Consolidated Schedule of Investments(a)
July 31, 2022
(Unaudited)
  Shares Value
Common Stocks & Other Equity Interests–36.41%
Advertising–0.13%
Catalina Marketing Corp.      1,362         $627
Interpublic Group of Cos., Inc. (The)      9,935     296,758
Omnicom Group, Inc.      3,473     242,554
      539,939
Aerospace & Defense–0.10%
Raytheon Technologies Corp.      4,355     405,930
Agricultural & Farm Machinery–0.05%
Deere & Co.        638     218,949
Agricultural Products–0.06%
Archer-Daniels-Midland Co.      3,066     253,773
Air Freight & Logistics–0.34%
C.H. Robinson Worldwide, Inc.      2,895     320,477
Expeditors International of Washington, Inc.      4,525     480,781
United Parcel Service, Inc., Class B      3,141     612,149
      1,413,407
Airlines–0.03%
Southwest Airlines Co.(b)      3,511     133,839
Alternative Carriers–0.09%
Liberty Global PLC, Class C (United Kingdom)(b)     10,201     233,501
Lumen Technologies, Inc.     13,747     149,705
      383,206
Application Software–0.70%
Adobe, Inc.(b)      2,513   1,030,632
Blackbaud, Inc.(b)      2,986     183,101
Cadence Design Systems, Inc.(b)(c)      2,121     394,676
Dropbox, Inc., Class A(b)      5,692     129,436
Fusion Connect, Inc.(d)          1           0
Fusion Connect, Inc., Wts., expiring 01/14/2040(d)      6,073          61
Intuit, Inc.(c)      1,080     492,664
salesforce.com, inc.(b)      2,271     417,909
Synopsys, Inc.(b)        512     188,160
Tyler Technologies, Inc.(b)        258     102,942
      2,939,581
Asset Management & Custody Banks–0.10%
Ameriprise Financial, Inc.        871     235,100
Blackstone, Inc., Class A      1,983     202,405
      437,505
Auto Parts & Equipment–0.02%
Gentex Corp.      3,573     100,830
Automobile Manufacturers–0.57%
Ford Motor Co.     21,326     313,279
General Motors Co.(b)      6,283     227,822
  Shares Value
Automobile Manufacturers–(continued)
Tesla, Inc.(b)      2,067   $1,842,627
      2,383,728
Automotive Retail–0.21%
AutoNation, Inc.(b)      1,929     229,049
AutoZone, Inc.(b)        186     397,555
O’Reilly Automotive, Inc.(b)        381     268,068
      894,672
Biotechnology–1.83%
AbbVie, Inc.(c)      7,896   1,133,155
Amgen, Inc.      4,338   1,073,525
Biogen, Inc.(b)      2,562     550,984
BioMarin Pharmaceutical, Inc.(b)      7,349     632,381
Gilead Sciences, Inc.     15,084     901,269
Incyte Corp.(b)      3,456     268,462
Ionis Pharmaceuticals, Inc.(b)      6,569     246,732
Moderna, Inc.(b)        976     160,152
Regeneron Pharmaceuticals, Inc.(b)(c)      1,630     948,155
Seagen, Inc.(b)        694     124,906
United Therapeutics Corp.(b)      3,234     747,280
Vertex Pharmaceuticals, Inc.(b)      3,117     874,038
      7,661,039
Broadcasting–0.07%
Fox Corp., Class A      3,085     102,144
Nexstar Media Group, Inc., Class A      1,073     202,121
      304,265
Building Products–0.39%
A.O. Smith Corp.      2,428     153,620
Builders FirstSource, Inc.(b)      4,838     328,984
Carrier Global Corp.      2,500     101,325
Johnson Controls International PLC      5,661     305,185
Lennox International, Inc.        610     146,113
Masco Corp.      3,172     175,665
Owens Corning      2,364     219,237
Trane Technologies PLC      1,337     196,526
      1,626,655
Cable & Satellite–0.40%
Charter Communications, Inc., Class A(b)(c)      1,113     480,927
Comcast Corp., Class A     24,016     901,080
Liberty Broadband Corp., Class C(b)      1,066     116,119
Sirius XM Holdings, Inc.(c)     27,658     184,756
      1,682,882
Casinos & Gaming–0.02%
Boyd Gaming Corp.      1,471      81,655
Commodity Chemicals–0.14%
Dow, Inc.      7,841     417,219
Olin Corp.      3,125     163,344
      580,563
 
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Fundamental Alternatives Fund
  Shares Value
Communications Equipment–0.43%
Cisco Systems, Inc.     26,490   $1,201,851
Juniper Networks, Inc.      4,714     132,134
Motorola Solutions, Inc.        878     209,482
Ubiquiti, Inc.        902     272,070
      1,815,537
Construction & Engineering–0.17%
AECOM      2,866     206,352
EMCOR Group, Inc.      3,065     356,674
Quanta Services, Inc.      1,011     140,256
      703,282
Construction Machinery & Heavy Trucks–0.12%
Caterpillar, Inc.      1,165     230,961
Terex Corp.      3,423     114,705
Wabtec Corp.      1,822     170,302
      515,968
Consumer Finance–0.36%
Ally Financial, Inc.     12,486     412,912
American Express Co.      1,223     188,366
Capital One Financial Corp.      3,082     338,496
Discover Financial Services      2,240     226,240
SLM Corp.      8,413     131,243
Synchrony Financial      6,283     210,355
      1,507,612
Copper–0.03%
Freeport-McMoRan, Inc.      3,608     113,832
Data Processing & Outsourced Services–1.64%
Automatic Data Processing, Inc.(c)      5,374   1,295,779
Broadridge Financial Solutions, Inc.      2,110     338,761
Fidelity National Information Services, Inc.      1,513     154,568
Fiserv, Inc.(b)      2,861     302,350
Jack Henry & Associates, Inc.      3,523     731,974
Mastercard, Inc., Class A      1,967     695,905
Maximus, Inc.      2,986     199,614
Paychex, Inc.      9,986   1,281,004
PayPal Holdings, Inc.(b)      2,139     185,088
SS&C Technologies Holdings, Inc.      4,048     239,520
Visa, Inc., Class A(c)      5,894   1,250,176
Western Union Co. (The)     11,459     195,032
      6,869,771
Distillers & Vintners–0.06%
Constellation Brands, Inc., Class A        975     240,152
Distributors–0.13%
Genuine Parts Co.      1,742     266,299
LKQ Corp.      5,002     274,310
      540,609
Diversified Banks–0.45%
Bank of America Corp.     15,976     540,148
Citigroup, Inc.      6,889     357,539
JPMorgan Chase & Co.        980     113,053
U.S. Bancorp      6,159     290,705
Wells Fargo & Co.     13,552     594,526
      1,895,971
  Shares Value
Drug Retail–0.03%
Walgreens Boots Alliance, Inc.      3,580     $141,840
Electric Utilities–1.30%
American Electric Power Co., Inc.      8,771     864,470
Constellation Energy Corp.      2,571     169,943
Duke Energy Corp.      9,580   1,053,129
Edison International      2,924     198,160
Eversource Energy      2,047     180,586
Exelon Corp.      9,176     426,592
NextEra Energy, Inc.      7,278     614,918
Pinnacle West Capital Corp.      4,151     304,974
PPL Corp.     12,193     354,573
Southern Co. (The)     11,321     870,472
Xcel Energy, Inc.      5,740     420,053
      5,457,870
Electrical Components & Equipment–0.05%
Eaton Corp. PLC      1,286     190,830
Electronic Equipment & Instruments–0.06%
Keysight Technologies, Inc.(b)      1,111     180,649
Vontier Corp.      3,179      82,018
      262,667
Environmental & Facilities Services–0.34%
Republic Services, Inc.      7,902   1,095,691
