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Invesco UK 2 Investment Series Annual Report 2019

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Invesco UK 2 Investment Series Annual Report 2019 01 Front Cover_Layout 1 02-Jul-19 11:48 AM Page 1 Invesco UK 2 Investment Series Annual Report Including Long Form Financial Statements Issued July 2019 For the year 1 April 2018 to 31 March 2019 02 Aggregate_Layout 1 02-Jul-19 11:48 AM Page 1 Contents Invesco UK 2 Investment Series (the “Company”) 02 Report of the Authorised Corporate Director (the “Manager”)* 06 Notes applicable to the financial statements of all Sub-Funds 13 Invesco Income Fund (UK) 14 Strategy, review and outlook* 15 Comparative tables 19 Portfolio statement* 23 Financial statements 32 Distribution tables 34 Invesco UK Enhanced Index Fund (UK) 35 Strategy, review and outlook* 36 Comparative tables 39 Portfolio statement* 43 Financial statements 51 Distribution tables 52 Invesco UK Strategic Income Fund (UK) 53 Strategy, review and outlook* 54 Comparative tables 58 Portfolio statement* 61 Financial statements 70 Distribution tables 72 Regulatory Statements 72 Statement of Manager's responsibilities 72 Statement of Depositary’s responsibilities 72 Depositary’s Report to Shareholders 73 Independent Auditors’ Report 75 General Information * These collectively comprise the Authorised Corporate Director’s Report. 01 Invesco UK 2 Investment Series 02 Aggregate_Layout 1 02-Jul-19 11:48 AM Page 2 Invesco UK 2 Investment Series (the “Company”) Report of the Authorised Corporate Director (the “Manager”) The Company Remuneration Policy (Unaudited) The Invesco UK 2 Investment Series is an investment On 18 March 2016, Invesco Fund Managers company with variable capital, incorporated in England Limited (the “Manager”) adopted a remuneration and Wales on 11 April 2003. policy consistent with the principles outlined in the European Securities and Markets Authority (ESMA) The Company is a “UCITS Scheme” and an “Umbrella Guidelines, on sound remuneration policies under Company” (under the OEIC Regulations) and therefore the UCITS Directive (the "Remuneration Policy"). new Sub-Funds may be formed by the Manager, subject to regulatory approval. Any changes to Sub-Funds or The policy was revised in 2018, to include share classes will be included in an updated Prospectus. specificities for some Invesco EU regulated Management Companies. The Manager was The Company is a Financial Conduct Authority (FCA) not impacted by the changes. authorised scheme complying with the FCA’s Collective Investment Schemes sourcebook. The purpose of the Remuneration Policy is to ensure the remuneration of the staff of the Manager is Terms used in this report shall have the same consistent with and promotes sound and effective meaning as defined in the Prospectus. risk management, does not encourage risk-taking which is inconsistent with the risk profiles, rules or At 31 March 2019, the Company consisted of instruments of incorporation of the Manager and three Sub-Funds: of the UCITS it manages and does not impair the Invesco Income Fund (UK) Manager’s compliance with its duty to act in the best Invesco UK Enhanced Index Fund (UK) interests of the UCITS it manages. The Manager’s Invesco UK Strategic Income Fund (UK) summary Remuneration Policy is available from the corporate policies section of our website Accounting Periods (www.invesco.co.uk). Paper copies of the full Annual accounting date 31 March Remuneration Policy can be obtained for free from Interim accounting date 30 September the registered office of the Manager, Invesco Fund Distribution payable on 31 May Managers Limited, Perpetual Park, Perpetual Park Interim distribution payable on 30 November Drive, Henley-on-Thames, Oxfordshire, RG9 1HH, UK upon request. Should expenses and taxation exceed revenue in a distribution period for a share class, no distribution The Remuneration Policy is reviewed annually will be payable for that class. by the Compliance, Human Resources and Risk Management functions, who recommend any Securities Financing Transactions Regulation adjustments to ensure continued alignment of the This Regulation requires the Manager to provide policy with sound risk management. The board of investors with information on the use of securities directors of the Manager are responsible for the financing transactions (SFTs) and total return swaps oversight of remuneration and for ensuring (TRS) by the Company in all interim and annual adherence to this policy through the Human reports for the Company. Resources function. During the year from 1 April 2018 to 31 March 2019, The Internal Audit function conducts regular testing none of the Sub-Funds entered into any SFTs and/or of administration of the Remuneration Policy to TRS. Should this change in the future, the interim assess its ongoing compliance with the Invesco and annual reports for the Company will disclose Group’s remuneration policies and procedures. all required information on the use of SFTs and TRS by the Company. The Manager does not employ any direct staff. The aggregate total