NPORT-EX 2 edgar.htm
Schedule of Investments
July 31, 2023
(Unaudited)
  Shares Value
Common Stocks & Other Equity Interests–100.89%
Australia–2.79%
CSL Ltd. 571   $102,936
James Hardie Industries PLC, CDI(a) 3,536   103,412
      206,348
Canada–4.41%
Alimentation Couche-Tard, Inc. 2,944   149,047
Dollarama, Inc. 2,689   177,126
      326,173
China–0.34%
Alibaba Group Holding Ltd.(a) 2,000    25,475
Denmark–4.01%
Novo Nordisk A/S, Class B 1,841   296,938
Finland–0.92%
Enento Group OYJ (Acquired 02/15/2019-08/15/2019; Cost $81,060)(b)(c) 2,794    67,736
France–16.79%
Airbus SE 750   110,494
Capgemini SE 297    53,917
Dassault Systemes SE 1,333    57,055
Edenred 1,875   121,729
EssilorLuxottica S.A. 409    82,248
Hermes International 100   221,277
Kering S.A. 51    29,314
L’Oreal S.A. 266   123,620
LVMH Moet Hennessy Louis Vuitton SE 295   275,405
Sartorius Stedim Biotech 335   104,684
Schneider Electric SE 349    62,247
      1,241,990
Germany–6.22%
AIXTRON SE 3,259   129,427
CTS Eventim AG & Co. KGaA 1,656   112,966
HelloFresh SE(a) 1,428    40,674
SAP SE 270    36,928
Siemens AG 415    70,714
Siemens Healthineers AG(b) 1,194    69,377
      460,086
India–4.28%
Dr Lal PathLabs Ltd.(b) 2,268    64,158
Jio Financial Services Ltd.(a) 7,654    24,368
Reliance Industries Ltd. 7,368   228,189
      316,715
Ireland–2.65%
Flutter Entertainment PLC(a) 983   195,832
Italy–2.33%
Davide Campari-Milano N.V. 12,807   172,390
Japan–7.56%
Benefit One, Inc. 2,000    20,690
  Shares Value
Japan–(continued)
Daikin Industries Ltd. 700   $141,452
Hitachi Ltd. 1,200    78,540
Hoya Corp. 700    81,184
Keyence Corp. 300   134,676
Kobe Bussan Co. Ltd. 2,700    71,938
Nihon M&A Center Holdings, Inc. 5,400    30,933
      559,413
Netherlands–6.49%
Aalberts N.V. 1,385    62,566
Adyen N.V.(a)(b) 47    87,303
ASM International N.V. 135    64,106
ASML Holding N.V. 286   204,744
Universal Music Group N.V. 2,370    61,264
      479,983
New Zealand–0.64%
Xero Ltd.(a) 578    47,554
Spain–2.21%
Amadeus IT Group S.A. 2,282   163,788
Sweden–4.74%
Atlas Copco AB, Class A 10,179   144,953
Epiroc AB, Class A 10,336   205,418
      350,371
Switzerland–4.40%
Barry Callebaut AG 17    31,867
Lonza Group AG 99    57,460
Sika AG 511   158,927
VAT Group AG(b) 181    76,956
      325,210
Taiwan–0.97%
Taiwan Semiconductor Manufacturing Co. Ltd. 4,000    72,036
United Kingdom–21.95%
Abcam PLC, ADR(a) 1,636    38,348
Ashtead Group PLC 1,088    80,410
Auto Trader Group PLC(b) 11,557    95,868
Britvic PLC 6,801    75,391
Compass Group PLC 7,961   207,065
ConvaTec Group PLC(b) 20,225    54,118
Entain PLC 2,539    45,226
JD Sports Fashion PLC 65,642   133,004
Legal & General Group PLC 21,070    63,085
London Stock Exchange Group PLC 1,848   200,512
Next PLC 1,707   154,489
Ocado Group PLC(a) 3,292    39,590
Rentokil Initial PLC 20,917   170,728
Rightmove PLC 12,101    88,670
RS GROUP PLC 6,201    62,384
Trainline PLC(a)(b) 33,955   114,761
      1,623,649
 
See accompanying notes which are an integral part of this schedule.
Invesco International Select Equity Fund
  Shares Value
United States–7.19%
EPAM Systems, Inc.(a) 479   $113,432
Experian PLC 1,594    61,525
Ferguson PLC 873   140,137
Medtronic PLC 542    47,566
ResMed, Inc. 762   169,431
      532,091
Total Common Stocks & Other Equity Interests (Cost $6,535,135) 7,463,778
  Shares Value
Money Market Funds–0.00%
Invesco Liquid Assets Portfolio, Institutional Class, 5.28%(d)(e)
(Cost $268) 		268       $268
TOTAL INVESTMENTS IN SECURITIES—100.89% (Cost $6,535,403) 7,464,046
OTHER ASSETS LESS LIABILITIES–(0.89)% (66,136)
NET ASSETS–100.00% $7,397,910
Investment Abbreviations:
ADR – American Depositary Receipt
CDI – CREST Depository Interest
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, 2023 was $630,277, which represented 8.52% of the Fund’s Net Assets.
(c) Restricted security. The value of this security at July 31, 2023 represented less than 1% of the Fund’s Net Assets.
(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, 2023.
    
  Value
October 31, 2022 		Purchases
at Cost 		Proceeds
from Sales 		Change in
Unrealized
Appreciation
(Depreciation) 		Realized
Gain 		Value
July 31, 2023 		Dividend Income
Investments in Affiliated Money Market Funds:              
Invesco Government & Agency Portfolio $699,519 $18,458,209 $(19,157,728) $- $- $- $22,116
Invesco Liquid Assets Portfolio, Institutional Class 500,008 13,184,435 (13,684,712) (56) 593 268 14,775
Invesco Treasury Portfolio 799,451 21,095,096 (21,894,547) - - - 22,570
Investments Purchased with Cash Collateral from Securities on Loan:              
Invesco Private Government Fund 803,707 2,415,402 (3,219,109) - - - 3,007*
Invesco Private Prime Fund 2,066,141 3,677,597 (5,744,201) (12) 475 - 9,077*
Total $4,868,826 $58,830,739 $(63,700,297) $(68) $1,068 $268 $71,545
    
* 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, 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 Select Equity Fund
Notes to Quarterly Schedule of Portfolio Holdings
July 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 July 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 $— $206,348 $— $206,348
Canada 326,173 — — 326,173
China — 25,475 — 25,475
Denmark — 296,938 — 296,938
Finland — 67,736 — 67,736
France — 1,241,990 — 1,241,990
Germany — 460,086 — 460,086
India — 316,715 — 316,715
Ireland — 195,832 — 195,832
Italy — 172,390 — 172,390
Japan — 559,413 — 559,413
Netherlands — 479,983 — 479,983
New Zealand — 47,554 — 47,554
Spain — 163,788 — 163,788
Sweden — 350,371 — 350,371
Switzerland — 325,210 — 325,210
Taiwan — 72,036 — 72,036
United Kingdom 38,348 1,585,301 — 1,623,649
United States 330,429 201,662 — 532,091
Money Market Funds 268 — — 268
Total Investments $695,218 $6,768,828 $— $7,464,046
Invesco International Select Equity Fund