UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number   811-02090                                   

Invesco Bond Fund

(Exact name of registrant as specified in charter)

1555 Peachtree Street, N.E., Suite 1800 Atlanta, Georgia 30309

(Address of principal executive offices) (Zip code)

Glenn Brightman 1555 Peachtree Street, N.E., Suite 1800 Atlanta, Georgia 30309

(Name and address of agent for service)

Registrant’s telephone number, including area code:  (713) 626-1919  

Date of fiscal year end:  February 28    

Date of reporting period:  August 31, 2025    

Item 1. Reports to Stockholders.

(a) The Registrant’s semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “Act”) is as follows:

Semi-Annual Report to Shareholders August 31, 2025

Invesco Bond Fund

NYSE: VBF

2	Fund Performance
2	Share Repurchase Program Notice
3	Dividend Reinvestment Plan
4	Schedule of Investments
26	Financial Statements
29	Financial Highlights
30	Notes to Financial Statements
37	Approval of Investment Advisory and Sub-Advisory Contracts
39	Proxy Results

Unless otherwise noted, all data is provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance

 

Performance summary
Cumulative total returns, 2/28/25 to 8/31/25
Fund at NAV	2.50	%
Fund at Market Value	1.96
Bloomberg Baa U.S. Corporate Bond Indexq (Broad Market/Style-Specific Index)	2.76
Market Price Discount to NAV as of 8/31/25	-5.73
Source(s): qRIMES Technologies Corp.

 The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Investment return, net asset value (NAV) and share market price will fluctuate so that you may have a gain or loss when you sell shares. Please visit invesco.com/us for the most recent month-end performance. Performance figures reflect Fund expenses, the reinvestment of distributions (if any) and changes in NAV for performance based on NAV and changes in market price for performance based on market price.

 Since the Fund is a closed-end management investment company, shares of the Fund may trade at a discount or premium from the NAV. This characteristic is separate and distinct from the risk that NAV could decrease as a result of investment activities and may be a greater risk to investors expecting to sell their shares after a short time. The Fund cannot predict whether shares will trade at, above or below NAV. The Fund should not be viewed as a vehicle for trading purposes. It is designed primarily for risk-tolerant long-term investors.

 The Bloomberg Baa U.S. Corporate Bond Index measures the Baa-rated, fixed-rate, taxable corporate bond market.

 The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

 A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

Important Notice Regarding Share Repurchase Program

In September 2025, the Board of Trustees of the Fund approved a share repurchase program that allows the Fund to repurchase up to 25% of the 20-day average trading volume

of the Fund’s common shares when the Fund is trading at a 10% or greater discount to its net asset value. The Fund will repurchase

shares pursuant to this program if the Adviser reasonably believes that such repurchases may enhance shareholder value.

2 Invesco Bond Fund

Dividend Reinvestment Plan

The dividend reinvestment plan (the Plan) offers you a prompt and simple way to reinvest your dividends and capital gains distributions (Distributions) into additional shares of your Invesco closed-end Fund (the Fund). Under the Plan, the money you earn from Distributions will be reinvested automatically in more shares of the Fund, allowing you to potentially increase your investment over time. All shareholders in the Fund are automatically enrolled in the Plan when shares are purchased.

Plan benefits

∎ Add to your account:

  You may increase your shares in your Fund easily and automatically with the Plan.

∎ Low transaction costs:

  Shareholders who participate in the Plan may be able to buy shares at below-market prices when the Fund is trading at a premium to its net asset value (NAV). In addition , transaction costs are low because when new shares are issued by the Fund, there is no brokerage fee, and when shares are bought in blocks on the open market, the per share fee is shared among all participants.

∎ Convenience:

  You will receive a detailed account statement from Computershare Trust Company, N.A. (the Agent), which administers the Plan. The statement shows your total Distributions, date of investment, shares acquired, and price per share, as well as the total number of shares in your reinvestment account. You can also access your account at invesco.com/closed-end.

∎ Safekeeping:

  The Agent will hold the shares it has acquired for you in safekeeping.

Who can participate in the Plan

If you own shares in your own name, your purchase will automatically enroll you in the Plan. If your shares are held in “street name” – in the name of your brokerage firm, bank, or other financial institution – you must instruct that entity to participate on your behalf. If they are unable to participate on your behalf, you may request that they reregister your shares in your own name so that you may enroll in the Plan.

How to enroll

If you haven’t participated in the Plan in the past or chose to opt out, you are still eligible to participate. Enroll by visiting invesco.com/closed-end, by calling toll-free 800 341 2929 or by notifying us in writing at Invesco Closed-End Funds, Computershare Trust Company, N.A., P.O. Box 43078, Providence, RI 02940-3078. If you are writing to us, please include the Fund name and account number and ensure that all shareholders listed on the account sign these written instructions. Your participation in the Plan will begin with the next Distribution payable after the Agent receives your authorization, as long as they receive it before the “record date,” which is generally 10 business days before the Distribution is paid. If your authorization arrives after such record date, your participation in the Plan will begin with the following Distribution.

How the Plan works

If you choose to participate in the Plan, your Distributions will be promptly reinvested for you, automatically increasing your shares. If the Fund is trading at a share price that is equal to its NAV, you’ll pay that amount for your reinvested shares. However, if the Fund is trading above or below NAV, the price is determined by one of two ways:

1. Premium: If the Fund is trading at a premium - a market price that is higher than its NAV -you’ll pay either the NAV or 95 percent of

  the market price, whichever is greater. When the Fund trades at a premium, you may pay less for your reinvested shares than an investor purchasing shares on the stock exchange. Keep in mind, a portion of your price reduction may be taxable because you are receiving shares at less than market price.

2. Discount: If the Fund is trading at a discount - a market price that is lower than its NAV - you’ll pay the market price for your reinvested shares.

Costs of the Plan

There is no direct charge to you for reinvesting Distributions because the Plan’s fees are paid by the Fund. If the Fund is trading at or above its NAV, your new shares are issued directly by the Fund and there are no brokerage charges or fees. However, if the Fund is trading at a discount , the shares are purchased on the open market, and you will pay your portion of any per share fees. These per share fees are typically less than the standard brokerage charges for individual transactions because shares are purchased for all participants in blocks, resulting in lower fees for each individual participant. Any service or per share fees are added to the purchase price. Per share fees include any applicable brokerage commissions the Agent is required to pay.

Tax implications

The automatic reinvestment of Distributions does not relieve you of any income tax that may be due on Distributions. You will receive tax information annually to help you prepare your federal income tax return.

 Invesco does not offer tax advice. The tax information contained herein is general and is not exhaustive by nature. It was not intended or written to be used, and it cannot be used, by any taxpayer for avoiding penalties that may be imposed on the taxpayer under US federal tax laws. Federal and state tax laws are complex and constantly changing. Shareholders should always consult a legal or tax adviser for information concerning their individual situation.

How to withdraw from the Plan

You may withdraw from the Plan at any time by calling 800 341 2929, by visiting invesco.com/ closed-end or by writing to Invesco Closed-End Funds, Computershare Trust Company, N.A., P.O. Box 43078, Providence, RI 02940-3078. Simply indicate that you would like to withdraw from the Plan, and be sure to include your Fund name and account number. Also, ensure that all shareholders listed on the account sign these written instructions. If you withdraw, you have three options with regard to the shares held in the Plan:

1. If you opt to continue to hold your noncertificated whole shares (Investment Plan Book Shares), they will be held by the Agent electronically as Direct Registration Book-Shares (Book-Entry Shares) and fractional shares will be sold at the then-current market price. Proceeds will be sent via check to your address of record after deducting applicable fees, including per share fees such as any applicable brokerage commissions the Agent is required to pay.

2. If you opt to sell your shares through the Agent, we will sell all full and fractional shares and send the proceeds via check to your address of record after deducting $2.50 per account and a brokerage charge.

3. You may sell your shares through your financial adviser through the Direct Registration System (DRS). DRS is a service within the securities industry that allows Fund shares to be held in your name in electronic format. You retain full ownership of your shares, without having to hold a share certificate. You should contact your financial adviser to learn more about any restrictions or fees that may apply.

The Fund and Computershare Trust Company, N.A. may amend or terminate the Plan at any time. Participants will receive at least 30 days written notice before the effective date of any amendment. In the case of termination, Participants will receive at least 30 days written notice before the record date for the payment of any such Distributions by the Fund. In the case of amendment or termination necessary or appropriate to comply with applicable law or the rules and policies of the Securities and Exchange Commission or any other regulatory authority, such written notice will not be required.

 To obtain a complete copy of the current Dividend Reinvestment Plan, please call our Client Services department at 800 341 2929 or visit invesco.com/closed-end.

3 Invesco Bond Fund

Schedule of Investments(a)

August 31, 2025

(Unaudited)

	Principal
	Amount		Value
U.S. Dollar Denominated Bonds & Notes–84.86%
Advertising–0.10%
Clear Channel Outdoor Holdings, Inc.,
7.13%, 02/15/2031(b)	$	45,000	$	45,751
7.50%, 03/15/2033(b)		45,000		45,833
Interpublic Group of Cos., Inc. (The), 4.75%, 03/30/2030		87,000		87,764
				179,348
Aerospace & Defense–1.80%
BAE Systems PLC (United Kingdom),
5.13%, 03/26/2029(b)		200,000		206,342
5.50%, 03/26/2054(b)		580,000		567,173
Boeing Co. (The),
6.30%, 05/01/2029		20,000		21,247
6.53%, 05/01/2034		52,000		56,980
5.81%, 05/01/2050		154,000		148,195
5.93%, 05/01/2060		207,000		199,023
General Dynamics Corp., 4.95%, 08/15/2035		67,000		67,738
Hexcel Corp., 5.88%, 02/26/2035		16,000		16,325
Howmet Aerospace, Inc., 4.85%, 10/15/2031		10,000		10,247
Huntington Ingalls Industries, Inc., 5.35%, 01/15/2030		20,000		20,625
5.75%, 01/15/2035		87,000		90,296
L3Harris Technologies, Inc., 5.40%, 07/31/2033		33,000		34,104
5.60%, 07/31/2053		41,000		39,917
Lockheed Martin Corp.,
4.40%, 08/15/2030		105,000		105,883
4.75%, 02/15/2034		85,000		85,088
4.80%, 08/15/2034		5,000		5,019
5.00%, 08/15/2035		188,000		189,268
4.15%, 06/15/2053		505,000		396,244
4.30%, 06/15/2062		43,000		33,499
5.90%, 11/15/2063		67,000		68,665
Northrop Grumman Corp., 4.95%, 03/15/2053		32,000		28,504
RTX Corp.,
5.75%, 01/15/2029		60,000		63,015
6.00%, 03/15/2031		22,000		23,770
5.15%, 02/27/2033		127,000		130,518
6.10%, 03/15/2034		104,000		112,948
6.40%, 03/15/2054		81,000		87,728
TransDigm, Inc.,
6.75%, 08/15/2028(b)		133,000		136,895
6.38%, 03/01/2029(b)		74,000		75,856
6.88%, 12/15/2030(b)		90,000		93,394
7.13%, 12/01/2031(b)		44,000		45,919
6.00%, 01/15/2033(b)		89,000		90,063
6.38%, 05/31/2033(b)		75,000		76,184
6.25%, 01/31/2034(b)		49,000		50,314
				3,376,986

	Principal
	Amount		Value
Agricultural & Farm Machinery–0.57%
AGCO Corp.,
5.45%, 03/21/2027	$	11,000	$	11,149
5.80%, 03/21/2034		83,000		85,506
CNH Industrial Capital LLC, 4.75%, 03/21/2028		46,000		46,529
Imperial Brands Finance PLC (United Kingdom),
4.50%, 06/30/2028(b)		205,000		206,369
5.63%, 07/01/2035(b)		200,000		202,114
6.38%, 07/01/2055(b)		240,000		241,074
John Deere Capital Corp.,
4.38%, 10/15/2030		144,000		145,221
5.10%, 04/11/2034		130,000		133,332
				1,071,294
Agricultural Products & Services–0.27%
Bunge Ltd. Finance Corp.,
4.55%, 08/04/2030		292,000		293,673
5.15%, 08/04/2035		173,000		173,530
Cargill, Inc., 4.75%, 04/24/2033(b)		43,000		43,294
				510,497
Air Freight & Logistics–0.32%
GXO Logistics, Inc.,
6.25%, 05/06/2029		61,000		64,005
6.50%, 05/06/2034		94,000		99,487
United Parcel Service, Inc.,
4.65%, 10/15/2030		82,000		83,842
5.15%, 05/22/2034		88,000		90,718
5.25%, 05/14/2035		103,000		105,638
5.50%, 05/22/2054		168,000		161,359
				605,049
Alternative Carriers–0.06%
Lumen Technologies, Inc., 10.00%, 10/15/2032(b)		18,000		18,255
Windstream Services LLC/Windstream Escrow Finance Corp., 8.25%, 10/01/2031(b)		88,000		91,612
				109,867
Apparel Retail–0.01%
Saks Global Enterprises LLC, 11.00%, 12/15/2029(b)		53,640		21,719
Application Software–0.39%
Autodesk, Inc., 5.30%, 06/15/2035		79,000		80,438
Cadence Design Systems, Inc., 4.70%, 09/10/2034		41,000		40,605
Cloud Software Group, Inc.,
6.50%, 03/31/2029(b)		65,000		65,767
8.25%, 06/30/2032(b)		26,000		27,817
Fair Isaac Corp., 6.00%, 05/15/2033(b)		17,000		17,271
Intuit, Inc., 5.20%, 09/15/2033		135,000		140,059
Roper Technologies, Inc.,
4.45%, 09/15/2030		59,000		59,148
5.10%, 09/15/2035		151,000		150,692

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

4 Invesco Bond Fund

	Principal
	Amount		Value
Application Software–(continued)
SS&C Technologies, Inc.,
5.50%, 09/30/2027(b)	$	85,000	$	85,086
6.50%, 06/01/2032(b)		19,000		19,731
Synopsys, Inc., 5.70%, 04/01/2055		45,000		44,224
				730,838
Asset Management & Custody Banks–0.80%
Affiliated Managers Group, Inc., 5.50%, 08/20/2034		253,000		256,779
Ameriprise Financial, Inc.,
4.50%, 05/13/2032		21,000		20,996
5.15%, 05/15/2033		155,000		159,414
5.20%, 04/15/2035		256,000		259,158
Bank of New York Mellon Corp. (The),
4.89%, 07/21/2028(c)		5,000		5,082
5.06%, 07/22/2032(c)		87,000		89,651
5.83%, 10/25/2033(c)		48,000		51,308
5.32%, 06/06/2036(c)		82,000		84,126
Series J, 4.97%, 04/26/2034(c)		51,000		51,516
BlackRock, Inc., 4.75%, 05/25/2033		141,000		143,207
Brookfield Asset Management Ltd. (Canada), 5.80%, 04/24/2035		217,000		224,999
Carlyle Holdings II Finance LLC, 5.63%, 03/30/2043(b)		15,000		14,649
Citadel L.P.,
6.00%, 01/23/2030(b)		14,000		14,592
6.38%, 01/23/2032(b)		30,000		31,608
Golub Capital Private Credit Fund, 5.45%, 08/15/2028(b)		74,000		74,317
State Street Corp.,
5.34% (SOFR + 0.95%), 04/24/2028(d)		2,000		2,014
4.73%, 02/28/2030		6,000		6,136
4.83%, 04/24/2030		3,000		3,082
5.15%, 02/28/2036(c)		8,000		8,104
				1,500,738
Automobile Manufacturers–1.87%
Allison Transmission, Inc.,
4.75%, 10/01/2027(b)		6,000		5,952
3.75%, 01/30/2031(b)		408,000		376,812
Daimler Truck Finance North America LLC (Germany),
4.65%, 10/12/2030(b)		150,000		150,336
5.00%, 10/12/2032(b)		332,000		332,300
Ford Motor Credit Co. LLC,
6.95%, 06/10/2026		335,000		339,451
7.35%, 11/04/2027		7,000		7,290
5.92%, 03/20/2028		200,000		203,037
7.20%, 06/10/2030		135,000		143,497
Honda Motor Co. Ltd. (Japan),
4.69%, 07/08/2030		184,000		185,773
5.34%, 07/08/2035		292,000		293,714
Hyundai Capital America,
5.50%, 03/30/2026(b)		31,000		31,191
4.88%, 06/23/2027(b)		131,000		132,187
5.00%, 01/07/2028(b)		161,000		163,245
5.60%, 03/30/2028(b)		4,000		4,119
5.35%, 03/19/2029(b)		2,000		2,054
5.30%, 01/08/2030(b)		70,000		72,114

