NPORT-EX 2 edgar.htm
Schedule of Investments
July 31, 2023
(Unaudited)
  Shares Value
Common Stocks & Other Equity Interests–97.36%
Australia–2.67%
ALS Ltd. 4,448,352    $35,137,556
Cochlear Ltd. 320,665    51,573,858
IPH Ltd. 7,864,717    41,780,181
      128,491,595
Austria–0.49%
Fabasoft AG 1,170,093    23,602,005
Brazil–2.31%
Odontoprev S.A. 14,272,953    37,004,791
TOTVS S.A. 6,145,737    38,430,757
WEG S.A. 4,262,300    35,982,240
      111,417,788
Canada–1.68%
CCL Industries, Inc., Class B 739,409    35,449,465
Descartes Systems Group, Inc. (The)(a) 579,294    45,182,867
      80,632,332
Denmark–1.23%
Chemometec A/S(a)(b) 881,724    59,183,745
France–4.53%
Alten S.A. 264,736    38,171,702
Interparfums S.A. 622,177    44,905,295
Lectra 1,239,422    39,484,567
Neurones 921,048    38,330,837
Thermador Groupe 290,951    25,782,684
Vetoquinol S.A. 307,919    31,252,691
      217,927,776
Germany–8.44%
Amadeus Fire AG(b) 294,416    34,969,090
Atoss Software AG 154,077    37,433,640
Carl Zeiss Meditec AG, BR 567,724    65,751,082
CTS Eventim AG & Co. KGaA 701,589    47,859,798
Fuchs Petrolub SE, Preference Shares 690,697    28,561,191
Knorr-Bremse AG 444,772    31,293,462
Nemetschek SE 517,128    37,651,376
New Work SE(b) 305,413    35,974,619
Sartorius AG, Preference Shares 130,200    53,715,952
STRATEC SE 588,517    33,003,679
      406,213,889
Iceland–1.27%
Marel HF(c) 11,041,344    36,417,482
Ossur HF(a) 5,274,070    24,641,545
      61,059,027
India–2.93%
AIA Engineering Ltd. 580,541    24,417,175
Britannia Industries Ltd. 690,100    40,227,950
Coforge Ltd. 786,622    44,982,164
Triveni Turbine Ltd. 6,476,606    31,492,895
      141,120,184
  Shares Value
Indonesia–0.60%
PT Selamat Sempurna Tbk 216,454,500    $28,706,948
Israel–1.67%
Nice Ltd., ADR(a) 370,049    80,615,175
Italy–4.52%
Antares Vision S.p.A.(a)(b) 2,518,258    17,000,451
DiaSorin S.p.A. 445,187    50,020,352
Interpump Group S.p.A. 865,404    47,102,754
Recordati Industria Chimica e Farmaceutica S.p.A. 770,905    39,855,595
Technoprobe S.p.A.(a) 3,434,744    31,400,560
Tinexta S.p.A. 1,726,657    32,290,184
      217,669,896
Japan–21.58%
Ariake Japan Co. Ltd. 1,567,600    57,162,505
As One Corp. 1,077,626    42,872,300
Azbil Corp. 1,779,500    56,145,491
Benefit One, Inc. 4,077,100    42,177,672
Daifuku Co. Ltd. 2,545,400    54,239,766
Disco Corp. 380,800    71,528,347
Fukui Computer Holdings, Inc.(b) 1,764,900    32,562,089
Funai Soken Holdings, Inc. 1,175,400    21,806,957
Japan Elevator Service Holdings Co. Ltd. 3,191,700    39,483,997
Kakaku.com, Inc. 2,407,500    35,973,946
Medikit Co. Ltd. 301,800     5,359,603
Meitec Corp. 3,191,858    58,128,279
MISUMI Group, Inc. 1,701,700    31,161,704
MonotaRO Co. Ltd. 2,261,820    27,664,071
NSD Co. Ltd. 2,075,694    40,663,333
OBIC Business Consultants Co. Ltd. 1,105,400    46,459,535
Obic Co. Ltd. 553,700    90,671,205
SCSK Corp. 2,211,100    36,765,189
Seria Co. Ltd. 2,232,900    37,475,000
Shimano, Inc. 232,700    35,260,886
SHO-BOND Holdings Co. Ltd. 1,056,500    42,917,627
Sysmex Corp. 512,400    34,722,907
TechnoPro Holdings, Inc. 1,665,800    43,099,472
TKC Corp. 1,337,518    34,786,905
USS Co. Ltd. 1,143,748    19,822,624
      1,038,911,410
Jersey–0.83%
JTC PLC(c) 4,319,626    39,934,916
Netherlands–0.95%
IMCD N.V. 301,173    45,722,629
New Zealand–0.49%
Fisher & Paykel Healthcare Corp. Ltd. 1,539,202    23,477,013
Norway–0.49%
Medistim ASA 910,000    23,340,667
South Africa–0.43%
Cashbuild Ltd. 737,640     6,668,731
 
See accompanying notes which are an integral part of this schedule.
