Invesco Funds Series 5 Interim Report - Invesco Global Product Range

Invesco Funds Series 5Interim Report (Unaudited)For the six months ended 31 May 2014

Invesco Emerging Markets Equity Fund01 Investment Policy and Description of Series03 Investment Adviser’s Report on behalf of the Manager04 Performance Record04 Price and Income Record05-07 Portfolio Statement08 Changes in the Composition of the PortfolioInvesco Korean Equity Fund01 Investment Policy and Description of Series09 Investment Adviser’s Report on behalf of the Manager10 Performance Record10 Price and Income Record11 Portfolio Statement12 Changes in the Composition of the PortfolioInvesco PRC Equity Fund01 Investment Policy and Description of Series13 Investment Adviser’s Report on behalf of the Manager14 Performance Record14-15 Price and Income Record16-17 Portfolio Statement18 Changes in the Composition of the Portfolio19 Balance Sheet 31 May 201420 Balance Sheet 30 November 201321 Balance Sheet 31 May 201322 Income Statement 31 May 201423 Income Statement 30 November 201324 Income Statement 31 May 201325 Statement of Changes in Net Assets attributable to holders ofRedeemable Participating Shares 31 May 201426 Statement of Changes in Net Assets attributable to holders ofRedeemable Participating Shares 30 November 201327 Statement of Changes in Net Assets attributable to holders ofRedeemable Participating Shares 31 May 201328-35 Notes to the Financial Statements36 Statement of the Manager’s and Trustee’s Responsibilities37 General InformationInvesco Funds Series 5

Investment Policy and Description of SeriesInvestment Objectives and PoliciesDescription of the FundInvesco Emerging Markets Equity Fund (the “Fund”) aims to achieve longtermcapital growth through investment in companies in emerging markets.For the purposes of the Fund, the Manager (“Invesco Global AssetManagement Limited”) has defined the emerging markets as all thecountries in the world other than all Western European countries (otherthan Greece and Turkey), the USA, Canada, Japan, Australia and NewZealand. Investments may be made by the Manager in Hong Kongreflecting its inextricable link with mainland China and its leverage to thiscountry's growth. The Manager will seek to achieve the investmentobjective by investing predominantly in listed equity or equity-relatedsecurities. Exposure may be partially obtained through indirect investmentsin securities traded in other markets.The Fund may invest in the securities of investment funds which provideaccess to certain markets where there are currently restrictions on foreigninvestment, or where the Manager perceives that such funds provide otherinvestment opportunities.At least 70% of the total assets of the Fund (without taking into accountancillary liquid assets) will be invested in listed equity or equity relatedsecurities of companies with their registered office in an emerging marketcountry or with their registered office in a non-emerging market countrybut carrying out their business activities predominantly in emerging marketcountries or holding companies, the interests of which are predominantlyinvested in companies with their registered office in emerging marketcountries.Up to 30% in aggregate of the total assets of the Fund may be invested incash and cash equivalents, equity and equity related securities ofcompanies which do not meet the requirements set out above but stand tobenefit from their operations in emerging market countries or debtsecurities (including convertible debt) of issuers in emerging marketcountries.Diversification of risk across a range of markets and companies will be ofprimary importance.Invesco Korean Equity Fund (the “Fund”) aims to achieve long-term capitalgrowth by investing directly or indirectly in securities of Korean companiesor other entities or subsidiaries of Korean companies and securities listed ortraded on the Korean securities markets. The Manager will seek to achievethe investment objective by investing primarily in equity or equity-relatedsecurities (including warrants and convertible securities however, no morethan 10% of the net asset value of the Fund may be invested in warrants).The Fund may invest in the securities of investment funds which provideaccess to certain markets where there are currently restrictions on foreigninvestment, or where the Manager perceives that such funds provide otherinvestment opportunities.Invesco PRC Equity Fund (the “Fund”) aims to achieve long-term capitalgrowth by investing in transferable securities of companies with substantialexposure to mainland China. The Manager will seek to achieve theinvestment objective by investing at least 70% of the Fund's total assets(after deducting ancillary liquid assets) in equity or equity-relatedtransferable securities of such companies. The following are consideredcompanies with substantial exposure to mainland China; (i) companieshaving their registered office in the People's Republic of China, (ii)companies with their registered office outside the People's Republic ofChina carrying out their business activities predominantly in the People'sRepublic of China, or (iii) holding companies, the interests of which arepredominantly invested in companies with registered office in the People'sRepublic of China.Up to 30% of the total assets of the Fund may be invested in aggregate incash and cash equivalents, equity and equity related securities issued bycompanies or other entities not meeting the above requirements or in debtsecurities (including convertible bonds) of PRC issuers.The Invesco Funds Series 5 (the “Series”) is a multi-portfolio Irish unit trustcomprising Invesco Emerging Markets Equity Fund, Invesco Korean EquityFund and Invesco PRC Equity Fund (the “Funds”). The Series is authorisedby the Central Bank of Ireland in Ireland as a UCITS under the EuropeanCommunities (Undertakings for Collective Investment in TransferableSecurities) Regulations 2011 as amended and by the Hong Kong Securitiesand Futures Commission (SFC) under the Hong Kong Securities and FuturesOrdinance (Cap. 571) and has been recognised by the Financial ServicesAuthority in the United Kingdom under Section 264 of the Financial Servicesand Markets Act 2000 (the “Act”).The Funds issue units to unitholders as per the consolidated prospectus,these units are referred to as “Shares” and the unitholder is referred to asthe “Shareholder” throughout these financial statements.Each Fund is a fund in the Invesco range of funds managed by Invesco GlobalAsset 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 a Fund nor for thecorrectness of any statements made or opinions expressed in this regard.The Funds are not registered under the United States Investment CompanyAct of 1940 (as amended) and Shares in the Funds (“Shares”) have not beenregistered under the 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”).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 in Ireland.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, published inlocal leading financial newspapers including, in the case of Hong Kong, theHong Kong Economic Times, the South China Morning Post and the HongKong Economic Journal. Share prices are currently also available fromReuters and Bloomberg.Any investment in the Funds should be considered long term. There can beno guarantee that the amounts subscribed for Shares will be ultimatelyrealised. Changes in rates of exchange between currencies may cause thevalue of an investment in the Funds to diminish or increase. Investors shouldbe aware that investment in emerging markets is by its nature both high riskand potentially volatile.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 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.01 Invesco Funds Series 5

Investment Policy and Description of Series (Continued)Description of the Fund (continued)ChargesShareLaunch DateAnnualManagementFeeAnnualDistributorFee% %AnnualAdministration FeeActual%AnnualTrusteeFeeMax%Invesco Emerging Markets Equity FundA Shares AA 01/06/1990 2.00 - 0.30 0.0075B Shares AA 03/08/2001 2.00 1.00 0.30 0.0075C Shares AA 02/09/1992 1.50 - 0.30 0.0075Z Shares AA 21/08/2013 1.00 - 0.30 0.0075Invesco Korean Equity FundA Shares AA 01/02/1992 2.00 - 0.30 0.0075A Acc HKD Shares A 07/07/2011 2.00 - 0.30 0.0075B Shares AA 03/08/2001 2.00 1.00 0.30 0.0075C Shares AA 05/11/1996 1.50 - 0.30 0.0075Invesco PRC Equity FundA Shares AA 01/04/1992 1.75 - 0.40 0.0075A EUR HGD Shares A 18/02/2008 1.75 - 0.40 0.0075A HKD Shares A 08/12/2010 1.75 - 0.40 0.0075A AUD HGD Shares A 23/10/2013 1.75 0.40 0.0075A CAD HGD Shares A 23/10/2013 1.75 0.40 0.0075A Acc CHF HGD Shares A 23/10/2013 1.75 0.40 0.0075A NZD HGD Shares A 23/10/2013 1.75 0.40 0.0075A Acc RMB HGD Shares A 23/10/2013 1.75 0.40 0.0075B Shares AA 03/08/2001 1.75 1.00 0.30 0.0075C Shares AA 26/10/1995 1.25 - 0.30 0.0075C AUD HGD Shares A 23/10/2013 1.25 - 0.30 0.0075C EUR HGD Shares A 18/02/2008 1.25 - 0.30 0.0075C HKD Shares A 08/12/2010 1.25 - 0.30 0.0075I Shares A 05/07/2006 0.00 - 0.00 0.0075Z Shares AA 23/10/2013 0.88 - 0.40 0.0075Distribution FrequencyA = AccumulatingAA = AnnualThe Manager's annual fee is based on the daily net asset value of each Fundand is paid monthly. The Manager will also be paid a fee in respect of itsduties as Administrator and Registrar for each Fund. The Administrationfee will be calculated daily and will be paid on the last Business Day of eachmonth at the rates set out above, based on the net asset value of eachshare class of each Fund on each Business Day. The charges are deductiblefrom the income of each Fund or from capital in the event of an incomeshortfall.The Trustee will be paid a fee calculated on a sliding scale to a maximumrate of 0.0075% per annum of the net asset value of each class of eachShare of the 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 liquidationof that Fund.02 Invesco Funds Series 5

Invesco Emerging Markets Equity FundInvestment Adviser’s Report on behalf of the ManagerGlobal emerging markets initially came under pressure as a period ofdeclining liquidity and risk aversion prompted equity weakness across allregions. To combat depreciating currencies, interest rates were raised in anumber of countries including Brazil, Turkey and India. By early February,stock prices staged a recovery, aided by currency stabilisation andencouraging economic data.Emerging Asia was the best performing region with strong gains beingregistered in India as financial markets reacted favourably to the probusinessparty political BJP winning the general election. In Latin America,stocks in Mexico outshone those in Brazil as the former drew benefit fromupbeat news, such as rising consumer confidence levels and employmentgrowth, on the economy. As tensions between Russian and Ukraine beganto recede, sentiment towards emerging Europe improved. After ten yearsof negotiations, Russia and China finally agreed a US$400 billion gas supplydeal in May.The Fund’s “A” Shares rose by 5% during the six-month period to the end ofMay 2014, compared to a gain of 1.9% in the MSCI Emerging Markets (US$)index. This placed the Fund in the first quartile of its peer group, the GIFSGlobal Emerging Markets Equity sector, which increased by an average of2.3%.Our holdings in Asian companies, particularly those based in Korea, Taiwanand India, contributed the most towards Fund performance. The falloutfrom the Ukrainian standoff had an adverse impact on our Russian holdings.At a sector level, there were healthy returns from information technology,financials and consumer discretionary. Disappointing returns wereregistered from our holdings in telecoms.The biggest stock contributor towards performance was HikmaPharmaceuticals, a Jordanian-based distributor and generic manufacturerwith a diversified business both in terms of geography and products. Webelieve that Hikma has positioned itself as one of the leading players in itsfield and continues to successfully build up its profile in many countries.We believe that investor sentiment towards global emerging equity marketsis improving. In recent months, some emerging countries have recoupedsome of their earlier equity losses as outflows begin to reverse amidencouraging economic news.Asia has an enviable and consistent track record of economic growth,supported by subdued inflation, current account surpluses and prudent fiscalmanagement. China is rebalancing, and that is to some extent a painfulprocess, so growth may well slow here. However, we believe that both forthe global economy and for emerging markets, rebalancing in China towardsa more domestic and consumption led growth will be beneficial. Economicgrowth in Latin America has been slowing but still remains positive. Webelieve that weaker currencies, which we have seen, will provide a boost tocompetitiveness in the second half of 2014 and into next year. If this is alliedwith an improving economic backdrop in the developed world, then thisshould help economies rebound in Latin America. In emerging Europe, mostcountries are still showing reasonable economic growth. We expect Turkeywill slow in 2014 in the face of higher interest rates. However, in our view,Poland, Hungary and the Czech Republic are likely to benefit from their linksto the improving economies of Western Europe.Dated: 30 June 2014 – Invesco Global Asset Management Limited03 Invesco Funds Series 5

