Consolidated Schedule of Investments(a)  
January 31, 2026
(Unaudited)
 
 

 
Shares
Value
Exchange-Traded Funds–45.83%
Invesco Managed Futures Strategy ETF
(Cost $121,412,298)(b)
2,483,000
$117,470,730
Common Stocks & Other Equity Interests–35.31%
Aerospace & Defense–0.13%
RTX Corp.
1,618
325,105
Agricultural Products & Services–0.24%
Archer-Daniels-Midland Co.
9,007
606,261
Air Freight & Logistics–0.71%
C.H. Robinson Worldwide, Inc.
3,834
747,438
Expeditors International of
Washington, Inc.
4,897
786,165
FedEx Corp.
917
295,503
 
 
1,829,106
Apparel Retail–0.23%
TJX Cos., Inc. (The)
3,928
588,454
Apparel, Accessories & Luxury Goods–0.14%
Ralph Lauren Corp.
1,039
367,193
Application Software–1.09%
Adobe, Inc.(c)
1,646
482,690
AppLovin Corp., Class A(c)
413
195,394
Autodesk, Inc.(c)
920
232,640
DocuSign, Inc.(c)
3,460
181,788
Intuit, Inc.
1,049
523,367
Salesforce, Inc.
1,329
282,133
Synopsys, Inc.(c)
191
88,837
Workday, Inc., Class A(c)
669
117,497
Zoom Communications, Inc., Class A(c)
7,425
683,843
 
 
2,788,189
Asset Management & Custody Banks–0.80%
Bank of New York Mellon Corp. (The)
7,540
904,197
Northern Trust Corp.
1,589
237,444
State Street Corp.
6,866
898,485
 
 
2,040,126
Automobile Manufacturers–0.28%
General Motors Co.
3,133
263,172
Tesla, Inc.(c)
1,052
452,791
 
 
715,963
Biotechnology–1.32%
AbbVie, Inc.
3,464
772,507
Alnylam Pharmaceuticals, Inc.(c)
555
187,623
Amgen, Inc.
1,893
647,179
Exelixis, Inc.(c)
2,856
118,124
Gilead Sciences, Inc.
6,246
886,620
Incyte Corp.(c)
6,183
618,733
Neurocrine Biosciences, Inc.(c)
1,140
155,108
 
 
3,385,894
 
 
Shares
Value
Broadcasting–0.21%
Fox Corp., Class A
7,404
$538,863
Broadline Retail–0.75%
Amazon.com, Inc.(c)
6,772
1,620,540
eBay, Inc.
3,464
315,986
 
 
1,936,526
Building Products–0.17%
Allegion PLC
1,243
205,580
Johnson Controls International PLC
2,032
242,336
 
 
447,916
Cable & Satellite–0.10%
Comcast Corp., Class A
8,960
266,560
Casinos & Gaming–0.11%
Las Vegas Sands Corp.
5,244
276,516
Communications Equipment–0.33%
Cisco Systems, Inc.
9,624
753,752
F5, Inc.(c)
317
87,368
 
 
841,120
Construction & Engineering–0.14%
AECOM
665
64,126
API Group Corp.(c)
4,600
191,222
EMCOR Group, Inc.
154
110,992
 
 
366,340
Construction Machinery & Heavy Transportation Equipment–
0.10%
Wabtec Corp.
1,148
264,201
Consumer Finance–0.36%
Capital One Financial Corp.
835
182,807
Synchrony Financial
10,358
752,301
 
 
935,108
Consumer Staples Merchandise Retail–0.65%
Dollar General Corp.
2,458
352,551
Dollar Tree, Inc.(c)
4,220
496,230
Walmart, Inc.
6,861
817,419
 
 
1,666,200
Data Processing & Outsourced Services–0.36%
Broadridge Financial Solutions, Inc.
2,052
404,470
SS&C Technologies Holdings, Inc.
6,205
508,127
 
