Schedule of Investments(a)
January 31, 2023
(Unaudited)
| Shares | Value | ||
| Common Stocks & Other Equity Interests–97.67% | |||
| Aerospace & Defense–2.35% | |||
| BWX Technologies, Inc. | 386,800 | $23,540,648 | |
| Huntington Ingalls Industries, Inc. | 90,200 | 19,892,708 | |
| 43,433,356 | |||
| Auto Parts & Equipment–1.79% | |||
| Dana, Inc. | 1,822,200 | 33,054,708 | |
| Casinos & Gaming–1.59% | |||
| Las Vegas Sands Corp.(b) | 499,600 | 29,476,400 | |
| Construction & Engineering–5.68% | |||
| AECOM | 629,100 | 54,901,557 | |
| HOCHTIEF AG (Germany) | 189,800 | 11,998,650 | |
| MasTec, Inc.(b) | 388,500 | 38,162,355 | |
| 105,062,562 | |||
| Construction Machinery & Heavy Trucks–1.05% | |||
| Oshkosh Corp. | 192,146 | 19,364,474 | |
| Copper–2.30% | |||
| Freeport-McMoRan, Inc. | 955,900 | 42,652,257 | |
| Distributors–1.53% | |||
| LKQ Corp. | 479,829 | 28,290,718 | |
| Diversified Chemicals–1.86% | |||
| Huntsman Corp. | 1,085,600 | 34,402,664 | |
| Diversified Metals & Mining–2.36% | |||
| Teck Resources Ltd., Class B (Canada) | 1,010,200 | 43,741,660 | |
| Electric Utilities–0.63% | |||
| NRG Energy, Inc. | 340,400 | 11,648,488 | |
| Electrical Components & Equipment–2.41% | |||
| nVent Electric PLC | 700 | 27,825 | |
| Vertiv Holdings Co. | 3,130,214 | 44,511,643 | |
| 44,539,468 | |||
| Electronic Manufacturing Services–4.98% | |||
| Flex Ltd.(b) | 2,089,023 | 48,778,687 | |
| Jabil, Inc. | 551,900 | 43,395,897 | |
| 92,174,584 | |||
| Food Distributors–3.11% | |||
| Performance Food Group Co.(b) | 363,454 | 22,286,999 | |
| US Foods Holding Corp.(b) | 923,142 | 35,199,405 | |
| 57,486,404 | |||
| Forest Products–0.00% | |||
| Louisiana-Pacific Corp. | 900 | 61,281 | |
| Gold–3.10% | |||
| Agnico Eagle Mines Ltd. (Canada) | 525,400 | 29,674,592 | |
| Yamana Gold, Inc. (Canada) | 4,594,400 | 27,704,232 | |
| 57,378,824 | |||
| Health Care Distributors–1.07% | |||
| Henry Schein, Inc.(b) | 230,200 | 19,831,730 | |
| Shares | Value | ||
| Health Care Facilities–0.76% | |||
| Encompass Health Corp. | 221,588 | $13,838,171 | |
| Universal Health Services, Inc., Class B | 1,210 | 179,334 | |
| 14,017,505 | |||
| Health Care Services–1.99% | |||
| Cigna Corp. | 92,300 | 29,228,641 | |
| Fresenius Medical Care AG & Co. KGaA (Germany) | 203,700 | 7,626,064 | |
| 36,854,705 | |||
| Hotels, Resorts & Cruise Lines–2.13% | |||
| Expedia Group, Inc.(b) | 245,200 | 28,026,360 | |
| Hilton Grand Vacations, Inc.(b) | 4,017 | 190,245 | |
| Travel + Leisure Co. | 263,733 | 11,174,367 | |
| 39,390,972 | |||
| Household Products–1.91% | |||
| Spectrum Brands Holdings, Inc. | 519,400 | 35,256,872 | |
| Human Resource & Employment Services–1.15% | |||
| ManpowerGroup, Inc. | 244,126 | 21,278,022 | |
| Independent Power Producers & Energy Traders–1.42% | |||
| Vistra Corp. | 1,137,600 | 26,233,056 | |
| Industrial Machinery–1.32% | |||
| Crane Holdings Co. | 41,373 | 4,795,544 | |
| Timken Co. (The) | 238,200 | 19,615,770 | |
| 24,411,314 | |||
| Integrated Oil & Gas–2.04% | |||
| Cenovus Energy, Inc. (Canada) | 1,893,600 | 37,834,128 | |
