NPORT-EX 2 edgar.htm EDGAR HTML
Schedule of Investments(a)  
November 30, 2024
(Unaudited)
 
 
Principal
Amount
Value
U.S. Dollar Denominated Bonds & Notes–44.28%
Aerospace & Defense–0.73%
Boeing Co. (The),
6.26%, 05/01/2027(b)
 
$110,000
$112,770
5.88%, 02/15/2040
 
183,000
179,907
3.90%, 05/01/2049
 
470,000
336,899
5.93%, 05/01/2060
 
200,000
189,303
Lockheed Martin Corp.,
4.75%, 02/15/2034
 
520,000
516,657
5.70%, 11/15/2054
 
215,000
230,208
5.90%, 11/15/2063
 
200,000
219,683
 
 
1,785,427
Agricultural & Farm Machinery–0.52%
John Deere Capital Corp.,
1.70%, 01/11/2027
 
200,000
189,414
1.75%, 03/09/2027
 
470,000
443,703
4.95%, 07/14/2028
 
100,000
101,788
5.05%, 06/12/2034
 
520,000
530,676
 
 
1,265,581
Air Freight & Logistics–0.60%
FedEx Corp.,
4.55%, 04/01/2046
 
500,000
434,469
5.25%, 05/15/2050
 
500,000
481,065
United Parcel Service, Inc., 5.60%,
05/22/2064
 
520,000
538,478
 
 
1,454,012
Apparel Retail–0.17%
Ross Stores, Inc., 1.88%, 04/15/2031
 
200,000
167,753
TJX Cos., Inc. (The), 3.88%,
04/15/2030
 
250,000
241,872
 
 
409,625
Apparel, Accessories & Luxury Goods–0.27%
Tapestry, Inc.,
4.13%, 07/15/2027
 
449,000
440,769
3.05%, 03/15/2032
 
240,000
207,400
 
 
648,169
Asset Management & Custody Banks–0.21%
Affiliated Managers Group, Inc., 5.50%,
08/20/2034
 
504,000
506,458
Automobile Manufacturers–1.24%
American Honda Finance Corp., 3.50%,
02/15/2028
 
100,000
97,008
Ford Motor Co.,
7.45%, 07/16/2031
 
200,000
219,554
4.75%, 01/15/2043
 
216,000
180,280
Ford Motor Credit Co. LLC,
3.38%, 11/13/2025
 
260,000
255,607
4.27%, 01/09/2027
 
200,000
196,441
6.80%, 11/07/2028
 
230,000
240,810
 
Principal
Amount
Value
Automobile Manufacturers–(continued)
General Motors Co.,
6.60%, 04/01/2036
 
$100,000
$108,172
5.15%, 04/01/2038
 
98,000
93,015
6.75%, 04/01/2046
 
259,000
282,841
5.95%, 04/01/2049
 
94,000
94,028
Toyota Motor Corp. (Japan), 1.34%,
03/25/2026
 
400,000
384,010
Toyota Motor Credit Corp.,
1.13%, 06/18/2026
 
227,000
216,099
4.55%, 05/17/2030
 
150,000
149,261
5.55%, 11/20/2030
 
299,000
311,550
4.80%, 01/05/2034
 
200,000
198,829
 
 
3,027,505
Biotechnology–0.64%
AbbVie, Inc.,
3.20%, 11/21/2029
 
520,000
487,692
5.50%, 03/15/2064
 
200,000
203,725
Amgen, Inc.,
2.60%, 08/19/2026
 
500,000
483,493
2.20%, 02/21/2027
 
117,000
111,205
Gilead Sciences, Inc., 1.20%,
10/01/2027
 
310,000
283,441
 
 
1,569,556
Broadcasting–0.54%
Discovery Communications LLC,
3.95%, 03/20/2028
 
200,000
191,313
4.13%, 05/15/2029
 
289,000
273,290
Paramount Global,
2.90%, 01/15/2027
 
252,000
241,548
4.20%, 06/01/2029
 
400,000
381,150
4.20%, 05/19/2032
 
250,000
225,076
 
 
1,312,377
Broadline Retail–0.73%
Alibaba Group Holding Ltd. (China),
2.13%, 02/09/2031
 
525,000
451,549
4.50%, 11/28/2034
 
570,000
542,150
4.00%, 12/06/2037
 
400,000
354,146
2.70%, 02/09/2041
 
300,000
213,314
3.15%, 02/09/2051
 
300,000
206,007
 
 
1,767,166
Building Products–0.03%
Owens Corning, 7.00%, 12/01/2036
 
62,000
71,278
Cable & Satellite–1.14%
Charter Communications Operating LLC/
Charter Communications Operating
Capital Corp.,
4.20%, 03/15/2028
 
375,000
364,612
5.05%, 03/30/2029
 
419,000
415,314
4.40%, 04/01/2033
 
520,000
475,764
6.48%, 10/23/2045
 
95,000
93,461
5.13%, 07/01/2049
 
50,000
41,066
See accompanying notes which are an integral part of this schedule.
Invesco Intermediate Bond Factor Fund
 
Principal
Amount
Value
Cable & Satellite–(continued)
Comcast Corp.,
3.95%, 10/15/2025
 
$186,000
$185,180
6.55%, 07/01/2039
 
400,000
449,397
2.99%, 11/01/2063
 
294,000
178,561
Time Warner Cable Enterprises LLC,
8.38%, 07/15/2033
 
35,000
40,208
Time Warner Cable LLC,
7.30%, 07/01/2038
 
106,000
111,726
5.50%, 09/01/2041
 
105,000
92,517
4.50%, 09/15/2042
 
420,000
328,480
 
 
2,776,286
Communications Equipment–0.10%
Nokia OYJ (Finland), 4.38%,
06/12/2027
 
250,000
245,856
Computer & Electronics Retail–0.06%
Booz Allen Hamilton, Inc., 5.95%,
08/04/2033
 
80,000
83,241
Dell International LLC/EMC Corp.,
8.10%, 07/15/2036
 
29,000
35,193
8.35%, 07/15/2046
 
15,000
19,912
 
 
138,346
Construction Machinery & Heavy Transportation Equipment–
0.30%
Cummins, Inc., 5.45%, 02/20/2054
 
