# Invesco FTSE RAFI Emerging Markets UCITS ETF Schedule of Investments
As at 31 March 2021

### Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market.
| Security Description | Nominal | Fair Value | % of |
| --- | --- | --- | --- |
|  |  | USD | Net Assets |
| Equities: 94.01% (30 September 2020: 92.83%) |  |  |  |
| Bermuda: 0.54% (30 September 2020: 0.43%) |  |  |  |
| Brilliance China Automotive Holdings Ltd | 30,000 | 28,169 | 0.06 |
| China Gas Holdings Ltd | 14,600 | 59,813 | 0.14 |
| China Resources Gas Group Ltd | 6,000 | 33,263 | 0.08 |
| GOME Retail Holdings Ltd | 119,000 | 22,041 | 0.05 |
| Kunlun Energy Co Ltd | 60,000 | 63,053 | 0.15 |
| Nine Dragons Paper Holdings Ltd | 18,000 | 26,348 | 0.06 |
| Total Bermuda |  | 232,687 | 0.54 |
| Brazil: 13.99% (30 September 2020: 8.53%) |  |  |  |
| Ambev SA | 66,000 | 178,830 | 0.41 |
| B3 SA - Brasil Bolsa Balcao | 11,400 | 110,343 | 0.26 |
| Banco Bradesco SA | 31,305 | 130,424 | 0.30 |
| Banco Bradesco SA - Pref | 132,093 | 626,640 | 1.45 |
| Banco BTG Pactual SA | 400 | 6,879 | 0.02 |
| Banco do Brasil SA | 52,700 | 284,373 | 0.66 |
| Banco Santander Brasil SA | 10,200 | 71,579 | 0.17 |
| Braskem SA - Pref | 9,100 | 64,005 | 0.15 |
| BRF SA | 18,700 | 83,575 | 0.19 |
| CCR SA | 28,800 | 65,939 | 0.15 |
| Centrais Eletricas Brasileiras SA | 16,700 | 101,419 | 0.23 |
| Centrais Eletricas Brasileiras SA - Pref | 2,800 | 17,272 | 0.04 |
| Cia Brasileira de Distribuicao | 3,100 | 18,228 | 0.04 |
| Cia de Saneamento Basico do Estado de Sao Paulo | 9,800 | 71,551 | 0.17 |
| Cia Energetica de Minas Gerais - Pref | 38,307 | 88,453 | 0.20 |
| Cia Paranaense de Energia | 3,000 | 3,721 | 0.01 |
| Cia Paranaense de Energia - Pref | 38,000 | 48,013 | 0.11 |
| Cia Siderurgica Nacional SA | 4,800 | 32,238 | 0.07 |
| Cielo SA | 81,788 | 53,917 | 0.12 |
| Cogna Educacao | 90,800 | 64,041 | 0.15 |
| Cosan SA | 5,800 | 93,963 | 0.22 |
| Embraer SA | 21,800 | 54,123 | 0.13 |
| Energisa SA | 3,800 | 30,451 | 0.07 |
| Equatorial Energia SA | 13,700 | 60,209 | 0.14 |
| Gerdau SA - Pref | 16,500 | 88,363 | 0.20 |
| IRB Brasil Resseguros S/A | 57,000 | 61,919 | 0.14 |
| Itau Unibanco Holding SA | 5,800 | 25,809 | 0.06 |
| Itau Unibanco Holding SA - Pref | 168,939 | 837,360 | 1.94 |
| Itausa SA - Pref | 52,700 | 96,379 | 0.22 |
| JBS SA | 33,400 | 179,222 | 0.42 |
| Lojas Americanas SA - Pref | 3,780 | 14,978 | 0.03 |
| Lojas Renner SA | 6,082 | 45,903 | 0.11 |
| Marfrig Global Foods SA | 17,600 | 54,924 | 0.13 |
| Metalurgica Gerdau SA - Pref | 22,700 | 53,944 | 0.13 |
| Petrobras Distribuidora SA | 26,800 | 104,863 | 0.24 |
| Petroleo Brasileiro SA | 122,400 | 519,273 | 1.20 |
| Petroleo Brasileiro SA - Pref | 149,700 | 639,335 | 1.48 |
| Raia Drogasil SA | 9,000 | 39,968 | 0.09 |
| Rumo SA | 8,000 | 28,708 | 0.07 |
| Sul America SA | 9,225 | 55,860 | 0.13 |
| Suzano SA | 2,599 | 31,572 | 0.07 |
| Telefonica Brasil SA | 14,053 | 110,148 | 0.26 |
| TIM SA/Brazil | 23,200 | 52,090 | 0.12 |
| Ultrapar Participacoes SA | 26,700 | 100,356 | 0.23 |
| Vale SA | 31,256 | 542,646 | 1.26 |
| Total Brazil |  | 6,043,806 | 13.99 |
| Canada: 0.08% (30 September 2020: 0.14%) |  |  |  |
| Canadian Solar Inc | 674 | 33,451 | 0.08 |
| Total Canada |  | 33,451 | 0.08 |
| Cayman Islands: 8.67% (30 September 2020: 9.90%) |  |  |  |
| Alibaba Group Holding Ltd | 31,600 | 894,212 | 2.07 |
| ANTA Sports Products Ltd | 2,319 | 37,822 | 0.09 |
| Baidu Inc | 897 | 195,142 | 0.45 |
| Chailease Holding Co Ltd | 9,614 | 66,378 | 0.15 |
| China Conch Venture Holdings Ltd | 4,500 | 21,156 | 0.05 |

| Equities: 94.01% (30 September 2020: 92.83%) (continued) |  |  |  |
| --- | --- | --- | --- |
| Cayman Islands: 8.67% (30 September 2020: 9.90%) (continued) |  |  |  |
| China Evergrande Group | 50,684 | 96,486 | 0.22 |
| China Hongqiao Group Ltd | 34,000 | 45,395 | 0.11 |
| China Mengniu Dairy Co Ltd | 10,000 | 57,239 | 0.13 |
| China Resources Cement Holdings Ltd | 60,000 | 67,375 | 0.16 |
| China Resources Land Ltd | 36,035 | 174,510 | 0.40 |
| China State Construction International Holdings Ltd | 40,000 | 27,423 | 0.06 |
| Country Garden Holdings Co Ltd | 102,000 | 130,937 | 0.30 |
| ENN Energy Holdings Ltd | 3,800 | 60,951 | 0.14 |
| GCL-Poly Energy Holdings Ltd | 133,000 | 33,872 | 0.08 |
| Geely Automobile Holdings Ltd | 21,000 | 53,429 | 0.12 |
| Hengan International Group Co Ltd | 10,500 | 69,015 | 0.16 |
| JD.com Inc | 2,514 | 212,006 | 0.49 |
| Longfor Group Holdings Ltd | 19,500 | 129,173 | 0.30 |
| Meituan | 1,300 | 49,863 | 0.12 |
| NetEase Inc | 894 | 92,314 | 0.21 |
| Seazen Group Ltd | 44,000 | 54,049 | 0.13 |
| Shenzhou International Group Holdings Ltd | 1,500 | 31,083 | 0.07 |
| Shimao Group Holdings Ltd | 25,500 | 80,195 | 0.19 |
| Sino Biopharmaceutical Ltd | 45,000 | 45,032 | 0.10 |
| Sunac China Holdings Ltd | 38,000 | 163,008 | 0.38 |
| Sunny Optical Technology Group Co Ltd | 1,100 | 25,072 | 0.06 |
| Tencent Holdings Ltd | 7,100 | 557,082 | 1.29 |
| Trip.com Group Ltd | 3,128 | 123,963 | 0.29 |
| Vipshop Holdings Ltd | 1,842 | 55,002 | 0.13 |
| Zhen Ding Technology Holding Ltd | 9,000 | 38,009 | 0.09 |
| Zhongsheng Group Holdings Ltd | 5,000 | 35,244 | 0.08 |
| ZTO Express Cayman Inc | 749 | 21,833 | 0.05 |
| Total Cayman Islands |  | 3,744,270 | 8.67 |
| Chile: 0.60% (30 September 2020: 0.63%) |  |  |  |
| Banco de Chile | 454,364 | 53,715 | 0.12 |
| Banco Santander Chile | 960,634 | 60,173 | 0.14 |
| Cencosud SA | 14,099 | 30,225 | 0.07 |
| Enel Americas SA | 389,273 | 65,078 | 0.15 |
| Falabella SA | 5,257 | 23,943 | 0.06 |
| Sociedad Quimica y Minera de Chile SA - Pref | 453 | 24,283 | 0.06 |
| Sociedad Quimica y Minera de Chile SA - Rights (26/04/2021) | 84 | 337 | 0.00 |
| Total Chile |  | 257,754 | 0.60 |
| China: 22.45% (30 September 2020: 19.87%) |  |  |  |
| Agricultural Bank of China Ltd - Class A | 243,100 | 125,974 | 0.29 |
| Agricultural Bank of China Ltd - Class H | 858,000 | 343,225 | 0.79 |
| Air China Ltd | 50,000 | 43,283 | 0.10 |
| Aluminum Corp of China Ltd - Class A | 43,000 | 24,707 | 0.06 |
| Aluminum Corp of China Ltd - Class H | 80,000 | 32,928 | 0.08 |
| Anhui Conch Cement Co Ltd - Class A | 4,100 | 32,007 | 0.07 |
| Anhui Conch Cement Co Ltd - Class H | 14,500 | 94,280 | 0.22 |
| Bank of Beijing Co Ltd | 58,200 | 42,577 | 0.10 |
| Bank of China Ltd - Class A | 53,200 | 27,163 | 0.06 |
| Bank of China Ltd - Class H | 1,152,377 | 438,750 | 1.02 |
| Bank of Communications Co Ltd - Class A | 87,600 | 66,088 | 0.15 |
| Bank of Communications Co Ltd - Class H | 321,000 | 204,381 | 0.47 |
| Baoshan Iron & Steel Co Ltd | 27,500 | 33,866 | 0.08 |
| BYD Co Ltd | 1,137 | 24,116 | 0.06 |
| CGN Power Co Ltd | 190,000 | 45,945 | 0.11 |
| China CITIC Bank Corp Ltd | 267,000 | 135,656 | 0.31 |
| China Construction Bank Corp | 1,593,972 | 1,340,877 | 3.10 |
| China Everbright Bank Co Ltd - Class A | 88,200 | 54,846 | 0.13 |
| China Everbright Bank Co Ltd - Class H | 80,332 | 35,028 | 0.08 |
| China Life Insurance Co Ltd - Class A | 4,800 | 23,279 | 0.05 |
| China Life Insurance Co Ltd - Class H | 57,000 | 117,747 | 0.27 |
| China Longyuan Power Group Corp Ltd | 33,217 | 45,119 | 0.10 |
| China Merchants Bank Co Ltd - Class A | 12,200 | 95,016 | 0.22 |
| China Merchants Bank Co Ltd - Class H | 33,970 | 259,327 | 0.60 |
| China Minsheng Banking Corp Ltd - Class A | 98,200 | 75,582 | 0.18 |
| China Minsheng Banking Corp Ltd - Class H | 264,800 | 153,612 | 0.36 |
| China National Building Material Co Ltd | 94,000 | 135,660 | 0.31 |
| China Pacific Insurance Group Co Ltd - Class A | 4,900 | 28,259 | 0.07 |

| Equities: 94.01% (30 September 2020: 92.83%) (continued) |  |  |  |
| --- | --- | --- | --- |
| China: 22.45% (30 September 2020: 19.87%) (continued) |  |  |  |
| China Pacific Insurance Group Co Ltd - Class H | 30,200 | 119,061 | 0.28 |
| China Petroleum & Chemical Corp - Class A | 87,700 | 57,877 | 0.13 |
| China Petroleum & Chemical Corp - Class H | 714,000 | 380,215 | 0.88 |
| China Railway Group Ltd - Class A | 36,500 | 32,877 | 0.08 |
| China Railway Group Ltd - Class H | 133,000 | 70,311 | 0.16 |
| China Shenhua Energy Co Ltd - Class A | 14,700 | 45,033 | 0.10 |
| China Shenhua Energy Co Ltd - Class H | 92,000 | 189,575 | 0.44 |
| China Southern Airlines Co Ltd - Class A | 21,300 | 22,302 | 0.05 |
| China Southern Airlines Co Ltd - Class H | 30,000 | 22,227 | 0.05 |
| China State Construction Engineering Corp Ltd | 85,300 | 67,473 | 0.16 |
| China Tower Corp Ltd | 632,000 | 93,486 | 0.22 |
| China Vanke Co Ltd - Class A | 11,100 | 50,753 | 0.12 |
| China Vanke Co Ltd - Class H | 28,657 | 112,240 | 0.26 |
| Chongqing Rural Commercial Bank Co Ltd - Class A | 32,800 | 21,196 | 0.05 |
| Chongqing Rural Commercial Bank Co Ltd - Class H | 55,000 | 23,699 | 0.05 |
| CITIC Securities Co Ltd - Class A | 5,800 | 21,118 | 0.05 |
| CITIC Securities Co Ltd - Class H | 16,500 | 37,990 | 0.09 |
| COSCO SHIPPING Holdings Co Ltd | 12,200 | 25,139 | 0.06 |
| Dongfeng Motor Group Co Ltd | 78,000 | 72,437 | 0.17 |
| GF Securities Co Ltd - Class A | 8,700 | 20,778 | 0.05 |
| GF Securities Co Ltd - Class H | 15,400 | 23,612 | 0.05 |
| Great Wall Motor Co Ltd | 11,000 | 30,491 | 0.07 |
| Guangzhou Automobile Group Co Ltd - Class A | 12,500 | 19,451 | 0.05 |
| Guangzhou Automobile Group Co Ltd - Class H | 24,000 | 20,158 | 0.05 |
| Guotai Junan Securities Co Ltd - Class A | 8,400 | 20,791 | 0.05 |
| Guotai Junan Securities Co Ltd - Class H | 15,000 | 21,648 | 0.05 |
| Haier Smart Home Co Ltd | 9,000 | 36,003 | 0.08 |
| Haitong Securities Co Ltd - Class A | 14,000 | 23,621 | 0.05 |
| Haitong Securities Co Ltd - Class H | 30,400 | 28,115 | 0.07 |
| Huaneng Power International Inc - Class A | 46,400 | 31,187 | 0.07 |
| Huaneng Power International Inc - Class H | 199,755 | 70,915 | 0.16 |
| Huatai Securities Co Ltd - Class A | 8,100 | 20,938 | 0.05 |
| Huatai Securities Co Ltd - Class H | 15,200 | 23,305 | 0.05 |
| Huaxia Bank Co Ltd | 35,400 | 34,746 | 0.08 |
| Industrial & Commercial Bank of China Ltd - Class A | 108,700 | 91,782 | 0.21 |
| Industrial & Commercial Bank of China Ltd - Class H | 1,843,618 | 1,323,231 | 3.06 |
| Industrial Bank Co Ltd - Class A | 24,400 | 89,587 | 0.21 |
| Jiangxi Copper Co Ltd - Class A | 5,100 | 17,194 | 0.04 |
| Jiangxi Copper Co Ltd - Class H | 12,000 | 22,937 | 0.05 |
| JOYY Inc | 301 | 28,213 | 0.07 |
| Kweichow Moutai Co Ltd | 100 | 30,619 | 0.07 |
| Metallurgical Corp of China Ltd | 43,100 | 22,466 | 0.05 |
| New China Life Insurance Co Ltd - Class A | 3,500 | 25,898 | 0.06 |
| New China Life Insurance Co Ltd - Class H | 8,900 | 34,458 | 0.08 |
| New Oriental Education & Technology Group Inc | 1,710 | 23,940 | 0.06 |
| People's Insurance Co Group of China Ltd/The | 121,000 | 39,221 | 0.09 |
| PetroChina Co Ltd | 724,000 | 261,683 | 0.61 |
| PICC Property & Casualty Co Ltd | 146,000 | 126,574 | 0.29 |
| Ping An Bank Co Ltd | 14,200 | 47,635 | 0.11 |
| Ping An Insurance Group Co of China Ltd - Class A | 8,400 | 100,756 | 0.23 |
| Ping An Insurance Group Co of China Ltd - Class H | 64,418 | 766,857 | 1.77 |
| Poly Developments and Holdings Group Co Ltd | 15,200 | 32,966 | 0.08 |
| Postal Savings Bank of China Co Ltd | 163,365 | 122,086 | 0.28 |
| SAIC Motor Corp Ltd - Class A | 20,800 | 62,357 | 0.14 |
| Shanghai Pharmaceuticals Holding Co Ltd - Class A | 7,200 | 21,519 | 0.05 |
| Shanghai Pharmaceuticals Holding Co Ltd - Class H | 21,400 | 42,005 | 0.10 |
| Shanghai Pudong Development Bank Co Ltd | 59,900 | 100,332 | 0.23 |
| Sinopec Shanghai Petrochemical Co Ltd | 178,000 | 42,128 | 0.10 |
| Sinopharm Group Co Ltd | 38,800 | 93,925 | 0.22 |
| Weichai Power Co Ltd | 19,000 | 46,923 | 0.11 |
| Yanzhou Coal Mining Co Ltd | 74,000 | 87,569 | 0.20 |
| Zijin Mining Group Co Ltd | 20,000 | 24,593 | 0.06 |
| Total China |  | 9,699,520 | 22.45 |
| China, Republic of (Taiwan): 14.14% (30 September 2020: 16.76%) |  |  |  |
| Acer Inc | 50,000 | 55,112 | 0.13 |
| ASE Technology Holding Co Ltd | 37,000 | 139,400 | 0.32 |

| Equities: 94.01% (30 September 2020: 92.83%) (continued) |  |
| --- | --- |
| China, Republic of (Taiwan): 14.14% (30 September 2020: 16.76%) (continued) |  |  |  |
| Asustek Computer Inc | 9,707 | 126,726 | 0.29 |
| AU Optronics Corp | 213,000 | 157,139 | 0.36 |
| Catcher Technology Co Ltd | 11,730 | 86,948 | 0.20 |
| Cathay Financial Holding Co Ltd | 59,700 | 100,327 | 0.23 |
| China Development Financial Holding Corp | 172,000 | 63,295 | 0.15 |
| China Life Insurance Co Ltd/Taiwan | 25,000 | 22,562 | 0.05 |
| China Steel Corp | 96,876 | 87,936 | 0.20 |
| Chunghwa Telecom Co Ltd | 26,000 | 101,602 | 0.24 |
| Compal Electronics Inc | 59,756 | 55,917 | 0.13 |
| CTBC Financial Holding Co Ltd | 83,236 | 64,470 | 0.15 |
| Delta Electronics Inc | 10,127 | 102,218 | 0.24 |
| E.Sun Financial Holding Co Ltd | 70,844 | 64,803 | 0.15 |
| Eva Airways Corp | 58,000 | 31,914 | 0.07 |
| First Financial Holding Co Ltd | 44,477 | 34,605 | 0.08 |
| Formosa Chemicals & Fibre Corp | 22,000 | 67,543 | 0.16 |
| Formosa Petrochemical Corp | 20,838 | 70,694 | 0.16 |
| Formosa Plastics Corp | 27,524 | 97,428 | 0.23 |
| Foxconn Technology Co Ltd | 23,000 | 58,522 | 0.14 |
| Fubon Financial Holding Co Ltd | 58,000 | 115,459 | 0.27 |
| Hon Hai Precision Industry Co Ltd | 304,537 | 1,323,472 | 3.06 |
| Innolux Corp | 202,959 | 150,087 | 0.35 |
| Largan Precision Co Ltd | 666 | 74,926 | 0.17 |
| Lite-On Technology Corp | 21,031 | 46,288 | 0.11 |
| MediaTek Inc | 4,569 | 155,166 | 0.36 |
| Mega Financial Holding Co Ltd | 66,704 | 74,575 | 0.17 |
| Micro-Star International Co Ltd | 9,000 | 54,884 | 0.13 |
| Nan Ya Plastics Corp | 18,455 | 51,614 | 0.12 |
| Novatek Microelectronics Corp | 1,942 | 39,135 | 0.09 |
| Pegatron Corp | 58,312 | 151,436 | 0.35 |
| Powertech Technology Inc | 15,000 | 55,462 | 0.13 |
| President Chain Store Corp | 7,000 | 66,730 | 0.15 |
| Quanta Computer Inc | 23,000 | 78,996 | 0.18 |
| Shin Kong Financial Holding Co Ltd | 123,839 | 39,713 | 0.09 |
| Taiwan Cement Corp | 59,837 | 98,145 | 0.23 |
| Taiwan Mobile Co Ltd | 14,000 | 48,183 | 0.11 |
| Taiwan Semiconductor Manufacturing Co Ltd | 70,958 | 1,459,797 | 3.38 |
| Uni-President Enterprises Corp | 30,291 | 77,498 | 0.18 |
| United Microelectronics Corp | 64,000 | 112,600 | 0.26 |
| Walsin Technology Corp | 3,000 | 26,233 | 0.06 |
| Winbond Electronics Corp | 25,000 | 25,847 | 0.06 |
| Wistron Corp | 60,705 | 71,273 | 0.17 |
| Yageo Corp | 2,424 | 46,980 | 0.11 |
| Yuanta Financial Holding Co Ltd | 93,585 | 73,798 | 0.17 |
| Total China, Republic of (Taiwan) |  | 6,107,458 | 14.14 |
| Hong Kong: 1.43% (30 September 2020: 4.54%) |  |  |  |
| China Jinmao Holdings Group Ltd | 128,000 | 51,368 | 0.12 |
| China Merchants Port Holdings Co Ltd | 2,000 | 3,067 | 0.01 |
| China Overseas Land & Investment Ltd | 108,500 | 281,911 | 0.65 |
| China Taiping Insurance Holdings Co Ltd | 43,800 | 89,240 | 0.21 |
| CITIC Ltd | 83,000 | 78,575 | 0.18 |
| CSPC Pharmaceutical Group Ltd | 46,400 | 56,102 | 0.13 |
| Fosun International Ltd | 500 | 700 | 0.00 |
| Guangdong Investment Ltd | 34,000 | 55,366 | 0.13 |
| Total Hong Kong |  | 616,329 | 1.43 |
| India: 9.08% (30 September 2020: 8.95%) |  |  |  |
| Axis Bank Ltd | 6,198 | 296,264 | 0.69 |
| GAIL India Ltd | 21,469 | 242,600 | 0.56 |
| Infosys Ltd | 27,850 | 521,352 | 1.21 |
| Larsen & Toubro Ltd | 19,125 | 367,965 | 0.85 |
| Mahindra & Mahindra Ltd | 25,355 | 277,637 | 0.64 |
| Reliance Industries Ltd | 13,087 | 723,711 | 1.67 |
| State Bank of India | 6,329 | 313,918 | 0.73 |
| Tata Motors Ltd | 12,263 | 254,948 | 0.59 |
| Tata Steel Ltd | 34,993 | 402,420 | 0.93 |
| Vedanta Ltd | 21,360 | 268,495 | 0.62 |

| Equities: 94.01% (30 September 2020: 92.83%) (continued) |  |
| --- | --- |
| India: 9.08% (30 September 2020: 8.95%) (continued) |  |  |  |
| Wipro Ltd | 40,002 | 253,613 | 0.59 |
| Total India |  | 3,922,923 | 9.08 |
| Indonesia: 1.51% (30 September 2020: 0.99%) |  |  |  |
| Adaro Energy Tbk PT | 557,500 | 45,099 | 0.10 |
| Astra International Tbk PT | 117,000 | 42,490 | 0.10 |
| Bank Central Asia Tbk PT | 38,000 | 81,298 | 0.19 |
| Bank Mandiri Persero Tbk PT | 205,662 | 87,079 | 0.20 |
| Bank Negara Indonesia Persero Tbk PT | 137,200 | 54,077 | 0.13 |
| Bank Rakyat Indonesia Persero Tbk PT | 451,400 | 136,741 | 0.32 |
| Indah Kiat Pulp & Paper Tbk PT | 25,600 | 18,418 | 0.04 |
| Perusahaan Gas Negara Tbk PT | 304,300 | 27,549 | 0.06 |
| Telkom Indonesia Persero Tbk PT | 682,700 | 160,746 | 0.37 |
| Total Indonesia |  | 653,497 | 1.51 |
| Isle of Man: 0.05% (30 September 2020: 0.05%) |  |  |  |
| NEPI Rockcastle Plc | 3,566 | 22,512 | 0.05 |
| Total Isle of Man |  | 22,512 | 0.05 |
| Malaysia: 0.62% (30 September 2020: 0.72%) |  |  |  |
| CIMB Group Holdings Bhd | 50,900 | 53,275 | 0.12 |
| Genting Bhd | 25,000 | 30,327 | 0.07 |
| Malayan Banking Bhd | 22,100 | 43,971 | 0.10 |
| Public Bank Bhd | 86,200 | 87,313 | 0.20 |
| Tenaga Nasional Bhd | 21,900 | 53,450 | 0.13 |
| Total Malaysia |  | 268,336 | 0.62 |
| Mexico: 2.54% (30 September 2020: 2.89%) |  |  |  |
| America Movil SAB de CV | 323,300 | 220,584 | 0.51 |
| Cemex SAB de CV | 294,531 | 207,577 | 0.48 |
| Fomento Economico Mexicano SAB de CV | 26,200 | 197,315 | 0.46 |
| Grupo Aeroportuario del Pacifico SAB de CV | 2,200 | 22,974 | 0.05 |
| Grupo Financiero Banorte SAB de CV | 22,000 | 123,793 | 0.29 |
| Grupo Mexico SAB de CV | 17,500 | 91,911 | 0.21 |
| Grupo Televisa SAB | 31,000 | 55,120 | 0.13 |
| Wal-Mart de Mexico SAB de CV | 56,600 | 178,344 | 0.41 |
| Total Mexico |  | 1,097,618 | 2.54 |
| Russia: 8.79% (30 September 2020: 8.50%) |  |  |  |
| Aeroflot PJSC | 54,190 | 48,264 | 0.11 |
| Alrosa PJSC | 41,280 | 57,805 | 0.13 |
| Gazprom PJSC | 273,676 | 827,166 | 1.92 |
| Inter RAO UES PJSC | 785,200 | 53,339 | 0.12 |
| LUKOIL PJSC | 7,739 | 627,113 | 1.45 |
| Magnit PJSC | 1,523 | 107,572 | 0.25 |
| MMC Norilsk Nickel PJSC | 564 | 177,672 | 0.41 |
| Mobile TeleSystems PJSC | 34,100 | 142,733 | 0.33 |
| Moscow Exchange MICEX-RTS PJSC | 7,550 | 17,376 | 0.04 |
| Novatek PJSC | 8,169 | 161,414 | 0.37 |
| Novolipetsk Steel PJSC | 20,810 | 66,498 | 0.16 |
| Rosneft Oil Co PJSC | 29,960 | 226,489 | 0.53 |
| Sberbank of Russia PJSC | 220,555 | 847,713 | 1.96 |
| Severstal PAO | 4,376 | 89,178 | 0.21 |
| Sistema PJSFC | 30,600 | 13,882 | 0.03 |
| Surgutneftegas PJSC | 87,344 | 39,960 | 0.09 |
| Surgutneftegas PJSC - Pref | 109,310 | 60,793 | 0.14 |
| Tatneft PJSC | 25,124 | 198,912 | 0.46 |
| VTB Bank PJSC | 61,744,924 | 34,855 | 0.08 |
| Total Russia |  | 3,798,734 | 8.79 |
| Singapore: 0.08% (30 September 2020: 0.09%) |  |  |  |
| Yangzijiang Shipbuilding Holdings Ltd | 37,700 | 35,916 | 0.08 |
| Total Singapore |  | 35,916 | 0.08 |
| South Africa: 3.59% (30 September 2020: 5.06%) |  |  |  |
| Absa Group Ltd | 8,410 | 71,814 | 0.17 |
| AngloGold Ashanti Ltd | 4,247 | 92,566 | 0.21 |
| Aspen Pharmacare Holdings Ltd | 3,906 | 38,187 | 0.09 |
| Bid Corp Ltd | 2,103 | 40,733 | 0.09 |
| Bidvest Group Ltd/The | 2,300 | 26,540 | 0.06 |
| Capitec Bank Holdings Ltd | 472 | 45,385 | 0.11 |
| Discovery Ltd | 1,953 | 17,535 | 0.04 |

| Equities: 94.01% (30 September 2020: 92.83%) (continued) |  |
| --- | --- |
| South Africa: 3.59% (30 September 2020: 5.06%) (continued) FirstRand Ltd | 42,388 | 148,180 |  |  | 0.34 |
| Gold Fields Ltd | 7,324 | 68,204 |  |  | 0.16 |
| Impala Platinum Holdings Ltd | 1,672 | 30,995 |  |  | 0.07 |
| Mr Price Group Ltd | 2,691 | 35,284 |  |  | 0.08 |
| MTN Group | 14,353 | 84,419 |  |  | 0.20 |
| MultiChoice Group | 5,806 | 50,702 |  |  | 0.12 |
| Naspers Ltd | 894 | 213,822 |  |  | 0.49 |
| Nedbank Group Ltd | 5,814 | 55,123 |  |  | 0.13 |
| Old Mutual Ltd | 42,224 | 36,115 |  |  | 0.08 |
| Sanlam Ltd | 20,442 | 82,412 |  |  | 0.19 |
| Sasol Ltd | 8,565 | 122,794 |  |  | 0.28 |
| Shoprite Holdings Ltd | 5,827 | 62,002 |  |  | 0.14 |
| Sibanye Stillwater Ltd | 11,778 | 51,846 |  |  | 0.12 |
| Standard Bank Group Ltd | 10,459 | 88,843 |  |  | 0.21 |
| Vodacom Group Ltd | 5,847 | 49,995 |  |  | 0.12 |
| Woolworths Holdings Ltd/South Africa | 11,189 | 37,470 |  |  | 0.09 |
| Total South Africa |  | 1,550,966 |  |  | 3.59 |
| Thailand: 4.40% (30 September 2020: 3.23%) Advanced Info Service PCL | 21,223 | 117,830 |  |  | 0.27 |
| Bangkok Bank PCL | 16,900 | 68,141 |  |  | 0.16 |
| Banpu PCL | 144,200 | 58,141 |  |  | 0.13 |
| Charoen Pokphand Foods PCL | 87,900 | 82,978 |  |  | 0.19 |
| CP ALL PCL | 53,900 | 119,442 |  |  | 0.28 |
| Indorama Ventures PCL | 31,200 | 44,429 |  |  | 0.10 |
| IRPC PCL | 411,400 | 48,973 |  |  | 0.11 |
| Kasikornbank PCL | 17,281 | 80,184 |  |  | 0.19 |
| Krung Thai Bank PCL | 255,684 | 99,819 |  |  | 0.23 |
| PTT Exploration & Production PCL | 28,779 | 104,986 |  |  | 0.24 |
| PTT Global Chemical PCL | 47,100 | 94,577 |  |  | 0.22 |
| PTT PCL | 367,400 | 482,029 |  |  | 1.12 |
| Siam Cement PCL/The | 16,500 | 210,672 |  |  | 0.49 |
| Siam Commercial Bank PCL/The | 56,600 | 201,949 |  |  | 0.47 |
| Thai Oil PCL | 34,317 | 66,712 |  |  | 0.15 |
| Thanachart Capital PCL | 17,100 | 20,794 |  |  | 0.05 |
| Total Thailand |  | 1,901,656 |  |  | 4.40 |
| Turkey: 1.45% (30 September 2020: 1.55%) Akbank TAS | 110,780 | 62,777 |  |  | 0.14 |
| BIM Birlesik Magazalar AS | 5,025 | 42,865 |  |  | 0.10 |
| Eregli Demir ve Celik Fabrikalari TAS | 27,267 | 50,276 |  |  | 0.12 |
| Haci Omer Sabanci Holding AS | 42,619 | 44,286 |  |  | 0.10 |
| Is Yatirim Menkul Degerler AS | 8,386 | 15,908 |  |  | 0.04 |
| KOC Holding AS | 20,144 | 47,243 |  |  | 0.11 |
| Turk Hava Yollari AO | 43,734 | 67,375 |  |  | 0.16 |
| Turkcell Iletisim Hizmetleri AS | 31,718 | 57,371 |  |  | 0.13 |
| Turkiye Garanti Bankasi AS | 82,028 | 66,306 |  |  | 0.15 |
| Turkiye Halk Bankasi AS | 42,861 | 22,372 |  |  | 0.05 |
| Turkiye Is Bankasi AS | 82,767 | 48,203 |  |  | 0.11 |
| Turkiye Petrol Rafinerileri AS | 7,249 | 78,829 |  |  | 0.18 |
| Yapi ve Kredi Bankasi AS | 94,479 | 25,115 |  |  | 0.06 |
| Total Turkey |  | 628,926 |  |  | 1.45 |
| Total Equities |  | 40,616,359 |  |  | 94.01 |
| Investment Funds: 1.77% (30 September 2020: 7.38%) |  |  |  |  |  |
| Euro Countries: 1.77% (30 September 2020: 7.38%) Invesco Markets plc - Invesco MSCI Saudi Arabia UCITS ETF | 31,068 | 764,117 |  |  | 1.77 |
| Total Euro Countries |  | 764,117 |  |  | 1.77 |
| Total Investment Funds |  | 764,117 |  |  | 1.77 |
| Financial assets at fair value through profit or loss |  | 41,380,476 |  |  | 95.78 |
| Current assets |  | 1,948,261 |  |  | 4.51 |
| Total assets |  | 43,328,737 |  |  | 100.29 |
| Current liabilities |  | (123,786) |  |  | (0.29) |
| Net assets attributable to holders of redeemable participating Shares |  | 43,204,951 |  |  | 100.00 |


### % of total assets

### Analysis of Total Assets

### Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market93.74

### Investment Funds1.76

### Other assets4.50

### 100.00

### Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market.
| Security Description | Nominal | Fair Value | % of |
| --- | --- | --- | --- |
|  |  | EUR | Net Assets |
| Equities: 100.17% (30 September 2020: 99.95%) |  |  |  |
| Bermuda: 0.04% (30 September 2020: 0.04%) |  |  |  |
| Hiscox Ltd | 256 | 2,586 | 0.04 |
| Total Bermuda |  | 2,586 | 0.04 |
| Denmark: 1.73% (30 September 2020: 1.99%) |  |  |  |
| AP Moller - Maersk A/S - Class A | 4 | 7,427 | 0.11 |
| AP Moller - Maersk A/S - Class B | 5 | 9,906 | 0.15 |
| Carlsberg AS | 51 | 6,683 | 0.10 |
| Chr Hansen Holding A/S | 31 | 2,403 | 0.03 |
| Coloplast A/S | 30 | 3,847 | 0.06 |
| Danske Bank A/S | 844 | 13,470 | 0.20 |
| DSV PANALPINA A/S | 43 | 7,195 | 0.11 |
| ISS A/S | 397 | 6,312 | 0.09 |
| Jyske Bank A/S | 69 | 2,807 | 0.04 |
| Novo Nordisk A/S | 508 | 29,354 | 0.43 |
| Novozymes A/S | 56 | 3,059 | 0.04 |
| Orsted AS | 52 | 7,163 | 0.10 |
| Pandora A/S | 65 | 5,940 | 0.09 |
| Tryg A/S | 117 | 2,354 | 0.03 |
| Vestas Wind Systems A/S | 57 | 9,979 | 0.15 |
| Total Denmark |  | 117,899 | 1.73 |
| Euro Countries: 58.38% (30 September 2020: 56.85%) |  |  |  |
| A2A SpA | 2,271 | 3,525 | 0.05 |
| Aalberts NV | 65 | 2,808 | 0.04 |
| ABN AMRO Bank NV | 1,456 | 15,084 | 0.22 |
| Acciona SA | 23 | 3,287 | 0.05 |
| Accor SA | 150 | 4,824 | 0.07 |
| Acerinox SA | 234 | 2,603 | 0.04 |
| ACS Actividades de Construccion y Servicios SA | 392 | 11,078 | 0.16 |
| adidas AG | 63 | 16,771 | 0.25 |
| Aegon NV | 4,717 | 19,104 | 0.28 |
| Aena SME SA | 47 | 6,500 | 0.10 |
| Aeroports de Paris | 25 | 2,548 | 0.04 |
| Ageas SA/NV | 151 | 7,785 | 0.11 |
| AIB Group Plc | 1,238 | 2,776 | 0.04 |
| Air France-KLM | 1,761 | 8,974 | 0.13 |
| Air Liquide SA | 246 | 34,268 | 0.50 |
| Airbus SE | 297 | 28,672 | 0.42 |
| Akzo Nobel NV | 169 | 16,102 | 0.24 |
| Allianz SE | 415 | 90,076 | 1.32 |
| Alstom SA | 162 | 6,888 | 0.10 |
| Amadeus IT Group SA | 169 | 10,204 | 0.15 |
| Amco Asset Management Co S.p.A. Eur Npv | 20 | – | – |
| Amundi SA | 42 | 2,864 | 0.04 |
| ANDRITZ AG | 79 | 3,029 | 0.05 |
| Anheuser-Busch InBev SA/NV | 914 | 49,127 | 0.72 |
| APERAM SA | 71 | 2,728 | 0.04 |
| ArcelorMittal SA | 1,349 | 33,226 | 0.49 |
| Arkema SA | 80 | 8,268 | 0.12 |
| Aroundtown SA | 926 | 5,621 | 0.08 |
| ASML Holding NV | 39 | 20,163 | 0.30 |
| ASR Nederland NV | 167 | 6,381 | 0.09 |
| Assicurazioni Generali SpA | 1,451 | 24,754 | 0.36 |
| Atlantia SpA | 511 | 8,150 | 0.12 |
| Atos SE | 118 | 7,849 | 0.11 |
| Aurubis AG | 41 | 2,896 | 0.04 |
| AXA SA | 2,423 | 55,450 | 0.81 |
| Azimut Holding SpA | 116 | 2,255 | 0.03 |
| B&M European Value Retail SA | 425 | 2,633 | 0.04 |
| Banco Bilbao Vizcaya Argentaria SA | 10,034 | 44,410 | 0.65 |
| Banco BPM SpA | 4,461 | 10,863 | 0.16 |
| Banco de Sabadell SA | 17,575 | 8,014 | 0.12 |
| Banco Santander SA | 25,447 | 73,720 | 1.08 |
| Bank of Ireland Group Plc | 1,095 | 4,632 | 0.07 |
| Bankinter SA | 894 | 5,292 | 0.08 |


