Consolidated Schedule of Investments  
January 31, 2026
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests–98.04%
Brazil–9.76%
Ambev S.A.
51,148,421
$144,326,455
Banco do Brasil S.A.
20,376,357
97,646,995
Cyrela Brazil Realty S.A.
Empreendimentos e Participacoes
4,629,718
26,303,467
Cyrela Brazil Realty S.A.
Empreendimentos e Participacoes,
Preference Shares(a)
990,341
5,297,249
Lojas Renner S.A.
36,763,815
104,295,997
Petroleo Brasileiro S.A., ADR
16,677,825
255,837,836
Telefonica Brasil S.A.
5,449,776
38,708,399
Vale S.A., ADR(b)
13,492,161
216,819,027
 
 
889,235,425
China–25.55%
Alibaba Group Holding Ltd.
9,738,302
207,168,485
Anhui Conch Cement Co. Ltd., H Shares
28,929,000
91,743,057
China Resources Beer (Holdings) Co.
Ltd.
43,751,363
146,366,698
ENN Energy Holdings Ltd.
3,774,189
32,491,014
Full Truck Alliance Co. Ltd., ADR
11,205,611
110,935,549
Gree Electric Appliances, Inc. of Zhuhai
10,680,352
59,508,341
H World Group Ltd., ADR(b)
4,571,148
217,175,242
Inner Mongolia Yili Industrial Group Co.
Ltd., A Shares
45,969,108
174,298,689
JD.com, Inc., A Shares
10,094,199
143,949,658
NetEase, Inc.
3,717,059
96,383,595
NetEase, Inc., ADR(b)
1,076,136
138,638,601
New Horizon Health Ltd.(c)
27,463,500
703,102
New Oriental Education & Technology
Group, Inc.
4,490,600
27,379,737
New Oriental Education & Technology
Group, Inc., ADR
1,646,510
99,416,274
Tencent Holdings Ltd.
7,652,531
588,187,309
Tencent Music Entertainment Group,
ADR
3,082,187
51,719,098
Tingyi Cayman Islands Holding Corp.
27,490,523
41,665,461
Vipshop Holdings Ltd., ADR(b)
5,883,183
100,661,261
 
 
2,328,391,171
Hong Kong–3.16%
AIA Group Ltd.
22,352,765
257,894,429
CK Asset Holdings Ltd.
5,150,000
30,169,413
 
 
288,063,842
Hungary–0.38%
Richter Gedeon Nyrt
1,035,913
34,658,449
India–8.11%
Delhivery Ltd.(a)
3,182,699
14,641,774
HDFC Bank Ltd.
34,619,806
350,050,219
ICICI Bank Ltd.
9,992,684
147,318,353
Pine Labs Ltd.(a)(d)
26,964,087
66,865,366
Power Grid Corp. of India Ltd.
18,419,233
51,417,715
Shriram Finance Ltd.
7,735,182
85,864,771
Tata Consultancy Services Ltd.
667,780
22,709,908
 
 
738,868,106
 
Shares
Value
Indonesia–4.70%
Jardine Matheson Holdings Ltd.
396,306
$28,881,956
PT Astra International Tbk
195,577,557
74,157,383
PT Bank Central Asia Tbk
241,720,826
106,804,211
PT Bank Rakyat Indonesia (Persero) Tbk
760,875,143
172,721,562
PT Telkom Indonesia (Persero) Tbk
213,458,774
45,628,993
 
 
428,194,105
Mexico–3.91%
Arca Continental S.A.B. de C.V.
4,810,074
54,205,538
Fomento Economico Mexicano, S.A.B. de
C.V., Series CPO
15,144,972
158,070,662
Grupo Mexico S.A.B. de C.V., Class B
12,965,727
143,968,833
 
 
356,245,033
Peru–1.90%
Credicorp Ltd.
486,020
173,426,517
Philippines–1.01%
SM Investments Corp.
7,788,929
92,575,053
Portugal–0.89%
Galp Energia SGPS S.A.
4,077,536
81,133,296
Russia–0.00%
Sberbank of Russia PJSC(a)(c)
4,942,538
5
Saudi Arabia–1.10%
Saudi National Bank (The)
8,381,356
100,202,252
Singapore–0.49%
Grab Holdings Ltd., Class A(a)
10,358,095
44,539,809
South Africa–4.10%
Anglo American PLC
4,245,448
196,852,091
Naspers Ltd.
582,836
35,684,276
Valterra Platinum Ltd.
1,570,123
141,072,609
 
 
373,608,976
South Korea–11.57%
Hyundai Mobis Co. Ltd.
322,480
100,761,060
Hyundai Motor Co.
128,729
44,811,268
KB Financial Group, Inc.
940,472
88,027,411
LG Electronics, Inc.
392,239
26,893,365
LG H&H Co. Ltd.
32,663
5,935,219
Samsung E&A Co. Ltd.
794,124
16,903,962
Samsung Electronics Co. Ltd.
6,131,622
677,389,177
Samsung Fire & Marine Insurance Co.
Ltd.
269,579
93,726,159
 
 
1,054,447,621
Taiwan–15.87%
Hon Hai Precision Industry Co. Ltd.
9,569,290
66,146,944
Largan Precision Co. Ltd.
1,884,000
143,593,327
MediaTek, Inc.
2,968,000
164,636,550
Taiwan Semiconductor Manufacturing
Co. Ltd.
19,016,429
1,051,530,618
Uni-President Enterprises Corp.
8,819,000
20,063,424
 