500,000
513,235
Wabtec Corp., 5.61%, 03/11/2034
 
212,000
219,386
 
 
732,621
Consumer Finance–0.18%
Ally Financial, Inc., 8.00%,
11/01/2031
 
218,000
245,148
Capital One Financial Corp., 3.75%,
03/09/2027
 
200,000
195,597
 
 
440,745
Consumer Staples Merchandise Retail–0.18%
Walmart, Inc.,
3.95%, 09/09/2027
 
190,000
188,756
4.10%, 04/15/2033
 
260,000
253,480
 
 
442,236
Data Processing & Outsourced Services–0.33%
Concentrix Corp., 6.65%, 08/02/2026
 
800,000
815,675
Distillers & Vintners–0.13%
Diageo Capital PLC (United Kingdom),
3.88%, 05/18/2028
 
330,000
324,435
Diversified Banks–8.83%
Australia and New Zealand Banking
Group Ltd. (Australia), 3.70%,
11/16/2025
 
400,000
396,680
Banco Santander S.A. (Spain),
4.25%, 04/11/2027
 
400,000
394,329
5.29%, 08/18/2027
 
200,000
201,759
4.18%, 03/24/2028(c)
 
200,000
196,479
3.31%, 06/27/2029
 
400,000
375,258
2.96%, 03/25/2031
 
200,000
177,916
6.94%, 11/07/2033
 
400,000
447,681
 
Principal
Amount
Value
Diversified Banks–(continued)
Bank of America Corp.,
4.45%, 03/03/2026
 
$430,000
$428,297
3.50%, 04/19/2026
 
300,000
295,679
4.27%, 07/23/2029(c)
 
100,000
98,311
2.50%, 02/13/2031(c)
 
200,000
178,199
2.59%, 04/29/2031(c)
 
500,000
446,298
2.69%, 04/22/2032(c)
 
400,000
350,369
5.29%, 04/25/2034(c)
 
203,000
206,219
Bank of America N.A., 5.53%,
08/18/2026
 
250,000
254,138
Bank of Montreal (Canada), Series H,
4.70%, 09/14/2027
 
480,000
481,591
Barclays PLC (United Kingdom),
4.38%, 01/12/2026
 
200,000
199,056
7.39%, 11/02/2028(c)
 
350,000
372,520
5.75%, 08/09/2033(c)
 
260,000
266,048
7.44%, 11/02/2033(c)
 
200,000
225,754
6.22%, 05/09/2034(c)
 
400,000
421,667
6.69%, 09/13/2034(c)
 
300,000
326,265
3.33%, 11/24/2042(c)
 
700,000
529,475
Citigroup, Inc.,
5.61%, 09/29/2026(c)
 
200,000
201,240
3.20%, 10/21/2026
 
275,000
267,569
3.67%, 07/24/2028(c)
 
100,000
97,132
4.41%, 03/31/2031(c)
 
450,000
438,582
8.13%, 07/15/2039
 
200,000
254,442
Cooperatieve Rabobank U.A.
(Netherlands), 5.25%, 05/24/2041
 
125,000
127,488
HSBC Holdings PLC (United Kingdom),
7.39%, 11/03/2028(c)
 
200,000
213,148
4.58%, 06/19/2029(c)
 
365,000
360,234
3.97%, 05/22/2030(c)
 
450,000
430,125
2.80%, 05/24/2032(c)
 
275,000
237,548
5.40%, 08/11/2033(c)
 
400,000
403,723
6.33%, 03/09/2044(c)
 
280,000
306,569
ING Groep N.V. (Netherlands), 4.05%,
04/09/2029
 
250,000
242,950
JPMorgan Chase & Co.,
4.13%, 12/15/2026
 
125,000
123,893
5.72%, 09/14/2033(c)
 
475,000
492,435
6.25%, 10/23/2034(c)
 
600,000
648,857
JPMorgan Chase Bank N.A., 5.11%,
12/08/2026
 
283,000
286,458
Lloyds Banking Group PLC (United
Kingdom), 4.98%, 08/11/2033(c)
 
200,000
197,070
Mitsubishi UFJ Financial Group, Inc. (Japan),
3.96%, 03/02/2028
 
225,000
221,556
4.05%, 09/11/2028
 
225,000
221,829
National Australia Bank Ltd. (Australia),
3.38%, 01/14/2026
 
300,000
296,191
2.50%, 07/12/2026
 
770,000
747,467
NatWest Group PLC (United Kingdom),
4.80%, 04/05/2026
 
200,000
200,103
5.52%, 09/30/2028(c)
 
650,000
660,100
5.78%, 03/01/2035(c)
 
300,000
308,663
Royal Bank of Canada (Canada), 4.24%,
08/03/2027
 
260,000
258,332
Sumitomo Mitsui Financial Group, Inc.
(Japan), 2.14%, 09/23/2030
 
450,000
385,931
See accompanying notes which are an integral part of this schedule.
Invesco Intermediate Bond Factor Fund
 
Principal
Amount
Value
Diversified Banks–(continued)
Toronto-Dominion Bank (The) (Canada),
5.53%, 07/17/2026
 
$200,000
$202,598
1.25%, 09/10/2026
 
100,000
94,284
4.69%, 09/15/2027
 
250,000
250,448
U.S. Bancorp,
Series W, 3.10%, 04/27/2026
 
410,000
401,886
1.38%, 07/22/2030
 
200,000
167,439
2.49%, 11/03/2036(c)
 
600,000
497,480
UBS AG (Switzerland),
1.25%, 08/07/2026
 
350,000
331,164
5.65%, 09/11/2028
 
200,000
206,923
Wells Fargo & Co.,
4.10%, 06/03/2026
 
200,000
198,095
3.58%, 05/22/2028(c)
 
120,000
116,571
5.57%, 07/25/2029(c)
 
400,000
410,152
2.88%, 10/30/2030(c)
 
350,000
319,927
2.57%, 02/11/2031(c)
 
520,000
464,582
3.07%, 04/30/2041(c)
 
325,000
247,338
5.01%, 04/04/2051(c)
 
390,000
370,852
4.61%, 04/25/2053(c)
 
221,000
197,302
Westpac Banking Corp. (Australia),
2.85%, 05/13/2026
 
451,000
440,943
2.70%, 08/19/2026
 
400,000
388,794
3.35%, 03/08/2027
 
300,000
293,729
 
 
21,500,130
Diversified Capital Markets–0.17%
UBS Group AG (Switzerland), 4.55%,
04/17/2026
 
425,000
424,401
Diversified Chemicals–0.23%
Celanese US Holdings LLC,
6.60%, 11/15/2028
 