| Investment Banking & Brokerage–1.75% | |||
| Goldman Sachs Group, Inc. (The) | 88,600 | 32,410,766 | |
| Managed Health Care–3.12% | |||
| Centene Corp.(b) | 509,421 | 38,838,257 | |
| Molina Healthcare, Inc.(b) | 60,800 | 18,959,264 | |
| 57,797,521 | |||
| Oil & Gas Exploration & Production–12.76% | |||
| APA Corp. | 1,067,400 | 47,317,842 | |
| ARC Resources Ltd. (Canada) | 3,072,800 | 35,703,647 | |
| Chord Energy Corp. | 150,200 | 21,528,166 | |
| Diamondback Energy, Inc. | 241,987 | 35,359,141 | |
| EQT Corp. | 634,600 | 20,732,382 | |
| Murphy Oil Corp. | 425,000 | 18,534,250 | |
| Ovintiv, Inc. | 786,600 | 38,724,318 | |
| Southwestern Energy Co.(b) | 3,285,200 | 18,134,304 | |
| 236,034,050 | |||
| Oil & Gas Refining & Marketing–1.89% | |||
| Phillips 66 | 348,300 | 34,924,041 | |
| Oil & Gas Storage & Transportation–1.72% | |||
| New Fortress Energy, Inc. | 821,787 | 31,877,118 | |
See accompanying notes which are an integral part of this schedule.
Invesco American Value Fund
| Shares | Value | ||
| Other Diversified Financial Services–1.40% | |||
| Apollo Global Management, Inc. | 366,489 | $25,940,091 | |
| Paper Packaging–0.38% | |||
| Sealed Air Corp. | 127,900 | 7,003,804 | |
| Regional Banks–7.47% | |||
| Huntington Bancshares, Inc. | 2,840,670 | 43,092,964 | |
| PacWest Bancorp | 407,353 | 11,267,384 | |
| Pinnacle Financial Partners, Inc. | 64,800 | 5,101,704 | |
| SVB Financial Group(b) | 100,600 | 30,425,464 | |
| Webster Financial Corp. | 761,100 | 40,071,915 | |
| Western Alliance Bancorporation | 110,000 | 8,290,700 | |
| 138,250,131 | |||
| Research & Consulting Services–6.26% | |||
| CACI International, Inc., Class A(b) | 112,362 | 34,617,609 | |
| Jacobs Solutions, Inc. | 281,000 | 34,717,550 | |
| KBR, Inc. | 904,300 | 46,327,289 | |
| Science Applications International Corp. | 900 | 93,402 | |
| 115,755,850 | |||
| Restaurants–1.64% | |||
| Restaurant Brands International, Inc. (Canada) | 454,600 | 30,426,378 | |
| Semiconductor Equipment–2.22% | |||
| Applied Materials, Inc. | 120,800 | 13,467,992 | |
| Lam Research Corp. | 28,200 | 14,102,820 | |
| MKS Instruments, Inc. | 132,700 | 13,577,864 | |
| 41,148,676 | |||
| Semiconductors–1.57% | |||
| Skyworks Solutions, Inc. | 265,200 | 29,084,484 | |
| Silver–0.51% | |||
| Pan American Silver Corp. (Canada) | 514,600 | 9,381,158 | |
| Shares | Value | ||
| Specialty Chemicals–0.28% | |||
| Axalta Coating Systems Ltd.(b) | 168,900 | $5,083,890 | |
| Element Solutions, Inc. | 900 | 18,432 | |
| 5,102,322 | |||
| Thrifts & Mortgage Finance–0.00% | |||
| MGIC Investment Corp. | 900 | 12,708 | |
| Radian Group, Inc. | 900 | 19,890 | |
| 32,598 | |||
| Trading Companies & Distributors–6.17% | |||
| AerCap Holdings N.V. (Ireland)(b) | 2,400 | 151,704 | |
| Air Lease Corp. | 921,400 | 41,435,358 | |
| Univar Solutions, Inc.(b) | 1,483,600 | 51,154,528 | |
| WESCO International, Inc.(b) | 144,300 | 21,502,143 | |
| 114,243,733 | |||
| Total Common Stocks & Other Equity Interests (Cost $1,658,856,812) | 1,807,288,873 | ||
