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Invesco Funds annual report (audited) Société d Investissement à Capital Variable
1 Invesco Funds annual report (audited) Société d Investissement à Capital Variable For the financial year up to February 28, 2018 (RCS Luxembourg B34457) Note for investors in Germany and Austria: No sales announcement was made for the other fund Invesco UK Equity Income Fund and units this fund may not be sold to investors in Germany or Austria.
2 Registered office: 2-4, rue Eugène Ruppert, L-2453 Luxembourg Subscriptions for shares cannot be accepted on the basis of financial reports alone. Subscriptions must be made on the basis of the valid sales prospectus, supplemented by a copy of the most recent audited annual report and the most recent unaudited semi-annual report, if one has been published in the meantime. Copies of the prospectus, the audited annual report and the unaudited semi-annual report are available from the Fund's registered office at 2-4, rue Eugène Ruppert, L-2453 Luxembourg, and from the global distributor in Dublin. Notices of all general meetings will be published in the Luxemburger Wort and, if required by law, in the Mémorial, Recueil des Sociétés et Associations (Mémorial), and will be sent to holders of registered shares at least 8 days before the date of the meeting by post to the address entered in the share register. In the event of discrepancies between the English wording and the translation into another language, the English text is binding. The income equalization is calculated for tax purposes and is not shown in the audited annual report or the semi-annual report.
5 Contents Additional Information (Unaudited) 457 Reporting Fund Status under UK Reporting Rules 460 Additional Notice to Hong Kong Residents 461 Risk Calculation Method 461 Remuneration Policy 470 Securities Financing Operations Regulation 471 Board of Directors 475 Organization Invesco Funds
6 Directors 'Report Dear Shareholders, The following report provides a summary of Invesco Funds' financial results for the year ended February 28, 2018 and a market overview for that year. The value of assets under management increased from USD as of February 28, 2017 to USD as of February 28. The net proceeds from the issue of units were USD for the year under review. Net income for the year ended February 28, 2018 was USD compared to USD for the year ended February 28 The report below covers the year from March 1, 2017 to February 28. monthly reporting period strong returns. Their value rose by over 10 trillion in the first half of 2017. USD (Source: Bloomberg as of July 17, 2017). The risk appetite of investors remained robust in the summer and the risk tolerance in many different asset classes in terms of volatility was at its highest level in three years and in the same range as before the global financial crisis of 2008 (source: Citigroup / Bloomberg, as of July 17 2017). Economic data largely supported global growth. However, potential disruptive factors persisted, including geopolitical tensions, the problems of the Trump administration in the US, another terrorist attack in Europe, and Hurricanes Harvey and Irma, all of which hit the headlines. Nonetheless, global equity markets took the tensions calmly and remained in positive territory. Global equity markets continued to deliver good returns in the fourth quarter of 2017 on a backdrop of solid corporate results and strong