Schedule of Investments
Invesco Senior Loan ETF (BKLN)
November 30, 2023
(Unaudited)
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||
Variable Rate Senior Loan Interests-90.75%(a)(b) | ||||||||
Aerospace & Defense-3.13% | ||||||||
Peraton Corp., First Lien Term Loan B (1 mo. SOFR + 3.85%) | 9.20% | 02/01/2028 | $ | 95,654 | $95,227,020 | |||
TransDigm, Inc., Term Loan I (3 mo. SOFR + 3.25%) | 8.64% | 08/24/2028 | 66,039 | 66,145,499 | ||||
161,372,519 | ||||||||
Air Transport-2.79% | ||||||||
AAdvantage Loyalty IP Ltd. (American Airlines, Inc.), Term Loan (3 mo. SOFR + 5.01%) | 10.43% | 04/20/2028 | 47,079 | 47,866,449 | ||||
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., Term Loan (3 mo. SOFR + 5.40%) | 10.80% | 06/21/2027 | 36,577 | 37,765,516 | ||||
SkyMiles IP Ltd. (Delta Air Lines, Inc.), Term Loan (3 mo. SOFR + 3.75%) | 9.17% | 10/20/2027 | 126 | 129,442 | ||||
United Airlines, Inc., Term Loan B (1 mo. SOFR + 3.86%) | 9.21% | 04/21/2028 | 57,885 | 57,996,391 | ||||
143,757,798 | ||||||||
Automotive-0.81% | ||||||||
Panther BF Aggregator 2 L.P., Term Loan B (Canada) (1 mo. SOFR + 3.75%) | 9.10% | 05/06/2030 | 41,900 | 42,020,463 | ||||
Beverage & Tobacco-1.99% | ||||||||
Al Aqua Merger Sub, Inc., Term Loan B (1 mo. SOFR + 3.75%) | 9.07% | 07/31/2028 | 61,054 | 60,031,829 | ||||
Triton Water Holdings, Inc., First Lien Term Loan (3 mo. SOFR + 3.51%) | 8.90% | 03/31/2028 | 43,394 | 42,731,726 | ||||
102,763,555 | ||||||||
Building & Development-2.17% | ||||||||
Cornerstone Building Brands, Inc., Term Loan B (1 mo. SOFR + 3.35%) | 8.67% | 04/12/2028 | 38,544 | 37,703,364 | ||||
LBM Holdings LLC, First Lien Term Loan (1 mo. SOFR + 3.85%) | 9.20% | 12/17/2027 | 47,067 | 45,343,589 | ||||
Quikrete Holdings, Inc., First Lien Term Loan (1 mo. SOFR + 2.74%) | 8.09% | 02/01/2027 | 28,619 | 28,696,380 | ||||
111,743,333 | ||||||||
Business Equipment & Services-8.52% | ||||||||
Allied Universal Holdco LLC (USAGM Holdco LLC/UNSEAM), Term Loan (1 mo. SOFR + 3.85%) | 9.20% | 05/12/2028 | 65,928 | 64,366,488 | ||||
Asurion LLC | ||||||||
Second Lien Term Loan B-4 (1 mo. SOFR + 5.36%) | 10.71% | 01/20/2029 | 41,611 | 36,950,209 | ||||
Term Loan B-8 (1 mo. SOFR + 3.36%) | 8.71% | 12/23/2026 | 51,140 | 50,520,175 | ||||
Citrix Systems, Inc., Term Loan B (3 mo. SOFR + 4.60%) | 9.99% | 03/30/2029 | 70,969 | 66,445,641 | ||||
Dun & Bradstreet Corp. (The), Term loan B (1 mo. SOFR + 2.85%) | 8.19% | 02/06/2026 | 42,716 | 42,776,595 | ||||
Endure Digital, Inc. (Eagle Company), Term Loan B(c) | - | 02/10/2028 | 38,000 | 36,781,910 | ||||
Mitchell International, Inc., First Lien Term Loan (3 mo. SOFR + 4.01%) | 9.40% | 10/15/2028 | 29,491 | 29,333,775 | ||||
