill Lynch (25) 18/03/2014
Buy 80,784 USD to Sell 2,447,755 TWD Merrill Lynch (19) 18/03/2014
Buy 210,954 USD to Sell 1,637,249 HKD Citigroup (6) 18/03/2014
Buy 23,000 CHF to Sell 18,916 EUR BNY Mellon (1) 21/03/2014
8. Futures contracts
Description Number of Contracts Commitment in Long/Short Unrealised
sub-fund Base Ccy Gain/(Loss) in
sub-fund Base Ccy
Invesco Global Structured Equity Fund USD USD
S&P 500 Emini Future 21/03/2014 27 2,499,694 Long 69,106
Euro Stoxx 50 Future 21/03/2014 24 1,032,392 Long 16,361
FTSE 100 Index Future 21/03/2014 6 678,306 Long 16,259
Nikkei 225 Future 13/03/2014 8 584,956 Long 15,104
Total unrealised gain on futures contracts 116,830
Margin amount of USD 121,826 is held by counterparty Merrill Lynch
Invesco Emerging Market Quantitative Equity Fund USD USD
E-Mini MSCI Emerging Future 21/03/2014 25 1,206,125 Long 19,280
Margin amount of USD 46,345 is held by counterparty Merrill Lynch.
Invesco US Structured Equity Fund USD USD
Margin amount of USD 219,907 is held by counterparty Merrill Lynch
163 Invesco Funds
164 Invesco Funds
8. Futures contracts (continued)
sub-fund Base Ccy
Invesco Pan European Structured Equity Fund EUR EUR
FTSE 100 Index Future 21/03/2014 473 38,765,744 Long 700,223
Euro Stoxx 50 Future 21/03/2014 1,771 55,228,635 Long 502,325
Swiss Market Index Future 21/03/2014 243 16,838,649 Long 246,498
Total unrealised gain on futures contracts 1,449,046
Margin amount of EUR 5,496,793 is held by counterparty Merrill Lynch.
Invesco Global Bond Fund USD USD
Euro-Bund Future 06/03/2014 (60) (11,958,911) Short (271,310)
Long Gilt Future 26/06/2014 (30) (5,482,767) Short (36,167)
US Long Bond (CBT) Future 19/06/2014 (60) (7,967,812) Short (13,805)
Total unrealised loss on futures contracts (321,282)
Invesco European Bond Fund EUR EUR
Euro-Oat Future 06/03/2014 (28) (3,824,940) Short (30,940)
Margin amount of EUR 936,803 is held by counterparty Merrill Lynch.
Invesco Absolute Return Bond Fund EUR EUR
Euro Buxl 30 Year Bond 06/03/2014 (2) (257,540) Short (12,700)
Euro-Bobl Future 06/03/2014 (3) (380,295) Short (4,335)
US 10 Year Note (CBT) Future 19/06/2014 (17) (1,534,854) Short (2,849)
US Ultra Bond (CBT) Future 19/06/2014 (2) (207,587) Short (1,774)
US Long Bond (CBT) Future 19/06/2014 (3) (288,816) Short (1,428)
US 5 Year Note (CBT) Future 30/06/2014 (5) (434,422) Short (449)
Invesco Euro Inflation-Linked Bond Fund EUR EUR
Euro-Bund Future 06/03/2014 (5) (722,475) Short (3,825)
Invesco Euro Corporate Bond Fund EUR EUR
Euro-Bund Future 06/03/2014 (4,340) (627,108,300) Short (12,967,908)
Total unrealised loss on futures contracts (12,967,908)
Invesco UK Investment Grade Bond Fund GBP GBP
Euro-Bobl Future 06/03/2014 (19) (1,991,018) Short (22,507)
Euro-Schatz Future 06/03/2014 (7) (639,661) Short (520)
Margin amount of GBP 141,671 is held by counterparty Merrill Lynch.
165 Invesco Funds
sub-fund Base Ccy
Invesco Global Investment Grade Corporate Bond Fund USD USD
Short Euro-Btp Future 06/03/2014 32 4,872,453 Long 57,904
Euro-Btp Future 06/03/2014 12 1,988,228 Long 49,870
US Ultra Bond (CBT) Future 19/06/2014 14 2,004,406 Long 16,953
Canada 10 Year Bond Future 19/06/2014 4 468,880 Long 3,907
Australia 10 Year Bond Future 17/03/2014 9 938,817 Long 2,986
US 10 Year Note (CBT) Future 19/06/2014 3 373,617 Long 633
US 5 Year Note (CBT) Future 30/06/2014 3 359,543 Long 340
Euro-Bund Future 06/03/2014 (3) (597,946) Short (16,827)
Long Gilt Future 26/06/2014 (3) (548,277) Short (3,266)
Total net unrealised gain on futures contracts 96,904
Invesco Global Unconstrained Bond Fund GBP GBP
US Long Bond (CBT) Future 19/06/2014 (3) (238,750) Short (804)
Long Gilt Future 26/06/2014 (1) (109,525) Short (725)
Margin amount of GBP 9,245 is held by counterparty Merrill Lynch.
Invesco Global Total Return (EUR) Bond Fund EUR EUR
Invesco Emerging Market Corporate Bond Fund USD USD
Invesco Euro Short Term Bond Fund EUR EUR
Euro-Schatz Future 06/03/2014 23 2,542,478 Long 2,128
US 5 Year Note (CBT) Future 30/06/2014 (5) (434,422) Short (448)
Total net unrealised loss on futures contracts (116,749)
Invesco Capital Shield 90 (EUR) Fund EUR EUR
Euro-Bund Future 06/03/2014 111 16,038,945 Long 347,405
FTSE 100 Index Future 21/03/2014 24 1,966,972 Long 88,596
US 10 Year Note (CBT) Future 19/06/2014 241 21,758,806 Long 65,054
10 Year Mini JGB Future 10/03/2014 92 9,499,632 Long 29,319
Nikkei 225 Future 13/03/2014 47 2,491,402 Long (103,111)
166 Invesco Funds
sub-fund Base Ccy
Invesco Global Absolute Return Fund EUR EUR
US 10 Year Note (CBT) Future 19/06/2014 177 15,980,534 Long 47,778
FTSE 100 Index Future 21/03/2014 12 983,486 Long 45,757
Euro-Bund Future 06/03/2014 30 4,334,850 Long 38,250
Nikkei 225 Future 13/03/2014 11 583,094 Long (28,102)
Invesco Balanced-Risk Allocation Fund EUR EUR
Australia 10 Year Bond Future 17/03/2014 7,885 596,283,044 Long 13,125,976
FTSE 100 Index Future 21/03/2014 2,795 229,070,304 Long 11,731,515
Euro-Bund Future 06/03/2014 3,975 574,367,625 Long 11,085,109
Euro Stoxx 50 Future 21/03/2014 6,780 211,434,300 Long 10,683,804
Russell 2000 Mini Future 21/03/2014 1,030 88,521,999 Long 5,354,521
S&P 500 Emini Future 21/03/2014 1,690 113,428,496 Long 4,786,412
Canada 10 Year Bond Future 19/06/2014 6,580 559,164,697 Long 4,033,751
Hang Seng Index Future 28/03/2014 1,620 172,274,610 Long 3,532,215
Japan 10 Year Bond 11/03/2014 387 399,631,596 Long 3,477,201
Long Gilt Future 26/06/2014 4,485 594,228,380 Long 3,356,392
US Long Bond (CBT) Future 19/06/2014 2,895 278,707,625 Long 2,281,184
Topix Index Future 13/03/2014 1,650 142,677,588 Long (4,718,274)
Total net unrealised gain on futures contracts 68,729,806
Invesco Global Targeted Returns Fund EUR EUR
US Ultra Bond (CBT) Future 19/06/2014 39 4,047,946 Long 69,176
Euro Stoxx Bank 21/03/2014 131 995,928 Long 67,973
S&P 500 Emini Future 21/03/2014 8 536,940 Long 16,546
H-Shares Index Future 28/03/2014 40 1,845,456 Long 10,878
Long Gilt Future 26/06/2014 13 1,722,401 Long 10,190
Russell 2000 Mini Future 21/03/2014 (27) (2,320,479) Short (103,975)
Euro Stoxx 50 Future 21/03/2014 (93) (2,900,205) Short (87,995)
SPI 200 Future 20/03/2014 (13) (1,140,528) Short (40,196)
FTSE 100 Index Future 21/03/2014 (15) (1,229,358) Short (32,153)
Euro-Oat Future 06/03/2014 (13) (1,775,865) Short (10,055)
Total net unrealised loss on futures contracts (118,545)
9. Credit Default Swaps
Purchase/Sale Deal Expiry Nominal Currency Unrealised
of protection Denomination Counterparty Spread Date Value (Loss)
in sub-fund
Base Ccy
Invesco European Bond Fund EUR
Purchase iTraxx EUR CDSI S20 Deutsche Bank 1.00% 20/12/2018 18,000,000 EUR (234,283)
Total unrealised loss on credit default swaps (234,283)
167 Invesco Funds
9. Credit Default Swaps (continued)
in sub-fund
Base Ccy
Invesco Absolute Return Bond Fund EUR
Purchase iTraxx EUR Crossover CDSI S20 Citigroup 5.00% 20/12/2018 400,000 EUR (40,920)
of protection Denomination Counterparty Spread Date Value Gain/(Loss)
in sub-fund
Base Ccy
Invesco Euro Corporate Bond Fund EUR
Purchase French Republic JP Morgan 0.25% 20/12/2017 150,000,000 USD 476,166
Sale Telefonica JP Morgan 1.00% 20/09/2016 15,000,000 EUR 127,083
Sale Telefonica Deutsche Bank 1.00% 20/09/2016 10,000,000 EUR 84,722
