Invesco Funds Series 4 Interim Report (Unaudited) - Invesco Perpetual

Invesco Continental European Small Cap Equity Fund01 Investment Policy and Description of Series02 Investment Adviser’s Report on behalf of the Manager03 Performance Record03 Price and Income Record04-06 Portfolio Statement07 Changes in the Composition of the PortfolioInvesco Global Small Cap Equity Fund01 Investment Policy and Description of Series08 Investment Adviser’s Report on behalf of the Manager09 Performance Record09 Price and Income Record10-18 Portfolio Statement19 Changes in the Composition of the Portfolio20 Balance Sheet 31 May 201421 Balance Sheet 30 November 201322 Balance Sheet 31 May 201323 Income Statement 31 May 201424 Income Statement 30 November 201325 Income Statement 31 May 201326 Statement of Changes in Net Assets attributable to holders ofRedeemable Participating Shares 31 May 201427 Statement of Changes in Net Assets attributable to holders ofRedeemable Participating Shares 30 November 201328 Statement of Changes in Net Assets attributable to holders ofRedeemable Participating Shares 31 May 201329-34 Notes to the Financial Statements35 Statement of the Manager’s and Trustee’s Responsibilities36 General InformationInvesco Funds Series 4

Investment Policy and Description of SeriesInvestment Objectives and PoliciesInvesco Continental European Small Cap Equity Fund (the “Fund”) aims toachieve long-term capital growth by investing in small companiesthroughout Europe, but excluding the United Kingdom. The InvestmentAdviser will seek to meet this investment objective by investing primarily inlisted equity and equity related securities of smaller companies in Europeanmarkets (including warrants and convertible securities: however no morethan 10% of the net asset value of the Fund may be invested in warrants).Europe includes countries in the European Union, Switzerland, Scandinavia,Bulgaria, Romania, Croatia, Turkey and the Commonwealth of IndependentStates. Please note that with effect from 31 May 2013 the functionalcurrency of the fund changed to Euro.Invesco Global Small Cap Equity Fund (the “Fund”) aims to achieve longtermcapital growth through a portfolio of investments in internationalsecurities. The Investment Adviser intends to invest primarily in equity andequity related securities of smaller companies, which are quoted on theworld’s stock markets. In pursuing this objective the Investment Advisermay include other investments that are considered appropriate which mayinclude equity and equity related securities in large companies, Shares incollective investment schemes, warrants and other investments permittedby the investment restrictions. No more than 10% of the net asset value ofthe Fund will be invested in warrants.Description of the FundInvesco Funds Series 4 (the “Series”) is a multi-portfolio Irish unit trustcomprising Invesco Continental European Small Cap Equity Fund andInvesco Global Small Cap Equity Fund (the “Funds”). The Series isauthorised by the Central Bank of Ireland as a UCITS under the EuropeanCommunities (Undertakings for Collective Investment in TransferableSecurities) Regulations 2011 (as amended) and by the Hong KongSecurities and Futures Commission (SFC) under the Hong Kong Securitiesand Futures Ordinance (Cap. 571) and has been recognised by the FinancialServices Authority in the United Kingdom under Section 264 of theFinancial Services and Markets Act 2000 (the “Act”).The Funds issue Shares to Shareholders. As per the consolidatedprospectus, these shares are referred to as "Shares" and the shareholder isreferred to as the "Shareholder" throughout these financial statements.Each Fund is a fund in the Invesco range of funds managed by InvescoGlobal Asset Management Limited, (the “Manager”). Invesco Global AssetManagement Limited is an indirect wholly-owned subsidiary of Invesco Ltd.Each Fund is approved by the Central Bank of Ireland. Each Fund is alsoapproved by the SFC. In giving authorisation for the Fund the SFC does nottake responsibility for the financial soundness of the Fund nor for thecorrectness of any statements made or opinions expressed in this regard.The contents of this report, for which the Directors of the Manager areresponsible, have been approved by Invesco Global Asset ManagementLimited, which is regulated by the Central Bank of Ireland.The Funds are not registered under the United States Investment CompanyAct of 1940 (as amended) and its Shares have not been registered underthe United States Securities Act of 1933 (as amended).Accordingly, Shares may not be offered, sold or delivered in the UnitedStates or to US Persons as defined in the current Prospectus of the Series,(the “Prospectus”).Share prices are available through the Invesco internet sitewww.invesco.com (for Shareholders in Hong Kong please refer towww.invesco.com.hk) and, if required by local law or regulation, publishedin local leading financial newspapers including, in the case of Hong Kong,the Hong Kong Economic Times, the South China Morning Post and theHong Kong Economic Journal. Share prices are currently also availablefrom Reuters and Bloomberg.Any investment in the Funds should be considered long-term. There can beno guarantee that the amounts subscribed for will be ultimately realised.Changes in rates of exchange between currencies may cause the value of aninvestment in the Funds of the Series to diminish or increase. Investorsshould be aware that a more concentrated approach is taken than isnormally the case to take greater advantage of successful investmentsinvolving a greater than usual degree of risk. Investors should be aware thatthere can be no assurance that the Fund's investment will be successful orthat the investment objective described will be attained.This report to Shareholders does not constitute an offer or invitation topurchase Shares in any of the Funds.An updated Invesco Consolidated Prospectus was issued on 20 August2013. This contains all current and relevant information (as at the date ofissue) regarding the Series and other Funds within the Invesco Funds Series1, 2, 3, 4, 5, 6 and the Fund Series. This report to Shareholders has beenprepared on the basis of the Prospectus. If you wish to receive a copy of thisProspectus please contact any Invesco office.ChargesShareLaunch DateAnnualManagementFeeAnnualDistributorFee% %AnnualAdministrationFeeActual%AnnualTrusteeFeeMax%Invesco Continental European Small Cap EquityA Shares AA 01/10/1984 2.00 - 0.30 0.0075B Shares AA 03/08/2001 2.00 1.00 0.30 0.0075C Shares AA 13/01/1993 1.50 - 0.30 0.0075Z Shares AA 21/08/2013 1.00 - 0.30 0.0075Invesco Global Small Cap Equity FundA Shares AA 01/09/1987 1.50 - 0.40 0.0075A (Acc- HKD)Shares A 07/07/2011 1.50 - 0.40 0.0075A (CHF-HGD)Shares A 18/09/2013 1.50 - 0.40 0.0075B Shares AA 03/08/2001 1.50 1.00 0.30 0.0075C Shares AA 05/11/1996 1.00 - 0.30 0.0075C (CHF-HGD)Shares A 18/09/2013 1.00 - 0.30 0.0075Z Shares AA 21/08/2013 0.75 - 0.40 0.0075Z (Acc-EUR)Shares A 21/08/2013 0.75 - 0.40 0.0075Distribution FrequencyA = AccumulatingAA = AnnualThe Manager's fee is based on the daily net asset value of each Fund and ispaid monthly. The Manager will also be paid a fee in respect of its duties asAdministrator and Registrar for each Fund. The Administration fee will becalculated daily and will be paid monthly on the last Business Day of eachmonth at the rates set out above, based on the net asset value of each shareclass of each Fund on each Business Day. The charges are deductible fromthe income of each Fund or from capital in the event of an income shortfall.The Trustee will be paid a fee calculated on a sliding scale to a maximum rateof 0.0075% per annum of the net asset value of each class of each Share ofthe Fund on the last business day of the month and paid monthly.The assets of a Fund are exclusively available to satisfy the rights ofShareholders in relation to that Fund and the rights of creditors whoseclaims have arisen in connection with the creation, operation or liquidation ofthat Fund.01 Invesco Funds Series 4

Invesco Continental European Small Cap Equity FundInvestment Adviser’s Report on behalf of the ManagerUpward progress displayed by European equity markets in 2013 continuedinto 2014, driven by a modest return to growth and an improvingmacroeconomic environment during the first five months of the year. Thestrong rally was particularly sustained in periphery markets, with equityindices in Spain and Italy both posting double digit total returns for the 6months ending 31 May 2014. However, with inflation in the eurozoneremaining well below its targeted 2%, deflationary fears continue to bepresent. This prompted the European Central Bank (ECB) to take boldmeasures on June 5 - decreasing the Main Financing Rate from 0.25% to0.15% and placing its Deposit Facility Rates into negative territory at (0.1%).These measures have been welcomed by the market, encouraged by theECB’s commitment to steer growth and prevent deflation.The Fund’s “A” Shares performed strongly over the period under review,rising by 13.9% (Total Return, US$), and beating its benchmark, theEuromoney Smaller Europe ex UK TR Index which returned 13.1%. Thisstrong performance placed the Fund in the top quartile of its peer group,the GIFS Europe ex-UK Small Mid Cap Equity basket, which averaged areturn of 9.8%.Outperformance was mainly driven by overweight positions in the BasicMaterials, Business Providers and Consumer Goods sectors which provedto be a very positive allocation decision, while underweighting technologycompared to the benchmark placed a relative drag on portfolio returns.Underweighting Natural Resources has paid-off, as the sectorunderperformed the benchmark which was avoided by the portfolio. At anindividual stock level, Italian auto parts maker Brembo Spa was among thebiggest contributors over the period under review as its earnings prospectsimproved, along with Finnish stainless steel maker Outokumpu thatbenefited from higher nickel prices. Dutch engineering services providerRoyal Imtech placed the largest strain on returns during this period, oncontinuing worries about its turnaround plan.Our strategy rests on a twin track approach, underpinned by our emphasison valuation. The ‘core’ portfolio is invested in companies with, in our view,high and sustainable returns on capital employed. This is supplemented by a‘special situations’ category to exploit valuation opportunities.Over the last six months, we have increased our exposure to some highquality, attractively valued companies, with good growth prospect eitherorganically or by M&A (examples include a Danish transport company andEuropean long-term care provider). We also conceded a gradual move up themarket capitalisation scale, with an increased exposure to companies in the€2bn to €4bn range. Fund holdings continue to provide a good balancebetween its defensive and cyclical names, while favouring companies withstrong fundamentals and a large upside potential. On a country level, agradual increase in exposure to France has been at the expense of Italy, butthis is entirely due to individual stock calls rather than as a consequence of ageographic strategy.We maintain a positive outlook for European small caps and mid caps. Withmacro pressures now starting to ease and business conditions improving inEurope, we believe the environment is supportive for further multipleexpansion. Indicators such as capacity utilisation show that Europe remainswell below its peak but starting to improve. And after a prolonged period ofdecline, European earnings have stopped falling. While systematic risksremain present in the market but are receding, latest ECB actions reiteratedthe central bank’s strong commitment to pro-growth policies and willingnessto use its “toolkit”. We think that what is referred to as the “hope phase” in atypical equity market cycle has been prolonged, awaiting the growth phase.Accordingly, we believe our investment process, driven essentially byfundamental analysis and company valuation, places us in a favourableposition for the period ahead.Dated: 30 June 2014 – Invesco Global Asset Management Limited02 Invesco Funds Series 4

