| Investment Abbreviations: | |
| BR | -Bearer Shares |
| SOFR | -Secured Overnight Financing Rate |
| Notes to Schedule of Investments: | |
| (a) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at January 31, 2024 was $49,045,080, which represented 98.34% of the Fund’s Net Assets. |
| (b) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on January 31, 2024. |
| (c) | 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 January 31, 2024. |
| Value October 31, 2023 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value January 31, 2024 | Dividend Income | |||||||
| Investments in Affiliated Money Market Funds: | |||||||||||||
| Invesco Government & Agency Portfolio, Institutional Class | $296,033 | $11,636,664 | $(11,292,157) | $- | $- | $640,540 | $5,254 |
| (d) | The rate shown is the 7-day SEC standardized yield as of January 31, 2024. |
| Investment Abbreviations: | |
| REIT | -Real Estate Investment Trust |
| Notes to Schedule of Investments: | |
| (a) | Property type classifications used in this report are generally according to FTSE National Association of Real Estate Investment Trusts ("NAREIT") Equity REITs Index, which is exclusively owned by NAREIT. |
| (b) | All or a portion of this security was out on loan at January 31, 2024. |
| (c) | 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 January 31, 2024. |
| Value October 31, 2023 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value January 31, 2024 | Dividend Income | |||||||
| Investments in Affiliated Money Market Funds: | |||||||||||||
| Invesco Government & Agency Portfolio, Institutional Class | $6,835 | $598,824 | $(605,659) | $- | $- | $- | $498 |
| Value October 31, 2023 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value January 31, 2024 | Dividend Income | |||||||
| Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||
| Invesco Private Government Fund | $3,486,152 | $8,552,669 | $(10,795,287) | $- | $- | $1,243,534 | $28,029* | ||||||
| Invesco Private Prime Fund | 8,968,417 | 18,608,931 | (24,383,262) | 582 | 2,992 | 3,197,660 | 75,497* | ||||||
| Total | $12,461,404 | $27,760,424 | $(35,784,208) | $582 | $2,992 | $4,441,194 | $104,024 |
| * | Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (d) | The rate shown is the 7-day SEC standardized yield as of January 31, 2024. |
| (e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. |
| Investment Abbreviations: | |
| PIK | -Pay-in-Kind |
| REIT | -Real Estate Investment Trust |
| 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) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at January 31, 2024 was $36,293,230, which represented 74.94% of the Fund’s Net Assets. |
| (c) | All or a portion of this security was out on loan at January 31, 2024. |
| (d) | All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities. |
| (e) | Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate. |
| (f) | Restricted security. The value of this security at January 31, 2024 represented less than 1% of the Fund’s Net Assets. |
| (g) | Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date. |
| (h) | The borrower has filed for protection in federal bankruptcy court. |
| (i) | Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The value of this security at January 31, 2024 represented less than 1% of the Fund’s Net Assets. |
| (j) | $104,822 was pledged as collateral to cover margin requirements for open futures contracts. |
| (k) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (l) | 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 January 31, 2024. |
| Value October 31, 2023 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value January 31, 2024 | Dividend Income | |||||||
| Investments in Affiliated Money Market Funds: | |||||||||||||
| Invesco Government & Agency Portfolio, Institutional Class | $72,923 | $2,630,803 | $(2,344,732) | $- | $- | $358,994 | $6,141 |
