Schedule of Investments(a)
January 31, 2022
(Unaudited)
| Shares | Value | ||
| Common Stocks & Other Equity Interests–98.42% | |||
| Aerospace & Defense–1.13% | |||
| Textron, Inc. | 1,688,406 | $114,912,912 | |
| Air Freight & Logistics–1.49% | |||
| FedEx Corp. | 616,753 | 151,634,893 | |
| Application Software–1.10% | |||
| CDK Global, Inc.(b) | 2,592,056 | 111,380,646 | |
| Asset Management & Custody Banks–2.66% | |||
| Bank of New York Mellon Corp. (The) | 2,576,723 | 152,696,605 | |
| State Street Corp. | 1,245,274 | 117,678,393 | |
| 270,374,998 | |||
| Automobile Manufacturers–1.81% | |||
| General Motors Co.(c) | 3,487,685 | 183,905,630 | |
| Building Products–1.70% | |||
| Johnson Controls International PLC | 2,373,631 | 172,491,765 | |
| Cable & Satellite–1.34% | |||
| Comcast Corp., Class A | 2,730,922 | 136,518,791 | |
| Casinos & Gaming–1.09% | |||
| Las Vegas Sands Corp.(b)(c) | 2,523,489 | 110,528,818 | |
| Communications Equipment–2.00% | |||
| Cisco Systems, Inc. | 3,653,849 | 203,409,774 | |
| Construction Machinery & Heavy Trucks–3.03% | |||
| Caterpillar, Inc. | 827,570 | 166,805,009 | |
| Wabtec Corp.(b) | 1,581,048 | 140,555,167 | |
| 307,360,176 | |||
| Consumer Finance–0.41% | |||
| Capital One Financial Corp. | 283,370 | 41,578,880 | |
| Diversified Banks–10.27% | |||
| Bank of America Corp. | 7,073,589 | 326,375,396 | |
| Citigroup, Inc. | 4,858,956 | 316,415,215 | |
| JPMorgan Chase & Co. | 812,453 | 120,730,516 | |
| Wells Fargo & Co. | 5,184,004 | 278,899,415 | |
| 1,042,420,542 | |||
| Electric Utilities–1.60% | |||
| Exelon Corp. | 2,798,463 | 162,170,931 | |
| Electrical Components & Equipment–3.43% | |||
| Eaton Corp. PLC | 1,104,841 | 175,039,960 | |
| Emerson Electric Co. | 1,883,180 | 173,158,401 | |
| 348,198,361 | |||
| Fertilizers & Agricultural Chemicals–3.07% | |||
| CF Industries Holdings, Inc.(b) | 2,130,590 | 146,733,733 | |
| Corteva, Inc. | 3,441,145 | 165,450,252 | |
| 312,183,985 | |||
| Health Care Distributors–2.62% | |||
| Henry Schein, Inc.(c) | 1,434,259 | 107,999,702 | |
| Shares | Value | ||
| Health Care Distributors–(continued) | |||
| McKesson Corp. | 615,026 | $157,889,475 | |
| 265,889,177 | |||
| Health Care Equipment–1.02% | |||
| Becton, Dickinson and Co.(b) | 409,534 | 104,078,971 | |
| Health Care Facilities–2.11% | |||
| HCA Healthcare, Inc. | 487,203 | 116,953,080 | |
| Universal Health Services, Inc., Class B(b) | 745,164 | 96,916,030 | |
| 213,869,110 | |||
| Health Care Services–1.96% | |||
| CVS Health Corp. | 1,865,938 | 198,741,056 | |
| Health Care Supplies–0.61% | |||
| DENTSPLY SIRONA, Inc. | 1,159,048 | 61,916,344 | |
| Hotel & Resort REITs–0.95% | |||
| Host Hotels & Resorts, Inc.(b)(c) | 5,537,714 | 96,023,961 | |
| Hotels, Resorts & Cruise Lines–1.36% | |||
| Booking Holdings, Inc.(c) | 56,403 | 138,533,100 | |
| Household Products–1.93% | |||
| Colgate-Palmolive Co. | 898,771 | 74,103,669 | |
| Kimberly-Clark Corp. | 884,425 | 121,741,101 | |
| 195,844,770 | |||
| Industrial Conglomerates–1.19% | |||
| General Electric Co. | 1,282,726 | 121,191,953 | |
| Integrated Oil & Gas–3.71% | |||
| Chevron Corp. | 1,685,342 | 221,335,965 | |
| Suncor Energy, Inc. (Canada)(b) | 5,422,712 | 154,926,882 | |
| 376,262,847 | |||
| Internet & Direct Marketing Retail–0.45% | |||
| eBay, Inc. | 764,524 | 45,924,957 | |
| Investment Banking & Brokerage–2.85% | |||
| Goldman Sachs Group, Inc. (The) | 422,176 | 149,737,384 | |
| Morgan Stanley | 1,360,459 | 139,501,466 | |
| 289,238,850 | |||
| IT Consulting & Other Services–3.19% | |||
| Cognizant Technology Solutions Corp., Class A | 2,467,196 | 210,747,882 | |
| DXC Technology Co.(c) | 3,758,101 | 113,043,678 | |
| 323,791,560 | |||
| Life & Health Insurance–0.98% | |||
| MetLife, Inc. | 1,491,252 | 100,003,359 | |
| Managed Health Care–2.80% | |||
| Anthem, Inc. | 547,367 | 241,383,373 | |
| UnitedHealth Group, Inc. | 91,357 | 43,172,578 | |
| 284,555,951 | |||
| Multi-line Insurance–2.31% | |||
| American International Group, Inc. | 4,066,076 | 234,815,889 | |
See accompanying notes which are an integral part of this schedule.