200,000
207,169
6.33%, 07/15/2029
 
200,000
206,789
6.38%, 07/15/2032
 
100,000
104,270
Dow Chemical Co. (The), 9.40%,
05/15/2039
 
32,000
43,508
 
 
561,736
Diversified Financial Services–0.38%
AerCap Ireland Capital DAC/AerCap
Global Aviation Trust (Ireland),
3.30%, 01/30/2032
 
150,000
133,142
BlackRock Funding, Inc., 5.35%,
01/08/2055
 
520,000
529,665
Transatlantic Holdings, Inc., 8.00%,
11/30/2039
 
200,000
253,891
 
 
916,698
Diversified Metals & Mining–0.04%
BHP Billiton Finance (USA) Ltd.
(Australia), 5.25%, 09/08/2033
 
100,000
102,644
Diversified REITs–0.04%
VICI Properties L.P., 4.95%,
02/15/2030
 
96,000
94,989
Diversified Support Services–0.10%
Cintas Corp. No. 2, 3.70%,
04/01/2027
 
250,000
245,585
 
Principal
Amount
Value
Electric Utilities–4.22%
AEP Texas, Inc.,
3.95%, 06/01/2028(b)
 
$806,000
$784,862
4.70%, 05/15/2032
 
260,000
254,779
Appalachian Power Co., 7.00%,
04/01/2038
 
250,000
286,651
Arizona Public Service Co., 2.60%,
08/15/2029
 
300,000
274,854
Berkshire Hathaway Energy Co., 3.70%,
07/15/2030
 
200,000
191,119
Consolidated Edison Co. of New York, Inc.,
4.50%, 05/15/2058
 
200,000
171,134
3.70%, 11/15/2059
 
200,000
148,604
Duke Energy Indiana LLC, 6.45%,
04/01/2039
 
96,000
107,577
Edison International,
5.75%, 06/15/2027
 
150,000
153,274
4.13%, 03/15/2028
 
228,000
223,308
Entergy Louisiana LLC, 4.00%,
03/15/2033
 
400,000
374,743
Eversource Energy, Series M, 3.30%,
01/15/2028
 
120,000
114,976
MidAmerican Energy Co., 3.65%,
04/15/2029
 
180,000
173,330
National Rural Utilities Cooperative Finance
Corp.,
8.00%, 03/01/2032
 
148,000
176,495
5.25%, 04/20/2046(c)
 
12,000
11,939
NextEra Energy Capital Holdings, Inc.,
3.50%, 04/01/2029
 
250,000
238,456
2.25%, 06/01/2030
 
200,000
175,661
5.65%, 05/01/2079(c)
 
235,000
233,811
Ohio Power Co., 5.00%, 06/01/2033
 
400,000
397,753
Pacific Gas and Electric Co.,
4.20%, 03/01/2029
 
200,000
194,710
4.55%, 07/01/2030
 
450,000
440,339
2.50%, 02/01/2031
 
500,000
433,281
4.20%, 06/01/2041
 
400,000
335,860
4.95%, 07/01/2050
 
500,000
448,649
PacifiCorp,
3.50%, 06/15/2029
 
300,000
285,080
6.00%, 01/15/2039
 
200,000
212,050
5.50%, 05/15/2054
 
400,000
394,956
5.80%, 01/15/2055
 
310,000
318,694
Progress Energy, Inc., 7.75%,
03/01/2031
 
150,000
172,092
Public Service Co. of Colorado, 5.25%,
04/01/2053
 
320,000
314,543
Southern California Edison Co., 6.65%,
04/01/2029
 
500,000
533,956
Southwestern Electric Power Co.,
Series N, 1.65%, 03/15/2026
 
250,000
239,914
5.30%, 04/01/2033
 
289,000
292,793
Union Electric Co., 8.45%,
03/15/2039
 
400,000
530,519
Xcel Energy, Inc.,
4.60%, 06/01/2032
 
434,000
422,253
5.45%, 08/15/2033
 
200,000
203,602
 
 
10,266,617
Electrical Components & Equipment–0.13%
Regal Rexnord Corp., 6.30%,
02/15/2030
 
300,000
313,019
See accompanying notes which are an integral part of this schedule.
Invesco Intermediate Bond Factor Fund
 
Principal
Amount
Value
Environmental & Facilities Services–0.26%
Waste Management, Inc.,
0.75%, 11/15/2025
 
$205,000
$197,728
1.50%, 03/15/2031
 
520,000
431,681
 
 
629,409
Gas Utilities–0.18%
Southwest Gas Corp., 4.05%,
03/15/2032
 
475,000
448,654
Health Care Distributors–0.10%
McKesson Corp., 1.30%, 08/15/2026
 
250,000
237,146
Health Care Equipment–0.16%
Abbott Laboratories, 3.75%,
11/30/2026
 
394,000
389,780
Health Care Facilities–0.44%
Ascension Health, Series B, 2.53%,
11/15/2029
 
225,000
205,848
HCA, Inc.,
3.63%, 03/15/2032
 
429,000
386,950
5.50%, 06/01/2033
 
200,000
202,042
5.25%, 06/15/2049
 
300,000
275,454
 
 
1,070,294
Health Care REITs–0.11%
Healthpeak OP LLC, 2.88%,
01/15/2031
 
300,000
269,600
Health Care Services–0.65%
CHRISTUS Health, Series C, 4.34%,
07/01/2028
 
430,000
425,068
Cigna Group (The),
4.50%, 02/25/2026
 
131,000
130,800
4.38%, 10/15/2028
 
187,000
185,316
CVS Health Corp., 5.55%, 06/01/2031
 
400,000
406,627
Dignity Health, 5.27%, 11/01/2064
 
248,000
238,471
Sutter Health, Series 20-A, 2.29%,
08/15/2030
 
218,000
191,678
 
 
1,577,960
Health Care Supplies–0.22%
Solventum Corp., 5.90%,
04/30/2054(b)
 
520,000
532,567
Hotels, Resorts & Cruise Lines–0.09%
Booking Holdings, Inc., 4.63%,
04/13/2030
 
225,000
225,565
Industrial Gases–0.20%
Linde, Inc., 3.20%, 01/30/2026
 
500,000
493,132
Industrial Machinery & Supplies & Components–0.43%
nVent Finance S.a.r.l. (United Kingdom),
4.55%, 04/15/2028
 
