Invesco European Small Company Fund

Quarterly Schedule of Portfolio Holdings

March 31, 2019

invesco.com/us

ESC-QTR-1   03/19

Invesco Advisers, Inc.

Schedule of Investments

March 31, 2019

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–89.99%
Belgium–1.31%
Sioen Industries N.V.		251,000	$7,236,075
France–20.63%
Caisse Regionale de Credit Agricole Mutuel Brie Picardie-CCI		94,000	2,899,724
Caisse Regionale de Credit Agricole Mutuel de Normandie-Seine-CCI		46,988	7,590,068
Caisse Regionale de Credit Agricole Mutuel de Paris et d’Ile-de-France		55,078	6,090,643
Caisse Regionale de Credit Agricole Mutuel Nord de France-CCI		365,844	9,808,216
Constructions Industrielles de la Mediterranee S.A.		61,972	6,089,699
Credit Regionale de Credit Agricole Mutuel Sud Rhone Alpes-CCI		19,700	4,792,056
GEA		55,000	5,404,593
Gerard Perrier Industrie S.A.		169,171	9,754,056
Infotel S.A.		165,142	7,011,640
Kaufman & Broad S.A.		304,000	12,419,660
Linedata Services(a)		506,159	16,068,287
Maisons France Confort S.A.		132,990	5,034,878
Manutan International		92,667	6,403,273
Metropole Television S.A.		192,790	3,555,351
Neurones		280,000	7,161,254
Total Gabon		24,424	3,684,981
			113,768,379
Georgia–1.90%
TBC Bank Group PLC		522,263	10,502,616
Germany–3.18%
CENIT AG		213,758	3,416,909
MorphoSys AG(b)		125,562	11,429,913
Takkt AG		164,690	2,708,304
			17,555,126
Greece–3.19%
Autohellas S.A.		56,063	1,358,396
Karelia Tobacco Company Inc. S.A.		9,265	2,702,184
Mytilineos Holdings S.A.		1,341,192	13,555,387
			17,615,967
Hungary–1.46%
Gedeon Richter PLC		426,580	8,044,039
Ireland–6.31%
CPL Resources PLC		1,141,792	8,786,326
Origin Enterprises PLC		3,497,056	20,673,280
Total Produce PLC		2,784,323	5,309,636
			34,769,242

	Shares		Value
Israel–3.03%
Hilan Ltd.		517,409	$14,095,981
MIND C.T.I. Ltd.(a)		1,200,000	2,592,000
			16,687,981
Italy–4.10%
Danieli & C Officine Meccaniche S.p.A., Savings Shares		865,046	12,517,716
Gruppo MutuiOnline S.p.A.		415,000	8,593,617
Mondo TV S.p.A.		986,081	1,502,134
			22,613,467
Norway–4.54%
Bonheur ASA		531,206	7,871,133
Kongsberg Gruppen ASA		581,581	8,846,826
Wilh Wilhelmsen Holding ASA, Class A		474,539	8,307,919
			25,025,878
Poland–1.71%
Warsaw Stock Exchange		925,630	9,402,399
Portugal–0.34%
Conduril - Engenharia S.A.		46,308	1,870,056
Romania–8.43%
Banca Transilvania S.A.		16,895,448	8,237,228
Fondul Proprietatea S.A.		93,345,624	20,068,196
Societatea Nationala de Gaze Naturale ROMGAZ S.A.		2,391,512	18,177,750
			46,483,174
Spain–1.08%
Construcciones y Auxiliar de Ferrocarriles S.A.		124,000	5,960,308
Switzerland–6.09%
Carlo Gavazzi Holding AG		18,625	4,769,646
Kardex AG		147,048	22,151,343
OC Oerlikon Corp. AG		521,945	6,687,664
			33,608,653
Turkey–0.80%
AG Anadolu Grubu Holding A.S.		2,076,313	4,412,933
United Kingdom–21.89%
City of London Investment Group PLC		900,000	4,641,931
Clarkson PLC		188,808	5,840,432
DCC PLC		58,026	5,032,877
Diploma PLC		458,327	8,720,880
Eurocell PLC		1,809,000	5,560,470
IG Group Holdings PLC		642,684	4,352,730
JPJ Group PLC		1,339,000	12,207,860
Jupiter Fund Management PLC		867,000	4,099,888

See accompanying notes which are an integral part of this schedule.

