N-Q 1 d752141dnq.htm AIM COUNSELOR SERIES TRUST (INVESCO COUNSELOR SERIES TRUST) AIM COUNSELOR SERIES TRUST (INVESCO COUNSELOR SERIES TRUST)
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-Q

 

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-09913

 

 

AIM Counselor Series Trust (Invesco Counselor Series Trust)

(Exact name of registrant as specified in charter)

 

 

11 Greenway Plaza, Suite 1000 Houston, Texas 77046

(Address of principal executive offices) (Zip code)

 

 

Philip A. Taylor 11 Greenway Plaza, Suite 1000 Houston, Texas 77046

(Name and address of agent for service)

 

 

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

Date of fiscal year end: 8/31

Date of reporting period: 05/31/14

 

 

 


Item 1. Schedule of Investments.


 

 

Invesco American Franchise Fund

Quarterly Schedule of Portfolio Holdings

May 31, 2014

 

 

 

 

 

 

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invesco.com/us    VK-AMFR-QTR-1         5/14    Invesco Advisers, Inc.
 


Schedule of Investments(a)

May 31, 2014

(Unaudited)

 

      Shares          Value  

Common Stocks & Other Equity Interests–99.45%

  

Aerospace & Defense–3.62%

  

B/E Aerospace, Inc. (b)

     965,305       $ 93,393,259   

Honeywell International Inc.

     1,529,013         142,427,561   

Precision Castparts Corp.

     467,670         118,311,156   
                354,131,976   

Agricultural Products–1.00%

  

Archer-Daniels-Midland Co.

     2,179,078         97,927,765   

Apparel Retail–0.43%

  

Gap, Inc. (The)

     1,014,641         41,833,648   

Apparel, Accessories & Luxury Goods–1.23%

  

Michael Kors Holdings Ltd. (b)

     1,276,651         120,490,321   

Application Software–2.21%

  

Salesforce.com, Inc. (b)

     3,169,415         166,806,311   

Splunk, Inc. (b)

     1,181,925         49,475,381   
                216,281,692   

Asset Management & Custody Banks–0.83%

  

Ameriprise Financial, Inc.

     722,633         81,375,702   

Biotechnology–10.28%

  

Alkermes PLC (b)

     2,758,501         126,366,931   

Amgen Inc.

     418,871         48,584,847   

Biogen Idec Inc. (b)

     554,376         177,051,063   

Celgene Corp. (b)

     1,196,486         183,098,253   

Gilead Sciences, Inc. (b)

     5,785,726         469,858,808   
                1,004,959,902   

Brewers–1.00%

  

Anheuser-Busch InBev N.V. -ADR (Belgium)

     886,982         97,497,061   

Cable & Satellite–7.75%

  

Comcast Corp. -Class A

     1,422,001         74,228,452   

DISH Network Corp. -Class A (b)

     7,793,625         457,174,043   

Time Warner Cable Inc.

     1,598,031         225,578,056   
                756,980,551   

Casinos & Gaming–0.66%

  

Las Vegas Sands Corp.

     844,197         64,597,954   

Communications Equipment–1.93%

  

F5 Networks, Inc. (b)

     635,797         69,015,764   

QUALCOMM, Inc.

     1,485,662         119,521,508   
                188,537,272   

Construction & Engineering–2.70%

  

Fluor Corp.

     1,920,599         144,198,573   

Jacobs Engineering Group, Inc. (b)

     2,167,078         119,340,985   
                263,539,558   
      Shares          Value  

Construction Materials–0.94%

  

Martin Marietta Materials, Inc.

     743,795       $ 91,338,026   

Consumer Electronics–1.00%

  

Harman International Industries, Inc.

     929,081         97,581,377   

Data Processing & Outsourced Services–3.22%

  

Alliance Data Systems Corp. (b)

     291,784         74,711,293   

MasterCard, Inc. -Class A

     3,135,468         239,706,529   
                314,417,822   

Drug Retail–1.03%

  

CVS Caremark Corp.

     1,283,997         100,562,645   

Fertilizers & Agricultural Chemicals–1.33%

  

Monsanto Co.

     1,064,112         129,662,047   

General Merchandise Stores–0.74%

  

Dollar General Corp. (b)

     1,349,616         72,582,349   

Health Care Facilities–0.98%

  

HCA Holdings, Inc. (b)

     1,814,149         96,131,756   

Home Entertainment Software–0.49%

  

Electronic Arts Inc. (b)

     1,364,550         47,936,642   

Home Improvement Retail–2.52%

  

Lowe’s Cos., Inc.

     5,237,408         246,577,169   

Hotels, Resorts & Cruise Lines–1.36%

  

Carnival Corp.

     3,320,398         132,915,532   

Household Appliances–1.04%

  

Whirlpool Corp.

     705,732         101,307,829   

Industrial Conglomerates–0.94%

  

Roper Industries, Inc.

     649,156         91,972,422   

Industrial Machinery–1.72%

  

Flowserve Corp.

     1,225,535         90,370,951   

Ingersoll-Rand PLC

     1,302,259         77,901,133   
                168,272,084   

Insurance Brokers–1.25%

  

Aon PLC

     1,358,607         122,193,114   

Internet Retail–5.51%

  

Amazon.com, Inc. (b)

     593,979         185,648,137   

Priceline Group Inc. (The) (b)

     233,922         299,099,687   

TripAdvisor Inc. (b)

     547,708         53,220,786   
                537,968,610   

Internet Software & Services–12.99%

  

Baidu, Inc. -ADR (China)(b)

     287,011         47,643,826   

Facebook Inc. -Class A (b)

     8,306,175         525,780,877   
 

 

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

 

Invesco American Franchise Fund


      Shares          Value  

Internet Software & Services–(continued)

  

Google Inc. -Class A (b)

     498,534       $ 84,986,961   

Google Inc. -Class C (b)

     491,873         275,930,916   

Yelp Inc. (b)

     2,042,711         135,125,333   
                1,269,467,913   

Investment Banking & Brokerage–0.85%

  

Morgan Stanley

     2,700,752         83,345,207   

IT Consulting & Other Services–0.40%

  

Cognizant Technology Solutions Corp. -Class A (b)

     804,492         39,106,356   

Life Sciences Tools & Services–1.01%

  

Thermo Fisher Scientific, Inc.

     844,517         98,732,483   

Movies & Entertainment–1.54%

  

Twenty-First Century Fox, Inc. -Class A

     2,073,524         73,423,485   

Walt Disney Co. (The)

     911,603         76,583,768   
                150,007,253   

Oil & Gas Equipment & Services–3.03%

  

Baker Hughes Inc.

     1,095,533         77,256,987   

Schlumberger Ltd.

     2,106,446         219,154,642   
                296,411,629   

Oil & Gas Exploration & Production–2.21%

  

Anadarko Petroleum Corp.

     1,418,569         145,914,008   

Pioneer Natural Resources Co.

     334,857         70,373,547   
                216,287,555   

Pharmaceuticals–4.00%

  

AbbVie Inc.

     628,155         34,127,661   

Actavis PLC (b)

     724,257         153,209,326   

Allergan, Inc.

     426,073         71,350,185   

Bristol-Myers Squibb Co.

     1,431,295         71,192,613   

Johnson & Johnson

     599,825         60,858,244   
                390,738,029   

Railroads–0.60%

  

Canadian Pacific Railway Ltd. (Canada)

     349,620         58,568,342   

Semiconductor Equipment–0.52%

  

Applied Materials, Inc.

     2,502,465         50,524,768   

Semiconductors–1.29%

  

NXP Semiconductors N.V. (Netherlands)(b)

     2,032,947         126,246,009   

Specialized REIT’s–1.24%

  

American Tower Corp.

     1,353,312         121,297,355   

Systems Software–2.75%

  

ServiceNow, Inc. (b)

     1,538,641         80,486,311   

VMware, Inc. -Class A (b)

     1,947,527         187,936,355   
                268,422,666   
      Shares          Value  

Technology Hardware, Storage & Peripherals–4.95%

  

Apple Inc.

     764,643       $ 484,019,019   

Wireless Telecommunication Services–4.36%

  

Sprint Corp. (b)

     44,631,464         426,230,481   

Total Common Stocks & Other Equity Interests
(Cost $6,858,750,861)

              9,718,977,891   

Money Market Funds–0.53%

  

Liquid Assets Portfolio –Institutional Class (c)

     25,751,657         25,751,657   

Premier Portfolio –Institutional Class (c)

     25,751,658         25,751,658   

Total Money Market Funds
(Cost $51,503,315)

              51,503,315   

TOTAL INVESTMENTS–99.98%
(Cost $6,910,254,176)

              9,770,481,206   

OTHER ASSETS LESS LIABILITIES–0.02%

  

     1,715,684   

NET ASSETS–100.00%

            $ 9,772,196,890   

Investment Abbreviations:

 

ADR   —American Depositary Receipt   
REIT           —Real Estate Investment Trust   

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)  Non-income producing security.

 

(c)  The money market fund and the Fund are affiliated by having the same investment adviser.
 

 

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

 

Invesco American Franchise Fund


Notes to Quarterly Schedule of Portfolio Holdings

May 31, 2014

(Unaudited)

NOTE 1 -- Significant Accounting Policies

 

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

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid 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 by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes 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. 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.

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 NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the Adviser determines are significant and make the closing price unreliable, the Fund 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 using procedures approved by the Board of Trustees. 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 approved 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 standards.

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 last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. 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

 

Invesco American Franchise Fund


A. Security Valuations (continued)

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 of the Fund’s 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 economic conditions, interest rates, investor perceptions 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.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. 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 Statement of Changes in Net Assets, or the net investment income per share and 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.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

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 and the country that has the primary market for the issuer’s securities, 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. Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds and is shown as such on the Schedule of Investments. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, is included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan is shown as a footnote on the Statement of Assets and Liabilities, if any.
E. 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 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

 

Invesco American Franchise Fund


E. Foreign Currency Translations (continued)

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.

F. Forward Foreign Currency Contracts – The Fund may enter into 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. A forward foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts 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.

NOTE 2 -- Additional Valuation Information

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

Level 1 –   Prices are determined using quoted prices in an active market for identical assets.
Level 2 –   Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 –   Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own 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.

As of May 31, 2014, all of the securities in this Fund were valued based on Level 1 inputs (see the Schedule of Investments for security categories). 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.

 

Invesco American Franchise Fund


NOTE 3 -- Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the nine months ended May 31, 2014 was $5,243,275,567 and $4,707,353,329, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

 

Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis

 

 

Aggregate unrealized appreciation of investment securities

 

   $

 

2,928,551,718

 

  

 

Aggregate unrealized (depreciation) of investment securities

 

    

 

(83,473,974)

 

  

 

Net unrealized appreciation of investment securities

 

   $

 

2,845,077,744

 

  

 

Cost of investments for tax purposes is $6,925,403,462.

  

 

Invesco American Franchise Fund


 

 

 

Invesco California Tax-Free Income Fund

Quarterly Schedule of Portfolio Holdings

May 31, 2014

 

 

 

 

 

LOGO

 

invesco.com/us    MS-CTFI-QTR-1        5/14    Invesco Advisers, Inc.
 


Schedule of Investments

May 31, 2014

(Unaudited)

 

      Interest
Rate
  Maturity
Date
   Principal
Amount
(000)
     Value  

Municipal Obligations–106.53%

          

California–102.15%

          

ABAG Finance Authority For Nonprofit Corps. (Sharp HealthCare); Series 2014 A, RB

   5.00%   08/01/43    $ 500       $ 547,280   

Adelanto (City of) Public Utility Authority (Utility System); Series 2009 A, Ref. RB

   6.75%   07/01/39      1,000         1,126,610   

Alhambra (City of) (Atherton Baptist Homes); Series 2010 A, RB

   7.63%   01/01/40      1,575         1,668,460   

Alhambra Unified School District (Election of 1999); Series 1999 A,
Unlimited Tax CAB GO Bonds (INS-AGM) (a)(b)

   0.00%   09/01/20      1,925         1,657,521   

Anaheim (City of) Public Financing Authority (Anaheim Public Improvements); Series 1997 C,
Sub. Lease RB (INS-AGM) (a)

   6.00%   09/01/16      4,000         4,354,280   

Anaheim (City of) Public Financing Authority (Electric System Distribution Facilities);
Series 2011 A, RB

   5.38%   10/01/36      2,500         2,931,150   

Arcadia Unified School District (Election of 2006); Series 2007 A, Unlimited Tax GO Bonds
(INS-AGM) (a)

   5.00%   08/01/37      1,500         1,640,415   

Bakersfield (City of); Series 2007 A, Wastewater RB (INS-AGM) (a)

   5.00%   09/15/32      2,215         2,451,318   

Bay Area Governments Association (California Capital); Series 2001 A, Lease RB
(INS-AMBAC) (a)

   5.25%   07/01/17      1,430         1,507,878   

Bay Area Governments Association (West Sacramento); Series 2004 A, Lease RB (c)(d)

   5.00%   09/01/14      2,735         2,768,558   

Bay Area Toll Authority (San Francisco Bay Area);

          

Series 2008 F-1, Toll Bridge RB (e)

   5.00%   04/01/39      1,250         1,381,875   

Series 2008 F-1, Toll Bridge RB

   5.00%   04/01/39      2,500         2,763,750   

Series 2009 F-1, Toll Bridge RB (e)

   5.13%   04/01/39      1,500         1,689,480   

Series 2009 F-1, Toll Bridge RB (e)