| Value October 31, 2023 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value January 31, 2024 | Dividend Income | |||||||
| Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||
| Invesco Private Government Fund | $797,268 | $4,657,682 | $(4,016,187) | $- | $- | $1,438,763 | $14,003* | ||||||
| Invesco Private Prime Fund | 2,050,708 | 8,592,068 | (6,944,707) | 82 | 1,526 | 3,699,677 | 38,417* | ||||||
| Total | $2,920,899 | $15,880,553 | $(13,305,626) | $82 | $1,526 | $5,497,434 | $58,561 |
| * | Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (m) | The rate shown is the 7-day SEC standardized yield as of January 31, 2024. |
| (n) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. |
| Open Futures Contracts | ||||||||||
| Long Futures Contracts | Number of Contracts | Expiration Month | Notional Value | Value | Unrealized Appreciation (Depreciation) | |||||
| Interest Rate Risk | ||||||||||
| U.S. Treasury 10 Year Notes | 17 | March-2024 | $1,909,578 | $50,729 | $50,729 | |||||
| U.S. Treasury 10 Year Ultra Notes | 3 | March-2024 | 350,625 | 12,415 | 12,415 | |||||
| U.S. Treasury 5 Year Notes | 16 | March-2024 | 1,734,250 | 24,350 | 24,350 | |||||
| U.S. Treasury Ultra Bonds | 1 | March-2024 | 129,219 | 8,545 | 8,545 | |||||
| Subtotal—Long Futures Contracts | 96,039 | 96,039 | ||||||||
| Short Futures Contracts | ||||||||||
| Interest Rate Risk | ||||||||||
| U.S. Treasury 2 Year Notes | 14 | March-2024 | (2,879,188) | (25,075) | (25,075) | |||||
| Total Futures Contracts | $70,964 | $70,964 | ||||||||
| Open Centrally Cleared Credit Default Swap Agreements(a) | ||||||||||||||||||
| Reference Entity | Buy/Sell Protection | (Pay)/ Receive Fixed Rate | Payment Frequency | Maturity Date | Implied Credit Spread(b) | Notional Value | Upfront Payments Paid (Received) | Value | Unrealized Appreciation | |||||||||
| Credit Risk | ||||||||||||||||||
| Markit CDX North America High Yield Index, Series 39, Version 2 | Sell | 5.00% | Quarterly | 12/20/2027 | 3.218% | USD 419,440 | $1,468 | $24,565 | $23,097 | |||||||||
| (a) | Centrally cleared swap agreements collateralized by $70,955 cash held with the broker. |
| (b) | Implied credit spreads represent the current level, as of January 31, 2024, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally. |
| Investment Abbreviations: | |
| EUR | -Euro |
| Pfd. | -Preferred |
| REIT | -Real Estate Investment Trust |
| 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) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at January 31, 2024 was $8,173,612, which represented 80.70% of the Fund’s Net Assets. |
| (c) | All or a portion of this security was out on loan at January 31, 2024. |
| (d) | Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate. |
| (e) | Perpetual bond with no specified maturity date. |
| (f) | Denotes a zero coupon security issued at a substantial discount from its value at maturity. |
| (g) | Foreign denominated security. Principal amount is denominated in the currency indicated. |
| (h) | 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 January 31, 2024. |
| Value October 31, 2023 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value January 31, 2024 | Dividend Income | |||||||
| Investments in Affiliated Money Market Funds: | |||||||||||||
| Invesco Government & Agency Portfolio, Institutional Class | $142,401 | $1,798,256 | $(1,880,751) | $- | $- | $59,906 | $2,329 | ||||||
| Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||
| Invesco Private Government Fund | 199,263 | 907,371 | (813,030) | - | - | 293,604 | 2,813* | ||||||
| Invesco Private Prime Fund | 391,390 | 1,837,480 | (1,479,261) | 4 | 301 | 749,914 | 7,379* | ||||||
| Total | $733,054 | $4,543,107 | $(4,173,042) | $4 | $301 | $1,103,424 | $12,521 |
| * | Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (i) | The rate shown is the 7-day SEC standardized yield as of January 31, 2024. |
| (j) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. |
| Open Forward Foreign Currency Contracts | ||||||||||