	Principal
	Amount		Value
Automobile Manufacturers–(continued)
Mercedes-Benz Finance North America LLC (Germany), 5.13%, 08/01/2034(b)	$	214,000	$	214,917
Nissan Motor Co. Ltd. (Japan), 4.81%, 09/17/2030(b)		200,000		186,986
Toyota Motor Credit Corp.,
4.55%, 08/09/2029		3,000		3,053
5.35%, 01/09/2035		97,000		100,214
Volkswagen Group of America Finance LLC (Germany),
5.25%, 03/22/2029(b)		255,000		260,134
5.60%, 03/22/2034(b)		300,000		305,149
				3,513,525
Automotive Parts & Equipment–0.51%
BMW US Capital LLC (Germany),
4.50%, 08/11/2030(b)		56,000		56,070
5.20%, 08/11/2035(b)		147,000		146,266
Clarios Global L.P./Clarios US Finance Co., 6.75%, 02/15/2030(b)		148,000		153,453
Cougar JV Subsidiary LLC, 8.00%, 05/15/2032(b)		88,000		93,362
ERAC USA Finance LLC, 4.90%, 05/01/2033(b)		149,000		150,682
Forvia SE (France), 8.00%, 06/15/2030(b)		68,000		71,793
Magna International, Inc. (Canada), 5.88%, 06/01/2035		32,000		33,311
NESCO Holdings II, Inc., 5.50%, 04/15/2029(b)		98,000		95,675
PHINIA, Inc.,
6.75%, 04/15/2029(b)		40,000		41,340
6.63%, 10/15/2032(b)		52,000		53,448
ZF North America Capital, Inc. (Germany),
6.88%, 04/14/2028(b)		39,000		39,532
7.13%, 04/14/2030(b)		18,000		17,935
				952,867
Automotive Retail–0.57%
Advance Auto Parts, Inc.,
5.95%, 03/09/2028		11,000		11,209
7.00%, 08/01/2030(b)		73,000		74,958
Asbury Automotive Group, Inc.,
4.63%, 11/15/2029(b)		71,000		69,118
AutoZone, Inc.,
4.75%, 08/01/2032		43,000		43,094
5.20%, 08/01/2033		83,000		84,721
Carvana Co., 0.00% PIK Rate, 9.00% Cash Rate, 06/01/2031(b)(e)		89,880		102,052
Group 1 Automotive, Inc.,
4.00%, 08/15/2028(b)		98,000		95,158
6.38%, 01/15/2030(b)		92,000		94,437
LCM Investments Holdings II LLC,
4.88%, 05/01/2029(b)		49,000		48,150
8.25%, 08/01/2031(b)		88,000		93,364
Lithia Motors, Inc.,
4.63%, 12/15/2027(b)		94,000		93,206
4.38%, 01/15/2031(b)		101,000		96,057
O’Reilly Automotive, Inc., 5.00%, 08/19/2034		156,000		156,168
				1,061,692

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

5 Invesco Bond Fund

	Principal
	Amount		Value
Biotechnology–0.34%
AbbVie, Inc., 5.50%, 03/15/2064	$	148,000	$	142,314
Amgen, Inc.,
5.25%, 03/02/2030		18,000		18,651
5.75%, 03/02/2063		312,000		300,101
Gilead Sciences, Inc.,
5.25%, 10/15/2033		115,000		119,505
5.55%, 10/15/2053		54,000		52,868
				633,439
Broadcasting–0.13%
Gray Media, Inc., 9.63%, 07/15/2032(b)		27,000		27,159
Paramount Global,
5.85%, 09/01/2043		69,000		62,118
4.95%, 05/19/2050		69,000		53,912
Univision Communications, Inc.,
8.00%, 08/15/2028(b)		51,000		52,974
9.38%, 08/01/2032(b)		47,000		49,525
				245,688
Broadline Retail–0.24%
El Puerto de Liverpool S.A.B. de C.V. (Mexico), 6.66%, 01/22/2037(b)		200,000		212,340
Macy’s Retail Holdings LLC,
6.13%, 03/15/2032(b)		7,000		6,840
7.38%, 08/01/2033(b)		128,000		131,588
6.70%, 07/15/2034(b)		113,000		98,741
				449,509
Building Products–0.26%
Amrize Finance US LLC,
4.70%, 04/07/2028(b)		112,000		113,417
4.95%, 04/07/2030(b)		29,000		29,611
5.40%, 04/07/2035(b)		160,000		162,423
Carrier Global Corp., 5.90%, 03/15/2034		22,000		23,465
Lennox International, Inc., 5.50%, 09/15/2028		55,000		57,006
New Enterprise Stone & Lime Co., Inc., 5.25%, 07/15/2028(b)		94,000		92,996
				478,918
Cable & Satellite–1.00%
CCO Holdings LLC/CCO Holdings Capital Corp.,
5.38%, 06/01/2029(b)		58,000		57,586
6.38%, 09/01/2029(b)		23,000		23,366
7.38%, 03/01/2031(b)		16,000		16,565
4.75%, 02/01/2032(b)		38,000		35,273
4.50%, 05/01/2032		169,000		154,649
4.50%, 06/01/2033(b)		141,000		125,879
4.25%, 01/15/2034(b)		110,000		95,594
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp.,
6.65%, 02/01/2034		181,000		193,139
5.85%, 12/01/2035		150,000		150,322
5.75%, 04/01/2048		113,000		100,769
6.70%, 12/01/2055		130,000		128,521
Comcast Corp.,
5.50%, 11/15/2032		127,000		133,926
6.05%, 05/15/2055		348,000		352,316

	Principal
	Amount		Value
Cable & Satellite–(continued)
Directv Financing LLC/Directv Financing Co-Obligor, Inc.,
5.88%, 08/15/2027(b)	$	47,000	$	46,801
10.00%, 02/15/2031(b)		47,000		46,753
Sinclair Television Group, Inc., 8.13%, 02/15/2033(b)		18,000		18,457
Virgin Media Secured Finance PLC (United Kingdom), 5.50%, 05/15/2029(b)		200,000		197,063
				1,876,979
Cargo Ground Transportation–0.07%
Penske Truck Leasing Co. L.P./PTL Finance Corp.,
5.75%, 05/24/2026(b)		8,000		8,062
5.35%, 01/12/2027(b)		5,000		5,061
4.40%, 07/01/2027(b)		9,000		9,022
5.70%, 02/01/2028(b)		34,000		35,018
5.55%, 05/01/2028(b)		44,000		45,388
Ryder System, Inc., 4.90%, 12/01/2029		34,000		34,740
				137,291
Casinos & Gaming–0.15%
Studio City Finance Ltd. (Macau), 5.00%, 01/15/2029(b)		200,000		189,698
Voyager Parent LLC, 9.25%, 07/01/2032(b)		89,000		93,984
				283,682
Commercial & Residential Mortgage Finance–0.61%
Aviation Capital Group LLC,
3.50%, 11/01/2027(b)		8,000		7,854
6.25%, 04/15/2028(b)		7,000		7,314
6.75%, 10/25/2028(b)		67,000		71,435
4.80%, 10/24/2030(b)		284,000		283,983
Nationstar Mortgage Holdings, Inc.,
6.50%, 08/01/2029(b)		90,000		92,420
7.13%, 02/01/2032(b)		87,000		90,752
Nationwide Building Society (United Kingdom), 6.56%, 10/18/2027(b)(c)		242,000		247,732
PennyMac Financial Services, Inc., 4.25%, 02/15/2029(b)		49,000		47,297
Radian Group, Inc., 6.20%, 05/15/2029		46,000		48,209
Rocket Cos., Inc.,
6.13%, 08/01/2030(b)		102,000		105,022
6.38%, 08/01/2033(b)		22,000		22,857
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 2.88%, 10/15/2026(b)		24,000		23,508
Walker & Dunlop, Inc., 6.63%, 04/01/2033(b)		91,000		94,745
				1,143,128
Computer & Electronics Retail–0.26%
Dell International LLC/EMC Corp.,
6.02%, 06/15/2026		53,000		53,473
5.50%, 04/01/2035		359,000		365,844
Leidos, Inc., 5.75%, 03/15/2033		70,000		73,403
				492,720

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

6 Invesco Bond Fund

	Principal
	Amount		Value
Construction & Engineering–0.10%
AECOM, 6.00%, 08/01/2033(b)	$	185,000	$	188,950
Construction Machinery & Heavy Transportation Equipment– 0.58%
Caterpillar, Inc.,
5.20%, 05/15/2035		105,000		107,640
5.50%, 05/15/2055		25,000		24,822
Cummins, Inc.,
4.70%, 02/15/2031		268,000		272,414
5.30%, 05/09/2035		305,000		311,780
Northriver Midstream Finance L.P. (Canada), 6.75%, 07/15/2032(b)		96,000		98,793
Westinghouse Air Brake Technologies Corp.,
4.90%, 05/29/2030		71,000		72,659
5.50%, 05/29/2035		194,000		199,131
				1,087,239
Construction Materials–0.08%
JH North America Holdings, Inc.,
5.88%, 01/31/2031(b)		88,000		89,026
6.13%, 07/31/2032(b)		58,000		58,906
				147,932
Consumer Electronics–0.06%
LG Electronics, Inc. (South Korea), 5.63%, 04/24/2029(b)		100,000		104,167
Consumer Finance–0.87%
American Express Co.,
5.65%, 04/23/2027(c)		4,000		4,033
4.73%, 04/25/2029(c)		4,000		4,066
5.65% (SOFR + 1.26%), 04/25/2029(d)		165,000		167,375
5.53%, 04/25/2030(c)		83,000		86,694
5.02%, 04/25/2031(c)		233,000		239,477
5.44%, 01/30/2036(c)		107,000		110,032
5.67%, 04/25/2036(c)		148,000		154,709
Capital One Financial Corp., 7.15%, 10/29/2027(c)		38,000		39,169
EZCORP, Inc., 7.38%, 04/01/2032(b)		177,000		187,068
FirstCash, Inc., 6.88%, 03/01/2032(b)		177,000		183,892
goeasy Ltd. (Canada), 6.88%, 02/15/2031(b)		67,000		67,044
Navient Corp., 5.00%, 03/15/2027		100,000		99,337
OneMain Finance Corp.,
6.63%, 05/15/2029		57,000		58,684
4.00%, 09/15/2030		26,000		24,050
6.75%, 03/15/2032		45,000		46,124
7.13%, 09/15/2032		83,000		86,528
Synchrony Financial,
5.02%, 07/29/2029(c)		35,000		35,256
6.00%, 07/29/2036(c)		45,000		45,514
				1,639,052
Consumer Staples Merchandise Retail–0.38%
Dollar General Corp.,
5.00%, 11/01/2032		19,000		19,171
5.50%, 11/01/2052		492,000		459,438
Target Corp., 5.00%, 04/15/2035		161,000		161,513

	Principal
	Amount		Value
Consumer Staples Merchandise Retail–(continued)
Walmart, Inc.,
4.90%, 04/28/2035	$	4,000	$	4,065
4.50%, 09/09/2052		80,000		69,431
				713,618
Copper–0.00%
Freeport-McMoRan, Inc., 4.38%, 08/01/2028		9,000		9,024
Distillers & Vintners–0.03%
Brown-Forman Corp., 4.75%, 04/15/2033		21,000		21,134
Constellation Brands, Inc.,
4.80%, 05/01/2030		16,000		16,253
4.90%, 05/01/2033		15,000		14,972
				52,359
Distributors–0.20%
Genuine Parts Co.,
6.50%, 11/01/2028		123,000		131,019
4.95%, 08/15/2029		80,000		81,696
6.88%, 11/01/2033		149,000		167,416
				380,131
Diversified Banks–14.24%
Africa Finance Corp. (Supranational), 4.38%, 04/17/2026(b)		1,080,000		1,075,964
Australia and New Zealand Banking Group Ltd. (Australia),
6.74%, 12/08/2032(b)		333,000		366,269
5.20%, 09/30/2035(b)(c)		425,000		422,333
6.75%(b)(c)(f)		784,000		795,017
Banco Bilbao Vizcaya Argentaria S.A. (Spain), 9.38%(c)(f)		14,000		15,509
Banco Santander S.A. (Spain), 5.55%, 03/14/2028(c)		200,000		203,611
Bank of America Corp.,
5.23% (SOFR + 0.83%), 01/24/2029(d)		4,000		4,007
4.62%, 05/09/2029(c)		4,000		4,046
5.16%, 01/24/2031(c)		37,000		38,197
5.41% (SOFR + 1.01%), 01/24/2031(d)		79,000		79,037
5.43%, 08/15/2035(c)		142,000		142,982
5.51%, 01/24/2036(c)		200,000		206,135
5.46%, 05/09/2036(c)		184,000		189,077
7.75%, 05/14/2038		650,000		782,110
2.68%, 06/19/2041(c)		6,000		4,327
6.63%(c)(f)		184,000		189,889
Series DD, 6.30%(c)(f)		125,000		125,807
Bank of Montreal (Canada),
7.70%, 05/26/2084(c)		456,000		476,584
7.30%, 11/26/2084(c)		250,000		262,589
Bank of New Zealand (New Zealand), 5.70%, 01/28/2035(b)(c)		256,000		264,283
Bank of Nova Scotia (The) (Canada),
8.63%, 10/27/2082(c)		429,000		455,433
8.00%, 01/27/2084(c)		235,000		250,994
Banque Federative du Credit Mutuel
(France), 4.59%, 10/16/2028(b)		397,000		400,742

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

7 Invesco Bond Fund

	Principal
	Amount		Value
Diversified Banks–(continued)
Barclays PLC (United Kingdom),
5.37%, 02/25/2031(c)	$	209,000	$	215,629
5.86%, 08/11/2046(c)		200,000		198,811
BNP Paribas S.A. (France),
4.79%, 05/09/2029(b)(c)		200,000		201,935
5.83% (SOFR + 1.43%), 05/09/2029(b)(d)		417,000		422,031
5.09%, 05/09/2031(b)(c)		400,000		406,523
BPCE S.A. (France),
6.29%, 01/14/2036(b)(c)		250,000		263,192
6.92%, 01/14/2046(b)(c)		271,000		282,814
CaixaBank S.A. (Spain), 4.89%, 07/03/2031(b)(c)		200,000		202,407
Citigroup, Inc.,
5.55% (SOFR + 1.14%), 05/07/2028(d)		8,000		8,057
5.17%, 02/13/2030(c)		44,000		45,160
4.54%, 09/19/2030(c)		111,000		111,546
4.95%, 05/07/2031(c)		266,000		271,088
5.87% (SOFR + 1.46%), 05/07/2031(d)		7,000		7,117
2.57%, 06/03/2031(c)		7,000		6,428
6.17%, 05/25/2034(c)		187,000		197,075
5.83%, 02/13/2035(c)		160,000		164,549
5.41%, 09/19/2039(c)		204,000		202,058
5.61%, 03/04/2056(c)		411,000		401,504
Series AA, 7.63%(c)(f)		206,000		215,981
Series BB, 7.20%(c)(f)		143,000		147,575
Series DD, 7.00%(c)(f)		166,000		174,647
Series W, 4.00%(c)(f)		250,000		248,280
Series Y, 4.15%(c)(f)		95,000		92,959
Comerica, Inc., 5.98%, 01/30/2030(c)		20,000		20,754
Corporacion Financiera de Desarrollo S.A. (Peru), 5.95%, 04/30/2029(b)		200,000		206,958
Credit Agricole S.A. (France), 5.22%, 05/27/2031(b)(c)		250,000		255,855
Fifth Third Bancorp,
6.34%, 07/27/2029(c)		7,000		7,390
4.77%, 07/28/2030(c)		41,000		41,516
4.34%, 04/25/2033(c)		45,000		43,550
HSBC Holdings PLC (United Kingdom),
5.29%, 11/19/2030(c)		290,000		299,145
5.13%, 03/03/2031(c)		200,000		204,938
5.24%, 05/13/2031(c)		253,000		260,153
5.97% (SOFR + 1.57%), 05/13/2031(d)		458,000		466,231
7.40%, 11/13/2034(c)		305,000		343,794
5.79%, 05/13/2036(c)		282,000		293,503
6.88%(c)(f)		216,000		223,309
7.05%(c)(f)		249,000		257,496
ING Groep N.V. (Netherlands), 5.34%, 03/19/2030(c)		200,000		206,515

	Principal
	Amount		Value
Diversified Banks–(continued)
JPMorgan Chase & Co.,
5.57%, 04/22/2028(c)	$	4,000	$	4,086
4.32%, 04/26/2028(c)		4,000		4,005
4.92%, 01/24/2029(c)		2,000		2,036
5.30%, 07/24/2029(c)		4,000		4,121
5.01%, 01/23/2030(c)		41,000		42,003
5.58%, 04/22/2030(c)		51,000		53,257
5.00%, 07/22/2030(c)		93,000		95,405
4.60%, 10/22/2030(c)		5,000		5,056
5.14%, 01/24/2031(c)		83,000		85,558
5.10%, 04/22/2031(c)		125,000		128,999
4.59%, 04/26/2033(c)		63,000		62,755
5.72%, 09/14/2033(c)		167,000		175,381
5.34%, 01/23/2035(c)		48,000		49,322
5.50%, 01/24/2036(c)		113,000		116,729
5.57%, 04/22/2036(c)		106,000		110,246
5.58%, 07/23/2036(c)		108,000		110,431
5.53%, 11/29/2045(c)		198,000		198,962
Series W, 5.47% (3 mo. Term SOFR + 1.26%), 05/15/2047(d)		232,000		206,426
Series NN, 6.88%(c)(f)		121,000		127,446
Series OO, 6.50%(c)(f)		455,000		468,456
KeyBank N.A., 5.85%, 11/15/2027		7,000		7,222
KeyCorp, 2.55%, 10/01/2029		18,000		16,841
Mitsubishi UFJ Financial Group, Inc. (Japan),
5.26%, 04/17/2030(c)		344,000		355,299
5.16%, 04/24/2031(c)		206,000		212,561
5.87% (SOFR + 1.48%), 04/24/2031(d)		200,000		203,848
5.41%, 04/19/2034(c)		205,000		214,002
5.43%, 04/17/2035(c)		364,000		375,437
5.57%, 01/16/2036(c)		287,000		298,716
5.62%, 04/24/2036(c)		231,000		240,910
8.20%(c)(f)		222,000		242,996
Mizuho Financial Group, Inc. (Japan),
5.38%, 07/10/2030(c)		200,000		207,260
4.71%, 07/08/2031(c)		223,000		225,680
5.59%, 07/10/2035(c)		325,000		338,426
5.32%, 07/08/2036(c)		395,000		401,356
Morgan Stanley Private Bank N.A.,
4.47%, 07/06/2028(c)		250,000		251,194
4.73%, 07/18/2031(c)		250,000		253,590
National Australia Bank Ltd. (Australia), 5.90%, 01/14/2036(b)(c)		494,000		514,047
National Securities Clearing Corp., 5.10%, 11/21/2027(b)		8,000		8,178
Nordea Bank Abp (Finland),
4.25%, 08/28/2030(b)		401,000		401,754
6.30%(b)(c)(f)		200,000		200,477
PNC Financial Services Group, Inc. (The),
5.58%, 06/12/2029(c)		4,000		4,150
4.63%, 06/06/2033(c)		7,000		6,891
5.07%, 01/24/2034(c)		56,000		56,676
5.37%, 07/21/2036(c)		146,000		148,424
Royal Bank of Canada (Canada), 7.50%, 05/02/2084(c)		414,000		433,889