   5.25%   04/01/26      4,685         5,545,213   

Series 2009 F-1, Toll Bridge RB (e)

   5.25%   04/01/29      5,205         6,090,371   

Bay Area Water Supply & Conservation Agency; Series 2013 A, RB

   5.00%   10/01/34      1,500         1,703,235   

Beverly Hills Unified School District (Election of 2008);

          

Series 2009, Unlimited Tax CAB GO Bonds (b)

   0.00%   08/01/26      1,465         984,758   

Series 2009, Unlimited Tax CAB GO Bonds (b)

   0.00%   08/01/32      3,045         1,459,164   

Bonita Unified School District (Election of 2004); Series 2004 A, Unlimited Tax GO Bonds (c)(d)

   5.00%   08/01/14      1,000         1,008,250   

Brea Olinda Unified School District; Series 2002 A, Ref. COP (INS-AGM) (a)

   5.50%   08/01/18      1,850         1,858,010   

California (State of) Educational Facilities Authority (California College of the Arts); Series 2005, RB

   5.00%   06/01/35      2,000         2,010,280   

California (State of) Educational Facilities Authority (Claremont McKenna College);
Series 2007, RB (e)

   5.00%   01/01/38      2,100         2,324,238   

California (State of) Educational Facilities Authority (Pitzer College);

          

Series 2005 A, RB

   5.00%   04/01/35      2,000         2,027,980   

Series 2009, RB

   6.00%   04/01/40      2,000         2,342,300   

California (State of) Educational Facilities Authority (University of Southern California);
Series 2009 B, RB (e)

   5.25%   10/01/39      1,800         2,053,224   

California (State of) Health Facilities Financing Authority (Adventist Health System West);
Series 2009 A, RB

   5.75%   09/01/39      500         576,350   

California (State of) Health Facilities Financing Authority (Catholic Healthcare West);
Series 2009 A, RB

   6.00%   07/01/39      500         559,615   

Series 2011 A, RB

   5.25%   03/01/41      2,500         2,687,775   

California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center);
Series 2009, RB

   5.00%   08/15/39      1,050         1,129,517   

California (State of) Health Facilities Financing Authority (Children’s Hospital Los Angeles);
Series 2010, RB (INS-AGM) (a)

   5.25%   07/01/38      2,950         3,130,982   

California (State of) Health Facilities Financing Authority (Kaiser Permanente); Series 2006 A, RB

   5.25%   04/01/39      2,000         2,063,060   

California (State of) Health Facilities Financing Authority (Providence Health & Services);

          

Series 2008, RB

   6.50%   10/01/38      980         1,161,026   

Series 2008, RB (c)(d)

   6.50%   10/01/18      20         24,723   

California (State of) Health Facilities Financing Authority (Scripps Health); Series 2010 A, RB

   5.00%   11/15/36      4,000         4,369,440   

California (State of) Health Facilities Financing Authority (St. Joseph Health System);
Series 2013 A, RB

   5.00%   07/01/37      1,000         1,111,330   

California (State of) Health Facilities Financing Authority (Stanford Hospital);
Series 2008 A-2, Ref. RB

   5.25%   11/15/40      2,000         2,245,420   

California (State of) Health Facilities Financing Authority (Sutter Health); Series 2011 B, RB

   5.50%   08/15/26      1,000         1,164,770   

 

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

 

Invesco California Tax-Free Income Fund


      Interest
Rate
  Maturity
Date
   Principal
Amount
(000)
     Value  

California–(continued)

          

California (State of) Municipal Finance Authority (American Heritage Education Foundation);
Series 2006 A, Education RB

   5.25%   06/01/26    $ 1,000       $   1,001,130   

California (State of) Municipal Finance Authority (Caritas Affordable Housing, Inc.);

          

Series 2012 A, Mobile Home Park RB

   5.50%   08/15/47      1,500         1,582,380   

Series 2014 A, Sr. Mobile Home Park RB

   5.25%   08/15/39      1,200         1,250,250   

California (State of) Municipal Finance Authority (Community Hospitals of Central California Obligated Group);

          

Series 2007, COP

   5.00%   02/01/20      2,385         2,535,875   

Series 2007, COP

   5.25%   02/01/37      500         510,940   

California (State of) Municipal Finance Authority (Eisenhower Medical Center);

          

Series 2010 A, RB

   5.50%   07/01/30      1,000         1,065,270   

Series 2010 A, RB

   5.75%   07/01/40      1,500         1,600,845   

California (State of) Municipal Finance Authority (Emerson College); Series 2011, RB

   5.75%   01/01/33      1,315         1,503,532   

California (State of) Municipal Finance Authority (University of La Verne); Series 2010 A, RB

   6.13%   06/01/30      1,000         1,131,480   

California (State of) Pollution Control Finance Authority; Series 2012, Water Furnishing RB (f)(g)

   5.00%   07/01/37      3,000         3,090,360   

California (State of) Pollution Control Financing Authority (Waste Management Inc.);
Series 2002 A, Ref. Solid Waste Disposal RB (f)

   5.00%   01/01/22      2,000         2,136,520   

California (State of) Public Works Board (Various Capital); Series 2011 A, Lease RB

   5.13%   10/01/31      2,000         2,253,360   

California (State of) Public Works Board (Various Correctional Facilities); Series 2014 A, Lease RB

   5.00%   09/01/39      1,000         1,105,980   

California (State of) Public Works Board (Various State Universities); Series 2013 H, Lease RB

   5.00%   09/01/38      1,000         1,098,140   

California (State of) School Finance Authority (Alliance for College-Ready Public Schools);
Series 2013 A, School Facility RB

   6.30%   07/01/43      840         897,162   

California (State of) Statewide Communities Development Authority (Adventist Health System/West);
Series 2005 A, Health Facility RB

   5.00%   03/01/30      5,000         5,051,250   

California (State of) Statewide Communities Development Authority (Alliance for College-Ready Public Schools); Series 2012, School Facility RB

   6.10%   07/01/32      820         861,746   

California (State of) Statewide Communities Development Authority (American Baptist Homes of the West); Series 2010, RB

   6.25%   10/01/39      2,000         2,161,300   

California (State of) Statewide Communities Development Authority (California Baptist University);

          

Series 2007 A, RB

   5.40%   11/01/27      1,785         1,830,874   

Series 2014 A, RB

   5.13%   11/01/23      715         755,440   

California (State of) Statewide Communities Development Authority (Cottage Health System Obligated Group); Series 2010, RB

   5.25%   11/01/30      1,675         1,832,098   

California (State of) Statewide Communities Development Authority (Henry Mayo Newhall Memorial Hospital); Series 2014 A, RB (INS-AGM) (a)

   5.25%   10/01/43      600         653,400   

California (State of) Statewide Communities Development Authority (Methodist Hospital); Series 2009, RB (CEP-FHA)

   6.75%   02/01/38      445         536,666   

California (State of) Statewide Communities Development Authority (Southern California Presbyterian Homes);

          

Series 2009, Senior Living RB

   6.25%   11/15/19      2,000         2,215,040   

Series 2009, Senior Living RB

   7.25%   11/15/41      500         578,435   

California (State of) Statewide Communities Development Authority (Terraces at San Joaquin Garden);
Series 2012, RB

   5.63%   10/01/32      1,000         1,037,100   

California (State of) Statewide Communities Development Authority (University of California - Irvine East Campus Apartments); Series 2012, Ref. Student Housing RB

   5.38%   05/15/38      2,000         2,146,100   

California (State of);

          

Series 2009, Various Purpose Unlimited Tax GO Bonds

   5.75%   04/01/31      5,000         5,927,250   

Series 2009, Various Purpose Unlimited Tax GO Bonds

   6.00%   11/01/35      1,750         2,118,305   

Series 2009, Various Purpose Unlimited Tax GO Bonds

   6.00%   04/01/38      1,250         1,477,137   

Series 2010, Unlimited Tax GO Bonds

   5.25%   11/01/40      3,000         3,364,410   

Series 2011, Various Purpose Unlimited Tax GO Bonds

   5.00%   09/01/32      2,450         2,747,626   

Series 2011, Various Purpose Unlimited Tax GO Bonds

   5.00%   10/01/41      2,500         2,721,250   

Series 2012, Ref. Unlimited Tax GO Bonds

   5.25%   02/01/30      1,000         1,153,460   

California Infrastructure & Economic Development Bank (Broad Museum); Series 2011 A, RB

   5.00%   06/01/21      2,000         2,451,800   

California Infrastructure & Economic Development Bank (Pacific Gas & Electric Co.);

          

Series 2009 A, Ref. VRD RB (LOC-Union Bank N.A.) (h)(i)

   0.06%   11/01/26      2,255         2,255,000   

Series 2009 D, Ref. VRD RB (LOC-Sumitomo Mitsui Banking) (h)(i)

   0.03%   12/01/16      175         175,000   

California State University; Series 2009 A, Systemwide RB (INS-AGC) (a)

   5.25%   11/01/38      1,000         1,146,440   

 

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

 

Invesco California Tax-Free Income Fund


      Interest
Rate
  Maturity
Date
   Principal
Amount
(000)
     Value  

California–(continued)

          

Chino Basin Regional Financing Authority (Inland Empire Utilities Agency);
Series 2008 A, RB (INS-AMBAC) (a)

   5.00%   11/01/33    $ 725       $ 805,968   

Clovis Unified School District (Election of 2004);
Series 2004 A, Unlimited Tax CAB GO Bonds (INS-NATL) (a)(b)

   0.00%   08/01/29      735         388,933   

Desert Community College District (Election of 2004);
Series 2007 C, Unlimited Tax GO Bonds (INS-AGM) (a)

   5.00%   08/01/37      2,500         2,772,825   

East Bay Municipal Utility District; Series 2010 A, Ref. Sub. Water System RB

   5.00%   06/01/36      2,000         2,281,100   

Eden (Township of) Healthcare District; Series 2010, COP

   6.13%   06/01/34      1,000         1,073,780   

El Dorado (County of) Irrigation District; Series 2009 A, COP (c)(d)

   5.75%   08/01/14      1,000         1,007,630   

El Monte Union High School District (Election of 2008);
Series 2009 A, Unlimited Tax GO Bonds (INS-AGC) (a)

   5.50%   06/01/34      1,000         1,122,300   

El Segundo Unified School District (Election of 2008); Series 2009 A, Unlimited Tax CAB GO Bonds (b)

   0.00%   08/01/33      4,430         1,808,016   

Fairfield (City of) Community Facilities District No. 3 (North Cordelia General Improvements);
Series 2008, Special Tax RB

   6.00%   09/01/32      1,800         1,957,356   

Fontana (City of) Public Financing Authority (North Fontana Redevelopment);
Series 2003 A, Tax Allocation RB (INS-AMBAC) (a)

   5.38%   09/01/25      1,500         1,502,940   

Fontana (City of) Redevelopment Agency (Downtown Redevelopment);
Series 2000, Ref. Tax Allocation RB (INS-NATL) (a)

   5.00%   09/01/21      1,480         1,482,161   

Fullerton (City of) Community Facilities District No. 1 (Amerige Heights);

          

Series 2012, Ref. Special Tax RB

   5.00%   09/01/26      1,960         2,180,676   

Series 2012, Ref. Special Tax RB

   5.00%   09/01/32      1,090         1,171,859   

Gilroy Unified School District (Election of 2008);

          

Series 2009 A, Unlimited Tax CAB GO Bonds (b)(d)

   0.00%   08/01/29      615         388,557   

Series 2009 A, Unlimited Tax CAB GO Bonds (b)(d)

   0.00%   08/01/31      2,235         1,278,465   

Series 2009 A, Unlimited Tax CAB GO Bonds (INS-AGC) (a)(b)

   0.00%   08/01/29      4,735         2,505,573   

Series 2009 A, Unlimited Tax CAB GO Bonds (INS-AGC) (a)(b)

   0.00%   08/01/31      1,415         661,286   

Glendora (City of) Public Finance Authority;
Series 2003 A, Project No. One Tax Allocation RB (INS-NATL) (a)

   5.00%   09/01/24      2,425         2,434,482   

Golden State Tobacco Securitization Corp.;

          

Series 2007 A-1, Sr. Tobacco Settlement Asset-Backed RB

   4.50%   06/01/27      800         730,552   

Series 2007 A-1, Sr. Tobacco Settlement Asset-Backed RB

   5.00%   06/01/33      1,300         1,081,522   

Series 2013 A, Enhanced Tobacco Settlement Asset-Backed RB

   5.00%   06/01/30      2,000         2,248,860   

Hanford Joint Union High School District (Election of 1998);
Series 2004 C, Unlimited Tax GO Bonds (INS-NATL) (a)

   5.70%   08/01/28      2,230         2,241,418   

Inglewood (City of) Redevelopment Agency (Merged Redevelopment);
Series 1998 A, Ref. Tax Allocation RB (INS-AMBAC) (a)

   5.25%   05/01/23      1,000         1,117,940   

Inland Valley Development Agency; Series 2014 A, Ref. Tax Allocation RB

   5.00%   09/01/44      1,500         1,605,660   

Irvine (City of) (Reassessment District No. 12-1); Series 2012, Limited Obligation Improvement Bonds

   4.00%   09/02/22      2,150         2,339,157   

Irvine Unified School District (Community Facilities District No. 06-1- Portola Springs);
Series 2010, Special Tax RB

   6.70%   09/01/35      515         589,680   

Kern (County of) (Capital Improvments); Series 2009 A, COP (INS-AGC) (a)

