|
|
Shares
|
Value
|
|
|
Common Stocks & Other Equity Interests-99.95%
|
|||
|
Communication Services-1.33%
|
|||
|
EchoStar Corp., Class A(b)(c)
|
|
89,537
|
$1,587,491
|
|
Telephone and Data Systems, Inc.
|
|
118,238
|
4,062,658
|
|
United States Cellular Corp.(b)(c)
|
|
46,721
|
2,895,300
|
|
|
|
|
8,545,449
|
|
Consumer Discretionary-11.49%
|
|||
|
Acushnet Holdings Corp.
|
|
35,430
|
2,417,743
|
|
Adtalem Global Education, Inc.(b)
|
|
23,702
|
3,129,375
|
|
American Public Education, Inc.(b)(c)
|
|
206,702
|
6,087,374
|
|
Asbury Automotive Group, Inc.(b)
|
|
10,565
|
2,407,869
|
|
Boyd Gaming Corp.
|
|
49,033
|
3,676,004
|
|
Build-A-Bear Workshop, Inc.(c)
|
|
63,245
|
3,228,025
|
|
Cavco Industries, Inc.(b)
|
|
4,559
|
1,976,760
|
|
Champion Homes, Inc.(b)
|
|
39,539
|
2,585,851
|
|
Grand Canyon Education, Inc.(b)
|
|
13,819
|
2,734,020
|
|
Group 1 Automotive, Inc.
|
|
16,342
|
6,927,701
|
|
Groupon, Inc.(b)(c)
|
|
139,415
|
4,061,159
|
|
Latham Group, Inc.(b)(c)
|
|
363,476
|
2,053,639
|
|
Laureate Education, Inc., Class A(b)
|
|
119,328
|
2,684,880
|
|
Life Time Group Holdings, Inc.(b)
|
|
75,941
|
2,171,913
|
|
Lincoln Educational Services Corp.(b)(c)
|
|
154,690
|
3,681,622
|
|
Monarch Casino & Resort, Inc.
|
|
29,108
|
2,437,504
|
|
Ollie’s Bargain Outlet Holdings, Inc.(b)
|
|
21,899
|
2,440,643
|
|
Patrick Industries, Inc.(c)
|
|
27,557
|
2,366,044
|
|
Perdoceo Education Corp.
|
|
96,260
|
3,276,690
|
|
Stride, Inc.(b)(c)
|
|
21,701
|
3,285,314
|
|
Universal Technical Institute, Inc.(b)
|
|
200,101
|
7,109,588
|
|
Urban Outfitters, Inc.(b)
|
|
47,504
|
3,320,530
|
|
|
|
|
74,060,248
|
|
Consumer Staples-2.43%
|
|||
|
Andersons, Inc. (The)
|
|
53,563
|
1,902,022
|
|
Chefs’ Warehouse, Inc. (The)(b)
|
|
44,784
|
2,856,324
|
|
Interparfums, Inc.
|
|
19,117
|
2,604,118
|
|
Seneca Foods Corp., Class A(b)
|
|
26,807
|
2,528,168
|
|
Turning Point Brands, Inc.
|
|
40,715
|
3,025,939
|
|
United Natural Foods, Inc.(b)
|
|
90,355
|
2,762,152
|
|
|
|
|
15,678,723
|
|
Energy-6.26%
|
|||
|
Archrock, Inc.
|
|
261,274
|
6,505,723
|
|
Aris Water Solutions, Inc., Class A
|
|
103,350
|
2,277,834
|
|
CNX Resources Corp.(b)(c)
|
|
78,404
|
2,530,881
|
|
Comstock Resources, Inc.(b)(c)
|
|
118,657
|
2,764,708
|
|
Gulfport Energy Corp.(b)
|
|
13,003
|
2,490,075
|
|
Hallador Energy Co.(b)(c)
|
|
195,390
|
3,370,477
|
|
Kinetik Holdings, Inc., Class A
|
|
154,112
|
6,864,148
|
|
Natural Gas Services Group, Inc.(b)
|
|
104,322
|
2,500,598
|
|
NextDecade Corp.(b)(c)
|
|
257,949
|
2,135,818
|
|
PrimeEnergy Resources Corp.(b)(c)
|
|
31,679
|
6,117,215
|
|
Sable Offshore Corp.(b)
|
|
95,626
|
2,752,116
|
|
|
|
|
40,309,593
|
|
Financials-24.07%
|
|||
|
Amalgamated Financial Corp.
|
|
79,644
|
2,406,842
|
|
Assured Guaranty Ltd.
|
|
30,179
|
2,551,634
|
|
AXIS Capital Holdings Ltd.
|
|
24,680
|
2,561,784
|
|
Axos Financial, Inc.(b)
|
|
36,374
|
2,529,448
|
|
Baldwin Insurance Group, Inc. (The),
Class A(b)(c)
|
|
54,055
|
2,082,739
|
|
BancFirst Corp.
|
|
21,193
|
2,621,680
|
|
Bancorp, Inc. (The)(b)
|
|
42,836
|
2,188,920
|
|
Capital Bancorp, Inc.(c)
|
|
81,118
|
2,620,111
|
|
|
Shares
|
Value
|
|
|
Financials-(continued)
|
|||
|
CNO Financial Group, Inc.
|
|
56,677
|
$2,151,459
|
|
Coastal Financial Corp.(b)
|
|
54,664
|
4,804,419
|
|
Enova International, Inc.(b)
|
|
54,866
|
5,084,432
|
|
Equity Bancshares, Inc., Class A
|
|
57,467
|
2,237,765
|
|
Esquire Financial Holdings, Inc.
|
|
37,787
|
3,428,792
|
|
EZCORP, Inc., Class A(b)
|
|
177,045
|
2,381,255
|
|
Federal Agricultural Mortgage Corp.,
Class C
|
|
12,101
|
2,255,868
|
|
First Bancorp
|
|
127,907
|
2,555,582
|
|
First Business Financial Services, Inc.
|
|
48,780
|
2,379,001
|
|
Goosehead Insurance, Inc., Class A
|
|
20,422
|
2,210,886
|
|
Greenlight Capital Re Ltd., Class A(b)(c)
|
|
173,335
|
2,502,957
|
|
Hancock Whitney Corp.
|
|
44,720
|
2,444,842
|
|
HCI Group, Inc.(c)
|
|
24,524
|
4,138,916
|
|
Heritage Insurance Holdings, Inc.(b)
|
|
625,613
|
15,308,750
|
|
Hippo Holdings, Inc.(b)
|
|
94,031
|
2,215,370
|
|
Lemonade, Inc.(b)(c)
|
|
67,519
|
2,261,887
|
|
Metropolitan Bank Holding Corp.(b)
|
|
42,141
|
2,725,259
|
|
Mr. Cooper Group, Inc.(b)
|
|
87,148
|
11,288,280
|
|
Northeast Bank
|
|
77,007
|
6,455,497
|
|
Northrim BanCorp, Inc.
|
|
31,688
|
2,902,621
|
|
OFG Bancorp
|
|
79,840
|
3,284,618
|
|
Oppenheimer Holdings, Inc., Class A(c)
|
|
38,278
|
2,499,171
|
|
Palomar Holdings, Inc.(b)
|
|
18,259
|
3,130,871
|
|
Pathward Financial, Inc.
|
|
34,660
|
2,705,213
|
|
Piper Sandler Cos.
|
|
10,691
|
2,688,252
|
|
PJT Partners, Inc., Class A(c)
|
|
16,376
|
2,467,208
|
|
QCR Holdings, Inc.
|
|
31,660
|
2,130,718
|
|
Root, Inc., Class A(b)(c)
|
|
23,151
|
3,032,550
|
|
SiriusPoint Ltd. (Sweden)(b)
|
|
171,584
|
3,361,331
|
|
Skyward Specialty Insurance Group, Inc.(b)
|
|
47,437
|
3,005,134
|
|
SLM Corp.
|
|
77,712
|
2,515,537
|
|
South Plains Financial, Inc.
|
|
70,466
|
2,534,662
|
|
StepStone Group, Inc., Class A
|
|
41,911
|
2,424,551
|
|
StoneX Group, Inc.(b)
|
|
36,414
|
3,082,627
|
|
Third Coast Bancshares, Inc.(b)(c)
|
|
69,299
|
2,124,707
|
|
Tiptree, Inc.
|
|
186,549
|
4,137,657
|
|
Unity Bancorp, Inc.
|
|
55,527
|
2,454,571
|
|
Victory Capital Holdings, Inc., Class A
|
|
100,616
|
6,239,198
|
|
|
|
|
155,115,572
|
|
Health Care-22.54%
|
|||
|
Adaptive Biotechnologies Corp.(b)(c)
|
|
320,706
|
3,053,121
|
|
ADMA Biologics, Inc.(b)
|
|
491,804
|
9,757,391
|
|
Akero Therapeutics, Inc.(b)(c)
|
|
54,450
|
2,703,442
|
|
Aldeyra Therapeutics, Inc.(b)(c)
|
|
410,087
|
881,687
|
|
Alignment Healthcare, Inc.(b)
|
|
174,730
|
2,685,600
|
|
Amneal Pharmaceuticals, Inc.(b)
|
|
726,428
|
5,317,453
|
|
Anavex Life Sciences Corp.(b)(c)
|
|
243,771
|
1,835,596
|
|
Arcutis Biotherapeutics, Inc.(b)(c)
|
|
140,988
|
1,838,484
|
|
Avidity Biosciences, Inc.(b)(c)
|
|
153,251
|
4,747,716
|
|
Axogen, Inc.(b)
|
|
178,654
|
1,945,542
|
|
Axsome Therapeutics, Inc.(b)
|
|
32,577
|
3,425,797
|
|
BioLife Solutions, Inc.(b)
|
|
91,846
|
2,009,590
|
|
Bioventus, Inc., Class A(b)
|
|
236,660
|
1,533,557
|
|
Brookdale Senior Living, Inc.(b)
|
|
383,052
|
2,493,669
|
|
ChromaDex Corp.(b)
|
|
317,997
|
3,440,728
|
|
Corcept Therapeutics, Inc.(b)(c)
|
|
48,736
|
3,779,964
|
|
CorMedix, Inc.(b)(c)
|
|
249,512
|
3,029,076
|
|
CorVel Corp.(b)
|
|
31,848
|
3,543,727
|
|
Delcath Systems, Inc.(b)(c)
|
|
378,089
|
6,128,823
|
|
Doximity, Inc., Class A(b)
|
|
37,874
|
1,972,857
|
|
Guardant Health, Inc.(b)
|
|
51,538
|
2,093,474
|
|
|
Shares
|
Value
|
|
|
Health Care-(continued)
|
|||
|
Krystal Biotech, Inc.(b)(c)
|
|
23,240
|
$2,927,310
|
|
LeMaitre Vascular, Inc.
|
|
27,729
|
2,279,324
|
|
MeiraGTx Holdings PLC(b)(c)
|
|
301,100
|
1,541,632
|
|
Merit Medical Systems, Inc.(b)
|
|
27,625
|
2,625,204
|
|
Merus N.V. (Netherlands)(b)
|
|
51,693
|
2,898,426
|
|
Mineralys Therapeutics, Inc.(b)(c)
|
|
139,910
|
2,179,798
|
|
NewAmsterdam Pharma Co. N.V.
(Netherlands)(b)
|
|
107,316
|
1,943,493
|
|
Ocular Therapeutix, Inc.(b)(c)
|
|
334,715
|
2,681,067
|
|
OptimizeRx Corp.(b)(c)
|
|
272,524
|
3,308,441
|
|
Organogenesis Holdings, Inc.(b)(c)
|
|
461,654
|
1,264,932
|
|
Pacira BioSciences, Inc.(b)
|
|
96,343
|
2,489,503
|
|
Pediatrix Medical Group, Inc.(b)
|
|
164,417
|
2,326,501
|
|
Phibro Animal Health Corp., Class A
|
|
104,983
|
2,563,685
|
|
Prestige Consumer Healthcare, Inc.(b)
|
|
28,016
|
2,400,131
|
|
Protagonist Therapeutics, Inc.(b)
|
|
44,958
|
2,134,156
|
|
PTC Therapeutics, Inc.(b)
|
|
41,462
|
2,011,736
|
|
Replimune Group, Inc.(b)
|
|
203,537
|
1,827,762
|
|
Rhythm Pharmaceuticals, Inc.(b)
|
|
46,922
|
2,877,726
|
|
Rigel Pharmaceuticals, Inc.(b)(c)(d)
|
|
115,273
|
2,213,242
|
|
Soleno Therapeutics, Inc.(b)(c)
|
|
192,195
|
14,097,503
|
|
TG Therapeutics, Inc.(b)(c)
|
|
127,985
|
4,493,553
|
|
Travere Therapeutics, Inc.(b)(c)
|
|
141,996
|
2,132,780
|
|
Trevi Therapeutics, Inc.(b)(c)
|
|
360,559
|
2,347,239
|
|
TruBridge, Inc.(b)
|
|
97,579
|
2,335,065
|
|
uniQure N.V. (Netherlands)(b)
|
|
193,551
|
2,800,683
|
|
Vericel Corp.(b)
|
|
49,348
|
2,037,826
|
|
Xeris Biopharma Holdings, Inc.(b)
|
|
454,733
|
2,246,381
|
|
|
|
|
145,202,393
|
|
Industrials-17.12%
|
|||
|
Armstrong World Industries, Inc.
|
|
16,365
|
2,546,885
|
|
AZZ, Inc.
|
|
27,957
|
2,535,420
|
|
Barrett Business Services, Inc.
|
|
58,177
|
2,404,165
|
|
Bloom Energy Corp., Class A(b)(c)
|
|
99,087
|
1,830,137
|
|
Casella Waste Systems, Inc., Class A(b)(c)
|
|
87,890
|
10,301,587
|
|
CBIZ, Inc.(b)
|
|
80,982
|
5,850,140
|
|
CRA International, Inc.
