225504 INVESCO Funds 2012 eng Cover 29/06/2012 12:21 Page 1

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Invesco Funds Audited Annual Report

Socit dInvestissement Capital Variable

For the year ended 29 February 2012

Invesco Global Asset Management Limited
Georges Quay House
43 Townsend Street, Dublin 2, Ireland
Telephone: +353 1 439 8000
Facsimile: +353 1 439 8400
Website: www.invesco.com

(R.C.S. Luxembourg B34457)

225504 INVESCO Funds 2012 eng Cover 29/06/2012 12:21 Page 2

Perivan Financial Print

225504

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Equalisation is calculated for tax reporting purposes and is not disclosed in the Audited Annual Report.

Contents
Page(s)

Report of the Board of Directors

05

Statement of Investments
Equity Funds
Global
Invesco Global Structured Equity Fund
Invesco Emerging Market Quantitative Equity Fund
Invesco Global Smaller Companies Equity Fund
Invesco Global Equity Income Fund

06
09
12
19

Invesco Latin American Equity Fund

Invesco US Structured Equity Fund
Invesco US Value Equity Fund

21
23
25

Invesco Pan European Structured Equity Fund

Invesco Pan European Equity Fund
Invesco Pan European Small Cap Equity Fund
Invesco European Growth Equity Fund
Invesco Pan European Equity Income Fund
Invesco Emerging Europe Equity Fund
Invesco Pan European Focus Equity Fund

27
29
31
35
37
39
41

Invesco Nippon Small/Mid Cap Equity Fund

Invesco Japanese Equity Advantage Fund
Invesco Japanese Value Equity Fund

42
44
45

Invesco Asia Opportunities Equity Fund

Invesco Greater China Equity Fund
Invesco Asia Infrastructure Fund
Invesco India Equity Fund
Invesco Asia Consumer Demand Fund
Invesco China Focus Equity Fund

47
49
51
54
56
58

Invesco Global Leisure Fund

Invesco Energy Fund
Invesco Asia Pacific Real Estate Securities Fund
Invesco Global Income Real Estate Securities Fund
Invesco Gold & Precious Metals Fund

59
61
63
65
68

Invesco USD Reserve Fund

Invesco Euro Reserve Fund

69
70

Invesco Global Bond Fund

Invesco European Bond Fund
Invesco Absolute Return Bond Fund
Invesco Euro Inflation-Linked Bond Fund
Invesco Euro Corporate Bond Fund
Invesco UK Investment Grade Bond Fund
Invesco Emerging Local Currencies Debt Fund
Invesco Global Investment Grade Corporate Bond Fund
Invesco Global Unconstrained Bond Fund
Invesco Global Total Return (EUR) Bond Fund
Invesco Emerging Market Corporate Bond Fund
Invesco Euro Short Term Bond Fund
Invesco Asian Bond Fund

71
73
75
76
77
80
82
84
87
88
89
91
93

America

Europe

Japan

Asia

Theme Funds

Reserve Funds

Bond Funds

03

Invesco Funds

Contents
Page(s)

Mixed Funds
Invesco Capital Shield 90 (EUR) Fund
Invesco Asia Balanced Fund
Invesco Pan European High Income Fund
Invesco Global Absolute Return Fund
Invesco Balanced-Risk Allocation Fund

94
95
99
103
104

Financial Statements
Financial Statements
Statement of Net Assets

105-112

Comparative Net Asset Values

113-117

Statement of Operations and Changes in Net Assets

118-126

Notes to the Financial Statements

127-152

Audit Report

153

Other Information

154

Board of Directors

161

Organisation

161

04

Invesco Funds

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 29 February 2012
together with a market review for that year.

The Assets Under Management increased from USD 13,313,294,904 on 28 February 2011 to USD
15,318,958,718 on 29 February 2012.
The Net Proceeds from issue of shares was USD 2,036,201,067 for the year.
The Net Income for the year ended 29 February 2012 was USD 235,907,473 compared with USD
122,207,543 on 28 February 2011.

The following report covers the year from 1 March 2011 to 29 February 2012.
Geopolitical events dominated the early part of the year under review. Political tensions in the Middle East and North Africa
sent the oil price close to US$120 a barrel as investors worried over the implications of renewed inflationary pressures on
global growth. Emerging markets underperformed their developed counterparts following policy tightening in the Asian
regions. Nevertheless, it was the tragic events of the Japanese earthquake and subsequent tsunami which led to global equity
markets touching new lows for the year, as investors pondered the effects of the tragedy on global supply chains. The rally in
the more credit sensitive areas of the bond market faltered as investors switched their attention to the relative safety of core
government bonds.
From May onwards, deepening problems in the peripheral countries of the eurozone, namely Ireland, Portugal and Greece sent
jitters through equity and bond markets. This contrasted with data in Germany, as well as France and Switzerland, continuing
to paint a relatively robust picture of the health of their economies. Investors, once again, sought perceived safe-haven assets,
with the more cautious sentiment reflected in global healthcare, telecommunications and utility stocks outperforming mining
and financial stocks over the summer months. Renewed monetary tightening across Asia led to fears that global growth would
slow and, once again, resulted in underperformance of Asian stock markets versus their developed peers. In a bond market
now wary of taking risk, corporate debt underperformed core government paper.
The downgrading of US debt in August by ratings agency Standard & Poors, for the first time ever in that countrys history,
ushered in a period of heightened volatility. To compound matters further, the lack of policy initiatives by eurozone ministers
to tackle the sovereign debt crisis, resulted in stock markets hitting new lows for the year in October. With sentiment nervous,
investors mainly ignored generally good corporate results from the US, Europe, UK and Asia and instead sought perceived
safe-haven assets, causing both gold and the Swiss franc to reach record highs for the period. Core government bonds of the
US, UK and Germany were in demand, while the yield on the Italian 10-year debt (the day after Silvio Berlusconis departure
from office) exceeded the psychologically important 7%. This was the level Irish and Portuguese bonds breached just ahead of
them receiving bail-out funds.
A significant shift away from risk averse securities towards riskier assets occurred towards the end of the review period. The
catalyst for the change in sentiment was the European Central Banks decision to bolster European bank funding through
expanded refinancing operations. Equity markets rallied strongly for the remainder of 2011, with double digit gains registered
in the stock markets of Brazil, Russia and China over the final two months of the period under review. The announcement of
third quarter GDP growth coming in at 9.1% year-on-year, assuaged fears that China was heading for a hard landing. UK and
European equity markets also rose over the period, fuelled by better than expected US economic data in the employment and
manufacturing sectors. Meanwhile, emerging Asian equity markets moved higher on the back of healthy corporate earnings
and an easing of inflationary pressures across the region.
Fixed interest markets saw a divergence in performance with core government bonds and the most interest rate-sensitive
corporate bonds delivering negative returns. By contrast, stronger performances came from the rest of the corporate bond
market, especially subordinated bank debt. Against a volatile economic background, the MCSI World Index ended the year
under review 1.1% lower (US dollar terms, total return).
Upcoming Events:
June 27th 2012

Launch of Invesco US High Yield Bond Fund

Launch of Invesco Renminbi Fixed Income Fund
Launch of Invesco Asian Focus Equity Fund
Launch of Invesco US Equity Fund

Launch of 15 new share classes:

Invesco Asian Bond fund A EUR (Annual Distribution) and R USD (Monthly Distribution)
Invesco Emerging Local Currencies Debt Fund A EUR (Annual Distribution)
Invesco Euro Corporate Bond Fund A EUR (Annual Distribution)
Invesco Global Bond Fund A EUR (Hedged), C EUR (Hedged) and E EUR (Hedged)
Invesco Global Equity Income Fund A EUR (Hedged)
Invesco Global Smaller Companies Equity Fund A EUR (Hedged)
Invesco Global total Return (EUR) Bond Fund A EUR (Annual Distribution)
Invesco Japanese Equity Advantage Fund C GBP
Invesco Pan European High Income Fund A EUR (Annual Distribution) and R EUR
July 10th 2012

Liquidation of Asia Pacific Real Estate Securities Fund

The information contained in this report relates to historical data and bears no relevance to the future development of the Fund.
05

Invesco Funds

Invesco Global Structured Equity Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value
USD

Net Assets
%

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
EQUITIES
AUSTRALIA
Amcor Ltd
50,749
390,480
0.70
Ansell Ltd
16,098
253,746
0.45
Beach Energy Ltd
89,942
152,786
0.27
Campbell Brothers Ltd
6,088
390,514
0.70
Coca-Cola Amatil Ltd
41,892
541,834
0.97
Iluka Resources Ltd
51,133
929,559
1.66
Metcash Ltd
28,167
129,578
0.23
Ramsay Health Care Ltd
9,371
186,708
0.33
TABCORP Holdings Ltd
17,530
51,768
0.09
Telstra Corp Ltd
274,581
980,481
1.75
Woolworths Ltd
12,754
350,171
0.63

BELGIUM
Mobistar SA
Solvay SA

5,629
2,122

4,357,625

7.78

274,141
261,902

0.49
0.47

536,043

0.96

BERMUDA
Catlin Group Ltd

22,670

151,438

0.27

CANADA
Alimentation Couche Tard Inc
AuRico Gold Inc
Barrick Gold Corp
BCE Inc
Canadian Utilities Ltd
CGI Group Inc
Enbridge Inc
George Weston Ltd
IGM Financial Inc
Intact Financial Corp
Loblaw Cos Ltd
Metro Inc
National Bank of Canada
Rogers Communications Inc
TELUS Corp
TELUS Corp (Non-voting)
Tim Hortons Inc

6,000
11,000
17,400
29,100
1,600
9,100
28,900
2,100
3,000
6,800
3,000
7,400
12,900
31,500
17,800
2,300
8,900

181,801
112,139
867,121
1,185,311
106,087
193,316
1,130,545
135,459
140,295
411,257
104,645
379,777
998,643
1,207,884
1,031,791
131,774
476,741

0.32
0.20
1.55
2.12
0.19
0.35
2.02
0.24
0.25
0.73
0.19
0.68
1.78
2.16
1.84
0.24
0.85

8,794,586

15.71

DENMARK
Coloplast A/S

2,799

463,394

0.83

FINLAND
Orion OYJ

9,695

209,509

0.37

2,224
11,416

132,813
334,637

0.24
0.60

467,450

0.84

371,120
523,757

0.66
0.94

894,877

1.60

571,201
120,430
965,531
309,393
935,812
453,432
1,187,298
177,978

1.02
0.22
1.72
0.55
1.67
0.81
2.12
0.32

GERMANY
Kabel Deutschland Holding AG
Suedzucker AG

HONG KONG
CLP Holdings Ltd
Power Assets Holdings Ltd

42,000
70,000

JAPAN
Ajinomoto Co Inc
Benesse Holdings Inc
Canon Inc
Capcom Co Ltd
Central Japan Railway Co
Daito Trust Construction Co Ltd
Eisai Co Ltd
Hisamitsu Pharmaceutical Co Inc

48,000
2,600
21,100
13,800
113
5,100
29,000
3,900
06

Invesco Funds

Invesco Global Structured Equity Fund

Statement of Investments as at 29 February 2012

Investment

JAPAN (continued)
Kao Corp
Lawson Inc
Miraca Holdings Inc
Namco Bandai Holdings Inc
Nomura Research Institute Ltd
Ono Pharmaceutical Co Ltd
Osaka Gas Co Ltd
Otsuka Holdings Co Ltd
Sankyo Co Ltd
Sega Sammy Holdings Inc
Shionogi & Co Ltd
Takeda Pharmaceutical Co Ltd
TonenGeneral Sekiyu KK
Toyo Suisan Kaisha Ltd
USS Co Ltd
West Japan Railway Co
Yamato Holdings Co Ltd

NEW ZEALAND
Chorus Ltd
Telecom Corp of New Zealand Ltd

Nominal/Shares

Market Value
USD

Net Assets
%

44,400
8,300
5,700
23,400
8,400
2,300
125,000
8,300
3,400
24,300
40,000
22,200
30,000
20,000
1,250
20,500
34,100

1,146,991
493,335
219,721
329,817
202,062
127,484
484,177
235,521
165,096
465,332
559,562
1,013,106
280,154
518,652
123,725
844,395
543,599

2.05
0.88
0.39
0.59
0.36
0.23
0.87
0.42
0.30
0.83
1.00
1.81
0.50
0.93
0.22
1.51
0.97

12,473,804

22.29

171,753
446,156

0.31
0.80

617,909

1.11

62,239
246,957

PORTUGAL
Jeronimo Martins SGPS SA

24,451

455,990

0.81

SPAIN
Ebro Foods SA

14,969

304,816

0.54

SWEDEN
Swedish Match AB

33,768

1,297,220

2.32

19,287
120,443
24,923
18,858
5,227
15,572
41,103
83,076
54,097

864,900
412,464
386,619
831,606
119,334
572,746
174,049
933,428
193,365

1.55
0.74
0.69
1.49
0.21
1.02
0.31
1.67
0.35

4,488,511

8.03

370,825
952,345
974,617
800,451
163,303
918,476
888,416
932,415
431,100
1,177,911
1,020,708
595,337
1,125,157
919,073
165,631
1,189,042
1,163,016
929,655

0.66
1.70
1.74
1.43
0.29
1.64
1.59
1.67
0.77
2.10
1.82
1.06
2.01
1.64
0.30
2.12
2.08
1.66

UNITED KINGDOM
AstraZeneca Plc
BT Group Plc
De La Rue Plc
Next Plc
Rightmove Plc
Royal Dutch Shell Plc
Stagecoach Group Plc
Tate & Lyle Plc
William Hill Plc

UNITED STATES
Abbott Laboratories
Activision Blizzard Inc
Amgen Inc
Apollo Group Inc
Biogen Idec Inc
Bristol-Myers Squibb Co
Cardinal Health Inc
Coca-Cola Enterprises Inc
Domtar Corp
Eli Lilly & Co
Forest Laboratories Inc
Hormel Foods Corp
Humana Inc
InterActiveCorp
Magellan Health Services Inc
Marathon Oil Corp
Motorola Solutions Inc
Pfizer Inc

6,500
79,000
14,300
18,600
1,400
28,300
21,100
33,000
4,500
29,900
31,200
20,900
12,700
20,100
3,400
33,900
23,200
43,800

07

Invesco Funds

Invesco Global Structured Equity Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value
USD

Net Assets
%

13,900
25,300

750,322
965,448

1.34
1.72

16,433,248

29.34

TOTAL EQUITIES

51,946,420

92.80

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

51,946,420

92.80

Total
Investments

51,946,420

92.80

UNITED STATES (continued)

Tech Data Corp
Verizon Communications Inc

The accompanying notes form an integral part of these financial statements.

08

Invesco Funds

Invesco Emerging Market Quantitative Equity Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value
USD

Net Assets
%

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
EQUITIES
BRAZIL
Banco do Brasil SA
Banco do Estado do Rio Grande do Sul
Bradespar SA
Braskem SA
Cia de Bebidas das Americas ADR
Cosan SA Industria e Comercio
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA
Itausa - Investimentos Itau SA
Klabin SA
Localiza Rent a Car SA
Lojas Renner SA
MMX Mineracao e Metalicos SA
Natura Cosmeticos SA
OI SA
Petroleo Brasileiro SA ADR
Petroleo Brasileiro SA
Porto Seguro SA
Rossi Residencial SA
Souza Cruz SA
Sul America SA
Suzano Papel e Celulose SA
Telefonica Brasil SA ADR
Ultrapar Participacoes SA
Vale SA

CAYMAN ISLANDS
Evergrande Real Estate Group Ltd
CHILE
AES Gener SA
Enersis SA

CHINA
Anhui Conch Cement Co Ltd
Bank of China Ltd
China Construction Bank Corp
China Petroleum & Chemical Corp
Dongfeng Motor Group Co Ltd
Great Wall Motor Co Ltd
Industrial & Commercial Bank of China
PetroChina Co Ltd

18,100
4,700
7,000
7,700
1,400
39,300
18,600
79,300
14,200
38,600
2,400
13,100
2,600
8,200
5,900
16,200
3,800
7,300
48,200
4,500
104,200
1,860
5,000
9,600

294,292
56,805
148,700
71,165
56,588
713,577
404,983
558,324
71,394
737,042
90,755
74,010
60,511
54,519
179,183
232,366
48,313
45,631
719,346
48,672
513,760
56,293
114,039
242,833

0.79
0.15
0.40
0.19
0.15
1.92
1.09
1.51
0.19
1.99
0.24
0.20
0.16
0.15
0.48
0.63
0.13
0.12
1.94
0.13
1.39
0.15
0.31
0.66

5,593,101

15.07

124,000

78,669

0.21

112,334
1,015,162

68,754
411,552

0.19
1.11

480,306

1.30

55,654
958,425
1,151,099
858,663
184,363
49,221
1,108,405
48,402

0.15
2.58
3.10
2.32
0.50
0.13
2.99
0.13

4,414,232

11.90

8,610

52,619

0.14

100,500
473,000

1,072,708
1,084,449

2.89
2.92

2,157,157

5.81

60,190
54,435
698,868
346,409

0.16
0.15
1.88
0.93

1,159,902

3.12

263,447
49,284
62,996
75,185
54,885
47,006
66,579
91,500

0.71
0.13
0.17
0.20
0.15
0.13
0.18
0.25

710,882

1.92

16,000
2,199,000
1,366,000
752,000
94,000
24,500
1,512,000
32,000

COLOMBIA
Cementos Argos SA
HONG KONG
China Mobile Ltd
CNOOC Ltd

INDONESIA
Bank Mandiri Persero Tbk PT
Bank Negara Indonesia Persero Tbk PT
Indo Tambangraya Megah TBK PT
Vale Indonesia Tbk

84,500
130,500
145,500
859,000

MALAYSIA
AirAsia Bhd
Alliance Financial Group Bhd
DiGi.Com Bhd
Kuala Lumpur Kepong Bhd
Malayan Banking Bhd
Petronas Chemicals Group Bhd
Public Bank Bhd
Sime Darby Bhd

216,800
38,000
47,000
9,600
18,800
21,000
14,600
28,300

09

Invesco Funds

Invesco Emerging Market Quantitative Equity Fund

Statement of Investments as at 29 February 2012

Investment

MEXICO
Alfa SAB de CV
America Movil SAB de CV ADR
Industrias Penoles SAB de CV
Kimberly-Clark de Mexico SAB de CV

Nominal/Shares

Market Value
USD

Net Assets
%

53,400
42,400
3,270
12,700

718,675
1,010,604
168,255
71,372

1.94
2.73
0.45
0.19

1,968,906

5.31

PHILIPPINES
Metropolitan Bank & Trust

28,000

53,374

0.14

POLAND
Powszechna Kasa Oszczednosci Bank Polski SA
Powszechny Zaklad Ubezpieczen SA

67,036
682

747,172
73,725

2.02
0.20

820,897

2.22

47,763
89,407
823,958
197,142
58,847
815,831

0.13
0.24
2.22
0.53
0.16
2.20

2,032,948

5.48

56,972
791,546
366,205
804,993
451,782
791,791

0.15
2.13
0.99
2.17
1.22
2.14

3,263,289

8.80

45,985
70,230
46,982
74,806
55,506
929,939
815,880
621,129
55,774
75,471
1,800,613
308,337
309,843
45,162

0.12
0.19
0.13
0.20
0.15
2.51
2.20
1.68
0.15
0.20
4.86
0.83
0.84
0.12

5,255,657

14.18

826,235
58,579
63,195
50,856
714,954
87,536
39,687
41,638
591,550
46,642
1,330,461
53,466
137,925

2.23
0.16
0.17
0.14
1.93
0.24
0.11
0.11
1.60
0.13
3.59
0.14
0.37

4,042,724

10.92

RUSSIA
Lukoil OAO ADR
MMC Norilsk Nickel OJSC ADR
Rosneft Oil Co GDR
Sberbank of Russia
Severstal OAO GDR
Tatneft ADR

746
4,503
106,146
75,948
3,820
20,350

SOUTH AFRICA
African Rainbow Minerals Ltd
Exxaro Resources Ltd
Imperial Holdings Ltd
Kumba Iron Ore Ltd
Liberty Holdings Ltd
Woolworths Holdings Ltd

2,216
27,853
18,571
10,457
37,694
131,453

SOUTH KOREA
Daewoo Shipbuilding & Marine Engineering Co Ltd
Dongbu Insurance Co Ltd
GS Holdings
Hana Financial Group Inc
Hankook Tire Co Ltd
Hyundai Motor Co
Kia Motors Corp
Kumho Petro chemical Co Ltd
LG Corp
LG Display Co Ltd
Samsung Electronics Co Ltd
Samsung Engineering Co Ltd
SK Holdings Co Ltd
SK Innovation Co Ltd

1,430
1,610
813
2,120
1,450
4,822
12,901
4,433
892
2,850
1,671
1,457
2,042
272

TAIWAN
Asustek Computer Inc
Catcher Technology Co Ltd
Chinatrust Financial Holding Co Ltd
E.Sun Financial Holding Co Ltd
Farglory Land Development Co Ltd
Formosa Plastics Corp
Mega Financial Holding Co Ltd
Nan Ya Plastics Corp
Powertech Technology Inc
Taishin Financial Holding Co Ltd
Taiwan Semiconductor Manufacturing Co Ltd ADR
TSRC Corp
United Microelectronics Corp

10

88,000
8,000
93,000
93,000
336,000
28,000
51,000
17,000
258,000
114,019
90,600
20,900
262,000

Invesco Funds

Invesco Emerging Market Quantitative Equity Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value
USD

Net Assets
%

11,200
250,000
14,200

71,422
143,317
170,081

0.19
0.39
0.46

384,820

1.04

98,140
75,987
36,565
71,437

0.26
0.21
0.10
0.19

282,129

0.76

TOTAL EQUITIES

32,751,612

88.32

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE

LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

32,751,612

88.32

2,208,965

5.96

2,208,965

5.96

34,960,577

94.28

THAILAND
Bangkok Bank PCL
Krung Thai Bank PCL
PTT PCL

TURKEY
KOC Holding AS
Turk Telekomunikasyon AS
Turkiye Halk Bankasi AS
Turkiye Is Bankasi

23,695
17,876
5,257
30,189

OPEN-ENDED FUNDS
FRANCE
Lyxor ETF MSCI India

154,000

TOTAL OPEN-ENDED FUNDS

Total
Investments
The accompanying notes form an integral part of these financial statements

11

Invesco Funds

Invesco Global Smaller Companies Equity Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value
USD

Net Assets
%

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
EQUITIES
AUSTRALIA
Alara Resources Ltd
Alesco Corp Ltd
Aquila Resources Ltd
Austbrokers Holdings Ltd
Base Resources Ltd
Beadell Resources Ltd
Cabcharge Australia Ltd
Chesser Resources Ltd
Cokal Ltd
Coventry Group Ltd
Dart Energy Ltd
DuluxGroup Ltd
Flight Centre Ltd
Gunns Ltd
Gunns Ltd PFD
Invocare Ltd
Iress Market Technology Ltd
Mincor Resources NL
Mirabela Nickel Ltd
Mortgage Choice Ltd
Mount Gibson Iron Ltd
Oakton Ltd
OrotonGroup Ltd
PanAust Ltd
Platinum Asset Management Ltd
Platinum Australia Ltd
Premier Investments Ltd
Prime Media Group Ltd
Reckon Ltd
Reece Australia Ltd
Resource Generation Ltd
Silver Lake Resources Ltd
Sundance Resources Ltd
Technology One Ltd
Ten Network Holdings Ltd
Transpacific Industries Group Ltd
Whitehaven Coal Ltd
Xanadu Mines Ltd

231,035
133,354
9,825
23,473
139,233
136,326
37,480
125,709
119,930
40,268
132,182
49,038
5,946
939,388
727
7,698
12,209
81,530
49,627
130,191
47,970
69,200
4,384
20,092
48,029
371,994
24,752
230,186
27,744
5,604
147,986
13,308
33,014
68,148
166,266
185,309
10,731
159,524

85,753
194,376
54,355
164,838
66,391
114,866
232,332
94,681
77,006
114,334
56,224
164,743
144,436
180,700
38,566
65,738
94,536
63,395
54,050
179,536
65,892
88,866
40,953
79,257
198,048
32,049
138,680
188,338
69,754
113,264
75,376
53,722
15,116
79,392
144,598
162,665
65,415
61,372

0.14
0.31
0.09
0.26
0.10
0.18
0.36
0.15
0.12
0.18
0.09
0.26
0.23
0.29
0.06
0.10
0.15
0.10
0.09
0.28
0.10
0.14
0.06
0.13
0.32
0.05
0.22
0.29
0.11
0.18
0.12
0.08
0.02
0.13
0.23
0.26
0.10
0.10

3,913,613

6.18

AUSTRIA
Wienerberger AG

7,500

93,288

0.15

BELGIUM
D'ieteren SA

6,500

323,135

0.51

4,250
8,334
72,000
32,839
7,041

503,091
54,344
45,307
27,552
17,399

0.79
0.09
0.07
0.04
0.03

647,693

1.02

2,533

70,743

0.11

8,490
60,000
196,000
4,852
154,400
49,000
1,669
6,078

79,806
63,056
245,662
32,848
61,820
29,760
88,991
26,318

0.13
0.10
0.38
0.05
0.10
0.05
0.14
0.04

628,261

0.99

77,492
80,825
65,151

0.12
0.13
0.10

223,468

0.35

BERMUDA
HAL Trust
Hiscox Ltd
Midland Holdings Ltd
Omega Insurance Holdings Ltd
Petra Diamonds Ltd

CANADA
Detour Gold Corp
CAYMAN ISLANDS
Charm Communications Inc ADR
China Lilang Ltd
Daphne International Holdings Ltd
E-House China Holdings Ltd ADR
HKR International Ltd
KWG Property Holding Ltd
Netease.com ADR
Shanda Games Ltd ADR

CHINA
Qingling Motors Co Ltd
Wumart Stores Inc
Zhejiang Expressway Co Ltd

238,000
40,000
86,000

12

Invesco Funds

Invesco Global Smaller Companies Equity Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value
USD

Net Assets
%

DENMARK
Chr Hansen Holding A/S

9,837

245,332

0.39

FRANCE
Aeroports de Paris
CFAO SA
Edenred
Eurazeo
Euro Disney SCA
Groupe Concoursmania
Groupe Eurotunnel SA
Groupe Flo
Inside Secure SA
Naturex
Societe BIC SA
Total Gabon
Virbac SA

4,041
7,000
13,364
7,587
40,000
10,000
50,000
26,107
9,384
4,442
2,500
945
2,910

322,739
278,779
359,221
362,537
265,369
150,631
432,638
162,496
120,348
300,903
251,674
470,995
436,871

0.51
0.44
0.57
0.57
0.42
0.24
0.68
0.26
0.19
0.47
0.40
0.74
0.69

3,915,201

6.18

207,068
191,081
110,159
117,534
446,360

0.32
0.30
0.17
0.19
0.71

1,072,202

1.69

44,797
106,253
306,897

0.07
0.17
0.48

457,947

0.72

79,893
328,395
289,286
172,931
353,893

0.13
0.52
0.45
0.27
0.56

1,224,398

1.93

194,579
370,752
114,853
142,196
94,911
112,268
379,501
111,609
154,584
67,750
35,763
261,135
6,207
497,063

0.30
0.59
0.18
0.22
0.15
0.18
0.60
0.18
0.24
0.11
0.06
0.41
0.01
0.78

2,543,171

4.01

241,503
235,747
197,339
131,035
356,193
155,233
404,334
194,529
375,018
217,521
220,691
345,474
254,215
104,038

0.38
0.37
0.31
0.21
0.56
0.24
0.65
0.31
0.59
0.34
0.35
0.55
0.40
0.16

GERMANY
Adler Modemaerkte AG
Brenntag AG
HanseYachts AG
Takkt AG
VTG AG

27,513
1,609
17,921
7,950
21,387

HONG KONG
China Resources Enterprise Ltd
China Taiping Insurance Holdings Co Ltd
HKT Trust / HKT Ltd

12,000
45,600
425,000

IRELAND
Aer Lingus
C&C Group Plc
DCC Plc
Governor & Co of the Bank of Ireland
Origin Enterprises Plc

70,000
67,500
11,144
928,795
67,500

ITALY
Autogrill SpA
Banca Generali SpA
Banca IFIS SpA
Beni Stabili SpA
Credito Emiliano SpA
Davide Campari-Milano SpA
DiaSorin SpA
Indesit Co SpA
Marcolin SpA
Parmalat SpA
Poltrona Frau SpA
Prelios SpA
Salvatore Ferragamo Italia SpA
Societa Iniziative Autostradali e Servizi SpA

18,908
29,457
19,199
250,000
19,412
15,000
12,662
20,151
30,000
29,628
28,675
1,400,000
329
60,000

JAPAN
Accordia Golf Co Ltd
Aica Kogyo Co Ltd
Daicel Corp
Daiei Inc
Daiwa Securities Group Inc
Fuji Machine Manufacturing Co Ltd
Hoya Corp
Ibiden Co Ltd
JVC Kenwood Corp
Kawasaki Kisen Kaisha Ltd
Komori Corp
Konica Minolta Holdings Inc
Mazda Motor Corp
Micronics Japan Co Ltd

313
16,800
30,000
36,400
85,000
7,400
17,200
8,000
80,210
102,000
29,000
40,500
152,000
16,700

13

Invesco Funds

Invesco Global Smaller Companies Equity Fund

Statement of Investments as at 29 February 2012

Investment

JAPAN (continued)
Mitsui OSK Lines Ltd
Mori Seiki Co Ltd
Nissan Chemical Industries Ltd
NTT Urban Development Corp
Ohara Inc
OKUMA Corp
Pioneer Corp
Resona Holdings Inc
Sanwa Holdings Corp
Shimizu Corp
Shinko Electric Industries Co Ltd
Star Micronics Co Ltd
Sumco Corp
Suruga Bank Ltd
Taiyo Yuden Co Ltd
Tokyo Tomin Bank Ltd
Toshiba Machine Co Ltd
Union Tool Co
Yamaha Motor Co Ltd

LUXEMBOURG
AZ Electronic Materials SA
GlobeOp Financial Services SA

Nominal/Shares

Market Value
USD

Net Assets
%

63,000
23,100
27,000
364
11,300
26,000
105,000
92,200
57,000
25,000
29,200
39,900
20,800
70,000
36,600
19,219
16,000
7,700
20,800

289,070
237,406
272,283
295,111
127,936
218,714
541,842
445,407
201,293
102,276
271,050
400,140
226,053
654,563
383,886
239,222
84,755
147,020
301,189

0.46
0.37
0.43
0.47
0.20
0.35
0.85
0.70
0.32
0.16
0.42
0.63
0.36
1.03
0.61
0.38
0.13
0.23
0.48

8,872,086

14.00

45,807
49,016

0.07
0.08

94,823

0.15

168,175
154,779
9,481
314,017
540,699
356,825

0.27
0.24
0.01
0.50
0.86
0.56

1,543,976

2.44

10,212
6,587

NETHERLANDS
Arcadis NV
Beter Bed Holding NV
Delta Lloyd NV
Fugro NV
PostNL NV
Unit 4 NV

8,799
6,737
500
4,224
89,769
12,412

NORWAY
Det Norske Oljeselskap ASA

2,826

47,014

0.07

PAPUA NEW GUINEA

New Britain Palm Oil Ltd

4,584

60,403

0.10

PORTUGAL
Banco Espirito Santo SA
Mota-Engil SGPS SA

35,000
55,000

76,600
86,766

0.12
0.14

163,366

0.26

104,417
79,967
11,915
69,761
44,819
51,656
15,418
61,025

0.16
0.13
0.02
0.11
0.07
0.08
0.02
0.10

438,978

0.69

431,628
82,888
47,321
312,152

0.68
0.13
0.07
0.50

873,989

1.38

222,710

0.35

SINGAPORE
Cambridge Industrial Trust
Fortune REIT
Gallant Venture Ltd
Goodpack Ltd
Sakari Resources Ltd
SIA Engineering Co Ltd
Treasury China Trust
Venture Corp Ltd

251,000
157,000
49,000
63,000
21,000
17,000
14,000
9,000

SPAIN
Amadeus IT Holding SA
Bolsas y Mercados Espanoles SA
Fluidra SA
Obrascon Huarte Lain SA

22,500
3,000
16,604
10,000

SWITZERLAND
Kuoni Reisen Holding AG

700

14

Invesco Funds

Invesco Global Smaller Companies Equity Fund

Statement of Investments as at 29 February 2012

Investment

UNITED KINGDOM
Abbey Protection Plc
Advanced Computer Software Group Plc
Advanced Medical Solutions Group Plc
Alternative Networks Plc
Amerisur Resources Plc
Aveva Group Plc
Avocet Mining Plc
Babcock International Group Plc
Beazley Plc
Bellway Plc
Berendsen Plc
Brewin Dolphin Holdings Plc
Brooks Macdonald Group Plc
BTG Plc
Cape Plc
Carclo Plc
Carphone Warehouse Group Plc
Chemring Group Plc
Consort Medical Plc
Craneware Plc
Croda International Plc
Dechra Pharmaceuticals Plc
Devro Plc
Dignity Plc
Diploma Plc
Domino Printing Sciences Plc
Dunelm Group Plc
E2V Technologies Plc
Elementis Plc
EMIS Group Plc
EnQuest Plc
Euromoney Institutional Investor Plc
Faroe Petroleum Plc
Fenner Plc
Fidessa Group Plc
Filtrona Plc
Go-Ahead Group Plc
Gulfsands Petroleum Plc
H&T Group Plc
Hansard Global Plc
Hansteen Holdings Plc
Hargreaves Services Plc
Headlam Group Plc
Hill & Smith Holdings Plc
Homeserve Plc
Howden Joinery Group Plc
Hunting Plc
Impax Asset Management Group Plc
IQE Plc
James Halstead Plc
JD Wetherspoon Plc
JKX Oil & Gas Plc
Jupiter Fund Management Plc
Latchways Plc
LSL Property Services Plc
Mam Funds Plc
Marston's Plc
May Gurney Integrated Services Plc
Mears Group Plc
Melrose Plc
Micro Focus International Plc
Microgen Plc
Mitie Group Plc
Moneysupermarket.com Group Plc
Morson Group Plc
N Brown Group Plc
NCC Group Plc
Northbridge Industrial Services Plc
Northgate Plc
PayPoint Plc
Phoenix IT Group Ltd
Premier Oil Plc
Renishaw Plc
Restaurant Group Plc
RM Plc
15

Invesco Funds

Nominal/Shares

Market Value
USD

Net Assets
%

15,547
28,960
19,418
15,640
81,331
2,572
23,858
19,191
24,798
4,395
3,943
38,321
1,924
21,612
13,263
3,659
18,780
12,994
374
3,587
5,206
18,130
11,890
3,522
20,052
10,783
12,033
24,400
37,577
6,453
34,536
7,347
12,574
31,282
1,165
15,901
451
4,817
16,637
14,474
27,816
3,670
6,166
9,294
20,094
47,068
4,459
29,773
130,694
9,152
7,201
10,393
22,364
2,388
17,603
32,457
37,119
18,269
23,392
15,634
11,866
28,839
16,010
20,702
5,642
21,269
3,863
4,627
15,453
10,801
9,766
18,012
1,524
5,892
24,545

19,272
23,778
28,791
73,059
33,875
70,529
87,390
230,847
57,564
55,950
32,060
94,911
40,659
121,337
92,383
20,097
50,937
91,069
3,503
22,560
177,868
159,409
59,153
46,255
126,949
111,186
98,415
54,850
97,801
42,695
70,835
85,391
35,057
234,227
30,879
113,547
9,063
13,200
88,625
34,643
33,005
71,822
28,545
46,138
71,056
87,947
58,507
25,870
57,561
74,141
46,117
22,245
89,119
42,260
68,372
12,419
57,773
85,158
89,505
97,707
84,990
64,599
67,628
41,966
3,643
81,365
54,859
19,069
60,964
99,575
31,373
128,793
35,243
26,279
32,333

0.03
0.04
0.05
0.12
0.05
0.11
0.14
0.35
0.09
0.09
0.05
0.15
0.06
0.19
0.15
0.03
0.08
0.14
0.01
0.04
0.29
0.25
0.09
0.07
0.19
0.17
0.16
0.09
0.15
0.07
0.11
0.13
0.06
0.38
0.05
0.18
0.01
0.02
0.14
0.05
0.05
0.11
0.05
0.07
0.11
0.14
0.09
0.04
0.09
0.12
0.07
0.04
0.14
0.07
0.11
0.02
0.09
0.13
0.14
0.15
0.13
0.10
0.11
0.07
0.01
0.13
0.09
0.03
0.10
0.16
0.05
0.20
0.06
0.04
0.05

Invesco Global Smaller Companies Equity Fund

Statement of Investments as at 29 February 2012
Investment

UNITED KINGDOM (continued)

Rotork Plc
RPC Group Plc
RPS Group Plc
RWS Holdings Plc
Salamander Energy Plc
SDL Plc
Senior Plc
Serco Group Plc
Spectris Plc
Spirax-Sarco Engineering Plc
Spirent Communications Plc
Staffline Group Plc
Sthree Plc
Synergy Health Plc
TalkTalk Telecom Group Plc
UBM Plc
Ultra Electronics Holdings Plc
UTi Worldwide Inc
Valiant Petroleum Plc
Victrex Plc
West China Cement Ltd
YouGov Plc

UNITED STATES
AAR Corp
ABM Industries Inc
ADTRAN Inc
Aerovironment Inc
Affiliated Managers Group Inc
Alaska Communications Systems Group Inc
Allied Nevada Gold Corp
American Financial Group Inc
AMERIGROUP Corp
Amsurg Corp
Ariba Inc
Arrow Electronics Inc
Arthur J Gallagher & Co
Bally Technologies Inc
Beacon Roofing Supply Inc
Bebe Stores Inc
Belden Inc
Bio-Rad Laboratories Inc
Buckle Inc
Charles River Laboratories International Inc
Commerce Bancshares Inc
Compass Minerals International Inc
Corn Products International Inc
Cubist Pharmaceuticals Inc
CVB Financial Corp
Cymer Inc
Dana Holding Corp
Darling International Inc
DineEquity Inc
Diodes Inc
Douglas Emmett Inc
Dresser-Rand Group Inc
DuPont Fabros Technology Inc
Eagle Materials Inc
East West Bancorp Inc
Education Realty Trust Inc
Electro Scientific Industries Inc
Endo Pharmaceuticals Holdings Inc
Energen Corp
Evercore Partners Inc
Express Inc
Finish Line Inc
FMC Corp
FNB Corp
Forest Oil Corp
Gardner Denver Inc
Genesco Inc
Gentiva Health Services Inc
GNC Holdings Inc
GrafTech International Ltd
16

Nominal/Shares

Market Value
USD

Net Assets
%

2,814
19,312
25,495
14,904
8,446
6,134
41,383
16,202
3,043
1,998
37,585
8,630
8,450
16,527
29,794
3,891
2,931
12,261
5,203
3,393
194,000
23,060

92,621
118,815
92,187
118,837
33,516
68,847
129,381
142,457
84,634
65,699
83,171
28,756
38,311
223,768
68,567
36,476
78,902
199,977
41,849
72,270
44,904
25,184

0.15
0.19
0.15
0.19
0.05
0.11
0.21
0.22
0.13
0.10
0.13
0.05
0.06
0.35
0.11
0.06
0.12
0.32
0.07
0.11
0.07
0.04

6,827,694

10.78

225,233
200,010
277,472
230,412
207,687
52,066
68,663
240,519
277,686
273,088
255,108
287,849
263,691
206,866
283,848
251,471
286,253
228,215
217,994
226,281
173,433
178,858
268,446
289,742
262,444
215,437
255,416
293,212
256,886
267,632
272,090
242,788
109,464
331,408
242,210
237,935
219,598
266,612
262,969
204,561
265,431
281,980
262,874
247,645
120,520
213,741
265,686
49,921
276,270
168,084

0.36
0.32
0.44
0.36
0.33
0.08
0.11
0.38
0.44
0.43
0.40
0.45
0.42
0.33
0.45
0.40
0.45
0.36
0.34
0.36
0.27
0.28
0.42
0.45
0.41
0.34
0.40
0.46
0.41
0.42
0.43
0.38
0.17
0.52
0.38
0.38
0.35
0.42
0.41
0.32
0.42
0.44
0.41
0.39
0.19
0.34
0.42
0.08
0.44
0.27

10,116
8,623
7,426
8,175
1,946
17,099
1,938
6,407
4,063
10,120
8,140
7,103
7,699
4,755
12,030
27,619
7,159
2,207
4,847
6,326
4,447
2,474
4,783
6,728
24,155
4,595
15,617
17,917
4,901
10,614
13,000
4,550
4,800
10,476
10,935
23,000
15,481
7,071
4,838
7,328
11,055
12,035
2,629
20,793
9,253
2,980
3,862
6,011
8,437
13,106
Invesco Funds

Invesco Global Smaller Companies Equity Fund

Statement of Investments as at 29 February 2012
Investment

Nominal/Shares

Market Value
USD

Net Assets
%

10,450
1,001
10,519
5,516
5,288
24,133
5,601
7,469
18,913
2,801
3,983
8,992
39,362
2,895
5,695
10,263
17,010
5,676
5,087
3,259
8,099
10,279
5,812
4,816
8,907
10,392
3,662
16,293
17,838
9,451
3,250
8,635
6,852
5,057
21,645
21,109
3,933
9,667
4,586
1,513
9,113
3,425
9,322
9,631
12,046
3,767
7,427
8,239
4,109
5,143
8,976
6,120
6,352
2,652
16,478
6,645
5,920
6,705
6,668
7,863

266,266
63,864
304,684
233,410
268,287
283,201
209,337
252,116
264,498
225,943
213,987
244,897
264,316
235,943
238,677
253,034
157,683
266,829
279,454
272,664
353,723
158,245
345,057
178,650
237,104
255,799
143,129
280,484
247,056
156,698
270,888
176,024
269,352
264,001
190,584
251,619
278,063
283,872
137,374
57,872
284,280
204,558
316,575
277,517
301,450
217,864
183,187
292,279
262,750
236,989
255,861
277,756
284,347
294,717
350,900
205,231
234,136
227,936
238,981
151,088

0.42
0.10
0.47
0.37
0.42
0.45
0.33
0.40
0.42
0.36
0.34
0.39
0.42
0.37
0.38
0.40
0.25
0.42
0.45
0.43
0.55
0.25
0.54
0.28
0.37
0.40
0.23
0.44
0.39
0.25
0.43
0.28
0.43
0.42
0.30
0.40
0.45
0.45
0.22
0.09
0.45
0.32
0.49
0.44
0.48
0.34
0.29
0.46
0.41
0.37
0.40
0.44
0.45
0.47
0.55
0.32
0.37
0.36
0.38
0.24

25,996,791

41.02

TOTAL EQUITIES

60,500,282

95.47

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

60,500,282

95.47

UNITED STATES (continued)

Greatbatch Inc
Haynes International Inc
Heartland Payment Systems Inc
IDEX Corp
Innophos Holdings Inc
Interpublic Group of Cos Inc
IPC The Hospitalist Co Inc
Jack Henry & Associates Inc
JDS Uniphase Corp
Jones Lang LaSalle Inc
Landstar System Inc
LaSalle Hotel Properties
Lattice Semiconductor Corp
Lufkin Industries Inc
MAXIMUS Inc
Meritage Homes Corp
Modine Manufacturing Co
Novellus Systems Inc
Oceaneering International Inc
Oil States International Inc
Old Dominion Freight Line Inc
Omnicell Inc
OSI Systems Inc
Papa John's International Inc
Parametric Technology Corp
Penske Automotive Group Inc
PF Chang's China Bistro Inc
Pier 1 Imports Inc
PolyOne Corp
Prestige Brands Holdings Inc
PVH Corp
Quest Software Inc
Questcor Pharmaceuticals Inc
Rosetta Resources Inc
SandRidge Energy Inc
Sanmina-SCI Corp
Schweitzer-Mauduit International Inc
Semtech Corp
Superior Energy Services Inc
Synaptics Inc
Team Inc
Teleflex Inc
Texas Capital Bancshares Inc
TIBCO Software Inc
Titan International Inc
TreeHouse Foods Inc
Trimas Corp
Trinity Industries Inc
Triumph Group Inc
TRW Automotive Holdings Corp
UGI Corp
United Natural Foods Inc
Universal Health Services Inc
Valmont Industries Inc
ValueClick Inc
Waste Connections Inc
Watts Water Technologies Inc
Wintrust Financial Corp
WR Berkley Corp
Zions Bancorporation

OTHER TRANSFERABLE SECURITIES

EQUITIES
GERMANY
SCS Standard Computersysteme Npv

1,795

TOTAL EQUITIES

17

Invesco Funds

Invesco Global Smaller Companies Equity Fund

Statement of Investments as at 29 February 2012
Investment

Nominal/Shares

Market Value
USD

Net Assets
%

50,000

109,428

0.17

TOTAL WARRANTS

109,428

0.17

TOTAL OTHER TRANSFERABLE SECURITIES

109,428

0.17

60,609,710

95.64

OTHER TRANSFERABLE SECURITIES

WARRANTS
PORTUGAL
Deutsche Bank WTS 21/03/2012

Total
Investments
The accompanying notes form an integral part of these financial statements.

18

Invesco Funds

Invesco Global Equity Income Fund

Statement of Investments as at 29 February 2012
Investment

Nominal/Shares

Market Value
USD

Net Assets
%

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
EQUITIES
AUSTRALIA
Amcor Ltd

511,422

3,935,056

2.88

BERMUDA
Catlin Group Ltd
Jardine Matheson Holdings Ltd

192,024
11,600

1,282,743
590,266

0.94
0.43

1,873,009

1.37

2,454,067
2,964,934

1.80
2.17

5,419,001

3.97

1,667,391
1,365,391
606,024

1.23
1.00
0.45

3,638,806

2.68

223,000

2,220,645

1.64

36,620
30,382
82,539

2,188,228
1,605,689
1,762,862

1.61
1.18
1.30

5,556,779

4.09

368,711
3,276,399
268,817
2,524,646
1,931,733
2,246,027
339,961
258,257

0.27
2.40
0.20
1.85
1.42
1.65
0.25
0.19

11,214,551

8.23

FRANCE
Safran SA
Total SA

73,424
52,177

GERMANY
Bilfinger Berger SE
Deutsche Boerse AG
Sky Deutschland AG

16,905
20,031
218,677

HONG KONG
Hutchison Whampoa Ltd
IRELAND
Accenture Plc
Covidien Plc
CRH Plc

JAPAN
Alfresa Holdings Corp
Canon Inc
Canon Marketing Japan Inc
Honda Motor Co Ltd
Lawson Inc
Mitsubishi Estate Co Ltd
NEC Fielding Ltd
Toshiba TEC Corp

8,300
71,600
21,500
65,600
32,500
123,000
26,200
69,000

LUXEMBOURG
SES SA

126,647

3,056,494

2.25

NETHERLANDS
Wolters Kluwer NV

168,302

3,166,966

2.33

NORWAY
Orkla ASA

241,107

2,025,903

1.49

1,768,000
351,000

2,170,926
2,379,983

1.60
1.75

4,550,909

3.35

SINGAPORE
ComfortDelGro Corp Ltd
Venture Corp Ltd

SPAIN
Telefonica SA

51,166

886,449

0.65

SWITZERLAND
Novartis AG
Roche Holding AG
Tyco International Ltd
Zurich Financial Services AG

82,352
29,191
51,898
11,465

4,521,433
5,154,020
2,699,474
2,900,876

3.32
3.80
1.98
2.13

15,275,803

11.23

19

Invesco Funds

Invesco Global Equity Income Fund

Statement of Investments as at 29 February 2012
Investment

Nominal/Shares

Market Value
USD

Net Assets
%

67,001
25,469
245,564
57,548
345,438
142,149
36,772
1,197,602

1,634,341
1,288,810
2,658,303
1,279,437
3,098,968
2,717,272
1,355,589
3,249,692

1.20
0.95
1.95
0.94
2.29
2.00
1.00
2.38

17,282,412

12.71

1,297,218
1,898,807
3,042,604
2,390,592
2,214,892
2,284,682
4,085,014
2,041,775
2,387,603
1,380,679
1,860,042
1,982,861
3,747,172
1,307,328
2,218,095
3,820,504
1,688,005
1,754,479
1,463,355
1,995,512
2,714,016
1,381,598
2,960,943
2,817,496

0.95
1.40
2.24
1.76
1.63
1.68
3.00
1.50
1.75
1.02
1.37
1.46
2.75
0.96
1.63
2.81
1.24
1.29
1.08
1.47
2.00
1.02
2.18
2.07

54,735,272

40.26

TOTAL EQUITIES

134,838,055

99.13

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

134,838,055

99.13

Total
Investments

134,838,055

99.13

UNITED KINGDOM
BG Group Plc
British American Tobacco Plc
British Sky Broadcasting Group Plc
GlaxoSmithKline Plc
HSBC Holdings Plc
Pearson Plc
Royal Dutch Shell Plc
Vodafone Group Plc

UNITED STATES
AT&T Inc
Automatic Data Processing Inc
Baxter International Inc
Chevron Corp
Emerson Electric Co
Exxon Mobil Corp
Johnson & Johnson
Kraft Foods Inc
Macys Inc
Microsoft Corp
Northern Trust Corp
Pfizer Inc
Philip Morris International Inc
Procter & Gamble Co
Raytheon Co
Reynolds American Inc
Robert Half International Inc
Sysco Corp
Target Corp
Time Warner Cable Inc
Time Warner Inc
United Parcel Service Inc
United Technologies Corp
Viacom Inc B

42,483
34,799
52,247
21,807
43,738
26,211
62,668
53,738
63,089
43,329
41,907
93,421
44,681
19,398
43,771
91,828
58,949
59,788
26,129
25,115
71,714
17,972
35,471
59,737

The accompanying notes form an integral part of these financial statements.

20

Invesco Funds

Invesco Latin American Equity Fund

Statement of Investments as at 29 February 2012
Investment

Nominal/Shares

Market Value
USD

Net Assets
%

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
EQUITIES
ARGENTINA
Telecom Argentina SA ADR

5,150

94,219

0.88

BERMUDA
Credicorp Ltd

1,265

157,347

1.47

10,900
12,500
13,500
10,200
31,700
11,000
12,600
5,400
8,100
2,900
7,600
16,400
5,000
7,500
32,500
4,100
35,800
26,600
5,100
8,400
23,500
10,400
40,000
10,800
8,575
13,000
17,000
8,500
8,000
18,800
11,900
25,750

100,386
113,980
219,500
123,278
222,441
141,797
263,203
101,900
326,540
98,055
204,696
135,525
122,630
88,966
145,204
100,786
768,089
167,526
104,220
146,529
237,691
78,004
176,709
310,499
260,423
114,018
253,711
257,253
149,218
101,836
271,412
666,539

0.94
1.06
2.05
1.15
2.08
1.32
2.46
0.95
3.04
0.92
1.91
1.27
1.14
0.83
1.36
0.94
7.17
1.56
0.97
1.37
2.22
0.73
1.65
2.90
2.43
1.06
2.37
2.40
1.39
0.95
2.53
6.23

6,572,564

61.35

38,093
35,650
191,680

0.36
0.33
1.79

265,423

2.48

120,716
151,420

1.13
1.41

272,136

2.54

BRAZIL
Aliansce Shopping Centers SA
Alpargatas SA
Banco do Brasil SA
Banco do Estado do Rio Grande do Sul
BM&FBovespa SA
BR Properties SA
BRF - Brasil Foods SA
CETIP SA - Mercados Organizados
Cia de Bebidas das Americas
Cia de Transmissao de Energia Electrica Paulista
Cia Hering
EcoRodovias Infraestrutura e Logistica SA
EDP - Energias do Brasil SA
Estacio Participacoes SA
Even Construtora e Incorporadora SA
Iguatemi Empresa de Shopping Centers SA
Itau Unibanco Holding SA ADR
JSL SA
Multiplus SA
Odontoprev SA
OGX Petroleo e Gas Participacoes SA
Parana Banco SA
PDG Realty SA Empreendimentos e Participacoes
Petroleo Brasileiro SA SPON ADR
Petroleo Brasileiro SA ADR
QGEP Participacoes SA
Souza Cruz SA
Telefonica Brasil SA ADR
Totvs SA
TPI - Triunfo Participacoes e Investimentos SA
Ultrapar Participacoes SA
Vale SA ADR

CANADA
C&C Energia Ltd
Guyana Goldfields Inc
Yamana Gold Inc

4,500
6,000
10,600

CHILE
Cia Cervecerias Unidas SA
Embotelladora Andina SA

8,300
29,000

COLOMBIA
Ecopetrol SA ADR

3,750

212,419

1.98

LUXEMBOURG
Ternium SA ADR

4,870

116,515

1.09

10,300
64,300
33,600
11,300
52,400
64,800

245,501
125,872
47,558
91,242
102,248
123,604

2.29
1.18
0.44
0.85
0.95
1.15

MEXICO
America Movil SAB de CV ADR
Bolsa Mexicana de Valores SAB de CV
Corp GEO SAB de CV
El Puerto de Liverpool SAB de CV
Fibra Uno Administracion SA de CV
Genomma Lab Internacional SAB de CV

21

Invesco Funds

Invesco Latin American Equity Fund

Statement of Investments as at 29 February 2012
Investment

Nominal/Shares

Market Value
USD

Net Assets
%

46,200
24,000
35,000
46,700

185,889
134,875
127,289
81,986

1.74
1.26
1.19
0.77

1,266,064

11.82

2,700

192,524

1.80

UNITED KINGDOM
Antofagasta Plc

12,950

282,956

2.64

UNITED STATES
Gran Tierra Energy Inc

15,700

91,856

0.86

TOTAL EQUITIES

9,524,023

88.91

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

9,524,023

88.91

95,251

0.89

TOTAL WARRANTS

95,251

0.89

TOTAL OTHER TRANSFERABLE SECURITIES

95,251

0.89

923,590

8.62

923,590

8.62

10,542,864

98.42

MEXICO (continued)
Industrias CH SAB de CV
Kimberly-Clark de Mexico SAB de CV
Mexichem SAB de CV
OHL Mexico SAB de CV

PANAMA
Copa Holdings SA

OTHER TRANSFERABLE SECURITIES

WARRANTS
BRAZIL
Merrill Lynch WTS 02/12/2012

5,000

OPEN-ENDED FUNDS
UNITED KINGDOM
Invesco Perpetual American Investment Series - Latin American Fund

TOTAL OPEN-ENDED FUNDS

Total
Investments
The accompanying notes form an integral part of these financial statements.

22

Invesco Funds

320,307

Invesco US Structured Equity Fund

Statement of Investments as at 29 February 2012
Investment

Nominal/Shares

Market Value
USD

Net Assets
%

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
EQUITIES
BASIC MATERIALS
CF Industries Holdings Inc
Freeport-McMoRan Copper & Gold Inc
International Paper Co
LyondellBasell Industries NV

6,750
14,600
40,800
15,600

COMMUNICATIONS
AT&T Inc
CBS Corp
Cisco Systems Inc
DISH Network Corp
Expedia Inc
InterActiveCorp
Motorola Solutions Inc
News Corp
Sprint Nextel Corp
Symantec Corp
Verizon Communications Inc

41,100
7,200
51,600
18,400
12,200
18,200
9,900
70,000
238,500
30,300
45,400

CONSUMER, CYCLICAL
Bed Bath & Beyond Inc
Best Buy Co Inc
Harman International Industries Inc
Las Vegas Sands Corp
Ltd Brands Inc
Macy's Inc
United Continental Holdings Inc
Wynn Resorts Ltd

3,800
27,500
3,900
9,900
19,800
40,900
8,300
9,900

CONSUMER, NON-CYCLICAL
Abbott Laboratories
Amgen Inc
Apollo Group Inc
Bristol-Myers Squibb Co
Cardinal Health Inc
Celgene Corp
Coca-Cola Co
Forest Laboratories Inc
Humana Inc
Johnson & Johnson
Kimberly-Clark Corp
Kroger Co
Monster Beverage Corp
Moody's Corp
Pfizer Inc
Philip Morris International Inc
Procter & Gamble Co
Safeway Inc
Tyson Foods Inc
United Health Group Inc
Visa Inc

1,800
25,100
20,100
5,000
4,900
7,800
22,100
31,400
10,400
14,300
1,700
27,300
600
11,900
97,100
24,700
1,200
19,500
20,600
27,300
300

ENERGY
Chevron Corp
ConocoPhillips
Exxon Mobil Corp
National Oilwell Varco Inc
Tesoro Corp
Valero Energy Corp
WPX Energy Inc

23,500
25,300
41,800
9,700
19,000
12,700
7,600

23

Invesco Funds

1,292,186
637,290
1,413,516
686,322

1.74
0.86
1.91
0.93

4,029,314

5.44

1,254,988
215,892
1,042,578
538,384
412,299
832,195
496,287
1,387,750
611,752
543,127
1,732,464

1.69
0.29
1.41
0.73
0.56
1.12
0.67
1.87
0.82
0.73
2.34

9,067,716

12.23

227,981
702,213
193,693
543,757
932,481
1,547,861
170,897
1,139,440

0.31
0.95
0.26
0.73
1.26
2.09
0.23
1.54

5,458,323

7.37

102,690
1,710,691
865,004
162,275
206,315
575,172
1,521,917
1,027,251
921,388
932,145
122,808
649,330
34,182
460,114
2,060,947
2,071,466
80,874
417,008
393,151
1,524,568
35,676

0.14
2.31
1.17
0.22
0.28
0.78
2.05
1.39
1.24
1.26
0.16
0.88
0.05
0.62
2.78
2.79
0.11
0.56
0.53
2.06
0.05

15,874,972

21.43

2,576,187
1,955,817
3,643,497
820,184
511,195
314,643
141,170

3.48
2.64
4.92
1.11
0.69
0.42
0.19

9,962,693

13.45

Invesco US Structured Equity Fund

Statement of Investments as at 29 February 2012
Investment

Nominal/Shares

Market Value
USD

Net Assets
%

14,600
10,300
52,100
47,000
700
52,800
15,800
1,800
5,200
8,500
1,700
18,700
3,200
4,400

784,969
818,644
1,744,048
1,427,155
66,819
2,069,496
420,517
49,599
318,994
1,147,627
231,684
545,199
179,072
138,138

1.06
1.10
2.35
1.93
0.09
2.79
0.57
0.07
0.43
1.55
0.31
0.74
0.24
0.19

9,941,961

13.42

920,276
43,279
2,264,567
119,111
36,757
82,588
362,943
194,705
292,162

1.24
0.06
3.06
0.16
0.05
0.11
0.49
0.26
0.39

4,316,388

5.82

1,177,174
561,763
1,670,167
149,624
1,413,834
1,076,572
2,069,257
461,070
364,609
740,889
2,749,950
669,247
131,001

1.59
0.76
2.25
0.20
1.91
1.45
2.79
0.62
0.49
1.00
3.71
0.90
0.18

13,235,157

17.85

1,002,685

1.35

TOTAL EQUITIES

72,889,209

98.36

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

72,889,209

98.36

72,889,209

98.36

FINANCIAL
American Express Co
Berkshire Hathaway Inc
Citigroup Inc
Discover Financial Services
Federal Realty Investment Trust
JPMorgan Chase & Co
NASDAQ OMX Group Inc
Principal Financial Group Inc
Prudential Financial Inc
Public Storage
Simon Property Group Inc
US Bancorp
Ventas Inc
Wells Fargo & Co

INDUSTRIAL
Agilent Technologies Inc
Flextronics International Ltd
General Electric Co
ITT Corp
Jabil Circuit Inc
Joy Global Inc
KBR Inc
Textron Inc
United Technologies Corp

21,100
6,100
118,100
5,100
1,400
900
9,800
7,000
3,500

TECHNOLOGY
Accenture Plc
Activision Blizzard Inc
Apple Inc
BMC Software Inc
Dell Inc
Intel Corp
International Business Machines Corp
KLA-Tencor Corp
Lexmark International Inc
LSI Corp
Microsoft Corp
Seagate Technology Plc
Teradyne Inc

19,700
46,600
3,120
3,900
80,400
39,500
10,450
9,400
9,800
86,200
86,300
24,700
7,800

UTILITIES
Exelon Corp

25,700

Total
Investments
The accompanying notes form an integral part of these financial statements.

24

Invesco Funds

Invesco US Value Equity Fund

Statement of Investments as at 29 February 2012
Investment

Nominal/Shares

Market Value
USD

Net Assets
%

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
EQUITIES
FRANCE
Sanofi ADR

36,554

1,373,151

1.02

IRELAND
Ingersoll-Rand Plc

70,655

2,831,499

2.11

NETHERLANDS
Unilever NV

63,200

2,118,780

1.58

9,254

277,759

0.21

18,540
25,271
136,466

739,653
1,113,946
2,241,454

0.55
0.83
1.67

4,095,053

3.05

2,937,355
1,386,487
2,624,971
1,208,349

2.19
1.03
1.96
0.90

8,157,162

6.08

502,211
502,969
1,597,511
3,046,870
1,367,876
416,018
1,582,027
2,640,734
2,421,727
1,267,571
1,002,576
2,676,275
1,164,899
3,802,860
4,774,104
985,421
2,679,435
991,214
2,886,252
949,247
1,119,583
1,449,527
1,936,234
2,025,077
1,208,851
2,684,755
2,526,246
394,785
1,431,788
987,367
3,712,420
3,788,197
497,661
2,178,025
1,421,280
425,567
2,511,838
1,656,833
3,680,981
1,216,155

0.37
0.37
1.19
2.27
1.02
0.31
1.18
1.97
1.80
0.94
0.75
1.99
0.87
2.83
3.55
0.73
2.00
0.74
2.15
0.71
0.83
1.08
1.44
1.51
0.90
2.00
1.88
0.29
1.07
0.74
2.77
2.82
0.37
1.62
1.06
0.32
1.87
1.23
2.74
0.91

PANAMA
Carnival Corp
SWITZERLAND
Noble Corp
Roche Holding AG ADR
Weatherford International Ltd

UNITED KINGDOM
BP Plc ADR
GlaxoSmithKline Plc ADR
Royal Dutch Shell Plc ADR
Vodafone Group Plc ADR

61,406
30,876
35,588
43,916

UNITED STATES
Abbott Laboratories
Aflac Inc
Alcoa Inc
Allstate Corp
AT&T Inc
Avon Products Inc
Bank of America Corp
Bank of New York Mellon Corp
Bristol-Myers Squibb Co
Cardinal Health Inc
Chesapeake Energy Corp
Chevron Corp
Cisco Systems Inc
Citigroup Inc
Comcast Corp
Corning Inc
CVS Caremark Corp
Dell Inc
eBay Inc
Emerson Electric Co
Fifth Third Bancorp
FirstEnergy Corp
General Electric Co
General Motors Co
Goldman Sachs Group Inc
Halliburton Co
Hewlett-Packard Co
Home Depot Inc
Honeywell International Inc
Intel Corp
International Paper Co
JPMorgan Chase & Co
KLA-Tencor Corp
Kraft Foods Inc
Lowe's Cos Inc
Macy's Inc
Merck & Co Inc
MetLife Inc
Microsoft Corp
Morgan Stanley

8,803
10,722
153,977
96,680
44,797
22,164
194,951
118,233
74,618
30,105
40,015
24,413
57,654
113,603
162,578
73,842
59,669
56,367
78,784
18,745
82,292
33,098
100,977
77,426
10,325
71,242
96,440
8,357
23,969
36,227
107,156
96,650
10,146
57,324
51,319
11,245
65,438
43,265
115,518
65,035

25

Invesco Funds

Invesco US Value Equity Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value
USD

Net Assets
%

26,616
108,061
9,033
157,732
32,322
72,403
7,151
17,973
69,955
14,017
17,518
46,357
34,998
39,347
27,101
45,895
30,672
50,275
55,310
21,096
16,299
83,458
132,364

1,723,253
2,190,937
572,015
3,347,862
1,923,644
2,076,156
481,942
624,921
1,119,630
589,415
981,096
1,289,420
2,780,766
1,489,087
1,583,376
2,563,006
894,242
1,918,494
2,608,696
1,243,504
1,067,992
2,620,164
1,972,885

1.28
1.63
0.43
2.50
1.43
1.55
0.36
0.47
0.83
0.44
0.73
0.96
2.07
1.11
1.18
1.91
0.67
1.43
1.94
0.93
0.80
1.95
1.47

111,773,470

83.26

TOTAL EQUITIES

130,626,874

97.31

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

130,626,874

97.31

130,626,874

97.31

UNITED STATES (continued)

Murphy Oil Corp
News Corp
PepsiCo Inc
Pfizer Inc
PNC Financial Services Group Inc
PPL Corp
Procter & Gamble Co
QEP Resources Inc
Staples Inc
State Street Corp
Target Corp
Textron Inc
Time Warner Cable Inc
Time Warner Inc
Travelers Cos Inc
United Health Group Inc
US Bancorp
Verizon Communications Inc
Viacom Inc 'B'
Wal-Mart Stores Inc
WellPoint Inc
Wells Fargo & Co
Yahoo! Inc

Total
Investments
The accompanying notes form an integral part of these financial statements.

