NPORT-EX 2 edgar.htm
Schedule of Investments(a)
July 31, 2022
(Unaudited)
  Shares Value
Common Stocks & Other Equity Interests–95.43%
Aerospace & Defense–3.30%
BWX Technologies, Inc.(b) 271,800    $15,405,624
Huntington Ingalls Industries, Inc.(b) 102,600    22,247,784
      37,653,408
Auto Parts & Equipment–1.88%
Dana, Inc.(b) 1,276,668    21,396,956
Biotechnology–0.98%
Horizon Therapeutics PLC(c) 135,000    11,200,950
Construction & Engineering–5.57%
AECOM(b) 489,073    35,213,256
HOCHTIEF AG (Germany) 129,100     6,907,738
MasTec, Inc.(b)(c) 272,300    21,492,639
      63,613,633
Construction Machinery & Heavy Trucks–0.73%
Oshkosh Corp.(b) 97,000     8,351,700
Distributors–1.56%
LKQ Corp. 325,100    17,828,484
Diversified Chemicals–1.93%
Huntsman Corp. 762,000    22,067,520
Diversified Metals & Mining–0.53%
Teck Resources Ltd., Class B (Canada) 205,500     6,039,645
Electric Utilities–0.76%
NRG Energy, Inc. 230,400     8,697,600
Electrical Components & Equipment–1.56%
nVent Electric PLC 500        17,655
Vertiv Holdings Co.(b) 1,555,100    17,759,242
      17,776,897
Electronic Manufacturing Services–4.83%
Flex Ltd.(c) 1,921,300    32,277,840
Jabil, Inc. 386,078    22,909,869
      55,187,709
Food Distributors–2.86%
Performance Food Group Co.(c) 247,000    12,278,370
US Foods Holding Corp.(c) 647,774    20,404,881
      32,683,251
Forest Products–0.01%
Louisiana-Pacific Corp. 1,000        63,630
Gold–0.85%
Yamana Gold, Inc. (Brazil) 2,016,100     9,636,958
Health Care Distributors–0.97%
Henry Schein, Inc.(c) 140,600    11,083,498
Health Care Facilities–3.89%
Encompass Health Corp. 462,300    23,401,626
Universal Health Services, Inc., Class B 186,800    21,009,396
      44,411,022
  Shares Value
Health Care Services–4.48%
Cigna Corp. 112,600    $31,005,536
Enhabit, Inc.(c) 231,150     4,047,436
Fresenius Medical Care AG & Co. KGaA (Germany) 436,198    16,118,080
      51,171,052
Hotels, Resorts & Cruise Lines–0.68%
Hilton Grand Vacations, Inc.(c) 2,639       107,592
Travel + Leisure Co. 177,899     7,669,226
      7,776,818
Household Products–1.67%
Spectrum Brands Holdings, Inc. 274,371    19,079,759
Human Resource & Employment Services–1.16%
ManpowerGroup, Inc. 169,178    13,265,247
Independent Power Producers & Energy Traders–1.81%
Vistra Corp. 797,800    20,623,130
Industrial Machinery–3.71%
Crane Holdings Co. 202,300    20,013,539
Timken Co. (The) 341,116    22,302,164
      42,315,703
Integrated Oil & Gas–1.83%
Shell PLC, ADR (Netherlands) 391,700    20,908,946
Investment Banking & Brokerage–1.81%
Goldman Sachs Group, Inc. (The)(b) 62,100    20,703,519
Managed Health Care–5.98%
Centene Corp.(b)(c) 356,800    33,171,696
Elevance Health, Inc. 34,500    16,459,950
Molina Healthcare, Inc.(c) 56,900    18,647,268
      68,278,914
Oil & Gas Exploration & Production–12.44%
APA Corp. 577,200    21,454,524
ARC Resources Ltd. (Canada) 1,735,000    24,333,763
Diamondback Energy, Inc.(b) 141,800    18,153,236
EQT Corp. 368,800    16,238,264
Ovintiv, Inc. 475,500    24,293,295
Pioneer Natural Resources Co. 102,804    24,359,408
Southwestern Energy Co.(c) 1,877,400    13,254,444
      142,086,934
Oil & Gas Refining & Marketing–3.48%
HF Sinclair Corp. 400,100    19,132,782
Phillips 66 231,600    20,612,400
      39,745,182
Oil & Gas Storage & Transportation–1.63%
New Fortress Energy, Inc.(b) 380,600    18,637,982
Other Diversified Financial Services–1.29%
Apollo Global Management, Inc. 257,332    14,693,657
 
See accompanying notes which are an integral part of this schedule.
