|
|
Interest
Rate
|
Maturity
Date
|
Principal
Amount
(000)
|
Value
|
|
|
U.S. Treasury Securities–24.24%
|
|
|
|||
|
U.S. Treasury Floating Rate Notes–24.24%
|
|||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.10%)(a)
|
3.88%
|
01/31/2028
|
|
$70,400
|
$70,480,548
|
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.10%)(a)
|
3.89%
|
04/30/2028
|
|
82,000
|
82,096,311
|
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.05%)(a)
|
3.84%
|
07/31/2028
|
|
70,500
|
70,525,547
|
|
Total U.S. Treasury Securities (Cost $222,911,363)
|
223,102,406
|
||||
|
|
|
|
Shares
|
|
|
|
Exchange-Traded Funds–6.56%
|
|||||
|
iShares Core MSCI Emerging Markets ETF (Cost $57,845,701)
|
|
|
|
778,000
|
60,380,580
|
|
|
|
Expiration
Date
|
Principal
Amount
(000)
|
|
|
|
Commodity-Linked Securities–5.27%
|
|||||
|
Bank of Montreal, Commodity-Linked Notes (linked to the S&P GSCI Aluminum Dynamic
Roll Index) (Canada)(b)(c)
|
|
08/25/2026
|
|
9,500
|
10,807,039
|
|
Canadian Imperial Bank of Commerce, EMTN, U.S. Federal Funds Effective Rate minus
0.045% (linked to the
Canadian Imperial Bank of Commerce Gold Standard Roll Excess Return Index) (Canada)(b)(c)
|
|
08/30/2027
|
|
10,935
|
10,267,295
|
|
Canadian Imperial Bank of Commerce, EMTN, U.S. Federal Funds Effective Rate minus
0.08% (linked to the
Canadian Imperial Bank of Commerce Silver Index) (Canada)(b)(c)
|
|
08/30/2027
|
|
7,000
|
7,178,354
|
|
Royal Bank of Canada, Commodity-Linked Notes (linked to the RBC Enhanced Copper 2x
Index, multiplied by 2)
(Canada)(b)(c)
|
|
08/24/2026
|
|
11,800
|
20,205,073
|
|
Total Commodity-Linked Securities (Cost $39,235,000)
|
48,457,761
|
||||
|
|
|
|
Shares
|
|
|
|
Money Market Funds–56.26%
|
|||||
|
Invesco Government & Agency Portfolio, Institutional Class, 3.64%(d)(e)
|
|
|
|
136,452,508
|
136,452,508
|
|
Invesco Liquidity Funds PLC, Invesco US Dollar Liquidity Portfolio (Ireland), Agency
Class, 3.87%(d)(e)
|
|
|
|
79,814,633
|
79,814,633
|
|
Invesco Treasury Obligations Portfolio, Institutional Class, 3.59%(d)(e)
|
|
|
|
250,700,000
|
250,700,000
|
|
Invesco Treasury Portfolio, Institutional Class, 3.63%(d)(e)
|
|
|
|
50,753,227
|
50,753,227
|
|
Total Money Market Funds (Cost $517,720,368)
|
517,720,368
|
||||
|
Options Purchased–0.64%
|
|||||
|
(Cost $11,283,514)(f)
|
5,904,469
|
||||
|
TOTAL INVESTMENTS IN SECURITIES–92.97% (Cost $848,995,946)
|
855,565,584
|
||||
|
OTHER ASSETS LESS LIABILITIES–7.03%
|
64,727,573
|
||||
|
NET ASSETS–100.00%
|
$920,293,157
|
||||
|
EMTN
|
– European Medium-Term Notes
|
|
ETF
|
– Exchange-Traded Fund
|
|
(a)
|
Interest or dividend rate is redetermined periodically. Rate shown is the rate in
effect on July 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
July 31, 2026 was $48,457,761, which represented 5.27% 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 nine months ended July 31, 2026.
|
|
|
Value
October 31, 2025
|
Purchases
at Cost
|
Proceeds
from Sales
|
Change in
Unrealized
Appreciation
|
Realized
Gain
|
Value
July 31, 2026
|
Dividend Income
|
|
Investments in Affiliated Money Market Funds:
|
|
|
|
|
|
|
|
|
Invesco Government & Agency Portfolio, Institutional
Class
|
$138,918,312
|
$208,374,600
|
$(210,840,404)
|
$-
|
$-
|
$136,452,508
|
$3,693,181
|
|
Invesco Liquidity Funds PLC, Invesco US Dollar
Liquidity Portfolio, Agency Class
|
81,581,377
|
318,780,202
|
(320,546,946)
|
-
|
-
|
79,814,633
|
2,240,935
|
|
Invesco Treasury Obligations Portfolio, Institutional
Class
|
250,700,000
|
-
|
-
|
-
|
-
|
250,700,000
|
6,733,112
|
|
Invesco Treasury Portfolio, Institutional Class
|
55,340,001
|
386,981,399
|
(391,568,173)
|
-
|
-
|
50,753,227
|
1,296,312
|
|
Total
|
$526,539,690
|
$914,136,201
|
$(922,955,523)
|
$-
|
$-
|
$517,720,368
|
$13,963,540
|
|
(e)
|
The rate shown is the 7-day SEC standardized yield as of July 31, 2026.
|
|
(f)
|
The table below details options purchased.
