NPORT-EX 2 edgar.htm EDGAR HTML
Schedule of Investments(a)  
November 30, 2024
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests–98.47%
Aerospace & Defense–2.40%
Curtiss-Wright Corp.
204,584
$76,438,720
Embraer S.A., ADR (Brazil)(b)
1,045,330
39,962,966
Loar Holdings, Inc.(b)
148,021
13,629,774
 
 
130,031,460
Apparel Retail–1.11%
Abercrombie & Fitch Co., Class A(b)
147,242
22,040,655
Boot Barn Holdings, Inc.(b)
277,233
38,019,734
 
 
60,060,389
Application Software–9.07%
Agilysys, Inc.(b)
200,212
26,888,472
Alkami Technology, Inc.(b)
936,347
36,957,616
AppFolio, Inc., Class A(b)
164,490
41,739,337
Clearwater Analytics Holdings, Inc.,
Class A(b)
2,193,158
68,075,624
Intapp, Inc.(b)
739,826
46,276,116
nCino, Inc.(b)
972,514
40,835,863
Pegasystems, Inc.
896,390
85,130,158
Q2 Holdings, Inc.(b)
856,121
89,670,114
Vertex, Inc., Class A(b)
1,032,783
56,028,478
 
 
491,601,778
Asset Management & Custody Banks–4.34%
Cohen & Steers, Inc.
429,190
44,919,025
Hamilton Lane, Inc., Class A
493,334
94,917,462
StepStone Group, Inc., Class A
1,449,705
95,521,062
 
 
235,357,549
Automotive Parts & Equipment–1.74%
Modine Manufacturing Co.(b)
692,620
94,050,870
Biotechnology–6.16%
ADMA Biologics, Inc.(b)
1,079,812
21,715,019
Blueprint Medicines Corp.(b)
328,416
31,652,734
Cytokinetics, Inc.(b)
236,604
12,270,283
Halozyme Therapeutics, Inc.(b)
779,238
37,559,272
Insmed, Inc.(b)
586,311
44,067,135
Krystal Biotech, Inc.(b)
138,974
27,436,247
Merus N.V. (Netherlands)(b)
335,320
15,035,749
SpringWorks Therapeutics, Inc.(b)
292,359
12,127,051
Twist Bioscience Corp.(b)
858,100
42,201,358
Ultragenyx Pharmaceutical, Inc.(b)
385,763
18,373,892
Vaxcyte, Inc.(b)
271,006
25,566,706
Vericel Corp.(b)
537,739
31,264,145
Viking Therapeutics, Inc.(b)
267,774
14,175,956
 
 
333,445,547
Broadline Retail–1.14%
Ollie’s Bargain Outlet Holdings, Inc.(b)
626,617
62,003,752
Building Products–2.09%
AAON, Inc.
608,449
82,955,937
AZEK Co., Inc. (The)(b)
569,045
30,227,670
 
 
113,183,607
 
Shares
Value
Commercial & Residential Mortgage Finance–1.20%
Mr. Cooper Group, Inc.(b)
661,009
$65,221,758
Communications Equipment–1.29%
Lumentum Holdings, Inc.(b)
802,370
69,782,119
Construction & Engineering–3.35%
Comfort Systems USA, Inc.
165,478
81,625,333
Construction Partners, Inc., Class A(b)
572,531
58,174,875
Primoris Services Corp.
499,349
41,800,505
 
 
181,600,713
Construction Machinery & Heavy Transportation Equipment–
1.02%
Federal Signal Corp.
566,647
55,197,084
Construction Materials–0.89%
Eagle Materials, Inc.
155,194
47,942,530
Consumer Finance–0.52%
Upstart Holdings, Inc.(b)
358,559
28,250,864
Education Services–2.13%
Duolingo, Inc.(b)
331,362
115,403,444
Electrical Components & Equipment–0.24%
Powell Industries, Inc.
49,086
13,124,615
Electronic Components–1.19%
Coherent Corp.(b)
642,066
64,309,331
Electronic Equipment & Instruments–1.08%
Itron, Inc.(b)
376,035
44,571,428
PAR Technology Corp.(b)
174,571
14,164,691
 