Invesco Emerging Markets 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 Emerging Markets Equity Fund ‘A’ Shares USD 5.01 6.68 53.71Invesco Emerging Markets Equity Fund ‘B’ Shares USD 4.52 5.61 46.29Invesco Emerging Markets Equity Fund ‘C’ Shares USD 5.28 7.20 57.58Invesco Emerging Markets Equity Fund ‘Z’ Shares USD 5.58 n/a n/aMSCI Emerging Markets Index (benchmark) USD 1.89 4.27 49.48Morningstar GIF OS Global Emerging Markets Equity* USD 2.29 2.80 43.09Source: Morningstar* For comparative purposesThe Net Asset Value Information for 31 May 2014, 30 November 2013 and 31 May 2013 can be found on pages 19, 20 and 21.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.Highest Lowest Highest Lowest Highest Lowest Highest LowestNAV Price ‘A’ NAV Price ‘A’ NAV Price ‘B’ NAV Price ‘B’ NAV Price ’C’ NAV Price NAV Price NAV PriceCalendarShares Shares Shares Shares Shares ‘C’ Shares ’Z’ Shares ‘Z’ SharesYear $ $ $ $ $ $ $ $2005 25.10 17.85 24.20 17.37 26.76 18.94 - -2006 33.31 24.13 31.77 23.15 35.67 25.77 - -2007 47.53 30.91 44.94 29.43 51.10 33.13 - -2008 44.93 17.29 42.24 16.17 48.43 18.68 - -2009 35.05 17.55 32.42 16.36 38.04 18.99 - -2010 41.72 30.55 38.25 28.14 45.50 33.25 - -2011 41.70 28.59 38.17 25.97 45.52 31.30 - -2012 37.71 30.95 33.84 27.93 41.32 33.90 - -2013 40.17 34.48 35.75 30.79 44.19 37.88 11.07 9.672014† 42.00 36.31 37.13 32.23 46.28 39.93 11.64 10.03Net Income per $2,000 investedIn November 1992Net Income DistributionAt a price of $13.04 per ShareCalendar ‘A’ Shares ‘B’ Shares ‘C’ Shares ‘Z’ Shares ‘A’ Shares ‘B’ Shares ‘C’ Shares ‘Z’ SharesYear $ $ $ $ $ $ $ $2005 - - - - - - - -2006 0.0463 0.0445 0.0494 - 7.10 6.83 7.58 -2007 - - - - - - - -2008 - - - - - - - -2009 0.1488 0.1386 0.1610 - 22.82 21.26 24.69 -2010 0.0350 0.0324 0.0380 - 5.37 4.97 5.83 -2011 - - 0.1165 - - - 17.87 -2012 - - 0.0887 - - - 13.60 -2013 - - 0.0802 0.0011 - - 12.30 0.172014† - - - - - - - -† Figures to 30 June 2014Source: Invesco Global Asset Management LimitedDistributions, if any, are paid annually to ‘A’, ‘B’, ‘C’ and ‘Z’ Shareholders on or before 21 January and are set out in note 9. Reports on the progress of theFund are published on or before 31 March and 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.04 Invesco Funds Series 5

Invesco Emerging Markets Equity FundPortfolio StatementAs at 31 May 2014The Portfolio of Investments - (analysed by geographical sector)Value of(Ordinary shares quoted unless otherwise stated)FundInvestment Holding $ %SOUTH KOREA (17.01%)DGB Financial Group Inc 67,500 1,019,250 1.18Hyundai Mobis 2,400 677,520 0.78Hyundai Motor Co (Pref) 17,670 2,615,337 3.03Korea Electric Power Corp 21,650 828,762 0.96Korea Investment Holdings Co Ltd 23,350 881,229 1.02POSCO 3,430 971,650 1.13Samsung Electronics Co Ltd 8,352 4,560,192 5.28Samsung Fire & Marine Insurance Co Ltd 3,900 993,915 1.15Shinhan Financial Group Co Ltd 33,750 1,467,112 1.70Shinsegae Co Ltd 3,275 670,917 0.7814,685,884 17.01TAIWAN (9.93%)China Life Insurance Co Ltd 1,028,697 966,975 1.12Chroma ATE Inc 347,000 867,500 1.00E.Sun Financial Holding Co Ltd 1,021,262 674,033 0.78Hon Hai Precision Industry Co Ltd 271,800 1,690,596 1.96Taiwan Semiconductor Manufacturing Co Ltd 797,934 3,183,757 3.69Yageo Corp 2,015,200 1,188,968 1.388,571,829 9.93BRAZIL (9.36%)Direcional Engenharia SA 80,400 410,040 0.48Even Construtora e Incorporadora SA 222,000 679,320 0.79Itau Unibanco Holding SA 82,815 1,327,524 1.54JSL SA 66,600 365,634 0.42Linx SA 21,900 457,272 0.53Merrill Lynch Intl Wts 26/06/14 Usd 45,879 252,335 0.29Smiles SA 43,000 793,780 0.92Suzano Papel e Celulose SA (Pref) 206,000 737,480 0.85Telefonica Brasil SA 38,000 783,560 0.91Ultrapar Participacoes SA 42,500 1,017,875 1.18Vale SA 95,350 1,252,899 1.458,077,719 9.36INDIA (6.37%)Goldman Sachs International Wts 19/09/14 Usd 88,300 1,312,138 1.52ICICI Bank Ltd 27,350 1,388,012 1.61Infosys Ltd 21,300 1,080,549 1.25ITC Ltd 295,300 1,718,646 1.995,499,345 6.37SOUTH AFRICA (6.31%)Aspen Pharmacare Holdings Ltd 63,350 1,679,409 1.94Naspers Ltd 22,200 2,500,386 2.90Remgro Ltd 28,750 609,500 0.71Truworths International Ltd 85,750 657,702 0.765,446,997 6.31CAYMAN ISLANDS (6.14%)51job Inc 10,250 644,827 0.75Baidu Inc 6,780 1,135,040 1.31ENN Energy Holdings Ltd 134,000 940,680 1.09Mindray Medical International Ltd 27,200 833,952 0.97NetEase Inc 24,450 1,746,219 2.025,300,718 6.1405 Invesco Funds Series 5

Invesco Emerging Markets Equity FundPortfolio Statement (continued)As at 31 May 2014The Portfolio of Investments - (analysed by geographical sector)Value of(Ordinary shares quoted unless otherwise stated)FundInvestment Holding $ %RUSSIA (5.46%)Lukoil OAO 23,062 1,312,920 1.52Mobile Telesystems OJSC 59,250 1,112,122 1.29NovaTek OAO 9,875 1,163,275 1.34Phosagro OAO 97,800 1,129,590 1.314,717,907 5.46HONG KONG (4.63%)Cheung Kong Holdings Ltd 88,000 1,571,680 1.82China Mobile Ltd 123,500 1,202,890 1.40Hutchison Whampoa Ltd 91,000 1,218,490 1.413,993,060 4.63UNITED KINGDOM (4.29%)Hikma Pharmaceuticals Plc 67,100 1,886,181 2.19HSBC Holdings Plc 107,200 1,129,888 1.31ITE Group Plc 174,400 683,648 0.793,699,717 4.29BERMUDA (4.26%)Credicorp Ltd 5,300 822,030 0.95Jardine Matheson Holdings Ltd 12,100 739,915 0.86Noble Group Ltd 1,272,000 1,411,920 1.63Pacific Basin Shipping Ltd 1,139,000 706,180 0.823,680,045 4.26MEXICO (3.74%)Cemex SAB de CV 79,508 1,035,194 1.20Fibra Uno Administracion SA de CV 291,000 905,010 1.05Gruma SAB de CV 86,300 877,671 1.02Hoteles City Express SAB de CV 223,000 410,320 0.473,228,195 3.74CHINA (2.89%)Bank of China Ltd 1,968,500 925,195 1.07China Construction Bank Corp 901,260 657,920 0.76PetroChina Co Ltd 770,000 916,300 1.062,499,415 2.89TURKEY (2.53%)Turk Hava Yollari 212,700 725,307 0.84Turkiye Sinai Kalkinma Bankasi AS 1,756,731 1,458,086 1.692,183,393 2.53ISRAEL (2.19%)Frutarom Industries Ltd 50,150 1,238,204 1.43Osem Investments Ltd 28,500 652,080 0.761,890,284 2.19PHILIPPINES (1.89%)Filinvest Land Inc 21,566,000 862,640 1.00Philippine Long Distance Telephone Co 12,000 773,400 0.891,636,040 1.89THAILAND (1.84%)Kasikornbank PCL 278,400 1,589,664 1.8406 Invesco Funds Series 5

Invesco Emerging Markets Equity FundPortfolio Statement (continued)As at 31 May 2014The Portfolio of Investments - (analysed by geographical sector)Value of(Ordinary shares quoted unless otherwise stated)FundInvestment Holding $ %POLAND (1.83%)Integer.pl SA 2,850 236,037 0.27Powszechny Zaklad Ubezpieczen SA 6,125 901,294 1.05Synthos SA 28,240 41,795 0.05Warsaw Stock Exchange 32,500 396,825 0.461,575,951 1.83GREECE (1.79%)Hellenic Exchanges SA Holding Clearing Settlement and Registry 71,250 849,300 0.98Piraeus Bank SA 297,600 696,384 0.811,545,684 1.79CANADA (1.59%)Methanex Corp 11,300 659,807 0.77Pacific Rubiales Energy Corp 37,400 709,852 0.821,369,659 1.59UNITED ARAB EMIRATES (1.06%)First Gulf Bank PJSC 188,150 916,290 1.06INDONESIA (1.03%)Bank Negara Indonesia Persero Tbk PT 2,178,400 893,144 1.03LUXEMBOURG (1.02%)Samsonite International SA 282,000 882,660 1.02KAZAKHSTAN (0.88%)KCell JSC 49,150 761,334 0.88PANAMA (0.79%)Copa Holdings SA 4,725 678,463 0.79UNITED STATES (0.00%)Amalgamated Resources* 2,134,177 – –ZIMBABWE (0.00%)Tzi Ltd* 2,500,000 – –Total Value of Investments (Cost $65,562,465) 85,323,397 98.83*Unquoted, the fair value is estimated with care and good faith by competent person and approved by the Manager, on behalf of the Directors.Total Financial assets 85,323,397 98.83Cash and Cash Equivalents (see note 5 for details) 1,551,380 1.80Bank Overdraft (see note 5 for details) (52) 0 .00Adjustment from bid-market prices to mid-market prices 38,088 0.04Other Net Current Liabilities (576,205) (0.67)Total Value of the Fund at 31 May 2014 86,336,608 100.00% ofAnalysis of total assetsTotal AssetsTransferable securities admitted to an official stock exchangelisting or dealt in on another regulated market. 97.84Other assets 2.16100.0007 Invesco Funds Series 5

