Schedule of Investments(a)
July 31, 2023
(Unaudited)
Shares | Value | ||
Common Stocks & Other Equity Interests–96.59% | |||
Biotechnology–16.87% | |||
AbbVie, Inc. | 59,030 | $8,829,707 | |
Abcam PLC, ADR (United Kingdom)(b)(c) | 186,986 | 4,382,952 | |
Alnylam Pharmaceuticals, Inc.(b) | 40,698 | 7,952,389 | |
Argenx SE, ADR (Netherlands)(b) | 30,601 | 15,437,592 | |
Arrowhead Pharmaceuticals, Inc.(b) | 37,695 | 1,301,231 | |
Ascendis Pharma A/S, ADR (Denmark)(b) | 33,049 | 2,979,367 | |
Biogen, Inc.(b) | 60,321 | 16,298,131 | |
CSL Ltd. (Australia) | 26,871 | 4,844,147 | |
Cytokinetics, Inc.(b)(c) | 87,863 | 2,930,231 | |
Exact Sciences Corp.(b) | 103,579 | 10,103,096 | |
Exelixis, Inc.(b) | 167,258 | 3,296,655 | |
Genmab A/S, ADR (Denmark)(b)(c) | 154,335 | 6,383,296 | |
Gilead Sciences, Inc. | 95,404 | 7,264,061 | |
Halozyme Therapeutics, Inc.(b) | 69,301 | 2,977,171 | |
ImmunoGen, Inc.(b) | 149,296 | 2,660,455 | |
Karuna Therapeutics, Inc.(b) | 15,333 | 3,063,073 | |
Legend Biotech Corp., ADR(b)(c) | 145,658 | 11,000,092 | |
Madrigal Pharmaceuticals, Inc.(b)(c) | 11,247 | 2,309,009 | |
Natera, Inc.(b) | 79,729 | 3,605,345 | |
Regeneron Pharmaceuticals, Inc.(b) | 47,334 | 35,117,568 | |
Sarepta Therapeutics, Inc.(b)(c) | 37,176 | 4,029,507 | |
Ultragenyx Pharmaceutical, Inc.(b)(c) | 63,525 | 2,739,198 | |
United Therapeutics Corp.(b) | 15,679 | 3,805,607 | |
Vaxcyte, Inc.(b)(c) | 57,420 | 2,759,605 | |
Vertex Pharmaceuticals, Inc.(b) | 149,654 | 52,729,090 | |
Viking Therapeutics, Inc.(b)(c) | 56,457 | 818,627 | |
Zentalis Pharmaceuticals, Inc.(b)(c) | 75,218 | 2,009,073 | |
221,626,275 | |||
Health Care Distributors–4.74% | |||
AmerisourceBergen Corp. | 151,923 | 28,394,409 | |
McKesson Corp. | 84,165 | 33,867,996 | |
62,262,405 | |||
Health Care Equipment–24.07% | |||
AtriCure, Inc.(b) | 63,163 | 3,496,072 | |
Axonics, Inc.(b) | 61,787 | 3,730,081 | |
Becton, Dickinson and Co. | 61,758 | 17,207,014 | |
Boston Scientific Corp.(b) | 1,047,752 | 54,325,941 | |
CONMED Corp.(c) | 29,172 | 3,531,271 | |
DexCom, Inc.(b) | 257,013 | 32,013,539 | |
GE HealthCare Technologies, Inc. | 95,014 | 7,411,092 | |
Glaukos Corp.(b) | 18,227 | 1,406,031 | |
IDEXX Laboratories, Inc.(b) | 46,792 | 25,956,926 | |
Inspire Medical Systems, Inc.(b) | 50,068 | 14,410,071 | |
Insulet Corp.(b) | 51,917 | 14,368,030 | |
Intuitive Surgical, Inc.(b) | 134,579 | 43,657,428 | |
Penumbra, Inc.(b) | 36,422 | 11,048,978 | |
ResMed, Inc. | 51,780 | 11,513,283 | |
Shockwave Medical, Inc.(b) | 52,609 | 13,709,905 | |
STERIS PLC | 18,585 | 4,191,847 | |
Stryker Corp. | 171,342 | 48,560,036 | |
TransMedics Group, Inc.(b) | 61,292 | 5,711,189 | |
316,248,734 |
Shares | Value | ||
Health Care Facilities–5.83% | |||
Acadia Healthcare Co., Inc.(b) | 81,052 | $6,405,540 | |
Encompass Health Corp. | 186,443 | 12,310,831 | |
HCA Healthcare, Inc. | 148,465 | 40,502,737 | |
Surgery Partners, Inc.(b) | 208,010 | 8,035,426 | |
Tenet Healthcare Corp.(b) | 124,088 | 9,273,096 | |
76,527,630 | |||
Health Care Services–1.12% | |||
Guardant Health, Inc.(b) | 58,308 | 2,275,178 | |
NeoGenomics, Inc.(b) | 154,636 | 2,679,842 | |
Privia Health Group, Inc.(b) | 159,167 | 4,443,943 | |
RadNet, Inc.(b) | 162,328 | 5,369,810 | |
14,768,773 | |||
Health Care Supplies–3.01% | |||
Align Technology, Inc.(b) | 24,673 | 9,323,680 | |
Cooper Cos., Inc. (The) | 32,887 | 12,867,368 | |
Haemonetics Corp.(b)(c) | 76,279 | 7,035,975 | |
Lantheus Holdings, Inc.(b)(c) | 66,148 | 5,721,140 | |
Merit Medical Systems, Inc.(b) | 61,781 | 4,613,187 | |
39,561,350 | |||
Health Care Technology–1.00% | |||
Evolent Health, Inc., Class A(b)(c) | 181,570 | 5,517,912 | |
Veeva Systems, Inc., Class A(b) | 37,390 | 7,635,786 | |
13,153,698 | |||
Life Sciences Tools & Services–8.17% | |||
10X Genomics, Inc., Class A(b) | 115,967 | 7,303,601 | |
Agilent Technologies, Inc. | 30,836 | 3,754,900 | |
Bruker Corp. | 128,101 | 8,803,101 | |
Danaher Corp. | 13,651 | 3,481,824 | |
ICON PLC(b) | 42,103 | 10,585,115 | |
Lonza Group AG (Switzerland) | 9,433 | 5,474,939 | |
Maravai LifeSciences Holdings, Inc., Class A(b) | 153,142 | 1,732,036 | |
Medpace Holdings, Inc.(b) | 28,064 | 7,104,963 | |
