Schedule of Investments

November 30, 2023

(Unaudited)

 

     Principal         
     Amount      Value  

 

  

Asset-Backed Securities–118.53%(a)

 

   

BX Commercial Mortgage Trust, Series 2021-VOLT, Class D, 7.09% (1 mo. Term SOFR + 1.76%), 09/15/2024(b)(c)

   $ 2,750,000      $   2,635,464  

 

  

Citigroup Commercial Mortgage Trust,

      

Series 2014-GC19, Class AS, 4.35%, 01/10/2024

      5,000,000        4,961,369  

 

  

Series 2014-GC19, Class D, 5.23%, 02/10/2024(b)(d)(e)

     500,000        453,099  

 

  

Series 2014-GC19, Class XA, IO, 1.12%, 01/10/2024(d)(f)

     15,314,264        446  

 

  

Series 2014-GC23, Class D, 4.63%, 07/10/2024(b)(d)(e)

     3,000,000        2,580,676  

 

  

Commercial Mortgage Trust,

      

Series 2013-CR13, Class D, 5.16%, 12/10/2023(b)(d)(e)

     3,250,000        2,185,625  

 

  

Series 2014-CR14, Class C, 4.67%, 01/10/2024(d)(e)

     1,000,000        790,681  

 

  

Series 2014-CR19, Class C, 4.78%, 08/10/2024(d)(e)

     3,000,000        2,764,146  

 

  

Series 2014-CR19, Class D, 4.78%, 08/10/2024(b)(d)(e)

     4,000,000        3,435,906  

 

  

Series 2014-LC15, Class XA, IO, 1.19%, 01/10/2024(d)(f)

     24,711,750        771  

 

  

Series 2014-UBS4, Class C, IO, 4.80%, 07/10/2024(d)(f)

     3,000,000        1,991,950  

 

  

Series 2014-UBS4, Class XD, IO, 1.12%, 06/10/2024(b)(f)

     22,780,179        99,429  

 

  

Series 2014-UBS5, Class D, 3.50%, 09/10/2024(b)(d)

     4,500,000        3,012,822  

 

  

Series 2014-UBS6, Class C, 4.58%, 12/10/2024(d)(e)

     1,287,000        1,090,956  

 

  

Series 2014-UBS6, Class D, 4.08%, 12/10/2024(b)(d)(e)

     5,000,000        4,042,619  

 

  

Series 2015-CR22, Class D, 4.20%, 03/10/2025(b)(e)

     4,000,000        3,130,254  

 

  

Series 2015-CR23, Class C, 4.43%, 04/10/2025(e)

     3,060,000        2,711,800  

 

  

CSAIL Commercial Mortgage Trust, Series 2017-CX10, Class E, 3.35%, 11/15/2027(b)(e)

     4,000,000        1,658,710  

 

  

DBJPM Mortgage Trust,
Series 2017-C6, Class D, 3.32%, 06/10/2027(b)(d)(e)

     3,500,000        1,936,063  

 

  

FREMF Mortgage Trust,

      

Series 2016-K57, Class C, 4.05%, 08/25/2026(b)(e)

     3,000,000        2,833,422  

 

  

Series 2017-K71, Class C, 3.88%, 11/25/2027(b)(e)

     3,000,000        2,753,996  

 

  

Series 2017-KF41, Class B, 7.93% (30 Day Average SOFR + 2.61%), 11/25/2024(b)(c)

     912,120        897,490  

 

  

GS Mortgage Securities Trust, Series 2015-GC30, Class C, 4.20%, 05/10/2025(d)(e)

     3,398,000        2,690,991  

 

  

Hilton USA Trust, Series 2016-SFP, Class F, 6.16%, 01/05/2024(b)

     3,000,000        94,710  

 

  
     Principal         
     Amount      Value  

 

  

JPMBB Commercial Mortgage Securities Trust,

      

Series 2013-C12, Class D, 4.09%, 12/15/2023(d)(e)

   $ 500,000      $ 388,612  

 

  

Series 2014-C19, Class B, 4.39%, 04/15/2024(e)

     2,500,000        2,425,182  

 

  

Series 2014-C22, Class D, 4.71%, 08/15/2024(b)(d)(e)

     3,500,000        2,297,996  

 

  

Series 2014-C23, Class D, 4.13%, 10/15/2024(b)(d)(e)