26

Invesco Funds

Invesco Pan European Structured Equity Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value
EUR

Net Assets
%

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
EQUITIES
AUSTRIA
Andritz AG

105,152

7,878,514

1.02

BELGIUM
Belgacom SA
Colruyt SA
Mobistar SA
UCB SA

349,369
67,487
111,151
77,881

8,370,881
1,972,308
4,026,723
2,375,955

1.09
0.26
0.52
0.31

16,745,867

2.18

BERMUDA
Lancashire Holdings Ltd

488,930

4,489,462

0.58

CYPRUS
ProSafe SE

292,306

1,920,666

0.25

129,710
82,137
143,519
1,404,104

2,406,367
10,115,387
15,223,535
8,372,626

0.31
1.31
1.97
1.09

36,117,915

4.68

8,044,901
1,816,604

1.04
0.24

9,861,505

1.28

6,814,966
6,866,114
3,849,841
14,280,450
3,810,448
12,481,665

0.88
0.89
0.50
1.85
0.49
1.62

48,103,484

6.23

2,092,474
12,491,377
1,920,150
13,180,045
13,721,926
7,934,392
1,883,108
14,772,454
6,401,250
3,222,069

0.27
1.62
0.25
1.71
1.78
1.03
0.24
1.92
0.83
0.42

77,619,245

10.07

2,662,675
6,422,016

0.35
0.83

9,084,691

1.18

1,418,374

5,179,902

0.67

71,278

5,961,924

0.77

212,820
583,293
52,903
1,367,503
48,192

3,001,826
15,906,400
1,777,144
14,218,612
2,702,848

0.39
2.06
0.23
1.84
0.35

37,606,830

4.87

7,502,495
8,559,983

0.97
1.11

16,062,478

2.08

DENMARK
Chr Hansen Holding A/S
Coloplast A/S
Novo Nordisk A/S
TDC A/S

FINLAND
Elisa OYJ
Orion OYJ

473,508
113,008

FRANCE
Eutelsat Communications SA
Hermes International
Iliad SA
Sanofi
Societe BIC SA
Zodiac Aerospace

240,408
24,774
38,622
254,917
50,884
174,801

GERMANY
Axel Springer AG
Deutsche Telekom AG
Freenet AG
Fresenius Medical Care AG & Co KGaA
Fresenius SE & Co KGaA
Kabel Deutschland Holding AG
Rhoen Klinikum AG
SAP AG
Suedzucker AG
United Internet AG

58,449
1,417,220
188,250
247,234
176,590
178,612
128,474
291,255
293,568
224,339

IRELAND
Paddy Power Plc
Ryanair Holdings Plc

59,601
1,564,247

ITALY
Snam SpA
LUXEMBOURG
Millicom International Cellular SA
NETHERLANDS
Delta Lloyd NV
European Aeronautic Defence and Space Co NV
Heineken Holding NV
Koninklijke Ahold NV
Nutreco NV

NORWAY
DNB ASA
TGS Nopec Geophysical Co ASA

784,429
393,599

27

Invesco Funds

Invesco Pan European Structured Equity Fund

Statement of Investments as at 29 February 2012

Investment

PORTUGAL
Jeronimo Martins SGPS SA
SPAIN
Amadeus IT Holding SA
Bankia SA
Bolsas y Mercados Espanoles SA
Ebro Foods SA
Inditex SA
Viscofan SA

SWEDEN
Getinge AB
Svenska Handelsbanken AB
Swedish Match AB
Tele2 AB

Nominal/Shares

Market Value
EUR

Net Assets
%

442,960

6,144,963

0.80

223,711
1,644,606
98,524
178,650
221,817
77,026

3,192,356
4,997,135
2,024,914
2,706,101
15,412,954
2,401,286

0.41
0.65
0.26
0.35
2.00
0.31

30,734,746

3.98

14,642,771
15,303,140
14,934,875
15,921,085

1.90
1.98
1.94
2.06

60,801,871

7.88

3,232,601
991,021
5,391,184
15,027,030
3,428,828
14,913,537
11,783,715

0.42
0.13
0.70
1.95
0.44
1.93
1.53

54,767,916

7.10

11,840,865
5,116,484
13,013,212
2,201,654
13,332,935
14,809,951
13,752,261
12,842,295
14,539,533
4,102,034
3,493,682
12,955,367
4,376,447
3,801,886
12,607,135
6,410,043
2,623,470
13,966,998
6,189,818
5,688,427
5,319,921
5,929,979
2,987,145
14,267,193
15,053,667
11,573,028
8,085,046
12,474,304
4,124,851
14,509,621
13,365,551
5,300,640
1,206,352
14,808,557
3,573,354
4,380,517
3,952,011
12,046,159

1.54
0.66
1.69
0.29
1.73
1.92
1.78
1.66
1.88
0.53
0.45
1.68
0.57
0.49
1.63
0.83
0.34
1.81
0.80
0.74
0.69
0.77
0.39
1.85
1.95
1.50
1.05
1.62
0.53
1.88
1.73
0.69
0.16
1.92
0.46
0.57
0.51
1.56

330,622,393

42.85

681,003
606,015
522,633
1,042,754

SWITZERLAND
Galenica AG
GAM Holding AG
Geberit AG
Nestle SA
PSP Swiss Property AG
Roche Holding AG
Swisscom AG

7,036
101,440
33,331
326,191
52,629
113,550
39,299

UNITED KINGDOM
Aggreko Plc
Associated British Foods Plc
AstraZeneca Plc
Babcock International Group Plc
BG Group Plc
BP Plc
British American Tobacco Plc
British Sky Broadcasting Group Plc
BT Group Plc
Bunzl Plc
Cable & Wireless Communications Plc
Centrica Plc
Croda International Plc
De La Rue Plc
Experian Plc
Fresnillo Plc
G4S Plc
GlaxoSmithKline Plc
IG Group Holdings Plc
J Sainsbury Plc
Kingfisher Plc
London Stock Exchange Group Plc
Micro Focus International Plc
National Grid Plc
Next Plc
Pearson Plc
Persimmon Plc
Reckitt Benckiser Group Plc
Rightmove Plc
Royal Dutch Shell Plc
Shire Plc
Spectris Plc
Stagecoach Group Plc
Tate & Lyle Plc
WH Smith Plc
Whitbread Plc
William Hill Plc
WM Morrison Supermarkets Plc

448,732
360,121
389,479
246,050
734,798
2,512,138
365,343
1,594,801
5,707,551
361,050
8,538,821
3,580,479
172,200
329,473
1,129,093
276,753
766,768
844,536
1,179,101
1,593,262
1,583,965
549,170
560,663
1,873,860
458,906
813,882
983,391
304,176
242,884
530,325
511,223
256,207
382,983
1,771,786
563,718
216,638
1,486,333
3,500,135

TOTAL EQUITIES
TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

759,704,372

98.47

759,704,372

98.47

Total
Investments

759,704,372

98.47

The accompanying notes form an integral part of these financial statements.

28

Invesco Funds

Invesco Pan European Equity Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value
EUR

Net Assets
%

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
EQUITIES
BELGIUM
Solvay SA
FINLAND
Stora Enso OYJ
UPM-Kymmene OYJ

FRANCE
BNP Paribas SA
Cie Generale des Etablissements Michelin
Safran SA
Societe Generale SA

24,500

2,249,345

0.31

2,265,923
1,589,124

12,927,091
16,542,781

1.80
2.30

29,469,872

4.10

15,354,002
14,559,322
19,093,828
6,170,314

2.14
2.03
2.66
0.86

55,177,466

7.69

7,571,564
17,837,027
16,033,631
14,414,042
11,972,348
2,282,400
12,302,472

1.05
2.48
2.23
2.01
1.67
0.32
1.71

82,413,484

11.47

10,834,924
6,235,722

1.51
0.87

17,070,646

2.38

970,470

7,428,948

1.03

339,411
191,673
588,441
2,741,567
1,212,917
1,621,473
946,187
295,702

9,600,240
6,703,284
16,046,786
18,576,858
12,611,304
14,908,633
12,943,838
7,402,900

1.34
0.93
2.24
2.59
1.76
2.08
1.80
1.03

98,793,843

13.77

8,027,652
7,937,904

1.12
1.11

15,965,556

2.23

412,105
279,718
767,977
250,317

GERMANY
Bilfinger Berger SE
Daimler AG
Deutsche Boerse AG
Deutsche Post AG
Henkel AG & Co KGaA
SAP AG
ThyssenKrupp AG

103,197
389,476
316,214
1,077,484
244,097
45,000
592,248

IRELAND
C&C Group Plc
Kingspan Group Plc

2,993,900
768,893

ITALY
Autogrill SpA
NETHERLANDS
ASM International NV
ASML Holding NV
European Aeronautic Defence and Space Co NV
ING Groep NV
Koninklijke Ahold NV
Reed Elsevier NV
SBM Offshore NV
Unilever NV

NORWAY
Orkla ASA
Storebrand ASA

1,284,350
2,194,307

PORTUGAL
Galp Energia SGPS SA

1,137,577

14,836,848

2.07

SPAIN
Banco Bilbao Vizcaya Argentaria SA
Banco Santander SA
International Consolidated Airlines Group SA
Mediaset Espana Comunicacion SA
Obrascon Huarte Lain SA

2,135,600
2,316,806
5,390,246
1,157,841
774,512

14,487,910
14,557,650
10,643,041
5,304,648
17,984,169

2.02
2.03
1.48
0.74
2.50

62,977,418

8.77

7,105,468

0.99

SWEDEN
Telefonaktiebolaget LM Ericsson

929,364

29

Invesco Funds

Invesco Pan European Equity Fund

Statement of Investments as at 29 February 2012

Investment

SWITZERLAND
Novartis AG
Roche Holding AG
UBS AG

UNITED KINGDOM
AstraZeneca Plc
Aviva Plc
BAE Systems Plc
Balfour Beatty Plc
BG Group Plc
BP Plc
British American Tobacco Plc
BT Group Plc
Carphone Warehouse Group Plc
Cobham Plc
Dixons Retail Plc
G4S Plc
GKN Plc
GlaxoSmithKline Plc
Imperial Tobacco Group Plc
ITV Plc
Legal & General Group Plc
N Brown Group Plc
Provident Financial Plc
Rentokil Initial Plc
Resolution Ltd
Rolls-Royce Holdings Plc
RSA Insurance Group Plc
Schroders Plc
Smith & Nephew Plc
TalkTalk Telecom Group Plc
Vodafone Group Plc
WPP Plc
Yell Group Plc

Nominal/Shares

Market Value
EUR

Net Assets
%

704,377
184,123
1,775,068

28,767,591
24,182,520
18,784,864

4.01
3.37
2.62

71,734,975

10.00

11,371,110
2,104,691
14,504,522
2,468,416
11,804,579
16,833,486
9,486,550
19,339,352
2,015,322
3,962,908
685,762
13,386,650
7,611,222
15,303,919
16,393,082
4,219,496
10,028,215
5,738,234
4,437,913
10,871,907
10,475,564
2,988,694
3,653,205
5,033,088
6,692,314
7,307,048
9,996,348
6,294,949
240,944

1.58
0.29
2.02
0.34
1.64
2.34
1.32
2.69
0.28
0.55
0.10
1.86
1.06
2.13
2.28
0.59
1.40
0.80
0.62
1.51
1.46
0.42
0.51
0.70
0.93
1.02
1.39
0.88
0.03

235,249,490

32.74

700,473,359

97.55

340,883
479,840
3,929,413
750,048
650,568
2,855,380
252,020
7,591,739
998,872
1,771,764
3,861,358
3,913,573
2,910,579
925,375
553,574
4,122,716
6,976,774
2,016,467
331,157
11,520,271
3,321,947
309,783
2,809,306
340,741
910,161
4,268,338
4,952,397
656,923
4,392,757

TOTAL EQUITIES
BONDS
FRANCE
Societe Generale SA FRN EUR Perpetual

5,150,000

TOTAL BONDS
TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
OTHER TRANSFERABLE SECURITIES
STRUCTURED PRODUCTS
UNITED KINGDOM
Barclays Bank Plc NTS FRN 28/02/2019 (LAKE ACQ-CVR)

0.67
0.67

705,271,434

98.22

392,189

0.06

TOTAL STRUCTURED PRODUCTS

392,189

0.06

TOTAL OTHER TRANSFERABLE SECURITIES

392,189

0.06

705,663,623

98.28

Total
Investments
The accompanying notes form an integral part of these financial statements.

30

Invesco Funds

1,102,320

4,798,075
4,798,075

Invesco Pan European Small Cap Equity Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value
EUR

Net Assets
%

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
EQUITIES
AUSTRIA
Andritz AG
Lenzing AG

5,315
3,880

398,227
305,317

0.37
0.29

703,544

0.66

25,748

952,161

0.89

227,873
233,508
74,052
62,444
232,876
61,526

826,473
258,935
1,146,437
302,887
145,339
113,098

0.78
0.24
1.07
0.28
0.14
0.11

2,793,169

2.62

1,709,389

1,969,006

1.85

CAYMAN ISLANDS
Polarcus Ltd

594,860

454,673

0.43

CYPRUS
ProSafe SE

218,421

1,435,187

1.35

DENMARK
Trigon Agri A/S

496,634

438,824

0.41

2,930,600
12,299
50,792
13,062
102,624
15,668
92,530
43,736
63,963

219,795
287,366
1,015,586
876,199
660,539
563,930
882,737
723,503
1,576,688

0.21
0.27
0.95
0.82
0.62
0.53
0.83
0.68
1.48

6,806,343

6.39

714,699
405,177
303,373
613,593
859,195
330,935
1,192,393
400,119
2,344,753
812,254
1,049,956
869,781
855,837
419,689
895,354
474,619
1,315,075
542,390
337,184
675,092
1,359,358
511,921
1,283,337

0.67
0.38
0.28
0.58
0.81
0.31
1.12
0.38
2.20
0.76
0.99
0.82
0.80
0.39
0.84
0.45
1.24
0.51
0.32
0.63
1.27
0.48
1.21

18,566,084

17.44

BELGIUM
D'ieteren SA
BERMUDA
Asia Offshore Drilling Ltd
BW Offshore Ltd
Dockwise Ltd
Hiscox Ltd
Omega Insurance Holdings Ltd
Petra Diamonds Ltd

CANADA
Wentworth Resources Ltd

FRANCE
1855
Cie Generale de Geophysique - Veritas
Edenred
Eurofins Scientific
Groupe Eurotunnel SA
Ingenico SA
Inside Secure SA
Rexel SA
Societe Generale SA

GERMANY
Aareal Bank AG
Aixtron SE NA
Bertrandt AG
Bilfinger Berger SE
Brenntag AG
Commerzbank AG
Gerresheimer AG
Hansa Group AG
Kabel Deutschland Holding AG
Kinghero AG
Kloeckner & Co SE
KUKA AG
Nabaltec AG
Nexus AG
NORMA Group
Powerland AG
Rheinmetall AG
RIB Software AG
SNP Schneider-Neureither & Partner AG
Software AG
STRATEC Biomedical AG
Tom Tailor Holding AG
Wirecard AG

43,243
31,910
4,951
8,363
9,726
173,765
35,192
120,427
52,783
63,957
88,660
51,051
107,924
51,562
47,695
38,697
28,508
123,664
5,639
23,752
45,735
35,470
86,522

31

Invesco Funds

Invesco Pan European Small Cap Equity Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value
EUR

Net Assets
%

51,120

395,924

0.37

393,046
929,113
367,595

333,696
635,235
285,805

0.31
0.60
0.27

1,254,736

1.18

718,216
758,052

0.67
0.72

1,476,268

1.39

182,032
224,412
105,165
184,931
466,928
896,886
393,557
1,048,929

0.17
0.21
0.10
0.17
0.44
0.84
0.37
0.99

3,502,840

3.29

700,082
387,126
375,848
844,304
1,466,922
848,734
548,628
337,348
951,702

0.66
0.36
0.35
0.79
1.38
0.80
0.52
0.32
0.89

6,460,694

6.07

1,337,588
693,114
732,257
815,233
581,964
342,907
3,551,995
1,206,557
854,412
986,778

1.26
0.65
0.69
0.77
0.55
0.32
3.33
1.13
0.80
0.93

11,102,805

10.43

23,582

231,148

0.22

PORTUGAL
Zon Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA

110,576

260,351

0.24

SPAIN
Amadeus IT Holding SA
Grifols SA ADR
Obrascon Huarte Lain SA

214,087
225,851
19,493

3,055,022
1,193,665
452,627

2.87
1.12
0.43

4,701,314

4.42

357,910

0.34

GREECE
Folli Follie Group
IRELAND
Aer Lingus
Kenmare Resources Plc
TVC Holdings Plc

ITALY
Banca Generali SpA
DiaSorin SpA

76,712
34,001

LUXEMBOURG
AZ Electronic Materials SA
GlobeOp Financial Services SA
Northland Resources SA
Northland Resources SA NEW
Pacific Drilling SA
Prospector Offshore Drilling SA
SAF-Holland SA
Subsea 7 SA

54,555
40,541
115,726
206,556
58,040
542,825
75,786
57,906

NETHERLANDS
Brunel International NV
Delta Lloyd NV
Gemalto NV
Koninklijke DSM NV
LBi International NV
Nutreco NV
PostNL NV
Unit 4 NV
Wavin NV

23,274
27,446
8,782
20,189
644,376
15,133
122,448
15,775
91,181

NORWAY
AGR Group ASA
Agrinos AS
Aker Solutions ASA
Algeta ASA
Badger Explorer ASA
Copeinca ASA
Det Norske Oljeselskap ASA
Petroleum Geo-Services ASA
Pronova BioPharma AS
Schibsted ASA

700,000
125,086
56,489
40,258
358,787
60,707
287,027
104,747
812,851
40,087

PAPUA NEW GUINEA

New Britain Palm Oil Ltd

SWEDEN
Nordic Mines AB

57,654

32

Invesco Funds

Invesco Pan European Small Cap Equity Fund

Statement of Investments as at 29 February 2012

Investment

SWITZERLAND
Acino Holding AG
Adecco SA
Givaudan SA
Micronas Semiconductor Holding AG
Partners Group Holding AG
Schindler Holding AG
Sika AG
Temenos Group AG

UNITED KINGDOM
Abbey Protection Plc
Accsys Technologies Plc
Advanced Computer Software Group Plc
Advanced Medical Solutions Group Plc
Alternative Networks Plc
Amerisur Resources Plc
Aveva Group Plc
Avocet Mining Plc
Babcock International Group Plc
Beazley Plc
Bellway Plc
Berendsen Plc
Brewin Dolphin Holdings Plc
Brooks Macdonald Group Plc
BTG Plc
Cape Plc
Carclo Plc
Carphone Warehouse Group Plc
Chemring Group Plc
Consort Medical Plc
Craneware Plc
Cranswick Plc
Croda International Plc
Dechra Pharmaceuticals Plc
Devro Plc
Dignity Plc
Diploma Plc
Domino Printing Sciences Plc
Dunelm Group Plc
E2V Technologies Plc
Elementis Plc
EMIS Group Plc
EnQuest Plc
Euromoney Institutional Investor Plc
Faroe Petroleum Plc
Fenner Plc
Fidessa Group Plc
Filtrona Plc
FLEX LNG Ltd
Go-Ahead Group Plc
Gulfsands Petroleum Plc
H&T Group Plc
Hansard Global Plc
Hansteen Holdings Plc
Hargreaves Services Plc
Headlam Group Plc
Hill & Smith Holdings Plc
Homeserve Plc
Howden Joinery Group Plc
Hunting Plc
Impax Asset Management Group Plc
IQE Plc
James Halstead Plc
JD Wetherspoon Plc
JKX Oil & Gas Plc
Jupiter Fund Management Plc
Latchways Plc
LSL Property Services Plc
Mam Funds Plc
Marston's Plc
May Gurney Integrated Services Plc
Mears Group Plc
Melrose Plc
Micro Focus International Plc
Microgen Plc
Mitie Group Plc
Moneysupermarket.com Group Plc

Nominal/Shares

Market Value
EUR

Net Assets
%

8,425
13,685
786
79,278
4,288
3,270
307
25,665

727,319
517,298
560,833
656,112
600,537
298,709
506,751
375,304

0.68
0.49
0.53
0.62
0.56
0.28
0.48
0.35

4,242,863

3.99

107,334
897,398
115,180
107,838
337,170
183,635
267,300
431,914
1,087,476
209,711
268,431
140,582
499,762
229,682
534,436
508,571
80,923
246,845
363,173
15,565
103,265
261,611
789,591
736,174
198,882
219,760
582,568
500,108
333,247
289,279
316,153
162,342
324,317
423,365
160,510
949,638
140,302
395,676
1,266,873
43,172
51,754
431,158
146,082
147,196
370,140
104,992
76,344
293,728
344,029
140,871
127,089
260,787
320,474
110,124
106,993
441,865
218,352
279,444
58,375
383,744
422,266
392,058
457,496
428,346
350,531
314,180
211,491

0.10
0.83
0.11
0.10
0.32
0.17
0.25
0.41
1.01
0.20
0.25
0.13
0.47
0.22
0.50
0.48
0.08
0.23
0.34
0.01
0.10
0.25
0.73
0.69
0.19
0.21
0.56
0.48
0.31
0.27
0.30
0.15
0.30
0.39
0.15
0.88
0.13
0.37
1.19
0.04
0.05
0.40
0.14
0.14
0.35
0.10
0.07
0.28
0.32
0.13
0.12
0.24
0.30
0.10
0.10
0.42
0.21
0.26
0.05
0.36
0.40
0.37
0.43
0.40
0.33
0.29
0.20

116,405
5,789,663
188,583
97,774
97,032
592,698
13,104
158,517
121,533
121,449
28,346
23,243
271,260
14,611
127,968
98,153
19,807
122,346
69,661
2,234
22,072
28,083
31,068
112,556
53,741
22,495
123,703
65,202
54,775
172,994
163,297
32,985
212,566
48,969
77,394
170,497
7,116
74,489
1,975,093
2,888
25,390
108,808
82,050
166,767
25,426
30,488
20,674
111,665
247,515
14,433
196,628
796,008
53,181
23,116
67,201
149,063
16,587
96,718
205,091
331,447
121,781
137,744
98,409
80,397
210,370
99,988
140,252

33

Invesco Funds

Invesco Pan European Small Cap Equity Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value
EUR

Net Assets
%

134,582
19,511
22,855
86,172
56,024
35,067
123,602
8,590
37,776
148,904
19,043
101,283
174,290
100,694
54,857
35,470
222,060
123,247
17,989
11,484
224,486
59,085
62,906
90,598
180,786
27,855
20,886
44,692
20,595
168,252

382,978
206,111
70,066
252,883
384,199
83,799
657,437
147,767
125,329
145,910
466,248
463,530
468,794
597,240
161,929
296,142
516,433
806,099
372,173
280,901
369,526
146,450
212,153
912,474
309,491
194,244
418,237
267,398
326,313
136,684

0.36
0.19
0.07
0.24
0.36
0.08
0.63
0.14
0.12
0.14
0.44
0.44
0.44
0.56
0.15
0.28
0.49
0.75
0.35
0.26
0.35
0.14
0.20
0.85
0.29
0.18
0.39
0.25
0.31
0.13

31,998,606

30.04

TOTAL EQUITIES

100,104,450

94.02

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

100,104,450

94.02

Total
Investments

100,104,450

94.02

UNITED KINGDOM (continued)

N Brown Group Plc
NCC Group Plc
Northbridge Industrial Services Plc
Northgate Plc
PayPoint Plc
Phoenix IT Group Ltd
Premier Oil Plc
Renishaw Plc
Restaurant Group Plc
RM Plc
Rotork Plc
RPC Group Plc
RPS Group Plc
RWS Holdings Plc
Salamander Energy Plc
SDL Plc
Senior Plc
Serco Group Plc
Spectris Plc
Spirax-Sarco Engineering Plc
Spirent Communications Plc
Staffline Group Plc
Sthree Plc
Synergy Health Plc
TalkTalk Telecom Group Plc
UBM Plc
Ultra Electronics Holdings Plc
Valiant Petroleum Plc
Victrex Plc
YouGov Plc

The accompanying notes form an integral part of these financial statements.

34

Invesco Funds

Invesco European Growth Equity Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value
EUR

Net Assets
%

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
EQUITIES
AUSTRIA
Andritz AG
BELGIUM
Anheuser-Busch InBev NV
D'ieteren SA

BERMUDA
Lancashire Holdings Ltd
VimpelCom Ltd ADR

7,733

579,395

0.96

27,064
11,101

1,364,026
410,515

2.27
0.68

1,774,541

2.95

630,111
395,340

1.05
0.66

1,025,451

1.71

226,655

1,489,291

2.47

7,824

829,918

1.38

14,094
15,288
7,848
15,757
23,149
9,429
11,893
7,657
11,547

525,107
500,988
408,488
798,959
491,743
389,913
601,548
388,746
488,092

0.87
0.83
0.68
1.33
0.82
0.65
1.00
0.65
0.81

4,593,584

7.64

343,902
355,127
594,972
743,195
1,030,478
660,771
1,110,183

0.57
0.59
0.99
1.23
1.71
1.10
1.84

4,838,628

8.03

68,623
43,724

CYPRUS
ProSafe SE
DENMARK
Novo Nordisk A/S
FRANCE
BNP Paribas SA
Cap Gemini SA
Cie Generale des Etablissements Michelin
Danone
Faurecia EUR 7.0 144A
Publicis Groupe SA
Sa des Ciments Vicat
Schneider Electric SA
Total SA

GERMANY
Bayer AG
Brenntag AG
Deutsche Boerse AG
Fresenius Medical Care AG & Co KGaA
SAP AG
Volkswagen AG
Wirecard AG

6,151
4,020
11,734
13,941
20,317
4,683
74,848

GREECE
JUMBO SA

70,474

256,173

0.43

IRELAND
DCC Plc
Paddy Power Plc

40,114
34,452

774,601
1,539,143

1.29
2.56

2,313,744

3.85

ITALY
Ansaldo STS SpA

31,394

235,926

0.39

NETHERLANDS
Aalberts Industries NV
Koninklijke Ahold NV
Unilever NV

20,513
45,091
28,462

311,951
468,834
712,546

0.52
0.78
1.18

1,493,331

2.48

NORWAY
TGS Nopec Geophysical Co ASA

55,639

1,210,036

2.01

RUSSIA
Gazprom OAO ADR

78,052

771,914

1.28

35

Invesco Funds

Invesco European Growth Equity Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value
EUR

Net Assets
%

730
10,361

293,369
390,143

0.49
0.65

683,512

1.14

954,034
677,885
725,824
490,605
391,185

1.58
1.13
1.21
0.81
0.65

3,239,533

5.38

574,589
1,633,825
1,171,349
613,931
926,892
980,066
756,775
806,067

0.95
2.71
1.95
1.02
1.54
1.63
1.26
1.34

7,463,494

12.40

1,183,587
921,136

1.97
1.53

2,104,723

3.50

927,340
771,344
973,735
1,191,860
956,266
579,248
717,442
1,403,442
390,646
685,468
1,033,522
1,269,221
1,336,466
310,903
739,072
673,950
709,845
753,297
895,600
984,335
331,823
622,649
232,278
534,831
993,108
637,662
376,476
716,884

1.54
1.28
1.62
1.98
1.59
0.96
1.19
2.33
0.65
1.14
1.72
2.11
2.22
0.52
1.23
1.12
1.18
1.25
1.49
1.64
0.55
1.03
0.39
0.89
1.65
1.06
0.62
1.19

21,748,713

36.14

TOTAL EQUITIES

56,651,907

94.14

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

56,651,907

94.14

Total
Investments

56,651,907

94.14

SPAIN
Construcciones y Auxiliar de Ferrocarriles SA
Prosegur Cia de Seguridad SA

SWEDEN
Intrum Justitia AB
Investment AB Kinnevik
Swedbank AB
Telefonaktiebolaget LM Ericsson
Volvo AB

79,666
39,713
56,645
64,169
35,295

SWITZERLAND
ABB Ltd
Aryzta AG
Dufry AG
Julius Baer Group Ltd
Nestle SA
Novartis AG
Roche Holding AG
Syngenta AG

36,965
44,252
13,012
20,675
20,120
23,997
5,762
3,258

TURKEY
Haci Omer Sabanci Holding AS
Tupras Turkiye Petrol Rafinerileri AS

376,345
50,259

UNITED KINGDOM
Amlin Plc
Balfour Beatty Plc
BG Group Plc
British American Tobacco Plc
Bunzl Plc
Centrica Plc
Chemring Group Plc
Compass Group Plc
GlaxoSmithKline Plc
Homeserve Plc
IG Group Holdings Plc
Imperial Tobacco Group Plc
Informa Plc
International Power Plc
Kingfisher Plc
Micro Focus International Plc
Mitie Group Plc
Next Plc
Reed Elsevier Plc
Royal Dutch Shell Plc
Shire Plc
Smiths Group Plc
Tesco Plc
UBM Plc
Ultra Electronics Holdings Plc
Vodafone Group Plc
William Hill Plc
WPP Plc

222,331
234,379
53,664
31,663
84,168
160,087
137,614
187,989
23,621
260,591
196,876
42,860
254,843
75,560
220,053
126,495
225,909
22,964
137,680
35,417
12,692
48,300
61,523
76,696
49,594
315,911
141,591
74,812

The accompanying notes form an integral part of these financial statements.

36

Invesco Funds

Invesco Pan European Equity Income Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value
EUR

Net Assets
%

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
EQUITIES
BASIC MATERIALS
UPM-Kymmene OYJ
COMMUNICATIONS
BT Group Plc
Elisa OYJ
ProSiebenSat.1 Media AG
Reed Elsevier NV
Telefonaktiebolaget LM Ericsson
Vivendi SA
Vodafone Group Plc
Yell Group Plc

CONSUMER, CYCLICAL
Bayerische Motoren Werke AG
Carnival Plc
Compass Group Plc
DCC Plc
Dixons Retail Plc
Electrolux AB
Howden Joinery Group Plc
Inditex SA
Ryanair Holdings Plc
Thomas Cook Group Plc

8,878

92,420

1.68

29,095
4,721
2,697
7,776
6,371
6,734
65,181
110,591

74,117
80,210
51,863
71,497
48,710
108,215
131,567
6,066

1.35
1.46
0.94
1.30
0.88
1.96
2.39
0.11

572,245

10.39

53,260
21,053
66,608
69,400
23,025
57,061
20,062
52,392
44,261
18,026

0.97
0.38
1.21
1.26
0.42
1.04
0.36
0.95
0.80
0.33

425,148

7.72

84,395
107,936
115,636
33,757
61,603
36,269
56,210
118,032
105,334
62,863
36,921
244,149
59,024
22,146
76,863
65,921
214,608
110,023
17,213
22,162
15,154

1.53
1.96
2.10
0.61
1.12
0.66
1.02
2.14
1.91
1.14
0.67
4.44
1.07
0.40
1.40
1.20
3.90
2.00
0.31
0.40
0.28

1,666,219

30.26

4,230

26,049

0.47

141,523
4,410
5,929
4,101
13,185

8,812
80,020
77,329
83,260
7,486

0.16
1.45
1.41
1.51
0.14

256,907

4.67

94,578
95,249
15,249
88,538

1.72
1.73
0.28
1.61

762
958
8,922
3,594
129,651
3,439
14,434
754
10,781
52,638

CONSUMER, NON-CYCLICAL
AstraZeneca Plc
Atlantia SpA
British American Tobacco Plc
BTG Plc
C&C Group Plc
Capita Plc
G4S Plc
GlaxoSmithKline Plc
Imperial Tobacco Group Plc
Koninklijke Ahold NV
Metro AG
Novartis AG
Randstad Holding NV
Reckitt Benckiser Group Plc
Rentokil Initial Plc
Reynolds American Inc
Roche Holding AG
Sanofi
Smith & Nephew Plc
Tesco Plc
WM Morrison Supermarkets Plc

2,530
8,546
3,072
8,083
17,022
3,986
16,433
7,137
3,557
6,046
1,240
5,978
2,091
540
81,447
2,130
1,634
1,964
2,341
5,870
4,403

DIVERSIFIED
Drax Group Plc
ENERGY
Altona Energy Plc
BG Group Plc
Galp Energia SGPS SA
Repsol YPF SA
Sterling Energy Plc
FINANCIAL
Ageas
Allianz SE
Amlin Plc
Banco Bilbao Vizcaya Argentaria SA

59,371
1,037
3,656
13,051
37

Invesco Funds

Invesco Pan European Equity Income Fund

Statement of Investments as at 29 February 2012

Investment

FINANCIAL (continued)
BNP Paribas SA
Burford Capital Ltd
Catlin Group Ltd
Delta Lloyd NV
Deutsche Boerse AG
FBD Holdings Plc
ING Groep NV
Intesa Sanpaolo SpA
Provident Financial Plc
Regus Plc
Societe Generale SA
UBS AG
Unibail-Rodamco SE
Zurich Financial Services AG

INDUSTRIAL
Aeroports de Paris
AP Moeller - Maersk A/S
BAE Systems Plc
Chemring Group Plc
Cobham Plc
European Aeronautic Defence and Space Co NV
Irish Continental Group Plc
Kingspan Group Plc
Obrascon Huarte Lain SA
Orkla ASA
PostNL NV
Rolls-Royce Holdings Plc
Safran SA

Nominal/Shares

Market Value
EUR

Net Assets
%

2,390
15,846
8,089
4,889
1,175
7,696
19,124
35,550
4,855
1,449
828
6,224
432
521

89,046
25,652
40,195
68,959
59,578
66,374
129,584
52,507
65,063
1,926
20,410
65,866
63,213
98,059

1.62
0.47
0.73
1.25
1.08
1.21
2.35
0.95
1.18
0.03
0.37
1.20
1.15
1.78

1,140,046

20.71

55,073
54,538
74,420
48,527
41,493
68,366
47,777
40,104
85,914
73,485
88,786
43,337
61,236

1.00
0.99
1.35
0.88
0.75
1.24
0.87
0.73
1.56
1.34
1.61
0.79
1.11

783,056

14.22

927
9
20,161
9,308
18,551
2,507
3,113
4,945
3,700
11,757
19,816
4,492
2,463

TECHNOLOGY
Sage Group Plc

11,893

43,837

0.80

UTILITIES
Centrica Plc
EDF SA
National Grid Plc
Red Electrica Corp SA
United Utilities Group Plc

13,980
4,095
6,123
1,358
2,334

50,584
77,191
46,619
51,091
16,906

0.92
1.40
0.85
0.93
0.31

242,391

4.41

5,248,318

95.33

TOTAL EQUITIES
BONDS
FINANCIAL
Societe Generale SA FRN EUR Perpetual

50,000

TOTAL BONDS
TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
OTHER TRANSFERABLE SECURITIES
STRUCTURED PRODUCTS
FINANCIAL
Barclays Bank Plc NTS FRN 28/02/2019 (LAKE ACQ-CVR)

0.84
0.84

5,294,901

96.17

6,296

0.12

TOTAL STRUCTURED PRODUCTS

6,296

0.12

TOTAL OTHER TRANSFERABLE SECURITIES

6,296

0.12

41,311

0.75

41,311

0.75

5,342,508

97.04

OPEN-ENDED FUNDS
Invesco Perpetual Fixed Interest Investment Series - European High Yield Fund
TOTAL OPEN-ENDED FUNDS
Total
Investments
The accompanying notes form an integral part of these financial statements.

38

Invesco Funds

17,697

46,583
46,583

94,812

Invesco Emerging Europe Equity Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value
USD

Net Assets
%

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
EQUITIES
CYPRUS
Globaltrans Investment Plc GDR

55,700

960,825

2.63

HUNGARY
OTP Bank Plc
Richter Gedeon Nyrt

32,400
3,800

601,473
684,396

1.64
1.87

1,285,869

3.51

IRELAND
Dragon Oil Plc

73,400

680,481

1.86

LUXEMBOURG
MHP SA GDR

38,800

539,514

1.48

NETHERLANDS
Cinema City International NV
X5 Retail Group NV GDR

41,500
31,700

456,533
897,110

1.25
2.45

1,353,643

3.70

873,386
732,532
461,805
792,790
1,394,504
542,166

2.39
2.00
1.26
2.17
3.81
1.48

4,797,183

13.11

380,252
511,409
831,215
2,256,162
3,438,143
539,776
603,592
676,675
2,476,695
732,917
466,344
1,812,544
1,973,064
576,720
1,303,907
1,888,239
1,113,601
1,711,405
640,611

1.04
1.40
2.27
6.17
9.40
1.48
1.65
1.85
6.77
2.00
1.28
4.95
5.39
1.58
3.56
5.16
3.04
4.68
1.75

23,933,271

65.42

316,725
513,031

0.87
1.40

829,756

2.27

POLAND
Eurocash SA
KGHM Polska Miedz SA
Lubelski Wegiel Bogdanka SA
NG2 SA
Powszechny Zaklad Ubezpieczen SA
Warsaw Stock Exchange

83,500
14,800
11,000
46,000
12,900
39,500

RUSSIA
AK Transneft OAO
Alrosa Co Ltd
Cherkizovo Group OJSC GDR
Gazprom OAO ADR
Lukoil OAO ADR
M Video OJSC
MMC Norilsk Nickel OJSC ADR
NOMOS-BANK GDR
NovaTek OAO GDR
Pharmstandard OJSC GDR
Phosagro OAO GDR
Rosneft Oil Co GDR
Sberbank of Russia ADR
Sistema JSFC GDR
Surgutneftegas OJSC ADR
Tatneft ADR
TNK-BP Holding
Uralkali OJSC GDR
Vsmpo-Avisma Corp

210
463,500
59,500
169,700
53,700
63,200
30,400
46,300
16,900
39,800
43,200
233,500
143,600
26,700
124,300
47,100
337,600
41,900
3,400

TURKEY
Arcelik AS
Turkiye Sinai Kalkinma Bankasi AS

69,800
409,300

39

Invesco Funds

Invesco Emerging Europe Equity Fund

Statement of Investments as at 29 February 2012
Investment

Nominal/Shares

Market Value
USD

Net Assets
%

32,700
36,200
49,000
530,000

599,797
416,837
579,070
467,806

1.64
1.14
1.58
1.28

2,063,510

5.64

TOTAL EQUITIES

36,444,052

99.62

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

36,444,052

99.62

Total
Investments

36,444,052

99.62

UNITED KINGDOM
Bank of Georgia Holdings Plc
Eurasian Natural Resources Corp Plc
Hikma Pharmaceuticals Plc
United Co RUSAL Plc

The accompanying notes form an integral part of these financial statements.

40

Invesco Funds

Invesco Pan European Focus Equity Fund

Statement of Investments as at 29 February 2012
Investment

Nominal/Shares

Market Value
EUR

Net Assets
%

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
EQUITIES
BELGIUM
D'ieteren SA

635

23,482

1.70

BERMUDA
HAL Trust

408

35,926

2.60

FINLAND
UPM-Kymmene OYJ

2,650

27,587

2.00

FRANCE
Cie Generale des Etablissements Michelin
Euro Disney SCA
Safran SA
Total Gabon

815
2,500
1,550
80

42,420
12,338
38,537
29,660

3.07
0.89
2.79
2.15

122,955

8.90

GERMANY
Daimler AG

1,150

52,667

3.81

IRELAND
Origin Enterprises Plc

7,270

28,353

2.05

NETHERLANDS
Fugro NV
ING Groep NV
Reed Elsevier NV

619
7,000
4,460

34,231
47,432
41,007

2.48
3.43
2.97

122,670

8.88

40,595
27,209
43,886

2.94
1.97
3.18

111,690

8.09

22,957
71,064
57,395
46,087

1.66
5.15
4.16
3.34

197,503

14.31

29,421
49,780
46,455
46,950
22,873
48,662
40,653
30,282
30,149
37,550
43,481
24,559
37,560
40,206
28,951
26,689

2.13
3.61
3.36
3.40
1.66
3.53
2.95
2.19
2.18
2.72
3.15
1.78
2.72
2.91
2.10
1.93

584,221

42.32

TOTAL EQUITIES

1,307,054

94.66

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

1,307,054

94.66

Total
Investments

1,307,054

94.66

SPAIN
Banco Bilbao Vizcaya Argentaria SA
International Consolidated Airlines Group SA
Obrascon Huarte Lain SA

5,984
13,780
1,890

SWITZERLAND
Kuoni Reisen Holding AG
Novartis AG
Roche Holding AG
UBS AG

97
1,740
437
4,355

UNITED KINGDOM
Babcock International Group Plc
BAE Systems Plc
BP Plc
BT Group Plc
Croda International Plc
Dechra Pharmaceuticals Plc
G4S Plc
GKN Plc
GlaxoSmithKline Plc
Imperial Tobacco Group Plc
Legal & General Group Plc
LSL Property Services Plc
Rentokil Initial Plc
Resolution Ltd
Schroders Plc
TalkTalk Telecom Group Plc

3,288
13,486
7,880
18,430
900
7,440
11,885
11,580
1,823
1,268
30,250
8,500
39,800
12,750
1,960
15,590

The accompanying notes form an integral part of these financial statements.

41

Invesco Funds

Invesco Nippon Small/Mid Cap Equity Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value
JPY

Net Assets
%

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
EQUITIES
BASIC MATERIALS
Daido Metal Co Ltd
Nippon Kodoshi Corp
Polatechno Co Ltd
Rasa Industries Ltd
Toda Kogyo Corp

115,000
15,800
475
277,000
140,000

COMMUNICATIONS
Bit-isle Inc
CyberAgent Inc
Dwango Co Ltd
GungHo Online Entertainment Inc
Internet Initiative Japan Inc
Istyle Inc
M3 Inc
MTI Ltd
Rakuten Inc

78,800
353
269
253
294
400
54
157
1,984

CONSUMER, CYCLICAL
Aeon Fantasy Co Ltd
Amiyaki Tei Co Ltd
Calsonic Kansei Corp
Chiyoda Co Ltd
Daiichikosho Co Ltd
Don Quijote Co Ltd
Doshisha Co Ltd
Nidec-Tosok Corp
WATAMI Co Ltd

34,300
199
89,000
53,600
32,100
11,300
22,500
35,000
23,600

CONSUMER, NON-CYCLICAL
3-D Matrix Ltd
Asahi Intecc Co Ltd
Eiken Chemical Co Ltd
GMO Payment Gateway Inc
OncoTherapy Science Inc
Ship Healthcare Holdings Inc

11,400
34,600
55,400
147
672
27,600

FINANCIAL
GCA Savvian Group Corp
Tosei Corp

609
913

INDUSTRIAL
Anritsu Corp
AOI Electronic Co Ltd
Dai-ichi Seiko Co Ltd
Daiseki Co Ltd
Eagle Industry Co Ltd
Endo Lighting Corp
Iriso Electronics Co Ltd
JSP Corp
Kobelco Eco-Solutions Co Ltd
Maruwa Co Ltd/Aichi
Meiko Electronics Co Ltd
Nippon Ceramic Co Ltd
Taikisha Ltd
Tamron Co Ltd
Teikoku Electric Manufacturing Co Ltd
Tocalo Co Ltd

103,000
22,600
38,500
2,500
107,000
37,600
37,200
46,800
48,000
26,800
42,900
94,700
75,300
17,700
23,600
46,600

42

Invesco Funds

111,837,500
23,123,300
56,620,000
35,317,500
88,200,000

3.40
0.70
1.72
1.07
2.68

315,098,300

9.57

71,786,800
82,231,350
34,781,700
45,274,350
75,337,500
336,000
16,362,000
19,632,850
160,108,800

2.18
2.50
1.06
1.38
2.29
0.01
0.50
0.60
4.87

505,851,350

15.39

44,727,200
40,287,550
41,741,000
78,899,200
52,660,050
31,730,400
50,265,000
36,137,500
41,205,600

1.36
1.22
1.27
2.40
1.60
0.96
1.53
1.10
1.25

417,653,500

12.69

22,857,000
67,331,600
59,333,400
48,877,500
100,867,200
43,263,000

0.69
2.05
1.80
1.49
3.07
1.32

342,529,700

10.42

65,589,300
25,344,880

1.99
0.77

90,934,180

2.76

100,734,000
26,826,200
95,942,000
3,557,500
80,999,000
58,355,200
55,948,800
58,453,200
14,880,000
90,651,000
48,219,600
142,570,850
122,513,100
41,904,750
37,240,800
78,823,900

3.06
0.82
2.92
0.11
2.46
1.77
1.70
1.78
0.45
2.76
1.47
4.33
3.72
1.27
1.13
2.40

Invesco Nippon Small/Mid Cap Equity Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value
JPY

Net Assets
%

155,000
783

96,410,000
116,001,450

2.93
3.53

1,270,031,350

38.61

4,636,500
10,275,000
50,248,500
26,314,200
52,564,700

0.14
0.31
1.53
0.80
1.60

144,038,900

4.38

TOTAL EQUITIES

3,086,137,280

93.82

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

3,086,137,280

93.82

Total
Investments

3,086,137,280

93.82

INDUSTRIAL (continued)
Tsugami Corp
Wacom Co Ltd

TECHNOLOGY
DIGITAL Hearts Co Ltd
Lasertec Corp
OBIC Business Consultants Ltd
Poletowin Pitcrew Holdings Inc
UT Holdings Co Ltd

33
7,500
13,900
10,800
911

The accompanying notes form an integral part of these financial statements.

43

Invesco Funds

Invesco Japanese Equity Advantage Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value
JPY

Net Assets
%

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
EQUITIES
BASIC MATERIALS
Nippon Steel Corp
Shin-Etsu Chemical Co Ltd
Taiyo Nippon Sanso Corp

1,808,000
107,600
309,000

422,168,000
468,329,000
165,778,500

2.93
3.24
1.15

1,056,275,500

7.32

322,250,950
312,999,000
544,644,300

2.23
2.17
3.78

1,179,894,250

8.18

199,568,800
209,585,000
213,248,350
430,521,000
53,947,100
419,659,000
749,051,700

1.38
1.45
1.48
2.98
0.37
2.91
5.20

2,275,580,950

15.77

233,779,000
421,896,200
635,322,850

1.62
2.92
4.41

1,290,998,050

8.95

410,286,000
410,212,700
100,081,750
526,205,000
261,060,600

2.84
2.84
0.69
3.66
1.81

1,707,846,050

11.84

393,355,000
93,313,000
320,476,500
182,758,600
360,707,400
553,670,000
453,832,000
152,670,650
534,803,000
396,337,200
140,025,000
591,414,800

2.73
0.65
2.22
1.27
2.50
3.83
3.15
1.06
3.71
2.75
0.97
4.09

4,173,363,150

28.93

178,631,600
692,944,000
570,708,000
162,187,200
426,109,500
293,272,300
139,903,500

1.24
4.81
3.96
1.12
2.95
2.03
0.97

2,463,756,100

17.08

TOTAL EQUITIES

14,147,714,050

98.07

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

14,147,714,050

98.07

Total
Investments

14,147,714,050

98.07

COMMUNICATIONS
Dentsu Inc
M3 Inc
Rakuten Inc

127,700
1,033
6,749

CONSUMER, CYCLICAL
ASKUL Corp
Descente Ltd
Ichibanya Co Ltd
Marubeni Corp
Nishimatsuya Chain Co Ltd
Oriental Land Co Ltd
Toyota Tsusho Corp

159,400
502,000
91,700
741,000
81,800
49,900
459,400

CONSUMER, NON-CYCLICAL
Hisamitsu Pharmaceutical Co Inc
Ito En Ltd
Tsumura & Co

63,700
312,400
271,100

FINANCIAL
Fukuoka Financial Group Inc
Mizuho Financial Group Inc
ORIX Corp
Sumitomo Mitsui Financial Group Inc
Tokyu Livable Inc

1,159,000
3,027,400
12,790
191,000
338,600

INDUSTRIAL
East Japan Railway Co
Fuji Kyuko Co Ltd
Hamamatsu Photonics KK
Hitachi Construction Machinery Co Ltd
Hoya Corp
Keyence Corp
Kubota Corp
Optex Co Ltd
SMC Corp
Taikisha Ltd
Toshiba Plant Systems & Services Corp
Wacom Co Ltd

75,500
187,000
110,700
107,600
190,800
26,000
568,000
152,900
38,600
243,600
150,000
3,992

TECHNOLOGY
Axell Corp
Canon Inc
Ricoh Co Ltd
Roland DG Corp
Square Enix Holdings Co Ltd
Tecmo Koei Holdings Co Ltd
Zuken Inc

97,400
188,300
764,000
160,900
268,500
456,100
208,500

The accompanying notes form an integral part of these financial statements.

44

Invesco Funds

Invesco Japanese Value Equity Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value
JPY

Net Assets
%

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
EQUITIES
BASIC MATERIALS
Daicel Corp
Denki Kagaku Kogyo KK
Kaneka Corp
Lintec Corp
Mitsubishi Chemical Holdings Corp
Mitsui Mining & Smelting Co Ltd
Nippon Steel Corp
Sumitomo Metal Mining Co Ltd
Toyo Ink SC Holdings Co Ltd

918,000
1,261,000
561,000
211,500
998,000
1,715,000
554,000
354,000
672,000

COMMUNICATIONS
Nippon Telegraph & Telephone Corp
CONSUMER, CYCLICAL
FamilyMart Co Ltd
Hitachi High-Technologies Corp
Marubeni Corp
Mitsubishi Corp
Nagase & Co Ltd
Nifco Inc
Nintendo Co Ltd
Nissan Motor Co Ltd
Nisshinbo Holdings Inc
Panasonic Corp
Sekisui Chemical Co Ltd
Sekisui House Ltd
Sony Corp
Suzuki Motor Corp
Teijin Ltd
Toho Co Ltd
Toyoda Gosei Co Ltd
Toyota Motor Corp
Yamaha Corp
Yamaha Motor Co Ltd

CONSUMER, NON-CYCLICAL
Astellas Pharma Inc
Dai Nippon Printing Co Ltd
Daiichi Sankyo Co Ltd
House Foods Corp
Nippon Meat Packers Inc
Ono Pharmaceutical Co Ltd

485,622,000
411,086,000
261,987,000
351,407,250
467,064,000
421,890,000
129,359,000
426,393,000
224,448,000

1.77
1.49
0.95
1.27
1.69
1.53
0.47
1.55
0.81

3,179,256,250

11.53

110,600

424,704,000

1.54

147,600
163,700
1,142,000
543,500
242,500
181,300
31,300
1,088,000
297,000
369,400
727,000
87,000
276,800
285,600
1,321,000
91,600
121,500
309,100
281,500
273,200

468,630,000
304,563,850
663,502,000
1,081,836,750
229,283,750
397,681,550
375,600,000
904,672,000
229,581,000
280,374,600
507,082,500
66,990,000
480,663,200
549,922,800
359,312,000
131,720,800
184,862,250
1,035,485,000
218,584,750
318,141,400

1.70
1.10
2.41
3.93
0.83
1.44
1.36
3.29
0.83
1.02
1.84
0.24
1.74
1.99
1.30
0.48
0.67
3.77
0.79
1.15

8,788,490,200

31.88

716,227,500
187,264,000
495,377,400
171,740,250
243,485,000
546,935,250

2.60
0.68
1.80
0.62
0.88
1.98

2,361,029,400

8.56

418,491,600
647,608,500

1.52
2.35

1,066,100,100

3.87

439,099,000
163,842,900
250,897,500
545,284,400
435,035,000
161,277,200
516,216,000
234,608,000
746,867,000
303,522,500
701,486,000
123,392,000
163,476,000
388,367,000
872,490,500
190,106,500
431,148,000
137,862,700

1.59
0.59
0.91
1.98
1.58
0.58
1.87
0.85
2.71
1.10
2.54
0.45
0.59
1.41
3.17
0.69
1.56
0.50

214,600
224,000
331,800
121,500
233,000
122,700

FINANCIAL
Hitachi Capital Corp
Mitsubishi Estate Co Ltd

332,400
441,000

INDUSTRIAL
Amada Co Ltd
Casio Computer Co Ltd
Daifuku Co Ltd
Daikin Industries Ltd
East Japan Railway Co
Fuji Machine Manufacturing Co Ltd
FUJIFILM Holdings Corp
Furukawa Electric Co Ltd
Hitachi Ltd
Kurita Water Industries Ltd
Kyocera Corp
Kyudenko Corp
Maeda Road Construction Co Ltd
Minebea Co Ltd
Mitsubishi Heavy Industries Ltd
Nippon Sheet Glass Co Ltd
Obayashi Corp
Ryosan Co Ltd

769,000
293,100
531,000
226,400
83,500
95,600
251,200
992,000
1,579,000
145,400
97,700
241,000
171,000
1,018,000
2,287,000
1,403,000
1,178,000
82,900

45

Invesco Funds

Invesco Japanese Value Equity Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value
JPY

Net Assets
%

220,000
875,000
255,900
1,969,000
733,000
361,000

98,890,000
248,500,000
103,767,450
701,948,500
349,641,000
281,760,500

0.36
0.90
0.38
2.55
1.27
1.02

8,589,485,650

31.15

1,056,528,000
644,892,000
277,137,000
293,662,000
532,120,000

3.82
2.34
1.01
1.07
1.93

2,804,339,000

10.17

TOTAL EQUITIES

27,213,404,600

98.70

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

27,213,404,600

98.70

Total
Investments

27,213,404,600

98.70

INDUSTRIAL (continued)
Sanki Engineering Co Ltd
Sanwa Holdings Corp
Shin-Etsu Polymer Co Ltd
Toshiba Corp
Tsubakimoto Chain Co
Yaskawa Electric Corp

TECHNOLOGY
Canon Inc
Fujitsu Ltd
Ricoh Co Ltd
Rohm Co Ltd
TDK Corp

287,100
1,464,000
371,000
71,800
125,500

The accompanying notes form an integral part of these financial statements.

46

Invesco Funds

Invesco Asia Opportunities Equity Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value
USD

Net Assets
%

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
EQUITIES
BERMUDA
GOME Electrical Appliances Holding Ltd
Nine Dragons Paper Holdings Ltd

4,704,000
1,583,000

CAYMAN ISLANDS
Kingboard Chemical Holdings Ltd
Lifestyle International Holdings Ltd
MStar Semiconductor Inc
Tencent Holdings Ltd
Vinda International Holdings Ltd

461,500
1,353,500
392,000
105,900
1,371,000

CHINA
Bank of China Ltd
China Coal Energy Co Ltd
China Construction Bank Corp
China Gezhouba Group Co Ltd-A
China Life Insurance Co Ltd-A
China Life Insurance Co Ltd-H
China Minsheng Banking Corp Ltd-A
China Petroleum & Chemical Corp
China Shenhua Energy Co Ltd
Chongqing Rural Commercial Bank
GD Midea Holding Co Ltd-A
Jiangxi Copper Co Ltd
Lianhua Supermarket Holdings Co Ltd
PetroChina Co Ltd
SAIC Motor Corp Ltd-A
Weichai Power Co Ltd

7,581,300
804,000
5,720,890
1,294,000
300,000
646,000
700,000
934,000
389,500
1,214,000
1,016,600
296,000
1,395,000
1,336,000
268,000
217,000

HONG KONG
AIA Group Ltd
China Mobile Ltd
Citic Pacific Ltd
CNOOC Ltd
Hutchison Whampoa Ltd
Sun Hung Kai Properties Ltd

809,000
539,000
568,000
989,000
392,000
274,000

INDIA
Bank of Baroda
Dr Reddy's Laboratories Ltd
ICICI Bank Ltd
Larsen & Toubro Ltd
Tata Consultancy Services Ltd

162,279
51,895
110,114
47,241
68,304

INDONESIA
Astra International Tbk PT
Bank Mandiri Persero Tbk PT
Gudang Garam Tbk PT
Mitra Adiperkasa Tbk PT

539,000
4,620,626
104,500
933,000

MALAYSIA
Axiata Group Bhd
Gamuda Bhd
IJM Corp Bhd

614,400
371,500
794,100

47

Invesco Funds

1,440,613
1,430,920

0.85
0.85

2,871,533

1.70

1,710,905
3,721,891
2,490,338
2,762,537
1,847,439

1.02
2.21
1.48
1.64
1.10

12,533,110

7.45

3,304,279
1,031,044
4,820,871
1,736,346
891,147
2,015,878
731,301
1,066,478
1,798,071
747,495
2,218,611
812,040
1,962,525
2,020,788
671,748
1,198,322

1.96
0.61
2.86
1.03
0.53
1.20
0.43
0.63
1.07
0.44
1.32
0.48
1.16
1.20
0.40
0.71

27,026,944

16.03

3,069,597
5,753,131
1,068,612
2,267,485
3,903,555
4,227,461

1.82
3.41
0.63
1.35
2.32
2.51

20,289,841

12.04

2,660,501
1,731,774
2,034,222
1,257,945
1,700,945

1.58
1.03
1.21
0.75
1.01

9,385,387

5.58

4,223,262
3,291,299
656,021
581,832

2.51
1.95
0.39
0.35

8,752,414

5.20

1,058,361
453,913
1,560,108

0.63
0.27
0.93

3,072,382

1.83

Invesco Asia Opportunities Equity Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value
USD

Net Assets
%

8,825,200
2,970,600
488,740

1,123,920
1,490,337
1,458,618

0.67
0.88
0.87

4,072,875

2.42

2,778,389
2,745,989
1,015,145

1.65
1.63
0.60

6,539,523

3.88

3,435,720
3,407,775
2,758,860
2,965,122
1,941,626
3,689,078
1,222,016
3,828,085
1,502,124
7,629,167
3,183,951

2.04
2.02
1.64
1.76
1.15
2.19
0.72
2.27
0.89
4.53
1.89

35,563,524

21.10

2,861,843
4,535,786
2,938,988
4,167,084
2,054,973
2,259,057
1,972,490
5,946,288
3,202,894
2,469,907

1.70
2.69
1.74
2.47
1.22
1.34
1.17
3.53
1.90
1.47

32,409,310

19.23

739,400

1,694,891

1.01

1,117,000

1,447,887

0.86

TOTAL EQUITIES

165,659,621

98.33

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

165,659,621

98.33

1,623,056

0.96

1,623,056

0.96

167,282,677

99.29

PHILIPPINES
Energy Development Corp
Puregold Price Club Inc
Security Bank Corp

SINGAPORE
CapitaLand Ltd
Keppel Corp Ltd
Singapore Telecommunications Ltd

1,124,000
309,000
399,000

SOUTH KOREA
CJ CheilJedang Corp
Honam Petrochemical Corp
Hyundai Mobis
Hyundai Motor Co
KB Financial Group Inc
KCC Corp
KT&G Corp
LG Chem Ltd
LG Fashion Corp
Samsung Electronics Co Ltd
Shinhan Financial Group Co Ltd

11,946
10,777
10,839
15,375
52,690
11,488
18,689
10,740
39,916
7,080
82,310

TAIWAN
China Petrochemical Development Corp
Hon Hai Precision Industry Co Ltd
Largan Precision Co Ltd
Mega Financial Holding Co Ltd
Nan Ya Plastics Corp
Standard Foods Corp
Taiwan Cement Corp
Taiwan Semiconductor Manufacturing Co Ltd
Teco Electric and Machinery Co Ltd
Yulon Motor Co Ltd

2,230,000
1,304,000
131,000
5,355,000
839,000
637,000
1,537,000
2,154,000
4,532,000
1,172,000

THAILAND
Thai Union Frozen Products PCL
UNITED KINGDOM
Genting Singapore Plc

OPEN-ENDED FUNDS
UNITED STATES
iShares MSCI All Country Asia ex Japan Index Fund

28,100

TOTAL OPEN-ENDED FUNDS

Total
Investments
The accompanying notes form an integral part of these financial statements.

48

Invesco Funds

Invesco Greater China Equity Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value
USD

Net Assets
%

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
EQUITIES
BERMUDA
Pou Sheng International Holdings Ltd

50,615,000

7,146,768

1.02

CAYMAN ISLANDS
AAC Technologies Holdings Inc
Ajisen China Holdings Ltd
Asia Cement China Holdings Corp
China Dongxiang Group Co
Haitian International Holdings Ltd
Li Ning Co Ltd
Minth Group Ltd
SA SA International Holdings Ltd
Shenzhou International Group Holdings Ltd
Stella International Holdings Ltd
TCL Communication Technology Holdings Ltd
Tencent Holdings Ltd
Uni-President China Holdings Ltd
Vinda International Holdings Ltd
WuXi PharmaTech Cayman Inc ADR

9,148,000
12,685,000
32,632,500
25,550,000
18,151,000
3,127,500
21,274,000
21,382,000
11,370,000
2,740,000
21,540,000
1,540,600
30,688,000
19,175,000
1,022,078

23,604,215
17,338,545
18,325,457
4,843,113
19,052,031
3,746,531
26,184,326
13,013,875
20,394,070
6,313,809
12,054,571
40,188,528
19,963,932
25,838,541
13,338,118

3.38
2.48
2.62
0.69
2.73
0.54
3.75
1.86
2.92
0.90
1.72
5.75
2.86
3.70
1.91

264,199,662

37.81

1,156,481
38,116,876
5,208,073
41,544,901
1
51,746,812
10,382,804
22,637,063
9,416,273
3
1,949,906

0.17
5.45
0.74
5.94

7.40
1.49
3.24
1.35

0.28

182,159,193

26.06

3,038,852
15,841,911
23,559,608
514,840

0.43
2.27
3.37
0.07

42,955,211

6.14

6,969,489
26,593,083
34,879,740
15,525,035
32,407,635
17,646,982
6,808,145
11,103,876
14,948,183
12,427,601
5,249,481

1.00
3.80
4.99
2.22
4.64
2.52
0.97
1.59
2.14
1.78
0.75

184,559,250

26.40

CHINA
Anhui Expressway Co
China Construction Bank Corp
China National Materials Co Ltd
China Shenhua Energy Co Ltd
Huadian Energy Co Ltd
Industrial & Commercial Bank of China
Jiangling Motors Corp Ltd
PetroChina Co Ltd
Shanghai Jinjiang International Hotels Development Co Ltd
Weifu High-Technology Group Co Ltd
Wuxi Little Swan Co Ltd

HONG KONG
Cheung Kong Holdings Ltd
Hang Seng Bank Ltd
Sun Hung Kai Properties Ltd
Swire Properties Ltd

1,810,000
45,233,000
10,756,000
8,999,500
2
70,588,965
4,519,730
14,966,000
7,136,243
1
1,511,403

208,000
1,132,300
1,527,000
208,600

TAIWAN
AU Optronics Corp
Hon Hai Precision Industry Co Ltd
HTC Corp
Largan Precision Co Ltd
President Chain Store Corp
Sanyang Industry Co Ltd
Silitech Technology Corp
Simplo Technology Co Ltd
Taiwan Semiconductor Manufacturing Co Ltd
Wistron NeWeb Corp
Yuanta Financial Holding Co Ltd

49

12,865,000
7,645,285
1,550,000
692,000
6,136,264
25,970,000
2,439,150
1,548,800
5,414,872
5,472,986
8,907,000

Invesco Funds

Invesco Greater China Equity Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value
USD

Net Assets
%

781,500

11,648,257

1.67

692,668,341

99.10

2,979,931

0.43

2,979,931

0.43

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

695,648,272

99.53

Total
Investments

695,648,272

99.53

UNITED STATES
Yahoo! Inc
TOTAL EQUITIES
WARRANTS
UNITED STATES
Ping An Insurance Group Co 144A WTS 17/01/14

459,500

TOTAL WARRANTS

The accompanying notes form an integral part of these financial statements.

50

Invesco Funds

Invesco Asia Infrastructure Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value
USD

Net Assets
%

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
EQUITIES
AUSTRALIA
Adelaide Brighton Ltd
BHP Billiton Ltd
Leighton Holdings Ltd
Macquarie Group Ltd
Rio Tinto Ltd
Sydney Airport
Telstra Corp Ltd
Woodside Petroleum Ltd
WorleyParsons Ltd

4,000,000
2,094,200
1,106,428
590,073
636,875
8,552,727
5,100,000
816,910
825,445

BERMUDA
Cheung Kong Infrastructure Holdings Ltd
COSCO Pacific Ltd
Kunlun Energy Co Ltd
Orient Overseas International Ltd

3,305,000
11,600,000
15,916,000
3,270,000

12,939,498
82,088,014
30,767,549
17,144,138
46,594,580
24,330,274
18,211,205
33,030,303
26,344,292

0.60
3.82
1.44
0.80
2.17
1.13
0.85
1.54
1.23

291,449,853

13.58

19,412,262
17,575,682
26,762,571
22,558,897

0.90
0.82
1.25
1.05

86,309,412

4.02

CAYMAN ISLANDS
Sany Heavy Equipment International Holdings Co Ltd

31,938,000

28,128,381

1.31

CHINA
BBMG Corp
Beijing Capital International Airport Co Ltd
China Coal Energy Co Ltd
China Communications Construction Co Ltd
China Gezhouba Group Co Ltd-A
China International Marine Containers Group Co Ltd-A
China National Building Material Co Ltd
China Petroleum & Chemical Corp
China Railway Tielong Container Logistics Co Ltd-A
China Shenhua Energy Co Ltd
China Shipping Container Lines Co Ltd
China State Construction Engineering Corp Ltd-A
Dongfang Electric Corp Ltd
Jiangsu Expressway Co Ltd
Shenzhen Expressway Co Ltd
Sinoma International Engineering Co-A
Weichai Power Co Ltd
Zhejiang Expressway Co Ltd
Zhengzhou Coal Mining Machinery Group Co Ltd-A
Zoomlion Heavy Industry Science and Technology Co Ltd-A

20,000,000
22,222,000
13,000,000
30,200,000
12,639,329
1,199,956
10,800,000
18,100,000
11,329,177
8,136,500
50,000,000
26,999,988
5,280,000
24,782,000
24,238,000
4,439,866
2,200,000
17,854,000
3,599,908
11,399,988

21,212,029
11,060,806
16,671,108
30,881,363
16,960,010
2,916,200
15,625,464
20,667,286
16,372,067
37,560,985
17,117,914
14,007,131
14,229,726
25,980,243
10,642,171
13,315,555
12,148,884
13,525,699
16,710,896
17,398,195

0.98
0.52
0.78
1.43
0.79
0.14
0.73
0.96
0.76
1.75
0.80
0.65
0.66
1.21
0.50
0.62
0.57
0.63
0.78
0.81

345,003,732

16.07

80,063,519
41,830,554
95,330,651
21,884,279
81,795,411
36,216,779
65,458,352
11,945,306

3.73
1.95
4.44
1.02
3.80
1.69
3.04
0.56

434,524,851

20.23

4,996,837
14,112,966
12,317,744

0.23
0.66
0.57

31,427,547

1.46

HONG KONG
China Mobile Ltd
CLP Holdings Ltd
CNOOC Ltd
Guangdong Investment Ltd
Hutchison Whampoa Ltd
MTR Corp
Power Assets Holdings Ltd
Swire Pacific Ltd

7,501,000
4,734,000
41,580,000
33,212,000
8,214,000
10,222,469
8,748,500
1,050,000

INDIA
Bharti Airtel Ltd
Larsen & Toubro Ltd
Reliance Industries Ltd

700,000
530,000
741,000

51

Invesco Funds

Invesco Asia Infrastructure Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

INDONESIA
Astra International Tbk PT
Bank Mandiri Persero Tbk PT
Indocement Tunggal Prakarsa Tbk PT
Semen Gresik Persero Tbk PT
United Tractors Tbk PT

5,000,000
29,784,085
16,828,500
9,979,500
32,870,655

MALAYSIA
DiGi.Com Bhd
Gamuda Bhd
Genting Bhd
Lafarge Malayan Cement Bhd
Petronas Chemicals Group Bhd
YTL Power International Bhd

8,530,000
32,720,000
3,500,000
7,590,000
1,000,000
4,593,300

Market Value

Net Assets

USD

39,176,824
21,215,379
32,416,313
12,419,055
105,499,482

1.82
0.99
1.51
0.58
4.92

210,727,053

9.82

11,433,194
39,978,583
12,443,732
18,256,132
2,238,370
2,844,472

0.53
1.87
0.58
0.85
0.10
0.13

87,194,483

4.06

NEW ZEALAND
Telecom Corp of New Zealand Ltd

7,100,000

12,826,960

0.60

PAKISTAN
Oil & Gas Development Co Ltd

7,500,000

13,819,259

0.64

PHILIPPINES
Energy Development Corp
Metro Pacific Investments Corp

80,000,000
22,324,000

10,188,281
1,830,093

0.47
0.09

12,018,374

0.56

5,272,332
29,848,638
25,520,210
19,336,103
11,205,840

0.25
1.39
1.19
0.90
0.52

91,183,123

4.25

33,053,921
25,580,347
21,322,665
81,623,050
29,821,838
44,180,203
30,262,351

1.54
1.19
0.99
3.80
1.39
2.06
1.41

265,844,375

12.38

16,140,803
14,111,918
29,449,772
5,030,275
18,440,135
18,369,843
10,051,924
18,523,232
24,022,762

0.75
0.66
1.38
0.23
0.86
0.85
0.47
0.86
1.12

154,140,664

7.18

10,667,435
12,312,612
23,525,520
3,427,721

0.50
0.57
1.10
0.16

49,933,288

2.33

SINGAPORE
Hyflux Ltd
Keppel Corp Ltd
SembCorp Industries Ltd
Singapore Telecommunications Ltd
SMRT Corp Ltd

4,500,000
3,358,800
6,007,000
7,600,000
8,000,000

SOUTH KOREA
Hyundai Heavy Industries Co Ltd
Hyundai Mobis
KCC Corp
LG Chem Ltd
POSCO
Samsung Electronics Co Ltd
Samsung Engineering Co Ltd

109,000
100,500
66,400
229,000
80,150
41,000
143,000

TAIWAN
Asia Cement Corp
BES Engineering Corp
Chunghwa Telecom Co Ltd
CTCI Corp
Far Eastern New Century Corp
Nan Ya Plastics Corp
Taiwan Fertilizer Co Ltd
Taiwan Mobile Co Ltd
Taiwan Semiconductor Manufacturing Co Ltd

12,610,634
47,600,000
9,571,096
3,100,000
14,368,888
7,500,000
3,586,000
6,030,000
8,702,073

THAILAND
Kasikornbank PCL
PTT Global Chemical PCL
Siam Cement PCL
Sino Thai Engineering & Construction PCL

2,200,000
5,010,303
2,000,000
7,600,000

52

Invesco Funds

Invesco Asia Infrastructure Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value

Net Assets

USD

10,842,913

0.51

TOTAL EQUITIES

2,125,374,268

99.00

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

2,125,374,268

99.00

Total
Investments

2,125,374,268

99.00

UNITED ARAB EMIRATES

DP World Ltd

883,333

The accompanying notes form an integral part of these financial statements.

