Schedule of Investments(a)
July 31, 2023
(Unaudited)
Shares | Value | ||
Common Stocks & Other Equity Interests–96.74%(b) | |||
Apparel Retail–1.40% | |||
Pou Sheng International (Holdings) Ltd. (Hong Kong)(c) | 11,922,000 | $1,103,155 | |
Apparel, Accessories & Luxury Goods–2.85% | |||
Shenzhou International Group Holdings Ltd. | 212,800 | 2,244,575 | |
Automobile Manufacturers–0.36% | |||
Jiangling Motors Corp. Ltd., B Shares | 311,100 | 286,402 | |
Biotechnology–2.55% | |||
Innovent Biologics, Inc.(c)(d) | 447,500 | 2,007,111 | |
Broadline Retail–14.91% | |||
Alibaba Group Holding Ltd.(c) | 493,300 | 6,283,333 | |
Alibaba Group Holding Ltd., ADR(c) | 8,977 | 917,090 | |
JD.com, Inc., A Shares | 129,650 | 2,667,023 | |
PDD Holdings, Inc., ADR(c) | 20,840 | 1,871,849 | |
11,739,295 | |||
Construction Materials–1.28% | |||
Asia Cement China Holdings Corp. | 2,090,500 | 1,010,927 | |
Consumer Staples Merchandise Retail–1.99% | |||
Sun Art Retail Group Ltd. | 5,139,500 | 1,568,447 | |
Diversified Banks–10.80% | |||
Bank of China Ltd., H Shares | 9,618,000 | 3,569,302 | |
China Construction Bank Corp., H Shares | 2,161,000 | 1,257,086 | |
China Merchants Bank Co. Ltd., A Shares | 564,132 | 2,809,757 | |
China Merchants Bank Co. Ltd., H Shares | 175,000 | 865,087 | |
8,501,232 | |||
Electronic Components–0.83% | |||
Sunny Optical Technology Group Co. Ltd. | 66,700 | 654,399 | |
Electronic Manufacturing Services–0.58% | |||
FIH Mobile Ltd.(c) | 4,268,000 | 459,424 | |
Footwear–1.84% | |||
Stella International Holdings Ltd. | 1,472,000 | 1,444,846 | |
Gas Utilities–2.29% | |||
Towngas Smart Energy Co. Ltd.(c) | 3,715,564 | 1,803,631 | |
Gold–2.50% | |||
Zijin Mining Group Co. Ltd., H Shares | 1,146,000 | 1,972,111 | |
Health Care Equipment–1.97% | |||
MicroPort CardioFlow Medtech Corp.(c)(d) | 4,645 | 1,344 | |
MicroPort NeuroTech Ltd.(c) | 286 | 489 | |
MicroPort Scientific Corp.(c) | 772,400 | 1,546,887 | |
Shanghai MicroPort MedBot Group Co. Ltd.(c) | 352 | 986 | |
1,549,706 |
Shares | Value | ||
Health Care Supplies–0.82% | |||
Shandong Weigao Group Medical Polymer Co. Ltd., H Shares | 501,200 | $645,867 | |
Home Furnishings–3.83% | |||
Suofeiya Home Collection Co Ltd., A Shares | 1,124,500 | 3,015,291 | |
Hotels, Resorts & Cruise Lines–0.96% | |||
Shanghai Jinjiang International Hotels Co. Ltd., B Shares | 381,578 | 752,967 | |
Household Products–2.75% | |||
Vinda International Holdings Ltd. (Hong Kong) | 1,074,000 | 2,167,054 | |
Interactive Home Entertainment–2.72% | |||
NetEase, Inc. | 98,500 | 2,141,746 | |
Interactive Media & Services–14.45% | |||
Baidu, Inc., A Shares(c) | 92,450 | 1,806,254 | |
Baidu, Inc., ADR(c) | 6,299 | 982,581 | |
Tencent Holdings Ltd. | 165,300 | 7,586,917 | |
Weibo Corp., ADR | 63,358 | 997,889 | |
11,373,641 | |||
Life & Health Insurance–4.28% | |||
AIA Group Ltd. (Hong Kong) | 337,000 | 3,367,629 | |
Packaged Foods & Meats–7.15% | |||
Tingyi Cayman Islands Holding Corp. | 1,870,000 | 2,886,952 | |
Uni-President China Holdings Ltd. | 3,176,000 | 2,741,074 | |
5,628,026 | |||
Pharmaceuticals–2.76% | |||
China Animal Healthcare Ltd.(e) | 349,000 | 0 | |
Jiangsu Hengrui Pharmaceuticals Co. Ltd., A Shares | 312,360 | 1,952,753 | |
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co. Ltd., H Shares | 615,000 | 218,651 | |
2,171,404 | |||
Restaurants–7.13% | |||