|
|
Open Exchange-Traded Index Options Purchased
|
||||||||
|
Description
|
Type of
Contract
|
Expiration
Date
|
Number of
Contracts
|
Exercise
Price
|
Notional
Value(a)
|
Value
|
||
|
Equity Risk
|
|
|
|
|
|
|||
|
EURO STOXX 50 Index
|
Put
|
08/21/2026
|
54
|
EUR
|
5,000.00
|
EUR
|
2,700,000
|
$560
|
|
EURO STOXX 50 Index
|
Put
|
09/18/2026
|
54
|
EUR
|
5,200.00
|
EUR
|
2,808,000
|
4,982
|
|
EURO STOXX 50 Index
|
Put
|
10/16/2026
|
54
|
EUR
|
5,500.00
|
EUR
|
2,970,000
|
17,373
|
|
EURO STOXX 50 Index
|
Put
|
11/20/2026
|
54
|
EUR
|
5,500.00
|
EUR
|
2,970,000
|
29,080
|
|
EURO STOXX 50 Index
|
Put
|
12/18/2026
|
54
|
EUR
|
5,500.00
|
EUR
|
2,970,000
|
38,234
|
|
EURO STOXX 50 Index
|
Put
|
01/15/2027
|
54
|
EUR
|
5,700.00
|
EUR
|
3,078,000
|
59,842
|
|
EURO STOXX 50 Index
|
Put
|
04/16/2027
|
54
|
EUR
|
5,600.00
|
EUR
|
3,024,000
|
80,391
|
|
EURO STOXX 50 Index
|
Put
|
02/19/2027
|
54
|
EUR
|
5,800.00
|
EUR
|
3,132,000
|
82,259
|
|
EURO STOXX 50 Index
|
Put
|
03/19/2027
|
54
|
EUR
|
5,800.00
|
EUR
|
3,132,000
|
91,101
|
|
EURO STOXX 50 Index
|
Put
|
05/21/2027
|
54
|
EUR
|
5,700.00
|
EUR
|
3,078,000
|
112,148
|
|
EURO STOXX 50 Index
|
Put
|
06/18/2027
|
54
|
EUR
|
5,900.00
|
EUR
|
3,186,000
|
150,258
|
|
EURO STOXX 50 Index
|
Put
|
07/16/2027
|
55
|
EUR
|
6,100.00
|
EUR
|
3,355,000
|
197,817
|
|
FTSE 100 Index
|
Put
|
08/21/2026
|
40
|
GBP
|
8,950.00
|
GBP
|
3,580,000
|
1,078
|
|
FTSE 100 Index
|
Put
|
09/18/2026
|
40
|
GBP
|
9,000.00
|
GBP
|
3,600,000
|
5,391
|
|
FTSE 100 Index
|
Put
|
10/16/2026
|
40
|
GBP
|
9,375.00
|
GBP
|
3,750,000
|
16,173
|
|
FTSE 100 Index
|
Put
|
11/20/2026
|
40
|
GBP
|
9,625.00
|
GBP
|
3,850,000
|
18,868
|
|
FTSE 100 Index
|
Put
|
12/18/2026
|
41
|
GBP
|
9,600.00
|
GBP
|
3,936,000
|
39,233
|
|
FTSE 100 Index
|
Put
|
01/15/2027
|
40
|
GBP
|
9,850.00
|
GBP
|
3,940,000
|
62,266
|
|
FTSE 100 Index
|
Put
|
02/19/2027
|
40
|
GBP
|
10,175.00
|
GBP
|
4,070,000
|
95,151
|
|
FTSE 100 Index
|
Put
|
04/16/2027
|
40
|
GBP
|
10,275.00
|
GBP
|
4,110,000
|
129,654
|
|
FTSE 100 Index
|
Put
|
05/21/2027
|
40
|
GBP
|
10,300.00
|
GBP
|
4,120,000
|
152,026
|
|
FTSE 100 Index
|
Put
|
03/19/2027
|
40
|
GBP
|
10,600.00
|
GBP
|
4,240,000
|
165,504
|
|
FTSE 100 Index
|
Put
|
06/18/2027
|
40
|
GBP
|
10,275.00
|
GBP
|
4,110,000
|
171,973
|
|
FTSE 100 Index
|
Put
|
07/16/2027
|
41
|
GBP
|
10,400.00
|
GBP
|
4,264,000
|
202,520
|
|
MSCI Emerging Markets Index
|
Put
|
08/21/2026
|
20
|
USD
|
1,210.00
|
USD
|
2,420,000
|
2,650
|
|
MSCI Emerging Markets Index
|
Put
|
09/18/2026
|
20
|
USD
|
1,250.00
|
USD
|
2,500,000
|
10,000
|
|
MSCI Emerging Markets Index
|
Put
|
10/16/2026
|
20
|
USD
|
1,350.00
|
USD
|
2,700,000
|
36,000
|
|
MSCI Emerging Markets Index
|
Put
|
11/20/2026
|
20
|
USD
|
1,375.00
|
USD
|
2,750,000
|
62,000
|
|
MSCI Emerging Markets Index
|
Put
|
12/18/2026
|
20
|
USD
|
1,360.00
|
USD
|
2,720,000
|
70,000
|
|
Open Exchange-Traded Index Options Purchased—(continued)
|
||||||||
|
Description
|
Type of
Contract
|
Expiration
Date
|
Number of
Contracts
|
Exercise
Price
|
Notional
Value(a)
|
Value
|
||
|
MSCI Emerging Markets Index
|
Put
|
01/15/2027
|
20
|
USD
|
1,440.00
|
USD
|
2,880,000
|
$116,000
|
|
MSCI Emerging Markets Index
|
Put
|
02/19/2027
|
20
|
USD
|
1,500.00
|
USD
|
3,000,000
|
166,000
|
|
MSCI Emerging Markets Index
|
Put
|
04/16/2027
|
20
|
USD
|
1,460.00
|
USD
|
2,920,000
|
174,000
|
|
MSCI Emerging Markets Index
|
Put
|
03/19/2027
|
20
|
USD
|
1,560.00
|
USD
|
3,120,000
|
224,000
|
|
MSCI Emerging Markets Index
|
Put
|
05/21/2027
|
20