Waste Connections, Inc.      1,130     150,708
Waste Management, Inc.      1,119     184,143
      1,430,542
Fertilizers & Agricultural Chemicals–0.13%
CF Industries Holdings, Inc.      2,273     217,049
Corteva, Inc.      3,289     189,282
Mosaic Co. (The)      2,436     128,279
      534,610
Financial Exchanges & Data–0.32%
CME Group, Inc., Class A(c)      1,971     393,175
FactSet Research Systems, Inc.        586     251,793
Intercontinental Exchange, Inc.      1,483     151,251
S&P Global, Inc.      1,396     526,194
      1,322,413
Food Retail–0.29%
Casey’s General Stores, Inc.      1,539     311,878
Kroger Co. (The)     19,498     905,487
      1,217,365
Forest Products–0.07%
Louisiana-Pacific Corp.      4,471     284,490
Gas Utilities–0.19%
Atmos Energy Corp.(c)      5,101     619,210
ONE Gas, Inc.      2,054     174,467
      793,677
General Merchandise Stores–0.20%
Dollar General Corp.      1,654     410,903
Target Corp.      2,672     436,552
      847,455
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Fundamental Alternatives Fund
  Shares Value
Gold–0.12%
Newmont Corp.     11,230     $508,494
Health Care Distributors–0.31%
AmerisourceBergen Corp.      1,803     263,112
Cardinal Health, Inc.      1,732     103,158
McKesson Corp.      2,665     910,310
      1,276,580
Health Care Equipment–0.56%
Abbott Laboratories      9,061     986,199
Baxter International, Inc.      1,655      97,082
Becton, Dickinson and Co.      2,800     684,068
Hologic, Inc.(b)      3,701     264,178
Medtronic PLC      3,192     295,324
      2,326,851
Health Care Facilities–0.09%
HCA Healthcare, Inc.      1,681     357,078
Health Care Services–0.34%
Cigna Corp.        955     262,969
CVS Health Corp.      6,064     580,203
DaVita, Inc.(b)        916      77,091
Laboratory Corp. of America Holdings      1,213     318,036
Quest Diagnostics, Inc.      1,368     186,828
      1,425,127
Home Improvement Retail–0.15%
Home Depot, Inc. (The)      1,501     451,711
Lowe’s Cos., Inc.        960     183,869
      635,580
Homebuilding–0.02%
Lennar Corp., Class A      1,183     100,555
Homefurnishing Retail–0.02%
Williams-Sonoma, Inc.        622      89,829
Hotel & Resort REITs–0.05%
Host Hotels & Resorts, Inc.     11,927     212,420
Hotels, Resorts & Cruise Lines–0.09%
Booking Holdings, Inc.(b)         68     131,627
Marriott International, Inc., Class A        608      96,562
Wyndham Hotels & Resorts, Inc.      1,978     137,293
      365,482
Household Products–0.88%
Church & Dwight Co., Inc.      5,744     505,300
Clorox Co. (The)        607      86,097
Colgate-Palmolive Co.      9,206     724,880
Kimberly-Clark Corp.      2,184     287,829
Procter & Gamble Co. (The)     15,084   2,095,319
      3,699,425
Human Resource & Employment Services–0.11%
ManpowerGroup, Inc.      2,488     195,084
Robert Half International, Inc.      3,376     267,177
      462,261
Hypermarkets & Super Centers–0.56%
Costco Wholesale Corp.      2,665   1,442,565
  Shares Value
Hypermarkets & Super Centers–(continued)
Walmart, Inc.      6,669     $880,641
      2,323,206
Independent Power Producers & Energy Traders–0.04%
AES Corp. (The)      7,589     168,628
Industrial Conglomerates–0.06%
3M Co.      1,059     151,691
General Electric Co.      1,337      98,818
      250,509
Industrial REITs–0.17%
Duke Realty Corp.      1,570      98,219
EastGroup Properties, Inc.      1,243     211,981
Prologis, Inc.      2,860     379,122
      689,322
Insurance Brokers–0.17%
Aon PLC, Class A      1,119     325,674
Marsh & McLennan Cos., Inc.      2,247     368,418
      694,092
Integrated Oil & Gas–0.53%
Chevron Corp.(c)      7,596   1,244,073
Exxon Mobil Corp.      8,528     826,619
Occidental Petroleum Corp.      2,147     141,165
      2,211,857
Integrated Telecommunication Services–0.37%
AT&T, Inc.     39,748     746,467
Verizon Communications, Inc.     17,037     786,939
      1,533,406
Interactive Home Entertainment–0.29%
Activision Blizzard, Inc.      3,445     275,428
Electronic Arts, Inc.      5,954     781,343
Take-Two Interactive Software, Inc.(b)      1,236     164,054
      1,220,825
Interactive Media & Services–1.34%
Alphabet, Inc., Class A(b)     27,380   3,184,842
Alphabet, Inc., Class C(b)     10,260   1,196,726
Meta Platforms, Inc., Class A(b)      6,904   1,098,426
Twitter, Inc.(b)      3,093     128,700
      5,608,694
Internet & Direct Marketing Retail–0.91%
Amazon.com, Inc.(b)(c)     23,220   3,133,539
eBay, Inc.     10,738     522,189
Etsy, Inc.(b)      1,623     168,337
      3,824,065
Internet Services & Infrastructure–0.22%
Akamai Technologies, Inc.(b)      3,456     332,537
VeriSign, Inc.(b)      3,189     603,231
      935,768
Investment Banking & Brokerage–0.16%
Charles Schwab Corp. (The)      4,292     296,363
Goldman Sachs Group, Inc. (The)        386     128,689
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Fundamental Alternatives Fund
  Shares Value
Investment Banking & Brokerage–(continued)
Morgan Stanley      3,038     $256,103
      681,155
IT Consulting & Other Services–0.97%
Accenture PLC, Class A      4,860   1,488,424
Amdocs Ltd.      7,713     671,494
Cognizant Technology Solutions Corp., Class A      9,838     668,590
Gartner, Inc.(b)      2,077     551,402
International Business Machines Corp.(c)      5,164     675,399
      4,055,309
Life & Health Insurance–0.16%
Aflac, Inc.      3,670     210,291
Brighthouse Financial, Inc.(b)      3,443     149,495
MetLife, Inc.      1,831     115,811
Principal Financial Group, Inc.      2,803     187,633
      663,230
Life Sciences Tools & Services–0.84%
Agilent Technologies, Inc.      2,986     400,423
Danaher Corp.      3,823   1,114,290
IQVIA Holdings, Inc.(b)        776     186,449
Mettler-Toledo International, Inc.(b)        168     226,755
PerkinElmer, Inc.      1,430     219,033
Thermo Fisher Scientific, Inc.      1,247     746,217
Waters Corp.(b)      1,333     485,252
West Pharmaceutical Services, Inc.        331     113,718
      3,492,137
Managed Health Care–0.54%
Centene Corp.(b)      2,163     201,094
Elevance Health, Inc.      1,007     480,440
Molina Healthcare, Inc.(b)        839     274,957
UnitedHealth Group, Inc.      2,362   1,281,007
      2,237,498
Marine–0.00%
HGIM Corp.        731      15,351
Movies & Entertainment–0.30%
Liberty Media Corp.-Liberty Formula One, Class C(b)      5,440     368,669
Netflix, Inc.(b)      1,185     266,506
Walt Disney Co. (The)(b)      1,641     174,110
Warner Bros Discovery, Inc.(b)      9,615     144,225
World Wrestling Entertainment, Inc., Class A      4,167     288,815
      1,242,325
Multi-Sector Holdings–0.56%
Berkshire Hathaway, Inc., Class B(b)      7,806   2,346,484
Multi-Utilities–0.83%
Ameren Corp.      3,421     318,563