| Settlement Date | Counterparty | Contract to | Unrealized Appreciation (Depreciation) | |||||||
| Deliver | Receive | |||||||||
| Currency Risk | ||||||||||
| 2/15/2024 | Bank of America, N.A. | USD | 23,058 | EUR | 21,000 | $(232) | ||||
| 2/15/2024 | Barclays Capital, Inc. | EUR | 506,000 | USD | 542,900 | (7,100) | ||||
| 2/15/2024 | Canadian Imperial Bank of Commerce | USD | 80,000 | EUR | 71,843 | (1,909) | ||||
| 2/15/2024 | Citibank, N.A. | EUR | 18,000 | USD | 19,491 | (74) | ||||
| 2/15/2024 | Morgan Stanley Capital Services LLC | USD | 180,247 | EUR | 164,000 | (1,986) | ||||
| 2/15/2024 | RBC Capital Markets, LLC | USD | 8,770 | EUR | 8,000 | (74) | ||||
| Total Forward Foreign Currency Contracts | $(11,375) | |||||||||
| Abbreviations: | |
| EUR | -Euro |
| USD | -U.S. Dollar |
| 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 this security was out on loan at January 31, 2024. |
| (d) | 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 January 31, 2024. |
| Value October 31, 2023 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value January 31, 2024 | Dividend Income | |||||||
| Invesco Ltd. | $18,832 | $21,977 | $(25,730) | $(2,487) | $6,990 | $19,582 | $263 | ||||||
| Investments in Affiliated Money Market Funds: | |||||||||||||
| Invesco Premier U.S. Government Money Portfolio, Institutional Class | 10,129,502 | 151,808,285 | (156,986,931) | - | - | 4,950,856 | 198,767 |
| Value October 31, 2023 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value January 31, 2024 | Dividend Income | |||||||
| Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||
| Invesco Private Government Fund | $1,195,929 | $6,453,581 | $(7,228,335) | $- | $- | $421,175 | $13,574* | ||||||
| Invesco Private Prime Fund | 3,075,244 | 12,122,906 | (14,116,999) | 1 | 1,871 | 1,083,023 | 38,364* | ||||||
| Total | $14,419,507 | $170,406,749 | $(178,357,995) | $(2,486) | $8,861 | $6,474,636 | $250,968 |
| * | Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (e) | The rate shown is the 7-day SEC standardized yield as of January 31, 2024. |
| (f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. |
| Open Futures Contracts(a) | ||||||||||
| Long Futures Contracts | Number of Contracts | Expiration Month | Notional Value | Value | Unrealized Appreciation (Depreciation) | |||||
| Equity Risk | ||||||||||
| CBOE Volatility Index | 86 | February-2024 | $1,279,121 | $23,313 | $23,313 | |||||
| CBOE Volatility Index | 106 | March-2024 | 1,661,529 | 70,138 | 70,138 | |||||
| E-Mini S&P 500 Index | 15 | March-2024 | 3,652,875 | (37,431) | (37,431) | |||||
| Total Futures Contracts | $56,020 | $56,020 | ||||||||
| (a) | Futures contracts collateralized by $8,653,512 cash held with Merrill Lynch International, the futures commission merchant. |
| Investment Abbreviations: | |
| CLO | -Collateralized Loan Obligation |
| Pfd. | -Preferred |
| REIT | -Real Estate Investment Trust |
| SOFR | -Secured Overnight Financing Rate |
| STACR® | -Structured Agency Credit Risk |
| 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) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at January 31, 2024 was $2,210,639, which represented 22.14% of the Fund’s Net Assets. |
| (c) | Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate. |
| (d) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on January 31, 2024. |
| (e) | All or a portion of this security was out on loan at January 31, 2024. |
| (f) | Perpetual bond with no specified maturity date. |
| (g) | Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on January 31, 2024. |
| (h) | Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date. |
| (i) | $32,633 was pledged as collateral to cover margin requirements for open futures contracts. |
| (j) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (k) | CAS notes are bonds issued by Fannie Mae. The amount of periodic principal and ultimate principal paid by Fannie Mae is determined by the performance of a large and diverse reference pool. |
