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 Trust’s 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 security’s fair value.
Valuations change in response
to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s 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.
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 Fund’s net asset value and, accordingly,
they reduce the Fund’s 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.
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.
Generally Accepted Accounting Principles (“GAAP”) defines fair value as the price that would be received to sell an asset or paid to transfer a
liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods giving the highest priority to readily available
unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3) generally when market prices are not readily available or are unreliable. Based on the valuation inputs,
the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
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.
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 Markets
Equity Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
|
|
|
|
Money Market Funds–3.28%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquid Assets Portfolio –Institutional
Class
(e)
|
|
|
354,878
|
|
|
$
|
354,878
|
|
|
Premier Portfolio –Institutional Class
(e)
|
|
|
354,878
|
|
|
|
354,878
|
|
|
Total Money Market Funds
(Cost $709,756)
|
|
|
|
|
|
|
709,756
|
|
|
TOTAL INVESTMENTS (excluding investments purchased with cash collateral from securities on
loan)–99.60%
(Cost $21,696,820)
|
|
|
|
|
|
|
21,528,141
|
|
|
|
|
Investments Purchased with Cash Collateral from Securities on Loan
|
|
|
|
|
|
|
Money Market Funds–3.30%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquid Asset Portfolio - Institutional Class
(Cost $713,800)
(e)(f)
|
|
|
713,800
|
|
|
|
713,800
|
|
|
TOTAL INVESTMENTS–102.90%
(Cost $22,410,620)
|
|
|
|
|
|
|
22,241,941
|
|
|
OTHER ASSETS LESS LIABILITIES–(2.90)%
|
|
|
|
(627,716
|
)
|
|
NET ASSETS–100.00%
|
|
|
|
|
|
$
|
21,614,225
|
|
Investment Abbreviations:
|
ADR
|
—American Depositary Receipt
|
|
ETF
|
—Exchange-Traded Fund
|
|
GDR
|
—Global Depositary Receipt
|
|
NVDR
|
—Non-Voting Depositary Receipt
|
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 Fund’s 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 Fund’s 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 borrower’s 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 Trust’s 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 security’s fair value.
Valuations change in response
to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s 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 Fund’s net asset value and, accordingly,
they reduce the Fund’s 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 issuer’s 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 Fund’s 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 Fund’s 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
Fund’s 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 investment’s assigned level:
|
|
|
|
|
Level 1
|
|
– Prices are determined using quoted prices in an active market for identical assets.
|
|
Level 2
|
|
– Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may
use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
|
|
Level 3
|
|
– Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are
unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants
would use in determining fair value of the securities or instruments and would be based on the best available information.
|
The following is a summary of the tiered valuation input levels, as of 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.
|
|
|
|
|
|
|
Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
|
|
|
Aggregate unrealized appreciation of investment securities
|
|
$
|
1,584,318
|
|
|
Aggregate unrealized (depreciation) of investment securities
|
|
|
(1,912,623)
|
|
|
Net unrealized appreciation (depreciation) of investment securities
|
|
$
|
(328,305)
|
|
|
Cost of investments for tax purposes is $22,570,246.
|
|
|
|
|
Invesco Emerging Markets
Equity Fund
|
|
|
|
|
|
|
Invesco Endeavor Fund
|
|
|
|
Quarterly Schedule of Portfolio Holdings
|
|
|
|
January 31, 2013
|
|
|
|
|
|
|
|
|
|
|
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|
|
invesco.com/us END-QTR-1 01/13
Invesco Advisers, Inc.
|
Schedule of Investments
(a)
January 31, 2013
(Unaudited)
|
|
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Shares
|
|
|
Value
|
|
|
|
|
Common Stocks & Other Equity Interests–78.70%
|
|
|
|
|
Airlines–1.91%
|
|
|
|
|
|
|
Ryanair Holdings PLC -ADR (Ireland)
|
|
|
148,800
|
|
|
$
|
5,795,760
|
|
|
|
|
Application Software–2.46%
|
|
|
|
|
|
|
Autodesk, Inc.
(b)
|
|
|
191,781
|
|
|
|
7,456,445
|
|
|
|
|
Brewers–3.67%
|
|
|
|
|
|
|
Molson Coors Brewing Co. -Class B
|
|
|
246,908
|
|
|
|
11,155,303
|
|
|
|
|
Building Products–2.18%
|
|
|
|
|
|
|
Kingspan Group PLC (Ireland)
|
|
|
571,400
|
|
|
|
6,618,111
|
|
|
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|
Communications Equipment–2.79%
|
|
|
|
|
|
|
Plantronics, Inc.
|
|
|
206,272
|
|
|
|
8,481,905
|
|
|
|
|
Construction & Engineering–12.82%
|
|
|
|
|
|
|
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 Services–2.38%
|
|
|
|
|
|
|
K12 Inc.
(b)
|
|
|
391,223
|
|
|
|
7,221,977
|
|
|
|
|
Environmental & Facilities Services–4.58%
|
|
|
|
|
|
|
Newalta Corp. (Canada)
|
|
|
865,224
|
|
|
|
13,924,441
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|
|
|
|
Health Care Distributors–3.09%
|
|
|
|
|
|
|
Patterson Cos. Inc.
|
|
|
260,000
|
|
|
|
9,393,800
|
|
|
|
|
Health Care Equipment–4.48%
|
|
|
|
|
|
|
Zimmer Holdings, Inc.
|
|
|
182,381
|
|
|
|
13,605,623
|
|
|
|
|
Home Entertainment Software–2.80%
|
|
|
|
|
|
|
Activision Blizzard, Inc.
|
|
|
747,906
|
|
|
|
8,518,649
|
|
|
|
|
Industrial Conglomerates–2.74%
|
|
|
|
|
|
|
DCC PLC (Ireland)
|
|
|
254,531
|
|
|
|
8,329,626
|
|
|
|
|
Investment Banking & Brokerage–3.01%
|
|
|
|
|
|
|
Charles Schwab Corp. (The)
|
|
|
552,472
|
|
|
|
9,132,362
|
|
|
|
|
Leisure Facilities–1.98%
|
|
|
|
|
|
|
International Speedway Corp. -Class A
|
|
|
219,133
|
|
|
|
6,006,436
|
|
|
|
|
Life & Health Insurance–3.03%
|
|
|
|
|
|
|
Unum Group
|
|
|
394,920
|
|
|
|
9,205,585
|
|
|
|
|
Managed Health Care–1.95%
|
|
|
|
|
|
|
UnitedHealth Group Inc.
|
|
|
107,436
|
|
|
|
5,931,542
|
|
|
|
|
Multi-Line Insurance–2.71%
|
|
|
|
|
|
|
Vienna Insurance Group AG Wiener Versicherung Gruppe (Austria)
|
|
|
155,473
|
|
|
|
8,230,388
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
|
|
Oil & Gas Drilling–2.12%
|
|
|
|
|
|
|
Patterson-UTI Energy, Inc.
|
|
|
316,111
|
|
|
|
$ 6,429,698
|
|
|
|
|
Oil & Gas Exploration & Production–3.80%
|
|
|
|
|
|
|
Ultra Petroleum Corp.
(b)
|
|
|
632,910
|
|
|
|
11,531,620
|
|
|
|
|
Paper Products–1.22%
|
|
|
|
|
|
|
Fortress Paper Ltd. -Class A
(Canada)
(b)
|
|
|
449,900
|
|
|
|
3,703,679
|
|
|
|
|
Research & Consulting Services–2.92%
|
|
|
|
|
|
|
FTI Consulting, Inc.
(b)
|
|
|
272,586
|
|
|
|
8,859,045
|
|
|
|
|
Semiconductors–4.65%
|
|
|
|
|
|
|
International Rectifier Corp.
(b)
|
|
|
724,318
|
|
|
|
14,116,958
|
|
|
|
|
Trading Companies & Distributors–3.23%
|
|
|
|
|
|
|
Grafton Group PLC (Ireland)
(d)
|
|
|
1,682,084
|
|
|
|
9,810,537
|
|
|
|
|
Trucking–2.18%
|
|
|
|
|
|
|
Con-way Inc.
|
|
|
211,300
|
|
|
|
6,630,594
|
|
|
Total Common Stocks & Other Equity Interests (Cost $200,216,254)
|
|
|
|
239,040,889
|
|
|
|
|
Money Market Funds–21.53%
|
|
|
|
|
|
|
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 INVESTMENTS–100.23%
(Cost $265,620,273)
|
|
|
|
304,444,908
|
|
|
OTHER ASSETS LESS LIABILITIES–(0.23)%
|
|
|
|
(699,699)
|
|
|
NET ASSETS–100.00%
|
|
|
|
|
|
|
$ 303,745,209
|
|
Investment Abbreviations:
|
|
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ADR
|
|
—American Depositary Receipt
|
Notes to Schedule of Investments:
|
(a)
|
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the
exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
|
|
(b)
|
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 Fund’s 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 Trust’s 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 security’s fair value.
Valuations change in response
to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s 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 Fund’s net asset value and, accordingly,
they reduce the Fund’s 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 issuer’s 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 Fund’s 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 investment’s assigned level:
|
|
|
|
|
|
|
|
|
Level 1
|
|
– Prices are determined using quoted prices in an active market for identical assets.
|
|
|
|
Level 2
|
|
– Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These
may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
|
|
|
|
Level 3
|
|
– Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is
little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the
securities or instruments and would be based on the best available information.
|
The following is a summary of the tiered valuation input levels, as of 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.
|
|
|
|
|
|
|
Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
|
|
|
Aggregate unrealized appreciation of investment securities
|
|
$
|
51,429,894
|
|
|
Aggregate unrealized (depreciation) of investment securities
|
|
|
(12,926,650)
|
|
|
Net unrealized appreciation of investment securities
|
|
$
|
38,503,244
|
|
|
Cost of investments for tax purposes is $265,941,664.
|
|
|
|
|
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 Interests–97.29%
|
|
|
|
|
|
|
Biotechnology–20.99%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 Retail–1.86%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CVS Caremark Corp.
|
|
|
225,243
|
|
|
|
11,532,442
|
|
|
Raia Drogasil S.A. (Brazil)
|
|
|
945,978
|
|
|
|
10,568,923
|
|
|
|
|
|
|
|
|
|
22,101,365
|
|
|
|
|
|
Health Care Distributors–4.20%
|
|
|
|
|
|
|
|
|
|
|
Cardinal Health, Inc.
|
|
|
450,609
|
|
|
|
19,741,180
|
|
|
McKesson Corp.
|
|
|
286,519
|
|
|
|
30,150,395
|
|
|
|
|
|
|
|
|
|
49,891,575
|
|
|
|
|
|
Health Care Equipment–7.94%
|
|
|
|
|
|
|
|
|
|
|
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.
(Acquired 04/23/04-08/09/06; Cost $1,302)
(b)(c)(d)
|
|
|
8,750
|
|
|
|
0
|
|
|
Wright Medical Group, Inc.
(b)
|
|
|
562,822
|
|
|
|
11,898,057
|
|
|
|
|
|
|
|
|
|
94,464,513
|
|
|
|
|
|
|
Health Care Facilities–7.40%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HCA Holdings, Inc.
|
|
|
713,799
|
|
|
|
26,874,532
|
|
|
Health Management Associates Inc.
-Class A
(b)
|
|
|
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 Services–3.30%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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;
Cost $3,158,532)
(b)(c)
|
|
|
805,748
|
|
|
|
3,158,532
|
|
|
Quest Diagnostics Inc.
|
|
|
190,598
|
|
|
|
11,045,154
|
|
|
|
|
|
|
|
|
|
39,300,871
|
|
|
|
|
|
Health Care Technology–0.98%
|
|
|
|
|
|
|
|
|
|
|
Cerner Corp.
(b)
|
|
|
141,304
|
|
|
|
11,664,645
|
|
|
|
|
|
Life Sciences Tools & Services–3.11%
|
|
|
|
|
|
|
|
|
|
|
Life Technologies Corp.
(b)
|
|
|
284,934
|
|
|
|
18,432,381
|
|
|
Thermo Fisher Scientific, Inc.
|
|
|
257,902
|
|
|
|
18,605,050
|
|
|
|
|
|
|
|
|
|
37,037,431
|
|
|
|
|
|
|
Managed Health Care–7.09%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
Pharmaceuticals–40.42%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
(Cost $820,108,486)
|
|
|
|
|
|
|
1,157,379,712
|
|
|
|
|
See accompanying notes which are an integral part of this schedule.
|
|
Invesco Global Health Care Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
|
|
|
|
Preferred Stocks–0.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Health Care Equipment–0.00%
|
|
|
|
|
|
|
|
|
|
|
Intact Medical Corp.
-Series C, Pfd.
(Acquired 03/26/01;
Cost $2,000,001)
(b)(c)(d)
|
|
|
2,439,026
|
|
|
$
|
0
|
|
|
Sensys Medical, Inc.,
Series A-2, Pfd.,
(Acquired 02/25/98-09/30/05;
Cost
$7,627,993)
(b)(c)(d)
|
|
|
2,173,209
|
|
|
|
0
|
|
|
Series B, Conv. Pfd.,
(Acquired 03/16/05-01/12/07;
Cost $245,305)
(b)(c)(d)
|
|
|
282,004
|
|
|
|
0
|
|
|
Total Preferred Stocks (Cost $9,873,299)
|
|
|
|
0
|
|
|
|
|
Money Market Funds–2.89%
|
|
|
|
|
|
|
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
(Cost $34,435,283)
|
|
|
|
|
|
|
34,435,283
|
|
|
TOTAL INVESTMENTS–100.18%
(Cost $864,417,068)
|
|
|
|
1,191,814,995
|
|
|
OTHER ASSETS LESS LIABILITIES–(0.18)%
|
|
|
|
(2,139,754)
|
|
|
NET ASSETS–100.00%
|
|
|
|
|
|
$
|
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 & Poor’s.
|
|
(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 Fund’s 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 Trust’s 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 security’s fair value.
