|
|
Shares
|
Value
|
|
|
Common Stocks & Other Equity Interests-99.45%
|
|||
|
Brazil-10.20%
|
|||
|
Ambev S.A.
|
|
713,186
|
$1,587,250
|
|
Banco do Brasil S.A.
|
|
466,800
|
1,642,561
|
|
Banco Santander Brasil S.A., Series CPO
|
|
310,000
|
1,463,468
|
|
BB Seguridade Participacoes S.A.
|
|
328,100
|
1,974,970
|
|
Caixa Seguridade Participacoes S.A.
|
|
643,301
|
1,583,390
|
|
Centrais Eletricas Brasileiras S.A.
|
|
242,300
|
1,636,381
|
|
Cia de Saneamento Basico do Estado de Sao
Paulo SABESP
|
|
79,300
|
1,534,144
|
|
Cia Energetica de Minas Gerais, Preference
Shares
|
|
855,400
|
1,578,316
|
|
Cia Paranaense de Energia - Copel, Class B,
Preference Shares
|
|
842,700
|
1,785,180
|
|
CPFL Energia S.A.
|
|
300,000
|
2,031,419
|
|
ENGIE Brasil Energia S.A.
|
|
328,300
|
2,341,503
|
|
Equatorial Energia S.A.
|
|
252,600
|
1,537,198
|
|
Itau Unibanco Holding S.A., Preference
Shares
|
|
304,775
|
1,914,047
|
|
Itausa S.A., Preference Shares
|
|
994,657
|
1,838,815
|
|
Klabin S.A.
|
|
618,857
|
2,056,022
|
|
Motiva Infraestrutura de Mobilidade S.A.
|
|
621,800
|
1,367,204
|
|
Neoenergia S.A.
|
|
398,400
|
1,744,163
|
|
Petroleo Brasileiro S.A., Preference Shares
|
|
297,900
|
1,736,781
|
|
Porto Seguro S.A.
|
|
200,100
|
1,854,621
|
|
Suzano S.A.
|
|
173,200
|
1,613,343
|
|
Telefonica Brasil S.A.
|
|
305,780
|
1,719,366
|
|
TIM S.A.
|
|
403,900
|
1,494,096
|
|
Vale S.A.
|
|
168,400
|
1,608,035
|
|
|
|
|
39,642,273
|
|
Chile-5.11%
|
|||
|
Banco de Chile
|
|
15,293,947
|
2,092,866
|
|
Banco de Credito e Inversiones S.A.
|
|
47,188
|
1,860,376
|
|
Banco Santander Chile
|
|
36,507,299
|
2,094,803
|
|
Cencosud S.A.
|
|
517,776
|
1,549,499
|
|
Empresas CMPC S.A.
|
|
1,136,625
|
1,590,565
|
|
Empresas COPEC S.A.
|
|
247,394
|
1,627,007
|
|
Enel Americas S.A.
|
|
22,240,031
|
2,203,378
|
|
Enel Chile S.A.
|
|
25,421,122
|
1,617,576
|
|
Falabella S.A.
|
|
340,511
|
1,686,765
|
|
LATAM Airlines Group S.A.(a)
|
|
86,971,272
|
1,889,405
|
|
Plaza S.A.
|
|
771,634
|
1,619,432
|
|
|
|
|
19,831,672
|
|
China-3.52%
|
|||
|
Bank of China Ltd., H Shares
|
|
2,733,309
|
1,577,703
|
|
Bank of Communications Co. Ltd., H
Shares(b)
|
|
1,708,000
|
1,538,682
|
|
China CITIC Bank Corp. Ltd., H Shares
|
|
1,606,000
|
1,492,170
|
|
China Construction Bank Corp., H Shares
|
|
1,592,278
|
1,628,588
|
|
China Power International Development Ltd.
|
|
3,856,000
|
1,511,534
|
|
China Tower Corp. Ltd., H Shares(c)
|
|
1,006,000
|
1,407,712
|
|
China Zheshang Bank Co. Ltd., H Shares
|
|
4,540,000
|
1,595,394
|
|
Industrial & Commercial Bank of China Ltd., H
Shares
|
|
1,966,089
|
1,506,467
|
|
Jiangsu Expressway Co. Ltd., H Shares
|
|
1,154,000
|
1,415,032
|
|
|
|
|
13,673,282
|
|
Colombia-0.41%
|
|||
|
Grupo Cibest S.A., Preference Shares
|
|
145,371
|
1,598,508
|
|
|
Shares
|
Value
|
|
|
Czech Republic-1.11%
|
|||
|
CEZ A.S.
|
|
40,043
|
$2,325,882
|
|
Komercni banka A.S.
|
|
41,361
|
1,975,194
|
|
|
|
|
4,301,076
|
|
Egypt-0.65%
|
|||
|
Commercial International Bank-Egypt (CIB)
S.A.E.
|
|
1,312,689
|
2,543,122
|
|
Greece-2.19%
|
|||
|
GEK TERNA S.A.
|
|
84,567
|
2,093,403
|
|
Hellenic Telecommunications Organization
S.A.
|
|
88,281
|
1,604,648
|
|
JUMBO S.A.
|
|
46,197
|
1,562,787
|
|
Motor Oil Hellas Corinth Refineries S.A.
|
|
52,242
|
1,500,995
|
|
OPAP S.A.
|
|
78,000
|
1,752,076
|
|
|
|
|
8,513,909
|
|
Hungary-1.10%
|
|||
|
MOL Hungarian Oil & Gas PLC
|
|
283,601
|
2,473,007
|
|
OTP Bank Nyrt.
|
|
21,906
|
1,784,028
|
|
|
|
|
4,257,035
|
|
India-2.00%
|
|||
|
Dr. Reddy’s Laboratories Ltd., ADR(b)
|
|
107,984
|
1,535,532
|
|
HDFC Bank Ltd., ADR(b)
|
|
20,605
|
1,581,846
|
|
ICICI Bank Ltd., ADR(b)
|
|
52,479
|
1,768,542
|
|
Infosys Ltd., ADR(b)
|
|
81,225
|
1,358,082
|
|
Reliance Industries Ltd., GDR(c)
|
|
24,031
|
1,512,674
|
|
|
|
|
7,756,676
|
|
Indonesia-0.36%
|
|||
|
PT Bank Central Asia Tbk
|
|
2,757,337
|
1,381,965
|
|
Kuwait-5.31%
|
|||
|
Al Ahli Bank of Kuwait K.S.C.P.
|
|
2,084,608
|
2,047,875
|
|
Boubyan Bank K.S.C.P.
|
|
1,127,868
|
2,598,346
|
|
Burgan Bank SAK
|
|
1,897,204
|
1,547,579
|
|
Gulf Bank K.S.C.P.
|
|
1,677,436
|
1,853,972
|
|
Kuwait Finance House K.S.C.P.
|
|
1,561,335
|
4,113,368
|
|
Mabanee Co. K.P.S.C.
|
|
965,976
|
2,798,455
|
|
Mobile Telecommunications Co. K.S.C.P.
|
|
1,843,906
|
3,202,618
|
|
National Bank of Kuwait S.A.K.P.
|
|
722,370
|
2,473,725
|
|
|
|
|
20,635,938
|
|
Malaysia-9.14%
|
|||
|
AMMB Holdings Bhd.
|
|
1,322,000
|
1,562,056
|
|
Bursa Malaysia Bhd.
|
|
1,079,400
|
1,903,871
|
|
CIMB Group Holdings Bhd.
|
|
994,800
|
1,520,669
|
|
Genting Bhd.
|
|
2,236,500
|
1,636,435
|
|
Hong Leong Bank Bhd.
|
|
601,500
|
2,674,024
|
|
IHH Healthcare Bhd.
|
|
1,758,947
|
2,741,499
|
|
Malayan Banking Bhd.
|
|
1,204,192
|
2,648,524
|
|
MISC Bhd.
|
|
1,078,700
|
1,883,873
|
|
Nestle Malaysia Bhd.
|
|
85,100
|
1,755,105
|
|
Petronas Gas Bhd.
|
|
619,900
|
2,610,993
|
|
Public Bank Bhd.
|
|
2,018,600
|
1,988,056
|
|
QL Resources Bhd.
|
|
2,603,300
|
2,590,934
|
|
RHB Bank Bhd.
|
|
1,664,000
|
2,388,991
|
|
SD Guthrie Bhd.
|
|
1,496,500
|
1,671,704
|
|
Telekom Malaysia Bhd.
|
|
1,338,900
|
2,113,815
|
|
Tenaga Nasional Bhd.
|
|
609,172
|
1,855,506
|
|
United Plantations Bhd.
|
|
389,000
|
1,973,654
|
|
|
|
|
35,519,709
|
|
Mexico-3.34%
|
|||
|
America Movil S.A.B. de C.V., Class B
|
|
2,142,080
|
1,937,468
|
|
|
Shares
|
Value
|
|
|
Mexico-(continued)
|
|||
|
Arca Continental S.A.B. de C.V.
|
|
138,373
|
$1,444,985
|
|
Coca-Cola FEMSA S.A.B. de C.V., Series CPO
|
|
174,303
|
1,448,043
|
|
Fomento Economico Mexicano S.A.B. de
C.V., Series CPO(d)
|
|
170,589
|
1,543,034
|
|
Gruma S.A.B. de C.V., Class B
|
|
90,331
|
1,564,199
|
|
Grupo Comercial Chedraui S.A. de C.V.
|
|
212,499
|
1,724,618
|
|
Kimberly-Clark de Mexico S.A.B. de C.V.,
Class A(b)
|
|
955,827
|
1,784,894
|
|
Promotora y Operadora de Infraestructura
S.A.B de C.V.
|
|
128,843
|
1,521,536
|
|
|
|
|
12,968,777
|
|
Peru-0.46%
|
|||
|
Credicorp Ltd.
|
|
7,468
|
1,769,916
|
|
Poland-0.84%
|
|||
|
Orange Polska S.A.(b)
|
|
664,105
|
1,554,396
|
|
ORLEN S.A.(b)
|
|
76,695
|
1,714,081
|
|
|
|
|
3,268,477
|
|
Qatar-6.02%
|
|||
|
AlRayan Bank
|
|
4,575,068
|
2,988,717
|
|
Commercial Bank P.S.Q.C. (The)
|
|
1,793,986
|
2,409,449
|
|
Dukhan Bank
|
|
2,543,024
|
2,551,548
|
|
Industries Qatar Q.S.C.
|
|
771,218
|
2,813,435
|
|
Mesaieed Petrochemical Holding Co.