 
912,597
Diversified Banks–0.78%
Bank of America Corp.
13,595
723,254
Citigroup, Inc.
8,429
975,320
JPMorgan Chase & Co.
275
84,120
Wells Fargo & Co.
2,509
227,039
 
 
2,009,733
Electric Utilities–1.64%
American Electric Power Co., Inc.
8,900
1,065,997
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Multi-Strategy Fund
 
 
Shares
Value
Electric Utilities–(continued)
Duke Energy Corp.
11,426
$1,386,545
Edison International
1,746
108,741
Entergy Corp.
1,191
114,205
Evergy, Inc.
4,993
383,113
Exelon Corp.
8,429
377,451
NRG Energy, Inc.
5,055
771,545
 
 
4,207,597
Electrical Components & Equipment–0.12%
AMETEK, Inc.
793
177,616
Rockwell Automation, Inc.
283
119,327
 
 
296,943
Electronic Components–0.31%
Amphenol Corp., Class A
4,859
700,085
Corning, Inc.
880
90,860
 
 
790,945
Electronic Equipment & Instruments–0.10%
Keysight Technologies, Inc.(c)
1,138
246,184
Electronic Manufacturing Services–0.50%
Flex Ltd.(c)
5,285
333,166
Jabil, Inc.
1,251
296,725
TE Connectivity PLC (Switzerland)
2,891
644,057
 
 
1,273,948
Environmental & Facilities Services–0.17%
Republic Services, Inc.
2,078
446,957
Fertilizers & Agricultural Chemicals–0.43%
CF Industries Holdings, Inc.
7,601
708,641
Corteva, Inc.
5,573
405,715
 
 
1,114,356
Food Distributors–0.30%
US Foods Holding Corp.(c)
9,287
776,579
Food Retail–0.10%
Casey’s General Stores, Inc.
225
136,463
Kroger Co. (The)
1,866
117,278
 
 
253,741
Health Care Distributors–0.97%
Cardinal Health, Inc.
4,655
1,000,266
Cencora, Inc.
2,084
748,614
McKesson Corp.
879
730,634
 
 
2,479,514
Health Care Equipment–0.55%
Abbott Laboratories
2,818
308,007
Boston Scientific Corp.(c)
2,728
255,150
IDEXX Laboratories, Inc.(c)
312
209,183
ResMed, Inc.
742
191,666
STERIS PLC
1,696
445,370
 
 
1,409,376
Health Care Facilities–0.63%
Encompass Health Corp.
2,418
228,573
HCA Healthcare, Inc.
1,612
787,091
Tenet Healthcare Corp.(c)
1,270
240,386
 
 
Shares
Value
Health Care Facilities–(continued)
Universal Health Services, Inc., Class B
1,757
$353,614
 
 
1,609,664
Health Care Services–0.26%
CVS Health Corp.
2,984
222,368
DaVita, Inc.(c)
1,055
115,354
Labcorp Holdings, Inc.
817
221,832
Quest Diagnostics, Inc.
549
102,679
 
 
662,233
Homefurnishing Retail–0.06%
Williams-Sonoma, Inc.
761
155,739
Hotels, Resorts & Cruise Lines–0.81%
Booking Holdings, Inc.
185
925,340
Carnival Corp.(c)
11,728
352,075
Expedia Group, Inc.
2,974
787,634
 
 
2,065,049
Household Products–0.50%
Clorox Co. (The)
765
86,284
Colgate-Palmolive Co.
9,702
875,994
Procter & Gamble Co. (The)
2,134
323,877
 
 
1,286,155
Human Resource & Employment Services–0.21%
Automatic Data Processing, Inc.
2,173
536,340
Independent Power Producers & Energy Traders–0.12%
AES Corp. (The)
20,966
307,152
Industrial Machinery & Supplies & Components–0.12%
Parker-Hannifin Corp.
317
296,661
Integrated Oil & Gas–0.47%
Chevron Corp.
4,177
738,911
Exxon Mobil Corp.
3,295
465,913
 
