NPORT-EX 1 IVZ_BOND.htm
Invesco Bond Fund
Quarterly Schedule of Portfolio Holdings
May 31, 2019
invesco.com/us VK-CE-BOND-QTR-1   05/19 Invesco Advisers, Inc.
Schedule of Investments(a)
May 31, 2019
(Unaudited)
  Principal
Amount 		Value
U.S. Dollar Denominated Bonds & Notes–91.34%
Aerospace & Defense–0.08%
Moog, Inc. , 5.25%, 12/01/2022(b)      $35,000      $35,438
TransDigm, Inc.,                      
6.50%, 07/15/2024      12,000      12,001
6.50%, 05/15/2025      35,000      34,869
6.38%, 06/15/2026      46,000      45,367
Triumph Group, Inc. , 7.75%, 08/15/2025      53,000      51,410
      179,085
Agricultural & Farm Machinery–0.31%
John Deere Capital Corp. , 3.45%, 03/07/2029     594,000     620,339
Titan International, Inc. , 6.50%, 11/30/2023      74,000      63,779
      684,118
Agricultural Products–0.44%
Cargill, Inc.,                      
3.25%, 05/23/2029(b)     499,000     504,312
3.88%, 05/23/2049(b)     471,000     484,821
      989,133
Air Freight & Logistics–0.01%
XPO Logistics, Inc. , 6.50%, 06/15/2022(b)      15,000      15,270
Airlines–4.45%
American Airlines Pass Through Trust,                      
Series 2016-1, Class AA, 3.58%, 01/15/2028     383,071     395,209
Series 2017-1, Class AA, 3.65%, 02/15/2029     531,000     546,931
Series 2017-1, Class B, 4.95%, 02/15/2025     424,448     441,989
Series 2017-2, Class A, 3.60%, 10/15/2029     601,578     598,217
Series 2017-2, Class AA, 3.35%, 10/15/2029     750,081     754,884
Avianca Holdings S.A./Avianca Leasing LLC/Grupo Taca Holdings Ltd. (Colombia), REGS, 8.38%, 05/10/2020(b)     253,000     240,985
Delta Air Lines Pass Through Trust,                      
Series 2019-1, Class A, 3.40%, 04/25/2024     470,000     482,832
Series 2019-1, Class AA, 3.20%, 04/25/2024     679,000     698,506
Delta Air Lines, Inc. , 3.80%, 04/19/2023     283,000     289,366
LATAM Airlines Group S.A. Pass Through Trust (Chile), Series 2015-1, Class A, 4.20%, 11/15/2027   1,168,866   1,167,837
Norwegian Air Shuttle ASA Pass Through Trust (Norway), Series 2016-1, Class B, 7.50%, 11/10/2023(b)     509,931     526,224
United Airlines Pass Through Trust,                      
Series 2014-2, Class B, 4.63%, 09/03/2022     440,512     449,938
  Principal
Amount 		Value
Airlines–(continued)
Series 2016-1, Class B, 3.65%, 01/07/2026     $383,113     $382,719
Series 2018-1, Class A, 3.70%, 03/01/2030     671,110     671,489
Series 2018-1, Class AA, 3.50%, 03/01/2030     631,807     644,746
Series 2019-1, Class A, 4.55%, 08/25/2031     336,000     357,416
Series 2019-1, Class AA, 4.15%, 08/25/2031     655,000     694,673
WestJet Airlines Ltd. (Canada), 3.50%, 06/16/2021(b)     623,000     627,647
      9,971,608
Alternative Carriers–0.11%
CenturyLink, Inc.,                      
Series S, 6.45%, 06/15/2021      48,000      50,040
Series Y, 7.50%, 04/01/2024      46,000      49,220
Level 3 Financing, Inc.,                      
5.38%, 05/01/2025      97,000      97,364
5.25%, 03/15/2026      55,000      54,983
      251,607
Aluminum–0.09%
Alcoa Nederland Holding B.V. , 6.75%, 09/30/2024(b)     200,000     205,000
Apparel Retail–0.07%
Hot Topic, Inc. , 9.25%, 06/15/2021(b)      50,000      50,325
L Brands, Inc.,                      
5.63%, 02/15/2022      77,000      79,029
6.88%, 11/01/2035      31,000      27,125
6.75%, 07/01/2036       8,000       6,840
      163,319
Apparel, Accessories & Luxury Goods–0.03%
Hanesbrands, Inc.,                      
4.63%, 05/15/2024(b)      11,000      10,973
4.88%, 05/15/2026(b)      60,000      59,221
      70,194
Asset Management & Custody Banks–1.80%
Affiliated Managers Group, Inc. , 4.25%, 02/15/2024   1,215,000   1,282,726
Blackstone Holdings Finance Co. LLC , 5.00%, 06/15/2044(b)   1,090,000   1,203,977
Carlyle Holdings II Finance LLC , 5.63%, 03/30/2043(b)   1,425,000   1,520,165
Prime Security Services Borrower LLC/Prime Finance, Inc. , 9.25%, 05/15/2023(b)      29,000      30,432
      4,037,300
Auto Parts & Equipment–0.05%
Dana Financing Luxembourg S.a.r.l. , 5.75%, 04/15/2025(b)      20,000      20,050
Dana, Inc. , 5.50%, 12/15/2024      14,000      14,018
 
See accompanying notes which are an integral part of this schedule.
