NPORT-EX 2 edgar.htm
Schedule of Investments
May 31, 2021
(Unaudited)
  Interest
Rate 		Maturity
Date 		Principal
Amount
(000)(a) 		Value
Variable Rate Senior Loan Interests–87.65%(b)(c)
Aerospace & Defense–3.47%      
Atlantic Aviation FBO, Inc., Term Loan (3 mo. USD LIBOR + 3.75%)  3.85% 12/06/2025     $      586 $    585,820
Brown Group Holding LLC, Term Loan B(d)      – 04/22/2028           959     958,540
CEP IV Investment 16 S.a.r.L (ADB Safegate) (Luxembourg), Term Loan B(d)      – 10/03/2024 EUR          53      60,710
Dynasty Acquisition Co., Inc.                                   
Term Loan B-1 (1 mo. USD LIBOR + 3.50%)  3.70% 04/08/2026           679     660,524
Term Loan B-2 (1 mo. USD LIBOR + 3.50%)  3.70% 04/08/2026           365     355,120
Gogo Intermediate Holdings LLC, Term Loan B (1 mo. USD LIBOR + 3.75%)  4.50% 04/30/2028           337     335,604
Greenrock Finance, Inc., Term Loan B (3 mo. USD LIBOR + 3.50%)  4.50% 06/28/2024           300     299,337
Maxar Technologies Ltd. (Canada), Term Loan B (1 mo. USD LIBOR + 2.75%)  2.84% 10/04/2024           540     534,540
PAE Holdings Corp., Term Loan (1 mo. USD LIBOR + 4.50%)  5.25% 10/13/2027           338     338,408
Peraton Corp.                                   
First Lien Term Loan B (1 mo. USD LIBOR + 3.75%)  4.50% 02/01/2028         1,543   1,549,271
Second Lien Term Loan(d)      – 02/26/2029           389     397,210
Spirit AeroSystems, Inc., Term Loan B (1 mo. USD LIBOR + 5.25%)  6.00% 01/15/2025           325     328,916
TransDigm, Inc.                                   
Term Loan E (1 mo. USD LIBOR + 2.25%)  2.34% 05/30/2025           816     806,258
Term Loan F (1 mo. USD LIBOR + 2.25%)  2.34% 12/09/2025           681     672,718
Term Loan G (1 mo. USD LIBOR + 2.25%)  2.34% 08/22/2024             2       2,248
            7,885,224
Air Transport–2.79%      
AAdvantage Loyalty IP Ltd., Term Loan B (1 mo. USD LIBOR + 4.75%)  5.50% 03/15/2028           784     809,000
Avolon TLB Borrower 1 (US) LLC                                   
Term Loan B-4 (1 mo. USD LIBOR + 1.50%)  2.25% 02/10/2027         1,001     990,064
Term Loan B-5 (1 mo. USD LIBOR + 2.50%)  3.25% 12/01/2027           451     452,404
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., Term Loan (1 mo. USD LIBOR + 5.25%)  6.25% 06/21/2027           921     984,309
SkyMiles IP Ltd., Term Loan (3 mo. USD LIBOR + 3.75%)  4.75% 10/01/2027         1,346   1,412,868
United Airlines, Inc., Term Loan B (1 mo. USD LIBOR + 3.75%)  4.50% 05/01/2028         1,313   1,327,141
WestJet Airlines Ltd. (Canada), Term Loan B (3 mo. USD LIBOR + 3.00%)  4.00% 12/11/2026           380     370,331
            6,346,117
Automotive–3.29%      
Adient PLC, Term Loan B (d)      – 03/31/2028            65      64,681
American Axle & Manufacturing, Inc., Term Loan B (3 mo. USD LIBOR + 2.25%)  3.00% 04/06/2024           167     167,326
Autokiniton US Holdings, Inc., Term Loan B (1 mo. USD LIBOR + 4.50%)  5.00% 03/31/2028           484     487,994
Garrett Borrowing LLC (Switzerland)                                   
Term Loan B (1 mo. USD LIBOR + 3.50%)  3.50% 03/05/2028 EUR         214     261,249
Term Loan B (1 mo. USD LIBOR + 3.25%)  3.75% 03/05/2028           559     558,213
Goodyear Tire & Rubber Co. (The), Second Lien Term Loan (3 mo. USD LIBOR + 2.00%)  2.12% 03/03/2025           400     394,750
Highline Aftermarket Acquisition LLC, Term Loan (1 mo. USD LIBOR + 4.50%)  5.25% 10/28/2027           930     933,724
Les Schwab Tire Centers, Term Loan (1 mo. USD LIBOR + 3.50%)  4.25% 10/26/2027           621     623,662
Mavis Tire Express Services Corp., Term Loan (1 mo. USD LIBOR + 4.00%)  5.00% 03/20/2025           228     228,533
Mavis Tire Express Services TopCo L.P., Term Loan B (1 mo. USD LIBOR + 4.00%)  4.75% 05/01/2028           663     665,727
Navistar, Inc., Term Loan B (3 mo. USD LIBOR + 3.50%)  3.60% 11/06/2024           914     915,358
Panther BF Aggregator 2 L.P. (Canada), Term Loan (1 mo. USD LIBOR + 3.25%)  3.34% 04/30/2026           681     679,040
Project Boost Purchaser LLC                                   
First Lien Term Loan (3 mo. USD LIBOR + 3.50%)  3.59% 06/01/2026           188     186,452
Term Loan C (1 mo. USD LIBOR + 4.25%)  5.00% 06/01/2026            81      80,712
TI Group Automotive Systems LLC, Term Loan B (1 mo. USD LIBOR + 3.25%)(e)  3.75% 12/16/2026            54      54,343
Truck Hero, Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.75%)  4.50% 01/20/2028           242     242,689
Wand NewCo 3, Inc., Term Loan B-1 (1 mo. USD LIBOR + 3.00%)  3.09% 02/05/2026           399     395,653
Winter Park Intermediate, Inc., Term Loan B (1 mo. USD LIBOR + 4.50%)  5.25% 11/30/2028           526     528,254
            7,468,360
See accompanying notes which are an integral part of this schedule.
Invesco Master Loan Fund
  Interest
Rate 		Maturity
Date 		Principal
Amount
(000)(a) 		Value
Beverage & Tobacco–0.98%      
AI Aqua Merger Sub, Inc.                                   
Delayed Draw Term Loan (1 mo. USD LIBOR + 3.75%)  4.75% 12/12/2023     $      423 $    424,324
First Lien Incremental Term Loan (3 mo. USD LIBOR + 3.25%)  4.25% 12/13/2023           835     836,458
Incremental Term Loan (1 mo. USD LIBOR + 3.75%)  4.75% 12/12/2023           608     609,614
Arctic Glacier U.S.A., Inc., Term Loan (3 mo. USD LIBOR + 3.50%)  4.50% 03/20/2024            93      88,929
City Brewing Co. LLC, Term Loan B (1 mo. USD LIBOR + 3.50%)  4.25% 03/31/2028           259     259,732
            2,219,057
Brokers, Dealers & Investment Houses–0.20%      
Zebra Buyer LLC, First Lien Term Loan (d)      – 04/22/2028           458     461,128
Building & Development–1.46%      
Apcoa Parking Holdings GmbH (Germany), Term Loan B (3 mo. EURIBOR + 3.75%)  3.75% 03/20/2024 EUR         147     175,316
Brookfield Retail Holdings VII Sub 3 LLC                                   
Term Loan A-2 (3 mo. USD LIBOR + 3.00%)  3.09% 08/28/2023             7       6,481
Term Loan B (3 mo. USD LIBOR + 2.50%)  2.59% 08/27/2025           675     654,666
CRH Europe Distribution (Netherlands), Term Loan B (3 mo. EURIBOR + 4.00%)  4.00% 10/30/2026 EUR          65      79,327
LBM Holdings LLC                                   
Delayed Draw Term Loan (1 mo. USD LIBOR + 3.75%)  4.50% 12/08/2027            13      12,927
Delayed Draw Term Loan(f)  0.00% 12/08/2027             6       6,463
Term Loan (1 mo. USD LIBOR + 3.75%)  4.50% 12/08/2027            87      87,254
Quikrete Holdings, Inc., First Lien Term Loan (3 mo. USD LIBOR + 2.50%)  2.59% 02/01/2027           616     612,198
SRS Distribution, Inc., Term Loan B(d)      – 05/19/2028           336     335,267
TAMKO Building Products LLC, Term Loan (1 mo. USD LIBOR + 3.00%)(e)  3.09% 05/29/2026           399     398,266
White Cap Buyer LLC, Term Loan (1 mo. USD LIBOR + 4.00%)  4.50% 10/31/2027           755     756,905
Xella (Luxembourg), Term Loan B-4(d)      – 03/30/2028 EUR         167     203,171
            3,328,241
Business Equipment & Services–9.20%      
Adevinta ASA (Norway), Term Loan B (d)      – 10/22/2027           160     160,110
Aegion Corp., Term Loan B (1 mo. USD LIBOR + 4.75%)(e)  5.50% 03/31/2028           176     176,869
Allied Universal Holdco LLC                                   
Term Loan (1 mo. USD LIBOR + 3.75%)  4.25% 05/05/2028           195     195,308
Term Loan B (3 mo. EURIBOR + 3.75%)  3.75% 05/05/2028 EUR         119     145,369
Atlas CC Acquisition Corp.                                   
Term Loan B(d)      – 05/01/2028           392     391,912
Term Loan C(d)      – 05/01/2028            80      79,711
AVS Group GmbH (Germany), Term Loan B-2  3.75% 09/10/2026 EUR          71      86,092
Blucora, Inc., Term Loan (1 mo. USD LIBOR + 4.00%)(e)  5.00% 05/22/2024           525     527,433
Camelot Finance L.P.                                   
Incremental Term Loan B (1 mo. USD LIBOR + 3.00%)  4.00% 10/30/2026           450     451,217
Term Loan (1 mo. USD LIBOR + 3.00%)  3.09% 10/30/2026           368     368,014
Change Healthcare Holdings, Inc., Term Loan (1 mo. USD LIBOR + 2.50%)  3.50% 03/01/2024           531     531,527
Checkout Holding Corp.                                   
PIK Term Loan, 9.50% PIK Rate, 2.00% Cash Rate
(Acquired 02/15/2019-05/26/2021; Cost $1,360,160)(g)(h) 		 2.00% 08/15/2023         1,507     791,145
Term Loan (3 mo. USD LIBOR + 7.50%)
(Acquired 02/15/2019-05/15/2019; Cost $1,098,924)(h) 		 8.50% 02/15/2023         1,127   1,068,702
Cimpress USA, Inc., Term Loan B (1 mo. USD LIBOR + 3.50%)  4.00% 04/30/2028           477     478,116
Ciox, Term Loan (1 mo. USD LIBOR + 5.00%)  6.00% 12/16/2025           327     329,050
Constant Contact                                   
Delayed Draw Term Loan(f)  0.00% 02/10/2028           145     144,987
Second Lien Term Loan (1 mo. USD LIBOR + 7.50%)(e)  8.25% 02/15/2029           278     275,485
Term Loan B (1 mo. USD LIBOR + 4.00%)  4.75% 02/10/2028           540     539,673
Crossmark Holdings, Inc., Term Loan (3 mo. USD LIBOR + 10.00%)
(Acquired 07/26/2019-05/18/2021; Cost $669,038)(h) 		11.00% 07/26/2023           664     658,855
Dakota Holding Corp.                                   