Invesco Continental European Small Cap Equity FundFund PerformancePercentage change over:(All expressed in the share class base currency,mid to mid, gross income reinvested)CcyLast6 monthsLast12 monthsLast 5 years(Cumulative)Invesco Continental European Small Cap Equity Fund ‘A’ Shares USD 13.89 40.97 222.64Invesco Continental European Small Cap Equity Fund ‘B’ Shares USD 13.34 39.60 206.50Invesco Continental European Small Cap Equity Fund ‘C’ Shares USD 14.17 41.67 230.52Invesco Continental European Small Cap Equity Fund ‘Z’ Shares EUR 14.49 n/a n/aEuromoney Smaller Europe Ex UK TR USD Index (benchmark) USD 13.05 38.16 109.08Morningstar GIF OS Europe ex-UK Small Mid Cap Equity* USD 9.82 27.77 102.32Source: Morningstar and HSBC Smaller European Companies ex UK Sector* For comparative purposesThe Net Asset Value information for 31 May 2014, 30 November 2013 and 31 May 2013 can be found on pages 20, 21 and 22.Price and Income RecordThe tables below show the highest and lowest NAV prices of Shares in the Funds and the annual income distribution according to the pay date of the Fundin the last 10 years.HighestNAV Price ‘A’SharesLowestNAV Price ‘A’SharesHighestNAV Price ‘B’SharesLowestNAV Price ‘B’SharesHighestNAV Price ’C’SharesLowest Highest LowestNAV Price NAV Price ’Z’ NAV Price ‘Z’‘C’ Shares Shares SharesCalendarYear $ $ $ $ $ $ € €2005 93.01 73.22 90.01 71.34 98.85 77.58 n/a n/a2006 134.72 91.90 128.59 88.62 144.07 97.83 n/a n/a2007 167.56 133.32 159.03 127.21 179.64 142.60 n/a n/a2008 150.28 45.17 141.91 42.25 161.48 48.73 n/a n/a2009 109.22 38.20 101.20 35.62 118.33 41.27 n/a n/a2010 134.34 89.41 122.86 82.30 146.31 97.12 n/a n/a2011 169.92 96.36 154.81 87.74 185.37 105.04 n/a n/a2012 137.66 99.01 124.44 90.09 150.10 107.97 n/a n/a2013 205.62 130.13 184.04 117.66 225.35 141.87 11.22 9.762014† 235.72 206.07 210.22 184.24 258.80 225.96 12.85 11.41Net Income Distribution Net Income per $2,000 invested in March 1993at a price of $29.15 per shareCalendar ‘A’ Shares ‘B’ Shares ‘C’ Shares ‘Z’ Shares ‘A’ Shares ‘B’ Shares ‘C’ Shares ‘Z’ SharesYear $ $ $ € $ $ $ €2012 0.2289 - 0.8647 n/a 11.16 - 76.28 n/a2013 - - - 0.0037 - - - 0.252014† - - - - - - - -† Figures to 30 June 2014Source: Invesco Global Asset Management LimitedDistributions, if any, are paid annually to ‘A’, ‘B’, ‘C’ and ‘Z’ Shareholders on or after 21 January and are set out in note 9. Reports on the progress of theFund are published on or before 31 March and on or before 31 July each year and shall be made available to Shareholders free of charge on request.The price of Shares and income earned/generated may rise as well as fall. Please note that past performance is not necessarily a guide to futureperformance.03 Invesco Funds Series 4

Invesco Continental European Small Cap Equity FundPortfolio StatementAs at 31 May 2014The Portfolio of Investments - (analysed by geographical sector)(Ordinary shares quoted unless otherwise stated)FundInvestment Holding € %FRANCE (28.62%)Blue Solutions 252,611 6,441,581 0.85CGG SA 350,000 3,430,000 0.45Edenred 950,000 21,954,500 2.91Eiffage SA 238,203 12,357,972 1.64Eurazeo SA 257,886 16,195,241 2.15Eurazeo SA Rights 17/06/2014 257,886 809,762 0.11Euro Disney SCA 1,539,999 6,159,996 0.82Groupe Concoursmania 40,515 599,622 0.08Havas SA 2,078,247 13,217,651 1.75Ipsen SA 515,804 18,605,050 2.46LISI 110,000 12,446,500 1.65Nexity SA 40,912 1,274,409 0.17Orpea 432,837 22,433,942 2.97Paris Orleans SA 350,000 6,209,000 0.82Remy Cointreau SA 180,000 12,378,600 1.64Rexel SA 1,125,000 19,642,500 2.60SEB SA 112,328 7,431,620 0.98Solocal Group 26,597,137 21,543,681 2.85Solocal Group Rights 09/06/2014 1 1 0.00Spineway 47,960 426,844 0.06Terreis 515,351 12,497,262 1.66216,055,734 28.62ITALY (17.45%)Banca IFIS SpA 669,763 9,858,911 1.31Brembo SpA 409,708 11,848,755 1.57Elica SpA 841,537 1,598,920 0.21Gruppo Editoriale L'Espresso SpA 989,051 1,631,934 0.22Maire Tecnimont SpA 2,549,909 6,196,279 0.82Mediobanca SpA 1,750,000 12,722,500 1.69Mediolanum SpA 3,045,761 19,157,837 2.54Moleskine SpA 4,972,257 6,513,657 0.86Prelios SpA 788,521 473,113 0.06RCS MediaGroup SpA 8,951,505 13,248,227 1.76RCS MediaGroup SpA Class B 10,683,267 8,439,781 1.12Recordati SpA 750,000 9,330,000 1.24Salvatore Ferragamo SpA 725,000 16,160,250 2.14Sogefi SpA 1,000,000 4,300,000 0.57Tod's SpA 102,340 10,147,011 1.34131,627,175 17.45NETHERLANDS (10.49%)AFC Ajax NV 411,183 3,824,002 0.51Arcadis NV 767,221 19,993,779 2.65Kendrion NV 308,823 7,998,516 1.06Nutreco NV 528,567 17,067,428 2.26Ordina NV 2,677,369 5,247,643 0.70Royal Imtech NV 13,153,697 15,258,289 2.02SBM Offshore NV 817,748 9,763,911 1.2979,153,568 10.49GERMANY (8.03%)Capital Stage AG 1,700,000 6,205,000 0.82Carl Zeiss Meditec AG 645,728 14,025,212 1.86HanseYachts AG 147,224 780,287 0.10Value of04 Invesco Funds Series 4

Invesco Continental European Small Cap Equity FundPortfolio Statement (continued)As at 31 May 2014The Portfolio of Investments - (analysed by geographical sector)(Ordinary shares quoted unless otherwise stated)FundInvestment Holding € %GABON (0.59%)Total Gabon 10,203 4,489,218 0.59LUXEMBOURG (0.47%)eDreams ODIGEO SL 339,587 3,541,892 0.47Total Value of Investments (Cost €694,576,415) 738,459,133 97.85Options31 May 2014 Contracts Counterparty Commitment Long/ShortUnrealisedGain/(Loss) Market ValueValue ofFund %Description €Dax Index Put Option EUR 900019/12/2014 2,500 Merrill Lynch 4,000,994 Long (1,788,494) 2,212,500 0 .29Dax Mid-Cap Index Put Option EUR15100 19/12/2014 1,250 Deutsche Bank 3,033,306 Long (813,931) 2,219,375 0 .304,431,875 0 .59Value ofTotal Financial assets (including derivatives) 742,891,008 98.44Cash and Cash Equivalents (see note 5 for details) 7,277,004 0.96Bank Overdraft (see note 5 for details) (4,674,623) (0.62)Adjustment from bid-market prices to mid-market prices 1,228,152 0.16Other Net Current Assets 7,961,294 1.06Total Value of the Fund at 31 May 2014 754,682,835 100.00% ofAnalysis of total assetsTotal AssetsTransferable securities admitted to an official stock exchangelisting or dealt in on another regulated market. 96.30Other assets 3.70100.0006 Invesco Funds Series 4

Invesco Continental European Small Cap Equity FundChanges in the Composition of the PortfolioFor the six months ended 31 May 2014Purchases Cost € Sales Proceeds €Mediolanum SpA 29,997,959 Ziggo NV 20,542,287Edenred 21,956,430 Umicore SA 15,529,484Rexel SA 21,304,977 Bolsas y Mercados Espanoles SA 12,105,287Royal Imtech NV 20,367,883 Mediolanum SpA 11,377,073Solocal Group 19,302,511 Koninklijke BAM Groep NV 11,315,469DSV A/S 17,774,977 Vestas Wind Systems A/S 10,841,035Salvatore Ferragamo SpA 16,939,477 Enagas SA 10,496,055Acciona SA 16,885,720 GAGFAH SA 10,343,893Eurazeo SA 16,084,593 Havas SA 9,749,752Ipsen SA 15,521,811 Aer Lingus Group plc 8,685,040MTU Aero Engines AG 15,420,357 Brenntag AG 8,596,069Umicore SA 14,490,922 Symrise AG 8,365,072Banca IFIS SpA 14,355,939 Banco Espirito Santo SA 8,128,640Orpea 13,719,297 Banca IFIS SpA 6,912,062Ziggo NV 13,689,501 Bull 6,489,036EDP Renovaveis SA 13,458,814 Poltrona Frau SpA 6,270,702Arcadis NV 12,922,161 Koninklijke Wessanen NV 6,136,243Nobel Biocare Holding AG 12,451,308 Societe BIC SA 5,930,757Havas SA 12,267,543 Sonae 5,917,041Mediobanca SpA 12,009,913 Straumann Holding AG 5,905,029Outotec OYJ 11,934,923 Gerresheimer AG 5,627,737Outokumpu OYJ 11,751,440 Lar Espana Real Estate Socimi SA 5,625,888Remy Cointreau SA 11,700,973 Abengoa SA 5,583,407Arseus NV 11,580,584 Saft Groupe SA 5,180,858TDC A/S 11,437,482 Hispania Activos Inmobiliarios SAU 4,884,651Espirito Santo Saude SGPS SA 11,178,257 Cairo Communication SpA 4,788,405Dolphin Capital Investors Ltd 10,171,833 Virbac SA 4,777,026CDON Group AB 10,064,975 DMG MORI SEIKI AG 4,766,844Nutreco NV 9,900,223 Recordati SpA 4,726,177Carl Zeiss Meditec AG 9,848,557 RCS MediaGroup SpA 4,571,138Tod's SpA 9,659,653 SBM Offshore NV 4,054,656SBM Offshore NV 8,979,567 William Demant Holding A/S 4,003,684RCS MediaGroup SpA 8,937,748 Industria Macchine Automatiche SpA 3,501,207Terreis 8,180,272 LEG Immobilien AG 3,299,906Impresa SGPS SA 7,795,207 Other Sales 65,644,396Laboratorios Farmaceuticos Rovi SA 7,774,620 Total proceeds of sales since 1 December 2013 €320,672,006Aer Lingus Group plc 7,689,545EFG International AG 7,618,861SEB SA 7,573,172Takkt AG 7,167,394Other Purchases 148,945,263Total costs of purchases since 1 December 2013 €670,812,64207 Invesco Funds Series 4

Invesco Global Small Cap Equity FundInvestment Adviser’s Report on behalf of the ManagerGlobal smaller companies markets ended 2013 in a position of strengththough year-to-date returns have subsequently been fairly flat. So far thisyear we’ve seen a reversal of performance within equity markets in generalwith a rotation out of the previously high performing cyclical areas and intomore defensive areas which are currently doing well. As such, global smallercompanies have lagged their large-cap counterparts over the six months.Subdued economic recovery is now underway in the developed worldcontributing to global equity market performance.We’re not forecasting a huge period of economic growth but we areconstructive about the economies in the US, UK and Europe continuing toimprove. The two major risks to the global growth scenario – Chinesegrowth concerns and the Russia-Ukraine crisis - seem to be receding,although political risks continue to dominate.Over the 6 months to the end of May 2014, the Fund’s “A” Shares returned4.6%, compared to the MSCI AC World Small Cap index, which returned 4.7%(total return, US$). During the period the Fund was placed in the thirdquartile of its peer group, the GIF OS Global Small-Cap Equity sector, whichreturned 4.9%.Global smaller companies rose modestly over the six months on signs thateconomic growth is accelerating, amid loose monetary policies in thedeveloped world. The lessening of a number of macroeconomic risks,notably the European financial crisis, has served to support their upwardtrajectory. Indeed, Europe has seen a return to favour with the share pricesof European companies rising above the broader market over the six-monthperiod. While the Eurozone’s problems are far from being resolved, in ourview, low starting valuations for equities, rather than earnings growth, havebeen the primary driver of the move. Strong stock picking within the regionand an overweight exposure versus the MSCI AC World Small Cap indexbenefited the Fund’s European exposure. In the UK, at a macro level, economic growth expectations have improved consistently over the reviewperiod. As such, the Fund also gained from strong stock picking and anoverweight exposure to UK smaller companies.Political uncertainty continued to dominate within emerging markets.However, amid a recent de-escalation of tensions between Russia andUkraine, geopolitical risk in the region has started to recede. As developedmarket equities pulled away from their emerging market counterparts, theFund’s emerging market exposure detracted from returns, particularlyemerging Europe and Latin America. Asia Pacific ex-Japan was a relativelystrong performer and stock selection for the region was also positive forreturns.The approach to managing the Fund combines stock selection with regionalgeographic allocation.Over the six months, we reduced our exposure to Europe and increased it tothe US. Europe - After a strong run of performance we took profits. US –Given the pullback/rotation we have seen in recent months and US$weakness compared to sterling. It was both a market and currency call.Dated: 30 June 2014 – Invesco Global Asset Management Limited08 Invesco Funds Series 4