   5.75%   08/01/35      1,000         1,149,750   

Kern (County of) Water Agency Improvement District No. 4; Series 2008 A, COP (INS-AGC) (a)

   5.00%   05/01/28      1,700         1,915,186   

Lodi (City of); Series 2007 A, Wastewater System Revenue COP (INS-AGM) (a)

   5.00%   10/01/37      1,000         1,074,060   

Long Beach (City of) Bond Finance Authority (Aquarium of the Pacific); Series 2012, Ref. RB

   5.00%   11/01/29      2,000         2,211,680   

Long Beach (City of) Financing Authority; Series 1992, RB (INS-AMBAC) (a)

   6.00%   11/01/17      12,415         13,099,191   

Long Beach (City of); Series 2010 A, Sr. Airport RB

   5.00%   06/01/40      2,500         2,685,350   

Los Angeles (City of) (FHA Insured Mortgage Loans - Section 8 Assisted);
Series 1997 A, Ref. Mortgage RB (INS-NATL) (a)

   6.10%   07/01/25      440         440,893   

Los Angeles (City of) Department of Airports (Los Angeles International Airport);

          

Series 2010 A, Sr. RB

   5.00%   05/15/35      2,500         2,776,825   

Series 2010 B, Sub. RB

   5.00%   05/15/40      1,000         1,092,050   

Series 2013, RB (f)

   5.00%   05/15/43      3,000         3,248,610   

Los Angeles (City of) Department of Water & Power;

          

Series 2011 A, Power System RB (e)

   5.00%   07/01/22      1,800         2,172,312   

Series 2011 A, Water System RB

   5.25%   07/01/39      1,500         1,672,305   

Subseries 2006 A-1, Water System RB (INS-AMBAC) (a)

   5.00%   07/01/36      1,485         1,605,716   

Subseries 2007 A-1, Power System RB (INS-AMBAC) (a)

   5.00%   07/01/37      1,000         1,102,140   

Subseries 2008 A-1, Power System RB

   5.25%   07/01/38      2,000         2,261,360   

 

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

 

Invesco California Tax-Free Income Fund


      Interest
Rate
  Maturity
Date
   Principal
Amount
(000)
     Value  

California–(continued)

          

Los Angeles (County of) Metropolitan Transportation Authority; Series 2005 A, Proposition A First Tier Sr. Sales Tax RB (INS-AMBAC) (a)

   5.00%   07/01/35    $ 1,000       $   1,043,050   

Los Angeles Community College District (Election of 2003); Series 2008 F-1, Unlimited Tax GO Bonds (e)

   5.00%   08/01/33      2,000         2,251,720   

Los Angeles County Schools Regionalized Business Services Corp. (Los Angeles County Schools Pooled Financing Program); Series 1999 A, CAB COP (INS-AMBAC) (a)(b)

   0.00%   08/01/24      1,265         834,040   

Los Angeles Unified School District (Election of 2004);

          

Series 2007 H, Unlimited Tax GO Bonds (INS-AGM) (a)

   5.00%   07/01/32      1,000         1,104,050   

Series 2009 I, Unlimited Tax GO Bonds (INS-AGC) (a)

   5.00%   01/01/34      3,000         3,386,640   

M-S-R Energy Authority;

          

Series 2009 B, Gas RB

   6.13%   11/01/29      1,500         1,852,350   

Series 2009 B, Gas RB

   7.00%   11/01/34      465         632,149   

Madera (County of) (Valley Children’s Hospital); Series 1995, COP (INS-NATL) (a)

   6.50%   03/15/15      1,695         1,754,427   

Menifee Union School District (Election of 2008);
Series 2009 C, Unlimited Tax CAB GO Bonds (INS-AGC) (a)(b)

   0.00%   08/01/35      940         333,521   

Montclair (City of) Redevelopment Agency (Montclair Redevelopment Project No. V);
Series 2001, Ref. Tax Allocation RB (INS-NATL) (a)

   5.00%   10/01/20      1,495         1,498,095   

Montebello Unified School District (Election of 2004);
Series 2009 A-1, Unlimited Tax GO Bonds (INS-AGC) (a)

   5.25%   08/01/34      1,000         1,083,280   

Moorpark Unified School District (Election of 2008);
Series 2009 A, Unlimited Tax CAB GO Bonds (INS-AGC) (a)(b)

   0.00%   08/01/31      840         390,264   

Morongo Band of Mission Indians (The) (Enterprise Casino); Series 2008 B, RB (g)

   6.50%   03/01/28      1,000         1,092,980   

National City (City of) Community Development Commission (National City Redevelopment);
Series 2011, Tax Allocation RB

   7.00%   08/01/32      1,500         1,881,630   

Norco (City of) Financing Authority; Series 2009, Ref. Enterprise RB (INS-AGM) (a)

   5.63%   10/01/34      1,000         1,137,170   

Palomar Pomerado Health; Series 2009, COP

   6.75%   11/01/39      2,000         2,095,660   

Panama-Buena Vista Union School District (School Construction); Series 2006, COP (INS-NATL) (a)

   5.00%   09/01/30      1,045         1,079,192   

Paramount Unified School District (Election of 2006); Series 2007,
Unlimited Tax GO Bonds (INS-AGM) (a)

   5.25%   08/01/30      1,600         1,710,256   

Pittsburg Unified School District (Election of 2006); Series 2009 B, Unlimited Tax GO Bonds (INS-AGM) (a)

   5.50%   08/01/31      1,000         1,142,370   

Pomona (City of) Public Financing Authority (Merged Redevelopment);

          

Series 2001 AD, Tax Allocation RB (INS-NATL) (a)

   5.00%   02/01/15      2,020         2,027,070   

Series 2001 AD, Tax Allocation RB (INS-NATL) (a)

   5.00%   02/01/16      1,110         1,113,818   

Series 2007 AW, Sub. RB

   5.13%   02/01/33      1,075         1,069,808   

Port Hueneme (City of) (Capital Improvement Program); Series 1992, Ref. COP (INS-NATL) (a)

   6.00%   04/01/19      1,025         1,151,762   

Rancho Cordova (City of) Community Facilities District No. 2003-1 (Sunridge Anatolia);
Series 2012, Ref. Special Tax RB

   5.00%   09/01/27      1,000         1,091,910   

Rancho Cucamonga (City of) Redevelopment Agency (Rancho Redevelopment Housing Set Aside)
Series 2007 A, Tax Allocation RB (INS-NATL) (a)

   5.00%   09/01/34      1,000         1,037,110   

Rancho Cucamonga (City of) Redevelopment Agency (Rancho Redevelopment); Series 2001,
Tax Allocation RB (INS-NATL) (a)

   5.38%   09/01/25      3,000         3,003,720   

Redding (City of) Redevelopment Agency (Canby-Hilltop-Cypress Redevelopment);
Series 2003 A, Tax Allocation RB (INS-NATL) (a)

   5.00%   09/01/23      1,400         1,404,914   

Regents of the University of California;

          

Series 2009 E, Medical Center Pooled RB

   5.50%   05/15/27      2,500         2,844,350   

Series 2009 O, General RB (e)

   5.75%   05/15/23      705         861,651   

Series 2009 O, General RB (e)

   5.75%   05/15/25      1,050         1,277,084   

Series 2009 Q, General RB (e)(j)

   5.00%   05/15/34      920         1,020,160   

Riverside (City of);

          

Series 2008 B, Water RB (INS-AGM) (a)

   5.00%   10/01/33      1,000         1,075,860   

Series 2008 D, Electric RB (INS-AGM) (a)

   5.00%   10/01/38      1,800         1,925,766   

Riverside (County of) Transportation Commission; Series 2010 A, Limited Sales Tax RB

   5.00%   06/01/32      1,500         1,658,040   

Sacramento (County of) Sanitation Districts Financing Authority (Sacramento Regional County Sanitation District); Series 2006, RB (INS-NATL) (a)

   5.00%   12/01/29      2,000         2,146,540   

Sacramento (County of);

          

Series 2008 A, Sr. Airport System RB (INS-AGM) (a)

   5.00%   07/01/32      1,000         1,096,310   

Series 2008 A, Sr. Airport System RB (INS-AGM) (a)

   5.00%   07/01/41      1,015         1,088,334   

Series 2010, Sr. Airport System RB

   5.00%   07/01/40      2,200         2,365,066   

 

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

 

Invesco California Tax-Free Income Fund


      Interest
Rate
  Maturity
Date
   Principal
Amount
(000)
     Value  

California–(continued)

          

San Buenaventura (City of) (Community Memorial Health System); Series 2011, RB

   7.50%   12/01/41    $ 2,000       $   2,318,440   

San Diego (City of) Public Facilities Financing Authority (Southcrest & Central Imperial Redevelopment); Series 2007 B, Pooled Financing Tax Allocation RB (INS-Radian) (a)

   5.25%   10/01/27      2,535         2,597,462   

San Diego (City of) Public Facilities Financing Authority; Subseries 2012 A, Ref. Water RB

   5.00%   08/01/32      2,215         2,529,464   

San Diego Community College District (Election of 2002); Series 2009, Unlimited Tax GO Bonds (e)

   5.25%   08/01/33      1,500         1,735,140   

San Diego Community College District (Election of 2006); Series 2011, Unlimited Tax GO Bonds

   5.00%   08/01/31      2,500         2,834,950   

San Francisco (City & County of) Airport Commission (San Francisco International Airport);

          

Series 2009 E, Second Series RB

   6.00%   05/01/39      1,000         1,188,520   

Series 2011 C, Ref. Second Series RB (f)

   5.00%   05/01/23      5,000         5,773,200   

Series 2011 G, Second Series RB

   5.25%   05/01/28      2,000         2,283,940   

San Francisco (City & County of) Public Utilities Commission (Water System Improvement Program); Subseries 2011 A, Water RB

   5.00%   11/01/36      4,000         4,487,520   

San Francisco (City & County of) Redevelopment Financing Authority (Mission Bay North Redevelopment); Series 2011 C, Tax Allocation RB

   6.75%   08/01/41      1,000         1,199,330   

San Francisco (City & County of) Redevelopment Financing Authority (Mission Bay South Redevelopment); Series 2011 D, Tax Allocation RB

   7.00%   08/01/33      500         567,440   

San Francisco (City & County of) Successor Agency to the Redevelopment Agency (Mission Bay South Redevelopment); Series 2014 A, Tax Allocation RB

   5.00%   08/01/43      1,060         1,126,377   

San Francisco (City & County of) Successor Agency to the Redevelopment Agency Community Facilities District No. 6 (Mission Bay South Public Improvements); Series 2013 A, Ref. Special Tax RB

   5.00%   08/01/33      500         542,810   

San Francisco (City of) Bay Area Rapid Transit District; Series 2012 A, RB

   5.00%   07/01/36      1,000         1,122,400   

San Jose Evergreen Community College District (Election of 2004); Series 2008 B, Unlimited Tax CAB GO Bonds (INS-AGM) (a)(b)

   0.00%   09/01/31      3,110         1,495,257   

San Luis Obispo (County of) Financing Authority (Lopez Dam Improvement); Series 2011 A, Ref. RB (INS-AGM) (a)

   5.00%   08/01/30      1,500         1,640,010   

Santa Clara (County of) Financing Authority (Multiple Facilities); Series 2008 L, Ref. Lease RB

   5.25%   05/15/36      3,000         3,357,660   

Santa Margarita Water District (Community Facilities District No. 2013-1);

          

Series 2013, Special Tax RB

   5.63%   09/01/36      1,000         1,102,070   

Series 2013, Special Tax RB

   5.63%   09/01/43      1,000         1,091,420   

Santaluz Community Facilities District No. 2 (Improvement Area No. 1);

          

Series 2011 A, Ref. Special Tax RB (d)

   5.00%   09/01/28      825         900,034   

Series 2011 A, Ref. Special Tax RB (d)

   5.00%   09/01/29      715         775,267   

Series 2011 A, Ref. Special Tax RB (d)

   5.10%   09/01/30      465         504,051   

Sierra View Local Health Care District; Series 2007, RB

   5.25%   07/01/32      1,500         1,552,110   

Simi Valley Unified School District (Election of 2004);

          

Series 2007 C, Unlimited Tax CAB GO Bonds (INS-AGM) (a)(b)

   0.00%   08/01/28      3,480         1,958,057   

Series 2007 C, Unlimited Tax CAB GO Bonds (INS-AGM) (a)(b)

   0.00%   08/01/30      2,765         1,355,016   

South Gate (City of) Public Financing Authority (South Gate Redevelopment Project No. 1);
Series 2002, Tax Allocation RB (INS-SGI) (a)

   5.75%   09/01/22      1,000         1,005,960   

South Orange (County of) Public Financing Authority (Ladera Ranch); Series 2014 A, Ref. Sr. Lien Special Tax RB

   5.00%   08/15/34      445         481,187   

Southern California Metropolitan Water District;

          

Series 2000 B-3, VRD Water RB (h)

   0.03%   07/01/35      200         200,000   

Series 2005 A, RB (INS-AGM) (a)

   5.00%   07/01/35      1,520         1,585,436   

Series 2009 B, Ref. RB (e)

   5.00%   07/01/27      8,585         9,972,508   

Southern California Public Power Authority (Mead-Adelanto); Series 1994 A, RB (INS-AMBAC) (a)(k)

   9.68%   07/01/15      3,500         3,668,000   

Southern California Public Power Authority (Mead-Phoenix); Series 1994 A, RB (INS-AMBAC) (a)(k)

   9.68%   07/01/15      2,500         2,622,150   

Southern California Public Power Authority (Milford Wind Corridor Phase II);