First Lien Term Loan B (1 mo. USD LIBOR + 3.75%)  4.75% 04/09/2027           793     798,942
Second Lien Term Loan (1 mo. USD LIBOR + 6.75%)(e)  7.50% 04/07/2028           377     387,062
Term Loan (3 mo. EURIBOR + 4.00%)  4.00% 03/05/2027 EUR          58      70,631
See accompanying notes which are an integral part of this schedule.
Invesco Master Loan Fund
  Interest
Rate 		Maturity
Date 		Principal
Amount
(000)(a) 		Value
Business Equipment & Services–(continued)  
Dun & Bradstreet Corp. (The), Term Loan (1 mo. USD LIBOR + 3.25%)  3.34% 02/06/2026   $      196 $    195,411
Ensono, L.P., Term Loan B(d)      – 05/19/2028         467     467,171
Garda World Security Corp. (Canada), Term Loan (1 mo. USD LIBOR + 4.25%)  4.35% 10/30/2026         290     290,665
GI Revelation Acquisition LLC, First Lien Term Loan (1 mo. USD LIBOR + 4.00%)  4.50% 04/30/2028         702     697,915
GlobalLogic Holdings, Inc., Term Loan B-2 (1 mo. USD LIBOR + 3.75%)  4.50% 09/14/2027         217     217,822
Holding Socotec (France), Term Loan B(d)(e)      – 05/07/2028         213     213,479
I-Logic Technologies Bidco Ltd. (United Kingdom)                                 
First Lien Term Loan B (3 mo. EURIBOR + 4.00%)  4.00% 10/31/2027 EUR        52      64,232
First Lien Term Loan B (1 mo. USD LIBOR + 4.00%)  4.50% 02/16/2028         145     145,702
INDIGOCYAN Midco Ltd. (Jersey), Term Loan B (3 mo. GBP LIBOR + 5.00%)  5.08% 06/23/2024 GBP       162     222,562
ION Trading Technologies S.a.r.l. (Luxembourg)                                 
Term Loan B (3 mo. EURIBOR + 4.25%)  4.25% 03/31/2028 EUR       158     192,806
Term Loan B (1 mo. USD LIBOR + 4.75%)  4.95% 03/31/2028         554     556,556
iQor US, Inc.                                 
Term Loan  8.50% 11/20/2024         487     489,600
Term Loan  8.50% 11/20/2025         794     783,204
KAR Auction Services, Inc., Term Loan B-6 (1 mo. USD LIBOR + 2.25%)  2.38% 09/15/2026         187     183,851
Karman Buyer Corp., Term Loan B (1 mo. USD LIBOR + 5.25%)  6.00% 10/31/2027         605     610,338
KBR, Inc., Term Loan B (1 mo. USD LIBOR + 2.75%)  2.84% 02/05/2027         242     242,880
Monitronics International, Inc., First Lien Term Loan (1 mo. USD LIBOR + 6.50%)  7.75% 03/29/2024       1,413   1,379,521
NielsenIQ, Inc.                                 
Term Loan B (1 mo. USD LIBOR + 4.00%)  4.11% 02/05/2028         578     580,891
Term Loan B (3 mo. EURIBOR + 4.00%)  4.00% 03/06/2028 EUR       128     156,593
Outfront Media Capital LLC, Term Loan (1 mo. USD LIBOR + 1.75%)  1.84% 11/18/2026         325     319,719
Prime Security Services Borrower LLC, Term Loan B-1 (1 mo. USD LIBOR + 2.75%)  3.50% 09/23/2026         195     195,757
Solera LLC, Term Loan (3 mo. USD LIBOR + 2.75%)  2.84% 03/03/2023         315     315,298
Spin Holdco Inc., Term Loan B (1 mo. USD LIBOR + 4.00%)  4.75% 03/04/2028       1,672   1,671,881
Sportradar Capital (Switzerland), Term Loan (3 mo. EURIBOR + 4.25%)  4.25% 11/22/2027 EUR        74      91,135
team.blue (Netherlands)                                 
Delayed Draw Term Loan B(f)  0.00% 03/18/2028 EUR        11      13,114
Term Loan B(d)      – 03/18/2028 EUR       189     229,491
Tech Data Corp., Term Loan (1 mo. USD LIBOR + 3.50%)  3.59% 06/30/2025         484     485,997
Ventia Deco LLC, Term Loan B (1 mo. USD LIBOR + 4.00%)  5.00% 05/21/2026         721     724,347
Verra Mobility Corp.                                 
Term Loan B (1 mo. USD LIBOR + 3.25%)  3.45% 03/19/2028          96      96,061
Term Loan B-1(e)  3.36% 02/28/2025         232     231,853
Virtusa Corp., Term Loan B (1 mo. USD LIBOR + 4.25%)  5.00% 02/11/2027         193     194,102
          20,916,164
Cable & Satellite Television–4.39%      
Altice Financing S.A. (Luxembourg)                                   
Term Loan (3 mo. USD LIBOR + 2.75%)  2.93% 07/15/2025           928     916,323
Term Loan (3 mo. USD LIBOR + 2.75%)  2.95% 01/31/2026           770     760,036
Atlantic Broadband Finance LLC, Term Loan B (1 mo. USD LIBOR + 2.00%)  2.09% 01/03/2025           515     510,821
CSC Holdings LLC, Incremental Term Loan (3 mo. USD LIBOR + 2.25%)  2.35% 01/15/2026            57      56,329
Numericable-SFR S.A. (France)                                   
Incremental Term Loan B-13 (3 mo. USD LIBOR + 4.00%)  4.15% 08/14/2026           709     709,508
Term Loan B-11 (3 mo. USD LIBOR + 2.75%)  2.94% 07/31/2025           208     205,642
Term Loan B-12 (3 mo. USD LIBOR + 3.69%)  3.87% 01/31/2026         1,200   1,195,827
Telenet Financing USD LLC, Term Loan AR (6 mo. USD LIBOR + 2.00%)  2.10% 04/15/2028           487     482,201
UPC Financing Partnership                                   
Term Loan AT (1 mo. USD LIBOR + 2.25%)  2.35% 04/30/2028            99      98,288
Term Loan AX (1 mo. USD LIBOR + 3.00%)  3.10% 01/31/2029           990     985,915
Virgin Media Bristol LLC (United Kingdom)                                   
Term Loan(d)      – 01/15/2029           634     634,669
Term Loan N (1 mo. USD LIBOR + 2.50%)  2.60% 01/31/2028         1,774   1,766,056
Ziggo Secured Finance Partnership, Term Loan I (1 mo. USD LIBOR + 2.50%)  2.60% 04/15/2028         1,661   1,647,935
            9,969,550
See accompanying notes which are an integral part of this schedule.
Invesco Master Loan Fund
  Interest
Rate 		Maturity
Date 		Principal
Amount
(000)(a) 		Value
Chemicals & Plastics–4.58%      
AI PLEX AcquiCo GmbH (Germany), Term Loan (d)      – 07/31/2026 EUR         111 $    136,578
Aruba Investments, Inc.                                   
First Lien Term Loan (3 mo. EURIBOR + 4.00%)  4.00% 10/28/2027 EUR          70      85,351
First Lien Term Loan (1 mo. USD LIBOR + 4.00%)  4.75% 11/24/2027     $      196     197,284
Second Lien Term Loan (1 mo. USD LIBOR + 7.75%)  8.50% 11/24/2028           260     263,028
BASF Construction Chemicals (Germany), Term Loan B (1 mo. USD LIBOR + 3.50%)(e)  4.50% 09/30/2027           777     780,964
BCPE Max Dutch Bidco B.V. (Netherlands), Term Loan B(d)      – 10/31/2025 EUR          44      53,676
Charter NEX US, Inc., First Lien Term Loan (1 mo. USD LIBOR + 4.25%)  5.00% 12/01/2027           282     283,997
Colouroz Investment LLC (Germany)                                   
PIK First Lien Term Loan B-2, 0.75% PIK Rate, 5.25% Cash Rate (3 mo. USD LIBOR + 4.25%)(g)  5.25% 09/21/2023           543     538,075
PIK First Lien Term Loan C, 0.75% PIK Rate, 5.25% Cash Rate (3 mo. USD LIBOR + 4.25%)(g)  5.25% 09/21/2023            87      85,858
PIK Second Lien Term Loan B-2, 5.75% PIK Rate, 5.25% Cash Rate (3 mo. USD LIBOR + 4.25%)(g)  5.75% 09/05/2022             8       6,855
Emerald Performance Materials LLC, Term Loan B (1 mo. USD LIBOR + 4.00%)  5.00% 08/11/2025            96      96,167
Ferro Corp.                                   
Term Loan B-2 (3 mo. USD LIBOR + 2.25%)  2.45% 02/14/2024            41      40,920
Term Loan B-3 (3 mo. USD LIBOR + 2.25%)  2.45% 02/14/2024            40      40,049
Gemini HDPE LLC, Term Loan B (1 mo. USD LIBOR + 3.00%)  3.50% 12/11/2027           493     493,296
ICP Group Holdings LLC                                   
First Lien Term Loan (1 mo. USD LIBOR + 3.75%)  4.50% 01/14/2028           499     498,331
Second Lien Term Loan (1 mo. USD LIBOR + 7.75%)  8.50% 01/14/2029            50      49,975
Ineos Quattro Holdings Ltd. (United Kingdom), Term Loan B (1 mo. USD LIBOR + 2.75%)  3.25% 01/21/2026           696     694,560
Ineos US Finance LLC, Term Loan (3 mo. USD LIBOR + 2.00%)  2.09% 03/31/2024           470     465,587
Invictus US NewCo LLC                                   
First Lien Term Loan(d)      – 03/28/2025           498     494,972
Second Lien Term Loan(d)      – 03/30/2026           127     126,788
Kersia International S.A.S. (Belgium), Term Loan B (3 mo. EURIBOR + 4.00%)  4.00% 11/30/2027 EUR          62      75,574
Lonza Solutions (Switzerland)                                   
Term Loan B(d)      – 04/28/2028           225     225,654
Term Loan B(d)      – 04/28/2028 EUR         182     221,814
Lummus Technology, Term Loan B (1 mo. USD LIBOR + 3.50%)  3.59% 06/30/2027           395     393,771
Messer Industries USA, Inc., Term Loan B-1 (3 mo. USD LIBOR + 2.50%)  2.70% 03/02/2026           493     490,143
Oxea Corp.                                   