Invesco Global Small Cap Equity FundFund PerformancePercentage change over:(All expressed in the share class base currency,Last Last Last 5 yearsmid to mid, gross income reinvested)Ccy 6 months 12 months (Cumulative)Invesco Global Small Cap Equity Fund ‘A’ Shares USD 4.56 17.11 124.55Invesco Global Small Cap Equity Fund ‘A’ CHF HGD Shares CHF 5.37 n/a n/aInvesco Global Small Cap Equity Fund ‘A’ HKD Shares HKD 4.57 16.94 27.10Invesco Global Small Cap Equity Fund ‘B’ Shares USD 4.17 16.17 114.71Invesco Global Small Cap Equity Fund ‘C’ Shares USD 4.87 17.81 131.60Invesco Global Small Cap Equity Fund ‘C’ CHF HGD Shares CHF 5.75 n/a n/aInvesco Global Small Cap Equity Fund ‘Z’ Shares USD 4.90 n/a n/aInvesco Global Small Cap Equity Fund ‘Z’ EUR Shares EUR 4.88 n/a n/aMSCI World Small Cap Index (benchmark) USD 4.66 19.93 131.92Morningstar GIF OS Global Small/Mid-Cap Equity * USD 4.89 19.50 103.43Source: Morningstar* For comparative purposesThe Net Asset Value information for 31 May 2014 , 30 November 2013 and 31 May 2013 can be found on pages 20, 21 and 22.Price and Income RecordThe tables below show the highest and lowest NAV prices of Shares in the Funds and the annual income distribution according to the pay date of the Fundin the last 10 years.LowestHighest LowestHighest Lowest Highest Lowest Highest NAV Highest Lowest NAVNAV Price ‘A’ NAV Price NAV Price ‘A’ CHF NAV Price ‘A’ CHF NAV Price ‘A’ NAV Price ‘A’ NAV Price ‘B’ Price ‘B’ NAV Price ‘C’ Price ‘C’Calendar Shares ‘A’ Shares HGD Shares HGD Shares HKD Shares HKD Shares Shares Shares Shares SharesYear $ $ CHF CHF HKD HKD $ $ $ $2005 64.41 55.91 n/a n/a n/a n/a 61.95 54.12 67.16 58.122006 81.94 64.73 n/a n/a n/a n/a 78.06 62.24 85.92 67.492007 97.31 81.55 n/a n/a n/a n/a 92.22 77.67 102.36 85.532008 88.15 40.23 n/a n/a n/a n/a 83.18 37.64 92.97 42.642009 72.92 37.73 n/a n/a n/a n/a 67.50 35.20 77.88 40.062010 90.92 68.82 n/a n/a n/a n/a 83.47 63.66 97.51 73.552011 99.64 71.03 n/a n/a 100.54 72.88 91.21 64.74 107.08 76.522012 93.42 77.43 n/a n/a 95.48 79.19 84.20 70.12 100.34 83.322013 121.50 89.76 10.84 10.00 124.25 91.74 108.55 80.93 131.04 96.382014† 126.66 114.94 11.28 10.25 129.49 117.70 112.78 102.62 136.97 124.04HighestNAV Price ‘C’LowestNAV Price HighestLowestNAV Highest LowestCHF HGD ‘C’ CHF HGD NAV Price ’Z’ Price ’Z’ NAV Price ‘Z’ NAV Price ‘Z’CalendarShares Shares Shares Shares EUR Shares EUR SharesYear CHF CHF $ $ € €2005 n/a n/a n/a n/a n/a n/a2006 n/a n/a n/a n/a n/a n/a2007 n/a n/a n/a n/a n/a n/a2008 n/a n/a n/a n/a n/a n/a2009 n/a n/a n/a n/a n/a n/a2010 n/a n/a n/a n/a n/a n/a2011 n/a n/a n/a n/a n/a n/a2012 n/a n/a n/a n/a n/a n/a2013 10.86 10.00 11.30 9.78 10.99 9.802014† 11.33 10.28 11.82 10.70 11.68 10.60Net Income Distribution Net Income per $2,000 invested in June 1997At a price of $36.14 per shareCalendar ‘A’ Shares ‘B’ Shares ‘C’ Shares ‘Z’ Shares ‘A’ Shares ‘B’ Shares ‘C’ Shares ‘Z’ SharesYear $ $ $ $ $ $ $ €2009 0.16 0.15 0.17 n/a 9.09 8.46 9.67 n/a2010 - - - n/a - - - n/a2011 - - 0.17 n/a - - 13.20 n/a2012 0.0416 - 0.5344 n/a 2.30 - 29.57 n/a2013 - - 0.2600 0.0010 - - 14.39 0.062014† - - - - - - - -† Figures to 30 June 2014Source: Invesco Global Asset Management LimitedDistributions, if any, are paid annually to ‘A’, ‘B’, ‘C’ and ‘Z’ Shareholders on or after 21 January and are set out in note 9. Reports on the progress of theFund are published on or before 31 March and on or before 31 July each year and shall be made available to Shareholders free of charge on request.The price of Shares and income earned/generated may rise as well as fall. Please note that past performance is not necessarily a guide to futureperformance.09 Invesco Funds Series 4

Invesco Global Small Cap Equity FundPortfolio StatementAs at 31 May 2014The Portfolio of Investments - (analysed by geographical sector)(Ordinary shares quoted unless otherwise stated)FundInvestment Holding $ %UNITED STATES (30.32%)Alere Inc 52,782 1,898,569 0.35American Financial Group Inc 30,560 1,782,870 0.33Apogee Enterprises Inc 49,706 1,504,601 0.28ARRIS Group Inc 57,101 1,883,191 0.35Artisan Partners Asset Management Inc 27,470 1,581,997 0.29Bally Technologies Inc 28,181 1,675,079 0.31BancorpSouth Inc 71,110 1,639,085 0.31Beacon Roofing Supply Inc 36,801 1,270,370 0.24Beazer Homes USA Inc 65,702 1,300,243 0.24bebe stores inc 64,289 261,013 0.05Belden Inc 21,895 1,584,103 0.30Bottomline Technologies de Inc 49,531 1,441,352 0.27CACI International Inc 22,952 1,645,888 0.31Cadence Design Systems Inc 115,241 1,934,896 0.36Celadon Group Inc 76,628 1,754,015 0.33Charles River Laboratories International Inc 30,279 1,622,652 0.30Coherent Inc 22,817 1,364,000 0.25Columbia Sportswear Co 23,406 1,958,146 0.36Community Health Systems Inc 37,956 1,590,356 0.30Conversant Inc 63,998 1,526,352 0.28Cousins Properties Inc 75,300 899,082 0.17Cracker Barrel Old Country Store Inc 15,265 1,514,899 0.28Cray Inc 86,717 2,453,224 0.46Cubist Pharmaceuticals Inc 22,708 1,513,715 0.28CVB Financial Corp 105,655 1,545,733 0.29DineEquity Inc 16,236 1,289,625 0.24Douglas Emmett Inc 64,600 1,824,304 0.34Dresser-Rand Group Inc 21,732 1,331,520 0.25Dycom Industries Inc 59,149 1,774,470 0.33E*TRADE Financial Corp 85,311 1,741,197 0.32Eagle Materials Inc 20,913 1,832,397 0.34East West Bancorp Inc 54,338 1,812,716 0.34Energen Corp 21,153 1,816,408 0.34EnerSys Inc 31,965 2,234,673 0.42Evercore Partners Inc 31,313 1,744,134 0.33Fairchild Semiconductor International Inc 87,618 1,283,604 0.24FEI Co 14,381 1,200,238 0.22Finisar Corp 68,798 1,709,630 0.32FMC Corp 23,055 1,774,774 0.33Glacier Bancorp Inc 70,012 1,849,717 0.34Globus Medical Inc 69,911 1,691,846 0.32GNC Holdings Inc 28,563 1,043,406 0.19Gran Tierra Energy Inc 99,200 723,168 0.13Graphic Packaging Holding Co 225,281 2,455,563 0.46Haemonetics Corp 32,448 1,116,211 0.21Haynes International Inc 32,915 1,771,485 0.33Heartland Express Inc 80,949 1,776,831 0.33Helix Energy Solutions Group Inc 62,452 1,438,270 0.27Hittite Microwave Corp 27,199 1,602,837 0.30Iberiabank Corp 25,143 1,560,626 0.29Impax Laboratories Inc 73,349 2,031,034 0.38Informatica Corp 37,475 1,392,946 0.26Interface Inc 92,291 1,697,231 0.32Jack Henry & Associates Inc 32,572 1,899,599 0.35Janus Capital Group Inc 131,299 1,549,328 0.29JDS Uniphase Corp 90,226 1,011,433 0.19Jones Lang LaSalle Inc 15,738 1,902,252 0.35Kindred Healthcare Inc 70,313 1,797,903 0.34Landstar System Inc 28,618 1,876,196 0.35LaSalle Hotel Properties 53,754 1,769,582 0.33Value of10 Invesco Funds Series 4

Invesco Global Small Cap Equity FundPortfolio Statement (continued)As at 31 May 2014The Portfolio of Investments - (analysed by geographical sector)(Ordinary shares quoted unless otherwise stated)FundInvestment Holding $ %UNITED STATES (30.32%) (continued)La-Z-Boy Inc 60,516 1,496,561 0.28Lexington Realty Trust 121,000 1,369,720 0.26LifePoint Hospitals Inc 30,602 1,862,744 0.35MAXIMUS Inc 36,450 1,640,979 0.31Merrill Lynch International WTS 56,100 241,791 0.04MicroStrategy Inc 13,548 1,931,267 0.36Minerals Technologies Inc 30,987 1,938,237 0.36MRC Global Inc 47,543 1,373,517 0.26Nexstar Broadcasting Group Inc 32,115 1,489,494 0.28Old Dominion Freight Line Inc 40,958 2,604,110 0.49PacWest Bancorp 44,106 1,783,206 0.33Papa John's International Inc 48,956 2,111,472 0.39Penske Automotive Group Inc 41,019 1,906,973 0.36Pier 1 Imports Inc 58,839 1,039,685 0.19Power Integrations Inc 28,037 1,422,317 0.26Premier Inc 31,811 961,647 0.18Primoris Services Corp 59,527 1,717,354 0.32Red Robin Gourmet Burgers Inc 27,170 1,954,610 0.36Rosetta Resources Inc 28,332 1,320,838 0.25Sanmina Corp 83,133 1,700,070 0.32SciQuest Inc 39,609 675,730 0.13SS&C Technologies Holdings Inc 52,685 2,251,230 0.42StanCorp Financial Group Inc 26,533 1,603,124 0.30Targa Resources Corp 17,098 1,965,244 0.37Team Inc 39,096 1,664,317 0.31Tech Data Corp 27,950 1,683,149 0.31Texas Capital Bancshares Inc 30,837 1,586,872 0.30Thor Industries Inc 30,870 1,851,583 0.35TreeHouse Foods Inc 17,045 1,279,227 0.24Trex Co Inc 56,306 1,751,117 0.33TriMas Corp 47,228 1,672,816 0.31Triumph Group Inc 20,153 1,389,348 0.26TRW Automotive Holdings Corp 23,448 2,005,273 0.37UGI Corp 36,593 1,771,467 0.33United Natural Foods Inc 19,253 1,308,434 0.24Veeco Instruments Inc 34,201 1,137,183 0.21Waste Connections Inc 40,339 1,821,306 0.34Watts Water Technologies Inc 25,761 1,434,115 0.27West Pharmaceutical Services Inc 37,461 1,595,089 0.30Western Alliance Bancorp 75,215 1,726,936 0.32Wintrust Financial Corp 8,197 357,881 0.07Wright Medical Group Inc 53,986 1,651,432 0.31162,522,050 30.32JAPAN (12.91%)Accordia Golf Co Ltd 180,100 2,308,882 0.43Aica Kogyo Co Ltd 76,400 1,661,700 0.31Daicel Corp 313,000 2,848,300 0.53Daiei Inc 274,450 812,372 0.15Daiwa Securities Group Inc 122,000 983,320 0.18DMG Mori Seiki Co Ltd 111,400 1,356,852 0.25Fuji Machine Manufacturing Co Ltd 180,400 1,445,004 0.27Ibiden Co Ltd 125,500 2,292,885 0.43Kawasaki Kisen Kaisha Ltd 1,167,000 2,450,700 0.46Konica Minolta Inc 321,800 2,773,916 0.52Mitsui OSK Lines Ltd 605,000 2,165,900 0.40Nippon Paper Industries Co Ltd 170,000 3,483,300 0.65Nissan Chemical Industries Ltd 158,300 2,391,913 0.45NTT Urban Development Corp 256,000 2,562,560 0.48OKUMA Corp 283,000 2,612,090 0.49Value of11 Invesco Funds Series 4

