Schedule of Investments(a)  
July 31, 2025
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests–96.91%
Aerospace & Defense–9.09%
Axon Enterprise, Inc.(b)
191,220
$144,464,798
Curtiss-Wright Corp.
183,853
90,128,418
Embraer S.A., ADR (Brazil)(c)
836,011
48,137,513
HEICO Corp.(c)
303,473
99,174,976
Howmet Aerospace, Inc.
937,996
168,623,541
Karman Holdings, Inc.(b)
624,667
32,295,284
 
 
582,824,530
Application Software–7.73%
Circle Internet Group, Inc.(b)(c)
120,577
22,128,291
Figma, Inc., Class A
76,068
8,785,854
Guidewire Software, Inc.(b)
394,034
89,138,371
Nutanix, Inc., Class A(b)
494,769
37,191,786
Palantir Technologies, Inc., Class A(b)
926,115
146,650,310
Q2 Holdings, Inc.(b)
462,118
37,523,982
Samsara, Inc., Class A(b)(c)
818,936
31,144,136
ServiceTitan, Inc.(b)
388,253
45,313,008
Tyler Technologies, Inc.(b)
132,902
77,689,193
 
 
495,564,931
Asset Management & Custody Banks–1.98%
Ares Management Corp., Class A(c)
682,291
126,585,449
Automotive Retail–2.15%
AutoZone, Inc.(b)
18,472
69,609,515
Carvana Co.(b)(c)
174,329
68,017,946
 
 
137,627,461
Biotechnology–2.42%
Alnylam Pharmaceuticals, Inc.(b)
235,412
92,338,003
Natera, Inc.(b)
471,490
63,019,353
 
 
155,357,356
Broadline Retail–1.33%
Ollie’s Bargain Outlet Holdings, Inc.(b)(c)
623,475
85,185,389
Building Products–0.50%
Lennox International, Inc.
52,499
31,971,891
Cargo Ground Transportation–0.81%
XPO, Inc.(b)(c)
431,154
51,863,515
Construction & Engineering–5.68%
Comfort Systems USA, Inc.
145,403
102,261,930
EMCOR Group, Inc.
123,978
77,794,955
MasTec, Inc.(b)
304,484
57,611,418
Quanta Services, Inc.
311,516
126,515,993
 
 
364,184,296
Construction Machinery & Heavy Transportation Equipment–
0.88%
Wabtec Corp.
293,305
56,329,225
Consumer Staples Merchandise Retail–0.66%
BJ’s Wholesale Club Holdings, Inc.(b)
396,356
41,974,100
 
Shares
Value
Education Services–1.12%
Duolingo, Inc.(b)
207,931
$72,058,488
Electric Utilities–1.08%
NRG Energy, Inc.
413,819
69,190,537
Electrical Components & Equipment–1.79%
Vertiv Holdings Co., Class A
787,388
114,643,693
Electronic Manufacturing Services–2.07%
Flex Ltd.(b)
2,663,542
132,830,840
Environmental & Facilities Services–0.19%
Republic Services, Inc.
53,910
12,434,342
Financial Exchanges & Data–3.30%
Nasdaq, Inc.
1,072,279
103,174,685
Tradeweb Markets, Inc., Class A
783,888
108,607,683
 
 
211,782,368
Food Retail–1.06%
Casey’s General Stores, Inc.
130,096
67,666,833
Health Care Distributors–1.90%
Cencora, Inc.
426,641
122,053,457
Health Care Equipment–1.35%
Insulet Corp.(b)
300,857
86,767,159
Health Care Facilities–2.98%
Encompass Health Corp.
1,050,708
115,693,458
Tenet Healthcare Corp.(b)
468,547
75,567,260
 
 
191,260,718
Health Care Services–0.96%
Labcorp Holdings, Inc.
237,101
61,665,228
Hotels, Resorts & Cruise Lines–5.40%
Hilton Worldwide Holdings, Inc.
703,007
188,462,117
Royal Caribbean Cruises Ltd.(c)
241,993
76,922,315
Viking Holdings Ltd.(b)(c)
1,376,810
80,846,283
 
 
346,230,715
Independent Power Producers & Energy Traders–1.59%
Vistra Corp.
489,955
102,175,216
Industrial Machinery & Supplies & Components–1.26%
ITT, Inc.
474,675
80,675,763
Insurance Brokers–0.76%
Ryan Specialty Holdings, Inc., Class A(c)
800,737
48,997,097
Interactive Home Entertainment–1.18%
Roblox Corp., Class A(b)
333,912
46,009,734
Take-Two Interactive Software, Inc.(b)
133,246
29,677,882
 
 
75,687,616
Internet Services & Infrastructure–3.24%
Cloudflare, Inc., Class A(b)
725,000
150,568,000
GoDaddy, Inc., Class A(b)
351,530
56,800,217
 
 
207,368,217
See accompanying notes which are an integral part of this schedule.
Invesco Discovery Mid Cap Growth Fund
 
Shares
Value
Investment Banking & Brokerage–4.74%
Evercore, Inc., Class A
317,694
$95,670,371
LPL Financial Holdings, Inc.
297,824
117,857,892
Robinhood Markets, Inc., Class A(b)
873,589
90,023,346
 
