Schedule of Investments
July 31, 2022
(Unaudited)
See accompanying notes which are an
integral part of this schedule.
Invesco Advantage International Fund
See accompanying notes which are an
integral part of this schedule.
Invesco Advantage International Fund
See accompanying notes which are an
integral part of this schedule.
Invesco Advantage International Fund
See accompanying notes which are an
integral part of this schedule.
Invesco Advantage International Fund
See accompanying notes which are an
integral part of this schedule.
Invesco Advantage International Fund
Investment
Abbreviations:
ADR | – American Depositary Receipt |
BR | – Bearer Shares |
CPO | – Certificates of Ordinary Participation |
GDR | – Global Depositary Receipt |
PC | – Participation Certificate |
Pfd. | – Preferred |
Rts. | – Rights |
Notes to Schedule of
Investments:
(a) | Non-income producing security. |
(b) | Security valued using significant unobservable inputs (Level 3). See Note 1. |
(c) | 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, 2022 was $186,017, which represented less than 1% of the Fund’s Net Assets. |
(d) | All or a portion of this security was out on loan at July 31, 2022. |
(e) | Zero coupon bond issued at a discount. |
(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, 2022. |
Value October 31, 2021 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Loss) | Value July 31, 2022 | Dividend Income | |
Investments in Affiliated Money Market Funds: | |||||||
Invesco Government & Agency Portfolio, Institutional Class | $705,491 | $3,204,423 | $(2,860,694) | $- | $- | $1,049,220 | $2,973 |
Invesco Liquid Assets Portfolio, Institutional Class | 880,433 | 2,288,873 | (2,043,353) | 240 | (658) | 1,125,535 | 4,451 |
Invesco Treasury Portfolio, Institutional Class | 806,276 | 3,662,198 | (3,269,366) | - | - | 1,199,108 | 4,591 |
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||
Invesco Private Government Fund | - | 119,932 | (106,215) | - | - | 13,717 | 28* |
Invesco Private Prime Fund | - | 269,115 | (233,727) | - | (9) | 35,379 | 73* |
Total | $2,392,200 | $9,544,541 | $(8,513,355) | $240 | $(667) | $3,422,959 | $12,116 |
* | 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, 2022. |
(h) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. |
See accompanying notes which are an integral part
of this schedule.
Invesco Advantage International Fund
Open Exchange-Traded Index Options Written | ||||||||||
Description | Type of Contract | Expiration Date | Number of Contracts | Exercise Price | Notional Value* | Value | ||||
Equity Risk | ||||||||||
MSCI EAFE Index | Call | 08/19/2022 | 34 | USD | 1,930.00 | USD | 6,562,000 | $(151,810) | ||
MSCI Emerging Markets Index | Call | 08/19/2022 | 30 | USD | 1,040.00 | USD | 3,120,000 | (12,150) | ||
Subtotal – Exchange-Traded Index Call Options Written | (163,960) | |||||||||
Equity Risk | ||||||||||
MSCI EAFE Index | Put | 08/19/2022 | 34 | USD | 1,730.00 | USD | 5,882,000 | (4,590) | ||
MSCI Emerging Markets Index | Put | 08/19/2022 | 30 | USD | 920.00 | USD | 2,760,000 | (6,075) | ||
Subtotal – Exchange-Traded Index Put Options Written | (10,665) | |||||||||
Total Index Options Written | $(174,625) |
* | Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier. |
Open Futures Contracts(a) | |||||
Long Futures Contracts | Number of Contracts | Expiration Month | Notional Value | Value | Unrealized Appreciation (Depreciation) |
Currency Risk | |||||
Canadian Dollar | 21 | September-2022 | $1,638,840 | $(36,676) | $(36,676) |
Equity Risk | |||||
S&P/TSX 60 Index | 9 | September-2022 | 1,668,502 | (41,512) | (41,512) |
Subtotal—Long Futures Contracts | (78,188) | (78,188) | |||
Short Futures Contracts | |||||
Equity Risk | |||||
MSCI EAFE Index | 68 | September-2022 | (6,637,140) | (113,433) | (113,433) |
MSCI Emerging Market Index | 60 | September-2022 | (2,995,500) | (8,243) | (8,243) |
Subtotal—Short Futures Contracts | (121,676) | (121,676) | |||
Total Futures Contracts | $(199,864) | $(199,864) |
(a) | Futures contracts collateralized by $2,192,245 cash held with Merrill Lynch International, the futures commission merchant. |
Open Over-The-Counter Total Return Swap Agreements(a) | |||||||||||
Counterparty | Pay/ Receive | Reference Entity | Floating Rate Index | Payment Frequency | Number of Contracts | Maturity Date | Notional Value | Upfront Payments Paid (Received) | Value | Unrealized Appreciation | |
Equity Risk | |||||||||||
Bank of America, N.A. | Receive | MSCI Emerging Markets Minimum Volatility Daily Net Total Return Index | SOFR + 0.860% | Monthly | 505 | November—2022 | USD | 912,560 | $— | $23,750 | $23,750 |
