NPORT-EX 2 edgar.htm
Schedule of Investments
March 31, 2020
(Unaudited)
  Shares Value
Common Stocks & Other Equity Interests–96.25%
Australia–9.41%
Aurizon Holdings Ltd. 206,067    $533,832
BHP Group Ltd. 27,180    494,130
Coca-Cola Amatil Ltd. 93,181    515,001
Fortescue Metals Group Ltd. 92,566    565,373
JB Hi-Fi Ltd. 24,097    424,271
Magellan Financial Group Ltd. 17,331    457,324
Metcash Ltd. 136,324    263,759
Newcrest Mining Ltd. 10,809    151,874
Rio Tinto Ltd. 12,705    672,521
Rio Tinto PLC 4,109    188,614
Telstra Corp. Ltd. 334,195    637,838
Wesfarmers Ltd. 18,722    403,160
Woolworths Group Ltd. 30,856    674,203
      5,981,900
Canada–10.01%
B2Gold Corp. 77,084    233,339
BCE, Inc. 16,465    675,424
BRP, Inc. 17,026    277,778
Emera, Inc. 19,816    781,488
Franco-Nevada Corp. 5,509    550,430
Gibson Energy, Inc. 14,327    165,433
Hydro One Ltd.(a) 35,109    632,176
Kinross Gold Corp.(b) 33,158    133,122
National Bank of Canada 4,925    190,344
Northland Power, Inc. 22,426    447,628
Open Text Corp. 9,958    348,208
Quebecor, Inc., Class B 32,100    709,608
TFI International, Inc. 19,693    434,497
Thomson Reuters Corp. 11,493    783,023
      6,362,498
Denmark–1.31%
Carlsberg A/S, Class B 5,635    639,663
Pandora A/S 5,957    193,987
      833,650
Egypt–0.59%
Centamin PLC 253,375    372,786
Germany–2.28%
Fielmann AG 4,368    256,895
Merck KGaA 6,595    683,852
RWE AG 19,033    509,492
      1,450,239
Hong Kong–2.96%
CK Asset Holdings Ltd. 113,500    617,467
CK Hutchison Holdings Ltd. 47,000    315,196
HKT Trust & HKT Ltd. 124,000    168,348
Kerry Properties Ltd. 207,500    544,891
WH Group Ltd. 254,500    236,339
      1,882,241
  Shares Value
Israel–0.80%
Teva Pharmaceutical Industries Ltd., ADR(b) 56,449    $506,912
Italy–1.91%
Azimut Holding S.p.A. 33,510    483,654
Enel S.p.A. 104,448    727,002
      1,210,656
Japan–6.10%
Dai Nippon Printing Co. Ltd. 28,500    607,017
Haseko Corp. 12,600    135,032
Japan Post Holdings Co. Ltd. 46,900    367,442
Japan Tobacco, Inc. 11,300    209,168
Mitsui & Co. Ltd. 45,500    633,821
NTT DOCOMO, Inc. 21,600    678,999
Sekisui House Ltd. 36,900    609,822
Toppan Printing Co. Ltd. 23,200    355,568
West Japan Railway Co. 4,100    280,781
      3,877,650
Jordan–1.24%
Hikma Pharmaceuticals PLC 31,225    787,151
Netherlands–2.05%
Koninklijke KPN N.V. 211,375    505,594
Wolters Kluwer N.V. 11,246    799,588
      1,305,182
New Zealand–0.97%
Contact Energy Ltd. 179,123    615,644
Norway–2.10%
Orkla ASA 79,895    683,696
Telenor ASA 44,494    652,038
      1,335,734
Puerto Rico–0.80%
Popular, Inc. 14,421    504,735
Singapore–0.39%
ComfortDelGro Corp. Ltd. 233,800    250,197
Spain–0.44%
Endesa S.A. 13,086    280,161
Sweden–2.52%
Atlas Copco AB, Class A 6,664    223,962
Atlas Copco AB, Class B 8,870    261,562
Hennes & Mauritz AB, Class B 41,234    530,556
Skanska AB, Class B 14,333    218,456
Swedish Match AB 6,392    365,635
      1,600,171
Switzerland–2.73%
LafargeHolcim Ltd.(b) 3,726    136,210
Novartis AG 8,886    734,384
Roche Holding AG 2,647    860,577
      1,731,171
 
See accompanying notes which are an integral part of this schedule.