Valuations change in response
to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s 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 Fund’s net asset value and, accordingly,
they reduce the Fund’s 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 issuer’s 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 Fund’s 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 Fund’s 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 investment’s assigned level:
|
|
|
|
|
|
|
|
|
Level 1
|
|
– Prices are determined using quoted prices in an active market for identical assets.
|
|
|
|
Level 2
|
|
– Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These
may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
|
|
|
|
Level 3
|
|
– Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is
little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the
securities or instruments and would be based on the best available information.
|
The following is a summary of the tiered valuation input levels, as of 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 Bills–11.95%
(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
(Cost $12,494,837)
|
|
|
|
|
|
|
12,494,825
|
|
|
|
|
|
|
|
|
Shares
|
|
|
|
|
|
|
|
|
|
Money Market Funds–7.41%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquid Assets Portfolio –Institutional
Class
(b)
|
|
|
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
(Cost $7,749,876)
|
|
|
|
|
|
|
7,749,876
|
|
|
TOTAL INVESTMENTS–19.36%
(Cost $20,244,713)
|
|
|
|
|
|
|
20,244,701
|
|
|
OTHER ASSETS LESS LIABILITIES–80.64%
|
|
|
|
84,322,435
|
|
|
NET ASSETS–100.00%
|
|
|
|
|
|
$
|
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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Open Futures Contracts and Swap Agreements at Period-End
(a)
|
|
|
Futures Contracts
|
|
Number of
Contracts
|
|
Expiration
Month
|
|
Notional
Value
|
|
|
Unrealized
Appreciation
(Depreciation)
|
|
|
Long Contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australian 10 Year Bonds
|
|
3
|
|
March-2013
|
|
$
|
380,675
|
|
|
$
|
(2,214
|
)
|
|
Brent Crude
|
|
35
|
|
April-2013
|
|
|
4,008,900
|
|
|
|
(1,285
|
)
|
|
Dow Jones EURO STOXX 50 Index
|
|
32
|
|
March-2013
|
|
|
1,178,005
|
|
|
|
38,428
|
|
|
E-Mini S&P 500 Index
|
|
133
|
|
March-2013
|
|
|
9,930,445
|
|
|
|
47,159
|
|
|
Euro Bond
|
|
8
|
|
March-2013
|
|
|
1,541,488
|
|
|
|
(17,277
|
)
|
|
FTSE 100 Index
|
|
11
|
|
March-2013
|
|
|
1,092,120
|
|
|
|
65,946
|
|
|
Gas Oil
|
|
8
|
|
March-2013
|
|
|
786,200
|
|
|
|
1,001
|
|
|
Gasoline RBOB
|
|
6
|
|
March-2013
|
|
|
763,988
|
|
|
|
10,946
|
|
|
Hang Seng Index
|
|
4
|
|
February-2013
|
|
|
613,147
|
|
|
|
2,545
|
|
|
Heating Oil
|
|
1
|
|
June-2013
|
|
|
131,372
|
|
|
|
(71
|
)
|
|
Japanese 10 Year Bonds
|
|
10
|
|
March-2013
|
|
|
1,578,286
|
|
|
|
10,664
|
|
|
LME Aluminum
|
|
2
|
|
April-2013
|
|
|
104,275
|
|
|
|
2,172
|
|
|
LME Copper
|
|
2
|
|
July-2013
|
|
|
409,375
|
|
|
|
6,072
|
|
|
Long Gilt
|
|
9
|
|
March-2013
|
|
|
1,661,065
|
|
|
|
(25,431
|
)
|
|
Russell 2000 Index Mini
|
|
72
|
|
March-2013
|
|
|
6,495,120
|
|
|
|
86,466
|
|
|
Silver
|
|
26
|
|
March-2013
|
|
|
4,075,630
|
|
|
|
(33,490
|
)
|
|
Soybean
|
|
3
|
|
March-2013
|
|
|
220,275
|
|
|
|
8,853
|
|
|
Topix Tokyo Price Index
|
|
10
|
|
March-2013
|
|
|
1,025,038
|
|
|
|
171,166
|
|
|
U.S. Treasury 20 Year Bonds
|
|
23
|
|
March-2013
|
|
|
3,299,781
|
|
|
|
(27,049
|
)
|
|
WTI Crude
|
|
13
|
|
August-2013
|
|
|
1,286,220
|
|
|
|
(39
|
)
|
|
Subtotal
|
|
|
|
|
|
$
|
40,581,405
|
|
|
$
|
344,562
|
|
|
Short Contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Canada 10 Year Bonds
|
|
3
|
|
March-2013
|
|
|
(402,216
|
)
|
|
|
19
|
|
|
Total Futures Contracts
|
|
|
|
|
|
|
|
|
|
$
|
344,581
|
|
|
(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 Trust’s 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 security’s fair value.
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the
issuer’s 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 Fund’s net asset value and, accordingly, they reduce the Fund’s 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 issuer’s 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 Fund’s 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 exchange’s 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 Fund’s 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 Fund’s 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
Fund’s 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 Fund’s 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 Subsidiary’s investments.
|
The Fund is non-diversified and may invest in securities
of fewer issuers than if it were diversified. Thus, the value of the Fund’s 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 Fund’s 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 investment’s assigned level:
|
|
|
|
|
Level 1
|
|
– Prices are determined using quoted prices in an active market for identical assets.
|
|
Level 2
|
|
– Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may
use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
|
|
Level 3
|
|
– Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are
unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants
would use in determining fair value of the securities or instruments and would be based on the best available information.
|
The following is a summary of the tiered valuation input levels, as of 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 Fund’s 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)
|
|
|
$29,044
|
|
|
|
|
|
|
|
$(34,885)
|
|
|
Swap agreements
(a)
|
|
|
15,419
|
|
|
|
|
|
|
|
(9,175)
|
|
|
Interest rate risk
Futures
contracts
(a)
|
|
|
10,683
|
|
|
|
|
|
|
|
(71,971)
|
|
|
Swap agreements
(a)
|
|
|
--
|
|
|
|
|
|
|
|
(37)
|
|
|
Market risk
Futures
contracts
(a)
|
|
|
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.
|
|
|
|
|
|
|
Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
|
|
|
Aggregate unrealized appreciation of investment securities
|
|
$
|
--
|
|
|
Aggregate unrealized (depreciation) of investment securities
|
|
|
(12)
|
|
|
Net unrealized appreciation (depreciation) of investment securities
|
|
$
|
(12)
|
|
|
Cost of investments is the same for tax and financial reporting purposes.
|
|
|
|
|
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
& Notes–94.63%
(a)
|
|
|
|
|
|
|
|
|
|
|
|
Australia–3.32%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia Government, Series 138, Sr. Unsec. Bonds, 3.25%, 04/21/29
|
|
AUD
|
|
$
|
2,000,000
|
|
|
$
|
1,905,393
|
|
|
|
|
|
|
|
Austria–1.05%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OMV AG, Jr. Unsec. Sub. Medium-Term Euro Notes, 6.75%
(b)
|
|
EUR
|
|
|
400,000
|
|
|
|
604,266
|
|
|
|
|
|
|
|
Canada–5.13%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 Republic–0.80%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Czech Republic International, Sr. Unsec. Medium-Term Euro Notes, 3.88%, 05/24/22
|
|
EUR
|
|
|
300,000
|
|
|
|
459,819
|
|
|
|
|
|
|
|
Denmark–0.63%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TDC A/S, Sr. Unsec. Medium-Term Euro Notes, 3.75%, 03/02/22
|
|
EUR
|
|
|
250,000
|
|
|
|
362,971
|
|
|
|
|
|
|
|
France–7.01%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
Sr. Sec. Medium-Term Euro Notes, 1.55%, 10/31/13
|
|
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
|
|
|
|
|
|
|
|
Germany–7.98%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
Italy–6.49%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Italy Buoni Poliennali Del Tesoro, Euro Bonds, 5.50%, 11/01/22
|
|
EUR
|
|
|
2,500,000
|
|
|
|
3,728,793
|
|
|
|
|
|
|
|
Japan–7.85%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Development Bank of Japan Inc.,
Sr. Sec. Gtd. Global Bonds, 1.70%,
09/20/22
|
|
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
|
|
|
|
|
|
|
|
Netherlands–8.75%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
Norway–5.74%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
Poland–7.64%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Poland Government International, Series 12, Sr. Unsec. Bonds, 1.05%, 11/08/17
|
|
JPY
|
|
$
|
400,000,000
|
|
|
$
|
4,388,104
|
|
|
|
|
|
|
|
South Korea–2.75%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
Sr. Unsec. Bonds,
3.50%, 09/10/16
|
|
KRW
|
|
|
1,000,000,000
|
|
|
|
941,072
|
|
|
|
|
|
|
|
|
|
|
|
1,579,032
|
|
|
|
|
|
|
|
Spain–6.78%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CaixaBank, Sec. Mortgage-Backed Euro Bonds,
3.13%, 09/16/13
|
|
EUR
|
|
|
200,000
|
|
|
|
275,182
|
|
|
Santander Consumer Finance S.A.,
Sr. Unsec. Euro Notes,
3.25%,
06/20/14
|
|
EUR
|
|
|
600,000
|
|
|
|
822,645
|
|
|
Spain Government, Sr. Unsec. Euro Bonds,
4.80%, 01/31/24
|
|
EUR
|
|
|
1,100,000
|
|
|
|
1,435,848
|
|
|
Euro Bonds,
3.15%, 01/31/16
|
|
EUR
|
|
|
1,000,000
|
|
|
|
1,363,508
|
|
|
|
|
|
|
|
|
|
|
|
3,897,183
|
|
|
|
|
|
|
|
Supranational–4.86%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asian Development Bank, Series 339-00-1, Sr. Unsec. Medium-Term Global Notes,
2.35%,
06/21/27
|
|
JPY
|
|
|
130,000,000
|
|
|
|
1,638,269
|
|
|
European Investment Bank, Sr. Unsec. Global Bonds,
1.40%, 06/20/17
|
|
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
|
|
|
|
|
|
|
|
Sweden–0.73%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nordea Bank AB, Unsec. Sub. Medium-Term Euro Notes,
4.63%, 02/15/22
|
|
EUR
|
|
|
100,000
|
|
|
|
144,560
|
|
|
Securities AB, Sr. Unsec. Medium-Term Euro Notes,
2.75%, 02/28/17
|
|
EUR
|
|
|
200,000
|
|
|
|
277,141
|
|
|
|
|
|
|
|
|
|
|
|
421,701
|
|
|
|
|
|
|
|
Switzerland–1.30%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cloverie PLC for Zurich Insurance Co. Ltd., Unsec. Sub. Medium-Term Euro Notes,
7.50%,
07/24/39
|
|
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 Emirates–0.57%
|
|
|
|
|
|
|
|
|
|
|
|
IPIC Ltd.-REGS, Sr. Unsec. Gtd. Medium-Term Euro Notes, 5.88%, 03/14/21
(c)
|
|
EUR
|
|
$
|
200,000
|
|
|
$
|
329,766
|
|
|
|
|
|
United Kingdom–11.61%
|
|
|
|
|
|
|
|
|
|
|
|
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,
Sr. Unsec. Gtd. Euro Notes,
5.63%,
07/08/20
(d)
|
|
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 States–3.64%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
(Cost $53,794,607)
|
|
|
|
54,382,400
|
|
|
|
|
See accompanying notes which are an integral part of this schedule.
|
|
Invesco International Total Return Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
|
|
|
|
Money Market Funds–0.39%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquid Assets Portfolio –Institutional
Class
(f)
|
|
|
112,994
|
|
|
$
|
112,994
|
|
|
Premier Portfolio –Institutional Class
(f)
|
|
|
112,993
|
|
|
|
112,993
|
|
|
Total Money Market Funds
(Cost $225,987)
|
|
|
|
|
|
|
225,987
|
|
|
TOTAL INVESTMENTS–95.02%
(Cost $54,020,594)
|
|
|
|
|
|
|
54,608,387
|
|
|
OTHER ASSETS LESS LIABILITIES–4.98%
|
|
|
|
2,862,119
|
|
|
NET ASSETS–100.00%
|
|
|
|
|
|
$
|
57,470,506
|
|
|
|
|
|
|
Investment Abbreviations:
|
|
|
|
|
AUD
|
|
—Australian Dollar
|
|
CAD
|
|
—Canadian Dollar
|
|
Ctfs.
|
|
—Certificates
|
|
EUR
|
|
—Euro
|
|
GBP
|
|
—British Pound Sterling
|
|
Gtd.
|
|
—Guaranteed
|
|
INR
|
|
—Indian Rupee
|
|
JPY
|
|
—Japanese Yen
|
|
Jr.
|
|
—Junior
|
|
KRW
|
|
—South Korean Won
|
|
NOK
|
|
—Norwegian Krona
|
|
REGS
|
|
—Regulation S
|
|
Sec.
|
|
—Secured
|
|
SEK
|
|
—Swedish Krona
|
|
Sr.
|
|
—Senior
|
|
Sub.
|
|
—Subordinated
|
|
Unsec.
|
|
—Unsecured
|
|
|
|
Notes to Schedule of Investments:
|
|
(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 Fund’s 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 Trust’s 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 security’s fair value.
Valuations change in response
to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s 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 Fund’s net asset value and, accordingly,
they reduce the Fund’s 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 issuer’s 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 Fund’s 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 Fund’s 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 exchange’s 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 Fund’s 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 investment’s assigned level:
|
|
|
|
|
|
|
|
|
Level 1
|
|
– Prices are determined using quoted prices in an active market for identical assets.
|
|
|
|
Level 2
|
|
– Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These
may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
|
|
|
|
Level 3
|
|
– Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is
little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the
securities or instruments and would be based on the best available information.
|
The following is a summary of the tiered valuation input levels, as of 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 Fund’s 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
|
|
MXN—Mexican 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.
|
|
|
|
|
|
|
Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
|
|
|
Aggregate unrealized appreciation of investment securities
|
|
$
|
2,478,155
|
|
|
Aggregate unrealized (depreciation) of investment securities
|
|
|
(1,899,851)
|
|
|
Net unrealized appreciation of investment securities
|
|
$
|
578,304
|
|
|
Cost of investments for tax purposes is $54,030,083.
|
|
|
|
|
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 Interests–99.51%
|
|
|
|
|
|
|
Australia–10.64%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amcor Ltd.
|
|
|
17,499
|
|
|
$
|
153,327
|
|
|
Aurizon Holdings Ltd.
|
|
|
48,175
|
|
|
|
199,498
|
|
|
Australia & New Zealand Banking
Group Ltd.
|
|
|
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
|
|
|
|
|
|
|
China–14.07%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
Ltd.
(a)
|
|
|
1,461,160
|
|
|
|
175,217
|
|
|
Haitian International Holdings Ltd.
|
|
|
440,000
|
|
|
|
555,432
|
|
|
Lenovo Group Ltd.
|
|
|
598,000
|
|
|
|
622,258
|
|
|
Lianhua Supermarket Holdings Ltd.
-Class H
|
|
|
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 Kong–4.62%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
India–2.35%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
Indonesia–2.41%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
Japan–39.18%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
Malaysia–0.93%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CIMB Group Holdings Berhad
|
|
|
181,600
|
|
|
|
421,550
|
|
|
Sime Darby Berhad
|
|
|
141,900
|
|
|
|
424,878
|
|
|
|
|
|
|
|
|
|
846,428
|
|
|
|
|
|
|
Singapore–4.31%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 Korea–10.93%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
Co., Ltd.
|
|
|
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
|
|
|
|
|
|
|
Taiwan–7.44%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
Thailand–1.34%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bangkok Dusit Medical Services PCL
-Class F
|
|
|
186,400
|
|
|
|
830,526
|
|
|
PTT PCL
|
|
|
33,800
|
|
|
|
393,994
|
|
|
|
|
|
|
|
|
|
1,224,520
|
|
|
|
|
|
|
United Kingdom–0.29%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rio Tinto Ltd.
|
|
|
3,789
|
|
|
|
262,774
|
|
|
|
|
|
|
United States–1.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 Funds–0.19%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquid Assets Portfolio –Institutional
Class
(c)
|
|
|
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 Funds–0.31%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquid Assets Portfolio - Institutional Class (Cost $286,200)
(c)(d)
|
|
|
286,200
|
|
|
$
|
286,200
|
|
|
TOTAL INVESTMENTS–100.01%
(Cost $85,021,316)
|
|
|
|
|
|
|
90,974,647
|
|
|
OTHER ASSETS LESS LIABILITIES–(0.01)%
|
|
|
|
(4,955)
|
|
|
NET ASSETS–100.00%
|
|
|
|
|
|
$
|
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 borrower’s 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 Trust’s 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 security’s fair value.
Valuations change in response
to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s 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 Fund’s net asset value and, accordingly,
they reduce the Fund’s 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 issuer’s 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 Fund’s 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 Fund’s 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
Fund’s 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 investment’s assigned level:
|
|
|
|
|
|
|
|
|
Level 1
|
|
– Prices are determined using quoted prices in an active market for identical assets.
|
|
|
|
Level 2
|
|
– Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These
may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
|
|
|
|
Level 3
|
|
– Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is
little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the
securities or instruments and would be based on the best available information.
|
The following is a summary of the tiered valuation input levels, as of 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.
|
|
|
|
|
|
|
Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
|
|
|
Aggregate unrealized appreciation of investment securities
|
|
$
|
7,688,222
|
|
|
Aggregate unrealized (depreciation) of investment securities
|
|
|
(4,234,847)
|
|
|
Net unrealized appreciation of investment securities
|
|
$
|
3,453,375
|
|
|
Cost of investments for tax purposes is $87,521,272.
|
|
|
|
|
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 Notes–41.48%
|
|
|
|
|
Advertising–0.06%
|
|
|
|
|
|
|
Lamar Media Corp., Sr. Unsec. Gtd. Sub.
