NPORT-EX 2 edgar.htm EDGAR HTML
Schedule of Investments  
May 31, 2025
(Unaudited)
 
 

 
Shares
Value
Common Stocks & Other Equity Interests–78.28%
Australia–4.62%
Goodman Group
477,188
$10,121,258
NEXTDC Ltd.(a)
212,180
1,795,079
Stockland
1,422,687
5,010,478
 
 
16,926,815
Canada–0.91%
Allied Properties REIT
128,400
1,476,411
RioCan REIT
146,800
1,854,856
 
 
3,331,267
France–0.77%
Unibail-Rodamco-Westfield
29,765
2,822,918
Germany–3.77%
LEG Immobilien SE
40,383
3,428,744
Sirius Real Estate Ltd.
3,291,636
4,238,208
Vonovia SE
187,599
6,146,591
 
 
13,813,543
Hong Kong–2.06%
Hongkong Land Holdings Ltd.
398,800
2,060,080
Link REIT
633,200
3,351,043
Sun Hung Kai Properties Ltd.
200,000
2,148,334
 
 
7,559,457
Japan–6.65%
Activia Properties, Inc.
3,222
2,572,837
GLP J-Reit
4,089
3,607,005
Invincible Investment Corp.
4,116
1,751,477
Japan Metropolitan Fund Investment
Corp.
3,667
2,510,304
Mitsui Fudosan Co. Ltd.
1,074,700
10,292,919
Sumitomo Realty & Development Co.
Ltd.
94,300
3,612,337
 
 
24,346,879
Netherlands–0.71%
CTP N.V.(b)
136,668
2,601,563
Singapore–1.38%
CapitaLand Integrated Commercial
Trust
1,318,329
2,135,390
CapitaLand Investment Ltd.
808,600
1,576,784
Mapletree Logistics Trust
1,548,000
1,333,011
 
 
5,045,185
Spain–0.66%
Merlin Properties SOCIMI S.A.
193,757
2,400,490
Sweden–1.60%
Fastighets AB Balder, Class B(a)
836,972
5,868,411
United Kingdom–2.40%
LondonMetric Property PLC
2,088,597
5,670,711
Segro PLC
332,356
3,125,545
 
 
8,796,256
 
 
Shares
Value
United States–52.75%
Agree Realty Corp.
39,532
$2,976,760
American Healthcare REIT, Inc.
142,128
4,965,952
American Homes 4 Rent, Class A
124,804
4,723,831
AvalonBay Communities, Inc.
50,881
10,520,664
Brixmor Property Group, Inc.
134,780
3,424,760
Camden Property Trust
27,506
3,231,680
CareTrust REIT, Inc.
126,719
3,644,438
Digital Realty Trust, Inc.
80,126
13,743,212
EastGroup Properties, Inc.
10,761
1,824,528
Equinix, Inc.
19,453
17,290,216
Equity LifeStyle Properties, Inc.
70,199
4,462,550
Equity Residential
98,081
6,879,401
Extra Space Storage, Inc.
32,396
4,896,655
Federal Realty Investment Trust
26,626
2,542,251
First Industrial Realty Trust, Inc.
156,928
7,756,951
Gaming and Leisure Properties, Inc.
145,981
6,817,313
Healthpeak Properties, Inc.
292,545
5,093,209
Hilton Worldwide Holdings, Inc.
8,235
2,045,903
Invitation Homes, Inc.
83,605
2,817,489
Iron Mountain, Inc.
71,916
7,098,828
Kimco Realty Corp.
222,249
4,725,014
Marriott International, Inc., Class A
7,855
2,072,385
Prologis, Inc.
150,417
16,335,286
Public Storage
37,556
11,582,646
Simon Property Group, Inc.
51,971
8,474,911
UDR, Inc.
94,024
3,895,414
Vornado Realty Trust
189,981
7,156,584
Welltower, Inc.
144,201
22,247,330
 
 
193,246,161
Total Common Stocks & Other Equity Interests
(Cost $264,680,585)
286,758,945
 
Principal
Amount
 
Asset-Backed Securities–13.84%
ALA Trust, Series 2025-OANA, Class C,
6.39% (1 mo. Term SOFR + 2.09%),
06/15/2030(b)(c)
 
$2,000,000
2,001,341
Benchmark Mortgage Trust,
Series 2025-V14, Class AM, 6.09%,
04/15/2057(d)
 
1,500,000
1,552,586
BPR Trust, Series 2022-OANA, Class D,
8.02% (1 mo. Term SOFR + 3.70%),
04/15/2037(b)(c)
 
