Schedule of Investments
July 31, 2023
(Unaudited)
| Shares | Value | ||
| Common Stocks & Other Equity Interests–93.48% | |||
| Brazil–12.51% | |||
| Ambev S.A., ADR | 7,405,469 | $23,105,063 | |
| Arcos Dorados Holdings, Inc., Class A(a) | 6,250,663 | 70,632,492 | |
| B3 S.A. - Brasil, Bolsa, Balcao | 4,309,160 | 13,577,898 | |
| Multiplan Empreendimentos Imobiliarios S.A. | 11,259,329 | 62,883,189 | |
| Raia Drogasil S.A. | 6,157,736 | 37,724,475 | |
| TOTVS S.A. | 3,772,700 | 23,591,591 | |
| 231,514,708 | |||
| China–26.56% | |||
| Airtac International Group | 979,000 | 29,097,501 | |
| China Mengniu Dairy Co. Ltd.(b) | 11,687,000 | 44,365,907 | |
| China Resources Beer Holdings Co. Ltd. | 6,714,000 | 43,053,304 | |
| Chongqing Fuling Zhacai Group Co. Ltd., A Shares | 8,043,566 | 21,266,087 | |
| Fuyao Glass Industry Group Co. Ltd., H Shares(c) | 8,098,800 | 35,938,094 | |
| JD.com, Inc., ADR(d) | 635,544 | 26,254,323 | |
| Meituan, B Shares(b)(c) | 95,430 | 1,815,561 | |
| Prosus N.V. | 222,367 | 17,609,939 | |
| Tencent Holdings Ltd. | 1,116,100 | 51,226,607 | |
| Tongcheng Travel Holdings Ltd.(b)(c) | 22,288,000 | 53,779,219 | |
| Wuliangye Yibin Co. Ltd., A Shares | 2,140,260 | 54,585,705 | |
| Yum China Holdings, Inc.(d) | 1,845,858 | 112,634,256 | |
| 491,626,503 | |||
| Egypt–1.57% | |||
| Eastern Co. S.A.E. | 14,250,488 | 8,614,858 | |
| EFG Holding S.A.E.(b) | 38,434,502 | 20,498,401 | |
| 29,113,259 | |||
| France–2.32% | |||
| Bollore SE | 6,808,819 | 43,015,826 | |
| Hong Kong–1.69% | |||
| AIA Group Ltd. | 3,130,000 | 31,277,981 | |
| Hungary–3.80% | |||
| Gedeon Richter PLC | 2,790,740 | 70,397,245 | |
| India–6.34% | |||
| Emami Ltd. | 3,355,291 | 18,896,621 | |
| HDFC Bank Ltd., ADR | 1,017,245 | 69,457,489 | |
| MakeMyTrip Ltd.(b) | 384,084 | 11,050,097 | |
| SBI Life Insurance Co. Ltd.(c) | 1,153,035 | 17,974,355 | |
| 117,378,562 | |||
| Indonesia–5.39% | |||
| PT Bank Central Asia Tbk | 74,917,000 | 45,329,107 | |
| PT Kalbe Farma Tbk | 296,157,900 | 37,647,949 | |
| PT Telkom Indonesia (Persero) Tbk | 68,261,900 | 16,822,826 | |
| 99,799,882 | |||
| Macau–0.68% | |||
| Galaxy Entertainment Group Ltd.(b) | 1,726,000 | 12,551,170 | |
| Shares | Value | ||
| Mexico–10.77% | |||
| Bolsa Mexicana de Valores S.A.B. de C.V. | 19,251,320 | $40,813,488 | |
| GMexico Transportes S.A.B. de C.V. | 12,029,493 | 28,663,886 | |
| Grupo Aeroportuario del Centro Norte S.A.B. de C.V. | 2,779,178 | 31,335,253 | |
| Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B | 645,638 | 12,301,631 | |
| Kimberly-Clark de Mexico S.A.B. de C.V., Class A | 20,684,192 | 48,569,867 | |
| Wal-Mart de Mexico S.A.B. de C.V., Series V | 9,060,410 | 37,718,792 | |
| 199,402,917 | |||
| Nigeria–1.11% | |||
| Zenith Bank PLC | 447,469,084 | 20,512,556 | |
| Philippines–5.85% | |||
| BDO Unibank, Inc. | 23,561,062 | 62,227,432 | |
| SM Investments Corp. | 723,820 | 12,031,465 | |
| SM Prime Holdings, Inc. | 55,972,100 | 34,040,895 | |
| 108,299,792 | |||
| Russia–0.00% | |||
| Detsky Mir PJSC(b)(e) | 6,640,610 | 7 | |
| Moscow Exchange MICEX-RTS PJSC(e) | 11,806,000 | 12 | |
| Sberbank of Russia PJSC(e) | 11,900,044 | 12 | |
| Sberbank of Russia PJSC, Preference Shares(e) | 15,636,015 | 15 | |
| 46 | |||
| South Africa–1.05% | |||
| Naspers Ltd., Class N | 98,890 | 19,444,684 | |
| South Korea–4.45% | |||
| Douzone Bizon Co. Ltd. | 335,094 | 7,208,471 | |
| LEENO Industrial, Inc. | 116,138 | 15,383,404 | |
| Samsung Electronics Co. Ltd. | 1,089,803 | 59,733,613 | |
| 82,325,488 | |||
| Taiwan–7.25% | |||
| ASPEED Technology, Inc. | 133,000 | 9,847,450 | |
| MediaTek, Inc. | 771,000 | 16,928,070 | |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 4,348,000 | 78,303,145 | |
| Visual Photonics Epitaxy Co. Ltd. | 6,918,000 | 29,241,959 | |
| 134,320,624 | |||
| United Arab Emirates–1.66% | |||
| Emaar Properties PJSC | 16,658,100 | 30,665,490 | |
| Vietnam–0.48% | |||
| Vietnam Dairy Products JSC | 2,723,148 | 8,969,159 | |
| Total Common Stocks & Other Equity Interests (Cost $1,372,860,247) | 1,730,615,892 | ||
| Money Market Funds–6.16% | |||
| Invesco Government & Agency Portfolio, Institutional Class, 5.18%(a)(f) | 39,937,790 | 39,937,790 | |
| Invesco Liquid Assets Portfolio, Institutional Class, 5.28%(a)(f) | 28,518,915 | 28,521,766 | |
See accompanying notes which are an integral part of this schedule.
