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Coastal Contacts - Ordinary Shares (MM) | NASDAQ:COA | NASDAQ | Common Stock |
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number | 811-05426 | |
AIM Investment Funds (Invesco Investment Funds) | ||
(Exact name of registrant as specified in charter) | ||
11 Greenway Plaza, Suite 1000 Houston, Texas 77046 | ||
(Address of principal executive offices) (Zip code) | ||
Philip A. Taylor 11 Greenway Plaza, Suite 1000 Houston, Texas 77046 | ||
(Name and address of agent for service) |
Registrants telephone number, including area code: (713) 626-1919
Date of fiscal year end: 10/31
Date of reporting period: 01/31/13
Item 1. Schedule of Investments.
Invesco Balanced-Risk Allocation Fund
Quarterly Schedule of Portfolio Holdings
January 31, 2013
invesco.com/us | IBRA-QTR-1 01/13 | Invesco Advisers, Inc. |
Consolidated Schedule of Investments
January 31, 2013
(Unaudited)
Interest
Rate |
Maturity
Date |
Principal Amount |
Value | |||||||||||
U.S. Treasury Securities30.19% |
||||||||||||||
U.S. Treasury Bills (a) |
0.08% | 06/27/13 | $ | 341,500,000 | $ | 341,389,103 | ||||||||
U.S. Treasury Bills (a)(b) |
0.08% | 07/11/13 | 1,353,800,000 | 1,353,318,216 | ||||||||||
U.S. Treasury Bills (a) |
0.10% | 07/25/13 | 967,000,000 | 966,532,277 | ||||||||||
U.S. Treasury Bills (a) |
0.13% | 01/09/14 | 684,000,000 | 683,154,754 | ||||||||||
U.S. Treasury Bills (a) |
0.14% | 01/09/14 | 341,500,000 | 341,077,995 | ||||||||||
Total U.S. Treasury Securities (Cost $3,685,464,879) |
3,685,472,345 | |||||||||||||
Expiration
Date |
||||||||||||||
Commodity-Linked Securities1.26% |
||||||||||||||
Canadian Imperial Bank of Commerce Commodity Linked EMTN, U.S. Federal Funds (Effective) Rate minus 0.04% (linked to Canadian Imperial Bank of Commerce Custom 1 Agriculture Commodity Index, multiplied by 2) (c) |
11/12/13 | 87,300,000 | 75,651,319 | |||||||||||
Cargill, Inc. Commodity Linked Note, one month LIBOR rate (linked to Monthly Rebalance Commodity Excess Return Index, multiplied by 2) (c) |
11/20/13 | 83,350,000 | 78,051,865 | |||||||||||
Total Commodity-Linked Securities (Cost $170,650,000) |
153,703,184 | |||||||||||||
Shares | ||||||||||||||
Money Market Funds63.79% |
||||||||||||||
Liquid Assets PortfolioInstitutional Class (d) |
1,341,505,711 | 1,341,505,711 | ||||||||||||
Premier PortfolioInstitutional Class (d) |
1,341,505,710 | 1,341,505,710 | ||||||||||||
STIC (Global Series) PLC U.S. Dollar Liquidity Portfolio (Ireland)Institutional Class (d) |
1,732,983,255 | 1,732,983,255 | ||||||||||||
Treasury PortfolioInstitutional Class (d) |
3,372,403,349 | 3,372,403,349 | ||||||||||||
Total Money Market Funds (Cost $7,788,398,025) |
7,788,398,025 | |||||||||||||
TOTAL INVESTMENTS95.24% (Cost $11,644,512,904) |
11,627,573,554 | |||||||||||||
OTHER ASSETS LESS LIABILITIES4.76% |
581,525,905 | |||||||||||||
NET ASSETS100.00% |
$ | 12,209,099,459 |
Investment Abbreviations:
EMTN | Euro Medium Term Notes |
Notes to Schedule of Investments:
(a) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
(b) | All or a portion of the value was pledged as collateral to cover margin requirements for open swap agreements. See Note 1F and Note 3. |
(c) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended. 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 January 31, 2013 was $153,703,184, which represented 1.26% of the Funds Net Assets. |
(d) | The money market fund and the Fund are affiliated by having the same investment adviser. |
See accompanying consolidated notes which are an integral part of this schedule.
Invesco Balanced-Risk Allocation Fund
Open Futures Contracts and Swap Agreements at Period-End (a) | ||||||||||||||||||||||||
Long Contracts |
Number of Contracts |
Expiration
Month |
Notional
Value |
Unrealized
Appreciation (Depreciation) |
||||||||||||||||||||
Australian 10 Year Bonds |
13,750 | March-2013 | $1,744,757,813 | $(14,818,344) | ||||||||||||||||||||
Brent Crude |
2,390 | March-2013 | 276,164,500 | 12,779,600 | ||||||||||||||||||||
Canada 10 Year Bonds |
13,670 | March-2013 | 1,832,764,163 | (21,293,974) | ||||||||||||||||||||
Dow Jones EURO STOXX 50 Index |
22,700 | March-2013 | 835,647,586 | 27,706,122 | ||||||||||||||||||||
E-Mini S&P 500 Index |
10,850 | March-2013 | 810,115,250 | 41,124,824 | ||||||||||||||||||||
Euro Bonds |
10,040 | March-2013 | 1,934,567,540 | (28,767,790) | ||||||||||||||||||||
FTSE 100 Index |
8,150 | March-2013 | 809,161,340 | 47,680,435 | ||||||||||||||||||||
Gas Oil |
2,185 | March-2013 | 214,730,875 | 6,872,820 | ||||||||||||||||||||
Gasoline Reformulated Blendstock Oxygenate Blending |
1,765 | March-2013 | 224,739,921 | 21,638,879 | ||||||||||||||||||||
Hang Seng Index |
3,020 | February-2013 | 462,925,961 | 2,562,628 | ||||||||||||||||||||
Heating Oil |
365 | April-2013 | 47,622,645 | 1,974,828 | ||||||||||||||||||||
Japan 10 Year Bonds |
1,071 | March-2013 | 1,689,758,364 | 145,415 | ||||||||||||||||||||
LME Copper |
3,110 | May-2013 | 635,256,375 | 8,032,292 | ||||||||||||||||||||
LME Primary Aluminum |
4,760 | April-2013 | 248,174,500 | 1,603,813 | ||||||||||||||||||||
Long Gilt |
10,650 | March-2013 | 1,965,594,033 | (31,797,641) | ||||||||||||||||||||
Russell 2000 Index Mini |
7,150 | March-2013 | 645,001,500 | 49,990,622 | ||||||||||||||||||||
Silver |
2,497 | March-2013 | 391,417,235 | (19,036,925) | ||||||||||||||||||||
Tokyo Stock Price Index |
8,870 | March-2013 | 909,208,944 | 145,335,457 | ||||||||||||||||||||
U.S. Treasury 20 Year Bonds |
6,510 | March-2013 | 933,981,563 | (34,198,171) | ||||||||||||||||||||
WTI Crude |
785 | July-2013 | 77,707,150 | 3,406,715 | ||||||||||||||||||||
Total Future Contracts |
$220,941,605 |
(a) Futures collateralized by $531,410,320 cash held with Merrill Lynch, the futures commission merchant.
See accompanying consolidated notes which are an integral part of this schedule.
Invesco Balanced-Risk Allocation Fund
Long Swap Agreements | Counterparty |
Number of Contracts |
Termination
Date |
Notional Value |
Unrealized
Appreciation (Depreciation) |
|||||||||||||
Receive a return equal to Dow Jones-UBS Gold Index and pay the product of (i) 0.15% of the Notional Value multiplied by (ii) days in the period divided by 365 |
Bank of
America Securities, LLC |
1,982,000 | December-2013 | $419,966,376 | $(4,002,649) | |||||||||||||
Receive a return equal to Barclays Commodity Strategy 1635 Excess Return Index and pay the product of (i) 0.53% of the Notional value multiplied by (ii) days in the period divided by 365 |
Barclays Bank
PLC |
288,700 | October-2013 | 178,484,155 | 4,689,528 | |||||||||||||
Receive a return equal to Barclays Gold Nearby Excess Return Index and pay the product of (i) 0.22% of the Notional value multiplied by (ii) days in the period divided by 365 |
Barclays Bank
PLC |
944,000 | April-2013 | 371,322,777 | (5,329,069) | |||||||||||||
Receive a return equal to Cargill Monthly Rebalance Commodity Excess Return Index and pay the product of (i) 0.52% of the Notional Value multiplied by (ii) days in the period divided by 365 |
Cargill, Inc. | 160,000 | December-2013 | 100,583,952 | 522,944 | |||||||||||||
Receive a return equal to Goldman Sachs Alpha Basket B472 Excess Return Strategy and pay the product of (i) 0.60% of the Notional Value multiplied by (ii) days in the period divided by 365 |
Goldman
Sachs International |
220,400 | November-2013 | 118,764,193 | 3,373,376 | |||||||||||||
Receive a return equal to J.P. Morgan Bespoke Commodity 65 Index and pay the product of (i) 0.49% of the Notional Value multiplied by (ii) days in the period divided by 365 |
J.P. Morgan
Securities PLC |
216,900 | October-2013 | 147,199,575 | 2,898,435 | |||||||||||||
Receive a return equal to LIFFE Long Gilt Futures Contract multiplied by 0.01% of the Notional Value |
Goldman
Sachs International |
635 | March-2013 | 117,197,391 | (93,929) | |||||||||||||
Total Swap Agreements |
$2,058,636 |
See accompanying consolidated notes which are an integral part of this schedule.
Invesco Balanced-Risk Allocation Fund
Notes to Quarterly Consolidated Schedule of Portfolio Holdings
January 31, 2013
(Unaudited)
NOTE 1 -- Significant Accounting Policies
Invesco Balanced-Risk Allocation Fund (the Fund) will seek to gain exposure to the commodity markets primarily through investments in the Invesco Cayman Commodity Fund I Ltd. (the Subsidiary), a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands. The Subsidiary was organized by the Fund to invest in commodity-linked derivatives. The Fund may invest up to 25% of its total assets in the Subsidiary.
A. | Security Valuations Securities, including restricted securities, are valued according to the following policy. |
Debt obligations (including convertible bonds) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
A security listed or traded on an exchange (except convertible bonds) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (NYSE).
Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
Swap agreements are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end of day net present values, spreads, ratings, industry, and company performance.
Foreign securities (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the Adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trade is not the current value as of the close of the NYSE. Foreign securities prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.
Invesco Balanced-Risk Allocation Fund
A. | Security Valuations (continued) |
Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trusts officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a securitys fair value.
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuers assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.
B. | Securities Transactions and Investment Income Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes. |
The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Consolidated Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Consolidated Statement of Operations and the Consolidated Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Consolidated Financial Highlights. Transaction costs are included in the calculation of the Funds net asset value and, accordingly, they reduce the Funds total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Consolidated Statement of Operations and Consolidated Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Consolidated Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.
The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.
C. | Country Determination For the purposes of making investment selection decisions and presentation in the Consolidated Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuers securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Structured Securities - The Fund may invest in structured securities. Structured securities are a type of derivative security whose value is determined by reference to changes in the value of underlying securities, currencies, interest rates, commodities, indices or other financial indicators (reference instruments). Most structured securities are fixed-income securities that have maturities of three years or less. Structured securities may be positively or negatively indexed (i.e., their principal value or interest rates may increase or decrease if the underlying reference instrument appreciates) and may have return characteristics similar to direct investments in the underlying reference instrument. |
Structured securities may entail a greater degree of market risk than other types of debt securities because the investor bears the risk of the reference instruments. In addition to the credit risk of structured securities and the normal risks of price changes in response to changes in interest rates, the principal amount of structured notes or indexed securities may decrease as a result of changes in the value of the underlying reference instruments. Changes in the daily value of structured securities are recorded as unrealized gains (losses) in the Consolidated Statement of Operations. When the structured securities mature or are sold, the Fund recognizes a realized gain (loss) on the Consolidated Statement of Operations.
Invesco Balanced-Risk Allocation Fund
E. | Futures Contracts The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between two parties to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Consolidated Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Funds basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Consolidated Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal counterparty risk since the exchanges clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Consolidated Statement of Assets and Liabilities. |
F. | Swap Agreements The Fund may enter into various swap transactions, including interest rate, total return, index, currency exchange rate and credit default swap contracts (CDS) for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between two parties (Counterparties). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Funds NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any. |
Interest rate, total return, index, and currency exchange rate swap agreements are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or swapped between the parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or return of an underlying asset, in a particular foreign currency, or in a basket of securities representing a particular index.
A CDS is an agreement between Counterparties to exchange the credit risk of an issuer. A buyer of a CDS is said to buy protection by paying a fixed payment over the life of the agreement and in some situations an upfront payment to the seller of the CDS. If a defined credit event occurs (such as payment default or bankruptcy), the Fund as a protection buyer would cease paying its fixed payment, the Fund would deliver eligible bonds issued by the reference entity to the seller, and the seller would pay the full notional value, or the par value, of the referenced obligation to the Fund. A seller of a CDS is said to sell protection and thus would receive a fixed payment over the life of the agreement and an upfront payment, if applicable. If a credit event occurs, the Fund as a protection seller would cease to receive the fixed payment stream, the Fund would pay the buyer par value or the full notional value of the referenced obligation, and the Fund would receive the eligible bonds issued by the reference entity. In turn, these bonds may be sold in order to realize a recovery value. Alternatively, the seller of the CDS and its counterparty may agree to net the notional amount and the market value of the bonds and make a cash payment equal to the difference to the buyer of protection. If no credit event occurs, the Fund receives the fixed payment over the life of the agreement. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the CDS. In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default under the swap agreement or bankruptcy/insolvency of a party to the swap agreement. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances. The Funds maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the value of the contract. The risk may be mitigated by having a master netting arrangement between the Fund and the counterparty and by the designation of collateral by the counterparty to cover the Funds exposure to the counterparty.
Invesco Balanced-Risk Allocation Fund
F. | Swap Agreements (continued) |
Implied credit spreads represent the current level at which protection could be bought or sold given the terms of the existing CDS contract and serve as an indicator of the current status of the payment/performance risk of the CDS. An implied spread that has widened or increased since entry into the initial contract may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets.
Changes in the value of swap agreements are recognized as unrealized gains (losses) in the Consolidated Statement of Operations by marking to market on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Consolidated Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Consolidated Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Consolidated Statement of Operations. The Fund segregates liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and counterparty risk in excess of amounts recognized on the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Funds ability to terminate existing swap agreements or to realize amounts to be received under such agreements.
G. | Other Risks - The Fund will seek to gain exposure to commodity markets primarily through an investment in the Subsidiary and through investments in exchange traded funds. The Subsidiary, unlike the Fund, may invest without limitation in commodities, commodity-linked derivatives and other securities, such as exchange traded notes, that may provide leverage and non-leveraged exposure to commodity markets. The Fund is indirectly exposed to the risks associated with the Subsidiarys investments. |
The Fund is non-diversified and may invest in securities of fewer issuers than if it were diversified. Thus, the value of the Funds shares may vary more widely and the Fund may be subject to greater market and credit risk than if the Fund invested more broadly.
H. | Collateral To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Funds practice to replace such collateral no later than the next business day. |
I. | Leverage Risk Leverage exists when a Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction. |
NOTE 2 -- 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 investments 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 Funds 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. |
Invesco Balanced-Risk Allocation Fund
The following is a summary of the tiered valuation input levels, as of January 31, 2013. 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 consolidated financial statements may materially differ from the value received upon actual sale of those investments.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Money Market Funds |
$ | 7,788,398,025 | $ | -- | $ | -- | $ | 7,788,398,025 | ||||||||
U.S. Treasury Securities |
-- | 3,685,472,345 | -- | 3,685,472,345 | ||||||||||||
Commodity-Linked Securities |
-- | 153,703,184 | -- | 153,703,184 | ||||||||||||
$ | 7,788,398,025 | $ | 3,839,175,529 | $ | -- | $ | 11,627,573,554 | |||||||||
Futures* |
220,941,605 | -- | -- | 220,941,605 | ||||||||||||
Swap Agreements* |
-- | 2,152,565 | -- | 2,152,565 | ||||||||||||
Swap on Futures* |
(93,929) | -- | -- | (93,929) | ||||||||||||
Total Investments |
$ | 8,009,245,701 | $ | 3,841,328,094 | $ | -- | $ | 11,850,573,795 |
* Unrealized appreciation (depreciation).
NOTE 3 -- Derivative Investments
Value of Derivative Instruments at Period-End
The table below summarizes the value of the Funds derivative instruments, detailed by primary risk exposure, held as of January 31, 2013:
Value
|
||||||||||||
Risk Exposure/ Derivative Type | Assets | Liabilities | ||||||||||
Commodity risk |
||||||||||||
Futures contracts (a) |
$ 56,308,947 | $ (19,036,925) | ||||||||||
Swap agreements |
11,484,283 | (9,331,718) | ||||||||||
Interest rate risk |
||||||||||||
Futures contracts (a) |
145,415 | (130,875,920) | ||||||||||
Swap agreements (a) |
-- | (93,929) | ||||||||||
Market risk |
||||||||||||
Futures contracts (a) |
314,400,088 | -- |
(a) | Includes cumulative appreciation (depreciation) of futures and swap agreements. |
Invesco Balanced-Risk Allocation Fund
Effect of Derivative Instruments for the three months ended January 31, 2013
The table below summarizes the gains (losses) on derivative instruments, detailed by primary risk exposure, recognized in earnings during the period:
Location of Gain (Loss) | ||||||||||
Futures* |
Swap
Agreements* |
|||||||||
Realized Gain (Loss) |
||||||||||
Commodity risk |
$ | 71,129,447 | $ | (63,994,118 | ) | |||||
Interest rate risk |
(8,760,731 | ) | 1,664,902 | |||||||
Market risk |
143,733,372 | -- | ||||||||
Change in Unrealized Appreciation (Depreciation) |
||||||||||
Commodity risk |
$ | 23,959,798 | $ | 16,717,122 | ||||||
Interest rate risk |
(125,407,128 | ) | (93,929 | ) | ||||||
Market risk |
343,803,421 | -- | ||||||||
Total |
$ | 448,458,179 | $ | 45,706,023 |
* | The average notional value of futures and swap agreements outstanding during the period was $15,001,562,463 and $1,411,351,052, respectively. |
NOTE 4 -- Investment Securities
There were no purchases and sales of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) by the Fund during the three months ended January 31, 2013. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.
Invesco Balanced-Risk Allocation Fund
Invesco Balanced-Risk Commodity
Strategy Fund
Quarterly Schedule of Portfolio Holdings
January 31, 2013
invesco.com/us | BRCS-QTR-1 01/13 | Invesco Advisers, Inc. |
Consolidated Schedule of Investments
January 31, 2013
(Unaudited)
Interest Rate |
Maturity Date |
Principal
Amount |
Value | |||||||||||
U.S. Treasury Securities59.38% |
||||||||||||||
U.S. Treasury Bills (a)(b) |
0.10% | 06/20/13 | $ | 27,720,000 | $ | 27,711,430 | ||||||||
U.S. Treasury Bills (a) |
0.08% | 06/27/13 | 19,700,000 | 19,693,603 | ||||||||||
U.S. Treasury Bills (a)(b) |
0.08% | 07/11/13 | 300,500,000 | 300,393,060 | ||||||||||
U.S. Treasury Bills (a) |
0.09% | 07/25/13 | 12,000,000 | 11,994,196 | ||||||||||
U.S. Treasury Bills (a) |
0.10% | 07/25/13 | 42,000,000 | 41,979,685 | ||||||||||
U.S. Treasury Bills (a) |
0.13% | 01/09/14 | 37,200,000 | 37,154,030 | ||||||||||
U.S. Treasury Bills (a) |
0.14% | 01/09/14 | 19,700,000 | 19,675,656 | ||||||||||
Total U.S. Treasury Securities (Cost $458,599,710) |
458,601,660 | |||||||||||||
Shares | ||||||||||||||
Exchange Traded Funds3.87% |
||||||||||||||
PowerShares DB Gold Fund (Cost $29,897,020) (c) |
525,000 | 29,909,250 | ||||||||||||
Expiration Date |
Principal Amount |
|||||||||||||
Commodity-Linked Securities3.74% |
||||||||||||||
Barclays Bank PLC, |
||||||||||||||
Series 3, U.S. Federal Funds (Effective) Rate minus 0.06% (linked to the Barclays Diversified Energy-Metals Total Return Index, multiplied by 3) (d) |
07/29/13 | $ | 9,833,000 | 13,777,694 | ||||||||||
Series 4, U.S. Federal Funds (Effective) Rate minus 0.06% (linked to the Barclays Diversified Energy-Metals Total Return Index, multiplied by 3) (United Kingdom) (d) |
07/29/13 | 4,550,000 | 6,564,663 | |||||||||||
Series 5, U.S. Federal Funds (Effective) Rate minus 0.06% (linked to the Barclays Diversified Energy-Metals Total Return Index, multiplied by 3) (d) |
07/29/13 | 5,350,000 | 8,556,728 | |||||||||||
Total Commodity-Linked Securities (Cost $19,733,000) |
28,899,085 | |||||||||||||
Shares | ||||||||||||||
Money Market Funds28.61% |
||||||||||||||
Liquid Assets PortfolioInstitutional Class (e) |
82,234,568 | 82,234,568 | ||||||||||||
Premier PortfolioInstitutional Class (e) |
82,234,568 | 82,234,568 | ||||||||||||
STIC (Global Series) PLC U.S. Dollar Liquidity PortfolioInstitutional Class (Ireland) (e) |
56,536,799 | 56,536,799 | ||||||||||||
Total Money Market Funds (Cost $221,005,935) |
221,005,935 | |||||||||||||
TOTAL INVESTMENTS95.60% (Cost $729,235,665) |
738,415,930 | |||||||||||||
OTHER ASSETS LESS LIABILITIES4.40% |
33,967,797 | |||||||||||||
NET ASSETS100.00% |
$ | 772,383,727 |
Notes to Schedule of Investments:
(a) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
(b) | All or a portion of the value was designated as collateral to cover swap agreements. See Note 1F and Note 3. |
(c) | Affiliated company during the period. The Investment Company Act of 1940 defines affiliates as those issuances in which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the Investment Company Act of 1940) of that issuer. The value of this security as of January 31, 2013 represented 3.87% of the Funds Net Assets. See Note 4. |
(d) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended. 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 January 31, 2013 was $28,899,085, which represented 3.74% of the Funds Net Assets. |
(e) | The money market fund and the Fund are affiliated by having the same investment adviser. |
See accompanying notes which are an integral part of this schedule.
Invesco Balanced-Risk Commodity Strategy Fund
Open Futures Contracts and Swap Agreements at Period-End (a) | ||||||||||||||
Futures Contracts |
Number of Contracts |
Expiration Month |
Notional Value |
Unrealized Appreciation (Depreciation) |
||||||||||
Long Contracts |
||||||||||||||
Corn |
64 | March2013 | $ | 2,369,600 | $ | (10,605 | ) | |||||||
European Gasoil (ICE) |
321 | March2013 | 31,546,275 | 991,510 | ||||||||||
NYH RBOB Gasoline (Globex) |
256 | March2013 | 32,596,838 | 3,149,009 | ||||||||||
Soybean |
905 | March2013 | 66,449,625 | (335,715 | ) | |||||||||
Subtotal |
$ | 132,962,338 | $ | 3,794,199 | ||||||||||
Short Contracts |
||||||||||||||
Coffee C |
132 | March2013 | $ | (7,274,025 | ) | $ | 552,687 | |||||||
Soybean Oil |
34 | March2013 | (1,078,344 | ) | (69,877 | ) | ||||||||
Subtotal |
$ | (8,352,369 | ) | $ | 482,810 | |||||||||
Total Futures Contracts |
$ | 4,277,009 | ||||||||||||
(a) Futures collateralized by $18,715,000 cash held with Goldman Sachs & Co., the futures commission merchant. | ||||||||||||||
Swap Agreements | Counterparty |
Termination Date |
||||||||||||
Long Agreements |
||||||||||||||
Receive a return equal to the Goldman Sachs Soybean Meal Excess Return Strategy and pay the product of (i) 0.30% of the Notional Amount multiplied by (ii) days in the period divided by 365. |
Goldman Sachs International |
77,300 | November2013 | $ | 63,916,710 | $ | 2,735,486 | |||||||
Receive a return equal to the S&P GSCI Sugar Excess Return A141 Strategy and pay the product of (i) 0.37% of the Notional Amount multiplied by (ii) days in the period divided by 365. |
Goldman Sachs International |
94,300 | April2013 | 35,535,945 | (303,126 | ) | ||||||||
Receive a return equal to the Barclays WTI Crude Roll Yield Excess Return Index and pay the product of (i) 0.35% of the Notional Amount multiplied by (ii) days in the period divided by 365. |
Barclays Bank PLC |
9,500 | April2013 | 5,094,058 | 218,873 | |||||||||
Receive a return equal to the Barclays Brent Crude Roll Yield Excess Return Index and pay the product of (i) 0.35% of the Notional Amount multiplied by (ii) days in the period divided by 365. |
Barclays Bank PLC |
73,600 | April2013 | 45,899,558 | 2,381,608 | |||||||||
Receive a return equal to the Barclays Heating Oil Roll Yield Excess Return Index and pay the product of (i) 0.37% of the Notional Amount multiplied by (ii) days in the period divided by 365. |
Barclays Bank PLC |
18,800 | April2013 | 8,630,064 | 343,157 | |||||||||
Receive a return equal to the Barclays Live Cattle Roll Yield Excess Return Index and pay the product of (i) 0.47% of the Notional Amount multiplied by (ii) days in the period divided by 365. |
Barclays Bank PLC |
267,200 | November2013 | 36,160,095 | (293,572 | ) | ||||||||
Receive a return equal to the Barclays Capital Copper 3 Month Deferred Excess Return Index and pay the product of (i) 0.30% of the Notional Amount multiplied by (ii) days in the period divided by 365. |
Barclays Bank PLC |
88,220 | April2013 | 62,011,020 | 1,324,024 | |||||||||
Receive a return equal to the Barclays Commodity Strategy 1606 and pay the product of (i) 0.41% of the Notional Amount multiplied by (ii) days in the period divided by 365. |
Barclays Bank PLC |
44,250 | April2013 | 20,415,826 | 86,743 | |||||||||
Receive a return equal to the Dow Jones-UBS Gold Index and pay the product of (i) 0.15% of the Notional Amount multiplied by (ii) days in the period divided by 365. |
Merrill Lynch International |
624,700 | November2013 | 132,367,807 | (1,261,581 | ) | ||||||||
Receive a return equal to the Dow Jones-UBS Silver Sub-Index SM and pay the product of (i) 0.20% of the Notional Amount multiplied by (ii) days in the period divided by 365. |
Barclays Bank PLC |
223,600 | June2013 | 77,240,652 | (436,064 | ) | ||||||||
Receive a return equal to the Merrill Lynch Commodity index eXtra Aluminum Annual Excess Return Index and pay the product of (i) 0.28% of the Notional Amount multiplied by (ii) days in the period divided by 365. |
Merrill Lynch International |
428,300 | May2013 | 59,347,689 | (401,574 | ) | ||||||||
Receive a return equal to the Merrill Lynch Commodity index eXtra XLP Copper Excess Return Index and pay the product of (i) 0.22% of the Notional Amount multiplied by (ii) days in the period divided by 365. |
Merrill Lynch International |
87,940 | November2013 | 69,530,086 | 2,019,481 | |||||||||
Receive a return equal to the S&P GSCI Crude Oil 1 Month Forward Index Excess Return and pay the product of (i) 0.12% of the Notional Amount multiplied by (ii) days in the period divided by 365. |
Goldman Sachs International |
12,300 | April2013 | 7,120,697 | 298,198 | |||||||||
Receive a return equal to the S&P GSCI Heating Oil 1 Month Forward Index Excess Return and pay the product of (i) 0.15% of the Notional Amount multiplied by (ii) days in the period divided by 365. |
Goldman Sachs International |
173,600 | April2013 | 84,273,267 | 3,117,717 | |||||||||
Subtotal | $ | 707,543,474 | $ | 9,829,370 |
See accompanying notes which are an integral part of this schedule.
Invesco Balanced-Risk Commodity Strategy Fund
Unrealized | ||||||||||||||
Counterparty |
Number of
Contracts |
Termination Date |
Notional
Value |
Appreciation
(Depreciation) |
||||||||||
Short Agreements |
||||||||||||||
Pay a floating rate equal to the S&P GSCI Brent Crude 1 Month Forward Index Excess Return and receive the product of (i) 0.12% of the Notional Amount multiplied by (ii) days in the period divided by 365. |
Goldman Sachs
International |
1,830 | August2013 | $ | 2,410,885 | $ | (115,805 | ) | ||||||
Pay a floating rate equal to the S&P GSCI Gasoil 1 Month Forward Index Excess Return and receive the product of (i) 0.10% of the Notional Amount multiplied by (ii) days in the period divided by 365. |
Goldman Sachs
International |
71,920 | December2013 | 69,678,260 | (4,215,441 | ) | ||||||||
Pay a floating rate equal to the S&P GSCI Unleaded Gasoline 1 Month Forward Index Excess Return and receive the product of (i) 0.10% of the Notional Amount multiplied by (ii) days in the period divided by 365. |
Goldman Sachs
International |
10,500 | April2013 | 14,754,484 | (1,215,438 | ) | ||||||||
Pay a floating rate equal to the S&P GSCI Natural Gas 1 Month Forward Index Excess Return and receive the product of (i) 0.12% of the Notional Amount multiplied by (ii) days in the period divided by 365. |
Goldman Sachs
International |
290,000 | February2014 | 2,483,814 | (2,414 | ) | ||||||||
Subtotal |
$ | 89,327,443 | $ | (5,549,098 | ) | |||||||||
Total Swap Agreements |
$ | 4,280,272 |
See accompanying notes which are an integral part of this schedule.
