Schedule of Investments
July 31, 2021
(Unaudited)
Shares | Value | ||
Common Stocks & Other Equity Interests–95.24% | |||
Australia–2.23% | |||
BHP Group Ltd., ADR | 338,882 | $26,622,570 | |
Northern Star Resources Ltd. | 1,056,628 | 7,956,171 | |
34,578,741 | |||
China–5.74% | |||
Alibaba Group Holding Ltd., ADR(a) | 69,004 | 13,468,891 | |
Baidu, Inc., ADR(a) | 110,862 | 18,182,476 | |
Geely Automobile Holdings Ltd. | 1,837,000 | 6,145,607 | |
JD.com, Inc., ADR(a) | 161,516 | 11,448,254 | |
NXP Semiconductors N.V. | 50,667 | 10,457,162 | |
Tencent Holdings Ltd. | 205,100 | 12,656,996 | |
Trip.com Group Ltd., ADR(a) | 302,005 | 7,830,990 | |
Yum China Holdings, Inc. | 140,893 | 8,762,136 | |
88,952,512 | |||
Denmark–3.46% | |||
Carlsberg A/S, Class B | 148,239 | 27,433,132 | |
Novo Nordisk A/S, Class B | 282,322 | 26,150,940 | |
53,584,072 | |||
France–11.64% | |||
Air Liquide S.A. | 235,446 | 40,929,466 | |
Airbus SE(a) | 186,040 | 25,522,045 | |
Edenred | 326,541 | 18,968,427 | |
Kering S.A. | 27,905 | 25,056,109 | |
L’Oreal S.A. | 20,241 | 9,271,708 | |
Societe Generale S.A. | 959,658 | 28,115,234 | |
Valeo | 478,996 | 13,846,779 | |
Worldline S.A.(a)(b) | 197,758 | 18,506,524 | |
180,216,292 | |||
Germany–13.11% | |||
adidas AG | 101,069 | 36,715,079 | |
Continental AG(a) | 180,502 | 24,532,014 | |
Fresenius Medical Care AG & Co. KGaA | 198,876 | 15,701,466 | |
Infineon Technologies AG | 542,334 | 20,678,719 | |
SAP SE | 257,512 | 36,933,902 | |
Siemens AG | 169,122 | 26,404,691 | |
Siemens Healthineers AG(b) | 251,868 | 16,641,964 | |
Volkswagen AG, Preference Shares | 104,118 | 25,407,305 | |
203,015,140 | |||
Ireland–0.39% | |||
Flutter Entertainment PLC(a) | 34,935 | 5,970,858 | |
Japan–16.30% | |||
Asahi Group Holdings Ltd. | 461,200 | 20,769,830 | |
Hitachi Ltd. | 522,900 | 30,030,486 | |
Komatsu Ltd. | 465,700 | 12,142,021 | |
Marubeni Corp. | 3,126,500 | 26,787,586 | |
Mitsubishi Electric Corp. | 1,823,100 | 24,678,828 | |
ORIX Corp. | 1,326,700 | 23,192,553 | |
Recruit Holdings Co. Ltd. | 518,600 | 26,818,822 | |
Sekisui House Ltd. | 1,104,800 | 21,888,237 | |
Shiseido Co. Ltd. | 125,200 | 8,349,276 |
Shares | Value | ||
Japan–(continued) | |||
Sony Group Corp. | 378,800 | $39,539,615 | |
TDK Corp. | 160,200 | 18,300,200 | |
252,497,454 | |||
Macau–0.69% | |||
Wynn Macau Ltd.(a) | 8,335,200 | 10,728,257 | |
Mexico–0.85% | |||
Fomento Economico Mexicano, S.A.B. de C.V., ADR | 151,079 | 13,199,772 | |
Netherlands–4.03% | |||
Akzo Nobel N.V. | 229,564 | 28,388,161 | |
ING Groep N.V. | 2,652,559 | 33,967,414 | |
62,355,575 | |||
New Zealand–1.03% | |||
Spark New Zealand Ltd. | 4,843,510 | 15,990,243 | |
Singapore–1.14% | |||
Oversea-Chinese Banking Corp. Ltd. | 1,951,200 | 17,654,414 | |
South Africa–2.97% | |||
Anglo American PLC | 1,036,951 | 45,938,026 | |
South Korea–4.60% | |||
Kangwon Land, Inc.(a) | 331,116 | 7,464,642 | |
Korea Zinc Co. Ltd. | 26,289 | 12,511,929 | |
Samsung Electro-Mechanics Co. Ltd. | 156,704 | 26,243,701 | |
Samsung Electronics Co. Ltd. | 214,396 | 14,661,276 | |
SK Hynix, Inc. | 105,079 | 10,337,211 | |
71,218,759 | |||
Spain–2.06% | |||
Amadeus IT Group S.A.(a) | 205,468 | 13,451,351 | |
Industria de Diseno Textil S.A. | 259,237 | 8,795,392 | |
Repsol S.A. | 883,201 | 9,661,361 | |
31,908,104 | |||
Sweden–0.99% | |||
SKF AB, Class B | 349,651 | 9,307,633 | |
Swedish Match AB | 679,346 | 6,082,195 | |
15,389,828 | |||
Switzerland–6.78% | |||
Adecco Group AG | 123,762 | 7,413,921 | |
Cie Financiere Richemont S.A. | 297,486 | 38,101,537 | |
Cie Financiere Richemont S.A., Wts., expiring 11/22/2023(a) | 138,702 | 101,058 | |
SGS S.A. | 7,599 | 24,616,990 | |
STMicroelectronics N.V., New York Shares | 377,209 | 15,567,415 | |
UBS Group AG | 1,167,139 | 19,244,631 | |
105,045,552 | |||
Taiwan–0.39% | |||
Hon Hai Precision Industry Co. Ltd. | 1,534,000 | 6,057,630 | |
Tanzania–0.67% | |||
AngloGold Ashanti Ltd., ADR | 520,801 | 10,442,060 |
See accompanying notes which are an integral part of this schedule.