|
USD
|
1,620.00
|
USD
|
3,240,000
|
306,000
|
|
MSCI Emerging Markets Index
|
Put
|
07/16/2027
|
20
|
USD
|
1,710.00
|
USD
|
3,420,000
|
418,000
|
|
MSCI Emerging Markets Index
|
Put
|
06/17/2027
|
20
|
USD
|
1,790.00
|
USD
|
3,580,000
|
490,000
|
|
Nikkei 225 Index
|
Put
|
09/11/2026
|
9
|
JPY
|
38,500.00
|
JPY
|
346,500,000
|
4,299
|
|
Nikkei 225 Index
|
Put
|
09/11/2026
|
10
|
JPY
|
39,250.00
|
JPY
|
392,500,000
|
5,531
|
|
Nikkei 225 Index
|
Put
|
12/11/2026
|
9
|
JPY
|
43,000.00
|
JPY
|
387,000,000
|
26,303
|
|
Nikkei 225 Index
|
Put
|
12/11/2026
|
9
|
JPY
|
47,500.00
|
JPY
|
427,500,000
|
44,405
|
|
Nikkei 225 Index
|
Put
|
12/11/2026
|
9
|
JPY
|
50,500.00
|
JPY
|
454,500,000
|
63,072
|
|
Nikkei 225 Index
|
Put
|
03/12/2027
|
9
|
JPY
|
50,250.00
|
JPY
|
452,250,000
|
93,617
|
|
Nikkei 225 Index
|
Put
|
03/12/2027
|
9
|
JPY
|
51,250.00
|
JPY
|
461,250,000
|
103,517
|
|
Nikkei 225 Index
|
Put
|
06/11/2027
|
9
|
JPY
|
52,250.00
|
JPY
|
470,250,000
|
152,164
|
|
Nikkei 225 Index
|
Put
|
03/12/2027
|
9
|
JPY
|
56,250.00
|
JPY
|
506,250,000
|
167,437
|
|
Nikkei 225 Index
|
Put
|
06/11/2027
|
9
|
JPY
|
57,750.00
|
JPY
|
519,750,000
|
241,821
|
|
Nikkei 225 Index
|
Put
|
06/11/2027
|
9
|
JPY
|
64,750.00
|
JPY
|
582,750,000
|
415,763
|
|
Nikkei 225 Index
|
Put
|
09/10/2027
|
9
|
JPY
|
68,750.00
|
JPY
|
618,750,000
|
588,008
|
|
Total Index Options Purchased
|
|
|
|
|
$5,904,469
|
|||
|
(a) Notional Value is calculated by multiplying the Number of Contracts by the Exercise
Price by the multiplier.
|
|
Open Futures Contracts
|
|||||
|
Long Futures Contracts
|
Number of
Contracts
|
Expiration
Month
|
Notional
Value
|
Value
|
Unrealized
Appreciation
(Depreciation)
|
|
Commodity Risk
|
|||||
|
Gold 100 Oz.
|
27
|
December-2026
|
$11,088,900
|
$(11,601
)
|
$(11,601
)
|
|
Gasoline Reformulated Blendstock Oxygenate Blending
|
266
|
August-2026
|
34,791,842
|
581,833
|
581,833
|
|
Low Sulphur Gas Oil
|
90
|
December-2026
|
9,263,250
|
936,727
|
936,727
|
|
Silver
|
26
|
September-2026
|
7,512,180
|
(1,056,300
)
|
(1,056,300
)
|
|
Subtotal
|
450,659
|
450,659
|
|||
|
Equity Risk
|
|||||
|
E-Mini Russell 2000 Index
|
410
|
September-2026
|
60,229,000
|
(86,393
)
|
(86,393
)
|
|
E-Mini S&P 500 Index
|
59
|
September-2026
|
22,181,787
|
178,395
|
178,395
|
|
EURO STOXX 50 Index
|
225
|
September-2026
|
16,535,304
|
230,964
|
230,964
|
|
FTSE 100 Index
|
132
|
September-2026
|
19,329,171
|
616,202
|
616,202
|
|
MSCI Emerging Markets Index
|
140
|
September-2026
|
11,496,100
|
(711,512
)
|
(711,512
)
|
|
Nikkei 225 Index
|
61
|
September-2026
|
24,429,905
|
(472,144
)
|
(472,144
)
|
|
Subtotal
|
(244,488
)
|
(244,488
)
|
|||
|
Interest Rate Risk
|
|||||
|
Long Gilt
|
1,380
|
September-2026
|
160,862,399
|
(2,733,776
)
|
(2,733,776
)
|
|
Australia 10 Year Bonds
|
2,940
|
September-2026
|
223,674,726
|
(970,058
)
|
(970,058
)
|
|
Canada 10 Year Bonds
|
3,155
|
September-2026
|
267,325,962
|
(2,931,029
)
|
(2,931,029
)
|
|
Euro-Bund
|
1,250
|
September-2026
|
179,257,141
|
(2,336,165
)
|
(2,336,165
)
|
|
Japan 10 Year Bonds
|
292
|
September-2026
|
233,207,253
|
(807,917
)
|
(807,917
)
|
|
U.S. Treasury 10 Year Notes
|
1,907
|
September-2026
|
205,956,000
|
(1,805,932
)
|
(1,805,932
)
|
|
Subtotal
|
(11,584,877
)
|
(11,584,877
)
|
|||
|
Total Futures Contracts
|
$(11,378,706
)
|
$(11,378,706
)
|
|||
|
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 CL
Index
|
0.25%
|
Monthly
|
30,850
|
November—2026
|
USD
|
18,028,317
|
$—
|
$1,424,147
|
$1,424,147
|
|
BNP Paribas S.A.
