Schedule of Investments
May 31, 2024
(Unaudited)
| Shares | Value | ||
| Common Stocks & Other Equity Interests–65.44% | |||
| Belgium–1.02% | |||
| Cofinimmo S.A. | 88,830 | $5,883,106 | |
| Canada–2.52% | |||
| Allied Properties REIT | 192,800 | 2,389,223 | |
| Canadian Apartment Properties REIT | 135,100 | 4,420,896 | |
| StorageVault Canada, Inc. | 2,320,955 | 7,680,038 | |
| 14,490,157 | |||
| France–1.16% | |||
| Unibail-Rodamco-Westfield SE | 75,428 | 6,645,946 | |
| Germany–3.56% | |||
| LEG Immobilien SE | 120,578 | 10,723,498 | |
| Sirius Real Estate Ltd. | 7,792,084 | 9,762,349 | |
| 20,485,847 | |||
| Hong Kong–2.67% | |||
| Link REIT | 1,966,300 | 8,290,733 | |
| Sun Hung Kai Properties Ltd. | 730,000 | 7,053,631 | |
| 15,344,364 | |||
| Japan–6.13% | |||
| GLP J-Reit | 12,657 | 10,524,063 | |
| Mitsui Fudosan Co. Ltd. | 1,668,900 | 15,332,282 | |
| Mitsui Fudosan Logistics Park, Inc. | 1,085 | 3,042,648 | |
| Nippon Prologis REIT, Inc. | 3,867 | 6,383,060 | |
| 35,282,053 | |||
| Singapore–0.89% | |||
| CapitaLand Investment Ltd. | 2,599,200 | 5,136,763 | |
| Spain–0.96% | |||
| Cellnex Telecom S.A.(a) | 151,915 | 5,549,460 | |
| Sweden–0.78% | |||
| Castellum AB(b) | 361,135 | 4,510,043 | |
| United Kingdom–4.37% | |||
| Big Yellow Group PLC | 232,550 | 3,721,662 | |
| Derwent London PLC | 371,426 | 11,068,308 | |
| Safestore Holdings PLC | 619,699 | 7,162,513 | |
| Segro PLC | 272,711 | 3,202,534 | |
| 25,155,017 | |||
| United States–41.38% | |||
| Agree Realty Corp. | 105,991 | 6,440,013 | |
| Alexandria Real Estate Equities, Inc. | 158,008 | 18,802,952 | |
| American Tower Corp. | 55,105 | 10,786,253 | |
| Americold Realty Trust, Inc. | 232,111 | 6,190,400 | |
| Camden Property Trust | 121,393 | 12,460,991 | |
| Digital Realty Trust, Inc. | 77,342 | 11,240,886 | |
| Equinix, Inc. | 29,013 | 22,136,339 | |
| Healthpeak Properties, Inc. | 1,068,056 | 21,254,314 | |
| Host Hotels & Resorts, Inc. | 437,835 | 7,854,760 | |
| Invitation Homes, Inc. | 220,294 | 7,664,028 | |
| Kimco Realty Corp. | 117,757 | 2,279,776 | |
| Shares | Value | ||
| United States–(continued) | |||
| Outfront Media, Inc. | 460,179 | $6,649,587 | |
| Prologis, Inc. | 239,342 | 26,444,898 | |
| Public Storage | 61,867 | 16,941,041 | |
| Realty Income Corp. | 212,275 | 11,263,311 | |
| Regency Centers Corp. | 22,164 | 1,360,870 | |
| Rexford Industrial Realty, Inc.(c) | 383,012 | 17,373,424 | |
| Sun Communities, Inc. | 76,371 | 9,011,014 | |
| Terreno Realty Corp.(c) | 181,186 | 10,251,504 | |
| Ventas, Inc. | 234,704 | 11,796,223 | |
| 238,202,584 | |||
| Total Common Stocks & Other Equity Interests (Cost $372,868,393) | 376,685,340 | ||
| Principal Amount | |||
| Asset-Backed Securities–22.06% | |||
| BX Commercial Mortgage Trust, | |||
| Series 2021-VOLT, Class D, 7.08% (1 mo. Term SOFR + 1.76%), 09/15/2036(a)(d) | $6,000,000 | 5,950,549 | |