Total unrealised gain on credit default swaps 687,971
Sale Telefonica Credit Suisse 1.00% 20/03/2021 20,000,000 EUR (1,004,866)
Sale Telecom Italia Spa Credit Suisse 1.00% 20/06/2017 10,000,000 EUR (158,806)
Purchase French Republic Credit Suisse 0.25% 20/12/2015 100,000,000 USD (119,681)
Total unrealised loss on credit default swaps (1,283,353)
Total net unrealised loss on credit default swaps (595,382)
in sub-fund
Base Ccy
Invesco Global Investment Grade Corporate Bond Fund USD
Purchase iTraxx EUR Crossover CDSI S20 Morgan Stanley 1.00% 20/12/2018 3,500,000 EUR (62,838)
Purchase iTraxx EUR Crossover CDSI S20 Deutsche Bank 1.00% 20/12/2018 3,000,000 EUR (53,861)
Sale iTraxx EUR Crossover CDSI S20 Morgan Stanley 1.00% 20/12/2023 2,000,000 EUR (46,740)
in sub-fund
Base Ccy
Invesco Global Unconstrained Bond Fund GBP
Purchase iTraxx EUR Crossover CDSI S20 Credit Suisse 5.00% 20/12/2018 250,000 EUR (21,141)
Purchase iTraxx EUR Crossover CDSI S20 JP Morgan 5.00% 20/12/2018 125,000 EUR (10,571)
Purchase iTraxx EUR Crossover CDSI S20 JP Morgan 5.00% 20/12/2018 125,000 EUR (10,571)
in sub-fund
Base Ccy
Invesco Global Total Return (EUR) Bond Fund EUR
Sale Telecom Italia Spa Deutsche Bank 1.00% 20/03/2018 2,000,000 EUR (60,040)
Sale Telecom Italia Spa Credit Suisse 1.00% 20/06/2017 500,000 EUR (7,940)
168 Invesco Funds
9. Credit Default Swaps (continued)
of protection Denomination Counterparty Spread Date Value Gain/(Loss)
in sub-fund
Base Ccy
Invesco Global Targeted Returns Fund EUR
Sale iTraxx SANFIN CDSI S20 5Y Morgan Stanley 1.00% 20/12/2018 2,437,500 EUR 13,175
Sale iTraxx SANFIN CDSI S20 5Y Barclays 1.00% 20/12/2018 1,200,000 EUR 6,486
Sale iTraxx SANFIN CDSI S20 5Y Bank of America 1.00% 20/12/2018 600,000 EUR 3,243
Merrill Lynch
Total unrealised gain on credit default swaps 22,904
Sale iTraxx EUR CDSI S20 Bank of America 1.00% 20/12/2023 3,737,500 EUR (63,322)
Merrill Lynch
Purchase iTraxx EUR CDSI S20 Bank of America 1.00% 20/12/2018 3,737,500 EUR (48,646)
Merrill Lynch
Sale iTraxx EUR CDSI S20 JP Morgan 1.00% 20/12/2023 1,840,000 EUR (31,174)
Purchase iTraxx EUR CDSI S20 JP Morgan 1.00% 20/12/2018 1,840,000 EUR (23,949)
Sale iTraxx EUR CDSI S20 Morgan Stanley 1.00% 20/12/2023 920,000 EUR (15,587)
Purchase iTraxx EUR CDSI S20 Morgan Stanley 1.00% 20/12/2018 920,000 EUR (11,974)
Total net unrealised loss on credit default swaps (171,748)
Equity variance swaps
Purchase/Sale Expiry Nominal Currency Unrealised
of protection Denomination Counterparty Date Value Gain/(Loss)
in sub-fund
Base Ccy
Purchase Standard & Poor's HSBC 19/12/2014 15,627 USD 27,685
Purchase Hang Seng Citigroup 30/12/2015 34,840 HKD 5,466
Purchase Hang Seng Deutsche Bank 30/12/2015 141,917 HKD 3,250
Purchase Standard & Poor's Morgan Stanley 19/12/2014 2,190 USD 931
Purchase Standard & Poor's Morgan Stanley 19/12/2014 2,190 USD 931
Purchase Standard & Poor's HSBC 19/12/2014 1,450 USD 727
Purchase Standard & Poor's HSBC 19/12/2014 1,450 USD 727
Purchase Hang Seng UBS 30/12/2014 59,670 HKD 236
Total unrealised gain on equity variance swaps 77,392
Purchase Hang Seng HSBC 30/12/2014 121,148 HKD (24,129)
Purchase Hang Seng HSBC 30/12/2014 11,255 HKD (983)
Purchase Standard & Poor's HSBC 19/12/2014 7,691 USD (963)
Purchase Hang Seng HSBC 30/12/2014 11,255 HKD (753)
Purchase Hang Seng Morgan Stanley 30/12/2014 17,000 HKD (493)
Purchase Standard & Poor's UBS 19/12/2014 7,691 USD (403)
Purchase Hang Seng Morgan Stanley 30/12/2014 17,000 HKD (278)
Purchase Hang Seng Citigroup 30/12/2015 69,899 HKD (26)
Total unrealised loss on equity variance swaps (57,873)
Total net unrealised loss on equity variance swaps 19,519
Inflation swaps
Purchase/Sale Expiry Nominal Currency Unrealised
of protection Denomination Counterparty Date Value Gain/(Loss)
in sub-fund
Base Ccy
Purchase Pay Fixed 1.135%/Receive FRCPXTOB Citigroup 17/02/2018 5,125,000 EUR 18,613
Purchase Receive Fixed 1.4365%/Pay FRSPXTOB Citigroup 27/02/2020 2,000,000 EUR 4,072
Total unrealised gain on inflation swaps 22,685
Purchase Receive Fixed 1.358%/Pay FRCPXTOB Citigroup 17/02/2020 5,125,000 EUR (16,200)
Purchase Pay Fixed 1.2575%/Receive FRCPXTOB Citigroup 27/02/2018 2,000,000 EUR (3,934)
Total unrealised loss on inflation swaps (20,134)
Total net unrealised loss on inflation swaps 2,551
169 Invesco Funds
10. Interest Rate Swaps
Denomination Counterparty Expiry Nominal Currency Unrealised
Date Value in Loss
sub-fund Base
Ccy
Invesco Global Bond Fund USD
JP Morgan IRS - Pay Fixed 1.55%/Receive US0003M
Float US 13/12/2018 JP Morgan 13/12/2018 2,000,000 USD (3,096)
Total unrealised loss on interest rate swaps USD (3,096)
Total unrealised loss on interest rate swaps (3,096)
Denomination Counterparty Expiry Nominal Currency Unrealised
Date Value in Gain/(Loss)
sub-fund Base
Ccy
Morgan Stanley IRS - Receive Fixed 3.14%/
Pay EUR006M Float EU 20/12/2027 Morgan Stanley 20/12/2027 4,875,000 EUR 124,564
Barclays IRS - Receive Fixed 2.74%/
Pay STIB3M Float SE 20/12/2023 Barclays 20/12/2023 29,335,475 SEK 56,864
Pay US0003M Float US 20/12/2033 Morgan Stanley 20/12/2033 3,348,638 USD 46,269
Pay ADBB3M Float AU 19/12/2017 Barclays 19/12/2017 10,028,005 AUD 31,736
Pay BP0006M Float GB 24/02/2021 Morgan Stanley 24/02/2021 5,850,000 GBP 21,774
Royal Bank of Scotland IRS - Receive Fixed 2.98%/
Pay EUR006M Float EU 27/02/2028 Royal Bank of Scotland 27/02/2028 2,400,000 EUR 20,834
Bank of America Merril Lynch IRS - Receive Fixed 3.052%/
Pay EUR006M Float EU 30/01/2028 Bank of America Merril Lynch30/01/2028 1,200,000 EUR 19,395
Royal Bank of Scotland IRS - Receive Fixed 2.69%/
Pay STIB3M Float SE 30/01/2024 Royal Bank of Scotland 30/01/2024 7,054,560 SEK 9,628
Pay US0003M Float US 27/02/2034 Barclays 27/02/2034 1,648,080 USD 6,661
Pay STIB3M Float SE 27/02/2024 Barclays 27/02/2024 14,296,640 SEK 4,512
Pay US0003M Float US 30/01/2034 Morgan Stanley 30/01/2034 820,980 USD 3,037
Total unrealised gain on interest rate swaps EUR 356,465
Barclays IRS - Pay Fixed 2.054%/Receive EUR006M
Float EU 20/12/2023 Barclays 20/12/2023 3,250,000 EUR (70,422)
Morgan Stanley IRS - Pay Fixed 2.964%/
Receive EUR006M Float EU 20/12/2047 Morgan Stanley 20/12/2047 1,950,000 EUR (50,929)
Morgan Stanley IRS - Pay Fixed 3.373%/
Receive EUR006M Float EU 20/12/2033 Morgan Stanley 20/12/2033 2,437,500 EUR (23,959)
Royal Bank of Scotland IRS - Pay Fixed 2.934%/
Receive EUR006M Float EU 27/02/2048 Royal Bank of Scotland 27/02/2048 960,000 EUR (17,218)
Receive EUR006M Float EU 30/01/2024 Royal Bank of Scotland 30/01/2024 800,000 EUR (11,688)
Barclays IRS - Pay Fixed 1.913%/
Receive EUR006M Float EU 27/02/2024 Barclays 27/02/2024 1,600,000 EUR (10,975)
Bank of America Merril Lynch IRS - Pay Fixed 2.95%/
Receive EUR006M Float EU 30/01/2048 Bank of America Merril Lynch30/01/2048 480,000 EUR (10,633)
Receive EUR006M 27/02/2034 Royal Bank of Scotland 27/02/2034 1,200,000 EUR (8,797)
Barclays IRS - Pay Fixed 3.333%/
Receive EUR006M Float EU 30/01/2034 Barclays 30/01/2034 600,000 EUR (4,347)
Total unrealised loss on interest rate swaps EUR (208,968)
Total net unrealised gain on interest rate swaps 147,497
170 Invesco Funds
11. Equity Swaps
The counterparty for the below Equity Swaps is Morgan Stanley.