Invesco Comstock Fund
| Shares | Value | ||
| Oil & Gas Exploration & Production–7.84% | |||
| Canadian Natural Resources Ltd. (Canada) | 693,907 | $35,297,193 | |
| ConocoPhillips | 1,259,637 | 111,629,031 | |
| Devon Energy Corp.(b) | 3,044,831 | 153,977,104 | |
| Hess Corp. | 1,510,730 | 139,425,272 | |
| Marathon Oil Corp. | 7,808,667 | 152,034,746 | |
| Pioneer Natural Resources Co. | 930,667 | 203,713,699 | |
| 796,077,045 | |||
| Packaged Foods & Meats–0.63% | |||
| Kraft Heinz Co. (The) | 1,788,595 | 64,031,701 | |
| Paper Packaging–1.37% | |||
| International Paper Co. | 2,880,172 | 138,968,299 | |
| Pharmaceuticals–5.13% | |||
| Bristol-Myers Squibb Co. | 1,490,516 | 96,719,583 | |
| Johnson & Johnson | 1,012,491 | 174,442,074 | |
| Merck & Co., Inc. | 1,275,472 | 103,925,459 | |
| Sanofi, ADR (France) | 2,804,002 | 145,808,104 | |
| 520,895,220 | |||
| Property & Casualty Insurance–0.86% | |||
| Allstate Corp. (The) | 720,987 | 87,001,501 | |
| Regional Banks–3.92% | |||
| Citizens Financial Group, Inc. | 2,979,003 | 153,329,284 | |
| Fifth Third Bancorp | 3,189,601 | 142,351,893 | |
| Huntington Bancshares, Inc. | 4,152,124 | 62,530,987 | |
| M&T Bank Corp.(b) | 233,628 | 39,571,911 | |
| 397,784,075 | |||
| Semiconductors–3.82% | |||
| Intel Corp. | 1,430,847 | 69,853,951 | |
| NXP Semiconductors N.V. (China) | 840,293 | 172,629,794 | |
| QUALCOMM, Inc. | 824,779 | 144,963,157 | |
| 387,446,902 | |||
| Soft Drinks–1.83% | |||
| Coca-Cola Co. (The) | 3,041,127 | 185,539,158 | |
| Shares | Value | ||
| Systems Software–1.59% | |||
| Microsoft Corp. | 518,910 | $161,370,632 | |
| Tobacco–4.48% | |||
| Altria Group, Inc. | 2,624,387 | 133,528,811 | |
| Philip Morris International, Inc. | 3,121,851 | 321,082,375 | |
| 454,611,186 | |||
| Wireless Telecommunication Services–0.78% | |||
| T-Mobile US, Inc.(c) | 733,546 | 79,347,671 | |
| Total Common Stocks & Other Equity Interests (Cost $5,693,216,872) | 9,992,826,347 | ||
| Money Market Funds–1.71% | |||
| Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e) | 60,987,937 | 60,987,937 | |
| Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(d)(e) | 43,171,579 | 43,175,896 | |
| Invesco Treasury Portfolio, Institutional Class, 0.01%(d)(e) | 69,700,500 | 69,700,500 | |
| Total Money Market Funds (Cost $173,855,687) | 173,864,333 | ||
| TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.13% (Cost $5,867,072,559) | 10,166,690,680 | ||
| Investments Purchased with Cash Collateral from Securities on Loan | |||
| Money Market Funds–0.55% | |||
| Invesco Private Government Fund, 0.02%(d)(e)(f) | 16,751,112 | 16,751,112 | |
| Invesco Private Prime Fund, 0.11%(d)(e)(f) | 39,078,112 | 39,085,926 | |
| Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $55,837,040) | 55,837,038 | ||
| TOTAL INVESTMENTS IN SECURITIES–100.68% (Cost $5,922,909,599) | 10,222,527,718 | ||
| OTHER ASSETS LESS LIABILITIES—(0.68)% | (68,570,510) | ||
| NET ASSETS–100.00% | $10,153,957,208 | ||
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) | All or a portion of this security was out on loan at January 31, 2022. |
| (c) | Non-income producing security. |
| (d) | 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 nine months ended January 31, 2022. |
| Value April 30, 2021 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value January 31, 2022 | Dividend Income | |
| Investments in Affiliated Money Market Funds: | |||||||
| Invesco Government & Agency Portfolio, Institutional Class | $47,711,355 | $276,779,654 | $(263,503,072) | $- | $- | $60,987,937 | $10,153 |
| Invesco Liquid Assets Portfolio, Institutional Class | 35,298,735 | 195,784,375 | (187,895,029) | (7,071) | (5,114) | 43,175,896 | 3,235 |
| Invesco Treasury Portfolio, Institutional Class | 54,527,262 | 316,319,604 | (301,146,366) | - | - | 69,700,500 | 4,558 |
See accompanying notes which are an integral part of this schedule.
