NPORT-EX 2 edgar.htm
Schedule of Investments(a)
July 31, 2022
(Unaudited)
  Shares Value
Common Stocks & Other Equity Interests–96.82%
Aerospace & Defense–3.35%
BWX Technologies, Inc. 425,000    $24,089,000
Huntington Ingalls Industries, Inc. 160,400    34,781,136
      58,870,136
Auto Parts & Equipment–1.91%
Dana, Inc.(b) 1,995,600    33,446,256
Biotechnology–1.01%
Horizon Therapeutics PLC(c) 212,800    17,656,016
Construction & Engineering–5.66%
AECOM 763,600    54,979,200
HOCHTIEF AG (Germany)(b) 201,900    10,803,039
MasTec, Inc.(b)(c) 425,400    33,576,822
      99,359,061
Construction Machinery & Heavy Trucks–0.74%
Oshkosh Corp.(b) 150,646    12,970,621
Distributors–1.58%
LKQ Corp. 506,429    27,772,566
Diversified Chemicals–1.96%
Huntsman Corp. 1,190,200    34,468,192
Diversified Metals & Mining–0.53%
Teck Resources Ltd., Class B (Canada) 316,100     9,290,179
Electric Utilities–0.77%
NRG Energy, Inc. 357,200    13,484,300
Electrical Components & Equipment–1.58%
nVent Electric PLC 700        24,717
Vertiv Holdings Co.(b) 2,428,814    27,737,056
      27,761,773
Electronic Manufacturing Services–4.90%
Flex Ltd.(c) 2,998,723    50,378,547
Jabil, Inc.(b) 600,900    35,657,406
      86,035,953
Food Distributors–2.92%
Performance Food Group Co.(c) 387,154    19,245,425
US Foods Holding Corp.(c) 1,014,342    31,951,773
      51,197,198
Forest Products–0.00%
Louisiana-Pacific Corp. 900        57,267
Gold–0.86%
Yamana Gold, Inc. (Brazil) 3,148,700    15,050,786
Health Care Distributors–0.99%
Henry Schein, Inc.(c) 219,400    17,295,302
Health Care Facilities–3.95%
Encompass Health Corp. 720,788    36,486,288
Universal Health Services, Inc., Class B 291,910    32,831,118
      69,317,406
  Shares Value
Health Care Services–4.56%
Cigna Corp. 176,400    $48,573,504
Enhabit, Inc.(b)(c) 360,394     6,310,499
Fresenius Medical Care AG & Co. KGaA (Germany) 681,400    25,178,611
      80,062,614
Hotels, Resorts & Cruise Lines–0.69%
Hilton Grand Vacations, Inc.(c) 4,117       167,850
Travel + Leisure Co.(b) 277,333    11,955,826
      12,123,676
Household Products–1.70%
Spectrum Brands Holdings, Inc.(b) 429,000    29,832,660
Human Resource & Employment Services–1.19%
ManpowerGroup, Inc. 265,626    20,827,735
Independent Power Producers & Energy Traders–1.83%
Vistra Corp.(b) 1,242,800    32,126,380
Industrial Machinery–3.75%
Crane Holdings Co.(b) 315,873    31,249,316
Timken Co. (The)(b) 528,282    34,539,077
      65,788,393
Integrated Oil & Gas–1.84%
Shell PLC, ADR (Netherlands) 603,700    32,225,506
Investment Banking & Brokerage–1.85%
Goldman Sachs Group, Inc. (The) 97,200    32,405,508
Managed Health Care–6.07%
Centene Corp.(b)(c) 556,921    51,776,945
Elevance Health, Inc. 53,700    25,620,270
Molina Healthcare, Inc.(c) 89,000    29,167,080
      106,564,295
Oil & Gas Exploration & Production–12.60%
APA Corp. 902,000    33,527,340
ARC Resources Ltd. (Canada) 2,711,000    38,022,381
Diamondback Energy, Inc. 218,587    27,983,508
EQT Corp. 576,300    25,374,489
Ovintiv, Inc.(b) 743,600    37,990,524
Pioneer Natural Resources Co. 158,458    37,546,623
Southwestern Energy Co.(c) 2,938,900    20,748,634
      221,193,499
Oil & Gas Refining & Marketing–3.49%
HF Sinclair Corp.(b) 616,700    29,490,594
Phillips 66 356,900    31,764,100
      61,254,694
Oil & Gas Storage & Transportation–1.66%
New Fortress Energy, Inc.(b) 594,100    29,093,077
Other Diversified Financial Services–1.31%
Apollo Global Management, Inc. 402,789    22,999,252
 