Term Loan B-1 (3 mo. EURIBOR + 3.75%)  3.75% 10/11/2024 EUR          56      67,375
Term Loan B-2 (3 mo. USD LIBOR + 3.50%)  3.63% 10/14/2024           595     593,391
Potters Industries LLC, Term Loan B (1 mo. USD LIBOR + 4.00%)  4.75% 12/14/2027           392     394,284
PQ Corp., Term Loan B-1 (3 mo. USD LIBOR + 2.25%)  2.44% 02/07/2027            76      75,723
PQ Performance Chemicals, Term Loan B(d)      – 04/30/2028           319     319,771
Proampac PG Borrower LLC, Term Loan (1 mo. USD LIBOR + 3.75%)  5.00% 11/03/2025           522     522,641
Starfruit US Holdco LLC, Term Loan (3 mo. USD LIBOR + 2.75%)  2.85% 10/01/2025         1,363   1,353,593
Tronox Finance LLC, Term Loan B (1 mo. USD LIBOR + 2.50%)  2.59% 03/01/2028           247     245,844
            10,411,889
Clothing & Textiles–0.39%      
BK LC Lux SPV S.a.r.l., Term Loan B (d)      – 04/27/2028           315     315,217
Mascot Bidco OYJ (Finland), Term Loan B (3 mo. EURIBOR + 4.50%)  4.50% 03/30/2026 EUR          64      78,404
Tumi, Inc., Incremental Term Loan B (1 mo. USD LIBOR + 4.50%)  5.50% 04/25/2025           495     498,914
            892,535
Conglomerates–0.20%      
Safe Fleet Holdings LLC, First Lien Term Loan (3 mo. USD LIBOR + 3.00%)  4.00% 02/03/2025           456     453,463
Containers & Glass Products–1.67%      
Berlin Packaging LLC, Term Loan (3 mo. USD LIBOR + 3.00%)  3.21% 11/07/2025           502     498,088
Consolidated Container Co. LLC, Term Loan B (1 mo. USD LIBOR + 2.75%)  3.25% 01/29/2028           348     345,788
Fort Dearborn Holding Co., Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.00%)  5.00% 10/19/2023           242     242,646
Graham Packaging Co., Inc., Term Loan (1 mo. USD LIBOR + 3.00%)  3.75% 08/04/2027           141     141,260
Hoffmaster Group, Inc., First Lien Term Loan B-1 (3 mo. USD LIBOR + 4.00%)  5.00% 11/21/2023           693     664,928
Keter Group B.V. (Netherlands), Term Loan B-1 (3 mo. EURIBOR + 4.25%)  5.25% 10/31/2023 EUR         745     906,580
See accompanying notes which are an integral part of this schedule.
Invesco Master Loan Fund
  Interest
Rate 		Maturity
Date 		Principal
Amount
(000)(a) 		Value
Containers & Glass Products–(continued)  
Klockner Pentaplast of America, Inc.                                 
Term Loan B (1 mo. USD LIBOR + 4.75%)  5.25% 02/12/2026   $      115 $    115,041
Term Loan B (3 mo. EURIBOR + 4.75%)  4.75% 03/01/2026 EUR       107     129,133
Logoplaste (Portugal)                                 
Term Loan B(d)      – 04/21/2028 EUR        92     112,684
Term Loan B(d)(e)      – 04/21/2028         170     170,195
Pretium PKG Holdings, Inc., Term Loan B (1 mo. USD LIBOR + 4.00%)  4.75% 10/14/2027         297     298,169
Trident TPI Holdings, Inc., Term Loan B-1 (3 mo. USD LIBOR + 3.00%)  4.00% 10/17/2024         177     177,294
          3,801,806
Cosmetics & Toiletries–0.95%      
Alphabet Holding Co., Inc., Second Lien Term Loan (3 mo. USD LIBOR + 7.75%)  7.84% 09/26/2025           229     230,520
Coty, Inc., Term Loan B (3 mo. USD LIBOR + 2.25%)  2.35% 04/05/2025         1,128   1,094,585
Domtar Personal Care, Term Loan B (1 mo. USD LIBOR + 4.25%)  5.00% 02/18/2028           299     300,616
IRIS Bidco GmbH (Germany), Term Loan B(d)      – 05/25/2028 EUR         261     310,054
KDC/One (Canada), Term Loan (3 mo. EURIBOR + 5.00%)  5.00% 12/22/2025 EUR          24      29,149
Parfums Holding Co., Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.00%)  4.09% 06/30/2024           188     187,048
            2,151,972
Drugs–0.52%      
Endo LLC, Term Loan (1 mo. USD LIBOR + 5.00%)  5.75% 03/10/2028           455     445,006
Grifols Worldwide Operations USA, Inc., Term Loan B (1 mo. USD LIBOR + 2.00%)  2.06% 11/15/2027           245     243,249
Pharmaceutical Product Development, Inc., Term Loan (1 mo. USD LIBOR + 2.25%)  2.75% 01/06/2028           277     276,572
Valeant Pharmaceuticals International, Inc. (Canada)                                   
First Lien Incremental Term Loan (3 mo. USD LIBOR + 2.75%)  2.84% 11/27/2025            27      27,245
Term Loan (3 mo. USD LIBOR + 3.00%)  3.09% 06/02/2025           200     199,875
            1,191,947
Ecological Services & Equipment–0.34%      
EnergySolutions LLC, Term Loan (3 mo. USD LIBOR + 3.75%)  4.75% 05/11/2025           186     184,685
Patriot Container Corp., First Lien Term Loan(d)      – 03/20/2025           298     295,925
TruGreen L.P., Second Lien Term Loan (1 mo. USD LIBOR + 7.50%)(e)  9.25% 11/02/2028           277     284,770
            765,380
Electronics & Electrical–10.07%      
Barracuda Networks, Inc., Second Lien Term Loan (1 mo. USD LIBOR + 6.75%)  7.50% 10/30/2028            36      36,414
Boxer Parent Co., Inc., Term Loan B (3 mo. EURIBOR + 4.00%)  4.00% 10/02/2025 EUR          65      79,918
Brave Parent Holdings, Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.00%)  4.09% 04/18/2025           329     328,877
Cambium Learning Group, Inc., Incremental Term Loan (1 mo. USD LIBOR + 4.50%)  5.25% 12/18/2025           174     174,671
CDK Int (Concorde Lux) (Luxembourg), Term Loan B (3 mo. EURIBOR + 4.00%)  4.00% 02/19/2028 EUR          57      69,252
Cloudera, Inc., First Lien Term Loan (1 mo. USD LIBOR + 2.50%)  3.25% 12/20/2027           169     168,990
CommerceHub, Inc., Term Loan B (1 mo. USD LIBOR + 4.00%)  4.75% 01/01/2028           243     244,173
CommScope, Inc., Term Loan (3 mo. USD LIBOR + 3.25%)  3.34% 04/06/2026           454     453,059
Delta Topco, Inc.                                   
First Lien Term Loan (1 mo. USD LIBOR + 3.75%)  4.50% 12/01/2027           750     751,987
Second Lien Term Loan (1 mo. USD LIBOR + 7.25%)  8.00% 12/01/2028           114     116,108
Devoteam (Castillon SAS - Bidco) (France), Term Loan B  4.50% 12/09/2027 EUR          57      69,225
Diebold Nixdorf, Inc., Term Loan B (3 mo. USD LIBOR + 2.75%)  2.88% 11/06/2023           181     178,089
E2Open LLC, Term Loan (1 mo. USD LIBOR + 3.50%)  4.00% 02/04/2028           431     431,496
Energizer Holdings, Inc., Term Loan (1 mo. USD LIBOR + 2.25%)  2.75% 12/22/2027           326     326,245
ETA Australia Holdings III Pty. Ltd. (Australia), First Lien Term Loan (3 mo. USD LIBOR + 4.00%)  4.09% 05/06/2026           379     376,690
Finastra USA, Inc. (United Kingdom), First Lien Term Loan (3 mo. USD LIBOR + 3.50%)  4.50% 06/13/2024           821     811,924
Forcepoint, Term Loan B (1 mo. USD LIBOR + 4.50%)  5.00% 01/07/2028           238     238,777
Fusion Connect, Inc., Term Loan (3 mo. USD LIBOR + 9.50%) 11.50% 01/14/2025           132     133,231
Hyland Software, Inc.                                   
First Lien Term Loan (1 mo. USD LIBOR + 3.50%)  4.25% 07/01/2024           364     365,111
Second Lien Term Loan (1 mo. USD LIBOR + 6.25%)  7.00% 07/07/2025             6       5,635
Imperva, Inc., Second Lien Term Loan (3 mo. USD LIBOR + 7.75%)  8.75% 01/11/2027            72      72,823
See accompanying notes which are an integral part of this schedule.
Invesco Master Loan Fund
  Interest
Rate 		Maturity
Date 		Principal
Amount
(000)(a) 		Value
Electronics & Electrical–(continued)  
Infinite Electronics                                 
Second Lien Term Loan (1 mo. USD LIBOR + 7.00%)  7.50% 03/02/2029   $       81 $     82,017
Term Loan B (1 mo. USD LIBOR + 3.75%)  4.25% 02/24/2028         212     210,988
Internap Corp., PIK Term Loan, 5.50% PIK Rate, 2.00% Cash Rate (1 mo. USD LIBOR + 1.00%)(e)(g)  5.50% 05/08/2025       1,032     546,924
ION Corp., Term Loan B (1 mo. USD LIBOR + 3.75%)  3.93% 03/05/2028         401     402,267
LogMeIn, Term Loan B (1 mo. USD LIBOR + 4.75%)  4.85% 08/28/2027       1,481   1,483,544
Mavenir Systems, Inc., Term Loan (1 mo. USD LIBOR + 6.00%)  7.00% 05/08/2025         429     430,218
Maverick Bidco, Inc.                                 
Second Lien Term Loan (1 mo. USD LIBOR + 6.75%)(e)  7.50% 04/28/2029          20      19,753
Term Loan B (1 mo. USD LIBOR + 4.00%)  4.50% 04/09/2026         181     180,959
McAfee Enterprise                                 
Second Lien Term Loan(d)      – 05/03/2029         118     117,417
Term Loan B(d)      – 05/03/2028         666     667,808
Micro Holding L.P., Term Loan (1 mo. USD LIBOR + 3.75%)  4.75% 09/13/2024         441     443,321
Mirion Technologies, Inc., Term Loan (3 mo. USD LIBOR + 4.00%)  4.20% 03/06/2026         150     150,791
Natel Engineering Co., Inc., Term Loan (3 mo. USD LIBOR + 5.00%)  6.00% 04/29/2026         720     689,750
NCR Corp., Term Loan B (1 mo. USD LIBOR + 2.50%)  2.69% 08/28/2026         523     518,544
Neustar, Inc., Term Loan B-4 (3 mo. USD LIBOR + 3.50%)  4.50% 08/08/2024         916     889,845
Oberthur Technologies of America Corp.                                 
Term Loan B(d)      – 01/09/2026         450     448,425
Term Loan B (3 mo. EURIBOR + 4.50%)  4.50% 01/09/2026 EUR       228     278,022
Optiv, Inc., Term Loan (3 mo. USD LIBOR + 3.25%)  4.25% 02/01/2024       1,264   1,245,729
Project Accelerate Parent LLC, First Lien Term Loan (3 mo. USD LIBOR + 4.25%)  5.25% 01/02/2025         372     366,290
Project Leopard Holdings, Inc., Incremental Term Loan (3 mo. USD LIBOR + 4.75%)  5.75% 07/05/2024         660     662,577
Quest Software US Holdings, Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.25%)  4.44% 05/16/2025       1,295   1,298,689
RealPage, Inc., Term Loan B (1 mo. USD LIBOR + 3.25%)  3.75% 02/15/2028         582     582,127
Renaissance Holding Corp., Second Lien Term Loan (3 mo. USD LIBOR + 7.00%)  7.09% 05/29/2026          72      72,664
Riverbed Technology, Inc.                                 
