N-CSR

Domestic Equity

The fiscal year ended October 31, 2022 began with continued volatility in equity markets in the fourth quarter of 2021 amid substantial inflation and the emergence of a new COVID-19 variant. Pandemic-related supply chain disruption and labor shortages intensified during the quarter, resulting in broadly higher input costs for companies and consumers alike. Additionally, the price of oil rose,¹ causing higher gas prices for consumers, and the Consumer Price Index (CPI) reported for November 2021 increased 0.8%, resulting in a 6.8% increase over the prior 12 months, the highest since 1982.² To combat inflation, the US Federal Reserve (the Fed) announced the potential for three or more interest rate increases in 2022. With solid corporate earnings and optimism about the COVID-19 Omicron variant reporting milder symptoms, stocks rallied at the 2021 year-end.

Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and the Fed’s shift toward tighter monetary policy. Russia’s invasion exacerbated inflation pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.¹ Inflation continued to be a top concern for consumers, investors and the Fed. To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March and the Fed indicated it would “taper” its asset purchase program quickly.³

As the war in Ukraine continued and corporate earnings in high-profile names like Netflix reported slowing growth and profits, the equity markets sold off for much of April 2022. The downward direction of the equity markets continued into the second quarter of 2022 amid record inflation, rising interest rates and an increasing likelihood of a US recession. Driven by higher food and energy prices, the CPI rose by yet another 40-year high to 8.6% for the 12 months ended May 2022.² Oil prices peaked near $122 per barrel in early June, resulting in skyrocketing gasoline prices; the national average price reached a record high above $5 per gallon in early June.¹ To tame inflation, the Fed raised the benchmark federal funds rate three more times, by 0.50% in May, by 0.75% in June and another 0.75% in July, which were the largest increases in nearly 30 years.³ US equity markets rose in July and much of August until Fed chairman Jerome Powell’s hawkish comments at an economic policy symposium held in Jackson Hole, Wyoming sparked a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could “bring pain to households and businesses,” and the Fed raised the benchmark federal funds rate by another 0.75% in September.³

After experiencing a sharp drop in September 2022, US equity markets rebounded in October with strong gains, despite mixed data on the economy and corporate earnings. Inflation data

reported in October came in higher than expected; however, the

labor market remained strong, with payroll employment gains and a decline in the unemployment rate to a near record low of 3.5% in September.² The initial estimate of third quarter real gross domestic product showed an increase of 2.6% (annualized) after falling in the prior two quarters, but the headline number masked a drop in demand and investment. Corporate earnings were generally in line with expectations, but many companies’ forward earnings guidance was weaker than expected.

In this environment, US stocks had negative double-digit returns for the fiscal year ended October 31, 2022 of -14.61%, as measured by the S&P 500 Index.⁴

¹	Source: Bloomberg LP

²	Source: US Bureau of Labor Statistics

³	Source: US Federal Reserve

⁴	Source: Lipper Inc.

Fixed Income

In the fourth quarter of 2021, concerns about inflation heightened as US inflation rose 7%,¹ its highest level in nearly 40 years. Though the US Federal Reserve (the Fed) left policy rates unchanged during the quarter, the Fed indicated its accommodative policies were coming to an end in 2022 through a willingness to raise interest rates to combat inflation and the announced reduction of its monthly bond purchase program. Additionally, US interest rate moves and inflation risk significantly affected fixed income valuations during the quarter. The two-year Treasury yield rose moderately from 0.27% to 0.73%, while the 10-year increased slightly from 1.48% to 1.52% during the quarter.² The yield curve, as measured by the yield differential between two- and 10-year Treasuries, flattened during the quarter.

At the beginning of 2022, geopolitical and economic tensions between Ukraine and Russia culminated with the latter invading Ukrainian territory. World leaders levied sanctions against Russia that had material effects on its fixed income markets, particularly sovereign debt and corporates, and levels of liquidity. The Russia-Ukraine war exacerbated inflationary pressures while also exerting downward pressure on economic growth through a surge in commodity/energy prices. Additionally, surges of COVID-19 in China exacerbated supply chain issues and aggravated inflation. During the second quarter of 2022, the two-year Treasury yield rose significantly from 0.78% to 2.28%, while the 10-year increased slightly from 1.63% to 2.32%.²

In the second quarter of 2022, the macro backdrop of tightening financial conditions and slowing economic growth was negative for credit asset classes. Inflation, as measured by the Consumer Price Index, increased further to 9.1% and fixed income markets experienced significant negative performance as all bond sectors felt the impact of rising interest rates with negative performance ranging from -0.9% (Bloomberg Asset-Backed Securities) to -9.8% (Bloomberg US Corporate High Yield).³ Credit spreads increased across all major credit-sensitive sectors, reflecting

anticipation of an economic slowdown and increasing concerns about recession risk, with corporate spreads ending the second quarter above their long-term historical average. The Fed continued its rapid tightening of monetary policy in an effort to combat inflation via higher interest rates while simultaneously engineering a soft landing so as to not push the economy into a recession. The Fed aggressively raised its key Fed funds rate during the fiscal year, including a 0.50% hike in May, and three 0.75% hikes in June, July and November, the largest hikes since 1994, to a target Fed funds rate of 3.75-4.00%, the highest since 2008.⁴ At their November 2022 meeting, the Fed signaled that its hawkish policies would continue, though a slowing of the pace of rate increases was likely. While rates remained elevated across all maturities on the yield curve, the two-year Treasury rates increased from 2.92% to 4.51% during the fiscal year, while 10-year Treasury rates increased from 2.98% to 4.10%.² At the end of the fiscal year, the yield curve remained inverted, which historically has been an indicator of a potential recession.

¹	Source: US Bureau of Labor Statistics

²	Source: US Department of the Treasury

³	Source: Bloomberg

⁴	Source: Federal Reserve of Economic Data

As an index fund, the Invesco Emerging Markets Sovereign Debt ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the DBIQ Emerging Market USD Liquid Balanced Index (the “Index”). The Fund generally will invest at least 80% of its total assets in components that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Deutsche Bank Securities Inc. (“DB” or the “Index Provider”) compiles and maintains the Index, which measures potential returns of a theoretical portfolio of liquid U.S. dollar- denominated government bonds from emerging market countries. The Index is composed of one to three securities from each of the eligible emerging market countries set forth in the prospectus that (i) are denominated in U.S. dollars, (ii) are sovereign or quasi-sovereign bonds, (iii) generally have at least three years to maturity at the time of rebalancing, (iv) have an outstanding amount of at least $500 million or greater, and (v) have a fixed coupon. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

For the fiscal year ended October 31, 2022, on a market price basis, the Fund returned (32.83)%. On a net asset value (“NAV”) basis, the Fund returned (31.97)%. During the same time period, the Index returned (34.28)%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due the positive effects of the Fund’s sampling methodology, which offset the fees and operating expenses that the Fund incurred during the period.

During this same time period, the JP Morgan Emerging Market Bond Global Index (the “Benchmark Index”) returned (22.21)%. The Benchmark Index is an unmanaged index weighted by country, which limits weights of countries with higher debt outstanding, reallocating this excess to countries with lower debt outstanding, based on the average performance of approximately 800 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. dollar-denominated bond market in emerging market countries.

Relative to the Benchmark Index, the Fund was most overweight in Jordan bonds and most underweight in China bonds during the fiscal year ended October 31, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s higher allocation to Pakistan bonds, followed by Romania bonds.

For the fiscal year ended October 31, 2022, United States bonds contributed most significantly to the Fund’s return. Ukraine bonds detracted most significantly from the Fund’s return, followed by Russia bonds and Belarus bonds, respectively.

Fund Inception: October 11, 2007

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.50% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

As an index fund, the Invesco Global Short Term High Yield Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the DB Global Short Maturity High Yield Bond Index (the “Index”). The Fund generally will invest at least 80% of its total assets in components that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Deutsche Bank Securities Inc. (“DB” or the “Index Provider”) compiles and maintains the Index, which is composed of U.S. dollar denominated, publicly issued, institutionally traded short-term bonds that are rated below investment grade. The Index is composed of bonds issued by corporations, as well as sovereign or quasi-government entities, that (i) are denominated in U.S. dollars; (ii) are rated below “investment grade” (i.e., have a “composite rating” from DB of between “C” and “BB+” (both inclusive)); (iii) have not been marked as defaulted by any rating agency; (iv) have generally three years or less to maturity; (v) have a minimum amount outstanding of at least $250 million; and (vi) have a fixed coupon.