53

Invesco Funds

Invesco India Equity Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value
USD

Net Assets
%

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
EQUITIES
BASIC MATERIALS
Asian Paints Ltd
Coromandel International Ltd
Hindalco Industries Ltd
Jindal Steel & Power Ltd
JSW Steel Ltd
Sesa Goa Ltd
Sterlite Industries India Ltd

20,000
350,000
250,000
365,000
200,000
560,000
1,200,000

COMMUNICATIONS
Bharti Airtel Ltd
Idea Cellular Ltd

400,000
650,000

CONSUMER, CYCLICAL
Bajaj Auto Ltd
Hero Motocorp Ltd
Mahindra & Mahindra Ltd
Maruti Suzuki India Ltd
Tata Motors Ltd
Titan Industries Ltd

185,000
135,000
200,000
50,000
840,000
200,000

CONSUMER, NON-CYCLICAL
Cadila Healthcare Ltd
Dr Reddy's Laboratories Ltd
ITC Ltd
Lupin Ltd

70,000
90,000
1,130,000
380,000

1,290,838
1,966,563
759,411
4,341,496
3,304,427
2,452,071
3,047,133

0.77
1.17
0.45
2.58
1.97
1.46
1.81

17,161,939

10.21

2,855,335
1,253,647

1.70
0.75

4,108,982

2.45

6,820,011
5,367,978
2,901,856
1,284,916
4,647,337
928,790

4.06
3.20
1.73
0.77
2.77
0.55

21,950,888

13.08

1,034,217
3,003,366
4,799,790
3,735,452

0.62
1.79
2.86
2.22

12,572,825

7.49

DIVERSIFIED
Sintex Industries Ltd

650,000

1,131,963

0.67

ENERGY
Cairn India Ltd
Coal India Ltd
Oil & Natural Gas Corp Ltd
Oil India Ltd
Reliance Industries Ltd

150,000
435,000
400,000
70,000
105,000

1,133,110
2,968,269
2,392,369
1,833,697
1,745,429

0.67
1.77
1.42
1.09
1.04

10,072,874

5.99

3,488,313
6,557,845
9,711,489
4,738,140
7,574,249
1,985,385
3,475,005
2,594,190
6,594,636
2,234,442
2,601,724
2,246,965
4,593,705

2.08
3.90
5.78
2.82
4.51
1.18
2.07
1.54
3.93
1.33
1.55
1.34
2.73

58,396,088

34.76

4,164,288
3,994,236
2,795,399
1,117,119

2.48
2.38
1.66
0.67

12,071,042

7.19

FINANCIAL
Axis Bank Ltd
Bank of Baroda
HDFC Bank Ltd
Housing Development Finance Corp
ICICI Bank Ltd
Indian Overseas Bank
Infrastructure Development Finance Co Ltd
ING Vysya Bank Ltd
Jammu & Kashmir Bank Ltd
Kotak Mahindra Bank Ltd
Mahindra & Mahindra Financial Services Ltd
Power Finance Corp Ltd
State Bank of India

145,000
400,000
915,000
350,000
410,000
950,000
1,200,000
370,000
375,000
200,000
169,000
550,000
100,000

INDUSTRIAL
Grasim Industries Ltd
Larsen & Toubro Ltd
Pidilite Industries Ltd
Voltas Ltd

73,593
150,000
900,000
500,000

54

Invesco Funds

Invesco India Equity Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value
USD

Net Assets
%

350,000
170,000
335,000
300,000

3,458,937
9,965,690
8,342,361
2,664,711

2.06
5.93
4.97
1.59

24,431,699

14.55

763,212
2,785,834

0.45
1.66

3,549,046

2.11

165,447,346

98.50

95,891

0.06

95,891

0.06

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

165,543,237

98.56

Total
Investments

165,543,237

98.56

TECHNOLOGY
HCL Technologies Ltd
Infosys Ltd
Tata Consultancy Services Ltd
Wipro Ltd

UTILITIES
GAIL India Ltd
Reliance Infrastructure Ltd

100,000
230,000

TOTAL EQUITIES
BONDS
CONSUMER, NON-CYCLICAL
Dr Reddy's Laboratories Ltd 9.25% INR 24/03/2014

4,800,000

TOTAL BONDS

The accompanying notes form an integral part of these financial statements.

55

Invesco Funds

Invesco Asia Consumer Demand Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value
USD

Net Assets
%

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
EQUITIES
BERMUDA
Brilliance China Automotive Holdings Ltd
GOME Electrical Appliances Holding Ltd
Haier Electronics Group Co Ltd
Shangri-La Asia Ltd

14,100,000
34,000,000
8,800,000
4,140,000

CAYMAN ISLANDS
Ajisen China Holdings Ltd
Baoxin Auto Group Ltd
Belle International Holdings Ltd
China Resources Land Ltd
Ctrip.com International Ltd ADR
Hengan International Group Co Ltd
Lifestyle International Holdings Ltd
Minth Group Ltd
SA SA International Holdings Ltd
Tencent Holdings Ltd
Uni-President China Holdings Ltd
Zhongsheng Group Holdings Ltd

7,800,000
8,500,000
7,200,000
6,980,000
450,000
2,050,000
7,200,000
9,300,000
24,600,000
940,000
25,500,000
5,100,000

CHINA
Bank of China Ltd
China Life Insurance Co Ltd-H
Dongfeng Motor Group Co Ltd
Industrial & Commercial Bank of China
Ping An Insurance Group Co
Shanghai Pharmaceuticals Holding Co Ltd

40,000,000
4,900,000
5,550,000
22,900,500
1,280,000
5,800,000

HONG KONG
China Overseas Land & Investment Ltd
China Resources Enterprise Ltd
Wharf Holdings Ltd

4,300,000
4,000,000
2,876,000

INDIA
Bajaj Auto Ltd
Dr Reddy's Laboratories Ltd
ICICI Bank Ltd
ITC Ltd
Lupin Ltd
State Bank of India
Titan Industries Ltd

370,000
276,000
680,000
2,200,000
920,000
300,000
1,800,000

INDONESIA
Astra International Tbk PT
Gudang Garam Tbk PT
Indofood CBP Sukses Makmur Tbk PT
Indofood Sukses Makmur Tbk PT
Mitra Adiperkasa Tbk PT
Telekomunikasi Indonesia Tbk PT

2,420,000
1,700,000
19,000,000
16,500,000
13,000,000
8,000,000

MALAYSIA
Genting Bhd
Top Glove Corp Bhd
UEM Land Holdings Bhd
UOA Development Bhd

3,650,000
3,164,600
12,350,000
1,300,300

56

Invesco Funds

16,409,020
10,412,592
10,967,328
10,367,305

1.85
1.17
1.24
1.17

48,156,245

5.43

10,661,463
10,670,167
11,902,463
13,329,897
12,384,000
18,583,414
19,798,754
11,446,566
14,972,469
24,521,106
16,588,903
9,864,561

1.20
1.20
1.34
1.50
1.39
2.09
2.23
1.29
1.69
2.76
1.87
1.11

174,723,763

19.67

17,433,838
15,290,714
10,885,253
16,787,721
11,186,541
10,739,863

1.96
1.72
1.23
1.89
1.26
1.21

82,323,930

9.27

9,010,277
14,932,237
17,958,697

1.01
1.68
2.02

41,901,211

4.71

13,640,021
9,210,324
12,562,170
9,344,725
9,043,725
13,781,115
8,359,110

1.54
1.04
1.42
1.05
1.02
1.55
0.94

75,941,190

8.56

18,961,583
10,672,116
11,848,668
9,283,535
8,106,983
6,230,598

2.14
1.20
1.33
1.05
0.91
0.70

65,103,483

7.33

12,977,035
5,123,816
9,544,451
657,641

1.46
0.58
1.08
0.07

28,302,943

3.19

Invesco Asia Consumer Demand Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value
USD

Net Assets
%

MAURITIUS
Golden Agri-Resources Ltd

17,200,000

10,058,728

1.13

PHILIPPINES
Alliance Global Group Inc
Cebu Air Inc
Puregold Price Club Inc

28,600,000
4,000,000
18,400,000

7,659,221
6,193,427
9,231,201

0.86
0.70
1.04

23,083,849

2.60

14,089,696
11,286,226
8,207,434

1.59
1.27
0.92

33,583,356

3.78

10,058,772
23,671,366
30,085,140
6,015,598
6,134,036
38,576,860
8,288,900
10,831,079

1.13
2.67
3.39
0.68
0.69
4.35
0.93
1.22

133,661,751

15.06

14,740,779
14,863,633
16,539,748
10,271,804
19,540,921
13,325,272
15,797,773

1.66
1.67
1.86
1.16
2.20
1.50
1.78

105,079,930

11.83

11,879,644
10,366,758

1.34
1.17

22,246,402

2.51

13,221,524

1.49

857,388,305

96.56

7,952,547

0.90

7,952,547

0.90

865,340,852

97.46

SINGAPORE
CapitaLand Ltd
Raffles Medical Group Ltd
Wilmar International Ltd

5,700,000
6,000,000
2,000,000

SOUTH KOREA
Amorepacific Corp
Hyundai Mobis
Hyundai Motor Co
KT&G Corp
LG Fashion Corp
Samsung Electronics Co Ltd
Samsung Fire & Marine Insurance Co Ltd
Shinhan Financial Group Co Ltd

11,000
93,000
156,000
92,000
163,000
35,800
44,000
280,000

TAIWAN
Asustek Computer Inc
Hon Hai Precision Industry Co Ltd
HTC Corp
Mega Financial Holding Co Ltd
President Chain Store Corp
Sanyang Industry Co Ltd
Uni-President Enterprises Corp

1,570,000
4,273,168
735,000
13,200,000
3,700,000
19,610,000
10,314,079

THAILAND
Kasikornbank PCL
Minor International PCL

2,450,000
25,000,000

UNITED KINGDOM
Genting Singapore Plc

10,200,000

TOTAL EQUITIES
WARRANTS
UNITED STATES
CITIGROUP WTS 144A 20/01/15

1,420,467

TOTAL WARRANTS
TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
OPEN-ENDED FUNDS
HONG KONG
iShares FTSE A50 China Index ETF

9,650,000

TOTAL OPEN-ENDED FUNDS

Total
Investments
The accompanying notes form an integral part of these financial statements.

57

Invesco Funds

14,745,584

1.66

14,745,584

1.66

880,086,436

99.12

Invesco China Focus Equity Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value
USD

Net Assets
%

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
EQUITIES
BERMUDA
Pou Sheng International Holdings Ltd

2,977,000

420,348

4.48

216,000
136,000
733,000
378,000
10,000
366,000
616,000
236,000
76,000
567,000
30,000
650,000
390,000
15,000

557,337
185,892
411,631
396,764
11,979
450,478
374,920
423,307
175,128
317,314
782,588
422,854
525,530
195,750

5.94
1.98
4.39
4.23
0.13
4.79
4.00
4.51
1.87
3.38
8.34
4.51
5.59
2.09

5,231,472

55.75

63,894
414,598
221,764
673,988
773,392
443,314
432,594
398,442

0.68
4.42
2.36
7.18
8.25
4.72
4.61
4.25

3,421,986

36.47

TOTAL EQUITIES

9,073,806

96.70

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

9,073,806

96.70

Total
Investments

9,073,806

96.70

CAYMAN ISLANDS
AAC Technologies Holdings Inc
Ajisen China Holdings Ltd
Asia Cement China Holdings Corp
Haitian International Holdings Ltd
Li Ning Co Ltd
Minth Group Ltd
SA SA International Holdings Ltd
Shenzhou International Group Holdings Ltd
Stella International Holdings Ltd
TCL Communication Technology Holdings Ltd
Tencent Holdings Ltd
Uni-President China Holdings Ltd
Vinda International Holdings Ltd
WuXi PharmaTech Cayman Inc ADR

CHINA
Anhui Expressway Co
China Construction Bank Corp
China National Materials Co Ltd
China Shenhua Energy Co Ltd
Industrial & Commercial Bank of China
Jiangling Motors Corp Ltd
PetroChina Co Ltd
Shanghai Jinjiang International Hotels Development Co Ltd

The accompanying notes form an integral part of these financial statements.

58

Invesco Funds

100,000
492,000
458,000
146,000
1,055,000
192,979
286,000
301,964

Invesco Global Leisure Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value
USD

Net Assets
%

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
EQUITIES
CAYMAN ISLANDS
Baidu Inc ADR

1,804

249,484

0.93

62,747

354,392

1.33

JAPAN
Honda Motor Co Ltd

7,845

301,918

1.13

NETHERLANDS
Yandex NV

4,259

93,677

0.35

UNITED KINGDOM
Michael Kors Holdings Ltd

15,737

672,521

2.52

UNITED STATES
Amazon.com Inc
Apple Inc
AutoZone Inc
Bebe Stores Inc
Bed Bath & Beyond Inc
CBS Corp
Chipotle Mexican Grill Inc
Comcast Corp
Costco Wholesale Corp
Diamond Foods Inc
DIRECTV
DISH Network Corp
Dollar Tree Inc
Domino's Pizza Inc
DR Horton Inc
eBay Inc
Electronic Arts Inc
Express Inc
Foot Locker Inc
Ford Motor Co
Google Inc
Group 1 Automotive Inc
Harley-Davidson Inc
Home Depot Inc
Hyatt Hotels Corp
Interpublic Group of Cos Inc
Jarden Corp
Johnson Controls Inc
Las Vegas Sands Corp
Lowe's Cos Inc
Macy's Inc
Marriott International Inc
Mattress Firm Holding Corp
McDonald's Corp
Monster Beverage Corp
National CineMedia Inc
News Corp
NIKE Inc
Penn National Gaming Inc
PF Chang's China Bistro Inc
Pool Corp
priceline.com Inc
PulteGroup Inc
Rovi Corp
Scripps Networks Interactive Inc
Sirius XM Radio Inc
Starbucks Corp
Starwood Hotels & Resorts Worldwide Inc
Target Corp
Tesla Motors Inc

4,362
2,537
696
21,571
5,234
24,014
2,059
43,212
1,031
12,658
23,114
6,646
1,572
3,627
14,305
3,720
18,574
11,944
7,769
31,459
553
5,292
9,617
21,900
2,876
87,801
6,202
13,725
5,067
14,121
15,467
6,236
13,423
1,877
4,114
14,756
18,165
7,915
13,517
4,078
8,340
194
24,691
15,214
9,977
98,757
20,124
4,712
3,767
8,374

801,256
1,358,081
261,842
196,404
314,014
720,060
806,685
1,268,920
87,929
307,526
1,064,515
194,462
139,169
140,891
198,768
136,282
310,464
286,775
225,456
385,530
341,950
278,968
450,028
1,034,556
120,461
1,030,345
217,659
455,190
278,305
391,081
585,349
220,848
443,966
187,325
234,375
237,793
360,121
850,427
573,797
159,389
309,789
122,713
204,812
545,954
446,022
218,747
984,265
259,089
210,971
283,041

3.00
5.08
0.98
0.74
1.18
2.69
3.02
4.75
0.33
1.15
3.98
0.73
0.52
0.53
0.74
0.51
1.16
1.07
0.84
1.44
1.28
1.04
1.68
3.87
0.45
3.85
0.81
1.70
1.04
1.46
2.19
0.83
1.66
0.70
0.88
0.89
1.35
3.18
2.15
0.60
1.16
0.46
0.77
2.04
1.67
0.82
3.68
0.97
0.79
1.06

ITALY
Prada SpA

59

Invesco Funds

Invesco Global Leisure Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value
USD

Net Assets
%

15,069
3,788
2,602
7,449
6,641
23,998

570,286
140,061
228,104
394,946
313,223
1,006,356

2.13
0.52
0.85
1.48
1.17
3.77

23,895,341

89.39

TOTAL EQUITIES

25,567,333

95.65

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

25,567,333

95.65

Total
Investments

25,567,333

95.65

UNITED STATES (continued)

Time Warner Inc
TJX Cos Inc
Under Armour Inc
Viacom Inc A
Viacom Inc B
Walt Disney Co

The accompanying notes form an integral part of these financial statements.

60

Invesco Funds

Invesco Energy Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value
USD

Net Assets
%

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
EQUITIES
BERMUDA
Kosmos Energy Ltd
Nabors Industries Ltd
Seadrill Ltd

166,153
171,061
145,971

2,275,465
3,753,934
6,000,868

0.70
1.15
1.84

12,030,267

3.69

CANADA
Canadian Natural Resources Ltd

66,198

2,512,956

0.77

FRANCE
Total SA ADR

37,048

2,093,768

0.64

HONG KONG
CNOOC Ltd

893,000

2,047,385

0.63

SWITZERLAND
Transocean Ltd
Weatherford International Ltd

67,608
805,640

3,660,635
13,232,637

1.13
4.07

16,893,272

5.20

2,595,588
2,786,245
14,900,373
6,107,254

0.80
0.86
4.58
1.88

26,389,460

8.12

11,349,114
17,779,924
4,631,120
8,536,316
2,361,197
17,337,107
3,368,643
2,423,558
6,809,495
14,504,169
2,184,595
21,131,449
8,626,768
3,592,230
6,911,647
1,871,077
10,847,189
3,731,726
3,555,925
22,167,108
1,481,125
11,707,958
20,075,905
2,760,539
2,515,974
1,382,525
3,113,722
1,726,151
1,824,492
7,166,537
17,580,819
1,760,107
2,423,958

3.49
5.46
1.42
2.62
0.73
5.33
1.04
0.74
2.09
4.46
0.67
6.49
2.65
1.10
2.12
0.58
3.33
1.15
1.09
6.81
0.46
3.60
6.17
0.85
0.77
0.42
0.96
0.53
0.56
2.20
5.40
0.54
0.75

UNITED KINGDOM
BG Group Plc
BP Plc ADR
Ensco Plc ADR
Royal Dutch Shell Plc ADR

106,408
58,247
255,362
82,799

UNITED STATES
Anadarko Petroleum Corp
Apache Corp
Atwood Oceanics Inc
Baker Hughes Inc
Cabot Oil & Gas Corp
Cameron International Corp
ConocoPhillips
Dresser-Rand Group Inc
EOG Resources Inc
Exxon Mobil Corp
FMC Technologies Inc
Halliburton Co
Helmerich & Payne Inc
Hess Corp
Key Energy Services Inc
Lufkin Industries Inc
Marathon Oil Corp
Marathon Petroleum Corp
Murphy Oil Corp
National Oilwell Varco Inc
Newfield Exploration Co
Noble Energy Inc
Occidental Petroleum Corp
Oceaneering International Inc
Oil States International Inc
Patterson-UTI Energy Inc
Peabody Energy Corp
Range Resources Corp
Resolute Energy Corp
Rowan Cos Inc
Schlumberger Ltd
Southwestern Energy Co
Superior Energy Services Inc

132,097
162,270
96,673
167,428
66,644
310,673
43,576
45,419
58,413
166,399
42,593
560,739
140,650
54,531
394,613
22,958
309,257
89,565
54,922
262,162
41,091
114,263
190,320
50,251
30,072
70,555
87,921
27,096
159,973
197,834
223,121
52,864
80,920

61

Invesco Funds

Invesco Energy Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value
USD

Net Assets
%

132,747
143,679

3,288,807
8,614,274

1.01
2.65

261,143,250

80.24

TOTAL EQUITIES

323,110,358

99.29

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

323,110,358

99.29

Total
Investments

323,110,358

99.29

UNITED STATES (continued)

Valero Energy Corp
Whiting Petroleum Corp

The accompanying notes form an integral part of these financial statements.

62

Invesco Funds

Invesco Asia Pacific Real Estate Securities Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value
USD

Net Assets
%

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
EQUITIES
AUSTRALIA
CFS Retail Property Trust
Dexus Property Group
Goodman Group
GPT Group
Stockland
Westfield Group
Westfield Retail Trust

50,772
76,157
84,445
28,541
28,409
19,293
37,928

CAYMAN ISLANDS
Agile Property Holdings Ltd
China Resources Land Ltd
Country Garden Holdings Co Ltd
Longfor Properties Co Ltd
Shimao Property Holdings Ltd

24,000
30,000
33,000
10,000
31,000

HONG KONG
China Overseas Land & Investment Ltd
Hang Lung Properties Ltd
Henderson Land Development Co Ltd
Hongkong Land Holdings Ltd
Hysan Development Co Ltd
Kerry Properties Ltd
Link REIT
Sino Land Co Ltd
Sun Hung Kai Properties Ltd
Wharf Holdings Ltd

48,400
31,000
15,000
17,000
8,000
15,000
10,000
39,800
18,000
15,900

JAPAN
Japan Real Estate Investment Corp
Kenedix Realty Investment Corp
Mitsubishi Estate Co Ltd
Mitsui Fudosan Co Ltd
Nippon Building Fund Inc
Nomura Real Estate Office Fund Inc
Sumitomo Realty & Development Co Ltd
Tokyu Land Corp
United Urban Investment Corp

6
1
11,000
11,000
7
5
7,000
9,000
32

SINGAPORE
Ascendas REIT
CapitaCommercial Trust
CapitaLand Ltd
CapitaMall Trust
CapitaMalls Asia Ltd
City Developments Ltd
Global Logistic Properties Ltd
Keppel Land Ltd
Suntec Real Estate Investment Trust

23,000
37,000
32,000
14,530
25,000
4,000
40,000
9,000
18,000

TOTAL EQUITIES

63

Invesco Funds

97,939
73,866
63,145
96,811
97,749
183,782
103,374

3.04
2.30
1.96
3.01
3.04
5.71
3.21

716,666

22.27

32,371
57,292
14,957
14,507
40,614

1.01
1.78
0.47
0.45
1.26

159,741

4.97

101,418
116,924
94,004
94,010
34,945
71,035
37,395
71,080
277,716
99,285

3.15
3.64
2.92
2.92
1.09
2.21
1.16
2.21
8.63
3.09

997,812

31.02

53,457
3,477
200,864
210,849
67,545
29,299
165,077
43,702
35,533

1.66
0.11
6.24
6.55
2.10
0.91
5.13
1.36
1.11

809,803

25.17

37,902
35,320
79,100
20,966
30,899
35,804
69,936
24,779
17,761

1.18
1.10
2.46
0.65
0.96
1.11
2.17
0.77
0.55

352,467

10.95

3,036,489

94.38

Invesco Asia Pacific Real Estate Securities Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
OTHER TRANSFERABLE SECURITIES
EQUITIES
AUSTRALIA
BGP Holdings

Market Value
USD

3,036,489

214,552

Net Assets
%

94.38

TOTAL EQUITIES

TOTAL OTHER TRANSFERABLE SECURITIES

3,036,489

94.38

Total
Investments
The accompanying notes form an integral part of these financial statements.

64

Invesco Funds

Invesco Global Income Real Estate Securities Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value
USD

Net Assets
%

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

EQUITIES
AUSTRALIA
BWP Trust
CFS Retail Property Trust
Challenger Diversified Property Group
Charter Hall Group
Charter Hall Retail REIT
Commonwealth Property Office Fund
Dexus Property Group
Goodman Group
Investa Office Fund
Mirvac Group
Stockland
Westfield Group

26,680
63,803
102,124
8,156
28,498
21,040
83,865
60,934
112,055
15,150
31,566
8,095

52,695
123,076
56,720
18,915
96,974
22,174
81,342
45,564
75,593
19,702
108,612
77,111

0.62
1.45
0.67
0.22
1.14
0.26
0.96
0.54
0.89
0.23
1.28
0.91

778,478

9.17

31,946
25,278

0.38
0.30

57,224

0.68

86,808
19,224
132,070
172,737
124,900
107,694
26,182
21,319
103,077
65,572

1.02
0.23
1.56
2.04
1.47
1.27
0.31
0.25
1.22
0.77

859,583

10.14

22,927
93,668

0.27
1.10

116,595

1.37

15,600

20,518

0.24

FINLAND
Sponda OYJ

5,469

23,306

0.27

FRANCE
Fonciere Des Regions
Mercialys SA
Societe de la Tour Eiffel
Societe Immobiliere de Location pour l'Industrie et le Commerce
Unibail-Rodamco SE

1,032
350
423
159
1,417

75,541
12,232
22,416
16,661
278,735

0.89
0.14
0.26
0.20
3.29

405,585

4.78

76,323
65,511

0.90
0.77

141,834

1.67

38,760
45,261
72,920
86,439

0.46
0.53
0.86
1.02

243,380

2.87

BELGIUM
Befimmo SCA Sicafi
Intervest Offices & Warehouses

493
948

CANADA
Artis REIT
Calloway REIT
Canadian Apartment Properties REIT
Chartwell Seniors Housing REIT
Cominar REIT
Dundee REIT
H&R REIT
Morguard REIT
Primaris Retail REIT
RioCan REIT

5,400
700
5,700
18,800
5,400
3,100
1,100
1,300
4,700
2,400

CAYMAN ISLANDS
Shimao Property Holdings Ltd
Soho China Ltd

17,500
128,000

CHINA
Guangzhou R&F Properties Co Ltd

GERMANY
Alstria Office REIT
Deutsche Euroshop AG

6,748
1,879

HONG KONG
Champion REIT
Hang Lung Properties Ltd
Link REIT
Sino Land Co Ltd

87,000
12,000
19,500
48,400

65

Invesco Funds

Invesco Global Income Real Estate Securities Fund

Statement of Investments as at 29 February 2012

Investment

JAPAN
Advance Residence Investment Corp
Frontier Real Estate Investment Corp
Industrial & Infrastructure Fund Investment Corp
Japan Prime Realty Investment Corp
Japan Real Estate Investment Corp
Japan Retail Fund Investment Corp
Kenedix Realty Investment Corp
Mitsui Fudosan Co Ltd
Nomura Real Estate Office Fund Inc
Nomura Real Estate Residential Fund Inc
Orix JREIT Inc
Tokyu Land Corp
United Urban Investment Corp

NETHERLANDS
Corio NV
Wereldhave NV

Nominal/Shares

Market Value
USD

Net Assets
%

29
2
4
28
4
15
15
1,000
6
8
12
5,000
65

54,181
16,551
21,574
74,840
35,638
22,625
52,151
19,168
35,159
39,169
56,590
24,279
72,177

0.64
0.19
0.25
0.88
0.42
0.27
0.61
0.23
0.41
0.46
0.67
0.29
0.85

524,102

6.17

25,363
28,511

0.30
0.34

53,874

0.64

62,787
14,101
60,406

0.74
0.17
0.71

137,294

1.62

93,931
36,274
38,959
83,024
20,601
35,649

1.11
0.43
0.46
0.98
0.24
0.42

308,438

3.64

20,844
100,540
74,434
22,397
21,811

0.25
1.19
0.88
0.26
0.26

240,026

2.84

38,839
17,088

0.46
0.20

55,927

0.66

82,303
22,158
45,298
118,928
18,091

0.97
0.26
0.53
1.40
0.21

286,778

3.37

17,007
56,724
60,827
47,737
15,930
48,285
58,361
17,406

0.20
0.67
0.72
0.56
0.19
0.57
0.69
0.21

322,277

3.81

4,575,219

53.94

524
381

NEW ZEALAND
AMP NZ Office Ltd
Goodman Property Trust
Kiwi Income Property Trust

85,142
16,600
70,240

SINGAPORE
Ascendas REIT
CapitaCommercial Trust
CapitaMall Trust
Fortune REIT
Frasers Centrepoint Trust
Starhill Global REIT

57,000
38,000
27,000
163,000
17,000
73,000

SOUTH AFRICA
Capital Property Fund
Fountainhead Property Trust
Growthpoint Properties Ltd
Hyprop Investments Ltd
SA Corporate Real Estate Fund Nominees Pty Ltd

17,526
102,662
26,783
2,944
49,776

SWEDEN
Castellum AB
Hufvudstaden AB

2,933
1,513

UNITED KINGDOM
British Land Co Plc
Hammerson Plc
Hansteen Holdings Plc
Land Securities Group Plc
Safestore Holdings Plc

10,868
3,515
38,176
10,970
9,606

UNITED STATES
Corporate Office Properties Trust
Digital Realty Trust Inc
Government Properties Income Trust
Healthcare Realty Trust Inc
LTC Properties Inc
National Retail Properties Inc
Piedmont Office Realty Trust Inc
Weingarten Realty Investors

700
800
2,600
2,300
500
1,800
3,300
700

TOTAL EQUITIES

66

Invesco Funds

Invesco Global Income Real Estate Securities Fund

Statement of Investments as at 29 February 2012

Investment

BONDS
AUSTRALIA
Stockland Trust Management Ltd 7.5% AUD 01/07/2016
Westfield Retail Trust 7% AUD 18/10/2016

Nominal/Shares

Market Value
USD

Net Assets
%

150,000
100,000

168,377
111,709

1.99
1.32

280,086

3.31

BRAZIL
BR Properties SA 9% 144A USD Perpetual

150,000

156,000

1.84

CAYMAN ISLANDS
Shimao Property Holdings Ltd 144A 8% USD 01/12/2016

100,000

88,500

1.04

UNITED KINGDOM
Titan Europe Plc FRN GBP 28/07/2014

141,221

211,296

2.49

UNITED STATES
Bear Stearns Commercial Mortgage Securities 144A FRN USD 12/10/2041
Corporate Office Properties Trust 7.625% USD Perpetual
DLJ Commercial Mortgage Corp 144A 7.459% USD 10/06/2031
Entertainment Properties Trust 9% USD Perpetual
GS Mortgage Securities FRN 5.309% USD 10/01/2040
JPMorgan Chase 8.369% 144A USD 12/10/2037
Kilroy Realty Corp 7.5% USD Perpetual
Kilroy Realty Corp 7.8% USD Perpetual
LaSalle Hotel Properties 7.25% USD Perpetual
LaSalle Hotel Properties 7.5% USD Perpetual
LaSalle Hotel Properties 7.5% USD Perpetual
LB-UBS Commercial Mortgage Trust 5.081% USD 15/01/2036
Merrill Lynch Mortgage Trust FRN USD 12/07/2038
National Retail Properties Inc 6.625% USD Perpetual
National Retail Properties Inc 7.375% USD Perpetual
Omega Healthcare Investors Inc 6.75% USD 15/10/2022
PS Business Parks Inc 6.7% USD Perpetual
PS Business Parks Inc 6.875% USD Perpetual
Public Storage 6.625% USD Perpetual
Public Storage 6.875% USD Perpetual
Realty Income Corp 6.75% USD Perpetual
Senior Housing Property Trust 4.3% USD 15/01/2016
SL Green Realty Corp 7.875% USD Perpetual
Sunstone Hotel Investors Inc 8% USD Perpetual
Sunstone Hotel Investors Inc 8% USD Perpetual
Vornado Realty Trust 6.625% USD Perpetual
Vornado Realty Trust 7% USD Perpetual
Wachovia Bank Commercial Mortgage Trust 144A 4.107% USD 15/06/2035
Wachovia Bank Commercial Mortgage Trust 6.043% USD 15/10/2041

50,000
2,600
45,000
3,900
100,000
65,010
4,100
8,300
6,700
700
3,400
90,000
150,000
4,000
4,000
50,000
4,400
4,600
6,700
2,100
2,200
100,000
10,600
4,200
4,000
3,800
5,100
20,000
44,000

42,322
66,706
47,386
111,150
95,819
66,265
104,611
213,352
165,557
17,910
85,272
92,180
138,028
100,200
100,250
54,250
111,980
122,659
171,286
59,451
56,015
100,426
271,201
103,908
99,090
96,653
133,161
20,549
42,929

0.50
0.79
0.56
1.31
1.13
0.78
1.23
2.52
1.95
0.21
1.01
1.09
1.63
1.18
1.18
0.64
1.32
1.45
2.02
0.70
0.66
1.18
3.20
1.22
1.17
1.14
1.57
0.24
0.51

2,890,566

34.09

TOTAL BONDS

3,626,448

42.77

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

8,201,667

96.70

95,580
91,382

1.12
1.08

8,388,629

98.90

OTHER TRANSFERABLE SECURITIES

EQUITIES
AUSTRALIA
BGP Holdings

187,667

TOTAL EQUITIES
BONDS
UNITED STATES
Bank of America Lar Loan 0.516% USD 15/10/2019
Bear Stearns Commercial Mortgage Securities 5.511% USD 12/04/2038
Total
Investments
The accompanying notes form an integral part of these financial statements.

67

Invesco Funds

100,000
100,000

Invesco Gold & Precious Metals Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value
USD

Net Assets
%

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

EQUITIES
AUSTRALIA
BHP Billiton Ltd ADR
Newcrest Mining Ltd

2,148
16,711

169,305
606,500

1.04
3.75

775,805

4.79

321,481
188,260
471,645
915,269
272,869
287,786
308,722
269,963
190,382
472,358
945,751
141,171
611,658
113,703
346,123
164,563
507,171
557,326
388,698
107,267
291,042
936,487
394,565
188,172
767,195

1.98
1.16
2.91
5.65
1.68
1.78
1.90
1.67
1.17
2.91
5.83
0.87
3.77
0.70
2.14
1.02
3.13
3.44
2.40
0.66
1.80
5.78
2.43
1.16
4.73

10,159,627

62.67

2,177

91,619

0.57

25,569
10,420
3,337

405,780
138,221
74,792

2.51
0.85
0.46

618,793

3.82

6,733

790,589

4.88

3,638
12,904
11,031
32,658

109,886
563,260
683,866
489,380

0.68
3.48
4.21
3.02

1,846,392

11.39

14,282,825

88.12

878,618

5.42

878,618

5.42

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

15,161,443

93.54

Total
Investments

15,161,443

93.54

CANADA
Agnico-Eagle Mines Ltd
Alamos Gold Inc
Aurizon Mines Ltd
Barrick Gold Corp
Cameco Corp
Centerra Gold Inc
Detour Gold Corp
Eldorado Gold Corp
Extorre Gold Mines Ltd
Franco-Nevada Corp
Goldcorp Inc
Harry Winston Diamond Corp
IAMGOLD Corp
International Tower Hill Mines Ltd
Kinross Gold Corp
Kirkland Lake Gold Inc
New Gold Inc
Osisko Mining Corp
Pan American Silver Corp
Queenston Mining Inc
Rubicon Minerals Corp
Silver Wheaton Corp
Tahoe Resources Inc
Torex Gold Resources Inc
Yamana Gold Inc

8,635
9,615
84,373
18,494
10,952
13,697
11,054
17,266
24,321
10,379
18,898
10,275
39,336
21,596
30,153
9,322
41,513
43,753
14,816
22,376
77,882
23,462
18,752
78,672
42,705

PERU
Cia de Minas Buenaventura SA ADR
SOUTH AFRICA
Gold Fields Ltd ADR
Harmony Gold Mining Co Ltd ADR
Impala Platinum Holdings Ltd

UNITED KINGDOM
Randgold Resources Ltd ADR
UNITED STATES
Coeur d'Alene Mines Corp
Freeport-McMoRan Copper & Gold Inc
Newmont Mining Corp
Stillwater Mining Co

TOTAL EQUITIES
STRUCTURED PRODUCTS
IRELAND
Source Physical Markets Gold P-ETC

4,961

TOTAL STRUCTURED PRODUCTS

The accompanying notes form an integral part of these financial statements.

68

Invesco Funds

Invesco USD Reserve Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value
USD

Net Assets
%

3,000,000

3,000,000

2.22

TOTAL BONDS

3,000,000

2.22

TOTAL OTHER TRANSFERABLE SECURITIES

3,000,000

2.22

5,997,440
5,002,248
5,998,830
5,998,789
5,995,507
5,995,943
5,996,329
5,999,254
5,995,065
3,001,964
4,499,304
3,992,160
4,999,622
5,997,250
3,007,685

4.44
3.71
4.45
4.45
4.44
4.44
4.44
4.45
4.44
2.22
3.33
2.96
3.70
4.44
2.23

78,477,390

58.14

12,500,000

9.26

TOTAL OPEN-ENDED FUNDS

12,500,000

9.26

Total Investments

93,977,390

69.62

OTHER TRANSFERABLE SECURITIES

BONDS
Svenska Handelsbanken 144A FRN USD 08/06/2017

MONEY MARKET INSTRUMENTS ELIGIBLE UNDER ARTICLE 41.1H OF THE LAW OF 17 DECEMBER 2010
Anz National C/P USD 03/05/2012
Bank Of Nova Scotia 0.74% USD 11/06/2012
Bank Of Tokyo C/D USD 19/03/2012
Bank Of Tokyo C/D USD 22/03/2012
Bank Of Western Australia C/P USD 19/04/2012
DBS Bank Ltd C/P USD 27/04/2012
DBS Bank Ltd C/P USD 02/05/2012
FMS Wertmanagement C/P USD 08/03/2012
FMS Wertmanagement C/P USD 26/04/2012
HSBC Bank 144A 0.987% USD 03/08/2012
National Australia Bank C/D USD 12/03/2012
National Australia Bank C/D USD 09/07/2012
Rabobank Nederland Australia C/P USD 07/03/2012
Sheffield Receivables C/P USD 24/04/2012
Westpac Banking Corp FRN USD 15/06/2012

6,000,000
5,000,000
6,000,000
6,000,000
6,000,000
6,000,000
6,000,000
6,000,000
6,000,000
3,000,000
4,500,000
4,000,000
5,000,000
6,000,000
3,000,000

TOTAL MONEY MARKET INSTRUMENTS ELIGIBLE UNDER ARTICLE 41.1H OF

THE LAW OF 17 DECEMBER 2010
OPEN-ENDED FUNDS
Short-Term Investments Co Global Series - US Dollar Liquidity Portfolio

The accompanying notes form an integral part of these financial statements.

69

Invesco Funds

12,500,000

Invesco Euro Reserve Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value
EUR

Net Assets
%

25,000,000
19,997,927
19,963,286
19,994,639
19,996,756
24,901,893
19,995,562
19,994,950
21,997,377
24,971,038
19,994,521
14,885,620
24,987,235
24,993,340
4,999,069
4,985,404
12,999,733

6.18
4.95
4.94
4.94
4.95
6.16
4.95
4.94
5.44
6.18
4.94
3.68
6.18
6.18
1.24
1.23
3.21

324,658,350

80.29

40,000,000

9.89

40,000,000

9.89

364,658,350

90.18

MONEY MARKET INSTRUMENTS ELIGIBLE UNDER ARTICLE 41.1H OF THE LAW OF 17 DECEMBER 2010
Bank Nova Scotia C/D EUR 08/06/2012
Bank Of Tokyo C/D EUR 09/03/2012
Barclays Bank C/P EUR 08/05/2012
Cancara Asset Securitisation C/P EUR 23/03/2012
Fms Wertmanagement C/P EUR 09/03/2012
GE Capital Europe C/P FRN EUR 12/07/2012
Grampian Funding C/P EUR 19/03/2012
Mont Blanc Capital C/P EUR 14/03/2012
Nieuw Amsterdam Receivables C/P EUR 13/03/2012
Nordea Bank C/P EUR 30/03/2012
Regency Assets C/P EUR 26/03/2012
Sheffield Receivables C/P EUR 12/03/2012
Solitaire Funding C/P EUR 23/03/2012
Sumitomo Mitsui Banking C/P EUR 16/03/2012
Svenska Handelsbanken C/P EUR 05/03/2012
Svenska Handelsbanken C/P EUR 21/05/2012
Thames Asset No.1 C/P EUR 02/03/2012

25,000,000
20,000,000
20,000,000
20,000,000
20,000,000
25,000,000
20,000,000
20,000,000
22,000,000
25,000,000
20,000,000
14,888,000
25,000,000
25,000,000
5,000,000
5,000,000
13,000,000

TOTAL MONEY MARKET INSTRUMENTS ELIGIBLE UNDER ARTICLE 41.1 H OF THE LAW OF
17 DECEMBER 2010
OPEN-ENDED FUNDS
Short-Term Investments Co Global Series - Euro Liquidity Portfolio
TOTAL OPEN-ENDED FUNDS
Total
Investments
The accompanying notes form an integral part of these financial statements.

70

Invesco Funds

40,000,000

Invesco Global Bond Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value
USD

Net Assets
%

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
BONDS
Abbey National Treasury Services Plc 3.625% EUR 08/09/2016
Abbey National Treasury Services Plc 5.75% GBP 02/03/2026
Australia Government Bond 5.75% AUD 15/07/2022
Bank of America Corp FRN EUR 23/05/2017
Barclays Bank Plc 4.25% GBP 12/01/2022
Barclays Bank Plc FRN EUR Perpetual
Belgium Government Bond 3.25% EUR 28/09/2016
BMW Finance NV 3.25% EUR 14/01/2019
BMW Finance NV 3.375% GBP 14/12/2018
Bundesrepublik Deutschland 2.25% EUR 04/09/2021
Bundesrepublik Deutschland 2.5% EUR 04/01/2021
Canadian Government Bond 2.75% CAD 01/09/2016
Canadian Government Bond 3.25% CAD 01/06/2021
Chrysler Group LLC/CG Co-Issuer Inc 8% USD 15/06/2019
Citigroup Inc 4.45% USD 10/01/2017
Commonwealth Bank of Australia 2.625% EUR 12/01/2017
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA 3.5% EUR 17/10/2018
Credit Agricole Home Loan SFH 4% EUR 17/01/2022
Danske Bank A/S 3.875% EUR 28/02/2017
DNB Bank ASA 4.25% EUR 18/01/2022
EDP Finance BV 5.375% USD 02/11/2012
EDP Finance BV 144A 5.375% USD 02/11/2012
European Financial Stability Facility 2.75% EUR 18/07/2016
European Financial Stability Facility 2.75% EUR 05/12/2016
European Union 2.5% EUR 04/12/2015
FCE Bank Plc 4.825% GBP 15/02/2017
FCE Bank Plc 7.125% EUR 15/01/2013
FMS Wertmanagement AoR 3.375% EUR 17/06/2021
Ford Motor Credit Co LLC 4.25% USD 03/02/2017
French Treasury Note BTAN 2.5% EUR 25/07/2016
Gas Natural Capital Markets SA 5.125% EUR 02/11/2021
GE Capital UK Funding 4.375% GBP 31/07/2019
Goldman Sachs Group Inc 5.75% USD 24/01/2022
Iberdrola Finanzas SAU 3.875% EUR 10/02/2014
Instituto de Credito Oficial 6% EUR 08/03/2021
Intesa Sanpaolo SpA 5% EUR 28/02/2017
JPMorgan Chase & Co 4.5% USD 24/01/2022
JPMorgan Chase & Co 4.95% USD 25/03/2020
JPMorgan Chase & Co FRN GBP 30/05/2017
LBG Capital No.1 Plc 7.588% GBP 12/05/2020
Lloyds TSB Bank Plc 4.625% EUR 02/02/2017
Lloyds TSB Bank Plc 5.125% GBP 07/03/2025
Lloyds TSB Bank Plc FRN AUD 19/12/2021
Merrill Lynch & Co Inc 5.75% GBP 12/12/2014
Morgan Stanley 5.5% USD 26/01/2020
Nationwide Building Society FRN GBP 23/01/2015
Netherlands Government Bond 3.25% EUR 15/07/2015
Netherlands Government Bond 3.25% EUR 15/07/2021
Northern Rock Asset Management Plc 5.625% USD 22/06/2017
Origin Energy Finance Ltd FRN EUR 16/06/2071
Pernod-Ricard SA 5% EUR 15/03/2017
Poland Government International Bond 5% USD 23/03/2022
Portugal Telecom International Finance BV 6% EUR 30/04/2013
Royal Bank of Scotland Plc FRN USD 11/04/2016
Royal Bank of Scotland Plc 3.625% EUR 17/05/2013
Royal Bank of Scotland Plc 5.125% GBP 13/01/2024
Skandinaviska Enskilda Banken AB 3.875% EUR 12/04/2017
Standard Chartered Plc 4.125% EUR 18/01/2019
Sumitomo Mitsui Banking Corp 4.85% USD 01/03/2022
Swedbank AB 3.375% EUR 09/02/2017
Telefonica Emisiones SAU 5.597% GBP 12/03/2020
UBS AG 2.25% EUR 10/01/2017
United Kingdom Gilt 4% GBP 07/09/2016
United Kingdom Gilt Inflation Linked 0.375% GBP 22/03/2062
United States Treasury Note/Bond 0.875% USD 31/12/2016
United States Treasury Note/Bond 0.875% USD 31/01/2017
United States Treasury Note/Bond 2% USD 15/11/2021
71

Invesco Funds

500,000
250,000
2,000,000
200,000
500,000
200,000
600,000
1,000,000
500,000
1,000,000
1,700,000
2,000,000
1,000,000
300,000
500,000
500,000
1,000,000
500,000
500,000
500,000
187,000
113,000
500,000
1,000,000
1,000,000
500,000
500,000
1,000,000
600,000
500,000
300,000
750,000
750,000
500,000
250,000
500,000
1,000,000
500,000
250,000
200,000
500,000
500,000
807,000
300,000
750,000
500,000
500,000
500,000
1,000,000
200,000
200,000
500,000
200,000
250,000
500,000
300,000
500,000
500,000
500,000
500,000
500,000
1,000,000
500,000
250,000
3,000,000
1,000,000
1,000,000

697,176
447,867
2,472,669
225,214
829,092
160,839
841,709
1,402,606
817,264
1,402,633
2,449,826
2,145,944
1,119,823
302,250
528,760
680,207
1,380,196
708,307
680,873
696,198
186,665
113,118
695,119
1,390,299
1,403,984
799,143
697,368
1,448,475
617,917
699,209
408,332
1,232,302
778,258
691,826
350,021
680,523
1,066,944
541,192
370,739
269,725
678,678
836,860
882,757
501,730
738,837
802,614
727,413
735,039
1,082,175
267,999
296,247
531,690
272,115
214,594
677,018
503,847
701,774
706,072
505,443
684,432
796,189
1,354,728
909,253
478,770
3,010,781
1,002,852
1,008,750

1.00
0.64
3.55
0.32
1.19
0.23
1.21
2.02
1.17
2.02
3.52
3.08
1.61
0.43
0.76
0.98
1.98
1.02
0.98
1.00
0.27
0.16
1.00
2.00
2.02
1.15
1.00
2.08
0.89
1.00
0.59
1.77
1.12
0.99
0.50
0.98
1.53
0.78
0.53
0.39
0.98
1.20
1.27
0.72
1.06
1.15
1.05
1.06
1.55
0.39
0.43
0.76
0.39
0.31
0.97
0.72
1.01
1.01
0.73
0.98
1.14
1.95
1.31
0.69
4.33
1.44
1.45

Invesco Global Bond Fund

Statement of Investments as at 29 February 2012
Investment

Nominal/Shares

BONDS (continued)
United States Treasury Note/Bond 2.125% USD 15/08/2021
United States Treasury Note/Bond 3.125% USD 15/11/2041
United States Treasury Note/Bond 4.375% USD 15/05/2041
UPCB Finance II Ltd 6.375% EUR 01/07/2020
Yorkshire Building Society 4.75% GBP 12/04/2018

Net Assets
%

1,023,594
1,013,750
632,383
266,733
678,454

1.47
1.46
0.91
0.38
0.97

TOTAL BONDS

58,954,183

84.70

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

58,954,183

84.70

Total
Investments

58,954,183

84.70

The accompanying notes form an integral part of these financial statements.

72

Invesco Funds

1,000,000
1,000,000
500,000
200,000
400,000

Market Value
USD

Invesco European Bond Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value
EUR

Net Assets
%

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

BONDS
Abbey National Treasury Services Plc 3.375% EUR 08/06/2015
Abbey National Treasury Services Plc 3.375% EUR 20/10/2015
Abbey National Treasury Services Plc 5.25% GBP 16/02/2029
Allianz Finance II BV FRN EUR 08/07/2041
Anheuser-Busch InBev NV 7.375% EUR 30/01/2013
ArcelorMittal 8.25% EUR 03/06/2013
ArcelorMittal 9.375% EUR 03/06/2016
ASML Holding NV 5.75% EUR 13/06/2017
BAA Funding Ltd 6.25% GBP 10/09/2018
BAA Funding Ltd 7.125% GBP 14/02/2024
Bank of America Corp 5.5% GBP 04/12/2019
Bank of America Corp 7% EUR 15/06/2016
Bankia SAU 4.875% EUR 31/03/2014
Barclays Bank Plc FRN GBP 20/01/2015
Barclays Bank Plc 4.25% GBP 12/01/2022
Boparan Finance Plc 9.75% EUR 30/04/2018
BPCE SFH SA 2.75% EUR 16/02/2017
Brenntag Finance BV 5.5% EUR 19/07/2018
British Telecommunications Plc 6.5% EUR 07/07/2015
Bundesrepublik Deutschland 0.75% EUR 13/09/2013
Bundesrepublik Deutschland 0.75% EUR 24/02/2017
Bundesrepublik Deutschland 1.25% EUR 14/10/2016
Bundesrepublik Deutschland 2% EUR 04/01/2022
Bundesrepublik Deutschland 3.25% EUR 04/07/2042
CaixaBank 3.125% EUR 16/09/2013
Casino Guichard Perrachon SA 4.481% EUR 12/11/2018
Centrica Plc 4.375% GBP 13/03/2029
Cie de Financement Foncier 3.5% EUR 05/11/2020
Cloverie Plc for Zurich Insurance Co Ltd FRN EUR 24/07/2039
Coca-Cola Enterprises Inc 3.125% EUR 29/09/2017
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA 3.875% EUR 20/04/2016
Co-Operative Group Ltd 5.625% GBP 08/07/2020
Credit Suisse Group Finance US Inc FRN EUR 14/09/2020
Crh Finance UK Plc 8.25% GBP 24/04/2015
Denmark Government Bond 3% DKK 15/11/2021
European Investment Bank 2.25% GBP 22/01/2015
European Investment Bank 2.5% CHF 08/02/2019
Everything Everywhere Finance Plc 3.5% EUR 06/02/2017
F Van Lanschot Bankiers NV 4.625% EUR 22/04/2014
FCE Bank Plc 5.125% GBP 16/11/2015
GE Capital UK Funding 4.375% GBP 31/07/2019
GE Capital UK Funding 8% GBP 14/01/2039
Glencore Finance Europe SA 5.25% EUR 11/10/2013
Glencore Finance Europe SA 5.25% EUR 22/03/2017
HIT Finance BV 5.75% EUR 09/03/2018
HSBC Bank Plc 3.125% EUR 15/11/2017
Hungary Government Bond 6.75% HUF 24/11/2017
ING Bank NV 3% EUR 30/09/2014
International Power Finance 2010 Plc 7.25% EUR 11/05/2017
IPIC GMTN Ltd 5.875% EUR 14/03/2021
ISS Financing Plc 11% EUR 15/06/2014
Italy Buoni Poliennali Del Tesoro 5% EUR 01/03/2022
Italy Buoni Poliennali Del Tesoro 5% EUR 01/09/2040
Koninklijke KPN NV 5% GBP 18/11/2026
Lloyds TSB Bank Plc 4.625% EUR 02/02/2017
Lloyds TSB Bank Plc 5.125% GBP 07/03/2025
Merrill Lynch & Co Inc 5.5% GBP 22/11/2021
Netherlands Government Bond 2.25% EUR 15/07/2022
Nordea Bank AB FRN EUR 15/02/2022
Nordea Bank AB FRN EUR 10/09/2018
Odeon & UCI Finco Plc 9% GBP 01/08/2018
Petrobras International Finance Co - Pifco 4.875% EUR 07/03/2018
Poland Government Bond 5.5% PLN 25/10/2019
Province of Ontario Canada 2% GBP 10/12/2013
R&R Ice Cream Plc 8.375% EUR 15/11/2017
Sampo OYJ 4.25% EUR 27/02/2017
73

Invesco Funds

650,000
270,000
800,000
200,000
300,000
350,000
185,000
300,000
380,000
400,000
300,000
600,000
200,000
600,000
500,000
200,000
600,000
500,000
200,000
500,000
2,520,000
2,110,000
1,060,000
2,810,000
200,000
200,000
450,000
500,000
150,000
700,000
200,000
400,000
600,000
300,000
12,880,000
4,080,000
1,200,000
500,000
150,000
50,000
650,000
300,000
400,000
650,000
200,000
200,000
2,190,000
550,000
200,000
250,000
250,000
10,000
3,960,000
130,000
850,000
650,000
300,000
4,260,000
150,000
1,000,000
200,000
500,000
19,470,000
300,000
200,000
350,000

672,373
267,663
995,235
190,692
316,415
375,583
220,077
333,885
479,580
497,800
359,611
661,794
203,006
714,779
616,736
198,836
610,101
531,458
228,741
504,435
2,513,927
2,161,136
1,078,513
3,303,787
201,185
211,667
532,712
500,492
161,400
727,279
210,682
463,544
561,456
408,384
1,917,174
4,909,853
1,093,769
501,152
152,327
61,113
794,448
487,746
419,236
694,473
213,924
205,477
6,957
573,595
226,280
255,867
266,421
9,854
3,547,982
155,550
858,241
809,268
308,617
4,244,749
151,310
1,037,135
235,124
528,493
4,776,943
362,573
202,332
355,527

0.82
0.33
1.21
0.23
0.39
0.46
0.27
0.41
0.58
0.61
0.44
0.81
0.25
0.87
0.75
0.24
0.74
0.65
0.28
0.62
3.07
2.64
1.32
4.03
0.25
0.26
0.65
0.61
0.20
0.89
0.26
0.57
0.68
0.50
2.34
5.99
1.33
0.61
0.19
0.07
0.97
0.59
0.51
0.85
0.26
0.25
0.01
0.70
0.28
0.31
0.32
0.01
4.33
0.19
1.05
0.99
0.38
5.18
0.18
1.27
0.29
0.64
5.83
0.44
0.25
0.43

Invesco European Bond Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value
EUR

Net Assets
%

216,310
299,973
187,034
317,476
235,035
239,524
829,730
455,353
252,072
111,155
3,704,346
3,614,189
2,478,384
2,815,099
940,454
267,475
319,251

0.26
0.37
0.23
0.39
0.29
0.29
1.01
0.56
0.31
0.14
4.52
4.41
3.02
3.44
1.15
0.33
0.39

TOTAL BONDS

69,661,334

85.04

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

69,661,334

85.04

353,675

0.43

TOTAL BONDS

353,675

0.43

TOTAL OTHER TRANSFERABLE SECURITIES

353,675

0.43

7,200,000

8.79

7,200,000

8.79

77,215,009

94.26

BONDS (continued)
Schiphol Nederland BV 4.43% EUR 28/04/2021
Securitas AB 2.75% EUR 28/02/2017
SNS Bank NV 6.625% EUR 30/11/2016
Societa Iniziative Autostradali e Servizi SpA 4.5% EUR 26/10/2020
SSE Plc FRN GBP Perpetual
Suez Environnement Co FRN EUR Perpetual
Sweden Government Bond 5.5% SEK 08/10/2012
TDC A/S 3.75% EUR 02/03/2022
TeliaSonera AB 3.625% EUR 14/02/2024
Thomas Cook Group Plc 6.75% EUR 22/06/2015
United Kingdom Gilt 4% GBP 07/03/2022
United Kingdom Gilt 4.25% GBP 07/12/2040
United Kingdom Gilt Inflation Linked 1.25% GBP 22/11/2055
United Kingdom Gilt Inflation Linked 1.875% GBP 22/11/2022
United Kingdom Gilt Inflation Linked 2.5% GBP 16/08/2013
UPC Holding BV 9.75% EUR 15/04/2018
Ziggo Bond Co BV 8% EUR 15/05/2018

OTHER TRANSFERABLE SECURITIES

BONDS
Permanent Master Issuer Plc FRN EUR 15/07/2042

350,000

OPEN-ENDED FUNDS
Short-Term Investments Co Global Series - Euro Liquidity Portfolio
TOTAL OPEN-ENDED FUNDS
Total
Investments
The accompanying notes form an integral part of these financial statements.

74

200,000
300,000
190,000
350,000
200,000
250,000
7,120,000
450,000
250,000
200,000
2,670,000
2,550,000
1,090,000
1,600,000
280,000
250,000
300,000

Invesco Funds

7,200,000

Invesco Absolute Return Bond Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value
EUR

Net Assets
%

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
BONDS
Abbey National Treasury Services Plc 3.375% EUR 20/10/2015
America Movil SAB de CV 2.375% USD 08/09/2016
American Financial Group Inc 9.875% USD 15/06/2019
Anheuser-Busch InBev NV 6.57% EUR 27/02/2014
ArcelorMittal 9.375% EUR 03/06/2016
ASML Holding NV 5.75% EUR 13/06/2017
BAA Funding Ltd 7.125% GBP 14/02/2024
BAE Systems Plc 3.5% USD 11/10/2016
Banca Monte dei Paschi di Siena SpA 4.125% EUR 11/11/2013
Banco Santander Chile 2.875% USD 13/11/2012
Bankia SAU 4.875% EUR 31/03/2014
Barclays Bank Plc FRN GBP 20/01/2015
BAT International Finance Plc 5.875% EUR 12/03/2015
BBVA Subordinated Capital SAU FRN GBP 11/03/2018
BNP Paribas Home Loan SFH 2.25% EUR 01/10/2012
Brenntag Finance BV 5.5% EUR 19/07/2018
Bundesobligation 2.25% EUR 11/04/2014
Bundesobligation 4.25% EUR 12/10/2012
Bundesrepublik Deutschland 2.5% EUR 04/01/2021
Bundesschatzanweisungen 0.5% EUR 15/06/2012
Bundesschatzanweisungen 1% EUR 14/12/2012
Bundesschatzanweisungen 1.5% EUR 15/03/2013
Carnival Plc 7.125% GBP 25/06/2012
Centrica Plc 4.375% GBP 13/03/2029
Crown European Holdings SA 7.125% EUR 15/08/2018
Empresa Nacional del Petroleo 5.25% USD 10/08/2020
EnBW Energie Baden-Wuerttemberg AG FRN EUR 02/04/2072
Everything Everywhere Finance Plc 3.5% EUR 06/02/2017
FCE Bank Plc 5.125% GBP 16/11/2015
Gerresheimer AG 5% EUR 19/05/2018
Glencore Finance Europe SA 5.25% EUR 22/03/2017
Gold Fields Orogen Holding BVI Ltd 4.875% USD 07/10/2020
HIT Finance BV 5.75% EUR 09/03/2018
Hutchison Ports UK Finance Plc 6.75% GBP 07/12/2015
Imperial Tobacco Finance Plc 4.375% EUR 22/11/2013
ING Bank NV 3% EUR 30/09/2014
IPIC GMTN Ltd 5.875% EUR 14/03/2021
ISS Financing Plc 11% EUR 15/06/2014
Japan Government Ten Year Bond 1.4% JPY 20/09/2019
Japan Government Twenty Year Bond 2% JPY 20/06/2025
JPMorgan Chase & Co 4.5% USD 24/01/2022
Koninklijke KPN NV 5% GBP 18/11/2026
Lloyds TSB Bank Plc 5.125% GBP 07/03/2025
Noble Energy Inc 6% USD 01/03/2041
Nordea Bank AB FRN EUR 15/02/2022
OI SA 5.75% USD 10/02/2022
Schiphol Nederland BV 4.43% EUR 28/04/2021
Securitas AB 2.75% EUR 28/02/2017
Societe Generale SA 5.2% USD 15/04/2021
SSE Plc FRN GBP Perpetual
TDC A/S 3.75% EUR 02/03/2022
TeliaSonera AB 3.625% EUR 14/02/2024
Thomas Cook Group Plc 6.75% EUR 22/06/2015
United Kingdom Gilt 3.75% GBP 07/09/2019
United Kingdom Gilt 4.25% GBP 07/12/2040

148,702
152,841
135,778
219,886
118,961
166,943
248,900
114,874
149,495
149,230
203,006
238,260
168,509
95,938
403,230
159,437
542,599
1,691,456
42,879
4,305,267
100,700
395,524
179,601
236,761
108,257
120,708
46,732
100,231
61,113
105,686
213,684
179,100
106,962
202,542
261,089
365,015
204,694
138,539
1,060,430
507,603
158,733
119,654
224,105
89,466
100,873
152,121
216,310
99,991
144,291
117,518
101,190
100,829
27,789
68,403
496,065

0.74
0.77
0.68
1.10
0.60
0.84
1.25
0.58
0.75
0.75
1.02
1.19
0.84
0.48
2.02
0.80
2.72
8.47
0.21
21.55
0.50
1.98
0.90
1.19
0.54
0.60
0.23
0.50
0.31
0.53
1.07
0.90
0.54
1.01
1.31
1.83
1.02
0.69
5.31
2.54
0.79
0.60
1.12
0.45
0.50
0.76
1.08
0.50
0.72
0.59
0.51
0.50
0.14
0.34
2.48

TOTAL BONDS

16,368,500

81.94

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

16,368,500

81.94

387,292
1,056,046
151,344
213,567

1.94
5.28
0.76
1.07

TOTAL BONDS

1,808,249

9.05

TOTAL OTHER TRANSFERABLE SECURITIES

1,808,249

9.05

18,176,749

90.99

OTHER TRANSFERABLE SECURITIES

BONDS
Canadian Government Bond 4% CAD 01/06/2041
Japanese Government CPI Linked Bond 1.4% JPY 10/06/2018
Rockwood Specialties Group Inc 7.625% EUR 15/11/2014
United States Treasury Inflation Indexed Bonds 2.125% USD 15/02/2041

Total
Investments
The accompanying notes form an integral part of these financial statements.
75

Invesco Funds

150,000
200,000
150,000
200,000
100,000
150,000
200,000
150,000
150,000
200,000
200,000
200,000
150,000
100,000
400,000
150,000
520,000
1,650,000
40,000
4,300,000
100,000
390,000
150,000
200,000
100,000
150,000
45,000
100,000
50,000
100,000
200,000
250,000
100,000
150,000
250,000
350,000
200,000
130,000
108,450,000
50,700,000
200,000
100,000
180,000
100,000
100,000
200,000
200,000
100,000
200,000
100,000
100,000
100,000
50,000
50,000
350,000

400,000
109,200,000
150,000
200,000

Invesco Euro InflationLinked Bond Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value
EUR

Net Assets
%

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

BONDS
Bundesrepublik Deutschland 2.25% EUR 04/09/2020
Bundesrepublik Deutschland 2.5% EUR 04/01/2021
Bundesrepublik Deutschland Bundesobligation Inflation Linked Bond 0.75% EUR 15/04/2018
Bundesrepublik Deutschland Bundesobligation Inflation Linked Bond 2.25% EUR 15/04/2013
Caisse d'Amortissement de la Dette Sociale Index Linked 1.85% EUR 25/07/2019
Caisse d'Amortissement de la Dette Sociale Index Linked 3.15% EUR 25/07/2013
Deutsche Bundesrepublik Inflation Linked Bond 1.5% EUR 15/04/2016
Deutsche Bundesrepublik Inflation Linked Bond 1.75% EUR 15/04/2020
France Government Bond OAT Index Linked 1.8% EUR 25/07/2040
France Government Bond OAT Index Linked 2.1% EUR 25/07/2023
France Government Bond OAT Index Linked 2.25% EUR 25/07/2020
France Government Bond OAT Index Linked 3.15% EUR 25/07/2032
France Government Bond OAT Index Linked 3.4% EUR 25/07/2029
Italy Buoni Poliennali Del Tesoro Index Linked 2.1% EUR 15/09/2017
Italy Buoni Poliennali Del Tesoro Index Linked 2.35% EUR 15/09/2019
Italy Buoni Poliennali Del Tesoro Index Linked 2.35% EUR 15/09/2035
Italy Buoni Poliennali Del Tesoro Index Linked 2.6% EUR 15/09/2023
Reseau Ferre de France Index Linked 2.45% EUR 28/02/2023
United Kingdom Gilt Inflation Linked 1.875% GBP 22/11/2022
Veolia Environnement SA Index Linked 1.75% EUR 17/06/2015

1,686,560
96,477
222,339
896,875
3,312,856
3,566,678
7,115,545
3,116,598
2,196,953
1,745,376
170,850
1,053,170
2,257,360
1,412,331
1,499,210
1,567,072
2,549,292
2,427,902
879,718
1,139,531

4.23
0.24
0.56
2.25
8.32
8.95
17.86
7.82
5.52
4.38
0.43
2.64
5.67
3.55
3.76
3.93
6.40
6.09
2.21
2.86

TOTAL BONDS

38,912,693

97.67

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE

LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

38,912,693

97.67

Total
Investments

38,912,693

97.67

The accompanying notes form an integral part of these financial statements.