280,000
278,310
Parker-Hannifin Corp., 3.25%,
03/01/2027
 
300,000
291,642
Stanley Black & Decker, Inc.,
4.25%, 11/15/2028
 
331,000
326,043
2.30%, 03/15/2030
 
162,000
142,406
 
 
1,038,401
Insurance Brokers–0.04%
Aon Corp., 8.21%, 01/01/2027
 
100,000
105,667
 
Principal
Amount
Value
Integrated Oil & Gas–0.71%
BP Capital Markets PLC, 3.72%,
11/28/2028
 
$325,000
$314,958
Exxon Mobil Corp., 3.48%,
03/19/2030
 
450,000
429,034
Occidental Petroleum Corp., 7.95%,
06/15/2039
 
200,000
234,705
Shell International Finance B.V.,
6.38%, 12/15/2038
 
450,000
508,109
5.50%, 03/25/2040
 
225,000
234,105
 
 
1,720,911
Integrated Telecommunication Services–0.29%
British Telecommunications PLC (United
Kingdom), 9.63%, 12/15/2030
 
250,000
307,665
Koninklijke KPN N.V. (Netherlands),
8.38%, 10/01/2030
 
175,000
205,487
Verizon Communications, Inc., 2.36%,
03/15/2032
 
220,000
185,707
 
 
698,859
Interactive Media & Services–0.40%
Baidu, Inc. (China),
4.38%, 03/29/2028
 
300,000
297,196
4.88%, 11/14/2028
 
200,000
201,401
3.43%, 04/07/2030(d)
 
500,000
468,566
 
 
967,163
Investment Banking & Brokerage–1.66%
Brookfield Finance, Inc. (Canada),
3.90%, 01/25/2028
 
440,000
430,879
6.35%, 01/05/2034
 
200,000
215,789
Charles Schwab Corp. (The),
3.20%, 03/02/2027
 
90,000
87,446
6.20%, 11/17/2029(c)
 
300,000
316,027
Goldman Sachs Group, Inc. (The),
3.50%, 11/16/2026
 
301,000
294,349
3.85%, 01/26/2027
 
220,000
216,316
3.81%, 04/23/2029(c)
 
200,000
193,745
3.80%, 03/15/2030
 
400,000
380,759
Morgan Stanley,
3.88%, 01/27/2026
 
415,000
411,453
6.25%, 08/09/2026
 
475,000
487,508
Nomura Holdings, Inc. (Japan),
1.65%, 07/14/2026
 
290,000
275,318
2.33%, 01/22/2027
 
200,000
189,608
2.71%, 01/22/2029
 
260,000
237,933
2.68%, 07/16/2030
 
340,000
299,495
 
 
4,036,625
IT Consulting & Other Services–0.53%
International Business Machines Corp.,
4.40%, 07/27/2032
 
275,000
269,001
7.13%, 12/01/2096(d)
 
383,000
503,131
Kyndryl Holdings, Inc., 2.70%,
10/15/2028
 
575,000
529,316
 
 
1,301,448
Leisure Products–0.27%
Brunswick Corp., 5.10%, 04/01/2052
 
250,000
206,779
See accompanying notes which are an integral part of this schedule.
Invesco Intermediate Bond Factor Fund
 
Principal
Amount
Value
Leisure Products–(continued)
Hasbro, Inc.,
6.35%, 03/15/2040
 
$300,000
$316,827
5.10%, 05/15/2044
 
147,000
134,093
 
 
657,699
Life & Health Insurance–1.32%
Brighthouse Financial, Inc.,
5.63%, 05/15/2030
 
200,000
207,054
4.70%, 06/22/2047
 
236,000
193,198
Jackson National Life Global Funding,
5.55%, 07/02/2027(b)
 
333,000
338,651
Lincoln National Corp., 3.05%,
01/15/2030
 
300,000
274,607
Manulife Financial Corp. (Canada),
4.15%, 03/04/2026
 
135,000
134,340
MetLife, Inc.,
4.55%, 03/23/2030
 
500,000
500,420
Series D, 5.88%(c)(e)
 
100,000
100,735
Principal Financial Group, Inc.,
3.70%, 05/15/2029
 
350,000
336,546
2.13%, 06/15/2030
 
275,000
240,868
Prudential Financial, Inc., 6.00%,
09/01/2052(c)
 
275,000
278,674
Prudential Funding (Asia) PLC
(Hong Kong), 3.13%, 04/14/2030
 
200,000
184,002
Reliance Standard Life Global Funding II,
2.75%, 01/21/2027(b)
 
441,000
418,030
 
 
3,207,125
Life Sciences Tools & Services–0.31%
Illumina, Inc., 2.55%, 03/23/2031
 
221,000
190,704
Revvity, Inc., 3.30%, 09/15/2029
 
200,000
186,503
Thermo Fisher Scientific, Inc., 5.00%,
12/05/2026
 
383,000
386,830
 
 
764,037
Managed Health Care–0.45%
UnitedHealth Group, Inc.,
5.25%, 02/15/2028
 
225,000
230,328
6.05%, 02/15/2063
 
350,000
381,392
5.20%, 04/15/2063
 
200,000
192,559
5.50%, 04/15/2064
 
300,000
301,201
 
 
1,105,480
Movies & Entertainment–0.23%
Warnermedia Holdings, Inc.,
3.76%, 03/15/2027
 
250,000
242,170
4.05%, 03/15/2029
 
200,000
189,259
4.28%, 03/15/2032
 
153,000
138,123
 
 
569,552
Multi-Family Residential REITs–0.15%
Mid-America Apartments L.P.,
3.60%, 06/01/2027
 
100,000
97,987
5.00%, 03/15/2034
 
260,000
260,945
 
 
358,932
Multi-line Insurance–0.08%
American International Group, Inc.,
Series A-9, 5.75%, 04/01/2048(c)
 
20,000
19,933
 
Principal
Amount
Value
Multi-line Insurance–(continued)
AXA S.A. (France), 8.60%,
12/15/2030
 