     3,500,000        2,982,051  

 

  

Series 2014-C26, Class D, 4.01%, 12/15/2024(b)(d)(e)

     4,954,000        3,950,212  

 

  

Morgan Stanley Bank of America Merrill Lynch Trust,

      

Series 2014-C19, Class D, 3.25%, 12/15/2024(b)(d)

     4,000,000        3,255,977  

 

  

Series 2015-C22, Class D, 4.34%, 04/15/2025(b)(d)(e)

     4,379,676        2,766,600  

 

  

Series 2015-C24, Class D, 3.26%, 07/15/2025(b)(d)

     1,300,000        1,070,644  

 

  

Morgan Stanley Capital I Trust,
Series 2016-UBS9, Class D, 3.00%, 02/15/2026(b)(d)

     3,532,000        2,572,488  

 

  

Wells Fargo Commercial Mortgage Trust,

      

Series 2014-LC18, Class D, 3.96%, 12/15/2024(b)(d)(e)

     3,500,000        2,950,452  

 

  

Series 2015-NXS2, Class D, 4.42%, 07/15/2025(d)(e)

       1,000,000        792,993  

 

  

WFRBS Commercial Mortgage Trust, Series 2014-LC14, Class D, 4.59%, 02/15/2024(b)(d)(e)

      3,500,000        2,827,321  

 

  

Total Asset-Backed Securities (Cost $98,616,873)

 

      77,033,923  

 

  
     Shares         

Preferred Stocks–12.51%

      

Mortgage REITs–12.51%

      

New York Mortgage Trust, Inc., 8.00%, Series D, Pfd.(g)

     100,000        1,982,000  

 

  

PennyMac Mortgage Investment Trust, 8.00%, Series B, Pfd.

      97,000        2,157,280  

 

  

Two Harbors Investment Corp., 7.63%, Series B, Pfd.(g)

     98,000        2,020,760  

 

  

Two Harbors Investment Corp., 7.25%, Series C, Pfd.(g)

     96,000        1,973,760  

 

  

Total Preferred Stocks (Cost $9,648,493)

 

      8,133,800  

 

  
     Principal         
     Amount         

U.S. Government Sponsored Agency Mortgage-Backed Securities–0.44%

 

Freddie Mac Multifamily Structured Pass-Through Ctfs., Series 2017- K041,Class X1, IO, 2.76%, 08/25/2024 (Cost $254,337)(d)(f)

   $ 83,815,818        284,924  

 

  
     Shares         

Money Market Funds–8.64%

      

Invesco Government & Agency Portfolio, Institutional
Class, 5.28%(h)(i)

     1,964,614        1,964,614  

 

  

Invesco Liquid Assets Portfolio, Institutional Class, 5.46%(h)(i)

     1,403,114        1,403,816  

 

  
 

 

See accompanying notes which are an integral part of this schedule.

 

  Invesco High Income 2024 Target Term Fund

     Shares      Value  

 

  

Money Market Funds–(continued)

 

   

Invesco Treasury Portfolio, Institutional Class, 5.28%(h)(i)

     2,245,274      $ 2,245,274  

 

  

Total Money Market Funds (Cost $5,613,150)

 

      5,613,704  

 

  

TOTAL INVESTMENTS IN SECURITIES–140.12%
(Cost $114,132,853)

 

      91,066,351  

 

  

REVERSE REPURCHASE AGREEMENTS–(41.54)%

 

      (27,000,000 ) 

 

  

OTHER ASSETS LESS LIABILITIES–1.42%

 

      925,904  

 

  

NET ASSETS APPLICABLE TO COMMON SHARES–100.00%

 

    $   64,992,255  

 

  

Investment Abbreviations:

 

Ctfs.   – Certificates
IO   – Interest Only
Pfd.   – Preferred
SOFR   – Secured Overnight Financing Rate

    

 

Notes to Schedule of Investments:

 

(a) 

Maturity date reflects the anticipated repayment date.

(b) 

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at November 30, 2023 was $56,424,026, which represented 86.82% of the Fund’s Net Assets.

(c) 

Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on November 30, 2023.

(d) 

All or a portion of the security is pledged as collateral for open reverse repurchase agreements.

 

Counterparty   

Reverse
Repurchase

Agreements

        

Value of
Non-cash

Collateral

Pledged*

       

Net

Amount

 

Wells Fargo Bank, N.A.