2,375,000
2,380,602
BX Commercial Mortgage Trust,
Series 2021-VOLT, Class E, 6.44%
(1 mo. Term SOFR + 2.11%),
09/15/2036(b)(c)
 
1,095,000
1,087,675
Series 2022-CSMO, Class C, 8.22%
(1 mo. Term SOFR + 3.89%),
06/15/2027(b)(c)
 
600,000
604,815
Series 2022-CSMO, Class D, 8.67%
(1 mo. Term SOFR + 4.34%),
06/15/2027(b)(c)
 
2,380,000
2,408,469
Series 2021-SOAR, Class D, 5.84%
(1 mo. Term SOFR + 1.51%),
06/15/2038(b)(c)
 
1,315,107
1,314,402
See accompanying notes which are an integral part of this schedule.
Invesco Global Real Estate Income Fund
 
Principal
Amount
Value
BX Trust,
Series 2021-RISE, Class D, 6.19% (1
mo. Term SOFR + 1.86%),
11/15/2036(b)(c)
 
$1,601,053
$1,590,347
Series 2019-OC11, Class C, 3.86%,
12/09/2041(b)
 
1,500,000
1,399,711
CEDR Commercial Mortgage Trust,
Series 2022-SNAI, Class E, 7.35% (1
mo. Term SOFR + 3.02%),
02/15/2039(b)(c)
 
500,000
454,370
CFK Trust, Series 2019-FAX, Class E,
4.64%, 01/15/2039(b)(d)
 
1,000,000
894,636
Citigroup Commercial Mortgage Trust,
Series 2020-420K, Class E, 3.31%,
11/10/2042(b)(d)
 
4,586,000
3,854,742
Series 2020-555, Class F, 3.50%,
12/10/2041(b)(d)
 
800,000
668,442
Series 2020-555, Class E, 3.50%,
12/10/2041(b)(d)
 
427,000
363,063
Commercial Mortgage Trust,
Series 2019-GC44, Class 180B,
3.40%, 08/15/2057(b)(d)
 
1,500,000
1,349,276
Series 2019-GC44, Class 180C,
3.40%, 08/15/2057(b)(d)
 
2,500,000
2,201,221
CONE Trust, Series 2024-DFW1, Class D,
7.37% (1 mo. Term SOFR + 3.04%),
08/15/2041(b)(c)
 
1,200,000
1,200,128
Hilton USA Trust,
Series 2016-HHV, Class E, 4.19%,
11/05/2038(b)(d)
 
581,000
562,141
Series 2016-HHV, Class C, 4.19%,
11/05/2038(b)(d)
 
1,396,500
1,369,076
Independence Plaza Trust,
Series 2018-INDP, Class E, 5.00%,
07/10/2035(b)
 
3,000,000
2,940,652
J.P. Morgan Chase Commercial Mortgage
Securities Trust, Series 2019-OSB,
Class A, 3.40%, 06/05/2039(b)
 
1,000,000
930,591
JP Morgan Chase Commercial Mortgage
Securities Trust,
Series 2019-UES, Class F, 4.45%,
05/05/2032(b)(d)
 
558,000
529,668
Series 2019-UES, Class B, 4.14%,
05/05/2032(b)
 
1,284,000
1,248,382
Series 2019-UES, Class C, 4.34%,
05/05/2032(b)
 
116,000
112,061
Series 2019-UES, Class D, 4.45%,
05/05/2032(b)(d)
 
119,000
114,379
Series 2019-UES, Class E, 4.45%,
05/05/2032(b)(d)
 
138,000
131,307
 
Principal
Amount
Value
MHC Commercial Mortgage Trust,
Series 2021-MHC, Class F, 7.04% (1
mo. Term SOFR + 2.72%),
04/15/2038(b)(c)
 
$1,920,000
$1,921,053
Natixis Commercial Mortgage Securities
Trust, Series 2018-SOX, Class E,
4.77%, 06/17/2038(b)(d)
 
922,000
873,166
NYC Trust 2024-3ELV, Series 2024-
3ELV, Class D, 8.17% (1 mo. Term
SOFR + 3.84%), 08/15/2029(b)(c)
 
3,000,000
2,978,486
Prima Capital CRE Securitization Ltd.,
Series 2019-RK1, Class BT, 4.45%,
04/15/2038(b)
 
4,154,000
4,047,386
SREIT Trust, Series 2021-PALM, Class E,
6.35% (1 mo. Term SOFR + 2.02%),
10/15/2034(b)(c)
 