remuneration of Invesco staff Please refer to the Prospectus for further details on involved in UCITS related activities of the Manager SFTs and TRS. in respect of performance year (1 January 2018 to 31 December 2018) is £76.21m of which £44.70m Fund Name Changes is fixed remuneration and £31.51m is variable Effective 1 October 2018, the Manager has renamed remuneration. The number of beneficiaries is 379. the range of UK domiciled ICVC funds it operates. The move to a unified global brand — Invesco — causes The Manager has identified individuals considered “Invesco Perpetual” products to now be referred to to have a material impact on the risk profile of the as “Invesco” products. To implement this, each of the Manager or the UCITS it manages (“Identified Staff”), ICVC Series managed by the Manager, including the who include board members of the Manager, senior Company, have been renamed to remove the word management, heads of control functions, other risk “Perpetual”. Each of the Sub-Funds within each takers and any employees receiving total remuneration Company has been renamed to remove the word that takes them into the same remuneration bracket “Perpetual” and to add the suffix “(UK)”. The suffix as senior management and risk takers. Identified “(UK)” only relates to the domicile of the Sub-Fund Staff of the Manager are employed by Invesco. and is unrelated to their investment strategy. The aggregate total remuneration paid to the Identified Staff of the Manager for UCITS related activities for the performance year (1 January 2018 to 31 December 2018) is £18.62m of which £4.16m is paid to Senior Management and £14.46m is paid to other Identified Staff. 02 Invesco UK 2 Investment Series 02 Aggregate_Layout 1 02-Jul-19 11:48 AM Page 3 Invesco UK 2 Investment Series (the “Company”) Report of the Authorised Corporate Director (the “Manager”) Share Classes Available The Company’s Manager, Invesco Fund Managers Limited “IFML”, is part of a global group and has been Invesco Income Fund (UK) committed for many years to meeting clients’ needs Accumulation shares across Europe in both EU and non-EU countries. Accumulation shares (No Trail) The change in the UK’s status from an EU to a Z Accumulation shares non-EU country will not change the group’s focus Y Accumulation shares or commitment to serve its clients across Europe. Income shares IFML is monitoring developments closely, through a Income shares (No Trail) Brexit Steering Committee, and will take advantage Z Income shares of the Memoranda of Understanding to ensure that Y Income shares the impact on clients and the Company is minimal. Invesco UK Enhanced Index Fund (UK) Risk Profile Accumulation shares (No Trail) Shareholders should be aware of the risks inherent in Z Accumulation shares investing in securities and other financial instruments. Y Accumulation shares Financial markets can be vulnerable to unpredictable Income shares (No Trail) price movements and are affected by a number of Z Income shares factors, both political and economic. Y Income shares The value of investments and any income will Invesco UK Strategic Income Fund (UK) fluctuate (this may partly be the result of exchange Accumulation shares rate fluctuations) and investors may not get back Accumulation shares (No Trail) the full amount invested. Over time, inflation may Z Accumulation shares erode the value of investments. Y Accumulation shares Income shares As one of the key objectives of the Invesco Income Fund Income shares (No Trail) (UK) and Invesco UK Strategic Income Fund (UK) is to Z Income shares provide income, the ongoing charge is taken from Y Income shares capital rather than income. This can erode capital and reduce the potential for capital growth. The prices of shares will appear on our website (www.invesco.co.uk). This is the primary method The Invesco Income Fund (UK) and the Invesco UK of price publication. The prices of shares may also Strategic Income Fund (UK) may invest in private and be obtained by calling 0800 085 8677 during the unlisted equities which may involve additional risks Manager’s normal business hours. such as lack of liquidity and concentrated ownership. These investments may result in greater fluctuations Brexit of the value of the Sub-Funds. The Manager, On 31 October 2019 the UK is due to leave the however, will ensure that any investments in private EU, an event commonly referred to as Brexit. The and unlisted equities do not materially alter the current exit date may be shortened or extended upon overall risk profile of the Sub-Funds. agreement between the UK and EU27. At the date of this report, discussions remain ongoing between The Sub-Funds may use derivatives (complex the UK and EU27 as to the precise nature of the instruments) in an attempt to reduce the overall risk future relationship. It is unclear at this stage whether of their investments, reduce the costs of investing a withdrawal agreement will be reached or if the and/or generate additional capital or income, although UK will leave the EU under a no-deal scenario.
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