|
|
Shares
|
Value
|
|
|
Common Stocks & Other Equity Interests–88.98%
|
|||
|
Brazil–7.93%
|
|||
|
Ambev S.A.
|
61,408,102
|
$136,644,007
|
|
|
Banco do Brasil S.A.
|
26,991,028
|
94,958,211
|
|
|
Cyrela Brazil Realty S.A.
Empreendimentos e Participacoes
|
5,015,389
|
21,962,004
|
|
|
Localiza Rent a Car S.A.
|
6,623,580
|
40,963,037
|
|
|
Lojas Renner S.A.
|
18,561,332
|
53,931,632
|
|
|
Petroleo Brasileiro S.A., ADR
|
12,644,649
|
161,092,828
|
|
|
Raia Drogasil S.A.
|
29,540,099
|
71,060,198
|
|
|
Telefonica Brasil S.A.
|
6,937,477
|
39,001,666
|
|
|
Vale S.A., ADR
|
32,331,567
|
308,119,834
|
|
|
WEG S.A.
|
324,526
|
2,150,737
|
|
|
|
|
|
929,884,154
|
|
Chile–0.56%
|
|||
|
Antofagasta PLC
|
2,071,746
|
51,092,581
|
|
|
Banco de Chile
|
102,474,013
|
14,116,108
|
|
|
|
|
|
65,208,689
|
|
China–25.12%
|
|||
|
Airtac International Group
|
1,861,000
|
52,929,654
|
|
|
Alibaba Group Holding Ltd.
|
14,088,002
|
211,809,804
|
|
|
Alibaba Group Holding Ltd., ADR
|
788,195
|
95,079,963
|
|
|
Autohome, Inc., ADR
|
131,957
|
3,574,715
|
|
|
China Resources Beer (Holdings) Co.
Ltd.
|
12,131,863
|
40,337,120
|
|
|
ENN Energy Holdings Ltd.
|
2,050,343
|
16,710,327
|
|
|
Full Truck Alliance Co. Ltd., ADR
|
6,112,182
|
70,595,702
|
|
|
Gree Electric Appliances, Inc. of Zhuhai
|
11,249,070
|
71,271,084
|
|
|
H World Group Ltd.
|
125,900
|
392,959
|
|
|
H World Group Ltd., ADR
|
14,666,911
|
457,900,961
|
|
|
Inner Mongolia Yili Industrial Group Co.
Ltd., A Shares
|
48,034,008
|
182,853,119
|
|
|
JD.com, Inc., A Shares
|
16,223,499
|
255,713,700
|
|
|
Jiangsu Hengrui Pharmaceuticals Co.
Ltd.(a)
|
13,435,311
|
134,952,137
|
|
|
NetEase, Inc.
|
3,706,859
|
96,905,595
|
|
|
NetEase, Inc., ADR
|
1,250,866
|
162,987,840
|
|
|
New Horizon Health Ltd.(a)(b)(c)
|
27,463,500
|
6,997,070
|
|
|
Tencent Holdings Ltd.
|
14,476,231
|
1,013,512,743
|
|
|
Tencent Music Entertainment Group,
ADR
|
871,839
|
18,299,901
|
|
|
Tingyi Cayman Islands Holding Corp.
|
9,278,523
|
13,716,097
|
|
|
Vipshop Holdings Ltd., ADR
|
2,663,643
|
40,194,373
|
|
|
|
|
|
2,946,734,864
|
|
Denmark–0.26%
|
|||
|
Zealand Pharma A/S(a)
|
579,188
|
29,965,935
|
|
|
Hong Kong–2.63%
|
|||
|
AIA Group Ltd.
|
32,436,965
|
302,447,633
|
|
|
Jardine Matheson Holdings Ltd.
