NPORT-EX 2 edgar.htm EDGAR HTML
Schedule of Investments(a)  
May 31, 2025
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests–99.76%
Aerospace & Defense–4.14%
Axon Enterprise, Inc.(b)
102,780
$77,122,001
General Electric Co.(c)
337,997
83,116,842
Howmet Aerospace, Inc.
413,922
70,321,209
 
 
230,560,052
Apparel Retail–1.31%
TJX Cos., Inc. (The)
576,651
73,177,012
Application Software–3.72%
AppLovin Corp., Class A(b)
244,973
96,274,389
Fair Isaac Corp.(b)
12,751
22,011,797
HubSpot, Inc.(b)
90,708
53,508,649
Samsara, Inc., Class A(b)
763,617
35,538,735
 
 
207,333,570
Asset Management & Custody Banks–2.07%
Ares Management Corp., Class A
173,920
28,783,760
BlackRock, Inc.
37,391
36,639,067
KKR & Co., Inc., Class A
412,411
50,091,440
 
 
115,514,267
Automobile Manufacturers–2.52%
Ferrari N.V. (Italy)(c)
56,090
26,853,648
Tesla, Inc.(b)
328,538
113,825,276
 
 
140,678,924
Automotive Retail–1.66%
AutoZone, Inc.(b)
14,811
55,290,056
Carvana Co.(b)
114,284
37,389,153
 
 
92,679,209
Biotechnology–0.45%
AbbVie, Inc.
134,050
24,948,045
Broadline Retail–7.73%
Amazon.com, Inc.(b)
1,826,423
374,434,979
MercadoLibre, Inc. (Brazil)(b)
22,167
56,820,450
 
 
431,255,429
Coal & Consumable Fuels–0.49%
Cameco Corp. (Canada)
465,665
27,255,372
Communications Equipment–1.55%
Arista Networks, Inc.(b)
996,748
86,358,247
Construction & Engineering–1.51%
Quanta Services, Inc.
245,643
84,147,466
Consumer Finance–0.76%
American Express Co.
144,427
42,468,759
Consumer Staples Merchandise Retail–1.70%
Costco Wholesale Corp.
91,311
94,979,876
Electrical Components & Equipment–0.68%
Vertiv Holdings Co., Class A
351,082
37,892,280
 
Shares
Value
Environmental & Facilities Services–1.01%
Republic Services, Inc.
219,384
$56,445,309
Financial Exchanges & Data–0.42%
Tradeweb Markets, Inc., Class A
162,036
23,406,100
Health Care Distributors–1.42%
Cencora, Inc.
272,503
79,363,774
Health Care Equipment–3.55%
Boston Scientific Corp.(b)
1,366,092
143,794,844
Intuitive Surgical, Inc.(b)
98,015
54,137,605
 
 
197,932,449
Health Care REITs–1.00%
Welltower, Inc.
360,107
55,557,308
Heavy Electrical Equipment–1.45%
GE Vernova, Inc.
171,037
80,897,080
Hotels, Resorts & Cruise Lines–1.26%
Booking Holdings, Inc.
5,066
27,958,899
Royal Caribbean Cruises Ltd.
165,075
42,419,323
 
 
70,378,222
Independent Power Producers & Energy Traders–0.50%
Vistra Corp.
172,628
27,718,878
Interactive Home Entertainment–0.96%
Take-Two Interactive Software, Inc.(b)
235,358
53,256,808
Interactive Media & Services–9.07%
Alphabet, Inc., Class C
998,136
172,527,808
Meta Platforms, Inc., Class A
514,576
333,182,814
 
 
505,710,622
Internet Services & Infrastructure–2.31%
Cloudflare, Inc., Class A(b)
345,569
57,326,441
Snowflake, Inc., Class A(b)
348,674
71,711,782
 
 
129,038,223
Investment Banking & Brokerage–0.81%
Goldman Sachs Group, Inc. (The)
74,818
44,924,468
Movies & Entertainment–5.32%
Netflix, Inc.(b)
175,789
212,217,754
Spotify Technology S.A. (Sweden)(b)
126,586
84,197,412
 