economic growth. Federal Reserve (Fed) chairwoman Janet Yellen announced to the Joint Economic Committee in November: The economy is growing on an increasingly broad basis across sectors in the United States and across much of the world economy. The Fed raised interest rates in December as widely expected. Another spike in global stock market returns, however, was sparked by President Trump's tax cut package at the end of the year. Optimism helped share prices hit record highs in January 2018. However, in February volatility returned and global equity markets saw a sharp correction. The trigger for the weakness was rising government bond yields in the most important markets and in particular in the USA. This spike in yields was driven by investor concerns about rising inflation as recent US wage growth data was above market expectations, as well as higher government deficits due to the recent tax-cut package, raising concerns about higher supply of US Treasuries. Investor concerns have centered on the risks to the growth outlook from rising interest rates. Many investors wondered if the economic cycle was at its peak. On the bond market, the 12 month period was marked by rising government bond yields. The rise reflected stronger economic data and slightly higher inflation, which led the Fed, the Bank of England (BoE) and the European Central Bank (ECB) all to roll out their monetary support measures to the financial markets. During the period, the Fed hiked its key rate three times to 1.5% (and has since raised it another 25bps). The Fed also began trimming its balance sheet by scaling back the reinvestment of maturing bonds. The BoE reversed its rate cut after the Brexit vote and raised its key rate again to 0.5%. Meanwhile, the BoE's corporate bond purchase program expired in April 2017. The ECB started tapering its bond purchases in January 2018 as part of its quantitative easing program, but the program was extended until December 2018. This shift in central bank monetary policy led to an increase in government bond yields: + 47 bps on 10-year US government bonds, + 35 bps on 10-year UK government bonds and + 45 bps on 10-year German government bonds. Against this backdrop, bonds with a lower sensitivity to changes in government bond yields, namely bonds with lower duration and higher interest rates, fared better. One of the most successful market segments was that of banks' CoCo bonds, which, according to data from ICE BofAML, rose by 11% over the 12-month reporting period. High-yield bonds denominated in European currencies achieved 4.8% and US high-yield bonds 4.1% (total return in local currency). Date: June 14, 2018 The information contained in this report relates to historical data and is not decisive for the future development of the fund. 06 Invesco Funds
909 Invesco Funds
10 Invesco Global Equity Income Fund USD% LISTED ON AN OFFICIAL STOCK EXCHANGE OR TRADED TRANSFERABLE SECURITIES SHARES AUSTRALIA Amcor Ltd, 26 BERMUDAS Hiscox Ltd, 55 Yue Yuen Industrial Holdings Ltd, 55 Yue Yuen Industrial Holdings Ltd,, 57 BRASILY Natural Brazil Telephone Resources Ltd, 10 CHINA Zhejiang Expressway Co Ltd - H-Shares, 61 FRANCE BNP Paribas SA, 27 Orange SA, 83 TOTAL SA,, 62 DEUTSCHLAND Allianz SE, 89 BASF SE, 13 Deutsche Post AG,, 35 HONGKONG China Mobile Ltd, 34 ITALY Intesa Sanpaolo SpA, 52 JAPAN Nexon Co Ltd, 34 Sumitomo Mitsui Financial Group Inc, 28 Toyota Motor Corp,, 30 NETHERLANDS Airbus SE, 02 ING Groep NV, 30 Koninklijke Ahold Delhaize NV,, 50 NORWAY Statoil ASA, 52 SOUTH KOREA Hyundai Motor Co (preferred share), 09 Kangwon Land Inc,, 70 SPAIN CaixaBank SA, 48 SWEDEN Nordea Bank AB, 12 10 Invesco Funds