Underlying Quantity of Currency Commitment Commitment Unrealised
Equities underlying in Local Ccy as % of NAV Gain/(Loss) in
shares of the sub-fund sub-fund Base Ccy
Invesco Global Absolute Return Fund EUR
ACI Worldwide Inc (2,100) USD (125,349) (0.18%) 6,437
Activision Blizzard Inc 29,900 USD 584,695 0.85% 47,434
AECOM Technology Corp 26,900 USD 851,923 1.24% 19,219
Air Methods Corp (3,800) USD (197,182) (0.29%) 10,597
Amazon.com Inc (2,400) USD (864,000) (1.26%) 63,718
Amgen Inc 8,200 USD 1,009,338 1.47% 27,236
Azimut Holding SpA 9,241 EUR 220,583 0.44% 19,406
Barry Callebaut AG (138) CHF (149,523) (0.25%) 2,758
Berendsen Plc 21,287 GBP 224,046 0.55% 29,206
Bristol-Myers Squibb Co (8,200) USD (442,308) (0.64%) 3,468
Britvic Plc 14,640 GBP 113,314 0.28% 13,042
Brocade Communications Systems Inc 70,800 USD 687,822 1.00% 540
Cardinal Health Inc 10,900 USD 783,002 1.14% 33,602
Casino Guichard Perrachon SA (2,342) EUR (192,079) (0.39%) 4,766
Chart Industries Inc (2,200) USD (181,962) (0.27%) 3,014
Clean Harbors Inc (16,100) USD (743,981) (1.08%) 137,639
CME Group Inc (1,300) USD (95,121) (0.14%) 2,431
Computer Sciences Corp 3,200 USD 202,512 0.30% 16,717
Cypress Semiconductor Corp (15,000) USD (146,475) (0.21%) 4,057
Darden Restaurants Inc (10,400) USD (517,868) (0.76%) 16,068
DENTSPLY International Inc (3,600) USD (163,422) (0.24%) 7,697
Dick's Sporting Goods Inc (2,500) USD (135,288) (0.20%) 4,233
Domtar Corp 1,700 USD 186,550 0.27% 4,742
Edwards Lifesciences Corp (8,700) USD (593,514) (0.87%) 23,540
Elekta AB (34,590) SEK (2,945,339) (0.67%) 53,602
Encana Corp 48,900 CAD 1,019,809 1.34% 59,096
Enerplus Corp 14,000 CAD 305,550 0.40% 22,408
EnQuest Plc 123,519 GBP 179,720 0.44% 15,568
Entergy Corp 2,000 USD 127,530 0.19% 3,838
EOG Resources Inc 700 USD 131,215 0.19% 8,761
Esprit Holdings Ltd (223,900) HKD (3,262,223) (0.61%) 29,014
Expedia Inc 4,300 USD 338,045 0.49% 28,890
Fast Retailing Co Ltd (1,200) JPY (42,062,997) (0.60%) 40,831
Fiat SpA 38,845 EUR 293,183 0.59% 15,025
Firstgroup Plc (68,613) GBP (96,264) (0.23%) 602
Flextronics International Ltd 33,100 USD 300,052 0.44% 29,557
Flight Centre Travel Group Ltd 11,086 AUD 572,925 0.75% 40,893
Fugro NV (1,883) EUR (79,077) (0.16%) 1,798
G4S Plc (87,208) GBP (206,334) (0.50%) 22,628
GameStop Corp 13,200 USD 491,634 0.72% 2,652
GN Store Nord A/S 37,871 DKK 5,010,333 1.35% 2
Hewlett-Packard Co 15,400 USD 458,227 0.67% 1,021
HMS Holdings Corp (18,400) USD (376,556) (0.55%) 61,092
Hulic Co Ltd (43,800) JPY (51,267,898) (0.73%) 69,828
Hutchison Port Holdings Trust (296,000) USD (185,740) (0.27%) 10,288
Intrum Justitia AB 22,391 SEK 4,127,781 0.94% 1,026
IPSOS (9,970) EUR (309,868) (0.62%) 33,798
Jardine Cycle & Carriage Ltd (3,000) SGD (117,810) (0.14%) 176
Kansai Paint Co Ltd (35,000) JPY (46,182,497) (0.66%) 43,696
Keikyu Corp (55,000) JPY (46,914,997) (0.67%) 427
Keyence Corp (2,200) JPY (96,051,993) (1.37%) 11,198
Kinder Morgan Inc (10,000) USD (318,650) (0.46%) 26,545
Kinder Morgan Management LLC (4,732) USD (333,109) (0.49%) 11,475
Kroger Co 2,700 USD 108,392 0.16% 1,699
Lear Corp 7,200 USD 585,612 0.85% 9,069
Lexmark International Inc 22,900 USD 974,510 1.42% 110,231
Live Nation Entertainment Inc 5,700 USD 131,129 0.19% 8,754
Loews Corp (11,100) USD (483,572) (0.71%) 29,388
Mazda Motor Corp (180,000) JPY (88,019,994) (1.26%) 95,333
Medipal Holdings Corp 24,600 JPY 38,634,297 0.55% 14,650
Melrose Industries Plc (173,150) GBP (568,105) (1.38%) 74,725
Methanex Corp 8,700 CAD 668,508 0.88% 62,255
MGM Resorts International 8,800 USD 245,212 0.36% 13,833
Micro Focus International Plc 21,231 GBP 167,406 0.41% 13,889
Microsoft Corp 11,300 USD 427,988 0.62% 9,120
171 Invesco Funds
11. Equity Swaps (continued)
Invesco Global Absolute Return Fund (continued) EUR
Mitsui Chemicals Inc (177,000) JPY (46,373,997) (0.66%) 2,505
MTU Aero Engines AG (1,958) EUR (119,585) (0.24%) 11,309
Myriad Genetics Inc 10,200 USD 373,779 0.55% 85,559
Namco Bandai Holdings Inc 41,900 JPY 95,364,393 1.36% 6,211
National Instruments Corp (31,600) USD (915,768) (1.34%) 81,499
NCR Corp (16,100) USD (548,608) (0.80%) 40,174
Next Plc 9,651 GBP 642,515 1.56% 50,720
Nintendo Co Ltd (6,500) JPY (81,656,244) (1.17%) 130,210
Nippon Telegraph & Telephone Corp 7,300 JPY 41,657,447 0.60% 4,368
Northrop Grumman Corp 7,300 USD 876,256 1.28% 11,673
OC Oerlikon Corp AG 27,806 CHF 419,175 0.69% 15,764
Oesterreichische Post AG 5,487 EUR 198,286 0.40% 7,449
Panalpina Welttransport Holding AG (1,780) CHF (255,074) (0.42%) 8,817
Patterson-UTI Energy Inc 13,300 USD 385,634 0.56% 7,236
Pzer Inc 35,200 USD 1,134,320 1.65% 27,029
Plastic Omnium SA 27,216 EUR 674,072 1.36% 104,033
Raytheon Co 3,300 USD 322,031 0.47% 16,530
Rosetta Resources Inc (6,800) USD (302,090) (0.44%) 7,370
Safeway Inc 6,100 USD 227,622 0.33% 24,984
Shangri-La Asia Ltd (212,000) HKD (2,745,400) (0.52%) 38,570
Shire Plc 12,385 GBP 421,400 1.03% 36,592
Skandinaviska Enskilda Banken AB 28,508 SEK 2,560,731 0.58% 9,620
SoftBank Corp (8,200) JPY (62,746,395) (0.90%) 70,952
Superior Plus Corp 24,200 CAD 298,386 0.39% 1,951
Suzuken Co Ltd 16,400 JPY 63,344,995 0.91% 41,063
Taiheiyo Cement Corp (119,000) JPY (42,601,998) (0.61%) 40,726
Telecom Corp of New Zealand Ltd 168,752 NZD 420,192 0.52% 9,317
Teleperformance 4,458 EUR 202,037 0.41% 4,012
Texas Capital Bancshares Inc (2,400) USD (149,436) (0.22%) 1,930
Triumph Group Inc (10,000) USD (643,150) (0.94%) 105,089
Tsuruha Holdings Inc (2,100) JPY (19,855,499) (0.28%) 6,678
TUI Travel Plc 30,362 GBP 134,883 0.33% 2,973
Unicharm Corp (7,900) JPY (45,559,297) (0.65%) 5,792
Vitamin Shoppe Inc (4,200) USD (194,733) (0.28%) 7,383
Volkswagen AG (1,294) EUR (243,143) (0.49%) 19,151
Volkswagen AG - (Preferred) (1,435) EUR (263,215) (0.53%) 17,041
WH Smith Plc 35,440 GBP 401,535 0.98% 47,859
William Demant Holding A/S (3,390) DKK (1,673,304) (0.45%) 10,175
Yamada Denki Co Ltd (168,500) JPY (56,615,997) (0.81%) 44,917
YIT OYJ (26,498) EUR (236,163) (0.48%) 46,305
Total unrealised gain on equity swaps 2,801,784
Actavis plc (4,600) USD (1,045,005) (1.52%) (152,516)
Advisory Board Co (2,000) USD (127,940) (0.19%) (4,896)
AGL Resources Inc (21,500) USD (1,004,588) (1.46%) (5,804)
AltaGas Ltd (19,700) CAD (839,910) (1.10%) (30,979)
AmerisourceBergen Corp 1,800 USD 122,444 0.18% (3,349)
AMP Ltd (111,666) AUD (539,905) (0.71%) (30,859)
AOL Inc 13,300 USD 593,246 0.87% (25,768)
Aoyama Trading Co Ltd 7,100 JPY 17,785,510 0.25% (17,917)
Archer-Daniels-Midland Co 23,100 USD 921,112 1.34% (42,315)
Arrium Ltd 117,939 AUD 180,446 0.24% (13,468)
Asahi Glass Co Ltd 38,000 JPY 21,261,027 0.30% (22,263)
Asics Corp (5,800) JPY (11,512,993) (0.16%) (5,066)
ASX Ltd (3,722) AUD (139,966) (0.18%) (3,494)
Athabasca Oil Corp (131,700) CAD (1,102,328) (1.44%) (134,496)
Balfour Beatty Plc (205,003) GBP (648,424) (1.58%) (43,600)
Bayer AG 4,639 EUR 466,799 0.94% (4,987)
Best Buy Co Inc 17,500 USD 446,687 0.65% (72,567)
Bezeq The Israeli Telecommunication Corp Ltd 64,102 ILs 362,913 0.15% (1,224)
BillerudKorsnas AB (16,768) SEK (1,488,578) (0.34%) (13,217)
BioMarin Pharmaceutical Inc (9,100) USD (757,984) (1.11%) (79,924)
Bombardier Inc 75,300 CAD 269,951 0.35% (47,211)
Bwin.Party Digital Entertainment Plc (409,949) GBP (530,679) (1.29%) (54,596)
Calbee Inc (12,900) JPY (31,888,730) (0.46%) (347)
Carillion Plc (137,775) GBP (518,516) (1.26%) (51,645)
172 Invesco Funds
Celgene Corp 4,200 USD 679,246 0.99% (11,343)
Cepheid Inc (7,700) USD (420,612) (0.61%) (33,320)
Cisco Systems Inc 39,100 USD 856,485 1.25% (24,697)
Citigroup Inc 2,600 USD 126,581 0.18% (12,035)
ComfortDelGro Corp Ltd 318,000 SGD 614,534 0.71% (7,714)
ConocoPhillips 5,300 USD 351,098 0.51% (7,194)
Dai Nippon Printing Co Ltd 60,000 JPY 61,350,009 0.88% (33,550)
Daihatsu Motor Co Ltd 10,000 JPY 16,344,981 0.23% (9,251)
Dena Co Ltd 16,000 JPY 35,151,991 0.50% (10,791)
Denki Kagaku Kogyo KK 128,000 JPY 50,240,022 0.72% (23,846)
DR Horton Inc (15,400) USD (382,921) (0.56%) (36,896)
Duerr AG 2,834 EUR 169,856 0.34% (22,119)
Duke Energy Corp (3,600) USD (253,674) (0.37%) (8,865)
Echo Entertainment Group Ltd (28,686) AUD (75,443) (0.10%) (3,800)
Equinix Inc (4,000) USD (767,541) (1.12%) (36,067)
F5 Networks Inc (1,600) USD (183,336) (0.27%) (19,954)
Family Dollar Stores Inc (12,200) USD (811,849) (1.18%) (11,321)
Fastenal Co (21,800) USD (1,037,027) (1.51%) (24,066)
Galp Energia SGPS SA (33,264) EUR (401,829) (0.81%) (11,975)
Gamesa Corp Tecnologica SA 72,082 EUR 578,422 1.16% (49,124)
Genesee & Wyoming Inc (4,200) USD (408,114) (0.60%) (10,785)
Grifols SA (14,950) EUR (608,801) (1.22%) (38,085)
Gulfport Energy Corp (4,300) USD (267,094) (0.39%) (25,936)
Hino Motors Ltd 21,000 JPY 31,521,007 0.45% (18,152)
Hokuriku Electric Power Co 21,600 JPY 28,220,355 0.40% (7,845)
Husky Energy Inc 10,100 CAD 334,461 0.44% (1,149)
Iberiabank Corp (3,300) USD (210,524) (0.31%) (2,834)
Ibiden Co Ltd 15,700 JPY 31,258,709 0.45% (11,957)
Kodiak Oil & Gas Corp (14,900) USD (174,703) (0.25%) (9,776)
Konica Minolta Inc 10,500 JPY 10,846,565 0.16% (4,949)
Lennar Corp (6,900) USD (305,877) (0.45%) (31,572)
Lululemon Athletica Inc (5,700) USD (301,559) (0.44%) (15,223)
M3 Inc (355) JPY (120,256,263) (1.72%) (179,445)
Marathon Oil Corp 6,400 USD 213,280 0.31% (3,234)
Marathon Petroleum Corp 10,800 USD 908,928 1.33% (19,659)
Marine Harvest ASA 47,642 NOK 3,181,291 0.77% (32,089)
Marvell Technology Group Ltd 39,300 USD 602,273 0.88% (5,694)
MEG Energy Corp (3,900) CAD (130,494) (0.17%) (7,608)
Merck KGaA 657 EUR 82,421 0.17% (4,632)
MGM China Holdings Ltd 97,200 HKD 3,219,755 0.60% (7,745)
Minerals Technologies Inc 8,900 USD 477,619 0.70% (35,634)
Mitsubishi Motors Corp (24,300) JPY (27,325,365) (0.39%) (105)
Mitsui Engineering & Shipbuilding Co Ltd 135,000 JPY 28,349,958 0.41% (9,833)
Monitise Plc (196,616) GBP (155,572) (0.38%) (18,206)
MS&AD Insurance Group Holdings 9,500 JPY 22,823,710 0.33% (22,274)
NCC AB (6,781) SEK (1,509,113) (0.34%) (866)
NetApp Inc 6,600 USD 268,059 0.39% (13,954)
Nippon Electric Glass Co Ltd 139,000 JPY 64,148,556 0.92% (65,362)
Nippon Express Co Ltd 68,000 JPY 32,266,011 0.46% (15,997)
Nomura Research Institute Ltd 3,200 JPY 10,663,969 0.15% (616)
Northeast Utilities (3,700) USD (162,930) (0.24%) (5,445)
Obrascon Huarte Lain SA 9,599 EUR 302,944 0.61% (6,335)
