|
|
Interest
Rate
|
Maturity
Date
|
Principal
Amount
(000)
|
Value
|
|
|
U.S. Treasury Securities–12.29%
|
|
|
|||
|
U.S. Treasury Floating Rate Notes–12.29%
|
|||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+
0.15%)(a)
|
3.78%
|
04/30/2026
|
|
$68,400
|
$68,416,653
|
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+
0.18%)(a)
|
3.82%
|
07/31/2026
|
|
65,900
|
65,938,593
|
|
Total U.S. Treasury Securities (Cost $134,312,269)
|
|
134,355,246
|
|||
|
|
|
Expiration
Date
|
|
|
|
|
Commodity-Linked Securities–10.05%
|
|||||
|
Bank of Montreal, 1 mo. SOFR (linked to the Bloomberg Gold Subindex, multiplied by
2)
(Canada)(b)(c)
|
|
07/06/2026
|
|
22,700
|
40,585,600
|
|
Canadian Imperial Bank of Commerce, 1 mo. SOFR (linked to the CIBC Dynamic Roll LME
Copper
Index 2) (Canada)(b)(c)
|
|
10/30/2026
|
|
17,100
|
27,717,451
|
|
Royal Bank of Canada, (linked to RBC Enhanced Copper 2x Index, multiplied by 2) (Canada)(b)(c)
|
|
10/30/2026
|
|
17,100
|
27,331,790
|
|
Societe Generale, U.S. Federal Funds Effective Rate minus 0.02% (linked to the Societe
Generale Soybean Meal Index, multiplied by 2) (France)(c)
|
|
03/30/2026
|
|
18,000
|
14,176,995
|
|
Total Commodity-Linked Securities (Cost $74,900,000)
|
|
109,811,836
|
|||
|
|
|
|
Shares
|
|
|
|
Money Market Funds–69.55%
|
|||||
|
Invesco Government & Agency Portfolio, Institutional Class, 3.61%(d)(e)
|
|
|
|
197,801,750
|
197,801,750
|
|
Invesco Liquidity Funds PLC, Invesco US Dollar Liquidity Portfolio (Ireland), Agency
Class,
3.88%(d)(e)
|
|
|
|
195,883,978
|
195,883,978
|
|
Invesco Treasury Portfolio, Institutional Class, 3.57%(d)(e)
|
|
|
|
366,383,071
|
366,383,071
|
|
Total Money Market Funds (Cost $760,068,799)
|
|
760,068,799
|
|||
|
TOTAL INVESTMENTS IN SECURITIES–91.89% (Cost $969,281,068)
|
|
1,004,235,881
|
|||
|
OTHER ASSETS LESS LIABILITIES–8.11%
|
|
88,589,727
|
|||
|
NET ASSETS–100.00%
|
|
$1,092,825,608
|
|||
|
SOFR
|
– Secured Overnight Financing Rate
|
|
(a)
|
Interest or dividend rate is redetermined periodically. Rate shown is the rate in
effect on January 31, 2026.
|
|
(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
January 31, 2026 was $95,634,841, which represented 8.75% of the Fund’s Net Assets.
|
|
(c)
|
The Reference Entity Components table below includes additional information regarding
the underlying components of certain reference entities that are not
publicly available.
|
|
(d)
|
Affiliated holding. Affiliated holdings are investments in entities which are under
common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the three months ended January 31, 2026.
|
|
|
Value
October 31, 2025
|
Purchases
at Cost
|
Proceeds
from Sales
|
Change in
Unrealized
Appreciation
|
Realized
Gain
|
Value
January 31, 2026
|
Dividend Income
|
|
Investments in Affiliated Money Market Funds:
|
|
|
|
|
|
|
|
|
Invesco Government & Agency Portfolio,
Institutional Class
|
$170,576,000
|
$46,979,691
|
$(19,753,941)
|
$-
|
$-
|
$197,801,750
|
$1,644,140
|
|
Invesco Liquidity Funds PLC, Invesco US Dollar
Liquidity Portfolio, Agency Class
|
204,277,411
|
165,885,422
|
(174,278,855)
|
-
|
-
|
195,883,978
|
2,020,511
|
|
Invesco Treasury Portfolio, Institutional Class
|
315,820,963
|
87,247,997
|
(36,685,889)
|
-
|
-
|
366,383,071
|
3,010,015
|
|
Total
|
$690,674,374
|
$300,113,110
|
$(230,718,685)
|
$-
|
$-
|
$760,068,799
|
$6,674,666
|
|
(e)
|
The rate shown is the 7-day SEC standardized yield as of January 31, 2026.