### Security Description	Nominal	Fair Value	% of

### EUR	Net Assets

### Equities: 100.17% (30 September 2020: 99.95%) (continued)	

### Euro Countries: 58.38% (30 September 2020: 56.85%) (continued)
| BASF SE | 1,079 | 76,436 | 1.12 |
| --- | --- | --- | --- |
| BAWAG Group AG | 58 | 2,554 | 0.04 |
| Bayer AG | 1,308 | 70,580 | 1.04 |
| Bayerische Motoren Werke AG | 591 | 52,286 | 0.77 |
| Bayerische Motoren Werke AG - Pref | 102 | 6,921 | 0.10 |
| Beiersdorf AG | 39 | 3,514 | 0.05 |
| BNP Paribas SA | 1,355 | 70,297 | 1.03 |
| Bouygues SA | 376 | 12,855 | 0.19 |
| BPER Banca | 1,873 | 3,515 | 0.05 |
| Brenntag SE | 123 | 8,954 | 0.13 |
| Bureau Veritas SA | 166 | 4,029 | 0.06 |
| CaixaBank SA | 7,493 | 19,774 | 0.29 |
| Capgemini SE | 86 | 12,479 | 0.18 |
| Carrefour SA | 1,422 | 21,963 | 0.32 |
| Casino Guichard Perrachon SA | 99 | 2,816 | 0.04 |
| Cie de Saint-Gobain | 629 | 31,651 | 0.46 |
| Cie Generale des Etablissements Michelin SCA | 200 | 25,530 | 0.37 |
| CNH Industrial NV | 1,045 | 13,789 | 0.20 |
| CNP Assurances | 164 | 2,659 | 0.04 |
| Commerzbank AG | 2,722 | 14,231 | 0.21 |
| Continental AG | 171 | 19,272 | 0.28 |
| Covestro AG | 212 | 12,156 | 0.18 |
| Covivio | 52 | 3,796 | 0.06 |
| Credit Agricole SA | 1,989 | 24,554 | 0.36 |
| CRH Plc | 692 | 27,546 | 0.40 |
| Daimler AG | 1,239 | 94,176 | 1.38 |
| Danone SA | 499 | 29,192 | 0.43 |
| Dassault Systemes SE | 18 | 3,283 | 0.05 |
| DCC Plc | 86 | 6,350 | 0.09 |
| Deutsche Bank AG | 4,136 | 42,138 | 0.62 |
| Deutsche Boerse AG | 72 | 10,202 | 0.15 |
| Deutsche Lufthansa AG | 1,098 | 12,413 | 0.18 |
| Deutsche Post AG | 869 | 40,600 | 0.60 |
| Deutsche Telekom AG | 4,040 | 69,367 | 1.02 |
| Deutsche Wohnen SE | 223 | 8,871 | 0.13 |
| E.ON SE | 2,974 | 29,514 | 0.43 |
| Edenred | 66 | 2,940 | 0.04 |
| EDP - Energias de Portugal SA | 3,245 | 15,803 | 0.23 |
| Eiffage SA | 122 | 10,414 | 0.15 |
| Electricite de France SA | 1,198 | 13,705 | 0.20 |
| Elis SA | 179 | 2,492 | 0.04 |
| Elisa Oyj | 81 | 4,142 | 0.06 |
| Enagas SA | 300 | 5,556 | 0.08 |
| Endesa SA | 377 | 8,505 | 0.12 |
| Enel SpA | 8,107 | 68,853 | 1.01 |
| Engie SA | 2,366 | 28,640 | 0.42 |
| Eni SpA | 5,079 | 53,299 | 0.78 |
| Erste Group Bank AG | 428 | 12,378 | 0.18 |
| EssilorLuxottica SA | 124 | 17,217 | 0.25 |
| Etablissements Franz Colruyt NV | 52 | 2,645 | 0.04 |
| Eurazeo SE | 34 | 2,207 | 0.03 |
| Eutelsat Communications SA | 293 | 3,041 | 0.04 |
| Evonik Industries AG | 241 | 7,268 | 0.11 |
| EXOR NV | 142 | 10,216 | 0.15 |
| Faurecia SE | 212 | 9,631 | 0.14 |
| Ferrari NV | 20 | 3,567 | 0.05 |
| Ferrovial SA | 326 | 7,247 | 0.11 |
| FinecoBank Banca Fineco SpA | 184 | 2,568 | 0.04 |
| Flutter Entertainment Plc | 19 | 3,458 | 0.05 |
| Fortum Oyj | 414 | 9,423 | 0.14 |
| Fraport AG Frankfurt Airport Services Worldwide | 50 | 2,592 | 0.04 |
| Freenet AG | 168 | 3,429 | 0.05 |
| Fresenius Medical Care AG & Co KGaA | 223 | 13,986 | 0.21 |
| Fresenius SE & Co KGaA | 633 | 24,041 | 0.35 |
| FUCHS PETROLUB SE | 19 | 652 | 0.01 |
| FUCHS PETROLUB SE - Pref | 39 | 1,593 | 0.02 |


### Security Description	Nominal	Fair Value	% of

### EUR	Net Assets

### Equities: 100.17% (30 September 2020: 99.95%) (continued)	

### Euro Countries: 58.38% (30 September 2020: 56.85%) (continued)
| Galp Energia SGPS SA | 865 | 8,581 | 0.13 |
| --- | --- | --- | --- |
| GEA Group AG | 140 | 4,893 | 0.07 |
| Gecina SA | 46 | 5,400 | 0.08 |
| Getlink SE | 194 | 2,538 | 0.04 |
| Grafton Group Plc | 190 | 2,284 | 0.03 |
| Grifols SA | 186 | 4,153 | 0.06 |
| Groupe Bruxelles Lambert SA | 59 | 5,207 | 0.08 |
| Hannover Rueck SE | 66 | 10,283 | 0.15 |
| HeidelbergCement AG | 222 | 17,196 | 0.25 |
| Heineken Holding NV | 45 | 3,416 | 0.05 |
| Heineken NV | 145 | 12,705 | 0.19 |
| Hella GmbH & Co KGaA | 45 | 2,152 | 0.03 |
| Henkel AG & Co KGaA | 80 | 6,756 | 0.10 |
| Henkel AG & Co KGaA - Pref | 136 | 13,037 | 0.19 |
| Hera SpA | 905 | 2,958 | 0.04 |
| Hermes International | 4 | 3,776 | 0.06 |
| HOCHTIEF AG | 43 | 3,281 | 0.05 |
| HUGO BOSS AG | 110 | 3,682 | 0.05 |
| Huhtamaki Oyj | 68 | 2,622 | 0.04 |
| Iberdrola SA | 5,181 | 56,913 | 0.83 |
| ICADE | 42 | 2,619 | 0.04 |
| Iliad SA | 14 | 2,269 | 0.03 |
| Industria de Diseno Textil SA | 537 | 15,090 | 0.22 |
| Infineon Technologies AG | 315 | 11,389 | 0.17 |
| ING Groep NV | 6,611 | 68,966 | 1.01 |
| Inmobiliaria Colonial Socimi SA | 265 | 2,188 | 0.03 |
| International Consolidated Airlines Group SA | 2,450 | 5,703 | 0.08 |
| Intesa Sanpaolo SpA | 25,712 | 59,408 | 0.87 |
| Italgas SpA | 492 | 2,723 | 0.04 |
| Jeronimo Martins SGPS SA | 291 | 4,176 | 0.06 |
| K+S AG | 500 | 4,236 | 0.06 |
| KBC Group NV | 280 | 17,360 | 0.25 |
| Kering SA | 24 | 14,126 | 0.21 |
| Kerry Group Plc | 55 | 5,868 | 0.09 |
| Kesko Oyj | 229 | 5,972 | 0.09 |
| Kingspan Group Plc | 47 | 3,398 | 0.05 |
| KION Group AG | 54 | 4,547 | 0.07 |
| Klepierre SA | 334 | 6,642 | 0.10 |
| Knorr-Bremse AG | 36 | 3,831 | 0.06 |
| Kone Oyj | 154 | 10,728 | 0.16 |
| Koninklijke Ahold Delhaize NV | 1,544 | 36,670 | 0.54 |
| Koninklijke DSM NV | 77 | 11,111 | 0.16 |
| Koninklijke KPN NV | 3,266 | 9,452 | 0.14 |
| Koninklijke Philips NV | 475 | 23,121 | 0.34 |
| Koninklijke Vopak NV | 52 | 2,207 | 0.03 |
| Korian SA | 68 | 2,014 | 0.03 |
| LANXESS AG | 89 | 5,594 | 0.08 |
| LEG Immobilien SE | 39 | 4,374 | 0.06 |
| Legrand SA | 126 | 9,994 | 0.15 |
| Leonardo SpA | 955 | 6,593 | 0.10 |
| L'Oreal SA | 68 | 22,222 | 0.33 |
| LVMH Moet Hennessy Louis Vuitton SE | 66 | 37,495 | 0.55 |
| Mapfre SA | 2,843 | 5,049 | 0.07 |
| Mediobanca Banca di Credito Finanziario SpA | 847 | 8,009 | 0.12 |
| Merck KGaA | 51 | 7,436 | 0.11 |
| Merlin Properties Socimi SA | 387 | 3,375 | 0.05 |
| METRO AG | 359 | 3,235 | 0.05 |
| MTU Aero Engines AG | 22 | 4,415 | 0.07 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 162 | 42,541 | 0.62 |
| Natixis SA | 1,826 | 7,454 | 0.11 |
| Naturgy Energy Group SA | 425 | 8,883 | 0.13 |
| Neste Oyj | 137 | 6,201 | 0.09 |
| NN Group NV | 344 | 14,341 | 0.21 |
| Nokia Oyj | 6,931 | 23,596 | 0.35 |
| Nokian Renkaat Oyj | 131 | 4,045 | 0.06 |
| Nordea Bank Abp | 4,165 | 35,032 | 0.51 |


### Security Description	Nominal	Fair Value	% of

### EUR	Net Assets Equities: 100.17% (30 September 2020: 99.95%) (continued)		

### Euro Countries: 58.38% (30 September 2020: 56.85%) (continued)
| OMV AG | 227 | 9,820 | 0.14 |
| --- | --- | --- | --- |
| Orange SA | 3,070 | 32,250 | 0.47 |
| Orion Oyj | 64 | 2,187 | 0.03 |
| Orpea SA | 27 | 2,668 | 0.04 |
| Outokumpu Oyj | 732 | 3,616 | 0.05 |
| Pernod Ricard SA | 96 | 15,365 | 0.22 |
| Pirelli & C SpA | 617 | 3,086 | 0.05 |
| Porsche Automobil Holding SE - Pref | 106 | 9,584 | 0.14 |
| Poste Italiane SpA | 660 | 7,154 | 0.11 |
| PostNL NV | 576 | 2,382 | 0.04 |
| ProSiebenSat.1 Media SE | 250 | 4,359 | 0.06 |
| Prosus NV | 28 | 2,654 | 0.04 |
| Proximus SADP | 251 | 4,659 | 0.07 |
| Prysmian SpA | 197 | 5,459 | 0.08 |
| Publicis Groupe SA | 238 | 12,386 | 0.18 |
| QIAGEN NV | 52 | 2,146 | 0.03 |
| Raiffeisen Bank International AG | 192 | 3,596 | 0.05 |
| Randstad NV | 142 | 8,517 | 0.12 |
| Red Electrica Corp SA | 428 | 6,463 | 0.10 |
| Renault SA | 757 | 27,956 | 0.41 |
| Repsol SA | 3,467 | 36,612 | 0.54 |
| Rexel SA | 296 | 5,002 | 0.07 |
| Rheinmetall AG | 55 | 4,752 | 0.07 |
| Rubis SCA | 96 | 3,878 | 0.06 |
| RWE AG | 723 | 24,163 | 0.35 |
| Safran SA | 151 | 17,524 | 0.26 |
| Saipem SpA | 1,098 | 2,552 | 0.04 |
| Sampo Oyj | 408 | 15,696 | 0.23 |
| Sanofi | 980 | 82,565 | 1.21 |
| SAP SE | 421 | 43,961 | 0.64 |
| SBM Offshore NV | 181 | 2,827 | 0.04 |
| Schneider Electric SE | 272 | 35,428 | 0.52 |
| SCOR SE | 159 | 4,627 | 0.07 |
| SEB SA | 18 | 2,707 | 0.04 |
| SES SA | 398 | 2,696 | 0.04 |
| Siemens AG | 566 | 79,240 | 1.16 |
| Siemens Energy AG | 384 | 11,754 | 0.17 |
| Siemens Healthineers AG | 90 | 4,158 | 0.06 |
| Signify NV | 157 | 6,902 | 0.10 |
| Sixt SE | 12 | 1,351 | 0.02 |
| Sixt SE - Pref | 15 | 997 | 0.02 |
| Smurfit Kappa Group Plc | 201 | 8,037 | 0.12 |
| Snam S.p.A. - Rights (09/04/2021) | 1,374 | 1 | 0.00 |
| Snam SpA | 1,897 | 8,969 | 0.13 |
| Societe Generale SA | 1,609 | 35,905 | 0.53 |
| Sodexo SA | 108 | 8,832 | 0.13 |
| Solvay SA | 83 | 8,815 | 0.13 |
| SPIE SA | 132 | 2,695 | 0.04 |
| Stellantis NV | 3,322 | 50,109 | 0.74 |
| STMicroelectronics NV | 193 | 6,271 | 0.09 |
| Stora Enso Oyj | 507 | 8,064 | 0.12 |
| Subsea 7 SA | 407 | 3,484 | 0.05 |
| Suez SA | 511 | 9,229 | 0.14 |
| Symrise AG | 38 | 3,929 | 0.06 |
| TAG Immobilien AG | 87 | 2,118 | 0.03 |
| Telecom Italia SpA/Milano | 20,710 | 9,551 | 0.14 |
| Telecom Italia SpA/Milano - RSP | 11,758 | 5,766 | 0.08 |
| Telefonica Deutschland Holding AG | 1,413 | 3,532 | 0.05 |
| Telefonica SA | 8,164 | 31,162 | 0.46 |
| Teleperformance | 16 | 4,973 | 0.07 |
| Tenaris SA | 619 | 5,950 | 0.09 |
| Terna Rete Elettrica Nazionale SpA | 1,007 | 6,483 | 0.10 |
| Thales SA | 80 | 6,778 | 0.10 |
| thyssenkrupp AG | 1,081 | 12,307 | 0.18 |
| TOTAL SE | 3,463 | 137,741 | 2.02 |
| TUI AG | 2,084 | 8,983 | 0.13 |

| Security Description | Nominal | Fair Value | % of |
| --- | --- | --- | --- |
|  |  | EUR | Net Assets |
| Equities: 100.17% (30 September 2020: 99.95%) (continued) |  |  |  |
| Euro Countries: 58.38% (30 September 2020: 56.85%) (continued) |  |  |  |
| Ubisoft Entertainment SA | 32 | 2,076 | 0.03 |
| UCB SA | 66 | 5,354 | 0.08 |
| Umicore SA | 129 | 5,835 | 0.09 |
| Unibail-Rodamco-Westfield | 375 | 25,628 | 0.38 |
| UniCredit SpA | 5,630 | 50,743 | 0.74 |
| Uniper SE | 120 | 3,706 | 0.05 |
| Unipol Gruppo SpA | 593 | 2,820 | 0.04 |
| United Internet AG | 95 | 3,249 | 0.05 |
| UPM-Kymmene Oyj | 504 | 15,437 | 0.23 |
| Valeo SA | 399 | 11,559 | 0.17 |
| Valmet Oyj | 86 | 2,667 | 0.04 |
| Veolia Environnement SA | 771 | 16,854 | 0.25 |
| Vinci SA | 451 | 39,399 | 0.58 |
| Vivendi SE | 523 | 14,644 | 0.21 |
| voestalpine AG | 139 | 4,911 | 0.07 |
| Volkswagen AG - Pref | 365 | 87,089 | 1.28 |
| Volkswagen AG | 64 | 19,789 | 0.29 |
| Vonovia SE | 321 | 17,880 | 0.26 |
| Wartsila OYJ Abp | 573 | 5,119 | 0.07 |
| Wienerberger AG | 102 | 3,182 | 0.05 |
| Wolters Kluwer NV | 102 | 7,560 | 0.11 |
| Worldline SA/France | 37 | 2,643 | 0.04 |
| Zalando SE | 24 | 2,007 | 0.03 |
| Total Euro Countries |  | 3,981,038 | 58.38 |
| Isle of Man: 0.05% (30 September 2020: 0.05%) |  |  |  |
| Entain Plc | 208 | 3,707 | 0.05 |
| Total Isle of Man |  | 3,707 | 0.05 |
| Jersey: 1.01% (30 September 2020: 1.21%) |  |  |  |
| Experian Plc | 284 | 8,325 | 0.12 |
| Ferguson Plc | 152 | 15,467 | 0.23 |
| Glencore Plc | 8,467 | 28,253 | 0.41 |
| IWG Plc | 529 | 2,115 | 0.03 |
| Polymetal International Plc | 186 | 3,099 | 0.05 |
| WPP Plc | 1,064 | 11,498 | 0.17 |
| Total Jersey |  | 68,757 | 1.01 |
| Norway: 1.35% (30 September 2020: 1.29%) |  |  |  |
| DNB ASA | 815 | 14,784 | 0.22 |
| Equinor ASA | 1,699 | 28,331 | 0.41 |
| Gjensidige Forsikring ASA | 128 | 2,559 | 0.04 |
| Mowi ASA | 332 | 7,022 | 0.10 |
| Norsk Hydro ASA | 1,831 | 9,994 | 0.15 |
| Orkla ASA | 610 | 5,097 | 0.07 |
| Storebrand ASA | 607 | 5,212 | 0.08 |
| Telenor ASA | 737 | 11,056 | 0.16 |
| Yara International ASA | 185 | 8,202 | 0.12 |
| Total Norway |  | 92,257 | 1.35 |
| Poland: 0.26% (30 September 2020: 0.31%) |  |  |  |
| Bank Polska Kasa Opieki SA | 192 | 2,924 | 0.04 |
| KGHM Polska Miedz SA | 74 | 3,035 | 0.04 |
| Polski Koncern Naftowy ORLEN SA | 271 | 3,708 | 0.05 |
| Powszechna Kasa Oszczednosci Bank Polski SA | 628 | 4,432 | 0.07 |
| Powszechny Zaklad Ubezpieczen SA | 534 | 3,926 | 0.06 |
| Total Poland |  | 18,025 | 0.26 |
| Sweden: 4.36% (30 September 2020: 4.20%) |  |  |  |
| Alfa Laval AB | 144 | 3,711 | 0.05 |
| Assa Abloy AB | 391 | 9,580 | 0.14 |
| Atlas Copco AB - Class A | 182 | 9,444 | 0.14 |
| Atlas Copco AB - Class B | 110 | 4,880 | 0.07 |
| BillerudKorsnas AB | 159 | 2,520 | 0.04 |
| Boliden AB | 207 | 6,547 | 0.10 |
| Castellum AB | 179 | 3,365 | 0.05 |
| Dometic Group AB | 182 | 2,250 | 0.03 |
| Electrolux AB | 254 | 6,005 | 0.09 |
| Epiroc AB - Class A | 126 | 2,433 | 0.04 |
| Epiroc AB - Class B | 75 | 1,332 | 0.02 |
| Essity AB | 426 | 11,473 | 0.17 |

| Security Description | Nominal | Fair Value | % of |
| --- | --- | --- | --- |
|  |  | EUR | Net Assets |
| Equities: 100.17% (30 September 2020: 99.95%) (continued) |  |  |  |
| Sweden: 4.36% (30 September 2020: 4.20%) (continued) |  |  |  |
| Getinge AB | 95 | 2,249 | 0.03 |
| H & M Hennes & Mauritz AB | 827 | 15,883 | 0.23 |
| Hexagon AB | 73 | 5,741 | 0.08 |
| Holmen AB | 59 | 2,208 | 0.03 |
| Husqvarna AB - Class A | 16 | 197 | 0.00 |
| Husqvarna AB - Class B | 265 | 3,254 | 0.05 |
| ICA Gruppen AB | 78 | 3,251 | 0.05 |
| Industrivarden AB - A Shares | 119 | 3,731 | 0.05 |
| Industrivarden AB - C Shares | 95 | 2,841 | 0.04 |
| Investor AB - Class A | 76 | 5,137 | 0.08 |
| Investor AB - Class B | 261 | 17,743 | 0.26 |
| Kinnevik AB - Class A | 6 | 265 | 0.00 |
| Kinnevik AB - Class B | 100 | 4,145 | 0.06 |
| Lundin Energy AB | 90 | 2,411 | 0.04 |
| Sandvik AB | 451 | 10,504 | 0.15 |
| Securitas AB | 425 | 6,161 | 0.09 |
| Skandinaviska Enskilda Banken AB - Class A | 1,421 | 14,766 | 0.22 |
| Skandinaviska Enskilda Banken AB - Class C | 20 | 208 | 0.00 |
| Skanska AB | 390 | 8,337 | 0.12 |
| SKF AB | 305 | 7,390 | 0.11 |
| SSAB AB - Class A | 402 | 1,812 | 0.03 |
| SSAB AB - Class B | 983 | 4,052 | 0.06 |
| Svenska Cellulosa AB SCA - Class A | 11 | 167 | 0.00 |
| Svenska Cellulosa AB SCA - Class B | 301 | 4,541 | 0.07 |
| Svenska Handelsbanken AB - Class A | 1,757 | 16,269 | 0.24 |
| Svenska Handelsbanken AB - Class B | 42 | 438 | 0.01 |
| Swedbank AB | 1,191 | 17,892 | 0.26 |
| Swedish Match AB | 70 | 4,659 | 0.07 |
| Tele2 AB | 479 | 5,508 | 0.08 |
| Telefonaktiebolaget LM Ericsson - Class A | 17 | 196 | 0.00 |
| Telefonaktiebolaget LM Ericsson - Class B | 1,449 | 16,344 | 0.24 |
| Telia Co AB | 3,861 | 14,258 | 0.21 |
| Trelleborg AB | 161 | 3,489 | 0.05 |
| Volvo AB - Class A | 158 | 3,439 | 0.05 |
| Volvo AB - Class B | 1,140 | 24,582 | 0.36 |
| Total Sweden |  | 297,608 | 4.36 |
| Switzerland: 10.11% (30 September 2020: 10.97%) |  |  |  |
| ABB Ltd | 1,105 | 28,530 | 0.42 |
| Adecco Group AG | 162 | 9,320 | 0.14 |
| Alcon Inc | 184 | 11,009 | 0.16 |
| Baloise Holding AG | 26 | 3,780 | 0.06 |
| Barry Callebaut AG | 1 | 1,931 | 0.03 |
| Chocoladefabriken Lindt & Spruengli AG | 1 | 7,458 | 0.11 |
| Cie Financiere Richemont SA | 261 | 21,411 | 0.31 |
| Clariant AG | 184 | 3,170 | 0.05 |
| Coca-Cola HBC AG | 130 | 3,525 | 0.05 |
| Credit Suisse Group AG | 2,594 | 23,221 | 0.34 |
| Dufry AG | 74 | 4,306 | 0.06 |
| Geberit AG | 12 | 6,526 | 0.10 |
| Georg Fischer AG | 2 | 2,284 | 0.03 |
| Givaudan SA | 3 | 9,878 | 0.14 |
| Helvetia Holding AG | 34 | 3,412 | 0.05 |
| Julius Baer Group Ltd | 137 | 7,486 | 0.11 |
| Kuehne + Nagel International AG | 29 | 7,071 | 0.10 |
| LafargeHolcim Ltd | 474 | 23,800 | 0.35 |
| Logitech International SA | 24 | 2,151 | 0.03 |
| Lonza Group AG | 13 | 6,210 | 0.09 |
| Nestle SA | 1,377 | 131,134 | 1.92 |
| Novartis AG | 1,144 | 83,534 | 1.23 |
| Partners Group Holding AG | 5 | 5,456 | 0.08 |
| PSP Swiss Property AG | 25 | 2,604 | 0.04 |
| Roche Holding AG | 348 | 96,097 | 1.41 |
| Roche Holding AG - BR | 13 | 3,796 | 0.06 |
| Schindler Holding AG | 16 | 4,015 | 0.06 |
| Schindler Holding AG - REG | 8 | 1,959 | 0.03 |
| SGS SA | 3 | 7,271 | 0.11 |

| Security Description | Nominal | Fair Value | % of |
| --- | --- | --- | --- |
|  |  | EUR | Net Assets |
| Equities: 100.17% (30 September 2020: 99.95%) (continued) |  |  |  |
| Switzerland: 10.11% (30 September 2020: 10.97%) (continued) |  |  |  |
| SIG Combibloc Group AG | 147 | 2,905 | 0.04 |
| Sika AG | 30 | 7,323 | 0.11 |
| Sonova Holding AG | 15 | 3,396 | 0.05 |
| Swatch Group AG/The - BR | 29 | 7,128 | 0.10 |
| Swatch Group AG/The - REG | 45 | 2,142 | 0.03 |
| Swiss Life Holding AG | 38 | 15,961 | 0.23 |
| Swiss Prime Site AG | 36 | 2,836 | 0.04 |
| Swiss Re AG | 290 | 24,372 | 0.36 |
| Swisscom AG | 26 | 11,917 | 0.17 |
| UBS Group AG | 3,621 | 47,908 | 0.70 |
| Vifor Pharma AG | 27 | 3,140 | 0.05 |
| Zurich Insurance Group AG | 104 | 37,928 | 0.56 |
| Total Switzerland |  | 689,301 | 10.11 |
| United Kingdom: 22.88% (30 September 2020: 23.04%) |  |  |  |
| 3i Group Plc | 523 | 7,082 | 0.10 |
| Admiral Group Plc | 112 | 4,077 | 0.06 |
| Anglo American Plc | 880 | 29,364 | 0.43 |
| Antofagasta Plc | 147 | 2,916 | 0.04 |
| Ashtead Group Plc | 177 | 8,991 | 0.13 |
| Associated British Foods Plc | 267 | 7,569 | 0.11 |
| AstraZeneca Plc | 625 | 53,170 | 0.78 |
| Aviva Plc | 3,017 | 14,457 | 0.21 |
| BAE Systems Plc | 2,473 | 14,660 | 0.21 |
| Barclays Plc | 16,915 | 36,917 | 0.54 |
| Barratt Developments Plc | 1,171 | 10,266 | 0.15 |
| Bellway Plc | 104 | 4,155 | 0.06 |
| Berkeley Group Holdings Plc | 108 | 5,628 | 0.08 |
| BHP Group Plc | 1,480 | 36,389 | 0.53 |
| BP Plc | 36,669 | 126,834 | 1.86 |
| British American Tobacco Plc | 1,765 | 57,476 | 0.84 |
| British Land Co Plc/The | 977 | 5,790 | 0.08 |
| BT Group Plc | 8,694 | 15,799 | 0.23 |
| Bunzl Plc | 251 | 6,845 | 0.10 |
| Burberry Group Plc | 200 | 4,457 | 0.07 |
| Carnival Plc | 185 | 3,443 | 0.05 |
| Centrica Plc | 6,877 | 4,371 | 0.06 |
| Cineworld Group Plc | 3,239 | 3,668 | 0.05 |
| Compass Group Plc | 1,190 | 20,416 | 0.30 |
| Croda International Plc | 47 | 3,502 | 0.05 |
| Derwent London Plc | 75 | 2,842 | 0.04 |
| Diageo Plc | 1,004 | 35,234 | 0.52 |
| Direct Line Insurance Group Plc | 1,092 | 4,016 | 0.06 |
| DS Smith Plc | 1,332 | 6,375 | 0.09 |
| easyJet Plc | 349 | 4,008 | 0.06 |
| Evraz Plc | 572 | 3,881 | 0.06 |
| G4S Plc | 1,925 | 5,536 | 0.08 |
| GlaxoSmithKline Plc | 5,297 | 80,090 | 1.17 |
| Howden Joinery Group Plc | 245 | 2,108 | 0.03 |
| HSBC Holdings Plc | 16,706 | 82,995 | 1.22 |
| IMI Plc | 176 | 2,756 | 0.04 |
| Imperial Brands Plc | 725 | 12,698 | 0.19 |
| Informa Plc | 1,025 | 6,736 | 0.10 |
| InterContinental Hotels Group Plc | 82 | 4,789 | 0.07 |
| Intermediate Capital Group Plc | 112 | 2,422 | 0.04 |
| Intertek Group Plc | 57 | 3,749 | 0.06 |
| Investec Plc | 927 | 2,385 | 0.04 |
| ITV Plc | 5,105 | 7,200 | 0.11 |
| J Sainsbury Plc | 3,017 | 8,589 | 0.13 |
| John Wood Group Plc | 621 | 1,973 | 0.03 |
| Johnson Matthey Plc | 217 | 7,675 | 0.11 |
| Kingfisher Plc | 2,865 | 10,705 | 0.16 |
| Land Securities Group Plc | 663 | 5,371 | 0.08 |
| Legal & General Group Plc | 4,610 | 15,104 | 0.22 |
| Lloyds Banking Group Plc | 61,007 | 30,462 | 0.45 |
| London Stock Exchange Group Plc | 38 | 3,096 | 0.05 |
| M&G Plc | 1,839 | 4,477 | 0.07 |

| Security Description | Nominal | Fair Value EUR |  | % of Net Assets |
| --- | --- | --- | --- | --- |
| Equities: 100.17% (30 September 2020: 99.95%) (continued) |  |  |  |  |
| United Kingdom: 22.88% (30 September 2020: 23.04%) (continued) Marks & Spencer Group Plc | 3,120 | 5,525 |  | 0.08 |
| Meggitt Plc | 823 | 4,612 |  | 0.07 |
| Melrose Industries Plc | 3,437 | 6,734 |  | 0.10 |
| Micro Focus International Plc | 780 | 5,065 |  | 0.07 |
| Mondi Plc | 488 | 10,598 |  | 0.16 |
| National Express Group Plc | 635 | 2,294 |  | 0.03 |
| National Grid Plc | 2,545 | 25,813 |  | 0.38 |
| Natwest Group Plc | 5,255 | 12,106 |  | 0.18 |
| Next Plc | 73 | 6,741 |  | 0.10 |
| Pearson Plc | 766 | 6,938 |  | 0.10 |
| Pennon Group Plc | 380 | 4,349 |  | 0.06 |
| Persimmon Plc | 340 | 11,734 |  | 0.17 |
| Phoenix Group Holdings Plc | 540 | 4,654 |  | 0.07 |
| Prudential Plc | 1,551 | 28,048 |  | 0.41 |
| Quilter Plc | 1,793 | 3,365 |  | 0.05 |
| Reckitt Benckiser Group Plc | 333 | 25,401 |  | 0.37 |
| RELX Plc | 836 | 17,851 |  | 0.26 |
| Rentokil Initial Plc | 560 | 3,184 |  | 0.05 |
| Rio Tinto Plc | 781 | 50,883 |  | 0.75 |
| Rolls-Royce Holdings Plc | 5,972 | 7,382 |  | 0.11 |
| Royal Dutch Shell Plc - Class A | 6,138 | 101,870 |  | 1.49 |
| Royal Dutch Shell Plc - Class B | 5,492 | 86,068 |  | 1.26 |
| Royal Mail Plc | 1,068 | 6,326 |  | 0.09 |
| RSA Insurance Group Plc | 937 | 7,491 |  | 0.11 |
| Sage Group Plc/The | 604 | 4,345 |  | 0.06 |
| Schroders Plc | 75 | 3,082 |  | 0.05 |
| Segro Plc | 468 | 5,151 |  | 0.08 |
| Severn Trent Plc | 185 | 5,008 |  | 0.07 |
| Signature Aviation Plc | 880 | 4,177 |  | 0.06 |
| Smith & Nephew Plc | 468 | 7,571 |  | 0.11 |
| Smiths Group Plc | 245 | 4,422 |  | 0.06 |
| Spectris Plc | 65 | 2,539 |  | 0.04 |
| SSE Plc | 901 | 15,389 |  | 0.23 |
| St James's Place Plc | 405 | 6,057 |  | 0.09 |
| Standard Chartered Plc | 2,401 | 14,079 |  | 0.21 |
| Standard Life Aberdeen Plc | 1,434 | 4,880 |  | 0.07 |
| Tate & Lyle Plc | 326 | 2,936 |  | 0.04 |
| Taylor Wimpey Plc | 4,563 | 9,666 |  | 0.14 |
| TechnipFMC Plc | 1,352 | 8,807 |  | 0.13 |
| Tesco Plc | 7,696 | 20,675 |  | 0.30 |
| Travis Perkins Plc | 209 | 3,782 |  | 0.06 |
| Unilever Plc | 1,625 | 77,372 |  | 1.13 |
| United Utilities Group Plc | 495 | 5,380 |  | 0.08 |
| Virgin Money UK Plc | 1,317 | 2,923 |  | 0.04 |
| Vistry Group Plc | 210 | 2,692 |  | 0.04 |
| Vodafone Group Plc | 27,288 | 42,246 |  | 0.62 |
| Weir Group Plc/The | 119 | 2,482 |  | 0.04 |
| Whitbread Plc | 147 | 5,912 |  | 0.09 |
| William Hill Plc | 674 | 2,152 |  | 0.03 |
| Wm Morrison Supermarkets Plc | 2,830 | 6,061 |  | 0.09 |
| Total United Kingdom |  | 1,560,332 |  | 22.88 |
| Total Equities |  | 6,831,510 |  | 100.17 |
| Financial assets at fair value through profit or loss |  | 6,831,510 |  | 100.17 |
| Current assets |  | 18,578 |  | 0.27 |
| Total assets |  | 6,850,088 |  | 100.44 |
| Current liabilities |  | (30,084) |  | (0.44) |
| Net assets attributable to holders of redeemable participating Shares |  | 6,820,004 |  | 100.00 |


### % of total assets

### Analysis of Total Assets

### Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market99.73

### Other assets0.27

### 100.00

### Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market.
| Security Description | Nominal | Fair Value | % of |
| --- | --- | --- | --- |
|  |  | EUR | Net Assets |
| Equities: 100.10% (30 September 2020: 99.98%) |  |  |  |
| Basic Materials: 8.37% (30 September 2020: 6.06%) |  |  |  |
| BASF SE | 4,201 | 297,599 | 2.05 |
| Evonik Industries AG | 8,572 | 258,531 | 1.78 |
| Smurfit Kappa Group Plc | 4,635 | 186,142 | 1.28 |
| Solvay SA | 2,191 | 232,684 | 1.61 |
| UPM-Kymmene Oyj | 7,817 | 239,435 | 1.65 |
| Total Basic Materials |  | 1,214,391 | 8.37 |
| Communications: 11.75% (30 September 2020: 16.14%) |  |  |  |
| Deutsche Telekom AG | 15,320 | 263,045 | 1.81 |
| Elisa Oyj | 4,924 | 251,813 | 1.73 |
| Koninklijke KPN NV | 101,568 | 293,938 | 2.03 |
| Orange SA | 41,572 | 436,714 | 3.01 |
| Proximus SADP | 24,761 | 459,564 | 3.17 |
| Total Communications |  | 1,705,074 | 11.75 |
| Consumer, Cyclical: 0.00% (30 September 2020: 1.75%) |  |  |  |
| Consumer, Non-cyclical: 9.59% (30 September 2020: 10.76%) |  |  |  |
| Bayer AG | 4,737 | 255,609 | 1.76 |
| Etablissements Franz Colruyt NV | 3,422 | 174,043 | 1.20 |
| Kesko Oyj | 9,137 | 238,293 | 1.64 |
| Koninklijke Ahold Delhaize NV | 11,147 | 264,741 | 1.82 |
| Orion Oyj | 8,108 | 277,050 | 1.91 |
| Randstad NV | 3,043 | 182,519 | 1.26 |
| Total Consumer, Non-cyclical |  | 1,392,255 | 9.59 |
| Energy: 3.50% (30 September 2020: 6.01%) |  |  |  |
| Koninklijke Vopak NV | 4,603 | 195,398 | 1.35 |
| SBM Offshore NV | 20,018 | 312,681 | 2.15 |
| Total Energy |  | 508,079 | 3.50 |
| Financial: 23.84% (30 September 2020: 26.14%) |  |  |  |
| Aedifica SA | 2,633 | 257,507 | 1.77 |
| Allianz SE | 1,399 | 303,653 | 2.09 |
| Assicurazioni Generali SpA | 22,921 | 391,032 | 2.70 |
| AXA SA | 18,648 | 426,760 | 2.94 |
| Cofinimmo SA | 2,246 | 278,953 | 1.92 |
| Grand City Properties SA | 12,062 | 257,644 | 1.78 |
| Groupe Bruxelles Lambert SA | 2,748 | 242,539 | 1.67 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 952 | 249,995 | 1.72 |
| NN Group NV | 9,423 | 392,845 | 2.71 |
| Raiffeisen Bank International AG | 9,901 | 185,446 | 1.28 |
| Sampo Oyj | 7,643 | 294,026 | 2.03 |
| Warehouses De Pauw CVA | 6,330 | 178,379 | 1.23 |
| Total Financial |  | 3,458,779 | 23.84 |
| Industrial: 7.09% (30 September 2020: 4.33%) |  |  |  |
| Infrastrutture Wireless Italiane SpA | 24,084 | 228,798 | 1.58 |
| Poste Italiane SpA | 30,089 | 326,165 | 2.25 |
| Signify NV | 6,042 | 265,606 | 1.83 |
| Valmet Oyj | 6,697 | 207,674 | 1.43 |
| Total Industrial |  | 1,028,243 | 7.09 |
| Utilities: 35.96% (30 September 2020: 28.79%) |  |  |  |
| A2A SpA | 233,263 | 362,024 | 2.49 |
| E.ON SE | 38,253 | 379,623 | 2.62 |
| EDP - Energias de Portugal SA | 49,672 | 241,903 | 1.67 |
| Elia Group SA/NV | 1,889 | 177,377 | 1.22 |
| Enagas SA | 23,807 | 440,906 | 3.04 |
| Endesa SA | 19,521 | 440,394 | 3.04 |
| Enel SpA | 32,691 | 277,645 | 1.91 |
| Fortum Oyj | 14,981 | 340,967 | 2.35 |
| Hera SpA | 67,754 | 221,420 | 1.53 |
| Italgas SpA | 62,528 | 346,092 | 2.39 |
| Naturgy Energy Group SA | 17,349 | 362,594 | 2.50 |
| Red Electrica Corp SA | 29,363 | 443,381 | 3.06 |
| Rubis SCA | 7,019 | 283,567 | 1.95 |
| Snam S.p.A. - Rights (09/04/2021) | 64,375 | – | – |
| Snam SpA | 77,780 | 367,744 | 2.53 |
| Terna Rete Elettrica Nazionale SpA | 44,666 | 287,560 | 1.98 |

| Security Description | Nominal | Fair Value EUR | % of Net Assets |
| --- | --- | --- | --- |
| Equities: 100.10% (30 September 2020: 99.98%) (continued) |  |  |  |
| Utilities: 35.96% (30 September 2020: 28.79%) (continued) Uniper SE | 7,900 | 243,952 | 1.68 |
| Total Utilities | 5,217,149 |  | 35.96 |
| Total Equities | 14,523,970 |  | 100.10 |
| Financial assets at fair value through profit or loss | 14,523,970 |  | 100.10 |
| Current assets | 28,502 |  | 0.19 |
| Total assets | 14,552,472 |  | 100.29 |
| Current liabilities | (42,298) |  | (0.29) |
| Net assets attributable to holders of redeemable participating Shares | 14,510,174 |  | 100.00 |
|  |  |  | % of total assets |
| Analysis of Total Assets Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market |  |  | 99.80 |
| Other assets |  |  | 0.20 |
|  |  |  | 100.00 |


### Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market.
| Security Description | Nominal | Fair Value | % of |
| --- | --- | --- | --- |
|  |  | USD | Net Assets |
| Equities: 93.61% (30 September 2020: 92.31%) |  |  |  |
| Brazil: 7.23% (30 September 2020: 2.29%) Cia de Transmissao de Energia Eletrica Paulista - Pref | 203,111 | 911,714 | 1.17 |
| Cia Energetica de Sao Paulo - Pref | 123,859 | 618,087 | 0.79 |
| CPFL Energia SA | 82,323 | 443,782 | 0.57 |
| Sul America SA | 126,413 | 765,467 | 0.98 |
| Telefonica Brasil SA | 133,981 | 1,050,147 | 1.35 |
| Transmissora Alianca de Energia Eletrica SA | 267,568 | 1,845,427 | 2.37 |
| Total Brazil |  | 5,634,624 | 7.23 |
| Cayman Islands: 3.32% (30 September 2020: 0.00%) Agile Group Holdings Ltd | 571,705 | 936,855 | 1.20 |
| China Resources Cement Holdings Ltd | 887,945 | 997,082 | 1.28 |
| Country Garden Holdings Co Ltd | 511,346 | 656,411 | 0.84 |
| Total Cayman Islands |  | 2,590,348 | 3.32 |
| Chile: 5.59% (30 September 2020: 8.10%) AES Gener SA | 14,128,254 | 2,400,269 | 3.08 |
| Colbun SA | 2,362,024 | 460,963 | 0.59 |
| Enel Americas SA | 4,472,668 | 747,728 | 0.96 |
| Enel Chile SA | 9,613,587 | 750,459 | 0.96 |
| Total Chile |  | 4,359,419 | 5.59 |
| China: 39.57% (30 September 2020: 17.48%) Agricultural Bank of China Ltd - Class H | 1,676,899 | 670,808 | 0.86 |
| Bank of Beijing Co Ltd | 1,010,200 | 739,035 | 0.95 |
| Bank of China Ltd - Class H | 2,160,858 | 822,713 | 1.06 |
| Bank of Communications Co Ltd - Class A | 883,000 | 666,165 | 0.85 |
| Bank of Communications Co Ltd - Class H | 1,635,686 | 1,041,444 | 1.34 |
| BBMG Corp | 3,517,161 | 732,889 | 0.94 |
| Beijing Capital Development Co Ltd | 939,900 | 830,856 | 1.07 |
| China Cinda Asset Management Co Ltd | 4,072,129 | 848,530 | 1.09 |
| China CITIC Bank Corp Ltd | 1,006,705 | 511,482 | 0.66 |
| China Everbright Bank Co Ltd - Class H | 741,970 | 323,532 | 0.42 |
| China Merchants Shekou Industrial Zone Holdings Co Ltd | 465,400 | 870,336 | 1.12 |
| China Minsheng Banking Corp Ltd - Class A | 994,700 | 765,596 | 0.98 |
| China Minsheng Banking Corp Ltd - Class H | 1,838,151 | 1,066,322 | 1.37 |
| China Railway Signal & Communication Corp Ltd | 1,530,599 | 628,033 | 0.81 |
| China Shenhua Energy Co Ltd - Class A | 303,300 | 929,147 | 1.19 |
| China Shenhua Energy Co Ltd - Class H | 515,610 | 1,062,465 | 1.36 |
| China South Publishing & Media Group Co Ltd | 545,900 | 872,780 | 1.12 |
| Chongqing Rural Commercial Bank Co Ltd - Class H | 292,398 | 125,994 | 0.16 |
| Daqin Railway Co Ltd | 973,000 | 1,039,554 | 1.33 |
| Datang International Power Generation Co Ltd | 2,117,221 | 337,690 | 0.43 |
| Greenland Holdings Corp Ltd | 750,000 | 638,983 | 0.82 |
| Guangdong Ellington Electronics Technology Co Ltd | 1,015,900 | 1,068,356 | 1.37 |
| Guangzhou R&F Properties Co Ltd | 1,228,969 | 1,621,881 | 2.08 |
| Huadian Power International Corp Ltd | 2,423,782 | 748,231 | 0.96 |
| Huafa Industrial Co Ltd Zhuhai | 492,000 | 461,165 | 0.59 |
| Huaxin Cement Co Ltd | 196,600 | 424,459 | 0.54 |
| Hubei Jumpcan Pharmaceutical Co Ltd | 185,400 | 564,292 | 0.72 |
| Liuzhou Iron & Steel Co Ltd | 773,300 | 761,372 | 0.98 |
| Nanjing Iron & Steel Co Ltd | 1,582,600 | 933,465 | 1.20 |
| People's Insurance Co Group of China Ltd/The | 483,800 | 156,818 | 0.20 |
| PICC Property & Casualty Co Ltd | 1,564,951 | 1,356,723 | 1.74 |
| RiseSun Real Estate Development Co Ltd | 729,100 | 716,742 | 0.92 |
| Shandong Buchang Pharmaceuticals Co Ltd | 199,800 | 695,212 | 0.89 |
| Shandong Hi-speed Co Ltd | 545,600 | 523,879 | 0.67 |
| Shanghai Huayi Group Co Ltd | 979,500 | 483,873 | 0.62 |
| Shanghai Lujiazui Finance & Trade Zone Development Co Ltd | 414,904 | 365,530 | 0.47 |
| Shenzhen Expressway Co Ltd | 871,958 | 944,362 | 1.21 |
| Sichuan Expressway Co Ltd | 1,345,848 | 330,644 | 0.42 |
| Sichuan Languang Development Co Ltd | 1,106,000 | 707,979 | 0.91 |
| Weifu High-Technology Group Co Ltd | 79,189 | 160,121 | 0.21 |

| Equities: 93.61% (30 September 2020: 92.31%) (continued) |  |  |  |
| --- | --- | --- | --- |
| China: 39.57% (30 September 2020: 17.48%) (continued) |  |  |  |
| Wens Foodstuffs Group Co Ltd | 319,100 | 822,893 | 1.06 |
| Xinhua Winshare Publishing and Media Co Ltd | 703,149 | 484,778 | 0.62 |
| Yanzhou Coal Mining Co Ltd | 832,429 | 985,067 | 1.26 |
| Total China |  | 30,842,196 | 39.57 |
| China, Republic of (Taiwan): 7.51% (30 September 2020: 6.67%) |  |  |  |
| Asia Cement Corp | 644,343 | 1,079,438 | 1.38 |
| Chicony Electronics Co Ltd | 225,219 | 801,169 | 1.03 |
| China Development Financial Holding Corp | 586,967 | 216,001 | 0.28 |
| Formosa Taffeta Co Ltd | 1,002,504 | 1,082,156 | 1.39 |
| Pegatron Corp | 14,874 | 38,628 | 0.05 |
| Transcend Information Inc | 596,580 | 1,365,321 | 1.75 |
| Wistron Corp | 226,505 | 265,935 | 0.34 |
| Yulon Nissan Motor Co Ltd | 102,164 | 1,002,556 | 1.29 |
| Total China, Republic of (Taiwan) |  | 5,851,204 | 7.51 |
| Colombia: 0.84% (30 September 2020: 0.85%) |  |  |  |
| Ecopetrol SA | 1,012,548 | 651,888 | 0.84 |
| Total Colombia |  | 651,888 | 0.84 |
| Czech Republic: 1.49% (30 September 2020: 2.73%) |  |  |  |
| CEZ AS | 9,850 | 243,767 | 0.31 |
| O2 Czech Republic AS | 78,790 | 918,219 | 1.18 |
| Total Czech Republic |  | 1,161,986 | 1.49 |
| Euro Countries: 0.00% (30 September 2020: 4.14%) |  |  |  |
| Hong Kong: 7.46% (30 September 2020: 2.91%) |  |  |  |
| China Everbright Environment Group Ltd | 895,883 | 606,133 | 0.78 |
| China Power International Development Ltd | 4,657,053 | 1,084,227 | 1.39 |
| China Resources Power Holdings Co Ltd | 783,276 | 1,039,741 | 1.33 |
| Shanghai Industrial Holdings Ltd | 848,380 | 1,265,841 | 1.63 |
| Shenzhen Investment Ltd | 1,492,364 | 518,286 | 0.67 |
| Shougang Fushan Resources Group Ltd | 3,177,215 | 788,741 | 1.01 |
| Yuexiu Property Co Ltd | 2,248,937 | 509,121 | 0.65 |
| Total Hong Kong |  | 5,812,090 | 7.46 |
| Indonesia: 0.00% (30 September 2020: 1.05%) |  |  |  |
| Isle of Man: 0.00% (30 September 2020: 0.39%) |  |  |  |
| Malaysia: 2.26% (30 September 2020: 0.00%) |  |  |  |
| British American Tobacco Malaysia Bhd | 291,586 | 921,209 | 1.18 |
| Malayan Banking Bhd | 422,361 | 840,346 | 1.08 |
| Total Malaysia |  | 1,761,555 | 2.26 |
| Mexico: 0.00% (30 September 2020: 1.70%) |  |  |  |
| Pakistan: 1.51% (30 September 2020: 2.19%) |  |  |  |
| Fauji Fertilizer Co Ltd | 1,718,441 | 1,175,900 | 1.51 |
| Total Pakistan |  | 1,175,900 | 1.51 |
| Philippines: 0.00% (30 September 2020: 1.28%) |  |  |  |
| Qatar: 0.64% (30 September 2020: 2.52%) |  |  |  |
| Barwa Real Estate Co | 556,682 | 496,747 | 0.64 |
| Total Qatar |  | 496,747 | 0.64 |
| Russia: 11.08% (30 September 2020: 22.78%) |  |  |  |
| Bashneft PJSC - Pref | 38,281 | 658,726 | 0.85 |
| Gazprom PJSC | 322,964 | 976,135 | 1.25 |
| Magnit PJSC | 8,518 | 601,639 | 0.77 |
| Magnitogorsk Iron & Steel Works PJSC | 1,035,992 | 827,490 | 1.06 |
| Mobile TeleSystems PJSC | 275,282 | 1,152,252 | 1.48 |
| Novolipetsk Steel PJSC | 117,035 | 373,985 | 0.48 |
| PhosAgro PJSC | 8,127 | 435,520 | 0.56 |
| Sberbank of Russia PJSC | 15,868 | 60,989 | 0.08 |
| Severstal PAO | 42,324 | 862,523 | 1.11 |
| Transneft PJSC - Pref | 707 | 1,371,988 | 1.76 |
| Unipro PJSC | 33,579,316 | 1,311,269 | 1.68 |
| Total Russia |  | 8,632,516 | 11.08 |
| South Africa: 0.93% (30 September 2020: 7.38%) |  |  |  |
| Vodacom Group Ltd | 85,245 | 728,894 | 0.93 |
| Total South Africa |  | 728,894 | 0.93 |

| Equities: 93.61% (30 September 2020: 92.31%) (continued) |  |
| --- | --- |
| Thailand: 3.06% (30 September 2020: 2.35%) Land & Houses PCL | 7,539,699 | 2,062,863 |  | 2.65 |
| Siam Commercial Bank PCL/The | 89,831 | 320,517 |  | 0.41 |
| Total Thailand |  | 2,383,380 |  | 3.06 |
| Turkey: 0.00% (30 September 2020: 4.55%) |  |  |  |  |
| United Arab Emirates: 1.12% (30 September 2020: 0.95%) Dubai Islamic Bank PJSC | 707,690 | 876,628 |  | 1.12 |
| Total United Arab Emirates |  | 876,628 |  | 1.12 |
| Total Equities |  | 72,959,375 |  | 93.61 |
| Investment Funds: 6.94% (30 September 2020: 7.85%) |  |  |  |  |
| Euro Countries: 6.94% (30 September 2020: 7.85%) iShares MSCI India UCITS ETF | 820,140 | 5,407,183 |  | 6.94 |
| Total Euro Countries |  | 5,407,183 |  | 6.94 |
| Total Investment Funds |  | 5,407,183 |  | 6.94 |
| Financial assets at fair value through profit or loss |  | 78,366,558 |  | 100.55 |
| Current assets |  | 194,937 |  | 0.25 |
| Total assets |  | 78,561,495 |  | 100.80 |
| Details of Forward Foreign Exchange Contracts: 0.00% (30 September 2020: 0.00%) |  |  |  |
| Current liabilities | (623,916) |  | (0.80) |
| Net assets attributable to holders of redeemable participating Shares | 77,937,579 |  | 100.00 |
|  |  |  | % of total assets |
| Analysis of Total Assets Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market |  |  | 92.87 |
| Investment Funds |  |  | 6.88 |
| Other assets |  |  | 0.25 |
|  |  |  | 100.00 |


### Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market.
| Security Description | Nominal | Fair Value | % of |
| --- | --- | --- | --- |
|  |  | GBP | Net Assets |
| Equities: 99.70% (30 September 2020: 100.00%) |  |  |  |
| Basic Materials: 9.35% (30 September 2020: 13.40%) |  |  |  |
| Anglo American Plc | 3,760 | 106,878 | 1.28 |
| BHP Group Plc | 5,740 | 120,224 | 1.45 |
| Evraz Plc | 3,021 | 17,461 | 0.21 |
| Glencore Plc | 92,608 | 263,238 | 3.16 |
| Johnson Matthey Plc | 1,008 | 30,371 | 0.37 |
| Mondi Plc | 2,122 | 39,257 | 0.47 |
| Rio Tinto Plc | 3,093 | 171,662 | 2.06 |
| Smurfit Kappa Group Plc | 844 | 28,747 | 0.35 |
| Total Basic Materials |  | 777,838 | 9.35 |
| Communications: 7.74% (30 September 2020: 7.13%) |  |  |  |
| BT Group Plc | 100,833 | 156,089 | 1.88 |
| Informa Plc | 4,298 | 24,060 | 0.29 |
| ITV Plc | 21,005 | 25,238 | 0.30 |
| Pearson Plc | 2,919 | 22,523 | 0.27 |
| Vodafone Group Plc | 259,639 | 342,412 | 4.11 |
| WPP Plc | 8,007 | 73,712 | 0.89 |
| Total Communications |  | 644,034 | 7.74 |
| Consumer, Cyclical: 7.39% (30 September 2020: 7.87%) |  |  |  |
| Barratt Developments Plc | 4,847 | 36,198 | 0.44 |
| Bellway Plc | 629 | 21,405 | 0.26 |
| Berkeley Group Holdings Plc | 438 | 19,443 | 0.23 |
| Bunzl Plc | 1,045 | 24,275 | 0.29 |
| Burberry Group Plc | 802 | 15,226 | 0.18 |
| Compass Group Plc | 5,445 | 79,579 | 0.96 |
| Dixons Carphone Plc | 17,730 | 25,336 | 0.31 |
| easyJet Plc | 2,058 | 20,131 | 0.24 |
| Ferguson Plc | 624 | 54,088 | 0.65 |
| Inchcape Plc | 2,810 | 21,159 | 0.25 |
| InterContinental Hotels Group Plc | 314 | 15,622 | 0.19 |
| International Consolidated Airlines Group SA | 34,993 | 69,391 | 0.83 |
| Kingfisher Plc | 14,907 | 47,449 | 0.57 |
| Next Plc | 285 | 22,418 | 0.27 |
| Persimmon Plc | 1,293 | 38,014 | 0.46 |
| Taylor Wimpey Plc | 17,785 | 32,093 | 0.39 |
| Travis Perkins Plc | 1,349 | 20,795 | 0.25 |
| TUI AG | 8,482 | 31,146 | 0.37 |
| Whitbread Plc | 611 | 20,933 | 0.25 |
| Total Consumer, Cyclical |  | 614,701 | 7.39 |
| Consumer, Non-cyclical: 22.81% (30 September 2020: 24.98%) |  |  |  |
| Ashtead Group Plc | 773 | 33,448 | 0.40 |
| Associated British Foods Plc | 1,130 | 27,289 | 0.33 |
| Astraeneca Plc | 2,316 | 167,841 | 2.02 |
| Babcock International Group Plc | 7,394 | 16,903 | 0.20 |
| British American Tobacco Plc | 12,837 | 356,098 | 4.28 |
| Coca-Cola HBC AG | 541 | 12,497 | 0.15 |
| Diageo Plc | 3,809 | 113,870 | 1.37 |
| Experian Plc | 1,126 | 28,116 | 0.34 |
| G4S Plc | 7,798 | 19,105 | 0.23 |
| GlaxoSmithKline Plc | 20,832 | 268,316 | 3.23 |
| Imperial Brands Plc | 7,804 | 116,436 | 1.40 |
| Intertek Group Plc | 229 | 12,829 | 0.15 |
| J Sainsbury Plc | 22,676 | 54,989 | 0.66 |
| Marks & Spencer Group Plc | 26,395 | 39,817 | 0.48 |
| Reckitt Benckiser Group Plc | 1,270 | 82,525 | 0.99 |
| RELX Plc | 3,216 | 58,499 | 0.70 |
| Smith & Nephew Plc | 1,927 | 26,554 | 0.32 |
| Tate & Lyle Plc | 1,811 | 13,894 | 0.17 |
| Tesco Plc | 64,236 | 147,004 | 1.77 |
| Unilever Plc | 6,343 | 257,272 | 3.09 |
| Wm Morrison Supermarkets Plc | 24,330 | 44,390 | 0.53 |
| Total Consumer, Non-cyclical |  | 1,897,692 | 22.81 |

| Security Description | Nominal | Fair Value GBP | % of Net Assets |
| --- | --- | --- | --- |
| Equities: 99.70% (30 September 2020: 100.00%) (continued) |  |  |  |
| Energy: 18.06% (30 September 2020: 15.84%) |  |  |  |
| BP Plc | 239,979 | 707,098 | 8.50 |
| DCC Plc | 490 | 30,821 | 0.37 |
| John Wood Group Plc | 6,296 | 17,037 | 0.20 |
| Royal Dutch Shell Plc - Class A | 28,680 | 405,478 | 4.87 |
| Royal Dutch Shell Plc - Class B | 25,659 | 342,548 | 4.12 |
| Total Energy |  | 1,502,982 | 18.06 |
| Financial: 25.45% (30 September 2020: 20.94%) |  |  |  |
| 3i Group Plc | 2,536 | 29,253 | 0.35 |
| Admiral Group Plc | 395 | 12,249 | 0.15 |
| Aviva Plc | 36,989 | 150,989 | 1.81 |
| Barclays Plc | 141,802 | 263,638 | 3.17 |
| British Land Co Plc/The | 4,357 | 21,994 | 0.26 |
| Direct Line Insurance Group Plc | 9,370 | 29,356 | 0.35 |
| HSBC Holdings Plc | 148,560 | 628,706 | 7.56 |
| Investec Plc | 6,672 | 14,625 | 0.18 |
| Land Securities Group Plc | 4,113 | 28,384 | 0.34 |
| Legal & General Group Plc | 42,746 | 119,304 | 1.43 |
| Lloyds Banking Group Plc | 627,632 | 266,963 | 3.21 |
| London Stock Exchange Group Plc | 158 | 10,965 | 0.13 |
| M&G Plc | 32,575 | 67,561 | 0.81 |
| Melrose Industries Plc | 14,552 | 24,287 | 0.29 |
| Natwest Group Plc | 27,482 | 53,933 | 0.65 |
| Phoenix Group Holdings Plc | 2,231 | 16,380 | 0.20 |
| Prudential Plc | 10,578 | 162,954 | 1.96 |
| Quilter Plc | 8,549 | 13,666 | 0.16 |
| RSA Insurance Group Plc | 3,921 | 26,702 | 0.32 |
| Segro Plc | 2,026 | 18,996 | 0.23 |
| St James's Place Plc | 1,663 | 21,187 | 0.26 |
| Standard Chartered Plc | 20,220 | 100,999 | 1.21 |
| Standard Life Aberdeen Plc | 11,984 | 34,742 | 0.42 |
| Total Financial |  | 2,117,833 | 25.45 |
| Industrial: 4.05% (30 September 2020: 4.35%) |  |  |  |
| BAE Systems Plc | 15,445 | 77,997 | 0.94 |
| Balfour Beatty Plc | 4,848 | 14,311 | 0.17 |
| CRH Plc | 2,939 | 99,662 | 1.20 |
| DS Smith Plc | 5,611 | 22,876 | 0.27 |
| Firstgroup Plc | 13,982 | 12,870 | 0.15 |
| Meggitt Plc | 3,424 | 16,346 | 0.20 |
| Rolls-Royce Holdings Plc | 26,033 | 27,413 | 0.33 |
| Royal Mail Plc | 6,665 | 33,632 | 0.40 |
| Signature Aviation Plc | 3,213 | 12,990 | 0.16 |
| Smiths Group Plc | 1,235 | 18,988 | 0.23 |
| Total Industrial |  | 337,085 | 4.05 |
| Technology: 0.52% (30 September 2020: 0.33%) |  |  |  |
| Micro Focus International Plc | 5,140 | 28,435 | 0.34 |
| Sage Group Plc/The | 2,347 | 14,382 | 0.18 |
| Total Technology |  | 42,817 | 0.52 |
| Utilities: 4.33% (30 September 2020: 5.16%) |  |  |  |
| Centrica Plc | 121,806 | 65,946 | 0.79 |
| National Grid Plc | 17,671 | 152,677 | 1.84 |
| Pennon Group Plc | 1,481 | 14,440 | 0.17 |
| Severn Trent Plc | 849 | 19,578 | 0.24 |
| SSE Plc | 5,728 | 83,342 | 1.00 |

| Security Description | Nominal | Fair Value GBP |  | % of Net Assets |
| --- | --- | --- | --- | --- |
| Equities: 99.70% (30 September 2020: 100.00%) (continued) |  |  |  |  |
| Utilities: 4.33% (30 September 2020: 5.16%) (continued) United Utilities Group Plc | 2,647 | 24,506 |  | 0.29 |
| Total Utilities |  | 360,489 |  | 4.33 |
| Total Equities |  | 8,295,471 |  | 99.70 |
| Investment Funds: 0.21% (30 September 2020: 0.00%) |  |  |  |  |
| Financial: 0.21% (30 September 2020: 0.00%) Scottish Mortgage Investment Trust Plc | 1,531 | 17,407 |  | 0.21 |
| Total Financial |  | 17,407 |  | 0.21 |
| Total Investment Funds |  | 17,407 |  | 0.21 |
| Financial assets at fair value through profit or loss |  | 8,312,878 |  | 99.91 |
| Current assets |  | 59,914 |  | 0.72 |
| Total assets |  | 8,372,792 |  | 100.63 |
| Current liabilities |  | (52,090) |  | (0.63) |
| Net assets attributable to holders of redeemable participating Shares |  | 8,320,702 |  | 100.00 |
|  |  |  |  | % of total assets |


### Analysis of Total Assets

### Transferable securities admitted to an official stock exchange listing or dealt in on another regulated

### market99.08

### Investment Funds0.21

### Other assets0.71

### 100.00

### Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market.
| Security Description | Nominal | Fair Value EUR |  | % of Net Assets |
| --- | --- | --- | --- | --- |
| Bonds: 112.89% (30 September 2020: 99.98%) |  |  |  |  |
| Euro Countries: 112.89% (30 September 2020: 99.98%) |  |  |  |  |
| Dutch Treasury Certificate 29/04/2021 | 690,000 | 690,273 |  | 2.55 |
| Dutch Treasury Certificate 28/05/2021 | 655,000 | 655,597 |  | 2.42 |
| Dutch Treasury Certificate 29/06/2021 | 555,000 | 555,820 |  | 2.05 |
| Dutch Treasury Certificate 29/07/2021 | 435,000 | 435,882 |  | 1.61 |
| Dutch Treasury Certificate 30/08/2021 | 515,000 | 516,347 |  | 1.91 |
| France Treasury Bill BTF 14/04/2021 | 583,000 | 583,082 |  | 2.15 |
| France Treasury Bill BTF 21/04/2021 | 800,000 | 800,213 |  | 2.96 |
| France Treasury Bill BTF 28/04/2021 | 280,000 | 280,110 |  | 1.03 |
| France Treasury Bill BTF 05/05/2021 | 650,000 | 650,330 |  | 2.40 |
| France Treasury Bill BTF 12/05/2021 | 612,000 | 612,388 |  | 2.26 |
| France Treasury Bill BTF 19/05/2021 | 730,000 | 730,555 |  | 2.70 |
| France Treasury Bill BTF 27/05/2021 | 330,000 | 330,295 |  | 1.22 |
| France Treasury Bill BTF 09/06/2021 | 300,000 | 300,332 |  | 1.11 |
| France Treasury Bill BTF 16/06/2021 | 1,090,000 | 1,091,377 |  | 4.03 |
| France Treasury Bill BTF 23/06/2021 | 120,000 | 120,161 |  | 0.44 |
| France Treasury Bill BTF 30/06/2021 | 370,000 | 370,544 |  | 1.37 |
| France Treasury Bill BTF 14/07/2021 | 645,000 | 646,171 |  | 2.39 |
| France Treasury Bill BTF 28/07/2021 | 350,000 | 350,693 |  | 1.30 |
| France Treasury Bill BTF 11/08/2021 | 520,000 | 521,166 |  | 1.93 |
| France Treasury Bill BTF 25/08/2021 | 180,000 | 180,438 |  | 0.67 |
| France Treasury Bill BTF 08/09/2021 | 700,000 | 701,956 |  | 2.59 |
| German Treasury Bill 14/04/2021 | 1,355,000 | 1,355,203 |  | 5.01 |
| German Treasury Bill 05/05/2021 | 1,200,000 | 1,200,627 |  | 4.43 |
| German Treasury Bill 09/06/2021 | 1,445,000 | 1,446,690 |  | 5.34 |
| German Treasury Bill 28/07/2021 | 1,230,000 | 1,232,476 |  | 4.55 |
| German Treasury Bill 25/08/2021 | 1,085,000 | 1,087,736 |  | 4.02 |
| German Treasury Bill 29/09/2021 | 715,000 | 717,276 |  | 2.65 |
| Italy Buoni Ordinari del Tesoro BOT 14/04/2021 | 540,000 | 540,065 |  | 1.99 |
| Italy Buoni Ordinari del Tesoro BOT 30/04/2021 | 515,000 | 515,182 |  | 1.90 |
| Italy Buoni Ordinari del Tesoro BOT 14/05/2021 | 440,000 | 440,250 |  | 1.63 |
| Italy Buoni Ordinari del Tesoro BOT 31/05/2021 | 505,000 | 505,403 |  | 1.87 |
| Italy Buoni Ordinari del Tesoro BOT 14/06/2021 | 545,000 | 545,580 |  | 2.02 |
| Italy Buoni Ordinari del Tesoro BOT 30/06/2021 | 480,000 | 480,619 |  | 1.78 |
| Italy Buoni Ordinari del Tesoro BOT 14/07/2021 | 645,000 | 645,988 |  | 2.39 |
| Italy Buoni Ordinari del Tesoro BOT 30/07/2021 | 550,000 | 550,909 |  | 2.04 |
| Italy Buoni Ordinari del Tesoro BOT 13/08/2021 | 585,000 | 586,079 |  | 2.16 |
| Italy Buoni Ordinari del Tesoro BOT 31/08/2021 | 500,000 | 501,037 |  | 1.85 |
| Italy Buoni Ordinari del Tesoro BOT 14/09/2021 | 430,000 | 431,027 |  | 1.59 |
| Italy Certificati di Credito del Tesoro Zero Coupon 29/06/2021 | 880,000 | 881,030 |  | 3.25 |
| Kingdom of Belgium Treasury Bill 13/05/2021 | 585,000 | 585,378 |  | 2.16 |
| Kingdom of Belgium Treasury Bill 15/07/2021 | 435,000 | 435,752 |  | 1.61 |
| Kingdom of Belgium Treasury Bill 09/09/2021 | 300,000 | 300,816 |  | 1.11 |
| Portugal Treasury Bill 21/05/2021 | 225,000 | 225,165 |  | 0.83 |
| Portugal Treasury Bill 16/07/2021 | 240,000 | 240,386 |  | 0.89 |
| Portugal Treasury Bill 17/09/2021 | 130,000 | 130,334 |  | 0.48 |
| Spain Letras del Tesoro 16/04/2021 | 765,000 | 765,127 |  | 2.83 |
| Spain Letras del Tesoro 07/05/2021 | 745,000 | 745,361 |  | 2.75 |
| Spain Letras del Tesoro 11/06/2021 | 670,000 | 670,691 |  | 2.48 |
| Spain Letras del Tesoro 09/07/2021 | 595,000 | 595,895 |  | 2.20 |
| Spain Letras del Tesoro 13/08/2021 | 600,000 | 601,192 |  | 2.22 |
| Spain Letras del Tesoro 10/09/2021 | 478,000 | 479,154 |  | 1.77 |
| Total Euro Countries |  | 30,562,158 |  | 112.89 |
| Total Bonds |  | 30,562,158 |  | 112.89 |
| Financial assets at fair value through profit or loss |  | 30,562,158 |  | 112.89 |
| Current assets |  | 16,150 |  | 0.06 |
| Total assets |  | 30,578,308 |  | 112.95 |
| Current liabilities |  | (3,506,595) |  | (12.95) |
| Net assets attributable to holders of redeemable participating Shares |  | 27,071,713 |  | 100.00 |


### % of total assets

### Analysis of Total Assets

### Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market99.95

### Other assets0.05

### 100.00
.

### Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market.
| Security Description | Nominal | Fair Value | % of |
| --- | --- | --- | --- |
|  |  | USD | Net Assets |
| Bonds: 96.69% (30 September 2020: 97.10%) |  |  |  |
| Bermuda: 3.69% (30 September 2020: 0.00%) |  |  |  |
| IHS Markit Ltd 4.125% USD 01/08/2023 | 2,000,000 | 2,146,350 | 0.58 |
| IHS Markit Ltd 3.625% USD 01/05/2024 | 2,100,000 | 2,256,219 | 0.61 |
| IHS Markit Ltd 4.75% USD 15/02/2025 | 2,280,000 | 2,555,310 | 0.69 |
| IHS Markit Ltd 4% USD 01/03/2026 | 2,000,000 | 2,206,630 | 0.59 |
| IHS Markit Ltd 4.75% USD 01/08/2028 | 1,950,000 | 2,255,984 | 0.61 |
| IHS Markit Ltd 4.25% USD 01/05/2029 | 2,000,000 | 2,258,100 | 0.61 |
| Total Bermuda |  | 13,678,593 | 3.69 |
| Canada: 2.85% (30 September 2020: 5.12%) |  |  |  |
| Methanex Corp 4.25% USD 01/12/2024 | 2,181,000 | 2,276,418 | 0.61 |
| Methanex Corp 5.25% USD 15/12/2029 | 2,171,000 | 2,243,316 | 0.60 |
| Methanex Corp 5.65% USD 01/12/2044 | 2,178,000 | 2,171,194 | 0.59 |
| TransAlta Corp 4.5% USD 15/11/2022 | 1,900,000 | 1,971,250 | 0.53 |
| TransAlta Corp 6.5% USD 15/03/2040 | 1,700,000 | 1,914,625 | 0.52 |
| Total Canada |  | 10,576,803 | 2.85 |
| Cayman Islands: 4.38% (30 September 2020: 0.00%) |  |  |  |
| Seagate HDD Cayman 4.75% USD 01/06/2023 | 2,200,000 | 2,344,485 | 0.63 |
| Seagate HDD Cayman 4.875% USD 01/03/2024 | 2,200,000 | 2,367,299 | 0.64 |
| Seagate HDD Cayman 4.75% USD 01/01/2025 | 2,300,000 | 2,499,007 | 0.68 |
| Seagate HDD Cayman 4.875% USD 01/06/2027 | 2,250,000 | 2,476,406 | 0.67 |
| Seagate HDD Cayman 4.091% USD 01/06/2029 | 2,100,000 | 2,143,890 | 0.58 |
| Seagate HDD Cayman 4.125% USD 15/01/2031 | 2,200,000 | 2,238,060 | 0.60 |
| Seagate HDD Cayman 5.75% USD 01/12/2034 | 1,900,000 | 2,158,904 | 0.58 |
| Total Cayman Islands |  | 16,228,051 | 4.38 |
| Liberia: 3.24% (30 September 2020: 2.18%) |  |  |  |
| Royal Caribbean Cruises Ltd 5.25% USD 15/11/2022 | 2,535,000 | 2,615,410 | 0.71 |
| Royal Caribbean Cruises Ltd 10.875% USD 01/06/2023 | 2,100,000 | 2,419,568 | 0.65 |
| Royal Caribbean Cruises Ltd 11.5% USD 01/06/2025 | 1,950,000 | 2,276,625 | 0.61 |
| Royal Caribbean Cruises Ltd 7.5% USD 15/10/2027 | 2,000,000 | 2,258,750 | 0.61 |
| Royal Caribbean Cruises Ltd 3.7% USD 15/03/2028 | 2,652,000 | 2,449,268 | 0.66 |
| Total Liberia |  | 12,019,621 | 3.24 |
| Panama: 0.60% (30 September 2020: 0.72%) |  |  |  |
| Carnival Corp 11.5% USD 01/04/2023 | 1,920,000 | 2,203,594 | 0.60 |
| Total Panama |  | 2,203,594 | 0.60 |
| United States: 81.93% (30 September 2020: 89.08%) |  |  |  |
| American Airlines 2013-1 Class A Pass Through Trust 4% USD 15/07/2025 | 3,079,268 | 2,846,090 | 0.77 |
| American Airlines 2013-2 Class A Pass Through Trust 4.95% USD 15/01/2023 | 6,571 | 6,574 | 0.00 |
| American Airlines 2014-1 Class A Pass Through Trust 3.7% USD 01/10/2026 | 2,691,277 | 2,677,713 | 0.72 |
| American Airlines 2015-1 Class A Pass Through Trust 3.375% USD 01/05/2027 | 2,762,373 | 2,689,979 | 0.73 |
| Apache Corp 4.375% USD 15/10/2028 | 2,225,000 | 2,221,663 | 0.60 |
| Apache Corp 4.25% USD 15/01/2030 | 2,320,000 | 2,264,146 | 0.61 |
| Apache Corp 6% USD 15/01/2037 | 2,030,000 | 2,224,778 | 0.60 |
| Apache Corp 5.1% USD 01/09/2040 | 2,355,000 | 2,306,428 | 0.62 |
| Apache Corp 5.25% USD 01/02/2042 | 2,401,000 | 2,373,989 | 0.64 |
| Apache Corp 4.75% USD 15/04/2043 | 2,490,000 | 2,313,210 | 0.62 |
| Apache Corp 4.25% USD 15/01/2044 | 2,635,000 | 2,359,010 | 0.64 |
| Apache Corp 5.35% USD 01/07/2049 | 2,335,000 | 2,235,763 | 0.60 |
| Assurant Inc 7% USD 27/03/2048 | 1,250,000 | 1,428,125 | 0.39 |
| Bed Bath & Beyond Inc 3.749% USD 01/08/2024 | 2,155,000 | 2,210,222 | 0.60 |
| Bed Bath & Beyond Inc 5.165% USD 01/08/2044 | 2,600,000 | 2,373,553 | 0.64 |
| Brinker International Inc 3.875% USD 15/05/2023 | 581,000 | 591,531 | 0.16 |
| Brinker International Inc 5% USD 01/10/2024 | 2,000,000 | 2,091,250 | 0.56 |
| Buckeye Partners LP 4.15% USD 01/07/2023 | 2,175,000 | 2,238,891 | 0.60 |
| Buckeye Partners LP 4.35% USD 15/10/2024 | 2,135,000 | 2,200,384 | 0.59 |
| Buckeye Partners LP 3.95% USD 01/12/2026 | 1,885,000 | 1,867,960 | 0.50 |
| Buckeye Partners LP 4.125% USD 01/12/2027 | 2,500,000 | 2,476,562 | 0.67 |
| Buckeye Partners LP 5.85% USD 15/11/2043 | 2,355,000 | 2,294,924 | 0.62 |
| Buckeye Partners LP 5.6% USD 15/10/2044 | 2,305,000 | 2,233,257 | 0.60 |
| CDK Global Inc 5% USD 15/10/2024 | 504,000 | 548,100 | 0.15 |
| CF Industries Inc 3.45% USD 01/06/2023 | 495,000 | 516,972 | 0.14 |
| CF Industries Inc 5.15% USD 15/03/2034 | 201,000 | 230,203 | 0.06 |
| CF Industries Inc 4.95% USD 01/06/2043 | 425,000 | 487,562 | 0.13 |
| CF Industries Inc 5.375% USD 15/03/2044 | 433,000 | 514,458 | 0.14 |
| Continental Resources Inc/OK 4.5% USD 15/04/2023 | 2,350,000 | 2,438,195 | 0.66 |


### Security Description	Nominal	Fair Value	% of

### USD	Net Assets

### Bonds: 96.69% (30 September 2020: 97.10%) (continued)	

### United States: 81.93% (30 September 2020: 89.08%) (continued)
| Continental Resources Inc/OK 3.8% USD 01/06/2024 | 1,950,000 | 2,002,406 | 0.54 |
| --- | --- | --- | --- |
| Continental Resources Inc/OK 4.375% USD 15/01/2028 | 2,150,000 | 2,273,195 | 0.61 |
| Continental Resources Inc/OK 4.9% USD 01/06/2044 | 2,570,000 | 2,574,870 | 0.69 |
| CoreCivic Inc 5% USD 15/10/2022 | 345,000 | 348,962 | 0.09 |
| CoreCivic Inc 4.625% USD 01/05/2023 | 526,000 | 519,425 | 0.14 |
| Diversified Healthcare Trust 4.75% USD 01/05/2024 | 2,125,000 | 2,188,750 | 0.59 |
| Diversified Healthcare Trust 4.75% USD 15/02/2028 | 2,275,000 | 2,249,406 | 0.61 |
| DPL Inc 4.35% USD 15/04/2029 | 2,005,000 | 2,156,177 | 0.58 |
| Elanco Animal Health Inc 5.272% USD 28/08/2023 | 2,080,000 | 2,242,500 | 0.60 |
| Elanco Animal Health Inc 5.9% USD 28/08/2028 | 2,005,000 | 2,279,434 | 0.61 |
| EMC Corp 3.375% USD 01/06/2023 | 485,000 | 500,952 | 0.14 |
| EnLink Midstream Partners LP 4.4% USD 01/04/2024 | 1,631,000 | 1,648,126 | 0.44 |
| EnLink Midstream Partners LP 4.15% USD 01/06/2025 | 1,270,000 | 1,244,867 | 0.34 |
| EnLink Midstream Partners LP 4.85% USD 15/07/2026 | 1,725,000 | 1,668,558 | 0.45 |
| EnLink Midstream Partners LP 5.6% USD 01/04/2044 | 1,504,000 | 1,254,780 | 0.34 |
| EnLink Midstream Partners LP 5.05% USD 01/04/2045 | 1,845,000 | 1,431,775 | 0.39 |
| EnLink Midstream Partners LP 5.45% USD 01/06/2047 | 1,860,000 | 1,504,963 | 0.41 |
| EQM Midstream Partners LP 4.75% USD 15/07/2023 | 2,150,000 | 2,234,387 | 0.60 |
| EQM Midstream Partners LP 4% USD 01/08/2024 | 2,325,000 | 2,368,652 | 0.64 |
| EQM Midstream Partners LP 4.125% USD 01/12/2026 | 2,245,000 | 2,231,676 | 0.60 |
| EQM Midstream Partners LP 5.5% USD 15/07/2028 | 2,550,000 | 2,682,268 | 0.72 |
| EQM Midstream Partners LP 6.5% USD 15/07/2048 | 2,460,000 | 2,460,000 | 0.66 |
| EQT Corp 3% USD 01/10/2022 | 2,065,000 | 2,099,847 | 0.57 |
| EQT Corp 7.625% USD 01/02/2025 | 1,885,000 | 2,172,048 | 0.59 |
| EQT Corp 3.9% USD 01/10/2027 | 2,300,000 | 2,352,440 | 0.63 |
| EQT Corp 8.5% USD 01/02/2030 | 1,665,000 | 2,125,456 | 0.57 |
| FirstEnergy Corp 3.35% USD 15/07/2022 | 1,910,000 | 1,939,388 | 0.52 |
| FirstEnergy Corp 4.75% USD 15/03/2023 | 1,800,000 | 1,897,472 | 0.51 |
| FirstEnergy Corp 2.05% USD 01/03/2025 | 1,900,000 | 1,911,923 | 0.52 |
| FirstEnergy Corp 1.6% USD 15/01/2026 | 1,950,000 | 1,898,543 | 0.51 |
| FirstEnergy Corp 4.4% USD 15/07/2027 | 1,700,000 | 1,829,429 | 0.49 |
| FirstEnergy Corp 2.65% USD 01/03/2030 | 2,000,000 | 1,902,213 | 0.51 |
| FirstEnergy Corp 2.25% USD 01/09/2030 | 2,000,000 | 1,857,328 | 0.50 |
| FirstEnergy Corp 7.375% USD 15/11/2031 | 1,300,000 | 1,740,427 | 0.47 |
| FirstEnergy Corp 5.35% USD 15/07/2047 | 1,730,000 | 1,945,867 | 0.53 |
| FirstEnergy Corp 3.4% USD 01/03/2050 | 2,000,000 | 1,749,172 | 0.47 |
| Ford Holdings LLC 9.3% USD 01/03/2030 | 450,000 | 596,250 | 0.16 |
| Ford Motor Co 4.346% USD 08/12/2026 | 620,000 | 654,218 | 0.18 |
| Ford Motor Co 6.625% USD 01/10/2028 | 400,000 | 460,056 | 0.12 |
| Ford Motor Co 6.375% USD 01/02/2029 | 500,000 | 556,250 | 0.15 |
| Ford Motor Co 7.45% USD 16/07/2031 | 550,000 | 694,488 | 0.19 |
| Ford Motor Co 4.75% USD 15/01/2043 | 680,000 | 685,882 | 0.19 |
| Ford Motor Co 7.4% USD 01/11/2046 | 500,000 | 621,157 | 0.17 |
| Ford Motor Co 5.291% USD 08/12/2046 | 650,000 | 684,544 | 0.18 |
| Ford Motor Credit Co LLC 2.979% USD 03/08/2022 | 750,000 | 762,187 | 0.21 |
| Ford Motor Credit Co LLC 4.25% USD 20/09/2022 | 670,000 | 692,097 | 0.19 |
| Ford Motor Credit Co LLC 3.55% USD 07/10/2022 | 670,000 | 687,165 | 0.19 |
| Ford Motor Credit Co LLC 3.35% USD 01/11/2022 | 850,000 | 868,326 | 0.23 |
| Ford Motor Credit Co LLC 3.087% USD 09/01/2023 | 1,000,000 | 1,018,105 | 0.27 |
| Ford Motor Credit Co LLC 4.14% USD 15/02/2023 | 500,000 | 517,950 | 0.14 |
| Ford Motor Credit Co LLC 3.096% USD 04/05/2023 | 400,000 | 407,000 | 0.11 |
| Ford Motor Credit Co LLC 4.375% USD 06/08/2023 | 600,000 | 629,520 | 0.17 |
| Ford Motor Credit Co LLC 3.81% USD 09/01/2024 | 600,000 | 619,500 | 0.17 |
| Ford Motor Credit Co LLC 5.584% USD 18/03/2024 | 550,000 | 594,352 | 0.16 |
| Ford Motor Credit Co LLC 3.664% USD 08/09/2024 | 800,000 | 829,424 | 0.22 |
| Ford Motor Credit Co LLC 4.063% USD 01/11/2024 | 600,000 | 628,440 | 0.17 |
| Ford Motor Credit Co LLC 4.687% USD 09/06/2025 | 550,000 | 584,760 | 0.16 |
| Ford Motor Credit Co LLC 4.134% USD 04/08/2025 | 400,000 | 419,120 | 0.11 |
| Ford Motor Credit Co LLC 4.389% USD 08/01/2026 | 550,000 | 578,864 | 0.16 |
| Ford Motor Credit Co LLC 4.542% USD 01/08/2026 | 450,000 | 476,753 | 0.13 |
| Ford Motor Credit Co LLC 4.271% USD 09/01/2027 | 900,000 | 935,437 | 0.25 |
| Ford Motor Credit Co LLC 3.815% USD 02/11/2027 | 690,000 | 699,056 | 0.19 |
| Ford Motor Credit Co LLC 5.113% USD 03/05/2029 | 600,000 | 643,650 | 0.17 |
| HB Fuller Co 4% USD 15/02/2027 | 990,000 | 1,033,585 | 0.28 |
| Hillenbrand Inc 5% USD 15/09/2026 | 2,020,000 | 2,214,425 | 0.60 |
| Howmet Aerospace Inc 5.125% USD 01/10/2024 | 2,121,000 | 2,335,539 | 0.63 |