Invesco International Small-Mid Company Fund
  Shares Value
South Africa–(continued)
Hudaco Industries Ltd. 1,532,712    $13,884,909
      20,553,640
South Korea–0.66%
NICE Information Service Co. Ltd.(b) 4,326,599    31,849,824
Sweden–10.13%
AddTech AB, Class B 1,374,749    25,521,323
Biotage AB 2,955,786    36,255,825
Bravida Holding AB(c) 3,112,674    24,948,616
Cellavision AB 1,101,561    22,961,067
Epiroc AB, Class A 1,836,324    36,495,092
Fortnox AB 5,439,840    33,412,920
Hexpol AB 3,133,773    34,059,890
Karnov Group AB(a)(b) 8,998,684    42,572,944
Lifco AB, Class B 1,653,219    33,219,379
Lime Technologies AB(b) 669,611    17,526,370
Loomis AB 1,070,605    31,119,229
MIPS AB(c)(d) 916,258    41,265,999
Mycronic AB 1,399,833    30,036,254
Sdiptech AB, Class B(a)(b) 2,085,173    57,564,853
SmartCraft ASA(a) 10,011,921    20,543,030
      487,502,791
Switzerland–9.96%
Belimo Holding AG 96,358    51,952,333
Bossard Holding AG, Class A 95,960    22,395,268
Forbo Holding AG 24,038    34,638,728
Interroll Holding AG, Class R 9,097    29,136,282
Kardex Holding AG 213,351    53,174,530
LEM Holding S.A. 21,521    51,834,816
Partners Group Holding AG 98,127   110,194,347
Tecan Group AG, Class R(a) 118,691    47,236,132
VAT Group AG(c) 54,252    23,066,393
VZ Holding AG 601,516    55,856,365
      479,485,194
Taiwan–0.63%
Advantech Co. Ltd. 2,452,726    30,555,176
United Kingdom–15.89%
Alpha Financial Markets Consulting PLC(b) 7,644,144    37,472,062
Auction Technology Group PLC(a) 3,668,822    33,361,386
Bunzl PLC 882,246    32,701,775
Croda International PLC 975,176    73,750,594
Diploma PLC 1,281,578    53,235,283
FDM Group Holdings PLC 4,448,508    31,200,414
Greggs PLC 820,998    29,106,890
Halma PLC 1,976,025    56,775,306
  Shares Value
United Kingdom–(continued)
Hill & Smith PLC 1,667,395    $33,735,132
Howden Joinery Group PLC 4,156,566    39,349,013
IMI PLC 2,190,651    45,843,895
Intertek Group PLC 515,625    28,851,862
Rathbones Group PLC 1,554,085    35,884,198
Restore PLC(b) 13,286,712    27,710,281
Rightmove PLC 5,655,836    41,442,851
Rotork PLC 9,147,324    36,231,931
Spirax-Sarco Engineering PLC 463,181    66,170,634
Victrex PLC 917,088    18,166,350
Weir Group PLC (The) 1,850,479    43,609,769
      764,599,626
United States–2.98%
Allegion PLC 348,081    40,676,746
Bruker Corp. 792,869    54,485,958
ICON PLC(a) 192,923    48,502,771
      143,665,475
Total Common Stocks & Other Equity Interests (Cost $3,604,676,918) 4,686,238,721
Money Market Funds–2.15%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(b)(e) 36,245,322    36,245,322
Invesco Liquid Assets Portfolio, Institutional Class, 5.28%(b)(e) 25,880,893    25,883,482
Invesco Treasury Portfolio, Institutional Class, 5.18%(b)(e) 41,423,225    41,423,225
Total Money Market Funds (Cost $103,552,516) 103,552,029
TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-99.51% (Cost $3,708,229,434)     4,789,790,750
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.08%
Invesco Private Government Fund, 5.24%(b)(e)(f) 1,097,840     1,097,840
Invesco Private Prime Fund, 5.38%(b)(e)(f) 2,823,018     2,823,018
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $3,920,620) 3,920,858
TOTAL INVESTMENTS IN SECURITIES—99.59% (Cost $3,712,150,054) 4,793,711,608
OTHER ASSETS LESS LIABILITIES–0.41% 19,644,297
NET ASSETS–100.00% $4,813,355,905
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 nine months ended July 31, 2023.