76

Invesco Funds

1,600,000
90,000
200,000
780,000
2,750,000
2,730,000
5,740,000
2,520,000
1,770,000
1,460,000
130,000
670,000
1,400,000
1,300,000
1,480,000
1,710,000
2,610,000
1,900,000
500,000
1,000,000

Invesco Euro Corporate Bond Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value
EUR

Net Assets
%

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

BONDS
A2A SpA 4.5% EUR 02/11/2016
ABN Amro Bank NV FRN EUR Perpetual
ABN Amro Bank NV 6.375% EUR 27/04/2021
Akzo Nobel NV 4% EUR 17/12/2018
Alliander NV FRN EUR Perpetual
Allianz Finance II BV 3.5% EUR 14/02/2022
Allianz Finance II BV FRN EUR 08/07/2041
America Movil SAB de CV 3.75% EUR 28/06/2017
Assicurazioni Generali SpA 5.125% EUR 16/09/2024
Atlantia SpA 4.5% EUR 08/02/2019
Autoroutes du Sud de la France SA 4.125% EUR 13/04/2020
Aviva Plc FRN EUR Perpetual
AXA SA FRN EUR 16/04/2040
Banco Popular Espanol SA 3.5% EUR 13/09/2013
Bank of America Corp 4% EUR 23/03/2015
Bank of America Corp 4.625% EUR 18/02/2014
Bank of America Corp 4.625% EUR 07/08/2017
Bank of America Corp 4.75% EUR 03/04/2017
Bank of America Corp FRN EUR 23/05/2017
Bank of America Corp 6.25% EUR 11/09/2018
Bank of Scotland Plc FRN EUR 07/02/2035
Barclays Bank Plc FRN EUR 30/05/2017
Barclays Bank Plc FRN EUR Perpetual
Barclays Bank Plc 4.875% EUR 13/08/2019
Barclays Bank Plc 6.625% EUR 30/03/2022
BAT International Finance Plc 3.625% EUR 09/11/2021
Bayer AG FRN EUR 29/07/2105
BBVA Senior Finance SAU 3.25% EUR 23/04/2015
BBVA Senior Finance SAU 4% EUR 13/05/2013
BNP Paribas SA 2.875% EUR 13/07/2015
BNP Paribas SA FRN EUR Perpetual
BNP Paribas SA FRN SUB NTS EUR Perpetual
Bouygues SA 4.5% EUR 09/02/2022
BPCE SA FRN EUR Perpetual
British American Tobacco Holdings 4.875% EUR 24/02/2021
Caisse Centrale du Credit Immobilier de France 3.75% EUR 22/01/2015
Caisse Centrale du Credit Immobilier de France 4% EUR 12/01/2018
Carrefour SA 4% EUR 09/04/2020
Casino Guichard Perrachon SA 4.726% EUR 26/05/2021
Cattles Ltd 7.125% GBP 05/07/2017
CIBC World Markets Plc FRN EUR 22/06/2017
Cie des Alpes 4.875% EUR 18/10/2017
Citigroup Inc FRN EUR 25/02/2030
CL Capital Trust I FRN EUR Perpetual
Clariant Finance Luxembourg SA 5.625% EUR 24/01/2017
CNP Assurances FRN EUR 14/09/2040
Commerzbank AG 7.75% EUR 16/03/2021
Commonwealth Bank of Australia FRN EUR 10/03/2016
Commonwealth Bank of Australia FRN EUR 31/03/2016
Compass Group Plc 3.125% EUR 13/02/2019
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA 3.5% EUR 17/10/2018
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA 3.75% EUR 09/11/2020
Credit Agricole SA 3.875% EUR 13/02/2019
Credit Agricole SA 5.125% EUR 18/04/2023
Credit Agricole SA FRN EUR Perpetual
Danske Bank A/S 3.875% EUR 28/02/2017
Deutsche Bank AG FRN EUR 22/09/2015
Deutsche Bank AG FRN EUR 20/09/2016
Deutsche Bank Capital Funding Trust XI 9.5% EUR Perpetual
Deutsche Telekom International Finance BV 4.5% EUR 28/10/2030
DONG Energy A/S FRN EUR 01/06/3010
Eandis 4.5% EUR 08/11/2021
EDF SA 4.5% EUR 12/11/2040
EDF SA 4.625% EUR 26/04/2030
Enagas 3.25% EUR 06/07/2012
EnBW Energie Baden-Wuerttemberg AG FRN EUR 02/04/2072
Enel Finance International NV 4.125% EUR 12/07/2017
Enel Finance International NV 4.625% EUR 24/06/2015
Enel Finance International NV 5% EUR 12/07/2021
77

Invesco Funds

3,500,000
9,000,000
14,000,000
10,000,000
8,500,000
20,000,000
37,000,000
3,000,000
2,500,000
4,000,000
4,000,000
5,500,000
42,300,000
15,000,000
5,300,000
6,000,000
30,000,000
12,500,000
9,000,000
4,000,000
14,324,000
23,520,000
55,730,000
5,000,000
20,000,000
7,000,000
17,981,000
30,000,000
19,700,000
10,000,000
27,850,000
5,800,000
16,000,000
16,800,000
1,000,000
5,000,000
10,000,000
5,000,000
4,000,000
400,000
2,500,000
8,000,000
3,000,000
18,560,000
2,000,000
14,250,000
32,000,000
10,000,000
8,000,000
6,000,000
38,500,000
10,000,000
18,000,000
12,000,000
5,700,000
7,500,000
12,751,000
500,000
5,000,000
6,500,000
6,500,000
4,000,000
19,250,000
1,000,000
2,500,000
21,500,000
8,000,000
2,500,000
12,000,000

3,539,568
6,670,260
14,472,220
10,765,400
8,637,955
20,411,500
35,278,020
3,242,835
2,439,200
4,082,200
4,158,220
4,413,750
35,839,944
15,168,825
5,363,043
6,148,140
29,907,600
12,616,687
7,538,850
4,371,160
9,382,220
23,152,853
33,338,522
5,391,400
19,672,100
7,281,365
18,241,814
29,507,100
19,949,993
10,277,850
26,964,649
5,788,603
17,116,960
15,582,000
1,145,190
5,013,725
9,530,250
5,085,600
4,181,420
12,998
2,437,500
8,040,880
2,355,900
18,374,678
2,148,680
11,163,877
29,292,960
9,472,500
7,584,400
6,164,040
39,527,373
9,450,050
17,942,310
12,993,960
5,222,654
7,597,200
11,840,451
448,408
5,313,050
6,788,957
7,051,915
4,286,560
19,186,090
1,037,525
2,515,887
22,327,535
8,183,920
2,638,675
12,206,460

0.15
0.28
0.60
0.45
0.36
0.85
1.47
0.13
0.10
0.17
0.17
0.18
1.49
0.63
0.22
0.26
1.24
0.52
0.31
0.18
0.39
0.96
1.39
0.22
0.82
0.30
0.76
1.23
0.83
0.43
1.12
0.24
0.71
0.65
0.05
0.21
0.40
0.21
0.17

0.10
0.33
0.10
0.76
0.09
0.46
1.22
0.39
0.32
0.26
1.64
0.39
0.75
0.54
0.22
0.32
0.49
0.02
0.22
0.28
0.29
0.18
0.80
0.04
0.10
0.93
0.34
0.11
0.51

Invesco Euro Corporate Bond Fund

Statement of Investments as at 29 February 2012

Investment

BONDS (continued)
Enel Finance International NV 5.75% EUR 24/10/2018
Enexis Holding NV 3.375% EUR 26/01/2022
ENI SpA 4.25% EUR 03/02/2020
Everything Everywhere Finance Plc 3.5% EUR 06/02/2017
EWE AG 4.125% EUR 04/11/2020
Fiat Finance & Trade SA 6.125% EUR 08/07/2014
Fortis Bank SA/NV FRN EUR 14/02/2018
Franz Haniel & Cie GmbH 6.25% EUR 08/02/2018
Gas Natural Capital Markets SA 4.5% EUR 27/01/2020
Gas Natural Capital Markets SA 5.125% EUR 02/11/2021
GDF Suez 5.95% EUR 16/03/2111
GE Capital European Funding 4.25% EUR 01/03/2017
General Electric Capital Corp 4.125% EUR 19/09/2035
General Electric Capital Corp FRN EUR 15/09/2066
General Electric Capital Corp FRN EUR 15/09/2067
General Motors Co PFD 01/12/2013
GMAC International Finance BV 7.5% EUR 21/04/2015
Groupama SA FRN EUR Perpetual
Groupama SA FRN EUR 27/10/2039
Hannover Finance Luxembourg SA FRN EUR 14/09/2040
HBOS Plc 4.875% EUR 20/03/2015
Hertz Corp 7.875% EUR 01/01/2014
HIT Finance BV 5.75% EUR 09/03/2018
HSBC Capital Funding LP FRN EUR Perpetual
HSE Netz AG 6.125% EUR 23/04/2041
Iberdrola Finanzas SAU 3.875% EUR 10/02/2014
Iberdrola Finanzas SAU 4.125% EUR 23/03/2020
Iberdrola Finanzas SAU 4.625% EUR 07/04/2017
Imperial Tobacco Finance Plc 5% EUR 02/12/2019
Ineos Finance Plc 9.25% EUR 15/05/2015
ING Bank NV 4.5% EUR 21/02/2022
ING Groep NV 4.125% EUR 23/03/2015
Intesa Sanpaolo Bank Ireland Plc 4% EUR 08/08/2013
Intesa Sanpaolo SpA 3.5% EUR 27/11/2013
Intesa Sanpaolo SpA 4% EUR 08/11/2018
Intesa Sanpaolo SpA 5% EUR 28/02/2017
Intesa Sanpaolo SpA 5% EUR 27/01/2021
Intesa Sanpaolo SpA FRN EUR Perpetual
Investor AB 4.5% EUR 12/05/2023
IPIC GMTN Ltd 5.875% EUR 14/03/2021
Iron Mountain Inc 6.75% EUR 15/10/2018
Italy Buoni Poliennali Del Tesoro 2.25% EUR 01/11/2013
JPMorgan Chase & Co 0% EUR 31/01/2014
JPMorgan Chase & Co FRN EUR 12/10/2015
JPMorgan Chase & Co 3.875% EUR 23/09/2020
Kabel BW GmbH 7.5% EUR 15/03/2019
Lagardere SCA 4.875% EUR 06/10/2014
LBG Capital No.1 Plc 6.439% EUR 23/05/2020
LBG Capital No.2 Plc 6.385% EUR 12/05/2020
Lloyds TSB Bank Plc 6.375% EUR 17/06/2016
Lloyds TSB Bank Plc 6.5% EUR 24/03/2020
Lottomatica SpA 5.375% EUR 05/12/2016
McDonald's Corp 4% EUR 17/02/2021
Merrill Lynch & Co Inc FRN EUR 14/09/2018
Morgan Stanley FRN EUR 23/09/2019
Morgan Stanley 4.5% EUR 29/10/2014
National Capital Instruments Euro LLC 2 FRN EUR Perpetual
Nationwide Building Society 6.75% EUR 22/07/2020
Nederlandse Waterschapsbank NV FRN EUR 15/08/2035
Nomura Bank International Plc FRN EUR 16/02/2017
Nomura Bank International Plc FRN EUR 30/09/2019
Obrascon Huarte Lain SA 8.75% EUR 15/03/2018
OMV AG FRN EUR Perpetual
Origin Energy Finance Ltd FRN EUR 16/06/2071
Parpublica - Participiacoes Publicas SGPS SA 3.25% EUR 18/12/2014
Pernod-Ricard SA 4.875% EUR 18/03/2016
Pernod-Ricard SA 5% EUR 15/03/2017
Portugal Telecom International Finance BV 5% EUR 04/11/2019
Rexel SA 7% EUR 17/12/2018
Royal Bank of Scotland Plc FRN EUR 28/01/2016
Royal Bank of Scotland Plc 3.625% EUR 17/05/2013
Royal Bank of Scotland Plc 4.875% EUR 20/01/2017
78

Invesco Funds

Nominal/Shares

Market Value
EUR

Net Assets
%

10,000,000
9,000,000
4,700,000
5,000,000
10,000,000
5,000,000
8,940,000
4,000,000
5,000,000
18,900,000
5,000,000
6,000,000
6,520,000
5,999,000
28,500,000
21,400
14,000,000
6,000,000
16,000,000
8,000,000
1,500,000
400,000
7,000,000
20,000,000
14,900,000
4,500,000
4,500,000
6,000,000
5,000,000
8,500,000
25,000,000
1,481,000
5,500,000
20,000,000
30,000,000
5,000,000
15,000,000
28,650,000
17,000,000
12,500,000
9,875,000
50,000,000
2,800,000
5,000,000
17,000,000
3,000,000
3,200,000
88,469,000
1,493,000
3,000,000
20,000,000
9,000,000
8,000,000
5,000,000
10,000,000
3,500,000
16,300,000
12,450,000
9,703,000
10,000,000
6,000,000
6,000,000
8,750,000
17,000,000
4,000,000
3,000,000
2,000,000
6,000,000
10,000,000
1,000,000
1,202,000
10,000,000

10,787,250
9,151,470
4,929,783
5,011,525
10,818,850
5,082,100
8,203,791
4,207,340
4,914,550
19,135,967
4,762,500
6,491,940
5,159,374
5,231,938
25,250,715
681,165
14,420,000
2,542,680
9,691,920
8,066,560
1,405,058
402,496
7,487,340
18,867,100
16,012,509
4,631,647
4,533,345
6,319,170
5,574,875
9,048,250
25,565,625
1,514,945
5,554,340
20,060,000
28,389,750
5,062,200
15,127,650
26,148,139
18,468,630
12,793,375
9,751,562
50,046,250
2,699,466
4,616,100
17,249,050
3,226,275
3,263,824
70,265,619
1,185,300
3,264,705
18,226,800
9,161,370
8,823,960
3,745,825
8,650,000
3,571,750
11,940,483
11,644,610
8,332,451
9,799,750
6,249,000
6,267,030
8,938,125
16,945,260
3,699,000
3,270,960
2,203,690
4,755,570
10,549,850
888,850
1,210,684
10,113,250

0.45
0.38
0.20
0.21
0.45
0.21
0.34
0.17
0.20
0.80
0.20
0.27
0.21
0.22
1.05
0.03
0.60
0.11
0.40
0.34
0.06
0.02
0.31
0.78
0.67
0.19
0.19
0.26
0.23
0.38
1.06
0.06
0.23
0.83
1.18
0.21
0.63
1.09
0.77
0.53
0.41
2.08
0.11
0.19
0.72
0.13
0.14
2.92
0.05
0.14
0.76
0.38
0.37
0.16
0.36
0.15
0.50
0.48
0.35
0.41
0.26
0.26
0.37
0.70
0.15
0.14
0.09
0.20
0.44
0.04
0.05
0.42

Invesco Euro Corporate Bond Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value
EUR

Net Assets
%

10,000,000
10,000,000
750,000
38,200,000
25,000,000
17,000,000
4,500,000
5,000,000
8,000,000
7,500,000
8,000,000
5,000,000
5,000,000
10,000,000
29,550,000
29,000,000
33,900,000
10,000,000
24,200,000
5,000,000
2,000,000
10,000,000
44,900,000
7,250,000
15,000,000
5,000,000
10,850,000
3,000,000
15,000,000
3,000,000
6,300,000
35,000,000
31,400,000
11,000,000
10,650,000
3,500,000
10,000,000
10,000,000
26,000,000
9,070,000
34,900,000
7,000,000
7,000,000
3,500,000
2,000,000
7,000,000
8,000,000
6,000,000
20,000,000
9,000,000

10,079,600
10,111,000
658,125
36,934,052
25,045,000
16,916,445
4,269,015
4,999,550
6,800,360
8,065,275
8,068,400
4,890,600
5,157,250
10,309,750
24,329,549
27,018,285
33,237,424
10,675,300
23,185,899
5,059,475
2,081,430
9,470,000
33,774,229
7,811,911
14,795,550
5,194,125
11,119,026
2,844,540
15,124,350
3,255,555
6,984,842
35,564,900
13,077,786
9,257,325
10,180,708
3,635,923
8,994,700
10,094,000
26,035,750
9,095,260
32,921,519
7,536,130
7,443,590
3,853,272
2,127,120
7,321,160
8,380,600
6,418,650
23,803,600
8,707,500

0.42
0.42
0.03
1.53
1.04
0.70
0.18
0.21
0.28
0.33
0.34
0.20
0.21
0.43
1.01
1.12
1.38
0.44
0.96
0.21
0.09
0.39
1.40
0.32
0.61
0.22
0.46
0.12
0.63
0.14
0.29
1.48
0.54
0.38
0.42
0.15
0.37
0.42
1.08
0.38
1.37
0.31
0.31
0.16
0.09
0.30
0.35
0.27
0.99
0.36

TOTAL BONDS

2,150,056,070

89.34

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

2,150,056,070

89.34

Total
Investments

2,150,056,070

89.34

BONDS (continued)
Royal Bank of Scotland Plc 5.375% EUR 30/09/2019
Royal Bank of Scotland Plc 5.5% EUR 23/03/2020
Royal Bank of Scotland Plc FRN EUR 23/04/2023
RWE AG FRN EUR Perpetual
Santander International Debt SAU 3.5% EUR 12/08/2014
Santos Finance Ltd FRN EUR 22/09/2070
Sappi Papier Holding GmbH 6.625% EUR 15/04/2018
Securitas AB 2.75% EUR 28/02/2017
SG Capital Trust III FRN EUR Perpetual
Societe Des Autoroutes Paris-Rhin-Rhone 5% EUR 12/01/2017
Societe Generale SA 3% EUR 31/03/2015
Societe Generale SA 3.125% EUR 21/09/2017
Societe Generale SA 3.75% EUR 21/08/2014
Societe Generale SA 4% EUR 20/04/2016
Societe Generale SA FRN SUB EUR Perpetual
Societe Generale SA FRN EUR Perpetual
SSE Plc FRN EUR Perpetual
Suez Environnement Co 4.078% EUR 17/05/2021
Suez Environnement Co FRN EUR Perpetual
TDC A/S 3.75% EUR 02/03/2022
Telecom Italia Finance SA 7.75% EUR 24/01/2033
Telecom Italia SpA 5.25% EUR 10/02/2022
Telecom Italia SpA 5.25% EUR 17/03/2055
Telecom Italia SpA 7% EUR 20/01/2017
Telefonica Emisiones SAU 3.661% EUR 18/09/2017
Telefonica Emisiones SAU 4.375% EUR 02/02/2016
Telefonica Emisiones SAU 4.693% EUR 11/11/2019
Telefonica SA FRN EUR 02/03/2015
TeliaSonera AB 3.625% EUR 14/02/2024
Telstra Corp Ltd 4.25% EUR 23/03/2020
TenneT Holding BV 4.625% EUR 21/02/2023
UBS AG 3.125% EUR 18/01/2016
UBS AG 3.22% EUR 31/07/2012
UBS AG FRN NTS EUR Perpetual
UBS AG FRN EUR Perpetual
Unibail-Rodamco SE 3.875% EUR 05/11/2020
UniCredit International Bank Luxembourg SA FRN EUR Perpetual
Unicredit SpA 5.25% EUR 30/04/2023
UniCredit SpA 3.625% EUR 21/08/2013
UniCredit SpA 4.125% EUR 27/04/2012
UniCredit SpA 6.125% EUR 19/04/2021
Unitymedia Hessen GmbH & Co KG 8.125% EUR 01/12/2017
Vale SA 4.375% EUR 24/03/2018
Valeo SA 5.75% EUR 19/01/2017
Vallourec SA 4.25% EUR 14/02/2017
Vivendi SA 4% EUR 31/03/2017
Vivendi SA 4.125% EUR 18/07/2017
Vivendi SA 4.75% EUR 13/07/2021
Wal-Mart Stores Inc 4.875% EUR 21/09/2029
Wereldhave NV 2.875% EUR 18/11/2015

The accompanying notes form an integral part of these financial statements.

79

Invesco Funds

Invesco UK Investment Grade Bond Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value
GBP

Net Assets
%

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
BONDS
Abbey National Treasury Services Plc 5.125% GBP 14/04/2021
Abbey National Treasury Services Plc 5.25% GBP 16/02/2029
Advance Auto Parts Inc 4.5% USD 15/01/2022
Allianz Finance II BV FRN EUR 08/07/2041
Allianz Finance II BV FRN EUR 31/05/2022
Aviva Plc FRN GBP 03/06/2041
AXA SA FRN GBP Perpetual
BAA Funding Ltd 4.375% EUR 25/01/2017
BAA Funding Ltd 6.25% GBP 10/09/2018
BAA Funding Ltd 7.125% GBP 14/02/2024
Banca Monte dei Paschi di Siena SpA 4.125% EUR 11/11/2013
Bank of America Corp 5.5% GBP 04/12/2019
Bank of America Corp 5.875% USD 07/02/2042
Bankia SAU 4.875% EUR 31/03/2014
Barclays Bank Plc 4.25% GBP 12/01/2022
Barclays Bank Plc 5.75% GBP 17/08/2021
Barclays Bank Plc 10% GBP 21/05/2021
BBVA Subordinated Capital SAU FRN GBP 11/03/2018
BG Energy Capital Plc 5% GBP 04/11/2036
BMW Finance NV 3.375% GBP 14/12/2018
Brambles Finance Plc 4.625% EUR 20/04/2018
Brenntag Finance BV 5.5% EUR 19/07/2018
BSKYB Finance UK Plc 5.75% GBP 20/10/2017
CaixaBank 3.125% EUR 16/09/2013
Carnival Plc 7.125% GBP 25/06/2012
Centrica Plc 4.375% GBP 13/03/2029
Cloverie Plc for Zurich Insurance Co Ltd FRN EUR 24/07/2039
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA FRN USD Perpetual
Co-Operative Group Ltd 5.625% GBP 08/07/2020
Credit Suisse Group Finance US Inc FRN EUR 14/09/2020
Daimler Finance North America LLC 2.625% USD 15/09/2016
Dexia Credit Local SA 5.375% EUR 21/07/2014
DONG Energy A/S 4.875% GBP 12/01/2032
EDF SA 6.25% GBP 30/05/2028
EnBW Energie Baden-Wuerttemberg AG FRN EUR 02/04/2072
European Bank for Reconstruction & Development 5.625% GBP 07/12/2028
European Investment Bank 2.25% GBP 22/01/2015
European Investment Bank 6% GBP 07/12/2028
Everything Everywhere Finance Plc 3.5% EUR 06/02/2017
Experian Finance Plc 4.75% GBP 23/11/2018
F Van Lanschot Bankiers NV 4.625% EUR 22/04/2014
Gatwick Funding Ltd 5.75% GBP 23/01/2037
GE Capital UK Funding 4.375% GBP 31/07/2019
GE Capital UK Funding 8% GBP 14/01/2039
Glencore Finance Europe SA 5.25% EUR 11/10/2013
Glencore Finance Europe SA 5.25% EUR 22/03/2017
Glencore Finance Europe SA 6.5% GBP 27/02/2019
Gold Fields Orogen Holding BVI Ltd 4.875% USD 07/10/2020
HIT Finance BV 5.75% EUR 09/03/2018
HSBC Capital Funding LP FRN EUR Perpetual
Hutchison Ports UK Finance Plc 6.75% GBP 07/12/2015
ING Bank NV FRN EUR 29/05/2023
ING Bank NV FRN GBP 30/05/2023
IPIC GMTN Ltd 6.875% GBP 14/03/2026
JPMorgan Chase & Co 4.5% USD 24/01/2022
Koninklijke KPN NV 5% GBP 18/11/2026
Kreditanstalt fuer Wiederaufbau 5.5% GBP 07/12/2015
Kreditanstalt fuer Wiederaufbau 5.55% GBP 07/06/2021
Lloyds TSB Bank Plc 4.625% EUR 02/02/2017
Lloyds TSB Bank Plc 5.125% GBP 07/03/2025
Man Group Plc 5% USD 09/08/2017
Merrill Lynch & Co Inc 7.75% GBP 30/04/2018
Nordea Bank AB FRN EUR 10/09/2018
Optus Finance Pty Ltd 4.625% USD 15/10/2019
Petrobras International Finance Co - Pifco 6.25% GBP 14/12/2026
QBE Insurance Group Ltd 6.125% GBP 28/09/2015

80

Invesco Funds

800,000
1,500,000
750,000
800,000
1,980,000
400,000
275,000
500,000
490,000
800,000
600,000
400,000
900,000
400,000
800,000
500,000
300,000
400,000
300,000
800,000
500,000
700,000
400,000
400,000
700,000
1,000,000
200,000
350,000
600,000
700,000
400,000
500,000
650,000
400,000
180,000
500,000
1,000,000
1,350,000
700,000
170,000
300,000
400,000
600,000
350,000
400,000
450,000
500,000
600,000
400,000
250,000
500,000
500,000
100,000
470,000
600,000
200,000
800,000
1,600,000
500,000
1,100,000
400,000
500,000
1,000,000
400,000
400,000
500,000

849,846
1,573,478
501,597
643,170
1,662,669
352,820
214,831
443,505
521,443
839,496
504,221
404,302
552,351
342,352
832,056
546,290
344,998
323,581
326,243
820,186
467,157
627,379
462,651
339,281
706,724
998,190
181,458
278,874
586,295
552,327
257,529
400,270
675,649
469,955
157,619
641,755
1,014,710
1,729,091
591,605
187,436
256,886
400,876
618,354
479,815
353,502
405,404
565,882
362,444
360,764
190,162
569,281
401,707
100,342
489,828
401,534
201,786
915,569
1,972,917
425,690
1,154,797
213,887
544,018
874,518
270,879
418,000
532,990

0.99
1.84
0.59
0.75
1.94
0.41
0.25
0.52
0.61
0.98
0.59
0.47
0.64
0.40
0.97
0.64
0.40
0.38
0.38
0.96
0.55
0.73
0.54
0.40
0.82
1.17
0.21
0.33
0.68
0.64
0.30
0.47
0.79
0.55
0.18
0.75
1.18
2.02
0.69
0.22
0.30
0.47
0.72
0.56
0.41
0.47
0.66
0.42
0.42
0.22
0.66
0.47
0.12
0.57
0.47
0.24
1.07
2.30
0.50
1.35
0.25
0.64
1.02
0.32
0.49
0.62

Invesco UK Investment Grade Bond Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value
GBP

Net Assets
%

450,000
1,000,000
380,000
700,000
400,000
328,000
470,000
850,000
300,000
500,000
820,000
550,000
350,000
300,000
600,000
1,750,000
2,000,000
5,500,000
300,000
2,500,000
2,080,000
4,400,000
1,600,000
1,850,000
2,600,000
3,300,000
1,200,000
490,000
500,000

390,864
634,761
247,744
737,404
337,252
272,254
285,918
756,809
297,275
515,522
717,627
469,280
297,569
341,669
629,454
2,018,712
2,303,580
6,317,300
350,958
2,968,825
2,475,054
5,258,440
1,988,448
2,315,626
3,283,046
4,249,377
1,540,860
505,153
505,630

0.46
0.74
0.29
0.86
0.39
0.32
0.33
0.88
0.35
0.60
0.84
0.55
0.35
0.40
0.73
2.36
2.69
7.38
0.41
3.47
2.89
6.14
2.32
2.70
3.83
4.96
1.80
0.59
0.59

TOTAL BONDS

80,419,633

93.89

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

80,419,633

93.89

467,918
885,926

0.55
1.03

TOTAL BONDS

1,353,844

1.58

TOTAL OTHER TRANSFERABLE SECURITIES

1,353,844

1.58

931,743
2,000,000

1.09
2.33

2,931,743

3.42

84,705,220

98.89

BONDS (continued)
Rabobank Capital Funding Trust IV FRN GBP Perpetual
Reliance Holdings USA Inc 5.4% USD 14/02/2022
Royal Bank of Scotland Plc 4.875% USD 16/03/2015
Royal Bank of Scotland Plc 5.125% GBP 13/01/2024
Securitas AB 2.75% EUR 28/02/2017
SNS Bank NV 6.625% EUR 30/11/2016
Societe Generale SA 5.2% USD 15/04/2021
Societe Generale SA 5.4% GBP 30/01/2018
SSE Plc FRN GBP Perpetual
Suncorp-Metway Ltd 5.125% GBP 27/10/2014
Swedbank AB FRN EUR 26/06/2018
TDC A/S 3.75% EUR 02/03/2022
TeliaSonera AB 3.625% EUR 14/02/2024
Temasek Financial I Ltd 4.625% GBP 26/07/2022
United Kingdom Gilt 2% GBP 22/01/2016
United Kingdom Gilt 3.75% GBP 07/09/2019
United Kingdom Gilt 3.75% GBP 07/09/2020
United Kingdom Gilt 3.75% GBP 07/09/2021
United Kingdom Gilt 4% GBP 07/03/2022
United Kingdom Gilt 4.25% GBP 07/06/2032
United Kingdom Gilt 4.25% GBP 07/03/2036
United Kingdom Gilt 4.25% GBP 07/12/2040
United Kingdom Gilt 4.25% GBP 07/12/2055
United Kingdom Gilt 4.5% GBP 07/12/2042
United Kingdom Gilt 4.75% GBP 07/12/2030
United Kingdom Gilt 4.75% GBP 07/12/2038
United Kingdom Gilt 5% GBP 07/03/2025
Virgin Media Secured Finance Plc 5.5% GBP 15/01/2021
Volkswagen Financial Services NV 2.5% GBP 07/10/2013

OTHER TRANSFERABLE SECURITIES

BONDS
Rockwood Specialties Group Inc 7.625% EUR 15/11/2014
Time Warner Cable Inc 5.75% GBP 02/06/2031

OPEN-ENDED FUNDS
Short-Term Investments Co Global Series - Euro Liquidity Portfolio
Short-Term Investments Co Global Series - Sterling Liquidity Portfolio
TOTAL OPEN-ENDED FUNDS
Total
Investments
The accompanying notes form an integral part of these financial statements.

81

Invesco Funds

550,000
800,000

1,105,000
2,000,000

Invesco Emerging Local Currencies Debt Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value
USD

Net Assets
%

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

BONDS
Barclays Indonesian Government Linked Notes 10% IDR 17/02/2028
Barclays Bank Indonesian Government Linked Notes 10.25% IDR 19/07/2027
Barclays Bank Plc Indonesian Government Linked Notes 9.5% IDR 17/07/2031
Brazil Notas do Tesouro Nacional Serie F 10% BRL 01/01/2017
Brazilian Government International Bond 12.5% BRL 05/01/2016
Brazilian Government International Bond 12.5% BRL 05/01/2022
Chile Government International Bond 5.5% CLP 05/08/2020
Citigroup Funding Inc Nigerian Government Linked Notes 0% NGN 15/10/2012
Citigroup Funding Inc Indonesian Government Linked Notes 6.25% IDR 17/04/2017
Colombia Government International Bond 7.75% COP 14/04/2021
Export-Import Bank of Korea 4% PHP 26/11/2015
Export-Import Bank of Korea 8.3% IDR 15/03/2014
Export-Import Bank of Korea 8.4% IDR 06/07/2016
Hungary Government Bond 5.5% HUF 12/02/2014
Hungary Government Bond 6.75% HUF 24/02/2017
Hungary Government Bond 8% HUF 12/02/2015
Hungary Government International Bond 7.625% USD 29/03/2041
Malaysia Government Bond 3.741% MYR 27/02/2015
Malaysia Government Bond 3.835% MYR 12/08/2015
Malaysia Government Bond 4.012% MYR 15/09/2017
Malaysia Government Bond 4.378% MYR 29/11/2019
Mexican Bonos 7.75% MXN 14/12/2017
Mexican Bonos 8% MXN 17/12/2015
Mexican Bonos 8.5% MXN 13/12/2018
Mexican Bonos 10% MXN 05/12/2024
Morgan Stanley 144A 10.09% BRL 03/05/2017
Morgan Stanley 144A 11.5% BRL 22/10/2020
Peru Government Bond 7.84% PEN 12/08/2020
Peru Government Bond 8.2% PEN 12/08/2026
Philippine Government International Bond 4.95% PHP 15/01/2021
Philippine Government International Bond 6.25% PHP 14/01/2036
Poland Government Bond 5% PLN 24/10/2013
Poland Government Bond 5.5% PLN 25/04/2015
Poland Government Bond 5.5% PLN 25/10/2019
Poland Government Bond 6.25% PLN 24/10/2015
Republic of Colombia 9.85% COP 28/06/2027
RusHydro JSC via RusHydro Finance Ltd 7.875% RUB 28/10/2015
Russian Agricultural Bank OJSC Via RSHB Capital SA 8.7% RUB 17/03/2016
Russian Agricultural Bank SA 8.625% RUB 17/02/2017
Russian Federal Bond - OFZ 7.35% RUB 20/01/2016
Russian Federal Bond - OFZ 7.4% RUB 14/06/2017
Russian Foreign Bond - Eurobond 7.85% RUB 10/03/2018
Sinochem Offshore Capital Co Ltd 1.8% CNY 18/01/2014
South Africa Government Bond 6.75% ZAR 31/03/2021
South Africa Government Bond 8.25% ZAR 15/09/2017
South Africa Government Bond 10.5% ZAR 21/12/2026
Thailand Government Bond 2.8% THB 10/10/2017
Thailand Government Bond 3.625% THB 22/05/2015
Thailand Government Bond 3.65% THB 17/12/2021
Thailand Government Bond 4.125% THB 18/11/2016
Thailand Government Bond 5.25% THB 12/05/2014
Turkey Government Bond 0% TRY 20/03/2013
Turkey Government Bond 0% TRY 15/05/2013
Turkey Government Bond Index Linked 4% TRY 01/04/2020
Turkey Government Bond 10% TRY 04/12/2013
Turkey Government Bond 10.5% TRY 15/01/2020
Turkey Government Bond 11% TRY 06/08/2014
Uruguay Government International Bond Index Linked 5% UYU 14/09/2018

12,039,688
4,641,751
13,136,057
30,426,217
15,486,521
14,694,004
5,033,728
6,632,580
6,409,235
11,403,330
3,736,831
5,046,123
3,785,044
9,067,841
11,182,703
11,675,157
1,884,710
3,023,363
28,213,515
8,903,548
4,486,341
8,524,223
30,959,475
18,828,549
17,607,654
4,734,538
5,805,814
5,366,739
2,248,942
2,352,865
3,830,202
22,940,798
11,116,964
13,951,733
21,069,266
8,368,100
16,139,620
5,394,732
12,873,630
4,746,291
4,767,835
16,677,836
2,911,971
28,989,177
29,610,928
11,431,582
9,581,040
5,840,223
5,329,587
3,068,207
8,270,094
8,853,983
9,607,529
9,869,715
8,276,502
29,614,420
7,180,890
4,305,390

1.67
0.64
1.82
4.21
2.14
2.03
0.70
0.92
0.89
1.58
0.52
0.70
0.52
1.26
1.55
1.62
0.26
0.42
3.91
1.23
0.62
1.18
4.29
2.61
2.44
0.66
0.80
0.74
0.31
0.33
0.53
3.18
1.54
1.93
2.92
1.16
2.23
0.75
1.78
0.66
0.66
2.31
0.40
4.01
4.10
1.58
1.33
0.81
0.74
0.42
1.15
1.23
1.33
1.37
1.15
4.10
0.99
0.60

TOTAL BONDS

631,955,331

87.53

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

631,955,331

87.53

82

Invesco Funds

80,000,000,000
30,000,000,000
90,000,000,000
52,500,000
22,000,000
19,400,000
2,259,000,000
1,160,342,171
54,300,000,000
16,933,000,000
159,100,000
44,300,000,000
32,300,000,000
2,042,000,000
2,589,000,000
2,529,800,000
2,000,000
8,900,000
82,480,000
25,750,000
12,630,000
97,750,000
360,460,000
207,000,000
172,100,000
8,500,000
10,000,000
12,400,000
4,968,000
95,000,000
147,000,000
69,920,000
33,400,000
42,300,000
61,710,000
10,529,000,000
478,100,000
154,500,000
372,900,000
137,243,000
138,757,000
465,000,000
19,000,000
231,400,000
210,000,000
71,200,000
300,000,000
175,000,000
160,000,000
90,000,000
240,000,000
16,945,000
18,605,000
14,500,000
14,190,000
48,056,000
12,000,000
49,500,000

Invesco Emerging Local Currencies Debt Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value
USD

Net Assets
%

70,000,000,000
39,640,000
34,845,000
21,492,000
24,000,000
89,000,000

9,413,524
13,398,273
12,262,760
7,683,602
9,692,673
4,526,460

1.30
1.86
1.70
1.06
1.34
0.63

TOTAL BONDS

56,977,292

7.89

TOTAL OTHER TRANSFERABLE SECURITIES

56,977,292

7.89

688,932,623

95.42

OTHER TRANSFERABLE SECURITIES

BONDS
JPMorgan Chase Indonesian Government Linked Notes 8.375% IDR 17/09/2026
Malaysia Government Bond 3.58% MYR 28/09/2018
Malaysia Government Bond 4.16% MYR 15/07/2021
Malaysia Government Bond 4.392% MYR 15/04/2026
Peruvian Government International Bond 6.95% PEN 12/08/2031
Uruguay Government International Bond 0% UYU 13/04/2012

Total
Investments
The accompanying notes form an integral part of these financial statements.

83

Invesco Funds

Invesco Global Investment Grade Corporate Bond Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value
USD

Net Assets
%

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
BONDS
Abbey National Treasury Services Plc 2.875% USD 25/04/2014
Abbey National Treasury Services Plc 5.25% GBP 16/02/2029
Advance Auto Parts Inc 4.5% USD 15/01/2022
Advance Auto Parts Inc 5.75% USD 01/05/2020
Alabama Power Co 4.1% USD 15/01/2042
Alliander NV FRN EUR Perpetual
Allianz Finance II BV FRN EUR 08/07/2041
Allianz Finance II BV FRN EUR 31/05/2022
America Movil SAB de CV 4.75% EUR 28/06/2022
American Tower Corp 4.625% USD 01/04/2015
AmerisourceBergen Corp 3.5% USD 15/11/2021
Amgen Inc 2.5% USD 15/11/2016
Anheuser-Busch InBev Worldwide Inc 7.75% USD 15/01/2019
ArcelorMittal 9.375% EUR 03/06/2016
ASML Holding NV 5.75% EUR 13/06/2017
Aviva Plc FRN GBP 03/06/2041
AXA SA FRN GBP Perpetual
BAA Funding Ltd 4.375% EUR 25/01/2017
BAA Funding Ltd 6.25% GBP 10/09/2018
BAA Funding Ltd 7.125% GBP 14/02/2024
Banca Monte dei Paschi di Siena SpA 4.125% EUR 11/11/2013
Banco Santander Chile 2.875% USD 13/11/2012
Bank of America Corp 3.75% USD 12/07/2016
Bank of America Corp 5.7% USD 24/01/2022
Bank of America Corp 5.875% USD 05/01/2021
Bank of America Corp 7% EUR 15/06/2016
Bank of China Hong Kong Ltd 5.55% USD 11/02/2020
Bank of Montreal 2.5% USD 11/01/2017
Bank of New York Mellon Corp 1.2% USD 20/02/2015
Bankia SAU 4.875% EUR 31/03/2014
Barclays Bank Plc 5% USD 22/09/2016
Barclays Bank Plc 5.125% USD 08/01/2020
Barclays Bank Plc 10% GBP 21/05/2021
BBVA Subordinated Capital SAU FRN GBP 11/03/2018
Brambles Finance Plc 4.625% EUR 20/04/2018
Brenntag Finance BV 5.5% EUR 19/07/2018
Bunge Ltd Finance Corp 4.1% USD 15/03/2016
CaixaBank 3.125% EUR 16/09/2013
Casino Guichard Perrachon SA 4.481% EUR 12/11/2018
Centrica Plc 4.375% GBP 13/03/2029
Citigroup Inc 4.5% USD 14/01/2022
Citigroup Inc 5.875% USD 30/01/2042
Comcast Corp 6.4% USD 01/03/2040
Continental Airlines 2009-2 Class A Pass Through Trust 7.25% USD 10/11/2019
Continental Airlines 2010-1 Class A Pass Through Trust 4.75% USD 12/01/2021
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA FRN USD Perpetual
Co-Operative Group Ltd 5.625% GBP 08/07/2020
Corning Inc 4.75% USD 15/03/2042
Credit Suisse Group Finance US Inc FRN EUR 14/09/2020
Dexia Credit Local SA 5.375% EUR 21/07/2014
DIRECTV Holdings LLC 5% USD 01/03/2021
Dow Chemical Co 5.25% USD 15/11/2041
Dr Pepper Snapple Group Inc 2.6% USD 15/01/2019
Empresa Nacional del Petroleo 5.25% USD 10/08/2020
EnBW Energie Baden-Wuerttemberg AG FRN EUR 02/04/2072
Encana Corp 3.9% USD 15/11/2021
EQT Corp 4.875% USD 15/11/2021
Everything Everywhere Finance Plc 3.5% EUR 06/02/2017
Express Scripts Inc 3.125% USD 15/05/2016
Gatwick Funding Ltd 5.75% GBP 23/01/2037
GE Capital UK Funding 4.375% GBP 31/07/2019
General Electric Capital Corp 4.65% USD 17/10/2021
General Electric Capital Corp 6% USD 07/08/2019
General Electric Co 5.25% USD 06/12/2017
Gilead Sciences Inc 5.65% USD 01/12/2041
Glencore Finance Europe SA 5.25% EUR 22/03/2017
Glencore Finance Europe SA 7.125% EUR 23/04/2015
84

Invesco Funds

150,000
100,000
75,000
100,000
100,000
50,000
100,000
280,000
100,000
300,000
100,000
200,000
300,000
100,000
100,000
120,000
50,000
100,000
90,000
200,000
100,000
100,000
150,000
50,000
100,000
50,000
100,000
200,000
250,000
100,000
100,000
100,000
50,000
50,000
150,000
150,000
50,000
50,000
100,000
150,000
100,000
70,000
160,000
46,343
98,074
200,000
100,000
100,000
200,000
150,000
200,000
100,000
75,000
150,000
20,000
220,000
50,000
200,000
200,000
100,000
50,000
375,000
50,000
80,000
50,000
100,000
100,000

149,566
167,240
79,970
113,152
101,190
68,307
128,176
374,860
150,563
318,545
104,879
207,089
396,697
159,921
149,616
168,750
62,274
141,416
152,695
334,602
133,980
100,307
148,141
52,520
103,966
74,139
105,272
204,680
250,524
136,453
107,960
106,085
91,672
64,486
223,437
214,335
52,227
67,614
142,274
238,712
102,255
74,351
206,262
51,441
102,487
205,000
155,788
102,244
251,593
191,445
223,377
111,053
75,770
162,271
27,921
222,547
51,039
269,484
207,286
159,779
82,153
408,817
58,593
93,832
55,952
143,630
150,783

0.64
0.71
0.34
0.48
0.43
0.29
0.54
1.59
0.64
1.35
0.45
0.88
1.69
0.68
0.64
0.72
0.26
0.60
0.65
1.42
0.57
0.43
0.63
0.22
0.44
0.31
0.45
0.87
1.06
0.58
0.46
0.45
0.39
0.27
0.95
0.91
0.22
0.29
0.60
1.01
0.43
0.32
0.88
0.22
0.44
0.87
0.66
0.43
1.07
0.81
0.95
0.47
0.32
0.69
0.12
0.95
0.22
1.15
0.88
0.68
0.35
1.74
0.25
0.40
0.24
0.61
0.64

Invesco Global Investment Grade Corporate Bond Fund

Statement of Investments as at 29 February 2012

Investment

BONDS (continued)
Gold Fields Orogen Holding BVI Ltd 4.875% USD 07/10/2020
Goldman Sachs Group Inc 5.75% USD 24/01/2022
Goldman Sachs Group Inc 6.375% EUR 02/05/2018
Highmark Inc 6.125% USD 15/05/2041
HSBC Capital Funding LP FRN EUR Perpetual
HSBC USA Inc 5% USD 27/09/2020
Hutchison Whampoa International 09/16 Ltd 4.625% USD 11/09/2015
Iberdrola Finanzas SAU 4.75% EUR 25/01/2016
ING Bank NV 2% USD 18/10/2013
ING Bank NV FRN EUR 29/05/2023
ING Bank NV FRN GBP 30/05/2023
International Paper Co 6% USD 15/11/2041
International Power Finance 2010 Plc 7.25% EUR 11/05/2017
IPIC GMTN Ltd 5.875% EUR 14/03/2021
JM Smucker Co 3.5% USD 15/10/2021
John Deere Capital Corp 2.75% USD 15/03/2022
JPMorgan Chase & Co 4.5% USD 24/01/2022
JPMorgan Chase & Co 4.65% USD 01/06/2014
JPMorgan Chase & Co 5.4% USD 06/01/2042
JPMorgan Chase & Co FRN USD Perpetual
Koninklijke KPN NV 5% GBP 18/11/2026
Korea Development Bank 3.5% USD 22/08/2017
Kraft Foods Inc 4.125% USD 09/02/2016
Life Technologies Corp 6% USD 01/03/2020
Lloyds TSB Bank Plc 4.625% EUR 02/02/2017
Lloyds TSB Bank Plc 5.125% GBP 07/03/2025
Macquarie Group Ltd 4.875% USD 10/08/2017
Man Group Plc 5% USD 09/08/2017
McDonald's Corp 3.7% USD 15/02/2042
Moody's Corp 5.5% USD 01/09/2020
Morgan Stanley 2.875% USD 24/01/2014
National Rural Utilities Cooperative Finance Corp 10.375% USD 01/11/2018
Nordea Bank AB FRN EUR 15/02/2022
Nordea Bank AB FRN EUR 10/09/2018
Ohio Power Co 6% USD 01/06/2016
OI SA 5.75% USD 10/02/2022
OMV AG FRN EUR Perpetual
Optus Finance Pty Ltd 4.625% USD 15/10/2019
O'Reilly Automotive Inc 4.875% USD 14/01/2021
Pentair Inc 5% USD 15/05/2021
Petrobras International Finance Co - Pifco 6.75% USD 27/01/2041
Petroleos Mexicanos 4.875% USD 15/03/2015
Qatari Diar Finance QSC 3.5% USD 21/07/2015
Qtel International Finance Ltd 5% USD 19/10/2025
Reliance Holdings USA Inc 5.4% USD 14/02/2022
Russian Foreign Bond - Eurobond 3.625% USD 29/04/2015
Sampo OYJ 4.25% EUR 27/02/2017
Sanofi 4% USD 29/03/2021
Santander Issuances S.A Unipersonal FRN GBP 27/07/2019
Schiphol Nederland BV 4.43% EUR 28/04/2021
Schwab Capital Trust I FRN USD 15/11/2037
Securitas AB 2.75% EUR 28/02/2017
SNS Bank NV 6.625% EUR 30/11/2016
Societe Des Autoroutes Paris-Rhin-Rhone 4.875% EUR 21/01/2019
Societe Generale SA 5.2% USD 15/04/2021
Societe Generale SA 5.4% GBP 30/01/2018
Spectra Energy Capital LLC 5.668% USD 15/08/2014
State Street Capital Trust III FRN USD Perpetual
Suez Environnement Co FRN EUR Perpetual
Suncorp-Metway Ltd 5.125% GBP 27/10/2014
Svenska Cellulosa AB 3.625% EUR 26/08/2016
Swedbank AB FRN EUR 26/06/2018
TDC A/S 3.75% EUR 02/03/2022
TeliaSonera AB 3.625% EUR 14/02/2024
Time Warner Cable Inc 5.875% USD 15/11/2040
Time Warner Inc 4% USD 15/01/2022
Toronto-Dominion Bank 2.375% USD 19/10/2016
Transocean Inc 6% USD 15/03/2018
85

Invesco Funds

Nominal/Shares

Market Value
USD

Net Assets
%

200,000
100,000
150,000
250,000
100,000
100,000
100,000
100,000
300,000
150,000
50,000
50,000
100,000
100,000
150,000
200,000
125,000
150,000
35,000
50,000
100,000
200,000
300,000
100,000
200,000
130,000
150,000
100,000
100,000
200,000
100,000
100,000
100,000
150,000
250,000
200,000
50,000
100,000
250,000
200,000
100,000
50,000
100,000
200,000
250,000
100,000
100,000
200,000
50,000
100,000
100,000
100,000
58,000
100,000
200,000
30,000
150,000
60,000
50,000
50,000
100,000
150,000
100,000
100,000
150,000
50,000
150,000
80,000

192,615
103,768
217,202
270,604
121,270
101,416
106,028
142,459
296,770
192,133
79,988
58,222
152,097
137,587
156,020
201,645
133,368
161,215
37,093
54,578
160,853
201,122
328,278
116,278
271,471
217,584
147,976
85,250
98,202
213,906
99,525
146,041
135,607
209,137
288,728
204,500
68,661
107,966
271,389
214,369
116,452
53,813
104,103
203,317
253,000
104,090
136,555
223,256
74,105
145,395
104,659
134,420
76,754
140,933
193,974
42,585
162,751
60,205
64,399
82,190
141,608
209,289
136,031
135,547
171,611
53,204
155,086
90,323

0.82
0.44
0.92
1.15
0.52
0.43
0.45
0.61
1.26
0.82
0.34
0.25
0.65
0.58
0.66
0.86
0.57
0.69
0.16
0.23
0.68
0.85
1.39
0.49
1.15
0.92
0.63
0.36
0.42
0.91
0.42
0.62
0.58
0.89
1.23
0.87
0.29
0.46
1.15
0.91
0.49
0.23
0.44
0.86
1.08
0.44
0.58
0.95
0.31
0.62
0.44
0.57
0.33
0.60
0.82
0.18
0.69
0.26
0.27
0.35
0.60
0.89
0.58
0.58
0.73
0.23
0.66
0.38

Invesco Global Investment Grade Corporate Bond Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value
USD

Net Assets
%

26,000
75,000
150,000
75,000
100,000
210,000
100,000
100,000
150,000
164,000
200,000

30,184
79,924
154,796
81,007
164,360
214,408
126,253
107,192
152,009
174,080
231,514

0.13
0.34
0.66
0.34
0.70
0.91
0.54
0.46
0.65
0.74
0.98

TOTAL BONDS

21,683,748

92.14

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

21,683,748

92.14

101,985
278,778
117,204
200,853

0.43
1.19
0.50
0.85

TOTAL BONDS

698,820

2.97

TOTAL OTHER TRANSFERABLE SECURITIES

698,820

2.97

22,382,568

95.11

BONDS (continued)
Transocean Inc 6.5% USD 15/11/2020
UnitedHealth Group Inc 4.625% USD 15/11/2041
Ventas Realty LP 4.75% USD 01/06/2021
Verizon Communications Inc 4.75% USD 01/11/2041
Virgin Media Secured Finance Plc 5.5% GBP 15/01/2021
Virginia Electric and Power Co 2.95% USD 15/01/2022
Wal-Mart Stores Inc 5.625% USD 01/04/2040
Wells Fargo & Co 3.625% USD 15/04/2015
Westpac Banking Corp 2.1% USD 02/08/2013
Williams Partners LP 4.125% USD 15/11/2020
Wyndham Worldwide Corp 6% USD 01/12/2016

OTHER TRANSFERABLE SECURITIES

BONDS
Life Technologies Corp 3.375% USD 01/03/2013
Met Life Glob Funding I 2% USD 09/01/2015
Municipal Elec Auth Ga 6.637% USD 01/04/2057
Senior Housing Property Trust 4.3% USD 15/01/2016

100,000
275,000
100,000
200,000

Total
Investments
The accompanying notes form an integral part of these financial statements.

86

Invesco Funds

Invesco Global Unconstrained Bond Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value
GBP

Net Assets
%

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

BONDS
ASIF II 5.125% GBP 28/01/2013
ASIF III Jersey Ltd FRN ITL 09/04/2018
AXA SA FRN GBP Perpetual
BBVA International Preferred SAU FRN GBP Perpetual
Commerzbank AG 7.75% EUR 16/03/2021
EBS Mortgage Finance 3.875% EUR 23/11/2012
EDP Finance BV 5.375% USD 02/11/2012
Eksportfinans ASA 1.875% USD 02/04/2013
Enterprise Inns Plc 6.375% GBP 26/09/2031
FCE Bank Plc 7.125% EUR 15/01/2013
Gala Electric Casinos Ltd 11.5% GBP 01/06/2019
General Motors Co PFD 01/12/2013
Groupama SA FRN EUR 27/10/2039
ING Groep NV 8% EUR Perpetual
Intesa Sanpaolo SpA FRN EUR Perpetual
Irish Life & Permanent Plc 144A 3.6% USD 14/01/2013
Jaguar Land Rover Plc 8.125% GBP 15/05/2018
LBG Capital No.2 Plc 11.25% GBP 14/09/2023
Lottomatica SpA FRN EUR 31/03/2066
National Westminster Bank Plc 11.5% GBP Perpetual
Ono Finance II Plc 11.125% EUR 15/07/2019
Priory Group No 3 Plc 7% GBP 15/02/2018
RBS Capital Trust A 6.467% EUR Perpetual
Santander Finance Preferred SA Unipersonal FRN GBP Perpetual
Scottish Mutual Assurance Ltd FRN GBP Perpetual
Societe Generale SA FRN EUR Perpetual
Societe Generale SA FRN GBP Perpetual
Telefonica Emisiones SAU 2.582% USD 26/04/2013
Thomas Cook Group Plc 7.75% GBP 22/06/2017
UBS Capital Securities Jersey Ltd FRN EUR Perpetual
Wereldhave NV 2.875% EUR 18/11/2015
Wind Acquisition Finance SA 7.375% EUR 15/02/2018

100,000
100,000,000
50,000
50,000
200,000
150,000
100,000
100,000
100,000
50,000
100,000
1,450
50,000
50,000
50,000
100,000
100,000
50,000
50,000
100,000
100,000
100,000
50,000
50,000
42,500
50,000
85,000
100,000
50,000
50,000
50,000
100,000

102,335
48,337
39,060
44,917
154,375
123,452
62,789
60,544
66,804
43,741
73,027
38,917
25,538
40,737
38,479
60,435
102,669
48,417
38,473
102,625
77,620
98,421
24,978
49,945
25,075
34,712
67,604
62,735
25,761
43,102
40,790
81,193

3.76
1.77
1.43
1.65
5.67
4.53
2.30
2.22
2.45
1.61
2.68
1.43
0.94
1.50
1.41
2.22
3.77
1.78
1.41
3.77
2.85
3.61
0.92
1.83
0.92
1.27
2.48
2.30
0.95
1.58
1.50
2.98

TOTAL BONDS

1,947,607

71.49

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

1,947,607

71.49

16,021
84,344

0.59
3.10

TOTAL BONDS

100,365

3.69

TOTAL OTHER TRANSFERABLE SECURITIES

100,365

3.69

2,047,972

75.18

OTHER TRANSFERABLE SECURITIES

BONDS
National Westminster 3.483% EUR 29/10/2049
Unicredito Italiano 6.375% FRN GBP 16/10/2018

50,000
100,000

Total
Investments
The accompanying notes form an integral part of these financial statements.

87

Invesco Funds

Invesco Global Total Return (EUR) Bond Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value
EUR

Net Assets
%

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

BONDS
Abbey National Treasury Services Plc FRN EUR 28/08/2013
Atlantia SpA 4.5% EUR 08/02/2019
Aviva Plc FRN GBP Perpetual
AXA SA FRN EUR 16/04/2040
Bank of America Corp FRN EUR 23/05/2017
Barclays Bank Plc 6.625% EUR 30/03/2022
BBVA Senior Finance SAU 4% EUR 13/05/2013
BNP Paribas SA FRN EUR Perpetual
BPCE SA FRN EUR Perpetual
Bundesrepublik Deutschland 2.25% EUR 04/09/2021
Chrysler Group LLC/CG Co-Issuer Inc 8% USD 15/06/2019
CL Capital Trust I FRN EUR Perpetual
Commerzbank AG 7.75% EUR 16/03/2021
Credit Agricole SA FRN EUR Perpetual
EnBW Energie Baden-Wuerttemberg AG FRN EUR 02/04/2072
Fiat Finance & Trade SA 6.375% EUR 01/04/2016
Franz Haniel & Cie GmbH 6.25% EUR 08/02/2018
General Motors Co PFD 01/12/2013
GMAC International Finance BV 7.5% EUR 21/04/2015
Groupama SA FRN EUR 27/10/2039
Ineos Finance Plc 9.25% EUR 15/05/2015
Intesa Sanpaolo Bank Ireland Plc 4% EUR 08/08/2013
Intesa Sanpaolo SpA FRN EUR Perpetual
Italy Buoni Poliennali Del Tesoro 2.25% EUR 01/11/2013
LBG Capital No.1 Plc 6.439% EUR 23/05/2020
Lloyds TSB Bank Plc 6.5% EUR 24/03/2020
Origin Energy Finance Ltd FRN EUR 16/06/2071
Peabody Energy Corp 4.75% USD 15/12/2041
Royal Bank of Scotland Group Plc 5.25% EUR Perpetual
Santander Finance Preferred SA Unipersonal FRN GBP Perpetual
Societe Generale SA 144A 3.1% USD 14/09/2015
Societe Generale SA FRN EUR Perpetual
Telecom Italia SpA 7% EUR 20/01/2017
UBS AG 3.22% EUR 31/07/2012
UBS AG FRN EUR Perpetual
UniCredit SpA 4.125% EUR 27/04/2012
UniCredit SpA 6.125% EUR 19/04/2021
Vedanta Resources Jersey II Ltd 4% USD 30/03/2017

498,825
102,055
171,628
423,640
418,825
491,802
303,807
484,105
463,750
1,043,375
374,724
99,002
366,162
458,128
207,698
488,875
210,367
237,135
515,000
302,872
266,125
504,940
456,337
1,000,925
238,272
455,670
498,390
188,524
54,163
236,929
594,553
372,666
269,376
208,245
191,187
250,696
94,331
720,809

2.77
0.57
0.95
2.35
2.33
2.73
1.69
2.69
2.58
5.79
2.08
0.55
2.03
2.54
1.15
2.71
1.17
1.32
2.86
1.68
1.48
2.80
2.53
5.56
1.32
2.53
2.77
1.05
0.30
1.32
3.30
2.07
1.50
1.16
1.06
1.39
0.52
4.00

TOTAL BONDS

14,263,913

79.20

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

14,263,913

79.20

Total
Investments

14,263,913

79.20

The accompanying notes form an integral part of these financial statements.

88

Invesco Funds

500,000
100,000
200,000
500,000
500,000
500,000
300,000
500,000
500,000
1,000,000
500,000
100,000
400,000
500,000
200,000
500,000
200,000
7,450
500,000
500,000
250,000
500,000
500,000
1,000,000
300,000
500,000
500,000
250,000
100,000
200,000
825,000
400,000
250,000
500,000
200,000
250,000
100,000
1,000,000

Invesco Emerging Market Corporate Bond Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value
USD

Net Assets
%

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

BONDS
Abu Dhabi National Energy Co 5.875% USD 13/12/2021
Arcos Dorados BV 7.5% USD 01/10/2019
Automotores Gildemeister SA 8.25% USD 24/05/2021
Banco de Bogota SA 5% USD 15/01/2017
Banco del Estado de Chile 3.875% USD 08/02/2022
Banco Internacional del Peru SA 5.75% USD 07/10/2020
Banco Santander Brasil SA 4.625% USD 13/02/2017
BanColombia SA 5.95% USD 03/06/2021
BBVA Bancomer SA 6.5% USD 10/03/2021
BDO Unibank Inc 3.875% USD 22/04/2016
Celulosa Arauco y Constitucion SA 4.75% USD 11/01/2022
Cencosud SA 5.5% USD 20/01/2021
Comision Federal de Electricidad 5.75% USD 14/02/2042
Corp Financiera de Desarrollo SA 4.75% USD 08/02/2022
Dolphin Energy Ltd 5.5% USD 15/12/2021
Dominican Republic International Bond 7.5% USD 06/05/2021
Franshion Development Ltd 6.75% USD 15/04/2021
Gazprom OAO Via Gaz Capital SA 6.51% USD 07/03/2022
Globo Comunicacao e Participacoes SA 6.25% USD Perpetual
Gold Fields Orogen Holding BVI Ltd 4.875% USD 07/10/2020
Grupo Bimbo SAB de CV 4.5% USD 25/01/2022
GTB Finance B.V. 7.5% USD 19/05/2016
Hungary Government International Bond 4.75% USD 03/02/2015
Hutchison Whampoa International 11 Ltd 144A 3.5% USD 13/01/2017
Hutchison Whampoa International Ltd FRN USD Perpetual
Indosat Palapa Co BV 7.375% USD 29/07/2020
Intercorp Retail Trust 8.875% USD 14/11/2018
IPIC GMTN Ltd 5.5% USD 01/03/2022
Listrindo Capital BV 6.95% USD 21/02/2019
Lonking Holdings Ltd 8.5% USD 03/06/2016
Majapahit Holding BV 7.75% USD 20/01/2020
Namibia International Bonds 5.5% USD 03/11/2021
National JSC Naftogaz of Ukraine 9.5% USD 30/09/2014
OGX Petroleo e Gas Participacoes SA 8.5% USD 01/06/2018
OI SA 5.75% USD 10/02/2022
Pacific Rubiales Energy Corp 7.25% USD 12/12/2021
Petrobras International Finance Co - Pifco 3.5% USD 06/02/2017
Petrobras International Finance Co - Pifco 5.375% USD 27/01/2021
Petroleos de Venezuela SA 8.5% USD 02/11/2017
Provincia de Buenos Aires 10.875% USD 26/01/2021
Provincia de Buenos Aires 11.75% USD 05/10/2015
Reliance Holdings USA Inc 5.4% USD 14/02/2022
Republic of Belarus 8.95% USD 26/01/2018
Republic of Latvia 5.25% USD 22/02/2017
Russian Agricultural Bank SA FRN USD 03/06/2021
Russian Agricultural Bank SA 8.625% RUB 17/02/2017
Sberbank of Russia Via SB Capital SA 6.125% USD 07/02/2022
Shimao Property Holdings Ltd 11% USD 08/03/2018
Sigma Alimentos SA de CV 5.625% USD 14/04/2018
Sri Lanka Government International Bond 7.4% USD 22/01/2015
State Oil Co of the Azerbaijan Republic 5.45% USD 09/02/2017
Turkey Government International Bond 6.25% USD 26/09/2022
Vale Overseas Ltd 4.375% USD 11/01/2022
VimpelCom Holdings BV 7.504% USD 01/03/2022
Volcan Cia Minera SA 5.375% USD 02/02/2022

209,667
224,200
210,000
207,120
299,250
202,000
498,000
156,000
204,500
197,308
255,153
211,742
201,800
300,825
207,800
102,485
182,000
327,000
268,125
192,615
311,138
208,561
47,773
203,344
204,500
283,750
269,375
255,428
303,660
325,500
243,500
207,759
247,188
209,500
306,750
272,500
40,703
324,420
91,750
163,000
288,313
305,633
93,724
204,403
199,171
258,923
306,098
276,749
207,900
314,999
306,045
215,240
156,766
196,447
514,500

1.44
1.54
1.44
1.43
2.06
1.39
3.42
1.07
1.41
1.36
1.75
1.46
1.39
2.07
1.43
0.70
1.25
2.25
1.84
1.32
2.13
1.43
0.33
1.40
1.40
1.94
1.85
1.76
2.09
2.24
1.68
1.43
1.70
1.44
2.12
1.87
0.28
2.23
0.63
1.12
1.99
2.10
0.64
1.40
1.37
1.78
2.10
1.90
1.43
2.17
2.10
1.48
1.08
1.35
3.53

TOTAL BONDS

13,022,600

89.51

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

13,022,600

89.51

89

Invesco Funds

200,000
200,000
200,000
200,000
300,000
200,000
500,000
150,000
200,000
200,000
250,000
200,000
200,000
300,000
200,000
100,000
200,000
300,000
250,000
200,000
300,000
200,000
50,000
200,000
200,000
250,000
250,000
250,000
300,000
350,000
200,000
200,000
250,000
200,000
300,000
250,000
40,000
300,000
100,000
200,000
300,000
300,000
100,000
200,000
200,000
7,500,000
300,000
300,000
200,000
300,000
300,000
200,000
150,000
200,000
500,000

Invesco Emerging Market Corporate Bond Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value
USD

Net Assets
%

OTHER TRANSFERABLE SECURITIES

BONDS
Banque Safra-Luxembourg SA 10% BRL 05/01/2015
OI SA 9.75% BRL 15/09/2016
Sinochem Offshore Capital Co Ltd 1.8% CNY 18/01/2014

207,179
201,406
153,262

1.42
1.38
1.05

TOTAL BONDS

561,847

3.85

TOTAL OTHER TRANSFERABLE SECURITIES

561,847

3.85

13,584,447

93.36

Total
Investments
The accompanying notes form an integral part of these financial statements.

