NPORT-EX 2 SmallCapGrowth.htm
Schedule of Investments(a)
September 30, 2019
(Unaudited)
  Shares Value
Common Stocks & Other Equity Interests–98.50%
Aerospace & Defense–3.69%
Aerojet Rocketdyne Holdings, Inc.(b) 412,288    $20,824,667
BWX Technologies, Inc. 419,223    23,983,748
Cubic Corp. 197,575    13,915,207
TransDigm Group, Inc. 75,613    39,369,421
      98,093,043
Alternative Carriers–1.63%
Cogent Communications Holdings, Inc. 440,931    24,295,298
Iridium Communications, Inc.(b) 889,901    18,937,093
      43,232,391
Apparel Retail–0.49%
Urban Outfitters, Inc.(b) 462,878    13,002,243
Apparel, Accessories & Luxury Goods–0.45%
G-III Apparel Group Ltd.(b) 464,369    11,966,789
Application Software–10.39%
Anaplan, Inc.(b) 451,450    21,218,150
Aspen Technology, Inc.(b) 263,831    32,472,319
Blackline, Inc.(b) 512,764    24,515,247
Fair Isaac Corp.(b) 70,269    21,328,047
Guidewire Software, Inc.(b) 268,968    28,343,848
HubSpot, Inc.(b) 132,519    20,091,206
Pegasystems, Inc. 423,199    28,798,692
Q2 Holdings, Inc.(b) 577,537    45,550,343
RealPage, Inc.(b) 558,138    35,084,555
Zendesk, Inc.(b) 256,665    18,705,745
      276,108,152
Auto Parts & Equipment–1.23%
Fox Factory Holding Corp.(b) 302,225    18,810,484
Visteon Corp.(b) 167,207    13,801,266
      32,611,750
Biotechnology–7.11%
Agios Pharmaceuticals, Inc.(b) 447,119    14,486,656
Amicus Therapeutics, Inc.(b) 1,956,572    15,691,707
Halozyme Therapeutics, Inc.(b) 1,738,602    26,965,717
Natera, Inc.(b) 848,021    27,815,089
Neurocrine Biosciences, Inc.(b) 324,860    29,273,135
Repligen Corp.(b) 441,250    33,839,462
Sage Therapeutics, Inc.(b) 171,686    24,085,829
Sarepta Therapeutics, Inc.(b) 222,212    16,737,008
      188,894,603
Brewers–1.03%
Boston Beer Co., Inc. (The), Class A(b) 74,906    27,271,776
  Shares Value
Building Products–0.09%
Armstrong World Industries, Inc. 25,724     $2,487,511
Casinos & Gaming–0.73%
Penn National Gaming, Inc.(b) 1,048,505    19,528,406
Construction Machinery & Heavy Trucks–0.73%
WABCO Holdings, Inc.(b) 145,202    19,420,768
Construction Materials–1.40%
Martin Marietta Materials, Inc. 135,902    37,250,738
Data Processing & Outsourced Services–0.56%
Black Knight, Inc.(b) 244,262    14,914,638
Distributors–1.21%
Pool Corp. 159,616    32,194,547
Diversified Support Services–1.46%
IAA, Inc.(b) 456,045    19,030,758
KAR Auction Services, Inc. 800,418    19,650,262
      38,681,020
Education Services–1.24%
Adtalem Global Education, Inc.(b) 440,960    16,796,166
Strategic Education, Inc. 118,377    16,085,067
      32,881,233
Electrical Components & Equipment–0.66%
Generac Holdings, Inc.(b) 224,256    17,568,215
Electronic Components–1.52%
II-VI, Inc.(b) 467,354    16,455,535
Littelfuse, Inc. 135,333    23,995,894
      40,451,429
Electronic Equipment & Instruments–2.47%
OSI Systems, Inc.(b) 188,882    19,182,856
Trimble, Inc.(b) 579,791    22,501,689
Zebra Technologies Corp., Class A(b) 115,920    23,922,410
      65,606,955
Electronic Manufacturing Services–0.69%
Fabrinet (Thailand)(b) 350,450    18,328,535
Environmental & Facilities Services–0.85%
Clean Harbors, Inc.(b) 292,658    22,593,198
Financial Exchanges & Data–2.68%
Cboe Global Markets, Inc. 188,800    21,695,008
MarketAxess Holdings, Inc. 86,465    28,317,288
Morningstar, Inc. 145,367    21,243,933
      71,256,229
 
See accompanying notes which are an integral part of this schedule.