First Lien Term Loan (1 mo. USD LIBOR + 6.00%)  7.00% 12/31/2025       1,222   1,166,164
PIK Second Lien Term Loan, 4.50% PIK Rate, 7.50% Cash Rate (1 mo. USD LIBOR + 6.50%)(g)  4.50% 12/31/2026         324     256,040
Term Loan (3 mo. USD LIBOR + 3.25%)  4.25% 04/24/2022          88      83,354
Sandvine Corp., First Lien Term Loan (3 mo. USD LIBOR + 4.50%)  4.59% 10/31/2025         146     146,270
SkillSoft Corp., Term Loan (1 mo. USD LIBOR + 7.50%)  8.50% 04/27/2025         563     563,697
SmartBear (AQA Acquisition Holdings, Inc), Term Loan B (1 mo. USD LIBOR + 4.25%)  4.75% 03/03/2028          78      78,686
SonicWall U.S. Holdings, Inc., Term Loan (3 mo. USD LIBOR + 3.50%)  3.65% 05/16/2025         491     487,033
Sophos (Surf Holdings LLC) (United Kingdom), Term Loan (1 mo. USD LIBOR + 3.50%)  3.68% 03/05/2027         159     158,048
SS&C Technologies, Inc.                                 
Term Loan B-3 (3 mo. USD LIBOR + 1.75%)  1.84% 04/16/2025         338     335,254
Term Loan B-4 (3 mo. USD LIBOR + 1.75%)  1.84% 04/16/2025         256     253,157
Ultimate Software Group, Inc.                                 
First Lien Term Loan (3 mo. USD LIBOR + 3.75%)  3.84% 05/04/2026         859     861,203
Incremental Term Loan B (1 mo. USD LIBOR + 3.25%)  4.00% 05/01/2026         186     186,848
Second Lien Term Loan (1 mo. USD LIBOR + 6.75%)  7.50% 05/10/2027          38      38,969
Veritas US, Inc.                                 
Term Loan B (3 mo. EURIBOR + 4.75%)  5.75% 09/01/2025 EUR        33      41,153
Term Loan B (1 mo. USD LIBOR + 5.00%)  6.00% 09/01/2025         749     755,207
Xperi Corp., Term Loan B (1 mo. USD LIBOR + 4.00%)  6.25% 06/02/2025         261     261,232
          22,893,679
Financial Intermediaries–0.75%      
Alter Domus (Participations S.a.r.l.) (Luxembourg), Term Loan B (3 mo. EURIBOR + 3.50%)  3.50% 02/28/2028 EUR          57      69,483
Edelman Financial Center LLC (The)                                   
Incremental Term Loan (1 mo. USD LIBOR + 3.75%)  4.50% 03/15/2028         1,211   1,214,116
Second Lien Term Loan (3 mo. USD LIBOR + 6.75%)  6.84% 07/20/2026            39      39,753
MoneyGram International, Inc., Term Loan(d)      – 06/30/2023            38      38,639
Stiphout Finance LLC                                   
Incremental Term Loan (EUR001M + 3.75%)  3.75% 10/26/2025 EUR          28      34,144
Incremental Term Loan (1 mo. USD LIBOR + 3.75%)  4.75% 10/26/2025            55      55,455
See accompanying notes which are an integral part of this schedule.
Invesco Master Loan Fund
  Interest
Rate 		Maturity
Date 		Principal
Amount
(000)(a) 		Value
Financial Intermediaries–(continued)  
Tegra118 Wealth Solutions, Inc., Term Loan (1 mo. USD LIBOR + 4.00%)  4.16% 02/10/2027   $      258 $    258,472
          1,710,062
Food Products–1.16%      
Dole Food Co., Inc., Term Loan B (3 mo. USD LIBOR + 2.75%)  3.75% 04/06/2024           990     990,493
Froneri International PLC (United Kingdom), Second Lien Term Loan (1 mo. USD LIBOR + 5.75%)  5.84% 01/29/2028           267     270,296
H-Food Holdings LLC, Term Loan (3 mo. USD LIBOR + 3.69%)  3.78% 05/23/2025         1,031   1,028,045
JBS USA Lux S.A., Term Loan (1 mo. USD LIBOR + 2.00%)  2.09% 05/01/2026           131     130,840
Valeo Foods (Jersey) Ltd. (Ireland), Term Loan B (3 mo. GBP LIBOR + 5.50%)  5.58% 08/27/2027 GBP         153     217,216
            2,636,890
Food Service–0.82%      
IRB Holding Corp.                                   
First Lien Term Loan B (1 mo. USD LIBOR + 3.25%)  4.25% 12/01/2027           526     526,931
Term Loan B (1 mo. USD LIBOR + 2.75%)  3.75% 02/05/2025           288     286,998
New Red Finance, Inc., Term Loan B-4 (1 mo. USD LIBOR + 1.75%)  1.84% 11/19/2026           466     459,232
US Foods, Inc., Term Loan (3 mo. USD LIBOR + 1.75%)  1.84% 06/27/2023           304     301,824
Weight Watchers International, Inc., Term Loan B (1 mo. USD LIBOR + 3.50%)  4.00% 04/13/2028           278     278,999
            1,853,984
Forest Products–0.08%      
Ahlstrom-Munksjoe (Finland), Term Loan B (d)      – 03/11/2028           192     192,732
Health Care–4.21%      
Acacium Group (United Kingdom), Term Loan (d)      – 05/19/2028 GBP         119     167,527
AI Sirona (Luxembourg) Acquisition S.a.r.l. (Luxembourg), Term Loan B (3 mo. EURIBOR + 3.75%)  3.75% 09/30/2025 EUR          17      20,998
Almaviva Developpement (France), Term Loan B (3 mo. EURIBOR + 3.75%)  3.22% 03/26/2028 EUR          42      51,197
Ameos (Germany), Term Loan B(d)      – 04/19/2028 EUR          76      92,680
athenahealth, Inc., Term Loan B (1 mo. USD LIBOR + 4.25%)  4.35% 02/11/2026           645     648,353
Cerba (France), Term Loan B(d)      – 05/12/2028 EUR         108     131,979
Curium BidCo S.a.r.l. (Luxembourg), Term Loan (1 mo. USD LIBOR + 4.25%)(e)  5.00% 12/02/2027           235     235,637
Domus Vi (France), Term Loan (3 mo. EURIBOR + 3.75%)  4.00% 10/31/2026 EUR          35      43,387
Ethypharm (France), Term Loan B(d)      – 04/30/2029 GBP         133     187,730
Explorer Holdings, Inc., First Lien Term Loan (1 mo. USD LIBOR + 4.50%)  5.50% 02/04/2027           425     427,646
Gainwell Holding Corp., Term Loan B (1 mo. USD LIBOR + 4.00%)  4.75% 10/01/2027         1,005   1,008,454
Global Healthcare Exchange LLC, Term Loan (3 mo. USD LIBOR + 3.25%)  4.25% 06/28/2024           248     249,187
Global Medical Response, Inc., Term Loan (1 mo. USD LIBOR + 4.75%)  5.75% 10/02/2025           494     497,260
HC Group Holdings III, Inc., Term Loan B (1 mo. USD LIBOR + 3.75%)  3.84% 08/06/2026           385     386,019
ImageFirst                                   
Delayed Draw Term Loan(e)(f)  0.00% 04/27/2028            36      36,347
Term Loan B (1 mo. USD LIBOR + 4.50%)  5.25% 04/27/2028           159     159,727
Inovie Group Bidco (Labosud) (France), Term Loan B(d)      – 12/08/2027 EUR         126     154,477
Insulet Corp., Term Loan(d)      – 04/28/2028           188     188,860
MedAssets Sotware Intermediate Holdings, Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.75%)  4.50% 01/28/2028           340     339,800
Nemera (Financiere N BidCo) (France), Incremental Term Loan B (3 mo. EURIBOR + 4.00%)  4.00% 01/22/2026 EUR          25      30,850
Neuraxpharm (Cerebro BidCo/Blitz F20-80 GmbH) (Germany)                                   
Term Loan B (3 mo. EURIBOR + 4.25%)  4.25% 10/29/2027 EUR          44      54,272
Term Loan B-2 (3 mo. EURIBOR + 4.25%)  4.25% 10/29/2027 EUR          26      31,350
Organon & Co., Term Loan B(d)      – 04/08/2028         1,014   1,013,738
Ortho-Clinical Diagnostics, Inc., Term Loan (3 mo. USD LIBOR + 3.00%)  3.11% 06/30/2025           545     545,497
Recipharm (Roar BidCo), First Lien Term Loan(d)      – 03/30/2028 EUR          97     117,949
Revint Intermediate II LLC, Term Loan (1 mo. USD LIBOR + 5.00%)  5.75% 10/08/2027           422     425,673
Sunshine Luxembourg VII S.a.r.l. (Switzerland), Term Loan (1 mo. USD LIBOR + 3.75%)  4.50% 10/01/2026           564     566,538
Synlab Bondco PLC (United Kingdom), Term Loan B-4 (3 mo. EURIBOR + 3.75%)  3.25% 11/27/2027 EUR          43      51,610
TTF Holdings, LLC, Term Loan B (1 mo. USD LIBOR + 4.25%)(e)  5.00% 03/25/2028           156     156,391
Unified Womens Healthcare, L.P., Term Loan B (1 mo. USD LIBOR + 4.25%)  5.00% 12/17/2027           309     310,407
Verscend Holding Corp., Term Loan B-1 (1 mo. USD LIBOR + 4.00%)  4.09% 08/07/2025           159     159,013
See accompanying notes which are an integral part of this schedule.
Invesco Master Loan Fund
  Interest
Rate 		Maturity
Date 		Principal
Amount
(000)(a) 		Value
Health Care–(continued)  
Waystar, Incremental Term Loan(e)  4.09% 10/20/2026   $      190 $    190,093
Women’s Care Holdings, Inc. LLC                                 
First Lien Term Loan (1 mo. USD LIBOR + 4.50%)  5.25% 01/15/2028         186     186,471
Second Lien Term Loan (1 mo. USD LIBOR + 8.25%)  9.00% 01/15/2029          80      80,211
WP CityMD Bidco LLC, First Lien Term Loan (1 mo. USD LIBOR + 3.75%)  4.50% 08/13/2026         611     613,395
          9,560,723
Home Furnishings–1.43%      
Hayward Industries, Inc., Term Loan B (d)      – 05/12/2028           164     164,037
Mattress Holding Corp., Term Loan (1 mo. USD LIBOR + 5.25%)  6.25% 11/24/2027           428     435,958
Serta Simmons Bedding LLC                                   
First Lien Term Loan (1 mo. USD LIBOR + 7.50%)  8.50% 08/10/2023           353     357,167
Second Lien Term Loan (1 mo. USD LIBOR + 7.50%)  8.50% 08/10/2023         1,006     964,288
SIWF Holdings, Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.25%)  4.34% 06/15/2025           346     347,002
TGP Holdings III LLC, First Lien Term Loan (3 mo. USD LIBOR + 4.00%)  5.00% 09/25/2024           398     398,923
Webster-Stephen Products LLC, Term Loan B (1 mo. USD LIBOR + 3.25%)  4.00% 10/20/2027           573     575,012
            3,242,387
Industrial Equipment–2.26%      
Alliance Laundry Systems LLC, Term Loan B (1 mo. USD LIBOR + 3.50%)  4.25% 09/30/2027           494     495,579
Clark Equipment Co., Term Loan (1 mo. USD LIBOR + 1.75%)  1.95% 05/18/2024            48      48,036
DXP Enterprises, Inc., Term Loan (1 mo. USD LIBOR + 4.75%)  5.75% 12/16/2027           226     226,781
Engineered Machinery Holdings, Inc., First Lien Incremental Term Loan (3 mo. USD LIBOR + 4.25%)  5.25% 07/19/2024            49      48,917
Gardner Denver, Inc.                                   