 
1,204,824
Integrated Telecommunication Services–0.42%
AT&T, Inc.
36,669
961,094
Verizon Communications, Inc.
2,902
129,197
 
 
1,090,291
Interactive Home Entertainment–0.02%
Electronic Arts, Inc.
315
64,235
Interactive Media & Services–1.40%
Alphabet, Inc., Class A
7,927
2,679,326
Meta Platforms, Inc., Class A
1,276
914,254
 
 
3,593,580
Internet Services & Infrastructure–0.49%
GoDaddy, Inc., Class A(c)
2,692
270,600
Twilio, Inc., Class A(c)
452
54,448
VeriSign, Inc.
3,856
941,751
 
 
1,266,799
Investment Banking & Brokerage–0.83%
Charles Schwab Corp. (The)
764
79,395
Goldman Sachs Group, Inc. (The)
1,110
1,038,305
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Multi-Strategy Fund
 
 
Shares
Value
Investment Banking & Brokerage–(continued)
Morgan Stanley
5,475
$1,000,830
 
 
2,118,530
IT Consulting & Other Services–0.42%
Accenture PLC, Class A
666
175,584
Cognizant Technology Solutions Corp.,
Class A
5,753
472,091
International Business Machines Corp.
1,362
417,726
 
 
1,065,401
Leisure Products–0.16%
Hasbro, Inc.
4,552
406,539
Life & Health Insurance–0.14%
Globe Life, Inc.
1,843
258,425
Unum Group
1,340
101,800
 
 
360,225
Life Sciences Tools & Services–0.14%
Illumina, Inc.(c)
1,587
229,814
Qiagen N.V.
2,242
120,328
 
 
350,142
Managed Health Care–0.02%
Humana, Inc.
316
61,683
Metal, Glass & Plastic Containers–0.31%
Crown Holdings, Inc.
7,643
800,069
Movies & Entertainment–0.36%
Walt Disney Co. (The)
6,836
771,101
Warner Bros. Discovery, Inc.(c)
5,172
142,437
 
 
913,538
Multi-Sector Holdings–0.30%
Berkshire Hathaway, Inc., Class B(c)
1,597
767,406
Multi-Utilities–0.62%
Ameren Corp.
2,959
305,606
DTE Energy Co.
6,188
831,543
NiSource, Inc.
7,933
351,353
WEC Energy Group, Inc.
984
108,899
 
 
1,597,401
Oil & Gas Equipment & Services–0.39%
TechnipFMC PLC (United Kingdom)
17,821
992,986
Oil & Gas Exploration & Production–0.53%
APA Corp.
17,909
472,977
Devon Energy Corp.
4,761
191,440
EOG Resources, Inc.
6,196
694,757
Sabine Oil & Gas Holdings, Inc.(c)(d)
115
8
 
 
1,359,182
Oil & Gas Refining & Marketing–0.18%
Marathon Petroleum Corp.
1,619
285,252
Valero Energy Corp.
959
173,991
 
 
459,243
Oil & Gas Storage & Transportation–0.39%
Cheniere Energy, Inc.
948
200,521
Kinder Morgan, Inc.
22,744
693,465
 
 
Shares
Value
Oil & Gas Storage & Transportation–(continued)
Williams Cos., Inc. (The)
1,551
$104,320
 
 
998,306
Other Specialty Retail–0.07%
Ulta Beauty, Inc.(c)
276
178,671
Packaged Foods & Meats–0.39%
Hershey Co. (The)
1,199
233,505
Tyson Foods, Inc., Class A
11,669
762,336
 
 
995,841
Passenger Airlines–0.03%
United Airlines Holdings, Inc.(c)
843
86,256
Passenger Ground Transportation–0.10%
Uber Technologies, Inc.(c)
3,367
269,528
Pharmaceuticals–1.22%
Bristol-Myers Squibb Co.
16,882
929,354
Eli Lilly and Co.
431
447,012
Johnson & Johnson
6,728
1,528,938
Viatris, Inc.
10,269
134,421
Zoetis, Inc.
672
83,879
 