|
123,039
|
6,681,185
|
|
|
|
|
|
309,128,818
|
|
Hungary–0.23%
|
|||
|
Richter Gedeon Nyrt
|
904,071
|
27,111,336
|
|
|
|
Shares
|
Value
|
|
|
India–12.72%
|
|||
|
Bajaj Finserv Ltd.
|
525,970
|
$11,638,428
|
|
|
Cholamandalam Investment and
Finance Co. Ltd.
|
49,927
|
818,483
|
|
|
Delhivery Ltd.(a)
|
1,375,037
|
6,647,331
|
|
|
DLF Ltd.
|
1,312
|
11,669
|
|
|
Havells India Ltd.
|
1,264,847
|
21,603,241
|
|
|
HCL Technologies Ltd.
|
1,180,546
|
19,679,823
|
|
|
HDFC Bank Ltd.
|
21,627,119
|
496,305,576
|
|
|
ICICI Bank Ltd.
|
10,262,427
|
172,812,023
|
|
|
Infosys Ltd.
|
250,263
|
4,256,210
|
|
|
Kotak Mahindra Bank Ltd.
|
18,493,747
|
416,670,436
|
|
|
Mahindra & Mahindra Ltd.
|
104,350
|
3,801,322
|
|
|
Pine Labs Ltd. (Acquired 09/09/2021;
Cost $49,999,780)(c)(d)
|
134,098
|
72,038,045
|
|
|
Power Grid Corp. of India Ltd.
|
5,869,242
|
19,402,348
|
|
|
Shriram Finance Ltd.
|
2,617,770
|
18,748,713
|
|
|
Swiggy Ltd.(a)
|
13,899,337
|
63,733,863
|
|
|
Tata Consultancy Services Ltd.
|
4,753,040
|
163,915,436
|
|
|
|
|
|
1,492,082,947
|
|
Indonesia–2.55%
|
|||
|
PT Astra International Tbk
|
20,078,313
|
6,206,617
|
|
|
PT Bank Central Asia Tbk
|
495,605,911
|
248,395,429
|
|
|
PT Bank Rakyat Indonesia (Persero) Tbk
|
155,495,784
|
34,820,242
|
|
|
PT Telkom Indonesia (Persero) Tbk
|
58,866,774
|
10,336,708
|
|
|
|
|
|
299,758,996
|
|
Luxembourg–0.61%
|
|||
|
Zabka Group S.A.(a)
|
12,983,052
|
71,725,782
|
|
|
Macau–0.31%
|
|||
|
Sands China Ltd.
|
14,842,761
|
35,930,872
|
|
|
Mexico–3.68%
|
|||
|
Arca Continental S.A.B. de C.V.
|
1,000,462
|
10,427,291
|
|
|
Fomento Economico Mexicano S.A.B.
de C.V., Series CPO
|
23,147,534
|
208,971,986
|
|
|
Grupo Mexico S.A.B. de C.V., Class B
|
33,959,718
|
212,579,014
|
|
|
|
|
|
431,978,291
|
|
Peru–1.63%
|
|||
|
Credicorp Ltd.
|
804,752
|
190,726,224
|
|
|
Philippines–0.93%
|
|||
|
SM Investments Corp.
|
7,835,549
|
109,516,863
|
|
|
Portugal–0.89%
|
|||
|
Galp Energia SGPS S.A.
|
5,470,020
|
104,451,313
|
|
|
Russia–0.00%
|
|||
|
Sberbank of Russia PJSC(c)
|
4,942,538
|
5
|
|
|
Saudi Arabia–0.28%
|
|||
|
Saudi National Bank (The)
|
3,314,425
|
33,074,955
|
|
|
Singapore–0.63%
|
|||
|
Grab Holdings Ltd., Class A(a)
|
15,069,582
|
73,690,256
|
|
|
|
Shares
|
Value
|
|
|
South Africa–2.90%
|
|||
|
Anglo American PLC
|
7,551,513
|
$212,485,171
|
|
|
FirstRand Ltd.
|
20,052,245
|
85,153,017
|
|
|
Naspers Ltd.