          

Series 2011 1, RB (e)

   5.25%   07/01/31      2,100         2,426,235   

Series 2011-1, RB (e)

   5.25%   07/01/29      2,100         2,464,056   

Temecula (City of) Redevelopment Agency (Temecula Redevelopment Project No. 1); Series 2002, Tax Allocation RB (INS-NATL) (a)

   5.13%   08/01/27      2,150         2,169,221   

Tustin (City of) Public Financing Authority; Series 2011 A, Water RB

   5.00%   04/01/41      1,000         1,090,130   

Val Verde Unified School District; Series 2009 A, Ref. COP (INS-AGC) (a)

   5.13%   03/01/36      1,475         1,550,328   

Walnut (City of) Energy Center Authority; Series 2010 A, Ref. RB

   5.00%   01/01/35      3,000         3,217,800   

 

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

 

Invesco California Tax-Free Income Fund


      Interest
Rate
  Maturity
Date
   Principal
Amount
(000)
     Value  

California–(continued)

          

West Contra Costa Unified School District; Series 2005, Unlimited Tax CAB GO Bonds
(INS-NATL) (a)(b)

   0.00%   08/01/25    $   2,500       $ 1,630,975   

Western Riverside (County of) Water & Wastewater Financing Authority (Eastern Municipal Water District Improvement); Series 2009, RB (INS-AGC) (a)

   5.63%   09/01/39      1,000         1,095,820   

Yosemite Community College District (Election of 2004); Series 2008 C, Unlimited Tax CAB GO Bonds (INS-AGM) (a)(b)

   0.00%   08/01/24      4,685         3,362,471   
                         361,508,420   

Guam–1.27%

          

Guam (Territory of) (Section 30);

          

Series 2009 A, Limited Obligation RB

   5.38%   12/01/24      1,000         1,086,150   

Series 2009 A, Limited Obligation RB

   5.63%   12/01/29      660         723,934   

Guam (Territory of) International Airport Authority; Series 2013 C, General RB (f)

   6.25%   10/01/34      1,000         1,125,640   

Guam (Territory of); Series 2011 A, Business Privilege Tax RB

   5.13%   01/01/42      1,500         1,567,965   
                         4,503,689   

Puerto Rico–2.09%

          

Puerto Rico (Commonwealth of) Public Buildings Authority; Series 2002 D, RB (c)(d)

   5.45%   07/01/17      3,680         4,203,590   

Puerto Rico (Commonwealth of); Series 2014 A, Unlimited Tax GO Bonds

   8.00%   07/01/35      255         228,016   

Puerto Rico Sales Tax Financing Corp.;

          

First Subseries 2010 C, RB

   5.00%   08/01/35      1,500         1,160,205   

Series 2011 C, RB

   5.25%   08/01/40      2,000         1,790,940   
                         7,382,751   

Virgin Islands–1.02%

          

Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note - Diageo);
Series 2009 A, Sub. RB

   6.63%   10/01/29      1,675         1,874,895   

Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note);
Series 2010 A, Sr. Lien RB

   5.00%   10/01/25      1,600         1,751,184   
                         3,626,079   

TOTAL INVESTMENTS(l)–106.53% (Cost $341,231,422)

                       377,020,939   

FLOATING RATE NOTE OBLIGATIONS–(6.95)%

          

Notes with interest and fee rates ranging from 0.55% to 0.58% at 05/31/14 and contractual

maturities of collateral ranging from 07/01/22 to 10/01/39 (See Note 1D)(m)

                       (24,620,000

OTHER ASSETS LESS LIABILITIES–0.42%

                       1,503,958   

NET ASSETS–100.00%

                     $   353,904,897   

Investment Abbreviations:

 

AGC    —Assured Guaranty Corp.    LOC    — Letter of Credit
AGM    —Assured Guaranty Municipal Corp.    NATL    —National Public Finance Guarantee Corp.
AMBAC    —American Municipal Bond Assurance Corp.    Radian    —Radian Asset Assurance, Inc.
CAB    —Capital Appreciation Bonds    RB    —Revenue Bonds
CEP    —Credit Enhancement Provider    Ref.    —Refunding
COP    —Certificates of Participation    SGI    —Syncora Guarantee, Inc.
FHA    —Federal Housing Administration    Sr.    —Senior
GO    —General Obligation    Sub.    —Subordinated
INS    —Insurer    VRD    —Variable Rate Demand

 

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

 

Invesco California Tax-Free Income Fund


Notes to Schedule of Investments:

 

(a)  Principal and/or interest payments are secured by the bond insurance company listed.
(b)  Zero coupon bond issued at a discount.
(c)  Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
(d)  Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.
(e)  Underlying security related to Dealer Trusts entered into by the Fund. See Note 1D.
(f)  Security subject to the alternative minimum tax.
(g)  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 May 31, 2014 was $4,183,340, which represented 1.18% of the Fund’s Net Assets.
(h)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on May 31, 2014.
(i)  Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.
(j)  Security is subject to a shortfall agreement which may require the Fund to pay amounts to a counterparty in the event of a significant decline in the market value of the security underlying the inverse floater. In case of a shortfall, the maximum potential amount of payments the Fund could ultimately be required to make under the agreement is $615,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the inverse floater.
(k)  Current coupon rate for inverse floating rate municipal obligations. This rate resets periodically as the rate on the related security changes. Positions in inverse floating rate municipal obligations have a total value of $6,290,150, which represented 1.78% of the Fund’s Net Assets.
(l)  This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations.

 

Entities    Percentage

Assured Guaranty Municipal Corp.

   11.0%

American Municipal Bond Assurance Corp.

   7.7

National Public Finance Guarantee Corp.

   7.2

 

(m)  Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at May 31, 2014. At May 31, 2014, the Fund’s investments with a value of $43,265,267 are held by Dealer Trusts and serve as collateral for the $24,620,000 in the floating rate note obligations outstanding at that date.

 

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

 

Invesco California Tax-Free Income Fund


Notes to Quarterly Schedule of Portfolio Holdings

May 31, 2014

(Unaudited)

NOTE 1 — Significant Accounting Policies

 

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

Securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes 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. 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.

Securities for which market quotations either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.

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 of the Fund’s 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 economic conditions, interest rates, investor perceptions 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.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes.

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 Statement of Changes in Net Assets, or the net investment income per share and 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.

The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares of each class.

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 and the country that has the primary market for the issuer’s securities, 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.

 

Invesco California Tax-Free Income Fund


D. Floating Rate Note Obligations – The Fund invests in inverse floating rate securities, such as Residual Interest Bonds (“RIBs”) or Tender Option Bonds (“TOBs”) for investment purposes and to enhance the yield of the Fund. Inverse floating rate investments tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable. Such transactions may be purchased in the secondary market without first owning the underlying bond or by the sale of fixed rate bonds by the Fund to special purpose trusts established by a broker dealer (“Dealer Trusts”) in exchange for cash and residual interests in the Dealer Trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The Dealer Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Fund to retain residual interests in the bonds. The floating rate notes issued by the Dealer Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the Dealer Trusts for redemption at par at each reset date. The residual interests held by the Fund (inverse floating rate investments) include the right of the Fund (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the Dealer Trusts to the Fund, thereby collapsing the Dealer Trusts.

Recently published final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”) prohibit banking entities from engaging in proprietary trading of certain instruments and limit such entities’ investments in, and relationships with, “covered funds.” These rules may preclude banking entities from sponsoring and/or providing services for existing TOB trust programs. There can be no assurances that TOB trusts can be restructured substantially similar to their present form, that new sponsors of TOB trusts would begin providing these services, or that alternative forms of leverage will be available to the Fund in order to maintain current levels of leverage. Any alternative forms of leverage may be less advantageous to the Fund, and may adversely affect the Fund’s net asset value, distribution rate and ability to achieve its investment objective. The ultimate impact of these rules on the TOBs market and the municipal market generally is not yet certain.

TOBs are presently classified as private placement securities. Private placement securities are subject to restrictions on resale because they have not been registered under the Securities Act of 1933, as amended (the “1933 Act”), or are otherwise not readily marketable. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities.

The Fund accounts for the transfer of bonds to the Dealer Trusts as secured borrowings, with the securities transferred remaining in the Fund’s investment assets, and the related floating rate notes reflected as Fund liabilities under the caption Floating rate note obligations on the Statement of Assets and Liabilities. The Fund records the interest income from the fixed rate bonds under the caption Interest and records the expenses related to floating rate obligations and any administrative expenses of the Dealer Trusts as a component of Interest, facilities and maintenance fees on the Statement of Operations.

The Fund generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Fund to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and the changes in the value of such securities in response to changes in market rates of interest to a greater extent than the value of an equal principal amount of a fixed rate security having similar credit quality, redemption provisions and maturity which may cause the Fund’s net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate interests created by the special purpose trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such interests for repayment of principal, may not be able to be remarketed to third parties. In such cases, the special purpose trust holding the long-term fixed rate bonds may be collapsed. In the case of RIBs or TOBs created by the contribution of long-term fixed income bonds by the Fund, the Fund will then be required to repay the principal amount of the tendered securities. During times of market volatility, illiquidity or uncertainty, the Fund could be required to sell other portfolio holdings at a disadvantageous time to raise cash to meet that obligation.

E. Other Risks The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located.

Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and a Fund’s investments in municipal securities.

There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.

 

Invesco California Tax-Free Income Fund


NOTE 2 — Additional Valuation Information

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

  Level 1 – Prices are determined using quoted prices in an active market for identical assets.
  Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
  Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own 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.

As of May 31, 2014, all of the securities in this Fund were valued based on Level 2 inputs (see the Schedule of Investments for security categories). 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.

NOTE 3 — Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the nine months ended May 31, 2014 was $25,967,839 and $59,688,877, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis

Aggregate unrealized appreciation of investment securities

   $ 36,825,665   

Aggregate unrealized (depreciation) of investment securities

     (786,659)   

Net unrealized appreciation of investment securities

   $     36,039,006   

Cost of investments for tax purposes is $340,981,933.

  

 

Invesco California Tax-Free Income Fund


 

 

Invesco Core Plus Bond Fund

Quarterly Schedule of Portfolio Holdings

May 31, 2014

 

 

 

 

 

 

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Schedule of Investments(a)

May 31, 2014

(Unaudited)

 

     Principal
Amount
    Value  

U.S. Dollar Denominated Bonds and Notes–52.98%

  

Aerospace & Defense–0.25%

   

Bombardier Inc. (Canada),
Sr. Unsec. Notes,
5.75%, 03/15/22(b)

  $ 115,000      $ 117,156   

6.00%, 10/15/22(b)

    13,000        13,228   

7.75%, 03/15/20(b)

    108,000        122,310   

DigitalGlobe Inc., Sr. Unsec. Gtd.
Bonds, 5.25%, 02/01/21

    61,000        60,314   

GenCorp Inc., Sec. Gtd. Global
Notes, 7.13%, 03/15/21

    204,000        223,380   

L-3 Communications Corp., Sr.
Unsec. Gtd. Global Notes,
3.95%, 05/28/24

    885,000        899,018   

TransDigm Inc.,
Sr. Unsec. Gtd. Sub. Global Notes,
5.50%, 10/15/20

    75,000        75,656   

7.50%, 07/15/21

    50,000        55,375   

Sr. Unsec. Gtd. Sub. Notes,

6.00%, 07/15/22(b)

    24,000        24,180   

6.50%, 07/15/24(b)

    33,000        33,577   
              1,624,194   

Agricultural & Farm Machinery–0.01%

   

Titan International Inc., Sr. Sec.
Gtd. Notes, 6.88%, 10/01/20(b)

    59,000        61,286   

Agricultural Products–0.16%

   

Ingredion Inc., Sr. Unsec. Global
Notes, 1.80%, 09/25/17

    1,030,000        1,031,527   

Air Freight & Logistics–0.35%

   

FedEx Corp., Sr. Unsec. Gtd.
Notes, 5.10%, 01/15/44

    1,730,000        1,878,192   

Transnet SOC Ltd. (South Africa),
Sr. Unsec. Notes,
4.00%, 07/26/22(b)

    400,000        385,713   
              2,263,905   

Airlines–0.48%

   

Air Canada Pass Through Trust (Canada),
Series 2013-1, Class B,
Sec. Pass Through Ctfs.,
5.38%, 05/15/21(b)

    1,344        1,390   

American Airlines Pass Through Trust,
Series 2011-1, Class A,
Sr. Sec. Pass Through Ctfs.,
5.25%, 01/31/21

    938,022        1,023,031   

Series 2011-1, Class B,

Sec. Pass Through Ctfs.,

7.00%, 01/31/18(b)

    74,015        80,862   
     Principal
Amount
    Value  

Airlines–(continued)

   

Continental Airlines Pass Through Trust,
Series 2009-1,
Sr. Sec. Pass Through Ctfs.,
9.00%, 07/08/16

  $   1,092,717      $   1,248,430   

Series 2009-2, Class B,

Sec. Global Pass Through Ctfs.,

9.25%, 05/10/17

    3,048        3,439   

Series 2012-1, Class A,

Sr. Sec. Pass Through Ctfs.,

4.15%, 04/11/24

    475,391        495,892   

Series 2012-3, Class C,

Sec. Pass Through Ctfs.,

6.13%, 04/29/18

    134,000        143,380   

US Airways Pass Through Trust,
Series 1998-1, Class C,
Sec. Pass Through Ctfs.,
6.82%, 01/30/15