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

8 Invesco Bond Fund

	Principal
	Amount		Value
Diversified Banks–(continued)
Standard Chartered PLC (United Kingdom),
6.75%, 02/08/2028(b)(c)	$	109,000	$	112,537
5.01%, 10/15/2030(b)(c)		200,000		203,660
5.24%, 05/13/2031(b)(c)		200,000		205,154
6.08% (SOFR + 1.68%), 05/13/2031(b)(d)		200,000		203,979
5.40%, 08/12/2036(b)(c)		363,000		362,798
Sumitomo Mitsui Trust Bank Ltd. (Japan),
5.20%, 03/07/2029(b)		206,000		212,657
5.35%, 03/07/2034(b)		200,000		206,517
Synovus Bank, 5.63%, 02/15/2028		896,000		914,871
Toronto-Dominion Bank (The) (Canada),
4.78%, 12/17/2029		4,000		4,089
8.13%, 10/31/2082(c)		349,000		368,419
U.S. Bancorp, 5.78%, 06/12/2029(c)		5,000		5,211
Wells Fargo & Co.,
5.71%, 04/22/2028(c)		4,000		4,092
5.76% (SOFR + 1.37%), 04/23/2029(d)		142,000		144,268
5.57%, 07/25/2029(c)		43,000		44,585
5.20%, 01/23/2030(c)		49,000		50,481
5.15%, 04/23/2031(c)		225,000		231,797
5.39%, 04/24/2034(c)		41,000		42,206
5.56%, 07/25/2034(c)		25,000		25,967
5.50%, 01/23/2035(c)		85,000		87,748
5.61%, 04/23/2036(c)		288,000		299,130
5.38%, 11/02/2043		469,000		447,526
6.85%(c)(f)		144,000		151,215
7.63%(c)(f)		111,000		118,828
Series BB, 3.90%(c)(f)		101,000		100,092
Westpac Banking Corp. (Australia),
5.41%, 08/10/2033(c)		14,000		14,314
5.62%, 11/20/2035(c)		102,000		103,880
				26,709,940
Diversified Capital Markets–0.58%
Amazon Conservation DAC (Ecuador), 6.03%, 01/16/2042(b)		305,000		310,545
Credit Suisse Group AG (Switzerland),
4.50%(b)(c)(f)(g)(h)		268,000		16,080
5.25%(b)(c)(f)(g)(h)		248,000		14,880
Sixth Street Lending Partners, 6.13%, 07/15/2030(b)		2,000		2,063
UBS Group AG (Switzerland),
5.71%, 01/12/2027(b)(c)		256,000		257,098
4.75%, 05/12/2028(b)(c)		7,000		7,053
4.38%(b)(c)(f)		258,000		231,967
7.13%(b)(c)(f)		250,000		255,134
				1,094,820
Diversified Financial Services–2.71%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland),
6.95%, 03/10/2055(c)		150,000		157,137
6.50%, 01/31/2056(c)		280,000		288,739
Aircastle Ltd./Aircastle Ireland DAC, 5.00%, 09/15/2030(b)		150,000		151,278
Apollo Global Management, Inc.,
6.38%, 11/15/2033		111,000		122,464
5.15%, 08/12/2035		169,000		168,368

	Principal
	Amount		Value
Diversified Financial Services–(continued)
Avolon Holdings Funding Ltd. (Ireland),
4.95%, 01/15/2028(b)	$	88,000	$	88,928
6.38%, 05/04/2028(b)		82,000		85,796
5.75%, 03/01/2029(b)		4,000		4,144
5.75%, 11/15/2029(b)		4,000		4,156
5.15%, 01/15/2030(b)		5,000		5,090
BlackRock Funding, Inc., 4.90%, 01/08/2035		55,000		56,003
Corebridge Financial, Inc.,
6.05%, 09/15/2033		123,000		130,538
5.75%, 01/15/2034		136,000		142,182
Eagle Funding LuxCo S.a.r.l. (Mexico), 5.50%, 08/17/2030(b)		1,277,000		1,296,602
Freedom Mortgage Holdings LLC, 8.38%, 04/01/2032(b)		46,000		47,475
GGAM Finance Ltd. (Ireland), 6.88%, 04/15/2029(b)		178,000		184,676
Global Aircraft Leasing Co. Ltd. (Cayman Islands), 8.75%, 09/01/2027(b)		135,000		139,074
Horizon Mutual Holdings, Inc., 6.20%, 11/15/2034(b)		551,000		535,514
Jackson Financial, Inc., 5.67%, 06/08/2032		11,000		11,404
Jane Street Group/JSG Finance, Inc.,
7.13%, 04/30/2031(b)		8,000		8,363
6.13%, 11/01/2032(b)		46,000		46,246
6.75%, 05/01/2033(b)		186,000		192,321
LPL Holdings, Inc.,
5.70%, 05/20/2027		69,000		70,362
5.20%, 03/15/2030		167,000		170,954
5.15%, 06/15/2030		102,000		104,259
5.65%, 03/15/2035		285,000		288,238
5.75%, 06/15/2035		124,000		125,982
Macquarie Airfinance Holdings Ltd. (United Kingdom),
6.40%, 03/26/2029(b)		2,000		2,105
5.15%, 03/17/2030(b)		4,000		4,055
6.50%, 03/26/2031(b)		2,000		2,144
Provident Funding Associates L.P./PFG Finance Corp., 9.75%, 09/15/2029(b)		133,000		139,905
Wynnton Funding Trust II, 5.99%, 08/15/2055(b)		312,000		310,464
				5,084,966
Diversified Metals & Mining–0.80%
BHP Billiton Finance (USA) Ltd. (Australia),
5.25%, 09/08/2030		60,000		62,652
5.25%, 09/08/2033		212,000		218,699
Glencore Funding LLC (Australia),
4.91%, 04/01/2028(b)		45,000		45,767
5.37%, 04/04/2029(b)		38,000		39,161
5.19%, 04/01/2030(b)		78,000		80,212
5.63%, 04/04/2034(b)		138,000		141,671
5.67%, 04/01/2035(b)		157,000		160,724
5.89%, 04/04/2054(b)		54,000		52,890
6.14%, 04/01/2055(b)		65,000		65,591

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

9 Invesco Bond Fund

	Principal
	Amount		Value
Diversified Metals & Mining–(continued)
Rio Tinto Finance (USA) PLC (Australia), 4.88%, 03/14/2030	$	94,000	$	96,418
5.00%, 03/14/2032		79,000		81,027
5.25%, 03/14/2035		113,000		115,197
5.75%, 03/14/2055		67,000		67,121
5.88%, 03/14/2065		68,000		68,254
Windfall Mining Group, Inc./Groupe Minier Windfall, Inc. (South Africa), 5.85%, 05/13/2032(b)		201,000		206,839
				1,502,223
Diversified REITs–0.10%
CubeSmart L.P., 2.50%, 02/15/2032		6,000		5,233
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/2032(b)		101,000		97,177
Uniti Group L.P./Uniti Group Finance 2019, Inc./CSL Capital LLC,
10.50%, 02/15/2028(b)		65,000		68,438
8.63%, 06/15/2032(b)		16,000		15,747
				186,595
Diversified Support Services–0.21%
Element Fleet Management Corp. (Canada),
6.32%, 12/04/2028(b)		50,000		52,971
5.04%, 03/25/2030(b)		139,000		141,816
RB Global Holdings, Inc. (Canada),
6.75%, 03/15/2028(b)		138,000		141,420
7.75%, 03/15/2031(b)		64,000		67,241
				403,448
Drug Retail–0.91%
CK Hutchison International (23) Ltd. (United Kingdom),
4.75%, 04/21/2028(b)		331,000		336,233
4.88%, 04/21/2033(b)		302,000		304,947
CVS Pass-Through Trust,
6.04%, 12/10/2028		319,587		326,503
5.77%, 01/10/2033(b)		722,366		732,522
				1,700,205
Electric Utilities–5.75%
AEP Transmission Co. LLC, 5.38%, 06/15/2035		28,000		28,704
Alabama Power Co.,
5.85%, 11/15/2033		27,000		28,868
5.10%, 04/02/2035		31,000		31,405
American Electric Power Co., Inc., 5.20%, 01/15/2029		43,000		44,369
Arizona Public Service Co., 5.90%, 08/15/2055		172,000		171,625
Baltimore Gas and Electric Co., 5.45%, 06/01/2035		83,000		85,578
Brookfield Infrastructure Finance ULC (Canada), 6.75%, 03/15/2055(c)		139,000		141,634
Capital Power (US Holdings), Inc. (Canada),
5.26%, 06/01/2028(b)		46,000		46,805
6.19%, 06/01/2035(b)		214,000		221,498
CenterPoint Energy Houston Electric LLC,
4.80%, 03/15/2030		88,000		90,183
5.05%, 03/01/2035		60,000		60,320
Series AJ, 4.85%, 10/01/2052		571,000		507,331

	Principal
	Amount		Value
Electric Utilities–(continued)
Chile Electricity Lux MPC II S.a.r.l.
(Chile), 5.58%, 10/20/2035(b)	$	108,503	$	109,762
Commonwealth Edison Co., 5.95%, 06/01/2055		409,000		420,811
Connecticut Light and Power Co. (The), 5.25%, 01/15/2053		63,000		58,964
Consolidated Edison Co. of New York, Inc.,
5.50%, 03/15/2034		3,000		3,133
6.15%, 11/15/2052		30,000		31,409
5.90%, 11/15/2053		95,000		97,047
Constellation Energy Generation LLC,
6.13%, 01/15/2034		38,000		41,249
6.50%, 10/01/2053		39,000		42,109
5.75%, 03/15/2054		102,000		99,898
Duke Energy Carolinas LLC,
5.25%, 03/15/2035		178,000		183,196
5.35%, 01/15/2053		124,000		117,739
Duke Energy Corp.,
4.85%, 01/05/2029		43,000		43,837
5.00%, 08/15/2052		120,000		104,869
6.45%, 09/01/2054(c)		93,000		96,522
Duke Energy Indiana LLC,
5.40%, 04/01/2053		84,000		80,054
5.90%, 05/15/2055		48,000		48,942
Electricite de France S.A. (France), 6.38%, 01/13/2055(b)		202,000		202,978
Enel Finance International N.V. (Italy), 7.05%, 10/14/2025(b)		212,000		212,554
Entergy Corp., 7.13%, 12/01/2054(c)		162,000		169,120
Entergy Louisiana LLC,
5.15%, 09/15/2034		83,000		84,056
5.80%, 03/15/2055		98,000		97,667
Entergy Texas, Inc.,
5.25%, 04/15/2035		118,000		120,173
5.55%, 09/15/2054		69,000		65,853
Evergy Metro, Inc.,
4.95%, 04/15/2033		37,000		37,458
5.13%, 08/15/2035		159,000		159,047
Exelon Corp.,
5.13%, 03/15/2031		165,000		170,455
5.60%, 03/15/2053		133,000		126,190
5.88%, 03/15/2055		207,000		205,016
FirstEnergy Pennsylvania Electric Co., 5.20%, 04/01/2028(b)		9,000		9,215
FirstEnergy Transmission LLC,
4.55%, 01/15/2030		42,000		42,380
5.00%, 01/15/2035		61,000		60,548
Florida Power & Light Co., 5.80%, 03/15/2065		63,000		63,876
Georgia Power Co., 4.95%, 05/17/2033		67,000		67,847
Kentucky Utilities Co., 5.85%, 08/15/2055		48,000		47,726
Louisville Gas and Electric Co., 5.85%, 08/15/2055		49,000		48,696
MidAmerican Energy Co.,
5.35%, 01/15/2034		25,000		25,997
5.85%, 09/15/2054		61,000		62,713
5.30%, 02/01/2055		460,000		434,112

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

10 Invesco Bond Fund

	Principal
	Amount		Value
Electric Utilities–(continued)
National Rural Utilities Cooperative Finance Corp.,
4.85%, 02/07/2029	$	5,000	$	5,122
5.00%, 02/07/2031		69,000		71,370
5.80%, 01/15/2033		51,000		54,366
5.00%, 08/15/2034		150,000		151,659
7.13%, 09/15/2053(c)		457,000		480,963
NextEra Energy Capital Holdings, Inc.,
5.00%, 07/15/2032		26,000		26,445
5.45%, 03/15/2035		219,000		224,004
6.75%, 06/15/2054(c)		62,000		65,659
6.38%, 08/15/2055(c)		65,000		67,170
Niagara Mohawk Power Corp.,
4.65%, 10/03/2030(b)		160,000		160,789
6.00%, 07/03/2055(b)		174,000		173,229
Northern States Power Co.,
5.05%, 05/15/2035		166,000		167,897
5.65%, 05/15/2055		442,000		439,035
Oglethorpe Power Corp., 5.90%, 02/01/2055		39,000		38,259
Ohio Power Co., 5.65%, 06/01/2034		92,000		95,396
Oklahoma Gas and Electric Co., 5.60%, 04/01/2053		308,000		299,090
Oncor Electric Delivery Co. LLC,
5.65%, 11/15/2033		81,000		85,799
5.80%, 04/01/2055(b)		173,000		173,213
PacifiCorp,
5.10%, 02/15/2029		49,000		50,217
5.30%, 02/15/2031		46,000		47,768
5.45%, 02/15/2034		115,000		116,965
5.80%, 01/15/2055		90,000		85,213
Pinnacle West Capital Corp.,
4.90%, 05/15/2028		18,000		18,278
5.15%, 05/15/2030		39,000		40,148
PPL Capital Funding, Inc., 5.25%, 09/01/2034		39,000		39,635
PPL Electric Utilities Corp., 5.55%, 08/15/2055		68,000		66,550
PSEG Power LLC, 5.20%, 05/15/2030(b)		63,000		64,854
Public Service Co. of Colorado, 5.25%, 04/01/2053		64,000		58,301
Public Service Co. of New Hampshire, 5.35%, 10/01/2033		36,000		37,579
San Diego Gas & Electric Co.,
5.35%, 04/01/2053		165,000		154,006
5.55%, 04/15/2054		125,000		119,722
Sierra Pacific Power Co., 5.90%, 03/15/2054		2,000		1,993
Southern Co. (The),
5.70%, 10/15/2032		44,000		46,418
4.85%, 03/15/2035		102,000		100,229
Series B, 4.00%, 01/15/2051(c)		129,000		128,715
Southwestern Electric Power Co., 5.30%, 04/01/2033		50,000		50,855
Trans-Allegheny Interstate Line Co., 5.00%, 01/15/2031(b)		26,000		26,652
Union Electric Co.,
5.20%, 04/01/2034		141,000		144,480
5.25%, 04/15/2035		123,000		125,724
5.13%, 03/15/2055		71,000		64,942

	Principal
	Amount		Value
Electric Utilities–(continued)
Virginia Electric & Power Co., 5.00%, 04/01/2033	$	57,000	$	57,824
Vistra Operations Co. LLC,
5.63%, 02/15/2027(b)		134,000		134,138
5.00%, 07/31/2027(b)		40,000		39,917
4.38%, 05/01/2029(b)		8,000		7,824
7.75%, 10/15/2031(b)		243,000		258,335
6.88%, 04/15/2032(b)		48,000		50,406
6.95%, 10/15/2033(b)		118,000		130,436
6.00%, 04/15/2034(b)		68,000		70,918
5.70%, 12/30/2034(b)		86,000		87,752
Xcel Energy, Inc., 4.75%, 03/21/2028		28,000		28,357
				10,786,154
Electrical Components & Equipment–0.33%
EnerSys,
4.38%, 12/15/2027(b)		97,000		95,383
6.63%, 01/15/2032(b)		43,000		44,345
Molex Electronic Technologies LLC,
4.75%, 04/30/2028(b)		64,000		64,699
5.25%, 04/30/2032(b)		85,000		86,389
Regal Rexnord Corp.,
6.05%, 04/15/2028		39,000		40,393
6.30%, 02/15/2030		9,000		9,540
6.40%, 04/15/2033		255,000		271,440
				612,189
Electronic Components–0.24%
Amphenol Corp.,
5.00%, 01/15/2035		92,000		92,821
5.38%, 11/15/2054		55,000		53,441
Corning, Inc., 5.45%, 11/15/2079		246,000		223,497
Sensata Technologies, Inc., 3.75%, 02/15/2031(b)		93,000		85,555
				455,314
Electronic Equipment & Instruments–0.06%
Keysight Technologies, Inc., 5.35%, 07/30/2030		102,000		106,004
Electronic Manufacturing Services–0.08%
EMRLD Borrower L.P./Emerald Co-Issuer, Inc., 6.63%, 12/15/2030(b)		137,000		140,874
Jabil, Inc., 3.00%, 01/15/2031		8,000		7,346
				148,220
Environmental & Facilities Services–0.34%
GFL Environmental, Inc.,
4.00%, 08/01/2028(b)		196,000		191,218
3.50%, 09/01/2028(b)		96,000		93,044
Republic Services, Inc.,
5.00%, 12/15/2033		90,000		92,187
5.00%, 04/01/2034		2,000		2,036
Rollins, Inc., 5.25%, 02/24/2035		51,000		51,369
Veralto Corp., 5.35%, 09/18/2028		74,000		76,460
Waste Management, Inc., 5.35%, 10/15/2054		138,000		132,347
				638,661

