Consolidated Schedule of Investments
July 31, 2023
(Unaudited)
Shares | Value | ||
Common Stocks & Other Equity Interests–94.29% | |||
Australia–0.31% | |||
Glencore PLC(a) | 13,032,040 | $79,130,644 | |
Brazil–5.91% | |||
Ambev S.A. | 164,774,890 | 517,801,716 | |
Arezzo Industria e Comercio S.A. | 2,307,595 | 40,210,590 | |
B3 S.A. - Brasil, Bolsa, Balcao | 74,076,100 | 233,409,229 | |
Banco Bradesco S.A., Preference Shares | 51,525,698 | 181,531,722 | |
NU Holdings Ltd., Class A(a) | 30,294,792 | 241,146,544 | |
Vale S.A., ADR | 13,007,438 | 190,298,818 | |
WEG S.A. | 13,509,478 | 114,046,706 | |
1,518,445,325 | |||
Chile–0.84% | |||
Antofagasta PLC | 1,507,358 | 32,422,451 | |
Banco Santander Chile | 3,417,510,957 | 182,455,722 | |
214,878,173 | |||
China–25.58% | |||
BeiGene Ltd., ADR(a) | 1,149,994 | 246,351,715 | |
H World Group Ltd.(a) | 1,984,000 | 9,493,973 | |
H World Group Ltd., ADR(a)(b) | 24,539,256 | 1,178,865,858 | |
Meituan, B Shares(a)(c) | 7,970,695 | 151,642,944 | |
MicroTech Medical Hangzhou Co. Ltd., H Shares(a)(c) | 7,473,100 | 4,936,353 | |
NetEase, Inc., ADR | 7,121,250 | 774,364,725 | |
New Horizon Health Ltd.(a)(c) | 23,828,000 | 80,943,416 | |
PDD Holdings, Inc., ADR(a) | 3,294,065 | 295,872,918 | |
Silergy Corp. | 3,341,000 | 35,217,039 | |
Tencent Holdings Ltd. | 21,346,958 | 979,779,798 | |
Wuxi Biologics Cayman, Inc.(a)(c) | 26,476,000 | 152,050,101 | |
Yum China Holdings, Inc.(b) | 24,264,486 | 1,480,618,936 | |
Zai Lab Ltd., ADR(a) | 2,857,481 | 85,895,879 | |
ZTO Express (Cayman), Inc. | 2,473,482 | 68,328,051 | |
ZTO Express (Cayman), Inc., ADR(b) | 36,797,774 | 1,022,978,117 | |
6,567,339,823 | |||
France–5.73% | |||
L’Oreal S.A. | 114,473 | 53,199,804 | |
Pernod Ricard S.A. | 5,220,199 | 1,149,824,248 | |
TotalEnergies SE | 4,426,049 | 268,857,493 | |
1,471,881,545 | |||
Hong Kong–1.57% | |||
AIA Group Ltd. | 26,390,200 | 263,716,352 | |
Hong Kong Exchanges & Clearing Ltd. | 3,279,000 | 138,136,331 | |
Hongkong Land Holdings Ltd. | 459,800 | 1,637,225 | |
403,489,908 | |||
India–17.88% | |||
Havells India Ltd. | 6,317,937 | 102,473,707 | |
HDFC Bank Ltd. | 78,921,338 | 1,585,326,799 | |
Kotak Mahindra Bank Ltd. | 58,625,877 | 1,323,134,986 | |
Le Travenues Technology Ltd.(d) | 7,200,800 | 7,392,642 | |
Oberoi Realty Ltd. | 16,729,656 | 227,837,744 |
Shares | Value | ||
India–(continued) | |||
Pine Labs Pvt. Ltd. (Acquired 09/09/2021; Cost $49,999,780)(d)(e) | 134,098 | $76,204,690 | |
Tata Consultancy Services Ltd. | 30,482,100 | 1,268,455,238 | |
Voltas Ltd. | 106,743 | 1,012,925 | |
4,591,838,731 | |||
Indonesia–0.73% | |||
PT Bank Central Asia Tbk | 308,121,400 | 186,431,223 | |
Italy–1.95% | |||
Ermenegildo Zegna N.V. | 7,001,943 | 111,120,835 | |
PRADA S.p.A. | 54,923,810 | 389,693,457 | |
500,814,292 | |||
Japan–0.60% | |||
Daiichi Sankyo Co. Ltd. | 4,995,300 | 154,509,466 | |
Mexico–10.65% | |||
America Movil S.A.B. de C.V., ADR | 19,062,707 | 398,791,831 | |
Fomento Economico Mexicano S.A.B. de C.V., Series CPO | 39,267,792 | 445,042,793 | |
Grupo Mexico S.A.B. de C.V., Class B | 255,228,948 | 1,326,672,298 | |
Wal-Mart de Mexico S.A.B. de C.V., Series V | 135,393,434 | 563,647,434 | |
2,734,154,356 | |||
Netherlands–0.46% | |||
Argenx SE, ADR(a) | 233,639 | 117,866,203 | |
Peru–0.99% | |||
Credicorp Ltd. | 1,621,078 | 254,590,300 | |
Philippines–1.04% | |||
SM Investments Corp. | 16,066,072 | 267,053,102 | |
Poland–0.01% | |||