$150,000
$180,048
 
 
199,981
Multi-Sector Holdings–0.08%
Berkshire Hathaway, Inc., 3.13%,
03/15/2026
 
194,000
190,919
Multi-Utilities–0.33%
Black Hills Corp., 4.35%, 05/01/2033
 
91,000
85,776
National Grid PLC (United Kingdom),
5.42%, 01/11/2034
 
400,000
407,976
Puget Sound Energy, Inc., 5.80%,
03/15/2040
 
300,000
314,815
 
 
808,567
Office REITs–0.28%
Boston Properties L.P., 3.40%,
06/21/2029
 
400,000
370,549
Cousins Properties L.P., 5.88%,
10/01/2034
 
300,000
306,300
 
 
676,849
Office Services & Supplies–0.19%
CDW LLC/CDW Finance Corp.,
3.28%, 12/01/2028
 
275,000
256,432
3.57%, 12/01/2031
 
240,000
215,237
 
 
471,669
Oil & Gas Exploration & Production–0.52%
Conoco Funding Co., 7.25%,
10/15/2031
 
200,000
229,229
ConocoPhillips Co., 6.95%,
04/15/2029
 
200,000
219,561
EQT Corp.,
5.00%, 01/15/2029
 
207,000
206,625
7.00%, 02/01/2030
 
350,000
378,217
Pioneer Natural Resources Co., 1.90%,
08/15/2030
 
260,000
224,273
 
 
1,257,905
Oil & Gas Storage & Transportation–0.88%
Cheniere Energy Partners L.P., 4.00%,
03/01/2031
 
350,000
328,967
Energy Transfer L.P., 5.00%,
05/15/2050
 
470,000
419,657
Enterprise Products Operating LLC,
4.15%, 10/16/2028
 
250,000
246,253
Kinder Morgan Energy Partners L.P.,
6.95%, 01/15/2038
 
131,000
147,346
ONEOK, Inc., 7.15%, 01/15/2051
 
325,000
372,535
Plains All American Pipeline L.P./PAA
Finance Corp., 6.65%, 01/15/2037
 
100,000
108,559
Tennessee Gas Pipeline Co. LLC, 7.00%,
03/15/2027(f)
 
300,000
314,910
Western Midstream Operating L.P.,
6.35%, 01/15/2029
 
200,000
208,554
 
 
2,146,781
Other Specialized REITs–0.16%
EPR Properties, 3.60%, 11/15/2031
 
112,000
99,000
See accompanying notes which are an integral part of this schedule.
Invesco Intermediate Bond Factor Fund
 
Principal
Amount
Value
Other Specialized REITs–(continued)
GLP Capital L.P./GLP Financing II, Inc.,
5.30%, 01/15/2029
 
$200,000
$200,286
3.25%, 01/15/2032
 
114,000
99,661
 
 
398,947
Packaged Foods & Meats–0.17%
JBS USA Holding Lux S.a.r.l./JBS USA Food
Co./JBS Lux Co. S.a.r.l.,
5.13%, 02/01/2028
 
200,000
200,598
3.00%, 02/02/2029
 
225,000
207,561
 
 
408,159
Paper & Plastic Packaging Products & Materials–0.08%
Berry Global, Inc., 5.50%,
04/15/2028
 
187,000
190,162
Paper Products–0.18%
Georgia-Pacific LLC, 8.88%,
05/15/2031
 
200,000
246,512
Suzano Austria GmbH (Brazil), 6.00%,
01/15/2029
 
200,000
203,760
 
 
450,272
Passenger Airlines–0.53%
American Airlines Pass-Through Trust,
Series 2021-1, Class A, 2.88%,
07/11/2034
 
424,058
373,777
Southwest Airlines Co., 5.13%,
06/15/2027
 
284,000
286,492
United Airlines Pass-Through Trust,
Series 2020-1, Class A, 5.88%,
10/15/2027
 
330,282
338,568
5.80%, 07/15/2037
 
283,520
294,235
 
 
1,293,072
Personal Care Products–0.19%
Conopco, Inc., Series E, 7.25%,
12/15/2026
 
225,000
237,121
Estee Lauder Cos., Inc. (The), 2.60%,
04/15/2030
 
240,000
215,812
 
 
452,933
Pharmaceuticals–1.47%
AstraZeneca Finance LLC (United
Kingdom), 4.88%, 03/03/2033
 
250,000
252,717
Bristol-Myers Squibb Co.,
3.40%, 07/26/2029
 
250,000
238,105
6.40%, 11/15/2063
 
400,000
455,108
5.65%, 02/22/2064
 
300,000
307,050
Johnson & Johnson,
1.30%, 09/01/2030
 
125,000
106,222
4.95%, 06/01/2034
 
260,000
267,161
Mylan, Inc., 4.55%, 04/15/2028
 
225,000
221,988
Novartis Capital Corp. (Switzerland),
3.10%, 05/17/2027
 
450,000
437,591
Pfizer Investment Enterprises Pte. Ltd.,
4.45%, 05/19/2026
 
210,000
209,884
4.75%, 05/19/2033
 
200,000
197,969
5.34%, 05/19/2063
 
350,000
340,078
Pharmacia LLC, 6.60%, 12/01/2028
 
175,000
187,977
Viatris, Inc., 2.70%, 06/22/2030
 
400,000
351,087
 
 
3,572,937
 
Principal
Amount
Value
Property & Casualty Insurance–0.25%
Allstate Corp. (The),
3.28%, 12/15/2026
 
$190,000
$185,400
5.35%, 06/01/2033
 
225,000
231,762
Stewart Information Services Corp.,
3.60%, 11/15/2031
 
225,000
195,755
 
 
612,917
Rail Transportation–0.32%
Canadian Pacific Railway Co. (Canada),
6.13%, 09/15/2115
 
200,000
214,637
Norfolk Southern Corp., 4.10%,
05/15/2121
 
450,000
332,979
Union Pacific Corp., 3.80%,
04/06/2071
 
300,000
219,819
 
 
767,435
Regional Banks–0.59%
M&T Bank Corp., 7.41%,
10/30/2029(c)
 
200,000
215,815
Truist Bank,
4.05%, 11/03/2025
 
10,000
9,947
3.30%, 05/15/2026
 
365,000
357,428
Truist Financial Corp.,
4.87%, 01/26/2029(c)
 
200,000
200,064
4.92%, 07/28/2033(c)
 
450,000
434,666
5.87%, 06/08/2034(c)
 
200,000
208,472
 
 
1,426,392
Reinsurance–0.04%
Enstar Group Ltd., 3.10%,
09/01/2031
 
110,000
94,595
Research & Consulting Services–0.11%
Jacobs Engineering Group, Inc., 5.90%,
03/01/2033
 
