NPORT-EX 2 edgar.htm
Schedule of Investments(a)
July 31, 2020
(Unaudited)
  Shares Value
Common Stocks & Other Equity Interests–99.01%
Advertising–0.04%
Omnicom Group, Inc. 91      $4,889
Aerospace & Defense–1.61%
Boeing Co. (The) 253     39,974
General Dynamics Corp. 132     19,370
L3Harris Technologies, Inc. 98     16,496
Lockheed Martin Corp. 126     47,750
Northrop Grumman Corp. 75     24,376
Raytheon Technologies Corp. 688     38,996
TransDigm Group, Inc. 23      9,926
      196,888
Agricultural & Farm Machinery–0.21%
Deere & Co. 144     25,389
Agricultural Products–0.08%
Archer-Daniels-Midland Co. 240     10,279
Air Freight & Logistics–0.62%
C.H. Robinson Worldwide, Inc. 58      5,436
Expeditors International of Washington, Inc. 70      5,915
FedEx Corp. 112     18,861
United Parcel Service, Inc., Class B 321     45,826
      76,038
Airlines–0.03%
Delta Air Lines, Inc. 68      1,698
Southwest Airlines Co. 66      2,039
      3,737
Alternative Carriers–0.08%
CenturyLink, Inc. 478      4,613
Liberty Global PLC, Class C (United Kingdom)(b) 233      5,303
      9,916
Apparel Retail–0.34%
Ross Stores, Inc. 150     13,450
TJX Cos., Inc. (The) 539     28,023
      41,473
Apparel, Accessories & Luxury Goods–0.22%
lululemon athletica, inc.(b) 53     17,256
VF Corp. 154      9,296
      26,552
Application Software–2.95%
Adobe, Inc.(b) 218     96,862
ANSYS, Inc.(b) 37     11,492
Autodesk, Inc.(b) 101     23,879
Cadence Design Systems, Inc.(b) 119     13,001
Citrix Systems, Inc. 54      7,709
DocuSign, Inc.(b) 82     17,780
Intuit, Inc. 114     34,926
RingCentral, Inc., Class A(b) 33      9,579
salesforce.com, inc.(b) 400     77,940
  Shares Value
Application Software–(continued)
Slack Technologies, Inc., Class A(b) 179      $5,290
Splunk, Inc.(b) 76     15,946
Synopsys, Inc.(b) 66     13,149
Workday, Inc., Class A(b) 79     14,293
Zoom Video Communications, Inc., Class A(b) 74     18,789
      360,635
Asset Management & Custody Banks–0.95%
Ameriprise Financial, Inc. 51      7,835
Bank of New York Mellon Corp. (The) 370     13,264
BlackRock, Inc. 69     39,676
Blackstone Group, Inc. (The), Class A 297     15,824
Franklin Resources, Inc. 118      2,484
KKR & Co., Inc., Class A 237      8,383
Northern Trust Corp. 87      6,816
State Street Corp. 148      9,441
T. Rowe Price Group, Inc. 95     13,120
      116,843
Auto Parts & Equipment–0.08%
Aptiv PLC(b) 125      9,719
Automobile Manufacturers–1.03%
Ford Motor Co. 1,706     11,277
General Motors Co.(b) 624     15,531
Tesla, Inc.(b) 69     98,723
      125,531
Automotive Retail–0.28%
AutoZone, Inc.(b) 10     12,074
CarMax, Inc.(b) 69      6,691
O’Reilly Automotive, Inc.(b) 32     15,276
      34,041
Biotechnology–2.46%
AbbVie, Inc. 806     76,497
Alexion Pharmaceuticals, Inc.(b) 96      9,839
Amgen, Inc. 262     64,104
Biogen, Inc.(b) 65     17,855
BioMarin Pharmaceutical, Inc.(b) 78      9,345
Gilead Sciences, Inc. 561     39,006
Incyte Corp.(b) 95      9,382
Moderna, Inc.(b) 105      7,781
Regeneron Pharmaceuticals, Inc.(b) 36     22,755
Seattle Genetics, Inc.(b) 75     12,470
Vertex Pharmaceuticals, Inc.(b) 118     32,096
      301,130
Broadcasting–0.10%
Fox Corp., Class A 251      6,468
ViacomCBS, Inc., Class B 241      6,283
      12,751
Building Products–0.28%
Carrier Global Corp. 379     10,324
Johnson Controls International PLC 312     12,006
 
See accompanying notes which are an integral part of this schedule.