Invesco Bond Fund
  Principal
Amount 		Value
Auto Parts & Equipment–(continued)
Delphi Technologies PLC , 5.00%, 10/01/2025(b)      $35,000      $29,838
Flexi-Van Leasing, Inc. , 10.00%, 02/15/2023(b)      27,000      24,975
Hertz Corp. (The) , 7.63%, 06/01/2022(b)      15,000      15,244
      104,125
Automobile Manufacturers–2.17%
Ford Motor Credit Co. LLC,                      
5.09%, 01/07/2021     422,000     433,486
5.58%, 03/18/2024     750,000     781,365
General Motors Financial Co., Inc.,                      
, 5.10%, 01/17/2024     347,000     362,508
Series B, 6.50% (3 mo. USD LIBOR + 3.44%)(c)(d)     240,000     224,212
Hyundai Capital America , 4.30%, 02/01/2024(b)   2,158,000   2,244,226
J.B. Poindexter & Co., Inc. , 7.13%, 04/15/2026(b)      85,000      87,125
Volkswagen Group of America Finance LLC (Germany),                      
3.31%, (3 mo. USD LIBOR + 0.77%), 11/13/2020(b)(d)     330,000     331,201
3.48%, (3 mo. USD LIBOR + 0.94%), 11/12/2021(b)(d)     403,000     405,492
      4,869,615
Automotive Retail–0.19%
Advance Auto Parts, Inc. , 4.50%, 12/01/2023     300,000     318,417
Lithia Motors, Inc. , 5.25%, 08/01/2025(b)      19,000      19,166
Penske Automotive Group, Inc. , 5.50%, 05/15/2026      81,000      80,494
      418,077
Biotechnology–0.27%
AbbVie, Inc. , 4.88%, 11/14/2048     594,000     598,465
Brewers–0.35%
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium), 4.90%, 02/01/2046     103,000     106,369
Anheuser-Busch InBev Worldwide, Inc. (Belgium),                      
5.45%, 01/23/2039     151,000     168,982
8.00%, 11/15/2039     361,000     518,951
      794,302
Broadcasting–0.07%
AMC Networks, Inc.,                      
5.00%, 04/01/2024      39,000      38,944
4.75%, 08/01/2025      10,000       9,813
Gray Television, Inc. , 7.00%, 05/15/2027(b)      26,000      27,605
Nexstar Broadcasting, Inc. , 5.63%, 08/01/2024(b)      42,000      42,420
Tribune Media Co. , 5.88%, 07/15/2022      29,000      29,463
      148,245
Building Products–0.30%
Owens Corning , 4.30%, 07/15/2047     619,000     523,276
  Principal
Amount 		Value
Building Products–(continued)
Standard Industries, Inc.,                      
6.00%, 10/15/2025(b)     $100,000     $103,623
5.00%, 02/15/2027(b)      39,000      38,171
      665,070
Cable & Satellite–3.11%
Altice Financing S.A. (Luxembourg), 6.63%, 02/15/2023(b)     200,000     203,778
CCO Holdings LLC/CCO Holdings Capital Corp.,                      
5.75%, 09/01/2023      95,000      96,781
5.75%, 02/15/2026(b)     194,000     201,760
Charter Communications Operating, LLC/Charter Communications Operating Capital Corp.,                      
4.91%, 07/23/2025   1,257,000   1,330,972
5.38%, 04/01/2038     275,000     282,167
5.75%, 04/01/2048     345,000     364,392
Comcast Corp.,                      
3.95%, 10/15/2025     250,000     264,978
6.45%, 03/15/2037     580,000     757,845
4.60%, 10/15/2038     355,000     388,645
4.95%, 10/15/2058     366,000     420,273
