Consolidated Schedule of Investments
January 31, 2024
(Unaudited)
Shares | Value | ||
Common Stocks & Other Equity Interests–95.21% | |||
Brazil–7.02% | |||
Ambev S.A. | 156,532,690 | $413,258,434 | |
Arezzo Industria e Comercio S.A. | 3,344,595 | 42,252,987 | |
B3 S.A. - Brasil, Bolsa, Balcao | 74,076,100 | 195,716,161 | |
Itau Unibanco Holding S.A., Preference Shares | 33,296,678 | 220,302,177 | |
Localiza Rent a Car S.A. | 11,074,685 | 120,975,689 | |
Localiza Rent a Car S.A., Rts., expiring 02/05/2024(a) | 33,239 | 60,381 | |
NU Holdings Ltd., Class A(a) | 28,291,531 | 243,590,082 | |
Raia Drogasil S.A. | 1,704,900 | 8,706,195 | |
Vale S.A., ADR | 10,485,744 | 143,549,835 | |
WEG S.A. | 22,015,678 | 143,708,022 | |
1,532,119,963 | |||
Chile–1.04% | |||
Antofagasta PLC | 6,184,876 | 134,800,887 | |
Banco Santander Chile | 1,971,896,998 | 91,109,354 | |
225,910,241 | |||
China–17.38% | |||
BeiGene Ltd., ADR(a) | 248,064 | 36,770,527 | |
Budweiser Brewing Co. APAC Ltd.(b) | 38,250,400 | 60,288,036 | |
H World Group Ltd. | 1,984,000 | 6,218,711 | |
H World Group Ltd., ADR(c) | 26,130,193 | 830,156,232 | |
MicroTech Medical (Hangzhou) Co. Ltd., H Shares(a)(b) | 7,123,700 | 3,746,626 | |
NetEase, Inc., ADR | 3,177,661 | 310,266,820 | |
New Horizon Health Ltd.(a)(b) | 28,876,500 | 62,787,420 | |
PDD Holdings, Inc., ADR(a) | 1,884,433 | 239,078,015 | |
Tencent Holdings Ltd. | 21,436,858 | 744,101,215 | |
Wuxi Biologics (Cayman), Inc.(a)(b) | 50,428,500 | 132,704,336 | |
WuXi XDC Cayman, Inc.(a) | 34,201,000 | 87,056,057 | |
Yum China Holdings, Inc. | 20,271,960 | 701,207,096 | |
Zai Lab Ltd., ADR(a) | 985,156 | 21,249,815 | |
ZTO Express (Cayman), Inc. | 2,473,482 | 40,194,000 | |
ZTO Express (Cayman), Inc., ADR(c) | 31,536,924 | 515,944,077 | |
3,791,768,983 | |||
France–6.07% | |||
L’Oreal S.A. | 274,095 | 131,169,263 | |
Pernod Ricard S.A. | 5,384,901 | 883,045,946 | |
TotalEnergies SE | 4,775,150 | 309,790,647 | |
1,324,005,856 | |||
Hong Kong–0.06% | |||
AIA Group Ltd. | 1,606,600 | 12,599,625 | |
India–16.82% | |||
Havells India Ltd. | 7,127,075 | 111,047,919 | |
HCL Technologies Ltd. | 5,742,078 | 108,902,463 | |
HDFC Bank Ltd. | 53,767,625 | 945,549,862 | |
Kotak Mahindra Bank Ltd. | 56,045,749 | 1,231,818,693 | |
Oberoi Realty Ltd. | 16,729,656 | 266,899,750 | |
Pine Labs Pvt. Ltd.(d) | 134,098 | 75,576,620 |
Shares | Value | ||
India–(continued) | |||
Tata Consultancy Services Ltd. | 20,206,796 | $928,120,191 | |
3,667,915,498 | |||
Indonesia–1.31% | |||
PT Bank Central Asia Tbk | 387,065,800 | 234,185,024 | |
PT Bank Rakyat Indonesia (Persero) Tbk | 142,129,100 | 51,199,920 | |
285,384,944 | |||
Italy–1.69% | |||
Ermenegildo Zegna N.V. | 3,541,919 | 43,175,993 | |
Prada S.p.A. | 52,367,110 | 324,743,467 | |
367,919,460 | |||
Japan–1.88% | |||
Chugai Pharmaceutical Co. Ltd. | 2,884,000 | 103,738,111 | |
Daiichi Sankyo Co. Ltd. | 10,235,300 | 306,434,994 | |
410,173,105 | |||
Mexico–13.28% | |||
America Movil S.A.B. de C.V., ADR | 25,538,451 | 460,969,041 | |
Fomento Economico Mexicano S.A.B. de C.V., Series CPO | 43,684,863 | 592,473,496 | |
Grupo Financiero Banorte S.A.B. de C.V., Class O | 1,229,300 | 12,503,341 | |
Grupo Mexico S.A.B. de C.V., Class B | 227,539,332 | 1,174,085,238 | |
Wal-Mart de Mexico S.A.B. de C.V., Series V | 158,932,234 | 656,634,875 | |
2,896,665,991 | |||
Netherlands–0.62% | |||
argenx SE, ADR(a) | 355,193 | 135,154,488 | |
Peru–1.10% | |||
Credicorp Ltd. | 1,621,078 | 240,616,608 | |
Philippines–1.47% | |||
SM Investments Corp. | 17,512,382 | 279,579,929 | |
SM Prime Holdings, Inc. | 66,930,100 | 40,713,455 | |
320,293,384 | |||
Poland–0.13% | |||
Allegro.eu S.A.(a)(b) | 3,893,749 | 29,394,299 | |
Portugal–1.52% | |||
Galp Energia SGPS S.A. | 21,077,042 | 331,789,376 | |
