Abridged Annual Report 2017-2018 Book Post

Abridged Annual Report 2017-2018For All Equity Schemes, ExchangeTraded Funds & Fund of Funds

Book Post

Mutual Fund investments are subject to market risks,read all scheme related documents carefully.

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ASSET MANAGEMENT COMPANY Invesco Asset Management (India) Private Limited 2101-A, A Wing, 21st Floor, Marathon Futurex, N. M. Joshi Marg, Lower Parel, Mumbai - 400 013.

TRUSTEE COMPANY Invesco Trustee Private Limited Regd. Office: 2101-A, A Wing, 21st Floor, Marathon Futurex, N. M. Joshi Marg, Lower Parel, Mumbai - 400 013.

MUTUAL FUND Invesco Mutual Fund Regd. Office: 2101-A, A Wing, 21st Floor, Marathon Futurex, N. M. Joshi Marg, Lower Parel, Mumbai - 400 013.

AUDITORS M/s. Deloitte Haskins & Sells LLPChartered Accountants,Indiabulls Finance Centre,Tower 3, 27th - 32nd Floor, Senapati Bapat Marg,Elphinstone Road (West), Mumbai - 400 013.

REGISTRAR Karvy Computershare Pvt. Ltd. Unit - Invesco Mutual Fund, Karvy Selenium, Tower B, Plot No. 31 & 32, Gachibowli, Financial District, Nanakramguda, Serilingampally, Hyderabad – 500 032.

l Agra: Block No.30, Shop No.126, Sanjay Place, Agra - 282002. Tel. No.: 9759600341. l Ahmedabad: 303/A, Raindroop Building, C.G.Road, Ahmedabad - 380 006. Tel. No.: 079 – 66521550. l Allahabad: 21B/2/12B, Cooper Road, Civil Lines, Allahabad - 211001. Tel. No.: 0532-6455816. l Aurangabad: C/o Religare Securities Ltd. 1st Floor, Bhaskar Meridian, Nageshwarwadi, Near Nirala bazaar, Aurangabad – 431001. Tel. No.: 9923757407. l Bengaluru: 411, 4th Floor, Prestige Meridian 1, 29, MG Road, Bengaluru - 560 001. Tel No.: 080 – 42941000. l Bhopal: MM - 18, B Block, Mansarovar Complex, Hoshangabad Road, Bhopal - 462016. Tel. No.: 0755 4253972. l Bhubhaneshwar: Plot No -3255, Chakeisiani Near Mangala Mandir & Shiva Mandir Bhubaneswar, Bhubaneshwar - 751 010, Dist : Khurda, Orissa. Tel. No.: 98610 90234. l Chandigarh: S.C.O. 2471 - 72, 2nd Floor, Sector 22C, Himalaya Marg, Chandigarh - 160 022. Tel. No.: 0769 - 6001369. l Chennai: Door #2, 2nd Floor, Sun Plaza, #39 G.N.Chetty Road, Near Kamarajar Arangam, Chennai – 600006. Tel. No. 9043000628. l Coimbatore: 2nd Floor, 509 E, Red Rose Plaza, D.B Road, R. S. Puram, Coimbatore 641 002. Tel. No.: 9843555682. l Dehradun: 1st Floor , Room No. 3, 5, Shubhas Road, Opp - Secretariat Dehradun - 248001. Tel. No.: 9719206655. l Delhi: 10C, Vandana Building, 10th Floor, 11 Leo Tolstoy Marg, Connaught Place, New Delhi - 110 001. Tel. No.: 011 43789000. l Gorakhpur: Shop No. 17, Upper ground floor, Radhika complex, Asuran Chungi Medical College Road, Gorakhpur - 273001. Tel. No.: 9919802109. l Guwahati (Assam): 4th Floor, Ram Kumar Plaza Chatribari, Near Himatsingka Petrol Pump, Guwahati – 781 001. Tel. No.: 8486030491. l Hyderabad: 2nd Floor, S.B. Towers, H.No.6-3-354, Road No.1,Banjara Hills, Landmark: Punjagutta X Road, Beside Himalaya Book Store, Hyderabad-500 034. Tel. No.: 09030015457. l Indore: Room No. 216, 2nd Floor, Starlit Tower, Y. N. Road, Indore - 452 001. Tel. No.: 7415000281. l Jaipur: 204, 2nd Floor, ‘Brij Anukampa’ Ashok Marg, C-Scheme, Jaipur - 302 001. Tel. No.: 07737000761. l Jalandhar: 2nd Floor, Hamilton Courts, E.H 176 Civil Lines, opp dist. court Jalandhar - 144 001.Tel. No.: 0181- 4626870. l Jamshedpur: Shop No - 16, Bharat Business Centre, Ground Floor, Bistupur, Jamshedpur -831001. Tel. No.: 0657 2321534. l Kanpur: 1st Floor, KAN Chambers, 14/113 Civil Lines, Kanpur - 208 001. Tel. No.: 9044051658.

l Kochi: Door No.CC 40/377, 3rd Floor, Jos Annexe, Jos Junction, M.G.Road, Kochi - 682016. Tel. No.: 9037001509. l Kolkata: Everest House, Unit No.16A/2, 16th Floor, 46C, Chowranghee Road, Kolkata - 700 071. Tel : 033-40639115. l Lucknow: 304, 3rd Floor, SKY HI Chamber, Park Road, Hazratganj, Lucknow - 226 001, U.P Tel No - 0522-4000841/4000149. l Ludhiana: Room No. 604, 6th Floor, SCO - 18, Feroze Gandhi Market, Ludhiana - 141 001. Tel. No.: 09041002258. l Madurai: 17 Avenue Road, J. Rani Towers, 3rd Floor, SS Colony, By Pass Road, Madurai – 625010. Tel. No.: 0452 - 6460114 l Moradabad: Sai Sadan Commercial Complex, G -5, Ground Floor, Moradabad – 244001. Tel. No.: 88590 16165. l Mumbai (Nariman Point): Office No.17, 1st Floor, Jolly Maker Chambers II, Nariman Point, Mumbai - 400 021. Tel. No.: 022 43416000. l Mumbai (H.O.): 2101-A, A Wing, 21st Floor, Marathon Futurex, N.M. Joshi Marg, Lower Parel, Mumbai - 400 013. Tel. No.: 022 – 67310000. l Nagpur: Business chamber no F2/102, Fortune Business Centre, 1st floor, NIT Plot no.6, “Vasant-Vihar Complex, West High Court Road, Shankar Nagar, Nagpur – 440010. Tel. No.: 0712 6463962. l Nasik: 1st Floor, “G-21, Suyojit Sankul, Below Karvy Computershar Pvt Ltd, Near Rajiv Gandhi Bhavan, Sharanpur Road, Nashik – 422002. Tel. No.: 7507777375. l Panaji: Advani Business Centre, Office No. CU2, Neelkamal Arcade, Atmaram Borkar Road, Above Federal Bank, Panaji - 403 001. Tel No: 0832-6650402. l Patna: No. 304, Hariniwas Complex, Dak Banglow Road, Patna - 800 001. Tel. No.: 09264457840. l Pune: Shop No. 11, B Wing, Shreenath Plaza, FC Road, Dyaneshwar Paduka Chowk, Pune - 411 005. Tel No.: 020 – 41291015. l Raipur: Shop No-T, 2nd Floor, DM Plaza, Near Fire Brigade Chowk, Chotapara, Raipur-492001. Tel. No.: 0771 4056046. l Rajkot: 303, 3rd Floor, Business Park-1, Opp. Ratnam Hospital, Near Eagle Travels, Moti Tanki chowk, Rajkot - 360001. Tel. No.: 9727787624. l Surat: 215, Jolly Plaza Athva Gate, Surat-395009. Tel. No.: 9030015457. l Vadodara:UG- 6, 1st Floor , Concorde Complex, R C Dutt Road, Alkapuri, Vadodara -390 005. Tel. No.: 0265 - 2338446. l Varanasi: D58/2, 3rd Floor, Kuber Complex, Rathyatra Crossing, Varanasi – 221010. Tel. No.: 0542 6055444. l Vijayawada: 2nd Floor, JM-2, D.No: 40-1-139, Mohiuddin Estate, Beside M & M, Bandar Road, Vijayawada – 520 010. Tel. No.: 9885596611. l Vishakapatnam: V R C Complex,104,Dwarakanagar, Visakhapatnam - 530016. Tel. No.: 8886001422.

Invesco Asset Management (India) Private Limited - Branches

CUSTODIAN(S) Deutsche Bank AG 4th Floor, Block B1,Nirlon Knowledge Park,Western Express Highway, Goregaon (East),Mumbai - 400 063.

The Bank Of Nova Scotia (For Physical Gold) 91-94, 3 North Avenue, Maker Maxity, Bandra Kurla Complex, Mumbai - 400 051.

BOARD OF DIRECTORS Invesco Trustee Private Limited (Trustee to Invesco Mutual Fund) Raj Narain Bhardwaj - Chairman Lt. Gen. (Retd.) S.S. Mehta R.V. Shastri Dean ChisholmJeremy Simpson

BOARD OF DIRECTORS Invesco Asset Management (India) Private Limited (Investment Manager to Invesco Mutual Fund) Vijay Kumar Chopra - Chairman P.G. Muralidharan Mihir Kumar Moitra Andrew LO Terry PAN

Abridged Annual Report 2017-18 1

Report from Invesco Trustee Private Limited to the unit holders of schemes of Invesco Mutual FundInvesco Trustee Private Limited (‘the Trustees’) presents its Twelfth report on the schemes of Invesco Mutual Fund (‘the Fund’) along with the audited financial statements of the schemes for the year ended March 31, 2018.

During the year under review, the Fund launched plans of varying maturities under Invesco India Fixed Maturity Plan(s), close ended debt scheme(s).

As of March 31, 2018, Invesco Asset Management (India) Private Limited managed 42 schemes of the Fund which includes 10 open ended equity schemes, 1 open ended equity linked savings scheme (ELSS), 1 Index linked Exchange Traded Fund (ETF), 1 Gold Exchange Traded Fund, 1 open ended liquid scheme, 8 open ended income schemes, 1 open ended dedicated gilt scheme, 15 close ended debt schemes, 1 interval income scheme, 1 fund of funds scheme investing in Gold ETF and 2 fund of funds schemes investing in overseas mutual fund schemes.

The assets under management of the schemes of the Fund were Rs. 23,085.42 crores as on March 31, 2018 as against Rs. 21,498.32 crores as on March 31, 2017. The average assets under management of the schemes of the Fund for the quarter ended March 2018 were Rs. 26,392.77 crores as against Rs. 23,626.61 crores for the quarter ended March 2017. The details of assets under management and number of investor folios of Invesco Mutual Fund are as follows:

a. Asset class wise disclosure of average assets under management (AAUM) of Invesco Mutual Fund for the quarter ended March 31, 2018:

Category Average AUM for the Quarter ended March 31, 2018 (` in Lakhs)

Liquid 12,09,712.68

Category Average AUM for the Quarter ended March 31, 2018 (` in Lakhs)

Income 9,88,248.34Gilt 4,085.85Equity (other than ELSS) 3,79,152.82Equity - ELSS 50,803.41Gold ETF 3,696.61Other ETF 183.47Fund of Funds Investing in Overseas mutual fund schemes 3,393.70

Total 26,39,276.88b. Percentage of assets under management (AUM) of Invesco Mutual Fund as on March 31,

2018 by geography:

Geographical Spread % of total AUM as on the last day of the Quarter ended March 2018

Top 5 Cities 60.05%Next 10 Cities 19.09%Next 20 Cities 13.63%Next 75 Cities 3.51%Others 3.72%Total 100.00%

c. The number of investors (folio count) in the schemes of Invesco Mutual Fund as on March 31, 2018 was 4,21,463.

1. Scheme Performance, Future Outlook and Operations of the Schemes:A. Scheme Performance* Equity Schemes - Performance for the period ended March 31, 2018

Name & Type of Scheme Allotment Date / Inception Date

Benchmark Index Returns during last One Year

Returns during last Three Years

Returns during last Five Years

Returns since launch of the Scheme

Invesco India Tax Plan, An open ended equity linked savings scheme with a statutory lock-in period of 3 years and tax benefitGrowth 29-Dec-06

S&P BSE 100

15.67% 9.47% 20.28% 14.79%Benchmark Returns 12.23% 8.39% 14.73% 10.34%Direct Plan:Growth 1-Jan-13 17.56% 11.32% 22.06% 19.86%Benchmark Returns 12.23% 8.39% 14.73% 12.77%Invesco India Contra Fund, An open ended equity scheme following contrarian investment strategy Growth 11-Apr-07

S&P BSE 500

18.62% 12.72% 23.02% 14.68%Benchmark Returns 13.32% 9.99% 16.40% 11.37%Direct Plan:Growth 1-Jan-13 20.60% 14.51% 24.78% 21.41%Benchmark Returns 13.32% 9.99% 16.40% 13.96%Invesco India Midcap Fund (Formerly known as Invesco India Mid Cap Fund), Mid Cap Fund - An open ended equity scheme predominantly investing in mid cap stocks Growth 19-Apr-07

Nifty Midcap 100**

12.49% 10.02% 24.11% 15.06%Benchmark Returns 10.34% 14.39% 21.96% 14.11%Direct Plan:Growth 1-Jan-13 14.53% 12.03% 26.08% 22.16%Benchmark Returns 10.34% 14.39% 21.96% 17.49%Invesco India Arbitrage Fund, An open ended scheme investing in arbitrage opportunitiesGrowth 30-Apr-07

CRISIL Liquid Fund Index

5.94% 6.32% 7.04% 7.18%Benchmark Returns 6.85% 7.33% 8.09% 7.52%Direct Plan:Growth 1-Jan-13 6.57% 6.91% 7.66% 7.80%Benchmark Returns 6.85% 7.33% 8.09% 8.09%Invesco India Growth Opportunities Fund (Formerly known as Invesco India Growth Fund), Large & Mid Cap Fund - An open ended equity scheme investing in both large cap and mid cap stocksGrowth 9-Aug-07

S&P BSE 100

19.88% 10.11% 18.98% 11.47%Benchmark Returns 12.23% 8.39% 14.73% 9.75%Direct Plan:Growth 1-Jan-13 21.96% 12.09% 20.82% 19.09%Benchmark Returns 12.23% 8.39% 14.73% 12.77%Invesco India Dynamic Equity Fund, An open ended dynamic asset allocation fundGrowth 4-Oct-07

S&P BSE 100

13.18% 7.78% 15.57% 10.27%Benchmark Returns 12.23% 8.39% 14.73% 8.09%Direct Plan:Growth 1-Jan-13 14.98% 9.63% 17.32% 16.12%Benchmark Returns 12.23% 8.39% 14.73% 12.77%

Trustees’ Report


Name & Type of Scheme Allotment Date / Inception Date

Benchmark Index Returns during last One Year

Returns during last Three Years

Returns during last Five Years

Returns since launch of the Scheme

Invesco India Multicap Fund (Formerly known as Invesco India Mid N Small Cap Fund), Multi Cap Fund - An open ended equity scheme investing across large cap, mid cap, small cap stocksGrowth 17-Mar-08

Nifty Midcap 100**

13.66% 10.31% 24.57% 16.97%Benchmark Returns 10.34% 14.39% 21.96% 13.74%Direct Plan:Growth 1-Jan-13 15.63% 12.20% 26.43% 22.70%Benchmark Returns 10.34% 14.39% 21.96% 17.49%Invesco India Financial Services Fund (Formerly known as Invesco India Banking Fund), An open ended equity scheme investing in financial services sectorGrowth 14-Jul-08

Nifty Bank

18.02% 13.38% 18.70% 18.14%Benchmark Returns 14.00% 10.96% 17.73% 18.34%Direct Plan:Growth 1-Jan-13 20.17% 15.44% 20.56% 16.85%Benchmark Returns 14.00% 10.96% 17.43% 14.22%Invesco India Largecap Fund (Formerly known as Invesco India Business Leaders Fund), Large Cap Fund - An open ended equity scheme predominantly investing in large cap stocksGrowth 21-Aug-09

Nifty 50

12.98% 7.56% 15.98% 12.03%Benchmark Returns 11.86% 7.38% 13.63% 11.09%Direct Plan:Growth 1-Jan-13 15.01% 9.46% 17.75% 16.30%Benchmark Returns 11.86% 7.38% 13.63% 12.02%Invesco India PSU Equity Fund, An open ended equity scheme following PSU theme

Growth 18-Nov-09

S&P BSE PSU

-2.15% 9.74% 13.64% 7.18%Benchmark Returns -6.08% 4.39% 6.98% 0.38%Direct Plan:Growth 1-Jan-13 -0.57% 11.60% 15.28% 12.61%

Benchmark Returns -6.08% 4.39% 6.98% 4.01%Invesco India Infrastructure Fund, An open ended equity scheme following Infrastructure themeGrowth 21-Nov-07

Nifty Infrastructure

14.60% 6.22% 20.31% 5.54%Benchmark Returns 9.05% 2.11% 10.02% -3.50%Direct Plan:Growth 1-Jan-13 16.65% 8.16% 22.20% 18.75%Benchmark Returns 9.05% 2.11% 10.02% 6.15%Invesco India AGILE Tax Fund, A Close Ended Equity Linked Savings Scheme with a maturity of 10 years ***Growth 10-Mar-08

Nifty 50NA NA NA 1.68%***

Benchmark Returns NA NA NA 9.13%***

Past performance may or may not be sustained in future.Returns above one year are Compounded Annualized Returns.Benchmark Returns are calculated using Total Return Variant of respective Benchmark Index.For calculating returns since the date of allotment, NAV on the date of allotment is taken as Rs. 10/-Face value per unit for the schemes is Rs. 10/-Pursuant to provisions of SEBI Circular dated September 13, 2012, Direct Plan was introduced w.e.f. January 1, 2013. For calculating returns since the date of allotment under Direct Plan, the NAV of corresponding option(s) of the respective scheme(s) on the date of allotment i.e. January 1, 2013, is considered.** Nomenclature of Benchmark Index for Invesco India Midcap Fund (Formerly known as Invesco India Mid Cap Fund) and Invesco India Multicap Fund (Formerly known as Invesco India Mid N Small Cap Fund) was changed from Nifty Free Float Midcap 100 to Nifty Midcap 100 w.e.f. April 2, 2018.***Invesco India AGILE Tax Fund matured on March 9, 2018 and units were redeemed at applicable NAV of March 9, 2018. Returns since inception are from the date of allotment till the date of maturity.NA - Not Applicable

Exchange Traded Funds - Performance for the period ended March 31, 2018

Name & Type of Scheme Allotment Date / Inception Date Benchmark Index Returns during last

One Year Returns during last

Three Years Returns during last

Five Years Returns since launch

of the Scheme Invesco India Gold Exchange Traded Fund, An open ended scheme tracking returns provided by investment in physical gold

12-Mar-10Price of Gold

5.65% 4.26% -0.44% 6.80%

Benchmark Returns 6.76% 5.32% 0.53% 7.85%

Invesco India Nifty Exchange Traded Fund, An open ended scheme replicating Nifty 50 Index $$

13-Jun-11Nifty 50

11.73% 7.27% 13.28% 10.33%

Benchmark Returns# 11.86% 7.38% 13.63% 10.78%

Past performance may or may not be sustained in future. Returns above one year are Compounded Annualized Returns.# Benchmark Returns are calculated using Total Return Variant of respective Benchmark Index.For calculating returns since inception for Invesco India Gold Exchange Traded Fund, NAV as on date of allotment is taken as Rs. 1,680.0014/- and for Invesco India Nifty Exchange Traded Fund, NAV as on date of allotment is taken as Rs. 548.28/-$$ Returns for Invesco India Nifty Exchange Traded Fund are calculated after considering dividend reinvestment of Rs. 5/- per unit on record date - December 26, 2012 at ex-dividend NAV of Rs. 591.3176 per unit.Face value per unit for Invesco India Gold Exchange Traded Fund is Rs. 100/- and Invesco India Nifty Exchange Traded Fund is Rs. 10/-.

Trustees’ Report (Contd...)


Fund of Funds - Performance for the period ended March 31, 2018

Name & Type of Scheme Allotment Date / Inception Date Benchmark Index Returns during last

One Year Returns during last

Three Years Returns during last

Five Years Returns since launch

of the Scheme Invesco India Gold Fund, An open ended fund of fund scheme investing in Invesco India Gold Exchange Traded Fund#Growth 5-Dec-11

Price of Gold

5.76% 4.10% -1.05% -0.66%Benchmark Returns 6.76% 5.32% 0.53% 0.80%Direct Plan$:Growth 1-Jan-13 6.02% 4.35% -0.80% -1.49%Benchmark Returns 6.76% 5.32% 0.53% 0.02%Invesco India Feeder - Invesco Pan European Equity Fund (Formerly known as Invesco India Pan European Equity Fund), An open ended fund of fund scheme investing in Invesco Pan European Equity Fund #Regular Plan:

Growth 31-Jan-14

MSCI Europe-ND

15.16% 3.89% NA 2.26%

Benchmark Returns 15.72% 6.37% NA 4.66%

Direct Plan:Growth 31-Jan-14 16.55% 5.09% NA 3.44%Benchmark Returns 15.72% 6.37% NA 4.66%Invesco India Feeder - Invesco Global Equity Income Fund (Formerly known as Invesco India Global Equity Income Fund), An open ended fund of fund scheme investing in Invesco Global Equity Income Fund #Regular Plan:Growth 5-May-14

MSCI World Index-Net Dividend

12.83% 5.83% NA 5.31%Benchmark Returns 13.21% 9.17% NA 9.30%

Direct Plan:Growth 5-May-14 14.40% 7.16% NA 6.66%Benchmark Returns 13.21% 9.17% NA 9.30%

Past performance may or may not be sustained in future. Returns above one year are Compounded Annualized Returns.For calculating returns since inception, NAV as on the date of allotment is taken as Rs. 10/-. Face Value per unit is Rs. 10/-.#The investor will bear the recurring expenses of the scheme, in addition to the expenses of underlying scheme.