Solera (Polaris Newco LLC), Term Loan B (1 mo. SOFR + 4.11%) | 9.46% | 06/02/2028 | 57,308 | 55,889,507 | ||||
Tempo Acquisition LLC, Term Loan (1 mo. SOFR + 2.75%) | 8.10% | 08/31/2028 | 39,829 | 39,910,004 | ||||
WorldPay, Term Loan B(c) | - | 09/20/2030 | 16,297 | 16,299,199 | ||||
439,273,503 | ||||||||
Cable & Satellite Television-4.31% | ||||||||
Charter Communications Operating LLC | ||||||||
Term Loan B-1 (3 mo. SOFR + 1.75%) | 7.13% | 04/30/2025 | 5 | 5,079 | ||||
Term Loan B-2 (1 mo. SOFR + 1.75%) | 7.10% | 02/01/2027 | 49,593 | 49,551,035 | ||||
CSC Holdings LLC | ||||||||
Term Loan (1 mo. USD LIBOR + 2.25%) | 7.69% | 07/17/2025 | 7,609 | 7,458,650 | ||||
Term Loan (1 mo. USD LIBOR + 2.50%) | 7.94% | 04/15/2027 | 34,364 | 32,256,385 | ||||
Numericable-SFR S.A., Term Loan B-14 (France) (3 mo. SOFR + 5.50%) | 10.89% | 08/15/2028 | 69,163 | 59,351,221 | ||||
Virgin Media 02 - LG, Term Loan N (United Kingdom) (1 mo. SOFR + 2.61%) | 7.94% | 01/31/2028 | 42,842 | 42,218,137 | ||||
Vodafone Ziggo - LG, Term Loan I (1 mo. SOFR + 2.61%) | 7.94% | 04/30/2028 | 31,865 | 31,312,756 | ||||
222,153,263 | ||||||||
Chemicals & Plastics-0.92% | ||||||||
AkzoNoble Chemicals, Term Loan (3 mo. SOFR + 4.10%) | 9.47% | 04/03/2028 | 37,624 | 37,411,877 | ||||
Univar, Inc., Term Loan B(c) | - | 08/01/2030 | 10,000 | 10,042,350 | ||||
47,454,227 |
See accompanying notes which are an integral part of this schedule.
Invesco Senior Loan ETF (BKLN)—(continued)
November 30, 2023
(Unaudited)
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||
Containers & Glass Products-1.31% | ||||||||
Berry Global, Inc. | ||||||||
Term Loan AA (1 mo. SOFR + 1.86%) | 7.19% | 07/01/2029 | $ | 19,304 | $19,263,272 | |||
Term Loan Z (1 mo. SOFR + 1.86%) | 7.19% | 07/01/2026 | 1,320 | 1,323,106 | ||||
Flex Acquisition Co., Inc., First Lien Term Loan B (1 mo. SOFR + 4.28%) | 9.62% | 04/13/2029 | 47,185 | 46,880,575 | ||||
67,466,953 | ||||||||
Cosmetics & Toiletries-0.76% | ||||||||
Bausch and Lomb, Inc., Term Loan (3 mo. SOFR + 3.35%) | 8.76% | 05/10/2027 | 40,563 | 39,406,772 | ||||
Drugs-1.97% | ||||||||
Amneal Pharmaceuticals LLC, Term Loan (1 mo. SOFR + 5.50%) | 10.82% | 05/04/2025 | 36,219 | 35,675,922 | ||||
Jazz Pharmaceuticals, Inc., Term Loan B (1 mo. SOFR + 3.61%) | 8.96% | 05/05/2028 | 43,236 | 43,358,848 | ||||
Valeant Pharmaceuticals International, Inc., Term Loan B (Canada) (1 mo. SOFR + 5.35%) | 10.69% | 02/01/2027 | 29,500 | 22,469,253 | ||||
101,504,023 | ||||||||
Electronics & Electrical-15.56% | ||||||||
Boxer Parent Co., Inc., Term Loan B (1 mo. SOFR + 3.86%) | 9.21% | 10/02/2025 | 48,638 | 48,700,741 | ||||
Central Parent, Inc., First Lien Term Loan (3 mo. SOFR + 4.00%) | 9.41% | 07/06/2029 | 56,838 | 56,938,668 | ||||
