NPORT-EX 2 edgar.htm
Schedule of Investments(a)
July 31, 2021
(Unaudited)
  Shares Value
Common Stocks & Other Equity Interests–97.84%
Aerospace & Defense–1.11%
Curtiss-Wright Corp. 178,965    $21,171,560
Agricultural & Farm Machinery–2.19%
AGCO Corp. 316,225    41,776,485
Airlines–1.65%
Frontier Group Holdings, Inc.(b)(c) 1,829,013    26,959,651
Southwest Airlines Co.(b) 91,561     4,625,662
      31,585,313
Apparel, Accessories & Luxury Goods–3.64%
Ralph Lauren Corp. 301,425    34,217,766
Tapestry, Inc.(b) 837,654    35,432,764
      69,650,530
Auto Parts & Equipment–2.53%
Lear Corp. 276,432    48,370,071
Broadcasting–2.55%
Discovery, Inc., Class A(b)(c) 925,399    26,845,825
Nexstar Media Group, Inc., Class A 148,806    21,884,898
      48,730,723
Building Products–2.37%
Johnson Controls International PLC 633,049    45,212,360
Communications Equipment–2.09%
Ciena Corp.(b) 685,538    39,857,179
Construction Machinery & Heavy Trucks–2.35%
Oshkosh Corp. 375,717    44,916,967
Consumer Finance–3.13%
Ally Financial, Inc. 1,163,604    59,762,701
Copper–1.35%
Freeport-McMoRan, Inc. 676,945    25,791,604
Data Processing & Outsourced Services–1.76%
Sabre Corp.(b)(c) 2,852,335    33,629,030
Distributors–1.99%
LKQ Corp.(b) 750,554    38,090,615
Diversified Chemicals–2.09%
Eastman Chemical Co. 354,623    39,973,105
Electric Utilities–5.24%
Entergy Corp. 303,338    31,219,547
Evergy, Inc. 523,048    34,113,191
Exelon Corp. 742,423    34,745,396
      100,078,134
Electrical Components & Equipment–3.15%
Vertiv Holdings Co. 2,145,749    60,166,802
Electronic Equipment & Instruments–2.05%
Vontier Corp. 1,212,434    39,222,240
  Shares Value
Food Distributors–2.02%
Performance Food Group Co.(b) 844,593    $38,699,251
General Merchandise Stores–1.78%
Dollar Tree, Inc.(b) 340,141    33,942,670
Health Care Distributors–2.05%
Henry Schein, Inc.(b) 489,109    39,202,086
Health Care Facilities–2.79%
Encompass Health Corp. 465,961    38,791,253
Universal Health Services, Inc., Class B 90,789    14,563,464
      53,354,717
Health Care Technology–1.64%
Cerner Corp. 85,762     6,894,407
Inovalon Holdings, Inc., Class A(b) 643,697    24,383,243
      31,277,650
Hotels, Resorts & Cruise Lines–2.28%
Wyndham Hotels & Resorts, Inc. 604,674    43,572,808
Industrial Machinery–1.96%
Kennametal, Inc. 1,033,649    37,469,776
Industrial REITs–2.25%
First Industrial Realty Trust, Inc. 784,729    42,987,455
Insurance Brokers–2.67%
Arthur J. Gallagher & Co. 365,902    50,973,808
Investment Banking & Brokerage–1.76%
Stifel Financial Corp. 504,396    33,562,510
Life & Health Insurance–3.60%
Athene Holding Ltd., Class A(b) 1,064,917    68,814,937
Managed Health Care–2.02%
Centene Corp.(b) 562,121    38,567,122
Marine–2.03%
Kirby Corp.(b) 671,324    38,876,373
Oil & Gas Exploration & Production–5.05%
Devon Energy Corp. 2,077,686    53,687,406
Pioneer Natural Resources Co. 295,226    42,917,004
      96,604,410
Other Diversified Financial Services–2.96%
Voya Financial, Inc.(c) 879,825    56,660,730
Paper Packaging–2.13%
Westrock Co. 828,561    40,773,487
Regional Banks–8.69%
Huntington Bancshares, Inc. 3,344,787    47,094,601
KeyCorp 2,066,984    40,636,905
Wintrust Financial Corp. 507,085    36,205,869
Zions Bancorporation N.A. 808,406    42,158,373
      166,095,748
 
See accompanying notes which are an integral part of this schedule.
Invesco American Value Fund
  Shares Value
Residential REITs–4.35%
American Homes 4 Rent, Class A(c) 909,326    $38,191,692
UDR, Inc. 818,632    45,016,574
      83,208,266
Semiconductor Equipment–1.65%
MKS Instruments, Inc. 200,977    31,440,842
Soft Drinks–2.21%
Coca-Cola Europacific Partners PLC (United Kingdom) 679,390    42,162,943
Trucking–0.71%
Knight-Swift Transportation Holdings, Inc. 271,517    13,491,680
Total Common Stocks & Other Equity Interests (Cost $1,348,547,775) 1,869,724,688
Money Market Funds–2.23%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e) 13,146,942    13,146,942
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(d)(e) 14,545,108    14,550,926
Invesco Treasury Portfolio, Institutional Class, 0.01%(d)(e) 15,025,076    15,025,076
Total Money Market Funds (Cost $42,719,752) 42,722,944
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.07% (Cost $1,391,267,527)     1,912,447,632
  Shares Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–6.28%
Invesco Private Government Fund, 0.02%(d)(e)(f) 36,007,067    $36,007,067
Invesco Private Prime Fund, 0.12%(d)(e)(f) 83,982,898    84,016,492
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $120,023,559) 120,023,559
TOTAL INVESTMENTS IN SECURITIES–106.35% (Cost $1,511,291,086) 2,032,471,191
OTHER ASSETS LESS LIABILITIES—(6.35)% (121,412,481)
NET ASSETS–100.00% $1,911,058,710
Investment Abbreviations:
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, 2021.
(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, 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 $14,156,744 $24,660,944 $(25,670,746) $- $- $13,146,942 $915
Invesco Liquid Assets Portfolio, Institutional Class 15,093,238 17,614,960 (18,157,273) 1 - 14,550,926 387
Invesco Treasury Portfolio, Institutional Class 16,179,136 28,183,936 (29,337,996) - - 15,025,076 406
Investments Purchased with Cash Collateral from Securities on Loan:              
Invesco Private Government Fund - 108,209,820 (72,202,753) - - 36,007,067 939*
Invesco Private Prime Fund - 175,256,978 (91,240,486) - - 84,016,492 14,752*
Total $45,429,118 $353,926,638 $(236,609,254) $1 $- $162,746,503 $17,399
    
* 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, 2021.
(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 American 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 $1,869,724,688 $— $— $1,869,724,688
Money Market Funds 42,722,944 120,023,559 — 162,746,503
Total Investments $1,912,447,632 $120,023,559 $— $2,032,471,191
Invesco American Value Fund