Schedule of Investments
January 31, 2023
(Unaudited)
| Shares | Value | ||
| Common Stocks & Other Equity Interests–98.30% | |||
| Australia–2.89% | |||
| ALS Ltd. | 4,457,813 | $41,388,382 | |
| Cochlear Ltd. | 346,753 | 52,339,942 | |
| IPH Ltd. | 8,638,356 | 52,274,397 | |
| 146,002,721 | |||
| Austria–0.51% | |||
| Fabasoft AG | 1,137,298 | 25,911,522 | |
| Brazil–2.05% | |||
| Odontoprev S.A. | 21,702,440 | 48,652,319 | |
| TOTVS S.A. | 5,494,537 | 32,547,471 | |
| WEG S.A. | 2,980,400 | 22,451,490 | |
| 103,651,280 | |||
| Canada–1.32% | |||
| CCL Industries, Inc., Class B | 473,520 | 22,146,593 | |
| Descartes Systems Group, Inc. (The)(a) | 606,214 | 44,239,886 | |
| 66,386,479 | |||
| Denmark–1.95% | |||
| Chemometec A/S | 576,527 | 50,464,842 | |
| SimCorp A/S | 682,729 | 47,663,871 | |
| 98,128,713 | |||
| France–4.22% | |||
| Alten S.A. | 292,071 | 44,793,008 | |
| Interparfums S.A. | 565,616 | 37,042,915 | |
| Lectra | 996,086 | 41,492,358 | |
| Neurones | 921,048 | 39,359,928 | |
| Thermador Groupe | 269,790 | 27,107,879 | |
| Vetoquinol S.A. | 246,663 | 22,919,021 | |
| 212,715,109 | |||
| Germany–9.22% | |||
| Amadeus Fire AG(b) | 296,057 | 41,166,212 | |
| Atoss Software AG | 205,298 | 36,276,613 | |
| Carl Zeiss Meditec AG, BR | 595,173 | 85,384,175 | |
| CTS Eventim AG & Co. KGaA(a) | 769,906 | 53,832,083 | |
| Fuchs Petrolub SE, Preference Shares | 774,190 | 30,805,597 | |
| Knorr-Bremse AG | 398,239 | 26,068,827 | |
| Nemetschek SE | 675,772 | 35,955,999 | |
| New Work SE | 254,092 | 46,481,238 | |
| Sartorius AG, Preference Shares | 117,782 | 52,601,883 | |
| STRATEC SE | 356,939 | 32,476,684 | |
| Symrise AG | 226,504 | 23,998,046 | |
| 465,047,357 | |||
| Iceland–1.18% | |||
| Marel HF(c) | 7,558,271 | 29,233,357 | |
| Ossur HF(a) | 6,239,950 | 30,067,025 | |
| 59,300,382 | |||
| India–2.64% | |||
| AIA Engineering Ltd. | 808,622 | 27,171,341 | |
| Britannia Industries Ltd. | 885,813 | 46,727,232 | |
| Coforge Ltd. | 539,280 | 29,027,640 | |
| Shares | Value | ||
| India–(continued) | |||
| Triveni Turbine Ltd. | 9,053,930 | $30,153,631 | |
| 133,079,844 | |||
| Indonesia–0.24% | |||
| PT Selamat Sempurna Tbk | 116,973,100 | 12,325,453 | |
| Israel–1.61% | |||
| Nice Ltd., ADR | 391,024 | 81,110,108 | |
| Italy–4.02% | |||
| Antares Vision S.p.A.(a)(b) | 1,945,014 | 18,006,359 | |
| DiaSorin S.p.A. | 334,328 | 43,513,298 | |
| Interpump Group S.p.A. | 924,252 | 48,174,249 | |
| Recordati Industria Chimica e Farmaceutica S.p.A. | 846,946 | 36,999,035 | |
| Technoprobe S.p.A.(a) | 3,675,425 | 27,004,170 | |
| Tinexta S.p.A. | 1,066,579 | 29,052,647 | |
| 202,749,758 | |||
| Japan–22.04% | |||