Invesco U.S. Managed Volatility Fund
  Shares Value
Building Products–(continued)
Trane Technologies PLC 103     $11,522
      33,852
Cable & Satellite–1.23%
Charter Communications, Inc., Class A(b) 72     41,760
Comcast Corp., Class A 2,061     88,211
Liberty Broadband Corp., Class C(b) 74     10,158
Liberty Media Corp.-Liberty SiriusXM, Class C(b) 227      7,943
Sirius XM Holdings, Inc. 519      3,051
      151,123
Casinos & Gaming–0.05%
Las Vegas Sands Corp. 144      6,284
Commodity Chemicals–0.17%
Dow, Inc. 323     13,262
LyondellBasell Industries N.V., Class A 111      6,940
      20,202
Communications Equipment–0.88%
Arista Networks, Inc.(b) 26      6,754
Cisco Systems, Inc. 1,919     90,385
Motorola Solutions, Inc. 73     10,205
      107,344
Computer & Electronics Retail–0.08%
Best Buy Co., Inc. 99      9,859
Construction Machinery & Heavy Trucks–0.46%
Caterpillar, Inc. 241     32,024
Cummins, Inc. 61     11,789
PACCAR, Inc. 149     12,677
      56,490
Construction Materials–0.10%
Martin Marietta Materials, Inc. 27      5,594
Vulcan Materials Co. 58      6,810
      12,404
Consumer Finance–0.47%
American Express Co. 360     33,595
Capital One Financial Corp. 193     12,314
Discover Financial Services 130      6,426
Synchrony Financial 241      5,333
      57,668
Copper–0.07%
Freeport-McMoRan, Inc. 631      8,153
Data Processing & Outsourced Services–4.41%
Automatic Data Processing, Inc. 196     26,050
Fidelity National Information Services, Inc. 280     40,967
Fiserv, Inc.(b) 253     25,247
FleetCor Technologies, Inc.(b) 34      8,791
Global Payments, Inc. 135     24,033
Mastercard, Inc., Class A 448    138,221
Paychex, Inc. 141     10,141
PayPal Holdings, Inc.(b) 507     99,408
Square, Inc., Class A(b) 177     22,983
Visa, Inc., Class A(c) 754    143,562
      539,403
  Shares Value
Distillers & Vintners–0.18%
Brown-Forman Corp., Class B 133      $9,222
Constellation Brands, Inc., Class A 70     12,474
      21,696
Distributors–0.05%
Genuine Parts Co. 62      5,589
Diversified Banks–2.74%
Bank of America Corp.(c) 3,787     94,221
Citigroup, Inc. 892     44,609
JPMorgan Chase & Co. 1,332    128,724
U.S. Bancorp 669     24,646
Wells Fargo & Co. 1,795     43,547
      335,747
Diversified Support Services–0.16%
Cintas Corp. 38     11,471
Copart, Inc.(b) 90      8,393
      19,864
Drug Retail–0.10%
Walgreens Boots Alliance, Inc. 313     12,742
Electric Utilities–1.79%
American Electric Power Co., Inc. 230     19,982
Avangrid, Inc. 25      1,245
Duke Energy Corp. 338     28,642
Edison International 173      9,631
Entergy Corp. 87      9,146
Eversource Energy 153     13,781
Exelon Corp. 425     16,409
FirstEnergy Corp. 236      6,844
NextEra Energy, Inc. 221     62,035
PPL Corp. 335      8,918
Southern Co. (The) 489     26,704
Xcel Energy, Inc. 229     15,810
      219,147
Electrical Components & Equipment–0.42%
AMETEK, Inc. 99      9,232
Eaton Corp. PLC 169     15,739
Emerson Electric Co. 254     15,750
Rockwell Automation, Inc. 50     10,907
      51,628
Electronic Components–0.19%
Amphenol Corp., Class A 128     13,537
Corning, Inc. 326     10,106
      23,643
Electronic Equipment & Instruments–0.07%
Keysight Technologies, Inc.(b) 81      8,091
Electronic Manufacturing Services–0.10%
TE Connectivity Ltd. 142     12,648
Environmental & Facilities Services–0.37%
Republic Services, Inc. 139     12,128
Waste Connections, Inc. 113     11,568
Waste Management, Inc. 196     21,481
      45,177
See accompanying notes which are an integral part of this schedule.
