Schedule of Investments(a)  
July 31, 2025
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests–95.42%
Aerospace & Defense–1.23%
Textron, Inc.
1,996,504
$155,268,116
Air Freight & Logistics–1.66%
FedEx Corp.
936,361
209,267,320
Asset Management & Custody Banks–2.07%
State Street Corp.
2,335,889
261,035,596
Biotechnology–0.38%
Regeneron Pharmaceuticals, Inc.
86,474
47,168,108
Brewers–0.84%
Anheuser-Busch InBev S.A./N.V.
(Belgium)
1,830,870
105,261,573
Broadline Retail–1.47%
eBay, Inc.
2,019,663
185,304,080
Building Products–1.51%
Johnson Controls International PLC
1,810,066
190,056,930
Cable & Satellite–1.72%
Charter Communications, Inc.,
Class A(b)(c)
421,360
113,497,530
Comcast Corp., Class A
3,113,797
103,471,474
 
 
216,969,004
Casinos & Gaming–0.91%
Las Vegas Sands Corp.
2,195,971
115,068,880
Communications Equipment–3.22%
Cisco Systems, Inc.
4,573,252
311,346,996
F5, Inc.(b)
299,690
93,928,840
 
 
405,275,836
Construction Machinery & Heavy Transportation Equipment–
2.17%
Caterpillar, Inc.
308,750
135,238,675
Wabtec Corp.
719,424
138,165,379
 
 
273,404,054
Consumer Finance–0.41%
Capital One Financial Corp.
239,289
51,447,135
Diversified Banks–9.28%
Bank of America Corp.
8,860,934
418,856,350
Citigroup, Inc.
2,420,742
226,823,526
Fifth Third Bancorp
4,147,707
172,420,180
Wells Fargo & Co.
4,345,094
350,344,929
 
 
1,168,444,985
Electric Utilities–0.83%
Evergy, Inc.(c)
1,467,566
103,903,673
Electrical Components & Equipment–2.98%
Eaton Corp. PLC
490,040
188,528,189
Emerson Electric Co.(c)
1,284,609
186,923,455
 
 
375,451,644
 
Shares
Value
Fertilizers & Agricultural Chemicals–0.66%
CF Industries Holdings, Inc.
27,443
$2,547,534
Corteva, Inc.
1,110,926
80,131,092
 
 
82,678,626
Food Distributors–1.88%
Sysco Corp.(c)
2,968,309
236,277,396
Footwear–0.88%
NIKE, Inc., Class B
1,486,225
111,006,145
Health Care Distributors–0.70%
Henry Schein, Inc.(b)(c)
1,304,895
88,276,147
Health Care Equipment–2.80%
Baxter International, Inc.(c)
1,657,790
36,073,510
Becton, Dickinson and Co.(c)
639,160
113,930,270
GE HealthCare Technologies, Inc.
1,090,741
77,791,648
Medtronic PLC
1,377,949
124,346,118
 
 
352,141,546
Health Care Services–2.14%
CVS Health Corp.
4,334,204
269,154,068
Household Products–4.04%
Clorox Co. (The)
799,505
100,385,848
Kimberly-Clark Corp.
1,439,618
179,405,195
Reckitt Benckiser Group PLC (United
Kingdom)
3,054,092
228,891,245
 
 
508,682,288
Integrated Oil & Gas–4.60%
Chevron Corp.
1,936,734
293,686,344
Exxon Mobil Corp.
1,007,728
112,502,754
Suncor Energy, Inc. (Canada)
4,390,914
173,265,466
 
 
579,454,564
Interactive Media & Services–4.14%
Alphabet, Inc., Class A
1,436,929
275,746,675
Meta Platforms, Inc., Class A
316,580
244,855,635
 
 
520,602,310
Investment Banking & Brokerage–0.52%
Goldman Sachs Group, Inc. (The)
90,908
65,780,120
IT Consulting & Other Services–2.13%
Cognizant Technology Solutions Corp.,
Class A
2,815,543
202,043,366
DXC Technology Co.(b)
4,842,161
65,901,811
 