$Pursuant to provisions of SEBI Circular dated September 13, 2012, Direct Plan was introduced w.e.f. January 1, 2013. For calculating returns since the date of allotment under Direct Plan, NAV of Growth option on the date of allotment i.e. January 1, 2013 is considered.NA - Not Applicable

B. Operations of the Schemes*Equity Schemes

• Invesco India Tax Plan (An open ended equity linked saving scheme with a statutory lock in of 3 years and tax benefit)

The scheme invested across market cap and sectors utilizing bottom up approach. The scheme outperformed the benchmark in FY 2017-18 and since inception. The scheme

maintained a well-diversified portfolio across sectors and was well balanced between large cap companies and mid-cap companies. The scheme experienced positive attribution through stock selection in Financials, Industrials, Staples and Materials and underweight position in the Healthcare sector. The scheme remained focused on long term growth opportunities.

As at March 31, 2018, 95.39% of the net assets were invested in equity and equity related instruments and 4.61% in cash and cash equivalent.

The net assets of the scheme amounted to Rs. 509.37 crores as at March 31, 2018 as against Rs. 389.67 crores as at March 31, 2017.

• Invesco India Contra Fund (An open ended equity scheme following contrarian investment strategy)

The scheme used contrarian investing style to identify potentially undervalued stocks across sectors utilizing top down and bottom up approach.

The scheme outperformed the benchmark in FY 2017-18 and since inception. Outperformance is largely attributable to successful identification of stocks which traded below intrinsic value or those in a turnaround stage. The scheme also used sector allocation and market capitalization bias as a lever to generate alpha. Over the last 1 year, the scheme benefited from pro cyclical stance largely coming from Consumer Discretionary, Industrials and Materials.


The net assets of the scheme amounted to Rs. 1,209.62 crores as at March 31, 2018 as against Rs. 464.04 crores as at March 31, 2017.

• Invesco India Midcap Fund (Formerly known as Invesco India Mid Cap Fund) (Mid Cap Fund - An open ended equity scheme predominantly investing in mid cap stocks)

The scheme invested in a portfolio that was predominantly constituted of equity and equity related instruments of mid cap companies and selected equity securities utilizing bottom up approach.

The scheme outperformed the benchmark in FY 2017-18 and since inception. The scheme performance was helped by bottom up stock selection. The Scheme adhered to its core philosophy of investing based on bottom-up approach. The preference for companies with a strong growth potential and backed by healthy return ratios and operating cash flows have benefited the scheme over the longer run.



• Invesco India Arbitrage Fund (An open ended scheme investing in arbitrage opportunities) The scheme used cash-futures arbitrage strategies thereby capturing the mis-pricing

opportunities in cash and derivative market and maintained fully hedged position. The scheme underperformed the benchmark in FY 2017-18 and since inception. Arbitrage

returns were generated by taking advantage of the spreads between cash and future segment and the returns did not move in sync with the underlying benchmark.

As at March 31, 2018, 67.29% of the net assets were invested in equity and equity related instruments, 19.55% in fixed deposits, 8.59% in money market instruments and 4.56% in cash and cash equivalent. The Scheme had corresponding derivative exposure and equity positions were fully hedged.


• Invesco India Growth Opportunities Fund (Formerly known as Invesco India Growth Fund) (Large & Mid Cap Fund - An open ended equity scheme investing in both largecap and midcap stocks)

The scheme invested in equity and equity related instruments of companies across market cap and sectors utilizing bottom up approach.

The scheme outperformed the benchmark in FY 2017-18 and since inception. The scheme benefited from bottom up stock selection and a pro cyclical stance in Consumer Discretionary, Industrials and Materials sector. The scheme maintained well-diversified portfolio across sectors.



• Invesco India Dynamic Equity Fund (An open ended dynamic asset allocation fund) The scheme invested in equity and equity related instruments of companies across market

capitalisation and sectors utilizing a focused stock selection approach. To pursue its investment objective and manage volatility, the scheme used active hedging strategy.



The scheme outperformed the benchmark in FY 2017-18 and since inception. The scheme benefited from its focused sector allocation approach - the overweight position and stock selection in consumer discretionary & utilities that led to significant contribution. Underweight positions in consumer staples & healthcare also contributed to positive attribution. Stock selection in financials and Asset allocation had a negative impact.

As at March 31, 2018, 76.76% of the net assets were invested in equity and equity related instruments, 1.70% in fixed deposits and 21.54% in cash and cash equivalent.


• Invesco India Multicap Fund (Formerly known as Invesco India Mid N Small Cap Fund) (Multi Cap Fund - An open ended equity scheme investing across large cap, mid cap, small cap stocks)

The scheme predominantly invested in equity and equity related instruments of Mid Cap and Small Cap companies utilizing bottom up approach.

The scheme outperformed the benchmark in FY 2017-18 and since inception. The scheme benefited from stock selection in financials and industrials whereas the scheme performance was negatively impacted by the underweight positions in real estate and Information technology. The scheme adhered to its core philosophy of investing based on bottom-up approach. The preference for companies with a strong growth potential and backed by healthy capital return ratio and cash flows has benefitted the scheme over the longer run.



• Invesco India Financial Services Fund (Formerly known as Invesco India Banking Fund) (An open ended equity scheme investing in financial services sector)

The scheme primarily invested in equity and equity-related instruments of companies engaged in the business of banking and financial services.

The scheme outperformed the benchmark in FY 2017-18. The Portfolio was dominated by banks that had a strong liability franchise, strong pre-provisioning margins and superior track record on asset quality. The scheme benefited from positioning into companies delivering consistent growth, exhibiting superior asset quality performance and were available at reasonable valuations. The scheme also added exposure to companies that can benefit from improvement in asset quality cycle over next couple of years.



• Invesco India Largecap Fund (Formerly known as Invesco India Business Leaders Fund) (Large Cap Fund - An open ended equity scheme predominantly investing in large cap stocks)

The scheme invested in equity and equity related instruments including equity derivatives of companies which are leaders in their respective industry or industry segment.

The scheme outperformed the benchmark in FY 2017-18 and since inception. During 2017-18, the scheme had a positive attribution relative to the benchmark due to pro cyclical stance in consumer discretionary and Financials sector. The fund also benefited from underweight position in Healthcare.



• Invesco India PSU Equity Fund (An open ended equity scheme following PSU theme) The scheme invested in equity and equity related instruments of PSU companies. The scheme outperformed the benchmark in FY 2017-18 and since inception. Stock selection

has helped the scheme outperform its benchmark whilst the fund was affected by stock selection in materials.



• Invesco India Infrastructure Fund (An open ended equity scheme following Infrastructure theme)

The scheme primarily invested in equity and equity related instruments of companies in the infrastructure sector utilizing bottom-up approach.

The scheme outperformed the benchmark in FY 2017-18 and since inception. Stock selection has contributed significantly to the outperformance. Our underweight stance on telecom sector stocks has also benefitted the fund. The scheme continued to avoid infrastructure companies with vulnerable balance sheets. The preference has been for companies which have an inherent strong business model and which can withstand the current macro challenges and emerge stronger when the cycle improves.



Exchange Traded Funds• Invesco India Gold Exchange Traded Fund (An open ended scheme tracking returns provided

by investment in physical gold)

The scheme was passively managed and entire net assets were invested in physical gold.

The scheme underperformed the benchmark in FY 2017-18 and since inception primarily due to expenses being charged.

As at March 31, 2018, 99.52% of the net assets were invested in Gold and 0.48% in cash and cash equivalent.

The net assets of the scheme amounted to Rs. 36.29 crores as at March 31, 2018 as against Rs 41.66 crores as at March 31, 2017.

• Invesco India Nifty Exchange Traded Fund (An open ended scheme replicating Nifty 50 Index)

The scheme was passively managed and entire net assets were invested in constituents of Nifty 50 in the same weightage as the weight in Nifty 50.

The scheme underperformed the benchmark in FY 2017-18 and since inception primarily due to the expense being charged.

As at March 31, 2018, 99.72% of the net assets were invested in equity & equity related instruments and 0.28% in cash and cash equivalent.


Fund of Funds• Invesco India Gold Fund (An open ended fund of fund scheme investing in Invesco India Gold

Exchange Traded Fund)

The scheme was passively managed and net assets were invested in units of Invesco India Gold Exchange Traded Fund.

The scheme underperformed the benchmark in FY 2017-18 and since inception due to expenses charged to the scheme as well as the expenses charged by the underlying scheme i.e. Invesco India Gold ETF.

As at March 31, 2018, 98.68% of the net assets were invested in Invesco India Gold ETF and 1.32% in cash and cash equivalent.


• Invesco India Feeder - Invesco Pan European Equity Fund (Formerly known as Invesco India Pan European Equity Fund) (An open ended fund of fund scheme investing in Invesco Pan European Equity Fund)

The scheme was passively managed and net assets were invested in units of Invesco Pan European Equity Fund, an overseas equity fund which invests primarily in equity securities of European companies with an emphasis on larger companies.

For the one year period ended on March 31, 2018, the scheme’s returns were 15.16% v/s 15.72% INR adjusted returns for the benchmark MSCI Euro ND. For the one-year period, the underlying Fund (in euro currency) has marginally outperformed its benchmark (in euro currency) by 57 bps while the scheme underperformed the currency adjusted benchmark by 100 bps. The scheme had underperformed the benchmark since inception. The main reason has been due to underperformance of underlying scheme v/s its benchmark.

As at March 31, 2018, 98.75% of the net assets were invested in units of Invesco Pan European Equity Fund and 1.25% in cash and cash equivalent.


• Invesco India Feeder - Invesco Global Equity Income Fund (Formerly known as Invesco India Global Equity Income Fund) (An open ended fund of fund scheme investing in Invesco Global Equity Income Fund)

The scheme was passively managed and net assets were invested in units of Invesco Global Equity Income Fund, an overseas equity fund which invests primarily in equities of companies worldwide.

For the one year period ended on March 31, 2018, the scheme’s returns were 12.83% v/s 13.21% INR adjusted returns for the benchmark MSCI World Index - ND. For the 1-year period, scheme underperformed the currency adjusted benchmark returns by 40 bps, while there was 190 bps outperformance of the underlying fund in USD v/s its benchmark returns in USD terms. The scheme had underperformed the benchmark since inception. The main reason has been due to underperformance of underlying scheme v/s its benchmark.

As at March 31, 2018, 95.95% of the net assets were invested in units of Invesco Global Equity Income Fund and 4.05% in cash and cash equivalent.


*Pursuant to SEBI circular dated October 6, 2017 read with circular dated December 4, 2017 on Categorization and Rationalization of Mutual Fund schemes, there were changes in name, type, investment objective, asset allocation pattern, investment strategy of schemes, as applicable and the said changes were effective from April 27, 2018. While the name and type of the scheme given in scheme performance table and operations of the scheme is as on the date of signing this Trustee Report (i.e. after effecting the change, wherever applicable), the



write up with respect to operations of the schemes is for the financial year 2017-18. Please refer Annexure I giving details of name, type and investment objective of the schemes before and after the said changes.

C. Future Outlook i. Equity Market Outlook

The market returns for FY ’18 were reasonable after a strong FY ’17. The S&P BSE Sensex gained 11.3% while, the Nifty 50 index was up 10.2%. The Nifty Midcap 100 Index gained 9.0% underperforming the large cap benchmark after outperforming annually over the last three years.

The macro environment of the country remains largely stable, with there being visible improvement in some macro-economic parameters even as some others parameters somewhat deteriorated.

Nevertheless, the RBI is beginning to show some comfort on the revival of global growth even as the improvement of domestic growth remains shrouded with some degree of uncertainty.

The pickup in the domestic growth conditions have increased the import requirement and the overall import bill has been higher due to appreciating metal and oil prices globally. We do not expect any quick improvement in the trade deficit and elevated oil prices may start affecting the current account deficit in case oil prices hover around these levels for a few more quarters.

We maintain that the market will likely remain in the mode of re-calibrating recent gains in economic and earnings growth momentum against emergent risks of inflation and higher interest rates for some time and this is expected to induce volatility in the market for some time.

Our Portfolio approach continues to remain balanced with bottom-up stock selection and sector selection playing equal roles. We believe evidence is emerging on strengthening a pro-cyclical stance and some portfolio shifts to capture a potential industrial/manufacturing recovery are being undertaken. Cyclicals with comfortable balance sheets and attractive valuations and companies with strong franchise value but presently facing growth headwinds do attract our attention.ii. Debt Market Outlook

The debt market is under adverse condtions of a hawkish RBI, rising headline inflation, rising crude oil prices, deteriorating external trade balances and falling INR caught amidst trade war and offshore portfolio outflows.

The outlook looks grim and RBI seems to be preparing the market for a secound round of rate hike in 2018.

The market presently is reeling under the upside risks to inflation and a potential second round of rate hike by the RBI. However, the hardening bond yields have already priced in much of the potential rate hike by the RBI and we expect the bond yields to eventually tread lower as the upside risks to inflation gradually subside due to favourable base effect in the second half of 2018.

The market so far has priced in over 100bps of potential rate hike fearing RBI to be hawkish. The market will be in a wait and watch mode and await incoming inflation data and follow the progress of the monsoon to figure out whether the softening of inflation expected in the second half of the CY will eventually materialize.

RBI’s intervention in the currency market is expected to continue as INR remains under pressure and is expected to adversely affect the domestic liquidity condtions. The OMO (gsec purchase) by RBI is expected to rise in order to infuse durable liqudity into the banking system and neutralise the dual outflow of liquidity by both offshore investors and cash withdrawal by domestic investors. Hence, the bonds yields are expected to be plateauing out due to potential OMO over the months.

The market, in due course, is expected to move in sync with the Monetary Policy Committee (MPC’s) rate decision, which is taking cognizance of developing inflation and the economic growth dynamics.

Overall, while the near term outlook remains uncertain we are positive on the bond market and expect the real rates to contract from around 300 bps (average of 110 bps) and move in line with the broad macro data.

2. Brief background of Sponsor, Trust, Trustee Company and AMC A. Invesco Mutual Fund Invesco Mutual Fund (“the Mutual Fund”) has been constituted as a Trust in accordance with

the provisions of the Indian Trusts Act, 1882 (2 of 1882). Deed of Trust constituting the Mutual Fund was executed on April 27, 2006 and registered under the Indian Registration Act, 1908. The Mutual Fund is registered with SEBI vide Registration No. MF/052/06/01 dated July 24, 2006.

The Mutual Fund was originally set up as Lotus India Mutual Fund by Alexandra Fund Management Pte. Ltd. (the erstwhile sponsor of Lotus India Mutual Fund). On December 4, 2008, Religare Securities Limited (“RSL”), a wholly owned subsidiary of Religare Enterprises Limited (“REL”) acquired the entire shareholding in the AMC and Trustee Company from Alexandra Fund Management Pte. Ltd. and other shareholders and became sponsor of the Mutual Fund. Deed of Variation to Deed of Trust constituting the Mutual Fund was executed on January 16, 2009 to reflect Religare Securities Ltd. as the new Sponsor of the Mutual Fund. Religare Securities Ltd. had contributed Rs. 50,000/- to the corpus of the Mutual Fund in addition to Rs. 1,00,000/- contributed by erstwhile sponsor of the Mutual Fund.

Subsequently, Invesco Hong Kong Limited (“Invesco HK”), an indirect wholly owned subsidiary of Invesco Ltd., acquired 49% of shareholding in the AMC and Trustee Company from RSL on

March 28, 2013 and became co-sponsor of the Mutual Fund. The Second Deed of Variation to Deed of Trust constituting the Mutual Fund was executed on March 28, 2013 to reflect Invesco HK as the Co-Sponsor of the Mutual Fund along with RSL. Pursuant to the above, Religare Mutual Fund was renamed as Religare Invesco Mutual Fund and SEBI vide its letter dated May 13, 2013 issued Fresh Registration Certificate No. MF/052/06/01 dated May 10, 2013 in the name of Religare Invesco Mutual Fund and cancelled the old Registration Certificate No. MF/052/06/01 dated July 24, 2006 in the name of Religare Mutual Fund.

Thereafter, Invesco HK acquired remaining 51% shareholding in the AMC from existing shareholders on April 7, 2016. The Third Deed of Variation to Deed of Trust constituting the Mutual Fund was executed on April 7, 2016 to reflect Invesco HK as the Sole Sponsor of the Mutual Fund and cessation/retirement of RSL as co-sponsor of the Mutual Fund.

Pursuant to the above, Religare Invesco Mutual Fund was renamed as Invesco Mutual Fund and SEBI vide its letter dated May 5, 2016 issued Fresh Registration Certificate No. MF/052/06/01 dated May 5, 2016 in the name of Invesco Mutual Fund and cancelled the old Registration Certificate No. MF/052/06/01 dated May 10, 2013 in the name of Religare Invesco Mutual Fund.

B. Invesco Trustee Pvt. Ltd. Invesco Trustee Private Limited (“the Trustee” or “Trustee Company”), through its Board

of Directors, discharges its obligations as trustee of Invesco Mutual Fund. The Trustee is the exclusive owner of the Trust Fund and holds the same in trust for the benefit of the unit holders. The Trustee has been discharging its duties and carrying out the responsibilities as provided in SEBI (Mutual Funds) Regulations, 1996 (“the Regulations”) and the Deed of Trust. The Trustee seeks to ensure that the Fund and the schemes floated thereunder are managed by the Asset Management Company in accordance with the Deed of Trust, the Regulations, directions and guidelines issued by the SEBI, the Stock Exchanges, the Association of Mutual Funds in India and other regulatory agencies.

C. Sponsor Invesco Mutual Fund is sponsored by Invesco Hong Kong Limited. Invesco Hong Kong Limited Invesco Hong Kong Ltd. (“Invesco HK”) is a corporation incorporated under the laws of Hong

Kong on October 17, 1972 having its registered office at 41/F, Champion Tower, 3 Garden Road, Central, Hong Kong. Invesco HK is engaged in the business of asset management, dealing in securities, advising on securities and advising on futures contracts. The main business focus of Invesco HK is to undertake investment management activities for retail and institutional clients. It manages a range of asset classes encompassing equity, bond, balanced and money market investments. Today, Invesco HK enjoys a leading position and a strong edge in helping investors achieve their financial objectives in one of the world’s most compelling markets. For more information, log on to www.invesco.com.hk.

D. Invesco Asset Management (India) Private Limited Invesco Asset Management (India) Private Limited (“the AMC”) was incorporated under

the Companies Act, 1956 on May 20, 2005. The AMC has been appointed as the Asset Management Company of Invesco Mutual Fund by the Trustees vide Investment Management Agreement (IMA) dated April 27, 2006 executed between the Trustees and the AMC. The IMA has been amended by the first Amendment to IMA dated March 28, 2013.

The AMC is also registered with SEBI as a Portfolio Manager vide registration no. PM/INP000005273 dated November 2, 2016 under SEBI (Portfolio Managers) Regulations, 1993. The AMC is also providing non-binding, non-discretionary and non-exclusive advisory services to offshore funds under its Portfolio Management Services.

The AMC is registered with Securities and Exchange Commission (‘SEC’), United States as Investment Advisers under Investment Advisers Act of 1940 vide registration number 801-108727 dated December 24, 2016.

3. Investment Objectives of the Schemes*

Sr. No.

Name of the Scheme Investment Objective

1 Invesco India Tax Plan, An open ended equity linked saving scheme with a statutory lock in of 3 years and tax benefit

To generate long-term capital appreciation from a diversified portfolio of predominantly equity and equity-related instruments.

2 Invesco India Contra Fund, An open ended equity scheme following contrarian investment strategy

To generate capital appreciation by investing predominantly in Equity and Equity Related Instruments through contrarian investing.

3 Invesco India Midcap Fund (Formerly known as Invesco India Mid Cap Fund), Mid Cap Fund - An open ended equity scheme predominantly investing in mid cap stocks

To generate capital appreciation by investing predominantly in Midcap companies.

4 Invesco India Arbitrage Fund,An open ended scheme investing in arbitrage opportunities

To generate income through arbitrage opportunities emerging out of difference in pricing between the cash market and the derivatives market and through deployment of surplus cash in fixed income instruments.



Sr. No.

Name of the Scheme Investment Objective

5 Invesco India Growth Opportunities Fund (Formerly known as Invesco India Growth Fund), Large & Mid Cap Fund - An open ended equity scheme investing in both large cap and mid cap stocks

To generate capital appreciation from a diversified portfolio of predominantly Equity and Equity Related Instruments of Large and Midcap companies.

6 Invesco India Dynamic Equity Fund, An open ended dynamic asset allocation fund

To generate capital appreciation by investing in equity and debt securities which are managed dynamically.