CMS Energy Corp.      3,857     265,092
Consolidated Edison, Inc.      9,580     951,007
Dominion Energy, Inc.(c)     10,201     836,278
DTE Energy Co.      2,818     367,185
Public Service Enterprise Group, Inc.      2,924     192,019
Sempra Energy      1,368     226,814
  Shares Value
Multi-Utilities–(continued)
WEC Energy Group, Inc.      3,048     $316,413
      3,473,371
Oil & Gas Equipment & Services–0.08%
Halliburton Co.      6,879     201,555
TechnipFMC PLC (United Kingdom)(b)     17,932     145,070
      346,625
Oil & Gas Exploration & Production–0.28%
ConocoPhillips      4,525     440,871
Devon Energy Corp.      3,220     202,377
EOG Resources, Inc.      3,546     394,386
Marathon Oil Corp.      6,092     151,082
Sabine Oil & Gas Holdings, Inc.(b)(d)        115          78
      1,188,794
Oil & Gas Refining & Marketing–0.06%
Valero Energy Corp.      2,333     258,426
Oil & Gas Storage & Transportation–0.29%
Kinder Morgan, Inc.     32,801     590,090
Southcross Energy Partners L.P.     17,192         516
Targa Resources Corp.      4,732     327,029
Williams Cos., Inc. (The)      8,025     273,572
      1,191,207
Packaged Foods & Meats–1.09%
Campbell Soup Co.(c)     10,657     525,923
Flowers Foods, Inc.      7,589     215,604
General Mills, Inc.      6,469     483,817
Hershey Co. (The)      5,199   1,185,164
JM Smucker Co. (The)        939     124,248
Kellogg Co.(c)      4,710     348,163
Kraft Heinz Co. (The)      9,541     351,395
Mondelez International, Inc., Class A     11,508     736,972
Tyson Foods, Inc., Class A      6,467     569,161
      4,540,447
Pharmaceuticals–1.64%
Bristol-Myers Squibb Co.     10,986     810,547
Eli Lilly and Co.      3,751   1,236,667
Johnson & Johnson      9,670   1,687,608
Merck & Co., Inc.     15,409   1,376,640
Pfizer, Inc.     34,774   1,756,435
      6,867,897
Property & Casualty Insurance–0.39%
American Financial Group, Inc.      3,055     408,392
Chubb Ltd.      1,770     333,893
Fidelity National Financial, Inc.      5,179     206,953
Old Republic International Corp.     17,508     407,411
Progressive Corp. (The)      2,282     262,567
      1,619,216
Publishing–0.14%
John Wiley & Sons, Inc., Class A      3,172     165,642
New York Times Co. (The), Class A     12,814     409,407
      575,049
Railroads–0.27%
CSX Corp.      6,532     211,179
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Fundamental Alternatives Fund
  Shares Value
Railroads–(continued)
Norfolk Southern Corp.        392      $98,459
Union Pacific Corp.      3,670     834,191
      1,143,829
Real Estate Services–0.04%
CBRE Group, Inc., Class A(b)      1,992     170,555
Regional Banks–0.23%
Fifth Third Bancorp      7,278     248,325
Regions Financial Corp.     10,886     230,566
SVB Financial Group(b)        209      84,342
Synovus Financial Corp.      4,417     178,358
Wintrust Financial Corp.      2,596     223,360
      964,951
Research & Consulting Services–0.15%
Booz Allen Hamilton Holding Corp.      4,938     473,949
Verisk Analytics, Inc.        861     163,805
      637,754
Residential REITs–0.07%
Mid-America Apartment Communities, Inc.      1,492     277,109
Restaurants–0.58%
Chipotle Mexican Grill, Inc.(b)        128     200,220
Domino’s Pizza, Inc.      1,004     393,679
McDonald’s Corp.      5,225   1,376,108
Starbucks Corp.      1,029      87,239
Yum! Brands, Inc.      2,986     365,904
      2,423,150
Semiconductor Equipment–0.25%
Applied Materials, Inc.      5,488     581,618
KLA Corp.        846     324,475
Lam Research Corp.        311     155,659
      1,061,752
Semiconductors–1.17%
Advanced Micro Devices, Inc.(b)      4,258     402,253
Broadcom, Inc.      1,631     873,368
Intel Corp.      9,174     333,108
Microchip Technology, Inc.      3,110     214,155
Micron Technology, Inc.      1,867     115,493
NVIDIA Corp.      5,193     943,205
NXP Semiconductors N.V. (China)        964     177,260
ON Semiconductor Corp.(b)(c)      5,191     346,655
QUALCOMM, Inc.      3,608     523,376
Texas Instruments, Inc.      5,319     951,516
      4,880,389
Soft Drinks–0.68%
Coca-Cola Co. (The)     19,717   1,265,240
Keurig Dr Pepper, Inc.      8,585     332,583
PepsiCo, Inc.      7,202   1,260,062
      2,857,885
Specialized Consumer Services–0.06%
Service Corp. International      3,569     265,748
Specialized REITs–0.61%
Crown Castle, Inc.        597     107,854
  Shares Value
Specialized REITs–(continued)
EPR Properties      3,027     $162,883
Extra Space Storage, Inc.(c)      4,141     784,802
Life Storage, Inc.      2,410     303,395
Public Storage      2,267     739,971
Weyerhaeuser Co.     12,096     439,327
      2,538,232
Specialty Chemicals–0.20%
Celanese Corp.        933     109,637
DuPont de Nemours, Inc.      3,102     189,936
Eastman Chemical Co.      2,240     214,883
Sherwin-Williams Co. (The)      1,316     318,393
      832,849
Specialty Stores–0.04%
Ulta Beauty, Inc.(b)        375     145,841
Systems Software–1.99%
CommVault Systems, Inc.(b)      2,156     120,930
Dolby Laboratories, Inc., Class A      6,563     507,976
Fortinet, Inc.(b)      4,195     250,232
Microsoft Corp.     22,226   6,239,727
Oracle Corp.(c)     11,292     878,969
Palo Alto Networks, Inc.(b)        187      93,332
Teradata Corp.(b)(c)      6,439     246,550
      8,337,716
Technology Distributors–0.05%
Arrow Electronics, Inc.(b)      1,610     206,354
Technology Hardware, Storage & Peripherals–1.71%
Apple, Inc.     41,429   6,732,627
HP, Inc.     12,873     429,829
      7,162,456
Textiles–0.00%
Sungard Availability Services Capital, Inc.        225          92
Tobacco–0.33%
Altria Group, Inc.     10,450     458,337
Philip Morris International, Inc.      9,684     940,801
      1,399,138
Trading Companies & Distributors–0.13%
United Rentals, Inc.(b)        709     228,773
Univar Solutions, Inc.(b)      7,067     191,092
Watsco, Inc.        392     107,388
      527,253
Trucking–0.45%
Knight-Swift Transportation Holdings, Inc.(c)     13,370     734,682
Landstar System, Inc.      2,924     457,840
Old Dominion Freight Line, Inc.        477     144,774
Ryder System, Inc.      2,924     229,008
Werner Enterprises, Inc.      7,193     316,204
      1,882,508
Water Utilities–0.05%
American Water Works Co., Inc.      1,246     193,678
Total Common Stocks & Other Equity Interests (Cost $118,466,385) 152,352,725
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Fundamental Alternatives Fund
    Principal
Amount 		Value
U.S. Treasury Securities–14.10%
U.S. Treasury Bills–0.14%
0.93% - 1.09%, 09/15/2022(e)(f)        $103,000     $102,878
1.46% - 2.11%, 11/17/2022(f)        493,000     489,300
        592,178
U.S. Treasury Notes–13.96%
0.13%, 12/15/2023     29,900,000  28,764,735