Invesco Balanced-Risk Commodity Strategy Fund
Notes to Quarterly Consolidated Schedule of Portfolio Holdings
January 31, 2013
(Unaudited)
NOTE 1 Significant Accounting Policies
Invesco Balanced-Risk Commodity Strategy Fund (the Fund) will seek to gain exposure to the commodity markets primarily through investments in the Invesco Cayman Commodity Fund III Ltd. (the Subsidiary), a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands. The Subsidiary was organized by the Fund to invest in commodity-linked derivatives. The Fund may invest up to 25% of its total assets in the Subsidiary.
A. | Security Valuations Securities, including restricted securities, are valued according to the following policy. |
Debt obligations (including convertible bonds) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
A security listed or traded on an exchange (except convertible bonds) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (NYSE).
Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
Swap agreements are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end of day net present values, spreads, ratings, industry, and company performance.
Foreign securities (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the Adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trade is not the current value as of the close of the NYSE. Foreign securities prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.
Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trusts officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a securitys fair value.
Invesco Balanced-Risk Commodity Strategy Fund
A. | Security Valuations (continued) |
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuers assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.
B. | Securities Transactions and Investment Income Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes. |
The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Consolidated Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Consolidated Statement of Operations and the Consolidated Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Consolidated Financial Highlights. Transaction costs are included in the calculation of the Funds net asset value and, accordingly, they reduce the Funds total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Consolidated Statement of Operations and Consolidated Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Consolidated Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.
The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.
C. | Country Determination For the purposes of making investment selection decisions and presentation in the Consolidated Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuers securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Structured Securities - The Fund may invest in structured securities. Structured securities are a type of derivative security whose value is determined by reference to changes in the value of underlying securities, currencies, interest rates, commodities, indices or other financial indicators (reference instruments). Most structured securities are fixed-income securities that have maturities of three years or less. Structured securities may be positively or negatively indexed (i.e., their principal value or interest rates may increase or decrease if the underlying reference instrument appreciates) and may have return characteristics similar to direct investments in the underlying reference instrument. |
Structured securities may entail a greater degree of market risk than other types of debt securities because the investor bears the risk of the reference instruments. In addition to the credit risk of structured securities and the normal risks of price changes in response to changes in interest rates, the principal amount of structured notes or indexed securities may decrease as a result of changes in the value of the underlying reference instruments. Changes in the daily value of structured securities are recorded as unrealized gains (losses) in the Statement of Operations. When the structured securities mature or are sold, the Fund recognizes a realized gain (loss) on the Statement of Operations.
E. | Futures Contracts The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between two parties to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin |
Invesco Balanced-Risk Commodity Strategy Fund
E. | Futures Contracts (continued) |
payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Consolidated Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Funds basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Consolidated Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal counterparty risk since the exchanges clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Consolidated Statement of Assets and Liabilities.
F. | Swap Agreements The Fund may enter into various swap transactions, including interest rate, total return, index, currency exchange rate and credit default swap contracts (CDS) for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between two parties (Counterparties). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Funds NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any. |
Interest rate, total return, index, and currency exchange rate swap agreements are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or swapped between the parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or return of an underlying asset, in a particular foreign currency, or in a basket of securities representing a particular index.
A CDS is an agreement between Counterparties to exchange the credit risk of an issuer. A buyer of a CDS is said to buy protection by paying a fixed payment over the life of the agreement and in some situations an upfront payment to the seller of the CDS. If a defined credit event occurs (such as payment default or bankruptcy), the Fund as a protection buyer would cease paying its fixed payment, the Fund would deliver eligible bonds issued by the reference entity to the seller, and the seller would pay the full notional value, or the par value, of the referenced obligation to the Fund. A seller of a CDS is said to sell protection and thus would receive a fixed payment over the life of the agreement and an upfront payment, if applicable. If a credit event occurs, the Fund as a protection seller would cease to receive the fixed payment stream, the Fund would pay the buyer par value or the full notional value of the referenced obligation, and the Fund would receive the eligible bonds issued by the reference entity. In turn, these bonds may be sold in order to realize a recovery value. Alternatively, the seller of the CDS and its counterparty may agree to net the notional amount and the market value of the bonds and make a cash payment equal to the difference to the buyer of protection. If no credit event occurs, the Fund receives the fixed payment over the life of the agreement. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the CDS. In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default under the swap agreement or bankruptcy/insolvency of a party to the swap agreement. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances. The Funds maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the value of the contract. The risk may be mitigated by having a master netting arrangement between the Fund and the counterparty and by the designation of collateral by the counterparty to cover the Funds exposure to the counterparty.
Implied credit spreads represent the current level at which protection could be bought or sold given the terms of the existing CDS contract and serve as an indicator of the current status of the payment/performance risk of the CDS. An implied spread that has widened or increased since entry into the initial contract may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets.
Invesco Balanced-Risk Commodity Strategy Fund
F. | Swap Agreements (continued) |
Changes in the value of swap agreements are recognized as unrealized gains (losses) in the Consolidated Statement of Operations by marking to market on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Consolidated Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Consolidated Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Consolidated Statement of Operations. The Fund segregates liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and counterparty risk in excess of amounts recognized on the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Funds ability to terminate existing swap agreements or to realize amounts to be received under such agreements.
G. | Other Risks - The Fund will seek to gain exposure to commodity markets primarily through an investment in the Subsidiary and through investments in exchange traded funds. The Subsidiary, unlike the Fund, may invest without limitation in commodities, commodity-linked derivatives and other securities, such as exchange traded notes, that may provide leverage and non-leveraged exposure to commodity markets. The Fund is indirectly exposed to the risks associated with the Subsidiarys investments. |
The Fund is non-diversified and may invest in securities of fewer issuers than if it were diversified. Thus, the value of the Funds shares may vary more widely and the Fund may be subject to greater market and credit risk than if the Fund invested more broadly.
H. | Collateral To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Funds practice to replace such collateral no later than the next business day. |
I. | Leverage Risk Leverage exists when a Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction. |
NOTE 2 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 investments 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 Funds 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.
Invesco Balanced-Risk Commodity Strategy Fund
NOTE 2 Additional Valuation Information (continued)
The following is a summary of the tiered valuation input levels, as of January 31, 2013. 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 consolidated financial statements may materially differ from the value received upon actual sale of those investments.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Commodity-Linked Securities |
$ | | $ | 28,899,085 | $ | | $ | 28,899,085 | ||||||||
Exchange Traded Funds |
29,909,250 | | | 29,909,250 | ||||||||||||
U.S. Treasury Securities |
| 458,601,660 | | 458,601,660 | ||||||||||||
Money Market Funds |
221,005,935 | | | 221,005,935 | ||||||||||||
250,915,185 | 487,500,745 | | 738,415,930 | |||||||||||||
Futures* |
4,277,009 | | | 4,277,009 | ||||||||||||
Swap Agreements* |
| 4,280,272 | | 4,280,272 | ||||||||||||
Total Investments |
$ | 255,192,194 | $ | 491,781,017 | $ | | $ | 746,973,211 |
* Unrealized appreciation.
NOTE 3 Derivative Investments
Value of Derivative Instruments at Period-End
The table below summarizes the value of the Funds derivative instruments, detailed by primary risk exposure, held as of January 31, 2013:
Risk Exposure/ Derivative Type | Value | |||||||||||
Assets | Liabilities | |||||||||||
Commodity Risk |
||||||||||||
Futures Contracts (a) |
$ | 4,693,206 | $ | (416,197 | ) | |||||||
Swap Agreements (a) |
12,525,287 | (8,245,015 | ) |
(a) Includes cumulative appreciation (depreciation) of futures and swap agreements.
Effect of Derivative Instruments for the three months ended January 31, 2013
The table below summarizes the gains (losses) on derivative instruments, detailed by primary risk exposure, recognized in earnings during the period:
Location of Gain (Loss) | ||||||||||
Futures* |
Swap
Agreements* |
|||||||||
Realized Gain (Loss) |
||||||||||
Commodity Risk |
$ | (1,598,039) | $ | (19,839,058) | ||||||
Change in Unrealized Appreciation |
||||||||||
Commodity Risk |
4,195,979 | 16,281,593 | ||||||||
Total |
$ | 2,597,940 | $ | (3,557,465) |
* The average notional value of futures and swap agreements outstanding during the period was $144,776,348 and $748,973,558, respectively.
Invesco Balanced-Risk Commodity Strategy Fund
NOTE 4 Investments in Other Affiliates
The Investment Company Act of 1940, as amended (the 1940 Act), defines affiliates as those issuances in which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The following is a summary of the investments in other affiliates for the three months ended January 31, 2013.
Value 10/31/12 |
Purchases
at Cost |
Proceeds
from Sales |
Change in
Unrealized Appreciation (Depreciation) |
Realized
Gain |
Value 01/31/13 |
Dividend
Income |
||||||||||||||||
PowerShares DB Gold Fund |
$ | 25,975,630 | $ | 4,964,354 | $ | $ | (1,030,734) | $ | $ | 29,909,250 | $ |
NOTE 5 Investment Securities
The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended January 31, 2013 was $4,964,354 and $0, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.
Invesco Balanced-Risk Commodity Strategy Fund
Invesco China Fund
Quarterly Schedule of Portfolio Holdings
January 31, 2013
invesco.com/us | CHI-QTR-1 01/13 | Invesco Advisers, Inc. |
Schedule of Investments (a)
January 31, 2013
(Unaudited)
Shares | Value | |||||||
Common Stocks & Other Equity Interests98.94% (b) |
|
|||||||
Agricultural Products0.59% |
||||||||
China Agri-Industries Holdings Ltd. |
1,352,000 | $ | 824,582 | |||||
Airlines1.12% |
||||||||
Air China Ltd. -Class H |
1,832,000 | 1,568,517 | ||||||
Apparel Retail1.09% |
||||||||
Belle International Holdings Ltd. |
682,000 | 1,516,064 | ||||||
Automobile Manufacturers2.46% |
|
|||||||
Brilliance China Automotive Holdings Ltd. (c) |
538,000 | 722,846 | ||||||
Chongqing Changan Automobile Co., Ltd. -Class B |
1,375,975 | 1,353,726 | ||||||
Geely Automobile Holdings Ltd. |
2,590,000 | 1,352,542 | ||||||
3,429,114 | ||||||||
Automotive Retail1.38% |
|
|||||||
Baoxin Auto Group Ltd. (c) |
1,857,000 | 1,927,541 | ||||||
Casinos & Gaming2.08% |
|
|||||||
Melco Crown Entertainment, Ltd. -ADR (c) |
71,262 | 1,493,651 | ||||||
Sands China Ltd. (Macau) |
280,000 | 1,411,662 | ||||||
2,905,313 | ||||||||
Coal & Consumable Fuels2.93% |
|
|||||||
China Shenhua Energy Co. Ltd. -Class H |
951,500 | 4,091,668 | ||||||
Commodity Chemicals1.00% |
|
|||||||
Lee & Man Chemical Co. Ltd.
|
2,188,000 | 1,396,524 | ||||||
Computer Hardware2.59% |
|
|||||||
Lenovo Group Ltd. |
3,476,000 | 3,617,005 | ||||||
Construction & Farm Machinery & Heavy Trucks0.73% |
|
|||||||
CSR Corp. Ltd. -Class H |
1,233,000 | 1,015,921 | ||||||
Construction Materials5.19% |
|
|||||||
Anhui Conch Cement Co. Ltd. -Class H |
779,000 | 3,058,585 | ||||||
China National Building Material Co. Ltd.
|
2,122,000 | 3,387,364 | ||||||
China Resources Cement Holdings Ltd. (Hong Kong) |
1,242,000 | 795,928 | ||||||
7,241,877 | ||||||||
Distillers & Vintners0.19% |
|
|||||||
JLF Investment Co. Ltd. (Hong Kong) (c) |
5,736,000 | 260,036 | ||||||
Diversified Banks21.12% |
|
|||||||
Agricultural Bank of China Ltd. -Class H |
1,539,000 | 838,472 | ||||||
Bank of China Ltd. -Class H |
14,850,600 | 7,322,800 | ||||||
China Construction Bank Corp. -Class H |
12,660,290 | 10,936,030 | ||||||
China Merchants Bank Co., Ltd. -Class H |
649,500 | 1,556,040 | ||||||
Industrial & Commercial Bank of China Ltd. -Class H |
11,696,940 | 8,808,073 | ||||||
29,461,415 |
Shares | Value | |||||||
Diversified Metals & Mining0.91% |
|
|||||||
Jiangxi Copper Co. Ltd. -Class H |
468,000 | $ | 1,270,263 | |||||
Diversified Real Estate Activities0.48% |
|
|||||||
Shenzhen Investment Ltd. |
1,450,000 | 667,470 | ||||||
Electrical Components & Equipment0.76% |
|
|||||||
Zhuzhou CSR Times Electric Co., Ltd.
|
329,000 | 1,054,188 | ||||||
Electronic Manufacturing Services0.79% |
|
|||||||
Foxconn International Holdings Ltd. (c) |
2,695,000 | 1,105,049 | ||||||
Heavy Electrical Equipment1.10% |
|
|||||||
China High Speed Transmission Equipment Group Co., Ltd. (Hong Kong) (c) |
1,425,000 | 569,603 | ||||||
Harbin Electric Co. Ltd. -Class H |
1,062,000 | 961,297 | ||||||
1,530,900 | ||||||||
Home Furnishings0.87% |
|
|||||||
Man Wah Holdings Ltd. |
1,318,000 | 1,213,415 | ||||||
Household Appliances2.97% |
|
|||||||
Haier Electronics Group Co. Ltd.
|
1,212,000 | 2,019,114 | ||||||
Techtronic Industries Co. Ltd. (Hong Kong) |
1,049,500 | 2,124,604 | ||||||
4,143,718 | ||||||||
Industrial Conglomerates2.00% |
|
|||||||
Beijing Enterprises Holdings Ltd. |
208,000 | 1,497,898 | ||||||
Shun Tak Holdings Ltd. (Hong Kong) |
2,380,000 | 1,298,115 | ||||||
2,796,013 | ||||||||
Industrial Machinery0.89% |
|
|||||||
Zhengzhou Coal Mining Machinery Group Co., Ltd. -Class H (c) |
905,800 | 1,245,046 | ||||||
Integrated Oil & Gas4.62% |
|
|||||||
China Petroleum & Chemical Corp. (Sinopec) -Class H |
3,460,000 | 4,198,185 | ||||||
PetroChina Co. Ltd. -Class H |
1,576,000 | 2,240,508 | ||||||
6,438,693 | ||||||||
Integrated Telecommunication Services0.69% |
|
|||||||
China Telecom Corp. Ltd. -Class H |
1,776,000 | 966,387 | ||||||
Internet Software & Services4.91% |
|
|||||||
Tencent Holdings Ltd. |
195,800 | 6,852,015 | ||||||
Investment Banking & Brokerage2.51% |
|
|||||||
Haitong Securities Co., Ltd. -Class H (c) |
2,046,400 | 3,493,609 | ||||||
Life & Health Insurance6.68% |
|
|||||||
China Life Insurance Co., Ltd. -Class H |
1,348,000 | 4,507,437 | ||||||
New China Life Insurance Co. Ltd. -Class H |
180,600 | 706,761 |
See accompanying notes which are an integral part of this schedule.
Invesco China Fund
Shares | Value | |||||||
Life & Health Insurance(continued) |
|
|||||||
Ping An Insurance (Group) Co. of China Ltd.
|
457,000 | $ | 4,104,523 | |||||
9,318,721 | ||||||||
Marine1.42% |
|
|||||||
China Shipping Container Lines Co. Ltd.
|
6,447,000 | 1,978,474 | ||||||
Marine Ports & Services1.53% |
|
|||||||
COSCO Pacific Ltd. |
1,316,000 | 2,134,678 | ||||||
Multi-Line Insurance0.89% |
|
|||||||
China Pacific Insurance Group Co., Ltd.
|
318,200 | 1,245,575 | ||||||
Oil & Gas Exploration & Production3.55% |
|
|||||||
CNOOC Ltd. |
1,743,000 | 3,584,286 | ||||||
Kunlun Energy Co. Ltd. |
658,000 | 1,367,687 | ||||||
4,951,973 | ||||||||
Packaged Foods & Meats2.29% |
|
|||||||
China Mengniu Dairy Co. Ltd. |
456,000 | 1,331,769 | ||||||
Yashili International Holdings Ltd. |
5,383,000 | 1,860,180 | ||||||
3,191,949 | ||||||||
Paper Products4.46% |
|
|||||||
Lee & Man Paper Manufacturing Ltd. |
2,659,000 | 1,793,147 | ||||||
Nine Dragons Paper Holdings Ltd. |
5,043,000 | 4,421,745 | ||||||
6,214,892 | ||||||||
Pharmaceuticals1.21% |
|
|||||||
Sino Biopharmaceutical Ltd. |
3,396,000 | 1,685,870 | ||||||
Real Estate Development10.44% |
|
|||||||
China Vanke Co., Ltd. -Class B |
853,700 | 1,861,421 | ||||||
Evergrande Real Estate Group Ltd. |
5,142,000 | 2,718,390 | ||||||
Greentown China Holdings Ltd. |
615,500 | 1,266,650 | ||||||
Shimao Property Holdings Ltd. (Hong Kong) |
2,443,500 | 5,400,314 | ||||||
Sino-Ocean Land Holdings Ltd. |
4,149,000 | 3,311,539 | ||||||
14,558,314 | ||||||||
Semiconductor Equipment0.50% |
|
|||||||
GCL-Poly Energy Holdings Ltd. |
2,563,000 | 700,616 | ||||||
Total Common Stocks & Other Equity
|
138,013,405 | |||||||
Money Market Funds2.83% |
|
|||||||
Liquid Assets Portfolio Institutional Class (d) |
1,974,575 | 1,974,575 | ||||||
Premier Portfolio Institutional Class (d) |
1,974,576 | 1,974,576 | ||||||
Total Money Market Funds
|
3,949,151 | |||||||
TOTAL INVESTMENTS101.77%
|
141,962,556 | |||||||
OTHER ASSETS LESS LIABILITIES(1.77)% |
(2,465,627) | |||||||
NET ASSETS100.00% |
$ | 139,496,929 |
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 & Poors. |
(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) | The money market fund and the Fund are affiliated by having the same investment adviser. |
See accompanying notes which are an integral part of this schedule.
Invesco China Fund
Notes to Quarterly Schedule of Portfolio Holdings
January 31, 2013
(Unaudited)
NOTE 1 -- Significant Accounting Policies
A. | Security Valuations Securities, including restricted securities, are valued according to the following policy. |
A security listed or traded on an exchange (except convertible bonds) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (NYSE).
Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
Debt obligations (including convertible bonds) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the Adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trade is not the current value as of the close of the NYSE. Foreign securities prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.
Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trusts officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a securitys fair value.
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuers assets, general economic conditions, interest rates, investor perceptions and market liquidity.
Invesco China Fund
A. | Security Valuations (continued) |
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.
B. | Securities Transactions and Investment Income Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. |
The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Funds net asset value and, accordingly, they reduce the Funds total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.
The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.
C. | Country Determination For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuers securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Foreign Currency Translations Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. |
The Fund may invest in foreign securities which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable.
E. | Foreign Currency Contracts The Fund may enter into foreign currency contracts to manage or minimize currency or exchange rate risk. The Fund may also enter into foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to lock in the U.S. dollar price of that security. A foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The use of foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with foreign currency contracts include failure of the counterparty to meet the terms of the contract and the |
Invesco China Fund
E. | Foreign Currency Contracts (continued) |
value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.
F. | Other Risks - Investing in a single-country mutual fund involves greater risk than investing in a more diversified fund due to lack of exposure to other countries. The political and economic conditions and changes in regulatory, tax or economic policy in a single country could significantly affect the market in that country and in surrounding or related countries. |
Investing in developing countries can add additional risk, such as high rates of inflation or sharply devalued currencies against the U.S. dollar.
Transaction costs are often higher and there may be delays in settlement procedures.
Certain securities issued by companies in China may be less liquid, harder to sell or more volatile than may U.S. securities.
NOTE 2 -- 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 investments 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 Funds 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 January 31, 2013. 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.
During the three months ended January 31, 2013, there were transfers from Level 1 to Level 2 of $22,766,267 and from Level 2 to Level 1 of $46,760,587, due to foreign fair value adjustments.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Consumer Discretionary |
$ | 15,135,165 | $ | -- | $ | -- | $ | 15,135,165 | ||||||||
Consumer Staples |
4,276,567 | -- | -- | 4,276,567 | ||||||||||||
Energy |
9,657,540 | 5,824,794 | -- | 15,482,334 | ||||||||||||
Financials |
29,790,267 | 28,954,837 | -- | 58,745,104 | ||||||||||||
Health Care |
1,685,870 | -- | -- | 1,685,870 | ||||||||||||
Industrials |
13,323,737 | -- | -- | 13,323,737 | ||||||||||||
Information Technology |
12,274,685 | -- | -- | 12,274,685 | ||||||||||||
Materials |
16,123,556 | -- | -- | 16,123,556 | ||||||||||||
Telecommunication Services |
966,387 | -- | -- | 966,387 | ||||||||||||
Money Market Funds |
3,949,151 | -- | -- | 3,949,151 | ||||||||||||
Total Investments |
$ | 107,182,925 | $ | 34,779,631 | $ | -- | $ | 141,962,556 |
Invesco China Fund
NOTE 3 -- Investment Securities
The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended January 31, 2013 was $36,337,008 and $33,655,522, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.
Invesco China Fund
Invesco Developing Markets Fund |
||
Quarterly Schedule of Portfolio Holdings January 31, 2013 |
|
||
invesco.com/us DVM-QTR-1 01/13 Invesco Advisers, Inc. |
Schedule of Investments
January 31, 2013
(Unaudited)
Shares | Value | |||||||
Common Stocks & Other Equity Interests86.83% |
|
|||||||
Argentina1.25% |
||||||||
Arcos Dorados Holdings, Inc. -Class A |
3,033,097 | $ | 41,674,753 | |||||
Brazil14.98% |
||||||||
Banco Bradesco S.A. -ADR |
7,343,072 | 134,965,663 | ||||||
BR Malls Participacoes S.A. |
2,449,400 | 31,707,523 | ||||||
CETIP S.A. - Mercados Organizados |
2,514,300 | 31,626,018 | ||||||
Cielo S.A. |
1,799,256 | 50,883,303 | ||||||
Cielo S.A. (a) |
288,000 | 8,144,695 | ||||||
Diagnosticos da America S.A. |
7,635,300 | 54,250,311 | ||||||
Duratex S.A. |
8,147,040 | 56,618,144 | ||||||
MRV Engenharia e Participacoes S.A. |
7,483,700 | 42,839,157 | ||||||
Petroleo Brasileiro S.A. -ADR |
1,759,231 | 31,824,489 | ||||||
Totvs S.A. |
965,200 | 21,019,696 | ||||||
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao S.A. |
616,530 | 13,141,701 | ||||||
Valid Solucoes e Servicos de Seguranca
em
|
246,510 | 5,254,506 | ||||||
Wilson Sons Ltd. -BDR |
434,100 | 6,973,065 | ||||||
Wilson Sons Ltd. -BDR (a) |
528,500 | 8,489,438 | ||||||
497,737,709 | ||||||||
Canada0.36% |
||||||||
Niko Resources Ltd. |
1,138,890 | 11,887,942 | ||||||
China14.57% |
||||||||
Baidu, Inc. -ADR (b) |
570,914 | 61,829,986 | ||||||
Belle International Holdings Ltd. |
17,084,000 | 37,977,172 | ||||||
China Mobile Ltd. |
5,602,000 | 61,283,514 | ||||||
CNOOC Ltd. |
20,374,000 | 41,896,867 | ||||||
Golden Eagle Retail Group Ltd. |
7,561,000 | 16,281,391 | ||||||
Industrial & Commercial Bank of China Ltd. -Class H |
164,848,000 | 124,134,451 | ||||||
Lee & Man Paper Manufacturing Ltd. |
74,672,000 | 50,356,469 | ||||||
NetEase, Inc. -ADR |
664,948 | 30,866,886 | ||||||
Stella International Holdings Ltd. |
11,189,000 | 32,173,028 | ||||||
Want Want China Holdings Ltd. |
11,449,000 | 15,205,495 | ||||||
Zhongsheng Group Holdings Ltd. |
8,094,000 | 12,106,455 | ||||||
484,111,714 | ||||||||
Czech Republic0.66% |
||||||||
CEZ A.S. |
673,574 | 21,816,494 | ||||||
Egypt0.39% |
||||||||
Centamin PLC (b) |
5,153,882 | 4,547,695 | ||||||
Egyptian Financial Group - Hermes Holding (b) |
5,097,492 | 8,305,146 | ||||||
12,852,841 | ||||||||
Hong Kong0.96% |
||||||||
Galaxy Entertainment Group Ltd. (b) |
7,110,000 | 32,041,481 |
Shares | Value | |||||||
Indonesia5.84% |
||||||||
PT Bank Central Asia Tbk |
24,954,000 | $ | 24,713,269 | |||||
PT Indocement Tunggal Prakarsa Tbk |
8,427,000 | 18,810,268 | ||||||
PT Perusahaan Gas Negara Persero Tbk |
121,299,500 | 58,197,369 | ||||||
PT Telekomunikasi Indonesia Persero Tbk |
92,419,500 | 92,138,150 | ||||||
193,859,056 | ||||||||
Israel1.91% |
||||||||
Israel Chemicals Ltd. |
3,054,597 | 40,468,819 | ||||||
Teva Pharmaceutical Industries Ltd. -ADR |
606,015 | 23,022,510 | ||||||
63,491,329 | ||||||||
Luxembourg0.36% |
||||||||
Millicom International Cellular S.A. -SDR |
130,216 | 11,987,765 | ||||||
Malaysia2.37% |
||||||||
Parkson Holdings Berhad |
14,187,308 | 22,062,040 | ||||||
Public Bank Berhad |
11,351,900 | 56,722,952 | ||||||
78,784,992 | ||||||||
Mexico9.12% |
||||||||
America Movil S.A.B. de C.V., Series L -ADR |
2,239,649 | 56,349,569 | ||||||
Fomento Economico Mexicano, S.A.B. de C.V. -ADR |
799,183 | 86,223,854 | ||||||
Grupo Televisa S.A.B. -ADR |
3,448,737 | 96,599,123 | ||||||
Kimberly-Clark de Mexico, S.A.B. de C.V. -Class A |
22,651,770 | 63,836,159 | ||||||
303,008,705 | ||||||||
Nigeria1.52% |
||||||||
Zenith Bank PLC |
387,351,256 | 50,523,005 | ||||||
Peru2.64% |
||||||||
Credicorp Ltd. |
558,820 | 87,583,859 | ||||||
Philippines5.90% |
||||||||
Ayala Corp. |
3,338,582 | 46,696,158 | ||||||
Energy Development Corp. |
241,801,150 | 42,515,141 | ||||||
Energy Development Corp. (a) |
4,528,750 | 796,276 | ||||||
Philippine Long Distance Telephone Co. |
1,146,485 | 78,622,872 | ||||||
SM Investments Corp. |
1,165,128 | 27,276,573 | ||||||
195,907,020 | ||||||||
Russia4.28% |
||||||||
Gazprom OAO -ADR |
2,885,855 | 27,227,326 | ||||||
Mobile TeleSystems -ADR |
900,733 | 17,708,411 | ||||||
Sberbank of Russia |
19,647,559 | 71,222,401 | ||||||
TNK-BP Holding |
11,683,140 | 25,853,854 | ||||||
142,011,992 |
See accompanying notes which are an integral part of this schedule. |
Invesco Developing Markets Fund |
Shares | Value | |||||||
South Africa3.30% |
||||||||
AngloGold Ashanti Ltd. -ADR |
741,641 | $ | 20,780,781 | |||||
Naspers Ltd. -Class N |
1,095,787 | 70,807,987 | ||||||
Sasol Ltd. |
418,828 | 18,130,347 | ||||||
109,719,115 | ||||||||
South Korea2.91% |
||||||||
Hyundai Department Store Co., Ltd. |
251,381 | 37,160,108 | ||||||
NHN Corp. |
269,477 | 59,549,610 | ||||||
96,709,718 | ||||||||
Sweden0.80% |
||||||||
Investment AB Kinnevik -Class B |
1,156,000 | 26,672,835 | ||||||
Taiwan2.20% |
||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. |
21,320,000 | 73,124,143 | ||||||
Tanzania1.01% |
||||||||
African Barrick Gold Ltd. |
5,940,197 | 33,520,460 | ||||||
Thailand4.35% |
||||||||
Kasikornbank PCL |
13,619,100 | 91,334,475 | ||||||
Siam Commercial Bank PCL |
8,852,600 | 53,085,943 | ||||||
144,420,418 | ||||||||
Turkey4.47% |
||||||||
Anadolu Efes Biracilik ve Malt Sanayii A.S. |
1,621,889 | 24,254,097 | ||||||
Eczacibasi Ilac Sanayi ve Ticaret A.S. |
10,175,924 | 11,687,819 | ||||||
Haci Omer Sabanci Holding A.S. |
14,913,764 | 86,071,931 | ||||||
Tupras-Turkiye Petrol Rafinerileri A.S. |
962,408 | 26,540,506 | ||||||
148,554,353 | ||||||||
United Arab Emirates0.68% |
||||||||
Dragon Oil PLC |
2,489,202 | 22,423,926 | ||||||
Total Common Stocks & Other Equity Interests
|
2,884,425,625 | |||||||
Money Market Funds13.23% |
||||||||
Liquid Assets Portfolio Institutional Class (c) |
219,633,200 | 219,633,200 | ||||||
Premier Portfolio Institutional Class (c) |
219,633,199 | 219,633,199 | ||||||
Total Money Market Funds
|
|
439,266,399 | ||||||
TOTAL INVESTMENTS100.06%
|
|
3,323,692,024 | ||||||
OTHER ASSETS LESS LIABILITIES(0.06)% |
|
(1,895,110) | ||||||
NET ASSETS100.00% |
$ | 3,321,796,914 |
Investment Abbreviations:
ADR |
American Depositary Receipt | |||
BDR |
British Deposit Receipt | |||
SDR |
Swedish Depositary Receipt |
Notes to Schedule of Investments:
(a) |
Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended. 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 January 31, 2013 was $22,684,915, which represented 0.68% of the Funds Net Assets. |
(b) |
Non-income producing security. |
(c) |
The money market fund and the Fund are affiliated by having the same investment adviser. |
See accompanying notes which are an integral part of this schedule. |
Invesco Developing Markets Fund |
Notes to Quarterly Schedule of Portfolio Holdings
January 31, 2013
(Unaudited)
NOTE 1 -- Significant Accounting Policies
A . | Security Valuations Securities, including restricted securities, are valued according to the following policy. |
A security listed or traded on an exchange (except convertible bonds) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (NYSE).
Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
Debt obligations (including convertible bonds) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the Adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trade is not the current value as of the close of the NYSE. Foreign securities prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.
Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trusts officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a securitys fair value.
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuers assets, general economic conditions, interest rates, investor perceptions and market liquidity.
Invesco Developing Markets Fund
A. | Security Valuations (continued) |
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.
B. | Securities Transactions and Investment Income Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. |
The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Funds net asset value and, accordingly, they reduce the Funds total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.
The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.
C. | Country Determination For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuers securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Foreign Currency Translations Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. |
The Fund may invest in foreign securities which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable.
E. | Foreign Currency Contracts The Fund may enter into foreign currency contracts to manage or minimize currency or exchange rate risk. The Fund may also enter into foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to lock in the U.S. dollar price of that security. A foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The use of foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with foreign currency contracts include failure of the counterparty to meet the terms of the contract and the |
Invesco Developing Markets Fund
E. | Foreign Currency Contracts (continued) |
value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.
NOTE 2 -- 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 investments 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 Funds 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 January 31, 2013. 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.
During the three months ended January 31, 2013, there were transfers from Level 1 to Level 2 of $402,072,049 and from Level 2 to Level 1 of $280,963,889, due to foreign fair value adjustments.
Invesco Developing Markets Fund
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Argentina |
$ | 41,674,753 | $ | | $ | | $ | 41,674,753 | ||||||||
Brazil |
497,737,709 | | | 497,737,709 | ||||||||||||
Canada |
11,887,942 | | | 11,887,942 | ||||||||||||
China |
380,931,333 | 103,180,381 | | 484,111,714 | ||||||||||||
Czech Republic |
21,816,494 | | | 21,816,494 | ||||||||||||
Egypt |
12,852,841 | | | 12,852,841 | ||||||||||||
Hong Kong |
32,041,481 | | | 32,041,481 | ||||||||||||
Indonesia |
101,720,906 | 92,138,150 | | 193,859,056 | ||||||||||||
Israel |
63,491,329 | | | 63,491,329 | ||||||||||||
Luxemburg |
| 11,987,765 | | 11,987,765 | ||||||||||||
Malaysia |
78,784,992 | | | 78,784,992 | ||||||||||||
Mexico |
303,008,705 | | | 303,008,705 | ||||||||||||
Nigeria |
50,523,005 | | | 50,523,005 | ||||||||||||
Peru |
87,583,859 | | | 87,583,859 | ||||||||||||
Philippines |
70,587,990 | 125,319,030 | | 195,907,020 | ||||||||||||
Russia |
88,930,812 | 53,081,180 | | 142,011,992 | ||||||||||||
South Africa |
38,911,128 | 70,807,987 | | 109,719,115 | ||||||||||||
South Korea |
| 96,709,718 | | 96,709,718 | ||||||||||||
Sweden |
| 26,672,835 | | 26,672,835 | ||||||||||||
Taiwan |
| 73,124,143 | | 73,124,143 | ||||||||||||
Tanzania |
33,520,460 | | | 33,520,460 | ||||||||||||
Thailand |
| 144,420,418 | | 144,420,418 | ||||||||||||
Turkey |
148,554,353 | | | 148,554,353 | ||||||||||||
United Arab Emirates |
22,423,926 | | | 22,423,926 | ||||||||||||
United States |
439,266,399 | | | 439,266,399 | ||||||||||||
Total Investments |
$ | 2,526,250,417 | $ | 797,441,607 | $ | | $ | 3,323,692,024 |
NOTE 3 -- Investment Securities
The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended January 31, 2013 was $96,366,821and $47,525,271, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.
Invesco Developing Markets Fund
Invesco Emerging Market Local Currency
Debt Fund
Quarterly Schedule of Portfolio Holdings
January 31, 2013
invesco.com/us | EMLCD-QTR-1 01/13 | Invesco Advisers, Inc. |
Schedule of Investments
January 31, 2013
(Unaudited)
See accompanying notes which are an integral part of this schedule.
Invesco Emerging Market Local Currency Debt Fund
See accompanying notes which are an integral part of this schedule.
Invesco Emerging Market Local Currency Debt Fund
Principal
Amount |
Value | |||||||||||
United States(continued) |
|
|||||||||||
Morgan Stanley |
|
|||||||||||
Series G, |
||||||||||||
Sr. Unsec. Medium-Term Euro Notes, |
|
|||||||||||
8.44%, 12/28/15 |
MXN | 20,000,000 | $ | 1,659,045 | ||||||||
3,587,873 | ||||||||||||
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $57,195,978) |
|
58,994,496 | ||||||||||
U.S. Dollar Denominated Bonds and
|
|
|||||||||||
Hungary0.88% |
||||||||||||
Hungary Government International Bond, |
|
|||||||||||
Sr. Unsec. Global Notes, |
||||||||||||
4.75%, 02/03/15 |
$ | 290,000 | 298,700 | |||||||||
6.25%, 01/29/20 |
200,000 | 220,500 | ||||||||||
519,200 | ||||||||||||
Venezuela1.36% |
||||||||||||
Petroleos de Venezuela S.A., REGS, Sr. Unsec. Gtd. Euro Notes, 8.50%, 11/02/17 (b) |
200,000 | 196,500 | ||||||||||
Venezuela Government International Bond, Sr. Unsec. Global Bonds., 9.25%, 09/15/27 |
600,000 | 609,000 | ||||||||||
805,500 | ||||||||||||
Total U.S. Dollar Denominated Bonds and Notes (Cost $1,167,009) |
|
1,324,700 | ||||||||||
Shares | ||||||||||||
Money Market Funds0.62% |
|
|||||||||||
Liquid Assets Portfolio
|
|
182,453 | 182,453 | |||||||||
Premier Portfolio Institutional Class (e) |
|
182,453 | 182,453 | |||||||||
Total Money Market Funds
|
|
364,906 | ||||||||||
TOTAL INVESTMENTS102.72%
|
|
60,684,102 | ||||||||||
OTHER ASSETS LESS LIABILITIES(2.72)% |
|
(1,609,088) | ||||||||||
NET ASSETS100.00% |
$ | 59,075,014 |
Investment Abbreviations:
BRL | Brazilian Real |
CNY | Chinese Yuen |
COP | Colombian Peso |
CRC | Costa Rican Colon |
GHS | Ghanaian Cedi |
Gtd. | Guaranteed |
HUF | Hungary Forint |
IDR | Indonesian Rupiah |
INR | Indian Rupee |
MXN | Mexican Peso |
MYR | Malaysian Ringgit |
NGN | Nigerian Naira |
PEN | Peru Nuevo Sol |
PHP | Philippines Peso |
PLN | Poland Zloty |
REGS | Regulation S |
RUB | Russian Rouble |
Sec. | Secured |
Sr. | Senior |
THB | Thailand Baht |
TRY | New Turkish Lire |
Unsec. | Unsecured |
Unsub. | Unsubordinated |
ZAR | South African Rand |
Notes to Schedule of Investments:
(a) | Foreign denominated security. Principal amount is denominated in currency indicated. |
(b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended. 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 January 31, 2013 was $15,698,287, which represented 26.57% of the Funds Net Assets. |
(c) | Zero coupon bond issued at a discount. |
(d) | Principal amount of security and interest payments are adjusted for inflation. |
(e) | The money market fund and the Fund are affiliated by having the same investment adviser. |
See accompanying notes which are an integral part of this schedule.
Invesco Emerging Market Local Currency Debt Fund
Notes to Quarterly Schedule of Portfolio Holdings
January 31, 2013
(Unaudited)
NOTE 1 -- Significant Accounting Policies
A. | Security Valuations Securities, including restricted securities, are valued according to the following policy. |
A security listed or traded on an exchange (except convertible bonds) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (NYSE).
Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
Debt obligations (including convertible bonds) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the Adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trade is not the current value as of the close of the NYSE. Foreign securities prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.
Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trusts officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a securitys fair value.
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuers assets, general economic conditions, interest rates, investor perceptions and market liquidity.
Invesco Emerging Market Local Currency Debt Fund
A. | Security Valuations(continued) |
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.
B. | Securities Transactions and Investment Income Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. |
The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Funds net asset value and, accordingly, they reduce the Funds total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.
The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.
C. | Country Determination For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuers securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Foreign Currency Translations Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. |
The Fund may invest in foreign securities which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable.
E. | Foreign Currency Contracts The Fund may enter into foreign currency contracts to manage or minimize currency or exchange rate risk. The Fund may also enter into foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to lock in the U.S. dollar price of that security. A foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The use of foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with foreign currency contracts include failure of the counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities. |
Invesco Emerging Market Local Currency Debt Fund
NOTE 2 -- 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 investments 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 Funds 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 January 31, 2013. 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 | |||||||||||||
Corporate Debt Securities |
$ | -- | $ | 3,587,873 | $ | -- | $ | 3,587,873 | ||||||||
Money Market Funds |
364,906 | -- | -- | 364,906 | ||||||||||||
Foreign Debt Securities |
-- | 21,075,127 | -- | 21,075,127 | ||||||||||||
Foreign Government Debt Securities |
-- | 35,656,196 | -- | 35,656,196 | ||||||||||||
$ | 364,906 | $ | 60,319,196 | $ | -- | $ | 60,684,102 |
NOTE 3 -- Investment Securities
The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended January 31, 2013 was $14,096,004 and $2,511,820, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.
Invesco Emerging Market Local Currency Debt Fund
Invesco Emerging Markets Equity Fund
Quarterly Schedule of Portfolio Holdings
January 31, 2013
invesco.com/us | EME-QTR-1 01/13 | Invesco Advisers, Inc. |
Schedule of Investments
January 31, 2013
(Unaudited)
Shares | Value | |||||||
Common Stocks & Other Equity
|
||||||||
Brazil11.13% |
||||||||
Banco do Brasil S.A. |
28,500 | $ | 349,184 | |||||
Companhia Paranaense de Energia - Copel -Class B -Preference Shares |
24,500 | 401,054 | ||||||
PDG Realty S.A. Empreendimentos e Participacoes |
97,200 | 154,231 | ||||||
Petroleo Brasileiro S.A. -ADR |
29,810 | 544,927 | ||||||
Telefonica Brasil S.A. -Preference Shares |
16,300 | 411,613 | ||||||
Vale S.A. -ADR |
27,027 | 545,135 | ||||||
2,406,144 | ||||||||
China16.02% |
||||||||
China Agri-Industries Holdings Ltd. |
511,000 | 311,658 | ||||||
China Communications Construction Co. Ltd. -Class H |
438,000 | 444,472 | ||||||
China Construction Bank Corp. -Class H |
705,000 | 608,983 | ||||||
China Minsheng Banking Corp., Ltd. -Class H |
275,000 | 395,015 | ||||||
China Mobile Ltd. |
79,000 | 864,227 | ||||||
CNOOC Ltd. |
283,000 | 581,958 | ||||||
KWG Property Holding Ltd. |
339,000 | 257,023 | ||||||
3,463,336 | ||||||||
Hong Kong1.16% |
||||||||
First Pacific Co. Ltd. |
194,000 | 249,648 | ||||||
India8.93% |
||||||||
PowerShares India Portfolio -ETF (a) |
19,931 | 390,648 | ||||||
Tata Motors Ltd. -ADR |
20,900 | 577,467 | ||||||
WisdomTree India Earnings Fund -ETF (b) |
47,600 | 961,520 | ||||||
1,929,635 | ||||||||
Indonesia2.50% |
||||||||
PT Bank Rakyat Indonesia (Persero) Tbk |
136,500 | 111,368 | ||||||
PT Telekomunikasi Indonesia Persero Tbk |
226,000 | 225,312 | ||||||
PT United Tractors Tbk |
100,000 | 202,999 | ||||||
539,679 | ||||||||
Mexico2.53% |
||||||||
America Movil S.A.B. de C.V. -Series L |
433,600 | 547,030 | ||||||
Poland2.19% |
||||||||
KGHM Polska Miedz S.A. |
7,773 | 474,064 | ||||||
Russia9.52% |
||||||||
Gazprom OAO -ADR |
32,256 | 304,327 | ||||||
Magnitogorsk Iron & Steel Works -REGS -GDR (c) |
56,700 | 257,438 | ||||||
Rosneft Oil Co. -REGS -GDR (c) |
67,999 | 599,155 |
Shares | Value | |||||||
Russia(continued) |
||||||||
Sberbank of Russia -ADR |
33,466 | $ | 494,535 | |||||
Sistema JSFC -REGS -GDR (c) |
18,325 | 403,150 | ||||||
2,058,605 | ||||||||
South Africa7.66% |
||||||||
Sasol Ltd. |
11,137 | 482,102 | ||||||
Standard Bank Group Ltd. |
23,036 | 300,416 | ||||||
Steinhoff International Holdings Ltd. |
162,074 | 491,299 | ||||||
Tiger Brands Ltd. |
11,573 | 380,967 | ||||||
1,654,784 | ||||||||
South Korea19.08% |
||||||||
Dongbu Insurance Co., Ltd. |
10,235 | 439,077 | ||||||
Hyundai Department Store Co., Ltd. |
1,346 | 198,971 | ||||||
Hyundai Mipo Dockyard Co., Ltd. |
3,110 | 334,258 | ||||||
Hyundai Mobis |
2,739 | 717,088 | ||||||
KT&G Corp. |
7,075 | 493,292 | ||||||
POSCO |
1,125 | 368,424 | ||||||
Samsung Electronics Co., Ltd. |
581 | 772,824 | ||||||
Shinhan Financial Group Co., Ltd. |
11,447 | 430,607 | ||||||
SK Telecom Co., Ltd. -ADR |
21,829 | 370,001 | ||||||
4,124,542 | ||||||||
Taiwan6.50% |
||||||||
Hon Hai Precision Industry Co., Ltd. |
162,000 | 462,700 | ||||||
Powertech Technology Inc. |
136,900 | 205,182 | ||||||
TPK Holding Co. Ltd. |
13,000 | 222,993 | ||||||
Unimicron Technology Corp. |
272,000 | 271,540 | ||||||
Wistron Corp. |
208,800 | 241,657 | ||||||
1,404,072 | ||||||||
Thailand4.37% |
||||||||
Bangkok Bank PCL -NVDR |
79,000 | 553,132 | ||||||
PTT PCL |
33,500 | 390,497 | ||||||
943,629 | ||||||||
Turkey1.45% |
||||||||
Asya Katilim Bankasi AS (d) |
247,338 | 313,620 | ||||||
United Arab Emirates2.05% |
||||||||
Dragon Oil PLC |
49,225 | 443,443 | ||||||
United Kingdom1.23% |
||||||||
Eurasian Natural Resources Corp. |
50,800 | 266,154 | ||||||
Total Common Stocks & Other Equity
|
20,818,385 |
See accompanying notes which are an integral part of this schedule.
Invesco Emerging Markets Equity Fund
Investment Abbreviations:
ADR | American Depositary Receipt |
ETF | Exchange-Traded Fund |
GDR | Global Depositary Receipt |
NVDR | Non-Voting Depositary Receipt |
REGS | Regulation S |
Notes to Schedule of Investments:
(a) | The Exchange-Traded Fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Funds investment adviser. |
(b) | All or a portion of this security was out on loan at January 31, 2013. |
(c) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended. 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 January 31, 2013 was $1,259,743, which represented 5.83% of the Funds Net Assets. |
(d) | Non-income producing security. |
(e) | The money market fund and the Fund are affiliated by having the same investment adviser. |
(f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrowers return of the securities loaned. See Note 1D. |
See accompanying notes which are an integral part of this schedule.
Invesco Emerging Markets Equity Fund
Notes to Quarterly Schedule of Portfolio Holdings
January 31, 2013
(Unaudited)
NOTE 1 -- Significant Accounting Policies
A. | Security Valuations Securities, including restricted securities, are valued according to the following policy. |
A security listed or traded on an exchange (except convertible bonds) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (NYSE).
Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
Debt obligations (including convertible bonds) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the Adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trade is not the current value as of the close of the NYSE. Foreign securities prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.
Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trusts officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a securitys fair value.
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuers assets, general economic conditions, interest rates, investor perceptions and market liquidity. 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.
Invesco Emerging Markets Equity Fund
B. | Securities Transactions and Investment Income Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. |
The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Funds net asset value and, accordingly, they reduce the Funds total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.
The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.
C. | Country Determination For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuers securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Securities Lending The Fund may lend portfolio securities having a market value up to one-third of the Funds total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds and is shown as such on the Schedule of Investments. It is the Funds policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Fund if and to the extent that the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, is included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan is shown as a footnote on the Statement of Assets and Liabilities, if any. |
E. | Foreign Currency Translations Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses |
Invesco Emerging Markets Equity Fund
E. | Foreign Currency Translations (continued) |
arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.
The Fund may invest in foreign securities which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable.
F. | Foreign Currency Contracts The Fund may enter into foreign currency contracts to manage or minimize currency or exchange rate risk. The Fund may also enter into foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to lock in the U.S. dollar price of that security. A foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The use of foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with foreign currency contracts include failure of the counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities. |
NOTE 2 -- 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 investments 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 Funds 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 January 31, 2013. 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.
During the three months ended January 31, 2013, there were transfers from Level 1 to Level 2 of $1,964,509 and from Level 2 to Level 1 of $5,631,325, due to foreign fair value adjustments.
Invesco Emerging Markets Equity Fund
NOTE 2 -- Additional Valuation Information - (continued)
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Brazil |
$ | 2,406,144 | $ | -- | $ | -- | $ | 2,406,144 | ||||||||
China |
1,408,168 | 2,055,168 | -- | 3,463,336 | ||||||||||||
Hong Kong |
249,648 | -- | -- | 249,648 | ||||||||||||
India |
1,929,635 | -- | -- | 1,929,635 | ||||||||||||
Indonesia |
111,368 | 428,311 | -- | 539,679 | ||||||||||||
Mexico |
547,030 | -- | -- | 547,030 | ||||||||||||
Poland |
-- | 474,064 | -- | 474,064 | ||||||||||||
Russia |
403,150 | 1,655,455 | -- | 2,058,605 | ||||||||||||
South Africa |
1,163,485 | 491,299 | -- | 1,654,784 | ||||||||||||
South Korea |
3,925,571 | 198,971 | -- | 4,124,542 | ||||||||||||
Taiwan |
975,897 | 428,175 | -- | 1,404,072 | ||||||||||||
Thailand |
553,132 | 390,497 | -- | 943,629 | ||||||||||||
Turkey |
313,620 | -- | -- | 313,620 | ||||||||||||
United Arab Emirates |
443,443 | -- | -- | 443,443 | ||||||||||||
United Kingdom |
-- | 266,154 | -- | 266,154 | ||||||||||||
United States |
1,423,556 | -- | -- | 1,423,556 | ||||||||||||
Total Investments |
$ | 15,853,847 | $ | 6,388,094 | $ | -- | $ | 22,241,941 |
NOTE 3 -- Investment Securities
The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended January 31, 2013 was $1,996,021 and $1,246,079, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.
Invesco Emerging Markets Equity Fund
Invesco Endeavor Fund |
||
Quarterly Schedule of Portfolio Holdings | ||
January 31, 2013 |
|
||
invesco.com/us END-QTR-1 01/13 Invesco Advisers, Inc. |
Schedule of Investments (a)
January 31, 2013
(Unaudited)
Shares | Value | |||||||
Common Stocks & Other Equity Interests78.70% |
|
|||||||
Airlines1.91% |
|
|||||||
Ryanair Holdings PLC -ADR (Ireland) |
148,800 | $ | 5,795,760 | |||||
Application Software2.46% |
|
|||||||
Autodesk, Inc. (b) |
191,781 | 7,456,445 | ||||||
Brewers3.67% |
|
|||||||
Molson Coors Brewing Co. -Class B |
246,908 | 11,155,303 | ||||||
Building Products2.18% |
|
|||||||
Kingspan Group PLC (Ireland) |
571,400 | 6,618,111 | ||||||
Communications Equipment2.79% |
|
|||||||
Plantronics, Inc. |
206,272 | 8,481,905 | ||||||
Construction & Engineering12.82% |
|
|||||||
Orion Marine Group, Inc. (b)(c) |
1,599,847 | 12,478,807 | ||||||
Pike Electric Corp. |
1,548,471 | 16,104,098 | ||||||
Quanta Services, Inc. (b) |
357,884 | 10,367,900 | ||||||
38,950,805 | ||||||||
Education Services2.38% |
|
|||||||
K12 Inc. (b) |
391,223 | 7,221,977 | ||||||
Environmental & Facilities Services4.58% |
|
|||||||
Newalta Corp. (Canada) |
865,224 | 13,924,441 | ||||||
Health Care Distributors3.09% |
|
|||||||
Patterson Cos. Inc. |
260,000 | 9,393,800 | ||||||
Health Care Equipment4.48% |
|
|||||||
Zimmer Holdings, Inc. |
182,381 | 13,605,623 | ||||||
Home Entertainment Software2.80% |
|
|||||||
Activision Blizzard, Inc. |
747,906 | 8,518,649 | ||||||
Industrial Conglomerates2.74% |
|
|||||||
DCC PLC (Ireland) |
254,531 | 8,329,626 | ||||||
Investment Banking & Brokerage3.01% |
|
|||||||
Charles Schwab Corp. (The) |
552,472 | 9,132,362 | ||||||
Leisure Facilities1.98% |
|
|||||||
International Speedway Corp. -Class A |
219,133 | 6,006,436 | ||||||
Life & Health Insurance3.03% |
|
|||||||
Unum Group |
394,920 | 9,205,585 | ||||||
Managed Health Care1.95% |
|
|||||||
UnitedHealth Group Inc. |
107,436 | 5,931,542 | ||||||
Multi-Line Insurance2.71% |
|
|||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe (Austria) |
155,473 | 8,230,388 |
Shares | Value | |||||||
Oil & Gas Drilling2.12% |
|
|||||||
Patterson-UTI Energy, Inc. |
316,111 | $ 6,429,698 | ||||||
Oil & Gas Exploration & Production3.80% |
|
|||||||
Ultra Petroleum Corp. (b) |
632,910 | 11,531,620 | ||||||
Paper Products1.22% |
|
|||||||
Fortress Paper Ltd. -Class A (Canada) (b) |
449,900 | 3,703,679 | ||||||
Research & Consulting Services2.92% |
|
|||||||
FTI Consulting, Inc. (b) |
272,586 | 8,859,045 | ||||||
Semiconductors4.65% |
|
|||||||
International Rectifier Corp. (b) |
724,318 | 14,116,958 | ||||||
Trading Companies & Distributors3.23% |
|
|||||||
Grafton Group PLC (Ireland) (d) |
1,682,084 | 9,810,537 | ||||||
Trucking2.18% |
|
|||||||
Con-way Inc. |
211,300 | 6,630,594 | ||||||
Total Common Stocks & Other Equity Interests (Cost $200,216,254) |
|
239,040,889 | ||||||
Money Market Funds21.53% |
|
|||||||
Liquid Assets Portfolio Institutional Class (e) |
32,702,009 | 32,702,009 | ||||||
Premier Portfolio Institutional Class (e) |
32,702,010 | 32,702,010 | ||||||
Total Money Market Funds (Cost $65,404,019) |
|
65,404,019 | ||||||
TOTAL INVESTMENTS100.23%
|
|
304,444,908 | ||||||
OTHER ASSETS LESS LIABILITIES(0.23)% |
|
(699,699) | ||||||
NET ASSETS100.00% |
$ 303,745,209 |
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 & Poors. |
(b) | Non-income producing security. |
(c) | Affiliated company during the period. The Investment Company Act of 1940 defines affiliates as those issuances in which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the Investment Company Act of 1940) of that issuer. The value of this security as of January 31, 2013 represented 4.11% of the Funds Net Assets. See Note 3. |
(d) | Each unit is comprised of one ordinary share of Euro 0.05, seventeen Class A shares and one Class C share. |
(e) | The money market fund and the Fund are affiliated by having the same investment adviser. |
See accompanying notes which are an integral part of this schedule. |
Invesco Endeavor Fund |
Notes to Quarterly Schedule of Portfolio Holdings
January 31, 2013
(Unaudited)
NOTE 1 -- Significant Accounting Policies
A. | Security Valuations Securities, including restricted securities, are valued according to the following policy. |
A security listed or traded on an exchange (except convertible bonds) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (NYSE).
Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
Debt obligations (including convertible bonds) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the Adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trade is not the current value as of the close of the NYSE. Foreign securities prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.
Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trusts officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a securitys fair value.
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuers assets, general economic conditions, interest rates, investor perceptions and market liquidity. 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.
Invesco Endeavor Fund
B. | Securities Transactions and Investment Income Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. |
The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Funds net asset value and, accordingly, they reduce the Funds total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.
The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.
C. | Country Determination For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuers securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Foreign Currency Translations Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. |
The Fund may invest in foreign securities which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable.
E. | Foreign Currency Contracts The Fund may enter into foreign currency contracts to manage or minimize currency or exchange rate risk. The Fund may also enter into foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to lock in the U.S. dollar price of that security. A foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The use of foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with foreign currency contracts include failure of the counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities. |
Invesco Endeavor Fund
NOTE 2 -- 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 investments 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 Funds 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 January 31, 2013. 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.
During the three months ended January 31, 2013, there were transfers from Level 1 to Level 2 of $16,428,648, and from Level 2 to Level 1 of $16,560,014 due to foreign fair value adjustments.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Equity Securities |
$ | 288,016,260 | $ | 16,428,648 | $ | -- | $ | 304,444,908 |
NOTE 3 -- Investments in Other Affiliates
The Investment Company Act of 1940, as amended (the 1940 Act), defines affiliates as those issuances in which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The following is a summary of the investments in other affiliates for the three months ended January 31, 2013.
Value 10/31/12 |
Purchases
at Cost |
Proceeds
from Sales |
Change in
Unrealized Appreciation |
Realized
Gain |
Value 01/31/13 |
Dividend
Income |
||||||||||||||||||||||
Orion Marine Group, Inc. |
$ | 10,702,977 | $ | -- | $ | -- | $ | 1,775,830 | $ | -- | $ | 12,478,807 | $ | -- |
NOTE 4 -- Investment Securities
The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended January 31, 2013 was $11,838,855 and $7,585,109, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.