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

11 Invesco Bond Fund

	Principal
	Amount		Value
Financial Exchanges & Data–0.38%
Intercontinental Exchange, Inc.,
4.60%, 03/15/2033	$	58,000		$58,117
4.95%, 06/15/2052		108,000		97,364
5.20%, 06/15/2062		138,000		127,098
Moody’s Corp., 5.25%, 07/15/2044		146,000		140,187
MSCI, Inc., 5.25%, 09/01/2035		149,000		147,901
Nasdaq, Inc.,
5.35%, 06/28/2028		15,000		15,483
5.55%, 02/15/2034		51,000		53,208
5.95%, 08/15/2053		19,000		19,387
6.10%, 06/28/2063		46,000		47,244
				705,989
Food Distributors–0.59%
JBS USA Holding Lux S.a.r.l./JBS USA Foods Group Holdings, Inc./JBS USA Food Co.,
5.50%, 01/15/2036(b)		475,000		476,864
6.25%, 03/01/2056(b)		396,000		390,734
6.38%, 04/15/2066(b)		183,000		181,088
Sysco Corp., 5.10%, 09/23/2030		56,000		57,768
				1,106,454
Food Retail–0.06%
Kroger Co. (The), 5.65%, 09/15/2064		126,000		118,371
Forest Products–0.06%
Georgia-Pacific LLC,
4.40%, 06/30/2028(b)		40,000		40,374
4.95%, 06/30/2032(b)		71,000		72,425
				112,799
Gas Utilities–0.49%
Atmos Energy Corp.,
5.90%, 11/15/2033		48,000		51,718
5.20%, 08/15/2035		172,000		174,402
6.20%, 11/15/2053		43,000		45,884
Piedmont Natural Gas Co., Inc., 5.40%, 06/15/2033		86,000		88,868
Snam S.p.A. (Italy),
5.75%, 05/28/2035(b)		214,000		219,861
6.50%, 05/28/2055(b)		201,000		209,545
Southern Co. Gas Capital Corp., 5.75%, 09/15/2033		35,000		36,876
Southern Natural Gas Co. L.L.C., 5.45%, 08/01/2035(b)		62,000		62,384
Southwest Gas Corp., 5.45%, 03/23/2028		21,000		21,620
				911,158
Gold–0.24%
Boroo Investments Pte. Ltd. (Peru), 9.50%, 08/07/2032(b)		267,000		255,653
New Gold, Inc. (Canada), 6.88%, 04/01/2032(b)		190,000		198,189
				453,842
Health Care Distributors–0.38%
Cardinal Health, Inc.,
4.50%, 09/15/2030		44,000		44,097
5.45%, 02/15/2034		46,000		47,266
5.15%, 09/15/2035		43,000		42,719

	Principal
	Amount		Value
Health Care Distributors–(continued)
McKesson Corp.,
4.65%, 05/30/2030	$	159,000	$	161,793
4.95%, 05/30/2032		142,000		144,874
5.25%, 05/30/2035		276,000		281,416
				722,165
Health Care Equipment–0.19%
GE HealthCare Technologies, Inc., 4.80%, 01/15/2031		76,000		77,298
Hologic, Inc., 3.25%, 02/15/2029(b)		40,000		38,241
Smith & Nephew PLC (United Kingdom), 5.40%, 03/20/2034		6,000		6,147
Stryker Corp.,
4.25%, 09/11/2029		18,000		18,067
4.85%, 02/10/2030		56,000		57,480
5.20%, 02/10/2035		152,000		155,538
				352,771
Health Care Facilities–0.41%
Adventist Health System, 5.76%, 12/01/2034		52,000		52,459
Providence St. Joseph Health Obligated Group, Series 21-A, 2.70%, 10/01/2051		175,000		101,105
Select Medical Corp., 6.25%, 12/01/2032(b)		87,000		87,580
Tenet Healthcare Corp.,
4.25%, 06/01/2029		67,000		65,274
6.75%, 05/15/2031		75,000		78,003
Universal Health Services, Inc.,
4.63%, 10/15/2029		45,000		44,934
5.05%, 10/15/2034		166,000		160,126
UPMC,
5.04%, 05/15/2033		130,000		131,770
5.38%, 05/15/2043		51,000		48,858
				770,109
Health Care REITs–0.30%
Alexandria Real Estate Equities, Inc.,
5.25%, 05/15/2036		34,000		33,732
5.63%, 05/15/2054		194,000		182,362
Diversified Healthcare Trust, 0.00%, 01/15/2026(b)(i)		98,000		96,440
Healthpeak OP LLC, 5.38%, 02/15/2035		60,000		60,692
MPT Operating Partnership L.P./MPT Finance Corp., 8.50%, 02/15/2032(b)		18,000		18,886
Omega Healthcare Investors, Inc.,
5.20%, 07/01/2030		156,000		158,320
3.25%, 04/15/2033		12,000		10,450
				560,882
Health Care Services–1.55%
CommonSpirit Health,
5.32%, 12/01/2034		197,000		199,158
5.55%, 12/01/2054		71,000		67,283
Community Health Systems, Inc.,
5.25%, 05/15/2030(b)		63,000		56,528
4.75%, 02/15/2031(b)		42,000		35,840

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

12 Invesco Bond Fund

	Principal
	Amount		Value
Health Care Services–(continued)
CVS Health Corp.,
5.00%, 01/30/2029	$	64,000	$	65,239
5.25%, 01/30/2031		9,000		9,259
5.45%, 09/15/2035		175,000		175,460
6.75%, 12/10/2054(c)		184,000		186,982
7.00%, 03/10/2055(c)		661,000		689,825
6.20%, 09/15/2055		166,000		163,505
6.25%, 09/15/2065		261,000		255,370
DaVita, Inc.,
6.88%, 09/01/2032(b)		43,000		44,518
6.75%, 07/15/2033(b)		50,000		51,860
HCA, Inc.,
5.45%, 09/15/2034		16,000		16,211
5.75%, 03/01/2035		142,000		146,140
5.90%, 06/01/2053		138,000		131,947
6.20%, 03/01/2055		64,000		63,600
Icon Investments Six DAC,
5.81%, 05/08/2027		200,000		204,247
5.85%, 05/08/2029		210,000		219,697
Piedmont Healthcare, Inc., 2.86%, 01/01/2052		93,000		57,452
Quest Diagnostics, Inc., 6.40%, 11/30/2033		67,000		73,855
				2,913,976
Health Care Supplies–0.57%
DENTSPLY SIRONA, Inc., 8.38%, 09/12/2055(c)		314,000		320,404
Medline Borrower L.P.,
3.88%, 04/01/2029(b)		50,000		48,044
5.25%, 10/01/2029(b)		96,000		95,131
Solventum Corp.,
5.40%, 03/01/2029		85,000		88,645
5.60%, 03/23/2034		194,000		201,564
5.90%, 04/30/2054		173,000		173,363
6.00%, 05/15/2064		140,000		139,766
				1,066,917
Home Improvement Retail–0.01%
Lowe’s Cos., Inc.,
5.63%, 04/15/2053		8,000		7,644
5.80%, 09/15/2062		7,000		6,743
5.85%, 04/01/2063		7,000		6,790
				21,177
Homebuilding–0.17%
Taylor Morrison Communities, Inc., 5.13%, 08/01/2030(b)		93,000		92,796
Toll Brothers Finance Corp., 5.60%, 06/15/2035		226,000		229,594
				322,390
Hotel & Resort REITs–0.26%
Phillips Edison Grocery Center Operating Partnership I L.P.,
5.25%, 08/15/2032		151,000		154,207
5.75%, 07/15/2034		33,000		34,147
4.95%, 01/15/2035		81,000		79,256
RHP Hotel Properties L.P./RHP Finance Corp., 6.50%, 06/15/2033(b)		93,000		96,122
RLJ Lodging Trust L.P., 4.00%, 09/15/2029(b)		101,000		94,851

	Principal
	Amount		Value
Hotel & Resort REITs–(continued)
Service Properties Trust, 8.88%, 06/15/2032	$	27,000	$	27,882
				486,465
Hotels, Resorts & Cruise Lines–0.51%
Carnival Corp.,
5.88%, 06/15/2031(b)		85,000		87,190
5.75%, 08/01/2032(b)		239,000		243,242
6.13%, 02/15/2033(b)		116,000		119,193
Expedia Group, Inc., 5.40%, 02/15/2035		119,000		120,978
Hilton Domestic Operating Co., Inc.,
5.88%, 04/01/2029(b)		12,000		12,228
6.13%, 04/01/2032(b)		7,000		7,194
5.88%, 03/15/2033(b)		181,000		184,830
5.75%, 09/15/2033(b)		41,000		41,364
Marriott International, Inc., 5.30%, 05/15/2034		55,000		55,827
Royal Caribbean Cruises Ltd.,
6.25%, 03/15/2032(b)		41,000		42,341
6.00%, 02/01/2033(b)		37,000		37,984
				952,371
Household Appliances–0.06%
Whirlpool Corp.,
4.75%, 02/26/2029		95,000		93,864
6.13%, 06/15/2030		6,000		6,071
6.50%, 06/15/2033		10,000		10,079
				110,014
Housewares & Specialties–0.09%
Newell Brands, Inc.,
6.38%, 09/15/2027		15,000		15,213
6.63%, 09/15/2029		46,000		46,310
6.38%, 05/15/2030		101,000		99,861
				161,384
Independent Power Producers & Energy Traders–0.47%
AES Corp. (The), 5.80%, 03/15/2032		236,000		242,941
Calpine Corp., 5.13%, 03/15/2028(b)		140,000		139,985
FIEMEX Energia - Banco Actinver S.A. Institucion de Banca Multiple (Mexico), 7.25%, 01/31/2041(b)		212,959		219,024
Vistra Corp.,
7.00%(b)(c)(f)		92,000		93,377
8.00%(b)(c)(f)		44,000		44,942
Series C, 8.88%(b)(c)(f)		124,000		135,195
				875,464
Industrial Conglomerates–0.32%
Honeywell International, Inc.,
4.95%, 09/01/2031		106,000		109,367
5.00%, 02/15/2033		61,000		62,245
Siemens Funding B.V. (Germany),
4.60%, 05/28/2030(b)		200,000		203,606
5.20%, 05/28/2035(b)		210,000		216,278
				591,496
Industrial Machinery & Supplies & Components–0.31%
Enpro, Inc., 6.13%, 06/01/2033(b)		213,000		217,881
ESAB Corp., 6.25%, 04/15/2029(b)		136,000		140,007

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

13 Invesco Bond Fund

	Principal
	Amount		Value
Industrial Machinery & Supplies & Components–(continued)
Ingersoll Rand, Inc.,
5.20%, 06/15/2027	$	47,000	$	47,827
5.40%, 08/14/2028		9,000		9,313
Nordson Corp.,
5.60%, 09/15/2028		15,000		15,561
5.80%, 09/15/2033		54,000		57,381
nVent Finance S.a.r.l. (United Kingdom), 5.65%, 05/15/2033		6,000		6,177
Roller Bearing Co. of America, Inc., 4.38%, 10/15/2029(b)		97,000		94,482
				588,629
Industrial REITs–0.01%
LXP Industrial Trust, 6.75%, 11/15/2028		17,000		18,099
Insurance Brokers–0.42%
Alliant Holdings Intermediate LLC, 7.00%, 01/15/2031(b)		137,000		141,803
Aon Corp./Aon Global Holdings PLC, 5.35%, 02/28/2033		28,000		29,033
Arthur J. Gallagher & Co.,
4.85%, 12/15/2029		15,000		15,299
5.00%, 02/15/2032		20,000		20,378
5.15%, 02/15/2035		57,000		57,193
5.55%, 02/15/2055		97,000		91,503
HUB International Ltd., 7.25%, 06/15/2030(b)		133,000		139,202
Marsh & McLennan Cos., Inc.,
5.40%, 09/15/2033		110,000		114,602
6.25%, 11/01/2052		34,000		36,182
5.45%, 03/15/2053		35,000		33,583
5.70%, 09/15/2053		109,000		108,204
				786,982
Integrated Oil & Gas–1.53%
BP Capital Markets PLC, 6.13%(c)(f)		297,000		303,545
Ecopetrol S.A. (Colombia),
8.88%, 01/13/2033		417,000		443,834
8.38%, 01/19/2036		84,000		85,149
Eni S.p.A. (Italy), 5.50%, 05/15/2034(b)		217,000		221,410
Occidental Petroleum Corp.,
5.20%, 08/01/2029		18,000		18,243
5.38%, 01/01/2032		17,000		17,110
6.20%, 03/15/2040		227,000		224,338
4.63%, 06/15/2045		95,000		72,736
4.10%, 02/15/2047		129,000		90,851
Petroleos Mexicanos (Mexico),
8.75%, 06/02/2029		186,000		197,513
6.63%, 06/15/2035		320,000		291,328
Saudi Arabian Oil Co. (Saudi Arabia),
4.75%, 06/02/2030(b)		250,000		254,239
5.38%, 06/02/2035(b)		298,000		306,175
6.38%, 06/02/2055(b)		340,000		350,093
				2,876,564
Integrated Telecommunication Services–2.69%
AT&T, Inc.,
5.40%, 02/15/2034		104,000		107,249
3.55%, 09/15/2055		1,563,000		1,040,315
6.05%, 08/15/2056		272,000		273,724

	Principal
	Amount		Value
Integrated Telecommunication Services–(continued)
Bell Canada (Canada),
6.88%, 09/15/2055(c)	$	68,000	$	69,619
7.00%, 09/15/2055(c)		80,000		82,023
British Telecommunications PLC (United Kingdom), 4.25%, 11/23/2081(b)(c)		270,000		267,839
FIBERCOP S.p.A. (Italy), 6.00%, 09/30/2034(b)		200,000		190,261
Level 3 Financing, Inc.,
6.88%, 06/30/2033(b)		105,000		106,045
7.00%, 03/31/2034(b)		52,500		52,903
Maya S.A.S. (France), 7.00%, 10/15/2028(b)		200,000		203,670
NTT Finance Corp. (Japan), 5.50%, 07/16/2035(b)		212,000		217,294
Telecom Italia Capital S.A. (Italy),
6.38%, 11/15/2033		93,000		96,505
7.72%, 06/04/2038		88,000		96,186
Telefonica Emisiones S.A. (Spain), 7.05%, 06/20/2036		376,000		418,854
TELUS Corp. (Canada),
6.63%, 10/15/2055(c)		26,000		26,458
7.00%, 10/15/2055(c)		27,000		27,774
Verizon Communications, Inc.,
4.50%, 08/10/2033		1,226,000		1,199,763
5.25%, 04/02/2035		278,000		280,747
3.40%, 03/22/2041		19,000		14,730
3.00%, 11/20/2060		108,000		63,039
3.70%, 03/22/2061		60,000		41,161
Zegona Finance PLC (United Kingdom), 8.63%, 07/15/2029(b)		152,000		161,924
				5,038,083
Interactive Media & Services–1.34%
Alphabet, Inc., 5.30%, 05/15/2065		115,000		110,701
Baidu, Inc. (China), 1.72%, 04/09/2026		210,000		206,864
Flutter Treasury DAC (Ireland), 5.88%, 06/04/2031(b)		331,000		337,235
Match Group Holdings II LLC,
3.63%, 10/01/2031(b)		5,000		4,516
6.13%, 09/15/2033(b)		173,000		175,019
Meta Platforms, Inc.,
4.55%, 08/15/2031		32,000		32,634
4.75%, 08/15/2034		93,000		93,509
4.45%, 08/15/2052		200,000		166,761
5.40%, 08/15/2054		128,000		122,887
4.65%, 08/15/2062		161,000		134,249
5.75%, 05/15/2063		155,000		154,640
5.55%, 08/15/2064		209,000		202,414
WarnerMedia Holdings, Inc.,
4.28%, 03/15/2032		127,000		109,680
5.05%, 03/15/2042		958,000		646,233
5.14%, 03/15/2052		30,000		18,707
				2,516,049
Internet Services & Infrastructure–0.12%
CoreWeave, Inc.,
9.25%, 06/01/2030(b)		172,000		172,798
9.00%, 02/01/2031(b)		52,000		51,545
				224,343

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

14 Invesco Bond Fund

	Principal
	Amount		Value
Investment Banking & Brokerage–2.56%
Blue Owl Technology Finance Corp., 6.75%, 04/04/2029	$	5,000	$	5,178
Boost Newco Borrower LLC, 7.50%, 01/15/2031(b)		200,000		212,313
Brookfield Finance, Inc. (Canada), 5.33%, 01/15/2036		500,000		497,220
Charles Schwab Corp. (The), Series K, 5.00%(c)(f)		89,000		88,572
Goldman Sachs Group, Inc. (The),
5.17% (SOFR + 0.81%), 03/09/2027(d)		8,000		8,013
5.68% (SOFR + 1.29%), 04/23/2028(d)		114,000		115,129
5.73%, 04/25/2030(c)		51,000		53,428
5.05%, 07/23/2030(c)		78,000		79,874
4.69%, 10/23/2030(c)		61,000		61,687
5.21%, 01/28/2031(c)		94,000		96,891
5.22%, 04/23/2031(c)		226,000		233,399
5.85%, 04/25/2035(c)		83,000		87,556
5.33%, 07/23/2035(c)		89,000		90,553
5.54%, 01/28/2036(c)		268,000		276,461
4.80%, 07/08/2044		13,000		11,704
5.73%, 01/28/2056(c)		315,000		314,260
Series T, 3.80%(c)(f)		13,000		12,770
Series W, 7.50%(c)(f)		303,000		322,050
Series X, 7.50%(c)(f)		254,000		267,268
Jefferies Financial Group, Inc., 4.15%, 01/23/2030		25,000		24,688
Morgan Stanley,
5.12%, 02/01/2029(c)		26,000		26,558
4.99%, 04/12/2029(c)		61,000		62,141
5.16%, 04/20/2029(c)		106,000		108,388
5.45%, 07/20/2029(c)		23,000		23,749
6.41%, 11/01/2029(c)		50,000		53,161
5.17%, 01/16/2030(c)		24,000		24,675
5.04%, 07/19/2030(c)		57,000		58,406
4.65%, 10/18/2030(c)		89,000		89,885
5.19%, 04/17/2031(c)		183,000		188,688
5.25%, 04/21/2034(c)		145,000		148,081
5.42%, 07/21/2034(c)		76,000		78,491
5.47%, 01/18/2035(c)		72,000		74,269
5.83%, 04/19/2035(c)		74,000		78,130
5.32%, 07/19/2035(c)		123,000		125,392
5.59%, 01/18/2036(c)		133,000		137,567
5.66%, 04/17/2036(c)		151,000		157,236
5.95%, 01/19/2038(c)		47,000		48,853
Nomura Holdings, Inc. (Japan), 4.90%, 07/01/2030		244,000		247,595
5.49%, 06/29/2035		200,000		204,347
				4,794,626
IT Consulting & Other Services–0.27%
International Business Machines Corp.,
4.80%, 02/10/2030		422,000		432,667
5.70%, 02/10/2055		71,000		69,788
				502,455
Leisure Facilities–0.07%
Vail Resorts, Inc., 5.63%, 07/15/2030(b)		126,000		127,758

