An initial remarkThe following text is a modified and updated version of the problem collection [39], which was written in 1993 but became publicly available only in 1995. It was a survey of various open problems; a general survey of the field was provided in [41, 42] in 1998, written in 1995 and 1996, respectively. Since then, a number of new developments have taken place, which in their turn have led to new questions. We feel it is time to update the problem collection.2 The basic project Here, dS denotes area measure in C, normalized by a constant factor:is said to be z-invariant, or simply invariant, provided the product zf belongs to J whenever f ∈ J. Here, we use the standard notation z for the coordinate function:A sequence A = {a j } j of points in D, is said to be an L By an effective factorization we mean one that is in some sense equivalent to that of the Hardy spaces, where Blaschke products, singular inner functions, and outer functions are involved.Of the above three problems, the second and third ones are more likely to find definite answer than the first one. In fact, from one point of view, Problem 1 is as difficult as the famous invariant subspace problem in Hilbert space. Indeed, it is shown [10] how to apply the the dilation theory of Apostol, Bercovici, Foiaş, and Pearcy [12] to obtain the following: If we could show that given two z-invariant subspaces I, J in L 2 a (D), with I ⊂ J, and dim(J I) = +∞, there exists another invariant subspace K, other than 1