CommScope, Inc., Term Loan (1 mo. SOFR + 3.36%) | 8.71% | 04/06/2026 | 44,272 | 38,931,583 | ||||
CoreLogic, Inc., Term Loan B (1 mo. SOFR + 3.61%) | 8.96% | 06/02/2028 | 57,690 | 54,413,084 | ||||
Entegris, Inc., Term Loan B (3 mo. SOFR + 2.50%) | 7.89% | 07/06/2029 | 10,968 | 10,974,098 | ||||
McAfee Enterprise, Term Loan B (3 mo. SOFR + 5.26%) | 10.65% | 07/27/2028 | 48,423 | 31,371,175 | ||||
McAfee LLC, Term Loan B-1 (1 mo. SOFR + 3.85%) | 9.17% | 03/01/2029 | 84,327 | 83,529,757 | ||||
NortonLifeLock, Inc. | ||||||||
Term Loan A (1 mo. SOFR + 1.60%) | 6.95% | 09/10/2027 | 47,561 | 47,501,331 | ||||
Term Loan B (1 mo. SOFR + 2.10%) | 7.45% | 09/12/2029 | 66,146 | 66,067,422 | ||||
Open Text Corp., Term Loan B (Canada) (1 mo. SOFR + 2.85%) | 8.20% | 01/31/2030 | 59,759 | 59,915,762 | ||||
Proofpoint, Inc., Term Loan B (1 mo. SOFR + 3.36%) | 8.71% | 08/31/2028 | 41,956 | 41,725,010 | ||||
Qlik Technologies, Term Loan(c) | - | 10/28/2030 | 32,500 | 32,012,500 | ||||
Quest Software US Holdings, Inc., Term Loan B (3 mo. SOFR + 4.40%) | 9.78% | 02/01/2029 | 47,274 | 34,763,823 | ||||
RealPage, Inc., Term Loan B (1 mo. SOFR + 3.11%) | 8.46% | 04/24/2028 | 52,961 | 51,730,672 | ||||
Syncsort, Inc., Term Loan B (3 mo. SOFR + 4.26%) | 9.64% | 04/24/2028 | 38,870 | 38,107,460 | ||||
Uber Technologies, Inc., Term Loan B (3 mo. SOFR + 2.75%) | 8.16% | 03/03/2030 | 32,226 | 32,334,909 | ||||
Ultimate Software Group, Inc., First Lien Incremental Term Loan (3 mo. SOFR + 3.35%) | 8.76% | 05/04/2026 | 73,256 | 73,393,204 | ||||
802,411,199 | ||||||||
Financial Intermediaries-1.85% | ||||||||
Aretec Group, Inc., Term Loan B-1(c) | - | 08/09/2030 | 30,000 | 29,100,000 | ||||
Citadel Advisors Holdings L.P., Term Loan B (1 mo. SOFR + 2.61%) | 7.96% | 07/29/2030 | 55,714 | 55,763,927 | ||||
Jane Street Group LLC, First Lien Term Loan B (1 mo. SOFR + 2.86%) | 8.21% | 01/26/2028 | 10,274 | 10,293,945 | ||||
95,157,872 | ||||||||
Food Products-0.83% | ||||||||
Froneri International PLC, Term Loan B-2 (United Kingdom) (1 mo. SOFR + 2.35%) | 7.70% | 01/29/2027 | 42,729 | 42,777,582 | ||||
Food Service-2.68% | ||||||||
IRB Holding Corp., Term Loan B (1 mo. SOFR + 3.10%) | 8.45% | 12/15/2027 | 69,647 | 69,633,650 | ||||
New Red Finance, Inc., Term Loan B-5 (1 mo. SOFR + 2.25%) | 7.60% | 09/23/2030 | 68,504 | 68,327,889 | ||||
137,961,539 | ||||||||
Health Care-12.03% | ||||||||
athenahealth Group, Inc., Term Loan (1 mo. SOFR + 3.25%) | 8.60% | 02/15/2029 | 98,007 | 96,550,562 | ||||
DaVita HealthCare Partners, Inc., Term Loan B-1 (1 mo. SOFR + 1.86%) | 7.21% | 08/12/2026 | 39,332 | 39,278,435 | ||||