BNP Paribas S.A. | Receive | MSCI EAFE Minimum Volatility Daily Net Total Return Index | SOFR + 0.230% | Monthly | 843 | September—2022 | USD | 1,576,933 | — | 50,428 | 50,428 |
Goldman Sachs International | Receive | MSCI Emerging Markets Minimum Volatility Daily Net Total Return Index | SOFR + 0.700% | Monthly | 345 | December—2022 | USD | 623,432 | — | 16,225 | 16,225 |
Goldman Sachs International | Receive | MSCI Emerging Markets Minimum Volatility Daily Net Total Return Index | SOFR + 0.700% | Monthly | 378 | December—2022 | USD | 692,897 | — | 7,946 | 7,946 |
Total — Total Return Swap Agreements | $— | $98,349 | $98,349 |
(a) | The Fund receives or pays payments based on any positive or negative return on the Reference Entity, respectively. |
Abbreviations: | |
SOFR | —Secured Overnight Financing Rate |
USD | —U.S. Dollar |
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 Advantage International Fund
Notes to Quarterly Schedule of Portfolio Holdings
July 31, 2022
(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, 2022. 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 | $37 | $596,246 | $— | $596,283 |
Austria | — | 27,921 | — | 27,921 |
Belgium | — | 136,556 | — | 136,556 |
Brazil | 385,421 | — | — | 385,421 |
Chile | 61,311 | — | — | 61,311 |
China | 69,863 | 1,450,479 | 1,147 | 1,521,489 |
Colombia | 8,165 | — | — | 8,165 |
Czech Republic | 4,084 | — | — | 4,084 |
Denmark | — | 350,792 | — | 350,792 |
Finland | — | 80,298 | — | 80,298 |
France | — | 1,205,429 | — | 1,205,429 |
Germany | — | 1,060,823 | — | 1,060,823 |
Greece | — | 5,663 | — | 5,663 |
Hong Kong | — | 368,596 | — | 368,596 |
Hungary | — | 34,761 | — | 34,761 |
Indonesia | — | 118,351 | — | 118,351 |
Ireland | — | 33,254 | — | 33,254 |
Israel | 3,738 | — | — | 3,738 |
Italy | — | 230,622 | — | 230,622 |
Japan | — | 2,804,990 | — | 2,804,990 |
Luxembourg | — | 100,370 | — | 100,370 |
Malaysia | — | 52,340 | — | 52,340 |
Mexico | 74,856 | — | — | 74,856 |
Multinational | — | — | 168,925 | 168,925 |
Netherlands | — | 735,709 | — | 735,709 |
Peru | 9,705 | — | — | 9,705 |
Philippines | — | 16,048 | — | 16,048 |
Poland | — | 18,186 | — | 18,186 |
Russia | — | — | 0 | 0 |
Singapore | — | 91,507 | — | 91,507 |
South Africa | — | 363,659 | — | 363,659 |
South Korea | — | 452,542 | — | 452,542 |
Spain | — | 460,417 | — | 460,417 |
Sweden | — | 268,861 | — | 268,861 |
Switzerland | — | 652,712 | — | 652,712 |
Taiwan | 147,393 | 452,640 | — | 600,033 |
Turkey | — | 22,559 | — | 22,559 |
United Kingdom | 19,640 | 1,272,230 | — | 1,291,870 |
United States | 16,774 | 674,279 | — | 691,053 |
Invesco Advantage International Fund
Level 1 | Level 2 | Level 3 | Total | |
Vietnam | $— | $6 | $— | $6 |
Money Market Funds | 3,373,863 | 49,096 | — | 3,422,959 |
Total Investments in Securities | 4,174,850 | 14,187,942 | 170,072 | 18,532,864 |
Other Investments - Assets* | ||||
Swap Agreements | — | 98,349 | — | 98,349 |
Other Investments - Liabilities* | ||||
Futures Contracts | (199,864) | — | — | (199,864) |
Options Written | (174,625) | — | — | (174,625) |
(374,489) | — | — | (374,489) | |
Total Other Investments | (374,489) | 98,349 | — | (276,140) |
Total Investments | $3,800,361 | $14,286,291 | $170,072 | $18,256,724 |
* | Futures contracts and swap agreements are valued at unrealized appreciation (depreciation). Options written are shown at value. |
A
reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period in relation to net assets.
The following is a
reconciliation of the fair valuations using significant unobservable inputs (Level 3) during the nine months ended July 31, 2022:
Value 10/31/21 | Purchases at Cost | Proceeds from Sales | Accrued Discounts/ Premiums | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Transfers into Level 3 | Transfers out of Level 3 | Value 07/31/22 | |
Event-Linked Bonds | $101,488 | $— | $(1,250) | $— | $(5,351) | $(4,521) | $— | $— | $90,366 |
Preferred Stocks | 106,327 | — | (22,495) | — | 14,821 | (20,094) | — | — | 78,559 |
Common Stocks & Other Equity Interests | 1,157 | 45,146 | (2,159) | — | (349) | (56,424) | 13,776 | — | 1,147 |
Total | $208,972 | $45,146 | $(25,904) | $— | $9,121 | $(81,039) | $13,776 | $— | $170,072 |
Securities
determined to be Level 3 at the end of the reporting period were valued primarily by utilizing quotes from a third-party vendor pricing service. A significant change in third-party pricing information could result in
a significantly lower or higher value in Level 3 investments.
Invesco Advantage International Fund