Olympus Corp (15,100) JPY (53,340,787) (0.76%) (29,261)
Ono Pharmaceutical Co Ltd (4,400) JPY (44,286,029) (0.63%) (7,068)
Ophir Energy Plc (81,498) GBP (254,151) (0.62%) (7,761)
Paramount Resources Ltd (5,800) CAD (256,999) (0.34%) (8,947)
Penn West Petroleum Ltd 16,600 CAD 148,820 0.20% (1,131)
Pentair Ltd (12,600) USD (1,019,971) (1.49%) (34,715)
Pepco Holdings Inc (15,700) USD (320,830) (0.47%) (20,692)
Perrigo Co Plc (1,337) USD (222,303) (0.32%) (8,217)
Pharmacyclics Inc (1,700) USD (245,879) (0.36%) (10,446)
ProSiebenSat.1 Media AG 20,123 EUR 689,062 1.39% (1,761)
QBE Insurance Group Ltd (7,891) AUD (101,202) (0.13%) (6,629)
QinetiQ Group Plc 204,584 GBP 468,293 1.14% (17,961)
Rackspace Hosting Inc (8,800) USD (334,532) (0.49%) (627)
Randstad Holding NV 6,355 EUR 288,612 0.58% (21,289)
173 Invesco Funds
Reed Elsevier Plc 39,467 GBP 362,209 0.88% (4,753)
Remy Cointreau SA (11,317) EUR (688,243) (1.38%) (39,195)
ResMed Inc 37,444 AUD 183,102 0.24% (6,209)
RR Donnelley & Sons Co 11,300 USD 215,095 0.31% (12,768)
Saipem SpA (15,986) EUR (271,602) (0.55%) (5,275)
SAP AG (3,888) EUR (224,921) (0.45%) (3,489)
Schibsted ASA (3,301) NOK (1,302,081) (0.32%) (2,809)
SEACOR Holdings Inc 9,700 USD 848,992 1.24% (13,218)
Seagate Technology Plc 3,600 USD 186,948 0.27% (23,590)
Skanska AB (25,640) SEK (3,551,139) (0.81%) (22,206)
Sky Deutschland AG (31,562) EUR (235,153) (0.47%) (4,014)
Starz (3,300) USD (106,953) (0.16%) (5,839)
Sumitomo Forestry Co Ltd 31,300 JPY 32,599,014 0.47% (42,228)
Symantec Corp 4,400 USD 94,578 0.14% (4,704)
TAG Immobilien AG (24,343) EUR (224,150) (0.45%) (2,896)
Taisei Corp 89,000 JPY 40,316,981 0.58% (11,764)
TDK Corp 5,500 JPY 24,145,039 0.35% (2,536)
Tokio Marine Holdings Inc 17,800 JPY 53,560,212 0.77% (44,771)
Tokyo Gas Co Ltd 192,000 JPY 98,016,046 1.40% (3,504)
Toray Industries Inc (79,000) JPY (55,339,508) (0.79%) (1,420)
Toromont Industries Ltd 8,300 CAD 213,269 0.28% (949)
Tourmaline Oil Corp (3,700) CAD (181,891) (0.24%) (7,595)
Trelleborg AB 16,380 SEK 2,046,685 0.46% (14,397)
Trican Well Service Ltd (43,000) CAD (586,089) (0.77%) (25,944)
Trimble Navigation Ltd (31,100) USD (1,186,932) (1.73%) (78,616)
Turquoise Hill Resources Ltd (81,800) CAD (334,971) (0.44%) (11,199)
UBM Plc (22,350) GBP (161,479) (0.39%) (3,411)
UCB SA (1,705) EUR (98,140) (0.20%) (9,906)
UIL Holdings Corp (11,400) USD (449,674) (0.66%) (13,745)
United Therapeutics Corp 7,200 USD 736,416 1.07% (43,798)
ViaSat Inc (13,500) USD (905,648) (1.32%) (35,442)
Vishay Intertechnology Inc 14,100 USD 199,867 0.29% (325)
Voestalpine AG 3,349 EUR 110,366 0.22% (11,152)
West Japan Railway Co 24,200 JPY 100,986,647 1.45% (6,697)
Western Rening Inc 19,800 USD 742,005 1.08% (34,165)
Williams Cos Inc (7,700) USD (317,740) (0.46%) (12,218)
Wirecard AG (8,206) EUR (274,347) (0.55%) (26,444)
Yahoo! Inc 3,700 USD 142,320 0.21% (7,079)
Total unrealised loss on equity swaps (2,670,207)
Total net unrealised gain on equity swaps 131,577
174 Invesco Funds
12. Options
Options as at 28 February 2014
Expiration Number of Security Description (including Put/ Currency Commitment Market Value
Date contracts Call indication and Strike Price) in local of Options
Ccy EUR
Purchased Put Options
20/6/2014 750 Dax Index Put Option strike price EUR 8,500 EUR 303,375
Total Purchased Put Options 303,375
Net Total Options 303,375
Options as at 28 February 2014
Expiration Number of Security Description (including Put/ Counterparty Currency Commitment Market Value
Date contracts Call indication and Strike Price) (if held over- in local of Options
the-counter) Ccy EUR
Written Put Options
17/12/2015 (6,000,000) European Put Option USD/JPY strike price JPY 102 Citigroup USD (6,005,556) (267,163)
19/12/2014 (300) Ibex Mini Index Put Option strike price EUR 9,200 EUR (2,760,000) (156,750)
19/06/2015 (58) Euro Stoxx 50 Put Option strike price EUR 2,950 EUR (1,711,000) (143,695)
25/02/2016 (2,950,000) European Put Option USD/JPY strike price JPY 101 Deutsche Bank USD (2,923,783) (130,358)
17/05/2014 (9) S&P 500 Index Put Option strike price USD 1,730 USD (1,557,000) (9,624)
17/05/2014 (4) S&P 500 Index Put Option strike price USD 1,740 USD (696,000) (4,654)
19/04/2014 (4) S&P 500 Index Put Option strike price USD 1,740 USD (696,000) (2,508)
09/09/2014 (820,980) European Put Option USD/JPY strike price JPY 90 Deutsche Bank USD (725,005) (1,706)
19/04/2014 (2) S&P 500 Index Put Option strike price USD 1,700 USD (340,000) (856)
22/03/2014 (4) S&P 500 Index Put Option strike price USD 1,740 USD (696,000) (783)
Total Written Put Options (798,810)
Purchased Put Options
19/12/2014 25 Euro Stoxx Banks Put Option strike price EUR 130 EUR - 7,625
30/12/2015 4 Hang Seng China Ent Index Put Option strike price HKD 9,200 HKD - 20,793
27/01/2016 1,800,000 European Put Option AUD/JPY strike price JPY 84 Deutsche Bank AUD - 68,019
18/12/2015 15 FTSE 100 Index Put Option strike price GBP 6,600 GBP - 104,972
19/12/2014 61 FTSE MIB Index Put Option strike price EUR 18,000 EUR - 116,663
19/06/2015 117 Euro Stoxx 50 Put Option strike price EUR 2,600 EUR - 144,846
25/02/2016 3,480,000 European Put Option AUD/JPY strike price JPY 87 Deutsche Bank AUD - 166,591
17/12/2015 7,200,000 European Put Option AUD/JPY strike price JPY 86 Citigroup AUD - 294,483
Total Purchased Put Options 1,739,179
Written Call Options
19/12/2014 (64) CAC 40 Index Call Option strike price EUR 4,000 EUR (2,560,000) (278,746)
19/12/2014 (65) Swiss Market Index Call Option strike price CHF 8,200 CHF (5,330,000) (246,131)
Total Written Call Options (524,877)
Purchased Call Options
19/12/2014 54 FTSE 100 Index Call Option strike price GBP 6,600 GBP - 234,676
19/12/2014 58 Dax Index Call Option strike price EUR 9,200 EUR - 242,875
Total Purchased Call Options 477,551
Swaptions
24/02/2016 (11,700,000) Sell European Receiver Swaption - Receive Fixed 3.02%/ Morgan Stanley GBP (11,700,000) (29,504)
Pay BP00 MD 24/02/2021
Net Total Options 863,539
175 Invesco Funds
13. Swing Pricing Policy
Securities are valued as outlined in note 2(b). However, in order to mitigate the effects of dilution, the Fund has implemented a policy of "Swing
Pricing" as from 18 December 2007.
In the best interest of Shareholders, the Directors may allow for the net asset value to be adjusted, using bid or ask market quotation rather than mid,
depending on the net share activity arising from subscriptions, redemptions or switching in a sub-fund for a given business day.
The sub-funds operate partial swing only. That is the sub-funds will not swing to either a bid or ask price basis daily, but only when a pre determined
level of shareholder activity is exceeded. High redemption level triggers a swing to a bid price basis, whereas high subscription level triggers a swing to
ask price basis. The Directors have the ability to place a sub-fund on constant swing depending on the recent trends in a sub-fund.
The reconciliation on 28 February 2014 of MID to BID/ASK pricing is as follows:
Ccy Mid Bid Ask
Invesco Global Equity Income Fund (USD)
Distribution A SD USD 15.32 - 15.36
Accumulation A USD 60.79 - 60.93
Accumulation A Hedg (EUR) EUR 14.62 - 14.65
Accumulation A Hedg (CHF) CHF 10.92 - 10.95
Accumulation C USD 68.10 - 68.25
Accumulation C Hedg (CHF) CHF 10.96 - 10.98
Accumulation E EUR 14.44 - 14.47
Accumulation R USD 51.74 - 51.85
Distribution Z AD EUR 10.97 - 10.99
Distribution Z SD USD 11.30 - 11.33
Accumulation Z USD 11.30 - 11.32
Invesco Pan European Equity Fund (EUR)
Distribution A AD EUR 16.12 - 16.17
Distribution A AD USD 22.58 - 22.66
Accumulation A EUR 17.79 - 17.85
Accumulation A Hedg (CHF) CHF 11.05 - 11.09
Accumulation B EUR 15.13 - 15.18
Distribution C AD EUR 17.13 - 17.19
Accumulation C EUR 19.22 - 19.29
Accumulation C Hedg (CHF) CHF 11.08 - 11.12
Accumulation I EUR 19.28 - 19.35
Accumulation R EUR 14.45 - 14.50
Distribution Z AD USD 12.07 - 12.12
Invesco Pan European Small Cap Equity Fund (EUR)
Distribution A AD USD 26.66 - 26.82
Accumulation B EUR 16.79 - 16.89
Invesco Pan European Equity Income Fund (EUR)
Distribution A SD EUR 11.68 - 11.73
Distribution Z SD EUR 11.76 - 11.81
Invesco Pan European Focus Equity Fund (EUR)
176 Invesco Funds
13. Swing Pricing Policy (continued)
Ccy Mid Bid Ask
Invesco Asia Infrastructure Fund (USD)
Distribution A SD USD 12.87 12.80 -
Accumulation A USD 13.63 13.56 -
Accumulation A (HKD) HKD 84.48 84.05 -
Accumulation A Hedg (CHF) CHF 9.93 9.88 -
Accumulation A Hedg (EUR) EUR 9.60 9.55 -
Accumulation C USD 14.29 14.21 -
Accumulation C Hedg (EUR) EUR 10.26 10.21 -
Accumulation E EUR 9.34 9.29 -
Accumulation R USD 8.21 8.17 -
Accumulation Z USD 10.42 10.37 -
Accumulation Z EUR 10.12 10.07 -
Invesco Global Leisure Fund (USD)
Accumulation A USD 34.14 - 34.18
Accumulation B USD 28.98 - 29.01
Accumulation C USD 36.63 - 36.67
Invesco Emerging Local Currencies Debt Fund (USD)
Distribution A AD EUR 8.67 8.65 -
Distribution A MD Hedg (EUR) EUR 7.22 7.21 -
Distribution A MD USD 9.32 9.30 -
Distribution A MD (HKD) HKD 83.69 83.53 -
Distribution R MD Fixed USD 8.28 8.26 -
Distribution Z AD Hedg (EUR) EUR 9.97 9.95 -
Invesco Emerging Market Corporate Bond Fund (USD)
Distribution A MD Fixed USD 10.52 10.48 -
Accumulation A Hedg (SEK) SEK 105.42 105.05 -
Accumulation E Hedg (EUR) EUR 11.70 11.66 -
Distribution R MD Fixed USD 10.50 10.47 -
Distribution Z AD Hedg (EUR) EUR 10.53 10.49 -
Invesco Euro Short Term Bond Fund (EUR)
Invesco Renminbi Fixed Income Fund (USD)
Distribution A AD EUR 9.58 9.54 -
Invesco Asia Balanced Fund (USD)
Distribution A MD USD 9.91 9.87 -
Distribution A MD Hedg (RMB) CNY 100.98 100.52 -
Distribution A - 1 MD USD 9.98 9.94 -
Distribution A QD USD 15.48 15.41 -
Distribution A QD HKD 120.64 120.09 -
Accumulation Z Hedg (EUR) EUR 10.20 10.15 -
177 Invesco Funds
13. Swing Pricing Policy (continued)
Ccy Mid Bid Ask
Invesco Asia Infrastructure Fund (USD)
Invesco Pan European High Income Fund (EUR)
Distribution A QD EUR 13.44 - 13.49
Invesco Pan European High Income Fund (EUR)
Distribution A QD EUR 13.44 - 13.49
14. Changes in Investments
A list, specifying for each investment the total purchases and sales which occurred during the year under review, may be obtained, upon request and
free of charge, at the Registered Ofce and the Hong Kong Representative Ofce of the Fund.