Notes, 5.00%, 05/01/23
(b)
|
|
$
|
45,000
|
|
|
$
|
46,463
|
|
|
National CineMedia LLC, Sr. Sec. Global
Notes, 6.00%, 04/15/22
|
|
|
90,000
|
|
|
|
96,525
|
|
|
|
|
|
|
|
|
|
142,988
|
|
|
|
|
Aerospace & Defense–0.74%
|
|
|
|
|
|
|
B/E Aerospace Inc., Sr. Unsec.
Notes, 5.25%, 04/01/22
|
|
|
55,000
|
|
|
|
58,300
|
|
|
Bombardier Inc. (Canada),
Sr. Notes,
6.13%, 01/15/23
(b)
|
|
|
105,000
|
|
|
|
106,837
|
|
|
Sr. Unsec. Notes,
7.75%, 03/15/20
(b)
|
|
|
500,000
|
|
|
|
575,000
|
|
|
DigitalGlobe Inc., Sr. Unsec. Gtd.
Notes, 5.25%, 02/01/21
(b)
|
|
|
180,000
|
|
|
|
180,900
|
|
|
GenCorp Inc., Sec. Gtd. Notes,
7.13%,
03/15/21
(b)
|
|
|
200,000
|
|
|
|
207,500
|
|
|
Huntington Ingalls Industries Inc.,
Sr. Unsec. Gtd. Global Notes,
6.88%,
03/15/18
|
|
|
140,000
|
|
|
|
154,700
|
|
|
7.13%, 03/15/21
|
|
|
20,000
|
|
|
|
22,200
|
|
|
Spirit Aerosystems Inc., Sr. Unsec.
Gtd. Global Notes, 6.75%,
12/15/20
|
|
|
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 & Logistics–0.09%
|
|
|
|
|
|
|
Transnet SOC Ltd. (South Africa), Sr.
Unsec. Notes, 4.00%, 07/26/22
(b)
|
|
|
200,000
|
|
|
|
199,479
|
|
|
|
|
Airlines–0.80%
|
|
|
|
|
|
|
America West Airlines Pass
Through Trust, Series 2001-1,
Class G, Sec. Pass Through
Ctfs.,
7.10%, 04/02/21
|
|
|
117,071
|
|
|
|
122,412
|
|
|
American Airlines Pass Through
Trust, Series 2011-1, Class B,
Sec. Pass Through Ctfs.,
7.00%,
01/31/18
(b)
|
|
|
565,072
|
|
|
|
593,326
|
|
|
Continental Airlines Pass Through Trust,
Series 2007-1, Class C,
Sec. Global Pass
Through Ctfs.,
7.34%, 04/19/14
|
|
|
114,164
|
|
|
|
118,516
|
|
|
Series 2010-1, Class B,
Sec. Pass Through Ctfs.,
6.00%,
01/12/19
|
|
|
203,969
|
|
|
|
210,598
|
|
|
Series 2012-3, Class C,
Sr. Sec. Pass Through Ctfs.,
6.13%,
04/29/18
|
|
|
80,000
|
|
|
|
80,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
|
Value
|
|
|
|
|
Airlines–(continued)
|
|
|
|
|
|
|
Delta Air Lines Pass Through Trust,
Series 2010-2, Class B,
Sec. Pass Through
Ctfs.,
6.75%, 11/23/15
(b)
|
|
$
|
150,000
|
|
|
$
|
158,250
|
|
|
Series 2012-1, Class B,
Sec. Pass Through Ctfs.,
6.88%,
05/07/19
(b)
|
|
|
85,000
|
|
|
|
90,738
|
|
|
UAL Pass Through Trust, Series
2007-1, Class B, Sr. Sec. Gtd.
Global Pass Through
Ctfs.,
7.34%, 07/02/19
|
|
|
187,276
|
|
|
|
190,085
|
|
|
US Airways Pass Through Trust,
Series 2012-1, Class A,
Sr. Sec. Pass Through
Ctfs.,
5.90%, 10/01/24
|
|
|
20,000
|
|
|
|
22,288
|
|
|
Series 2012-1, Class B,
Sec. Pass Through Ctfs.,
8.00%,
10/01/19
|
|
|
20,000
|
|
|
|
21,750
|
|
|
Series 2012-1, Class C,
Sec. Pass Through Ctfs.,
9.13%,
10/01/15
|
|
|
25,000
|
|
|
|
26,625
|
|
|
Series 2012-2, Class B,
Sec. Gtd. Pass Through Ctfs.,
6.75%,
06/03/21
|
|
|
125,000
|
|
|
|
132,500
|
|
|
|
|
|
|
|
|
|
1,767,088
|
|
|
|
|
Alternative Carriers–0.52%
|
|
|
|
|
|
|
Cogent Communications Group,
Inc., Sr. Sec. Gtd. Notes, 8.38%,
02/15/18
(b)
|
|
|
150,000
|
|
|
|
166,500
|
|
|
Level 3 Communications Inc.,
Sr. Unsec. Global Notes, 11.88%,
02/01/19
|
|
|
120,000
|
|
|
|
139,800
|
|
|
Sr. Unsec. Notes,
8.88%, 06/01/19
(b)
|
|
|
235,000
|
|
|
|
257,325
|
|
|
Level 3 Financing Inc.,
Sr. Unsec. Gtd. Global Notes,
8.13%, 07/01/19
|
|
|
500,000
|
|
|
|
548,750
|
|
|
Sr. Unsec. Gtd. Notes,
7.00%, 06/01/20
(b)
|
|
|
45,000
|
|
|
|
47,925
|
|
|
|
|
|
|
|
|
|
1,160,300
|
|
|
|
|
Aluminum–0.04%
|
|
|
|
|
|
|
Century Aluminum Co., Sr. Sec.
Gtd. Notes, 8.00%, 05/15/14
|
|
|
81,000
|
|
|
|
82,063
|
|
|
|
|
Apparel Retail–0.46%
|
|
|
|
|
|
|
Express LLC/Express Finance
Corp., Sr. Unsec. Gtd. Global
Notes, 8.75%,
03/01/18
|
|
|
185,000
|
|
|
|
201,881
|
|
|
J. Crew Group Inc., Sr. Unsec. Gtd.
Global Notes, 8.13%, 03/01/19
|
|
|
500,000
|
|
|
|
542,500
|
|
See accompanying notes which are
an integral part of this schedule.
Invesco Premium Income Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
|
Value
|
|
|
|
|
Apparel Retail–(continued)
|
|
|
|
|
|
|
Limited Brands Inc.,
Sr. Unsec. Gtd. Global Notes,
5.63%, 02/15/22
|
|
$
|
120,000
|
|
|
$
|
128,550
|
|
|
Sr. Unsec. Gtd. Notes,
6.63%, 04/01/21
|
|
|
125,000
|
|
|
|
142,188
|
|
|
|
|
|
|
|
|
|
1,015,119
|
|
|
|
|
Apparel, Accessories & Luxury Goods–0.88%
|
|
|
|
|
|
|
Jones Group Inc./Apparel Group
Holdings/Apparel Group
USA/Footwear
Accessories
Retail, Sr. Unsec. Notes,
6.88%, 03/15/19
|
|
|
530,000
|
|
|
|
553,850
|
|
|
Levi Strauss & Co.,
Sr. Unsec. Global Notes,
6.88%, 05/01/22
|
|
|
90,000
|
|
|
|
98,325
|
|
|
7.63%, 05/15/20
|
|
|
500,000
|
|
|
|
551,250
|
|
|
PVH Corp., Sr. Unsec. Global
Notes, 4.50%, 12/15/22
|
|
|
175,000
|
|
|
|
174,563
|
|
|
Quiksilver Inc., Sr. Unsec. Gtd.
Global Notes, 6.88%, 04/15/15
|
|
|
580,000
|
|
|
|
577,462
|
|
|
|
|
|
|
|
|
|
1,955,450
|
|
|
|
|
Application Software–0.02%
|
|
|
|
|
|
|
Nuance Communications Inc., Sr.
Unsec. Gtd. Notes, 5.38%,
08/15/20
(b)
|
|
|
45,000
|
|
|
|
46,575
|
|
|
|
|
Auto Parts & Equipment–0.18%
|
|
|
|
|
|
|
Allison Transmission Inc., Sr.
Unsec. Gtd. Notes, 7.13%,
05/15/19
(b)
|
|
|
250,000
|
|
|
|
271,875
|
|
|
American Axle & Manufacturing
Inc., Sr. Unsec. Gtd. Notes,
6.63%,
10/15/22
|
|
|
80,000
|
|
|
|
83,600
|
|
|
Lear Corp., Sr. Unsec. Gtd. Notes,
4.75%, 01/15/23
(b)
|
|
|
45,000
|
|
|
|
44,888
|
|
|
|
|
|
|
|
|
|
400,363
|
|
|
|
|
Automobile Manufacturers–0.39%
|
|
|
|
|
|
|
Chrysler Group LLC/CG Co-Issuer
Inc., Sec. Gtd. Global Notes,
8.00%, 06/15/19
|
|
|
450,000
|
|
|
|
495,000
|
|
|
Ford Motor Co., Sr. Unsec. Global
Notes, 7.45%, 07/16/31
|
|
|
290,000
|
|
|
|
374,100
|
|
|
|
|
|
|
|
|
|
869,100
|
|
|
|
|
Automotive Retail–0.01%
|
|
|
|
|
|
|
Penske Automotive Group Inc., Sr.
Unsec. Gtd. Sub. Notes, 5.75%,
10/01/22
(b)
|
|
|
30,000
|
|
|
|
31,125
|
|
|
|
|
Broadcasting–0.42%
|
|
|
|
|
|
|
Allbritton Communications Co.,
Sr. Unsec. Global Notes, 8.00%,
05/15/18
|
|
|
165,000
|
|
|
|
180,056
|
|
|
Belo Corp., Sr. Unsec. Deb.,
7.25%, 09/15/27
|
|
|
80,000
|
|
|
|
82,200
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
|
Value
|
|
|
|
|
Broadcasting–(continued)
|
|
|
|
|
|
|
Clear Channel Worldwide Holdings Inc.,
Series A,
Sr. Unsec. Gtd. Notes,
6.50%,
11/15/22
(b)
|
|
$
|
50,000
|
|
|
$
|
52,750
|
|
|
Series B,
Sr. Unsec. Gtd. Notes,
6.50%, 11/15/22
(b)
|
|
|
160,000
|
|
|
|
170,400
|
|
|
Sr. Unsec. Gtd. Sub. Global Notes,
7.63%, 03/15/20
|
|
|
240,000
|
|
|
|
250,800
|
|
|
LIN Television Corp., Sr. Unsec.
Gtd. Notes, 6.38%, 01/15/21
(b)
|
|
|
20,000
|
|
|
|
21,450
|
|
|
Nielsen Finance LLC/Co.
(Netherlands), Sr. Unsec. Gtd.
Notes, 4.50%, 10/01/20
(b)
|
|
|
150,000
|
|
|
|
148,125
|
|
|
Starz LLC/Starz Finance Corp., Sr.
Unsec. Gtd. Notes, 5.00%,
09/15/19
(b)
|
|
|
20,000
|
|
|
|
20,850
|
|
|
|
|
|
|
|
|
|
926,631
|
|
|
|
|
Building Products–1.09%
|
|
|
|
|
|
|
American Standard Americas, Sr.
Sec. Notes, 10.75%, 01/15/16
(b)
|
|
|
180,000
|
|
|
|
184,050
|
|
|
Building Materials Corp. of
America, Sr. Unsec. Gtd. Notes,
7.50%, 03/15/20
(b)
|
|
|
250,000
|
|
|
|
275,000
|
|
|
Gibraltar Industries Inc., Sr. Unsec.
Gtd. Sub. Notes, 6.25%,
02/01/21
(b)
|
|
|
185,000
|
|
|
|
192,862
|
|
|
Masco Corp., Sr. Unsec. Global
Notes, 5.95%, 03/15/22
|
|
|
40,000
|
|
|
|
44,650
|
|
|
Nortek Inc., Sr. Unsec. Gtd. Global
Notes, 8.50%, 04/15/21
|
|
|
595,000
|
|
|
|
675,325
|
|
|
Ply Gem Industries Inc., Sr.
Sec. Gtd. Global Notes,
8.25%, 02/15/18
|
|
|
210,000
|
|
|
|
227,850
|
|
|
Sr. Unsec. Gtd. Global Notes,
9.38%, 04/15/17
|
|
|
70,000
|
|
|
|
76,300
|
|
|
USG Corp.,
Sr. Unsec. Gtd. Notes,
7.88%, 03/30/20
(b)
|
|
|
135,000
|
|
|
|
155,250
|
|
|
Sr. Unsec. Notes,
9.75%, 01/15/18
|
|
|
505,000
|
|
|
|
593,375
|
|
|
|
|
|
|
|
|
|
2,424,662
|
|
|
|
|
Cable & Satellite–1.54%
|
|
|
|
|
|
|
AMC Networks Inc., Sr. Unsec.
Gtd. Global Notes, 4.75%,
12/15/22
|
|
|
30,000
|
|
|
|
30,225
|
|
|
Cablevision Systems Corp., Sr.
Unsec. Global Notes, 5.88%,
09/15/22
|
|
|
35,000
|
|
|
|
34,606
|
|
|
CCO Holdings LLC/CCO Holdings
Capital Corp., Sr. Unsec. Gtd.
Global Notes, 5.13%,
02/15/23
|
|
|
435,000
|
|
|
|
430,650
|
|
|
DISH DBS Corp.,
Sr. Unsec. Gtd. Global Notes,
4.63%, 07/15/17
|
|
|
75,000
|
|
|
|
78,750
|
|
|
5.88%, 07/15/22
|
|
|
135,000
|
|
|
|
143,775
|
|
|
Sr. Unsec. Notes,
5.00%, 03/15/23
(b)
|
|
|
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.
Sec. Gtd. Global Notes, 6.50%,
06/15/19
|
|
$
|
195,000
|
|
|
$
|
216,694
|
|
|
Intelsat Jackson Holdings S.A. (Luxembourg),
Sr. Unsec. Gtd. Global Notes,
7.25%,
10/15/20
|
|
|
615,000
|
|
|
|
661,125
|
|
|
Sr. Unsec. Gtd. Notes,
6.63%, 12/15/22
(b)
|
|
|
330,000
|
|
|
|
336,600
|
|
|
7.25%,
10/15/20
(b)
|
|
|
75,000
|
|
|
|
80,625
|
|
|
Nara Cable Funding Ltd. (Spain),
Sr. Sec. Gtd. Notes, 8.88%,
12/01/18
(b)
|
|
|
425,000
|
|
|
|
445,187
|
|
|
Ono Finance II PLC (Spain), Sr.
Unsec. Gtd. Notes, 10.88%,
07/15/19
(b)
|
|
|
150,000
|
|
|
|
153,000
|
|
|
Unitymedia Hessen GmbH & Co.
KG/Unitymedia NRW GmbH
(Germany), Sr. Sec. Gtd.
Notes,
5.50%, 01/15/23
(b)
|
|
|
265,000
|
|
|
|
277,587
|
|
|
ViaSat Inc., Sr. Unsec. Gtd. Global
Notes, 6.88%, 06/15/20
|
|
|
300,000
|
|
|
|
322,500
|
|
|
|
|
|
|
|
|
|
3,424,712
|
|
|
|
|
Casinos & Gaming–1.91%
|
|
|
|
|
|
|
Ameristar Casinos Inc., Sr. Unsec.
Gtd. Global Notes, 7.50%, 04/15/21
|
|
|
170,000
|
|
|
|
187,000
|
|
|
Caesars Entertainment Operating Co. Inc.,
Sec. Gtd. Global Notes,
10.00%,
12/15/15
|
|
|
45,000
|
|
|
|
41,062
|
|
|
12.75%, 04/15/18
|
|
|
450,000
|
|
|
|
344,250
|
|
|
Sr. Sec. Gtd. Notes,
9.00%, 02/15/20
(b)
|
|
|
110,000
|
|
|
|
112,750
|
|
|
Sr. Unsec. Gtd. Global Notes,
5.38%, 12/15/13
|
|
|
195,000
|
|
|
|
193,781
|
|
|
Caesars Operating Escrow
LLC/Caesars Escrow Corp., Sr.