250,000
257,481
Retail REITs–0.46%
Realty Income Corp.,
3.95%, 08/15/2027
 
250,000
246,768
2.20%, 06/15/2028
 
200,000
184,262
2.85%, 12/15/2032
 
200,000
172,469
Simon Property Group L.P.,
2.25%, 01/15/2032
 
290,000
246,329
6.75%, 02/01/2040
 
244,000
277,939
 
 
1,127,767
Semiconductors–1.06%
Foundry JV Holdco LLC, 6.15%,
01/25/2032(b)
 
455,000
466,624
Intel Corp.,
2.60%, 05/19/2026
 
30,000
29,097
3.15%, 05/11/2027
 
260,000
251,100
2.45%, 11/15/2029
 
275,000
245,719
5.20%, 02/10/2033(d)
 
475,000
475,185
4.95%, 03/25/2060
 
460,000
388,939
5.05%, 08/05/2062
 
400,000
339,979
Marvell Technology, Inc., 2.95%,
04/15/2031
 
200,000
178,085
TSMC Arizona Corp. (Taiwan), 2.50%,
10/25/2031
 
250,000
218,002
 
 
2,592,730
See accompanying notes which are an integral part of this schedule.
Invesco Intermediate Bond Factor Fund
 
Principal
Amount
Value
Soft Drinks & Non-alcoholic Beverages–0.32%
Coca-Cola Consolidated, Inc., 5.45%,
06/01/2034
 
$520,000
$535,031
PepsiCo, Inc., 3.90%, 07/18/2032
 
260,000
248,461
 
 
783,492
Steel–0.21%
ArcelorMittal S.A. (Luxembourg),
7.00%, 10/15/2039
 
27,000
29,857
6.75%, 03/01/2041
 
225,000
241,573
Nucor Corp., 6.40%, 12/01/2037
 
219,000
244,308
 
 
515,738
Systems Software–0.17%
Microsoft Corp., 3.13%, 11/03/2025
 
425,000
419,990
Technology Distributors–0.11%
Avnet, Inc., 6.25%, 03/15/2028
 
250,000
258,931
Technology Hardware, Storage & Peripherals–0.35%
Apple, Inc.,
3.35%, 02/09/2027
 
500,000
490,382
1.20%, 02/08/2028
 
150,000
136,382
Hewlett Packard Enterprise Co., 6.35%,
10/15/2045
 
220,000
237,219
 
 
863,983
Telecom Tower REITs–0.29%
Crown Castle, Inc.,
3.30%, 07/01/2030
 
450,000
412,829
2.25%, 01/15/2031
 
350,000
297,853
 
 
710,682
Tobacco–2.47%
Altria Group, Inc.,
3.40%, 05/06/2030
 
460,000
428,014
2.45%, 02/04/2032
 
800,000
671,697
3.88%, 09/16/2046
 
225,000
173,001
B.A.T Capital Corp. (United Kingdom),
3.56%, 08/15/2027
 
108,000
104,885
2.26%, 03/25/2028
 
350,000
323,067
2.73%, 03/25/2031
 
170,000
149,610
4.74%, 03/16/2032
 
415,000
406,104
B.A.T. International Finance PLC (United
Kingdom), 4.45%, 03/16/2028
 
265,000
262,907
Philip Morris International, Inc.,
5.13%, 02/15/2030
 
480,000
488,866
2.10%, 05/01/2030
 
250,000
219,130
1.75%, 11/01/2030
 
300,000
253,497
5.13%, 02/13/2031
 
260,000
264,458
5.75%, 11/17/2032
 
300,000
314,731
5.38%, 02/15/2033
 
163,000
166,813
5.25%, 02/13/2034
 
300,000
304,627
6.38%, 05/16/2038
 
280,000
311,068
4.50%, 03/20/2042
 
418,000
377,253
Reynolds American, Inc. (United Kingdom),
5.70%, 08/15/2035
 
256,000
263,226
5.85%, 08/15/2045
 
545,000
539,349
 
 
6,022,303
 
Principal
Amount
Value
Transaction & Payment Processing Services–0.55%
Global Payments, Inc.,
2.90%, 11/15/2031
 
$250,000
$218,323
5.40%, 08/15/2032
 
200,000
203,218
PayPal Holdings, Inc.,
2.65%, 10/01/2026
 
275,000
266,186
5.25%, 06/01/2062
 
400,000
388,130
Western Union Co. (The), 6.20%,
11/17/2036
 
250,000
258,500
 
 
1,334,357
Water Utilities–0.32%
American Water Capital Corp.,
3.45%, 06/01/2029
 
520,000
494,476
4.45%, 06/01/2032
 
297,000
291,302
 
 
785,778
Wireless Telecommunication Services–0.08%
America Movil S.A.B. de C.V. (Mexico),
6.13%, 03/30/2040
 
171,000
182,561
Total U.S. Dollar Denominated Bonds & Notes
(Cost $108,961,163)
107,841,464
U.S. Treasury Securities–41.79%
U.S. Treasury Bills–0.24%
4.44% - 4.78%, 01/30/2025(g)
 
590,000
585,701
U.S. Treasury Bonds–6.98%
6.13%, 08/15/2029
 
3,000,000
3,259,688
2.00%, 11/15/2041
 
1,000,000
708,262
3.38%, 08/15/2042
 
725,600
629,968
4.38%, 08/15/2043
 
1,021,200
1,010,489
3.75%, 11/15/2043
 
2,100,000
1,900,910
3.38%, 05/15/2044
 
1,500,000
1,279,336
3.00%, 11/15/2045
 
2,000,000
1,588,438
3.00%, 08/15/2048
 
1,000,000
777,246
2.38%, 11/15/2049
 
1,687,600
1,148,194
2.00%, 02/15/2050
 
1,400,000
872,156
1.25%, 05/15/2050
 
1,926,000
985,232
4.13%, 08/15/2053
 
2,323,100
2,217,063
4.63%, 05/15/2054
 
600,000
623,906
 
 
17,000,888
U.S. Treasury Notes–34.57%
5.00%, 09/30/2025
 
5,720,000
5,746,559
4.25%, 12/31/2025
 
2,300,000
2,297,754
4.63%, 02/28/2026
 
8,100,000
8,130,059
0.75%, 03/31/2026
 
3,500,000
3,341,611
4.88%, 05/31/2026
 
9,800,000
9,885,750
1.50%, 08/15/2026
 
7,180,000
6,862,509
4.25%, 03/15/2027
 
3,534,000
3,541,316
3.88%, 11/30/2027
 
7,000,000
6,953,242
3.88%, 12/31/2027
 
1,500,000
1,490,010
3.63%, 05/31/2028
 
3,000,000
2,952,422
1.38% - 4.88%, 10/31/2028
 
7,848,300
7,557,934
3.75%, 12/31/2028
 
1,800,000
1,775,637
4.00%, 01/31/2029
 
800,000
796,578
4.25%, 02/28/2029
 
2,500,000
2,513,525
4.00%, 10/31/2029
 
2,100,000
2,091,059
4.88%, 10/31/2030
 
2,711,300
2,817,740
1.38%, 11/15/2031
 
7,894,000
6,584,552
4.13%, 11/15/2032
 
500,000
499,385
See accompanying notes which are an integral part of this schedule.
Invesco Intermediate Bond Factor Fund
 