Invesco Emerging Markets Equity FundChanges in the Composition of the PortfolioFor the six months ended 31 May 2014Purchases Cost $ Sales Proceeds $Cemex SAB de CV 959,896 Samsung Electronics Co Ltd 935,953Mexichem SAB de CV 862,110 Jeronimo Martins SGPS SA 867,406Gruma SAB de CV 791,587 Hyundai Motor Co (Pref) 765,842PetroChina Co Ltd 776,338 Changyou.com Ltd 752,561First Gulf Bank PJSC 767,587 Rami Levi Chain Stores Hashikma Marketing 2006 Ltd 724,170Piraeus Bank SA 706,583 Mexichem SAB de CV 702,032Shinsegae Co Ltd 701,082 Eurocash SA 683,954Turk Hava Yollari 674,815 Shoprite Holdings Ltd 659,047Remgro Ltd 604,347 Grupo Televisa SAB 640,306Synthos SA 448,267 Globaltrans Investment PLC 611,562NetEase Inc 443,473 Hengan International Group Co Ltd 602,088Warsaw Stock Exchange 416,214 Wumart Stores Inc 586,074Noble Group Ltd 390,289 LT Group Inc 541,919Hellenic Exchanges SA Holding Clearing Settlement and Registry 288,487 Hikma Pharmaceuticals PLC 537,937Integer.pl SA 278,346 Fox Wizel Ltd 475,524E.Sun Financial Holding Co Ltd 259,392 Methanex Corp 451,312Korea Electric Power Corp 250,870 China Mobile Ltd 406,249Samsonite International SA 241,818 Baidu Inc 395,515Truworths International Ltd 188,557 Synthos SA 368,439Bank Negara Indonesia Persero Tbk PT 186,238 Hon Hai Precision Industry Co Ltd 334,666Powszechny Zaklad Ubezpieczen SA 164,065 Bank of China Ltd 293,726China Mobile Ltd 129,515 Jardine Matheson Holdings Ltd 275,887Direcional Engenharia SA 129,329 NetEase Inc 254,125Other Purchases 2,092,522 Cia de Locacao das Americas 226,287Total cost of purchases since 01 December 2013 $12,751,727 Truworths International Ltd 212,443China Construction Bank Corp 206,084Copa Holdings SA 196,318Smiles SA 178,265Itau Unibanco Holding SA 164,450Taiwan Semiconductor Manufacturing Co Ltd 164,063Vale SA 163,870Other Sales 1,367,612Total proceeds of sales since 01 December 2013 $15,745,68608 Invesco Funds Series 5

Invesco Korean Equity FundInvestment Adviser’s Report on behalf of the ManagerOver the six months to the end of May 2014 the Fund’s “A” Sharesreturned 15.0% (USD), clearly outperforming the benchmark KOSPI indexwhich returned 1.2%. The strong performance placed the Fund within thefirst quartile of its peer group, the GIF OS Korea Equity sector, whichreturned an average of 1.8%.The South Korean equity market made modest gains over the period, withsignificant dispersion in performance between sectors. The best-performingsector was utilities, followed by consumer staples which generated strongpositive returns, while the energy sector lagged notably. Earnings for the 3Qand 4Q of 2013 were generally mixed. The Korean won strengthened byabout 4% against the US dollar over the period under review, with concernsover competitiveness impacting sentiment towards some export-drivencompanies. On a more positive note, macroeconomic fundamentalsremained robust. South Korea’s Quarter 1 2014 GDP grew by 3.99% yearon-yearcompared to 3.64% growth in the prior quarter, while CPI inflationremained subdued at 1.67% year on year in May 2014.The excellent performance of the Fund over the period was driven by strongstock selection, particularly in the consumer discretionary and consumerstaples sectors. Key contributors included those companies demonstratinga durable business model with high earnings visibility, such as holdings in afurniture retailer which continued to see market share gains, and a leadingcosmetics retailer with solid business growth in domestic and overseasmarkets.In terms of Fund strategy, we prefer domestic names with leading marketshare and high earnings visibility, while avoiding more economicallysensitive companies. About 80% of the KOSPI index is made up ofcompanies with what is considered to be a high level of earnings variability,and as such the Fund tends to avoid this area of the index, preferringinstead to invest in what we consider to be high quality small-capcompanies. The Fund currently has a meaningful bias towards the consumerdiscretionary and consumer staples sectors which are more exposed to thedomestic economy. The Fund currently has no exposure in financials, whichaccount for about 10% of the benchmark index, given our expectations ofmodest loan growth in the country.Looking ahead, we believe the South Korean equity market as representedby the KOSPI index will remain range-bound for the rest of the year. As theindex is dominated by several large-cap cyclical companies with a volatileearnings outlook, we are actively looking outside the index for opportunitiesto invest in companies with sustainable earnings growth. On the positiveside, we believe Korea’s equity market is likely to receive continued supportfrom its solid macroeconomic and corporate fundamentals. In addition, themarket is currently trading at a price-to-earnings ratio of around 9 times2014 expected earnings, which is still one of the cheapest and mostcompelling valuation levels among all Asian countries.Dated: 30 June 2014 – Invesco Global Asset Management LimitedSector allocation is generally a by-product of our bottom-up stock selectionprocess, and also contributed positively. Our preference for companies withsustainable earnings growth has led to our having a large overweightposition in the consumer staples sector, relative to the benchmark, whichadded value over the period as this was the second best-performing sector.In addition, our lack of exposure in more economically sensitive areas of themarket, such as the materials and energy sectors has contributed positivelyto performance.09 Invesco Funds Series 5

Invesco Korean Equity FundFund PerformancePercentage change over:(All expressed in the share base currency,mid to mid, gross income reinvested)CcyLast6 monthsLast12 monthsLast 5 years(Cumulative)Invesco Korean Equity Fund ‘A’ Shares USD 14.95 19.73 91.34Invesco Korean Equity Fund ‘A’ Acc HKD Shares HKD 14.97 19.56 (9.51)Invesco Korean Equity Fund ‘B’ Shares USD 14.37 18.55 81.87Invesco Korean Equity Fund ‘C’ Shares USD 15.26 20.34 96.09KSE KOSPI Korea (Index) USD 1.20 10.40 75.82*MSCI World Index USD 6.52 18.87 96.60*Morningstar GIF OS Korea Equity USD 1.76 11.57 62.44Source: Morningstar* For comparative purposesThe Net Asset Value Information for 31 May 2014, 30 November 2013 and 31 May 2013 can be found on pages 19, 20 and 21.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.CalendarHighestNAV Price ‘A’SharesLowestNAV Price ‘A’SharesHighestNAV Price ‘B’SharesLowestNAV Price ‘B’SharesHighestNAV Price ‘C’SharesLowestNAV Price ‘C’SharesHighestNAV Price ‘A-Acc’HKD SharesLowestNAV Price ‘A-Acc’HKD SharesYear $ $ $ $ $ $ HKD HKD2005 16.09 10.73 15.44 10.40 16.83 11.17 - -2006 18.11 14.39 17.20 13.72 19.02 15.09 - -2007 31.45 16.26 29.58 15.42 33.17 17.08 - -2008 25.41 9.32 23.85 8.66 26.82 9.87 - -2009 18.97 8.62 17.48 8.00 20.19 9.15 - -2010 24.02 16.32 21.86 14.94 25.71 17.42 - -2011 30.77 21.65 27.84 19.51 33.03 23.25 101.47 71.342012 25.24 20.70 22.71 18.55 27.16 22.32 82.85 67.962013 24.39 20.33 21.67 18.04 26.44 22.02 80.10 66.732014† 28.05 23.43 24.65 20.67 30.55 25.47 92.05 77.02Net Income per $2,000 investedIn November 1996Net Income DistributionAt a price of $6.60 per ShareCalendar ‘A’ Shares ‘B’ Shares ‘C’ Shares ‘A’ Shares ‘B’ Shares ‘C’ SharesYear $ $ $ $ $ $2005 - - - - - -2006 0.0261 0.0250 0.0273 7.91 7.58 8.272007 - - - - - -2008 - - - - - -2009 - - - - - -2010 - - - - - -2011 - - - - - -2012 - - - - - -2013 - - - - - -2014† - - - - - -† Figures to 30 June 2014.Source: Invesco Global Asset Management LimitedDistributions, if any are paid annually to ‘A’, ‘B’ and ‘C’ Shareholders on or before 21 January and are set out in note 9. Reports on the progress of the Fundare published on or before 31 March and 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.10 Invesco Funds Series 5

Invesco Korean Equity FundPortfolio StatementAs at 31 May 2014The Portfolio of Investments - (analysed by industrial sector)Value of(Ordinary shares quoted unless otherwise stated)FundInvestment Holding $ %CONSUMER, NON-CYCLICAL (38.20%)Amorepacific Corp 8,000 11,362,480 3.56AMOREPACIFIC Group 25,000 16,688,000 5.23Dongsuh Co Inc 622,000 10,001,760 3.13Green Cross Corp 100,000 12,056,000 3.77Hyundai Greenfood Co Ltd 600,000 9,912,000 3.10NongShim Co Ltd 63,000 19,050,570 5.96Orion Corp 20,000 16,447,800 5.15Ottogi Corp 35,093 15,221,238 4.77S-1 Corp 111,776 8,677,171 2.72Yuhan Corp 15,000 2,595,150 0.81122,012,169 38.20CONSUMER, CYCLICAL (22.61%)CJ CGV Co Ltd 191,700 8,662,923 2.71Grand Korea Leisure Co Ltd 330,000 13,295,700 4.16Halla Visteon Climate Control Corp 250,000 11,640,000 3.64Hana Tour Service Inc 30,000 1,902,600 0.60Hanssem Co Ltd 159,983 13,894,523 4.35Hyundai Mobis 33,000 9,315,900 2.92Samchuly Bicycle Co Ltd 700,000 13,517,000 4.2372,228,646 22.61TECHNOLOGY (12.10%)Samsung Electronics Co Ltd 21,000 29,703,030 9.30Sindoh Co Ltd 135,000 8,945,100 2.8038,648,130 12.10COMMUNICATIONS (8.59%)iMarketKorea Inc 200,000 6,822,000 2.14Interpark INT Corp 122,507 2,323,958 0.73SK Telecom Co Ltd 85,000 18,287,750 5.7227,433,708 8.59INDUSTRIAL (7.92%)Coway Co Ltd 150,000 12,615,000 3.95KEPCO Plant Service & Engineering Co Ltd 200,000 12,684,000 3.9725,299,000 7.92UTILITIES (5.58%)Samchully Co Ltd 122,330 17,806,355 5.58DIVERSIFIED (2.22%)Green Cross Holdings Corp 147,750 2,426,055 0.76Nong Shim Holdings Co Ltd 41,301 4,655,449 1.467,081,504 2.22Total Value of Investments (Cost $256,542,722) 310,509,512 97.22Total Financial assets 310,509,512 97.22Cash and Cash Equivalents (see note 5 for details) 9,275,782 2.90Bank Overdraft (see note 5 for details) (1,846,195) (0.58)Adjustment from bid-market prices to mid-market prices 553,876 0.17Other Net Current Assets 897,326 0.29Total Value of the Fund at 31 May 2014 319,390,301 100.00% ofAnalysis of total assetsTotal AssetsTransferable securities admitted to an official stock exchangelisting or dealt in on another regulated market. 95.98Other assets 4.02100.0011 Invesco Funds Series 5