	Principal
	Amount		Value
Leisure Products–0.02%
Brunswick Corp., 5.85%, 03/18/2029	$	33,000	$	34,227
Life & Health Insurance–3.92%
200 Park Funding Trust, 5.74%, 02/15/2055(b)		220,000		215,771
AIA Group Ltd. (Hong Kong),
5.38%, 04/05/2034(b)		200,000		207,464
4.95%, 03/30/2035(b)		210,000		211,121
5.40%, 09/30/2054(b)		200,000		191,632
American National Global Funding, 5.55%, 01/28/2030(b)		44,000		45,372
American National Group, Inc.,
5.00%, 06/15/2027		45,000		45,381
6.00%, 07/15/2035		313,000		316,604
7.00%, 12/01/2055(c)		190,000		194,891
Athene Global Funding, 5.58%, 01/09/2029(b)		80,000		82,828
Athene Holding Ltd.,
6.15%, 04/03/2030		8,000		8,545
6.25%, 04/01/2054		94,000		92,919
6.63%, 05/19/2055		204,000		209,352
Belrose Funding Trust II, 6.79%, 05/15/2055(b)		332,000		344,457
Corebridge Global Funding,
5.67% (SOFR + 1.30%), 09/25/2026(b)(d)		132,000		133,013
5.90%, 09/19/2028(b)		41,000		42,919
5.20%, 01/12/2029(b)		72,000		74,080
5.20%, 06/24/2029(b)		70,000		72,138
Dai-ichi Life Insurance Co. Ltd. (The) (Japan), 6.20%(b)(c)(f)		211,000		219,301
Delaware Life Global Funding, Series 21-1, 2.66%, 06/29/2026(b)		1,080,000		1,056,140
GA Global Funding Trust, 5.50%, 01/08/2029(b)		152,000		157,072
High Street Funding Trust III, 5.81%, 02/15/2055(b)		108,000		103,755
Jackson National Life Global Funding, 4.70%, 06/05/2028(b)		150,000		151,843
Lincoln Financial Global Funding, 4.63%, 08/18/2030(b)		91,000		91,662
MAG Mutual Holding Co., 4.75%, 04/30/2041(b)(h)		1,039,000		938,217
MassMutual Global Funding II, 4.55%, 05/07/2030(b)		238,000		240,967
MetLife, Inc.,
5.00%, 07/15/2052		36,000		32,489
5.25%, 01/15/2054		212,000		199,360
Series G, 6.35%, 03/15/2055(c)		210,000		219,001
New York Life Global Funding, 4.55%, 01/28/2033(b)		133,000		131,493
Nippon Life Insurance Co. (Japan),
5.95%, 04/16/2054(b)(c)		281,000		291,406
6.50%, 04/30/2055(b)(c)		200,000		213,499
Pacific Life Global Funding II, 5.03% (SOFR + 0.62%), 06/04/2026(b)(d)		30,000		30,092
Pricoa Global Funding I, 4.65%, 08/27/2031(b)		150,000		151,608
Prudential Financial, Inc., 5.20%, 03/14/2035		304,000		309,509

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

15 Invesco Bond Fund

	Principal
	Amount		Value
Life & Health Insurance–(continued)
Sammons Financial Group, Inc., 4.75%, 04/08/2032(b)	$	6,000	$	5,816
Wynnton Funding Trust, 5.25%, 08/15/2035(b)		325,000		325,500
				7,357,217
Managed Health Care–0.21%
Humana, Inc., 5.75%, 12/01/2028		22,000		22,942
UnitedHealth Group, Inc.,
4.25%, 01/15/2029		23,000		23,098
5.30%, 02/15/2030		100,000		104,093
5.35%, 02/15/2033		168,000		173,841
4.50%, 04/15/2033		15,000		14,707
5.63%, 07/15/2054		57,000		54,299
				392,980
Marine Transportation–0.05%
A.P. Moller - Maersk A/S (Denmark), 5.88%, 09/14/2033(b)		83,000		87,804
NCL Corp. Ltd., 6.75%, 02/01/2032(b)		3,000		3,096
Stena International S.A. (Sweden), 7.63%, 02/15/2031(b)		9,000		9,293
				100,193
Metal, Glass & Plastic Containers–0.48%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 6.00%, 06/15/2027(b)		200,000		200,166
Ball Corp., 5.50%, 09/15/2033		382,000		386,852
Crown Americas LLC, 5.88%, 06/01/2033(b)		36,000		36,447
LABL, Inc., 8.63%, 10/01/2031(b)		11,000		8,131
Smurfit Kappa Treasury Unlimited Co.
(Ireland), 5.20%, 01/15/2030		139,000		144,029
5.44%, 04/03/2034		128,000		131,486
				907,111
Movies & Entertainment–0.11%
Netflix, Inc., 5.40%, 08/15/2054		23,000		22,435
Starz Capital Holdings 1, Inc., 6.00%, 04/15/2030(b)		103,000		94,495
WMG Acquisition Corp., 3.75%, 12/01/2029(b)		95,000		90,221
				207,151
Multi-Family Residential REITs–0.20%
AvalonBay Communities, Inc.,
5.00%, 02/15/2033		26,000		26,476
5.30%, 12/07/2033		111,000		114,767
ERP Operating L.P., 4.95%, 06/15/2032		68,000		69,491
Mid-America Apartments L.P., 5.30%, 02/15/2032		116,000		120,865
UDR, Inc., 5.13%, 09/01/2034		36,000		36,171
				367,770
Multi-line Insurance–0.31%
Acrisure LLC, 7.50%, 11/06/2030(b)		136,000		141,033
Allianz SE (Germany), 3.50%(b)(c)(f)		400,000		397,383

	Principal
	Amount		Value
Multi-line Insurance–(continued)
American International Group, Inc., 4.85%, 05/07/2030	$	46,000	$	47,095
				585,511
Multi-Utilities–1.26%
Ameren Illinois Co., 4.95%, 06/01/2033		62,000		63,172
Black Hills Corp., 6.15%, 05/15/2034		168,000		178,316
CenterPoint Energy, Inc., 6.70%, 05/15/2055(c)		90,000		92,392
CMS Energy Corp., 6.50%, 06/01/2055(c)		90,000		92,029
Dominion Energy, Inc.,
5.38%, 11/15/2032		136,000		140,463
6.00%, 02/15/2056(c)		89,000		89,904
DTE Electric Co.,
5.20%, 03/01/2034		60,000		61,831
5.85%, 05/15/2055		37,000		37,884
DTE Energy Co.,
4.95%, 07/01/2027		28,000		28,391
5.85%, 06/01/2034		33,000		34,686
ENGIE S.A. (France),
5.25%, 04/10/2029(b)		205,000		211,101
5.63%, 04/10/2034(b)		200,000		207,563
5.88%, 04/10/2054(b)		205,000		207,370
NiSource, Inc.,
5.25%, 03/30/2028		8,000		8,222
5.35%, 04/01/2034		103,000		105,433
5.85%, 04/01/2055		87,000		85,654
Public Service Enterprise Group, Inc., 6.13%, 10/15/2033		119,000		127,795
Sempra,
6.88%, 10/01/2054(c)		137,000		139,363
6.55%, 04/01/2055(c)		167,000		164,886
6.63%, 04/01/2055(c)		112,000		112,591
6.38%, 04/01/2056(c)		134,000		135,143
WEC Energy Group, Inc., 4.75%, 01/15/2028		32,000		32,509
				2,356,698
Office REITs–0.10%
Brandywine Operating Partnership L.P.,
8.30%, 03/15/2028		45,000		47,886
8.88%, 04/12/2029		26,000		28,287
Cousins Properties L.P.,
5.38%, 02/15/2032		28,000		28,601
5.88%, 10/01/2034		89,000		92,095
				196,869
Oil & Gas Drilling–0.08%
Summit Midstream Holdings LLC, 8.63%, 10/31/2029(b)		92,000		91,826
Transocean, Inc., 8.75%, 02/15/2030(b)		51,000		54,025
				145,851
Oil & Gas Equipment & Services–0.05%
Tidewater, Inc., 9.13%, 07/15/2030(b)		94,000		100,369

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

16 Invesco Bond Fund

	Principal
	Amount		Value
Oil & Gas Exploration & Production–0.84%
Aethon United BR L.P./Aethon United Finance Corp., 7.50%, 10/01/2029(b)	$	101,000	$	105,421
Caturus Energy LLC, 8.50%, 02/15/2030(b)		90,000		93,452
Comstock Resources, Inc., 6.75%, 03/01/2029(b)		92,000		90,774
ConocoPhillips Co., 5.70%, 09/15/2063		51,000		48,569
Diamondback Energy, Inc.,
5.15%, 01/30/2030		42,000		43,162
5.90%, 04/18/2064		52,000		48,178
EOG Resources, Inc.,
4.40%, 07/15/2028		46,000		46,459
5.35%, 01/15/2036		125,000		126,941
5.95%, 07/15/2055		84,000		84,817
Expand Energy Corp., 5.38%, 03/15/2030		23,000		23,246
Hilcorp Energy I L.P./Hilcorp Finance Co.,
8.38%, 11/01/2033(b)		90,000		94,049
6.88%, 05/15/2034(b)		10,000		9,605
7.25%, 02/15/2035(b)		15,000		14,646
Transocean Titan Financing Ltd., 8.38%, 02/01/2028(b)		46,143		47,444
Uzbekneftegaz JSC (Uzbekistan), 4.75%, 11/16/2028(b)		278,000		263,527
Var Energi ASA (Norway),
5.88%, 05/22/2030(b)		200,000		207,495
6.50%, 05/22/2035(b)		200,000		209,565
Woodside Finance Ltd. (Australia), 5.70%, 05/19/2032		19,000		19,644
				1,576,994
Oil & Gas Refining & Marketing–0.46%
Empresa Nacional del Petroleo (Chile), 5.95%, 07/30/2034(b)		210,000		217,458
Phillips 66 Co., 5.30%, 06/30/2033		106,000		108,437
Raizen Fuels Finance S.A. (Brazil),
6.70%, 02/25/2037(b)		200,000		191,841
6.95%, 03/05/2054(b)		225,000		207,886
Sunoco L.P., 6.25%, 07/01/2033(b)		139,000		142,148
				867,770
Oil & Gas Storage & Transportation–4.30%
Antero Midstream Partners L.P./Antero Midstream Finance Corp., 6.63%, 02/01/2032(b)		119,000		123,144
Columbia Pipelines Operating Co. LLC, 5.70%, 10/01/2054(b)		129,000		119,293
Delek Logistics Partners L.P./Delek Logistics Finance Corp., 7.38%, 06/30/2033(b)		95,000		95,132
Eastern Energy Gas Holdings LLC, 5.65%, 10/15/2054		55,000		52,573
El Paso Natural Gas Co. LLC, 8.38%, 06/15/2032		31,000		36,964
Enbridge, Inc. (Canada),
5.70%, 03/08/2033		99,000		103,315
7.63%, 01/15/2083(c)		117,000		125,186
Series NC5, 8.25%, 01/15/2084(c)		117,000		124,918

	Principal
	Amount		Value
Oil & Gas Storage & Transportation–(continued)
Energy Transfer L.P.,
5.55%, 02/15/2028	$	8,000	$	8,236
6.40%, 12/01/2030		8,000		8,659
5.55%, 05/15/2034		86,000		87,373
5.00%, 05/15/2050		111,000		92,230
5.95%, 05/15/2054		130,000		121,901
8.00%, 05/15/2054(c)		148,000		157,773
6.05%, 09/01/2054		172,000		163,784
7.13%, 10/01/2054(c)		450,000		465,198
6.50%, 02/15/2056(c)		403,000		401,381
6.75%, 02/15/2056(c)		334,000		333,198
Enterprise Products Operating LLC,
5.35%, 01/31/2033		7,000		7,262
5.20%, 01/15/2036		151,000		152,462
4.20%, 01/31/2050		112,000		88,183
Series D, 6.88%, 03/01/2033		32,000		36,039
7.43% (3 mo. Term SOFR + 3.25%), 08/16/2077(d)		121,000		120,973
Excelerate Energy L.P., 8.00%, 05/15/2030(b)		90,000		95,896
Florida Gas Transmission Co. LLC, 5.75%, 07/15/2035(b)		274,000		282,535
Genesis Energy L.P./Genesis Energy Finance Corp.,
7.88%, 05/15/2032		74,000		76,857
8.00%, 05/15/2033		63,000		65,849
Global Partners L.P./GLP Finance Corp., 7.13%, 07/01/2033(b)		95,000		97,308
GreenSaif Pipelines Bidco S.a.r.l. (Saudi Arabia),
5.85%, 02/23/2036(b)		205,000		212,584
6.13%, 02/23/2038(b)		200,000		211,494
6.51%, 02/23/2042(b)		200,000		213,437
6.10%, 08/23/2042(b)		200,000		206,812
Gulfstream Natural Gas System L.L.C., 5.60%, 07/23/2035(b)		220,000		222,696
Kinder Morgan, Inc.,
5.15%, 06/01/2030		36,000		37,033
7.80%, 08/01/2031		42,000		48,656
5.20%, 06/01/2033		7,000		7,084
5.85%, 06/01/2035		48,000		49,893
MPLX L.P.,
4.80%, 02/15/2029		43,000		43,574
4.80%, 02/15/2031		184,000		184,194
5.40%, 09/15/2035		303,000		299,244
4.70%, 04/15/2048		123,000		99,858
5.50%, 02/15/2049		169,000		152,283
4.95%, 03/14/2052		155,000		127,820
5.65%, 03/01/2053		18,000		16,353
6.20%, 09/15/2055		132,000		128,402
NGL Energy Operating LLC/NGL Energy Finance Corp., 8.38%, 02/15/2032(b)		25,000		25,445
Northern Natural Gas Co.,
3.40%, 10/16/2051(b)		20,000		13,212
5.63%, 02/01/2054(b)		34,000		32,206
ONEOK Partners L.P., 6.85%, 10/15/2037		125,000		136,376
ONEOK, Inc., 6.63%, 09/01/2053		179,000		183,955

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

17 Invesco Bond Fund

	Principal
	Amount		Value
Oil & Gas Storage & Transportation-(continued)
Plains All American Pipeline L.P./PAA Finance Corp., 3.55%, 12/15/2029	$	6,000	$	5,783
Prairie Acquiror L.P., 9.00%, 08/01/2029(b)		90,000		93,908
South Bow Canadian infrastructure Holdings Ltd. (Canada),
7.50%, 03/01/2055(c)		100,000		104,582
7.63%, 03/01/2055(c)		177,000		184,334
South Bow USA Infrastructure Holdings LLC (Canada),
5.58%, 10/01/2034		40,000		39,697
6.18%, 10/01/2054		98,000		93,136
Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp., 7.38%, 02/15/2029(b)		125,000		128,872
Targa Resources Corp., 5.50%, 02/15/2035		2,000		2,018
Venture Global LNG, Inc.,
9.50%, 02/01/2029(b)		29,000		31,901
9.88%, 02/01/2032(b)		153,000		166,694
9.00%(b)(c)(f)		93,000		92,412
Venture Global Plaquemines LNG LLC,
7.50%, 05/01/2033(b)		11,000		12,072
6.50%, 01/15/2034(b)		253,000		264,282
7.75%, 05/01/2035(b)		19,000		21,167
6.75%, 01/15/2036(b)		138,000		144,910
Western Midstream Operating L.P.,
6.15%, 04/01/2033		76,000		79,438
5.45%, 11/15/2034		40,000		39,531
Williams Cos., Inc. (The),
5.30%, 08/15/2028		88,000		90,816
4.80%, 11/15/2029		42,000		42,766
4.65%, 08/15/2032		10,000		9,879
5.65%, 03/15/2033		6,000		6,249
5.80%, 11/15/2054		56,000		54,320
6.00%, 03/15/2055		58,000		57,749
				8,062,749
Other Specialized REITs-0.16%
Iron Mountain, Inc.,
7.00%, 02/15/2029(b)		100,000		103,071
4.50%, 02/15/2031(b)		99,000		94,244
6.25%, 01/15/2033(b)		93,000		95,224
				292,539
Other Specialty Retail-0.08%
Bath & Body Works, Inc., 6.63%, 10/01/2030(b)		91,000		93,512
SGUS LLC, 11.00%, 12/15/2029(b)		23,360		20,767
Tractor Supply Co., 5.25%, 05/15/2033		31,000		31,814
				146,093
Packaged Foods & Meats-0.76%
Campbell’s Co. (The),
5.20%, 03/21/2029		2,000		2,055
5.25%, 10/13/2054		73,000		65,797
J.M. Smucker Co. (The), 6.20%, 11/15/2033		52,000		55,950
Lamb Weston Holdings, Inc., 4.38%, 01/31/2032(b)		102,000		96,016