1111 Invesco Funds
12 Invesco Global Opportunities Fund USD% LISTED ON AN OFFICIAL EXCHANGE OR TRADED ON OTHER REGULATED MARKETS SHARES BERMUDAS Borr Drilling Ltd, 38 BRAZIL Ez Tec Empreendimentos e Participacoes SA, 41 Telefonica Brasil Resources SA, 41 Telefonica Brasil Canadian Canadian SA (Preferred Stock) 62 KANADA , 04 PrairieSky Royalty Ltd,, 94 CAIMAN ISLANDS JD.com Inc ADR, 27 FRANCE Legrand SA, 49 GERMANY Bayer AG, 82 Volkswagen AG (preferred share),, 41 INDONESIA Bank Rakyat Indonesia Persero Tbk PT, 25 MEXICO Fibra Uno Administracion SA de CV , 45 NETHERLANDS Airbus SE, 69 NORWAY Statoil ASA, 04 SOUTH KOREA Hyundai Motor Co (preferred share), 52 SWEDEN Lundin Petroleum AB, 83 SWITZERLAND Novartis AG, 85 UNITED KINGDOM Barclays Plc, 82 Booker Group Plc, 99 Essentra Plc, 00 Rolls-Royce Holdings Plc, 94 Royal Dutch Shell Plc EUR, 01 Royal Dutch Shell Plc GBP, 84 Standard Chartered Plc, 07 Tesco Plc, 28 Thomas Cook Group Plc,, 47 UNITED STATES Express Co, 15 Autoliv Inc, 44 Baker Hughes a GE Co, 96 Berkshire Hathaway Inc, 12 Citigroup Inc, 70 First Republic Bank / CA, 10 12 Invesco Funds
13 Invesco Global Opportunities Fund USD% UNITED STATES (continued) JPMorgan Chase & Co, 89 Las Vegas Sands Corp, 24 Markel Corp, 54 National Oilwell Varco Inc, 16 Union Pacific Corp, 24 United Technologies Corp,, 83 TOTAL SHARES, 04 TOTAL TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL STOCK EXCHANGE OR TRADED ON OTHER REGULATED MARKETS, 04 OPEN INVESTMENT FUNDS IRELAND Invesco Short-Term Investments Co Global Series Plc - US Dollar Liquidity Portfolio, 39 OPEN INVESTMENT FUNDS, 39 TOTAL the accompanying total investments are one OPEN INVESTMENT FUNDS Part of the degree. 13 Invesco Funds
14 Invesco Global Smaller Companies Equity Fund USD% LISTED ON AN OFFICIAL STOCK EXCHANGE OR TRADED TRANSFERABLE SECURITIES SHARES AUSTRALIA AS Ltd, 51 Ansell Ltd, 40 carsales.com Ltd, 64 Macquarie Atlas Roads Group, 82 MYOB Group Ltd, 69 Qantas Airways Ltd, 39 SEEK Ltd, 67 WorleyParsons Ltd,, 66 AUSTRIA Lenzing AG, 40 Schoeller-Bleckmann Oilfield Equipment AG,, 35 BELGIUM X-Fab Silicon Foundries SE 144A, 67 BERMUDAS Aspen Insurance Holdings Ltd, 31 Lazard Ltd,, 68 CANADA Bombardier Inc, 45 CAE Inc,, 85 CAIMAN ISLANDS Nexteer Automotive Group Ltd, 57 Value Partners Group Ltd,, 00 FINLAND Cargotec OYJ, 75 Konecranes OYJ, 75 Outokumpu OYJ,, 93 FRANCE Air France-KLM, 10 Altran Technologies SA, 47 DBV Technologies SA, 98 Eurazeo SA, 42 Europcar Groupe SA 144A, 00 Gaztransport Et Technigaz SA, 44 Imerys SA, 65 LISI, 78 Oeneo SA, 39 SOITEC, 45 Terreis, 75 Vicat SA,, 94 DEUTSCHLAND Gerresheimer AG, 77 Hapag-Lloyd AG 144A,, 95 IRELAND Hibernia REIT Plc, 91 14 Invesco Funds
17 Invesco Global Smaller Companies Equity Fund USD% UNITED STATES (continued) Primoris Services Corp, 25 Retrophin Inc, 30 RSP Permian Inc, 36 Sensient Technologies Corp, 28 ServiceMaster Global Holdings Inc, 38 SLM Corp, 29 SPX Corp, 39 Supernus Pharmaceuticals Inc, 29 Synovus Financial Corp, 33 Teradyne Inc, 32 TreeHouse Foods Inc, 20 Trex Co Inc, 37 Univar Inc, 29 Visteon Corp, 29 Webster Financial Corp, 32 Wendy's Co, 32 Western Alliance Bancorp, 35 Zebra Technologies Corp,, TOTAL 50 SHARES, 00 LISTED ON AN OFFICIAL EXCHANGE OR TRADED ON OTHER REGULATED MARKETS TOTAL TRANSFERABLE SECURITIES, 00 Total investments, 00 The accompanying explanations are an integral part of the financial statements. 17 Invesco Funds