Sec. Gtd. Notes,
9.00%,
02/15/20
(b)
|
|
|
105,000
|
|
|
|
107,625
|
|
|
CityCenter Holdings LLC/CityCenter Finance Corp.,
Sr. Sec. Gtd. Global Notes,
7.63%,
01/15/16
|
|
|
140,000
|
|
|
|
151,900
|
|
|
Sr. Sec. Gtd. PIK Global Notes,
10.75%, 01/15/17
|
|
|
334,520
|
|
|
|
369,645
|
|
|
Codere Finance Luxembourg S.A.
(Spain), Sr. Sec. Gtd. Notes,
9.25%, 02/15/19
(b)
|
|
|
150,000
|
|
|
|
116,625
|
|
|
MCE Finance Ltd. (China), Sr.
Unsec. Gtd. Notes, 5.00%,
02/15/21
(b)
|
|
|
200,000
|
|
|
|
201,000
|
|
|
MGM Resorts International,
Sr. Unsec. Gtd. Global Notes,
6.63%, 07/15/15
|
|
|
910,000
|
|
|
|
989,625
|
|
|
6.63%, 12/15/21
|
|
|
35,000
|
|
|
|
36,225
|
|
|
Sr. Unsec. Gtd. Notes,
6.75%, 10/01/20
(b)
|
|
|
25,000
|
|
|
|
26,375
|
|
|
7.75%, 03/15/22
|
|
|
170,000
|
|
|
|
187,000
|
|
|
Seneca Gaming Corp., Sr. Unsec.
Gtd. Notes, 8.25%, 12/01/18
(b)
|
|
|
233,000
|
|
|
|
250,475
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
|
Value
|
|
|
|
|
Casinos & Gaming–(continued)
|
|
|
|
|
|
|
Snoqualmie Entertainment Authority,
Sr. Sec. Floating Rate Notes,
4.48%, 02/01/14
(b)(c)
|
|
$
|
95,000
|
|
|
$
|
94,881
|
|
|
Sr. Sec. Notes,
9.13%, 02/01/15
(b)
|
|
|
388,000
|
|
|
|
388,485
|
|
|
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.,
Sr. Sec. First Mortgage Global
Notes,
5.38%, 03/15/22
|
|
|
340,000
|
|
|
|
361,675
|
|
|
7.75%, 08/15/20
|
|
|
65,000
|
|
|
|
73,775
|
|
|
|
|
|
|
|
|
|
4,234,154
|
|
|
|
|
Coal & Consumable Fuels–0.61%
|
|
|
|
|
|
|
Alpha Natural Resources Inc.,
Sr. Unsec. Gtd. Notes, 9.75%,
04/15/18
|
|
|
45,000
|
|
|
|
49,275
|
|
|
CONSOL Energy Inc., Sr. Unsec.
Gtd. Global Notes, 8.25%,
04/01/20
|
|
|
360,000
|
|
|
|
392,400
|
|
|
Indo Energy Finance II BV
(Indonesia), Unsec. Gtd. Notes,
6.38%, 01/24/23
(b)
|
|
|
200,000
|
|
|
|
207,118
|
|
|
Peabody Energy Corp.,
Sr. Unsec. Gtd. Global Notes,
6.00%, 11/15/18
|
|
|
140,000
|
|
|
|
147,700
|
|
|
Sr. Unsec. Gtd. Notes,
6.50%, 09/15/20
|
|
|
320,000
|
|
|
|
340,000
|
|
|
Raspadskaya OJSC Via
Raspadskaya Securities Ltd.
(Russia), Sr. Sec. Notes,
7.75%,
04/27/17
(b)
|
|
|
200,000
|
|
|
|
215,958
|
|
|
|
|
|
|
|
|
|
1,352,451
|
|
|
|
|
Communications Equipment–0.22%
|
|
|
|
|
|
|
Avaya Inc.,
Sr. Sec. Gtd. Notes,
7.00%, 04/01/19
(b)
|
|
|
385,000
|
|
|
|
371,525
|
|
|
9.00%,
04/01/19
(b)
|
|
|
75,000
|
|
|
|
77,813
|
|
|
Sr. Unsec. Gtd. Global Notes,
9.75%, 11/01/15
|
|
|
50,000
|
|
|
|
48,000
|
|
|
|
|
|
|
|
|
|
497,338
|
|
|
|
|
Computer & Electronics Retail–0.16%
|
|
|
|
|
|
|
Rent-A-Center Inc., Sr. Unsec. Gtd.
Global Notes, 6.63%, 11/15/20
|
|
|
330,000
|
|
|
|
360,938
|
|
|
|
|
Computer Storage & Peripherals–0.17%
|
|
|
|
|
|
|
Seagate HDD Cayman, Sr. Unsec.
Gtd. Global Notes, 7.00%,
11/01/21
|
|
|
345,000
|
|
|
|
383,813
|
|
|
|
|
Construction & Engineering–0.37%
|
|
|
|
|
|
|
Dycom Investments Inc.,
Sr. Unsec. Gtd. Sub. Global Notes,
7.13%, 01/15/21
|
|
|
125,000
|
|
|
|
134,062
|
|
|
Sr. Unsec. Gtd. Sub. Notes,
7.13%, 01/15/21
(b)
|
|
|
290,000
|
|
|
|
311,025
|
|
|
Tutor Perini Corp., Sr. Unsec. Gtd.
Global Notes, 7.63%, 11/01/18
|
|
|
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 Trucks–0.51%
|
|
|
|
|
|
|
CNH Capital LLC, Sr. Unsec. Gtd.
Notes, 3.88%, 11/01/15
(b)
|
|
$
|
40,000
|
|
|
$
|
41,600
|
|
|
Commercial Vehicle Group Inc.,
Sec. Gtd. Global Notes, 7.88%,
04/15/19
|
|
|
250,000
|
|
|
|
253,750
|
|
|
Manitowoc Co. Inc. (The),
Sr. Unsec. Gtd. Global Notes,
5.88%, 10/15/22
|
|
|
160,000
|
|
|
|
162,800
|
|
|
Sr. Unsec. Gtd. Notes,
8.50%, 11/01/20
|
|
|
130,000
|
|
|
|
147,225
|
|
|
Navistar International Corp., Sr. Unsec.
Gtd. Notes, 8.25%, 11/01/21
|
|
|
130,000
|
|
|
|
128,212
|
|
|
Terex Corp., Sr. Unsec. Gtd. Global
Notes, 6.00%, 05/15/21
|
|
|
70,000
|
|
|
|
74,025
|
|
|
Titan International Inc., Sr. Sec. Gtd.
Global Notes, 7.88%, 10/01/17
|
|
|
305,000
|
|
|
|
329,019
|
|
|
|
|
|
|
|
|
|
1,136,631
|
|
|
|
|
Construction Materials–0.49%
|
|
|
|
|
|
|
Cemex Finance LLC (Mexico), Sr.
Sec. Gtd. Notes, 9.50%,
12/14/16
(b)
|
|
|
150,000
|
|
|
|
161,265
|
|
|
Texas Industries Inc., Sr. Unsec.
Gtd. Global Notes, 9.25%,
08/15/20
|
|
|
575,000
|
|
|
|
636,813
|
|
|
West China Cement Ltd. (China),
Sr. Unsec. Gtd. Notes, 7.50%,
01/25/16
(b)
|
|
|
300,000
|
|
|
|
295,500
|
|
|
|
|
|
|
|
|
|
1,093,578
|
|
|
|
|
Consumer Finance–0.35%
|
|
|
|
|
|
|
Ally Financial Inc., Sr. Unsec. Gtd.
Global Notes, 8.00%, 03/15/20
|
|
|
450,000
|
|
|
|
554,625
|
|
|
General Motors Financial Co. Inc.,
Sr. Unsec. Gtd. Notes, 4.75%,
08/15/17
(b)
|
|
|
45,000
|
|
|
|
47,475
|
|
|
National Money Mart Co., Sr.
Unsec. Gtd. Global Notes,
10.38%, 12/15/16
|
|
|
165,000
|
|
|
|
183,150
|
|
|
|
|
|
|
|
|
|
785,250
|
|
|
|
|
Data Processing & Outsourced Services–0.85%
|
|
|
|
|
|
|
CoreLogic, Inc., Sr. Unsec. Gtd.
Global Notes, 7.25%, 06/01/21
|
|
|
345,000
|
|
|
|
378,637
|
|
|
First Data Corp.,
Sec. Gtd. Notes,
8.25%, 01/15/21
(b)
|
|
|
455,000
|
|
|
|
468,650
|
|
|
Sr. Sec. Gtd. Notes,
7.38%, 06/15/19
(b)
|
|
|
110,000
|
|
|
|
116,325
|
|
|
6.75%,
11/01/20
(b)
|
|
|
535,000
|
|
|
|
552,387
|
|
|
NeuStar Inc., Sr. Unsec. Gtd.
Notes, 4.50%, 01/15/23
(b)
|
|
|
45,000
|
|
|
|
45,225
|
|
|
SunGard Data Systems Inc., Sr.
Unsec. Gtd. Global Notes,
7.38%, 11/15/18
|
|
|
250,000
|
|
|
|
267,188
|
|
|
WEX Inc., Sr. Unsec. Gtd. Notes,
4.75%, 02/01/23
(b)
|
|
|
70,000
|
|
|
|
69,475
|
|
|
|
|
|
|
|
|
|
1,897,887
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
|
Value
|
|
|
|
|
Department Stores–0.06%
|
|
|
|
|
|
|
Sears Holdings Corp., Sr. Sec. Gtd.
Global Notes, 6.63%, 10/15/18
|
|
$
|
150,000
|
|
|
$
|
142,875
|
|
|
|
|
Distillers & Vintners–0.09%
|
|
|
|
|
|
|
Constellation Brands Inc.,
Sr. Unsec. Gtd. Global Notes,
7.25%, 05/15/17
|
|
|
85,000
|
|
|
|
97,963
|
|
|
4.63%, 03/01/23
|
|
|
30,000
|
|
|
|
30,675
|
|
|
Sr. Unsec. Gtd. Notes,
6.00%, 05/01/22
|
|
|
70,000
|
|
|
|
79,100
|
|
|
|
|
|
|
|
|
|
207,738
|
|
|
|
|
Diversified Banks–1.67%
|
|
|
|
|
|
|
Access Finance B.V. (Nigeria), Sr.
Unsec. Gtd. Notes, 7.25%,
07/25/17
(b)
|
|
|
270,000
|
|
|
|
288,633
|
|
|
Banco Bradesco S.A. (Brazil),
Unsec. Sub. Notes, 5.75%,
03/01/22
(b)
|
|
|
200,000
|
|
|
|
216,951
|
|
|
Banco Davivienda S.A. (Colombia),
Sr. Unsec. Notes,
2.95%, 01/29/18
(b)
|
|
|
200,000
|
|
|
|
196,000
|
|
|
Unsec. Sub. Notes,
5.88%, 07/09/22
(b)
|
|
|
250,000
|
|
|
|
266,629
|
|
|
Bancolombia S.A. (Colombia),
Unsec. Sub. Global Notes,
5.13%, 09/11/22
|
|
|
310,000
|
|
|
|
321,509
|
|
|
Bangkok Bank PCL (Thailand), Sr.
Unsec. Notes, 4.80%, 10/18/20
(b)
|
|
|
300,000
|
|
|
|
330,162
|
|
|
BBVA Bancomer S.A. (Mexico),
Sr. Unsec. Notes, 4.50%,
03/10/16
(b)
|
|
|
400,000
|
|
|
|
426,272
|
|
|
Development Bank of Kazakhstan
JSC (Kazakhstan), Sr. Unsec.
Notes, 4.13%, 12/10/22
(b)
|
|
|
200,000
|
|
|
|
207,639
|
|
|
Eurasian Development Bank
(Supranational), Sr. Unsec.
Notes, 4.77%, 09/20/22
(b)
|
|
|
200,000
|
|
|
|
210,080
|
|
|
Nomos Bank Via Nomos Capital
PLC (Russia), Unsec. Sub.
Notes, 10.00%, 04/26/19
(b)
|
|
|
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.
(Turkey), Sr. Unsec. Notes,
4.00%, 09/13/17
(b)
|
|
|
260,000
|
|
|
|
266,653
|
|
|
Turkiye Halk Bankasi A.S.
(Turkey), Sr. Unsec. Notes,
4.88%, 07/19/17
(b)
|
|
|
240,000
|
|
|
|
252,699
|
|
|
Turkiye Is Bankasi A.S. (Turkey),
Sub. Bonds, 6.00%, 10/24/22
(b)
|
|
|
200,000
|
|
|
|
211,079
|
|
|
|
|
|
|
|
|
|
3,700,557
|
|
|
|
|
Diversified Chemicals–0.02%
|
|
|
|
|
|
|
Eagle Spinco Inc., Sr. Unsec. Gtd.
Notes, 4.63%, 02/15/21
(b)
|
|
|
35,000
|
|
|
|
35,438
|
|
See accompanying notes which are
an integral part of this schedule.
Invesco Premium Income Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
|
Value
|
|
|
|
|
Diversified Metals & Mining–0.44%
|
|
|
|
|
|
|
FMG Resources Pty. Ltd. (Australia),
Sr. Unsec. Gtd. Notes,
6.38%, 02/01/16
(b)
|
|
$
|
125,000
|
|
|
$
|
128,750
|
|
|
6.88%,
04/01/22
(b)
|
|
|
205,000
|
|
|
|
213,200
|
|
|
Vedanta Resources PLC (India), Sr.
Unsec. Notes, 9.50%, 07/18/18
(b)
|
|
|
175,000
|
|
|
|
206,979
|
|
|
Volcan Cia Minera S.A.A. (Peru),
Sr. Unsec. Gtd. Notes, 5.38%,
02/02/22
(b)
|
|
|
390,000
|
|
|
|
432,992
|
|
|
|
|
|
|
|
|
|
981,921
|
|
|
|
|
Electric Utilities–0.11%
|
|
|
|
|
|
|
Majapahit Holding B.V.
(Indonesia), Sr. Unsec. Gtd.
Notes, 7.75%, 01/20/20
(b)
|
|
|
200,000
|
|
|
|
250,959
|
|
|
|
|
Electrical Components & Equipment–0.15%
|
|
|
|
|
|
|
Belden Inc., Sr. Unsec. Gtd. Sub.
Notes, 5.50%, 09/01/22
(b)
|
|
|
125,000
|
|
|
|
130,625
|
|
|
General Cable Corp., Sr. Unsec.
Gtd. Notes, 5.75%, 10/01/22
(b)
|
|
|
150,000
|
|
|
|
158,250
|
|
|
Polypore International Inc., Sr.
Unsec. Gtd. Global Notes,
7.50%, 11/15/17
|
|
|
33,000
|
|
|
|
35,970
|
|
|
|
|
|
|
|
|
|
324,845
|
|
|
|
|
Electronic Manufacturing Services–0.15%
|
|
|
|
|
|
|
Sanmina Corp., Sr. Unsec. Gtd.
Notes, 7.00%, 05/15/19
(b)
|
|
|
320,000
|
|
|
|
332,800
|
|
|
|
|
Environmental & Facilities Services–0.04%
|
|
|
|
|
|
|
Clean Harbors Inc.,
Sr. Unsec. Gtd. Global Notes,
5.25%, 08/01/20
|
|
|
30,000
|
|
|
|
31,650
|
|
|
Sr. Unsec. Gtd. Notes,
5.13%, 06/01/21
(b)
|
|
|
45,000
|
|
|
|
47,250
|
|
|
|
|
|
|
|
|
|
78,900
|
|
|
|
|
Gas Utilities–0.32%
|
|
|
|
|
|
|
AmeriGas Finance LLC/Corp., Sr.