Allegro.eu S.A.(a)(c) | 155,270 | 1,368,984 | |
Portugal–0.69% | |||
Galp Energia SGPS S.A. | 13,383,258 | 178,128,600 | |
Russia–0.52% | |||
Novatek PJSC, GDR(a)(c)(d) | 2,293,954 | 134,884,495 | |
Sberbank of Russia PJSC(d) | 4,942,538 | 5 | |
134,884,500 | |||
South Africa–0.63% | |||
FirstRand Ltd. | 39,817,720 | 162,039,174 | |
South Korea–7.09% | |||
Kakao Corp. | 2,487,184 | 100,245,504 | |
LG Chem Ltd. | 1,328,763 | 676,705,340 | |
LG H&H Co. Ltd. | 177,747 | 59,692,684 | |
Samsung Biologics Co. Ltd.(a)(c) | 704,568 | ��423,547,664 | |
Samsung Electronics Co. Ltd. | 10,236,738 | 561,089,795 | |
1,821,280,987 | |||
Switzerland–3.12% | |||
Cie Financiere Richemont S.A. | 4,855,448 | 782,354,313 |
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Developing Markets Fund
Shares | Value | ||
Switzerland–(continued) | |||
Cie Financiere Richemont S.A., Wts., expiring 11/22/2023(a) | 15,598,668 | $19,219,963 | |
801,574,276 | |||
Taiwan–7.99% | |||
MediaTek, Inc. | 952,000 | 20,902,105 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 112,490,429 | 2,025,840,481 | |
Voltronic Power Technology Corp. | 66,919 | 3,731,828 | |
2,050,474,414 | |||
Total Common Stocks & Other Equity Interests (Cost $15,168,261,262) | 24,212,174,026 | ||
Preferred Stocks–0.95% | |||
China–0.19% | |||
Abogen Therapeutics Ltd., Series C, Pfd. (Acquired 08/02/2021; Cost $65,429,977)(d)(e) | 1,436,122 | 49,072,289 | |
India–0.76% | |||
Bundl Technologies Pvt. Ltd., Series K, Pfd. (Acquired 01/24/2022; Cost $190,477,257)(d)(e) | 28,844 | 135,649,390 |
Shares | Value | ||
India–(continued) | |||
Pine Labs Pvt. Ltd., Series K, Pfd. (Acquired 09/09/2021; Cost $50,000,355)(d)(e) | 103,185 | $58,637,571 | |
194,286,961 | |||
Total Preferred Stocks (Cost $305,907,589) | 243,359,250 | ||
Money Market Funds–5.14% | |||
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(b)(f) | 461,862,235 | 461,862,235 | |
Invesco Liquid Assets Portfolio, Institutional Class, 5.28%(b)(f) | 329,814,059 | 329,847,040 | |
Invesco Treasury Portfolio, Institutional Class, 5.18%(b)(f) | 527,842,554 | 527,842,554 | |
Total Money Market Funds (Cost $1,319,554,903) | 1,319,551,829 | ||
TOTAL INVESTMENTS IN SECURITIES—100.38% (Cost $16,793,723,754) | 25,775,085,105 | ||
OTHER ASSETS LESS LIABILITIES–(0.38)% | (97,142,698) | ||
NET ASSETS–100.00% | $25,677,942,407 |
Investment Abbreviations:
ADR | – American Depositary Receipt |
CPO | – Certificates of Ordinary Participation |
GDR | – Global Depositary Receipt |
Pfd. | – Preferred |
Wts. | – Warrants |
Notes to Consolidated 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 | $210,074,808 | $1,467,175,036 | $(1,215,387,609) | $- | $- | $461,862,235 | $10,860,671 |
Invesco Liquid Assets Portfolio, Institutional Class | 160,872,614 | 1,047,982,090 | (878,972,087) | (51,015) | 15,438 | 329,847,040 | 8,010,743 |
Invesco Treasury Portfolio, Institutional Class | 240,085,494 | 1,676,771,470 | (1,389,014,410) | - | - | 527,842,554 | 12,389,657 |
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Developing Markets Fund
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 Other Affiliates: | |||||||
H World Group Ltd., ADR | $714,027,757 | $11,951,711 | $(104,743,540) | $528,271,836 | $29,358,094 | $1,178,865,858 | $- |
Yandex N.V., Class A | 23 | - | (195,733,646) | 916,590,344 | (720,856,721) | - | - |
Yum China Holdings, Inc. | 1,248,079,869 | - | (358,999,004) | 532,427,669 | 59,110,402 | 1,480,618,936 | 10,974,633 |