1.13%, 01/15/2025     10,000,000   9,591,211
0.38%, 12/31/2025      8,500,000   7,833,779
2.63%, 05/31/2027     12,250,000  12,211,240
        58,400,965
Total U.S. Treasury Securities (Cost $60,602,165)   58,993,143
U.S. Dollar Denominated Bonds & Notes–7.08%
Aerospace & Defense–0.13%
Boeing Co. (The),                         
2.75%, 02/01/2026        177,000     169,443
2.25%, 06/15/2026        200,000     184,842
General Dynamics Corp., 3.25%, 04/01/2025        200,000     200,611
        554,896
Agricultural & Farm Machinery–0.07%
Deere & Co., 2.75%, 04/15/2025(c)        310,000     306,813
Airlines–0.13%
Delta Air Lines Pass-Through Trust, Series 2019-1, Class AA, 3.20%, 04/25/2024        400,000     389,194
Southwest Airlines Co., 3.45%, 11/16/2027        165,000     158,953
        548,147
Apparel Retail–0.02%
Ross Stores, Inc., 0.88%, 04/15/2026        100,000      90,746
Apparel, Accessories & Luxury Goods–0.02%
Tapestry, Inc., 4.13%, 07/15/2027         65,000      63,915
Application Software–0.10%
Adobe, Inc., 3.25%, 02/01/2025        300,000     301,390
Citrix Systems, Inc., 1.25%, 03/01/2026        104,000     101,334
        402,724
Asset Management & Custody Banks–0.23%
FS KKR Capital Corp., 4.63%, 07/15/2024        242,000     241,916
Golub Capital BDC, Inc., 3.38%, 04/15/2024        200,000     193,433
Legg Mason, Inc., 4.75%, 03/15/2026         90,000      92,910
Main Street Capital Corp., 5.20%, 05/01/2024        200,000     200,290
Owl Rock Capital Corp., 5.25%, 04/15/2024        223,000     223,191
        951,740
Automobile Manufacturers–0.24%
American Honda Finance Corp., 2.35%, 01/08/2027        225,000     214,199
    Principal
Amount 		Value
Automobile Manufacturers–(continued)
General Motors Co.,                         
6.13%, 10/01/2025         $75,000      $78,936
4.20%, 10/01/2027         80,000      78,136
General Motors Financial Co., Inc.,                         
2.75%, 06/20/2025        300,000     287,141
5.25%, 03/01/2026         50,000      51,045
Toyota Motor Credit Corp.,                         
3.20%, 01/11/2027        130,000     128,739
1.15%, 08/13/2027        200,000     179,063
        1,017,259
Computer & Electronics Retail–0.04%
Dell International LLC/EMC Corp., 6.02%, 06/15/2026        170,000     180,735
Construction Machinery & Heavy Trucks–0.08%
Caterpillar Financial Services Corp., 1.10%, 09/14/2027        175,000     158,294
Wabtec Corp., 3.45%, 11/15/2026        200,000     190,235
        348,529
Consumer Finance–0.06%
American Express Co., 3.30%, 05/03/2027        170,000     167,928
Synchrony Financial, 3.95%, 12/01/2027        100,000      94,039
        261,967
Copper–0.02%
Freeport-McMoRan, Inc., 5.00%, 09/01/2027        100,000      99,663
Data Processing & Outsourced Services–0.13%
Automatic Data Processing, Inc., 3.38%, 09/15/2025        305,000     309,537
Global Payments, Inc., 2.15%, 01/15/2027        145,000     131,544
Western Union Co. (The), 1.35%, 03/15/2026        100,000      90,587
        531,668
Distillers & Vintners–0.04%
Constellation Brands, Inc., 3.70%, 12/06/2026        175,000     173,099
Diversified Banks–2.10%
Banco Santander S.A. (Spain),                         
2.75%, 05/28/2025        200,000     191,069
4.25%, 04/11/2027        200,000     195,733
Bank of America Corp.,                         
4.45%, 03/03/2026        269,000     273,066
3.50%, 04/19/2026        185,000     184,428
1.32%, 06/19/2026(g)        195,000     180,090
1.20%, 10/24/2026(g)        205,000     186,017
1.73%, 07/22/2027(g)        180,000     163,381
Series L, 4.18%, 11/25/2027        210,000     209,557
Barclays PLC (United Kingdom), 4.38%, 09/11/2024        494,000     492,190
Canadian Imperial Bank of Commerce (Canada), 2.25%, 01/28/2025        402,000     388,093
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Fundamental Alternatives Fund
    Principal
Amount 		Value
Diversified Banks–(continued)
Citigroup, Inc.,                         
3.11%, 04/08/2026(g)        $297,000     $288,983
1.12%, 01/28/2027(g)        185,000     166,216
1.46%, 06/09/2027(g)        210,000     189,147
4.45%, 09/29/2027        100,000     100,296
HSBC Holdings PLC (United Kingdom),                         
1.59%, 05/24/2027(g)        200,000     178,351
2.25%, 11/22/2027(g)        375,000     338,658
JPMorgan Chase & Co.,                         
2.30%, 10/15/2025(g)        425,000     408,072
2.01%, 03/13/2026(g)        200,000     189,324
2.08%, 04/22/2026(g)        200,000     189,539
4.25%, 10/01/2027        100,000     101,960
3.63%, 12/01/2027        165,000     162,122
Lloyds Banking Group PLC (United Kingdom),                         
3.90%, 03/12/2024        278,000     278,624
4.45%, 05/08/2025        305,000     306,804
Mitsubishi UFJ Financial Group, Inc. (Japan),                         
0.96%, 10/11/2025(g)        311,000     289,171
3.68%, 02/22/2027        165,000     162,444
3.29%, 07/25/2027         75,000      72,142
NatWest Group PLC (United Kingdom),                         
6.00%, 12/19/2023         81,000      82,588
5.13%, 05/28/2024        554,000     555,504
PNC Bank N.A., 4.20%, 11/01/2025        380,000     387,145
Royal Bank of Canada (Canada), 4.65%, 01/27/2026        180,000     184,125
Sumitomo Mitsui Financial Group, Inc. (Japan),                         
2.35%, 01/15/2025(c)        397,000     382,420
2.63%, 07/14/2026        100,000      95,013
3.45%, 01/11/2027         60,000      58,323
U.S. Bancorp, 1.45%, 05/12/2025        148,000     141,373
Wells Fargo & Co.,                         
2.19%, 04/30/2026(g)        190,000     180,406
4.30%, 07/22/2027        175,000     177,562
Westpac Banking Corp. (Australia),                         
3.30%, 02/26/2024        502,000     502,661
3.35%, 03/08/2027        165,000     162,675
        8,795,272
Diversified Capital Markets–0.14%
Deutsche Bank AG (Germany),                         
3.70%, 05/30/2024        298,000     294,375
3.70%, 05/30/2024        303,000     299,155
        593,530
Drug Retail–0.02%
Walgreens Boots Alliance, Inc., 3.45%, 06/01/2026        100,000      99,769
Electric Utilities–0.12%
Berkshire Hathaway Energy Co., 3.50%, 02/01/2025        190,000     191,450
Edison International, 5.75%, 06/15/2027        125,000     131,129
Pacific Gas and Electric Co.,                         
2.10%, 08/01/2027         75,000      64,175
3.30%, 12/01/2027        125,000     111,388
        498,142
    Principal
Amount 		Value
Electrical Components & Equipment–0.02%
Emerson Electric Co., 1.80%, 10/15/2027        $100,000      $92,716
Electronic Equipment & Instruments–0.02%
Vontier Corp., 1.80%, 04/01/2026        100,000      88,345
Electronic Manufacturing Services–0.02%