Invesco Endeavor Fund
|
||
Invesco Global Health Care Fund | ||
Quarterly Schedule of Portfolio Holdings January 31, 2013 |
|
||
invesco.com/us GHC-QTR-1 01/13 Invesco Advisers, Inc. |
Schedule of Investments (a)
January 31, 2013
(Unaudited)
Shares | Value | |||||||
Common Stocks & Other Equity Interests97.29% |
|
|||||||
Biotechnology20.99% |
||||||||
Actelion Ltd. (Switzerland) (b) |
59,529 | $ | 2,944,890 | |||||
Alexion Pharmaceuticals, Inc. (b) |
178,599 | 16,786,520 | ||||||
Algeta ASA (Norway) (b) |
243,802 | 7,462,871 | ||||||
Amarin Corp. PLC -ADR (Ireland) (b) |
940,805 | 8,015,659 | ||||||
ARIAD Pharmaceuticals, Inc. (b) |
617,673 | 12,279,339 | ||||||
Biogen Idec Inc. (b) |
168,135 | 26,242,511 | ||||||
BioMarin Pharmaceutical Inc. (b) |
436,051 | 23,934,839 | ||||||
Celgene Corp. (b) |
221,592 | 21,928,744 | ||||||
Cepheid, Inc. (b) |
303,314 | 10,986,033 | ||||||
Elan Corp. PLC -ADR (Ireland) (b) |
1,024,244 | 10,764,804 | ||||||
Evolutionary Genomics/GenoPlex, Inc. (Acquired 09/15/97-05/25/12; Cost $408,490) (b)(c)(d) |
9,944 | 0 | ||||||
Gilead Sciences, Inc. (b) |
992,166 | 39,140,949 | ||||||
Incyte Corp. (b) |
432,586 | 7,950,931 | ||||||
Infinity Pharmaceuticals, Inc. (b) |
194,460 | 6,699,147 | ||||||
Keryx Biopharmaceuticals, Inc. (b) |
671,551 | 6,097,683 | ||||||
Medivation Inc. (b) |
302,288 | 16,432,376 | ||||||
NewLink Genetics Corp. (b) |
217,440 | 2,576,664 | ||||||
Onyx Pharmaceuticals, Inc. (b) |
226,862 | 17,586,342 | ||||||
Vertex Pharmaceuticals Inc. (b) |
264,816 | 11,858,461 | ||||||
249,688,763 | ||||||||
Drug Retail1.86% |
||||||||
CVS Caremark Corp. |
225,243 | 11,532,442 | ||||||
Raia Drogasil S.A. (Brazil) |
945,978 | 10,568,923 | ||||||
22,101,365 | ||||||||
Health Care Distributors4.20% |
|
|||||||
Cardinal Health, Inc. |
450,609 | 19,741,180 | ||||||
McKesson Corp. |
286,519 | 30,150,395 | ||||||
49,891,575 | ||||||||
Health Care Equipment7.94% |
|
|||||||
Abbott Laboratories |
535,140 | 18,130,543 | ||||||
Baxter International Inc. |
262,985 | 17,840,902 | ||||||
Covidien PLC |
301,540 | 18,798,004 | ||||||
Hologic, Inc. (b) |
501,720 | 11,961,005 | ||||||
Olympus Corp. (Japan) (b) |
717,200 | 15,836,002 | ||||||
Sensys Medical, Inc.
|
8,750 | 0 | ||||||
Wright Medical Group, Inc. (b) |
562,822 | 11,898,057 | ||||||
94,464,513 | ||||||||
Health Care Facilities7.40% |
||||||||
HCA Holdings, Inc. |
713,799 | 26,874,532 | ||||||
Health Management Associates Inc.
|
1,526,904 | 15,940,878 | ||||||
Rhoen-Klinikum AG (Germany) |
591,180 | 12,403,287 | ||||||
Tenet Healthcare Corp. (b) |
369,602 | 14,351,646 |
Shares | Value | |||||||
Health Care Facilities(continued) |
|
|||||||
Universal Health Services, Inc. -Class B |
325,424 | $ | 18,432,015 | |||||
88,002,358 | ||||||||
Health Care Services3.30% |
||||||||
Express Scripts Holding Co. (b) |
293,621 | 15,685,234 | ||||||
HMS Holdings Corp. (b) |
345,266 | 9,411,951 | ||||||
Innovacare Inc. (Acquired 12/12/12;
|
805,748 | 3,158,532 | ||||||
Quest Diagnostics Inc. |
190,598 | 11,045,154 | ||||||
39,300,871 | ||||||||
Health Care Technology0.98% |
|
|||||||
Cerner Corp. (b) |
141,304 | 11,664,645 | ||||||
Life Sciences Tools & Services3.11% |
|
|||||||
Life Technologies Corp. (b) |
284,934 | 18,432,381 | ||||||
Thermo Fisher Scientific, Inc. |
257,902 | 18,605,050 | ||||||
37,037,431 | ||||||||
Managed Health Care7.09% |
||||||||
Aetna Inc. |
357,240 | 17,229,685 | ||||||
Health Net Inc. (b) |
661,778 | 18,000,361 | ||||||
Humana Inc. |
180,602 | 13,429,565 | ||||||
Qualicorp S.A. (Brazil) (b)(c) |
791,200 | 8,184,143 | ||||||
UnitedHealth Group Inc. |
498,495 | 27,521,909 | ||||||
84,365,663 | ||||||||
Pharmaceuticals40.42% |
||||||||
AbbVie Inc. |
481,659 | 17,672,069 | ||||||
Allergan, Inc. |
111,446 | 11,702,944 | ||||||
Bayer AG (Germany) |
325,277 | 32,102,294 | ||||||
Eli Lilly & Co. |
358,111 | 19,226,980 | ||||||
Endo Health Solutions Inc. (b) |
1,048,400 | 33,192,344 | ||||||
GlaxoSmithKline PLC -ADR (United Kingdom) |
1,063,339 | 48,498,892 | ||||||
Hikma Pharmaceuticals PLC (United Kingdom) |
950,063 | 12,152,341 | ||||||
Jazz Pharmaceuticals PLC (b) |
214,165 | 12,076,764 | ||||||
Johnson & Johnson |
663,400 | 49,038,528 | ||||||
Locus Pharmaceuticals, Inc. (Acquired 11/21/00-05/09/07; Cost $6,852,940) (b)(c) |
258,824 | 0 | ||||||
Nippon Shinyaku Co., Ltd. (Japan) |
834,000 | 10,468,314 | ||||||
Novartis AG -ADR (Switzerland) |
746,235 | 50,609,658 | ||||||
Pfizer Inc. |
2,116,217 | 57,730,400 | ||||||
Pharmstandard -GDR (Russia) (b)(c) |
138,700 | 2,694,941 | ||||||
Roche Holding AG (Switzerland) |
253,085 | 55,881,817 | ||||||
Sanofi -ADR (France) |
712,878 | 34,702,901 | ||||||
Shire PLC -ADR (Ireland) |
309,022 | 30,945,463 | ||||||
Zoetis Inc. (b) |
83,303 | 2,165,878 | ||||||
480,862,528 | ||||||||
Total Common Stocks & Other Equity Interests
|
1,157,379,712 |
See accompanying notes which are an integral part of this schedule. |
Invesco Global Health Care Fund |
Shares | Value | |||||||
Preferred Stocks0.00% |
||||||||
Health Care Equipment0.00% |
|
|||||||
Intact Medical Corp.
|
2,439,026 | $ | 0 | |||||
Sensys Medical, Inc.,
|
2,173,209 | 0 | ||||||
Series B, Conv. Pfd.,
|
282,004 | 0 | ||||||
Total Preferred Stocks (Cost $9,873,299) |
|
0 | ||||||
Money Market Funds2.89% |
|
|||||||
Liquid Assets Portfolio Institutional Class (e) |
17,217,641 | 17,217,641 | ||||||
Premier Portfolio Institutional Class (e) |
17,217,642 | 17,217,642 | ||||||
Total Money Market Funds
|
34,435,283 | |||||||
TOTAL INVESTMENTS100.18%
|
|
1,191,814,995 | ||||||
OTHER ASSETS LESS LIABILITIES(0.18)% |
|
(2,139,754) | ||||||
NET ASSETS100.00% |
$ | 1,189,675,241 |
Investment Abbreviations: |
||
ADR |
American Depositary Receipt | |
Conv. |
Convertible | |
GDR |
Global Depositary Receipt | |
Pfd. |
Preferred |
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 & Poors. |
(b) | Non-income producing security. |
(c) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended. 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 January 31, 2013 was $14,037,616, which represented 1.18% of the Funds Net Assets. |
(d) | Security is considered venture capital. See Note 1F. |
(e) | The money market fund and the Fund are affiliated by having the same investment adviser. |
See accompanying notes which are an integral part of this schedule. |
Invesco Global Health Care Fund |
Notes to Quarterly Schedule of Portfolio Holdings
January 31, 2013
(Unaudited)
NOTE 1 -- Significant Accounting Policies
A. | Security Valuations Securities, including restricted securities, are valued according to the following policy. |
A security listed or traded on an exchange (except convertible bonds) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (NYSE).
Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
Debt obligations (including convertible bonds) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the Adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trade is not the current value as of the close of the NYSE. Foreign securities prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.
Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trusts officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a securitys fair value.
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuers assets, general economic conditions, interest rates, investor perceptions and market liquidity. 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.
Invesco Global Health Care Fund
B. | Securities Transactions and Investment Income Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. |
The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Funds net asset value and, accordingly, they reduce the Funds total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.
The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.
C. | Country Determination For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuers securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Foreign Currency Translations Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. |
The Fund may invest in foreign securities which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable.
E. | Foreign Currency Contracts The Fund may enter into foreign currency contracts to manage or minimize currency or exchange rate risk. The Fund may also enter into foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to lock in the U.S. dollar price of that security. A foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The use of foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with foreign currency contracts include failure of the counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities. |
Invesco Global Health Care Fund
F. | Other Risks - The Fund may invest a large percentage of assets in securities of a limited number of companies, such that each investment may have a greater effect on the Funds overall performance, and any change in the value of those securities could significantly affect the value of your investment in the Fund. |
The Fund has invested in non-publicly traded companies, some of which are in the startup or development stages. These investments are inherently risky, as the market for the technologies or products these companies are developing are typically in the early stages and may never materialize. The Fund could lose its entire investment in these companies. These investments are valued at fair value as determined in good faith in accordance with procedures approved by the Board of Trustees. Investments in privately held venture capital securities are illiquid.
NOTE 2 -- 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 investments 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 Funds 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 January 31, 2013. 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 | |||||||||||||
Equity Securities |
$ | 1,098,895,526 | $ | 89,760,937 | $ | 3,158,532 | $ | 1,191,814,995 | ||||||||
Foreign Currency Contracts* |
-- | (1,194,688) | -- | (1,194,688) | ||||||||||||
Total Investments |
$ | 1,098,895,526 | $ | 88,566,249 | $ | 3,158,532 | $ | 1,190,620,307 |
* Unrealized appreciation (depreciation).
NOTE 3 -- Derivative Investments
Open Foreign Currency Contracts | ||||||||||||||||||||||
Unrealized | ||||||||||||||||||||||
Settlement | Contract to | Notional | Appreciation | |||||||||||||||||||
Date | Counterparty | Deliver | Receive | Value | (Depreciation) | |||||||||||||||||
02/08/13 |
Citibank Capital | CHF | 25,810,000 | USD | 27,912,359 | $ | 28,364,383 | $ | (452,024) | |||||||||||||
02/08/13 |
Citibank Capital | EUR | 14,667,000 | USD | 19,174,316 | 19,916,980 | (742,664) | |||||||||||||||
Total open foreign currency contracts |
|
$ | (1,194,688) |
Currency Abbreviations:
CHF Swiss Franc
EUR -- Euro
USD -- U.S. Dollar
Invesco Global Health Care Fund
NOTE 4 -- Investment Securities
The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended January 31, 2013 was $167,828,703 and $188,192,205, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.
Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities |
$ | 348,628,079 | ||
Aggregate unrealized (depreciation) of investment securities |
(22,147,668) | |||
Net unrealized appreciation of investment securities |
$ | 326,480,411 | ||
Cost of investments for tax purposes is $865,334,584. |
Invesco Global Health Care Fund
Invesco Global Markets Strategy Fund
Quarterly Schedule of Portfolio Holdings
January 31, 2013
invesco.com/us | GMS-QTR-1 01/13 | Invesco Advisers, Inc. |
Consolidated Schedule of Investments
January 31, 2013
(Unaudited)
Principal Amount |
Value | |||||||
U.S. Treasury Bills11.95% (a) |
||||||||
0.08%, 07/11/13 |
$ | 7,500,000 | $ | 7,497,266 | ||||
0.10%, 07/25/13 |
5,000,000 | 4,997,559 | ||||||
Total U.S. Treasury Bills
|
12,494,825 | |||||||
Shares | ||||||||
Money Market Funds7.41% |
||||||||
Liquid Assets Portfolio Institutional
|
2,958,458 | 2,958,458 | ||||||
Premier Portfolio Institutional Class (b) |
2,958,458 | 2,958,458 | ||||||
STIC (Global Series) PLC U.S. Dollar Liquidity Portfolio Institutional Class (b) |
1,832,960 | 1,832,960 | ||||||
Total Money Market Funds
|
7,749,876 | |||||||
TOTAL INVESTMENTS19.36%
|
20,244,701 | |||||||
OTHER ASSETS LESS LIABILITIES80.64% |
|
84,322,435 | ||||||
NET ASSETS100.00% |
$ | 104,567,136 |
Notes to Schedule of Investments:
(a) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
(b) | The money market fund and the Fund are affiliated by having the same investment adviser. |
(a) | Futures collateralized by $690,000 cash held with Goldman Sachs & Co., the futures commission merchant. |
See accompanying consolidated notes which are an integral part of this schedule.
Invesco Global Markets Strategy Fund
Swap Agreements | Counterparty |
Number
of Contracts |
Termination Date |
Notional
Value |
Unrealized
Appreciation (Depreciation) |
|||||||||
Long Agreements |
||||||||||||||
Receive a return equal to the Barclays Capital Soymeal Nearby Excess Return Index and pay the product of (i) 0.30% of the Notional Amount multiplied by (ii) days in the period divided by 365 |
Barclays Bank
PLC |
300 | September-2013 | $ | 226,276 | $ 7,966 | ||||||||
Receive a return equal to the Barclays Gold Excess Return Index and pay the product of (i) 0.22% of the Notional Amount multiplied by (ii) days in the period divided by 365 |
Barclays Bank
PLC |
960 | September-2013 | 377,616 | (5,419 | ) | ||||||||
Receive a return equal to the Barclays Live Cattle Roll Yield Excess Return Index and pay the product of (i) 0.47% of the Notional Amount multiplied by (ii) days in the period divided by 365 |
Barclays Bank
PLC |
60 | September-2013 | 8,119 | (65 | ) | ||||||||
Receive a return equal to the Dow Jones-UBS Gold Index and pay the product of (i) 0.15% of the Notional Amount multiplied by (ii) days in the period divided by 365 |
Bank of America
Securities, LLC |
1,760 | October-2013 | 372,926 | (3,554 | ) | ||||||||
Receive a return equal to LIFFE Long Gilt Futures Contract multiplied by 0.01% of the Notional Value |
Goldman Sachs
International |
1 | March-2013 | 184,563 | (37 | ) | ||||||||
Subtotal | $ | 1,169,500 | $ (1,109 | ) | ||||||||||
Short Agreements |
||||||||||||||
Pay a floating rate equal to the S&P GSCI Sugar Excess Return A141 Strategy and receive the product of (i) 0.37% of the Notional Amount multiplied by (ii) days in the period divided by 365 |
Goldman Sachs
International |
460 | November-2013 | 179,320 | 7,453 | |||||||||
Pay a floating rate equal to the Barclays Commodity Strategy 1606 and receive the product of (i) 0.41% of the Notional Amount multiplied by (ii) days in the period divided by 365 |
Barclays Bank
PLC |
70 | September-2013 | 32,296 | (137 | ) | ||||||||
Subtotal | $ | 211,616 | $ 7,316 | |||||||||||
Total Swap Agreements | $ 6,207 |
See accompanying consolidated notes which are an integral part of this schedule.
Invesco Global Markets Strategy Fund
Notes to Consolidated Quarterly Schedule of Portfolio Holdings
January 31, 2013
(Unaudited)
NOTE 1 -- Significant Accounting Policies
Invesco Global Markets Strategy Fund (the Fund) will seek to gain exposure to the commodity markets primarily through investments in the Invesco Cayman Commodity Fund V Ltd. (the Subsidiary), a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands. The Subsidiary was organized by the Fund to invest in commodity-linked derivatives. The Fund may invest up to 25% of its total assets in the Subsidiary.
A. | Security Valuations Securities, including restricted securities, are valued according to the following policy. |
Debt obligations (including convertible bonds) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
A security listed or traded on an exchange (except convertible bonds) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (NYSE).
Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
Swap agreements are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end of day net present values, spreads, ratings, industry, and company performance.
Foreign securities (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the Adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trade is not the current value as of the close of the NYSE. Foreign securities prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including Corporate Loans.
A. | Security Valuations (continued) |
Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trusts officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a securitys fair value.
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuers assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.
B. | Securities Transactions and Investment Income Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes. |
The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Consolidated Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Consolidated Statement of Operations and the Consolidated Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Consolidated Financial Highlights. Transaction costs are included in the calculation of the Funds net asset value and, accordingly, they reduce the Funds total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Consolidated Statement of Operations and Consolidated Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Consolidated Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.
The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.
C. | Country Determination For the purposes of making investment selection decisions and presentation in the Consolidated Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuers securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Futures Contracts The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between two parties to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Consolidated Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Funds basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Consolidated Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal counterparty risk since the exchanges clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Consolidated Statement of Assets and Liabilities. |
Invesco Global Markets Strategy Fund
E. | Swap Agreements The Fund may enter into various swap transactions, including interest rate, total return, index, currency exchange rate and credit default swap contracts (CDS) for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between two parties (Counterparties). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Funds NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any. |
Interest rate, total return, index, and currency exchange rate swap agreements are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or swapped between the parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or return of an underlying asset, in a particular foreign currency, or in a basket of securities representing a particular index.
A CDS is an agreement between Counterparties to exchange the credit risk of an issuer. A buyer of a CDS is said to buy protection by paying a fixed payment over the life of the agreement and in some situations an upfront payment to the seller of the CDS. If a defined credit event occurs (such as payment default or bankruptcy), the Fund as a protection buyer would cease paying its fixed payment, the Fund would deliver eligible bonds issued by the reference entity to the seller, and the seller would pay the full notional value, or the par value, of the referenced obligation to the Fund. A seller of a CDS is said to sell protection and thus would receive a fixed payment over the life of the agreement and an upfront payment, if applicable. If a credit event occurs, the Fund as a protection seller would cease to receive the fixed payment stream, the Fund would pay the buyer par value or the full notional value of the referenced obligation, and the Fund would receive the eligible bonds issued by the reference entity. In turn, these bonds may be sold in order to realize a recovery value. Alternatively, the seller of the CDS and its counterparty may agree to net the notional amount and the market value of the bonds and make a cash payment equal to the difference to the buyer of protection. If no credit event occurs, the Fund receives the fixed payment over the life of the agreement. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the CDS. In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default under the swap agreement or bankruptcy/insolvency of a party to the swap agreement. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances. The Funds maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the value of the contract. The risk may be mitigated by having a master netting arrangement between the Fund and the counterparty and by the designation of collateral by the counterparty to cover the Funds exposure to the counterparty.
Implied credit spreads represent the current level at which protection could be bought or sold given the terms of the existing CDS contract and serve as an indicator of the current status of the payment/performance risk of the CDS. An implied spread that has widened or increased since entry into the initial contract may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets.
Changes in the value of swap agreements are recognized as unrealized gains (losses) in the Consolidated Statement of Operations by marking to market on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Consolidated Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Consolidated Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Consolidated Statement of Operations. The Fund segregates liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and counterparty risk in excess of amounts recognized on the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations.
Invesco Global Markets Strategy Fund
E. | Swap Agreements (continued) |
It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Funds ability to terminate existing swap agreements or to realize amounts to be received under such agreements.
F. | Other Risks - The Fund will seek to gain exposure to commodity markets primarily through an investment in the Subsidiary and through investments in exchange traded funds. The Subsidiary, unlike the Fund, may invest without limitation in commodities, commodity-linked derivatives and other securities, such as exchange traded notes, that may provide leverage and non-leveraged exposure to commodity markets. The Fund is indirectly exposed to the risks associated with the Subsidiarys investments. |
The Fund is non-diversified and may invest in securities of fewer issuers than if it were diversified. Thus, the value of the Funds shares may vary more widely and the Fund may be subject to greater market and credit risk than if the Fund invested more broadly.
G. | Collateral To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Funds practice to replace such collateral no later than the next business day. |
H. | Leverage Risk Leverage exists when a Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction. |
NOTE 2 -- 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 investments 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 Funds 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 January 31, 2013. 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 consolidated financial statements may materially differ from the value received upon actual sale of those investments.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Money Market Funds |
$ | 7,749,876 | $ | -- | $ | -- | $ | 7,749,876 | ||||||||
U.S. Treasury Securities |
-- | 12,494,825 | -- | 12,494,825 | ||||||||||||
$ | 7,749,876 | $ | 12,494,825 | $ | -- | $ | 20,244,701 | |||||||||
Futures* |
344,581 | -- | -- | 344,581 | ||||||||||||
Swap Agreements* |
-- | 6,207 | -- | 6,207 | ||||||||||||
Total Investments |
$ | 8,094,457 | $ | 12,501,032 | $ | -- | $ | 20,595,489 |
* Unrealized appreciation.
Invesco Global Markets Strategy Fund
NOTE 3 -- Derivative Investments
Value of Derivative Instruments at Period-End
The table below summarizes the value of the Funds derivative instruments, detailed by primary risk exposure, held as of January 31, 2013:
Value | ||||||||||||
Risk Exposure/ Derivative Type |
Assets |
Liabilities | ||||||||||
Commodity risk
|
$29,044 | $(34,885) | ||||||||||
Swap agreements (a) |
15,419 | (9,175) | ||||||||||
Interest rate risk
|
10,683 | (71,971) | ||||||||||
Swap agreements (a) |
-- | (37) | ||||||||||
Market risk
|
411,710 | -- |
(a) | Includes cumulative appreciation (depreciation) of futures and swap agreements. |
Effect of Derivative Instruments for the three months ended January 31, 2013
The table below summarizes the gains (losses) on derivative instruments, detailed by primary risk exposure, recognized in earnings during the period:
Location of Gain (Loss) on Consolidated Statement of Operations |
||||||||
Futures Contracts* | Swap Agreements* | |||||||
Realized Gain (Loss) |
||||||||
Commodity risk |
$(5,834) | $(43,774) | ||||||
Interest rate risk |
22,499 | -- | ||||||
Market risk |
179,295 | -- | ||||||
Change in Unrealized Appreciation (Depreciation) |
||||||||
Commodity risk |
$33,571 | $(8,909) | ||||||
Interest rate risk |
(52,261) | (37) | ||||||
Market risk |
454,408 | -- | ||||||
Total |
$631,678 | $(52,720) |
* The average notional value of futures and swap agreements outstanding during the period was $22,217,901 and $1,134,520, respectively.
NOTE 4 -- Investment Securities
The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended January 31, 2013 was $0 and $0, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.
Invesco Global Markets Strategy Fund
|
||
Invesco International Total Return Fund Quarterly Schedule of Portfolio Holdings January 31, 2013 |
|
||
invesco.com/us ITR-QTR-1 01/13 Invesco Advisers, Inc. |
Schedule of Investments
January 31, 2013
(Unaudited)
Principal
Amount |
Value | |||||||||
Non-U.S. Dollar Denominated Bonds
|
|
|||||||||
Australia3.32% |
||||||||||
Australia Government, Series 138, Sr. Unsec. Bonds, 3.25%, 04/21/29 |
AUD | $ | 2,000,000 | $ | 1,905,393 | |||||
Austria1.05% |
||||||||||
OMV AG, Jr. Unsec. Sub. Medium-Term Euro Notes, 6.75% (b) |
EUR | 400,000 | 604,266 | |||||||
Canada5.13% |
||||||||||
Canada Housing Trust No. 1, Sr. Sec. Gtd. Global Bonds, 2.40%, 12/15/22 (c) |
CAD | 1,750,000 | 1,738,875 | |||||||
Province of Quebec, Bonds, 5.00%, 12/01/38 |
CAD | 1,000,000 | 1,212,052 | |||||||
2,950,927 | ||||||||||
Czech Republic0.80% |
||||||||||
Czech Republic International, Sr. Unsec. Medium-Term Euro Notes, 3.88%, 05/24/22 |
EUR | 300,000 | 459,819 | |||||||
Denmark0.63% |
||||||||||
TDC A/S, Sr. Unsec. Medium-Term Euro Notes, 3.75%, 03/02/22 |
EUR | 250,000 | 362,971 | |||||||
France7.01% |
||||||||||
Caisse Francaise de Financement Local, Sr. Sec. Medium-Term Euro Notes, 1.80%, 05/09/17 |
JPY | 130,000,000 | 1,431,650 | |||||||
Series 301, Tranche 1,
|
JPY | 100,000,000 | 1,088,353 | |||||||
France Government, Euro Bonds, 4.00%, 04/25/60 |
EUR | 950,000 | 1,509,298 | |||||||
4,029,301 | ||||||||||
Germany7.98% |
||||||||||
Brennatag Finance BV, Sr. Unsec. Gtd. Euro Notes, 5.50%, 07/19/18 |
EUR | 300,000 | 459,191 | |||||||
Bundesrepublik Deutschland, Series 05, Euro Bonds, 4.00%, 01/04/37 |
EUR | 1,000,000 | 1,773,689 | |||||||
EnBW Energie Baden-Wuerttemberg AG, Jr. Unsec. Sub. Medium-Term Euro Notes, 7.38%, 04/02/72 |
EUR | 120,000 | 179,031 | |||||||
Kreditanstalt fur Wiederaufbau, Sr. Unsec. Gtd. Global Notes, 2.05%, 02/16/26 |
JPY | 150,000,000 | 1,826,889 |
Principal
Amount |
Value | |||||||||
Germany(continued) |
||||||||||
RWE AG, Jr. Unsec. Sub. Euro Notes, 7.00% (b) |
GBP | $ | 200,000 | $ | 344,742 | |||||
4,583,542 | ||||||||||
Italy6.49% |
||||||||||
Italy Buoni Poliennali Del Tesoro, Euro Bonds, 5.50%, 11/01/22 |
EUR | 2,500,000 | 3,728,793 | |||||||
Japan7.85% |
||||||||||
Development Bank of Japan Inc.,
|
JPY | 35,000,000 | 417,438 | |||||||
Sr. Sec. Gtd. Global Notes, 1.05%, 06/20/23 |
JPY | 45,000,000 | 503,259 | |||||||
Japan Government Ten Years, Series 318, Sr. Unsec. Bonds, 1.00%, 09/20/21 |
JPY | 220,000,000 | 2,488,617 | |||||||
Japan Government Thirty Years, Series 31, Sr. Unsec. Bonds, 2.20%, 09/20/39 |
JPY | 95,000,000 | 1,100,718 | |||||||
4,510,032 | ||||||||||
Netherlands8.75% |
||||||||||
ASML Holding N.V., Sr. Unsec. Euro Bonds, 5.75%, 06/13/17 |
EUR | 200,000 | 310,685 | |||||||
F Van Lanshot Bankiers N.V., Sr. Unsec. Medium-Term Euro Notes, 2.88%, 10/17/16 |
EUR | 500,000 | 683,834 | |||||||
ING Bank N.V., Sec. Mortgage-Backed Medium-Term Euro Notes, 3.00%, 09/30/14 |
EUR | 550,000 | 776,552 | |||||||
Unsec. Sub. Medium-Term Euro Notes, 4.63%, 03/15/19 |
EUR | 600,000 | 804,260 | |||||||
Netherlands Government, Euro Bonds, 3.75%, 01/15/23 (c) |
EUR | 850,000 | 1,341,440 | |||||||
3.75%, 01/15/42 (c) |
EUR | 400,000 | 682,370 | |||||||
Schiphol Nederland B.V., Sr. Unsec. Gtd. Medium-Term Euro Notes, 6.63%, 01/23/14 |
EUR | 300,000 | 430,582 | |||||||
5,029,723 | ||||||||||
Norway5.74% |
||||||||||
City of Oslo, Sr. Unsec. Bonds, 3.60%, 12/06/22 |
NOK | 3,000,000 | 540,661 | |||||||
DNB Bank ASA, Unsec. Sub. Medium-Term Euro Notes, 4.75%, 03/08/22 |
EUR | 250,000 | 364,472 | |||||||
Norway Government, Series 473, Bonds, 4.50%, 05/22/19 |
NOK | 11,500,000 | 2,392,132 | |||||||
3,297,265 |
See accompanying notes which are an integral part of this schedule. |
Invesco International Total Return Fund |
Principal
Amount |
Value | |||||||||
Poland7.64% |
||||||||||
Poland Government International, Series 12, Sr. Unsec. Bonds, 1.05%, 11/08/17 |
JPY | $ | 400,000,000 | $ | 4,388,104 | |||||
South Korea2.75% |
||||||||||
Export-Import Bank of Korea-REGS, Sr. Unsec. Euro Notes, 5.10%, 10/29/13 (c) |
INR | 35,000,000 | 637,960 | |||||||
Korea Treasury, Series 1609,
|
KRW | 1,000,000,000 | 941,072 | |||||||
1,579,032 | ||||||||||
Spain6.78% |
||||||||||
CaixaBank, Sec. Mortgage-Backed Euro Bonds,
|
EUR | 200,000 | 275,182 | |||||||
Santander Consumer Finance S.A.,
|
EUR | 600,000 | 822,645 | |||||||
Spain Government, Sr. Unsec. Euro Bonds,
|
EUR | 1,100,000 | 1,435,848 | |||||||
Euro Bonds,
|
EUR | 1,000,000 | 1,363,508 | |||||||
3,897,183 | ||||||||||
Supranational4.86% |
||||||||||
Asian Development Bank, Series 339-00-1, Sr. Unsec. Medium-Term Global Notes,
|
JPY | 130,000,000 | 1,638,269 | |||||||
European Investment Bank, Sr. Unsec. Global Bonds,
|
JPY | 40,000,000 | 458,822 | |||||||
Sr. Unsec. Medium-Term Euro Bonds, 4.50%, 08/12/17 |
SEK | 4,000,000 | 693,605 | |||||||
2,790,696 | ||||||||||
Sweden0.73% |
||||||||||
Nordea Bank AB, Unsec. Sub. Medium-Term Euro Notes,
|
EUR | 100,000 | 144,560 | |||||||
Securities AB, Sr. Unsec. Medium-Term Euro Notes,
|
EUR | 200,000 | 277,141 | |||||||
421,701 | ||||||||||
Switzerland1.30% |
||||||||||
Cloverie PLC for Zurich Insurance Co. Ltd., Unsec. Sub. Medium-Term Euro Notes,
|
EUR | 200,000 | 327,200 | |||||||
Glencore Finance Europe S.A., Series 6, Tranche 1, Sr. Unsec. Gtd. Medium-Term Euro Notes, 5.25%, 10/11/13 |
EUR | 300,000 | 419,893 | |||||||
747,093 |
Principal
Amount |
Value | |||||||||
United Arab Emirates0.57% |
|
|||||||||
IPIC Ltd.-REGS, Sr. Unsec. Gtd. Medium-Term Euro Notes, 5.88%, 03/14/21 (c) |
EUR | $ | 200,000 | $ | 329,766 | |||||
United Kingdom11.61% |
|
|||||||||
Abbey National Treasury Services PLC, Sr. Sec. Gtd. Mortgage-Backed Medium-Term Euro Notes, 5.25%, 02/16/29 |
GBP | 200,000 | 380,512 | |||||||
Co-Operative Group Holdings,
|
GBP | 300,000 | 504,995 | |||||||
Direct Line Insurance Group PLC, Sr. Unsec. Sub. Gtd. Euro Notes, 9.25%, 04/27/42 |
GBP | 150,000 | 283,112 | |||||||
Everything Everywhere Finance PLC, Sr. Unsec. Gtd. Medium-Term Euro Notes, 3.50%, 02/06/17 |
EUR | 200,000 | 283,415 | |||||||
FCE Bank PLC, Sr. Unsec. Medium-Term Euro Notes, 5.13%, 11/16/15 |
GBP | 50,000 | 85,793 | |||||||
Heathrow Funding Ltd., Class B, Jr. Sec. Medium-Term Euro Notes, 7.13%, 02/14/24 |
GBP | 300,000 | 576,213 | |||||||
Lloyds TBS Bank PLC, Unsec. Sub. Medium-Term Euro Notes, 10.75%, 12/16/21 |
GBP | 200,000 | 376,279 | |||||||
Permanent Master Issuer PLC, Series 2009-1, Class A3, Floating Rate Pass Through Ctfs., 1.91%, 07/15/42 (e) |
EUR | 500,000 | 695,940 | |||||||
Royal Bank of Scotland PLC (The), Sr. Sec. Mortgage-Backed Euro Bonds, 5.13%, 01/13/24 |
GBP | 200,000 | 378,957 | |||||||
SSE PLC, Unsec. Sub. Medium-Term Euro Notes, 5.45% (b) |
GBP | 400,000 | 661,362 | |||||||
United Kingdom Gilt, Unsec. Bond, 4.25%, 12/07/55 |
GBP | 1,300,000 | 2,448,746 | |||||||
6,675,324 | ||||||||||
United States3.64% |
||||||||||
Abbott Japan Co. Ltd., Series D, Sr. Unsec. Gtd. Euro Bonds, 1.95%, 11/06/13 |
JPY | 190,000,000 | 2,091,469 | |||||||
Total Non-U.S. Dollar Denominated Bonds & Notes
|
|
54,382,400 |
See accompanying notes which are an integral part of this schedule. |
Invesco International Total Return Fund |
Shares | Value | |||||||
Money Market Funds0.39% |
||||||||
Liquid Assets Portfolio Institutional
|
112,994 | $ | 112,994 | |||||
Premier Portfolio Institutional Class (f) |
112,993 | 112,993 | ||||||
Total Money Market Funds
|
225,987 | |||||||
TOTAL INVESTMENTS95.02%
|
54,608,387 | |||||||
OTHER ASSETS LESS LIABILITIES4.98% |
|
2,862,119 | ||||||
NET ASSETS100.00% |
$ | 57,470,506 |
(a) | Foreign denominated security. Principal amount is denominated in currency indicated. |
(b) | Perpetual bond with no specified maturity date. |
(c) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended. 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 January 31, 2013 was $4,730,411, which represented 8.23% of the Funds Net Assets. |
(d) | Step coupon bond. Rate shown is the rate in effect on January 31, 2013. |
(e) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on January 31, 2013. |
(f) | The money market fund and the Fund are affiliated by having the same investment adviser. |
See accompanying notes which are an integral part of this schedule. |
Invesco International Total Return Fund |
Notes to Quarterly Schedule of Portfolio Holdings
January 31, 2013
(Unaudited)
NOTE 1 -- Significant Accounting Policies
A. | Security Valuations Securities, including restricted securities, are valued according to the following policy. |
Debt obligations (including convertible bonds) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
A security listed or traded on an exchange (except convertible bonds) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (NYSE).
Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
Foreign securities (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the Adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trade is not the current value as of the close of the NYSE. Foreign securities prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including Corporate Loans.
Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trusts officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a securitys fair value.
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuers assets, general economic conditions, interest rates, investor perceptions and market liquidity.
Invesco International Total Return Fund
A. | Security Valuations (continued) |
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.
B. | Securities Transactions and Investment Income Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes. |
The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Funds net asset value and, accordingly, they reduce the Funds total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.
The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.
C. | Country Determination For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuers securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Foreign Currency Translations Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. |
The Fund may invest in foreign securities which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable.
E. | Foreign Currency Contracts The Fund may enter into foreign currency contracts to manage or minimize currency or exchange rate risk. The Fund may also enter into foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to lock in the U.S. dollar price of that security. A foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The use of foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks |
Invesco International Total Return Fund
E. | Foreign Currency Contracts (continued) |
associated with foreign currency contracts include failure of the counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.
F. | Futures Contracts The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between two parties to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Funds basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal counterparty risk since the exchanges clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities. |
G. | Collateral To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Funds practice to replace such collateral no later than the next business day. |
NOTE 2 -- 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 investments 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 Funds 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 January 31, 2013. 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.
Invesco International Total Return Fund
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Corporate Debt Securities |
$ | -- | $ | 24,324,918 | $ | -- | $ | 24,324,918 | ||||||||
Foreign Government Debt Securities |
-- | 30,057,482 | -- | 30,057,482 | ||||||||||||
Money Market Funds |
225,987 | -- | -- | 225,987 | ||||||||||||
$ | 225,987 | $ | 54,382,400 | $ | -- | $ | 54,608,387 | |||||||||
Foreign Currency Contracts* |
-- | 16,345 | -- | 16,345 | ||||||||||||
Futures* |
114,208 | -- | -- | 114,208 | ||||||||||||
Total Investments |
$ | 340,195 | $ | 54,398,745 | $ | -- | $ | 54,738,940 |
* | Unrealized appreciation |
NOTE 3 -- Derivative Investments
Value of Derivative Instruments at Period-End
The table below summarizes the value of the Funds derivative instruments, detailed by primary risk exposure, held as of January 31, 2013:
Value | ||||
Risk Exposure/ Derivative Type | Assets | Liabilities | ||
Currency risk |
||||
Foreign currency contracts |
$59,546 | $(43,201) | ||
Interest rate risk |
||||
Futures contracts (a) |
164,445 | (50,237) |
(a) | Includes cumulative appreciation (depreciation) of futures contracts. |
Effect of Derivative Instruments for the three months ended January 31, 2013
The table below summarizes the gains (losses) on derivative instruments, detailed by primary risk exposure, recognized in earnings during the period:
Location of Gain (Loss) on Statement
of Operations |
||||
Futures* |
Foreign Currency Contracts* |
|||
Realized Gain (Loss) |
||||
Currency risk |
$ | $(48,342) | ||
Interest rate risk |
(103,393) | | ||
Change in Unrealized Appreciation (Depreciation) |
||||
Currency risk |
| 35,865 | ||
Interest rate risk |
(112,219) | | ||
Total |
$(215,612) | $(12,477) |
* | The average notional value of futures and foreign currency contracts outstanding during the period was $13,776,392 and $8,119,337, respectively. |
Invesco International Total Return Fund
Open Foreign Currency Contracts | ||||||||||||||||||||||
Unrealized | ||||||||||||||||||||||
Settlement | Contract to | Notional | Appreciation | |||||||||||||||||||
Date | Counterparty | Deliver | Receive | Value | (Depreciation) | |||||||||||||||||
04/26/13 |
State Street Global Markets, LLC |
AUD | 1,840,000 | USD | 1,911,705 | $ | 1,907,036 | $ | 4,669 | |||||||||||||
04/26/13 |
State Street Global Markets, LLC |
USD | 26,214 | AUD | 25,000 | 25,911 | (303) | |||||||||||||||
04/26/13 |
State Street Global Markets, LLC |
CAD | 1,700,000 | USD | 1,716,013 | 1,701,479 | 14,534 | |||||||||||||||
04/26/13 |
State Street Global Markets, LLC |
USD | 1,508,075 | EUR | 1,130,000 | 1,535,058 | 26,983 | |||||||||||||||
04/26/13 |
State Street Global Markets, LLC |
EUR | 1,130,000 | USD | 1,501,329 | 1,535,058 | (33,729) | |||||||||||||||
04/26/13 |
State Street Global Markets, LLC |
GBP | 60,000 | USD | 96,331 | 95,113 | 1,218 | |||||||||||||||
04/26/13 |
State Street Global Markets, LLC |
MXN | 10,000,000 | USD | 775,680 | 779,903 | (4,223) | |||||||||||||||
04/26/13 |
State Street Global Markets, LLC |
USD | 782,805 | MXN | 10,000,000 | 779,903 | (2,902) | |||||||||||||||
04/26/13 |
State Street Global Markets, LLC |
NZD | 2,200,000 | USD | 1,834,294 | 1,836,338 | (2,044) | |||||||||||||||
04/26/13 |
State Street Global Markets, LLC |
USD | 1,824,196 | NZD | 2,200,000 | 1,836,338 | 12,142 | |||||||||||||||
Total open foreign currency contracts |
$ | 12,032,137 | $ | 16,345 | ||||||||||||||||||
Closed Foreign Currency Contracts | ||||||||||||||||||||||
Settlement | Contract to | Notional | Realized | |||||||||||||||||||
Date | Counterparty | Deliver | Receive | Value | Gain | |||||||||||||||||
04/26/13 |
State Street Global Markets, LLC |
AUD | 160,000 | USD | 166,236 | $ | 164,722 | $ | 1,514 | |||||||||||||
04/26/13 |
State Street Global Markets, LLC |
SEK | 9,000,000 | USD | 1,354,131 | 1,351,433 | 2,698 | |||||||||||||||
Total closed foreign currency contracts |
$ | 1,516,155 | $ | 4,212 | ||||||||||||||||||
Total foreign currency contracts |
$ | 20,557 |
Currency Abbreviations: | ||||||
AUD Australian Dollar | GBP -- British Pound Sterling | SEK Swedish Krona | ||||
CAD -- Canadian Dollar | MXNMexican New Peso | USD -- U.S. Dollar | ||||
EUR -- Euro | NZD -- New Zealand Dollar |
Open Futures Contracts | ||||||||||||
Unrealized | ||||||||||||
Number of | Expiration | Notional | Appreciation | |||||||||
Long Contracts | Contracts | Month | Value | (Depreciation) | ||||||||
Canada 10 Year Bonds |
11 | March-2013 | $ | 1,474,792 | $ | (22,189) | ||||||
Euro-Bonds |
14 | March-2013 | 2,697,604 | (28,048) | ||||||||
Subtotal |
$ | 4,172,396 | $ | (50,237) | ||||||||
Short Contracts |
||||||||||||
Euro-BUXL 30 Year Bonds |
11 | March-2013 | $ | (1,971,671) | $ | 5,875 | ||||||
Long Gilt |
14 | March-2013 | (2,583,879) | 1,475 | ||||||||
U.S. Ultra Bond |
22 | March-2013 | (3,443,688) | 157,095 | ||||||||
Subtotal |
$ | (7,999,238) | $ | 164,445 | ||||||||
Total |
$ | 114,208 |
Invesco International Total Return Fund
NOTE 4 -- Investment Securities
The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended January 31, 2013 was $25,161,203 and $26,868,709, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.
Invesco International Total Return Fund
Invesco Pacific Growth Fund Quarterly Schedule of Portfolio Holdings January 31, 2013 |
||||
invesco.com/us |
MS-PGRO-QTR-1 01/13 | Invesco Advisers, Inc. |
Schedule of Investments
January 31, 2013
(Unaudited)
Shares | Value | |||||||
Common Stocks & Other Equity Interests99.51% |
|
|||||||
Australia10.64% |
||||||||
Amcor Ltd. |
17,499 | $ | 153,327 | |||||
Aurizon Holdings Ltd. |
48,175 | 199,498 | ||||||
Australia & New Zealand Banking
|
32,942 | 913,337 | ||||||
Beach Energy Ltd. |
77,125 | 114,640 | ||||||
BHP Billiton Ltd. |
25,413 | 1,000,835 | ||||||
BlueScope Steel Ltd. (a) |
18,432 | 65,178 | ||||||
Caltex Australia Ltd. |
12,137 | 246,173 | ||||||
carsales.com Ltd. |
22,229 | 206,050 | ||||||
Coca-Cola Amatil Ltd. |
19,315 | 278,841 | ||||||
Commonwealth Bank of Australia |
18,045 | 1,214,723 | ||||||
CSL Ltd. |
7,214 | 413,419 | ||||||
Decmil Group Ltd. |
15,386 | 39,962 | ||||||
Fortescue Metals Group Ltd. |
55,000 | 268,494 | ||||||
Insurance Australia Group Ltd. |
64,536 | 338,351 | ||||||
Mincor Resources N.L. |
35,316 | 34,444 | ||||||
National Australia Bank Ltd. |
21,750 | 621,337 | ||||||
NIB Holdings Ltd. |
17,032 | 38,908 | ||||||
OceanaGold Corp. -CDI (a) |
40,355 | 110,708 | ||||||
Ramsay Health Care Ltd. |
3,082 | 95,092 | ||||||
Skilled Group Ltd. |
66,107 | 191,698 | ||||||
Sonic Healthcare Ltd. |
5,275 | 75,217 | ||||||
Suncorp Group Ltd. |
29,220 | 323,493 | ||||||
Tatts Group Ltd. |
78,468 | 267,183 | ||||||
Telstra Corp. Ltd. |
74,763 | 359,123 | ||||||
UXC Ltd. |
38,971 | 43,903 | ||||||
Wesfarmers Ltd. |
5,263 | 206,418 | ||||||
Westpac Banking Corp. |
37,828 | 1,106,413 | ||||||
Woodside Petroleum Ltd. |
6,423 | 237,643 | ||||||
Woolworths Ltd. |
15,891 | 518,269 | ||||||
9,682,677 | ||||||||
China14.07% |
||||||||
AAC Technologies Holdings Inc. |
204,000 | 789,128 | ||||||
Bank of China Ltd. -Class H |
3,315,390 | 1,634,812 | ||||||
China CITIC Bank -Class H |
755,000 | 515,726 | ||||||
China Construction Bank Corp. -Class H |
1,145,840 | 989,783 | ||||||
China Mobile Ltd. |
147,000 | 1,608,118 | ||||||
China Petroleum & Chemical Corp. (Sinopec) -Class H |
624,000 | 757,129 | ||||||
China Railway Group Ltd. -Class H |
1,005,000 | 572,775 | ||||||
China Shenhua Energy Co. Ltd. -Class H |
158,000 | 679,436 | ||||||
CITIC Securities Co., Ltd. -Class H |
137,000 | 366,270 | ||||||
Dongfeng Motor Group Co. Ltd. -Class H |
344,000 | 561,550 | ||||||
GOME Electrical Appliances Holdings
|
1,461,160 | 175,217 | ||||||
Haitian International Holdings Ltd. |
440,000 | 555,432 | ||||||
Lenovo Group Ltd. |
598,000 | 622,258 | ||||||
Lianhua Supermarket Holdings Ltd.
|
376,000 | 367,981 | ||||||
Minth Group Ltd. |
400,000 | 541,558 | ||||||
PetroChina Co. Ltd. -Class H |
454,000 | 645,426 |
Shares | Value | |||||||
China(continued) |
||||||||
Poly Property Group Co., Ltd. (a) |
87,000 | $ | 66,747 | |||||
Tencent Holdings Ltd. |
26,500 | 927,367 | ||||||
Vinda International Holdings Ltd. |
303,000 | 419,607 | ||||||
12,796,320 | ||||||||
Hong Kong4.62% |
||||||||
Cheung Kong Infrastructure Holdings Ltd. |
162,000 | 1,027,723 | ||||||
Hong Kong Exchanges & Clearing Ltd. |
49,000 | 929,404 | ||||||
Hutchison Whampoa Ltd. |
70,000 | 782,551 | ||||||
New World Development Co. Ltd. |
304,000 | 558,971 | ||||||
Techtronic Industries Co. Ltd. |
445,000 | 900,856 | ||||||
4,199,505 | ||||||||
India2.35% |
||||||||
Infosys Ltd. |
13,534 | 709,311 | ||||||
Larsen & Toubro Ltd. |
9,762 | 283,121 | ||||||
Sobha Developers Ltd. |
50,020 | 403,355 | ||||||
State Bank of India |
16,185 | 742,197 | ||||||
2,137,984 | ||||||||
Indonesia2.41% |
||||||||
PT Astra International Tbk |
680,500 | 513,308 | ||||||
PT Bank Mandiri Persero Tbk |
1,115,162 | 1,035,736 | ||||||
PT Media Nusantara Citra Tbk |
1,043,000 | 254,221 | ||||||
PT Telekomunikasi Indonesia Persero Tbk |
395,000 | 393,798 | ||||||
2,197,063 | ||||||||
Japan39.18% |
||||||||
Amada Co., Ltd. |
72,000 | 450,295 | ||||||
Astellas Pharma Inc. |
20,800 | 1,058,649 | ||||||
Canon Inc. |
28,700 | 1,043,696 | ||||||
Casio Computer Co., Ltd. |
22,700 | 195,578 | ||||||
Daicel Corp. |
102,000 | 712,639 | ||||||
Daifuku Co., Ltd. |
59,000 | 393,505 | ||||||
Daiichi Sankyo Co., Ltd. |
18,000 | 304,658 | ||||||
Daikin Industries, Ltd. |
20,200 | 770,807 | ||||||
Denki Kagaku Kogyo Kabushiki Kaisha |
131,000 | 472,666 | ||||||
East Japan Railway Co. |
10,900 | 736,519 | ||||||
FamilyMart Co., Ltd. |
12,900 | 519,047 | ||||||
Fuji Machine Manufacturing Co., Ltd. |
15,200 | 117,997 | ||||||
FUJIFILM Holdings Corp. |
25,800 | 513,382 | ||||||
Fujitsu Ltd. |
72,000 | 291,275 | ||||||
Hitachi Capital Corp. |
31,900 | 635,140 | ||||||
Hitachi High-Technologies Corp. |
15,700 | 312,249 | ||||||
Hitachi, Ltd. |
176,000 | 1,042,991 | ||||||
Kaneka Corp. |
56,000 | 298,163 | ||||||
Kurita Water Industries Ltd. |
11,300 | 221,898 | ||||||
Kyocera Corp. |
9,600 | 867,172 | ||||||
Kyudenko Corp. |
15,000 | 76,419 | ||||||
Lintec Corp. |
23,400 | 431,874 | ||||||
Maeda Road Construction Co., Ltd. |
17,000 | 253,717 | ||||||
Marubeni Corp. |
104,000 | 762,221 | ||||||
Minebea Co., Ltd. (b) |
106,000 | 356,216 |
See accompanying notes which are an integral part of this schedule. |
Invesco Pacific Growth Fund |
Shares | Value | |||||||
Japan(continued) |
||||||||
Mitsubishi Chemical Holdings Corp. |
95,000 | $ | 440,411 | |||||
Mitsubishi Corp. |
61,800 | 1,302,760 | ||||||
Mitsubishi Estate Co. Ltd. |
60,000 | 1,452,438 | ||||||
Mitsubishi Heavy Industries, Ltd. |
227,000 | 1,213,678 | ||||||
Mitsubishi UFJ Financial Group, Inc. |
313,900 | 1,788,125 | ||||||
Mitsui Mining & Smelting Co., Ltd. |
171,000 | 435,633 | ||||||
Nagase & Co., Ltd. |
26,900 | 293,235 | ||||||
Nifco Inc. |
20,700 | 428,219 | ||||||
Nintendo Co., Ltd. |
1,300 | 126,788 | ||||||
Nippon Meat Packers, Inc. |
34,000 | 459,851 | ||||||
Nippon Telegraph & Telephone Corp. |
11,500 | 481,577 | ||||||
Nissan Motor Co., Ltd. |
112,900 | 1,155,417 | ||||||
Nisshinbo Holdings Inc. |
27,000 | 205,172 | ||||||
Obayashi Corp. |
143,000 | 733,293 | ||||||
Ono Pharmaceutical Co., Ltd. |
10,400 | 546,228 | ||||||
ORIX Corp. |
8,530 | 911,197 | ||||||
Pigeon Corp. |
3,300 | 180,046 | ||||||
Ricoh Co., Ltd. |
31,000 | 344,369 | ||||||
Sanki Engineering Co., Ltd. |
15,000 | 80,283 | ||||||
Sanwa Holdings Corp. |
96,000 | 457,643 | ||||||
Sekisui Chemical Co., Ltd. |
82,000 | 785,454 | ||||||
Seven & I Holdings Co., Ltd. |
33,400 | 1,013,561 | ||||||
Shimamura Co., Ltd. |
3,500 | 343,647 | ||||||
Shin-Etsu Polymer Co., Ltd. |
28,300 | 108,535 | ||||||
Sumitomo Metal Mining Co., Ltd. |
29,000 | 451,203 | ||||||
Sumitomo Mitsui Financial Group, Inc. |
22,400 | 898,841 | ||||||
Suzuki Motor Corp. |
16,100 | 421,248 | ||||||
TDK Corp. |
14,400 | 532,954 | ||||||
Teijin Ltd. |
123,000 | 282,419 | ||||||
Toho Co., Ltd. |
8,700 | 166,371 | ||||||
Toshiba Corp. |
218,000 | 967,724 | ||||||
Toyo Ink SC Holdings Co., Ltd. |
68,000 | 298,141 | ||||||
Toyoda Gosei Co., Ltd. |
13,100 | 290,188 | ||||||
Toyota Motor Corp. |
36,100 | 1,722,901 | ||||||
Tsubakimoto Chain Co. |
91,000 | 483,556 | ||||||
Yamaha Corp. |
31,200 | 330,216 | ||||||
Yamaha Motor Co., Ltd. |
16,200 | 205,644 | ||||||
Yaskawa Electronic Corp. |
50,000 | 464,173 | ||||||
35,641,912 | ||||||||
Malaysia0.93% |
||||||||
CIMB Group Holdings Berhad |
181,600 | 421,550 | ||||||
Sime Darby Berhad |
141,900 | 424,878 | ||||||
846,428 | ||||||||
Singapore4.31% |
||||||||
Capitaland Ltd. |
313,000 | 1,014,711 | ||||||
CapitaMalls Asia Ltd. |
542,000 | 947,447 | ||||||
Keppel Corp. Ltd. |
106,000 | 986,568 | ||||||
Singapore Telecommunications Ltd. |
343,000 | 970,023 | ||||||
3,918,749 | ||||||||
South Korea10.93% |
||||||||
Amorepacific Corp. |
291 | 292,714 | ||||||
BS Financial Group Inc. |
23,530 | 311,258 | ||||||
CJ CheilJedang Corp. |
2,148 | 732,055 | ||||||
Coway Co., Ltd. (a) |
8,770 | 381,063 | ||||||
Grand Korea Leisure Co., Ltd. |
23,360 | 659,863 | ||||||
Green Cross Corp. |
2,779 | 358,675 |
Shares | Value | |||||||
South Korea(continued) |
||||||||
GSretail Co. Ltd. |
11,690 | $ | 293,565 | |||||
Halla Climate Control Corp. |
16,120 | 359,406 | ||||||
Hyundai Mobis |
2,505 | 655,825 | ||||||
KEPCO Plant Service & Engineering
|
8,070 | 406,247 | ||||||
Korea Zinc Co., Ltd. |
249 | 87,677 | ||||||
KT Corp. |
10,090 | 339,241 | ||||||
KT Skylife Co., Ltd. (a) |
12,250 | 361,787 | ||||||
KT&G Corp. |
3,180 | 221,720 | ||||||
LG Chem Ltd. |
396 | 110,769 | ||||||
Nongshim Co., Ltd. |
2,169 | 555,903 | ||||||
ORION Corp. |
281 | 262,520 | ||||||
Samsung Electronics Co., Ltd. |
2,120 | 2,819,941 | ||||||
Samsung Life Insurance Co. Ltd. |
4,027 | 388,424 | ||||||
SK Telecom Co., Ltd. |
2,243 | 344,715 | ||||||
9,943,368 | ||||||||
Taiwan7.44% |
||||||||
Cheng Shin Rubber Industry Co., Ltd. |
208,000 | 541,997 | ||||||
Compal Electronics Inc. |
604,000 | 438,437 | ||||||
E Ink Holdings Inc. |
501,000 | 368,756 | ||||||
Far EasTone Telecommunications Co., Ltd. |
213,000 | 541,330 | ||||||
Hon Hai Precision Industry Co., Ltd. |
230,900 | 659,491 | ||||||
Largan Precision Co. Ltd. |
13,000 | 340,068 | ||||||
MediaTek Inc. |
27,000 | 295,127 | ||||||
Mega Financial Holdings Co., Ltd. |
920,805 | 752,536 | ||||||
Ruentex Development Co., Ltd. |
375,000 | 824,873 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. |
408,143 | 1,399,864 | ||||||
Teco Electric and Machinery Co. Ltd. |
726,000 | 603,157 | ||||||
6,765,636 | ||||||||
Thailand1.34% |
||||||||
Bangkok Dusit Medical Services PCL
|
186,400 | 830,526 | ||||||
PTT PCL |
33,800 | 393,994 | ||||||
1,224,520 | ||||||||
United Kingdom0.29% |
||||||||
Rio Tinto Ltd. |
3,789 | 262,774 | ||||||
United States1.00% |
||||||||
iShares MSCI All Country Asia ex-Japan Index Fund -ETF |
15,000 | 907,050 | ||||||
Total Common Stocks & Other Equity Interests (Cost $84,570,655) |
90,523,986 | |||||||
Money Market Funds0.19% |
||||||||
Liquid Assets Portfolio Institutional
|
82,230 | 82,230 | ||||||
Premier Portfolio Institutional Class (c) |
82,231 | 82,231 | ||||||
Total Money Market Funds (Cost $164,461) |
|
164,461 | ||||||
TOTAL INVESTMENTS (excluding investments purchased with cash collateral from securities on loan)99.70% (Cost $84,735,116) |
90,688,447 |
See accompanying notes which are an integral part of this schedule. |
Invesco Pacific Growth Fund |
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
|
|||||||
Money Market Funds0.31% |
||||||||
Liquid Assets Portfolio - Institutional Class (Cost $286,200) (c)(d) |
286,200 | $ | 286,200 | |||||
TOTAL INVESTMENTS100.01%
|
90,974,647 | |||||||
OTHER ASSETS LESS LIABILITIES(0.01)% |
|
(4,955) | ||||||
NET ASSETS100.00% |
$ | 90,969,692 |
Investment Abbreviations:
ETF Exchange-Traded Fund
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(b) | All or a portion of this security was out on loan at January 31, 2013. |
(c) | The money market fund and the Fund are affiliated by having the same investment adviser. |
(d) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrowers return of the securities loaned. See Note 1D. |
See accompanying notes which are an integral part of this schedule. |
Invesco Pacific Growth Fund |
Notes to Quarterly Schedule of Portfolio Holdings
January 31, 2013
(Unaudited)
NOTE 1 -- Significant Accounting Policies
A. | Security Valuations Securities, including restricted securities, are valued according to the following policy. |
A security listed or traded on an exchange (except convertible bonds) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (NYSE).
Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
Debt obligations (including convertible bonds) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the Adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trade is not the current value as of the close of the NYSE. Foreign securities prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.
Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trusts officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a securitys fair value.
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuers assets, general economic conditions, interest rates, investor perceptions and market liquidity.
Invesco Pacific Growth Fund
A. | Security Valuations (continued) |
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.
B. | Securities Transactions and Investment Income Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. |
The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Funds net asset value and, accordingly, they reduce the Funds total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.
The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.
C. | Country Determination For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuers securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D | Securities Lending The Fund may lend portfolio securities having a market value up to one-third of the Funds total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds and is shown as such on the Schedule of Investments. It is the Funds policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Fund if and to the extent that the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, is included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan is shown as a footnote on the Statement of Assets and Liabilities, if any. |
E. | Foreign Currency Translations Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses |
Invesco Pacific Growth Fund
E. | Foreign Currency Translations (continued) |
arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.
The Fund may invest in foreign securities which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable.
F. | Foreign Currency Contracts The Fund may enter into foreign currency contracts to manage or minimize currency or exchange rate risk. The Fund may also enter into foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to lock in the U.S. dollar price of that security. A foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The use of foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with foreign currency contracts include failure of the counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities. |
NOTE 2 -- 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 investments 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 Funds 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 January 31, 2013. 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.
During the three months ended January 31, 2013, there were transfers from Level 1 to Level 2 of $11,922,646 and from Level 2 to Level 1 of $23,707,857, due to foreign fair value adjustments.
Invesco Pacific Growth Fund
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Australia |
$ | 4,492,047 | $ | 5,190,630 | $ | -- | $ | 9,682,677 | ||||||||||||
China |
7,036,185 | 5,760,135 | -- | 12,796,320 | ||||||||||||||||
Hong Kong |
4,199,505 | -- | -- | 4,199,505 | ||||||||||||||||
India |
1,112,666 | 1,025,318 | -- | 2,137,984 | ||||||||||||||||
Indonesia |
1,803,265 | 393,798 | -- | 2,197,063 | ||||||||||||||||
Japan |
28,298,189 | 7,343,723 | -- | 35,641,912 | ||||||||||||||||
Malaysia |
846,428 | -- | -- | 846,428 | ||||||||||||||||
Singapore |
970,023 | 2,948,726 | -- | 3,918,749 | ||||||||||||||||
South Korea |
8,858,005 | 1,085,363 | -- | 9,943,368 | ||||||||||||||||
Taiwan |
5,365,772 | 1,399,864 | -- | 6,765,636 | ||||||||||||||||
Thailand |
-- | 1,224,520 | -- | 1,224,520 | ||||||||||||||||
United Kingdom |
-- | 262,774 | -- | 262,774 | ||||||||||||||||
United States |
1,357,711 | -- | -- | 1,357,711 | ||||||||||||||||
Total Investments |
$ | 64,339,796 | $ | 26,634,851 | $ | -- | $ | 90,974,647 |
NOTE 3 -- Investment Securities
The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended January 31, 2013 was $24,338,067 and $27,214,039, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.