| (l) | Principal payments are determined by the delinquency and principal payment experience on the STACR® reference pool. Freddie Mac transfers credit risk from the mortgages in the reference pool to credit investors who invest in the STACR® debt notes. |
| (m) | 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 January 31, 2024. |
| Value October 31, 2023 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value January 31, 2024 | Dividend Income | |||||||
| Investments in Affiliated Money Market Funds: | |||||||||||||
| Invesco Government & Agency Portfolio, Institutional Class | $186,143 | $1,425,343 | $(1,095,181) | $- | $- | $516,305 | $3,325 | ||||||
| Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||
| Invesco Private Government Fund | 98,240 | 704,243 | (686,662) | - | - | 115,821 | 1,479* | ||||||
| Invesco Private Prime Fund | 252,715 | 1,197,371 | (1,153,759) | 8 | 151 | 296,486 | 3,903* | ||||||
| Total | $537,098 | $3,326,957 | $(2,935,602) | $8 | $151 | $928,612 | $8,707 |
| * | Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (n) | The rate shown is the 7-day SEC standardized yield as of January 31, 2024. |
| (o) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. |
| Open Futures Contracts | ||||||||||
| Long Futures Contracts | Number of Contracts | Expiration Month | Notional Value | Value | Unrealized Appreciation (Depreciation) | |||||
| Interest Rate Risk | ||||||||||
| U.S. Treasury 2 Year Notes | 18 | March-2024 | $3,701,812 | $32,169 | $32,169 | |||||
| Short Futures Contracts | ||||||||||
| Interest Rate Risk | ||||||||||
| U.S. Treasury 5 Year Notes | 10 | March-2024 | (1,083,906) | (19,553) | (19,553) | |||||
| Total Futures Contracts | $12,616 | $12,616 | ||||||||
| Investment Abbreviations: | |
| AGM | -Assured Guaranty Municipal Corp. |
| BDC | -Business Development Company |
| CLO | -Collateralized Loan Obligation |
| Ctfs. | -Certificates |
| ETF | -Exchange-Traded Fund |
| GBP | -British Pound Sterling |
| GO | -General Obligation |
| INS | -Insurer |
| IO | -Interest Only |
| Pfd. | -Preferred |
| RB | -Revenue Bonds |
| Ref. | -Refunding |
| REIT | -Real Estate Investment Trust |
| SOFR | -Secured Overnight Financing Rate |
| STACR® | -Structured Agency Credit Risk |
| STRIPS | -Separately Traded Registered Interest and Principal Security |
| TBA | -To Be Announced |
| Wts. | -Warrants |
| 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) | All or a portion of this security was out on loan at January 31, 2024. |
| (c) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at January 31, 2024 was $398,412,930, which represented 32.45% of the Fund’s Net Assets. |
| (d) | Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate. |
| (e) | Perpetual bond with no specified maturity date. |
| (f) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on January 31, 2024. |
| (g) | Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at January 31, 2024 was $123,156, which represented less than 1% of the Fund’s Net Assets. |
| (h) | Security valued using significant unobservable inputs (Level 3). See Note 1. |
| (i) | Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on January 31, 2024. |
| (j) | Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security. Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on January 31, 2024. |
| (k) | Denotes a zero coupon security issued at a substantial discount from its value at maturity. |
| (l) | Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date. |
| (m) | Security purchased on a forward commitment basis. This security is subject to dollar roll transactions. |
| (n) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (o) | $4,900,906 was pledged as collateral to cover margin requirements for open futures contracts. |