|
|
16,987
|
3,228,379
|
|
DXP Enterprises, Inc.(b)
|
|
41,593
|
3,438,909
|
|
Enerpac Tool Group Corp.
|
|
53,840
|
2,308,659
|
|
Enpro, Inc.
|
|
13,641
|
2,525,495
|
|
ESAB Corp.
|
|
19,889
|
2,446,148
|
|
ESCO Technologies, Inc.
|
|
14,580
|
2,642,479
|
|
ExlService Holdings, Inc.(b)
|
|
105,067
|
4,832,031
|
|
Federal Signal Corp.(c)
|
|
38,182
|
3,591,781
|
|
Granite Construction, Inc.(c)
|
|
41,565
|
3,717,989
|
|
Griffon Corp.
|
|
40,074
|
2,755,087
|
|
Huron Consulting Group, Inc.(b)
|
|
17,808
|
2,543,517
|
|
Kadant, Inc.(c)
|
|
22,793
|
7,154,951
|
|
Kratos Defense & Security Solutions, Inc.(b)
|
|
78,803
|
2,907,043
|
|
Liquidity Services, Inc.(b)
|
|
76,454
|
1,786,730
|
|
Matson, Inc.
|
|
19,428
|
2,192,450
|
|
Mistras Group, Inc.(b)
|
|
232,668
|
1,756,643
|
|
Moog, Inc., Class A
|
|
13,354
|
2,474,630
|
|
MRC Global, Inc.(b)
|
|
188,339
|
2,337,287
|
|
Mueller Water Products, Inc., Class A
|
|
83,070
|
2,037,707
|
|
Pitney Bowes, Inc.
|
|
274,322
|
2,825,517
|
|
Preformed Line Products Co.(c)
|
|
15,601
|
2,225,327
|
|
REV Group, Inc.
|
|
75,678
|
2,837,168
|
|
Rush Enterprises, Inc., Class A
|
|
57,109
|
2,835,462
|
|
Ryder System, Inc.
|
|
17,527
|
2,578,747
|
|
Standex International Corp.
|
|
13,744
|
2,074,519
|
|
Tutor Perini Corp.(b)
|
|
156,012
|
5,753,723
|
|
|
Shares
|
Value
|
|
|
Industrials-(continued)
|
|||
|
VSE Corp.(c)
|
|
30,093
|
$3,914,798
|
|
Willdan Group, Inc.(b)
|
|
57,609
|
3,113,766
|
|
|
|
|
110,305,276
|
|
Information Technology-11.11%
|
|||
|
ACI Worldwide, Inc.(b)
|
|
43,741
|
2,023,459
|
|
ACM Research, Inc., Class A(b)
|
|
80,178
|
1,808,014
|
|
AppFolio, Inc., Class A(b)
|
|
10,768
|
2,273,879
|
|
Badger Meter, Inc.
|
|
22,294
|
5,533,817
|
|
Bel Fuse, Inc., Class B(c)
|
|
97,457
|
7,192,327
|
|
Belden, Inc.
|
|
22,146
|
2,351,905
|
|
Climb Global Solutions, Inc.
|
|
68,368
|
7,532,444
|
|
Hackett Group, Inc. (The)
|
|
81,326
|
1,994,113
|
|
InterDigital, Inc.(c)
|
|
15,886
|
3,451,392
|
|
Kyndryl Holdings, Inc.(b)
|
|
80,430
|
3,139,987
|
|
NETGEAR, Inc.(b)
|
|
94,387
|
2,768,371
|
|
NextNav, Inc.(b)(c)
|
|
213,858
|
2,683,918
|
|
OSI Systems, Inc.(b)(c)
|
|
11,664
|
2,555,699
|
|
PAR Technology Corp.(b)(c)
|
|
38,221
|
2,505,769
|
|
Porch Group, Inc.(b)(c)
|
|
920,386
|
8,393,920
|
|
Red Violet, Inc.(c)
|
|
60,115
|
2,919,184
|
|
ReposiTrak, Inc.(c)
|
|
198,140
|
4,323,415
|
|
Rubrik, Inc., Class A(b)
|
|
33,008
|
3,147,313
|
|
Sanmina Corp.(b)
|
|
29,996
|
2,540,361
|
|
SoundHound AI, Inc., Class A(b)(c)
|
|
240,008
|
2,426,481
|
|
|
|
|
71,565,768
|
|
Materials-0.58%
|
|||
|
Century Aluminum Co.(b)
|
|
119,978
|
1,858,459
|
|
MP Materials Corp.(b)(c)
|
|
87,530
|
1,907,279
|
|
|
|
|
3,765,738
|
|
Real Estate-1.94%
|
|||
|
NET Lease Office Properties(b)(c)
|
|
75,662
|
2,361,411
|
|
Newmark Group, Inc., Class A
|
|
186,847
|
2,057,186
|
|
SL Green Realty Corp.
|
|
39,945
|
2,267,678
|
|
Tanger, Inc.
|
|
117,598
|
3,504,420
|
|
Vornado Realty Trust
|
|
60,972
|
2,296,815
|
|
|
|
|
12,487,510
|
|
Utilities-1.08%
|
|||
|
Consolidated Water Co. Ltd.
|
|
86,725
|
2,344,177
|
|
National Fuel Gas Co.
|
|
29,715
|
2,452,676
|
|
Otter Tail Corp.
|
|
28,083
|
2,167,446
|
|
|
|
|
6,964,299
|
|
Total Common Stocks & Other Equity Interests
(Cost $572,239,254)
|
644,000,569
|
||
|
Money Market Funds-0.07%
|
|||
|
Invesco Government & Agency Portfolio,
Institutional Class, 4.24%(d)(e)
(Cost $433,078)
|
|
433,078
|
433,078
|
|
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-100.02%
(Cost $572,672,332)
|
644,433,647
|
||
|
Investments Purchased with Cash Collateral from Securities
on Loan
|
|||
|
Money Market Funds-16.78%
|
|||
|
Invesco Private Government Fund,
4.29%(d)(e)(f)
|
|
30,015,828
|
30,015,828
|
|
|
Shares
|
Value
|
|
|
Money Market Funds-(continued)
|
|||
|
Invesco Private Prime Fund, 4.45%(d)(e)(f)
|
|
78,108,430
|
$78,124,052
|
|
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $108,141,300)
|
108,139,880
|
||
|
TOTAL INVESTMENTS IN SECURITIES-116.80%
(Cost $680,813,632)
|
752,573,527
|
||
|
OTHER ASSETS LESS LIABILITIES-(16.80)%
|
(108,251,543
)
|
||
|
NET ASSETS-100.00%
|
$644,321,984
|
||
|
Notes to Schedule of Investments:
|
|
|
(a)
|
Industry and/or sector classifications used in this report are generally according
to the Global Industry Classification Standard, which was developed by and is
the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
|
|
(b)
|
Non-income producing security.
|
|
(c)
|
All or a portion of this security was out on loan at May 31, 2025.
|
|
(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 May 31, 2025.
|
|
|
Value
August 31, 2024
|
Purchases
at Cost
|
Proceeds
from Sales
|
Change in
Unrealized
Appreciation
(Depreciation)
|
Realized
Gain
(Loss)
|
Value
May 31, 2025
|
Dividend Income
|
|
Investments in
Affiliated Money
Market Funds:
|
|
|
|
|
|
|
|
|
Invesco Government &
Agency Portfolio,
Institutional Class
|
$-
|
$12,311,230
|
$(11,878,152
)
|
$-
|
$-
|
$433,078
|
$17,267
|
|
Investments
Purchased with Cash
Collateral from
Securities on Loan:
|
|
|
|
|
|
|
|
|
Invesco Private
Government Fund
|
46,283,175
|
313,215,792
|
(329,483,139
)
|
-
|
-
|
30,015,828
|
1,736,158
*
|
|
Invesco Private Prime
Fund
|
125,616,664
|
626,695,638
|
(674,164,971
)
|
(12,305
)
|
(10,974
)
|
78,124,052
|
4,645,805
*
|
|
Total
|
$171,899,839
|
$952,222,660
|
$(1,015,526,262
)
|
$(12,305
)
|
$(10,974
)
|
$108,572,958
|
$6,399,230
|
|
*
|
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 May 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.
|
|
|
Shares
|
Value
|
|
|
Common Stocks & Other Equity Interests-99.93%
|
|||
|
Automobile Components-14.46%
|
|||
|
Adient PLC(b)
|
|
10,548
|
$164,443
|
|
American Axle & Manufacturing Holdings,
Inc.(b)(c)
|
|
14,776
|
64,867
|
|
BorgWarner, Inc.
|
|
27,385
|
906,170
|
|
Dana, Inc.
|
|
16,136
|
268,342
|
|
Dorman Products, Inc.(b)(c)
|
|
3,398
|
439,395
|
|
Fox Factory Holding Corp.(b)(c)
|
|
5,238
|
134,355
|
|
Gentherm, Inc.(b)
|
|
3,893
|
106,532
|
|
LCI Industries
|
|
3,183
|
277,367
|
|
Patrick Industries, Inc.(c)
|
|
4,217
|
362,072
|
|
PHINIA, Inc.
|
|
5,106
|
221,600
|
|
Standard Motor Products, Inc.
|
|
2,594
|
78,598
|
|
XPEL, Inc.(b)(c)(d)
|
|
2,849
|
102,478
|
|
|
|
|
3,126,219
|
|
Automobiles-0.56%
|
|||
|
Winnebago Industries, Inc.
|
|
3,568
|
121,062
|
|
Broadline Retail-4.13%
|
|||
|
Etsy, Inc.(b)(c)
|
|
14,087
|
779,715
|
|
Kohl’s Corp.(c)
|
|
13,989
|
113,731
|
|
|
|
|
893,446
|
|
Commercial Services & Supplies-0.73%
|
|||
|
Matthews International Corp., Class A(c)
|
|
3,894
|
83,526
|
|
Pursuit Attractions and Hospitality, Inc.(b)
|
|
2,667
|
74,383
|
|
|
|
|
157,909
|
|
Diversified Consumer Services-11.89%
|
|||
|
Adtalem Global Education, Inc.(b)(c)
|
|
4,666
|
616,052
|
|
Frontdoor, Inc.(b)
|
|
9,489
|
521,990
|
|
Mister Car Wash, Inc.(b)(c)
|
|
11,744
|
83,148
|
|
Perdoceo Education Corp.
|
|
7,720
|
262,789
|
|
Strategic Education, Inc.(c)
|
|
3,040
|
277,339
|
|
Stride, Inc.(b)(c)
|
|
5,355
|
810,693
|
|
|
|
|
2,572,011
|
|
Hotels, Restaurants & Leisure-16.69%
|
|||
|
BJ’s Restaurants, Inc.(b)(c)
|
|
2,867
|
127,897
|
|
Bloomin’ Brands, Inc.(c)
|
|
9,489
|
72,401
|
|
Brinker International, Inc.(b)(c)
|
|
5,561
|
959,996
|
|
Cheesecake Factory, Inc. (The)(c)
|
|
5,873
|
324,013
|
|
Cracker Barrel Old Country Store, Inc.(c)
|
|
2,797
|
160,660
|
|
Dave & Buster’s Entertainment, Inc.(b)(c)
|
|
3,870
|
84,985
|
|
Golden Entertainment, Inc.(c)
|
|
2,585
|
73,750
|
|
Jack in the Box, Inc.(c)
|
|
2,370
|
44,947
|
|
Monarch Casino & Resort, Inc.
|
|
1,599
|
133,900
|
|
Papa John’s International, Inc.
|
|
4,102
|
185,616
|
|
PENN Entertainment, Inc.(b)(c)
|
|
18,710
|
277,469
|
|
Sabre Corp.(b)(c)
|
|
48,489
|
122,192
|
|
Shake Shack, Inc., Class A(b)
|
|
5,011
|
650,378
|
|
Six Flags Entertainment Corp.(c)
|
|
11,668
|
391,578
|
|
|
|
|
3,609,782
|
|
Household Durables-19.30%
|
|||
|
Cavco Industries, Inc.(b)
|
|
1,003
|
434,896
|
|
Century Communities, Inc.(c)
|
|
3,424
|
177,603
|
|
Champion Homes, Inc.(b)(c)
|
|
6,593
|
431,182
|
|
Dream Finders Homes, Inc., Class A(b)(c)
|
|
3,443
|
71,821
|
|
Ethan Allen Interiors, Inc.(c)
|
|
2,844
|
74,314
|
|
Green Brick Partners, Inc.(b)
|
|
3,858
|
225,500
|
|
Helen of Troy Ltd.(b)(c)
|
|
2,872
|
77,228
|
|
Installed Building Products, Inc.(c)
|
|
2,905
|
463,289
|
|
La-Z-Boy, Inc.(c)
|
|
5,213
|
218,373
|
|
|
Shares
|
Value
|
|
|
Household Durables-(continued)
|
|||
|
Leggett & Platt, Inc.(c)
|
|
16,889
|
$153,014
|
|
LGI Homes, Inc.(b)(c)
|
|
2,600
|
130,260
|
|
M/I Homes, Inc.(b)
|
|
3,415
|
364,073
|
|
Meritage Homes Corp.(c)
|
|
9,059
|
576,243
|
|
Newell Brands, Inc.
|
|
52,031
|
275,764
|
|
Sonos, Inc.(b)
|
|
14,965
|
153,840
|
|
Tri Pointe Homes, Inc.(b)(c)
|
|
11,747
|
346,302
|
|
|
|
|
4,173,702
|
|
Leisure Products-1.95%
|
|||
|
Acushnet Holdings Corp.(c)
|
|
3,418
|
233,244
|
|
Sturm, Ruger & Co., Inc.(c)
|
|
2,110
|
76,382
|
|
Topgolf Callaway Brands Corp.(b)(c)
|
|
17,787
|
112,770
|
|
|
|
|
422,396
|
|
Specialty Retail-23.65%
|
|||
|
Academy Sports & Outdoors, Inc.(c)
|
|
8,710
|
356,326
|
|
Advance Auto Parts, Inc.(c)
|
|
7,425
|
355,880
|
|
American Eagle Outfitters, Inc.(c)
|
|
21,843
|
239,399
|
|
Asbury Automotive Group, Inc.(b)(c)
|
|
2,451
|
558,607
|
|
Boot Barn Holdings, Inc.(b)(c)
|
|
3,829
|
613,827
|
|
Buckle, Inc. (The)
|
|
3,759
|
160,171
|
|
Caleres, Inc.