Invesco U.S. Managed Volatility Fund
  Shares Value
Fertilizers & Agricultural Chemicals–0.08%
Corteva, Inc. 326      $9,311
Financial Exchanges & Data–1.15%
CME Group, Inc., Class A 164     27,254
Intercontinental Exchange, Inc. 246     23,808
MarketAxess Holdings, Inc. 16      8,267
Moody’s Corp. 84     23,629
MSCI, Inc. 36     13,535
Nasdaq, Inc. 50      6,565
S&P Global, Inc. 107     37,477
      140,535
Food Distributors–0.09%
Sysco Corp. 220     11,627
Food Retail–0.09%
Kroger Co. (The) 333     11,585
Footwear–0.43%
NIKE, Inc., Class B 537     52,417
General Merchandise Stores–0.49%
Dollar General Corp. 113     21,515
Dollar Tree, Inc.(b) 101      9,428
Target Corp. 226     28,449
      59,392
Gold–0.20%
Newmont Corp. 361     24,981
Health Care Distributors–0.19%
AmerisourceBergen Corp. 64      6,412
Cardinal Health, Inc. 126      6,882
McKesson Corp. 70     10,512
      23,806
Health Care Equipment–3.50%
Abbott Laboratories 801     80,613
Baxter International, Inc. 237     20,472
Becton, Dickinson and Co. 139     39,106
Boston Scientific Corp.(b) 659     25,418
Danaher Corp. 283     57,675
DexCom, Inc.(b) 43     18,728
Edwards Lifesciences Corp.(b) 284     22,269
IDEXX Laboratories, Inc.(b) 36     14,319
Intuitive Surgical, Inc.(b) 53     36,328
Medtronic PLC 605     58,371
ResMed, Inc. 63     12,758
Stryker Corp. 159     30,735
Zimmer Biomet Holdings, Inc. 90     12,137
      428,929
Health Care Facilities–0.13%
HCA Healthcare, Inc.(b) 122     15,450
Health Care REITs–0.19%
Healthpeak Properties, Inc. 255      6,959
Ventas, Inc. 163      6,253
Welltower, Inc. 188     10,069
      23,281
Health Care Services–0.67%
Cigna Corp. 167     28,839
  Shares Value
Health Care Services–(continued)
CVS Health Corp. 594     $37,386
Laboratory Corp. of America Holdings(b) 42      8,103
Quest Diagnostics, Inc. 58      7,370
      81,698
Health Care Supplies–0.08%
Align Technology, Inc.(b) 32      9,402
Health Care Technology–0.20%
Cerner Corp. 128      8,890
Veeva Systems, Inc., Class A(b) 60     15,874
      24,764
Home Improvement Retail–1.45%
Home Depot, Inc. (The) 481    127,700
Lowe’s Cos., Inc. 336     50,034
      177,734
Homebuilding–0.15%
D.R. Horton, Inc. 142      9,395
Lennar Corp., Class A 120      8,682
      18,077
Hotels, Resorts & Cruise Lines–0.15%
Hilton Worldwide Holdings, Inc. 116      8,706
Marriott International, Inc., Class A 115      9,640
      18,346
Household Products–1.82%
Church & Dwight Co., Inc. 106     10,211
Clorox Co. (The) 54     12,771
Colgate-Palmolive Co. 388     29,954
Kimberly-Clark Corp. 157     23,870
Procter & Gamble Co. (The) 1,116    146,330
      223,136