| (p) | CAS notes are bonds issued by Fannie Mae. The amount of periodic principal and ultimate principal paid by Fannie Mae is determined by the performance of a large and diverse reference pool. |
| (q) | Principal payments are determined by the delinquency and principal payment experience on the STACR® reference pool. Freddie Mac transfers credit risk from the mortgages in the reference pool to credit investors who invest in the STACR® debt notes. |
| (r) | Principal and/or interest payments are secured by the bond insurance company listed. |
| (s) | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each. |
| (t) | 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 January 31, 2024. |
| Value October 31, 2023 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value January 31, 2024 | Dividend Income | |||||||
| Invesco High Yield Select ETF | $241,800 | $- | $- | $12,561 | $- | $254,361 | $4,959 | ||||||
| Invesco Short Duration Bond ETF | 293,280 | - | (33,095) | 6,059 | 30 | 266,274 | 4,237 |
| Value October 31, 2023 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value January 31, 2024 | Dividend Income | |||||||
| Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||
| Invesco Private Government Fund | $24,387,300 | $87,650,319 | $(69,835,325) | $- | $- | $42,202,294 | $370,788* | ||||||
| Invesco Private Prime Fund | 64,901,672 | 178,625,581 | (134,202,833) | 1,237 | 44,760 | 109,370,417 | 1,012,721* | ||||||
| Total | $89,824,052 | $266,275,900 | $(204,071,253) | $19,857 | $44,790 | $152,093,346 | $1,392,705 |
| * | Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (u) | Foreign denominated security. Principal amount is denominated in the currency indicated. |
| (v) | Non-income producing security. |
| (w) | The rate shown is the 7-day SEC standardized yield as of January 31, 2024. |
| (x) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. |
| † | The table below details options purchased. |
| Open Exchange-Traded Index Options Purchased | ||||||||||||||
| Description | Type of Contract | Expiration Date | Number of Contracts | Exercise Price | Notional Value* | Value | ||||||||
| Equity Risk | ||||||||||||||
| S&P 500 Index | Call | 05/17/2024 | 36 | $4,960 | $17,856,000 | $369,900 | ||||||||
| * | Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier. |
| Open Over-The-Counter Credit Default Swaptions Written | |||||||||||||||||||||||
| Counterparty | Type of Contract | Exercise Rate | Reference Entity | (Pay)/ Receive Fixed Rate | Payment Frequency | Expiration Date | Implied Credit Spread(a) | Premiums Received | Notional Value | Value | Unrealized Appreciation | ||||||||||||
| Credit Risk | |||||||||||||||||||||||
| Bank of America, N.A. | Put | 102.50% | Markit CDX North America High Yield Index, Series 41, Version 2 | 5.00% | Quarterly | 02/21/2024 | 3.587% | $(148,206) | USD | (48,136,000) | $(24,083) | $124,123 | |||||||||||
| (a) | Implied credit spreads represent the current level, as of January 31, 2024, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally. |
| Open Futures Contracts | ||||||||||
| Long Futures Contracts | Number of Contracts | Expiration Month | Notional Value | Value | Unrealized Appreciation (Depreciation) | |||||
| Interest Rate Risk | ||||||||||
| U.S. Treasury 10 Year Notes | 105 | March-2024 | $11,794,453 | $(2,166) | $(2,166) | |||||
| U.S. Treasury 2 Year Notes | 335 | March-2024 | 68,894,844 | 669,327 | 669,327 | |||||
| U.S. Treasury Long Bond Future | 207 | March-2024 | 25,325,156 | 1,338,567 | 1,338,567 | |||||
| U.S. Treasury Ultra Bonds | 5 | March-2024 | 646,094 | 42,723 | 42,723 | |||||
| Subtotal—Long Futures Contracts | 2,048,451 | 2,048,451 | ||||||||
| Open Futures Contracts—(continued) | ||||||||||
| Short Futures Contracts | Number of Contracts | Expiration Month | Notional Value | Value | Unrealized Appreciation (Depreciation) | |||||
| Interest Rate Risk | ||||||||||
| U.S. Treasury 5 Year Notes | 462 | March-2024 | $(50,076,469) | $(643,913) | $(643,913) | |||||