See accompanying notes which are an integral part of this schedule.
Invesco American Value Fund
  Shares Value
Paper Packaging–0.47%
Sealed Air Corp. 135,900     $8,306,208
Regional Banks–4.86%
Huntington Bancshares, Inc. 3,111,570    41,352,765
PacWest Bancorp 449,953    12,612,183
Webster Financial Corp. 672,700    31,246,915
      85,211,863
Research & Consulting Services–7.08%
CACI International, Inc., Class A(b)(c) 122,562    37,049,267
Jacobs Engineering Group, Inc. 249,900    34,311,270
KBR, Inc.(b) 991,000    52,750,930
Science Applications International Corp. 900        87,183
      124,198,650
Restaurants–1.29%
Restaurant Brands International, Inc. (Canada) 423,158    22,685,500
Semiconductors–0.84%
Skyworks Solutions, Inc. 134,900    14,687,912
Specialty Chemicals–1.31%
Axalta Coating Systems Ltd.(c) 909,500    22,937,590
Element Solutions, Inc. 900        17,784
      22,955,374
Thrifts & Mortgage Finance–0.00%
MGIC Investment Corp. 900        12,726
Radian Group, Inc. 900        20,133
      32,859
Trading Companies & Distributors–5.72%
AerCap Holdings N.V. (Ireland)(c) 2,500       112,150
Air Lease Corp.(b) 1,011,000    37,518,210
  Shares Value
Trading Companies & Distributors–(continued)
Univar Solutions, Inc.(c) 1,602,200    $43,323,488
WESCO International, Inc.(c) 151,900    19,418,896
      100,372,744
Total Common Stocks & Other Equity Interests (Cost $1,676,659,219) 1,698,981,411
Money Market Funds–4.82%
Invesco Government & Agency Portfolio, Institutional Class, 1.71%(d)(e) 27,727,984    27,727,984
Invesco Liquid Assets Portfolio, Institutional Class, 1.67%(d)(e) 25,126,815    25,126,815
Invesco Treasury Portfolio, Institutional Class, 1.66%(d)(e) 31,689,125    31,689,125
Total Money Market Funds (Cost $84,539,259) 84,543,924
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-101.64% (Cost $1,761,198,478)     1,783,525,335
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–9.18%
Invesco Private Government Fund, 1.77%(d)(e)(f) 45,136,710    45,136,710
Invesco Private Prime Fund, 1.89%(d)(e)(f) 116,065,827   116,065,827
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $161,202,537) 161,202,537
TOTAL INVESTMENTS IN SECURITIES–110.82% (Cost $1,922,401,015) 1,944,727,872
OTHER ASSETS LESS LIABILITIES—(10.82)% (189,876,130)
NET ASSETS–100.00% $1,754,851,742
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) All or a portion of this security was out on loan at July 31, 2022.
(c) Non-income producing security.
(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, 2022.
    
  Value
April 30, 2022 		Purchases
at Cost 		Proceeds
from Sales 		Change in
Unrealized
Appreciation
(Depreciation) 		Realized
Gain 		Value
July 31, 2022 		Dividend Income
Investments in Affiliated Money Market Funds:              
Invesco Government & Agency Portfolio, Institutional Class $27,522,084 $56,800,240 $(56,594,340) $- $- $27,727,984 $69,183
Invesco Liquid Assets Portfolio, Institutional Class 24,976,463 40,571,600 (40,424,527) 2,426 853 25,126,815 48,008
Invesco Treasury Portfolio, Institutional Class 31,453,810 64,914,560 (64,679,245) - - 31,689,125 49,401
Investments Purchased with Cash Collateral from Securities on Loan:              
Invesco Private Government Fund 35,753,915 109,463,968 (100,081,173) - - 45,136,710 100,513*
Invesco Private Prime Fund 81,914,979 275,215,827 (241,068,147) (2,618) 5,786 116,065,827 291,659*
Total $201,621,251 $546,966,195 $(502,847,432) $(192) $6,639 $245,746,461 $558,764
    
* 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 American Value Fund
(e) The rate shown is the 7-day SEC standardized yield as of July 31, 2022.
(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, 2022
(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, 2022. 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 $1,662,999,761 $35,981,650 $— $1,698,981,411
Money Market Funds 84,543,924 161,202,537 — 245,746,461
Total Investments $1,747,543,685 $197,184,187 $— $1,944,727,872
Invesco American Value Fund