 
3,123,604
Property & Casualty Insurance–0.62%
American International Group, Inc.
3,705
277,430
Assurant, Inc.
1,901
452,685
Hartford Insurance Group, Inc. (The)
2,467
333,193
Loews Corp.
2,487
262,553
Travelers Cos., Inc. (The)
891
253,499
 
 
1,579,360
Rail Transportation–0.09%
Union Pacific Corp.
965
226,871
Regional Banks–0.06%
Truist Financial Corp.
2,788
143,359
Research & Consulting Services–0.09%
Leidos Holdings, Inc.
1,231
231,773
Semiconductor Materials & Equipment–0.54%
KLA Corp.
405
578,316
Lam Research Corp.
3,454
806,371
 
 
1,384,687
Semiconductors–2.99%
Advanced Micro Devices, Inc.(c)
519
122,863
Analog Devices, Inc.
4,075
1,266,836
Broadcom, Inc.
4,466
1,479,586
Micron Technology, Inc.
1,641
680,818
NVIDIA Corp.
18,782
3,589,803
QUALCOMM, Inc.
3,452
523,289
 
 
7,663,195
Soft Drinks & Non-alcoholic Beverages–0.62%
Coca-Cola Co. (The)
6,499
486,190
Monster Beverage Corp.(c)
11,174
902,412
PepsiCo, Inc.
1,254
192,652
 
 
1,581,254
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Multi-Strategy Fund
 
 
Shares
Value
Steel–0.03%
Steel Dynamics, Inc.
467
$83,859
Systems Software–1.56%
Gen Digital, Inc.
16,927
406,079
Microsoft Corp.
7,494
3,224,593
Oracle Corp.
1,353
222,677
ServiceNow, Inc.(c)
1,345
157,378
 
 
4,010,727
Technology Hardware, Storage & Peripherals–1.52%
Apple, Inc.
13,177
3,419,168
NetApp, Inc.
1,497
144,236
Western Digital Corp.
1,336
334,307
 
 
3,897,711
Tobacco–0.89%
Altria Group, Inc.
24,683
1,530,099
Philip Morris International, Inc.
4,138
742,523
 
 
2,272,622
Total Common Stocks & Other Equity Interests
(Cost $59,487,597)
90,522,802
 
 
Shares
Value
Preferred Stocks–0.00%
Oil & Gas Storage & Transportation–0.00%
Southcross Energy Partners L.P., Pfd.
(Cost $68,449)(d)
68,467
$404
 
Principal
Amount
 
Variable Rate Senior Loan Interests–0.00%(e)(f)
Oil & Gas Equipment & Services–0.00%
Lealand Finance Co. B.V., PIK Term
Loan, 3.00% PIK Rate, 5.03% Cash
Rate, 12/31/2027
(Cost $5)(g)
 
$46
38
 

Shares
 
Money Market Funds–6.09%
Invesco Treasury Portfolio, Institutional
Class, 3.57%(b)(h)
(Cost $15,605,324)
15,605,324
15,605,324
TOTAL INVESTMENTS IN SECURITIES–87.23%
(Cost $196,573,673)
223,599,298
OTHER ASSETS LESS LIABILITIES—12.77%
32,737,351
NET ASSETS–100.00%
$256,336,649
Investment Abbreviations: 
ETF
– Exchange-Traded Fund
Pfd.
– Preferred
PIK
– Pay-in-Kind
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)
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
(Loss)
Value
January 31, 2026
Dividend Income
Invesco Managed Futures Strategy ETF
$113,226,420
$-
$(3,541,200)
$8,234,758
$(449,248)
$117,470,730
$1,152,261
Investments in Affiliated Money Market
Funds:
Invesco Treasury Portfolio, Institutional Class
13,977,978
18,287,744
(16,660,398)
-
-
15,605,324
166,481
Investments Purchased with Cash Collateral
from Securities on Loan:
Invesco Private Government Fund
-
1,318,547
(1,318,547)
-
-
-
748*
Invesco Private Prime Fund
-
3,389,098
(3,389,098)
-
-
-
2,000*
Total
$127,204,398
$22,995,389
$(24,909,243)
$8,234,758
$(449,248)
$133,076,054
$1,321,490
 
*
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.
 
