Schedule of Investments

November 30, 2023

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)(a)		Value
Variable Rate Senior Loan Interests–6.53%(b)(c)
Chemicals & Plastics–0.02%
Flint Group (ColourOz Inv) (Germany), Second Lien Term Loan B-2 (3 mo. USD LIBOR + 4.25%)(d)		9.91%		09/21/2024		9	$	2,891
Industrial Equipment–6.51%
Robertshaw US Holding Corp.
Second Lien Term Loan (3 mo. Term SOFR + 7.24%)		12.63%		02/28/2027		994		817,580
Third Lien Term Loan (3 mo. Term SOFR + 5.60%)(d)		10.99%		02/28/2027		165		107,028
								924,608
Lodging & Casinos–0.00%
GVC Finance LLC, Incremental Term Loan (3 mo. Term SOFR + 3.50%)		8.99%		10/31/2029		1		184
Total Variable Rate Senior Loan Interests (Cost $634,533)								927,683
Non-U.S. Dollar Denominated Bonds & Notes–1.79%(e)
Financial Intermediaries–1.79%
AnaCap Financial Europe S.A. SICAV-RAIF (Italy) (3 mo. EURIBOR + 5.00%)(f)(g)		8.97%		08/01/2024	EUR	356		254,793
					Shares
Preferred Stocks–0.06%
Oil & Gas–0.06%
Southcross Energy Partners L.P., Series A, Pfd.(d) (Cost $999,531)						999,705		8,898
Common Stocks & Other Equity Interests–0.05%
Oil & Gas–0.00%
Sabine Oil & Gas Holdings, Inc.(d)(h)						1,419		269
Southcross Energy Partners L.P.(d)						251,018		0
								269
Surface Transport–0.05%
Commercial Barge Line Co., Series A, Wts., expiring 08/18/2030(d)						6,184		2,899
Commercial Barge Line Co., Series B, Wts., expiring 04/30/2045(d)						5,672		3,545
								6,444
Total Common Stocks & Other Equity Interests (Cost $4,355,951)								6,713
Money Market Funds–82.42%
Invesco Government & Agency Portfolio,Institutional Class, 5.28%(i)(j)						7,026,460		7,026,460
Invesco Treasury Portfolio,Institutional Class, 5.28%(i)(j)						4,684,306		4,684,306
Total Money Market Funds (Cost $11,710,766)								11,710,766
TOTAL INVESTMENTS IN SECURITIES–90.85% (Cost $18,109,542)								12,908,853
OTHER ASSETS LESS LIABILITIES–9.15%								1,300,608
NET ASSETS–100.00%							$	14,209,461

Investment Abbreviations:
EUR	– Euro
EURIBOR	– Euro Interbank Offered Rate
LIBOR	– London Interbank Offered Rate
Pfd.	– Preferred
SOFR	– Secured Overnight Financing Rate
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 Secured Overnight Financing Rate (“SOFR”), 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)  Security valued using significant unobservable inputs (Level 3). See Note 1.

^(e)  Foreign denominated security. Principal amount is denominated in the currency indicated.

^(f)  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 November 30, 2023 was $254,793, which represented 1.79% of the Fund’s Net Assets.

^(g)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on November 30, 2023.

^(h)  Non-income producing security.

⁽ⁱ⁾  Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the three months ended November 30, 2023.

	Value August 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value November 30, 2023			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	1,101,116		$	21,095,606		$	(15,170,262	)		$	-		$	-		$	7,026,460		$	81,844
Invesco Treasury Portfolio, Institutional Class			734,078			14,063,737			(10,113,509	)			-			-			4,684,306			36,032
Total		$	1,835,194		$	35,159,343		$	(25,283,771	)		$	-		$	-		$	11,710,766		$	117,876

^(j)  The rate shown is the 7-day SEC standardized yield as of November 30, 2023.

Open Forward Foreign Currency Contracts
Settlement Date		Contract to						Unrealized Appreciation (Depreciation)
	Counterparty	Deliver			Receive
Currency Risk
12/29/2023	Barclays Bank PLC		USD	68,647		GBP	54,751	$	490
01/31/2024	BNP Paribas S.A.		EUR	121,157		USD	132,590		370
12/29/2023	Canadian Imperial Bank of Commerce		USD	1,491,044		EUR	1,400,000		34,621
12/29/2023	Morgan Stanley and Co. International PLC		USD	69,745		GBP	55,581		439
01/31/2024	Morgan Stanley and Co. International PLC		EUR	119,349		USD	130,595		349
01/31/2024	State Street Bank & Trust Co.		EUR	121,157		USD	132,573		353
01/31/2024	State Street Bank & Trust Co.		SEK	108,858		USD	10,476		83
01/31/2024	State Street Bank & Trust Co.		USD	209,976		GBP	167,365		1,413
12/29/2023	Toronto-Dominion Bank (The)		USD	1,046,224		GBP	855,580		34,159
Subtotal–Appreciation									72,277
Currency Risk
12/29/2023	Barclays Bank PLC		EUR	576,972		USD	613,145		(15,617	)
01/31/2024	Barclays Bank PLC		GBP	54,487		USD	68,339		(481	)
12/29/2023	BNP Paribas S.A.		EUR	585,715		USD	622,373		(15,915	)
12/29/2023	BNP Paribas S.A.		GBP	321,201		USD	391,304		(14,293	)
12/29/2023	BNP Paribas S.A.		SEK	108,858		USD	9,854		(523	)
12/29/2023	BNP Paribas S.A.		USD	132,370		EUR	121,157		(337	)
01/31/2024	BNP Paribas S.A.		USD	10,473		SEK	108,858		(81	)
12/29/2023	Canadian Imperial Bank of Commerce		EUR	14,701		USD	15,791		(229	)
12/29/2023	Morgan Stanley and Co. International PLC		GBP	321,201		USD	390,732		(14,864	)
12/29/2023	Morgan Stanley and Co. International PLC		USD	130,378		EUR	119,349		(316	)
01/31/2024	Morgan Stanley and Co. International PLC		GBP	56,766		USD	71,244		(454	)
01/31/2024	Morgan Stanley and Co. International PLC		USD	397,263		EUR	361,664		(2,576	)
12/29/2023	Royal Bank of Canada		GBP	316,407		USD	385,107		(14,435	)