Tyco Electronics Group S.A. (Switzerland), 3.13%, 08/15/2027        100,000      97,436
Financial Exchanges & Data–0.06%
Cboe Global Markets, Inc., 3.65%, 01/12/2027         80,000      80,394
Intercontinental Exchange, Inc., 3.10%, 09/15/2027        100,000      96,526
S&P Global, Inc., 2.45%, 03/01/2027(h)         85,000      81,350
        258,270
Health Care Facilities–0.20%
CommonSpirit Health, 1.55%, 10/01/2025         96,000      89,426
HCA, Inc., 5.00%, 03/15/2024(c)        555,000     563,360
Universal Health Services, Inc., 1.65%, 09/01/2026(h)        200,000     174,937
        827,723
Health Care REITs–0.04%
Omega Healthcare Investors, Inc., 5.25%, 01/15/2026        179,000     179,576
Health Care Services–0.07%
Sutter Health, Series 20A, 1.32%, 08/15/2025        299,000     279,878
Home Improvement Retail–0.04%
Home Depot, Inc. (The), 2.50%, 04/15/2027        160,000     155,520
Homebuilding–0.02%
Lennar Corp., 4.75%, 11/29/2027         80,000      80,799
Hotel & Resort REITs–0.04%
Host Hotels & Resorts L.P., Series F, 4.50%, 02/01/2026        150,000     149,255
Hotels, Resorts & Cruise Lines–0.03%
Hyatt Hotels Corp., 4.85%, 03/15/2026        133,000     134,729
Independent Power Producers & Energy Traders–0.14%
Enel Generacion Chile S.A. (Chile), 4.25%, 04/15/2024        600,000     597,551
Industrial Machinery–0.03%
Stanley Black & Decker, Inc., 3.40%, 03/01/2026        125,000     124,943
Insurance Brokers–0.04%
Willis North America, Inc., 4.65%, 06/15/2027        165,000     166,466
Integrated Oil & Gas–0.18%
BP Capital Markets America, Inc., 3.54%, 04/06/2027        165,000     165,578
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Fundamental Alternatives Fund
    Principal
Amount 		Value
Integrated Oil & Gas–(continued)
Cenovus Energy, Inc. (Canada), 5.38%, 07/15/2025        $241,000     $250,463
Chevron USA, Inc., 1.02%, 08/12/2027        185,000     166,966
Exxon Mobil Corp., 3.29%, 03/19/2027        150,000     151,069
        734,076
Interactive Media & Services–0.14%
Weibo Corp. (China), 3.50%, 07/05/2024        585,000     567,931
Internet & Direct Marketing Retail–0.08%
Amazon.com, Inc., 3.30%, 04/13/2027(c)        350,000     352,519
Internet Services & Infrastructure–0.05%
VeriSign, Inc., 5.25%, 04/01/2025        200,000     204,371
Investment Banking & Brokerage–0.24%
Goldman Sachs Group, Inc. (The),                         
3.85%, 01/26/2027        165,000     164,937
1.54%, 09/10/2027(g)         50,000      44,771
1.95%, 10/21/2027(g)        100,000      91,299
Morgan Stanley,                         
3.63%, 01/20/2027        175,000     174,206
1.59%, 05/04/2027(g)        200,000     182,251
1.51%, 07/20/2027(g)        200,000     180,692
Nomura Holdings, Inc. (Japan), 1.65%, 07/14/2026        200,000     179,104
        1,017,260
IT Consulting & Other Services–0.14%
International Business Machines Corp.,                         
3.45%, 02/19/2026        200,000     200,328
3.30%, 05/15/2026        100,000      99,618
1.70%, 05/15/2027        100,000      91,866
Kyndryl Holdings, Inc., 2.05%, 10/15/2026(h)        225,000     190,197
        582,009
Life & Health Insurance–0.10%
Corebridge Financial, Inc., 3.65%, 04/05/2027(h)        170,000     163,800
Principal Financial Group, Inc., 3.40%, 05/15/2025        239,000     236,616
        400,416
Multi-line Insurance–0.04%
Boardwalk Pipelines L.P., 5.95%, 06/01/2026        140,000     147,335
Office REITs–0.04%
Office Properties Income Trust, 2.65%, 06/15/2026        199,000     165,996
Oil & Gas Equipment & Services–0.02%
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 3.34%, 12/15/2027        100,000      96,980
Oil & Gas Refining & Marketing–0.04%
HF Sinclair Corp., 5.88%, 04/01/2026(h)        140,000     143,689
    Principal
Amount 		Value
Oil & Gas Storage & Transportation–0.15%
Cheniere Corpus Christi Holdings LLC, 5.13%, 06/30/2027        $160,000     $162,832
Energy Transfer L.P.,                         
3.90%, 05/15/2024        381,000     379,052
4.40%, 03/15/2027         65,000      64,381
        606,265
Packaged Foods & Meats–0.07%
Conagra Brands, Inc., 1.38%, 11/01/2027        130,000     112,551
Tyson Foods, Inc., 4.00%, 03/01/2026        190,000     192,400
        304,951
Paper Packaging–0.02%
Berry Global, Inc., 1.57%, 01/15/2026        100,000      91,108
Pharmaceuticals–0.36%
Bristol-Myers Squibb Co., 0.75%, 11/13/2025(c)        400,000     370,468
Merck & Co., Inc., 2.75%, 02/10/2025        184,000     182,609
Perrigo Finance Unlimited Co., 3.90%, 12/15/2024(c)        435,000     430,143
Royalty Pharma PLC, 1.20%, 09/02/2025        275,000     252,995
Utah Acquisition Sub, Inc., 3.95%, 06/15/2026        200,000     189,388
Viatris, Inc., 2.30%, 06/22/2027         75,000      65,504
        1,491,107
Regional Banks–0.11%
Santander Holdings USA, Inc., 4.40%, 07/13/2027        100,000      97,726
Truist Financial Corp., 4.00%, 05/01/2025        350,000     353,741
        451,467
Residential REITs–0.02%
Spirit Realty L.P., 4.45%, 09/15/2026         90,000      89,874
Retail REITs–0.07%
Realty Income Corp., 4.88%, 06/01/2026        185,000     191,311
Simon Property Group L.P., 3.30%, 01/15/2026         95,000      93,707
        285,018
Semiconductor Equipment–0.10%
NXP B.V./NXP Funding LLC/NXP USA, Inc. (China), 2.70%, 05/01/2025        415,000     400,150
Semiconductors–0.05%
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/2027        100,000      99,019
Micron Technology, Inc., 4.19%, 02/15/2027        100,000      99,849
        198,868
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Fundamental Alternatives Fund
    Principal
Amount 		Value
Specialized REITs–0.21%
American Tower Corp.,                         
1.30%, 09/15/2025        $200,000     $183,256
3.65%, 03/15/2027        135,000     131,789
3.55%, 07/15/2027        135,000     130,631
EPR Properties, 4.75%, 12/15/2026        100,000      94,353
GLP Capital L.P./GLP Financing II, Inc., 3.35%, 09/01/2024        327,000     315,395
        855,424
Specialty Chemicals–0.02%
PPG Industries, Inc., 1.20%, 03/15/2026        100,000      91,280
Steel–0.05%
ArcelorMittal S.A. (Luxembourg), 4.55%, 03/11/2026        200,000     202,657
Technology Distributors–0.02%
Avnet, Inc., 4.63%, 04/15/2026         90,000      91,200
Technology Hardware, Storage & Peripherals–0.13%
Apple, Inc.,                         
3.25%, 02/23/2026        185,000     186,585
3.20%, 05/11/2027        175,000     176,451
HP, Inc., 1.45%, 06/17/2026        206,000     188,216
        551,252
Tobacco–0.09%
Altria Group, Inc., 4.40%, 02/14/2026        200,000     202,369
BAT Capital Corp. (United Kingdom), 3.22%, 09/06/2026        200,000     189,585