Term Loan B-1 (1 mo. USD LIBOR + 1.75%)  1.84% 03/31/2027           283     281,011
Term Loan B-2 (1 mo. USD LIBOR + 1.75%)  1.84% 03/01/2027           407     403,872
Hamilton Holdco LLC, Term Loan (3 mo. USD LIBOR + 2.00%)  2.21% 01/02/2027            55      54,741
Kantar (United Kingdom), Term Loan B (1 mo. USD LIBOR + 4.75%)  4.93% 11/26/2026           180     179,690
MX Holdings US, Inc., Term Loan B-1-C (3 mo. USD LIBOR + 2.75%)  3.50% 07/31/2025            29      29,123
North American Lifting Holdings, Inc.                                   
Term Loan (1 mo. USD LIBOR + 6.50%)  7.50% 10/16/2024           634     662,329
Term Loan (1 mo. USD LIBOR + 11.00%) 12.00% 04/16/2025           296     287,507
S2P Acquisiton Borrower, Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.00%)  3.84% 08/14/2026           426     426,565
Thyssenkrupp Elevators (Vertical Midco GmbH) (Germany), Term Loan B (1 mo. USD LIBOR + 4.25%)  4.48% 07/30/2027         1,982   1,992,552
            5,136,703
Insurance–2.56%      
Acrisure LLC, Term Loan (1 mo. USD LIBOR + 3.50%)  3.70% 01/31/2027           535     531,235
Alliant Holdings Intermediate LLC                                   
Term Loan (1 mo. USD LIBOR + 3.25%)  3.34% 05/09/2025           962     954,949
Term Loan B-3 (1 mo. USD LIBOR + 3.75%)  4.25% 10/15/2027           272     272,656
AmWINS Group LLC, Term Loan (1 mo. USD LIBOR + 2.25%)  3.00% 02/17/2028            67      67,417
Financiere CEP (France), Term Loan B(d)      – 06/30/2027 EUR          20      24,830
HUB International Ltd.                                   
Incremental Term Loan B-3 (1 mo. USD LIBOR + 3.25%)  4.00% 04/25/2025           400     401,038
Term Loan (1 mo. USD LIBOR + 2.75%)  2.90% 04/25/2025           700     694,025
Ryan Specialty Group LLC, Term Loan (1 mo. USD LIBOR + 3.00%)  3.75% 09/01/2027           667     668,579
Sedgwick Claims Management Services, Inc.                                   
First Lien Term Loan (3 mo. USD LIBOR + 3.75%)  3.84% 09/03/2026           251     250,224
Term Loan (3 mo. USD LIBOR + 3.25%)  3.34% 12/31/2025           607     601,003
USI, Inc.                                   
Term Loan (3 mo. USD LIBOR + 3.00%)  3.20% 05/16/2024         1,057   1,050,473
Term Loan (1 mo. USD LIBOR + 3.25%)  3.45% 12/02/2026           311     308,660
            5,825,089
Leisure Goods, Activities & Movies–3.86%      
Alpha Topco Ltd. (United Kingdom), Term Loan B (3 mo. USD LIBOR + 2.50%)  3.50% 02/01/2024         1,135   1,130,396
AMC Entertainment, Inc., Term Loan B-1(d)      – 04/22/2026           548     507,060
See accompanying notes which are an integral part of this schedule.
Invesco Master Loan Fund
  Interest
Rate 		Maturity
Date 		Principal
Amount
(000)(a) 		Value
Leisure Goods, Activities & Movies–(continued)  
Carnival Corp. (Panama)                                 
Term Loan B(d)      – 06/30/2025   $      157 $    157,974
Term Loan B(d)      – 06/30/2025 EUR        74      90,670
Crown Finance US, Inc.                                 
Term Loan (3 mo. USD LIBOR + 7.00%)  8.25% 05/23/2024         274     345,862
Term Loan(d)      – 02/28/2025 EUR         3       3,355
Term Loan (1 mo. USD LIBOR + 2.50%)  3.50% 02/28/2025         446     387,987
Term Loan (1 mo. USD LIBOR + 2.75%)  3.75% 09/20/2026         426     366,250
CWGS Group LLC, Term Loan (3 mo. USD LIBOR + 2.75%)  3.50% 11/08/2023         627     625,360
Deluxe Entertainment Services Group, Inc., Term Loan (3 mo. USD LIBOR + 1.50%)
(Acquired 10/04/2019-05/04/2021; Cost $116,844)(e)(h)(i) 		 6.00% 03/25/2024         126           0
Eagle Midco Ltd. (United Kingdom)                                 
Term Loan (3 mo. GBP LIBOR + 4.75%)  4.83% 03/10/2028 GBP        83     117,904
Term Loan (3 mo. EURIBOR + 3.75%)  4.75% 03/31/2028 EUR        54      65,904
HotelBeds (United Kingdom)                                 
Term Loan B (3 mo. EURIBOR + 4.25%)  4.25% 09/12/2025 EUR        30      33,169
Term Loan D(d)      – 09/12/2027 EUR     1,206   1,362,469
Invictus Media S.L.U. (Spain)                                 
Term Loan B-1 (3 mo. EURIBOR + 4.75%)
(Acquired 01/14/2021-05/27/2021; Cost $143,671)(h) 		 4.75% 06/26/2025 EUR       129     146,615
Term Loan B-2 (3 mo. EURIBOR + 4.75%)
(Acquired 01/14/2021-05/27/2021; Cost $88,001)(h) 		 4.75% 06/26/2025 EUR        79      89,737
Merlin (Motion Finco S.a.r.l. and LLC) (United Kingdom)                                 
Term Loan B (3 mo. EURIBOR + 3.00%)  3.00% 10/16/2026 EUR     1,000   1,180,263
Term Loan B-1 (1 mo. USD LIBOR + 3.25%)  3.45% 11/12/2026          92      89,303
Term Loan B-2 (1 mo. USD LIBOR + 3.25%)  3.45% 11/12/2026          12      11,737
Parques Reunidos (Spain), Term Loan B-1 (3 mo. EURIBOR + 3.75%)  3.75% 09/27/2026 EUR       426     501,716
Sabre GLBL, Inc., Term Loan B (1 mo. USD LIBOR + 4.00%)  4.75% 12/31/2027         118     119,479
SeaWorld Parks & Entertainment, Inc., Term Loan B-5 (3 mo. USD LIBOR + 3.00%)  3.75% 04/01/2024         592     588,918
Six Flage Theme Parks, Inc., Term Loan B (3 mo. USD LIBOR + 1.75%)  1.85% 04/17/2026         271     265,793
Vue International Bidco PLC (United Kingdom), Term Loan B-1(d)      – 06/21/2026 EUR       503     572,791
          8,760,712
Lodging & Casinos–4.24%      
Aimbridge Acquisition Co., Inc.                                   
Incremental Term Loan (1 mo. USD LIBOR + 6.00%)  6.75% 02/01/2026           303     303,501
Term Loan (1 mo. USD LIBOR + 3.75%)  3.84% 02/01/2026           121     118,011
Aristocrat Technologies, Inc., Term Loan (1 mo. USD LIBOR + 3.75%)  4.75% 10/19/2024           496     497,573
B&B Hotels S.A.S. (France)                                   
Incremental Term Loan(d)      – 06/30/2026 EUR         143     173,061
Term Loan B-3-A(d)      – 07/31/2026 EUR         529     625,126
Caesars Resort Collection LLC                                   
Incremental Term Loan (1 mo. USD LIBOR + 4.50%)  4.59% 06/30/2025           383     384,815
Term Loan B (3 mo. USD LIBOR + 2.75%)  2.84% 12/23/2024         1,998   1,985,146
CityCenter Holdings LLC, Term Loan B (3 mo. USD LIBOR + 2.25%)  3.00% 04/18/2024           462     458,844
ESH Hospitality, Inc., Term Loan (1 mo. USD LIBOR + 2.00%)  2.09% 09/18/2026           196     195,619
Everi Payments, Inc.                                   
Term Loan B (3 mo. USD LIBOR + 2.75%)  3.50% 05/09/2024           894     891,286
Term Loan B (1 mo. USD LIBOR + 10.50%)(e) 11.50% 05/09/2024            54      56,879
Hilton Grand Vacations Borrower LLC, Term Loan B(d)      – 05/19/2028           602     603,348
Hilton Worldwide Finance LLC, Term Loan B-2 (3 mo. USD LIBOR + 1.75%)  1.84% 06/22/2026           345     342,854
RHP Hotel Properties L.P., Term Loan B (3 mo. USD LIBOR + 2.00%)  2.10% 05/11/2024            28      28,112
Scientific Games International, Inc., Term Loan B-5 (1 mo. USD LIBOR + 2.75%)  2.84% 08/14/2024           720     714,265
Stars Group (US) Co-Borrower LLC, Term Loan (3 mo. USD LIBOR + 3.50%)  3.70% 07/10/2025           827     830,663
Station Casinos LLC, Term Loan B-1 (1 mo. USD LIBOR + 2.25%)  2.50% 02/08/2027           779     773,101
Tackle Group S.a.r.l. (Luxembourg), Term Loan B(d)      – 05/07/2028 EUR         315     384,607
VICI Properties 1 LLC, Term Loan B (3 mo. USD LIBOR + 1.75%)  1.84% 12/20/2024            98      96,892
Wyndham Hotels & Resorts, Inc., Term Loan B (3 mo. USD LIBOR + 1.75%)  1.84% 05/30/2025           174     172,571
            9,636,274
See accompanying notes which are an integral part of this schedule.