Ajisen (China) Holdings Ltd. (Hong Kong) | 3,929,000 | 504,236 | |
Gourmet Master Co. Ltd. (Taiwan) | 339,000 | 1,333,287 | |
Meituan, B Shares(c)(d) | 198,520 | 3,776,855 | |
5,614,378 | |||
Steel–1.90% | |||
Baoshan Iron & Steel Co. Ltd., A Shares | 1,661,381 | 1,498,035 | |
Technology Hardware, Storage & Peripherals–1.84% | |||
Asustek Computer, Inc. (Taiwan) | 125,000 | 1,447,852 | |
Total Common Stocks & Other Equity Interests (Cost $84,359,975) | 76,169,151 | ||
Money Market Funds–2.63% | |||
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(f)(g) | 723,201 | 723,201 | |
Invesco Liquid Assets Portfolio, Institutional Class, 5.28%(f)(g) | 516,306 | 516,357 |
See accompanying notes which are an integral part of this schedule.
Invesco Greater China Fund
Shares | Value | ||
Invesco Treasury Portfolio, Institutional Class, 5.18%(f)(g) | 826,515 | $826,515 | |
Total Money Market Funds (Cost $2,066,073) | 2,066,073 | ||
TOTAL INVESTMENTS IN SECURITIES–99.37% (Cost $86,426,048) | 78,235,224 | ||
OTHER ASSETS LESS LIABILITIES–0.63% | 497,761 | ||
NET ASSETS–100.00% | $78,732,985 |
Investment Abbreviations:
ADR | – American Depositary Receipt |
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Country of issuer and/or credit risk exposure listed in Common Stocks & Other Equity Interests has been determined to be China unless otherwise noted. |
(c) | Non-income producing security. |
(d) | 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, 2023 was $5,785,310, which represented 7.35% of the Fund’s Net Assets. |
(e) | Security valued using significant unobservable inputs (Level 3). See Note 1. |
(f) | 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, 2023. |
Value October 31, 2022 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value July 31, 2023 | Dividend Income | |
Investments in Affiliated Money Market Funds: | |||||||
Invesco Government & Agency Portfolio, Institutional Class | $- | $16,567,921 | $(15,844,720) | $- | $- | $723,201 | $38,529 |
Invesco Liquid Assets Portfolio, Institutional Class | 31,663 | 11,834,230 | (11,349,256) | (19) | (261) | 516,357 | 28,199 |
Invesco Treasury Portfolio, Institutional Class | - | 18,934,767 | (18,108,252) | - | - | 826,515 | 43,927 |
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||
Invesco Private Government Fund | 760,848 | 8,511,577 | (9,272,425) | - | - | - | 10,459* |
Invesco Private Prime Fund | 1,956,079 | 17,722,163 | (19,678,396) | (12) | 166 | - | 28,878* |
Total | $2,748,590 | $73,570,658 | $(74,253,049) | $(31) | $(95) | $2,066,073 | $149,992 |
* | Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(g) | The rate shown is the 7-day SEC standardized yield as of July 31, 2023. |
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 Greater China Fund
Notes to Quarterly Schedule of Portfolio Holdings
July 31, 2023
(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. 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 Invesco Advisers, Inc.’s 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, 2023. 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 | ||||
Common Stocks & Other Equity Interests | $4,769,409 | $71,399,742 | $0 | $76,169,151 |
Money Market Funds | 2,066,073 | — | — | 2,066,073 |
Total Investments | $6,835,482 | $71,399,742 | $0 | $78,235,224 |
Invesco Greater China Fund