Unsec. Gtd. Global Notes,
7.00%, 05/20/22
|
|
|
160,000
|
|
|
|
176,000
|
|
|
Ferrellgas L.P./Ferrellgas Finance
Corp., Sr. Unsec. Global Notes,
6.50%,
05/01/21
|
|
|
255,000
|
|
|
|
258,825
|
|
|
Suburban Propane Partners,
L.P./Suburban Energy Finance
Corp., Sr. Unsec. Notes,
7.38%,
03/15/20
|
|
|
255,000
|
|
|
|
279,225
|
|
|
|
|
|
|
|
|
|
714,050
|
|
|
|
|
Gold–0.15%
|
|
|
|
|
|
|
AngloGold Ashanti Holdings PLC
(South Africa), Sr. Unsec. Gtd.
Global Notes, 5.13%,
08/01/22
|
|
|
200,000
|
|
|
|
204,750
|
|
|
Eldorado Gold Corp. (Canada), Sr.
Unsec. Notes, 6.13%, 12/15/20
(b)
|
|
|
115,000
|
|
|
|
121,446
|
|
|
|
|
|
|
|
|
|
326,196
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
|
Value
|
|
|
|
|
Health Care Equipment–0.14%
|
|
|
|
|
|
|
Biomet Inc.,
Sr. Unsec. Gtd. Notes,
6.50%, 08/01/20
(b)
|
|
$
|
75,000
|
|
|
$
|
79,875
|
|
|
Sr. Unsec. Gtd. Sub. Notes,
6.50%, 10/01/20
(b)
|
|
|
225,000
|
|
|
|
232,875
|
|
|
|
|
|
|
|
|
|
312,750
|
|
|
|
|
Health Care Facilities–0.79%
|
|
|
|
|
|
|
HCA, Inc.,
Sr. Sec. Gtd. Global Notes,
5.88%, 03/15/22
|
|
|
340,000
|
|
|
|
372,300
|
|
|
Sr. Unsec. Gtd. Global Notes,
5.88%, 05/01/23
|
|
|
485,000
|
|
|
|
506,825
|
|
|
HCA Holdings Inc.,
Sr. Unsec. Notes,
6.25%, 02/15/21
|
|
|
130,000
|
|
|
|
137,475
|
|
|
HealthSouth Corp.,
Sr. Unsec. Gtd. Notes,
5.75%, 11/01/24
|
|
|
270,000
|
|
|
|
275,400
|
|
|
7.75%, 09/15/22
|
|
|
135,000
|
|
|
|
148,162
|
|
|
Radiation Therapy Services Inc.,
Sr. Sec. Gtd. Global Notes,
8.88%, 01/15/17
|
|
|
140,000
|
|
|
|
140,700
|
|
|
Tenet Healthcare Corp.,
Sr. Sec. Gtd. Notes,
4.50%, 04/01/21
(b)
|
|
|
30,000
|
|
|
|
29,700
|
|
|
Sr. Sec. Gtd. Notes,
4.75%, 06/01/20
(b)
|
|
|
15,000
|
|
|
|
15,150
|
|
|
Sr. Unsec. Global Notes,
6.75%, 02/01/20
|
|
|
130,000
|
|
|
|
136,825
|
|
|
|
|
|
|
|
|
|
1,762,537
|
|
|
|
|
Health Care Services–0.10%
|
|
|
|
|
|
|
DaVita HealthCare Partners Inc.,
Sr. Unsec. Gtd. Global Notes,
5.75%, 08/15/22
|
|
|
70,000
|
|
|
|
74,200
|
|
|
Prospect Medical Holdings Inc., Sr.
Sec. Notes, 8.38%, 05/01/19
(b)
|
|
|
130,000
|
|
|
|
140,075
|
|
|
|
|
|
|
|
|
|
214,275
|
|
|
|
|
Health Care Technology–0.09%
|
|
|
|
|
|
|
MedAssets Inc., Sr. Unsec. Gtd.
Global Notes, 8.00%, 11/15/18
|
|
|
173,000
|
|
|
|
189,868
|
|
|
|
|
Homebuilding–1.06%
|
|
|
|
|
|
|
Beazer Homes USA Inc.,
Sr. Unsec. Gtd. Global Notes,
6.88%, 07/15/15
|
|
|
270,000
|
|
|
|
273,375
|
|
|
Sr. Unsec. Gtd. Notes,
7.25%, 02/01/23
(b)
|
|
|
84,000
|
|
|
|
85,155
|
|
|
K. Hovnanian Enterprises Inc.,
Sr. Sec. Gtd. Notes,
7.25%, 10/15/20
(b)
|
|
|
180,000
|
|
|
|
198,675
|
|
|
9.13%,
11/15/20
(b)
|
|
|
45,000
|
|
|
|
49,725
|
|
|
Sr. Unsec. Gtd. Global Notes,
6.25%, 01/15/16
|
|
|
275,000
|
|
|
|
273,969
|
|
|
Sr. Unsec. Gtd. Notes,
11.88%, 10/15/15
|
|
|
100,000
|
|
|
|
111,000
|
|
|
KB Home, Sr. Unsec. Gtd. Notes,
7.50%, 09/15/22
|
|
|
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.
Global Notes, 6.95%, 06/01/18
|
|
$
|
250,000
|
|
|
$
|
283,125
|
|
|
M/I Homes Inc., Sr. Unsec. Gtd.
Global Notes, 8.63%, 11/15/18
|
|
|
195,000
|
|
|
|
215,962
|
|
|
Meritage Homes Corp., Sr. Unsec.
Gtd. Global Notes, 7.00%,
04/01/22
|
|
|
200,000
|
|
|
|
219,000
|
|
|
Ryland Group Inc. (The), Sr.
Unsec. Gtd. Notes, 5.38%,
10/01/22
|
|
|
150,000
|
|
|
|
154,500
|
|
|
Taylor Morrison Communities Inc./
Monarch Communities Inc., Sr.
Unsec. Gtd. Notes,
7.75%,
04/15/20
(b)
|
|
|
345,000
|
|
|
|
372,600
|
|
|
Toll Brothers Finance Corp., Sr.
Unsec. Gtd. Notes, 5.88%,
02/15/22
|
|
|
40,000
|
|
|
|
45,600
|
|
|
|
|
|
|
|
|
|
2,344,217
|
|
|
|
|
Hotels, Resorts & Cruise Lines–0.05%
|
|
|
|
|
|
|
Choice Hotels International, Inc.,
Sr. Unsec. Gtd. Notes, 5.75%,
07/01/22
|
|
|
10,000
|
|
|
|
11,163
|
|
|
Royal Caribbean Cruises Ltd., Sr.
Unsec. Global Notes, 5.25%,
11/15/22
|
|
|
100,000
|
|
|
|
107,000
|
|
|
|
|
|
|
|
|
|
118,163
|
|
|
|
|
Household Products–0.27%
|
|
|
|
|
|
|
Central Garden & Pet Co., Sr.
Unsec. Gtd. Sub. Notes, 8.25%,
03/01/18
|
|
|
250,000
|
|
|
|
262,812
|
|
|
Controladora Mabe S.A. de C.V.
(Mexico), Sr. Unsec. Gtd. Notes,
7.88%, 10/28/19
(b)
|
|
|
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 & Specialties–0.05%
|
|
|
|
|
|
|
American Greetings Corp., Sr.
Unsec. Gtd. Notes, 7.38%,
12/01/21
|
|
|
90,000
|
|
|
|
92,138
|
|
|
Spectrum Brands Escrow Corp., Sr.
Unsec. Notes, 6.38%, 11/15/20
(b)
|
|
|
20,000
|
|
|
|
21,450
|
|
|
|
|
|
|
|
|
|
113,588
|
|
|
|
|
Hypermarkets & Super Centers–0.10%
|
|
|
|
|
|
|
Cencosud S.A. (Chile), Sr. Unsec.
Gtd. Notes, 5.50%, 01/20/21
(b)
|
|
|
200,000
|
|
|
|
213,851
|
|
|
|
|
Independent Power Producers &
Energy Traders–0.51%
|
|
|
|
|
|
|
AES Corp. (The),
Sr. Unsec. Global Notes,
7.38%, 07/01/21
|
|
|
165,000
|
|
|
|
184,800
|
|
|
8.00%, 10/15/17
|
|
|
200,000
|
|
|
|
232,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
|
Value
|
|
|
|
|
Independent Power Producers & Energy Traders–
(continued)
|
|
|
|
|
|
|
Calpine Corp.,
Sr. Sec. Gtd. Notes,
7.25%, 10/15/17
(b)
|
|
$
|
99,000
|
|
|
$
|
105,930
|
|
|
7.50%,
02/15/21
(b)
|
|
|
148,000
|
|
|
|
160,950
|
|
|
NRG Energy Inc., Sr. Unsec. Gtd.
Global Notes, 7.63%, 01/15/18
|
|
|
405,000
|
|
|
|
458,156
|
|
|
|
|
|
|
|
|
|
1,142,336
|
|
|
|
|
Industrial Conglomerates–0.20%
|
|
|
|
|
|
|
Hutchison Whampoa International
Ltd. (Hong Kong), Unsec. Gtd.
Sub. Notes, 6.00%
(b)(d)
|
|
|
300,000
|
|
|
|
322,500
|
|
|
Sequa Corp., Sr. Unsec. Gtd.
Notes, 7.00%, 12/15/17
(b)
|
|
|
115,000
|
|
|
|
117,156
|
|
|
|
|
|
|
|
|
|
439,656
|
|
|
|
|
Industrial Machinery–0.10%
|
|
|
|
|
|
|
Actuant Corp., Sr. Unsec. Gtd.
Global Notes, 5.63%, 06/15/22
|
|
|
50,000
|
|
|
|
52,125
|
|
|
Columbus McKinnon Corp., Sr.
Unsec. Gtd. Sub. Global Notes,
7.88%, 02/01/19
|
|
|
130,000
|
|
|
|
140,400
|
|
|
Mcron Finance Sub LLC/Mcron
Finance Corp., Sr. Sec. Notes,
8.38%, 05/15/19
(b)
|
|
|
20,000
|
|
|
|
21,100
|
|
|
|
|
|
|
|
|
|
213,625
|
|
|
|
|
Insurance Brokers–0.05%
|
|
|
|
|
|
|
A-S Co-Issuer Subsidiary Inc./A-S
Merger Sub LLC, Sr. Unsec.
Notes, 7.88%, 12/15/20
(b)
|
|
|
35,000
|
|
|
|
35,088
|
|
|
Hub International Ltd., Sr. Unsec.
Gtd. Notes, 8.13%, 10/15/18
(b)
|
|
|
70,000
|
|
|
|
72,975
|
|
|
|
|
|
|
|
|
|
108,063
|
|
|
|
|
Integrated Oil & Gas–1.24%
|
|
|
|
|
|
|
Gazprom OAO Via Gaz Capital S.A. (Russia), Sr. Unsec. Loan Participation Notes,
4.95%,
05/23/16
(b)
|
|
|
300,000
|
|
|
|
322,800
|
|
|
6.00%,
01/23/21
(b)
|
|
|
200,000
|
|
|
|
226,000
|
|
|
IPIC GMTN Ltd. (United Arab
Emirates), Sr. Unsec. Gtd. Notes,
5.50%, 03/01/22
(b)
|
|
|
300,000
|
|
|
|
348,375
|
|
|
KazMunaiGaz Finance Sub B.V.
(Kazakhstan), Sr. Unsec. Gtd.
Notes, 7.00%, 05/05/20
(b)
|
|
|
620,000
|
|
|
|
778,488
|
|
|
Petroleos de Venezuela S.A.
(Venezuela), Sr. Unsec. Gtd.
Notes, 8.50%, 11/02/17
(b)
|
|
|
200,000
|
|
|
|
195,030
|
|
|
Petroleos Mexicanos (Mexico),
Sr. Unsec. Gtd. Global Bonds,
5.50%, 06/27/44
|
|
|
300,000
|
|
|
|
311,220
|
|
|
Sr. Unsec. Gtd. Global Notes,
6.50%, 06/02/41
|
|
|
300,000
|
|
|
|
363,488
|
|
|
Rosneft Oil Co via Rosneft International
Finance Ltd. (Russia), Sr. Unsec.
Bonds,
3.15%, 03/06/17
(b)
|
|
|
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
Services–0.37%
|
|
|
|
|
|
|
Colombia Telecomunicaciones
S.A. ESP (Colombia), Sr. Unsec.
Notes, 5.38%, 09/27/22
(b)
|
|
$
|
300,000
|
|
|
$
|
304,440
|
|
|
Globo Comunicacao e
Participacoes S.A. (Brazil), Sr.
Sec. Euro Notes, 6.25%
(b)(d)(e)
|
|
|
300,000
|
|
|
|
327,769
|
|
|
Qtel International Finance Ltd.
(Qatar), Sr. Unsec. Gtd. Notes,
3.88%, 01/31/28
(b)
|
|
|
200,000
|
|
|
|
199,867
|
|
|
|
|
|
|
|
|
|
832,076
|
|
|
|
|
Leisure Facilities–0.04%
|
|
|
|
|
|
|
Speedway Motorsports Inc., Sr.
Unsec. Gtd. Global Notes,
6.75%, 02/01/19
|
|
|
80,000
|
|
|
|
85,700
|
|
|
|
|
Leisure Products–0.15%
|
|
|
|
|
|
|
Toys R Us-Delaware Inc., Sr. Sec.
Gtd. Notes, 7.38%, 09/01/16
(b)
|
|
|
330,000
|
|
|
|
339,488
|
|
|
|
|
Marine–0.06%
|
|
|
|
|
|
|
Navios Maritime Acquisition
Corp./Navios Acquisition
Finance U.S. Inc., Sr. Sec.
Gtd.
Global Notes, 8.63%, 11/01/17
|
|
|
130,000
|
|
|
|
124,150
|
|
|
|
|
Movies & Entertainment–0.37%
|
|
|
|
|
|
|
AMC Entertainment Inc., Sr.
Unsec. Gtd. Global Notes,
8.75%, 06/01/19
|
|
|
250,000
|
|
|
|
278,125
|
|
|
Cinemark USA Inc., Sr. Unsec.
Gtd. Notes, 5.13%, 12/15/22
(b)
|
|
|
115,000
|
|
|
|
117,012
|
|
|
Live Nation Entertainment Inc., Sr.
Unsec. Gtd. Notes, 7.00%,
09/01/20
(b)
|
|
|
405,000
|
|
|
|
433,350
|
|
|
|
|
|
|
|
|
|
828,487
|
|
|
|
|
Multi-Line Insurance–0.71%
|
|
|
|
|
|
|
American International Group Inc.,
Jr. Unsec. Sub. Global Deb.,
8.18%,
05/15/58
|
|
|
500,000
|
|
|
|
655,000
|
|
|
Hartford Financial Services Group
Inc. (The), Jr. Unsec. Sub. Deb.,
8.13%,
06/15/38
|
|
|
350,000
|
|
|
|
406,875
|
|
|
Liberty Mutual Group Inc., Jr.
Unsec. Gtd. Sub. Bonds, 7.80%,
03/15/37
(b)
|
|
|
250,000
|
|
|
|
288,125
|
|
|
Nationwide Mutual Insurance Co.,
Unsec. Sub. Notes, 9.38%,
08/15/39
(b)
|
|
|
150,000
|
|
|
|
218,254
|
|
|
|
|
|
|
|
|
|
1,568,254
|
|
|
|
|
Oil & Gas Drilling–0.15%
|
|
|
|
|
|
|
Atwood Oceanics Inc., Sr.