Principal
Amount
Value
U.S. Treasury Notes–(continued)
3.88%, 08/15/2033
 
$7,182,500
$7,021,876
4.38%, 05/15/2034
 
1,300,000
1,317,976
 
 
84,177,494
Total U.S. Treasury Securities (Cost $102,338,989)
101,764,083
U.S. Government Sponsored Agency Mortgage-Backed
Securities–24.91%
Collateralized Mortgage Obligations–0.09%
Fannie Mae REMICs,
IO,
3.50%, 08/25/2035(h)
 
167,438
18,175
5.50%, 07/25/2046(h)
 
44,610
5,275
4.00%, 08/25/2047(h)
 
36,660
7,499
1.05% (5.90% - (30 Day Average
SOFR + 0.11%)), 09/25/2047(h)(i)
 
464,797
45,532
Freddie Mac Multifamily Structured
Pass-Through Ctfs.,
Series K734, Class X1, IO,
0.77%, 02/25/2026(j)
 
2,860,022
14,719
Series K735, Class X1, IO,
1.09%, 05/25/2026(j)
 
2,939,087
28,221
Series K093, Class X1, IO,
1.08%, 05/25/2029(j)
 
2,439,163
83,127
Freddie Mac REMICs, IO,
1.18% (6.10% - (30 Day Average
SOFR + 0.11%)), 01/15/2044(h)(i)
 
100,616
9,406
Freddie Mac STRIPS, IO,
3.00%, 12/15/2027(h)
 
19,504
586
 
 
212,540
Federal Home Loan Mortgage Corp. (FHLMC)–2.59%
4.50%, 09/01/2049 to
05/01/2053
 
1,598,502
1,537,728
3.00%, 01/01/2050 to
05/01/2050
 
2,137,353
1,902,672
2.50%, 07/01/2050 to
08/01/2050
 
2,275,918
1,942,689
5.50%, 05/01/2054
 
929,183
932,508
 
 
6,315,597
Federal National Mortgage Association (FNMA)–10.79%
TBA,
2.50%, 12/01/2039(k)
 
950,000
874,920
3.00%, 12/01/2039(k)
 
3,750,000
3,529,756
3.50%, 12/01/2039(k)
 
750,000
718,459
4.50%, 12/01/2053(k)
 
3,300,000
3,169,087
5.00%, 12/01/2053(k)
 
1,860,000
1,825,302
4.50%, 06/01/2049 to
07/01/2053
 
1,034,694
995,965
3.00%, 10/01/2049 to
11/01/2051
 
1,727,593
1,525,139
2.50%, 03/01/2050 to
08/01/2051
 
1,549,158
1,316,299
2.00%, 03/01/2051 to
08/01/2051
 
2,220,539
1,784,916
3.50%, 06/01/2052
 
1,273,668
1,157,062
4.00%, 06/01/2052
 
878,089
824,862
5.50%, 08/01/2053 to
02/01/2054
 
2,658,129
2,670,317
 
Principal
Amount
Value
Federal National Mortgage Association (FNMA)–(continued)
6.00%, 08/01/2053 to
09/01/2053
 
$4,197,224
$4,273,396
5.00%, 09/01/2053 to
04/01/2054
 
1,631,102
1,608,248
 
 
26,273,728
Government National Mortgage Association (GNMA)–0.99%
TBA,
5.00%, 12/19/2024(k)
 
600,000
591,377
5.50%, 12/19/2024(k)
 
1,000,000
1,001,029
3.00%, 12/01/2054(k)
 
600,000
531,791
4.50%, 12/01/2054(k)
 
250,000
241,256
IO,
1.48% (6.20% - (1 mo. Term SOFR +
0.11%)), 10/16/2047(h)(i)
 
241,022
32,239
 
 
2,397,692
Uniform Mortgage-Backed Securities–10.45%
TBA,
2.00%, 12/01/2039 to
12/01/2054(k)
 
8,132,000
6,590,603
2.50%, 12/01/2054(k)
 
4,250,000
3,557,264
3.00%, 12/01/2054(k)
 
2,992,000
2,608,385
3.50%, 12/01/2054(k)
 
6,375,000
5,779,158
4.00%, 12/01/2054(k)
 
3,825,000
3,577,615
5.50%, 12/01/2054(k)
 
1,730,000
1,728,147
6.00%, 12/01/2054(k)
 
1,600,000
1,618,975
 
 
25,460,147
Total U.S. Government Sponsored Agency
Mortgage-Backed Securities (Cost $61,974,705)
60,659,704
 
Asset-Backed Securities–2.03%
Angel Oak Mortgage Trust,
Series 2024-10, Class A1, 5.35%,
10/25/2069(b)
 
988,786
986,964
Banc of America Mortgage Trust,
Series 2007-1, Class 1A24, 6.00%,
03/25/2037
 
10,976
9,351
Bank, Series 2019-BNK16, Class XA, IO,
1.10%, 02/15/2052(j)
 
2,203,410
66,945
BBCMS Mortgage Trust, Series 2024-
C28, Class A4, 5.12%, 09/15/2057
 
760,000
771,729
BMO Mortgage Trust, Series 2024-5C5,
Class A2, 5.46%, 02/15/2057
 
1,500,000
1,528,572
Citigroup Commercial Mortgage Trust,
Series 2017-C4, Class XA, IO,
1.13%, 10/12/2050(j)
 
4,882,250
108,082
Ellington Financial Mortgage Trust,
Series 2024-INV2, Class A1, 5.04%,
10/25/2069(b)(l)
 