Invesco Global Small Cap Equity FundPortfolio Statement (continued)As at 31 May 2014The Portfolio of Investments - (analysed by geographical sector)(Ordinary shares quoted unless otherwise stated)FundInvestment Holding $ %JAPAN (12.91%) (continued)Resona Holdings Inc 702,400 3,666,528 0.68Sato Holdings Corp 141,800 3,094,076 0.58Shin-Etsu Polymer Co Ltd 96,200 395,382 0.07Shinko Electric Industries Co Ltd 199,700 1,631,549 0.30Star Micronics Co Ltd 320,400 4,219,668 0.79Sumitomo Rubber Industries Ltd 231,100 3,424,902 0.64Suruga Bank Ltd 215,000 3,695,850 0.69Taiyo Yuden Co Ltd 189,100 1,968,531 0.37Tamron Co Ltd 146,100 3,344,229 0.62Toshiba Machine Co Ltd 122,000 517,280 0.10Tsugami Corp 364,000 1,896,440 0.35Union Tool Co 80,200 1,873,472 0.35Unipres Corp 149,200 3,231,672 0.60Yamaha Motor Co Ltd 141,900 2,230,668 0.42Zeon Corp 204,000 1,878,840 0.3569,218,781 12.91UNITED KINGDOM (9.65%)Abcam Plc 124,919 805,728 0.15Advanced Medical Solutions Group Plc 512,010 993,299 0.19Amerisur Resources Plc 1,144,881 1,144,881 0.21Bovis Homes Group Plc 54,371 691,599 0.13Brammer Plc 20,350 163,614 0.03Brewin Dolphin Holdings Plc 97,830 518,499 0.10Brooks Macdonald Group Plc 30,079 805,215 0.15Cape Plc 106,715 535,709 0.10Carclo Plc 1,421 2,657 0.00Chemring Group Plc 82,642 310,734 0.06CLS Holdings Plc 21,660 493,198 0.09Consort Medical Plc 42,066 603,226 0.11Crest Nicholson Holdings plc 80,699 455,142 0.08CVS Group Plc 394,482 1,917,183 0.36Dairy Crest Group Plc 73,601 567,464 0.11Dechra Pharmaceuticals Plc 85,348 980,649 0.18Dignity Plc 36,437 863,921 0.16Diploma Plc 174,339 1,851,480 0.35Dolphin Capital Investors Ltd 2,500,000 1,550,000 0.29Dunelm Group Plc 51,520 789,802 0.15Ebiquity Plc 166,667 343,334 0.06EKF Diagnostics Holdings Plc 716,267 293,669 0.05Electrocomponents Plc 94,349 452,875 0.08Elementis Plc 302,951 1,454,165 0.27EMIS Group Plc 85,840 994,886 0.19EnQuest Plc 389,012 921,958 0.17Essentra Plc 46,836 619,640 0.12Euromoney Institutional Investor Plc 73,472 1,444,460 0.27Fenner Plc 72,070 420,889 0.08Go-Ahead Group Plc 19,388 715,999 0.13Guinness Peat Group Plc 1,461,583 803,871 0.15Howden Joinery Group Plc 263,788 1,411,266 0.26Hunting Plc 89,038 1,219,821 0.23Innovation Group Plc 2,160,053 1,209,630 0.23Interserve Plc 63,329 689,019 0.13ITE Group Plc 233,900 916,888 0.17JD Sports Fashion Plc 17,295 473,710 0.09Jupiter Fund Management Plc 100,363 677,450 0.13Keywords Studios Plc 100,256 268,686 0.05Latchways Plc 36,291 677,190 0.13Marston's Plc 488,755 1,241,438 0.23Mears Group Plc 181,607 1,443,776 0.27Value of12 Invesco Funds Series 4

Invesco Global Small Cap Equity FundPortfolio Statement (continued)As at 31 May 2014The Portfolio of Investments - (analysed by geographical sector)(Ordinary shares quoted unless otherwise stated)FundInvestment Holding $ %UNITED KINGDOM (9.65%) (continued)Micro Focus International Plc 74,478 1,051,629 0.20Microgen Plc 137,637 284,909 0.05N Brown Group Plc 186,106 1,459,071 0.27Premier Oil Plc 104,581 625,394 0.12PZ Cussons Plc 60,742 354,733 0.07RPS Group Plc 239,111 1,152,515 0.21RWS Holdings Plc 53,604 753,136 0.14Scotia Holdings* 7,000 – –Senior Plc 409,827 2,045,037 0.38Servelec Group Plc 108,742 462,153 0.09Stanley Gibbons Group Plc 185,494 936,745 0.18Synergy Health Plc 110,732 2,360,806 0.44Telecity Group Plc 22,453 271,457 0.05Topps Tiles Plc 303,263 606,526 0.11Ultra Electronics Holdings Plc 49,163 1,518,645 0.28Utilitywise Plc 90,099 453,198 0.08Victrex Plc 34,665 1,056,243 0.20Workspace Group Plc 33,334 319,006 0.06WS Atkins Plc 25,138 557,812 0.10Xaar Plc 48,127 681,960 0.1351,689,595 9.65FRANCE (5.93%)Blue Solutions 34,631 1,202,042 0.22Edenred 116,745 3,671,630 0.68Eiffage SA 29,267 2,066,836 0.39Eurazeo SA 20,582 1,759,349 0.33Eurazeo SA Rights 17/06/2014 18,398 78,559 0.01Euro Disney SCA 227,282 1,236,414 0.23Groupe Concoursmania 43,944 885,032 0.17Havas SA 249,390 2,157,224 0.40Ipsen SA 59,559 2,923,751 0.55LISI 12,196 1,878,306 0.35Nexity SA 5,087 215,689 0.04Orpea 48,380 3,413,209 0.64Paris Orleans SA 60,000 1,448,400 0.27Rexel SA 100,000 2,377,000 0.44SEB SA 11,872 1,069,074 0.20Solocal Group 2,228,832 2,451,715 0.46Solocal Group Rights 09/06/2014 1 1 0.00Spineway 38,400 465,024 0.09Terreis 75,500 2,492,255 0.4631,791,510 5.93SOUTH KOREA (3.22%)DGB Financial Group Inc 160,080 2,417,208 0.45Hyundai Mobis 9,383 2,648,821 0.49Hyundai Motor Co (Pref) 15,453 2,287,198 0.43Korea Investment Holdings Co Ltd 37,806 1,426,798 0.27Korean Reinsurance Co 262,440 2,571,912 0.48LF Corp 93,080 2,490,821 0.46Shinhan Financial Group Co Ltd 57,410 2,495,613 0.47Shinsegae Co Ltd 4,478 917,363 0.1717,255,734 3.22CAYMAN ISLANDS (3.01%)Charm Communications Inc 110,548 494,149 0.09China Meidong Auto Holdings Ltd 5,851,691 1,287,372 0.24EVA Precision Industrial Holdings Ltd 12,308,000 2,461,600 0.46Greatview Aseptic Packaging Co Ltd 4,416,000 3,576,960 0.67Value of13 Invesco Funds Series 4

Invesco Global Small Cap Equity FundPortfolio Statement (continued)As at 31 May 2014The Portfolio of Investments - (analysed by geographical sector)(Ordinary shares quoted unless otherwise stated)FundInvestment Holding $ %CAYMAN ISLANDS (3.01%) (continued)HKR International Ltd 3,117,600 1,215,864 0.23KWG Property Holding Ltd 376,000 236,880 0.04Mindray Medical International Ltd 42,110 1,291,093 0.24NetEase Inc 57,618 4,115,077 0.77Samson Holding Ltd 7,237,000 940,810 0.18Silicon Motion Technology Corp 29,826 495,112 0.0916,114,917 3.01NETHERLANDS (2.82%)AFC Ajax NV 150,000 1,899,000 0.35Arcadis NV 90,826 3,220,690 0.60Fortuna Entertainment Group NV 161,700 1,021,944 0.19Kendrion NV 33,175 1,169,419 0.22Nutreco NV 63,004 2,769,026 0.52Ordina NV 295,686 789,481 0.15Royal Imtech NV 1,506,835 2,365,731 0.44SBM Offshore NV 115,589 1,878,321 0.3515,113,612 2.82ITALY (2.74%)Banca IFIS SpA 75,449 1,511,998 0.28Brembo SpA 47,424 1,866,609 0.35Elica SpA 287,286 744,071 0.14Maire Tecnimont SpA 317,767 1,048,631 0.20Mediolanum SpA 277,723 2,377,309 0.44Moleskine SpA 1,136,831 2,034,927 0.38Prelios SpA 92,007 75,446 0.01RCS MediaGroup SpA 819,163 1,646,518 0.31RCS MediaGroup SpA B Shares 1,153,543 1,245,826 0.23Salvatore Ferragamo SpA 70,000 2,123,800 0.4014,675,135 2.74BRAZIL (2.73%)Alpargatas SA (Pref) 139,400 748,578 0.14Banco ABC Brasil SA (Pref) 146,284 863,076 0.16Banco do Estado do Rio Grande do Sul SA (Pref) 164,700 808,677 0.15Bematech SA 190,000 780,900 0.15Cia de Locacao das Americas 314,500 622,710 0.12Direcional Engenharia SA 125,100 638,010 0.12Estacio Participacoes SA 103,500 1,234,755 0.23Even Construtora e Incorporadora SA 303,700 929,322 0.17Iguatemi Empresa de Shopping Centers SA 123,800 1,262,760 0.24JSL SA 250,300 1,374,147 0.26Linx SA 38,700 808,056 0.15Mahle-Metal Leve SA Industria e Comercio 86,300 869,904 0.16Odontoprev SA 129,700 559,007 0.10Smiles SA 43,900 810,394 0.15Suzano Papel e Celulose SA (Pref) 183,800 658,004 0.12TPI - Triunfo Participacoes e Investimentos SA 271,000 1,084,000 0.20Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao S.A 36,000 582,840 0.1114,635,140 2.73INDIA (2.04%)Adani Ports and Special Economic Zone Ltd 363,583 1,403,431 0.26Glenmark Pharmaceuticals Ltd 116,045 1,083,860 0.20HDFC Bank Ltd 170,669 2,368,886 0.44Sobha Developers Ltd 89,302 676,016 0.13Tata Motors Ltd 50,381 1,897,852 0.35Value of14 Invesco Funds Series 4

Invesco Global Small Cap Equity FundPortfolio Statement (continued)As at 31 May 2014The Portfolio of Investments - (analysed by geographical sector)(Ordinary shares quoted unless otherwise stated)FundInvestment Holding $ %INDIA (2.04%) (continued)UPL Ltd 694,451 3,527,811 0.6610,957,856 2.04SINGAPORE (1.94%)Cambridge Industrial Trust 6,275,510 3,890,816 0.73Fortune Real Estate Investment Trust 2,555,000 2,222,850 0.41Gallant Venture Ltd 833,000 224,910 0.04Goodpack Ltd 1,599,000 3,118,050 0.58Vard Holdings Ltd 1,126,000 957,100 0.1810,413,726 1.94GERMANY (1.60%)Carl Zeiss Meditec AG 71,052 2,100,297 0.39HanseYachts AG 132,547 955,664 0.18Hornbach Holding AG (Pref) 7,323 702,129 0.13MTU Aero Engines AG 33,974 3,193,556 0.60Takkt AG 82,073 1,638,177 0.308,589,823 1.60CANADA (1.53%)CAE Inc 172,702 2,352,201 0.44Hudson's Bay Co 117,500 1,869,425 0.35Precision Drilling Corp Npv 150,428 1,910,436 0.36Ultra Petroleum Corp 75,592 2,056,858 0.388,188,920 1.53SPAIN (1.48%)Acciona SA 41,776 3,339,156 0.62Cemex Latam Holdings SA 127,848 1,158,303 0.22EDP Renovaveis SA 255,000 1,751,850 0.33Laboratorios Farmaceuticos Rovi SA 123,501 1,664,793 0.317,914,102 1.48TAIWAN (1.44%)China Life Insurance Co Ltd 2,784,739 2,617,655 0.49E.Sun Financial Holding Co Ltd 3,856,675 2,545,405 0.47Hon Hai Precision Industry Co Ltd 411,358 2,558,647 0.487,721,707 1.44HONG KONG (1.26%)Cathay Pacific Airways Ltd 1,008,000 1,834,560 0.34Hutchison Whampoa Ltd 369,000 4,940,910 0.926,775,470 1.26IRELAND (1.20%)C&C Group Plc 171,434 1,047,462 0.20Endo International Plc 23,796 1,698,559 0.32Green REIT plc 127,029 217,220 0.04ICON Plc 39,759 1,669,480 0.31Origin Enterprises Plc 162,924 1,774,242 0.336,406,963 1.20MEXICO (1.08%)Banregio Grupo Financiero SAB de CV 101,000 587,820 0.11Corp Inmobiliaria Vesta SAB de CV 602,200 1,246,554 0.23Fibra Uno Administracion SA de CV 335,800 1,044,338 0.20Gruma SAB de CV 84,600 860,382 0.16Grupo Financiero Interacciones SA de CV 167,100 1,087,821 0.20Value of15 Invesco Funds Series 4