18 Invesco Global Structured Equity Fund USD% LISTED ON AN OFFICIAL EXCHANGE OR TRADED TRANSFERABLE SECURITIES SHARES AUSTRALIA Aristocrat Leisure Ltd, 64 ASX Ltd, 18 Caltex Australia Ltd, 36 carsales.com Ltd, 21 CIMIC Group Ltd, 27 Cochlear Group Ltd, 27 Cochlear Group Ltd , 10 Computershare Ltd, 99 CSR Ltd, 36 Newcrest Mining Ltd, 79 Qantas Airways Ltd, 60 Regis Resources Ltd, 60 Sonic Healthcare Ltd, 75 Treasury Wine Estates Ltd, 54 Whitehaven Coal Ltd,, 91 BERMUDAS CK Infrastructure Holdings Ltd, 26 CANADA Barrick Gold Corp, 26 Canadian Utilities Ltd, 20 Canfor Corp, 20 Capital Power Corp, 31 CGI Group Inc, 12 CI Financial Corp, 63 Empire Co Ltd, 55 George Weston Ltd, 25 IAMGOLD Corp, 26 Kinross Gold Corp, 11 Loblaw Cos Ltd, 45 Pan American Silver Corp, 74 Quebecor Inc, 55 Rogers Communications Inc, 44 Shaw Communications Inc, 27 West Fraser Timber Co Ltd,, 61 CAIMAN ISLANDS CK Asset Holdings Ltd, 29 WH Group Ltd 144A,, 81 DENMARK Carlsberg A / S , 53 Novo Nordisk A / S, , 64 FINLAND Stora Enso OYJ, 35 UPM-Kymmene OYJ,, 69 FRANCE Faurecia SA, 32 GERMANY Covestro AG 144A, 59 TAG Immobilien AG, 25 TUI AG,, 19 18 Invesco Funds
20 Invesco Global Structured Equity Fund USD% UNITED KINGDOM Electrocomponents Plc, 41 Genting Singapore Plc, 65 Indivior Plc, 63 InterContinental Hotels Group Plc, 76 Intertek Group Plc, 85 Michael Kors Holdings Ltd, 45 Moneysupermarket. 20 Invesco Funds
22 Invesco Latin American Equity Fund USD% PANAMA Copa Holdings SA, 49 UNITED STATES Gran Tierra Energy Inc, 04 TOTAL SHARES, 98 LISTED ON AN OFFICIAL STOCK EXCHANGE OR TRADED IN OTHER REGULATED MARKETS INVESTMENTS TRANSFERS, PUBLISHED PERSONAL INVESTMENTS, 98 INVESTMENTS PUBLIC SECURITIES American Investment Series - Latin American Fund, 05 TOTAL OPEN INVESTMENT FUNDS, 05 Total investments, 03 The accompanying notes are an integral part of the financial statements. 22 Invesco Funds
24 Invesco US Equity Fund USD% FINANCE (continued) KeyCorp, 75 M&T Bank Corp, 77 PNC Financial Services Group Inc, 47 Travelers Cos Inc, 03 Weyerhaeuser Co, 60 Zions Bancorporation,, 78 INDUSTRIE ABB Ltd, 30 Emerson Electric Co, 32 Flowserve Corp, 87 Pentair Plc, 65 Raytheon Co, 66 Siemens AG, 91 Sonoco Products Co, 11 United Parcel Service Inc,, 01 SUPPLY American Electric Power Co Inc, 31 Consolidated Edison Inc, 46 Dominion Energy Inc, 10 Duke Energy Corp, 44 Entergy Corp, 88 Exelon Corp, 28 PPL Corp, 11 Sempra Energy, 42 SSE Plc,, 15 STOCK TOTAL, 57 OFFICIAL EXCHANGE OR TRADED TRANSFERABLE SECURITIES TOTAL, 57 OPEN SHORT-TERM INVESTMENTS InvesTMENT Global Series Plc - US Dollar Liquidity Portfolio, 11 OPEN INVESTMENT FUNDS TOTAL, 11 Total Investments, 68 The accompanying notes are an integral part of the financial statements. 24 Invesco Funds
27 Invesco US Equity Flexible Fund USD% SUPPLY Ameren Corp, 38 American Electric Power Co Inc, 34 CenterPoint Energy Inc, 09 Consolidated Edison Inc, 50 DTE Energy Co, 20 Duke Energy Corp, 35 Entergy Corp, 43 Exelon Corp, 42 FirstEnergy Corp , 59 Pinnacle West Capital Corp, 30 Public Service Enterprise Group Inc, 35 Xcel Energy Inc,, TOTAL 21 SHARES, 44 LISTED ON AN OFFICIAL EXCHANGE OR TRADED TRANSFERABLE SECURITIES TOTAL, 44 OPEN INVESTMENT FUNDS Covesco Global Short-Term Funds Series Plc - US Dollar Liquidity Portfolio, 00 TOTAL OPEN INVESTMENT FUNDS 486 0.00 Total investments, 44 The accompanying notes are an integral part of the financial statements. 27 Invesco Funds
