| Conv. | – Convertible |
| ETF | – Exchange-Traded Fund |
| EUR | – Euro |
| GBP | – British Pound Sterling |
| LIBOR | – London Interbank Offered Rate |
| Pfd. | – Preferred |
| PIK | – Pay-in-Kind |
| REIT | – Real Estate Investment Trust |
| SOFR | – Secured Overnight Financing Rate |
| USD | – U.S. Dollar |
| (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) | Calculated as a percentage of net assets. Amounts in excess of 100% are due to the Trust’s use of leverage. |
| (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 May 31, 2023 was $76,278,220, which represented 103.87% of the Trust’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) | Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The value of this security at May 31, 2023 represented less than 1% of the Trust’s Net Assets. |
| (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) | Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date. |
| (i) | Foreign denominated security. Principal amount is denominated in the currency indicated. |
| (j) | 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. |
| (k) | 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 Trust’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. |
| (l) | Affiliated issuer. The issuer and/or the Trust 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 Trust’s transactions in, and earnings from, its investments in affiliates for the three months ended May 31, 2023. |
| Value February 28, 2023 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value May 31, 2023 | Dividend Income | |
| Investments in Affiliated Money Market Funds: | |||||||
| Invesco Government & Agency Portfolio, Institutional Class | $575,999 | $5,710,448 | $(5,825,546) | $- | $- | $460,901 | $10,620 |
| Invesco Liquid Assets Portfolio, Institutional Class | 412,760 | 4,078,891 | (4,161,103) | (4) | (47) | 330,497 | 6,315 |
| Invesco Treasury Portfolio, Institutional Class | 658,284 | 6,526,227 | (6,657,767) | - | - | 526,744 | 9,816 |
| Investments in Other Affiliates: | |||||||
| Invesco AT1 Capital Bond UCITS ETF | - | 258,648 | - | 1,998 | - | 260,646 | - |
| Total | $1,647,043 | $16,574,214 | $(16,644,416) | $1,994 | $(47) | $1,578,788 | $26,751 |
| (m) | Non-income producing security. |
| (n) | The rate shown is the 7-day SEC standardized yield as of May 31, 2023. |
| Open Forward Foreign Currency Contracts | ||||||
| Settlement Date | Counterparty | Contract to | Unrealized Appreciation | |||
| Deliver | Receive | |||||
| Currency Risk | ||||||
| 08/17/2023 | Canadian Imperial Bank of Commerce | EUR | 200,000 | USD | 217,552 | $2,859 |
| 08/17/2023 | Goldman Sachs International | EUR | 2,288,000 | USD | 2,535,035 | 78,942 |
| 08/17/2023 | Goldman Sachs International | GBP | 376,000 | USD | 476,148 | 7,789 |
| 08/17/2023 | State Street Bank & Trust Co. | EUR | 2,855,000 | USD | 3,118,048 | 53,299 |
| 08/17/2023 | State Street Bank & Trust Co. | GBP | 425,000 | USD | 531,565 | 2,170 |
| Total Forward Foreign Currency Contracts | $145,059 | |||||
| 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 (Depreciation) | |
| Credit Risk | ||||||||||
| Markit CDX North America High Yield Index, Series 40, Version 1 | Buy | (5.00)% | Quarterly | 06/20/2028 | 4.706% | USD | 2,000,000 | $(20,054) | $(23,729) | $(3,675) |
| (a) | Centrally cleared swap agreements collateralized by $184,386 cash held with Bank of America Merrill Lynch. |
| (b) | Implied credit spreads represent the current level, as of May 31, 2023, 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. |
| Abbreviations: | |
| EUR | —Euro |
| GBP | —British Pound Sterling |
| USD | —U.S. Dollar |
| Level 1 | Level 2 | Level 3 | Total | |
| Investments in Securities | ||||
| U.S. Dollar Denominated Bonds & Notes | $— | $91,273,135 | $— | $91,273,135 |
| Non-U.S. Dollar Denominated Bonds & Notes | — | 6,755,170 | — | 6,755,170 |
| Variable Rate Senior Loan Interests | — | 2,525,538 | — | 2,525,538 |
| Exchange-Traded Funds | — | 260,646 | — | 260,646 |
| Preferred Stocks | 12 | 110,275 | — | 110,287 |
| Common Stocks & Other Equity Interests | 76,800 | — | — | 76,800 |
| Money Market Funds | 1,318,142 | — | — | 1,318,142 |
| Total Investments in Securities | 1,394,954 | 100,924,764 | — | 102,319,718 |
| Other Investments - Assets* | ||||
| Forward Foreign Currency Contracts | — | 145,059 | — | 145,059 |
| Other Investments - Liabilities* | ||||
| Swap Agreements | — | (3,675) | — | (3,675) |
| Total Other Investments | — | 141,384 | — | 141,384 |
| Total Investments | $1,394,954 | $101,066,148 | $— | $102,461,102 |
| * | Unrealized appreciation (depreciation). |