Invesco Master Loan Fund
  Interest
Rate 		Maturity
Date 		Principal
Amount
(000)(a) 		Value
Nonferrous Metals & Minerals–1.34%      
ACNR Holdings, Inc., PIK Term Loan, 3.00% PIK Rate, 14.00% Cash Rate (1 mo. USD LIBOR + 13.00%)(g) 14.00% 09/16/2025     $    1,526 $  1,527,684
Corialis Group, Ltd. (United Kingdom), Term Loan B(d)      – 05/24/2028 GBP          44      63,157
Form Technologies LLC                                   
Term Loan (1 mo. USD LIBOR + 4.75%)  5.75% 07/19/2025           158     157,606
Term Loan (1 mo. USD LIBOR + 9.25%)(e) 10.25% 10/22/2025            45      46,874
Kissner Group                                   
Incremental Term Loan (1 mo. USD LIBOR + 4.00%)  4.75% 03/01/2027           567     564,427
Term Loan B(d)      – 03/01/2027           676     674,798
            3,034,546
Oil & Gas–2.57%      
Brazos Delaware II LLC, Term Loan (3 mo. USD LIBOR + 4.00%)  4.10% 05/21/2025           686     670,398
Fieldwood Energy LLC                                   
DIP Delayed Draw Term Loan (1 mo. USD LIBOR + 8.75%)
(Acquired 07/30/2020; Cost $604,234)(e)(h) 		 3.00% 08/04/2021           547      63,208
DIP Delayed Draw Term Loan
(Acquired 07/30/2020; Cost $604,234)(e)(f)(h) 		 0.00% 08/04/2021            61     568,868
First Lien Term Loan (3 mo. USD LIBOR + 5.25%)
(Acquired 04/11/2018-07/31/2020; Cost $3,171,504)(h)(i) 		 0.00% 04/11/2022         4,065   1,808,953
HGIM Corp., Term Loan (3 mo. USD LIBOR + 6.00%)  7.00% 07/02/2023           950     650,637
Larchmont Resources LLC, Term Loan A (3 mo. USD LIBOR + 8.00%)  9.00% 08/09/2021           105      57,948
Lower Cadence Holdings LLC, Term Loan (3 mo. USD LIBOR + 4.00%)  4.09% 05/22/2026            66      64,976
McDermott International Ltd.                                   
LOC(f)  0.00% 06/30/2024           342     288,231
LOC(d)(e)      – 06/30/2024           182     150,087
PIK Term Loan B, 3.00% PIK Rate, 1.00% Cash Rate (1 mo. USD LIBOR + 1.00%)  3.00% 06/30/2025            91      41,251
Term Loan (1 mo. USD LIBOR + 3.00%)(e)  3.09% 06/30/2024            10       6,707
Navitas Midstream Midland Basin LLC, Term Loan (3 mo. USD LIBOR + 4.50%)  5.50% 12/13/2024           152     152,757
Petroleum GEO-Services ASA, Term Loan (1 mo. USD LIBOR + 7.50%)  7.75% 03/19/2024         1,156   1,055,142
Southcross Energy Partners LLC, Revolver Loan(e)(f)  0.00% 01/31/2025           271     265,743
            5,844,906
Publishing–1.92%      
Adtalem Global Education, Inc., Term Loan B (d)      – 02/12/2028           378     376,857
Cengage Learning, Inc., Term Loan B (3 mo. USD LIBOR + 4.25%)  5.25% 06/07/2023         1,490   1,491,443
Clear Channel Worldwide Holdings, Inc., Term Loan B (1 mo. USD LIBOR + 3.50%)  3.65% 08/21/2026         1,381   1,341,090
Nielsen Finance LLC, Term Loan B-5  4.75% 06/30/2025         1,153   1,156,315
            4,365,705
Radio & Television–1.69%      
E.W. Scripps Co. (The), Term Loan B (1 mo. USD LIBOR + 3.00%)  3.75% 12/15/2027           780     782,526
Gray Television, Inc., Term Loan C (3 mo. USD LIBOR + 2.50%)  2.61% 01/02/2026           103     102,479
iHeartCommunications, Inc., Term Loan (1 mo. USD LIBOR + 3.00%)  3.09% 05/01/2026           706     699,296
Nexstar Broadcasting, Inc., Term Loan B-4 (1 mo. USD LIBOR + 2.50%)  2.61% 09/18/2026           875     873,563
Sinclair Television Group, Inc.                                   
Term Loan B-2-B (1 mo. USD LIBOR + 2.50%)  2.60% 09/30/2026         1,177   1,168,116
Term Loan B-3 (1 mo. USD LIBOR + 3.00%)  3.10% 03/25/2028           212     211,451
            3,837,431
Retailers (except Food & Drug)–2.05%      
Bass Pro Group LLC, Term Loan B (1 mo. USD LIBOR + 4.25%)  5.00% 02/26/2028           989     998,142
CNT Holdings I Corp. (1-800 Contacts)                                   
First Lien Term Loan (1 mo. USD LIBOR + 3.75%)  4.50% 10/16/2027           803     805,400
Second Lien Term Loan (1 mo. USD LIBOR + 6.75%)  7.50% 10/16/2028           127     129,417
See accompanying notes which are an integral part of this schedule.
Invesco Master Loan Fund
  Interest
Rate 		Maturity
Date 		Principal
Amount
(000)(a) 		Value
Retailers (except Food & Drug)–(continued)  
Kirk Beauty One GmbH (Germany)                                 
Term Loan B-1(d)      – 03/26/2026 EUR        29 $     35,010
Term Loan B-2(d)      – 03/26/2026 EUR        17      20,202
Term Loan B-3(d)      – 03/26/2026 EUR        22      26,570
Term Loan B-4(d)      – 03/26/2026 EUR        51      61,739
Term Loan B-5(d)      – 03/26/2026 EUR        11      13,763
Petco Animal Supplies, Inc., First Lien Term loan (1 mo. USD LIBOR + 3.25%)  4.00% 02/25/2028   $      434     434,680
PetSmart, Inc., First Lien Term Loan B (1 mo. USD LIBOR + 3.75%)  4.50% 01/28/2028       1,565   1,572,587
Rent-A-Center, Inc., Term Loan B (1 mo. USD LIBOR + 4.00%)  4.75% 01/17/2028         276     278,130
Savers, Inc., Term Loan B (1 mo. USD LIBOR + 5.75%)  6.50% 04/21/2028         288     290,628
          4,666,268
Surface Transport–3.97%      
American Trailer World Corp., Term Loan B (1 mo. USD LIBOR + 3.75%)  4.50% 03/03/2028           497     496,991
Daseke Cos., Inc., Term Loan B (1 mo. USD LIBOR + 4.00%)  4.75% 03/09/2028           475     475,077
Hurtigruten (Norway), Term Loan B (3 mo. EURIBOR + 3.50%)  4.00% 02/22/2025 EUR         691     792,353
Odyssey Logistics & Technology Corp., First Lien Term Loan (3 mo. USD LIBOR + 4.00%)  5.00% 10/12/2024           124     122,445
PODS LLC, Term Loan B (1 mo. USD LIBOR + 3.00%)  3.75% 04/01/2028           842     841,714
Western Express, Inc., Second Lien Term Loan (3 mo. USD LIBOR + 8.25%)(e)  8.39% 02/23/2022         6,233   6,283,566
            9,012,146
Telecommunications–6.21%      
Avaya, Inc.                                   
First Lien Term Loan (1 mo. USD LIBOR + 4.25%)  4.35% 12/15/2027           940     943,195
Term Loan B-2 (1 mo. USD LIBOR + 4.25%)  4.10% 12/15/2027            93      93,240
Cablevision Lightpath LLC, Term Loan (1 mo. USD LIBOR + 3.25%)  3.75% 11/30/2027           375     376,289
CCI Buyer, Inc., Term Loan (1 mo. USD LIBOR + 4.00%)  4.75% 12/13/2027           797     800,023
CenturyLink, Inc., Term Loan B (1 mo. USD LIBOR + 2.25%)  2.34% 03/15/2027           997     989,872
Cincinnati Bell, Inc., Term Loan B (3 mo. USD LIBOR + 3.25%)  4.25% 10/02/2024         1,072   1,072,468
Colorado Buyer, Inc.                                   
First Lien Incremental Term Loan(d)      – 05/01/2024           158     153,561
Term Loan (3 mo. USD LIBOR + 3.00%)  4.00% 05/01/2024           156     151,247
Consolidated Communications, Inc., Term Loan (1 mo. USD LIBOR + 3.50%)  4.25% 10/02/2027           484     485,625
Crown Subsea Communications Holding, Inc., Term Loan B (1 mo. USD LIBOR + 5.00%)  5.75% 04/20/2027           378     379,685
Eagle Broadband Investments LLC (Mega Broadband), Term Loan B (1 mo. USD LIBOR + 3.00%)  3.75% 11/12/2027           131     130,620
Frontier Communications Corp., DIP Term Loan B(d)      – 10/08/2021           447     447,655
GCI Holdings, Inc., Term Loan B (1 mo. USD LIBOR + 2.75%)  3.50% 10/15/2025           294     294,802
Inmarsat Finance PLC (United Kingdom), Term Loan (1 mo. USD LIBOR + 3.50%)  4.50% 12/12/2026           387     388,206
Intelsat Jackson Holdings S.A. (Luxembourg)                                   
DIP Term Loan (1 mo. USD LIBOR + 5.50%)(j)  3.60% 07/13/2021           491     494,789
Term Loan B-3 (1 mo. USD LIBOR + 5.75%)(j)  8.00% 11/27/2023         1,651   1,682,412
Term Loan B-4(d)(j)      – 01/02/2024           185     189,025
Level 3 Financing, Inc., Term Loan B (1 mo. USD LIBOR + 1.75%)  1.84% 03/01/2027           787     779,442
MLN US HoldCo LLC, First Lien Term Loan B (3 mo. USD LIBOR + 4.50%)  4.61% 11/30/2025           874     780,265
Radiate Holdco LLC, Term Loan B (1 mo. USD LIBOR + 3.50%)  4.25% 09/10/2026           974     977,267
Telesat LLC, Term Loan B-5 (1 mo. USD LIBOR + 2.75%)  2.85% 12/07/2026           880     845,584
Windstream Services LLC, Term Loan B (1 mo. USD LIBOR + 6.25%)  7.25% 09/21/2027           897     901,476
Zayo Group LLC, Term Loan (1 mo. USD LIBOR + 3.00%)  3.09% 03/09/2027           757     752,701
            14,109,449
Utilities–2.03%      
APLP Holdings Ltd. Partnership (Canada), Term Loan B (1 mo. USD LIBOR + 3.75%)  4.75% 04/01/2027           256     256,424
Brookfield WEC Holdings, Inc., Term Loan B (1 mo. USD LIBOR + 2.75%)  3.25% 08/01/2025           190     188,709
Calpine Construction Finance Co. L.P., Term Loan B (3 mo. USD LIBOR + 2.00%)  2.09% 01/15/2025           166     164,990
Calpine Corp.                                   
Term Loan (1 mo. USD LIBOR + 2.50%)  2.60% 12/16/2027            63      62,831
Term Loan B-10 (3 mo. USD LIBOR + 2.00%)  2.09% 08/12/2026           482     476,512
Eastern Power LLC, Term Loan (1 mo. USD LIBOR + 3.75%)  4.75% 10/02/2025           632     582,363
ExGen Renewables IV LLC, Term Loan B (1 mo. USD LIBOR + 2.75%)  3.75% 12/15/2027           122     122,274
See accompanying notes which are an integral part of this schedule.
Invesco Master Loan Fund
  Interest
Rate 		Maturity
Date 		Principal
Amount
(000)(a) 		Value
Utilities–(continued)  
Frontera Generation Holdings LLC                                 
DIP Term Loan (1 mo. USD LIBOR + 13.00%)(e) 14.00% 11/04/2021   $      247 $    254,246
Term Loan(i)      – 05/02/2025       2,547     154,972
Granite Acquisition, Inc., Term Loan B (1 mo. USD LIBOR + 2.75%)  3.25% 03/17/2028         271     271,280
Heritage Power LLC, Term Loan (1 mo. USD LIBOR + 6.00%)  7.00% 07/30/2026         441     414,140
Lightstone Holdco LLC                                 
Term Loan B (3 mo. USD LIBOR + 3.75%)  4.75% 01/30/2024         680     545,232
Term Loan C (3 mo. USD LIBOR + 3.75%)  4.75% 01/30/2024          38      30,797
Nautilus Power LLC, Term Loan (3 mo. USD LIBOR + 4.25%)  5.25% 05/16/2024         177     173,266
Pike Corp., Incremental Term Loan B (1 mo. USD LIBOR + 3.00%)  3.10% 01/15/2028         188     188,147
PowerTeam Services LLC, First Lien Term Loan (3 mo. USD LIBOR + 3.25%)
(Acquired 04/13/2020-05/20/2020; Cost $153,626)(h) 		 4.25% 03/06/2025         164     162,527
USIC Holding, Inc.                                 