 
296,415,166
Pharmaceuticals–0.75%
Eli Lilly and Co.
56,934
41,998,504
Property & Casualty Insurance–1.83%
Progressive Corp. (The)
357,173
101,769,303
Real Estate Services–0.51%
CBRE Group, Inc., Class A(b)
225,401
28,179,633
Research & Consulting Services–0.50%
Thomson Reuters Corp. (Canada)
140,054
27,821,027
See accompanying notes which are an integral part of this schedule.
Invesco Discovery Large Cap Fund
 
Shares
Value
Restaurants–1.31%
DoorDash, Inc., Class A(b)
350,792
$73,192,751
Semiconductors–15.07%
Broadcom, Inc.
869,874
210,570,399
Monolithic Power Systems, Inc.(c)
58,677
38,838,306
NVIDIA Corp.
3,965,191
535,816,260
Taiwan Semiconductor Manufacturing Co.
Ltd., ADR (Taiwan)
285,533
55,199,240
 
 
840,424,205
Systems Software–12.26%
Check Point Software Technologies Ltd.
(Israel)(b)
209,021
47,840,727
CrowdStrike Holdings, Inc., Class A(b)
62,119
29,281,033
Microsoft Corp.
1,076,881
495,752,937
ServiceNow, Inc.(b)
109,555
110,769,965
 
 
683,644,662
Technology Hardware, Storage & Peripherals–3.99%
Apple, Inc.
1,108,105
222,562,889
Transaction & Payment Processing Services–3.71%
Mastercard, Inc., Class A
205,122
120,119,443
Visa, Inc., Class A
238,155
86,971,825
 
 
207,091,268
Wireless Telecommunication Services–0.46%
T-Mobile US, Inc.
106,662
25,833,536
Total Common Stocks & Other Equity Interests
(Cost $2,840,184,334)
5,562,810,693
 
Shares
Value
Money Market Funds–0.41%
Invesco Government & Agency Portfolio,
Institutional Class, 4.24%(d)(e)
8,011,595
$8,011,595
Invesco Treasury Portfolio, Institutional
Class, 4.22%(d)(e)
14,878,639
14,878,639
Total Money Market Funds (Cost $22,890,234)
22,890,234
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased
with cash collateral from securities
on loan)-100.17%
(Cost $2,863,074,568)
 
5,585,700,927
Investments Purchased with Cash Collateral from
Securities on Loan
Money Market Funds–1.78%
Invesco Private Government Fund,
4.29%(d)(e)(f)
27,510,056
27,510,056
Invesco Private Prime Fund, 4.45%(d)(e)(f)
71,798,189
71,812,549
Total Investments Purchased with Cash Collateral
from Securities on Loan (Cost $99,322,605)
99,322,605
TOTAL INVESTMENTS IN SECURITIES–101.95%
(Cost $2,962,397,173)
5,685,023,532
OTHER ASSETS LESS LIABILITIES—(1.95)%
(108,804,372
)
NET ASSETS–100.00%
$5,576,219,160
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)
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
$15,709,236
$271,853,824
$(279,551,465)
$-
$-
$8,011,595
$507,358
Invesco Treasury Portfolio, Institutional Class
29,174,090
504,871,388
(519,166,839)
-
-
14,878,639
932,951
Investments Purchased with Cash Collateral
from Securities on Loan:
Invesco Private Government Fund
2,023,728
509,343,088
(483,856,760)
-
-
27,510,056
501,717*
Invesco Private Prime Fund
5,215,525
1,112,458,592
(1,045,851,635)
(4)
(9,929)
71,812,549
1,377,752*
Total
$52,122,579
$2,398,526,892
$(2,328,426,699)
$(4)
$(9,929)
$122,212,839
$3,319,778
 
*
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 Discovery Large Cap 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
$5,562,810,693
$—
$—
$5,562,810,693
Money Market Funds
22,890,234
99,322,605
—
122,212,839
Total Investments
$5,585,700,927
$99,322,605
$—
$5,685,023,532
Invesco Discovery Large Cap Fund