Unsec. Notes, 6.50%, 02/01/20
|
|
|
12,000
|
|
|
|
13,110
|
|
|
Precision Drilling Corp. (Canada),
Sr. Unsec. Gtd. Global Notes,
6.50%,
12/15/21
|
|
|
295,000
|
|
|
|
317,125
|
|
|
|
|
|
|
|
|
|
330,235
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
|
Value
|
|
|
|
|
Oil & Gas Equipment & Services–0.34%
|
|
|
|
|
|
|
Bristow Group, Inc., Sr. Unsec.
Gtd. Notes, 6.25%, 10/15/22
|
|
$
|
110,000
|
|
|
$
|
120,037
|
|
|
Calfrac Holdings L.P. (Canada), Sr.
Unsec. Gtd. Notes, 7.50%,
12/01/20
(b)
|
|
|
85,000
|
|
|
|
85,850
|
|
|
Gulfmark Offshore Inc., Sr. Unsec.
Notes, 6.38%, 03/15/22
(b)
|
|
|
65,000
|
|
|
|
67,356
|
|
|
Key Energy Services, Inc.,
Sr. Unsec. Gtd. Notes,
6.75%, 03/01/21
|
|
|
55,000
|
|
|
|
55,550
|
|
|
6.75%,
03/01/21
(b)
|
|
|
195,000
|
|
|
|
196,950
|
|
|
Oil States International Inc., Sr.
Unsec. Gtd. Notes, 5.13%,
01/15/23
(b)
|
|
|
35,000
|
|
|
|
35,613
|
|
|
SESI, LLC, Sr. Unsec. Gtd. Global
Notes, 6.38%, 05/01/19
|
|
|
180,000
|
|
|
|
193,894
|
|
|
|
|
|
|
|
|
|
755,250
|
|
|
|
|
Oil & Gas Exploration & Production–2.60%
|
|
|
|
|
|
|
Berry Petroleum Co., Sr. Unsec.
Notes, 6.38%, 09/15/22
|
|
|
275,000
|
|
|
|
290,812
|
|
|
Chaparral Energy Inc.,
Sr. Unsec. Gtd. Global Notes,
8.25%, 09/01/21
|
|
|
200,000
|
|
|
|
222,500
|
|
|
7.63%, 11/15/22
|
|
|
140,000
|
|
|
|
151,900
|
|
|
Sr. Unsec. Gtd. Notes,
7.63%, 11/15/22
(b)
|
|
|
105,000
|
|
|
|
113,925
|
|
|
Chesapeake Energy Corp.,
Sr. Unsec. Gtd. Global Notes,
6.88%, 11/15/20
|
|
|
240,000
|
|
|
|
265,800
|
|
|
Sr. Unsec. Gtd. Notes,
6.63%, 08/15/20
|
|
|
190,000
|
|
|
|
209,238
|
|
|
Cimarex Energy Co., Sr. Unsec.
Gtd. Notes, 5.88%, 05/01/22
|
|
|
270,000
|
|
|
|
291,600
|
|
|
Continental Resources Inc., Sr.
Unsec. Gtd. Global Notes,
5.00%, 09/15/22
|
|
|
310,000
|
|
|
|
331,700
|
|
|
EV Energy Partners L.P./EV
Energy Finance Corp., Sr. Unsec.
Gtd. Global Notes,
8.00%,
04/15/19
|
|
|
340,000
|
|
|
|
364,650
|
|
|
EXCO Resources Inc., Sr. Unsec. Gtd.
Notes, 7.50%, 09/15/18
|
|
|
295,000
|
|
|
|
283,200
|
|
|
Forest Oil Corp., Sr. Unsec.
Gtd. Global Notes, 7.25%, 06/15/19
|
|
|
100,000
|
|
|
|
101,000
|
|
|
Halcon Resources Corp., Sr. Unsec.
Gtd. Notes, 8.88%, 05/15/21
(b)
|
|
|
345,000
|
|
|
|
370,012
|
|
|
Kodiak Oil & Gas Corp., Sr.
Unsec. Gtd. Notes, 5.50%,
01/15/21
(b)
|
|
|
50,000
|
|
|
|
50,750
|
|
|
Laredo Petroleum Inc., Sr. Unsec.
Gtd. Global Notes, 7.38%,
05/01/22
|
|
|
20,000
|
|
|
|
21,900
|
|
|
McMoRan Exploration Co., Sr.
Unsec. Gtd. Notes, 11.88%,
11/15/14
|
|
|
175,000
|
|
|
|
186,813
|
|
|
Newfield Exploration Co., Sr.
Unsec. Global Notes, 5.63%,
07/01/24
|
|
|
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.
Gtd. Global Notes, 6.88%,
01/15/23
|
|
$
|
70,000
|
|
|
$
|
76,650
|
|
|
OGX Austria GmbH (Brazil),
Sr. Unsec. Gtd. Notes,
8.50%, 06/01/18
(b)
|
|
|
200,000
|
|
|
|
188,533
|
|
|
8.38%,
04/01/22
(b)
|
|
|
200,000
|
|
|
|
182,102
|
|
|
Plains Exploration & Production Co.,
Sr. Unsec. Gtd. Notes,
6.13%,
06/15/19
|
|
|
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.,
Sr. Unsec. Global Notes,
5.25%, 05/01/23
|
|
|
175,000
|
|
|
|
185,938
|
|
|
Sr. Unsec. Notes,
5.38%, 10/01/22
|
|
|
110,000
|
|
|
|
117,975
|
|
|
QGOG Constellation S.A. (Brazil),
Sr. Unsec. Gtd. Notes, 6.25%,
11/09/19
(b)
|
|
|
300,000
|
|
|
|
317,996
|
|
|
Range Resources Corp., Sr. Unsec.
Gtd. Sub. Notes, 5.00%,
08/15/22
|
|
|
170,000
|
|
|
|
180,625
|
|
|
SM Energy Co.,
Sr. Unsec. Global Notes,
6.63%, 02/15/19
|
|
|
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 & Marketing–0.26%
|
|
|
|
|
|
|
Crosstex Energy, L.P./Crosstex
Energy Finance Corp., Sr. Unsec.
Gtd. Notes, 7.13%,
06/01/22
(b)
|
|
|
60,000
|
|
|
|
62,925
|
|
|
CVR Refining LLC/Coffeyville
Finance Inc., Sr. Sec. Gtd. Notes,
6.50%, 11/01/22
(b)
|
|
|
175,000
|
|
|
|
177,187
|
|
|
Tesoro Corp., Sr. Unsec. Gtd.
Notes, 5.38%, 10/01/22
|
|
|
50,000
|
|
|
|
52,625
|
|
|
Tesoro Logistics L.P./Tesoro
Logistics Finance Corp., Sr.
Unsec. Notes, 5.88%, 10/01/20
(b)
|
|
|
65,000
|
|
|
|
68,900
|
|
|
United Refining Co., Sr. Sec. Gtd.
Global Notes, 10.50%, 02/28/18
|
|
|
195,000
|
|
|
|
218,888
|
|
|
|
|
|
|
|
|
|
580,525
|
|
|
|
|
Oil & Gas Storage & Transportation–1.22%
|
|
|
|
|
|
|
Access Midstream Partners L.P./ACMP Finance Corp.,
Sr. Unsec. Gtd. Global Notes,
5.88%,
04/15/21
|
|
|
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.,
Sr. Unsec. Gtd.
Notes,
5.88%, 08/01/23
(b)
|
|
|
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
Energy Finance Corp., Sr. Unsec.
Gtd. Notes, 7.13%,
04/01/21
|
|
$
|
325,000
|
|
|
$
|
374,562
|
|
|
Eagle Rock Energy Partners
L.P./Eagle Rock Energy Finance
Corp., Sr. Unsec. Gtd.
Notes,
8.38%, 06/01/19
(b)
|
|
|
135,000
|
|
|
|
141,075
|
|
|
Energy Transfer Equity L.P., Sr.
Sec. Gtd. Notes, 7.50%, 10/15/20
|
|
|
250,000
|
|
|
|
287,812
|
|
|
Inergy Midstream L.P./NRGM
Finance Corp., Sr. Unsec. Gtd.
Notes, 6.00%, 12/15/20
(b)
|
|
|
165,000
|
|
|
|
171,600
|
|
|
MarkWest Energy Partners L.P./MarkWest
Energy Finance Corp.,
Sr. Unsec. Gtd.
Notes,
6.50%, 08/15/21
|
|
|
205,000
|
|
|
|
223,450
|
|
|
5.50%, 02/15/23
|
|
|
155,000
|
|
|
|
165,462
|
|
|
Regency Energy Partners
L.P./Regency Energy Finance
Corp., Sr. Unsec. Gtd.
Notes,
6.88%, 12/01/18
|
|
|
105,000
|
|
|
|
114,188
|
|
|
Rockies Express Pipeline LLC, Sr.
Unsec. Notes, 6.00%, 01/15/19
(b)
|
|
|
20,000
|
|
|
|
19,800
|
|
|
Targa Resources Partners L.P./Targa Resources Partners
Finance Corp.,
Sr. Unsec. Gtd.
Global Notes,
6.88%, 02/01/21
|
|
|
90,000
|
|
|
|
99,113
|
|
|
6.38%, 08/01/22
|
|
|
180,000
|
|
|
|
198,000
|
|
|
Sr. Unsec. Gtd. Notes,
5.25%, 05/01/23
(b)
|
|
|
165,000
|
|
|
|
174,075
|
|
|
|
|
|
|
|
|
|
2,712,150
|
|
|
|
|
Other Diversified Financial Services–0.26%
|
|
|
|
|
|
|
Citigroup Inc., Series A, Jr. Unsec.
Sub. Global Notes, 5.95%
(d)
|
|
|
350,000
|
|
|
|
357,875
|
|
|
Oxford Finance LLC/Oxford
Finance Co-Issuer Inc., Sr.
Unsec. Notes, 7.25%, 01/15/18
(b)
|
|
|
205,000
|
|
|
|
211,150
|
|
|
|
|
|
|
|
|
|
569,025
|
|
|
|
|
Packaged Foods & Meats–0.26%
|
|
|
|
|
|
|
Del Monte Corp., Sr. Unsec. Gtd.
Global Notes, 7.63%, 02/15/19
|
|
|
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.
Notes, 6.75%, 02/01/20
(b)
|
|
|
150,000
|
|
|
|
156,750
|
|
|
|
|
|
|
|
|
|
573,362
|
|
|
|
|
Paper Packaging–0.08%
|
|
|
|
|
|
|
Cascades Inc. (Canada), Sr. Unsec. Gtd. Global Notes, 7.88%, 01/15/20
|
|
|
155,000
|
|
|
|
167,788
|
|
|
|
|
|
|
Paper Products–0.18%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
Global Notes, 5.38%, 10/15/20
|
|
$
|
90,000
|
|
|
$
|
94,725
|
|
|
Unifrax I LLC/Unifrax Holding
Co., Sr. Unsec. Gtd. Notes,
7.50%, 02/15/19
(b)
|
|
|
50,000
|
|
|
|
50,000
|
|
|
|
|
|
|
|
|
|
389,175
|
|
|
|
|
Pharmaceuticals–0.02%
|
|
|
|
|
|
|
Sky Growth Acquisition Corp., Sr.
Unsec. Gtd. Notes, 7.38%,
10/15/20
(b)
|
|
|
50,000
|
|
|
|
50,875
|
|
|
|
|
Railroads–0.22%
|
|
|
|
|
|
|
Georgian Railway JSC (Georgia),
Sr. Unsec. Notes, 7.75%,
07/11/22
(b)
|
|
|
200,000
|
|
|
|
233,610
|
|
|
Kazakhstan Temir Zholy Finance
B.V. (Kazakhstan), Sr. Unsec.
Gtd. Notes, 6.95%,
07/10/42
(b)
|
|
|
200,000
|
|
|
|
250,947
|
|
|
|
|
|
|
|
|
|
484,557
|
|
|
|
|
Real Estate Development–0.25%
|
|
|
|
|
|
|
Country Garden Holdings Co. Ltd. (China),
Sr. Unsec. Notes
11.13%, 02/23/18
(b)
|
|
|
300,000
|
|
|
|
342,166
|
|
|
Sr. Unsec. Gtd. Notes,
7.50%, 01/10/23
(b)
|
|
|
200,000
|
|
|
|
204,104
|
|
|
|
|
|
|
|
|
|
546,270
|
|
|
|
|
Regional Banks–0.50%
|
|
|
|
|
|
|
Regions Bank, Unsec. Sub. Global
Notes, 6.45%, 06/26/37
|
|
|
350,000
|
|
|
|
373,625
|
|
|
Regions Financial Corp., Unsec. Sub. Notes, 7.38%, 12/10/37
|
|
|
170,000
|
|
|
|
189,550
|
|
|
Synovus Financial Corp.,
Sr. Unsec. Global Notes,
7.88%, 02/15/19
|
|
|
70,000
|
|
|
|
79,625
|
|
|
Unsec. Sub. Global Notes,
5.13%, 06/15/17
|
|
|
460,000
|
|
|
|
466,900
|
|
|
|
|
|
|
|
|
|
1,109,700
|
|
|
|
|
Research & Consulting Services–0.07%
|
|
|
|
|
|
|
FTI Consulting Inc., Sr. Unsec.
Gtd. Global Notes, 6.75%,
10/01/20
|
|
|
150,000
|
|
|
|
162,000
|
|
|
|
|
Semiconductor Equipment–0.42%
|
|
|
|
|
|
|
Amkor Technology Inc.,
Sr. Unsec. Global Notes,
6.38%, 10/01/22
|
|
|
95,000
|
|
|
|
96,187
|
|
|
Sr. Unsec. Global Notes,
6.63%, 06/01/21
|
|
|
270,000
|
|
|
|
278,775
|
|
|
Sr. Unsec. Gtd. Global Notes,
7.38%, 05/01/18
|
|
|
265,000
|
|
|
|
280,900
|
|
|
Sensata Technologies B.V.
(Luxembourg), Sr. Unsec. Gtd.
Notes, 6.50%, 05/15/19
(b)
|
|
|
250,000
|
|
|
|
271,250
|
|
|
|
|
|
|
|
|
|
927,112
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
|
Value
|
|
|
|
|
Semiconductors–0.32%
|
|
|
|
|
|
|
Freescale Semiconductor Inc.,
Sr. Sec. Gtd. Notes,
9.25%,
04/15/18
(b)
|
|
$
|
140,000
|
|
|
$
|
154,525
|
|
|
Sr. Unsec. Gtd. Global Notes,
8.05%, 02/01/20
|
|
|
350,000
|
|
|
|
362,250
|
|
|
NXP BV/NXP Funding LLC
(Netherlands), Sr. Unsec. Gtd.
Notes, 5.75%, 02/15/21
(b)
|
|
|
200,000
|
|
|
|
200,000
|
|
|
|
|
|
|
|
|
|
716,775
|
|
|
|
|
Soft Drinks–0.14%
|
|
|
|
|
|
|
Ajecorp B.V. (Spain), Sr. Unsec.
Gtd. Notes, 6.50%, 05/14/22
(b)
|
|
|
280,000
|
|
|
|
307,735
|
|
|
|
|
Sovereign Debt–5.98%
|
|
|
|
|
|
|
Argentina Boden Bonds
(Argentina), Sr. Unsec. Bonds,
7.00%, 10/03/15
|
|
|
850,000
|
|
|
|
745,875
|
|
|
Bolivian Government International
Bond (Bolivia), Unsec. Notes,
4.88%, 10/29/22
(b)
|
|
|
250,000
|
|
|
|
248,125
|
|
|
Colombia Government
International Bond (Colombia),
Sr. Unsec. Global Bonds,
6.13%,
01/18/41
|
|
|
280,000
|
|
|
|
359,800
|
|
|
Development Bank of Mongolia
LLC (Mongolia), REGS, Sr.
Unsec. Euro Notes,
5.75%,
03/21/17
(b)
|
|
|
200,000
|
|
|
|
209,235
|
|
|
Dominican Republic International
Bond (Dominican Repubic), Sr.