|
|
4,226
|
56,840
|
|
Foot Locker, Inc.(b)
|
|
10,313
|
245,037
|
|
Group 1 Automotive, Inc.(c)
|
|
1,625
|
688,870
|
|
Guess?, Inc.(c)
|
|
3,428
|
35,926
|
|
MarineMax, Inc.(b)(c)
|
|
2,511
|
53,233
|
|
Monro, Inc.
|
|
3,763
|
57,687
|
|
National Vision Holdings, Inc.(b)(c)
|
|
9,896
|
196,040
|
|
Sally Beauty Holdings, Inc.(b)(c)
|
|
12,812
|
111,593
|
|
Shoe Carnival, Inc.(c)
|
|
2,220
|
42,668
|
|
Signet Jewelers Ltd.(c)
|
|
5,458
|
363,339
|
|
Sonic Automotive, Inc., Class A(c)
|
|
1,838
|
128,531
|
|
Upbound Group, Inc.(c)
|
|
6,419
|
147,252
|
|
Urban Outfitters, Inc.(b)(c)
|
|
7,044
|
492,376
|
|
Victoria’s Secret & Co.(b)(c)
|
|
9,880
|
209,555
|
|
|
|
|
5,113,157
|
|
Textiles, Apparel & Luxury Goods-6.57%
|
|||
|
Carter’s, Inc.
|
|
4,529
|
142,075
|
|
G-III Apparel Group Ltd.(b)
|
|
4,854
|
141,008
|
|
Hanesbrands, Inc.(b)(c)
|
|
44,127
|
218,428
|
|
Kontoor Brands, Inc.
|
|
6,210
|
426,006
|
|
Oxford Industries, Inc.(c)
|
|
1,854
|
99,523
|
|
Steven Madden Ltd.
|
|
9,029
|
222,565
|
|
Wolverine World Wide, Inc.
|
|
10,062
|
171,658
|
|
|
|
|
1,421,263
|
|
Total Common Stocks & Other Equity Interests
(Cost $23,564,861)
|
21,610,947
|
||
|
|
|||
|
Money Market Funds-0.06%
|
|
|
|
|
Invesco Government & Agency Portfolio,
Institutional Class, 4.24%(e)(f)
(Cost $13,129)
|
|
13,129
|
13,129
|
|
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from
securities on loan)-99.99%
(Cost $23,577,990)
|
21,624,076
|
||
|
|
Shares
|
Value
|
|
|
Investments Purchased with Cash Collateral
from Securities on Loan
|
|||
|
Money Market Funds-30.75%
|
|||
|
Invesco Private Government Fund,
4.29%(e)(f)(g)
|
|
1,907,338
|
$1,907,338
|
|
Invesco Private Prime Fund, 4.45%(e)(f)(g)
|
|
4,740,868
|
4,741,816
|
|
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $6,649,407)
|
6,649,154
|
||
|
TOTAL INVESTMENTS IN SECURITIES-130.74%
(Cost $30,227,397)
|
28,273,230
|
||
|
OTHER ASSETS LESS LIABILITIES-(30.74)%
|
(6,648,164
)
|
||
|
NET ASSETS-100.00%
|
$21,625,066
|
||
|
Notes to Schedule of Investments:
|
|
|
(a)
|
Industry and/or sector classifications used in this report are generally according
to the Global Industry Classification Standard, which was developed by and is
the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
|
|
(b)
|
Non-income producing security.
|
|
(c)
|
All or a portion of this security was out on loan at May 31, 2025.
|
|
(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 May 31, 2025
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 nine months ended May 31, 2025.
|
|
|
Value
August 31, 2024
|
Purchases
at Cost
|
Proceeds
from Sales
|
Change in
Unrealized
Appreciation
(Depreciation)
|
Realized
Gain
(Loss)
|
Value
May 31, 2025
|
Dividend Income
|
|
Investments in Affiliated
Money Market Funds:
|
|
|
|
|
|
|
|
|
Invesco Government &
Agency Portfolio, Institutional
Class
|
$5,786
|
$336,096
|
$(328,753
)
|
$-
|
$-
|
$13,129
|
$317
|
|
Investments Purchased with
Cash Collateral from
Securities on Loan:
|
|
|
|
|
|
|
|
|
Invesco Private Government
Fund
|
2,187,096
|
9,167,768
|
(9,447,526
)
|
-
|
-
|
1,907,338
|
75,893
*
|
|
Invesco Private Prime Fund
|
5,896,663
|
9,174,643
|
(10,328,447
)
|
(327
)
|
(716
)
|
4,741,816
|
203,114
*
|
|
Total
|
$8,089,545
|
$18,678,507
|
$(20,104,726
)
|
$(327
)
|
$(716
)
|
$6,662,283
|
$279,324
|
|
*
|
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 May 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-99.36%
|
|||
|
Beverages-3.68%
|
|||
|
MGP Ingredients, Inc.(b)
|
|
15,392
|
$452,833
|
|
National Beverage Corp.(b)
|
|
25,731
|
1,163,813
|
|
|
|
|
1,616,646
|
|
Consumer Staples Distribution & Retail-22.93%
|
|||
|
Andersons, Inc. (The)(b)
|
|
35,312
|
1,253,929
|
|
Chefs’ Warehouse, Inc. (The)(b)(c)
|
|
32,804
|
2,092,239
|
|
Grocery Outlet Holding Corp.(b)(c)
|
|
106,777
|
1,450,032
|
|
PriceSmart, Inc.
|
|
23,417
|
2,528,568
|
|
SpartanNash Co.
|
|
37,106
|
722,083
|
|
United Natural Foods, Inc.(c)
|
|
65,848
|
2,012,973
|
|
|
|
|
10,059,824
|
|
Food Products-42.80%
|
|||
|
B&G Foods, Inc.(b)
|
|
86,724
|
365,108
|
|
Cal-Maine Foods, Inc.(b)
|
|
45,461
|
4,361,074
|
|
Fresh Del Monte Produce, Inc.
|
|
36,889
|
1,302,919
|
|
Freshpet, Inc.(b)(c)
|
|
51,139
|
4,099,302
|
|
J&J Snack Foods Corp.(b)
|
|
14,527
|
1,673,075
|
|
John B. Sanfilippo & Son, Inc.(b)
|
|
9,952
|
618,417
|
|
Simply Good Foods Co. (The)(b)(c)
|
|
96,875
|
3,343,156
|
|
Tootsie Roll Industries, Inc.(b)
|
|
18,654
|
665,015
|
|
TreeHouse Foods, Inc.(b)(c)
|
|
49,661
|
1,115,386
|
|
WK Kellogg Co.(b)
|
|
72,866
|
1,232,893
|
|
|
|
|
18,776,345
|
|
Household Products-15.88%
|
|||
|
Central Garden & Pet Co.(b)(c)
|
|
9,209
|
332,076
|
|
Central Garden & Pet Co., Class A(c)
|
|
50,641
|
1,618,993
|
|
Energizer Holdings, Inc.(b)
|
|
66,144
|
1,540,494
|
|
WD-40 Co.(b)
|
|
14,272
|
3,477,087
|
|
|
|
|
6,968,650
|
|
Personal Care Products-10.02%
|
|||
|
Edgewell Personal Care Co.(b)
|
|
53,010
|
1,464,136
|
|
|
Shares
|
Value
|
|
|
Personal Care Products-(continued)
|
|||
|
Interparfums, Inc.(b)
|
|
18,880
|
$2,571,834
|
|
USANA Health Sciences, Inc.(b)(c)
|
|
12,110
|
361,726
|
|
|
|
|
4,397,696
|
|
Tobacco-4.05%
|
|||
|
Universal Corp.(b)
|
|
27,139
|
1,774,619
|
|
Total Common Stocks & Other Equity Interests
(Cost $48,744,943)
|
43,593,780
|
||
|
|
|||
|
Money Market Funds-0.01%
|
|
|
|
|
Invesco Government & Agency Portfolio,
Institutional Class, 4.24%(d)(e)
(Cost $2,602)
|
|
2,602
|
2,602
|
|
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-99.37%
(Cost $48,747,545)
|
43,596,382
|
||
|
Investments Purchased with Cash Collateral
from Securities on Loan
|
|||
|
Money Market Funds-33.13%
|
|||
|
Invesco Private Government Fund,
4.29%(d)(e)(f)
|
|
4,037,694
|
4,037,694
|
|
Invesco Private Prime Fund, 4.45%(d)(e)(f)
|
|
10,494,834
|
10,496,933
|
|
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $14,534,627)
|
14,534,627
|
||
|
TOTAL INVESTMENTS IN SECURITIES-132.50%
(Cost $63,282,172)
|
58,131,009
|
||
|
OTHER ASSETS LESS LIABILITIES-(32.50)%
|
(14,257,302
)
|
||
|
NET ASSETS-100.00%
|
$43,873,707
|
||
|
Notes to Schedule of Investments:
|
|
|
(a)
|
Industry and/or sector classifications used in this report are generally according
to the Global Industry Classification Standard, which was developed by and is
the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
|
|
(b)
|
All or a portion of this security was out on loan at May 31, 2025.
|
|
(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 May 31, 2025.
|
|
|
Value
August 31, 2024
|
Purchases
at Cost
|
Proceeds
from Sales
|
Change in
Unrealized
Appreciation
(Depreciation)
|
Realized
Gain
(Loss)
|
Value
May 31, 2025
|
Dividend Income
|
|
Investments in Affiliated
Money Market Funds:
|
|
|
|
|
|
|
|
|
Invesco Government &
Agency Portfolio,
Institutional Class
|
$5,124
|
$2,017,108
|
$(2,019,630
)
|
$-
|
$-
|
$2,602
|
$1,040
|
|
|
Value
August 31, 2024
|
Purchases
at Cost
|
Proceeds
from Sales
|
Change in
Unrealized
Appreciation
(Depreciation)
|
Realized
Gain
(Loss)
|
Value
May 31, 2025
|
Dividend Income
|
|
Investments Purchased
with Cash Collateral from
Securities on Loan:
|
|
|
|
|
|
|
|
|
Invesco Private
Government Fund
|
$3,910,929
|
$31,428,251
|
$(31,301,486
)
|
$-
|
$-
|
$4,037,694
|
$135,523
*
|
|
Invesco Private Prime Fund
|
10,205,850
|
68,949,429
|
(68,656,120
)
|
(695
)
|
(1,531
)
|
10,496,933
|
362,014
*
|
|
Total
|
$14,121,903
|
$102,394,788
|
$(101,977,236
)
|
$(695
)
|
$(1,531
)
|
$14,537,229
|
$498,577
|
|
*
|
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 May 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.
|
|
|
Shares
|
Value
|
|
|
Common Stocks & Other Equity Interests-99.70%
|
|||
|
Energy Equipment & Services-41.20%
|
|||
|
Archrock, Inc.
|
|
194,748
|
$4,849,225
|
|
Atlas Energy Solutions, Inc.(b)
|
|
82,442
|
1,001,670
|
|
Bristow Group, Inc.(b)(c)
|
|
28,257
|
826,800
|
|
Cactus, Inc., Class A
|
|
74,145
|
3,039,945
|
|
Core Laboratories, Inc.(b)
|
|
53,753
|
577,845
|
|
Helix Energy Solutions Group, Inc.(b)(c)
|
|
164,125
|
1,015,934
|
|
Helmerich & Payne, Inc.(b)
|
|
106,959
|
1,631,125
|
|
Innovex International, Inc.(b)(c)
|
|
44,456
|
613,493
|
|
Liberty Energy, Inc., Class A
|
|
186,468
|
2,161,164
|
|
Oceaneering International, Inc.(b)(c)
|
|
116,364
|
2,219,061
|
|
Patterson-UTI Energy, Inc.
|
|
343,867
|
1,898,146
|
|
ProPetro Holding Corp.(b)(c)
|
|
90,977
|
491,276
|
|
RPC, Inc.(b)
|
|
94,822
|
421,009
|
|
Tidewater, Inc.(b)(c)
|
|
55,428
|
2,201,046
|
|
|
|
|
22,947,739
|
|
Oil, Gas & Consumable Fuels-58.50%
|
|||
|
California Resources Corp.
|
|
79,286
|
3,502,063
|
|
Comstock Resources, Inc.(b)(c)
|
|
104,307
|
2,430,353
|
|
Core Natural Resources, Inc.
|
|
56,392
|
3,907,966
|
|
Crescent Energy Co., Class A(b)
|
|
209,946
|
1,761,447
|
|
CVR Energy, Inc.
|
|
39,238
|
917,777
|
|
Dorian LPG Ltd.
|
|
41,763
|
894,146
|
|
International Seaways, Inc.
|
|
46,302
|
1,715,489
|
|
Magnolia Oil & Gas Corp., Class A(b)
|
|
212,435
|
4,567,352
|
|
Northern Oil and Gas, Inc.(b)
|
|
93,887
|
2,495,516
|
|
Par Pacific Holdings, Inc.(b)(c)
|
|
64,231
|
1,386,747
|
|
Peabody Energy Corp.