(c)
Non-income producing security.
(d)
Security valued using significant unobservable inputs (Level 3). See Note 1.
(e)
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.
(f)
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 Secured Overnight
Financing Rate ("SOFR"), on set dates, typically every 30 days, but not greater than one year, and/or have interest rates that float at margin above a widely
recognized base lending rate such as the Prime Rate of a designated U.S. bank.
(g)
All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.
(h)
The rate shown is the 7-day SEC standardized yield as of January 31, 2026.
 
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Multi-Strategy Fund
Open Futures Contracts(a)
Short Futures Contracts
Number of
Contracts
Expiration
Month
Notional
Value
Value
Unrealized
Appreciation
(Depreciation)
Equity Risk
E-Mini S&P 500 Index
207
March-2026
$(72,095,513
)
$(788,242
)
$(788,242
)
 
(a)
Futures contracts collateralized by $4,766,098 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
 
 
 
02/09/2026
Goldman Sachs International
USD
6,421,000
CAD
8,822,319
$60,057
02/09/2026
Goldman Sachs International
USD
12,842,000
GBP
9,475,271
123,360
Subtotal—Appreciation
183,417
Currency Risk
 
 
 
02/09/2026
Goldman Sachs International
JPY
1,001,293,244
USD
6,421,000
(52,260
)
02/09/2026
Goldman Sachs International
NZD
22,121,089
USD
12,842,000
(480,101
)
Subtotal—Depreciation
(532,361
)
Total Forward Foreign Currency Contracts
$(348,944
)
 
Open Centrally Cleared Interest Rate Swap Agreements(a)
Pay/
Receive
Floating
Rate
Floating Rate Index
Payment
Frequency
(Pay)/
Receive
Fixed
Rate
Payment
Frequency
Maturity
Date
Notional Value
Upfront
Payments
Paid
(Received)
Value
Unrealized
Appreciation
(Depreciation)
Interest Rate Risk
Receive
CORRA
Semi-Annually
(3.16)%
Semi-Annually
01/08/2036
CAD
44,180,000
$44,883
$73,814
$28,931
Pay
SORA
Semi-Annually
1.93
Semi-Annually
01/08/2031
SGD
23,090,000
2,267
77,121
74,854
Receive
6 Month NIBOR
Semi-Annually
(4.17)
Annually
01/08/2036
NOK
321,370,000
—
88,822
88,822
Pay
3 Month STIBOR
Quarterly
3.01
Annually
01/08/2036
SEK
294,120,000
172,420
385,636
213,216
Subtotal — Appreciation
 
219,570
625,393
405,823
Interest Rate Risk
Pay
3 Month NDBB
Quarterly
4.11
Semi-Annually
01/08/2036
NZD
55,320,000
—
(348,155
)
(348,155
)
Receive
6 Month SARON
Annually
(0.64)
Annually
01/08/2036
CHF
25,400,000
(26,452
)
(311,923
)
(285,471
)
Pay
SONIA
Annually
4.04
Annually
01/08/2036
GBP
23,680,000
48,396
(203,670
)
(252,066
)
Pay
FBIL Overnight
MIBOR
Semi-Annually
5.97
Semi-Annually
01/08/2031
INR
2,345,560,000
15,612
(182,274
)
(197,886
)
Pay
TTHORON
Quarterly
1.30
Quarterly
01/08/2031
THB
813,130,000
(37,550
)
(213,153
)
(175,603
)
Receive
28 Day MXN TIEF
28 days
(7.60)
28 days
01/08/2031
MXN
214,830,000
2,739
(29,181
)
(31,920
)
Receive
6 Month BUBOR
Semi-Annually
(6.05)
Annually
01/08/2031
HUF
2,898,750,000
(8,228
)
(22,371
)
(14,143
)
Receive
CLICP
Semi-Annually
(4.72)
Semi-Annually
01/08/2031
CLP
10,316,360,000
—
(11,571
)
(11,571
)
Subtotal — Depreciation
 