| Money Market Funds–2.52% | |||
| Invesco Government & Agency Portfolio, Institutional Class, 4.30%(c)(d) | 16,312,396 | 16,312,396 | |
| Invesco Liquid Assets Portfolio, Institutional Class, 4.48%(c)(d) | 11,647,497 | 11,650,991 | |
| Invesco Treasury Portfolio, Institutional Class, 4.30%(c)(d) | 18,642,738 | 18,642,738 | |
| Total Money Market Funds (Cost $46,606,125) | 46,606,125 | ||
| TOTAL INVESTMENTS IN SECURITIES–100.19% (Cost $1,705,462,937) | 1,853,894,998 | ||
| OTHER ASSETS LESS LIABILITIES—(0.19)% | (3,467,282) | ||
| NET ASSETS–100.00% | $1,850,427,716 | ||
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, 2023. |
| Value April 30, 2022 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value January 31, 2023 | Dividend Income | |
| Investments in Affiliated Money Market Funds: | |||||||
| Invesco Government & Agency Portfolio, Institutional Class | $27,522,084 | $203,331,044 | $(214,540,732) | $- | $- | $16,312,396 | $419,835 |
| Invesco Liquid Assets Portfolio, Institutional Class | 24,976,463 | 145,236,461 | (158,573,250) | (2,239) | 13,556 | 11,650,991 | 367,412 |
| Invesco Treasury Portfolio, Institutional Class | 31,453,810 | 232,378,336 | (245,189,408) | - | - | 18,642,738 | 467,866 |
| Investments Purchased with Cash Collateral from Securities on Loan: | |||||||
| Invesco Private Government Fund | 35,753,915 | 312,726,859 | (348,480,774) | - | - | - | 428,736* |
| Invesco Private Prime Fund | 81,914,979 | 697,709,631 | (779,646,900) | (2,618) | 24,908 | - | 1,235,891* |
| Total | $201,621,251 | $1,591,382,331 | $(1,746,431,064) | $(4,857) | $38,464 | $46,606,125 | $2,919,740 |
| * | 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, 2023. |
See accompanying notes which are an integral part of this schedule.
Invesco American Value Fund
| Open Forward Foreign Currency Contracts | ||||||
| Settlement Date | Counterparty | Contract to | Unrealized Appreciation (Depreciation) | |||
| Deliver | Receive | |||||
| Currency Risk | ||||||
| 02/09/2023 | J.P. Morgan Chase Bank, N.A. | EUR | 1,045,228 | USD | 1,102,183 | $(34,713) |
| 02/09/2023 | UBS AG | EUR | 16,596,557 | USD | 17,559,191 | (492,906) |
| Total Forward Foreign Currency Contracts | $(527,619) | |||||
| Abbreviations: | |
| EUR | – Euro |
| USD | – U.S. Dollar |
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, 2023
(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. 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 Invesco Advisers, Inc.’s 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, 2023. 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 | $1,787,664,159 | $19,624,714 | $— | $1,807,288,873 |
| Money Market Funds | 46,606,125 | — | — | 46,606,125 |
| Total Investments in Securities | 1,834,270,284 | 19,624,714 | — | 1,853,894,998 |
| Other Investments - Liabilities* | ||||
| Forward Foreign Currency Contracts | — | (527,619) | — | (527,619) |
| Total Investments | $1,834,270,284 | $19,097,095 | $— | $1,853,367,379 |
| * | Unrealized appreciation (depreciation). |
Invesco American Value Fund