SCHEDULE OF INVESTMENTS July 31, 2019 Unaudited
Shares | Value | Shares | Value | ||||||
Common Stocks95.6% | Textiles, Apparel & Luxury Goods (Continued) | ||||||||
Consumer Discretionary26.2% | LVMH Moet | ||||||||
Auto Components2.0% | Hennessy Louis | ||||||||
Bridgestone Corp. | 553,600$ | 20,780,687 | Vuitton SE | 49,920$ | 20,641,582 | ||||
Valeo SA | 502,400 | 15,681,288 | 36,561,957 | ||||||
36,461,975 | Consumer Staples14.9% | ||||||||
Automobiles1.9% | Beverages5.1% | ||||||||
Volkswagen AG | 200,632 | 33,592,474 | Coca-Cola | ||||||
European Partners | |||||||||
Entertainment4.0% | plc | 637,330 | 35,231,602 | ||||||
NCSoft Corp. | 12,678 | 5,136,810 | Diageo plc | 889,240 | 37,103,258 | ||||
Nexon Co. Ltd.1 | 1,458,000 | 23,133,935 | Pernod Ricard SA | 111,130 | 19,457,882 | ||||
Nintendo Co. Ltd. | 122,300 | 44,807,189 | 91,792,742 | ||||||
73,077,934 | |||||||||
Food Products4.9% | |||||||||
Hotels, Restaurants & Leisure4.3% | Danone SA | 497,358 | 43,120,730 | ||||||
Accor SA | 481,460 | 21,424,900 | Nestle SA | 175,516 | 18,625,313 | ||||
Kangwon Land, Inc. | 326,590 | 8,449,240 | WH Group Ltd.2 | 27,794,000 | 27,101,556 | ||||
Sands China Ltd. | 3,821,600 | 18,471,134 | 88,847,599 | ||||||
Yum China | |||||||||
Holdings, Inc. | 655,300 | 29,816,150 | Personal Products3.0% | ||||||
78,161,424 | Amorepacific Corp. | 75,914 | 8,943,378 | ||||||
Hengan | |||||||||
Household Durables2.0% | International Group | ||||||||
Sony Corp. | 647,800 | 36,791,412 | Co. Ltd. | 2,528,500 | 19,027,975 | ||||
Interactive Media & Services2.1% | LG Household & | ||||||||
Baidu, Inc. , | Health Care Ltd. | 17,600 | 18,638,782 | ||||||
Sponsored ADR1 | 37,460 | 4,184,282 | Pola Orbis Holdings, | ||||||
Tencent Holdings | Inc. | 263,200 | 6,605,703 | ||||||
Ltd. | 714,300 | 33,408,083 | 53,215,838 | ||||||
37,592,365 | Tobacco1.9% | ||||||||
Internet & Catalog Retail3.3% | Philip Morris | ||||||||
Alibaba Group | International, Inc. | 295,640 | 24,718,461 | ||||||
Holding Ltd. , | Swedish Match AB | 260,366 | 9,951,200 | ||||||
Sponsored ADR1 | 343,451 | 59,454,803 | 34,669,661 | ||||||
Leisure Products2.1% | Energy3.4% | ||||||||
Bandai Namco | Oil, Gas & Consumable Fuels3.4% | ||||||||
Holdings, Inc. | 709,900 | 37,981,244 | BP plc | 3,648,530 | 24,061,399 | ||||
Media0.7% | TOTAL SA | 727,710 | 37,707,625 | ||||||
CyberAgent, Inc. | 298,200 | 12,043,765 | 61,769,024 | ||||||
Specialty Retail1.8% | Financials7.5% | ||||||||
Dufry AG1 | 110,977 | 9,740,380 | Commercial Banks4.3% | ||||||
Industria de Diseno | BNP Paribas SA | 346,910 | 16,119,943 | ||||||
Textil SA | 770,689 | 22,984,756 | BOC Hong Kong | ||||||
32,725,136 | Holdings Ltd. | 4,921,000 | 18,834,117 | ||||||
HSBC Holdings plc | 2,724,170 | 21,695,831 | |||||||
Textiles, Apparel & Luxury Goods2.0% | ING Groep NV | 2,000,787 | 22,206,502 | ||||||
China Hongxing | 78,856,393 | ||||||||
Sports Ltd.1 | 36,005,000 | 0 | |||||||
Kering SA | 30,820 | 15,920,375 |
1 INVESCO OPPENHEIMER INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS Unaudited / Continued
Shares | Value | Shares | Value | ||||||
Insurance2.7% | Information Technology10.6% | ||||||||
Japan Post | Electronic Equipment, Instruments, & | ||||||||
Insurance Co. Ltd. | 511,100$ | 8,519,910 | Components3.8% | ||||||
Prudential plc | 1,956,742 | 40,355,644 | Murata | ||||||
48,875,554 | Manufacturing Co. | ||||||||
Real Estate Investment Trusts (REITs)0.5% | Ltd. | 393,900$ | 17,370,189 | ||||||
Unibail-Rodamco- | TDK Corp. | 263,400 | 20,294,002 | ||||||