CSC Holdings, LLC,                      
6.75%, 11/15/2021      67,000      71,606
10.88%, 10/15/2025(b)     200,000     227,510
DISH DBS Corp.,                      
7.88%, 09/01/2019      86,000      87,141
5.88%, 11/15/2024     145,000     130,691
7.75%, 07/01/2026      15,000      13,770
Intelsat Jackson Holdings S.A. (Luxembourg),                      
5.50%, 08/01/2023     130,000     117,325
8.50%, 10/15/2024(b)      41,000      40,078
NBCUniversal Media LLC , 5.95%, 04/01/2041   1,193,000   1,489,987
Sirius XM Radio, Inc.,                      
6.00%, 07/15/2024(b)      39,000      40,227
5.38%, 07/15/2026(b)      39,000      39,427
Telenet Finance Luxembourg Notes S.a r.l. (Belgium), 5.50%, 03/01/2028(b)     200,000     198,000
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH (Germany), 5.00%, 01/15/2025(b)     200,000     205,500
      6,972,853
Casinos & Gaming–0.13%
Boyd Gaming Corp.,                      
6.88%, 05/15/2023      40,000      41,400
6.38%, 04/01/2026      19,000      19,643
6.00%, 08/15/2026      19,000      19,214
MGM Resorts International,                      
7.75%, 03/15/2022      42,000      46,410
6.00%, 03/15/2023      67,000      70,852
Scientific Games International, Inc. , 10.00%, 12/01/2022      35,000      36,857
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. , 5.50%, 03/01/2025(b)      55,000      54,038
      288,414
See accompanying notes which are an integral part of this schedule.
Invesco Bond Fund
  Principal
Amount 		Value
Coal & Consumable Fuels–0.03%
SunCoke Energy Partners L.P./SunCoke Energy Partners Finance Corp. , 7.50%, 06/15/2025(b)      $78,000      $77,122
Commodity Chemicals–0.02%
Koppers, Inc. , 6.00%, 02/15/2025(b)      35,000      33,053
Nufarm Australia Ltd./Nufarm Americas, Inc. (Australia), 5.75%, 04/30/2026(b)      23,000      21,793
      54,846
Communications Equipment–0.09%
Commscope Technologies LLC , 6.00%, 06/15/2025(b)      98,000      89,425
Hughes Satellite Systems Corp.,                      
7.63%, 06/15/2021      50,000      53,173
5.25%, 08/01/2026      49,000      48,952
      191,550
Construction & Engineering–0.01%
AECOM , 5.13%, 03/15/2027      22,000      21,711
William Lyon Homes, Inc. , 6.00%, 09/01/2023      11,000      10,945
      32,656
Construction Machinery & Heavy Trucks–0.04%
Meritor, Inc. , 6.25%, 02/15/2024      35,000      36,094
Terex Corp. , 5.63%, 02/01/2025(b)      52,000      50,960
      87,054
Construction Materials–0.17%
CRH America Finance, Inc. (Ireland), 3.95%, 04/04/2028(b)     384,000     389,046
Consumer Finance–1.86%
Ally Financial, Inc.,                      
8.00%, 03/15/2020      31,000      32,124
4.13%, 03/30/2020     950,000     954,750
5.13%, 09/30/2024      34,000      35,658
4.63%, 03/30/2025     223,000     228,854
Capital One Financial Corp. , 3.75%, 03/09/2027   1,210,000   1,210,568
Credit Acceptance Corp. , 6.63%, 03/15/2026(b)     280,000     291,200
Navient Corp.,                      