Invesco Comstock Fund
| Value April 30, 2021 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value January 31, 2022 | Dividend Income | |
| Investments Purchased with Cash Collateral from Securities on Loan: | |||||||
| Invesco Private Government Fund | $18,814,880 | $583,061,725 | $(585,125,493) | $- | $- | $16,751,112 | $2,321* |
| Invesco Private Prime Fund | 28,222,320 | 1,136,923,100 | (1,126,047,878) | (2) | (11,614) | 39,085,926 | 32,236* |
| Total | $184,574,552 | $2,508,868,458 | $(2,463,717,838) | $(7,073) | $(16,728) | $229,701,371 | $52,503 |
| * | 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 January 31, 2022. |
| (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. |
| Open Forward Foreign Currency Contracts | ||||||
| Settlement Date | Counterparty | Contract to | Unrealized Appreciation (Depreciation) | |||
| Deliver | Receive | |||||
| Currency Risk | ||||||
| 02/04/2022 | Deutsche Bank AG | EUR | 1,630,095 | USD | 1,853,527 | $22,124 |
| 02/04/2022 | Deutsche Bank AG | USD | 4,062,100 | CAD | 5,173,224 | 7,610 |
| 02/04/2022 | Goldman Sachs International | EUR | 61,945,718 | USD | 69,993,148 | 397,449 |
| 02/04/2022 | J.P. Morgan Chase Bank, N.A. | EUR | 1,490,948 | USD | 1,701,978 | 26,905 |
| Subtotal—Appreciation | 454,088 | |||||
| Currency Risk | ||||||
| 02/04/2022 | Deutsche Bank AG | CAD | 8,310,227 | USD | 6,510,043 | (27,508) |
| 02/04/2022 | Deutsche Bank AG | EUR | 2,591,973 | USD | 2,888,951 | (23,117) |
| 02/04/2022 | Deutsche Bank AG | USD | 15,922,240 | CAD | 20,065,131 | (137,255) |
| 02/04/2022 | Goldman Sachs International | CAD | 148,457,519 | USD | 116,334,530 | (455,124) |
| 02/04/2022 | Goldman Sachs International | USD | 8,365,875 | CAD | 10,501,444 | (104,521) |
| 02/04/2022 | J.P. Morgan Chase Bank, N.A. | USD | 1,433,277 | EUR | 1,255,103 | (23,175) |
| Subtotal—Depreciation | (770,700) | |||||
| Total Forward Foreign Currency Contracts | $(316,612) | |||||
| Abbreviations: | |
| CAD | —Canadian Dollar |
| EUR | —Euro |
| USD | —U.S. Dollar |
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 Comstock Fund
Notes to Quarterly Schedule of Portfolio Holdings
January 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 January 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 | ||||
| Common Stocks & Other Equity Interests | $9,992,826,347 | $— | $— | $9,992,826,347 |
| Money Market Funds | 173,864,333 | 55,837,038 | — | 229,701,371 |
| Total Investments in Securities | 10,166,690,680 | 55,837,038 | — | 10,222,527,718 |
| Other Investments - Assets* | ||||
| Forward Foreign Currency Contracts | — | 454,088 | — | 454,088 |
| Other Investments - Liabilities* | ||||
| Forward Foreign Currency Contracts | — | (770,700) | — | (770,700) |
| Total Other Investments | — | (316,612) | — | (316,612) |
| Total Investments | $10,166,690,680 | $55,520,426 | $— | $10,222,211,106 |
| * | Unrealized appreciation (depreciation). |
Invesco Comstock Fund