Invesco Small Cap Growth Fund
  Shares Value
Footwear–1.02%
Steven Madden Ltd. 755,372    $27,034,764
General Merchandise Stores–0.58%
Ollie’s Bargain Outlet Holdings, Inc.(b) 263,582    15,456,448
Health Care Equipment–6.48%
DexCom, Inc.(b) 167,014    24,925,169
Glaukos Corp.(b) 268,962    16,812,815
Hill-Rom Holdings, Inc. 249,407    26,245,099
Integer Holdings Corp.(b) 246,550    18,629,318
Integra LifeSciences Holdings Corp.(b) 395,387    23,750,897
Masimo Corp.(b) 166,950    24,840,490
Nevro Corp.(b) 200,474    17,234,750
Penumbra, Inc.(b)(c) 146,882    19,754,160
      172,192,698
Health Care Facilities–0.96%
Encompass Health Corp. 404,398    25,590,305
Health Care Services–2.09%
BioTelemetry, Inc.(b) 385,332    15,694,573
Chemed Corp. 95,425    39,846,617
      55,541,190
Health Care Supplies–1.52%
Avanos Medical, Inc.(b) 492,384    18,444,704
Haemonetics Corp.(b) 158,020    19,932,643
ICU Medical, Inc.(b) 12,890     2,057,244
      40,434,591
Health Care Technology–1.43%
HMS Holdings Corp.(b) 662,681    22,839,300
Vocera Communications, Inc.(b) 614,072    15,136,875
      37,976,175
Industrial Machinery–4.42%
Crane Co. 255,909    20,633,943
Hillenbrand, Inc. 457,349    14,122,937
ITT, Inc. 464,408    28,417,125
John Bean Technologies Corp. 227,135    22,584,033
Kennametal, Inc. 455,959    14,016,180
Timken Co. (The) 402,784    17,525,132
      117,299,350
Insurance Brokers–0.55%
eHealth, Inc.(b) 216,818    14,481,274
Interactive Home Entertainment–1.11%
Take-Two Interactive Software, Inc.(b) 234,747    29,423,189
Investment Banking & Brokerage–1.25%
Evercore, Inc., Class A 57,002     4,565,860
LPL Financial Holdings, Inc. 348,647    28,554,189
      33,120,049
  Shares Value
IT Consulting & Other Services–1.85%
Booz Allen Hamilton Holding Corp. 314,148    $22,310,791
KBR, Inc. 1,091,931    26,795,987
      49,106,778
Leisure Products–0.88%
Brunswick Corp. 446,111    23,251,305
Life Sciences Tools & Services–2.30%
Bio-Techne Corp. 183,023    35,812,110
Syneos Health, Inc.(b) 476,638    25,361,908
      61,174,018
Managed Health Care–1.19%
HealthEquity, Inc.(b) 555,515    31,744,905
Metal & Glass Containers–0.73%
Berry Global Group, Inc.(b) 492,112    19,325,238
Movies & Entertainment–0.39%
IMAX Corp.(b) 467,816    10,268,561
Office Services & Supplies–0.84%
MSA Safety, Inc. 205,619    22,435,089
Oil & Gas Exploration & Production–0.78%
Parsley Energy, Inc., Class A 1,234,376    20,737,517
Packaged Foods & Meats–0.76%
Lancaster Colony Corp. 146,110    20,258,151
Pharmaceuticals–2.81%
Aerie Pharmaceuticals, Inc.(b)(c) 396,499     7,620,711
Catalent, Inc.(b) 589,978    28,118,352
GW Pharmaceuticals PLC, ADR (United Kingdom)(b) 153,144    17,616,154
Horizon Therapeutics PLC(b) 779,792    21,233,736
      74,588,953
Property & Casualty Insurance–1.82%
Hanover Insurance Group, Inc. (The) 195,684    26,523,009
RLI Corp. 235,548    21,884,765
      48,407,774
Regional Banks–1.37%
Cullen/Frost Bankers, Inc. 237,554    21,035,407
Sterling Bancorp 761,914    15,283,995
      36,319,402
Research & Consulting Services–0.97%
CoStar Group, Inc.(b) 43,539    25,827,335
Restaurants–4.15%
Dunkin’ Brands Group, Inc. 347,272    27,559,506
Jack in the Box, Inc. 178,692    16,282,415
Texas Roadhouse, Inc. 424,760    22,308,395
Wendy’s Co. (The) 1,229,876    24,572,923
Wingstop, Inc. 225,276    19,662,089
      110,385,328
See accompanying notes which are an integral part of this schedule.