Eligible bonds must be rated by at least one of S&P Global Ratings, Moody’s Investors Service, Inc., or Fitch Ratings Inc. DB converts all available ratings for each bond into a numerical score, and then calculates an average score for each bond from those available ratings that corresponds to DB’s “composite rating” system. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

For the fiscal year ended October 31, 2022, on a market price basis, the Fund returned (7.87)%. On a net asset value (“NAV”) basis, the Fund returned (7.45)%. During the same time period, the Index returned (9.74)%. The Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the positive effects of the Fund’s sampling methodology, which offset the fees and operating expenses that the Fund incurred during the period.

During this same time period, ICE BofA 0-5 Year U.S. High Yield Constrained Index (the “Benchmark Index”) returned (5.94)%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 950 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. dollar-denominated short-term high yield corporate bond market.

Relative to the Benchmark Index, the Fund was most overweight in the financial sector and most underweight in the communication services sector during the fiscal year ended October 31, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight allocation to the materials sector.

For the fiscal year ended October 31, 2022, the utilities sector contributed most significantly to the Fund’s return. The financial sector detracted most significantly from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2022, included Codere Finance 2 (Luxembourg) S.A., 13.63% coupon, due 11/30/2027, (portfolio average weight of 0.10%) and Mountain Province Diamonds, Inc., 8.00% coupon, due 12/15/2022, (portfolio average weight of 0.40%). Positions that detracted most significantly from the Fund’s return included Global Ports Finance PLC, 6.50% coupon, due 09/22/2023, (no longer held at fiscal year-end) and Celtic Resources Holdings DAC, 4.13% coupon, due 10/09/2024, (portfolio average weight of 0.00%).


Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2022
Financials			20.01
Consumer Discretionary			12.52
Energy			11.93
Sovereign Debt			10.32
Industrials			9.92
Materials			8.81
Communication Services			7.20
Utilities			4.86
Real Estate			3.88
Sector Types Each Less Than 3%			5.84
Money Market Funds Plus Other Assets Less Liabilities			4.71

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2022
Security
SoftBank Group Corp., 4.75%, 09/19/2024			0.45
Rakuten Group, Inc., 3.55%, 11/27/2024			0.44
Roenesans Gayrimenkul Yatirim A.S., 7.25%, 04/26/2023			0.39
Mountain Province Diamonds, Inc., 8.00%, 12/15/2022			0.38
Costa Rica Government International Bond, 4.25%, 01/26/2023			0.37
Avient Corp., 5.25%, 03/15/2023			0.37
KOC Holding A.S., 5.25%, 03/15/2023			0.37
Oman Government International Bond, 4.13%, 01/17/2023			0.37
Hazine Mustesarligi Varlik Kiralama A.S., 5.00%, 04/06/2023			0.37
Arcelik A.S., 5.00%, 04/03/2023			0.37
Total			3.88

*	Excluding money market fund holdings.

Fund Inception: June 20, 2013

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.35% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

As an index fund, the Invesco International Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P International Corporate Bond Index^® (the “Index”). The Fund generally will invest at least 80% of its total assets in components that comprise the Index.

S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) constructs the Index, which is composed of investment grade corporate bonds issued by non-U.S. investment grade issuers, denominated in the following currencies of Group of Ten (“G10”) countries, excluding the U.S. Dollar (USD): Australian Dollar (AUD), British Pound (GBP), Canadian Dollar (CAD), Euro (EUR), Japanese Yen (JPY), New Zealand Dollar (NZD), Norwegian Krone (NOK), Swedish Krona (SEK) and Swiss Franc (SFR). The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

For the fiscal year ended October 31, 2022, on a market price basis, the Fund returned (29.09)%. On a net asset value (“NAV”) basis, the Fund returned (29.02)%. During the same time period, the Index returned (28.88)%. The Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, which were partially offset by the positive effects of the Fund’s sampling methodology.

During this same time period, the Bloomberg Pan-European Aggregate Index (the “Benchmark Index”) returned (29.59)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 8,300 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad-based representation of the non-U.S. dollar corporate bond market.

Relative to the Benchmark Index, the Fund was most overweight in the financials sector and most underweight in the information technology sector during the fiscal year ended October 31, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed the Fund’s security selection in the information technology sector.

For the fiscal year ended October 31, 2022, no sector contributed to the Fund’s return. The financials sector detracted most significantly from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2022, included Orsted A/S, 5.38% coupon, due 09/13/2042, (portfolio average weight of 0.40 %), and BG Energy Capital PLC, 5.13% coupon, due 12/01/2025, (portfolio average weight of 0.30%). Positions that detracted most significantly from the Fund’s return included Enel Finance International N.V., 5.75% coupon, due 09/14/2040,

(portfolio average weight of 0.50%), and ENGIE S.A., 5.00% coupon, due 10/01/2060, (portfolio average weight of 0.30%).


Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2022
Financials			51.68
Utilities			13.79
Communication Services			8.78
Industrials			5.11
Energy			4.97
Consumer Discretionary			4.71
Sector Types Each Less Than 3%			9.48
Money Market Funds Plus Other Assets Less Liabilities			1.48

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2022
Security
Toronto-Dominion Bank (The), 2.67%, 09/09/2025			0.77
Royal Bank of Canada, 3.37%, 09/29/2025			0.72
NTT Finance Corp., Series 16, 0.18%, 12/19/2025			0.69
NTT Finance Corp., Series 18, 0.38%, 09/20/2030			0.68
Toronto-Dominion Bank (The), 4.21%, 06/01/2027			0.65
Electricite de France S.A., 6.13%, 06/02/2034			0.59
Bank of Montreal, 4.31%, 06/01/2027			0.58
Bank of Nova Scotia (The), 1.95%, 01/10/2025			0.49
Enel Finance International N.V., 5.75%, 09/14/2040			0.48
Bank of Nova Scotia (The), 2.95%, 03/08/2027			0.48
Total			6.13

*	Excluding money market fund holdings.

Fund Inception: June 3, 2010


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-97.92%
Angola-3.15%
Angolan Government International Bond
8.25%, 05/09/2028^(a)	$	18,311,000	$	15,486,528
9.38%, 05/08/2048^(a)		19,286,000		14,731,611
9.13%, 11/26/2049^(a)		19,515,000		14,790,419

				45,008,558


Bahrain-3.21%
Bahrain Government International Bond
6.00%, 09/19/2044^(a)		21,408,000		15,099,812
7.50%, 09/20/2047^(a)		19,132,000		15,366,746
6.25%, 01/25/2051^(a)		21,680,000		15,347,315

				45,813,873


Brazil-3.16%
Brazilian Government International Bond
5.63%, 01/07/2041		18,931,000		15,272,627
5.63%, 02/21/2047^(b)		19,673,000		15,004,536
4.75%, 01/14/2050		22,068,000		14,835,788

				45,112,951


Chile-2.89%
Chile Government International Bond
4.34%, 03/07/2042		18,508,000		14,320,325
3.86%, 06/21/2047		18,864,000		13,582,365
4.00%, 01/31/2052		18,878,000		13,404,134

				41,306,824


China-2.71%
China Government International Bond
4.00%, 10/19/2048^(a)(b)		15,200,000		13,454,722
2.25%, 10/21/2050^(a)		20,840,000		12,557,670
2.50%, 10/26/2051^(a)		19,980,000		12,684,561

				38,696,953


Colombia-2.85%
Colombia Government International Bond
7.38%, 09/18/2037		16,227,000		13,729,804
6.13%, 01/18/2041		18,994,000		13,595,627
5.63%, 02/26/2044		20,609,000		13,455,829

				40,781,260


Costa Rica-3.35%
Costa Rica Government International Bond
5.63%, 04/30/2043^(a)		21,536,000		15,814,235
7.00%, 04/04/2044^(a)(b)		18,773,000		16,021,198
7.16%, 03/12/2045^(a)(b)		18,531,000		16,081,562

				47,916,995


Dominican Republic-3.06%
Dominican Republic International Bond
7.45%, 04/30/2044^(a)		17,295,000		14,570,506
6.85%, 01/27/2045^(a)		18,806,000		14,634,575
6.50%, 02/15/2048^(a)		19,712,000		14,520,729

				43,725,810


Egypt-2.91%
Egypt Government International Bond
8.50%, 01/31/2047^(a)		23,652,000		14,028,096


	Principal Amount		Value
Egypt-(continued)
7.90%, 02/21/2048^(a)	$	25,045,000	$	14,199,513
8.70%, 03/01/2049^(a)		22,452,000		13,431,729

				41,659,338


El Salvador-2.81%
El Salvador Government International Bond
6.38%, 01/18/2027^(a)		33,182,000		13,229,652
8.63%, 02/28/2029^(a)		33,856,000		13,882,811
9.50%, 07/15/2052^(a)		33,840,000		12,995,870