8.00%, 03/25/2020      52,000      53,625
7.25%, 01/25/2022      23,000      24,337
7.25%, 09/25/2023     176,000     185,407
Synchrony Financial , 4.50%, 07/23/2025   1,135,000   1,162,486
      4,179,009
Copper–0.11%
Freeport-McMoRan, Inc. , 5.40%, 11/14/2034     187,000     167,365
Taseko Mines Ltd. (Canada), 8.75%, 06/15/2022(b)      75,000      71,812
      239,177
Data Processing & Outsourced Services–0.82%
Fidelity National Information Services, Inc. , 4.50%, 08/15/2046     483,000     495,212
  Principal
Amount 		Value
Data Processing & Outsourced Services–(continued)
First Data Corp.,                      
5.00%, 01/15/2024(b)      $29,000      $29,634
5.75%, 01/15/2024(b)     117,000     120,159
Fiserv, Inc. , 4.20%, 10/01/2028     335,000     354,347
Mastercard, Inc.,                      
2.95%, 06/01/2029     450,000     454,946
3.65%, 06/01/2049     375,000     381,546
      1,835,844
Department Stores–0.42%
Macy’s Retail Holdings, Inc. , 4.38%, 09/01/2023     915,000     935,903
Diversified Banks–12.48%
Africa Finance Corp. (Supranational), 4.38%, 04/17/2026(b)   1,080,000   1,087,646
ANZ New Zealand (Int’l) Ltd. (New Zealand), 2.13%, 07/28/2021(b)     815,000     805,532
Australia & New Zealand Banking Group Ltd. (Australia), 6.75% (5 yr. USD ICE Swap Rate + 5.17%)(b)(c)(d)   1,355,000   1,456,117
Bank of America Corp.,                      
3.86%, (3 mo. USD LIBOR + 0.94%), 07/23/2024(d)   1,273,000   1,320,562
7.75%, 05/14/2038     765,000   1,084,561
Series AA, 6.10% (3 mo. USD LIBOR + 3.90%)(c)(d)   1,495,000   1,602,976
Series DD, 6.30% (3 mo. USD LIBOR + 4.55%)(c)(d)     440,000     482,185
Series FF, 5.88% (3 mo. USD LIBOR + 2.93%)(c)(d)     250,000     258,354
Series Z, 6.50% (3 mo. USD LIBOR + 4.17%)(c)(d)   1,130,000   1,229,598
Bank of China Ltd. (China), 5.00%, 11/13/2024(b)     540,000     574,753
Barclays PLC (United Kingdom), 4.84%, 05/09/2028     200,000     199,458
BBVA Bancomer S.A. (Mexico), 4.38%, 04/10/2024(b)     535,000     551,157
BNP Paribas S.A. (France), 4.38% (5 yr. U.S. Swap Rate + 1.48%), 03/01/2033(b)(d)     708,000     705,622
Citigroup, Inc.,                      
2.88%, (3 mo. USD LIBOR + 0.95%), 07/24/2023(d)     245,000     244,814
5.50%, 09/13/2025   1,220,000   1,355,950
4.65%, 07/23/2048     273,000     302,397
Series N, 5.80% (3 mo. USD LIBOR + 4.09%)(c)(d)     750,000     756,563
Series Q, 5.95% (3 mo. USD LIBOR + 4.10%)(c)(d)     350,000     354,905
Series T, 6.25% (3 mo. USD LIBOR + 4.52%)(c)(d)     450,000     481,354
Cooperatieve Rabobank U.A. (Netherlands), 11.00% (3 mo. USD LIBOR + 10.87%)(b)(c)(d)     210,000     211,838
Discover Bank , 4.68% (5 yr. U.S. Swap Rate + 1.73%), 08/09/2028(d)     280,000     285,513
Global Bank Corp. (Panama),                      
4.50%, 10/20/2021(b)     772,000     785,510
5.25%, (3 mo. USD LIBOR + 3.30%), 04/16/2029(b)(d)     421,000     427,841
See accompanying notes which are an integral part of this schedule.