Invesco Global Small Cap Equity FundPortfolio Statement (continued)As at 31 May 2014The Portfolio of Investments - (analysed by geographical sector)(Ordinary shares quoted unless otherwise stated)FundInvestment Holding $ %MEXICO (1.08%) (continued)Hoteles City Express SAB de CV 534,200 982,928 0.185,809,843 1.08PORTUGAL (1.01%)Espirito Santo Saude SGPS SA 423,704 2,199,024 0.41Impresa SGPS SA 811,368 1,874,260 0.35REN - Redes Energeticas Nacionais SGPS SA 361,247 1,336,614 0.255,409,898 1.01SOUTH AFRICA (0.98%)Aspen Pharmacare Holdings Ltd 76,500 2,028,015 0.38Mr Price Group Ltd 105,400 1,710,642 0.32Truworths International Ltd 199,900 1,533,233 0.285,271,890 0.98CHINA (0.97%)Qingling Motors Co Ltd 5,160,000 1,599,600 0.30Shenzhen Expressway Co Ltd 2,868,000 1,376,640 0.25Wumart Stores Inc 654,000 582,060 0.11Zhejiang Expressway Co Ltd 1,666,000 1,649,340 0.315,207,640 0.97BERMUDA (0.92%)Catlin Group Ltd 36,133 317,248 0.06Hiscox Ltd 108,654 1,260,386 0.23Jardine Matheson Holdings Ltd 22,800 1,394,220 0.26Pacific Basin Shipping Ltd 2,411,000 1,494,820 0.28Wilson Sons Ltd 31,700 467,575 0.094,934,249 0.92SWITZERLAND (0.72%)EFG International AG 75,000 834,750 0.15Nobel Biocare Holding AG 205,570 3,048,603 0.573,883,353 0.72FINLAND (0.72%)Outokumpu OYJ 5,030,061 1,861,122 0.35Outotec Oyj Npv 180,097 2,004,480 0.373,865,602 0.72PHILIPPINES (0.54%)Filinvest Land Inc 58,641,750 2,345,670 0.44LT Group Inc 1,614,391 548,893 0.102,894,563 0.54BELGIUM (0.51%)Arseus NV 38,250 2,054,025 0.38EVS Broadcast Equipment SA 13,137 697,312 0.132,751,337 0.51ISRAEL (0.51%)Delta-Galil Industries Ltd 27,600 834,072 0.16Frutarom Industries Ltd 76,300 1,883,847 0.352,717,919 0.51INDONESIA (0.49%)Bank Negara Indonesia Persero Tbk PT 6,363,400 2,608,994 0.49Value of16 Invesco Funds Series 4

Invesco Global Small Cap Equity FundPortfolio Statement (continued)As at 31 May 2014The Portfolio of Investments - (analysed by geographical sector)(Ordinary shares quoted unless otherwise stated)FundInvestment Holding $ %POLAND (0.47%)CCC SA 38,850 1,527,971 0.28Synthos SA 678,811 1,004,640 0.192,532,611 0.47PANAMA (0.44%)Copa Holdings SA 10,050 1,443,080 0.27Intercorp Financial Services Inc 27,000 891,000 0.172,334,080 0.44SWEDEN (0.42%)CDON Group AB 401,324 1,689,574 0.31Nobia AB 52,069 461,852 0.09Opus Group AB 39,686 86,912 0.022,238,338 0.42GABON (0.40%)Total Gabon 3,587 2,148,183 0.40TURKEY (0.39%)Teknosa Ic Ve Dis Ticaret AS 108,400 598,368 0.11Turkiye Sinai Kalkinma Bankasi AS 1,803,501 1,496,906 0.282,095,274 0.39AUSTRIA (0.38%)Do & Co AG Npv 32,500 2,050,425 0.38LUXEMBOURG (0.38%)Samsonite International SA 646,800 2,024,484 0.38MARSHALL ISLANDS (0.29%)Scorpio Tankers Inc 177,330 1,571,144 0.29CYPRUS (0.27%)Globaltrans Investment Plc 98,000 1,057,420 0.20MD Medical Group Investments Plc 49,800 398,400 0.071,455,820 0.27GUERNSEY (0.26%)Etalon Group Ltd 297,600 1,374,912 0.26DENMARK (0.23%)DSV A/S 35,000 1,163,750 0.22TDC A/S 5,000 48,350 0.011,212,100 0.23RUSSIA (0.22%)Phosagro OAO 102,300 1,181,565 0.22GREECE (0.21%)Hellenic Exchanges SA Holding Clearing Settlement and Registry 92,513 1,102,755 0.21KAZAKHSTAN (0.20%)KCell JSC 67,800 1,050,222 0.20MALAYSIA (0.20%)KSL Holdings BHD 1,478,700 1,005,516 0.19KSL Holdings BHD WTS 149,300 43,297 0.01Value of1,048,813 0.2017 Invesco Funds Series 4

Invesco Global Small Cap Equity FundPortfolio Statement (continued)As at 31 May 2014The Portfolio of Investments - (analysed by geographical sector)(Ordinary shares quoted unless otherwise stated)FundInvestment Holding $ %THAILAND (0.19%)Kasikornbank PCL 181,900 1,038,649 0.19CHILE (0.06%)Masisa SA 6,293,000 314,650 0.06AUSTRALIA (0.01%)Dart Energy Ltd 354,809 56,769 0.01Gunns Ltd* 1,307,862 – –Gunns Ltd (Pref)* 1,013 – –56,769 0.01Total Value of Investments (Cost $460,456,310) 532,171,123 99.29*Unquoted, the fair value is estimated with care and good faith by competent person and approved by the Manager, on behalf of the Directors.Value ofOpen Forward Foreign Exchange ContractsCounterpartyMaturity DateUnrealisedGain/(Loss)$Value ofFund %GainBuy CHF 1,135 Sell USD 1,265 BNY Mellon 05/06/2014 1 0 .00Buy USD 2,396 Sell CHF 2,130 BNY Mellon 05/06/2014 20 0 .00Total unrealised gain on open forward foreign exchange contracts 21 0 .00LossBuy CHF 203,662 Sell USD 231,969 BNY Mellon 05/06/2014 (4,814) (0 .00)Total unrealised loss on open forward foreign exchange contracts (4,814) (0.00)Total loss on open forward foreign exchange contracts (4,793) (0.00)Total Financial assets (including derivatives) 532,171,144 99.29Total Financial liabilities (including derivatives) (4,814) 0.00Cash and Cash Equivalents (see note 5 for details) 1,023,969 0.19Bank Overdraft (see note 5 for details) (940,993) (0.18)Adjustment from bid-market prices to mid-market prices 516,029 0.10Other Net Current Assets 3,210,487 0.60Total Value of the Fund at 31 May 2014 535,975,822 100.00% ofAnalysis of total assetsTotal AssetsTransferable securities admitted to an official stock exchangelisting or dealt in on another regulated market. 98.05Other assets 1.95100.0018 Invesco Funds Series 4

Invesco Global Small Cap Equity FundChanges in the Composition of the PortfolioFor the six months ended 31 May 2014Purchases Cost $ Sales Proceeds $Edenred 3,674,583 Ziggo NV 4,203,057Mediolanum SpA 3,377,398 Umicore SA 3,407,986Acciona SA 3,338,625 GAGFAH SA 3,127,364Umicore SA 3,120,551 Hoya Corp 3,082,302Sumitomo Rubber Industries Ltd 3,086,855 Cairo Communication SpA 3,080,504Unipres Corp 2,899,814 Recordati SpA 2,932,266Banca IFIS SpA 2,803,744 Bolsas y Mercados Espanoles SA 2,920,726Ipsen SA 2,759,019 Indra Sistemas SA 2,727,443Salvatore Ferragamo SpA 2,585,595 Koninklijke Wessanen NV 2,583,683Rexel SA 2,561,045 UPL Ltd 2,486,043Solocal Group 2,310,565 Koninklijke BAM Groep NV 2,360,256Havas SA 2,292,671 Hyundai Motor Co 2,230,870Hudson's Bay Co 2,284,548 Havas SA 2,222,219Tsugami Corp 2,162,899 Vetoquinol SA 2,183,791Royal Imtech NV 2,151,082 Bull 2,176,489MTU Aero Engines AG 2,066,362 Straumann Holding AG 2,129,893Columbia Sportswear Co 1,988,142 Poltrona Frau SpA 2,050,849Primoris Services Corp 1,986,227 Aimia Inc 2,027,727Globus Medical Inc 1,984,636 Interpublic Group of Cos Inc 2,019,361Heartland Express Inc 1,967,731 Yamaha Motor Co Ltd 1,986,825Other Purchases 161,458,785 Other Sales 155,483,595Total costs of purchases since 1 December 2013 $212,860,877 Total proceeds of sales since 1 December 2013 $207,423,24919 Invesco Funds Series 4

Balance SheetAs at 31 May 2014InvescoContinentalEuropean SmallCap Equity FundInvesco GlobalSmall CapEquity FundNotes € $AssetsCash and cash equivalents 5 7,277,004 1,023,969Balances due from brokers 4,727,799 8,186,236Amounts due on creations 10,558,672 5,103Financial assets at fair value through profit or loss 6 742,891,008 532,171,144Other accrued income and prepaid expenses 1,394,564 1,376,237Total assets 766,849,047 542,762,689LiabilitiesBank overdraft 5 4,674,623 940,993Balances due to brokers 5,275,100 4,349,058Amounts due on liquidations 2,010,514 781,528Financial liabilities at fair value through profit or loss 6 – 4,814Management fee payable 1,162,054 553,113Administrator's fee payable 212,824 159,502Accrued expenses 59,249 513,888Total liabilities (excluding net assets attributable to holders of Redeemable Participating Shares) 13,394,364 7,302,896Net assets attributable to holders of redeemable participating Shares (bid prices) 753,454,683 535,459,793Adjustment from bid prices to mid-market prices 1,228,152 516,029Net assets attributable to holders of redeemable participating Shares (mid-market prices) 754,682,835 535,975,822Net Asset Value per 'A' Shares (as expressed in USD) 229.74 124.30Net Asset Value per 'A Acc-HGD CHF' Shares (as expressed in CHF) – 11.07Net Asset Value per 'A-Acc HKD' Shares (as expressed in HKD) – 127.10Net Asset Value per 'B' Shares (as expressed in USD) 204.76 110.71Net Asset Value per 'C' Shares (as expressed in USD) 252.32 134.39Net Asset Value per 'C Acc-HGD CHF' Shares (as expressed in CHF) – 11.12Net Asset Value per 'Z' Shares 12.67 11.59Net Asset Value per 'Z Acc - EUR' Shares (as expressed in EUR) – 11.40The accompanying notes 1 to 12 on pages 29 to 34 form part of these financial statements.20 Invesco Funds Series 4