| Series 2021-VOLT, Class E, 7.43% (1 mo. Term SOFR + 2.11%), 09/15/2036(a)(d) | 6,495,000 | 6,446,501 | |
| Series 2022-CSMO, Class C, 9.21% (1 mo. Term SOFR + 3.89%), 06/15/2027(a)(d) | 600,000 | 604,417 | |
| BX Trust, | |||
| Series 2021-MFM1, Class E, 7.68% (1 mo. Term SOFR + 2.36%), 01/15/2034(a)(d) | 8,045,749 | 7,954,404 | |
| Series 2019-OC11, Class E, 3.94%, 12/09/2041(a)(e) | 4,000,000 | 3,372,372 | |
| CEDR Commercial Mortgage Trust, Series 2022-SNAI, Class E, 8.34% (1 mo. Term SOFR + 3.02%), 02/15/2039(a)(d) | 500,000 | 435,915 | |
| CFK Trust, Series 2019-FAX, Class E, 4.64%, 01/15/2039(a)(e) | 1,000,000 | 851,227 | |
| Citigroup Commercial Mortgage Trust, | |||
| Series 2020-420K, Class E, 3.31%, 11/10/2042(a)(e) | 4,586,000 | 3,752,695 | |
| Series 2020-555, Class F, 3.50%, 12/10/2041(a)(e) | 800,000 | 608,321 | |
| Series 2020-420K, Class D, 3.31%, 11/10/2042(a)(e) | 1,000,000 | 836,198 | |
| Series 2020-555, Class E, 3.50%, 12/10/2041(a)(e) | 427,000 | 350,525 | |
| Cold Storage Trust, Series 2020-ICE5, Class E, 8.20% (1 mo. Term SOFR + 2.88%), 11/15/2037(a)(d) | 10,788,321 | 10,791,994 | |
| Commercial Mortgage Trust, | |||
| Series 2019-GC44, Class 180B, 3.40%, 08/15/2057(a)(e) | 1,500,000 | 1,428,963 | |
| Series 2020-SBX, Class D, 2.32%, 01/10/2038(a)(e) | 6,200,000 | 4,824,862 | |
| Series 2019-GC44, Class 180C, 3.40%, 08/15/2057(a)(e) | 5,500,000 | 5,158,903 | |
See accompanying notes which are an integral part of this schedule.
Invesco Global Real Estate Income Fund
| Principal Amount | Value | ||
| Credit Suisse Mortgage Capital Trust, Series 2021-BHAR, Class E, 8.93% (1 mo. Term SOFR + 3.61%), 11/15/2038(a)(d) | $3,000,000 | $2,967,124 | |
| CSMC, Series 2021-BHAR, Class C, 7.43% (1 mo. Term SOFR + 2.11%), 11/15/2038(a)(d) | 170,000 | 169,315 | |
| GS Mortgage Securities Corp. Trust, Series 2022-GTWY, Class A, 8.72% (1 mo. Term SOFR + 3.40%), 08/15/2039(a)(d) | 10,050,000 | 10,109,842 | |
| Hawaii Hotel Trust, Series 2019-MAUI, Class E, 7.77% (1 mo. Term SOFR + 2.21%), 05/15/2038(a)(d) | 200,000 | 198,993 | |
| Hilton USA Trust, Series 2016-HHV, Class E, 4.19%, 11/05/2038(a)(e) | 5,281,000 | 4,941,846 | |
| Independence Plaza Trust, Series 2018-INDP, Class E, 5.00%, 07/10/2035(a) | 7,000,000 | 6,528,411 | |
| JP Morgan Chase Commercial Mortgage Securities Trust, | |||
| Series 2019-UES, Class F, 4.45%, 05/05/2032(a)(e) | 558,000 | 526,335 | |
| Series 2019-UES, Class B, 4.14%, 05/05/2032(a) | 1,084,000 | 1,039,588 | |
| Series 2019-UES, Class C, 4.34%, 05/05/2032(a) | 116,000 | 111,348 | |
| Series 2019-UES, Class D, 4.45%, 05/05/2032(a)(e) | 119,000 | 113,443 | |
| Series 2019-UES, Class E, 4.45%, 05/05/2032(a)(e) | 138,000 | 130,853 | |
| Series 2019-UES, Class G, 4.45%, 05/05/2032(a)(e) | 158,000 | 148,330 | |
| MHC Commercial Mortgage Trust, Series 2021-MHC, Class F, 8.03% (1 mo. Term SOFR + 2.72%), 04/15/2038(a)(d) | 8,724,318 | 8,675,557 | |
