NPORT-EX 2 edgar.htm
Schedule of Investments(a)
July 31, 2021
(Unaudited)
  Shares Value
Common Stocks & Other Equity Interests–99.07%
Aerospace & Defense–2.93%
Maxar Technologies, Inc. 265,000     $9,611,550
PAE, Inc.(b) 964,100     8,599,772
Parsons Corp.(b)(c) 722,200    27,891,364
      46,102,686
Auto Parts & Equipment–3.33%
Dana, Inc. 1,489,796    35,993,471
Modine Manufacturing Co.(b) 970,500    16,236,465
Visteon Corp.(b) 1,400       159,670
      52,389,606
Building Products–0.96%
JELD-WEN Holding, Inc.(b) 570,895    15,117,300
Commodity Chemicals–0.47%
Orion Engineered Carbons S.A. (Germany)(b) 409,100     7,396,528
Communications Equipment–1.15%
Plantronics, Inc.(b) 580,341    18,100,836
Construction & Engineering–3.19%
AECOM(b) 443,822    27,943,033
Balfour Beatty PLC (United Kingdom) 983,900     4,141,992
Concrete Pumping Holdings, Inc.(b) 662,900     5,767,230
Primoris Services Corp. 411,100    12,291,890
      50,144,145
Construction Machinery & Heavy Trucks–1.36%
Astec Industries, Inc. 166,100    10,183,591
REV Group, Inc. 738,500    11,158,735
      21,342,326
Diversified Chemicals–2.49%
Huntsman Corp. 1,481,384    39,123,351
Diversified Support Services–0.15%
VSE Corp. 46,299     2,317,265
Education Services–1.88%
Stride, Inc.(b)(c) 962,900    29,522,514
Electrical Components & Equipment–1.30%
nVent Electric PLC 648,300    20,492,763
Electronic Manufacturing Services–0.83%
Jabil, Inc. 219,668    13,079,033
Food Distributors–2.96%
US Foods Holding Corp.(b) 1,355,100    46,534,134
Food Retail–1.72%
Sprouts Farmers Market, Inc.(b)(c) 1,099,200    27,018,336
Health Care Facilities–0.72%
Universal Health Services, Inc., Class B 70,800    11,357,028
  Shares Value
Health Care Services–3.22%
Fresenius Medical Care AG & Co. KGaA (Germany) 436,500    $34,462,127
Tivity Health, Inc.(b) 646,600    16,216,728
      50,678,855
Hotels, Resorts & Cruise Lines–5.14%
Hilton Grand Vacations, Inc.(b) 1,204,200    48,974,814
Travel + Leisure Co. 615,300    31,872,540
      80,847,354
Household Products–1.66%
Spectrum Brands Holdings, Inc. 298,895    26,108,478
Human Resource & Employment Services–4.37%
Kelly Services, Inc., Class A(b) 549,210    12,038,683
ManpowerGroup, Inc. 407,101    48,274,037
TrueBlue, Inc.(b) 311,702     8,475,177
      68,787,897
Industrial Machinery–2.24%
Crane Co. 363,000    35,294,490
Life & Health Insurance–6.56%
American Equity Investment Life Holding Co. 1,060,000    34,015,400
Athene Holding Ltd., Class A(b) 694,600    44,885,052
CNO Financial Group, Inc. 1,059,515    24,199,323
      103,099,775
Multi-Sector Holdings–0.27%
Peridot Acquisition Corp., Class A(b)(c) 421,015     4,201,730
Office Services & Supplies–3.71%
Herman Miller, Inc. 744,000    32,103,600
Interface, Inc. 876,000    12,631,920
Kimball International, Inc., Class B 439,200     5,437,296
Steelcase, Inc., Class A 593,800     8,164,750
      58,337,566
Oil & Gas Equipment & Services–1.20%
Helix Energy Solutions Group, Inc.(b) 3,649,781    15,146,591
NexTier Oilfield Solutions, Inc.(b) 961,811     3,674,118
      18,820,709
Oil & Gas Exploration & Production–6.89%
ARC Resources Ltd. (Canada) 1,278,400     9,673,049
Devon Energy Corp. 874,600    22,599,664
Diamondback Energy, Inc. 415,900    32,078,367
Northern Oil and Gas, Inc. 1,483,380    25,617,973
Pioneer Natural Resources Co. 126,617    18,406,313
      108,375,366
Oil & Gas Refining & Marketing–0.43%
HollyFrontier Corp. 230,900     6,788,460
Other Diversified Financial Services–1.56%
Equitable Holdings, Inc. 792,400    24,461,388
 
