Schedule of Investments(a)
January 31, 2021
(Unaudited)
Shares | Value | ||
Common Stocks & Other Equity Interests–98.16% | |||
Agricultural & Farm Machinery–2.44% | |||
AGCO Corp. | 381,736 | $42,334,522 | |
Apparel, Accessories & Luxury Goods–3.43% | |||
Ralph Lauren Corp. | 251,375 | 25,401,444 | |
Tapestry, Inc. | 1,082,373 | 34,224,634 | |
59,626,078 | |||
Asset Management & Custody Banks–1.14% | |||
Ares Management Corp., Class A | 440,065 | 19,873,335 | |
Automotive Retail–1.79% | |||
Advance Auto Parts, Inc. | 208,440 | 31,086,742 | |
Broadcasting–1.46% | |||
Nexstar Media Group, Inc., Class A | 223,757 | 25,434,458 | |
Building Products–4.75% | |||
Johnson Controls International PLC | 937,325 | 46,697,532 | |
Owens Corning | 461,447 | 35,808,287 | |
82,505,819 | |||
Communications Equipment–2.95% | |||
Ciena Corp.(b) | 960,425 | 51,277,091 | |
Construction Machinery & Heavy Trucks–2.21% | |||
Oshkosh Corp. | 419,588 | 38,430,065 | |
Consumer Finance–2.76% | |||
Ally Financial, Inc. | 1,269,265 | 48,028,988 | |
Copper–1.43% | |||
Freeport-McMoRan, Inc.(b) | 921,241 | 24,790,595 | |
Data Processing & Outsourced Services–1.17% | |||
Sabre Corp. | 1,883,071 | 20,299,505 | |
Distributors–2.24% | |||
LKQ Corp.(b) | 1,111,385 | 38,998,500 | |
Diversified Chemicals–2.20% | |||
Eastman Chemical Co. | 389,557 | 38,312,931 | |
Electric Utilities–6.56% | |||
Entergy Corp. | 399,510 | 38,085,288 | |
Evergy, Inc. | 710,726 | 38,187,308 | |
Exelon Corp. | 909,582 | 37,802,228 | |
114,074,824 | |||
Electronic Equipment & Instruments–2.47% | |||
Vontier Corp.(b) | 1,322,530 | 42,889,648 | |
Food Distributors–2.18% | |||
Performance Food Group Co.(b) | 809,946 | 37,970,269 | |
Food Retail–2.54% | |||
Casey’s General Stores, Inc. | 130,994 | 24,558,755 | |
Kroger Co. (The) | 568,367 | 19,608,662 | |
44,167,417 |
Shares | Value | ||
General Merchandise Stores–2.05% | |||
Dollar Tree, Inc.(b) | 351,402 | $35,723,527 | |
Health Care Distributors–1.65% | |||
Henry Schein, Inc.(b) | 435,059 | 28,648,635 | |
Health Care Facilities–2.46% | |||
Encompass Health Corp. | 532,411 | 42,805,844 | |
Health Care Technology–2.39% | |||
Cerner Corp. | 256,373 | 20,538,041 | |
Inovalon Holdings, Inc., Class A(b) | 864,120 | 21,084,528 | |
41,622,569 | |||
Hotels, Resorts & Cruise Lines–2.32% | |||
Wyndham Hotels & Resorts, Inc. | 693,510 | 40,341,477 | |
Industrial Machinery–1.78% | |||
Kennametal, Inc. | 818,650 | 31,010,462 | |
Industrial REITs–1.80% | |||
First Industrial Realty Trust, Inc. | 770,772 | 31,324,174 | |
Insurance Brokers–2.65% | |||
Arthur J. Gallagher & Co. | 399,128 | 46,063,363 | |
Interactive Home Entertainment–1.20% | |||
Take-Two Interactive Software, Inc.(b) | 104,482 | 20,943,417 | |
Investment Banking & Brokerage–1.48% | |||
Stifel Financial Corp. | 495,988 | 25,702,098 | |
IT Consulting & Other Services–3.21% | |||
Science Applications International Corp. | 581,349 | 55,826,944 | |
Life & Health Insurance–1.94% | |||
Athene Holding Ltd., Class A(b) | 823,105 | 33,656,763 | |
Managed Health Care–2.13% | |||
Centene Corp.(b) | 613,163 | 36,973,729 | |
Marine–2.32% | |||
Kirby Corp.(b) | 796,329 | 40,421,660 | |
Oil & Gas Exploration & Production–4.35% | |||
Devon Energy Corp. | 2,247,234 | 36,989,472 | |
Pioneer Natural Resources Co. | 319,316 | 38,605,304 | |
75,594,776 | |||
Other Diversified Financial Services–2.50% | |||
Voya Financial, Inc. | 782,560 | 43,400,778 | |
Regional Banks–7.99% | |||
KeyCorp | 2,045,113 | 34,480,605 | |
TCF Financial Corp. | 988,288 | 38,404,872 | |
Wintrust Financial Corp. | 553,130 | 33,292,895 | |
Zions Bancorporation N.A. | 742,438 | 32,771,213 | |
138,949,585 | |||
Residential REITs–3.47% | |||
American Homes 4 Rent, Class A | 930,515 | 28,129,468 |
See accompanying notes which are an integral part of this schedule.