Elanco Animal Health, Inc., Term Loan (1 mo. SOFR + 1.85%) | 7.17% | 08/01/2027 | 63,011 | 62,073,235 | ||||
Gainwell Acquisition Corp., First Lien Term Loan B (3 mo. SOFR + 4.10%) | 9.49% | 10/01/2027 | 68,452 | 66,170,332 | ||||
ICON PLC | ||||||||
Term Loan (3 mo. SOFR + 2.51%) | 7.90% | 07/03/2028 | 8,856 | 8,883,620 | ||||
Term Loan (3 mo. SOFR + 2.51%) | 7.90% | 07/03/2028 | 35,545 | 35,655,617 | ||||
Mozart Debt Merger Sub, Inc. (Medline Industries), Term Loan (1 mo. SOFR + 3.11%) | 8.46% | 10/23/2028 | 87,803 | 87,918,587 | ||||
Organon & Co., Term Loan B (1 mo. SOFR + 3.11%) | 8.44% | 06/02/2028 | 39,517 | 39,511,647 | ||||
PAREXEL International Corp., First Lien Term Loan (1 mo. SOFR + 3.36%) | 8.71% | 11/15/2028 | 42,228 | 42,239,608 | ||||
Sunshine Luxembourg VII S.a.r.l. (Nestle Skin Health), Term Loan (Switzerland) (3 mo. SOFR + 3.85%) | 8.99% | 10/01/2026 | 47,950 | 48,159,527 |
See accompanying notes which are an integral part of this schedule.
Invesco Senior Loan ETF (BKLN)—(continued)
November 30, 2023
(Unaudited)
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||
Health Care-(continued) | ||||||||
Syneos Health, Inc., Term Loan (1 mo. SOFR + 4.00%) | 9.39% | 09/27/2030 | $ | 43,000 | $42,128,175 | |||
Verscend Holding Corp., Term Loan B-1 (1 mo. SOFR + 4.11%) | 9.46% | 08/27/2025 | 51,328 | 51,450,843 | ||||
620,020,188 | ||||||||
Home Furnishings-0.97% | ||||||||
Hunter Douglas Holding B.V., Term Loan B-1 (3 mo. SOFR + 3.50%) | 8.88% | 02/26/2029 | 51,436 | 49,865,622 | ||||
Industrial Equipment-2.80% | ||||||||
Madison IAQ LLC, Term Loan (1 mo. SOFR + 3.36%) | 8.70% | 06/21/2028 | 39,665 | 39,164,224 | ||||
MKS Instruments, Inc., Term Loan B (1 mo. SOFR + 2.50%) | 7.82% | 08/17/2029 | 57,378 | 57,401,975 | ||||
Thyssenkrupp Elevators (Vertical Midco GmbH), Term Loan B (Germany) (6 mo. SOFR + 3.93%) | 9.38% | 07/30/2027 | 47,522 | 47,559,532 | ||||
144,125,731 | ||||||||
Insurance-5.91% | ||||||||
Acrisure LLC, First Lien Term Loan (1 mo. USD LIBOR + 3.50%) | 9.15% | 02/15/2027 | 50,468 | 50,163,429 | ||||
AmWINS Group LLC, Term Loan (1 mo. SOFR + 2.36%) | 7.71% | 02/19/2028 | 40,070 | 40,071,813 | ||||
Hub International Ltd., Term Loan B (3 mo. SOFR + 4.25%) | 9.66% | 06/20/2030 | 79,383 | 79,792,169 | ||||
Hyperion Insurance Group Ltd., Term Loan B (United Kingdom) (1 mo. USD LIBOR + 3.25%) | 8.75% | 11/12/2027 | 43,211 | 43,225,927 | ||||
Sedgwick Claims Management Services, Inc., Term Loan B (1 mo. SOFR + 3.75%) | 9.10% | 02/24/2028 | 57,499 | 57,639,000 | ||||
USI, Inc., Term Loan (3 mo. SOFR + 3.75%) | 9.14% | 11/22/2029 | 33,696 | 33,734,547 | ||||
304,626,885 | ||||||||
Leisure Goods, Activities & Movies-0.84% | ||||||||
UFC Holdings LLC, Term Loan B-3 (3 mo. SOFR + 3.01%) | 8.40% | 04/29/2026 | 43,016 | 43,138,032 | ||||