Invesco Bond Fund
  Principal
Amount 		Value
Diversified Banks–(continued)
HSBC Holdings PLC (United Kingdom),                      
6.00%, (5 yr. USD ICE Swap Rate + 3.75%)(c)(d)     $845,000     $833,986
4.00%, 03/30/2022     500,000     518,336
3.52%, (3 mo. USD LIBOR + 1.00%), 05/18/2024(d)     363,000     362,323
JPMorgan Chase & Co.,                      
2.30%, 08/15/2021     910,000     904,629
3.48%, (3 mo. USD LIBOR + 0.89%), 07/23/2024(d)     795,000     796,066
3.63%, 12/01/2027     515,000     520,265
Series I, 6.05% (3 mo. USD LIBOR + 3.47%)(c)(d)     337,000     337,501
Series V, 5.00% (3 mo. USD LIBOR + 3.32%)(c)(d)     535,000     533,663
Series W, 3.52% (3 mo. USD LIBOR + 1.00%), 05/15/2047(d)     790,000     621,505
Nordea Bank Abp (Finland), 5.50% (5 yr. USD ICE Swap Rate + 3.56%)(b)(c)(d)     775,000     774,031
Royal Bank of Scotland Group PLC (The) (United Kingdom),                      
3.50%, (3 mo. USD LIBOR + 1.48%), 05/15/2023(d)     894,000     891,353
7.50%, (5 yr. U.S. Swap Rate + 5.80%), 12/31/2099(c)(d)     200,000     204,187
Societe Generale S.A. (France),                      
7.38%, (5 yr. U.S. Swap Rate + 6.24%)(b)(c)(d)     295,000     303,295
7.38%, (5 yr. U.S. Swap Rate + 4.30%)(b)(c)(d)     505,000     506,586
Standard Chartered PLC (United Kingdom),                      
7.75%, (5 yr. U.S. Swap Rate + 5.72%)(b)(c)(d)     255,000     265,363
3.74%, (3 mo. USD LIBOR + 1.15%), 01/20/2023(b)(d)     200,000     200,007
4.30%, 02/19/2027(b)     300,000     303,167
Wells Fargo & Co.,                      
5.38%, 11/02/2043   1,840,000   2,140,990
4.75%, 12/07/2046     375,000     404,937
      27,987,396
Diversified Capital Markets–1.05%
Credit Suisse AG (Switzerland), 3.00%, 10/29/2021     519,000     522,891
Credit Suisse Group AG (Switzerland), 7.50% (5 yr. U.S. Swap Rate + 4.60%)(b)(c)(d)     285,000     296,226
Credit Suisse Group Funding (Guernsey) Ltd. (Switzerland), 3.75%, 03/26/2025     515,000     524,776
Macquarie Bank Ltd. (Australia), 6.13% (5 yr. U.S. Swap Rate + 3.70%)(b)(c)(d)     530,000     501,322
Macquarie Group Ltd. (Australia), 7.63%, 08/13/2019(b)     498,000     502,561
      2,347,776
Diversified Chemicals–0.73%
Chemours Co. (The),                      
6.63%, 05/15/2023      19,000      19,000
7.00%, 05/15/2025      16,000      16,040
Dow Chemical Co. (The),                      
3.15%, 05/15/2024(b)     256,000     257,484
3.63%, 05/15/2026(b)     259,000     261,863
4.80%, 05/15/2049(b)     261,000     263,650
  Principal
Amount 		Value
Diversified Chemicals–(continued)
OCP S.A. (Morocco), 4.50%, 10/22/2025(b)     $519,000     $527,792
Sasol Financing USA LLC (South Africa), 5.88%, 03/27/2024     251,000     265,881
Trinseo Materials Operating S.C.A./Trinseo Materials Finance, Inc. , 5.38%, 09/01/2025(b)      22,000      20,515
      1,632,225
Diversified Metals & Mining–0.26%
Teck Resources Ltd. (Canada), 6.13%, 10/01/2035     531,000     578,388
Diversified REITs–0.65%
CyrusOne L.P./CyrusOne Finance Corp.,                      
5.00%, 03/15/2024      25,000      25,243
5.38%, 03/15/2027      28,000      28,945
STORE Capital Corp. , 4.63%, 03/15/2029     290,000     303,966
Trust F/1401 (Mexico),                      
5.25%, 12/15/2024(b)     283,000     298,211
5.25%, 01/30/2026(b)     764,000     793,605
      1,449,970
Drug Retail–1.08%
CVS Pass Through Trust,                      
6.04%, 12/10/2028     890,163     985,791
5.77%, 01/10/2033(b)   1,279,827   1,428,170
      2,413,961
Electric Utilities–1.68%
Drax Finco PLC (United Kingdom), 6.63%, 11/01/2025(b)     400,000     406,508
Electricite de France S.A. (France), 6.00%, 01/22/2114(b)   1,755,000   1,920,215
FirstEnergy Corp. , Series C, 4.85%, 07/15/2047     326,000     356,993
Georgia Power Co. , 2.85%, 05/15/2022     300,000     302,372
Southern Co. (The) , Series B, 5.50% (3 mo. USD LIBOR + 3.63%), 03/15/2057(d)     761,000     772,498
      3,758,586
Electrical Components & Equipment–0.03%
EnerSys , 5.00%, 04/30/2023(b)      75,000      76,125
Electronic Equipment & Instruments–0.02%
Itron, Inc. , 5.00%, 01/15/2026(b)      37,000      36,954
Environmental & Facilities Services–0.09%
Core & Main L.P. , 6.13%, 08/15/2025(b)      67,000      66,498
GFL Environmental, Inc. (Canada), 7.00%, 06/01/2026(b)      93,000      89,717
Waste Pro USA, Inc. , 5.50%, 02/15/2026(b)      35,000      34,650
      190,865
Financial Exchanges & Data–1.50%
Moody’s Corp.,                      
5.50%, 09/01/2020   1,080,000   1,118,520
4.88%, 02/15/2024   1,575,000   1,710,223
5.25%, 07/15/2044     425,000     501,103
See accompanying notes which are an integral part of this schedule.