### Security Description	Nominal	Fair Value	% of

### USD	Net Assets

### Bonds: 96.69% (30 September 2020: 97.10%) (continued)	

### United States: 81.93% (30 September 2020: 89.08%) (continued)
| Howmet Aerospace Inc 6.875% USD 01/05/2025 | 2,300,000 | 2,668,000 | 0.72 |
| --- | --- | --- | --- |
| Howmet Aerospace Inc 5.9% USD 01/02/2027 | 2,200,000 | 2,499,750 | 0.67 |
| Howmet Aerospace Inc 6.75% USD 15/01/2028 | 2,000,000 | 2,362,500 | 0.64 |
| Howmet Aerospace Inc 5.95% USD 01/02/2037 | 2,000,000 | 2,420,600 | 0.65 |
| Ingram Micro Inc 5% USD 10/08/2022 | 590,000 | 610,573 | 0.16 |
| Ingram Micro Inc 5.45% USD 15/12/2024 | 570,000 | 650,042 | 0.18 |
| Mack-Cali Realty LP 4.5% USD 18/04/2022 | 905,000 | 918,393 | 0.25 |
| Mack-Cali Realty LP 3.15% USD 15/05/2023 | 1,545,000 | 1,552,259 | 0.42 |
| Macy's Retail Holdings LLC 2.875% USD 15/02/2023 | 2,095,000 | 2,114,274 | 0.57 |
| Macy's Retail Holdings LLC 3.625% USD 01/06/2024 | 2,525,000 | 2,528,156 | 0.68 |
| Macy's Retail Holdings LLC 4.5% USD 15/12/2034 | 2,865,000 | 2,548,417 | 0.69 |
| Macy's Retail Holdings LLC 5.125% USD 15/01/2042 | 2,539,000 | 2,142,154 | 0.58 |
| Macy's Retail Holdings LLC 4.3% USD 15/02/2043 | 2,701,000 | 2,081,458 | 0.56 |
| Magellan Health Inc 4.9% USD 22/09/2024 | 1,600,000 | 1,721,000 | 0.46 |
| Mattel Inc 3.15% USD 15/03/2023 | 871,000 | 882,885 | 0.24 |
| Mattel Inc 6.2% USD 01/10/2040 | 870,000 | 1,022,250 | 0.28 |
| Mattel Inc 5.45% USD 01/11/2041 | 1,069,000 | 1,170,555 | 0.32 |
| MEDNAX Inc 6.25% USD 15/01/2027 | 2,067,000 | 2,212,868 | 0.60 |
| Murphy Oil Corp 4% USD 01/06/2022 | 2,080,000 | 2,148,879 | 0.58 |
| Murphy Oil Corp 4.95% USD 01/12/2022 | 1,730,000 | 1,845,071 | 0.50 |
| Murphy Oil Corp 6.875% USD 15/08/2024 | 1,970,000 | 2,016,787 | 0.54 |
| Murphy Oil Corp 5.75% USD 15/08/2025 | 2,720,000 | 2,726,542 | 0.74 |
| Murphy Oil Corp 7.05% USD 01/05/2029 | 2,305,000 | 2,337,938 | 0.63 |
| Murphy Oil Corp 6.375% USD 01/12/2042 | 1,825,000 | 1,665,312 | 0.45 |
| Newell Brands Inc 4% USD 15/06/2022 | 1,150,000 | 1,183,063 | 0.32 |
| Newell Brands Inc 4.35% USD 01/04/2023 | 2,650,000 | 2,802,322 | 0.76 |
| Newell Brands Inc 4.7% USD 01/04/2026 | 2,430,000 | 2,690,715 | 0.73 |
| Newell Brands Inc 5.875% USD 01/04/2036 | 1,810,000 | 2,226,300 | 0.60 |
| Newell Brands Inc 6% USD 01/04/2046 | 2,050,000 | 2,550,610 | 0.69 |
| NortonLifeLock Inc 3.95% USD 15/06/2022 | 2,100,000 | 2,152,500 | 0.58 |
| NortonLifeLock Inc 5% USD 15/04/2025 | 2,200,000 | 2,234,760 | 0.60 |
| Occidental Petroleum Corp 2.7% USD 15/08/2022 | 550,000 | 551,031 | 0.15 |
| Occidental Petroleum Corp 2.7% USD 15/02/2023 | 600,000 | 599,757 | 0.16 |
| Occidental Petroleum Corp 6.95% USD 01/07/2024 | 500,000 | 549,895 | 0.15 |
| Occidental Petroleum Corp 2.9% USD 15/08/2024 | 650,000 | 643,604 | 0.17 |
| Occidental Petroleum Corp 3.5% USD 15/06/2025 | 500,000 | 495,625 | 0.13 |
| Occidental Petroleum Corp 5.55% USD 15/03/2026 | 500,000 | 530,790 | 0.14 |
| Occidental Petroleum Corp 3.4% USD 15/04/2026 | 700,000 | 673,960 | 0.18 |
| Occidental Petroleum Corp 3.2% USD 15/08/2026 | 640,000 | 614,320 | 0.17 |
| Occidental Petroleum Corp 3% USD 15/02/2027 | 550,000 | 518,031 | 0.14 |
| Occidental Petroleum Corp 3.5% USD 15/08/2029 | 595,000 | 558,556 | 0.15 |
| Occidental Petroleum Corp 7.5% USD 01/05/2031 | 400,000 | 466,200 | 0.13 |
| Occidental Petroleum Corp 7.875% USD 15/09/2031 | 450,000 | 529,875 | 0.14 |
| Occidental Petroleum Corp 6.45% USD 15/09/2036 | 550,000 | 608,094 | 0.16 |
| Occidental Petroleum Corp 0% USD 10/10/2036 | 1,020,000 | 517,140 | 0.14 |
| Occidental Petroleum Corp 7.95% USD 15/06/2039 | 450,000 | 533,250 | 0.14 |
| Occidental Petroleum Corp 4.3% USD 15/08/2039 | 600,000 | 507,000 | 0.14 |
| Occidental Petroleum Corp 6.2% USD 15/03/2040 | 350,000 | 360,500 | 0.10 |
| Occidental Petroleum Corp 4.5% USD 15/07/2044 | 600,000 | 511,500 | 0.14 |
| Occidental Petroleum Corp 4.625% USD 15/06/2045 | 625,000 | 546,600 | 0.15 |
| Occidental Petroleum Corp 6.6% USD 15/03/2046 | 550,000 | 585,406 | 0.16 |
| Occidental Petroleum Corp 4.4% USD 15/04/2046 | 355,000 | 301,468 | 0.08 |
| Occidental Petroleum Corp 4.1% USD 15/02/2047 | 700,000 | 561,312 | 0.15 |
| Occidental Petroleum Corp 4.2% USD 15/03/2048 | 650,000 | 524,062 | 0.14 |
| Occidental Petroleum Corp 4.4% USD 15/08/2049 | 585,000 | 486,647 | 0.13 |
| Oceaneering International Inc 4.65% USD 15/11/2024 | 1,820,000 | 1,759,949 | 0.47 |
| Oceaneering International Inc 6% USD 01/02/2028 | 1,660,000 | 1,591,185 | 0.43 |
| PBF Holding Co LLC / PBF Finance Corp 9.25% USD 15/05/2025 | 2,400,000 | 2,450,640 | 0.66 |
| Pitney Bowes Inc 4.625% USD 15/03/2024 | 600,000 | 624,750 | 0.17 |
| QVC Inc 4.375% USD 15/03/2023 | 1,877,000 | 1,970,850 | 0.53 |
| QVC Inc 4.85% USD 01/04/2024 | 2,050,000 | 2,207,420 | 0.60 |
| QVC Inc 4.45% USD 15/02/2025 | 2,400,000 | 2,532,000 | 0.68 |
| QVC Inc 4.75% USD 15/02/2027 | 2,100,000 | 2,177,438 | 0.59 |
| QVC Inc 5.45% USD 15/08/2034 | 2,176,000 | 2,181,440 | 0.59 |
| QVC Inc 5.95% USD 15/03/2043 | 2,480,000 | 2,424,200 | 0.65 |
| Rockies Express Pipeline LLC 3.6% USD 15/05/2025 | 2,109,000 | 2,118,227 | 0.57 |

| Security Description | Nominal | Fair Value USD | % of Net Assets |
| --- | --- | --- | --- |
| Bonds: 96.69% (30 September 2020: 97.10%) (continued) |  |  |  |
| United States: 81.93% (30 September 2020: 89.08%) (continued) Rockies Express Pipeline LLC 4.95% USD 15/07/2029 | 2,145,000 | 2,194,569 | 0.59 |
| Rockies Express Pipeline LLC 4.8% USD 15/05/2030 | 2,400,000 | 2,376,000 | 0.64 |
| Rockies Express Pipeline LLC 7.5% USD 15/07/2038 | 2,200,000 | 2,464,000 | 0.66 |
| Rockies Express Pipeline LLC 6.875% USD 15/04/2040 | 2,260,000 | 2,446,450 | 0.66 |
| Ruby Pipeline LLC 8% USD 01/04/2022 | 190,909 | 156,611 | 0.04 |
| Service Properties Trust 5% USD 15/08/2022 | 1,620,000 | 1,648,237 | 0.44 |
| Service Properties Trust 4.5% USD 15/06/2023 | 1,500,000 | 1,526,602 | 0.41 |
| Service Properties Trust 4.65% USD 15/03/2024 | 1,850,000 | 1,853,469 | 0.50 |
| Service Properties Trust 4.35% USD 01/10/2024 | 1,330,000 | 1,323,865 | 0.36 |
| Service Properties Trust 4.5% USD 15/03/2025 | 1,520,000 | 1,500,050 | 0.40 |
| Service Properties Trust 7.5% USD 15/09/2025 | 1,700,000 | 1,932,645 | 0.52 |
| Service Properties Trust 5.25% USD 15/02/2026 | 1,250,000 | 1,256,250 | 0.34 |
| Service Properties Trust 4.75% USD 01/10/2026 | 1,365,000 | 1,334,288 | 0.36 |
| Service Properties Trust 4.95% USD 15/02/2027 | 1,350,000 | 1,338,188 | 0.36 |
| Service Properties Trust 3.95% USD 15/01/2028 | 1,650,000 | 1,529,344 | 0.41 |
| Service Properties Trust 4.95% USD 01/10/2029 | 1,750,000 | 1,670,156 | 0.45 |
| Service Properties Trust 4.375% USD 15/02/2030 | 1,710,000 | 1,574,183 | 0.42 |
| Southeast Supply Header LLC 4.25% USD 15/06/2024 | 2,220,000 | 2,226,489 | 0.60 |
| Spirit AeroSystems Inc 3.95% USD 15/06/2023 | 2,300,000 | 2,281,313 | 0.62 |
| Spirit AeroSystems Inc 3.85% USD 15/06/2026 | 2,200,000 | 2,292,125 | 0.62 |
| Spirit AeroSystems Inc 4.6% USD 15/06/2028 | 2,354,000 | 2,311,334 | 0.62 |
| Stericycle Inc 5.375% USD 15/07/2024 | 2,062,000 | 2,134,170 | 0.58 |
| Topaz Solar Farms LLC 5.75% USD 30/09/2039 | 1,422,496 | 1,630,073 | 0.44 |
| Travel + Leisure Co 3.9% USD 01/03/2023 | 1,293,000 | 1,335,572 | 0.36 |
| Travel + Leisure Co 5.65% USD 01/04/2024 | 1,290,000 | 1,401,127 | 0.38 |
| Travel + Leisure Co 6.6% USD 01/10/2025 | 1,137,000 | 1,277,584 | 0.34 |
| Travel + Leisure Co 6% USD 01/04/2027 | 1,206,000 | 1,335,193 | 0.36 |
| Trinity Industries Inc 4.55% USD 01/10/2024 | 2,090,000 | 2,177,843 | 0.59 |
| Under Armour Inc 3.25% USD 15/06/2026 | 2,245,000 | 2,250,556 | 0.61 |
| US Airways 2013-1 Class A Pass Through Trust 3.95% USD 15/11/2025 | 1,074,073 | 1,057,444 | 0.29 |
| Western Midstream Operating LP 4% USD 01/07/2022 | 695,000 | 713,696 | 0.19 |
| Western Midstream Operating LP 4.35% USD 01/02/2025 | 300,000 | 310,977 | 0.08 |
| Western Midstream Operating LP 3.95% USD 01/06/2025 | 570,000 | 586,464 | 0.16 |
| Western Midstream Operating LP 4.65% USD 01/07/2026 | 400,000 | 420,430 | 0.11 |
| Western Midstream Operating LP 4.5% USD 01/03/2028 | 450,000 | 465,012 | 0.13 |
| Western Midstream Operating LP 4.75% USD 15/08/2028 | 477,000 | 499,658 | 0.13 |
| Western Midstream Operating LP 5.3% USD 01/02/2030 | 500,000 | 542,542 | 0.15 |
| Western Midstream Operating LP 5.45% USD 01/04/2044 | 720,000 | 740,160 | 0.20 |
| Western Midstream Operating LP 5.3% USD 01/03/2048 | 450,000 | 452,718 | 0.12 |
| Western Midstream Operating LP 5.5% USD 15/08/2048 | 507,000 | 501,484 | 0.14 |
| Western Midstream Operating LP 6.5% USD 01/02/2050 | 470,000 | 509,029 | 0.14 |
| Xerox Corp 4.375% USD 15/03/2023 | 1,750,000 | 1,834,219 | 0.49 |
| Xerox Corp 3.8% USD 15/05/2024 | 1,665,000 | 1,735,763 | 0.47 |
| Xerox Corp 4.8% USD 01/03/2035 | 1,650,000 | 1,657,846 | 0.45 |
| Xerox Corp 6.75% USD 15/12/2039 | 1,480,000 | 1,619,557 | 0.44 |
| Total United States |  | 303,802,214 | 81.93 |
| Total Bonds |  | 358,508,876 | 96.69 |
| Investment Funds: 1.29% (30 September 2020: 1.62%) |  |  |  |
| Euro Countries: 1.29% (30 September 2020: 1.62%) Invesco Liquidity Funds plc -Invesco US Dollar Liquidity Portfolio | 4,790,303 | 4,790,303 | 1.29 |
| Total Euro Countries |  | 4,790,303 | 1.29 |
| Total Investment Funds |  | 4,790,303 | 1.29 |
| Total Value of Investments |  | 363,299,179 | 97.98 |
| Details of Forward Foreign Exchange Contracts: 0.00% (30 September 2020: 0.00%) |  |  |  |
|  |  |  |  |  |  | Maturity Date | Counterparty | Unrealised Gain USD | % of Net Assets |
| Buy | 4,001 | USD | to Sell | 2,868 | GBP | 06/04/2021 | BNY Mellon | 44 | 0.00 |
| Buy | 271,718 | GBP | to Sell | 372,877 | USD | 06/04/2021 | BNY Mellon | 2,017 | 0.00 |
| Buy | 574,491 | USD | to Sell | 481,874 | EUR | 06/04/2021 | BNY Mellon | 8,092 | 0.00 |
| Total unrealised gain on open forward foreign exchange contracts | 10,153 | 0.00 |


### Futures: 0.00% (30 September 2020: 0.00%)

### 31 March 2021	Contracts	Counterparty Commitment  Long/Short	Margin Unrealised Gain	Value of

### Description	USD	USD

### 10Yr US Treasury Note Future	Bank of America

### Fund %

### June 21	30	Merrill Lynch	3,936,491	Short	45,710	8,3660.00

### 45,710	8,366	0.00

### Financial assets at fair value through profit or loss	363,317,69897.98

### Current assets	12,806,6523.46

### Total assets	376,124,350101.44

### Details of Forward Foreign Exchange Contracts: (0.27%) (30 September 2020: (0.08%))

### Maturity Date Counterparty

### Unrealised Loss

### USD

### % of Net Assets
| Buy | 25,193,142  EUR | to Sell | 30,605,569 | USD | 06/04/2021 | BNY Mellon | (993,320) | (0.27) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Buy | 278,601 GBP | to Sell | 389,607 | USD | 06/04/2021 | BNY Mellon | (5,216) | (0.00) |
| Buy | 883,381  CHF | to Sell | 940,616 | USD | 06/04/2021 | BNY Mellon | (1,893) | (0.00) |
| Total unrealised loss on open forward foreign exchange contracts | (1,000,429) |  | (0.27) |
| Financial liabilities at fair value through profit or loss | (1,000,429) |  | (0.27) |
| Current liabilities | (4,327,302) |  | (1.17) |
| Net assets attributable to holders of redeemable participating Shares |   370,796,619 |  | 100.00 |
|  |  |  | % of total assets |
| Analysis of Total Assets Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market |  |  | 95.32 |
| Investment Funds |  |  | 1.27 |
| Derivative instruments |  |  | 0.00 |
| Other assets |  |  | 3.41 |
|  |  |  | 100.00 |

|  |  |  | Invesco |  |
| --- | --- | --- | --- | --- |
| Invesco | Invesco | S&P 500 | Invesco |
| EQQQ | FTSE RAFI | High Dividend | S&P 500 |
| NASDAQ-100 | US 1000 | Low Volatility | QVM |
|  | Total | UCITS ETF | UCITS ETF | UCITS ETF | UCITS ETF |
|  | USD | USD | USD | USD | USD |
| Current Assets |  |  |  |  |  |
| Cash and bank balances | 4,819,673 | – | – | – | 536 |
| Financial assets at fair value through profit or loss | 6,202,229,794 | 5,230,070,636 | 234,940,734 | 95,315,681 | 5,742,294 |
| Accrued income and other receivables | 6,337,247 | 658,618 | 198,940 | 248,229 | 1,900 |
| Capital shares receivable | 1,890,394 | – | – | – | – |
| Securities sold receivable | 8,072,443 | – | – | –	– |
| Total assets |  6,223,349,551 |  5,230,729,254 | 235,139,674 |  95,563,910 |   5,744,730 |
| Liabilities - amounts falling due within one year |  |  |  |  |  |
| Bank overdraft | (5,550,537) | (2,795,150) | (307,056) | (1,617,298) | – |
| Financial liabilities at fair value through profit or loss | (8,796,840) | (7,796,047) | – | (364) | – |
| Accrued expenses | (1,696,416) | (1,362,943) | (75,991) | (23,301) | (1,657) |
| Securities purchased payable | (8,864,513) | – | – | – | – |
| Capital shares payable | (12,124,342) | (8,007,581) | – | – | – |
| Other payable | (34,048) | – | – | – | – |
| Total liabilities (excluding net assets attributable to |  |  |  |
| holders of redeemable participating Shares) |   (37,066,696) |   (19,961,721) |   (383,047) (1,640,963)(1,657) |
| Net assets attributable to holders of redeemable |  |  |  |
| participating Shares |  6,186,282,855 |  5,210,767,533 | 234,756,627 93,922,947 5,743,073 |
| Number of redeemable participating Shares |  |  |  |
| Class CHF Hedged | – | 358,050 | –	6,200	– |
| Class EUR Hedged | – | 536,422 | –	–	– |
| Class GBP Hedged | – | 329,008 | –	–	– |
| Class US Dollar | – | 12,707,413 | 9,348,701	2,873,501	150,001 |
| Class US Dollar Unhedged Accumulation | – | 3,515,777 | –	–	– |
| Net asset value per share attributable to holders of |  |  |  |
| redeemable participating Shares |  |  |  |
| Class CHF Hedged | – | 247.06 | –	26.93	– |
| Class EUR Hedged | – | 250.02 | –	–	– |
| Class GBP Hedged | – | 256.56 | –	–	– |
| Class US Dollar | – | 320.30 | 25.11	32.62	38.29 |
| Class US Dollar Unhedged Accumulation | – | 219.71 | –	–	– |


### The accompanying notes form an integral part of the financial statements.
|  | Invesco |  | Invesco | Invesco |  |  | Invesco |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Global |  | FTSE RAFI | FTSE RAFI |  | Invesco | EURO STOXX |
| Buyback |  | All-World | Emerging |  | FTSE RAFI | High Dividend |
| Achievers |  | 3000 | Markets |  | Europe | Low Volatility |
| UCITS ETF |  | UCITS ETF | UCITS ETF |  | UCITS ETF | UCITS ETF |
| USD |  | USD | USD |  | EUR | EUR |
| Current Assets |  |  |  |  |  |  |  |
| Cash and bank balances | 4,677,496 |  | 6,825 | 9,382 |  | 2,941 | – |
| Financial assets at fair value through profit or loss | 45,467,100 |  | 35,139,861 | 41,380,476 |  | 6,831,510 | 14,523,970 |
| Accrued income and other receivables | 132,025 |  | 87,744 | 48,485 |  | 15,637 | 28,502 |
| Capital shares receivable | – |  | – | 1,890,394 |  | – | – |
| Securities sold receivable | – |  | 616 | – |  | – | – |
| Total assets | 50,276,621 |  |  35,235,046 |   43,328,737 |  |   6,850,088 |  14,552,472 |
| Liabilities - amounts falling due within one year |  |  |  |  |  |  |  |
| Bank overdraft | (869) |  | (16,410) | (75,048) |  | (28,076) | (38,710) |
| Financial liabilities at fair value through profit or loss | – |  | – | – |  | – | – |
| Accrued expenses | (12,948) |  | (11,578) | (17,307) |  | (2,008) | (3,588) |
| Securities purchased payable | (4,681,166) |  | – | – |  | – | – |
| Capital shares payable | – |  | – | – |  | – | – |
| Other payable | – |  | (2,617) | (31,431) |  | – | – |
| Total liabilities (excluding net assets attributable to |  |  |  |  |  |  |  |
| holders of redeemable participating Shares) | 	(4,694,983) |  | 	(30,605) | 	(123,786) |  | 	(30,084) | 	(42,298) |
| Net assets attributable to holders of redeemable |  |  |  |  |  |  |  |
| participating Shares | 45,581,638 |  |  35,204,441 |   43,204,951 |  |   6,820,004 |  14,510,174 |
| Number of redeemable participating Shares |  |  |  |  |  |  |  |
| Class Euro | – |  | – | – |  | 700,001 | 600,001 |
| Class US Dollar | 976,201 |  | 1,491,552 | 4,571,001 |  | – | – |
| Net asset value per share attributable to holders of |  |  |  |  |  |  |  |
| redeemable participating Shares |  |  |  |  |  |  |  |
| Class Euro | – |  | – | – |  | 9.74 | 24.18 |
| Class US Dollar | 46.69 |  | 23.60 | 9.45 |  | – | – |


### The accompanying notes form an integral part of the financial statements.
|  | Invesco FTSE |  |
| --- | --- | --- |
| Emerging |  |  |  | Invesco |  | Invesco |
| Markets |  | Invesco |  | EuroMTS |  | US High |
| High Dividend |  | FTSE RAFI |  | Cash 3 |  | Yield Fallen |
| Low Volatility |  | UK 100 |  | Months |  | Angels |
| UCITS ETF |  | UCITS ETF |  | UCITS ETF |  | UCITS ETF |
| USD |  | GBP |  | EUR |  | USD |
| Current Assets |  |  |  |  |  |  |  |
| Cash and bank balances | 39,322 |  | 539 |  | 16,150 |  | 62,931 |
| Financial assets at fair value through profit or loss | 78,366,558 |  | 8,312,878 |  | 30,562,158 |  | 363,317,698 |
| Accrued income and other receivables | 94,588 |  | 59,375 |  | – |  | 4,732,921 |
| Capital shares receivable | – |  | – |  | – |  | – |
| Securities sold receivable | 61,027 |  | – |  | – |  | 8,010,800 |
| Total assets |   78,561,495 |  | 	8,372,792 |  |   30,578,308 |  |  376,124,350 |
| Liabilities - amounts falling due within one year |  |  |  |  |  |  |  |
| Bank overdraft | (592,165) |  | (49,320) |  | – |  | – |
| Financial liabilities at fair value through profit or loss | – |  | – |  | – |  | (1,000,429) |
| Accrued expenses | (31,751) |  | (2,770) |  | (3,902) |  | (143,955) |
| Securities purchased payable | – |  | – |  | – |  | (4,183,347) |
| Capital shares payable | – |  | – |  | (3,502,693) |  | – |
| Other payable | – |  | – |  | – |  | – |
| Total liabilities (excluding net assets attributable to |  |  |  |  |  |  |  |
| holders of redeemable participating Shares) | (623,916) |  | (52,090) |  |   (3,506,595) |  |   (5,327,731) |
| Net assets attributable to holders of redeemable |  |  |  |  |  |  |  |
| participating Shares |   77,937,579 |  | 	8,320,702 |  |   27,071,713 |  |  370,796,619 |
| Number of redeemable participating Shares |  |  |  |  |  |  |  |
| Class CHF Hedged | – |  | – |  | – |  | 33,377 |
| Class EUR Hedged | – |  | – |  | – |  | 928,787 |
| Class Euro | – |  | – |  | 270,509 |  | – |
| Class GBP Hedged | – |  | – |  | – |  | 20,122 |
| Class Sterling | – |  | 859,201 |  | – |  | – |
| Class US Dollar | 2,651,311 |  | – |  | – |  | 13,433,969 |
| Net asset value per share attributable to holders of |  |  |  |  |  |  |  |
| redeemable participating Shares |  |  |  |  |  |  |  |
| Class CHF Hedged | – |  | – |  | – |  | 26.48 |
| Class EUR Hedged | – |  | – |  | – |  | 26.63 |
| Class Euro | – |  | – |  | 100.08 |  | – |
| Class GBP Hedged | – |  | – |  | – |  | 27.25 |
| Class Sterling | – |  | 9.68 |  | – |  | – |
| Class US Dollar | 29.40 |  | – |  | – |  | 25.31 |


### The accompanying notes form an integral part of the financial statements.
|  | Invesco |
| --- | --- |
|  |  | Invesco | Invesco | Invesco | S&P 500 |
|  |  | EQQQ | FTSE RAFI | Dynamic | High Dividend |
|  |  | NASDAQ-100 | US 1000 | US Market | Low Volatility |
|  | Total | UCITS ETF | UCITS ETF | UCITS ETF* | UCITS ETF |
|  | USD | USD | USD | USD | USD |
| Current Assets |  |  |  |  |  |
| Cash and bank balances | 225,942 | 94,050 | – | – | 26 |
| Financial assets at fair value through profit or loss | 6,148,145,418 | 5,467,630,754 | 165,012,337 | – | 75,793,227 |
| Accrued income and other receivables | 4,466,864 | 549,839 | 145,220 | – | 307,634 |
| Capital shares receivable | 11,894,552 | 10,746,335 | – | – | – |
| Securities sold receivable | 6,933,376	6,928,603	1,090 | – | – |
| Total assets |  6,171,666,152 |  5,485,949,581 | 165,158,647 | – |  76,100,887 |
| Liabilities - amounts falling due within one year |  |  |  |  |  |
| Bank overdraft | (679,498) | (3,074) | (113,793) | – | (227,334) |
| Financial liabilities at fair value through profit or loss | (6,551,177) | (6,362,493) | – | – | (3,139) |
| Accrued expenses | (1,382,727) | (1,157,757) | (52,374) | – | (18,248) |
| Securities purchased payable | (124,442,979) | (123,291,424) | – | – | – |
| Capital shares payable | (32,036,975) | (32,036,975) | – | – | – |
| Other payable | (123,272) | – | – | – | – |
| Total liabilities (excluding net assets attributable |  |  |  |  |  |
| to holders of redeemable participating Shares) |  (165,216,628) |  (162,851,723) |   (166,167) | – |   (248,721) |
| Net assets attributable to holders of redeemable |  |  |  |  |  |
| participating Shares |  6,006,449,524 |  5,323,097,858 | 164,992,480 | – |  75,852,166 |
| Number of redeemable participating Shares |  |  |  |  |  |
| Class CHF Hedged | – | 252,573 | – | – | 6,200 |
| Class EUR Hedged | – | 708,013 | – | – | – |
| Class GBP Hedged | – | 290,691 | – | – | – |
| Class US Dollar | – | 16,058,731 | 8,731,701 | – | 3,015,501 |
| Class US Dollar Unhedged Accumulation | – | 2,665,638 | – | – | – |
| Net asset value per share attributable to holders |  |  |  |  |  |
| of redeemable participating Shares |  |  |  |  |  |
| Class CHF Hedged | – | 217.03 | – | – | 20.41 |
| Class EUR Hedged | – | 219.19 | – | – | – |
| Class GBP Hedged | – | 229.55 | – | – | – |
| Class US Dollar | – | 279.30 | 18.90 | – | 25.11 |
| Class US Dollar Unhedged Accumulation | – | 196.70 | – | – | – |


### The accompanying notes form an integral part of the financial statements.

### *Fund closed on 12 February 2020.

### Invesco S&P 500 VEQTOR UCITS ETF*

### Invesco S&P 500

### QVM UCITS ETF

### Invesco Global Buyback Achievers UCITS ETF

### Invesco FTSE RAFI

### Europe Mid-Small UCITS ETF*

### Invesco FTSE RAFI

### All-World

### 3000

### UCITS ETF

### USD	USD	USD	EUR	USD

### Current Assets

### Cash and bank balances	–		–		1,220	–		5,396 Financial assets at fair value through profit or loss	–   6,793,040 24,992,727	– 36,059,984 Accrued income and other receivables	–	4,070	77,905	–	76,624

### Capital shares receivable	–	–	–	–	–

### Securities sold receivable	–	–	–	–	2,577

### Total assets	–   6,797,110  25,071,852	–  36,144,581

### Liabilities - amounts falling due within one year

### Bank overdraft	–		(342)  (23,395)		– (11,289) Financial liabilities at fair value through profit or loss	–			–		–	–	– Accrued expenses	–	(1,937)	(8,107)	–    (13,069)

### Securities purchased payable	–	–	–	–	–

### Capital shares payable	–	–	–	–	–

### Other payable	–		–		(31)		–		(16,587) Total liabilities (excluding net assets attributable 

### to holders of redeemable participating Shares)	–(2,279)	(31,533)–	(40,945)

### Net assets attributable to holders of redeemable

### participating Shares	–	6,794,831 25,040,319– 36,103,636 Number of redeemable participating Shares

### Class US Dollar	–	200,001	723,201	–	1,989,552

### Net asset value per share attributable to holders of redeemable participating Shares

### Class US Dollar	–	33.97	34.62	–18.15

### The accompanying notes form an integral part of the financial statements.

### *Fund closed on 12 February 2020.

### Invesco FTSE RAFI

### Emerging Markets UCITS ETF

### Invesco FTSE RAFI

### Europe UCITS ETF

### Invesco EURO STOXX

### High Dividend

### Low Volatility UCITS ETF

### Invesco FTSE

### Emerging Markets

### High Dividend Low Volatility UCITS ETF

### Invesco FTSE RAFI UK 100 UCITS ETF

### USD	EUR	EUR	USD	GBP

### Current Assets

### Cash and bank balances	34,126	756	4,621	68,880	3,786

### Financial assets at fair value through profit or loss	29,090,841	5,966,685	13,285,682	56,488,844	7,206,669

### Accrued income and other receivables	51,696	4,402	2,128		52,468	6,017 Capital shares receivable		–		–		–	1,148,217		–

### Securities sold receivable	1,106	–	–	–	–

### Total assets	29,177,769	5,971,843  13,292,431	57,758,409	7,216,472

### Liabilities - amounts falling due within one year

### Bank overdraft	(40,049)	(145)	(806)	(173,298)	(7,364)

### Financial liabilities at fair value through profit or loss		–		–		–		(1)		– Accrued expenses	(12,037)	(1,959)	(3,352)	(22,933)	(2,233)

### Securities purchased payable	–	–	–	(1,151,555)	–

### Capital shares payable	–	–	–	–	–

### Other payable	(94,359)	–	–	(12,295)	–

### Total liabilities (excluding net assets attributable

### to holders of redeemable participating Shares)	(146,445)(2,104)(4,158)  (1,360,082)(9,597)

### Net assets attributable to holders of redeemable

### participating Shares	29,031,324	5,969,739 13,288,273 56,398,327 7,206,875 Number of redeemable participating Shares

### Class Euro	–	800,001	650,001	–	–

### Class Sterling	–	–	–	–	959,201

### Class US Dollar	3,971,001	–	–	2,437,311	–

### Net asset value per share attributable to holders of redeemable participating Shares

### Class Euro	–	7.46	20.44	–	–

### Class Sterling	–	–	–	–7.51

### Class US Dollar	7.31	–	–	23.14	– The accompanying notes form an integral part of the financial statements.
|  | Invesco |  | Invesco |
| --- | --- | --- | --- |
| EuroMTS |  | US High |
| Cash 3 |  | Yield Fallen |
| Months |  | Angels |
| UCITS ETF |  | UCITS ETF |
| EUR |  | USD |
| Current Assets |  |  |  |
| Cash and bank balances | 9,418 |  | – |
|  |  |  | 219,381,759 |
| Accrued income and other receivables | 2 |  | 3,185,970 |
| Capital shares receivable | – |  | – |
| Securities sold receivable | – |  | – |
| Total assets |   29,863,426 |  |   222,567,729 |
| Liabilities - amounts falling due within one year |  |  |  |
| Bank overdraft | – |  | (76,289) |
| Financial liabilities at fair value through profit or loss | – |  | (185,544) |
| Accrued expenses | (4,094) |  | (82,349) |
| Securities purchased payable | – |  | – |
| Capital shares payable | – |  | – |
| Other payable | – |  | – |
| Total liabilities (excluding net assets attributable to holders of redeemable participating Shares) | (4,094) |  | (344,182) |
| Net assets attributable to holders of redeemable |  |  |  |
| participating Shares |  29,859,332 |  |   222,223,547 |
| Number of redeemable participating Shares |  |  |  |
| Class CHF Hedged | – |  | 36,377 |
| Class EUR Hedged | – |  | 285,784 |
| Class Euro | 297,259 |  | – |
| Class GBP Hedged | – |  | 33,174 |
| Class US Dollar | – |  | 9,028,322 |
| Net asset value per share attributable to |  |  |  |
| holders of redeemable participating Shares |  |  |  |
| Class CHF Hedged | – |  | 24.12 |
| Class EUR Hedged | – |  | 24.23 |
| Class Euro | 100.45 |  | – |
| Class GBP Hedged | – |  | 24.72 |
| Class US Dollar | – |  | 23.49 |


### The accompanying notes form an integral part of the financial statements.
|  | Invesco | Invesco | Invesco S&P 500 | Invesco |
| --- | --- | --- | --- | --- |
| EQQQ NASDAQ-100 Total	UCITS ETF | FTSE RAFI US 1000 UCITS ETF | High Dividend Low Volatility UCITS ETF | S&P 500 QVM UCITS ETF |
| USD	USD | USD | USD | USD |
| Investment income | Notes |  |  |  |  |
| Dividend income |  | 29,178,847	22,120,984 | 2,316,312 | 2,063,720 | 60,262 |
| Bond interest |  | 7,839,945	– | – | – | – |
| Accretion of market discount / (Amortisation of market premium) |  | 995,686	– | – | – | – |
| Bank interest income |  | 213	– | – | – | – |
| Net gain on financial assets and liabilities at fair value through profit or loss |  | 844,947,544	698,594,715 | 56,481,896 | 21,635,253 | 824,482 |
| Total investment income |  | 882,962,235  720,715,699 | 58,798,208 | 23,698,973 | 884,744 |
| Expense |  |  |  |  |  |
| Management fee | 12 | (9,896,975)	(8,179,838) | (387,750) | (123,880) | (11,331) |
| Total expense |  | (9,896,975)	(8,179,838) | (387,750) | (123,880) | (11,331) |
| Net investment income |  | 873,065,260  712,535,861 | 58,410,458 | 23,575,093 | 873,413 |
| Finance costs |  |  |  |  |  |
| Bank interest expense |  | (9,037)	(6,744) | (281) | (581) | (5) |
| Distributions to holders of redeemable participating Shares | 7 | (21,024,266)	(7,688,239) | (1,550,382) | (1,600,414) | (39,795) |
| Total finance costs |  | (21,033,303)	(7,694,983) | (1,550,663) | (1,600,995) | (39,800) |
| Profit for the financial period before taxation |  | 852,031,957  704,840,878 | 56,859,795 | 21,974,098 | 833,613 |
| Withholding taxes on dividends | 5 | (4,222,201)	(3,309,996) | (308,543) | (223,175) | (8,410) |
| Movement in provision capital gains tax on investments |  | 89,223	– | – | – | – |
| Increase in assets attributable to holders of redeemable participating Shares from operations |  | 847,898,979  701,530,882 | 56,551,252 | 21,750,923 | 825,203 |


