NPORT-EX 2 edgar.htm
Schedule of Investments
July 31, 2020
(Unaudited)
  Shares Value
Common Stocks & Other Equity Interests–97.26%
Australia–2.02%
CSL Ltd. 1,281,388    $247,132,531
Belgium–0.84%
Galapagos N.V.(a) 482,281     90,146,100
Galapagos N.V.(a) 65,448     12,150,095
      102,296,195
Canada–5.60%
Alimentation Couche-Tard, Inc., Class B 8,167,522    283,846,466
CAE, Inc. 3,812,669     56,900,410
Dollarama, Inc. 3,242,756    118,578,662
Saputo, Inc. 4,251,520    104,046,307
Shopify, Inc., Class A(a) 119,179    121,877,644
      685,249,489
China–3.90%
Alibaba Group Holding Ltd., ADR(a) 923,013    231,694,723
Tencent Holdings Ltd. 3,590,200    245,765,828
      477,460,551
Denmark–3.32%
Ascendis Pharma A/S, ADR(a) 503,629     69,304,387
Novo Nordisk A/S, Class B 5,105,342    336,833,441
      406,137,828
France–14.66%
Airbus SE(a) 1,546,146    114,077,455
Dassault Systemes SE 696,301    127,014,301
Edenred 2,477,268    123,420,835
EssilorLuxottica S.A.(a) 637,985     84,762,560
Hermes International 394,357    320,106,505
Kering S.A. 166,909     94,757,489
L’Oreal S.A. 325,406    108,986,765
LVMH Moet Hennessy Louis Vuitton SE 494,980    215,059,008
Sartorius Stedim Biotech 367,672    114,469,749
SEB S.A. 1,185,081    196,166,973
Ubisoft Entertainment S.A.(a) 1,458,047    121,918,686
Worldline S.A.(a)(b) 1,996,451    172,242,812
      1,792,983,138
Germany–7.26%
CTS Eventim AG & Co. KGaA(a) 630,834     24,981,627
Fresenius Medical Care AG & Co. KGaA(a) 2,309,854    203,504,553
Infineon Technologies AG 6,823,649    170,548,166
SAP SE 1,822,842    288,356,146
Siemens Healthineers AG(b) 3,865,807    200,482,652
      887,873,144
Hong Kong–0.90%
WH Group Ltd. 123,721,500    110,139,049
India–0.31%
Reliance Industries Ltd. 1,361,395     37,695,083
Ireland–1.49%
Flutter Entertainment PLC(a) 1,215,453    182,548,379
  Shares Value
Italy–1.07%
Davide Campari-Milano N.V. 12,925,251    $130,259,283
Japan–9.39%
Daikin Industries Ltd. 909,400    159,904,596
Hitachi Ltd. 3,823,500    113,499,081
Hoya Corp. 2,467,210    243,450,133
Keyence Corp. 517,384    217,433,109
Nidec Corp. 1,680,640    134,492,255
Nihon M&A Center, Inc. 3,025,700    146,675,760
Nitori Holdings Co. Ltd. 606,400    133,334,452
      1,148,789,386
Netherlands–5.08%
Aalberts N.V. 4,053,551    145,177,783
Adyen N.V.(a)(b) 77,636    129,612,647
ASML Holding N.V. 936,261    330,728,563
Boskalis Westminster(a) 806,393     15,249,296
      620,768,289
New Zealand–1.17%
Xero Ltd.(a) 2,224,551    143,385,514
Spain–2.52%
Amadeus IT Group S.A. 2,042,878    102,597,576
Grifols S.A. 5,614,324    163,898,280
Prosegur Cash S.A.(b) 50,298,553     41,430,427
      307,926,283
Sweden–5.25%
Atlas Copco AB, Class A 5,846,447    259,040,826
Epiroc AB, Class A 9,099,977    127,360,785
Swedish Match AB 3,337,257    255,696,422
      642,098,033
Switzerland–10.80%
Barry Callebaut AG 59,671    124,238,864
Lonza Group AG 236,867    147,855,564
Novartis AG 869,078     71,976,054
Roche Holding AG 905,859    313,434,861
Sika AG 620,600    136,648,837
STMicroelectronics N.V. 8,861,935    250,799,863
Temenos AG 848,775    126,130,415
VAT Group AG(b) 783,520    149,489,011
      1,320,573,469
Taiwan–3.26%
Taiwan Semiconductor Manufacturing Co. Ltd. 27,230,000    398,516,850
United Kingdom–10.67%
Blue Prism Group PLC(a) 2,372,417     36,296,606
boohoo Group PLC(a) 29,996,627    103,122,765
Britvic PLC 11,709,721    122,747,733
Compass Group PLC 7,393,888    102,244,571
GVC Holdings PLC 9,809,356     85,992,813
Legal & General Group PLC 43,007,568    121,689,357
London Stock Exchange Group PLC 1,024,230    114,243,840
 