Lodging & Casinos-2.69% | ||||||||
Caesars Entertainment, Inc., Term Loan B (1 mo. SOFR + 3.35%) | 8.70% | 02/06/2030 | 35,675 | 35,756,350 | ||||
Fertitta Entertainment LLC (Golden Nugget), Term Loan (1 mo. SOFR + 4.00%) | 9.35% | 01/27/2029 | 51,788 | 51,480,307 | ||||
Stars Group (US) Co-Borrower, LLC, Term Loan B(c) | - | 11/18/2030 | 51,611 | 51,514,715 | ||||
138,751,372 | ||||||||
Nonferrous Metals & Minerals-0.70% | ||||||||
Prince Mineral Holding Corp., Term Loan B (3 mo. SOFR + 4.40%) | 9.81% | 04/23/2029 | 40,278 | 36,165,254 | ||||
Oil & Gas-0.81% | ||||||||
Blackstone CQP Holdco, Term Loan B (1 mo. SOFR + 3.60%) | 8.99% | 06/05/2028 | 41,769 | 41,905,175 | ||||
Publishing-2.22% | ||||||||
Micro Holding L.P., Term Loan B-3 (1 mo. SOFR + 4.25%) | 9.60% | 05/03/2028 | 68,506 | 66,450,798 | ||||
Nielsen Finance LLC, Term Loan B (3 mo. SOFR + 5.10%) | 10.51% | 04/11/2029 | 53,094 | 47,784,927 | ||||
114,235,725 | ||||||||
Radio & Television-1.01% | ||||||||
Diamond Sports Holdings LLC, Second Lien Term Loan (d)(e) | 0.00% | 08/24/2026 | 45,531 | 1,119,368 | ||||
DIRECTV Financing LLC, Term Loan B (3 mo. SOFR + 5.26%) | 10.65% | 08/02/2027 | 51,596 | 50,844,557 | ||||
51,963,925 | ||||||||
Rail Industries-0.79% | ||||||||
Genesee & Wyoming, Inc., Term Loan (3 mo. SOFR + 2.10%) | 7.49% | 12/30/2026 | 40,718 | 40,798,450 | ||||
Retailers (except Food & Drug)-3.45% | ||||||||
Bass Pro Group LLC, Term Loan B-2 (3 mo. SOFR + 4.01%) | 9.40% | 03/06/2028 | 75,872 | 75,356,997 | ||||
Harbor Freight Tools USA, Inc., Term Loan (1 mo. SOFR + 2.86%) | 8.21% | 10/19/2027 | 47,114 | 46,852,430 | ||||
Pilot Travel Centers LLC, Term Loan B (1 mo. SOFR + 2.10%) | 7.45% | 08/04/2028 | 55,413 | 55,499,278 | ||||
177,708,705 | ||||||||
Telecommunications-4.93% | ||||||||
CenturyLink, Inc., Term Loan B (1 mo. SOFR + 2.36%) | 7.71% | 03/15/2027 | 58,994 | 35,733,331 | ||||
Genesys Cloud Services Holdings I LLC, Term Loan (1 mo. SOFR + 4.11%) | 9.46% | 12/01/2027 | 43,312 | 43,415,686 | ||||
II-VI, Inc., Term Loan B (1 mo. SOFR + 2.86%) | 8.21% | 07/02/2029 | 40,293 | 40,334,764 | ||||
Level 3 Financing, Inc., Term Loan B (1 mo. SOFR + 1.86%) | 7.21% | 03/01/2027 | 38,304 | 35,830,660 | ||||
Radiate Holdco LLC, Term Loan B (1 mo. SOFR + 3.36%) | 8.71% | 09/25/2026 | 54,158 | 41,846,924 | ||||
Zayo Group Holdings, Inc., Term Loan (1 mo. SOFR + 3.11%) | 8.46% | 03/09/2027 | 66,693 | 57,192,496 | ||||
254,353,861 | ||||||||
Utilities-2.00% | ||||||||
Brookfield WEC Holdings, Inc., First Lien Term Loan (1 mo. SOFR + 2.86%) | 8.21% | 08/01/2025 | 47,084 | 47,193,996 |
See accompanying notes which are an integral part of this schedule.