    11,345        11,403   

Series 2012-1, Class B,

Sec. Pass Through Ctfs.,

8.00%, 10/01/19

    9,267        10,656   

Series 2012-1, Class C,

Sec. Pass Through Ctfs.,

9.13%, 10/01/15

    6,981        7,426   

Virgin Australia Pass Through Trust (Australia),
Series 2013-1, Class B,
Sec. Gtd. Pass Through Ctfs.,
6.00%, 10/23/20(b)

    64,118        66,843   
              3,092,752   

Alternative Carriers–0.04%

   

Level 3 Financing Inc.,
Sr. Unsec. Gtd. Global Notes,
7.00%, 06/01/20

    74,000        80,475   

Sr. Unsec. Gtd. Notes,

6.13%, 01/15/21(b)

    164,000        174,045   
              254,520   

Apparel Retail–0.06%

   

Hot Topic, Inc., Sr. Sec. Gtd.
Notes, 9.25%, 06/15/21(b)

    141,000        155,100   

L Brands Inc., Sr. Unsec. Gtd.
Notes, 6.63%, 04/01/21

    170,000        191,887   

Neiman Marcus Group LTD LLC.,
Sr. Unsec. Gtd. Notes,
8.00%, 10/15/21(b)

    43,000        47,623   
              394,610   

Apparel, Accessories & Luxury Goods–0.03%

  

Levi Strauss & Co., Sr. Unsec.
Global Notes, 6.88%, 05/01/22

    151,000        168,365   

William Carter Co. (The), Sr.
Unsec. Gtd. Notes, 5.25%, 08/15/21(b)

    16,000        16,740   
              185,105   
 

 

 

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

Invesco Core Plus Bond Fund


     Principal
Amount
    Value  

Application Software–0.02%

   

Nuance Communications Inc., Sr. Unsec. Gtd. Notes, 5.38%, 08/15/20(b)

  $ 113,000      $ 114,695   

Asset Management & Custody Banks–1.93%

  

Affiliated Managers Group, Inc., Sr. Unsec. Global Notes, 4.25%, 02/15/24

    2,865,000        2,974,959   

Apollo Management Holdings L.P., Sr. Unsec. Gtd. Notes, 4.00%, 05/30/24(b)

    965,000        967,508   

Blackstone Holdings Finance Co. LLC, Sr. Unsec. Gtd. Notes, 5.00%, 06/15/44(b)

    2,645,000        2,754,407   

Carlyle Holdings II Finance LLC, Sr. Sec. Gtd. Notes, 5.63%, 03/30/43(b)

    3,495,000        3,898,939   

KKR Group Finance Co III LLC, Sr. Unsec. Gtd. Bonds, 5.13%, 06/01/44(b)

    1,645,000        1,654,030   

Signode Industrial Group Lux S.A./Signode Industrial Group U.S. Inc., Sr. Unsec. Notes, 6.38%, 05/01/22(b)

    86,000        87,290   
              12,337,133   

Auto Parts & Equipment–0.55%

   

Amsted Industries Inc., Sr. Unsec. Gtd. Notes, 5.00%, 03/15/22(b)

    37,000        37,231   

CTP Transportation Products LLC/CTP Finance Inc., Sr. Sec. Notes, 8.25%, 12/15/19(b)

    65,000        70,281   

Dana Holding Corp., Sr. Unsec. Notes,
5.38%, 09/15/21

    88,000        92,070   

Stackpole International Intermediate Co. S.A./Stackpole International Powder Metal (Canada), Sr. Sec. Gtd. Notes,
7.75%, 10/15/21(b)

    148,000        155,215   

TRW Automotive Inc., Sr. Unsec. Gtd. Notes, 4.50%, 03/01/21(b)

    3,000,000        3,156,563   
              3,511,360   

Automobile Manufacturers–0.59%

   

General Motors Co., Sr. Unsec. Notes,
3.50%, 10/02/18(b)

    2,355,000        2,413,875   

Hyundai Capital America (South Korea), Sr. Unsec. Notes, 2.88%, 08/09/18(b)

    1,349,000        1,382,228   
              3,796,103   

Automotive Retail–0.01%

   

CST Brands, Inc., Sr. Unsec. Gtd. Global Notes, 5.00%, 05/01/23

    73,000        73,183   

Biotechnology–0.45%

   

Celgene Corp., Sr. Unsec. Global Notes,
3.63%, 05/15/24

    1,560,000        1,569,947   
     Principal
Amount
    Value  

Biotechnology–(continued)

   

Gilead Sciences, Inc., Sr. Unsec. Global Bonds, 3.70%, 04/01/24

  $   1,265,000      $   1,300,855   
              2,870,802   

Broadcasting–0.36%

   

Clear Channel Worldwide Holdings Inc.,
Series B,
Sr. Unsec. Gtd. Global Notes,
6.50%, 11/15/22

    74,000        79,643   

Sr. Unsec. Gtd. Sub. Global Notes,

7.63%, 03/15/20

    75,000        81,000   

Clear Communications, Inc., Sr. Unsec. Notes, 10.00%, 01/15/18(b)

    55,000        52,800   

Discovery Communications LLC, Sr. Unsec. Gtd. Global Notes, 6.35%, 06/01/40

    1,275,000        1,530,391   

Grupo Televisa S.A.B. (Mexico), Sr. Unsec. Global Notes, 5.00%, 05/13/45

    200,000        199,675   

Starz LLC/Starz Finance Corp., Sr. Unsec. Gtd. Global Notes, 5.00%, 09/15/19

    5,000        5,225   

TV Azteca S.A.B. de C.V. (Mexico), REGS, Sr. Unsec. Gtd. Medium-Term Euro Notes,
7.63%, 09/18/20(b)

    350,000        379,750   
              2,328,484   

Building Products–0.18%

   

Builders FirstSource Inc., Sr. Sec. Notes,
7.63%, 06/01/21(b)

    215,000        231,125   

Building Materials Holding Corp., Sr. Sec. Notes, 9.00%, 09/15/18(b)

    126,000        136,395   

Gibraltar Industries Inc., Sr. Unsec. Gtd. Sub. Global Notes, 6.25%, 02/01/21

    180,000        190,350   

Norbord Inc. (Canada), Sr. Sec. Notes,
5.38%, 12/01/20(b)

    61,000        62,530   

Nortek Inc., Sr. Unsec. Gtd. Global Notes,
8.50%, 04/15/21

    211,000        234,738   

USG Corp.,
Sr. Unsec. Gtd. Notes,
5.88%, 11/01/21(b)

    24,000        25,560   

7.88%, 03/30/20(b)

    60,000        66,750   

Sr. Unsec. Notes,

9.75%, 01/15/18

    155,000        186,581   
              1,134,029   

Cable & Satellite–0.68%

   

CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unsec. Gtd. Global Notes,
5.25%, 03/15/21

    118,000        121,835   

Sr. Unsec. Gtd. Notes,

6.50%, 04/30/21

    79,000        84,727   

COX Communications Inc.,
Sr. Unsec. Notes,
8.38%, 03/01/39(b)

    1,220,000        1,718,732   
 

 

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

Invesco Core Plus Bond Fund


     Principal
Amount
    Value  

Cable & Satellite–(continued)

   

9.38%, 01/15/19(b)

  $ 25,000      $ 32,593   

DIRECTV Holdings LLC/ DIRECTV Financing Co., Inc., Sr. Unsec. Gtd. Notes,
4.45%, 04/01/24

    1,090,000        1,158,777   

DISH DBS Corp., Sr. Unsec. Gtd. Global Notes, 5.13%, 05/01/20

    299,000        315,071   

Hughes Satellite Systems Corp.,
Sr. Sec. Gtd. Global Notes,
6.50%, 06/15/19

    66,000        73,508   

Sr. Unsec. Gtd. Global Notes,

7.63%, 06/15/21

    59,000        67,555   

Time Warner Cable, Inc., Sr. Unsec. Gtd. Notes, 5.00%, 02/01/20

    680,000        767,097   
              4,339,895   

Casinos & Gaming–0.11%

   

Boyd Gaming Corp., Sr. Unsec. Gtd. Global Notes, 9.00%, 07/01/20

    155,000        172,438   

Caesars Entertainment Operating Co. Inc.,
Sec. Global Notes,
10.00%, 12/15/15

    61,000        62,220   

Sr. Sec. Global Notes,

11.25%, 06/01/17

    34,000        30,345   

Caesars Entertainment Resort Properties LLC,
Sec. Gtd. Notes,
11.00%, 10/01/21(b)

    59,000        61,360   

Sr. Sec. Gtd. Notes,

8.00%, 10/01/20(b)

    73,000        75,555   

Caesars Growth Properties Holdings LLC/Caesars Growth Properties Finance Inc., Sec. Gtd. Notes, 9.38%, 05/01/22(b)

    22,000        22,220   

MGM Resorts International,
Sr. Unsec. Gtd. Global Notes,
6.63%, 12/15/21

    45,000        50,175   

Sr. Unsec. Gtd. Notes,

7.75%, 03/15/22

    172,000        202,530   

Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., Sr. Unsec. Global Notes, 5.38%, 03/15/22

    55,000        57,200   
              734,043   

Catalog Retail–0.99%

   

QVC Inc.,
Sr. Sec. Gtd. Notes,
4.85%, 04/01/24(b)

    2,190,000        2,285,842   

Sr. Sec. Notes,

7.50%, 10/01/19(b)

    3,825,000        4,056,891   
              6,342,733   

Coal & Consumable Fuels–0.09%

   

Alpha Natural Resources Inc., Sec. Gtd. Notes, 7.50%, 08/01/20(b)

    15,000        14,663   

CONSOL Energy Inc.,
Sr. Unsec. Gtd. Global Notes,
6.38%, 03/01/21

    50,000        53,250   
     Principal
Amount
    Value  

Coal & Consumable Fuels–(continued)

   

Sr. Unsec. Gtd. Notes,

5.88%, 04/15/22(b)

  $ 55,000      $ 57,200   

Indo Energy Finance II B.V. (Indonesia), Sr. Sec. Gtd. Notes, 6.38%, 01/24/23(b)

    450,000        368,550   

Peabody Energy Corp., Sr. Unsec. Gtd. Notes, 6.50%, 09/15/20

    78,000        80,535   
              574,198   

Commercial Printing–0.02%

   

RR Donnelley & Sons Co., Sr. Unsec. Global Notes, 7.88%, 03/15/21

    90,000        103,950   

Commodity Chemicals–0.30%

   

Braskem Finance Ltd. (Brazil), Sr. Unsec. Gtd. Global Bonds, 6.45%, 02/03/24

    1,780,000        1,899,705   

Communications Equipment–0.05%

   

Avaya Inc.,
Sec. Gtd. Notes,
10.50%, 03/01/21(b)

    40,000        36,200   

Sr. Sec. Gtd. Notes,

7.00%, 04/01/19(b)

    135,000        133,819   

9.00%, 04/01/19(b)

    133,000        137,156   
              307,175   

Computer & Electronics Retail–0.02%

   

Rent-A-Center Inc., Sr. Unsec. Gtd. Global Notes, 6.63%, 11/15/20

    150,000        156,938   

Construction & Engineering–0.27%

   

Dycom Investments Inc., Sr. Unsec. Gtd. Sub. Global Notes, 7.13%, 01/15/21

    105,000        113,137   

Empresas ICA S.A.B. de C.V. (Mexico), Sr. Unsec. Gtd. Notes, 8.88%, 05/29/24(b)

    200,000        196,372   

Odebrecht Offshore Drilling Finance Ltd. (Brazil), Sr. Sec. Gtd. Notes, 6.63%, 10/01/22(b)

    400,000        427,345   

Tutor Perini Corp., Sr. Unsec. Gtd. Global Notes, 7.63%, 11/01/18

    125,000        132,500   

URS Corp., Sr. Unsec. Gtd. Global Notes,
5.00%, 04/01/22

    861,000        874,991   
              1,744,345   

Construction Machinery & Heavy Trucks–0.44%

  

Allied Specialty Vehicles, Inc., Sr. Sec. Notes, 8.50%, 11/01/19(b)

    127,000        136,207   

Caterpillar Inc., Sr. Unsec. Global Notes,
4.30%, 05/15/44

    1,965,000        1,978,479   

Commercial Vehicle Group Inc., Sec. Gtd. Global Notes, 7.88%, 04/15/19

    129,000        133,515   
 

 

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

Invesco Core Plus Bond Fund


      Principal
Amount
     Value  

Construction Machinery & Heavy Trucks–(continued)

  

Manitowoc Co. Inc. (The), Sr. Unsec. Gtd. Global Notes, 5.88%, 10/15/22

   $ 95,000       $ 102,125   

Meritor Inc.,
Sr. Unsec. Gtd. Notes,
6.25%, 02/15/24

     89,000         91,002   

6.75%, 06/15/21

     30,000         31,950   

Navistar International Corp., Sr. Unsec. Gtd. Notes, 8.25%, 11/01/21

     108,000         112,590   

Oshkosh Corp., Sr. Unsec. Gtd. Notes, 5.38%, 03/01/22(b)

     142,000         146,260   

Terex Corp.,
Sr. Unsec. Gtd. Global Notes,
6.00%, 05/15/21

     70,000         75,075   

Sr. Unsec. Gtd. Notes,

6.50%, 04/01/20

     25,000         27,188   
                2,834,391   

Construction Materials–0.01%

  

CPG Merger Sub LLC, Sr. Unsec. Gtd. Notes, 8.00%, 10/01/21(b)