| Ariake Japan Co. Ltd.(b) | 1,695,600 | 57,231,572 | |
| As One Corp. | 1,158,326 | 51,964,424 | |
| Azbil Corp. | 2,906,200 | 82,034,798 | |
| Benefit One, Inc. | 3,169,500 | 52,396,471 | |
| Daifuku Co. Ltd. | 1,045,900 | 57,736,222 | |
| Disco Corp. | 255,400 | 76,688,036 | |
| Fukui Computer Holdings, Inc.(b) | 1,507,400 | 34,766,173 | |
| Funai Soken Holdings, Inc. | 805,000 | 17,428,389 | |
| Infomart Corp. | 8,456,826 | 27,393,296 | |
| Japan Elevator Service Holdings Co. Ltd. | 3,191,700 | 44,991,795 | |
| Kakaku.com, Inc. | 1,736,700 | 28,984,586 | |
| Medikit Co. Ltd. | 175,500 | 3,331,498 | |
| Meitec Corp. | 2,935,158 | 55,201,725 | |
| MISUMI Group, Inc. | 1,230,300 | 30,926,715 | |
| MonotaRO Co. Ltd. | 1,936,920 | 29,371,125 | |
| NSD Co. Ltd. | 2,063,400 | 37,067,206 | |
| OBIC Business Consultants Co. Ltd. | 1,202,100 | 47,127,333 | |
| Obic Co. Ltd. | 628,600 | 100,580,416 | |
| SCSK Corp. | 2,427,500 | 39,534,202 | |
| Seria Co. Ltd. | 1,823,500 | 40,096,909 | |
| SHO-BOND Holdings Co. Ltd. | 1,031,300 | 43,886,686 | |
| Sysmex Corp. | 562,300 | 37,342,372 | |
| TechnoPro Holdings, Inc. | 1,798,400 | 55,929,967 | |
| TKC Corp. | 1,337,518 | 38,146,319 | |
| USS Co. Ltd. | 1,315,748 | 21,564,479 | |
| 1,111,722,714 | |||
| Jersey–0.81% | |||
| JTC PLC(c) | 4,584,818 | 40,667,877 | |
| Netherlands–1.04% | |||
| IMCD N.V. | 330,304 | 52,383,742 | |
| New Zealand–0.46% | |||
| Fisher & Paykel Healthcare Corp. Ltd. | 1,418,495 | 23,214,682 | |
See accompanying notes which are an integral part of this schedule.
Invesco International Small-Mid Company Fund
| Shares | Value | ||
| Norway–0.40% | |||
| Medistim ASA | 910,000 | $19,992,683 | |
| South Korea–0.66% | |||
| NICE Information Service Co. Ltd.(b)(d) | 3,139,282 | 33,277,283 | |
| Sweden–12.42% | |||
| AddTech AB, Class B | 2,429,640 | 38,732,417 | |
| Alfa Laval AB | 1,741,897 | 54,537,531 | |
| Biotage AB | 2,340,380 | 36,078,490 | |
| Bravida Holding AB(c) | 2,975,567 | 32,905,366 | |
| Cellavision AB | 943,238 | 22,259,629 | |
| Epiroc AB, Class A | 1,836,324 | 35,723,134 | |
| Fortnox AB | 8,212,655 | 41,527,355 | |
| Hexpol AB | 4,109,284 | 44,424,026 | |
| Karnov Group AB(a)(b) | 6,523,524 | 37,594,115 | |
| Lifco AB, Class B | 2,410,674 | 44,270,941 | |
| Lime Technologies AB(b) | 820,730 | 17,984,759 | |
| Loomis AB | 1,412,756 | 42,079,098 | |
| MIPS AB(c) | 720,719 | 27,581,933 | |
| Mycronic AB | 1,463,803 | 31,255,829 | |
| Sdiptech AB, Class B(a)(b) | 1,952,861 | 47,756,978 | |
| SmartCraft ASA(a) | 9,240,201 | 16,958,031 | |
| Vitec Software Group AB, Class B | 1,283,935 | 54,497,425 | |
| 626,167,057 | |||
| Switzerland–9.53% | |||