Invesco Korean Equity FundChanges in the Composition of the PortfolioFor the six months ended 31 May 2014Purchases Cost $ Sales Proceeds $SK Telecom Co Ltd 18,068,596 SK Telecom Co Ltd 11,661,699Orion Corp 7,978,119 E-Mart Co Ltd 11,562,381Amorepacific Corp 7,942,278 Binggrae Co Ltd 10,046,962Samchuly Bicycle Co Ltd 7,611,246 NAVER Corp 9,935,492Samchully Co Ltd 7,482,841 Samsung Life Insurance Co Ltd 9,365,893AMOREPACIFIC Group 6,873,033 Hana Tour Service Inc 9,110,671Samsung Electronics Co Ltd 6,700,804 NCSoft Corp 8,659,067iMarketKorea Inc 6,419,375 Yuhan Corp 7,701,251E-Mart Co Ltd 6,334,245 Amorepacific Corp 6,604,661Grand Korea Leisure Co Ltd 5,585,901 Grand Korea Leisure Co Ltd 6,515,946Korea Zinc Co Ltd 5,185,178 Hanssem Co Ltd 6,240,275Interpark INT Corp 4,168,776 Samsung Electronics Co Ltd 5,970,148KEPCO Plant Service & Engineering Co Ltd 4,022,081 Korea Zinc Co Ltd 5,282,732Nong Shim Holdings Co Ltd 3,790,827 Samchuly Bicycle Co Ltd 5,218,636Hanssem Co Ltd 3,523,139 Halla Visteon Climate Control Corp 4,775,628NongShim Co Ltd 2,766,255 KB Financial Group Inc 4,442,179Yuhan Corp 2,403,188 KEPCO Plant Service & Engineering Co Ltd 4,330,876Green Cross Holdings Corp 2,370,255 Hyundai Mobis 3,288,118Dongsuh Co Inc 1,806,078 CJ CGV Co Ltd 3,067,946CJ CGV Co Ltd 1,763,484 Nong Woo Bio Co Ltd 2,238,755Coway Co Ltd 1,614,481 S-1 Corp 2,028,799Green Cross Corp 1,457,668 Coway Co Ltd 1,806,438Other Purchases 1,953,318 Interpark INT Corp 1,759,865Total cost of purchases since 01 December 2013 $117,821,166 MegaStudy Co Ltd 1,620,908Other Sales 1,834,490Total proceeds of sales since 01 December 2013 $145,069,81612 Invesco Funds Series 5

Invesco PRC Equity FundInvestment Adviser’s Report on behalf of the ManagerOver the six months to the end of May 2014 the Fund’s “A” Sharesreturned (10.8%) (USD), compared to the benchmark MSCI China 10/40index which returned (6.8%). This placed the Fund in the third quartile of itspeer group, the GIFS China Equity sector, which returned (8.5%).Chinese equity markets were volatile over the period with an increase ininvestor risk aversion early in period due to fears of contagion from otheremerging markets such as Argentina and Turkey. Sentiment was alsoimpacted by weaker-than-expected trade and industrial production datareflecting a slowdown in China’s economy and some negative news flowsurrounding an onshore corporate bond default. While there have beensigns of stabilisation in the economy, the property sector remains a keyarea of risk with downward pressure on sales prices and transactionvolumes. On a more positive note, the National People’s Congress meetingheld in early March reinforced the government’s twin objectives:maintaining growth to ensure employment as well as pushing forward withreform.The main reason for the underperformance of the Fund relative to thebenchmark index was stock selection in the information technology sector.Notable detractors included holdings in internet companies such as anonline search result prioritization service provider and an online mediacompany. On the other hand, the Fund’s sector positioning, which is drivenby our bottom-up stock selection process, contributed positively. Inparticular, our overweight positions in the utilities and healthcare sectorsadded value as they outperformed the broader market.While the slowdown in China’s economy continues to dominate theheadlines, it is important to put the high economic base into perspective.China is going through a macro adjustment phase as it attempts totransition towards a more sustainable economic model. One way ofachieving this is through debt containment. In our view, the currentdeleveraging process is being carried out in a well-controlled and systematicmanner. Therefore it is encouraging to see that the government hasrecently stepped up regulation surrounding the sale of trust loans packagedinto wealth management products, which illustrates the commitment of theChinese government to reducing systemic risk.Meanwhile, reform on various fronts continues to gather momentum. The‘Shanghai-Hong Kong Stock Connect’ announced in April - a pilot programto connect the stock exchanges of both cities - is an important step inopening-up China’s capital markets. We believe this is a big step towardsfurther opening up the capital account, which in turn will promote theinternationalisation of Renminbi. The government has also pushed throughreform in bond and equity markets as well as promoting development inprivate equity. For example, local government now has the ability to issuebonds, which we believe will remove the current opaqueness in provincialgovernment financing. The move provides local government with anadditional financing channel; and enhances balance sheet transparency byrequiring them to obtain credit ratings. We continue to focus on potentialreform beneficiaries.Dated: 30 June 2014 – Invesco Global Asset Management LimitedWe continue to hold a high-conviction investment strategy, with a focus onstock opportunities that exhibit growth-at-a-reasonable-price (GARP).Trends that we have identified such as the rise of mass consumption,including healthcare spending, remain intact. We do not believe that recentmarket volatility signals any reversal in these trends, rather that marketconsolidation has brought the valuation of a number of our favoured stocksto a more reasonable level, and as such we will revisit them when sentimentstabilises.13 Invesco Funds Series 5

Invesco PRC 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 PRC Equity Fund ‘A’ Shares USD (10.78) (0.30) 25.30Invesco PRC Equity Fund ‘A’ Acc HGD Shares CHF (11.11) n/a n/aInvesco PRC Equity Fund ‘A’ Acc HGD Shares CNY (9.93) n/a n/aInvesco PRC Equity Fund ‘A’ Acc HGD Shares AUD (9.85) n/a n/aInvesco PRC Equity Fund ‘A’ Acc HGD Shares CAD (10.33) n/a n/aInvesco PRC Equity Fund ‘A’ Acc HGD Shares EUR (10.92) (0.67) 19.41Invesco PRC Equity Fund ‘A’ Acc HGD Shares NZD (9.75) n/a n/aInvesco PRC Equity Fund ‘A’ Acc Shares HKD (10.78) (0.43) n/aInvesco PRC Equity Fund ‘B’ Shares USD (11.17) (1.17) 19.76Invesco PRC Equity Fund ‘C’ Shares USD (10.51) 0.32 29.12Invesco PRC Equity Fund ‘C’ Acc HGD Shares AUD (9.55) n/a n/aInvesco PRC Equity Fund ‘C’ Acc HGD Shares EUR (10.64) (0.05) 23.01Invesco PRC Equity Fund ‘C’ Acc Shares HKD (10.51) n/a n/aInvesco PRC Equity Fund ‘I’ Shares EUR (9.81) (2.64) 44.17Invesco PRC Equity Fund ‘Z’ Shares USD (10.37) n/a n/aMSCI China 10/40 Index (benchmark) USD (6.75) 4.66 30.50*Morningstar GIF OS China Index USD (8.50) (1.09) (18.84)*Hang Seng China Enterprises Index USD (10.42) (3.17) (1.72)*The Hong Kong Hang Seng Index USD (5.20) 1.86 24.82Source: Morningstar* For comparative purposesThe Net Asset Value Information for 31 May 2014, 30 November 2013 and 31 May 2013 can be found on pages 19, 20 and 21.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’ AccRMBLowestNAV Price‘A’ AccRMBHighestNAV Price‘A’ HGDAUDLowestNAV Price‘A’ HGDLowestNAV Price‘A’ HGDHighest LowestHighestHighest LowestHighest Lowest NAV Price NAV PriceNAV PriceNAV Price NAV PriceNAV Price NAV Price ‘A’ Acc ‘A’ AccAUD ‘A’ HGD CAD ‘A’ HGD ‘A’ HGDCalendar ‘A’ Shares ‘A’ Shares CHF Shares CHF Shares Shares Shares Shares Shares CAD Shares Shares EUR Shares EUR SharesYear $ $ CHF CHF CNY CNY AUD AUD CAD CAD € €2005 21.55 17.87 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a2006 37.65 21.20 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a2007 76.52 33.43 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a2008 63.75 23.05 n/a n/a n/a n/a n/a n/a n/a n/a 37.46 15.352009 52.37 26.40 n/a n/a n/a n/a n/a n/a n/a n/a 37.55 18.322010 57.74 42.40 n/a n/a n/a n/a n/a n/a n/a n/a 40.97 30.212011 55.43 35.51 n/a n/a n/a n/a n/a n/a n/a n/a 39.25 25.022012 46.45 37.79 n/a n/a n/a n/a n/a n/a n/a n/a 32.47 26.292013 56.13 43.30 10.70 9.81 107.38 98.00 10.57 9.66 10.55 9.65 38.79 29.942014† 56.55 46.70 10.77 8.88 109.85 90.78 10.69 8.86 10.65 8.81 39.06 32.23LowestLowestHighest LowestHighest NAV Price Highest NAV PriceNAV Price NAV Price Highest LowestNAV Price ‘A’ HGD NAV Price ‘A’ Acc Highest Lowest Highest Lowest ‘C’ HGD ‘C’ HGD NAV Price NAV Price‘A’ HGD NZD ‘A’ Acc HKD NAV Price NAV Price NAV Price NAV Price AUD AUD ‘C’ Acc HGD ‘C’ Acc HGDCalendar NZD Shares Shares HKD Shares Shares ‘B’ Shares ‘B’ Shares ’C’ Shares ‘C’ Shares Shares Shares EUR Shares EUR SharesYear NZD NZD HKD HKD $$ $ $ $ AUD AUD € €2005 n/a n/a n/a n/a 20.69 17.26 22.60 18.68 n/a n/a n/a n/a2006 n/a n/a n/a n/a 35.67 20.28 39.77 22.27 n/a n/a n/a n/a2007 n/a n/a n/a n/a 71.92 31.61 81.21 35.34 n/a n/a n/a n/a2008 n/a n/a n/a n/a 59.81 21.46 67.73 24.60 n/a n/a 39.82 16.382009 n/a n/a n/a n/a 48.23 24.50 56.24 28.23 n/a n/a 40.32 19.582010 n/a n/a n/a n/a 52.74 38.89 62.35 45.66 n/a n/a 44.23 32.532011 n/a n/a 430.69 276.45 50.43 32.17 60.02 38.56 n/a n/a 42.49 27.162012 n/a n/a 360.19 293.11 41.93 33.95 50.32 41.07 n/a n/a 35.33 28.702013 10.57 9.66 435.65 335.79 49.89 38.62 60.91 47.13 10.58 9.66 42.68 32.852014† 10.69 8.86 439.30 362.39 50.18 41.38 61.43 50.79 10.72 8.89 43.02 35.5414 Invesco Funds Series 5