Invesco Small Cap Growth Fund
  Shares Value
Security & Alarm Services–1.07%
Brink’s Co. (The) 342,696    $28,426,633
Semiconductor Equipment–0.71%
MKS Instruments, Inc. 204,606    18,881,042
Semiconductors–4.93%
Lattice Semiconductor Corp.(b) 1,197,059    21,888,224
Monolithic Power Systems, Inc. 166,775    25,955,193
Power Integrations, Inc. 242,767    21,953,420
Semtech Corp.(b) 563,086    27,371,610
Silicon Laboratories, Inc.(b) 302,446    33,677,362
      130,845,809
Specialized REITs–1.40%
CoreSite Realty Corp. 305,135    37,180,700
Specialty Chemicals–0.87%
Ingevity Corp.(b) 273,446    23,199,159
Specialty Stores–0.95%
Five Below, Inc.(b) 199,838    25,199,572
Systems Software–2.11%
Proofpoint, Inc.(b) 161,525    20,844,801
Qualys, Inc.(b) 263,477    19,910,957
SailPoint Technologies Holding, Inc.(b) 811,613    15,169,047
      55,924,805
Trading Companies & Distributors–0.40%
Univar Solutions, Inc.(b) 505,677    10,497,855
Trucking–1.50%
Knight-Swift Transportation Holdings, Inc. 545,905    19,816,351
  Shares Value
Trucking–(continued)
Old Dominion Freight Line, Inc. 118,108    $20,074,817
      39,891,168
Total Common Stocks & Other Equity Interests (Cost $1,894,255,479) 2,616,771,299
Money Market Funds–1.10%
Invesco Government & Agency Portfolio, Institutional Class, 1.83%(d) 10,247,572    10,247,572
Invesco Liquid Assets Portfolio, Institutional Class, 1.98%(d) 7,317,900     7,320,095
Invesco Treasury Portfolio, Institutional Class, 1.79%(d) 11,711,510    11,711,510
Total Money Market Funds (Cost $29,278,593) 29,279,177
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.60% (Cost $1,923,534,072)     2,646,050,476
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.49%
Invesco Government & Agency Portfolio, Institutional Class, 1.83%(d)(e) 9,641,057     9,641,057
Invesco Liquid Assets Portfolio, Institutional Class, 1.98%(d)(e) 3,212,722     3,213,685
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $12,854,742) 12,854,742
TOTAL INVESTMENTS IN SECURITIES–100.09% (Cost $1,936,388,814) 2,658,905,218
OTHER ASSETS LESS LIABILITIES—(0.09)% (2,261,268)
NET ASSETS–100.00% $2,656,643,950
Investment Abbreviations:
ADR – American Depositary Receipt
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 September 30, 2019.
(d) The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of September 30, 2019.
(e) 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 Growth Fund
Notes to Quarterly Schedule of Portfolio Holdings
September 30, 2019
(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.
As of September 30, 2019, all of the securities in this Fund were valued based on Level 1 inputs (see the Schedule of Investments for security categories). 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.
Invesco Small Cap Growth Fund