|
|
Open Futures Contracts(a)
|
|||||
|
Long Futures Contracts
|
Number of
Contracts
|
Expiration
Month
|
Notional
Value
|
Value
|
Unrealized
Appreciation
(Depreciation)
|
|
Commodity Risk
|
|||||
|
Coffee ’C’
|
406
|
March-2026
|
$50,585,063
|
$(6,977,451
)
|
$(6,977,451
)
|
|
Corn
|
595
|
July-2026
|
13,149,500
|
(505,854
)
|
(505,854
)
|
|
Gold 100 Oz.
|
273
|
April-2026
|
129,541,230
|
(9,090,660
)
|
(9,090,660
)
|
|
LME Nickel
|
13
|
April-2026
|
1,397,362
|
(17,600
)
|
(17,600
)
|
|
Silver
|
237
|
March-2026
|
93,059,235
|
20,593,568
|
20,593,568
|
|
Soybean
|
722
|
July-2026
|
39,367,050
|
(1,046,699
)
|
(1,046,699
)
|
|
Wheat
|
714
|
July-2026
|
19,840,275
|
(98,372
)
|
(98,372
)
|
|
Total Futures Contracts
|
$2,856,932
|
$2,856,932
|
|||
|
(a)
|
Futures contracts collateralized by $47,086,782 cash held with Goldman Sachs International,
the futures commission merchant.
|
|
Open Over-The-Counter Total Return Swap Agreements(a)(b)
|
|||||||||||
|
Counterparty
|
Pay/
Receive
|
Reference Entity(c)
|
Fixed
Rate
|
Payment
Frequency
|
Number of
Contracts
|
Maturity Date
|
Notional Value
|
Upfront
Payments
Paid
(Received)
|
Value
|
Unrealized
Appreciation
(Depreciation)
|
|
|
Commodity Risk
|
|
|
|
|
|
|
|
|
|
|
|
|
Barclays Bank PLC
|
Receive
|
Barclays Brent
Crude Roll Yield
Index
|
0.17%
|
Monthly
|
113,800
|
October—2026
|
USD
|
55,811,639
|
$—
|
$5,521,007
|
$5,521,007
|
|
Citibank, N.A.
|
Receive
|
Citi Commodities
Curve Beta
Enhanced
Distributed Mono
Index - WTI Crude
Oil (Excess Return)
|
0.14
|
Monthly
|
43,250
|
October—2026
|
USD
|
36,474,066
|
—
|
2,602,958
|
2,602,958
|
|
Citibank, N.A.
|
Receive
|
Citi Commodities
Curve Beta
Enhanced Extended
Copper (Daily
Rebalancing)
Excess Return
Index
|
0.30
|
Monthly
|
30,300
|
May—2026
|
USD
|
43,061,087
|
—
|
1,119,654
|
1,119,654
|
|
Goldman Sachs
International
|
Receive
|
Goldman Sachs
Heating Oil F0
Standard Roll
Excess Return
Index
|
0.14
|
Monthly
|
28,500
|
October—2026
|
USD
|
5,329,697
|
—
|
1,260,210
|
1,260,210
|
|
J.P. Morgan Chase
Bank, N.A.
|
Receive
|
J.P. Morgan
Contag Beta Gas
Oil Excess Return
Index
|
0.25
|
Monthly
|
174,100
|
January—2027
|
USD
|
66,937,272
|
—
|
5,512,180
|
5,512,180
|
|
J.P. Morgan Chase
Bank, N.A.
|
Receive
|
J.P. Morgan Front
Month Heating Oil
Index - Excess
Return
|
0.11
|
Monthly
|
210,700
|
October—2026
|
USD
|
66,286,978
|
—
|
6,762,796
|
6,762,796
|
|
Merrill Lynch
International
|
Receive
|
MLCX Aluminum
Annual Excess
Return Index
|
0.28
|
Monthly
|
293,000
|
October—2026
|
USD
|
41,134,270
|
203,837
|
1,465,322
|
1,261,485
|
|
Merrill Lynch
International
|
Receive
|
MLCX Natural Gas
Annual Excess
Return Index
|
0.25
|
Monthly
|
294,000
|
October—2026
|
USD
|
19,165,184
|
—
|
2,322,923
|
2,322,923
|
|
Merrill Lynch
International
|
Receive
|
MLCX1XBE Excess
Return Index
|
0.10
|
Monthly
|
123,300
|
August—2026
|
USD
|
53,595,859
|
3,479
|
5,538,414
|
5,534,935
|
|
Merrill Lynch
International
|
Receive
|
MLCXLXAE Excess
Return Index
|
0.25
|
Monthly
|
64,700
|
October—2026
|
USD
|
22,898,643
|
296,248
|
1,666,717
|
1,370,469
|
|
Open Over-The-Counter Total Return Swap Agreements(a)(b)—(continued)
|
|||||||||||
|
Counterparty
|
Pay/
Receive
|
Reference Entity(c)
|
Fixed
Rate
|
Payment
Frequency
|
Number of
Contracts
|
Maturity Date
|
Notional Value
|
Upfront
Payments
Paid
(Received)
|
Value
|
Unrealized
Appreciation
(Depreciation)
|
|
|
Morgan Stanley and Co.