(5,483
)
(1,322,298
)
(1,316,815
)
Total Centrally Cleared Interest Rate Swap Agreements
 
$214,087
$(696,905
)
$(910,992
)
 
(a)
Centrally cleared swap agreements collateralized by $4,946,658 cash held with Counterparties.
 
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Multi-Strategy Fund
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)
Equity Risk
 
 
 
 
Goldman Sachs
International
Receive
FTSE Developed ex US
Invesco Dynamic
MultiFactor Monthly Long
Short Total Return Index
0.45%
Monthly
64,920
March—2026
USD
93,323,149
$—
$318,529
$318,529
Goldman Sachs
International
Receive
FTSE Developed ex US
Invesco Dynamic
MultiFactor Monthly Long
Short Total Return Index
0.45
Monthly
3,920
March—2026
USD
5,568,477
—
85,796
85,796
Goldman Sachs
International
Receive
FTSE Developed ex US
Invesco Dynamic
MultiFactor Monthly Long
Short Total Return Index
0.54
Monthly
3,400
April—2026
USD
4,887,534
—
16,682
16,682
Goldman Sachs
International
Receive
FTSE Developed ex US
Invesco Dynamic
MultiFactor Monthly Long
Short Total Return Index
0.45
Monthly
1,630
March—2026
USD
2,343,142
—
7,998
7,998
Goldman Sachs
International
Receive
Russell 1000 Invesco
Dynamic MultiFactor
Monthly Long Short Total
Return Index
0.15
Monthly
34,050
March—2026
USD
39,135,027
—
47,132
47,132
Goldman Sachs
International
Receive
Russell 2000 Invesco
Dynamic MultiFactor
Monthly Long Short Total
Return Index
0.28
Monthly
31,300
March—2026
USD
38,037,638
—
540,463
540,463
Goldman Sachs
International
Receive
Russell 2000 Invesco
Dynamic MultiFactor
Monthly Long Short Total
Return Index
0.28
Monthly
1,550
March—2026
USD
1,897,378
—
13,039
13,039
Subtotal — Appreciation
 
—
1,029,639
1,029,639
Commodity Risk
 
 
 
 
Barclays Bank PLC
Receive
Barclays Commodity
Strategy 1756 Excess
Return Index
0.42
Monthly
227,080
March—2026
USD
52,221,383
—
(1,548,549
)
(1,548,549
)
Macquarie Bank Ltd.
Receive
Macquarie F6 Carry Alpha
Index
0.32
Monthly
245,300
April—2026
USD
75,972,010
—
(894,560
)
(894,560
)
Subtotal — Depreciation
 
—
(2,443,109
)
(2,443,109
)
Total — Total Return Swap Agreements
 
$—
$(1,413,470
)
$(1,413,470
)
 
(a)   Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $1,142,075.
(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.
 
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Multi-Strategy Fund
Reference Entity Components
Reference Entity
Underlying Components
Percentage
Barclays Commodity Strategy 1756 Excess Return Index
 