Invesco Senior Loan ETF (BKLN)—(continued)
November 30, 2023
(Unaudited)
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||
Utilities-(continued) | ||||||||
Pacific Gas and Electric Co., Term Loan (1 mo. SOFR + 3.11%) | 8.46% | 06/23/2025 | $ | 25,399 | $25,452,879 | |||
Vistra Operations Co. LLC, Incremental Term Loan (1 mo. SOFR + 1.75%) | 7.21% | 12/31/2025 | 30,674 | 30,716,273 | ||||
103,363,148 | ||||||||
Total Variable Rate Senior Loan Interests (Cost $4,682,460,196) | 4,678,246,674 | |||||||
U.S. Dollar Denominated Bonds & Notes-2.65% | ||||||||
Aerospace & Defense-0.18% | ||||||||
TransDigm, Inc.(f) | 6.25% | 03/15/2026 | 9,081 | 9,025,885 | ||||
Capital Markets-0.07% | ||||||||
GTCR W-2 Merger Sub LLC(f) | 7.50% | 01/15/2031 | 3,718 | 3,790,780 | ||||
Commercial Services & Supplies-0.41% | ||||||||
ADT Security Corp. (The)(f) | 4.13% | 08/01/2029 | 8,296 | 7,379,831 | ||||
Prime Security Services Borrower LLC/Prime Finance, Inc.(f) | 5.75% | 04/15/2026 | 14,160 | 14,015,796 | ||||
21,395,627 | ||||||||
Containers & Packaging-0.17% | ||||||||
Berry Global, Inc.(f) | 4.88% | 07/15/2026 | 9,000 | 8,722,527 | ||||
Diversified Telecommunication Services-0.10% | ||||||||
CommScope, Inc.(f) | 6.00% | 03/01/2026 | 1,690 | 1,450,831 | ||||
CommScope, Inc.(f) | 4.75% | 09/01/2029 | 3,634 | 2,283,442 | ||||
Zayo Group Holdings, Inc.(f) | 4.00% | 03/01/2027 | 2,000 | 1,528,132 | ||||
5,262,405 | ||||||||
Electric Utilities-0.45% | ||||||||
PG&E Corp. | 5.00% | 07/01/2028 | 8,000 | 7,616,267 | ||||
PG&E Corp. | 5.25% | 07/01/2030 | 6,000 | 5,642,341 | ||||
Vistra Operations Co. LLC(f) | 5.13% | 05/13/2025 | 8,030 | 7,908,567 | ||||
Vistra Operations Co. LLC(f) | 4.30% | 07/15/2029 | 2,000 | 1,815,559 | ||||
22,982,734 | ||||||||
Financial Services-0.02% | ||||||||
Aretec Escrow Issuer 2, Inc.(f) | 10.00% | 08/15/2030 | 1,000 | 1,042,900 | ||||
Health Care Equipment & Supplies-0.16% | ||||||||
Medline Borrower L.P.(f) | 3.88% | 04/01/2029 | 9,000 | 7,994,803 | ||||
Health Care Providers & Services-0.02% | ||||||||
Star Parent, Inc.(f) | 9.00% | 10/01/2030 | 1,000 | 1,039,809 | ||||
Hotels, Restaurants & Leisure-0.34% | ||||||||
1011778 BC ULC/New Red Finance, Inc. (Canada)(f) | 3.88% | 01/15/2028 | 15,000 | 13,819,179 | ||||
1011778 BC ULC/New Red Finance, Inc. (Canada)(f) | 3.50% | 02/15/2029 | 4,000 | 3,565,204 | ||||
17,384,383 | ||||||||
Insurance-0.12% | ||||||||
Acrisure LLC/Acrisure Finance, Inc.(f) | 4.25% | 02/15/2029 | 7,282 | 6,364,673 | ||||
Machinery-0.04% | ||||||||
TK Elevator US Newco, Inc. (Germany)(f) | 5.25% | 07/15/2027 | 2,000 | 1,901,987 | ||||
Media-0.36% | ||||||||
CSC Holdings LLC(f) | 6.50% | 02/01/2029 | 2,000 | 1,693,280 | ||||
Virgin Media Secured Finance PLC (United Kingdom)(f) | 4.50% | 08/15/2030 | 11,000 | 9,449,770 | ||||
VZ Secured Financing B.V. (Netherlands)(f) | 5.00% | 01/15/2032 | 6,190 | 5,080,973 | ||||