Q.P.S.C.
|
|
6,497,749
|
2,415,551
|
|
Ooredoo Q.P.S.C.
|
|
620,529
|
2,293,217
|
|
Qatar Gas Transport Co. Ltd.
|
|
1,595,421
|
2,103,453
|
|
Qatar Islamic Bank Q.P.S.C.
|
|
411,479
|
2,772,214
|
|
Qatar National Bank Q.P.S.C.
|
|
592,080
|
3,046,032
|
|
|
|
|
23,393,616
|
|
Romania-0.64%
|
|||
|
NEPI Rockcastle N.V.(a)
|
|
320,555
|
2,468,573
|
|
Russia-0.00%
|
|||
|
X5 Retail Group N.V., GDR(a)(c)(e)
|
|
51,546
|
0
|
|
Saudi Arabia-14.95%
|
|||
|
Abdullah Al Othaim Markets Co.
|
|
1,035,024
|
2,013,450
|
|
Ades Holding Co.
|
|
419,312
|
1,406,528
|
|
Al Rajhi Bank
|
|
83,925
|
2,116,091
|
|
Alinma Bank
|
|
317,568
|
2,183,761
|
|
Almarai Co. JSC
|
|
138,759
|
1,769,690
|
|
Arab National Bank
|
|
293,862
|
1,699,946
|
|
Bank AlBilad
|
|
245,432
|
1,699,325
|
|
Bank Al-Jazira(a)
|
|
524,210
|
1,750,996
|
|
Banque Saudi Fransi
|
|
421,867
|
1,927,396
|
|
Dallah Healthcare Co.
|
|
57,874
|
2,096,250
|
|
Dr. Sulaiman Al Habib Medical Services Group
Co., Class H
|
|
25,722
|
1,796,579
|
|
Etihad Etisalat Co.
|
|
99,107
|
1,615,907
|
|
Jarir Marketing Co.
|
|
879,390
|
3,010,020
|
|
Nahdi Medical Co.
|
|
70,959
|
2,340,929
|
|
Riyad Bank
|
|
215,661
|
1,618,214
|
|
SABIC Agri-Nutrients Co.
|
|
75,689
|
2,400,822
|
|
Sahara International Petrochemical Co.
|
|
371,769
|
1,771,908
|
|
Saudi Arabian Oil Co.(c)
|
|
462,823
|
2,994,768
|
|
Saudi Aramco Base Oil Co.
|
|
71,823
|
1,993,000
|
|
Saudi Awwal Bank
|
|
186,806
|
1,610,253
|
|
Saudi Basic Industries Corp.
|
|
167,415
|
2,438,188
|
|
Saudi Electricity Co.
|
|
616,069
|
2,422,516
|
|
Saudi Industrial Investment Group(a)
|
|
350,273
|
1,676,068
|
|
Saudi Investment Bank (The)
|
|
591,126
|
2,265,043
|
|
|
Shares
|
Value
|
|
|
Saudi Arabia-(continued)
|
|||
|
Saudi Kayan Petrochemical Co.(a)
|
|
1,382,027
|
$1,680,944
|
|
Saudi National Bank (The)
|
|
193,224
|
1,928,200
|
|
Saudi Tadawul Group Holding Co.
|
|
37,949
|
1,654,801
|
|
Saudi Telecom Co.
|
|
193,722
|
2,168,464
|
|
Yanbu National Petrochemical Co., Class A
|
|
249,248
|
2,024,826
|
|
|
|
|
58,074,883
|
|
South Africa-5.57%
|
|||
|
Bid Corp. Ltd.
|
|
78,301
|
1,982,863
|
|
Bidvest Group Ltd. (The)
|
|
113,915
|
1,492,858
|
|
Capitec Bank Holdings Ltd.
|
|
8,155
|
1,592,527
|
|
Clicks Group Ltd.
|
|
88,622
|
1,869,962
|
|
Discovery Ltd.
|
|
135,294
|
1,616,223
|
|
FirstRand Ltd.
|
|
362,609
|
1,551,231
|
|
Growthpoint Properties Ltd.
|
|
2,521,365
|
1,987,230
|
|
Investec Ltd.
|
|
248,293
|
1,836,727
|
|
OUTsurance Group Ltd.
|
|
380,234
|
1,623,051
|
|
Remgro Ltd.
|
|
176,110
|
1,616,364
|
|
Sanlam Ltd.
|
|
312,568
|
1,515,405
|
|
Shoprite Holdings Ltd.
|
|
101,064
|
1,480,096
|
|
Standard Bank Group Ltd.
|
|
115,102
|
1,492,027
|
|
|
|
|
21,656,564
|
|
South Korea-2.09%
|
|||
|
Industrial Bank of Korea
|
|
165,994
|
2,315,858
|
|
Kangwon Land, Inc.
|
|
144,169
|
1,935,210
|
|
Korean Air Lines Co. Ltd.
|
|
87,919
|
1,488,502
|
|
LG Uplus Corp.
|
|
226,623
|
2,385,570
|
|
|
|
|
8,125,140
|
|
Taiwan-11.08%
|
|||
|
Asia Cement Corp.
|
|
1,269,872
|
1,716,574
|
|
Chang Hwa Commercial Bank Ltd.
|
|
4,352,015
|
2,688,102
|
|
Chunghwa Telecom Co. Ltd.
|
|
763,137
|
3,297,730
|
|
CTBC Financial Holding Co. Ltd.
|
|
1,103,000
|
1,515,629
|
|
E.Sun Financial Holding Co. Ltd.
|
|
1,784,292
|
1,908,290
|
|
Far EasTone Telecommunications Co. Ltd.(a)
|
|
629,810
|
1,717,744
|
|
First Financial Holding Co. Ltd.
|
|
2,174,386
|
2,147,933
|
|
Hua Nan Financial Holdings Co. Ltd.
|
|
2,027,146
|
1,942,392
|
|
Mega Financial Holding Co. Ltd.
|
|
1,485,012
|
2,112,423
|
|
Poya International Co. Ltd.
|
|
97,970
|
1,516,125
|
|
President Chain Store Corp.
|
|
254,000
|
2,176,650
|
|
Shanghai Commercial & Savings Bank Ltd.
(The)
|
|
1,054,902
|
1,514,466
|
|
SinoPac Financial Holdings Co. Ltd.
|
|
1,990,581
|
1,642,448
|
|
Taichung Commercial Bank Co. Ltd.
|
|
2,492,000
|
1,851,704
|
|
Taishin Financial Holding Co. Ltd.
|
|
2,949,277
|
1,609,673
|
|
Taiwan Business Bank
|
|
3,431,453
|
1,843,702
|
|
Taiwan Cooperative Financial Holding Co.
Ltd.
|
|
2,791,595
|
2,369,362
|
|
Taiwan Fertilizer Co. Ltd.
|
|
887,677
|
1,541,785
|
|
Taiwan High Speed Rail Corp.
|
|
2,912,000
|
2,653,847
|
|
Taiwan Mobile Co. Ltd.
|
|
508,800
|
1,793,672
|
|
TCC Group Holdings Co. Ltd.
|
|
2,178,900
|
1,767,464
|
|
Uni-President Enterprises Corp.
|
|
656,181
|
1,731,834
|
|
|
|
|
43,059,549
|
|
Thailand-6.65%
|
|||
|
Advanced Info Service PCL, NVDR
|
|
181,560
|
1,613,116
|
|
Bangkok Bank PCL, NVDR
|
|
447,869
|
2,024,400
|
|
Bangkok Dusit Medical Services PCL, NVDR
|
|
2,652,662
|
1,745,398
|
|
Bangkok Expressway & Metro PCL, NVDR
|
|
10,180,317
|
1,729,394
|
|
Kasikornbank PCL, NVDR
|
|
401,339
|
1,984,556
|
|
Krung Thai Bank PCL, NVDR
|
|
2,325,906
|
1,563,805
|
|
|
Shares
|
Value
|
|
|
Thailand-(continued)
|
|||
|
Krungthai Card PCL, NVDR
|
|
1,437,308
|
$1,250,778
|
|
PTT PCL, NVDR
|
|
2,099,593
|
2,134,811
|
|
SCB X PCL, NVDR
|
|
566,712
|
2,189,288
|
|
Thai Beverage PCL
|
|
4,917,651
|
1,757,432
|
|
Thai Union Group PCL, NVDR
|
|
5,242,792
|
1,775,737
|
|
Tisco Financial Group PCL, NVDR
|
|
1,348,394
|
4,092,478
|
|
TMBThanachart Bank PCL, NVDR
|
|
33,267,900
|
1,962,391
|
|
|
|
|
25,823,584
|
|
United Arab Emirates-6.71%
|
|||
|
Abu Dhabi Islamic Bank PJSC
|
|
328,329
|
2,155,763
|
|
Abu Dhabi National Oil Co. for Distribution
PJSC
|
|
2,112,500
|
2,132,575
|
|
ADNOC Drilling Co. PJSC, Class C
|
|
1,044,761
|
1,660,908
|
|
ADNOC Gas PLC
|
|
2,100,389
|
1,902,815
|
|
ADNOC Logistics & Services
|
|
1,265,197
|
1,603,933
|
|
Borouge PLC
|
|
3,538,621
|
2,541,861
|
|
Dubai Electricity and Water Authority PJSC
|
|
2,847,480
|
2,143,976
|
|
Dubai Islamic Bank PJSC
|
|
943,748
|
2,559,469
|
|
Emirates NBD Bank PJSC
|
|
256,215
|
1,864,513
|
|
Emirates Telecommunications Group Co.
PJSC
|
|
434,671
|
2,241,341
|
|
Fertiglobe PLC
|
|
2,411,971
|
1,704,541
|
|
First Abu Dhabi Bank PJSC
|
|
381,509
|
1,866,355
|
|
Salik Co. PJSC
|
|
968,612
|
1,685,763
|
|
|
|
|
26,063,813
|
|
Total Common Stocks & Other Equity Interests
(Cost $348,812,362)
|
386,328,057
|
||
|
|
Shares
|
Value
|
|
|
Money Market Funds-0.05%
|
|||
|
Invesco Government & Agency Portfolio,
Institutional Class, 4.25%(f)(g)
(Cost $193,030)
|
|
193,030
|
$193,030
|
|
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-99.50%
(Cost $349,005,392)
|
386,521,087
|
||
|
Investments Purchased with Cash Collateral from Securities
on Loan
|
|||
|
Money Market Funds-2.02%
|
|||
|
Invesco Private Government Fund,
4.32%(f)(g)(h)
|
|
2,296,234
|
2,296,234
|
|
Invesco Private Prime Fund, 4.46%(f)(g)(h)
|
|
5,551,666
|
5,552,776
|
|
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $7,849,010)
|
7,849,010
|
||
|
TOTAL INVESTMENTS IN SECURITIES-101.52%
(Cost $356,854,402)
|
394,370,097
|
||
|
OTHER ASSETS LESS LIABILITIES-(1.52)%
|
(5,912,916
)
|
||
|
NET ASSETS-100.00%
|
$388,457,181
|
||
|
Investment Abbreviations:
|
|
ADR-American Depositary Receipt
|
|
CPO-Certificates of Ordinary Participation
|
|
GDR-Global Depositary Receipt
|
|
NVDR-Non-Voting Depositary Receipt
|
|
Notes to Schedule of Investments:
|
|
|
(a)
|
Non-income producing security.
|
|
(b)
|
All or a portion of this security was out on loan at July 31, 2025.
|
|
(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, 2025 was $5,915,154, which represented 1.52% of the Fund’s Net Assets.
|
|
(d)
|
Each CPO for Fomento Economico Mexicano, S.A.B. de C.V. represents one Series B share
and four Series D shares.
|
|
(e)
|
Security valued using significant unobservable inputs (Level 3). See Note 1.
|
|
(f)
|
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 nine months ended July 31, 2025.
|
|
|
Value
October 31, 2024
|
Purchases
at Cost
|
Proceeds
from Sales
|
Change in
Unrealized
Appreciation
|
Realized
Gain
(Loss)
|
Value
July 31, 2025
|
Dividend Income
|
|
Investments in Affiliated
Money Market Funds:
|
|
|
|
|
|
|
|
|
Invesco Government &
Agency Portfolio,
Institutional Class
|
$30,856
|
$24,816,340
|
$(24,654,166
)
|
$-
|
$-
|
$193,030
|
$9,243
|
|
|
Value
October 31, 2024
|
Purchases
at Cost
|
Proceeds
from Sales
|
Change in
Unrealized
Appreciation
|
Realized
Gain
(Loss)
|
Value
July 31, 2025
|
Dividend Income
|
|
Investments Purchased
with Cash Collateral from
Securities on Loan:
|
|
|
|
|
|
|
|
|
Invesco Private
Government Fund
|
$4,053,634
|
$28,217,910
|
$(29,975,310
)
|
$-
|
$-
|
$2,296,234
|
$108,855
*
|
|
Invesco Private Prime Fund
|
5,364,341
|
48,119,750
|
(47,930,258
)
|
96
|
(1,153
)
|
5,552,776
|
293,548
*
|
|
Total
|
$9,448,831
|
$101,154,000
|
$(102,559,734
)
|
$96
|
$(1,153
)
|
$8,042,040
|
$411,646
|
|
*
|
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.