|
Receive
|
BNP Paribas Commodity
Daily Dynamic Curve CO
Index
|
0.25
|
Monthly
|
15,500
|
October—2026
|
USD
|
10,269,471
|
—
|
871,043
|
871,043
|
|
Canadian Imperial Bank
of Commerce
|
Receive
|
Canadian Imperial Bank
of Commerce
Seasonally Enhanced
Cotton Commodity
Excess Return Index
|
0.28
|
Monthly
|
49,000
|
February—2027
|
USD
|
6,699,804
|
—
|
23,015
|
23,015
|
|
Canadian Imperial Bank
of Commerce
|
Receive
|
Canadian Imperial Bank
of Commerce
Seasonally Enhanced
Lean Hog Commodity
Index
|
0.20
|
Monthly
|
30,000
|
January—2027
|
USD
|
1,487,133
|
—
|
11,886
|
11,886
|
|
Canadian Imperial Bank
of Commerce
|
Receive
|
Canadian Imperial Bank
of Commerce Soybean
Meal 1 Excess Return
Commodity Index
|
0.14
|
Monthly
|
45,000
|
February—2027
|
USD
|
7,713,639
|
—
|
151,821
|
151,821
|
|
Citibank, N.A.
|
Receive
|
Citi Commodities
Benchmark (Regular
Roll) Mono Index Coffee
|
0.12
|
Monthly
|
688,000
|
November—2026
|
USD
|
11,739,344
|
—
|
432,064
|
432,064
|
|
Citibank, N.A.
|
Receive
|
Citi Commodities Curve
Beta Enhanced
Distributed Mono Index
- WTI Crude Oil (Excess
Return)
|
0.14
|
Monthly
|
6,700
|
October—2026
|
USD
|
6,997,969
|
—
|
109,746
|
109,746
|
|
Citibank, N.A.
|
Receive
|
Citi Commodities Curve
Beta Enhanced
Extended Copper (Daily
Rebalancing) Excess
Return Index
|
0.30
|
Monthly
|
2,600
|
July—2027
|
USD
|
3,822,187
|
—
|
122,395
|
122,395
|
|
Goldman Sachs
International
|
Receive
|
Goldman Sachs
Commodity Daily IC
Selective Curve
Strategy - LA
|
0.25
|
Monthly
|
93,000
|
July—2027
|
USD
|
13,483,763
|
—
|
91,642
|
91,642
|
|
Goldman Sachs
International
|
Receive
|
Goldman Sachs Heating
Oil F0 Standard Roll
Excess Return Index
|
0.14
|
Monthly
|
24,900
|
November—2026
|
USD
|
9,238,064
|
—
|
2,517,612
|
2,517,612
|
|
Goldman Sachs
International
|
Receive
|
S&P GSCI Wheat Excess
Return A48 Strategy
|
0.20
|
Monthly
|
143,000
|
February—2027
|
USD
|
1,343,561
|
—
|
50,349
|
50,349
|
|
J.P. Morgan Chase
Bank, N.A.
|
Receive
|
J.P. Morgan Contag
Beta Gas Oil Excess
Return Index
|
0.25
|
Monthly
|
32,050
|
January—2027
|
USD
|
27,265,076
|
—
|
720,545
|
720,545
|
|
J.P. Morgan Chase
Bank, N.A.
|
Receive
|
J.P. Morgan Front
Month Heating Oil
Excess Return Index
|
0.11
|
Monthly
|
38,200
|
October—2026
|
USD
|
26,829,988
|
—
|
193,991
|
193,991
|
|
Macquarie Bank Ltd.
|
Receive
|
Macquarie Aluminum
Dynamic Selection
Index
|
0.30
|
Monthly
|
81,000
|
January—2027
|
USD
|
5,265,964
|
—
|
13,389
|
13,389
|
|
Merrill Lynch
International
|
Receive
|
MLCISCE Excess Return
Index
|
0.12
|
Monthly
|
115,000
|
May—2027
|
USD
|
4,595,538
|
—
|
0
|
0
|
|
Merrill Lynch
International
|
Receive
|
MLCX Natural Gas
Annual Excess Return
Index
|
0.25
|
Monthly
|
131,000
|
October—2026
|
USD
|
6,208,627
|
—
|
0
|
0
|
|
Merrill Lynch
International
|
Receive
|
MLCX6CTE Excess
Return Index
|
0.18
|
Monthly
|
72,500
|
January—2027
|
USD
|
6,092,197
|
—
|
0
|
0
|
|
Open Over-The-Counter Total Return Swap Agreements(a)—(continued)
|
|||||||||||
|
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)
|
|
|
Royal Bank of Canada
|
Receive
|
RBC Commodity CT01
Excess Return Custom
Index
|
0.28%
|
Monthly
|
8,500
|
June—2027
|
USD
|
1,011,465
|
$—
|
$0
|
$0
|
|
Royal Bank of Canada
|
Receive
|
RBC Commodity KCEO
Excess Return Custom
Index
|
0.16
|
Monthly
|
59,000
|
July—2027
|
USD
|
2,666,517
|
—
|
0
|
0
|
|
Royal Bank of Canada
|
Receive
|
RBC Commodity SB01
Excess Return Custom
Index
|
0.18
|
Monthly
|
60,500
|
November—2026
|
USD
|
7,664,999
|
—
|
0
|
0
|
|
Royal Bank of Canada
|
Receive
|
RBC Commodity SO01
Excess Return Custom
Index
|
0.18
|
Monthly
|
58,000
|
February—2027
|
USD
|
6,594,977
|
—
|
0
|
0
|
|
Subtotal
|
|
|
|
|
|
|
|
|
—
|
6,733,645
|
6,733,645
|
|
Equity Risk
|
|
|
|
|
|
|
|
|
|
|
|
|
Barclays Bank PLC
|
Receive
|
Barclays IVPR Index
|
0.30
|
Monthly
|
5,900
|
February—2027
|
USD
|
5,415,418
|
—
|
16,476
|
16,476
|
|
BNP Paribas S.A.
