NPORT-EX 2 edgar.htm
Schedule of Investments(a)
July 31, 2023
(Unaudited)
  Shares Value
Common Stocks & Other Equity Interests–99.09%
Advertising–2.29%
Trade Desk, Inc. (The), Class A(b) 341,879    $31,199,877
Aerospace & Defense–2.54%
Airbus SE (France) 67,897    10,002,930
Axon Enterprise, Inc.(b) 24,981     4,644,717
TransDigm Group, Inc. 22,099    19,882,912
      34,530,559
Application Software–16.23%
Adobe, Inc.(b) 64,020    34,965,803
Braze, Inc., Class A(b) 151,574     6,890,554
Confluent, Inc., Class A(b)(c) 371,822    12,842,732
Datadog, Inc., Class A(b) 191,582    22,361,451
HubSpot, Inc.(b) 51,490    29,892,520
Manhattan Associates, Inc.(b) 32,821     6,256,339
Procore Technologies, Inc.(b)(c) 224,389    17,019,906
Salesforce, Inc.(b) 76,005    17,101,885
Samsara, Inc., Class A(b) 490,376    13,701,105
Sprout Social, Inc., Class A(b)(c) 123,342     7,047,762
Synopsys, Inc.(b) 84,287    38,080,867
Workday, Inc., Class A(b) 62,140    14,735,258
      220,896,182
Automobile Manufacturers–0.90%
Tesla, Inc.(b) 45,683    12,217,005
Automotive Parts & Equipment–0.50%
Mobileye Global, Inc., Class A (Israel)(b) 179,766     6,863,466
Broadline Retail–4.49%
Amazon.com, Inc.(b) 360,083    48,135,895
MercadoLibre, Inc. (Brazil)(b) 10,410    12,888,101
      61,023,996
Cargo Ground Transportation–0.32%
Saia, Inc.(b) 10,174     4,305,026
Casinos & Gaming–0.88%
DraftKings, Inc., Class A(b) 377,333    11,991,643
Construction & Engineering–0.51%
Comfort Systems USA, Inc. 39,926     6,945,926
Education Services–0.90%
Duolingo, Inc.(b)(c) 79,298    12,306,257
Electrical Components & Equipment–0.74%
Eaton Corp. PLC 49,155    10,092,505
Electronic Manufacturing Services–1.45%
Flex Ltd.(b) 721,183    19,731,567
Health Care Equipment–0.84%
DexCom, Inc.(b) 92,208    11,485,428
Industrial Machinery & Supplies & Components–0.51%
Parker-Hannifin Corp. 17,058     6,993,951
  Shares Value
Interactive Media & Services–10.03%
Alphabet, Inc., Class A(b) 467,836    $62,091,194
Meta Platforms, Inc., Class A(b) 233,259    74,316,317
      136,407,511
Internet Services & Infrastructure–4.30%
MongoDB, Inc.(b) 58,893    24,935,296
Shopify, Inc., Class A (Canada)(b) 204,587    13,825,990
Snowflake, Inc., Class A(b) 111,145    19,751,578
      58,512,864
Movies & Entertainment–4.63%
Atlanta Braves Holdings, Inc., Class H(b) 4,441       180,853
Liberty Media Corp.-Liberty Formula One, Class C(b) 153,359    11,133,863
Netflix, Inc.(b) 97,603    42,844,789
World Wrestling Entertainment, Inc., Class A(c) 84,187     8,839,635
      62,999,140
Passenger Ground Transportation–1.06%
Uber Technologies, Inc.(b) 290,692    14,377,626
Semiconductor Materials & Equipment–3.64%
Applied Materials, Inc. 69,252    10,497,911
ASML Holding N.V., New York Shares (Netherlands) 11,955     8,564,682
Entegris, Inc. 120,540    13,224,443
Lam Research Corp. 23,951    17,208,554
      49,495,590
Semiconductors–18.83%
Advanced Micro Devices, Inc.(b) 118,081    13,508,466
Broadcom, Inc. 36,380    32,692,887
GLOBALFOUNDRIES, Inc.(b) 105,359     6,710,315
Lattice Semiconductor Corp.(b)(c) 239,353    21,766,762
Monolithic Power Systems, Inc. 51,232    28,663,792
NVIDIA Corp. 252,654   118,062,688
ON Semiconductor Corp.(b) 66,722     7,189,295
Silicon Laboratories, Inc.(b)(c) 40,395     6,024,510
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan) 217,716    21,586,541
      256,205,256
Systems Software–16.36%
CyberArk Software Ltd.(b) 59,722     9,914,449
Microsoft Corp. 298,128   100,147,158
Monday.com Ltd.(b) 37,356     6,753,218
Oracle Corp. 261,755    30,685,538
Palo Alto Networks, Inc.(b) 168,132    42,026,275
ServiceNow, Inc.(b) 56,802    33,115,566
      222,642,204
Technology Hardware, Storage & Peripherals–4.38%
Apple, Inc. 303,001    59,524,546
Trading Companies & Distributors–0.23%
W.W. Grainger, Inc. 4,176     3,083,934
 