    
  Value
October 31, 2022 		Purchases
at Cost 		Proceeds
from Sales 		Change in
Unrealized
Appreciation
(Depreciation) 		Realized
Gain
(Loss) 		Value
July 31, 2023 		Dividend Income
Investments in Affiliated Money Market Funds:              
Invesco Government & Agency Portfolio, Institutional Class $6,447,173 $233,614,305 $(203,816,156) $- $- $36,245,322 $758,096
Invesco Liquid Assets Portfolio, Institutional Class 4,604,909 166,867,360 (145,582,935) (884) (4,968) 25,883,482 564,146
Invesco Treasury Portfolio, Institutional Class 7,368,198 266,987,777 (232,932,750) - - 41,423,225 879,973
Investments Purchased with Cash Collateral from Securities on Loan:              
Invesco Private Government Fund - 40,399,003 (39,301,163) - - 1,097,840 75,005*
Invesco Private Prime Fund - 100,537,850 (97,716,650) 238 1,580 2,823,018 199,966*
Investments in Other Affiliates:              
Alpha Financial Markets Consulting PLC 25,993,604 8,331,729 - 3,146,729 - 37,472,062 324,669
Amadeus Fire AG 30,113,154 3,385,911 (4,249,789) 5,703,217 16,597 34,969,090 1,098,706
Antares Vision S.p.A. 16,508,773 4,341,202 - (3,849,524) - 17,000,451 -
Ariake Japan Co. Ltd.** 66,191,196 132,731 (12,062,509) 8,209,502 (5,308,415) 57,162,505 894,797
Chemometec A/S*** 50,157,097 25,049,798 - (16,023,150) - 59,183,745 -
Fukui Computer Holdings, Inc. 31,715,825 8,614,331 - (7,768,067) - 32,562,089 658,577
Johnson Service Group PLC 37,689,191 - (49,005,025) 13,554,447 (2,238,613) - 232,147
Karnov Group AB 34,774,863 11,571,066 - (3,772,985) - 42,572,944 -
Lime Technologies AB 13,931,719 1,722,709 (4,625,839) 9,105,489 (2,607,708) 17,526,370 194,889
New Work SE*** 31,108,966 7,784,794 - (2,919,141) - 35,974,619 1,717,183
NICE Information Service Co. Ltd.*** 21,106,756 17,824,259 - (7,081,191) - 31,849,824 721,273
Restore PLC 45,141,202 6,867,732 (2,918,552) (19,904,771) (1,475,330) 27,710,281 621,531
Sdiptech AB, Class B 45,943,824 3,251,869 (10,451,469) 14,179,053 4,641,576 57,564,853 -
Total $468,796,450 $907,284,426 $(802,662,837) $(7,421,038) $(6,975,281) $559,021,720 $8,940,958
    
* 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.
** As of July 31, 2023, this security was not considered as an affiliate of the Fund.
*** As of October 31, 2022, this security was not considered as an affiliate of the Fund.
    
(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 July 31, 2023 was $165,633,406, which represented 3.44% of the Fund’s Net Assets.
(d) All or a portion of this security was out on loan at July 31, 2023.
(e) The rate shown is the 7-day SEC standardized yield as of July 31, 2023.
(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 International Small-Mid Company 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 $— $128,491,595 $— $128,491,595
Austria — 23,602,005 — 23,602,005
Brazil 111,417,788 — — 111,417,788
Canada 80,632,332 — — 80,632,332
Denmark — 59,183,745 — 59,183,745
France — 217,927,776 — 217,927,776
Germany — 406,213,889 — 406,213,889
Iceland — 61,059,027 — 61,059,027
India — 141,120,184 — 141,120,184
Indonesia — 28,706,948 — 28,706,948
Israel 80,615,175 — — 80,615,175
Italy — 217,669,896 — 217,669,896
Japan — 1,038,911,410 — 1,038,911,410
Jersey — 39,934,916 — 39,934,916
Netherlands — 45,722,629 — 45,722,629
New Zealand — 23,477,013 — 23,477,013
Norway — 23,340,667 — 23,340,667
South Africa — 20,553,640 — 20,553,640
South Korea — 31,849,824 — 31,849,824
Sweden — 487,502,791 — 487,502,791
Switzerland — 479,485,194 — 479,485,194
Taiwan 30,555,176 — — 30,555,176
United Kingdom — 764,599,626 — 764,599,626
United States 143,665,475 — — 143,665,475
Money Market Funds 103,552,029 3,920,858 — 107,472,887
Total Investments $550,437,975 $4,243,273,633 $— $4,793,711,608
Invesco International Small-Mid Company Fund