NPORT-EX 2 edgar.htm EDGAR HTML
Schedule of Investments  
May 31, 2025
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests–98.67%
Australia–6.69%
Goodman Group
204,268
$4,332,567
NEXTDC Ltd.(a)
77,254
653,582
Scentre Group
841,171
1,991,644
Stockland
616,551
2,171,395
 
 
9,149,188
Belgium–1.22%
Aedifica S.A.
10,970
829,253
Warehouses De Pauw C.V.A.
34,610
844,353
 
 
1,673,606
Canada–1.90%
Canadian Apartment Properties REIT
19,209
626,513
Chartwell Retirement Residences
84,342
1,143,735
Choice Properties REIT
76,100
830,121
 
 
2,600,369
France–1.95%
Gecina S.A.
3,986
438,742
Klepierre S.A.
28,319
1,108,620
Unibail-Rodamco-Westfield
11,792
1,118,355
 
 
2,665,717
Germany–2.99%
LEG Immobilien SE
12,491
1,060,556
Sirius Real Estate Ltd.
813,295
1,047,173
Vonovia SE
60,339
1,976,979
 
 
4,084,708
Hong Kong–2.55%
Hongkong Land Holdings Ltd.
160,400
828,578
Link REIT
227,400
1,203,454
Sun Hung Kai Properties Ltd.
87,100
935,599
Wharf Real Estate Investment Co. Ltd.
209,000
521,156
 
 
3,488,787
Japan–9.15%
Activia Properties, Inc.
939
749,812
Advance Residence Investment Corp.
463
475,710
GLP J-Reit
1,003
884,770
Invincible Investment Corp.
1,775
755,314
Japan Hotel REIT Investment Corp.
1,097
568,495
Japan Metropolitan Fund Investment
Corp.
1,861
1,273,977
Mitsubishi Estate Co. Ltd.
26,800
487,063
Mitsui Fudosan Co. Ltd.
339,400
3,250,597
Nippon Accommodations Fund, Inc.
769
613,720
Nippon Prologis REIT, Inc.
1,350
721,271
ORIX JREIT, Inc.
709
881,256
Sumitomo Realty & Development Co.
Ltd.
48,000
1,838,729
 
 
12,500,714
Netherlands–0.43%
CTP N.V.(b)
30,808
586,450
 
Shares
Value
Singapore–2.77%
CapitaLand Ascendas REIT
327,700
$672,511
CapitaLand Integrated Commercial Trust
851,856
1,379,811
CapitaLand Investment Ltd.
279,400
544,835
Keppel DC REIT
426,900
724,171
Mapletree Logistics Trust
532,500
458,545
 
 
3,779,873
Spain–0.99%
Inmobiliaria Colonial SOCIMI S.A.
51,362
357,632
Merlin Properties SOCIMI S.A.
79,830
989,028
 
 
1,346,660
Sweden–1.68%
Catena AB
8,797
432,733
Fastighets AB Balder, Class B(a)
168,059
1,178,342
Wihlborgs Fastigheter AB
68,093
684,606
 
 
2,295,681
Switzerland–0.63%
PSP Swiss Property AG
4,888
860,338
United Kingdom–3.21%
Big Yellow Group PLC
50,212
675,212
Great Portland Estates PLC
122,562
559,276
LondonMetric Property PLC
473,309
1,285,072
Segro PLC
82,736
778,067
Unite Group PLC (The)
93,407
1,085,677
 
 
4,383,304
United States–62.51%
Agree Realty Corp.
14,373
1,082,287
American Healthcare REIT, Inc.
56,321
1,967,856
American Homes 4 Rent, Class A
67,138
2,541,173
American Tower Corp.
2,902
622,914
Americold Realty Trust, Inc.
35,684
591,284
AvalonBay Communities, Inc.
19,033
3,935,453
Brixmor Property Group, Inc.
83,838
2,130,324
Camden Property Trust
6,273
737,015
CareTrust REIT, Inc.
55,590
1,598,768
CubeSmart
62,074
2,654,284
Digital Realty Trust, Inc.(c)
28,449
4,879,573
EastGroup Properties, Inc.
8,869
1,503,739
Equinix, Inc.
9,479
8,425,125
Equity LifeStyle Properties, Inc.
37,108
2,358,956
Equity Residential
65,452
4,590,803
Essential Properties Realty Trust, Inc.
73,837
2,399,703
Extra Space Storage, Inc.
21,616
3,267,258
First Industrial Realty Trust, Inc.
54,143
2,676,289
Gaming and Leisure Properties, Inc.
64,627
3,018,081
Healthpeak Properties, Inc.
88,490
1,540,611
Hilton Worldwide Holdings, Inc.
2,954
733,892
Invitation Homes, Inc.
66,025
2,225,043
Iron Mountain, Inc.
33,820
3,338,372
Marriott International, Inc., Class A
2,964
781,992
Prologis, Inc.
48,974
5,318,576
Public Storage
4,630
1,427,938
See accompanying notes which are an integral part of this schedule.
Invesco Global Real Estate Fund
 