Invesco Bond Fund
  Principal
Amount 		Value
Financial Exchanges & Data–(continued)
MSCI, Inc. , 5.25%, 11/15/2024(b)      $27,000      $27,810
      3,357,656
Food Distributors–0.04%
US Foods, Inc. , 5.88%, 06/15/2024(b)      79,000      80,481
Food Retail–0.03%
Albertsons Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC , 6.63%, 06/15/2024      57,000      57,855
Gas Utilities–0.11%
AmeriGas Partners, L.P./AmeriGas Finance Corp.,                      
5.63%, 05/20/2024      77,000      80,080
5.88%, 08/20/2026      46,000      47,782
Ferrellgas L.P./Ferrellgas Finance Corp.,                      
6.50%, 05/01/2021      48,000      42,600
6.75%, 06/15/2023      12,000      10,410
Suburban Propane Partners, L.P./Suburban Energy Finance Corp. , 5.50%, 06/01/2024      71,000      69,935
      250,807
General Merchandise Stores–0.21%
Dollar Tree, Inc. , 4.20%, 05/15/2028     465,000     470,311
Health Care Equipment–0.02%
Hill-Rom Holdings, Inc. , 5.00%, 02/15/2025(b)      48,000      48,480
Health Care Facilities–0.70%
Acadia Healthcare Co., Inc. , 6.50%, 03/01/2024      27,000      27,608
HCA Healthcare, Inc. , 6.25%, 02/15/2021      99,000     103,455
HCA, Inc.,                      
5.00%, 03/15/2024     800,000     854,878
5.38%, 02/01/2025      39,000      40,861
5.25%, 04/15/2025      30,000      32,340
5.88%, 02/15/2026      71,000      75,438
5.38%, 09/01/2026      18,000      18,722
5.50%, 06/15/2047     344,000     362,610
Tenet Healthcare Corp. , 6.75%, 06/15/2023      62,000      61,995
      1,577,907
Health Care REITs–1.41%
HCP, Inc.,                      
4.00%, 12/01/2022     994,000   1,032,984
4.25%, 11/15/2023     525,000     552,596
MPT Operating Partnership L.P./MPT Finance Corp. , 5.00%, 10/15/2027     111,000     109,751
Physicians Realty L.P. , 4.30%, 03/15/2027     310,000     313,932
Senior Housing Properties Trust , 6.75%, 12/15/2021   1,090,000   1,152,960
      3,162,223
Health Care Services–2.22%
AMN Healthcare, Inc. , 5.13%, 10/01/2024(b)      31,000      30,845
  Principal
Amount 		Value
Health Care Services–(continued)
Cigna Corp.,                      
3.49%, (3 mo. USD LIBOR + 0.89%), 07/15/2023(b)(d)     $742,000     $739,633
3.75%, 07/15/2023(b)     859,000     881,991
4.38%, 10/15/2028(b)      44,000      46,224
4.80%, 08/15/2038(b)     820,000     840,551
DaVita, Inc. , 5.00%, 05/01/2025      53,000      50,284
Eagle Holding Co. II, LLC , 8.38% PIK Rate, 7.63% Cash Rate, 05/15/2022(b)(e)      37,000      37,139
Express Scripts Holding Co. , 3.00%, 07/15/2023   2,050,000   2,057,391
Heartland Dental, LLC , 8.50%, 05/01/2026(b)      60,000      56,775
MEDNAX, Inc.,                      
5.25%, 12/01/2023(b)      35,000      35,000
6.25%, 01/15/2027(b)      75,000      75,375
MPH Acquisition Holdings LLC , 7.13%, 06/01/2024(b)      45,000      44,887
Surgery Center Holdings, Inc.,                      
6.75%, 07/01/2025(b)      18,000      16,425
10.00%, 04/15/2027(b)      30,000      30,525
Team Health Holdings, Inc. , 6.38%, 02/01/2025(b)      35,000      29,028
      4,972,073
Home Improvement Retail–1.17%
