NPORT-EX 2 edgar.htm
Schedule of Investments(a)
July 31, 2021
(Unaudited)
  Shares Value
Common Stocks & Other Equity Interests–99.01%
Auto Parts & Equipment–2.36%
Dana, Inc. 854,768  $20,651,195
Building Products–0.67%
Builders FirstSource, Inc.(b) 1,700      75,650
Carlisle Cos., Inc. 28,800   5,824,512
      5,900,162
Construction & Engineering–3.10%
AECOM(b) 431,373  27,159,244
Consumer Finance–0.03%
SLM Corp. 13,000     244,790
Distributors–1.77%
LKQ Corp.(b) 305,700  15,514,275
Diversified Banks–7.10%
Citigroup, Inc. 417,221  28,212,484
Wells Fargo & Co. 739,600  33,977,224
      62,189,708
Diversified Chemicals–3.04%
Huntsman Corp. 1,007,700  26,613,357
Electrical Components & Equipment–2.14%
nVent Electric PLC 591,400  18,694,154
Electronic Manufacturing Services–0.83%
Jabil, Inc. 122,478   7,292,340
Food Distributors–3.10%
US Foods Holding Corp.(b) 789,800  27,121,732
Health Care Facilities–1.10%
Universal Health Services, Inc., Class B 60,000   9,624,600
Health Care Services–4.84%
Cigna Corp. 81,000  18,588,690
Fresenius Medical Care AG & Co. KGaA (Germany) 300,800  23,748,472
      42,337,162
Hotels, Resorts & Cruise Lines–6.56%
Booking Holdings, Inc.(b) 16,275  35,451,181
Norwegian Cruise Line Holdings Ltd.(b)(c) 44,300   1,064,529
Travel + Leisure Co. 404,400  20,947,920
      57,463,630
Household Products–2.63%
Energizer Holdings, Inc. 7,354     315,119
Spectrum Brands Holdings, Inc. 259,571  22,673,527
      22,988,646
Human Resource & Employment Services–3.67%
ManpowerGroup, Inc. 271,300  32,170,754
Industrial Machinery–2.35%
Crane Co. 211,200  20,534,976
  Shares Value
Integrated Oil & Gas–3.59%
BP PLC, ADR (United Kingdom) 524,900  $12,692,082
Royal Dutch Shell PLC, Class A, ADR (United Kingdom) 461,800  18,758,316
      31,450,398
Internet & Direct Marketing Retail–2.28%
Alibaba Group Holding Ltd. (China)(b) 817,600  19,979,236
Investment Banking & Brokerage–4.21%
Goldman Sachs Group, Inc. (The) 98,400  36,888,192
Life & Health Insurance–5.05%
Athene Holding Ltd., Class A(b) 539,500  34,862,490
MetLife, Inc. 7,800     450,060
Prudential Financial, Inc. 88,800   8,904,864
      44,217,414
Managed Health Care–5.27%
Anthem, Inc. 71,000  27,264,710
Centene Corp.(b) 275,300  18,888,333
      46,153,043
Oil & Gas Exploration & Production–4.40%
Devon Energy Corp. 337,200   8,713,248
Diamondback Energy, Inc. 192,900  14,878,377
Pioneer Natural Resources Co. 103,004  14,973,691
      38,565,316
Oil & Gas Refining & Marketing–3.44%
Marathon Petroleum Corp. 388,300  21,441,926
Phillips 66 118,400   8,694,112
      30,136,038
Other Diversified Financial Services–2.40%
Equitable Holdings, Inc. 680,200  20,997,774
Paper Packaging–2.00%
Sealed Air Corp. 308,400  17,501,700
Regional Banks–3.27%
Huntington Bancshares, Inc. 2,033,529  28,632,088
Research & Consulting Services–7.04%
CACI International, Inc., Class A(b) 62,282  16,626,803
KBR, Inc.(c) 596,400  23,080,680
Nielsen Holdings PLC 926,600  21,951,154
      61,658,637
Specialty Chemicals–1.93%
Axalta Coating Systems Ltd.(b) 548,100  16,497,810
Element Solutions, Inc. 18,800     439,732
      16,937,542
Thrifts & Mortgage Finance–1.30%
MGIC Investment Corp. 490,358   6,786,554
Radian Group, Inc. 205,103   4,631,226
      11,417,780
 
See accompanying notes which are an integral part of this schedule.
Invesco Value Opportunities Fund
  Shares Value
Trading Companies & Distributors–7.54%
AerCap Holdings N.V. (Ireland)(b) 523,700  $27,756,100
Univar Solutions, Inc.(b) 1,172,700  28,778,058
WESCO International, Inc.(b) 89,000   9,474,050
      66,008,208
Total Common Stocks & Other Equity Interests (Cost $651,848,506) 867,044,091
Money Market Funds–1.01%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e) 3,234,354   3,234,354
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(d)(e) 1,951,615   1,952,396
Invesco Treasury Portfolio, Institutional Class, 0.01%(d)(e) 3,696,405   3,696,405
Total Money Market Funds (Cost $8,882,118) 8,883,155
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.02% (Cost $660,730,624)     875,927,246
  Shares Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–2.54%
Invesco Private Government Fund, 0.02%(d)(e)(f) 6,675,734   $6,675,734
Invesco Private Prime Fund, 0.12%(d)(e)(f) 15,570,483  15,576,712
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $22,252,446) 22,252,446
TOTAL INVESTMENTS IN SECURITIES–102.56% (Cost $682,983,070) 898,179,692
OTHER ASSETS LESS LIABILITIES—(2.56)% (22,446,334)
NET ASSETS–100.00% $875,733,358
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) 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
(Depreciation) 		Realized
Gain 		Value
July 31, 2021 		Dividend Income
Investments in Affiliated Money Market Funds:              
Invesco Government & Agency Portfolio, Institutional Class $11,006,765 $23,628,393 $(31,400,804) $- $- $3,234,354 $496
Invesco Liquid Assets Portfolio, Institutional Class 8,222,217 16,159,324 (22,429,145) (584) 584 1,952,396 137
Invesco Treasury Portfolio, Institutional Class 12,579,160 27,003,878 (35,886,633) - - 3,696,405 219
Investments Purchased with Cash Collateral from Securities on Loan:              
Invesco Private Government Fund - 11,613,209 (4,937,475) - - 6,675,734 13*
Invesco Private Prime Fund - 23,291,556 (7,714,844) - - 15,576,712 185*
Total $31,808,142 $101,696,360 $(102,368,901) $(584) $584 $31,135,601 $1,050
    
* 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 Value Opportunities 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 $823,316,383 $43,727,708 $— $867,044,091
Money Market Funds 8,883,155 22,252,446 — 31,135,601
Total Investments $832,199,538 $65,980,154 $— $898,179,692
Invesco Value Opportunities Fund