Shares
Value
United States–(continued)
Regency Centers Corp.
39,690
$2,863,634
Rexford Industrial Realty, Inc.
26,185
922,759
Simon Property Group, Inc.
15,664
2,554,328
UDR, Inc.
46,801
1,938,965
Vornado Realty Trust
49,468
1,863,460
Welltower, Inc.
58,083
8,961,045
 
 
85,451,500
Total Common Stocks & Other Equity Interests
(Cost $125,352,171)
134,866,895
Money Market Funds–0.77%
Invesco Government & Agency Portfolio,
Institutional Class, 4.24%(d)(e)
370,421
370,421
Invesco Treasury Portfolio, Institutional Class,
4.22%(d)(e)
687,923
687,923
Total Money Market Funds (Cost $1,058,344)
1,058,344
TOTAL INVESTMENTS IN SECURITIES
(excluding Investments purchased with
cash collateral from securities on
loan)-99.44% (Cost $126,410,515)
 
135,925,239
 
Shares
Value
Investments Purchased with Cash Collateral from
Securities on Loan
Money Market Funds–3.62%
Invesco Private Government Fund,
4.29%(d)(e)(f)
1,386,155
$1,386,155
Invesco Private Prime Fund, 4.45%(d)(e)(f)
3,563,074
3,563,787
Total Investments Purchased with Cash Collateral
from Securities on Loan (Cost $4,949,942)
4,949,942
TOTAL INVESTMENTS IN SECURITIES—103.06%
(Cost $131,360,457)
140,875,181
OTHER ASSETS LESS LIABILITIES–(3.06)%
(4,184,725
)
NET ASSETS–100.00%
$136,690,456
Investment Abbreviations: 
REIT
– Real Estate Investment Trust
Notes to Schedule of Investments: 
(a)
Non-income producing security.
(b)
Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be
resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at May 31, 2025
represented less than 1% of the Fund’s Net Assets.
(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 three months ended May 31, 2025.
 
 
Value
February 28, 2025
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
May 31, 2025
Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class
$546,337
$3,575,956
$(3,751,872)
$-
$-
$370,421
$5,196
Invesco Treasury Portfolio, Institutional Class
1,014,626
6,641,062
(6,967,765)
-
-
687,923
9,564
Investments Purchased with Cash Collateral from
Securities on Loan:
Invesco Private Government Fund
-
4,067,048
(2,680,893)
-
-
1,386,155
1,623*
Invesco Private Prime Fund
357,698
10,344,486
(7,138,077)
-
(320)
3,563,787
4,403*
Total
$1,918,661
$24,628,552
$(20,538,607)
$-
$(320)
$6,008,286
$20,786
 
*
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 Global Real Estate 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
Australia
$—
$9,149,188
$—
$9,149,188
Belgium
—
1,673,606
—
1,673,606
Canada
2,600,369
—
—
2,600,369
France
—
2,665,717
—
2,665,717
Germany
—
4,084,708
—
4,084,708
Hong Kong
—
3,488,787
—
3,488,787
Japan
—
12,500,714
—
12,500,714
Netherlands
—
586,450
—
586,450
Singapore
—
3,779,873
—
3,779,873
Spain
—
1,346,660
—
1,346,660
Sweden
—
2,295,681
—
2,295,681
Switzerland
—
860,338
—
860,338
United Kingdom
—
4,383,304
—
4,383,304
United States
85,451,500
—
—
85,451,500
Money Market Funds
1,058,344
4,949,942
—
6,008,286
Total Investments
$89,110,213
$51,764,968
$—
$140,875,181
Invesco Global Real Estate Fund