     30,000         31,800   

US Concrete, Inc., Sr. Sec. Gtd. Notes, 8.50%, 12/01/18(b)

     36,000         39,060   
                70,860   

Consumer Finance–0.07%

  

First Cash Financial Services, Inc., Sr. Unsec. Gtd. Notes, 6.75%, 04/01/21(b)

     40,000         42,600   

Navient Corp., Sr. Unsec. Medium-Term Global Notes, 6.25%, 01/25/16

     355,000         380,599   
                423,199   

Data Processing & Outsourced Services–0.08%

  

CoreLogic, Inc., Sr. Unsec. Gtd. Global Notes, 7.25%, 06/01/21

     228,000         247,950   

First Data Corp.,

     

Sec. Gtd. Notes,

8.25%, 01/15/21(b)

     54,000         58,658   

Sr. Unsec. Gtd. Global Notes,

12.63%, 01/15/21

     37,000         44,539   

Sr. Unsec. Gtd. Sub. Global Notes,

11.75%, 08/15/21

     133,000         147,796   
                498,943   

Department Stores–0.08%

  

Maoye International Holdings Ltd. (China), Sr. Unsec. Gtd. Notes, 7.75%, 05/19/17(b)

     500,000         512,750   

Distillers & Vintners–0.01%

  

CEDC Finance Corp. International Inc. (Poland), Sr. Sec. Gtd. Global Notes, 10.00%, 04/30/18(c)

     41,281         37,772   
      Principal
Amount
     Value  

Diversified Banks–6.44%

  

Access Finance B.V. (Nigeria), Sr. Unsec. Gtd. Notes, 7.25%, 07/25/17(b)

   $ 200,000       $ 202,094   

Alfa Bank OJSC Via Alfa Bond Issuance PLC (Russia), Sr. Unsec. Loan Participation Notes, 7.75%, 04/28/21(b)

     200,000         214,500   

Banco Davivienda S.A. (Colombia), Sr. Unsec. Notes, 2.95%, 01/29/18(b)

     200,000         200,380   

Unsec. Sub. Notes,

5.88%, 07/09/22(b)

     200,000         204,378   

Banco de Credito e Inversiones (Chile),
Sr. Unsec. Notes,
3.00%, 09/13/17(b)

     200,000         205,526   

4.00%, 02/11/23(b)

     500,000         501,996   

Banco Inbursa S.A. Institucion de Banca Multiple (Mexico), Sr. Unsec. Notes, 4.13%, 06/06/24(b)

     1,390,000         1,385,635   

Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santander (Mexico), Unsec. Sub. Bonds, 5.95%, 01/30/24(b)

     400,000         422,000   

Bancolombia S.A. (Colombia), Unsec. Sub. Global Notes, 5.13%, 09/11/22

     140,000         142,218   

Bank of America Corp., Sr. Unsec. Global Notes, 6.50%, 08/01/16

     10,000         11,140   

Bank of Montreal (Canada), Sr. Unsec. Medium-Term Notes, 0.80%, 11/06/15

     1,330,000         1,338,253   

Barclays Bank PLC (United Kingdom), Unsec. Sub. Global Notes, 5.14%, 10/14/20

     810,000         885,418   

BBVA Bancomer S.A. (Mexico),
Sr. Unsec. Notes,
4.38%, 04/10/24(b)

     1,385,000         1,398,951   

Unsec. Sub. Notes,

6.75%, 09/30/22(b)

     600,000         679,524   

Citigroup Inc.,
Sr. Unsec. Notes,
4.75%, 05/19/15

     25,000         25,980   

Unsec. Sub. Global Notes,

5.50%, 09/13/25

     2,970,000         3,286,102   

Credit Agricole S.A. (France), Jr. Unsec. Sub. Notes, 7.88% (b)(d)

     1,395,000         1,511,831   

Eurasian Development Bank (Supranational), Sr. Unsec. Notes, 4.77%, 09/20/22(b)

     200,000         197,947   

Grupo Aval Ltd. (Colombia), Sr. Unsec. Gtd. Notes, 4.75%, 09/26/22(b)

     400,000         395,403   

Hana Bank (South Korea), Sr. Unsec. Notes, 4.25%, 06/14/17(b)

     700,000         754,107   
 

 

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

Invesco Core Plus Bond Fund


      Principal
Amount
     Value  

Diversified Banks–(continued)

  

HBOS PLC (United Kingdom), Unsec. Sub. Medium-Term Global Notes, 6.75%, 05/21/18(b)

   $   1,360,000       $   1,569,920   

HSBC Holdings PLC (United Kingdom),
Sr. Unsec. Global Notes,
4.00%, 03/30/22

     1,050,000         1,124,725   

Unsec. Sub. Global Notes,

5.25%, 03/14/44

     1,475,000         1,567,283   

Hungarian Development Bank (Hungary), Sr. Unsec. Gtd. Notes,
6.25%, 10/21/20(b)

     400,000         442,860   

ING Bank N.V. (Netherlands), Sr. Unsec. Notes, 3.00%, 09/01/15(b)

     255,000         262,237   

Intesa Sanpaolo SpA (Italy), Sr. Unsec. Gtd. Notes, 3.88%, 01/15/19

     2,840,000         2,975,719   

Lloyds Bank PLC (United Kingdom), Unsec. Gtd. Sub. Medium-Term Notes, 6.50%, 09/14/20(b)

     955,000         1,121,377   

Nordea Bank AB (Sweden), Sr. Unsec. Notes, 4.88%, 01/27/20(b)

     575,000         646,679   

PNC Bank, N.A., Unsec. Sub. Global Notes, 3.80%, 07/25/23

     1,255,000         1,304,316   

Royal Bank of Scotland Group PLC (The) (United Kingdom),
Unsec. Sub. Notes,
5.13%, 05/28/24

     2,885,000         2,893,774   

6.13%, 12/15/22

     95,000         103,842   

Royal Bank of Scotland PLC (The) (United Kingdom), REGS, Unsec. Sub. Medium-Term Euro Notes, 9.50%, 03/16/22(b)

     78,000         91,914   

Siam Commercial Bank PLC (The) (Thailand), Sr. Unsec. Notes, 3.50%, 04/07/19(b)

     420,000         424,689   

Societe Generale S.A. (France), Jr. Unsec. Sub. Bonds, 7.88% (b)(d)

     1,309,000         1,384,268   

Standard Chartered PLC (United Kingdom),
Sr. Unsec. Notes,
3.85%, 04/27/15(b)

     775,000         797,713   

Unsec. Sub. Notes,

5.70%, 03/26/44(b)

     1,480,000         1,579,621   

State Bank of India (India), Sr. Unsec. Notes, 4.88%, 04/17/24(b)

     400,000         405,513   

Sumitomo Mitsui Financial Group Inc. (Japan), Unsec. Sub. Bonds, 4.44%, 04/02/24(b)

     2,525,000         2,608,899   

U.S. Bank N.A., Unsec. Sub. Notes, 3.78%, 04/29/20

     1,400,000         1,435,854   

VTB Bank OJSC Via VTB Capital S.A. (Russia), Sr. Unsec. Notes, 6.00%, 04/12/17(b)

     200,000         208,681   
      Principal
Amount
     Value  

Diversified Banks–(continued)

  

Wells Fargo & Co., Unsec. Sub. Global Notes, 5.38%, 11/02/43

   $   3,500,000       $ 3,842,075   

Zenith Bank PLC (Nigeria), Sr. Unsec. Notes, 6.25%, 04/22/19(b)

     400,000         397,662   
                41,153,004   

Diversified Capital Markets–0.21%

  

Credit Suisse Group AG (Switzerland), Jr. Sub. Unsec. Notes, 7.50% (b)(d)

     1,225,000         1,341,375   

Diversified Chemicals–0.72%

  

OCP S.A. (Morocco),
Sr. Unsec. Bonds,
6.88%, 04/25/44(b)

     630,000         659,994   

Sr. Unsec. Notes,

5.63%, 04/25/24(b)

     3,795,000         3,963,460   
                4,623,454   

Diversified Metals & Mining–2.71%

  

Anglo American Capital PLC (United Kingdom), Sr. Unsec. Gtd. Notes, 9.38%, 04/08/19(b)

     170,000         219,268   

BHP Billiton Finance USA Ltd. (Australia), Sr. Unsec. Gtd. Global Notes, 5.00%, 09/30/43

     2,369,000         2,597,510   

Glencore Finance Canada Ltd. (Canada), Sr. Unsec. Gtd. Notes,
4.25%, 10/25/22(b)

     2,969,000         3,011,854   

Glencore Funding LLC (Switzerland),
Sr. Unsec. Gtd. Notes,
4.13%, 05/30/23(b)

     3,229,000         3,199,522   

4.63%, 04/29/24(b)

     3,375,000         3,441,226   

HudBay Minerals Inc. (Canada), Sr. Unsec. Gtd. Global Notes, 9.50%, 10/01/20

     69,000         75,210   

Imperial Metals Corp. (Canada), Sr. Unsec. Gtd. Notes, 7.00%, 03/15/19(b)

     66,000         67,819   

Magnetation LLC/ Mag Finance Corp., Sr. Sec. Gtd. Notes,
11.00%, 05/15/18(b)

     113,000         126,278   

Rio Tinto Finance USA Ltd. (United Kingdom), Sr. Unsec. Gtd. Global Notes, 7.13%, 07/15/28

     565,000         739,014   

Rio Tinto Finance USA PLC (United Kingdom), Sr. Unsec. Gtd. Global Notes, 3.50%, 03/22/22

     1,700,000         1,741,024   

Southern Copper Corp.,
Sr. Unsec. Global Notes,
5.25%, 11/08/42

     1,720,000         1,592,908   

5.38%, 04/16/20

     150,000         167,165   

6.75%, 04/16/40

     225,000         243,571   
 

 

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

Invesco Core Plus Bond Fund


      Principal
Amount
     Value  

Diversified Metals & Mining–(continued)

  

Vedanta Resources PLC (India), Sr. Unsec. Notes, 9.50%, 07/18/18(b)

   $ 100,000       $ 116,019   
                17,338,388   

Diversified Support Services–0.21%

  

ERAC USA Finance LLC, Sr. Unsec. Gtd. Notes, 3.85%, 11/15/24(b)

     1,325,000         1,330,870   

Drug Retail–0.03%

  

CVS Pass Through Trust, Sr. Sec. Global Pass Through Ctfs., 6.04%, 12/10/28

     194,640         221,525   

Electric Utilities–0.51%

  

Comision Federal de Electricidad (Mexico), Sr. Unsec. Notes, 5.75%, 02/14/42(b)

     500,000         530,782   

Electricite de France S.A. (France), Jr. Unsec. Sub. Notes, 5.63%(b)(d)

     1,535,000         1,599,854   

LSP Energy L.P./LSP Batesville Funding Corp., Series D, Sr. Sec. Bonds, 8.16%, 07/15/25(e)

     5,000         0   

Majapahit Holding B.V. (Indonesia), Sr. Unsec. Gtd. Notes,
7.75%, 01/20/20(b)

     100,000         117,603   

REGS, Sr. Unsec. Gtd. Euro Notes, 7.75%, 01/20/20(b)

     200,000         235,260   

Mississippi Power Co., Series 12, Class A, Sr. Unsec. Notes, 4.25%, 03/15/42

     767,000         749,933   
                3,233,432   

Electronic Components–0.01%

  

Belden Inc., Sr. Unsec. Gtd. Sub. Notes, 5.50%, 09/01/22(b)

     75,000         76,313   

Electronic Manufacturing Services–0.00%

  

Sanmina Corp., Sr. Sec. Gtd. Notes, 4.38%, 06/01/19(b)

     12,000         12,090   

Environmental & Facilities Services–0.01%

  

ADS Waste Holdings, Inc., Sr. Unsec. Gtd. Global Notes, 8.25%, 10/01/20

     38,000         41,230   

Darling Ingredients Inc., Sr. Unsec. Gtd. Notes, 5.38%, 01/15/22(b)

     41,000         42,845   
                84,075   

Forest Products–0.05%

  

Masisa S.A. (Chile), Sr. Unsec. Gtd. Bonds, 9.50%, 05/05/19(b)

     300,000         319,500   
      Principal
Amount
     Value  

Gas Utilities–0.04%

  

Ferrellgas L.P./Ferrellgas Finance Corp., Sr. Unsec. Notes, 6.75%, 01/15/22(b)

   $ 30,000       $ 31,538   

Petroleos de Venezuela S.A. (Venezuela), Series 2014, Sr. Unsec. Euro Bonds, 4.90%, 10/28/14

     237,000         234,511   
                266,049   

General Merchandise Stores–0.26%

  

Dollar General Corp., Sr. Unsec. Global Notes, 3.25%, 04/15/23

     1,729,000         1,664,494   

Gold–0.69%

  

Barrick North America Finance LLC (Canada), Sr. Unsec. Gtd. Global Notes, 5.70%, 05/30/41

     600,000         598,825   

Gold Fields Orogen Holding BVI Ltd. (South Africa), Sr. Unsec. Gtd. Notes, 4.88%, 10/07/20(b)

     1,675,000         1,524,250   

Kinross Gold Corp. (Canada), Sr. Unsec. Gtd. Global Notes, 6.88%, 09/01/41

     1,365,000         1,401,442   

New Gold Inc. (Canada),
Sr. Unsec. Gtd. Notes,
7.00%, 04/15/20(b)

     14,000         14,917   

Sr. Unsec. Notes,

6.25%, 11/15/22(b)

