Schedule of Investments(a)  
May 31, 2025
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests–99.38%
Aerospace & Defense–2.86%
Axon Enterprise, Inc.(b)
66,547
$49,934,207
BAE Systems PLC (United Kingdom)
10,615,880
272,189,636
TransDigm Group, Inc.
95,574
140,343,729
 
 
462,467,572
Application Software–3.36%
AppLovin Corp., Class A(b)(c)
791,671
311,126,703
HubSpot, Inc.(b)(c)
393,553
232,156,915
 
 
543,283,618
Asset Management & Custody Banks–2.26%
Blackstone, Inc., Class A
924,140
128,233,667
KKR & Co., Inc., Class A
1,956,296
237,611,712
 
 
365,845,379
Automobile Manufacturers–2.23%
Tesla, Inc.(b)
1,042,020
361,018,249
Biotechnology–0.95%
Alnylam Pharmaceuticals, Inc.(b)
504,910
153,775,390
Broadline Retail–8.31%
Amazon.com, Inc.(b)
5,616,843
1,151,508,983
MercadoLibre, Inc. (Brazil)(b)
74,717
191,521,339
 
 
1,343,030,322
Building Products–1.70%
Johnson Controls International PLC
2,713,118
275,028,772
Casinos & Gaming–1.46%
DraftKings, Inc., Class A(b)
1,776,442
63,738,739
Flutter Entertainment PLC (United
Kingdom)(b)
684,225
172,903,657
 
 
236,642,396
Communications Equipment–1.82%
Arista Networks, Inc.(b)
3,389,855
293,697,037
Construction Machinery & Heavy Transportation Equipment–
0.84%
Wabtec Corp.
673,694
136,301,770
Construction Materials–0.33%
Martin Marietta Materials, Inc.
97,557
53,417,335
Consumer Staples Merchandise Retail–0.29%
Costco Wholesale Corp.
44,835
46,636,470
Diversified Financial Services–0.85%
Apollo Global Management, Inc.(c)
1,047,655
136,918,032
Diversified Support Services–0.74%
Cintas Corp.
530,625
120,186,562
Electrical Components & Equipment–1.46%
Eaton Corp. PLC
440,674
141,103,815
Vertiv Holdings Co., Class A
883,229
95,326,906
 
 
236,430,721
 
Shares
Value
Financial Exchanges & Data–0.58%
S&P Global, Inc.
181,268
$92,965,105
Food Distributors–0.60%
US Foods Holding Corp.(b)
1,218,165
96,381,215
Health Care Equipment–4.23%
Boston Scientific Corp.(b)
2,397,681
252,379,902
DexCom, Inc.(b)
596,913
51,215,135
Intuitive Surgical, Inc.(b)
689,005
380,565,022
 
 
684,160,059
Heavy Electrical Equipment–0.56%
GE Vernova, Inc.
190,174
89,948,499
Hotels, Resorts & Cruise Lines–2.13%
Booking Holdings, Inc.
62,400
344,381,232
Independent Power Producers & Energy Traders–0.53%
Vistra Corp.
528,135
84,802,637
Industrial Machinery & Supplies & Components–0.70%
Parker-Hannifin Corp.
171,020
113,676,994
Insurance Brokers–0.25%
Arthur J. Gallagher & Co.
118,264
41,089,644
Integrated Oil & Gas–0.75%
Suncor Energy, Inc. (Canada)(c)
3,387,642
120,430,673
Interactive Home Entertainment–1.69%
Nintendo Co. Ltd. (Japan)
1,412,800
115,265,336
Take-Two Interactive Software, Inc.(b)
701,212
158,670,251
 
 
273,935,587
Interactive Media & Services–9.40%
Alphabet, Inc., Class A
2,983,403
512,369,631
Meta Platforms, Inc., Class A
1,556,207
1,007,628,471
 
 
1,519,998,102
Internet Services & Infrastructure–2.76%
Cloudflare, Inc., Class A(b)
1,298,307
215,376,148
Snowflake, Inc., Class A(b)(c)
1,122,738
230,913,525
 
 
446,289,673
Investment Banking & Brokerage–1.29%
Goldman Sachs Group, Inc. (The)
279,061
167,562,178
Robinhood Markets, Inc., Class A(b)
621,816
41,133,128
 