|
|
(g)
|
The rate shown is the 7-day SEC standardized yield as of July 31, 2025.
|
|
(h)
|
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.
|
|
Open Futures Contracts(a)
|
|||||
|
Long Futures Contracts
|
Number of
Contracts
|
Expiration
Month
|
Notional
Value
|
Value
|
Unrealized
Appreciation
|
|
Equity Risk
|
|
|
|
|
|
|
MSCI Emerging Markets Index
|
25
|
September-2025
|
$1,547,875
|
$52,067
|
$52,067
|
|
(a)
|
Futures contracts collateralized by $295,204 cash held with Morgan Stanley & Co. LLC,
the futures commission merchant.
|
|
|
Shares
|
Value
|
|
|
Common Stocks & Other Equity Interests-99.98%
|
|||
|
Argentina-0.10%
|
|||
|
Vista Energy, S.A.B. de C.V., ADR(a)
|
|
314
|
$14,036
|
|
Brazil-2.45%
|
|||
|
BB Seguridade Participacoes S.A.
|
|
2,445
|
14,717
|
|
BRF S.A.
|
|
2,141
|
7,668
|
|
Cia Energetica de Minas Gerais, Preference
Shares
|
|
7,622
|
14,064
|
|
Embraer S.A.
|
|
5,515
|
79,456
|
|
NU Holdings Ltd., Class A(a)
|
|
11,850
|
144,807
|
|
Porto Seguro S.A.
|
|
1,118
|
10,362
|
|
WEG S.A.
|
|
9,303
|
61,665
|
|
|
|
|
332,739
|
|
Chile-0.66%
|
|||
|
Banco de Chile
|
|
177,243
|
24,254
|
|
Cencosud S.A.
|
|
7,188
|
21,511
|
|
Falabella S.A.
|
|
5,244
|
25,977
|
|
LATAM Airlines Group S.A.(a)
|
|
685,655
|
14,896
|
|
Plaza S.A.
|
|
1,636
|
3,433
|
|
|
|
|
90,071
|
|
China-40.54%
|
|||
|
AAC Technologies Holdings, Inc.
|
|
4,272
|
21,600
|
|
Agricultural Bank of China Ltd., H Shares
|
|
162,587
|
106,513
|
|
Atour Lifestyle Holdings Ltd., ADR
|
|
166
|
5,614
|
|
Bank of China Ltd., H Shares
|
|
459,806
|
265,406
|
|
Bank of Communications Co. Ltd., H Shares
|
|
104,427
|
94,075
|
|
Bilibili, Inc., Z Shares(a)(b)
|
|
1,039
|
23,771
|
|
Brilliance China Automotive Holdings Ltd.
|
|
15,342
|
6,120
|
|
BYD Co. Ltd., H Shares(b)
|
|
13,125
|
191,636
|
|
China CITIC Bank Corp. Ltd., H Shares
|
|
53,235
|
49,462
|
|
China Communications Services Corp. Ltd., H
Shares
|
|
9,588
|
5,584
|
|
China Construction Bank Corp., H Shares
|
|
515,701
|
527,461
|
|
China Everbright Bank Co. Ltd., H Shares
|
|
12,572
|
5,908
|
|
China Feihe Ltd.(c)
|
|
15,155
|
9,010
|
|
China Galaxy Securities Co. Ltd., H Shares
|
|
13,456
|
18,185
|
|
China Hongqiao Group Ltd.(b)
|
|
15,847
|
41,803
|
|
China Life Insurance Co. Ltd., H Shares
|
|
28,977
|
83,703
|
|
China Merchants Bank Co. Ltd., H Shares
|
|
13,016
|
84,463
|
|
China Merchants Port Holdings Co. Ltd.
|
|
5,053
|
9,935
|
|
China Merchants Securities Co. Ltd., H Shares(c)
|
|
3,365
|
6,956
|
|
China Minsheng Banking Corp. Ltd., H Shares
|
|
37,036
|
22,292
|
|
China Pacific Insurance (Group) Co. Ltd., H
Shares
|
|
9,836
|
39,614
|
|
China State Construction International Holdings
Ltd.
|
|
7,015
|
10,747
|
|
China Taiping Insurance Holdings Co. Ltd.
|
|
6,192
|
13,759
|
|
China Tower Corp. Ltd., H Shares(c)
|
|
16,755
|
23,446
|
|
Chongqing Rural Commercial Bank Co. Ltd., H
Shares
|
|
13,168
|
10,444
|
|
Full Truck Alliance Co. Ltd., ADR
|
|
3,431
|
39,628
|
|
Fuyao Glass Industry Group Co. Ltd., H Shares(c)
|
|
2,431
|
17,526
|
|
GDS Holdings Ltd., A Shares(a)
|
|
7,663
|
34,535
|
|
Geely Automobile Holdings Ltd.
|
|
27,885
|
62,547
|
|
Giant Biogene Holding Co. Ltd.(c)
|
|
2,087
|
14,882
|
|
Goldwind Science & Technology Co. Ltd., H
Shares
|
|
3,476
|
3,086
|
|
Great Wall Motor Co. Ltd.(b)
|
|
8,858
|
14,456
|
|
Guotai Haitong Securities Co. Ltd., H Shares(c)
|
|
8,246
|
17,801
|
|
Industrial & Commercial Bank of China Ltd., H
Shares
|
|
399,240
|
305,908
|
|
JD Logistics, Inc.(a)(c)
|
|
8,850
|
15,337
|
|
|
Shares
|
Value
|
|
|
China-(continued)
|
|||
|
JD.com, Inc., A Shares
|
|
12,441
|
$196,094
|
|
Kingboard Laminates Holdings Ltd.(b)
|
|
2,914
|
3,741
|
|
Kingsoft Corp. Ltd.
|
|
5,018
|
22,818
|
|
Meituan, B Shares(a)(c)
|
|
32,616
|
503,185
|
|
New China Life Insurance Co. Ltd., H Shares
|
|
3,435
|
21,980
|
|
People’s Insurance Co. (Group) of China Ltd.
(The), H Shares
|
|
44,022
|
33,821
|
|
Pop Mart International Group Ltd.(c)
|
|
4,910
|
153,162
|
|
Qifu Technology, Inc., ADR(b)
|
|
861
|
29,558
|
|
Qingdao Port International Co. Ltd., H Shares(c)
|
|
3,730
|
3,101
|
|
Sichuan Kelun-Biotech Biopharmaceutical Co.
Ltd.(a)
|
|
86
|
4,538
|
|
Sinopec Engineering Group Co. Ltd., H Shares
|
|
7,465
|
5,796
|
|
SITC International Holdings Co. Ltd.
|
|
5,151
|
16,655
|
|
Smoore International Holdings Ltd.(c)
|
|
12,369
|
33,352
|
|
Tencent Holdings Ltd.
|
|
17,773
|
1,244,327
|
|
Tingyi Cayman Islands Holding Corp.
|
|
8,178
|
12,089
|
|
Trip.com Group Ltd.
|
|
2,900
|
180,039
|
|
Uni-President China Holdings Ltd.
|
|
6,651
|
8,403
|
|
Xiaomi Corp., B Shares(a)(c)
|
|
114,523
|
770,505
|
|
Yangzijiang Shipbuilding Holdings Ltd.
|
|
14,860
|
29,170
|
|
Zhaojin Mining Industry Co. Ltd., H Shares
|
|
5,513
|
13,690
|
|
Zhuzhou CRRC Times Electric Co. Ltd.
|
|
1,715
|
6,957
|
|
ZTE Corp., H Shares(b)
|
|
3,519
|
11,103
|
|
|
|
|
5,507,297
|
|
Colombia-0.19%
|
|||
|
Grupo Cibest S.A., Preference Shares
|
|
2,344
|
25,775
|
|
Czech Republic-0.42%
|
|||
|
CEZ A.S.
|
|
664
|
38,568
|
|
Komercni banka A.S.
|
|
386
|
18,434
|
|
|
|
|
57,002
|
|
Egypt-0.03%
|
|||
|
Talaat Moustafa Group
|
|
3,094
|
3,395
|
|
Greece-0.33%
|
|||
|
Eurobank Ergasias Services and Holdings S.A.
|
|
10,028
|
36,914
|
|
GEK TERNA S.A.
|
|
295
|
7,303
|
|
|
|
|
44,217
|
|
Hong Kong-0.28%
|
|||
|
United Laboratories International Holdings Ltd.
(The)
|
|
4,816
|
9,028
|
|
WH Group Ltd.
|
|
29,054
|
29,087
|
|
|
|
|
38,115
|
|
Hungary-0.89%
|
|||
|
OTP Bank Nyrt.
|
|
1,489
|
121,264
|
|
India-10.51%
|
|||
|
360 One Wam Ltd.
|
|
998
|
11,945
|
|
Bharat Electronics Ltd.
|
|
14,136
|
61,411
|
|
Bharti Airtel Ltd.
|
|
12,049
|
262,297
|
|
Blue Star Ltd.
|
|
524
|
10,332
|
|
Coromandel International Ltd.
|
|
747
|
22,842
|
|
Divi’s Laboratories Ltd.
|
|
639
|
47,851
|
|
Dixon Technologies India Ltd.(c)
|
|
264
|
50,441
|
|
Eicher Motors Ltd.
|
|
545
|
33,911
|
|
Eternal Ltd.(a)
|
|
30,054
|
104,892
|
|
Fortis Healthcare Ltd.
|
|
2,022
|
19,690
|
|
GE Vernova T&D India Ltd.
|
|
978
|
30,307
|
|
Glenmark Pharmaceuticals Ltd.
|
|
731
|
17,740
|
|
Hitachi Energy India Ltd.
|
|
51
|
11,619
|
|
Indian Hotels Co. Ltd. (The)
|
|
3,804
|
31,996
|
|
|
Shares
|
Value
|
|
|
India-(continued)
|
|||
|
Indus Towers Ltd.(a)
|
|
4,715
|
$19,445
|
|
Info Edge (India) Ltd.
|
|
1,545
|
24,397
|
|
InterGlobe Aviation Ltd.(a)(c)
|
|
753
|
50,533
|
|
Jyoti CNC Automation Ltd.(a)(c)
|
|
106
|
1,227
|
|
Lloyds Metals and Energy Ltd.
|
|
898
|
15,401
|
|
Lupin Ltd.
|
|
935
|
20,437
|
|
Mahindra & Mahindra Ltd.
|
|
5,413
|
197,188
|
|
MakeMyTrip Ltd.(a)(b)
|
|
263
|
24,614
|
|
Mazagon Dock Shipbuilders Ltd.
|
|
289
|
9,068
|
|
Muthoot Finance Ltd.
|
|
601
|
17,874
|
|
Oberoi Realty Ltd.
|
|
354
|
6,553
|
|
Oil India Ltd.
|
|
1,619
|
8,099
|
|
Oracle Financial Services Software Ltd.(a)
|
|
76
|
7,297
|
|
PB Fintech Ltd.(a)
|
|
1,379
|
28,299
|
|
Persistent Systems Ltd.
|
|
365
|
21,331
|
|
Siemens Ltd.
|
|
318
|
10,949
|
|
Solar Industries India Ltd.
|
|
90
|
14,545
|
|
Sun Pharmaceutical Industries Ltd.
|
|
3,669
|
71,252
|
|
Tech Mahindra Ltd.
|
|
2,080
|
34,507
|
|
Torrent Pharmaceuticals Ltd.
