NPORT-EX 2 edgar.htm
Schedule of Investments
January 31, 2021
(Unaudited)
  Shares Value
Common Stocks & Other Equity Interests–94.44%
Brazil–8.49%
Ambev S.A., ADR 3,969,718    $11,075,513
Arcos Dorados Holdings, Inc., Class A(a) 10,932,631    54,007,197
B3 S.A. - Brasil, Bolsa, Balcao 3,524,520    38,521,456
Banco Bradesco S.A., ADR 3,235,210    14,687,853
Fleury S.A. 7,487,400    35,935,798
Multiplan Empreendimentos Imobiliarios S.A. 9,755,829    37,800,851
Raia Drogasil S.A. 1,600,000     7,287,349
Rede D’Or Sao Luiz S.A.(b) 1,100,000    13,208,685
TOTVS S.A. 2,338,500    12,138,283
      224,662,985
China–29.34%
Alibaba Group Holding Ltd., ADR(c) 501,797   127,371,133
Angel Yeast Co. Ltd., A Shares 1,638,488    13,353,572
China Feihe Ltd.(b) 7,329,000    21,954,577
China Mengniu Dairy Co. Ltd.(c) 13,715,000    82,119,743
Henan Shuanghui Investment & Development Co. Ltd., A Shares 1,926,183    13,988,350
JD.com, Inc., ADR(c) 849,151    75,311,202
Kweichow Moutai Co. Ltd., A Shares 52,556    17,222,550
Meituan Dianping, B Shares(c) 350,800    16,000,679
New Oriental Education & Technology Group, Inc., ADR(c) 185,140    31,010,950
Shanghai International Airport Co. Ltd. 3,176,254    38,875,365
Sunny Optical Technology Group Co. Ltd. 1,386,100    36,235,351
Tencent Holdings Ltd. 1,467,200   128,443,197
Tongcheng-Elong Holdings Ltd.(b)(c) 14,156,800    25,398,105
Wuliangye Yibin Co. Ltd., A Shares 1,360,647    61,353,439
Yum China Holdings, Inc. 1,543,516    87,532,792
      776,171,005
Egypt–1.48%
Eastern Co. S.A.E. 21,384,488    20,436,819
Egyptian Financial Group-Hermes Holding Co. 18,652,502    18,757,296
      39,194,115
France–0.94%
Bollore S.A. 6,148,198    24,935,922
Hungary–2.61%
Gedeon Richter PLC 2,443,485    68,973,935
India–2.29%
HDFC Bank Ltd., ADR(c) 840,071    60,569,119
Indonesia–2.62%
PT Bank Central Asia Tbk 19,144,200    46,164,968
PT Telekomunikasi Indonesia (Persero) Tbk 104,477,700    23,067,938
      69,232,906
Israel–0.78%
ICL Group Ltd. 3,847,588    20,486,410
  Shares Value
Macau–1.74%
Galaxy Entertainment Group Ltd.(c) 5,926,000    $46,030,835
Mexico–9.88%
Bolsa Mexicana de Valores S.A.B. de C.V. 21,082,320    47,308,977
GMexico Transportes S.A.B. de C.V. 27,888,930    40,066,783
Grupo Aeroportuario del Centro Norte S.A.B. de C.V.(c) 7,831,898    46,225,735
Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B(c) 3,633,538    36,620,760
Kimberly-Clark de Mexico S.A.B. de C.V., Class A 22,678,092    39,616,687
Wal-Mart de Mexico S.A.B. de C.V., Series V 18,056,334    51,396,999
      261,235,941
Nigeria–0.95%
Zenith Bank PLC 363,656,079    25,049,198
Peru–0.42%
Credicorp Ltd. 72,821    10,947,181
Philippines–2.99%
BDO Unibank, Inc. 15,538,040    32,672,427
SM Investments Corp. 857,870    17,605,030
SM Prime Holdings, Inc. 39,270,900    28,805,529
      79,082,986
Russia–11.56%
Detsky Mir PJSC 8,288,510    15,628,756
Gazprom PJSC, ADR 4,284,513    23,728,511
Mobile TeleSystems PJSC, ADR 3,016,494    27,148,446
Moscow Exchange MICEX-RTS PJSC 9,640,000    19,939,897
Ozon Holdings PLC, ADR(c) 398,282    19,252,952
Sberbank of Russia PJSC 11,900,044    40,401,827
Sberbank of Russia PJSC, Preference Shares 24,871,366    78,115,663
Yandex N.V., Class A(c) 1,302,426    81,583,965
      305,800,017
South Africa–2.38%
Naspers Ltd., Class N 274,700    63,051,972
South Korea–7.59%
NAVER Corp. 137,204    42,088,353
Samsung Electronics Co. Ltd. 2,174,183   158,676,019
      200,764,372
Taiwan–5.29%
Taiwan Semiconductor Manufacturing Co. Ltd. 6,626,000   139,907,071
Turkey–1.17%
Haci Omer Sabanci Holding A.S. 21,674,815    30,982,084
United Arab Emirates–0.65%
Emaar Properties PJSC(c) 16,658,100    17,203,922
 