				40,108,333


Guatemala-3.29%
Guatemala Government Bond
4.88%, 02/13/2028^(a)		18,370,000		16,973,240
3.70%, 10/07/2033^(a)(b)		20,152,000		15,339,897
4.65%, 10/07/2041^(a)		19,890,000		14,719,239

				47,032,376


Hungary-2.69%
Hungary Government International Bond
5.50%, 06/16/2034^(a)		15,897,000		13,734,786
7.63%, 03/29/2041		12,445,000		12,502,645
3.13%, 09/21/2051^(a)		22,150,000		12,243,922

				38,481,353


Indonesia-2.95%
Indonesia Government International Bond
7.75%, 01/17/2038^(a)		13,293,000		14,788,462
6.75%, 01/15/2044^(a)		13,744,000		14,220,211
4.45%, 04/15/2070		17,554,000		13,207,249

				42,215,922


Jordan-3.38%
Jordan Government International Bond
5.75%, 01/31/2027^(a)		18,455,000		16,990,503
5.85%, 07/07/2030^(a)		19,563,000		16,262,135
7.38%, 10/10/2047^(a)		19,901,000		14,992,100

				48,244,738


Kazakhstan-3.08%
Kazakhstan Government International Bond
4.88%, 10/14/2044^(a)		28,574,000		21,966,005
6.50%, 07/21/2045^(a)		24,758,000		22,029,867

				43,995,872


Kenya-3.00%
Republic of Kenya Government International Bond
7.25%, 02/28/2028^(a)		29,163,000		22,175,079
8.25%, 02/28/2048^(a)		32,081,000		20,631,291

				42,806,370


Kuwait-1.73%
Kuwait International Government Bond,
3.50%, 03/20/2027^(a)		25,937,000		24,784,826


Mexico-2.99%
Mexico Government International Bond
4.60%, 01/23/2046		19,206,750		14,146,130

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


	Principal Amount		Value
Mexico-(continued)
5.75%, 10/12/2110	$	17,760,000	$	13,699,562
Series A, 6.05%, 01/11/2040		16,127,000		14,918,199

				42,763,891


Mongolia-2.87%
Mongolia Government International Bond
5.13%, 04/07/2026^(a)		18,265,000		14,156,446
3.50%, 07/07/2027^(a)		20,054,000		13,838,320
4.45%, 07/07/2031^(a)(b)		20,293,000		13,079,867

				41,074,633


Morocco-3.03%
Morocco Government International Bond
3.00%, 12/15/2032^(a)		21,274,000		15,417,055
5.50%, 12/11/2042^(a)		18,483,000		13,973,333
4.00%, 12/15/2050^(a)		23,330,000		13,880,930

				43,271,318


Nigeria-2.70%
Nigeria Government International Bond
7.70%, 02/23/2038^(a)		21,956,000		12,954,040
7.63%, 11/28/2047^(a)		22,359,000		12,775,485
9.25%, 01/21/2049^(a)(b)		19,720,000		12,855,567

				38,585,092


Oman-3.35%
Oman Government International Bond
6.50%, 03/08/2047^(a)		19,075,000		15,776,398
6.75%, 01/17/2048^(a)		19,157,000		16,150,328
7.00%, 01/25/2051^(a)		18,624,000		15,960,098

				47,886,824


Pakistan-1.32%
Pakistan Government International Bond
8.25%, 09/30/2025^(a)		17,830,000		6,418,800
6.00%, 04/08/2026^(a)		18,530,000		6,161,225
6.88%, 12/05/2027^(a)		19,608,000		6,286,325

				18,866,350


Panama-3.15%
Panama Government International Bond
3.16%, 01/23/2030		18,770,000		15,453,573
2.25%, 09/29/2032		20,806,000		14,635,118
3.30%, 01/19/2033^(b)		19,370,000		14,960,317

				45,049,008


Paraguay-3.22%
Paraguay Government International Bond
4.70%, 03/27/2027^(a)		17,510,000		16,778,957
6.10%, 08/11/2044^(a)		17,252,000		15,010,130
5.60%, 03/13/2048^(a)		18,108,000		14,260,050

				46,049,137


Peru-2.78%
Peruvian Government International Bond
5.63%, 11/18/2050		14,658,000		13,546,953
3.55%, 03/10/2051^(b)		20,045,000		13,282,745
3.60%, 01/15/2072^(b)		21,892,000		12,922,957

				39,752,655


	Principal Amount		Value
Philippines-3.01%
Philippine Government International Bond
3.70%, 03/01/2041	$	19,192,000	$	14,489,960
3.20%, 07/06/2046		21,543,000		14,296,353
4.20%, 03/29/2047		18,234,000		14,208,433

				42,994,746


Poland-1.76%
Republic of Poland Government International Bond, 3.25%, 04/06/2026		26,731,000		25,154,940


Qatar-2.86%
Qatar Government International Bond
4.63%, 06/02/2046^(a)		15,740,000		13,920,299
5.10%, 04/23/2048^(a)		14,579,000		13,606,216
4.82%, 03/14/2049^(a)		15,009,000		13,407,149

				40,933,664


Romania-2.70%
Romanian Government International Bond
6.13%, 01/22/2044^(a)		16,170,000		13,006,194
5.13%, 06/15/2048^(a)		18,082,000		12,682,245
4.00%, 02/14/2051^(a)		21,798,000		12,849,354

				38,537,793


Saudi Arabia-2.82%
Saudi Government International Bond
4.50%, 10/26/2046^(a)		16,904,000		13,502,306
4.63%, 10/04/2047^(a)		16,587,000		13,385,228
5.00%, 04/17/2049^(a)		15,750,000		13,439,932

				40,327,466


South Africa-2.99%
Republic of South Africa Government International Bond
6.30%, 06/22/2048		19,719,000		14,378,602
5.75%, 09/30/2049		20,987,000		14,017,805
7.30%, 04/20/2052		18,280,000		14,386,360

				42,782,767


Turkey-3.35%
Turkey Government International Bond
5.95%, 01/15/2031		20,900,000		16,064,367
8.00%, 02/14/2034		18,547,000		16,405,823
6.88%, 03/17/2036		20,439,000		15,440,683

				47,910,873


United Arab Emirates-2.80%
Emirate of Dubai Government International Bond, 5.25%, 01/30/2043^(a)		17,311,000		14,568,245
Finance Department Government of Sharjah
4.00%, 07/28/2050^(a)		22,411,000		13,017,430
4.38%, 03/10/2051^(a)		20,678,000		12,370,696

				39,956,371


Total U.S. Dollar Denominated Bonds & Notes (Cost $2,007,579,585)				1,399,589,880

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-94.92%
Argentina-1.71%
AES Argentina Generacion S.A., 7.75%, 02/02/2024^(a)		$ 850,000	$	661,912
Agua y Saneamientos Argentinos S.A., 6.63%, 02/01/2023^(a)		850,000		498,351
Arcor S.A.I.C., 6.00%, 07/06/2023^(a)		543,000		532,794
Capex S.A., 6.88%, 05/15/2024^(a)		500,000		485,220
MSU Energy S.A./UGEN S.A./UENSA S.A., 6.88%, 02/01/2025^(a)		600,000		382,317
Provincia de Cordoba, 6.88%, 12/10/2025^(a)(b)		221		169
Tecpetrol S.A., 4.88%, 12/12/2022^(a)		553,000		553,000
YPF S.A., 8.50%, 07/28/2025^(a)		100,000		72,223

				3,185,986


Armenia-0.32%
Republic of Armenia International Bond, 7.15%, 03/26/2025^(a)		600,000		589,714


Australia-0.88%
FMG Resources August 2006 Pty. Ltd., 5.13%, 05/15/2024^(a)		600,000		586,518
Infrabuild Australia Pty. Ltd., 12.00%, 10/01/2024^(a)		400,000		372,084
North Queensland Export Terminal Pty. Ltd., 4.45%, 12/15/2022^(a)		700,000		688,423

				1,647,025


Azerbaijan-0.81%
International Bank of Azerbaijan OJSC, 3.50%, 09/01/2024^(a)		600,000		576,000
Republic of Azerbaijan International Bond, 4.75%, 03/18/2024^(a)		400,000		392,130
State Oil Co. of the Azerbaijan Republic, 4.75%, 03/13/2023^(a)		550,000		545,477

				1,513,607


Bahrain-0.72%
Bahrain Government International Bond, 6.13%, 08/01/2023^(a)		400,000		401,399
BBK BSC, 5.50%, 07/09/2024^(a)		450,000		438,500
Oil and Gas Holding Co. BSCC (The), 7.63%, 11/07/2024^(a)		500,000		496,955