15. Stock Lending
Below are the Funds which had securities on loan with State Street Bank in December 2007.
Below are the sub-funds which had securities on loan at 28 February 2014.
For the year ended 28 February 2014 the securities lending income generated by funds is as follows:
Security lending income is recorded under Other Income in the Statement of Operations and Changes in Net Assets. 15% of the Securities Lending
income is retained by State Street for Securities Lending Administration services.
As at 28 February 2014, the cash and securities held as collateral in respect of securities on loan by Invesco Nippon Small/Mid Cap Equity Fund was as
follows:
Non-Cash Collateral Cash collateral Loan
Broker USD USD USD
Credit Suisse Securities 1,114,888 - 1,059,845
Deutsche Bank 2,464,187 - 2,330,677
Merrill Lynch International 742,590 - 706,212
Morgan Stanley & Co. International Plc 5,379,405 17,940 5,124,982
Nomura International Plc 4,200,069 - 3,863,341
13,901,139 17,940 13,085,057
Sub-fund Total gross amount of Direct and indirect costs and Total net amount of
securities lending income fees deducted from gross securities lending income
securities lending income
USD USD USD
Invesco Pan European Structured Equity Fund 606,170 90,926 515,244
Invesco Nippon Small/Mid Cap Equity Fund 296,834 44,528 252,306
Sub-fund Total Market Value Cash and securities
of Securities on loan held as collateral
at 28/02/2014 in respect of securities
on loan at 28/02/2014
USD USD
Invesco Pan European Structured Equity Fund 7,207,884 7,590,817
Invesco Nippon Small/Mid Cap Equity Fund 13,085,057 13,919,079
178 Invesco Funds
15. Stock Lending (continued)
As at 28 February 2014, the cash and securities held as collateral in respect of securities on loan by Invesco Pan European Structured Equity Fund was
as follows:
Non-Cash collateral Cash collateral Loan
Broker USD USD USD
Deutsche Bank 1,241,184 - 1,173,937
Merrill Lynch International 280,490 - 266,749
Morgan Stanley & Co. International Plc 5,260,090 - 4,994,596
Skandinaviska Enskilda Banken AB 809,053 - 772,602
7,590,817 - 7,207,884
16. Soft Commissions & Related Party Transactions
Certain subsidiaries of Invesco Ltd. (the Group) consistent with obtaining the best net result, including best execution, may enter into agreements
with counterparties whereby those counterparties may make payments for investment services provided to the Group.
Investment services are used by the Group to improve or add to the services provided to its clients. Although each and every service may not be used
to service each and every account managed by the Group, the Group considers that those investment services received are, in the aggregate, of
signicant assistance in fullling its investment responsibilities and are of demonstrable benet to all clients. Only services that assist in the provision
of investment services to the Groups clients will be paid for by counterparties.
Allowable investment services include services that provide assistance to the Group in its investment performance. Those services include, but are not
necessarily limited to, furnishing analysis, research and advisory services including economic factors and trends, portfolio valuation and analysis,
performance measurement, market prices services and the use of specialised computer software and hardware or other information facilities.
The Group will ensure adherence to its investment decision making responsibilities to its clients in accordance with the laws of the countries that have
jurisdiction over its clients or business. This may vary in application with respect to the appropriateness of those investment services provided.
The Group selects counterparties to execute transactions on the basis that transactions will only be executed provided the placing of orders will not
operate against the best interest of the Groups clients and that the multiple is at a level which is generally accepted market practice. The Group will
endeavour to obtain best execution on all transactions for all clients.
The Group will endeavour to maintain the highest possible regulatory standards worldwide.
17. Collateral
As part of its investing in derivatives the Fund may pledge or receive collateral either in the form of cash and cash equivalents or securities.
As at 28 February 2014, cash collateral that has been pledged to cover obligations of the Fund and cash collateral received from the counterparty, if
any, is reported below:
Counterparty: Deutsche Bank Type of Derivative: Credit Default Swaps Cash Collateral Pledged EUR 673
Counterparty: Credit Suisse Type of Derivative: Credit Default Swaps Cash Collateral Pledged EUR 468,966
Counterparty: JP Morgan Type of Derivative: Credit Default Swaps Cash Collateral Received EUR (550,000)
Invesco Global Unconstrained Bond Fund
Invesco Global Total Return (EUR) Bond Fund
Counterparty: JP Morgan Type of Derivative: Credit Default Swaps Cash Collateral Received EUR (430)
Counterparty: Bank of America Type of Derivative: Credit Default Swaps Cash Collateral Pledged EUR 100,000
Merrill Lynch & Interest Rate Swaps
Counterparty: Morgan Stanley & Co. Type of Derivative: Credit Default Swaps Cash Collateral Received EUR (460,000)
International Plc Equity Variance Swaps
Equity Variance
Counterparty: Royal Bank of Scotland Type of Derivative: Interest Rate Swaps Cash Collateral Pledged EUR 9,132
Counterparty: UBS Type of Derivative: Equity Variance Swaps Cash Collateral Pledged EUR 874
18. Transaction Costs
Transaction fees incurred by the Fund relating to purchase or sale of transferable securities money market instruments, derivatives or other eligible
assets are mainly composed of custodian fees, commission/broker fees. Transaction fees are included in the transaction price used to calculate the
realised and unrealised gain/(loss) on securities.
For the period from 1 March 2013 until 28 February 2014, these transactions costs amount to:
Sub-Fund Ccy Transaction Fees
Invesco Global Structured Equity Fund USD 50,612
Invesco Emerging Market Quantitative Equity Fund USD 38,779
Invesco Global Smaller Companies Equity Fund USD 465,632
Invesco Global Equity Income Fund USD 492,516
Invesco Latin American Equity Fund USD 29,032
Invesco US Structured Equity Fund USD 510,769
Invesco US Value Equity Fund USD 130,495
Invesco US Equity Fund USD 9,983
Invesco Pan European Structured Equity Fund EUR 886,489
Invesco Pan European Equity Fund EUR 3,408,696
Invesco Pan European Small Cap Equity Fund EUR 800,501
Invesco European Growth Equity Fund EUR 94,423
Invesco Pan European Equity Income Fund EUR 51,062
Invesco Emerging Europe Equity Fund USD 80,705
Invesco Pan European Focus Equity Fund EUR 19,268
Invesco Nippon Small/Mid Cap Equity Fund JPY 62,641,893
Invesco Japanese Equity Advantage Fund JPY 27,539,513
Invesco Japanese Value Equity Fund JPY 12,063,165
Invesco Asia Opportunities Equity Fund USD 601,277
Invesco Greater China Equity Fund USD 5,783,711
Invesco Asia Infrastructure Fund USD 2,816,007
Invesco India Equity Fund USD 324,333
Invesco Asia Consumer Demand Fund USD 1,113,096
Invesco China Focus Equity Fund USD 98,155
Invesco Asian Focus Equity Fund USD 14,100
Invesco Global Leisure Fund USD 265,596
Invesco Energy Fund USD 200,126
Invesco Global Income Real Estate Securities Fund USD 25,656
Invesco Gold & Precious Metals Fund USD 66,374
Invesco USD Reserve Fund USD 1,099
Invesco Euro Reserve Fund EUR 2,184
Invesco Global Bond Fund USD 4,544
Invesco European Bond Fund EUR 21,692
Invesco Absolute Return Bond Fund EUR 3,204
Invesco Euro Ination-Linked Bond Fund EUR 2,395
Invesco Euro Corporate Bond Fund EUR 55,513
Invesco UK Investment Grade Bond Fund GBP 2,382
Invesco Emerging Local Currencies Debt Fund USD 6,398
Invesco Global Investment Grade Corporate Bond Fund USD 504
Invesco Global Unconstrained Bond Fund GBP 655
Invesco Global Total Return (EUR) Bond Fund EUR 3,357
Invesco Emerging Market Corporate Bond Fund USD 9,366
Invesco Euro Short Term Bond Fund EUR 3,462
Invesco Asian Bond Fund USD 725
Invesco US High Yield Bond Fund USD 3,594
Invesco Renminbi Fixed Income Fund USD 1,598
Invesco Capital Shield 90 (EUR) Fund EUR 77,700
Invesco Asia Balanced Fund USD 1,058,573
Invesco Pan European High Income Fund EUR 492,289
Invesco Global Absolute Return Fund EUR 15,308
Invesco Balanced-Risk Allocation Fund EUR 2,225,025
Invesco Global Targeted Returns Fund EUR 8,113
For the year ended 28 February 2014, the Fund did not pay broker fees/commissions on bond transactions. In accordance with bonds market practice,
a bid-offer spread is applied on the transaction prices. According to this principle, the sale price applied by the broker is not the same as the
purchase price, the difference corresponding to the remuneration of the broker.
179 Invesco Funds
180 Invesco Funds
Audit Report
To the Shareholders of
Invesco Sub-Funds
We have audited the accompanying nancial statements of Invesco Funds and of each of its sub-funds, which comprise the statement of net assets
and the statement of investments as at 28 February 2014 and the statement of operations and changes in net assets for the year then ended, and
a summary of signicant accounting policies and other explanatory notes to the nancial statements.
Responsibility of the Board of Directors of the SICAV for the nancial statements
The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these nancial statements in accordance with
Luxembourg legal and regulatory requirements relating to the preparation of the nancial statements and for such internal control as the Board of
Directors of the SICAV determines is necessary to enable the preparation of nancial statements that are free from material misstatement,
whether due to fraud or error.