| Belimo Holding AG | 96,168 | 50,589,891 | |
| Bossard Holding AG, Class A | 96,778 | 24,621,965 | |
| Forbo Holding AG | 24,038 | 31,561,363 | |
| Interroll Holding AG, Class R | 10,949 | 34,052,002 | |
| Kardex Holding AG | 238,833 | 46,547,640 | |
| LEM Holding S.A. | 21,521 | 47,612,522 | |
| Partners Group Holding AG | 104,605 | 98,311,701 | |
| Tecan Group AG, Class R(a) | 139,848 | 58,765,880 | |
| VAT Group AG(a)(c) | 118,602 | 36,998,380 | |
| VZ Holding AG | 648,724 | 51,567,522 | |
| 480,628,866 | |||
| Taiwan–0.57% | |||
| Advantech Co. Ltd. | 2,504,000 | 28,589,045 | |
| United Kingdom–15.75% | |||
| Alpha Financial Markets Consulting PLC(b) | 7,171,620 | 41,113,390 | |
| Shares | Value | ||
| United Kingdom–(continued) | |||
| Auction Technology Group PLC(a) | 3,582,346 | $31,100,820 | |
| Bunzl PLC | 710,824 | 26,092,623 | |
| Croda International PLC | 891,191 | 75,940,498 | |
| Diploma PLC | 1,518,063 | 51,381,653 | |
| FDM Group Holdings PLC | 3,798,283 | 36,791,815 | |
| Halma PLC | 2,107,531 | 56,078,701 | |
| Hill & Smith PLC | 1,931,705 | 30,154,583 | |
| Howden Joinery Group PLC | 5,593,479 | 47,676,783 | |
| IMI PLC | 2,370,322 | 42,453,170 | |
| Intertek Group PLC | 592,818 | 31,864,112 | |
| Johnson Service Group PLC(b) | 24,277,275 | 33,855,816 | |
| Rathbones Group PLC | 1,427,821 | 36,972,174 | |
| Restore PLC(b) | 10,934,102 | 40,052,633 | |
| Rightmove PLC | 4,317,447 | 31,406,380 | |
| Rotork PLC | 9,857,727 | 38,914,462 | |
| Spirax-Sarco Engineering PLC | 468,892 | 66,947,316 | |
| Victrex PLC | 1,671,287 | 38,079,682 | |
| Weir Group PLC (The) | 1,701,745 | 37,468,790 | |
| 794,345,401 | |||
| United States–2.77% | |||
| Allegion PLC | 215,186 | 25,295,114 | |
| Bruker Corp. | 940,369 | 65,938,674 | |
| ICON PLC(a) | 210,508 | 48,566,301 | |
| 139,800,089 | |||
| Total Common Stocks & Other Equity Interests (Cost $3,719,969,226) | 4,957,198,165 | ||
| Money Market Funds–1.17% | |||
| Invesco Government & Agency Portfolio, Institutional Class, 4.30%(b)(d) | 20,561,222 | 20,561,222 | |
| Invesco Liquid Assets Portfolio, Institutional Class, 4.48%(b)(d) | 14,682,195 | 14,686,600 | |
| Invesco Treasury Portfolio, Institutional Class, 4.30%(b)(d) | 23,498,539 | 23,498,538 | |
| Total Money Market Funds (Cost $58,746,360) | 58,746,360 | ||
| TOTAL INVESTMENTS IN SECURITIES—99.47% (Cost $3,778,715,586) | 5,015,944,525 | ||
| OTHER ASSETS LESS LIABILITIES–0.53% | 26,821,733 | ||
| NET ASSETS–100.00% | $5,042,766,258 | ||
Investment Abbreviations:
| ADR | – American Depositary Receipt |
| BR | – Bearer Shares |
See accompanying notes which are an integral part of this schedule.