				1,336,854


Belgium-0.32%
Barry Callebaut Services N.V., 5.50%, 06/15/2023^(a)		600,000		594,837


Bolivia-0.20%
Bolivian Government International Bond, 5.95%, 08/22/2023^(a)		400,000		383,000


Brazil-5.99%
Azul Investments L.L.P., 5.88%, 10/26/2024^(a)(c)		500,000		378,711
Banco Daycoval S.A., 4.25%, 12/13/2024^(a)		500,000		480,042


	Principal Amount		Value
Brazil-(continued)
Banco Nacional de Desenvolvimento Economico e Social
5.75%, 09/26/2023^(a)		$ 595,000	$	597,100
4.75%, 05/09/2024^(a)		580,000		574,212
Banco Safra S.A., 4.13%, 02/08/2023^(a)		600,000		593,575
Banco Votorantim S.A., 4.50%, 09/24/2024^(a)		500,000		485,196
Brazilian Government International Bond
2.63%, 01/05/2023		500,000		498,480
8.88%, 04/15/2024		500,000		529,500
4.25%, 01/07/2025		600,000		585,147
8.75%, 02/04/2025		500,000		535,052
2.88%, 06/06/2025		200,000		187,594
BRF S.A., 4.75%, 05/22/2024^(a)		400,000		388,054
Caixa Economica Federal, 3.50%, 11/07/2022^(a)		610,000		609,695
Cemig Geracao e Transmissao S.A., 9.25%, 12/05/2024^(a)		500,000		514,037
Centrais Eletricas Brasileiras S.A., 3.63%, 02/04/2025^(a)		500,000		471,377
Cielo USA, Inc., 3.75%, 11/16/2022^(a)		512,000		511,514
Embraer Netherlands Finance B.V., 5.05%, 06/15/2025		100,000		94,349
Gol Finance S.A., 7.00%, 01/31/2025^(a)		500,000		216,098
InterCement Financial Operations B.V., 5.75%, 07/17/2024^(a)		400,000		278,440
Itau Unibanco Holding S.A.
2.90%, 01/24/2023^(a)		620,000		617,749
5.13%, 05/13/2023^(a)		600,000		596,676
3.25%, 01/24/2025^(a)		500,000		481,515
Petrobras Global Finance B.V.
6.25%, 03/17/2024		468,000		470,204
5.30%, 01/27/2025		497,000		491,429

				11,185,746


Canada-2.68%
Bombardier, Inc.
7.50%, 12/01/2024^(a)		500,000		498,172
7.50%, 03/15/2025^(a)		100,000		99,401
Ensign Drilling, Inc., 9.25%, 04/15/2024^(a)		400,000		362,482
goeasy Ltd., 5.38%, 12/01/2024^(a)		500,000		467,318
Methanex Corp., 4.25%, 12/01/2024^(c)		600,000		580,878
Mountain Province Diamonds, Inc., 8.00%, 12/15/2022^(a)(c)		725,000		708,764
NOVA Chemicals Corp., 4.88%, 06/01/2024^(a)		603,000		587,777
Quebecor Media, Inc., 5.75%, 01/15/2023^(c)		500,000		500,835
TransAlta Corp., 4.50%, 11/15/2022		600,000		599,430
Videotron Ltd., 5.38%, 06/15/2024^(a)		600,000		597,435

				5,002,492


Cayman Islands-0.22%
Industrial Senior Trust, 5.50%, 11/01/2022^(a)		415,000		415,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


	Principal Amount		Value
Chile-0.24%
Kenbourne Invest S.A., 6.88%, 11/26/2024^(a)		$ 500,000	$	445,857


China-1.45%
Greenland Global Investment Ltd., 5.88%, 07/03/2024^(a)		200,000		45,000
Huachen Energy Co. Ltd., 2.35% PIK Rate, 2.30% Cash Rate, 12/29/2026^(a)(d)		405,180		184,357
Lanzhou City Development Investment Co. Ltd., 4.15%, 11/15/2022^(a)		400,000		380,000
Yanlord Land HK Co. Ltd.
6.75%, 04/23/2023^(a)(c)		500,000		456,250
6.80%, 02/27/2024^(a)		300,000		178,500
Yinchuan Tonglian Capital Investment Operation Co. Ltd., 4.45%, 06/10/2023^(a)		200,000		175,993
Zhangzhou Transportation Development Group Co. Ltd., 4.98%, 06/01/2025^(a)		200,000		193,868
Zhongyuan Asset Management Co. Ltd., 4.20%, 11/29/2022^(a)		500,000		493,730
Zoomlion HK SPV Co. Ltd., 6.13%, 12/20/2022^(a)		607,000		607,704

				2,715,402


Colombia-1.33%
Banco de Bogota S.A., 5.38%, 02/19/2023^(a)		407,000		406,380
Bancolombia S.A., 3.00%, 01/29/2025		500,000		449,390
Credivalores-Crediservicios S.A.S., 8.88%, 02/07/2025^(a)		500,000		196,243
Ecopetrol S.A.
5.88%, 09/18/2023		575,000		566,461
4.13%, 01/16/2025^(c)		500,000		461,559
Gilex Holding S.a.r.l., 8.50%, 05/02/2023^(a)		410,000		404,625

				2,484,658


Costa Rica-0.37%
Costa Rica Government International Bond, 4.25%, 01/26/2023^(a)		700,000		700,327


Denmark-0.31%
DKT Finance ApS, 9.38%, 06/17/2023^(a)		600,000		579,750


Dominican Republic-0.58%
Banco de Reservas de la Republica Dominicana, 7.00%, 02/01/2023^(a)		550,000		551,438
Dominican Republic International Bond, 5.50%, 01/27/2025^(a)		550,000		539,772

				1,091,210


Egypt-1.39%
Egypt Government International Bond
5.58%, 02/21/2023^(a)		600,000		597,600
4.55%, 11/20/2023^(a)		684,000		664,607
6.20%, 03/01/2024^(a)		550,000		528,599
5.75%, 05/29/2024^(a)		600,000		568,227
6.75%, 11/10/2024^(a)		250,000		229,563

				2,588,596


	Principal Amount		Value
El Salvador-0.24%
El Salvador Government International Bond, 5.88%, 01/30/2025^(a)		$ 800,000	$	452,000


Ethiopia-0.06%
Ethiopia International Bond, 6.63%, 12/11/2024^(a)		200,000		104,142


Georgia-0.25%
Georgia Capital JSC, 6.13%, 03/09/2024^(a)		500,000		469,181


Germany-0.67%
Commerzbank AG, 8.13%, 09/19/2023^(a)		509,000		507,311
Deutsche Bank AG, 4.50%, 04/01/2025^(c)		200,000		186,074
Norddeutsche Landesbank-Girozentrale, 6.25%, 04/10/2024^(a)		400,000		371,968
ZF North America Capital, Inc., 4.75%, 04/29/2025^(a)		200,000		187,417

				1,252,770


Ghana-0.16%
Ghana Government International Bond, 7.88%, 08/07/2023^(a)		230,000		173,096
Tullow Oil PLC, 7.00%, 03/01/2025^(a)		200,000		130,446

				303,542


India-4.28%
ABJA Investment Co. Pte. Ltd., 5.95%, 07/31/2024^(a)		500,000		491,092
Adani Green Energy UP Ltd./Prayatna Developers Pvt. Ltd./Parampujya Solar Energy Pvt. Ltd., 6.25%, 12/10/2024^(a)		300,000		272,895
Azure Power Solar Energy Pvt. Ltd., 5.65%, 12/24/2024^(a)		500,000		406,125
GMR Hyderabad International Airport Ltd., 5.38%, 04/10/2024^(a)		500,000		481,275
Greenko Investment Co., 4.88%, 08/16/2023^(a)		600,000		575,040
Greenko Solar Mauritius Ltd., 5.55%, 01/29/2025^(a)		500,000		438,125
Greenko Wind Projects Mauritius Ltd., 5.50%, 04/06/2025^(a)		350,000		299,721
IIFL Finance Ltd., 5.88%, 04/20/2023^(a)		612,000		599,791
India Green Energy Holdings, 5.38%, 04/29/2024^(a)		500,000		466,973
India Toll Roads, 5.50%, 08/19/2024^(a)		500,000		465,476
JSW Steel Ltd.
5.95%, 04/18/2024^(a)		500,000		468,250
5.38%, 04/04/2025^(a)		200,000		173,750
Manappuram Finance Ltd., 5.90%, 01/13/2023^(a)		500,000		496,425
Muthoot Finance Ltd., 4.40%, 09/02/2023^(a)		400,000		388,600
Shriram Transport Finance Co. Ltd.
5.10%, 07/16/2023^(a)		400,000		390,906
4.40%, 03/13/2024^(a)		478,000		446,113
4.15%, 07/18/2025^(a)		200,000		173,102

