Schedule of Investments(a)
March 31, 2022
(Unaudited)
Principal Amount | Value | ||
U.S. Dollar Denominated Bonds & Notes–78.60% | |||
Aerospace & Defense–0.53% | |||
Parsons Corp., Conv., 0.25%, 08/15/2025 | $6,000,000 | $6,348,650 | |
Airlines–2.36% | |||
JetBlue Airways Corp., Conv., 0.50%, 04/01/2026(b) | 12,614,000 | 11,799,620 | |
Southwest Airlines Co., Conv., 1.25%, 05/01/2025 | 10,231,000 | 13,921,833 | |
Spirit Airlines, Inc., Conv., 1.00%, 05/15/2026 | 2,620,000 | 2,363,240 | |
28,084,693 | |||
Apparel Retail–0.55% | |||
Burlington Stores, Inc., Conv., 2.25%, 04/15/2025 | 5,710,000 | 6,548,656 | |
Application Software–11.78% | |||
Avalara, Inc., Conv., 0.25%, 08/01/2026(b) | 10,300,000 | 8,837,400 | |
Bentley Systems, Inc., Conv., 0.13%, 01/15/2026 | 8,674,000 | 8,522,205 | |
Bill.com Holdings, Inc., Conv., 0.00%, 04/01/2027(b)(c) | 14,831,000 | 14,219,221 | |
Blackline, Inc., Conv., 0.00%, 03/15/2026(c) | 4,221,000 | 3,587,850 | |
Box, Inc., Conv., 0.00%, 01/15/2026(c) | 5,000,000 | 6,335,000 | |
Coupa Software, Inc., Conv., 0.38%, 06/15/2026 | 7,530,000 | 6,355,320 | |
Datadog, Inc., Conv., 0.13%, 06/15/2025 | 4,279,000 | 7,595,225 | |
DocuSign, Inc., Conv., 0.00%, 01/15/2024(c) | 4,000,000 | 3,760,000 | |
Dropbox, Inc., Conv., 0.00%, 03/01/2026(c) | 7,883,000 | 7,394,254 | |
Five9, Inc., Conv., 0.50%, 06/01/2025 | 7,501,000 | 8,146,086 | |
HubSpot, Inc., Conv., 0.38%, 06/01/2025 | 4,577,000 | 8,174,522 | |
Nice Ltd. (Israel), Conv., 0.00%, 09/15/2025(c) | 8,825,000 | 9,304,860 | |
RingCentral, Inc., Conv., 0.00%, 03/01/2025(c) | 9,750,000 | 8,526,375 | |
Splunk, Inc., Conv., 1.13%, 06/15/2027 | 13,293,000 | 12,761,280 | |
Tyler Technologies, Inc., Conv., 0.25%, 03/15/2026 | 8,810,000 | 9,739,455 | |
Unity Software, Inc., Conv., 0.00%, 11/15/2026(b)(c) | 4,140,000 | 3,412,395 | |
Workday, Inc., Conv., 0.25%, 10/01/2022 | 4,000,000 | 6,578,622 | |
Zendesk, Inc., Conv., 0.63%, 06/15/2025 | 5,400,000 | 6,833,700 | |
140,083,770 | |||
Auto Parts & Equipment–0.43% | |||
Luminar Technologies, Inc., Conv., 1.25%, 12/15/2026(b) | 5,000,000 | 5,061,620 |
Principal Amount | Value | ||
Automobile Manufacturers–1.86% | |||
Ford Motor Co., Conv., 0.00%, 03/15/2026(c) | $18,672,000 | $22,163,664 | |
Biotechnology–1.57% | |||
BioMarin Pharmaceutical, Inc., Conv., 1.25%, 05/15/2027 | 4,500,000 | 4,528,285 | |
Exact Sciences Corp., Conv., 0.38%, 03/15/2027 | 6,371,000 | 6,040,504 | |
Insmed, Inc., | |||
Conv., 1.75%, 01/15/2025 | 3,283,000 | 3,292,882 | |
0.75%, 06/01/2028 | 5,000,000 | 4,845,000 | |
18,706,671 | |||
Cable & Satellite–2.34% | |||
Cable One, Inc., Conv., 1.13%, 03/15/2028 | 7,500,000 | 6,742,500 | |
DISH Network Corp., Conv., 0.00%, 12/15/2025(c) | 11,900,000 | 11,603,690 | |