 
208,695,306
Movies & Entertainment–4.71%
Netflix, Inc.(b)
441,346
532,806,132
Spotify Technology S.A. (Sweden)(b)
344,943
229,435,387
 
 
762,241,519
Pharmaceuticals–0.62%
Eli Lilly and Co.(c)
135,158
99,702,002
Real Estate Services–0.43%
CBRE Group, Inc., Class A(b)
561,907
70,249,613
See accompanying notes which are an integral part of this schedule.
Invesco American Franchise Fund
 
Shares
Value
Restaurants–0.65%
DoorDash, Inc., Class A(b)
506,808
$105,745,489
Semiconductors–15.88%
Broadcom, Inc.
2,623,654
635,107,924
Monolithic Power Systems, Inc.
239,653
158,626,321
NVIDIA Corp.
11,758,257
1,588,893,268
Taiwan Semiconductor Manufacturing
Co. Ltd., ADR (Taiwan)
953,090
184,251,359
 
 
2,566,878,872
Systems Software–13.08%
CrowdStrike Holdings, Inc., Class A(b)
482,275
227,329,967
Microsoft Corp.
3,202,060
1,474,100,342
ServiceNow, Inc.(b)
408,593
413,124,296
 
 
2,114,554,605
Technology Hardware, Storage & Peripherals–4.36%
Apple, Inc.
3,512,093
705,403,879
Tobacco–1.44%
Philip Morris International, Inc.
1,291,405
233,214,829
Trading Companies & Distributors–0.45%
United Rentals, Inc.(c)
102,723
72,766,919
Transaction & Payment Processing Services–2.83%
Visa, Inc., Class A
1,250,664
456,729,986
Total Common Stocks & Other Equity Interests
(Cost $7,315,848,510)
16,068,922,064
 
Shares
Value
Money Market Funds–0.89%
Invesco Government & Agency Portfolio,
Institutional Class, 4.24%(d)(e)
50,195,496
$50,195,496
Invesco Treasury Portfolio, Institutional
Class, 4.22%(d)(e)
93,211,088
93,211,088
Total Money Market Funds
(Cost $143,406,584)
143,406,584
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased
with cash collateral from
securities on loan)-100.27%
(Cost $7,459,255,094)
 
16,212,328,648
Investments Purchased with Cash Collateral from
Securities on Loan
Money Market Funds–0.47%
Invesco Private Government Fund,
4.29%(d)(e)(f)
21,292,332
21,292,332
Invesco Private Prime Fund,
4.45%(d)(e)(f)
54,852,768
54,863,739
Total Investments Purchased with Cash Collateral
from Securities on Loan (Cost $76,156,071)
76,156,071
TOTAL INVESTMENTS IN SECURITIES–100.74%
(Cost $7,535,411,165)
16,288,484,719
OTHER ASSETS LESS LIABILITIES—(0.74)%
(118,943,377
)
NET ASSETS–100.00%
$16,169,541,342
Investment Abbreviations: 
ADR
– American Depositary Receipt
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
$21,282,864
$505,556,189
$(476,643,557)
$-
$-
$50,195,496
$1,024,678
Invesco Treasury Portfolio, Institutional Class
39,516,202
938,890,065
(885,195,179)
-
-
93,211,088
1,885,348
Investments Purchased with Cash Collateral
from Securities on Loan:
Invesco Private Government Fund
42,294,645
422,607,394
(443,609,707)
-
-
21,292,332
521,596*
Invesco Private Prime Fund
110,360,267
1,100,797,744
(1,156,283,320)
(4,900)
(6,052)
54,863,739
1,465,508*
Total
$213,453,978
$2,967,851,392
$(2,961,731,763)
$(4,900)
$(6,052)
$219,562,655
$4,897,130
 
*
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.
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 American Franchise Fund
Notes to Quarterly Schedule of Portfolio Holdings
May 31, 2025
(Unaudited)
NOTE 1—Additional Valuation Information
Generally Accepted Accounting Principles ("GAAP") defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 – Prices are determined using quoted prices in an active market for identical assets.
Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.
Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect Invesco Advisers, Inc.’s 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 May 31, 2025. 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
Common Stocks & Other Equity Interests
$15,681,467,092
$387,454,972
$—
$16,068,922,064
Money Market Funds
143,406,584
76,156,071
—
219,562,655
Total Investments
$15,824,873,676
$463,611,043
$—
$16,288,484,719
Invesco American Franchise Fund