See accompanying notes which are an integral part of this schedule.

Invesco Master Loan Fund

Open Forward Foreign Currency Contracts–(continued)
Settlement Date		Contract to						Unrealized     Appreciation  (Depreciation)
	Counterparty	Deliver			Receive
12/29/2023	Royal Bank of Canada		USD	1,574		EUR	1,439	$	(6	)
01/31/2024	Royal Bank of Canada		GBP	799		USD	1,002		(7	)
12/29/2023	State Street Bank & Trust Co.		GBP	7,102		USD	8,768		(200	)
12/29/2023	State Street Bank & Trust Co.		USD	132,352		EUR	121,157		(320	)
12/29/2023	State Street Bank & Trust Co.		USD	10,457		SEK	108,859		(80	)
12/29/2023	Toronto-Dominion Bank (The)		EUR	585,715		USD	622,495		(15,793	)
01/31/2024	Toronto-Dominion Bank (The)		GBP	55,313		USD	69,384		(479	)
Subtotal–Depreciation									(97,006	)
Total Forward Foreign Currency Contracts								$	(24,729	)

Abbreviations:

EUR – Euro

GBP – British Pound Sterling

SEK – Swedish Krona

USD – U.S. Dollar

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

See accompanying notes which are an integral part of this schedule.

Invesco Master Loan Fund

Notes to Quarterly Schedule of Portfolio Holdings

November 30, 2023

(Unaudited)

NOTE 1–Additional Valuation Information

Generally Accepted Accounting Principles (“GAAP”) defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 -	Prices are determined using quoted prices in an active market for identical assets.
Level 2 -	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect Invesco Advisers, Inc.’s (the “Adviser”) 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 November 30, 2023. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2			Level 3		Total
Investments in Securities
Variable Rate Senior Loan Interests	$	–	$	817,764		$	109,919	$	927,683
Non-U.S. Dollar Denominated Bonds & Notes		–		254,793			–		254,793
Preferred Stocks		–		–			8,898		8,898
Common Stocks & Other Equity Interests		–		–			6,713		6,713
Money Market Funds		11,710,766		–			–		11,710,766
Total Investments in Securities		11,710,766		1,072,557			125,530		12,908,853
Other Investments - Assets*
Forward Foreign Currency Contracts		–		72,277			–		72,277
Other Investments - Liabilities*
Forward Foreign Currency Contracts		–		(97,006	)		–		(97,006	)
Total Other Investments		–		(24,729	)		–		(24,729	)
Total Investments	$	11,710,766	$	1,047,828		$	125,530	$	12,884,124

*    Unrealized appreciation (depreciation).

    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 three months ended November 30, 2023:

																		Change in
											Accrued			Realized				Unrealized				Transfers			Transfers
	Value			Purchases			Proceeds				Discounts/			Gain				Appreciation				into			out of			Value
	08/31/23			at Cost			from Sales				Premiums			(Loss)				(Depreciation)				Level 3*			Level 3*			11/30/23
Variable Rate Senior Loan Interests		$	508,845		$	15,632		$	(312,287	)		$	5,810		$	(232,065	)		$	121,322			$	2,662		$	–		$	109,919
Preferred Stocks			75,680			–			(20,548	)			–			20,548				(66,782	)			–			–			8,898
Common Stocks & Other Equity Interests			411,335			6,444			(248,606	)			–			(1,657,498	)			1,491,524				3,514			–			6,713
Total		$	995,860		$	22,076		$	(581,441	)		$	5,810		$	(1,869,015	)		$	1,546,064			$	6,176		$	–		$	125,530

*Transfers into and out of Level 3 are due to increases or decreases in market activity impacting the available market inputs to determine the price.

    Securities determined to be Level 3 at the end of the reporting period were valued primarily by utilizing evaluated prices from a third-party vendor pricing service. A significant change in third-party pricing information could result in a lower or higher value in Level 3 investments.

Invesco Master Loan Fund