 
303,551,609
Leisure Facilities–1.00%
Planet Fitness, Inc., Class A(b)
585,897
63,974,093
Managed Health Care–0.56%
HealthEquity, Inc.(b)
371,448
36,030,456
Movies & Entertainment–1.12%
Spotify Technology S.A. (Sweden)(b)
36,637
22,954,546
TKO Group Holdings, Inc.
289,538
48,645,279
 
 
71,599,825
Oil & Gas Equipment & Services–0.72%
TechnipFMC PLC (United Kingdom)
1,268,913
46,150,366
Oil & Gas Storage & Transportation–1.78%
Cheniere Energy, Inc.
353,217
83,316,826
Targa Resources Corp.
183,127
30,474,164
 
 
113,790,990
Other Specialty Retail–1.75%
Chewy, Inc., Class A(b)
1,853,849
68,036,258
Ulta Beauty, Inc.(b)
85,338
43,949,924
 
 
111,986,182
Real Estate Services–1.45%
CBRE Group, Inc., Class A(b)
595,359
92,721,211
Research & Consulting Services–1.30%
Verisk Analytics, Inc.
298,885
83,302,238
Restaurants–5.24%
Darden Restaurants, Inc.
451,932
91,141,126
DoorDash, Inc., Class A(b)
470,490
117,740,123
Dutch Bros, Inc., Class A(b)
829,207
49,147,099
Texas Roadhouse, Inc.
419,345
77,633,340
 
 
335,661,688
Semiconductors–5.10%
Credo Technology Group Holding Ltd.(b)
416,303
46,438,600
MACOM Technology Solutions Holdings,
Inc.(b)
648,087
88,878,651
Microchip Technology, Inc.
1,240,226
83,826,875
 
Shares
Value
Semiconductors–(continued)
Monolithic Power Systems, Inc.
151,459
$107,723,699
 
 
326,867,825
Steel–1.19%
Carpenter Technology Corp.
306,196
76,362,220
Systems Software–3.79%
Check Point Software Technologies Ltd.
(Israel)(b)
171,913
32,010,201
CyberArk Software Ltd.(b)
252,482
103,888,768
Rubrik, Inc., Class A(b)
341,600
32,434,920
Zscaler, Inc.(b)
260,957
74,518,881
 
 
242,852,770
Trading Companies & Distributors–1.59%
Fastenal Co.
2,214,419
102,151,148
Transaction & Payment Processing Services–1.12%
Toast, Inc., Class A(b)(c)
1,475,381
72,057,608
Total Common Stocks & Other Equity Interests
(Cost $4,483,658,532)
6,212,016,659
Money Market Funds–3.59%
Invesco Government & Agency Portfolio,
Institutional Class, 4.25%(d)(e)
80,513,659
80,513,659
Invesco Treasury Portfolio, Institutional
Class, 4.23%(d)(e)
149,525,861
149,525,861
Total Money Market Funds (Cost $230,039,520)
230,039,520
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased
with cash collateral from
securities on loan)-100.50%
(Cost $4,713,698,052)
 
6,442,056,179
Investments Purchased with Cash Collateral from
Securities on Loan
Money Market Funds–4.73%
Invesco Private Government Fund,
4.32%(d)(e)(f)
84,005,555
84,005,555
Invesco Private Prime Fund,
4.46%(d)(e)(f)
219,183,146
219,226,983
Total Investments Purchased with Cash Collateral
from Securities on Loan (Cost $303,232,538)
303,232,538
TOTAL INVESTMENTS IN SECURITIES–105.23%
(Cost $5,016,930,590)
6,745,288,717
OTHER ASSETS LESS LIABILITIES—(5.23)%
(335,362,794
)
NET ASSETS–100.00%
$6,409,925,923
Investment Abbreviations: 
ADR
– American Depositary Receipt
See accompanying notes which are an integral part of this schedule.
Invesco Discovery Mid Cap Growth Fund
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 July 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 July 31, 2025.
 
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
July 31, 2025
Dividend Income
Investments in Affiliated Money Market
Funds:
Invesco Government & Agency Portfolio,
Institutional Class
$66,573,046
$660,497,403
$(646,556,790)
$-
$-
$80,513,659
$1,977,984
Invesco Liquid Assets Portfolio, Institutional
Class
-
-
-
-
-
-
5,655
Invesco Treasury Portfolio, Institutional Class
123,636,150
1,226,638,034
(1,200,748,323)
-
-
149,525,861
3,640,116
Investments Purchased with Cash Collateral
from Securities on Loan:
Invesco Private Government Fund
61,523,131
805,078,333
(782,595,909)
-
-
84,005,555
2,296,432*
Invesco Private Prime Fund
194,247,109
1,650,275,551
(1,625,291,264)
-
(4,413)
219,226,983
6,198,564*
Total
$445,979,436
$4,342,489,321
$(4,255,192,286)
$-
$(4,413)
$533,272,058
$14,118,751
 
*
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 July 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 Discovery Mid Cap Growth Fund
Notes to Quarterly Schedule of Portfolio Holdings
July 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 July 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
$6,212,016,659
$—
$—
$6,212,016,659
Money Market Funds
230,039,520
303,232,538
—
533,272,058
Total Investments
$6,442,056,179
$303,232,538
$—
$6,745,288,717
Invesco Discovery Mid Cap Growth Fund