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


	Principal Amount		Value
India-(continued)
Tata Motors Ltd., 5.75%, 10/30/2024^(a)		$ 500,000	$	482,623
TML Holdings Pte. Ltd., 5.50%, 06/03/2024^(a)		500,000		473,775

				7,990,057


Indonesia-1.70%
APL Realty Holdings Pte. Ltd., 5.95%, 06/02/2024^(a)		600,000		252,000
Indika Energy Capital III Pte. Ltd., 5.88%, 11/09/2024^(a)		600,000		581,333
Jababeka International B.V., 6.50%, 10/05/2023^(a)		700,000		388,500
LMIRT Capital Pte. Ltd., 7.25%, 06/19/2024^(a)		400,000		250,000
Medco Platinum Road Pte. Ltd., 6.75%, 01/30/2025^(a)		500,000		479,825
Nickel Industries Ltd., 6.50%, 04/01/2024^(a)		500,000		455,000
PT Saka Energi Indonesia, 4.45%, 05/05/2024^(a)		450,000		419,786
Theta Capital Pte. Ltd., 8.13%, 01/22/2025^(a)		500,000		343,000

				3,169,444


Israel-1.75%
Energean Israel Finance Ltd., 4.50%, 03/30/2024^(a)(c)		450,000		431,025
Leviathan Bond Ltd.
5.75%, 06/30/2023^(a)		507,202		504,365
6.13%, 06/30/2025^(a)		200,000		190,873
Teva Pharmaceutical Finance Co. B.V., 2.95%, 12/18/2022		550,000		545,749
Teva Pharmaceutical Finance Netherlands III B.V.
2.80%, 07/21/2023		574,000		558,855
6.00%, 04/15/2024		450,000		446,137
7.13%, 01/31/2025		600,000		595,386

				3,272,390


Jamaica-0.23%
Digicel International Finance Ltd./Digicel international Holdings Ltd., 8.75%, 05/25/2024^(a)		500,000		427,822


Japan-1.24%
Rakuten Group, Inc., 3.55%, 11/27/2024^(a)		900,000		823,707
SoftBank Group Corp.
4.75%, 09/19/2024^(a)		900,000		848,250
3.13%, 01/06/2025^(a)		500,000		451,875
6.00%, 07/30/2025^(a)		200,000		188,128

				2,311,960


Kenya-0.23%
Republic of Kenya Government International Bond, 6.88%, 06/24/2024^(a)		500,000		438,265


Kuwait-0.36%
Kuwait Projects Co. SPC Ltd., 5.00%, 03/15/2023^(a)		700,000		676,843


	Principal Amount		Value
Mexico-1.63%
Axtel S.A.B. de C.V., 6.38%, 11/14/2024^(a)		$ 426,000	$	285,795
Credito Real S.A.B. de C.V., SOFOM, E.R., 7.25%, 07/20/2023, (Acquired 09/28/2020; Cost $297,011)^(a)(c)(e)		300,000		6,375
Operadora de Servicios Mega S.A. de C.V. SOFOM, E.R., 8.25%, 02/11/2025^(a)		500,000		210,103
Petroleos Mexicanos
3.50%, 01/30/2023		584,000		579,827
4.63%, 09/21/2023		585,000		572,569
4.88%, 01/18/2024^(c)		611,000		595,484
4.25%, 01/15/2025^(c)		600,000		559,626
SixSigma Networks Mexico S.A. de C.V., 7.50%, 05/02/2025^(a)		200,000		166,031
Unifin Financiera S.A.B. de C.V., 7.25%, 09/27/2023^(a)		700,000		71,750

				3,047,560


Mongolia-0.85%
Development Bank of Mongolia LLC, 7.25%, 10/23/2023^(a)		400,000		352,600
Mongolia Government International Bond
5.63%, 05/01/2023^(a)		600,000		571,500
8.75%, 03/09/2024^(a)		200,000		187,998
Mongolian Mortgage Corp. Hfc LLC, 8.85%, 02/08/2024^(a)		750,000		472,500

				1,584,598


Morocco-0.64%
Morocco Government International Bond, 4.25%, 12/11/2022^(a)		600,000		599,011
OCP S.A., 5.63%, 04/25/2024^(a)		600,000		595,814

				1,194,825


Netherlands-0.13%
InterGen N.V., 7.00%, 06/30/2023^(a)		250,000		245,010


Nigeria-0.31%
Nigeria Government International Bond, 6.38%, 07/12/2023^(a)		600,000		583,770


Oman-1.29%
Bank Muscat SAOG, 4.88%, 03/14/2023^(a)		600,000		597,214
Lamar Funding Ltd., 3.96%, 05/07/2025^(a)		200,000		184,857
Oman Government International Bond
4.13%, 01/17/2023^(a)		700,000		697,486
4.88%, 02/01/2025^(a)		530,000		516,379
Oztel Holdings SPC Ltd., 5.63%, 10/24/2023^(a)		408,000		406,002

				2,401,938


Pakistan-0.43%
Pakistan Government International Bond, 8.25%, 04/15/2024^(a)		400,000		171,360
Third Pakistan International Sukuk Co. Ltd. (The), 5.63%, 12/05/2022^(a)		700,000		639,072

				810,432

Panama-0.33%
Multibank, Inc., 4.38%, 11/09/2022^(a)		625,000		624,403

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


	Principal Amount		Value
Puerto Rico-0.22%
Popular, Inc., 6.13%, 09/14/2023		$ 400,000	$	402,220


Russia-0.15%
Chelyabinsk Pipe Plant Via Chelpipe Finance DAC, 4.50%, 09/19/2024^(a)(f)		300,000		82,500
O1 Properties Finance PLC, 0.50%, 12/31/2049^(a)		500,000		32,435
Petropavlovsk 2016 Ltd., 8.13%, 11/14/2022^(a)		300,000		162,000

				276,935


Singapore-0.25%
Puma International Financing S.A., 5.13%, 10/06/2024^(a)		500,000		469,720


South Africa-1.58%
Eskom Holdings SOC Ltd.
6.75%, 08/06/2023^(a)		420,000		412,224
7.13%, 02/11/2025^(a)		613,000		575,178
MTN (Mauritius) Investments Ltd., 4.76%, 11/11/2024^(a)		300,000		288,698
Republic of South Africa Government International Bond, 4.67%, 01/17/2024		600,000		591,420
Sasol Financing International Ltd., 4.50%, 11/14/2022		637,000		636,087
Sasol Financing USA LLC, 5.88%, 03/27/2024		450,000		440,446

				2,944,053


South Korea-0.21%
SK Innovation Co. Ltd., 4.13%, 07/13/2023^(a)		400,000		393,266


Spain-0.09%
Codere Finance 2 (Luxembourg) S.A., 11.63% PIK Rate, 2.00% Cash Rate, 11/30/2027, (Acquired 03/01/2019 - 04/30/2022; Cost $186,746)^(a)(d)(e)		198,128		165,833


Sweden-0.79%
Stena AB, 7.00%, 02/01/2024^(a)		600,000		568,944
Stena International S.A.
5.75%, 03/01/2024^(a)		575,000		540,825
6.13%, 02/01/2025^(a)		400,000		375,794

				1,485,563


Trinidad and Tobago-0.32%
Trinidad & Tobago Government International Bond, 4.38%, 01/16/2024^(a)		600,000		591,464


Turkey-10.00%
Arcelik A.S., 5.00%, 04/03/2023^(a)		700,000		696,319
Fibabanka A. S., 6.00%, 01/25/2023^(a)		600,000		596,569
Hazine Mustesarligi Varlik Kiralama A.S.
5.00%, 04/06/2023^(a)		700,000		697,235
4.49%, 11/25/2024^(a)		500,000		463,974
KOC Holding A.S.
5.25%, 03/15/2023^(a)		700,000		699,783
6.50%, 03/11/2025^(a)		200,000		190,162
Mersin Uluslararasi Liman Isletmeciligi A.S., 5.38%, 11/15/2024^(a)		500,000		462,467