See accompanying notes which are an integral part of this schedule.
Invesco Technology Fund
  Shares Value
Transaction & Payment Processing Services–2.53%
Mastercard, Inc., Class A 36,779    $14,501,224
Visa, Inc., Class A(c) 83,920    19,950,302
      34,451,526
Total Common Stocks & Other Equity Interests (Cost $862,647,478) 1,348,283,585
Money Market Funds–0.33%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e) 1,431,309     1,431,309
Invesco Liquid Assets Portfolio, Institutional Class, 5.28%(d)(e) 1,450,497     1,450,642
Invesco Treasury Portfolio, Institutional Class, 5.18%(d)(e) 1,635,781     1,635,781
Total Money Market Funds (Cost $4,517,524) 4,517,732
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.42% (Cost $867,165,002)     1,352,801,317
  Shares Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–4.66%
Invesco Private Government Fund, 5.24%(d)(e)(f) 17,737,574    $17,737,574
Invesco Private Prime Fund, 5.38%(d)(e)(f) 45,610,905    45,610,905
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $63,344,972) 63,348,479
TOTAL INVESTMENTS IN SECURITIES–104.08% (Cost $930,509,974) 1,416,149,796
OTHER ASSETS LESS LIABILITIES—(4.08)% (55,461,286)
NET ASSETS–100.00% $1,360,688,510
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 three months ended July 31, 2023.
    
  Value
April 30, 2023 		Purchases
at Cost 		Proceeds
from Sales 		Change in
Unrealized
Appreciation
(Depreciation) 		Realized
Gain
(Loss) 		Value
July 31, 2023 		Dividend Income
Investments in Affiliated Money Market Funds:              
Invesco Government & Agency Portfolio, Institutional Class $5,835,409 $29,452,491 $(33,856,591) $- $- $1,431,309 $66,815
Invesco Liquid Assets Portfolio, Institutional Class 4,597,308 21,037,493 (24,183,280) (782) (97) 1,450,642 51,337
Invesco Treasury Portfolio, Institutional Class 6,669,039 33,659,990 (38,693,248) - - 1,635,781 71,827
Investments Purchased with Cash Collateral from Securities on Loan:              
Invesco Private Government Fund 15,785,224 82,747,922 (80,795,572) - - 17,737,574 314,087*
Invesco Private Prime Fund 40,590,577 196,440,284 (191,420,891) 3,920 (2,985) 45,610,905 831,157*
Total $73,477,557 $363,338,180 $(368,949,582) $3,138 $(3,082) $67,866,211 $1,335,223
    
* 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 Technology 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 $1,338,280,655 $10,002,930 $— $1,348,283,585
Money Market Funds 4,517,732 63,348,479 — 67,866,211
Total Investments $1,342,798,387 $73,351,409 $— $1,416,149,796
Invesco Technology Fund