7 Invesco India Multicap Fund (Formerly known as Invesco India Mid N Small Cap Fund), Multi Cap Fund - An open ended equity scheme investing across large cap, mid cap, small cap stocks

To generate capital appreciation by investing predominantly in Equity and Equity Related Instruments across market capitalization.

8 Invesco India Financial Services Fund (Formerly known as Invesco India Banking Fund), An open ended equity scheme investing in financial services sector

To generate capital appreciation from a portfolio of Equity and Equity Related Instruments of companies engaged in the business of banking and financial services.

9 Invesco India Largecap Fund (Formerly known as Invesco India Business Leaders Fund), Large Cap Fund - An open ended equity scheme predominantly investing in large cap stocks

To generate capital appreciation by investing predominantly in Largecap companies.

10 Invesco India PSU Equity Fund,An open ended equity scheme following PSU theme

To generate capital appreciation by investing in Equity and Equity Related Instruments of companies where the Central / State Government(s) has majority shareholding or management control or has powers to appoint majority of directors.

11 Invesco India Infrastructure Fund,An open ended equity scheme following Infrastructure theme

To generate capital appreciation by investing in a portfolio that is predominantly constituted of Equity and Equity Related Instruments of infrastructure companies.

12 Invesco India Gold Exchange Traded Fund, An open ended scheme tracking returns provided by investment in physical gold.

To generate returns that closely correspond to the returns provided by investment in physical gold in the domestic market, subject to tracking error.

13 Invesco India Nifty Exchange Traded Fund, An open ended scheme replicating Nifty 50 Index

To generate returns which closely correspond to the returns generated by securities as represented by Nifty 50, subject to tracking error, if any.

14 Invesco India Gold Fund, An open ended fund of fund scheme investing in Invesco India Gold Exchange Traded Fund

To provide returns that closely corresponds to returns provided by Invesco India Gold Exchange Traded Fund.

15 Invesco India Feeder - Invesco Pan European Equity Fund (Formerly known as Invesco India Pan European Equity Fund), An open ended fund of fund scheme investing in Invesco Pan European Equity Fund

To generate capital appreciation by investing predominantly in units of Invesco Pan European Equity Fund, an overseas equity fund which invests primarily in equity securities of European companies with an emphasis on larger companies.

16 Invesco India Feeder - Invesco Global Equity Income Fund (Formerly known as Invesco India Global Equity Income Fund), An open ended fund of fund scheme investing in Invesco Global Equity Income Fund

To generate capital appreciation and/or income by investing predominantly in units of Invesco Global Equity Income Fund, an overseas equity fund which invests primarily in equities of companies worldwide.

* Pursuant to SEBI circular dated October 6, 2017 read with circular dated December 4, 2017 on Categorization and Rationalization of Mutual Fund schemes, the changes were carried out to the schemes of Invesco Mutual Fund. The changes included, inter-alia, changes in fundamental attributes for some schemes (i.e. investment objective, asset allocation pattern, etc.) or change in name / type of some scheme(s) and the said changes were effective from April 27, 2018. In the table above, name, type of the scheme and investment objective is given as on the date of this Trustee Report. Please refer Annexure I giving details of name, type and investment objective of the schemes before and after the said changes.

4. Significant Accounting Policies The accounting policies are in accordance with Securities and Exchange Board of India (Mutual

Funds) Regulations, 1996. The significant accounting policies form part of the notes to accounts annexed to the accounts of the scheme(s).

5. Unclaimed Dividends & Redemptions

Summary of number of investors and corresponding amount as at March 31, 2018:

Name of the Schemes

Unclaimed Redemption/Refund Unclaimed Dividend

Amount (Rs.)

Number of

Investors

Amount (Rs.)

Number of

Investors

Invesco India Arbitrage Fund 6,639.23 1 22,304.92 7

Invesco India Corporate Bond Fund

808.22 1 - -

Invesco India AGILE Tax Fund 168,056.21 19 - -

Invesco India Banking & PSU Debt Fund

119,214.86 5 - -

Invesco India Financial Services Fund

325,096.54 19 115,290.25 30

Invesco India Largecap Fund 574,815.13 25 250,280.52 41

Invesco India Credit Risk Fund 13,451.89 1 - -

Invesco India Contra Fund 845,846.17 60 695,487.32 120

Invesco India Money Market Fund

839.96 1 - -

Invesco India Dynamic Equity Fund

486,833.19 23 207,734.89 65

Religare Fixed Maturity Plan - Series - II Plan A (13 Months)

6,083.79 1 - -

Invesco India Growth Opportunities Fund

1,647,734.39 140 1,428,956.66 256

Religare Invesco India Gilt Fund Short Duration Plan

8,820.19 1 - -

Invesco India Infrastructure Fund

780,340.98 44 326,781.73 87

Religare Fixed Maturity Plan - 375 Days - Series XI

49,842.38 6 - -

Religare Fixed Maturity Plan - 375 Days - Series XV

56,648.24 1 - -

Invesco India Liquid Fund 146,236.43 11 143,907.93 2

Invesco India Midcap Fund 962,826.82 31 898,462.81 145

Invesco India Regular Savings Fund

29,536.81 7 65,353.85 35

Invesco India Multicap Fund 373,825.77 17 94,925.98 12

Invesco India Ultra Short Term Fund

- - 53,038.94 1

Invesco India Nifty Exchange Traded Fund

49,967.84 332 9,912.92 64

Invesco India Feeder - Invesco Pan European Equity Fund

58,664.83 2 - -

Invesco India PSU Equity Fund 1,063,411.51 56 651,655.70 144

Invesco India Gold Fund 66,071.58 11 - -

Invesco India Gold Exchange Traded Fund

95,973.39 74 - -

Religare Invesco Capital Protection Oriented Fund - Series I

137,413.97 3 - -

Invesco India Short Term Fund 7,677.56 3 3,739.59 3

Invesco India Tax Plan 2,222,379.48 109 4,399,378.50 1,193

Invesco India Treasury Advantage Fund

4,326.78 10 - -

Total 10,309,384.13 1,014 9,367,212.51 2,205




6. Redressal of investor complaints

The report on redressal of investor complaints received by Invesco Mutual Fund during the financial year 2017-18 is as follows:

Redressal of Complaints received during: 2017-2018Name of the Mutual Fund: Invesco Mutual FundTotal number of folios : 421463

Complaint code Type of complaint #

(a) No. of complaints

pending at the beginning of

the year

(b) No. of complaints

received during the year

Action on (a) and (b)

ResolvedNon

Actionable*

Pending

Within 30 days

30-60 days

60-180 days

Beyond 180 days

0-3 months

3-6 months

6-9 months

9-12 months

I A Non receipt of Dividend on Units - - - - - - - - - - - I B Interest on delayed payment of

Dividend - - - - - - - - - - -

I C Non receipt of Redemption Proceeds - 8 8 - - - - - - - - I D Interest on delayed payment of

Redemption - 1 1 - - - - - - - -

II A Non receipt of Statement of Account/Unit Certificate

- - - - - - - - - - -

II B Discrepancy in Statement of Account - - - - - - - - - - - II C Data corrections in Investor details - 256 256 - - - - - - - -

II D Non receipt of Annual Report/Abridged Summary - - - - - - - - - - -

III A Wrong switch between Schemes - 5 5 - - - - - - - - III B Unauthorized switch between

Schemes - - - - - - - - - - -

III C Deviation from Scheme attributes - - - - - - - - - - - III D Wrong or excess charges/load - - - - - - - - - - - III E Non updation of changes viz.

address, PAN, bank details, nomination, etc

- 34 34 - - - - - - - -

IV Others ** - 13 13 - - - - - - - - Total - 317 317 - - - - - - - -

# including against its authorized persons/ distributors/ employees etc. *Non actionable means the complaint that are incomplete / outside the scope of the mutual fund. ** If others include a type of complaint which is more than 10% of overall complaint, provide that reason separately. Example: Complaint number from I A to III E is 1000 and Others alone is 500 and transmission linked complaints (within others) are 200 then provide Transmission as separate reason (V) along with all other parameters. ** Other Category. Consolidation - 1 SIP/ SWP/STP related complaint - 11 Unclaimed Dividend - 1

7. Voting Policy and disclosure: A. Preamble

SEBI vide its circular reference no. SEBI/IMD/Cir No.18/198647/2010 dated March 15, 2010 has stated that mutual fund should play an active role in ensuring better corporate governance of listed companies. The said circular stated that the AMCs should disclose their general policies and procedures for exercising the voting rights in respect of shares held by them.

Subsequently, SEBI vide its circular ref. no. CIR/IMD/DF/05/2014 dated March 24, 2014 and SEBI/HO/IMD/DF2/CIR/P/2016/68 dated August 10, 2016 have amended certain provisions of above mentioned circular specifying additional compliance / disclosure requirements with respect to exercise of voting rights by mutual funds.

This policy is drafted in pursuance of SEBI circular dated March 15, 2010 read with March 24, 2014 and August 10, 2016 and provides general philosophy, broad guidelines and procedures for exercising voting rights.

Invesco Asset Management (India) Private Limited (“IAMI”) is an Investment Manager to the scheme(s) of Invesco Mutual Fund (“the Fund”). As an investment manager, IAMI has fiduciary responsibility to act in the best interest of unit-holders of the Fund. This responsibility includes exercising voting rights attached to the securities of the companies in which the schemes of the Fund invest. It will be IAMI’s endeavor to participate in the voting process (i.e. exercise voting rights) based on the philosophy enunciated in this policy.

B. Philosophy of Voting Policy

Good corporate governance ensures that a corporation is managed keeping in mind the long-term interest of shareholders. Promoting good corporate governance standards forms an integral part of corporate ownership responsibilities.

With this in the forefront, IAMI expects all corporations, in which it invests in, to comply with high corporate governance standards. Accordingly, as the decision to invest is generally an endorsement of sound management practices, IAMI may generally vote with the management of these corporations. However, when IAMI is of the view that the unit holders will be prejudiced by any such proposal, then it may vote against such proposal to protect the interest of unit holders. Also in case of resolutions moved by the shareholders of the company, IAMI will

exercise its voting rights in the best interest of its unit holders. In certain circumstances, IAMI may also decide to refrain from voting where it has insufficient information or there is conflict of interest or it does not have a clear stance on the proposal under consideration.

IAMI, as an investment manager, will generally vote in accordance with the Voting Policy. However, it may deviate from the policy if there are particular facts and/or circumstances that warrant for such deviation to protect the interests of unit-holders of the Fund.C. Conflict of Interest in Exercising Voting Rights

IAMI, under schemes, may invest in the securities of associate/group companies (to the extent permitted under SEBI (Mutual Funds) Regulations, 1996). Further, IAMI is an affiliate of a diverse financial services organization consisting of many affiliates. Moreover IAMI under schemes may invest in securities of companies which have invested in schemes of Invesco Mutual Fund. Such scenarios may lead to a situation creating conflict of interest.

In a situation where an investee company, an affiliate or associate/group company were to approach IAMI with regard to a particular voting decision then such matter will be referred to the Voting Committee.

IAMI will attempt to avoid conflict of interest and will exercise its voting rights in the best interest of the unit-holders. Voting decisions in such cases will be based on merits without any bias and the same parameters will be applied for taking voting decisions as are applied for other companies.

D. Voting Policy Guidelines

The matters regarding, but not limited to, which the IAMI may exercise the voting rights in the Annual General Meeting (AGMs) /Extra Ordinary General Meeting (EGMs)/ Through Postal Ballots/Electronic voting of the investee companies are as follows:

• Corporate governance matters, including changes in the state of incorporation, merger and other corporate restructuring and anti- takeover provisions.

• Changes to capital structure, including increase and decrease of capital and preferred stock issuances.

• Stock option plans and other management compensation issues.



• Social and corporate responsibility issues.

• Appointment and Removal of Directors.

• Any other issue that may affect the interest of the shareholders in general and interest of the unit-holders in particular.

IAMI will exercise voting rights keeping in mind the need to improve economic value of the companies and importance of protecting the interests of unit holders of its schemes but subject to importance of the matter and cost/time implications. The analysts in equity team will make recommendations on key voting issues and same will be approved by the Head of Equity or Fund Manager. In case of conflicts or need for a clearer direction, the matter may be referred to the Voting Committee for its guidance.E. Voting CommitteeAs a guiding principle, IAMI shall exercise voting rights solely in the interest of unit holders of the Fund. IAMI has constituted a Voting Committee (VC). The Committee is empowered to provide guidance on the voting matters referred to it, establish voting guidelines and procedures as it may consider necessary and is responsible to ensure that these guidelines and procedures are adhered to and also make changes in the Policy as may be required from time to time. The members of this Committee are as follows: • CEO / COO/Head - Operations (any one)• Head of Compliance or Member of compliance team • Head of Equity or Fund Manager (equity)• Head of Fixed Income and/ or Fund Managers (fixed income)• Any other representative as the Committee may co-opt from time to timeBroad Guidelines for functioning of Voting Committee are:1. Voting Committee may record its decisions by circulation including decisions/guidance on

voting matters that have been referred to it.2. Voting Committee may consult with outside experts and other investors on issues as it

may deem fit3. Decisions of Voting Committee should be maintained by compliance4. Details of voting decisions taken by the Fund Management team will be presented to the

Voting Committee/Investment Committee. 5. Voting Committee may review this policy from time to time.

F. Steps (Procedure) in Exercising Voting Rights The following points outline the key steps in exercising Voting rights:

1. Notification of company AGMs / EGMs and relevant voting items to Fund Management Team.

2. IAMI shall endeavor to vote for all holdings of the Fund, aggregated for all its schemes, but subject to the importance of the matter and the cost/time implications. The voting will cover all equity holding across all schemes of Invesco Mutual Fund.

3. Custodian will send ballots and or other relevant papers (notice of meeting, proxy form, attendance slips etc.) to IAMI relating to AGM/EGM as soon as it receives.

4. The fund management team is authorized to decide on voting decisions but may refer decisions to the Voting Committee for its guidance/direction.

5. Based on internal discussion within the fund management team, a decision would be arrived at as to whether IAMI should vote on the proposed resolution. Routine matters and ordinary resolutions like adoption of financials (unless there are significant auditor qualifications), dividend declaration, general updating/corrective amendments to the Articles of Association would also be considered for voting purpose. However, IAMI may on a case to case basis, not vote on such resolutions, if it deems fit to do so.

6. Proposed resolutions would be discussed within the fund management team and decision would be taken on whether to vote (“for”/ “against”) or “abstain” from voting. IAMI may abstain from voting on proposals that do not have a readily determinable financial impact on shareholder value and/or matters for which disclosure is inadequate. For the remaining proposals, IAMI would vote either “for” or “against” based on overall merits and demerits of the proposed resolution. IAMI will generally support and vote “for” proposals which are likely to result in maximizing long-term investment returns for unit holders. IAMI would not support and will vote “against” proposals that appear to be detrimental to the company financials / interest of the minority shareholders or which would adversely impact shareholders’ value.

7. IAMI may exercise its voting rights by authorising its own executives/authorized representative to attend the AGM/EGM or may instruct the Custodian to exercise voting rights in accordance with the instructions of IAMI.

8. IAMI may exercise its voting rights through Postal Ballot or may use Electronic voting mechanism, wherever available, either through its own executives or by authorizing the Custodian. The records of voting exercised through Postal Ballot will be maintained by IAMI.

9. IAMI may utilise the services of third party professional agencies for getting in-depth analyses of proposals and vote recommendations. However, the recommendations of the third party agencies will be non-binding in nature. IAMI will perform due diligence on proxy voting advisory firms at the time of initial selection as well as at the time of renewal of services of the proxy voting. The due diligence will be carried out on parameters viz. resource strength, Companies under coverage, extent of institutional ownership, depth of analysis, quality of advice / recommendations, analyst access & support, timely availability of reports, composition of board of directors, advisory board and top management, web-based interface platform and clientele.

10. The rationale supporting each voting decision (For, Against and Abstain) will be recorded and such records will be retained for number of years (currently 8 years) as may be required under the SEBI (Mutual Funds) Regulations, 1996 from time to time.

G. Disclosures The disclosures of voting rights exercised are as follows: • Details of votes cast by the schemes of the Fund will be uploaded on the website of IAMI

(www.invescomutualfund.com) on a quarterly basis in the prescribed format within the stipulated timelines as prescribed by SEBI from time to time.

• Details of votes cast by the schemes of the Fund will be uploaded on the website of IAMI (www.invescomutualfund.com) on an annual basis in the prescribed format and the same will also be disclosed in Annual Report of the schemes of the Fund.

• Summary on actual exercise of votes cast and its break-up in terms of total number of votes cast in favor, against or abstained will also be uploaded on the website of IAMI (www.invescomutualfund.com) on an annual basis.

H. Certification/Confirmation• IAMI has obtained a certificate dated June 19, 2018 from M/s. S. Panse & Co. Chartered

Accountants, Mumbai on voting reports disclosed for the F.Y. 2017-18 and the same was placed before the Boards of AMC and Trustee. The scrutinizer’s certificate on disclosure of voting report is uploaded on the website of IAMI (www.invescomutualfund.com) and is also disclosed in the Full Annual Report as well as Abridged Annual Report.

• A confirmation was submitted by Trustees in its half yearly report to SEBI that IAMI have voted on important decisions affecting interests of unitholders

I. Review The Board of Directors of IAMI and Trustees shall review and ensure that IAMI have voted on

important decisions affecting interests of unitholders and the rationale recorded for vote decision is prudent and adequate.

8. Liabilities and responsibilities of the TrusteesThe main responsibility of the Trustee is to safeguard the interest of the Unit holders and inter-alia ensure that the AMC functions in the interest of investors and in accordance with the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, the provisions of the Trust Deed and the Scheme Information Document(s) of the respective schemes and Statement of Additional Information.

9. Statutory InformationA. The Sponsor is not responsible or liable for any loss resulting from the operation of the

schemes of the Fund beyond its initial contribution (to the extent contributed) of Rs. 150,000/- for setting up the Fund, and such other accretions / additions to the same.

B. The price and redemption value of the units and income from them, can go up as well as down with fluctuations in the market value of its underlying investments.

C. Full Annual Report and full Trustee Report to unitholders is disclosed on the website (www.invescomutualfund.com) and is available for inspection at the Head Office of the mutual fund. Present and prospective unit holder can obtain copy of the trust deed, the full Annual Report of the Fund / AMC at a price and the text of the relevant scheme.

AcknowledgementsThe Trustees wish to thank the unit holders of the schemes for their faith in Invesco Mutual Fund and also thank the Government of India, the Securities and Exchange Board of India (SEBI), the Reserve Bank of India (RBI) and the Association of Mutual Funds in India (AMFI) for the guidance provided by them. The Trustees also appreciate the service provided by the Registrar and Transfer Agent, Fund Accountant, Custodian, Bankers, Distributors and Brokers. The guidance and services provided by the Auditors, sincerity and dedication of the employees of Invesco Asset Management (India) Private Limited is also appreciated.

For Invesco Trustee Pvt. Ltd.

Sd/-Place: Mumbai R. N. BhardwajDate: July 13, 2018 Chairman


Annexure I to the Trustees’ Report

S. NoPrior to change After change

Name and type of scheme Investment Objective Name and type of scheme Investment Objective

1. Invesco India Tax Plan, An Open-ended Equity Linked Savings Scheme with a lock-in period of 3 years

To generate long-term capital growth from a diversified portfolio of predominantly equity and equity-related securities.

Invesco India Tax Plan, An open ended equity linked saving scheme with a statutory lock in of 3 years and tax benefit

To generate long-term capital appreciation from a diversified portfolio of predominantly equity and equity-related instruments.

2. Invesco India Contra Fund, An Open-ended Equity Scheme

To generate capital appreciation through investment in equity and equity related instruments. The scheme will seek to generate capital appreciation through means of contrarian investing.

Invesco India Contra Fund, An open ended equity scheme following contrarian investment strategy

To generate capital appreciation by investing predominantly in Equity and Equity Related Instruments through contrarian investing.

3. Invesco India Mid Cap Fund, An Open-ended Equity Scheme.

To provide long term capital appreciation by investing in a portfolio that is predominantly constituted of equity and equity related instruments of Mid Cap companies.

Invesco India Midcap Fund, Mid Cap Fund - An open ended equity scheme predominantly investing in mid cap stocks

To generate capital appreciation by investing predominantly in Midcap companies.

4. Invesco India Arbitrage Fund, An Open-ended Equity Scheme

To generate income through arbitrage opportunities emerging out of mis-pricing between the cash market and the derivative market and through deployment of surplus cash in fixed income instruments.

Invesco India Arbitrage Fund,An open ended scheme investing in arbitrage opportunities

To generate income through arbitrage opportunities emerging out of difference in pricing between the cash market and the derivatives market and through deployment of surplus cash in fixed income instruments.

5. Invesco India Growth Fund, An Open-ended Diversified Equity Scheme

To generate long-term capital growth from a diversified portfolio of predominantly equity and equity-related securities.

Invesco India Growth Opportunities Fund, Large & Mid Cap Fund - An open ended equity scheme investing in both large cap and mid cap stocks

To generate capital appreciation from a diversified portfolio of predominantly Equity and Equity Related Instruments of Large and Midcap companies.

6. Invesco India Dynamic Equity Fund,An Open-ended Equity Scheme.

To generate long-term capital growth from a focused portfolio of predominantly equity and equity-related securities.

Invesco India Dynamic Equity Fund,An open ended dynamic asset allocation fund

To generate capital appreciation by investing in equity and debt securities which are managed dynamically.