	Principal
	Amount		Value
Packaged Foods & Meats-(continued)
Mars, Inc.,
4.80%, 03/01/2030(b)	$	78,000	$	79,514
5.00%, 03/01/2032(b)		70,000		71,493
5.20%, 03/01/2035(b)		251,000		253,484
5.65%, 05/01/2045(b)		51,000		50,317
5.70%, 05/01/2055(b)		560,000		546,729
5.80%, 05/01/2065(b)		138,000		135,544
McCormick & Co., Inc., 4.70%, 10/15/2034		68,000		66,074
				1,422,973
Paper & Plastic Packaging Products & Materials-0.06%
Cascades, Inc./Cascades USA, Inc. (Canada), 6.75%, 07/15/2030(b)		14,000		14,234
Graphic Packaging International LLC, 6.38%, 07/15/2032(b)		9,000		9,155
Sealed Air Corp.,
5.00%, 04/15/2029(b)		48,000		47,647
6.88%, 07/15/2033(b)		44,000		47,560
				118,596
Paper Products-0.00%
Magnera Corp., 7.25%, 11/15/2031(b)		5,000		4,736
Passenger Airlines-0.92%
American Airlines Pass-Through Trust,
Series 2021-1, Class B, 3.95%, 07/11/2030		49,640		47,652
Series 2021-1, Class A, 2.88%, 07/11/2034		105,730		95,380
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/2029(b)		285,000		286,751
AS Mileage Plan IP Ltd.,
5.02%, 10/20/2029(b)		42,000		42,094
5.31%, 10/20/2031(b)		53,000		53,108
British Airways Pass-Through Trust (United Kingdom), Series 2021-1, Class A, 2.90%, 03/15/2035(b)		78,134		71,427
CHC Group LLC, 11.75%, 09/01/2030(b)		46,000		45,836
Delta Air Lines, Inc.,
4.95%, 07/10/2028		218,000		220,816
5.25%, 07/10/2030		69,000		70,410
Delta Air Lines, Inc./SkyMiles IP Ltd.,
4.50%, 10/20/2025(b)		7,160		7,151
4.75%, 10/20/2028(b)		120,417		121,128
United Airlines Pass-Through Trust,
Series 2016-1, Class B, 3.65%, 01/07/2026		20,743		20,592
Series 2020-1, Class A, 5.88%, 10/15/2027		49,416		50,627
Series 2018-1, Class AA, 3.50%, 03/01/2030		67,349		64,521
Series 2019-1, Class A, 4.55%, 08/25/2031		113,153		107,316
Series 2019-1, Class AA, 4.15%, 08/25/2031		172,573		167,318
Series 24-A, 5.88%, 02/15/2037		131,311		133,867
Series AA, 5.45%, 02/15/2037		122,621		126,077
				1,732,071

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

18 Invesco Bond Fund

	Principal
	Amount		Value
Passenger Ground Transportation-0.05%
Uber Technologies, Inc., 5.35%, 09/15/2054	$	101,000	$	94,896
Personal Care Products-0.24%
Kenvue, Inc.,
4.90%, 03/22/2033		130,000		132,114
5.10%, 03/22/2043		56,000		53,905
5.20%, 03/22/2063		57,000		51,955
Opal Bidco SAS (France), 6.50%, 03/31/2032 (Acquired 03/31/2025; Cost $200,000)(b)(j)		200,000		203,650
				441,624
Pharmaceuticals-1.50%
1261229 BC Ltd., 10.00%, 04/15/2032(b)		65,000		67,544
Amneal Pharmaceuticals LLC, 6.88%, 08/01/2032(b)		105,000		108,167
AstraZeneca Finance LLC (United Kingdom), 4.90%, 02/26/2031		79,000		81,748
Bausch Health Cos., Inc., 11.00%, 09/30/2028(b)		27,000		28,342
Bristol-Myers Squibb Co.,
5.90%, 11/15/2033		4,000		4,310
6.25%, 11/15/2053		2,000		2,121
6.40%, 11/15/2063		3,000		3,212
Eli Lilly and Co.,
5.00%, 02/09/2054		2,000		1,834
5.55%, 10/15/2055		60,000		59,575
5.10%, 02/09/2064		117,000		106,663
5.20%, 08/14/2064		47,000		43,561
5.65%, 10/15/2065		53,000		52,598
EMD Finance LLC (Germany),
4.13%, 08/15/2028(b)		151,000		151,040
4.38%, 10/15/2030(b)		313,000		312,719
4.63%, 10/15/2032(b)		150,000		149,011
5.00%, 10/15/2035(b)		150,000		148,555
Endo Finance Holdings, Inc., 8.50%, 04/15/2031(b)		86,000		91,664
HLF Financing S.a.r.l. LLC/Herbalife International, Inc., 4.88%, 06/01/2029(b)		12,000		10,567
Merck & Co., Inc., 5.15%, 05/17/2063		33,000		30,045
Novartis Capital Corp.,
4.20%, 09/18/2034		117,000		113,398
4.70%, 09/18/2054		92,000		81,257
Pfizer Investment Enterprises Pte. Ltd., 4.75%, 05/19/2033		6,000		6,014
Takeda U.S. Financing, Inc.,
5.20%, 07/07/2035		411,000		413,048
5.90%, 07/07/2055		226,000		225,103
Teva Pharmaceutical Finance Netherlands IV B.V. (Israel), 5.75%, 12/01/2030		300,000		306,583
Teva Pharmaceuticals Finance Netherlands B.V. (Israel), 6.00%, 12/01/2032		214,000		220,217
				2,818,896
Property & Casualty Insurance-0.42%
CNA Financial Corp., 5.20%, 08/15/2035		331,000		327,873

	Principal
	Amount		Value
Property & Casualty Insurance-(continued)
Fairfax Financial Holdings Ltd. (Canada), 6.10%, 03/15/2055	$	195,000	$	192,657
Hanover Insurance Group, Inc. (The), 5.50%, 09/01/2035		92,000		92,079
Travelers Cos., Inc. (The),
5.05%, 07/24/2035		43,000		43,304
5.45%, 05/25/2053		49,000		47,658
5.70%, 07/24/2055		76,000		76,202
				779,773
Rail Transportation-0.47%
Burlington Northern Santa Fe LLC,
5.20%, 04/15/2054		160,000		149,452
5.80%, 03/15/2056		333,000		338,193
Canadian Pacific Railway Co. (Canada), 5.20%, 03/30/2035		103,000		104,998
Norfolk Southern Corp.,
5.55%, 03/15/2034		3,000		3,151
5.95%, 03/15/2064		3,000		3,062
TTX Co., 5.05%, 11/15/2034(b)		277,000		282,410
Union Pacific Corp., 5.15%, 01/20/2063		8,000		7,254
				888,520
Real Estate Development-0.26%
Cushman & Wakefield U.S. Borrower LLC, 8.88%, 09/01/2031(b)		85,000		91,206
Essential Properties L.P., 5.40%, 12/01/2035		46,000		45,414
Greystar Real Estate Partners LLC, 7.75%, 09/01/2030(b)		84,000		89,007
Piedmont Operating Partnership L.P.,
9.25%, 07/20/2028		175,000		194,587
6.88%, 07/15/2029		70,000		74,109
				494,323
Regional Banks-0.43%
Citizens Financial Group, Inc.,
3.25%, 04/30/2030		7,000		6,622
5.64%, 05/21/2037(c)		115,000		115,567
Huntington Bancshares, Inc., 4.44%, 08/04/2028(c)		18,000		18,058
Regions Financial Corp., 5.72%, 06/06/2030(c)		58,000		60,392
Synovus Financial Corp., 6.17%, 11/01/2030(c)		33,000		34,339
Truist Financial Corp., Series P, 4.95%(c)(f)		45,000		44,903
Zions Bancorp. N.A., 4.70%, 08/18/2028(c)		259,000		260,025
Zions Bancorporation N.A., 6.82%, 11/19/2035(c)		253,000		265,210
				805,116
Reinsurance-0.60%
Fortitude Group Holdings LLC, 6.25%, 04/01/2030(b)		47,000		48,880
Global Atlantic (Fin) Co.,
4.40%, 10/15/2029(b)		181,000		178,431
3.13%, 06/15/2031(b)		9,000		8,136
4.70%, 10/15/2051(b)(c)		98,000		96,446
6.75%, 03/15/2054(b)		201,000		205,591
7.95%, 10/15/2054(b)(c)		117,000		123,411

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

19 Invesco Bond Fund

	Principal
	Amount		Value
Reinsurance-(continued)
RGA Global Funding, 5.00%, 08/25/2032(b)	$	459,000	$	461,094
				1,121,989
Renewable Electricity-0.09%
California Buyer Ltd./Atlantica Sustainable Infrastructure PLC (United Kingdom), 6.38%, 02/15/2032(b)		131,000		132,949
Idaho Power Co., 5.20%, 08/15/2034		32,000		32,867
				165,816
Research & Consulting Services-0.20%
CACI International, Inc., 6.38%, 06/15/2033(b)		6,000		6,196
Clarivate Science Holdings Corp., 4.88%, 07/01/2029(b)		102,000		96,449
Verisk Analytics, Inc.,
4.50%, 08/15/2030		61,000		61,281
5.13%, 02/15/2036		208,000		206,744
				370,670
Restaurants-0.57%
1011778 BC ULC/New Red Finance, Inc. (Canada), 5.63%, 09/15/2029(b)		13,000		13,171
Arcos Dorados B.V. (Brazil), 6.38%, 01/29/2032(b)		245,000		256,329
McDonald’s Corp.,
4.40%, 02/12/2031		276,000		277,033
4.95%, 03/03/2035		118,000		118,829
5.00%, 02/13/2036		305,000		305,363
Raising Cane’s Restaurants LLC, 9.38%, 05/01/2029(b)		95,000		100,259
				1,070,984
Retail REITs-0.66%
Agree L.P., 5.63%, 06/15/2034		54,000		55,606
Brixmor Operating Partnership L.P., 5.75%, 02/15/2035		37,000		38,336
Kimco Realty OP LLC,
2.25%, 12/01/2031		7,000		6,158
4.85%, 03/01/2035		89,000		87,803
5.30%, 02/01/2036		312,000		315,459
Kite Realty Group L.P.,
4.95%, 12/15/2031		40,000		40,508
5.50%, 03/01/2034		21,000		21,495
Kite Realty Group Trust, 4.75%, 09/15/2030		33,000		33,159
NNN REIT, Inc.,
5.60%, 10/15/2033		41,000		42,708
5.50%, 06/15/2034		48,000		49,474
Realty Income Corp.,
4.85%, 03/15/2030		7,000		7,185
5.63%, 10/13/2032		56,000		58,953
5.13%, 04/15/2035		45,000		45,355
5.38%, 09/01/2054		31,000		29,395
Regency Centers L.P.,
5.00%, 07/15/2032		77,000		78,615
5.25%, 01/15/2034		55,000		56,345
5.10%, 01/15/2035		40,000		40,160

	Principal
	Amount		Value
Retail REITs-(continued)
Simon Property Group L.P., 4.75%, 09/26/2034	$	244,000	$	239,988
				1,246,702
Security & Alarm Services-0.10%
Brink’s Co. (The),
6.50%, 06/15/2029(b)		85,000		87,474
6.75%, 06/15/2032(b)		90,000		93,305
				180,779
Self-Storage REITs-0.97%
Americold Realty Operating Partnership L.P.,
5.60%, 05/15/2032		99,000		100,435
5.41%, 09/12/2034		62,000		60,947
Extra Space Storage L.P.,
5.70%, 04/01/2028		14,000		14,468
2.55%, 06/01/2031		7,000		6,289
4.95%, 01/15/2033		102,000		102,372
5.40%, 02/01/2034		118,000		120,448
Goodman US Finance Six LLC (Australia), 5.13%, 10/07/2034(b)		30,000		30,014
Prologis L.P.,
4.75%, 01/15/2031		181,000		184,779
4.63%, 01/15/2033		150,000		149,674
4.75%, 06/15/2033		153,000		153,448
5.13%, 01/15/2034		68,000		69,520
5.00%, 03/15/2034		239,000		241,579
5.00%, 01/31/2035		145,000		145,850
5.25%, 05/15/2035		173,000		176,484
5.25%, 03/15/2054		170,000		159,130
Public Storage Operating Co., 5.35%, 08/01/2053		114,000		108,716
				1,824,153
Semiconductors-1.21%
Broadcom, Inc.,
4.30%, 11/15/2032		100,000		97,497
5.20%, 07/15/2035		186,000		187,767
Foundry JV Holdco LLC,
5.50%, 01/25/2031(b)		200,000		207,825
5.88%, 01/25/2034(b)		451,000		463,453
6.25%, 01/25/2035(b)		333,000		352,778
6.20%, 01/25/2037(b)		200,000		210,558
6.30%, 01/25/2039(b)		200,000		211,700
Kioxia Holdings Corp. (Japan),
6.25%, 07/24/2030(b)		64,000		64,107
6.63%, 07/24/2033(b)		63,000		62,695
Micron Technology, Inc.,
5.30%, 01/15/2031		45,000		46,451
2.70%, 04/15/2032		10,000		8,805
5.65%, 11/01/2032		78,000		81,589
6.05%, 11/01/2035		256,000		269,090
Skyworks Solutions, Inc., 3.00%, 06/01/2031		7,000		6,314
				2,270,629
Single-Family Residential REITs-0.13%
American Homes 4 Rent L.P., 5.50%, 07/15/2034		122,000		124,964

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

20 Invesco Bond Fund

	Principal
	Amount		Value
Single-Family Residential REITs-(continued)
Invitation Homes Operating Partnership L.P.,
2.30%, 11/15/2028	$	7,000	$	6,610
4.88%, 02/01/2035		109,000		106,547
				238,121
Soft Drinks & Non-alcoholic Beverages-0.38%
Coca-Cola Co. (The), 5.40%, 05/13/2064		14,000		13,495
Coca-Cola FEMSA S.A.B. de C.V. (Mexico), 5.10%, 05/06/2035		299,000		299,900
Keurig Dr Pepper, Inc.,
4.35%, 05/15/2028		43,000		42,965
4.60%, 05/15/2030		156,000		156,095
5.15%, 05/15/2035		77,000		76,081
PepsiCo, Inc., 4.30%, 07/23/2030		129,000		129,851
				718,387
Sovereign Debt-2.02%
Bahamas Government International Bond (Bahamas), 8.25%, 06/24/2036(b)		228,000		236,112
Barbados Government International Bond (Barbados), 8.00%, 06/26/2035(b)		102,000		102,787
Costa Rica Government International Bond (Costa Rica), 7.30%, 11/13/2054(b)		255,000		269,694
Dominican Republic International Bond (Dominican Republic),
6.95%, 03/15/2037(b)		325,000		339,316
7.15%, 02/24/2055(b)		240,000		249,240
Guatemala Government Bond (Guatemala),
6.05%, 08/06/2031(b)		200,000		207,100
6.25%, 08/15/2036(b)		200,000		205,624
6.88%, 08/15/2055(b)		200,000		201,450
Peruvian Government International Bond (Peru), 5.38%, 02/08/2035		84,000		85,166
Republic of Poland Government International Bond (Poland), 5.38%, 02/12/2035		305,000		312,671
Romanian Government International Bond (Romania),
6.63%, 02/17/2028(b)		190,000		197,864
5.88%, 01/30/2029(b)		124,000		126,884
5.75%, 09/16/2030(b)		322,000		325,257
7.13%, 01/17/2033(b)		150,000		159,835
5.75%, 03/24/2035(b)		178,000		169,303
6.63%, 05/16/2036(b)		340,000		340,405
Trinidad & Tobago Government International Bond (Trinidad), 6.40%, 06/26/2034(b)		255,000		255,633
				3,784,341
Specialized Consumer Services-0.54%
Carriage Services, Inc., 4.25%, 05/15/2029(b)		149,000		140,703
Rentokil Terminix Funding LLC,
5.00%, 04/28/2030(b)		457,000		465,646
5.63%, 04/28/2035(b)		400,000		406,502
				1,012,851

	Principal
	Amount		Value
Specialized Finance-0.08%
CD&R Smokey Buyer, Inc./Radio Systems Corp., 9.50%, 10/15/2029(b)	$	11,000	$	8,393
Jefferson Capital Holdings LLC,
9.50%, 02/15/2029(b)		13,000		13,821
8.25%, 05/15/2030(b)		30,000		31,438
TrueNoord Capital DAC (Ireland), 8.75%, 03/01/2030(b)		89,000		94,634
				148,286
Specialty Chemicals-0.68%
Celanese US Holdings LLC, 7.20%, 11/15/2033		89,000		92,663
OCP S.A. (Morocco),
6.10%, 04/30/2030(b)		202,000		208,379
6.70%, 03/01/2036(b)		202,000		209,103
Sherwin-Williams Co. (The),
4.30%, 08/15/2028		281,000		282,304
4.50%, 08/15/2030		118,000		118,709
5.15%, 08/15/2035		62,000		62,488
Sociedad Quimica y Minera de Chile S.A. (Chile), 6.50%, 11/07/2033(b)		265,000		283,178
Wayfair LLC, 7.25%, 10/31/2029(b)		11,000		11,243
				1,268,067
Steel-0.35%
ArcelorMittal S.A. (Luxembourg), 6.55%, 11/29/2027		86,000		89,766
Cleveland-Cliffs, Inc.,
6.88%, 11/01/2029(b)		51,000		51,834
7.00%, 03/15/2032(b)		67,000		66,691
7.38%, 05/01/2033(b)		2,000		1,994
POSCO Holdings, Inc. (South Korea),
5.13%, 05/07/2030(b)		212,000		217,607
5.75%, 05/07/2035(b)		217,000		226,797
				654,689
Systems Software-0.76%
Oracle Corp.,
6.25%, 11/09/2032		219,000		236,748
4.90%, 02/06/2033		110,000		110,077
4.70%, 09/27/2034		188,000		181,810
6.90%, 11/09/2052		159,000		172,314
5.38%, 09/27/2054		241,000		214,845
6.00%, 08/03/2055		133,000		130,030
5.50%, 09/27/2064		180,000		159,809
6.13%, 08/03/2065		218,000		211,856
				1,417,489
Technology Hardware, Storage & Peripherals-0.26%
Apple, Inc., 4.10%, 08/08/2062		151,000		118,399
Hewlett Packard Enterprise Co.,
5.00%, 10/15/2034		142,000		139,657
5.60%, 10/15/2054		225,000		207,959
Xerox Holdings Corp.,
5.50%, 08/15/2028(b)		12,000		7,817
8.88%, 11/30/2029(b)		14,000		8,579
				482,411
Telecom Tower REITs-0.05%
SBA Communications Corp., 3.13%, 02/01/2029		99,000		93,113