First Lien Term Loan  3.15% 12/08/2023         499     498,095
Second Lien Term Loan(d)(e)      – 05/07/2029          69      70,491
          4,617,296
Total Variable Rate Senior Loan Interests (Cost $201,513,738)     199,199,815
U.S. Dollar Denominated Bonds & Notes–5.72%
Aerospace & Defense–0.19%      
TransDigm, Inc.(k)  6.25% 03/15/2026           409     431,640
Air Transport–0.46%      
American Airlines, Inc./AAdvantage Loyalty IP Ltd. (k)  5.50% 04/20/2026           249     262,391
American Airlines, Inc./AAdvantage Loyalty IP Ltd.(k)  5.75% 04/20/2029           484     519,819
United Airlines, Inc.(k)  4.38% 04/15/2026            65      67,439
United Airlines, Inc.(k)  4.63% 04/15/2029           186     192,398
            1,042,047
Building & Development–0.42%      
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC (k)  5.75% 05/15/2026           848     894,186
SRS Distribution, Inc.(k)  4.63% 07/01/2028            51      51,533
            945,719
Business Equipment & Services–0.64%      
Advantage Sales & Marketing, Inc. (k)  6.50% 11/15/2028           431     457,399
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 S.a.r.l.(k)  4.63% 06/01/2028            27      26,877
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 S.a.r.l.(k)  4.63% 06/01/2028            40      40,091
Imola Merger Corp.(k)  4.75% 05/15/2029           256     258,882
Prime Security Services Borrower LLC/Prime Finance, Inc.(k)  3.38% 08/31/2027           386     371,235
WASH Multifamily Acquisition, Inc.(k)  5.75% 04/15/2026           287     299,327
            1,453,811
Cable & Satellite Television–0.65%      
Altice Financing S.A. (Luxembourg) (k)  5.00% 01/15/2028         1,042   1,035,420
Virgin Media Secured Finance PLC (United Kingdom)(k)  4.50% 08/15/2030           440     439,531
            1,474,951
Drugs–0.07%      
Endo Luxembourg Finance Co. I S.a.r.l./Endo US, Inc.(k)  6.13% 04/01/2029           169     166,888
Electronics & Electrical–0.32%      
Diebold Nixdorf, Inc. (k)  9.38% 07/15/2025           512     569,050
Energizer Holdings, Inc.(k)  4.38% 03/31/2029           167     165,121
            734,171
Health Care–0.09%      
Global Medical Response, Inc. (k)  6.50% 10/01/2025           100     102,878
Organon Finance 1 LLC(k)  4.13% 04/30/2028           103     104,159
            207,037
See accompanying notes which are an integral part of this schedule.
Invesco Master Loan Fund
  Interest
Rate 		Maturity
Date 		Principal
Amount
(000)(a) 		Value
Insurance–0.12%      
Acrisure LLC/Acrisure Finance, Inc.(k)  4.25% 02/15/2029     $      271 $    265,374
Leisure Goods, Activities & Movies–0.30%      
AMC Entertainment Holdings, Inc. (k) 10.50% 04/15/2025           326     354,119
SeaWorld Parks & Entertainment, Inc.(k)  8.75% 05/01/2025           310     336,640
            690,759
Lodging & Casinos–0.28%      
Caesars Entertainment, Inc.(k)  6.25% 07/01/2025           610     643,654
Nonferrous Metals & Minerals–0.12%      
SCIH Salt Holdings, Inc.(k)  4.88% 05/01/2028           274     272,287
Radio & Television–0.57%      
Diamond Sports Group LLC/Diamond Sports Finance Co. (Acquired 05/18/2020-10/23/2020; Cost $1,215,390)(h)(k)  5.38% 08/15/2026         1,572   1,165,229
Univision Communications, Inc.(k)  4.50% 05/01/2029           130     131,725
            1,296,954
Retailers (except Food & Drug)–0.07%      
PetSmart, Inc./PetSmart Finance Corp.(k)  4.75% 02/15/2028           149     154,506
Telecommunications–1.19%      
Avaya, Inc. (k)  6.13% 09/15/2028           725     770,769
Cablevision Lightpath LLC(k)  3.88% 09/15/2027            85      82,905
Connect Finco S.a.r.l./Connect US Finco LLC (United Kingdom)(k)  6.75% 10/01/2026            93      96,258
Consolidated Communications, Inc.(k)  6.50% 10/01/2028            87      94,275
Frontier Communications Holdings LLC(k)  5.88% 10/15/2027           126     134,130
Lumen Technologies, Inc.(k)  4.00% 02/15/2027           657     666,034
Radiate Holdco LLC/Radiate Finance, Inc. (Acquired 09/11/2020-04/01/2021; Cost $531,953)(h)(k)  4.50% 09/15/2026           525     531,418
Windstream Escrow LLC/Windstream Escrow Finance Corp.(k)  7.75% 08/15/2028           319     326,382
            2,702,171
Utilities–0.23%      
Calpine Corp. (k)  3.75% 03/01/2031           209     196,976
Calpine Corp.(k)  4.50% 02/15/2028           314     317,925
            514,901
Total U.S. Dollar Denominated Bonds & Notes (Cost $12,628,876)     12,996,870
      Shares  
Common Stocks & Other Equity Interests–2.74%(l)
Business Equipment & Services–1.17%      
Checkout Holding Corp.                 19,788      55,076
Crossmark Holdings, Inc., Wts., expiring 07/26/2024(e)                 12,561   2,199,179
iQor US, Inc., Term Loan                 28,410     396,320
            2,650,575
Containers & Glass Products–0.03%      
Libbey Glass, Inc. (Acquired 11/13/2020; Cost $126,950)(h)                 28,145      63,326
Electronics & Electrical–0.08%      
Fusion Connect, Inc.(e)                     10          15
Fusion Connect, Inc., Wts., expiring 12/31/2021(e)                 90,368     126,515
Internap Corp.(e)                218,015      65,405
Sunguard Availability Services Capital, Inc.                  3,420       3,163
            195,098
Industrial Equipment–0.25%      
North American Lifting Holdings, Inc.                 34,415     559,245
See accompanying notes which are an integral part of this schedule.
Invesco Master Loan Fund
      Shares Value
Leisure Goods, Activities & Movies–0.01%    
Crown Finance US, Inc.               35,578 $     29,790
Nonferrous Metals & Minerals–0.44%    
ACNR Holdings, Inc.               26,328     460,740
Arch Resources, Inc.(m)                9,574     546,388
          1,007,128
Oil & Gas–0.32%    
HGIM Corp.                6,360      33,390
Larchmont Resources LLC(e)                  137       5,452
McDermott International Ltd.(m)              159,391      78,102
Sabine Oil & Gas Holdings, Inc.(m)                1,419      17,737
Southcross Energy Partners L.P.              251,018      12,927
Sunrise Oil & Gas, Inc.               65,604      57,404
Tribune Resources, Inc.              606,015     515,113
Tribune Resources, Inc., Wts., expiring 04/03/2023(e)              156,901       3,923
Vantage Drilling International(m)                  890       2,002
          726,050
Publishing–0.20%    
Clear Channel Outdoor Holdings, Inc.(m)              189,788     453,593
Radio & Television–0.17%    
iHeartMedia, Inc., Class A(m)               14,398     334,177
MGOC, Inc.(e)              781,336      45,982
          380,159
Surface Transport–0.07%    
Commercial Barge Line Co. (Acquired 01/31/2020-02/06/2020; Cost $104,219)(h)                2,003      63,595
Commercial Barge Line Co., Series A, Wts., expiring 08/18/2030 (Acquired 01/31/2020-05/14/2021; Cost $0)(h)               31,332       9,954
Commercial Barge Line Co., Series B, Wts., expiring 04/30/2045 (Acquired 02/05/2020-05/14/2021; Cost $0)(h)               22,688       9,611
Commercial Barge Line Co., Wts., expiring 04/27/2045 (Acquired 01/31/2020-02/06/2020; Cost $109,549)(h)                2,105      66,834
          149,994
Total Common Stocks & Other Equity Interests (Cost $15,720,142)   6,214,958
  Interest
Rate 		Maturity
Date 		Principal
Amount
(000) 		 
Non-U.S. Dollar Denominated Bonds & Notes–1.09%(n)
Cable & Satellite Television–0.08%    
Altice France Holding S.A. (Luxembourg)(k)  4.00% 02/15/2028 EUR       148     175,322
Chemicals & Plastics–0.11%    
Herens Midco S.a.r.l. (Luxembourg)(k)  5.25% 05/15/2029 EUR       203     244,206
Financial Intermediaries–0.41%    
Garfunkelux Holdco 3 S.A. (Luxembourg) (3 mo. EURIBOR + 6.25%)(k)(o)  6.25% 05/01/2026 EUR       202     251,255
Garfunkelux Holdco 3 S.A. (Luxembourg)(k)  6.75% 11/01/2025 EUR       290     368,892
Newday Bondco PLC (United Kingdom) (3 mo. GBP LIBOR + 6.50%)(k)(o)  6.58% 02/01/2023 GBP       220     312,994
          933,141
Home Furnishings–0.20%    
Very Group Funding PLC (The) (United Kingdom)(k)  7.75% 11/15/2022 GBP       324     465,242
Lodging & Casinos–0.14%    
TVL Finance PLC (United Kingdom) (3 mo. GBP LIBOR + 5.38%) (Acquired 11/13/2020-01/28/2021; Cost $271,636)(h)(k)(o)  5.46% 07/15/2025 GBP       229     307,030
Oil & Gas–0.00%    
PGS ASA Conv. (Norway)(e)  5.00% 02/09/2024 NOK        51       6,169
See accompanying notes which are an integral part of this schedule.