See accompanying notes which are an integral part of this schedule.
Invesco Small Cap Value Fund
  Shares Value
Paper Packaging–0.77%
Sealed Air Corp. 213,668    $12,125,659
Regional Banks–11.08%
First Horizon Corp. 2,009,310    31,043,839
Five Star BanCorp. 369,061     8,994,017
Great Western Bancorp, Inc. 1,000,700    30,821,560
Huntington Bancshares, Inc. 3,674,369    51,735,116
Sterling Bancorp 2,383,500    51,745,785
      174,340,317
Research & Consulting Services–5.77%
CACI International, Inc., Class A(b) 80,218    21,414,997
KBR, Inc.(c) 933,300    36,118,710
Nielsen Holdings PLC 1,403,900    33,258,391
      90,792,098
Restaurants–1.81%
Elior Group S.A. (France)(b)(d) 1,773,800    12,137,566
Marston’s PLC (United Kingdom) 13,960,649    16,248,419
      28,385,985
Specialty Chemicals–3.28%
Axalta Coating Systems Ltd.(b) 755,000    22,725,500
Kraton Corp.(b) 756,222    28,880,118
      51,605,618
Steel–1.96%
Carpenter Technology Corp.(c) 808,430    30,841,605
Thrifts & Mortgage Finance–0.98%
MGIC Investment Corp. 548,742     7,594,589
Radian Group, Inc. 344,048     7,768,604
      15,363,193
Trading Companies & Distributors–9.71%
AerCap Holdings N.V. (Ireland)(b) 928,500    49,210,500
Beacon Roofing Supply, Inc.(b) 441,466    23,609,602
  Shares Value
Trading Companies & Distributors–(continued)
DXP Enterprises, Inc.(b) 227,991     $7,443,906
Univar Solutions, Inc.(b) 1,923,900    47,212,506
WESCO International, Inc.(b) 237,016    25,230,353
      152,706,867
Trucking–1.02%
National Express Group PLC (United Kingdom)(b) 4,265,960    16,117,652
Total Common Stocks & Other Equity Interests (Cost $1,266,437,334) 1,558,118,913
Money Market Funds–0.98%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(e)(f) 5,698,346     5,698,346
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(e)(f) 3,233,114     3,234,407
Invesco Treasury Portfolio, Institutional Class, 0.01%(e)(f) 6,512,395     6,512,395
Total Money Market Funds (Cost $15,445,148) 15,445,148
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.05% (Cost $1,281,882,482)     1,573,564,061
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–2.98%
Invesco Private Government Fund, 0.02%(e)(f)(g) 5,896,049     5,896,049
Invesco Private Prime Fund, 0.12%(e)(f)(g) 40,946,292    40,962,670
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $46,858,719) 46,858,719
TOTAL INVESTMENTS IN SECURITIES–103.03% (Cost $1,328,741,201) 1,620,422,780
OTHER ASSETS LESS LIABILITIES—(3.03)% (47,602,626)
NET ASSETS–100.00% $1,572,820,154
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, 2021.
(d) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at July 31, 2021 represented less than 1% of the Fund’s Net Assets.
(e) 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, 2021.
    
  Value
April 30, 2021 		Purchases
at Cost 		Proceeds
from Sales 		Change in
Unrealized
Appreciation 		Realized
Gain 		Value
July 31, 2021 		Dividend Income
Investments in Affiliated Money Market Funds:              
Invesco Government & Agency Portfolio, Institutional Class $16,011,462 $62,995,892 $(73,309,008) $- $- $5,698,346 $627
Invesco Liquid Assets Portfolio, Institutional Class 13,801,645 40,575,963 (51,143,201) - - 3,234,407 167
Invesco Treasury Portfolio, Institutional Class 18,298,813 71,995,305 (83,781,723) - - 6,512,395 275
Investments Purchased with Cash Collateral from Securities on Loan:              
Invesco Private Government Fund - 69,661,313 (63,765,264) - - 5,896,049 615*
Invesco Private Prime Fund - 146,197,302 (105,234,632) - - 40,962,670 10,363*
Total $48,111,920 $391,425,775 $(377,233,828) $- $- $62,303,867 $12,047
    
* 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.
    
See accompanying notes which are an integral part of this schedule.
Invesco Small Cap Value Fund
(f) The rate shown is the 7-day SEC standardized yield as of July 31, 2021.
(g) 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 Small Cap Value Fund
Notes to Quarterly Schedule of Portfolio Holdings
July 31, 2021
(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 July 31, 2021. 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 $1,475,011,157 $83,107,756 $— $1,558,118,913
Money Market Funds 15,445,148 46,858,719 — 62,303,867
Total Investments $1,490,456,305 $129,966,475 $— $1,620,422,780
Invesco Small Cap Value Fund