See accompanying notes which are an integral part of this schedule.
Invesco Emerging Markets All Cap Fund
  Shares Value
Vietnam–1.27%
Vietnam Dairy Products JSC 7,548,648    $33,667,112
Total Common Stocks & Other Equity Interests (Cost $1,669,001,324) 2,497,949,088
Money Market Funds–5.08%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(a)(d) 47,318,729    47,318,729
Invesco Liquid Assets Portfolio, Institutional Class, 0.05%(a)(d) 32,959,464    32,972,648
  Shares Value
Money Market Funds–(continued)
Invesco Treasury Portfolio, Institutional Class, 0.01%(a)(d) 54,078,547    $54,078,547
Total Money Market Funds (Cost $134,365,178) 134,369,924
TOTAL INVESTMENTS IN SECURITIES—99.52% (Cost $1,803,366,502) 2,632,319,012
OTHER ASSETS LESS LIABILITIES–0.48% 12,807,930
NET ASSETS–100.00% $2,645,126,942
Investment Abbreviations:
ADR – American Depositary Receipt
Notes to Schedule of Investments:
(a) Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or the Investment Company Act of 1940, as amended (the “1940 Act”), defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the three months ended January 31, 2021.
    
  Value
October 31, 2020 		Purchases
at Cost 		Proceeds
from Sales 		Change in
Unrealized
Appreciation 		Realized
Gain
(Loss) 		Value
January 31, 2021 		Dividend Income
Investments in Affiliated Money Market Funds:              
Invesco Government & Agency Portfolio, Institutional Class $43,866,503 $45,471,483 $(42,019,257) $- $- $47,318,729 $1,895
Invesco Liquid Assets Portfolio, Institutional Class 30,506,633 32,479,631 (30,013,755) 2,833 (2,694) 32,972,648 4,746
Invesco Treasury Portfolio, Institutional Class 50,133,146 51,967,409 (48,022,008) - - 54,078,547 1,170
Investments in Other Affiliates:              
Arcos Dorados Holdings, Inc., Class A 43,949,177 - - 10,058,020 - 54,007,197 -
Total $168,455,459 $129,918,523 $(120,055,020) $10,060,853 $(2,694) $188,377,121 $7,811
    
(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, 2021 was $60,561,367, which represented 2.29% of the Fund’s Net Assets.
(c) Non-income producing security.
(d) The rate shown is the 7-day SEC standardized yield as of January 31, 2021.
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 schedule.
Invesco Emerging Markets All Cap Fund
Notes to Quarterly Schedule of Portfolio Holdings
January 31, 2021
(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 or are unreliable. 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 the Fund’s own 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, 2021. 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 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 $224,662,985 $— $— $224,662,985
China 321,226,077 454,944,928 — 776,171,005
Egypt — 39,194,115 — 39,194,115
France — 24,935,922 — 24,935,922
Hungary — 68,973,935 — 68,973,935
India 60,569,119 — — 60,569,119
Indonesia — 69,232,906 — 69,232,906
Israel — 20,486,410 — 20,486,410
Macau — 46,030,835 — 46,030,835
Mexico 261,235,941 — — 261,235,941
Nigeria — 25,049,198 — 25,049,198
Peru 10,947,181 — — 10,947,181
Philippines — 79,082,986 — 79,082,986
Russia 163,554,016 142,246,001 — 305,800,017
South Africa — 63,051,972 — 63,051,972
South Korea — 200,764,372 — 200,764,372
Taiwan — 139,907,071 — 139,907,071
Turkey — 30,982,084 — 30,982,084
United Arab Emirates — 17,203,922 — 17,203,922
Vietnam — 33,667,112 — 33,667,112
Money Market Funds 134,369,924 — — 134,369,924
Total Investments $1,176,565,243 $1,455,753,769 $— $2,632,319,012
NOTE 2—Coronavirus (COVID-19) Pandemic
During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective, as stated in the most recent shareholder report. Because of the uncertainties on valuation, the global economy and business operations, values reflected in the Schedule of Investments may materially differ from the value received upon actual sales of those investments.
The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.
Invesco Emerging Markets All Cap Fund