467,070
462,572
Provident Funding Mortgage Trust,
Series 2024-1, Class A3, 5.50%,
12/25/2054(b)(l)
 
991,147
988,156
WaMu Mortgage Pass-Through Ctfs.
Trust, Series 2005-AR14, Class 1A4,
4.92%, 12/25/2035(l)
 
15,263
14,136
Total Asset-Backed Securities (Cost $4,947,897)
4,936,507
 

Shares
 
Exchange-Traded Funds–0.39%
iShares MBS ETF
(Cost $937,790)(d)
10,000
939,300
See accompanying notes which are an integral part of this schedule.
Invesco Intermediate Bond Factor Fund
 
 
Shares
Value
Money Market Funds–0.89%
Invesco Government & Agency Portfolio,
Institutional Class, 4.57%(m)(n)
762,027
$762,027
Invesco Treasury Portfolio, Institutional
Class, 4.53%(m)(n)
1,415,188
1,415,188
Total Money Market Funds (Cost $2,177,215)
2,177,215
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased
with cash collateral from securities
on loan)-114.29%
(Cost $281,337,759)
 
278,318,273
Investments Purchased with Cash Collateral from
Securities on Loan
Money Market Funds–0.90%
Invesco Private Government Fund,
4.63%(m)(n)(o)
616,866
616,866
 
 
Shares
Value
Money Market Funds–(continued)
Invesco Private Prime Fund, 4.71%(m)(n)(o)
1,584,529
$1,585,004
Total Investments Purchased with Cash Collateral
from Securities on Loan (Cost $2,201,870)
2,201,870
TOTAL INVESTMENTS IN SECURITIES–115.19%
(Cost $283,539,629)
280,520,143
OTHER ASSETS LESS LIABILITIES—(15.19)%
(36,982,212
)
NET ASSETS–100.00%
$243,537,931
Investment Abbreviations: 
Ctfs.
– Certificates
ETF
– Exchange-Traded Fund
IO
– Interest Only
REIT
– Real Estate Investment Trust
REMICs
– Real Estate Mortgage Investment Conduits
SOFR
– Secured Overnight Financing Rate
STRIPS
– Separately Traded Registered Interest and Principal Security
TBA
– To Be Announced
Notes to Schedule of Investments: 
(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
November 30, 2024 was $5,091,196, which represented 2.09% of the Fund’s Net Assets.
(c)
Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.
(d)
All or a portion of this security was out on loan at November 30, 2024.
(e)
Perpetual bond with no specified maturity date.
(f)
Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
(g)
Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(h)
Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security.
(i)
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on November 30, 2024.
(j)
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
November 30, 2024.
(k)
Security purchased on a forward commitment basis. This security is subject to dollar roll transactions.
(l)
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 November 30, 2024.
(m)
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 November 30, 2024.
 
 
Value
February 29, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value
November 30, 2024
Dividend Income
Investments in Affiliated Money Market
Funds:
Invesco Government & Agency Portfolio,
Institutional Class
$1,058,428
$19,652,244
$(19,948,645)
$-
$-
$762,027
$30,035
Invesco Liquid Assets Portfolio, Institutional Class
756,527
9,264,839
(10,021,261)
(40)
(65)
-
12,785
Invesco Treasury Portfolio, Institutional Class
1,209,633
28,478,892
(28,273,337)
-
-
1,415,188
42,985
See accompanying notes which are an integral part of this schedule.
Invesco Intermediate Bond Factor Fund
 
Value
February 29, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value
November 30, 2024
Dividend Income
Investments Purchased with Cash Collateral
from Securities on Loan:
Invesco Private Government Fund
$632,716
$11,063,857
$(11,079,707)
$-
$-
$616,866
$30,040*
Invesco Private Prime Fund
1,627,464
20,735,585
(20,777,813)
259
(491)
1,585,004
82,036*
Total
$5,284,768
$89,195,417
$(90,100,763)
$219
$(556)
$4,379,085
$197,881
 
*
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.
 
(n)
The rate shown is the 7-day SEC standardized yield as of November 30, 2024.
(o)
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.
 
Open Futures Contracts(a)
Long Futures Contracts
Number of
Contracts
Expiration
Month
Notional
Value
Value
Unrealized
Appreciation
(Depreciation)
Interest Rate Risk
U.S. Treasury Long Bonds
42
March-2025
$5,019,000
$117,118
$117,118
U.S. Treasury Ultra Bonds
16
March-2025
2,035,000
63,152
63,152
Subtotal—Long Futures Contracts
180,270
180,270
Short Futures Contracts
 
 
 
 
 
Interest Rate Risk
U.S. Treasury 2 Year Notes
78
March-2025
(16,076,531
)
(46,470
)
(46,470
)
U.S. Treasury 5 Year Notes
45
March-2025
(4,842,070
)
(29,896
)
(29,896
)
U.S. Treasury 10 Year Notes
76
March-2025
(8,450,250
)
(105,259
)
(105,259
)
U.S. Treasury 10 Year Ultra Notes
27
March-2025
(3,099,516
)
(55,324
)
(55,324
)
Subtotal—Short Futures Contracts
(236,949
)
(236,949
)
Total Futures Contracts
$(56,679
)
$(56,679
)
 
(a)
Futures contracts collateralized by $39,623 cash held with Merrill Lynch International, the futures commission merchant.
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 Intermediate Bond Factor Fund
Notes to Quarterly Schedule of Portfolio Holdings
November 30, 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. When significant events cause market movements to 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 November 30, 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
U.S. Dollar Denominated Bonds & Notes
$—
$107,841,464
$—
$107,841,464
U.S. Treasury Securities
—
101,764,083
—
101,764,083
U.S. Government Sponsored Agency Mortgage-Backed Securities
—
60,659,704
—
60,659,704
Asset-Backed Securities
—
4,936,507
—
4,936,507
Exchange-Traded Funds
939,300
—
—
939,300
Money Market Funds
2,177,215
2,201,870
—
4,379,085
Total Investments in Securities
3,116,515
277,403,628
—
280,520,143
Other Investments - Assets*
Futures Contracts
180,270
—
—
180,270
Other Investments - Liabilities*
Futures Contracts
(236,949
)
—
—
(236,949
)
Total Other Investments
(56,679
)
—
—
(56,679
)
Total Investments
$3,059,836
$277,403,628
$—
$280,463,464
 
*
Unrealized appreciation (depreciation).
Invesco Intermediate Bond Factor Fund