|
Receive
|
BNP Paribas US Hedge
-40D 1Y Index
|
0.15
|
Monthly
|
17,900
|
February—2027
|
USD
|
17,060,399
|
—
|
12,438
|
12,438
|
|
J.P. Morgan Chase
Bank, N.A.
|
Receive
|
J.P. Morgan Bespoke
Rolling Put (JPRPIVUB)
Index
|
0.15
|
Monthly
|
10,400
|
February—2027
|
USD
|
9,460,568
|
—
|
2,808
|
2,808
|
|
J.P. Morgan Chase
Bank, N.A.
|
Receive
|
J.P. Morgan Bespoke
Rolling Put (JPRPIVUB)
Index
|
0.15
|
Monthly
|
1,000
|
February—2027
|
USD
|
909,670
|
—
|
270
|
270
|
|
J.P. Morgan Chase
Bank, N.A.
|
Receive
|
J.P. Morgan Bespoke
Rolling Put (JPRPIVUB)
Index
|
0.15
|
Monthly
|
600
|
February—2027
|
USD
|
545,802
|
—
|
162
|
162
|
|
Royal Bank of Canada
|
Receive
|
RBICPOS1
|
0.20
|
Monthly
|
11,100
|
February—2027
|
USD
|
10,997,813
|
—
|
8,832
|
8,832
|
|
UBS AG
|
Receive
|
UBCSLPDR
|
0.15
|
Monthly
|
17,500
|
February—2027
|
USD
|
17,004,050
|
—
|
14,064
|
14,064
|
|
Subtotal
|
|
|
|
|
|
|
|
|
—
|
55,050
|
55,050
|
|
Subtotal — Appreciation
|
|
|
|
|
—
|
6,788,695
|
6,788,695
|
||||
|
Commodity Risk
|
|
|
|
|
|
|
|
|
|
|
|
|
Barclays Bank PLC
|
Receive
|
Barclays Brent Crude
Roll Yield Index
|
0.17
|
Monthly
|
25,700
|
October—2026
|
USD
|
19,482,183
|
—
|
(82,528
)
|
(82,528
)
|
|
Barclays Bank PLC
|
Receive
|
Barclays Soybean Oil
Seasonal Index
|
0.19
|
Monthly
|
62,300
|
November—2026
|
USD
|
9,506,600
|
—
|
(541,393
)
|
(541,393
)
|
|
Barclays Bank PLC
|
Receive
|
Barclays Soybeans
Seasonal Index Excess
Return
|
0.19
|
Monthly
|
20,100
|
February—2027
|
USD
|
6,723,798
|
—
|
(79,729
)
|
(79,729
)
|
|
Barclays Bank PLC
|
Receive
|
Barclays Wheat
Seasonal Index Excess
Return Index
|
0.17
|
Monthly
|
340,000
|
May—2027
|
USD
|
4,707,810
|
—
|
(234,702
)
|
(234,702
)
|
|
Canadian Imperial Bank
of Commerce
|
Receive
|
Canadian Imperial Bank
of Commerce
Seasonally Enhanced
Bean Oil Commodity
Index
|
0.26
|
Monthly
|
70,500
|
February—2027
|
USD
|
12,327,482
|
—
|
(737,987
)
|
(737,987
)
|
|
Canadian Imperial Bank
of Commerce
|
Receive
|
Canadian Imperial Bank
of Commerce
Seasonally Enhanced
Live Cattle Commodity
Index
|
0.15
|
Monthly
|
52,300
|
December—2026
|
USD
|
6,675,148
|
—
|
(99,950
)
|
(99,950
)
|
|
Canadian Imperial Bank
of Commerce
|
Receive
|
CIBZ Enhanced Sugar 2
Excess Return Index
|
0.21
|
Monthly
|
117,500
|
December—2026
|
USD
|
12,319,805
|
—
|
(102,272
)
|
(102,272
)
|
|
Goldman Sachs
International
|
Receive
|
Enhanced Strategy
AB42 on the S&P GSCI
Soybeans Excess Return
|
0.14
|
Monthly
|
15,000
|
November—2026
|
USD
|
6,148,799
|
—
|
(48,244
)
|
(48,244
)
|
|
Open Over-The-Counter Total Return Swap Agreements(a)—(continued)
|
|||||||||||
|
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)
|
|
|
Goldman Sachs
International
|
Receive
|
Enhanced Strategy
AB44 on the S&P GSCI
Corn Excess Return
Index
|
0.18%
|
Monthly
|
75,000
|
May—2027
|
USD
|
1,720,610
|
$—
|
$(925
)
|
$(925
)
|
|
Goldman Sachs
International
|
Receive
|
Enhanced Strategy
BNZ0Y on the S&P GSCI
Soybean Oil Excess
Return Index
|
0.25
|
Monthly
|
51,200
|
February—2027
|
USD
|
9,005,942
|
—
|
(49,541
)
|
(49,541
)
|
|
Macquarie Bank Ltd.