7. Invesco India Mid N Small Cap Fund, An Open-ended Equity Scheme

To provide long term capital appreciation by investing in a portfolio that is predominantly constituted of equity and equity related instruments of mid and small cap companies.

Invesco India Multicap Fund, Multi Cap Fund - An open ended equity scheme investing across large cap, mid cap, small cap stocks

To generate capital appreciation by investing predominantly in Equity and Equity Related Instruments across market capitalization.

8. Invesco India Banking Fund, An Open-ended Banking Sector Scheme

To generate long-term capital growth from a portfolio of equity and equity-related securities of companies engaged in the business of banking and financial services.

Invesco India Financial Services Fund,An open ended equity scheme investing in financial services sector

To generate capital appreciation from a portfolio of Equity and Equity Related Instruments of companies engaged in the business of banking and financial services.

9. Invesco India Business Leaders Fund,An Open-ended Equity Scheme

To generate long term capital appreciation by investing in equity and equity related instruments including equity derivatives of companies which in our opinion are leaders in their respective industry or industry segment.

Invesco India Largecap Fund, Large Cap Fund - An open ended equity scheme predominantly investing in large cap stocks

To generate capital appreciation by investing predominantly in Largecap companies.

10. Invesco India PSU Equity Fund, An Open-ended Equity Scheme

To generate capital appreciation by investing in equity and equity related instruments of companies where the Central / State Government(s) has majority shareholding or management control or has powers to appoint majority of directors.

Invesco India PSU Equity Fund, An open ended equity scheme following PSU theme

To generate capital appreciation by investing in Equity and Equity Related Instruments of companies where the Central / State Government(s) has majority shareholding or management control or has powers to appoint majority of directors.

11. Invesco India Infrastructure Fund,An Open-ended Equity scheme

To provide long term capital appreciation by investing in a portfolio that is predominantly constituted of equity and equity related instruments of infrastructure companies.

Invesco India Infrastructure Fund, An open ended equity scheme following Infrastructure theme

To generate capital appreciation by investing in a portfolio that is predominantly constituted of Equity and Equity Related Instruments of infrastructure companies.

12. Invesco India Gold Exchange Traded Fund, An Open-ended Gold Exchange Traded Fund


Invesco India Gold Exchange Traded Fund,An open ended scheme tracking returns provided by investment in physical gold.


13. Invesco India Nifty Exchange Traded Fund, An Open Ended Exchange Traded Fund


Invesco India Nifty Exchange Traded Fund, An open ended scheme replicating Nifty 50 Index


14. Invesco India Gold Fund, An Open-Ended Fund of Funds Scheme


Invesco India Gold Fund, An open ended fund of fund scheme investing in Invesco India Gold Exchange Traded Fund


15. Invesco India Pan European Equity Fund, An Open Ended Fund of Funds Scheme


Invesco India Feeder - Invesco Pan European Equity Fund, An open ended fund of fund scheme investing in Invesco Pan European Equity Fund


16. Invesco India Global Equity Income Fund, An Open Ended Fund of Funds Scheme

To provide capital appreciation and/or income by investing predominantly in units of Invesco Global Equity Income Fund, an overseas equity fund which invests primarily in equities of companies worldwide.

Invesco India Feeder - Invesco Global Equity Income Fund, An open ended fund of fund scheme investing in Invesco Global Equity Income Fund

To provide capital appreciation and/or income by investing predominantly in units of Invesco Global Equity Income Fund, an overseas equity fund which invests primarily in equities of companies worldwide.


To ,

The Board of Directors of Invesco Trustee Private Limited (formerly known as Religare Invesco Trustee Company Private Limited)

To the Trustee of Invesco Mutual Fund

Report on the Financial Statements

We have audited the accompanying financial statements of the undermentioned Schemes of INVESCO MUTUAL FUND (the “Schemes”) which comprise the Balance Sheets, the Revenue Accounts and the

Cash Flow Statements (where applicable) for the period / year as at the dates mentioned below and a

summary of the significant accounting policies and other explanatory information.

SchemesPeriod / Year covered for

Revenue Account and Cash Flow Statement (where applicable)

Balance Sheet date

Invesco India Tax Plan April 1, 2017 to March 31, 2018

March 31, 2018

Invesco India Contra Fund April 1, 2017 to March 31, 2018

March 31, 2018

Invesco India Midcap Fund (formerly Invesco India Mid Cap Fund)

April 1, 2017 to March 31, 2018

March 31, 2018

Invesco India Arbitrage Fund April 1, 2017 to March 31, 2018

March 31, 2018

Invesco India Growth Opportunities Fund (formerly Invesco India Growth Fund)

April 1, 2017 to March 31, 2018

March 31, 2018

Invesco India Dynamic Equity Fund April 1, 2017 to March 31, 2018

March 31, 2018

Invesco India Infrastructure Fund April 1, 2017 to March 31, 2018

March 31, 2018

Invesco India AGILE Tax Fund April 1, 2017 to March 9, 2018

March 9, 2018

Invesco India Multicap Fund (formerly Invesco India Mid N Small Cap Fund)

April 1, 2017 to March 31, 2018

March 31, 2018

Invesco India Financial Services Fund (formerly Invesco India Banking Fund)

April 1, 2017 to March 31, 2018

March 31, 2018

Invesco India Largecap Fund (formerly Invesco India Business Leaders Fund)

April 1, 2017 to March 31, 2018

March 31, 2018

Invesco India PSU Equity Fund April 1, 2017 to March 31, 2018

March 31, 2018

Invesco India Gold Exchange Traded Fund April 1, 2017 to March 31, 2018

March 31, 2018

Invesco India Nifty Exchange Traded Fund April 1, 2017 to March 31, 2018

March 31, 2018

Invesco India Gold Fund April 1, 2017 to March 31, 2018

March 31, 2018

Invesco India Feeder - Invesco Pan European Equity Fund (formerly Invesco India Pan European Equity Fund)

April 1, 2017 to March 31, 2018

March 31, 2018

Invesco India Feeder - Invesco Global Equity Income Fund (formerly Invesco India Global Equity Income Fund)

April 1, 2017 to March 31, 2018

March 31, 2018

Management’s Responsibility for the Financial Statements

The Managements of Invesco Trustee Private Limited (the “Trustee Company”) and Invesco Asset

Management Company (India) Private Limited (the “Investment Manager”) are responsible for the

preparation of these financial statements that give a true and fair view of the financial position,

financial performance and cash flows of the Schemes in accordance with accounting policies and

standards as prescribed under the Securities and Exchange Board of India (Mutual Funds) Regulations,

1996 and subsequent amendments (the “SEBI Regulations”) and the accounting principles generally

accepted in India.

This responsibility includes the maintenance of adequate accounting records for safeguarding the

assets of the Schemes and for preventing and detecting frauds and other irregularities; selection and

application of appropriate accounting policies; making judgments and estimates that are reasonable

and prudent; and design, implementation and maintenance of internal control that were operating

effectively for ensuring the accuracy and completeness of the accounting records, relevant to the

preparation and presentation of the financial statements that give a true and fair view and are free

from material misstatement, whether due to fraud or error.

Auditors’ Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit.

In conducting our audit, we have taken into account the provisions of the SEBI Regulations, the

accounting and auditing standards and matters which are required to be included in the audit report

under the provisions of the SEBI Regulations.

We conducted our audit in accordance with the Standards on Auditing issued by the Institute of

Chartered Accountants of India. Those Standards require that we comply with ethical requirements and

plan and perform the audit to obtain reasonable assurance about whether the financial statements are

free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the

disclosures in the financial statements. The procedures selected depend on the auditor’s judgment,

including the assessment of the risks of material misstatement of the financial statements, whether

due to fraud or error. In making those risk assessments, the auditor considers internal control relevant

to the Scheme’s preparation of the financial statements that give a true and fair view of the financial

statements in order to design audit procedures that are appropriate in the circumstances, but not for

the purpose of expressing an opinion on the effectiveness of the Scheme’s internal control. An audit

also includes evaluating the appropriateness of the accounting policies used and the reasonableness

of the accounting estimates made by the Management, as well as evaluating the overall presentation

of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for

our audit opinion on the financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the

aforesaid financial statements give the information required by the SEBI Regulations in the manner so

required and give a true and fair view in conformity with the accounting principles generally accepted

in India:

a. in the case of the Balance Sheets, of the state of affairs of the Schemes as at the dates

mentioned above;

b. in the case of the Revenue Accounts, of the Surplus/(Deficit) of the Schemes for the period/year

ended on that date; and

c. in the case of the Cash Flow Statements, where applicable, of the cash flows for the period/year

ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by Regulation 55, and Clause 5 of the Eleventh Schedule to the SEBI Regulations, we

report that:

a. we have obtained all the information and explanations which to the best of our knowledge

and belief were necessary for the purposes of our audit;

b. the Balance Sheets, the Revenue Accounts and the Cash Flow Statements (where

applicable) dealt with by this report are in agreement with the books of account of the

Schemes; and

c. the financial statements have been prepared in accordance with accounting policies and

standards as specified in the Ninth Schedule of the SEBI Regulations.

Auditors’ ReportAnnexure I to the Trustees’ Report


Auditors’ Report

2. i. As required by Clause 2 (ii) of Eighth Schedule of the SEBI Regulations, we report that, the

following Schemes does not hold any non-traded securities as at the year end/period end.

a. Invesco India Tax Plan

b. Invesco India Contra Fund

c. Invesco India Midcap Fund

d. Invesco India Growth Opportunities Fund

e. Invesco India Dynamic Equity Fund

f. Invesco India Infrastructure Fund

g. Invesco India AGILE Tax Fund

h. Invesco India Multicap Fund

i. Invesco India Financial Services Fund

j. Invesco India Largecap Fund

k. Invesco India PSU Equity Fund

l. Invesco India Gold Exchange Traded Fund

m. Invesco India Nifty Exchange Traded Fund

n. Invesco India Gold Fund

o. Invesco India Feeder - Invesco Pan European Equity Fund

p. Invesco India Feeder - Invesco Global Equity Income Fund

ii. As required by Clause 2 (ii) of Eighth Schedule of the SEBI Regulations, we report that, in

case of Invesco India Arbitrage Fund, non-traded securities as at the year end have been

valued following the “Principles of Fair Valuation” approved by the Board of Directors of the

Trustee Company and Investment Manager. In our opinion, these valuations are fair and

reasonable.

For DELOITTE HASKINS & SELLS LLP

Chartered Accountants

(Firm's Registration Number: 117366W / W-100018)

Jayesh Parmar

Partner

(Membership No: 106388)

Place: Mumbai

Date: July 13, 2018


(` in Lakhs)

Invesco India Tax Plan

Invesco India Contra Fund

Invesco India Midcap Fund

Invesco India Arbitrage Fund



As at 31-Mar-18

As at 31-Mar-17

As at 31-Mar-18

As at 31-Mar-17

As at 31-Mar-18

As at 31-Mar-17

As at 31-Mar-18

As at 31-Mar-17

As at 31-Mar-18

As at 31-Mar-17

As at 31-Mar-18

As at 31-Mar-17

LIABILITIESUnit Capital 13,572.80 12,221.54 28,704.36 12,992.13 4,094.99 4,190.78 24,379.92 30,131.30 13,212.56 7,748.43 39,242.53 8,132.65 Reserves & SurplusUnit Premium Reserves 5,440.00 3,523.06 41,709.64 13,352.11 739.52 817.03 7,795.30 7,362.60 6,636.45 1,638.21 22,175.74 1,112.75 Unrealised Appreciation Reserve 11,009.35 7,702.12 6,916.76 6,400.38 2,880.81 3,858.20 59.17 1,355.93 3,980.14 2,368.07 2,661.19 2,567.13 Other Reserves 20,914.75 15,683.61 43,630.94 13,895.08 9,415.91 7,275.15 2,497.51 1,662.25 14,363.35 6,010.58 27,185.75 5,851.23 Loans & Borrowings - - - - - - - - - - - - Current Liabilities & ProvisionsOther Current Liabilities & Provisions 1,011.28 179.89 2,977.73 460.91 1,185.23 76.33 6,494.95 2,232.22 1,305.15 93.82 3,478.48 651.77 TOTAL 51,948.18 39,310.22 123,939.43 47,100.61 18,316.46 16,217.49 41,226.85 42,744.30 39,497.65 17,859.11 94,743.69 18,315.53 ASSETSInvestmentsListed SecuritiesEquity Shares 48,589.23 36,796.62 114,591.18 44,266.45 16,564.12 15,355.82 23,372.56 26,894.65 37,041.29 17,000.05 70,058.75 14,620.46Securities Awaited Listing - - - - - - - - - - - - Equity Shares - - 2,100.61 - 306.12 - - - - 250.02 - 250.02Unlisted Securities - - - - - - - - - - - - Government Securities - - - - - - - - - - - - Treasury Bills - - - - - - - - - - - - Commercial Paper - - - - - - 2,984.52 2,473.75 - - - - Certificate of Deposits - - - - - - - - - - - - Bill Rediscounting - - - - - - - - - - - - Units of Domestic Mutual Fund - - - - - - - 5,401.39 - - - - Foreign Securities - - - - - - - - - - - - Gold - - - - - - - - - - - - Total Investments 48,589.23 36,796.62 116,691.79 44,266.45 16,870.24 15,355.82 26,357.08 34,769.79 37,041.29 17,250.07 70,058.75 14,870.48 Deposits - - - - - - 6,790.00 6,955.00 - - 1,549.00 185.00 Other Current AssetsCash & Bank Balance 989.91 505.72 2,704.40 302.08 266.77 56.59 193.27 45.92 522.98 280.20 1,258.50 298.69 CBLO/ Reverse Repo Lending 2,341.37 1,993.68 3,932.80 2,497.53 779.92 799.05 6,655.84 176.25 1,884.53 323.20 21,662.48 2,383.56 Others 27.67 14.20 610.44 34.55 399.53 6.03 1,230.66 797.34 48.85 5.64 214.96 577.80 Deferred Revenue Expenditure - - - - - - - - - - - - (to the extent not written off)TOTAL 51,948.18 39,310.22 123,939.43 47,100.61 18,316.46 16,217.49 41,226.85 42,744.30 39,497.65 17,859.11 94,743.69 18,315.53

Notes to Accounts - Annexure 1 (` in Lakhs)


Invesco India AGILE Tax Fund

Invesco India Multicap Fund


Invesco India Largecap Fund

Invesco India PSU Equity Fund

As at 31-Mar-18

As at 31-Mar-17

As at 9-Mar-18

As at 31-Mar-17

As at 31-Mar-18

As at 31-Mar-17

As at 31-Mar-18

As at 31-Mar-17

As at 31-Mar-18

As at 31-Mar-17

As at 31-Mar-18

As at 31-Mar-17

LIABILITIESUnit Capital 2,482.23 2,476.88 - 418.48 10,698.44 11,013.20 2,635.06 2,537.38 5,460.63 6,001.18 4,781.68 6,043.58 Reserves & SurplusUnit Premium Reserves 248.97 233.49 - 278.10 5,072.49 5,843.97 (36.50) (208.23) 823.20 983.09 (72.80) 259.37 Unrealised Appreciation Reserve 670.69 869.08 - 59.61 10,648.44 10,768.95 3,206.76 2,413.57 2,679.96 1,738.23 447.58 2,004.44 Other Reserves 858.89 215.90 - (296.76) 24,879.81 18,667.46 6,224.99 4,859.59 4,512.99 4,469.53 2,857.23 1,932.43 Loans & Borrowings - - - - - - - - - - - - Current Liabilities & ProvisionsOther Current Liabilities & Provisions 53.41 23.81 440.53 4.17 709.55 855.17 59.19 49.33 194.15 68.12 56.27 363.61 TOTAL 4,314.19 3,819.16 440.53 463.60 52,008.73 47,148.75 12,089.50 9,651.64 13,670.93 13,260.15 8,069.96 10,603.43 ASSETSInvestmentsListed SecuritiesEquity Shares 4,070.84 3,719.95 - 448.76 50,272.41 44,610.77 11,893.80 9,483.70 12,972.08 12,936.93 7,695.51 9,833.84Securities Awaited Listing - - - - - - - - - - - - Equity Shares 116.36 - - - 690.92 - - - - - 216.15 - Unlisted SecuritiesGovernment Securities - - - - - - - - - - - - Treasury Bills - - - - - - - - - - - - Commercial Paper - - - - - - - - - - - - Certificate of Deposits - - - - - - - - - - - - Bill Rediscounting - - - - - - - - - - - - Units of Domestic Mutual Fund - - - - - - - - - - - - Foreign Securities - - - - - - - - - - - - Gold - - - - - - - - - - - - Total Investments 4,187.20 3,719.95 - 448.76 50,963.33 44,610.77 11,893.80 9,483.70 12,972.08 12,936.93 7,911.66 9,833.84 Deposits - - - - - - - - - - - - Other Current AssetsCash & Bank Balance 33.20 9.79 1.29 1.27 233.55 85.36 93.17 20.31 42.79 27.63 31.99 56.76 CBLO/ Reverse Repo Lending 91.17 13.30 437.90 10.60 778.92 1,758.75 87.17 140.26 646.97 294.21 125.96 709.78 Others 2.62 76.12 1.34 0.61 32.93 693.87 15.36 7.37 9.09 1.38 0.35 3.05 Deferred Revenue Expenditure - - - 2.36 - - - - - - - - (to the extent not written off)TOTAL 4,314.19 3,819.16 440.53 463.60 52,008.73 47,148.75 12,089.50 9,651.64 13,670.93 13,260.15 8,069.96 10,603.43

Notes to Accounts - Annexure 1

Abridged Balance Sheet as at March 31, 2018


(` in Lakhs)

Invesco India Gold Exchange Traded

Fund

Invesco India Nifty Exchange Traded

Fund

Invesco India Gold Fund

Invesco India Feeder -Invesco Pan European

Equity Fund

Invesco India Feeder -Invesco Global Equity

Income FundAs at

31-Mar-18As at

31-Mar-17As at

31-Mar-18As at

31-Mar-17As at

31-Mar-18As at

31-Mar-17As at

31-Mar-18As at

31-Mar-17As at

31-Mar-18As at

31-Mar-17LIABILITIESUnit Capital 127.16 154.16 1.67 1.70 1,395.06 1,718.71 2,571.35 2,082.36 406.60 563.05 Reserves & SurplusUnit Premium Reserves 1,991.69 2,502.79 74.33 77.23 39.21 31.26 540.25 373.99 (79.59) (63.80)Unrealised Appreciation Reserve 514.77 362.35 75.41 64.31 - - 247.68 - 85.56 73.41 Other Reserves 995.17 1,146.98 25.40 18.39 (95.85) (189.78) (485.41) (463.74) 95.83 42.12 Loans & Borrowings - - - - - - - - - - Current Liabilities & ProvisionsOther Current Liabilities & Provisions 9.80 6.84 6.62 3.08 6.46 6.31 19.50 11.19 7.06 6.31 TOTAL 3,638.59 4,173.12 183.43 164.71 1,344.88 1,566.50 2,893.37 2,003.80 515.46 621.09 ASSETSInvestmentsListed SecuritiesEquity Shares - - 176.31 161.22 - - - - - - Securities Awaited Listing - - - - - - - - - - Unlisted Securities - - - - - - - - - - Government Securities - - - - - - - - - - Treasury Bills - - - - - - - - - - Commercial Paper - - - - - - - - - - Certificate of Deposits - - - - - - - - - - Bill Rediscounting - - - - - - - - - - Units of Domestic Mutual Fund - - - - 1,320.70 1,537.00 - - - - Foreign Securities - - - - - - 2,838.06 1,971.37 487.80 613.42Gold 3,611.55 4,136.82 - - - - - - - - Total Investments 3,611.55 4,136.82 176.31 161.22 1,320.70 1,537.00 2,838.06 1,971.37 487.80 613.42 Deposits - - - - - - - - - - Other Current AssetsCash & Bank Balance 2.68 2.95 1.48 0.51 6.26 3.58 2.61 2.87 6.33 2.11 CBLO/ Reverse Repo Lending 12.00 20.99 - - 16.99 24.99 47.98 25.99 18.99 4.00 Others 12.36 12.36 5.64 2.98 0.93 0.93 4.72 3.57 2.34 1.56 Deferred Revenue Expenditure - - - - - - - - - - (to the extent not written off)TOTAL 3,638.59 4,173.12 183.43 164.71 1,344.88 1,566.50 2,893.37 2,003.80 515.46 621.09

Notes to Accounts - Annexure 1

Abridged Balance Sheet as at March 31, 2018

For and on behalf of Deloitte Haskins & Sells LLP

For and on behalf of Invesco Asset Management (India) Private Limited For and on behalf of Invesco Trustee Private Limited

Chartered Accountants Sd/- Sd/- Sd/- Sd/-Vijay Kumar ChopraDirector

Mihir Kumar MoitraDirector

R. N. BhardwajDirector

R. V. ShastriDirector

Sd/- Sd/- Sd/- Sd/- Place : MumbaiJayesh ParmarPartner

Ketan UgrankarChief Operating Officer & Chief Financial Officer

Taher BadshahChief Investment Officer

Amit GanatraFund Manager

Date : July 13, 2018

Place: Mumbai Sd/- Sd/- Sd/- Sd/- Sd/-Date : July 13, 2018 Nitish Sikand

Fund ManagerPranav GokhaleFund Manager

Neelesh DhamnaskarFund Manager

Nitin GosarFund Manager

Dhimant KothariFund Manager

Place : MumbaiDate : July 13, 2018


(` in Lakhs)