Westfield | 62,908 | 8,421,611 | TE Connectivity Ltd. | 337,460 | 31,181,304 | ||||
68,845,495 | |||||||||
Health Care2.8% | |||||||||
Health Care Equipment & Supplies0.5% | IT Services0.1% | ||||||||
Medtronic plc | 94,290 | 9,611,923 | Worldline SA1,2 | 23,480 | 1,678,649 | ||||
Health Care Providers & Services0.5% | Semiconductors & Semiconductor | ||||||||
Fresenius Medical | Equipment3.1% | ||||||||
Care AG & Co. | STMicroelectronics | ||||||||
KGaA | 116,805 | 8,136,136 | NV | 1,815,670 | 33,135,977 | ||||
Taiwan | |||||||||
Pharmaceuticals1.8% | Semiconductor | ||||||||
Bayer AG | 221,896 | 14,412,422 | Manufacturing Co. | ||||||
Takeda | Ltd. , Sponsored | ||||||||
Pharmaceutical | ADR | 547,750 | 23,350,583 | ||||||
Co. Ltd. | 523,900 | 18,126,464 | 56,486,560 | ||||||
32,538,886 | Software3.6% | ||||||||
Industrials14.9% | Oracle Corp. Japan | 225,100 | 18,682,961 | ||||||
Aerospace & Defense5.7% | SAP SE | 375,858 | 46,624,351 | ||||||
Airbus SE | 479,230 | 67,751,269 | 65,307,312 | ||||||
MTU Aero Engines | Materials10.0% | ||||||||
AG | 69,413 | 17,361,384 | |||||||
Rolls-Royce | Chemicals4.3% | ||||||||
Holdings plc1 | 1,693,770 | 17,710,145 | Air Liquide SA | 362,152 | 49,981,036 | ||||
102,822,798 | Akzo Nobel NV | 289,904 | 27,346,724 | ||||||
77,327,760 | |||||||||
Electrical Equipment0.9% | |||||||||
Mitsubishi Electric | Metals & Mining5.7% | ||||||||
Corp. | 1,186,900 | 15,510,719 | Agnico Eagle Mines | ||||||
Ltd. | 572,850 | 29,919,956 | |||||||
Machinery1.7% | Anglo American plc | 1,148,194 | 28,346,691 | ||||||
Komatsu Ltd. | 583,100 | 13,000,035 | Wheaton Precious | ||||||
SMC Corp. | 49,700 | 18,060,551 | Metals Corp. | 1,741,320 | 45,483,278 | ||||
31,060,586 | 103,749,925 | ||||||||
Professional Services4.3% | Telecommunication Services5.3% | ||||||||
Bureau Veritas SA | 396,980 | 9,894,570 | Diversified Telecommunication Services2.7% | ||||||
Recruit Holdings | Nippon Telegraph & | ||||||||
Co. Ltd. | 1,977,200 | 67,286,016 | Telephone Corp. | 446,500 | 20,151,888 | ||||
77,180,586 | Spark New Zealand | ||||||||
Road & Rail0.9% | Ltd. | 11,050,954 | 28,854,032 | ||||||
Seibu Holdings, Inc. | 1,029,500 | 16,187,149 | 49,005,920 | ||||||
Trading Companies & Distributors1.4% | Wireless Telecommunication Services2.6% | ||||||||
ITOCHU Corp. | 1,346,100 | 25,684,247 | Rogers | ||||||
Communications, | |||||||||
Inc. , Cl. B | 326,008 | 16,922,873 |
2 INVESCO OPPENHEIMER INTERNATIONAL EQUITY FUND
Shares | Value | Shares | Value | ||||||||
Wireless Telecommunication Services (Continued) | Investment Company—4.1% | ||||||||||
SK Telecom Co. Ltd. | 138,495 | $ | 28,964,571 | Invesco | |||||||
45,887,444 | Oppenheimer | ||||||||||
Total Common Stocks | Institutional | ||||||||||
(Cost $1,570,091,213) | 1,727,915,006 | Government Money | |||||||||
Market Fund, | |||||||||||
2.29%3 (Cost | |||||||||||
$ | 74,504,404) | 74,504,404 | $ | 74,504,404 | |||||||
Total | |||||||||||
Investments, | |||||||||||
at Value (Cost | |||||||||||
$ | 1,644,595,617) | 99.7 | % | 1,802,419,410 | |||||||
Net Other Assets | |||||||||||
(Liabilities) | 0.3 | 5,124,979 | |||||||||
Net Assets | 100.0% $ 1,807,544,389 |
Footnotes to Statement of Investments
1. Non-income producing security.
2. Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as
amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the
1933 Act, typically to qualified institutional buyers.The aggregate value of these securities at July 31, 2019 was
$28,780,205, which represented 1.59% of the Fund’s Net Assets.