### The accompanying notes form an integral part of the financial statements.

### Gains and losses arose solely from continuing operations. There were no gains or losses other than those dealt with in the Statement of Comprehensive Income.
|  | Invesco | Invesco | Invesco | Invesco |
| --- | --- | --- | --- | --- |
| Global | FTSE RAFI | FTSE RAFI | Invesco EURO STOXX |
| Buyback | All-World | Emerging | FTSE RAFI High Dividend |
| Achievers UCITS ETF | 3000 UCITS ETF | Markets UCITS ETF | Europe Low Volatility UCITS ETF	UCITS ETF |
| USD | USD | USD | EUR	EUR |
| Investment income | Notes |  |  |  |  |
| Dividend income |  | 360,747 | 383,307 | 280,342 | 75,896	139,044 |
| Bond interest |  | – | – | – | –	– |
| Accretion of market discount / (Amortisation of market premium) |  | – | – | – | –	– |
| Bank interest income |  | – | 70 | 1 | –	– |
| Net gain on financial assets and liabilities at fair value through profit or loss |  | 8,836,356 | 7,736,714 | 8,898,831 | 1,594,059	2,348,759 |
| Total investment income |  | 9,197,103 | 8,120,091 | 9,179,174 | 1,669,955	2,487,803 |
| Expense |  |  |  |  |  |
| Management fee | 12 | (59,702) | (59,550) | (91,497) | (11,242)	(21,010) |
| Total expense |  | (59,702) | (59,550) | (91,497) | (11,242)	(21,010) |
| Net investment income |  | 9,137,401 | 8,060,541 | 9,087,677 | 1,658,713	2,466,793 |
| Finance costs |  |  |  |  |  |
| Bank interest expense |  | (249) | (272) | (78) | (23)	(29) |
| Distributions to holders of redeemable participating Shares | 7 | (216,487) | (237,107) | (121,514) | (41,580)	(68,800) |
| Total finance costs |  | (216,736) | (237,379) | (121,592) | (41,603)	(68,829) |
| Profit for the financial period before taxation |  | 8,920,665 | 7,823,162 | 8,966,085 | 1,617,110	2,397,964 |
| Withholding taxes on dividends | 5 | (51,984) | (38,400) | (40,511) | (2,367)	(23,730) |
| Movement in provision capital gains tax on investments |  | 31 | 13,970 | 62,927 | –	– |
| Increase in assets attributable to holders of redeemable participating Shares from operations |  | 8,868,712 | 7,798,732 | 8,988,501 | 1,614,743	2,374,234 |


### The accompanying notes form an integral part of the financial statements.

### Gains and losses arose solely from continuing operations. There were no gains or losses other than those dealt with in the Statement of Comprehensive Income.
|  | Invesco FTSE |  |
| --- | --- | --- |
| Emerging |  | Invesco | Invesco |
| Markets | Invesco | EuroMTS | US High |
| High Dividend Low Volatility | FTSE RAFI UK 100 | Cash 3 Months | Yield Fallen Angels |
| UCITS ETF | UCITS ETF | UCITS ETF | UCITS ETF |
| USD | GBP | EUR | USD |
|  | Notes |  |  |  |  |
| Investment income |  |  |  |  |  |
| Dividend income |  | 1,083,051 | 185,386 | – | 2,496 |
| Bond interest |  | – | – | – | 7,839,945 |
| Accretion of market discount / (Amortisation of |  |  |  |  |  |
| market premium) |  | – | – | (89,975) | 1,103,533 |
| Bank interest income |  | 134 | – | – | 8 |
| Net gain/(loss) on financial assets and liabilities at |  |  |  |  |  |
| fair value through profit or loss |  | 15,373,684 | 1,925,224 | (3,985) | 19,248,252 |
| Total investment income/(expense) |  | 16,456,869 | 2,110,610 | (93,960) | 28,194,234 |
| Expense |  |  |  |  |  |
| Management fee | 12 | (163,751) | (15,184) | (23,595) | (732,260) |
| Total expense |  | (163,751) | (15,184) | (23,595) | (732,260) |
| Net investment income/(expense) |  | 16,293,118 | 2,095,426 | (117,555) | 27,461,974 |
| Finance costs |  |  |  |  |  |
| Bank interest expense |  | (307) | (24) | (100) | (306) |
| Distributions to holders of redeemable participating |  |  |  |  |  |
| Shares | 7 | (698,519) | (110,923) | – | (8,589,925) |
| Total finance costs |  | (698,826) | (110,947) | (100) | (8,590,231) |
| Profit/(Loss) for the financial period before |  |  |  |  |  |
| taxation |  | 15,594,292 | 1,984,479 | (117,655) | 18,871,743 |
| Withholding taxes on dividends | 5 | (208,617) | (832) | – | (163) |
| Movement in provision capital gains tax on |  |  |  |  |  |
| investments |  | 12,295 | – | – | – |
| Increase/(Decrease) in assets attributable to |  |  |  |  |  |
| holders of redeemable participating Shares |  |  |  |  |  |
| from operations |  | 15,397,970 | 1,983,647 | (117,655) | 18,871,580 |


### The accompanying notes form an integral part of the financial statements.

### Gains and losses arose solely from continuing operations. There were no gains or losses other than those dealt with in the Statement of Comprehensive Income.
|  | Invesco | Invesco | Invesco | Invesco S&P 500 |
| --- | --- | --- | --- | --- |
| EQQQ NASDAQ-100 Total	UCITS ETF | FTSE RAFI US 1000 UCITS ETF | Dynamic US Market UCITS ETF* | High Dividend Low Volatility UCITS ETF |
| USD	USD | USD | USD | USD |
| Notes Investment income |  |  |  |  |
| Dividend income | 25,675,900	13,801,711 | 4,176,424 | 34,965 | 3,923,197 |
| Bond interest | 2,283,907	– | – | – | – |
| Accretion of market discount / (Amortisation of market premium) | 335,407	– | – | – | – |
| Bank interest income | 27,086	19,826 | 2,560 | – | 3,555 |
| Net (loss)/gain on financial assets and liabilities at fair value through profit or loss | (179,435,009)  (18,496,569) | (59,035,301) | 239,821 | (32,492,858) |
| Total investment (expense)/income | (151,112,709)	(4,675,032) | (54,856,317) | 274,786 | (28,566,106) |
| Expense |  |  |  |  |
| Management fee12 | (5,538,192)	(3,874,455) | (607,546) | (14,262) | (257,392) |
| Total expense | (5,538,192)	(3,874,455) | (607,546) | (14,262) | (257,392) |
| Net investment (expense)/income | (156,650,901)	(8,549,487) | (55,463,863) | 260,524 | (28,823,498) |
| Finance costs |  |  |  |  |
| Bank interest expense | (10,776)	(2,669) | (1,120) | (62) | (1,137) |
| Distributions to holders of redeemable participating Shares7 | (17,319,806)	(6,849,651) | (2,749,280) | (6,840) | (2,992,687) |
| Total finance costs | (17,330,582)	(6,852,320) | (2,750,400) | (6,902) | (2,993,824) |
| (Loss)/Profit for the financial period before taxation | (173,981,483)  (15,401,807) | (58,214,263) | 253,622 | (31,817,322) |
| Withholding taxes on dividends5 | (3,667,414)	(2,034,843) | (693,899) | (4,319) | (519,645) |
| Movement in provision capital gains tax on investments | 294,981	– | – | – | – |
| (Decrease)/Increase in assets attributable to holders of redeemable participating Shares from operations | (177,353,916)  (17,436,650) | (58,908,162) | 249,303 | (32,336,967) |


### The accompanying notes form an integral part of the financial statements.
Gains and losses arose solely from continuing operations with exception of the Fund that terminated on the 12 February 2020 for which gains and losses arose solely from discontinued operations. There were no gains or losses other than those dealt with in the Statement of Comprehensive Income.

### *Fund Closed on 12 February 2020.
|  | Invesco | Invesco | Invesco Global | Invesco FTSE RAFI | Invesco FTSE RAFI |
| --- | --- | --- | --- | --- | --- |
| S&P 500 | S&P 500 | Buyback | Europe | All-World |
| VEQTOR UCITS ETF* | QVM UCITS ETF | Achievers UCITS ETF | Mid-Small UCITS ETF* | 3000 UCITS ETF |
| USD | USD | USD | EUR | USD |
| Investment income | Notes |  |  |  |  |  |
| Dividend income |  | 25,598 | 78,618 | 855,704 | 41,420 | 903,594 |
| Bond interest |  | – | – | – | – | – |
| Accretion of market discount / (Amortisation of market premium) |  | – | – | – | – | – |
| Bank interest income |  | 3 | 1 | 2 | 1 | 126 |
| Net gain/(loss) on financial assets and liabilities at |  |  |  |  |  |  |
| fair value through profit or loss	203,852	(950,354)	(5,657,351)	1,232,992	(14,020,982) |
| Total investment income/(expense) |  | 229,453 | (871,735) | (4,801,645) | 1,274,413 | (13,117,262) |
| Expense |  |  |  |  |  |  |
| Management fee | 12 | (5,630) | (11,987) | (158,763) | (14,227) | (128,863) |
| Total expense |  | (5,630) | (11,987) | (158,763) | (14,227) | (128,863) |
| Net investment income/(expense) |  | 223,823 | (883,722) | (4,960,408) | 1,260,186 | (13,246,125) |
| Finance costs |  |  |  |  |  |  |
| Bank interest expense |  | (458) | (32) | (1,482) | (89) | (387) |
| Distributions to holders of redeemable participating Shares | 7 | (11,895) | (49,780) | (485,214) | (23,460) | (637,227) |
| Total finance costs |  | (12,353) | (49,812) | (486,696) | (23,549) | (637,614) |
| Profit/(Loss) for the financial period before taxation |  | 211,470 | (933,534) | (5,447,104) | 1,236,637 | (13,883,739) |
| Withholding taxes on dividends | 5 | (3,197) | (11,079) | (115,714) | (1,603) | (108,145) |
| Movement in provision capital gains tax on investments |  | – | – | – | – | 42,967 |
| Increase/(Decrease) in assets attributable to holders of redeemable participating Shares from operations |  | 208,273 | (944,613) | (5,562,818) | 1,235,034 | (13,948,917) |


### The accompanying notes form an integral part of the financial statements.
Gains and losses arose solely from continuing operations with exception of the Fund that terminated on the 12 February 2020 for which gains and losses arose solely from discontinued operations. There were no gains or losses other than those dealt with in the Statement of Comprehensive Income.

### *Fund closed on 12 February 2020.
|  |  |  |  |  | Invesco FTSE |  |
| --- | --- | --- | --- | --- | --- | --- |
|  |  | Invesco FTSE RAFI | Invesco | Invesco EURO STOXX | Emerging Markets | Invesco |
|  |  | Emerging Markets UCITS ETF | FTSE RAFI Europe UCITS ETF | High Dividend Low Volatility UCITS ETF | High Dividend Low Volatility UCITS ETF | FTSE RAFI UK 100 UCITS ETF |
|  |  | USD | EUR | EUR | USD | GBP |
| Investment income | Notes |  |  |  |  |  |
| Dividend income |  | 259,396 | 77,376 | 177,640 | 970,528 | 236,613 |
| Bond interest |  | – | – | – | – | – |
| Accretion of market discount / (Amortisation of market premium) |  | – | – | – | – | – |
| Bank interest income |  | 137 | – | – | 143 | 36 |
| Net loss on financial assets and liabilities at fair |  |  |  |  |  |  |
| value through profit or loss	 (5,666,345)	(1,590,455)	(5,856,186)  (16,488,765)	(2,441,359) |
| Total investment expense |  | (5,406,812) | (1,513,079) | (5,678,546) | (15,518,094) | (2,204,710) |
| Expense |  |  |  |  |  |  |
| Management fee | 12 | (64,205) | (12,546) | (27,975) | (115,832) | (20,074) |
| Total expense |  | (64,205) | (12,546) | (27,975) | (115,832) | (20,074) |
| Net investment expense |  | (5,471,017) | (1,525,625) | (5,706,521) | (15,633,926) | (2,224,784) |
| Finance costs |  |  |  |  |  |  |
| Bank interest expense |  | – | (43) | (285) | (1,593) | (192) |
| Distributions to holders of redeemable participating Shares | 7 | (173,013) | (51,660) | (122,665) | (841,615) | (188,627) |
| Total finance costs |  | (173,013) | (51,703) | (122,950) | (843,208) | (188,819) |
| Loss for the financial period before taxation |  | (5,644,030) | (1,577,328) | (5,829,471) | (16,477,134) | (2,413,603) |
| Withholding taxes on dividends | 5 | (34,659) | (3,617) | (8,302) | (124,704) | (1,769) |
| Movement in provision capital gains tax on investments |  | 178,620 | – | – | 73,394 | – |
| Decrease in assets attributable to holders of redeemable participating Shares from operations |  | (5,500,069) | (1,580,945) | (5,837,773) | (16,528,444) | (2,415,372) |


### The accompanying notes form an integral part of the financial statements.
Gains and losses arose solely from continuing operations with exception of the Fund that terminated on the 12 February 2020 for which gains and losses arose solely from discontinued operations. There were no gains or losses other than those dealt with in the Statement of Comprehensive Income
.
|  | Invesco EuroMTS Cash 3 Months UCITS ETF | Invesco US High Yield Fallen Angels UCITS ETF |
| --- | --- | --- |
| EUR | USD |
| Investment income | Notes |  |  |
| Dividend income |  | – | 14,979 |
| Bond interest |  | – | 2,283,907 |
| Accretion of market discount / (Amortisation of market premium) |  | (69,712) | 412,411 |
| Bank interest income |  | 15 | 669 |
| Net loss on financial assets and liabilities at fair value through profit or loss |  | (6,850) | (17,069,006) |
| Total investment expense |  | (76,547) | (14,357,040) |
| Expense |  |  |  |
| Management fee | 12 | (21,915) | (188,780) |
| Total expense |  | (21,915) | (188,780) |
| Net investment expense |  | (98,462) | (14,545,820) |
| Finance costs |  |  |  |
| Bank interest expense |  | (818) | (225) |
| Distributions to holders of redeemable participating Shares | 7 | – | (2,062,011) |
| Total finance costs |  | (818) | (2,062,236) |
| Loss for the financial period before taxation |  | (99,280) | (16,608,056) |
| Withholding taxes on dividends | 5 | – | – |
| Movement in provision capital gains tax on investments |  | – | – |
| Decrease in assets attributable to holders of redeemable participating Shares from operations |  | (99,280) | (16,608,056) |


### The accompanying notes form an integral part of the financial statements.
Gains and losses arose solely from continuing operations with exception of the Fund that terminated on the 12 February 2020 for which gains and losses arose solely from discontinued operations. There were no gains or losses other than those dealt with in the Statement of Comprehensive Income.
|  | Invesco | Invesco | Invesco S&P 500 | Invesco |
| --- | --- | --- | --- | --- |
| EQQQ NASDAQ-100 Total	UCITS ETF | FTSE RAFI US 1000 UCITS ETF | High Dividend Low Volatility UCITS ETF | S&P 500 QVM UCITS ETF |
| USD	USD | USD | USD | USD |
| Net assets attributable to holders of redeemable participating Shares at beginning of financial period | 6,006,449,524 5,323,097,858 | 164,992,480 | 75,852,166 | 6,794,831 |
| Translation adjustment | 807,989	– | – | – | – |
| Increase in assets attributable to holders of redeemable participating Shares from operations | 847,898,979	701,530,882 | 56,551,252 | 21,750,923 | 825,203 |
| Proceeds from redeemable participating Shares issued | 1,438,218,498 1,126,517,105 | 40,354,133 | 42,048,223 | – |


### Equalisation

### (2,107,380,641) (1,939,538,571) (27,164,409)	(45,686,472)	(1,875,131)

### 288,506	(839,741)	23,171	(41,893)	(1,830)

### Net (decrease)/increase in net assets from

### Share transactions		(668,873,637)	(813,861,207)	13,212,895	(3,680,142)	(1,876,961)

### Net assets attributable to holders of redeemable

### participating Shares at end of financial period	6,186,282,855 5,210,767,533 234,756,627	93,922,947	5,743,073

### The accompanying notes form an integral part of the financial statements
.

### Invesco Global Buyback Achievers UCITS ETF

### Invesco FTSE RAFI

### All-World

### 3000

### UCITS ETF

### Invesco FTSE RAFI

### Emerging Markets UCITS ETF

### Invesco FTSE RAFI

### Europe UCITS ETF

### Invesco EURO STOXX

### High Dividend Low Volatility UCITS ETF

### Net assets attributable to holders of redeemable participating Shares at beginning of financial period

### Increase in assets attributable to holders of redeemable   participating   Shares   from

### USD		USD		USD		EUR		EUR 25,040,319	36,103,636	29,031,324	5,969,739	13,288,273
| operations | 8,868,712 | 7,798,732 | 8,988,501 | 1,614,743 | 2,374,234 |
| --- | --- | --- | --- | --- | --- |
| Proceeds from redeemable participating Shares issued | 13,672,194 | 4,544,015 | 5,173,897 | 963,143 | – |
| Cost of redeemable participating Shares redeemed | (2,031,809) | (13,214,335) | – | (1,724,437) | (1,148,730) |
| Equalisation | 32,222 | (27,607) | 11,229 | (3,184) | (3,603) |
| Net (decrease)/increase in net assets from Share |  |  |  |  |  |


### transactions	11,672,607	(8,697,927)	5,185,126	(764,478)	(1,152,333)

### Net assets attributable to holders of redeemable

### participating Shares at end of financial period	45,581,638	35,204,441  43,204,951	6,820,004	14,510,174

### The accompanying notes form an integral part of the financial statements.
|  | Invesco FTSE Emerging |  | Invesco | Invesco |
| --- | --- | --- | --- | --- |
| Markets High Dividend Low Volatility UCITS ETF | Invesco FTSE RAFI UK 100 UCITS ETF | EuroMTS Cash 3 Months UCITS ETF | US High Yield Fallen Angels UCITS ETF |
| Net assets attributable to holders of redeemable | USD | GBP | EUR | USD |
| participating Shares at beginning of financial period | 56,398,327 | 7,206,875 | 29,859,332 | 222,223,547 |
| Increase/(Decrease) in assets attributable to |  |  |  |  |
| holders of redeemable participating Shares from |  |  |  |  |
| operations | 15,397,970 | 1,983,647 | (117,655) | 18,871,580 |
| Proceeds from redeemable participating Shares issued | 6,103,004 | 58 | 10,756,470 | 185,758,343 |
| Cost of redeemable participating Shares redeemed | – | (866,023) | (13,426,434) | (57,164,862) |
| Equalisation | 38,278 | (3,855) | – | 1,108,011 |
| Net increase/(decrease) in net assets from |  |  |  |  |


### Share transactions	6,141,282	(869,820)	(2,669,964)  129,701,492

### Net assets attributable to holders of redeemable

### participating Shares at end of financial period	77,937,579	8,320,702	27,071,713  370,796,619

### The accompanying notes form an integral part of the financial statements.
|  | Invesco |
| --- | --- |
|  |  | Invesco | Invesco | Invesco | S&P 500 |
|  |  | EQQQ | FTSE RAFI | Dynamic | High Dividend |
|  |  | NASDAQ-100 | US 1000 | US Market | Low Volatility |
|  | Total | UCITS ETF | UCITS ETF | UCITS ETF* | UCITS ETF |
|  | USD | USD | USD | USD | USD |
| Net assets attributable to holders of redeemable |  |  |  |  |  |
| participating Shares at beginning of financial |  |  |  |  |  |
| period | 3,127,771,859 | 2,198,715,707 | 317,664,167 | 16,262,344 | 202,456,270 |
| Translation adjustment | 693,438 | – | – | – | – |
| (Decrease)/Increase in assets attributable to holders of redeemable participating Shares from |  |  |  |  |  |
| operations | (177,353,916) | (17,436,650) | (58,908,162) | 249,303 | (32,336,967) |
| Proceeds from redeemable participating Shares |  |  |  |  |  |
| issued | 1,077,929,252 | 919,276,705 | 7,951,844 | – | 42,383,665 |
| Cost of redeemable participating Shares redeemed | (710,684,962) | (372,352,296) | (42,756,368) | (16,496,203) | (140,128,608) |
| Equalisation | (373,167) | 336,969 | (106,878) | (15,444) | (624,967) |
| Net increase/(decrease) in net assets from Share |  |  |  |  |  |
| transactions | 366,871,123 | 547,261,378 | (34,911,402) | (16,511,647) | (98,369,910) |
| Net assets attributable to holders of redeemable |  |  |  |  |  |
| participating Shares at end of financial period | 3,317,982,504 | 2,728,540,435 | 223,844,603 | – | 71,749,393 |


### The accompanying notes form an integral part of the financial statements.

### *Fund closed on 12 February 2020.
|  |  |  | Invesco | Invesco | Invesco |
| --- | --- | --- | --- | --- | --- |
|  | Invesco | Invesco | Global | FTSE RAFI | FTSE RAFI |
|  | S&P 500 | S&P 500 | Buyback | Europe | All-World |
|  | VEQTOR | QVM | Achievers | Mid-Small | 3000 |
|  | UCITS ETF* | UCITS ETF | UCITS ETF | UCITS ETF* | UCITS ETF |
|  | USD | USD | USD | EUR | USD |
| Net assets attributable to holders of redeemable |  |  |  |  |  |
| participating Shares at beginning of financial |  |  |  |  |  |
| period | 3,924,933 | 7,882,426 | 90,141,250 | 10,427,409 | 65,261,308 |
| Increase/(Decrease)  in  assets  attributable  to |  |  |  |  |  |
| holders of redeemable participating Shares from |  |  |  |  |  |
| operations | 208,273 | (944,613) | (5,562,818) | 1,235,034 | (13,948,917) |
| Proceeds from redeemable participating Shares |  |  |  |  |  |
| issued | – | – | 23,951,739 | – | 6,069,894 |
| Cost of redeemable participating Shares redeemed | (4,127,731) | (1,625,190) | (79,107,152) | (11,657,062) | (7,542,654) |
| Equalisation | (5,475) | (4,625) | (103,362) | (5,381) | 7,046 |
| Net increase/(decrease) in net assets from Share transactions | (4,133,206) | (1,629,815) | (55,258,775) | (11,662,443) | (1,465,714) |
| Net assets attributable to holders of redeemable |  |  |  |  |  |
| participating Shares at end of financial period | – | 5,307,998 | 29,319,657 | – | 49,846,677 |


### The accompanying notes form an integral part of the financial statements.

### *Fund closed on 12 February 2020
|  |  |  |  | Invesco FTSE |  |
| --- | --- | --- | --- | --- | --- |
|  | Invesco FTSE RAFI | Invesco | Invesco EURO STOXX | Emerging Markets | Invesco |
|  | Emerging Markets UCITS ETF | FTSE RAFI Europe UCITS ETF | High Dividend Low Volatility UCITS ETF | High Dividend Low Volatility UCITS ETF | FTSE RAFI UK 100 UCITS ETF |
|  | USD | EUR | EUR | USD | GBP |
| Net assets attributable to holders of redeemable participating Shares at beginning of financial period | 24,966,168 | 6,470,820 | 18,691,768 | 40,982,250 | 11,412,059 |
| Decrease in assets attributable to holders of redeemable participating Shares from operations | (5,500,069) | (1,580,945) | (5,837,773) | (16,528,444) | (2,415,372) |
| Proceeds from redeemable participating Shares issued | 5,202,401 | – | 2,760,513 | 19,658,327 | 148 |
| Cost of redeemable participating Shares redeemed | – | – | (1,370,225) | (1,488,123) | (2,184,980) |
| Equalisation | 7,923 | – | 1,360 | 127,922 | (2,760) |
| Net increase/(decrease) in net assets from Share transactions | 5,210,324 | – | 1,391,648 | 18,298,126 | (2,187,592) |
| Net assets attributable to holders of redeemable participating Shares at end of financial period | 24,676,423 | 4,889,875 | 14,245,643 | 42,751,932 | 6,809,095 |


### The accompanying notes form an integral part of the financial statements.
|  | Invesco EuroMTS Cash 3 Months UCITS ETF | Invesco US High Yield Fallen Angels UCITS ETF |
| --- | --- | --- |
| Net assets attributable to holders of redeemable | EUR | USD |
| participating Shares at beginning of financial |  |  |
| period | 26,017,358 | 78,288,030 |
| Decrease in assets attributable to holders of redeemable participating Shares from operations | (99,280) | (16,608,056) |
| Proceeds from redeemable participating Shares issued | 34,411,991 | 12,373,872 |
| Cost of redeemable participating Shares redeemed | (10,592,459) | (16,138,318) |
| Equalisation | – | 15,720 |
| Net increase/(decrease) in net assets from Share transactions | 23,819,532 | (3,748,726) |
| Net assets attributable to holders of redeemable participating Shares at end of financial period | 49,737,610 | 57,931,248 |


### The accompanying notes form an integral part of the financial statements.
- EstablishmentThe Company is an open-ended investment company with variable capital incorporated in Ireland, on 5 February 2002 with limited liability pursuant to the Companies Act 2014. The Company was authorised on 13 September 2002 by the Central Bank of Ireland and is now regulated by the Central Bank ofIreland as an Undertaking for Collective Investments in Transferable Securities, a “UCITS”. It is authorised pursuant to the European Communities (Undertaking for Collective Investments in Transferable Securities) Regulations 2011 (as amended) (the “UCITS Regulations”) and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) (Amendment) Regulations 2019 (the “Central Bank UCITS Regulations”).


### The Company has segregated liability between its Funds. Accordingly, each Fund is treated as bearing its own liabilities exclusively from its own assets.
The Company is structured as an umbrella fund which may comprise one or more Funds. The Company may at any time establish new classes of shares within a Fund as well as new Funds. Any new Fund will require the prior approval of the Central Bank of Ireland and the establishment of any new class of shares must be notified in advance to the Central Bank of Ireland. As at 31 March 2021 the Company has thirteen active Funds.

### Objectives

### Please refer to the Investment Policy and Description of the Fund on page 6 where the objectives of each Fund are listed.
- Significant Accounting Policies Basis of PreparationThese unaudited condensed financial statements for the financial period ended 31 March 2021 have been prepared in accordance with FRS 104: “Interim Financial Reporting” and the Transparency Directive (Directive 2004/109/EC) Regulations 2007 (the “Transparency Directive”), the UCITS Regulations and the Central Bank UCITS Regulations. The unaudited condensed financial statements should be read in conjunction with the audited financial statements for the year ended 30 September 2020, which have been prepared in accordance with applicable accounting standards and in accordance with Irish statute. The significant accounting policies and estimation techniques adopted by the Company for the financial period are consistent with those adopted by the Company for the annual financial statements for the financial year ended 30 September 2020.

The Company has availed of the exemption available to open-ended investment funds that hold a substantial proportion of highly liquid and fair valued investments under Section 7 of FRS 104 and is not presenting cash flow statements.
- Soft CommissionsThere were no soft commission agreements entered into during the financial period ended 31 March 2021 or during the financial year ended 30 September 2020.
- Exchange Rates

| USD/AED | 3.6732 | USD/EGP | 15.7175 | USD/NOK | 8.5363 | USD/TWD | 28.5330 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| USD/AUD | 1.3129 | USD/EUR | 0.8508 | USD/NZD | 1.4278 | USD/ZAR | 14.7663 |
| USD/BRL | 5.6430 | USD/GBP | 0.7248 | USD/PHP | 48.5375 | EUR/CHF | 1.1061 |
| USD/CAD | 1.2568 | USD/HKD | 7.7744 | USD/PKR | 152.7000 | EUR/DKK | 7.4373 |
| USD/CHF | 0.9411 | USD/HUF | 308.2149 | USD/PLN | 3.9460 | EUR/GBP | 0.8519 |
| USD/CLP | 718.4000 | USD/IDR | 14,525.0007 | USD/QAR | 3.6410 | EUR/NOK | 10.0328 |
| USD/CNH | 6.5612 | USD/ILS | 3.3347 | USD/RUB | 75.5188 | EUR/PLN | 4.6378 |
| USD/CNY | 6.5550 | USD/JPY | 110.5000 | USD/SEK | 8.7163 | EUR/SEK | 10.2444 |
| USD/COP | 3,675.0004 | USD/KRW | 1,131.7500 | USD/SGD | 1.3436 | EUR/USD | 1.1753 |
| USD/CZK | 22.2241 | USD/MXN | 20.4605 | USD/THB | 31.2500 | GBP/EUR | 1.1739 |
| USD/DKK | 6.3280 | USD/MYR | 4.1465 | USD/TRY | 8.2763 | GBP/USD | 1.3797 |


### The following exchange rates at 31 March 2021 were used to translate foreign currency assets and liabilities:

### Average Rates for the financial period from 1 October 2020 to 31 March 2021 USD/EUR0.8341

### USD/GBP0.7411
- Exchange Rates (continued)The following exchange rates at 30 September 2020 were used to translate foreign currency assets and liabilities

| USD/AED | 3.6732 | USD/GBP | 0.7735 | USD/PKR | 165.7500 | EUR/DKK | 7.4437 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| USD/AUD | 1.3952 | USD/HKD | 7.7500 | USD/PLN | 3.8664 | EUR/GBP | 0.9071 |
| USD/BRL | 5.6364 | USD/HUF | 309.7046 | USD/QAR | 3.6410 | EUR/NOK | 10.9721 |
| USD/CAD | 1.3357 | USD/IDR | 14,880.0062 | USD/RUB | 77.6013 | EUR/PLN | 4.5339 |
| USD/CHF | 0.9187 | USD/ILS | 3.4203 | USD/SEK | 8.9500 | EUR/SEK | 10.4954 |
| USD/CLP | 787.8200 | USD/JPY | 105.5300 | USD/SGD | 1.3651 | EUR/USD | 1.1727 |
| USD/CNY | 6.8106 | USD/KRW | 1,169.5000 | USD/THB | 31.6875 | GBP/EUR | 1.1025 |
| USD/CZK | 23.1002 | USD/MXN | 22.0758 | USD/TRY | 7.7042 | GBP/USD | 1.2928 |
| USD/DKK | 6.3477 | USD/MYR | 4.1555 | USD/TWD | 28.9620 |  |  |
| USD/EGP | 15.7600 | USD/NOK | 9.3566 | USD/ZAR | 16.6800 |  |  |
| USD/EUR | 0.8528 | USD/NZD | 1.5128 | EUR/CHF | 1.0773 |  |  |
| Average Rates for the financial year from 1 October 2019 to 30 September 2020: |
| USD/EUR | 0.8936 |
| USD/GBP | 0.7847 |
| The following exchange rates at 31 March 2020 were used to translate foreign currency assets and liabilities: |
| USD/AED | 3.6732 | USD/GBP | 0.8065 | USD/PKR | 166.1000 | EUR/DKK | 7.4622 |
| USD/AUD | 1.6339 | USD/HKD | 7.7509 | USD/PLN | 4.1535 | EUR/GBP | 0.8849 |
| USD/BRL | 5.1866 | USD/HUF | 328.7356 | USD/QAR | 3.6410 | EUR/NOK | 11.5223 |
| USD/CAD | 1.4233 | USD/IDR | 16,310.0020 | USD/RUB | 78.1338 | EUR/PLN | 4.5575 |
| USD/CHF | 0.9675 | USD/ILS | 3.5375 | USD/SEK | 9.9077 | EUR/SEK | 10.8713 |
| USD/CLP | 852.3200 | USD/JPY | 107.9550 | USD/SGD | 1.4238 | EUR/USD | 1.0973 |
| USD/COP | 4,060.1004 | USD/KRW | 1,217.3500 | USD/THB | 32.8175 | GBP/EUR | 1.1301 |
| USD/CZK | 24.9683 | USD/MXN | 23.4593 | USD/TRY | 6.5903 | GBP/USD | 1.2400 |
| USD/DKK | 6.8008 | USD/MYR | 4.3200 | USD/TWD | 30.2415 |  |  |
| USD/EGP | 15.7400 | USD/NOK | 10.5010 | USD/ZAR | 17.8600 |  |  |
| USD/EUR | 0.9114 | USD/NZD | 1.6868 | EUR/CHF | 1.0616 |  |  |
| USD/EUR | 0.9053 |  |  |  |  |  |  |
| USD/GBP | 0.7792 |  |  |  |  |  |  |

- TaxationUnder current law and practice the Company qualifies as an investment undertaking as defined in Section 739B of the Taxes Consolidation Act, 1997, as amended. On that basis, it is not chargeable to Irish tax on its income or gains.

However, Irish tax may arise on the happening of a “chargeable event”. A chargeable event includes any distribution payments to shareholders, any encashment, redemption, cancellation or transfer of shares and the holding of shares at the end of each eight year beginning with the acquisition of such shares.

### No Irish tax will arise on the Company in respect of chargeable events in respect of:
- A Shareholder who is neither Irish resident nor ordinarily resident in Ireland for tax purposes, at the time of the chargeable event, provided appropriate valid declarations in accordance with the provisions of the Taxes Consolidation Act, 1997, as amended, are held by the Company or Company has been authorised by the Irish Revenue to make gross payments in the absence of appropriate declarations; and
- Certain exempted Irish tax resident shareholders who have provided the Company with the necessary signed statutory declarations.

Dividends, interest and capital gains (if any) received on investments made by the Company may be subject to withholding taxes imposed by the country from which the investment income/gains are received and such taxes may not be recoverable by the Company or its shareholders.
The Finance Act 2010 provides that the Revenue Commissioners may grant approval for investment funds marketed outside of Ireland to make payments to non-resident investors without deduction of Irish tax where no relevant declaration is in place, subject to meeting the “equivalent measures”. A company wishing to receive approval must apply in writing to the Revenue Commissioners, confirming compliance with the relevant conditions.
- Fair value levelsUnder amendments to FRS 102 – Fair Value Hierarchy Disclosures, the Company is required to classify fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements.


### The fair value hierarchy has the following levels:

### Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities;

### Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices); and

### 6. Fair value levels (continued)

### Level 3 - Inputs for the asset or liability that are not based on observable market data (unobservable inputs).
The determination of what constitutes 'observable' requires significant judgement by the Company. The Company considers observable data to be that market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.
Furthermore, for those instruments which have significant unobservable inputs (Level 3), the standard requires disclosures on the transfers into and out of Level 3, a reconciliation of the opening and closing balances, total gains and losses for the financial period split between those recognised in the Statement of Comprehensive Income and recognised through the statement of total recognised gains and losses, purchases, sales issues and settlements, and a sensitivity analysis of assumptions used in determining the fair value of Level 3 positions.
| Invesco EQQQ NASDAQ-100 UCITS ETF | Currency | Fair Value Level 1 | Fair Value Level 2 | Fair Value Level 3 | Total |
| --- | --- | --- | --- | --- | --- |
| Equities | USD | 5,229,323,857 | – | – | 5,229,323,857 |
| Forward Foreign Exchange Contracts | USD | – | (7,049,268) | – | (7,049,268) |
| Invesco FTSE RAFI US 1000 UCITS ETF Equities | USD | 234,940,734 | – | – | 234,940,734 |
| Invesco S&P 500 High Dividend Low Volatility UCITS |  |  |  |  |  |
| ETF |  |  |  |  |  |
| Equities | USD | 93,715,067 | – | – | 93,715,067 |
| Investment Funds | USD | 1,600,614 | – | – | 1,600,614 |
| Forward Foreign Exchange Contracts | USD | – | (364) | – | (364) |
| Invesco S&P 500 QVM UCITS ETF |  |  |  |  |  |
| Equities | USD | 5,739,748 | – | – | 5,739,748 |
| Investment Funds | USD | 2,546 | – | – | 2,546 |
| Invesco Global Buyback Achievers UCITS ETF |  |  |  |  |  |
| Equities | USD | 45,467,100 | – | – | 45,467,100 |
| Invesco FTSE RAFI All-World 3000 UCITS ETF |  |  |  |  |  |
| Equities | USD | 34,907,060 | – | 4 | 34,907,064 |
| Investment Funds | USD | 232,797 | – | – | 232,797 |
| Invesco FTSE RAFI Emerging Markets UCITS ETF |  |  |  |  |  |
| Equities | USD | 40,616,359 | – | – | 40,616,359 |
| Investment Funds | USD | 764,117 | – | – | 764,117 |
| Invesco FTSE RAFI Europe UCITS ETF |  |  |  |  |  |
| Equities | EUR | 6,831,509 | – | 1 | 6,831,510 |
| Invesco EURO STOXX High Dividend Low Volatility |  |  |  |  |  |
| UCITS ETF |  |  |  |  |  |
| Equities | EUR | 14,523,970 | – | – | 14,523,970 |
| Invesco FTSE Emerging Markets High Dividend Low |  |  |  |  |  |
| Volatility UCITS ETF |  |  |  |  |  |
| Equities | USD | 72,959,375 | – | – | 72,959,375 |
| Investment Funds | USD | 5,407,183 | – | – | 5,407,183 |
| Invesco FTSE RAFI UK 100 UCITS ETF Equities | GBP | 8,295,471 | – | – | 8,295,471 |
| Investment Funds | GBP | 17,407 | – | – | 17,407 |
| Invesco EuroMTS Cash 3 Months UCITS ETF |  |  |  |  |  |
| Bonds | EUR | 26,231,324 | 4,330,834 | – | 30,562,158 |
| Invesco US High Yield Fallen Angels UCITS ETF |  |  |  |  |  |
| Bonds | USD | – | 358,508,876 | – | 358,508,876 |
| Investment Funds | USD | 4,790,303 | – | – | 4,790,303 |
| Futures Contracts | USD | 8,366 | – | – | 8,366 |
| Forward Foreign Exchange Contracts | USD | – | (990,276) | – | (990,276) |


### The value of securities classified as Level 1, Level 2 and Level 3 at 31 March 2021 is as follows: As at 31 March 2021
Funds may hold rights issues as a result of corporate actions. Rights issues are classified as Level 1 however, there are two rights holdings in SNAM Spa 9/4/2021 in Level 3 as these are unlisted. Securities may also be classified as Level 2 if the price of the security is stale due to a lack of trading activity.

### Significant transfers between levels during the financial period 31 March 2021.
There were no transfers between levels during the financial period 31 March 2021 with the exception for funds Invesco FTSE RAFI All- World 3000 UCITS ETF and Invesco FTSE RAFI Europe UCITS ETF investment in a rights issue as a result of a corporate action. The rights issue is not currently priced.

