NPORT-EX 2 edgar.htm
Schedule of Investments
July 31, 2021
(Unaudited)
  Shares Value
Common Stocks & Other Equity Interests–97.89%
China–2.36%
Prosus N.V. 312,466    $27,726,202
Denmark–2.85%
Carlsberg A/S, Class B 95,104    17,599,961
Novo Nordisk A/S, Class B 171,557    15,890,993
      33,490,954
France–12.18%
Arkema S.A. 87,660    11,156,882
Bollore S.A. 5,030,456    28,110,541
Criteo S.A., ADR(a) 535,352    20,766,305
Kaufman & Broad S.A. 476,877    21,150,776
Kering S.A. 14,326    12,863,423
LVMH Moet Hennessy Louis Vuitton SE 14,341    11,476,507
Metropole Television S.A. 730,831    14,642,699
Pernod Ricard S.A. 49,018    10,818,861
Sanofi 120,221    12,388,540
      143,374,534
Germany–5.40%
Deutsche Boerse AG 189,816    31,699,622
Knorr-Bremse AG 83,581     9,481,157
MorphoSys AG(a) 181,764    10,133,284
MTU Aero Engines AG 48,798    12,217,638
      63,531,701
Hungary–1.53%
Gedeon Richter PLC 656,489    18,025,265
Ireland–5.15%
CRH PLC 352,224    17,553,742
Flutter Entertainment PLC(a) 102,531    17,523,916
ICON PLC(a) 52,216    12,702,586
Origin Enterprises PLC 3,142,459    12,818,335
      60,598,579
Italy–5.88%
Danieli & C. Officine Meccaniche S.p.A., RSP 1,381,700    25,396,939
FinecoBank Banca Fineco S.p.A.(a) 1,756,102    31,445,628
Technogym S.p.A.(b) 956,273    12,355,155
      69,197,722
Netherlands–7.71%
Aalberts N.V. 223,332    13,590,435
ASML Holding N.V. 15,023    11,423,472
Heineken N.V. 106,403    12,391,928
SBM Offshore N.V.(c) 1,145,920    16,645,148
Signify N.V. 227,412    12,738,826
Wolters Kluwer N.V. 210,236    23,980,786
      90,770,595
Norway–0.96%
TGS ASA 990,078    11,335,176
  Shares Value
Russia–5.88%
Sberbank of Russia PJSC, Preference Shares 17,485,510    $69,153,741
Spain–0.89%
Construcciones y Auxiliar de Ferrocarriles S.A. 246,561    10,458,751
Sweden–6.95%
Investor AB, Class B 1,141,799    28,285,950
Lifco AB, Class B 844,660    24,808,868
Sandvik AB 1,099,904    28,650,298
      81,745,116
Switzerland–6.71%
Kuehne + Nagel International AG, Class R 36,694    12,380,561
Logitech International S.A., Class R 35,008     3,826,982
Nestle S.A. 178,113    22,569,330
OC Oerlikon Corp. AG 1,473,634    16,692,788
Roche Holding AG 60,666    23,459,683
      78,929,344
Turkey–1.02%
Haci Omer Sabanci Holding A.S. 10,715,695    12,056,628
United Kingdom–27.40%
Ashtead Group PLC 155,097    11,618,698
Clarkson PLC 289,032    12,954,025
DCC PLC 644,575    53,965,649
Diploma PLC 242,649     9,975,005
FDM Group Holdings PLC 415,055     6,828,081
Gamesys Group PLC 873,733    22,393,016
Hays PLC(a) 9,169,590    18,848,105
HomeServe PLC 1,291,440    16,771,873
IG Group Holdings PLC 2,462,021    30,521,331
Jupiter Fund Management PLC 2,319,564     8,716,027
Linde PLC 66,728    20,511,520
Savills PLC 2,060,016    32,864,841
Travis Perkins PLC(a) 535,517    12,668,373
Ultra Electronics Holdings PLC 1,168,972    51,493,868
WPP PLC 942,856    12,206,358
      322,336,770
United States–5.02%
Philip Morris International, Inc. 281,760    28,201,358
Schneider Electric SE 184,065    30,842,683
      59,044,041
Total Common Stocks & Other Equity Interests (Cost $735,674,510) 1,151,775,119
Money Market Funds–1.78%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e) 6,506,440     6,506,440
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(d)(e) 7,025,156     7,027,966
 
