Schedule of Investments(a)
January 31, 2021
(Unaudited)
Shares | Value | ||
Common Stocks & Other Equity Interests–97.99% | |||
Aerospace & Defense–0.99% | |||
Parsons Corp.(b) | 332,000 | $11,839,120 | |
Auto Parts & Equipment–2.44% | |||
Dana, Inc. | 1,166,296 | 22,579,491 | |
Motorcar Parts of America, Inc.(b) | 21,431 | 484,983 | |
Visteon Corp.(b) | 47,500 | 6,055,300 | |
29,119,774 | |||
Building Products–2.17% | |||
Builders FirstSource, Inc.(b) | 49,077 | 1,877,195 | |
JELD-WEN Holding, Inc.(b) | 922,995 | 23,988,640 | |
25,865,835 | |||
Communications Equipment–0.27% | |||
Ciena Corp.(b) | 59,600 | 3,182,044 | |
Construction & Engineering–3.34% | |||
AECOM(b) | 725,722 | 36,358,672 | |
API Group Corp.(b)(c) | 166,800 | 2,987,388 | |
Valmont Industries, Inc. | 2,953 | 569,693 | |
39,915,753 | |||
Construction Machinery & Heavy Trucks–0.53% | |||
Astec Industries, Inc. | 69,600 | 4,139,112 | |
REV Group, Inc. | 212,750 | 2,197,708 | |
6,336,820 | |||
Distributors–1.93% | |||
LKQ Corp.(b) | 656,283 | 23,028,970 | |
Diversified Chemicals–2.59% | |||
Huntsman Corp. | 1,172,084 | 30,966,459 | |
Electrical Components & Equipment–2.27% | |||
nVent Electric PLC | 1,212,500 | 27,135,750 | |
Electronic Manufacturing Services–3.03% | |||
Flex Ltd.(b) | 336,923 | 5,943,322 | |
Jabil, Inc. | 564,468 | 23,352,041 | |
Sanmina Corp.(b) | 221,123 | 6,876,925 | |
36,172,288 | |||
Food Distributors–2.77% | |||
US Foods Holding Corp.(b) | 1,067,800 | 33,091,122 | |
Hotels, Resorts & Cruise Lines–5.27% | |||
Hilton Grand Vacations, Inc.(b) | 1,029,700 | 30,602,684 | |
Wyndham Destinations, Inc. | 728,700 | 32,237,688 | |
62,840,372 | |||
Household Products–4.02% | |||
Energizer Holdings, Inc. | 262,049 | 11,488,228 | |
Spectrum Brands Holdings, Inc. | 482,995 | 36,499,932 | |
47,988,160 | |||
Human Resource & Employment Services–3.55% | |||
ManpowerGroup, Inc. | 411,701 | 36,410,837 |
Shares | Value | ||
Human Resource & Employment Services–(continued) | |||
TrueBlue, Inc.(b) | 322,902 | $6,002,748 | |
42,413,585 | |||
Industrial Conglomerates–0.63% | |||
Carlisle Cos., Inc. | 52,102 | 7,551,143 | |
Industrial Machinery–6.05% | |||
Columbus McKinnon Corp. | 68,500 | 2,958,515 | |
Crane Co. | 392,900 | 29,734,672 | |
Timken Co. (The) | 52,610 | 3,980,473 | |
Welbilt, Inc.(b) | 2,756,700 | 35,588,997 | |
72,262,657 | |||
Investment Banking & Brokerage–1.42% | |||
Evercore, Inc., Class A | 152,600 | 16,648,660 | |
Greenhill & Co., Inc. | 25,432 | 295,266 | |
16,943,926 | |||
IT Consulting & Other Services–1.49% | |||
KBR, Inc. | 611,300 | 17,758,265 | |
Life & Health Insurance–4.52% | |||
Athene Holding Ltd., Class A(b) | 875,200 | 35,786,928 | |
CNO Financial Group, Inc. | 857,515 | 18,187,893 | |
53,974,821 | |||
Oil & Gas Equipment & Services–1.44% | |||
Helix Energy Solutions Group, Inc.(b) | 3,367,281 | 13,873,198 | |
NexTier Oilfield Solutions, Inc.(b) | 996,111 | 3,307,088 | |
17,180,286 | |||
Oil & Gas Exploration & Production–4.54% | |||
Diamondback Energy, Inc. | 424,600 | 24,070,574 | |
Northern Oil and Gas, Inc.(b)(d) | 879,680 | 8,972,736 | |
Pioneer Natural Resources Co. | 175,017 | 21,159,555 | |
54,202,865 | |||
Oil & Gas Refining & Marketing–0.66% | |||
HollyFrontier Corp. | 276,100 | 7,857,806 | |
Other Diversified Financial Services–1.79% | |||
Equitable Holdings, Inc. | 860,100 | 21,313,278 | |
Paper Packaging–1.44% | |||
Sealed Air Corp. | 407,568 | 17,227,899 | |
Regional Banks–12.65% | |||
First Horizon Corp. | 1,145,510 | 15,911,134 | |
Great Western Bancorp, Inc. | 881,100 | 21,146,400 | |
Sterling Bancorp | 2,111,100 | 38,970,906 | |
TCF Financial Corp. | 1,044,000 | 40,569,840 | |
Western Alliance Bancorporation | 504,300 | 34,383,174 | |
150,981,454 | |||
Research & Consulting Services–2.83% | |||
Nielsen Holdings PLC | 1,463,100 | 32,671,023 | |
Resources Connection, Inc. | 96,692 | 1,115,826 | |
33,786,849 |
See accompanying notes which are an integral part of this schedule.