30 Invesco US Structured Equity Fund USD% SUPPLY Ameren Corp, 39 American Electric Power Co Inc, 35 CenterPoint Energy Inc, 12 Consolidated Edison Inc, 50 DTE Energy Co, 22 Duke Energy Corp, 37 Entergy Corp, 47 Exelon Corp, 45 FirstEnergy Corp , 63 Pinnacle West Capital Corp, 30 Public Service Enterprise Group Inc, 36 Xcel Energy Inc,, 43 TOTAL SHARES, 83 TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL EXCHANGE OR TRADED ON OTHER REGULATED MARKETS, 83 OPEN INVESTMENT FUNDS Covesco Short-Term Funds Series Plc - US Dollar Liquidity Portfolio, 52 TOTAL OPEN INVESTMENT FUNDS, 52 Total Investments, 35 The accompanying notes are an integral part of the financial statements. 30 Invesco Funds
3232 Invesco Funds
34 Invesco Emerging Europe Equity Fund USD% TURKEY BIM Birlesik Magazalar AS, 86 Pegasus Hava Tasimaciligi AS, 02 Turk Tuborg Bira ve Malt Sanayii AS, 92 Turkiye Sinai Kalkinma Bankasi AS,, 09 UNITED KINGDOM Atrium European Real Estate Ltd, 25 Evraz Plc, 52 KAZ Minerals Plc, 66 Nostrum Oil & Gas Plc, 40 United Co RUSAL Plc, 21 Wizz Air Holdings Plc 144A,, 65 SHARES IN TOTAL, 31 LISTED ON AN OFFICIAL EXCHANGE OR TRADED ON OTHER REGULATED MARKETS, TRANSFERABLE SECURITIES IN IRELAND Invesco Short-Term Investments Co Global Series Plc - US Dollar Liquidity Portfolio, 30 OPEN INVESTMENT FUNDS TOTAL, 30 total investments, 61 The accompanying notes are an integral part of the financial statements. 34 Invesco Funds
36 Invesco Euro Equity Fund EUR% NETHERLANDS (continued) Philips Lighting NV 144A, 41 Randstad Holding NV, 97 Van Lanschot Kempen NV,, 82 NORWAY Statoil ASA, 93 PORTUGAL EDP - Energias de Portugal SA, 14 Galp Energia SGPS SA, 61 Sonae SGPS SA,, 10 SPAIN Bankia SA, 03 CaixaBank SA, 09 Neinor Homes SA 144A, 18 Repsol SA, 36 Telefonica SA, 31 Telepizza Group SA 144A,, 41 SWITZERLAND Novartis AG, 63 TOTAL SHARES, 77 LISTED ON AN OFFICIAL EXCHANGE OR TOTAL TRANSFERABLE SECURITIES TRADED ON OTHER REGULATED MARKETS, 77 Complete investments, 77 The accompanying notes are an integral part of the financial statements. 36 Invesco Funds
3838 Invesco Funds
39 Invesco Euro Structured Equity Fund EUR% LISTED ON AN OFFICIAL EXCHANGE OR TRADED ON OTHER REGULATED MARKETS SHARES AUSTRIA CA Immobilien Anlagen AG, 77 Oesterreichische Post AG, 63 OMV AG, 88 Telekom Austria AG, 25 Verbund AG, 58 voestalpine AG, , 92 BELGIUM bpost SA, 60 Proximus SADP,, 25 FINLAND Neste OYJ, 92 Stora Enso OYJ, 07 UPM-Kymmene OYJ,, 10 FRANCE Alten SA, 29 Atos SE, 58 Bouygues SA, 91 Elis SA, 69 Engie SA, 91 Faurecia SA, 97 Fnac Darty SA, 04 Ipsen SA, 29 Kering SA, 94 Lagardere SCA, 33 LVMH Moet Hennessy Louis Vuitton SE, 90 Nexity SA, 60 Pernod Ricard SA, 45 Peugeot SA, 69 Sodexo SA, 50 Sopra Steria Group, 29 Vinci SA,, 13 DEUTSCHLAND Aurubis AG, 62 Beiersdorf AG, 76 Covestro AG 144A, 06 Deutsche Pfandbriefbank AG 144A, 85 E.ON SE, 60 Evonik Industries AG, 34 Fielmann AG, 56 Fraport AG Frankfurt Airport Services Worldwide, 80 HOCHTIEF AG, 63 HUGO BOSS AG, 88 Jenoptik AG, 18 Rheinmetall AG, 87 Siltronic AG, 72 Software AG, 85 TAG Immobilien AG, 91 Telefonica Deutschland Holding AG, 68 Wacker Chemie AG,, 56 39 Invesco Funds
4040 Invesco Funds
42 * Linked to variable coupon guaranteed conditional book entry securities issued as part of the merger between EDF and British Energy and listed on the London Stock Exchange under ISIN GB00B3F6P319. 42 Invesco Funds