| Morgan Stanley Capital I Trust, Series 2018-SUN, Class F, 8.17% (1 mo. Term SOFR + 2.85%), 07/15/2035(a)(d) | 11,306,000 | 11,279,729 | |
| Natixis Commercial Mortgage Securities Trust, | |||
| Series 2020-2PAC, Class AMZ3, 3.50%, 01/15/2037(a)(e) | 5,326,000 | 3,931,251 | |
| Series 2020-2PAC, Class AMZ2, 3.50%, 01/15/2037(a)(e) | 800,000 | 657,836 | |
| SREIT Trust, Series 2021-PALM, Class E, 7.34% (1 mo. Term SOFR + 2.02%), 10/15/2034(a)(d) | 1,240,000 | 1,221,627 | |
| STWD Trust, | |||
| Series 2021-FLWR, Class E, 7.36% (1 mo. Term SOFR + 2.04%), 07/15/2036(a)(d) | 4,950,000 | 4,936,166 | |
| Series 2021-FLWR, Class F, 8.10% (1 mo. Term SOFR + 2.79%), 07/15/2036(a)(d) | 3,400,000 | 3,379,343 | |
| Prima Capital CRE Securitization Ltd., Series 2019-RK1, Class BT, 4.45%, 04/15/2038(a) | 14,154,000 | 12,530,114 | |
| Total Asset-Backed Securities (Cost $129,581,228) | 126,964,897 | ||
| Shares | Value | ||
| Preferred Stocks–7.41% | |||
| United States–7.41% | |||
| American Homes 4 Rent, 5.88%, Series G, Pfd. | 84,200 | $1,906,288 | |
| American Homes 4 Rent, 6.25%, Series H, Pfd. | 200,100 | 4,762,380 | |
| DiamondRock Hospitality Co., 8.25%, Pfd. | 168,578 | 4,332,455 | |
| National Storage Affiliates Trust, 6.00%, Series A, Pfd. | 243,300 | 5,780,808 | |
| Pebblebrook Hotel Trust, 6.38%, Series E, Pfd. | 223,861 | 4,716,751 | |
| Pebblebrook Hotel Trust, 6.30%, Series F, Pfd. | 173,676 | 3,551,674 | |
| SITE Centers Corp., 6.38%, Series A, Pfd. | 214,100 | 4,731,610 | |
| UMH Properties, Inc., 6.38%, Series D, Pfd. | 566,800 | 12,843,688 | |
| Total Preferred Stocks (Cost $45,137,560) | 42,625,654 | ||
| Principal Amount | |||
| Municipal Obligations–1.34% | |||
| United States–1.34% | |||
| New York City Housing Development Corp. (8 Spruce Street), Series 2014, Ref. RB, 3.71%, 02/15/2048 (Cost $7,333,747) | $7,735,000 | 7,693,589 | |
| Shares | |||
| Money Market Funds–3.23% | |||
| Invesco Government & Agency Portfolio, Institutional Class, 5.23%(f)(g) | 6,516,901 | 6,516,901 | |
| Invesco Liquid Assets Portfolio, Institutional Class, 5.30%(f)(g) | 4,653,261 | 4,654,657 | |
| Invesco Treasury Portfolio, Institutional Class, 5.22%(f)(g) | 7,447,886 | 7,447,886 | |
| Total Money Market Funds (Cost $18,619,654) | 18,619,444 | ||
| TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-99.48% (Cost $573,540,582) | 572,588,924 | ||
| Investments Purchased with Cash Collateral from Securities on Loan | |||
| Money Market Funds–2.68% | |||
| Invesco Private Government Fund, 5.30%(f)(g)(h) | 4,324,332 | 4,324,332 | |
| Invesco Private Prime Fund, 5.48%(f)(g)(h) | 11,116,111 | 11,119,446 | |
| Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $15,443,778) | 15,443,778 | ||
| TOTAL INVESTMENTS IN SECURITIES—102.16% (Cost $588,984,360) | 588,032,702 | ||
| OTHER ASSETS LESS LIABILITIES–(2.16)% | (12,413,578) | ||
| NET ASSETS–100.00% | $575,619,124 | ||
See accompanying notes which are an integral part of this schedule.