Responsibility of the Rviseur dentreprises agr
Our responsibility is to express an opinion on these nancial statements based on our audit. We conducted our audit in accordance with
International Standards on Auditing as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier. Those standards
require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the nancial
statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the nancial statements. The procedures
selected depend on the judgment of the Rviseur dentreprises agr, including the assessment of the risks of material misstatement of the
nancial statements, whether due to fraud or error. In making those risk assessments, the Rviseur dentreprises agr considers internal
control relevant to the entitys preparation and fair presentation of the nancial statements in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entitys internal control. An audit
also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of
Directors of the SICAV, as well as evaluating the overall presentation of the nancial statements.
We believe that the audit evidence we have obtained is sufcient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the nancial statements give a true and fair view of the nancial position of Invesco Funds and of each of its sub-funds as of
28 February 2014, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg
legal and regulatory requirements relating to the preparation of the nancial statements.
Other matters
Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specic
audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information.
However, we have no observation to make concerning such information in the context of the nancial statements taken as a whole.
PricewaterhouseCoopers S. r.l. Luxembourg, 24 June 2014
Represented by
Anne Laurent
PricewaterhouseCoopers S. r.l., 400 Route dEsch, B.P. 1443, L-1014 Luxembourg
T: +352 494848 1, F: +352 494848 2900, www.pwc.lu
Cabinet de rvision agr. Expert-comptable (autorisation gouvernementale n10028256)
R.C.S. Luxembourg B 65 477 - TVA LU25482518
181 Invesco Funds
UK Reporting Regime
The following sub-funds have applied and received initial approval from HM Revenue & Customs for the purposes of UK taxation.
Sub-Funds Classes
Invesco Global Structured Equity Fund Distribution A
Invesco Global Structured Equity Fund Distribution C
Invesco Global Structured Equity Fund Accumulation C Hedg (GBP)
Invesco Emerging Market Quantitative Equity Fund Accumulation A
Invesco Emerging Market Quantitative Equity Fund Accumulation C
Invesco Global Smaller Companies Equity Fund Distribution A SD
Invesco Global Smaller Companies Equity Fund Accumulation C
Invesco Global Smaller Companies Equity Fund Accumulation Z
Invesco Global Equity Income Fund Distribution A SD
Invesco Global Equity Income Fund Accumulation A
Invesco Global Equity Income Fund Accumulation C
Invesco Global Equity Income Fund Distribution Z SD
Invesco Global Equity Income Fund Accumulation Z
Invesco Latin American Equity Fund Accumulation Z
Invesco US Structured Equity Fund Accumulation A
Invesco US Structured Equity Fund Accumulation C
Invesco US Structured Equity Fund Accumulation Z
Invesco US Value Equity Fund Distribution A SD
Invesco US Value Equity Fund Distribution C SD
Invesco Pan European Structured Equity Fund Distribution A AD
Invesco Pan European Structured Equity Fund Accumulation C
Invesco Pan European Equity Fund Distribution C AD
Invesco Pan European Equity Fund Distribution Z AD
Invesco Pan European Equity Fund Accumulation A
Invesco Pan European Small Cap Equity Fund Distribution A AD
Invesco Pan European Small Cap Equity Fund Accumulation C
Invesco European Growth Equity Fund Accumulation A
Invesco European Growth Equity Fund Accumulation C
Invesco Pan European Equity Income Fund Distribution A SD
Invesco Pan European Equity Income Fund Distribution Z SD
Invesco Emerging Europe Equity Fund Accumulation A
Invesco Emerging Europe Equity Fund Accumulation C
Invesco Nippon Small/Mid Cap Equity Fund Accumulation A
Invesco Nippon Small/Mid Cap Equity Fund Accumulation C
Invesco Nippon Small/Mid Cap Equity Fund Accumulation Z
Invesco Japanese Equity Advantage Fund Accumulation A
Invesco Japanese Equity Advantage Fund Accumulation C
Invesco Japanese Equity Advantage Fund Accumulation Z
Invesco Japanese Value Equity Fund Distribution A SD
Invesco Japanese Value Equity Fund Distribution C AD
Invesco Asia Opportunities Equity Fund Accumulation A
Invesco Asia Opportunities Equity Fund Accumulation C
Invesco Greater China Equity Fund Accumulation A
Invesco Greater China Equity Fund Accumulation C
Invesco Greater China Equity Fund Accumulation Z
Invesco Asia Infrastructure Fund Distribution A SD
Invesco Asia Infrastructure Fund Accumulation C
Invesco Asia Infrastructure Fund Accumulation Z
Invesco India Equity Fund Distribution A AD
Invesco India Equity Fund Distribution C AD
Invesco Asia Consumer Demand Fund Distribution A SD
Invesco Asia Consumer Demand Fund Accumulation C
Invesco Asia Consumer Demand Fund Accumulation Z
Invesco Energy Fund Distribution A AD
Invesco Energy Fund Accumulation C
Invesco Gold & Precious Metals Fund Accumulation A
Invesco Gold & Precious Metals Fund Accumulation C
Invesco USD Reserve Fund Accumulation A
Invesco USD Reserve Fund Accumulation C
Invesco Euro Reserve Fund Distribution A AD
Invesco Euro Reserve Fund Accumulation C
Invesco Global Bond Fund Distribution A SD
Invesco Global Bond Fund Accumulation C
Invesco Global Bond Fund Distribution Z SD
Invesco Absolute Return Bond Fund Accumulation A
Invesco Absolute Return Bond Fund Accumulation C Hedg (GBP)
Invesco Euro Ination-Linked Bond Fund Accumulation A
Other Information (unaudited)
UK Reporting Regime (continued)
The following sub-funds have applied and received initial approval from HM Revenue & Customs for the purposes of UK taxation.
Sub-Funds Classes
Invesco Euro Ination-Linked Bond Fund Accumulation C
Invesco Euro Corporate Bond Fund Distribution A MD
Invesco Euro Corporate Bond Fund Accumulation A
Invesco Euro Corporate Bond Fund Accumulation C
Invesco Euro Corporate Bond Fund Distribution Z AD
Invesco Euro Corporate Bond Fund Accumulation Z
Invesco UK Investment Grade Bond Fund Distribution A QD
Invesco UK Investment Grade Bond Fund Distribution C QD
Invesco UK Investment Grade Bond Fund Distribution Z QD
Invesco Emerging Local Currencies Debt Fund Distribution A MD
Invesco Emerging Local Currencies Debt Fund Accumulation C
Invesco Global Investment Grade Corporate Bond Fund Distribution A AD
Invesco Global Investment Grade Corporate Bond Fund Distribution C AD
Invesco Global Unconstrained Bond Fund Accumulation C
Invesco Global Total Return (EUR) Bond Fund Accumulation A
Invesco Global Total Return (EUR) Bond Fund Accumulation C
Invesco Capital Shield 90 (EUR) Fund Accumulation A
Invesco Capital Shield 90 (EUR) Fund Accumulation C
lnvesco Asia Balanced Fund Distribution A QD
lnvesco Asia Balanced Fund Accumulation C
Invesco Pan European High Income Fund Distribution A AD
Invesco Pan European High Income Fund Accumulation A
Invesco Balanced-Risk Allocation Fund Accumulation Z Hedg (GBP)
Invesco Balanced-Risk Allocation Fund Accumulation Z Hedg (USD)
Invesco Global Targeted Returns Fund Accumulation A
Invesco Global Targeted Returns Fund Distribution A AD
Invesco Global Targeted Returns Fund Accumulation A Hedg (USD)
Invesco Global Targeted Returns Fund Accumulation C
Invesco Global Targeted Returns Fund Accumulation Z
The Statement of Reportable Income for nancial year ended 28 February 2014 will be available through the following website by 31 August 2014.
http://investor.invescointernational.co.uk/portal/site/iiprivate/reportableincome
PEA Disclosure (Plan dEpargne en Actions)
From the 1 March 2013 to 28 February 2014, the following sub-funds held the average percentage, as specied in the table, of their assets
invested at any time in PEA eligible securities as dened by the Article L.221-31 of the Code Montaire et Financier. This is required by sub-funds
registered in France that meet the Equity Savings Plan (PEA) requirements. The maximum percentage investments during this period are also
provided:
Invesco Invesco Invesco Invesco
Pan European Pan European Pan European Pan European
Structured Equity Small Cap Equity Fund
Equity Fund Income Fund Equity Fund
Minimum % 81.76 78.30 72.64 84.55
Maximum % 91.60 88.80 88.96 98.57
Average % 87.85 85.30 83.47 87.37
Calculation Methods of the Risk Exposure
Following the assessment of the investment policy of each sub-fund of Invesco Funds (Sub-fund), Invesco Management SA has decided to use
Value at Risk (VaR) for the assessment of the global exposure of each sub-fund.
Value-at-Risk (VaR) is a statistical measurement. It intends to measure the maximum potential loss at a given condence level (probability) over a
specic time period under normal market conditions. All of the positions within the portfolio are taken into account for the VaR calculation, not
just derivatives.
Absolute and Relative VaR are calculated daily using a VaR risk model based on a two years historical simulation methodology. This method for
calculating VaR contains no standard distribution assumption and assumes that history repeats itself.
The calculation standards used for the VaR model are in compliance with the provisions in box 15 of ESMA Guidelines on Risk Measurement and
the calculation of Global Exposure and Counterparty Risk for UCITS (Ref:10-788) (ESMA Guidelines).
The Absolute VaR of a UCITS cannot be greater than 20% of its NAV. The Relative VaR of a UCITS cannot be more than 2 times the VaR of the
reference portfolio. Invesco Management SA monitors that the VaR of the UCITS / 2* VaR of the reference portfolio is not greater than 100%.
The calculation of the Absolute and Relative VaR is carried out in accordance with the following parameters:
one-tailed condence interval of 99%;
holding period equivalent to 1 month (i.e. 20 business days);
effective observation period (history) of risk factors of 500 business days (ESMA Guidelines require at least 250 business days);
daily calculation.
Other Information (unaudited) (continued)
182 Invesco Funds
183 Invesco Funds
Calculation Methods of the Risk Exposure (continued)
In line with box 25 of ESMA Guidelines, as the sub-funds use the VaR approach to monitor the global exposure, Invesco Management SA calculates
the leverage for each sub-fund on a daily basis, as the sum of the absolute value of the notionals of the derivatives used. With respect to nancial
derivative instruments which do not have a notional value attached to them, the calculation of the value is based upon the market value of the
equivalent position of the underlying asset that is attached to the nancial derivative instrument and applied consistently and appropriately.
The average level of leverage gures provided below does not take into account any netting and hedging arrangements that the sub-funds may
have in place at any time even though these netting and hedging arrangements are used for risk reduction purpose.
The below table details the VaR approach for each sub-fund and for those sub-funds utilising the relative VaR methodology, it details the reference
portfolio. The table also details the minimum, maximum and average daily VaR utilisation that occurred during the one year period ending
28 February 2014, as well as the daily average level of leverage for each sub-fund during the one year period ending 28 February 2014.