|
|
139,869
|
1,840,676
|
|
REX American Resources Corp.(c)
|
|
17,748
|
747,901
|
|
SM Energy Co.(b)
|
|
127,298
|
2,981,319
|
|
Talos Energy, Inc.(b)(c)
|
|
142,541
|
1,146,030
|
|
|
Shares
|
Value
|
|
|
Oil, Gas & Consumable Fuels-(continued)
|
|||
|
Vital Energy, Inc.(b)(c)
|
|
30,959
|
$460,670
|
|
World Kinect Corp.(b)
|
|
66,673
|
1,826,173
|
|
|
|
|
32,581,625
|
|
Total Common Stocks & Other Equity Interests
(Cost $79,080,184)
|
55,529,364
|
||
|
|
|||
|
Money Market Funds-0.12%
|
|
|
|
|
Invesco Government & Agency Portfolio,
Institutional Class, 4.24%(d)(e)
(Cost $67,792)
|
|
67,792
|
67,792
|
|
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-99.82%
(Cost $79,147,976)
|
55,597,156
|
||
|
Investments Purchased with Cash Collateral
from Securities on Loan
|
|||
|
Money Market Funds-31.48%
|
|||
|
Invesco Private Government Fund,
4.29%(d)(e)(f)
|
|
4,797,746
|
4,797,746
|
|
Invesco Private Prime Fund, 4.45%(d)(e)(f)
|
|
12,734,198
|
12,736,745
|
|
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $17,534,939)
|
17,534,491
|
||
|
TOTAL INVESTMENTS IN SECURITIES-131.30%
(Cost $96,682,915)
|
73,131,647
|
||
|
OTHER ASSETS LESS LIABILITIES-(31.30)%
|
(17,433,599
)
|
||
|
NET ASSETS-100.00%
|
$55,698,048
|
||
|
Notes to Schedule of Investments:
|
|
|
(a)
|
Industry and/or sector classifications used in this report are generally according
to the Global Industry Classification Standard, which was developed by and is
the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
|
|
(b)
|
All or a portion of this security was out on loan at May 31, 2025.
|
|
(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 May 31, 2025.
|
|
|
Value
August 31, 2024
|
Purchases
at Cost
|
Proceeds
from Sales
|
Change in
Unrealized
Appreciation
(Depreciation)
|
Realized
Gain
(Loss)
|
Value
May 31, 2025
|
Dividend Income
|
|
Investments in Affiliated
Money Market Funds:
|
|
|
|
|
|
|
|
|
Invesco Government &
Agency Portfolio,
Institutional Class
|
$-
|
$2,006,455
|
$(1,938,663
)
|
$-
|
$-
|
$67,792
|
$1,091
|
|
Investments Purchased
with Cash Collateral from
Securities on Loan:
|
|
|
|
|
|
|
|
|
Invesco Private
Government Fund
|
8,734,027
|
41,506,190
|
(45,442,471
)
|
-
|
-
|
4,797,746
|
246,887
*
|
|
Invesco Private Prime Fund
|
22,785,041
|
58,844,999
|
(68,889,871
)
|
(1,420
)
|
(2,004
)
|
12,736,745
|
666,689
*
|
|
Total
|
$31,519,068
|
$102,357,644
|
$(116,271,005
)
|
$(1,420
)
|
$(2,004
)
|
$17,602,283
|
$914,667
|
|
*
|
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 May 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.
|
|
|
Shares
|
Value
|
|
|
Common Stocks & Other Equity Interests-99.90%
|
|||
|
Banks-33.42%
|
|||
|
Ameris Bancorp
|
|
3,653
|
$224,550
|
|
Atlantic Union Bankshares Corp., Class B
|
|
7,337
|
220,257
|
|
Axos Financial, Inc.(b)
|
|
3,063
|
213,001
|
|
Banc of California, Inc.
|
|
7,745
|
106,261
|
|
BancFirst Corp.
|
|
1,122
|
138,797
|
|
Bancorp, Inc. (The)(b)(c)
|
|
2,684
|
137,152
|
|
Bank of Hawaii Corp.
|
|
2,237
|
148,783
|
|
BankUnited, Inc.
|
|
4,205
|
142,886
|
|
Banner Corp.(c)
|
|
1,939
|
119,539
|
|
Berkshire Hills Bancorp, Inc.
|
|
2,581
|
63,906
|
|
Brookline Bancorp, Inc.
|
|
5,046
|
52,125
|
|
Capitol Federal Financial, Inc.(c)
|
|
6,847
|
39,096
|
|
Cathay General Bancorp
|
|
4,006
|
171,677
|
|
Central Pacific Financial Corp.
|
|
1,519
|
40,557
|
|
City Holding Co.
|
|
827
|
97,495
|
|
Community Financial System, Inc.(c)
|
|
2,963
|
166,639
|
|
Customers Bancorp, Inc.(b)(c)
|
|
1,649
|
84,033
|
|
CVB Financial Corp.(c)
|
|
7,387
|
138,506
|
|
Dime Community Bancshares, Inc., Class B(c)
|
|
2,203
|
56,529
|
|
Eagle Bancorp, Inc.(c)
|
|
1,690
|
29,744
|
|
FB Financial Corp.
|
|
1,975
|
86,209
|
|
First Bancorp (Puerto Rico)
|
|
9,161
|
183,037
|
|
First Bancorp/Southern Pines NC
|
|
2,343
|
96,930
|
|
First Commonwealth Financial Corp.
|
|
5,736
|
89,596
|
|
First Financial Bancorp
|
|
5,373
|
129,812
|
|
First Hawaiian, Inc.
|
|
7,113
|
169,858
|
|
Fulton Financial Corp.(c)
|
|
10,244
|
176,709
|
|
Hanmi Financial Corp.(c)
|
|
1,680
|
38,506
|
|
Heritage Financial Corp.(c)
|
|
1,931
|
45,147
|
|
Hilltop Holdings, Inc.(c)
|
|
2,604
|
77,651
|
|
Hope Bancorp, Inc.
|
|
7,121
|
71,495
|
|
Independent Bank Corp.
|
|
2,390
|
146,985
|
|
Lakeland Financial Corp.(c)
|
|
1,442
|
86,333
|
|
National Bank Holdings Corp., Class A
|
|
2,152
|
77,795
|
|
NBT Bancorp, Inc.
|
|
2,946
|
123,290
|
|
Northwest Bancshares, Inc.
|
|
7,209
|
88,527
|
|
OFG Bancorp (Puerto Rico)
|
|
2,579
|
106,100
|
|
Pacific Premier Bancorp, Inc.
|
|
5,424
|
114,989
|
|
Park National Corp.(c)
|
|
818
|
132,974
|
|
Pathward Financial, Inc.(c)
|
|
1,340
|
104,587
|
|
Preferred Bank(c)
|
|
694
|
58,025
|
|
Provident Financial Services, Inc.
|
|
7,342
|
122,611
|
|
Renasant Corp.(c)
|
|
5,187
|
181,804
|
|
S&T Bancorp, Inc.(c)
|
|
2,163
|
79,296
|
|
Seacoast Banking Corp. of Florida
|
|
4,771
|
123,235
|
|
ServisFirst Bancshares, Inc.
|
|
2,825
|
210,265
|
|
Simmons First National Corp., Class A
|
|
7,069
|
132,614
|
|
Southside Bancshares, Inc.(c)
|
|
1,602
|
45,160
|
|
Stellar Bancorp, Inc.(c)
|
|
2,692
|
72,469
|
|
Tompkins Financial Corp.
|
|
714
|
43,840
|
|
Triumph Financial, Inc.(b)(c)
|
|
1,243
|
71,808
|
|
TrustCo Bank Corp.
|
|
1,082
|
33,585
|
|
Trustmark Corp.
|
|
3,432
|
118,267
|
|
United Community Banks, Inc.
|
|
6,716
|
193,018
|
|
Veritex Holdings, Inc.(c)
|
|
3,086
|
74,681
|
|
WaFd, Inc.(c)
|
|
4,588
|
130,391
|
|
Westamerica Bancorporation(c)
|
|
1,511
|
72,604
|
|
WSFS Financial Corp.
|
|
3,300
|
174,537
|
|
|
|
|
6,476,273
|
|
Capital Markets-10.23%
|
|||
|
Acadian Asset Management, Inc.
|
|
1,570
|
47,273
|
|
|
Shares
|
Value
|
|
|
Capital Markets-(continued)
|
|||
|
Artisan Partners Asset Management, Inc.,
Class A(c)
|
|
3,942
|
$158,863
|
|
BGC Group, Inc., Class A
|
|
21,059
|
195,427
|
|
Cohen & Steers, Inc.(c)
|
|
1,507
|
115,798
|
|
Donnelley Financial Solutions, Inc.(b)(c)
|
|
1,502
|
81,829
|
|
Moelis & Co., Class A
|
|
3,985
|
227,583
|
|
Piper Sandler Cos.
|
|
906
|
227,814
|
|
PJT Partners, Inc., Class A(c)
|
|
1,334
|
200,980
|
|
StepStone Group, Inc., Class A
|
|
3,723
|
215,376
|
|
StoneX Group, Inc.(b)
|
|
2,419
|
204,780
|
|
Virtu Financial, Inc., Class A
|
|
4,546
|
182,704
|
|
Virtus Investment Partners, Inc.(c)
|
|
370
|
63,159
|
|
WisdomTree, Inc.(c)
|
|
6,473
|
61,105
|
|
|
|
|
1,982,691
|
|
Consumer Finance-2.84%
|
|||
|
Bread Financial Holdings, Inc.(c)
|
|
2,762
|
141,525
|
|
Encore Capital Group, Inc.(b)(c)
|
|
1,344
|
50,938
|
|
Enova International, Inc.(b)
|
|
1,452
|
134,557
|
|
EZCORP, Inc., Class A(b)(c)
|
|
2,943
|
39,583
|
|
Navient Corp.
|
|
4,198
|
56,421
|
|
PRA Group, Inc.(b)(c)
|
|
2,217
|
31,459
|
|
PROG Holdings, Inc.(c)
|
|
2,351
|
67,779
|
|
World Acceptance Corp.(b)(c)
|
|
183
|
28,270
|
|
|
|
|
550,532
|
|
Diversified REITs-3.04%
|
|||
|
Alexander & Baldwin, Inc.
|
|
4,081
|
73,091
|
|
American Assets Trust, Inc.
|
|
2,675
|
53,339
|
|
Armada Hoffler Properties, Inc.
|
|
4,454
|
31,000
|
|
Essential Properties Realty Trust, Inc.
|
|
10,590
|
344,175
|
|
Global Net Lease, Inc.(c)
|
|
11,229
|
87,137
|
|
|
|
|
588,742
|
|
Financial Services-10.04%
|
|||
|
Enact Holdings, Inc.
|
|
1,641
|
58,091
|
|
EVERTEC, Inc. (Puerto Rico)
|
|
3,579
|
129,667
|
|
HA Sustainable Infrastructure Capital, Inc.(c)
|
|
6,693
|
167,660
|
|
Jackson Financial, Inc., Class A
|
|
4,168
|
341,401
|
|
Mr. Cooper Group, Inc.(b)(c)
|
|
3,583
|
464,106
|
|
NCR Atleos Corp.(b)
|
|
4,075
|
108,028
|
|
NMI Holdings, Inc., Class A(b)(c)
|
|
4,414
|
175,324
|
|
Payoneer Global, Inc.(b)
|
|
14,431
|
98,275
|
|
Radian Group, Inc.
|
|
8,187
|
279,586
|
|
Walker & Dunlop, Inc.(c)
|
|
1,805
|
123,625
|
|
|
|
|
1,945,763
|
|
Health Care REITs-2.98%
|
|||
|
CareTrust REIT, Inc.
|
|
10,587
|
304,482
|
|
LTC Properties, Inc.(c)
|
|
2,558
|
90,528
|
|
Medical Properties Trust, Inc.(c)
|
|
33,779
|
154,370
|
|
Universal Health Realty Income Trust
|
|
711
|
28,234
|
|
|
|
|
577,614
|
|
Hotel & Resort REITs-4.25%
|
|||
|
Apple Hospitality REIT, Inc.
|
|
12,554
|
145,501
|
|
DiamondRock Hospitality Co.
|
|
11,768
|
89,908
|
|
Pebblebrook Hotel Trust(c)
|
|
6,776
|
62,204
|
|
Ryman Hospitality Properties, Inc.(c)
|
|
3,377
|
327,940
|
|
Summit Hotel Properties, Inc.(c)
|
|
6,055
|
26,521
|
|
Sunstone Hotel Investors, Inc.(c)
|
|
11,294
|
101,194
|
|
Xenia Hotels & Resorts, Inc.(c)
|
|
5,763
|
70,481
|
|
|
|
|
823,749
|
|
|
Shares
|
Value
|
|
|
Industrial REITs-2.83%
|
|||
|
Innovative Industrial Properties, Inc.(c)
|
|
1,602
|
$88,462
|
|
LXP Industrial Trust(c)
|
|
16,638
|
142,754
|
|
Terreno Realty Corp.
|
|
5,625
|
317,363
|
|
|
|
|
548,579
|
|
Insurance-10.17%
|
|||
|
AMERISAFE, Inc.
|
|
1,079
|
51,220
|
|
Assured Guaranty Ltd.
|
|
2,700
|
228,285
|
|
Employers Holdings, Inc.(c)
|
|
1,399
|
68,089
|
|
Genworth Financial, Inc., Class A(b)(c)
|
|
24,026
|
169,383
|
|
Goosehead Insurance, Inc., Class A(c)
|
|
1,372
|
148,533
|
|
HCI Group, Inc.(c)
|
|
480
|
81,010
|
|
Horace Mann Educators Corp.
|
|
2,290
|
99,455
|
|
Lincoln National Corp.
|
|
9,610
|
318,475
|
|
Mercury General Corp.
|
|
1,503
|
96,913
|
|
Palomar Holdings, Inc.(b)
|
|
1,493
|
256,005
|
|
ProAssurance Corp.(b)
|
|
2,872
|
66,602
|
|
Safety Insurance Group, Inc.(c)
|
|
833
|
68,423
|
|
SiriusPoint Ltd. (Sweden)(b)
|
|
5,197
|
101,809
|
|
Stewart Information Services Corp.