Invesco Global Real Estate Income Fund
Investment Abbreviations:
| Pfd. | – Preferred |
| RB | – Revenue Bonds |
| Ref. | – Refunding |
| REIT | – Real Estate Investment Trust |
| 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 May 31, 2024 was $132,514,357, which represented 23.02% of the Fund’s Net Assets. |
| (b) | Non-income producing security. |
| (c) | All or a portion of this security was out on loan at May 31, 2024. |
| (d) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on May 31, 2024. |
| (e) | 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 May 31, 2024. |
| (f) | 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 nine months ended May 31, 2024. |
| Value August 31, 2023 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value May 31, 2024 | Dividend Income | |
| Investments in Affiliated Money Market Funds: | |||||||
| Invesco Government & Agency Portfolio, Institutional Class | $9,655,129 | $36,331,730 | $(39,469,958) | $- | $- | $6,516,901 | $320,792 |
| Invesco Liquid Assets Portfolio, Institutional Class | 6,895,829 | 25,951,235 | (28,196,865) | (214) | 4,672 | 4,654,657 | 235,711 |
| Invesco Treasury Portfolio, Institutional Class | 11,034,434 | 41,521,975 | (45,108,523) | - | - | 7,447,886 | 366,002 |
| Investments Purchased with Cash Collateral from Securities on Loan: | |||||||
| Invesco Private Government Fund | 728,598 | 47,040,793 | (43,445,059) | - | - | 4,324,332 | 90,255* |
| Invesco Private Prime Fund | 1,873,540 | 101,027,599 | (91,783,635) | - | 1,942 | 11,119,446 | 242,042* |
| Total | $30,187,530 | $251,873,332 | $(248,004,040) | $(214) | $6,614 | $34,063,222 | $1,254,802 |
| * | 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. |
| (g) | The rate shown is the 7-day SEC standardized yield as of May 31, 2024. |
| (h) | 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 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 Global Real Estate Income Fund
Notes to Quarterly Schedule of Portfolio Holdings
May 31, 2024
(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 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, 2024. 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 | ||||
| Belgium | $— | $5,883,106 | $— | $5,883,106 |
| Canada | 14,490,157 | — | — | 14,490,157 |
| Cayman Islands | — | 12,530,114 | — | 12,530,114 |
| France | — | 6,645,946 | — | 6,645,946 |
| Germany | — | 20,485,847 | — | 20,485,847 |
| Hong Kong | — | 15,344,364 | — | 15,344,364 |
| Japan | — | 35,282,053 | — | 35,282,053 |
| Singapore | — | 5,136,763 | — | 5,136,763 |
| Spain | — | 5,549,460 | — | 5,549,460 |
| Sweden | — | 4,510,043 | — | 4,510,043 |
| United Kingdom | — | 25,155,017 | — | 25,155,017 |
| United States | 280,828,238 | 122,128,372 | — | 402,956,610 |
| Money Market Funds | 18,619,444 | 15,443,778 | — | 34,063,222 |
| Total Investments | $313,937,839 | $274,094,863 | $— | $588,032,702 |
Invesco Global Real Estate Income Fund