Invesco India Tax Plan

Invesco India Contra Fund

Invesco India Midcap Fund

Invesco India Arbitrage Fund



April 1, 2017

to March 31,

2018

April 1, 2016

to March 31,

2017

April 1, 2017

to March 31,

2018

April 1, 2016

to March 31,

2017

April 1, 2017

to March 31,

2018

April 1, 2016

to March 31,

2017

April 1, 2017

to March 31,

2018

April 1, 2016

to March 31,

2017

April 1, 2017

to March 31,

2018

April 1, 2016

to March 31,

2017

April 1, 2017

to March 31,

2018

April 1, 2016

to March 31,

2017INCOMEDividend 400.40 468.41 623.79 463.94 99.51 102.16 212.02 314.22 187.60 230.64 206.14 246.18 Interest 120.85 78.55 161.87 70.69 44.06 38.13 976.68 1,360.88 64.05 33.31 712.19 197.05 Realised Gains / (Losses) on Foreign Exchange Transactions

- - - - - - - - - - - -

Realised Gains / (Losses) on Interscheme sale of investments

- - - - - - 2.46 - - - - -

Realised Gains / (Losses) on External sale / redemption of investments

3,787.90 3,450.58 9,784.94 1,134.08 3,361.08 903.10 2,794.41 7,340.94 2,214.61 980.19 2,425.54 411.04

Realised Gains / (Losses) on Derivative Transactions

- - - - - - 2,322.82 (6,663.81) - - (46.60) (43.91)

Other Income - 0.04 49.79 40.23 30.90 3.85 0.83 0.22 10.09 6.81 4.39 8.33 (A) 4,309.15 3,997.58 10,620.39 1,708.94 3,535.55 1,047.24 6,309.22 2,352.46 2,476.35 1,250.95 3,301.66 818.69

EXPENSESManagement fees 636.51 526.28 679.14 357.91 235.30 181.28 108.57 139.32 272.23 188.08 439.16 168.55 Service tax/GST on Management fees 110.03 78.65 118.46 53.47 40.55 27.08 18.77 20.84 47.37 28.10 77.42 25.19 Transfer agents fees and expenses 37.34 25.41 62.18 23.31 14.26 10.92 14.12 19.41 19.66 11.93 40.85 11.70 Custodian fees 14.19 9.72 22.86 8.53 5.42 4.19 11.38 16.61 7.27 4.57 15.20 4.39 Trusteeship fees 0.76 0.59 1.22 0.51 0.29 0.25 0.58 0.99 0.39 0.28 0.79 0.26 Commission to Agents 427.14 247.93 1,151.46 335.13 203.98 157.50 77.34 169.71 306.68 179.39 751.31 188.84 Marketing & Distribution expenses - - - - - - - - - - 9.44 - Audit fees 1.65 1.50 1.65 1.50 1.65 1.50 1.06 0.92 1.65 1.50 1.65 1.50 Deferred revenue expenditure written off - - - - - - - - - - - - Investor Education & Awareness Expenses

9.23 6.46 14.85 5.67 3.53 2.79 7.41 11.04 4.73 3.03 9.86 2.91

Other operating expenses 15.54 6.08 5.21 4.35 2.26 2.72 0.41 0.45 2.62 2.94 34.84 2.07 Total Expense 1,252.39 902.62 2,057.03 790.38 507.24 388.23 239.64 379.29 662.60 419.82 1,380.52 405.41 Expenses reimbursed by the AMC - - (69.73) - - - - - - - (50.66) -

(B) 1,252.39 902.62 1,987.30 790.38 507.24 388.23 239.64 379.29 662.60 419.82 1,329.86 405.41 NET REALISED GAINS / (LOSSES) FOR THE YEAR / PERIOD (A -B = C) 3,056.76 3,094.96 8,633.09 918.56 3,028.31 659.01 6,069.58 1,973.17 1,813.75 831.13 1,971.80 413.28

Change in Unrealised Depreciation in value of investments (D)

- - - 2.55 - - (2,509.84) 413.01 - - (5.06) -

NET GAINS / (LOSSES) FOR THE YEAR / PERIOD (E = (C+D)) 3,056.76 3,094.96 8,633.09 921.11 3,028.31 659.01 3,559.74 2,386.18 1,813.75 831.13 1,966.74 413.28

Change in unrealised appreciation in the value of investments (F) 3,307.23 3,032.48 516.37 6,400.38 (977.39) 2,874.94 (1,296.75) 1,119.30 1,612.07 2,165.92 94.06 2,218.04

NET SURPLUS / (DEFICIT) FOR THE YEAR / PERIOD (E + F = G) 6,363.99 6,127.44 9,149.46 7,321.49 2,050.92 3,533.95 2,262.99 3,505.48 3,425.82 2,997.03 2,060.80 2,631.32

Add: Balance transfer from Unrealised Appreciation Reserve

7,702.12 4,669.64 6,400.38 - 3,858.21 983.27 1,355.93 236.63 2,368.06 202.14 2,567.13 349.09

Less: Balance transfer to Unrealised Appreciation Reserve

(11,009.35) (7,702.12) (6,916.75) (6,400.38) (2,880.82) (3,858.21) (59.18) (1,355.93) (3,980.13) (2,368.06) (2,661.19) (2,567.13)

Add / (Less): Equalisation 3,254.09 2,730.96 23,191.32 6,581.56 (21.83) 393.69 (956.11) (1,654.98) 6,884.86 760.35 22,117.59 1,848.51 Balance transfer from Revenue Reserve - - - - - - - - - - - - Transfer from Unit Premium Reserve - - - - - - - - - - - - Total 6,310.85 5,825.92 31,824.41 7,502.67 3,006.48 1,052.70 2,603.63 731.20 8,698.61 1,591.48 24,084.33 2,261.79 Dividend appropriationIncome Distributed during the year / period

1,079.71 929.50 2,088.56 - 865.72 - 1,768.37 1,978.67 345.83 - 2,749.82 513.99

Tax on income distributed during the year / period

- - - - - - - - - - - -

Retained Surplus / (Deficit) carried forward to Balance sheet 5,231.14 4,896.42 29,735.85 7,502.67 2,140.76 1,052.70 835.26 (1,247.47) 8,352.78 1,591.48 21,334.51 1,747.80

Notes to Accounts - Annexure 1 $ : Amounts less than ` 0.005 Lakhs

Abridged Revenue Account for the Year / Period Ended March 31, 2018



















(` in Lakhs)Invesco India

Infrastructure FundInvesco India

AGILE Tax FundInvesco India Multicap Fund




April 1, 2017

to March 31,

2018

April 1, 2016

to March 31,

2017

April 1, 2017

to March 9,

2018

April 1, 2016

to March 31,

2017

April 1, 2017

to March 31,

2018

April 1, 2016

to March 31,

2017

April 1, 2017

to March 31,

2018

April 1, 2016

to March 31,

2017

April 1, 2017

to March 31,

2018

April 1, 2016

to March 31,

2017

April 1, 2017

to March 31,

2018

April 1, 2016

to March 31,

2017INCOMEDividend 41.31 44.34 5.20 4.95 294.83 335.19 70.26 74.62 149.20 170.12 220.00 263.20 Interest 8.26 3.67 0.98 0.80 114.31 115.21 12.39 6.63 20.56 26.91 15.85 11.68 Realised Gains / (Losses) on Foreign Exchange Transactions

- - - - - - - - - - - -

Realised Gains / (Losses) on Interscheme sale of investments

- - - - - - - - - - - -

Realised Gains / (Losses) on External sale / redemption of investments

794.75 409.60 102.26 57.22 7,348.27 4,174.24 1,156.34 1,516.72 856.12 205.80 1,547.93 1,841.54

Realised Gains / (Losses) on Derivative Transactions

- - - - - - - - - - - -

Other Income 1.53 1.05 1.33 - 17.26 25.11 4.06 3.73 32.25 5.42 4.16 0.81 (A) 845.85 458.66 109.77 62.97 7,774.67 4,649.75 1,243.05 1,601.70 1,058.13 408.25 1,787.94 2,117.23

EXPENSESManagement fees 61.15 55.55 5.57 5.47 579.96 564.42 165.62 130.20 153.46 137.97 149.28 137.85 Service tax/GST on Management fees 10.60 8.29 0.96 0.82 100.18 84.26 28.70 19.45 26.50 20.61 25.72 20.59 Transfer agents fees and expenses 3.43 2.83 0.28 0.24 41.13 35.36 9.45 6.78 10.71 9.06 8.25 6.78 Custodian fees 1.29 1.09 0.10 0.10 15.64 13.57 3.56 2.60 4.11 3.50 3.16 2.63 Trusteeship fees 0.07 0.07 0.01 0.01 0.84 0.83 0.19 0.16 0.22 0.21 0.17 0.16 Commission to Agents 40.58 29.44 2.59 3.51 646.86 501.44 118.76 72.93 170.78 133.27 92.99 71.23 Marketing & Distribution expenses - - - - - - - - - - - - Audit fees 1.65 1.50 1.65 1.50 1.65 1.50 1.65 1.50 1.65 1.50 1.65 1.50 Deferred revenue expenditure written off - - 2.21 2.66 - - - - - - - - Investor Education & Awareness Expenses

0.84 0.72 0.09 0.09 10.18 9.01 2.32 1.73 2.68 2.32 2.06 1.75

Other operating expenses 1.74 1.86 1.61 1.57 3.13 4.28 2.01 2.19 1.89 2.11 1.97 2.26 Total Expense 121.35 101.35 15.07 15.97 1,399.57 1,214.67 332.26 237.54 372.00 310.55 285.25 244.75 Expenses reimbursed by the AMC - - (0.02) (0.61) - - - - - - - -

(B) 121.35 101.35 15.05 15.36 1,399.57 1,214.67 332.26 237.54 372.00 310.55 285.25 244.75 NET REALISED GAINS / (LOSSES) FOR THE YEAR / PERIOD (A -B = C) 724.50 357.31 94.72 47.61 6,375.10 3,435.08 910.79 1,364.16 686.13 97.70 1,502.69 1,872.48

Change in Unrealised Depreciation in value of investments (D)

- - - - - - - - - 93.66 - -

NET GAINS / (LOSSES) FOR THE YEAR / PERIOD (E = (C+D)) 724.50 357.31 94.72 47.61 6,375.10 3,435.08 910.79 1,364.16 686.13 191.36 1,502.69 1,872.48

Change in unrealised appreciation in the value of investments (F)

(198.40) 401.38 (59.62) 39.17 (120.51) 8,212.28 793.19 1,266.11 941.73 1,738.23 (1,556.86) 1,160.50

NET SURPLUS / (DEFICIT) FOR THE YEAR / PERIOD (E + F = G) 526.10 758.69 35.10 86.78 6,254.59 11,647.36 1,703.98 2,630.27 1,627.86 1,929.59 (54.17) 3,032.98

Add: Balance transfer from Unrealised Appreciation Reserve

869.09 467.71 59.62 20.45 10,768.95 2,556.67 2,413.57 1,147.46 1,738.23 - 2,004.44 843.94

Less: Balance transfer to Unrealised Appreciation Reserve

(670.69) (869.09) - (59.62) (10,648.44) (10,768.95) (3,206.76) (2,413.57) (2,679.96) (1,738.23) (447.58) (2,004.44)

Add / (Less): Equalisation 28.67 16.28 (25.60) (18.13) (162.76) (2,854.87) 454.62 (251.19) (49.41) 897.27 (577.96) 75.56 Balance transfer from Revenue Reserve - - - - - - - - - - - - Transfer from Unit Premium Reserve - - - - - - - - - - - - Total 753.17 373.59 69.12 29.48 6,212.34 580.21 1,365.41 1,112.97 636.72 1,088.63 924.73 1,948.04 Dividend appropriationIncome Distributed during the year / period

110.17 - 21.84 - - - - - 593.26 - (0.07) 382.07

Tax on income distributed during the year / period

- - - - - - - - - - - -

Retained Surplus / (Deficit) carried forward to Balance sheet 643.00 373.59 47.28 29.48 6,212.34 580.21 1,365.41 1,112.97 43.46 1,088.63 924.80 1,565.97 Notes to Accounts - Annexure 1 $ : Amounts less than ` 0.005 Lakhs




















(` in Lakhs)

Invesco India Gold Exchange Traded

Fund


Fund


Invesco India Feeder - Invesco Pan European

Equity Fund

Invesco India Feeder - Invesco Global Equity

Income FundApril 1,

2017 to

March 31, 2018

April 1, 2016

to March 31,

2017

April 1, 2017

to March 31,

2018

April 1, 2016

to March 31,

2017

April 1, 2017

to March 31,

2018

April 1, 2016

to March 31,

2017

April 1, 2017

to March 31,

2018

April 1, 2016

to March 31,

2017

April 1, 2017

to March 31,

2018

April 1, 2016

to March 31,

2017INCOMEDividend - - 2.36 2.03 - - - - - - Interest 0.70 1.89 $0.00 $0.00 0.78 0.76 3.29 2.81 0.63 0.81 Realised Gains / (Losses) on Foreign Exchange Transactions - - - - - - 0.82 (4.15) (0.42) (0.22)Realised Gains / (Losses) on Interscheme sale of investments - - - - - - - - - - Realised Gains / (Losses) on External sale / redemption of investments

89.57 82.22 5.19 0.48 (13.85) (11.26) 20.27 (325.00) 70.63 52.50

Realised Gains / (Losses) on Derivative Transactions - - - - - - - - - - Other Income - $0.00 0.03 0.03 1.21 3.62 1.34 0.85 0.28 0.13

(A) 90.27 84.11 7.58 2.54 (11.86) (6.88) 25.72 (325.49) 71.12 53.22 EXPENSESManagement fees 19.67 23.53 - - - - 21.60 28.65 7.70 13.46 Service tax/GST on Management fees 3.38 3.51 - - - - 3.74 4.26 1.32 2.00 Transfer agents fees and expenses 1.45 1.55 0.07 0.07 0.64 0.66 0.94 1.08 0.23 0.32 Custodian fees 10.38 13.02 0.05 0.04 - - 0.03 0.03 0.01 0.01 Trusteeship fees 0.06 0.08 $0.00 $0.00 0.02 0.03 0.04 0.06 0.01 0.02 Commission to Agents 1.78 1.84 - - 6.33 7.78 16.14 18.94 2.90 3.88 Marketing & Distribution expenses - - - - - - - - - - Audit fees 1.06 0.92 0.13 0.14 0.13 0.14 1.65 1.50 1.65 1.50 Deferred revenue expenditure written off - - - - - - - - - - Investor Education & Awareness Expenses 0.78 0.91 0.03 0.03 0.30 0.34 0.48 0.60 0.12 0.18 Other operating expenses 0.38 0.46 0.38 0.25 0.17 0.36 0.80 0.86 0.78 0.82 Total Expense 38.94 45.82 0.66 0.53 7.59 9.31 45.42 55.98 14.72 22.19 Expenses reimbursed by the AMC - (0.27) (0.49) (0.39) (0.49) (0.94) (11.59) (13.53) (4.85) (5.80)

(B) 38.94 45.55 0.17 0.14 7.10 8.37 33.83 42.45 9.87 16.39 NET REALISED GAINS / (LOSSES) FOR THE YEAR / PERIOD (A -B = C)

51.33 38.56 7.41 2.40 (18.96) (15.25) (8.11) (367.94) 61.25 36.83

Change in Unrealised Depreciation in value of investments (D) - - - - 99.94 88.94 66.53 467.21 - - NET GAINS / (LOSSES) FOR THE YEAR / PERIOD (E = (C+D)) 51.33 38.56 7.41 2.40 80.98 73.69 58.42 99.27 61.25 36.83 Change in unrealised appreciation in the value of investments (F) 152.41 (127.43) 11.10 24.93 - - 247.68 - 12.15 15.86 NET SURPLUS / (DEFICIT) FOR THE YEAR / PERIOD (E + F = G) 203.74 (88.87) 18.51 27.33 80.98 73.69 306.10 99.27 73.40 52.69 Add: Balance transfer from Unrealised Appreciation Reserve 362.34 489.77 64.30 39.37 - - - - 73.41 57.55 Less: Balance transfer to Unrealised Appreciation Reserve (514.75) (362.34) (75.40) (64.30) - - (247.68) - (85.56) (73.41)Add / (Less): Equalisation (203.14) (154.15) (0.40) (0.39) 12.95 10.24 (80.09) 388.89 (7.54) (15.02)Balance transfer from Revenue Reserve - - - - - - - - - - Transfer from Unit Premium Reserve - - - - - - - - - - Total (151.81) (115.59) 7.01 2.01 93.93 83.93 (21.67) 488.16 53.71 21.81 Dividend appropriationIncome Distributed during the year / period - - - - - - - - - - Tax on income distributed during the year / period - - - - - - - - - - Retained Surplus / (Deficit) carried forward to Balance sheet (151.81) (115.59) 7.01 2.01 93.93 83.93 (21.67) 488.16 53.71 21.81

Notes to Accounts - Annexure 1 $ : Amounts less than ` 0.005 Lakhs




















1. Investments :-

1.1 All the Investments of the Schemes are registered in the name of the Trustees for the benefits of the Schemes Unitholders.

1.2 Open Position of derivatives (outstanding market value & % to Net Assets as at year end)

Scheme NameOutstanding Market Value * (` in Lakhs) Percentage (%) to Net Assets

As at March 31, 2018 As at March 31, 2017 As at March 31, 2018 As at March 31, 2017

Invesco India Arbitrage Fund 23,481.15 27,004.42 67.61 66.69

Invesco India Dynamic Equity Fund 5,588.65 - 6.12 -

* Gross exposure indicated

1.3 Investments in Associates and Group Companies :

Issuer Scheme Nature of InstrumentMarket Value (` in Lakhs)

As at March 31, 2018 As at March 31, 2017Dewan Housing Finance Corporation Limited Invesco India Arbitrage Fund Equity Shares 642.79 804.06

Index/Stock Futures (646.70) (808.88)

Sub Total (3.91) (4.82)Havells India Limited Invesco India Arbitrage Fund Equity Shares 1,356.22

Index/Stock Futures (1,364.15)

Sub Total (7.93) -

1.4 Open position of Securities Borrowed and / or Lend by the schemes as at year end

Security Lend Nature of InstrumentQuantity

As at March 31, 2018 As at March 31, 2017

- - NIL NIL

1.5 Details of Non Performing Assets and provisions thereof as at March 31, 2018 - NIL (Previous Year - NIL)

1.6 Aggregate Appreciation and Depreciation as at the end of the Financial Year / Period and percentage to net assets:(` in Lakhs)

Scheme Instrument Type

Aggregate Appreciation and Depreciation in Value of Investments as at March 31, 2018

Aggregate Appreciation and Depreciation in Value of Investments as at March 31, 2017

Appreciation DepreciationNet

Appreciation / (Depreciation)

As a percentage (%) to Net Assets

Appreciation DepreciationNet

Appreciation / (Depreciation)

As a percentage (%) to Net Assets

Invesco India Tax Plan Equity Shares 11,846.87 837.52 11,009.35 21.61 7,966.18 264.06 7,702.12 19.68

Invesco India Contra Fund Equity Shares 9,908.19 2,991.44 6,916.76 5.72 6,833.14 432.76 6,400.38 13.72

Invesco India Midcap Fund Equity Shares 3,286.30 405.49 2,880.81 16.82 3,979.21 121.01 3,858.20 23.90

Invesco India Arbitrage Fund Equity Shares 154.54 2,691.84 (2,537.30) (7.31) 1,614.79 260.25 1,354.54 3.34

Futures 196.32 137.14 59.17 0.17 168.16 195.66 (27.50) (0.07)

Commercial Paper / Certificate of Deposit

- 0.03 (0.03) ($0.00) - $0.00 ($0.00) ($0.00)

Mutual Fund Units - - - - 1.39 - 1.39 $0.00

Invesco India Growth Opportunities Fund Equity Shares 4,554.49 574.35 3,980.14 10.42 2,526.13 158.06 2,368.07 13.33

Invesco India Dynaimc Equity Fund Equity Shares 4,247.26 1,593.12 2,654.14 2.91 2,758.82 191.70 2,567.13 14.53

Futures - 5.06 (5.06) (0.01) - - - -

Equity Options 7.05 - 7.05 0.01 - - - -

Invesco India Infrastructure Fund Equity Shares 762.60 91.91 670.69 15.74 891.92 22.84 869.08 22.90

Invesco India Agile Tax Fund Equity Shares - - - - 61.72 2.11 59.61 12.97

Invesco India Multicap Fund Equity Shares 12,031.84 1,383.40 10,648.44 20.76 11,169.35 400.40 10,768.95 23.26

Invesco India Financial Services Fund Equity Shares 3,553.28 346.52 3,206.76 26.66 2,418.00 4.43 2,413.57 31.34

Invesco India Largecap Fund Equity Shares 2,807.62 127.66 2,679.96 19.89 1,890.13 151.90 1,738.23 13.18

Invesco India PSU Equity Fund Equity Shares 794.52 346.94 447.58 5.59 2,082.94 78.50 2,004.44 19.57

Invesco India Gold Exchange Traded Fund Gold 514.77 - 514.77 14.19 362.35 - 362.35 8.70