Hypermarkets & Super Centers–1.21%
Costco Wholesale Corp. 202     65,757
Walmart, Inc. 635     82,169
      147,926
Industrial Conglomerates–1.07%
3M Co. 260     39,122
General Electric Co. 3,987     24,201
Honeywell International, Inc. 311     46,454
Roper Technologies, Inc. 48     20,758
      130,535
Industrial Gases–0.70%
Air Products and Chemicals, Inc. 100     28,663
Linde PLC (United Kingdom) 231     56,620
      85,283
Industrial Machinery–0.61%
Dover Corp. 62      6,382
Fortive Corp. 129      9,054
Illinois Tool Works, Inc. 143     26,454
Otis Worldwide Corp. 190     11,921
Parker-Hannifin Corp. 56     10,019
Stanley Black & Decker, Inc. 70     10,732
      74,562
See accompanying notes which are an integral part of this schedule.
Invesco U.S. Managed Volatility Fund
  Shares Value
Industrial REITs–0.29%
Prologis, Inc. 333     $35,105
Insurance Brokers–0.49%
Aon PLC, Class A 104     21,343
Marsh & McLennan Cos., Inc. 235     27,401
Willis Towers Watson PLC 56     11,760
      60,504
Integrated Oil & Gas–1.29%
Chevron Corp. 840     70,510
Exxon Mobil Corp. 1,922     80,878
Occidental Petroleum Corp. 394      6,201
Occidental Petroleum Corp., Wts., expiring August 3, 2027(b) 49        276
      157,865
Integrated Telecommunication Services–1.65%
AT&T, Inc. 3,161     93,503
Verizon Communications, Inc. 1,882    108,177
      201,680
Interactive Home Entertainment–0.39%
Activision Blizzard, Inc. 347     28,672
Electronic Arts, Inc.(b) 132     18,694
      47,366
Interactive Media & Services–5.77%
Alphabet, Inc., Class A(b) 269    400,259
Facebook, Inc., Class A(b) 1,080    273,964
IAC/InterActiveCorp.(b) 32      4,237
Match Group, Inc.(b) 69      7,086
Snap, Inc., Class A(b) 388      8,699
Twitter, Inc.(b) 332     12,085
      706,330
Internet & Direct Marketing Retail–5.61%
Amazon.com, Inc.(b)(c) 194    613,948
Booking Holdings, Inc.(b) 18     29,918
eBay, Inc. 252     13,931
Expedia Group, Inc. 50      4,050
MercadoLibre, Inc. (Argentina)(b) 22     24,742
      686,589
Internet Services & Infrastructure–0.37%
Akamai Technologies, Inc.(b) 69      7,758
Okta, Inc.(b) 52     11,491
Twilio, Inc., Class A(b) 56     15,536
VeriSign, Inc.(b) 49     10,372
      45,157
Investment Banking & Brokerage–0.67%
Charles Schwab Corp. (The) 537     17,802
Goldman Sachs Group, Inc. (The) 147     29,100
Morgan Stanley 556     27,177
TD Ameritrade Holding Corp. 215      7,716
      81,795
IT Consulting & Other Services–1.06%
Accenture PLC, Class A 288     64,737
Cognizant Technology Solutions Corp., Class A 233     15,918
International Business Machines Corp. 402     49,422
      130,077
  Shares Value
Life & Health Insurance–0.33%