|
|
1,561
|
94,191
|
|
Trupanion, Inc.(b)(c)
|
|
1,881
|
88,764
|
|
United Fire Group, Inc., (Acquired 06/13/2017 -
04/10/2025; Cost $51,759)(d)
|
|
1,192
|
33,912
|
|
|
|
|
1,971,069
|
|
Mortgage REITs-4.17%
|
|||
|
Apollo Commercial Real Estate Finance, Inc.
|
|
7,185
|
70,629
|
|
Arbor Realty Trust, Inc.(c)
|
|
10,611
|
101,653
|
|
ARMOUR Residential REIT, Inc.(c)
|
|
4,326
|
70,125
|
|
Blackstone Mortgage Trust, Inc., Class A(c)
|
|
9,654
|
182,364
|
|
Ellington Financial, Inc.
|
|
5,092
|
64,007
|
|
Franklin BSP Realty Trust, Inc.(c)
|
|
4,675
|
51,565
|
|
KKR Real Estate Finance Trust, Inc.(c)
|
|
3,281
|
29,299
|
|
New York Mortgage Trust, Inc.(c)
|
|
5,159
|
33,688
|
|
PennyMac Mortgage Investment Trust
|
|
4,883
|
59,963
|
|
Ready Capital Corp.(c)
|
|
9,482
|
42,385
|
|
Redwood Trust, Inc.(c)
|
|
7,433
|
40,510
|
|
Two Harbors Investment Corp.(c)
|
|
5,870
|
62,163
|
|
|
|
|
808,351
|
|
Office REITs-3.65%
|
|||
|
Brandywine Realty Trust(c)
|
|
9,700
|
41,031
|
|
Douglas Emmett, Inc.(c)
|
|
9,420
|
134,047
|
|
Easterly Government Properties, Inc.(c)
|
|
2,225
|
48,349
|
|
Highwoods Properties, Inc.
|
|
6,055
|
179,833
|
|
JBG SMITH Properties, (Acquired 03/17/2023 -
04/10/2025; Cost $69,735)(c)(d)
|
|
4,751
|
81,242
|
|
SL Green Realty Corp.
|
|
3,941
|
223,731
|
|
|
|
|
708,233
|
|
Real Estate Management & Development-1.79%
|
|||
|
Cushman & Wakefield PLC(b)
|
|
12,911
|
129,497
|
|
eXp World Holdings, Inc.(c)
|
|
4,748
|
40,453
|
|
Kennedy-Wilson Holdings, Inc.(c)
|
|
6,622
|
42,182
|
|
|
Shares
|
Value
|
|
|
Real Estate Management & Development-(continued)
|
|||
|
Marcus & Millichap, Inc.(c)
|
|
1,353
|
$38,980
|
|
St. Joe Co. (The)
|
|
2,133
|
95,367
|
|
|
|
|
346,479
|
|
Residential REITs-1.29%
|
|||
|
Centerspace(c)
|
|
930
|
59,287
|
|
Elme Communities
|
|
4,981
|
79,995
|
|
NexPoint Residential Trust, Inc.
|
|
1,243
|
42,262
|
|
Veris Residential, Inc.
|
|
4,546
|
69,099
|
|
|
|
|
250,643
|
|
Retail REITs-6.26%
|
|||
|
Acadia Realty Trust(c)
|
|
6,732
|
129,658
|
|
Curbline Properties Corp.
|
|
5,319
|
120,688
|
|
Getty Realty Corp.(c)
|
|
2,869
|
83,947
|
|
Macerich Co. (The)
|
|
14,038
|
227,135
|
|
Phillips Edison & Co., Inc.
|
|
7,068
|
250,631
|
|
Saul Centers, Inc.(c)
|
|
691
|
23,273
|
|
SITE Centers Corp.(c)
|
|
2,743
|
32,697
|
|
Tanger, Inc.
|
|
6,228
|
185,595
|
|
Urban Edge Properties
|
|
7,058
|
128,173
|
|
Whitestone REIT
|
|
2,497
|
30,763
|
|
|
|
|
1,212,560
|
|
Specialized REITs-2.94%
|
|||
|
Four Corners Property Trust, Inc.(c)
|
|
5,625
|
155,306
|
|
Millrose Properties, Inc.(b)(c)
|
|
6,766
|
188,568
|
|
Outfront Media, Inc.
|
|
7,752
|
128,063
|
|
Safehold, Inc.(c)
|
|
2,572
|
38,760
|
|
Uniti Group, Inc.(c)
|
|
13,819
|
59,422
|
|
|
|
|
570,119
|
|
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from
securities on loan)-99.90%
(Cost $20,141,494)
|
19,361,397
|
||
|
Investments Purchased with Cash Collateral
from Securities on Loan
|
|||
|
Money Market Funds-24.67%
|
|||
|
Invesco Private Government Fund,
4.29%(e)(f)(g)
|
|
1,360,927
|
1,360,927
|
|
Invesco Private Prime Fund, 4.45%(e)(f)(g)
|
|
3,420,590
|
3,421,274
|
|
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $4,782,244)
|
4,782,201
|
||
|
TOTAL INVESTMENTS IN SECURITIES-124.57%
(Cost $24,923,738)
|
24,143,598
|
||
|
OTHER ASSETS LESS LIABILITIES-(24.57)%
|
(4,762,184
)
|
||
|
NET ASSETS-100.00%
|
$19,381,414
|
||
|
Investment Abbreviations:
|
|
|
REIT
|
-Real Estate Investment Trust
|
|
Notes to Schedule of Investments:
|
|
|
(a)
|
Industry and/or sector classifications used in this report are generally according
to the Global Industry Classification Standard, which was developed by and is
the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
|
|
(b)
|
Non-income producing security.
|
|
(c)
|
All or a portion of this security was out on loan at May 31, 2025.
|
|
(d)
|
Restricted security. The aggregate value of these securities at May 31, 2025 was $115,154, which 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 nine months ended May 31, 2025.
|
|
|
Value
August 31, 2024
|
Purchases
at Cost
|
Proceeds
from Sales
|
Change in
Unrealized
Appreciation
(Depreciation)
|
Realized
Gain
(Loss)
|
Value
May 31, 2025
|
Dividend Income
|
|
Investments in Affiliated
Money Market Funds:
|
|
|
|
|
|
|
|
|
Invesco Government &
Agency Portfolio, Institutional
Class
|
$13,041
|
$627,027
|
$(640,068
)
|
$-
|
$-
|
$-
|
$388
|
|
Investments Purchased with
Cash Collateral from
Securities on Loan:
|
|
|
|
|
|
|
|
|
Invesco Private Government
Fund
|
1,246,920
|
10,469,522
|
(10,355,515
)
|
-
|
-
|
1,360,927
|
53,559
*
|
|
Invesco Private Prime Fund
|
3,403,477
|
24,248,193
|
(24,229,617
)
|
(294
)
|
(485
)
|
3,421,274
|
142,154
*
|
|
Total
|
$4,663,438
|
$35,344,742
|
$(35,225,200
)
|
$(294
)
|
$(485
)
|
$4,782,201
|
$196,101
|
|
*
|
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 May 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-99.89%
|
|||
|
Biotechnology-23.62%
|
|||
|
Acadia Pharmaceuticals, Inc.(b)(c)
|
|
128,884
|
$2,780,028
|
|
ADMA Biologics, Inc.(b)
|
|
247,792
|
4,916,193
|
|
Alkermes PLC(b)(c)
|
|
170,442
|
5,217,230
|
|
Arcus Biosciences, Inc.(b)(c)
|
|
70,439
|
629,020
|
|
Arrowhead Pharmaceuticals, Inc.(b)(c)
|
|
131,549
|
2,113,992
|
|
Catalyst Pharmaceuticals, Inc.(b)
|
|
117,537
|
2,933,723
|
|
Dynavax Technologies Corp.(b)(c)
|
|
127,964
|
1,252,768
|
|
Krystal Biotech, Inc.(b)(c)
|
|
26,533
|
3,342,097
|
|
Myriad Genetics, Inc.(b)
|
|
95,287
|
399,252
|
|
Protagonist Therapeutics, Inc.(b)(c)
|
|
62,483
|
2,966,068
|
|
TG Therapeutics, Inc.(b)(c)
|
|
139,937
|
4,913,188
|
|
Vericel Corp.(b)(c)
|
|
51,667
|
2,133,589
|
|
Vir Biotechnology, Inc.(b)(c)
|
|
96,657
|
477,486
|
|
Xencor, Inc.(b)(c)
|
|
73,252
|
586,016
|
|
|
|
|
34,660,650
|
|
Health Care Equipment & Supplies-34.91%
|
|||
|
Artivion, Inc.(b)(c)
|
|
39,489
|
1,168,085
|
|
Avanos Medical, Inc.(b)
|
|
48,151
|
605,258
|
|
CONMED Corp.(c)
|
|
32,338
|
1,835,181
|
|
Embecta Corp.
|
|
61,025
|
642,593
|
|
Enovis Corp.(b)(c)
|
|
59,532
|
1,863,352
|
|
Glaukos Corp.(b)(c)
|
|
57,795
|
5,449,490
|
|
ICU Medical, Inc.(b)(c)
|
|
25,670
|
3,461,856
|
|
Inspire Medical Systems, Inc.(b)(c)
|
|
31,098
|
4,297,744
|
|
Integer Holdings Corp.(b)(c)
|
|
35,156
|
4,175,126
|
|
Integra LifeSciences Holdings Corp.(b)(c)
|
|
69,462
|
879,389
|
|
LeMaitre Vascular, Inc.(c)
|
|
21,416
|
1,760,395
|
|
Merit Medical Systems, Inc.(b)(c)
|
|
61,101
|
5,806,428
|
|
Neogen Corp.(b)(c)
|
|
206,646
|
1,210,946
|
|
Omnicell, Inc.(b)(c)
|
|
48,478
|
1,472,277
|
|
QuidelOrtho Corp.(b)(c)
|
|
68,991
|
2,115,954
|
|
STAAR Surgical Co., (Acquired 08/21/2023 -
08/21/2023; Cost $2,176,683)(b)(c)(d)
|
|
51,560
|
918,284
|
|
Tandem Diabetes Care, Inc.(b)(c)
|
|
68,746
|
1,362,546
|
|
Teleflex, Inc.
|
|
48,684
|
5,952,593
|
|
TransMedics Group, Inc.(b)(c)
|
|
35,129
|
4,465,598
|
|
UFP Technologies, Inc.(b)(c)
|
|
7,630
|
1,786,946
|
|
|
|
|
51,230,041
|
|
Health Care Providers & Services-18.96%
|
|||
|
AdaptHealth Corp.(b)(c)
|
|
111,711
|
1,003,165
|
|
Addus HomeCare Corp.(b)(c)
|
|
18,766
|
2,081,337
|
|
AMN Healthcare Services, Inc.(b)
|
|
40,090
|
846,300
|
|
Astrana Health, Inc.(b)(c)
|
|
43,508
|
1,078,563
|
|
Concentra Group Holdings Parent, Inc.
|
|
113,301
|
2,450,700
|
|
CorVel Corp.(b)(c)
|
|
28,523
|
3,173,754
|
|
National HealthCare Corp.(c)
|
|
12,927
|
1,346,218
|
|
NeoGenomics, Inc.(b)(c)
|
|
134,356
|
978,112
|
|
Owens & Minor, Inc.(b)(c)
|
|
77,365
|
510,609
|
|
Pediatrix Medical Group, Inc.(b)
|
|
88,473
|
1,251,893
|
|
Premier, Inc., Class A(c)
|
|
95,383
|
2,191,901
|
|
Privia Health Group, Inc.(b)(c)
|
|
108,022
|
2,458,581
|
|
Progyny, Inc.(b)(c)
|
|
77,542
|
1,667,153
|
|
RadNet, Inc.(b)(c)
|
|
68,273
|
3,925,015
|
|
Select Medical Holdings Corp.
|
|
109,366
|
1,672,206
|
|
U.S. Physical Therapy, Inc.(c)
|
|
15,795
|
1,184,467
|
|
|
|
|
27,819,974
|
|
Health Care Technology-2.59%
|
|||
|
Certara, Inc.(b)(c)
|
|
114,586
|
1,301,697
|
|
|
Shares
|
Value
|
|
|
Health Care Technology-(continued)
|
|||
|
HealthStream, Inc.
|
|
25,179
|
$705,516
|
|
Schrodinger, Inc.(b)(c)
|
|
58,003
|
1,254,025
|
|
Simulations Plus, Inc.(c)
|
|
17,030
|
542,320
|
|
|
|
|
3,803,558
|
|
Life Sciences Tools & Services-2.31%
|
|||
|
Azenta, Inc.(b)(c)
|
|
47,832
|
1,278,071
|
|
BioLife Solutions, Inc.(b)(c)
|
|
37,879
|
828,793
|
|
Cytek Biosciences, Inc.(b)(c)
|
|
109,301
|
302,764
|
|
Fortrea Holdings, Inc.(b)(c)
|
|
93,890
|
403,727
|
|
Mesa Laboratories, Inc.