|
|
329
|
14,004
|
|
Trent Ltd.
|
|
964
|
54,987
|
|
United Spirits Ltd.
|
|
1,006
|
15,359
|
|
Vedanta Ltd.
|
|
8,847
|
42,725
|
|
|
|
|
1,427,365
|
|
Indonesia-0.25%
|
|||
|
PT Alamtri Resources (Indonesia) Tbk
|
|
52,221
|
5,854
|
|
PT Indofood Sukses Makmur Tbk
|
|
15,681
|
8,097
|
|
PT Pantai Indah Kapuk Dua Tbk
|
|
9,754
|
9,743
|
|
PT Perusahaan Gas Negara Tbk
|
|
43,373
|
4,288
|
|
PT Petrindo Jaya Kreasi Tbk(a)
|
|
68,290
|
6,342
|
|
|
|
|
34,324
|
|
Kuwait-1.00%
|
|||
|
Kuwait Finance House K.S.C.P.
|
|
51,381
|
135,364
|
|
Malaysia-2.12%
|
|||
|
AMMB Holdings Bhd.
|
|
10,907
|
12,888
|
|
CIMB Group Holdings Bhd.
|
|
40,221
|
61,482
|
|
Gamuda Bhd.
|
|
29,160
|
35,196
|
|
IHH Healthcare Bhd.
|
|
11,724
|
18,273
|
|
KPJ Healthcare Bhd.
|
|
11,581
|
7,019
|
|
Malayan Banking Bhd.
|
|
33,097
|
72,794
|
|
RHB Bank Bhd.
|
|
9,184
|
13,185
|
|
Sime Darby Property Bhd.
|
|
16,378
|
5,676
|
|
Sunway Bhd.
|
|
12,144
|
13,421
|
|
Tenaga Nasional Bhd.
|
|
11,979
|
36,487
|
|
United Plantations Bhd.
|
|
2,358
|
11,964
|
|
|
|
|
288,385
|
|
Mexico-0.29%
|
|||
|
Grupo Aeroportuario del Pacifico S.A.B. de C.V.,
Class B
|
|
1,704
|
39,222
|
|
Peru-0.45%
|
|||
|
Credicorp Ltd.
|
|
258
|
61,146
|
|
Philippines-0.17%
|
|||
|
International Container Terminal Services, Inc.
|
|
2,991
|
22,966
|
|
Poland-0.89%
|
|||
|
CCC S.A.(a)(b)
|
|
359
|
18,513
|
|
CD Projekt S.A.(b)
|
|
482
|
32,309
|
|
Powszechna Kasa Oszczednosci Bank Polski S.A.
|
|
3,219
|
70,741
|
|
|
|
|
121,563
|
|
|
Shares
|
Value
|
|
|
Qatar-0.19%
|
|||
|
Industries Qatar Q.S.C.
|
|
7,078
|
$25,821
|
|
Romania-0.13%
|
|||
|
NEPI Rockcastle N.V.(a)
|
|
2,348
|
18,082
|
|
Russia-0.00%
|
|||
|
Alrosa PJSC(d)
|
|
11,439
|
0
|
|
Gazprom PJSC(a)(d)
|
|
43,562
|
0
|
|
Severstal PAO(d)
|
|
1,045
|
0
|
|
|
|
|
0
|
|
Saudi Arabia-0.52%
|
|||
|
ACWA Power Co.(a)
|
|
917
|
53,699
|
|
Al Rajhi Co. for Cooperative Insurance(a)
|
|
387
|
12,238
|
|
Astra Industrial Group Co.
|
|
133
|
4,958
|
|
|
|
|
70,895
|
|
South Africa-1.47%
|
|||
|
Capitec Bank Holdings Ltd.
|
|
479
|
93,540
|
|
Harmony Gold Mining Co. Ltd.
|
|
2,539
|
34,247
|
|
Mr Price Group Ltd.
|
|
1,216
|
14,175
|
|
Nedbank Group Ltd.
|
|
1,812
|
24,911
|
|
OUTsurance Group Ltd.
|
|
4,916
|
20,984
|
|
Pepkor Holdings Ltd.(c)
|
|
7,970
|
12,058
|
|
|
|
|
199,915
|
|
South Korea-8.81%
|
|||
|
Alteogen, Inc.(a)
|
|
334
|
107,743
|
|
Coupang, Inc.(a)
|
|
6,026
|
177,345
|
|
Hanmi Semiconductor Co. Ltd.
|
|
146
|
9,470
|
|
Hanwha Aerospace Co. Ltd.
|
|
186
|
132,702
|
|
Hanwha Ocean Co. Ltd.(a)
|
|
669
|
53,780
|
|
HD Hyundai Electric Co. Ltd.
|
|
180
|
64,055
|
|
HD Hyundai Heavy Industries Co. Ltd.
|
|
167
|
58,610
|
|
HD Hyundai Mipo Co. Ltd.
|
|
102
|
15,522
|
|
HD Korea Shipbuilding & Offshore Engineering Co.
Ltd.
|
|
254
|
65,274
|
|
Hyundai Glovis Co. Ltd.
|
|
225
|
23,767
|
|
Hyundai Motor Co., First Pfd.
|
|
79
|
9,146
|
|
Hyundai Motor Co., Second Pfd.
|
|
134
|
15,858
|
|
Hyundai Rotem Co. Ltd.
|
|
363
|
52,475
|
|
Industrial Bank of Korea
|
|
1,012
|
14,119
|
|
KB Financial Group, Inc.
|
|
1,549
|
123,065
|
|
Krafton, Inc.(a)
|
|
133
|
31,316
|
|
LIG Nex1 Co. Ltd.
|
|
54
|
24,316
|
|
LS Electric Co. Ltd.
|
|
108
|
23,837
|
|
Meritz Financial Group, Inc.
|
|
394
|
32,721
|
|
NH Investment & Securities Co. Ltd.
|
|
599
|
8,684
|
|
Rainbow Robotics(a)
|
|
37
|
7,294
|
|
Samsung Heavy Industries Co. Ltd.(a)
|
|
3,252
|
44,388
|
|
Samyang Foods Co. Ltd.
|
|
34
|
35,133
|
|
SK Square Co. Ltd.(a)
|
|
320
|
34,467
|
|
SKC Co. Ltd.(a)
|
|
71
|
5,109
|
|
Yuhan Corp.
|
|
320
|
26,946
|
|
|
|
|
1,197,142
|
|
Taiwan-21.02%
|
|||
|
Caliway Biopharmaceuticals Co. Ltd.(a)
|
|
9,500
|
39,290
|
|
Cathay Financial Holding Co. Ltd.
|
|
51,036
|
103,442
|
|
Chroma ATE, Inc.
|
|
1,881
|
26,935
|
|
CTBC Financial Holding Co. Ltd.
|
|
87,303
|
119,962
|
|
Delta Electronics, Inc.
|
|
8,049
|
151,628
|
|
Eva Airways Corp.
|
|
13,391
|
16,885
|
|
Fubon Financial Holding Co. Ltd.
|
|
51,368
|
140,988
|
|
Hon Hai Precision Industry Co. Ltd.
|
|
59,002
|
346,960
|
|
|
Shares
|
Value
|
|
|
Taiwan-(continued)
|
|||
|
Hua Nan Financial Holdings Co. Ltd.
|
|
49,033
|
$46,983
|
|
International Games System Co. Ltd.
|
|
1,723
|
45,052
|
|
Jentech Precision Industrial Co. Ltd.
|
|
359
|
17,080
|
|
KGI Financial Holding Co. Ltd.
|
|
77,445
|
39,230
|
|
Lotes Co. Ltd.
|
|
413
|
19,312
|
|
MediaTek, Inc.
|
|
5,875
|
266,047
|
|
MiTAC Holdings Corp.(a)
|
|
3,308
|
8,377
|
|
PharmaEssentia Corp.(a)
|
|
1,906
|
31,466
|
|
Radiant Opto-Electronics Corp.
|
|
1,905
|
8,756
|
|
SinoPac Financial Holdings Co. Ltd.
|
|
41,262
|
34,046
|
|
Taiwan Business Bank
|
|
24,753
|
13,300
|
|
Taiwan Semiconductor Manufacturing Co. Ltd.
|
|
34,513
|
1,328,726
|
|
Yuanta Financial Holding Co. Ltd.
|
|
49,449
|
51,292
|
|
|
|
|
2,855,757
|
|
Thailand-1.57%
|
|||
|
Advanced Info Service PCL, NVDR
|
|
4,443
|
39,475
|
|
Delta Electronics Thailand PCL, NVDR
|
|
17,308
|
76,613
|
|
Kasikornbank PCL, NVDR
|
|
6,568
|
32,478
|
|
Krung Thai Bank PCL, NVDR
|
|
20,872
|
14,033
|
|
SCB X PCL, NVDR
|
|
3,919
|
15,140
|
|
True Corp. PCL, NVDR(a)
|
|
114,028
|
36,177
|
|
|
|
|
213,916
|
|
Turkey-1.17%
|
|||
|
Akbank T.A.S.
|
|
12,815
|
21,248
|
|
Aksa Akrilik Kimya Sanayii A.S.
|
|
5,275
|
1,235
|
|
Aselsan Elektronik Sanayi Ve Ticaret A.S.
|
|
6,012
|
27,652
|
|
BIM Birlesik Magazalar A.S.
|
|
1,561
|
20,389
|
|
Gubre Fabrikalari T.A.S.(a)
|
|
358
|
2,189
|
|
Haci Omer Sabanci Holding A.S.
|
|
4,287
|
10,044
|
|
Migros Ticaret A.S.
|
|
337
|
4,346
|
|
MLP Saglik Hizmetleri A.S.(a)(c)
|
|
382
|
3,590
|
|
Pegasus Hava Tasimaciligi A.S.(a)
|
|
841
|
5,209
|
|
TAV Havalimanlari Holding A.S.(a)
|
|
1,331
|
8,043
|
|
Turk Telekomunikasyon A.S.(a)
|
|
1,728
|
2,316
|
|
Turkcell Iletisim Hizmetleri A.S.
|
|
5,670
|
12,999
|
|
Turkiye Garanti Bankasi A.S.
|
|
3,944
|
13,828
|
|
Turkiye Halk Bankasi A.S.(a)
|
|
2,394
|
1,652
|
|
Turkiye Is Bankasi A.S., Class C
|
|
26,514
|
9,653
|
|
Turkiye Sigorta A.S.
|
|
7,664
|
1,866
|
|
|
Shares
|
Value
|
|
|
Turkey-(continued)
|
|||
|
Turkiye Vakiflar Bankasi T.A.O.(a)
|
|
5,326
|
$3,771
|
|
Yapi Ve Kredi Bankasi A.S.(a)
|
|
10,162
|
8,405
|
|
|
|
|
158,435
|
|
United Arab Emirates-3.27%
|
|||
|
Abu Dhabi Commercial Bank PJSC
|
|
15,114
|
66,880
|
|
Abu Dhabi Islamic Bank PJSC
|
|
8,429
|
55,344
|
|
ADNOC Drilling Co. PJSC, Class C
|
|
13,626
|
21,662
|
|
ADNOC Logistics & Services
|
|
5,621
|
7,126
|
|
Aldar Properties PJSC
|
|
17,789
|
45,970
|
|
Dubai Islamic Bank PJSC
|
|
13,371
|
36,262
|
|
Emaar Development PJSC
|
|
5,437
|
22,188
|
|
Emaar Properties PJSC
|
|
42,090
|
174,305
|
|
Salik Co. PJSC
|
|
8,288
|
14,424
|
|
|
|
|
444,161
|
|
United States-0.26%
|
|||
|
JBS N.V., BDR(a)
|
|
1,713
|
23,519
|
|
Titan S.A.