3. The money market fund and the Fund are affiliated by having the same investment adviser.The rate shown is the
7-day SEC standardized yield as of July 31, 2019.
Distribution of investments representing geographic holdings, as a percentage of total investments at value, is as
follows:
Geographic Holdings | Value | Percent | ||||
Japan | $ | 441,018,067 | 24.5% | |||
France | 327,801,459 | 18.2 | ||||
China | 145,891,293 | 8.1 | ||||
United Kingdom | 140,926,277 | 7.8 | ||||
Germany | 120,126,767 | 6.7 | ||||
United States | 108,834,787 | 6.0 | ||||
Switzerland | 92,682,975 | 5.1 | ||||
Canada | 92,326,107 | 5.1 | ||||
South Korea | 70,132,780 | 3.9 | ||||
Hong Kong | 64,406,808 | 3.6 | ||||
Netherlands | 49,553,226 | 2.7 | ||||
Eurozone | 35,231,602 | 2.0 | ||||
New Zealand | 28,854,032 | 1.6 | ||||
South Africa | 28,346,691 | 1.6 | ||||
Taiwan | 23,350,583 | 1.3 | ||||
Spain | 22,984,756 | 1.3 | ||||
Sweden | 9,951,200 | 0.5 | ||||
Total | $ | 1,802,419,410 | 100.0% |
3 INVESCO OPPENHEIMER INTERNATIONAL EQUITY FUND
NOTES TO SCHEDULE OF INVESTMENTS July 31, 2019 Unaudited
1. Securities Valuation
The following is a summary of the tiered valuation input levels, as of July 31, 2019. 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 3— | |||||||
Level 1— | Level 2— | Significant | |||||
Unadjusted | Other Significant Unobservable | ||||||
Quoted Prices Observable Inputs | Inputs | Value | |||||
Assets Table | |||||||
Investments, at Value: | |||||||
Common Stocks | |||||||
Consumer Discretionary | $ | 93,455,235$ | 380,989,254$ | — $ | 474,444,489 | ||
Consumer Staples | 59,950,063 | 208,575,777 | — | 268,525,840 | |||
Energy | — | 61,769,024 | — | 61,769,024 | |||
Financials | — | 136,153,558 | — | 136,153,558 | |||
Health Care | 9,611,923 | 40,675,022 | — | 50,286,945 | |||
Industrials | — | 268,446,085 | — | 268,446,085 | |||
Information Technology | 87,667,864 | 104,650,152 | — | 192,318,016 | |||
Materials | 75,403,234 | 105,674,451 | — | 181,077,685 | |||
Telecommunication Services | 16,922,873 | 77,970,491 | — | 94,893,364 | |||
Investment Company | 74,504,404 | — | — | 74,504,404 | |||
Total Assets | $ | 417,515,596 $ 1,384,903,814 $ | — $ | 1,802,419,410 |
Forward currency exchange contracts and futures contracts, if any, are reported at their
unrealized appreciation/depreciation at measurement date, which represents the change in
the contract’s value from trade date. All additional assets and liabilities included in the above
table are reported at their market value at measurement date.
The table below shows the transfers between Level 1 and Level 2. The Fund's policy is to
recognize transfers in and transfers out as of the beginning of the reporting period.
Transfers out | Transfers into | |||
of Level 1* | Level 2* | |||
Assets Table | ||||
Investments, at | ||||
Value: | ||||
Common Stocks | ||||
Consumer | ||||
Discretionary | $ | 26,677,494 $ | 26,677,494 | |
Financials | 14,482,112 | 14,482,112 | ||
Industrials | 44,177,650 | 44,177,650 | ||
Telecommunication | ||||
Services | 18,408,316 | 18,408,316 | ||
Total Assets | $ | 103,745,572 $ | 103,745,572 |
*Transfers from Level 1 to Level 2 are a result of a change in pricing methodology to the use of a valuation
determined based on observable market information other than quoted prices from an active market due to a lack of
available unadjusted quoted prices.
4 INVESCO OPPENHEIMER INTERNATIONAL EQUITY FUND