        391,954
Water Utilities–0.08%
American Water Capital Corp., 3.85%, 03/01/2024        340,000     341,072
Total U.S. Dollar Denominated Bonds & Notes (Cost $31,136,401)   29,608,050
Non-U.S. Dollar Denominated Bonds & Notes–3.18%(i)
Aerospace & Defense–0.10%
Thales S.A. (France), 0.75%, 01/23/2025(h)   EUR    400,000     401,782
Agricultural Products–0.02%
Archer-Daniels-Midland Co., 1.00%, 09/12/2025   EUR    100,000     100,382
Apparel, Accessories & Luxury Goods–0.05%
EssilorLuxottica S.A. (France), 2.38%, 04/09/2024(h)   EUR    100,000     104,618
PVH Corp., 3.13%, 12/15/2027(h)   EUR    100,000     101,002
        205,620
Auto Parts & Equipment–0.02%
Magna International, Inc. (Canada), 1.50%, 09/25/2027   EUR    100,000      98,152
Automobile Manufacturers–0.15%
BMW Finance N.V. (Germany), 1.00%, 01/21/2025(h)   EUR     41,000      41,840
  Principal
Amount 		Value
Automobile Manufacturers–(continued)
Mercedes-Benz International Finance B.V. (Germany), 2.00%, 08/22/2026(h) EUR     70,000      $73,346
Nissan Motor Co. Ltd. (Japan), 2.65%, 03/17/2026(h) EUR    100,000      98,893
RCI Banque S.A. (France), 1.75%, 04/10/2026(h) EUR     50,000      48,633
Volkswagen Financial Services AG (Germany),                       
0.13%, 02/12/2027(h) EUR    150,000     137,856
2.25%, 10/01/2027(h) EUR    100,000     101,144
Volkswagen Leasing GmbH (Germany),                       
1.50%, 06/19/2026(h) EUR     35,000      35,039
0.38%, 07/20/2026(h) EUR     75,000      71,222
      607,973
Brewers–0.06%
Anheuser-Busch InBev S.A./N.V. (Belgium), 2.88%, 09/25/2024(h) EUR    242,000     256,467
Broadcasting–0.09%
ITV PLC (United Kingdom), 1.38%, 09/26/2026(h) EUR    200,000     190,085
TDF Infrastructure S.A.S.U. (France), 2.50%, 04/07/2026(h) EUR    200,000     196,574
      386,659
Cable & Satellite–0.05%
SES S.A. (Luxembourg), 1.63%, 03/22/2026(h) EUR    200,000     201,879
Construction & Engineering–0.07%
Autoroutes du Sud de la France S.A. (France), 2.95%, 01/17/2024(h) EUR    100,000     104,275
ISS Global A/S (Denmark), 0.88%, 06/18/2026(h) EUR    100,000      95,373
Worley US Finance Sub Ltd. (Australia), 0.88%, 06/09/2026(h) EUR    100,000      94,448
      294,096
Construction Materials–0.02%
HeidelbergCement Finance (Luxembourg) S.A. (Germany), 1.63%, 04/07/2026(h) EUR     70,000      69,489
Consumer Finance–0.07%
Santander Consumer Finance S.A. (Spain), 1.00%, 02/27/2024(h) EUR    300,000     304,341
Data Processing & Outsourced Services–0.02%
Euronet Worldwide, Inc., 1.38%, 05/22/2026 EUR    110,000     101,291
Diversified Banks–1.08%
Banco Bilbao Vizcaya Argentaria S.A. (Spain), 0.38%, 10/02/2024(h) EUR    500,000     498,681
Banco Santander S.A. (Spain),                       
3.13%, 01/19/2027(h) EUR    100,000     104,085
0.50%, 02/04/2027(h) EUR    100,000      93,954
Bankinter S.A. (Spain), 0.88%, 07/08/2026(h) EUR    100,000      95,058
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Fundamental Alternatives Fund
  Principal
Amount 		Value
Diversified Banks–(continued)
Banque Federative du Credit Mutuel S.A. (France),                       
1.25%, 01/14/2025(h) EUR    100,000     $101,792
2.13%, 09/12/2026(h) EUR    100,000     101,129
0.63%, 11/19/2027(h) EUR    100,000      93,960
Belfius Bank S.A. (Belgium), 0.01%, 10/15/2025(h) EUR    300,000     292,626
BNP Paribas S.A. (France),                       
1.50%, 11/17/2025(h) EUR    100,000     100,980
2.88%, 10/01/2026(h) EUR    200,000     207,644
0.25%, 04/13/2027(g)(h) EUR    100,000      94,673
BPCE S.A. (France),                       
0.88%, 01/31/2024(h) EUR    100,000     101,959
0.63%, 09/26/2024(h) EUR    500,000     501,755
Cooperatieve Rabobank U.A. (Netherlands), 0.63%, 02/27/2024(h) EUR    100,000     101,683
Credit Agricole S.A. (France),                       
1.00%, 09/16/2024(h) EUR    100,000     102,573
1.38%, 03/13/2025(h) EUR    300,000     305,388
0.38%, 10/21/2025(h) EUR    100,000      98,587
de Volksbank N.V. (Netherlands), 0.01%, 09/16/2024(h) EUR    200,000     199,266
ING Groep N.V. (Netherlands), 1.13%, 02/14/2025(h) EUR    100,000     101,403
KBC Group N.V. (Belgium), 1.13%, 01/25/2024(h) EUR    100,000     101,812
Mediobanca Banca di Credito Finanziario S.p.A. (Italy), 0.88%, 01/15/2026(h) EUR    100,000      95,672
National Australia Bank Ltd. (Australia), 1.25%, 05/18/2026(h) EUR    100,000     101,575
Nordea Bank Abp (Finland), 1.13%, 02/12/2025(h) EUR    100,000     101,839
OP Corporate Bank PLC (Finland), 0.38%, 02/26/2024(h) EUR    121,000     122,382
Skandinaviska Enskilda Banken AB (Sweden), 0.75%, 08/09/2027(h) EUR    300,000     286,205
Standard Chartered PLC (United Kingdom), 0.90%, 07/02/2027(g)(h) EUR    100,000      96,127
Swedbank AB (Sweden), 0.30%, 05/20/2027(g)(h) EUR    200,000     190,188
Volkswagen Bank GmbH (Germany), 2.50%, 07/31/2026(h) EUR    100,000     103,044
      4,496,040
Diversified Capital Markets–0.07%
Deutsche Bank AG (Germany),                       
2.63%, 02/12/2026(h) EUR    100,000     100,940
0.75%, 02/17/2027(g)(h) EUR    100,000      92,843
Macquarie Group Ltd. (Australia), 0.63%, 02/03/2027(h) EUR    100,000      94,660
      288,443
Diversified Chemicals–0.07%
BASF SE (Germany),                       
2.50%, 01/22/2024(h) EUR     80,000      82,874
0.25%, 06/05/2027(h) EUR    200,000     189,215
      272,089
  Principal
Amount 		Value
Diversified Support Services–0.05%
APRR S.A. (France), 1.50%, 01/15/2024(h) EUR    200,000     $204,703
Electric Utilities–0.05%
AusNet Services Holdings Pty. Ltd. (Australia), 1.50%, 02/26/2027(h) EUR    100,000      97,176
EDP Finance B.V. (Portugal), 1.50%, 11/22/2027(h) EUR    100,000      99,228
      196,404
Food Retail–0.02%
ELO SACA (France), 2.88%, 01/29/2026(h) EUR    100,000     100,254
Gas Utilities–0.05%
2i Rete Gas S.p.A. (Italy), 1.75%, 08/28/2026(h) EUR    115,000     113,860
APA Infrastructure Ltd. (Australia), 2.00%, 03/22/2027(h) EUR    100,000      98,842
      212,702
Health Care Equipment–0.05%
Becton, Dickinson and Co., 1.90%, 12/15/2026 EUR    100,000     102,197
Zimmer Biomet Holdings, Inc., 2.43%, 12/13/2026 EUR    100,000     103,111
      205,308
Health Care Services–0.01%
Fresenius Medical Care AG & Co. KGaA (Germany), 0.63%, 11/30/2026(h) EUR     50,000      47,408
Hotels, Resorts & Cruise Lines–0.02%
InterContinental Hotels Group PLC (United Kingdom), 2.13%, 05/15/2027(h) EUR    100,000      98,105
Household Appliances–0.02%
Whirlpool Finance Luxembourg S.a.r.l., 1.10%, 11/09/2027 EUR    100,000      94,415
Household Products–0.01%
Procter & Gamble Co. (The), 4.88%, 05/11/2027 EUR     50,000      59,779
Integrated Oil & Gas–0.10%
Eni S.p.A. (Italy), 1.00%, 03/14/2025(h) EUR    179,000     181,110