Balance SheetAs at 30 November 2013InvescoContinentalEuropean SmallCap Equity Fund*Invesco GlobalSmall CapEquity Fund€ $AssetsCash and cash equivalents 622,434 1,035,400Balances due from brokers 2,949,240 469,939Amounts due on creations 5,901,532 12,888,146Financial assets at fair value through profit or loss 328,494,083 502,145,782Other accrued income and prepaid expenses 232,766 551,463Total assets 338,200,055 517,090,730LiabilitiesBank overdraft 1,712,916 –Balances due to brokers 8,587,263 3,259,153Amounts due on liquidations 3,828,633 6,727,540Financial liabilities at fair value through profit or loss – 78Distribution payable 230 457,842Management fee payable 532,975 601,544Administrator's fee payable 85,399 169,167Accrued expenses 56,292 140,769Total liabilities (excluding net assets attributable to holders of Redeemable Participating Shares) 14,803,708 11,356,093Net assets attributable to holders of redeemable participating Shares (bid prices) 323,396,347 505,734,637Adjustment from bid prices to mid-market prices 420,342 872,614Net assets attributable to holders of redeemable participating Shares (mid-market prices) 323,816,689 506,607,251Net Asset Value per 'A' Shares (as expressed in USD) 200.88 118.88Net Asset Value per 'A Acc-HGD CHF' Shares (as expressed in CHF) – 10.62Net Asset Value per 'A-Acc HKD' Shares (as expressed in HKD) – 121.55Net Asset Value per 'B' Shares (as expressed in USD) 179.92 106.28Net Asset Value per 'C' Shares (as expressed in USD) 220.08 128.15Net Asset Value per 'C Acc-HGD CHF' Shares (as expressed in CHF) – 10.62Net Asset Value per 'Z' Shares 11.02 11.05Net Asset Value per 'Z Acc - EUR' Shares (as expressed in EUR) – 10.87*The functional and presentation currency of the Invesco Continental European Small Cap Equity Fund changed from US Dollar to Euroon 31 May 2013.21 Invesco Funds Series 4

Balance SheetAs at 31 May 2013InvescoContinentalEuropean SmallCap Equity Fund*Invesco GlobalSmall CapEquity Fund€ $AssetsCash and cash equivalents 1,392,230 4,187,921Balances due from brokers 178,827 378,447Amounts due on creations 1,015,712 675,678Financial assets at fair value through profit or loss 72,813,886 411,605,289Other accrued income and prepaid expenses 112,931 1,023,763Total assets 75,513,586 417,871,098LiabilitiesBank overdraft – –Balances due to brokers 1,177 559,397Amounts due on liquidations 86,740 177,669Financial liabilities at fair value through profit or loss 232,551 –Management fee payable 20,611 88,619Administrator's fee payable 4,360 25,945Accrued expenses 37,242 111,076Total liabilities (excluding net assets attributable to holders of Redeemable Participating Shares) 382,681 962,706Net assets attributable to holders of redeemable participating Shares (bid prices) 75,130,905 416,908,392Adjustment from bid prices to mid-market prices 136,762 757,101Net assets attributable to holders of redeemable participating Shares (mid-market prices) 75,267,667 417,665,493Net Asset Value per 'A' Shares (as expressed in USD) 125.19 106.14Net Asset Value per 'A-Acc HKD' Shares (as expressed in HKD) – 108.69Net Asset Value per 'B' Shares (as expressed in USD) 112.67 95.30Net Asset Value per 'C' Shares (as expressed in USD) 136.81 114.31*The comparative figures have been restated from US Dollar to Euro.22 Invesco Funds Series 4

Income StatementFor the six months ended 31 May 2014InvescoContinentalEuropean SmallCap Equity FundInvesco GlobalSmall CapEquity FundNotes € $RevenueInterest income 1,883 2,188Dividend income 7,562,058 5,604,461Net gain on financial assets and liabilities at fair value through profit or loss(realised and unrealised) 6 57,705,622 24,487,447Total investment income 65,269,563 30,094,096ExpensesManagement fee 4,876,504 3,361,206Administrator's fee 794,429 956,004Trustee fee 16,912 17,708Custodian fee 25,928 55,882Auditor's fee 5,289 6,661Other operating expenses 39,750 60,197Total operating expenses 5,758,812 4,457,658Operating profit 59,510,751 25,636,438Finance costsBank overdraft interest (18,118) (574)Total finance costs (18,118) (574)Profit before tax 59,492,633 25,635,864Withholding tax on dividends and other investment income (1,496,078) (738,079)Movement in provision for capital gains tax on investments – (380,350)Increase in net assets attributable to holders of redeemable participating Shares (bid values) 57,996,555 24,517,435Movement on adjustment from bid prices to mid market prices 807,810 (356,585)Increase in net assets attributable to holders of redeemable participating Shares(mid market values) 58,804,365 24,160,850The accompanying notes 1 to 12 on pages 29 to 34 form part of these financial statements.The funds had not recognised gains or losses in the financial period other than those dealt with in the Profit and Loss Account. Gains and losses arosesolely from continuing operations.23 Invesco Funds Series 4

Income StatementFor the year ended 30 November 2013InvescoContinentalEuropean SmallCap Equity Fund*Invesco GlobalSmall CapEquity Fund€ $RevenueInterest income 6 5,853Dividend income 1,832,700 7,686,839Net gain on financial assets and liabilities at fair value through profit or loss(realised and unrealised) 33,081,367 112,299,003Total investment income 34,914,073 119,991,695ExpensesManagement fee 1,961,772 5,254,595Administrator's fee 315,803 1,461,106Trustee fee 6,262 25,051Custodian fee 12,912 78,540Auditor's fee 11,543 12,930Other operating expenses 22,727 64,738Total operating expenses 2,331,019 6,896,960Operating profit 32,583,054 113,094,735Finance costsBank overdraft interest (3,318) (3,346)Distributions to holders of Redeemable Participating Shares (230) (457,842)Net equalisation 15,198 62,465Total finance costs 11,650 (398,723)Profit before tax 32,594,704 112,696,012Withholding tax on dividends and other investment income (148,574) (1,123,676)Movement in provision for capital gains tax on investments – (43,799)Increase in net assets attributable to holders of redeemable participating Shares (bid values) 32,446,130 111,528,537Movement on adjustment from bid prices to mid market prices 61,988 (207,809)Increase in net assets attributable to holders of redeemable participating Shares(mid market values) 32,508,118 111,320,728*The functional and presentation currency of the Invesco Continental European Small Cap Equity Fund changed from US Dollar to Euroon 31 May 2013.24 Invesco Funds Series 4

Income StatementFor the six months ended 31 May 2013InvescoContinentalEuropean SmallCap Equity Fund*Invesco GlobalSmall CapEquity Fund€ $RevenueInterest income 16 3,657Dividend income 962,509 4,405,086Net gain on financial assets and liabilities at fair value through profit or loss(realised and unrealised) 14,179,550 59,244,273Total investment income 15,142,075 63,653,016ExpensesManagement fee 644,052 2,423,110Administrator's fee 104,555 672,510Trustee fee 2,455 13,467Custodian fee 5,598 31,919Auditor's fee 4,510 6,448Other operating expenses 20,502 31,206Total operating expenses 781,672 3,178,660Operating profit 14,360,403 60,474,356Finance costsBank overdraft interest (3,730) (865)Total finance costs (3,730) (865)Profit before tax 14,356,673 60,473,491Withholding tax on dividends and other investment income (159,753) (595,107)Movement in provision for capital gains tax on investments – 2,575Increase in net assets attributable to holders of redeemable participating Shares (bid values) 14,196,920 59,880,959Movement on adjustment from bid prices to mid market prices (219,421) (323,322)Increase in net assets attributable to holders of redeemable participating Shares(mid market values) 13,977,499 59,557,637*The comparative figures have been restated from US Dollar to Euro.25 Invesco Funds Series 4

Statement of Changes in Net Assets attributable to Holders of RedeemableParticipating SharesFor the six months ended 31 May 2014InvescoContinentalInvesco GlobalEuropean SmallSmall CapCap Equity FundEquity Fund€ $Net assets attributable to holders of redeemable participating Shares at beginningof period (bid prices) 323,396,347 505,734,637Adjustment from bid prices to mid-market prices 420,342 872,614Net assets attributable to holders of redeemable participating Shares at beginningof period (mid-market prices) 323,816,689 506,607,251Increase in net assets attributable to holders of redeemable participating Shares at bid prices 57,996,555 24,517,435Movement on adjustment from bid prices to mid-market prices 807,810 (356,585)Increase in net assets attributable to holders of redeemable participating Shares 58,804,365 24,160,850Share TransactionsProceeds from redeemable participating Shares issued 493,564,335 116,307,060Cost of redeemable participating Shares redeemed (121,502,554) (111,099,339)Net assets attributable to holders of redeemable participating Shares at the end of period (mid-market prices) 754,682,835 535,975,82226 Invesco Funds Series 4

Statement of Changes in Net Assets attributable to Holders of RedeemableParticipating SharesFor the year ended 30 November 2013InvescoContinentalInvesco GlobalEuropean SmallSmall CapCap Equity Fund*Equity Fund€ $Net assets attributable to holders of redeemable participating Shares at beginningof year (bid prices) 59,146,450 295,874,621Adjustment from bid prices to mid-market prices 358,354 1,080,423Net assets attributable to holders of redeemable participating Shares at beginningof year (mid-market prices) 59,504,804 296,955,044Increase in net assets attributable to holders of redeemable participating Shares at bid prices 32,446,130 111,528,537Movement on adjustment from bid prices to mid-market prices 61,988 (207,809)Increase in net assets attributable to holders of redeemable participating Shares 32,508,118 111,320,728Share TransactionsProceeds from redeemable participating Shares issued 274,811,906 268,872,852Cost of redeemable participating Shares redeemed (43,461,016) (170,541,373)Translation Adjustment 452,877 –Net assets attributable to holders of redeemable participating Shares at the end of year (mid-market prices) 323,816,689 506,607,251*The functional and presentation currency of the Invesco Continental European Small Cap Equity Fund changed from US Dollar to Euroon 31 May 2013.27 Invesco Funds Series 4

Statement of Changes in Net Assets attributable to Holders of RedeemableParticipating SharesFor the six months ended 31 May 2013InvescoContinentalInvesco GlobalEuropean SmallSmall CapCap Equity Fund*Equity Fund€ $Net assets attributable to holders of redeemable participating Shares at beginningof period (bid prices) 59,146,434 295,874,621Adjustment from bid prices to mid-market prices 358,354 1,080,423Net assets attributable to holders of redeemable participating Shares at beginningof period (mid-market prices) 59,504,788 296,955,044Increase in net assets attributable to holders of redeemable participating Shares at bid prices 14,196,920 59,880,959Movement on adjustment from bid prices to mid-market prices (219,421) (323,322)Increase in net assets attributable to holders of redeemable participating Shares 13,977,499 59,557,637Share TransactionsProceeds from redeemable participating Shares issued 23,590,538 145,765,644Cost of redeemable participating Shares redeemed (21,867,921) (84,612,832)Translation Adjustment 62,763 –Net assets attributable to holders of redeemable participating Shares at the end of period (mid-market prices) 75,267,667 417,665,493*The comparative figures have been restated from US Dollar to Euro.28 Invesco Funds Series 4