### The following table presents the movement in Level 3 for the financial period ended 31 March 2021.

### Invesco FTSE RAFI Europe

### UCITS ETF

### Invesco FTSE RAFI All-World

### 3000 UCITS ETF

### Currency	EUR	USD

### Balance at 1 October 2020	-	-

### Transfers into Level 3	14

### Net gains recognised in net changes in fair value on financial assets and financial

### liabilities at fair value through profit or loss	 -		- Balance at 31 March 2021	1	4

### 6. Fair value levels (continued)

### The value of securities classified as Level 1, Level 2 and Level 3 at 30 September 2020 is as follows:
| As at 30 September 2020 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  |  | Fair Value Level 1 | Fair Value Level 2 | Fair Value Level 3 | Total |
|  | Currency |  |  |  |  |
| Invesco EQQQ NASDAQ-100 UCITS ETF Equities | USD | 5,342,683,083 | – | – | 5,342,683,083 |
| Investment Funds | USD | 123,660,797 | – | – | 123,660,797 |
| Forward Foreign Exchange Contracts | USD | – | (5,075,619) | – | (5,075,619) |
| Invesco FTSE RAFI US 1000 UCITS ETF Equities | USD | 165,009,147 | – | – | 165,009,147 |
| Warrants Invesco S&P 500 High Dividend Low Volatility UCITS ETF Equities | USD USD | 3,190 75,793,139 | – – | – – | 3,190 75,793,139 |
| Forward Foreign Exchange Contracts | USD | – | (3,051) | – | (3,051) |
| Invesco S&P 500 QVM UCITS ETF Equities | USD | 6,793,040 | – | – | 6,793,040 |
| Invesco Global Buyback Achievers UCITS ETF Equities | USD | 24,992,727 | – | – | 24,992,727 |
| Invesco FTSE RAFI All-World 3000 UCITS ETF Equities | USD | 35,789,130 | – | – | 35,789,130 |
| Investment Funds | USD | 270,854 | – | – | 270,854 |
| Invesco FTSE RAFI Emerging Markets UCITS ETF Equities | USD | 26,950,410 | – | – | 26,950,410 |
| Investment Funds | USD | 2,140,431 | – | – | 2,140,431 |
| Invesco FTSE RAFI Europe UCITS ETF Equities | EUR | 5,966,685 | – | – | 5,966,685 |
| Invesco EURO STOXX High Dividend Low Volatility UCITS ETF Equities | EUR | 13,285,682 | – | – | 13,285,682 |
| Invesco FTSE Emerging Markets High Dividend Low Volatility UCITS ETF Equities | USD | 52,061,604 | – | – | 52,061,604 |
| Investment Funds | USD | 4,427,240 | – | – | 4,427,240 |
| Forward Foreign Exchange Contracts | USD | – | (1) | – | (1) |
| Invesco FTSE RAFI UK 100 UCITS ETF Equities | GBP | 7,206,669 | – | – | 7,206,669 |
| Invesco EuroMTS Cash 3 Months UCITS ETF Bonds | EUR | 15,497,612 | 14,356,394 | – | 29,854,006 |
| Invesco US High Yield Fallen Angels UCITS ETF Bonds | USD | – | 215,758,643 | – | 215,758,643 |
| Investment Funds | USD | 3,609,614 | – | – | 3,609,614 |
| Forward Foreign Exchange Contracts | USD | – | (172,042) | – | (172,042) |


### Significant transfers between levels during the year 30 September 2020.

### There were no transfers between levels during the financial year 30 September 2020

### 7. Distributions to Redeemable Participating Shareholders

### Distributions payable to redeemable participating Shareholders are classified as finance costs in the Statement of Comprehensive Income.
| March 2021 |  |
| --- | --- |
| Fund Name | Dividend Per | Record Date | Payment Date | Dividend Cash |
|  | Share |  |  | Amount |
| Invesco EQQQ NASDAQ-100 UCITS ETF | USD0.2335 | 19 March 2021 | 22 March 2021 | USD2,997,426 |
| Invesco FTSE RAFI US 1000 UCITS ETF | USD0.0812 | 19 March 2021 | 22 March 2021 | USD750,995 |
| Invesco S&P 500 High Dividend Low Volatility UCITS ETF | USD0.2716 | 19 March 2021 | 22 March 2021 | USD780,443 |
| Invesco S&P 500 QVM UCITS ETF | USD0.0957 | 19 March 2021 | 22 March 2021 | USD14,355 |
| Invesco Global Buyback Achievers UCITS ETF | USD0.0959 | 19 March 2021 | 22 March 2021 | USD84,028 |
| Invesco FTSE RAFI All-World 3000 UCITS ETF | USD0.0847 | 19 March 2021 | 22 March 2021 | USD126,334 |
| Invesco FTSE RAFI Emerging Markets UCITS ETF | USD0.0029 | 19 March 2021 | 22 March 2021 | USD12,676 |
| Invesco FTSE RAFI Europe UCITS ETF | EUR0.0443 | 19 March 2021 | 22 March 2021 | EUR26,580 |
| Invesco EURO STOXX High Dividend Low Volatility UCITS ETF | EUR0.0696 | 19 March 2021 | 22 March 2021 | EUR41,760 |
| Invesco FTSE Emerging Markets High Dividend Low Volatility UCITS ETF | USD0.2098 | 19 March 2021 | 22 March 2021 | USD556,245 |
| Invesco FTSE RAFI UK 100 UCITS ETF | GBP0.0815 | 19 March 2021 | 22 March 2021 | GBP70,025 |
| Invesco US High Yield Fallen Angels UCITS ETF | USD0.3073 | 19 March 2021 | 22 March 2021 | USD4,132,798 |
| December 2020 |  |  |  |  |
| Fund Name | Dividend Per | Record Date | Payment Date | Dividend Cash |
|  | Share |  |  | Amount |
| Invesco EQQQ NASDAQ-100 UCITS ETF | USD0.3368 | 11 December 2020 | 17 December 2020 | USD4,690,813 |
| Invesco FTSE RAFI US 1000 UCITS ETF | USD0.0895 | 11 December 2020 | 17 December 2020 | USD799,387 |
| Invesco S&P 500 High Dividend Low Volatility UCITS ETF | USD0.2965 | 11 December 2020 | 17 December 2020 | USD819,971 |
| Invesco S&P 500 QVM UCITS ETF | USD0.1272 | 11 December 2020 | 17 December 2020 | USD25,440 |
| Invesco Global Buyback Achievers UCITS ETF | USD0.1824 | 11 December 2020 | 17 December 2020 | USD132,459 |
| Invesco FTSE RAFI All-World 3000 UCITS ETF | USD0.0859 | 11 December 2020 | 17 December 2020 | USD110,773 |
| Invesco FTSE RAFI Emerging Markets UCITS ETF | USD0.0249 | 11 December 2020 | 17 December 2020 | USD108,838 |
| Invesco FTSE RAFI Europe UCITS ETF | EUR0.0250 | 11 December 2020 | 17 December 2020 | EUR15,000 |
| Invesco EURO STOXX High Dividend Low Volatility UCITS ETF | EUR0.0416 | 11 December 2020 | 17 December 2020 | EUR27,040 |
| Invesco FTSE Emerging Markets High Dividend Low Volatility UCITS ETF | USD0.0572 | 11 December 2020 | 17 December 2020 | USD142,274 |
| Invesco FTSE RAFI UK 100 UCITS ETF | GBP0.0476 | 11 December 2020 | 17 December 2020 | GBP40,898 |
| Invesco US High Yield Fallen Angels UCITS ETF | USD0.3609 | 11 December 2020 | 17 December 2020 | USD4,457,127 |

- 
## Distributions to Redeemable Participating Shareholders (continued)


### September 2020

### Fund Name	Dividend

### Per Share

### Record Date	Payment Date	Dividend Cash

### Amount
| Invesco EQQQ NASDAQ-100 UCITS ETF | USD0.2587 | 18 September 2020 24 September 2020 | USD3,688,583 |
| --- | --- | --- | --- |
| Invesco FTSE RAFI US 1000 UCITS ETF | USD0.0820 | 18 September 2020 24 September 2020 | USD683,199 |
| Invesco S&P 500 High Dividend Low Volatility UCITS ETF | USD0.2906 | 18 September 2020 24 September 2020 | USD818,185 |
| Invesco S&P 500 QVM UCITS ETF | USD0.1178 | 18 September 2020 24 September 2020 | USD23,560 |
| Invesco Global Buyback Achievers UCITS ETF | USD0.0862 | 18 September 2020 24 September 2020 | USD62,340 |
| Invesco FTSE RAFI All-World 3000 UCITS ETF | USD0.1097 | 18 September 2020 24 September 2020 | USD218,254 |
| Invesco FTSE RAFI Emerging Markets UCITS ETF | USD0.1256 | 18 September 2020 24 September 2020 | USD498,758 |
| Invesco FTSE RAFI Europe UCITS ETF | EUR0.0524 | 18 September 2020 24 September 2020 | EUR41,920 |
| Invesco EURO STOXX High Dividend Low Volatility UCITS ETF | EUR0.2577 | 18 September 2020 24 September 2020 | EUR167,505 |
| Invesco FTSE Emerging Markets High Dividend Low Volatility UCITS ETF | USD0.5565 | 18 September 2020 24 September 2020 | USD1,328,539 |
| Invesco FTSE RAFI UK 100 UCITS ETF | GBP0.0750 | 18 September 2020 24 September 2020 | GBP64,440 |


### Invesco US High Yield Fallen Angels UCITS ETF	USD0.3892	18 September 2020 24 September 2020 USD3,455,44 June 2020
| Fund Name | Dividend Per Share | Record Date | Payment Date | Dividend Cash Amount |
| --- | --- | --- | --- | --- |
| Invesco EQQQ NASDAQ-100 UCITS ETF | USD0.3190 | 19 June 2020 | 25 June 2020 | USD4,289,126 |
| Invesco FTSE RAFI US 1000 UCITS ETF | USD0.0955 | 19 June 2020 | 25 June 2020 | USD1,206,327 |
| Invesco S&P 500 High Dividend Low Volatility UCITS ETF | USD0.3406 | 19 June 2020 | 25 June 2020 | USD1,088,217 |
| Invesco S&P 500 QVM UCITS ETF | USD0.1460 | 19 June 2020 | 25 June 2020 | USD29,200 |
| Invesco Global Buyback Achievers UCITS ETF | USD0.2836 | 19 June 2020 | 25 June 2020 | USD219,280 |
| Invesco FTSE RAFI All-World 3000 UCITS ETF | USD0.1203 | 19 June 2020 | 25 June 2020 | USD311,523 |
| Invesco FTSE RAFI Emerging Markets UCITS ETF | USD0.0526 | 19 June 2020 | 25 June 2020 | USD207,560 |
| Invesco FTSE RAFI Europe UCITS ETF | EUR0.0692 | 19 June 2020 | 25 June 2020 | EUR55,360 |
| Invesco EURO STOXX High Dividend Low Volatility UCITS ETF | EUR0.2884 | 19 June 2020 | 25 June 2020 | EUR187,460 |
| Invesco FTSE Emerging Markets High Dividend Low Volatility UCITS ETF | USD0.2879 | 19 June 2020 | 25 June 2020 | USD672,912 |
| Invesco FTSE RAFI UK 100 UCITS ETF | GBP0.0451 | 19 June 2020 | 25 June 2020 | GBP38,750 |
| Invesco US High Yield Fallen Angels UCITS ETF | USD0.3806 | 19 June 2020 | 25 June 2020 | USD2,888,251 |
| March 2020 |  |  |  |  |
| Fund Name | Dividend | Record Date | Payment Date | Dividend Cash |
|  | Per Share |  |  | Amount |
| Invesco EQQQ NASDAQ-100 UCITS ETF | USD0.3075 | 13 March 2020 | 19 March 2020 | USD3,677,817 |
| Invesco FTSE RAFI US 1000 UCITS ETF | USD0.0970 | 13 March 2020 | 19 March 2020 | USD1,416,200 |
| Invesco Dynamic US Market UCITS ETF* | – | – | – | – |
| Invesco S&P 500 High Dividend Low Volatility UCITS ETF | USD0.3049 | 13 March 2020 | 19 March 2020 | USD1,019,891 |
| Invesco S&P 500 VEQTOR UCITS ETF* | – | – | – | – |
| Invesco S&P 500 QVM UCITS ETF | USD0.1422 | 13 March 2020 | 19 March 2020 | USD28,440 |
| Invesco Global Buyback Achievers UCITS ETF | USD0.0769 | 13 March 2020 | 19 March 2020 | USD97,432 |
| Invesco FTSE RAFI Europe Mid-Small UCITS ETF* | – | – | – | – |
| Invesco FTSE RAFI All-World 3000 UCITS ETF | USD0.0834 | 13 March 2020 | 19 March 2020 | USD282,689 |
| Invesco FTSE RAFI Emerging Markets UCITS ETF | USD0.0231 | 13 March 2020 | 19 March 2020 | USD70,363 |
| Invesco FTSE RAFI Europe UCITS ETF | EUR0.0334 | 13 March 2020 | 19 March 2020 | EUR23,380 |
| Invesco EURO STOXX High Dividend Low Volatility UCITS ETF | EUR0.0807 | 13 March 2020 | 19 March 2020 | EUR60,525 |
| Invesco FTSE Emerging Markets High Dividend Low Volatility | USD0.2184 | 13 March 2020 | 19 March 2020 | USD444,949 |
| UCITS ETF |  |  |  |  |
| Invesco FTSE RAFI UK 100 UCITS ETF | GBP0.0970 | 13 March 2020 | 19 March 2020 | GBP83,342 |
| Invesco US High Yield Fallen Angels UCITS ETF | USD0.3720 | 13 March 2020 | 19 March 2020 | USD984,350 |
| *Fund closed on 12 February 2020. |  |  |  |  |

- Distributions to Redeemable Participating Shareholders (continued)

| December 2019 |  |  |  |  |
| --- | --- | --- | --- | --- |
| Fund Name | Dividend Per Share | Record Date | Payment Date | Dividend Cash Amount |
| Invesco EQQQ NASDAQ-100 UCITS ETF | USD0.2905 | 13 December 2019 | 19 December 2019 | USD3,171,834 |
| Invesco FTSE RAFI US 1000 UCITS ETF | USD0.0828 | 13 December 2019 | 19 December 2019 | USD1,333,080 |
| Invesco Dynamic US Market UCITS ETF* | USD0.0342 | 13 December 2019 | 19 December 2019 | USD6,840 |
| Invesco S&P 500 High Dividend Low Volatility UCITS ETF | USD0.3159 | 13 December 2019 | 19 December 2019 | USD1,972,796 |
| Invesco S&P 500 VEQTOR UCITS ETF* | USD0.0793 | 13 December 2019 | 19 December 2019 | USD11,895 |
| Invesco S&P 500 QVM UCITS ETF | USD0.1067 | 13 December 2019 | 19 December 2019 | USD21,340 |
| Invesco Global Buyback Achievers UCITS ETF | USD0.1454 | 13 December 2019 | 19 December 2019 | USD387,782 |
| Invesco FTSE RAFI Europe Mid-Small UCITS ETF* | EUR0.0391 | 13 December 2019 | 19 December 2019 | EUR23,460 |
| Invesco FTSE RAFI All-World 3000 UCITS ETF | USD0.1016 | 13 December 2019 | 19 December 2019 | USD354,538 |
| Invesco FTSE RAFI Emerging Markets UCITS ETF | USD0.0337 | 13 December 2019 | 19 December 2019 | USD102,650 |
| Invesco FTSE RAFI Europe UCITS ETF | EUR0.0404 | 13 December 2019 | 19 December 2019 | EUR28,280 |
| Invesco EURO STOXX High Dividend Low Volatility UCITS ETF | EUR0.0956 | 13 December 2019 | 19 December 2019 | EUR62,140 |
| Invesco FTSE Emerging Markets High Dividend Low Volatility |  |  |  |  |
| UCITS ETF | USD0.2667 | 13 December 2019 | 19 December 2019 | USD396,666 |
| Invesco FTSE RAFI UK 100 UCITS ETF | GBP0.0994 | 13 December 2019 | 19 December 2019 | GBP105,285 |
| Invesco US High Yield Fallen Angels UCITS ETF | USD0.3815 | 13 December 2019 | 19 December 2019 | USD1,077,661 |
| September 2019 |  |  |  |  |
| Fund Name | Dividend Per Share | Record Date | Payment Date | Dividend Cash Amount |
| Invesco EQQQ NASDAQ-100 UCITS ETF | USD0.2819 | 20 September 2019 | 26 September 2019 | USD2,994,802 |
| Invesco FTSE RAFI US 1000 UCITS ETF | USD0.0874 | 20 September 2019 | 26 September 2019 | USD1,433,360 |
| Invesco Dynamic US Market UCITS ETF* | USD0.0231 | 20 September 2019 | 26 September 2019 | USD23,100 |
| Invesco S&P 500 High Dividend Low Volatility UCITS ETF | USD0.3202 | 20 September 2019 | 26 September 2019 | USD1,983,639 |
| Invesco S&P 500 VEQTOR UCITS ETF* | USD0.0718 | 20 September 2019 | 26 September 2019 | USD10,770 |
| Invesco S&P 500 QVM UCITS ETF | USD0.1156 | 20 September 2019 | 26 September 2019 | USD28,900 |
| Invesco Global Buyback Achievers UCITS ETF | USD0.2292 | 20 September 2019 | 26 September 2019 | USD598,441 |
| Invesco FTSE RAFI Europe Mid-Small UCITS ETF* | EUR0.0520 | 20 September 2019 | 26 September 2019 | EUR36,400 |
| Invesco FTSE RAFI All-World 3000 UCITS ETF | USD0.1054 | 20 September 2019 | 26 September 2019 | USD346,719 |
| Invesco FTSE RAFI Emerging Markets UCITS ETF | USD0.1527 | 20 September 2019 | 26 September 2019 | USD465,124 |
| Invesco FTSE RAFI Europe UCITS ETF | EUR0.0585 | 20 September 2019 | 26 September 2019 | EUR40,950 |
| Invesco EURO STOXX High Dividend Low Volatility UCITS ETF | EUR0.2533 | 20 September 2019 | 26 September 2019 | EUR164,645 |
| Invesco FTSE Emerging Markets High Dividend Low Volatility |  |  |  |  |
| UCITSETF | USD0.8353 | 20 September 2019 | 26 September 2019 | USD1,158,821 |
| Invesco FTSE RAFI UK 100 UCITS ETF | GBP0.1586 | 20 September 2019 | 26 September 2019 | GBP167,989 |
| Invesco US High Yield Fallen Angels UCITS ETF | USD0.3449 | 20 September 2019 | 26 September 2019 | USD869,797 |
| *Fund closed on 12 February 2020. |  |  |  |  |

- Translation adjustmentThe translation adjustment arises as a result of using exchange rates as at 31 March 2021 to translate non USD amounts on the Statement of Financial Position and the average exchange rate for the financial period ended 31 March 2021 to translate non USD amounts on the Statement of Comprehensive Income and Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares. The result is a notional foreign exchange loss at 31 March 2021 of USD807,989 (31 March 2020: USD693,438) which has no impact on the Net Asset Value of the individual Funds.
- Efficient Portfolio ManagementThe Company may, on behalf of each Fund and subject to the conditions and within the limits laid down by the Central Bank of Ireland, employ techniques and instruments relating to transferable securities for efficient portfolio management purposes. Transactions for the purposes of efficient portfolio management may be undertaken with a view to achieving a reduction in risk, a reduction in costs or an increase in capital or income returns to a Fund and may not be speculative in nature. These techniques and instruments may include investments in financial derivative instruments such as futures (which may be used to manage interest rate risk), options (which may be used to achieve cost efficiencies, for example where the acquisition of the option is more cost effective than purchasing of the underlying asset), swaps and forward currency exchange contracts (both of which may be used to manage currency risk against the base currency of a Fund and/or any functional currency of a Fund). Such techniques and instruments will be utilised in accordance with the requirements of the Central Bank of Ireland. New techniques and instruments may be developed which may be suitable for use by the Company and the Company (subject as aforesaid) may employ such techniques and instruments. A Fund may enter into stock lending, repurchase and/or reverse repurchase agreements for the purposes of efficient portfolio management in accordance with the provisions of the UCITS Regulations.


### Details of forward foreign exchange contracts held are reflected within the Schedule of Investments starting on page 10.
- Securities Lending and CollateralA new Prospectus was issued on 22 December 2020 to allow the Funds to participate in securities lending. A Fund may also enter into securities lending, repurchase and/or reverse repurchase agreements for the purposes of efficient portfolio management in accordance with the Central Bank Requirements. The maximum proportion of a Fund's assets that may be subject to securities lending is 100% and the expected proportion of a Fund's assets that may be subject to securities lending are between 0% and 15% for Equity Funds and between 0% and 30% for Bond Funds.


### As at 31 March 2021 and 30 September 2020, there was no cash collateral held by the Funds.
- Swiss Disclosure RequirementThe Articles of Association, the Company’s Prospectus, the key investor information document, and the annual and semi-annual reports of the Company, which include a statement of purchases and sales, can be obtained free of charge from the relevant information agent in Switzerland1, Germany2, Austria3, and France4. In addition, the Company’s key investor information documents, the Prospectus & annual and semi-annual reports are available through the following website: https://etf.invesco.com
- Switzerland – Invesco Asset Management (Schweiz) AG, at Talacker 34, 8001 Zurich has been approved by the Swiss Financial Market Supervisory Authority as Swiss Representative of the Company. BNP Paribas Securities Services Paris, Succursale de Zurich, Selnaustrasse 16, 8002 Zurich acts as a paying agent for the Company in Switzerland. The Memorandum and Articles of Association, the Prospectus and key investor information documents as well as the annual (including audited financial statements) and semi-annual Reports, which contain the list of redemptions and sales, are available free of charge from the representative in Switzerland, Invesco Asset Management (Schweiz) AG. The Prospectus and the key investor information documents of the Company as well as the annual and semi-annual Reports may further be downloaded from the following websites: https://etf.invesco.com and  www.fundinfo.com.
- Germany – BNP Paribas Securities Services S.C.A. - Zweigniederlassung Frankfurt am Main, Europa-Allee 12, D-60327 Frankfurt am Main
- Austria – Erste Bank der oesterreichischen Sparkassen AG, Greben 21, 1010 Vienna, Austria
- France – BNP Paribas Securities Services, 9 rue du débacadère, 93500 Pantin, France


## 11. Swiss Disclosure Requirement (continued)

### The following table lists the Funds that are authorised for distribution in Switzerland.

### Total expense ratio expresses the sum of all costs and commissions charged on an on-going basis to the Funds’ assets
Fund Name	Total Expense Ratio	Performance Ratio
Financial
Financial
Financial
Financial
Financial
Financial
Period ended
Year ended
Period ended Period ended
Year endedPeriod ended
31-Mar-21	30-Sep-20	31-Mar-20	31-Mar-21  30-Sep-20	31-Mar-20
%	%	%	%	%	%

### Invesco EQQQ NASDAQ-100 UCITS ETF*	0.30	0.30	0.30	1.66	48.136.58
| 0.35 | 0.35 | 0.35 | 1.37 | 44.76 | 3.22 |
| --- | --- | --- | --- | --- | --- |
| 0.35 | 0.35 | 0.35 | 1.60 | 45.24 | 3.37 |
| 0.35 | 0.35 | 0.35 | 1.72 | 45.14 | 3.55 |
| 0.30 | 0.30 | 0.30 | 1.74 | 48.16 | 6.57 |
| 0.39 | 0.39 | 0.39 | 14.20 | (1.08) | (16.64) |
| 0.30 | 0.30 | 0.30 | 15.07 | (18.76) | (26.46) |
| 0.35 | 0.35 | 0.35 | 15.00 | (20.37) | (28.86) |
| 0.39 | 0.39 | 0.39 | n/a | 3.85 | n/a |
| 0.35 | 0.35 | 0.35 | 6.19 | 9.56 | (11.55) |
| 0.39 | 0.39 | 0.39 | 12.16 | 2.10 | (16.21) |
| 0.39 | 0.39 | 0.39 | n/a | 14.25 | n/a |
| 0.39 | 0.39 | 0.39 | 10.16 | (3.55) | (18.36) |
| 0.49 | 0.49 | 0.49 | 6.28 | (8.27) | (24.54) |
| 0.39 | 0.39 | 0.39 | 12.77 | (17.23) | (21.15) |
| 0.30 | 0.30 | 0.30 | 10.44 | (20.85) | (25.92) |
| 0.49 | 0.49 | 0.49 | 6.96 | (14.57) | (25.97) |
| 0.45 | 0.45 | 0.45 | 0.48 | 2.45 | (18.77) |
| 0.50 | 0.50 | 0.50 | 0.05 | 0.17 | (21.34) |
| 0.50 | 0.50 | 0.50 | 0.14 | (0.25) | (21.64) |
| 0.50 | 0.50 | 0.50 | 0.30 | (0.28) | (21.39) |


### Invesco EQQQ NASDAQ-100 UCITS ETF – CHF Hedged UCITS ETF*

### Invesco EQQQ NASDAQ-100 UCITS ETF – EUR Hedged UCITS ETF*

### Invesco EQQQ NASDAQ-100 UCITS ETF – GBP Hedged UCITS ETF*

### Invesco EQQQ NASDAQ-100 UCITS ETF – USD

### Unhedged Accumulation UCITS ETF*

### Invesco FTSE RAFI US 1000 UCITS ETF*

### Invesco S&P 500 High Dividend Low Volatility UCITS ETF*

### Invesco S&P 500 High Dividend Low Volatility UCITS ETF - CHF Hedged UCITS ETF*

### Invesco S&P 500 VEQTOR UCITS ETF** Invesco S&P 500 QVM UCITS ETF*+

### Invesco Global Buyback Achievers UCITS ETF* Invesco FTSE RAFI Europe Mid-Small UCITS ETF** Invesco FTSE RAFI All-World 3000 UCITS ETF* Invesco FTSE RAFI Emerging Markets UCITS ETF*

### Invesco FTSE RAFI Europe UCITS ETF*

### Invesco EURO STOXX High Dividend Low Volatility UCITS ETF*

### Invesco FTSE Emerging Markets High Dividend Low Volatility UCITS ETF*

### Invesco US High Yield Fallen Angels UCITS ETF*

### Invesco US High Yield Fallen Angels – CHF Hedged UCITS ETF*

### Invesco US High Yield Fallen Angels – EUR Hedged UCITS ETF*

### Invesco US High Yield Fallen Angels – GBP Hedged UCITS ETF*

### * Funds registered for the distribution in Switzerland during the financial period.

### ** Fund closed on 12 February 2020.

### + Fund performance of Invesco S&P 500 QVM UCITS ETF calculated from inception date 18 May 2017.
- Significant Agreements and Related Party TransactionsFees of the Manager, the Depositary, the Sub-Custodian, and the Administrator The ManagerUnder the terms of the Management Agreement, the Manager has responsibility for the management and administration of the Company’s affairs and the marketing and distribution of the Shares, subject to the overall supervision and control of the Directors.


### The Manager has delegated the investment management functions to the Investment Manager and the administration functions to the Administrator.
The Manager may from time to time appoint other entities in relation to the distribution of Shares, which entities shall be paid out of the fee payable to the Manager and/or out of the subscription proceeds for such shares.

### 12. Significant Agreements and Related Party Transactions (continued) The Manager (continued)
Until further notice, the Manager has undertaken to cap the fee receivable by it from the Funds to the following rates per annum of the Net Asset Value (“NAV”) of the relevant Fund, provided that, in no event will the fee receivable by the Manager exceed 1% per annum of the NAV of the relevant Fund without the prior approval of Shareholders:

### Invesco EQQQ NASDAQ-100 UCITS ETF – Class US Dollar	0.30%

### Invesco EQQQ NASDAQ-100 UCITS ETF – Class CHF Hedged	0.35%

### Invesco EQQQ NASDAQ-100 UCITS ETF – Class EUR Hedged	0.35%

### Invesco EQQQ NASDAQ-100 UCITS ETF – Class GBP Hedged	 0.35% Invesco EQQQ NASDAQ-100 UCITS ETF – Class USD Unhedged Accumulation Class	 0.30% Invesco FTSE RAFI US 1000 UCITS ETF	0.39%

### Invesco S&P 500 High Dividend Low Volatility UCITS ETF – Class US Dollar	0.30%

### Invesco S&P 500 High Dividend Low Volatility UCITS ETF – Class CHF Hedged	0.35%

### Invesco S&P 500 QVM UCITS ETF	0.35%

### Invesco Global Buyback Achievers UCITS ETF	0.39%

### Invesco FTSE RAFI All-World 3000 UCITS ETF	0.39%

### Invesco FTSE RAFI Emerging Markets UCITS ETF	0.49%

### Invesco FTSE RAFI Europe UCITS ETF	0.39%

### Invesco EURO STOXX High Dividend Low Volatility UCITS ETF	0.30%

### Invesco FTSE Emerging Markets High Dividend Low Volatility UCITS ETF	0.49%

### Invesco FTSE RAFI UK 100 UCITS ETF	0.39%

### Invesco EuroMTS Cash 3 Months UCITS ETF	0.15%

### Invesco US High Yield Fallen Angels UCITS ETF – Class US Dollar	0.45%

### Invesco US High Yield Fallen Angels UCITS ETF – Class CHF Hedged	0.50%

### Invesco US High Yield Fallen Angels UCITS ETF – Class EUR Hedged	0.50%

### Invesco US High Yield Fallen Angels UCITS ETF – Class GBP Hedged	0.50%

### Fees discharged to the Manager during the financial period amounted to USD9,896,975 (31 March 2020: USD5,538,192) with USD1,696,416 payable at financial period end (30 September 2020: USD1,382,727).

### Shareholders servicing fee of 0.06% is payable by Invesco EQQQ NASDAQ-100 UCITS ETF for transfer agent services provided.
The Manager will be entitled to a maximum fee of 1% per annum of the NAV of the Funds of the Company and will be responsible for discharging, from its fee, all fees of the Investment Manager, the Administrator and the Depositary together with all reasonable out of pocket expenses of such service providers, excluding sub-custodian fees and expenses, (which will be at normal commercial rates) and transaction related charges of the Administrator and Depositary. The Manager will also be responsible for discharging from its fee other costs attributable to the Funds of the Company as detailed under the heading “Operational Expenses” in the Prospectus, this includes directors fees.

### The Directors
The amount paid to Directors in the financial period, by the Manager and the amounts payable at the financial period end are disclosed in Statement of Financial Position and Statement of Comprehensive Income on pages 87 to 96. The Directors who are also employees of the Invesco Group are not entitled to receive Directors' fees. Please see details above of fee paid to the Manager. Feargal Dempsey is a Director of Invesco Investment Management Limited. Anne- Marie King is a Director of the Company and is also a Director of the Invesco Investment Management Limited. Gary Buxton is a Director of the Company. Barry McGrath is a Director of the Company, Invesco Investment Management Limited and Invesco Holdings Limited.

### The Directors fees charged during the financial period 31 March 2021 was EUR 20,000 (inclusive of PAYE) (31 March 2020: EUR 20,000).

### The Administrator
The Manager has delegated its responsibilities as Administrator, Registrar and Transfer Agent to BNY Mellon Fund Services (Ireland) Designated Activity Company (the “Administrator”), pursuant to the Administration Agreement dated 8 August 2007 between the Manager and the Administrator. The Administrator will have the responsibility for the administration of the Company's affairs, including the calculation of the NAV per share and preparation of the accounts of the Company, subject to the overall supervision of the Manager and the Directors. The Administrator’s fee is paid out of the all-in-fee by the Manager.

### The Depositary
The Company has appointed Bank of New York Mellon SA/NV, Dublin Branch (formerly BNY Mellon Trust Company (Ireland) Limited) (the “Depositary”) as Depositary of its assets pursuant to the Depositary Agreement dated 3 September 2002 between the Company and the Depositary.
The Depositary provides safe custody of the Company's assets pursuant to the Regulations. The Depositary’s fees and that of the Sub- Custodian and their transaction charges are paid out of the all-in-fee by the Manager.

### Related Parties

### The Manager is deemed related to the Company.
As at 31 March 2021, the holdings of Invesco FTSE RAFI All-World 3000 UCITS ETF contained a security “Invesco Ltd”, the holdings of Invesco FTSE RAFI US 1000 UCITS ETF contained a security “Invesco Ltd” and a security “Invesco Mortgage Capital Inc”. Both of these securities are related to the Investment Manager by virtue of Invesco Limited being the ultimate parent of Invesco Capital Management L.L.C, Invesco Mortgage Capital Inc. The securities were bought and valued at arms length. See Schedule of Investments on page 10 to 86 for details of related party investments note abov
- Significant Agreements and Related Party Transactions (continued) Related Parties (continued)The Manager will discharge the legal fees out of its all-in-fee.


### Invesco Capital Management LLC holds one subscriber share in the Company.

### Some employees of Invesco Investment Management Limited hold subscriber shares in the Company.
Invesco S&P 500 High Dividend Low Volatility UCITS ETF, Invesco S&P 500 QVM UCITS ETF and Invesco US High Yield Fallen Angels UCITS ETF invests in Invesco US Dollar Liquidity Portfolio as at 31 March 2021. Invesco FTSE RAFI Emerging Markets UCITS ETF invests in Invesco Markets plc - Invesco MSCI Saudi Arabia UCITS ETF. Invesco FTSE RAFI All-World 3000 UCITS ETF invests in Invesco Markets plc - Invesco MSCI Saudi Arabia UCITS ETF.

### Transactions with connected persons
Any transaction carried out with a UCITS by a management company or depositary to the UCITS, the delegates or sub-delegates of the management company or depositary, and any associated or group of such a management company, depositary, delegate or subdelegate (“connected persons”) must be carried out as if conducted at arm’s length. Transactions must be in the best interests of the Shareholders.
The Directors are satisfied that there are arrangements (evidenced by written procedures) in place, to ensure that the obligations set out in Regulation 43(1) of the Central Bank UCITS Regulations are applied to all transactions with connected persons, and are satisfied that transactions with connected persons entered into during the period complied with the obligations set out in Regulation 43(1) of the Central Bank UCITS Regulations.
- Significant Events during the financial periodManaging the risks presented by the outbreak of CoronavirusThe spread of the coronavirus (COVID-19) disease has caused significant volatility within the global economy and financial markets. To date, the primary focus of our response has been threefold:to ensure the health and safety of our employees; to preserve our ability to serve our clients; andto appropriately manage client assets in a highly dynamic market environment.

We have established cross-functional teams in each region (Americas, Asia Pacific and EMEA) that are monitoring the situation globally and regionally. These teams, which namely include representatives from Distribution, Portfolio Management, Trading, Technology/Operations, Human Resources, Business Continuity, Compliance, are taking steps to ensure an appropriate and effective response during a highly fluid situation.
We have considered whether there are any financial contingencies and have determined that there are no commitments, contingent liabilities or balances after the reporting period to be disclosed at this stage.
The directors of Invesco Investment Management Limited are actively monitoring the situation and, with the support of the investment manager, continue to manage the Fund’s assets within its investment and risk parameters that have been established. The Directors will continue to review the situation in order to navigate through this period of heightened uncertainty.

### A new Prospectus was issued on 22 December 2020 to allow the Funds to participate in securities lending.
An Addendum to the Prospectus was issued on 3 March 2021. The addendum should be read in the context of, and together with, the prospectus of the Company dated 22 December 2020. The Prospectus was amended under section Risk Factors to include Sustainability Risk. Also Sustainable Finance was added to Appendix VI.

### Brexit
The transition period for the UK’s departure from the EU (commonly referred to as Brexit) expired on 31 December 2020. The Manager does not believe that Brexit presents significant issues that cannot be mitigated given that the Funds are domiciled in Ireland and can still passport into Europe (ex UK) and are all currently registered for marketing into the UK under the FCA’s Temporary Passporting Regime (TPR). Core counterparties of and service providers to the Company have contingency arrangements availableas necessary to ensure that activities can continue with minimal disruption. The Manager has plans to ensure that the Funds will continue to be recognised for sale in the UK once the TPR ends.
The Manager, is part of a global group and has been committed for many years to meeting clients’ needs across Europe in both EU and non-EU countries. The change in the UK’s status from an EU to a non-EU country has not changed the group’s focus or commitment to serve its clients across Europe. The Manager is monitoring developments closely, through a Brexit Steering Committee, to ensure that the impact on clients and the Company is minima

### Apart from the above there were no other significant events during the financial period that require disclosure in the financial statements.
- Significant Events after the financial period end dateAs of 1 May 2021, the Funds Invesco FTSE RAFI Europe UCITS ETF and Invesco Euro Stoxx High Dividend Low Volatility UCITS ETF will no longer comply with the PEA requirements. In order to maintain eligibility for the Plan d’Epargne en Actions (PEA), a Fund must invest on a permanent basis at least 75% of its NAV in companies having their registered office in the EU or part of the EEA which has agreed a tax treaty with France.