 
58,736,119
Electronic Manufacturing Services–1.50%
Celestica, Inc. (Canada)(b)
954,606
81,370,615
Environmental & Facilities Services–3.43%
Casella Waste Systems, Inc., Class A(b)
616,488
69,792,606
Clean Harbors, Inc.(b)
445,462
115,860,212
 
 
185,652,818
Health Care Equipment–3.90%
Glaukos Corp.(b)
486,974
69,953,815
Inspire Medical Systems, Inc.(b)
239,306
46,128,625
Integer Holdings Corp.(b)
375,601
52,771,940
PROCEPT BioRobotics Corp.(b)
287,650
27,496,464
TransMedics Group, Inc.(b)
174,327
15,115,894
 
 
211,466,738
Health Care Facilities–2.82%
Concentra Group Holdings Parent, Inc.(b)
698,700
15,245,645
Encompass Health Corp.
974,734
100,339,118
Select Medical Holdings Corp.
865,831
18,277,692
Surgery Partners, Inc.(b)
798,194
19,028,945
 
 
152,891,400
Health Care Services–1.57%
BrightSpring Health Services, Inc.(b)
1,031,864
19,914,975
See accompanying notes which are an integral part of this schedule.
Invesco Discovery Fund
 
Shares
Value
Health Care Services–(continued)
RadNet, Inc.(b)
794,877
$64,989,144
 
 
84,904,119
Health Care Supplies–1.91%
Lantheus Holdings, Inc.(b)
253,536
22,633,159
Merit Medical Systems, Inc.(b)
574,664
59,707,589
RxSight, Inc.(b)
451,119
21,148,459
 
 
103,489,207
Homebuilding–0.95%
Taylor Morrison Home Corp., Class A(b)
694,453
51,299,243
Independent Power Producers & Energy Traders–0.52%
Talen Energy Corp.(b)
129,994
27,872,014
Industrial Machinery & Supplies & Components–5.94%
Crane Co.
419,775
76,432,632
ESAB Corp.
503,148
64,946,344
Flowserve Corp.
903,091
55,106,613
Mueller Water Products, Inc., Class A
1,605,272
40,196,011
SPX Technologies, Inc.(b)
483,056
85,230,400
 
 
321,912,000
Industrial REITs–0.41%
Terreno Realty Corp.
368,500
22,342,155
Investment Banking & Brokerage–3.49%
Evercore, Inc., Class A
423,096
130,271,258
Piper Sandler Cos.
171,301
58,754,530
 
 
189,025,788
Life Sciences Tools & Services–0.33%
Repligen Corp.(b)
118,497
17,838,538
Managed Health Care–1.27%
HealthEquity, Inc.(b)
676,121
68,653,326
Marine Transportation–0.92%
Kirby Corp.(b)
391,962
49,587,113
Office REITs–1.39%
Highwoods Properties, Inc.
1,316,103
42,720,703
SL Green Realty Corp.
418,908
32,754,417
 
 
75,475,120
Oil & Gas Equipment & Services–1.67%
Archrock, Inc.
1,182,703
30,300,851
TechnipFMC PLC (United Kingdom)
1,925,130
60,391,328
 
 
90,692,179
Oil & Gas Exploration & Production–0.50%
Northern Oil and Gas, Inc.
623,660
27,122,973
Packaged Foods & Meats–1.25%
Freshpet, Inc.(b)
443,279
67,843,851
Personal Care Products–0.82%
BellRing Brands, Inc.(b)
564,995
44,329,508
Pharmaceuticals–0.89%
Intra-Cellular Therapies, Inc.(b)
564,728
48,368,953
 