Mettler-Toledo International, Inc.(b) | 1,941 | 2,440,749 | |
Pacific Biosciences of California, Inc.(b)(c) | 127,604 | 1,685,649 | |
Repligen Corp.(b)(c) | 16,912 | 2,901,423 | |
Thermo Fisher Scientific, Inc. | 58,749 | 32,233,226 | |
West Pharmaceutical Services, Inc. | 53,801 | 19,800,920 | |
107,302,446 | |||
Managed Health Care–9.21% | |||
Elevance Health, Inc. | 17,086 | 8,058,270 | |
Humana, Inc. | 31,523 | 14,400,652 | |
Molina Healthcare, Inc.(b) | 19,674 | 5,990,536 | |
Progyny, Inc.(b)(c) | 94,144 | 3,931,454 | |
UnitedHealth Group, Inc. | 174,980 | 88,604,623 | |
120,985,535 | |||
Pharmaceuticals–22.57% | |||
AstraZeneca PLC (United Kingdom) | 43,134 | 6,188,214 | |
AstraZeneca PLC, ADR (United Kingdom) | 656,541 | 47,073,990 | |
Axsome Therapeutics, Inc.(b)(c) | 31,104 | 2,440,731 |
See accompanying notes which are an integral part of this schedule.
Invesco Health Care Fund
Shares | Value | ||
Pharmaceuticals–(continued) | |||
Eli Lilly and Co. | 209,755 | $95,344,134 | |
Intra-Cellular Therapies, Inc.(b) | 89,529 | 5,536,473 | |
Merck & Co., Inc. | 571,256 | 60,924,453 | |
Novo Nordisk A/S, Class B (Denmark) | 193,940 | 31,280,876 | |
Revance Therapeutics, Inc.(b)(c) | 54,730 | 1,293,270 | |
Sanofi, ADR | 265,611 | 14,175,659 | |
Zoetis, Inc. | 171,787 | 32,311,417 | |
296,569,217 | |||
Total Common Stocks & Other Equity Interests (Cost $905,720,604) | 1,269,006,063 | ||
Money Market Funds–3.43% | |||
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e) | 15,558,188 | 15,558,188 | |
Invesco Liquid Assets Portfolio, Institutional Class, 5.28%(d)(e) | 11,760,995 | 11,762,172 | |
Invesco Treasury Portfolio, Institutional Class, 5.18%(d)(e) | 17,780,786 | 17,780,786 | |
Total Money Market Funds (Cost $45,099,661) | 45,101,146 | ||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.02% (Cost $950,820,265) | 1,314,107,209 |
Shares | Value | ||
Investments Purchased with Cash Collateral from Securities on Loan | |||
Money Market Funds–3.22% | |||
Invesco Private Government Fund, 5.24%(d)(e)(f) | 11,858,115 | $11,858,115 | |
Invesco Private Prime Fund, 5.38%(d)(e)(f) | 30,492,296 | 30,492,296 | |
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $42,349,329) | 42,350,411 | ||
TOTAL INVESTMENTS IN SECURITIES–103.24% (Cost $993,169,594) | 1,356,457,620 | ||
OTHER ASSETS LESS LIABILITIES—(3.24)% | (42,578,814) | ||
NET ASSETS–100.00% | $1,313,878,806 |
Investment Abbreviations:
ADR | – American Depositary Receipt |
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 July 31, 2023. |
(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 July 31, 2023. |
Value October 31, 2022 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value July 31, 2023 | Dividend Income | |
Investments in Affiliated Money Market Funds: | |||||||
Invesco Government & Agency Portfolio, Institutional Class | $16,763,030 | $96,527,774 | $(97,732,616) | $- | $- | $15,558,188 | $449,340 |
Invesco Liquid Assets Portfolio, Institutional Class | 12,624,352 | 68,948,410 | (69,809,011) | (3,680) | 2,101 | 11,762,172 | 352,318 |
Invesco Treasury Portfolio, Institutional Class | 19,157,749 | 110,317,456 | (111,694,419) | - | - | 17,780,786 | 512,710 |
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||
Invesco Private Government Fund | 10,015,507 | 126,118,451 | (124,275,843) | - | - | 11,858,115 | 316,362* |
Invesco Private Prime Fund | 27,798,816 | 266,978,983 | (264,288,313) | 1,072 | 1,738 | 30,492,296 | 851,294* |
Total | $86,359,454 | $668,891,074 | $(667,800,202) | $(2,608) | $3,839 | $87,451,557 | $2,482,024 |
* | 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 July 31, 2023. |
(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 Health Care Fund
Notes to Quarterly Schedule of Portfolio Holdings
July 31, 2023
(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.
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 July 31, 2023. 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 | $1,221,217,887 | $47,788,176 | $— | $1,269,006,063 |
Money Market Funds | 45,101,146 | 42,350,411 | — | 87,451,557 |
Total Investments | $1,266,319,033 | $90,138,587 | $— | $1,356,457,620 |
Invesco Health Care Fund