44 Invesco Pan European Equity Income Fund EUR% FINANCIAL SYSTEMS (continued) Legal & General Group Plc, 28 Lloyds Banking Group Plc, 56 Merlin Properties Socimi SA, 01 Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, 16 Provident Financial Plc, 44 PRS REIT Plc, 98 TP ICAP Plc, 98 UBS Group AG, 64 Zurich Insurance Group AG,, 42 INDUSTRIE Airbus SE, 57 AP Moller - Maersk A / S, 09 Deutsche Post AG, 90 Philips Lighting NV 144A, 02 SafeStyle UK Plc, 56 Siemens AG ,, 00 TECHNOLOGIE Capgemini SE, 44 SUPPLIES Enel SpA, 83 SHARES IN TOTAL, 33 LISTED ON AN OFFICIAL EXCHANGE OR TRADED ON OTHER REGULATED MARKETS TOTAL TRANSFERABLE SECURITIES, 33 OPEN INVESTMENTS FUND CO Perpetual High Yield Fund, 03 TOTAL OPEN INVESTMENT FUNDS, 61 Total investments, 94 The accompanying notes are an integral part of the financial statements. 44 Invesco Funds
46 Invesco Pan European Focus Equity Fund EUR% UNITED KINGDOM (continued) Future Plc, 69 Glencore Plc, 99 J Sainsbury Plc, 91 Royal Dutch Shell Plc - A Shares, 48 Savills Plc,, 91 TOTAL SHARES, 10 ON AN OFFICIAL EXCHANGE TOTAL TRANSFERABLE SECURITIES LISTED OR TRADED ON OTHER REGULATED MARKETS, 10 Complete investments, 10 The accompanying notes are an integral part of the financial statements. 46 Invesco Funds
48com Plc, 48 Bovis Homes Group Plc, 40 48 Invesco Funds
50 Invesco Pan European Small Cap Equity Fund EUR% UNITED KINGDOM AJ Bell Ltd Country **, 26 SHARES IN TOTAL, 26 WARRANTIES UNITED KINGDOM Kenmare Resources Npv WTS ** 621 0.00 TOTAL OPTION CERTIFICATES 0.00 OTHER TRANSFERABLE SECURITIES, TOTAL 26 SECURITIES IRELAND Invesco Short-Term Investments Co Global Series - Euro Liquidity Portfolio, 43 TOTAL OPEN INVESTMENT FUNDS, 43 Total investments, 31 The accompanying notes are an integral part of the financial statements. ** Securities valued in good faith using a process determined by the Board of Directors. 50 Invesco Funds
51 Invesco Pan European Structured Equity Fund EUR% LISTED ON AN OFFICIAL EXCHANGE OR TRADED ON OTHER REGULATED MARKETS SHARES AUSTRIA OMV AG, 89 voestalpine AG,, 65 BELGIUM Ageas, 32 Proximus SADP, S, Carls 12 DENMAR Bank A / S, 76 GN Store Nord A / S, 46 H Lundbeck A / S, 91 ISS A / S, 25 Novo Nordisk A / S,, 14 FINLAND Stora Enso OYJ, 05 UPM-Kymmene OYJ,, 01 FRANCE Atos SE, 18 Bouygues SA, 77 Casino Guichard Perrachon SA, 18 Elis SA, 15 Engie SA, 93 Faurecia SA, 95 Kering SA, 04 Veolia Environnement SA,, 68 DEUTSCHLAND Aurubis AG, 18 Beiersdorf AG, 41 Covestro AG 144A, 04 Deutsche Lufthansa AG, 24 E.ON SE, 63 Fraport AG Frankfurt Airport Services Worldwide, 92 HOCHTIEF AG, 50 HUGO BOSS AG, 22 Software AG, 41 Telefonica Deutschland Holding AG, 29 TUI AG, 98 TUI AG-DI,, 72 ITALY A2A SpA, 16 Enel SpA, 52 Recordati SpA,, 12 LUXEMBURG RTL Group SA, 24 Subsea 7 SA,, 39 51 Invesco Funds
53 Invesco Pan European Structured Equity Fund EUR% UNITED KINGDOM (continued) Experian Plc, 81 GlaxoSmithKline Plc, 73 Indivior Plc, 58 InterContinental Hotels Group Plc, 49 Intertek Group Plc, 03 Marks & Spencer Group Plc, 35 Moneysupermarket.com Group Plc, 26 Next Plc, 51 Pearson Plc, 33 Persimmon Plc, 84 RELX Plc, 33 Rentokil Initial Plc, 18 Rightmove Plc, 59 Royal Bank of Scotland Group Plc, 04 Royal Dutch Shell Plc, 81 Royal Mail Plc, 18 Severn Trent Plc, 53 SSE Plc, 83 Tate & Lyle Plc, 25 Vodafone Group Plc, 87 William Hill Plc, 54 Wm Morrison Supermarkets Plc,, 55 SHARES IN TOTAL, 06 LISTED ON AN OFFICIAL STOCK EXCHANGE OR TRADED ON OTHER REGULATED MARKETS, 06 TRANSFERABLE INVESTMENTS IN IRELAND Invesco Short-Term Investments Co Global Series - Euro Liquidity Portfolio, 69 TOTAL OPEN INVESTMENT FUNDS, 69 Total investments, 75 The accompanying notes are an integral part of the financial statements. 53 Invesco Funds