Invesco Pacific Growth Fund
Invesco Premium Income Fund
Quarterly Schedule of Portfolio Holdings
January 31, 2013
invesco.com/us | PIN-QTR-1 01/13 | Invesco Advisers, Inc. |
Schedule of Investments (a)
January 31, 2013
(Unaudited)
Principal
Amount |
Value | |||||||
U.S. Dollar Denominated Bonds and Notes41.48% |
|
|||||||
Advertising0.06% |
|
|||||||
Lamar Media Corp., Sr. Unsec. Gtd. Sub.
|
$ | 45,000 | $ | 46,463 | ||||
National CineMedia LLC, Sr. Sec. Global
|
90,000 | 96,525 | ||||||
142,988 | ||||||||
Aerospace & Defense0.74% |
|
|||||||
B/E Aerospace Inc., Sr. Unsec.
|
55,000 | 58,300 | ||||||
Bombardier Inc. (Canada),
|
105,000 | 106,837 | ||||||
Sr. Unsec. Notes,
|
500,000 | 575,000 | ||||||
DigitalGlobe Inc., Sr. Unsec. Gtd.
|
180,000 | 180,900 | ||||||
GenCorp Inc., Sec. Gtd. Notes,
|
200,000 | 207,500 | ||||||
Huntington Ingalls Industries Inc.,
|
140,000 | 154,700 | ||||||
7.13%, 03/15/21 |
20,000 | 22,200 | ||||||
Spirit Aerosystems Inc., Sr. Unsec.
|
220,000 | 235,400 | ||||||
TransDigm Inc., Sr. Unsec. Gtd. Sub. Notes, 5.50%, 10/15/20 (b) |
90,000 | 94,275 | ||||||
1,635,112 | ||||||||
Air Freight & Logistics0.09% |
|
|||||||
Transnet SOC Ltd. (South Africa), Sr.
|
200,000 | 199,479 | ||||||
Airlines0.80% |
|
|||||||
America West Airlines Pass
|
117,071 | 122,412 | ||||||
American Airlines Pass Through
|
565,072 | 593,326 | ||||||
Continental Airlines Pass Through Trust,
|
114,164 | 118,516 | ||||||
Series 2010-1, Class B,
|
203,969 | 210,598 | ||||||
Series 2012-3, Class C,
|
80,000 | 80,000 |
Principal
Amount |
Value | |||||||
Airlines(continued) |
|
|||||||
Delta Air Lines Pass Through Trust,
|
$ | 150,000 | $ | 158,250 | ||||
Series 2012-1, Class B,
|
85,000 | 90,738 | ||||||
UAL Pass Through Trust, Series
|
187,276 | 190,085 | ||||||
US Airways Pass Through Trust,
|
20,000 | 22,288 | ||||||
Series 2012-1, Class B,
|
20,000 | 21,750 | ||||||
Series 2012-1, Class C,
|
25,000 | 26,625 | ||||||
Series 2012-2, Class B,
|
125,000 | 132,500 | ||||||
1,767,088 | ||||||||
Alternative Carriers0.52% |
|
|||||||
Cogent Communications Group,
|
150,000 | 166,500 | ||||||
Level 3 Communications Inc.,
|
120,000 | 139,800 | ||||||
Sr. Unsec. Notes,
|
235,000 | 257,325 | ||||||
Level 3 Financing Inc.,
|
500,000 | 548,750 | ||||||
Sr. Unsec. Gtd. Notes,
|
45,000 | 47,925 | ||||||
1,160,300 | ||||||||
Aluminum0.04% |
|
|||||||
Century Aluminum Co., Sr. Sec.
|
81,000 | 82,063 | ||||||
Apparel Retail0.46% |
|
|||||||
Express LLC/Express Finance
|
185,000 | 201,881 | ||||||
J. Crew Group Inc., Sr. Unsec. Gtd.
|
500,000 | 542,500 |
See accompanying notes which are an integral part of this schedule.
Invesco Premium Income Fund
Principal
Amount |
Value | |||||||
Broadcasting(continued) |
|
|||||||
Clear Channel Worldwide Holdings Inc.,
|
$ | 50,000 | $ | 52,750 | ||||
Series B,
|
160,000 | 170,400 | ||||||
Sr. Unsec. Gtd. Sub. Global Notes,
|
240,000 | 250,800 | ||||||
LIN Television Corp., Sr. Unsec.
|
20,000 | 21,450 | ||||||
Nielsen Finance LLC/Co.
|
150,000 | 148,125 | ||||||
Starz LLC/Starz Finance Corp., Sr.
|
20,000 | 20,850 | ||||||
926,631 | ||||||||
Building Products1.09% |
|
|||||||
American Standard Americas, Sr.
|
180,000 | 184,050 | ||||||
Building Materials Corp. of
|
250,000 | 275,000 | ||||||
Gibraltar Industries Inc., Sr. Unsec.
|
185,000 | 192,862 | ||||||
Masco Corp., Sr. Unsec. Global
|
40,000 | 44,650 | ||||||
Nortek Inc., Sr. Unsec. Gtd. Global
|
595,000 | 675,325 | ||||||
Ply Gem Industries Inc., Sr.
|
210,000 | 227,850 | ||||||
Sr. Unsec. Gtd. Global Notes, 9.38%, 04/15/17 |
70,000 | 76,300 | ||||||
USG Corp.,
|
135,000 | 155,250 | ||||||
Sr. Unsec. Notes,
|
505,000 | 593,375 | ||||||
2,424,662 | ||||||||
Cable & Satellite1.54% |
|
|||||||
AMC Networks Inc., Sr. Unsec.
|
30,000 | 30,225 | ||||||
Cablevision Systems Corp., Sr.
|
35,000 | 34,606 | ||||||
CCO Holdings LLC/CCO Holdings
|
435,000 | 430,650 | ||||||
DISH DBS Corp.,
|
75,000 | 78,750 | ||||||
5.88%, 07/15/22 |
135,000 | 143,775 | ||||||
Sr. Unsec. Notes,
|
215,000 | 213,388 |
See accompanying notes which are an integral part of this schedule.
Invesco Premium Income Fund
Principal
Amount |
Value | |||||||
Cable & Satellite(continued) |
|
|||||||
Hughes Satellite Systems Corp., Sr.
|
$ | 195,000 | $ | 216,694 | ||||
Intelsat Jackson Holdings S.A. (Luxembourg),
|
615,000 | 661,125 | ||||||
Sr. Unsec. Gtd. Notes,
|
330,000 | 336,600 | ||||||
7.25%, 10/15/20 (b) |
75,000 | 80,625 | ||||||
Nara Cable Funding Ltd. (Spain),
|
425,000 | 445,187 | ||||||
Ono Finance II PLC (Spain), Sr.
|
150,000 | 153,000 | ||||||
Unitymedia Hessen GmbH & Co.
|
265,000 | 277,587 | ||||||
ViaSat Inc., Sr. Unsec. Gtd. Global
|
300,000 | 322,500 | ||||||
3,424,712 | ||||||||
Casinos & Gaming1.91% |
|
|||||||
Ameristar Casinos Inc., Sr. Unsec.
|
170,000 | 187,000 | ||||||
Caesars Entertainment Operating Co. Inc.,
|
45,000 | 41,062 | ||||||
12.75%, 04/15/18 |
450,000 | 344,250 | ||||||
Sr. Sec. Gtd. Notes,
|
110,000 | 112,750 | ||||||
Sr. Unsec. Gtd. Global Notes,
|
195,000 | 193,781 | ||||||
Caesars Operating Escrow
|
105,000 | 107,625 | ||||||
CityCenter Holdings LLC/CityCenter Finance Corp.,
|
140,000 | 151,900 | ||||||
Sr. Sec. Gtd. PIK Global Notes,
|
334,520 | 369,645 | ||||||
Codere Finance Luxembourg S.A.
|
150,000 | 116,625 | ||||||
MCE Finance Ltd. (China), Sr.
|
200,000 | 201,000 | ||||||
MGM Resorts International,
|
910,000 | 989,625 | ||||||
6.63%, 12/15/21 |
35,000 | 36,225 | ||||||
Sr. Unsec. Gtd. Notes,
|
25,000 | 26,375 | ||||||
7.75%, 03/15/22 |
170,000 | 187,000 | ||||||
Seneca Gaming Corp., Sr. Unsec.
|
233,000 | 250,475 |
Principal
Amount |
Value | |||||||
Casinos & Gaming(continued) |
|
|||||||
Snoqualmie Entertainment Authority,
|
$ | 95,000 | $ | 94,881 | ||||
Sr. Sec. Notes,
|
388,000 | 388,485 | ||||||
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.,
|
340,000 | 361,675 | ||||||
7.75%, 08/15/20 |
65,000 | 73,775 | ||||||
4,234,154 | ||||||||
Coal & Consumable Fuels0.61% |
|
|||||||
Alpha Natural Resources Inc.,
|
45,000 | 49,275 | ||||||
CONSOL Energy Inc., Sr. Unsec.
|
360,000 | 392,400 | ||||||
Indo Energy Finance II BV
|
200,000 | 207,118 | ||||||
Peabody Energy Corp.,
|
140,000 | 147,700 | ||||||
Sr. Unsec. Gtd. Notes,
|
320,000 | 340,000 | ||||||
Raspadskaya OJSC Via
|
200,000 | 215,958 | ||||||
1,352,451 | ||||||||
Communications Equipment0.22% |
|
|||||||
Avaya Inc.,
|
385,000 | 371,525 | ||||||
9.00%, 04/01/19 (b) |
75,000 | 77,813 | ||||||
Sr. Unsec. Gtd. Global Notes,
|
50,000 | 48,000 | ||||||
497,338 | ||||||||
Computer & Electronics Retail0.16% |
|
|||||||
Rent-A-Center Inc., Sr. Unsec. Gtd.
|
330,000 | 360,938 | ||||||
Computer Storage & Peripherals0.17% |
|
|||||||
Seagate HDD Cayman, Sr. Unsec.
|
345,000 | 383,813 | ||||||
Construction & Engineering0.37% |
|
|||||||
Dycom Investments Inc.,
|
125,000 | 134,062 | ||||||
Sr. Unsec. Gtd. Sub. Notes,
|
290,000 | 311,025 | ||||||
Tutor Perini Corp., Sr. Unsec. Gtd.
|
350,000 | 368,375 | ||||||
813,462 |
See accompanying notes which are an integral part of this schedule.
Invesco Premium Income Fund
Principal
Amount |
Value | |||||||
Construction & Farm Machinery & Heavy Trucks0.51% |
|
|||||||
CNH Capital LLC, Sr. Unsec. Gtd.
|
$ | 40,000 | $ | 41,600 | ||||
Commercial Vehicle Group Inc.,
|
250,000 | 253,750 | ||||||
Manitowoc Co. Inc. (The),
|
160,000 | 162,800 | ||||||
Sr. Unsec. Gtd. Notes,
|
130,000 | 147,225 | ||||||
Navistar International Corp., Sr. Unsec.
|
130,000 | 128,212 | ||||||
Terex Corp., Sr. Unsec. Gtd. Global
|
70,000 | 74,025 | ||||||
Titan International Inc., Sr. Sec. Gtd.
|
305,000 | 329,019 | ||||||
1,136,631 | ||||||||
Construction Materials0.49% |
|
|||||||
Cemex Finance LLC (Mexico), Sr.
|
150,000 | 161,265 | ||||||
Texas Industries Inc., Sr. Unsec.
|
575,000 | 636,813 | ||||||
West China Cement Ltd. (China),
|
300,000 | 295,500 | ||||||
1,093,578 | ||||||||
Consumer Finance0.35% |
|
|||||||
Ally Financial Inc., Sr. Unsec. Gtd.
|
450,000 | 554,625 | ||||||
General Motors Financial Co. Inc.,
|
45,000 | 47,475 | ||||||
National Money Mart Co., Sr.
|
165,000 | 183,150 | ||||||
785,250 | ||||||||
Data Processing & Outsourced Services0.85% |
|
|||||||
CoreLogic, Inc., Sr. Unsec. Gtd.
|
345,000 | 378,637 | ||||||
First Data Corp.,
|
455,000 | 468,650 | ||||||
Sr. Sec. Gtd. Notes,
|
110,000 | 116,325 | ||||||
6.75%, 11/01/20 (b) |
535,000 | 552,387 | ||||||
NeuStar Inc., Sr. Unsec. Gtd.
|
45,000 | 45,225 | ||||||
SunGard Data Systems Inc., Sr.
|
250,000 | 267,188 | ||||||
WEX Inc., Sr. Unsec. Gtd. Notes,
|
70,000 | 69,475 | ||||||
1,897,887 |
Principal
Amount |
Value | |||||||
Department Stores0.06% |
|
|||||||
Sears Holdings Corp., Sr. Sec. Gtd.
|
$ | 150,000 | $ | 142,875 | ||||
Distillers & Vintners0.09% |
|
|||||||
Constellation Brands Inc.,
|
85,000 | 97,963 | ||||||
4.63%, 03/01/23 |
30,000 | 30,675 | ||||||
Sr. Unsec. Gtd. Notes,
|
70,000 | 79,100 | ||||||
207,738 | ||||||||
Diversified Banks1.67% |
|
|||||||
Access Finance B.V. (Nigeria), Sr.
|
270,000 | 288,633 | ||||||
Banco Bradesco S.A. (Brazil),
|
200,000 | 216,951 | ||||||
Banco Davivienda S.A. (Colombia),
|
200,000 | 196,000 | ||||||
Unsec. Sub. Notes,
|
250,000 | 266,629 | ||||||
Bancolombia S.A. (Colombia),
|
310,000 | 321,509 | ||||||
Bangkok Bank PCL (Thailand), Sr.
|
300,000 | 330,162 | ||||||
BBVA Bancomer S.A. (Mexico),
|
400,000 | 426,272 | ||||||
Development Bank of Kazakhstan
|
200,000 | 207,639 | ||||||
Eurasian Development Bank
|
200,000 | 210,080 | ||||||
Nomos Bank Via Nomos Capital
|
200,000 | 217,017 | ||||||
Royal Bank of Scotland Group PLC (United Kingdom), Unsec. Sub. Notes, 6.13%, 12/15/22 |
280,000 | 289,234 | ||||||
Turkiye Garanti Bankasi A.S.
|
260,000 | 266,653 | ||||||
Turkiye Halk Bankasi A.S.
|
240,000 | 252,699 | ||||||
Turkiye Is Bankasi A.S. (Turkey),
|
200,000 | 211,079 | ||||||
3,700,557 | ||||||||
Diversified Chemicals0.02% |
|
|||||||
Eagle Spinco Inc., Sr. Unsec. Gtd.
|
35,000 | 35,438 |
See accompanying notes which are an integral part of this schedule.
Invesco Premium Income Fund
Principal
Amount |
Value | |||||||
Diversified Metals & Mining0.44% |
|
|||||||
FMG Resources Pty. Ltd. (Australia),
|
$ | 125,000 | $ | 128,750 | ||||
6.88%, 04/01/22 (b) |
205,000 | 213,200 | ||||||
Vedanta Resources PLC (India), Sr.
|
175,000 | 206,979 | ||||||
Volcan Cia Minera S.A.A. (Peru),
|
390,000 | 432,992 | ||||||
981,921 | ||||||||
Electric Utilities0.11% |
|
|||||||
Majapahit Holding B.V.
|
200,000 | 250,959 | ||||||
Electrical Components & Equipment0.15% |
|
|||||||
Belden Inc., Sr. Unsec. Gtd. Sub.
|
125,000 | 130,625 | ||||||
General Cable Corp., Sr. Unsec.
|
150,000 | 158,250 | ||||||
Polypore International Inc., Sr.
|
33,000 | 35,970 | ||||||
324,845 | ||||||||
Electronic Manufacturing Services0.15% |
|
|||||||
Sanmina Corp., Sr. Unsec. Gtd.
|
320,000 | 332,800 | ||||||
Environmental & Facilities Services0.04% |
|
|||||||
Clean Harbors Inc.,
|
30,000 | 31,650 | ||||||
Sr. Unsec. Gtd. Notes,
|
45,000 | 47,250 | ||||||
78,900 | ||||||||
Gas Utilities0.32% |
|
|||||||
AmeriGas Finance LLC/Corp., Sr.
|
160,000 | 176,000 | ||||||
Ferrellgas L.P./Ferrellgas Finance
|
255,000 | 258,825 | ||||||
Suburban Propane Partners,
|
255,000 | 279,225 | ||||||
714,050 | ||||||||
Gold0.15% |
|
|||||||
AngloGold Ashanti Holdings PLC
|
200,000 | 204,750 | ||||||
Eldorado Gold Corp. (Canada), Sr.
|
115,000 | 121,446 | ||||||
326,196 |
Principal
Amount |
Value | |||||||
Health Care Equipment0.14% |
|
|||||||
Biomet Inc.,
|
$ | 75,000 | $ | 79,875 | ||||
Sr. Unsec. Gtd. Sub. Notes,
|
225,000 | 232,875 | ||||||
312,750 | ||||||||
Health Care Facilities0.79% |
|
|||||||
HCA, Inc.,
|
340,000 | 372,300 | ||||||
Sr. Unsec. Gtd. Global Notes,
|
485,000 | 506,825 | ||||||
HCA Holdings Inc.,
|
130,000 | 137,475 | ||||||
HealthSouth Corp.,
|
270,000 | 275,400 | ||||||
7.75%, 09/15/22 |
135,000 | 148,162 | ||||||
Radiation Therapy Services Inc.,
|
140,000 | 140,700 | ||||||
Tenet Healthcare Corp.,
|
30,000 | 29,700 | ||||||
Sr. Sec. Gtd. Notes,
|
15,000 | 15,150 | ||||||
Sr. Unsec. Global Notes,
|
130,000 | 136,825 | ||||||
1,762,537 | ||||||||
Health Care Services0.10% |
|
|||||||
DaVita HealthCare Partners Inc.,
|
70,000 | 74,200 | ||||||
Prospect Medical Holdings Inc., Sr.
|
130,000 | 140,075 | ||||||
214,275 | ||||||||
Health Care Technology0.09% |
|
|||||||
MedAssets Inc., Sr. Unsec. Gtd.
|
173,000 | 189,868 | ||||||
Homebuilding1.06% |
|
|||||||
Beazer Homes USA Inc.,
|
270,000 | 273,375 | ||||||
Sr. Unsec. Gtd. Notes,
|
84,000 | 85,155 | ||||||
K. Hovnanian Enterprises Inc.,
|
180,000 | 198,675 | ||||||
9.13%, 11/15/20 (b) |
45,000 | 49,725 | ||||||
Sr. Unsec. Gtd. Global Notes,
|
275,000 | 273,969 | ||||||
Sr. Unsec. Gtd. Notes,
|
100,000 | 111,000 | ||||||
KB Home, Sr. Unsec. Gtd. Notes,
|
55,000 | 61,531 |
See accompanying notes which are an integral part of this schedule.
Invesco Premium Income Fund
Principal
Amount |
Value | |||||||
Homebuilding(continued) |
|
|||||||
Lennar Corp., Sr. Unsec. Gtd.
|
$ | 250,000 | $ | 283,125 | ||||
M/I Homes Inc., Sr. Unsec. Gtd.
|
195,000 | 215,962 | ||||||
Meritage Homes Corp., Sr. Unsec.
|
200,000 | 219,000 | ||||||
Ryland Group Inc. (The), Sr.
|
150,000 | 154,500 | ||||||
Taylor Morrison Communities Inc./
|
345,000 | 372,600 | ||||||
Toll Brothers Finance Corp., Sr.
|
40,000 | 45,600 | ||||||
2,344,217 | ||||||||
Hotels, Resorts & Cruise Lines0.05% |
|
|||||||
Choice Hotels International, Inc.,
|
10,000 | 11,163 | ||||||
Royal Caribbean Cruises Ltd., Sr.
|
100,000 | 107,000 | ||||||
118,163 | ||||||||
Household Products0.27% |
|
|||||||
Central Garden & Pet Co., Sr.
|
250,000 | 262,812 | ||||||
Controladora Mabe S.A. de C.V.
|
100,000 | 118,208 | ||||||
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC, Sr. Sec. Gtd. Global Notes, 5.75%, 10/15/20 |
15,000 | 15,394 | ||||||
7.13%, 04/15/19 |
200,000 | 214,750 | ||||||
611,164 | ||||||||
Housewares & Specialties0.05% |
|
|||||||
American Greetings Corp., Sr.
|
90,000 | 92,138 | ||||||
Spectrum Brands Escrow Corp., Sr.
|
20,000 | 21,450 | ||||||
113,588 | ||||||||
Hypermarkets & Super Centers0.10% |
|
|||||||
Cencosud S.A. (Chile), Sr. Unsec.
|
200,000 | 213,851 | ||||||
Independent Power Producers &
|
|
|||||||
AES Corp. (The),
|
165,000 | 184,800 | ||||||
8.00%, 10/15/17 |
200,000 | 232,500 |
Principal
Amount |
Value | |||||||
Independent Power Producers & Energy Traders
|
|
|||||||
Calpine Corp.,
|
$ | 99,000 | $ | 105,930 | ||||
7.50%, 02/15/21 (b) |
148,000 | 160,950 | ||||||
NRG Energy Inc., Sr. Unsec. Gtd.
|
405,000 | 458,156 | ||||||
1,142,336 | ||||||||
Industrial Conglomerates0.20% |
|
|||||||
Hutchison Whampoa International
|
300,000 | 322,500 | ||||||
Sequa Corp., Sr. Unsec. Gtd.
|
115,000 | 117,156 | ||||||
439,656 | ||||||||
Industrial Machinery0.10% |
|
|||||||
Actuant Corp., Sr. Unsec. Gtd.
|
50,000 | 52,125 | ||||||
Columbus McKinnon Corp., Sr.
|
130,000 | 140,400 | ||||||
Mcron Finance Sub LLC/Mcron
|
20,000 | 21,100 | ||||||
213,625 | ||||||||
Insurance Brokers0.05% |
|
|||||||
A-S Co-Issuer Subsidiary Inc./A-S
|
35,000 | 35,088 | ||||||
Hub International Ltd., Sr. Unsec.
|
70,000 | 72,975 | ||||||
108,063 | ||||||||
Integrated Oil & Gas1.24% |
|
|||||||
Gazprom OAO Via Gaz Capital S.A. (Russia), Sr. Unsec. Loan Participation Notes,
|
300,000 | 322,800 | ||||||
6.00%, 01/23/21 (b) |
200,000 | 226,000 | ||||||
IPIC GMTN Ltd. (United Arab
|
300,000 | 348,375 | ||||||
KazMunaiGaz Finance Sub B.V.
|
620,000 | 778,488 | ||||||
Petroleos de Venezuela S.A.
|
200,000 | 195,030 | ||||||
Petroleos Mexicanos (Mexico),
|
300,000 | 311,220 | ||||||
Sr. Unsec. Gtd. Global Notes,
|
300,000 | 363,488 | ||||||
Rosneft Oil Co via Rosneft International
|
200,000 | 200,179 | ||||||
2,745,580 |
See accompanying notes which are an integral part of this schedule.
Invesco Premium Income Fund
Principal
Amount |
Value | |||||||
Integrated Telecommunication
|
|
|||||||
Colombia Telecomunicaciones
|
$ | 300,000 | $ | 304,440 | ||||
Globo Comunicacao e
|
300,000 | 327,769 | ||||||
Qtel International Finance Ltd.
|
200,000 | 199,867 | ||||||
832,076 | ||||||||
Leisure Facilities0.04% |
|
|||||||
Speedway Motorsports Inc., Sr.
|
80,000 | 85,700 | ||||||
Leisure Products0.15% |
|
|||||||
Toys R Us-Delaware Inc., Sr. Sec.
|
330,000 | 339,488 | ||||||
Marine0.06% |
|
|||||||
Navios Maritime Acquisition
|
130,000 | 124,150 | ||||||
Movies & Entertainment0.37% |
|
|||||||
AMC Entertainment Inc., Sr.
|
250,000 | 278,125 | ||||||
Cinemark USA Inc., Sr. Unsec.
|
115,000 | 117,012 | ||||||
Live Nation Entertainment Inc., Sr.
|
405,000 | 433,350 | ||||||
828,487 | ||||||||
Multi-Line Insurance0.71% |
|
|||||||
American International Group Inc.,
|
500,000 | 655,000 | ||||||
Hartford Financial Services Group
|
350,000 | 406,875 | ||||||
Liberty Mutual Group Inc., Jr.
|
250,000 | 288,125 | ||||||
Nationwide Mutual Insurance Co.,
|
150,000 | 218,254 | ||||||
1,568,254 | ||||||||
Oil & Gas Drilling0.15% |
|
|||||||
Atwood Oceanics Inc., Sr.
|
12,000 | 13,110 | ||||||
Precision Drilling Corp. (Canada),
|
295,000 | 317,125 | ||||||
330,235 |
Principal
Amount |
Value | |||||||
Oil & Gas Equipment & Services0.34% |
|
|||||||
Bristow Group, Inc., Sr. Unsec.
|
$ | 110,000 | $ | 120,037 | ||||
Calfrac Holdings L.P. (Canada), Sr.
|
85,000 | 85,850 | ||||||
Gulfmark Offshore Inc., Sr. Unsec.
|
65,000 | 67,356 | ||||||
Key Energy Services, Inc.,
|
55,000 | 55,550 | ||||||
6.75%, 03/01/21 (b) |
195,000 | 196,950 | ||||||
Oil States International Inc., Sr.
|
35,000 | 35,613 | ||||||
SESI, LLC, Sr. Unsec. Gtd. Global
|
180,000 | 193,894 | ||||||
755,250 | ||||||||
Oil & Gas Exploration & Production2.60% |
|
|||||||
Berry Petroleum Co., Sr. Unsec.
|
275,000 | 290,812 | ||||||
Chaparral Energy Inc.,
|
200,000 | 222,500 | ||||||
7.63%, 11/15/22 |
140,000 | 151,900 | ||||||
Sr. Unsec. Gtd. Notes,
|
105,000 | 113,925 | ||||||
Chesapeake Energy Corp.,
|
240,000 | 265,800 | ||||||
Sr. Unsec. Gtd. Notes,
|
190,000 | 209,238 | ||||||
Cimarex Energy Co., Sr. Unsec.
|
270,000 | 291,600 | ||||||
Continental Resources Inc., Sr.
|
310,000 | 331,700 | ||||||
EV Energy Partners L.P./EV
|
340,000 | 364,650 | ||||||
EXCO Resources Inc., Sr. Unsec. Gtd.
|
295,000 | 283,200 | ||||||
Forest Oil Corp., Sr. Unsec.
|
100,000 | 101,000 | ||||||
Halcon Resources Corp., Sr. Unsec.
|
345,000 | 370,012 | ||||||
Kodiak Oil & Gas Corp., Sr.
|
50,000 | 50,750 | ||||||
Laredo Petroleum Inc., Sr. Unsec.
|
20,000 | 21,900 | ||||||
McMoRan Exploration Co., Sr.
|
175,000 | 186,813 | ||||||
Newfield Exploration Co., Sr.
|
248,000 | 269,545 |
See accompanying notes which are an integral part of this schedule.
Invesco Premium Income Fund
Principal
Amount |
Value | |||||||
Oil & Gas Exploration & Production(continued) |
|
|||||||
Oasis Petroleum Inc., Sr. Unsec.
|
$ | 70,000 | $ | 76,650 | ||||
OGX Austria GmbH (Brazil),
|
200,000 | 188,533 | ||||||
8.38%, 04/01/22 (b) |
200,000 | 182,102 | ||||||
Plains Exploration & Production Co.,
|
275,000 | 303,875 | ||||||
6.50%, 11/15/20 |
315,000 | 348,862 | ||||||
6.63%, 05/01/21 |
50,000 | 55,563 | ||||||
QEP Resources Inc.,
|
175,000 | 185,938 | ||||||
Sr. Unsec. Notes,
|
110,000 | 117,975 | ||||||
QGOG Constellation S.A. (Brazil),
|
300,000 | 317,996 | ||||||
Range Resources Corp., Sr. Unsec.
|
170,000 | 180,625 | ||||||
SM Energy Co.,
|
30,000 | 32,100 | ||||||
6.50%, 11/15/21 |
205,000 | 221,400 | ||||||
6.50%, 01/01/23 |
40,000 | 43,200 | ||||||
5,780,164 | ||||||||
Oil & Gas Refining & Marketing0.26% |
|
|||||||
Crosstex Energy, L.P./Crosstex
|
60,000 | 62,925 | ||||||
CVR Refining LLC/Coffeyville
|
175,000 | 177,187 | ||||||
Tesoro Corp., Sr. Unsec. Gtd.
|
50,000 | 52,625 | ||||||
Tesoro Logistics L.P./Tesoro
|
65,000 | 68,900 | ||||||
United Refining Co., Sr. Sec. Gtd.
|
195,000 | 218,888 | ||||||
580,525 | ||||||||
Oil & Gas Storage & Transportation1.22% |
|
|||||||
Access Midstream Partners L.P./ACMP Finance Corp.,
|
95,000 | 101,413 | ||||||
6.13%, 07/15/22 |
210,000 | 226,800 | ||||||
4.88%, 05/15/23 |
100,000 | 100,250 | ||||||
Atlas Pipeline Partners L.P./Atlas Pipeline Finance Corp.,
|
60,000 | 60,150 | ||||||
6.63%, 10/01/20 (b) |
240,000 | 254,400 |
Principal
Amount |
Value | |||||||
Oil & Gas Storage & Transportation(continued) |
|
|||||||
Copano Energy LLC/Copano
|
$ | 325,000 | $ | 374,562 | ||||
Eagle Rock Energy Partners
|
135,000 | 141,075 | ||||||
Energy Transfer Equity L.P., Sr.
|
250,000 | 287,812 | ||||||
Inergy Midstream L.P./NRGM
|
165,000 | 171,600 | ||||||
MarkWest Energy Partners L.P./MarkWest
|
205,000 | 223,450 | ||||||
5.50%, 02/15/23 |
155,000 | 165,462 | ||||||
Regency Energy Partners
|
105,000 | 114,188 | ||||||
Rockies Express Pipeline LLC, Sr.
|
20,000 | 19,800 | ||||||
Targa Resources Partners L.P./Targa Resources Partners
|
90,000 | 99,113 | ||||||
6.38%, 08/01/22 |
180,000 | 198,000 | ||||||
Sr. Unsec. Gtd. Notes,
|
165,000 | 174,075 | ||||||
2,712,150 | ||||||||
Other Diversified Financial Services0.26% |
|
|||||||
Citigroup Inc., Series A, Jr. Unsec.
|
350,000 | 357,875 | ||||||
Oxford Finance LLC/Oxford
|
205,000 | 211,150 | ||||||
569,025 | ||||||||
Packaged Foods & Meats0.26% |
|
|||||||
Del Monte Corp., Sr. Unsec. Gtd.
|
185,000 | 192,862 | ||||||
Post Holdings Inc., Sr. Unsec. Gtd. Global Notes, 7.38%, 02/15/22 |
200,000 | 223,750 | ||||||
Wells Enterprises Inc, Sr. Unsec.
|
150,000 | 156,750 | ||||||
573,362 | ||||||||
Paper Packaging0.08% |
|
|||||||
Cascades Inc. (Canada), Sr. Unsec. Gtd. Global Notes, 7.88%, 01/15/20 |
155,000 | 167,788 | ||||||
Paper Products0.18% |
||||||||
Boise Cascade LLC/Boise Cascade Finance Corp., Sr. Unsec. Gtd. Notes, 6.38%, 11/01/20 (b) |
20,000 | 21,000 | ||||||
Mercer International Inc., Sr. Unsec. Gtd. Global Notes, 9.50%, 12/01/17 |
205,000 | 223,450 |
See accompanying notes which are an integral part of this schedule.