|
3,424
|
1,056,927
|
|
|
Valterra Platinum Ltd.
|
919,210
|
41,281,639
|
|
|
|
|
|
339,976,754
|
|
South Korea–6.57%
|
|||
|
Hyundai Mobis Co. Ltd.
|
149,520
|
31,551,653
|
|
|
KB Financial Group, Inc.
|
561,652
|
44,622,217
|
|
|
LG H&H Co. Ltd.
|
30,900
|
7,004,295
|
|
|
NAVER Corp.
|
459,643
|
77,355,670
|
|
|
Samsung E&A Co. Ltd.
|
433,784
|
8,225,480
|
|
|
Samsung Electronics Co. Ltd.
|
10,968,696
|
559,007,944
|
|
|
Samsung Electronics Co. Ltd.,
Preference Shares
|
770,451
|
31,722,894
|
|
|
Samsung Fire & Marine Insurance Co.
Ltd.
|
30,456
|
9,614,634
|
|
|
SK hynix, Inc.
|
9,138
|
1,771,089
|
|
|
|
|
|
770,875,876
|
|
Taiwan–17.19%
|
|||
|
Delta Electronics, Inc.
|
71,000
|
1,337,505
|
|
|
Globalwafers Co. Ltd.
|
667,000
|
7,571,124
|
|
|
Hon Hai Precision Industry Co. Ltd.
|
22,999,000
|
135,245,148
|
|
|
Largan Precision Co. Ltd.
|
1,546,000
|
121,257,631
|
|
|
MediaTek, Inc.
|
4,189,000
|
189,697,041
|
|
|
Taiwan Semiconductor Manufacturing
Co. Ltd.
|
38,326,429
|
1,475,538,869
|
|
|
Uni-President Enterprises Corp.
|
7,804,000
|
20,596,810
|
|
|
Voltronic Power Technology Corp.(a)
|
1,148,919
|
45,129,010
|
|
|
Yageo Corp.
|
1,140,000
|
20,031,667
|
|
|
|
|
|
2,016,404,805
|
|
Thailand–0.41%
|
|||
|
Bangkok Bank PCL, Foreign Shares
|
4,382,218
|
19,807,926
|
|
|
Kasikornbank PCL, Foreign Shares
|
5,612,830
|
27,754,529
|
|
|
SCB X PCL, Foreign Shares
|
224
|
865
|
|
|
|
|
|
47,563,320
|
|
United Arab Emirates–0.26%
|
|||
|
Americana Restaurants International
PLC
|
53,556,544
|
30,924,760
|
|
|
|
Shares
|
Value
|
|
|
United States–0.69%
|
|||
|
EPAM Systems, Inc.(a)
|
513,258
|
$80,945,919
|
|
|
Laureate Education, Inc., Class A(a)
|
134
|
3,029
|
|
|
|
|
|
80,948,948
|
|
Total Common Stocks & Other Equity Interests
(Cost $6,707,656,706)
|
10,437,664,763
|
||
|
Exchange-Traded Funds–7.19%
|
|||
|
Multinational–4.79%
|
|||
|
iShares Core MSCI Emerging Markets
ETF
|
4,656,474
|
280,925,076
|
|
|
iShares MSCI Emerging Markets ETF
|
5,783,662
|
280,854,627
|
|
|
|
|
|
561,779,703
|
|
United States–2.40%
|
|||
|
Vanguard FTSE Emerging Markets ETF
|
5,643,874
|
281,064,925
|
|
|
Total Exchange-Traded Funds
(Cost $837,788,068)
|
842,844,628
|
||
|
Preferred Stocks–0.86%
|
|||
|
China–0.39%
|
|||
|
Abogen Therapeutics Ltd., Series C,
Pfd. (Acquired 08/02/2021;
Cost $46,557,720)(c)(d)
|
1,021,895
|
45,780,896
|
|
|
India–0.47%
|
|||
|
Pine Labs Ltd., Series K, Pfd. (Acquired
09/09/2021;
Cost $50,000,355)(c)(d)
|
103,185
|
55,431,443
|
|
|
Total Preferred Stocks (Cost $96,558,076)