	Principal Amount		Value
Turkey-(continued)
Petkim Petrokimya Holding A.S., 5.88%, 01/26/2023^(a)		$ 620,000	$	620,028
QNB Finansbank A.S., 6.88%, 09/07/2024^(a)		500,000		501,545
Roenesans Gayrimenkul Yatirim A.S., 7.25%, 04/26/2023^(a)		750,000		736,745
T.C. Ziraat Bankasi A.S., 5.13%, 09/29/2023^(a)		420,000		413,635
Turk Telekomunikasyon A.S.
4.88%, 06/19/2024^(a)		600,000		530,220
6.88%, 02/28/2025^(a)		613,000		536,363
Turkey Government International Bond
3.25%, 03/23/2023		600,000		598,362
7.25%, 12/23/2023		600,000		607,446
5.75%, 03/22/2024		600,000		592,350
6.35%, 08/10/2024		500,000		490,515
5.60%, 11/14/2024		500,000		479,365
7.38%, 02/05/2025		500,000		492,858
4.25%, 03/13/2025		200,000		181,727
Turkiye Garanti Bankasi A.S., 5.88%, 03/16/2023^(a)		500,000		501,372
Turkiye Ihracat Kredi Bankasi A.S.
5.38%, 10/24/2023^(a)		420,000		410,869
8.25%, 01/24/2024^(a)		600,000		591,884
6.13%, 05/03/2024^(a)		400,000		375,937
Turkiye Is Bankasi A.S.
7.85%, 12/10/2023^(a)		600,000		603,211
6.13%, 04/25/2024^(a)		500,000		486,400
Turkiye Petrol Rafinerileri A.S., 4.50%, 10/18/2024^(a)		550,000		510,141
Turkiye Sinai Kalkinma Bankasi A.S.
5.50%, 01/16/2023^(a)		500,000		500,193
6.00%, 01/23/2025^(a)		500,000		452,207
Turkiye Vakiflar Bankasi T.A.O.
6.00%, 11/01/2022^(a)		400,000		400,000
5.75%, 01/30/2023^(a)		420,000		420,109
8.13%, 03/28/2024^(a)		400,000		394,540
5.25%, 02/05/2025^(a)		500,000		445,000
Yapi ve Kredi Bankasi A.S.
5.50%, 12/06/2022^(a)		420,000		420,009
6.10%, 03/16/2023^(a)		600,000		600,943
5.85%, 06/21/2024^(a)		516,000		493,496
8.25%, 10/15/2024^(a)		500,000		492,825

				18,686,804


Ukraine-0.11%
MHP SE, 7.75%, 05/10/2024^(a)		350,000		168,595
Ukraine Railways Via Rail Capital Markets PLC, 8.25%, 07/09/2024^(a)(f)		200,000		38,000

				206,595


United Arab Emirates-0.24%
Alpha Star Holding V Ltd., 6.63%, 04/18/2023^(a)		454,000		451,812


United Kingdom-0.52%
Celtic Resources Holdings DAC, 4.13%, 10/09/2024^(a)(g)		300,000		0
Clear Channel International B.V., 6.63%, 08/01/2025^(a)		200,000		190,721

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


	Principal Amount		Value
United Kingdom-(continued)
eG Global Finance PLC, 6.75%, 02/07/2025^(a)		$ 50,000	$	45,114
Jaguar Land Rover Automotive PLC, 5.63%, 02/01/2023^(a)		550,000		539,807
Neptune Energy Bondco PLC, 6.63%, 05/15/2025^(a)		200,000		194,681

				970,323


United States-43.05%
ADT Security Corp. (The), 4.13%, 06/15/2023		510,000		506,135
Ahern Rentals, Inc., 7.38%, 05/15/2023^(a)		500,000		352,240
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s L.P./Albertson’s LLC, 3.50%, 02/15/2023^(a)		500,000		497,402
Alliance Resource Operating Partners L.P./Alliance Resource Finance Corp., 7.50%, 05/01/2025^(a)		200,000		196,481
Ally Financial, Inc., 5.13%, 09/30/2024^(c)		500,000		492,676
AMC Networks, Inc.
5.00%, 04/01/2024		500,000		486,092
4.75%, 08/01/2025^(c)		100,000		91,633
American Airlines, Inc., 11.75%, 07/15/2025^(a)		200,000		219,002
AmeriGas Partners L.P./AmeriGas Finance Corp.
5.63%, 05/20/2024		500,000		489,700
5.50%, 05/20/2025		200,000		192,007
Aramark Services, Inc.
5.00%, 04/01/2025^(a)		200,000		193,084
6.38%, 05/01/2025^(a)		200,000		198,378
Arconic Corp., 6.00%, 05/15/2025^(a)		100,000		99,269
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.25%, 04/30/2025^(a)		50,000		47,261
Arrow Bidco LLC, 9.50%, 03/15/2024^(a)		500,000		503,080
Avient Corp.
5.25%, 03/15/2023		700,000		700,319
5.75%, 05/15/2025^(a)		100,000		97,797
B&G Foods, Inc., 5.25%, 04/01/2025		200,000		182,261
Ball Corp.
4.00%, 11/15/2023		600,000		589,425
5.25%, 07/01/2025		200,000		197,852
Brand Industrial Services, Inc., 8.50%, 07/15/2025^(a)		100,000		72,120
Brinker International, Inc.
3.88%, 05/15/2023		600,000		593,476
5.00%, 10/01/2024^(a)		500,000		485,704
Caesars Entertainment, Inc., 6.25%, 07/01/2025^(a)		200,000		194,431
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/2025^(a)		200,000		195,625
CCO Holdings LLC/CCO Holdings Capital Corp., 4.00%, 03/01/2023^(a)		500,000		496,855
CDW LLC/CDW Finance Corp., 5.50%, 12/01/2024		500,000		496,267


	Principal Amount		Value
United States-(continued)
Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp., 5.50%, 05/01/2025^(a)		$ 100,000	$	99,375
Cengage Learning, Inc., 9.50%, 06/15/2024^(a)		500,000		473,905
Cheniere Corpus Christi Holdings LLC
7.00%, 06/30/2024		500,000		506,163
5.88%, 03/31/2025		100,000		100,088
Citgo Holding, Inc., 9.25%, 08/01/2024^(a)		500,000		501,100
CITGO Petroleum Corp., 7.00%, 06/15/2025^(a)		100,000		98,867
Clearwater Paper Corp., 5.38%, 02/01/2025^(a)		500,000		486,011
CNG Holdings, Inc., 12.50%, 06/15/2024^(a)		500,000		426,920
Commercial Metals Co., 4.88%, 05/15/2023^(c)		574,000		573,320
CommScope Technologies LLC, 6.00%, 06/15/2025^(a)		200,000		186,972
Compass Minerals International, Inc., 4.88%, 07/15/2024^(a)		500,000		474,382
Continental Resources, Inc.
4.50%, 04/15/2023		500,000		498,457
3.80%, 06/01/2024^(c)		500,000		482,780
Cooper-Standard Automotive, Inc., 13.00%, 06/01/2024^(a)		500,000		512,761
Cornerstone Chemical Co., 6.75%, 08/15/2024^(a)		500,000		376,698
Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp., 5.75%, 04/01/2025		200,000		195,120
CSC Holdings LLC, 5.25%, 06/01/2024^(c)		500,000		485,528
CVR Energy, Inc., 5.25%, 02/15/2025^(a)		500,000		482,138
Dana Financing Luxembourg S.a.r.l., 5.75%, 04/15/2025^(a)		200,000		194,714
Delta Air Lines, Inc.
3.80%, 04/19/2023		600,000		594,447
2.90%, 10/28/2024		500,000		473,335
Diebold Nixdorf, Inc.
8.50%, 04/15/2024		430,000		216,373
9.38%, 07/15/2025^(a)		100,000		74,596
DISH DBS Corp.
5.00%, 03/15/2023		601,000		594,368
5.88%, 11/15/2024		500,000		462,500
Diversified Healthcare Trust, 4.75%, 05/01/2024		659,000		565,570
DPL, Inc., 4.13%, 07/01/2025		200,000		189,152
Enact Holdings, Inc., 6.50%, 08/15/2025^(a)		100,000		98,741
EnerSys, 5.00%, 04/30/2023^(a)		600,000		594,534
EnLink Midstream Partners L.P., 4.40%, 04/01/2024		600,000		577,305
Enova International, Inc., 8.50%, 09/01/2024^(a)		500,000		469,861
EQM Midstream Partners L.P., 4.00%, 08/01/2024		600,000		573,786
FirstEnergy Corp., 2.05%, 03/01/2025		200,000		184,194
Ford Motor Credit Co. LLC 3.35%, 11/01/2022		500,000		500,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