Invesco European Small Company Fund

	Shares		Value
United Kingdom–(continued)
Lookers PLC		8,915,000	$11,727,452
Micro Focus International PLC		175,334	4,540,182
Renew Holdings PLC		1,981,000	10,372,214
SafeStyle UK PLC(a)		5,375,000	5,425,517
Savills PLC		1,123,513	13,255,760
Staffline Group PLC		861,000	9,756,260
Ultra Electronics Holdings PLC		499,583	10,406,615
XLMedia PLC		6,025,000	4,786,828
			120,727,896
Total Common Stocks & Other Equity Interests (Cost $455,652,904)			496,284,189

	Shares		Value
Money Market Funds–9.62%
Invesco Government & Agency Portfolio, Institutional Class, 2.33%(c)		18,562,449	$18,562,449
Invesco Liquid Assets Portfolio, Institutional Class, 2.48%(c)		13,256,775	13,260,753
Invesco Treasury Portfolio, Institutional Class, 2.31%(c)		21,214,227	21,214,227
Total Money Market Funds (Cost $53,035,897)			53,037,429
TOTAL INVESTMENTS IN SECURITIES—99.61% (Cost $508,688,801)			549,321,618
OTHER ASSETS LESS LIABILITIES–0.39%			2,173,573
NET ASSETS–100.00%			$551,495,191

Notes to Schedule of Investments:

(a)	Affiliated company during the period. The Investment Company Act of 1940 defines an “affiliated person” as an issuance in which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the Investment Company Act of 1940) of that issuer. The value of this security as of March 31, 2019 represented $24,085,804, which represented 4.37% of the Fund’s Net Assets. See Note 3.
(b)	Non-income producing security.
(c)	The money market fund and the Fund are affiliated by having the same investment adviser. 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 European Small Company Fund

Notes to Quarterly Schedule of Portfolio Holdings

March 31, 2019

(Unaudited)

NOTE 1—Significant Accounting Policies

A.

Security Valuations — Securities, including restricted securities, are valued according to the following policy.

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”).

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.

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. Interest income (net of withholding tax, if any) is

recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund 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.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities

purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and

unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net

realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the

Invesco European Small Company Fund

B.

Securities Transactions and Investment Income — (continued)

Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and

are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net

investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by

any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

C.

Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the

investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors

include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer

derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among

the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets,

the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or

credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D.

Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major

currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at

the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in

foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for

the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from

changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on

investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the

Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or

losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends,

interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net

unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at

fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a

portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in

which the Fund invests and are shown in the Statement of Operations.

E.

Forward Foreign Currency Contracts — The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery

and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in

order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for

physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon

exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards). The Fund will set aside

liquid assets in an amount equal to the daily mark-to-market obligation for forward foreign currency contracts.

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an

agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of the underlying

securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are

measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation)

until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the

contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the

Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the

amounts reflected in the Statement of Assets and Liabilities.

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.

The following is a summary of the tiered valuation input levels, as of March 31, 2019. 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 European Small Company Fund

	Level 1	Level 2	Level 3	Total
Investments in Securities
Belgium	$7,236,075	$—	$—	$7,236,075
France	113,768,379	—	—	113,768,379
Georgia	10,502,616	—	—	10,502,616
Germany	17,555,126	—	—	17,555,126
Greece	17,615,967	—	—	17,615,967
Hungary	8,044,039	—	—	8,044,039
Ireland	34,769,242	—	—	34,769,242
Israel	2,592,000	14,095,981	—	16,687,981
Italy	22,613,467	—	—	22,613,467
Norway	25,025,878	—	—	25,025,878
Poland	9,402,399	—	—	9,402,399
Portugal	1,870,056	—	—	1,870,056
Romania	46,483,174	—	—	46,483,174
Spain	5,960,308	—	—	5,960,308
Switzerland	26,920,989	6,687,664	—	33,608,653
Turkey	4,412,933	—	—	4,412,933
United Kingdom	74,671,694	46,056,202	—	120,727,896
Money Market Funds	53,037,429	—	—	53,037,429
Total Investments	$482,481,771	$66,839,847	$—	$549,321,618

NOTE 3—Investments in Other Affiliates

The Investment Company Act of 1940, as amended (the "1940 Act"), defines an "affiliated person" as an issuance in which a fund holds 5% or more

of the outstanding voting securities. 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 following is a summary of the investments in other affiliates (excluding affiliated money market funds) for the three

months ended March 31, 2019.

	Value 12/31/18	Purchases at Cost	Proceeds from Sales	Change in Unrealized Appreciation (Depreciation)	Realized Gain (Loss)	Value 03/31/19	Dividend Income
Linedata Services	$ 18,267,842	$-	$-	$ (2,199,555)	$-	$ 16,068,287	$-
MIND C.T.I. Ltd.	2,736,000	-	-	(144,000)	-	2,592,000	249,600
Mondo TV S.p.A.(a)	2,633,448		(1,465,454)	3,797,175	(3,463,035)	1,502,134	-
NAHL Group PLC(a)	3,169,771		(2,626,280)	5,114,964	(5,658,455)	-	-
SafeStyle UK PLC	5,819,279	-	-	(393,762)	-	5,425,517	-
Total	$ 32,626,340	$–	$(4,091,734)	$ 6,174,822	$ (9,121,490)	$ 25,587,938	$ 249,600
(a) As of March 31, 2019, this security was not considered as an affiliate of the Fund.

Invesco European Small Company Fund