Russia–0.27% | |||
Novatek PJSC, GDR(a)(b)(d) | 1,001,081 | 58,266,941 | |
Sberbank of Russia PJSC(d) | 4,942,538 | 5 | |
58,266,946 | |||
South Africa–0.93% | |||
FirstRand Ltd. | 55,910,077 | 202,490,666 | |
South Korea–9.53% | |||
Kakao Corp.(a) | 2,089,725 | 81,720,292 | |
LG Chem Ltd. | 981,913 | 318,419,494 | |
LG H&H Co. Ltd. | 177,747 | 40,286,361 |
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Developing Markets Fund
Shares | Value | ||
South Korea–(continued) | |||
NAVER Corp.(a) | 321,177 | $47,894,568 | |
Samsung Biologics Co. Ltd.(a)(b) | 656,789 | 413,430,460 | |
Samsung Electronics Co. Ltd. | 20,915,428 | 1,136,478,039 | |
SK hynix, Inc. | 392,291 | 39,284,273 | |
2,077,513,487 | |||
Switzerland–2.61% | |||
Cie Financiere Richemont S.A. | 3,833,673 | 569,432,863 | |
Taiwan–9.56% | |||
MediaTek, Inc. | 952,000 | 29,376,454 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 102,565,429 | 2,053,205,212 | |
Voltronic Power Technology Corp. | 66,919 | 2,861,645 | |
2,085,443,311 | |||
Turkey–0.74% | |||
Akbank T.A.S. | 44,416,988 | 57,818,023 | |
BIM Birlesik Magazalar A.S. | 3,408,770 | 42,745,775 | |
KOC Holding A.S. | 11,394,571 | 60,179,807 | |
160,743,605 | |||
United Arab Emirates–0.18% | |||
Americana Restaurants International PLC | 46,184,769 | 39,266,081 | |
Total Common Stocks & Other Equity Interests (Cost $14,643,120,065) | 20,764,868,780 |
Shares | Value | ||
Preferred Stocks–1.48% | |||
China–0.21% | |||
Abogen Therapeutics Ltd., Series C, Pfd.(d) | 1,436,122 | $45,800,803 | |
India–1.27% | |||
Bundl Technologies Pvt. Ltd., Series K, Pfd.(d) | 28,844 | 220,246,016 | |
Pine Labs Pvt. Ltd., Series K, Pfd.(d) | 103,185 | 58,154,286 | |
278,400,302 | |||
Total Preferred Stocks (Cost $305,907,589) | 324,201,105 | ||
Money Market Funds–3.62% | |||
Invesco Government & Agency Portfolio, Institutional Class, 5.24%(c)(e) | 276,153,758 | 276,153,758 | |
Invesco Liquid Assets Portfolio, Institutional Class, 5.42%(c)(e) | 197,228,452 | 197,346,789 | |
Invesco Treasury Portfolio, Institutional Class, 5.22%(c)(e) | 315,604,295 | 315,604,295 | |
Total Money Market Funds (Cost $789,014,617) | 789,104,842 | ||
TOTAL INVESTMENTS IN SECURITIES—100.31% (Cost $15,738,042,271) | 21,878,174,727 | ||
OTHER ASSETS LESS LIABILITIES–(0.31)% | (68,064,422) | ||
NET ASSETS–100.00% | $21,810,110,305 |
Investment Abbreviations:
ADR | – American Depositary Receipt |
CPO | – Certificates of Ordinary Participation |
GDR | – Global Depositary Receipt |
Pfd. | – Preferred |
Rts. | – Rights |
Notes to Consolidated Schedule of Investments:
(a) | Non-income producing security. |
(b) | 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 January 31, 2024 was $760,618,118, which represented 3.49% of the Fund’s Net Assets. |
(c) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the three months ended January 31, 2024. |
Value October 31, 2023 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value January 31, 2024 | Dividend Income | |
Investments in Affiliated Money Market Funds: | |||||||
Invesco Government & Agency Portfolio, Institutional Class | $374,814,301 | $356,818,066 | $(455,478,609) | $- | $- | $276,153,758 | $4,274,011 |
Invesco Liquid Assets Portfolio, Institutional Class | 267,729,843 | 254,870,047 | (325,341,864) | 40,495 | 48,268 | 197,346,789 | 3,161,759 |
Invesco Treasury Portfolio, Institutional Class | 428,359,202 | 407,792,076 | (520,546,983) | - | - | 315,604,295 | 4,879,172 |
Investments in Other Affiliates: | |||||||
H World Group Ltd., ADR | 964,524,345 | 18,021,203 | - | (152,389,316) | - | 830,156,232 | 23,778,475 |
Yum China Holdings, Inc.* | 1,150,095,004 | 95,769,254 | (142,186,530) | (378,214,806) | (24,255,826) | 701,207,096 | 3,120,323 |