Zai Lab Ltd., ADR* | 161,412,607 | - | (180,747,686) | 538,627,441 | (433,396,483) | 85,895,879 | - |
Zee Entertainment Enterprises Ltd. | 155,536,647 | - | (120,746,666) | 100,140,255 | (134,930,236) | - | - |
ZTO Express (Cayman), Inc., ADR | 621,514,403 | - | - | 401,463,714 | - | 1,022,978,117 | 13,247,199 |
Total | $3,511,604,222 | $4,203,880,307 | $(4,444,344,648) | $3,017,470,244 | $(1,200,699,506) | $5,087,910,619 | $55,482,903 |
* | At July 31, 2023, this security was was no longer 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 $949,373,957, which represented 3.70% of the Fund’s Net Assets. |
(d) | Security valued using significant unobservable inputs (Level 3). See Note 1. |
(e) | Restricted security. The aggregate value of these securities at July 31, 2023 was $319,563,940, which represented 1.24% of the Fund’s Net Assets. |
(f) | 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 consolidated schedule.
Invesco Developing Markets Fund
Notes to Quarterly Consolidated 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 consolidated 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 | $— | $79,130,644 | $— | $79,130,644 |
Brazil | 1,518,445,325 | — | — | 1,518,445,325 |
Chile | 182,455,722 | 32,422,451 | — | 214,878,173 |
China | 5,084,948,148 | 1,482,391,675 | 49,072,289 | 6,616,412,112 |
France | — | 1,471,881,545 | — | 1,471,881,545 |
Hong Kong | — | 403,489,908 | — | 403,489,908 |
India | — | 4,508,241,399 | 277,884,293 | 4,786,125,692 |
Indonesia | — | 186,431,223 | — | 186,431,223 |
Italy | 111,120,835 | 389,693,457 | — | 500,814,292 |
Japan | — | 154,509,466 | — | 154,509,466 |
Mexico | 2,734,154,356 | — | — | 2,734,154,356 |
Netherlands | 117,866,203 | — | — | 117,866,203 |
Peru | 254,590,300 | — | — | 254,590,300 |
Philippines | — | 267,053,102 | — | 267,053,102 |
Poland | — | 1,368,984 | — | 1,368,984 |
Portugal | — | 178,128,600 | — | 178,128,600 |
Russia | — | — | 134,884,500 | 134,884,500 |
South Africa | — | 162,039,174 | — | 162,039,174 |
South Korea | — | 1,821,280,987 | — | 1,821,280,987 |
Switzerland | 19,219,963 | 782,354,313 | — | 801,574,276 |
Taiwan | 20,902,105 | 2,029,572,309 | — | 2,050,474,414 |
Money Market Funds | 1,319,551,829 | — | — | 1,319,551,829 |
Total Investments | $11,363,254,786 | $13,949,989,237 | $461,841,082 | $25,775,085,105 |
A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period in relation to net assets.
The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) during the period ended July 31, 2023:
Value 10/31/22 | Purchases at Cost | Proceeds from Sales | Accrued Discounts/ Premiums | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Transfers into Level 3 | Transfers out of Level 3 | Value 07/31/23 | |
Preferred Stocks | $265,554,732 | $— | $— | $— | $— | $(22,195,482) | $— | $— | $243,359,250 |
Common Stocks & Other Equity Interests | 62,853,428 | 9,169,499 | (624,498,476) | — | (1,156,172,415) | 1,927,129,796 | — | — | 218,481,832 |
Total | $328,408,160 | $9,169,499 | $(624,498,476) | $— | $(1,156,172,415) | $1,904,934,314 | $— | $— | $461,841,082 |
Securities determined to be Level 3 at the end of the reporting period were valued primarily by utilizing evaluated prices from a third-party vendor pricing service. A significant change in third-party pricing information could result in a lower or higher value in Level 3 investments.
Invesco Developing Markets Fund