Notes to the Financial StatementsFor the six months ended 31 May 20141. Significant accounting policiesBasis of PreparationThe condensed financial statements have been prepared under thehistorical cost convention as modified by the revaluation of financial assetsand financial liabilities held at fair value through profit or loss.These condensed financial statements have been prepared in accordancewith Irish law and pronouncements on half yearly reports issued by theAccounting Standards Board and the European Communities (UCITS)Regulations, 2011, (as amended) (the “UCITS Regulations”). Thesecondensed financial statements do not include all of the informationrequired for full annual financial statements and should be read inconjunction with the annual financial statements for the year ended 30November 2013, which have been prepared in accordance with accountingStandards generally accepted in Ireland.The Funds have availed of the exemption permitted to open-endedinvestment funds under FRS 1 not to prepare a cash flow statement.Dividends, interest and capital gains received on investments made by theFunds may be subject to withholding taxes imposed by the country fromwhich the investment income/gains are received and such taxes may not berecoverable by the Funds or its Shareholders.Foreign currency translation(i) Functional and presentation currencyItems included in each Funds’ financial statements are measured using thecurrency of the primary economic environment in which it operates ('thefunctional currency'). This is the US Dollar ($) for Invesco Global Small CapEquity Fund and Euro (€) for Invesco Continental European Small Cap EquityFund. The US Dollar and Euro is also the presentation currency.(ii) Assets and liabilities in foreign currencies are translated into US Dollarsor Euro at the rates of exchange ruling at the balance sheet date. Incomeand expenditure transactions are translated at the rates of exchange rulingat the date of the transactions.The principal exchange rates used: US$1.0031 May201430 November201331 May2013Australian Dollar 1.07 1.09 1.04Brazilian Real 2.22 2.32 2.11Canadian Dollar 1.08 1.06 1.03Chilean Peso 549.70 530.15 495.15Chinese Renminbi 6.25 6.09 6.13Czech Koruna 20.18 20.13 19.81Danish Krone 5.48 5.48 5.74Euro 0.73 0.73 0.77Hong Kong Dollar 7.75 7.75 7.76Hungarian Forint 222.27 221.53 227.55Indian Rupee 59.09 62.49 56.48Indonesian Rupiah 11,675.00 11,962.50 9,795.00Israeli Shekel 3.47 3.52 3.69Japanese Yen 101.66 102.29 100.51Korean Won 1,020.20 1,058.30 1,129.70Mexican Peso 12.84 13.08 12.91Malaysian Ringgit 3.21 3.22 3.10New Zealand Dollar 1.18 1.23 1.25Norwegian Kroner 5.98 6.13 5.87Philippine Peso 43.75 43.77 42.27Polish Zloty 3.04 3.09 3.29Pound Sterling 0.60 0.61 0.66Singapore Dollar 1.25 1.26 1.26South African Rand 10.45 10.22 10.13Swedish Krona 6.68 6.54 6.61Swiss Franc 0.90 0.90 0.95Thai Baht 32.83 32.11 30.28Taiwan Dollar 29.99 29.59 29.92Turkish Lira 2.09 2.02 1.88The principal exchange rates used: EUR€1.0031 May201430 November201331 May2013Australian Dollar 1.46 1.5 1.35Brazilian Real 3.03 3.16 2.74Canadian Dollar 1.47 1.44 1.34Chilean Peso 748.21 721.56 643.33Chinese Renminbi 8.50 8.29 7.97Czech Koruna 27.47 27.39 25.74Danish Krone 7.46 7.46 7.46Hong Kong Dollar 10.55 10.55 10.09Hungarian Forint 302.54 301.53 295.65Indian Rupee 80.43 85.05 73.39Indonesian Rupiah 15,891.18 16,281.66 12,726.35Israeli Shekel 4.73 4.79 4.79Japanese Yen 138.38 139.22 130.58Korean Won 1,388.62 1,440.41 1,467.79Mexican Peso 17.48 17.81 16.77Malaysian Ringgit 4.37 4.39 4.03New Zealand Dollar 1.60 1.67 1.62Norwegian Kroner 8.15 8.34 7.63Philippine Peso 59.56 59.58 54.92Pohsh Zloty 4.14 4.2 4.28Pound Sterling 0.81 0.83 0.85Singapore Dollar 1.71 1.71 1.64South African Rand 14.22 13.91 13.16Swedish Krona 9.09 8.91 8.59Swiss Franc 1.22 1.23 1.24Thai Baht 44.69 43.7 39.34Taiwan Dollar 40.81 40.28 38.87Turkish Lira 2.85 2.75 2.45US Dollar 1.36 1.36 1.30Restatement of Net Asset Value in accordance with FRS26To determine the net asset value of each Fund for subscriptions andredemptions, investments have been valued based on the mid marketprices at 12.00pm (Irish time) on the relevant trading day. For FinancialStatements purposes, investments are valued based on bid market pricesand an adjustment to mid market prices is shown. This adjustment from bidto mid for the period ended 31 May 2014 is shown in the Balance Sheet onpage 20. The movement in the adjustment from the current period end tothe previous year end is shown in the Income Statement on page 23.The net asset value per share is disclosed in note 7.2. UK ReportingThe following Share Classes currently have UK Reporting Status;Invesco Continental European Small Cap Equity FundInvesco Global Small Cap Equity FundThe Statement of Reportable Income for the financial year end 30November 2013 is available through the following Invesco websites.A, C and ZA, C and Zhttp://investor.invescointernational.co.uk/portal/site/iiprivate/reportableincome/http://professional.invescointernational.co.uk/portal/site/iiadviser/reportableincome29 Invesco Funds Series 4

Notes to the Financial Statements (Continued)For the six months ended 31 May 20143. Soft Commission and Related Party TransactionsThe Funds, consistent with obtaining the best net result, including best execution, may enter into agreements with counterparties whereby thosecounterparties may make payments for investment services provided to the Funds.Investment services are used by the Funds to improve or add to the services provided to its clients. Although each and every service may not be used toservice each and every account managed by the Funds, the Funds considers that those investment services received are, in the aggregate, of significantassistance in fulfilling its investment responsibilities and are of demonstrable benefit to all clients. Only services that in the opinion of the Manager assist inthe provision of investment services to the Funds’ clients will be paid for by counterparties.Allowable investment services include services that provide assistance to the Funds in its investment performance. Those services include, but are notnecessarily 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 Funds select counterparties to execute transactions on the basis that transactions will only be executed provided the placing of orders will not operateagainst the best interest of the Funds’ clients and that the multiple is at a level which is generally accepted market practice. The Funds will endeavour toobtain best execution on all transactions for all clients.In addition, clients may direct the Funds to pay commission to counterparties for products and services that would otherwise have to be paid for. In suchcases, the commission is used for the exclusive benefit of the client whose transactions generated that commission.The Funds will endeavour to maintain the highest possible regulatory standards world-wide.The Manager, Administrator and Global Distributor, Invesco Global Asset Management Limited are deemed to be Related Parties under Financial ReportingStandard No. 8. Fees charged, out of the Fund, by the Manager and Administrator fees are disclosed in the Income Statement on page 23. Amountspayable at the year end are disclosed in the Balance Sheet on page 20. The Manager may pay a portion of its administration fees to BNY Mellon FundServices (Ireland) Limited, the Sub-Administrator, in consideration for the Sub-Administrator providing certain administration functions to the Funds. Feesto the Global Distributor are paid from the Management fee.For the period under review, in the normal course of managing the fund, there were purchases and sales of investments between Invesco ContinentalEuropean Small Cap Equity Fund, Invesco Global Small Cap Equity Fund and other Invesco managed funds. These transactions were traded at fair value onthe date of the trade.The Manager, Invesco Global Asset Management Limited is a wholly owned subsidiary of Invesco UK Limited, which is a wholly owned subsidiary of InvescoLimited, the group parent company.Director’s fees are not paid from the Funds.There were no Director’s holdings in the Funds for the period under review.Invesco UK Limited held a beneficial interest in the shares representing approximately the following percentages of the total number of shares in issue ofthe relevant fund class.30 Invesco Funds Series 4

Notes to the Financial Statements (Continued)For the six months ended 31 May 20143. Soft Commission and Related Party Transactions (continued)Seed CapitalInvesco UK Limited held the following redeemable participating Shares in the Funds and class as detailed below:Number of Shares atthe start of the periodNumber of Sharesacquired inthe periodNumber of Sharesredeemed in theperiodNumber of Shares atperiod endPercentageof TotalShares %For the Period ended 31 May 2014Invesco Continental European Small Cap Equity Fund ‘A’ Shares 1,348 – 496 851 0Invesco Continental European Small Cap Equity Fund ‘Z’ Shares 523 – – 523 0Invesco Global Small Cap Equity Fund ‘A Acc HKD’ Shares 467 – – 467 14Invesco Global Small Cap Equity Fund ‘A Acc CHF’ Shares 9,255 – – 9,255 100Invesco Global Small Cap Equity Fund ‘B’ Shares 11 – – 11 100Invesco Global Small Cap Equity Fund ‘C Acc CHF’ Shares 9,256 – – 9,256 100Invesco Global Small Cap Equity Fund ‘Z’ Shares 700 – – 700 0Invesco Global Small Cap Equity Fund ‘Z’ EUR Shares 523 – – 523 0Number of Shares atthe start of the yearNumber of Sharesacquired inthe yearNumber of Sharesredeemed inthe yearNumber of Shares atyear endPercentageof TotalShares %For the Year ended 30 November 2013Invesco Continental European Small Cap Equity Fund ‘A’ Shares – 1,348 – 1,348 0Invesco Continental European Small Cap Equity Fund ‘Z’ Shares – 523 – 523 0Invesco Global Small Cap Equity Fund ‘A Acc HKD’ Shares 467 – – 467 15Invesco Global Small Cap Equity Fund ‘A Acc CHF’ Shares – 9,255 – 9,255 100Invesco Global Small Cap Equity Fund ‘B’ Shares 11 – – 11 100Invesco Global Small Cap Equity Fund ‘C Acc CHF’ Shares – 9,256 – 9,256 100Invesco Global Small Cap Equity Fund ‘Z’ Shares – 700 – 700 0Invesco Global Small Cap Equity Fund ‘Z’ EUR Shares – 523 – 523 0Number of Shares atthe start of the periodNumber of Sharesacquired inthe periodNumber of Sharesredeemed in theperiodNumber of Shares atperiod endPercentageof TotalShares %For the Priod ended 31 May 2013Invesco Global Small Cap Equity Fund 'A-Acc HKD' Shares 467 – – 467 15Invesco Global Small Cap Equity Fund 'B' Shares 11 – – 11 1004. Transactions with Connected PartiesThe Directors of the Manager are satisfied that there are arrangements (evidenced by written procedures) in place, to ensure that the obligations set out inparagraph 1 of UCITS Notice 14.5 are applied to all transactions with connected parties.The Directors of the Manager are satisfied that transactions with connected parties entered into during the year complied with the obligations set out inparagraph 1 of UCITS Notice 14.5. A connected party is defined as the promoter, manager, trustee, investment adviser and/or associated or groupcompanies of these.5. Cash and Cash Equivalents31 May 2014Cash balances were on deposit and bank overdraftswith the bank listed below at the balance sheet date:Credit RatingsInvesco ContinentalEuropean Small CapInvesco Global SmallCap EquityS&P Moody’s Equity Fund* Fund€ $The Bank of New York Mellon A-1+ P1 2,602,381 82,9762,602,381 82,976Within the 2014 amounts above €4,674,623 in Invesco Continental European Small Cap Equity Fund and $940,993 in Invesco Global Small Cap Equity Fund wereincluded as bank overdrafts.31 Invesco Funds Series 4

Notes to the Financial Statements (Continued)For the six months ended 31 May 20145. Cash and Cash Equivalents (continued)30 November 2013Cash balances were on deposit and bank overdraftswith the bank listed below at the balance sheet date:Credit RatingsInvesco ContinentalEuropean Small CapInvesco Global SmallCap EquityS&P Moody’s Equity Fund* Fund€ $The Bank of New York Mellon A-1+ P1 (1,090,482) 1,035,400(1,090,482) 1,035,400Within the 2013 amounts above $1,712,916 in Invesco Continental European Small Cap Equity Fund and $Nil in Invesco Global Small Cap Equity Fund were included asbank overdrafts.31 May 2013Cash balances were on deposit and bank overdraftswith the bank listed below at the balance sheet date:Credit RatingsInvesco ContinentalEuropean Small CapInvesco Global SmallCap EquityS&P Moody’s Equity Fund* Fund€ $The Bank of New York Mellon A-1+ P1 1,392,230 4,187,9211,392,230 4,187,921*The comparative figures have been restated from US Dollar to Euro.6. Net Gains and Losses on Investment and CurrencyFair Value31 May 2014€Realised andunrealisedgains/(losses)charged toprofit and loss31 May 2014€Fair Value30 November 2013*€Realised andunrealisedgains/(losses)charged toprofit and loss30 November 2013*€Fair Value31 May 2013**€Realised andunrealisedgains/(losses)charged toprofit and loss31 May 2013**€Invesco Continental European Small Cap Equity FundEquities 738,459,133 60,499,177 327,830,208 34,733,267 72,247,541 13,631,251Forward contracts – (577,098) – (623,508) 152,139 667,755Future contracts – – – – – –Currency – 426,160 – 418,570 – (149,390)Options 4,431,875 (2,629,062) 663,875 (1,426,375) 414,206 39,526Transaction costs – (13,555) – (20,587) – (9,592)742,891,008 57,705,622 328,494,083 33,081,367 72,813,886 14,179,550LiabilitiesUnrealised loss on ForwardContracts – – (232,551)Unrealised loss on FutureContracts – – –*For the 30 November 2013 the fair value comparative figures have been restated from US Dollar to Euro at a rate of 0.77. The Realised and Unrealisedfigures have been restated from US Dollar to Euro at an average rate of 0.78.**For the 31 May 2013 the fair value comparative figures have been restated from US Dollar to Euro at a rate of 0.77. The Realised and Unrealised figureshave been restated from US Dollar to Euro at an average rate of 0.76.32 Invesco Funds Series 4