Invesco Master Loan Fund
  Interest
Rate 		Maturity
Date 		Principal
Amount
(000) 		Value
Retailers (except Food & Drug)–0.15%    
Douglas GmbH (Germany)(k)  6.00% 04/08/2026 EUR       282 $    347,094
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $2,355,953)   2,478,204
      Shares  
Preferred Stocks–1.07%(l)
Nonferrous Metals & Minerals–0.17%    
ACNR Holdings, Inc. Pfd.                4,059     380,531
Oil & Gas–0.43%    
McDermott International Ltd., Pfd.(e)              102,742      66,782
Southcross Energy Partners L.P., Series A, Pfd.(e)              999,705     524,845
Southcross Energy Partners L.P., Series B, Pfd.(e)              263,848     389,176
          980,803
Surface Transport–0.47%    
Commercial Barge Line Co., Series A, Pfd. (Acquired 01/31/2020-02/06/2020; Cost $232,695)(h)                7,452     264,546
Commercial Barge Line Co., Series A, Pfd., Wts., expiring 04/27/2045 (Acquired 01/31/2020-02/06/2020; Cost $244,588)(h)                7,833     278,072
Commercial Barge Line Co., Series B, Pfd. (Acquired 02/05/2020-10/27/2020; Cost $192,008)(h)                8,078     315,042
Commercial Barge Line Co., Series B, Pfd., Wts., expiring 04/27/2045 (Acquired 02/05/2020-10/27/2020; Cost $134,829)(h)                5,672     221,208
          1,078,868
Total Preferred Stocks (Cost $1,864,535)   2,440,202
Money Market Funds–7.12%
Invesco Government & Agency Portfolio,Institutional Class, 0.03%(p)(q)   9,709,236   9,709,236
Invesco Treasury Portfolio,Institutional Class, 0.01%(p)(q)   6,472,824   6,472,824
Total Money Market Funds (Cost $16,182,060)   16,182,060
TOTAL INVESTMENTS IN SECURITIES–105.39% (Cost $250,265,304)   239,512,109
OTHER ASSETS LESS LIABILITIES–(5.39)%   (12,248,452)
NET ASSETS–100.00%   $227,263,657
Investment Abbreviations:
DIP – Debtor-in-Possession
EUR – Euro
EURIBOR – Euro Interbank Offered Rate
GBP – British Pound Sterling
LIBOR – London Interbank Offered Rate
LOC – Letter of Credit
NOK – Norwegian Krone
Pfd. – Preferred
PIK – Pay-in-Kind
REIT – Real Estate Investment Trust
USD – U.S. Dollar
Wts. – Warrants
See accompanying notes which are an integral part of this schedule.
Invesco Master Loan Fund
Notes to Schedule of Investments:
(a) Principal amounts are denominated in U.S. dollars unless otherwise noted.
(b) Variable rate senior loan interests often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with any accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, it is anticipated that the variable rate senior loan interests will have an expected average life of three to five years.
(c) Variable rate senior loan interests are, at present, not readily marketable, not registered under the Securities Act of 1933, as amended (the “1933 Act”) and may be subject to contractual and legal restrictions on sale. Variable rate senior loan interests in the Fund’s portfolio generally have variable rates which adjust to a base, such as the London Interbank Offered Rate (“LIBOR”), on set dates, typically every 30 days, but not greater than one year, and/or have interest rates that float at margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank.
(d) This variable rate interest will settle after May 31, 2021, at which time the interest rate will be determined.
(e) Security valued using significant unobservable inputs (Level 3). See Note 1.
(f) All or a portion of this holding is subject to unfunded loan commitments. Interest rate will be determined at the time of funding.
(g) All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.
(h) Restricted security. The aggregate value of these securities at May 31, 2021 was $8,654,475, which represented 3.81% of the Fund’s Net Assets.
(i) Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at May 31, 2021 was $1,963,925, which represented less than 1% of the Fund’s Net Assets.
(j) The borrower has filed for protection in federal bankruptcy court.
(k) Security purchased or received in a transaction exempt from registration under the 1933 Act. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at May 31, 2021 was $15,468,905, which represented 6.81% of the Fund’s Net Assets.
(l) Securities acquired through the restructuring of senior loans.
(m) Non-income producing security.
(n) Foreign denominated security. Principal amount is denominated in the currency indicated.
(o) Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on May 31, 2021.
(p) 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 May 31, 2021.
    
  Value
August 31, 2020 		Purchases
at Cost 		Proceeds
from Sales 		Change in
Unrealized
Appreciation 		Realized
Gain 		Value
May 31, 2021 		Dividend Income
Investments in Affiliated Money Market Funds:              
Invesco Government & Agency Portfolio, Institutional Class $8,527,862 $47,996,109 $(46,814,735) $- $- $9,709,236 $1,600
Invesco Treasury Portfolio, Institutional Class 5,685,242 31,838,966 (31,051,384) - - 6,472,824 484
Total $14,213,104 $79,835,075 $(77,866,119) $- $- $16,182,060 $2,084
    
(q) The rate shown is the 7-day SEC standardized yield as of May 31, 2021.
    
Open Forward Foreign Currency Contracts
Settlement
Date 		Counterparty Contract to Unrealized
Appreciation
(Depreciation)
Deliver Receive
Currency Risk            
06/16/2021 BNP Paribas S.A. USD 2,641,513 EUR 2,175,159 $19,092
06/16/2021 BNP Paribas S.A. USD 436,841 GBP 308,695 1,728
06/16/2021 Citibank N.A. USD 430,336 GBP 304,087 1,686
06/16/2021 Royal Bank of Canada USD 2,644,340 EUR 2,175,159 16,263
06/16/2021 Royal Bank of Canada USD 436,872 GBP 308,695 1,697
06/16/2021 Toronto Dominion Bank USD 2,604,659 EUR 2,142,693 16,235
Subtotal—Appreciation 56,701
Currency Risk            
06/16/2021 Barclays Capital GBP 271,087 USD 372,318 (12,820)
06/16/2021 BNP Paribas S.A. GBP 275,195 USD 377,978 (12,996)
07/16/2021 BNP Paribas S.A. EUR 2,168,477 USD 2,635,062 (18,904)
07/16/2021 BNP Paribas S.A. GBP 312,366 USD 442,078 (1,721)
07/16/2021 Canadian Imperial Bank of Commerce EUR 300,000 USD 364,465 (2,701)
06/16/2021 Citibank N.A. EUR 2,302,858 USD 2,750,150 (66,655)
06/16/2021 Citibank N.A. GBP 100,000 USD 138,135 (3,937)
07/16/2021 Citibank N.A. EUR 1,078,217 USD 1,315,370 (4,244)
07/16/2021 Citibank N.A. GBP 302,266 USD 427,798 (1,652)
06/16/2021 Morgan Stanley & Co. EUR 2,102,858 USD 2,508,018 (64,150)
07/16/2021 Morgan Stanley & Co. EUR 500,000 USD 608,057 (3,885)
07/16/2021 Royal Bank of Canada EUR 2,168,477 USD 2,637,888 (16,079)
See accompanying notes which are an integral part of this schedule.
Invesco Master Loan Fund
Open Forward Foreign Currency Contracts—(continued)
Settlement
Date 		Counterparty Contract to Unrealized
Appreciation
(Depreciation)
Deliver Receive
07/16/2021 Royal Bank of Canada GBP 406,845 USD 575,748 $(2,285)
06/16/2021 State Street Bank & Trust Co. EUR 1,874,458 USD 2,235,028 (57,765)
06/16/2021 State Street Bank & Trust Co. GBP 275,195 USD 377,946 (13,028)
07/16/2021 State Street Bank & Trust Co. EUR 219,945 USD 268,942 (246)
07/16/2021 Toronto Dominion Bank EUR 2,136,112 USD 2,598,302 (16,052)
06/16/2021 UBS AG EUR 212,837 USD 255,790 (4,547)
Subtotal—Depreciation (303,667)
Total Forward Foreign Currency Contracts $(246,966)
    
Abbreviations:
EUR – Euro
GBP – British Pound Sterling
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 Master Loan Fund
Notes to Quarterly Schedule of Portfolio Holdings
May 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 May 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.
During the period ended May 31, 2021, there were transfers from Level 3 to Level 2 of $4,106,493, due to third-party vendor quotations utilizing more than one market quote and from Level 2 to Level 3 of $1,488,506 due to third party vendor quotations utilizing single market quotes.
  Level 1 Level 2 Level 3 Total
Investments in Securities        
Variable Rate Senior Loan Interests $— $186,747,282 $12,452,533 $199,199,815
U.S. Dollar Denominated Bonds & Notes — 12,996,870 — 12,996,870
Common Stocks & Other Equity Interests 1,414,262 2,354,225 2,446,471 6,214,958
Non-U.S. Dollar Denominated Bonds & Notes — 2,472,035 6,169 2,478,204
Preferred Stocks — 1,459,399 980,803 2,440,202
Money Market Funds 16,182,060 — — 16,182,060
Total Investments in Securities 17,596,322 206,029,811 15,885,976 239,512,109
Other Investments - Assets*        
Investments Matured — 666,083 257,975 924,058
Forward Foreign Currency Contracts — 56,701 — 56,701
  — 722,784 257,975 980,759
Other Investments - Liabilities*        
Forward Foreign Currency Contracts — (303,667) — (303,667)
Total Other Investments — 419,117 257,975 677,092
Total Investments $17,596,322 $206,448,928 $16,143,951 $240,189,201
    
* Forward foreign currency contracts are valued at unrealized appreciation (depreciation). Investments matured are shown at value.
A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period in relation to net assets.
The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) during the period ended May 31, 2021:
  Value
08/31/20 		Purchases
at Cost 		Proceeds
from Sales 		Accrued
Discounts/
Premiums 		Realized
Gain (Loss) 		Change in
Unrealized
Appeciation
(Depreciation) 		Transfers
into Level 3 		Transfers out
of Level 3 		Value
05/31/21
Variable Rate Senior Loan Interests $18,012,519 $4,356,887 $(6,083,030) $(5,890) $(1,130,535) $1,180,706 $228,369 $(4,106,493) $12,452,533
Common Stocks & Other Equity Interests 2,116,885 — — — (16,703,517) 16,868,839 164,264 — 2,446,471
Non-U.S. Dollar Denominated Bonds & Notes — 51,593 — — — (45,424) — — 6,169
Preferred Stocks — — (61,957) — 61,957 (115,070) 1,095,873 — 980,803
Investments Matured 302,658 234,523 (299,439) — — 20,233 — — 257,975
Total $20,432,062 $4,643,003 $(6,444,426) $(5,890) $(17,772,095) $17,909,284 $1,488,506 $(4,106,493) $16,143,951
Securities determined to be Level 3 at the end of the reporting period were valued primarily by utilizing quotes from a third-party vendor pricing service. A significant change in third-party pricing information could result in a significantly lower or higher value in Level 3 investments.
Invesco Master Loan Fund
The following table summarizes the valuation techniques and significant unobservable inputs used in determining fair value measurements for those investments classified as level 3 at period end:
  Fair Value
at 05/31/21 		Valuation
Technique 		Unobservable
Inputs 		Range of
Unobservable
Inputs 		Unobservable
Input Used 		 
Western Express, Inc., Second Lien Term Loan $6,283,566 Discounted Cash Flow Model Illiquidity Premium
Implied Rating 		N/A
N/A 		3.69%
BB- 		(a)
(a) The Fund fair values certain corporate loans using a discounted cash flow model which incorporates the company’s earnings before interest, taxes, depreciation, and amortization and leverage to determine an implied rating. The yield to maturity on other issues with similar leverage and rating is used as a basis for the discount rate, with an additional illiquidity premium applied. The illiquidity premium was determined based on the implied discount rate at origination. The Adviser periodically reviews the financial statements and monitors such investments for additional market information or the occurrence of a significant event which would warrant a re-evaluation of the security’s fair valuation. Such security’s fair valuation could increase (decrease) significantly based on a decrease (increase) in the illiquidity premium. Such security’s fair valuation could also increase (decrease) based on an increase (decrease) in the implied rating or a decrease (increase) in the yield to maturity on other issues.
Invesco Master Loan Fund