Global Exposure Leverage
Method Reference Leverage
Used to Portfolio Level
Calculate Method Used to for Using VAR Limits Reached VAR Limits Reached
Global Calculate VAR Relative for last Financial Year During the
Exposure VAR Financial Leverage
Year Calculation
Method
Fund Name Period of (Commit- Type of (Average Used
Observation ment, Model levels as a
Absolute Parameters Average percentage
VAR, (Historical (Condence Maximum of NAV,
Relative simulation, interval, holding Lowest Highest (based on Regulatory Limits calculated
VAR) Monte period, daily Limits Dened at least
Carlo) observation period) data) twice per
month)
Invesco Global Equity 1 Mar 2013 - Relative Historical 99% MSCI 40.00% 58.78% 48.39% 100% 75% 0.00% Sum of
Income Fund 28 Feb 2014 VaR Simulation condence World Notional of
level, Index the derivatives
20 days,
2 years of
risk factors
Invesco Asia Balanced Fund 1 Mar 2013 - Relative Historical 99% 50% HSBC 41.20% 59.77% 50.30% 100% 75% 6.44% Sum of the
28 Feb 2014 VaR Simulation condence ADB Index Notional of
level, & 50% MSCI the derivatives
20 days, AC Pacic
2 years of ex Japan
risk factors
Invesco Asian Focus Equity 1 Mar 2013 - Relative Historical 99% MSCI AC 37.20% 50.73% 46.69% 100% 70% 0.00% Sum of the
Fund 28 Feb 2014 VaR Simulation condence Asia ex Notional of
level, Japan ND the derivatives
20 days, Index
2 years of
risk factors
Invesco Asian Bond Fund 1 Mar 2013 - Relative Historical 99% HSBC 25.43% 54.47% 40.16% 100% 85% 1.53% Sum of the
28 Feb 2014 VaR Simulation condence Asia local Notional of
level, Bond the derivatives
20 days, Index
2 years of
risk factors
Invesco Asian Consumer 1 Mar 2013 - Relative Historical 99% MSCI AC 40.66% 50.02% 46.95% 100% 75% 0.00% Sum of the
Demand Fund 28 Feb 2014 VaR Simulation condence Asia ex Notional of
level, Japan the derivatives
20 days,
2 years of
risk factors
Invesco Asian Infrastructure 1 Mar 2013 - Relative Historical 99% MSCI AC 36.09% 45.66% 40.67% 100% 75% 0.00% Sum of the
Fund 28 Feb 2014 VaR Simulation condence Asia ex Notional of
20 days,
2 years of
risk factors
Invesco Balanced Risk 1 Mar 2013 - Relative Historical 99% 60% MSCI 39.64% 70.52% 53.66% 100% 75% 188.39% Sum of the
Allocation Fund 28 Feb 2014 VaR Simulation condence World; 40% Notional of
level, JPM GBI the derivatives
20 days, Global all
2 years of Mats
risk factors
Invesco Pan European 1 Mar 2013 - Relative Historical 99% N/A 2.98% 5.10% 3.89% 20% 15% 17.42% Sum of the
High Income Fund 28 Feb 2014 VaR Simulation condence Notional of
level, the derivatives
20 days,
2 years of
risk factors
Invesco China Focus Equity 1 Mar 2013 - Relative Historical 99% MSCI China 35.02% 50.04% 40.41% 100% 70% 0.02% Sum of the
Fund 28 Feb 2014 VaR Simulation condence 10/40 Notional of
20 days,
2 years of
risk factors
Invesco Euro-Ination 1 Mar 2013 - Relative Historical 99% Barcap Euro 49.73% 74.92% 63.00% 100% 85% 21.73% Sum of the
Linked Bond Fund 28 Feb 2014 VaR Simulation condence Govt Notional of
level, Ination the derivatives
20 days, Linked
2 years of All Maturites
risk factors
184 Invesco Funds
Calculation Methods of the Risk Exposure
Global exposure using VAR approach
Year Calculation
Method
month)
Invesco Emerging Mkt 1 Mar 2013 - Relative Historical 99% JPM CEMBI 46.24% 73.19% 58.36% 100% 90% 8.39% Sum of the
Corp Bond Fund 28 Feb 2014 VaR Simulation condence Broad Notional of
level, Diversied the derivatives
20 days,
2 years of
risk factors
Invesco Emerging Local 1 Mar 2013 - Relative Historical 99% JPM GBI-EM 43.58% 55.43% 49.47% 100% 75% 13.64% Sum of the
Currencies Debt Fund 28 Feb 2014 VaR Simulation condence GL Notional of
level, Diversied the derivatives
20 days, Composite
2 years of
risk factors
Invesco Emerging Markets 1 Mar 2013 - Relative Historical 99% MSCI 44.35% 50.65% 47.93% 100% 75% 2.86% Sum of the
Quantitative Equity Fund 28 Feb 2014 VaR Simulation condence Emerging Notional of
level, Markets the derivatives
20 days,
2 years of
risk factors
Invesco Energy Fund 1 Mar 2013 - Relative Historical 99% MSCI 49.28% 71.31% 62.19% 100% 90% 0.00% Sum of the
28 Feb 2014 VaR Simulation condence World Notional of
level, Energy the derivatives
20 days,
2 years of
risk factors
Invesco Absolute Return 1 Mar 2013 - Relative Historical 99% N/A 1.00% 3.25% 1.80% 20% 2.70% 360.23% Sum of the
Bond Fund 28 Feb 2014 VaR Simulation condence Notional of
20 days,
2 years of
risk factors
Invesco Euro Corporate 1 Mar 2013 - Relative Historical 99% 70% Barclays 48.48% 66.05% 54.19% 100% 70% 20.69% Sum of the
Bond Fund 28 Feb 2014 VaR Simulation condence Euro Notional of
level, Corporate the derivatives
20 days, Index and
2 years of 30% Euro
risk factors High Yield
Index
Invesco European Growth 1 Mar 2013 - Relative Historical 99% MSCI 37.95% 48.57% 42.48% 100% 70% 0.00% Sum of the
Equity Fund 28 Feb 2014 VaR Simulation condence Europe Notional of
level, Growth the derivatives
20 days,
2 years of
risk factors
Invesco Euro Reserve Fund 1 Mar 2013 - Relative Historical 99% N/A 0.00% 0.20% 0.03% 20% 1% 0.00% Sum of the
28 Feb 2014 VaR Simulation condence Notional of
20 days,
2 years of
risk factors
Invesco Pan European 1 Mar 2013 - Relative Historical 99% MSCI EMU 27.32% 44.27% 35.47% 100% 70% 4.33% Sum of the
Structured Equity Fund 28 Feb 2014 VaR Simulation condence Notional of
20 days,
2 years of
risk factors
Invesco Euro Short term 1 Mar 2013 - Relative Historical 99% 50% Euro 40.70% 83.07% 54.92% 100% 80% 31.65% Sum of the
Bond Fund 28 Feb 2014 VaR Simulation condence Credit Corp Notional of
level, 1-5 Yr, 10% the derivatives
20 days, Euro
2 years of Securitized
risk factors 1-3 Yr, 20%
Euro
Government-
Related
1-3 Yr
185 Invesco Funds
Global exposure using VAR approach (continued)
186 Invesco Funds
Year Calculation
Method
month)
Invesco Global Investment 1 Mar 2013 - Relative Historical 99% Barclays 37.32% 57.72% 43.02% 100% 80% 118.12% Sum of the
Grade Corporate Bond Fund 28 Feb 2014 VaR Simulation condence Global Notional of
20 days,
2 years of
risk factors
Invesco Global Income Real 1 Mar 2013 - Relative Historical 99% FTSE 24.98% 31.49% 28.30% 100% 60% 0.00% Sum of the
Estate Securities Fund 28 Feb 2014 VaR Simulation condence EPRA/ Notional of
level, NAREIT the derivatives
20 days, Developed
2 years of Index
risk factors
Invesco Global Total Return 1 Mar 2013 - Relative Historical 99% N/A 1.99% 4.59% 3.04% 20% 15% 31.51% Sum of the
(EUR) Bond Fund 28 Feb 2014 VaR Simulation condence Notional of
20 days,
2 years of
risk factors
Invesco Global Structured 1 Mar 2013 - Relative Historical 99% MSCI World 20.31% 38.27% 29.63% 100% 70% 80.46% Sum of the
Equity Fund 28 Feb 2014 VaR Simulation condence Index Notional of
20 days,
2 years of
risk factors
Invesco Global Unconstrained 1 Mar 2013 - Relative Historical 99% N/A 1.27% 2.94% 1.90% 20% 15% 94.94% Sum of the
Bond Fund 28 Feb 2014 VaR Simulation condence Notional of
20 days,
2 years of
risk factors
Invesco Gold & Precious 1 Mar 2013 - Relative Historical 99% Philadelphia 32.85% 47.71% 43.33% 100% 70% 8.37% Sum of the
Metals Fund 28 Feb 2014 VaR Simulation condence Gold & Notional of
level, Silver the derivatives
20 days, Index
2 years of
risk factors
Invesco India Equity Fund 1 Mar 2013 - Relative Historical 99% MSCI India 41.80% 50.72% 46.31% 100% 70% 0.00% Sum of the
28 Feb 2014 VaR Simulation condence 10/40 Notional of
20 days,
2 years of
risk factors
Invesco Global Absolute 1 Mar 2013 - Relative Historical 99% N/A 2.32% 4.35% 3.09% 20% 10% 257.30% Sum of the
Return Fund 28 Feb 2014 VaR Simulation condence Notional of
20 days,
2 years of
risk factors
Invesco Japanese Value 1 Mar 2013 - Relative Historical 99% Japan 44.87% 52.25% 47.98% 100% 75% 0.00% Sum of the
Equity Fund 28 Feb 2014 VaR Simulation condence TOPIX Notional of
20 days,
2 years of
risk factors
Invesco Latin American 1 Mar 2013 - Relative Historical 99% MSCI EM 34.06% 43.95% 40.64% 100% 65% 4.39% Sum of the
Equity Fund 28 Feb 2014 VaR Simulation condence Latin Notional of
level, American the derivatives
20 days,
2 years of
risk factors
187 Invesco Funds
Year Calculation
Method
month)
Invesco Global Smaller 1 Mar 2013 - Relative Historical 99% MSCI World 43.50% 54.96% 49.68% 100% 75% 16.56% Sum of the
Companies Equity Fund 28 Feb 2014 VaR Simulation condence Small Cap Notional of
20 days,
2 years of
risk factors
Invesco US Value Equity 1 Mar 2013 - Relative Historical 99% S&P 500 46.53% 63.15% 55.91% 100% 80% 11.04% Sum of the
Fund 28 Feb 2014 VaR Simulation condence Index Notional of
20 days,
2 years of
risk factors
Invesco Japanese Equity 1 Mar 2013 - Relative Historical 99% Japan 39.26% 48.30% 44.99% 100% 65% 0.00% Sum of the
Advantage Fund 28 Feb 2014 VaR Simulation condence TOPIX Notional of
20 days,
2 years of
risk factors
Invesco Pan European 1 Mar 2013 - Relative Historical 99% MSCI 43.29% 50.32% 46.94% 100% 70% 0.04% Sum of the
Equity Income Fund 28 Feb 2014 VaR Simulation condence Europe Notional of
20 days,
2 years of
risk factors
Focus Equity Fund 28 Feb 2014 VaR Simulation condence Europe Notional of
20 days,
2 years of
risk factors
Invesco Asia Opportunities 1 Mar 2013 - Relative Historical 99% MSCI AC 37.47% 49.69% 45.03% 100% 65% 0.01% Sum of the
Equity Fund 28 Feb 2014 VaR Simulation condence Asia ex Notional of