|
|
288
|
11,908
|
|
|
|
|
35,427
|
|
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from
securities on loan)-99.98%
(Cost $12,166,537)
|
13,583,797
|
||
|
Investments Purchased with Cash Collateral from Securities
on Loan
|
|||
|
Money Market Funds-2.05%
|
|||
|
Invesco Private Government Fund, 4.32%(e)(f)(g)
|
|
77,332
|
77,332
|
|
Invesco Private Prime Fund, 4.46%(e)(f)(g)
|
|
200,893
|
200,933
|
|
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $278,265)
|
278,265
|
||
|
TOTAL INVESTMENTS IN SECURITIES-102.03%
(Cost $12,444,802)
|
13,862,062
|
||
|
OTHER ASSETS LESS LIABILITIES-(2.03)%
|
(276,149
)
|
||
|
NET ASSETS-100.00%
|
$13,585,913
|
||
|
Investment Abbreviations:
|
|
ADR-American Depositary Receipt
|
|
BDR-Brazilian Depositary Receipt
|
|
NVDR-Non-Voting Depositary Receipt
|
|
Pfd.-Preferred
|
|
Notes to Schedule of Investments:
|
|
|
(a)
|
Non-income producing security.
|
|
(b)
|
All or a portion of this security was out on loan at July 31, 2025.
|
|
(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, 2025 was $1,686,112, which represented 12.41% of the Fund’s Net Assets.
|
|
(d)
|
Security valued using significant unobservable inputs (Level 3). See Note 1.
|
|
(e)
|
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 nine months ended July 31, 2025.
|
|
|
Value
October 31, 2024
|
Purchases
at Cost
|
Proceeds
from Sales
|
Change in
Unrealized
Appreciation
|
Realized
Gain
(Loss)
|
Value
July 31, 2025
|
Dividend Income
|
|
Investments in Affiliated Money
Market Funds:
|
|
|
|
|
|
|
|
|
Invesco Government & Agency
Portfolio, Institutional Class
|
$125,162
|
$1,035,803
|
$(1,160,965
)
|
$-
|
$-
|
$-
|
$1,715
|
|
Investments Purchased with
Cash Collateral from Securities
on Loan:
|
|
|
|
|
|
|
|
|
Invesco Private Government
Fund
|
13,135
|
1,118,362
|
(1,054,165
)
|
-
|
-
|
77,332
|
1,944
*
|
|
Invesco Private Prime Fund
|
34,752
|
2,748,892
|
(2,582,698
)
|
4
|
(17
)
|
200,933
|
5,179
*
|
|
Total
|
$173,049
|
$4,903,057
|
$(4,797,828
)
|
$4
|
$(17
)
|
$278,265
|
$8,838
|
|
*
|
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.
|
|
(f)
|
The rate shown is the 7-day SEC standardized yield as of July 31, 2025.
|
|
(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.
|
|
|
Shares
|
Value
|
|
|
Common Stocks & Other Equity Interests-99.66%
|
|||
|
Australia-12.86%
|
|||
|
ANZ Group Holdings Ltd.
|
|
94,227
|
$1,852,517
|
|
APA Group
|
|
314,432
|
1,694,295
|
|
ASX Ltd.
|
|
37,056
|
1,664,105
|
|
Atlas Arteria Ltd.
|
|
511,653
|
1,693,240
|
|
Aurizon Holdings Ltd.(a)
|
|
1,077,578
|
2,241,044
|
|
Brambles Ltd.
|
|
113,843
|
1,744,988
|
|
Cleanaway Waste Management Ltd.
|
|
1,149,263
|
2,121,956
|
|
Coles Group Ltd.
|
|
166,012
|
2,214,406
|
|
Commonwealth Bank of Australia
|
|
14,534
|
1,653,120
|
|
CSL Ltd.
|
|
12,411
|
2,150,917
|
|
Lottery Corp. Ltd. (The)
|
|
660,260
|
2,294,311
|
|
Medibank Pvt. Ltd.
|
|
569,146
|
1,863,674
|
|
National Australia Bank Ltd.
|
|
66,456
|
1,652,295
|
|
Orica Ltd.
|
|
137,303
|
1,878,519
|
|
Rio Tinto PLC
|
|
28,711
|
1,713,508
|
|
Scentre Group
|
|
791,644
|
1,898,132
|
|
Sonic Healthcare Ltd.
|
|
104,254
|
1,844,444
|
|
Stockland
|
|
466,408
|
1,656,639
|
|
Telstra Group Ltd.
|
|
876,218
|
2,797,793
|
|
TPG Telecom Ltd.
|
|
495,394
|
1,760,438
|
|
Transurban Group
|
|
258,203
|
2,289,318
|
|
Vicinity Ltd.
|
|
1,052,023
|
1,659,504
|
|
Washington H Soul Pattinson & Co. Ltd.(a)
|
|
92,662
|
2,411,859
|
|
Wesfarmers Ltd.
|
|
32,820
|
1,798,592
|
|
Westpac Banking Corp.
|
|
81,721
|
1,767,663
|
|
Woolworths Group Ltd.
|
|
96,390
|
1,949,565
|
|
|
|
|
50,266,842
|
|
Belgium-1.86%
|
|||
|
Ackermans & van Haaren N.V.
|
|
6,996
|
1,721,133
|
|
Ageas S.A./N.V.
|
|
31,796
|
2,168,230
|
|
Anheuser-Busch InBev S.A./N.V.
|
|
24,134
|
1,391,602
|
|
Groupe Bruxelles Lambert N.V.
|
|
23,756
|
1,991,835
|
|
|
|
|
7,272,800
|
|
Canada-18.78%
|
|||
|
Bank of Montreal(a)
|
|
17,091
|
1,890,635
|
|
Bank of Nova Scotia (The)
|
|
44,130
|
2,460,657
|
|
Canadian Imperial Bank of Commerce
|
|
31,245
|
2,238,033
|
|
Canadian National Railway Co.
|
|
16,623
|
1,555,592
|
|
Canadian Tire Corp. Ltd., Class A(a)
|
|
13,299
|
1,785,128
|
|
CCL Industries, Inc., Class B
|
|
29,709
|
1,664,288
|
|
CGI, Inc., Class A
|
|
16,441
|
1,588,506
|
|
Choice Properties REIT(a)
|
|
210,576
|
2,161,277
|
|
Dollarama, Inc.
|
|
12,051
|
1,650,731
|
|
Element Fleet Management Corp.
|
|
73,375
|
1,912,723
|
|
Emera, Inc.(a)
|
|
51,209
|
2,409,792
|
|
Empire Co. Ltd., Class A
|
|
50,057
|
1,997,863
|
|
Enbridge, Inc.
|
|
51,391
|
2,332,491
|
|
FirstService Corp.
|
|
10,244
|
2,023,682
|
|
Fortis, Inc.(a)
|
|
53,291
|
2,613,381
|
|
George Weston Ltd.
|
|
10,848
|
2,065,871
|
|
Great-West Lifeco, Inc.
|
|
50,914
|
1,916,065
|
|
Hydro One Ltd.(b)
|
|
67,763
|
2,401,640
|
|
IGM Financial, Inc.
|
|
58,286
|
1,934,224
|
|
Intact Financial Corp.
|
|
9,636
|
1,996,131
|
|
Loblaw Cos. Ltd.
|
|
12,977
|
2,103,183
|
|
Metro, Inc.
|
|
30,049
|
2,302,768
|
|
National Bank of Canada
|
|
19,481
|
2,030,882
|
|
Pembina Pipeline Corp.(a)
|
|
51,515
|
1,918,934
|
|
Power Corp. of Canada
|
|
54,707
|
2,209,568
|
|
Quebecor, Inc., Class B
|
|
74,437
|
2,098,697
|
|
|
Shares
|
Value
|
|
|
Canada-(continued)
|
|||
|
Rogers Communications, Inc., Class B
|
|
65,660
|
$2,197,928
|
|
Royal Bank of Canada
|
|
17,766
|
2,284,631
|
|
Saputo, Inc.
|
|
86,340
|
1,814,792
|
|
Sun Life Financial, Inc.
|
|
31,317
|
1,913,609
|
|
TC Energy Corp.
|
|
38,796
|
1,856,528
|
|
TELUS Corp.
|
|
117,051
|
1,889,681
|
|
Thomson Reuters Corp.(a)
|
|
10,192
|
2,049,974
|
|
TMX Group Ltd.
|
|
47,971
|
1,954,856
|
|
Toromont Industries Ltd.(a)
|
|
20,892
|
2,122,974
|
|
Toronto-Dominion Bank (The)
|
|
28,361
|
2,070,227
|
|
|
|
|
73,417,942
|
|
China-0.48%
|
|||
|
Wilmar International Ltd.
|
|
820,946
|
1,859,599
|
|
Denmark-0.47%
|
|||
|
Tryg A/S
|
|
76,063
|
1,840,668
|
|
Finland-1.50%
|
|||
|
Elisa OYJ
|
|
38,392
|
1,981,173
|
|
Kone OYJ, Class B
|
|
29,517
|
1,817,916
|
|
Sampo OYJ
|
|
192,272
|
2,069,846
|
|
|
|
|
5,868,935
|
|
France-5.21%
|
|||
|
Air Liquide S.A.
|
|
9,121
|
1,799,703
|
|
AXA S.A.
|
|
36,659
|
1,785,726
|
|
Bollore SE
|
|
292,996
|
1,694,982
|
|
Bouygues S.A.
|
|
42,865
|
1,770,215
|
|
Credit Agricole S.A.
|
|
96,573
|
1,782,599
|
|
Danone S.A.
|
|
27,189
|
2,231,596
|
|
ENGIE S.A.
|
|
88,415
|
1,993,248
|
|
Orange S.A.
|
|
152,283
|
2,323,190
|
|
TotalEnergies SE
|
|
28,158
|
1,679,346
|
|
Veolia Environnement S.A.
|
|
48,980
|
1,664,761
|
|
Vinci S.A.
|
|
11,861
|
1,652,435
|
|
|
|
|
20,377,801
|
|
Germany-3.22%
|
|||
|
Allianz SE
|
|
4,960
|
1,965,837
|
|
Beiersdorf AG
|
|
13,746
|
1,713,124
|
|
Deutsche Boerse AG
|
|
6,020
|
1,747,227
|
|
Deutsche Telekom AG
|
|
52,160
|
1,876,259
|
|
E.ON SE
|
|
102,644
|
1,878,058
|
|
Henkel AG & Co. KGaA, Preference Shares(a)
|
|
24,521
|
1,895,115
|
|
Symrise AG
|
|
16,383
|
1,489,435
|
|
|
|
|
12,565,055
|
|
Hong Kong-4.17%
|
|||
|
CLP Holdings Ltd.
|
|
287,159
|
2,492,477
|
|
HK Electric Investments & HK Electric
Investments Ltd.
|
|
4,669,883
|
3,640,379
|
|
HKT Trust & HKT Ltd.(a)
|
|
1,509,698
|
2,377,136
|
|
Hong Kong & China Gas Co. Ltd. (The)
|
|
2,316,531
|
2,067,650
|
|
MTR Corp. Ltd.(a)
|
|
485,901
|
1,747,918
|
|
Power Assets Holdings Ltd.
|
|
293,856
|
1,934,777
|
|
Sino Land Co. Ltd.
|
|
1,781,635
|
2,053,690
|
|
|
|
|
16,314,027
|
|
Ireland-0.37%
|
|||
|
Kerry Group PLC, Class A
|
|
15,733
|
1,457,525
|
|
Israel-2.09%
|
|||
|
Bank Hapoalim B.M.