International PLC
|
Receive
|
Morgan Stanley
MSCY2XB0 Index
|
0.15%
|
Monthly
|
6,900
|
July—2026
|
USD
|
5,483,191
|
$—
|
$388,158
|
$388,158
|
|
Morgan Stanley and Co.
International PLC
|
Receive
|
Morgan Stanley
Soybean Oil
Dynamic Roll Index
|
0.30
|
Monthly
|
252,700
|
April—2026
|
USD
|
61,713,737
|
—
|
995,360
|
995,360
|
|
Subtotal — Appreciation
|
|
|
|
|
503,564
|
35,155,699
|
34,652,135
|
||||
|
Commodity Risk
|
|
|
|
|
|
|
|
|
|
|
|
|
Barclays Bank PLC
|
Receive
|
Barclays Live
Cattle Roll Yield
Excess Return
Index
|
0.47
|
Monthly
|
170,200
|
July—2026
|
USD
|
29,243,934
|
—
|
(271,929
)
|
(271,929
)
|
|
BNP Paribas S.A.
|
Receive
|
BNP Paribas Rolling
Futures IY SB Index
|
0.15
|
Monthly
|
159,200
|
December—2026
|
USD
|
35,482,480
|
—
|
(1,392,793
)
|
(1,392,793
)
|
|
Canadian Imperial Bank
of Commerce
|
Receive
|
Canadian Imperial
Bank of Commerce
Seasonally
Enhanced Lean
Hog Commodity
Index
|
0.20
|
Monthly
|
532,000
|
January—2027
|
USD
|
29,567,390
|
—
|
(92,940
)
|
(92,940
)
|
|
Citibank, N.A.
|
Receive
|
Citi Commodities
Curve Beta
Enhanced Extended
Cotton (Daily
Rebalancing)
Excess Return
Index
|
0.20
|
Monthly
|
82,500
|
April—2026
|
USD
|
7,499,085
|
—
|
(37,372
)
|
(37,372
)
|
|
Goldman Sachs
International
|
Receive
|
S&P GSCI Soybean
Meal Excess Return
Index
|
0.32
|
Monthly
|
7,150
|
May—2026
|
USD
|
6,923,806
|
—
|
(267,522
)
|
(267,522
)
|
|
Macquarie Bank Ltd.
|
Receive
|
Macquarie
Aluminum Dynamic
Selection Index
|
0.30
|
Monthly
|
1,433,500
|
October—2026
|
USD
|
93,246,165
|
—
|
(1,265,240
)
|
(1,265,240
)
|
|
Merrill Lynch
International
|
Receive
|
MLCX6CTE Excess
Return Index
|
0.18
|
Monthly
|
282,000
|
January—2027
|
USD
|
20,073,042
|
—
|
(137,813
)
|
(137,813
)
|
|
Morgan Stanley and Co.
International PLC
|
Pay
|
Morgan Stanley
MSCY2KW0 Index
|
0.05
|
Monthly
|
201,300
|
February—2026
|
USD
|
27,394,796
|
—
|
(909,272
)
|
(909,272
)
|
|
Subtotal — Depreciation
|
|
|
|
|
—
|
(4,374,881
)
|
(4,374,881
)
|
||||
|
Total — Total Return Swap Agreements
|
|
|
|
|
$503,564
|
$30,780,818
|
$30,277,254
|
||||
|
(a) Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held
with the swap Counterparties in the amount of $180,000.
|
|||||||||||
|
(b) The Fund receives or pays payments based on any positive or negative return on the
Reference Entity, respectively.