Unsec. Notes, 9.04%,
01/23/18
(b)
|
|
|
327,893
|
|
|
|
372,159
|
|
|
Egypt Government International
Bond (Egypt), Sr. Unsec. Notes,
5.75%, 04/29/20
(b)
|
|
|
300,000
|
|
|
|
287,250
|
|
|
Hungary Government International
Bond (Hungary), Sr. Unsec.
Global Notes, 7.63%,
03/29/41
|
|
|
350,000
|
|
|
|
410,375
|
|
|
Indonesia Government International Bond (Indonesia),
Sr. Unsec. Bonds,
7.75%, 01/17/38
(b)
|
|
|
400,000
|
|
|
|
578,000
|
|
|
Unsec. Notes,
3.75%, 04/25/22
(b)
|
|
|
200,000
|
|
|
|
210,000
|
|
|
Lithuania Government International Bond
(Lithuania), Sr. Unsec. Notes, 6.63%,
02/01/22
(b)
|
|
|
200,000
|
|
|
|
249,750
|
|
|
Mexico Government International Bond
(Mexico), Sr. Unsec. Global Notes,
3.63%,
03/15/22
|
|
|
260,000
|
|
|
|
278,766
|
|
|
Panama Government International Bond
(Panama), Sr. Unsec. Global Bonds,
5.20%,
01/30/20
|
|
|
480,000
|
|
|
|
568,800
|
|
|
Perusahaan Penerbit SBSN (Indonesia),
Sr. Unsec. Notes, 4.00%, 11/21/18
(b)
|
|
|
400,000
|
|
|
|
424,000
|
|
|
Peruvian Government International Bond
(Peru), Sr. Unsec. Global Bonds,
8.75%,
11/21/33
|
|
|
200,000
|
|
|
|
333,500
|
|
|
Philippine Government International Bond (Philippines),
Sr. Unsec. Global Bonds,
6.38%,
10/23/34
|
|
|
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),
Sr. Unsec. Global Notes,
3.00%,
03/17/23
|
|
$
|
200,000
|
|
|
$
|
194,000
|
|
|
5.00%, 03/23/22
|
|
|
405,000
|
|
|
|
466,762
|
|
|
Provincia de Buenos Aires
(Argentina), Sr. Unsec. Notes,
10.88%, 01/26/21
(b)
|
|
|
700,000
|
|
|
|
511,000
|
|
|
Republic of Serbia (Serbia), Sr.
Unsec. Bonds, 5.25%,
11/21/17
(b)
|
|
|
200,000
|
|
|
|
211,000
|
|
|
Romanian Government
International Bond (Romania),
Sr. Unsec. Notes, 6.75%,
02/07/22
(b)
|
|
|
160,000
|
|
|
|
193,237
|
|
|
Sri Lanka Government International Bond (Sri Lanka),
Sr. Unsec. Notes,
6.25%, 10/04/20
(b)
|
|
|
300,000
|
|
|
|
325,500
|
|
|
REGS,
Euro Notes,
7.40%, 01/22/15
(b)
|
|
|
250,000
|
|
|
|
268,750
|
|
|
Turkey Government International Bond (Turkey),
Sr. Unsec. Global Notes,
6.25%,
09/26/22
|
|
|
550,000
|
|
|
|
672,375
|
|
|
6.75%, 05/30/40
|
|
|
350,000
|
|
|
|
460,688
|
|
|
Unsec. Global Notes,
6.00%, 01/14/41
|
|
|
200,000
|
|
|
|
238,750
|
|
|
Ukraine Government International Bond (Ukraine),
Sr. Unsec. Notes,
7.80%, 11/28/22
(b)
|
|
|
200,000
|
|
|
|
208,000
|
|
|
Ukraine Government International Bond (Ukraine), REGS,
Sr. Unsec. Euro Notes,
6.75%,
11/14/17
(b)
|
|
|
575,000
|
|
|
|
582,187
|
|
|
Uruguay Government International
Bond (Uruguay), Unsec. Global
Notes, 8.00%,
11/18/22
|
|
|
327,038
|
|
|
|
454,583
|
|
|
Venezuela Government International Bond (Venezuela),
Sr. Unsec. Global Bonds.,
9.25%,
09/15/27
|
|
|
370,000
|
|
|
|
375,550
|
|
|
REGS, Sr. Unsec. Euro Bonds,
6.00%, 12/09/20
(b)
|
|
|
1,000,000
|
|
|
|
865,000
|
|
|
11.95%,
08/05/31
(b)
|
|
|
320,000
|
|
|
|
368,800
|
|
|
Vietnam Government International
Bond (Vietnam), Sr. Unsec.
Bonds, 6.75%, 01/29/20
(b)
|
|
|
200,000
|
|
|
|
228,758
|
|
|
Vnesheconcombank Via VEB
Finance PLC (Russia), Sr. Unsec.
Notes, 6.03%, 07/05/22
(b)
|
|
|
200,000
|
|
|
|
230,500
|
|
|
Wakala Global Sukuk BHD
(Malaysia), Bonds, 2.99%,
07/06/16
(b)
|
|
|
250,000
|
|
|
|
263,429
|
|
|
|
|
|
|
|
|
|
13,282,754
|
|
|
|
|
Specialized Consumer Services–0.02%
|
|
|
|
|
|
|
Sotheby’s, Sr. Unsec. Gtd. Notes,
5.25%, 10/01/22
(b)
|
|
|
45,000
|
|
|
|
46,688
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
|
Value
|
|
|
|
|
Specialized Finance–1.38%
|
|
|
|
|
|
|
Air Lease Corp.,
Sr. Unsec. Global Notes,
5.63%, 04/01/17
|
|
$
|
210,000
|
|
|
$
|
222,600
|
|
|
Sr. Unsec. Gtd. Global Notes,
4.75%, 03/01/20
|
|
|
227,000
|
|
|
|
225,297
|
|
|
Aircastle Ltd.,
Sr. Unsec. Global Notes,
6.25%, 12/01/19
|
|
|
175,000
|
|
|
|
190,313
|
|
|
Sr. Unsec. Global Notes,
6.75%, 04/15/17
|
|
|
310,000
|
|
|
|
343,325
|
|
|
7.63%, 04/15/20
|
|
|
95,000
|
|
|
|
110,081
|
|
|
CIT Group Inc.,
Sr. Unsec. Global Notes,
5.25%, 03/15/18
|
|
|
335,000
|
|
|
|
360,125
|
|
|
5.00%, 08/15/22
|
|
|
130,000
|
|
|
|
137,475
|
|
|
Sr. Unsec. Notes,
5.50%, 02/15/19
(b)
|
|
|
415,000
|
|
|
|
446,125
|
|
|
International Lease Finance Corp.,
Sr. Unsec. Global Notes,
5.88%, 04/01/19
|
|
|
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,
8.25%, 12/15/20
|
|
|
80,000
|
|
|
|
98,200
|
|
|
|
|
|
|
|
|
|
3,068,022
|
|
|
|
|
Specialized REIT’s–0.18%
|
|
|
|
|
|
|
Felcor Lodging L.P., Sr. Sec.
Notes, 5.63%, 03/01/23
(b)
|
|
|
50,000
|
|
|
|
50,875
|
|
|
Host Hotels & Resorts L.P., Sr.
Unsec. Global Notes, 5.25%,
03/15/22
|
|
|
150,000
|
|
|
|
165,188
|
|
|
MPT Operating Partnership
L.P./MPT Finance Corp., Sr.
Unsec. Gtd. Global
Notes,
6.88%, 05/01/21
|
|
|
170,000
|
|
|
|
187,425
|
|
|
|
|
|
|
|
|
|
403,488
|
|
|
|
|
Specialty Chemicals–0.31%
|
|
|
|
|
|
|
Ashland Inc., Sr. Unsec. Gtd.
Notes, 4.75%, 08/15/22
(b)
|
|
|
45,000
|
|
|
|
46,350
|
|
|
Ferro Corp., Sr. Unsec. Notes,
7.88%, 08/15/18
|
|
|
150,000
|
|
|
|
148,125
|
|
|
PolyOne Corp., Sr. Unsec. Notes,
7.38%, 09/15/20
|
|
|
295,000
|
|
|
|
328,187
|
|
|
PQ Corp., Sr. Sec. Notes,
8.75%,
05/01/18
(b)
|
|
|
165,000
|
|
|
|
174,900
|
|
|
|
|
|
|
|
|
|
697,562
|
|
|
|
|
Specialty Stores–0.15%
|
|
|
|
|
|
|
Michaels Stores Inc., Sr. Unsec. Gtd.
Global Notes, 7.75%,
11/01/18
|
|
|
295,000
|
|
|
|
324,500
|
|
|
|
|
Steel–0.63%
|
|
|
|
|
|
|
ArcelorMittal (Luxembourg), Sr.
Unsec. Global Notes, 6.75%,
02/25/22
|
|
|
40,000
|
|
|
|
44,135
|
|
|
Evraz Group S.A. (Russia), Unsec.
Notes, 7.40%, 04/24/17
(b)
|
|
|
200,000
|
|
|
|
213,889
|
|
See accompanying notes which are
an integral part of this schedule.
Invesco Premium Income Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
|
Value
|
|
|
|
|
|
|
Steel–(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FMG Resources Pty. Ltd.
(Australia), Sr. Unsec. Gtd.
Notes, 8.25%, 11/01/19
(b)
|
|
$
|
265,000
|
|
|
$
|
288,188
|
|
|
Severstal OAO Via Steel Capital
S.A. (Russia), Sr. Unsec. Notes,
5.90%, 10/17/22
(b)
|
|
|
200,000
|
|
|
|
205,946
|
|
|
Steel Dynamics Inc., Sr. Unsec.
Gtd. Notes, 6.13%, 08/15/19
(b)
|
|
|
280,000
|
|
|
|
303,800
|
|
|
SunCoke Energy Partners
LP/SunCoke Energy Partners
Finance Corp., Sr. Unsec.
Notes,
7.38%, 02/01/20
(b)
|
|
|
154,000
|
|
|
|
161,315
|
|
|
United States Steel Corp.,
Sr. Unsec. Global Notes,
7.50%, 03/15/22
|
|
|
60,000
|
|
|
|
64,800
|
|
|
Sr. Unsec. Notes,
|
|
|
|
|
|
|
|
|
|
7.00%, 02/01/18
|
|
|
105,000
|
|
|
|
113,400
|
|
|
|
|
|
|
|
|
|
1,395,473
|
|
|
|
|
|
Technology Distributors–0.06%
|
|
|
|
|
|
|
|
|
|
|
Anixter Inc., Sr. Unsec. Gtd.
Global Notes, 5.63%, 05/01/19
|
|
|
125,000
|
|
|
|
133,438
|
|
|
|
|
|
|
Tires & Rubber–0.09%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gajah Tunggal Tbk PT (Indonesia),
Sr. Sec. Gtd. Notes, 7.75%,
02/06/18
(b)
|
|
|
200,000
|
|
|
|
199,657
|
|
|
|
|
|
Trading Companies & Distributors–0.19%
|
|
|
|
|
|
|
|
|
|
|
Interline Brands, Inc., Sr. Unsec.
Gtd. Global Notes, 7.50%,
11/15/18
|
|
|
280,000
|
|
|
|
305,200
|
|
|
United Rentals North America Inc.,
Sr. Sec. Gtd. Global Notes,
5.75%, 07/15/18
|
|
|
10,000
|
|
|
|
10,800
|
|
|
Sr. Unsec. Global Notes,
|
|
|
|
|
|
|
|
|
|
8.25%, 02/01/21
|
|
|
100,000
|
|
|
|
114,500
|
|
|
|
|
|
|
|
|
|
430,500
|
|
|
|
|
|
|
Trucking–0.52%
|
|
|
|
|
|
|
|
|
|
|
|
Avis Budget Car Rental LLC/Avis Budget Finance Inc.,
|
|
|
Sr. Unsec. Gtd. Floating Rate Global Notes,
|
|
|
|
|
|
|
|
|
|
2.81%, 05/15/14
(c)
|
|
|
195,000
|
|
|
|
195,000
|
|
|
Sr. Unsec. Gtd. Global Notes,
|
|
|
|
|
|
|
|
|
|
8.25%, 01/15/19
|
|
|
320,000
|
|
|
|
356,800
|
|
|
Sr. Unsec. Gtd. Notes,
|
|
|
|
|
|
|
|
|
|
4.88%, 11/15/17
(b)
|
|
|
30,000
|
|
|
|
30,600
|
|
|
HDTFS Inc.,
|
|
|
Sr. Unsec. Gtd. Notes,
|
|
|
|
|
|
|
|
|
|
5.88%, 10/15/20
(b)
|
|
|
10,000
|
|
|
|
10,750
|
|
|
6.25%, 10/15/22
(b)
|
|
|
25,000
|
|
|
|
27,187
|
|
|
Hertz Corp. (The), Sr. Unsec. Gtd.
Global Notes, 6.75%, 04/15/19
|
|
|
500,000
|
|
|
|
545,000
|
|
|
|
|
|
|
|
|
|
1,165,337
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
|
Value
|
|
|
|
|
Wireless Telecommunication
Services–2.15%
|
|
|
|
|
|
|
Clearwire Communications
LLC/Clearwire Finance, Inc., Sr.
Sec. Gtd. Notes,
12.00%,
12/01/15
(b)
|
|
$
|
120,000
|
|
|
$
|
130,350
|
|
|
Cricket Communications, Inc., Sr.
Unsec. Gtd. Global Notes,
7.75%, 10/15/20
|
|
|
675,000
|
|
|
|
703,687
|
|
|
Digicel Group Ltd. (Jamaica), Sr.
Unsec. Notes, 8.25%, 09/30/20
(b)
|
|
|
200,000
|
|
|
|
223,000
|
|
|
MetroPCS Wireless Inc.,
Sr. Unsec. Gtd. Notes,
6.63%, 11/15/20
|
|
|
50,000
|
|
|
|
53,625
|
|
|
7.88%, 09/01/18
|
|
|
500,000
|
|
|
|
543,125
|
|
|
SBA Communications Corp.,
Sr. Unsec. Notes,
5.63%, 10/01/19
(b)
|
|
|
150,000
|
|
|
|
159,000
|
|
|
Sistema International Funding S.A.
(Russia), Unsec. Notes, 6.95%,
05/17/19
(b)
|
|
|
300,000
|
|
|
|
327,052
|
|
|
Sprint Capital Corp.,
Sr. Unsec. Gtd. Global Notes,
6.88%, 11/15/28
|
|
|
510,000
|
|
|
|
519,563
|
|
|
6.90%, 05/01/19
|
|
|
60,000
|
|
|
|
65,325
|
|
|
Sprint Nextel Corp.,
Sr. Unsec. Global Notes,
6.00%, 11/15/22
|
|
|
115,000
|
|
|
|
116,150
|
|
|
7.00%, 08/15/20
|
|
|
60,000
|
|
|
|
65,175
|
|
|
Sr. Unsec. Gtd. Notes,
7.00%, 03/01/20
(b)
|
|
|
40,000
|
|
|
|
46,600
|
|
|
9.00%, 11/15/18
(b)
|
|
|
500,000
|
|
|
|
620,000
|
|
|
VimpelCom Holdings B.V.
(Russia), Sr. Unsec. Gtd. Notes,
7.50%, 03/01/22
(b)
|
|
|
400,000
|
|
|
|
458,520
|
|
|
Wind Acquisition Finance S.A.
(Italy), Sr. Sec. Gtd. Notes,
7.25%, 02/15/18
(b)
|
|
|
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 Stocks–35.59%
|
|
|
|
|
Asset Management & Custody Banks–0.56%
|
|
|
|
|
|
|
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 & Satellite–0.07%
|
|
|
|
|
|
|
Comcast Corp., 5.00% Sr. Unsec. Gtd. Pfd.
|
|
|
6,100
|
|
|
$
|
154,025
|
|
|
|
|
Consumer Finance–1.59%
|
|
|
|
|
|
|
Ally Financial Inc.,
7.30% Sr. Unsec. Pfd.
|
|
|
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 Banks–7.32%
|
|
|
|
|
|
|
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 Markets–1.63%
|
|
|
|
|
|
|
Deutsche Bank Contingent Capital
Trust III (Germany), 7.60% Jr.