See accompanying notes which are an integral part of this schedule.
Invesco Oppenheimer International Growth Fund
  Shares Value
United Kingdom–(continued)
Melrose Industries PLC 68,788,267     $77,572,673
Next PLC 2,722,677    195,420,416
Ocado Group PLC(a) 6,161,080    165,590,967
Rightmove PLC 10,414,485     75,736,954
Trainline PLC(a)(b) 19,246,080    103,636,446
      1,304,295,141
United States–7.75%
Atlassian Corp. PLC, Class A(a) 627,965    110,930,017
EPAM Systems, Inc.(a) 811,727    235,465,768
Ferguson PLC 1,119,762    100,145,745
James Hardie Industries PLC, CDI 7,138,451    147,576,210
Medtronic PLC 1,241,534    119,783,201
ResMed, Inc. 1,151,439    233,177,912
      947,078,853
Total Common Stocks & Other Equity Interests (Cost $6,979,403,810) 11,893,206,488
  Shares Value
Preferred Stocks–0.01%
India–0.01%
Zee Entertainment Enterprises Ltd., 6.00%, Pfd.
(Cost $0) 		17,213,928        $791,524
Money Market Funds–1.76%
Invesco Government & Agency Portfolio, Institutional Class, 0.07%(c)(d)
(Cost $215,519,504) 		215,519,504    215,519,504
TOTAL INVESTMENTS IN SECURITIES—99.03% (Cost $7,194,923,314) 12,109,517,516
OTHER ASSETS LESS LIABILITIES–0.97% 118,471,980
NET ASSETS–100.00% $12,227,989,496
Investment Abbreviations:
ADR – American Depositary Receipt
CDI – CREST Depository Interest
Pfd. – Preferred
Notes to Schedule of Investments:
(a) Non-income producing security.
(b) 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, 2020 was $796,893,995, which represented 6.52% of the Fund’s Net Assets.
(c) Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or the Investment Company Act of 1940, as amended (the “1940 Act”), defines “affiliated person” to include an issuer of 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 table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the nine months ended July 31, 2020.
    
  Value
October 31, 2019 		Purchases
at Cost 		Proceeds
from Sales 		Change in
Unrealized
Appreciation 		Realized
Gain
(Loss) 		Value
July 31, 2020 		Dividend
Income
Investments in Affiliated Money Market Funds:              
Invesco Government & Agency Portfolio, Institutional Class $196,446,145 $3,583,896,847 $(3,564,823,488) $- $- $215,519,504 $885,360
Investments in Other Affiliates:              
Prosegur Cia de Seguridad S.A. 112,217,841 - (110,496,967) 16,252,174 (17,973,048) - 462,112
VAT Group AG* 272,526,250 - (171,615,391) 41,400,620 7,177,532 149,489,011 3,737,203
Total $581,190,236 $3,583,896,847 $(3,846,935,846) $57,652,794 $(10,795,516) $365,008,515 $5,084,675
    
* As of July 31, 2020, this security was not considered as an affiliate of the Fund.
    
(d) The rate shown is the 7-day SEC standardized yield as of July 31, 2020.
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Invesco Oppenheimer International Growth Fund
Notes to Quarterly Schedule of Portfolio Holdings
July 31, 2020
(Unaudited)
NOTE 1—Additional Valuation Information
Generally Accepted Accounting Principles ("GAAP") defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — Prices are determined using quoted prices in an active market for identical assets.
Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of July 31, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
  Level 1 Level 2 Level 3 Total
Investments in Securities        
Australia $— $247,132,531 $— $247,132,531
Belgium 12,150,095 90,146,100 — 102,296,195
Canada 685,249,489 — — 685,249,489
China 231,694,723 245,765,828 — 477,460,551
Denmark 69,304,387 336,833,441 — 406,137,828
France — 1,792,983,138 — 1,792,983,138
Germany — 887,873,144 — 887,873,144
Hong Kong — 110,139,049 — 110,139,049
India 791,524 37,695,083 — 38,486,607
Ireland — 182,548,379 — 182,548,379
Italy — 130,259,283 — 130,259,283
Japan — 1,148,789,386 — 1,148,789,386
Netherlands — 620,768,289 — 620,768,289
New Zealand — 143,385,514 — 143,385,514
Spain — 307,926,283 — 307,926,283
Sweden — 642,098,033 — 642,098,033
Switzerland — 1,320,573,469 — 1,320,573,469
Taiwan — 398,516,850 — 398,516,850
United Kingdom — 1,304,295,141 — 1,304,295,141
United States 699,356,898 247,721,955 — 947,078,853
Money Market Funds 215,519,504 — — 215,519,504
Total Investments $1,914,066,620 $10,195,450,896 $— $12,109,517,516
NOTE 2—Coronavirus (COVID-19) Pandemic
During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective, as stated in the most recent shareholder report. Because of the uncertainties on valuation, the global economy and business operations, values reflected in the Schedule of Investments may materially differ from the value received upon actual sales of those investments.
The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.
Invesco Oppenheimer International Growth Fund