 
267,945,177
Life & Health Insurance–0.94%
MetLife, Inc.
1,552,590
117,919,211
Life Sciences Tools & Services–1.10%
ICON PLC(b)(c)
393,563
66,586,924
IQVIA Holdings, Inc.(b)
385,092
71,573,199
 
 
138,160,123
See accompanying notes which are an integral part of this schedule.
Invesco Comstock Fund
 
Shares
Value
Managed Health Care–2.46%
Elevance Health, Inc.
617,046
$174,673,382
Humana, Inc.
264,323
66,046,388
UnitedHealth Group, Inc.
275,420
68,733,815
 
 
309,453,585
Movies & Entertainment–2.15%
Universal Music Group N.V.
(Netherlands)
2,349,727
67,594,342
Walt Disney Co. (The)
977,790
116,464,567
Warner Bros. Discovery, Inc.(b)
6,613,038
87,093,711
 
 
271,152,620
Multi-line Insurance–1.28%
American International Group, Inc.
2,068,959
160,613,287
Multi-Utilities–2.97%
Dominion Energy, Inc.(c)
2,721,679
159,082,137
Sempra(c)
2,635,723
215,285,855
 
 
374,367,992
Oil & Gas Equipment & Services–0.51%
Tenaris S.A.
3,705,903
64,724,218
Oil & Gas Exploration & Production–1.73%
ConocoPhillips
1,591,770
151,759,352
EQT Corp.
1,235,183
66,391,086
 
 
218,150,438
Paper & Plastic Packaging Products & Materials–0.86%
International Paper Co.(c)
2,308,554
107,901,814
Pharmaceuticals–5.65%
AstraZeneca PLC (United Kingdom)
1,157,296
168,839,805
Bristol-Myers Squibb Co.
1,593,369
69,008,811
Johnson & Johnson
1,035,184
170,536,212
Merck & Co., Inc.
1,741,201
136,022,622
Sanofi S.A., ADR
3,658,925
166,993,337
 
 
711,400,787
Property & Casualty Insurance–0.73%
Allstate Corp. (The)
450,337
91,530,995
Regional Banks–4.57%
Citizens Financial Group, Inc.
4,562,967
217,744,785
Huntington Bancshares, Inc.
12,716,352
208,929,663
M&T Bank Corp.
787,258
148,555,585
 
 
575,230,033
Research & Consulting Services–0.62%
TransUnion
821,007
78,151,656
Restaurants–3.19%
Domino’s Pizza, Inc.(c)
246,683
114,266,032
Restaurant Brands International, Inc.
(Canada)
2,040,284
138,443,636
Starbucks Corp.(c)
1,661,212
148,113,662
 
 
400,823,330
Semiconductors–3.00%
Intel Corp.
4,028,121
79,756,796
 
Shares
Value
Semiconductors–(continued)
NXP Semiconductors N.V.
(Netherlands)
981,767
$209,872,331
QUALCOMM, Inc.(c)
597,388
87,672,663
 
 
377,301,790
Soft Drinks & Non-alcoholic Beverages–1.98%
Coca-Cola Co. (The)
1,197,335
81,287,073
Keurig Dr Pepper, Inc.
5,143,436
167,933,186
 
 
249,220,259
Specialty Chemicals–0.87%
International Flavors & Fragrances, Inc.
1,540,915
109,451,192
Systems Software–3.10%
Microsoft Corp.
730,887
389,928,215
Telecom Tower REITs–0.77%
SBA Communications Corp., Class A(c)
431,272
96,915,444
Tobacco–1.77%
Philip Morris International, Inc.
1,361,056
223,281,237
Total Common Stocks & Other Equity Interests
(Cost $8,180,949,962)
12,011,003,547
 
Exchange-Traded Funds–0.85%
Invesco Comstock Contrarian Equity
ETF
(Cost $100,579,500)(b)(d)
3,925,000
106,693,667
Money Market Funds–3.72%
Invesco Government & Agency
Portfolio, Institutional Class,
4.25%(d)(e)
163,886,770
163,886,770
Invesco Treasury Portfolio,
Institutional Class, 4.23%(d)(e)
303,996,991
303,996,991
Total Money Market Funds
(Cost $467,883,761)
467,883,761
TOTAL INVESTMENTS IN SECURITIES
(excluding investments
purchased with cash collateral
from securities on
loan)-99.99%
(Cost $8,749,413,223)
 
