| ARM | – Adjustable Rate Mortgage |
| Ctfs. | – Certificates |
| IO | – Interest Only |
| LIBOR | – London Interbank Offered Rate |
| PO | – Principal Only |
| RB | – Revenue Bonds |
| Ref. | – Refunding |
| REIT | – Real Estate Investment Trust |
| REMICs | – Real Estate Mortgage Investment Conduits |
| SOFR | – Secured Overnight Financing Rate |
| STACR® | – Structured Agency Credit Risk |
| STRIPS | – Separately Traded Registered Interest and Principal Security |
| TBA | – To Be Announced |
| USD | – U.S. Dollar |
| Wts. | – Warrants |
| (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 July 31, 2023 was $440,505,249, which represented 22.51% of the Fund’s Net Assets. |
| (c) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on July 31, 2023. |
| (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) | Security valued using significant unobservable inputs (Level 3). See Note 1. |
| (g) | Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security. |
| (h) | 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 July 31, 2023. |
| (i) | Zero coupon bond issued at a discount. |
| (j) | Security purchased on a forward commitment basis. This security is subject to dollar roll transactions. |
| (k) | 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 July 31, 2023. |
| (l) | Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date. |
| (m) | Non-income producing security. |
| (n) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the nine months ended July 31, 2023. |
| Value October 31, 2022 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value July 31, 2023 | Dividend Income | |
| Investments in Affiliated Money Market Funds: | |||||||
| Invesco Government & Agency Portfolio, Institutional Class | $42,417,738 | $361,650,534 | $(240,597,401) | $- | $- | $163,470,871 | $3,819,578 |
| Invesco Liquid Assets Portfolio, Institutional Class | 28,202,765 | 258,321,810 | (171,855,286) | (9,456) | (7,523) | 114,652,310 | 2,722,636 |
| Invesco Treasury Portfolio, Institutional Class | 48,477,414 | 413,314,897 | (274,968,458) | - | - | 186,823,853 | 4,354,736 |
| Total | $119,097,917 | $1,033,287,241 | $(687,421,145) | $(9,456) | $(7,523) | $464,947,034 | $10,896,950 |
| (o) | The rate shown is the 7-day SEC standardized yield as of July 31, 2023. |
| Open Futures Contracts(a) | |||||
| Long Futures Contracts | Number of Contracts | Expiration Month | Notional Value | Value | Unrealized Appreciation (Depreciation) |
| Interest Rate Risk | |||||
| U.S. Treasury 5 Year Notes | 794 | September-2023 | $84,815,329 | $(771,929) | $(771,929) |
| U.S. Treasury 10 Year Notes | 1,499 | September-2023 | 166,997,969 | (3,458,372) | (3,458,372) |
| U.S. Treasury Long Bonds | 413 | September-2023 | 51,392,687 | (926,023) | (926,023) |
| U.S. Treasury Ultra Bonds | 358 | September-2023 | 47,334,313 | (1,196,097) | (1,196,097) |
| Subtotal—Long Futures Contracts | (6,352,421) | (6,352,421) | |||
| Open Futures Contracts(a)—(continued) | |||||
| Short Futures Contracts | Number of Contracts | Expiration Month | Notional Value | Value | Unrealized Appreciation (Depreciation) |
| Interest Rate Risk | |||||
| U.S. Treasury 2 Year Notes | 54 | September-2023 | $(10,963,688) | $169,210 | $169,210 |
| U.S. Treasury 10 Year Ultra Notes | 1,363 | September-2023 | (159,449,703) | 3,066,185 | 3,066,185 |
| Subtotal—Short Futures Contracts | 3,235,395 | 3,235,395 | |||
| Total Futures Contracts | $(3,117,026) | $(3,117,026) | |||
| (a) | Futures contracts collateralized by $10,335,696 cash held with Merrill Lynch International, the futures commission merchant. |
| Level 1 | Level 2 | Level 3 | Total | |
| Investments in Securities | ||||
| U.S. Dollar Denominated Bonds & Notes | $— | $773,642,474 | $7,524,014 | $781,166,488 |
| U.S. Government Sponsored Agency Mortgage-Backed Securities | — | 542,869,570 | — | 542,869,570 |
| Asset-Backed Securities | — | 361,502,137 | 5,493,000 | 366,995,137 |
| U.S. Treasury Securities | — | 276,676,335 | — | 276,676,335 |
| Agency Credit Risk Transfer Notes | — | 11,644,516 | — | 11,644,516 |
| Municipal Obligations | — | 8,631,172 | — | 8,631,172 |
| Common Stocks & Other Equity Interests | — | — | 0 | 0 |
| Money Market Funds | 464,947,034 | — | — | 464,947,034 |
| Total Investments in Securities | 464,947,034 | 1,974,966,204 | 13,017,014 | 2,452,930,252 |
| Other Investments - Assets* | ||||
| Futures Contracts | 3,235,395 | — | — | 3,235,395 |
| Other Investments - Liabilities* | ||||
| Futures Contracts | (6,352,421) | — | — | (6,352,421) |
| Total Other Investments | (3,117,026) | — | — | (3,117,026) |
| Total Investments | $461,830,008 | $1,974,966,204 | $13,017,014 | $2,449,813,226 |
| * | Unrealized appreciation (depreciation). |