|
|
5,699
|
573,433
|
|
OmniAb Operations, Inc., Rts., expiring
11/02/2027(b)(c)(e)
|
|
20,053
|
0
|
|
OmniAb Operations, Inc., Rts., expiring
11/02/2027(b)(c)(e)
|
|
20,053
|
0
|
|
|
|
|
3,386,788
|
|
Pharmaceuticals-17.50%
|
|||
|
Amphastar Pharmaceuticals, Inc.(b)(c)
|
|
39,259
|
1,009,349
|
|
ANI Pharmaceuticals, Inc.(b)(c)
|
|
17,371
|
1,020,025
|
|
Collegium Pharmaceutical, Inc.(b)(c)
|
|
33,886
|
987,438
|
|
Corcept Therapeutics, Inc.(b)(c)
|
|
97,748
|
7,581,335
|
|
Harmony Biosciences Holdings, Inc.(b)(c)
|
|
39,999
|
1,379,965
|
|
Innoviva, Inc.(b)(c)
|
|
57,998
|
1,135,021
|
|
Ligand Pharmaceuticals, Inc.(b)(c)
|
|
19,777
|
2,021,011
|
|
Organon & Co.(c)
|
|
269,955
|
2,488,985
|
|
Pacira BioSciences, Inc.(b)(c)
|
|
48,332
|
1,248,899
|
|
Phibro Animal Health Corp., Class A
|
|
21,293
|
519,975
|
|
Prestige Consumer Healthcare, Inc.(b)(c)
|
|
51,931
|
4,448,929
|
|
Supernus Pharmaceuticals, Inc.(b)(c)
|
|
57,804
|
1,832,387
|
|
|
|
|
25,673,319
|
|
Total Common Stocks & Other Equity Interests
(Cost $168,827,656)
|
146,574,330
|
||
|
|
|||
|
Money Market Funds-0.10%
|
|
|
|
|
Invesco Government & Agency Portfolio,
Institutional Class, 4.24%(f)(g)
(Cost $138,181)
|
|
138,181
|
138,181
|
|
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-99.99%
(Cost $168,965,837)
|
146,712,511
|
||
|
Investments Purchased with Cash Collateral
from Securities on Loan
|
|||
|
Money Market Funds-32.00%
|
|||
|
Invesco Private Government Fund,
4.29%(f)(g)(h)
|
|
13,208,541
|
13,208,541
|
|
Invesco Private Prime Fund, 4.45%(f)(g)(h)
|
|
33,746,566
|
33,753,315
|
|
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $46,963,652)
|
46,961,856
|
||
|
TOTAL INVESTMENTS IN SECURITIES-131.99%
(Cost $215,929,489)
|
193,674,367
|
||
|
OTHER ASSETS LESS LIABILITIES-(31.99)%
|
(46,934,777
)
|
||
|
NET ASSETS-100.00%
|
$146,739,590
|
||
|
Investment Abbreviations:
|
|
|
Rts.
|
-Rights
|
|
Notes to Schedule of Investments:
|
|
|
(a)
|
Industry and/or sector classifications used in this report are generally according
to the Global Industry Classification Standard, which was developed by and is
the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
|
|
(b)
|
Non-income producing security.
|
|
(c)
|
All or a portion of this security was out on loan at May 31, 2025.
|
|
(d)
|
Restricted security. The value of this security at May 31, 2025 represented less than 1% of the Fund’s Net Assets.
|
|
(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 May 31, 2025.
|
|
|
Value
August 31, 2024
|
Purchases
at Cost
|
Proceeds
from Sales
|
Change in
Unrealized
Appreciation
(Depreciation)
|
Realized
Gain
(Loss)
|
Value
May 31, 2025
|
Dividend Income
|
|
Investments in Affiliated
Money Market Funds:
|
|
|
|
|
|
|
|
|
Invesco Government &
Agency Portfolio,
Institutional Class
|
$50,692
|
$924,562
|
$(837,073
)
|
$-
|
$-
|
$138,181
|
$2,658
|
|
Investments Purchased
with Cash Collateral from
Securities on Loan:
|
|
|
|
|
|
|
|
|
Invesco Private
Government Fund
|
19,787,300
|
48,966,858
|
(55,545,617
)
|
-
|
-
|
13,208,541
|
551,717
*
|
|
Invesco Private Prime Fund
|
47,860,367
|
89,706,665
|
(103,806,022
)
|
(6,027
)
|
(1,668
)
|
33,753,315
|
1,465,023
*
|
|
Total
|
$67,698,359
|
$139,598,085
|
$(160,188,712
)
|
$(6,027
)
|
$(1,668
)
|
$47,100,037
|
$2,019,398
|
|
*
|
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 May 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.
|
|
|
Shares
|
Value
|
|
|
Common Stocks & Other Equity Interests-99.94%
|
|||
|
Aerospace & Defense-9.49%
|
|||
|
AAR Corp.(b)
|
|
18,417
|
$1,130,988
|
|
AeroVironment, Inc.(b)(c)
|
|
14,618
|
2,602,443
|
|
Kratos Defense & Security Solutions, Inc.(b)(c)
|
|
79,788
|
2,943,379
|
|
Mercury Systems, Inc.(b)(c)
|
|
26,481
|
1,304,189
|
|
Moog, Inc., Class A
|
|
14,800
|
2,742,588
|
|
National Presto Industries, Inc.
|
|
2,669
|
228,600
|
|
Triumph Group, Inc.(b)
|
|
40,409
|
1,042,148
|
|
|
|
|
11,994,335
|
|
Air Freight & Logistics-0.98%
|
|||
|
Forward Air Corp.(b)(c)
|
|
10,429
|
174,999
|
|
Hub Group, Inc., Class A
|
|
31,712
|
1,069,011
|
|
|
|
|
1,244,010
|
|
Building Products-13.96%
|
|||
|
American Woodmark Corp.(b)
|
|
7,859
|
443,012
|
|
Apogee Enterprises, Inc.
|
|
11,460
|
442,929
|
|
Armstrong World Industries, Inc.
|
|
22,754
|
3,541,205
|
|
AZZ, Inc.
|
|
15,599
|
1,414,673
|
|
CSW Industrials, Inc.
|
|
8,761
|
2,679,026
|
|
Gibraltar Industries, Inc.(b)
|
|
15,839
|
927,849
|
|
Griffon Corp.
|
|
20,594
|
1,415,838
|
|
Hayward Holdings, Inc.(b)
|
|
74,222
|
1,035,397
|
|
Insteel Industries, Inc.
|
|
10,143
|
355,208
|
|
MasterBrand, Inc.(b)
|
|
66,351
|
676,780
|
|
Quanex Building Products Corp.(c)
|
|
24,644
|
412,294
|
|
Resideo Technologies, Inc.(b)
|
|
76,724
|
1,588,187
|
|
Zurn Elkay Water Solutions Corp.(c)
|
|
74,570
|
2,698,688
|
|
|
|
|
17,631,086
|
|
Commercial Services & Supplies-11.35%
|
|||
|
ABM Industries, Inc.
|
|
32,472
|
1,709,651
|
|
Brady Corp., Class A
|
|
23,086
|
1,610,710
|
|
CoreCivic, Inc.(b)(c)
|
|
57,350
|
1,259,406
|
|
Deluxe Corp.
|
|
23,111
|
329,794
|
|
Enviri Corp.(b)
|
|
41,833
|
340,939
|
|
GEO Group, Inc. (The)(b)
|
|
71,039
|
1,927,999
|
|
Healthcare Services Group, Inc.(b)
|
|
38,363
|
540,918
|
|
HNI Corp.
|
|
24,955
|
1,161,156
|
|
Interface, Inc.
|
|
30,436
|
611,459
|
|
Liquidity Services, Inc.(b)(c)
|
|
11,828
|
276,420
|
|
MillerKnoll, Inc.
|
|
35,580
|
600,235
|
|
OPENLANE, Inc.(b)(c)
|
|
55,775
|
1,278,921
|
|
Pitney Bowes, Inc.
|
|
82,522
|
849,977
|
|
UniFirst Corp.
|
|
7,834
|
1,477,179
|
|
Vestis Corp.(c)
|
|
59,834
|
368,577
|
|
|
|
|
14,343,341
|
|
Construction & Engineering-12.82%
|
|||
|
Arcosa, Inc.
|
|
25,463
|
2,196,693
|
|
Dycom Industries, Inc.(b)
|
|
15,231
|
3,501,912
|
|
Everus Construction Group, Inc.(b)(c)
|
|
26,613
|
1,541,159
|
|
Granite Construction, Inc.(c)
|
|
22,674
|
2,028,189
|
|
MYR Group, Inc.(b)
|
|
8,416
|
1,320,050
|
|
Sterling Infrastructure, Inc.(b)(c)
|
|
16,033
|
3,014,364
|
|
WillScot Holdings Corp.
|
|
96,450
|
2,599,327
|
|
|
|
|
16,201,694
|
|
Electrical Equipment-1.77%
|
|||
|
Powell Industries, Inc.
|
|
4,912
|
833,026
|
|
Sunrun, Inc.(b)(c)
|
|
117,112
|
877,169
|
|
Vicor Corp.(b)(c)
|
|
12,028
|
524,902
|
|
|
|
|
2,235,097
|
|
|
Shares
|
Value
|
|
|
Ground Transportation-3.43%
|
|||
|
ArcBest Corp.
|
|
12,156
|
$762,059
|
|
Heartland Express, Inc.
|
|
22,544
|
201,769
|
|
Hertz Global Holdings, Inc.(b)(c)
|
|
64,041
|
419,468
|
|
Marten Transport Ltd.
|
|
30,193
|
393,717
|
|
RXO, Inc.(b)(c)
|
|
73,809
|
1,146,254
|
|
Schneider National, Inc., Class B
|
|
24,535
|
568,476
|
|
Werner Enterprises, Inc.(c)
|
|
32,287
|
837,848
|
|
|
|
|
4,329,591
|
|
Machinery-26.49%
|
|||
|
Alamo Group, Inc.
|
|
5,414
|
1,072,189
|
|
Albany International Corp., Class A
|
|
16,339
|
1,079,518
|
|
Astec Industries, Inc.
|
|
11,903
|
467,669
|
|
Enerpac Tool Group Corp.
|
|
28,398
|
1,217,706
|
|
Enpro, Inc.
|
|
10,958
|
2,028,764
|
|
ESCO Technologies, Inc.
|
|
13,472
|
2,441,665
|
|
Federal Signal Corp.(c)
|
|
31,899
|
3,000,739
|
|
Franklin Electric Co., Inc.
|
|
20,511
|
1,771,945
|
|
Gates Industrial Corp. PLC(b)
|
|
118,667
|
2,509,807
|
|
Greenbrier Cos., Inc. (The)
|
|
16,370
|
737,796
|
|
Hillenbrand, Inc.
|
|
36,761
|
718,310
|
|
JBT Marel Corp.
|
|
24,103
|
2,767,266
|
|
Kadant, Inc.(c)
|
|
6,132
|
1,924,896
|
|
Kennametal, Inc.(c)
|
|
40,384
|
869,468
|
|
Lindsay Corp.
|
|
5,673
|
790,816
|
|
Mueller Water Products, Inc., Class A
|
|
81,750
|
2,005,328
|
|
Proto Labs, Inc.(b)
|
|
12,795
|
473,159
|
|
SPX Technologies, Inc.(b)
|
|
24,201
|
3,680,730
|
|
Standex International Corp.
|
|
6,212
|
937,639
|
|
Tennant Co.
|
|
9,853
|
733,260
|
|
Titan International, Inc.(b)
|
|
25,050
|
181,362
|
|
Trinity Industries, Inc.
|
|
42,891
|
1,104,014
|
|
Worthington Enterprises, Inc.
|
|
16,197
|
954,165
|
|
|
|
|
33,468,211
|
|
Marine Transportation-1.55%
|
|||
|
Matson, Inc.
|
|
17,336
|
1,956,368
|
|
Passenger Airlines-2.85%
|
|||
|
Allegiant Travel Co.(c)
|
|
7,593
|
422,019
|
|
JetBlue Airways Corp.(b)(c)
|
|
158,478
|
800,314
|
|
SkyWest, Inc.(b)
|
|
21,053
|
2,135,827
|
|
Sun Country Airlines Holdings, Inc.(b)
|
|
20,535
|
237,795
|
|
|
|
|
3,595,955
|
|
Professional Services-7.85%
|
|||
|
Amentum Holdings, Inc.(b)
|
|
78,747
|
1,626,913
|
|
CSG Systems International, Inc.
|
|
14,412
|
952,057
|
|
Heidrick & Struggles International, Inc.
|
|
10,654
|
465,154
|
|
Korn Ferry
|
|
26,928
|
1,831,373
|
|
NV5 Global, Inc.(b)
|
|
27,174
|
600,545
|
|
Robert Half, Inc.(c)
|
|
52,433
|
2,400,907
|
|
Verra Mobility Corp., Class A(b)
|
|
86,033
|
2,034,680
|
|
|
|
|
9,911,629
|
|
Trading Companies & Distributors-7.40%
|
|||
|
Air Lease Corp., Class A
|
|
54,072
|
3,115,088
|
|
Boise Cascade Co.
|
|
20,049
|
1,741,857
|
|
DNOW, Inc.(b)
|
|
55,154
|
795,321
|
|
DXP Enterprises, Inc.(b)
|
|
6,636
|
548,664
|
|
|
Shares
|
Value
|
|
|
Trading Companies & Distributors-(continued)
|
|||
|
GMS, Inc.(b)(c)
|
|
20,263
|
$1,534,517
|
|
Rush Enterprises, Inc., Class A
|
|
32,539
|
1,615,561
|
|
|
|
|
9,351,008
|
|
Total Common Stocks & Other Equity Interests
(Cost $117,799,477)
|
126,262,325
|
||
|
|
|||
|
Money Market Funds-0.01%
|
|
|
|
|
Invesco Government & Agency Portfolio,
Institutional Class, 4.24%(d)(e)
(Cost $11,778)
|
|
11,778
|
11,778
|
|
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-99.95%
(Cost $117,811,255)
|
126,274,103
|
||
|
|
Shares
|
Value
|
|
|
Investments Purchased with Cash Collateral
from Securities on Loan
|
|||
|
Money Market Funds-19.25%
|
|||
|
Invesco Private Government Fund,
4.29%(d)(e)(f)
|
|
6,606,254
|
$6,606,254
|
|
Invesco Private Prime Fund, 4.45%(d)(e)(f)
|
|
17,703,995
|
17,707,536
|
|
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $24,314,099)
|
24,313,790
|
||
|
TOTAL INVESTMENTS IN SECURITIES-119.20%
(Cost $142,125,354)
|
150,587,893
|
||
|
OTHER ASSETS LESS LIABILITIES-(19.20)%
|
(24,254,551
)
|
||
|
NET ASSETS-100.00%
|
$126,333,342
|
||
|
Notes to Schedule of Investments:
|
|
|
(a)
|
Industry and/or sector classifications used in this report are generally according
to the Global Industry Classification Standard, which was developed by and is
the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
|
|
(b)
|
Non-income producing security.