| U.S. Treasury 10 Year Ultra Notes | 1,269 | March-2024 | (148,314,375) | (3,830,366) | (3,830,366) | |||||
| Subtotal—Short Futures Contracts | (4,474,279) | (4,474,279) | ||||||||
| Total Futures Contracts | $(2,425,828) | $(2,425,828) | ||||||||
| Investment Abbreviations: | |
| CLO | -Collateralized Loan Obligation |
| Ctfs. | -Certificates |
| ETF | -Exchange-Traded Fund |
| REIT | -Real Estate Investment Trust |
| SOFR | -Secured Overnight Financing Rate |
| 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) | All or a portion of this security was out on loan at January 31, 2024. |
| (c) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on January 31, 2024. |
| (d) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at January 31, 2024 was $917,561,224, which represented 49.65% of the Fund’s Net Assets. |
| (e) | Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate. |
| (f) | Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on January 31, 2024. |
| (g) | Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date. |
| (h) | 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. |
| (i) | Variable rate senior loan interests are, at present, not readily marketable, not registered under 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. |
| (j) | 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 January 31, 2024. |
| Value October 31, 2023 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value January 31, 2024 | Dividend Income | |||||||
| Invesco AAA CLO Floating Rate Note ETF | $994,305 | $- | $- | $3,705 | $- | $998,010 | $22,403 | ||||||
| Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||
| Invesco Private Government Fund | 7,266,577 | 13,192,785 | (19,318,678) | - | - | 1,140,684 | 45,903* | ||||||
| Invesco Private Prime Fund | 18,691,275 | 25,127,975 | (40,891,527) | 1,415 | 4,051 | 2,933,189 | 124,707* | ||||||
| Total | $26,952,157 | $38,320,760 | $(60,210,205) | $5,120 | $4,051 | $5,071,883 | $193,013 |
| * | Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (k) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (l) | The rate shown is the 7-day SEC standardized yield as of January 31, 2024. |
| (m) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. |
| Shares | Value | |||
| Money Market Funds-(continued) | ||||
Invesco Private Prime Fund, 5.52%(i)(j)(k) | 21,498,102 | $21,513,151 | ||
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $29,879,625) | 29,879,377 | |||
TOTAL INVESTMENTS IN SECURITIES-103.38% (Cost $858,325,650) | 858,457,582 | |||
OTHER ASSETS LESS LIABILITIES-(3.38)% | (28,089,636) | |||
NET ASSETS-100.00% | $830,367,946 | |||
| Investment Abbreviations: | |
| ARM | -Adjustable Rate Mortgage |
| Ctfs. | -Certificates |
| IBOR | -Interbank Offered Rate |
| REMICs | -Real Estate Mortgage Investment Conduits |
| SOFR | -Secured Overnight Financing Rate |
| STACR® | -Structured Agency Credit Risk |
| USD | -U.S. Dollar |
| 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) | All or a portion of this security was out on loan at January 31, 2024. |
| (c) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on January 31, 2024. |
| (d) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at January 31, 2024 was $419,612,100, which represented 50.53% of the Fund’s Net Assets. |
| (e) | Perpetual bond with no specified maturity date. |
| (f) | Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on January 31, 2024. |
| (g) | CAS notes are bonds issued by Fannie Mae. The amount of periodic principal and ultimate principal paid by Fannie Mae is determined by the performance of a large and diverse reference pool. |
| (h) | Principal payments are determined by the delinquency and principal payment experience on the STACR® reference pool. Freddie Mac transfers credit risk from the mortgages in the reference pool to credit investors who invest in the STACR® debt notes. |
| (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 January 31, 2024. |
