NPORT-EX 1 IVZ_Multi_Asset_Inf.htm
Invesco Multi-Asset Inflation Fund
Quarterly Schedule of Portfolio Holdings
March 31, 2019
invesco.com/us
MAI-QTR-1   03/19
Invesco Advisers, Inc.
Schedule of Investments
March 31, 2019
(Unaudited)
Invesco Multi-Asset Inflation Fund
Investments in Affiliated and Unaffiliated Issuers–100.57%(a)
% of
Net
Assets
03/31/19
Value
12/31/18
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain (Loss)
Dividend
Income
Shares
03/31/19
Value
03/31/19
Alternative Funds–7.89%
Invesco DB Oil Fund(b)
7.89%
$101,683
$18,958
$(41,753)
$23,950
$454
$—
9,828
$103,292
Asset Allocation Funds–8.83%
Invesco Balanced-Risk Commodity Strategy
Fund-Class R6
8.83%
121,707
23,048
(34,613)
7,707
(2,282)
—
17,590
115,567
Domestic Equity Funds–25.70%
Energy Select Sector SPDR Fund (The)–ETF(c)
5.52%
75,587
14,809
(28,845)
13,215
(2,497)
594
1,093
72,269
Invesco Energy Fund-Class R5
5.54%
75,948
16,868
(32,689)
19,883
(7,557)
—
3,375
72,453
iShares U.S. Consumer Goods ETF(c)
6.88%
91,964
16,565
(28,691)
11,961
(1,853)
406
753
89,946
iShares U.S. Health Care–ETF(c)
7.76%
101,435
6,790
(14,174)
5,643
1,847
268
524
101,541
Total Domestic Equity Funds
344,934
55,032
(104,399)
50,702
(10,060)
1,268
336,209
Fixed Income Funds–36.55%
Invesco Emerging Market Flexible Bond
Fund-Class R6
1.96%
26,062
7,709
(9,812)
2,314
(678)
(366)
4,353
25,595
Invesco Floating Rate Fund-Class R6
4.91%
64,210
3,681
(5,364)
1,837
(98)
859
8,673
64,266
Invesco Fundamental Investment Grade Corporate
Bond ETF
1.98%
—
53,304
(28,021)
240
410
138
1,022
25,933
Invesco High Yield Fund-Class R6
4.28%
58,609
5,001
(10,977)
3,704
(421)
858
13,772
55,916
Invesco Income Fund-Class R5
6.49%
81,062
23,886
(22,235)
3,139
(896)
1,206
9,948
84,956
Invesco Quality Income Fund-Class R5
2.16%
25,667
18,075
(15,912)
1,129
(743)
335
2,418
28,216
Invesco Short Duration Inflation Protected
Fund-Class R6
14.77%
192,556
28,464
(29,988)
3,124
(928)
1,122
18,944
193,228
Total Fixed Income Funds
448,166
140,120
(122,309)
15,487
(3,354)
4,152
478,110
Foreign Equity Funds–14.06%
Invesco Global Infrastructure Fund-Class R6
6.20%
86,246
15,676
(33,075)
11,811
395
(148)
7,348
81,053
Invesco Gold & Precious Metals Fund-Class Y(b)
5.90%
80,111
7,518
(17,515)
9,545
(2,400)
—
21,051
77,259
Invesco International Growth Fund-Class R6
1.96%
26,287
15,523
(20,776)
5,794
(1,168)
—
791
25,660
Total Foreign Equity Funds
192,644
38,717
(71,366)
27,150
(3,173)
(148)
183,972
Real Estate Funds–6.37%
Invesco Global Real Estate Income Fund-Class R6
6.37%
87,169
26,258
(37,814)
8,596
(927)
754
8,936
83,282
Money Market Funds–1.17%
Invesco Government & Agency Portfolio
—Institutional Class, 2.33%(d)
0.41%
2,351
45,844
(42,844)
—
—
14
5,351
5,351
Invesco Liquid Assets Portfolio
—Institutional Class, 2.48%(d)
0.29%
1,679
32,746
(30,603)
—
—
11
3,821
3,822
Invesco Treasury Portfolio
—Institutional Class, 2.31%(d)
0.47%
2,687
52,394
(48,965)
—
—
16
6,116
6,116
Total Money Market Funds
6,717
130,984
(122,412)
—
—
41
15,289
TOTAL INVESTMENTS IN Affiliated and
Unaffiliated Issuers (Cost $1,251,120)
100.57%
$1,303,020
$433,117
$(534,666)
$133,592
$(19,342)
$6,067
$1,315,721
OTHER ASSETS LESS LIABILITIES
(0.57)%
(7,486)
NET ASSETS
100.00%
$1,308,235
Investment Abbreviations:
ETF -
Exchange-Traded Fund
SPDR -
Standard & Poor’s Depositary Receipt
Notes to Schedule of Investments:
(a)
Each underlying 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, unless otherwise noted.
(b)
Non-income producing security. A security is determined to be non-income producing if the security has not declared a distribution in more than one year from
March 31, 2019.
(c)
Not affiliated with Invesco Advisers, Inc.
(d)
The rate shown is the 7-day SEC standardized yield as of March 31, 2019.
See accompanying notes which are an integral part of this schedule.
Invesco Multi-Asset Inflation Fund
Notes to Quarterly Schedule of Portfolio Holdings
March 31, 2019
(Unaudited)
NOTE 1—Significant Accounting Policies
The Fund is a “fund of funds”, in that it invests in other mutual funds (“underlying funds”) advised by Invesco Advisers, Inc. (the “Adviser” or
“Invesco”) and exchange-traded funds advised by Invesco Capital Management LLC (“Invesco Capital”), an affiliate of Invesco. Invesco and Invesco
Capital are affiliates of each other as they are indirect, wholly-owned subsidiaries of Invesco Ltd. Each underlying fund’s accounting policies are
outlined in the underlying fund’s financial statements and are publicly available.
A.
Security Valuations — Securities of 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. Investments in shares of funds that are
not traded on an exchange are valued at the end-of-day net asset value per share of such fund. Securities in the underlying funds, including
restricted securities, are valued in accordance with the valuation policy of such fund. The policies of the underlying funds affiliated with the Fund
as a result of having the same investment adviser are set forth below.
A security listed or traded on an exchange (except convertible securities) 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 asked 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 asked prices. For purposes of determining net
asset value (“NAV”) 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”).
Variable rate senior loan interests are fair valued using quotes provided by an independent pricing service. Quotes provided by the pricing
service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics,
institution-size trading in similar groups of securities and other market data.
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 securities) 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. Pricing services generally value debt obligations assuming orderly transactions of institutional
round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than
institutional round lots. 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 investment 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 trades
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/asked 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.
The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise
and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates
depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value
and/or liquidity of certain Fund investments.
Invesco Multi-Asset Inflation Fund
A.
Security Valuations — (continued)
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the 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. Distributions from ordinary income from underlying
funds, if any, are recorded as dividend income on ex-dividend date. Distributions from gains from underlying funds, if any, are recorded as
realized gains on the ex-dividend date. The following policies are followed by the underlying funds: Interest income (net of withholding tax, if any)
is recorded on the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the
respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at
the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to
interest income.
The Fund may periodically participate in litigation related to the Fund’s 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.
The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.
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.
As of March 31, 2019, all of the securities in this Fund were valued based on Level 1 inputs (see the Schedule of Investments for security
categories). 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 Multi-Asset Inflation Fund