Aflac, Inc. 282     $10,031
MetLife, Inc. 390     14,761
Principal Financial Group, Inc. 117      4,964
Prudential Financial, Inc. 169     10,710
      40,466
Life Sciences Tools & Services–1.13%
Agilent Technologies, Inc. 135     13,004
Illumina, Inc.(b) 68     25,987
IQVIA Holdings, Inc.(b) 79     12,513
Mettler-Toledo International, Inc.(b) 10      9,350
Thermo Fisher Scientific, Inc. 175     72,441
Waters Corp.(b) 26      5,542
      138,837
Managed Health Care–1.64%
Anthem, Inc. 113     30,939
Centene Corp.(b) 245     15,986
Humana, Inc. 61     23,940
UnitedHealth Group, Inc. 429    129,893
      200,758
Metal & Glass Containers–0.09%
Ball Corp. 142     10,456
Movies & Entertainment–1.57%
Netflix, Inc.(b) 197     96,309
Walt Disney Co. (The) 820     95,891
      192,200
Multi-line Insurance–0.15%
American International Group, Inc. 371     11,924
Hartford Financial Services Group, Inc. (The) 155      6,560
      18,484
Multi-Sector Holdings–1.44%
Berkshire Hathaway, Inc., Class B(b) 903    176,789
Multi-Utilities–0.92%
Ameren Corp. 107      8,586
CMS Energy Corp. 125      8,022
Consolidated Edison, Inc. 147     11,294
Dominion Energy, Inc. 389     31,521
DTE Energy Co. 83      9,597
Public Service Enterprise Group, Inc. 220     12,307
Sempra Energy 141     17,549
WEC Energy Group, Inc. 138     13,146
      112,022
Office REITs–0.13%
Alexandria Real Estate Equities, Inc. 56      9,943
Boston Properties, Inc. 67      5,969
      15,912
Oil & Gas Equipment & Services–0.13%
Baker Hughes Co., Class A 288      4,461
Schlumberger Ltd. 606     10,993
      15,454
Oil & Gas Exploration & Production–0.38%
Concho Resources, Inc. 82      4,308
ConocoPhillips 487     18,209
See accompanying notes which are an integral part of this schedule.
Invesco U.S. Managed Volatility Fund
  Shares Value
Oil & Gas Exploration & Production–(continued)
EOG Resources, Inc. 253     $11,853
Hess Corp. 120      5,905
Pioneer Natural Resources Co. 70      6,785
      47,060
Oil & Gas Refining & Marketing–0.26%
Marathon Petroleum Corp. 282     10,772
Phillips 66 188     11,660
Valero Energy Corp. 176      9,897
      32,329
Oil & Gas Storage & Transportation–0.26%
Cheniere Energy, Inc.(b) 106      5,245
Kinder Morgan, Inc. 844     11,900
ONEOK, Inc. 180      5,024
Williams Cos., Inc. (The) 528     10,101
      32,270
Packaged Foods & Meats–1.10%
Campbell Soup Co. 84      4,164
Conagra Brands, Inc. 212      7,939
General Mills, Inc. 265     16,767
Hershey Co. (The) 64      9,306
Hormel Foods Corp. 235     11,952
JM Smucker Co. (The) 48      5,249
Kellogg Co. 150     10,348
Kraft Heinz Co. (The) 422     14,508
McCormick & Co., Inc. 54     10,525