|
|
(c)
|
All or a portion of this security was out on loan at May 31, 2025.
|
|
(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 May 31, 2025.
|
|
|
Value
August 31, 2024
|
Purchases
at Cost
|
Proceeds
from Sales
|
Change in
Unrealized
Appreciation
(Depreciation)
|
Realized
Gain
(Loss)
|
Value
May 31, 2025
|
Dividend Income
|
|
Investments in Affiliated
Money Market Funds:
|
|
|
|
|
|
|
|
|
Invesco Government &
Agency Portfolio,
Institutional Class
|
$66,721
|
$2,214,256
|
$(2,269,199
)
|
$-
|
$-
|
$11,778
|
$3,412
|
|
Investments Purchased
with Cash Collateral from
Securities on Loan:
|
|
|
|
|
|
|
|
|
Invesco Private
Government Fund
|
6,467,736
|
82,709,435
|
(82,570,917
)
|
-
|
-
|
6,606,254
|
291,854
*
|
|
Invesco Private Prime Fund
|
17,590,083
|
175,980,910
|
(175,858,641
)
|
(1,174
)
|
(3,642
)
|
17,707,536
|
777,688
*
|
|
Total
|
$24,124,540
|
$260,904,601
|
$(260,698,757
)
|
$(1,174
)
|
$(3,642
)
|
$24,325,568
|
$1,072,954
|
|
*
|
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 May 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.
|
|
|
Shares
|
Value
|
|
|
Common Stocks & Other Equity Interests-99.97%
|
|||
|
Communications Equipment-7.45%
|
|||
|
Calix, Inc.(b)
|
|
93,638
|
$4,329,821
|
|
Digi International, Inc.(b)(c)
|
|
58,539
|
1,897,249
|
|
Extreme Networks, Inc.(b)(c)
|
|
210,601
|
3,300,118
|
|
Harmonic, Inc.(b)(c)
|
|
185,697
|
1,674,987
|
|
NetScout Systems, Inc.(b)(c)
|
|
113,831
|
2,599,900
|
|
Viasat, Inc.(b)(c)
|
|
135,194
|
1,180,244
|
|
Viavi Solutions, Inc.(b)(c)
|
|
352,405
|
3,210,409
|
|
|
|
|
18,192,728
|
|
Electronic Equipment, Instruments & Components-30.34%
|
|||
|
Advanced Energy Industries, Inc.(c)
|
|
59,769
|
6,860,286
|
|
Arlo Technologies, Inc.(b)(c)
|
|
159,182
|
2,279,486
|
|
Badger Meter, Inc.
|
|
46,663
|
11,582,690
|
|
Benchmark Electronics, Inc.
|
|
57,103
|
2,085,402
|
|
CTS Corp.
|
|
47,781
|
1,944,209
|
|
ePlus, Inc.(b)(c)
|
|
41,787
|
2,982,338
|
|
Insight Enterprises, Inc.(b)(c)
|
|
43,352
|
5,652,667
|
|
Itron, Inc.(b)
|
|
71,530
|
8,268,868
|
|
Knowles Corp.(b)(c)
|
|
139,068
|
2,282,106
|
|
OSI Systems, Inc.(b)(c)
|
|
24,788
|
5,431,299
|
|
PC Connection, Inc.(c)
|
|
19,604
|
1,282,102
|
|
Plexus Corp.(b)(c)
|
|
42,896
|
5,630,529
|
|
Rogers Corp.(b)(c)
|
|
26,940
|
1,793,396
|
|
Sanmina Corp.(b)
|
|
86,187
|
7,299,177
|
|
ScanSource, Inc.(b)(c)
|
|
34,243
|
1,382,732
|
|
TTM Technologies, Inc.(b)(c)
|
|
161,770
|
4,830,452
|
|
Vishay Intertechnology, Inc.(c)
|
|
178,248
|
2,507,949
|
|
|
|
|
74,095,688
|
|
IT Services-3.46%
|
|||
|
DigitalOcean Holdings, Inc.(b)(c)
|
|
101,018
|
2,858,809
|
|
DXC Technology Co.(b)
|
|
287,224
|
4,365,805
|
|
Grid Dynamics Holdings, Inc.(b)(c)
|
|
97,853
|
1,226,098
|
|
|
|
|
8,450,712
|
|
Semiconductors & Semiconductor Equipment-21.79%
|
|||
|
Alpha & Omega Semiconductor Ltd.(b)
|
|
38,263
|
811,941
|
|
Axcelis Technologies, Inc.(b)(c)
|
|
51,568
|
2,905,341
|
|
CEVA, Inc.(b)(c)
|
|
37,487
|
703,256
|
|
Cohu, Inc.(b)(c)
|
|
73,950
|
1,262,326
|
|
Diodes, Inc.(b)(c)
|
|
73,509
|
3,263,799
|
|
FormFactor, Inc.(b)(c)
|
|
122,875
|
3,667,819
|
|
Ichor Holdings Ltd.(b)
|
|
53,714
|
847,607
|
|
Impinj, Inc.(b)(c)
|
|
36,672
|
4,183,908
|
|
Kulicke & Soffa Industries, Inc. (Singapore)(c)
|
|
84,686
|
2,722,655
|
|
MaxLinear, Inc.(b)
|
|
122,184
|
1,391,676
|
|
PDF Solutions, Inc.(b)(c)
|
|
49,207
|
870,964
|
|
Penguin Solutions, Inc.(b)(c)
|
|
84,537
|
1,501,377
|
|
Photronics, Inc.(b)
|
|
100,480
|
1,679,021
|
|
Qorvo, Inc.(b)(c)
|
|
148,163
|
11,263,351
|
|
Semtech Corp.(b)(c)
|
|
136,269
|
5,086,922
|
|
SiTime Corp.(b)(c)
|
|
30,323
|
5,945,431
|
|
SolarEdge Technologies, Inc.(b)(c)
|
|
91,938
|
1,642,013
|
|
Ultra Clean Holdings, Inc.(b)(c)
|
|
71,482
|
1,384,606
|
|
Veeco Instruments, Inc.(b)(c)
|
|
91,916
|
1,774,898
|
|
Wolfspeed, Inc.(b)(c)
|
|
246,799
|
293,691
|
|
|
|
|
53,202,602
|
|
|
Shares
|
Value
|
|
|
Software-33.48%
|
|||
|
A10 Networks, Inc.
|
|
116,909
|
$2,017,849
|
|
ACI Worldwide, Inc.(b)(c)
|
|
166,403
|
7,697,803
|
|
Adeia, Inc.
|
|
173,336
|
2,225,634
|
|
Agilysys, Inc.(b)(c)
|
|
35,616
|
3,772,091
|
|
Alarm.com Holdings, Inc.(b)(c)
|
|
78,414
|
4,500,964
|
|
BlackLine, Inc.(b)(c)
|
|
82,273
|
4,601,529
|
|
Box, Inc., Class A(b)(c)
|
|
227,975
|
8,622,015
|
|
CleanSpark, Inc.(b)(c)
|
|
441,024
|
3,806,037
|
|
Clear Secure, Inc., Class A
|
|
149,151
|
3,691,487
|
|
InterDigital, Inc.(c)
|
|
40,747
|
8,852,693
|
|
LiveRamp Holdings, Inc.(b)(c)
|
|
104,326
|
3,398,941
|
|
MARA Holdings, Inc.(b)(c)
|
|
538,401
|
7,602,222
|
|
N-able, Inc.(b)(c)
|
|
111,986
|
872,371
|
|
NCR Voyix Corp.(b)(c)
|
|
231,569
|
2,568,100
|
|
Progress Software Corp.
|
|
68,804
|
4,235,574
|
|
Sprinklr, Inc., Class A(b)(c)
|
|
177,388
|
1,497,155
|
|
SPS Commerce, Inc.(b)
|
|
60,199
|
8,473,611
|
|
Teradata Corp.(b)
|
|
151,821
|
3,333,989
|
|
|
|
|
81,770,065
|
|
Technology Hardware, Storage & Peripherals-3.45%
|
|||
|
Corsair Gaming, Inc.(b)(c)
|
|
71,419
|
627,773
|
|
Sandisk Corp.(b)(c)
|
|
182,813
|
6,890,222
|
|
Xerox Holdings Corp.(c)
|
|
183,593
|
897,770
|
|
|
|
|
8,415,765
|
|
Total Common Stocks & Other Equity Interests
(Cost $234,620,019)
|
244,127,560
|
||
|
|
|||
|
Money Market Funds-0.01%
|
|
|
|
|
Invesco Government & Agency Portfolio,
Institutional Class, 4.24%(d)(e)
(Cost $25,799)
|
|
25,799
|
25,799
|
|
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-99.98%
(Cost $234,645,818)
|
244,153,359
|
||
|
Investments Purchased with Cash Collateral
from Securities on Loan
|
|||
|
Money Market Funds-31.69%
|
|||
|
Invesco Private Government Fund,
4.29%(d)(e)(f)
|
|
21,585,970
|
21,585,970
|
|
Invesco Private Prime Fund, 4.45%(d)(e)(f)
|
|
55,796,688
|
55,807,847
|
|
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $77,395,324)
|
77,393,817
|
||
|
TOTAL INVESTMENTS IN SECURITIES-131.67%
(Cost $312,041,142)
|
321,547,176
|
||
|
OTHER ASSETS LESS LIABILITIES-(31.67)%
|
(77,335,643
)
|
||
|
NET ASSETS-100.00%
|
$244,211,533
|
||
|
Notes to Schedule of Investments:
|
|
|
(a)
|
Industry and/or sector classifications used in this report are generally according
to the Global Industry Classification Standard, which was developed by and is
the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
|
|
(b)
|
Non-income producing security.
|
|
(c)
|
All or a portion of this security was out on loan at May 31, 2025.
|
|
(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 May 31, 2025.
|
|
|
Value
August 31, 2024
|
Purchases
at Cost
|
Proceeds
from Sales
|
Change in
Unrealized
Appreciation
(Depreciation)
|
Realized
Gain
(Loss)
|
Value
May 31, 2025
|
Dividend Income
|
|
Investments in Affiliated
Money Market Funds:
|
|
|
|
|
|
|
|
|
Invesco Government &
Agency Portfolio,
Institutional Class
|
$24,012
|
$5,985,221
|
$(5,983,434
)
|
$-
|
$-
|
$25,799
|
$2,363
|
|
Investments Purchased
with Cash Collateral from
Securities on Loan:
|
|
|
|
|
|
|
|
|
Invesco Private
Government Fund
|
19,293,727
|
113,647,553
|
(111,355,310
)
|
-
|
-
|
21,585,970
|
850,840
*
|
|
Invesco Private Prime Fund
|
50,010,784
|
227,276,529
|
(221,468,743
)
|
(5,851
)
|
(4,872
)
|
55,807,847
|
2,268,790
*
|
|
Total
|
$69,328,523
|
$346,909,303
|
$(338,807,487
)
|
$(5,851
)
|
$(4,872
)
|
$77,419,616
|
$3,121,993
|
|
*
|
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 May 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.
|
|
|
Shares
|
Value
|
|
|
Common Stocks & Other Equity Interests-99.78%
|
|||
|
Chemicals-66.71%
|
|||
|
AdvanSix, Inc.
|
|
4,876
|
$114,635
|
|
Balchem Corp.(b)
|
|
5,871
|
978,696
|
|
Celanese Corp.(b)
|
|
19,742
|
1,042,970
|
|
Chemours Co. (The)(b)
|
|
27,311
|
276,660
|
|
Element Solutions, Inc.
|
|
40,234
|
860,203
|
|
FMC Corp.
|
|
22,546
|
914,466
|
|
H.B. Fuller Co.(b)
|
|
9,587
|
535,146
|
|
Hawkins, Inc.
|
|
3,487
|
465,480
|
|
Ingevity Corp.(b)(c)
|
|
6,661
|
275,566
|
|
Innospec, Inc.
|
|
4,560
|
387,965
|
|
Koppers Holdings, Inc.
|
|
3,698
|
113,602
|
|
Minerals Technologies, Inc.
|
|
5,828
|
330,914
|
|
Quaker Chemical Corp.(b)
|
|
2,508
|
271,967
|
|
Sensient Technologies Corp.(b)
|
|
7,089
|
670,123
|
|
Stepan Co.
|
|
3,874
|
210,319
|
|
|
|
|
7,448,712
|
|
Containers & Packaging-10.89%
|
|||
|
O-I Glass, Inc.(b)(c)
|
|
28,164
|
369,230
|
|
Sealed Air Corp.
|
|
26,314
|
847,311
|
|
|
|
|
1,216,541
|
|
Metals & Mining-19.22%
|
|||
|
Alpha Metallurgical Resources, Inc.(b)(c)
|
|
2,002
|
224,304
|
|
Century Aluminum Co.(b)(c)
|
|
9,479
|
146,830
|
|
Kaiser Aluminum Corp.(b)
|
|
2,908
|
211,092
|
|
Materion Corp.
|
|
3,793
|
293,692
|
|
Metallus, Inc.(b)(c)
|
|
6,822
|
86,162
|
|
MP Materials Corp.(b)(c)
|
|
21,232
|
462,645
|
|
SunCoke Energy, Inc.
|
|
15,388
|
125,259
|
|
Warrior Met Coal, Inc.(b)
|
|
9,605
|
436,547
|
|
Worthington Steel, Inc.(b)
|
|
6,388
|
159,061
|
|
|
|
|
2,145,592
|
|
|
Shares
|
Value
|
|
|
Paper & Forest Products-2.96%
|
|||
|
Sylvamo Corp.