 
1,445,970,863
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Developing Markets Fund
 
Shares
Value
Thailand–3.85%
Bangkok Bank PCL, Foreign Shares
28,559,118
$143,266,851
Bangkok Dusit Medical Services PCL,
Foreign Shares
27,079,100
17,269,290
Kasikornbank PCL, Foreign Shares
31,881,027
190,409,713
 
 
350,945,854
United States–1.69%
Cognizant Technology Solutions Corp.,
Class A(b)
416,111
34,146,069
EPAM Systems, Inc.(a)
577,039
120,370,335
 
 
154,516,404
Total Common Stocks & Other Equity Interests
(Cost $5,459,160,306)
8,935,022,781
Preferred Stocks–0.81%
China–0.12%
Abogen Therapeutics Ltd., Series C,
Pfd.(c)
1,021,895
11,260,261
South Korea–0.69%
Samsung Electronics Co. Ltd.,
Preference Shares
770,451
62,407,320
Total Preferred Stocks (Cost $76,517,798)
73,667,581
Money Market Funds–0.50%
Invesco Government & Agency Portfolio,
Institutional Class, 3.61%(e)(f)
16,137,003
16,137,003
 
Shares
Value
Money Market Funds–(continued)
Invesco Treasury Portfolio, Institutional
Class, 3.57%(e)(f)
29,968,721
$29,968,721
Total Money Market Funds (Cost $46,105,724)
46,105,724
TOTAL INVESTMENTS IN SECURITIES
(excluding Investments purchased
with cash collateral from
securities on loan)-99.35%
(Cost $5,581,783,828)
 
9,054,796,086
Investments Purchased with Cash Collateral from
Securities on Loan
Money Market Funds–0.20%
Invesco Private Government Fund,
3.65%(e)(f)(g)
5,052,494
5,052,494
Invesco Private Prime Fund,
3.80%(e)(f)(g)
13,119,333
13,123,268
Total Investments Purchased with Cash Collateral
from Securities on Loan (Cost $18,175,762)
18,175,762
TOTAL INVESTMENTS IN SECURITIES—99.55%
(Cost $5,599,959,590)
9,072,971,848
OTHER ASSETS LESS LIABILITIES–0.45%
40,774,751
NET ASSETS–100.00%
$9,113,746,599
Investment Abbreviations: 
ADR
– American Depositary Receipt
CPO
– Certificates of Ordinary Participation
Pfd.
– Preferred
Notes to Consolidated Schedule of Investments: 
(a)
Non-income producing security.
(b)
All or a portion of this security was out on loan at January 31, 2026.
(c)
Security valued using significant unobservable inputs (Level 3). See Note 1.
(d)
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 January 31, 2026
represented less than 1% 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 three months ended January 31, 2026.
 
 
Value
October 31, 2025
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
Value
January 31, 2026
Dividend Income
Investments in Affiliated Money
Market Funds:
Invesco Government & Agency
Portfolio, Institutional Class
$74,734,517
$281,761,479
$(340,358,993)
$-
$-
$16,137,003
$204,915
Invesco Treasury Portfolio,
Institutional Class
138,792,675
523,271,319
(632,095,273)
-
-
29,968,721
375,792
Investments Purchased with Cash
Collateral from Securities on Loan:
Invesco Private Government Fund
-
15,699,918
(10,647,424)
-
-
5,052,494
14,417*
Invesco Private Prime Fund
-
38,539,272
(25,416,004)
-
-
13,123,268
38,765*
Investments in Other Affiliates:
Jiangsu Hengrui Pharmaceuticals Co.
Ltd.
127,884,732
-
(123,093,153)
(52,919,788)
48,128,209
-
-
Total
$341,411,924
$859,271,988
$(1,131,610,847)
$(52,919,788)
$48,128,209
$64,281,486
$633,889
 
*
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 January 31, 2026.
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Developing Markets Fund
(g)
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of
the securities loaned.
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Developing Markets Fund
Notes to Quarterly Consolidated Schedule of Portfolio Holdings
January 31, 2026
(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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.
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, 2026. 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
$889,235,425
$—
$—
$889,235,425
China
718,546,025
1,609,142,044
11,963,363
2,339,651,432
Hong Kong
—
288,063,842
—
288,063,842
Hungary
—
34,658,449
—
34,658,449
India
66,865,366
672,002,740
—
738,868,106
Indonesia
—
428,194,105
—
428,194,105
Mexico
356,245,033
—
—
356,245,033
Peru
173,426,517
—
—
173,426,517
Philippines
—
92,575,053
—
92,575,053
Portugal
—
81,133,296
—
81,133,296
Russia
—
—
5
5
Saudi Arabia
—
100,202,252
—
100,202,252
Singapore
44,539,809
—
—
44,539,809
South Africa
—
373,608,976
—
373,608,976
South Korea
—
1,116,854,941
—
1,116,854,941
Taiwan
—
1,445,970,863
—
1,445,970,863
Thailand
—
350,945,854
—
350,945,854
United States
154,516,404
—
—
154,516,404
Money Market Funds
46,105,724
18,175,762
—
64,281,486
Total Investments
$2,449,480,303
$6,611,528,177
$11,963,368
$9,072,971,848
Invesco Developing Markets Fund