Mondelez International, Inc., Class A 642     35,625
Tyson Foods, Inc., Class A 125      7,681
      134,064
Paper Packaging–0.10%
Amcor PLC 666      6,860
International Paper Co. 171      5,949
      12,809
Personal Products–0.17%
Estee Lauder Cos., Inc. (The), Class A 105     20,742
Pharmaceuticals–4.24%
Bristol-Myers Squibb Co. 986     57,839
Eli Lilly and Co. 436     65,527
Johnson & Johnson 1,196    174,329
Merck & Co., Inc. 1,139     91,393
Pfizer, Inc. 2,533     97,470
Zoetis, Inc. 215     32,611
      519,169
Property & Casualty Insurance–0.67%
Allstate Corp. (The) 132     12,460
Chubb Ltd. 206     26,211
Markel Corp.(b) 6      6,267
Progressive Corp. (The) 270     24,392
Travelers Cos., Inc. (The) 108     12,357
      81,687
Railroads–0.86%
CSX Corp. 348     24,826
Kansas City Southern 39      6,702
Norfolk Southern Corp. 116     22,297
  Shares Value
Railroads–(continued)
Union Pacific Corp. 299     $51,832
      105,657
Real Estate Services–0.05%
CBRE Group, Inc., Class A(b) 146      6,396
Regional Banks–0.64%
Fifth Third Bancorp 310      6,157
First Republic Bank 75      8,436
KeyCorp 419      5,032
M&T Bank Corp. 54      5,721
PNC Financial Services Group, Inc. (The) 192     20,481
Regions Financial Corp. 413      4,485
SVB Financial Group(b) 23      5,158
Truist Financial Corp. 624     23,375
      78,845
Research & Consulting Services–0.41%
CoStar Group, Inc.(b) 17     14,446
Equifax, Inc. 53      8,616
IHS Markit Ltd. 172     13,885
Verisk Analytics, Inc. 69     13,021
      49,968
Residential REITs–0.20%
AvalonBay Communities, Inc. 62      9,493
Equity Residential 161      8,634
Essex Property Trust, Inc. 29      6,402
      24,529
Restaurants–1.07%
Chipotle Mexican Grill, Inc.(b) 12     13,862
McDonald’s Corp. 336     65,278
Starbucks Corp. 522     39,949
Yum! Brands, Inc. 130     11,836
      130,925
Retail REITs–0.14%
Realty Income Corp. 151      9,067
Simon Property Group, Inc. 131      8,168
      17,235
Semiconductor Equipment–0.53%
Applied Materials, Inc. 418     26,890
KLA Corp. 66     13,189
Lam Research Corp. 67     25,269
      65,348
Semiconductors–4.08%
Advanced Micro Devices, Inc.(b) 507     39,257
Analog Devices, Inc. 171     19,639
Broadcom, Inc. 177     56,065
Intel Corp. 1,875     89,494
Marvell Technology Group Ltd. 285     10,394
Maxim Integrated Products, Inc. 113      7,694
Microchip Technology, Inc. 107     10,885
Micron Technology, Inc.(b) 513     25,678
NVIDIA Corp. 269    114,215
QUALCOMM, Inc. 500     52,805
Skyworks Solutions, Inc. 70     10,191
Texas Instruments, Inc. 407     51,913
See accompanying notes which are an integral part of this schedule.