Liberty Broadband Corp., | |||
Conv., 1.25%, 10/05/2023(b)(d) | 5,290,000 | 5,091,625 | |
2.75%, 10/05/2023(b)(d) | 4,375,000 | 4,325,888 | |
27,763,703 | |||
Communications Equipment–1.22% | |||
Lumentum Holdings, Inc., | |||
Conv., 0.50%, 12/15/2026 | 6,550,000 | 7,623,416 | |
0.50%, 06/15/2028(b) | 2,230,000 | 2,192,090 | |
Viavi Solutions, Inc., Conv., 1.75%, 06/01/2023 | 3,773,000 | 4,693,612 | |
14,509,118 | |||
Construction Machinery & Heavy Trucks–0.68% | |||
Greenbrier Cos., Inc. (The), Conv., 2.88%, 04/15/2028(b) | 7,000,000 | 8,100,274 | |
Consumer Finance–0.70% | |||
SoFi Technologies, Inc., Conv., 0.00%, 10/15/2026(b)(c) | 10,300,000 | 8,349,695 | |
Data Processing & Outsourced Services–1.63% | |||
Block, Inc., Conv., 0.00%, 05/01/2026(c) | 11,653,000 | 10,829,665 | |
Shift4 Payments, Inc., Conv., 0.00%, 12/15/2025(c) | 8,115,000 | 8,536,980 | |
19,366,645 | |||
Diversified Metals & Mining–0.87% | |||
Ivanhoe Mines Ltd. (Canada), Conv., 2.50%, 04/15/2026(b) | 5,733,000 | 8,244,054 | |
Lithium Americas Corp. (Canada), Conv., 1.75%, 01/15/2027(b) | 2,000,000 | 2,157,000 | |
10,401,054 | |||
Electric Utilities–2.98% | |||
NextEra Energy, Inc., Conv. Investment Units, 5.28%, 03/01/2023 | 408,611 | 21,309,064 |
See accompanying notes which are an integral part of this schedule.
Invesco Convertible Securities Fund
Principal Amount | Value | ||
Electric Utilities–(continued) | |||
Southern Co. (The), Conv. Investment Units, 6.75%, 08/01/2022 | $259,073 | $14,147,976 | |
35,457,040 | |||
Financial Exchanges & Data–0.69% | |||
Coinbase Global, Inc., Conv., 0.50%, 06/01/2026(b) | 8,713,000 | 8,155,368 | |
Gas Utilities–0.49% | |||
UGI Corp., Conv. Investment Units, 7.25%, 06/01/2024 | 64,300 | 5,787,000 | |
Health Care Equipment–2.98% | |||
CryoPort, Inc., Conv., 0.75%, 12/01/2026(b) | 3,500,000 | 2,766,750 | |
DexCom, Inc., Conv., 0.25%, 11/15/2025 | 15,080,000 | 17,294,875 | |
Envista Holdings Corp., Conv., 2.38%, 06/01/2025 | 1,000,000 | 2,374,500 | |
Insulet Corp., Conv., 0.38%, 09/01/2026 | 9,800,000 | 13,038,900 | |
35,475,025 | |||
Health Care Services–0.42% | |||
Guardant Health, Inc., Conv., 0.00%, 11/15/2027(c) | 6,163,000 | 4,974,157 | |
Health Care Technology–0.31% | |||
Omnicell, Inc., Conv., 0.25%, 09/15/2025 | 2,635,000 | 3,727,208 | |
Hotel & Resort REITs–1.20% | |||
Pebblebrook Hotel Trust, Conv., 1.75%, 12/15/2026 | 12,376,000 | 14,250,964 | |
Hotels, Resorts & Cruise Lines–4.90% | |||
Airbnb, Inc., Conv., 0.00%, 03/15/2026(c) | 11,450,000 | 11,125,883 | |
Booking Holdings, Inc., Conv., 0.75%, 05/01/2025 | 9,504,000 | 13,761,792 | |
Expedia Group, Inc., Conv., 0.00%, 02/15/2026(c) | 13,034,000 | 15,918,424 | |
