Schedule of Investments(a)  
May 31, 2026
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests–95.56%
Aerospace & Defense–5.81%
Arxis, Inc.(b)
475,845
$21,379,716
Carpenter Technology Corp.
116,253
54,520,332
Curtiss-Wright Corp.
174,435
130,409,350
Embraer S.A., ADR (Brazil)
986,583
56,975,168
Mercury Systems, Inc.(b)
1,123,320
125,474,844
VSE Corp.
362,085
67,040,038
 
 
455,799,448
Aluminum–1.14%
Century Aluminum Co.(b)
1,351,970
89,189,461
Apparel Retail–0.86%
Boot Barn Holdings, Inc.(b)
397,612
67,542,350
Apparel, Accessories & Luxury Goods–0.67%
Gildan Activewear, Inc. (Canada)
865,389
52,771,421
Application Software–1.69%
Terawulf, Inc.(b)
5,167,239
132,074,629
Asset Management & Custody Banks–1.19%
Acadian Asset Management, Inc.
266,158
19,245,885
WisdomTree, Inc.
3,878,557
73,886,511
 
 
93,132,396
Automotive Parts & Equipment–3.56%
Dana, Inc.
1,505,380
53,305,506
Garrett Motion, Inc. (Switzerland)
2,658,323
87,086,661
Modine Manufacturing Co.(b)
498,255
138,968,302
 
 
279,360,469
Biotechnology–6.83%
Arrowhead Pharmaceuticals, Inc.(b)
441,799
34,420,560
BridgeBio Pharma, Inc.(b)
1,315,232
87,147,272
Cogent Biosciences, Inc.(b)
741,356
25,917,806
Halozyme Therapeutics, Inc.(b)
1,254,102
83,447,947
Madrigal Pharmaceuticals, Inc.(b)
119,197
59,273,092
Mirum Pharmaceuticals, Inc.(b)
295,628
30,006,242
Nuvalent, Inc., Class A(b)
245,256
27,073,810
Protagonist Therapeutics, Inc.(b)
810,087
80,652,262
Rhythm Pharmaceuticals, Inc.(b)
356,869
31,518,670
Twist Bioscience Corp.(b)
822,247
54,983,657
Xenon Pharmaceuticals, Inc.
(Canada)(b)
391,284
21,414,973
 
 
535,856,291
Building Products–0.65%
AZZ, Inc.
377,764
51,190,800
Cargo Ground Transportation–2.54%
ArcBest Corp.
441,225
60,311,045
Knight-Swift Transportation Holdings,
Inc.
1,831,961
138,551,211
 
 
198,862,256
Casinos & Gaming–0.46%
Rush Street Interactive, Inc.(b)
1,419,290
35,964,809
 
Shares
Value
Communications Equipment–1.63%
Viavi Solutions, Inc.(b)
2,628,566
$127,643,165
Construction & Engineering–6.36%
Argan, Inc.
149,826
99,936,938
Construction Partners, Inc., Class A(b)
754,046
87,823,738
Everus Construction Group, Inc.(b)
773,242
115,035,212
Legence Corp., Class A(b)
237,307
19,872,088
Sterling Infrastructure, Inc.(b)
204,489
176,032,311
 
 
498,700,287
Construction Machinery & Heavy Transportation Equipment–
0.50%
Atmus Filtration Technologies, Inc.
843,416
39,455,001
Consumer Finance–1.09%
Enova International, Inc.(b)
528,048
85,285,033
Copper–0.72%
ERO Copper Corp. (Brazil)(b)
1,853,528
56,421,392
Diversified Metals & Mining–0.60%
MP Materials Corp.(b)(c)
726,054
46,975,694
Electrical Components & Equipment–1.13%
Powell Industries, Inc.
311,958
88,727,094
Electronic Equipment & Instruments–3.10%
Advanced Energy Industries, Inc.
430,776
130,171,891
Cognex Corp.
1,718,515
113,164,213
 