Invesco Global Low Volatility Equity Yield Fund
  Shares Value
United Kingdom–5.47%
Barratt Developments PLC 93,166    $507,763
GlaxoSmithKline PLC 35,682    669,300
Greggs PLC 14,120    282,307
Imperial Brands PLC 7,923    146,860
Next PLC 9,418    474,393
Persimmon PLC 20,946    496,052
Tate & Lyle PLC 72,131    585,805
Vistry Group PLC 44,180    315,252
      3,477,732
United States–42.17%
AbbVie, Inc. 9,195    700,567
Ally Financial, Inc. 25,974    374,805
Amdocs Ltd. 5,175    284,470
Amgen, Inc. 3,627    735,302
AT&T, Inc. 20,350    593,202
Best Buy Co., Inc. 7,295    415,815
Biogen, Inc.(b) 1,943    614,726
Brixmor Property Group, Inc. 22,608    214,776
Camden Property Trust 3,970    314,583
Campbell Soup Co. 11,543    532,825
Cardinal Health, Inc. 11,778    564,637
Carlisle Cos., Inc. 2,934    367,572
CenturyLink, Inc. 53,160    502,894
CoreCivic, Inc. 22,574    252,152
DaVita, Inc.(b) 7,640    581,098
DENTSPLY SIRONA, Inc. 14,109    547,852
EastGroup Properties, Inc. 3,119    325,873
eBay, Inc. 23,005    691,530
Entergy Corp. 6,781    637,211
Equity LifeStyle Properties, Inc. 7,997    459,668
Equity Residential 9,390    579,457
Essex Property Trust, Inc. 2,544    560,291
Fidelity National Financial, Inc. 9,739    242,306
First Horizon National Corp. 21,014    169,373
First Industrial Realty Trust, Inc. 5,721    190,109
FirstEnergy Corp. 16,984    680,549
Ford Motor Co. 74,824    361,400
Gaming and Leisure Properties, Inc. 18,761    519,867
General Mills, Inc. 15,150    799,465
Gilead Sciences, Inc. 8,208    613,630
Hershey Co. (The) 5,466    724,245
Highwoods Properties, Inc. 4,060    143,805
  Shares Value
United States–(continued)
Incyte Corp.(b) 9,115    $667,491
Investors Bancorp, Inc. 16,458    131,499
JPMorgan Chase & Co. 5,071    456,542
Kimberly-Clark Corp. 4,210    538,333
Kimco Realty Corp. 31,039    300,147
Life Storage, Inc. 2,925    276,559
Macquarie Infrastructure Corp. 15,868    400,667
McKesson Corp. 5,494    743,118
MDU Resources Group, Inc. 7,903    169,915
Mid-America Apartment Communities, Inc. 4,350    448,181
Navient Corp. 55,727    422,411
New York Community Bancorp, Inc. 65,968    619,440
OneMain Holdings, Inc. 4,449     85,065
Outfront Media, Inc. 32,119    432,964
Procter & Gamble Co. (The) 6,605    726,550
Reliance Steel & Aluminum Co. 3,958    346,681
Retail Properties of America, Inc., Class A 53,719    277,727
Sabra Health Care REIT, Inc. 8,367     91,368
Southern Co. (The) 12,871    696,836
Spirit Realty Capital, Inc. 7,496    196,020
Sun Communities, Inc. 3,797    474,055
Target Corp. 7,339    682,307
Verizon Communications, Inc. 11,733    630,414
Western Union Co. (The) 30,185    547,254
Xerox Holdings Corp. 21,194    401,414
Zynga, Inc., Class A(b) 107,825    738,601
      26,797,614
Total Common Stocks & Other Equity Interests (Cost $75,543,615) 61,164,024
Money Market Funds–0.74%
Invesco Government & Agency Portfolio, Institutional Class, 0.43%(c) 165,153    165,153
Invesco Liquid Assets Portfolio, Institutional Class, 1.07%(c) 118,175    118,128
Invesco Treasury Portfolio, Institutional Class, 0.30%(c) 188,746    188,746
Total Money Market Funds (Cost $472,124) 472,027
TOTAL INVESTMENTS IN SECURITIES—96.99% (Cost $76,015,739) 61,636,051
OTHER ASSETS LESS LIABILITIES–3.01% 1,912,959
NET ASSETS–100.00% $63,549,010
Investment Abbreviations:
ADR – American Depositary Receipt
REIT – Real Estate Investment Trust
Notes to Schedule of Investments:
(a) 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 March 31, 2020 represented less than 1% of the Fund’s Net Assets.