Notes to the Financial Statements (Continued)For the six months ended 31 May 20146. Net Gains and Losses on Investment and Currency (continued)Fair Value31 May 2014$Realised andunrealisedgains/(losses)charged toprofit and loss31 May 2014$Fair Value30 November 2013$Realised andunrealisedgains/(losses)charged toprofit and loss30 November 2013$Fair Value31 May 2013$Realised andunrealisedgains/(losses)charged toprofit and loss31 May 2013$Invesco Global Small Cap Equity FundEquities 532,171,123 24,587,849 502,145,645 112,521,781 411,605,289 59,358,459Forward contracts 21 (47,099) 137 32,226 – 34,515Currency – (21,313) – (172,163) – (113,378)Transaction costs – (31,990) – (82,841) – (35,323)532,171,144 24,487,447 502,145,782 112,299,003 411,605,289 59,244,273LiabilitiesUnrealised loss on ForwardContracts (4,814) (78) –7. Shares in IssueInvescoContinentalEuropean SmallCap Equity FundInvesco GlobalSmall CapEquity Fund€ $31 May 2014'A' Shares 3,856,870 1,837,470Net Asset Value per 'A' Shares (as expressed in USD) 229.74 124.30'A Acc-HGD CHF' Shares – 9,256Net Asset Value per 'A Acc-HGD CHF' Shares (as expressed in CHF) – 11.07'A-Acc HKD' Shares – 3,221Net Asset Value per 'A-Acc HKD' Shares (as expressed in HKD) – 127.10'B' Shares 3,007 11Net Asset Value per 'B' Shares (as expressed in USD) 204.76 110.71'C' Shares 521,937 2,149,093Net Asset Value per 'C' Shares (as expressed in USD) 252.32 134.39'C Acc-HGD CHF' Shares – 9,256Net Asset Value per 'C Acc-HGD CHF' Shares (as expressed in CHF) – 11.12'Z' Shares 526,195 1,408,894Net Asset Value per 'Z' Shares 12.67 11.59'Z Acc - EUR' Shares – 137,936Net Asset Value per 'Z Acc - EUR' Shares (as expressed in EUR) – 11.40InvescoContinentalEuropean SmallCap Equity Fund*Invesco GlobalSmall CapEquity Fund€ $30 November 2013'A' Shares 1,749,037 2,221,605Net Asset Value per 'A' Shares (as expressed in USD) 200.88 118.88'A Acc-HGD CHF' Shares – 9,256Net Asset Value per 'A Acc-HGD CHF' Shares (as expressed in CHF) – 10.62'A-Acc HKD' Shares – 3,221Net Asset Value per 'A-Acc HKD' Shares (as expressed in HKD) – 121.55'B' Shares 352 11Net Asset Value per 'B' Shares (as expressed in USD) 179.92 106.28'C' Shares 401,596 1,755,643Net Asset Value per 'C' Shares (as expressed in USD) 220.08 128.15'C Acc-HGD CHF' Shares – 9,256Net Asset Value per 'C Acc-HGD CHF' Shares (as expressed in CHF) – 10.62'Z' Shares 62,094 1,375,177Net Asset Value per 'Z' Shares 11.02 11.05'Z Acc - EUR' Shares – 139,262Net Asset Value per 'Z Acc - EUR' Shares (as expressed in EUR) – 10.8733 Invesco Funds Series 4

Notes to the Financial Statements (Continued)For the six months ended 31 May 20147. Shares in Issue (continued)InvescoContinentalEuropean SmallCap Equity Fund*Invesco GlobalSmall CapEquity Fund€ $31 May 2013'A' Shares 411,994 2,234,889Net Asset Value per 'A' Shares (as expressed in USD) 125.19 106.14'A-Acc HKD' Shares – 3,221Net Asset Value per 'A-Acc HKD' Shares (as expressed in HKD) – 108.69'B' Shares 188 11Net Asset Value per 'B' Shares (as expressed in USD) 112.67 95.30'C' Shares 173,004 1,578,223Net Asset Value per 'C' Shares (as expressed in USD) 136.81 114.31*The NAV per share has been restated from US Dollar to Euro.8. Stock LendingThere were no securities held for stock lending as at 31 May 2014, 30 November 2013 or 31 May 2013.9. Distribution to ‘A’, ‘B’, ‘C’ and ‘Z’ ShareholdersInvescoContinentalEuropean Small CapEquity FundInvescoGlobalSmall CapEquity FundDistribution per Share (paid 21 January 2014)Type of ShareA (as expressed in USD) n/a n/aB (as expressed in USD) n/a n/aC (as expressed in USD) n/a 0.2600Z (as expressed in EUR) 0.0037 0.0010Distribution per Share (paid 23 January 2013)Type of ShareA (as expressed in USD) 0.2289 0.0416B (as expressed in USD) n/a n/aC (as expressed in USD) 0.8647 0.534410. Significant Events during the PeriodThere were no significant events during the six months ended 31 May 2014.11. Subsequent EventsThere were no subsequent events since the six months ended 31 May 2014.12. Approval of Financial StatementsThe financial statements were approved by the Directors of the Manager on 22 July 2014.34 Invesco Funds Series 4

Statement of the Manager’s and Trustee’s ResponsibilitiesThe Manager is required under the European Communities (Undertakingsfor Collective Investment in Transferable Securities) Regulations 2011 (the“UCITS Regulations”), to prepare Financial Statements for each financialperiod reporting the financial position of each Fund in the Invesco FundsSeries 4 (“the Series”) as at the end of the accounting period and of itsincome/excess of expenditure over income for the period. In preparingthose financial statements, the Manager:−−−−−ensures that the Financial Statements comply with the Trust Deed,Accounting Standards generally accepted in Ireland and applicableaccounting standards subject to any material departures which aredisclosed and explained in the financial statements;selects suitable accounting policies and then applies them consistently;makes judgements and estimates that are reasonable and prudent;prepares the Financial Statements on a going concern basis unless it isinappropriate to presume that the Series will continue in operation; ands responsible for taking reasonable steps for the prevention anddetection of fraud, error, or non-compliance with laws or the UCITSRegulations, and other irregularities.The Manager is required to keep proper accounting records and to managethe Series in accordance with the UCITS Regulations, the Hong Kong Codeon Unit Trusts, Mutual Funds and the Trust Deed.The Directors and the Board of the Manager of the Series are responsiblefor the maintenance and integrity of the information related to the Series onthe Invesco website. Information on the internet is accessible in manycountries with different legal requirements. Legislation in Ireland governingthe preparation and dissemination of financial statements may differ fromlegislation in other jurisdictions.The Trustee is required under the UCITS Regulations to:-1. ensure that the sale, issue, repurchase, redemption and cancellation ofShares effected by or on behalf of the Funds are carried out inaccordance with the UCITS Regulations and in accordance with theTrust Deed.2. ensure that the value of shares is calculated in accordance with theRegulations and the Trust Deed.3. carry out the instructions of the Manager unless they conflict with theUCITS Regulations or the Trust Deed.4. ensure that where transactions involve the Funds’ assets, anyconsideration is remitted to the Fund within time limits which areacceptable market practice for such a transaction.5. ensure that the Funds’ income is applied in accordance with the UCITSRegulations and the Trust Deed.6. enquire into the conduct of the Manager in each annual accountingperiod and report thereon to the Shareholders. The Trustee's reportshall be delivered to the Manager in good time to enable the Manager toinclude a copy of the report in its Interim Report. The Trustee's Reportshall state whether in the Trustee's opinion the Funds have beenmanaged in that period:(i) in accordance with the limitations imposed on the investment andborrowing powers of the Manager and Trustee by the Trust Deedand the UCITS Regulations; and(ii) otherwise in accordance with the provisions of the Trust Deed andthe UCITS Regulations.If the Manager does not comply with (i) or (ii) above, the Trustee must statewhy this is the case and outline the steps which the Trustee has taken torectify the situation.The Trustee must notify the Central Bank of Ireland promptly of anymaterial breach of the UCITS Regulations, conditions imposed by theCentral Bank of Ireland or provisions of the prospectus of the Fund.The duties provided for above may not be delegated by the Trustee to athird party. These duties must be carried out in Ireland.The Trustee also takes into its custody or under its control all the assets ofthe Funds and holds them in safekeeping for the Shareholders.35 Invesco Funds Series 4

Invesco Global Asset Management LimitedDirectorsC. Majer (German)B. Collins (Irish, Independent Director)L. Schmidt (American)O. Carroll (Irish)C. O’Sullivan (Irish)M. Boulanger (French)D. Sharp (Canadian)Global Distributor, Registrar, Manager and AdministratorInvesco Global Asset Management LimitedRegistered OfficeGeorge’s Quay House43 Townsend StreetDublin 2, IrelandCorrespondence address for Global DistributorInvesco Global Asset Management Limited78 Sir John Rogersons QuayDublin 2IrelandRegistrar and Transfer AgentInternational Financial Data Services (Ireland) Limited78 Sir John Rogersons QuayDublin 2IrelandSub-AdministratorBNY Mellon Fund Services (Ireland) LimitedGuild HouseGuild StreetInternational Financial Services CentreDublin 1IrelandSecretaryInvesco Asset Management Limited(Registered office until 31 January 2014)30 Finsbury SquareEC2A 1AG LondonUnited Kingdom(Registered office from 1 February 2014)Perpetual ParkPerpetual Park DriveHenley-on-ThamesOxfordshire RG9 1HHUnited KingdomTrusteeBNY Mellon Trust Company (Ireland) LimitedGuild HouseGuild StreetInternational Financial Services CentreDublin 1IrelandHong Kong Sub-Distributor and RepresentativeInvesco Asset Management Asia Limited41/F Citibank Tower3 Garden Road, CentralHong KongGerman Information AgentInvesco Asset Management Deutschland GmbHRegistered OfficeAn der Welle 5D-60322 Frankfurt am MainGermanyUnited Kingdom RepresentativeInvesco Global Investment Funds Limited(Registered office until 31 January 2014)30 Finsbury SquareEC2A 1AG LondonUnited Kingdom(Registered office from 1 February 2014)Perpetual ParkPerpetual Park DriveHenley-on-ThamesOxfordshire RG9 1HHUnited KingdomIndependent Auditors of the Fund andManagement Company AuditorsPricewaterhouseCoopersChartered Accountants and Registered AuditorsOne Spencer DockNorth Wall QuayDublin IIrelandInvestment Adviser to Invesco Continental European Small Cap Equity Fundand Invesco Global Small Cap Equity Fund.Invesco Asset Management Limited(Registered office until 31 January 2014)30 Finsbury SquareEC2A 1AG LondonUnited Kingdom(Registered office from 1 February 2014)Perpetual ParkPerpetual Park DriveHenley-on-ThamesOxfordshire RG9 1HHUnited KingdomAustrian DistributorInvesco Asset Management Osterreich GmbHRotenturmstraße 16-18A-1010 ViennaAustriaAustrian Paying AgentErste Bank der oesterreichischen Sparkassen AGGraben 211010 ViennaAustriaGerman Paying AgentBNP Paribas Securitas Services S.C.A.Zweigniederlassung Frankfurt am MainEuropa-Allee 12D-60327 Frankfurt am MainGermanyLegal AdvisorMatheson70 Sir John Rogerson’s QuayDublin 2IrelandThe latest Financial Statements are also available through Invesco's Internet Sitewww.invesco.com. For Shareholders in Hong Kong please refer to www.invesco.com.hk36 Invesco Funds Series 4

Contact UsInvesco Global Asset Management LimitedManager/Global Distributor,George’s Quay House43 Townsend Street, Dublin 2, IrelandTelephone: +353 1 439 8000Website: www.invesco.comInvesco Asset Management Asia LimitedHong Kong Sub-Distributor and Representative41/F Citibank Tower3 Garden Road, CentralHong KongTelephone: + 852 3128 6000Facsimile : + 852 3128 6001Website: www.invesco.com.hk