Invesco India Nifty Exchange Traded Fund Equity Shares 76.54 1.12 75.41 42.65 65.51 1.20 64.31 39.79

Invesco India Gold Fund Mutual Fund Units - 30.52 (30.52) (2.28) - 130.46 (130.46) (8.36)

Invesco India Feeder - Invesco Pan European Equity Fund

Overseas Fund 247.68 - 247.68 8.62 - 66.53 (66.53) (3.34)

Invesco India Feeder - Invesco Global Equity Income Fund

Overseas Fund 85.56 - 85.56 16.83 73.41 - 73.41 11.94

$ Less than 0.005 lakhs or 0.005%

Annexure 1 - Notes to Accounts

to the Abridged Balance Sheet and Revenue Account for the Year / Period Ended March 31, 2018


1.7 Aggregate Value of Purchases and Sales with Percentage to Average Net Assets:

Scheme Purchases (Rupees in

Lakhs)

Percentage (%) of average

daily net assets

Sales (Rupees in

Lakhs)


daily net assets

Purchases (Rupees in

Lakhs)


daily net assets

Sales (Rupees in

Lakhs)


daily net assets

2017-2018 2016-2017Invesco India Tax Plan 17,656.73 38.26 12,959.25 28.08 17,355.75 53.77 13,396.46 41.50

Invesco India Contra Fund 111,748.52 150.50 49,624.49 66.83 29,522.87 104.19 11,990.99 42.32

Invesco India Midcap Fund 12,500.16 70.91 13,369.44 75.84 7,367.00 52.90 7,376.24 52.97Invesco India Arbitrage Fund 490,324.13 1,323.32 498,034.20 1,344.12 570,934.16 1,034.70 576,436.93 1,044.67Invesco India Growth Opportunities Fund 26,501.58 112.14 10,537.05 44.59 10,186.24 67.15 8,378.80 55.23Invesco India Dynaimc Equity Fund 299,608.57 607.89 246,998.55 501.15 12,143.89 83.34 8,789.94 60.32Invesco India Infrastructure Fund 3,026.87 72.04 3,155.97 75.11 1,858.34 51.39 2,670.21 73.84Invesco India Agile Tax Fund 1,353.99 286.47 1,845.40 390.44 1,357.20 307.42 1,415.43 320.62Invesco India Multicap Fund 26,499.43 52.06 27,374.63 53.78 21,055.69 46.73 32,873.96 72.96Invesco India Financial Services Fund 6,097.11 52.62 5,636.54 48.65 7,670.30 88.80 8,620.23 99.79Invesco India Largecap Fund 6,935.49 51.86 8,698.19 65.05 5,012.53 43.13 3,326.39 28.62Invesco India PSU Equity Fund 6,130.44 59.56 8,043.69 78.15 5,428.91 62.06 7,059.66 80.70Invesco India Gold Exchange Traded Fund 88.79 2.28 856.05 21.98 - - 636.51 13.97Invesco India Nifty Exchange Traded Fund 16.15 9.24 17.34 9.93 4.77 3.20 6.39 4.30Invesco India Gold Fund - - 302.39 20.40 - - 333.73 19.36Invesco India Feeder - Invesco Pan European Equity Fund 1,632.18 67.50 1,099.98 45.49 40.01 1.33 2,773.90 92.13Invesco India Feeder - Invesco Global Equity Income Fund 315.05 54.78 523.46 91.02 - - 596.71 66.55

1.8 Non-Traded securities in the portfolio :

Scheme Name Instrument TypeMarket Value (` in Lakhs) Percentage (%) to Net Assets Market Value (` in Lakhs) Percentage (%) to Net Assets

As at March 31, 2018 As at March 31, 2017Invesco India Contra Fund Equity shares 2,100.61 1.74 - -

Invesco India Infrastructure Fund Equity shares 116.36 2.73 - -

Invesco India Midcap Fund Equity shares 306.12 1.79 - -

Invesco India Multicap Fund Equity shares 690.92 1.35 - -

Invesco India PSU Equity Fund Equity shares 216.15 2.70 - -

Invesco India Arbitrage Fund Money Market 2,984.52 8.59 2,473.75 6.11

2. Disclosure under Regulation 25(8) of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, as amended (I) Brokerage paid to associates/related parties/group companies of Sponsor/Asset Management Company

Name Nature of Association/Nature of relation

Scheme Name Period covered Value of transsaction (in ` Cr. & % of total value of

transaction of the fund)

Brokerage (` Cr. & % of total brokerage paid

by the fund)` Cr. % ` Cr. %

Religare Capital Markets Ltd. #

Group Company April 01, 2017 to March 31, 2018 N.A.TOTAL

Religare Capital Markets Ltd. #

Group Company Invesco India Dynamic Equity Fund April 01, 2016 to April 07, 2016 1.55 $0.00 $0.00 0.03

April 08, 2016 to March 31, 2017 N.A.

TOTAL 1.55 $0.00 $0.00 0.03 (II) Commission paid to associates/related parties/group companies of sponsor/Asset Management Company


Scheme name Period covered Business given (` Cr. & % of total business

received by the fund)

Commission paid (` Cr. & % of total commission

paid by the fund) ` Cr. % ` Cr. %

Religare Finvest Ltd. # Group Company April 01, 2017 to March 31, 2018 N.A.Religare Finvest Ltd. # Group Company Invesco India AGILE Tax Fund April 01, 2016 to April 07, 2016 $0.00 $0.00 $0.00 $0.00

Invesco India Financial Services Fund $0.00 $0.00 $0.00 $0.00Invesco India Largecap Fund 0.00 0.00 $0.00 $0.00Invesco India Contra Fund 0.00 0.00 $0.00 $0.00Invesco India Money Market Fund 0.00 0.00 $0.00 $0.00Invesco India Dynamic Equity Fund 0.00 0.00 $0.00 $0.00Invesco India Growth Opportunities Fund 0.00 0.00 $0.00 $0.00Invesco India Infrastructure Fund 0.00 0.00 $0.00 $0.00Invesco India Liquid Fund 0.00 0.00 $0.00 $0.00Invesco India Midcap Fund 0.00 0.00 $0.00 $0.00Invesco India Regular Savings Fund 0.00 0.00 $0.00 $0.00Invesco India Multicap Fund 0.00 0.00 $0.00 $0.00Invesco India Ultra Short Term Fund 0.00 0.00 $0.00 $0.00Invesco India PSU Equity Fund 0.00 0.00 $0.00 $0.00Invesco India Gold Fund 0.00 0.00 $0.00 $0.00Invesco India Short Term Fund 0.00 0.00 $0.00 $0.00Invesco India Tax Plan 0.00 0.00 $0.00 $0.00Invesco India Treasury Advantage Fund 0.00 0.00 $0.00 $0.00

April 08, 2016 to March 31, 2017 N.A.

TOTAL $0.00 $0.00 $0.00 $0.00









Religare Wealth Management Ltd. #

Group Company April 01, 2017 to March 31, 2018 N.A.

Religare Wealth Management Ltd. #

Group Company Invesco India Arbitrage Fund April 01, 2016 to April 07, 2016 0.25 $0.00 0.00 0.00Invesco India Largecap Fund $0.00 $0.00 0.00 0.00Invesco India Contra Fund $0.00 $0.00 0.00 0.00Invesco India Money Market Fund 0.01 $0.00 0.00 0.00Invesco India Liquid Fund 382.03 0.10 0.00 0.00Invesco India Multicap Fund 0.01 $0.00 0.00 0.00Invesco India Gold Fund $0.00 $0.00 0.00 0.00Invesco India Short Term Fund $0.00 $0.00 0.00 0.00Invesco India Treasury Advantage Fund 1.73 $0.00 0.00 0.00

April 08, 2016 to March 31, 2017 N.A.TOTAL 384.03 0.10 0.00 0.00

Religare Securities Ltd. # Sponsor April 01, 2017 to March 31, 2018 N.A.

Religare Securities Ltd. # Sponsor Invesco India Banking & PSU Debt Fund April 01, 2016 to April 07, 2016 $0.00 $0.00 $0.00 $0.00Invesco India Financial Services Fund 0.01 $0.00 $0.00 $0.00Invesco India Largecap Fund 0.01 $0.00 $0.00 $0.00Invesco India Credit Risk Fund 0.01 $0.00 $0.00 $0.00Invesco India Contra Fund 0.01 $0.00 $0.00 $0.00Invesco India Money Market Fund $0.00 $0.00 $0.00 $0.00Invesco India Dynamic Equity Fund $0.00 $0.00 $0.00 $0.00Invesco India Feeder - Invesco Global Equity Income Fund

$0.00 $0.00 $0.00 $0.00


$0.00 $0.00 $0.00 $0.00

Invesco India Infrastructure Fund $0.00 $0.00 $0.00 $0.00Invesco India Liquid Fund 2.55 $0.00 $0.00 $0.00Invesco India Midcap Fund 0.01 $0.00 $0.00 $0.00Invesco India Regular Savings Fund $0.00 $0.00 $0.00 $0.00Invesco India Multicap Fund 0.04 $0.00 $0.00 $0.00Invesco India PSU Equity Fund $0.00 $0.00 $0.00 $0.00Invesco India Gold Fund 0.02 $0.00 $0.00 $0.00Invesco India Tax Plan 0.01 $0.00 $0.00 $0.00Invesco India Treasury Advantage Fund $0.00 $0.00 $0.00 $0.00Invesco India Arbitrage Fund 0.00 0.00 $0.00 $0.00Invesco India Corporate Bond Fund 0.00 0.00 $0.00 $0.00Invesco India Gilt Fund 0.00 0.00 $0.00 $0.00Invesco India Ultra Short Term Fund 0.00 0.00 $0.00 $0.00Religare Invesco Overnight Fund 0.00 0.00 $0.00 $0.00Invesco India Feeder - Invesco Pan European Equity Fund

0.00 0.00 $0.00 $0.00

Invesco India Short Term Fund 0.00 0.00 $0.00 $0.00April 08, 2016 to March 31, 2017 N.A.TOTAL 2.67 0.00 0.01 0.01

Akif Sohail Relative of an Employee Invesco India Financial Services Fund April 01, 2017 to March 31, 2018 0.03 $0.00 $0.00 $0.00Invesco India Largecap Fund 0.00 0.00 $0.00 $0.00Invesco India Contra Fund 0.15 $0.00 $0.00 0.01Invesco India Dynamic Equity Fund 0.70 $0.00 0.02 0.03Invesco India Growth Opportunities Fund

0.01 $0.00 $0.00 $0.00

Invesco India Infrastructure Fund 0.08 $0.00 $0.00 $0.00Invesco India Liquid Fund 0.09 $0.00 $0.00 $0.00Invesco India Midcap Fund 0.01 $0.00 $0.00 $0.00Invesco India Multicap Fund 0.04 $0.00 $0.00 $0.00Invesco India Short Term Fund 0.05 $0.00 $0.00 $0.00Invesco India Tax Plan 0.02 $0.00 $0.00 $0.00Invesco India Treasury Advantage Fund 0.08 $0.00 0.00 0.00

TOTAL 1.25 $0.00 0.03 0.04Akif Sohail Relative of an Employee Invesco India Financial Services Fund April 01, 2016 to March 31, 2017 0.03 $0.00 $0.00 $0.00

Invesco India Largecap Fund 0.02 $0.00 $0.00 $0.00Invesco India Contra Fund 0.06 $0.00 $0.00 0.01Invesco India Dynamic Equity Fund 0.01 $0.00 $0.00 $0.00Invesco India Growth Opportunities Fund

0.02 $0.00 $0.00 $0.00

Invesco India Infrastructure Fund 0.03 $0.00 $0.00 $0.00Invesco India Liquid Fund 0.20 $0.00 $0.00 $0.00Invesco India Midcap Fund 0.06 $0.00 $0.00 $0.00Invesco India Multicap Fund 0.06 $0.00 $0.00 0.01Invesco India Tax Plan 0.01 $0.00 $0.00 $0.00

TOTAL 0.50 $0.00 0.01 0.02









Kashmira Ganatra Relative of an Employee Invesco India Arbitrage Fund April 01, 2017 to March 31, 2018 0.00 0.00 $0.00 $0.00Invesco India Financial Services Fund 0.00 0.00 $0.00 $0.00Invesco India Largecap Fund 0.07 $0.00 0.01 0.01Invesco India Credit Risk Fund 0.00 $0.00 $0.00 0.01Invesco India Contra Fund 0.36 $0.00 $0.00 0.01Invesco India Dynamic Equity Fund 0.23 $0.00 $0.00 $0.00Invesco India Growth Opportunities Fund

0.56 $0.00 0.02 0.03

Invesco India Liquid Fund 0.39 $0.00 $0.00 $0.00Invesco India Multicap Fund 0.23 $0.00 0.01 0.01Invesco India Tax Plan 0.23 $0.00 $0.00 $0.00

TOTAL 2.07 $0.00 0.05 0.07Kashmira Ganatra Relative of an Employee Invesco India Arbitrage Fund April 01, 2016 to March 31, 2017 0.00 0.00 $0.00 $0.00

Invesco India Financial Services Fund 0.00 0.00 $0.00 $0.00Invesco India Largecap Fund 0.16 $0.00 0.01 0.01Invesco India Contra Fund 0.04 $0.00 $0.00 0.01Invesco India Credit Risk Fund 0.36 $0.00 $0.00 0.01Invesco India Growth Opportunities Fund

0.76 $0.00 0.02 0.04

Invesco India Liquid Fund 0.69 $0.00 $0.00 $0.00Invesco India Multicap Fund 0.25 $0.00 0.01 0.02Invesco India Tax Plan 0.10 $0.00 $0.00 $0.00

TOTAL 2.36 $0.00 0.04 0.09

$ Less than 0.01% or less than Rs. 50,000/- # Ceased to be associate/group company w.e.f. April 7, 2016

3. Large Holdings in the schemes (i.e. in excess of 25% of the net assets) as at March 31, 2018

Name of the Scheme / PlanNo. of Investors % Holding No. of Investors % Holding

As at March 31, 2018 As at March 31, 2016

Invesco India Arbitrage Fund - - 1 37.83

Invesco India Feeder - Invesco Global Equity Income Fund 1 25.06 1 26.36

4. Other Income includes Load Income as per details below : (` in lakhs)

Scheme Name March 31, 2018 March 31, 2017

Invesco India Contra Fund 48.90 40.09

Invesco India Midcap Fund 30.73 3.70

Invesco India Arbitrage Fund 0.82 0.21

Invesco India Growth Opportunities Fund 9.77 6.75

Invesco India Dynamic Equity Fund 3.76 8.29

Invesco India Infrastructure Fund 1.53 1.05

Invesco India Multicap Fund 16.82 24.97

Invesco India Financial Services Fund 3.99 3.73

Invesco India Largecap Fund 32.25 5.34

Invesco India PSU Equity Fund 4.16 0.81

Invesco India Nifty Exchange Traded Fund 0.03 0.03

Invesco India Gold Fund 1.17 3.62

Invesco India Feeder - Invesco Pan European Equity Fund 1.34 0.85

Invesco India Feeder - Invesco Global Equity Income Fund 0.28 0.13

5. Unit Capital movement during the year ended / period ended for the respective schemes of Invesco Mutual Fund are listed in Annexure I [A]

6. For the schemes where number of days in prior year / period were different from current year, the corresponding figures for the previous year / period are not comparable with those of the current year. Further, prior year / period figures have been reclassified and regrouped, wherever applicable, to conform to current year's presentation.

7. Contingent Liability as at March 31, 2018 - NIL (Previous Year - NIL)

8. Expenses other than Management Fee are inclusive of service tax/GST (wherever applicable)

9. Key Statistics for the Year / Period ended March 31, 2018 are listed in Annexure I [B]

10. Derivative disclosures pursuant to SEBI circular no. CIR/IMD/DS/11/2010 dated August 18, 2010 is listed in Annexure I [C].

11. The Annual Accounts of the Schemes prepared in accordance with the accounting policies and standards specified in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 has been approved by the Board of Directors of AMC and the Trustee at their meeting held on July 13, 2018. The audit report attached herewith refers to the said annual accounts. The aforesaid abridged accounts are an extract of the Annual Accounts in accordance with SEBI Circular No. IMD/Cir8/132968/2008 dated July 24, 2008.




Face Value : ` 10 per unit

Scheme Plan/Option Opening Units as on April 01, 2017

Units sold/Switch in/NFO Allotment

Redemption/Switch out Closing Units as on March 31, 2018

Invesco India Tax Plan Growth Option 69,956,332.449 20,916,868.565 7,460,068.724 83,413,132.290 Dividend Option 47,107,555.471 6,598,799.952 7,973,703.132 45,732,652.291 Direct Plan - Growth 3,430,438.820 1,216,896.398 156,312.953 4,491,022.265 Direct Plan - Dividend 1,721,120.833 452,974.227 82,924.659 2,091,170.401

Invesco India Contra Fund Growth Option 103,971,232.916 153,164,418.522 41,008,845.634 216,126,805.804 Dividend Option 22,402,581.463 30,492,194.549 12,496,937.757 40,397,838.255 Direct Plan - Growth 3,274,510.480 24,648,849.175 908,764.602 27,014,595.053 Direct Plan - Dividend 273,006.770 3,454,161.315 222,799.633 3,504,368.452

Invesco India Midcap Fund Growth Option 32,270,631.510 9,065,217.172 10,336,210.765 30,999,637.917 Dividend Option 8,374,684.149 14,048,061.048 13,983,851.494 8,438,893.703 Direct Plan - Growth 1,043,241.767 359,913.083 172,387.198 1,230,767.652 Direct Plan - Dividend 219,220.296 133,330.703 71,977.276 280,573.723

Invesco India Arbitrage Fund Growth Option 6,406,774.449 40,304,506.593 19,687,267.994 27,024,013.048 Dividend Option 66,624,664.345 220,125,375.726 134,729,816.648 152,020,223.423 Bonus Option 2,192,085.110 - 977,351.137 1,214,733.973 Annual Bonus Option 11,209.969 - - 11,209.969 Direct Plan - Growth 4,379,711.869 19,724,724.454 15,931,964.111 8,172,472.212 Direct Plan - Dividend 220,749,525.965 273,950,369.682 440,292,364.409 54,407,531.238 Direct Plan - Bonus 943,764.788 - - 943,764.788 Direct Plan - Annual Bonus 5,246.835 - - 5,246.835

Invesco India Growth Opportunities Fund Growth Option 51,653,690.501 50,523,973.701 15,830,307.787 86,347,356.415 Dividend Option 22,792,455.558 9,241,730.981 6,906,011.141 25,128,175.398 Direct Plan - Growth 2,232,225.647 18,001,567.712 1,228,159.815 19,005,633.544 Direct Plan - Dividend 805,972.006 917,685.833 79,217.159 1,644,440.680

Invesco India Dynamic Equity Fund Growth Option 36,089,803.838 156,125,830.631 21,564,475.385 170,651,159.084 Dividend Option 42,459,361.730 195,267,709.726 27,761,456.946 209,965,614.510 Direct Plan - Growth 1,595,689.195 6,839,352.725 1,585,687.324 6,849,354.596 Direct Plan - Dividend 1,181,668.615 4,531,741.284 754,286.586 4,959,123.313

Invesco India Infrastructure Fund Growth Option 17,993,525.196 4,891,639.944 5,200,574.618 17,684,590.522 Dividend Option 5,530,761.146 1,524,273.028 1,476,241.124 5,578,793.050 Direct Plan - Growth 1,152,384.605 495,913.608 182,883.596 1,465,414.617 Direct Plan - Dividend 92,139.197 15,363.311 14,024.560 93,477.948

Invesco India AGILE Tax Fund Growth Option 2,802,129.503 - 2,802,129.503 - Dividend Option 1,382,682.315 5,069.460 1,387,751.775 -

Invesco India Multicap Fund Growth Option 90,343,925.401 31,456,721.650 30,294,521.812 91,506,125.239 Dividend Option 14,645,654.345 1,835,645.111 6,491,451.542 9,989,847.914 Direct Plan - Growth 4,849,411.423 1,304,914.527 978,159.157 5,176,166.793 Direct Plan - Dividend 293,027.778 90,486.098 71,269.644 312,244.232

Invesco India Financial Services Fund Growth Option 17,235,759.338 5,869,249.633 4,584,355.942 18,520,653.029 Dividend Option 6,801,460.524 1,214,517.025 2,044,271.009 5,971,706.540 Direct Plan - Growth 1,105,949.498 927,019.362 366,978.309 1,665,990.551 Direct Plan - Dividend 230,582.445 109,623.879 147,949.362 192,256.962

Invesco India Largecap Fund Growth Option 40,579,359.385 15,310,701.009 16,191,005.246 39,699,055.148 Dividend Option 14,650,670.778 23,447,368.213 26,652,333.974 11,445,705.017 Direct Plan - Growth 4,431,006.969 1,196,810.792 2,471,332.084 3,156,485.677 Direct Plan - Dividend 350,746.741 35,130.100 80,843.526 305,033.315

Invesco India PSU Equity Fund Growth Option 34,321,205.839 5,620,334.148 11,499,664.458 28,441,875.529 Dividend Option 23,413,454.577 1,922,150.837 9,011,111.581 16,324,493.833 Direct Plan - Growth 2,537,277.446 578,143.809 345,596.891 2,769,824.364 Direct Plan - Dividend 163,903.859 184,606.167 67,945.800 280,564.226