 
Long Futures Contracts
 
Aluminum
4.02%
 
Brent Crude
6.65%
 
Cocoa
0.00%
 
Coffee
2.66%
 
Corn
4.62%
 
Cotton
1.50%
 
Gas Oil
2.64%
 
Gasoline
2.11%
 
Gold
17.15%
 
Heating Oil
2.09%
 
Kansas Wheat
1.63%
 
Lead
0.89%
 
Lean Hogs
1.87%
 
Live Cattle
3.75%
 
Natural Gas
8.44%
 
Nickel
2.20%
 
Silver
5.33%
 
Soybean Meal
3.08%
 
Soybean Oil
4.14%
 
Soybeans
5.66%
 
Sugar
2.36%
 
US Copper
6.68%
 
Wheat
2.65%
 
WTI Crude
5.86%
 
Zinc
2.02%
 
Total
100.00%
Macquarie F6 Carry Alpha Index
 
 
Aluminum
9.98%
 
Coffee
0.67%
 
Corn
11.28%
 
Cotton
2.50%
 
Gas Oil
6.99%
 
Heating Oil
0.55%
 
Kansas Wheat
0.50%
 
Lead
2.47%
 
Lean Hogs
2.85%
 
Live Cattle
6.49%
 
Nickel
0.62%
 
Soybean Meal
8.59%
 
Soybean Oil
4.63%
 
Soybeans
13.30%
 
Sugar
0.67%
 
US Copper
9.39%
 
Wheat
4.55%
 
WTI Crude
13.41%
 
Zinc
0.57%
 
Total
100.00%
 
See accompanying notes which are an integral part of this consolidated schedule.
Invesco Multi-Strategy Fund
Abbreviations:
BUBOR
—Budapest Interbank Offered Rate
CAD
—Canadian Dollar
CHF
—Swiss Franc
CLICP
—Sinacofi Chile Interbank Rate Avg (CAMARA)
CLP
—Chile Peso
CORRA
—Canadian Overnight Repo Rate Average
FBIL
—Financial Benchmarks India Private Ltd.
GBP
—British Pound Sterling
HUF
—Hungarian Forint
INR
—Indian Rupee
JPY
—Japanese Yen
MIBOR
—Mumbai Interbank Offered Rate
MXN
—Mexican Peso
NDBB
—New Zealand Dollar Bank Bill
NIBOR
—Norwegian Interbank Offered Rate
NOK
—Norwegian Krone
NZD
—New Zealand Dollar
SARON
—Swiss Average Rate Overnight
SEK
—Swedish Krona
SGD
—Singapore Dollar
SONIA
—Sterling Overnight Index Average
SORA
—Singapore Overnight Rate Average
STIBOR
—Stockholm Interbank Offered Rate
THB
—Thai Baht
TTHORON
—Thai Overnight Repurchase Rate
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 Multi-Strategy Fund
Notes to Quarterly Consolidated Schedule of Portfolio Holdings
January 31, 2026
(Unaudited)
NOTE 1—Additional Valuation Information
Generally Accepted Accounting Principles ("GAAP") defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 – Prices are determined using quoted prices in an active market for identical assets.
Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.
Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect Invesco Advisers, Inc.’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of January 31, 2026. 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 consolidated 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
Exchange-Traded Funds
$117,470,730
$—
$—
$117,470,730
Common Stocks & Other Equity Interests
90,522,794
—
8
90,522,802
Preferred Stocks
—
—
404
404
Variable Rate Senior Loan Interests
—
38
—
38
Money Market Funds
15,605,324
—
—
15,605,324
Total Investments in Securities
223,598,848
38
412
223,599,298
Other Investments - Assets*
Forward Foreign Currency Contracts
—
183,417
—
183,417
Swap Agreements
—
1,435,462
—
1,435,462
 
—
1,618,879
—
1,618,879
Other Investments - Liabilities*
Futures Contracts
(788,242
)
—
—
(788,242
)
Forward Foreign Currency Contracts
—
(532,361
)
—
(532,361
)
Swap Agreements
—
(3,759,924
)
—
(3,759,924
)
 
(788,242
)
(4,292,285
)
—
(5,080,527
)
Total Other Investments
(788,242
)
(2,673,406
)
—
(3,461,648
)
Total Investments
$222,810,606
$(2,673,368
)
$412
$220,137,650
 
*
Forward foreign currency contracts, futures contracts and swap agreements are valued at unrealized appreciation (depreciation).
Invesco Multi-Strategy Fund