Invesco PRC Equity FundPrice and Income Record (continued)HighestNAV PriceLowestNAV PriceHighestNAV PriceLowestNAV PriceHighestNAV PriceLowestNAV Price‘C’ Acc HKD ‘C’ Acc HKD ‘I’ ‘I’ ‘Z’ ‘Z’CalendarShares Shares Shares Shares Shares SharesYear HKD HKD € € $ $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 53.17 25.45 n/a n/a2008 n/a n/a 43.43 18.38 n/a n/a2009 n/a n/a 35.54 19.94 n/a n/a2010 n/a n/a 42.87 32.66 n/a n/a2011 466.32 300.15 42.75 28.03 n/a n/a2012 392.87 320.00 38.13 32.41 n/a n/a2013 479.39 368.37 45.76 36.13 11.39 9.892014† 483.92 399.62 45.92 37.85 11.49 9.50Net Income per $2,000 investedIn November 1992Net Income DistributionAt a price of $13.04 per ShareCalendar ‘A’ Shares ‘B’ Shares ‘C’ Shares ‘Z’ Shares ‘A’ Shares ‘B’ Shares ‘C’ Shares ‘Z’ SharesYear $ $ $ $ $ $ $ $2005 - - - n/a - - - n/a2006 0.0689 0.0657 0.0725 n/a 20.75 19.79 21.84 n/a2007 - - - n/a - - - n/a2008 - - - n/a - - - n/a2009 0.0402 0.0373 0.0430 n/a 12.11 11.23 12.95 n/a2010 0.1196 0.1102 0.1284 n/a 36.02 33.19 38.67 n/a2011 - - 0.2157 n/a - - 64.97 n/a2012 - - 0.1469 n/a - - 44.25 n/a2013 0.0589 - 0.4396 0.0000 17.74 - 132.41 0.002014† - - - - - - - -† 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.15 Invesco Funds Series 5

Invesco PRC Equity FundPortfolio StatementAs at 31 May 2014The Portfolio of Investments - (analysed by industrial sector)Value of(Ordinary shares quoted unless otherwise stated)FundInvestment Holding $ %FINANCIAL (23.93%)China Cinda Asset Management Co Ltd 24,015,000 11,527,200 0.89China Construction Bank Corp 93,317,740 68,121,950 5.29China Life Insurance Co Ltd 16,268,000 44,574,320 3.46China Merchants Bank Co Ltd 16,547,000 30,446,480 2.36China Overseas Land & Investment Ltd 15,598,000 40,554,800 3.15Industrial & Commercial Bank of China Ltd 99,610,000 64,746,500 5.02Ping An Insurance Group Co of China Ltd 5,494,000 42,358,740 3.29Shimao Property Holdings Ltd 3,037,500 6,105,375 0.47308,435,365 23.93CONSUMER, NON-CYCLICAL (19.85%)Aier Eye Hospital Group Co Ltd 1,219,339 4,731,035 0.37China Mengniu Dairy Co Ltd 7,402,000 36,343,820 2.82China Modern Dairy Holdings Ltd 59,282,000 24,305,620 1.89CSPC Pharmaceutical Group Ltd 49,292,000 38,940,680 3.02Dawnrays Pharmaceutical Holdings Ltd 22,396,000 16,573,040 1.29Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd 9,596,000 29,651,640 2.30HC International Inc 10,680,000 24,030,000 1.86Hengan International Group Co Ltd 3,819,000 40,366,830 3.13Livzon Pharmaceutical Group Inc 1,322,400 7,471,560 0.58Shinva Medical Instrument Co Ltd 1,181,171 13,323,609 1.03Tong Ren Tang Technologies Co Ltd 7,169,000 20,144,890 1.56255,882,724 19.85COMMUNICATIONS (14.99%)21Vianet Group Inc 833,711 21,793,206 1.69China Public Procurement Ltd 167,500,000 8,375,000 0.65China South Publishing & Media Group Co Ltd 7,730,425 16,311,197 1.27Tencent Holdings Ltd 8,716,500 122,205,330 9.48YY Inc 375,839 24,482,152 1.90193,166,885 14.99UTILITIES (12.49%)Beijing Enterprises Holdings Ltd 3,282,500 28,295,150 2.19Beijing Enterprises Water Group Ltd 106,202,000 66,907,260 5.19Huaneng Power International Inc 20,746,000 21,783,300 1.69Huaneng Renewables Corp Ltd 133,478,000 44,047,740 3.42161,033,450 12.49ENERGY (9.72%)China Oilfield Services Ltd 11,962,000 29,426,520 2.28China Petroleum & Chemical Corp 42,436,000 38,616,760 3.00Sinopec Kantons Holdings Ltd 45,818,000 38,028,940 2.95United Photovoltaics Group Ltd 239,716,000 19,177,280 1.49125,249,500 9.72CONSUMER, CYCLICAL (8.12%)BesTV New Media Co Ltd 1,678,211 8,609,222 0.67Brilliance China Automotive Holdings Ltd 12,666,000 21,025,560 1.63China Resources Enterprise Ltd 4,950,000 13,860,000 1.08Chongqing Changan Automobile Co Ltd 8,126,948 14,465,968 1.12Ningbo Joyson Electronic Corp 2,558,919 9,391,233 0.73Sands China Ltd 1,826,800 13,317,372 1.03Shanghai Pharmaceuticals Holding Co Ltd 12,762,800 23,994,064 1.86104,663,419 8.12DIVERSIFIED (5.49%)China Merchants Holdings International Co Ltd 3,384,000 9,948,960 0.7716 Invesco Funds Series 5

Invesco PRC Equity FundPortfolio Statement (continued)As at 31 May 2014The Portfolio of Investments - (analysed by industrial sector)Value of(Ordinary shares quoted unless otherwise stated)FundInvestment Holding $ %DIVERSIFIED (5.49%) (continued)Melco International Development Ltd 19,127,000 60,823,860 4.7270,772,820 5.49INDUSTRIAL (1.57%)Summit Ascent Holdings Ltd 13,080,000 20,274,000 1.57TECHNOLOGY (1.00%)Cheetah Mobile Inc 2,325 38,642 0.00DHC Software Co Ltd 2,006,729 12,883,200 1.0012,921,842 1.00INDUSTRIAL GOODS & SERVICES (0.00%)China Merchants Holdings International Co Ltd Rights 16/06/2014 977,200 – –Total Value of Investments (Cost $1,287,556,859) 1,252,400,005 97.16Forward Foreign Exchange ContractsCounterparty Maturity DateUnrealisedGain/(Loss)Value ofFund %$GainBuy AUD 1,865,975 Sell USD 1,724,785 BNY Mellon 05/06/2014 11,619 0 .00Buy CAD 166,032 Sell USD 151,381 BNY Mellon 05/06/2014 1,940 0 .00Buy CNY 485,909 Sell USD 77,667 BNY Mellon 05/06/2014 269 0 .00Buy USD 47,411 Sell AUD 50,804 BNY Mellon 05/06/2014 133 0 .00Buy USD 2,740 Sell NZD 3,173 BNY Mellon 05/06/2014 50 0 .00Buy USD 11,524 Sell CHF 10,114 BNY Mellon 05/06/2014 243 0 .00Buy USD 3,237,699 Sell EUR 2,340,081 BNY Mellon 05/06/2014 52,573 0 .01Total unrealised gain on open forward foreign exchange contracts 66,827 0 .01LossBuy AUD 237,427 Sell USD 221,650 BNY Mellon 05/06/2014 (710) (0.00)Buy CHF 364,026 Sell USD 414,328 BNY Mellon 05/06/2014 (8,309) (0.00)Buy CNY 8,769 Sell USD 1,407 BNY Mellon 05/06/2014 (1) (0.00)Buy EUR 55,958,835 Sell USD 77,587,772 BNY Mellon 05/06/2014 (1,421,196) (0.11)Buy NZD 115,830 Sell USD 99,960 BNY Mellon 05/06/2014 (1,704) (0.00)Buy USD 163,462 Sell AUD 177,098 BNY Mellon 05/06/2014 (1,340) (0.00)Buy USD 4,191 Sell CAD 4,566 BNY Mellon 05/06/2014 (25) (0.00)Buy USD 2,988 Sell CNY 18,650 BNY Mellon 05/06/2014 (4) (0.00)Total unrealised loss on open forward foreign exchange contracts (1,433,289) (0.11)Total loss on open forward foreign exchange contracts (1,366,462) (0.10)Total Financial assets (including derivatives) 1,252,466,832 97.17Total Financial liabilities (including derivatives) (1,433,289) (0.11)Cash and Cash Equivalents (see note 5 for details) 65,510,933 5.08Adjustment from bid-market prices to mid-market prices 3,350,440 0.26Other Net Current Liabilities (30,900,365) (2.40)Total Value of the Fund at 31 May 2014 1,288,994,551 100.00% ofAnalysis of total assetsTotal AssetsTransferable securities admitted to an official stock exchangelisting or dealt in on another regulated market. 91.73Other assets 8.27100.0017 Invesco Funds Series 5

Invesco PRC Equity FundChanges in the Composition of the PortfolioFor the six months ended 31 May 2014Purchases Cost $ Sales Proceeds $Tencent Holdings Ltd 236,486,134 Tencent Holdings Ltd 119,157,827Industrial & Commercial Bank of China Ltd 63,470,436 China Construction Bank Corp 78,670,278China Construction Bank Corp 59,372,415 Industrial & Commercial Bank of China Ltd 71,366,775China Oilfield Services Ltd 52,357,584 CNOOC Ltd 56,785,658China Petroleum & Chemical Corp 41,926,385 Galaxy Entertainment Group Ltd 51,161,271CSPC Pharmaceutical Group Ltd 40,188,109 Bank of China Ltd 46,382,912SINA Corp 37,393,927 Agricultural Bank of China Ltd 38,358,716Melco International Development Ltd 36,756,066 500.com Ltd 31,683,610Shanghai Pharmaceuticals Holding Co Ltd 30,176,319 Great Wall Motor Co Ltd 31,617,989China Unicom Hong Kong Ltd 29,109,678 Kingsoft Corp Ltd 31,569,776HC International Inc 28,817,103 China Unicom Hong Kong Ltd 30,714,114Beijing Enterprises Holdings Ltd 28,476,935 China Medical System Holdings Ltd 28,375,35521Vianet Group Inc 27,762,932 AutoNavi Holdings Ltd 28,228,956Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd 24,787,864 Xinjiang Goldwind Science & Technology Co Ltd 26,448,769Galaxy Entertainment Group Ltd 22,451,616 CSPC Pharmaceutical Group Ltd 24,934,314YY Inc 21,050,878 Sohu.com Inc 24,603,227Huaneng Power International Inc 20,923,644 Chongqing Rural Commercial Bank 24,511,616China Cinda Asset Management Co Ltd 20,492,749 SINA Corp 24,059,126Hengan International Group Co Ltd 19,670,488 Longfor Properties Co Ltd 22,037,886Ping An Insurance Group Co of China Ltd 18,995,004 China Minsheng Banking Corp Ltd 21,112,559Goldpoly New Energy Holdings Ltd 18,217,196 Yashili International Holdings Ltd 20,160,901China Overseas Land & Investment Ltd 17,145,871 PW Medtech Group Ltd 19,505,326Dawnrays Pharmaceutical Holdings Ltd 16,021,257 China Oilfield Services Ltd 19,120,827Sands China Ltd 14,798,351 Shinva Medical Instrument Co Ltd 18,760,631China Resources Enterprise Ltd 14,484,360 Shenzhen Investment Ltd 18,397,849DHC Software Co Ltd 14,449,630 Anxin-China Holdings Ltd 17,041,494China Meheco Co Ltd 13,949,770 Ping An Insurance Group Co of China Ltd 16,971,893Sinosoft Technology Group Ltd 12,036,021 YY Inc 16,366,874Ningbo Joyson Electronic Corp 11,019,216 Sinosoft Technology Group Ltd 16,082,264Other Purchases 93,564,587 China CITIC Bank Corp Ltd 15,715,032Total cost of purchases since 1 December 2013 $1,086,352,525 China International Travel Service Corp Ltd 14,012,425China Merchants Holdings International Co Ltd 13,724,644China Meheco Co Ltd 13,307,186NARI Technology Development Co Ltd 11,022,497Other Sales 61,036,721Total proceeds of sales since 1 December 2013 $1,103,007,29818 Invesco Funds Series 5