Ziggo B.V. (Netherlands)(f) | 4.88% | 01/15/2030 | 3,000 | �� | 2,568,864 | |||
18,792,887 | ||||||||
Passenger Airlines-0.18% | ||||||||
American Airlines, Inc./AAdvantage Loyalty IP Ltd.(f) | 5.50% | 04/20/2026 | 1,080 | 1,063,965 | ||||
American Airlines, Inc./AAdvantage Loyalty IP Ltd.(f) | 5.75% | 04/20/2029 | 3,378 | 3,238,470 | ||||
United Airlines, Inc.(f) | 4.38% | 04/15/2026 | 895 | 851,679 | ||||
United Airlines, Inc.(f) | 4.63% | 04/15/2029 | 4,478 | 4,000,464 | ||||
9,154,578 |
See accompanying notes which are an integral part of this schedule.
Invesco Senior Loan ETF (BKLN)—(continued)
November 30, 2023
(Unaudited)
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||
Pharmaceuticals-0.03% | ||||||||
Organon & Co./Organon Foreign Debt Co-Issuer B.V.(f) | 4.13% | 04/30/2028 | $ | 1,832 | $1,628,601 | |||
Total U.S. Dollar Denominated Bonds & Notes (Cost $149,156,989) | 136,484,579 | |||||||
Shares | ||||||||
Money Market Funds-17.75% | ||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 5.27%(g)(h) (Cost $915,225,058) | 915,225,058 | 915,225,058 | ||||||
TOTAL INVESTMENTS IN SECURITIES-111.15% (Cost $5,746,842,243) | 5,729,956,311 | |||||||
OTHER ASSETS LESS LIABILITIES-(11.15)% | (574,611,596) | |||||||
NET ASSETS-100.00% | $5,155,344,715 |
Investment Abbreviations: | |
LIBOR | -London Interbank Offered Rate |
SOFR | -Secured Overnight Financing Rate |
USD | -U.S. Dollar |
Notes to Schedule of Investments: | |
(a) | 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. |
(b) | 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. |
(c) | This variable rate interest will settle after November 30, 2023, at which time the interest rate will be determined. |
(d) | The borrower has filed for protection in federal bankruptcy court. |
(e) | Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The value of this security at November 30, 2023 represented less than 1% of the Fund’s Net Assets. |
(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 $123,225,971, which represented 2.39% of the Fund’s Net Assets. |
(g) | 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 Premier U.S. Government Money Portfolio, Institutional Class | $384,904,842 | $2,355,919,316 | $(1,825,599,100) | $- | $- | $915,225,058 | $10,485,122 |
(h) | The rate shown is the 7-day SEC standardized yield as of November 30, 2023. |
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.
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 Capital Management LLC’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 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 | $- | $4,678,246,674 | $- | $4,678,246,674 | |||
U.S. Dollar Denominated Bonds & Notes | - | 136,484,579 | - | 136,484,579 | |||
Money Market Funds | 915,225,058 | - | - | 915,225,058 | |||
Total Investments | $915,225,058 | $4,814,731,253 | $- | $5,729,956,311 |