|
Receive
|
Macquarie Single
Commodity Soybean
Meal type A Excess
Return
|
0.17
|
Monthly
|
35,200
|
February—2027
|
USD
|
10,969,482
|
—
|
(98,152
)
|
(98,152
)
|
|
Subtotal — Depreciation
|
|
|
|
|
—
|
(2,075,423
)
|
(2,075,423
)
|
||||
|
Total — Total Return Swap Agreements
|
|
|
|
|
$—
|
$4,713,272
|
$4,713,272
|
||||
|
(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.
|
|
Open Over-The-Counter Total Return Swap Agreements(a)
|
|||||||||||
|
Counterparty
|
Pay/
Receive
|
Reference
Entity
|
Floating
Rate
Index
|
Payment
Frequency
|
Number of
Contracts
|
Maturity Date
|
Notional Value
|
Upfront
Payments
Paid
(Received)
|
Value
|
Unrealized
Appreciation
(Depreciation)
|
|
|
Equity Risk
|
|
|
|
|
|
|
|
|
|
|
|
|
BNP Paribas S.A.
|
Receive
|
MSCI EMU
Minimum
Volatility
Index
|
ESTRON +
0.420%
|
Monthly
|
420
|
October—2026
|
EUR
|
1,852,683
|
$—
|
$4,872
|
$4,872
|
|
BNP Paribas S.A.
|
Receive
|
MSCI EMU
Quality Index
|
ESTRON +
0.480%
|
Monthly
|
3,110
|
October—2026
|
EUR
|
15,499,649
|
—
|
191,221
|
191,221
|
|
Citibank, N.A.
|
Receive
|
Invesco UK
Broad Low
Volatility Net
Total Return
Index
|
SONIA +
0.500%
|
Monthly
|
2,420
|
August—2026
|
GBP
|
17,585,801
|
—
|
603,747
|
603,747
|
|
Citibank, N.A.
|
Receive
|
Invesco UK
Broad Price
Momentum
Net Total
Return Index
|
SONIA +
0.455%
|
Monthly
|
1,670
|
August—2026
|
GBP
|
18,084,547
|
—
|
327,303
|
327,303
|
|
Citibank, N.A.
|
Receive
|
Invesco UK
Broad Price
Momentum
Net Total
Return Index
|
SONIA +
0.985%
|
Monthly
|
800
|
September—2026
|
GBP
|
8,663,256
|
—
|
156,792
|
156,792
|
|
Citibank, N.A.
|
Receive
|
Invesco UK
Broad Quality
Net Total
Return Index
|
SONIA +
0.680%
|
Monthly
|
580
|
October—2026
|
GBP
|
6,686,588
|
—
|
244,600
|
244,600
|
|
Citibank, N.A.
|
Receive
|
Invesco UK
Broad Quality
Net Total
Return Index
|
SONIA +
0.979%
|
Monthly
|
1,460
|
September—2026
|
GBP
|
16,706,488
|
—
|
784,548
|
784,548
|
|
Citibank, N.A.
|
Receive
|
MSCI EMU
Quality Index
|
ESTRON +
0.680%
|
Monthly
|
1,240
|
September—2026
|
EUR
|
6,184,326
|
—
|
71,167
|
71,167
|
|
Citibank, N.A.
|
Receive
|
MSCI Japan
Minimum
Volatility
Index
|
TONAR -
0.200%
|
Monthly
|
356,542
|
October—2026
|
JPY
|
1,752,521,588
|
—
|
58,869
|
58,869
|
|
Open Over-The-Counter Total Return Swap Agreements(a)—(continued)
|
|||||||||||
|
Counterparty
|
Pay/
Receive
|
Reference
Entity
|
Floating
Rate
Index
|
Payment
Frequency
|
Number of
Contracts
|
Maturity Date
|
Notional Value
|
Upfront
Payments
Paid
(Received)
|
Value
|
Unrealized
Appreciation
(Depreciation)
|
|
|
Citibank, N.A.
|
Receive
|
MSCI Japan
Minimum
Volatility
Index
|
TONAR +
0.270%
|
Monthly
|
292,114
|
August—2026
|
JPY
|
1,415,309,856
|
$—
|
$177,246
|
$177,246
|
|
Citibank, N.A.
|
Receive
|
MSCI Japan
Minimum
Volatility
Index
|
TONAR +
0.280%
|
Monthly
|
336,344
|
August—2026
|
JPY
|
1,629,606,860
|
—
|
204,083
|
204,083
|
|
J.P. Morgan Chase Bank,
N.A.
|
Receive
|
Invesco
U.S. Low
Volatility
Total Return
Index
|
SOFR +
0.990%
|
Monthly
|
3,330
|
September—2026
|
USD
|
30,367,702
|
—
|
447,552
|
447,552
|
|
J.P. Morgan Chase Bank,
N.A.
|
Receive
|
Invesco UK
Broad Low
Volatility Net
Total Return
Index
|
SONIA +
0.750%
|
Monthly
|
1,330
|
September—2026
|
GBP
|
9,664,924
|
—
|
331,811
|
331,811
|
|
J.P. Morgan Chase Bank,
N.A.
|
Receive
|
Invesco UK
Broad Quality
Net Total
Return Index
|
SONIA +
0.989%
|
Monthly
|
390
|
September—2026
|
GBP
|
4,462,692
|
—
|
209,571
|
209,571
|
|
J.P. Morgan Chase Bank,
N.A.
|
Receive
|
MSCI EMU
Minimum
Volatility
Index
|
ESTRON +
0.590%
|
Monthly
|
4,550
|
September—2026
|
EUR
|
19,946,335
|
—
|
196,232
|
196,232
|
|
J.P. Morgan Chase Bank,
N.A.