| Value October 31, 2023 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value January 31, 2024 | Dividend Income | |||||||
| Investments in Affiliated Money Market Funds: | |||||||||||||
| Invesco Government & Agency Portfolio, Institutional Class | $3,549,222 | $92,102,493 | $(93,266,825) | $- | $- | $2,384,890 | $54,801 | ||||||
| Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||
| Invesco Private Government Fund | 5,111,416 | 25,283,793 | (22,028,983) | - | - | 8,366,226 | 64,540* | ||||||
| Invesco Private Prime Fund | 13,146,985 | 55,418,862 | (47,058,402) | 214 | 5,492 | 21,513,151 | 175,188* | ||||||
| Total | $21,807,623 | $172,805,148 | $(162,354,210) | $214 | $5,492 | $32,264,267 | $294,529 |
| * | Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (j) | The rate shown is the 7-day SEC standardized yield as of January 31, 2024. |
| (k) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. |
| Level 1 | Level 2 | Level 3 | Total | ||||
| Invesco AAA CLO Floating Rate Note ETF | |||||||
| Investments in Securities | |||||||
| Asset-Backed Securities | $- | $49,045,080 | $- | $49,045,080 | |||
| Money Market Funds | 640,540 | - | - | 640,540 | |||
| Total Investments | $640,540 | $49,045,080 | $- | $49,685,620 | |||
| Invesco Active U.S. Real Estate ETF | |||||||
| Investments in Securities | |||||||
| Common Stocks & Other Equity Interests | $77,888,814 | $- | $- | $77,888,814 | |||
| Money Market Funds | - | 4,441,194 | - | 4,441,194 | |||
| Total Investments | $77,888,814 | $4,441,194 | $- | $82,330,008 | |||
| Invesco High Yield Bond Factor ETF | |||||||
| Investments in Securities | |||||||
| U.S. Dollar Denominated Bonds & Notes | $- | $46,991,722 | $- | $46,991,722 | |||
| U.S. Treasury Securities | - | 104,822 | - | 104,822 | |||
| Money Market Funds | 358,994 | 5,138,440 | - | 5,497,434 | |||
| Total Investments in Securities | 358,994 | 52,234,984 | - | 52,593,978 | |||
| Other Investments - Assets* | |||||||
| Futures Contracts | 96,039 | - | - | 96,039 | |||
| Investments Matured | - | - | 2,943 | 2,943 | |||
| Swap Agreements | - | 23,097 | - | 23,097 | |||
| 96,039 | 23,097 | 2,943 | 122,079 | ||||
| Other Investments - Liabilities* | |||||||
| Futures Contracts | (25,075) | - | - | (25,075) | |||
| Total Other Investments | 70,964 | 23,097 | 2,943 | 97,004 | |||
| Total Investments | $429,958 | $52,258,081 | $2,943 | $52,690,982 |
| Level 1 | Level 2 | Level 3 | Total | ||||
| Invesco High Yield Select ETF | |||||||
| Investments in Securities | |||||||
| U.S. Dollar Denominated Bonds & Notes | $- | $9,564,398 | $- | $9,564,398 | |||
| Non-U.S. Dollar Denominated Bonds & Notes | - | 204,385 | - | 204,385 | |||
| Preferred Stocks | - | 48,209 | - | 48,209 | |||
| Money Market Funds | 59,906 | 1,043,518 | - | 1,103,424 | |||
| Total Investments in Securities | 59,906 | 10,860,510 | - | 10,920,416 | |||
| Other Investments - Liabilities* | |||||||
| Forward Foreign Currency Contracts | - | (11,375) | - | (11,375) | |||
| Total Investments | $59,906 | $10,849,135 | $- | $10,909,041 | |||
| Invesco S&P 500® Downside Hedged ETF | |||||||
| Investments in Securities | |||||||
| Common Stocks & Other Equity Interests | $111,214,498 | $- | $- | $111,214,498 | |||
| Money Market Funds | 4,950,856 | 1,504,198 | - | 6,455,054 | |||
| Total Investments in Securities | 116,165,354 | 1,504,198 | - | 117,669,552 | |||
| Other Investments - Assets | |||||||
| Futures Contracts | 93,451 | - | - | 93,451 | |||
| Other Investments - Liabilities | |||||||
| Futures Contracts | (37,431) | - | - | (37,431) | |||
| Total Other Investments | 56,020 | - | - | 56,020 | |||
| Total Investments | $116,221,374 | $1,504,198 | $- | $117,725,572 | |||
| Invesco Short Duration Bond ETF | |||||||
| Investments in Securities | |||||||
| U.S. Dollar Denominated Bonds & Notes | $- | $8,035,336 | $- | $8,035,336 | |||
| Asset-Backed Securities | - | 793,050 | - | 793,050 | |||