Invesco India Gold Exchange Traded Fund * Growth Option 154,163.000 3,000.000 30,000.000 127,163.000 Invesco India Nifty Exchange Traded Fund Growth Option 17,016.000 - 341.000 16,675.000 Invesco India Gold Fund Growth Option 15,017,094.320 1,659,050.239 4,095,250.080 12,580,894.479

Dividend Option 923,421.522 55,443.461 246,950.252 731,914.731 Direct Plan - Growth 1,231,069.988 449,104.118 1,045,140.217 635,033.889 Direct Plan - Dividend 15,521.572 (9,928.841) 2,831.425 2,761.306

Invesco India Feeder - Invesco Pan European Equity Fund Growth Option 15,900,788.913 6,574,187.196 7,280,311.660 15,194,664.449 Dividend Option 3,105,887.449 2,082,334.605 525,685.462 4,662,536.592 Direct Plan - Growth 1,764,086.999 4,275,265.263 233,198.708 5,806,153.554 Direct Plan - Dividend 52,803.620 5,163.992 7,785.344 50,182.268

Invesco India Feeder - Invesco Global Equity Income Fund Growth Option 4,509,611.898 1,042,843.719 3,322,986.782 2,229,468.835 Dividend Option 164,428.767 158,895.441 115,165.838 208,158.370 Direct Plan - Growth 657,789.800 26,915.745 87,276.631 597,428.914

298,638.110 734,741.281 2,394.639 1,030,984.752

* Face Value : ` 100 per unit

Unit Capital Movement during the Year / Period Ended 2017-18

Annexure 1 (A) - Unit Capital Movement


Face Value : ` 10 per unit Unit Capital Movement during the Year / Period Ended 2016-17

Scheme Plan/Option Opening Units as on April 01, 2017

Units sold/Switch in/NFO Allotment

Redemption/Switch out Closing Units as on March 31, 2018

Invesco India Tax Plan Growth Option 56,931,206.092 18,961,686.424 5,936,560.067 69,956,332.449 Dividend Option 42,103,043.747 8,975,439.732 3,970,928.008 47,107,555.471 Direct Plan - Growth 2,302,564.210 1,225,081.195 97,206.585 3,430,438.820 Direct Plan - Dividend 1,096,463.074 665,655.022 40,997.263 1,721,120.833

Invesco India Contra Fund Growth Option 47,098,004.255 76,161,051.540 19,287,822.879 103,971,232.916 Dividend Option 24,118,209.710 9,260,440.803 10,976,069.050 22,402,581.463 Direct Plan - Growth 2,171,875.138 1,709,128.809 606,493.467 3,274,510.480 Direct Plan - Dividend 102,815.895 196,728.937 26,538.062 273,006.770

Invesco India Midcap Fund Growth Option 29,451,273.931 10,649,122.186 7,829,764.607 32,270,631.510 Dividend Option 9,911,980.755 1,602,255.207 3,139,551.813 8,374,684.149 Direct Plan - Growth 1,160,417.965 263,981.302 381,157.500 1,043,241.767 Direct Plan - Dividend 172,878.312 91,492.948 45,150.964 219,220.296

Invesco India Arbitrage Fund Growth Option 24,546,144.777 66,991,015.261 85,130,385.589 6,406,774.449 Dividend Option 107,539,132.651 92,577,747.729 133,492,216.035 66,624,664.345 Bonus Option 6,830,792.776 - 4,638,707.666 2,192,085.110 Annual Bonus Option 715,894.959 - 704,684.990 11,209.969 Direct Plan - Growth 3,413,579.604 1,847,867.152 881,734.887 4,379,711.869 Direct Plan - Dividend 147,615,614.652 178,104,756.260 104,970,844.947 220,749,525.965 Direct Plan - Bonus 63,658,380.246 - 62,714,615.458 943,764.788 Direct Plan - Annual Bonus 5,246.835 - - 5,246.835

Invesco India Growth Opportunities Fund Growth Option 44,622,150.088 23,923,462.720 16,891,922.307 51,653,690.501 Dividend Option 22,195,471.533 7,898,851.895 7,301,867.870 22,792,455.558 Direct Plan - Growth 1,643,899.305 1,034,395.271 446,068.929 2,232,225.647 Direct Plan - Dividend 607,348.220 251,013.195 52,389.409 805,972.006

Invesco India Dynamic Equity Fund Growth Option 26,725,846.279 18,450,311.112 9,086,353.553 36,089,803.838 Dividend Option 27,409,551.032 25,098,029.383 10,048,218.685 42,459,361.730 Direct Plan - Growth 922,762.504 839,816.950 166,890.259 1,595,689.195 Direct Plan - Dividend 356,681.253 892,196.268 67,208.906 1,181,668.615

Invesco India Infrastructure Fund Growth Option 22,100,159.378 3,034,285.042 7,140,919.224 17,993,525.196 Dividend Option 7,156,067.149 801,050.451 2,426,356.454 5,530,761.146 Direct Plan - Growth 1,035,912.279 310,094.736 193,622.410 1,152,384.605 Direct Plan - Dividend 81,602.481 33,095.799 22,559.083 92,139.197

Invesco India AGILE Tax Fund Growth Option 3,157,901.290 - 355,771.787 2,802,129.503 Dividend Option 1,554,032.315 - 171,350.000 1,382,682.315

Invesco India Multicap Fund Growth Option 96,961,871.267 34,704,220.797 41,322,166.663 90,343,925.401 Dividend Option 36,186,787.414 3,741,828.596 25,282,961.665 14,645,654.345 Direct Plan - Growth 6,068,670.800 1,249,439.284 2,468,698.661 4,849,411.423 Direct Plan - Dividend 2,690,010.341 63,506.730 2,460,489.293 293,027.778

Invesco India Financial Services Fund Growth Option 18,446,808.050 4,567,696.659 5,778,745.371 17,235,759.338 Dividend Option 7,756,380.397 828,668.317 1,783,588.190 6,801,460.524 Direct Plan - Growth 824,503.015 496,116.005 214,669.522 1,105,949.498 Direct Plan - Dividend 966,383.998 22,145.765 757,947.318 230,582.445

Invesco India Largecap Fund Growth Option 28,827,373.840 19,373,992.324 7,622,006.779 40,579,359.385 Dividend Option 17,963,385.910 4,889,917.351 8,202,632.483 14,650,670.778 Direct Plan - Growth 4,795,956.186 806,836.940 1,171,786.157 4,431,006.969 Direct Plan - Dividend 175,412.786 191,864.078 16,530.123 350,746.741

Invesco India PSU Equity Fund Growth Option 41,118,304.002 5,415,740.427 12,212,838.590 34,321,205.839 Dividend Option 26,423,063.885 5,754,836.381 8,764,445.689 23,413,454.577 Direct Plan - Growth 1,480,731.404 1,443,705.709 387,159.667 2,537,277.446 Direct Plan - Dividend 141,391.747 103,346.453 80,834.341 163,903.859

Invesco India Gold Exchange Traded Fund * Growth Option 175,163.000 - 21,000.000 154,163.000 Invesco India Nifty Exchange Traded Fund Growth Option 17,391.000 - 375.000 17,016.000 Invesco India Gold Fund Growth Option 18,574,775.380 2,450,783.707 6,008,464.767 15,017,094.320

Dividend Option 1,177,805.941 141,736.666 396,121.085 923,421.522 Direct Plan - Growth 771,568.230 585,499.495 125,997.737 1,231,069.988 Direct Plan - Dividend 1,680.063 13,841.509 - 15,521.572

Invesco India Feeder - Invesco Pan European Equity Fund Growth Option 42,881,835.236 2,217,220.964 29,198,267.287 15,900,788.913 Dividend Option 6,432,951.342 93,387.254 3,420,451.147 3,105,887.449 Direct Plan - Growth 1,976,996.772 434,129.166 647,038.939 1,764,086.999 Direct Plan - Dividend 101,750.094 4,886.322 53,832.796 52,803.620

Invesco India Feeder - Invesco Global Equity Income Fund Growth Option 9,859,223.925 158,383.457 5,507,995.484 4,509,611.898 Dividend Option 352,366.310 12,229.541 200,167.084 164,428.767 Direct Plan - Growth 690,133.815 61,400.823 93,744.838 657,789.800 Direct Plan - Dividend 298,757.325 3,880.785 4,000.000 298,638.110

* Face Value : ` 100 per unit

Annexure 1 (A) - Unit Capital Movement


# NAV as on last day of the financial year$ Pursuant to our addendum dated June 10,2015 based on AMFI Best Practices Guidelines Circular ref. no. 135/BP/58/2015-16 of May 19, 2015, no fresh subscription/ switch-in are accepted in the Option with

effect from June 11, 2015 and the option will continue till the existing investors remain invested.1. Gross income = amount against (A) in the Revenue account i.e. Income.2. Net income = amount against (C) in the Revenue account i.e. NET REALISED GAINS / (LOSSES) FOR THE YEAR / PERIOD3. Portfolio Turnover = Lower of sales or purchase divided by the Average AuM for the year/period.4. AAuM=Average daily net assets N.A.: Not Applicable NU: No Unit

Invesco India Tax Plan Invesco India Contra Fund Invesco India Midcap Fund Invesco India Arbitrage Fund

April 1, 2017 to March 31,

2018


2017


2018


2017


2018


2017


2018


20171. NAV per unit (`):

Open #Growth 40.88 33.81 37.94 29.84 41.35 32.12 20.1428 18.9678 Dividend 18.48 17.15 25.90 20.37 27.15 21.09 12.8451 12.7631 Bonus $ - - - - - - 13.4292 12.6456 Annual Bonus $ - - - - - - 20.1438 18.9678 Direct Plan - Growth 43.43 35.32 40.11 31.00 44.02 33.62 20.6485 19.3349 Direct Plan - Dividend 19.40 17.63 28.85 22.31 29.09 22.24 13.2873 13.1076 Direct Plan - Bonus $ - - - - - - 13.7653 12.8898 Direct Plan - Annual Bonus $ - - - - - - 20.6481 19.3345 HighGrowth 51.57 40.88 49.32 37.94 52.74 41.35 21.3331 20.1428 Dividend 22.81 20.25 30.32 25.90 31.07 27.15 12.9553 12.9825 Bonus $ - - - - - - 14.2224 13.4292 Annual Bonus $ - - - - - - 21.3336 20.1438 Direct Plan - Growth 55.51 43.43 52.87 40.11 56.94 44.02 21.9997 20.6485 Direct Plan - Dividend 24.23 20.95 34.62 28.85 33.97 29.09 13.4896 13.3843 Direct Plan - Bonus $ - - - - - - 14.6661 13.7653 Direct Plan - Annual Bonus $ - - - - - - 21.9992 20.6481 LowGrowth 41.08 33.16 37.70 29.41 41.43 31.98 20.1398 18.9588 Dividend 18.58 16.52 23.18 20.08 24.12 20.99 12.7968 12.7280 Bonus $ - - - - - - 13.4272 12.6396 Annual Bonus $ - - - - - - 20.1408 18.9588 Direct Plan - Growth 43.68 34.66 39.89 30.56 44.11 33.47 20.6464 19.3260 Direct Plan - Dividend 19.51 17.27 26.12 21.99 26.44 22.15 13.2684 13.0755 Direct Plan - Bonus $ - - - - - - 13.7639 12.8839 Direct Plan - Annual Bonus $ - - - - - - 20.6460 19.3256 End #Growth 47.22 40.88 44.93 37.94 46.46 41.35 21.3331 20.1428 Dividend 19.29 18.48 24.31 25.90 24.12 27.15 12.8638 12.8451 Bonus $ - - - - - - 14.2224 13.4292 Annual Bonus $ - - - - - - 21.3336 20.1438 Direct Plan - Growth 50.99 43.43 48.30 40.11 50.36 44.02 21.9997 20.6485 Direct Plan - Dividend 20.70 19.40 28.32 28.85 26.79 29.09 13.4147 13.2873 Direct Plan - Bonus $ - - - - - - 14.6661 13.7653 Direct Plan - Annual Bonus $ - - - - - - 21.9992 20.6481

2. Closing Assets Under Management (Rupees in Lakhs)End 50,936.90 39,130.33 120,961.70 46,639.70 17,131.23 16,141.16 34,731.90 40,512.08 Average (AAuM) 46,145.28 32,280.60 74,252.26 28,336.25 17,627.60 13,925.50 37,052.69 55,178.86

3. Gross income as % of AAuM (annualised) 9.34 12.38 14.30 6.03 20.06 7.52 17.03 4.26 4. Expense Ratio: a. Total Expense as % of AAuM (Planwise) 2.71 2.80 2.68 2.79 2.88 2.79 0.65 0.69 b. Management Fee as % of AAuM (Planwise) 1.38 1.63 0.92 1.27 1.34 1.31 0.31 0.26 5. Net Income as a % of AAuM (annualised) 6.62 9.59 11.63 3.24 17.18 4.73 16.38 3.58 6. Portfolio turnover ratio 0.28 0.42 0.67 0.42 0.71 0.53 11.42 10.57 7. Total Dividend per unit distributed during the year /

period (plan wise)Dividend - Individual/HUF 2.20 2.00 5.85 - 6.15 - 0.72 0.69Dividend - Others 2.20 2.00 5.85 - 6.15 - 0.72 0.69Direct Plan - Dividend - Individual / HUF 2.20 2.00 5.85 - 6.15 - 0.72 0.69Direct Plan - Dividend - Others NU NU 5.85 - NU - 0.72 0.69

8. Returns: (%) a. Last One Year Scheme - Growth Option 15.67 20.91 18.62 27.14 12.49 28.74 5.94 6.19 Scheme - Direct Growth Option 17.56 22.96 20.60 29.39 14.53 30.93 6.57 6.79 Benchmark 12.23 21.17 13.32 24.02 10.34 34.85 6.85 7.11 b. Since Inception

Scheme (CAGR^ or Absolute Returns) - Growth Option 14.79 ^ 14.71 ^ 14.68 ^ 14.29 ^ 15.06 ^ 15.32 ^ 7.18 ^ 7.31 ^Scheme (CAGR^ or Absolute Returns) - Direct Growth Option 19.86 ^ 20.39 ^ 21.41 ^ 21.59 ^ 22.16 ^ 24.00 ^ 7.80 ^ 8.08 ^Benchmark (CAGR^ or Absolute Returns) - Growth Option 10.34 ^ 8.66 ^ 11.37 ^ 9.67 ^ 14.11 ^ 12.95 ^ 7.52 ^ 7.58 ^Benchmark (CAGR^ or Absolute Returns) - Direct Growth Option 12.77 ^ 11.28 ^ 13.96 ^ 12.52 ^ 17.49 ^ 17.71 ^ 8.09 ^ 8.38 ^

Annexure 1 (B) - Key Statistics for the Year / Period Ended March 31, 2018


# NAV as on last day of the financial year or the maturity date as the case may be.@ For Schemes matured during the financial year ended March 31, 2018, returns are from the date of allotment till the date of maturity1. Gross income = amount against (A) in the Revenue account i.e. Income.2. Net income = amount against (C) in the Revenue account i.e. NET REALISED GAINS / (LOSSES) FOR THE YEAR / PERIOD3. Portfolio Turnover = Lower of sales or purchase divided by the Average AuM for the year/period.4. AAuM=Average daily net assets N.A. : Not Applicable NU: No Unit




Invesco India AGILE Tax Fund


2018


2017


2018


2017


2018


2017


2018



Open #Growth 26.54 21.87 24.65 20.45 15.27 12.41 10.98 9.04 Dividend 14.48 11.94 19.12 17.09 15.28 12.42 10.98 9.04 Direct Plan - Growth 28.22 22.86 26.19 21.38 16.24 12.97 - -Direct Plan - Dividend 15.54 12.60 19.58 17.22 16.19 12.95 - -HighGrowth 33.95 26.54 29.43 24.65 19.68 15.27 13.00 10.98 Dividend 16.90 14.48 21.22 19.37 18.31 15.28 13.00 10.98 Direct Plan - Growth 36.62 28.22 31.69 26.19 21.21 16.24 - -Direct Plan - Dividend 18.43 15.54 21.94 19.65 19.58 16.19 - -LowGrowth 26.65 21.36 24.64 20.28 15.34 12.06 10.99 8.88 Dividend 14.54 11.66 19.12 16.95 15.35 12.06 10.00 8.88 Direct Plan - Growth 28.35 22.34 26.19 21.22 16.31 12.63 - -Direct Plan - Dividend 15.60 12.31 19.58 17.09 16.26 12.61 - -End #Growth 31.76 26.54 27.87 24.65 17.48 15.27 11.81 10.98 Dividend 15.73 14.48 19.36 19.12 15.71 15.28 10.00 10.98 Direct Plan - Growth 34.36 28.22 30.08 26.19 18.92 16.24 - -Direct Plan - Dividend 17.29 15.54 20.19 19.58 17.05 16.19 - -

2. Closing Assets Under Management (Rupees in Lakhs)End 38,192.50 17,765.29 91,265.21 17,663.76 4,260.78 3,795.35 - 459.43 Average (AAuM) 23,632.92 15,169.46 49,286.41 14,572.04 4,201.82 3,616.10 472.65 441.47

3. Gross income as % of AAuM (annualised) 10.48 8.25 6.70 5.62 20.13 12.68 24.71 14.26 4. Expense Ratio: a. Total Expense as % of AAuM (Planwise) 2.80 2.77 2.70 2.78 2.89 2.80 2.89 2.87 b. Management Fee as % of AAuM (Planwise) 1.16 1.25 0.91 1.16 1.47 1.55 1.26 1.25

5. Net Income as a % of AAuM (annualised) 7.67 5.48 4.00 2.84 17.24 9.88 21.33 10.79 6. Portfolio turnover ratio 0.45 0.55 1.50 2.02 0.72 0.51 N.A. 3.07 7. Total Dividend per unit distributed during the year /

period (plan wise)Dividend - Individual/HUF 1.50 - 2.24 1.35 1.85 - 1.81 - Dividend - Others 1.50 - 2.24 1.35 1.85 - NU - Direct Plan - Dividend - Individual / HUF 1.50 - 2.24 1.35 1.85 - - - Direct Plan - Dividend - Others 1.50 - 2.24 1.35 NU - - -

8. Returns: (%) a. Last One Year Scheme - Growth Option 19.88 21.35 13.18 20.54 14.60 23.05 N.A. 21.46 Scheme - Direct Growth Option 21.96 23.45 14.98 22.50 16.65 25.21 N.A. N.A. Benchmark 12.23 21.17 12.23 21.17 9.05 21.53 N.A. 18.55 b. Since Inception

Scheme (CAGR^ or Absolute Returns) - Growth Option 11.47 ^ 10.64 ^ 10.27 ^ 9.96 ^ 5.54 ^ 4.62 ^ 1.68%@ 1.04 ^Scheme (CAGR^ or Absolute Returns) - Direct Growth Option 19.09 ^ 18.42 ^ 16.12 ^ 16.37 ^ 18.75 ^ 19.23 ^ N.A. N.A. Benchmark (CAGR^ or Absolute Returns) - Growth Option 9.75 ^ 8.01 ^ 8.09 ^ 6.20 ^ (3.50)^ (5.77)^ 9.13%@ 7.41 ^Benchmark (CAGR^ or Absolute Returns) - Direct Growth Option 12.77 ^ 11.28 ^ 12.77 ^ 11.28 ^ 6.15 ^ 4.05 ^ N.A. N.A.