	Principal Amount		Value
United States-(continued)
3.09%, 01/09/2023		$ 450,000	$	448,395
4.14%, 02/15/2023		450,000		448,965
3.37%, 11/17/2023		528,000		510,878
5.58%, 03/18/2024		600,000		593,469
4.06%, 11/01/2024^(c)		500,000		479,217
2.30%, 02/10/2025^(c)		500,000		456,500
4.69%, 06/09/2025		200,000		190,506
5.13%, 06/16/2025		200,000		193,838
Freedom Mortgage Corp.
8.13%, 11/15/2024^(a)		500,000		440,565
8.25%, 04/15/2025^(a)		200,000		171,467
Freeport-McMoRan, Inc.
3.88%, 03/15/2023		530,000		526,905
4.55%, 11/14/2024		500,000		490,718
FS Energy and Power Fund, 7.50%, 08/15/2023^(a)		409,000		410,718
FXI Holdings, Inc., 7.88%, 11/01/2024^(a)		500,000		429,638
Genesis Energy L.P./Genesis Energy Finance Corp., 5.63%, 06/15/2024		600,000		587,226
Goodyear Tire & Rubber Co. (The), 9.50%, 05/31/2025		200,000		208,223
Graphic Packaging International LLC
4.88%, 11/15/2022		624,000		622,590
4.13%, 08/15/2024		500,000		487,862
Hanesbrands, Inc., 4.63%, 05/15/2024^(a)		500,000		487,475
HAT Holdings I LLC/HAT Holdings II LLC, 6.00%, 04/15/2025^(a)		200,000		190,940
HCA, Inc.
5.38%, 02/01/2025		500,000		493,804
5.25%, 04/15/2025		200,000		196,613
7.69%, 06/15/2025		200,000		206,342
Hillenbrand, Inc., 5.75%, 06/15/2025		200,000		198,758
Hilton Domestic Operating Co., Inc., 5.38%, 05/01/2025^(a)		200,000		197,500
Howmet Aerospace, Inc.
5.13%, 10/01/2024^(c)		500,000		495,387
6.88%, 05/01/2025^(c)		200,000		203,910
Hyatt Hotels Corp.
1.30%, 10/01/2023^(c)		500,000		480,398
1.80%, 10/01/2024^(c)		500,000		466,453
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 4.75%, 09/15/2024		500,000		487,255
International Game Technology PLC, 6.50%, 02/15/2025^(a)		400,000		400,432
iStar, Inc., 4.75%, 10/01/2024		500,000		494,722
KB Home, 7.63%, 05/15/2023		500,000		500,952
Koppers, Inc., 6.00%, 02/15/2025^(a)		500,000		448,150
Laredo Petroleum, Inc., 9.50%, 01/15/2025		600,000		601,125
Las Vegas Sands Corp.
3.20%, 08/08/2024		600,000		569,464
2.90%, 06/25/2025		200,000		181,317
Legacy LifePoint Health LLC, 6.75%, 04/15/2025^(a)		200,000		177,400
Live Nation Entertainment, Inc., 4.88%, 11/01/2024^(a)		500,000		486,695
Mallinckrodt International Finance S.A./Mallinckrodt CB LLC, 10.00%, 04/15/2025^(a)		200,000		136,000


	Principal Amount		Value
United States-(continued)
Mattel, Inc., 3.15%, 03/15/2023		$ 485,000	$	479,772
Mauser Packaging Solutions Holding Co.
5.50%, 04/15/2024^(a)		500,000		490,922
7.25%, 04/15/2025^(a)		200,000		180,316
Maxim Crane Works Holdings Capital LLC, 10.13%, 08/01/2024^(a)		596,000		574,464
MGM Resorts International
6.00%, 03/15/2023		536,000		536,329
6.75%, 05/01/2025^(c)		200,000		198,233
5.75%, 06/15/2025^(c)		200,000		195,079
Mohegan Gaming & Entertainment, 7.88%, 10/15/2024^(a)		500,000		504,420
Murphy Oil Corp., 5.75%, 08/15/2025		200,000		197,493
Navient Corp.
5.50%, 01/25/2023		410,000		409,853
7.25%, 09/25/2023		538,000		540,012
6.13%, 03/25/2024		400,000		393,362
5.88%, 10/25/2024^(c)		500,000		486,915
6.75%, 06/25/2025		200,000		191,709
Netflix, Inc.
5.75%, 03/01/2024^(c)		431,000		431,534
5.88%, 02/15/2025		500,000		503,605
Newmark Group, Inc., 6.13%, 11/15/2023		596,000		593,857
NextEra Energy Operating Partners L.P., 4.25%, 07/15/2024^(a)		500,000		485,873
NGL Energy Partners L.P./NGL Energy Finance Corp.
7.50%, 11/01/2023		526,000		513,623
6.13%, 03/01/2025		200,000		156,309
Nordstrom, Inc., 2.30%, 04/08/2024		500,000		469,885
Northwest Acquisitions ULC/Dominion Finco, Inc., 7.13%, 12/31/2049^(a)(f)		500,000		30
NortonLifeLock, Inc., 5.00%, 04/15/2025^(a)		200,000		194,536
Occidental Petroleum Corp.
6.95%, 07/01/2024		525,000		537,041
2.90%, 08/15/2024		600,000		578,658
8.00%, 07/15/2025^(c)		200,000		211,378
Oceaneering International, Inc., 4.65%, 11/15/2024		500,000		477,204
OneMain Finance Corp.
5.63%, 03/15/2023		500,000		500,607
8.25%, 10/01/2023		575,000		584,812
6.13%, 03/15/2024^(c)		550,000		538,164
6.88%, 03/15/2025^(c)		200,000		194,623
Owens-Brockway Glass Container, Inc.
5.88%, 08/15/2023^(a)		532,000		529,968
5.38%, 01/15/2025^(a)		500,000		473,120
PBF Holding Co. LLC/PBF Finance Corp., 7.25%, 06/15/2025^(c)		200,000		198,363
PBF Logistics L.P./PBF Logistics Finance Corp., 6.88%, 05/15/2023		600,000		601,011
Performance Food Group, Inc., 6.88%, 05/01/2025^(a)		200,000		199,806
Perrigo Finance Unlimited Co., 3.90%, 12/15/2024		500,000		479,143

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


	Principal Amount		Value
United States-(continued)
Prime Security Services Borrower LLC/ Prime Finance, Inc., 5.25%, 04/15/2024^(a)	$	500,000	$	498,505
PTC, Inc., 3.63%, 02/15/2025^(a)		500,000		474,736
Pyxus Holdings, Inc., 10.00%, 08/24/2024		510,625		401,693
QVC, Inc.
4.85%, 04/01/2024		500,000		483,214
4.45%, 02/15/2025		500,000		438,080
Radian Group, Inc.
4.50%, 10/01/2024		500,000		473,254
6.63%, 03/15/2025		200,000		197,102
Range Resources Corp.
5.00%, 03/15/2023		600,000		598,407
4.88%, 05/15/2025		200,000		193,364
Rayonier AM Products, Inc., 5.50%, 06/01/2024^(a)		500,000		492,500
Realogy Group LLC/Realogy Co-Issuer Corp., 4.88%, 06/01/2023^(a)		500,000		499,625
Sabre GLBL, Inc., 9.25%, 04/15/2025^(a)		100,000		97,014
Scientific Games International, Inc., 8.63%, 07/01/2025^(a)		200,000		205,847
Sealed Air Corp., 5.13%, 12/01/2024^(a)		500,000		493,155
Sensata Technologies B.V., 5.63%, 11/01/2024^(a)		600,000		596,118
Service Properties Trust
4.50%, 06/15/2023		635,000		627,180
4.65%, 03/15/2024		550,000		518,705
4.35%, 10/01/2024		500,000		459,410
4.50%, 03/15/2025		200,000		177,259
Six Flags Entertainment Corp., 4.88%, 07/31/2024^(a)		500,000		485,273
Six Flags Theme Parks, Inc., 7.00%, 07/01/2025^(a)		200,000		202,240
SM Energy Co., 5.63%, 06/01/2025		200,000		193,762
Southeast Supply Header LLC, 4.25%, 06/15/2024^(a)		500,000		452,385
Spectrum Brands, Inc., 5.75%, 07/15/2025		200,000		197,640
Spirit AeroSystems, Inc.
3.95%, 06/15/2023		421,000		410,147
5.50%, 01/15/2025^(a)		500,000		483,188
7.50%, 04/15/2025^(a)		200,000		194,779
Sprint Communications LLC, 6.00%, 11/15/2022		500,000		500,700
Sprint Corp.
7.88%, 09/15/2023		460,000		468,284
7.13%, 06/15/2024		500,000		505,833
7.63%, 02/15/2025		500,000		514,425
Starwood Property Trust, Inc.
5.50%, 11/01/2023^(a)		500,000		494,317
3.75%, 12/31/2024^(a)		500,000		468,083
4.75%, 03/15/2025		200,000		188,137
Stellantis N.V., 5.25%, 04/15/2023		615,000		613,549
Stericycle, Inc., 5.38%, 07/15/2024^(a)		500,000		493,607
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 5.75%, 04/15/2025		200,000		167,759