Balance SheetAs at 31 May 2014InvescoEmerging MarketsEquity FundInvescoKorean EquityFundInvescoPRC EquityFundNotes $ $ $AssetsCash and cash equivalents 5 1,551,380 9,275,782 65,510,933Balances due from brokers 196,431 3,042,808 43,261,037Amounts due on creations – 690,807 1,460,793Financial assets at fair value through profit or loss 6 85,323,397 310,509,512 1,252,466,832Other accrued income and prepaid expenses 138,225 1,238 2,624,678Total assets 87,209,433 323,520,147 1,365,324,273LiabilitiesBank overdraft 5 52 1,846,195 –Balances due to brokers 436,129 1,786,322 69,931,125Amounts due on liquidations 268,161 425,140 2,178,524Financial liabilities at fair value through profit or loss 6 – – 1,433,289Management fee payable 119,512 453,049 1,758,688Administrator's fee payable 21,690 78,028 407,124Accrued expenses 65,369 94,988 3,971,412Total liabilities (excluding net assets attributable to holders of RedeemableParticipating Shares) 910,913 4,683,722 79,680,162Net assets attributable to holders of redeemable participating Shares (bid prices) 86,298,520 318,836,425 1,285,644,111Adjustment from bid prices to mid-market prices 38,088 553,876 3,350,440Net assets attributable to holders of redeemable participating Shares(mid-market prices) 86,336,608 319,390,301 1,288,994,551Net Asset Value per 'A' Shares 41.06 27.61 49.65Net Asset Value per 'A Acc-HGD CHF' Shares (as expressed in CHF) – – 9.44Net Asset Value per 'A Acc-HGD RMB' Shares (as expressed in CNY) – – 95.92Net Asset Value per 'A-Acc HKD' Shares (as expressed in HKD) – 90.63 385.33Net Asset Value per 'A-HGD AUD' Shares (as expressed in AUD) – – 9.43Net Asset Value per 'A-HGD CAD' Shares (as expressed in CAD) – – 9.37Net Asset Value per 'A-HGD EUR' Shares (as expressed in EUR) – – 34.27Net Asset Value per 'A-HGD NZD' Shares (as expressed in NZD) – – 9.44Net Asset Value per 'B' Shares 36.33 24.28 43.97Net Asset Value per 'C' Shares 45.23 30.06 54.02Net Asset Value per 'C-Acc HKD' Shares (as expressed in HKD) – – 425.06Net Asset Value per 'C-HGD AUD' Shares (as expressed in AUD) – – 9.47Net Asset Value per 'C-HGD EUR' Shares (as expressed in EUR) – – 37.80Net Asset Value per 'Distribution Z AD' Shares 11.38 – 10.11Net Asset Value per 'I' Shares (as expressed in EUR) – – 40.93The accompanying notes 1 to 12 on pages 28 to 35 form part of these financial statements.19 Invesco Funds Series 5

Balance SheetAs at 30 November 2013InvescoEmerging MarketsEquity FundInvescoKorean EquityFundInvescoPRC EquityFund$ $ $AssetsCash and cash equivalents 1,949,261 3,246,972 75,492,091Balances due from brokers – 6,819,670 6,578,716Amounts due on creations 180,315 24,386 13,109,927Financial assets at fair value through profit or loss 84,150,364 301,650,740 1,411,657,147Other accrued income and prepaid expenses 89,978 13,891 28,849Total assets 86,369,918 311,755,659 1,506,866,730LiabilitiesBank overdraft – 2,579,768 –Balances due to brokers 193,266 4,739,641 25,569,057Amounts due on liquidations 161,688 889,133 618,790Financial liabilities at fair value through profit or loss – – 156,437Distribution payable 90,672 – 2,704,632Management fee payable 138,864 510,650 2,304,592Administrator's fee payable 24,940 88,479 529,357Accrued expenses 56,958 103,405 2,479,760Total liabilities (excluding net assets attributable to holders of RedeemableParticipating Shares) 666,388 8,911,076 34,362,625Net assets attributable to holders of redeemable participating Shares (bid prices) 85,703,530 302,844,583 1,472,504,105Adjustment from bid prices to mid-market prices 149,622 324,070 4,014,057Net assets attributable to holders of redeemable participating Shares(mid-market prices) 85,853,152 303,168,653 1,476,518,162Net Asset Value per 'A' Shares 39.10 24.02 55.65Net Asset Value per 'A Acc-HGD CHF' Shares (as expressed in CHF) – – 10.62Net Asset Value per 'A Acc-HGD RMB' Shares (as expressed in CNY) – – 106.50Net Asset Value per 'A-Acc HKD' Shares (as expressed in HKD) – 78.83 431.88Net Asset Value per 'A-HGD AUD' Shares (as expressed in AUD) – – 10.46Net Asset Value per 'A-HGD CAD' Shares (as expressed in CAD) – – 10.45Net Asset Value per 'A-HGD EUR' Shares (as expressed in EUR) – – 38.47Net Asset Value per 'A-HGD NZD' Shares (as expressed in NZD) – – 10.46Net Asset Value per 'B' Shares 34.76 21.23 49.50Net Asset Value per 'C' Shares 42.95 26.08 60.36Net Asset Value per 'C-Acc HKD' Shares (as expressed in HKD) – – 474.99Net Asset Value per 'C-HGD AUD' Shares (as expressed in AUD) – – 10.47Net Asset Value per 'C-HGD EUR' Shares (as expressed in EUR) – – 42.30Net Asset Value per 'Distribution Z AD' Shares 10.78 – 11.28Net Asset Value per 'I' Shares (as expressed in EUR) – – 45.3820 Invesco Funds Series 5

Balance SheetAs at 31 May 2013InvescoEmerging MarketsEquity FundInvescoKorean EquityFundInvescoPRC EquityFund$ $ $AssetsCash and cash equivalents 554,715 7,817,873 48,060,205Balances due from brokers 511,166 9,049,609 2,664,738Amounts due on creations 8,641 – –Financial assets at fair value through profit or loss 82,705,974 289,477,147 1,372,619,638Other accrued income and prepaid expenses 293,876 164,114 4,965,022Total assets 84,074,372 306,508,743 1,428,309,603LiabilitiesBank overdraft – 5,059,284 155,611Balances due to brokers 43,367 1,267,888 –Amounts due on liquidations 174,754 7,897,849 6,452,307Financial liabilities at fair value through profit or loss – – 1,689,552Management fee payable 21,374 78,368 439,508Administrator's fee payable 4,883 17,786 100,662Accrued expenses 118,927 89,904 2,624,742Total liabilities (excluding net assets attributable to holders of RedeemableParticipating Shares) 363,305 14,411,079 11,462,382Net assets attributable to holders of redeemable participating Shares (bid prices) 83,711,067 292,097,664 1,416,847,221Adjustment from bid prices to mid-market prices 128,434 339,716 4,786,337Net assets attributable to holders of redeemable participating Shares(mid-market prices) 83,839,501 292,437,380 1,421,633,558Net Asset Value per 'A' Shares 38.49 23.06 49.85Net Asset Value per 'A-Acc HKD' Shares (as expressed in HKD) – 75.80 387.01Net Asset Value per 'A-HGD EUR' Shares (as expressed in EUR) – – 34.51Net Asset Value per 'B' Shares 34.40 20.48 44.49Net Asset Value per 'C' Shares 42.27 24.98 54.24Net Asset Value per 'C-Acc HKD' Shares (as expressed in HKD) – – 424.38Net Asset Value per 'C-HGD EUR' Shares (as expressed in EUR) – – 37.82Net Asset Value per 'I' Shares (as expressed in EUR) – – 42.0421 Invesco Funds Series 5

Income StatementFor the six months ended 31 May 2014InvescoEmerging MarketsEquity FundInvescoKorean EquityFundInvescoPRC EquityFundNotes $ $ $RevenueInterest income 2 1,223 30,156Dividend income 1,072,640 4,458,182 3,778,019Net gain/(loss) on financial assets and liabilities at fair value through profit or loss(realised and unrealised) 6 4,154,236 35,872,107 (142,734,728)Total investment income/(loss) 5,226,878 40,331,512 (138,926,553)ExpensesManagement fee 709,656 2,478,967 11,528,361Administrator's fee 124,365 407,982 2,630,548Trustee fee 2,750 9,310 44,729Custodian fee 25,247 44,741 160,346Auditor's fee 7,889 4,360 18,164Other operating expenses 48,721 66,101 117,861Total operating expenses 918,628 3,011,461 14,500,009Operating profit/(loss) 4,308,250 37,320,051 (153,426,562)Finance costsBank overdraft interest (36) (1,735) (6,259)Total finance costs (36) (1,735) (6,259)Profit/(loss) before tax 4,308,214 37,318,316 (153,432,821)Withholding tax on dividends and other investment income (93,639) (623,778) (186,877)Movement in provision for capital gains tax on investments – – (138,362)Increase/(decrease) in net assets attributable to holders of redeemable participatingShares (bid values) 4,214,575 36,694,538 (153,758,060)Movement on adjustment from bid prices to mid market prices (111,534) 229,806 (663,617)Increase/(decrease) in net assets attributable to holders of redeemable participatingShares (mid market values) 4,103,041 36,924,344 (154,421,677)The accompanying notes 1 to 12 on pages 28 to 35 form part of these financial statements.The Funds had no recognised gains or losses in the financial period other than those dealt with in the Profit and Loss account. Gains and losses arose solelyfrom continuing operations.22 Invesco Funds Series 5

Income StatementFor the year ended 30 November 2013InvescoEmerging MarketsEquity FundInvescoPRC EquityFund$ $ $InvescoKorean EquityFundRevenueInterest income 24 6,597 51,264Dividend income 2,055,233 6,747,239 38,741,502Net gain on financial assets and liabilities at fair value through profit or loss(realised and unrealised) 6,104,398 16,851,460 314,099,079Total investment income 8,159,655 23,605,296 352,891,845ExpensesManagement fee 1,425,561 5,730,749 26,147,446Administrator's fee 246,418 947,331 5,286,795Trustee fee 4,997 19,102 83,755Custodian fee 33,667 111,423 448,676Auditor's fee 15,952 9,279 57,288Other operating expenses 66,686 132,561 172,207Total operating expenses 1,793,281 6,950,445 32,196,167Operating profit 6,366,374 16,654,851 320,695,678Finance costsBank overdraft interest (143) (1,306) (6,933)Distributions to holders of Redeemable Participating Shares (90,672) – (2,704,633)Net equalisation 5,735 (292,942) (1,113,599)Total finance costs (85,080) (294,248) (3,825,165)Profit before tax 6,281,294 16,360,603 316,870,513Withholding tax on dividends and other investment income (284,561) (1,444,227) (2,965,600)Movement in provision for capital gains tax on investments 152,572 – (136,173)Increase in net assets attributable to holders of redeemable participating Shares(bid values) 6,149,305 14,916,376 313,768,740Movement on adjustment from bid prices to mid market prices (8,513) (391,403) 1,093,864Increase in net assets attributable to holders of redeemable participating Shares(mid market values) 6,140,792 14,524,973 314,862,60423 Invesco Funds Series 5