|
101,212,339
|
||
|
Money Market Funds–1.43%
|
|||
|
Invesco Government & Agency
Portfolio, Institutional Class,
4.25%(e)(f)
|
58,623,706
|
58,623,706
|
|
|
Invesco Treasury Portfolio,
Institutional Class, 4.23%(e)(f)
|
108,872,597
|
108,872,597
|
|
|
Total Money Market Funds
(Cost $167,496,303)
|
167,496,303
|
||
|
TOTAL INVESTMENTS IN SECURITIES—98.46%
(Cost $7,809,499,153)
|
11,549,218,033
|
||
|
OTHER ASSETS LESS LIABILITIES–1.54%
|
181,200,237
|
||
|
NET ASSETS–100.00%
|
$11,730,418,270
|
||
|
ADR
|
– American Depositary Receipt
|
|
CPO
|
– Certificates of Ordinary Participation
|
|
ETF
|
– Exchange-Traded Fund
|
|
Pfd.
|
– Preferred
|
|
(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 value of this security at July 31, 2025
represented less than 1% of the Fund’s Net Assets.
|
|
(c)
|
Security valued using significant unobservable inputs (Level 3). See Note 1.
|
|
(d)
|
Restricted security. The aggregate value of these securities at July 31, 2025 was $173,250,384, which represented 1.48% of the Fund’s Net Assets.
|
|
(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
(Depreciation)
|
Realized
Gain
(Loss)
|
Value
July 31, 2025
|
Dividend Income
|
|
Investments in Affiliated Money
Market Funds:
|
|
|
|
|
|
|
|
|
Invesco Government & Agency
Portfolio, Institutional Class
|
$103,111,408
|
$1,716,707,562
|
$(1,761,195,264)
|
$-
|
$-
|
$58,623,706
|
$2,599,503
|
|
Invesco Treasury Portfolio,
Institutional Class
|
191,550,628
|
3,188,171,186
|
(3,270,849,217)
|
-
|
-
|
108,872,597
|
4,793,086
|
|
Investments in Other Affiliates:
|
|
|
|
|
|
|
|
|
H World Group Ltd., ADR*
|
905,244,592
|
-
|
(356,472,603)
|
(249,366,722)
|
158,495,694
|
457,900,961
|
19,895,026
|
|
New Horizon Health Ltd.*
|
13,130,578
|
-
|
(360,716)
|
(118,704)
|
(5,654,088)
|
6,997,070
|
-
|
|
Total
|
$1,213,037,206
|
$4,904,878,748
|
$(5,388,877,800)
|
$(249,485,426)
|
$152,841,606
|
$632,394,334
|
$27,287,615
|
|
*
|
At July 31, 2025, this security was no longer an affiliate of the Fund.
|
|
(f)
|
The rate shown is the 7-day SEC standardized yield as of July 31, 2025.
|
|
Open Futures Contracts(a)
|
|||||
|
Long Futures Contracts
|
Number of
Contracts
|
Expiration
Month
|
Notional
Value
|
Value
|
Unrealized
Appreciation
|
|
Equity Risk
|
|||||
|
MSCI Emerging Markets Index
|
662
|
September-2025
|
$40,987,730
|
$167,241
|
$167,241
|
|
(a)
|
Futures contracts collateralized by $1,668,700 cash held with Goldman Sachs International,
the futures commission merchant.