Unsec. Gtd. Sub.
Pfd.
|
|
|
56,800
|
|
|
|
1,581,312
|
|
|
Deutsche Bank Contingent Capital
Trust V (Germany), 8.05% Jr.
Unsec. Gtd. Sub.
Pfd.
|
|
|
72,000
|
|
|
|
2,047,680
|
|
|
|
|
|
|
|
|
|
3,628,992
|
|
|
|
|
Diversified REIT’s–0.54%
|
|
|
|
|
|
|
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 Utilities–1.64%
|
|
|
|
|
|
|
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 Conglomerates–0.25%
|
|
|
|
|
|
|
General Electric Capital Corp., 4.88% Sr. Unsec. Pfd.
|
|
|
21,800
|
|
|
|
549,578
|
|
|
|
|
|
|
Industrial Machinery–0.18%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stanley Black & Decker Inc., 5.75% Jr. Unsec. Sub. Pfd.
|
|
|
15,200
|
|
|
|
393,832
|
|
|
|
|
Integrated Telecommunication Services–0.52%
|
|
|
|
|
|
|
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 & Brokerage–1.63%
|
|
|
|
|
|
|
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 Insurance–2.09%
|
|
|
|
|
|
|
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 Insurance–1.29%
|
|
|
|
|
|
|
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-Utilities–0.30%
|
|
|
|
|
|
|
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 REIT’s–0.36%
|
|
|
|
|
|
|
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 & Supplies–0.02%
|
|
|
|
|
|
|
Pitney Bowes Inc., 5.25% Sr. Unsec. Pfd.
|
|
|
2,200
|
|
|
|
55,330
|
|
|
|
|
Oil & Gas Exploration & Production–0.11%
|
|
|
|
|
|
|
Nexen Inc. (Canada), 7.35% Sr. Unsec. Sub. Pfd.
|
|
|
9,300
|
|
|
|
235,290
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
|
|
Oil & Gas Refining & Marketing–0.10%
|
|
|
|
|
|
|
NuStar Logistics L.P., 7.63% Sr. Unsec. Gtd. Sub. Pfd.
|
|
|
8,500
|
|
|
$
|
219,980
|
|
|
|
|
Other Diversified Financial Services–10.27%
|
|
|
|
|
|
|
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,
6.60% Jr. Unsec. Gtd. Sub. Pfd.
|
|
|
48,700
|
|
|
|
1,229,188
|
|
|
|
|
|
|
|
|
|
22,799,149
|
|
|
|
|
Property & Casualty Insurance–0.58%
|
|
|
|
|
|
|
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 Companies–0.05%
|
|
|
|
|
|
|
|
Forest City Enterprises Inc., 7.38% Sr. Unsec. Pfd.
|
|
|
|
|
4,600
|
|
|
$
|
113,758
|
|
|
|
|
Regional Banks–1.81%
|
|
|
|
|
|
|
|
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
|
|
|
|
|
Reinsurance–0.69%
|
|
|
|
|
|
|
|
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 REIT’s–0.59%
|
|
|
|
|
|
|
|
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 Finance–0.17%
|
|
|
|
|
|
|
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 REIT’s–0.92%
|
|
|
|
|
|
|
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 Properties–0.02%
|
|
|
|
|
|
|
|
EPR Properties, Series F, 6.63% Pfd.
|
|
|
|
|
|
|
1,900
|
|
|
|
47,443
|
|
|
|
|
Wireless Telecommunication Services–0.29%
|
|
|
|
|
|
|
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
(Cost $76,795,085)
|
|
|
|
|
|
|
|
79,039,765
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
|
|
|
|
|
|
|
U.S. Treasury Securities–14.05%
|
|
|
|
|
|
|
|
|
U.S. Treasury Bills–0.43%
|
|
|
|
|
|
|
|
0.13%, 05/30/13
(f)(g)
|
|
|
|
|
|
$
|
950,000
|
|
|
|
949,766
|
|
|
|
|
U.S. Treasury STRIPS–13.62%
|
|
|
|
|
|
|
|
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
(Cost $32,458,920)
|
|
|
|
|
|
|
|
31,197,958
|
|
|
|
|
Non-U.S. Dollar Denominated Bonds &
Notes–1.87%
(h)
|
|
|
|
|
Broadcasting–0.13%
|
|
|
|
|
|
|
|
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 & Gaming–0.40%
|
|
|
|
|
|
|
|
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 & Engineering–0.06%
|
|
|
|
|
|
|
|
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 Materials–0.10%
|
|
|
|
|
|
|
|
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,
11.00%,
08/15/19
(b)
|
|
|
EUR
|
|
|
|
105,000
|
|
|
|
158,263
|
|
|
|
|
|
|
|
|
|
|
|
|
|
226,888
|
|
|
|
|
Electric Utilities–0.13%
|
|
|
|
|
|
|
|
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 Retail–0.10%
|
|
|
|
|
|
|
|
R&R Ice Cream PLC (United Kingdom), Sr. Sec. Gtd. Notes, 8.38%, 11/15/17
(b)
|
|
|
EUR
|
|
|
|
150,000
|
|
|
|
221,609
|
|
|
|
|
Health Care Technology–0.10%
|
|
|
|
|
|
|
|
Cegedim S.A. (France), Sr. Unsec. Euro Bonds, 7.00%, 07/27/15
|
|
|
EUR
|
|
|
|
150,000
|
|
|
|
213,869
|
|
|
|
|
Metal & Glass Containers–0.07%
|
|
|
|
|
|
|
|
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 Holdings–0.06%
|
|
|
|
|
|
|
|
KM Germany Holdings GmbH (Germany), Sr. Sec. Gtd. Notes, 8.75%, 12/15/20
(b)
|
|
|
EUR
|
|
|
|
100,000
|
|
|
|
143,259
|
|
|
|
|
Other Diversified Financial Services–0.17%
|
|
|
|
|
|
|
|
TVN Finance Corp II AB (Poland), Sr. Unsec. Gtd. Notes, 10.75%,
11/15/17
(b)
|
|
|
EUR
|
|
|
|
250,000
|
|
|
|
369,179
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
|
Value
|
|
|
|
|
Sovereign Debt–0.49%
|
|
|
|
|
|
|
|
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
|
|
|
|
|
Steel–0.06%
|
|
|
|
|
|
|
|
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 Funds–2.92%
|
|
|
|
|
|
|
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
(Cost $6,482,868)
|
|
|
|
|
|
|
|
|
|
|
6,482,868
|
|
|
TOTAL INVESTMENTS–95.91%
(Cost $206,130,971)
|
|
|
|
|
|
|
|
|
|
|
213,011,009
|
|
|
OTHER ASSETS LESS LIABILITIES–4.09%
|
|
|
|
9,085,133
|
|
|
NET ASSETS–100.00%
|
|
|
|
|
|
|
|
|
|
$
|
222,096,142
|
|
Investment Abbreviations:
|
REIT
|
—Real Estate Investment Trust
|
|
STRIPS
|
—Separately Traded Registered Interest and Principal Security
|
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 & Poor’s.
|
|
(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 Fund’s 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 Trust’s 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 security’s fair value.
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the
issuer’s 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 Fund’s net asset value and, accordingly,
they reduce the Fund’s 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 issuer’s 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 Fund’s 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 Fund’s 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 exchange’s 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 Fund’s 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 Fund’s 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
Fund’s 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 Fund’s 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 Fund’s 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 investment’s assigned level:
|
|
|
|
|
Level 1
|
|
– Prices are determined using quoted prices in an active market for identical assets.
|
|
Level 2
|
|
– Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may
use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
|
|
Level 3
|
|
– Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are
unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants
would use in determining fair value of the securities or instruments and would be based on the best available information.
|
The following is a summary of the tiered valuation input levels, as of 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 Fund’s 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
Spread
(a)
|
|
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.
|
|
|
|
|
|
|
Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
|
|
|
Aggregate unrealized appreciation of investment securities
|
|
$
|
8,026,033
|
|
|
Aggregate unrealized (depreciation) of investment securities
|
|
|
(1,781,892
|
)
|
|
Net unrealized appreciation of investment securities
|
|
$
|
6,244,141
|
|
|
Cost of investments for tax purposes is $206,766,868.
|
|
|
|
|
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
Interests–72.46%
|
|
|
|
|
Aerospace & Defense–1.87%
|
|
|
|
|
|
|
Cubic Corp.
|
|
|
520,270
|
|
|
$
|
24,452,690
|
|
|
|
|
Aluminum–0.00%
|
|
|
|
|
|
|
Cymat Technologies Ltd.
(Canada)
(b)
|
|
|
2,497,500
|
|
|
|
62,607
|
|
|
|
|
Apparel, Accessories & Luxury
Goods–0.15%
|
|
|
|
|
|
|
Hampshire Group, Ltd.
(b)(c)
|
|
|
592,824
|
|
|
|
1,926,678
|
|
|
|
|
Application Software–2.41%
|
|
|
|
|
|
|
Solera Holdings Inc.
|
|
|
573,968
|
|
|
|
31,459,186
|
|
|
|
|
Automotive Retail–4.27%
|
|
|
|
|
|
|
America’s Car-Mart, Inc.
(b)(c)
|
|
|
643,279
|
|
|
|
25,615,370
|
|
|
Lithia Motors, Inc. -Class A
|
|
|
696,888
|
|
|
|
30,154,344
|
|
|
|
|
|
|
|
|
|
55,769,714
|
|
|
|
|
Commodity Chemicals–1.34%
|
|
|
|
|
|
|
Chemtrade Logistics Income Fund (Canada)
|
|
|
1,045,784
|
|
|
|
17,522,361
|
|
|
|
|
Computer Storage & Peripherals–
1.44%
|
|
|
|
|
|
|
Synaptics Inc.
(b)
|
|
|
535,314
|
|
|
|
18,778,815
|
|
|
|
|
Data Processing & Outsourced
Services–9.18%
|
|
|
|
|
|
|
Alliance Data Systems Corp.
(b)
|
|
|
442,278
|
|
|
|
69,703,013
|
|
|
Lender Processing Services, Inc.
|
|
|
2,090,321
|
|
|
|
50,251,317
|
|
|
|
|
|
|
|
|
|
119,954,330
|
|
|
|
|
Education Services–4.20%
|
|
|
|
|
|
|
American Public Education Inc.
(b)(c)
|
|
|
1,423,005
|
|
|
|
54,828,383
|
|
|
|
|
Electrical Components &
Equipment–3.47%
|
|
|
|
|
|
|
Regal-Beloit Corp.
|
|
|
611,538
|
|
|
|
45,351,658
|
|
|
|
|
Health Care Supplies–6.05%
|
|
|
|
|
|
|
Alere, Inc.
(b)
|
|
|
2,202,288
|
|
|
|
46,820,643
|
|
|
Cooper Cos., Inc. (The)
|
|
|
317,539
|
|
|
|
32,182,577
|
|
|
|
|
|
|
|
|
|
79,003,220
|
|
|
|
|
Internet Retail–0.59%
|
|
|
|
|
|
|
Nutrisystem, Inc.
|
|
|
852,502
|
|
|
|
7,698,093
|
|
|
|
|
Investment Companies–Exchange
Traded Funds–0.00%
|
|
|
|
|
|
|
Brompton Corp. (Canada) (Acquired 11/19/03-07/21/05; Cost $0)
(b)
(d)
|
|
|
69,374
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
|
|
IT Consulting & Other Services–
3.69%
|
|
|
|
|
|
|
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 Products–1.26%
|
|
|
|
|
|
|
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–
4.54%
|
|
|
|
|
|
|
Charles River Laboratories International, Inc.
(b)
|
|
|
1,434,633
|
|
|
|
59,279,036
|
|
|
|
|
Oil & Gas Equipment & Services–
3.86%
|
|
|
|
|
|
|
ION Geophysical Corp.
(b)
|
|
|
7,427,900
|
|
|
|
50,509,720
|
|
|
|
|
Oil & Gas Exploration & Production–
2.45%
|
|
|
|
|
|
|
Ultra Petroleum Corp.
(b)
|
|
|
1,759,949
|
|
|
|
32,066,271
|
|
|
|
|
Publishing–3.10%
|
|
|
|
|
|
|
John Wiley & Sons, Inc. -Class A
|
|
|
1,059,235
|
|
|
|
40,568,700
|
|
|
|
|
Real Estate Services–3.27%
|
|
|
|
|
|
|
FirstService Corp.
(Canada)
(b)(c)
|
|
|
1,450,295
|
|
|
|
42,681,398
|
|
|
|
|
Semiconductors–9.46%
|
|
|
|
|
|
|
International Rectifier Corp.
(b)(c)
|
|
|
4,665,228
|
|
|
|
90,925,294
|
|
|
Microsemi Corp.
(b)
|
|
|
1,560,334
|
|
|
|
32,642,187
|
|
|
|
|
|
|
|
|
|
123,567,481
|
|
|
|
|
Systems Software–4.54%
|
|
|
|
|
|
|
Rovi Corp. (b)
|
|
|
3,434,643
|
|
|
|
59,384,977
|
|
|
|
|
Trucking–1.32%
|
|
|
|
|
|
|
Con-way Inc.
|
|
|
550,873
|
|
|
|
17,286,395
|
|
|
Total Common Stocks & Other Equity Interests
(Cost $889,533,790)
|
|
|
|
|
|
|
946,822,894
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
|
|
|
|
|
|
Non-U.S. Dollar Denominated Bonds &
Notes–0.48%
|
|
|
|
|
Leisure Products–0.48%
|
|
|
|
|
|
|
MEGA Brands Inc., (Canada), Class A Sr. Sec. Gtd. Deb. 10.00% 03/31/15
(Cost
$5,728,135)
(f)
|
|
|
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 Stock–0.15%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real Estate Services–0.15%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FirstService Corp., (Canada)
Series 1, 7.00%, Pfd.
(Cost $1,880,000)
|
|
|
75,200
|
|
|
$
|
1,935,648
|
|
|
|
|
|
Money Market Funds–26.82%
|
|
|
|
|
|
|
|
|
|
|
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
(Cost $350,369,497)
|
|
|
|
|
|
|
350,369,497
|
|
|
TOTAL INVESTMENTS–99.91%
(Cost $1,247,511,422)
|
|
|
|
|
|
|
1,305,459,323
|
|
|
OTHER ASSETS LESS LIABILITIES–0.09%
|
|
|
|
1,168,502
|
|
|
NET ASSETS–100.00%
|
|
|
|
|
|
$
|
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 & Poor’s.
|
|
(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
Fund’s 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 Fund’s 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 Trust’s 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 security’s fair value.
Valuations change in response
to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s 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 Fund’s net asset value and, accordingly,
they reduce the Fund’s 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 issuer’s 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 Fund’s 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 investment’s assigned level:
|
|
|
|
|
Level 1
|
|
– Prices are determined using quoted prices in an active market for identical assets.
|
|
Level 2
|
|
– Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These
may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
|
|
Level 3
|
|
– Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is
little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the
securities or instruments and would be based on the best available information.
|
The following is a summary of the tiered valuation input levels, as of 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
|
|
|
America’s 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.
|
|
|
|
|
|
|
Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
|
|
|
Aggregate unrealized appreciation of investment securities
|
|
$
|
171,347,122
|
|
|
Aggregate unrealized (depreciation) of investment securities
|
|
|
(117,292,230)
|
|
|
Net unrealized appreciation of investment securities
|
|
$
|
54,054,892
|
|
|
Cost of investments for tax purposes is $1,251,404,431.
|
|
|
|
|
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 Registrant’s 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 Registrant’s officers, including the PEO and PFO, concluded that, as of February 12, 2013, the Registrant’s 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 Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the
Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s 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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