Shares
Value
Regional Banks–0.53%
Bancorp, Inc. (The)(b)
492,896
$28,799,913
Research & Consulting Services–1.03%
Parsons Corp.(b)
580,969
55,720,737
Restaurants–4.59%
Shake Shack, Inc., Class A(b)
508,182
67,959,179
Sweetgreen, Inc., Class A(b)
1,158,467
47,473,978
Texas Roadhouse, Inc.
399,383
81,981,348
Wingstop, Inc.
155,410
51,094,146
 
 
248,508,651
Semiconductors–6.20%
Astera Labs, Inc.(b)
872,813
90,117,942
Impinj, Inc.(b)
311,324
59,839,586
MACOM Technology Solutions Holdings,
Inc.(b)
615,160
81,705,551
SiTime Corp.(b)
369,762
78,530,054
Tower Semiconductor Ltd. (Israel)(b)
550,144
25,928,287
 
 
336,121,420
Specialty Chemicals–0.53%
Element Solutions, Inc.
996,368
28,575,834
Steel–2.97%
ATI, Inc.(b)
669,039
40,256,077
Carpenter Technology Corp.
621,227
120,542,887
 
 
160,798,964
Systems Software–4.92%
Commvault Systems, Inc.(b)
312,702
53,656,536
CyberArk Software Ltd.(b)
290,789
94,073,150
OneStream, Inc.(b)
777,488
23,239,116
SentinelOne, Inc., Class A(b)
1,936,776
54,132,889
Varonis Systems, Inc.(b)
831,623
41,547,885
 
 
266,649,576
Trading Companies & Distributors–1.08%
Applied Industrial Technologies, Inc.
213,533
58,661,786
Transaction & Payment Processing Services–0.18%
Paymentus Holdings, Inc., Class A(b)
261,416
9,884,139
Total Common Stocks & Other Equity Interests
(Cost $3,604,249,559)
5,335,162,207
Money Market Funds–1.61%
Invesco Government & Agency Portfolio,
Institutional Class, 4.57%(c)(d)
30,491,298
30,491,298
Invesco Treasury Portfolio, Institutional
Class, 4.53%(c)(d)
56,625,515
56,625,515
Total Money Market Funds (Cost $87,116,813)
87,116,813
TOTAL INVESTMENTS IN SECURITIES–100.08%
(Cost $3,691,366,372)
5,422,279,020
OTHER ASSETS LESS LIABILITIES—(0.08)%
(4,326,401
)
NET ASSETS–100.00%
$5,417,952,619
See accompanying notes which are an integral part of this schedule.
Invesco Discovery Fund
Investment Abbreviations: 
ADR
– American Depositary Receipt
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)
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 three months ended November 30, 2024.
 
 
Value
August 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value
November 30, 2024
Dividend Income
Investments in Affiliated Money Market
Funds:
Invesco Government & Agency Portfolio,
Institutional Class
$17,945,665
$134,257,809
$(121,712,176)
$-
$-
$30,491,298
$332,280
Invesco Treasury Portfolio, Institutional Class
33,326,481
249,335,931
(226,036,897)
-
-
56,625,515
610,166
Investments Purchased with Cash Collateral
from Securities on Loan:
Invesco Private Government Fund
742,930
64,588,295
(65,331,225)
-
-
-
64,772*
Invesco Private Prime Fund
3,211,289
119,874,457
(123,084,910)
(181)
(655)
-
187,549
Total
$55,226,365
$568,056,492
$(536,165,208)
$(181)
$(655)
$87,116,813
$1,194,767
 
*
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.
 
(d)
The rate shown is the 7-day SEC standardized yield as of November 30, 2024.
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
November 30, 2024
(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 significant events cause market movements to 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 November 30, 2024. 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
$5,335,162,207
$—
$—
$5,335,162,207
Money Market Funds
87,116,813
—
—
87,116,813
Total Investments
$5,422,279,020
$—
$—
$5,422,279,020
Invesco Discovery Fund