     126,000         130,750   

Newcrest Finance Pty. Ltd. (Australia), Sr. Unsec. Gtd. Notes, 5.75%, 11/15/41(b)

     815,000         709,193   
                4,379,377   

Health Care Distributors–1.08%

  

AmerisourceBergen Corp., Sr. Unsec. Bonds, 3.40%, 05/15/24

     1,920,000         1,926,736   

McKesson Corp.,
Sr. Unsec. Global Notes,
3.80%, 03/15/24

     2,400,000         2,460,667   

4.88%, 03/15/44

     2,402,000         2,523,885   
                6,911,288   

Health Care Equipment–0.83%

  

CareFusion Corp.,
Sr. Unsec. Global Notes,
3.88%, 05/15/24

     1,385,000         1,399,467   

4.88%, 05/15/44

     1,520,000         1,523,797   

Medtronic Inc., Sr. Unsec. Global Notes, 4.63%, 03/15/44

     2,190,000         2,307,151   

Universal Hospital Services Inc., Sec. Gtd. Global Notes, 7.63%, 08/15/20

     90,000         95,400   
                5,325,815   

Health Care Facilities–0.11%

  

Community Health Systems Inc.,
Sr. Sec. Gtd. Notes,
5.13%, 08/01/21(b)

     33,000         33,743   
 

 

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

Invesco Core Plus Bond Fund


      Principal
Amount
     Value  

Health Care Facilities–(continued)

  

Sr. Unsec. Gtd. Notes,

6.88%, 02/01/22(b)

   $ 164,737       $ 175,033   

HCA Holdings, Inc., Sr. Unsec. Notes, 6.25%, 02/15/21

     130,000         139,425   

HCA, Inc., Sr. Sec. Gtd. Global Notes, 5.88%, 03/15/22

     130,000         142,512   

LifePoint Hospitals, Inc., Sr. Unsec. Gtd. Notes, 5.50%, 12/01/21(b)

     22,000         23,210   

Tenet Healthcare Corp.,
Sr. Sec. Gtd. Global Notes,
6.00%, 10/01/20

     43,000         46,548   

Sr. Unsec. Global Notes,

6.75%, 02/01/20

     40,000         42,850   

8.13%, 04/01/22

     80,000         91,400   
                694,721   

Health Care REIT’s–0.71%

  

Aviv Healthcare Properties L.P./Aviv Healthcare Capital Corp., Sr. Unsec. Gtd. Global Notes, 6.00%, 10/15/21

     12,000         12,690   

HCP, Inc., Sr. Unsec. Global Notes, 4.25%, 11/15/23

     1,305,000         1,366,200   

MPT Operating Partnership L.P./MPT Finance Corp., Sr. Unsec. Gtd. Global Notes, 6.88%, 05/01/21

     65,000         71,175   

Senior Housing Properties Trust, Sr. Unsec. Notes, 4.30%, 01/15/16

     1,495,000         1,555,734   

Ventas Realty L.P./Ventas Capital Corp., Sr. Unsec. Gtd. Notes, 2.00%, 02/15/18

     1,500,000         1,521,776   
                4,527,575   

Health Care Services–0.62%

  

DaVita HealthCare Partners Inc., Sr. Unsec. Gtd. Global Notes, 5.75%, 08/15/22

     25,000         26,875   

Express Scripts Holding Co., Sr. Unsec. Gtd. Global Notes, 4.75%, 11/15/21

     3,465,000         3,852,729   

MPH Acquisitions Holdings LLC, Sr. Unsec. Gtd. Notes, 6.63%, 04/01/22(b)

     69,000         71,932   
                3,951,536   

Health Care Supplies–0.01%

  

Crimson Merger Sub, Inc., Sr. Unsec. Notes, 6.63%, 05/15/22(b)

     76,000         76,000   

Homebuilding–0.33%

  

Ashton Woods USA LLC/Ashton Woods Finance Co., Sr. Unsec. Notes, 6.88%, 02/15/21(b)

     191,000         192,910   

Beazer Homes USA Inc., Sr. Unsec. Gtd. Global Notes, 7.50%, 09/15/21

     66,000         70,125   
      Principal
Amount
     Value  

Homebuilding–(continued)

  

K. Hovnanian Enterprises Inc.,
Sr. Sec. Gtd. Notes,
7.25%, 10/15/20(b)

   $ 66,000       $ 71,445   

Sr. Unsec. Gtd. Notes,

7.00%, 01/15/19(b)

     90,000         92,250   

7.50%, 05/15/16

     115,000         123,194   

11.88%, 10/15/15

     10,000         11,275   

KB Home,
Sr. Unsec. Gtd. Notes,
7.00%, 12/15/21

     42,000         45,570   

7.50%, 09/15/22

     20,000         22,150   

Lennar Corp., Sr. Unsec. Gtd. Global Notes, 6.95%, 06/01/18

     87,000         98,745   

MDC Holdings, Inc., Sr. Unsec. Gtd. Notes, 6.00%, 01/15/43

     1,470,000         1,343,227   

Ryland Group Inc. (The), Sr. Unsec. Gtd. Notes, 5.38%, 10/01/22

     29,000         28,928   
                2,099,819   

Hotels, Resorts & Cruise Lines–0.72%

  

Carnival Corp.,
Sr. Unsec. Gtd. Global Notes,
1.88%, 12/15/17

     1,045,000         1,052,550   

3.95%, 10/15/20

     1,735,000         1,814,910   

Choice Hotels International, Inc., Sr. Unsec. Gtd. Notes, 5.75%, 07/01/22

     40,000         42,825   

Wyndham Worldwide Corp., Sr. Unsec. Notes, 5.63%, 03/01/21

     1,530,000         1,701,499   
                4,611,784   

Household Products–0.02%

  

Reynolds Group Issuer Inc./LLC,
Sr. Sec. Gtd. Global Notes,
5.75%, 10/15/20

     20,000         20,900   

Sr. Unsec. Gtd. Global Notes,

8.25%, 02/15/21

     100,000         107,125   
                128,025   

Hypermarkets & Super Centers–0.18%

  

Cencosud S.A. (Chile), REGS, Sr. Unsec. Gtd. Euro Notes, 4.88%, 01/20/23(b)

     200,000         199,001   

Wal-Mart Stores Inc., Sr. Unsec. Global Bonds, 4.30%, 04/22/44

     929,000         934,568   
                1,133,569   

Independent Power Producers & Energy Traders–0.06%

  

AES Corp., Sr. Unsec. Global Notes, 8.00%, 10/15/17

     1,000         1,177   

Israel Electric Corp. Ltd. (Israel), Sr. Sec. Notes, 6.88%, 06/21/23(b)

     350,000         397,876   

NRG Energy Inc., Sr. Unsec. Gtd. Global Notes, 7.63%, 01/15/18

     9,000         10,350   
                409,403   
 

 

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

Invesco Core Plus Bond Fund


     Principal
Amount
    Value  

Industrial Conglomerates–0.72%

  

 

Grupo KUO S.A.B De C.V. (Mexico), Sr. Unsec. Gtd. Notes, 6.25%, 12/04/22(b)

  $ 400,000      $ 413,921   

Hutchison Whampoa International (09) Ltd. (Hong Kong), Sr. Unsec. Gtd. Notes, 7.63%, 04/09/19(b)

    925,000        1,136,109   

Hutchison Whampoa International (09/19) Ltd. (Hong Kong), Sr. Unsec. Gtd. Notes, 5.75%, 09/11/19(b)

    1,000,000        1,154,985   

Hutchison Whampoa International (10) Ltd. (Hong Kong), Unsec. Gtd. Sub. Notes, 6.00% (b)(d)

    200,000        211,500   

Sigma Alimentos S.A. de C.V. (Mexico), Sr. Unsec. Gtd. Notes, 5.63%, 04/14/18(b)

    1,350,000        1,490,465   

Unifrax I LLC/Unifrax Holding Co., Sr. Unsec. Gtd. Notes, 7.50%, 02/15/19(b)

    170,000        178,925   
              4,585,905   

Industrial Machinery–0.02%

   

Waterjet Holdings, Inc., Sr. Sec. Gtd. Notes, 7.63%, 02/01/20(b)

    91,000        96,688   

Industrial REIT’s–0.23%

   

ProLogis L.P., Sr. Unsec. Gtd. Global Notes, 4.25%, 08/15/23

    1,415,000        1,488,880   

Integrated Oil & Gas–1.40%

   

Ecopetrol S.A. (Colombia), Sr. Unsec. Global Notes, 5.88%, 05/28/45

    4,660,000        4,743,619   

Petrobras Global Finance B.V. (Brazil), Sr. Unsec. Gtd. Global Notes, 4.88%, 03/17/20

    3,105,000        3,183,548   

State Oil Co. of the Azerbaijan Republic (Azerbaijan),
Sr. Unsec. Euro Notes,
5.45%, 02/09/17

    200,000        212,500   

Sr. Unsec. Medium-Term Euro Notes,

4.75%, 03/13/23

    800,000        798,921   
              8,938,588   

Integrated Telecommunication Services–2.64%

  

Verizon Communications, Inc.,
Sr. Unsec. Global Notes,
5.05%, 03/15/34

    3,250,000        3,473,871   

5.15%, 09/15/23

    3,390,000        3,818,866   

6.40%, 09/15/33

    4,665,000        5,758,444   

6.55%, 09/15/43

    3,030,000        3,825,622   
              16,876,803   
     Principal
Amount
    Value  

Internet Software & Services–0.69%

  

 

CyrusOne L.P./CyrusOne Finance Corp., Sr. Unsec. Gtd. Global Notes, 6.38%, 11/15/22

  $ 224,000      $ 238,560   

Tencent Holdings Ltd. (China), Sr. Unsec. Notes, 3.38%, 05/02/19(b)

    4,070,000        4,170,366   
              4,408,926   

Investment Banking & Brokerage–1.03%

  

Charles Schwab Corp. (The), Series A, Jr. Unsec. Sub. Notes, 7.00% (d)

    1,315,000        1,541,838   

Goldman Sachs Group, Inc. (The), Series L, Jr. Unsec. Sub. Notes, 5.70% (d)

    2,035,000        2,118,435   

Macquarie Group Ltd. (Australia), Sr. Unsec. Notes, 6.00%, 01/14/20(b)

    505,000        572,252   

Morgan Stanley,
Sr. Unsec. Notes,
5.75%, 01/25/21

    985,000        1,141,951   

Series H,

Jr. Unsec. Sub. Global Bonds,

5.45% (d)

    995,000        1,029,825   

Raymond James Financial, Inc., Sr. Unsec. Notes, 4.25%, 04/15/16

    170,000        180,462   
              6,584,763   

Leisure Facilities–0.01%

   

Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp.,
Sr. Unsec. Gtd. Global Notes,
5.25%, 03/15/21

    75,000        77,062   

Sr. Unsec. Gtd. Notes,

5.38%, 06/01/24(b)

    11,000        11,138   
              88,200   

Life & Health Insurance–0.98%

  

 

Forethought Financial Group, Inc., Sr. Unsec. Notes, 8.63%, 04/15/21(b)

    50,000        57,054   

MetLife Inc., Sr. Unsec. Global Notes, 4.13%, 08/13/42

    2,200,000        2,148,222   

Nationwide Financial Services, Inc., Sr. Unsec. Notes, 5.38%, 03/25/21(b)

    735,000        823,570   

Pacific LifeCorp., Sr. Unsec. Notes, 6.00%, 02/10/20(b)

    425,000        491,297   

Prudential Financial, Inc.,
Jr. Unsec. Sub. Global Notes,
8.88%, 06/15/38

    1,640,000        2,017,200   

Series D,

Sr. Unsec. Medium-Term Notes,

4.75%, 09/17/15

    550,000        579,507   

7.38%, 06/15/19

    130,000        161,914   
              6,278,764   
 

 

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

Invesco Core Plus Bond Fund


     Principal
Amount
    Value  

Managed Health Care–0.17%

   

Cigna Corp.,
Sr. Unsec. Global Notes,
5.38%, 02/15/42

  $ 725,000      $ 829,972   

Sr. Unsec. Notes,

4.50%, 03/15/21

    180,000        197,627   

WellCare Health Plans, Inc., Sr. Unsec. Notes, 5.75%, 11/15/20

    33,000        35,557   
              1,063,156   

Marine–0.02%

   

Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S. Inc., Sr. Sec. Gtd. Mortgage Notes, 8.13%, 11/15/21(b)

    138,000        144,900   

Metal & Glass Containers–0.01%

  

 

Ball Corp., Sr. Unsec. Gtd. Notes, 5.00%, 03/15/22

    30,000        31,050   

Berry Plastics Corp., Sec. Gtd. Notes, 5.50%, 05/15/22

    43,000        43,323   
              74,373   

Movies & Entertainment–1.12%

   

AMC Entertainment Inc., Sr. Unsec. Gtd. Sub. Global Notes, 5.88%, 02/15/22

    61,000        63,592   

DreamWorks Animation SKG, Inc., Sr. Unsec. Gtd. Notes, 6.88%, 08/15/20(b)

    80,000        86,800   

Time Warner, Inc.,
Sr. Unsec. Gtd. Global Notes,
5.35%, 12/15/43

    2,100,000        2,317,073   

Sr. Unsec. Gtd. Notes,

5.88%, 11/15/16

    285,000        318,599   

Viacom Inc., Sr. Unsec. Global Notes, 5.85%, 09/01/43

    3,800,000        4,358,155   
              7,144,219   

Multi-Line Insurance–0.59%

   