Marriott Vacations Worldwide Corp., Conv., 0.00%, 01/15/2026(c) | 9,000,000 | 9,810,000 | |
Royal Caribbean Cruises Ltd., Conv., 4.25%, 06/15/2023 | 5,846,000 | 7,665,860 | |
58,281,959 | |||
Industrial Machinery–0.54% | |||
John Bean Technologies Corp., Conv., 0.25%, 05/15/2026(b) | 6,600,000 | 6,372,300 | |
Interactive Home Entertainment–1.17% | |||
Sea Ltd. (Taiwan), Conv., 0.25%, 09/15/2026 | 9,900,000 | 7,950,690 | |
Spotify USA, Inc., Conv., 0.00%, 03/15/2026(c) | 7,000,000 | 5,999,917 | |
13,950,607 | |||
Interactive Media & Services–2.24% | |||
Snap, Inc., | |||
Conv., 0.00%, 05/01/2027(b)(c) | 15,100,000 | 12,940,700 | |
0.13%, 03/01/2028(b) | 4,000,000 | 3,994,000 |
Principal Amount | Value | ||
Interactive Media & Services–(continued) | |||
Twitter, Inc., | |||
Conv., 0.25%, 06/15/2024 | $3,700,000 | $3,774,000 | |
0.00%, 03/15/2026(c) | 7,000,000 | 5,911,500 | |
26,620,200 | |||
Internet & Direct Marketing Retail–1.76% | |||
Etsy, Inc., | |||
Conv., 0.13%, 09/01/2027 | 4,778,000 | 4,756,499 | |
0.25%, 06/15/2028(b) | 5,450,000 | 4,869,575 | |
Match Group Financeco 2, Inc., Conv., 0.88%, 06/15/2026(b) | 3,850,000 | 5,386,150 | |
Wayfair, Inc., Conv., 0.63%, 10/01/2025 | 7,125,000 | 5,885,250 | |
20,897,474 | |||
Internet Services & Infrastructure–3.26% | |||
Akamai Technologies, Inc., Conv., 0.13%, 05/01/2025 | 6,600,000 | 8,705,400 | |
Cloudflare, Inc., Conv., 0.00%, 08/15/2026(b)(c) | 11,560,000 | 11,560,000 | |
DigitalOcean Holdings, Inc., Conv., 0.00%, 12/01/2026(b)(c) | 2,610,000 | 2,076,255 | |
Okta, Inc., Conv., 0.38%, 06/15/2026 | 5,582,000 | 5,470,360 | |
Shopify, Inc. (Canada), Conv., 0.13%, 11/01/2025 | 11,577,000 | 10,992,361 | |
38,804,376 | |||
Investment Banking & Brokerage–0.96% | |||
JPMorgan Chase Financial Co. LLC, Conv., 0.25%, 05/01/2023(b) | 10,378,000 | 11,415,800 | |
Leisure Facilities–1.13% | |||
NCL Corp. Ltd., Conv., 5.38%, 08/01/2025 | 3,065,000 | 4,444,250 | |
Vail Resorts, Inc., Conv., 0.00%, 01/01/2026(c) | 9,262,000 | 9,016,441 | |
13,460,691 | |||
Life Sciences Tools & Services–0.35% | |||
NeoGenomics, Inc., Conv., 0.25%, 01/15/2028 | 6,275,000 | 4,114,047 | |
Mortgage REITs–0.17% | |||
Blackstone Mortgage Trust, Inc., Conv., 5.50%, 03/15/2027 | 2,000,000 | 1,975,000 | |
Movies & Entertainment–1.89% | |||
IMAX Corp., Conv., 0.50%, 04/01/2026 | 5,260,000 | 5,023,300 | |
Liberty Media Corp., Conv., 0.50%, 09/01/2024(b)(d) | 12,300,000 | 17,484,450 | |
22,507,750 | |||
Multi-Utilities–1.36% | |||
NiSource, Inc., Conv. Investment Units, 7.75%, 03/01/2024 | 135,900 | 16,169,382 | |
Oil & Gas Exploration & Production–4.39% | |||
EQT Corp., Conv., 1.75%, 05/01/2026 | 10,584,000 | 25,137,000 |
See accompanying notes which are an integral part of this schedule.