90

Invesco Funds

350,000
340,000
1,000,000

Invesco Euro Short Term Bond Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value
EUR

Net Assets
%

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

BONDS
Abbey National Treasury Services Plc 5.25% GBP 16/02/2029
ABN Amro Bank NV 4.25% EUR 11/04/2016
Allianz Finance II BV FRN EUR 31/05/2022
American International Group Inc 4.375% EUR 26/04/2016
ArcelorMittal 9.375% EUR 03/06/2016
AXA SA 4.5% EUR 23/01/2015
BAA Funding Ltd FRN EUR 30/09/2014
BAA Funding Ltd 7.125% GBP 14/02/2024
Banca Monte dei Paschi di Siena SpA 4.125% EUR 11/11/2013
Bank of America Corp 5.875% USD 07/02/2042
Bankia SAU 4.875% EUR 31/03/2014
Barclays Bank Plc 3.5% EUR 18/03/2015
Barclays Bank Plc 4.25% GBP 12/01/2022
BAT International Finance Plc 5.875% EUR 12/03/2015
BP Capital Markets Plc 3.472% EUR 01/06/2016
Brenntag Finance BV 5.5% EUR 19/07/2018
British Telecommunications Plc 6.125% EUR 11/07/2014
Bundesobligation 2.5% EUR 10/10/2014
CaixaBank 3.125% EUR 16/09/2013
Carrefour SA 6.625% EUR 02/12/2013
Centrica Plc 4.375% GBP 13/03/2029
Citigroup Inc 7.375% EUR 16/06/2014
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA FRN USD Perpetual
Credit Suisse AG 6.125% EUR 16/05/2014
Credit Suisse Group Finance US Inc FRN EUR 14/09/2020
Daimler International Finance BV 2.125% GBP 10/12/2013
Deutsche Telekom International Finance BV 5.875% EUR 10/09/2014
Dexia Credit Local SA 5.375% EUR 21/07/2014
EnBW Energie Baden-Wuerttemberg AG FRN EUR 02/04/2072
European Investment Bank 2.875% EUR 15/07/2016
European Investment Bank 3.125% EUR 15/04/2014
Everything Everywhere Finance Plc 3.5% EUR 06/02/2017
F Van Lanschot Bankiers NV 3.5% EUR 02/04/2013
GE Capital European Funding 4.25% EUR 06/02/2014
GE Capital UK Funding 4.375% GBP 31/07/2019
Goldman Sachs Group Inc 4.75% EUR 28/01/2014
HSBC Finance Corp 4.5% EUR 14/06/2016
HSBC Holdings Plc 5.375% EUR 20/12/2012
Hutchison Whampoa Finance Ltd 4.125% EUR 28/06/2015
Imperial Tobacco Finance Plc 4.375% EUR 22/11/2013
ING Bank NV FRN GBP 30/05/2023
ING Verzekeringen NV 4% EUR 18/09/2013
Intesa Sanpaolo Bank Ireland Plc 4% EUR 08/08/2013
ISS Financing Plc 11% EUR 15/06/2014
JPMorgan Chase & Co 4.375% EUR 30/01/2014
JPMorgan Chase & Co 4.5% USD 24/01/2022
Koninklijke KPN NV 5% GBP 18/11/2026
Lloyds TSB Bank Plc 4.625% EUR 02/02/2017
MetLife of Connecticut Institutional Funding Ltd 5.65% EUR 21/06/2012
National Australia Bank Ltd 5.5% EUR 20/05/2015
Nationwide Building Society 3.75% EUR 20/01/2015
Nordea Bank AB FRN EUR 15/02/2022
Nordea Bank AB FRN EUR 10/09/2018
OI SA 5.75% USD 10/02/2022
Reliance Holdings USA Inc 5.4% USD 14/02/2022
Royal Bank of Scotland Plc FRN EUR 22/09/2021
Royal Bank of Scotland Plc 6% EUR 10/05/2013
Sampo OYJ 4.25% EUR 27/02/2017
Securitas AB 2.75% EUR 28/02/2017
Societe Generale SA 5.4% GBP 30/01/2018
Standard Chartered Plc 5.75% EUR 30/04/2014
Svenska Cellulosa AB 3.625% EUR 26/08/2016
Swedbank AB FRN EUR 26/06/2018
Swiss Re Treasury US Corp 7% EUR 19/05/2014
TDC A/S 3.75% EUR 02/03/2022
Telefonica Emisiones SAU 5.431% EUR 03/02/2014
TeliaSonera AB 3.625% EUR 14/02/2024
Tupperware Brands Corp 4.75% USD 01/06/2021
91

Invesco Funds

150,000
100,000
190,000
100,000
100,000
100,000
150,000
200,000
200,000
100,000
100,000
100,000
100,000
150,000
150,000
50,000
100,000
200,000
150,000
100,000
150,000
150,000
100,000
150,000
150,000
50,000
100,000
150,000
25,000
400,000
200,000
200,000
150,000
150,000
50,000
150,000
100,000
150,000
100,000
100,000
50,000
150,000
100,000
50,000
100,000
100,000
100,000
200,000
100,000
150,000
150,000
100,000
100,000
200,000
250,000
50,000
225,000
100,000
100,000
50,000
100,000
100,000
100,000
100,000
100,000
150,000
100,000
150,000

186,607
105,653
189,216
99,013
118,961
107,134
158,063
248,900
199,327
72,785
101,503
103,080
123,347
168,508
158,903
53,146
109,965
211,570
150,888
108,159
177,571
164,597
76,247
163,121
140,363
59,556
110,405
142,410
25,962
419,260
209,326
200,460
150,593
157,608
61,111
155,146
106,302
153,941
105,140
104,436
59,500
152,478
100,988
53,284
104,575
79,367
119,654
201,938
100,692
165,288
154,134
100,874
103,714
152,121
188,199
38,827
229,698
101,579
99,991
52,796
107,871
105,338
103,788
110,700
101,190
157,949
100,829
115,751

1.86
1.05
1.89
0.99
1.18
1.07
1.57
2.48
1.98
0.72
1.01
1.03
1.23
1.68
1.58
0.53
1.09
2.11
1.51
1.08
1.77
1.65
0.76
1.62
1.40
0.59
1.10
1.41
0.26
4.18
2.08
2.00
1.50
1.56
0.61
1.54
1.06
1.53
1.05
1.04
0.59
1.52
1.01
0.53
1.04
0.79
1.19
2.01
1.00
1.65
1.53
1.00
1.03
1.51
1.87
0.39
2.29
1.01
1.00
0.53
1.07
1.05
1.04
1.10
1.01
1.57
1.00
1.15

Invesco Euro Short Term Bond Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

BONDS (continued)
UBS AG 5.625% EUR 19/05/2014
Volkswagen Financial Services AG 6.875% EUR 15/01/2014
Zurich Finance USA Inc 4.5% EUR 17/09/2014

150,000
150,000
100,000

Market Value
USD

Net Assets
%

160,628
165,102
106,507

1.60
1.64
1.06

TOTAL BONDS

9,353,633

93.13

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

9,353,633

93.13

OTHER TRANSFERABLE SECURITIES

OPEN-ENDED FUNDS
Short-Term Investments Co Global Series - Euro Liquidity Portfolio
TOTAL OPEN-ENDED FUNDS
Total
Investments
The accompanying notes form an integral part of these financial statements.

92

Invesco Funds

403,146

403,146

4.01

403,146

4.01

9,756,779

97.14

Invesco Asian Bond Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

BONDS
Bank of East Asia Ltd FRN USD 04/05/2022
Baosteel Group Corp Ltd 3.5% CNY 01/12/2014
CapitaLand Ltd 2.875% SGD 03/09/2016
CapitaLand Treasury Ltd 4.3% SGD 31/08/2020
Cheung Kong Bond Securities Ltd 5.125% SGD Perpetual
China Government Bond 1.4% CNY 18/08/2016
China Government Bond 2.36% CNY 18/08/2021
Doosan Infracore Co Ltd 4.5% USD 23/11/2016
Hong Kong Government Bond Programme FRN HKD 28/07/2014
Hutchison Whampoa International Ltd 4.625% USD 13/01/2022
Indonesia Government International Bond 10.375% USD 04/05/2014
Indonesia Treasury Bond 9.5% IDR 15/06/2015
Malaysia Government Bond 4.378% MYR 29/11/2019
National Australia Bank Ltd 6% AUD 24/01/2014
Pertamina Persero PT 5.25% USD 23/05/2021
PHBS Ltd 6.625% USD Perpetual
Philippine Government International Bond 6.25% PHP 14/01/2036
Philippine Government International Bond 10.625% USD 16/03/2025
POSCO 8.75% USD 26/03/2014
Singapore Airlines Ltd 3.22% SGD 09/07/2020
Sun Hung Kai Properties Capital Market Ltd 4.5% USD 14/02/2022
Swire Pacific MTN Financing Ltd 4.5% USD 28/02/2022
Tencent Holdings Ltd 4.625% USD 12/12/2016
Westpac Banking Corp 6.75% AUD 09/05/2016
Wharf Finance Ltd 4.625% USD 08/02/2017
Zhongsheng Group Holdings Ltd 4.75% CNY 21/04/2014

400,000
2,000,000
500,000
250,000
250,000
2,000,000
2,000,000
300,000
4,550,000
300,000
300,000
5,000,000,000
1,500,000
300,000
300,000
400,000
22,000,000
200,000
300,000
250,000
250,000
500,000
300,000
500,000
350,000
2,000,000

Market Value
USD

Net Assets
%

423,080
319,456
394,485
204,036
202,774
310,585
312,393
311,060
627,932
306,575
352,250
630,764
532,820
330,064
321,000
371,556
573,227
326,821
332,200
202,245
252,751
512,899
300,510
560,289
362,810
297,208

3.90
2.94
3.63
1.88
1.87
2.86
2.88
2.86
5.78
2.82
3.24
5.81
4.91
3.04
2.96
3.42
5.28
3.01
3.06
1.86
2.33
4.72
2.77
5.16
3.34
2.74

TOTAL BONDS

9,671,790

89.07

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

9,671,790

89.07

393,643
475,628

3.63
4.38

OTHER TRANSFERABLE SECURITIES

BONDS
BNP Paribas SA 3.05% HKD 30/09/2014
Korea Development Bank 3.4% CNY 14/01/2013

3,000,000
3,000,000

TOTAL BONDS

869,271

8.01

TOTAL OTHER TRANSFERABLE SECURITIES

869,271

8.01

10,541,061

97.08

Total
Investments
The accompanying notes form an integral part of these financial statements.

93

Invesco Funds

Invesco Capital Shield 90 (EUR) Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value
EUR

Net Assets
%

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

STRUCTURED PRODUCTS
DB WTI Crude Oil Booster ETC
ETFS Agriculture DJ-UBSCI
ETFS Copper
Gold Bullion Securities Ltd

55,403
482,992
141,113
54,562

5,235,026
2,907,944
4,447,035
7,022,560

4.09
2.28
3.48
5.49

TOTAL STRUCTURED PRODUCTS

19,612,565

15.34

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

19,612,565

15.34

MONEY MARKET INSTRUMENTS ELIGIBLE UNDER ARTICLE 41.1H OF THE LAW OF 17 DECEMBER 2010
Bank Of Tokyo C/D EUR 09/03/2012
4,000,000
Barclays Bank C/P EUR 08/05/2012
4,000,000
Cancara Asset Securitisation C/P EUR 23/03/2012
4,000,000
Fms Wertmanagement C/P EUR 09/03/2012
4,000,000
GE Capital Europe C/P FRN EUR 12/07/2012
4,000,000
Grampian Funding C/P EUR 19/03/2012
4,000,000
Mont Blanc Capital C/P EUR 14/03/2012
4,000,000
Nieuw Amsterdam Receivables C/P EUR 09/03/2012
2,900,000
Nordea Bank C/P EUR 30/03/2012
4,000,000
Regency Assets C/P EUR 26/03/2012
4,561,000
Sheffield Receivables C/P EUR 01/03/2012
4,000,000
Solitaire Funding C/P EUR 23/03/2012
4,000,000
Sumitomo Mitsui Banking C/P EUR 16/03/2012
3,500,000
Svenska Handelsbanken C/P EUR 05/03/2012
5,000,000
Thames Asset No.1 C/P EUR 02/03/2012
4,000,000

3,999,585
3,992,657
3,998,928
3,999,351
3,984,303
3,999,112
3,998,990
2,899,802
3,995,366
4,559,751
4,000,000
3,997,958
3,499,068
4,999,069
3,999,918

3.13
3.12
3.13
3.13
3.11
3.13
3.13
2.27
3.12
3.56
3.13
3.13
2.73
3.91
3.13

TOTAL MONEY MARKET INSTRUMENTS ELIGIBLE UNDER ARTICLE

41.1H OF THE LAW OF 17 DECEMBER 2010

59,923,858

OPEN-ENDED FUNDS
Short-Term Investments Co Global Series - Euro Liquidity Portfolio
TOTAL OPEN-ENDED FUNDS
Total
Investments
The accompanying notes form an integral part of these financial statements.

94

Invesco Funds

9,500,000

46.86

9,500,000

7.43

9,500,000

7.43

89,036,423

69.63

Invesco Asia Balanced Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value
USD

Net Assets
%

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

EQUITIES
AUSTRALIA
Adelaide Brighton Ltd
Amcor Ltd
AMP Ltd
APA Group
ASX Ltd
Australia & New Zealand Banking Group Ltd
David Jones Ltd
Fleetwood Corp Ltd
GUD Holdings Ltd
Harvey Norman Holdings Ltd
Iress Market Technology Ltd
QBE Insurance Group Ltd
Rio Tinto Ltd
Sonic Healthcare Ltd
SP AusNet
Super Retail Group Ltd
Tatts Group Ltd
Telstra Corp Ltd
Toll Holdings Ltd
UGL Ltd
Westpac Banking Corp
Woolworths Ltd

1,874,315
830,325
1,328,903
1,221,688
189,095
266,273
2,265,413
473,203
738,659
2,779,782
822,021
473,593
119,000
500,361
5,871,581
951,099
2,301,660
1,672,718
1,160,111
431,669
275,318
236,796

BERMUDA
NWS Holdings Ltd
Texwinca Holdings Ltd
Yuexiu Transport Infrastructure Ltd

3,755,000
5,570,000
2,034,000

CHINA
Jiangsu Expressway Co Ltd
Zhejiang Expressway Co Ltd

5,842,000
8,256,000

6,063,174
6,388,804
5,789,385
6,474,143
6,353,673
6,333,952
6,665,463
6,435,826
5,935,649
6,250,891
6,364,997
5,981,783
8,706,190
6,493,399
6,299,460
7,261,391
5,936,510
5,972,982
7,141,032
5,763,346
6,247,761
6,501,422

1.03
1.08
0.98
1.10
1.08
1.07
1.13
1.09
1.01
1.06
1.08
1.01
1.48
1.10
1.07
1.23
1.01
1.01
1.21
0.98
1.06
1.10

141,361,233

23.97

6,241,359
6,984,915
921,919

1.06
1.19
0.16

14,148,193

2.41

6,124,469
6,254,518

1.04
1.06

12,378,987

2.10

HONG KONG
Shanghai Industrial Holdings Ltd

1,862,000

6,758,875

1.15

MALAYSIA
Berjaya Sports Toto Bhd
Lafarge Malayan Cement Bhd
Maxis Bhd

4,198,800
2,696,200
3,272,300

6,167,524
6,485,136
6,461,612

1.05
1.10
1.10

19,114,272

3.25

3,013,242
3,424,243
3,210,365
3,045,120

0.51
0.58
0.54
0.52

12,692,970

2.15

6,130,393
6,315,149

1.04
1.07

12,445,542

2.11

6,373,149
6,391,971
6,140,694
6,327,485
6,349,933

1.08
1.08
1.04
1.07
1.08

31,583,232

5.35

PAKISTAN
MCB Bank Ltd
National Bank Of Pakistan
Pakistan Oilfields Ltd
Pakistan Petroleum Ltd

1,543,921
6,056,766
769,726
1,575,564

PHILIPPINES
Globe Telecom Inc
Philippine Long Distance Telephone Co

226,050
95,005

SINGAPORE
M1 Ltd
SATS Ltd
Singapore Post Ltd
Singapore Telecommunications Ltd
StarHub Ltd

3,184,000
3,279,000
7,855,000
2,487,000
2,696,000

95

Invesco Funds

Invesco Asia Balanced Fund

Statement of Investments as at 29 February 2012

Investment

SOUTH KOREA
SK Telecom Co Ltd
TAIWAN
Chicony Electronics Co Ltd
Chunghwa Telecom Co Ltd
Delta Electronics Inc
Formosa Plastics Corp
HTC Corp
334,000
Lite-On Technology Corp
MediaTek Inc 629,415
Richtek Technology Corp
Silitech Technology Corp
Taiwan Cement Corp
Taiwan Mobile Co Ltd
Taiwan Secom Co Ltd
Tripod Technology Corp
Unimicron Technology Corp

THAILAND
Advanced Info Service PCL
Dynasty Ceramic PCL
Electricity Generating PCL
Kiatnakin Bank PCL
Ratchaburi Electricity Generating Holding PCL

Nominal/Shares

Market Value
USD

50,674

6,579,274

1.12

3,126,000
1,911,541
2,228,000
2,105,000
7,516,021
4,956,460
6,450,239
1,026,000
2,295,096
5,066,000
2,035,000
2,362,000
2,088,000
4,500,000

6,438,946
5,881,714
6,120,254
6,580,809
1.28
6,731,754
1.09
6,134,150
6,406,062
6,501,389
6,251,207
4,841,151
6,495,699
5,889,831

1.09
1.00
1.04
1.12

1.04
1.09
1.10
1.06
0.82
1.10
1.00

88,239,226

14.97

6,558,379
6,555,492
6,481,334
6,374,621
6,103,315

1.11
1.11
1.10
1.08
1.04

32,073,141

5.44

377,374,945

64.02

2,109,587
4,141,546
2,175,330

0.36
0.70
0.37

8,426,463

1.43

2,835,000
2,966,250

0.48
0.50

5,801,250

0.98

2,010,000
1,008,825
1,488,750
1,294,407
1,196,221
3,372,326
4,090,000
1,331,357
4,275,464
3,715,560
758,254
1,025,795
2,302,360

0.34
0.17
0.25
0.22
0.20
0.57
0.69
0.23
0.73
0.63
0.13
0.17
0.39

27,869,319

4.72

2,105,448
1,984,080
3,712,625
2,131,620
1,944,500
1,010,208
3,778,110
1,036,600

0.36
0.34
0.63
0.36
0.33
0.17
0.64
0.18

17,703,191

3.01

1,242,500
3,076,000
2,073,000
5,913,500
4,359,100

TOTAL EQUITIES
BONDS
AUSTRALIA
Macquarie Group Ltd 7.3% USD 01/08/2014
Macquarie Group Ltd 7.625% USD 13/08/2019
National Australia Bank FRN USD Perpetual

2,000,000
4,000,000
2,000,000

BERMUDA
China Oriental Group Co Ltd 8% USD 18/08/2015
Noble Group Ltd 6.75% USD 29/01/2020

3,000,000
3,000,000

CAYMAN ISLANDS
Agile Property Holdings Ltd 10% USD 14/11/2016
China Overseas Finance Cayman II Ltd 5.5% USD 10/11/2020
Country Garden Holdings Co Ltd 11.25% USD 22/04/2017
Evergrande Real Estate Group Ltd 9.25% CNY 19/01/2016
Hutchison Whampoa Finance CI Ltd 7.45% USD 01/08/2017
Hutchison Whampoa International Ltd 4.625% USD 13/01/2022
Hutchison Whampoa International Ltd FRN USD Perpetual
Hutchison Whampoa International Ltd 7.45% USD 24/11/2033
Hutchison Whampoa International Ltd 7.625% USD 09/04/2019
PHBS Ltd 6.625% USD Perpetual
Sun Hung Kai Properties Capital Market Ltd 4.5% USD 14/02/2022
Swire Pacific MTN Financing Ltd 4.5% USD 28/02/2022
Swire Pacific MTN Financing Ltd 6.25% USD 18/04/2018

HONG KONG
Bank of China Hong Kong Ltd 5.55% USD 11/02/2020
Bank of East Asia Ltd FRN USD 22/06/2017
Bank of East Asia Ltd 6.125% USD 16/07/2020
Bank of East Asia Ltd FRN USD Perpetual
Citic Pacific Ltd 6.625% USD 15/04/2021
Dah Sing Bank Ltd FRN USD 18/08/2017
Standard Chartered Bank Hong Kong Ltd 5.875% USD 24/06/2020
Wharf Finance Ltd 4.625% USD 08/02/2017

96

Invesco Funds

2,000,000
1,000,000
1,500,000
9,000,000
1,000,000
3,300,000
4,000,000
1,000,000
3,500,000
4,000,000
750,000
1,000,000
2,000,000

2,000,000
2,000,000
3,500,000
2,000,000
2,000,000
1,000,000
3,500,000
1,000,000

Net Assets
%

1.14

Invesco Asia Balanced Fund

Statement of Investments as at 29 February 2012

Investment

INDIA
ICICI Bank Ltd FRN USD Perpetual
State Bank of India 4.5% USD 27/07/2015

INDONESIA
Indonesia Government International Bond 8.5% USD 12/10/2035
Indonesia Government International Bond 10.375% USD 04/05/2014
Indonesia Government International Bond 11.625% USD 04/03/2019

MALAYSIA
Axiata SPV1 Labuan Ltd 5.375% USD 28/04/2020
Petronas Capital Ltd 7.875% USD 22/05/2022
Public Bank Bhd FRN USD 20/06/2017

Market Value
USD

4,000,000
1,000,000

3,685,240
1,030,038

0.63
0.17

4,715,278

0.80

12,010,000
1,174,165
4,530,000

2.04
0.20
0.77

17,714,165

3.01

2,157,980
2,760,294
1,006,250

0.37
0.47
0.17

5,924,524

1.01

2,342,500
1,227,500

0.40
0.21

3,570,000

0.61

3,202,500
1,430,000
8,170,525
1,018,600

0.54
0.24
1.39
0.17

13,821,625

2.34

1,114,500
2,007,886

0.19
0.34

3,122,386

0.53

3,122,952
1,099,209
4,206,508
1,006,317
2,081,642
2,159,846
3,194,331
1,097,547
515,771
2,116,618
527,256
3,322,005
4,388,349
3,005,220
2,534,162
1,020,310
2,441,894
1,105,359

0.53
0.19
0.71
0.17
0.35
0.37
0.54
0.19
0.09
0.36
0.09
0.56
0.74
0.51
0.43
0.17
0.41
0.19

38,945,296

6.60

500,000

506,551

0.09

1,950,000
2,000,000
2,000,000
1,500,000
6,000,000

2,136,219
2,109,734
2,279,388
1,634,191
6,615,000

0.36
0.36
0.39
0.28
1.12

14,774,532

2.51

8,000,000
1,000,000
3,000,000

2,000,000
2,000,000
1,000,000

NETHERLANDS
Majapahit Holding BV 7.75% USD 17/10/2016
Majapahit Holding BV 8% USD 07/08/2019

2,000,000
1,000,000

PHILIPPINES
Philippine Government International Bond 9.5% USD 02/02/2030
Philippine Government International Bond 9.875% USD 15/01/2019
Philippine Government International Bond 10.625% USD 16/03/2025
Philippine Long Distance Telephone Co 11.375% USD 15/05/2012

SINGAPORE
Bumi Capital Pte Ltd 12% USD 10/11/2016
DBS Bank Ltd FRN USD 16/05/2017

2,000,000
1,000,000
5,000,000
1,000,000

1,000,000
2,000,000

SOUTH KOREA
Export-Import Bank of Korea 4.125% USD 09/09/2015
Kookmin Bank 7.25% USD 14/05/2014
Korea Development Bank 4.375% USD 10/08/2015
Korea Gas Corp 4.25% USD 02/11/2020
Korea Hydro & Nuclear Power Co Ltd 4.75% USD 13/07/2021
Korea Hydro & Nuclear Power Co Ltd 6.25% USD 17/06/2014
Korea National Oil Corp 5.375% USD 30/07/2014
Korea South-East Power Co Ltd 6% USD 25/05/2016
Korea Southern Power Co Ltd 5.375% USD 18/04/2013
KT Corp 4.875% USD 15/07/2015
National Agricultural Cooperative Federation 5% USD 30/09/2014
POSCO 8.75% USD 26/03/2014
Republic of Korea 7.125% USD 16/04/2019
Shinhan Bank FRN USD 02/03/2035
Shinhan Bank 6% USD 29/06/2012
Shinhan Bank FRN USD 20/09/2036
Woori Bank Co Ltd 7% USD 02/02/2015
Woori Bank Co Ltd 7.63% USD 14/04/2015

THAILAND
PTT PCL 5.875% USD 03/08/2035
UNITED KINGDOM
CNOOC Finance 2003 Ltd 5.5% USD 21/05/2033
CNOOC Finance 2011 Ltd 4.25% USD 26/01/2021
CNPC HK Overseas Capital Ltd 5.95% USD 28/04/2041
Mega Advance Investments Ltd 6.375% USD 12/05/2041
Standard Chartered Bank FRN USD Perpetual

97

Nominal/Shares

Invesco Funds

3,000,000
1,000,000
4,000,000
1,000,000
2,000,000
2,000,000
3,000,000
1,000,000
500,000
2,000,000
500,000
3,000,000
3,500,000
3,000,000
2,500,000
1,000,000
2,200,000
1,000,000

Net Assets
%

Invesco Asia Balanced Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value
USD

Net Assets
%

2,000,000
2,000,000
6,000,000

1,921,359
1,927,437
5,910,000

0.33
0.33
1.00

9,758,796

1.66

TOTAL BONDS

172,653,376

29.30

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

550,028,321

93.32

4,423,461

0.75

TOTAL BONDS

4,423,461

0.75

TOTAL OTHER TRANSFERABLE SECURITIES

4,423,461

0.75

554,451,782

94.07

UNITED STATES
CBA Capital Trust II FRN USD Perpetual
Reliance Holdings USA Inc 6.25% USD 19/10/2040
Westpac Capital Trust III FRN USD Perpetual

OTHER TRANSFERABLE SECURITIES

BONDS
MALAYSIA
Tenaga Nasional Bhd 7.5% USD 01/11/2025

3,500,000

Total
Investments
The accompanying notes form an integral part of these financial statements.

98

Invesco Funds

Invesco Pan European High Income Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value
EUR

Net Assets
%

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
EQUITIES
FINLAND
UPM-Kymmene OYJ
FRANCE
Cie Generale des Etablissements Michelin
Safran SA

GERMANY
Bilfinger Berger SE
Deutsche Boerse AG
Deutsche Post AG

27,000

281,070

0.28

2,846
6,836

148,134
169,960

0.15
0.17

318,094

0.32

155,911
256,314
173,907

0.16
0.26
0.18

586,132

0.60

2,125
5,055
13,000

IRELAND
FBD Holdings Plc

23,034

198,657

0.20

NETHERLANDS
ASML Holding NV
European Aeronautic Defence and Space Co NV
ING Groep NV
Koninklijke Ahold NV
Reed Elsevier NV
SBM Offshore NV
Unilever NV

4,000
6,988
22,142
10,111
14,024
11,566
6,100

139,890
190,563
150,034
105,129
128,944
158,223
152,713

0.14
0.19
0.15
0.11
0.13
0.16
0.15

1,025,496

1.03

NORWAY
Storebrand ASA

28,000

101,290

0.10

PORTUGAL
Galp Energia SGPS SA

10,900

142,163

0.14

SPAIN
Banco Bilbao Vizcaya Argentaria SA
Inditex SA
International Consolidated Airlines Group SA
Obrascon Huarte Lain SA

28,188
1,587
40,820
9,816

191,227
110,273
80,599
227,928

0.19
0.11
0.08
0.23

610,027

0.61

272,574
327,297
158,739

0.28
0.33
0.16

758,610

0.77

63,156

216,030

0.22

6,002

116,774

0.12

4,354,343

4.39

1,500,000

1,495,170

1.51

250,000
700,000

255,375
664,069

0.26
0.67

919,444

0.93

511,735
423,378

0.52
0.43

935,113

0.95

SWITZERLAND
Novartis AG
Roche Holding AG
UBS AG

6,674
2,492
15,000

UNITED KINGDOM
G4S Plc
UNITED STATES
General Motors Co
TOTAL EQUITIES
BONDS
AUSTRALIA
Origin Energy Finance Ltd FRN EUR 16/06/2071
AUSTRIA
OMV AG FRN EUR Perpetual
Sappi Papier Holding GmbH 6.625% EUR 15/04/2018

CAYMAN ISLANDS
IPIC GMTN Ltd 5.875% EUR 14/03/2021
UPCB Finance Ltd 7.625% EUR 15/01/2020

99

500,000
400,000

Invesco Funds

Invesco Pan European High Income Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value
EUR

Net Assets
%

DENMARK
Danske Bank A/S 3.875% EUR 28/02/2017

1,000,000

1,012,960

1.03

FRANCE
AXA SA FRN EUR 16/04/2040
AXA SA FRN GBP Perpetual
BNP Paribas SA FRN GBP Perpetual
BNP Paribas SA FRN EUR Perpetual
BPCE SA FRN EUR Perpetual
BPCE SA 13% USD Perpetual
Cie Generale de Geophysique - Veritas 7.75% USD 15/05/2017
Cie Generale de Geophysique - Veritas 9.5% USD 15/05/2016
Credit Agricole SA FRN EUR Perpetual
Credit Agricole SA 9.75% USD Perpetual
Groupama SA FRN EUR Perpetual
Groupama SA FRN EUR 27/10/2039
Societe Generale SA 3.1% USD 14/09/2015
Societe Generale SA FRN EUR Perpetual
Societe Generale SA FRN GBP Perpetual
Societe Generale SA FRN EUR Perpetual
SPCM SA 8.25% EUR 15/06/2017
Suez Environnement Co FRN EUR Perpetual

2,850,000
100,000
100,000
1,100,000
1,000,000
154,500
50,000
100,000
1,200,000
100,000
1,000,000
1,250,000
1,000,000
1,300,000
100,000
1,000,000
250,000
1,000,000

2,414,748
97,465
82,438
1,065,031
927,500
118,261
38,960
82,012
1,099,506
72,782
423,780
757,181
720,670
1,070,336
94,323
931,665
263,438
958,095

2.44
0.10
0.08
1.08
0.94
0.12
0.04
0.08
1.11
0.07
0.43
0.77
0.73
1.08
0.10
0.94
0.27
0.97

11,218,191

11.35

411,800
915,405
2,076,980
841,468
217,721
1,933,720
327,518
322,977

0.42
0.93
2.10
0.85
0.22
1.96
0.33
0.33

7,047,589

7.14

1,009,880
92,054
254,459

1.02
0.09
0.26

1,356,393

1.37

408,220
1,518,660
2,327,321
182,510
943,310

0.41
1.54
2.36
0.18
0.95

5,380,021

5.44

1,006,727
1,051,125
400,048
92,209
423,966
899,470
866,619
294,458
1,020,000
185,869

1.02
1.06
0.41
0.09
0.43
0.91
0.88
0.30
1.03
0.19

6,240,491

6.32

1,430,190
417,569
1,030,000
386,500
202,998
7,650
972,670
160,485
532,125

1.45
0.42
1.04
0.39
0.21
0.01
0.98
0.16
0.54

5,140,187

5.20

GERMANY
ALBA Group Plc & Co KG 8% EUR 15/05/2018
Commerzbank AG 7.75% EUR 16/03/2021
EnBW Energie Baden-Wuerttemberg AG FRN EUR 02/04/2072
Franz Haniel & Cie GmbH 6.25% EUR 08/02/2018
Kabel BW Musketeer GmbH 9.5% EUR 15/03/2021
RWE AG FRN EUR Perpetual
Unitymedia GmbH 9.625% EUR 01/12/2019
Unitymedia Hessen GmbH & Co KG 8.125% EUR 01/12/2017

IRELAND
Intesa Sanpaolo Bank Ireland Plc 4% EUR 08/08/2013
Ono Finance II Plc 11.125% EUR 15/07/2019
Smurfit Kappa Funding Plc 7.75% EUR 01/04/2015

400,000
1,000,000
2,000,000
800,000
200,000
2,000,000
300,000
300,000

1,000,000
100,000
250,000

ITALY
Atlantia SpA 4.5% EUR 08/02/2019
Intesa Sanpaolo SpA 5% EUR 28/02/2017
Intesa Sanpaolo SpA FRN EUR Perpetual
Lottomatica SpA FRN EUR 31/03/2066
UniCredit SpA 6.125% EUR 19/04/2021

400,000
1,500,000
2,550,000
200,000
1,000,000

LUXEMBOURG
Beverage Packaging Holdings Luxembourg II SA 9.5% EUR 15/06/2017
Bormioli Rocco Holdings SA 10% EUR 01/08/2018
Codere Finance Luxembourg SA 8.25% EUR 15/06/2015
Mark IV Europe Lux SCA / Mark IV USA SCA 8.875% EUR 15/12/2017
Matterhorn Mobile SA 6.75% CHF 15/05/2019
UniCredit International Bank Luxembourg SA FRN EUR Perpetual
Wind Acquisition Finance SA 7.375% EUR 15/02/2018
Wind Acquisition Finance SA 11.75% EUR 15/07/2017
Xefin Lux SCA 8% EUR 01/06/2018
Zinc Capital SA 8.875% EUR 15/05/2018

NETHERLANDS
Allianz Finance II BV FRN EUR 08/07/2041
EDP Finance BV 8.625% GBP 04/01/2024
GMAC International Finance BV 7.5% EUR 21/04/2015
ING Groep NV 8% EUR Perpetual
Intergen NV 8.5% EUR 30/06/2017
Pfleiderer Finance BV 7.125% EUR Perpetual
Schaeffler Finance BV 8.75% EUR 15/02/2019
UPC Holding BV 9.75% EUR 15/04/2018
Wereldhave NV 2.875% EUR 18/11/2015

100

1,150,000
1,000,000
400,000
90,000
500,000
1,000,000
900,000
300,000
1,000,000
200,000

1,500,000
400,000
1,000,000
400,000
200,000
200,000
900,000
150,000
550,000

Invesco Funds

Invesco Pan European High Income Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

PORTUGAL
Parpublica - Participiacoes Publicas SGPS SA 3.25% EUR 18/12/2014
SPAIN
Abengoa SA 4.5% EUR 03/02/2017
Abengoa SA 8.5% EUR 31/03/2016
BBVA International Preferred SAU FRN GBP Perpetual
Cemex Espana Luxembourg 9.25% USD 12/05/2020
Obrascon Huarte Lain SA 8.75% EUR 15/03/2018
Santander Finance Preferred SA Unipersonal FRN GBP Perpetual

SWEDEN
Eileme 2 AB 11.75% EUR 31/01/2020
Securitas AB 2.75% EUR 28/02/2017

462,375

0.47

600,000
100,000
100,000
158,000
1,000,000
1,000,000

562,500
102,515
106,538
108,129
1,044,505
1,184,644

0.57
0.10
0.11
0.11
1.06
1.20

3,108,831

3.15

512,500
999,910

0.52
1.01

1,512,410

1.53

1,457,715
84,157

1.48
0.09

1,541,872

1.57

1,200,668
40,125
471,977
477,668
598,215
1,967,210
109,107
581,916
231,996
3,250
98,434
82,111
1,096,002
966,300
139,551
433,032
525,263
990,523
1,011,275
354,530
38,389
213,137
2,382,720
296,937
317,562
229,678
230,390
281,236
50,415
281,450
391,364
935,310
1,175,620
127,698
52,450
97,729
184,485
62,367
59,475
1,133,798
980,455
1,195,942
408,936
689,938
227,585
321,431
39,161

1.22
0.04
0.48
0.48
0.61
1.99
0.11
0.59
0.23

0.10
0.08
1.11
0.98
0.14
0.44
0.53
1.00
1.02
0.36
0.04
0.22
2.41
0.30
0.32
0.23
0.23
0.28
0.05
0.29
0.40
0.95
1.19
0.13
0.05
0.10
0.19
0.06
0.06
1.15
0.99
1.21
0.41
0.70
0.23
0.33
0.04

23,784,811

24.07

3,500,000
100,000

UNITED KINGDOM
Anglian Water Osprey Financing Plc 7% GBP 31/01/2018
Aviva Plc FRN EUR Perpetual
Aviva Plc FRN GBP Perpetual
Bakkavor Finance 2 Plc 8.25% GBP 15/02/2018
Barclays Bank Plc FRN EUR Perpetual
Barclays Bank Plc 6.625% EUR 30/03/2022
Barclays Bank Plc 10% GBP 21/05/2021
Boparan Finance Plc 9.875% GBP 30/04/2018
Care UK Health & Social Care Plc 9.75% GBP 01/08/2017
Cattles Ltd 7.125% GBP 05/07/2017
Clerical Medical Finance Plc FRN GBP Perpetual
Co-Operative Bank Plc FRN GBP Perpetual
DFS Furniture Holdings Plc 9.75% GBP 15/07/2017
Enterprise Inns Plc 6.5% GBP 06/12/2018
First Hydro Finance Plc 9% GBP 31/07/2021
Gala Electric Casinos Ltd 11.5% GBP 01/06/2019
Gala Group Finance Plc 8.875% GBP 01/09/2018
HSBC Capital Funding LP FRN EUR Perpetual
Ineos Finance Plc 9.25% EUR 15/05/2015
Ineos Group Holdings Ltd 7.875% EUR 15/02/2016
Investec Tier I UK LP FRN EUR Perpetual
ISS Financing Plc 11% EUR 15/06/2014
LBG Capital No.1 Plc 6.439% EUR 23/05/2020
LBG Capital No.1 Plc 11.04% GBP 19/03/2020
LBG Capital No.2 Plc 6.385% EUR 12/05/2020
LBG Capital No.2 Plc 11.25% GBP 14/09/2023
LBG Capital No.2 Plc 11.875% GBP 01/09/2024
LBG Capital No.2 Plc 16.125% GBP 10/12/2024
Legal & General Group Plc FRN GBP Perpetual
Legal & General Group Plc FRN GBP 23/07/2041
Matalan Finance Plc 8.875% GBP 29/04/2016
Nationwide Building Society 6.75% EUR 22/07/2020
Odeon & UCI Finco Plc 9% GBP 01/08/2018
Peel Land & Property Investments Plc 8.375% GBP 30/04/2040
Prudential Plc 6.5% USD Perpetual
Rexam Plc FRN EUR 29/06/2067
Royal Bank of Scotland Plc FRN EUR 23/02/2045
RSA Insurance Group Plc FRN GBP Perpetual
Scottish Mutual Assurance Ltd FRN GBP Perpetual
Southern Water Greensands Financing Plc 8.5% GBP 15/04/2019
SSE Plc FRN EUR Perpetual
Thames Water Kemble Finance Plc 7.75% GBP 01/04/2019
UBS Capital Securities Jersey Ltd FRN EUR Perpetual
Vedanta Resources Plc 8.25% USD 07/06/2021
Virgin Media Finance Plc 9.5% EUR 15/08/2016
Virgin Media Secured Finance Plc 7% GBP 15/01/2018
Yorkshire Building Society FRN GBP Perpetual

101

Invesco Funds

Net Assets
%

500,000

500,000
1,000,000

SWITZERLAND
UBS AG 3.22% EUR 31/07/2012
UBS AG FRN EUR Perpetual

Market Value
EUR

1,000,000
50,000
550,000
500,000
1,000,000
2,000,000
80,000
500,000
190,000
100,000
100,000
100,000
1,000,000
1,000,000
100,000
500,000
500,000
1,050,000
950,000
400,000
50,000
200,000
3,000,000
250,000
400,000
200,000
200,000
200,000
50,000
200,000
400,000
1,000,000
1,000,000
100,000
75,000
100,000
300,000
50,000
85,000
1,000,000
1,000,000
1,000,000
400,000
1,000,000
200,000
250,000
50,000

Invesco Pan European High Income Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

UNITED STATES
American International Group Inc 6.797% EUR 15/11/2017
American International Group Inc FRN EUR 22/05/2038
American International Group Inc FRN USD 15/05/2058
Bank of America Corp FRN EUR 23/05/2017
Bank of America Corp FRN USD Perpetual
Chrysler Group LLC/CG Co-Issuer Inc 8% USD 15/06/2019
Deutsche Bank Capital Funding Trust XI 9.5% EUR Perpetual
General Electric Capital Corp FRN EUR 15/09/2067
General Motors Co PFD 4.75% USD 01/12/2013
Hertz Corp 7.875% EUR 01/01/2014
Iron Mountain Inc 6.75% EUR 15/10/2018
Levi Strauss & Co 7.75% EUR 15/05/2018
Peabody Energy Corp 4.75% USD 15/12/2041
RBS Capital Trust D 5.646% GBP Perpetual
Travelport LLC 11.875% USD 01/09/2016

213,000
150,000
250,000
1,350,000
100,000
500,000
500,000
107,000
25,750
50,000
1,790,000
2,000,000
500,000
100,000
1,000,000

Market Value
EUR

Net Assets
%

228,903
140,954
195,266
1,130,827
74,881
374,724
531,305
94,801
819,626
50,312
1,767,625
2,030,750
377,048
65,808
238,038

0.23
0.14
0.20
1.14
0.08
0.38
0.54
0.10
0.83
0.05
1.79
2.06
0.38
0.07
0.24

8,120,868

8.23

TOTAL BONDS

79,276,726

80.26

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

83,631,069

84.65

OTHER TRANSFERABLE SECURITIES

BONDS
LUXEMBOURG
M&G Finance Luxembourg SA 7.5% EUR Perpetual

100,000

51,500

0.05

NETHERLANDS
Boats Investments Netherlands BV 11% EUR 31/03/2017

162,944

124,312

0.13

UNITED STATES
Chesapeake Corp 7% EUR 15/12/2014
Jarden Corp 7.5% EUR 15/01/2020

100,000
500,000

501,225

0.51

677,037

0.69

69,543
47,181

0.07
0.05

116,724

0.12

TOTAL WARRANTS

116,724

0.12

TOTAL OTHER TRANSFERABLE SECURITIES

793,761

0.81

84,424,830

85.46

TOTAL BONDS
WARRANTS
UNITED STATES
General Motors Co WTS 10/07/2016
General Motors Co WTS 10/07/2019

5,456
5,456

Total
Investments
The accompanying notes form an integral part of these financial statements.

102

Invesco Funds

Invesco Global Absolute Return Fund

Statement of Investments as at 29 February 2012

Investment

OPEN-ENDED FUNDS
IRELAND
Short-Term Investments Co Global Series - Euro Liquidity Portfolio

Nominal/Shares

Market Value
EUR

Net Assets
%

2,700,000

2,700,000

6.78

TOTAL OPEN-ENDED FUNDS

2,700,000

6.78

Total
Investments

2,700,000

6.78

The accompanying notes form an integral part of these financial statements.

103

Invesco Funds

Invesco Balanced-Risk Allocation Fund

Statement of Investments as at 29 February 2012

Investment

Nominal/Shares

Market Value
EUR

Net Assets
%

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
BONDS
GERMANY
Bundesobligation 4% EUR 13/04/2012
Bundesobligation 4.25% EUR 12/10/2012
Bundesrepublik Deutschland 5% EUR 04/07/2012
Bundesschatzanweisungen 0.5% EUR 15/06/2012
Bundesschatzanweisungen 0.75% EUR 14/09/2012
Bundesschatzanweisungen 1% EUR 14/12/2012
German Treasury Bill 0% EUR 14/03/2012
German Treasury Bill 0% EUR 28/03/2012
German Treasury Bill 0% EUR 04/04/2012
German Treasury Bill 0% EUR 16/05/2012
German Treasury Bill 0% EUR 13/06/2012
German Treasury Bill 0% EUR 27/06/2012
German Treasury Bill 0% EUR 11/07/2012
German Treasury Bill 0% EUR 25/07/2012
German Treasury Bill 0% EUR 15/08/2012

40,000,000
50,000,000
50,000,000
40,000,000
50,000,000
50,000,000
30,000,000
30,000,000
15,000,000
25,000,000
30,000,000
30,000,000
40,000,000
40,000,000
50,000,000

TOTAL BONDS

40,166,000
51,256,250
50,816,250
40,049,000
50,177,500
50,350,000
29,999,700
29,999,250
15,000,000
24,998,750
30,000,750
29,998,500
39,995,000
39,993,000
49,993,750

3.79
4.83
4.80
3.78
4.74
4.75
2.83
2.83
1.42
2.36
2.83
2.83
3.78
3.78
4.72

572,793,700

54.07

572,793,700

54.07

STRUCTURED PRODUCTS
GERMANY
RBS RICI Enhanced Agriculture ETC

372,000

47,297,940

4.46

IRELAND
Source Physical Markets Gold P-ETC

249,000

32,803,977

3.10

LUXEMBOURG
RBS Market Access RICI Agriculture Index ETF

139,500

13,923,495

1.31

44,600

47,741,052

4.51

307,000
2,115,000
705,000

29,008,409
66,652,112
90,739,067

2.74
6.29
8.56

186,399,588

17.59

TOTAL STRUCTURED PRODUCTS

328,166,052

30.97

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

900,959,752

85.04

Total
Investments

900,959,752

85.04

SWITZERLAND
UBS ETC WTI Crude Oil - USD
UNITED KINGDOM
DB WTI Crude Oil Booster ETC
ETFS Copper
Gold Bullion Securities Ltd

The accompanying notes form an integral part of these financial statements.

104

Invesco Funds

Invesco Funds
Statement of Net Assets as at 29 February 2012
Invesco

Invesco

Invesco

Invesco

Global

Emerging

Global

Global

Invesco
Latin

Invesco

Structured

Market

Smaller

Equity

American

US Structured

Equity

Quantitative

Companies

Income

Equity

Equity

Fund

Equity Fund

Equity Fund1

Fund2

Fund

Fund

Notes

USD

USD

USD

USD

USD

USD

2(b)

51,946,420

34,960,577

60,609,710

134,838,055

10,542,864

72,889,209

ASSETS
Investments at market value
CURRENT ASSETS
Due from brokers

376,829

22,016

Receivable for Shares issued

369,831

61,974

14,352

17,718

21,676

Other debtors

171,908

165,706

199,626

609,940

128,476

153,555

Bank balances

3,571,351

1,784,639

2,484,974

1,927,829

65,489

2,257,070

7,8,2(i)&2(j)

802,896

203,149

195,085

15,738

67,417

11&2(m)

9&2(k)

56,862,406

37,176,045

63,880,576

137,393,542

10,796,259

75,367,251

Bank overdraft

149,024

57

31,352

Due to brokers

178,091

Payable for Shares redeemed

26,116

15,403

34,732

1,023,451

2,199

1,135,777

Other creditors

82,126

72,496

293,396

345,243

49,830

110,394

7,8,2(i)&2(j)

628,979

7,689

508

18,186

11&2(m)

Unrealised loss on credit default swaps

9&2(k)

Unrealised loss on interest rate swaps

10&2(l)

886,245

95,645

506,219

1,368,694

83,889

1,264,357

55,976,161

37,080,400

63,374,357

136,024,848

10,712,370

74,102,894

Unrealised gain on forward foreign

exchange contracts/futures contracts
Unrealised gain on equity swaps
Unrealised gain on credit default swaps
Total Assets
CURRENT LIABILITIES

Unrealised loss on forward foreign

exchange contracts/future contracts
Unrealised loss on equity swaps

Total Liabilities
Net Assets

The accompanying notes form an integral part of the financial statements.

1 Invesco Global Smaller Companies Equity fund launched on 3rd October 2011
2 Invesco Global Equity Income Fund launched on 3rd October 2011

105

Invesco Funds

Invesco Funds
Statement of Net Assets as at 29 February 2012
Invesco

Invesco

Invesco

Invesco

Pan European

Invesco
Invesco

Pan European

European

Pan European

US Value

Structured

Pan European

Small Cap

Growth

Equity

Equity

Equity

Equity

Equity

Equity

Income

Fund3

Fund

Fund

Fund

Fund

Fund

Notes

USD

EUR

EUR

EUR

EUR

EUR

2(b)

130,626,874

759,704,372

705,663,623

100,104,450

56,651,907

5,342,508

4,982

ASSETS
Investments at market value
CURRENT ASSETS
Due from brokers

202,494

48,507

132,795

172,661

6,586

3,228,522

6,035,224

25,419

32,292

1,561

Other debtors

266,266

1,974,568

3,903,004

152,171

106,887

78,030

Bank balances

3,854,369

11,017,708

14,240,916

6,787,221

3,338,060

108,677

7,8,2(i)&2(j)

25,918

11&2(m)

9&2(k)

134,956,589

775,951,088

729,891,274

107,202,056

60,301,807

5,535,758

Bank overdraft

186

32

Due to brokers

277,089

4,568,332

452,363

8,768

Payable for Shares redeemed

179,872

3,397,112

4,921,545

17,599

13,783

10,941

Other creditors

265,916

1,014,996

2,378,786

262,653

111,713

10,492

7,8,2(i)&2(j)

11&2(m)

Unrealised loss on credit default swaps

9&2(k)

Unrealised loss on interest rate swaps

10&2(l)

722,877

4,412,108

11,868,849

732,615

125,528

30,201

134,233,712

771,538,980

718,022,425

106,469,441

60,176,279

5,505,557

Receivable for Shares issued

Unrealised gain on forward foreign

exchange contracts/futures contracts
Unrealised gain on equity swaps
Unrealised gain on credit default swaps
Total Assets
CURRENT LIABILITIES

Unrealised loss on forward foreign

exchange contracts/future contracts
Unrealised loss on equity swaps

Total Liabilities
Net Assets

The accompanying notes form an integral part of the financial statements.

3 Invesco US Value Equity Fund launched on 3rd October 2011

106

Invesco Funds

Invesco Funds
Statement of Net Assets as at 29 February 2012
Invesco

Invesco

Invesco

Invesco

Invesco

Emerging

Pan European

Nippon

Japanese

Japanese

Invesco
Asia

Europe

Focus

Small/Mid Cap

Equity

Value

Opportunities

Equity

Equity

Equity

Advantage

Equity

Equity

Fund

Fund4

Fund

Fund5

Fund6

Fund

Notes

USD

EUR

JPY

JPY

JPY

USD

2(b)

36,444,052

1,307,054

3,086,137,280 14,147,714,050 27,213,404,600

167,282,677

ASSETS
Investments at market value
CURRENT ASSETS
Due from brokers

21,864,858

283,337,724

Receivable for Shares issued

90,975

32,934,540

18,483,094

342,420

246,591

Other debtors

14,921

66,823

8,048,028

14,800,718

30,388,866

212,540

Bank balances

585,529

50,127

172,274,275

285,003,687

4,260,098

1,200,614

Unrealised gain on forward foreign

exchange contracts/futures contracts
Unrealised gain on equity swaps
Unrealised gain on credit default swaps

1,958,882

7,8,2(i)&2(j)

145,678,269

11&2(m)

9&2(k)

37,135,477

1,424,004

3,321,258,981 14,466,001,549 27,677,411,977

170,901,304

Total Assets
CURRENT LIABILITIES
Bank overdraft

346,417

Due to brokers

43,804

15,531

22,251,434

1,957,763

Payable for Shares redeemed

Other creditors
Unrealised loss on forward foreign
exchange contracts/future contracts

30,848

1,025,776

12,930,875

65,147,847

71,083

131,030

27,650

8,712,372

26,797,868

38,608,038

391,365

7,8,2(i)&2(j)

591,929

11&2(m)

Unrealised loss on credit default swaps

9&2(k)

Unrealised loss on interest rate swaps

10&2(l)

552,099

43,181

31,989,582

39,728,743

104,347,814

2,420,211

36,583,378

1,380,823

3,289,269,399 14,426,272,806 27,573,064,163

168,481,093

Unrealised loss on equity swaps

Total Liabilities
Net Assets

The accompanying notes form an integral part of the financial statements.

4 Invesco Pan European Focus Equity Fund launched 7th July 2011
5 Invesco Japanese Equity Advantage Fund launched on 3rd October 2011
6 Invesco Japanese Value Equity Fund launched on 3rd October 2011

107

Invesco Funds

Invesco Funds
Statement of Net Assets as at 29 February 2012
Invesco

Invesco

Greater

Invesco

Invesco

Asia

Invesco

China

Asia

India

Consumer

China Focus

Invesco
Global

Equity

Infrastructure

Equity

Demand

Equity

Leisure

Fund

Fund

Fund

Fund

Fund7

Fund

Notes

USD

USD

USD

USD

USD

USD

2(b)

695,648,272

2,125,374,268

165,543,237

880,086,436

9,073,806

25,567,333

Due from brokers

8,413,805

18,166,175

7,323,370

280,297

Receivable for Shares issued

2,276,362

659,833

603,544

894,339

3,019

ASSETS
Investments at market value
CURRENT ASSETS

Other debtors

9,490

5,378,379

31,550

934,627

67,720

16,763

Bank balances

67,836

25,127,605

2,181,090

3,469,577

61,443

1,222,612

7,8,2(i)&2(j)

88,674

885,893

1,232,443

11&2(m)

9&2(k)

706,504,439

2,175,592,153

168,359,421

893,940,792

9,483,266

26,809,727

Unrealised gain on forward foreign

exchange contracts/futures contracts
Unrealised gain on equity swaps
Unrealised gain on credit default swaps
Total Assets
CURRENT LIABILITIES
Bank overdraft

367,203

Due to brokers

5,460,347

12,659,249

2,147,497

27,517

495,510

7,065,788

1,660,489

7,436

1,200,709

9,063,665

397,588

1,994,701

72,759

71,230

7,8,2(i)&2(j)

17,481

33,751

273,146

11&2(m)

Unrealised loss on credit default swaps

9&2(k)

Unrealised loss on interest rate swaps

10&2(l)

7,541,250

28,822,453

397,588

6,075,833

100,276

78,666

698,963,189

2,146,769,700

167,961,833

887,864,959

9,382,990

26,731,061

Payable for Shares redeemed

Other creditors
Unrealised loss on forward foreign
exchange contracts/future contracts
Unrealised loss on equity swaps

Total Liabilities
Net Assets

The accompanying notes form an integral part of the financial statements.

7 invesco China Focus Equity Fund launched on 15th December 2011

108

Invesco Funds

Invesco Funds
Statement of Net Assets as at 29 February 2012
Invesco

Invesco

Asia Pacific

Global Income

Invesco
Gold &

Invesco

Real Estate

Real Estate

Precious

Invesco

Euro

Energy

Securities

Securities

Metals

USD Reserve

Reserve

Invesco

Fund

Fund

Fund

Fund

Fund

Fund

Notes

USD

USD

USD

USD

USD

EUR

2(b)

323,110,358

3,036,489

8,388,629

15,161,443

93,977,390

364,658,350

3,328,516

22,576

8,434

31,427

9,154

30,622

450,904

317,220

Other debtors

314,707

110,227

36,606

100,285

50,627

148,822

Bank balances

3,194,771

44,536

111,067

931,612

41,604,965

47,644,436

7,8,2(i)&2(j)

279,337

68,098

11&2(m)

9&2(k)

330,236,123

3,245,255

8,545,456

16,292,060

136,083,886

412,768,828

ASSETS
Investments at market value
CURRENT ASSETS
Due from brokers
Receivable for Shares issued

Unrealised gain on forward foreign

exchange contracts/futures contracts
Unrealised gain on equity swaps
Unrealised gain on credit default swaps
Total Assets
CURRENT LIABILITIES
Bank overdraft

8,262

Due to brokers

690,695

11,642

Payable for Shares redeemed

3,483,756

21,322

15,262

981,644

8,094,824

587,600

8,087

43,282

63,349

113,797

317,285

Other creditors
Unrealised loss on forward foreign
exchange contracts/future contracts

7,8,2(i)&2(j)

52,892

4,999

11&2(m)

Unrealised loss on credit default swaps

9&2(k)

Unrealised loss on interest rate swaps

10&2(l)

4,814,943

27,991

64,604

83,610

1,095,441

8,412,109

325,421,180

3,217,264

8,480,852

16,208,450

134,988,445

404,356,719

Unrealised loss on equity swaps

Total Liabilities
Net Assets

The accompanying notes form an integral part of the financial statements.

109

Invesco Funds

Invesco Funds
Statement of Net Assets as at 29 February 2012
Invesco

Invesco

Invesco

Invesco

Invesco

Invesco

Absolute

Euro

Euro

UK Investment

Global

European

Return

Inflation-Linked

Corporate

Grade

Bond

Bond

Bond

Bond

Bond

Bond

Fund

Fund

Fund

Fund

Fund

Fund

Notes

USD

EUR

EUR

EUR

EUR

GBP

2(b)

58,954,183

77,215,009

18,176,749

38,912,693

2,150,056,070

84,705,220

1,164,526

ASSETS
Investments at market value
CURRENT ASSETS
Due from brokers

695,666

3,326,560

13,283,519

Receivable for Shares issued

698,514

329,482

18,558

593,910

9,913,246

106,355

Other debtors

583,299

4,245,915

223,786

494,095

62,367,159

19,074,475

Bank balances

12,042,747

4,188,192

1,988,111

1,210,224

198,263,465

1,086,371

7,8,2(i)&2(j)

59,102

152,645

528,884

8,540

419,080

11&2(m)

9&2(k)

72,337,845

86,826,909

20,936,088

44,546,022

2,433,883,459

106,556,027

Unrealised gain on forward foreign

exchange contracts/futures contracts
Unrealised gain on equity swaps
Unrealised gain on credit default swaps
Total Assets
CURRENT LIABILITIES
Bank overdraft

59,260

21,189

29

Due to brokers

1,296,795

975,465

334,243

742,932

4,964,850

2,646,693

Payable for Shares redeemed

189,188

206,648

7,623

3,851,971

2,056,649

59,392

94,389

3,385,089

40,571

71,587

2,818,360

18,016,975

7,8,2(i)&2(j)

1,157,836

280,577

525,436

37,455

13,722,574

178,326

11&2(m)

Unrealised loss on credit default swaps

9&2(k)

3,781,693

Unrealised loss on interest rate swaps

10&2(l)

29,953

2,738,208

4,907,039

959,015

4,703,945

27,344,126

20,901,415

69,599,637

81,919,870

19,977,073

39,842,077

2,406,539,333

85,654,612

Other creditors
Unrealised loss on forward foreign
exchange contracts/future contracts
Unrealised loss on equity swaps

Total Liabilities
Net Assets

The accompanying notes form an integral part of the financial statements.

110

Invesco Funds

Invesco Funds
Statement of Net Assets as at 29 February 2012
Invesco

Invesco

Invesco

Invesco

Invesco

Emerging Local

Global

Global

Global Total

Emerging Market

Euro

Currencies Investment Grade

Unconstrained

Corporate

Short Term

Return (EUR)

Invesco

Debt

Corporate Bond

Bond

Bond

Bond

Bond

Fund

Fund

Fund

Fund

Fund8

Fund9

Notes

USD

USD

GBP

EUR

USD

EUR

2(b)

688,932,623

22,382,568

2,047,972

14,263,913

13,584,447

9,756,779

215,512

ASSETS
Investments at market value
CURRENT ASSETS
Due from brokers

425,723

184,737

8,039,480

163,930

117,424

496,111

Other debtors

11,093,330

9,369,837

133,707

522,906

279,483

237,291

Bank balances

25,486,328

470,074

769,544

3,166,782

854,203

213,727

7,8,2(i)&2(j)

2,716,355

147,895

9,675

39,443

48,748

32,235

11&2(m)

9&2(k)

736,268,116

32,960,027

3,145,635

18,110,468

15,262,992

10,455,544

Receivable for Shares issued

Unrealised gain on forward foreign

exchange contracts/futures contracts
Unrealised gain on equity swaps
Unrealised gain on credit default swaps
Total Assets
CURRENT LIABILITIES
Bank overdraft

21

60,204

Due to brokers

11,866,994

370,370

183,728

605,580

275,507

Payable for Shares redeemed

33,639

34,752

1,485,557

8,896,645

33,224

59,258

106,644

56,881

7,8,2(i)&2(j)

866,458

160,406

37,293

41,024

277

44,106

11&2(m)

Unrealised loss on credit default swaps

9&2(k)

107,040

Unrealised loss on interest rate swaps

10&2(l)

14,252,648

9,427,442

421,489

100,282

712,501

411,246

722,015,468

23,532,585

2,724,146

18,010,186

14,550,491

10,044,298

Other creditors
Unrealised loss on forward foreign
exchange contracts/future contracts
Unrealised loss on equity swaps

Total Liabilities
Net Assets

The accompanying notes form an integral part of the financial statements.

8 Invesco Emerging Market Corporate Bond Fund launched on 4th May 2011
9 Invesco Euro Short Term Bond Fund launched on 4th May 2011

111

Invesco Funds

Invesco Funds
Statement of Net Assets as at 29 February 2012
Invesco

Invesco

Invesco

Invesco

Capital

Invesco

Pan European

Global

Invesco

29.02.12

Asian

Shield

Asia

High

Absolute

Balanced-Risk

Consolidated-

Balanced

Income

Return

Allocation

Net Assets

Fund10

Bond

90 (EUR)
Fund

Fund

Fund

Fund

Fund

USD Equiv.

Notes

USD

EUR

USD

EUR

EUR

EUR

USD

2(b)

10,541,061

89,036,423

554,451,782

84,424,830

2,700,000

ASSETS
Investments at market value

900,959,752 14,331,456,948

CURRENT ASSETS
Due from brokers
Receivable for Shares issued

7,238,175

73,292

77,889,076

12,781

457,386

4,445,190

917,684

633,876

25,109,590

84,774,408

Other debtors

192,308

7,968

11,960,060

2,585,942

27,365

10,237,035

191,436,517

Bank balances

168,964

35,868,834

28,408,325

11,335,994

35,513,371

156,131,929

887,378,275

7,8,2(i)&2(j)

749

3,323,968

292,087

270,553

664,178

33,348,947

61,326,737

11&2(m)

2,451,504

3,302,911

9&2(k)

16,541

22,286

10,915,863

128,694,579

606,795,619

99,624,836

Bank overdraft

439,029

28,760

5,035,831

8,521,989

Due to brokers

9,615,261

50,352,000

136,455,879

Unrealised gain on forward foreign

exchange contracts/futures contracts
Unrealised gain on equity swaps
Unrealised gain on credit default swaps
Total Assets

41,990,294 1,125,787,253 15,637,587,158

CURRENT LIABILITIES

Payable for Shares redeemed

70,699

943,835

586,392

2,599

105,356

49,992,707

57,237

153,881

6,767,980

172,282

73,323

7,340,035

87,088,121

7,8,2(i)&2(j)

153,672

59,094

74,609

58,908

3,544,375

28,534,299

11&2(m)

2,025,914

2,729,514

Unrealised loss on credit default swaps

9&2(k)

5,265,575

Unrealised loss on interest rate swaps

10&2(l)

40,356

57,237

817,281

17,386,170

833,283

2,189,504

66,377,597

318,628,440

10,858,626

127,877,298

589,409,449

98,791,553

Other creditors
Unrealised loss on forward foreign
exchange contracts/future contracts
Unrealised loss on equity swaps

Total Liabilities
Net Assets

The accompanying notes form an integral part of the financial statements.