Invesco Premium Income Fund
Principal
Amount |
Value | |||||||
Paper Products(continued) |
|
|||||||
PH Glatfelter Co., Sr. Unsec. Gtd.
|
$ | 90,000 | $ | 94,725 | ||||
Unifrax I LLC/Unifrax Holding
|
50,000 | 50,000 | ||||||
389,175 | ||||||||
Pharmaceuticals0.02% |
|
|||||||
Sky Growth Acquisition Corp., Sr.
|
50,000 | 50,875 | ||||||
Railroads0.22% |
|
|||||||
Georgian Railway JSC (Georgia),
|
200,000 | 233,610 | ||||||
Kazakhstan Temir Zholy Finance
|
200,000 | 250,947 | ||||||
484,557 | ||||||||
Real Estate Development0.25% |
|
|||||||
Country Garden Holdings Co. Ltd. (China),
|
300,000 | 342,166 | ||||||
Sr. Unsec. Gtd. Notes,
|
200,000 | 204,104 | ||||||
546,270 | ||||||||
Regional Banks0.50% |
|
|||||||
Regions Bank, Unsec. Sub. Global
|
350,000 | 373,625 | ||||||
Regions Financial Corp., Unsec. Sub. Notes, 7.38%, 12/10/37 |
170,000 | 189,550 | ||||||
Synovus Financial Corp.,
|
70,000 | 79,625 | ||||||
Unsec. Sub. Global Notes,
|
460,000 | 466,900 | ||||||
1,109,700 | ||||||||
Research & Consulting Services0.07% |
|
|||||||
FTI Consulting Inc., Sr. Unsec.
|
150,000 | 162,000 | ||||||
Semiconductor Equipment0.42% |
|
|||||||
Amkor Technology Inc.,
|
95,000 | 96,187 | ||||||
Sr. Unsec. Global Notes,
|
270,000 | 278,775 | ||||||
Sr. Unsec. Gtd. Global Notes,
|
265,000 | 280,900 | ||||||
Sensata Technologies B.V.
|
250,000 | 271,250 | ||||||
927,112 |
Principal
Amount |
Value | |||||||
Semiconductors0.32% |
|
|||||||
Freescale Semiconductor Inc.,
Sr. Sec. Gtd. Notes,
|
$ | 140,000 | $ | 154,525 | ||||
Sr. Unsec. Gtd. Global Notes,
|
350,000 | 362,250 | ||||||
NXP BV/NXP Funding LLC
|
200,000 | 200,000 | ||||||
716,775 | ||||||||
Soft Drinks0.14% |
|
|||||||
Ajecorp B.V. (Spain), Sr. Unsec.
|
280,000 | 307,735 | ||||||
Sovereign Debt5.98% |
|
|||||||
Argentina Boden Bonds
|
850,000 | 745,875 | ||||||
Bolivian Government International
|
250,000 | 248,125 | ||||||
Colombia Government
|
280,000 | 359,800 | ||||||
Development Bank of Mongolia
|
200,000 | 209,235 | ||||||
Dominican Republic International
|
327,893 | 372,159 | ||||||
Egypt Government International
|
300,000 | 287,250 | ||||||
Hungary Government International
|
350,000 | 410,375 | ||||||
Indonesia Government International Bond (Indonesia),
|
400,000 | 578,000 | ||||||
Unsec. Notes,
|
200,000 | 210,000 | ||||||
Lithuania Government International Bond
|
200,000 | 249,750 | ||||||
Mexico Government International Bond
|
260,000 | 278,766 | ||||||
Panama Government International Bond
|
480,000 | 568,800 | ||||||
Perusahaan Penerbit SBSN (Indonesia),
|
400,000 | 424,000 | ||||||
Peruvian Government International Bond
|
200,000 | 333,500 | ||||||
Philippine Government International Bond (Philippines),
|
400,000 | 535,000 | ||||||
5.00%, 01/13/37 |
300,000 | 353,250 |
See accompanying notes which are an integral part of this schedule.
Invesco Premium Income Fund
Principal
Amount |
Value | |||||||
Sovereign Debt(continued) |
|
|||||||
Poland Government International Bond (Poland),
|
$ | 200,000 | $ | 194,000 | ||||
5.00%, 03/23/22 |
405,000 | 466,762 | ||||||
Provincia de Buenos Aires
|
700,000 | 511,000 | ||||||
Republic of Serbia (Serbia), Sr.
|
200,000 | 211,000 | ||||||
Romanian Government
|
160,000 | 193,237 | ||||||
Sri Lanka Government International Bond (Sri Lanka),
|
300,000 | 325,500 | ||||||
REGS,
|
250,000 | 268,750 | ||||||
Turkey Government International Bond (Turkey),
|
550,000 | 672,375 | ||||||
6.75%, 05/30/40 |
350,000 | 460,688 | ||||||
Unsec. Global Notes,
|
200,000 | 238,750 | ||||||
Ukraine Government International Bond (Ukraine),
|
200,000 | 208,000 | ||||||
Ukraine Government International Bond (Ukraine), REGS,
|
575,000 | 582,187 | ||||||
Uruguay Government International
|
327,038 | 454,583 | ||||||
Venezuela Government International Bond (Venezuela),
|
370,000 | 375,550 | ||||||
REGS, Sr. Unsec. Euro Bonds,
|
1,000,000 | 865,000 | ||||||
11.95%, 08/05/31 (b) |
320,000 | 368,800 | ||||||
Vietnam Government International
|
200,000 | 228,758 | ||||||
Vnesheconcombank Via VEB
|
200,000 | 230,500 | ||||||
Wakala Global Sukuk BHD
|
250,000 | 263,429 | ||||||
13,282,754 | ||||||||
Specialized Consumer Services0.02% |
|
|||||||
Sothebys, Sr. Unsec. Gtd. Notes,
|
45,000 | 46,688 |
Principal
Amount |
Value | |||||||
Specialized Finance1.38% |
|
|||||||
Air Lease Corp.,
|
$ | 210,000 | $ | 222,600 | ||||
Sr. Unsec. Gtd. Global Notes,
|
227,000 | 225,297 | ||||||
Aircastle Ltd.,
|
175,000 | 190,313 | ||||||
Sr. Unsec. Global Notes,
|
310,000 | 343,325 | ||||||
7.63%, 04/15/20 |
95,000 | 110,081 | ||||||
CIT Group Inc.,
|
335,000 | 360,125 | ||||||
5.00%, 08/15/22 |
130,000 | 137,475 | ||||||
Sr. Unsec. Notes,
|
415,000 | 446,125 | ||||||
International Lease Finance Corp.,
|
260,000 | 280,069 | ||||||
5.88%, 08/15/22 |
60,000 | 64,725 | ||||||
8.75%, 03/15/17 |
500,000 | 589,687 | ||||||
Sr. Unsec. Notes,
|
80,000 | 98,200 | ||||||
3,068,022 | ||||||||
Specialized REITs0.18% |
|
|||||||
Felcor Lodging L.P., Sr. Sec.
|
50,000 | 50,875 | ||||||
Host Hotels & Resorts L.P., Sr.
|
150,000 | 165,188 | ||||||
MPT Operating Partnership
|
170,000 | 187,425 | ||||||
403,488 | ||||||||
Specialty Chemicals0.31% |
|
|||||||
Ashland Inc., Sr. Unsec. Gtd.
|
45,000 | 46,350 | ||||||
Ferro Corp., Sr. Unsec. Notes,
|
150,000 | 148,125 | ||||||
PolyOne Corp., Sr. Unsec. Notes,
|
295,000 | 328,187 | ||||||
PQ Corp., Sr. Sec. Notes,
8.75%,
|
165,000 | 174,900 | ||||||
697,562 | ||||||||
Specialty Stores0.15% |
|
|||||||
Michaels Stores Inc., Sr. Unsec. Gtd.
|
295,000 | 324,500 | ||||||
Steel0.63% |
|
|||||||
ArcelorMittal (Luxembourg), Sr.
|
40,000 | 44,135 | ||||||
Evraz Group S.A. (Russia), Unsec.
|
200,000 | 213,889 |
See accompanying notes which are an integral part of this schedule.
Invesco Premium Income Fund
Principal
Amount |
Value | |||||||
Wireless Telecommunication
|
|
|||||||
Clearwire Communications
|
$ | 120,000 | $ | 130,350 | ||||
Cricket Communications, Inc., Sr.
|
675,000 | 703,687 | ||||||
Digicel Group Ltd. (Jamaica), Sr.
|
200,000 | 223,000 | ||||||
MetroPCS Wireless Inc.,
|
50,000 | 53,625 | ||||||
7.88%, 09/01/18 |
500,000 | 543,125 | ||||||
SBA Communications Corp.,
|
150,000 | 159,000 | ||||||
Sistema International Funding S.A.
|
300,000 | 327,052 | ||||||
Sprint Capital Corp.,
|
510,000 | 519,563 | ||||||
6.90%, 05/01/19 |
60,000 | 65,325 | ||||||
Sprint Nextel Corp.,
|
115,000 | 116,150 | ||||||
7.00%, 08/15/20 |
60,000 | 65,175 | ||||||
Sr. Unsec. Gtd. Notes,
|
40,000 | 46,600 | ||||||
9.00%, 11/15/18 (b) |
500,000 | 620,000 | ||||||
VimpelCom Holdings B.V.
|
400,000 | 458,520 | ||||||
Wind Acquisition Finance S.A.
|
200,000 | 211,500 | ||||||
11.75%, 07/15/17 (b) |
500,000 | 541,250 | ||||||
4,783,922 | ||||||||
Total U.S. Dollar Denominated Bonds and Notes (Cost $ 86,432,352) |
92,134,415 | |||||||
Shares | ||||||||
Preferred Stocks35.59% |
|
|||||||
Asset Management & Custody Banks0.56% |
|
|||||||
Affiliated Managers Group Inc., 6.38% Sr. Unsec. Pfd. |
6,900 | 178,710 | ||||||
Ameriprise Financial Inc., 7.75% Sr. Unsec. Pfd. |
4,100 | 115,374 | ||||||
Ares Capital Corp., 7.00% Sr. Unsec. Pfd. |
15,300 | 409,581 | ||||||
Bank of New York Mellon Corp. (The) 5.20% Pfd. |
11,800 | 295,590 | ||||||
State Street Corp., Series C, 5.25% Pfd. |
10,100 | 253,409 | ||||||
1,252,664 |
See accompanying notes which are an integral part of this schedule.
Invesco Premium Income Fund
Shares | Value | |||||||
Cable & Satellite0.07% |
|
|||||||
Comcast Corp., 5.00% Sr. Unsec. Gtd. Pfd. |
6,100 | $ | 154,025 | |||||
Consumer Finance1.59% |
|
|||||||
Ally Financial Inc.,
|
26,400 | 670,560 | ||||||
7.38% Sr. Pfd. |
24,300 | 612,603 | ||||||
Capital One Financial Corp., Series B, 6.00% Pfd. |
17,700 | 444,447 | ||||||
Discover Financial Services, Series B, 6.50% Pfd. |
10,600 | 270,300 | ||||||
GMAC Capital Trust I, Series 2, 8.13% Jr. Gtd. Sub. Pfd. |
48,700 | 1,298,829 | ||||||
SLM Corp., 6.00% Sr. Unsec. Pfd. |
9,400 | 231,240 | ||||||
3,527,979 | ||||||||
Diversified Banks7.32% |
|
|||||||
Barclays Bank PLC (United Kingdom), Series 4, 7.75% Pfd. |
36,500 | 928,195 | ||||||
Barclays Bank PLC (United Kingdom), Series 5, 8.13% Pfd. |
78,400 | 2,028,208 | ||||||
HSBC Holdings PLC (United Kingdom), 8.13% Unsec. Sub. Pfd. |
46,600 | 1,187,368 | ||||||
HSBC Holdings PLC (United Kingdom), Series 2, 8.00% Jr. Unsec. Sub. Pfd. |
118,600 | 3,299,452 | ||||||
Lloyds Banking Group PLC (United Kingdom), 7.75% Sr. Unsec. Pfd. |
17,500 | 484,750 | ||||||
Royal Bank of Scotland PLC (The) (United Kingdom), Series L, 5.75% Jr. Sub. Pfd. |
22,300 | 520,928 | ||||||
Royal Bank of Scotland PLC (The) (United Kingdom), Series T, 7.25% Jr. Sub. Pfd. |
87,790 | 2,153,489 | ||||||
Santander Finance Preferred SAU (Spain), Series 10, 10.50% Jr. Gtd. Sub. Pfd. |
18,700 | 518,738 | ||||||
US Bancorp, Series F, 6.50% Pfd. |
52,900 | 1,519,288 | ||||||
Wells Fargo & Co., 5.20% Pfd. |
30,400 | 759,392 | ||||||
Wells Fargo & Co., Series J, 8.00% Pfd. |
85,200 | 2,523,624 | ||||||
Wells Fargo & Co., Series O, 5.13% Pfd. |
13,200 | 328,944 | ||||||
16,252,376 | ||||||||
Diversified Capital Markets1.63% |
|
|||||||
Deutsche Bank Contingent Capital
|
56,800 | 1,581,312 | ||||||
Deutsche Bank Contingent Capital
|
72,000 | 2,047,680 | ||||||
3,628,992 | ||||||||
Diversified REITs0.54% |
|
|||||||
PS Business Parks, Inc., Series S, 6.45% Pfd. |
11,800 | 307,744 | ||||||
Vornado Realty L.P., 7.88% Sr. Unsec. Pfd. |
12,200 | 332,572 | ||||||
Vornado Realty Trust, Series J, 6.88% Pfd. |
20,300 | 549,927 | ||||||
1,190,243 |
Shares | Value | |||||||
Electric Utilities1.64% |
|
|||||||
Alabama Power Co., 5.63% Pfd. |
13,700 | $ | 351,492 | |||||
BGE Capital Trust II, 6.20% Jr. Unsec. Gtd. Sub. Pfd. |
5,100 | 130,356 | ||||||
Constellation Energy Group Inc., Series A, 8.63% Jr. Unsec. Gtd. Sub. Pfd. |
9,100 | 234,871 | ||||||
Duke Energy Corp., 5.13% Jr. Unsec. Sub. Pfd. |
10,600 | 264,470 | ||||||
Entergy Louisiana LLC, 5.25% Sr. Sec. First Mortgage Pfd. |
4,200 | 109,032 | ||||||
Entergy Mississippi Inc., 6.00% Sr. Sec. First Mortgage Pfd. |
10,600 | 292,666 | ||||||
Entergy Texas Inc., 7.88% Sr. Sec. Mortgage Pfd. |
9,100 | 257,166 | ||||||
Interstate Power & Light Co., Series B, 8.38% Pfd. |
1,400 | 36,050 | ||||||
NextEra Energy Capital Holdings Inc., 5.00% Jr. Unsec. Gtd. Sub. Pfd. |
7,400 | 182,040 | ||||||
NextEra Energy Capital Holdings Inc., Series F, 8.75% Jr. Unsec. Gtd. Sub. Pfd. |
9,500 | 257,450 | ||||||
NextEra Energy Capital Holdings Inc., Series G, 5.70% Jr. Gtd. Sub. Pfd. |
16,700 | 443,051 | ||||||
NextEra Energy Capital Holdings Inc., Series H, 5.63% Jr. Gtd. Sub. Pfd. |
12,700 | 330,200 | ||||||
Pacific Gas & Electric Co., Series A, 6.00% Pfd. |
1,000 | 30,190 | ||||||
SCE Trust I, 5.63% Jr. Gtd. Sub. Pfd. |
20,300 | 524,755 | ||||||
Xcel Energy Inc., 7.60% Jr. Unsec. Sub. Pfd. |
8,100 | 205,740 | ||||||
3,649,529 | ||||||||
Industrial Conglomerates0.25% |
|
|||||||
General Electric Capital Corp., 4.88% Sr. Unsec. Pfd. |
21,800 | 549,578 | ||||||
Industrial Machinery0.18% |
||||||||
Stanley Black & Decker Inc., 5.75% Jr. Unsec. Sub. Pfd. |
15,200 | 393,832 | ||||||
Integrated Telecommunication Services0.52% |
|
|||||||
Qwest Corp., |
||||||||
7.00% Sr. Unsec. Pfd. |
11,200 | 299,152 | ||||||
7.00% Sr. Unsec. Pfd. |
8,100 | 215,541 | ||||||
7.38% Sr. Unsec. Pfd. |
11,200 | 303,184 | ||||||
7.50% Sr. Unsec. Pfd. |
12,200 | 331,840 | ||||||
1,149,717 | ||||||||
Investment Banking & Brokerage1.63% |
|
|||||||
BGC Partners Inc., 8.13% Sr. Pfd. |
1,100 | 28,875 | ||||||
Charles Schwab Corp. (The), Series B, 6.00% Pfd. |
9,800 | 259,308 | ||||||
Goldman Sachs Group Inc. (The), Series I, 5.95% Pfd. |
26,400 | 652,080 | ||||||
Goldman Sachs Group, Inc. (The), |
||||||||
6.13% Sr. Unsec. Pfd. |
14,200 | 371,756 | ||||||
6.50% Sr. Unsec. Pfd. |
20,300 | 555,814 | ||||||
Goldman Sachs Group, Inc. (The), Series B, 6.20% Pfd. |
8,100 | 205,011 | ||||||
Morgan Stanley Capital Trust III, 6.25% Jr. Unsec. Gtd. Sub. Pfd. |
46,600 | 1,176,650 | ||||||
Raymond James Financial Inc., 6.90% Sr. Pfd. |
7,100 | 192,978 | ||||||
Stifel Financial Corp., 6.70% Sr. Pfd. |
6,600 | 176,286 | ||||||
3,618,758 |
See accompanying notes which are an integral part of this schedule.
Invesco Premium Income Fund
Shares | Value | |||||||
Life & Health Insurance2.09% |
|
|||||||
Aegon N.V. (Netherlands), |
||||||||
6.38% Unsec. Sub. Pfd. |
50,800 | $ | 1,330,452 | |||||
8.00% Jr. Unsec. Sub. Pfd. |
19,300 | 539,049 | ||||||
Aflac Inc., 5.50% Jr. Unsec. Sub. Pfd. |
10,100 | 257,449 | ||||||
MetLife Inc., Series B, 6.50% Pfd. |
33,500 | 855,255 | ||||||
Principal Financial Group Inc., Series B, 6.52% Pfd. |
11,200 | 298,256 | ||||||
Protective Life Corp., 6.25% Jr. Unsec. Sub. Pfd. |
10,900 | 280,348 | ||||||
Prudential Financial Inc., |
||||||||
5.75% Jr. Unsec. Sub. Pfd. |
13,200 | 334,488 | ||||||
9.00% Jr. Sub. Pfd. |
16,200 | 420,390 | ||||||
Prudential PLC (United Kingdom), 6.75% Jr. Unsec. Sub. Pfd. |
11,200 | 285,264 | ||||||
Torchmark Corp., 5.88% Jr. Unsec. Sub. Pfd. |
1,700 | 43,350 | ||||||
4,644,301 | ||||||||
Multi-Line Insurance1.29% |
|
|||||||
Allianz SE (Germany), 8.38% Unsec. Sub. Pfd. |
38,500 | 993,781 | ||||||
American Financial Group Inc., 6.38% Sr. Unsec. Pfd. |
9,900 | 263,736 | ||||||
American International Group Inc., 7.70% Jr. Unsec. Sub. Deb. Pfd. |
34,500 | 893,895 | ||||||
Aviva PLC (United Kingdom), 8.25% Jr. Unsec. Sub. Pfd. |
8,100 | 228,744 | ||||||
Hartford Financial Services Group Inc. (The), 7.88% Jr. Sub. Pfd. |
16,835 | 488,215 | ||||||
2,868,371 | ||||||||
Multi-Utilities0.30% |
|
|||||||
Dominion Resources Inc., Series A, 8.38% Pfd. |
13,900 | 377,246 | ||||||
DTE Energy Co., 6.50% Jr. Sub. Deb. Pfd. |
9,700 | 262,773 | ||||||
SCANA Corp., 7.70% Jr. Sub. Pfd. |
1,400 | 38,024 | ||||||
678,043 | ||||||||
Office REITs0.36% |
|
|||||||
Alexandria Real Estate Equities Inc., Series E, 6.45% Pfd. |
1,400 | 37,310 | ||||||
CommonWealth REIT, 5.75% Sr. Unsec. Pfd. |
9,100 | 222,950 | ||||||
Digital Realty Trust Inc., Series F, 6.63% Pfd. |
9,500 | 251,750 | ||||||
Kilroy Realty Corp., Series G, 6.88% Pfd. |
1,000 | 25,880 | ||||||
Kilroy Realty Corp., Series H, 6.38% Pfd. |
2,000 | 50,000 | ||||||
SL Green Realty Corp., Series I, 6.50% Pfd. |
8,600 | 218,096 | ||||||
805,986 | ||||||||
Office Services & Supplies0.02% |
|
|||||||
Pitney Bowes Inc., 5.25% Sr. Unsec. Pfd. |
2,200 | 55,330 | ||||||
Oil & Gas Exploration & Production0.11% |
|
|||||||
Nexen Inc. (Canada), 7.35% Sr. Unsec. Sub. Pfd. |
9,300 | 235,290 |
Shares | Value | |||||||
Oil & Gas Refining & Marketing0.10% |
|
|||||||
NuStar Logistics L.P., 7.63% Sr. Unsec. Gtd. Sub. Pfd. |
8,500 | $ | 219,980 | |||||
Other Diversified Financial Services10.27% |
|
|||||||
BAC Capital Trust VIII, 6.00% Jr. Unsec. Gtd. Sub. Pfd. |
14,200 | 358,550 | ||||||
Bank of America Corp., Series 3, 6.38% Pfd. |
20,300 | 511,560 | ||||||
Bank of America Corp., Series 8, 8.63% Pfd. |
88,900 | 2,296,287 | ||||||
Bank of America Corp., Series D, 6.20% Pfd. |
16,200 | 408,240 | ||||||
Bank of America Corp., Series H, 8.20% Pfd. |
77,000 | 1,953,490 | ||||||
Bank of America Corp., Series I, 6.63% Pfd. |
14,200 | 377,010 | ||||||
Bank of America Corp., Series J, 7.25% Pfd. |
38,500 | 976,745 | ||||||
Citigroup Capital XIII, 7.88% Jr. Sub. Pfd. |
156,700 | 4,365,662 | ||||||
Countrywide Capital V, 7.00% Jr. Gtd. Sub. Pfd. |
28,400 | 712,272 | ||||||
Credit Suisse AG/Guernsey (Switzerland), 7.90% Jr. Unsec. Sub. Pfd. |
30,900 | 787,950 | ||||||
General Electric Capital Corp., 4.88% Sr. Unsec. Pfd. |
11,600 | 293,988 | ||||||
ING Groep NV (Netherlands), |
||||||||
7.38% Unsec. Sub. Pfd. |
53,700 | 1,359,684 | ||||||
8.50% Unsec. Sub. Pfd. |
93,200 | 2,437,180 | ||||||
JPMorgan Chase & Co., Series J, 8.63% Pfd. |
95,300 | 2,455,881 | ||||||
JPMorgan Chase & Co., Series O, 5.50% Pfd. |
46,600 | 1,163,602 | ||||||
JPMorgan Chase Capital XXIX, 6.70% Jr. Sub. Pfd. |
42,600 | 1,111,860 | ||||||
Morgan Stanley Capital Trust VI,
|
48,700 | 1,229,188 | ||||||
22,799,149 | ||||||||
Property & Casualty Insurance0.58% |
|
|||||||
Allstate Corp. (The), 5.10% Jr. Unsec. Sub. Pfd. |
10,600 | 270,618 | ||||||
Arch Capital Group Ltd., Series C, 6.75% Pfd. |
6,900 | 185,265 | ||||||
Argo Group U.S. Inc., 6.50% Sr. Unsec. Gtd. Pfd. |
1,700 | 42,534 | ||||||
Aspen Insurance Holdings Ltd., 7.25% Pfd. |
4,500 | 120,870 | ||||||
Assured Guaranty Municipal Holdings Inc., 6.25% Sr. Unsec. Gtd. Pfd. |
8,700 | 218,022 | ||||||
Axis Capital Holdings Ltd., Series A, 7.25% Pfd. |
2,600 | 67,158 | ||||||
Axis Capital Holdings Ltd., Series C, 6.88% Pfd. |
8,100 | 221,130 | ||||||
Berkley W.R. Capital Trust II, 6.75% Jr. Gtd. Sub. Pfd. |
5,100 | 128,418 | ||||||
Selective Insurance Group Inc., 7.50% Jr. Sub. Pfd. |
1,000 | 25,400 | ||||||
1,279,415 |
See accompanying notes which are an integral part of this schedule.
Invesco Premium Income Fund
Shares | Value | |||||||||
Real Estate Operating Companies0.05% |
|
|||||||||
Forest City Enterprises Inc., 7.38% Sr. Unsec. Pfd. |
4,600 | $ | 113,758 | |||||||
Regional Banks1.81% |
|
|||||||||
BB&T Corp., 5.85% Pfd. |
20,300 | 524,552 | ||||||||
BB&T Corp., Series E, 5.63% Pfd. |
20,300 | 516,635 | ||||||||
City National Corp., Series C, 5.50% Sub. Pfd. |
2,700 | 66,933 | ||||||||
First Niagara Financial Group Inc., Series B, 8.63% Sec. Pfd. |
7,400 | 220,298 | ||||||||
First Republic Bank, Series A, 6.70% Pfd. |
3,900 | 105,690 | ||||||||
First Republic Bank, Series B, 6.20% Pfd. |
3,900 | 102,570 | ||||||||
PNC Financial Services Group Inc., Series P, 6.13% Pfd. |
36,500 | 987,690 | ||||||||
Regions Financial Corp., Series A, 6.38% Pfd. |
10,100 | 251,288 | ||||||||
SunTrust Banks Inc., Series E, 5.88% Pfd. |
9,100 | 225,680 | ||||||||
TCF Financial Corp., 7.50% Pfd. |
1,900 | 51,300 | ||||||||
TCF Financial Corp., Series B, 6.45% Pfd. |
2,300 | 57,500 | ||||||||
Webster Financial Corp., Series E, 6.40% Pfd. |
2,600 | 65,182 | ||||||||
Zions Bancorp., Series C, 9.50% Pfd. |
32,630 | 852,948 | ||||||||
4,028,266 | ||||||||||
Reinsurance0.69% |
|
|||||||||
Endurance Specialty Holdings Ltd., Series A, 7.75% Pfd. |
4,100 | 112,381 | ||||||||
Endurance Specialty Holdings Ltd., Series B, 7.50% Pfd. |
4,700 | 129,203 | ||||||||
Everest Re Capital Trust II, Series B, 6.20% Jr. Unsec. Gtd. Sub. Pfd. |
4,900 | 124,362 | ||||||||
Maiden Holdings Ltd., Series A, 8.25% Pfd. |
7,200 | 190,368 | ||||||||
Montpelier Re Holdings Ltd., 8.88% Pfd. |
3,000 | 82,020 | ||||||||
PartnerRe Ltd., Series E, 7.25% Pfd. |
16,400 | 452,640 | ||||||||
Reinsurance Group of America, Inc., 6.20% Unsec. Sub. Variable Rate Pfd. (c) |
8,100 | 218,457 | ||||||||
RenaissanceRe Holdings Ltd., Series D, 6.60% Pfd. |
8,450 | 214,292 | ||||||||
1,523,723 | ||||||||||
Retail REITs0.59% |
|
|||||||||
DDR Corp., Class J, 6.50% Pfd. |
8,200 | 204,180 | ||||||||
Kimco Realty Corp., Series I, 6.00% Pfd. |
19,800 | 513,414 | ||||||||
National Retail Properties Inc., Series D, 6.63% Pfd. |
4,400 | 114,972 | ||||||||
Realty Income Corp., Series E, 6.75% Pfd. |
5,600 | 143,696 | ||||||||
Realty Income Corp., Series F, 6.63% Pfd. |
7,400 | 197,580 | ||||||||
Regency Centers Corp., Series 6, 6.63% Pfd. |
5,100 | 134,079 | ||||||||
1,307,921 |
Shares | Value | |||||||||||
Specialized Finance0.17% |
|
|||||||||||
KKR Financial Holdings LLC, Series A, 7.38% Pfd. |
|
6,400 | $ | 161,280 | ||||||||
KKR Financial Holdings LLC., 8.38% Pfd. |
|
7,600 | 216,220 | |||||||||
377,500 | ||||||||||||
Specialized REITs0.92% |
|
|||||||||||
Health Care REIT, Inc., Series J, 6.50% Pfd. |
|
5,800 | 152,540 | |||||||||
Hospitality Properties Trust, Series D, 7.13% Pfd. |
|
9,300 | 248,775 | |||||||||
Public Storage, Series Q, 6.50% Pfd. |
|
53,700 | 1,461,177 | |||||||||
Senior Housing Properties Trust, 5.63% Sr. Unsec. Pfd. |
|
7,100 | 174,518 | |||||||||
2,037,010 | ||||||||||||
Specialty Properties0.02% |
|
|||||||||||
EPR Properties, Series F, 6.63% Pfd. |
1,900 | 47,443 | ||||||||||
Wireless Telecommunication Services0.29% |
|
|||||||||||
Telephone & Data Systems Inc., 7.00% Sr. Unsec. Pfd. |
|
17,000 | 458,490 | |||||||||
United States Cellular Corp., 6.95% Sr. Unsec. Pfd. |
|
7,200 | 192,096 | |||||||||
650,586 | ||||||||||||
Total Preferred Stocks
|
|
79,039,765 | ||||||||||
Principal Amount |
||||||||||||
U.S. Treasury Securities14.05% |
|
|||||||||||
U.S. Treasury Bills0.43% |
|
|||||||||||
0.13%, 05/30/13 (f)(g) |
$ | 950,000 | 949,766 | |||||||||
U.S. Treasury STRIPS13.62% |
|
|||||||||||
2.89%, 11/15/40 (f) |
1,700,000 | 675,715 | ||||||||||
3.04%, 11/15/40 (f) |
7,900,000 | 3,140,088 | ||||||||||
3.13%, 11/15/40 (f) |
7,500,000 | 2,981,097 | ||||||||||
3.15%, 11/15/40 (f) |
18,350,000 | 7,293,749 | ||||||||||
3.16%, 11/15/40 (f) |
2,200,000 | 874,455 | ||||||||||
3.23%, 11/15/40 (f) |
14,100,000 | 5,604,461 | ||||||||||
3.25%, 11/15/40 (f) |
2,500,000 | 993,699 | ||||||||||
3.28%, 11/15/40 (f) |
18,000,000 | 7,154,632 | ||||||||||
3.31%, 11/15/40 (f) |
3,850,000 | 1,530,296 | ||||||||||
30,248,192 | ||||||||||||
Total U.S. Treasury Securities
|
|
31,197,958 | ||||||||||
Non-U.S. Dollar Denominated Bonds & Notes1.87% (h) |
|
|||||||||||
Broadcasting0.13% |
|
|||||||||||
Central European Media Enterprises Ltd. (Czech Republic), REGS, Jr. Sec. Gtd. Euro Notes, 11.63%, 09/15/16 (b) |
EUR | 150,000 | 215,397 | |||||||||
CET 21 spol sro (Czech Republic), Sr. Sec. Gtd. Notes, 9.00%, 11/01/17 (b) |
EUR | 50,000 | 74,175 | |||||||||
289,572 |
See accompanying notes which are an integral part of this schedule.