54 Invesco Japanese Equity Advantage Fund JPY% LISTED ON AN OFFICIAL STOCK EXCHANGE OR TRADED TRANSFERABLE SECURITIES SHARES COMMODITIES Aica Kogyo Co Ltd, 01 Nippon Steel & Sumitomo Metal Corp, 91 Shin-Etsu Chemical Co Ltd, 72 Taiyo Sans Corp. Nippon Chemical Co Ltd, 72 , 80 COMMUNICATION COOKPAD Inc, 16 Dentsu Inc, 57 Kakaku.com Inc, 61 M3 Inc, 89 Rakuten Inc, 67 Trend Micro Inc,, 58 CONSUMER CYCLES Daiichikosho Co Ltd, 22 Descente Ltd, 51 Ichibanya Co Ltd, 85 Marubeni Corp, 12 Nifco Inc, 34 Oriental Land Co Ltd, 85 Sanrio Co Ltd, 28 Toyota Tsusho Corp,, 72 NON-CYCLICAL CONSUMER GOODS Ci: z Holdings Co Ltd, 74 Hisamitsu Pharmaceutical Co Inc, 07 Ito En Ltd, 53 Paramount Bed Holdings Co Ltd , 22 Seikagaku Corp, 64 Tsumura & Co,, 95 FINANCIAL Fukuoka Financial Group Inc, 85 Mizuho Financial Group Inc, 77 ORIX Corp, 96 Sumitomo Mitsui Financial Group Inc,, 77 INDUSTRIE East Japan Railway Co, 80 Fuji Kyuko Co Ltd, 27 Hamamatsu Photonics KK, 84 Hitachi Constructio n Machinery Co Ltd, 23 Hoya Corp, 88 Keyence Corp, 48 Kubota Corp, 92 Optex Group Co Ltd, 23 Taikisha Ltd, 54 TOTO Ltd, 65 Yokogawa Electric Corp,, 41 TECHNOLOGY Canon Inc, 91 Koei Tecmo Holdings Co Ltd, 18 OBIC Business Consultants Co Ltd, 90 54 Invesco Funds
55 Invesco Japanese Equity Advantage Fund JPY% TECHNOLOGY (continued) Ricoh Co Ltd, 02 Roland DG Corp, 53 Square Enix Holdings Co Ltd, 53 Wacom Co Ltd,, 67 TOTAL SHARES, 90 LISTED ON AN OFFICIAL EXCHANGE OR OTHER REGULATED MARKET TOTAL TRANSFERABLE SECURITIES, 90 Complete investments, 90 The accompanying explanations are an integral part of the financial statements. 55 Invesco Funds
5757 Invesco Funds
58 Invesco Japanese Value Equity Fund JPY% LISTED ON AN OFFICIAL EXCHANGE OR TRADED TRANSFERABLE SECURITIES SHARES COMMODITIES Daicel Corp, 72 Sumitomo Metal Mining Co Ltd,, 92 COMMUNICATIONS Kakaku.
59 Invesco Japanese Value Equity Fund JPY% TECHNOLOGY Otsuka Corp, 26 SCSK Corp,, 30 SHARES TOTAL, 32 LISTED ON AN OFFICIAL EXCHANGE OR TRADED ON OTHER REGULATED MARKETS, TOTAL OF TRANSFERSABLE SECURITIES, 32 Total Investments, 32 . 59 Invesco Funds
61 Invesco Nippon Small / Mid Cap Equity Fund JPY% INDUSTRY (continued) Rorze Corp, 10 Towa Corp, 96 W-Scope Corp,, 03 TECHNOLOGY Ferrotec Holdings Corp, 34 Japan Material Co Ltd, 59 Kanamic Network Co Ltd,, 27 SUPPLY erex Co Ltd, TOTAL 64 SHARES, 50 LISTED ON AN OFFICIAL EXCHANGE OR TRADED ON OTHER REGULATED MARKETS TOTAL TRANSFERABLE SECURITIES, 50 Total Investments, 50 The accompanying notes are an integral part of the financial statements. ** Securities valued in good faith using a process determined by the Board of Directors. 61 Invesco Funds
62 Invesco Asia Consumer Demand Fund USD% LISTED ON AN OFFICIAL STOCK EXCHANGE OR TRADED TRANSFERABLE SECURITIES SHARES BERMUDAS Brilliance China Automotive Holdings Ltd, 85 Haier Electronics Group Co Ltd, 77 Yue Yuen Industrial Holdings Ltd,, 17 CAIMAN ISLANDS Alibaba ISLANDS ADR, 08 ANTA Sports Products Ltd, 99 Baidu Inc ADR, 04 China Mengniu Dairy Co Ltd, 88 China Resources Land Ltd, 72 Ctrip.com International Ltd ADR, 14 Hengan International Group Co Ltd, 30 IMAX China Holding Inc 144A, 40 JD .