Shell International Finance B.V. (Netherlands), 0.38%, 02/15/2025(h) EUR    222,000     222,292
      403,402
Integrated Telecommunication Services–0.02%
Vantage Towers AG (Germany), 0.38%, 03/31/2027(h) EUR    100,000      93,245
IT Consulting & Other Services–0.10%
DXC Technology Co., 1.75%, 01/15/2026 EUR    100,000      98,814
International Business Machines Corp., 1.25%, 01/29/2027 EUR    300,000     301,986
      400,800
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Fundamental Alternatives Fund
  Principal
Amount 		Value
Life & Health Insurance–0.05%
Ethias S.A. (Belgium), 5.00%, 01/14/2026(h) EUR    100,000     $104,433
New York Life Global Funding, 0.25%, 01/23/2027(h) EUR    100,000      95,642
      200,075
Multi-Sector Holdings–0.02%
Berkshire Hathaway, Inc., 1.13%, 03/16/2027 EUR    100,000      98,887
Office REITs–0.12%
Globalworth Real Estate Investments Ltd. (Poland), 2.95%, 07/29/2026(h) EUR    100,000      85,641
Inmobiliaria Colonial SOCIMI S.A. (Spain), 1.63%, 11/28/2025(h) EUR    400,000     397,618
      483,259
Other Diversified Financial Services–0.15%
Clearstream Banking AG (Germany), 0.01%, 12/01/2025(h) EUR    200,000     196,983
JAB Holdings B.V. (Austria), 1.75%, 06/25/2026(h) EUR    100,000      98,656
LeasePlan Corp. N.V. (Netherlands), 3.50%, 04/09/2025(h) EUR    294,000     309,877
      605,516
Packaged Foods & Meats–0.02%
JDE Peet’s N.V. (Netherlands), 0.01%, 01/16/2026(h) EUR    100,000      93,426
Paper Products–0.03%
Smurfit Kappa Acquisitions ULC (Ireland), 2.88%, 01/15/2026(h) EUR    100,000     102,819
Pharmaceuticals–0.12%
Bayer AG (Germany), 0.38%, 07/06/2024(h) EUR    400,000     401,631
Novartis Finance S.A. (Switzerland), 1.63%, 11/09/2026(h) EUR    100,000     103,561
      505,192
Precious Metals & Minerals–0.02%
Anglo American Capital PLC (South Africa), 1.63%, 03/11/2026(h) EUR    100,000     100,233
Real Estate Operating Companies–0.04%
CPI Property Group S.A. (Czech Republic), 2.75%, 05/12/2026(h) EUR    100,000      93,543
Samhallsbyggnadsbolaget i Norden AB (Sweden), 1.13%, 09/04/2026(h) EUR    100,000      77,541
      171,084
Renewable Electricity–0.02%
Southern Power Co., 1.85%, 06/20/2026 EUR    100,000     100,829
Restaurants–0.04%
Sodexo S.A. (France), 0.75%, 04/27/2025(h) EUR    170,000     169,824
Specialized REITs–0.02%
American Tower Corp., 1.95%, 05/22/2026 EUR    100,000     101,830
    Principal
Amount 		Value
Thrifts & Mortgage Finance–0.06%
Aareal Bank AG (Germany), 0.50%, 04/07/2027(h)   EUR    300,000     $262,347
Tobacco–0.03%
Imperial Brands Finance PLC (United Kingdom), 3.38%, 02/26/2026(h)   EUR    100,000     102,604
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $15,914,172)   13,299,153
Variable Rate Senior Loan Interests–0.02%(j)(k)
Advertising–0.02%
Checkout Holding Corp.,                         
First Lien Term Loan, 9.87% , (1 mo. USD LIBOR + 7.50%), 02/15/2023         $72,994      61,498
PIK Term Loan, 9.50% PIK Rate, 3.37% Cash Rate, 08/15/2023(l)            832         292
        61,790
Integrated Oil & Gas–0.00%
Lealand Finance Co. B.V., PIK Term Loan, 3.00% PIK Rate, 2.06% Cash Rate, 06/30/2025            491         238
Movies & Entertainment–0.00%
Deluxe Entertainment Services Group, Inc., First Lien Term Loan, 0.00%, 03/25/2024(d)(m)          8,410           0
Oil & Gas Storage & Transportation–0.00%
Southcross Energy Partners L.P., Revolver Loan, 0.00%, 01/31/2025(d)(n)         18,571      18,572
Total Variable Rate Senior Loan Interests (Cost $95,656)   80,600
    Shares  
Preferred Stocks–0.00%
Oil & Gas Storage & Transportation–0.00%
Southcross Energy Partners L.P., Series A, Pfd.
(Cost $68,449)(d) 		      68,466       5,135
Money Market Funds–21.70%
Invesco Treasury Portfolio, Institutional Class, 1.66%(o)(p)
(Cost $90,820,249) 		  90,820,249  90,820,249
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-82.49% (Cost $317,103,477)       345,159,055
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–4.23%
Invesco Private Government Fund, 1.77%(o)(p)(q)    4,954,185   4,954,185
Invesco Private Prime Fund, 1.89%(o)(p)(q)   12,739,332  12,739,332
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $17,693,517)   17,693,517
TOTAL INVESTMENTS IN SECURITIES–86.72% (Cost $334,796,994)   362,852,572
OTHER ASSETS LESS LIABILITIES—13.28%   55,562,631
NET ASSETS–100.00%   $418,415,203
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Fundamental Alternatives Fund
Investment Abbreviations:
EUR – Euro
LIBOR – London Interbank Offered Rate
Pfd. – Preferred
PIK – Pay-in-Kind
REIT – Real Estate Investment Trust
USD – U.S. Dollar
Wts. – Warrants
Notes to Consolidated 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) Non-income producing security.
(c) All or a portion of this security was out on loan at July 31, 2022.
(d) Security valued using significant unobservable inputs (Level 3). See Note 1.
(e) All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts.
(f) Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(g) Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.
(h) 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 July 31, 2022 was $12,691,453, which represented 3.03% of the Fund’s Net Assets.
(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 Fund’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) All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.
(m) Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The value of this security at July 31, 2022 represented less than 1% of the Fund’s Net Assets.
(n) All or a portion of this holding is subject to unfunded loan commitments. Interest rate will be determined at the time of funding.
(o) Affiliated issuer. The issuer and/or the Fund 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 Fund’s transactions in, and earnings from, its investments in affiliates for the nine months ended July 31, 2022.
    
  Value
October 31, 2021 		Purchases
at Cost 		Proceeds
from Sales 		Change in
Unrealized
Appreciation 		Realized
Gain
(Loss) 		Value
July 31, 2022 		Dividend Income
Investments in Affiliated Money Market Funds:              
Invesco Treasury Portfolio, Institutional Class $31,020,428 $207,559,581 $(147,759,760) $- $- $90,820,249 $266,501
Investments Purchased with Cash Collateral from Securities on Loan:              
Invesco Private Government Fund 756,501 39,983,673 (35,785,989) - - 4,954,185 10,709*
Invesco Private Prime Fund 1,765,170 72,797,956 (61,821,550) - (2,244) 12,739,332 27,532*
Total $33,542,099 $320,341,210 $(245,367,299) $- $(2,244) $108,513,766 $304,742
    
* 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.
    
(p) The rate shown is the 7-day SEC standardized yield as of July 31, 2022.