20 days,
2 years of
risk factors
Invesco Greater China 1 Mar 2013 - Relative Historical 99% MSCI 38.57% 51.27% 45.38% 100% 70% 0.01% Sum of the
Equity Fund 28 Feb 2014 VaR Simulation condence Golden Notional of
level, Dragon the derivatives
20 days,
2 years of
risk factors
Invesco USD Reserve Fund 1 Mar 2013 - Relative Historical 99% N/A 0.01% 0.08% 0.03% 20% 1% 0.00% Sum of the
28 Feb 2014 VaR Simulation condence Notional of
20 days,
2 years of
risk factors
Invesco European Bond 1 Mar 2013 - Relative Historical 99% Barclays 46.73% 77.15% 59.97% 100% 85% 75.88% Sum of the
Fund 28 Feb 2014 VaR Simulation condence Capital Notional of
level, Pan-Euro the derivatives
20 days, Aggregate
2 years of
risk factors
Invesco Emerging Europe 1 Mar 2013 - Relative Historical 99% MSCI EM 37.00% 46.79% 43.01% 100% 70% 0.00% Sum of the
Equity Fund 28 Feb 2014 VaR Simulation condence Eastern Notional of
level, Europe the derivatives
20 days, Index
2 years of
risk factors
Year Calculation
Method
month)
Invesco Pan European 1 Mar 2013 - Relative Historical 99% HSBC 35.53% 58.29% 43.93% 100% 60% 1.77% Sum of the
Small Cap Equity Fund 28 Feb 2014 VaR Simulation condence Smaller Notional of
level, European the derivatives
20 days, Cos
2 years of
risk factors
Equity Fund 28 Feb 2014 VaR Simulation condence Europe Notional of
20 days,
2 years of
risk factors
Invesco Global Bond Fund 1 Mar 2013 - Relative Historical 99% JPM Global 21.95% 44.01% 30.24% 100% 55% 75.17% Sum of the
28 Feb 2014 VaR Simulation condence Govt Bond Notional of
20 days,
2 years of
risk factors
Invesco Global Leisure Fund 1 Mar 2013 - Relative Historical 99% MSCI World 49.98% 70.64% 61.66% 100% 90% 0.00% Sum of the
28 Feb 2014 VaR Simulation condence Cons Notional of
level, Discretionary the derivatives
20 days,
2 years of
risk factors
Invesco Nippon Small/Mid 1 Mar 2013 - Relative Historical 99% Russell 40.09% 59.17% 51.34% 100% 75% 0.01% Sum of the
Cap Equity Fund 28 Feb 2014 VaR Simulation condence Nomura Notional of
level, Small Cap the derivatives
20 days,
2 years of
risk factors
Invesco Renminbi Fixed 1 Mar 2013 - Absolute Historical 99% N/A 1.70% 2.86% 2.38% 20% 10% 0.00% Sum of the
Income Fund 28 Feb 2014 VaR Simulation condence Notional of
20 days,
2 years of
risk factors
Invesco Capital Shield 90 1 Mar 2013 - Absolute Historical 99% N/A 1.62% 4.58% 2.75% 20% 10% 93.95% Sum of the
(EUR) Fund 28 Feb 2014 VaR Simulation condence Notional of
20 days,
2 years of
risk factors
Invesco UK Investment 1 Mar 2013 - Relative Historical 99% ML Sterling 39.44% 54.94% 48.42% 100% 80% 27.14% Sum of the
Grade Bond Fund 28 Feb 2014 VaR Simulation condence Broad Notional of
level, Market the derivatives
20 days,
2 years of
risk factors
Invesco US Equity Fund 1 Mar 2013 - Relative Historical 99% S&P 500 33.85% 49.06% 41.52% 100% 70% 0.00% Sum of the
28 Feb 2014 VaR Simulation condence Index Notional of
20 days,
2 years of
risk factors
Invesco US High Yield 1 Mar 2013 - Relative Historical 99% Barclays 46.01% 59.96% 49.98% 100% 75% 4.81% Sum of the
Bond Fund 28 Feb 2014 VaR Simulation condence Capital U.S. Notional of
20 days, High Yield
2 years of 2% Issuer
risk factors Cap Index
188 Invesco Funds
Year Calculation
Method
month)
Invesco US Structured 1 Mar 2013 - Relative Historical 99% S&P 500 49.52% 61.80% 55.15% 100% 80% 4.26% Sum of the
Equity Fund 28 Feb 2014 VaR Simulation condence Index Notional of
20 days,
2 years of
risk factors
Invesco Global Targeted 18 Dec 2013 - Absolute Historical 99% N/A 3.25% 4.59% 4.29% 20% 7.50% 825.35% Sum of the
Returns Fund 28 Feb 2014 VaR Simulation condence Notional of
20 days,
2 years of
risk factors
* Invesco Management S.A monitors for the Relative VaR that the Portfolio VaR / (2* Reference Portfolio VaR) is not greater than 100%.
189 Invesco Funds
ORGANISATION
190 Invesco Funds
Leslie Schmidt
(Chairman)
11 Greenway
Plaza
Suite 2500
Houston,
United States of
America
President and
member of the
Board of Invesco
National Trust
Company
Oliver Carroll
Georges Quay
House
43 Townsend
Street
Dublin 2, Ireland
Global Head of
Finance
Operations
(Resigned 7 June
2013)
Carsten Majer
An der Welle 5
D-60322
Frankfurt am Main
Germany
Chief Marketing
Officer
CE Invesco
Germany
(Resigned 7 June
2013)
John Rowland
Perpetual Park
Perpetual Park
Drive
Henley-on-Thames
Oxforshire
RG9 1HH
United Kingdom
Global Head of
Investment
Operations
Cormac
OSullivan
Georges Quay
House
43 Townsend
Street
Dublin 2, Ireland
Head of Dublin
Office,
Invesco Ireland
Karen Dunn
Kelley
1555 Peachtree
Street
N.E. Suite 1800
Atlanta, Georgia
30309, USA
Chief Executive
Officer of Invesco
Fixed Income,
Invesco, US
Benjamin T.
Fulton
301 W. Roosevelt
Wheaton,
Illinois 60187,
USA
Managing Director
of Invesco,
PowerShares
Capital
Management LLC
(Appointed
18 July 2012)
(Resigned 30 April
2013)
Brian Collins
Independent
Director
Ireland
Douglas J. Sharp
Perpetual Park
Henley, UK
Head of Cross
Border Retail and
EMEA
(Appointed
17 July 2013)
Invesco Funds
(Registered Office)
Vertigo Building Polaris
2-4 rue Eugne Ruppert
L-2453 Luxembourg
Grand Duchy of Luxembourg
Management Company*
Invesco Management S.A.
19, rue de Bitbourg
L-2173 Luxembourg
*Effective 21 May 2013
The registered office changed to:
37A Avenue J F Kennedy
L-1855 Luxembourg
Investment Advisers
Invesco Advisers Inc.
1555 Peachtree Street,
Atlanta, Georgia
GA 30309
USA
Invesco Asset Management
Deutschland GmbH
An der Welle 5
D-60322 Frankfurt am Main
Germany
Invesco Asset Management Limited
Registered Office (until 31 January
2014)
30 Finsbury Square
London EC2A 1AG
United Kingdom
Registered Office (from 1 February
2014)
Perpetual Park
Perpetual Park Drive
Henley-on-Thames
Oxfordshire RG9 1HH
United Kingdom
Invesco Asset Management (Japan)
Limited
Registered Office
Roppongi Hills Mori Tower 14F
P.O. Box 115
10-1, Roppongi 6-chome,
Minato-ku
Tokyo 106-6114
Japan
Invesco Hong Kong Limited
41/F Citibank Tower
3 Garden Road, Central Hong Kong
Custodian & Paying Agent in
Luxembourg
The Bank of New York Mellon
(International) Limited,
Luxembourg Branch
Vertigo Building - Polaris
2-4 rue Eugne Ruppert,
L-2453 Luxembourg
*Administration Agent, Registrar
& Transfer Agent
Luxembourg Branch
L-2453 Luxembourg
*Effective 21 May 2013
The Registrar & Transfer Agent
changed to:
International Financial Data Services
S.A.
47, Avenue J.F. Kennedy
L-1855 Luxembourg
Domiciliary Corporate Agent
L-2453 Luxembourg
Primary Dealing Desk
Hong Kong - Macau
Hong Kong Sub-Distributor &
Representative
Invesco Asset Management Asia
Limited
41/F Citibank Tower
3 Garden Road Central
Hong Kong
Tel: +852 3128 6000
Fax: +852 3128 6001
German Sub-Distributor and
Information Agent
Deutschland GmbH
An der Welle 5
Germany
Tel: +49 69 29807 0
Fax: +49 69 29807 159
Ireland Global Distributor
Invesco Global Asset Management
Limited
Georges Quay House
43 Townsend Street,
Dublin 2,
Ireland
Tel: +353 1 439 8000
Fax: +353 1 439 8400
Auditor
PricewaterhouseCoopers, Socit
cooprative
400, route dEsch
B.P. 1443, L-1014 Luxembourg
Legal Advisers to the SICAV
Elvinger, Hoss & Prussen
2, Place Winston Churchill
B.P. 425
L-2014 Luxembourg
German Paying Agent
BNP Paribas Securities Services
S.C.A.
Zweigniederlassung
Frankfurt am Main
Europa Allee 12
Germany
Austrian Distributor
sterreich GmbH
Rotenturmstrae 16 -18
A-1010 Vienna
Austria
Tel: +43 1 316 2000
Fax: +43 1 316 2020
Austrian Paying Agent
Erste Bank der oesterreichisch
Sparkassen AG
Graben 21
1010 Vienna
Austria
Invesco Limited Representative
Offices
Austria
sterreich GmbH
Rotenturmstrae 16 -18
A-1010 Vienna,
Austria
Tel: +43 1 316 2000
Fax: +43 1 316 2020
Belgium
Invesco Asset Management S.A.
Belgian Branch
The Blue Tower
235 Avenue Louise 326, Box 31
B-1050 Brussels
Belgium
Tel: +32 2641 0170
Fax: +32 2641 0175
France
16-18, rue de Londres,
F-75009 Paris
France
Tel: +33 1 56 62 43 02/43 77
Fax: +33 1 56 62 43 83/43 20
Germany
Deutschland GmbH
An der Welle 5
Germany
Tel: +49 69 29807 0
Fax: +49 69 29807 159
Hong Kong
Invesco Asset Management Asia
Limited
41/F Citibank Tower
3 Garden Road Central
Hong Kong
Tel: +852 3128 6000
Fax: +852 3128 6001
Ireland
Invesco Global Asset Management
Limited
Georges Quay House
43 Townsend Street
Dublin 2
Ireland
Tel: +353 1439 8000
Fax: +353 1439 8400
Italy
Piazza del Duomo
22 Galleria Pattari 2
20122 Milano
Italy
Tel: +39 02 88 074 1
Fax: +39 02 88 074 391
The Netherlands
Dutch Branch
J.C. Geesinkweg 999
NL-1096 AZ Amsterdam
The Netherlands
Tel: +31 20 561 6261
Fax: +31 20 561 6888
Spain
Invesco Asset Management, S.A.
Sucursal en Espaa.
C/ Recoletos, 15 - 1
28001 Madrid,
Spain
Tel: +00 34 91 781 3020
Fax: +00 34 91 576 0520
Sweden
(France)
Swedish Filial
Stureplan 4c
4th Floor, Stockholm 11435
Sweden
Tel:+46 84 63 11 06
Fax: +46 26 41 01 75
Switzerland
(Switzerland) Limited
Stockerstrasse 14
CH-8022 Zurich
Switzerland
Tel: +41 1 287 9000
Fax: +41 1 287 9010
Board of Directors
Perivan Financial Print 232643
Contact us
Invesco Global Asset Management Limited
Georges Quay House
43 Townsend Street, Dublin 2, Ireland
Telephone: +353 1 439 8000
Website: www.invesco.com

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Informe Anual 2014

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