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

21 Invesco Bond Fund

	Principal
	Amount		Value
Tobacco-0.31%
B.A.T. Capital Corp. (United Kingdom),
6.00%, 02/20/2034	$	72,000	$	76,457
7.08%, 08/02/2043		18,000		19,985
Philip Morris International, Inc.,
4.88%, 02/13/2029		5,000		5,108
4.63%, 11/01/2029		26,000		26,422
4.38%, 04/30/2030		79,000		79,473
5.13%, 02/13/2031		26,000		26,878
4.75%, 11/01/2031		32,000		32,478
5.75%, 11/17/2032		39,000		41,314
5.63%, 09/07/2033		16,000		16,802
4.90%, 11/01/2034		139,000		138,459
4.88%, 04/30/2035		121,000		119,940
				583,316
Trading Companies & Distributors-0.49%
Air Lease Corp., Series B, 4.65%(c)(f)		168,000		166,577
Aircastle Ltd., 5.25%(b)(c)(f)		189,000		188,263
Ferguson Enterprises, Inc., 5.00%, 10/03/2034		84,000		83,214
GATX Corp.,
5.50%, 06/15/2035		3,000		3,056
6.05%, 06/05/2054		5,000		5,005
Mitsubishi Corp. (Japan),
5.00%, 07/02/2029(b)		200,000		205,932
5.13%, 07/17/2034(b)		252,000		258,677
				910,724
Transaction & Payment Processing Services-0.45%
Block, Inc.,
5.63%, 08/15/2030(b)		43,000		43,982
6.00%, 08/15/2033(b)		51,000		52,391
Fiserv, Inc.,
5.38%, 08/21/2028		78,000		80,495
4.55%, 02/15/2031		58,000		58,012
5.63%, 08/21/2033		127,000		131,846
5.45%, 03/15/2034		181,000		185,544
5.25%, 08/11/2035		124,000		123,559
Mastercard, Inc., 4.85%, 03/09/2033		156,000		159,565
				835,394
Water Utilities-0.05%
American Water Capital Corp., 5.70%, 09/01/2055		92,000		90,661
Wireless Telecommunication Services-0.76%
Rogers Communications, Inc. (Canada),
7.00%, 04/15/2055(c)		105,000		107,969
7.13%, 04/15/2055(c)		73,000		75,816
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 5.15%, 03/20/2028(b)		606,100		610,637
T-Mobile USA, Inc.,
4.50%, 04/15/2050		105,000		85,900
5.65%, 01/15/2053		138,000		132,263
6.00%, 06/15/2054		4,000		4,029
5.88%, 11/15/2055		128,000		126,397

	Principal
	Amount		Value
Wireless Telecommunication Services-(continued)
Vodafone Group PLC (United Kingdom),
5.75%, 02/10/2063	$	35,000	$	33,023
4.13%, 06/04/2081(c)		199,000		184,532
5.13%, 06/04/2081(c)		92,000		71,474
				1,432,040
Total U.S. Dollar Denominated Bonds & Notes (Cost $157,273,997)				159,137,995
U.S. Treasury Securities-3.85%
U.S. Treasury Bills-0.66%
3.88% - 4.11%, 05/14/2026(k)(l)		1,276,000		1,242,509
U.S. Treasury Bonds-0.67%
4.88%, 08/15/2045		165,800		166,007
4.75%, 05/15/2055		1,123,400		1,093,209
				1,259,216
U.S. Treasury Notes-2.52%
3.88%, 07/31/2027		518,900		521,089
3.63%, 08/15/2028		730,400		731,399
3.88%, 07/31/2030		418,500		421,933
4.00%, 07/31/2032		4,800		4,822
4.25%, 08/15/2035		3,037,400		3,043,807
				4,723,050
Total U.S. Treasury Securities (Cost $7,211,184)				7,224,775
	Shares
Preferred Stocks-3.20%
Aerospace & Defense-0.08%
Boeing Co. (The), 6.00%, Conv. Pfd.		2,000		148,840
Diversified Banks-1.29%
Wells Fargo & Co., 7.50%, Class A, Series L, Conv. Pfd.		1,992		2,420,280
Diversified Financial Services-0.25%
Apollo Global Management, Inc., 7.63%, Pfd.(c)		17,750		469,488
Investment Banking & Brokerage-1.39%
Morgan Stanley, 7.13%, Series E, Pfd.		62,725		1,601,369
Morgan Stanley, 6.88%, Series F, Pfd.		40,000		1,014,400
				2,615,769
Regional Banks-0.19%
M&T Bank Corp., 7.50%, Series J, Pfd.		12,854		348,343
Total Preferred Stocks (Cost $5,982,089)				6,002,720
	Principal
	Amount
Asset-Backed Securities-2.85%
Centersquare Issuer LLC, Series 2025-3A, Class A2, 5.00%, 08/25/2055(b)	$	270,000		260,906
CLI Funding IX LLC, Series 2025-1A, Class A, 5.35%, 06/20/2050(b)		111,070		113,043
Domino’s Pizza Master Issuer LLC, Series 2025-1A, Class A2I, 4.93%, 07/25/2055(b)		290,000		292,226
Series 2025-1A, Class A2II, 5.22%, 07/25/2055(b)		240,000		242,337
Hilton Grand Vacations Trust, Series 2025-1A, Class A, 4.88%, 05/27/2042(b)		91,435		92,854

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

22 Invesco Bond Fund

	Principal
	Amount		Value
Jersey Mike’s Funding, Series 2025-1A, Class A2, 5.61%, 08/16/2055(b)	$	200,000	$	204,303
Jimmy John’s Funding LLC, Series 2017-1A, Class A2II, 4.85%, 07/30/2047(b)		362,442		360,735
PMT Loan Trust, Series 2025-INV1, Class A7, 6.00%, 01/25/2060(b)(m)		134,760		136,961
Qdoba Funding LLC, Series 2023-1A, Class A2, 8.50%, 09/14/2053(b)		462,840		484,468
Sonic Capital LLC,
Series 2020-1A, Class A2I, 3.85%, 01/20/2050(b)		302,100		297,060
Series 2021-1A, Class A2I, 2.19%, 08/20/2051(b)		201,775		186,736
Series 2021-1A, Class A2II, 2.64%, 08/20/2051(b)		201,775		174,877
Subway Funding LLC,
Series 2024-1A, Class A23, 6.51%, 07/30/2054(b)		231,252		238,574
Series 2024-1A, Class A2I, 6.03%, 07/30/2054(b)		254,080		258,347
Series 2024-1A, Class A2I, 6.27%, 07/30/2054(b)		252,095		258,486
Series 2024-3A, Class A23, 5.91%, 07/30/2054(b)		248,125		247,408
Series 2024-3A, Class A2I, 5.25%, 07/30/2054(b)		233,237		233,599
Series 2024-3A, Class A2I, 5.57%, 07/30/2054(b)		238,200		239,190
Wendy’s Funding LLC, Series 2018-1A, Class A2II, 3.88%, 03/15/2048(b)		619,607		608,293
Zaxby’s Funding LLC, Series 2024-1A, Class A2I, 6.59%, 04/30/2054(b)		148,500		152,490
Zayo Issuer LLC, Series 2025-2A, Class A2, 5.95%, 06/20/2055(b)		258,000		266,731
Total Asset-Backed Securities (Cost $5,341,204)				5,349,624
Variable Rate Senior Loan Interests–0.76%(n)(o)
Aerospace & Defense–0.05%
TransDigm, Inc., Term Loan M, 6.85% (1 mo. Term SOFR + 2.50%), 08/30/2032		88,667		88,793
Automobile Manufacturers–0.01%
Panther BF Aggregator 2 L.P. (Power Solutions, Clarios POWSOL) (United Kingdom), Term Loan B, 7.07% (1 mo. SOFR + 2.75%), 01/15/2032		25,000		25,051
Health Care Facilities–0.03%
Select Medical Corp., Term Loan B, 6.32% (1 mo. SOFR + 0.20%), 11/30/2031		52,656		52,853
Passenger Airlines–0.11%
AAdvantage Loyalty IP Ltd. (American Airlines, Inc.), Term Loan B, 7.58% (3 mo. Term SOFR + 3.25%), 05/07/2032		212,567		213,962

	Principal
	Amount				Value
Restaurants–0.19%
Raising Cane’s Restaurants LLC, Term Loan B, 6.32% (1 mo. SOFR + 2.00%), 09/10/2031			$	351,345	$	351,895
Wireless Telecommunication Services–0.37%
X Corp., Term Loan B, 9.50%, 10/27/2029				700,000		689,248
Total Variable Rate Senior Loan Interests (Cost $1,430,499)						1,421,802
Non-U.S. Dollar Denominated Bonds & Notes–0.45%(p)
Cable & Satellite–0.06%
Sunrise FinCo I B.V. (Netherlands), 4.63%, 05/15/2032(b)		EUR		100,000		118,271
Drug Retail–0.07%
Boots Group Finco L.P. (United Kingdom), 7.38%, 08/31/2032(b)		GBP		100,000		138,204
Health Care Supplies–0.06%
Bausch + Lomb Netherlands B.V. and Bausch & Lomb, Inc., 5.87% (3 mo. EURIBOR + 3.88%), 01/15/2031(b)(d)		EUR		100,000		118,316
Hotels, Resorts & Cruise Lines–0.06%
Carnival PLC, 4.13%, 07/15/2031(b)		EUR		100,000		118,173
Metal, Glass & Plastic Containers–0.07%
Ball Corp., 4.25%, 07/01/2032		EUR		100,000		119,466
Specialized Consumer Services–0.06%
Allwyn Entertainment Financing (UK) PLC (Czech Republic), 4.13%, 02/15/2031(b)		EUR		100,000		115,807
Transaction & Payment Processing Services–0.07%
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 5.50%, 05/15/2033(b)		EUR		100,000		121,393
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $826,813)						849,630
			Shares
Money Market Funds–3.16%
Invesco Government & Agency Portfolio, Institutional Class, 4.21%(q)(r)				2,073,057		2,073,057
Invesco Treasury Portfolio, Institutional Class, 4.17%(q)(r)				3,849,962		3,849,962
Total Money Market Funds (Cost $5,923,019)						5,923,019
Options Purchased–0.05% (Cost $98,245)(s)						85,232
TOTAL INVESTMENTS IN SECURITIES–99.18% (Cost $184,087,050)						185,994,797
OTHER ASSETS LESS LIABILITIES–0.82%						1,534,337
NET ASSETS–100.00%					$	187,529,134

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

23 Invesco Bond Fund

Investment Abbreviations:

Conv.	– Convertible
EUR	– Euro
EURIBOR	– Euro Interbank Offered Rate
GBP	– British Pound Sterling
Pfd.	– Preferred
PIK	– Pay-in-Kind
REIT	– Real Estate Investment Trust
SOFR	– Secured Overnight Financing Rate

Notes to Schedule of Investments:

(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

(b)  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 August 31, 2025 was $71,234,845, which represented 37.99% of the Fund’s Net Assets.

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

(d)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2025.

(e)  All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.

(f)  Perpetual bond with no specified maturity date.

(g)  Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at August 31, 2025 was $30,960, which represented less than 1% of the Fund’s Net Assets.

(h)  Security valued using significant unobservable inputs (Level 3). See Note 3.

(i) Zero coupon bond issued at a discount.

(j)  Restricted security. The value of this security at August 31, 2025 represented less than 1% of the Fund’s Net Assets.

(k)  All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1K.

(l) Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

(m)  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 August 31, 2025.

(n)  Variable rate senior loan interests often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with any accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, it is anticipated that the variable rate senior loan interests will have an expected average life of three to five years.

(o)  Variable rate senior loan interests are, at present, not readily marketable, not registered under the Securities Act of 1933, as amended (the “1933 Act”) and may be subject to contractual and legal restrictions on sale. Variable rate senior loan interests in the Fund’s portfolio generally have variable rates which adjust to a base, such as the Secured Overnight Financing Rate (“SOFR”), on set dates, typically every 30 days, but not greater than one year, and/or have interest rates that float at margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank.

(p)  Foreign denominated security. Principal amount is denominated in the currency indicated.

(q)  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 six months ended August 31, 2025.

	Value February 28, 2025		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain		Value August 31, 2025		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$-		$18,963,926		$(16,890,869)		$-		$-		$2,073,057		$20,677
Invesco Liquid Assets Portfolio, Institutional Class		-		-		-		-		-		-		881
Invesco Treasury Portfolio, Institutional Class		-		35,218,718		(31,368,756)		-		-		3,849,962		38,083
Total		$-		$54,182,644		$(48,259,625)		$-		$-		$5,923,019		$59,641

(r)  The rate shown is the 7-day SEC standardized yield as of August 31, 2025.

(s)  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

S&P 500® Mini Index

Call

11/28/2025

56

USD 655.00

USD 3,668,000

$85,232

(a)  Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

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

24 Invesco Bond Fund

Open Futures Contracts
Long Futures Contracts	Number of  Contracts		Expiration  Month		Notional  Value			Value			Unrealized  Appreciation  (Depreciation)
Interest Rate Risk
U.S. Treasury 2 Year Notes		82		December-2025	$	17,100,203		$	30,928		$	30,928
U.S. Treasury 5 Year Notes		94		December-2025		10,290,062			49,226			49,226
U.S. Treasury Long Bonds		74		December-2025		8,454,500			(15,031	)		(15,031	)
U.S. Treasury Ultra Bonds		21		December-2025		2,447,813			1,641			1,641
Subtotal-Long Futures Contracts									66,764			66,764
Short Futures Contracts
Interest Rate Risk
U.S. Treasury 10 Year Notes		31		December-2025		(3,487,500	)		(10,216	)		(10,216	)
U.S. Treasury 10 Year Ultra Notes		83		December-2025		(9,495,719	)		(24,641	)		(24,641	)
Subtotal-Short Futures Contracts									(34,857	)		(34,857	)
Total Futures Contracts								$	31,907		$	31,907

Open Forward Foreign Currency Contracts
Settlement Date		Contract to		Unrealized Appreciation  (Depreciation)
	Counterparty	Deliver	Receive
Currency Risk
10/31/2025	Citibank, N.A.	EUR 504,000	USD 593,760	$ 1,946
Currency Risk
10/31/2025	Morgan Stanley and Co. International PLC	GBP 100,000	USD 133,727	(1,491)
10/31/2025	State Street Bank & Trust Co.	EUR  90,000	USD 104,994	(687)
Subtotal-Depreciation				(2,178)
Total Forward Foreign Currency Contracts				$  (232)

Abbreviations:

EUR –Euro

GBP –British Pound Sterling

USD –U.S. Dollar

Portfolio Composition

By security type, based on Net Assets

as of August 31, 2025

U.S. Dollar Denominated Bonds & Notes	84.86%
U.S. Treasury Securities	3.85
Preferred Stocks	3.20
Asset-Backed Securities	2.85
Security Types Each Less Than 1% of Portfolio	1.26
Money Market Funds Plus Other Assets Less Liabilities	3.98

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

25 Invesco Bond Fund

Statement of Assets and Liabilities

August 31, 2025

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $178,164,031)	$	180,071,778
Investments in affiliated money market funds, at value (Cost $5,923,019)		5,923,019
Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		1,946
Foreign currencies, at value (Cost $7,804)		7,819
Receivable for:
Investments sold		527,430
Dividends		68,115
Interest		2,259,766
Investment for trustee deferred compensation and retirement plans		30,566
Total assets		188,890,439
Liabilities:
Other investments:
Variation margin payable – futures contracts		35,397
Unrealized depreciation on forward foreign currency contracts outstanding		2,178
Payable for:
Investments purchased		1,064,612
Dividends		57,009
Amount due custodian		99,990
Accrued fees to affiliates		20,381
Accrued trustees’ and officers’ fees and benefits		1,318
Accrued other operating expenses		49,854
Trustee deferred compensation and retirement plans		30,566
Total liabilities		1,361,305
Net assets applicable to common shares	$	187,529,134

Net assets applicable to common shares consist of:
Shares of beneficial interest	$	219,759,218
Distributable earnings (loss)		(32,230,084	)
	$	187,529,134
Common shares outstanding, no par value, with an unlimited number of common shares authorized:
Shares outstanding		11,425,089
Net asset value per common share	$	16.41
Market value per common share	$	15.47

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

26 Invesco Bond Fund

Statement of Operations

For the six months ended August 31, 2025

(Unaudited)