American Financial Group, Inc., Sr. Unsec. Notes, 9.88%, 06/15/19

    10,000        13,109   

Genworth Holdings Inc., Sr. Unsec. Gtd. Global Notes, 4.90%, 08/15/23

    1,428,000        1,532,476   

Nationwide Mutual Insurance Co., Unsec. Sub. Notes, 4.95%, 04/22/44(b)

    2,185,000        2,240,472   
              3,786,057   

Multi-Sector Holdings–0.03%

   

Suam Finance B.V. (Colombia), Sr. Unsec. Gtd. Notes, 4.88%, 04/17/24(b)

    200,000        202,912   

Multi-Utilities–0.77%

   

Abu Dhabi National Energy Co. (United Arab Emirates), Sr. Unsec. Global Notes, 3.88%, 05/06/24(b)

    200,000        201,817   
     Principal
Amount
    Value  

Multi-Utilities–(continued)

   

Enable Midstream Partners L.P.,
Sr. Unsec. Notes,
3.90%, 05/15/24(b)

  $   2,525,000      $   2,541,977   

5.00%, 05/15/44(b)

    2,165,000        2,199,163   
              4,942,957   

Office REIT’s–0.21%

   

Piedmont Operating Partnership L.P., Sr. Unsec. Gtd. Global Notes, 4.45%, 03/15/24

    1,290,000        1,320,953   

Office Services & Supplies–0.17%

   

Pitney Bowes Inc., Sr. Unsec. Global Notes, 4.63%, 03/15/24

    1,070,000        1,106,260   

Oil & Gas Drilling–0.79%

   

Parker Drilling Co., Sr. Unsec. Gtd. Notes, 6.75%, 07/15/22(b)

    7,000        7,333   

Rowan Cos. Inc.,
Sr. Unsec. Gtd. Notes,
4.75%, 01/15/24

    1,785,000        1,876,612   

5.85%, 01/15/44

    2,967,000        3,154,318   
              5,038,263   

Oil & Gas Equipment & Services–0.01%

  

Exterran Partners L.P./EXLP Finance Corp., Sr. Unsec. Gtd. Global Notes, 6.00%, 04/01/21

    64,000        65,200   

Oil & Gas Exploration & Production–0.86%

  

Bonanza Creek Energy Inc., Sr. Unsec. Gtd. Global Notes, 6.75%, 04/15/21

    57,000        61,204   

Chesapeake Energy Corp., Sr. Unsec. Gtd. Global Notes, 6.88%, 11/15/20

    25,000        29,125   

Cimarex Energy Co., Sr. Unsec. Gtd. Notes, 4.38%, 06/01/24

    1,725,000        1,757,344   

Continental Resources Inc., Sr. Unsec. Gtd. Global Notes, 5.00%, 09/15/22

    974,000        1,057,167   

GeoPark Latin America Ltd. Agencia en Chile (Chile), Sr. Sec. Gtd. Notes, 7.50%, 02/11/20(b)

    350,000        376,250   

Halcon Resources Corp., Sr. Unsec. Gtd. Global Notes, 9.75%, 07/15/20

    70,000        77,000   

KazMunayGas National Co. JSC (Kazakhstan),
Sr. Unsec. Notes,
4.40%, 04/30/23(b)

    400,000        396,963   

7.00%, 05/05/20(b)

    210,000        244,299   

Laredo Petroleum Inc., Sr. Unsec. Gtd. Global Notes, 7.38%, 05/01/22

    7,000        7,787   

Pertamina Persero PT (Indonesia),
Sr. Unsec. Notes,
4.88%, 05/03/22(b)

    200,000        202,204   

6.00%, 05/03/42(b)

    200,000        195,260   
 

 

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

Invesco Core Plus Bond Fund


     Principal
Amount
    Value  

Oil & Gas Exploration & Production–(continued)

  

REGS,

Sr. Unsec. Medium-Term Euro Notes,

4.30%, 05/20/23(b)

  $ 200,000      $ 191,750   

Petroleos Mexicanos (Mexico),
Sr. Unsec. Gtd. Global Bonds,
5.50%, 06/27/44

    200,000        206,812   

Sr. Unsec. Gtd. Global Notes,

6.50%, 06/02/41

    100,000        116,743   

Sr. Unsec. Gtd. Notes,

3.13%, 01/23/19(b)

    120,000        123,790   

6.38%, 01/23/45(b)

    150,000        172,769   

Range Resources Corp., Sr. Unsec. Gtd. Sub. Notes, 5.00%, 08/15/22

    25,000        26,406   

Rosetta Resources, Inc.,
Sr. Unsec. Gtd. Global Notes,
5.63%, 05/01/21

    34,000        35,105   

Sr. Unsec. Gtd. Notes,

5.88%, 06/01/22

    56,000        58,310   

SandRidge Energy Inc., Sr. Unsec. Gtd. Global Notes, 7.50%, 03/15/21

    141,000        151,222   
              5,487,510   

Oil & Gas Refining & Marketing–0.05%

  

Cosan Luxembourg S.A. (Brazil), Sr. Unsec. Gtd. Notes, 5.00%, 03/14/23(b)

    350,000        334,323   

Oil & Gas Storage & Transportation–0.57%

  

Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp., Sr. Unsec. Gtd. Global Notes, 6.00%, 12/15/20

    127,000        133,350   

El Paso Pipeline Partners Operating Co. LLC, Sr. Unsec. Gtd. Notes, 4.70%, 11/01/42

    820,000        766,483   

Enterprise Products Operating LLC,
Sr. Unsec. Gtd. Notes,
3.90%, 02/15/24

    1,656,000        1,710,253   

Series N,

Sr. Unsec. Gtd. Notes,

6.50%, 01/31/19

    420,000        502,257   

Penn Virginia Resource Partners L.P./Penn Virginia Resource Finance Corp., Sr. Unsec. Gtd. Global Notes, 6.50%, 05/15/21

    72,000        77,940   

Targa Resources Partners L.P./Targa Resources Partners Finance Corp., Sr. Unsec. Gtd. Global Notes, 6.38%, 08/01/22

    11,000        11,880   

Teekay Corp. (Bermuda), Sr. Unsec. Global Notes, 8.50%, 01/15/20

    35,000        40,687   

Teekay Offshore Partners L.P./Teekay Offshore Finance Corp. (Bermuda), Sr. Unsec. Global Notes, 6.00%, 07/30/19

    31,000        31,373   
     Principal
Amount
    Value  

Oil & Gas Storage & Transportation–(continued)

  

Tesoro Logistics L.P./Tesoro Logistics Finance Corp., Sr. Unsec. Gtd. Global Notes, 6.13%, 10/15/21

  $ 28,000      $ 29,750   

Texas Eastern Transmission L.P., Sr. Unsec. Notes, 7.00%, 07/15/32

    255,000        334,169   
              3,638,142   

Other Diversified Financial Services–1.65%

  

Citigroup Inc., Series A, Jr. Unsec. Sub. Global Notes, 5.95% (d)

    1,495,000        1,506,213   

Fondo MIVIVIENDA S.A. (Peru), Sr. Unsec. Notes., 3.38%, 04/02/19(b)

    820,000        829,940   

General Electric Capital Corp., Sr. Unsec. Global Notes, 2.25%, 11/09/15

    65,000        66,707   

JPMorgan Chase & Co.,
Series R, Jr. Unsec. Sub. Global Notes,
6.00% (d)

    2,980,000        3,047,050   

Series S, Jr. Unsec. Sub. Notes,

6.75% (d)

    1,255,000        1,358,538   

Sr. Unsec. Global Notes,

6.30%, 04/23/19

    190,000        225,278   

Trust F/1401 (Mexico), Sr. Unsec. Notes, 5.25%, 12/15/24(b)

    2,823,000        2,942,977   

Voya Financial, Inc., Jr. Unsec. Gtd. Sub. Global Notes, 5.65%, 05/15/53

    535,000        543,025   
              10,519,728   

Packaged Foods & Meats–0.36%

  

Diamond Foods Inc., Sr. Unsec. Gtd. Notes, 7.00%, 03/15/19(b)

    192,000        201,120   

JBS USA LLC/JBS USA Finance Inc. (Brazil), Sr. Unsec. Gtd. Notes, 7.25%, 06/01/21(b)

    40,000        43,350   

Marfrig Overseas Ltd. (Brazil), Sr. Unsec. Gtd. Notes, 9.50%, 05/04/20(b)

    300,000        324,366   

Mead Johnson Nutrition Co., Sr. Unsec. Global Notes, 4.60%, 06/01/44

    1,480,000        1,489,777   

Post Holdings Inc.,
Sr. Unsec. Gtd. Global Notes,
7.38%, 02/15/22

    95,000        103,431   

Sr. Unsec. Gtd. Notes,

6.00%, 12/15/22(b)

    12,000        12,150   

6.75%, 12/01/21(b)

    26,000        27,658   

Smithfield Foods Inc.,
Sr. Unsec. Notes,
5.25%, 08/01/18(b)

    24,000        25,140   

5.88%, 08/01/21(b)

    24,000        25,440   

Wells Enterprises Inc., Sr. Sec. Notes, 6.75%, 02/01/20(b)

    52,000        54,340   
              2,306,772   

Paper Packaging–0.13%

   

Beverage Packaging Holdings Luxembourg II S.A.,
Sr. Unsec. Gtd. Notes,
5.63%, 12/15/16(b)

    14,000        14,280   
 

 

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

Invesco Core Plus Bond Fund


     Principal
Amount
    Value  

Paper Packaging–(continued)

   

Sr. Unsec. Gtd. Sub. Notes,

6.00%, 06/15/17(b)

  $ 7,000      $ 7,158   

Rock-Tenn Co., Sr. Unsec. Gtd. Global Notes, 4.00%, 03/01/23

    800,000        826,928   
              848,366   

Paper Products–0.03%

   

Neenah Paper Inc., Sr. Unsec. Gtd. Notes,
5.25%, 05/15/21(b)

    19,000        19,309   

PH Glatfelter Co., Sr. Unsec. Gtd. Global Notes,
5.38%, 10/15/20

    181,000        187,787   
              207,096   

Personal Products–0.51%

   

Avon Products Inc., Sr. Unsec. Global Notes, 5.00%, 03/15/23

    2,005,000        2,027,840   

Estee Lauder Cos. Inc. (The), Sr. Unsec. Global Notes, 3.70%, 08/15/42

    1,340,000        1,221,756   
              3,249,596   

Pharmaceuticals–0.63%

   

Bristol-Meyers Squibb Co., Sr. Unsec. Deb., 6.88%, 08/01/97

    1,526,000        2,147,320   

Perrigo Co. PLC, Sr. Unsec. Gtd. Notes,
4.00%, 11/15/23(b)

    1,480,000        1,515,319   

Valeant Pharmaceuticals International, Inc.,
Sr. Unsec. Gtd. Notes,
5.63%, 12/01/21(b)

    112,000        117,040   

6.38%, 10/15/20(b)

    150,000        160,875   

6.75%, 08/15/21(b)

    25,000        26,750   

7.50%, 07/15/21(b)

    50,000        55,750   
              4,023,054   

Precious Metals & Minerals–0.10%

   

Cia Minera Ares SAC (Peru), Sr. Unsec. Gtd. Notes, 7.75%, 01/23/21(b)

    600,000        636,000   

Property & Casualty Insurance–0.60%

   

Allstate Corp. (The), Unsec. Sub. Global Notes, 5.75%, 08/15/53

    2,085,000        2,236,162   

CNA Financial Corp., Sr. Unsec. Global Bonds, 5.88%, 08/15/20

    20,000        23,465   

Liberty Mutual Group Inc.,
Jr. Unsec. Gtd. Sub. Bonds,
7.80%, 03/15/37(b)

    1,320,000        1,551,000   

Sr. Unsec. Gtd. Notes,

4.25%, 06/15/23(b)

    5,000        5,228   
              3,815,855   

Railroads–0.09%

   

Georgian Railway JSC (Georgia), Sr. Unsec. Notes, 7.75%, 07/11/22(b)

    200,000        224,048   
     Principal
Amount
    Value  

Railroads–(continued)

   

Transnet SOC Ltd. (South Africa), REGS, Sr. Unsec. Euro Notes, 4.00%, 07/26/22(b)

  $ 400,000      $ 384,000   
              608,048   

Real Estate Development–0.08%

   

Country Garden Holdings Co. Ltd. (China),
Sr. Unsec. Gtd. Notes,
7.50%, 01/10/23(b)

    200,000        187,170   

Sr. Unsec. Gtd. Notes,

7.88%, 05/27/19(b)

    300,000        304,500   
              491,670   

Regional Banks–0.72%

   

Banco Internacional del Peru SAA (Peru),
Sr. Unsec. Bonds,
5.75%, 10/07/20(b)

    800,000        872,193   

Unsec. Sub. Variable Rate Notes,

6.63%, 03/19/29(b)

    500,000        534,557   

Fifth Third Bancorp, Sr. Unsec. Notes,
3.50%, 03/15/22

    1,550,000        1,600,307   

First Niagara Financial Group Inc., Unsec. Sub. Notes, 7.25%, 12/15/21

    650,000        750,830   

Nationwide Building Society (United Kingdom), Sr. Unsec. Notes, 6.25%, 02/25/20(b)

    465,000        553,244   

Synovus Financial Corp.,
Sr. Unsec. Global Notes,
7.88%, 02/15/19

    75,000        86,250   

Unsec. Sub. Global Notes,

5.13%, 06/15/17

    185,000        194,944   
              4,592,325