|
Receive
|
MSCI Japan
Minimum
Volatility
Index
|
TONAR +
0.530%
|
Monthly
|
315,000
|
September—2026
|
JPY
|
1,526,193,900
|
—
|
191,132
|
191,132
|
|
Subtotal — Appreciation
|
|
|
|
|
—
|
4,200,746
|
4,200,746
|
||||
|
Equity Risk
|
|
|
|
|
|
|
|
|
|
|
|
|
Citibank, N.A.
|
Receive
|
MSCI EMU
Momentum
Index
|
ESTRON +
0.399%
|
Monthly
|
1,650
|
October—2026
|
EUR
|
16,892,875
|
—
|
(476,511
)
|
(476,511
)
|
|
Citibank, N.A.
|
Receive
|
MSCI Japan
Quality Index
|
TONAR -
0.030%
|
Monthly
|
172,469
|
October—2026
|
JPY
|
980,646,661
|
—
|
(13,474
)
|
(13,474
)
|
|
Citibank, N.A.
|
Receive
|
MSCI Japan
Quality Index
|
TONAR +
0.340%
|
Monthly
|
369,778
|
August—2026
|
JPY
|
2,103,260,286
|
—
|
(33,467
)
|
(33,467
)
|
|
Citibank, N.A.
|
Receive
|
MSCI Japan
Quality Index
|
TONAR +
0.360%
|
Monthly
|
232,753
|
August—2026
|
JPY
|
1,323,875,788
|
—
|
(21,066
)
|
(21,066
)
|
|
J.P. Morgan Chase Bank,
N.A.
|
Receive
|
Invesco
U.S. Large
Cap Broad
Price
Momentum
Total Return
Index
|
SOFR +
0.990%
|
Monthly
|
1,700
|
September—2026
|
USD
|
26,465,549
|
—
|
(341,564
)
|
(341,564
)
|
|
J.P. Morgan Chase Bank,
N.A.
|
Receive
|
Invesco
U.S. Large
Cap Broad
Quality Total
Return Index
|
SOFR +
1.100%
|
Monthly
|
1,550
|
September—2026
|
USD
|
29,477,481
|
—
|
(462,520
)
|
(462,520
)
|
|
J.P. Morgan Chase Bank,
N.A.
|
Receive
|
MSCI EMU
Momentum
Index
|
ESTRON +
0.560%
|
Monthly
|
460
|
September—2026
|
EUR
|
4,645,732
|
—
|
(59,278
)
|
(59,278
)
|
|
J.P. Morgan Chase Bank,
N.A.
|
Receive
|
MSCI Japan
Quality Index
|
TONAR +
0.550%
|
Monthly
|
305,000
|
September—2026
|
JPY
|
1,734,809,500
|
—
|
(27,604
)
|
(27,604
)
|
|
Subtotal — Depreciation
|
|
|
|
|
—
|
(1,435,484
)
|
(1,435,484
)
|
||||
|
Total — Total Return Swap Agreements
|
|
|
|
|
$—
|
$2,765,262
|
$2,765,262
|
||||
|
(a) The Fund receives or pays payments based on any positive or negative return on the
Reference Entity, respectively.
|
|
Reference Entity Components
|
||
|
Reference Entity
|
Underlying Components
|
Percentage
|
|
BNP Paribas Commodity Daily Dynamic Curve CL Index
|
|
|
|
|
Long Futures Contracts
|
|
|
|
Crude Oil
|
100.00%
|
|
BNP Paribas Commodity Daily Dynamic Curve CO Index
|
|
|
|
|
Long Futures Contracts
|
|
|
|
Brent Crude
|
100.00%
|
|
Canadian Imperial Bank of Commerce Seasonally Enhanced Cotton
Commodity Excess Return Index
|
|
|
|
|
Long Futures Contracts
|
|
|
|
Cotton
|
100.00%
|
|
Canadian Imperial Bank of Commerce Seasonally Enhanced Lean Hog
Commodity Index
|
|
|
|
|
Long Futures Contracts
|
|
|
|
Lean Hog
|
100.00%
|
|
Canadian Imperial Bank of Commerce Soybean Meal 1 Excess Return
Commodity Index
|
|
|
|
|
Long Futures Contracts
|
|
|
|
Soybean Meal
|
100.00%
|
|
Citi Commodities Benchmark (Regular Roll) Mono Index Coffee
|
|
|
|
|
Long Futures Contracts
|
|
|
|
Coffee
|
100.00%
|
|
Citi Commodities Curve Beta Enhanced Distributed Mono Index - WTI
Crude Oil (Excess Return)
|
|
|
|
|
Long Futures Contracts
|
|
|
|
Crude Oil
|
100.00%
|
|
Citi Commodities Curve Beta Enhanced Extended Copper (Daily
Rebalancing) Excess Return Index
|
|
|
|
|
Long Futures Contracts
|
|
|
|
Copper
|
100.00%
|
|
Goldman Sachs Commodity Daily IC Selective Curve Strategy - LA
|
|
|
|
|
Long Futures Contracts
|
|
|
|
Aluminum
|
100.00%
|
|
Goldman Sachs Heating Oil F0 Standard Roll Excess Return Index
|
|
|
|
|
Long Futures Contracts
|
|
|
|
Heating Oil
|
100.00%
|
|
S&P GSCI Wheat Excess Return A48 Strategy
|
|
|
|
|
Long Futures Contracts
|
|
|
|
Wheat
|
100.00%
|
|
J.P. Morgan Contag Beta Gas Oil Excess Return Index
|
|
|
|
|
Long Futures Contracts
|
|
|
|
Gas Oil
|
100.00%
|
|
Reference Entity Components—(continued)
|
||
|
Reference Entity
|
Underlying Components
|
Percentage
|
|
J.P. Morgan Front Month Heating Oil Excess Return Index
|
