NPORT-EX 2 edgar.htm
Schedule of Investments(a)
May 31, 2021
(Unaudited)
  Shares Value
Common Stocks & Other Equity Interests–99.44%
Apartments–14.86%    
AvalonBay Communities, Inc. 412,417    $85,345,574
Camden Property Trust 268,788    33,700,639
Equity Residential 480,669    37,227,814
Mid-America Apartment Communities, Inc. 325,298    52,275,389
UDR, Inc. 1,934,726    92,150,999
      300,700,415
Data Centers–12.46%    
CoreSite Realty Corp. 96,486    11,698,928
CyrusOne, Inc. 374,684    27,632,945
Digital Realty Trust, Inc. 458,373    69,471,012
Equinix, Inc. 176,121   129,751,863
QTS Realty Trust, Inc., Class A(b) 214,740    13,610,221
      252,164,969
Diversified–1.46%    
BGP Holdings PLC(c)(d) 3,547,941             4
Exeter Industrial Value Fund L.P.(c)(d)(e) 4,185,000       280,270
JBG SMITH Properties 566,336    18,241,683
Vornado Realty Trust 233,298    11,030,329
      29,552,286
Free Standing–2.37%    
Essential Properties Realty Trust, Inc. 537,312    13,755,187
National Retail Properties, Inc. 253,923    11,769,331
NETSTREIT Corp. 296,010     6,606,943
Realty Income Corp. 232,507    15,903,479
      48,034,940
Health Care–8.14%    
Omega Healthcare Investors, Inc. 1,010,021    36,986,969
Ventas, Inc. 796,424    44,161,711
Welltower, Inc. 1,115,874    83,433,899
      164,582,579
Industrial–12.68%    
Duke Realty Corp. 1,509,248    70,119,662
Prologis, Inc. 1,133,620   133,585,781
Rexford Industrial Realty, Inc.(b) 954,742    52,730,401
      256,435,844
Infrastructure REITs–13.71%    
American Tower Corp. 568,883   145,326,853
Crown Castle International Corp. 527,806   100,019,237
SBA Communications Corp., Class A 107,637    32,088,742
      277,434,832
Lodging Resorts–7.66%    
Apple Hospitality REIT, Inc. 2,006,453    31,842,409
DiamondRock Hospitality Co.(f) 1,546,409    14,969,239
Host Hotels & Resorts, Inc.(f) 2,377,092    40,814,670
RLJ Lodging Trust 1,704,419    26,196,920
Sunstone Hotel Investors, Inc.(f) 2,369,088    29,755,745
Xenia Hotels & Resorts, Inc. 591,052    11,472,319
      155,051,302
  Shares Value
Office–5.07%    
Alexandria Real Estate Equities, Inc. 105,985    $18,892,886
Boston Properties, Inc. 125,156    14,713,339
Brandywine Realty Trust(b) 1,523,937    21,426,554
Columbia Property Trust, Inc. 599,336    10,482,387
Highwoods Properties, Inc. 453,315    20,707,429
Kilroy Realty Corp. 231,495    16,253,264
      102,475,859
Regional Malls–4.00%    
Simon Property Group, Inc. 629,531    80,888,438
Self Storage–3.99%    
CubeSmart 460,704    20,174,228
Extra Space Storage, Inc. 188,266    28,204,129
Life Storage, Inc. 325,474    32,365,135
      80,743,492
Shopping Centers–5.96%    
Brixmor Property Group, Inc. 1,387,608    31,512,578
Regency Centers Corp. 504,021    32,559,756
Retail Opportunity Investments Corp. 504,901     9,017,532
SITE Centers Corp. 1,564,308    23,417,691
Urban Edge Properties 1,238,658    23,968,032
      120,475,589
Single Family Homes–4.23%    
American Homes 4 Rent, Class A 119,354     4,543,807
Invitation Homes, Inc. 2,234,474    81,044,372
      85,588,179
Timber REITs–2.85%    
Weyerhaeuser Co. 1,517,912    57,619,940
Total Common Stocks & Other Equity Interests (Cost $1,422,064,202) 2,011,748,664
Money Market Funds–0.67%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(g)(h) 4,072,430     4,072,430
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(g)(h) 4,948,515     4,950,494
Invesco Treasury Portfolio, Institutional Class, 0.01%(g)(h) 4,654,205     4,654,205
Total Money Market Funds (Cost $13,675,126) 13,677,129
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.11% (Cost $1,435,739,328)     2,025,425,793
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–3.07%    
Invesco Private Government Fund, 0.01%(g)(h)(i) 24,843,874    24,843,874
 
See accompanying notes which are an integral part of this schedule.
Invesco Real Estate Fund
  Shares Value
Money Market Funds–(continued)
Invesco Private Prime Fund, 0.09%(g)(h)(i) 37,250,911    $37,265,811
TOTAL INVESTMENTS IN SECURITIES–103.18% (Cost $1,497,849,013) 2,087,535,478
OTHER ASSETS LESS LIABILITIES–(3.18)% (64,401,094)
NET ASSETS–100.00% $2,023,134,384
Investment Abbreviations:
REIT – Real Estate Investment Trust
Notes to Schedule of Investments:
(a) Property type classifications used in this report are generally according to FTSE National Association of Real Estate Investment Trusts ("NAREIT") Equity REITs Index, which is exclusively owned by NAREIT.
(b) All or a portion of this security was out on loan at May 31, 2021.
(c) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at May 31, 2021 was $280,274, which represented less than 1% of the Fund’s Net Assets.
(d) Security valued using significant unobservable inputs (Level 3). See Note 1.
(e) The Fund has a remaining commitment to purchase additional interests, which are subject to the terms of the limited partnership agreements for the following securities:
    
Security Remaining
Commitment 		Percent
Ownership
Exeter Industrial Value Fund L.P. $315,000 1.26%
    
(f) Non-income producing security.
(g) 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 May 31, 2021.
    
  Value
February 28, 2021 		Purchases
at Cost 		Proceeds
from Sales 		Change in
Unrealized
Appreciation
(Depreciation) 		Realized
Gain 		Value
May 31, 2021 		Dividend Income
Investments in Affiliated Money Market Funds:              
Invesco Government & Agency Portfolio, Institutional Class $4,107,238 $29,427,058 $(29,461,866) $- $- $4,072,430 $298
Invesco Liquid Assets Portfolio, Institutional Class 5,655,340 21,019,327 (21,724,173) (136) 136 4,950,494 168
Invesco Treasury Portfolio, Institutional Class 4,693,987 33,630,923 (33,670,705) - - 4,654,205 123
Investments Purchased with Cash Collateral from Securities on Loan:              
Invesco Private Government Fund - 26,687,170 (1,843,296) - - 24,843,874 18*
Invesco Private Prime Fund - 40,030,755 (2,764,944) - - 37,265,811 415*
Total $14,456,565 $150,795,233 $(89,464,984) $(136) $136 $75,786,814 $1,022
    
* 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.
    
(h) The rate shown is the 7-day SEC standardized yield as of May 31, 2021.
(i) 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 Real Estate Fund
Notes to Quarterly Schedule of Portfolio Holdings
May 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 May 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 $2,011,468,390 $— $280,274 $2,011,748,664
Money Market Funds 13,677,129 62,109,685 — 75,786,814
Total Investments $2,025,145,519 $62,109,685 $280,274 $2,087,535,478
Invesco Real Estate Fund