(q) 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)
Commodity Risk
Gasoline Reformulated Blendstock Oxygenate Blending 1 August-2022 $130,754 $2,389 $2,389
LME Primary Aluminum 79 October-2022 4,948,837 223,567 223,567
Subtotal 225,956 225,956
Equity Risk
FTSE 100 Index 6 September-2022 539,059 17,483 17,483
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Fundamental Alternatives Fund
Open Futures Contracts(a)—(continued)
Long Futures Contracts Number of
Contracts 		Expiration
Month 		Notional
Value 		Value Unrealized
Appreciation
(Depreciation)
Interest Rate Risk
Australia 10 Year Bonds 297 September-2022 $25,932,534 $1,197,872 $1,197,872
Canada 10 Year Bonds 189 September-2022 19,253,485 617,605 617,605
Euro-Bund 90 September-2022 14,500,432 668,233 668,233
Japan 10 Year Bonds 11 September-2022 12,415,523 97,997 97,997
Long Gilt 84 September-2022 12,089,245 306,652 306,652
U.S. Treasury 2 Year Notes 24 September-2022 5,051,063 306 306
U.S. Treasury 5 Year Notes 75 September-2022 8,529,492 91,022 91,022
U.S. Treasury Long Bonds 57 September-2022 8,208,000 167,553 167,553
Subtotal 3,147,240 3,147,240
Subtotal—Long Futures Contracts 3,390,679 3,390,679
Short Futures Contracts          
Commodity Risk
Low Sulphur Gas Oil 1 December-2022 (102,400) 2,972 2,972
Gold 100 oz. 10 December-2022 (1,781,800) (56,527) (56,527)
Soybean Oil 8 December-2022 (315,168) (35,723) (35,723)
Coffee ’C’ 2 September-2022 (162,900) 3,630 3,630
Corn 6 December-2022 (186,000) (1,133) (1,133)
Cotton No. 2 8 December-2022 (386,960) 3,306 3,306
LME Primary Aluminum 79 October-2022 (4,948,836) 561,623 561,623
LME Aluminum 38 December-2022 (2,367,628) (89,408) (89,408)
Natural Gas 20 November-2022 (1,674,800) (419,205) (419,205)
Silver 9 September-2022 (908,865) 19,321 19,321
Soybeans Future 6 November-2022 (440,550) (23,070) (23,070)
Sugar No. 11 7 February-2023 (138,690) 6,447 6,447
Wheat 3 December-2022 (123,862) 4,202 4,202
Subtotal (23,565) (23,565)
Equity Risk
E-Mini Russell 2000 Index 7 September-2022 (659,855) (63,524) (63,524)
E-Mini S&P 500 Index 349 September-2022 (72,129,575) (2,191,833) (2,191,833)
EURO STOXX 50 Index 13 September-2022 (491,872) (33,210) (33,210)
MSCI Emerging Markets Index 10 September-2022 (499,250) (11,605) (11,605)
Tokyo Stock Price Index 8 September-2022 (1,162,355) (45,716) (45,716)
Subtotal (2,345,888) (2,345,888)
Interest Rate Risk
Euro-Bobl 58 September-2022 (7,579,991) (191,110) (191,110)
Euro-Schatz 28 September-2022 (3,151,776) (25,067) (25,067)
U.S. Treasury 10 Year Notes 1 September-2022 (121,141) (986) (986)
Subtotal (217,163) (217,163)
Subtotal—Short Futures Contracts (2,586,616) (2,586,616)
Total Futures Contracts $804,063 $804,063
    
(a) Futures contracts collateralized by $28,160,307 cash held with Merrill Lynch International, the futures commission merchant.
    
Open Forward Foreign Currency Contracts
Settlement
Date 		Counterparty Contract to Unrealized
Appreciation
(Depreciation)
Deliver Receive
Currency Risk            
08/17/2022 Citibank N.A. EUR 14,888,000 USD 15,814,480 $582,547
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Fundamental Alternatives Fund
Open Forward Foreign Currency Contracts—(continued)
Settlement
Date 		Counterparty Contract to Unrealized
Appreciation
(Depreciation)
Deliver Receive
08/17/2022 Citibank N.A. USD 1,298,576 EUR 1,270,000 $763
Subtotal—Appreciation 583,310
Currency Risk            
08/17/2022 Morgan Stanley and Co. International PLC USD 136,125 EUR 130,000 (3,122)
08/17/2022 UBS AG USD 424,550 EUR 400,000 (15,310)
Subtotal—Depreciation (18,432)
Total Forward Foreign Currency Contracts $564,878
    
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
Credit Risk
Markit CDX North America High Yield Index, Series 38, Version 1 Sell 5.00% Quarterly 06/20/2027 4.691% USD 7,920,000 $(87,500) $93,177 $180,677
    
(a) Centrally cleared swap agreements collateralized by $5,015,387 cash held with Citigroup Global Markets, Inc.
(b) Implied credit spreads represent the current level, as of July 31, 2022, 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.
    
Open Over-The-Counter Total Return Swap Agreements(a)
Counterparty Pay/
Receive 		Reference Entity(b) Fixed
Rate 		Payment
Frequency 		Number of
Contracts 		Maturity Date Notional Value Upfront
Payments
Paid
(Received) 		Value Unrealized
Appreciation
(Depreciation)
Commodity Risk                      
BNP Paribas S.A. Receive BNP Paribas Commodity Daily Dynamic Curve CO Index 0.25% Monthly 200 August—2022 $ 125,809 $— $964 $964
Merrill Lynch International Pay Merrill Lynch Soybean Meal Index 0.05 Monthly 570 June—2023   (462,331) — 0 0
Subtotal — Appreciation         — 964 964
Commodity Risk                      
Canadian Imperial Bank of Commerce Pay CIBC LME Copper Standard Roll Excess Return Index 0.06 Monthly 2,480 March—2023   (1,064,505) — (47,863) (47,863)
Macquarie Bank Ltd. Pay Macquarie Single Commodity Crude Oil (WTI) type A Excess Return Index 0.06 Monthly 3,000 July—2023   (116,396) — (2,311) (2,311)
Macquarie Bank Ltd. Pay Macquarie Single Commodity Heating Oil type A Excess Return Index 0.06 Monthly 850 July—2023   (134,011) — (3,459) (3,459)
Subtotal — Depreciation         — (53,633) (53,633)
Total — Total Return Swap Agreements         $— $(52,669) $(52,669)
    
(a) The Fund receives or pays payments based on any positive or negative return on the Reference Entity, respectively.
(b) The Reference Entity Components table below includes additional information regarding the underlying components of certain reference entities that are not publicly available.
    
Reference Entity Components
Reference Entity Underlying Components Percentage
BNP Paribas Commodity Daily Dynamic Curve CO Index    
  Long Futures Contracts  
  Brent Crude 100.00%
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Fundamental Alternatives Fund
Reference Entity Components—(continued)
Reference Entity Underlying Components Percentage
Merrill Lynch Soybean Meal Index    
  Long Futures Contracts  
  Soybean Meal 100.00%
Canadian Imperial Bank of Commerce LME Copper Standard Roll Excess Return Index    
  Long Futures Contracts  
  Copper 100.00%
Macquarie Single Commodity Crude Oil (WTI) type A Excess Return Index    
  Long Futures Contracts  
  WTI Crude 100.00%
Macquarie Single Commodity Heating Oil type A Excess Return Index    
  Long Futures Contracts  
  Heating Oil 100.00%
    
Abbreviations:
EUR —Euro
USD —U.S. Dollar
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 consolidated schedule.
Invesco Fundamental Alternatives Fund
Notes to Quarterly Consolidated Schedule of Portfolio Holdings
July 31, 2022
(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 or are unreliable. 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 the Fund’s own 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 July 31, 2022. 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        
Common Stocks & Other Equity Interests $152,336,000 $16,586 $139 $152,352,725
U.S. Treasury Securities — 58,993,143 — 58,993,143
U.S. Dollar Denominated Bonds & Notes — 29,608,050 — 29,608,050
Non-U.S. Dollar Denominated Bonds & Notes — 13,299,153 — 13,299,153
Variable Rate Senior Loan Interests — 62,028 18,572 80,600
Preferred Stocks — — 5,135 5,135
Money Market Funds 90,820,249 17,693,517 — 108,513,766
Total Investments in Securities 243,156,249 119,672,477 23,846 362,852,572
Other Investments - Assets*        
Futures Contracts 3,992,180 — — 3,992,180
Forward Foreign Currency Contracts — 583,310 — 583,310
Swap Agreements — 181,641 — 181,641
  3,992,180 764,951 — 4,757,131
Other Investments - Liabilities*        
Futures Contracts (3,188,117) — — (3,188,117)
Forward Foreign Currency Contracts — (18,432) — (18,432)
Swap Agreements — (53,633) — (53,633)
  (3,188,117) (72,065) — (3,260,182)
Total Other Investments 804,063 692,886 — 1,496,949
Total Investments $243,960,312 $120,365,363 $23,846 $364,349,521
    
* Forward foreign currency contracts, futures contracts and swap agreements are valued at unrealized appreciation (depreciation).
Invesco Fundamental Alternatives Fund