10 Invesco Asian Bond Fund launched on 15th December 2011

112

Invesco Funds

39,800,790 1,059,409,656 15,318,958,718

Invesco Funds
Comparative Net Asset Values for the year ended 29 February 2012
29 February

28 February

2012

2011

2010

NAV per

Total NAV

Total NAV

Total NAV

28 February

in sub-fund

Number

Share in

in sub-fund

Number

in sub-fund

Number

currency

of Shares

share class

currency

of Shares

NAV per

currency

of Shares

NAV per

Total

in issue

currency

Total

in issue

Share

Total

in issue

Share

Invesco Global Structured Equity Fund (USD)

Distribution A
USD
15,826,006
Accumulation A Hedg (EUR)
EUR
292,063
Distribution C
USD
21,214,251
Accumulation C Hedg (EUR)
EUR
15,487,572
Accumulation C Hedg (GBP)
GBP
152,477
Accumulation E
EUR
3,003,792

513,041
9,315
654,695
468,828
4,459
94,071

30.85
23.32
32.40
24.57
21.45
23.75

6,721,466
72,423
20,693,507
72,666
147,690
626,030

226,154
2,345
662,830
2,240
4,459
20,429

29.72
22.34
31.22
23.47
20.46
22.17

6,591,198

22,998,874

435,459

241,060

804,298

15,569

27.34

28.59

20.57

Invesco Emerging Market Quantitative Equity Fund (USD)*

Accumulation A
USD
891,018
Accumulation A Hedg (EUR)
EUR
4,943,428
Accumulation C
USD
24,856,943
Accumulation C Hedg (EUR)
EUR
4,836,594
Accumulation C Hedg (GBP)
GBP
83,211
Accumulation E
EUR
1,467,977
Accumulation I
EUR
1,229

74,431
389,448
2,055,894
377,695
6,505
123,686
100

11.97
9.44
12.09
9.53
8.02
8.83
9.14

269,278
885,703
12,941,898
83,539
82,011
2,236,944
1,725,335

23,279
69,226
1,114,352
6,504
6,505
194,030
147,600

11.57
9.26
11.61
9.29
7.79
8.34
8.46

Invesco Global Smaller Companies Equity Fund (USD)

Accumulation A
USD
26,021,719
Accumulation C
USD
35,004,467
Accumulation E (EUR)
EUR
15,937
Accumulation R
USD
2,258,082
Distribution A SD
USD
74,152

681,131
830,268
1,030
67,081
1,947

38.20
42.16
11.51
33.66
38.09

102,238,894
24,485,791
70,402
9,223,115
6,646

2,374,442
515,135
4,899
247,860
600

43.06
47.53
10.69
37.21
11.08

Invesco Latin American Equity Fund (USD)

Accumulation A
USD
Accumulation A Hedg (EUR)
EUR
Accumulation C
USD
Accumulation C Hedg (EUR)
EUR
Accumulation E
EUR

5,398,884
792,976
2,794,056
33,937
1,692,517

481,579
69,916
247,065
2,964
152,614

11.21
8.44
11.31
8.52
8.25

4,217,151
361,952
2,231,882
34,624
1,399,819

380,744
31,104
200,803
2,964
126,841

11.08
8.42
11.11
8.45
7.99

Invesco US Structured Equity Fund (USD)

Accumulation A
USD
Accumulation A Hedg (EUR)
EUR
Accumulation B
USD
Accumulation C
USD
Accumulation C Hedg (EUR)
EUR
Accumulation E
EUR
Accumulation I
EUR

43,390,786
915,441
846
20,562,330
1,057,340
8,174,460
1,691

2,921,890
83,494
62
1,326,241
92,177
589,522
111

14.85
8.16
13.61
15.50
8.53
10.31
11.32

50,268,415
481,961
823
15,256,143
369,183
8,044,849
1,611

3,510,790
44,005
62
1,024,796
32,342
598,708
111

14.32
7.92
13.23
14.89
8.26
9.72
10.49

51,751,621
284,844
728
79,467,907
1,719,069
7,846,793
1,397

4,121,175
29,960
62
6,111,311
174,376
662,236
111

12.56
6.99
11.70
13.00
7.25
8.72
9.25

Invesco US Value Equity Fund (USD)

Accumulation C
Accumulation A
Accumulation E (EUR)
Accumulation R
Distribution A SD
Distribution C SD

36,805,113
92,459,653
12,957
3,785,677
388,616
781,696

1,517,778
4,223,402
875
199,802
18,545
37,522

24.25
21.89
11.02
18.95
20.95
20.83

Invesco Pan European Structured Equity Fund (EUR)

Distribution A AD
EUR
381,370
38,765
Accumulation A
EUR 419,515,787 42,422,821
Accumulation B
EUR
935
102
Accumulation C
EUR 321,506,769 30,759,668
Accumulation E
EUR
29,909,600 3,355,374
Accumulation R
EUR
224,519
21,952

9.84
9.89
9.14
10.45
8.91
10.23

15,543
1,625
294,807,270 30,825,289
913
102
175,851,225 17,483,190
23,910,829 2,746,817

9.57
9.56
8.92
10.06
8.70

133,045,022 16,852,193
761
102
121,350,349 14,687,014
14,513,721 2,000,325

7.89
7.43
8.26
7.26

Invesco Pan European Equity Fund (EUR)

Distribution A AD
EUR
Accumulation A
EUR
Accumulation B
EUR
Distribution C AD
EUR
Accumulation C
EUR
Accumulation E
EUR
Accumulation I
EUR
Accumulation R
EUR
Distribution A AD (USD)
USD

10.83
11.68
10.11
11.50
12.47
11.02
12.17
9.62
14.80

21,580,363 1,918,507
332,804,683 27,577,868
2,469,734
234,280
17,593,075 1,473,463
266,082,588 20,780,617
88,094,222 7,699,025
1,222
99

166,406
14,555

11.25
12.07
10.54
11.94
12.80
11.44
12.33

15.80

17,759,458 1,916,965
227,676,495 23,150,151
2,643,827
304,956
17,193,958 1,759,147
129,059,728 12,443,428
60,116,771 6,415,439
976
99

137,641
14,623

9.26
9.83
8.67
9.77
10.37
9.37
9.85

12.80

Ccy

Invesco Global Equity Income Fund (USD)

Accumulation A
USD
Accumulation C
USD
Accumulation E (EUR)
EUR
Accumulation R
USD
Distribution A SD (USD)
USD

USD
USD
EUR
USD
USD
USD

21,620,593 1,995,849
265,090,418 22,693,859
2,071,230
204,818
39,747,122 3,455,080
322,789,958 25,886,850
66,157,859 6,002,772
1,206
99
158,873
16,511
385,166
34,991

113

Invesco Funds

Invesco Funds
Comparative Net Asset Values for the year ended 29 February 2012
29 February

28 February

2012

2011

2010

NAV per

Total NAV

Total NAV

Total NAV

28 February

in sub-fund

Number

Share in

in sub-fund

Number

in sub-fund

Number

currency

of Shares

share class

currency

of Shares

NAV per

currency

of Shares

NAV per

Total

in issue

currency

Total

in issue

Share

Total

in issue

Share

Invesco Pan European Small Cap Equity Fund (EUR)

Accumulation A
EUR
92,815,005
Distribution A AD (USD)
USD
42,600
Accumulation B
EUR
992,136
Accumulation C
EUR
8,097,523
Accumulation E
EUR
4,522,177

7,299,120
3,353
89,018
597,097
388,245

12.72
17.08
11.15
13.56
11.65

128,451,671
43,893
1,104,808
12,890,813
5,757,694

9,803,566
3,353
95,343
927,918
476,168

13.10
18.09
11.59
13.89
12.09

106,730,870 10,467,105
10,605
1,040
1,087,570
119,415
5,340,025
496,523
5,096,765
537,110

10.20
13.86
9.11
10.75
9.49

Invesco European Growth Equity Fund (EUR)

Accumulation A
EUR
23,610,899
Accumulation C
EUR
33,244,518
Accumulation E
EUR
3,319,584
Accumulation I
EUR
1,278

1,507,392
2,042,925
223,974
78

15.66
16.27
14.82
16.29

29,344,226
34,259,682
3,001,773
1,198

1,962,190
2,215,934
210,530
78

14.95
15.46
14.26
15.26

30,802,948
45,522,941
2,451,082
992

2,439,493
3,506,040
202,039
78

12.63
12.98
12.13
12.64

Invesco Pan European Equity Income Fund (EUR)

Distribution A SD
EUR
4,195,371
Accumulation A
EUR
201,968
Accumulation C
EUR
766
Accumulation E
EUR
1,107,452

536,334
24,253
90
137,190

7.82
8.33
8.51
8.07

4,236,881
349,260
774
351,819

523,858
41,209
90
42,539

8.09
8.48
8.60
8.27

3,599,804
298,814
9,840
132,032

496,892
39,759
1,299
17,888

7.24
7.52
7.58
7.38

Invesco Emerging Europe Equity Fund (USD)

Accumulation A
USD
20,919,502
Accumulation B
USD
1,325,811
Accumulation C
USD
5,011,684
Accumulation E
EUR
9,326,381

1,839,403
130,228
415,508
858,865

11.37
10.18
12.06
8.08

20,918,885
1,519,810
11,607,862
16,279,071

1,635,297
131,395
859,824
1,322,891

12.79
11.57
13.50
8.90

12,287,774
1,866,676
6,540,853
12,273,188

1,262,094
209,736
640,014
1,301,006

9.74
8.90
10.22
6.94

Invesco Pan European Focus Equity Fund (EUR)

Accumulation C (EUR)
EUR
5,268
Accumulation A
EUR
1,359,783
Accumulation E (EUR)
EUR
5,256
Accumulation R (EUR)
EUR
5,254
Distribution A AD (EUR)
EUR
5,262

460
142,749
460
460
460

11.46
9.53
11.43
11.43
11.44

Invesco Nippon Small/Mid Cap Equity Fund (JPY)

Accumulation A
JPY 3,001,679,804
Accumulation B
JPY
45,314,638
Accumulation C
JPY
27,673,176
Accumulation E
EUR 213,589,430
Accumulation I
EUR
112,756
Distribution A AD (USD)
USD
448,921
Distribution C AD (USD)
USD
450,674

5,681,466
97,640
49,047
441,143
205
600
600

528.33 5,021,056,338
464.10
70,439,724
564.22 279,070,355
4.48 392,442,921
5.09
132,988
9.31

9.34

7,903,203
125,080
413,486
668,859
205

635.00 5,254,095,347
563.00
83,521,926
675.00 2,320,601,494
5.19 355,690,371
5.74
122,478

8,807,848
156,507
3,681,143
640,902
205

597.00
534.00
630.00
4.57
4.93

204.00 8,099,106,329 40,492,165

180.00
63,668,386
358,371
216.00 1,438,122,306 6,823,537
1.71 1,752,707,332 9,189,832
1.84
120,727
602

200.00
178.00
211.00
1.57
1.65

Ccy

Invesco Nippon Select Equity Fund (JPY)

Accumulation A
JPY
Accumulation B
JPY
Accumulation C
JPY
Accumulation E
EUR
Accumulation I
EUR

Invesco Japanese Equity Advantage Fund (JPY)

Accumulation A
JPY 5,593,407,913
Accumulation C
JPY 5,091,241,198
Accumulation E
EUR 993,313,203
Accumulation R
JPY 218,413,256
Distribution A AD (EUR)
EUR 2,529,897,236

3,038,503
2,656,212
889,013
125,531
2,233,162

1,840.84
1,916.73
10.34
1,739.92
10.48

Invesco Japanese Value Equity Fund (JPY)

Accumulation A
JPY 15,592,031,734 22,635,172
Accumulation A Hedg (EUR)
EUR 195,163,824
95,561
Accumulation C
JPY 7,739,196,428 10,180,868
Accumulation C Hedg (EUR)
EUR 2,192,952,912 1,311,850
Accumulation E (EUR)
EUR
531,892
460
Accumulation R
JPY 882,300,903 1,496,727
Distribution A AD (USD)
USD 648,040,834
940,846
Distribution A SD
JPY
99,036,853
145,112
Distribution C AD
USD 223,808,784
256,714

688.84
18.89
760.17
15.46
10.70
589.49
8.57
682.49
10.85

91.49
80.98
97.73
62.37

50,616,775
1,576,998
95,034,545
12,262,066

531,847
18,551
940,384
139,159

95.17
85.01
101.06
63.59

47,306,666
1,464,033
55,181,035
10,170,527

598,864
20,560
662,173
138,363

78.99
71.21
83.33
54.07

Invesco Asia Opportunities Equity Fund (USD)*

Accumulation A
USD
47,893,066
Accumulation B
USD
1,088,543
Accumulation C
USD 109,272,066
Accumulation E
EUR
10,227,418

114

523,506
13,442
1,118,096
121,972

5,790,174,214 28,389,805

55,474,694
308,694
2,023,716,134 9,361,667
1,331,856,207 6,880,473

125,559
602

Invesco Funds

Invesco Funds
Comparative Net Asset Values for the year ended 29 February 2012
29 February

28 February

2012

2011

2010

NAV per

Total NAV

Total NAV

Total NAV

28 February

in sub-fund

Number

Share in

in sub-fund

Number

in sub-fund

Number

currency

of Shares

share class

currency

of Shares

NAV per

currency

of Shares

NAV per

Ccy

Total

in issue

currency

Total

in issue

Share

Total

in issue

Share

Invesco Greater China Equity Fund (USD)

Accumulation A
USD
Accumulation A Hedg (EUR)
EUR
Accumulation B
USD
Accumulation C
USD
Accumulation C Hedg (EUR)
EUR
Accumulation E
EUR
Accumulation R
USD

273,465,041
4,277,684
5,733,977
301,967,631
1,745,782
111,512,707
260,367

7,551,898
120,428
181,604
7,814,108
46,047
3,350,243
27,912

36.21
26.42
31.57
38.64
28.20
24.76
9.33

308,132,614
3,205,621
8,302,174
120,576,538
1,083,432
140,590,901

8,480,172
86,691
259,686
3,128,298
27,623
4,177,903

36.34
26.76
31.97
38.54
28.38
24.35

240,329,999

8,699,269
63,912,812

146,198,140

7,862,111

320,542
1,982,943

5,125,625

30.57

27.14
32.23

20.98

Invesco Asia Infrastructure Fund (USD) *

Distribution A SD
USD 316,242,906 22,402,504
Accumulation A
USD 1,130,998,696 77,648,121
Accumulation A Hedg (EUR)
EUR
49,783,147 3,570,391
Accumulation C
USD 239,411,889 15,870,546
Accumulation C Hedg (EUR)
EUR
2,010,404
136,551
Accumulation E
EUR 408,013,357 29,201,957
Accumulation A (HKD)
HKD
5,431
467
Accumulation R
USD
303,870
34,150

14.12 395,276,861 27,300,437

14.57 1,498,156,773 101,085,052
10.37
16,930,890 1,147,681
15.09 351,369,938 23,031,343
10.95
2,306,558
148,993
10.39 534,888,041 37,341,261
90.20

8.90

14.48 447,222,920 36,895,492

14.82 1,538,754,026 124,530,065
10.67

15.26 290,347,040 22,965,439

11.20

10.36 443,846,956 36,889,983

12.12
12.36

12.64

8.85

Invesco India Equity Fund (USD)

Distribution A AD
Distribution C AD
Accumulation E
Accumulation A (HKD)

2,865,326
511,085
1,020,291
660

38.11
41.63
27.33
84.38

165,069,702
20,588,377
33,277,781

4,098,119
470,714
850,631

40.28
43.74
28.31

2,639,604
286,872
683,086

35.48
38.30
25.54

Invesco Asia Consumer Demand Fund (USD)*

Distribution A SD
USD
29,951,278 2,538,725
Accumulation A
USD 311,952,414 25,936,373
Accumulation A Hedg (EUR)
EUR
28,376,428 2,445,532
Accumulation C
USD 267,593,226 21,717,753
Accumulation C Hedg (EUR)
EUR
32,557,076 2,708,371
Accumulation E
EUR 216,386,463 18,505,965
Accumulation A (HKD)
HKD
5,383
467
Accumulation R
USD
1,042,691
113,202

11.80
12.03
8.63
12.32
8.94
8.70
89.40
9.21

41,199,461 3,488,307
458,030,452 38,164,995
36,339,552 3,019,648
235,034,775 19,232,537
5,441,350
438,805
228,795,375 19,462,692

11.81
12.00
8.71
12.22
8.97
8.51

23,381,922 2,364,541
154,719,355 15,498,685

83,379,346 8,257,505

52,635,514 5,348,561

9.89
9.98

10.10

7.24

Invesco China Focus Equity Fund (USD)

Accumulation A
USD
Accumulation C
USD
Accumulation E
EUR
Accumulation R
USD

USD
USD
EUR
HKD

109,198,585
21,277,793
37,483,800
7,186

93,662,934
10,987,610
23,718,464

22,335
9,341,352
12,358
6,945

1,927
804,862
822
600

11.59
11.61
11.19
11.57

43,070,990
265,556
3,478,899
2,412,868

2,206,180
15,550
168,575
133,835

19.52
17.08
20.64
13.04

34,383,889
235,730
606,244
779,640

2,154,590
16,718
36,126
52,523

15.96
14.10
16.78
10.92

23,797
765
362,748,516 11,670,392
28,424,084 1,251,775
3,241,903
115,844
37,645,375 1,152,861
1,883,854
78,750
46,377,666 1,612,510

31.09
31.08
16.43
27.99
32.65
17.31
20.81

252,119,079 10,548,580
2,422,231
139,724
3,432,619
157,848
19,678,130
787,597
934,448
51,455
43,454,429 1,950,027

23.90
12.75
21.75
24.99
13.36
16.39

Invesco Global Leisure Fund (USD)

Accumulation A
Accumulation B
Accumulation C
Accumulation E

USD
USD
USD
EUR

24,333,261
249,135
879,050
1,269,615

1,202,488
14,218
40,899
68,446

20.24
17.52
21.49
13.80

Invesco Energy Fund (USD)

Distribution A AD
Accumulation A
Accumulation A Hedg (EUR)
Accumulation B
Accumulation C
Accumulation C Hedg (EUR)
Accumulation E
Accumulation A (HKD)
Accumulation R

USD
USD
EUR
USD
USD
EUR
EUR
HKD
USD

35,723
255,438,706
10,632,385
2,073,534
22,385,070
2,987,152
31,817,700
5,530
45,380

1,294
9,257,232
548,562
84,312
768,469
145,547
1,255,670
467
5,270

27.60
27.59
14.42
24.59
29.13
15.27
18.85
91.85
8.61

Invesco Asia Pacific Real Estate Securities Fund (USD)

Distribution A SD
USD
1,403,633
Accumulation A
USD
131,672
Accumulation C
USD
1,437,866
Accumulation E
EUR
244,093

151,328
14,033
150,000
26,422

9.28
9.38
9.59
6.87

1,473,419
138,604
1,494,928
297,784

151,556
14,115
150,000
30,668

9.72
9.82
9.97
7.03

1,265,990
713,962
1,279,462
269,530

151,124
84,488
150,000
32,080

8.38
8.45
8.53
6.18

Invesco Global Income Real Estate Securities Fund (USD)

Distribution A QD
USD
4,709,491
Accumulation A
USD
3,081,732
Accumulation C
USD
6,669
Accumulation E
EUR
682,960

556,679
309,126
647
76,236

8.46
9.97
10.30
6.66

5,913,040
3,467,840
6,637
808,798

676,783
347,773
647
89,822

8.74
9.97
10.25
6.52

6,522,993
3,161,178
5,569
237,942

872,762
375,733
647
31,178

7.47
8.41
8.60
5.61

Invesco Gold & Precious Metals Fund (USD)

Accumulation A
USD
Accumulation A Hedg (EUR)
EUR
Accumulation C
USD
Accumulation C Hedg (EUR)
EUR
Accumulation E
EUR
Accumulation A (HKD)
HKD
Accumulation R
USD

876,240
285,524
30,059
23,085
189,065
466
22,226

11.24
8.94
11.35
9.04
8.29
95.05
8.77

9,474,137
4,423,377
398,330
88,094
1,730,746

778,909
327,889
32,622
6,504
142,814

12.16
9.76
12.21
9.80
8.77

9,847,812
3,432,049
341,134
280,583
2,106,336
5,711
194,825
115

Invesco Funds

Invesco Funds
Comparative Net Asset Values for the year ended 29 February 2012
29 February

28 February

2012

2011

2010

NAV per

Total NAV

Total NAV

Total NAV

28 February

in sub-fund

Number

Share in

in sub-fund

Number

in sub-fund

Number

currency

of Shares

share class

currency

of Shares

NAV per

currency

of Shares

NAV per

Ccy

Total

in issue

currency

Total

in issue

Share

Total

in issue

Share

Invesco USD Reserve Fund (USD)

Accumulation A
Accumulation B
Accumulation B1
Accumulation C
Accumulation E

USD
USD
USD
USD
EUR

90,635,923
1,380,892
1,997,927
18,577,031
22,396,672

1,041,611
17,771
23,004
207,337
257,866

87.02
77.71
86.85
89.60
64.61

41,458,819
504,841
1,857,542
27,913,821
11,565,351

476,565
6,430
21,383
312,043
133,123

87.00
78.51
86.87
89.46
62.86

69,324,553
2,660,490
380,861
23,484,913
11,578,887

796,865
4,802
30,611
262,965
133,216

87.00
79.31
86.91
89.31
63.94

Invesco Euro Reserve Fund (EUR)

Distribution A AD
Accumulation A
Accumulation B
Accumulation C
Accumulation E

EUR
EUR
EUR
EUR
EUR

14,822
101,896,662
75,789
251,553,377
50,816,069

46
316,068
264
752,496
159,124

322.28
322.39
287.17
334.29
319.35

5,009
74,973,361
76,192
224,623,766
50,299,420

16
233,885
264
677,138
158,170

320.50
320.56
288.69
331.73
318.01

91,854,328
76,883
181,470,265
77,694,204

287,097
264
549,077
244,431

319.94
291.31
330.50
317.86

Invesco Global Bond Fund (USD)*

Distribution A SD
Accumulation A
Accumulation C
Accumulation E

USD
USD
USD
EUR

16,070,557
19,639,086
9,799,185
24,090,809

2,884,348
2,411,071
1,120,244
3,065,403

5.57
8.15
8.75
5.85

4,730,300
10,210,990
11,083,528
7,612,642

903,451
1,365,413
1,383,553
1,053,477

5.24
7.48
8.01
5.23

4,927,679
11,030,210
12,818,770
4,201,361

975,406
1,557,478
1,694,169
612,977

5.05
7.08
7.57
5.04

Invesco European Bond Fund (EUR)

Distribution A SD
Accumulation A
Accumulation B
Accumulation C
Accumulation E

EUR
EUR
EUR
EUR
EUR

10,571,064
37,761,242
111,500
23,336,425
10,139,639

2,086,678
6,971,396
23,539
4,171,271
1,904,130

5.07
5.42
4.74
5.59
5.33

2,702,184
30,195,518
102,728
9,135,799
5,120,955

570,014
6,111,565
23,539
1,794,754
1,052,709

4.74
4.94
4.36
5.09
4.86

1,002
25,107,077
773,528
13,664,949
5,120,909

207
5,185,667
179,087
2,746,215
1,072,606

4.84
4.84
4.32
4.98
4.77

10,460,758

1,522,845
107,300
7,885,154
1,016

3,731,269

521,071
37,423
2,863,837
347

2.80

2.92
2.42
2.75
2.93

11,281,035

2,125,934
104,684
10,377,527
995

4,069,600

737,387
37,423
3,802,404
347

2.77

2.88
2.39
2.73
2.87

14,219,493

11,590,463

17,982,862
996

5,071,424

3,982,260

6,498,205
347

2.80

2.91

2.78
2.87

Invesco Euro Inflation-Linked Bond Fund (EUR)*

Accumulation A
EUR
20,752,220
Accumulation B
EUR

Accumulation C
EUR
5,206,018
Accumulation E
EUR
13,672,393
Accumulation I
EUR
1,048
Accumulation R
EUR
210,398

1,404,770

340,648
941,073
69
20,699

14.77

15.28
14.53
15.10
10.16

38,869,812

5,818,114
22,516,293
1,018

2,680,886

389,164
1,576,686
69

14.50

14.95
14.28
14.66

38,988,448
212,985
12,045,841
35,076,755
995

2,720,458
16,173
818,258
2,481,281
69

14.33
13.17
14.72
14.14
14.34

42,131,713
54,223,275
41,815,235
38,588,323
696,787
3,320,224

11.34
13.99
14.26
13.81
10.43
10.17

296,639,690
699,745,266
637,798,386
512,340,949

26,563,512
52,668,615
47,266,438
38,989,041

11.17
13.29
13.49
13.14

47,147,666 4,346,048
278,175,622 22,220,452
460,300,904 36,355,235
346,457,883 27,907,880

10.85
12.52
12.66
12.41

Invesco UK Investment Grade Bond Fund (GBP)

Distribution A QD
GBP
85,654,612 93,147,160

0.92

70,194,691 83,092,527

0.84

48,067,318 57,423,588

0.84

Invesco Emerging Local Currencies Debt Fund (USD)

Distribution A MD
USD 354,205,202 31,947,736
Accumulation A
USD
69,700,424 4,529,882
Accumulation A Hedg (EUR)
EUR
37,481,132 3,295,319
Distribution A Hedg MD (EUR)
EUR
41,978,047 3,680,678
Accumulation C
USD
85,161,350 5,399,902
Accumulation C Hedg (EUR)
EUR
21,687,469 1,693,052
Accumulation E
EUR
91,469,761 6,059,614
Distribution A MD (HKD)
HKD
6,014
481
Distribution R MD Fixed
USD
20,326,069 2,064,042

11.09
15.39
8.46
8.48
15.77
9.53
11.23
97.02
9.85

334,526,694 30,819,445
53,595,396 3,758,412
19,566,187 1,792,057
347,344
30,216
84,915,716 5,838,889
23,686,053 1,935,558
99,276,039 7,060,926

10.85
14.26
7.90
8.32
14.54
8.85
10.17

36,371,109
17,358,753
4,520,788

15,174,514
105,624,497
11,786,530

3,494,318
1,350,986
463,365

8,109,365
1,394,177
926,779

10.41
12.85
7.18

13.03
8.01
9.36

10.80
7.65
10.49
10.87
7.70
7.14
7.91

2,616,955
991,449

2,454,496
3,884,846

1,044,036

250,842
100,196

234,789
391,812

100,196

10.43
7.28

10.45
7.29

7.67

Invesco Absolute Return Bond Fund (EUR)*

Accumulation A
EUR
Accumulation B
EUR
Accumulation C
EUR
Accumulation C Hedg (GBP)
GBP
Accumulation E
EUR
Accumulation I
EUR

Invesco Euro Corporate Bond Fund (EUR)

Distribution A MD
EUR
Accumulation A
EUR
Accumulation C
EUR
Accumulation E
EUR
Accumulation R
EUR
Distribution R MD
EUR

477,648,562
758,750,472
596,378,929
532,728,946
7,267,141
33,765,283

Invesco Global Investment Grade Corporate Bond Fund (USD)

Distribution A AD
USD
8,467,983
Accumulation A Hedg (EUR)
EUR
2,650,604
Distribution A MD
USD
4,610,142
Distribution C AD
USD
2,889,115
Accumulation C Hedg (EUR)
EUR
1,658,132
Accumulation C Hedg (GBP)
GBP
151,235
Accumulation E
EUR
3,099,105
Distribution A MD (HKD
HKD
6,269

116

773,036
244,623
432,843
262,108
151,417
12,589
270,937
468

10.95
8.06
10.65
11.02
8.15
7.53
8.51
103.78

Invesco Funds

5,243,757
2,066,471
2,131,240
3,153,816
4,571,629
145,578
2,047,129

485,593
195,347
203,242
290,250
429,479
12,589
187,293

Invesco Funds
Comparative Net Asset Values for the year ended 29 February 2012
29 February

28 February

2012

2011

2010

NAV per

Total NAV

Total NAV

Total NAV

28 February

in sub-fund

Number

Share in

in sub-fund

Number

in sub-fund

Number

currency

of Shares

share class

currency

of Shares

NAV per

currency

of Shares

NAV per

Total

in issue

currency

Total

in issue

Share

Total

in issue

Share

Invesco Global Unconstrained Bond Fund (GBP)

Accumulation A
GBP
536,822
Accumulation A Hedg (EUR)
EUR
26,543
Accumulation C
GBP
2,103,132
Accumulation C Hedg (EUR)
EUR
31,328
Accumulation E Hedg (EUR)
EUR
26,321

44,453
2,190
172,384
2,563
2,190

12.08
14.37
12.20
14.50
14.25

483,723
24,338
1,883,742
24,438
24,256

44,453
2,190
172,384
2,190
2,190

10.88
13.02
10.93
13.07
12.97

Invesco Global Total Return (EUR) Bond Fund (EUR)

Accumulation A
EUR
4,448,095
Accumulation C
EUR
6,961,205
Accumulation E
EUR
576,391
Distribution R MD
EUR
1,013,888
Distribution E QD
EUR
5,010,607

390,332
606,918
50,766
97,110
458,660

11.40
11.47
11.35
10.44
10.92

2,336,957
20,015
19,951

19,950

224,942
1,923
1,923

1,929

10.39
10.41
10.38

10.34

Invesco Emerging Market Corporate Bond Fund (USD)

Accumulation A
USD
1,046,278
Accumulation A Hedg (EUR)
EUR
1,466,933
Accumulation C
USD
760,507
Accumulation C Hedg (EUR)
EUR
685,389
Accumulation E Hedg (EUR)
EUR
774,983
Distribution A MD Fixed
USD
7,316,745
Distribution R MD Fixed
USD
2,499,656

98,716
102,838
71,400
47,817
54,554
712,616
243,718

10.60
10.61
10.65
10.66
10.57
10.27
10.26

Invesco Euro Short Term Bond Fund (EUR)

Accumulation A
EUR
Accumulation C
EUR
Accumulation E
EUR
Accumulation R
EUR

1,825,947
4,720,760
1,722,695
1,774,896

180,910
466,373
170,961
176,848

10.09
10.12
10.08
10.04

Invesco Asian Bond Fund (USD)

Accumulation A
Accumulation C
Accumulation C Hedg (GBP)
Accumulation E (EUR)
Distribution A MD
Distribution A MD HKD

1,771,914
8,830,865
150,010
12,931
73,785
19,121

169,903
846,234
9,015
955
7,095
1,431

10.43
10.44
10.44
10.07
10.40
103.64

Invesco Capital Shield 90 (EUR) Fund (EUR)*

Accumulation A
EUR
60,435,462
Accumulation C
EUR
40,527,269
Accumulation E
EUR
26,913,456
Accumulation I
EUR
1,112

5,212,630
3,366,488
2,427,145
92

11.59
12.04
11.09
12.12

71,655,051
63,542,522
34,269,847
1,072

6,330,803
5,433,344
3,150,227
92

11.32
11.69
10.88
11.68

178,689,607 16,948,249
43,294,789 3,990,153
58,822,078 5,774,676
987
92

10.54
10.85
10.19
10.76

321,336,791 20,396,508
145,676,618 6,719,297
14,118,919
839,006
40,329,074 1,808,963
647,971
29,358
20,624,909 1,178,213
820,127
80,946
45,855,040 2,898,389

15.75
21.68
12.52
22.29
16.42
13.02
10.13
122.69

486,935,300 31,321,745
154,961,844 7,554,391
11,166,532
679,219
37,480,689 1,786,726
77,574
3,618
19,771,753 1,187,829

11,714,247
753,357

15.55
20.51
11.90
20.98
15.51
12.04

121.12

150,856,575 10,934,858
50,285,157 2,874,404

29,630,466 1,664,595

3,969,251
278,428

13.80
17.49

17.80

10.49

Ccy

Invesco Asia Balanced Fund (USD)

Distribution A QD
Accumulation A
Accumulation A Hedg (EUR)
Accumulation C
Accumulation C Hedg (EUR)
Accumulation E
Accumulation R
Distribution A QD (HKD)

USD
USD
GBP
EUR
USD
HKD

USD
USD
EUR
USD
EUR
EUR
USD
HKD

Invesco Pan European High Income Fund (EUR)

Distribution A QD
EUR
34,050,862
Accumulation A
EUR
21,204,384
Accumulation C
EUR
8,903,367
Accumulation E
EUR
34,632,940

3,092,859
1,518,509
626,997
2,558,314

11.01
13.96
14.20
13.54

11,945,444
7,074,950
7,639,153
13,946,333

1,090,717
532,117
568,055
1,076,539

10.95
13.30
13.45
12.95

11,612,299
3,504,224
6,482,520
3,726,374

1,165,214
303,766
557,501
329,717

9.97
11.54
11.63
11.30

Invesco Global Absolute Return Fund (EUR)*

Accumulation A
EUR
6,473,542
Accumulation C
EUR
12,609,354
Accumulation C Hedg (USD)
USD
58,549
Accumulation E
EUR
20,600,655
Accumulation C Hedg (JPY)
JPY
58,690

586,411
1,109,425
5,231
1,906,257
5,082

11.04
11.37
15.05
10.81
1,248.48

1,420,703
2,317,097
50,893
1,589,814
8,374,266

143,320
228,699
5,231
162,925
845,029

9.91
10.13
13.45
9.76
1,120.14

1,903,891
1,851,096

1,495,238

204,300
195,810

162,058

9.32
9.45

9.23

Invesco Balanced-Risk Allocation Fund (EUR)*

Distribution A AD
EUR 101,528,036 7,206,895
Accumulation A
EUR 329,593,154 23,410,104
Accumulation A Hedg (USD)
USD
35,025,163 2,531,224
Accumulation C
EUR 303,905,485 21,264,512
Accumulation C Hedg (GBP)
GBP
1,672,132
112,298
Accumulation C Hedg (USD)
USD
496,716
35,338
Accumulation E
EUR 234,108,224 16,839,660
Accumulation R
EUR
53,080,746 4,569,927

14.09
14.08
18.60
14.29
12.56
18.90
13.90
11.62

1,638,061
10,373,368
140,906
38,527,292
154,898
75,566
11,870,803

135,393
857,837
12,148
3,157,193
12,294
6,452
989,140

12.10
12.09
16.03
12.20
10.76
16.19
12.00

548,365

17,714,820
544,927

547,028

52,362

1,686,600
52,418

52,362

10.47

10.50
9.27

10.45

* Sub-fund which swung the price on NAV at 29 February 2012. Reconciliation between un-swung NAV and published swung NAV is disclosed in note 12 to the financial statements.

117

Invesco Funds

Invesco Funds
Statement of Operations and Changes in Net Assets for the year ended 29 February 2012
Invesco

Invesco

Invesco

Invesco

Global

Emerging

Global

Global

Invesco
Latin

Invesco

Structured

Market

Smaller

Equity

American

US Structured

Equity

Quantitative

Companies

Income

Equity

Equity

Fund

Equity Fund

Equity Fund1

Fund2

Fund

Fund

Notes

USD

USD

USD

USD

USD

USD

Dividends

2(e)

992,223

574,521

212,197

1,283,871

235,633

1,173,728

Bond interest

2(e)

Bank interest

2(e)

2,034

559

183

172

83

7,708

INCOME

Net interest received on swaps

2(k);2(l);2(m)

14

994,257

575,080

212,380

1,284,043

235,716

1,181,436

Other income

EXPENSES
Management fees

313,538

204,495

280,657

702,316

112,934

688,429

Service Agents fee

79,864

28,000

54,117

115,879

20,766

144,566

Custodian fee

13,856

15,059

3,829

5,945

4,902

8,166

Luxembourg taxes

20,802

12,110

11,142

26,720

3,928

36,753

Administration expenses

86,491

14,677

48,847

132,796

11,527

108,751

2(h)

11,355

3,754

2(k);2(l);2(m)

514,551

285,696

398,592

983,656

157,811

986,665

479,706

289,384

(186,212)

Amortisation of preliminary expenses

Net interest paid on Swaps

Net investment income/(loss) for the year/period

Dividends paid and payable

300,387

77,905

194,771

26,108,575

17,902,450

54,630,767

120,209,978

2,087,492

1,111,370

2,034,753

(325,465)

Net increase in provision for capital gains tax

Net proceeds/(payments) from
issue/(redemption) of shares
Net realised surplus/(deficit) on disposal
of investments, derivatives and foreign currencies
Net change in unrealised appreciation/depreciation
on forward foreign exchange contracts and futures
Net change in unrealised appreciation/depreciation
on credit default swaps
Net change in unrealised appreciation/depreciation
on interest rate swaps
Net change in unrealised appreciation/depreciation
on equity swaps

565,452

(641,239)

2(i);2(j)

719,887

199,375

195,085

15,434

47,428

2(k)

2(l)

2(m)

Net change in unrealised appreciation/

depreciation on investments

(210,105)

(2,795,663)
2,956,974

94,224

1,105,722

7,623,347

13,479,730

496,216

Net assets at the beginning of the year/period

28,333,782

18,224,708

8,245,428

74,422,985

Net assets at the end of the year/period

55,976,161

37,080,400

63,374,357

136,024,848

10,712,370

74,102,894

The accompanying notes form an integral part of the financial statements.

1 Invesco Global Smaller Companies Equity Fund launched on 3rd October 2011
2 Invesco Global Equity Income Fund launched on 3rd October 2011

118

Invesco Funds

(723,601)

Invesco Funds
Statement of Operations and Changes in Net Assets for the year ended 29 February 2012
Invesco

Invesco

Invesco

Invesco

Pan European

Invesco
Invesco

Pan European

European

Pan European

US Value

Structured

Pan European

Small Cap

Growth

Equity

Equity

Equity

Equity

Equity

Equity

Income

Fund3

Fund

Fund

Fund

Fund

Fund

Notes

USD

EUR

EUR

EUR

EUR

EUR

Dividends

2(e)

866,446

19,323,172

22,267,138

1,535,456

1,599,325

189,922

Bond interest

2(e)

156,929

422

Bank interest

2(e)

2,264

224,678

344,668

10,667

32,222

2,584

INCOME

Net interest received on swaps

2(k);2(l);2(m)

14

10,126

1,190,649

1,141,658

714,399

48,890

878,836

20,738,499

23,910,393

2,260,522

1,680,437

192,928

Other income

EXPENSES
Management fees

592,187

7,430,855

9,097,152

1,431,270

746,094

82,098

Service Agents fee

93,657

1,282,847

2,407,988

367,878

175,285

14,707

Custodian fee

1,471

95,003

96,906

21,132

11,383

2,436

Luxembourg taxes

26,817

343,991

332,223

42,621

28,046

2,683

60,766

182,637

183,722

75,996

64,671

5,348

2(h)

2,609

2(k);2(l);2(m)

774,898

9,335,333

12,117,991

1,938,897

1,025,479

109,881

103,938

11,403,166

11,792,402

321,625

654,958

Administration expenses
Amortisation of preliminary expenses
Net interest paid on Swaps

Net investment income for the year/period

Dividends paid and payable

Net increase in provision for capital gains tax

Net proceeds/(payments) from
issue/(redemption) of shares
Net realised surplus/(deficit) on disposal
of investments, derivatives and foreign currencies

(86)

(300,556)

115,027,584

244,533,064

31,070,530

(13,369,364)

9,188,894

1,308,132

(37,563,840)

83,047
(58,847)

(9,175,324)

730,956

42,106

1,590,121

(141,855)

Net change in unrealised appreciation/depreciation

on forward foreign exchange contracts and futures

2(i);2(j)

274,574

Net change in unrealised appreciation/depreciation

on credit default swaps

2(k)

Net change in unrealised appreciation/depreciation

on interest rate swaps

2(l)

Net change in unrealised appreciation/depreciation

on equity swaps

2(m)

Net change in unrealised appreciation/

depreciation on investments

17,794,058

34,111,846

(62,521,138)

494,585,780

728,792,293

148,248,879

66,606,879

4,938,734

134,233,712

771,538,980

718,022,425

106,469,441

60,176,279

5,505,557

Net assets at the beginning of the year/period

Net assets at the end of the year/period

The accompanying notes form an integral part of the financial statements.

3 Invesco US Value Equity Fund launched on 3rd October 2011

119

Invesco Funds

(4,579,329)

499,645

(46,478)

Invesco Funds
Statement of Operations and Changes in Net Assets for the year ended 29 February 2012
Invesco

Invesco

Invesco

Invesco

Invesco

Invesco

Emerging

Pan European

Nippon

Nippon

Japanese

Japanese

Europe

Focus

Small/Mid Cap

Select

Equity

Value

Equity

Equity

Equity

Equity

Advantage

Equity

Fund

Fund4

Fund

Fund

Fund5

Fund6

Notes

USD

EUR

JPY

JPY

JPY

JPY

Dividends

2(e)

956,977

16,271

45,963,286

145,548,627

19,686,193

35,053,374

Bond interest

2(e)

Bank interest

2(e)

69

147

4,768

2,492

1,305

3,380

INCOME

Net interest received on swaps

2(k);2(l);2(m)

14

10,582,451

2,851,964

19,230

1,065,282

957,046

16,418

56,550,505

148,403,083

19,706,728

36,122,036

Other income

EXPENSES
Management fees

675,030

12,001

56,899,869

73,742,181

50,452,905

151,558,984

Service Agents fee

123,692

2,398

14,471,653

18,729,919

8,317,976

23,304,671

Custodian fee

42,371

80

760,297

1,163,121

420,244

1,705,916

Luxembourg taxes

19,786

406

1,705,280

2,009,148

2,434,780

5,646,900

Administration expenses

107,275

1,200

6,919,587

4,153,708

8,502,451

3,973,359

2(h)

400

2(k);2(l);2(m)

968,154

16,485

80,756,686

99,798,077

70,128,356

186,189,830

(24,206,181)

48,605,006

(50,421,628)

(150,067,794)

Amortisation of preliminary expenses

Net interest paid on Swaps

Net investment income/(loss) for the year/period

(11,108)

Dividends paid and payable

Net increase in provision for capital gains tax

Net proceeds/(payments) from
issue/(redemption) of shares

(8,106,899)

Net realised surplus/(deficit) on disposal

of investments, derivatives and foreign currencies

333,509

Net change in unrealised appreciation/depreciation

on forward foreign exchange contracts and futures

2(i);2(j)

Net change in unrealised appreciation/depreciation

on credit default swaps

2(k)

Net change in unrealised appreciation/depreciation

on interest rate swaps
Net change in unrealised appreciation/depreciation
on equity swaps

(67)

(905)

1,444,649
(47,773)

(1,588,273,483) (8,263,966,335) 13,305,262,900 25,636,228,033

(192,573,908)

(693,184,733)

5,938,437

(596,191,366)

18,618

145,086,340

2(l)

2(m)

1,165,493,097

2,538,008,950

Net change in unrealised appreciation/

depreciation on investments

(5,956,847)

Net assets at the beginning of the year/period

50,325,628

5,763,142,326

Net assets at the end of the year/period

36,583,378

1,380,823

3,289,269,399

The accompanying notes form an integral part of the financial statements.

4 Invesco Pan European Focus Equity Fund launched 7th July 2011
5 Invesco Japanese Equity Advantage Fund launched on 3rd October 2011
6 Invesco Japanese Value Equity Fund launched on 3rd October 2011

120

Invesco Funds

(15,986)

(668,837,973)

(292,800,746)
9,201,346,808

14,426,272,806 27,573,064,163

Invesco Funds
Statement of Operations and Changes in Net Assets for the year ended 29 February 2012
Invesco

Invesco

Asia

Greater

Invesco

Invesco

Invesco
Asia

Invesco

Opportunities

China

Asia

India

Consumer

China Focus

Equity

Equity

Infrastructure

Equity

Demand

Equity

Fund

Fund

Fund

Fund

Fund

Fund7

Notes

USD

USD

USD

USD

USD

USD

Dividends

2(e)

3,425,273

17,242,053

68,539,571

2,934,046

15,462,968

Bond interest

2(e)

8,746

Bank interest

2(e)

2,029

18,659

145,471

1,287

68,745

275

2(k);2(l);2(m)

14

3,427,302

17,260,712

68,685,042

2,944,079

15,531,713

275

INCOME

Net interest received on swaps

Other income

EXPENSES
Management fees

1,953,237

8,858,184

39,777,639

2,843,816

14,293,245

22,412

Service Agents fee

526,393

2,158,347

9,752,369

731,733

3,490,482

3,584

Custodian fee

96,143

354,903

1,228,391

176,173

480,605

792

Luxembourg taxes

77,524

292,055

1,202,410

182,443

442,473

1,746

Administration expenses

274,764

217,470

2,798,671

215,447

444,490

898

2(h)

3,008

12,530

894

2(k);2(l);2(m)

2,928,061

11,880,959

54,762,488

4,149,612

19,163,825

30,326

499,241

5,379,753

13,922,554

(1,205,533)

(3,632,112)

(30,051)

(2,723,324)

(922,492)

Amortisation of preliminary expenses

Net interest paid on Swaps

Net investment income/(loss) for the year/period

Dividends paid and payable

Net (decrease) in provision for capital gains tax

(19,886)

(111,885)

Net proceeds/(payments) from

issue/(redemption) of shares

13,531,894

107,087,706

(552,326,275)

(41,291,765)

(88,510,214)

8,086,306

Net realised surplus/(deficit) on disposal

of investments, derivatives and foreign currencies

(1,589,487)

(11,380,728)

(12,934,267)

2,591,758

(50,322,601)

183,212

Net change in unrealised appreciation/depreciation

on forward foreign exchange contracts and futures

2(i);2(j)

116

60,034

801,257

914,334

Net change in unrealised appreciation/depreciation

on credit default swaps

2(k)

Net change in unrealised appreciation/depreciation

on interest rate swaps

2(l)

Net change in unrealised appreciation/depreciation

on equity swaps

2(m)

Net change in unrealised appreciation/

depreciation on investments

24,686,472

1,143,523

Net assets at the beginning of the year/period

159,490,384

(3,431,169)

581,891,280

2,798,929,061

218,935,972

1,004,840,965

Net assets at the end of the year/period

168,481,093

698,963,189

2,146,769,700

167,961,833

887,864,959

9,382,990

The accompanying notes form an integral part of the financial statements.

7 Invesco China Focus Equity Fund launched on 15th December 2011

121

Invesco Funds

15,925,144

(97,976,814)

(11,068,599)

Invesco Funds
Statement of Operations and Changes in Net Assets for the year ended 29 February 2012
Invesco

Invesco

Invesco

Asia Pacific

Global Income

Invesco
Gold &

Global

Invesco

Real Estate

Real Estate

Precious

Invesco

Leisure

Energy

Securities

Securities

Metals

USD Reserve

Fund

Fund

Fund

Fund

Fund

Fund

Notes

USD

USD

USD

USD

USD

EUR

Dividends

2(e)

218,236

3,152,305

97,694

459,606

129,763

27,091

Bond interest

2(e)

85,092

64,426

Bank interest

2(e)

2,236

34,322

22

1,188

13

86,358

2(k);2(l);2(m)

14

26

220,498

3,186,627

97,716

545,886

129,776

177,875

85,122

INCOME

Net interest received on swaps

Other income

EXPENSES
Management fees

443,829

5,815,252

40,446

120,381

305,760

Service Agents fee

87,740

1,136,170

10,925

28,011

58,782

Custodian fee

2,762

31,226

3,935

3,895

2,185

13,073

Luxembourg taxes

13,140

192,018

1,482

4,608

9,605

12,345

75,994

223,200

3,161

66,165

29,919

90,507

2(h)

1,534

9,775

2(k);2(l);2(m)

623,465

7,397,866

61,483

223,060

416,026

201,047

(402,967)

(4,211,239)

36,233

322,826

(286,250)

(23,172)

(3,016)

(166,227)

Administration expenses
Amortisation of preliminary expenses
Net interest paid on Swaps

Net investment income/(loss) for the year/period

Dividends paid and payable

Net increase in provision for capital gains tax

Net proceeds/(payments) from
issue/(redemption) of shares
Net realised surplus/(deficit) on disposal
of investments, derivatives and foreign currencies

(22,831,231)

(115,781,587)

(21,686)

3,073,970

19,548,942

(11,819)

1,479,500

51,645,432

635,440

64,581

38,135
(2,070)

(1,534,295)

Net change in unrealised appreciation/depreciation

on forward foreign exchange contracts and futures

2(i);2(j)

2,009

105,365

59,784

Net change in unrealised appreciation/depreciation

on credit default swaps

2(k)

Net change in unrealised appreciation/depreciation

on interest rate swaps

2(l)

Net change in unrealised appreciation/depreciation

on equity swaps

2(m)

Net change in unrealised appreciation/

depreciation on investments

(2,339,033)

(54,585,496)

Net assets at the beginning of the year/period

49,228,313

480,345,195

3,404,735

10,196,315

16,114,684

83,300,374

Net assets at the end of the year/period

26,731,061

325,421,180

3,217,264

8,480,852

16,208,450

134,988,445

The accompanying notes form an integral part of the financial statements.

122

Invesco Funds

(187,183)

(973,207)

(1,223,849)

29,746

Invesco Funds
Statement of Operations and Changes in Net Assets for the year ended 29 February 2012
Invesco

Invesco

Invesco

Invesco

Invesco

Absolute

Euro

Invesco
Euro

Euro

Global

European

Return

Inflation-Linked

Corporate

Reserve

Bond

Bond

Bond

Bond

Bond

Fund

Fund

Fund

Fund

Fund

Fund

Notes

EUR

USD

EUR

EUR

EUR

EUR

Dividends

2(e)

397,287

25,638

Bond interest

2(e)

378,113

1,347,364

1,932,618

602,467

1,143,783

117,282,645

INCOME

Bank interest
Net interest received on swaps

2(e)

1,268,106

30,881

46,692

10,517

11,483

1,107,162

2(k);2(l);2(m)

8,502

1,049,443

14

2,043,506

1,378,245

1,979,310

621,486

1,155,266

119,464,888

Other income

EXPENSES
Management fees

947,087

305,772

394,660

169,403

413,969

23,173,826

Service Agents fee

247,994

85,729

111,423

40,148

101,258

4,804,977

Custodian fee

60,893

10,872

12,378

12,011

9,371

350,915

Luxembourg taxes

49,602

23,597

28,736

9,998

25,272

1,197,681

Administration expenses

173,069

84,085

65,205

28,785

53,971

461,047

2(h)

2(k);2(l);2(m)

11,062

1,478,645

510,055

623,464

260,345

603,841

29,988,446

868,190

1,355,846

361,141

551,425

Amortisation of preliminary expenses

Net interest paid on Swaps

Net investment income for the year/period

564,861

Dividends paid and payable

Net increase in provision for capital gains tax

Net proceeds/(payments) from
issue/(redemption) of shares
Net realised surplus/(deficit) on disposal
of investments, derivatives and foreign currencies
Net change in unrealised depreciation on forward
foreign exchange contracts and futures

(114,544)

(87,571)

89,476,442
(14,902,643)

51,073,497

32,067,608

29,357,595

(4,158,248)

(27,736,878)

188,509,208

2,571,248

2,577,273

2,067,338

(545,936)

(1,106,713)

18,830,977

(109,358)

(278,042)

(12,290)

2(i);2(j)

Net change in unrealised appreciation/depreciation

on credit default swaps

2(k)

65,346

(23,470)

Net change in unrealised (depreciation) on

interest rate swaps

2(l)

(21,538)

2(m)

Net change in unrealised appreciation/depreciation

on equity swaps
Net change in unrealised appreciation/
depreciation on investments

(906,475)

(17,806,324)
(3,781,693)

169,365

1,470,125

2,013,490

752,991

941,296

Net assets at the beginning of the year/period

349,977,748

33,637,460

47,257,184

23,890,175

67,205,237

2,146,524,291

Net assets at the end of the year/period

404,356,719

69,599,637

81,919,870

19,977,073

39,842,077

2,406,539,333

The accompanying notes form an integral part of the financial statements.

123

Invesco Funds

(310,925)

Invesco Funds
Statement of Operations and Changes in Net Assets for the year ended 29 February 2012
Invesco

Invesco

Invesco

Invesco

Invesco

Invesco

UK Investment

Emerging Local

Global

Global

Global Total

Emerging Market

Currencies Investment Grade

Unconstrained

Grade

Notes

Return (EUR)

Corporate

Bond

Debt

Corporate Bond

Bond

Bond

Bond

Fund

Fund

Fund

Fund

Fund

Fund8

GBP

USD

USD

GBP

EUR

USD

INCOME
Dividends

2(e)

1,497

8,285

Bond interest

2(e)

3,385,509

44,782,434

820,672

214,854

826,543

546,559

Bank interest
Net interest received on swaps

2(e)

4,569

30,440

1,913

1,041

11,368

144

2(k);2(l);2(m)

26,911

709

14

3,390,078

44,812,874

822,585

244,303

846,905

546,703

Other income

EXPENSES
Management fees

464,009

9,997,470

163,540

34,524

132,796

131,079

Service Agents fee

148,484

1,352,034

44,152

3,705

22,928

16,000

Custodian fee

10,405

393,967

11,845

2,083

3,145

1,226

Luxembourg taxes

38,200

336,315

8,746

1,631

7,622

4,772

49,459

295,815

10,271

2,214

7,983

12,877

Administration expenses
Amortisation of preliminary expenses
Net interest paid on Swaps

2(h)

6,015

8,886

1,587

6,949

4,272

2(k);2(l);2(m)

3,821

51,250

714,378

12,432,866

247,440

45,744

181,423

170,226

198,559

665,482

376,477

(80,352)

(201,283)

Net investment income for the year/period

Dividends paid and payable

2,675,700

32,380,008

575,145

(2,717,713)

(19,869,021)

(366,553)

Net increase in provision for capital gains tax

Net proceeds from issue/(redemption)

of shares

9,160,801

85,395,546

3,559,089

34,711

15,572,925

14,262,149

Net realised surplus/(deficit) on disposal

of investments, derivatives and foreign currencies

1,125,969

(5,297,265)

(335,047)

247,286

(792,757)

(313,788)

Net change in unrealised appreciation/depreciation

on forward foreign exchange contracts and futures

2(i);2(j)

125,608

1,731,656

366,613

(21,578)

270

48,471

Net change in unrealised appreciation/depreciation

on credit default swaps

2(k)

74,376

(65,519)

10,710

Net change in unrealised appreciation/depreciation

on interest rate swaps

2(l)

Net change in unrealised appreciation/depreciation

on equity swaps

2(m)

Net change in unrealised appreciation/

depreciation on investments

5,015,180

11,761,115

373,718

237,035

378,465

Net assets at the beginning of the year/period

70,194,691

615,913,429

19,359,620

2,440,497

2,396,873

Net assets at the end of the year/period

85,654,612

722,015,468

23,532,585

2,724,146

18,010,186

14,550,491

The accompanying notes form an integral part of the financial statements.

8 Invesco Emerging Market Corporate Bond Fund launched on 4th May 2011

124

Invesco Funds

(109,810)

Invesco Funds
Statement of Operations and Changes in Net Assets for the year ended 29 February 2012
Invesco

Invesco

Invesco

Invesco

Euro

Invesco

Capital

Invesco

Pan European

Global

Short Term

Asian

Shield

Asia

High

Absolute

Notes

Bond

Bond

Balanced

Income

Return

Fund9

Fund10

90 (EUR)
Fund

Fund

Fund

Fund

EUR

USD

EUR

USD

EUR

EUR

INCOME
Dividends

2(e)

1,196

92,632

29,329,503

120,581

Bond interest

2(e)

336,130

86,521

84,571

13,539,234

4,743,209

Bank interest

2(e)

2,414

627

237,001

24,552

60,596

88,072

Net interest received on swaps

2(k);2(l);2(m)

14

550

797

339,740

87,148

414,754

42,893,289

4,924,386

88,869

Other income

EXPENSES
Management fees

55,840

17,195

1,195,738

8,084,479

1,075,233

309,043

Service Agents fee

5,970

1,272

213,663

1,921,277

222,631

49,457

Custodian fee

4,460

1,085

19,720

305,758

14,403

8,456

Luxembourg taxes

4,418

2,159

50,341

324,627

40,213

8,891

3,954

1,234

48,703

261,336

83,581

19,460

2(h)

3,895

1,084

567

7,023

2(k);2(l);2(m)

87,966

98,293

78,537

24,029

1,528,165

10,897,477

1,524,594

500,623

261,203

63,119

(1,113,411)

31,995,812

3,399,792

(411,754)

Administration expenses
Amortisation of preliminary expenses
Net interest paid on Swaps

Net investment income/(loss) for the year/period

Dividends paid and payable

Net (decrease) in provision for capital gains tax

Net proceeds/(payments) from issue/(redemption)
of shares
Net realised surplus/(deficit) on disposal
of investments, derivatives and foreign currencies

9,956,935

10,407,495

(19,101,621)

(43,903,280) (142,714,466)

56,723,834

24,363,608

317,551

1,220,860

3,396

6,308,302

(11,871)

749

589,553

214,322

80,620

566,313

274,522

2(l)

2(m)

324,353

91,342

384,066

169,468,492

722,107,939

40,605,880

13,752,773

10,044,298

10,858,626

127,877,298

589,409,449

98,791,553

39,800,790

2(i);2(j)

Net change in unrealised appreciation/depreciation

on credit default swaps

2(k)

Net change in unrealised appreciation/depreciation

on interest rate swaps
Net change in unrealised appreciation/depreciation
on equity swaps
Net change in unrealised appreciation/
depreciation on investments
Net assets at the beginning of the year/period
Net assets at the end of the year/period

The accompanying notes form an integral part of the financial statements.

9 Invesco Euro Short Term Bond Fund launched on 4th May 2011

10 Invesco Asian Bond Fund launched on 15th December 2011

Invesco Funds

(3,472,358)

(6,180,502)

(965,228)

(253,311)

Net change in unrealised appreciation/depreciation

on forward foreign exchange contracts and futures

125

(199)

3,087,965

(1,645,418)

(15,363)

Invesco Funds
Statement of Operations and Changes in Net Assets for the year ended 29 February 2012
Invesco

29.02.2012

Balanced-Risk

Consolidated

Allocation

Net Assets

Fund

USD Equiv.

EUR

USD

Notes

INCOME
Dividends

2(e)

631

211,782,490

Bond interest

2(e)

464,139

239,405,085

Bank interest

2(e)

490,780

5,792,018

2(k);2(l);2(m)

1,469,190

14

4,363,068

955,550

462,811,851

Net interest received on swaps

Other income

EXPENSES
Management fees

3,574,520

169,446,406

Service Agents fee

790,002

37,747,200

Custodian fee

37,183

4,308,424

Luxembourg taxes

187,537

6,680,147

202,239

8,290,985

2(h)

10,023

108.029

2(k);2(l);2(m)

323,187

4,801,504

226,904,378

(3,845,954)

235,907,473

Administration expenses
Amortisation of preliminary expenses
Net interest paid on Swaps

Net investment income/(loss) for the year/period

Dividends paid and payable

Net (decrease) in provision for capital gains tax

Net proceeds from issue/(redemption)
of shares
Net realised surplus on disposal of
investments, derivatives and foreign currencies
Net change in unrealised appreciation/depreciation
on forward foreign exchange contracts and futures

(69,401,450)

(942,378)

933,262,946

2,036,201,067

28,250,372

4,586,758
21,970,322

2(i);2(j)

28,158,460

Net change in unrealised depreciation on

credit default swaps

2(k)

(4,640,254)

Net change in unrealised (depreciation) on

interest rate swaps

2(l)

(29,018)

2(m)

437,001

Net change in unrealised appreciation/depreciation

on equity swaps
Net change in unrealised appreciation/
depreciation on investments

10,802,938

Net assets at the beginning of the year/period

62,780,894 13,162,589,298

Net assets at the end of the year/period

(67,720,101)

1,059,409,656 15,318,958,718

The accompanying notes form an integral part of the financial statements.

With the exchange rates prevailing as at 28th February 2011, this amount was equal to USD 13,313,294,904

126

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 20,
2002, from March 1, 2011 to June 30, 2011 and under part I of the Luxembourg Law on collective investment of December 17, 2010 from July 1,
2011,as a Socit Anonyme qualifying as a Socit dInvestissement Capital Variable (SICAV). Invesco Funds is an umbrella fund, comprising 48
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 benefits 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 Subsidiarys investments in India and any dividends and redemption proceeds
paid by the Subsidiary to the Invesco India Equity Fund are currently be exempt from Mauritian withholding tax. No guarantee or warranty can be
given or should be assumed that the tax benefits 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 seven classes (Class A, Class B, Class B1, Class C, Class E, Class I and Class R). Class A
Shares are available without any restraints. Class B Shares are available to customers of distributors or intermediaries appointed specifically for the
purpose of distributing the B Shares and only in respect of those sub-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 benefit 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 & R Share Classes, hedged share classes and fixed distribution
share classes within some of the sub-funds.
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 sub-fund, in order to attempt to mitigate the effect of
fluctuations 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 2011
Share Class Launch
Effective 6 April 2011 the following R Share Classes were launched
Invesco Euro Corporate Bond Fund R Accumulation (EUR)
Invesco Euro Corporate Bond Fund R Monthly Distribution (EUR)
Invesco Emerging Local Currencies Debt Fund R Fixed Monthly Distribution (USD)
Invesco Global Total Return (EUR) Bond Fund R Monthly Distribution (EUR)
Invesco Euro Inflation-Linked Bond Fund R Accumulation (EUR)
Invesco Balanced-Risk Allocation Fund R Accumulation (USD)
Invesco Pan European Equity Fund R Accumulation (EUR)
Invesco Pan European Structured Equity Fund R Accumulation (EUR)
Invesco Asia Balanced Fund R Accumulation (USD)
Invesco Asia Consumer Demand Fund R Accumulation (USD)
Invesco Asia Infrastructure Fund R Accumulation (USD)
Invesco Greater China Equity Fund R Accumulation (USD)
Invesco Energy Fund R Accumulation (USD)
Invesco Gold & Precious Metals Fund R Accumulation (USD)
Invesco Japanese Small/Mid Cap Equity fund
Effective 20 April 2012 Invesco Japanese Small/Mid Cap Equity Fund (Irish domiciled fund) merged into Invesco Nippon Small/Mid Cap Equity Fund.
Invesco Euro Short Term Bond Fund
The Invesco Euro Short Term Bond Fund was launched on 4 May 2011.
Invesco Emerging Market Corporate Bond Fund
The Invesco Emerging Market Corporate Bond Fund was launched on 4 May 2011.
Share Class Launch
Effective 7 July 2011, the following A Share Classes were launched
Invesco Nippon Small Mid Cap Equity Fund A & C Annual Distributing (USD)
Invesco Asia Infrastructure Fund A Accumulation (HKD)
Invesco India Equity Fund A Accumulation (HKD)
Invesco Asia Consumer Demand Fund A Accumulation (HKD)
Invesco Energy Fund A Accumulation (HKD)
Invesco Gold & Precious Metals Fund A Distribution (HKD)
Invesco Emerging Local Currencies Debt Fund A Distribution HKD Monthly Distributing
Invesco Pan European Focus Equity Fund
The Invesco Pan European Focus Equity Fund was launched on 7 July 2011.

127

Invesco Funds

1.
General (continued)
Valuation Point Change, Client Trade Cut-off Point Change and Client Trade Settlement Period Change
Effective 25 July 2011 the valuation point and client trade cut-off point changed from 10am to 12pm Irish time. The client trade settlement period
changed from T+4 to T+3.
Merger of Invesco Funds II into Invesco Funds
On 30 September 2011 the following funds of Invesco Funds II merged into newly created sub-funds of the Invesco Funds umbrella.
From:
Invesco Global Value Equity Fund
Invesco Global Small Cap Value Fund
Invesco Japanese Equity Advantage Fund
Invesco Japanese Value Equity Fund
Invesco US Value Equity Fund

To:
Invesco Global Equity Income Fund
Invesco Global Smaller Companies Equity Fund
Invesco Japanese Equity Advantage Fund
Invesco Japanese Value Equity Fund
Invesco US Value Equity Fund

At the same time investment objectives changed for the following sub-funds:
Invesco Global Equity Income Fund.
Invesco Global Smaller Companies Equity.
Invesco Nippon Select Equity Fund
Effective 4 November 2011 Invesco Nippon Select Equity Fund merged into Invesco Japanese Equity Advantage Fund.
Invesco China Focus Equity Fund
The Invesco China Focus Equity Fund was launched on 15 December 2011.
Invesco Asian Bond Fund
The Invesco Asian Bond Fund was launched on 15 December 2011.
Share classes launched on the 15 December 2011:
Invesco Global Smaller Companies Equity Fund E accumulation
Invesco Global Equity Income Fund A Semi-Annual Distribution
Invesco Global Equity Income Fund E accumulation
Invesco US Value Equity Fund E accumulation
Invesco Pan European Focus Equity Fund C, E, R accumulation
Invesco Pan European Focus Equity Fund EUR A Annual Distribution
Invesco Japanese Equity Advantage Fund A Annual Distribution
Invesco Japanese Value Equity Fund E accumulation
Invesco Global Investment Grade Corporate Bond Fund A HKD Monthly Distribution
Invesco Pan European Equity Income Fund A Semi-Annual Distribution
2.
Summary of Significant Accounting Policies
(a) The accompanying financial statements have been prepared in accordance with the format prescribed by Luxembourg regulations.
Consolidated figures 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 financial 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 Fund 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 financial 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. (Dublin time) on 29 February 2012.
(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 29 February 2012 for the entire investment portfolio, including the American and
European equities. However, these net asset values would not have been significantly different from those shown in these audited financial
statements except for the following sub-funds:
- Invesco Energy Fund, A-Acc Units: a decrease in the Net Asset Value of about 1.49% would have been observed.
- Invesco Gold & Precious Metals Fund, A-Acc Units: a decrease in the Net Asset Value of about 2.85% would have been observed.
(d) Cost of sales of investments
Any surplus or deficit 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 fixed interest securities and deposit interest is accrued on a day-to-day
basis.

128

Invesco Funds

Notes to the Financial Statements (continued)

2.

Summary of Significant Accounting Policies (continued)

(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 29 February 2012:
Currency
ARS
AUD
BRL
CAD
CHF
CLP
CNY
COP
CZK
DKK
EUR
GBP
HKD
HUF
IDR
INR
ITL
JPY

USD 1.00

Currency

4.3540
0.9251
1.6950
0.9933
0.8943
477.0501
6.2945
1,767.1850
18.4726
5.5186
0.7422
0.6278
7.7548
215.1552
9,087.5012
48.9499
1437.0147
80.4799

KRW
MXN
MYR
NGN
NOK
NZD
PEN
PHP
PKR
PLN
RUB
SEK
SGD
THB
TRY
TWD
UYU
ZAR

USD 1.00
1,118.7250
12.8297
2.9965
157.6000
5.5545
1.1872
2.6765
42.7400
90.9249
3.0645
29.0395
6.5452
1.2467
30.2650
1.7509
29.3959
19.4000
7.4709

(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 first 5 years. Sub-funds launched from 2006 onwards 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. There were no preliminary expenses incurred for the newly launched sub-funds set up to receive the Invesco Funds II
sub-funds.
(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 financial instruments are initially recognised 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
A credit default swap is a credit derivative transaction in which two parties enter into an agreement, whereby one party pays the other a fixed
periodic coupon for the specified 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 first 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 as net
realised surplus/(deficit) on disposal of derivatives 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).
(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 fixed/floating) 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 flows, both inflows and outflows. Equity swaps are
recorded in the Statement of Net Assets (see note 11 for details).