    $27,000,000       $(27,000,000)      $–

 

 

  *

Amount does not include excess collateral pledged.

 

(e) 

Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on November 30, 2023.

(f) 

Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security. Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on November 30, 2023.

(g) 

Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

(h) 

Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the nine months ended November 30, 2023.

 

      Value
February 28, 2023		    Purchases
at Cost		    Proceeds
from Sales		   Change in
Unrealized
Appreciation		    Realized
Gain		    Value
November 30, 2023		    Dividend Income

Investments in Affiliated Money Market Funds:

                                                                            

Invesco Government & Agency Portfolio, Institutional Class

      $ 1,793,296        $ 1,592,579      $ (1,421,261 )     $ -      $ -      $ 1,964,614        $ 77,206

Invesco Liquid Assets Portfolio, Institutional Class

        1,280,994          1,137,557        (1,015,187 )       450        2        1,403,816          52,022

Invesco Treasury Portfolio, Institutional Class

        2,049,481          1,820,091        (1,624,298 )       -        -        2,245,274          81,178

Total

      $ 5,123,771        $ 4,550,227      $ (4,060,746 )     $ 450      $ 2      $ 5,613,704        $ 210,406

 

  (i) 

The rate shown is the 7-day SEC standardized yield as of November 30, 2023.

 

Open Over-The-Counter Credit Default Swap Agreements(a)  

 

  
Counterparty   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
(Depreciation)		  

 

  

Credit Risk

                    

 

  
J.P. Morgan Chase Bank, N.A.   Markit CMBX North America BBB - Index Series 8, Version 1     Sell       3.00%       Monthly       10/15/2057       25.453%       USD  8,400,000       $(154,010)     $ (1,371,563 )    $ (1,217,553 ) 

 

  

 

See accompanying notes which are an integral part of this schedule.

 

  Invesco High Income 2024 Target Term Fund

(a) 

Open Over-The-Counter Swap Agreements collateralized by $1,670,000 cash held with J.P. Morgan Chase Bank, N.A., the Counterparty.

(b) 

Implied credit spreads represent the current level, as of November 30, 2023, 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 Interest Rate Swap Agreements
Counterparty   

Pay/

Receive

Floating

Rate

   

   Floating Rate

   Index

    Payment
Frequency		   

(Pay)/

Received

Fixed

Rate

  

Payment

Frequency

   

Maturity

Date

   

Notional

Value

   

Upfront

Payments

Paid

(Received)

    Value    Unrealized
Appreciation

Interest Rate Risk

                                                                                                             

Morgan Stanley & Co International PLC

        Receive        1 Month Term SOFR          Monthly        (2.85 )%       Monthly        11/29/2024        USD  15,600,000      $ 216,238      $ 341,085      $ 124,847

Abbreviations:

 

SOFR 

–Secured Overnight Financing 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 schedule.

 

  Invesco High Income 2024 Target Term Fund

Notes to Quarterly Schedule of Portfolio Holdings

November 30, 2023

(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.

  Level 3 –

Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect Invesco Advisers, Inc.’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of November 30, 2023. 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

                    

 

  

Asset-Backed Securities

    $ –         $ 77,033,923        $–       $ 77,033,923  

 

  

Preferred Stocks

      8,133,800                    –                   –              8,133,800  

 

  

U.S. Government Sponsored Agency Mortgage-Backed Securities

      –           284,924          –         284,924  

 

  

Money Market Funds

      5,613,704           –          –         5,613,704  

 

  

Total Investments in Securities

      13,747,504           77,318,847          –         91,066,351  

 

  

Other Investments - Assets*

                    

 

  

Swap Agreements

      –           124,847          –         124,847  

 

  

Other Investments - Liabilities*

                    

 

  

Swap Agreements

      –           (1,217,553 )         –         (1,217,553 ) 

 

  

Total Other Investments

      –           (1,092,706 )         –         (1,092,706 ) 

 

  

Reverse Repurchase Agreements

      –           (27,000,000 )         –         (27,000,000 ) 

 

  

Total Investments

    $ 13,747,504         $ 49,226,141        $–       $ 62,973,645  

 

  

 

*

Unrealized appreciation (depreciation).

 

  Invesco High Income 2024 Target Term Fund
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