NPORT-EX 2 edgar.htm
Schedule of Investments(a)
January 31, 2024
(Unaudited)
  Shares Value
Common Stocks & Other Equity Interests–98.76%
Aerospace & Defense–2.61%
Leonardo S.p.A. (Italy) 4,640,100    $80,988,591
Automotive Parts & Equipment–1.13%
Dana, Inc. 2,588,268    35,096,914
Coal & Consumable Fuels–0.93%
Cameco Corp. (Canada)(b) 605,544    28,914,726
Communications Equipment–3.23%
Lumentum Holdings, Inc.(b)(c) 1,826,737   100,360,931
Construction & Engineering–3.63%
AECOM 657,126    57,951,942
MasTec, Inc.(b)(c) 833,700    54,749,079
      112,701,021
Construction Machinery & Heavy Transportation Equipment–
1.42%
Oshkosh Corp. 400,646    44,111,125
Copper–2.25%
Freeport-McMoRan, Inc. 1,764,900    70,048,881
Diversified Banks–2.10%
U.S. Bancorp 1,571,400    65,275,956
Diversified Chemicals–1.38%
Huntsman Corp. 1,753,600    43,033,344
Diversified Metals & Mining–1.92%
Teck Resources Ltd., Class B (Canada) 1,494,200    59,782,942
Electric Utilities–2.56%
NRG Energy, Inc. 1,500,600    79,591,824
Electrical Components & Equipment–2.89%
Vertiv Holdings Co., Class A 1,594,714    89,830,240
Electronic Components–2.88%
Coherent Corp.(b)(c) 1,881,600    89,451,264
Electronic Manufacturing Services–1.60%
Flex Ltd.(c) 2,100,723    49,871,164
Food Distributors–3.57%
Performance Food Group Co.(c) 777,954    56,541,697
US Foods Holding Corp.(c) 1,180,816    54,329,344
      110,871,041
Gold–1.72%
Agnico Eagle Mines Ltd. (Canada) 1,084,670    53,322,377
Health Care Distributors–1.87%
Henry Schein, Inc.(b)(c) 775,400    58,030,936
Health Care Facilities–1.14%
Universal Health Services, Inc., Class B 222,510    35,336,813
Health Care Services–0.49%
Fresenius Medical Care AG (Germany) 390,600    15,096,534
  Shares Value
Hotels, Resorts & Cruise Lines–3.78%
Expedia Group, Inc.(c) 680,300   $100,908,899
Travel + Leisure Co. 409,632    16,557,325
      117,466,224
Household Products–1.90%
Spectrum Brands Holdings, Inc.(b) 749,671    58,939,134
Human Resource & Employment Services–0.88%
ManpowerGroup, Inc. 368,004    27,283,817
Independent Power Producers & Energy Traders–2.17%
Vistra Corp. 1,645,400    67,510,762
Insurance Brokers–2.14%
Willis Towers Watson PLC 270,300    66,574,890
Integrated Oil & Gas–1.52%
Cenovus Energy, Inc. (Canada)(b) 2,916,500    47,188,970
Investment Banking & Brokerage–1.61%
Goldman Sachs Group, Inc. (The) 130,500    50,113,305
Life Sciences Tools & Services–2.73%
Avantor, Inc.(c) 3,686,000    84,741,140
Managed Health Care–5.16%
Centene Corp.(c) 1,388,221   104,546,923
Molina Healthcare, Inc.(b)(c) 156,500    55,782,860
      160,329,783
Oil & Gas Exploration & Production–8.41%
APA Corp. 1,572,100    49,253,893
ARC Resources Ltd. (Canada) 4,277,200    66,427,116
EQT Corp. 1,025,200    36,292,080
Murphy Oil Corp. 655,700    25,375,590
Ovintiv, Inc. 902,100    38,267,082
Southwestern Energy Co.(c) 7,081,300    45,674,385
      261,290,146
Oil & Gas Refining & Marketing–1.58%
Phillips 66 341,400    49,267,434
Oil & Gas Storage & Transportation–1.79%
New Fortress Energy, Inc.(b) 1,670,950    55,525,668
Paper & Plastic Packaging Products & Materials–0.88%
Sealed Air Corp. 789,900    27,291,045
Regional Banks–8.81%
Huntington Bancshares, Inc. 6,408,899    81,585,284
Pinnacle Financial Partners, Inc. 817,100    72,215,298
Webster Financial Corp. 1,199,132    59,333,052
Western Alliance Bancorporation 950,900    60,819,564
      273,953,198
Research & Consulting Services–4.17%
Jacobs Solutions, Inc. 460,100    62,007,677
KBR, Inc. 1,298,100    67,643,991
      129,651,668
 