129

Invesco Funds

3.
Management and Investment Advisor 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 the Management Company seeks investment advice from, as appropriate, Invesco Asset Management Limited in
the United Kingdom, Invesco Hong Kong Limited, Invesco Asset Management (Japan) Limited, Invesco Advisers in the United States and Invesco
Asset Management Deutschland GmbH in Germany.
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
Fee
Class A

Management
Fee
Class B
(includes a 1%
Distribution fee)

Management
Fee
Class B1

Management
Fee
Class C

Management
Fee
Class E

Management
Fee
Class R
(includes a 0.7%
Distribution fee)

EQUITY FUNDS
Global
Invesco Global Structured Equity Fund
Invesco Emerging Market Quantitative Equity Fund
Invesco Global Smaller Companies Equity Fund
Invesco Global Equity Income Fund

1.00%
1.25%
1.60%
1.40%

0.60%
0.75%
0.95%
0.75%

1.50%
1.75%
2.25%
2.25%

1.60%
2.10%

America
Invesco Latin American Equity Fund
Invesco US Structured Equity Fund
Invesco US Value Equity Fund

1.50%
1.00%
1.40%

2.00%

1.00%
0.60%
0.70%

2.25%
1.50%
2.25%

2.10%

Europe
Invesco Pan European Structured Equity Fund
Invesco Pan European Equity Fund
Invesco Pan European Small Cap Equity Fund
Invesco European Growth Equity Fund
Invesco Pan European Equity Income Fund
Invesco Emerging Europe Equity Fund
Invesco Pan European Focus Equity Fund

1.30%
1.50%
1.50%
1.50%
1.50%
1.50%
1.50%

2.30%
2.50%
2.50%

2.50%

0.80%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%

2.25%
2.00%
2.25%
2.25%
2.00%
2.25%
2.00%

2.00%
2.20%

2.20%

Japan
Invesco Nippon Small/Mid Cap Equity Fund
Invesco Nippon Select Equity Fund
Invesco Japanese Equity Advantage Fund
Invesco Japanese Value Equity Fund

1.50%
1.50%
1.40%
1.40%

2.50%
2.50%

1.00%
1.00%
0.75%
0.75%

2.25%
2.00%
2.00%
2.00%

2.10%
2.10%

Asia
Invesco Asia Opportunities Equity Fund
Invesco Greater China Equity Fund
Invesco Asia Infrastructure Fund
Invesco India Equity Fund
Invesco Asia Consumer Demand Fund
Invesco China Focus Equity Fund

1.50%
1.50%
1.50%
1.50%
1.50%
1.75%

2.50%
2.50%

1.00%
1.00%
1.00%
1.00%
1.00%
1.25%

2.25%
2.25%
2.25%
2.25%
2.25%
2.25%

2.20%
2.20%

2.20%
2.45%

THEME FUNDS
Invesco Global Leisure Fund
Invesco Energy Fund
Invesco Asia Pacific Real Estate Securities Fund
Invesco Global Income Real Estate Securities Fund
Invesco Gold & Precious Metals Fund

1.50%
1.50%
1.50%
1.25%
1.50%

2.50%
2.50%

1.00%
1.00%
1.00%
0.80%
1.00%

2.25%
2.25%
2.00%
1.75%
2.00%

2.20%

2.20%

RESERVE FUNDS
Invesco USD Reserve Fund
Invesco Euro Reserve Fund

0.45%
0.35%

1.50%
1.45%

0.50%

0.25%
0.15%

0.50%
0.50%

0.75%
0.75%
0.75%
0.75%
1.00%
0.625%
1.50%

1.75%

1.75%

0.50%
0.50%
0.50%
0.50%
0.65%

1.00%

0.90%
0.90%
1.00%
0.90%
1.25%

2.00%

1.45%
1.70%

2.20%

1.00%
1.50%
1.00%
1.50%
0.70%
1.00%

0.65%
1.00%
0.65%
1.00%
0.40%
0.75%

1.25%
2.00%
1.25%
2.00%
0.90%
1.25%

1.70%
2.20%
1.40%

1.00%
1.25%
1.25%
1.75%
1.25%

0.60%
0.80%
0.80%
1.00%
0.75%

1.50%
1.75%
1.75%
*2.30%
1.75%

1.95%

1.95%

BOND FUNDS
Invesco Global Bond Fund
Invesco European Bond Fund
Invesco Absolute Return Bond Fund
Invesco Euro Inflation-Linked Bond Fund
Invesco Euro Corporate Bond Fund
Invesco UK Investment Grade Bond Fund
Invesco Emerging Local Currencies Debt Fund
Invesco Global Investment Grade Corporate
Bond Fund
Invesco Global Unconstrained Bond Fund
Invesco Global Total Return (EUR) Bond Fund
Invesco Emerging Market Corporate Bond Fund
Invesco Euro Short Term Bond Fund
Invesco Asian Bond Fund
MIXED FUNDS
Invesco Capital Shield 90 (EUR) Fund
Invesco Asia Balanced Fund
Invesco Pan European High Income Fund
Invesco Global Absolute Return Fund*
Invesco Balanced-Risk Allocation Fund
130

Invesco Funds

Notes to the Financial Statements (continued)

3.
Management and Investment Advisor Fees (continued)
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.
*Until 31 March 2011, the management fees for the sub-fund Invesco Global Absolute Return Fund were as follow: class E: 2.25%.
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 and 0.40% for Invesco Pan European High Income Fund and Invesco Global Absolute Return Fund of
the Net Asset Value of each sub-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 Inflation-Linked Bond Fund which shall not exceed 0.10%), 0.15% for
Structured Funds and 0.30% for the Mixed Funds of the Net Asset Value of each sub-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 subfund on the last Business Day of each calendar month (or at such higher rate as the Custodian and the Fund may at any time agree), plus VAT (if any)
and will be paid monthly. In addition, the Custodian will charge each sub-fund safekeeping and servicing fees at varying rates, depending on the
country in which the assets of a sub-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 Fund from
time to time. Sub-custodian fees are paid out of these safekeeping and servicing fees.
Effective 1 January 2012, the administration fee rates were reduced from a maximum of 0.40% to a maximum of 0.20% for the Invesco Pan
European Equity Income Fund.
The Management Company has agreed to cap operational expenses charged to the following sub-funds at its discretion, at the following annual rates:
Fund
Invesco Asia Pacific Real Estate Securities Fund
Invesco Global Absolute Return Fund
Invesco Global Total Return (EUR) Bond Fund
Invesco Global Unconstrained Bond Fund
Invesco Gold & Precious Metals Fund
Invesco Latin American Equity Fund
Invesco Pan European Equity Income Fund
Invesco Global Investment Grade Corporate Bond Fund
Invesco Emerging Market Quantitative Equity Fund
Invesco Euro Short Term Bond Fund
Invesco Emerging Market Corporate Bond Fund
Invesco Pan European Focus Equity Fund
Invesco China Focus Equity fund
Invesco Asian Bond Fund

Date since capping is in place

01/09/2010
01/09/2010
15/09/2010
21/06/2010
21/06/2010
11/08/2010
01/09/2010
09/10/2009
21/06/2010
04/05/2011
04/05/2011
07/07/2011
15/12/2011
15/12/2011

Annual Rate
0.10%
0.10%
0.05%
0.05%
0.15%
0.15%
*0.10%
0.05%
0.05%
0.05%
0.15%
0.15%
0.05%
0.05%

Effective 1 March 2012 The Operating Cap on expenses was introduced on Invesco Global Income Real Estate Securities Fund March 0.05%
Effective 1 March 2012 The Operating Cap on expenses for the Invesco Pan European Equity Income Fund was reduced from 0.10% to 0.05%.
*The cap on operational expenses for Pan European Equity Income Fund was reduced to 0.05% with effect from 1 March 2012.
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.
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 fixed annually by
the Board of Directors. For the period from 1 March 2011 to 29 February 2012, the yield was fixed at 4.8 % and 5.50% 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 fixed annually by the Board of Directors. For the period from 4 May 2011 to 29 February
2012, the yield was fixed at 4.05% and 4.75% respectively for the R Share Class and A share class as approved by the Board of Directors. The income
due to shareholders of Accumulation Shares is reinvested to enhance the value of the relevant share class.

131

Invesco Funds

6. Dividends (continued)
Type of Share

Distribution
Rate

Frequency
Distribution

Invesco Global Structured Equity Fund USD per Share

A Dist
0.3193
Annually
C Dist
0.4601
Annually
Invesco US Value Equity Fund USD per Share
A Dist
0.0092
Semi Annually
C Dist
0.0722
Semi Annually
Invesco Pan European Structured Equity Fund EUR per Share
A Dist
0.1804
Annually
Invesco Pan European Equity Fund EUR and USD per Share
A Dist (EUR)
0.1570
Annually
A Dist (USD)
0.2141
Annually
C Dist (EUR)
0.2317
Annually
Invesco Pan European Small Cap Equity Fund USD per Share
A Dist
0.0690
Annually
Invesco Pan European Equity Income Fund EUR per Share
A Dist
0.1089
Semi Annually
A Dist
0.0219
Semi Annually
Invesco Asia Infrastructure Fund USD per Share
A Dist
0.1111
Semi Annually
Invesco Asia Consumer Demand Fund USD per Share
A Dist
0.0382
Semi Annually
Invesco Asia Pacific Real Estate Securities Fund USD per Share
A Dist
0.0844
Annually
Invesco Global Income Real Estate Securities Fund USD per Share
A Dist
0.1258
Quarterly
A Dist
0.0658
Quarterly
A Dist
0.0545
Quarterly
A Dist
0.0433
Quarterly
Invesco Global Bond Fund USD per Share
A Dist
0.0601
Semi Annually
A Dist
0.0499
Semi Annually
Invesco European Bond Fund EUR per Share
A Dist
0.0585
Semi Annually
A Dist
0.0575
Semi Annually
Invesco Euro Corporate Bond Fund EUR per Share
A Dist
0.0291
Monthly
A Dist
0.0290
Monthly
R Dist
0.0159
Monthly
A Dist
0.0329
Monthly
R Dist
0.0230
Monthly
A Dist
0.0311
Monthly
R Dist
0.0221
Monthly
A Dist
0.0298
Monthly
R Dist
0.0211
Monthly
A Dist
0.0375
Monthly
R Dist
0.0272
Monthly
A Dist
0.0371
Monthly
R Dist
0.0279
Monthly
A Dist
0.0371
Monthly
R Dist
0.0274
Monthly
A Dist
0.0350
Monthly
R Dist
0.0260
Monthly
A Dist
0.0358
Monthly
R Dist
0.0267
Monthly
A Dist
0.0367
Monthly
R Dist
0.0269
Monthly
A Dist
0.0325
Monthly
R Dist
0.0236
Monthly
Invesco UK Investment Grade Bond Fund GBP per Share
A Dist
0.0082
Quarterly
A Dist
0.0085
Quarterly
A Dist
0.0078
Quarterly
A Dist
0.0072
Quarterly
Invesco Emerging Local Currencies Debt Fund USD, EUR and HKD per Share
A Dist (USD)
0.0511
Monthly
A Dist (EUR)
0.0322
Monthly
A Dist (USD)
0.0532
Monthly
A Dist (EUR)
0.0314
Monthly
R Dist (USD)
0.0412
Monthly
A Dist (USD)
0.0525
Monthly
A Dist (EUR)
0.0293
Monthly
132

Invesco Funds

Ex Date

Distribution Pay
Date

29 February 2012*
29 February 2012*

21 March 2012
21 March 2012

29 February 2012*
29 February 2012*

21 March 2012
21 March 2012

29 February 2012*

21 March 2012

29 February 2012*
29 February 2012*
29 February 2012*

21 March 2012
21 March 2012
21 March 2012

29 February 2012*

21 March 2012

31 August 2011
29 February 2012*

21 September 2011
21 March 2012

31 August 2011

21 September 2011

31 August 2011

21 September 2011

29 February 2012*

21 March 2012

31 May 2011
31 August 2011
30 November 2011
29 February 2012*

21 June 2011
21 September 2011
21 December 2011
21 March 2012

31 August 2011
29 February 2012*

21 September 2011
21 March 2012

31 August 2011
29 February 2012*

21 September 2011
21 March 2012

31 March 2011
29 April 2011
29 April 2011
31 May 2011
31 May 2011
30 June 2011
30 June 2011
29 July 2011
29 July 2011
31 August 2011
31 August 2011
30 September 2011
30 September 2011
31 October 2011
31 October 2011
30 November 2011
30 November 2011
31 December 2011
31 December 2011
31 January 2012
31 January 2012
29 February 2012*
29 February 2012*

21 April 2011
23 May 2011
23 May 2011
21 June 2011
21 June 2011
21 July 2011
21 July 2011
22 August 2011
22 August 2011
21 September 2011
21 September 2011
21 October 2011
21 October 2011
21 November 2011
21 November 2011
21 December 2011
21 December 2011
23 January 2012
23 January 2012
21 February 2012
21 February 2012
21 March 2012
21 March 2012

31 May 2011
31 August 2011
30 November 2011
29 February 2012*

21 June 2011
21 September 2011
21 December 2011
21 March 2012

31 March 2011
31 March 2011
29 April 2011
29 April 2011
29 April 2011
31 May 2011
31 May 2011

21 April 2011
21 April 2011
23 May 2011
23 May 2011
23 May 2011
21 June 2011
21 June 2011

Notes to the Financial Statements (continued)

6. Dividends (continued)
Type of Share

Distribution
Rate

Frequency
Distribution

Invesco Emerging Local Currencies Debt Fund USD, EUR and HKD per Share (continued)
R Dist (USD)
0.0407
Monthly
A Dist (USD)
0.0524
Monthly
A Dist (EUR)
0.0356
Monthly
R Dist (USD)
0.0406
Monthly
A Dist (USD)
0.0527
Monthly
A Dist (EUR)
0.0490
Monthly
R Dist (USD)
0.0409
Monthly
A Dist (HKD)
0.4771
Monthly
A Dist (USD)
0.0523
Monthly
A Dist (EUR)
0.0335
Monthly
R Dist (USD)
0.0405
Monthly
A Dist (HKD)
0.3867
Monthly
A Dist (USD)
0.0467
Monthly
A Dist (EUR)
0.0282
Monthly
R Dist (USD)
0.0362
Monthly
A Dist (HKD)
0.3156
Monthly
A Dist (USD)
0.0496
Monthly
A Dist (EUR)
0.0325
Monthly
R Dist (USD)
0.0384
Monthly
A Dist (HKD)
0.3775
Monthly
A Dist (USD)
0.0465
Monthly
A Dist (EUR)
0.0285
Monthly
R Dist (USD)
0.0361
Monthly
A Dist (HKD)
0.3183
Monthly
A Dist (USD)
0.0465
Monthly
A Dist (EUR)
0.0460
Monthly
R Dist (USD)
0.0360
Monthly
A Dist (HKD)
0.5180
Monthly
A Dist (USD)
0.0497
Monthly
A Dist (EUR)
0.0280
Monthly
R Dist (USD)
0.0386
Monthly
A Dist (HKD)
0.3265
Monthly
A Dist (USD)
0.0508
Monthly
A Dist (EUR)
0.0242
Monthly
R Dist (USD)
0.0394
Monthly
A Dist (HKD)
0.2815
Monthly
Invesco Global Investment Grade Corporate Bond Fund USD and HKD per Share
A Dist (USD)
0.0310
Monthly
A Dist (USD)
0.0266
Monthly
A Dist (USD)
0.0325
Monthly
A Dist (USD)
0.0291
Monthly
A Dist (USD)
0.0285
Monthly
A Dist (USD)
0.0295
Monthly
A Dist (USD)
0.0276
Monthly
A Dist (USD)
0.0296
Monthly
A Dist (USD)
0.0269
Monthly
A Dist (USD)
0.0236
Monthly
A Dist (USD)
0.0240
Monthly
A Dist (HKD)
0.3412
Monthly
A Dist (USD)
0.0223
Monthly
A Dist (HKD)
0.2140
Monthly
A Dist (USD)
0.3368
Annually
C Dist (USD)
0.3829
Annually
Invesco Global Total Return (EUR) Bond Fund EUR per Share
R Dist
0.0102
Monthly
E Dist
0.0733
Quarterly
R Dist
0.0142
Monthly
R Dist
0.0144
Monthly
R Dist
0.0189
Monthly
E Dist
0.0804
Quarterly
R Dist
0.0329
Monthly
R Dist
0.0419
Monthly
R Dist
0.0359
Monthly
E Dist
0.1247
Quarterly
R Dist
0.0305
Monthly
R Dist
0.0333
Monthly
R Dist
0.0354
Monthly
E Dist
0.1149
Quarterly
R Dist
0.0305
Monthly

133

Invesco Funds

Ex Date

Distribution Pay
Date

31 May 2011
30 June 2011
30 June 2011
30 June 2011
29 July 2011
29 July 2011
29 July 2011
29 July 2011
31 August 2011
31 August 2011
31 August 2011
31 August 2011
30 September 2011
30 September 2011
30 September 2011
30 September 2011
31 October 2011
31 October 2011
31 October 2011
31 October 2011
30 November 2011
30 November 2011
30 November 2011
30 November 2011
31 December 2011
31 December 2011
31 December 2011
31 December 2011
31 January 2011
31 January 2011
31 January 2011
31 January 2011
29 February 2012*
29 February 2012*
29 February 2012*
29 February 2012*

21 June 2011
21 July 2011
21 July 2011
21 July 2011
22 August 2011
22 August 2011
22 August 2011
22 August 2011
21 September 2011
21 September 2011
21 September 2011
21 September 2011
21 October 2011
21 October 2011
21 October 2011
21 October 2011
21 November 2011
21 November 2011
21 November 2011
21 November 2011
21 December 2011
21 December 2011
21 December 2011
21 December 2011
23 January 2012
23 January 2012
23 January 2012
23 January 2012
21 February 2012
21 February 2012
21 February 2012
21 February 2012
21 March 2012
21 March 2012
21 March 2012
21 March 2012

31 March 2011
29 April 2011
31 May 2011
30 June 2011
29 July 2011
31 August 2011
30 September 2011
31 October 2011
30 November 2011
31 December 2011
31 January 2011
31 January 2011
29 February 2012*
29 February 2012*
29 February 2012*
29 February 2012*

21 April 2011
23 May 2011
21 June 2011
21 July 2011
22 August 2011
21 September 2011
21 October 2011
21 November 2011
21 December 2011
23 January 2012
21 February 2012
21 February 2012
21 March 2012
21 March 2012
21 March 2012
21 March 2012

29 April 2011
31 May 2011
31 May 2011
30 June 2011
29 July 2011
31 August 2011
31 August 2011
30 September 2011
31 October 2011
30 November 2011
30 November 2011
31 December 2011
31 January 2011
29 February 2012*
29 February 2012*

23 May 2011
21 June 2011
21 June 2011
21 July 2011
22 August 2011
21 September 2011
21 September 2011
21 October 2011
21 November 2011
21 December 2011
21 December 2011
23 January 2012
21 February 2012
21 March 2012
21 March 2012

Notes to the Financial Statements (continued)

6. Dividends (continued)
Type of Share

Distribution
Rate

Invesco Emerging Market Corporate Bond Fund USD per Share

A Dist
R Dist
A Dist
R Dist
A Dist
R Dist
A Dist
R Dist
A Dist
R Dist
A Dist
R Dist
A Dist
R Dist
A Dist
R Dist
A Dist
R Dist
Invesco Asian Bond Fund USD and HKD per Share
A Dist (USD)
A Dist (HKD)
A Dist (USD)
A Dist (HKD)
Invesco Asia Balanced Fund USD and HKD per Share
A Dist (USD)
A Dist (HKD)
A Dist (USD)
A Dist (HKD)
A Dist (USD)
A Dist (HKD)
A Dist (USD)
A Dist (HKD)
Invesco Pan European High Income Fund EUR per Share
A Dist
A Dist
A Dist
A Dist

Frequency
Distribution

Ex Date

Distribution Pay
Date

0.0399
0.0340
0.0407
0.0346
0.0398
0.0339
0.0366
0.0312
0.0391
0.0333
0.0382
0.0325
0.0387
0.0330
0.0339
0.0398
0.0406
0.0346

Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly

30 June 2011
30 June 2011
29 July 2011
29 July 2011
31 August 2011
31 August 2011
30 September 2011
30 September 2011
31 October 2011
31 October 2011
30 November 2011
30 November 2011
31 December 2011
31 December 2011
31 January 2011
31 January 2011
29 February 2012*
29 February 2012*

21 July 2011
21 July 2011
22 August 2011
22 August 2011
21 September 2011
21 September 2011
21 October 2011
21 October 2011
21 November 2011
21 November 2011
21 December 2011
21 December 2011
23 January 2012
23 January 2012
21 February 2012
21 February 2012
21 March 2012
21 March 2012

0.0283
0.2862
0.0273
0.2715

Monthly
Monthly
Monthly
Monthly

31 January 2011
31 January 2011
29 February 2012*
29 February 2012*

21 February 2012
21 February 2012
21 March 2012
21 March 2012

0.2045
1.5977
0.2786
2.1811
0.1010
0.7892
0.1517
1.1811

Quarterly
Quarterly
Quarterly
Quarterly
Quarterly
Quarterly
Quarterly
Quarterly

31 May 2011
31 May 2011
31 August 2011
31 August 2011
30 November 2011
30 November 2011
29 February 2012*
29 February 2012*

21 June 2011
21 June 2011
21 September 2011
21 September 2011
21 December 2011
21 December 2011
21 March 2012
21 March 2012

0.0925
0.1081
0.1383
0.1434

Quarterly
Quarterly
Quarterly
Quarterly

31 May 2011
31 August 2011
30 November 2011
29 February 2012*

21 June 2011
21 September 2011
21 December 2011
21 March 2012

* Distributions with an ex-date 29 February 2012 and pay date 21 March 2012 have not been reflected in the Financial Statements.
7.

Forward Foreign Exchange Contracts

Forward foreign exchange contracts open at 29 February 2012 were as follows:

Invesco Global Structured Equity Fund
Details of Forward Foreign Exchange Contracts
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy

115,717
95,772
746,000
603,000
220,000
943,000
440,000
11,636,256
11,465,176

USD
GBP
SEK
AUD
GBP
CAD
EUR
EUR
USD

Counterparty

to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell

86,000
151,911
112,260
649,268
346,289
946,760
582,797
15,334,591
886,600,981

EUR
USD
USD
USD
USD
USD
USD
USD
JPY

BNY Mellon
BNY Mellon
BNY Mellon
BNY Mellon
BNY Mellon
BNY Mellon
BNY Mellon
BNY Mellon
BNY Mellon

Total unrealised gain on open forward foreign exchange contracts

Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy

4,398,289
8,415,484
3,903,593
1,201,031
2,879,831
80,000,000
453,288
1,020,332
126,308
10,930

USD
USD
USD
USD
USD
JPY
EUR
USD
EUR
USD

to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell

4,293,506
8,541,565
2,488,240
8,097,996
2,164,585
1,021,377
385,000
82,200,000
170,051
8,192

Total unrealised loss on open forward foreign exchange contracts

Total net unrealised gain on open forward foreign exchange contracts
134

Invesco Funds

Unrealised
Gain/(Loss)
USD
100
771
1,645
3,126
4,422
6,645
8,732
308,642
439,318

Maturity Date
14/03/2012
07/03/2012
14/03/2012
14/03/2012
14/03/2012
14/03/2012
14/03/2012
07/03/2012
14/03/2012

773,401
AUD
CAD
GBP
SEK
EUR
USD
GBP
JPY
USD
EUR

BNY Mellon
BNY Mellon
BNY Mellon
BNY Mellon
BNY Mellon
BNY Mellon
BNY Mellon
BNY Mellon
BNY Mellon
BNY Mellon

(246,912)
(220,332)
(63,013)
(35,435)
(30,199)
(26,489)
(4,352)
(1,915)
(249)
(83)
(628,979)
144,422

14/03/2012
14/03/2012
14/03/2012
14/03/2012
14/03/2012
14/03/2012
14/03/2012
14/03/2012
07/03/2012
07/03/2012

Notes to the Financial Statements (continued)

7.

Forward Foreign Exchange Contracts (continued)

Invesco Emerging Market Quantitative Equity Fund

Details of Forward Foreign Exchange Contracts
Buy
Buy

52,585
7,377,314

GBP
EUR

Counterparty

to Sell
to Sell

83,396
9,748,013

USD
USD

BNY Mellon
BNY Mellon

Total unrealised gain on open forward foreign exchange contracts

Buy
Buy

333,911
2,372

USD
USD

to Sell
to Sell

254,078
1,506

EUR
GBP

BNY Mellon
BNY Mellon

Counterparty

to Sell

(7,661)
(28)

420,000,000

JPY

BNY Mellon

Unrealised
Gain
USD
195,085

Total unrealised gain on open forward foreign exchange contracts

195,085

Total unrealised gain on open forward foreign exchange contracts

195,085

Invesco Latin American Equity Fund

Details of Forward Foreign Exchange Contracts
Buy

620,290

EUR

Counterparty

to Sell

818,152

USD

BNY Mellon

Total unrealised gain on open forward foreign exchange contracts

Buy

23,103

USD

to Sell

17,562

EUR

BNY Mellon

Counterparty

to Sell

2,895,249

USD

BNY Mellon

Total unrealised gain on open forward foreign exchange contracts

Buy

977,999

USD

to Sell

741,014

EUR

BNY Mellon

Counterparty

to Sell
to Sell

1,285
2,218,867,369

EUR
JPY

BNY Mellon
BNY Mellon

Total unrealised gain on open forward foreign exchange contracts

Buy
Buy

9,826,097
255,987

JPY
EUR

to Sell
to Sell

94,285
27,898,996

EUR
JPY

BNY Mellon
BNY Mellon

Counterparty

to Sell

6,499,166

USD

BNY Mellon

Total unrealised gain on open forward foreign exchange contracts

Buy
Buy

687,949
50,298

USD
EUR

to Sell
to Sell

524,662
67,717

Total net unrealised gain on open forward foreign exchange contracts

Invesco Funds

(18,186)

07/03/2012

Unrealised
Gain/(Loss)
JPY
88
145,678,181

Maturity Date
07/03/2012
07/03/2012

(366,826)
(225,103)

07/03/2012
07/03/2012

Unrealised
Gain/(Loss)
USD
88,674

Maturity Date
07/03/2012

88,674

Total unrealised loss on open forward foreign exchange contracts

135

07/03/2012

145,086,340

Invesco Greater China Equity Fund

Details of Forward Foreign Exchange Contracts
EUR

Maturity Date

(591,929)

Total net unrealised gain on open forward foreign exchange contracts

4,900,380

Unrealised
Gain/(Loss)
USD
50,092

145,678,269

Total unrealised loss on open forward foreign exchange contracts

Buy

07/03/2012

31,906

Invesco Japanese Value Equity Fund

Details of Forward Foreign Exchange Contracts
JPY
EUR

(508)

(18,186)

Total net unrealised gain on open forward foreign exchange contracts

139,051
21,872,302

07/03/2012

50,092

Total unrealised loss on open forward foreign exchange contracts

Buy
Buy

Maturity Date

15,230

Invesco US Structured Equity Fund

Details of Forward Foreign Exchange Contracts
EUR

07/03/2012

(508)

Total net unrealised gain on open forward foreign exchange contracts

2,190,898

Unrealised
Gain/(Loss)
USD
15,738

Maturity Date

15,738

Total unrealised loss on open forward foreign exchange contracts

Buy

07/03/2012
07/03/2012

162,447

Invesco Global Smaller Companies Equity Fund

Details of Forward Foreign Exchange Contracts
USD

07/03/2012
07/03/2012

(7,689)

Total net unrealised gain on open forward foreign exchange contracts

5,417,957

Maturity Date

170,136

Total unrealised loss on open forward foreign exchange contracts

Buy

Unrealised
Gain/(Loss)
USD
437
169,699

EUR
USD

BNY Mellon
BNY Mellon

(17,382)
(99)
(17,481)
71,193

07/03/2012
07/03/2012

Notes to the Financial Statements (continued)

7.

Forward Foreign Exchange Contracts (continued)

Invesco Asia Infrastructure Fund

Details of Forward Foreign Exchange Contracts
Buy

38,929,439

EUR

Counterparty

to Sell

51,449,002

USD

BNY Mellon

Total unrealised gain on open forward foreign exchange contracts

Buy
Buy

1,861,160
575,790

USD
EUR

to Sell
to Sell

Unrealised
Gain/(Loss)
USD
885,893

1,408,691
775,199

EUR
USD

BNY Mellon
BNY Mellon

(32,618)
(1,133)
(33,751)

Total net unrealised gain on open forward foreign exchange contracts

852,142

Invesco Asia Consumer Demand Fund

Details of Forward Foreign Exchange Contracts
53,692,696

EUR

USD

BNY Mellon

Unrealised
Gain/(Loss)
USD
1,232,443

1,232,443
EUR
USD

BNY Mellon
BNY Mellon

(271,928)
(1,218)

Counterparty

to Sell

70,949,481

Total unrealised gain on open forward foreign exchange contracts

Buy
12,720,790
USD
to Sell
9,664,664
Buy
619,141
EUR
to Sell
833,563
Total unrealised loss on open forward foreign exchange contracts

EUR

Counterparty

to Sell

16,052,567

USD

BNY Mellon

Total unrealised gain on open forward foreign exchange contracts

Buy

2,616,644

USD

to Sell

Unrealised
Gain/(Loss)
USD
279,337

1,985,740

EUR

BNY Mellon

(52,892)
(52,892)

Total net unrealised gain on open forward foreign exchange contracts

226,445

Invesco Gold & Precious Metals Fund

Details of Forward Foreign Exchange Contracts
43,556
2,961,377

USD
EUR

Counterparty

to Sell
to Sell

32,352
3,913,097

EUR
USD

BNY Mellon
BNY Mellon

Total unrealised gain on open forward foreign exchange contracts

Buy

277,547

USD

to Sell

Unrealised
Gain/(Loss)
USD
64
68,034

210,174

EUR

BNY Mellon

(4,999)
(4,999)

Total net unrealised gain on open forward foreign exchange contracts

63,099

Invesco Global Bond Fund

Details of Forward Foreign Exchange Contracts
1,000,000
1,802,343

EUR
EUR

831,150
1,500,000

GBP
GBP

Total unrealised gain on open forward foreign exchange contracts

Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy

6,967,455
4,476,570
3,344,380
2,617,100
780,300
1,316,860
2,455,530
1,000,000

USD
USD
USD
USD
USD
USD
USD
USD

Unrealised
Gain/(Loss)
USD
Royal Bank of Scotland
19,480
Citibank
32,122

Counterparty

to Sell
to Sell

to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell

5,500,000
3,500,000
2,150,000
2,000,000
765,000
1,000,000
2,310,000
634,558

EUR
EUR
GBP
EUR
AUD
EUR
AUD
GBP

JP Morgan
(426,765)
JP Morgan
(228,694)
Citibank
(82,731)
JP Morgan
(71,716)
JP Morgan
(46,873)
JP Morgan
(27,748)
Royal Bank of Scotland (23,724)
JP Morgan
(11,539)
(919,790)

Total net unrealised loss on open forward foreign exchange contracts

(868,188)

Invesco Funds

Maturity Date
07/03/2012

07/03/2012

Maturity Date
07/03/2012
07/03/2012

07/03/2012

Maturity Date
19/03/2012
26/03/2012

51,602

Total unrealised loss on open forward foreign exchange contracts

136

07/03/2012
07/03/2012

68,098

Total unrealised loss on open forward foreign exchange contracts

Buy
Buy

07/03/2012

279,337

Total unrealised loss on open forward foreign exchange contracts

Buy
Buy

Maturity Date

959,297

Invesco Energy Fund

Details of Forward Foreign Exchange Contracts
12,148,525

07/03/2012
07/03/2012

(273,146)

Total net unrealised gain on open forward foreign exchange contracts

Buy

07/03/2012

885,893

Total unrealised loss on open forward foreign exchange contracts

Buy

Maturity Date

19/03/2012
09/03/2012
26/03/2012
20/03/2012
19/03/2012
23/04/2012
21/05/2012
19/03/2012

Notes to the Financial Statements (continued)

7.

Forward Foreign Exchange Contracts (continued)

Invesco European Bond Fund

Details of Forward Foreign Exchange Contracts
Buy
Buy
Buy

10,945,696
2,823,152
1,236,699

EUR
EUR
EUR

Counterparty

to Sell
to Sell
to Sell

9,284,937
25,000,000
1,490,000

GBP
SEK
CHF

BNY Mellon
BNY Mellon
BNY Mellon

Unrealised
Loss Maturity Date
EUR
(54,216)
24/05/2012
(7,245)
24/05/2012
(372)
24/05/2012

Total unrealised loss on open forward foreign exchange contracts

(61,833)

Total unrealised loss on open forward foreign exchange contracts

(61,833)

Invesco Absolute Return Bond Fund

Details of Forward Foreign Exchange Contracts
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy

403,977
16,750,000
550,000
280,000
242,242
757,000,000
2,900,000
640,000
1,150,000
693,016
2,720,000
55,940,000
1,020,000
920,000
32,300,000
6,160,000
6,980,000
10,030,000
7,150,000
1,000,000
3,695,635

USD
PHP
CAD
GBP
EUR
KRW
NOK
SGD
MYR
EUR
ARS
HUF
SGD
TRY
INR
PLN
EUR
MXN
ZAR
AUD
USD

Counterparty

to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell

5,160,000
386,925
550,992
327,665
200,000
665,173
378,328
498,268
366,242
910,000
599,119
172,495
786,638
492,321
621,034
1,461,049
9,340,776
737,885
873,254
988,645
286,700,000

MXN
USD
USD
EUR
GBP
USD
EUR
USD
USD
USD
USD
EUR
USD
USD
USD
EUR
USD
USD
USD
USD
JPY

BNY Mellon
BNY Mellon
Citibank
BNY Mellon
Goldman Sachs
BNY Mellon
BNY Mellon
BNY Mellon
BNY Mellon
Goldman Sachs
BNY Mellon
BNY Mellon
Goldman Sachs
BNY Mellon
BNY Mellon
BNY Mellon
BNY Mellon
BNY Mellon
BNY Mellon
Goldman Sachs
BNY Mellon

Total unrealised gain on open forward foreign exchange contracts

Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy

1,191,499
1,482,638
1,014,910
909,871
488,452
1,356,661
1,409,097
922,331
501,080
380,271
652,068
1,095,247
658,687
609,182
542,647
246,845
652,356
376,309
186,637
673,188
655,890
90,565
3,460,000

USD
USD
USD
USD
USD
USD
USD
EUR
USD
EUR
USD
USD
USD
USD
USD
USD
USD
USD
EUR
USD
USD
GBP
SEK

to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell

4,020,000
1,160,000
1,000,000
7,150,000
920,000
870,000
70,600,000
3,890,000
2,900,000
3,460,000
600,000
1,100,000
840,000
2,720,000
550,000
55,940,000
1,170,000,000
4,870,000
55,000,000
757,000,000
820,000
108,816
394,343

PLN
EUR
AUD
ZAR
TRY
GBP
INR
PLN
NOK
SEK
CHF
CAD
SGD
ARS
CAD
HUF
COP
MXN
HUF
KRW
SGD
EUR
EUR

BNY Mellon
Goldman Sachs
BNY Mellon
BNY Mellon
BNY Mellon
BNY Mellon
BNY Mellon
BNY Mellon
BNY Mellon
Goldman Sachs
Goldman Sachs
Goldman Sachs
Goldman Sachs
BNY Mellon
BNY Mellon
BNY Mellon
BNY Mellon
BNY Mellon
BNY Mellon
BNY Mellon
BNY Mellon
BNY Mellon
Goldman Sachs

Counterparty

to Sell

(87,513)
(57,140)
(50,413)
(38,293)
(28,561)
(22,540)
(20,934)
(19,987)
(16,681)
(12,803)
(12,801)
(12,677)
(12,317)
(10,452)
(10,040)
(9,317)
(6,708)
(3,478)
(3,054)
(2,648)
(2,438)
(1,418)
(1,269)

550,000

GBP

BNY Mellon

Unrealised
Gain
EUR
8,540

Total unrealised gain on open forward foreign exchange contracts

8,540

Total unrealised gain on open forward foreign exchange contracts

8,540

137

Invesco Funds

08/03/2012
08/03/2012
08/03/2012
08/03/2012
08/03/2012
08/03/2012
09/03/2012
08/03/2012
08/03/2012
08/03/2012
08/03/2012
08/03/2012
08/03/2012
08/03/2012
08/03/2012
08/03/2012
08/03/2012
08/03/2012
08/03/2012
08/03/2012
08/03/2012
07/03/2012
08/03/2012

80,977

Invesco Euro Inflation-Linked Bond Fund

Details of Forward Foreign Exchange Contracts
EUR

08/03/2012
08/03/2012
08/03/2012
08/03/2012
08/03/2012
08/03/2012
08/03/2012
08/03/2012
08/03/2012
08/03/2012
08/03/2012
08/03/2012
08/03/2012
08/03/2012
09/03/2012
08/03/2012
08/03/2012
08/03/2012
08/03/2012
08/03/2012
08/03/2012

(443,482)

Total net unrealised gain on open forward foreign exchange contracts

660,407

Maturity Date

524,459

Total unrealised loss on open forward foreign exchange contracts

Buy

Unrealised
Gain/(Loss)
EUR
228
3,702
3,833
4,373
5,072
8,610
11,081
12,054
13,130
16,113
17,938
20,438
24,772
25,683
27,160
31,157
31,864
34,790
65,531
69,950
96,980

Maturity Date
25/04/2012

Notes to the Financial Statements (continued)

7.

Forward Foreign Exchange Contracts (continued)

Invesco UK Investment Grade Bond Fund

Details of Forward Foreign Exchange Contracts
Buy
Buy
Buy
Buy
Buy

1,800,000
4,356,198
14,344,889
3,631,645
12,941,157

EUR
GBP
GBP
GBP
GBP

Counterparty

to Sell
to Sell
to Sell
to Sell
to Sell

1,504,567
6,900,000
16,900,000
5,640,000
15,100,000

GBP
USD
EUR
USD
EUR

BNY Mellon
BNY Mellon
BNY Mellon
BNY Mellon
BNY Mellon

Unrealised
Gain/(Loss)
GBP
13,204
25,107
77,979
94,042
208,748

Total unrealised gain on open forward foreign exchange contracts

Buy

2,923,855

GBP

to Sell

3,520,000

EUR

BNY Mellon

(44,229)
(44,229)

Total net unrealised gain on open forward foreign exchange contracts

374,851

Invesco Emerging Local Currencies Debt Fund

Details of Forward Foreign Exchange Contracts
6,996,000
245,476,000
76,033,910

TRY
RUB
EUR

Counterparty

to Sell
to Sell
to Sell

3,748,794
7,700,000
100,475,015

USD
USD
USD

Citibank
Citibank
BNY Mellon

Unrealised
Gain/(Loss)
USD
264,491
710,480
1,741,384

Total unrealised gain on open forward foreign exchange contracts

Buy
Buy
Buy
Buy
Buy

3,748,794
3,949,037
8,147,172
5,060,498
2,300,095

USD
USD
USD
USD
USD

to Sell
to Sell
to Sell
to Sell
to Sell

6,996,000
3,100,000
6,200,000
3,872,287
1,745,990

TRY
EUR
EUR
EUR
EUR

Citibank
Citibank
Citibank
Citibank
BNY Mellon

(264,491)
(218,614)
(190,737)
(145,484)
(47,132)

to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell

Counterparty
80,000
150,232
2,000,000
4,950,000
474,632
1,354,772
4,192,344

EUR
USD
JPY
EUR
USD
USD
USD

BNY Mellon
BNY Mellon
BNY Mellon
BNY Mellon
BNY Mellon
BNY Mellon
BNY Mellon

Unrealised
Gain/(Loss)
USD
702
746
947
1,408
3,658
30,504
72,534

Total unrealised gain on open forward foreign exchange contracts

Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy

7,728,752
2,507,757
2,251,268
156,882
33,966
16,177
40,108
24,849
39,640

USD
USD
USD
USD
USD
USD
USD
USD
EUR

to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell

5,810,000
1,605,000
1,420,000
100,000
35,000
12,274
40,000
2,000,000
53,368

EUR
GBP
GBP
GBP
CAD
EUR
CAD
JPY
USD

BNY Mellon
BNY Mellon
BNY Mellon
Royal Bank of Scotland
BNY Mellon
BNY Mellon
BNY Mellon
BNY Mellon
BNY Mellon

Counterparty

to Sell
to Sell
to Sell
to Sell

Total unrealised gain on open forward foreign exchange contracts

138

Invesco Funds

01/03/2012
07/03/2012
01/03/2012
01/06/2012
01/03/2012
01/03/2012
07/03/2012

(81,766)
(51,095)
(10,980)
(2,548)
(1,432)
(323)
(261)
(42)
(78)

01/03/2012
01/03/2012
01/06/2012
01/03/2012
01/03/2012
07/03/2012
01/06/2012
01/06/2012
07/03/2012

(38,026)

Invesco Global Unconstrained Bond Fund

Details of Forward Foreign Exchange Contracts
GBP
EUR
EUR
EUR

Maturity Date

(148,525)

Total net unrealised loss on open forward foreign exchange contracts

31,626
150,000
390,000
629,131

01/03/2012
19/03/2012
21/05/2012
23/03/2012
07/03/2012

110,499

Total unrealised loss on open forward foreign exchange contracts

Buy
Buy
Buy
Buy

01/03/2012
19/03/2012
07/03/2012

1,849,897

Invesco Global Investment Grade Corporate Bond Fund

Details of Forward Foreign Exchange Contracts
USD
GBP
USD
USD
GBP
EUR
EUR

Maturity Date

(866,458)

Total net unrealised gain on open forward foreign exchange contracts

108,248
94,703
25,816
6,658,740
300,000
1,030,463
3,172,440

01/03/2012

2,716,355

Total unrealised loss on open forward foreign exchange contracts

Buy
Buy
Buy
Buy
Buy
Buy
Buy

01/03/2012
01/06/2012
01/06/2012
01/03/2012
01/03/2012

419,080

Total unrealised loss on open forward foreign exchange contracts

Buy
Buy
Buy

Maturity Date

50,000
124,954
327,066
524,646

USD
GBP
GBP
GBP

JP Morgan
JP Morgan
Citibank
BNY Mellon

Unrealised
Gain/(Loss)
GBP
252
1,602
1,942
5,879
9,675

Maturity Date
23/04/2012
23/04/2012
13/04/2012
07/03/2012

Notes to the Financial Statements (continued)

7.

Forward Foreign Exchange Contracts (continued)

Invesco Global Unconstrained Bond Fund (continued)

Details of Forward Foreign Exchange Contracts
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy

439,526
836,320
400,920
287,126
186,510
650,000
300,000
33,064
33,116
20,841

GBP
GBP
GBP
GBP
GBP
EUR
USD
GBP
GBP
GBP

to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell

Unrealised
Gain/(Loss) Maturity Date
GBP
BNY Mellon
(7,519)
07/03/2012
JP Morgan
(7,120)
27/03/2012
JP Morgan
(4,007)
12/04/2012
Citibank
(3,857)
26/03/2012
JP Morgan
(3,248)
19/03/2012
JP Morgan
(2,470)
27/03/2012
JP Morgan
(689)
12/04/2012
JP Morgan
(667)
09/03/2012
Citibank
(628)
10/04/2012
Royal Bank of Scotland
(244)
23/03/2012

Counterparty
530,135
1,000,000
480,000
345,000
225,000
550,706
188,917
40,000
40,000
25,000

EUR
EUR
EUR
EUR
EUR
GBP
GBP
EUR
EUR
EUR

Total unrealised loss on open forward foreign exchange contracts

(30,449)

Total net unrealised loss on open forward foreign exchange contracts

(20,774)

Invesco Global Total Return (EUR) Bond Fund

Details of Forward Foreign Exchange Contracts
Buy
Buy
Buy
Buy
Buy

239,449
480,625
230,712
380,460
1,130,199

EUR
EUR
EUR
EUR
EUR

Unrealised
Gain/(Loss)
EUR
JP Morgan
2,369
Citibank
6,371
JP Morgan
7,571
Royal Bank of Scotland
8,560
JP Morgan
14,572

Counterparty

to Sell
to Sell
to Sell
to Sell
to Sell

200,000
400,000
300,000
500,000
1,500,000

GBP
GBP
USD
USD
USD

Total unrealised gain on open forward foreign exchange contracts

Buy

500,000

USD

to Sell

386,772

EUR

Citibank

Counterparty

to Sell

2,850,186

USD

BNY Mellon

Total unrealised gain on open forward foreign exchange contracts

Buy
Buy

6,723
23,926

USD
EUR

to Sell
to Sell

5,171
32,210

EUR
USD

BNY Mellon
BNY Mellon

Counterparty

to Sell
to Sell

565,000
760,000

USD
GBP

BNY Mellon
BNY Mellon

Total unrealised gain on open forward foreign exchange contracts

Buy
Buy
Buy

100,000
371,372
29,457

USD
EUR
EUR

to Sell
to Sell
to Sell

(230)
(47)

Unrealised
Gain/(Loss)
EUR
11,140
11,462

75,715
500,000
25,000

EUR
USD
GBP

BNY Mellon
BNY Mellon
BNY Mellon

(1,350)
(449)
(167)
(1,966)

Total net unrealised gain on open forward foreign exchange contracts

20,636

Invesco Asian Bond Fund

Details of Forward Foreign Exchange Contracts
93,497

GBP

Counterparty

to Sell

148,306

USD

BNY Mellon

Unrealised
Gain
USD
749

Total unrealised gain on open forward foreign exchange contracts

749

Total unrealised gain on open forward foreign exchange contracts

749

139

Invesco Funds

07/03/2012
07/03/2012

Maturity Date
10/05/2012
10/05/2012

22,602

Total unrealised loss on open forward foreign exchange contracts

Buy

07/03/2012

48,471

Invesco Euro Short Term Bond Fund

Details of Forward Foreign Exchange Contracts
EUR
EUR

Maturity Date

(277)

Total net unrealised gain on open forward foreign exchange contracts

431,297
912,029

Unrealised
Gain/(Loss)
USD
48,748
48,748

Total unrealised loss on open forward foreign exchange contracts

Buy
Buy

26/03/2012

24,575

Invesco Emerging Market Corporate Bond Fund

Details of Forward Foreign Exchange Contracts
EUR

(14,868)
(14,868)

Total net unrealised gain on open forward foreign exchange contracts

2,156,376

12/04/2012
26/03/2012
27/03/2012
30/03/2012
12/04/2012

39,443

Total unrealised loss on open forward foreign exchange contracts

Buy

Maturity Date

10/05/2012
10/05/2012
10/05/2012

Maturity Date
07/03/2012

Notes to the Financial Statements (continued)

7.

Forward Foreign Exchange Contracts (continued)

Invesco Capital Shield 90 (EUR) Fund

Details of Forward Foreign Exchange Contracts
Buy
Buy
Buy
Buy
Buy

18,000,000
101,000
737,137
1,373,528
19,074,713

JPY
GBP
EUR
EUR
EUR

Counterparty

to Sell
to Sell
to Sell
to Sell
to Sell

166,174
119,078
617,000
140,100,000
25,160,000

EUR
EUR
GBP
JPY
USD

BNY Mellon
BNY Mellon
BNY Mellon
BNY Mellon
BNY Mellon

Unrealised
Gain/(Loss)
EUR
334
686
5,510
77,545
359,800

Total unrealised gain on open forward foreign exchange contracts

Buy
Buy
Buy
Buy
Buy

3,212,000
108,000,000
473,000
286,453
81,072

USD
JPY
GBP
EUR
EUR

to Sell
to Sell
to Sell
to Sell
to Sell

2,463,893
1,066,367
566,807
245,000
8,800,000

EUR
EUR
EUR
GBP
JPY

BNY Mellon
BNY Mellon
BNY Mellon
BNY Mellon
BNY Mellon

(74,692)
(67,322)
(5,933)
(4,063)
(331)

291,534

Invesco Asia Balanced Fund

Details of Forward Foreign Exchange Contracts
EUR

Counterparty

to Sell

17,248,852

USD

BNY Mellon

Unrealised
Gain/(Loss)
USD
292,087

Total unrealised gain on open forward foreign exchange contracts

Buy

2,954,430

USD

to Sell

2,241,616

EUR

BNY Mellon

(59,094)
(59,094)

Total net unrealised gain on open forward foreign exchange contracts

232,993

Invesco Pan European High Income Fund

Details of Forward Foreign Exchange Contracts
94,183
717,266
456,552
1,915,592
618,836
1,811,769
3,598,633
1,916,061
6,007,810

EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR

Unrealised
Gain/(Loss)
EUR
Citibank
35
Royal Bank of Scotland
5,915
Royal Bank of Scotland
10,272
JP Morgan
18,954
Citibank
23,789
Royal Bank of Scotland
33,650
Royal Bank of Scotland
41,622
Royal Bank of Scotland
56,674
Citibank
79,642

Counterparty

to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell

700,000
600,000
600,000
1,600,000
800,000
1,500,000
3,000,000
2,500,000
5,000,000

DKK
GBP
USD
GBP
USD
GBP
GBP
USD
GBP

Total unrealised gain on open forward foreign exchange contracts

Buy
Buy
Buy
Buy

413,138
32,780
248,550
124,347

EUR
EUR
EUR
EUR

to Sell
to Sell
to Sell
to Sell

500,000
250,000
300,000
150,000

CHF
NOK
CHF
CHF

JP Morgan
Royal Bank of Scotland
Royal Bank of Scotland
Citibank

Counterparty

to Sell
to Sell
to Sell
to Sell

798
810
1,200,000
476,000,000

EUR
EUR
USD
JPY

BNY Mellon
BNY Mellon
BNY Mellon
BNY Mellon

Total unrealised gain on open forward foreign exchange contracts

Buy
Buy
Buy
Buy

2,126,152
6,274,995
2,300,000
77,863

EUR
JPY
CAD
USD

to Sell
to Sell
to Sell
to Sell

1,800,000
62,361
1,732,632
59,010

Total unrealised loss on open forward foreign exchange contracts

Total net unrealised gain on open forward foreign exchange contracts

140

Invesco Funds

Maturity Date
10/04/2012
30/03/2012
30/03/2012
12/04/2012
26/03/2012
11/04/2012
23/03/2012
11/04/2012
26/03/2012

(1,842)
(736)
(400)
(131)

12/04/2012
11/04/2012
23/03/2012
26/03/2012

267,444

Invesco Global Absolute Return Fund

Details of Forward Foreign Exchange Contracts
USD
JPY
EUR
EUR

07/03/2012

(3,109)

Total net unrealised gain on open forward foreign exchange contracts

1,073
88,160
902,344
4,458,640

07/03/2012

270,553

Total unrealised loss on open forward foreign exchange contracts

Buy
Buy
Buy
Buy

Maturity Date

292,087

Total unrealised loss on open forward foreign exchange contracts

Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy

14/03/2012
14/03/2012
14/03/2012
14/03/2012
14/03/2012

(152,341)

Total net unrealised gain on open forward foreign exchange contracts

13,047,869

14/03/2012
14/03/2012
14/03/2012
14/03/2012
14/03/2012

443,875

Total unrealised loss on open forward foreign exchange contracts

Buy

Maturity Date

Unrealised
Gain/(Loss)
EUR

5
9,786
55,106

Maturity Date
07/03/2012
07/03/2012
30/03/2012
30/03/2012

64,897
GBP
EUR
EUR
EUR

BNY Mellon
BNY Mellon
BNY Mellon
BNY Mellon

(7,901)
(4,316)
(3,646)
(1,091)
(16,954)
47,943

30/03/2012
07/03/2012
30/03/2012
07/03/2012

Notes to the Financial Statements (continued)

7.

Forward Foreign Exchange Contracts (continued)

Invesco Balanced-Risk Allocation Fund

Details of Forward Foreign Exchange Contracts
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy

17,454
302,309
350,000
1,800,000
16,604,000
327,354
4,651,000
409,000,001
3,530,000
1,430,512
5,697,357
10,960,543
10,149,102
13,805,416
13,091,190
318,201,893

GBP
USD
CAD
USD
HKD
EUR
AUD
JPY
GBP
EUR
EUR
EUR
EUR
EUR
EUR
EUR

Unrealised
Gain/(Loss)
EUR
BNY Mellon
107
BNY Mellon
144
BNY Mellon
1,188
BNY Mellon
1,539
BNY Mellon
1,543
BNY Mellon
4,653
BNY Mellon
5,164
BNY Mellon
10,159
BNY Mellon
16,191
BNY Mellon
17,422
BNY Mellon
52,728
BNY Mellon
115,403
BNY Mellon
230,378
Royal Bank of Scotland 426,783
BNY Mellon
642,902
BNY Mellon
4,323,946

Counterparty

to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell

20,591
224,729
262,027
1,337,365
1,591,101
433,823
3,737,802
3,773,262
4,169,611
1,879,000
7,014,000
9,146,000
103,407,000
17,986,000
1,345,699,999
421,972,000

EUR
EUR
EUR
EUR
EUR
USD
EUR
EUR
EUR
CAD
AUD
GBP
HKD
USD
JPY
USD

Total unrealised gain on open forward foreign exchange contracts

Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy

1,093,000,002
47,584,427
19,826,000
28,776,190
85,805,000
6,746,087
4,931,000
1,382,892
1,990,890
625,815
891,367
1,521,743
119,000

JPY
USD
USD
USD
HKD
EUR
GBP
GBP
EUR
EUR
EUR
EUR
CAD

to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell
to Sell

10,676,113
35,824,542
15,052,310
21,707,894
8,440,681
5,752,000
5,901,654
1,660,701
2,489,000
839,000
96,700,000
15,887,000
90,247

EUR
EUR
EUR
EUR
EUR
GBP
EUR
EUR
AUD
CAD
JPY
HKD
EUR

BNY Mellon
BNY Mellon
Citibank
BNY Mellon
BNY Mellon
BNY Mellon
BNY Mellon
BNY Mellon
BNY Mellon
BNY Mellon
BNY Mellon
BNY Mellon
BNY Mellon

(565,405)
(428,752)
(305,019)
(303,129)
(210,328)
(74,518)
(54,574)
(20,776)
(12,173)
(5,150)
(3,148)
(2,127)
(753)

14/03/2012
07/03/2012
14/03/2012
14/03/2012
14/03/2012
14/03/2012
14/03/2012
07/03/2012
14/03/2012
14/03/2012
14/03/2012
14/03/2012
14/03/2012

(1,985,852)

Total net unrealised gain on open forward foreign exchange contracts

3,864,398

Number of Contracts

Invesco Global Structured Equity Fund

S&P 500 Emini Future 16/03/2012
Nikkei 225 Future 08/03/2012
Euro Stoxx 50 Future 16/03/2012
FTSE 100 Index Future 16/03/2012

07/03/2012
07/03/2012
14/03/2012
14/03/2012
14/03/2012
07/03/2012
14/03/2012
14/03/2012
14/03/2012
14/03/2012
14/03/2012
14/03/2012
14/03/2012
14/03/2012
14/03/2012
14/03/2012

5,850,250

Total unrealised loss on open forward foreign exchange contracts

8. Futures contracts
Description

Maturity Date

22
11
15
4

Commitment in
sub-fund Base Ccy
USD
1,510,712
668,009
510,675
376,940

Long/Short

Long
Long
Long
Long

Unrealised
Gain/(Loss) in
sub-fund Base Ccy
USD
15,137
10,783
2,329
1,246

Total unrealised gain on futures contracts

29,495

Total unrealised gain on futures contracts

29,495

Invesco Emerging Market Quantitative Equity Fund

E-Mini MSCI Emerging Future 16/03/2012

21

USD
1,139,723

Long

USD
33,013

Total unrealised gain on futures contracts

33,013

Total unrealised gain on futures contracts

33,013

Invesco US Structured Equity Fund

S&P 500 Emini Future 16/03/2012

12

USD
824,025

Long

USD
17,325

Total unrealised gain on futures contracts

17,325

Total unrealised gain on futures contracts

17,325

Invesco Pan European Structured Equity Fund

Euro Stoxx 50 Future 16/03/2012
FTSE 100 Index Future 16/03/2012

138
36

EUR
3,494,850
2,523,547

Long
Long

EUR
15,870
10,048

Total unrealised gain on futures contracts

25,918

Total unrealised gain on futures contracts

25,918

141

Invesco Funds

Notes to the Financial Statements (continued)

8. Futures contracts (continued)
Description

Number of Contracts

Invesco Global Bond Fund

US Long Bond (CBT) Future 20/06/2012

(40)

Commitment in
sub-fund Base Ccy
USD
(5,693,750)

Long/Short

Short

Total unrealised gain on futures contracts

Unrealised
Gain/(Loss) in
sub-fund Base Ccy
USD
7,500
7,500

Euro Bond Future 08/03/2012

Long Gilt Future 27/06/2012

(60)
(20)

(11,290,298)
(3,678,209)

Short
Short

(215,448)
(22,598)

Total unrealised loss on futures contracts

(238,046)

Total net unrealised loss on futures contracts

(230,546)

Invesco European Bond Fund

Euro Bond Future 08/03/2012

75

EUR
10,498,125

Long

Total unrealised gain on futures contracts

EUR
152,645
152,645

Long Gilt Future 27/06/2012

Euro Buxl 30 Year Bond 08/03/2012

(120)
(14)

(16,416,631)
(1,790,600)

Short
Short

Total unrealised loss on futures contracts

(148,360)
(70,384)
(218,744)

Total net unrealised loss on futures contracts

(66,099)

Invesco Absolute Return Bond Fund

Euro Bond Future 08/03/2012

EUR
699,875

Long

Total unrealised gain on futures contracts

EUR
4,425
4,425

Euro-Btp Future 08/03/2012

10 Year Mini JGB Future 08/03/2012
Euro-Bobl Future 08/03/2012
Long Gilt Future 27/06/2012
Canada 10 Year Bond Future 20/06/2012
US 5 Year Note (CBT) Future 29/06/2012
US Long Bond (CBT) Future 20/06/2012

(7)
(23)
(7)
(5)
(9)
(15)
(4)

(739,305)
(3,037,472)
(879,515)
(684,026)
(898,423)
(1,376,753)
(423,540)

Short
Short
Short
Short
Short
Short
Short

(25,696)
(25,125)
(17,325)
(6,429)
(5,574)
(1,526)
(279)

Total unrealised loss on futures contracts

(81,954)

Total net unrealised loss on futures contracts

(77,529)

Invesco Euro Inflation-Linked Bond Fund

Euro Bond Future 08/03/2012

(7)

EUR
(979,825)

Short

EUR
(37,455)

Total unrealised loss on futures contracts

(37,455)

Total unrealised loss on futures contracts

(37,455)

Invesco Euro Corporate Bond Fund

Euro Bond Future 08/03/2012

(3,890)

EUR
(544,502,750)

Short

EUR
(13,722,574)

Total unrealised loss on futures contracts

(13,722,574)

Total unrealised loss on futures contracts

(13,722,574)

Invesco UK Investment Grade Bond Fund

Euro-Bobl Future 08/03/2012
Euro Bond Future 08/03/2012
Euro-Schatz Future 08/03/2012
US 10 Year Note Future 20/06/2012
US 5 Year Note (CBT) Future 29/06/2012
US Long Bond (CBT) Future 20/06/2012

(52)
(4)
(13)
(35)
(8)
(3)

GBP
(5,509,119)
(472,111)
(1,210,252)
(2,883,588)
(619,139)
(267,849)

Short
Short
Short
Short
Short
Short

GBP
(108,584)
(16,848)
(4,516)
(3,280)
(689)
(180)

Total unrealised loss on futures contracts

(134,097)

Total unrealised loss on futures contracts

(134,097)

Invesco Global Investment Grade Corporate Bond Fund

US 5 Year Note (CBT) Future 29/06/2012
US Long Bond (CBT) Future 20/06/2012
10 Year Mini JGB Future 08/03/2012
US 10 Year Note Future 20/06/2012
Canada 10 Year Bond Future 20/06/2012
US 2 Year Note (CBT) Future 30/03/2012
Total unrealised gain on futures contracts

142

76
12
2
(68)
3
(6)

USD
9,377,391
1,708,125
355,073
(8,931,906)
402,590
(1,322,859)

Long
Long
Long
Short
Long
Short

USD
20,493
9,281
2,908
2,501
1,626
587
37,396

Invesco Funds

Notes to the Financial Statements (continued)

8. Futures contracts (continued)
Description

Number of Contracts

Invesco Global Investment Grade Corporate Bond Fund (continued)

Long Gilt Future 27/06/2012
US Ultra Bond (CBT) Future 21/03/2012
Euro-Bobl Future 08/03/2012
US 2 Year Note (CBT) Future 29/06/2012

(4)
(1)
(1)
(7)

Commitment in
sub-fund Base Ccy
USD
(735,642)
(157,141)
(168,907)
(1,542,133)

Long/Short

Short
Short
Short
Short

Total unrealised loss on futures contracts

Unrealised
Gain/(Loss) in
sub-fund Base Ccy
USD
(6,946)
(2,328)
(1,896)
(711)
(11,881)

Total net unrealised gain on futures contracts

25,515

Invesco Global Unconstrained Bond Fund

Euro Bond Future 08/03/2012
Long Gilt Future 27/06/2012

(2)
(3)

GBP
(236,055)
(346,065)

Short
Short

GBP
(4,702)
(2,142)

Total unrealised loss on futures contracts

(6,844)

Total unrealised loss on futures contracts

(6,844)

Invesco Global Total Return (EUR) Bond Fund

Euro Bond Future 08/03/2012

(20)

EUR
(2,799,500)

Short

EUR
(26,156)

Total unrealised loss on futures contracts

(26,156)

Total unrealised loss on futures contracts

(26,156)

Invesco Euro Short Term Bond Fund

Euro-Schatz Future 08/03/2012

31

EUR
3,422,633

Long

Total unrealised gain on futures contracts

EUR
9,633
9,633

Euro-Bobl Future 08/03/2012

Long Gilt Future 27/06/2012
US 10 Year Note Future 20/06/2012
US 5 Year Note (CBT) Future 29/06/2012

(15)
(7)
(8)
(1)

(1,884,675)
(957,637)
(781,666)
(91,784)

Short
Short
Short
Short

(32,086)
(9,069)
(883)
(102)

Total unrealised loss on futures contracts

(42,140)

Total net unrealised loss on futures contracts

(32,507)

Invesco Capital Shield 90 (EUR) Fund

S&P 500 Future 15/03/2012
Nikkei 225 Future 08/03/2012
Euro Stoxx 50 Future 16/03/2012
FTSE 100 Index Future 16/03/2012
US 10 Year Note Future 20/06/2012

69
136
273
98
211

EUR
17,622,465
6,143,624
6,913,725
6,869,657
20,616,457

Long
Long
Long
Long
Long

Total unrealised gain on futures contracts

EUR
1,386,925
713,316
456,905
320,495
2,452
2,880,093

10 Year Mini JGB Future 08/03/2012

93

12,281,953

Long

Total unrealised loss on futures contracts

(1,331)
(1,331)

Total net unrealised gain on futures contracts

2,878,762

Invesco Pan European High Income Fund

Euro Stoxx 50 Future 16/03/2012

(100)

EUR
(2,532,500)

Short

EUR
(71,500)

Total unrealised loss on futures contracts

(71,500)

Total unrealised loss on futures contracts

(71,500)

Invesco Global Absolute Return Fund

S&P 500 Emini Future 16/03/2012
Euro Stoxx 50 Future 16/03/2012
Nikkei 225 Future 08/03/2012
FTSE 100 Index Future 16/03/2012
US 10 Year Note Future 20/06/2012

72
110
24
20
45

EUR
3,677,799
2,785,750
1,084,169
1,401,971
4,396,874

Long
Long
Long
Long
Long

Total unrealised gain on futures contracts

EUR
260,889
182,230
96,228
59,411
523
599,281

Euro Bond Future 08/03/2012

10 Year Mini JGB Future 08/03/2012

(26)
(20)

(3,639,350)
(2,641,280)

Short
Short

(39,361)
(2,593)

Total unrealised loss on futures contracts

(41,954)

Total net unrealised gain on futures contracts

557,327

143

Invesco Funds

Notes to the Financial Statements (continued)

8. Futures contracts (continued)
Description

Number of Contracts

Invesco Balanced-Risk Allocation Fund

Topix Index Future 08/03/2012
Euro Stoxx 50 Future 16/03/2012
S&P 500 Emini Future 16/03/2012
Russell 2000 Mini Future 16/03/2012
FTSE 100 Index Future 16/03/2012
Long Gilt Future 27/06/2012
US Long Bond (CBT) Future 20/06/2012
Canada 10 Year Bond Future 20/06/2012
Euro Bond Future 08/03/2012
Japan 10 Year Bond 09/03/2012
Hang Seng Index Future 29/03/2012

EUR
855
2,560
1,307
878
910
1,802
1,290
1,045
513
120
329

Commitment in
sub-fund Base Ccy

Long/Short

EUR
Long
Long
Long
Long
Long
Long
Long
Long
Long
Long
Long

66,313,428
64,832,000
66,762,265
53,891,932
63,789,671
246,523,083
136,591,743
104,316,844
71,807,175
158,465,706
34,163,829

Total unrealised gain on futures contracts

Unrealised
Gain/(Loss) in
sub-fund Base Ccy
6,675,551
4,755,109
4,423,418
3,698,163
3,522,969
1,164,966
747,105
723,420
713,662
704,518
369,816
27,498,697

Australia 10 Year Bond Future 15/03/2012

1,820

170,280,213

Long

(1,558,523)

Total unrealised loss on futures contracts

(1,558,523)

Total net unrealised gain on futures contracts

25,940,174

9. Credit Default Swaps

Purchase/Sale
of protection Denomination

Deal
Spread

Expiry
Date

Nominal
Value

Currency

Counterparty

Invesco Euro Corporate Bond Fund

Sale
French Republic
Sale
Telefonica
Sale
Telefonica

Credit Suisse
JP Morgan
Deutsche Bank

0.25%
1.00%
1.00%

20/06/2016
20/09/2016
20/09/2016

50,000,000
15,000,000
10,000,000

USD
EUR
EUR

Unrealised
Loss
in sub-fund
Base Ccy
EUR
(2,097,733)
(1,010,376)
(673,584)

Total unrealised loss on credit default swaps

(3,781,693)

Total unrealised loss on credit default swaps

(3,781,693)

Purchase/Sale
of protection Denomination

Deal
Spread

Expiry
Date

Nominal
Value

Currency

Counterparty

Invesco Global Unconstrained Bond Fund

Sale
French Republic
Sale
French Republic
Sale
Markit Itraxx Europe Hi Vol
Sale
Markit Itraxx Europe Crossover
Sale
Markit Itraxx Europe Crossover

Credit Suisse
JP Morgan
Credit Suisse
Credit Suisse
Deutsche Bank

0.25%
0.25%
1.00%
5.00%
5.00%

20/09/2016
20/06/2016
20/12/2015
20/12/2016
20/12/2016

1,000,000
1,000,000
500,000
500,000
250,000

USD
USD
EUR
EUR
EUR

Unrealised
Loss
in sub-fund
Base Ccy
GBP
(38,506)
(35,376)
(18,629)
(9,686)
(4,843)

Total unrealised loss on credit default swaps

(107,040)

Total unrealised loss on credit default swaps

(107,040)

Purchase/Sale
of protection Denomination

Deal
Spread

Expiry
Date

Nominal
Value

Currency

Counterparty

Invesco Pan European High Income Fund

Sale
British Energy
Sale
Alliance & Leicester

Deutsche Bank
Credit Suisse

4.55%
3.70%

20/03/2013
20/06/2013

300,000
100,000

EUR
EUR

Unrealised
Gain
in sub-fund
Base Ccy
EUR
13,478
3,063

Total unrealised gain on credit default swaps

16,541

Total unrealised gain on credit default swaps

16,541

144

Invesco Funds

Notes to the Financial Statements (continued)

10.

Interest Rate Swaps

Denomination

Counterparty

Invesco Absolute Return Bond Fund

JPM IRS - Pay fixed 7.55% / Receive float HU 6 mth Libor

JP Morgan

Expiry
Date

Nominal
value

16/05/2014

820,000,000

Currency

Total unrealised loss on interest rate swaps

Total unrealised loss on interest rate swaps
11.

HUF

Unrealised
Loss
in sub-fund
Base Ccy
EUR
(29,953)

EUR

(29,953)
(29,953)

Equity Swaps

The counterparty for the below Equity Swaps is Morgan Stanley.