(b) Non-income producing security.
(c) The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of March 31, 2020.
    
See accompanying notes which are an integral part of this schedule.
Invesco Global Low Volatility Equity Yield Fund
Open Futures Contracts
Long Futures Contracts Number of
Contracts 		Expiration
Month 		Notional
Value 		Value Unrealized
Appreciation
Equity Risk
E-Mini S&P 500 Index 3 June-2020 $385,455 $3,616 $3,616
EURO STOXX 50 Index 3 June-2020 90,890 10,722 10,722
FTSE 100 Index 1 June-2020 69,999 6,518 6,518
Total Futures Contracts $20,856 $20,856
    
Open Forward Foreign Currency Contracts
Settlement
Date 		Counterparty Contract to Unrealized
Appreciation
(Depreciation)
Deliver Receive
Currency Risk            
04/17/2020 Goldman Sachs & Co. NZD 66,683 USD 40,309 $525
04/17/2020 Goldman Sachs & Co. USD 189,767 HKD 1,473,797 319
04/17/2020 Goldman Sachs & Co. USD 86,591 NOK 969,554 6,675
04/17/2020 Goldman Sachs & Co. USD 36,810 NZD 64,855 1,883
04/17/2020 State Street Bank and Trust Co. AUD 10,935,694 USD 7,148,546 421,468
04/17/2020 State Street Bank and Trust Co. CAD 10,040,000 USD 7,329,242 193,653
04/17/2020 State Street Bank and Trust Co. CHF 1,700,000 USD 1,824,794 57,287
04/17/2020 State Street Bank and Trust Co. DKK 6,469,629 USD 986,508 30,354
04/17/2020 State Street Bank and Trust Co. EUR 4,740,000 USD 5,399,178 168,664
04/17/2020 State Street Bank and Trust Co. GBP 5,030,000 USD 6,558,381 308,840
04/17/2020 State Street Bank and Trust Co. JPY 384,597,497 USD 3,687,543 108,549
04/17/2020 State Street Bank and Trust Co. NOK 13,700,000 USD 1,433,356 115,482
04/17/2020 State Street Bank and Trust Co. NZD 1,130,336 USD 714,272 39,901
04/17/2020 State Street Bank and Trust Co. SEK 19,900,000 USD 2,098,916 86,592
04/17/2020 State Street Bank and Trust Co. USD 731,208 AUD 1,230,000 25,425
04/17/2020 State Street Bank and Trust Co. USD 541,492 CAD 780,000 12,867
04/17/2020 State Street Bank and Trust Co. USD 782,422 GBP 660,000 37,597
04/17/2020 State Street Bank and Trust Co. USD 352,449 HKD 2,735,817 407
04/17/2020 State Street Bank and Trust Co. USD 61,418 NZD 105,548 1,553
04/17/2020 State Street Bank and Trust Co. USD 156,423 SEK 1,600,000 5,373
Subtotal—Appreciation 1,623,414
Currency Risk            
04/17/2020 Goldman Sachs & Co. EUR 186,052 USD 202,804 (2,502)
04/17/2020 Goldman Sachs & Co. HKD 694,302 USD 89,507 (42)
04/17/2020 Goldman Sachs & Co. NZD 59,195 USD 34,484 (832)
04/17/2020 Goldman Sachs & Co. USD 916,563 AUD 1,447,576 (26,089)
04/17/2020 Goldman Sachs & Co. USD 589,029 EUR 521,348 (13,730)
04/17/2020 Goldman Sachs & Co. USD 33,947 NZD 56,156 (444)
04/17/2020 State Street Bank and Trust Co. AUD 872,415 USD 515,136 (21,529)
04/17/2020 State Street Bank and Trust Co. CAD 1,170,000 USD 820,570 (10,967)
04/17/2020 State Street Bank and Trust Co. DKK 400,000 USD 58,999 (118)
04/17/2020 State Street Bank and Trust Co. EUR 210,000 USD 231,228 (504)
04/17/2020 State Street Bank and Trust Co. GBP 580,000 USD 699,273 (21,350)
04/17/2020 State Street Bank and Trust Co. HKD 17,191,037 USD 2,213,032 (4,210)
04/17/2020 State Street Bank and Trust Co. JPY 43,159,190 USD 388,755 (12,877)
04/17/2020 State Street Bank and Trust Co. NOK 1,600,000 USD 132,855 (21,057)
04/17/2020 State Street Bank and Trust Co. SEK 2,300,000 USD 228,615 (3,965)
04/17/2020 State Street Bank and Trust Co. USD 1,545,216 CAD 2,140,000 (24,284)
04/17/2020 State Street Bank and Trust Co. USD 212,450 CHF 200,000 (4,508)
04/17/2020 State Street Bank and Trust Co. USD 271,298 DKK 1,800,000 (5,274)
See accompanying notes which are an integral part of this schedule.