Invesco Small Cap Value Fund
Shares | Value | ||
Semiconductor Equipment–1.80% | |||
Kulicke & Soffa Industries, Inc. (Singapore) | 601,277 | $21,447,551 | |
Specialty Chemicals–6.64% | |||
Avient Corp. | 376,600 | 14,472,738 | |
Axalta Coating Systems Ltd.(b) | 928,200 | 25,052,118 | |
Element Solutions, Inc. | 1,041,600 | 17,738,448 | |
Kraton Corp.(b) | 781,822 | 21,953,562 | |
79,216,866 | |||
Steel–1.72% | |||
Carpenter Technology Corp. | 658,130 | 20,559,981 | |
Thrifts & Mortgage Finance–4.24% | |||
Axos Financial, Inc.(b) | 417,707 | 16,269,688 | |
MGIC Investment Corp. | 1,912,642 | 22,416,164 | |
Radian Group, Inc. | 621,048 | 11,924,121 | |
50,609,973 | |||
Trading Companies & Distributors–8.76% | |||
AerCap Holdings N.V. (Ireland)(b) | 85,200 | 3,258,048 | |
Beacon Roofing Supply, Inc.(b) | 559,666 | 22,257,917 | |
DXP Enterprises, Inc.(b) | 137,891 | 3,197,692 | |
Univar Solutions, Inc.(b) | 1,906,700 | 35,445,553 | |
WESCO International, Inc.(b) | 530,316 | 40,362,351 | |
104,521,561 | |||
Trucking–0.20% | |||
National Express Group PLC (United Kingdom)(b) | 702,025 | 2,403,044 | |
Total Common Stocks & Other Equity Interests (Cost $955,403,357) | 1,169,696,277 |
Shares | Value | ||
Money Market Funds–3.52% | |||
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(e)(f) | 13,894,756 | $13,894,756 | |
Invesco Liquid Assets Portfolio, Institutional Class, 0.05%(e)(f) | 12,284,798 | 12,289,712 | |
Invesco Treasury Portfolio, Institutional Class, 0.01%(e)(f) | 15,879,721 | 15,879,721 | |
Total Money Market Funds (Cost $42,064,866) | 42,064,189 | ||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-101.51% (Cost $997,468,223) | 1,211,760,466 | ||
Investments Purchased with Cash Collateral from Securities on Loan | |||
Money Market Funds–0.38% | |||
Invesco Private Government Fund, 0.01%(e)(f)(g) | 1,802,368 | 1,802,368 | |
Invesco Private Prime Fund, 0.11%(e)(f)(g) | 2,702,470 | 2,703,551 | |
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $4,505,849) | 4,505,919 | ||
TOTAL INVESTMENTS IN SECURITIES–101.89% (Cost $1,001,974,072) | 1,216,266,385 | ||
OTHER ASSETS LESS LIABILITIES—(1.89)% | (22,504,889) | ||
NET ASSETS–100.00% | $1,193,761,496 |
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) | 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 value of this security at January 31, 2021 represented less than 1% of the Fund’s Net Assets. |
(d) | All or a portion of this security was out on loan at January 31, 2021. |
(e) | 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 | $11,727,183 | $105,772,394 | $(103,604,821) | $- | $- | $13,894,756 | $2,305 |
Invesco Liquid Assets Portfolio, Institutional Class | 10,741,897 | 75,551,711 | (74,003,444) | (7,863) | 7,411 | 12,289,712 | 8,939 |
Invesco Treasury Portfolio, Institutional Class | 13,402,495 | 120,882,737 | (118,405,511) | - | - | 15,879,721 | 1,891 |
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||
Invesco Private Government Fund | - | 44,579,289 | (42,776,921) | - | - | 1,802,368 | 342* |
Invesco Private Prime Fund | - | 16,471,225 | (13,768,115) | 70 | 371 | 2,703,551 | 1,302* |
Total | $35,871,575 | $363,257,356 | $(352,558,812) | $(7,793) | $7,782 | $46,570,108 | $14,779 |
* | 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. |
(f) | The rate shown is the 7-day SEC standardized yield as of January 31, 2021. |
(g) | 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 Small Cap Value Fund
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 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.
The following is a summary of the tiered valuation input levels, as of January 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 | $1,167,293,233 | $2,403,044 | $— | $1,169,696,277 |
Money Market Funds | 42,064,189 | 4,505,919 | — | 46,570,108 |
Total Investments | $1,209,357,422 | $6,908,963 | $— | $1,216,266,385 |
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 Small Cap Value Fund