Invesco Convertible Securities Fund
Principal Amount | Value | ||
Oil & Gas Exploration & Production–(continued) | |||
Pioneer Natural Resources Co., Conv., 0.25%, 05/15/2025 | $11,378,000 | $27,073,951 | |
52,210,951 | |||
Pharmaceuticals–1.72% | |||
Jazz Investments I Ltd., Conv., 2.00%, 06/15/2026 | 10,200,000 | 12,417,694 | |
Pacira BioSciences, Inc., Conv., 0.75%, 08/01/2025 | 6,500,000 | 8,084,375 | |
20,502,069 | |||
Renewable Electricity–0.86% | |||
NextEra Energy Partners L.P., Conv., 0.00%, 11/15/2025(b)(c) | 9,023,000 | 10,253,396 | |
Research & Consulting Services–1.18% | |||
KBR, Inc., Conv., 2.50%, 11/01/2023 | 6,430,000 | 13,985,250 | |
Restaurants–0.90% | |||
Cheesecake Factory, Inc. (The), Conv., 0.38%, 06/15/2026 | 7,298,000 | 6,568,200 | |
Shake Shack, Inc., Conv., 0.00%, 03/01/2028(c) | 5,111,000 | 4,127,133 | |
10,695,333 | |||
Semiconductor Equipment–0.79% | |||
Enphase Energy, Inc., Conv., 0.00%, 03/01/2028(c) | 8,950,000 | 9,343,800 | |
Semiconductors–6.19% | |||
Impinj, Inc., Conv., 1.13%, 05/15/2027(b) | 5,200,000 | 4,904,250 | |
MACOM Technology Solutions Holdings, Inc., Conv., 0.25%, 03/15/2026(b) | 8,200,000 | 8,369,125 | |
Microchip Technology, Inc., Conv., 0.13%, 11/15/2024 | 24,324,000 | 27,718,610 | |
ON Semiconductor Corp., Conv., 0.00%, 05/01/2027(b)(c) | 9,700,000 | 13,172,600 | |
Silicon Laboratories, Inc., Conv., 0.63%, 06/15/2025 | 5,275,000 | 7,269,478 | |
Wolfspeed, Inc., Conv., 0.25%, 02/15/2028(b) | 10,700,000 | 12,151,187 | |
73,585,250 | |||
Specialty Stores–0.32% | |||
Dick’s Sporting Goods, Inc., Conv., 3.25%, 04/15/2025 | 1,200,000 | 3,746,250 | |
Systems Software–3.74% | |||
Palo Alto Networks, Inc., Conv., 0.75%, 07/01/2023 | 13,100,000 | 30,693,300 | |
Rapid7, Inc., Conv., 0.25%, 03/15/2027 | 8,775,000 | 10,955,587 | |
Zscaler, Inc., Conv., 0.13%, 07/01/2025 | 1,650,000 | 2,815,725 | |
44,464,612 | |||
Technology Hardware, Storage & Peripherals–0.78% | |||
Western Digital Corp., Conv., 1.50%, 02/01/2024 | 9,500,000 | 9,215,000 |
Principal Amount | Value | ||
Trucking–1.39% | |||
Lyft, Inc., Conv., 1.50%, 05/15/2025 | $2,650,000 | $3,295,275 | |
Uber Technologies, Inc., Conv., 0.00%, 12/15/2025(c) | 14,650,000 | 13,185,000 | |
16,480,275 | |||
Water Utilities–1.02% | |||
Essential Utilities, Inc., Conv. Amortizing Notes, 6.00%, 04/30/2022 | 197,300 | 12,072,787 | |
Total U.S. Dollar Denominated Bonds & Notes (Cost $880,753,423) | 934,439,534 | ||
Shares | |||
Preferred Stocks–16.49% | |||
Asset Management & Custody Banks–1.40% | |||
KKR & Co., Inc., 6.00%, Series C, Conv. Pfd. | 224,213 | 16,661,268 | |
Auto Parts & Equipment–1.24% | |||
Aptiv PLC, 5.50%, Series A, Conv. Pfd. | 108,066 | 14,747,767 | |
Broadcasting–0.37% | |||
Paramount Global, 5.75%, Series A, Conv. Pfd. | 78,875 | 4,381,506 | |
Diversified Banks–3.08% | |||
Bank of America Corp., 7.25%, Series L, Conv. Pfd. | 14,500 | 19,031,250 | |
Wells Fargo & Co., 7.50%, Class A, Series L, Conv. Pfd. | 13,300 | 17,622,500 | |
36,653,750 | |||
Health Care Equipment–2.54% | |||
Becton, Dickinson and Co., 6.00%, Series B, Conv. Pfd. | 310,414 | 16,396,067 | |
Boston Scientific Corp., 5.50%, Series A, Conv. Pfd. | 118,481 | 13,795,928 | |
30,191,995 | |||
Independent Power Producers & Energy Traders–0.21% | |||
AES Corp. (The), 6.88%, Conv. Pfd. | 25,000 | 2,473,250 | |
Industrial Machinery–1.32% | |||
RBC Bearings, Inc., 5.00%, Series A, Conv. Pfd. | 123,544 | 12,319,808 | |