Invesco U.S. Managed Volatility Fund
  Shares Value
Semiconductors–(continued)
Xilinx, Inc. 101     $10,842
      499,072
Soft Drinks–1.59%
Coca-Cola Co. (The) 1,946     91,929
Keurig Dr Pepper, Inc. 131      4,007
Monster Beverage Corp.(b) 159     12,479
PepsiCo, Inc. 626     86,175
      194,590
Specialized REITs–1.41%
American Tower Corp. 200     52,278
Crown Castle International Corp. 189     31,506
Digital Realty Trust, Inc. 127     20,389
Equinix, Inc. 40     31,419
Public Storage 66     13,192
SBA Communications Corp., Class A 48     14,954
Weyerhaeuser Co. 325      9,038
      172,776
Specialty Chemicals–0.69%
Celanese Corp. 50      4,860
DuPont de Nemours, Inc. 338     18,076
Ecolab, Inc. 129     24,134
PPG Industries, Inc. 102     10,980
Sherwin-Williams Co. (The) 41     26,565
      84,615
Specialty Stores–0.04%
Ulta Beauty, Inc.(b) 24      4,632
Steel–0.04%
Nucor Corp. 129      5,412
Systems Software–6.59%
Fortinet, Inc.(b) 57      7,883
Microsoft Corp.(c) 3,381    693,139
NortonLifeLock, Inc. 240      5,148
Oracle Corp. 873     48,408
Palo Alto Networks, Inc.(b) 40     10,237
ServiceNow, Inc.(b) 86     37,771
VMware, Inc., Class A(b) 34      4,767
      807,353
Technology Hardware, Storage & Peripherals–6.98%
Apple, Inc.(c) 1,922    816,927
  Shares Value
Technology Hardware, Storage & Peripherals–(continued)
Dell Technologies, Inc., Class C(b) 118      $7,060
Hewlett Packard Enterprise Co. 558      5,507
HP, Inc. 601     10,565
NetApp, Inc. 93      4,120
Seagate Technology PLC 108      4,884
Western Digital Corp. 128      5,517
      854,580
Tobacco–0.72%
Altria Group, Inc. 839     34,525
Philip Morris International, Inc. 703     53,997
      88,522
Trading Companies & Distributors–0.15%
Fastenal Co. 248     11,666
W.W. Grainger, Inc. 20      6,831
      18,497
Trucking–0.17%
Old Dominion Freight Line, Inc. 46      8,410
Uber Technologies, Inc.(b) 397     12,013
      20,423
Water Utilities–0.09%
American Water Works Co., Inc. 78     11,487
Wireless Telecommunication Services–0.16%
T-Mobile US, Inc.(b) 180     19,328
Total Common Stocks & Other Equity Interests (Cost $9,790,305) 12,121,508
Money Market Funds–1.08%
Invesco Government & Agency Portfolio, Institutional Class, 0.07%(d)(e) 43,365     43,365
Invesco Liquid Assets Portfolio, Institutional Class, 0.22%(d)(e) 39,942     39,966
Invesco Treasury Portfolio, Institutional Class, 0.07%(d)(e) 49,559     49,559
Total Money Market Funds (Cost $132,882) 132,890
TOTAL INVESTMENTS IN SECURITIES–100.09% (Cost $9,923,187) 12,254,398
OTHER ASSETS LESS LIABILITIES—(0.09)% (11,309)
NET ASSETS–100.00% $12,243,089
Investment Abbreviations:
REIT – Real Estate Investment Trust
Wts. – Warrants
See accompanying notes which are an integral part of this schedule.
Invesco U.S. Managed Volatility Fund
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) All or a portion of the value was pledged as collateral to cover margin requirements for futures contracts.
(d) 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 July 31, 2020.
    
  Value
October 31, 2019 		Purchases
at Cost 		Proceeds
from Sales 		Change in
Unrealized
Appreciation 		Realized
Gain
(Loss) 		Value
July 31, 2020 		Dividend
Income
Investments in Affiliated Money Market Funds:              
Invesco Government & Agency Portfolio, Institutional Class $29,686 $2,099,984 $(2,086,305) $- $- $43,365 $340
Invesco Liquid Assets Portfolio, Institutional Class 21,210 1,612,967 (1,594,115) 7 (103) 39,966 422
Invesco Treasury Portfolio, Institutional Class 33,927 2,399,982 (2,384,350) - - 49,559 368
Total $84,823 $6,112,933 $(6,064,770) $7 $(103) $132,890 $1,130
    
(e) The rate shown is the 7-day SEC standardized yield as of July 31, 2020.
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 U.S. Managed Volatility Fund
Notes to Quarterly Schedule of Portfolio Holdings
July 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.
As of July 31, 2020, 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.
  Level 1 Level 2 Level 3 Total
Investments in Securities        
Common Stocks & Other Equity Interests $12,121,508 $— $— $12,121,508
Money Market Funds 132,890 — — 132,890
Total Investments $12,254,398 $— $— $12,254,398
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 U.S. Managed Volatility Fund