Invesco International Equity Fund
Shares | Value | ||
Thailand–0.48% | |||
CP ALL PCL, Foreign Shares | 4,121,800 | $7,401,458 | |
United Kingdom–10.03% | |||
Burberry Group PLC | 287,182 | 8,231,611 | |
Diageo PLC | 762,858 | 37,845,976 | |
Entain PLC(a) | 1,019,708 | 25,722,468 | |
London Stock Exchange Group PLC | 60,147 | 6,260,321 | |
Prudential PLC | 657,283 | 12,354,629 | |
Rentokil Initial PLC | 2,636,821 | 20,770,020 | |
Royal Dutch Shell PLC, Class B, ADR | 614,625 | 24,308,419 | |
Unilever PLC | 344,760 | 19,852,839 | |
155,346,283 | |||
United States–5.66% | |||
James Hardie Industries PLC, CDI | 375,534 | 12,656,233 | |
Las Vegas Sands Corp.(a) | 197,469 | 8,362,812 | |
Medtronic PLC | 248,146 | 32,584,051 | |
QUALCOMM, Inc. | 226,858 | 33,983,329 | |
87,586,425 | |||
Total Common Stocks & Other Equity Interests (Cost $1,161,080,210) | 1,475,077,455 |
Shares | Value | ||
Money Market Funds–7.33% | |||
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)(d) | 39,471,901 | $39,471,901 | |
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(c)(d) | 28,950,102 | 28,961,682 | |
Invesco Treasury Portfolio, Institutional Class, 0.01%(c)(d) | 45,110,743 | 45,110,743 | |
Total Money Market Funds (Cost $113,544,326) | 113,544,326 | ||
TOTAL INVESTMENTS IN SECURITIES—102.57% (Cost $1,274,624,536) | 1,588,621,781 | ||
OTHER ASSETS LESS LIABILITIES–(2.57)% | (39,772,087) | ||
NET ASSETS–100.00% | $1,548,849,694 |
Investment Abbreviations:
ADR | – American Depositary Receipt |
CDI | – CREST Depository Interest |
Wts. | – Warrants |
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at July 31, 2021 was $35,148,488, which represented 2.27% of the Fund’s Net Assets. |
(c) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the nine months ended July 31, 2021. |
Value October 31, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Loss) | Value July 31, 2021 | Dividend Income | |
Investments in Affiliated Money Market Funds: | |||||||
Invesco Government & Agency Portfolio, Institutional Class | $25,030,837 | $241,276,300 | $(226,835,236) | $- | $- | $39,471,901 | $3,365 |
Invesco Liquid Assets Portfolio, Institutional Class | 17,877,708 | 172,340,214 | (161,256,412) | 1,074 | (902) | 28,961,682 | 1,906 |
Invesco Treasury Portfolio, Institutional Class | 28,606,671 | 275,744,342 | (259,240,270) | - | - | 45,110,743 | 1,496 |
Total | $71,515,216 | $689,360,856 | $(647,331,918) | $1,074 | $(902) | $113,544,326 | $6,767 |
(d) | The rate shown is the 7-day SEC standardized yield as of July 31, 2021. |
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Invesco International Equity Fund
Notes to Quarterly Schedule of Portfolio Holdings
July 31, 2021
(Unaudited)
NOTE 1—Additional Valuation Information
Generally Accepted Accounting Principles ("GAAP") defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — Prices are determined using quoted prices in an active market for identical assets.
Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of July 31, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
Level 1 | Level 2 | Level 3 | Total | |
Investments in Securities | ||||
Australia | $26,622,570 | $7,956,171 | $— | $34,578,741 |
China | 70,149,909 | 18,802,603 | — | 88,952,512 |
Denmark | — | 53,584,072 | — | 53,584,072 |
France | — | 180,216,292 | — | 180,216,292 |
Germany | — | 203,015,140 | — | 203,015,140 |
Ireland | — | 5,970,858 | — | 5,970,858 |
Japan | — | 252,497,454 | — | 252,497,454 |
Macau | — | 10,728,257 | — | 10,728,257 |
Mexico | 13,199,772 | — | — | 13,199,772 |
Netherlands | — | 62,355,575 | — | 62,355,575 |
New Zealand | — | 15,990,243 | — | 15,990,243 |
Singapore | — | 17,654,414 | — | 17,654,414 |
South Africa | — | 45,938,026 | — | 45,938,026 |
South Korea | — | 71,218,759 | — | 71,218,759 |
Spain | — | 31,908,104 | — | 31,908,104 |
Sweden | — | 15,389,828 | — | 15,389,828 |
Switzerland | 15,668,473 | 89,377,079 | — | 105,045,552 |
Taiwan | — | 6,057,630 | — | 6,057,630 |
Tanzania | 10,442,060 | — | — | 10,442,060 |
Thailand | — | 7,401,458 | — | 7,401,458 |
United Kingdom | 24,308,419 | 131,037,864 | — | 155,346,283 |
United States | 74,930,192 | 12,656,233 | — | 87,586,425 |
Money Market Funds | 113,544,326 | — | — | 113,544,326 |
Total Investments | $348,865,721 | $1,239,756,060 | $— | $1,588,621,781 |
Invesco International Equity Fund