|
|||||||||||
|
(c) 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
|
|
Bloomberg Gold Subindex
|
|
|
|
|
Long Futures Contracts
|
|
|
|
Gold
|
100.00%
|
|
CIBC Dynamic Roll LME Copper Index 2
|
|
|
|
|
Long Futures Contracts
|
|
|
|
Copper
|
100.00%
|
|
RBC Enhanced Copper 2x Index
|
|
|
|
|
Long Futures Contracts
|
|
|
|
Copper
|
100.00%
|
|
Reference Entity Components—(continued)
|
||
|
Reference Entity
|
Underlying Components
|
Percentage
|
|
Societe Generale Soybean Meal Index
|
|
|
|
|
Long Futures Contracts
|
|
|
|
Soybean Meal
|
100.00%
|
|
Barclays Brent Crude Roll Yield Index
|
|
|
|
|
Long Futures Contracts
|
|
|
|
Brent Crude
|
100.00%
|
|
Citi Commodities Curve Beta Enhanced Distributed Mono Index - WTI
Crude Oil (Excess Return)
|
|
|
|
|
Long Futures Contracts
|
|
|
|
WTI Crude
|
100.00%
|
|
Citi Commodities Curve Beta Enhanced Extended Copper (Daily
Rebalancing) Excess Return Index
|
|
|
|
|
Long Futures Contracts
|
|
|
|
Copper
|
100.00%
|
|
Goldman Sachs Heating Oil F0 Standard Roll Excess Return Index
|
|
|
|
|
Long Futures Contracts
|
|
|
|
Heating Oil
|
100.00%
|
|
J.P. Morgan Contag Beta Gas Oil Excess Return Index
|
|
|
|
|
Long Futures Contracts
|
|
|
|
Gas Oil
|
100.00%
|
|
J.P. Morgan Front Month Heating Oil Index - Excess Return
|
|
|
|
|
Long Futures Contracts
|
|
|
|
Heating Oil
|
100.00%
|
|
MLCX Aluminum Annual Excess Return Index
|
|
|
|
|
Long Futures Contracts
|
|
|
|
Aluminum
|
100.00%
|
|
MLCX Natural Gas Annual Excess Return Index
|
|
|
|
|
Long Futures Contracts
|
|
|
|
Natural Gas
|
100.00%
|
|
MLCX1XBE Excess Return Index
|
|
|
|
|
Long Futures Contracts
|
|
|
|
Gasoline Unleaded
|
100.00%
|
|
MLCXLXAE Excess Return Index
|
|
|
|
|
Long Futures Contracts
|
|
|
|
Cocoa
|
100.00%
|
|
Morgan Stanley MSCY2XB0 Index
|
|
|
|
|
Long Futures Contracts
|
|
|
|
Soybean Meal
|
100.00%
|
|
Morgan Stanley Soybean Oil Dynamic Roll Index
|
|
|
|
|
Long Futures Contracts
|
|
|
|
Soybean Oil
|
100.00%
|
|
Reference Entity Components—(continued)
|
||
|
Reference Entity
|
Underlying Components
|
Percentage
|
|
Barclays Live Cattle Roll Yield Excess Return Index
|
|
|
|
|
Long Futures Contracts
|
|
|
|
Live Cattle
|
100.00%
|
|
BNP Paribas Rolling Futures IY SB Index
|
|
|
|
|
Long Futures Contracts
|
|
|
|
Sugar
|
100.00%
|
|
Canadian Imperial Bank of Commerce Seasonally Enhanced Lean Hog
Commodity Index
|
|
|
|
|
Long Futures Contracts
|
|
|
|
Lean Hog
|
100.00%
|
|
Citi Commodities Curve Beta Enhanced Extended Cotton (Daily
Rebalancing) Excess Return Index
|
|
|
|
|
Long Futures Contracts
|
|
|
|
Cotton
|
100.00%
|
|
S&P GSCI Soybean Meal Excess Return Index
|
|
|
|
|
Long Futures Contracts
|
|
|
|
Soybean Meal
|
100.00%
|
|
Macquarie Aluminum Dynamic Selection Index
|
|
|
|
|
Long Futures Contracts
|
|
|
|
Aluminium
|
100.00%
|
|
MLCX6CTE Excess Return Index
|
|
|
|
|
Long Futures Contracts
|
|
|
|
Cotton
|
100.00%
|
|
Morgan Stanley MSCY2KW0 Index
|
|
|
|
|
Long Futures Contracts
|
|
|
|
Kansas Wheat
|
100.00%
|
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Investments in Securities
|
|
|
|
|
|
U.S. Treasury Securities
|
$—
|
$134,355,246
|
$—
|
$134,355,246
|
|
Commodity-Linked Securities
|
—
|
109,811,836
|
—
|
109,811,836
|
|
Money Market Funds
|
760,068,799
|
—
|
—
|
760,068,799
|
|
Total Investments in Securities
|
760,068,799
|
244,167,082
|
—
|
1,004,235,881
|
|
Other Investments - Assets*
|
|
|
|
|
|
Futures Contracts
|
20,593,568
|
—
|
—
|
20,593,568
|
|
Swap Agreements
|
—
|
34,652,135
|
—
|
34,652,135
|
|
|
20,593,568
|
34,652,135
|
—
|
55,245,703
|
|
Other Investments - Liabilities*
|
|
|
|
|
|
Futures Contracts
|
(17,736,636
)
|
—
|
—
|
(17,736,636
)
|
|
Swap Agreements
|
—
|
(4,374,881
)
|
—
|
(4,374,881
)
|
|
|
(17,736,636
)
|
(4,374,881
)
|
—
|
(22,111,517
)
|
|
Total Other Investments
|
2,856,932
|
30,277,254
|
—
|
33,134,186
|
|
Total Investments
|
$762,925,731
|
$274,444,336
|
$—
|
$1,037,370,067
|
|
*
|
Unrealized appreciation (depreciation).
|