Invesco American Value Fund
Shares | Value | ||
Residential REITs–(continued) | |||
UDR, Inc. | 835,680 | $32,131,896 | |
60,261,364 | |||
Specialized REITs–1.43% | |||
Life Storage, Inc. | 303,873 | 24,789,959 | |
Specialty Chemicals–2.78% | |||
W.R. Grace & Co. | 832,753 | 48,316,329 | |
Trucking–2.54% | |||
Knight-Swift Transportation Holdings, Inc. | 1,103,287 | 44,131,480 | |
Total Common Stocks & Other Equity Interests (Cost $1,341,927,016) | 1,706,609,720 |
Shares | Value | ||
Money Market Funds–2.16% | |||
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)(d) | 10,816,151 | $10,816,151 | |
Invesco Liquid Assets Portfolio, Institutional Class, 0.05%(c)(d) | 14,360,626 | 14,366,370 | |
Invesco Treasury Portfolio, Institutional Class, 0.01%(c)(d) | 12,361,316 | 12,361,316 | |
Total Money Market Funds (Cost $37,539,194) | 37,543,837 | ||
TOTAL INVESTMENTS IN SECURITIES–100.32% (Cost $1,379,466,210) | 1,744,153,557 | ||
OTHER ASSETS LESS LIABILITIES—(0.32)% | (5,490,439) | ||
NET ASSETS–100.00% | $1,738,663,118 |
Investment Abbreviations:
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) | 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 nine months ended January 31, 2021. |
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value January 31, 2021 | Dividend Income | |
Investments in Affiliated Money Market Funds: | |||||||
Invesco Government & Agency Portfolio, Institutional Class | $9,614,409 | $87,437,072 | $(86,235,330) | $- | $- | $10,816,151 | $266 |
Invesco Liquid Assets Portfolio, Institutional Class | 13,510,814 | 62,455,051 | (61,596,665) | (2,954) | 124 | 14,366,370 | 19,452 |
Invesco Treasury Portfolio, Institutional Class | 10,987,896 | 99,928,082 | (98,554,662) | - | - | 12,361,316 | 3,469 |
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||
Invesco Private Government Fund | 2,982,315 | 39,803,719 | (42,786,034) | - | - | - | 1,039* |
Invesco Private Prime Fund | - | 7,633,244 | (7,633,738) | - | 494 | - | 525* |
Total | $37,095,434 | $297,257,168 | $(296,806,429) | $(2,954) | $618 | $37,543,837 | $24,751 |
* | 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. |
(d) | The rate shown is the 7-day SEC standardized yield as of January 31, 2021. |
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 American Value Fund
Notes to Quarterly Schedule of Portfolio Holdings
January 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.
As of January 31, 2021, 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.
NOTE 2—Coronavirus (COVID-19) Pandemic
During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective, as stated in the most recent shareholder report. Because of the uncertainties on valuation, the global economy and business operations, values reflected in the Schedule of Investments may materially differ from the value received upon actual sales of those investments.
The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.
Invesco American Value Fund