See accompanying notes which are an integral part of this schedule.
Invesco Value Opportunities Fund
  Shares Value
Semiconductor Materials & Equipment–3.12%
Applied Materials, Inc. 90,100    $14,803,430
Lam Research Corp. 22,900    18,896,393
MKS Instruments, Inc.(b) 594,023    63,233,748
      96,933,571
Semiconductors–1.48%
Skyworks Solutions, Inc. 441,900    46,160,874
Silver–0.85%
Pan American Silver Corp. (Canada) 1,966,572    26,588,053
Trading Companies & Distributors–3.50%
Air Lease Corp., Class A 1,333,400    55,749,454
WESCO International, Inc. 305,000    52,923,600
      108,673,054
Transaction & Payment Processing Services–2.96%
Fidelity National Information Services, Inc. 1,476,600    91,933,116
Total Common Stocks & Other Equity Interests (Cost $2,616,588,146) 3,069,132,476
Money Market Funds–2.08%
Invesco Government & Agency Portfolio, Institutional Class, 5.24%(d)(e) 22,656,180    22,656,180
  Shares Value
Money Market Funds–(continued)
Invesco Liquid Assets Portfolio, Institutional Class, 5.42%(d)(e) 16,043,591    $16,053,217
Invesco Treasury Portfolio, Institutional Class, 5.22%(d)(e) 25,892,777    25,892,777
Total Money Market Funds (Cost $64,598,480) 64,602,174
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.84% (Cost $2,681,186,626)     3,133,734,650
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–4.14%
Invesco Private Government Fund, 5.29%(d)(e)(f) 36,273,956    36,273,956
Invesco Private Prime Fund, 5.52%(d)(e)(f) 92,329,254    92,393,885
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $128,669,932) 128,667,841
TOTAL INVESTMENTS IN SECURITIES–104.98% (Cost $2,809,856,558) 3,262,402,491
OTHER ASSETS LESS LIABILITIES—(4.98)% (154,843,751)
NET ASSETS–100.00% $3,107,558,740
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 January 31, 2024.
(c) Non-income producing security.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the nine months ended January 31, 2024.
    
  Value
April 30, 2023 		Purchases
at Cost 		Proceeds
from Sales 		Change in
Unrealized
Appreciation
(Depreciation) 		Realized
Gain 		Value
January 31, 2024 		Dividend Income
Investments in Affiliated Money Market Funds:              
Invesco Government & Agency Portfolio, Institutional Class $33,035,494 $204,463,378 $(214,842,692) $- $- $22,656,180 $814,846
Invesco Liquid Assets Portfolio, Institutional Class 23,460,147 146,045,270 (153,459,067) (467) 7,334 16,053,217 591,615
Invesco Treasury Portfolio, Institutional Class 37,754,851 233,672,433 (245,534,507) - - 25,892,777 929,677
Investments Purchased with Cash Collateral from Securities on Loan:              
Invesco Private Government Fund 28,820,789 502,561,578 (495,108,411) - - 36,273,956 1,483,391*
Invesco Private Prime Fund 69,737,895 1,039,092,408 (1,016,494,284) (569) 58,435 92,393,885 3,927,688*
Total $192,809,176 $2,125,835,067 $(2,125,438,961) $(1,036) $65,769 $193,270,015 $7,747,217
    
* 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 January 31, 2024.
(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.
    
See accompanying notes which are an integral part of this schedule.
Invesco Value Opportunities Fund
Open Forward Foreign Currency Contracts
Settlement
Date 		Counterparty Contract to Unrealized
Appreciation
Deliver Receive
Currency Risk            
02/20/2024 Royal Bank of Canada EUR 93,175,372 USD 102,343,922 $1,573,889
    
Abbreviations:
EUR – Euro
USD – U.S. Dollar
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
January 31, 2024
(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. 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 Invesco Advisers, Inc.’s 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 January 31, 2024. 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 $2,973,047,351 $96,085,125 $— $3,069,132,476
Money Market Funds 64,602,174 128,667,841 — 193,270,015
Total Investments in Securities 3,037,649,525 224,752,966 — 3,262,402,491
Other Investments - Assets*        
Forward Foreign Currency Contracts — 1,573,889 — 1,573,889
Total Investments $3,037,649,525 $226,326,855 $— $3,263,976,380
    
* Unrealized appreciation.
Invesco Value Opportunities Fund