| U.S. Treasury Securities | - | 427,967 | - | 427,967 | |||
| Preferred Stocks | 29,799 | 50,059 | - | 79,858 | |||
| Agency Credit Risk Transfer Notes | - | 70,224 | - | 70,224 | |||
| Money Market Funds | 516,305 | 412,307 | - | 928,612 | |||
| Total Investments in Securities | 546,104 | 9,788,943 | - | 10,335,047 | |||
| Other Investments - Assets | |||||||
| Futures Contracts | 32,169 | - | - | 32,169 | |||
| Other Investments - Liabilities | |||||||
| Futures Contracts | (19,553) | - | - | (19,553) | |||
| Total Other Investments | 12,616 | - | - | 12,616 | |||
| Total Investments | $558,720 | $9,788,943 | $- | $10,347,663 |
| Level 1 | Level 2 | Level 3 | Total | ||||
| Invesco Total Return Bond ETF | |||||||
| Investments in Securities | |||||||
| U.S. Dollar Denominated Bonds & Notes | $- | $578,747,647 | $2,681,614 | $581,429,261 | |||
| U.S. Government Sponsored Agency Mortgage-Backed Securities | - | 380,757,887 | - | 380,757,887 | |||
| U.S. Treasury Securities | - | 264,390,707 | - | 264,390,707 | |||
| Asset-Backed Securities | - | 201,109,348 | 2,984,294 | 204,093,642 | |||
| Agency Credit Risk Transfer Notes | - | 6,421,054 | - | 6,421,054 | |||
| Preferred Stocks | 3,013,762 | 1,695,523 | - | 4,709,285 | |||
| U.S. Government Sponsored Agency Securities | - | 2,369,094 | - | 2,369,094 | |||
| Municipal Obligations | - | 2,155,350 | - | 2,155,350 | |||
| Exchange-Traded Funds | 520,635 | - | - | 520,635 | |||
| Non-U.S. Dollar Denominated Bonds & Notes | - | 514,088 | - | 514,088 | |||
| Common Stocks & Other Equity Interests | - | - | 0 | 0 | |||
| Options Purchased | 369,900 | - | - | 369,900 | |||
| Money Market Funds | - | 151,572,711 | - | 151,572,711 | |||
| Total Investments in Securities | 3,904,297 | 1,589,733,409 | 5,665,908 | 1,599,303,614 | |||
| Other Investments - Assets* | |||||||
| Futures Contracts | 2,050,617 | - | - | 2,050,617 | |||
| Investments Matured | - | 43,179 | - | 43,179 | |||
| 2,050,617 | 43,179 | - | 2,093,796 | ||||
| Other Investments - Liabilities* | |||||||
| Futures Contracts | (4,476,445) | - | - | (4,476,445) | |||
| Options Written | - | (24,083) | - | (24,083) | |||
| (4,476,445) | (24,083) | - | (4,500,528) | ||||
| Total Other Investments | (2,425,828) | 19,096 | - | (2,406,732) | |||
| Total Investments | $1,478,469 | $1,589,752,505 | $5,665,908 | $1,596,896,882 | |||
| Invesco Ultra Short Duration ETF | |||||||
| Investments in Securities | |||||||
| U.S. Dollar Denominated Bonds & Notes | $- | $991,985,666 | $- | $991,985,666 | |||
| Commercial Paper | - | 446,232,634 | - | 446,232,634 | |||
| Asset-Backed Securities | - | 348,315,435 | - | 348,315,435 | |||
| Certificates of Deposit | - | 24,067,191 | - | 24,067,191 | |||
| U.S. Treasury Securities | - | 20,010,938 | - | 20,010,938 | |||
| Variable Rate Senior Loan Interests | - | 1,267,409 | - | 1,267,409 | |||
| Exchange-Traded Funds | 998,010 | - | - | 998,010 | |||
| Money Market Funds | - | 4,073,873 | - | 4,073,873 | |||
| Total Investments | $998,010 | $1,835,953,146 | $- | $1,836,951,156 | |||
| Invesco Variable Rate Investment Grade ETF | |||||||
| Investments in Securities | |||||||
| U.S. Dollar Denominated Bonds & Notes | $- | $319,764,320 | $- | $319,764,320 | |||
| U.S. Treasury Securities | - | 179,568,164 | - | 179,568,164 | |||
| Asset-Backed Securities | - | 155,768,328 | - | 155,768,328 | |||
| Agency Credit Risk Transfer Notes | - | 139,836,296 | - | 139,836,296 | |||
| U.S. Government Sponsored Agency Mortgage-Backed Securities | - | 27,247,698 | - | 27,247,698 | |||
| Certificate of Deposit | - | 4,008,509 | - | 4,008,509 | |||
| Money Market Funds | 2,384,890 | 29,879,377 | - | 32,264,267 | |||
| Total Investments | $2,384,890 | $856,072,692 | $- | $858,457,582 |
| * | Forward foreign currency contracts, futures contracts and swap agreements are valued at unrealized appreciation (depreciation). Investments matured and options written are shown at value. |