Stanley Black & Decker, Inc., 5.25%, Conv. Pfd. | 39,100 | 3,437,281 | |
15,757,089 | |||
Life Sciences Tools & Services–2.36% | |||
Avantor, Inc., 6.25%, Series A, Conv. Pfd. | 112,112 | 11,606,955 | |
Danaher Corp., 5.00%, Series B, Conv. Pfd. | 10,400 | 16,424,096 | |
28,031,051 | |||
Semiconductors–2.90% | |||
Broadcom, Inc., 8.00%, Series A, Conv. Pfd. | 17,540 | 34,433,651 | |
Wireless Telecommunication Services–1.07% | |||
2020 Cash Mandatory Exchangeable Trust, 5.25%, Conv. Pfd.(b) | 11,340 | 12,672,450 | |
Total Preferred Stocks (Cost $162,773,070) | 196,003,777 |
See accompanying notes which are an integral part of this schedule.
Invesco Convertible Securities Fund
Shares | Value | ||
Money Market Funds–4.61% | |||
Invesco Government & Agency Portfolio, Institutional Class, 0.25%(e)(f) | 19,015,367 | $19,015,367 | |
Invesco Liquid Assets Portfolio, Institutional Class, 0.25%(e)(f) | 14,014,581 | 14,010,377 | |
Invesco Treasury Portfolio, Institutional Class, 0.16%(e)(f) | 21,731,849 | 21,731,849 | |
Total Money Market Funds (Cost $54,759,388) | 54,757,593 | ||
TOTAL INVESTMENTS IN SECURITIES–99.70% (Cost $1,098,285,881) | 1,185,200,904 | ||
OTHER ASSETS LESS LIABILITIES—0.30% | 3,570,395 | ||
NET ASSETS–100.00% | $1,188,771,299 |
Investment Abbreviations:
Conv. | – Convertible |
Pfd. | – Preferred |
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) | 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 aggregate value of these securities at March 31, 2022 was $230,335,238, which represented 19.38% of the Fund’s Net Assets. |
(c) | Zero coupon bond issued at a discount. The interest rate shown represents the yield to maturity at issue. |
(d) | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. |
(e) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the three months ended March 31, 2022. |
Value December 31, 2021 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value March 31, 2022 | Dividend Income | |
Investments in Affiliated Money Market Funds: | |||||||
Invesco Government & Agency Portfolio, Institutional Class | $9,593,320 | $32,353,005 | $(22,930,958) | $- | $- | $19,015,367 | $2,887 |
Invesco Liquid Assets Portfolio, Institutional Class | 7,285,927 | 23,109,290 | (16,379,256) | (2,781) | (2,803) | 14,010,377 | 1,606 |
Invesco Treasury Portfolio, Institutional Class | 10,963,794 | 36,974,863 | (26,206,808) | - | - | 21,731,849 | 1,758 |
Total | $27,843,041 | $92,437,158 | $(65,517,022) | $(2,781) | $(2,803) | $54,757,593 | $6,251 |
(f) | The rate shown is the 7-day SEC standardized yield as of March 31, 2022. |
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 Convertible Securities Fund
Notes to Quarterly Schedule of Portfolio Holdings
March 31, 2022
(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 or are unreliable. 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.
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 the Fund’s own 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 March 31, 2022. 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 | ||||
U.S. Dollar Denominated Bonds & Notes | $69,486,209 | $864,953,325 | $— | $934,439,534 |
Preferred Stocks | 196,003,777 | — | — | 196,003,777 |
Money Market Funds | 54,757,593 | — | — | 54,757,593 |
Total Investments | $320,247,579 | $864,953,325 | $— | $1,185,200,904 |
Invesco Convertible Securities Fund