1,240,000
1,233,996
STWD Trust, Series 2021-FLWR, Class E,
6.37% (1 mo. Term SOFR + 2.04%),
07/15/2036(b)(c)
 
3,960,000
3,942,799
MF1 2021-W10X, Series 2021-W10,
Class D, 6.30% (1 mo. Term SOFR +
1.97%), 12/15/2034(b)(c)
 
2,500,000
2,453,578
Total Asset-Backed Securities (Cost $50,841,701)
50,714,547
 

Shares
 
Preferred Stocks–5.44%
United States–5.44%
American Homes 4 Rent, 5.88%, Series G,
Pfd.
83,600
1,906,916
American Homes 4 Rent, 6.25%, Series H,
Pfd.
198,800
4,725,476
DiamondRock Hospitality Co., 8.25%, Pfd.
167,478
4,203,698
National Storage Affiliates Trust, 6.00%,
Series A, Pfd.
241,700
5,624,359
UMH Properties, Inc., 6.38%, Series D, Pfd.
160,000
3,467,200
Total Preferred Stocks (Cost $20,749,320)
19,927,649
Money Market Funds–2.53%
Invesco Government & Agency Portfolio,
Institutional Class, 4.24%(e)(f)
3,238,413
3,238,413
Invesco Treasury Portfolio, Institutional
Class, 4.22%(e)(f)
6,014,080
6,014,080
Total Money Market Funds (Cost $9,252,493)
9,252,493
TOTAL INVESTMENTS IN SECURITIES—100.09%
(Cost $345,524,099)
366,653,634
OTHER ASSETS LESS LIABILITIES–(0.09)%
(336,855
)
NET ASSETS–100.00%
$366,316,779
Investment Abbreviations: 
Pfd.
– Preferred
REIT
– Real Estate Investment Trust
SOFR
– Secured Overnight Financing Rate
See accompanying notes which are an integral part of this schedule.
Invesco Global Real Estate Income Fund
Notes to Schedule of Investments: 
(a)
Non-income producing security.
(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
May 31, 2025 was $51,763,524, which represented 14.13% of the Fund’s Net Assets.
(c)
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on May 31, 2025.
(d)
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, 2025.
(e)
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, 2025.
 
 
Value
August 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value
May 31, 2025
Dividend Income
Investments in Affiliated Money Market
Funds:
Invesco Government & Agency Portfolio,
Institutional Class
$4,566,512
$53,286,664
$(54,614,763)
$-
$-
$3,238,413
$88,853
Invesco Liquid Assets Portfolio, Institutional
Class
-
-
-
-
-
-
805
Invesco Treasury Portfolio, Institutional Class
8,480,393
98,960,947
(101,427,260)
-
-
6,014,080
163,396
Investments Purchased with Cash Collateral
from Securities on Loan:
Invesco Private Government Fund
5,460,184
46,151,451
(51,611,635)
-
-
-
75,974*
Invesco Private Prime Fund
14,338,579
106,099,918
(120,437,750)
(422)
(325)
-
205,752*
Investments in Other Affiliates:
Pebblebrook Hotel Trust, Series E, Pfd
5,025,679
-
(4,460,267)
22,948
(588,360)
-
164,834
UMH Properties, Inc., Series D, Pfd.**
13,461,500
-
(9,283,643)
353,512
(1,064,169)
3,467,200
477,010
Total
$51,332,847
$304,498,980
$(341,835,318)
$376,038
$(1,652,854)
$12,719,693
$1,176,624
 
*
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.
**
At May 31, 2025, this security was no longer an affiliate of the Fund.
 
(f)
The rate shown is the 7-day SEC standardized yield as of May 31, 2025.
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, 2025
(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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.
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, 2025. 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
Australia
$—
$16,926,815
$—
$16,926,815
Canada
3,331,267
—
—
3,331,267
Cayman Islands
—
2,453,578
—
2,453,578
France
—
2,822,918
—
2,822,918
Germany
—
13,813,543
—
13,813,543
Hong Kong
—
7,559,457
—
7,559,457
Japan
—
24,346,879
—
24,346,879
Netherlands
—
2,601,563
—
2,601,563
Singapore
—
5,045,185
—
5,045,185
Spain
—
2,400,490
—
2,400,490
Sweden
—
5,868,411
—
5,868,411
United Kingdom
—
8,796,256
—
8,796,256
United States
213,173,810
48,260,969
—
261,434,779
Money Market Funds
9,252,493
—
—
9,252,493
Total Investments
$225,757,570
$140,896,064
$—
$366,653,634
Invesco Global Real Estate Income Fund