	Principal Amount		Value
United States-(continued)
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., 5.63%, 03/01/2024^(a)	$	500,000	$	490,661
Team Health Holdings, Inc., 6.38%, 02/01/2025^(a)		500,000		378,595
Tenet Healthcare Corp.
4.63%, 07/15/2024		500,000		485,443
4.63%, 09/01/2024^(a)		500,000		483,833
TMX Finance LLC/TitleMax Finance Corp., 11.13%, 04/01/2023^(a)		500,000		482,245
Toll Brothers Finance Corp., 4.38%, 04/15/2023		499,000		495,673
TPro Acquisition Corp., 11.00%, 10/15/2024^(a)		500,000		492,112
Travel + Leisure Co., 3.90%, 03/01/2023		620,000		614,527
Tri Pointe Group, Inc./Tri Pointe Homes, Inc., 5.88%, 06/15/2024		561,000		551,647
Trinity Industries, Inc., 4.55%, 10/01/2024		500,000		473,180
Triumph Group, Inc.
8.88%, 06/01/2024^(a)		484,000		489,813
6.25%, 09/15/2024^(a)		500,000		462,995
7.75%, 08/15/2025		200,000		151,773
Uber Technologies, Inc., 7.50%, 05/15/2025^(a)		100,000		100,179
United Airlines Holdings, Inc.
5.00%, 02/01/2024^(c)		526,000		513,531
4.88%, 01/15/2025^(c)		500,000		478,033
Uniti Group L.P./Uniti Fiber Holdings, Inc./CSL Capital LLC, 7.88%, 02/15/2025^(a)		500,000		496,772
Univision Communications, Inc., 5.13%, 02/15/2025^(a)		500,000		483,955
US Foods, Inc., 6.25%, 04/15/2025^(a)		100,000		99,657
USI, Inc., 6.88%, 05/01/2025^(a)		200,000		194,417
Vail Resorts, Inc., 6.25%, 05/15/2025^(a)		200,000		199,470
Venator Finance S.a.r.l./Venator Materials LLC, 5.75%, 07/15/2025^(a)		200,000		66,478
VeriSign, Inc., 5.25%, 04/01/2025		200,000		198,138
W&T Offshore, Inc., 9.75%, 11/01/2023^(a)		500,000		496,383
Werner FinCo L.P./Werner FinCo, Inc., 8.75%, 07/15/2025^(a)		200,000		169,792
Wesco Aircraft Holdings, Inc., 8.50%, 11/15/2024^(a)		300,000		157,500
WeWork Cos. LLC/WW Co-Obligor, Inc., 5.00%, 07/10/2025^(a)		200,000		100,259
WeWork Cos., Inc., 7.88%, 05/01/2025^(a)		100,000		54,750
WR Grace Holdings LLC, 5.63%, 10/01/2024^(a)		500,000		490,835
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
4.25%, 05/30/2023^(a)		570,000		562,125
5.50%, 03/01/2025^(a)		200,000		189,603
Xerox Corp., 3.80%, 05/15/2024		600,000		572,559
Xerox Holdings Corp., 5.00%, 08/15/2025^(a)		200,000		181,033

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


	Principal Amount		Value
United States-(continued)
XPO Logistics, Inc., 6.25%, 05/01/2025^(a)		$ 200,000	$	202,302
Yum! Brands, Inc., 3.88%, 11/01/2023		581,000		571,605

				80,412,583


Uzbekistan-0.54%
Republic of Uzbekistan International Bond, 4.75%, 02/20/2024^(a)		600,000		572,925
Uzbek Industrial and Construction Bank ATB, 5.75%, 12/02/2024^(a)		500,000		444,757

				1,017,682


Vietnam-0.26%
Vietnam Government International Bond, 4.80%, 11/19/2024^(a)		500,000		483,750


Zambia-0.29%
First Quantum Minerals Ltd., 6.50%, 03/01/2024^(a)		546,000		535,1


		Invesco Annual Report to Shareholders October 31, 2022
		PCY		Invesco Emerging Markets Sovereign Debt ETF

		PGHY		Invesco Global Short Term High Yield Bond ETF

		PICB		Invesco International Corporate Bond ETF



The Market Environment			3

Management’s Discussion of Fund Performance			5

Schedules of Investments

Invesco Emerging Markets Sovereign Debt ETF (PCY)			12

Invesco Global Short Term High Yield Bond ETF (PGHY)			15

Invesco International Corporate Bond ETF (PICB)			24

Statements of Assets and Liabilities			32

Statements of Operations			33

Statements of Changes in Net Assets			34

Financial Highlights			36

Notes to Financial Statements			38

Report of Independent Registered Public Accounting Firm			48

Fund Expenses			49

Tax Information			50

Trustees and Officers			51


PCY		Management’s Discussion of Fund Performance
PCY		Invesco Emerging Markets Sovereign Debt ETF (PCY)


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2022
Security
Republic of Poland Government International Bond, 3.25%, 04/06/2026			1.76
Kuwait International Government Bond, 3.50%, 03/20/2027			1.73
Republic of Kenya Government International Bond, 7.25%, 02/28/2028			1.55
Kazakhstan Government International Bond, 6.50%, 07/21/2045			1.54
Kazakhstan Government International Bond, 4.88%, 10/14/2044			1.54
Republic of Kenya Government International Bond, 8.25%, 02/28/2048			1.44
Jordan Government International Bond, 5.75%, 01/31/2027			1.19
Guatemala Government Bond, 4.88%, 02/13/2028			1.19
Paraguay Government International Bond, 4.70%, 03/27/2027			1.17
Turkey Government International Bond, 8.00%, 02/14/2034			1.15
Total			14.26


				3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Average Annualized			Cumulative
DBIQ Emerging Market USD Liquid Balanced Index		(34.28	)%		(12.31	)%		(32.56	)%		(5.89	)%		(26.16	)%		(0.71	)%		(6.86	)%		3.31	%		63.36	%
JP Morgan Emerging Market Bond Global Index		(22.21	)		(6.20	)		(17.46	)		(2.33	)		(11.11	)		0.88			9.14			3.91			78.03
Fund
NAV Return		(31.97	)		(11.77	)		(31.31	)		(5.76	)		(25.66	)		(0.98	)		(9.40	)		2.68			48.82
Market Price Return		(32.83	)		(12.18	)		(32.27	)		(6.01	)		(26.64	)		(1.15	)		(10.90	)		2.54			45.84


Country Breakdown (% of the Fund’s Net Assets) as of October 31, 2022
Jordan			3.38
Costa Rica			3.35
Turkey			3.35
Oman			3.35
Guatemala			3.29
Paraguay			3.22
Bahrain			3.21
Brazil			3.16
Panama			3.15
Angola			3.15
Kazakhstan			3.08
Dominican Republic			3.06
Morocco			3.03
Philippines			3.01
Kenya			3.00
South Africa			2.99
Mexico			2.99
Indonesia			2.95
Egypt			2.91
Chile			2.89
Mongolia			2.87
Qatar			2.86
Colombia			2.85
Saudi Arabia			2.82
El Salvador			2.81
United Arab Emirates			2.80
Peru			2.78
China			2.71
Nigeria			2.70
Romania			2.70
Hungary			2.69
Poland			1.76
Kuwait			1.73
Pakistan			1.32
Money Market Funds Plus Other Assets Less Liabilities			2.08


	Shares		Value
Money Market Funds-0.55%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(c)(d) (Cost $7,905,005)		7,905,005	$	7,905,005

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.47% (Cost $2,015,484,590)				1,407,494,885


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-3.84%
Invesco Private Government Fund, 3.18%^(c)(d)(e)		15,375,146		15,375,146


	Shares	Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 3.28%^(c)(d)(e)	39,527,745	$	39,527,745

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $54,904,626)			54,902,891

TOTAL INVESTMENTS IN SECURITIES-102.31% (Cost $2,070,389,216)			1,462,397,776
OTHER ASSETS LESS LIABILITIES-(2.31)%			(33,017,905	)

NET ASSETS-100.00%		$	1,429,379,871


	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value October 31, 2022			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	1,814,291		$	257,091,527		$	(251,000,813	)		$	-			$	-			$	7,905,005		$	46,096

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			18,930,470			246,671,541			(250,226,865	)			-				-				15,375,146			240,581	*

Invesco Private Prime Fund			44,171,098			422,644,909			(427,279,476	)			(1,736	)			(7,050	)			39,527,745			650,630	*


Total		$	64,915,859		$	926,407,977		$	(928,507,154	)		$	(1,736	)		$	(7,050	)		$	62,807,896		$	937,307