Underlying
equities

Quantity of
underlying
shares
Invesco Global Absolute Return Fund
Acme Packet Inc
(10,700)
Activision Blizzard Inc
28,800
Aetna Inc
12,600
Aflac Inc
1,700
AltaGas Ltd
4,300
American Capital Ltd
8,300
Amgen Inc
8,900
Anadarko Petroleum Corp
1,100
Andritz AG
1,804
Asahi Glass Co Ltd
26,000
Assurant Inc
1,100
Atco Ltd
3,500
Beach Energy Ltd
69,214
Best Buy Co Inc
2,800
BioMarin Pharmaceutical Inc
(1,700)
Bombardier Inc
10,300
Brinker International Inc
1,800
Brocade Communications Systems Inc
39,200
Brother Industries Ltd
5,400
Bucher Industries AG
1,069
CA Inc
2,500
CACI International Inc
1,500
Calpine Corp
(32,700)
Caltex Australia Ltd
2,502
Canon Inc
8,600
Capcom Co Ltd
9,600
Cardinal Health Inc
4,300
CarMax Inc
(13,000)
Central Japan Railway Co
9
Chicos FAS Inc
7,700
Chorus Ltd
28,870
Cobalt International Energy Inc
5,300
Constellation Brands Inc
3,800
CSR Ltd
(49,048)
Dell Inc
33,100
Dendreon Corp
(13,900)
Dillards Inc
1,500
Discover Financial Services
12,800
Domtar Corp
6,200
Enbridge Inc
1,400
European Aeronautic Defence and
Space Co NV
16,309
Ferrexpo Plc
15,559
Fluor Corp
1,600
Foot Locker Inc
8,500
Forest Laboratories Inc
17,600
Fresnillo Plc
1,241
Frontier Communications Corp
(71,800)
Fujitsu Ltd
68,000
GAM Holding AG
8,828
Garmin Ltd
2,900
Geo Group Inc
(3,400)
Getinge AB
1,757
Gibson Energy Inc
2,900
145

Invesco Funds

Currency

Commitment
in Local Ccy

Commitment
as % of NAV
of the sub-fund

USD
USD
USD
USD
CAD
USD
USD
USD
EUR
JPY
USD
CAD
AUD
USD
USD
CAD
USD
USD
JPY
CHF
USD
USD
USD
AUD
JPY
JPY
USD
USD
JPY
USD
NZD
USD
USD
AUD
USD
USD
USD
USD
USD
CAD

(257,208)
258,259
437,192
59,321
98,634
55,413
451,216
70,300
135,165
175,441
34,755
176,484
87,460
53,185
(45,259)
37,466
37,056
171,313
52,496
173,085
50,741
66,463
(369,854)
27,703
292,738
160,103
134,679
(300,504)
55,443
87,148
59,263
119,005
61,241
(75,817)
432,979
(114,823)
67,846
289,121
441,828
40,739

(0.65%)
0.65%
1.10%
0.15%
0.25%
0.14%
1.13%
0.18%
0.34%
0.44%
0.09%
0.44%
0.22%
0.13%
(0.11%)
0.09%
0.09%
0.43%
0.13%
0.43%
0.13%
0.17%
(0.93%)
0.07%
0.74%
0.40%
0.34%
(0.76%)
0.14%
0.22%
0.15%
0.30%
0.15%
(0.19%)
1.09%
(0.29%)
0.17%
0.73%
1.11%
0.10%

Unrealised
Gain/(Loss) in
sub-fund Base Ccy
EUR
8,544
1,656
19,011
4,222
2,061
10,035
642
5,612
13,431
27,151
3,557
18,999
3,953
2,295
86
3,696
1,110
13,810
5,540
15,996
10,816
1,856
5,164
4,054
33,451
15,212
1,106
13,644
1,944
24,673
2,428
41,205
2,945
1,730
34,244
26,296
17,325
32,788
43,777
2,753

EUR
GBP
USD
USD
USD
GBP
USD
JPY
CHF
USD
USD
SEK
CAD

444,746
60,837
73,804
183,490
428,308
28,744
(246,486)
277,068
86,245
103,104
(44,273)
37,779
46,427

1.12%
0.15%
0.19%
0.46%
1.08%
0.07%
(0.62%)
0.70%
0.22%
0.26%
(0.11%)
0.09%
0.12%

26,013
1,990
8,946
28,080
8,551
3,607
26,063
28,479
9,307
13,056
3,367
2,916
3,683

Notes to the Financial Statements (continued)

11.

Equity Swaps (continued)

Underlying
equities

Quantity of
underlying
shares
Invesco Global Absolute Return Fund (continued)
GrafTech International Ltd
(17,700)
Hawaiian Electric Industries Inc
(7,700)
Health Net Inc
2,600
HMS Holdings Corp
(5,200)
Human Genome Sciences Inc
(9,600)
IAC/InterActiveCorp
13,400
Ibiden Co Ltd
7,900
IHI Corp
62,000
Iluka Resources Ltd
12,116
Interpublic Group of Cos Inc
18,400
IPG Photonics Corp
(1,100)
ITT Educational Services Inc
5,300
Johnson Controls Inc
(1,800)
Kabel Deutschland Holding AG
9,452
Kakaku.com Inc
(6,900)
KBR Inc
6,200
KeyCorp
23,500
Koito Manufacturing Co Ltd
4,000
Konica Minolta Holdings Inc
10,500
Ladbrokes Plc
18,439
Lear Corp
4,000
Level 3 Communications Inc
2,120
LSI Corp
74,500
Major Drilling Group International
3,500
Marathon Oil Corp
18,600
Marathon Petroleum Corp
6,300
Mediaset SpA
9,839
Mitsubishi Electric Corp
6,000
Motorola Solutions Inc
12,100
Myriad Genetics Inc
3,100
National Oilwell Varco Inc
1,000
NEC Corp
(158,000)
Newfield Exploration Co
(1,000)
Next Plc
3,232
NHK Spring Co Ltd
15,700
Niko Resources Ltd
(1,200)
Nikon Corp
6,000
Nomura Real Estate Holdings Inc
14,700
NSK Ltd
19,000
NTN Corp
77,000
OC Oerlikon Corp AG
16,690
Oesterreichische Post AG
9,669
PartnerRe Ltd
(3,500)
Polypore International Inc
(1,300)
PPG Industries Inc
500
ProSafe SE
66,684
QIAGEN NV
(20,373)
QinetiQ Group Plc
212,410
Rakuten Inc
(316)
Regions Financial Corp
28,700
Rightmove Plc
7,782
Royal Dutch Shell Plc
1,748
Sankyu Inc
83,000
Sawai Pharmaceutical Co Ltd
(3,000)
SEACOR Holdings Inc
2,400
Seagate Technology Plc
12,100
SembCorp Industries Ltd
32,000
Shionogi & Co Ltd
18,400
Solvay SA
1,345
Spectris Plc
1,843
Sprint Nextel Corp
35,000
SVB Financial Group
1,300
Swedish Match AB
7,522
T&D Holdings Inc
34,300
Taisei Corp
13,000
Takeda Pharmaceutical Co Ltd
5,500
Tate & Lyle Plc
14,609
Tech Data Corp
11,200
146

Invesco Funds

Currency

USD
USD
USD
USD
USD
USD
JPY
JPY
AUD
USD
USD
USD
USD
EUR
JPY
USD
USD
JPY
JPY
GBP
USD
USD
USD
CAD
USD
USD
EUR
JPY
USD
USD
USD
JPY
USD
GBP
JPY
CAD
JPY
JPY
JPY
JPY
CHF
EUR
USD
USD
USD
NOK
EUR
GBP
JPY
USD
GBP
GBP
JPY
JPY
USD
USD
SGD
JPY
EUR
GBP
USD
USD
SEK
JPY
JPY
JPY
GBP
USD

Commitment
in Local Ccy

(168,860)
(143,739)
74,103
(124,901)
(57,165)
455,780
142,895
118,138
163,844
160,619
(43,380)
269,135
(44,407)
419,881
(151,390)
170,805
144,480
51,466
66,626
32,649
136,202
38,045
476,320
47,462
485,296
195,258
22,157
40,375
451,211
56,405
62,898
(231,643)
(26,813)
106,021
121,696
(42,151)
122,125
191,381
112,741
251,775
94,578
235,779
(166,301)
(39,948)
34,562
438,163
(236,429)
378,869
(235,881)
124,785
132,160
48,582
242,604
(220,053)
176,797
243,877
101,128
191,471
123,484
38,130
66,781
58,675
214,950
300,929
25,913
186,707
122,102
449,725

Commitment
as % of NAV
of the sub-fund
(0.42%)
(0.36%)
0.19%
(0.31%)
(0.14%)
1.15%
0.36%
0.30%
0.41%
0.40%
(0.11%)
0.68%
(0.11%)
1.05%
(0.38%)
0.43%
0.36%
0.13%
0.17%
0.08%
0.34%
0.10%
1.20%
0.12%
1.22%
0.49%
0.06%
0.10%
1.13%
0.14%
0.16%
(0.58%)
(0.07%)
0.27%
0.31%
(0.11%)
0.31%
0.48%
0.28%
0.63%
0.24%
0.59%
(0.42%)
(0.10%)
0.09%
1.10%
(0.59%)
0.95%
(0.59%)
0.31%
0.33%
0.12%
0.61%
(0.55%)
0.44%
0.61%
0.25%
0.48%
0.31%
0.10%
0.17%
0.15%
0.54%
0.76%
0.07%
0.47%
0.31%
1.13%

Unrealised
Gain/(Loss) in
sub-fund Base Ccy
EUR
36,462
3,731
6,156
4,181
3,484
38,869
38,017
10,328
8,022
14,412
1,117
12,348
2,420
27,860
17,122
25,506
1,260
11,018
15,698
3,392
13,526
10,002
105,167
5,150
56,783
39,623
689
622
29,136
8,313
8,016
882
1,824
6,170
25,927
689
30,242
46,883
28,292
45,593
14,648
5,025
2,886
6,619
1,849
31,165
7,131
37,116
4,535
23,016
8,122
105
31,460
2,462
20,064
70,631
17,151
33,834
32,065
6,131
9,337
6,318
9,987
78,523
1,236
26,583
1,333
24,682

Notes to the Financial Statements (continued)

11.

Equity Swaps (continued)

Underlying
equities

Quantity of
underlying
shares
Invesco Global Absolute Return Fund (continued)
Telecom Corp of New Zealand Ltd
144,350
Telefonica SA
(8,854)
Telephone & Data Systems Inc
19,022
Teradyne Inc
9,700
Tesoro Corp
14,100
Textron Inc
21,400
TGS Nopec Geophysical Co ASA
15,376
Tim Hortons Inc
800
Tohoku Electric Power Co Inc
62,800
Tokio Marine Holdings Inc
22,300
Torchmark Corp
12,000
Tosoh Corp
70,000
Toyo Suisan Kaisha Ltd
3,000
Tullow Oil Plc
(2,643)
UOL Group Ltd
12,000
URS Corp
1,400
USS Co Ltd
360
Valero Energy Corp
15,700
Vallourec SA
(1,099)
Viasat Inc
(11,800)
Vodafone Group Plc
(46,762)
Voestalpine AG
958
Washington Post Co
500
WellCare Health Plans Inc
2,700
WH Smith Plc
74,802
World Fuel Services Corp
(6,900)
Yamatake Corp
4,400
Yamato Holdings Co Ltd
7,400

Currency

NZD
EUR
USD
USD
USD
USD
NOK
CAD
JPY
JPY
USD
JPY
JPY
GBP
SGD
USD
JPY
USD
EUR
USD
GBP
EUR
USD
USD
GBP
USD
JPY
JPY

Commitment
in Local Ccy

193,990
(114,106)
376,740
121,185
282,194
442,781
334,397
31,877
554,747
462,562
435,029
154,425
57,871
(47,236)
33,618
46,228
26,506
289,341
(58,406)
(404,343)
(94,388)
26,237
145,194
136,765
474,163
(215,907)
75,924
87,751

Commitment
as % of NAV
of the sub-fund
0.49%
(0.29%)
0.95%
0.30%
0.71%
1.11%
0.84%
0.08%
1.39%
1.16%
1.09%
0.39%
0.15%
(0.12%)
0.08%
0.12%
0.07%
0.73%
(0.15%)
(1.02%)
(0.24%)
0.07%
0.36%
0.34%
1.19%
(0.54%)
0.19%
0.22%

Total unrealised gain on equity swaps

Actelion Ltd
Advantest Corp
Aegis Group Plc
African Minerals Ltd
Alpha Natural Resources Inc
Alstom SA
Amazon.com Inc
Amphenol Corp
Aon Corp
Apollo Group Inc
Asics Corp
Atmel Corp
Aveva Group Plc
Avnet Inc
Berkshire Hathaway Inc
Biogen Idec Inc
Britvic Plc
BTG Plc
Canadian Pacific Railway Ltd
Carnival Corp
Cavium Inc
CenturyLink Inc
Chemring Group Plc
Chiyoda Corp
Chugai Pharmaceutical Co Ltd
Chugoku Bank Ltd
Cisco Systems Inc
Close Brothers Group Plc
COMSYS Holdings Corp
Concho Resources Inc
Concur Technologies Inc
Cosmo Oil Co Ltd
CVR Energy Inc
CyberAgent Inc
Daiwa Securities Group Inc
Darden Restaurants Inc
DreamWorks Animation SKG Inc

Unrealised
Gain/(Loss) in
sub-fund Base Ccy
EUR
14,248
4,538
13,368
12,152
35,572
28,561
39,339
2,556
99,084
120,328
41,961
21,997
5,932
61
4,195
6,080
2,942
33,419
1,368
5,699
3,129
2,776
815
19,992
9,707
5,608
10,613
3,642
2,451,504

(6,946)
(14,200)
(127,422)
(7,690)
(8,200)
(1,808)
(1,000)
(5,400)
(12,500)
11,400
(39,600)
(8,400)
(5,909)
(12,100)
(2,500)
2,400
(35,339)
(41,722)
(3,700)
(3,600)
(15,400)
(3,700)
(8,587)
(21,000)
(3,400)
(7,000)
22,200
(5,579)
(39,100)
(3,000)
(1,500)
(108,000)
3,700
(42)
(29,000)
(4,100)
(2,600)

147

Invesco Funds

CHF
JPY
GBP
GBP
USD
EUR
USD
USD
USD
USD
JPY
USD
GBP
USD
USD
USD
GBP
GBP
CAD
USD
USD
USD
GBP
JPY
JPY
JPY
USD
GBP
JPY
USD
USD
JPY
USD
JPY
JPY
USD
USD

(199,082)
(150,458)
(261,960)
(53,762)
(117,206)
(58,837)
(136,641)
(226,954)
(435,489)
364,941
(350,358)
(65,515)
(120,534)
(320,654)
(147,807)
208,245
(158,148)
(174,245)
(208,559)
(80,378)
(419,446)
(111,207)
(44,768)
(202,113)
(41,843)
(70,026)
333,663
(48,796)
(319,352)
(244,450)
(66,558)
(236,258)
76,253
(90,499)
(90,398)
(155,711)
(37,985)

(0.50%)
(0.38%)
(0.66%)
(0.14%)
(0.29%)
(0.15%)
(0.34%)
(0.57%)
(1.09%)
0.92%
(0.88%)
(0.16%)
(0.30%)
(0.81%)
(0.37%)
0.52%
(0.40%)
(0.44%)
(0.52%)
(0.20%)
(1.05%)
(0.28%)
(0.11%)
(0.51%)
(0.11%)
(0.18%)
0.84%
(0.12%)
(0.80%)
(0.61%)
(0.17%)
(0.59%)
0.19%
(0.23%)
(0.23%)
(0.39%)
(0.10%)

(3,197)
(28,362)
(36,865)
(11,656)
(46)
(14,794)
(1,538)
(34,306)
(1,378)
(117,829)
(69,924)
(12,615)
(13,109)
(40,119)
(2,899)
(385)
(18,134)
(15,543)
(13,786)
(1,308)
(52,657)
(9,602)
(353)
(43,111)
(4,263)
(1,773)
(1,378)
(2,257)
(26,367)
(20,002)
(10,886)
(28,111)
(617)
(2,760)
(27,525)
(19,216)
(4,904)

Notes to the Financial Statements (continued)

11.

Equity Swaps (continued)

Underlying
equities

Quantity of
underlying
shares
Invesco Global Absolute Return Fund (continued)
Edwards Lifesciences Corp
(8,200)
Eli Lilly & Co
1,245
Entergy Corp
2,000
Equinix Inc
(1,735)
Etablissements Maurel et Prom
(7,730)
FANUC Corp
(600)
Fidelity National Information Services Inc (15,600)
Fletcher Building Ltd
(54,909)
FLIR Systems Inc
(10,900)
Galp Energia SGPS SA
(9,497)
Green Mountain Coffee Roasters Inc
(1,200)
Hess Corp
(1,700)
Hexagon AB
(7,572)
Hitachi Chemical Co Ltd
(2,300)
Hospira Inc
(13,000)
Hudson City Bancorp Inc
(9,800)
Humana Inc
1,100
Iberiabank Corp
(1,700)
IMMOFINANZ AG
(47,285)
International Power Plc
(23,141)
Jean Coutu Group PJC Inc
13,500
JS Group Corp
(11,500)
Just Energy Group Inc
(16,000)
JX Holdings Inc
(17,400)
Kao Corp
13,300
Keikyu Corp
(31,000)
Keyence Corp
(900)
Kinder Morgan Management LLC
(6,292)
Kloeckner & Co SE
(11,879)
Komatsu Ltd
(2,700)
Lennox International Inc
(7,100)
Li & Fung Ltd
(30,000)
Logica Plc
(63,283)
Magellan Health Services Inc
900
Markel Corp
(100)
Mazda Motor Corp
(110,000)
MEG Energy Corp
(1,100)
Metro Inc
2,100
MSCI Inc
(7,500)
National Instruments Corp
(22,400)
Netflix Inc
(1,000)
New York Community Bancorp Inc
(11,300)
Nippon Paint Co Ltd
(32,000)
Noble Corp
(9,100)
Noble Group Ltd
(39,000)
Obayashi Corp
(59,000)
Olam International Ltd
(30,000)
Old Republic International Corp
(58,300)
Orkla ASA
(41,529)
Panalpina Welttransport Holding AG
(1,320)
Pernod-Ricard SA
(921)
Petrominerales Ltd
1,700
Rackspace Hosting Inc
(1,300)
Randgold Resources Ltd
(848)
Renault SA
(2,821)
Rock-Tenn Co
(1,400)
Rowan Cos Inc
(7,400)
Royal Caribbean Cruises Ltd
(6,600)
Saab AB
12,149
Salesforce.com Inc
(1,000)
Sapient Corp
(9,600)
SBA Communications Corp
(900)
Seadrill Ltd
(5,189)
Sega Sammy Holdings Inc
22,900
ShawCor Ltd
(10,200)
Singapore Technologies Engineering Ltd (38,000)
Skyworks Solutions Inc
(6,800)

148

Invesco Funds

Currency

USD
USD
USD
USD
EUR
JPY
USD
NZD
USD
EUR
USD
USD
SEK
JPY
USD
USD
USD
USD
EUR
GBP
CAD
JPY
CAD
JPY
JPY
JPY
JPY
USD
EUR
JPY
USD
HKD
GBP
USD
USD
JPY
CAD
CAD
USD
USD
USD
USD
JPY
USD
SGD
JPY
SGD
USD
NOK
CHF
EUR
CAD
USD
GBP
EUR
USD
USD
USD
SEK
USD
USD
USD
NOK
JPY
CAD
SGD
USD

Commitment
in Local Ccy

(447,476)
36,484
99,537
(179,524)
(111,022)
(81,805)
(365,363)
(225,948)
(214,907)
(123,865)
(58,856)
(83,304)
(114,880)
(31,891)
(351,950)
(51,285)
72,493
(67,826)
(126,818)
(95,217)
125,734
(180,780)
(152,028)
(82,083)
255,579
(207,316)
(177,277)
(374,387)
(140,677)
(60,463)
(204,683)
(51,423)
(65,857)
32,614
(30,455)
(136,851)
(36,391)
80,170
(196,577)
(448,892)
(84,314)
(110,073)
(188,400)
(270,057)
(33,174)
(199,740)
(42,605)
(465,984)
(259,571)
(119,594)
(71,451)
22,695
(51,016)
(74,672)
(112,544)
(72,108)
(199,405)
(137,663)
185,702
(106,660)
(89,943)
(31,877)
(161,608)
326,203
(244,174)
(71,804)
(136,018)

Commitment
as % of NAV
of the sub-fund
(1.12%)
0.09%
0.25%
(0.45%)
(0.28%)
(0.21%)
(0.92%)
(0.57%)
(0.54%)
(0.31%)
(0.15%)
(0.21%)
(0.29%)
(0.08%)
(0.88%)
(0.13%)
0.18%
(0.17%)
(0.32%)
(0.24%)
0.32%
(0.45%)
(0.38%)
(0.21%)
0.64%
(0.52%)
(0.45%)
(0.94%)
(0.35%)
(0.15%)
(0.51%)
(0.13%)
(0.17%)
0.08%
(0.08%)
(0.34%)
(0.09%)
0.20%
(0.49%)
(1.13%)
(0.21%)
(0.28%)
(0.47%)
(0.68%)
(0.08%)
(0.50%)
(0.11%)
(1.17%)
(0.65%)
(0.30%)
(0.18%)
0.06%
(0.13%)
(0.19%)
(0.28%)
(0.18%)
(0.50%)
(0.35%)
0.47%
(0.27%)
(0.23%)
(0.08%)
(0.41%)
0.82%
(0.61%)
(0.18%)
(0.34%)

Unrealised
Gain/(Loss) in
sub-fund Base Ccy
EUR
(4,682)
(613)
(1,656)
(33,676)
(12,079)
(18,506)
(34,677)
(4,943)
(7,232)
(10,281)
(13,844)
(11,083)
(15,572)
(3,882)
(42,628)
(1,279)
(5,844)
(624)
(17,921)
(4,281)
(7,983)
(7,071)
(10,450)
(10,177)
(1,154)
(8,296)
(27,111)
(18,584)
(149)
(11,688)
(3,315)
(6,006)
(10,089)
(747)
(787)
(10,302)
(2,964)
(2,343)
(16,179)
(12,405)
(14,311)
(1,023)
(27,503)
(26,251)
(7,445)
(3,880)
(1,985)
(67,985)
(9,490)
(10,073)
(3,352)
(465)
(9,672)
(2,097)
(25,460)
(2,035)
(17,874)
(5,703)
(12,167)
(30,357)
(56)
(2,086)
(13,934)
(30,417)
(25,855)
(9,176)
(44,575)

Notes to the Financial Statements (continued)

11.

Equity Swaps (continued)

Underlying
equities

Quantity of
underlying
shares
Invesco Global Absolute Return Fund (continued)
Sonova Holding AG
(736)
Spirit Aerosystems Holdings Inc
(5,200)
STERIS Corp
(1,500)
Subsea 7 SA
(2,794)
Suedzucker AG
2,676
Sumitomo Chemical Co Ltd
(90,000)
Sysmex Corp
(1,500)
Tecnicas Reunidas SA
(2,998)
TeliaSonera AB
(48,782)
THK Co Ltd
(3,100)
Thomson Reuters Corp
(13,900)
Tidewater Inc
(3,300)
Tokyo Tatemono Co Ltd
(75,000)
Toyota Motor Corp
(7,500)
UBM Plc
(9,019)
UIL Holdings Corp
(4,800)
Unicharm Corp
(11,100)
United Natural Foods Inc
(5,800)
Urban Outfitters Inc
(3,400)
Valassis Communications Inc
(3,800)
Verbund AG
(1,315)
Vertex Pharmaceuticals Inc
(4,300)
Watsco Inc
(4,000)
WellPoint Inc
500
Western Digital Corp
5,600
Whirlpool Corp
(2,500)
Wilmar International Ltd
(54,000)
WMS Industries Inc
(12,800)
Yakult Honsha Co Ltd
(1,700)
Yaskawa Electric Corp
(38,000)
YIT OYJ
(9,082)
Total unrealised loss on equity swaps

CHF
USD
USD
NOK
EUR
JPY
JPY
EUR
SEK
JPY
CAD
USD
JPY
JPY
GBP
USD
JPY
USD
USD
USD
EUR
USD
USD
USD
USD
USD
SGD
USD
JPY
JPY
EUR

Commitment
in Local Ccy

(61,889)
(92,023)
(35,655)
(50,612)
58,350
(293,450)
(40,542)
(91,154)
(269,820)
(49,306)
(299,755)
(148,305)
(229,626)
(232,401)
(62,893)
(126,095)
(431,482)
(195,811)
(73,813)
(71,614)
(27,937)
(122,380)
(213,639)
24,371
164,148
(141,660)
(164,842)
(215,139)
(39,500)
(274,340)
(149,490)

Commitment
as % of NAV
of the sub-fund
(0.16%)
(0.23%)
(0.09%)
(0.13%)
0.15%
(0.74%)
(0.10%)
(0.23%)
(0.68%)
(0.12%)
(0.75%)
(0.37%)
(0.58%)
(0.58%)
(0.16%)
(0.32%)
(1.08%)
(0.49%)
(0.19%)
(0.18%)
(0.07%)
(0.31%)
(0.54%)
0.06%
0.41%
(0.36%)
(0.41%)
(0.54%)
(0.10%)
(0.69%)
(0.38%)

Unrealised
Gain/(Loss) in
sub-fund Base Ccy
EUR
(4,327)
(5,184)
(3,537)
(5,709)
(2,703)
(66,682)
(7,293)
(5,621)
(17,627)
(6,443)
(6,141)
(24,148)
(58,769)
(24,945)
(7,861)
(4,181)
(33,040)
(15,818)
(11,401)
(15,310)
(1,072)
(5,683)
(11,653)
(2,758)
(1,449)
(49,939)
(1,449)
(18,438)
(1,700)
(62,885)
(30,243)
(2,025,914)

Total net unrealised gain on equity swaps

12.

Currency

425,590

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 December 18, 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.

149

Invesco Funds

Notes to the Financial Statements (continued)

12.

Swing Pricing Policy (continued)

The reconciliation on 29 February 2012 of MID to BID/ASK pricing is as follows:

A Dist

Accum A

Accum A
Hedg

Accum A
Hedg A Accum
(EUR)
(HKD)

Accum C
Hedg C Accum
(JPY)

C Hedg
(USD)

C Hedg
(EUR)

C Accum
Hedg E Accum
(GBP)

I Accum

R Accum

BID Pricing
Invesco Euro Inflation-Linked Bond Fund
Mid Valuation
14.77
Bid Valuation
14.72
-

15.28
15.22

14.53
14.47

15.10
15.04

10.16
10.13

Invesco Capital Shield 90 (EUR) Fund

Mid Valuation
11.59
Bid Valuation
11.58

12.04
12.02

11.09
11.08

12.12
12.10

Invesco Asia Infrastructure Fund

Mid Valuation
14.12
14.57
Bid Valuation
14.04
14.49

10.37
10.32

90.20
89.72

15.09
15.01

10.95
10.89

10.39
10.34

8.90
8.85

Invesco Asia Consumer Demand Fund

Mid Valuation
11.80
12.03
Bid Valuation
11.74
11.96

8.63
8.59

89.40
88.93

12.32
12.26

8.94
8.89

8.70
8.65

9.21
9.16

Invesco Absolute Return Bond Fund

Mid Valuation
2.80
Bid Valuation
2.80

2.92
2.92

2.42
2.41

2.75
2.75

2.93
2.92

8.75
8.77

5.85
5.86

- 1248.48
- 1249.48

11.37
11.37

15.05
15.06

10.81
10.82

Invesco Balanced-Risk Allocation Fund

Mid Valuation
14.09
14.08
18.60
Ask Valuation
14.10
14.10
18.62

14.29
14.31

18.90
18.92

12.56
12.57

13.90
13.92

11.62
11.63

Invesco Emerging Market Quantitative Equity Fund

Mid Valuation
11.97
9.44
Ask Valuation
12.02
9.48

12.09
12.14

9.53
9.57

8.02
8.06

8.83
8.87

9.14
9.18

ASK Pricing
Invesco Global Bond Fund
Mid Valuation
5.57
Ask Valuation
5.58

8.15
8.16

Invesco Global Absolute Return Fund

Mid Valuation
11.04
Ask Valuation
11.05

13. 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 Office and the Hong Kong Representative Office of the Fund.

14. Stock Lending

The Fund entered into a stock lending agreement with State Street in December 2007.
Below are the sub-funds which had securities on loan at 29 February 2012.
Subs- funds

Total Market Value of Securities

on loan at 29/2/2012
USD

Cash and Letters of Credit held as

collateral in respect of these Securities
USD

1,386,508
981,654
14,967,903
835,008

1,467,685
1,034,668
15,786,865
883,424

Invesco Nippon Small/Mid Cap Equity Fund

Invesco European Growth Equity Fund
Invesco Pan European Structured Equity Fund
Invesco Global Structured Equity Fund

Security lending income is recorded under Other Income in the Statement of Operations and Changes in Net Assets.

150

Invesco Funds

Notes to the Financial Statements (continued)

15. 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
significant assistance in fulfilling its investment responsibilities and are of demonstrable benefit 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.
16. 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 2011 until 29 February 2012, these transactions costs amount to:
Fund

Ccy

Transaction Fees

Invesco Global Structured Equity Fund

Invesco Emerging Market Quantitative Equity Fund
Invesco Global Smaller Companies Equity Fund
Invesco Global Equity Income Fund
Invesco Latin American Equity Fund
Invesco US Structured Equity Fund
Invesco US Value Equity Fund
Invesco Pan European Structured Equity Fund
Invesco Pan European Equity Fund
Invesco Pan European Small Cap Equity Fund
Invesco European Growth Equity Fund
Invesco Pan European Equity Income Fund
Invesco Emerging Europe Equity Fund
Invesco Pan European Focus Equity Fund
Invesco Nippon Small/Mid Cap Equity Fund
Invesco Nippon Select Equity Fund
Invesco Japanese Equity Advantage Fund
Invesco Japanese Value Equity Fund
Invesco Asia Opportunities Equity Fund
Invesco Greater China Equity Fund
Invesco Asia Infrastructure Fund
Invesco India Equity Fund
Invesco Asia Consumer Demand Fund
Invesco China Focus Equity Fund
Invesco Global Leisure Fund
Invesco Energy Fund
Invesco Asia Pacific Real Estate Securities Fund
Invesco Global Income Real Estate Securities Fund
Invesco Gold & Precious Metals Fund
Invesco USD Reserve Fund
Invesco Euro Reserve Fund
Invesco Global Bond Fund
Invesco European Bond Fund
Invesco Absolute Return Bond Fund
Invesco Euro Inflation-Linked Bond Fund
Invesco Euro Corporate Bond Fund
Invesco UK Investment Grade Bond Fund
Invesco Emerging Local Currencies Debt Fund
Invesco Global Investment Grade Corporate Bond Fund
Invesco Global Unconstrained Bond Fund
Invesco Global Total Return (EUR) Bond Fund
Invesco Emerging Market Corporate Bond Fund

USD
USD
USD
USD
USD
USD
USD
EUR
EUR
EUR
EUR
EUR
USD
EUR
JPY
JPY
JPY
JPY
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
EUR
USD
EUR
EUR
EUR
EUR
GBP
USD
USD
GBP
EUR
USD

23,526
32,507
78,763
127,012
18,500
242,902
47,321
182,922
1,094,073
477,749
67,550
19,581
204,674
2,068
8,945,203
3,961,191
2,177,246
7,649,400
979,070
2,261,341
4,933,215
22,154
3,123,654
7,335
59,280
557,070
19,772
23,795
62,097
1,285
2,810
3,496
7,487
5,940
2,740
55,435
4,918
5,767
8,296
1,335
2,076
5,601

151

Invesco Funds

Notes to the Financial Statements (continued)

16. Transaction Costs (continued)
Fund

Ccy

Transaction Fees

Invesco Euro Short Term Bond Fund

Invesco Asian Bond Fund
Invesco Capital Shield 90 (EUR) Fund
Invesco Asia Balanced Fund
Invesco Pan European High Income Fund
Invesco Global Absolute Return Fund
Invesco Balanced-Risk Allocation Fund

EUR
USD
EUR
USD
EUR
EUR
EUR

3,620
30,795
1,018,592
15,795
3,607
118,015

For the year ended 29 February 2012, the Fund did not pay transacton fees/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.

17. Subsequent Events

In March 2012 the Indian Union budget for 2012-2013 was published which is now enacted. The Law announces measures for the introduction of
General Anti Avoidance Rules. The rules are due to be effective from the tax year 2013/2014. The guidelines for these rules are yet to be published
but these measures could result in the denial of benefits from the India-Mauritius double tax treaty to the Invesco India Fund in the future.

152

Invesco Funds

Audit Report
To the Shareholders of
Invesco Funds

We have audited the accompanying financial 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 29 February 2012 and the statement of operations and changes in net assets for the year then ended, and a
summary of significant accounting policies and other explanatory notes to the financial statements.
Responsibility of the Board of Directors of the SICAV for the financial statements
The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these financial statements in accordance with
Luxembourg legal and regulatory requirements relating to the preparation of the financial statements and for such internal control as the Board of
Directors of the SICAV determines is necessary to enable the preparation of financial 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 financial 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 financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures
selected depend on the judgment of the Rviseur dentreprises agr, including the assessment of the risks of material misstatement of the
financial 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 financial 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 financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements give a true and fair view of the financial position of Invesco Funds and of each of its sub-funds as of 29
February 2012, 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 financial 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 specific 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 financial statements taken as a whole.

PricewaterhouseCoopers S. r.l.
Represented by

Luxembourg, 20 June 2012

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 n00123693)
R.C.S. Luxembourg B 65 477 - Capital social EUR 516 950 - TVA LU17564447

153

Invesco Funds

Other Information
UK Reporting Regime
The following sub-funds have applied and received initial approval from HM Revenue & Customs for the purposes of UK taxation.
Funds
Invesco US Structured Equity Fund
Invesco Pan European Structured Equity Fund
Invesco Pan European Equity Fund
Invesco Pan European Small Cap Equity Fund
Invesco European Growth Equity Fund
Invesco Emerging Europe Equity Fund
Invesco Nippon Small/Mid Cap Equity Fund
Invesco Greater China Equity Fund
Invesco Asia Infrastructure Fund
Invesco Asia Opportunities Equity Fund
Invesco Asia Consumer Demand Fund
Invesco Energy Fund
Invesco Emerging Market Quantitative Equity Fund
Invesco Gold & Precious Metals Fund
Invesco USD Reserve Fund
Invesco Euro Reserve Fund
Invesco Global Bond Fund
Invesco Absolute Return Bond Fund
Invesco Euro Corporate Bond Fund
Invesco Euro Inflation-Linked Bond Fund
Invesco Emerging Local Currencies Debt Fund
Invesco Global Total Return (EUR) Bond Fund
Invesco Global Unconstrained Bond Fund
Invesco Capital Shield 90 (EUR) Fund
Invesco Balanced-Risk Allocation Fund
Invesco Asia Balanced Fund
Invesco Balanced-Risk Allocation Fund
Invesco Asia Pacific Real Estate Securities Fund
Invesco Global Bond Fund
Invesco Pan European Equity Income Fund
Invesco Global Equity Income Fund
Invesco Global Equity Income Fund
Invesco Global Smaller Companies Equity Fund
Invesco Global Smaller Companies Equity Fund
Invesco Japanese Equity Advantage Fund
Invesco Japanese Equity Advantage Fund
Invesco Japanese Value Equity Fund
Invesco Japanese Value Equity fund
Invesco US Value Equity Fund
Invesco US Value Equity Fund

Classes
A&C
A-Dist AD & C
A-Dist, A (USD) & C-Dist
A-USD, Dist-AD & C
A&C
A&C
A&C
A&C
A Dist & C (Acc-USD)
A&C
A-Dist & C (USD)
A-Dist AD & C
A&C
A&C
A&C
A-Dist AD & C
A-Dist SD
A & C (GBP Hdg)
A-Dist MD,A & C
A&C
A-Dist MD & C
A&C
C (GBP)
A&C
A-Dist & C (GBP Hdg)
A-Dist & C-Dist
A-Dist
A-Dist AD
C Acc
A Dis SD
A Acc
C Acc
A Dist SD
C Acc
A Acc
C Acc
A Dist SD
C Dist AD
A Dist SD
C Dist SD

PEA Disclosure (Plan dEpargne en Actions)

From the 1 March 2011 to 29 February 2012, the following sub-funds held the average percentage, as specified in the table, of their assets invested
at any time in PEA eligible securities as defined 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
Pan European
Structured
Equity Fund
80.24
96.96
93.61

Minimum %
Maximum %
Average %

154

Invesco Funds

Invesco
Pan European
Equity
Income Fund
78.54
85.24
83.14

Invesco
Pan European
Small Cap
Equity Fund
81.72
90.03
86.74

Invesco
Pan European
Equity Fund
86.66
90.81
88.71

Other Information (unaudited) (continued)

Calculation Methods of the Risk Exposure
Global exposure using VAR approach.

Method
Used to
Calculate
Global
Exposure?

Fund Name

Period of
Observation

(Commitment,
Absolute
VAR,
Relative
VAR)

Method Used to
Calculate VAR

Global Exposure
Reference
Portfolio
for Using
VAR Limits Reached
Relative
for last Financial Year
VAR

VAR Limits

Type of
Model
(Historical
simulation,
Monte
Carlo)

Parameters
(Confidence
interval, holding
period,
observation period)

Average
Lowest

Highest

(based on
daily
data)

Regulatory
Limits

Maximum
Limits
Defined

Leverage
Leverage
Level
Reached
During the
Financial
Leverage
Year
Calculation
Method
(Average
Used
levels as a
percentage
of NAV,
calculated
at least
twice per
month)
0.00%
Sum of the
notionals of
the derivatives

Invesco India Equity

Fund

1 Jul 2011 29 Feb 2012

Relative
VaR

Historical
Simulation

99%
confidence
level,
20 days,
2 years of
risk factors

MSCI
India
10/40

35.60%

48.20%

42.86%

100%

100%

Invesco Global Structured

Equity Fund

1 Jul 2011 29 Feb 2012

Relative
VaR

Historical
Simulation

99%
confidence
level,
20 days,
2 years of
risk factors

MSCI
World
Index

25.30%

32.19%

28.26%

100%

100%

68.12%

Sum of the
notionals of
the derivatives

Invesco UK Investment
Grade Bond Fund

1 Jul 2011 6 Dec 2011

Absolute
VaR

Historical
Simulation

99%
confidence
level,
20 days,
2 years of
risk factors

N/A

3.40%

4.28%

3.90%

20%

20%

51.28%

Sum of the
notionals of
the derivatives

Invesco UK Investment
Grade Bond Fund

7 Dec 2011 29 Feb 2012

Relative
VaR

Historical
Simulation

99%
ML Sterling
confidence
Broad
level,
Market
20 days,
2 years of
risk factors

54.80%

64.86%

61.16%

100%

100%

31.94%

Sum of the
notionals of
the derivatives

Invesco Euro Inflation

Linked Bond Fund

1 Jul 2011 09 Feb 2012

Absolute
VaR

Historical
Simulation

99%
confidence
level,
20 days,
2 years of
risk factors

3.51%

4.69%

4.12%

20%

20%

10.36%

Sum of the
notionals of
the derivatives

Invesco Euro Inflation

Linked Bond Fund

10 Feb 2012
- 29 Feb 2012

Relative
VaR

Historical
Simulation

99%
Barcap Euro
confidence Govt Inflation
level,
Linked All
20 days,
Maturities
2 years of
risk factors

35.22%

41.61%

38.13%

100%

100%

6.27%

Sum of the
notionals of
the derivatives

Invesco Energy Fund

1 Jul 2011 29 Feb 2012

Relative
VaR

Historical
Simulation

99%
MSCI World
confidence
Energy
level,
20 days,
2 years of
risk factors

54.08%

88.17%

74.97%

100%

100%

0.00%

Sum of the
notionals of
the derivatives

Invesco Absolute Return

Bond Fund

1 Jul 2011 29 Feb 2012

Absolute
VaR

Historical
Simulation

99%
confidence
level,
20 days,
2 years of
risk factors

N/A

0.44%

2.20%

1.44%

20%

20%

230.46%

Sum of the
notionals of
the derivatives

Invesco European Growth

Equity Fund

1 Jul 2011 29 Feb 2012

Relative
VaR

Historical
Simulation

99%
confidence
level,
20 days,
2 years of
risk factors

MSCI
Europe
Growth

39.43%

51.26%

47.45%

100%

100%

0.00%

Sum of the
notionals of
the derivatives

Invesco European Bond Fund

1 Jul 2011 29 Feb 2012

Absolute
VaR

Historical
Simulation

99%
confidence
level,
20 days,
2 years of
risk factors

Barclays
Capital
Pan-Euro
Aggregate

47.67%

63.74%

55.09%

100%

100%

25.30%

Sum of the
notionals of
the derivatives

155

Invesco Funds

N/A

Other Information (unaudited) (continued)

Calculation Methods of the Risk Exposure (continued)
Global exposure using VAR approach (continued).

Method
Used to
Calculate
Global
Exposure?

Fund Name

Period of
Observation

(Commitment,
Absolute
VAR,
Relative
VAR)

Method Used to
Calculate VAR

Global Exposure
Reference
Portfolio
for Using
VAR Limits Reached
Relative
for last Financial Year
VAR

VAR Limits

Type of
Model
(Historical
simulation,
Monte
Carlo)

Parameters
(Confidence
interval, holding
period,
observation period)

Average
Lowest

Highest

(based on
daily
data)

Regulatory
Limits

Maximum
Limits
Defined

Leverage
Leverage
Level
Reached
During the
Financial
Leverage
Year
Calculation
Method
(Average
Used
levels as a
percentage
of NAV,
calculated
at least
twice per
month)
0.00%
Sum of the
notionals of
the derivatives

Invesco Euro Reserve

Fund

1 Jul 2011 29 Feb 2012

Absolute
VaR

Historical
Simulation

99%
confidence
level,
20 days,
2 years of
risk factors

N/A

0.00000%

0.01543%

0.00189%

20%

20%

Invesco Pan European

Structured Equity Fund

1 Jul 2011 29 Feb 2012

Relative
VaR

Historical
Simulation

99%
confidence
level,
20 days,
2 years of
risk factors

MSCI EMU

29.46%

35.99%

32.33%

100%

100%

3.67%

Sum of the
notionals of
the derivatives

Invesco Asia Infrastructure

Fund

1 Jul 2011 29 Feb 2012

Relative
VaR

Historical
Simulation

99%
MSCI AC Asia
confidence
Pacific
level,
ex Japan
20 days,
2 years of
risk factors

42.97%

49.84%

45.86%

100%

100%

0.00%

Sum of the
notionals of
the derivatives

Invesco Euro Corporate

Bond Fund

1 Jul 2011 7 Dec 2011

Absolute
VaR

Historical
Simulation

99%
confidence
level,
20 days,
2 years of
risk factors

2.25%

3.92%

3.30%

20%

20%

22.27%

Sum of the
notionals of
the derivatives

Invesco Euro Corporate

Bond Fund

8 Dec 2011 29 Feb 2012

Relative
VaR

Historical
Simulation

99%
70% Barclays
confidence
Euro
level,
Corporate
20 days,
Index and
2 years of
30% Euro
risk factors High Yield
Index

62.98%

79.54%

73.43%

100%

100%

21.64%

Sum of the
notionals of
the derivatives

Invesco Pan European

High Income Fund

1 Jul 2011 29 Feb 2012

Absolute
VaR

Historical
Simulation

99%
confidence
level,
20 days,
2 years of
risk factors

N/A

2.55%

5.77%

4.62%

20%

20%

33.78%

Sum of the
notionals of
the derivatives

Invesco Pan European

High Income Fund

1 Jul 2011 29 Feb 2012

Relative
VaR

Historical
Simulation

99%
confidence
level,
20 days,
2 years of
risk factors

MSCI
Europe
Index

36.54%

47.46%

43.80%

100%

100%

0.00%

Sum of the
notionals of
the derivatives

Invesco Asia Opportunities

Equities Fund

1 Jul 2011 29 Feb 2012

Relative
VaR

Historical
Simulation

99%
confidence
level,
20 days,
2 years of
risk factors

MSCI AC
Asia
ex Japan

39.69%

50.01%

45.84%

100%

100%

0.00%

Sum of the
notionals of
the derivatives

Invesco Greater China

Equity Fund

1 Jul 2011 29 Feb 2012

Relative
VaR

Historical
Simulation

99%
MSCI Golden
confidence
Dragon
level,
20 days,
2 years of
risk factors

38.59%

55.17%

47.25%

100%

100%

0.13%

Sum of the
notionals of
the derivatives

Invesco USD Reserve Fund

1 Jul 2011 29 Feb 2012

Absolute
VaR

Historical
Simulation

99%
confidence
level,
20 days,
2 years of
risk factors

0.0130%

0.2690%

0.0453%

20%

20%

0.00%

Sum of the
notionals of
the derivatives

156

Invesco Funds

N/A

N/A

Other Information (unaudited) (continued)

Calculation Methods of the Risk Exposure (continued)
Global exposure using VAR approach (continued).

Method
Used to
Calculate
Global
Exposure?

Fund Name

Period of
Observation

(Commitment,
Absolute
VAR,
Relative
VAR)

Method Used to
Calculate VAR

Global Exposure
Reference
Portfolio
for Using
VAR Limits Reached
Relative
for last Financial Year
VAR

VAR Limits

Type of
Model
(Historical
simulation,
Monte
Carlo)

Parameters
(Confidence
interval, holding
period,
observation period)

Average
Lowest

Highest

(based on
daily
data)

Regulatory
Limits

Maximum
Limits
Defined

Leverage
Leverage
Level
Reached
During the
Financial
Leverage
Year
Calculation
Method
(Average
Used
levels as a
percentage
of NAV,
calculated
at least
twice per
month)
22.11%
Sum of the
notionals of
the derivatives

Invesco Emerging Local

Currencies Debt Fund

1 Jul 2011 29 Feb 2012

Relative
VaR

Historical
Simulation

99%
confidence
level,
20 days,
2 years of
risk factors

JPM
GBI-EM GL
Diversified
Composite

43.19%

51.85%

46.28%

100%

100%

Invesco Emerging Europe

Equity Fund

1 Jul 2011 29 Feb 2012

Relative
VaR

Historical
Simulation

99%
confidence
level,
20 days,
2 years of
risk factors

MSCI EM
Eastern
Europe
Index

40.09%

50.42%

45.82%

100%

100%

0.00%

Sum of the
notionals of
the derivatives

Invesco Pan European Small

Cap Equity Fund

1 Jul 2011 29 Feb 2012

Relative
VaR

Historical
Simulation

99%
confidence
level,
20 days,
2 years of
risk factors

HSBC
Smaller
European
Cos

35.32%

47.87%

42.80%

100%

100%

0.04%

Sum of the
notionals of
the derivatives

Invesco Pan European

Equity Fund

1 Jul 2011 29 Feb 2012

Relative
VaR

Historical
Simulation

99%
confidence
level,
20 days,
2 years of
risk factors

MSCI
Europe
Index

46.14%

53.18%

50.76%

100%

100%

0.00%

Sum of the
notionals of
the derivatives

Invesco Global Bond Fund

1 Jul 2011 23 Nov 2011

Absolute
VaR

Historical
Simulation

99%
confidence
level,
20 days,
2 years of
risk factors

N/A

2.23%

3.72%

3.03%

20%

20%

59.11%

Sum of the
notionals of
the derivatives

Invesco Global Bond Fund

24 Nov 2011 29 Feb 2012

Relative
VaR

Historical
Simulation

99%
JPM Global
confidence
Govt
level,
Bond
20 days,
2 years of
risk factors

26.70%

37.60%

31.78%

100%

100%

53.43%

Sum of the
notionals of
the derivatives

Invesco Global Leisure Fund

1 Jul 2011 6 Jul 2011

Absolute
VaR

Historical
Simulation

99%
confidence
level,
20 days,
2 years of
risk factors

15.72%

16.15%

15.84%

20%

20%

0.00%

Sum of the
notionals of
the derivatives

Invesco Global Leisure Fund

7 Jul 2011 29 Feb 2012

Relative
VaR

Historical
Simulation

99%
MSCI World
confidence
Cons
level,
Discretionary
20 days,
2 years of
risk factors

54.14%

67.15%

62.11%

100%

100%

0.00%

Sum of the
notionals of
the derivatives

Invesco Nippon Small/Mid

Cap Equity Fund

1 Jul 2011 29 Feb 2012

Relative
VaR

Historical
Simulation

99%
confidence
level,
20 days,
2 years of
risk factors

Russell
Nomura
Small
Cap

55.44%

61.41%

58.32%

100%

100%

0.00%

Sum of the
notionals of
the derivatives

Invesco Nippon Select

Equity Fund

1 Jul 2011 4 Nov 2011

Relative
VaR

Historical
Simulation

99%
confidence
level,
20 days,
2 years of
risk factors

MSCI
Japan

43.78%

47.79%

45.43%

100%

100%

0.00%

Sum of the
notionals of
the derivatives

157

Invesco Funds

N/A

Other Information (unaudited) (continued)

Calculation Methods of the Risk Exposure (continued)
Global exposure using VAR approach (continued).

Method
Used to
Calculate
Global
Exposure?

Fund Name

Period of
Observation

(Commitment,
Absolute
VAR,
Relative
VAR)

Method Used to
Calculate VAR

Global Exposure
Reference
Portfolio
for Using
VAR Limits Reached
Relative
for last Financial Year
VAR

VAR Limits

Type of
Model
(Historical
simulation,
Monte
Carlo)

Parameters
(Confidence
interval, holding
period,
observation period)

Average
Lowest

Highest

(based on
daily
data)

Regulatory
Limits

Maximum
Limits
Defined

Leverage
Leverage
Level
Reached
During the
Financial
Leverage
Year
Calculation
Method
(Average
Used
levels as a
percentage
of NAV,
calculated
at least
twice per
month)
63.20%
Sum of the
notionals of
the derivatives

Invesco Capital Shield 90

(EUR) Fund

1 Jul 2011 29 Feb 2012

Absolute
VaR

Historical
Simulation

99%
confidence
level,
20 days,
2 years of
risk factors

N/A

1.62%

5.47%

3.09%

20%

20%

Invesco US Structured
Equity Fund

1 Jul 2011 29 Feb 2012

Relative
VaR

Historical
Simulation

99%
confidence
level,
20 days,
2 years of
risk factors

S&P 500
Index

45.98%

55.22%

51.57%

100%

100%

3.81%

Sum of the
notionals of
the derivatives

Invesco Asia Consumer

Demand Fund

1 Jul 2011 29 Feb 2012

Relative
VaR

Historical
Simulation

99%
confidence
level,
20 days,
2 years of
risk factors

MSCI AC
Asia
ex Japan

39.85%

50.19%

46.08%

100%

100%

0.25%

Sum of the
notionals of
the derivatives

Invesco Global Absolute

Return Fund

1 Jul 2011 29 Feb 2012

Absolute
VaR

Historical
Simulation

99%
confidence
level,
20 days,
2 years of
risk factors

N/A

1.43%

5.29%

2.84%

20%

20%

226.21%

Sum of the
notionals of
the derivatives

Invesco Global Income Real

Estate Securities Fund

1 Jul 2011 13 Jul 2011

Absolute
VaR

Historical
Simulation

99%
confidence
level,
20 days,
2 years of
risk factors

N/A

6.81%

6.94%

6.89%

20%

20%

0.00%

Sum of the
notionals of
the derivatives

Invesco Global Income Real

Estate Securities Fund

14 Jul 2011 29 Feb 2012

Relative
VaR

Historical
Simulation

99%
FTSE EPRA/
confidence
NAREIT
level,
Developed
20 days,
Index
2 years of
risk factors

20.31%

25.30%

22.13%

100%

100%

0.00%

Sum of the
notionals of
the derivatives

Invesco Asia Balanced Fund

1 Jul 2011 10 Oct 2011

Absolute
VaR

Historical
Simulation

99%
confidence
level,
20 days,
2 years of
risk factors

7.26%

8.45%

7.81%

20%

20%

0.00%

Sum of the
notionals of
the derivatives

Invesco Asia Balanced Fund

11 Oct 2011 29 Feb 2012

Relative
VaR

Historical
Simulation

99%
50% HSBC
confidence ADB Index
level,
& 50% MSCI
20 days,
AC Pacific
2 years of
ex Japan
risk factors

7.26%

8.45%

7.81%

100%

100%

0.00%

Sum of the
notionals of
the derivatives

Invesco Asia Pacific Real

Estate Securities Fund

1 Jul 2011 14 Jul 2011

Absolute
VaR

Historical
Simulation

99%
confidence
level,
20 days,
2 years of
risk factors

12.06%

12.76%

12.57%

20%

20%

0.00%

Sum of the
notionals of
the derivatives

Invesco Asia Pacific Real

Estate Securities Fund

15 Jul 2011 29 Feb 2012

Relative
VaR

Historical
Simulation

99%
FTSE EPRA/
confidence
NAREIT
level,
Developed
20 days,
Asia
2 years of
Index
risk factors

44.39%

55.47%

51.25%

100%

100%

0.00%

Sum of the
notionals of
the derivatives

158

Invesco Funds

N/A

N/A

Other Information (unaudited) (continued)

Calculation Methods of the Risk Exposure (continued)
Global exposure using VAR approach (continued).

Method
Used to
Calculate
Global
Exposure?

Fund Name

Period of
Observation

(Commitment,
Absolute
VAR,
Relative
VAR)

Method Used to
Calculate VAR

Global Exposure
Reference
Portfolio
for Using
VAR Limits Reached
Relative
for last Financial Year
VAR

VAR Limits

Type of
Model
(Historical
simulation,
Monte
Carlo)

Parameters
(Confidence
interval, holding
period,
observation period)

Average
Lowest

Highest

(based on
daily
data)

Regulatory
Limits

Maximum
Limits
Defined

Leverage
Leverage
Level
Reached
During the
Financial
Leverage
Year
Calculation
Method
(Average
Used
levels as a
percentage
of NAV,
calculated
at least
twice per
month)
181.62%
Sum of the
notionals of
the derivatives

Invesco Balanced-Risk
Allocation Fund

1 Jul 2011 29 Feb 2012

Relative
VaR

Historical
Simulation

99%
60% MSCI
confidence World; 40%
level,
JPM GBI
20 days,
Global all
2 years of
Mats
risk factors

31.12%

54.66%

42.91%

100%

100%

Invesco Global Investment

Grade Corporate Bond Fund

1 Jul 2011 29 Feb 2012

Relative
VaR

Historical
Simulation

99%
confidence
level,
20 days,
2 years of
risk factors

Barclays
Global
Corporate

35.49%

43.61%

39.71%

100%

100%

160.25%

Sum of the
notionals of
the derivatives

Invesco Global
Unconstrained Bond Fund

1 Jul 2011 29 Feb 2012

Absolute
VaR

Historical
Simulation

99%
confidence
level,
20 days,
2 years of
risk factors

N/A

3.76%

6.99%

5.39%

20%

20%

201.23%

Sum of the
notionals of
the derivatives

Invesco Emerging Market

Quantitative Equity Fund

1 Jul 2011 17 Aug 2011

Absolute
VaR

Historical
Simulation

99%
confidence
level,
20 days,
2 years of
risk factors

N/A

12.90%

14.06%

13.48%

20%

20%

6.86%

Sum of the
notionals of
the derivatives

Invesco Emerging Market

Quantitative Equity Fund

18 Aug 2011 29 Feb 2012

Relative
VaR

Historical
Simulation

99%
confidence
level,
20 days,
2 years of
risk factors

MSCI
Emerging
Markets

46.74%

55.83%

52.41%

100%

100%

5.41%

Sum of the
notionals of
the derivatives

Invesco Gold & Precious

Metals Fund

1 Jul 2011 29 Feb 2012

Relative
VaR

Historical
Simulation

99%
Philadelphia
confidence
Gold &
level,
Silver
20 days,
Index
2 years of
risk factors

43.44%

55.77%

48.71%

100%

100%

0.26%

Sum of the
notionals of
the derivatives

Invesco Latin America

Equity Fund

1 Jul 2011 29 Feb 2012

Relative
VaR

Historical
Simulation

99%
confidence
level,
20 days,
2 years of
risk factors

MSCI EM
Latin
America

39.25%

49.08%

45.25%

100%

100%

0.16%

Sum of the
notionals of
the derivatives

Invesco Global Total Return

(EUR) Bond Fund

1 Jul 2011 29 Feb 2012

Absolute
VaR

Historical
Simulation

99%
confidence
level,
20 days,
2 years of
risk factors

N/A

2.02%

5.80%

4.00%

20%

20%

21.91%

Sum of the
notionals of
the derivatives

Invesco Euro Short Term

Bond Fund *

1 Jul 2011 29 Feb 2012

Relative
VaR

Historical
Simulation

99%
50% Euro
confidence Credit Corp
level,
1-5 Yr,
20 days,
10% Euro
2 years of Securitized
risk factors 1-3 Yr,20%
Euro
Treasury
1-3 Yr,20%
Euro
GovernmentRelated
1-3 Yr

43.57%

119.39%

67.61%

100%

100%

85.70%

Sum of the
notionals of
the derivatives

159

Invesco Funds

Other Information (unaudited) (continued)

Calculation Methods of the Risk Exposure (continued)
Global exposure using VAR approach (continued).

Method
Used to
Calculate
Global
Exposure?

Fund Name

Invesco Emerging Market

Corporate Bond Fund

Period of
Observation

1 Jul 2011 29 Feb 2012

(Commitment,
Absolute
VAR,
Relative
VAR)

Method Used to
Calculate VAR

Global Exposure
Reference
Portfolio
for Using
VAR Limits Reached
Relative
for last Financial Year
VAR

VAR Limits

Type of
Model
(Historical
simulation,
Monte
Carlo)

Parameters
(Confidence
interval, holding
period,
observation period)

Average
Lowest

Highest

(based on
daily
data)

Regulatory
Limits

Maximum
Limits
Defined

Leverage
Leverage
Level
Reached
During the
Financial
Leverage
Year
Calculation
Method
(Average
Used
levels as a
percentage
of NAV,
calculated
at least
twice per
month)
0.63%
Sum of the
notionals of
the derivatives

Relative
VaR

Historical
Simulation

99%
JPM CEMBI
confidence
Broad
level,
Diversified
20 days,
2 years of
risk factors

50.85%

71.95%

60.80%

100%

100%

Invesco Pan European Focus 13 Oct 2011 Equity Fund **

29 Feb 2012

Relative
VaR

Historical
Simulation

99%
confidence
level,
20 days,
2 years of
risk factors

MSCI
Europe
Index

39.66%

44.46%

41.18%

100%

100%

0.00%

Sum of the
notionals of
the derivatives

Invesco Asian Bond Fund

15 Dec 2011 29 Feb 2012

Relative
VaR

Historical
Simulation

99%
confidence
level,
20 days,
2 years of
risk factors

HSBC Asia
Local
Bond
Index

3.38%

12.98%

11.00%

100%

100%

1.65%

Sum of the
notionals of
the derivatives

Invesco China Focus Equity

Fund

16 Dec 2011 29 Feb 2012

Relative
VaR

Historical
Simulation

99%
MSCI China
confidence
10/40
level,
Index
20 days,
2 years of
risk factors

11.89%

42.30%

37.32%

100%

100%

0.00%

Sum of the
notionals of
the derivatives

Invesco Japanese Equity

Advantage Fund

1 Jul 2011 29 Feb 2012

Relative
VaR

Historical
Simulation

99%
confidence
level,
20 days,
2 years of
risk factors

Japan
TOPIX
Index

41.50%

44.19%

43.08%

100%

100%

0.00%

Sum of the
notionals of
the derivatives

Invesco Japanese Value

Equity Fund

1 Jul 2011 29 Feb 2012

Relative
VaR

Historical
Simulation

99%
confidence
level,
20 days,
2 years of
risk factors

Japan
TOPIX
Index

51.54%

53.84%

53.04%

100%

100%

0.00%

Sum of the
notionals of
the derivatives

Invesco US Value Equity

Fund

1 Jul 2011 29 Feb 2012

Relative
VaR

Historical
Simulation

99%
confidence
level,
20 days,
2 years of
risk factors

S&P
500
Index

42.40%

55.86%

52.28%

100%

100%

0.00%

Sum of the
notionals of
the derivatives

Invesco Global Equity

Income Fund

1 Jul 2011 29 Feb 2012

Relative
VaR

Historical
Simulation

99%
confidence
level,
20 days,
2 years of
risk factors

MSCI
World
Index

39.74%

43.62%

41.52%

100%

100%

11.01%

Sum of the
notionals of
the derivatives

Invesco Global Smaller

Companies Equity Fund

1 Jul 2011 29 Feb 2012

Relative
VaR

Historical
Simulation

99%
confidence
level,
20 days,
2 years of
risk factors

MSCI
World
Small Cap
Index

42.49%

50.42%

48.04%

100%

100%

19.11%

Sum of the
notionals of
the derivatives

*The Invesco Euro Short Term Bond Fund went into breach on 31 August 2011. The breach was resolved on 6 September 2011.
**The Invesco Pan European Focus Equity Fund used the commitment approach until 13 October 2011.

160

Invesco Funds

Board of Directors
Leslie Schmidt
(Chairman)
11 Greenway Plaza
Suite 2500
Houston, TX 77046
United States
President of Invesco
National Trust Company

Oliver Carroll

Carsten Majer

John Rowland

Jan Hochtritt

Cormac OSullivan

Georges Quay House

43 Townsend Street
Dublin 2, Ireland
Head of Finance
Operations

An der Welle 5
D-60322 Frankfurt am
Main
Germany
Chief Marketing Officer
Continental Europe

Perpetual Park
Perpetual Park Drive
Henley-on-Thames
Oxforshire RG9 1HH
United Kingdom
Global Head of
Investment
Operations

An der Welle 5
D-60322 Frankfurt am
Main
Germany
Head of Global Products
(Resigned 26 Sept
2011)

Georges Quay House

43 Townsend Street
Dublin 2, Ireland
Head of Dublin Office
(Appointed 20 July
2011)

ORGANISATION
Management Company
Invesco Management S.A.
19, rue de Bitbourg
L-2173 Luxembourg
Grand Duchy of Luxembourg
Investment Advisers
Invesco Asset Management Limited
Registered Office
30 Finsbury Square
London EC2A 1AG
United Kingdom
Invesco Hong Kong Limited
41/F Citibank Tower
3 Garden Road, Central Hong Kong
Invesco Asset Management
(Japan) Limited
Registered Office
Roppongi Mori Tower 14F
P.O. Box 115
10-1, Roppongi 6-chome,
Minato-ku
Tokyo 106-6114
Japan
Invesco Advisers Inc.
1166 Avenue of the Americas,
New York, N.Y. 10036
United States of America
Invesco Asset Management
Deutschland GmbH
An der Welle 5
D-60322 Frankfurt am Main
Germany
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
Grand Duchy of Luxembourg
Administration Agent, Registrar
& Transfer Agent
The Bank of New York Mellon
(International) Limited,
Luxembourg Branch
Vertigo Building - Polaris
2-4 rue Eugne Ruppert,
L-2453 Luxembourg
Grand Duchy of Luxembourg
Domiciliary and Corporate Agent
The Bank of New York Mellon
(International) Limited,
Vertigo Building - Polaris
2-4 rue Eugne Ruppert,
L-2453 Luxembourg
Grand Duchy of Luxembourg

Primary Dealing Desk

Hong Kong - Dublin
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
Invesco Asset Management
Deutschland GmbH
An der Welle 5
D-60322 Frankfurt am Main
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 S. r.l.
400, route dEsch
B.P. 1443, L-1014 Luxembourg
Grand Duchy of Luxembourg
Legal Advisers to the SICAV
Elvinger, Hoss & Prussen
2, Place Winston Churchill
B.P. 425
L-2014 Luxembourg
Grand Duchy of Luxembourg
German Paying Agent
BNP Paribas Securities Services
S.A.P
Branch Office
Frankfurt am Main
Europa Allee 12
D-60327 Frankfurt
Germany
Austrian Distributor
Invesco Asset Management
sterreich GmbH
Rotenturmstrae 16 -18
A-1010 Vienna
Austria
Tel: +43 1 316 2000
Fax: +43 1 316 2020

161

Invesco Funds

Austrian Paying Agent

ALIZEE Bank AG
Renngasse 6-8
A-1010 Vienna
Austria
Tel: +43 1 2059 5160
Fax: +43 1 2059 5146
Invesco Limited Representative
Offices
Austria
Invesco Asset Management
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
Avenue Louise 326
B-1050 Brussels
Belgium
Tel: +32 2641 0127
Fax: +32 2641 0160
France
Invesco Asset Management S.A.
8-18, rue de Londres,
F-75009 Paris
France
Tel: +33 1 56 62 43 02
Fax: +33 1 56 62 43 83
Germany
Invesco Asset Management
Deutschland GmbH
An der Welle 5
D-60322 Frankfurt am Main
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

Italy
Invesco Asset Management S.A.
Piazza del Duomo
22 Galleria Pattari 2
20122 Milano
Italy
Tel: +39 02 88 074 1
Fax: +39 02 88 074 391
The Netherlands
Invesco Asset Management S.A.
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 Espana
Calle Recoletos 15, Piso 1
E-28001 Madrid
Spain
Tel: +34 90 251 09 07
Fax: +34 90 251 08 76
Sweden
Invesco Asset Management S.A.
Swedish Filial (France)
Stureplan 4c
4th Floor, Stockholm 11435
Sweden
Tel:+46 8 463 1106
Fax: +46 8 463 1149
Switzerland
Invesco Asset Management
(Switzerland) Limited
Stockerstrasse 14
CH-8002 Zurich
Switzerland
Tel: +41 1 287 9000
Fax: +41 1 287 9010
United Kingdom
Invesco Global Investment Funds
Limited
30 Finsbury Square
London EC2A 1AG
United Kingdom
Tel: +44 207 065 4000
Fax: +44 207 638 0752

225504 INVESCO Funds 2012 eng Cover 29/06/2012 12:21 Page 2

Perivan Financial Print

225504

225504 INVESCO Funds 2012 eng Cover 29/06/2012 12:21 Page 1

Contact us

Invesco Funds Audited Annual Report

Socit dInvestissement Capital Variable

For the year ended 29 February 2012

Invesco Global Asset Management Limited
Georges Quay House
43 Townsend Street, Dublin 2, Ireland
Telephone: +353 1 439 8000
Facsimile: +353 1 439 8400
Website: www.invesco.com

(R.C.S. Luxembourg B34457)