# NAV as on last day of the financial year1. Gross income = amount against (A) in the Revenue account i.e. Income.2. Net income = amount against (C) in the Revenue account i.e. NET REALISED GAINS / (LOSSES) FOR THE YEAR / PERIOD3. Portfolio Turnover = Lower of sales or purchase divided by the Average AuM for the year/period.4. AAuM=Average daily net assets N.A. : Not Applicable NU : No Unit

Invesco India Multicap Fund





2018


2017


2018


2017


2018


2017


2018



Open #Growth 42.45 33.02 42.83 31.70 23.55 19.93 18.25 12.90 Dividend 38.49 29.94 24.36 18.03 16.83 14.24 14.78 11.64 Direct Plan - Growth 45.00 34.42 45.53 33.12 25.00 20.80 19.32 13.42 Direct Plan - Dividend 40.77 31.19 26.00 18.94 17.71 14.73 15.65 12.08 HighGrowth 54.64 42.45 55.27 42.90 28.62 23.55 20.65 18.25 Dividend 49.54 38.49 31.44 24.41 18.48 16.83 16.73 16.34 Direct Plan - Growth 58.71 45.00 59.62 45.61 30.84 25.00 22.08 19.32 Direct Plan - Dividend 53.17 40.77 34.00 26.04 19.85 17.71 17.87 17.20 LowGrowth 42.54 32.82 43.22 30.85 23.36 19.45 17.42 12.49 Dividend 38.58 29.76 24.59 17.55 15.91 13.90 14.11 11.27 Direct Plan - Growth 45.11 34.21 45.96 32.24 24.82 20.30 18.73 13.03 Direct Plan - Dividend 40.86 31.00 26.24 18.44 16.91 14.38 15.16 11.72 End #Growth 48.19 42.45 50.46 42.83 26.57 23.55 17.85 18.25 Dividend 43.70 38.49 28.70 24.36 17.16 16.83 14.46 14.78 Direct Plan - Growth 51.97 45.00 54.63 45.53 28.72 25.00 19.21 19.32 Direct Plan - Dividend 47.07 40.77 31.15 26.00 18.49 17.71 15.54 15.65

2. Closing Assets Under Management (Rupees in Lakhs)End 51,299.18 46,293.58 12,030.31 9,602.31 13,476.78 13,192.03 8,013.69 10,239.82 Average (AAuM) 50,903.93 45,056.42 11,586.32 8,637.99 13,372.56 11,622.62 10,292.57 8,747.82

3. Gross income as % of AAuM (annualised) 15.27 10.32 10.73 18.54 7.91 3.51 17.37 24.20 4. Expense Ratio: a. Total Expense as % of AAuM (annualised) 2.75 2.70 2.87 2.75 2.78 2.67 2.77 2.80 b. Management Fee as % of AAuM (annualised) 1.14 1.25 1.44 1.52 1.15 1.19 1.46 1.59 5. Net Income as a % of AAuM (annualised) 12.52 7.62 7.86 15.79 5.13 0.84 14.60 21.41 6. Portfolio turnover ratio 0.52 0.47 0.49 0.89 0.52 0.29 0.60 0.62 7. Total Dividend per unit distributed during the year /

period (plan wise)Dividend - Individual/HUF - - - - 1.70 - - 1.67 Dividend - Others - - - - 1.70 - - 1.67 Direct Plan - Dividend - Individual / HUF - - - - 1.70 - - 1.67 Direct Plan - Dividend - Others - - - - 1.70 - - NU

8. Returns: (%) a. Last One Year Scheme - Growth Option 13.66 28.56 18.02 35.11 12.98 18.16 (2.15) 41.47 Scheme - Direct Growth Option 15.63 30.74 20.17 37.47 15.01 20.19 (0.57) 43.96 Benchmark 10.34 34.85 14.00 32.85 11.86 18.55 (6.08) 40.78 b. Since Inception Scheme (CAGR^ or Absolute Returns) - Growth Option 16.97 ^ 17.33 ^ 18.14 ^ 18.15 ^ 12.03 ^ 11.90 ^ 7.18 ^ 8.50 ^ Scheme (CAGR^ or Absolute Returns) - Direct Growth Option 22.70 ^ 24.39 ^ 16.85 ^ 16.08 ^ 16.30 ^ 16.59 ^ 12.61 ^ 15.93 ^ Benchmark (CAGR^ or Absolute Returns) - Growth Option 13.74 ^ 12.54 ^ 18.34 ^ 17.62 ^ 11.09 ^ 9.71 ^ 0.38 ^ (0.93)^ Benchmark (CAGR^ or Absolute Returns) - Direct Growth Option 17.49 ^ 17.71 ^ 14.22 ^ 13.22 ^ 12.02 ^ 10.72 ^ 4.01 ^ 3.56 ^



Invesco India Gold Exchange Traded Fund


Fund


Invesco India Feeder - Invesco Pan European

Equity Fund

Invesco India Feeder - Invesco Global Equity

Income FundApril 1,

2017 to March 31, 2018

April 1, 2016

to March 31, 2017

April 1, 2017

to March 31, 2018

April 1, 2016

to March 31, 2017

April 1, 2017

to March 31, 2018

April 1, 2016

to March 31, 2017

April 1, 2017

to March 31, 2018

April 1, 2016

to March 31, 2017

April 1, 2017

to March 31, 2018

April 1, 2016

to March 31, 2017

1. NAV per unit (`):Open #Growth 2,702.5222 2,770.8921 949.8731 791.3804 9.0705 8.7830 9.5388 8.9320 10.8533 10.2753 Dividend - - - - 9.0707 8.7832 9.5385 8.9318 10.8414 10.2753 Direct Plan - Growth - - - - 9.1687 8.8558 9.8860 9.1513 11.2511 10.5275 Direct Plan - Dividend - - - - 9.1592 8.8470 9.8728 9.1462 11.2174 10.5167 HighGrowth 2,858.8668 3,100.9981 1,163.2901 949.8731 9.9327 10.1126 11.6595 9.8025 13.0963 11.0899 Dividend - - - - 9.9328 10.1126 11.6592 9.8022 13.0821 11.0898 Direct Plan - Growth - - - - 10.0533 10.2067 12.1998 10.1386 13.7315 11.4821 Direct Plan - Dividend - - - - 10.0439 10.1962 12.1763 10.1263 13.6658 11.4495 LowGrowth 2,581.0784 2,586.1400 942.6002 771.7892 8.6360 8.5023 9.3400 7.8627 10.7064 9.7877 Dividend - - - - 8.6362 8.5024 9.3397 7.8625 10.6946 9.7876 Direct Plan - Growth - - - - 8.7353 8.5884 9.6853 8.0785 11.1039 10.0586 Direct Plan - Dividend - - - - 8.7270 8.5798 9.6721 8.0720 11.0698 10.0438 End #Growth 2,853.6515 2,702.5222 1,060.3316 949.8731 9.5881 9.0705 11.0534 9.5388 12.2697 10.8533 Dividend - - - - 9.5882 9.0707 11.0531 9.5385 12.2564 10.8414 Direct Plan - Growth - - - - 9.7156 9.1687 11.5945 9.8860 12.8970 11.2511 Direct Plan - Dividend - - - - 9.7064 9.1592 11.5717 9.8728 12.8305 11.2174

2. Closing Assets Under Management (Rupees in Lakhs)End 3,628.79 4,166.28 176.81 161.63 1,338.42 1,560.19 2,873.87 1,992.61 508.40 614.78 Average (AAuM) 3,894.00 4,555.56 174.71 148.78 1,482.16 1,723.43 2,418.09 3,010.97 575.09 896.59

3. Gross income as % of AAuM (Planwise) 2.32 1.85 4.34 1.71 (0.80) (0.40) 1.06 (10.81) 12.37 5.94 4. Expense Ratio: a. Total Expense as % of AAuM (Planwise) 1.00 1.00 0.10 0.10 0.48 € 0.49 € 1.40 € 1.41 € 1.72 € 1.83 € b. Management Fee as % of AAuM (Planwise) 0.51 0.52 - - - - 0.91 0.97 1.40 1.53 5. Net Income as a % of AAuM (Planwise) 1.32 0.85 4.24 1.61 (1.28) (0.88) (0.34) (12.22) 10.65 4.11

6. Portfolio turnover ratio 0.02 - 0.09 0.03 - - - - - - 7. Total Dividend per unit distributed during the year /

period (Planwise)Dividend - Individual/HUF N.A. N.A. - - - - - - - - Dividend - Others N.A. N.A. - - - - - - - - Direct Plan - Dividend - Individual / HUF N.A. N.A. N.A. N.A. - - - - - - Direct Plan - Dividend - Others N.A. N.A. N.A. N.A. - - - - - -

8. Returns: (%) a. Last One Year Scheme - Growth Option 5.65 (2.47) 11.73 ^ $$ 20.03 ^ $$ 5.76 3.27 15.16 6.79 12.83 5.63 Scheme - Direct Growth Option N.A. N.A. N.A. N.A. 6.02 3.53 16.55 8.03 14.40 6.87 Benchmark 6.76 (1.54) 11.86 18.55 6.76 (1.54) 15.72 7.50 13.21 12.35 b. Since Inception Scheme (CAGR^ or Absolute Returns) - Growth Option 6.80 ^ 6.97 ^ 10.33 ^ $$ 10.09 ^ $$ (0.66)^ (1.82)^ 2.26 ^ (1.48)^ 5.31 ^ 2.85 ^ Scheme (CAGR^ or Absolute Returns) - Direct Growth Option N.A. N.A. N.A. N.A. (1.49)^ (3.16)^ 3.44 ^ (0.36)^ 6.66 ^ 4.13 ^ Benchmark (CAGR^ or Absolute Returns) - Growth Option 7.85 ^ 8.00 ^ 10.78 ^ 9.27 ^ 0.80 ^ (0.27)^ 4.66 ^ 1.41 ^ 9.30 ^ 7.98 ^ Benchmark (CAGR^ or Absolute Returns) - Direct Growth Option N.A. N.A. N.A. N.A. 0.02 ^ (1.49)^ 4.66 ^ 1.41 ^ 9.30 ^ 7.98 ^# NAV as on last day of the financial year$$ Returns for the Invesco India Nifty Exchange Traded Fund are calculated after considering dividend reinvestment of ` 5 per unit on record date December 26 2012 at ex dividend NAV of ` 591 3176 per unit.€ Excluding total recurring expense ratio charged by the underlying fund.1. Gross income = amount against (A) in the Revenue account i.e. Income.2. Net income = amount against (C) in the Revenue account i.e. NET REALISED GAINS / (LOSSES) FOR THE YEAR / PERIOD3. Portfolio Turnover = Lower of sales or purchase divided by the Average AuM for the year/period.4. AAuM=Average daily net assets N.A. : Not Applicable NU : No Unit



Invesco India Arbitrage Fund (An open ended scheme investing in arbitrage opportunities)A. Hedging Positions through Futures as on March 31, 2018

Underlying Long/ Short

Futures Price when purchased (`)

Current price of the contract (`)

Margin maintained in ` Lakhs

Arvind Limited Short 385.00 385.45 62.65

Ashok Leyland Limited Short 144.55 145.80 3.19

Aurobindo Pharma Limited Short 557.73 560.85 201.69

Bajaj Finance Limited Short 1,774.42 1,778.45 4.17

Bank of Baroda Short 141.71 142.65 37.11

Bata India Limited Short 737.86 734.35 37.87

BEML Limited Short 1,067.19 1,049.30 176.25

Bharat Heavy Electricals Limited Short 83.52 81.80 46.08

Bharti Airtel Limited Short 411.39 400.05 299.12

Can Fin Homes Limited Short 492.98 487.95 109.13

Canara Bank Short 264.89 265.55 48.57

Capital First Limited Short 617.72 620.35 82.19

Century Textiles & Industries Limited Short 1,135.07 1,146.35 24.63

CESC Limited Short 887.52 969.65 81.47

CG Power and Industrial Solutions Limited Short 77.31 77.75 5.85

Chennai Petroleum Corporation Limited Short 319.44 329.25 4.10

Dabur India Limited Short 324.79 328.50 29.66

Dewan Housing Finance Corporation Limited ^^ Short 501.93 513.25 178.09

DLF Limited Short 202.63 202.45 8.30

Escorts Limited Short 813.88 823.55 52.35

GMR Infrastructure Limited Short 17.03 17.05 268.73

Godfrey Phillips India Limited Short 809.06 825.90 9.68

Granules India Limited Short 105.24 104.05 23.67

Havells India Limited ^^ Short 496.46 490.70 213.30

IDBI Bank Limited Short 75.64 72.60 14.48

Idea Cellular Limited Short 80.82 76.40 19.32

IDFC Bank Limited Short 47.89 47.70 32.90

IDFC Limited Short 49.12 48.90 400.77

IFCI Limited Short 19.40 19.70 43.24

Indiabulls Housing Finance Limited Short 1,209.59 1,243.00 13.22

Infibeam Incorporation Limited Short 147.50 146.90 207.97

ITC Limited Short 256.41 256.90 48.23

JSW Steel Limited Short 297.74 289.60 29.85

Kotak Mahindra Bank Limited Short 1,052.59 1,053.60 6.58

Lupin Limited Short 753.15 740.00 4.86

Mahanagar Gas Limited Short 961.13 963.75 4.52

Mahindra & Mahindra Limited Short 747.85 742.60 3.48

Maruti Suzuki India Limited Short 8,901.04 8,905.20 186.72

Multi Commodity Exchange of India Limited Short 700.60 672.05 24.14

NMDC Limited Short 119.41 119.25 8.44

Power Finance Corporation Limited Short 86.86 86.10 63.41

Punjab National Bank Short 98.53 95.90 102.60

PVR Limited Short 1,252.58 1,222.75 6.12

Raymond Limited Short 889.99 903.30 10.80

Reliance Capital Limited Short 426.32 425.85 2.80

Reliance Industries Limited Short 891.04 887.15 103.96

Reliance Naval and Engineering Limited Short 29.14 27.55 0.67

Reliance Power Limited Short 37.19 36.30 50.56

Siemens Limited Short 1,080.65 1,079.55 0.84

SREI Infrastructure Finance Limited Short 71.25 73.80 31.75





State Bank of India Short 250.68 251.20 73.82

Sun Pharmaceutical Industries Limited Short 509.20 497.45 112.06

Sun TV Network Limited Short 847.37 852.15 13.95

Suzlon Energy Limited Short 11.51 10.80 24.99

Syndicate Bank Short 55.15 55.85 67.65

Tata Chemicals Limited Short 668.04 681.00 71.80

Tata Communications Limited Short 623.88 623.75 11.70

Tata Elxsi Limited Short 979.86 990.15 38.36

Tata Global Beverages Limited Short 263.95 260.05 91.47

Tata Motors Limited Short 331.98 328.20 16.92

Tata Motors Limited DVR Shares Short 185.29 184.15 10.81

The Karnataka Bank Limited Short 116.81 115.60 31.62

The South Indian Bank Limited Short 23.47 23.00 43.55

Titan Company Limited Short 947.28 942.95 19.89

TV18 Broadcast Limited Short 67.83 67.55 114.90

Ujjivan Financial Services Limited Short 343.38 347.55 93.03

Union Bank of India Short 87.82 94.50 60.37

United Spirits Limited Short 3,140.17 3,145.00 29.50

UPL Limited Short 707.86 732.95 17.89

Voltas Limited Short 625.25 623.95 4.88

Wockhardt Limited Short 713.34 730.20 8.20

Yes Bank Limited Short 298.35 306.80 0.84

Total %age of existing assets hedged through futures : 67.61%

Details of hedging transactions through futures which have been squared off / expired during the year ended March 31, 2018 are as follows:

Total Number of contracts where futures were bought : 45,193 Total Number of contracts where futures were sold : 41,024 Gross Notional Value of contracts where futures were bought : ` 29,504,847,408 Gross Notional Value of contracts where futures were sold : ` 27,055,181,110 Net Profit/(Loss) value on all contracts combined : ` 232,281,570

B. Other than Hedging Positions through Futures as on March 31, 2018





NILTotal exposure due to futures (non hedging positions) as a %age of net assets : Nil

Details of non-hedging transactions through futures which have been squared off / expired during the year ended March 31, 2018 are as follows:

Total Number of contracts where futures were bought : Nil Total Number of contracts where futures were sold : Nil Gross Notional Value of contracts where futures were bought : Nil Gross Notional Value of contracts where futures were sold : Nil Net Profit/(Loss) value on all contracts combined : Nil

C. Hedging Positions through Put Options as on March 31, 2018

Underlying Number of Contracts

Option Price when purchased (`)

Current Option Price (`)

NILTotal % age of existing assets hedged through Put options : Nil

Details of hedging transactions through Put options which have been squared off / expired during the year ended March 31, 2018 are as follows:

Total Number of contracts entered into : Nil Gross Notional value of contracts : Nil Net Profit/(Loss) on all contracts (premium paid treated as loss) : Nil

D. Other than Hedging Positions through Options as on March 31, 2018

Underlying Call / put

Number of Contracts


Current Price (`)

NILTotal Exposure through options as a %age of net assets : Nil

Annexure 1 (C) - Derivatives Disclosure for the Year / Period Ended March 31, 2018


Details of non-hedging transactions through options which have been squared off / expired during the year ended March 31, 2018 are as follows:

Total Number of contracts entered into : Nil Gross Notional Value of contracts : Nil Net Profit/(Loss) on all contracts (premium paid treated as loss) : Nil

E. Hedging Positions through swaps as on March 31, 2018 : Nil

^Assoicate Company

Invesco India Dynamic Equity Fund (An open ended dynamic asset allocation fund)

A. Hedging Positions through Futures as on March 31, 2018





Nifty 50 Index Short 10,142.75 10,151.95 548.75

Total % of existing assets hedged through futures : 6.12% Details of hedging transactions through futures which have been squared off / expired

during the year ended March 31, 2018 are as follows: Total Number of contracts where futures were bought : 4,665 Total Number of contracts where futures were sold : 4,665 Gross Notional Value of contracts where futures were bought : ` 3,600,335,372 Gross Notional Value of contracts where futures were sold : ` 3,598,603,904 Net Profit/(Loss) value on all contracts combined : ` (4,505,347)

B. Other than Hedging Positions through Futures as on March 31, 2018





NILTotal exposure due to futures (non hedging positions) as a % of net assets : NIL

Details of non-hedging transactions through futures which have been squared off / expired during the year ended March 31, 2018 are as follows:

Total Number of contracts where futures were bought : Nil

Total Number of contracts where futures were sold : Nil Gross Notional Value of contracts where futures were bought : Nil Gross Notional Value of contracts where futures were sold : Nil Net Profit/(Loss) value on all contracts combined : Nil

C. Hedging Positions through Put Options as on March 31, 2018

Underlying Number of Contracts


Current Option Price (`)

Nifty 50 Index 349 161.78 188.70 Total % of existing assets hedged through put options : 0.05%

Details of hedging transactions through Put options which have been squared off / expired during the year ended March 31, 2018 are as follows: Total Number of contracts entered into : 1,252 Gross Notional value of contracts : ` 15,459,439 Net Profit/(Loss) on all contracts (premium paid treated as loss) : ` (154,680)

D. Other than Hedging Positions through Options as on March 31, 2018

Underlying Call / put

Number of Contracts


Current Price (`)

NILTotal Exposure through options as a % of net assets : NIL

Details of non-hedging transactions through options which have been squared off / expired during the year ended March 31, 2018 are as follows:

Total Number of contracts entered into : Nil Gross Notional Value of contracts : Nil Net Profit/(Loss) on all contracts (premium paid treated as loss) : Nil

E. Hedging Positions through swaps as on March 31, 2018 : NIL


Summary of Votes Cast during the F.Y. 2017 - 2018

Quarter Total no. of resolutionsBreak-up of Vote decision

For Against Abstained1 82 77 2 32 679 647 2 303 12 12 0 04 18 16 2 -

Scrutinizer's Certificate on Disclosure of Voting Reports - F.Y. 2017-18

Disclosure of Votes Cast & Scrutinizer's Certification on Voting Reports for the F.Y. 2017 - 2018

For complete disclosure of votes cast by Invesco Mutual Fund during F.Y. 2017-18, please refer to our website www.invescomutualfund.com.

In the matter of: INVESCO MUTUAL FUND 2101-A, A Wing,

21st Floor, Marathon Futurex,

N. M. Joshi Marg, Lower Parel,

Mumbai - 400 013.

In order to improve transparency as well as encourage Mutual Funds/AMCs to diligently exercise their voting rights in best interest of the unit-holders, SEBI Circular CIR/IMD/DF/05/2014 dated March 24, 2014 read with SEBI circular SEBI/HO/IMD/DF2/CIR/P/2016/68dated August 10, 2016 requires the AMCs to make disclosure of votes cast on their website on a quarterly basis and on annual basis in the prescribed format and also to obtain certification on an annual basis from a “scrutinizer”, in terms of Rule 20 (3) (ix) of Companies(Management and Administration) Rules, 2014, on the voting reports being disclosed by them. Such certification from Scrutinizer shall be submitted to the Trustees of Mutual Fund and also be disclosed in the relevant portion of the Mutual Funds' annual report and on website.

In this context, we have been requested by Invesco Mutual Fund ("the Mutual Fund"), to certify the voting reports disclosed by Invesco Asset Management (India) Private Limited. (“the AMC”) on their website.

The compliance with the requirements of the above mentioned Circular and preparation of voting reports is the responsibility of the management of the Mutual Fund. Our responsibility is to examine the records maintained by the AMC and to report whether the voting reports disclosed by the AMC are in accordance with them.

The following records were furnished to us by the AMC:

1) Quarterly voting reports disclosed on its website for all the 4 quarters of financial year 2017-18.

2) Annual voting report disclosed on its website for financial year 2017-18.

3) Summary of votes cast during financial year 2016-17disclosed on its website.

4) Approval mails from Head of Equity recording the voting decisions in respect of disclosed voting reports.

5) Confirmation received from the Custodian (who exercises the votes as per the instructions received from the AMC) for the votes cast by them on behalf of the Mutual Fund.

Based on our examination and according to the information and explanations given to us, we state that the contents of the Voting reports disclosed by the AMC as on the date of this certification are in agreement with the records of the AMC recording the voting decisions and the confirmation received from the Custodian for the votes cast by them on behalf of the Mutual Fund.

This Certificate is issued solely for the purpose of onward submission to the Trustees of the Mutual Fund and to disclose in the relevant portion of the Mutual Funds' annual report and website and should not be used for any other purpose without prior permission. Further this Certificate, in no manner, is intended to report on the quality of voting decisions taken by the AMC.

Place : Mumbai For S. Panse & Co.Dated : June 19, 2018 FRN: 113470W

Supriya Panse Partner

M.No: 046607

Abridged Annual Report 2017-2018For All Equity Schemes, ExchangeTraded Funds & Fund of Funds

Book Post

Mutual Fund investments are subject to market risks,read all scheme related documents carefully.

If undelivered, please return to :Invesco Asset Management (India) Private Limited2101 - A, 21st Floor, A Wing, Marathon Futurex,N. M. Joshi Marg, Lower Parel, Mumbai – 400 013.Telephone +91 22 6731 0000Fax +91 22 2301 9422

To invest:Call 1800 209 0007SMS ‘invest’ to 56677

www.invescomutualfund.com

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Abridged Annual Report 2017-2018 Book Post