Invesco Value Opportunities Fund
  Shares Value
Paper Packaging–0.47%
Sealed Air Corp. 87,100     $5,323,552
Regional Banks–4.78%
Huntington Bancshares, Inc.(b) 1,992,829    26,484,697
PacWest Bancorp 288,055     8,074,182
Webster Financial Corp. 431,532    20,044,661
      54,603,540
Research & Consulting Services–6.96%
CACI International, Inc., Class A(c) 78,582    23,754,553
Jacobs Engineering Group, Inc. 159,500    21,899,350
KBR, Inc.(b) 634,200    33,758,466
Science Applications International Corp. 1,000        96,870
      79,509,239
Restaurants–1.29%
Restaurant Brands International, Inc. (Canada) 275,152    14,750,899
Semiconductors–0.83%
Skyworks Solutions, Inc. 86,700     9,439,896
Silver–0.00%
Pan American Silver Corp. (Canada) 1,000        20,330
Specialty Chemicals–1.29%
Axalta Coating Systems Ltd.(c) 583,000    14,703,260
Element Solutions, Inc. 1,100        21,736
      14,724,996
Thrifts & Mortgage Finance–0.00%
MGIC Investment Corp. 958        13,546
Radian Group, Inc. 1,003        22,437
      35,983
Trading Companies & Distributors–5.63%
AerCap Holdings N.V. (Ireland)(c) 2,400       107,664
  Shares Value
Trading Companies & Distributors–(continued)
Air Lease Corp.(b) 645,600    $23,958,216
Univar Solutions, Inc.(c) 1,027,600    27,786,304
WESCO International, Inc.(c) 97,100    12,413,264
      64,265,448
Total Common Stocks & Other Equity Interests (Cost $982,147,534) 1,089,653,587
Money Market Funds–6.13%
Invesco Government & Agency Portfolio, Institutional Class, 1.71%(d)(e) 24,570,356    24,570,356
Invesco Liquid Assets Portfolio, Institutional Class, 1.67%(d)(e) 17,412,207    17,412,207
Invesco Treasury Portfolio, Institutional Class, 1.66%(d)(e) 28,080,407    28,080,407
Total Money Market Funds (Cost $70,060,581) 70,062,970
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-101.56% (Cost $1,052,208,115)     1,159,716,557
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–11.26%
Invesco Private Government Fund, 1.77%(d)(e)(f) 35,995,598    35,995,598
Invesco Private Prime Fund, 1.89%(d)(e)(f) 92,560,108    92,560,108
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $128,555,032) 128,555,706
TOTAL INVESTMENTS IN SECURITIES–112.82% (Cost $1,180,763,147) 1,288,272,263
OTHER ASSETS LESS LIABILITIES—(12.82)% (146,419,544)
NET ASSETS–100.00% $1,141,852,719
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 		Realized
Gain
(Loss) 		Value
July 31, 2022 		Dividend Income
Investments in Affiliated Money Market Funds:              
Invesco Government & Agency Portfolio, Institutional Class $28,871,686 $34,814,346 $(39,115,676) $- $- $24,570,356 $61,936
Invesco Liquid Assets Portfolio, Institutional Class 20,483,182 24,867,390 (27,939,769) 1,995 (591) 17,412,207 27,534
Invesco Treasury Portfolio, Institutional Class 32,996,212 39,787,824 (44,703,629) - - 28,080,407 41,658
See accompanying notes which are an integral part of this schedule.
Invesco Value Opportunities Fund
  Value
April 30, 2022 		Purchases
at Cost 		Proceeds
from Sales 		Change in
Unrealized
Appreciation 		Realized
Gain
(Loss) 		Value
July 31, 2022 		Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:              
Invesco Private Government Fund $16,983,103 $91,386,357 $(72,373,862) $- $- $35,995,598 $58,203*
Invesco Private Prime Fund 39,627,240 198,798,604 (145,871,131) 674 4,721 92,560,108 164,480*
Total $138,961,423 $389,654,521 $(330,004,067) $2,669 $4,130 $198,618,676 $353,811
    
* 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, 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 Value Opportunities 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 $1,066,627,769 $23,025,818 $— $1,089,653,587
Money Market Funds 70,062,970 128,555,706 — 198,618,676
Total Investments $1,136,690,739 $151,581,524 $— $1,288,272,263
Invesco Value Opportunities Fund