|
|
6,233
|
$330,162
|
|
Total Common Stocks & Other Equity Interests
(Cost $12,624,466)
|
11,141,007
|
||
|
|
|||
|
Money Market Funds-0.14%
|
|
|
|
|
Invesco Government & Agency Portfolio,
Institutional Class, 4.24%(d)(e)
(Cost $15,580)
|
|
15,580
|
15,580
|
|
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from
securities on loan)-99.92%
(Cost $12,640,046)
|
11,156,587
|
||
|
Investments Purchased with Cash Collateral
from Securities on Loan
|
|||
|
Money Market Funds-31.78%
|
|||
|
Invesco Private Government Fund,
4.29%(d)(e)(f)
|
|
1,006,049
|
1,006,049
|
|
Invesco Private Prime Fund, 4.45%(d)(e)(f)
|
|
2,541,057
|
2,541,565
|
|
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $3,547,614)
|
3,547,614
|
||
|
TOTAL INVESTMENTS IN SECURITIES-131.70%
(Cost $16,187,660)
|
14,704,201
|
||
|
OTHER ASSETS LESS LIABILITIES-(31.70)%
|
(3,539,032
)
|
||
|
NET ASSETS-100.00%
|
$11,165,169
|
||
|
Notes to Schedule of Investments:
|
|
|
(a)
|
Industry and/or sector classifications used in this report are generally according
to the Global Industry Classification Standard, which was developed by and is
the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
|
|
(b)
|
All or a portion of this security was out on loan at May 31, 2025.
|
|
(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 May 31, 2025.
|
|
|
Value
August 31, 2024
|
Purchases
at Cost
|
Proceeds
from Sales
|
Change in
Unrealized
Appreciation
(Depreciation)
|
Realized
Gain
(Loss)
|
Value
May 31, 2025
|
Dividend Income
|
|
Investments in Affiliated
Money Market Funds:
|
|
|
|
|
|
|
|
|
Invesco Government &
Agency Portfolio, Institutional
Class
|
$7,205
|
$455,810
|
$(447,435
)
|
$-
|
$-
|
$15,580
|
$471
|
|
|
Value
August 31, 2024
|
Purchases
at Cost
|
Proceeds
from Sales
|
Change in
Unrealized
Appreciation
(Depreciation)
|
Realized
Gain
(Loss)
|
Value
May 31, 2025
|
Dividend Income
|
|
Investments Purchased with
Cash Collateral from
Securities on Loan:
|
|
|
|
|
|
|
|
|
Invesco Private Government
Fund
|
$816,311
|
$12,138,950
|
$(11,949,212
)
|
$-
|
$-
|
$1,006,049
|
$30,414
*
|
|
Invesco Private Prime Fund
|
2,129,762
|
25,162,196
|
(24,750,104
)
|
(68
)
|
(221
)
|
2,541,565
|
82,080
*
|
|
Total
|
$2,953,278
|
$37,756,956
|
$(37,146,751
)
|
$(68
)
|
$(221
)
|
$3,563,194
|
$112,965
|
|
*
|
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 May 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.
|
|
|
Shares
|
Value
|
|
|
Common Stocks & Other Equity Interests-99.96%
|
|||
|
Diversified Telecommunication Services-9.39%
|
|||
|
Cogent Communications Holdings, Inc.(b)
|
|
8,394
|
$383,690
|
|
Lumen Technologies, Inc.(b)(c)
|
|
201,750
|
790,860
|
|
Shenandoah Telecommunications Co.(b)
|
|
9,118
|
114,704
|
|
|
|
|
1,289,254
|
|
Electric Utilities-9.41%
|
|||
|
MGE Energy, Inc.
|
|
7,198
|
650,123
|
|
Otter Tail Corp.(b)
|
|
8,316
|
641,829
|
|
|
|
|
1,291,952
|
|
Entertainment-9.83%
|
|||
|
Cinemark Holdings, Inc.(b)
|
|
21,230
|
716,937
|
|
Madison Square Garden Sports Corp., Class A(c)
|
|
3,331
|
632,524
|
|
|
|
|
1,349,461
|
|
Gas Utilities-11.49%
|
|||
|
Chesapeake Utilities Corp.
|
|
4,529
|
553,399
|
|
MDU Resources Group, Inc.
|
|
40,534
|
696,779
|
|
Northwest Natural Holding Co.
|
|
7,978
|
326,859
|
|
|
|
|
1,577,037
|
|
Independent Power and Renewable Electricity Producers-5.14%
|
|||
|
Clearway Energy, Inc., Class A
|
|
6,881
|
198,517
|
|
Clearway Energy, Inc., Class C
|
|
16,467
|
506,690
|
|
|
|
|
705,207
|
|
Interactive Media & Services-19.36%
|
|||
|
Angi, Inc.(b)(c)
|
|
8,719
|
136,452
|
|
CarGurus, Inc.(b)(c)
|
|
17,485
|
547,980
|
|
Cars.com, Inc.(b)(c)
|
|
11,841
|
121,370
|
|
IAC, Inc.(b)(c)
|
|
14,080
|
506,317
|
|
QuinStreet, Inc.(b)(c)
|
|
11,226
|
171,421
|
|
Shutterstock, Inc.
|
|
4,778
|
88,154
|
|
TripAdvisor, Inc.(c)
|
|
21,886
|
311,657
|
|
Yelp, Inc.(b)(c)
|
|
13,085
|
499,454
|
|
Ziff Davis, Inc.(b)(c)
|
|
8,497
|
275,643
|
|
|
|
|
2,658,448
|
|
Media-8.91%
|
|||
|
Cable One, Inc.(b)
|
|
916
|
134,039
|
|
John Wiley & Sons, Inc., Class A(b)
|
|
8,152
|
318,906
|
|
Scholastic Corp.(b)
|
|
4,934
|
85,210
|
|
TechTarget, Inc.(b)(c)
|
|
5,398
|
43,670
|
|
TEGNA, Inc.
|
|
32,032
|
535,575
|
|
Thryv Holdings, Inc.(b)(c)
|
|
8,017
|
106,626
|
|
|
|
|
1,224,026
|
|
Multi-Utilities-5.70%
|
|||
|
Avista Corp.
|
|
15,742
|
606,224
|
|
Unitil Corp.
|
|
3,230
|
177,101
|
|
|
|
|
783,325
|
|
|
Shares
|
Value
|
|
|
Software-2.79%
|
|||
|
DoubleVerify Holdings, Inc.(c)
|
|
27,914
|
$383,538
|
|
Water Utilities-12.18%
|
|||
|
American States Water Co.
|
|
7,514
|
592,629
|
|
California Water Service Group
|
|
11,824
|
558,684
|
|
Middlesex Water Co.
|
|
3,550
|
205,722
|
|
SJW Group
|
|
6,016
|
315,720
|
|
|
|
|
1,672,755
|
|
Wireless Telecommunication Services-5.76%
|
|||
|
Gogo, Inc.(b)(c)
|
|
11,753
|
124,699
|
|
Telephone and Data Systems, Inc.(b)
|
|
19,388
|
666,172
|
|
|
|
|
790,871
|
|
Total Common Stocks & Other Equity Interests
(Cost $14,512,960)
|
13,725,874
|
||
|
|
|||
|
Money Market Funds-0.07%
|
|
|
|
|
Invesco Government & Agency Portfolio,
Institutional Class, 4.24%(d)(e)
(Cost $9,965)
|
|
9,965
|
9,965
|
|
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from
securities on loan)-100.03%
(Cost $14,522,925)
|
13,735,839
|
||
|
Investments Purchased with Cash Collateral
from Securities on Loan
|
|||
|
Money Market Funds-22.75%
|
|||
|
Invesco Private Government Fund,
4.29%(d)(e)(f)
|
|
865,735
|
865,735
|
|
Invesco Private Prime Fund, 4.45%(d)(e)(f)
|
|
2,257,476
|
2,257,928
|
|
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $3,123,663)
|
3,123,663
|
||
|
TOTAL INVESTMENTS IN SECURITIES-122.78%
(Cost $17,646,588)
|
16,859,502
|
||
|
OTHER ASSETS LESS LIABILITIES-(22.78)%
|
(3,128,434
)
|
||
|
NET ASSETS-100.00%
|
$13,731,068
|
||
|
Notes to Schedule of Investments:
|
|
|
(a)
|
Industry and/or sector classifications used in this report are generally according
to the Global Industry Classification Standard, which was developed by and is
the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
|
|
(b)
|
All or a portion of this security was out on loan at May 31, 2025.
|
|
(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 May 31, 2025.
|
|
|
Value
August 31, 2024
|
Purchases
at Cost
|
Proceeds
from Sales
|
Change in
Unrealized
Appreciation
(Depreciation)
|
Realized
Gain
(Loss)
|
Value
May 31, 2025
|
Dividend Income
|
|
Investments in Affiliated
Money Market Funds:
|
|
|
|
|
|
|
|
|
Invesco Government &
Agency Portfolio, Institutional
Class
|
$-
|
$329,218
|
$(319,253
)
|
$-
|
$-
|
$9,965
|
$489
|
|
Investments Purchased with
Cash Collateral from
Securities on Loan:
|
|
|
|
|
|
|
|
|
Invesco Private Government
Fund
|
1,451,434
|
11,340,367
|
(11,926,066
)
|
-
|
-
|
865,735
|
50,547
*
|
|
Invesco Private Prime Fund
|
3,780,347
|
22,052,998
|
(23,574,669
)
|
(158
)
|
(590
)
|
2,257,928
|
134,093
*
|
|
Total
|
$5,231,781
|
$33,722,583
|
$(35,819,988
)
|
$(158
)
|
$(590
)
|
$3,133,628
|
$185,129
|
|
*
|
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 May 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 Dorsey Wright SmallCap Momentum ETF
|
|
|
|
|
|
Investments in Securities
|
|
|
|
|
|
Common Stocks & Other Equity Interests
|
$644,000,569
|
$-
|
$-
|
$644,000,569
|
|
Money Market Funds
|
433,078
|
108,139,880
|
-
|
108,572,958
|
|
Total Investments
|
$644,433,647
|
$108,139,880
|
$-
|
$752,573,527
|
|
Invesco S&P SmallCap Consumer Discretionary ETF
|
|
|
|
|
|
Investments in Securities
|
|
|
|
|
|
Common Stocks & Other Equity Interests
|
$21,610,947
|
$-
|
$-
|
$21,610,947
|
|
Money Market Funds
|
13,129
|
6,649,154
|
-
|
6,662,283
|
|
Total Investments
|
$21,624,076
|
$6,649,154
|
$-
|
$28,273,230
|
|
Invesco S&P SmallCap Consumer Staples ETF
|
|
|
|
|
|
Investments in Securities
|
|
|
|
|
|
Common Stocks & Other Equity Interests
|
$43,593,780
|
$-
|
$-
|
$43,593,780
|
|
Money Market Funds
|
2,602
|
14,534,627
|
-
|
14,537,229
|
|
Total Investments
|
$43,596,382
|
$14,534,627
|
$-
|
$58,131,009
|
|
Invesco S&P SmallCap Energy ETF
|
|
|
|
|
|
Investments in Securities
|
|
|
|
|
|
Common Stocks & Other Equity Interests
|
$55,529,364
|
$-
|
$-
|
$55,529,364
|
|
Money Market Funds
|
67,792
|
17,534,491
|
-
|
17,602,283
|
|
Total Investments
|
$55,597,156
|
$17,534,491
|
$-
|
$73,131,647
|
|
Invesco S&P SmallCap Financials ETF
|
|
|
|
|
|
Investments in Securities
|
|
|
|
|
|
Common Stocks & Other Equity Interests
|
$19,361,397
|
$-
|
$-
|
$19,361,397
|
|
Money Market Funds
|
-
|
4,782,201
|
-
|
4,782,201
|
|
Total Investments
|
$19,361,397
|
$4,782,201
|
$-
|
$24,143,598
|
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Invesco S&P SmallCap Health Care ETF
|
|
|
|
|
|
Investments in Securities
|
|
|
|
|
|
Common Stocks & Other Equity Interests
|
$146,574,330
|
$-
|
$0
|
$146,574,330
|
|
Money Market Funds
|
138,181
|
46,961,856
|
-
|
47,100,037
|
|
Total Investments
|
$146,712,511
|
$46,961,856
|
$0
|
$193,674,367
|
|
Invesco S&P SmallCap Industrials ETF
|
|
|
|
|
|
Investments in Securities
|
|
|
|
|
|
Common Stocks & Other Equity Interests
|
$126,262,325
|
$-
|
$-
|
$126,262,325
|
|
Money Market Funds
|
11,778
|
24,313,790
|
-
|
24,325,568
|
|
Total Investments
|
$126,274,103
|
$24,313,790
|
$-
|
$150,587,893
|
|
Invesco S&P SmallCap Information Technology ETF
|
|
|
|
|
|
Investments in Securities
|
|
|
|
|
|
Common Stocks & Other Equity Interests
|
$244,127,560
|
$-
|
$-
|
$244,127,560
|
|
Money Market Funds
|
25,799
|
77,393,817
|
-
|
77,419,616
|
|
Total Investments
|
$244,153,359
|
$77,393,817
|
$-
|
$321,547,176
|
|
Invesco S&P SmallCap Materials ETF
|
|
|
|
|
|
Investments in Securities
|
|
|
|
|
|
Common Stocks & Other Equity Interests
|
$11,141,007
|
$-
|
$-
|
$11,141,007
|
|
Money Market Funds
|
15,580
|
3,547,614
|
-
|
3,563,194
|
|
Total Investments
|
$11,156,587
|
$3,547,614
|
$-
|
$14,704,201
|
|
Invesco S&P SmallCap Utilities & Communication Services ETF
|
|
|
|
|
|
Investments in Securities
|
|
|
|
|
|
Common Stocks & Other Equity Interests
|
$13,725,874
|
$-
|
$-
|
$13,725,874
|
|
Money Market Funds
|
9,965
|
3,123,663
|
-
|
3,133,628
|
|
Total Investments
|
$13,735,839
|
$3,123,663
|
$-
|
$16,859,502
|