Invesco Global Low Volatility Equity Yield Fund
Open Forward Foreign Currency Contracts—(continued)
Settlement
Date 		Counterparty Contract to Unrealized
Appreciation
(Depreciation)
Deliver Receive
04/17/2020 State Street Bank and Trust Co. USD 1,003,081 EUR 890,000 $(20,979)
04/17/2020 State Street Bank and Trust Co. USD 1,304,955 GBP 1,020,000 (37,652)
04/17/2020 State Street Bank and Trust Co. USD 207,681 JPY 22,000,000 (2,953)
04/17/2020 State Street Bank and Trust Co. USD 129,651 NOK 1,300,000 (4,597)
04/17/2020 State Street Bank and Trust Co. USD 45,014 NZD 71,897 (2,119)
04/17/2020 State Street Bank and Trust Co. USD 566,050 SEK 5,416,812 (18,293)
Subtotal—Depreciation (260,875)
Total Forward Foreign Currency Contracts $1,362,539
    
Abbreviations:
AUD —Australian Dollar
CAD —Canadian Dollar
CHF —Swiss Franc
DKK —Danish Krone
EUR —Euro
GBP —British Pound Sterling
HKD —Hong Kong Dollar
JPY —Japanese Yen
NOK —Norwegian Krone
NZD —New Zealand Dollar
SEK —Swedish Krona
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 Global Low Volatility Equity Yield Fund
Notes to Quarterly Schedule of Portfolio Holdings
March 31, 2020
(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 March 31, 2020. 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        
Australia $— $5,981,900 $— $5,981,900
Canada 6,362,498 — — 6,362,498
Denmark — 833,650 — 833,650
Egypt — 372,786 — 372,786
Germany — 1,450,239 — 1,450,239
Hong Kong — 1,882,241 — 1,882,241
Israel 506,912 — — 506,912
Italy — 1,210,656 — 1,210,656
Japan — 3,877,650 — 3,877,650
Jordan — 787,151 — 787,151
Netherlands — 1,305,182 — 1,305,182
New Zealand 615,644 — — 615,644
Norway — 1,335,734 — 1,335,734
Puerto Rico 504,735 — — 504,735
Singapore — 250,197 — 250,197
Spain — 280,161 — 280,161
Sweden — 1,600,171 — 1,600,171
Switzerland — 1,731,171 — 1,731,171
United Kingdom — 3,477,732 — 3,477,732
United States 26,797,614 — — 26,797,614
Money Market Funds 472,027 — — 472,027
Total Investments in Securities 35,259,430 26,376,621 — 61,636,051
Other Investments - Assets*        
Forward Foreign Currency Contracts — 1,623,414 — 1,623,414
Futures Contracts 20,856 — — 20,856
  20,856 1,623,414 — 1,644,270
Other Investments - Liabilities*        
Forward Foreign Currency Contracts — (260,875) — (260,875)
Total Other Investments 20,856 1,362,539 — 1,383,395
Total Investments $35,280,286 $27,739,160 $— $63,019,446
    
* Unrealized appreciation (depreciation).
NOTE 2—Significant Event
During the first quarter of 2020, the World Health Organization declared the coronavirus (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 Coronavirus Aid, Relief, and Economic Security Act, commonly referred to as the “CARES Act,” was signed into law on March 27, 2020 by President Trump. The Adviser is assessing the components of the Act, and the impacts to the Fund should be immaterial.
Invesco Global Low Volatility Equity Yield Fund