|
|
103,659
|
1,946,676
|
|
First International Bank of Israel Ltd. (The)
|
|
30,074
|
2,091,823
|
|
|
Shares
|
Value
|
|
|
Israel-(continued)
|
|||
|
Melisron Ltd.
|
|
19,434
|
$2,240,747
|
|
Mizrahi Tefahot Bank Ltd.
|
|
30,525
|
1,888,314
|
|
|
|
|
8,167,560
|
|
Italy-3.42%
|
|||
|
Assicurazioni Generali S.p.A.
|
|
49,692
|
1,859,243
|
|
Enel S.p.A.
|
|
210,681
|
1,863,301
|
|
Eni S.p.A.(a)
|
|
111,509
|
1,908,751
|
|
Infrastrutture Wireless Italiane S.p.A.(a)(b)
|
|
151,781
|
1,799,670
|
|
Poste Italiane S.p.A.(b)
|
|
94,109
|
2,039,187
|
|
Snam S.p.A.
|
|
335,433
|
1,949,632
|
|
Terna S.p.A.
|
|
200,662
|
1,947,297
|
|
|
|
|
13,367,081
|
|
Japan-13.44%
|
|||
|
Advance Residence Investment Corp.(a)
|
|
2,413
|
2,493,709
|
|
ANA Holdings, Inc.(a)
|
|
97,823
|
1,817,565
|
|
Daito Trust Construction Co. Ltd.
|
|
18,735
|
1,921,934
|
|
Daiwa House REIT Investment Corp.
|
|
1,593
|
2,669,411
|
|
GLP J-Reit
|
|
2,571
|
2,257,547
|
|
Haseko Corp.
|
|
116,417
|
1,735,426
|
|
Invincible Investment Corp.
|
|
4,011
|
1,787,585
|
|
Japan Metropolitan Fund Investment Corp.
|
|
3,410
|
2,485,199
|
|
Japan Real Estate Investment Corp.
|
|
2,735
|
2,222,870
|
|
KDDI Corp.
|
|
105,501
|
1,734,951
|
|
KDX Realty Investment Corp.
|
|
1,943
|
2,092,302
|
|
Kirin Holdings Co. Ltd.
|
|
137,257
|
1,812,394
|
|
McDonald’s Holdings Co. (Japan) Ltd.(a)
|
|
47,105
|
1,884,869
|
|
MEIJI Holdings Co. Ltd.
|
|
82,131
|
1,664,135
|
|
Nippon Building Fund, Inc.
|
|
2,449
|
2,251,090
|
|
Nippon Prologis REIT, Inc.
|
|
3,345
|
1,808,830
|
|
Nisshin Seifun Group, Inc.
|
|
156,549
|
1,818,367
|
|
Nomura Real Estate Master Fund, Inc.
|
|
2,245
|
2,369,196
|
|
NTT, Inc.(a)
|
|
1,912,121
|
1,934,891
|
|
OBIC Co. Ltd.
|
|
46,804
|
1,669,720
|
|
ORIX JREIT, Inc.
|
|
1,941
|
2,542,480
|
|
SoftBank Corp.
|
|
1,314,141
|
1,902,568
|
|
Takeda Pharmaceutical Co. Ltd.
|
|
56,562
|
1,556,895
|
|
Tokyu Corp.
|
|
144,298
|
1,627,614
|
|
United Urban Investment Corp.
|
|
2,308
|
2,539,270
|
|
Yamada Holdings Co. Ltd.
|
|
634,938
|
1,939,037
|
|
|
|
|
52,539,855
|
|
Netherlands-1.91%
|
|||
|
EXOR N.V.
|
|
17,745
|
1,715,222
|
|
Koninklijke Ahold Delhaize N.V.
|
|
49,207
|
1,949,208
|
|
Koninklijke KPN N.V.
|
|
496,070
|
2,222,701
|
|
Wolters Kluwer N.V.
|
|
10,018
|
1,564,975
|
|
|
|
|
7,452,106
|
|
Norway-3.26%
|
|||
|
DNB Bank ASA
|
|
67,815
|
1,723,245
|
|
Gjensidige Forsikring ASA
|
|
69,070
|
1,824,779
|
|
Mowi ASA
|
|
92,742
|
1,735,145
|
|
Orkla ASA
|
|
163,238
|
1,724,163
|
|
SpareBank 1 Sør-Norge ASA, Class B
|
|
98,364
|
1,730,365
|
|
Storebrand ASA
|
|
132,129
|
1,884,518
|
|
Telenor ASA
|
|
138,093
|
2,127,784
|
|
|
|
|
12,749,999
|
|
Singapore-6.97%
|
|||
|
CapitaLand Ascendas REIT
|
|
1,052,494
|
2,255,348
|
|
CapitaLand Integrated Commercial Trust
|
|
1,366,384
|
2,308,956
|
|
City Developments Ltd.
|
|
492,900
|
2,335,363
|
|
|
Shares
|
Value
|
|
|
Singapore-(continued)
|
|||
|
Genting Singapore Ltd.
|
|
3,218,452
|
$1,816,947
|
|
Jardine Cycle & Carriage Ltd.
|
|
110,367
|
2,236,720
|
|
Keppel Ltd.
|
|
321,699
|
2,091,719
|
|
Mapletree Industrial Trust
|
|
1,334,666
|
2,082,294
|
|
Mapletree Pan Asia Commercial Trust(a)
|
|
1,953,275
|
1,937,076
|
|
Oversea-Chinese Banking Corp. Ltd.
|
|
151,106
|
1,959,793
|
|
Singapore Airlines Ltd.
|
|
375,655
|
1,963,697
|
|
Singapore Telecommunications Ltd.
|
|
569,728
|
1,699,248
|
|
United Overseas Bank Ltd.
|
|
66,768
|
1,856,499
|
|
UOL Group Ltd.
|
|
509,590
|
2,695,973
|
|
|
|
|
27,239,633
|
|
Spain-1.91%
|
|||
|
Aena S.M.E. S.A.(b)
|
|
71,136
|
1,921,183
|
|
Endesa S.A.
|
|
57,336
|
1,666,491
|
|
Iberdrola S.A.
|
|
110,466
|
1,947,294
|
|
Telefonica S.A.(a)
|
|
368,985
|
1,909,848
|
|
|
|
|
7,444,816
|
|
Sweden-4.11%
|
|||
|
Alfa Laval AB
|
|
40,669
|
1,772,304
|
|
Assa Abloy AB, Class B
|
|
53,140
|
1,763,722
|
|
Essity AB, Class B
|
|
66,929
|
1,655,284
|
|
Holmen AB, Class B(a)
|
|
46,337
|
1,727,386
|
|
Industrivarden AB, Class C(a)
|
|
49,857
|
1,846,759
|
|
Investor AB, Class B
|
|
58,675
|
1,705,504
|
|
L E Lundbergforetagen AB, Class B(a)
|
|
37,478
|
1,833,586
|
|
Tele2 AB, Class B
|
|
128,050
|
1,985,000
|
|
Telia Co. AB(a)
|
|
504,798
|
1,788,180
|
|
|
|
|
16,077,725
|
|
Switzerland-3.91%
|
|||
|
Chocoladefabriken Lindt & Spruengli AG,
PC(a)
|
|
112
|
1,647,990
|
|
EMS-Chemie Holding AG
|
|
2,476
|
1,948,576
|
|
Givaudan S.A.
|
|
346
|
1,446,757
|
|
Nestle S.A.
|
|
19,315
|
1,688,104
|
|
Schindler Holding AG, PC
|
|
5,139
|
1,858,905
|
|
Swiss Life Holding AG
|
|
2,013
|
2,085,575
|
|
Swisscom AG
|
|
3,801
|
2,641,718
|
|
Zurich Insurance Group AG
|
|
2,863
|
1,953,352
|
|
|
|
|
15,270,977
|
|
United Kingdom-7.88%
|
|||
|
Admiral Group PLC
|
|
39,425
|
1,780,777
|
|
Auto Trader Group PLC(b)
|
|
154,953
|
1,714,148
|
|
Aviva PLC
|
|
215,331
|
1,843,552
|
|
Berkeley Group Holdings PLC (The)
|
|
30,053
|
1,448,260
|
|
British American Tobacco PLC
|
|
36,860
|
1,978,900
|
|
Coca-Cola Europacific Partners PLC
|
|
20,551
|
1,991,803
|
|
Compass Group PLC
|
|
52,798
|
1,859,088
|
|
Haleon PLC
|
|
354,108
|
1,664,402
|
|
Imperial Brands PLC
|
|
51,320
|
2,004,513
|
|
London Stock Exchange Group PLC
|
|
11,818
|
1,443,502
|
|
National Grid PLC
|
|
125,769
|
1,770,931
|
|
Pearson PLC
|
|
141,035
|
1,998,448
|
|
RELX PLC
|
|
36,903
|
1,921,442
|
|
Shell PLC
|
|
50,782
|
1,828,488
|
|
SSE PLC
|
|
70,580
|
1,733,612
|
|
Tesco PLC
|
|
331,509
|
1,866,366
|
|
Unilever PLC
|
|
33,328
|
1,937,661
|
|
|
|
|
30,785,893
|
|
|
Shares
|
Value
|
|
|
United States-1.84%
|
|||
|
Ferrovial SE
|
|
33,013
|
$1,697,313
|
|
Novartis AG
|
|
15,196
|
1,731,054
|
|
Sanofi S.A.
|
|
17,548
|
1,579,922
|
|
Waste Connections, Inc.
|
|
11,685
|
2,186,812
|
|
|
|
|
7,195,101
|
|
Total Common Stocks & Other Equity Interests
(Cost $360,178,832)
|
389,531,940
|
||
|
Money Market Funds-0.01%
|
|||
|
Invesco Government & Agency Portfolio,
Institutional Class, 4.25%(c)(d)
(Cost $34,342)
|
|
34,342
|
34,342
|
|
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-99.67%
(Cost $360,213,174)
|
389,566,282
|
||
|
|
Shares
|
Value
|
|
|
Investments Purchased with Cash Collateral from Securities
on Loan
|
|||
|
Money Market Funds-7.86%
|
|||
|
Invesco Private Government Fund,
4.32%(c)(d)(e)
|
|
8,525,746
|
$8,525,746
|
|
Invesco Private Prime Fund, 4.46%(c)(d)(e)
|
|
22,194,792
|
22,199,231
|
|
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $30,725,086)
|
30,724,977
|
||
|
TOTAL INVESTMENTS IN SECURITIES-107.53%
(Cost $390,938,260)
|
420,291,259
|
||
|
OTHER ASSETS LESS LIABILITIES-(7.53)%
|
(29,423,040
)
|
||
|
NET ASSETS-100.00%
|
$390,868,219
|
||
|
Investment Abbreviations:
|
|
PC-Participation Certificate
|
|
REIT-Real Estate Investment Trust
|
|
Notes to Schedule of Investments:
|
|
|
(a)
|
All or a portion of this security was out on loan at July 31, 2025.
|
|
(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
July 31, 2025 was $9,875,828, which represented 2.53% 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 nine months ended July 31, 2025.
|
|
|
Value
October 31, 2024
|
Purchases
at Cost
|
Proceeds
from Sales
|
Change in
Unrealized
Appreciation
|
Realized
Gain
(Loss)
|
Value
July 31, 2025
|
Dividend Income
|
|
Investments in Affiliated
Money Market Funds:
|
|
|
|
|
|
|
|
|
Invesco Government &
Agency Portfolio,
Institutional Class
|
$-
|
$9,736,106
|
$(9,701,764
)
|
$-
|
$-
|
$34,342
|
$12,381
|
|
Investments Purchased
with Cash Collateral from
Securities on Loan:
|
|
|
|
|
|
|
|
|
Invesco Private
Government Fund
|
5,055,427
|
59,314,750
|
(55,844,431
)
|
-
|
-
|
8,525,746
|
251,932
*
|
|
Invesco Private Prime Fund
|
13,130,209
|
111,037,636
|
(101,967,025
)
|
757
|
(2,346
)
|
22,199,231
|
679,071
*
|
|
Total
|
$18,185,636
|
$180,088,492
|
$(167,513,220
)
|
$757
|
$(2,346
)
|
$30,759,319
|
$943,384
|
|
*
|
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.