12,585,580,975
Investments Purchased with Cash Collateral from
Securities on Loan
Money Market Funds–2.00%
Invesco Private Government Fund,
4.32%(d)(e)(f)
69,838,470
69,838,470
Invesco Private Prime Fund,
4.46%(d)(e)(f)
182,022,543
182,058,948
Total Investments Purchased with Cash Collateral
from Securities on Loan
(Cost $251,897,418)
251,897,418
TOTAL INVESTMENTS IN SECURITIES–101.99%
(Cost $9,001,310,641)
12,837,478,393
OTHER ASSETS LESS LIABILITIES—(1.99)%
(250,078,852
)
NET ASSETS–100.00%
$12,587,399,541
See accompanying notes which are an integral part of this schedule.
Invesco Comstock Fund
Investment Abbreviations: 
ADR
– American Depositary Receipt
ETF
– Exchange-Traded Fund
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)
Non-income producing security.
(c)
All or a portion of this security was out on loan at July 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 July 31, 2025.
 
 
Value
April 30, 2025
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
July 31, 2025
Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio,
Institutional Class
$136,938,919
$193,439,805
$(166,491,954)
$-
$-
$163,886,770
$1,526,955
Invesco Treasury Portfolio, Institutional Class
253,950,983
359,245,353
(309,199,345)
-
-
303,996,991
2,819,591
Investments Purchased with Cash Collateral
from Securities on Loan:
Invesco Private Government Fund
11,554,815
386,292,751
(328,009,096)
-
-
69,838,470
626,416*
Invesco Private Prime Fund
30,133,600
933,385,322
(781,460,800)
2,690
(1,864)
182,058,948
1,713,701*
Investments in Other Affiliates:
Invesco Comstock Contrarian Equity ETF
-
100,579,500
-
6,114,167
-
106,693,667
-
Total
$432,578,317
$1,972,942,731
$(1,585,161,195)
$6,116,857
$(1,864)
$826,474,846
$6,686,663
 
*
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, 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.
 
Open Forward Foreign Currency Contracts
Settlement
Date
Counterparty
Contract to
Unrealized
Appreciation
(Depreciation)
Deliver
Receive
Currency Risk
 
 
 
08/08/2025
Deutsche Bank AG
CAD
9,836,649
USD
7,221,336
$119,749
08/08/2025
Deutsche Bank AG
EUR
190,723,444
USD
225,477,089
7,766,281
08/08/2025
J.P. Morgan Chase Bank, N.A.
CAD
4,796,642
USD
3,485,977
23,033
08/08/2025
J.P. Morgan Chase Bank, N.A.
EUR
5,123,881
USD
6,032,883
183,972
08/08/2025
Royal Bank of Canada
CAD
203,088,408
USD
149,692,496
3,072,452
08/08/2025
Royal Bank of Canada
GBP
150,874,184
USD
205,327,293
6,069,124
Subtotal—Appreciation
17,234,611
Currency Risk
 
 
 
08/08/2025
J.P. Morgan Chase Bank, N.A.
USD
4,784,951
EUR
4,186,136
(6,477
)
Total Forward Foreign Currency Contracts
$17,228,134
 
Abbreviations:
CAD
—Canadian Dollar
EUR
—Euro
GBP
—British Pound Sterling
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
July 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 July 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
Common Stocks & Other Equity Interests
$11,375,692,364
$635,311,183
$—
$12,011,003,547
Exchange-Traded Funds
106,693,667
—
—
106,693,667
Money Market Funds
467,883,761
251,897,418
—
719,781,179
Total Investments in Securities
11,950,269,792
887,208,601
—
12,837,478,393
Other Investments - Assets*
Forward Foreign Currency Contracts
—
17,234,611
—
17,234,611
Other Investments - Liabilities*
Forward Foreign Currency Contracts
—
(6,477
)
—
(6,477
)
Total Other Investments
—
17,228,134
—
17,228,134
Total Investments
$11,950,269,792
$904,436,735
$—
$12,854,706,527
 
*
Unrealized appreciation (depreciation).
Invesco Comstock Fund