### There were no other significant events after the financial period end date that required to be disclosed in the financial statements.
- Approval of Financial StatementsThe Directors approved the financial statements on 18 May 2021.

| Security Description | Nominal | Cost USD | Security Description | Nominal | Proceeds USD |
| --- | --- | --- | --- | --- | --- |
| Apple Inc | 691,390 | 90,575,374 | Apple Inc | 2,182,746 | 266,333,494 |
| Microsoft Corp | 307,364 | 70,773,128 | Microsoft Corp | 935,437 | 206,955,361 |
| Amazon.com Inc | 20,484 | 66,703,442 | Amazon.com Inc | 60,817 | 191,248,479 |
| Tesla Inc | 51,056 | 37,144,336 | Alphabet Inc - Class A | 53,337 | 95,522,244 |
| NVIDIA Corp | 59,011 | 32,212,743 | Tesla Inc | 148,822 | 89,085,938 |
| Facebook Inc | 97,999 | 26,714,208 | Facebook Inc | 294,951 | 80,189,631 |
| PayPal Holdings Inc | 108,289 | 26,517,160 | Alphabet Inc - Class C | 42,558 | 77,772,706 |
| Alphabet Inc - Class C | 13,483 | 25,714,733 | NVIDIA Corp | 79,836 | 42,558,532 |
| Alphabet Inc - Class A | 12,728 | 24,092,466 | PayPal Holdings Inc | 151,151 | 33,590,835 |
| Keurig Dr Pepper Inc | 771,821 | 23,156,610 | Comcast Corp | 584,937 | 29,840,874 |
| Netflix Inc | 41,634 | 22,481,454 | Intel Corp | 552,854 | 29,742,412 |
| Adobe Inc | 45,280 | 22,142,728 | Adobe Inc | 62,866 | 29,083,363 |
| Comcast Corp | 427,210 | 21,482,483 | Netflix Inc | 56,583 | 28,718,472 |
| American Electric Power Co Inc | 244,479 | 20,291,243 | PepsiCo Inc | 179,057 | 24,673,609 |
| Match Group Inc | 130,721 | 20,249,624 | Cisco Systems Inc/Delaware | 545,290 | 23,582,746 |
| PepsiCo Inc | 127,389 | 18,065,493 | Broadcom Inc | 51,471 | 21,590,317 |
| Broadcom Inc | 40,794 | 18,058,828 | QUALCOMM Inc | 144,778 | 20,296,543 |
| Peloton Interactive Inc | 127,801 | 17,863,950 | Costco Wholesale Corp | 56,586 | 20,117,190 |
| Cisco Systems Inc/Delaware | 394,027 | 17,752,281 | T-Mobile US Inc | 158,865 | 19,804,293 |
| Intel Corp | 319,739 | 17,268,686 | Texas Instruments Inc | 117,556 | 19,221,568 |
| Okta Inc | 58,919 | 15,986,532 |  |
| Atlassian Corp Plc | 64,688 | 15,971,995 |
| QUALCOMM Inc | 107,732 | 15,940,780 |
| Marvell Technology Group Ltd | 326,843 | 15,650,134 |
| Costco Wholesale Corp | 41,350 | 15,014,090 |
| T-Mobile US Inc | 116,709 | 14,869,122 |
| Texas Instruments Inc | 86,597 | 14,441,813 |
| Amgen Inc | 53,665 | 12,645,393 |
| Advanced Micro Devices Inc | 126,298 | 11,608,339 |
| Starbucks Corp | 111,751 | 11,412,368 |
| Intuit Inc | 29,391 | 11,130,117 |

| Security Description | Nominal | Cost USD | Security Description | Nominal | Proceeds USD |
| --- | --- | --- | --- | --- | --- |
| AT&T Inc | 51,434 | 1,499,361 | GameStop Corp | 19,933 | 3,611,163 |
| Apple Inc | 12,326 | 1,480,346 | Apple Inc | 29,842 | 3,587,773 |
| Wells Fargo & Co | 37,780 | 1,345,991 | Ford Motor Co | 72,517 | 816,925 |
| Citigroup Inc | 16,689 | 1,090,462 | Microsoft Corp | 3,585 | 791,494 |
| JPMorgan Chase & Co | 7,524 | 958,178 | Berkshire Hathaway Inc | 3,380 | 784,376 |
| Verizon Communications Inc | 14,104 | 809,023 | General Motors Co | 14,485 | 753,920 |
| Bank of America Corp | 25,040 | 805,722 | Exxon Mobil Corp | 15,513 | 693,554 |
| Microsoft Corp | 3,482 | 754,852 | McKesson Corp | 3,530 | 649,405 |
| International Business Machines Corp | 5,913 | 746,806 | Antero Resources Corp | 52,892 | 477,056 |
| Intel Corp | 12,397 | 721,248 | Freeport-McMoRan Inc | 14,488 | 474,498 |
| Berkshire Hathaway Inc | 3,258 | 715,871 | DuPont de Nemours Inc | 6,276 | 454,891 |
| Pfizer Inc | 18,235 | 662,172 | Deere & Co | 1,309 | 447,898 |
| Boeing Co/The | 2,739 | 661,800 | Target Corp | 2,446 | 443,012 |
| UnitedHealth Group Inc | 1,792 | 621,348 | JPMorgan Chase & Co | 3,732 | 427,516 |
| Johnson & Johnson | 3,982 | 602,520 | AT&T Inc | 14,761 | 426,091 |
| Exxon Mobil Corp | 15,242 | 600,377 | QUALCOMM Inc | 3,194 | 424,742 |
| Merck & Co Inc | 6,918 | 541,832 | Morgan Stanley | 5,729 | 420,806 |
| Procter & Gamble Co/The | 3,956 | 535,247 | Verizon Communications Inc | 6,977 | 414,606 |
| Coca-Cola Co/The | 10,477 | 529,804 | United Parcel Service Inc | 2,541 | 413,839 |
| PepsiCo Inc | 3,803 | 519,865 | Chevron Corp | 4,726 | 412,083 |

| Security Description | Nominal | Cost USD | Security Description | Nominal | Proceeds USD |
| --- | --- | --- | --- | --- | --- |
| Gilead Sciences Inc | 28,234 | 1,847,297 | Huntington Bancshares Inc/OH | 275,845 | 3,532,293 |
| Franklin Resources Inc | 66,715 | 1,765,328 | Vornado Realty Trust (REIT) | 78,685 | 3,048,372 |
| AT&T Inc | 53,568 | 1,546,760 | NetApp Inc | 39,945 | 2,521,372 |
| Kellogg Co | 25,447 | 1,500,955 | Regency Centers Corp (REIT) | 51,325 | 2,359,045 |
| Evergy Inc | 27,790 | 1,500,625 | Federal Realty Investment Trust |  |  |
| General Mills Inc | 24,356 | 1,413,637 | (REIT) | 26,937 | 2,320,914 |
| Juniper Networks Inc | 57,466 | 1,403,339 | HP Inc | 90,043 | 2,125,033 |
| Chevron Corp | 15,915 | 1,402,016 | Dow Inc | 36,176 | 1,929,304 |
| Kinder Morgan Inc | 95,153 | 1,350,947 | Eastman Chemical Co | 19,422 | 1,897,440 |
| Altria Group Inc | 31,843 | 1,333,975 | International Paper Co | 37,946 | 1,887,609 |
| FirstEnergy Corp | 41,894 | 1,304,562 | Nucor Corp | 36,123 | 1,804,379 |
| Cisco Systems Inc/Delaware | 28,898 | 1,298,212 | Exelon Corp | 43,307 | 1,804,032 |
| Kimberly-Clark Corp | 9,722 | 1,284,581 | Newell Brands Inc | 78,791 | 1,752,889 |
| J M Smucker Co/The | 10,915 | 1,272,411 | Interpublic Group of Cos Inc/The | 66,196 | 1,525,950 |
| International Business Machines Corp | 9,996 | 1,203,411 | Seagate Technology Plc | 21,730 | 1,349,401 |
| Genuine Parts Co | 12,535 | 1,197,953 | Broadcom Inc | 3,023 | 1,292,672 |
| Iron Mountain Inc | 39,174 | 1,162,644 | Iron Mountain Inc | 43,161 | 1,283,628 |
| Dominion Energy Inc | 15,382 | 1,153,939 | CF Industries Holdings Inc | 32,697 | 1,265,912 |
| PPL Corp | 40,916 | 1,153,314 | Altria Group Inc | 28,545 | 1,195,375 |
| Exxon Mobil Corp | 25,652 | 1,123,466 | Exxon Mobil Corp | 26,814 | 1,143,351 |
| Dow Inc | 19,850 | 1,086,908 | Hewlett Packard Enterprise Co | 94,336 | 1,103,094 |
| Consolidated Edison Inc | 14,868 | 1,082,563 | PPL Corp | 37,705 | 1,058,994 |
| Philip Morris International Inc | 13,099 | 1,050,551 | Philip Morris International Inc | 13,058 | 1,047,969 |
| Kraft Heinz Co/The | 30,854 | 1,044,717 | AT&T Inc | 36,139 | 1,043,056 |
| Western Union Co/The | 43,561 | 982,747 | People's United Financial Inc | 78,026 | 1,039,215 |
| Realty Income Corp | 15,839 | 959,681 | Hanesbrands Inc | 67,081 | 1,035,163 |
| People's United Financial Inc | 69,414 | 958,804 | Kinder Morgan Inc | 72,356 | 1,025,673 |
| International Paper Co | 19,102 | 938,195 | CenturyLink Inc | 92,562 | 935,042 |
| Walgreens Boots Alliance Inc | 20,259 | 917,940 | Healthpeak Properties Inc | 30,602 | 893,833 |
| Pinnacle West Capital Corp | 11,491 | 909,685 | Chevron Corp | 9,799 | 868,163 |
| Entergy Corp | 9,177 | 907,768 | International Business Machines Corp | 6,707 | 832,843 |
| Verizon Communications Inc | 15,494 | 888,131 | Duke Energy Corp | 8,565 | 784,748 |
| Pfizer Inc | 23,952 | 877,532 | Southern Co/The | 13,098 | 782,886 |
| Interpublic Group of Cos Inc/The | 38,019 | 875,166 | Omnicom Group Inc | 12,581 | 773,528 |
| Seagate Technology Plc | 14,195 | 866,674 | Kraft Heinz Co/The | 22,460 | 764,913 |
| Newell Brands Inc | 40,792 | 861,562 | Realty Income Corp | 12,427 | 747,865 |
| Healthpeak Properties Inc | 28,920 | 850,706 | Edison International | 12,399 | 745,234 |
| Huntington Bancshares Inc/OH | 64,889 | 788,561 | Amcor Plc | 63,701 | 730,489 |
| Cardinal Health Inc | 14,602 | 787,406 | AbbVie Inc | 7,130 | 722,794 |
| Edison International | 13,083 | 783,880 | Verizon Communications Inc | 12,034 | 704,562 |
| Hanesbrands Inc | 49,445 | 774,713 | Dominion Energy Inc | 9,100 | 696,285 |
| Duke Energy Corp | 8,349 | 771,285 | Pfizer Inc | 18,525 | 693,404 |
| AbbVie Inc | 7,537 | 765,335 | Walgreens Boots Alliance Inc | 16,346 | 691,535 |
| Amcor Plc | 66,901 | 758,424 | FirstEnergy Corp | 21,969 | 675,679 |
| Hewlett Packard Enterprise Co | 64,664 | 752,578 | Consolidated Edison Inc | 8,840 | 657,608 |
| Omnicom Group Inc | 11,719 | 730,857 | Pinnacle West Capital Corp | 8,065 | 648,891 |
| CenturyLink Inc | 73,217 | 730,681 | Western Union Co/The | 27,662 | 621,335 |
| Southern Co/The | 11,896 | 722,991 |  |  |  |
| Vornado Realty Trust (REIT) | 18,502 | 686,703 |  |  |  |
| 3M Co | 3,829 | 664,093 |  |  |  |
| Broadcom Inc | 1,547 | 634,658 |  |  |  |
| CF Industries Holdings Inc | 16,771 | 620,345 |  |  |  |

| Security Description | Nominal | Cost USD | Security Description | Nominal | Proceeds USD |
| --- | --- | --- | --- | --- | --- |
| Adobe Inc | 566 | 284,553 | AT&T Inc | 7,091 | 208,511 |
| Texas Instruments Inc | 1,016 | 166,702 | Merck & Co Inc | 2,475 | 196,816 |
| Eli Lilly and Co | 806 | 138,286 | Apple Inc | 1,484 | 191,736 |
| BlackRock Inc | 155 | 108,315 | Medtronic PLC | 1,481 | 172,834 |
| Applied Materials Inc | 939 | 80,845 | Chevron Corp | 1,883 | 164,199 |
| Danaher Corp | 275 | 62,172 | Oracle Corp | 2,117 | 137,715 |
| DuPont de Nemours Inc | 811 | 57,854 | NVIDIA Corp | 242 | 129,038 |
| Thermo Fisher Scientific Inc | 123 | 57,402 | Intel Corp | 1,878 | 101,310 |
| Procter & Gamble Co/The | 348 | 48,296 | Microsoft Corp | 434 | 97,284 |
| IDEXX Laboratories Inc | 97 | 47,096 | Johnson & Johnson | 595 | 96,499 |
| Synopsys Inc | 168 | 42,841 | UnitedHealth Group Inc | 261 | 91,530 |
| Agilent Technologies Inc | 347 | 41,399 | Procter & Gamble Co/The | 669 | 88,282 |
| Clorox Co/The | 199 | 40,432 | Booking Holdings Inc | 39 | 81,892 |
| Align Technology Inc | 74 | 39,215 | Micron Technology Inc | 1,073 | 76,667 |
| Alexion Pharmaceuticals Inc | 247 | 38,719 | Mondelez International Inc | 1,302 | 75,923 |
| Travelers Cos Inc/The | 272 | 37,772 | Prologis Inc (REIT) | 731 | 71,683 |
| Mettler-Toledo International Inc | 32 | 36,315 | Costco Wholesale Corp | 193 | 70,133 |
| Monster Beverage Corp | 392 | 35,334 | Walmart Inc | 465 | 67,671 |
| McCormick & Co Inc/MD | 305 | 28,480 | Adobe Inc | 144 | 67,622 |
| Best Buy Co Inc | 275 | 28,038 | Thermo Fisher Scientific Inc | 129 | 66,482 |
| Cardinal Health Inc | 450 | 24,735 | CME Group Inc | 345 | 63,469 |
| Conagra Brands Inc | 682 | 24,638 | Intercontinental Exchange Inc | 542 | 61,149 |
| Johnson & Johnson | 158 | 24,332 | Amgen Inc | 249 | 60,656 |
| Target Corp | 139 | 23,711 | Danaher Corp | 247 | 58,462 |
| Walmart Inc | 161 | 23,459 | Air Products and Chemicals Inc | 216 | 58,220 |
| Hologic Inc | 308 | 23,031 | Newmont Corp | 898 | 54,322 |
| Progressive Corp/The | 215 | 20,846 | Texas Instruments Inc | 256 | 44,331 |
|  |  |  | Eli Lilly and Co | 206 | 41,311 |
|  |  |  | Linde Plc | 152 | 39,109 |

| Security Description | Nominal | Cost USD | Security Description | Nominal | Proceeds USD |
| --- | --- | --- | --- | --- | --- |
| Intel Corp | 40,584 | 2,317,884 | JPMorgan Chase & Co | 14,847 | 1,902,376 |
| Charter Communications Inc | 2,476 | 1,517,282 | Apple Inc | 14,643 | 1,871,703 |
| Oracle Corp | 23,166 | 1,454,639 | Bank of America Corp | 40,541 | 1,200,309 |
| eBay Inc | 22,585 | 1,287,762 | Cisco Systems Inc/Delaware | 22,528 | 1,003,541 |
| Biogen Inc | 4,232 | 1,182,343 | QUALCOMM Inc | 6,004 | 937,712 |
| Allstate Corp/The | 9,457 | 1,031,844 | Eli Lilly and Co | 4,485 | 918,295 |
| HP Inc | 35,511 | 920,378 | Union Pacific Corp | 3,617 | 715,552 |
| McKesson Corp | 5,051 | 897,132 | Amgen Inc | 2,779 | 668,307 |
| Fortinet Inc | 5,099 | 773,667 | Wells Fargo & Co | 21,972 | 655,666 |
| Ameriprise Financial Inc | 3,705 | 759,619 | Citigroup Inc | 11,090 | 644,633 |
| Nippon Telegraph & Telephone Corp | 28,800 | 734,158 | Caterpillar Inc | 2,870 | 524,026 |
| Kansas City Southern | 3,324 | 697,334 | Morgan Stanley | 7,045 | 464,279 |
| Citrix Systems Inc | 4,191 | 560,714 | Charles Schwab Corp/The | 8,525 | 438,570 |
| Synchrony Financial | 15,211 | 539,332 | Booking Holdings Inc | 203 | 396,614 |
| Tokyo Electron Ltd | 1,300 | 534,146 | Lam Research Corp | 729 | 353,059 |
| Masco Corp | 8,231 | 453,279 | PNC Financial Services Group Inc/The | 2,249 | 322,819 |
| Mitsubishi Corp | 13,200 | 368,836 | CSX Corp | 3,443 | 296,113 |
| Molina Healthcare Inc | 1,684 | 364,472 | Cognizant Technology Solutions Corp | 2,873 | 224,002 |
| Wipro Ltd | 54,909 | 352,245 | MetLife Inc | 4,087 | 196,610 |
| Altice USA Inc | 9,455 | 331,481 | Walgreens Boots Alliance Inc | 3,782 | 188,040 |
| Loews Corp | 6,816 | 318,970 |  |  |  |

| Security Description | Nominal | Cost USD | Security Description | Nominal | Proceeds USD |
| --- | --- | --- | --- | --- | --- |
| Wells Fargo & Co | 3,158 | 122,035 | Apple Inc | 3,160 | 371,176 |
| Quebecor Inc | 3,241 | 91,928 | Nestle SA | 1,973 | 223,797 |
| Kimberly-Clark Corp | 668 | 87,060 | Samsung Electronics Co Ltd | 3,226 | 194,726 |
| Apple Inc | 540 | 74,109 | Taiwan Semiconductor |  |  |
| Hon Hai Precision Industry Co Ltd | 17,000 | 73,629 | Manufacturing | 8,720 | 158,227 |
| CVB Financial Corp | 2,894 | 69,366 | Co Ltd |  |  |
| Open Text Corp | 1,361 | 66,885 | Amazon.com Inc | 48 | 149,862 |
| Alibaba Group Holding Ltd | 2,200 | 66,562 | Walmart Inc | 1,074 | 149,857 |
| Walgreens Boots Alliance Inc | 1,251 | 65,462 | Mitsubishi UFJ Financial Group Inc | 27,400 | 145,945 |
| AECOM | 1,045 | 64,737 | Reliance Industries Ltd | 2,442 | 137,650 |
| Hawaiian Electric Industries Inc | 1,480 | 63,076 | JPMorgan Chase & Co | 1,057 | 110,791 |
| ING Groep NV | 5,158 | 61,865 | Morgan Stanley | 1,620 | 109,502 |
| Altice USA Inc | 1,781 | 61,051 | Mahindra & Mahindra Ltd | 11,703 | 108,045 |
| Huntington Ingalls Industries Inc | 304 | 59,970 | Darden Restaurants Inc | 882 | 100,509 |
| Itau Unibanco Holding SA | 11,600 | 59,900 | Microsoft Corp | 440 | 94,300 |
| Exxon Mobil Corp | 1,197 | 59,063 | Daimler AG | 1,345 | 89,695 |
| Cerner Corp | 747 | 53,753 | Vodafone Group Plc | 54,623 | 88,800 |
| Great Wall Motor Co Ltd | 21,000 | 53,289 | AT&T Inc | 3,115 | 88,335 |
| Taiwan Semiconductor anufacturing | 2,329 | 52,243 | Procter & Gamble Co/The | 623 | 88,007 |
| Co Ltd |  |  | Berkshire Hathaway Inc | 393 | 84,114 |
| Piedmont Office Realty Trust Inc | 2,936 | 51,729 | Verizon Communications Inc | 1,421 | 82,222 |
|  |  |  | Mitsubishi Corp | 2,952 | 81,455 |

| Security Description | Nominal | Cost USD | Security Description | Nominal | Proceeds USD |
| --- | --- | --- | --- | --- | --- |
| Alibaba Group Holding Ltd | 31,600 | 956,067 | iShares IV plc - | 284,605 | 1,703,774 |
| Hon Hai Precision Industry Co Ltd | 150,000 | 626,374 | iShares MSCI China A UCITS ETF |  |  |
| Itau Unibanco Holding SA | 97,400 | 506,528 | Taiwan Semiconductor Manufacturing Co | 54,330 | 1,124,114 |
| Petroleo Brasileiro SA - Pref | 96,000 | 423,427 | Ltd |  |  |
| Petroleo Brasileiro SA | 88,400 | 382,562 | Alibaba Group Holding Ltd | 2,985 | 715,743 |
| Banco Bradesco SA | 72,700 | 354,872 | China Mobile Ltd | 102,000 | 525,673 |
| Sberbank of Russia PJSC | 93,115 | 347,450 | Invesco Markets plc - Invesco MSCI Saudi | 14,517 | 335,786 |
| Ping An Insurance Group Co of China Ltd - | 24,808 | 299,462 | Arabia UCITS ETF |  |  |
| Class H |  |  | Baidu Inc | 1,125 | 289,642 |
| Industrial & Commercial Bank of China Ltd - | 438,534 | 290,152 | CNOOC Ltd | 293,000 | 286,826 |
| Class H |  |  | Vale SA | 17,500 | 280,359 |
| Taiwan Semiconductor Manufacturing Co |  |  | Bank of China Ltd - Class H | 716,000 | 265,205 |
| Ltd | 14,076 | 248,744 | MediaTek Inc | 8,000 | 241,663 |
| iShares IV plc - | 32,950 | 198,254 | United Microelectronics Corp | 149,000 | 240,235 |
| iShares MSCI China A UCITS ETF |  |  | China Construction Bank Corp | 271,028 | 225,188 |
| Banco do Brasil SA | 30,500 | 174,297 | Gazprom PJSC | 56,020 | 169,548 |
| China Overseas Land & Investment Ltd | 64,000 | 168,489 | Tata Motors Ltd | 7,948 | 168,584 |
| China Construction Bank Corp | 213,000 | 164,317 | China Merchants Bank Co Ltd - Class H | 17,500 | 136,504 |
| PTT PCL | 106,300 | 138,729 | Meituan | 3,100 | 132,765 |
| Invesco Markets plc - Invesco MSCI Saudi | 6,247 | 132,428 | Infosys Ltd | 6,951 | 130,268 |
| Arabia UCITS ETF |  |  | State Bank of India | 2,900 | 129,829 |
| Agricultural Bank of China Ltd - Class A | 243,100 | 124,779 | GCL-Poly Energy Holdings Ltd | 447,000 | 121,302 |
| Reliance Industries Ltd | 2,191 | 120,123 | Innolux Corp | 199,000 | 119,492 |
| Gazprom PJSC | 46,338 | 119,535 |  |  |  |
| Infosys Ltd | 7,243 | 116,098 |  |  |  |

| Security Description | Nominal | Cost EUR | Security Description | Nominal | Proceeds EUR |
| --- | --- | --- | --- | --- | --- |
| Unilever Plc | 1,378 | 45,031 | Daimler AG | 1,574 | 104,949 |
| GlaxoSmithKline Plc | 2,395 | 36,303 | Royal Dutch Shell Plc - Class A | 2,800 | 44,017 |
| BP Plc | 10,115 | 36,272 | Banco Santander SA | 15,260 | 42,411 |
| Roche Holding AG | 128 | 35,607 | BNP Paribas SA | 836 | 39,655 |
| Nestle SA | 383 | 35,595 | Royal Dutch Shell Plc - Class B | 2,500 | 37,769 |
| Novartis AG | 468 | 33,768 | Siemens AG | 311 | 37,721 |
| Bayer AG | 612 | 32,674 | Rio Tinto Plc | 580 | 35,715 |
| Sanofi | 355 | 29,806 | TOTAL SE | 950 | 34,640 |
| TOTAL SE | 636 | 25,388 | Unilever Plc | 1,142 | 34,575 |
| UniCredit SpA | 2,687 | 24,684 | Stellantis NV | 2,322 | 34,471 |
| Anheuser-Busch InBev SA/NV | 408 | 21,875 | Glencore Plc | 11,063 | 33,005 |
| SAP SE | 197 | 20,415 | Allianz SE | 159 | 32,065 |
| Enel SpA | 2,223 | 18,431 | HSBC Holdings Plc | 6,495 | 30,818 |
| Vinci SA | 196 | 17,443 | Nestle SA | 332 | 30,447 |
| Iberdrola SA | 1,586 | 17,409 | AXA SA | 1,405 | 29,519 |
| Investor AB - Class B | 261 | 17,277 | BASF SE | 457 | 28,770 |
| AstraZeneca Plc | 197 | 16,384 | Bayerische Motoren Werke AG | 361 | 28,003 |
| Unibail-Rodamco-Westfield | 235 | 16,306 | British American Tobacco Plc | 879 | 27,155 |
| Royal Dutch Shell Plc - Class A | 936 | 16,043 | BP Plc | 8,850 | 26,180 |
| Banco Santander SA | 5,538 | 14,770 | Vodafone Group Plc | 17,224 | 25,376 |

.
| Security Description | Nominal | Cost USD | Security Description | Nominal | Proceeds USD |
| --- | --- | --- | --- | --- | --- |
| Enagas SA | 25,554 | 482,927 | Telefonica SA | 127,293 | 499,864 |
| Red Electrica Corp SA | 29,696 | 435,098 | ICADE (REIT) | 8,005 | 491,360 |
| AXA SA | 18,786 | 430,058 | Galp Energia SGPS SA | 46,366 | 471,779 |
| Poste Italiane SpA | 40,105 | 335,633 | Infrastrutture Wireless Italiane SpA | 46,301 | 465,185 |
| Evonik Industries AG | 10,743 | 289,288 | Telefonica Deutschland Holding AG | 185,423 | 430,796 |
| Grand City Properties SA | 13,147 | 271,505 | Red Electrica Corp SA | 23,312 | 387,213 |
| Deutsche Telekom AG | 15,465 | 254,594 | Merlin Properties Socimi SA (REIT) | 40,243 | 307,364 |
| Solvay SA | 2,483 | 245,891 | Gecina SA (REIT) | 2,426 | 302,674 |
| Signify NV | 6,042 | 244,170 | AXA SA | 14,231 | 282,884 |
| Uniper SE | 8,037 | 244,105 | Bayerische Motoren Werke AG | 3,779 | 280,280 |
| Valmet Oyj | 10,430 | 237,041 | Uniper SE | 9,494 | 269,169 |
| Stora Enso Oyj | 15,057 | 236,165 | Stora Enso Oyj | 15,057 | 250,397 |
| Infrastrutture Wireless Italiane SpA | 24,733 | 225,343 | Deutsche Telekom AG | 14,992 | 226,236 |
| Hera SpA | 73,136 | 216,604 | Wienerberger AG | 6,758 | 206,830 |
| Elia Group SA/NV | 2,018 | 191,010 | Hannover Rueck SE | 1,552 | 205,889 |
| Randstad NV | 3,043 | 184,826 | Glanbia PLC | 16,680 | 198,266 |
| Raiffeisen Bank International AG | 9,901 | 179,361 | Unilever NV | 3,733 | 187,564 |
| Wienerberger AG | 6,758 | 174,003 | Ackermans & van Haaren NV | 1,401 | 186,549 |
| Assicurazioni Generali SpA | 11,942 | 171,964 | CRH Plc | 4,696 | 179,251 |
| Ackermans & van Haaren NV | 1,401 | 167,610 | BASF SE | 2,642 | 174,930 |
| CRH Plc | 4,696 | 164,868 | Bayer AG | 2,884 | 154,344 |
| Aedifica SA | 1,428 | 137,537 | Fortum Oyj | 6,905 | 145,059 |
| E.ON SE | 14,889 | 133,109 | Kone Oyj | 1,942 | 129,997 |
| Orange SA | 12,273 | 125,412 | Koninklijke KPN NV | 47,376 | 127,452 |
| Endesa SA | 5,213 | 116,391 | Naturgy Energy Group SA | 5,478 | 113,190 |
| Bayer AG | 2,308 | 113,278 | Valmet Oyj | 3,733 | 112,745 |
| Orion Oyj | 2,704 | 94,925 | NN Group NV | 2,788 | 109,933 |
| Naturgy Energy Group SA | 4,471 | 84,708 | UPM-Kymmene Oyj | 3,343 | 106,041 |
| Italgas SpA | 15,247 | 80,146 | Poste Italiane SpA | 10,016 | 100,908 |
| Koninklijke Ahold Delhaize NV | 3,367 | 79,025 | Assicurazioni Generali SpA | 6,173 | 100,602 |
| Koninklijke Vopak NV | 1,802 | 75,962 | A2A SpA | 64,916 | 95,408 |

| Security Description | Nominal | Cost USD | Security Description | Nominal | Proceeds USD |
| --- | --- | --- | --- | --- | --- |
| iShares IV plc - | 586,188 | 3,896,257 | Surgutneftegas PJSC - Pref | 4,538,048 | 2,433,578 |
| iShares MSCI India UCITS ETF |  |  | iShares IV plc - iShares MSCI China A | 332,924 | 1,992,994 |
| Transmissora Alianca de Energia |  |  | UCITS ETF |  |  |
| Eletrica SA | 271,668 | 1,793,427 | Eregli Demir ve Celik Fabrikalari TAS | 895,346 | 1,982,204 |
| Transneft PJSC | 718 | 1,413,615 | Moneta Money Bank AS | 470,179 | 1,706,430 |
| Transcend Information Inc | 605,580 | 1,396,336 | Shandong Chenming Paper Holdings |  |  |
| PICC Property & Casualty Co Ltd | 1,588,951 | 1,344,273 | Ltd | 2,169,774 | 1,664,747 |
| Land & Houses PCL | 4,769,852 | 1,327,906 | Iskenderun Demir ve Celik AS | 955,230 | 1,633,036 |
| Shanghai Industrial Holdings Ltd | 861,380 | 1,281,958 | Maanshan Iron & Steel Co Ltd | 4,702,547 | 1,614,586 |
| Telefonica Brasil SA | 136,081 | 1,155,902 | Tatneft PJSC | 198,100 | 1,586,407 |
| Guangdong Ellington Electronics | 1,031,600 | 1,124,634 | OPAP SA | 110,200 | 1,497,845 |
| Technology Co Ltd |  |  | China Motor Corp | 816,508 | 1,446,368 |
| Formosa Taffeta Co Ltd | 1,018,504 | 1,110,116 | Invesco Markets plc - | 58,598 | 1,355,433 |
| China Resources Power Holdings Co Ltd | 795,276 | 1,060,451 | Invesco MSCI Saudi Arabia UCITS ETF |  |  |
| China Minsheng Banking Corp Ltd - |  |  | Severstal PAO | 71,076 | 1,352,398 |
| Class H | 1,664,052 | 1,038,336 | Novolipetsk Steel PJSC | 451,820 | 1,316,311 |
| Daqin Railway Co Ltd | 988,100 | 1,035,565 | Alrosa PJSC | 922,958 | 1,312,482 |
| Asia Cement Corp | 654,343 | 1,021,496 | Colbun SA | 6,779,966 | 1,288,415 |
| China Resources Cement Holdings Ltd | 901,945 | 1,017,797 | Vodafone Qatar QSC | 2,601,976 | 1,196,291 |
| British American Tobacco Malaysia Bhd | 296,086 | 985,579 | Hellenic Petroleum SA | 180,497 | 1,175,413 |
| Bank of Communications Co Ltd – Class H | 1,660,686 | 978,761 | Turkiye Petrol Rafinerileri AS | 84,167 | 1,173,295 |
| Yulon Nissan Motor Co Ltd | 104,164 | 978,307 | Alpek SAB de CV | 1,217,666 | 1,158,844 |
| Dubai Islamic Bank PJSC | 721,075 | 945,111 | Coronation Fund Managers Ltd | 342,214 | 1,132,685 |
| Cia de Transmissao de Energia Eletrica | 206,211 | 938,587 | Weifu High-Technology Group Co Ltd | 570,463 | 1,111,553 |
| Paulista |  |  | Zhejiang Expressway Co Ltd | 1,289,240 | 1,088,232 |
| Yanzhou Coal Mining Co Ltd | 844,429 | 923,490 | China Machinery Engineering Corp | 2,289,667 | 1,021,323 |
| Nanjing Iron & Steel Co Ltd | 1,607,100 | 914,339 | China Petroleum & Chemical Corp | 1,924,262 | 1,009,586 |
| China South Publishing & Media Group | 554,300 | 894,164 | Sinopec Shanghai Petrochemical Co |  |  |
| Co Ltd |  |  | Ltd | 4,074,701 | 974,733 |
| China Merchants Shekou Industrial Zone | 472,500 | 891,275 | PTT Global Chemical PCL | 460,533 | 969,948 |
| Holdings Co Ltd |  |  | China Merchants Port Holdings Co Ltd | 599,584 | 962,194 |
| China Shenhua Energy Co Ltd - Class A | 308,000 | 885,117 | Formosa Chemicals & Fibre Corp | 318,763 | 939,737 |
| Malayan Banking Bhd | 428,861 | 875,796 | Walsin Lihwa Corp | 1,460,668 | 925,681 |
| Sul America SA | 121,007 | 875,175 | Redefine Properties Ltd | 3,663,904 | 924,042 |
| China Cinda Asset Management Co Ltd | 4,135,129 | 863,927 | Federal Grid Co Unified Energy |  |  |
| Shougang Fushan Resources Group Ltd | 3,227,215 | 861,532 | System | 317,048,896 | 917,061 |
| Beijing Capital Development Co Ltd | 954,400 | 860,849 | PJSC |  |  |
| Wens Foodstuffs Group Co Ltd | 324,000 | 850,389 | Inner Mongolia Yitai Coal Co Ltd | 1,740,609 | 897,185 |
| Shenzhen Expressway Co Ltd | 885,958 | 847,805 | Asustek Computer Inc | 67,774 | 895,662 |
| Liuzhou Iron & Steel Co Ltd | 785,200 | 833,410 | Magnitogorsk Iron & Steel Works PJSC | 1,186,074 | 864,573 |
| Agile Group Holdings Ltd | 579,705 | 822,388 | PhosAgro PJSC | 18,919 | 844,068 |
| Bank of China Ltd - Class H | 2,194,858 | 815,215 | Fortress REIT Ltd | 869,679 | 817,791 |
| BBMG Corp | 3,572,161 | 806,199 | Dubai Investments PJSC | 1,860,458 | 807,941 |
| Mobile TeleSystems PJSC | 187,240 | 803,944 | Shanghai Huayi Group Co Ltd | 1,566,502 | 786,314 |
| China Minsheng Banking Corp Ltd - |  |  | Growthpoint Properties Ltd | 861,998 | 773,776 |
| Class A | 1,010,100 | 796,325 | BB Seguridade Participacoes SA | 164,597 | 736,310 |
| Chicony Electronics Co Ltd | 228,219 | 764,708 | Motor Oil Hellas Corinth Refineries SA | 49,936 | 726,289 |
| Enel Chile SA | 9,762,691 | 763,839 | Resilient REIT Ltd | 243,920 | 716,214 |
| Bank of Beijing Co Ltd | 1,025,800 | 758,257 | PLDT Inc | 27,818 | 709,648 |
| Enel Americas SA | 4,542,038 | 751,929 | Engie SA | 588,595 | 682,594 |
| Sichuan Languang Development Co Ltd | 1,123,100 | 751,026 | Taiwan Cement Corp | 438,680 | 655,850 |
| RiseSun Real Estate Development Co |  |  |  |  |  |
| Ltd | 740,400 | 738,023 |  |  |  |
| Unipro PJSC | 18,843,794 | 736,108 |  |  |  |
| Shandong Buchang Pharmaceuticals Co | 202,900 | 723,062 |  |  |  |
| Ltd |  |  |  |  |  |
| Agricultural Bank of China Ltd - Class H | 1,702,899 | 691,787 |  |  |  |

| Security Description | Nominal | Cost EUR | Security Description | Nominal | Proceeds EUR |
| --- | --- | --- | --- | --- | --- |
| BP Plc | 73,864 | 226,639 | Glencore Plc | 78,831 | 206,774 |
| Unilever Plc | 3,742 | 148,776 | Rio Tinto Plc | 3,205 | 170,956 |
| HSBC Holdings Plc | 18,692 | 80,075 | Royal Dutch Shell Plc - Class A | 9,125 | 122,800 |
| GlaxoSmithKline Plc | 5,053 | 65,932 | Royal Dutch Shell Plc - Class B | 8,123 | 105,127 |
| British American Tobacco Plc | 2,256 | 63,221 | BHP Group Plc | 4,574 | 89,924 |
| Lloyds Banking Group Plc | 137,258 | 56,126 | Royal Mail Plc | 15,497 | 75,305 |
| Tesco Plc | 21,559 | 49,544 | HSBC Holdings Plc | 15,115 | 58,159 |
| International Consolidated Airlines | 17,035 | 35,108 | Anglo American Plc | 2,125 | 55,763 |
| Group SA |  |  | BP Plc | 19,334 | 48,709 |
| Rolls-Royce Holdings Plc | 23,107 | 26,079 | Vodafone Group Plc | 29,457 | 36,230 |
| Melrose Industries Plc | 14,552 | 25,595 | Kingfisher Plc | 11,466 | 35,485 |
| Scottish Mortgage Investment Trust Plc | 1,531 | 17,162 | British American Tobacco Plc | 1,232 | 35,418 |
| BAE Systems Plc | 3,403 | 16,752 | Flutter Entertainment PLC | 208 | 34,262 |
| TUI AG | 4,474 | 16,617 | Prudential Plc | 2,396 | 33,583 |
| Compass Group Plc | 981 | 14,544 | Reckitt Benckiser Group Plc | 510 | 32,906 |
| Quilter Plc | 8,549 | 13,473 | AstraZeneca Plc | 413 | 32,345 |
| Signature Aviation Plc | 3,213 | 12,979 | Barclays Plc | 20,822 | 31,194 |
| Admiral Group Plc | 395 | 11,815 | CRH Plc | 918 | 29,131 |
| Micro Focus International Plc | 2,201 | 10,575 | Diageo Plc | 940 | 28,063 |
| Legal & General Group Plc | 3,811 | 10,574 | GlaxoSmithKline Plc | 1,837 | 25,253 |
| Imperial Brands Plc | 604 | 8,997 | National Grid Plc | 2,571 | 23,723 |
|  |  |  | Ashtead Group Plc | 524 | 20,920 |
|  |  |  | Lloyds Banking Group Plc | 57,073 | 20,356 |
|  |  |  | Weir Group PLC/The | 1,168 | 20,336 |

| Security Description | Nominal | Cost EUR | Security Description | Nominal | Proceeds USD |
| --- | --- | --- | --- | --- | --- |
| German Treasury Bill 14/04/2021 | 1,935,000 | 1,940,207 | German Treasury Bill 03/03/2021 | 2,030,000 | 2,031,748 |
| German Treasury Bill 05/05/2021 | 1,775,000 | 1,780,582 | Italy Certificati di Credito del Tesoro Zero | 1,770,000 | 1,770,138 |
| German Treasury Bill 28/07/2021 | 1,700,000 | 1,705,162 | Coupon 27/11/2020 |  |  |
| German Treasury Bill 09/06/2021 | 1,545,000 | 1,549,922 | German Treasury Bill 03/02/2021 | 1,660,000 | 1,660,815 |
| France Treasury Bill BTF 16/06/2021 | 1,430,000 | 1,434,642 | German Treasury Bill 20/01/2021 | 1,645,000 | 1,645,998 |
| France Treasury Bill BTF 17/02/2021 | 1,295,000 | 1,296,484 | Italy Buoni Ordinari del Tesoro BOT | 1,310,000 | 1,310,783 |
| Italy Certificati di Credito del Tesoro Zero | 1,235,000 | 1,238,000 | 29/01/2021 |  |  |
| Coupon 29/06/2021 |  |  | Spain Letras del Tesoro 05/03/2021 | 1,305,000 | 1,306,117 |
| Spain Letras del Tesoro 16/04/2021 | 1,200,000 | 1,202,640 | France Treasury Bill BTF 17/02/2021 | 1,295,000 | 1,295,824 |
| German Treasury Bill 03/03/2021 | 1,140,000 | 1,142,137 | Italy Buoni Ordinari del Tesoro BOT | 1,255,000 | 1,256,196 |
| German Treasury Bill 25/08/2021 | 1,085,000 | 1,088,450 | 12/03/2021 |  |  |
| Spain Letras del Tesoro 07/05/2021 | 1,070,000 | 1,072,789 | Dutch Treasury Certificate 28/01/2021 | 1,215,000 | 1,215,403 |
| Italy Buoni Ordinari del Tesoro BOT | 1,060,000 | 1,062,182 | Dutch Treasury Certificate 30/03/2021 | 1,110,000 | 1,111,351 |
| 14/04/2021 |  |  | Italy Buoni Ordinari del Tesoro BOT | 1,110,000 | 1,110,351 |
| France Treasury Bill BTF 21/04/2021 | 1,000,000 | 1,002,946 | 30/11/2020 |  |  |
| Dutch Treasury Certificate 28/05/2021 | 950,000 | 952,892 | France Treasury Bill BTF 16/12/2020 | 1,100,000 | 1,100,309 |
| France Treasury Bill BTF 10/03/2021 | 930,000 | 931,946 | Spain Letras del Tesoro 12/02/2021 | 1,060,000 | 1,060,562 |
| Spain Letras del Tesoro 11/06/2021 | 895,000 | 897,496 | German Treasury Bill 04/11/2020 | 1,000,000 | 1,000,134 |
| France Treasury Bill BTF 19/05/2021 | 880,000 | 882,689 | German Treasury Bill 09/12/2020 | 970,000 | 970,123 |
| Dutch Treasury Certificate 29/04/2021 | 865,000 | 867,587 | Kingdom of Belgium Treasury Bill |  |  |
| Spain Letras del Tesoro 09/07/2021 | 845,000 | 847,258 | 12/11/2020 | 960,000 | 960,082 |
| Italy Buoni Ordinari del Tesoro BOT | 840,000 | 842,027 | France Treasury Bill BTF 10/03/2021 | 930,000 | 930,657 |
| 14/05/2021 |  |  | Italy Buoni Ordinari del Tesoro BOT | 930,000 | 930,075 |
| France Treasury Bill BTF 14/04/2021 | 840,000 | 841,243 | 12/02/2021 |  |  |
| France Treasury Bill BTF 03/02/2021 | 830,000 | 831,021 | France Treasury Bill BTF 24/03/2021 | 900,000 | 900,447 |
| Italy Buoni Ordinari del Tesoro BOT | 825,000 | 826,255 | Italy Buoni Ordinari del Tesoro BOT | 900,000 | 900,086 |
| 12/03/2021 |  |  | 14/10/2020 |  |  |
| France Treasury Bill BTF 03/03/2021 | 815,000 | 816,156 | Dutch Treasury Certificate 25/02/2021 | 850,000 | 850,535 |
| Italy Buoni Ordinari del Tesoro BOT | 785,000 | 786,960 | France Treasury Bill BTF 03/02/2021 | 830,000 | 830,346 |
| 14/07/2021 |  |  | France Treasury Bill BTF 03/03/2021 | 815,000 | 815,101 |
| Spain Letras del Tesoro 05/03/2021 | 755,000 | 756,172 | Kingdom of Belgium Treasury Bill |  |  |
| German Treasury Bill 29/09/2021 | 715,000 | 717,317 | 11/03/2021 | 810,000 | 810,343 |
| Dutch Treasury Certificate 30/03/2021 | 710,000 | 711,570 | France Treasury Bill BTF 21/10/2020 | 810,000 | 810,094 |
| Italy Buoni Ordinari del Tesoro BOT | 710,000 | 710,465 | Spain Letras del Tesoro 04/12/2020 | 800,000 | 800,216 |
| 30/11/2020 |  |  | France Treasury Bill BTF 18/11/2020 | 790,000 | 790,091 |
| France Treasury Bill BTF 08/09/2021 | 700,000 | 702,176 | Italy Buoni Ordinari del Tesoro BOT | 780,000 | 780,146 |
| Kingdom of Belgium Treasury Bill | 695,000 | 696,828 | 26/02/2021 |  |  |
| 13/05/2021 |  |  | France Treasury Bill BTF 13/01/2021 | 770,000 | 770,195 |
| German Treasury Bill 03/02/2021 | 690,000 | 690,816 | Kingdom of Belgium Treasury Bill |  |  |
| Italy Buoni Ordinari del Tesoro BOT | 685,000 | 686,656 | 14/01/2021 | 770,000 | 770,099 |
| 14/06/2021 |  |  | Italy Buoni Ordinari del Tesoro BOT | 700,000 | 700,113 |
| Italy Buoni Ordinari del Tesoro BOT | 680,000 | 681,564 | 31/12/2020 |  |  |
| 31/05/2021 |  |  | France Treasury Bill BTF 09/12/2020 | 700,000 | 700,091 |
| Dutch Treasury Certificate 29/06/2021 | 670,000 | 672,288 | Italy Buoni Ordinari del Tesoro BOT | 680,000 | 680,037 |
| Italy Buoni Ordinari del Tesoro BOT | 655,000 | 656,314 | 14/12/2020 |  |  |
| 30/04/2021 |  |  | Spain Letras del Tesoro 15/01/2021 | 665,000 | 665,035 |
| France Treasury Bill BTF 08/04/2021 | 650,000 | 651,625 | Italy Buoni Ordinari del Tesoro BOT | 650,000 | 650,215 |
| France Treasury Bill BTF 05/05/2021 | 650,000 | 651,550 | 31/03/2021 |  |  |
| Italy Buoni Ordinari del Tesoro BOT | 650,000 | 651,164 | France Treasury Bill BTF 08/04/2021 | 650,000 | 650,211 |
| 31/03/2021 |  |  | France Treasury Bill BTF 25/11/2020 | 650,000 | 650,201 |
| France Treasury Bill BTF 14/07/2021 | 645,000 | 647,004 | Italy Buoni Ordinari del Tesoro BOT | 650,000 | 650,104 |
| France Treasury Bill BTF 12/05/2021 | 612,000 | 612,838 | 14/01/2021 |  |  |
| France Treasury Bill BTF 11/08/2021 | 600,000 | 601,932 | Italy Buoni Ordinari del Tesoro BOT | 650,000 | 650,019 |
| Spain Letras del Tesoro 13/08/2021 | 600,000 | 601,621 | 30/10/2020 |  |  |
| Italy Buoni Ordinari del Tesoro BOT | 600,000 | 601,316 | France Treasury Bill BTF 28/10/2020 | 640,000 | 640,079 |
| 30/06/2021 |  |  | Dutch Treasury Certificate 29/10/2020 | 620,000 | 620,012 |
| Italy Buoni Ordinari del Tesoro BOT | 585,000 | 586,376 | France Treasury Bill BTF 24/02/2021 | 605,000 | 605,074 |
| 13/08/2021 |  |  | Spain Letras del Tesoro 13/11/2020 | 600,000 | 600,019 |
| France Treasury Bill BTF 06/01/2021 | 580,000 | 580,907 | German Treasury Bill (Zero Coupon) | 580,000 | 580,960 |
| Italy Buoni Ordinari del Tesoro BOT | 570,000 | 570,174 | 14/04/2021 |  |  |
| 27/11/2020 |  |  | France Treasury Bill BTF 06/01/2021 | 580,000 | 580,148 |
| Dutch Treasury Certificate 30/08/2021 | 555,000 | 556,712 | Dutch Treasury Certificate 27/11/2020 | 580,000 | 580,076 |
| Italy Buoni Ordinari del Tesoro BOT | 550,000 | 551,165 | German Treasury Bill (Zero Coupon) | 575,000 | 576,186 |
| 30/07/2021 |  |  | 05/05/2021 |  |  |
| Italy Buoni Ordinari del Tesoro BOT | 550,000 | 550,498 | France Treasury Bill BTF 10/02/2021 | 550,000 | 550,068 |
| 29/01/2021 |  |  | Spain Letras del Tesoro 09/10/2020 | 550,000 | 550,019 |