 
243,336,104
Electronic Manufacturing Services–6.56%
Fabrinet (Thailand)(b)
277,710
181,666,774
Sanmina Corp.(b)
563,557
146,372,660
TTM Technologies, Inc.(b)
1,073,977
186,571,284
 
 
514,610,718
Environmental & Facilities Services–0.24%
CECO Environmental Corp.(b)
245,725
18,367,944
Gold–0.50%
Orla Mining Ltd. (Canada)
2,907,702
38,992,284
Health Care Equipment–0.91%
Glaukos Corp.(b)
425,202
43,944,627
LeMaitre Vascular, Inc.
286,672
27,133,505
 
 
71,078,132
Health Care Facilities–0.54%
Encompass Health Corp.
398,885
42,221,977
Health Care Services–5.10%
BillionToOne, Inc.(b)(c)
190,331
18,840,866
BrightSpring Health Services, Inc.(b)
2,986,274
184,193,380
GMR Solutions Inc.(b)
1,305,894
16,323,675
Guardant Health, Inc.(b)
1,058,225
137,241,200
RadNet, Inc.(b)
785,552
43,621,703
 
 
400,220,824
See accompanying notes which are an integral part of this schedule.
Invesco Discovery Fund
 
Shares
Value
Health Care Technology–0.44%
Heartflow, Inc.(b)
1,116,228
$34,580,743
Heavy Electrical Equipment–2.24%
Bloom Energy Corp., Class A(b)
203,618
58,031,130
Forgent Power Solutions, Inc.(b)
2,145,477
117,271,773
 
 
175,302,903
Industrial Machinery & Supplies & Components–3.70%
Enpro, Inc.
124,247
38,142,586
ESCO Technologies, Inc.
440,778
128,663,098
Helios Technologies, Inc.
481,166
39,980,083
SPX Technologies, Inc.(b)
384,951
83,403,484
 
 
290,189,251
Investment Banking & Brokerage–2.95%
Evercore, Inc., Class A
320,054
109,093,607
Marex Group PLC (United Kingdom)
1,156,701
61,235,751
Piper Sandler Cos.
780,215
61,176,658
 
 
231,506,016
Life Sciences Tools & Services–0.48%
Repligen Corp.(b)
305,172
37,826,069
Managed Health Care–0.84%
Alignment Healthcare, Inc.(b)
4,299,086
65,861,998
Marine Transportation–0.72%
Kirby Corp.(b)
398,833
56,071,931
Oil & Gas Equipment & Services–2.76%
Archrock, Inc.
2,002,850
67,075,447
Liberty Energy, Inc., Class A
1,389,408
40,654,078
TechnipFMC PLC (United Kingdom)
1,591,800
108,910,956
 
 
216,640,481
Oil & Gas Exploration & Production–1.47%
Chord Energy Corp.
876,179
115,541,725
Oil & Gas Refining & Marketing–0.42%
Par Pacific Holdings, Inc.(b)
582,276
32,700,620
Oil & Gas Storage & Transportation–0.66%
Golar LNG Ltd. (Cameroon)
1,042,240
51,851,440
Other Specialty Retail–1.48%
Five Below, Inc.(b)
510,942
116,167,773
Pharmaceuticals–2.94%
Axsome Therapeutics, Inc.(b)
468,539
109,863,025
Ligand Pharmaceuticals, Inc.(b)
519,159
120,424,121
 
 
230,287,146
Regional Banks–1.44%
Ameris Bancorp
960,969
81,019,296
Texas Capital Bancshares, Inc.(b)
321,096
31,945,841
 
 
112,965,137
Renewable Electricity–0.54%
Fervo Energy Co.(b)
1,161,171
42,568,529
 
Shares
Value
Research & Consulting Services–0.64%
Planet Labs PBC(b)
981,446
$50,191,148
Semiconductor Materials & Equipment–4.99%
MKS, Inc.
443,921
143,945,824
Nova Ltd. (Israel)(b)
268,005
134,626,952
Onto Innovation, Inc.(b)
436,589
112,744,743
 