Income StatementFor the six months ended 31 May 2013InvescoEmerging MarketsEquity FundInvescoPRC EquityFund$ $ $InvescoKorean EquityFundRevenueInterest income 16 4,266 29,438Dividend income 1,142,496 6,525,110 7,343,354Net gain on financial assets and liabilities at fair value through profit or loss(realised and unrealised) 4,862,442 1,192,458 175,618,207Total investment income 6,004,954 7,721,834 182,990,999ExpensesManagement fee 726,086 3,106,554 13,779,849Administrator's fee 125,341 512,997 2,729,224Trustee fee 2,908 11,625 49,478Custodian fee 14,287 62,981 159,063Auditor's fee 7,974 4,617 13,703Other operating expenses 49,471 71,702 98,980Total operating expenses 926,067 3,770,476 16,830,297Operating profit 5,078,887 3,951,358 166,160,702Finance costsBank overdraft interest (98) (981) (3,937)Total finance costs (98) (981) (3,937)Profit before tax 5,078,789 3,950,377 166,156,765Withholding tax on dividends and other investment income (143,188) (1,410,336) (342,535)Movement in provision for capital gains tax on investments 96,726 – (320,811)Increase in net assets attributable to holders of redeemable participating Shares(bid values) 5,032,327 2,540,041 165,493,419Movement on adjustment from bid prices to mid market prices (29,701) (375,757) 1,866,144Increase in net assets attributable to holders of redeemable participating Shares(mid market values) 5,002,626 2,164,284 167,359,56324 Invesco Funds Series 5

Statement of Changes in Net Assets attributable to Holders of RedeemableParticipating SharesFor the six months ended 31 May 2014InvescoEmerging MarketsEquity FundInvescoKorean EquityFundInvescoPRC EquityFund$ $ $Net assets attributable to holders of redeemable participating Shares at beginningof period (bid prices) 85,703,530 302,844,583 1,472,504,105Adjustment from bid prices to mid-market prices 149,622 324,070 4,014,057Net assets attributable to holders of redeemable participating Shares at beginningof period (mid-market prices) 85,853,152 303,168,653 1,476,518,162Increase/(decrease) in net assets attributable to holders of redeemable participating Shares atbid prices 4,214,575 36,694,538 (153,758,060)Movement on adjustment from bid prices to mid-market prices (111,534) 229,806 (663,617)Increase/(decrease) in net assets attributable to holders of redeemable participating Shares 4,103,041 36,924,344 (154,421,677)Share TransactionsProceeds from redeemable participating Shares issued 7,361,380 87,703,703 235,370,262Cost of redeemable participating Shares redeemed (10,980,965) (108,406,399) (268,472,196)Net assets attributable to holders of redeemable participating Shares at the end of period(mid-market prices) 86,336,608 319,390,301 1,288,994,55125 Invesco Funds Series 5

Statement of Changes in Net Assets attributable to Holders of RedeemableParticipating SharesFor the year ended 30 November 2013InvescoInvescoInvescoEmerging Markets Korean Equity PRC EquityEquity FundFundFund$ $ $Net assets attributable to holders of redeemable participating Shares at beginningof year (bid prices) 78,728,876 373,702,027 1,335,747,004Adjustment from bid prices to mid-market prices 158,135 715,473 2,920,193Net assets attributable to holders of redeemable participating Shares at beginningof year (mid-market prices) 78,887,011 374,417,500 1,338,667,197Increase in net assets attributable to holders of redeemable participating Shares at bid prices 6,149,305 14,916,376 313,768,740Movement on adjustment from bid prices to mid-market prices (8,513) (391,403) 1,093,864Increase in net assets attributable to holders of redeemable participating Shares 6,140,792 14,524,973 314,862,604Share TransactionsProceeds from redeemable participating Shares issued 13,589,837 84,168,717 242,339,327Cost of redeemable participating Shares redeemed (12,764,488) (169,942,537) (419,350,966)Net assets attributable to holders of redeemable participating Shares at the end of year(mid-market prices) 85,853,152 303,168,653 1,476,518,16226 Invesco Funds Series 5

Statement of Changes in Net Assets attributable to Holders of RedeemableParticipating SharesFor the six months ended 31 May 2013InvescoInvescoInvescoEmerging Markets Korean Equity PRC EquityEquity FundFundFund$ $ $Net assets attributable to holders of redeemable participating Shares at beginningof period (bid prices) 78,728,876 373,702,027 1,335,747,004Adjustment from bid prices to mid-market prices 158,135 715,473 2,920,193Net assets attributable to holders of redeemable participating Shares at beginningof period (mid-market prices) 78,887,011 374,417,500 1,338,667,197Increase in net assets attributable to holders of redeemable participating Shares at bid prices 5,032,327 2,540,041 165,493,419Movement on adjustment from bid prices to mid-market prices (29,701) (375,757) 1,866,144Increase in net assets attributable to holders of redeemable participating Shares 5,002,626 2,164,284 167,359,563Share TransactionsProceeds from redeemable participating Shares issued 5,633,345 42,448,125 72,203,112Cost of redeemable participating Shares redeemed (5,683,481) (126,592,529) (156,596,314)Net assets attributable to holders of redeemable participating Shares at the end of period(mid-market prices) 83,839,501 292,437,380 1,421,633,55827 Invesco Funds Series 5

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 theFund 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 Company or its Shareholders.Foreign currency translation(i) Functional and presentation currencyItems included in each Fund’s financial statements are measured using thecurrency of the primary economic environment in which it operates ('thefunctional currency'). This is the US Dollar ($). The US Dollar is also thepresentation currency.(ii) Assets and liabilities in foreign currencies are translated into US Dollarsat the rates of exchange ruling at the balance sheet date. Income andexpenditure transactions are translated at the rates of exchange ruling atthe date of the transactions.31May201430 November201331May2013Thai Baht 32.83 32.11 30.28Turkish Lira 2.09 2.02 1.88UAE Dirham 3.67 3.67 3.67Venezuelan Bolivar 10.00 6.29 6.29Restatement 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 12.00p.m. (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 19. The movement in the adjustment from the current period end tothe previous year end is shown in the Income Statement on page 22.The net asset value per Share is disclosed in note 7.2. UK ReportingThe following Share Classes currently have UK Reporting Status;Invesco Emerging Market Equity FundInvesco Korean Equity FundInvesco PRC Equity FundInvesco Emerging Market Equity FundInvesco PRC Equity FundA & C DistA & C DistA & C DistZ-AD USDZ-AD USDThe Statement of Reportable Income for the financial period ended30 November 2013 is available through the following Invesco websites.http://invesstor.invescointernational.co.uk/portal/site/iiprivate/reportableincome/http://professionalinvescointernational.co.uk/portal/site/iiadviser/reportableincome/The principal exchange rates used: US$1.0031May201430 November201331May2013Australian Dollar 1.07 1.10 1.04Argentinian Peso 8.07 6.12 5.28Brazilian 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 19.81Egyptian Pound 7.15 6.88 6.98Euro 0.73 0.73 0.77Hong Kong Dollar 7.75 7.75 7.76Hungarian Forint 222.27 221.54 227.55Indian 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 101.66 102.29 100.51Malaysian Ringgit 3.21 3.22 3.10Mexican Peso 12.84 13.09 12.91Pakistan Rupee 98.67 108.48 98.52Philippine 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 10.13South Korean Won 1,020.20 1,058.30 1,129.70Swedish Krona 6.68 6.54 6.61Swiss Franc 0.90 0.90 0.95Taiwan Dollar 29.99 29.59 29.9228 Invesco Funds Series 5

Notes to the Financial Statements (Continued)For the six months ended 31 May 20143. Soft Commissions 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 22. Amountspayable at the period end are disclosed in the Balance Sheet on page 19. 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.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.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:Director’s fees are not paid from the Funds.There were no Director’s holdings in the Funds for the period under review.Seed CapitalInvesco UK Limited held the following Redeemable Participating Shares in the funds and class as detailed below:Number of Shares at Number of Sharesthe start of the period acquired in the periodNumber of Sharesredeemed in theperiodNumber of Shares atperiodendPercentage ofTotal SharesFor the Period ended 31 May 2014Invesco Emerging Market Equity ‘Distribution Z AD’ Shares 700 - - 700 4Invesco Korean Equity Fund 'A-Acc HKD' Shares 466 - - 466 0Invesco PRC Equity Fund 'A-Acc-HGD CHF' Shares 9,255 - - 9,255 25Invesco PRC Equity Fund 'A-Acc-HGD RMB' Shares 5,000 - - 5,000 100Invesco PRC Equity Fund 'A-HGD AUD' Shares 10,383 - - 10,383 6Invesco PRC Equity Fund 'A-HGD CAD' Shares 10,330 - - 10,330 0Invesco PRC Equity Fund 'A-HGD NZD' Shares 11,936 - - 11,936 100Invesco PRC Equity Fund 'C-Acc HKD' Shares 123 - - 123 17Invesco PRC Equity Fund 'C-HGD AUD' Shares 10,383 - - 10,383 100Invesco PRC Equity Fund 'Distribution Z AD' Shares 700 - - 700 0Invesco PRC Equity Fund 'I' Shares 15 - - 15 10029 Invesco Funds Series 5

Notes to the Financial Statements (Continued)For the six months ended 31 May 20143. Soft Commissions and Related Party Transactions (continued)Seed Capital (continued)Number of Shares atthe start of the yearNumber of Sharesacquired in the yearNumber of Sharesredeemed in the yearNumber of Sharesat yearendPercentage ofTotal SharesFor the Year ended 30 November 2013Invesco Emerging Market Equity ‘Distribution Z AD’ Shares 700 700 3Invesco Korean Equity Fund 'A-Acc HKD' Shares 466 466 6Invesco PRC Equity Fund 'A-Acc-HGD CHF' Shares 9,255 9,255 76Invesco PRC Equity Fund 'A-Acc-HGD RMB' Shares 5,000 5,000 100Invesco PRC Equity Fund 'A-HGD AUD' Shares 10,383 10,383 100Invesco PRC Equity Fund 'A-HGD CAD' Shares 10,330 10,330 100Invesco PRC Equity Fund 'A-HGD NZD' Shares 11,936 11,936 100Invesco PRC Equity Fund 'C-Acc HKD' Shares 123 123 19Invesco PRC Equity Fund 'C-HGD AUD' Shares 10,383 10,383 100Invesco PRC Equity Fund 'Distribution Z AD' Shares 700 700 0Invesco PRC Equity Fund 'I' Shares 15 15 100Number of Sharesat the start of theperiodNumber of Sharesacquired in theperiodNumber of Sharesredeemed in theperiodNumber of Sharesat periodendPercentageof TotalSharesFor the Year ended 31 May 2013Invesco Korean Equity Fund 'A-Acc HKD' Shares 466 466 3Invesco PRC Equity Fund 'A-Acc HKD' Shares 133 133 0Invesco PRC Equity Fund 'C-Acc HKD' Shares 123 123 20Invesco PRC Equity Fund 'I' Shares 15 15 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.30 Invesco Funds Series 5