Invesco EQV Emerging Markets All Cap Fund
| Shares | Value | ||
| Money Market Funds–(continued) | |||
| Invesco Treasury Portfolio, Institutional Class, 5.18%(a)(f) | 45,643,188 | $45,643,188 | |
| Total Money Market Funds (Cost $114,103,648) | 114,102,744 | ||
| TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-99.64% (Cost $1,486,963,895) | 1,844,718,636 | ||
| Investments Purchased with Cash Collateral from Securities on Loan | |||
| Money Market Funds–0.36% | |||
| Invesco Private Government Fund, 5.24%(a)(f)(g) | 1,843,587 | 1,843,587 | |
| Shares | Value | ||
| Money Market Funds–(continued) | |||
| Invesco Private Prime Fund, 5.38%(a)(f)(g) | 4,740,652 | $4,740,652 | |
| Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $6,584,229) | 6,584,239 | ||
| TOTAL INVESTMENTS IN SECURITIES—100.00% (Cost $1,493,548,124) | 1,851,302,875 | ||
| OTHER ASSETS LESS LIABILITIES–(0.00)% | (43,809) | ||
| NET ASSETS–100.00% | $1,851,259,066 | ||
Investment Abbreviations:
| ADR | – American Depositary Receipt |
Notes to Schedule of Investments:
| (a) | 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 | $24,452,871 | $121,287,238 | $(105,802,319) | $- | $- | $39,937,790 | $1,068,492 |
| Invesco Liquid Assets Portfolio, Institutional Class | 11,276,948 | 86,633,742 | (69,384,706) | (4,290) | 72 | 28,521,766 | 765,409 |
| Invesco Treasury Portfolio, Institutional Class | 27,946,138 | 138,613,986 | (120,916,936) | - | - | 45,643,188 | 1,218,732 |
| Investments Purchased with Cash Collateral from Securities on Loan: | |||||||
| Invesco Private Government Fund | 14,372,862 | 77,789,466 | (90,318,741) | - | - | 1,843,587 | 84,455* |
| Invesco Private Prime Fund | 36,948,524 | 192,447,084 | (224,649,594) | (3,188) | (2,174) | 4,740,652 | 236,609* |
| Investments in Other Affiliates: | |||||||
| Arcos Dorados Holdings, Inc., Class A | 73,318,658 | - | (34,436,913) | 26,203,295 | 5,547,452 | 70,632,492 | 1,170,636 |
| Total | $188,316,001 | $616,771,516 | $(645,509,209) | $26,195,817 | $5,545,350 | $191,319,475 | $4,544,333 |
| * | 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. |
| (b) | Non-income producing security. |
| (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 $109,507,229, which represented 5.92% of the Fund’s Net Assets. |
| (d) | All or a portion of this security was out on loan at July 31, 2023. |
| (e) | Security valued using significant unobservable inputs (Level 3). See Note 1. |
| (f) | The rate shown is the 7-day SEC standardized yield as of July 31, 2023. |
| (g) | 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 EQV Emerging Markets All Cap 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 | ||||
| Brazil | $231,514,708 | $— | $— | $231,514,708 |
| China | 138,888,579 | 352,737,924 | — | 491,626,503 |
| Egypt | 29,113,259 | — | — | 29,113,259 |
| France | — | 43,015,826 | — | 43,015,826 |
| Hong Kong | — | 31,277,981 | — | 31,277,981 |
| Hungary | — | 70,397,245 | — | 70,397,245 |
| India | 80,507,586 | 36,870,976 | — | 117,378,562 |
| Indonesia | — | 99,799,882 | — | 99,799,882 |
| Macau | — | 12,551,170 | — | 12,551,170 |
| Mexico | 199,402,917 | — | — | 199,402,917 |
| Nigeria | — | 20,512,556 | — | 20,512,556 |
| Philippines | — | 108,299,792 | — | 108,299,792 |
| Russia | — | — | 46 | 46 |
| South Africa | — | 19,444,684 | — | 19,444,684 |
| South Korea | — | 82,325,488 | — | 82,325,488 |
| Taiwan | 16,928,070 | 117,392,554 | — | 134,320,624 |
| United Arab Emirates | — | 30,665,490 | — | 30,665,490 |
| Vietnam | — | 8,969,159 | — | 8,969,159 |
| Money Market Funds | 114,102,744 | 6,584,239 | — | 120,686,983 |
| Total Investments | $810,457,863 | $1,040,844,966 | $46 | $1,851,302,875 |
Invesco EQV Emerging Markets All Cap Fund