See accompanying notes which are an integral part of this schedule.
Invesco European Growth Fund
  Shares Value
Money Market Funds–(continued)
Invesco Treasury Portfolio, Institutional Class, 0.01%(d)(e) 7,435,932     $7,435,932
Total Money Market Funds (Cost $20,963,435) 20,970,338
TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-99.67% (Cost $756,637,945)     1,172,745,457
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.60%
Invesco Private Government Fund, 0.02%(d)(e)(f) 2,104,410     2,104,410
  Shares Value
Money Market Funds–(continued)
Invesco Private Prime Fund, 0.12%(d)(e)(f) 4,908,327     $4,910,290
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $7,014,700) 7,014,700
TOTAL INVESTMENTS IN SECURITIES—100.27% (Cost $763,652,645) 1,179,760,157
OTHER ASSETS LESS LIABILITIES–(0.27)% (3,221,751)
NET ASSETS–100.00% $1,176,538,406
Investment Abbreviations:
ADR – American Depositary Receipt
RSP – Registered Savings Plan Shares
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 value of this security at July 31, 2021 represented 1.05% of the Fund’s Net Assets.
(c) All or a portion of this security was out on loan at July 31, 2021.
(d) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the nine months ended July 31, 2021.
    
  Value
October 31, 2020 		Purchases
at Cost 		Proceeds
from Sales 		Change in
Unrealized
Appreciation
(Depreciation) 		Realized
Gain 		Value
July 31, 2021 		Dividend Income
Investments in Affiliated Money Market Funds:              
Invesco Government & Agency Portfolio, Institutional Class $22,919,264 $45,388,190 $(61,801,014) $- $- $6,506,440 $2,125
Invesco Liquid Assets Portfolio, Institutional Class 20,309,891 30,861,847 (44,143,582) (6,158) 5,968 7,027,966 3,692
Invesco Treasury Portfolio, Institutional Class 26,193,444 51,872,218 (70,629,730) - - 7,435,932 1,070
Investments Purchased with Cash Collateral from Securities on Loan:              
Invesco Private Government Fund - 45,490,780 (43,386,370) - - 2,104,410 330*
Invesco Private Prime Fund - 82,562,843 (77,652,553) - - 4,910,290 4,642*
Total $69,422,599 $256,175,878 $(297,613,249) $(6,158) $5,968 $27,985,038 $11,859
    
* 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.
    
(e) The rate shown is the 7-day SEC standardized yield as of July 31, 2021.
(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.
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 European Growth Fund
Notes to Quarterly Schedule of Portfolio Holdings
July 31, 2021
(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, 2021. 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        
China $— $27,726,202 $— $27,726,202
Denmark — 33,490,954 — 33,490,954
France 20,766,305 122,608,229 — 143,374,534
Germany — 63,531,701 — 63,531,701
Hungary — 18,025,265 — 18,025,265
Ireland 12,702,586 47,895,993 — 60,598,579
Italy — 69,197,722 — 69,197,722
Netherlands — 90,770,595 — 90,770,595
Norway — 11,335,176 — 11,335,176
Russia — 69,153,741 — 69,153,741
Spain — 10,458,751 — 10,458,751
Sweden — 81,745,116 — 81,745,116
Switzerland — 78,929,344 — 78,929,344
Turkey — 12,056,628 — 12,056,628
United Kingdom 20,511,520 301,825,250 — 322,336,770
United States 28,201,358 30,842,683 — 59,044,041
Money Market Funds 20,970,338 7,014,700 — 27,985,038
Total Investments $103,152,107 $1,076,608,050 $— $1,179,760,157
Invesco European Growth Fund