Invesco International Small-Mid Company Fund
Notes to Schedule of Investments:
| (a) | Non-income producing security. |
| (b) | Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or is an "affiliated person" under the Investment Company Act of 1940, as amended (the “1940 Act”), which defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. For the Investments in Other Affiliates below, 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 three months ended January 31, 2023. |
| Value October 31, 2022 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value January 31, 2023 | Dividend Income | |
| Investments in Affiliated Money Market Funds: | |||||||
| Invesco Government & Agency Portfolio, Institutional Class | $6,447,173 | $91,759,876 | $(77,645,827) | $- | $- | $20,561,222 | $74,708 |
| Invesco Liquid Assets Portfolio, Institutional Class | 4,604,909 | 65,542,769 | (55,461,273) | (397) | 592 | 14,686,600 | 66,261 |
| Invesco Treasury Portfolio, Institutional Class | 7,368,198 | 104,868,430 | (88,738,089) | - | - | 23,498,538 | 101,718 |
| Investments Purchased with Cash Collateral from Securities on Loan: | |||||||
| Invesco Private Government Fund | - | 10,507,691 | (10,507,691) | - | - | - | 14,278* |
| Invesco Private Prime Fund | - | 26,950,210 | (26,949,780) | - | (430) | - | 38,422* |
| Investments in Other Affiliates: | |||||||
| Alpha Financial Markets Consulting PLC | 25,993,604 | 5,881,140 | - | 9,238,646 | (1) | 41,113,390 | 324,669 |
| Amadeus Fire AG | 30,113,154 | - | (282,549) | 11,338,271 | (2,663) | 41,166,212 | - |
| Antares Vision S.p.A. | 16,508,773 | - | - | 1,497,586 | - | 18,006,359 | - |
| Ariake Japan Co. Ltd. | 66,191,196 | - | (7,280,404) | 2,873,832 | (4,553,052) | 57,231,572 | 138 |
| Fukui Computer Holdings, Inc. | 31,715,825 | 3,147,100 | - | (96,753) | - | 34,766,173 | - |
| Johnson Service Group PLC | 37,689,191 | - | (13,838,894) | 14,558,170 | (4,552,651) | 33,855,816 | - |
| Karnov Group AB | 34,774,863 | - | - | 2,819,252 | - | 37,594,115 | - |
| Lime Technologies AB | 13,931,719 | 1,183,174 | - | 2,869,866 | - | 17,984,759 | - |
| NICE Information Service Co. Ltd. | - | 40,039,480 | - | (6,762,197) | - | 33,277,283 | 598,963 |
| Restore PLC | 45,141,202 | - | - | (5,088,569) | - | 40,052,633 | - |
| Sdiptech AB, Class B | 45,943,824 | - | (10,451,469) | 7,623,047 | 4,641,576 | 47,756,978 | - |
| Total | $366,423,631 | $349,879,870 | $(291,155,976) | $40,870,754 | $(4,466,629) | $461,551,650 | $1,219,157 |
| * | Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (c) | 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 January 31, 2023 was $167,386,913, which represented 3.32% of the Fund’s Net Assets. |
| (d) | The rate shown is the 7-day SEC standardized yield as of January 31, 2023. |
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 International Small-Mid Company Fund
Notes to Quarterly Schedule of Portfolio Holdings
January 31, 2023
(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. 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 Invesco Advisers, Inc.’s 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, 2023. 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 | $— | $146,002,721 | $— | $146,002,721 |
| Austria | — | 25,911,522 | — | 25,911,522 |
| Brazil | 103,651,280 | — | — | 103,651,280 |
| Canada | 66,386,479 | — | — | 66,386,479 |
| Denmark | — | 98,128,713 | — | 98,128,713 |
| France | — | 212,715,109 | — | 212,715,109 |
| Germany | — | 465,047,357 | — | 465,047,357 |
| Iceland | — | 59,300,382 | — | 59,300,382 |
| India | — | 133,079,844 | — | 133,079,844 |
| Indonesia | — | 12,325,453 | — | 12,325,453 |
| Israel | 81,110,108 | — | — | 81,110,108 |
| Italy | — | 202,749,758 | — | 202,749,758 |
| Japan | — | 1,111,722,714 | — | 1,111,722,714 |
| Jersey | — | 40,667,877 | — | 40,667,877 |
| Netherlands | — | 52,383,742 | — | 52,383,742 |
| New Zealand | — | 23,214,682 | — | 23,214,682 |
| Norway | — | 19,992,683 | — | 19,992,683 |
| South Korea | — | 33,277,283 | — | 33,277,283 |
| Sweden | — | 626,167,057 | — | 626,167,057 |
| Switzerland | — | 480,628,866 | — | 480,628,866 |
| Taiwan | — | 28,589,045 | — | 28,589,045 |
| United Kingdom | — | 794,345,401 | — | 794,345,401 |
| United States | 139,800,089 | — | — | 139,800,089 |
| Money Market Funds | 58,746,360 | — | — | 58,746,360 |
| Total Investments | $449,694,316 | $4,566,250,209 | $— | $5,015,944,525 |
Invesco International Small-Mid Company Fund