Notes to the Financial Statements (Continued)For the six months ended 31 May 20145. Cash and Cash Equivalents31 May 2014Cash balances were on deposit and bank overdraftswith the bank listed below at the balance sheet date:Credit RatingsInvescoEmerging MarketEquityInvescoKoreanEquityInvescoPRCEquityS&P Moody’s Fund Fund Fund$ $ $The Bank of New York Mellon A-1+ P1 1,551,328 (570,449) 8,998,937ING Bank A-1 P1 8,000,036 29,502,392Credit Agricole Corp A-1 P1 27,009,6041,551,328 7,429,587 65,510,933Within the amounts above $52 in Invesco Emerging Markets Equity Fund and $1,846,195 in Invesco Korean Equity Fund are included as bank overdrafts.30 November 2013Cash balances were on deposit and bank overdraftswith the bank listed below at the balance sheet date:The Bank of New York Mellon A-1+ P1 1,949,261 667,204 14,187,689Societe Generale A-1 P1 61,304,4021,949,261 667,204 75,492,091Within the 30 November 2013 amounts above $2,579,768 in Invesco Korean Equity Fund is included as unsecured bank overdrafts.31 May 2013Cash balances were on depositwith the banks listed below at the balance sheet date:The Bank of New York Mellon A-1 P1 554,715 2,758,589 47,904,594554,715 2,758,589 47,904,594Within the 31 May 2013 amounts above $5,059,284 in Invesco Korean Equity Fund and $155,611 in Invesco PRC Equity Fund are included as bankoverdrafts.31 Invesco Funds Series 5

Notes to the Financial Statements (Continued)For the six months ended 31 May 20146. Net Gains and Losses on Investments 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 Emerging MarketsEquity FundEquities 85,323,397 4,166,992 84,150,364 6,192,816 82,705,974 4,901,767Forward contracts – 11,129 – (28,146) – (14,832)Currency – (14,693) – (53,799) – (18,383)Transaction costs – (9,192) – (6,473) – (6,110)85,323,397 4,154,236 84,150,364 6,104,398 82,705,974 4,862,442Fair 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 Korean Equity FundEquities 310,509,512 36,107,422 301,650,740 17,272,886 289,477,147 1,471,445Forward contracts – (770) – (28) – 10Currency – (215,546) – (397,186) – (264,378)Transaction costs – (18,999) – (24,212) – (14,619)310,509,512 35,872,107 301,650,740 16,851,460 289,477,147 1,192,458Fair 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 PRC Equity FundEquities 1,252,400,005 (143,746,724) 1,411,425,587 310,141,259 1,372,553,064 176,278,182Forward contracts 66,827 1,194,893 231,560 4,445,952 66,574 (753,353)Currency – (125,993) – (454,743) – 106,699Transaction costs – (56,904) – (33,389) – (13,321)1,252,466,832 (142,734,728) 1,411,657,147 314,099,079 1,372,619,638 175,618,207LiabilitiesUnrealised loss on ForwardContracts (1,433,289) (156,437) (1,689,552)32 Invesco Funds Series 5

Notes to the Financial Statements (Continued)For the six months ended 31 May 20147. Shares in IssueInvescoEmerging MarketsEquity FundInvescoPRCEquity Fund$ $ $InvescoKoreanEquity Fund31 May 2014'A' Shares 867,013 6,970,944 17,536,882Net Asset Value per 'A' Shares 41.06 27.61 49.65'A Acc-HGD CHF' Shares – – 37,447Net Asset Value per 'A Acc-HGD CHF' Shares (as expressed in CHF) – – 9.44'A Acc-HGD RMB' Shares – – 5,000Net Asset Value per 'A Acc-HGD RMB' Shares (as expressed in CNY) – – 95.92'A-Acc HKD' Shares – 165,208 1,664,434Net Asset Value per 'A-Acc HKD' Shares (as expressed in HKD) – 90.63 385.33'A-HGD AUD' Shares – – 188,458Net Asset Value per 'A-HGD AUD' Shares (as expressed in AUD) – – 9.43'A-HGD CAD' Shares – – 17,227Net Asset Value per 'A-HGD CAD' Shares (as expressed in CAD) – – 9.37'A-HGD EUR' Shares – – 1,471,964Net Asset Value per 'A-HGD EUR' Shares (as expressed in EUR) – – 34.27'A-HGD NZD' Shares – – 11,936Net Asset Value per 'A-HGD NZD' Shares (as expressed in NZD) – – 9.44'B' Shares 3,819 13,593 314,521Net Asset Value per 'B' Shares 36.33 24.28 43.97'C' Shares 1,114,134 4,146,670 4,521,486Net Asset Value per 'C' Shares 45.23 30.06 54.02'C-Acc HKD' Shares – – 703Net Asset Value per 'C-Acc HKD' Shares (as expressed in HKD) – – 425.06'C-HGD AUD' Shares – – 10,383Net Asset Value per 'C-HGD AUD' Shares (as expressed in AUD) – – 9.47'C-HGD EUR' Shares – – 77,643Net Asset Value per 'C-HGD EUR' Shares (as expressed in EUR) – – 37.80'Distribution Z AD' Shares 18,582 – 231,701Net Asset Value per 'Distribution Z AD' Shares 11.38 – 10.11'I' Shares – – 15Net Asset Value per 'I' Shares (as expressed in EUR) – – 40.9333 Invesco Funds Series 5

Notes to the Financial Statements (Continued)For the six months ended 31 May 20147. Shares in Issue (continued)InvescoEmerging MarketsEquity FundInvescoKoreanEquity FundInvescoPRCEquity Fund$ $ $30 November 2013'A' Shares 944,792 7,343,686 18,324,741Net Asset Value per 'A' Shares 39.10 24.02 55.65'A Acc-HGD CHF' Shares – – 12,256Net Asset Value per 'A Acc-HGD CHF' Shares (as expressed in CHF) – – 10.62'A Acc-HGD RMB' Shares – – 5,000Net Asset Value per 'A Acc-HGD RMB' Shares (as expressed in CNY) – – 106.50'A-Acc HKD' Shares – 7,521 671,913Net Asset Value per 'A-Acc HKD' Shares (as expressed in HKD) – 78.83 431.88'A-HGD AUD' Shares – – 10,383Net Asset Value per 'A-HGD AUD' Shares (as expressed in AUD) – – 10.46'A-HGD CAD' Shares – – 10,330Net Asset Value per 'A-HGD CAD' Shares (as expressed in CAD) – – 10.45'A-HGD EUR' Shares – – 3,248,897Net Asset Value per 'A-HGD EUR' Shares (as expressed in EUR) – – 38.47'A-HGD NZD' Shares – – 11,936Net Asset Value per 'A-HGD NZD' Shares (as expressed in NZD) – – 10.46'B' Shares 3,819 14,097 366,992Net Asset Value per 'B' Shares 34.76 21.23 49.50'C' Shares 1,130,278 4,847,845 3,697,236Net Asset Value per 'C' Shares 42.95 26.08 60.36'C-Acc HKD' Shares – – 650Net Asset Value per 'C-Acc HKD' Shares (as expressed in HKD) – – 474.99'C-HGD AUD' Shares – – 10,383Net Asset Value per 'C-HGD AUD' Shares (as expressed in AUD) – – 10.47'C-HGD EUR' Shares – – 77,643Net Asset Value per 'C-HGD EUR Shares (as expressed in EUR) – – 42.30'Distribution Z AD' Shares 21,583 – 246,397Net Asset Value per 'Distribution Z AD' Shares 10.78 – 11.28'I' Shares – – 15Net Asset Value per 'I' Shares (as expressed in EUR) – – 45.38InvescoEmerging MarketsEquity FundInvescoPRCEquity Fund$ $ $InvescoKoreanEquity Fund31 May 2013'A' Shares 989,037 8,189,516 21,310,670Net Asset Value per 'A' Shares 38.49 23.06 49.85'A-Acc HKD' Shares – 12,676 38,780Net Asset Value per 'A-Acc HKD' Shares (as expressed in HKD) – 75.80 387.01'A-HGD EUR' Shares – – 2,269,433Net Asset Value per 'A-HGD EUR' Shares (as expressed in EUR) – – 34.51'B' Shares 4,230 14,097 395,119Net Asset Value per 'B' Shares 34.40 20.48 44.49'C' Shares 1,079,366 4,129,635 4,319,227Net Asset Value per 'C' Shares 42.27 24.98 54.24'C-Acc HKD' Shares – – 603Net Asset Value per 'C-Acc HKD' Shares (as expressed in HKD) – – 424.38'C-HGD EUR' Shares – – 77,667Net Asset Value per 'C-HGD EUR' Shares (as expressed in EUR) – – 37.82'I' Shares – – 15Net Asset Value per 'I' Shares (as expressed in EUR) – – 42.048. Stock LendingAs at 31 May 2014, 30 November 2013 and 31 May 2013 there were no securities out on loan.34 Invesco Funds Series 5

Notes to the Financial Statements (Continued)For the six months ended 31 May 20149. Distribution to ‘A’, ‘B’ ‘C’ and “Z” ShareholdersInvescoEmerging MarketsEquity Fund$InvescoKorean EquityFund$InvescoPRC EquityFund$Distribution per Share (paid 21 January 2014)Type of ShareA - n/a 0.0589B - n/a -C 0.0802 n/a 0.4396Z 0.0011 n/a -Distribution per Share (paid 21 January 2013)Type of ShareA - n/a -B - n/a -C 0.0887 n/a 0.146910. Significant EventsThere 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 2014.35 Invesco Funds Series 5

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 5 (“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; andis 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 Units 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 Funds 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 with regard to theFund.The duties provided for above may not be delegated by the Trustee to athird party. These duties must be carried out in the State.The Trustee also takes into its custody or under its control all the assets ofthe Funds and holds them in safekeeping for the Shareholders.36 Invesco Funds Series 5

Invesco Global Asset Management LimitedDirectorsC. Majer (German)B. Collins (Irish, Independent Director)L. Schmidt (American)O. Carroll (Irish)C. OSullivan (Irish)M. Boulanger (French)D. Sharp (Canadian)Manager Global Distributor, Administrator and RegistrarInvesco Global Asset Management LimitedRegistered OfficeGeorge’s Quay House43 Townsend StreetDublin 2IrelandCorrespondence 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 SquareLondon EC2A 1AGUnited 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 Representative41/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 SquareLondon EC2A 1AGUnited Kingdom(Registered office from 1 Febmaiy 2014)Perpetual Park, Perpetual Park DriveHenley-on-ThamesOxfordshire RG9 1HHUnited KingdomIndependent Auditors of the Fund andManagement Company AuditorsPricewaterhouseCoopersChartered Accountants and Registered AuditorsOne Spencer DockNorth Wall QuayDublin 1IrelandInvestment Advisers to Invesco Korean Equity Fund andInvesco PRC Equity FundInvesco Hong Kong LimitedRegistered Office32nd Floor, Three Pacific Place1 Queen's Road EastHong KongInvestment Advisers to Invesco Emerging Markets Equity FundInvesco Asset Management Limited(Registered office until 31 January 2014)30 Finsbury SquareEC2A 1AG LondonUnited Kingdom(Registered office from 1 February 2014)Perpetual Park, Perpetual Park DriveHenley-on-ThamesOxfordshire RG9 1HHUnited KingdomAustrian DistributorInvesco Asset Management Österreich GmbHRotenturmstraße 16-18A-1010 ViennaAustriaAustrian Paying AgentErste Bank der oesterreichischen Sparkassen AGGraben 211010 ViennaAustriaGerman Paying AgentBNP Paribas Security 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.hk37 Invesco Funds Series 5

Contact UsInvesco Global Asset Management LimitedManager/Global Distributor,George’s Quay House43 Townsend Street, Dublin 2, IrelandTelephone: +353 1 439 8400Website: 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