 
391,317,519
Semiconductors–9.19%
Allegro MicroSystems, Inc.(b)
2,111,037
101,055,341
Lattice Semiconductor Corp.(b)
1,187,714
174,688,975
MACOM Technology Solutions Holdings,
Inc.(b)
488,236
178,030,375
SiTime Corp.(b)
180,625
128,279,875
Tower Semiconductor Ltd. (Israel)(b)
542,560
138,477,589
 
 
720,532,155
Specialty Chemicals–1.00%
Element Solutions, Inc.
1,846,205
78,334,478
Steel–1.21%
ATI, Inc.(b)
542,814
95,079,300
Systems Software–1.07%
JFrog Ltd.(b)
1,055,949
83,926,827
Total Common Stocks & Other Equity Interests
(Cost $4,822,293,422)
7,493,223,168
Money Market Funds–3.82%
Invesco Government & Agency Portfolio,
Institutional Class, 3.53%(d)(e)
104,722,992
104,722,992
Invesco Treasury Portfolio, Institutional
Class, 3.52%(d)(e)
194,484,375
194,484,375
Total Money Market Funds (Cost $299,207,367)
299,207,367
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased
with cash collateral from
securities on loan)-99.38%
(Cost $5,121,500,789)
 
7,792,430,535
Investments Purchased with Cash Collateral from
Securities on Loan
Money Market Funds–1.07%
Invesco Private Government Fund,
3.58%(d)(e)(f)
23,329,126
23,329,126
Invesco Private Prime Fund,
3.75%(d)(e)(f)
60,545,671
60,557,780
Total Investments Purchased with Cash Collateral
from Securities on Loan (Cost $83,882,222)
83,886,906
TOTAL INVESTMENTS IN SECURITIES–100.45%
(Cost $5,205,383,011)
7,876,317,441
OTHER ASSETS LESS LIABILITIES—(0.45)%
(35,142,878
)
NET ASSETS–100.00%
$7,841,174,563
Investment Abbreviations: 
ADR
– American Depositary Receipt
See accompanying notes which are an integral part of this schedule.
Invesco Discovery 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 May 31, 2026.
(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, 2026.
 
 
Value
August 31, 2025
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
May 31, 2026
Dividend Income
Investments in Affiliated Money Market
Funds:
Invesco Government & Agency Portfolio,
Institutional Class
$16,351,814
$789,482,493
$(701,111,315)
$-
$-
$104,722,992
$1,877,042
Invesco Treasury Portfolio, Institutional Class
30,366,474
1,466,181,773
(1,302,063,872)
-
-
194,484,375
3,453,821
Investments Purchased with Cash Collateral
from Securities on Loan:
Invesco Private Government Fund
-
237,574,011
(214,244,885)
-
-
23,329,126
665,226*
Invesco Private Prime Fund
-
539,506,107
(478,931,089)
4,684
(21,922)
60,557,780
1,817,497*
Total
$46,718,288
$3,032,744,384
$(2,696,351,161)
$4,684
$(21,922)
$383,094,273
$7,813,586
 
*
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, 2026.
(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 Fund
Notes to Quarterly Schedule of Portfolio Holdings
May 31, 2026
(Unaudited)
NOTE 1—Additional Valuation Information
Generally Accepted Accounting Principles ("GAAP") defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 – Prices are determined using quoted prices in an active market for identical assets.
Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.
Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect Invesco Advisers, Inc.’s 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, 2026. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the 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
$7,493,223,168
$—
$—
$7,493,223,168
Money Market Funds
299,207,367
83,886,906
—
383,094,273
Total Investments
$7,792,430,535
$83,886,906
$—
$7,876,317,441
Invesco Discovery Fund