| Security Description | Nominal | Cost EUR | Security Description | Nominal | Proceeds USD |
| --- | --- | --- | --- | --- | --- |
| Royal Caribbean Cruises Ltd 11.5% | 3,800,000 | 4,413,293 | American Airlines 2013-2 Class A |  |  |
| 01/06/2025 |  |  | Pass | 3,962,826 | 3,841,749 |
| Howmet Aerospace Inc 5.13% |  |  | Through Trust 4.95% 15/01/2023 |  |  |
| 01/10/2024 | 3,321,000 | 3,561,289 | Diversified Healthcare Trust 6.75% | 2,880,000 | 2,926,800 |
| Howmet Aerospace Inc 6.88% |  |  | 15/12/2021 |  |  |
| 01/05/2025 | 3,000,000 | 3,387,089 | Emera Inc 6.75% 15/06/2076 | 2,280,000 | 2,584,248 |
| PBF Holding Co LLC / PBF Finance | 3,000,000 | 3,001,625 | MEDNAX Inc 5.25% 01/12/2023 | 2,370,000 | 2,400,463 |
| Corp 9.25% 15/05/2025 |  |  | Howmet Aerospace Inc 5.87% | 2,300,000 | 2,384,700 |
| American Airlines 2014-1 Class A |  |  | 23/02/2022 |  |  |
| Pass | 3,368,328 | 2,828,718 | Macy's Retail Holdings LLC 2.88% | 2,400,000 | 2,252,260 |
| Through Trust 3.7% 01/10/2026 |  |  | 15/02/2023 |  |  |
| American Airlines 2013-1 Class A |  |  | Royal Caribbean Cruises Ltd 11.5% | 1,850,000 | 2,158,893 |
| Pass | 3,513,579 | 2,751,367 | 01/06/2025 |  |  |
| Through Trust 4% 15/07/2025 |  |  | Macy's Retail Holdings LLC 3.88% | 2,120,000 | 2,127,950 |
| Seagate HDD Cayman 4.75% |  |  | 15/01/2022 |  |  |
| 01/01/2025 | 2,400,000 | 2,606,640 | Ruby Pipeline LLC 7.75% 01/04/2022 | 2,401,629 | 2,045,259 |
| IHS Markit Ltd 4.75% 15/02/2025 | 2,280,000 | 2,602,271 | Travel + Leisure Co 4.25% |  |  |
| Seagate HDD Cayman 4.88% |  |  | 01/03/2022 | 1,980,000 | 2,017,608 |
| 01/06/2027 | 2,250,000 | 2,522,901 | Newell Brands Inc 4.7% 01/04/2026 | 1,650,000 | 1,796,858 |
| Howmet Aerospace Inc 5.9% |  |  | Continental Resources Inc/OK 5% | 1,725,000 | 1,727,753 |
| 01/02/2027 | 2,250,000 | 2,497,555 | 15/09/2022 |  |  |
| Seagate HDD Cayman 4.88% |  |  | Pitney Bowes Inc 5.95% 01/04/2023 | 1,575,000 | 1,699,381 |
| 01/03/2024 | 2,300,000 | 2,494,867 | Ford Motor Credit Co LLC 5.6% | 1,550,000 | 1,594,680 |
| Seagate HDD Cayman 4.75% |  |  | 07/01/2022 |  |  |
| 01/06/2023 | 2,300,000 | 2,480,287 | Xerox Corp 4.07% 17/03/2022 | 1,505,000 | 1,540,518 |
| Newell Brands Inc 4.7% 01/04/2026 | 2,280,000 | 2,479,645 | Ford Motor Credit Co LLC 4.06% | 1,450,000 | 1,505,982 |
| IHS Markit Ltd 4.25% 01/05/2029 | 2,000,000 | 2,441,514 | 01/11/2024 |  |  |
| Howmet Aerospace Inc 5.87% |  |  | Buckeye Partners LP 3.95% | 1,450,000 | 1,442,554 |
| 23/02/2022 | 2,300,000 | 2,433,258 | 01/12/2026 |  |  |
| Seagate HDD Cayman 5.75% |  |  | Murphy Oil Corp 6.88% 15/08/2024 | 1,300,000 | 1,323,010 |
| 01/12/2034 | 2,050,000 | 2,417,314 | Xerox Corp 4.38% 15/03/2023 | 1,250,000 | 1,313,029 |
| IHS Markit Ltd 4.75% 01/08/2028 | 1,950,000 | 2,388,990 | Howmet Aerospace Inc 5.13% | 1,200,000 | 1,310,310 |
| Royal Caribbean Cruises Ltd 10.88% | 2,100,000 | 2,359,125 | 01/10/2024 |  |  |
| 01/06/2023 |  |  | Macy's Retail Holdings LLC 3.63% | 1,375,000 | 1,252,950 |
| Seagate HDD Cayman 4.13% |  |  | 01/06/2024 |  |  |
| 15/01/2031 | 2,200,000 | 2,341,181 | EQM Midstream Partners LP 4.75% | 1,200,000 | 1,228,767 |
| IHS Markit Ltd 3.63% 01/05/2024 | 2,100,000 | 2,292,832 | 15/07/2023 |  |  |
| IHS Markit Ltd 4% 01/03/2026 | 2,000,000 | 2,290,539 | MEDNAX Inc 6.25% 15/01/2027 | 1,150,000 | 1,226,318 |
|  |  |  | NortonLifeLock Inc 5% 15/04/2025 | 1,200,000 | 1,225,792 |
|  |  |  | EnLink Midstream Partners LP 4.15% | 1,250,000 | 1,179,084 |
|  |  |  | 01/06/2025 |  |  |
|  |  |  | Oceaneering International Inc 6% | 1,400,000 | 1,126,285 |
|  |  |  | 01/02/2028 |  |  |
|  |  |  | Pitney Bowes Inc 4.63% 15/03/2024 | 1,095,000 | 1,106,810 |


### 1. Securities Financing Transactions Regulation

### As at 31 March 2021, the aggregate value of securities on loan from the Funds and the value of collateral held by the Funds in respect of these securities is Nil (30 September 2020: Nil).

### 2. UK Reporting
The offshore Funds (Tax) Regulations 2009 and Subsequent Regulations Amendments (“the Regulations”) introduced new provisions to update offshore Funds regime and came into effect for periods of accounting commencing after 1 December 2009. The Reporting Funds Regime requires:
- the reporting fund status is applied for once and in advance.
- the relevant Share classes to report details of Income annually, within six months of their accounting financial year end to both Investors and UK authorities.
- Investors to provide details of reportable income on their annual tax return.


### The reportable Income per share for the financial year ended 30 September 2020 will be available through https://etf.invesco.com.

Translation (ENDE, 2021-03-31):
# Invesco EURO STOXX High Dividend Low Volatility UCITS ETF
| Käufe |  |  | Verkäufe |  |  |
| --- | --- | --- | --- | --- | --- |
| Wertpapierbezeichnung | Nennwert | Kosten | Wertpapierbezeichnung | Nennwert | Erlöse |
|  |  | USD |  |  | USD |
| Enagas SA | 25.554 | 482.927 | Telefonica SA | 127.293 | 499.864 |
| Red Electrica Corp SA | 29.696 | 435.098 | ICADE (REIT) | 8.005 | 491.360 |
| AXA SA | 18.786 | 430.058 | Galp Energia SGPS SA | 46.366 | 471.779 |
| Poste Italiane SpA | 40.105 | 335.633 | Infrastrutture Wireless Italiane SpA | 46.301 | 465.185 |
| Evonik Industries AG | 10.743 | 289.288 | Telefonica Deutschland Holding AG | 185.423 | 430.796 |
| Grand City Properties SA | 13.147 | 271.505 | Red Electrica Corp SA | 23.312 | 387.213 |
| Deutsche Telekom AG | 15.465 | 254.594 | Merlin Properties Socimi SA (REIT) | 40.243 | 307.364 |
| Solvay SA | 2.483 | 245.891 | Gecina SA (REIT) | 2.426 | 302.674 |
| Signify NV | 6.042 | 244.170 | AXA SA | 14.231 | 282.884 |
| Uniper SE | 8.037 | 244.105 | Bayerische Motoren Werke AG | 3.779 | 280.280 |
| Valmet Oyj | 10.430 | 237.041 | Uniper SE | 9.494 | 269.169 |
| Stora Enso Oyj | 15.057 | 236.165 | Stora Enso Oyj | 15.057 | 250.397 |
| Infrastrutture Wireless Italiane SpA | 24.733 | 225.343 | Deutsche Telekom AG | 14.992 | 226.236 |
| Hera SpA | 73.136 | 216.604 | Wienerberger AG | 6.758 | 206.830 |
| Elia Group SA/NV | 2.018 | 191.010 | Hannover Rueck SE | 1.552 | 205.889 |
| Randstad NV | 3.043 | 184.826 | Glanbia PLC | 16.680 | 198.266 |
| Raiffeisen Bank International AG | 9.901 | 179.361 | Unilever NV | 3.733 | 187.564 |
| Wienerberger AG | 6.758 | 174.003 | Ackermans & van Haaren NV | 1.401 | 186.549 |
| Assicurazioni Generali SpA | 11.942 | 171.964 | CRH Plc | 4.696 | 179.251 |
| Ackermans & van Haaren NV | 1.401 | 167.610 | BASF SE | 2.642 | 174.930 |
| CRH Plc | 4.696 | 164.868 | Bayer AG | 2.884 | 154.344 |
| Aedifica SA | 1.428 | 137.537 | Fortum Oyj | 6.905 | 145.059 |
| E.ON SE | 14.889 | 133.109 | Kone Oyj | 1.942 | 129.997 |
| Orange SA | 12.273 | 125.412 | Koninklijke KPN NV | 47.376 | 127.452 |
| Endesa SA | 5.213 | 116.391 | Naturgy Energy Group SA | 5.478 | 113.190 |
| Bayer AG | 2.308 | 113.278 | Valmet Oyj | 3.733 | 112.745 |
| Orion Oyj | 2.704 | 94.925 | NN Group NV | 2.788 | 109.933 |
| Naturgy Energy Group SA | 4.471 | 84.708 | UPM-Kymmene Oyj | 3.343 | 106.041 |
| Italgas SpA | 15.247 | 80.146 | Poste Italiane SpA | 10.016 | 100.908 |
| Koninklijke Ahold Delhaize NV | 3.367 | 79.025 | Assicurazioni Generali SpA | 6.173 | 100.602 |
| Koninklijke Vopak NV | 1.802 | 75.962 | A2A SpA | 64.916 | 95.408 |

Invesco FTSE Emerging Markets High Dividend Low Volatility UCITS ETF
| Käufe |  |  | Verkäufe |  |  |
| --- | --- | --- | --- | --- | --- |
| Wertpapierbezeichnung | Nennwert | Kosten | Wertpapierbezeichnung | Nennwert | Erlöse |
|  |  | USD |  |  | USD |
| iShares IV plc - | 586.188 | 3.896.257 | Surgutneftegas PJSC - Pref | 4.538.048 | 2.433.578 |
| iShares MSCI India UCITS ETF Transmissora Alianca de Energia Eletrica SA | 271.668 | 1.793.427 | iShares IV plc - iShares MSCI China A UCITS ETF Eregli Demir ve Celik Fabrikalari TAS | 332.924 895.346 | 1.992.994 1.982.204 |
| Transneft PJSC | 718 | 1.413.615 | Moneta Money Bank AS | 470.179 | 1.706.430 |
| Transcend Information Inc | 605.580 | 1.396.336 | Shandong Chenming Paper Holdings |  |  |
| PICC Property & Casualty Co Ltd | 1.588.951 | 1.344.273 | Ltd | 2.169.774 | 1.664.747 |
| Land & Houses PCL | 4.769.852 | 1.327.906 | Iskenderun Demir ve Celik AS | 955.230 | 1.633.036 |
| Shanghai Industrial Holdings Ltd | 861.380 | 1.281.958 | Maanshan Iron & Steel Co Ltd | 4.702.547 | 1.614.586 |
| Telefonica Brasil SA | 136.081 | 1.155.902 | Tatneft PJSC | 198.100 | 1.586.407 |
| Guangdong Ellington Electronics | 1.031.600 | 1.124.634 | OPAP SA | 110.200 | 1.497.845 |
| Technology Co Ltd |  |  | China Motor Corp | 816.508 | 1.446.368 |
| Formosa Taffeta Co Ltd | 1.018.504 | 1.110.116 | Invesco Markets plc - | 58.598 | 1.355.433 |
| China Resources Power Holdings Co Ltd China Minsheng Banking Corp Ltd - | 795.276 | 1.060.451 | Invesco MSCI Saudi Arabia UCITS ETF Severstal PAO | 71.076 | 1.352.398 |
| Class H | 1.664.052 | 1.038.336 | Novolipetsk Steel PJSC | 451.820 | 1.316.311 |
| Daqin Railway Co Ltd | 988.100 | 1.035.565 | Alrosa PJSC | 922.958 | 1.312.482 |
| Asia Cement Corp | 654.343 | 1.021.496 | Colbun SA | 6.779.966 | 1.288.415 |
| China Resources Cement Holdings Ltd | 901.945 | 1.017.797 | Vodafone Qatar QSC | 2.601.976 | 1.196.291 |
| British American Tobacco Malaysia Bhd | 296.086 | 985.579 | Hellenic Petroleum SA | 180.497 | 1.175.413 |

| Turkiye Petrol Rafinerileri AS | 84.167 | 1.173.295 |
| --- | --- | --- |
| Alpek SAB de CV | 1.217.666 | 1.158.844 |
| Coronation Fund Managers Ltd | 342.214 | 1.132.685 |
| Weifu High-Technology Group Co Ltd | 570.463 | 1.111.553 |
| Zhejiang Expressway Co Ltd | 1.289.240 | 1.088.232 |
| China Machinery Engineering Corp | 2.289.667 | 1.021.323 |
| China Petroleum & Chemical Corp | 1.924.262 | 1.009.586 |

| H | 1.660.686 | 978.761 |
| --- | --- | --- |
| Yulon Nissan Motor Co Ltd | 104.164 | 978.307 |
| Dubai Islamic Bank PJSC | 721.075 | 945.111 |
| Cia de Transmissao de Energia Eletrica Paulista | 206.211 | 938.587 |
| Yanzhou Coal Mining Co Ltd | 844.429 | 923.490 |
| Nanjing Iron & Steel Co Ltd | 1.607.100 | 914.339 |

Bank of Communications Co Ltd – Class
| China South Publishing & Media Group | 554.300 | 894.164 | Ltd | 4.074.701 | 974.733 |
| --- | --- | --- | --- | --- | --- |
| Co Ltd |  |  | PTT Global Chemical PCL | 460.533 | 969.948 |
| China Merchants Shekou Industrial Zone | 472.500 | 891.275 | China Merchants Port Holdings Co Ltd | 599.584 | 962.194 |
| Holdings Co Ltd |  |  | Formosa Chemicals & Fibre Corp | 318.763 | 939.737 |
| China Shenhua Energy Co Ltd - Class A | 308.000 | 885.117 | Walsin Lihwa Corp | 1.460.668 | 925.681 |
| Malayan Banking Bhd | 428.861 | 875.796 | Redefine Properties Ltd | 3.663.904 | 924.042 |
| Sul America SA | 121.007 | 875.175 | Federal Grid Co Unified Energy |  |  |
| China Cinda Asset Management Co Ltd | 4.135.129 | 863.927 | System | 317.048.896 | 917.061 |
| Shougang Fushan Resources Group Ltd | 3.227.215 | 861.532 | PJSC |  |  |
| Beijing Capital Development Co Ltd | 954.400 | 860.849 | Inner Mongolia Yitai Coal Co Ltd | 1.740.609 | 897.185 |
| Wens Foodstuffs Group Co Ltd | 324.000 | 850.389 | Asustek Computer Inc | 67.774 | 895.662 |
| Shenzhen Expressway Co Ltd | 885.958 | 847.805 | Magnitogorsk Iron & Steel Works PJSC | 1.186.074 | 864.573 |
| Liuzhou Iron & Steel Co Ltd | 785.200 | 833.410 | PhosAgro PJSC | 18.919 | 844.068 |
| Agile Group Holdings Ltd | 579.705 | 822.388 | Fortress REIT Ltd | 869.679 | 817.791 |
| Bank of China Ltd - Class H | 2.194.858 | 815.215 | Dubai Investments PJSC | 1.860.458 | 807.941 |
| BBMG Corp | 3.572.161 | 806.199 | Shanghai Huayi Group Co Ltd | 1.566.502 | 786.314 |
| Mobile TeleSystems PJSC | 187.240 | 803.944 | Growthpoint Properties Ltd | 861.998 | 773.776 |
| China Minsheng Banking Corp Ltd - |  |  | BB Seguridade Participacoes SA | 164.597 | 736.310 |
| Class A | 1.010.100 | 796.325 | Motor Oil Hellas Corinth Refineries SA | 49.936 | 726.289 |
| Chicony Electronics Co Ltd | 228.219 | 764.708 | Resilient REIT Ltd | 243.920 | 716.214 |
| Enel Chile SA | 9.762.691 | 763.839 | PLDT Inc | 27.818 | 709.648 |
| Bank of Beijing Co Ltd | 1.025.800 | 758.257 | Engie SA | 588.595 | 682.594 |
| Enel Americas SA | 4.542.038 | 751.929 | Taiwan Cement Corp | 438.680 | 655.850 |
| Sichuan Languang Development Co Ltd RiseSun Real Estate Development Co Ltd | 1.123.100 740.400 | 751.026 738.023 |  |  |  |
| Unipro PJSC | 18.843.794 | 736.108 |  |  |  |
| Shandong Buchang Pharmaceuticals Co Ltd | 202.900 | 723.062 |  |  |  |
| Agricultural Bank of China Ltd - Class H | 1.702.899 | 691.787 |  |  |  |

Sinopec Shanghai Petrochemical Co
Invesco FTSE RAFI UK 100 UCITS ETF
| Käufe |  |  | Verkäufe |  |
| --- | --- | --- | --- | --- |
| Wertpapierbezeichnung | Nennwert | Kosten | Wertpapierbezeichnung | Nennwert | Erlöse |
|  |  | EUR |  |  | EUR |
| BP Plc | 73.864 | 226.639 | Glencore Plc | 78.831 | 206.774 |
| Unilever Plc | 3.742 | 148.776 | Rio Tinto Plc | 3.205 | 170.956 |
| HSBC Holdings Plc | 18.692 | 80.075 | Royal Dutch Shell Plc - Class A | 9.125 | 122.800 |
| GlaxoSmithKline Plc | 5.053 | 65.932 | Royal Dutch Shell Plc - Class B | 8.123 | 105.127 |
| British American Tobacco Plc | 2.256 | 63.221 | BHP Group Plc | 4.574 | 89.924 |
| Lloyds Banking Group Plc | 137.258 | 56.126 | Royal Mail Plc | 15.497 | 75.305 |
| Tesco Plc | 21.559 | 49.544 | HSBC Holdings Plc | 15.115 | 58.159 |
| International Consolidated Airlines | 17.035 | 35.108 | Anglo American Plc | 2.125 | 55.763 |
| Group SA |  |  | BP Plc | 19.334 | 48.709 |
| Rolls-Royce Holdings Plc | 23.107 | 26.079 | Vodafone Group Plc | 29.457 | 36.230 |
| Melrose Industries Plc | 14.552 | 25.595 | Kingfisher Plc | 11.466 | 35.485 |
| Scottish Mortgage Investment Trust Plc | 1.531 | 17.162 | British American Tobacco Plc | 1.232 | 35.418 |
| BAE Systems Plc | 3.403 | 16.752 | Flutter Entertainment PLC | 208 | 34.262 |
| TUI AG | 4.474 | 16.617 | Prudential Plc | 2.396 | 33.583 |
| Compass Group Plc | 981 | 14.544 | Reckitt Benckiser Group Plc | 510 | 32.906 |
| Quilter Plc | 8.549 | 13.473 | AstraZeneca Plc | 413 | 32.345 |
| Signature Aviation Plc | 3.213 | 12.979 | Barclays Plc | 20.822 | 31.194 |
| Admiral Group Plc | 395 | 11.815 | CRH Plc | 918 | 29.131 |
| Micro Focus International Plc | 2.201 | 10.575 | Diageo Plc | 940 | 28.063 |
| Legal & General Group Plc | 3.811 | 10.574 | GlaxoSmithKline Plc | 1.837 | 25.253 |
| Imperial Brands Plc | 604 | 8.997 | National Grid Plc | 2.571 | 23.723 |
|  |  |  | Ashtead Group Plc | 524 | 20.920 |
|  |  |  | Lloyds Banking Group Plc | 57.073 | 20.356 |
|  |  |  | Weir Group PLC/The | 1.168 | 20.336 |

Invesco EuroMTS Cash 3 Months UCITS ETF
| Käufe |  |  | Verkäufe |  |
| --- | --- | --- | --- | --- |
| Wertpapierbezeichnung | Nennwert | Kosten EUR | Wertpapierbezeichnung | Nennwert | Erlöse USD |
| German Treasury Bill 14/04/2021 | 1.935.000 | 1.940.207 | German Treasury Bill 03/03/2021 | 2.030.000 | 2.031.748 |
| German Treasury Bill 05/05/2021 | 1.775.000 | 1.780.582 | Italy Certificati di Credito del Tesoro Zero | 1.770.000 | 1.770.138 |
| German Treasury Bill 28/07/2021 | 1.700.000 | 1.705.162 | Coupon 27/11/2020 |  |  |
| German Treasury Bill 09/06/2021 | 1.545.000 | 1.549.922 | German Treasury Bill 03/02/2021 | 1.660.000 | 1.660.815 |
| France Treasury Bill BTF 16/06/2021 | 1.430.000 | 1.434.642 | German Treasury Bill 20/01/2021 | 1.645.000 | 1.645.998 |
| France Treasury Bill BTF 17/02/2021 | 1.295.000 | 1.296.484 | Italy Buoni Ordinari del Tesoro BOT | 1.310.000 | 1.310.783 |
| Italy Certificati di Credito del Tesoro Zero | 1.235.000 | 1.238.000 | 29/01/2021 |  |  |
| Coupon 29/06/2021 |  |  | Spain Letras del Tesoro 05/03/2021 | 1.305.000 | 1.306.117 |
| Spain Letras del Tesoro 16/04/2021 | 1.200.000 | 1.202.640 | France Treasury Bill BTF 17/02/2021 | 1.295.000 | 1.295.824 |
| German Treasury Bill 03/03/2021 | 1.140.000 | 1.142.137 | Italy Buoni Ordinari del Tesoro BOT | 1.255.000 | 1.256.196 |
| German Treasury Bill 25/08/2021 | 1.085.000 | 1.088.450 | 12/03/2021 |  |  |
| Spain Letras del Tesoro 07/05/2021 | 1.070.000 | 1.072.789 | Dutch Treasury Certificate 28/01/2021 | 1.215.000 | 1.215.403 |
| Italy Buoni Ordinari del Tesoro BOT | 1.060.000 | 1.062.182 | Dutch Treasury Certificate 30/03/2021 | 1.110.000 | 1.111.351 |
| 14/04/2021 |  |  | Italy Buoni Ordinari del Tesoro BOT | 1.110.000 | 1.110.351 |
| France Treasury Bill BTF 21/04/2021 | 1.000.000 | 1.002.946 | 30/11/2020 |  |  |
| Dutch Treasury Certificate 28/05/2021 | 950.000 | 952.892 | France Treasury Bill BTF 16/12/2020 | 1.100.000 | 1.100.309 |
| France Treasury Bill BTF 10/03/2021 | 930.000 | 931.946 | Spain Letras del Tesoro 12/02/2021 | 1.060.000 | 1.060.562 |
| Spain Letras del Tesoro 11/06/2021 | 895.000 | 897.496 | German Treasury Bill 04/11/2020 | 1.000.000 | 1.000.134 |
| France Treasury Bill BTF 19/05/2021 | 880.000 | 882.689 | German Treasury Bill 09/12/2020 | 970.000 | 970.123 |
| Dutch Treasury Certificate 29/04/2021 | 865.000 | 867.587 | Kingdom of Belgium Treasury Bill |  |  |
| Spain Letras del Tesoro 09/07/2021 | 845.000 | 847.258 | 12/11/2020 | 960.000 | 960.082 |
| Italy Buoni Ordinari del Tesoro BOT | 840.000 | 842.027 | France Treasury Bill BTF 10/03/2021 | 930.000 | 930.657 |
| 14/05/2021 |  |  | Italy Buoni Ordinari del Tesoro BOT | 930.000 | 930.075 |
| France Treasury Bill BTF 14/04/2021 | 840.000 | 841.243 | 12/02/2021 |  |  |
| France Treasury Bill BTF 03/02/2021 | 830.000 | 831.021 | France Treasury Bill BTF 24/03/2021 | 900.000 | 900.447 |
| Italy Buoni Ordinari del Tesoro BOT 12/03/2021 France Treasury Bill BTF 03/03/2021 | 825.000 815.000 | 826.255 816.156 | Italy Buoni Ordinari del Tesoro BOT 14/10/2020 Dutch Treasury Certificate 25/02/2021 | 900.000 850.000 | 900.086 850.535 |
| Italy Buoni Ordinari del Tesoro BOT | 785.000 | 786.960 | France Treasury Bill BTF 03/02/2021 | 830.000 | 830.346 |
| 14/07/2021 Spain Letras del Tesoro 05/03/2021 | 755.000 | 756.172 | France Treasury Bill BTF 03/03/2021 Kingdom of Belgium Treasury Bill | 815.000 | 815.101 |
| German Treasury Bill 29/09/2021 | 715.000 | 717.317 | 11/03/2021 | 810.000 | 810.343 |
| Dutch Treasury Certificate 30/03/2021 | 710.000 | 711.570 | France Treasury Bill BTF 21/10/2020 | 810.000 | 810.094 |
| Italy Buoni Ordinari del Tesoro BOT | 710.000 | 710.465 | Spain Letras del Tesoro 04/12/2020 | 800.000 | 800.216 |
| 30/11/2020 |  |  | France Treasury Bill BTF 18/11/2020 | 790.000 | 790.091 |
| France Treasury Bill BTF 08/09/2021 | 700.000 | 702.176 | Italy Buoni Ordinari del Tesoro BOT | 780.000 | 780.146 |
| Kingdom of Belgium Treasury Bill | 695.000 | 696.828 | 26/02/2021 |  |  |
| 13/05/2021 German Treasury Bill 03/02/2021 | 690.000 | 690.816 | France Treasury Bill BTF 13/01/2021 Kingdom of Belgium Treasury Bill | 770.000 | 770.195 |
| Italy Buoni Ordinari del Tesoro BOT | 685.000 | 686.656 | 14/01/2021 | 770.000 | 770.099 |
| 14/06/2021 |  |  | Italy Buoni Ordinari del Tesoro BOT | 700.000 | 700.113 |
| Italy Buoni Ordinari del Tesoro BOT | 680.000 | 681.564 | 31/12/2020 |  |  |
| 31/05/2021 |  |  | France Treasury Bill BTF 09/12/2020 | 700.000 | 700.091 |
| Dutch Treasury Certificate 29/06/2021 | 670.000 | 672.288 | Italy Buoni Ordinari del Tesoro BOT | 680.000 | 680.037 |
| Italy Buoni Ordinari del Tesoro BOT | 655.000 | 656.314 | 14/12/2020 |  |  |
| 30/04/2021 |  |  | Spain Letras del Tesoro 15/01/2021 | 665.000 | 665.035 |
| France Treasury Bill BTF 08/04/2021 | 650.000 | 651.625 | Italy Buoni Ordinari del Tesoro BOT | 650.000 | 650.215 |
| France Treasury Bill BTF 05/05/2021 | 650.000 | 651.550 | 31/03/2021 |  |  |
| Italy Buoni Ordinari del Tesoro BOT | 650.000 | 651.164 | France Treasury Bill BTF 08/04/2021 | 650.000 | 650.211 |
| 31/03/2021 |  |  | France Treasury Bill BTF 25/11/2020 | 650.000 | 650.201 |
| France Treasury Bill BTF 14/07/2021 | 645.000 | 647.004 | Italy Buoni Ordinari del Tesoro BOT | 650.000 | 650.104 |
| France Treasury Bill BTF 12/05/2021 | 612.000 | 612.838 | 14/01/2021 |  |  |
| France Treasury Bill BTF 11/08/2021 | 600.000 | 601.932 | Italy Buoni Ordinari del Tesoro BOT | 650.000 | 650.019 |
| Spain Letras del Tesoro 13/08/2021 | 600.000 | 601.621 | 30/10/2020 |  |  |
| Italy Buoni Ordinari del Tesoro BOT | 600.000 | 601.316 | France Treasury Bill BTF 28/10/2020 | 640.000 | 640.079 |
| 30/06/2021 |  |  | Dutch Treasury Certificate 29/10/2020 | 620.000 | 620.012 |
| Italy Buoni Ordinari del Tesoro BOT | 585.000 | 586.376 | France Treasury Bill BTF 24/02/2021 | 605.000 | 605.074 |
| 13/08/2021 |  |  | Spain Letras del Tesoro 13/11/2020 | 600.000 | 600.019 |
| France Treasury Bill BTF 06/01/2021 | 580.000 | 580.907 | German Treasury Bill (Zero Coupon) | 580.000 | 580.960 |
| Italy Buoni Ordinari del Tesoro BOT 27/11/2020 | 570.000 | 570.174 | 14/04/2021 France Treasury Bill BTF 06/01/2021 | 580.000 | 580.148 |
| Dutch Treasury Certificate 30/08/2021 | 555.000 | 556.712 | Dutch Treasury Certificate 27/11/2020 | 580.000 | 580.076 |
| Italy Buoni Ordinari del Tesoro BOT 30/07/2021 Italy Buoni Ordinari del Tesoro BOT | 550.000 550.000 | 551.165 550.498 | German Treasury Bill (Zero Coupon) 05/05/2021 France Treasury Bill BTF 10/02/2021 | 575.000 550.000 | 576.186 550.068 |
| 29/01/2021 |  |  | Spain Letras del Tesoro 09/10/2020 | 550.000 | 550.019 |

Invesco US High Yield Fallen Angels UCITS ETF
| Käufe |  |  | Verkäufe |  |  |
| --- | --- | --- | --- | --- | --- |
| Wertpapierbezeichnung | Nennwert | Kosten | Wertpapierbezeichnung | Nennwert | Erlöse |
| Royal Caribbean Cruises Ltd 11.5% | 3.800.000 | EUR 4.413.293 | American Airlines 2013-2 Class A |  | USD |
| 01/06/2025 Howmet Aerospace Inc 5.13% 01/10/2024 | 3.321.000 | 3.561.289 | Pass Through Trust 4.95% 15/01/2023 Diversified Healthcare Trust 6.75% | 3.962.826 2.880.000 | 3.841.749 2.926.800 |
| Howmet Aerospace Inc 6.88% |  |  | 15/12/2021 |  |  |
| 01/05/2025 | 3.000.000 | 3.387.089 | Emera Inc 6.75% 15/06/2076 | 2.280.000 | 2.584.248 |
| PBF Holding Co LLC / PBF Finance | 3.000.000 | 3.001.625 | MEDNAX Inc 5.25% 01/12/2023 | 2.370.000 | 2.400.463 |
| Corp 9.25% 15/05/2025 American Airlines 2014-1 Class A Pass | 3.368.328 | 2.828.718 | Howmet Aerospace Inc 5.87% 23/02/2022 Macy's Retail Holdings LLC 2.88% | 2.300.000 2.400.000 | 2.384.700 2.252.260 |
| Through Trust 3.7% 01/10/2026 |  |  | 15/02/2023 |  |  |
| American Airlines 2013-1 Class A |  |  | Royal Caribbean Cruises Ltd 11.5% | 1.850.000 | 2.158.893 |
| Pass Through Trust 4% 15/07/2025 Seagate HDD Cayman 4.75% 01/01/2025 | 3.513.579 2.400.000 | 2.751.367 2.606.640 | 01/06/2025 Macy's Retail Holdings LLC 3.88% 15/01/2022 Ruby Pipeline LLC 7.75% 01/04/2022 | 2.120.000 2.401.629 | 2.127.950 2.045.259 |
| IHS Markit Ltd 4.75% 15/02/2025 Seagate HDD Cayman 4.88% | 2.280.000 | 2.602.271 | Travel + Leisure Co 4.25% 01/03/2022 | 1.980.000 | 2.017.608 |
| 01/06/2027 | 2.250.000 | 2.522.901 | Newell Brands Inc 4.7% 01/04/2026 | 1.650.000 | 1.796.858 |
| Howmet Aerospace Inc 5.9% |  |  | Continental Resources Inc/OK 5% | 1.725.000 | 1.727.753 |
| 01/02/2027 Seagate HDD Cayman 4.88% | 2.250.000 | 2.497.555 | 15/09/2022 Pitney Bowes Inc 5.95% 01/04/2023 | 1.575.000 | 1.699.381 |
| 01/03/2024 Seagate HDD Cayman 4.75% 01/06/2023 | 2.300.000 2.300.000 | 2.494.867 2.480.287 | Ford Motor Credit Co LLC 5.6% 07/01/2022 Xerox Corp 4.07% 17/03/2022 | 1.550.000 1.505.000 | 1.594.680 1.540.518 |
| Newell Brands Inc 4.7% 01/04/2026 | 2.280.000 | 2.479.645 | Ford Motor Credit Co LLC 4.06% | 1.450.000 | 1.505.982 |
| IHS Markit Ltd 4.25% 01/05/2029 | 2.000.000 | 2.441.514 | 01/11/2024 |  |  |
| Howmet Aerospace Inc 5.87% |  |  | Buckeye Partners LP 3.95% | 1.450.000 | 1.442.554 |
| 23/02/2022 Seagate HDD Cayman 5.75% | 2.300.000 | 2.433.258 | 01/12/2026 Murphy Oil Corp 6.88% 15/08/2024 | 1.300.000 | 1.323.010 |
| 01/12/2034 | 2.050.000 | 2.417.314 | Xerox Corp 4.38% 15/03/2023 | 1.250.000 | 1.313.029 |
| IHS Markit Ltd 4.75% 01/08/2028 | 1.950.000 | 2.388.990 | Howmet Aerospace Inc 5.13% | 1.200.000 | 1.310.310 |
| Royal Caribbean Cruises Ltd 10.88% 01/06/2023 Seagate HDD Cayman 4.13% 15/01/2031 | 2.100.000 2.200.000 | 2.359.125 2.341.181 | 01/10/2024 Macy's Retail Holdings LLC 3.63% 01/06/2024 EQM Midstream Partners LP 4.75% | 1.375.000 1.200.000 | 1.252.950 1.228.767 |
| IHS Markit Ltd 3.63% 01/05/2024 | 2.100.000 | 2.292.832 | 15/07/2023 |  |  |
| IHS Markit Ltd 4% 01/03/2026 | 2.000.000 | 2.290.539 | MEDNAX Inc 6.25% 15/01/2027 | 1.150.000 | 1.226.318 |
|  |  |  | NortonLifeLock Inc 5% 15/04/2025 | 1.200.000 | 1.225.792 |
|  |  |  | EnLink Midstream Partners LP 4.15% 01/06/2025 Oceaneering International Inc 6% | 1.250.000 1.400.000 | 1.179.084 1.126.285 |
|  |  |  | 01/02/2028 Pitney Bowes Inc 4.63% 15/03/2024 | 1.095.000 | 1.106.810 |

- 
## Verordnung über die Transparenz von Wertpapierfinanzierungsgeschäften

Zum 31. März 2021 belief sich der Gesamtwert der von den Fonds entliehenen Wertpapiere und der Wert der von den Fonds in Bezug auf diese Wertpapiere gehaltenen Sicherheiten auf null (30. September 2020: null).
- 
## Britische Berichterstattung (UK Reporting)

Die Offshore Funds (Tax) Regulations von 2009 und die Subsequent Regulations Amendments (die „Vorschriften“) führten neue Bedingungen zur Aktualisierung der Regelung für Offshore-Fonds ein und traten für nach dem 1. Dezember 2009 beginnende Rechnungslegungszeiträume in Kraft. Die Regelung für berichtende Fonds erfordert, dass:
- Der Status als berichtender Fonds einmalig und im Voraus beantragt wird.
- Die betreffenden Anteilsklassen Einzelheiten zu Erträgen jährlich innerhalb von sechs Monaten nach ihrem Geschäftsjahresende an Anleger und britische Behörden melden.
- Anleger müssen Einzelheiten zu ihren meldepflichtigen Erträgen in ihrer jährlichen Steuererklärung angeben.

Die meldepflichtigen Erträge je Anteil für das Geschäftsjahr zum30. September 2020 sind verfügbar unter https://etf.invesco.com.