|
|
(d)
|
The rate shown is the 7-day SEC standardized yield as of July 31, 2025.
|
|
(e)
|
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.
|
|
|
Shares
|
Value
|
|
|
Common Stocks & Other Equity Interests-99.86%
|
|||
|
Australia-8.58%
|
|||
|
Aristocrat Leisure Ltd.
|
|
139,431
|
$6,254,948
|
|
Brambles Ltd.
|
|
201,673
|
3,091,248
|
|
Coles Group Ltd.
|
|
207,428
|
2,766,847
|
|
Commonwealth Bank of Australia
|
|
290,776
|
33,073,322
|
|
Computershare Ltd.
|
|
87,716
|
2,365,672
|
|
Evolution Mining Ltd.
|
|
352,074
|
1,596,365
|
|
Goodman Group
|
|
272,787
|
6,110,490
|
|
Insurance Australia Group Ltd.
|
|
514,830
|
2,895,355
|
|
JB Hi-Fi Ltd.(a)
|
|
26,326
|
1,878,493
|
|
Macquarie Group Ltd.
|
|
49,718
|
6,898,077
|
|
National Australia Bank Ltd.
|
|
414,367
|
10,302,405
|
|
Pro Medicus Ltd.
|
|
16,306
|
3,354,765
|
|
Qantas Airways Ltd.
|
|
152,589
|
1,060,233
|
|
QBE Insurance Group Ltd.
|
|
234,359
|
3,483,025
|
|
SGH Ltd.
|
|
24,213
|
793,422
|
|
Suncorp Group Ltd.
|
|
228,716
|
3,071,611
|
|
Technology One Ltd.
|
|
86,521
|
2,267,490
|
|
Wesfarmers Ltd.
|
|
164,665
|
9,023,922
|
|
Westpac Banking Corp.
|
|
688,428
|
14,891,013
|
|
|
|
|
115,178,703
|
|
Austria-0.69%
|
|||
|
BAWAG Group AG(b)(c)
|
|
23,326
|
2,952,561
|
|
Erste Group Bank AG
|
|
69,006
|
6,328,709
|
|
|
|
|
9,281,270
|
|
Belgium-0.72%
|
|||
|
Ageas S.A./N.V.
|
|
26,397
|
1,800,062
|
|
UCB S.A.
|
|
36,395
|
7,842,609
|
|
|
|
|
9,642,671
|
|
Cameroon-0.07%
|
|||
|
Golar LNG Ltd.(a)
|
|
22,603
|
930,339
|
|
Canada-15.74%
|
|||
|
Agnico Eagle Mines Ltd.
|
|
140,325
|
17,458,539
|
|
Alamos Gold, Inc., Class A(a)
|
|
87,647
|
2,134,516
|
|
AtkinsRealis Group, Inc.
|
|
26,412
|
1,874,277
|
|
Bank of Nova Scotia (The)
|
|
182,787
|
10,192,073
|
|
Brookfield Asset Management Ltd.,
Class A
|
|
77,616
|
4,796,580
|
|
Brookfield Corp.
|
|
303,593
|
20,380,070
|
|
Canadian Imperial Bank of Commerce
|
|
248,627
|
17,808,782
|
|
Descartes Systems Group, Inc. (The)(c)
|
|
12,779
|
1,353,092
|
|
Dollarama, Inc.
|
|
39,600
|
5,424,359
|
|
Enbridge, Inc.
|
|
532,756
|
24,180,275
|
|
Fairfax Financial Holdings Ltd.
|
|
3,014
|
5,342,729
|
|
George Weston Ltd.
|
|
8,922
|
1,699,087
|
|
iA Financial Corp., Inc.
|
|
15,380
|
1,508,799
|
|
IGM Financial, Inc.
|
|
13,158
|
436,649
|
|
Intact Financial Corp.
|
|
23,732
|
4,916,166
|
|
Kinross Gold Corp.
|
|
288,978
|
4,633,932
|
|
Loblaw Cos. Ltd.
|
|
26,005
|
4,214,633
|
|
Manulife Financial Corp.
|
|
354,636
|
10,996,525
|
|
Metro, Inc.
|
|
33,715
|
2,583,707
|
|
National Bank of Canada(a)
|
|
62,797
|
6,546,549
|
|
Pan American Silver Corp.
|
|
57,979
|
1,569,675
|
|
Pembina Pipeline Corp.(a)
|
|
75,961
|
2,829,548
|
|
Royal Bank of Canada
|
|
322,202
|
41,433,795
|
|
Sun Life Financial, Inc.
|
|
80,418
|
4,913,900
|
|
TC Energy Corp.
|
|
206,519
|
9,882,678
|
|
TMX Group Ltd.(a)
|
|
52,272
|
2,130,125
|
|
|
|
|
211,241,060
|
|
|
Shares
|
Value
|
|
|
China-0.21%
|
|||
|
BOC Hong Kong (Holdings) Ltd.
|
|
621,797
|
$2,792,029
|
|
Finland-0.06%
|
|||
|
Amer Sports, Inc.(c)
|
|
23,159
|
869,389
|
|
France-3.25%
|
|||
|
Cie de Saint-Gobain S.A.
|
|
74,398
|
8,559,784
|
|
EssilorLuxottica S.A.(a)
|
|
59,559
|
17,762,134
|
|
Safran S.A.
|
|
52,115
|
17,235,449
|
|
|
|
|
43,557,367
|
|
Germany-17.22%
|
|||
|
adidas AG
|
|
23,650
|
4,533,473
|
|
Allianz SE
|
|
70,648
|
28,000,504
|
|
Commerzbank AG
|
|
189,456
|
6,928,960
|
|
Deutsche Bank AG
|
|
330,537
|
10,918,707
|
|
Deutsche Boerse AG
|
|
31,128
|
9,034,498
|
|
Deutsche Telekom AG
|
|
862,794
|
31,035,753
|
|
Fresenius SE & Co. KGaA
|
|
67,691
|
3,240,424
|
|
Heidelberg Materials AG
|
|
27,440
|
6,348,849
|
|
MTU Aero Engines AG
|
|
10,457
|
4,523,962
|
|
Muenchener Rueckversicherungs-
Gesellschaft AG in Muenchen, Class R
|
|
20,140
|
13,223,784
|
|
Rheinmetall AG
|
|
12,654
|
25,122,112
|
|
SAP SE
|
|
238,291
|
68,340,746
|
|
Siemens Energy AG, Class A(c)
|
|
170,583
|
19,807,874
|
|
|
|
|
231,059,646
|
|
Hong Kong-0.09%
|
|||
|
Cathay Pacific Airways Ltd.
|
|
159,438
|
236,975
|
|
Hongkong Land Holdings Ltd.
|
|
151,428
|
914,736
|
|
|
|
|
1,151,711
|
|
Ireland-0.14%
|
|||
|
AIB Group PLC
|
|
244,937
|
1,937,896
|
|
Israel-1.96%
|
|||
|
Bank Hapoalim B.M.
|
|
262,050
|
4,921,197
|
|
Bank Leumi le-Israel B.M.
|
|
345,164
|
6,394,147
|
|
Big Shopping Centers Ltd.(c)
|
|
2,652
|
505,837
|
|
Cellebrite DI Ltd.(c)
|
|
24,290
|
339,574
|
|
Check Point Software Technologies Ltd.(c)
|
|
10,687
|
1,989,919
|
|
Clal Insurance Enterprises Holdings Ltd.
|
|
11,655
|
559,579
|
|
Elbit Systems Ltd.
|
|
3,796
|
1,753,696
|
|
First International Bank of Israel Ltd. (The)
|
|
7,410
|
515,409
|
|
Harel Insurance Investments & Financial
Services Ltd.(a)
|
|
29,459
|
889,321
|
|
Israel Discount Bank Ltd., Class A
|
|
222,853
|
2,134,277
|
|
Menora Mivtachim Holdings Ltd.
|
|
5,324
|
463,470
|
|
Migdal Insurance & Financial Holdings Ltd.
|
|
88,157
|
269,423
|
|
Nova Ltd.(c)
|
|
3,680
|
982,737
|
|
Phoenix Finance Ltd.
|
|
36,477
|
1,244,644
|
|
Plus500 Ltd.
|
|
15,802
|
702,753
|
|
Shufersal Ltd.
|
|
52,273
|
632,864
|
|
Tower Semiconductor Ltd.(c)
|
|
16,804
|
780,839
|
|
Wix.com Ltd.(c)
|
|
9,015
|
1,226,311
|
|
|
|
|
26,305,997
|
|
Italy-5.31%
|
|||
|
Assicurazioni Generali S.p.A.
|
|
271,874
|
10,172,259
|
|
Banca Mediolanum S.p.A.
|
|
49,538
|
876,356
|
|
FinecoBank Banca Fineco S.p.A.
|
|
95,130
|
2,031,649
|
|
Intesa Sanpaolo S.p.A.
|
|
3,446,916
|
20,829,562
|
|
Leonardo S.p.A.
|
|
86,683
|
4,686,205
|
|
Mediobanca Banca di Credito Finanziario
S.p.A.
|
|
85,622
|
1,890,620
|
|
|
Shares
|
Value
|
|
|
Italy-(continued)
|
|||
|
Poste Italiane S.p.A.(b)
|
|
116,235
|
$2,518,621
|
|
Prysmian S.p.A.
|
|
53,263
|
4,266,259
|
|
UniCredit S.p.A.
|
|
324,238
|
23,925,473
|
|
|
|
|
71,197,004
|
|
Japan-9.30%
|
|||
|
ASICS Corp.
|
|
227,051
|
5,348,627
|
|
BayCurrent, Inc.
|
|
21,171
|
1,218,104
|
|
Fujikura Ltd.
|
|
82,266
|
5,595,734
|
|
Hitachi Ltd.
|
|
604,543
|
18,536,902
|
|
IHI Corp.
|
|
46,300
|
5,166,268
|
|
Kawasaki Heavy Industries Ltd.
|
|
27,880
|
2,040,288
|
|
Konami Group Corp.
|
|
15,217
|
2,070,029
|
|
Mitsubishi Heavy Industries Ltd.
|
|
660,356
|
15,798,876
|
|
Mizuho Financial Group, Inc.
|
|
363,792
|
10,692,249
|
|
MonotaRO Co. Ltd.
|
|
41,809
|
745,998
|
|
MS&AD Insurance Group Holdings, Inc.
|
|
167,917
|
3,594,999
|
|
NEC Corp.
|
|
167,984
|
4,833,586
|
|
NS Solutions Corp.(a)
|
|
11,147
|
261,976
|
|
Obayashi Corp.
|
|
90,793
|
1,339,660
|
|
Otsuka Holdings Co. Ltd.
|
|
73,335
|
3,498,534
|
|
Rakuten Bank Ltd.(c)
|
|
15,216
|
710,225
|
|
Recruit Holdings Co. Ltd.
|
|
284,536
|
16,916,066
|
|
Ricoh Co. Ltd.
|
|
80,858
|
710,440
|
|
Ryohin Keikaku Co. Ltd.(a)
|
|
49,195
|
2,307,868
|
|
Sanrio Co. Ltd.
|
|
55,483
|
2,281,202
|
|
Sanwa Holdings Corp.
|
|
62,197
|
1,700,287
|
|
Seibu Holdings, Inc.(a)
|
|
32,255
|
903,184
|
|
Sompo Holdings, Inc.