|
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Investments in Securities
|
|
|
|
|
|
Brazil
|
$929,884,154
|
$—
|
$—
|
$929,884,154
|
|
Chile
|
14,116,108
|
51,092,581
|
—
|
65,208,689
|
|
China
|
983,585,592
|
1,956,152,202
|
52,777,966
|
2,992,515,760
|
|
Denmark
|
—
|
29,965,935
|
—
|
29,965,935
|
|
Hong Kong
|
—
|
309,128,818
|
—
|
309,128,818
|
|
Hungary
|
—
|
27,111,336
|
—
|
27,111,336
|
|
India
|
—
|
1,420,044,902
|
127,469,488
|
1,547,514,390
|
|
Indonesia
|
—
|
299,758,996
|
—
|
299,758,996
|
|
Luxembourg
|
—
|
71,725,782
|
—
|
71,725,782
|
|
Macau
|
—
|
35,930,872
|
—
|
35,930,872
|
|
Mexico
|
431,978,291
|
—
|
—
|
431,978,291
|
|
Multinational
|
561,779,703
|
—
|
—
|
561,779,703
|
|
Peru
|
190,726,224
|
—
|
—
|
190,726,224
|
|
Philippines
|
—
|
109,516,863
|
—
|
109,516,863
|
|
Portugal
|
—
|
104,451,313
|
—
|
104,451,313
|
|
Russia
|
—
|
—
|
5
|
5
|
|
Saudi Arabia
|
—
|
33,074,955
|
—
|
33,074,955
|
|
Singapore
|
73,690,256
|
—
|
—
|
73,690,256
|
|
South Africa
|
—
|
339,976,754
|
—
|
339,976,754
|
|
South Korea
|
—
|
770,875,876
|
—
|
770,875,876
|
|
Taiwan
|
—
|
2,016,404,805
|
—
|
2,016,404,805
|
|
Thailand
|
—
|
47,563,320
|
—
|
47,563,320
|
|
United Arab Emirates
|
—
|
30,924,760
|
—
|
30,924,760
|
|
United States
|
362,013,873
|
—
|
—
|
362,013,873
|
|
Money Market Funds
|
167,496,303
|
—
|
—
|
167,496,303
|
|
Total Investments in Securities
|
3,715,270,504
|
7,653,700,070
|
180,247,459
|
11,549,218,033
|
|
Other Investments - Assets*
|
|
|
|
|
|
Futures Contracts
|
167,241
|
—
|
—
|
167,241
|
|
Total Investments
|
$3,715,437,745
|
$7,653,700,070
|
$180,247,459
|
$11,549,385,274
|
|
*
|
Unrealized appreciation.
|
|
|
Value
10/31/24
|
Purchases
at Cost
|
Proceeds
from Sales
|
Accrued
Discounts/
Premiums
|
Realized
Gain
(Loss)
|
Change in
Unrealized
Appreciation
|
Transfers
into
Level 3
|
Transfers
out of
Level 3
|
Value
07/31/25
|
|
Preferred Stocks
|
$107,560,291
|
$—
|
$(18,872,256
)
|
$—
|
$—
|
$12,524,304
|
$—
|
$—
|
$101,212,339
|
|
Common Stocks & Other Equity Interests
|
82,309,993
|
—
|
(360,717
)
|
—
|
(5,654,088
)
|
2,739,932
|
—
|
—
|
79,035,120
|
|
Total
|
$189,870,284
|
$—
|
$(19,232,973
)
|
$—
|
$(5,654,088
)
|
$15,264,236
|
$—
|
$—
|
$180,247,459
|
|
|
Fair Value
at 07/31/25
|
Valuation
Technique
|
Unobservable
Inputs
|
Range of
Unobservable
Inputs
|
Weighted Average of
Unobservable Inputs
Based on Fair Value
|
|
|
Preferred Stocks
|
$101,212,339
|
Expected Recovery
|
Anticipated Proceeds
|
$44.80 per share
|
-
|
|
|
Common Stocks & Other Equity Interests
|
79,035,120
|
Comparable Companies
|
Revenue Multiple
|
20x
|
-
|
|
|
Total
|
$180,247,459
|
|
|
|
|
|