|
|
|
|
Long Futures Contracts
|
|
|
|
Heating Oil
|
100.00%
|
|
Macquarie Aluminum Dynamic Selection Index
|
|
|
|
|
Long Futures Contracts
|
|
|
|
Aluminum
|
100.00%
|
|
MLCISCE Excess Return Index
|
|
|
|
|
Long Futures Contracts
|
|
|
|
Corn
|
100.00%
|
|
MLCX Natural Gas Annual Excess Return Index
|
|
|
|
|
Long Futures Contracts
|
|
|
|
Natural Gas
|
100.00%
|
|
MLCX6CTE Excess Return Index
|
|
|
|
|
Long Futures Contracts
|
|
|
|
Cotton
|
100.00%
|
|
RBC Commodity CT01 Excess Return Custom Index
|
|
|
|
|
Long Futures Contracts
|
|
|
|
Cotton
|
100.00%
|
|
RBC Commodity KCEO Excess Return Custom Index
|
|
|
|
|
Long Futures Contracts
|
|
|
|
Coffee
|
100.00%
|
|
RBC Commodity SB01 Excess Return Custom Index
|
|
|
|
|
Long Futures Contracts
|
|
|
|
Sugar
|
100.00%
|
|
RBC Commodity SO01 Excess Return Custom Index
|
|
|
|
|
Long Futures Contracts
|
|
|
|
Soybean
|
100.00%
|
|
Barclays Brent Crude Roll Yield Index
|
|
|
|
|
Long Futures Contracts
|
|
|
|
Brent Crude
|
100.00%
|
|
Barclays Soybean Oil Seasonal Index
|
|
|
|
|
Long Futures Contracts
|
|
|
|
Soybean Oil
|
100.00%
|
|
Barclays Soybeans Seasonal Index Excess Return
|
|
|
|
|
Long Futures Contracts
|
|
|
|
Soybean
|
100.00%
|
|
Barclays Wheat Seasonal Index Excess Return Index
|
|
|
|
|
Long Futures Contracts
|
|
|
|
Wheat
|
100.00%
|
|
Reference Entity Components—(continued)
|
||
|
Reference Entity
|
Underlying Components
|
Percentage
|
|
Canadian Imperial Bank of Commerce Seasonally Enhanced Bean Oil
Commodity Index
|
|
|
|
|
Long Futures Contracts
|
|
|
|
Bean Oil
|
100.00%
|
|
Canadian Imperial Bank of Commerce Seasonally Enhanced Live Cattle
Commodity Index
|
|
|
|
|
Long Futures Contracts
|
|
|
|
Live Cattle
|
100.00%
|
|
CIBZ Enhanced Sugar 2 Excess Return Index
|
|
|
|
|
Long Futures Contracts
|
|
|
|
Sugar
|
100.00%
|
|
Enhanced Strategy AB42 on the S&P GSCI Soybeans Excess Return
|
|
|
|
|
Long Futures Contracts
|
|
|
|
Soybean
|
100.00%
|
|
Enhanced Strategy AB44 on the S&P GSCI Corn Excess Return Index
|
|
|
|
|
Long Futures Contracts
|
|
|
|
Corn
|
100.00%
|
|
Enhanced Strategy BNZ0Y on the S&P GSCI Soybean Oil Excess
Return Index
|
|
|
|
|
Long Futures Contracts
|
|
|
|
Soybean Oil
|
100.00%
|
|
Macquarie Single Commodity Soybean Meal type A Excess Return
|
|
|
|
|
Long Futures Contracts
|
|
|
|
Soybean Meal
|
100.00%
|
|
Abbreviations:
|
|
|
EMU
|
—European Economic and Monetary Union
|
|
ESTRON
|
—Euro Short-Term Rate
|
|
EUR
|
—Euro
|
|
GBP
|
—British Pound Sterling
|
|
JPY
|
—Japanese Yen
|
|
SOFR
|
—Secured Overnight Financing Rate
|
|
SONIA
|
—Sterling Overnight Index Average
|
|
TONAR
|
—Tokyo Overnight Average Rate
|
|
USD
|
—U.S. Dollar
|
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Investments in Securities
|
|
|
|
|
|
U.S. Treasury Securities
|
$—
|
$223,102,406
|
$—
|
$223,102,406
|
|
Exchange-Traded Funds
|
60,380,580
|
—
|
—
|
60,380,580
|
|
Commodity-Linked Securities
|
—
|
48,457,761
|
—
|
48,457,761
|
|
Money Market Funds
|
517,720,368
|
—
|
—
|
517,720,368
|
|
Options Purchased
|
5,904,469
|
—
|
—
|
5,904,469
|
|
Total Investments in Securities
|
584,005,417
|
271,560,167
|
—
|
855,565,584
|
|
Other Investments - Assets*
|
|
|
|
|
|
Futures Contracts
|
2,544,121
|
—
|
—
|
2,544,121
|
|
Swap Agreements
|
—
|
10,989,441
|
—
|
10,989,441
|
|
|
2,544,121
|
10,989,441
|
—
|
13,533,562
|
|
Other Investments - Liabilities*
|
|
|
|
|
|
Futures Contracts
|
(13,922,827
)
|
—
|
—
|
(13,922,827
)
|
|
Swap Agreements
|
—
|
(3,510,907
)
|
—
|
(3,510,907
)
|
|
|
(13,922,827
)
|
(3,510,907
)
|
—
|
(17,433,734
)
|
|
Total Other Investments
|
(11,378,706
)
|
7,478,534
|
—
|
(3,900,172
)
|
|
Total Investments
|
$572,626,711
|
$279,038,701
|
$—
|
$851,665,412
|
|
*
|
Unrealized appreciation (depreciation).
|