ZTO Express (Cayman), Inc., ADR | 867,323,533 | - | (105,981,016) | (213,888,745) | (31,509,695) | 515,944,077 | - |
Total | $4,052,846,228 | $1,133,270,646 | $(1,549,535,002) | $(744,452,372) | $(55,717,253) | $2,836,412,247 | $39,213,740 |
* | At January 31, 2024, this security was no longer an affiliate of the Fund. |
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Developing Markets Fund
(d) | Security valued using significant unobservable inputs (Level 3). See Note 1. |
(e) | The rate shown is the 7-day SEC standardized yield as of January 31, 2024. |
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
January 31, 2024
(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 (the "Adviser") 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 January 31, 2024. 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 | ||||
Brazil | $1,532,119,963 | $— | $— | $1,532,119,963 |
Chile | — | 225,910,241 | — | 225,910,241 |
China | 2,741,728,639 | 1,050,040,344 | 45,800,803 | 3,837,569,786 |
France | — | 1,324,005,856 | — | 1,324,005,856 |
Hong Kong | — | 12,599,625 | — | 12,599,625 |
India | — | 3,592,338,878 | 353,976,922 | 3,946,315,800 |
Indonesia | — | 285,384,944 | — | 285,384,944 |
Italy | 43,175,993 | 324,743,467 | — | 367,919,460 |
Japan | — | 410,173,105 | — | 410,173,105 |
Mexico | 2,896,665,991 | — | — | 2,896,665,991 |
Netherlands | 135,154,488 | — | — | 135,154,488 |
Peru | 240,616,608 | — | — | 240,616,608 |
Philippines | — | 320,293,384 | — | 320,293,384 |
Poland | — | 29,394,299 | — | 29,394,299 |
Portugal | — | 331,789,376 | — | 331,789,376 |
Russia | — | — | 58,266,946 | 58,266,946 |
South Africa | — | 202,490,666 | — | 202,490,666 |
South Korea | — | 2,077,513,487 | — | 2,077,513,487 |
Switzerland | — | 569,432,863 | — | 569,432,863 |
Taiwan | — | 2,085,443,311 | — | 2,085,443,311 |
Turkey | — | 160,743,605 | — | 160,743,605 |
United Arab Emirates | — | 39,266,081 | — | 39,266,081 |
Money Market Funds | 789,104,842 | — | — | 789,104,842 |
Total Investments | $8,378,566,524 | $13,041,563,532 | $458,044,671 | $21,878,174,727 |
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 January 31, 2024:
Value 10/31/23 | Purchases at Cost | Proceeds from Sales | Accrued Discounts/ Premiums | Realized Gain | Change in Unrealized Appreciation (Depreciation) | Transfers into Level 3 | Transfers out of Level 3 | Value 01/31/24 | |
Preferred Stocks | $250,611,929 | $— | $— | $— | $— | $73,589,176 | $— | $— | $324,201,105 |
Common Stocks & Other Equity Interests | 176,353,453 | — | (52,711,319) | — | 20,218,879 | (10,017,447) | — | — | 133,843,566 |
Total | $426,965,382 | $— | $(52,711,319) | $— | $20,218,879 | $63,571,729 | $— | $— | $458,044,671 |
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
The following table summarizes the valuation techniques and significant unobservable inputs used in determining fair value measurements for those investments classified as level 3 at period end:
Fair Value at 01/31/24 | Valuation Technique | Unobservable Inputs | Range of Unobservable Inputs | Unobservable Input Used | ||
Bundl Technologies Pvt. Ltd., Series K, Pfd. | $220,246,016 | Valuation Service | N/A | N/A | N/A | (a) |
(a) | Securities classified as Level 3 whose unadjusted values were provided by a pricing service and for which such inputs are unobservable. The valuation is based on an enterprise value approach that utilizes a multiple of the last twelve months’ earnings before interest, taxes, depreciation and amortization of comparable public companies. The Adviser reviews the valuation reports provided by the valuation service on an on-going basis and monitors such investments for additional information or the occurrence of a market event which would warrant a re-evaluation of the security’s fair valuation. |
Invesco Developing Markets Fund