|
|
152,037
|
4,492,209
|
|
Sumitomo Mitsui Financial Group, Inc.
|
|
531,806
|
13,442,852
|
|
ZOZO, Inc.
|
|
63,370
|
628,595
|
|
|
|
|
124,834,758
|
|
Netherlands-2.30%
|
|||
|
argenx SE(c)
|
|
12,069
|
8,129,698
|
|
ING Groep N.V.
|
|
422,910
|
9,885,043
|
|
Koninklijke Ahold Delhaize N.V.
|
|
177,800
|
7,043,087
|
|
Wolters Kluwer N.V.
|
|
36,950
|
5,772,192
|
|
|
|
|
30,830,020
|
|
New Zealand-0.38%
|
|||
|
Fisher & Paykel Healthcare Corp. Ltd.
|
|
102,942
|
2,235,211
|
|
Xero Ltd.(c)
|
|
25,295
|
2,918,428
|
|
|
|
|
5,153,639
|
|
Norway-0.73%
|
|||
|
Gjensidige Forsikring ASA
|
|
33,320
|
880,290
|
|
Kongsberg Gruppen ASA
|
|
131,538
|
3,948,048
|
|
Orkla ASA
|
|
126,200
|
1,332,958
|
|
SpareBank 1 Sør-Norge ASA, Class B
|
|
27,557
|
484,767
|
|
Storebrand ASA
|
|
91,894
|
1,310,658
|
|
Telenor ASA
|
|
87,564
|
1,349,216
|
|
Vend Marketplaces ASA, Class B
|
|
12,620
|
476,265
|
|
|
|
|
9,782,202
|
|
Singapore-4.73%
|
|||
|
DBS Group Holdings Ltd.
|
|
541,126
|
19,877,828
|
|
Oversea-Chinese Banking Corp. Ltd.
|
|
858,444
|
11,133,723
|
|
Sea Ltd., ADR(c)
|
|
104,993
|
16,447,153
|
|
Singapore Exchange Ltd.
|
|
141,911
|
1,741,465
|
|
Singapore Technologies Engineering Ltd.(a)
|
|
241,292
|
1,624,554
|
|
Singapore Telecommunications Ltd.
|
|
1,461,605
|
4,359,324
|
|
United Overseas Bank Ltd.
|
|
296,927
|
8,256,121
|
|
|
|
|
63,440,168
|
|
|
Shares
|
Value
|
|
|
Spain-2.59%
|
|||
|
ACS Actividades de Construccion y
Servicios S.A.
|
|
32,902
|
$2,277,392
|
|
Aena S.M.E. S.A.(b)
|
|
109,864
|
2,967,118
|
|
CaixaBank S.A.
|
|
721,697
|
6,809,885
|
|
Iberdrola S.A.(a)
|
|
858,178
|
15,127,920
|
|
Industria de Diseno Textil S.A.
|
|
156,625
|
7,503,483
|
|
|
|
|
34,685,798
|
|
Sweden-3.94%
|
|||
|
AAK AB
|
|
27,423
|
707,570
|
|
Addtech AB, Class B
|
|
34,318
|
1,157,190
|
|
Investor AB, Class A
|
|
93,381
|
2,717,306
|
|
Investor AB, Class B
|
|
288,724
|
8,392,330
|
|
Lifco AB, Class B
|
|
32,105
|
1,147,066
|
|
Nordnet AB publ(a)
|
|
28,005
|
758,588
|
|
Securitas AB, Class B(a)
|
|
79,172
|
1,178,564
|
|
Skanska AB, Class B
|
|
51,734
|
1,210,414
|
|
Spotify Technology S.A.(c)
|
|
45,327
|
28,399,178
|
|
Tele2 AB, Class B
|
|
107,208
|
1,661,913
|
|
Telefonaktiebolaget LM Ericsson, Class B(a)
|
|
490,953
|
3,576,840
|
|
Telia Co. AB(a)
|
|
308,287
|
1,092,066
|
|
Trelleborg AB, Class B
|
|
23,270
|
848,062
|
|
|
|
|
52,847,087
|
|
Switzerland-3.29%
|
|||
|
ABB Ltd.
|
|
227,956
|
14,888,764
|
|
Galderma Group AG, Class A
|
|
10,486
|
1,616,481
|
|
Sandoz Group AG(a)
|
|
68,026
|
3,891,292
|
|
Schindler Holding AG
|
|
3,063
|
1,074,549
|
|
Swiss Life Holding AG
|
|
4,116
|
4,264,395
|
|
Zurich Insurance Group AG
|
|
27,044
|
18,451,436
|
|
|
|
|
44,186,917
|
|
United Kingdom-16.35%
|
|||
|
3i Group PLC
|
|
193,848
|
10,613,938
|
|
Aviva PLC
|
|
357,927
|
3,064,385
|
|
Barclays PLC
|
|
4,067,382
|
19,922,105
|
|
British American Tobacco PLC
|
|
421,730
|
22,641,388
|
|
Compass Group PLC
|
|
271,045
|
9,543,857
|
|
HSBC Holdings PLC
|
|
3,399,757
|
41,503,852
|
|
Imperial Brands PLC
|
|
185,877
|
7,260,189
|
|
InterContinental Hotels Group PLC
|
|
30,533
|
3,519,706
|
|
International Consolidated Airlines Group
S.A.(a)
|
|
719,130
|
3,600,548
|
|
Lloyds Banking Group PLC
|
|
11,318,920
|
11,630,698
|
|
London Stock Exchange Group PLC
|
|
92,929
|
11,350,755
|
|
NatWest Group PLC
|
|
1,887,693
|
13,130,376
|
|
Pearson PLC
|
|
126,661
|
1,794,771
|
|
RELX PLC
|
|
254,022
|
13,226,253
|
|
Rolls-Royce Holdings PLC
|
|
2,115,711
|
30,089,656
|
|
Standard Chartered PLC
|
|
490,685
|
8,814,488
|
|
Tesco PLC
|
|
1,123,573
|
6,325,617
|
|
Weir Group PLC (The)
|
|
36,933
|
1,300,143
|
|
|
|
|
219,332,725
|
|
United States-2.21%
|
|||
|
ARM Holdings PLC, ADR(a)(c)
|
|
14,167
|
2,002,860
|
|
CyberArk Software Ltd.(c)
|
|
7,864
|
3,235,800
|
|
Holcim AG(c)
|
|
94,554
|
7,542,533
|
|
|
Shares
|
Value
|
|
|
United States-(continued)
|
|||
|
Swiss Re AG
|
|
51,861
|
$9,285,477
|
|
Waste Connections, Inc.(a)
|
|
40,818
|
7,638,964
|
|
|
|
|
29,705,634
|
|
Total Common Stocks & Other Equity Interests
(Cost $1,199,075,173)
|
1,339,944,030
|
||
|
Money Market Funds-0.05%
|
|||
|
Invesco Government & Agency Portfolio,
Institutional Class, 4.25%(d)(e)
(Cost $640,836)
|
|
640,836
|
640,836
|
|
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-99.91%
(Cost $1,199,716,009)
|
1,340,584,866
|
||
|
|
Shares
|
Value
|
|
|
Investments Purchased with Cash Collateral from Securities
on Loan
|
|||
|
Money Market Funds-0.98%
|
|||
|
Invesco Private Government Fund,
4.32%(d)(e)(f)
|
|
3,671,561
|
$3,671,561
|
|
Invesco Private Prime Fund, 4.46%(d)(e)(f)
|
|
9,553,393
|
9,555,304
|
|
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $13,226,865)
|
13,226,865
|
||
|
TOTAL INVESTMENTS IN SECURITIES-100.89%
(Cost $1,212,942,874)
|
1,353,811,731
|
||
|
OTHER ASSETS LESS LIABILITIES-(0.89)%
|
(12,008,310
)
|
||
|
NET ASSETS-100.00%
|
$1,341,803,421
|
||
|
Investment Abbreviations:
|
|
ADR-American Depositary Receipt
|
|
Notes to Schedule of Investments:
|
|
|
(a)
|
All or a portion of this security was out on loan at July 31, 2025.
|
|
(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
July 31, 2025 was $8,438,300, which represented less than 1% of the Fund’s Net Assets.
|
|
(c)
|
Non-income producing security.
|
|
(d)
|
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 nine months ended July 31, 2025.
|
|
|
Value
October 31, 2024
|
Purchases
at Cost
|
Proceeds
from Sales
|
Change in
Unrealized
Appreciation
|
Realized
Gain
(Loss)
|
Value
July 31, 2025
|
Dividend Income
|
|
Investments in Affiliated
Money Market Funds:
|
|
|
|
|
|
|
|
|
Invesco Government &
Agency Portfolio,
Institutional Class
|
$-
|
$16,327,522
|
$(15,686,686
)
|
$-
|
$-
|
$640,836
|
$14,589
|
|
Investments Purchased
with Cash Collateral from
Securities on Loan:
|
|
|
|
|
|
|
|
|
Invesco Private
Government Fund
|
3,796,768
|
89,982,665
|
(90,107,872
)
|
-
|
-
|
3,671,561
|
238,500
*
|
|
Invesco Private Prime Fund
|
9,913,593
|
206,763,710
|
(207,120,348
)
|
90
|
(1,741
)
|
9,555,304
|
646,801
*
|
|
Total
|
$13,710,361
|
$313,073,897
|
$(312,914,906
)
|
$90
|
$(1,741
)
|
$13,867,701
|
$899,890
|
|
*
|
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.
|
|
(e)
|
The rate shown is the 7-day SEC standardized yield as of July 31, 2025.
|
|
(f)
|
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.
|
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Invesco S&P Emerging Markets Low Volatility ETF
|
|
|
|
|
|
Investments in Securities
|
|
|
|
|
|
Common Stocks & Other Equity Interests
|
$82,055,148
|
$304,272,909
|
$0
|
$386,328,057
|
|
Money Market Funds
|
193,030
|
7,849,010
|
-
|
8,042,040
|
|
Total Investments in Securities
|
82,248,178
|
312,417,123
|
-
|
394,370,097
|
|
Other Investments - Assets*
|
|
|
|
|
|
Futures Contracts
|
52,067
|
-
|
-
|
52,067
|
|
Total Investments
|
$82,300,245
|
$312,121,919
|
$0
|
$394,422,164
|
|
Invesco S&P Emerging Markets Momentum ETF
|
|
|
|
|
|
Investments in Securities
|
|
|
|
|
|
Common Stocks & Other Equity Interests
|
$863,267
|
$12,720,530
|
$0
|
$13,583,797
|
|
Money Market Funds
|
-
|
278,265
|
-
|
278,265
|
|
Total Investments
|
$863,267
|
$12,998,795
|
$0
|
$13,862,062
|
|
Invesco S&P International Developed Low Volatility ETF
|
|
|
|
|
|
Investments in Securities
|
|
|
|
|
|
Common Stocks & Other Equity Interests
|
$77,596,557
|
$311,935,383
|
$-
|
$389,531,940
|
|
Money Market Funds
|
34,342
|
30,724,977
|
-
|
30,759,319
|
|
Total Investments
|
$77,630,899
|
$342,660,360
|
$-
|
$420,291,259
|
|
Invesco S&P International Developed Momentum ETF
|
|
|
|
|
|
Investments in Securities
|
|
|
|
|
|
Common Stocks & Other Equity Interests
|
$274,320,547
|
$1,065,623,483
|
$-
|
$1,339,944,030
|
|
Money Market Funds
|
640,836
|
13,226,865
|
-
|
13,867,701
|
|
Total Investments
|
$274,961,383
|
$1,078,850,348
|
$-
|
$1,353,811,731
|
|
*
|
Unrealized appreciation (depreciation).
|