Invesco Premium Income Fund
Principal Amount |
Value | |||||||||||
Casinos & Gaming0.40% |
|
|||||||||||
Cirsa Funding Luxembourg S.A. (Spain), REGS, Sr. Unsec. Gtd. Euro Notes, 8.75%, 05/15/18 (b) |
EUR | 100,000 | $ | 134,772 | ||||||||
Codere Finance Luxembourg S.A. (Spain), REGS, Sr. Sec. Gtd. Euro Notes, 8.25%, 06/15/15 (b) |
EUR | 170,000 | 189,291 | |||||||||
Gala Group Finance PLC (United Kingdom), REGS, Sr. Sec. Gtd. Euro Notes, 8.88%, 09/01/18 (b) |
GBP | 125,000 | 208,658 | |||||||||
Great Canadian Gaming Corp. (Canada), Sr. Unsec. Gtd. Notes, 6.63%, 07/25/22 (b) |
CAD | 335,000 | 351,863 | |||||||||
884,584 | ||||||||||||
Construction & Engineering0.06% |
|
|||||||||||
Obrascon Huarte Lain S.A. (Spain), REGS, Sr. Unsec. Gtd. Medium-Term Euro Notes, 7.63%, 03/15/20 (b) |
EUR | 100,000 | 143,428 | |||||||||
Construction Materials0.10% |
|
|||||||||||
Cemex Finance Europe B.V. (Mexico), Sr. Unsec. Gtd. Euro Notes, 4.75%, 03/05/14 |
EUR | 50,000 | 68,625 | |||||||||
Spie BondCo 3 SCA, (Luxembourg), REGS, Sr. Unsec. Gtd. Medium-Term Euro Notes,
|
EUR | 105,000 | 158,263 | |||||||||
226,888 | ||||||||||||
Electric Utilities0.13% |
|
|||||||||||
RusHydro JSC via RusHydro Finance Ltd. (Russia), Sr. Unsec. Medium-Term Euro Loan Participation Notes, 7.88%, 10/28/15 |
RUB | 9,000,000 | 298,819 | |||||||||
Food Retail0.10% |
|
|||||||||||
R&R Ice Cream PLC (United Kingdom), Sr. Sec. Gtd. Notes, 8.38%, 11/15/17 (b) |
EUR | 150,000 | 221,609 | |||||||||
Health Care Technology0.10% |
|
|||||||||||
Cegedim S.A. (France), Sr. Unsec. Euro Bonds, 7.00%, 07/27/15 |
EUR | 150,000 | 213,869 | |||||||||
Metal & Glass Containers0.07% |
|
|||||||||||
Greif Luxembourg Finance SCA (United States), REGS, Sr. Unsec. Gtd. Medium-Term Euro Notes, 7.38%, 07/15/21 (b) |
EUR | 100,000 | 154,801 | |||||||||
Multi-Sector Holdings0.06% |
|
|||||||||||
KM Germany Holdings GmbH (Germany), Sr. Sec. Gtd. Notes, 8.75%, 12/15/20 (b) |
EUR | 100,000 | 143,259 | |||||||||
Other Diversified Financial Services0.17% |
|
|||||||||||
TVN Finance Corp II AB (Poland), Sr. Unsec. Gtd. Notes, 10.75%,
|
EUR | 250,000 | 369,179 |
Principal Amount |
Value | |||||||||||
Sovereign Debt0.49% |
|
|||||||||||
Inter-American Development Bank (Supranational), Series 382, Medium-Term Euro Notes, 7.05%, 01/23/14 |
BRL | 1,100,000 | $ | 560,815 | ||||||||
Mexican Bonos (Mexico), Series M20, Bonds, 7.50%, 06/03/27 |
MXN | 5,600,000 | 525,611 | |||||||||
1,086,426 | ||||||||||||
Steel0.06% |
|
|||||||||||
Schmolz + Bickenbach Luxembourg S.A. (Switzerland), Sr. Sec. Gtd. Notes, 9.88%, 05/15/19 (b) |
EUR | 100,000 | 123,569 | |||||||||
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $3,961,746) |
4,156,003 | |||||||||||
Shares | ||||||||||||
Money Market Funds2.92% |
|
|||||||||||
Liquid Assets Portfolio Institutional Class (i) |
|
3,241,434 | 3,241,434 | |||||||||
Premier Portfolio Institutional Class (i) |
|
3,241,434 | 3,241,434 | |||||||||
Total Money Market Funds
|
6,482,868 | |||||||||||
TOTAL INVESTMENTS95.91%
|
213,011,009 | |||||||||||
OTHER ASSETS LESS LIABILITIES4.09% |
|
9,085,133 | ||||||||||
NET ASSETS100.00% |
$ | 222,096,142 |
Investment Abbreviations:
BRL | Brazilian Real |
CAD | Canadian Dollar |
Ctfs. | Certificates |
Deb. | Debentures |
EUR | Euro |
GBP | British Pound |
Gtd. | Guaranteed |
Jr. | Junior |
MXN. | Mexican Peso |
Pfd. | Preferred |
PIK | Payment in Kind |
REGS | Regulation S |
REIT | Real Estate Investment Trust |
RUB | Russian Ruble |
Sec. | Secured |
Sr. | Senior |
STRIPS | Separately Traded Registered Interest and Principal Security |
Sub. | Subordinated |
Unsec. | Unsecured |
See accompanying notes which are an integral part of this schedule.
Invesco Premium Income Fund
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 & Poors. |
(b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended. 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 January 31, 2013 was $41,406,177, which represented 18.64% of the Funds Net Assets. |
(c) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on January 31, 2013. |
(d) | Perpetual bond with no specified maturity date. |
(e) | Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date. |
(f) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
(g) | A portion of the principle balance was designated as collateral for open credit default swap agreements. See Note 1G and Note 3. |
(h) | Foreign denominated security. Principal amount is denominated in currency indicated. |
(i) | The money market fund and the Fund are affiliated by having the same investment adviser. |
See accompanying notes which are an integral part of this schedule.
Invesco Premium Income Fund
Notes to Quarterly Schedule of Portfolio Holdings
January 31, 2013
(Unaudited)
NOTE 1 -- Significant Accounting Policies
A. | Security Valuations Securities, including restricted securities, are valued according to the following policy. |
Debt obligations (including convertible bonds) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
A security listed or traded on an exchange (except convertible bonds) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (NYSE).
Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and the ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (NYSE).
Swap agreements are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end of day net present values, spreads, ratings, industry, and company performance.
Foreign securities (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the Adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trade is not the current value as of the close of the NYSE. Foreign securities prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.
Invesco Premium Income Fund
A. | Security Valuations (continued) |
Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trusts officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a securitys fair value.
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuers assets, general economic conditions, interest rates, investor perceptions and market liquidity. 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.
B. | Securities Transactions and Investment Income Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes. |
The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Funds net asset value and, accordingly, they reduce the Funds total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.
The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.
C. | Country Determination For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuers securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Foreign Currency Translations Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. |
The Fund may invest in foreign securities which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable.
E. | Foreign Currency Contracts The Fund may enter into foreign currency contracts to manage or minimize currency or exchange rate risk. The Fund may also enter into foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to lock in the U.S. dollar price of that security. A foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The use of foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. |
Invesco Premium Income Fund
E. | Foreign Currency Contracts (continued) |
When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with foreign currency contracts include failure of the counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.
F. | Futures Contracts The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between two parties to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Funds basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal counterparty risk since the exchanges clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities. |
G. | Swap Agreements The Fund may enter into various swap transactions, including interest rate, total return, index, currency exchange rate and credit default swap contracts (CDS) for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between two parties (Counterparties). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Funds NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any. |
Interest rate, total return, index, and currency exchange rate swap agreements are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or swapped between the parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or return of an underlying asset, in a particular foreign currency, or in a basket of securities representing a particular index.
A CDS is an agreement between Counterparties to exchange the credit risk of an issuer. A buyer of a CDS is said to buy protection by paying a fixed payment over the life of the agreement and in some situations an upfront payment to the seller of the CDS. If a defined credit event occurs (such as payment default or bankruptcy), the Fund as a protection buyer would cease paying its fixed payment, the Fund would deliver eligible bonds issued by the reference entity to the seller, and the seller would pay the full notional value, or the par value, of the referenced obligation to the Fund. A seller of a CDS is said to sell protection and thus would receive a fixed payment over the life of the agreement and an upfront payment, if applicable. If a credit event occurs, the Fund as a protection seller would cease to receive the fixed payment stream, the Fund would pay the buyer par value or the full notional value of the referenced obligation, and the Fund would receive the eligible bonds issued by the reference entity. In turn, these bonds may be sold in order to realize a recovery value. Alternatively, the seller of the CDS and its counterparty may agree to net the notional amount and the market value of the bonds and make a cash payment equal to the difference to the buyer of protection. If no credit event occurs, the Fund receives the fixed payment over the life of the agreement. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the CDS. In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default under the swap agreement or bankruptcy/insolvency of a party to the swap agreement. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances. The Funds maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the value of the contract. The risk may be mitigated by having a master netting arrangement between the Fund and the counterparty and by the designation of collateral by the counterparty to cover the Funds exposure to the counterparty.
Invesco Premium Income Fund
G. | Swap Agreements (continued) |
Implied credit spreads represent the current level at which protection could be bought or sold given the terms of the existing CDS contract and serve as an indicator of the current status of the payment/performance risk of the CDS. An implied spread that has widened or increased since entry into the initial contract may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets.
Changes in the value of swap agreements are recognized as unrealized gains (losses) in the Statement of Operations by marking to market on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statement of Operations. The Fund segregates liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and counterparty risk in excess of amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Funds ability to terminate existing swap agreements or to realize amounts to be received under such agreements.
H. | Other Risks The Fund may invest in lower-quality debt securities, i.e., junk bonds. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors claim. |
I. | Collateral To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Funds practice to replace such collateral no later than the next business day. |
J. | Leverage Risk Leverage exists when a Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction. |
NOTE 2 -- 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 investments 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 Funds 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 January 31, 2013. 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.
Invesco Premium Income Fund
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Equity Securities |
$ | 83,883,372 | $ | 1,639,261 | $ | -- | $ | 85,522,633 | ||||||||
U.S. Treasury Securities |
-- | 31,197,958 | -- | 31,197,958 | ||||||||||||
Corporate Debt Securities |
-- | 81,921,238 | -- | 81,921,238 | ||||||||||||
Foreign Government Debt Securities |
-- | 14,369,180 | -- | 14,369,180 | ||||||||||||
$ | 83,883,372 | $ | 129,127,637 | $ | -- | $ | 213,011,009 | |||||||||
Foreign Currency Contracts* |
-- | (125,709) | -- | (125,709) | ||||||||||||
Futures* |
(1,672,548) | -- | -- | (1,672,548) | ||||||||||||
Swap Agreements* |
-- | 227,622 | -- | 227,622 | ||||||||||||
Total Investments |
$ | 82,210,824 | $ | 129,229,550 | $ | -- | $ | 211,440,374 |
* Unrealized appreciation (depreciation).
NOTE 3 -- Derivative Investments
Value of Derivative Instruments at Period-End
The table below summarizes the value of the Funds derivative instruments, detailed by primary risk exposure, held as of January 31, 2013:
Value | ||||||||||
Risk Exposure/ Derivative Type |
Assets |
Liabilities | ||||||||
Credit risk |
||||||||||
Credit default swaps |
$227,622 | $ | - | |||||||
Currency risk |
||||||||||
Foreign currency contracts |
1,859 | (127,568) | ||||||||
Interest rate risk |
||||||||||
Futures contracts (a) |
- | (1,672,548) |
(a) | Includes cumulative depreciation of futures contracts. |
Effect of Derivative Instruments for the three months ended January 31, 2013
The table below summarizes the gains (losses) on derivative instruments, detailed by primary risk exposure, recognized in earnings during the period:
Location of Gain (Loss) on Statement of Operations | ||||||||
Futures* |
Foreign
Currency Contracts* |
Swap Agreements* | ||||||
Realized Gain (Loss) |
||||||||
Credit risk |
$- | $- | $ 164,291 | |||||
Currency risk |
- | (4,222) | - | |||||
Interest rate risk |
348,857 | - | - | |||||
Change in Unrealized Appreciation (Depreciation) |
||||||||
Credit risk |
$- | $- | $108,622 | |||||
Currency risk |
- | (90,452) | - | |||||
Interest rate risk |
(1,637,566) | - | - | |||||
Total |
$ (1,288,709) | $ (94,674) | $272,913 |
* The average notional value of futures, foreign currency contracts and swap agreements outstanding during the period was $40,011,896, $2,136,250 and $6,880,000, respectively.
Invesco Premium Income Fund
Open Futures Contracts (a) | ||||||||||||||||||||||||
Long Contracts |
Number of
Contracts |
Expiration
Month |
Notional
Value |
Unrealized
Appreciation (Depreciation) |
||||||||||||||||||||
U.S Treasury 30 Year Bonds |
310 | March-2013 | $ | 44,475,313 | $(1,672,548) |
(a) | Futures collateralized by $850,000 cash held with Goldman Sachs & Co., the futures commission merchant. |
Open Foreign Currency Contracts | ||||||||||||||||||||||
Unrealized | ||||||||||||||||||||||
Settlement |
Contract to |
Notional | Appreciation | |||||||||||||||||||
Date | Counterparty | Deliver | Receive | Value | (Depreciation) | |||||||||||||||||
02/08/13 |
RBC Dain Rauscher |
USD | 99,987 | EUR | 75,000 | $ | 101,846 | $ | 1,859 | |||||||||||||
02/08/13 |
RBC Dain Rauscher |
EUR | 1,669,000 | USD | 2,138,842 | 2,266,410 | (127,568) | |||||||||||||||
Total open foreign currency contracts |
|
$ | (125,709) | |||||||||||||||||||
Closed Foreign Currency Contracts | ||||||||||||||||||||||
Realized | ||||||||||||||||||||||
Closed |
Contract to |
Notional | Gain | |||||||||||||||||||
Date | Counterparty | Deliver | Receive | Value | (Loss) | |||||||||||||||||
11/19/12 |
RBC Dain Rauscher |
USD | 48,536 | EUR | 38,000 | $ | 48,666 | $ | (130) | |||||||||||||
Total closed foreign currency contracts |
|
$ | (130) | |||||||||||||||||||
Total foreign currency contracts |
|
$ | (125,839) |
Currency Abbreviations:
EUR -- Euro
USD -- U.S. Dollar
Open Credit Default Swap Agreements
Counterparty |
Reference
Entity |
Buy/Sell Protection |
Pay/Receive Fixed Rate |
Expiration Date |
Implied
Credit
|
Notional
Value |
Upfront
Payments |
Unrealized
Appreciation |
||||||||
JPMorgan Chase N.A |
CDX North America, High Yield Index Series 17 | Sell | 5.00% | 12/20/16 | 3.75% | $2,880,000 | $101,146 | $227,622 |
(a) | Implied credit spreads represent the current level as of January 31, 2013 at which protection could be bought or sold given the terms of the existing credit default swap contract and serve as an indicator of the current status of the payment/performance risk of the credit default swap contract. An implied credit spread that has widened or increased since entry into the initial contract may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally. |
Invesco Premium Income Fund
NOTE 4 -- Investment Securities
The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended January 31, 2013 was $54,639,094 and $20,588,264, respectively. During the same period, purchases of U.S. Treasury obligations were $10,054,199. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.
Invesco Premium Income Fund
|
||
Invesco Select Companies Fund | ||
Quarterly Schedule of Portfolio Holdings January 31, 2013 |
|
||
invesco.com/us SCO-QTR-1 01/13 Invesco Advisers, Inc. |
Schedule of Investments (a)
January 31, 2013
(Unaudited)
Shares | Value | |||||||
Common Stocks & Other Equity
|
|
|||||||
Aerospace & Defense1.87% |
|
|||||||
Cubic Corp. |
520,270 | $ | 24,452,690 | |||||
Aluminum0.00% |
|
|||||||
Cymat Technologies Ltd. (Canada) (b) |
2,497,500 | 62,607 | ||||||
Apparel, Accessories & Luxury
|
|
|||||||
Hampshire Group, Ltd. (b)(c) |
592,824 | 1,926,678 | ||||||
Application Software2.41% |
|
|||||||
Solera Holdings Inc. |
573,968 | 31,459,186 | ||||||
Automotive Retail4.27% |
|
|||||||
Americas Car-Mart, Inc. (b)(c) |
643,279 | 25,615,370 | ||||||
Lithia Motors, Inc. -Class A |
696,888 | 30,154,344 | ||||||
55,769,714 | ||||||||
Commodity Chemicals1.34% |
|
|||||||
Chemtrade Logistics Income Fund (Canada) |
1,045,784 | 17,522,361 | ||||||
Computer Storage & Peripherals
|
|
|||||||
Synaptics Inc. (b) |
535,314 | 18,778,815 | ||||||
Data Processing & Outsourced
|
|
|||||||
Alliance Data Systems Corp. (b) |
442,278 | 69,703,013 | ||||||
Lender Processing Services, Inc. |
2,090,321 | 50,251,317 | ||||||
119,954,330 | ||||||||
Education Services4.20% |
|
|||||||
American Public Education Inc. (b)(c) |
1,423,005 | 54,828,383 | ||||||
Electrical Components &
|
|
|||||||
Regal-Beloit Corp. |
611,538 | 45,351,658 | ||||||
Health Care Supplies6.05% |
|
|||||||
Alere, Inc. (b) |
2,202,288 | 46,820,643 | ||||||
Cooper Cos., Inc. (The) |
317,539 | 32,182,577 | ||||||
79,003,220 | ||||||||
Internet Retail0.59% |
|
|||||||
Nutrisystem, Inc. |
852,502 | 7,698,093 | ||||||
Investment CompaniesExchange
|
|
|||||||
Brompton Corp. (Canada) (Acquired 11/19/03-07/21/05; Cost $0) (b) (d) |
69,374 | 0 |
Shares | Value | |||||||
IT Consulting & Other Services
|
|
|||||||
Booz Allen Hamilton Holding Corp. |
3,224,349 | $ | 44,689,477 | |||||
NCI, Inc. -Class A (b)(c) |
677,418 | 3,563,219 | ||||||
48,252,696 | ||||||||
Leisure Products1.26% |
|
|||||||
MEGA Brands Inc. (Canada) (b)(c) |
1,328,164 | 14,289,778 | ||||||
MEGA Brands Inc. -Wts. expiring 03/30/15 (Canada) (e) |
12,488,000 | 2,128,707 | ||||||
16,418,485 | ||||||||
Life Sciences Tools & Services
|
|
|||||||
Charles River Laboratories International, Inc. (b) |
1,434,633 | 59,279,036 | ||||||
Oil & Gas Equipment & Services
|
|
|||||||
ION Geophysical Corp. (b) |
7,427,900 | 50,509,720 | ||||||
Oil & Gas Exploration & Production
|
|
|||||||
Ultra Petroleum Corp. (b) |
1,759,949 | 32,066,271 | ||||||
Publishing3.10% |
|
|||||||
John Wiley & Sons, Inc. -Class A |
1,059,235 | 40,568,700 | ||||||
Real Estate Services3.27% |
|
|||||||
FirstService Corp. (Canada) (b)(c) |
1,450,295 | 42,681,398 | ||||||
Semiconductors9.46% |
|
|||||||
International Rectifier Corp. (b)(c) |
4,665,228 | 90,925,294 | ||||||
Microsemi Corp. (b) |
1,560,334 | 32,642,187 | ||||||
123,567,481 | ||||||||
Systems Software4.54% |
|
|||||||
Rovi Corp. (b) |
3,434,643 | 59,384,977 | ||||||
Trucking1.32% |
|
|||||||
Con-way Inc. |
550,873 | 17,286,395 | ||||||
Total Common Stocks & Other Equity Interests
|
946,822,894 | |||||||
Principal
Amount |
||||||||
Non-U.S. Dollar Denominated Bonds &
|
|
|||||||
Leisure Products0.48% |
|
|||||||
MEGA Brands Inc., (Canada), Class A Sr. Sec. Gtd. Deb. 10.00% 03/31/15
|
CAD 5,880,503 | 6,331,284 |
See accompanying notes which are an integral part of this schedule. |
Invesco Select Companies Fund |
Shares | Value | |||||||
Preferred Stock0.15% |
||||||||
Real Estate Services0.15% |
||||||||
FirstService Corp., (Canada)
|
75,200 | $ | 1,935,648 | |||||
Money Market Funds26.82% |
|
|||||||
Liquid Assets Portfolio Institutional Class (g) |
175,184,748 | 175,184,748 | ||||||
Premier Portfolio Institutional Class (g) |
175,184,749 | 175,184,749 | ||||||
Total Money Market Funds
|
350,369,497 | |||||||
TOTAL INVESTMENTS99.91%
|
1,305,459,323 | |||||||
OTHER ASSETS LESS LIABILITIES0.09% |
|
1,168,502 | ||||||
NET ASSETS100.00% |
$ | 1,306,627,825 |
Investment Abbreviations: |
||
CAD |
Canadian Dollar | |
Deb. |
Debentures | |
Gtd. |
Guaranteed | |
Pfd. |
Preferred | |
Sec. |
Secured | |
Sr. |
Senior | |
Wts. |
Warrants |
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 & Poors. |
(b) | Non-income producing security. |
(c) | Affiliated company during the period. The Investment Company Act of 1940 defines affiliates as those companies in which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the Investment Company Act of 1940) of that issuer. The aggregate value of these securities as of January 31, 2013 was $233,830,120, which represented 17.90% of the Funds Net Assets. See Note 3. |
(d) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at January 31, 2013 represented less than 1% of the Funds Net Assets. |
(e) | Non-income producing security acquired through a corporate action. |
(f) | Foreign denominated security. Principal amount is denominated in currency indicated. |
(g) | The money market fund and the Fund are affiliated by having the same investment adviser. |
See accompanying notes which are an integral part of this schedule. |
Invesco Select Companies Fund |
Notes to Quarterly Schedule of Portfolio Holdings
January 31, 2013
(Unaudited)
NOTE 1 -- Significant Accounting Policies
A. | Security Valuations Securities, including restricted securities, are valued according to the following policy. |
A security listed or traded on an exchange (except convertible bonds) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (NYSE).
Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
Debt obligations (including convertible bonds) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the Adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trade is not the current value as of the close of the NYSE. Foreign securities prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.
Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trusts officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a securitys fair value.
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuers assets, general economic conditions, interest rates, investor perceptions and market liquidity.
Invesco Select Companies Fund
A. | Security Valuations (continued) |
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.
B. | Securities Transactions and Investment Income Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes. |
The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Funds net asset value and, accordingly, they reduce the Funds total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.
The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.
C. | Country Determination For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuers securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Foreign Currency Translations Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. |
The Fund may invest in foreign securities which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable.
E. | Foreign Currency Contracts The Fund may enter into foreign currency contracts to manage or minimize currency or exchange rate risk. The Fund may also enter into foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to lock in the U.S. dollar price of that security. A foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The use of foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks |
Invesco Select Companies Fund
E. | Foreign Currency Contracts (continued) |
associated with foreign currency contracts include failure of the counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.
NOTE 2 -- 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 investments 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 Funds 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 January 31, 2013. 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 | |||||||||||||
Equity Securities |
$ | 1,299,128,039 | $ | -- | $ | 0 | $ | 1,299,128,039 | ||||||||
Foreign Corporate Debt Securities |
-- | 6,331,284 | -- | 6,331,284 | ||||||||||||
Total Investments |
$ | 1,299,128,039 | $ | 6,331,284 | $ | 0 | $ | 1,305,459,323 |
NOTE 3 -- Investments in Other Affiliates
The Investment Company Act of 1940, as amended (the 1940 Act), defines affiliates as those issuances in which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The following is a summary of the investments in other affiliates for the three months ended January 31, 2013.
Value 10/31/12 |
Purchases at
Cost |
Proceeds
from Sales |
Change in
Unrealized Appreciation (Depreciation) |
Realized
Gain (Loss) |
Value 01/31/13 |
Dividend
Income |
||||||||||||||||||||||
Americas Car-Mart, Inc. |
$ | 836,640 | $ | 23,982,007 | $ | -- | $ | 796,723 | $ | -- | $ | 25,615,370 | $ | -- | ||||||||||||||
American Public Education Inc. |
51,840,072 | -- | -- | 2,988,311 | -- | 54,828,383 | -- | |||||||||||||||||||||
FirstService Corp. |
41,679,649 | -- | -- | 1,001,749 | -- | 42,681,398 | -- | |||||||||||||||||||||
Hampshire Group, Ltd. |
1,659,907 | -- | -- | 266,771 | -- | 1,926,678 | -- | |||||||||||||||||||||
International Rectifier Corp. |
72,264,382 | -- | -- | 18,660,912 | -- | 90,925,294 | -- | |||||||||||||||||||||
MEGA Brands Inc. |
12,935,968 | -- | -- | 1,353,810 | -- | 14,289,778 | -- | |||||||||||||||||||||
NCI, Inc. Class A |
3,807,089 | -- | -- | (243,870) | -- | 3,563,219 | -- | |||||||||||||||||||||
Total |
$ | 185,023,707 | $ | 23,982,007 | $ | -- | $ | 24,824,406 | $ | -- | $ | 233,830,120 | $ | -- |
Invesco Select Companies Fund
NOTE 4 -- Investment Securities
The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended January 31, 2013 was $60,089,575 and $79,360,408, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.
Invesco Select Companies Fund
Item 2. Controls and Procedures.
(a) | As of February 12, 2013, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (PEO) and Principal Financial Officer (PFO), to assess the effectiveness of the Registrants disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (Act), as amended. Based on that evaluation, the Registrants officers, including the PEO and PFO, concluded that, as of February 12, 2013, the Registrants disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure. |
(b) | There have been no changes in the Registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrants last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrants internal control over financial reporting. |
Item 3. Exhibits.
Certifications of PEO and PFO as required by Rule 30a-2(a) under the Investment Company Act of 1940.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: AIM Investment Funds (Invesco Investment Funds)
By: | /s/ Philip A. Taylor | |
Philip A. Taylor | ||
Principal Executive Officer | ||
Date: | April 1, 2013 |
Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: | /s/ Philip A. Taylor | |
Philip A. Taylor | ||
Principal Executive Officer | ||
Date: | April 1, 2013 | |
By: | /s/ Sheri Morris | |
Sheri Morris | ||
Principal Financial Officer | ||
Date: | April 1, 2013 |
EXHIBIT INDEX
Certifications of Principal Executive Officer (PEO) and Principal Financial Officer (PFO) as required by Rule
30a-2(a) under the Investment Company Act of 1940, as amended.
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