63 Invesco Asia Consumer Demand Fund USD% PHILIPPINES BDO Unibank Inc, 98 SINGAPORE ComfortDelGro Corp Ltd, 95 DBS Group Holdings Ltd,, 08 SOUTH KOREA AMOREPACIFIC Group, 75 BGF retail Co Ltd, 63 Coway Co Ltd, 66 Dongsuh Cos Inc, 82 E- MART Inc, 08 Green Cross Corp, 90 Hanssem Co Ltd, 70 NongShim Co Ltd, 70 Ottogi Corp, 73 Samsung Electronics Co Ltd, 85 Yuhan Corp,, 53 TAIWAN Largan Precision Co Ltd, 23 MediaTek Inc, 29 President Chain Store Corp, 06 Uni-President Enterprises Corp,, 23 THAILAND Central Pattana PCL, TOTAL 10 SHARES, 17 LISTED ON AN OFFICIAL EXCHANGE OR TRADED TRANSFERABLE SECURITIES TOTAL, 17 OPEN INVESTMENT FUNDS IRLAND US Co. Global Series Plc Investments Term - IRELAND US Co Liquidity Portfolio, 43 TOTAL OPEN INVESTMENT FUNDS, 43 Total investments, 60 The accompanying explanations are an integral part of the financial statements. 63 Invesco Funds
64 Invesco Asia Infrastructure Fund USD% LISTED ON AN OFFICIAL EXCHANGE OR TRADED ON OTHER REGULATED MARKETS SHARES BERMUDAS SmarTone Telecommunications Holdings Ltd, 27 CAIMAN ISLANDS Alibaba Group Holding Ltd ADR, 93 Autohome 24 Inc Cement Resources China Ltd Holdings Ltd, 65 CK Hutchison Holdings Ltd, 35 Ctrip.
6565 Invesco Funds
66 Invesco Asia Opportunities Equity Fund USD% LISTED ON AN OFFICIAL STOCK EXCHANGE OR TRADED TRANSFERABLE SECURITIES SHARES BERMUDAS Pou Sheng International Holdings Ltd, 42 SmarTone Telecommunications Holdings Ltd,, 72 KAIMANINSELN Holding 27 Ajisen China Holdings Ltd, 50 Asia Cement China Holdings Corp, 06 ASM Pacific Technology Ltd, 50 Autohome Inc ADR, 22 Changyou.com Ltd ADR, 80 CIMC Enric Holdings Ltd, 35 CK Hutchison Holdings Ltd, 50 Ctrip.
6767 Invesco Funds
68 Invesco Asian Focus Equity Fund USD% LISTED ON AN OFFICIAL EXCHANGE OR TRADED TRANSFERABLE SECURITIES SHARES AUSTRALIA QBE Insurance Group Ltd, 93 BERMUDAS Pacific Basin Shipping Ltd, 12 CAIMAN ISLANDS Baidu Inc 70 China. 29 China Conch Venture Holdings, Inc 70 China. 29 China Conch Venture Holdings, Inc. Meidong Auto Holdings Ltd, 32 CK Hutchison Holdings Ltd, 30 EVA Precision Industrial Holdings Ltd, 51 HKR International Ltd, 71 JD.com Inc ADR, 66 Minth Group Ltd, 99 NetEase Inc ADR, 37 Tencent Holdings Ltd,, 73 CHINA China BlueChemical Ltd - H shares, 53 China Communications Services Corp Ltd - H shares, 98 Industrial & Commercial Bank of China Ltd - H shares, 61 Qingdao Port International Co Ltd - H shares 144A, 44 Qingling Motors Co Ltd - H- Shares,, 55 HONGKONG AIA Group Ltd, 36 China Mobile Ltd, 77 CNOOC Ltd,, 91 INDIA Aurobindo Pharma Ltd, 88 HDFC Bank Ltd, 20 ICICI Bank Ltd ADR, 10 UPL Ltd,, 05 INDONESIA Bank Negara Indonesia Persero Tbk PT, 17 Indosat Tbk PT,, 53 JAPAN Inpex Corp, 76 Nexon Co Ltd,, 25 LUXEMBOURG Samsonite International SA, 64 MALAYSIA British American Tobacco Malaysia Bhd, 74 PHILIPPINES Filinvest Land Inc, 09 SINGAPORE United Overseas Bank Ltd, 91 68 Invesco Funds
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