Investment income:
Interest	$	5,071,262
Dividends		197,410
Dividends from affiliated money market funds		59,641
Total investment income		5,328,313
Expenses:
Advisory fees		392,212
Administrative services fees		13,223
Custodian fees		20,377
Transfer agent fees		23,690
Trustees’ and officers’ fees and benefits		11,201
Registration and filing fees		11,976
Reports to shareholders		18,135
Professional services fees		31,525
Other		3,565
Total expenses		525,904
Less: Fees waived		(1,717	)
Net expenses		524,187
Net investment income		4,804,126
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(495,588	)
Foreign currencies		7,750
Forward foreign currency contracts		(23,899	)
Futures contracts		(267,181	)
Option contracts written		2,658
		(776,260	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		644,792
Foreign currencies		1,476
Forward foreign currency contracts		(771	)
Futures contracts		(285,716	)
		359,781
Net realized and unrealized gain (loss)		(416,479	)
Net increase in net assets resulting from operations	$	4,387,647

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

27 Invesco Bond Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2025 and the year ended February 28, 2025

(Unaudited)

	August 31,			February 28,
	2025			2025
Operations:
Net investment income	$	4,804,126		$	9,680,920
Net realized gain (loss)		(776,260	)		(216,559	)
Change in net unrealized appreciation		359,781			3,784,399
Net increase in net assets resulting from operations		4,387,647			13,248,760
Distributions to common shareholders from distributable earnings		(4,798,537	)		(9,822,584	)
Net increase in common shares of beneficial interest		–			111,416
Net increase (decrease) in net assets		(410,890	)		3,537,592
Net assets:
Beginning of period		187,940,024			184,402,432
End of period	$	187,529,134		$	187,940,024

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

28 Invesco Bond Fund

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Six Months Ended				Year Ended			Year Ended			Years Ended
	August 31,				February 28,			February 29,			February 28,
	2025				2025			2024			2023			2022			2021
Net asset value, beginning of period		$	16.45		$	16.15		$	16.23		$	18.91		$	20.81		$	21.06
Net investment income(a)			0.42			0.85			0.81			0.71			0.65			0.71
Net gains (losses) on securities (both realized and unrealized)			(0.04)			0.31			(0.08	)		(2.64	)		(1.35	)		0.52
Total from investment operations			0.38			1.16			0.73			(1.93	)		(0.70	)		1.23
Less:
Dividends from net investment income			(0.42)			(0.86	)		(0.81	)		(0.75	)		(0.66	)		(0.73)
Distributions from net realized gains			–			–			–			(0.00	)		(0.54	)		(0.75)
Total distributions			(0.42)			(0.86	)		(0.81	)		(0.75	)		(1.20	)		(1.48)
Net asset value, end of period		$	16.41		$	16.45		$	16.15		$	16.23		$	18.91		$	20.81
Market value, end of period		$	15.47		$	15.59		$	15.76		$	16.23		$	17.70		$	19.78
Total return at net asset value(b)			2.50	%		7.47	%		4.98	%		(10.07	)%		(3.46	)%		6.11	%
Total return at market value(c)			1.96	%		4.38	%		2.44	%		(3.92	)%		(4.94	)%		8.88	%
Net assets, end of period (000’s omitted)		$	187,529		$	187,940		$	184,402		$	185,220		$	215,871		$	237,591
Portfolio turnover rate(d)			96	%		145	%		175	%		134	%		137	%		173	%
Ratios/supplemental data based on average net assets:
Ratio of expenses:
With fee waivers and/or expense reimbursements			0.56	%(e)		0.62	%		0.57	%		0.63	%		0.52	%		0.54	%
Without fee waivers and/or expense reimbursements			0.56	%(e)		0.62	%		0.57	%		0.63	%		0.52	%		0.54	%
Ratio of net investment income to average net assets			5.14	%(e)		5.19	%		5.08	%		4.25	%		3.17	%		3.39	%

(a)  Calculated using average shares outstanding.

(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Not annualized for periods less than one year, if applicable.

(c)  Total return assumes an investment at the common share market price at the beginning of the period indicated, reinvestment of all distributions for the period in accordance with the Fund’s dividend reinvestment plan, and sale of all shares at the closing common share market price at the end of the period indicated. Not annualized for periods less than one year, if applicable.

(d)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

(e)  Annualized.

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

29 Invesco Bond Fund

Notes to Financial Statements

August 31, 2025

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Bond Fund (the “Fund”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a closed-end management investment company.

The Fund’s investment objective is to seek interest income while conserving capital.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standard

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are

30 Invesco Bond Fund

computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements.Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions – The Fund declares and pays monthly dividends from net investment income to common shareholders. Distributions from net realized capital gain, if any, are generally declared and paid annually and are distributed on a pro rata basis to common shareholders.

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

G. Indemnifications – Under the Fund’s organizational documents, each Trustee, officer, employee or other agent of the Fund is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

H. Segment Reporting – The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund’s chief operating decision maker (“CODM”), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund’s long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund’s financial statements.

I. Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund’s ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund’s assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

31 Invesco Bond Fund

J. Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical exchange of the two currencies on the settlement date, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards).

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

K. Futures Contracts – The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between Counterparties to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying instrument or asset. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

L. Call Options Purchased and Written – The Fund may write covered call options and/or buy call options. A covered call option gives the purchaser of such option the right to buy, and the writer the obligation to sell, the underlying security or foreign currency at the stated exercise price during the option period. Options written by the Fund normally will have expiration dates between three and nine months from the date written. The exercise price of a call option may be below, equal to, or above the current market value of the underlying security at the time the option is written.

Additionally, the Fund may enter into an option on a swap agreement, also called a “swaption”. A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based premium. A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the Counterparties.

When the Fund writes a covered call option, an amount equal to the premium received by the Fund is recorded as an asset and an equivalent liability in the Statement of Assets and Liabilities. The amount of the liability is subsequently “marked-to-market” to reflect the current market value of the option written. If a written covered call option expires on the stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or a loss if the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a written covered call option is exercised, the Fund realizes a gain or a loss from the sale of the underlying security and the proceeds of the sale are increased by the premium originally received. Realized and unrealized gains and losses on call options written are included in the Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Option contracts written. A risk in writing a covered call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised.

When the Fund buys a call option, an amount equal to the premium paid by the Fund is recorded as an investment on the Statement of Assets and Liabilities. The amount of the investment is subsequently “marked-to-market” to reflect the current value of the option purchased. Realized and unrealized gains and losses on call options purchased are included in the Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

M. Collateral – To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

N. Leverage Risk – Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

O. Other Risks - Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

Fluctuations in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed income investments, particularly those with longer maturities. Such changes and resulting increased volatility may adversely impact the Fund, including its operations, universe of potential investment options, and return potential. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by shareholders, which could potentially increase the Fund’s portfolio turnover rate and transaction costs.

There is a possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may occur quickly and without advanced warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security.

Investments in high yield debt securities (“junk bonds”) and other lower-rated securities will subject the Fund to substantial risk of loss. These securities are considered to be speculative with respect to the issuer’s ability to pay interest and principal when due, are more susceptible to default or decline in market value and are less liquid than investment grade debt securities. Prices of high yield debt securities tend to be very volatile. The values of high yield debt securities often fluctuate more in response to company, political, regulatory or economic developments than higher quality bonds, and their values can decline significantly over short periods of time or during periods of economic difficulty when the bonds could be difficult to value or sell at a fair price, thus subjecting the Fund to a substantial risk of loss.

32 Invesco Bond Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Fund has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $ 500 million		0.420%
Over $500 million		0.350%

For the six months ended August 31, 2025, the effective advisory fee rate incurred by the Fund was 0.42%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least August 31, 2026, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the six months ended August 31, 2025, the Adviser waived advisory fees of $1,717.

The Fund has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended August 31, 2025, expenses incurred under this agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

Certain officers and trustees of the Fund are officers and directors of Invesco.

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’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 August 31, 2025. 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
U.S. Dollar Denominated Bonds & Notes	$	–		$	158,168,818		$	969,177	$	159,137,995
U.S. Treasury Securities		–			7,224,775			–		7,224,775
Preferred Stocks		6,002,720			–			–		6,002,720
Asset-Backed Securities		–			5,349,624			–		5,349,624
Variable Rate Senior Loan Interests		–			1,421,802			–		1,421,802
Non-U.S. Dollar Denominated Bonds & Notes		–			849,630			–		849,630
Money Market Funds		5,923,019			–			–		5,923,019
Options Purchased		85,232			–			–		85,232
Total Investments in Securities		12,010,971			173,014,649			969,177		185,994,797
Other Investments - Assets*
Futures Contracts		81,795			–			–		81,795
Forward Foreign Currency Contracts		–			1,946			–		1,946
		81,795			1,946			–		83,741
Other Investments - Liabilities*
Futures Contracts		(49,888	)		–			–		(49,888	)
Forward Foreign Currency Contracts		–			(2,178	)		–		(2,178	)
		(49,888	)		(2,178	)		–		(52,066	)
Total Other Investments		31,907			(232	)		–		31,675
Total Investments	$	12,042,878		$	173,014,417		$	969,177	$	186,026,472

* Forward foreign currency contracts and futures contracts are valued at unrealized appreciation (depreciation).

33 Invesco Bond Fund

NOTE 4—Derivative Investments

The Fund may enter into an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of August 31, 2025:

	Value
	Currency		Equity			Interest
Derivative Assets	Risk		Risk			Rate Risk			Total
Unrealized appreciation on futures contracts –Exchange-Traded(a)	$	–	$	–		$	81,795		$	81,795
Unrealized appreciation on forward foreign currency contracts outstanding		1,946		–			–			1,946
Options purchased, at value – Exchange-Traded(b)		–		85,232			–			85,232
Total Derivative Assets		1,946		85,232			81,795			168,973
Derivatives not subject to master netting agreements		–		(85,232	)		(81,795	)		(167,027	)
Total Derivative Assets subject to master netting agreements	$	1,946	$	–		$	–		$	1,946
						Value
			Currency			Interest
Derivative Liabilities			Risk			Rate Risk			Total
Unrealized depreciation on futures contracts –Exchange-Traded(a)			$	–		$	(49,888	)	$	(49,888	)
Unrealized depreciation on forward foreign currency contracts outstanding				(2,178	)		–			(2,178	)
Total Derivative Liabilities				(2,178	)		(49,888	)		(52,066	)
Derivatives not subject to master netting agreements				–			49,888			49,888
Total Derivative Liabilities subject to master netting agreements			$	(2,178	)	$	–		$	(2,178	)

(a)  The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.

(b)  Options purchased, at value as reported in the Schedule of Investments.

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of August 31, 2025.

	Financial Derivative Assets		Financial Derivative Liabilities						Collateral (Received)/Pledged
Counterparty	Forward Foreign Currency Contracts		Forward Foreign Currency Contracts			Net Value of Derivatives			Non-Cash		Cash		Net Amount
Citibank, N.A.		$1,946		$   –			$1,946			$–		$–		$  1,946
Morgan Stanley and Co. International PLC		–		(1,491	)		(1,491	)		–		–		(1,491	)
State Street Bank & Trust Co.		–		(687	)		(687	)		–		–		(687	)
Total		$1,946		$(2,178	)		$ (232	)		$–		$–		$  (232)

Effect of Derivative Investments for the six months ended August 31, 2025

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

	Location of Gain (Loss) on Statement of Operations
	Currency			Equity		Interest
	Risk			Risk		Rate Risk			Total
Realized Gain (Loss):
Forward foreign currency contracts	$	(23,899	)	$	-	$	-		$	(23,899	)
Futures contracts		-			-		(267,181	)		(267,181	)
Options purchased(a)		-			31,959		-			31,959
Options written		-			2,658		-			2,658

34 Invesco Bond Fund

	Location of Gain (Loss) on Statement of Operations
	Currency Risk			Equity Risk		Interest Rate Risk			Total
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts	$	(771	)	$	-	$	-		$	(771	)
Futures contracts		-			-		(285,716	)		(285,716	)
Options purchased(a)		-			57,462		-			57,462
Total	$	(24,670	)	$	92,079	$	(552,897	)	$	(485,488	)

(a)  Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation (depreciation) on investment securities.

The table below summarizes the average notional value of derivatives held during the period.

	Forward Foreign Currency Contracts			Futures Contracts			Index Options Purchased			Index Options Written
Average notional value		$	477,550		$	63,725,017		$	2,555,000		$	588,000
Average contracts			–			–			32			1

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and “Trustees’ and Officers’ Fees and Benefits” includes amounts accrued by the Fund to fund such deferred compensation amounts.

NOTE 6–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

NOTE 7–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund had a capital loss carryforward as of February 28, 2025, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	6,625,256	$	26,281,554	$	32,906,810

* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended August 31, 2025 was $93,693,065 and $96,454,986, respectively. As of August 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	3,694,307
Aggregate unrealized (depreciation) of investments		(2,227,584	)
Net unrealized appreciation of investments	$	1,466,723

Cost of investments for tax purposes is $184,559,749.

35 Invesco Bond Fund

NOTE 9–Common Shares of Beneficial Interest

Transactions in common shares of beneficial interest were as follows:

	Six Months Ended August 31,		Year Ended February 28,
	2025		2025
Beginning shares		11,425,089		11,418,446
Shares issued through dividend reinvestment		–		6,643
Ending shares		11,425,089		11,425,089

The Fund may, when appropriate, purchase shares in the open market or in privately negotiated transactions at a price not above market value or net asset value, whichever is lower at the time of purchase.

NOTE 10–Dividends

The Fund declared the following dividends from net investment income subsequent to August 31, 2025:

Declaration Date	Amount per Share	Record Date		Payable Date
September 2, 2025	$0.0700		September 16, 2025		September 30, 2025
October 1, 2025	$0.0700		October 16, 2025		October 31, 2025

36 Invesco Bond Fund

Approval of Investment Advisory and Sub-Advisory Contracts

 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of Invesco Bond Fund (the Fund) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Fund’s Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH*, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board’s annual review process for the Invesco Funds’ investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

 As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data,, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual review process to

ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

 The discussion below includes summary information drawn in part from the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board considered the additional services provided to the Fund due to the fact that the Fund is a closed-end fund, including, but not limited to, leverage management and monitoring, evaluating, and, where appropriate, making recommendations with respect to the Fund’s trading discount, share repurchase program, and distribution rates, as well as shareholder relations activities including with respect to investors focused on short-term profits. The Board received a description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of

its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers’ systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

 The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

 The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Bloomberg Baa U.S. Corporate Bond Index (Index). The Board noted that there were only five funds (including the Fund) in the performance universe, therefore, Broadridge did not provide quintile rankings. The Board noted that the Fund’s performance was above the performance of the Index for the one year period, below the performance of the Index for the three year period and reasonably comparable to the performance of the Index for the five year period. The Board recognized that the performance data reflects a snapshot in time as of a

37 Invesco Bond Fund

particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions. The Board also reviewed supplementally historic premium and discount levels of the Fund as provided to the Board at meetings throughout the year.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board received information regarding Invesco Advisers’ approach with respect to contractual management fee schedules and compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management and actual management fee rates for shares of the Fund were reasonably comparable to and below, respectively, the median contractual management and actual management fee rates of funds in its expense group. The Board noted that there were only four funds (including the Fund) in the expense group, therefore, Broadridge did not provide quintile rankings. The Board noted that the term “contractual management fee” and “actual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent audited annual reports for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components. The independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management regarding the Fund’s limited peer group.

 The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

 The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board

acknowledged the limitations in calculating and measuring the economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund may benefit from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, as well as Invesco Advisers’ management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers’ support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund. The Board considered the organizational structure employed to provide these services.

The Board considered that the Fund’s uninvested cash may be invested in registered money market funds advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the

Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash.

 *Effective as of August 29, 2025, Invesco Asset Management Deutschland GmbH merged into Invesco Management S.A.

38 Invesco Bond Fund

Proxy Results

A Joint Annual Meeting (“Meeting”) of Shareholders of Invesco Bond Fund (the “Fund”) was held on August 12, 2025. The Meeting was held for the following purpose:

(1). Election of Trustees by Common Shareholders.

The results of the voting on the above matter were as follows:

					Votes
	Matter	Votes For			Against/Withheld
(1).	Cynthia Hostetler		9,399,643.75			149,237.04
	Eli Jones		9,360,492.76			188,388.03
	Prema Mathai-Davis		9,347,623.44			201,257.35
	Daniel S. Vandivort		9,357,344.81			191,535.98
	James “Jim” Liddy		9,352,893.82			195,986.97

39 Invesco Bond Fund

Correspondence information

Send general correspondence to Computershare Trust Company, N.A., P.O. Box 43078, Providence, RI 02940-3078

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/us. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website at sec.gov. The SEC file number for the Fund is shown below.

 A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 341 2929 or at invesco.com/ corporate/about-us/esg. The information is also available on the SEC website,sec.gov.

 Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

SEC file number(s): 811-02090 VK-CE-BOND-SAR-1

(b) Not applicable.

Item 2. Code of Ethics.

Not applicable for a semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable for a semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable for a semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable for a semi-annual report.

Item 6. Investments.

(a) Investments in securities of unaffiliated issuers is filed under Item 1 of this Form N-CSR.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Not applicable.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others for Open-End Management Investment Companies.

Not applicable.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Not applicable.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

None.

Item 16. Controls and Procedures.

(a) As of a date within 90 days of the filing date of this report, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Act. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that the Registrant’s disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(b) There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activity for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

19(a)(1) Not applicable.

19(a)(2) Not applicable.

19(a)(3) Certifications of the Registrant’s PEO and PFO pursuant to Rule 30a-2(a) under the Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.CERT.

19(a)(4) Not applicable.

19(a)(5) Not applicable.

19(b) Certifications of Registrant’s PEO and PFO pursuant to Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Invesco Bond Fund

By:   /s/ Glenn Brightman   

Name:	Glenn Brightman
Title:	Principal Executive Officer

Date: November 7, 2025 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:   /s/ Glenn Brightman   

Name:	Glenn Brightman
Title:	Principal Executive Officer
Date: November 7, 2025

By:   /s/ Adrien Deberghes

Name:	Adrien Deberghes
Title:	Principal Financial Officer

Date: November 7, 2025