Invesco Exchange Fund

Quarterly Schedule of Portfolio Holdings

March 31, 2019

invesco.com/us

VK-EXCH-QTR-1 03/19

Invesco Advisers, Inc.

Schedule of Investments(a)

March 31, 2019

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–98.58%
Auto Parts & Equipment–0.03%
Garrett Motion Inc. (Switzerland)		1,059	$15,599
Building Products–0.06%
Resideo Technologies Inc.		1,763	34,008
Commodity Chemicals–0.02%
AdvanSix, Inc.		430	12,285
Construction & Engineering–1.32%
Fluor Corp.		21,652	796,794
Diversified Banks–0.65%
HSBC Holdings PLC, ADR (United Kingdom)		9,724	394,600
Forest Products–0.88%
Louisiana-Pacific Corp.		21,912	534,214
Health Care Distributors–0.13%
Cardinal Health, Inc.		1,584	76,270
Health Care Equipment–1.13%
Baxter International Inc.		8,444	686,582
Health Care Services–0.54%
Cigna Corp.		2,023	325,339
Industrial Conglomerates–2.78%
Honeywell International Inc.		10,576	1,680,738
Industrial Gases–12.06%
Air Products and Chemicals, Inc.		38,227	7,299,828
Industrial Machinery–1.27%
SPX Corp. (b)		11,522	400,850
SPX FLOW, Inc.		11,522	367,552
			768,402
Integrated Oil & Gas–5.99%
BP PLC, ADR (United Kingdom)		28,575	1,249,299
Exxon Mobil Corp.		29,407	2,376,086
			3,625,385
IT Consulting & Other Services–2.95%
International Business Machines Corp.		12,671	1,787,878
Multi-line Insurance–0.13%
American International Group, Inc.		1,766	76,044
Oil & Gas Drilling–0.03%
Transocean Ltd.		1,845	16,070

	Shares		Value
Oil & Gas Equipment & Services–5.03%
Baker Hughes, a GE Co., Class A		12,991	$360,111
Halliburton Co.		51,154	1,498,812
Schlumberger Ltd.		27,134	1,182,228
			3,041,151
Oil & Gas Exploration & Production–5.34%
Apache Corp.		22,228	770,422
Hess Corp.		40,817	2,458,408
			3,228,830
Packaged Foods & Meats–16.04%
McCormick & Co, Inc.		64,419	9,703,434
Pharmaceuticals–15.82%
Johnson & Johnson		22,889	3,199,653
Merck & Co., Inc.		41,809	3,477,255
Pfizer Inc.		65,139	2,766,453
Takeda Pharmaceutical Co. Ltd., ADR (Japan)		6,339	129,125
			9,572,486
Semiconductor Equipment–1.59%
Versum Materials, Inc.		19,118	961,826
Semiconductors–14.36%
Intel Corp.		161,848	8,691,238
Specialized REITs–1.50%
Weyerhaeuser Co.		34,558	910,258
Specialty Chemicals–8.93%
International Flavors & Fragrances, Inc.		41,937	5,401,066
Total Common Stocks & Other Equity Interests (Cost $1,457,186)			59,640,325

Money Market Funds–1.27%
Invesco Government & Agency Portfolio- Institutional Class, 2.33%(c)		269,553	269,553
Invesco Liquid Assets Portfolio-Institutional Class, 2.48%(c)		192,504	192,562
Invesco Treasury Portfolio-Institutional Class, 2.31%(c)		308,061	308,061
Total Money Market Funds (Cost $770,136)			770,176
TOTAL INVESTMENTS IN SECURITIES–99.85% (Cost $2,227,322)			60,410,501
OTHER ASSETS LESS LIABILITIES–0.15%			91,778
NET ASSETS–100.00%			$60,502,279

Investment Abbreviations:

ADR	– American Depositary Receipt
REIT	– Real Estate Investment Trust

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

Invesco Exchange Fund

Notes to Schedule of Investments:

(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(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 Exchange Fund

Notes to Quarterly Schedule of Portfolio Holdings

March 31, 2019

(Unaudited)

NOTE 1—Significant Accounting Policies

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.

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 Exchange Fund

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.

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.

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.

As of March 31, 2019, all of the securities in this Fund were valued based on Level 1 inputs (see the Schedule of Investments for security

categories). 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 Exchange Fund