Hillman Group, Inc. (The) , 6.38%, 07/15/2022(b)      71,000      64,965
Lowe’s Cos., Inc.,                      
3.65%, 04/05/2029   1,465,000   1,485,572
4.55%, 04/05/2049   1,060,000   1,082,185
      2,632,722
Homebuilding–0.81%
Beazer Homes USA, Inc.,                      
8.75%, 03/15/2022      44,000      45,722
6.75%, 03/15/2025      48,000      44,820
5.88%, 10/15/2027       6,000       4,937
KB Home , 8.00%, 03/15/2020      22,000      22,715
Lennar Corp.,                      
8.38%, 01/15/2021       6,000       6,465
5.38%, 10/01/2022      56,000      58,730
4.75%, 11/15/2022      31,000      32,046
5.25%, 06/01/2026      75,000      77,625
MDC Holdings, Inc. , 6.00%, 01/15/2043   1,643,000   1,449,948
Meritage Homes Corp. , 7.15%, 04/15/2020      20,000      20,575
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc. , 5.88%, 04/15/2023(b)      45,000      46,238
      1,809,821
Hotel & Resort REITs–0.05%
Hospitality Properties Trust , 4.95%, 02/15/2027     105,000     107,167
Hotels, Resorts & Cruise Lines–0.27%
Royal Caribbean Cruises Ltd. , 3.70%, 03/15/2028     623,000     614,249
See accompanying notes which are an integral part of this schedule.
Invesco Bond Fund
  Principal
Amount 		Value
Household Products–0.44%
Controladora Mabe S.A. de C.V. (Mexico), 5.60%, 10/23/2028(b)     $780,000     $810,225
Reynolds Group Issuer, Inc./LLC,                      
5.75%, 10/15/2020      46,517      46,647
5.13%, 07/15/2023(b)      17,000      17,025
7.00%, 07/15/2024(b)      76,000      76,950
Spectrum Brands, Inc. , 5.75%, 07/15/2025      31,000      31,619
      982,466
Hypermarkets & Super Centers–0.15%
Walmart, Inc. , 2.85%, 07/08/2024     339,000     344,365
Independent Power Producers & Energy Traders–0.11%
AES Corp. (The) , 5.50%, 04/15/2025      98,000     101,450
Calpine Corp.,                      
5.38%, 01/15/2023      19,000      18,949
5.50%, 02/01/2024      11,000      10,698
NRG Energy, Inc.,                      
6.63%, 01/15/2027      13,000      13,877
5.25%, 06/15/2029(b)     100,000     102,892
      247,866
Industrial Conglomerates–0.97%
GE Capital International Funding Co. Unlimited Co. , 4.42%, 11/15/2035     854,000     813,371
General Electric Co. , 5.55%, 01/05/2026   1,232,000   1,362,433
      2,175,804
Industrial Machinery–0.07%
Cleaver-Brooks, Inc. , 7.88%, 03/01/2023(b)      72,000      69,300
EnPro Industries, Inc. , 5.75%, 10/15/2026      29,000      29,217
Mueller Industries, Inc. , 6.00%, 03/01/2027      50,000      49,500
      148,017
Integrated Oil & Gas–1.88%
Petrobras Global Finance B.V. (Brazil),                      
5.75%, 02/01/2029     166,000     167,758
6.90%, 03/19/2049     236,000     236,236
Petroleos Mexicanos (Mexico), 5.38%, 03/13/2022     558,000     576,687
Saudi Arabian Oil Co. (Saudi Arabia),                      
2.88%, 04/16/2024(b)   1,471,000   1,463,052
3.50%, 04/16/2029(b)     708,000     707,536
4.25%, 04/16/2039(b)     730,000     730,279
4.38%, 04/16/2049(b)     346,000     343,924
      4,225,472
Integrated Telecommunication Services–3.08%
Altice France S.A. (France), 6.25%, 05/15/2024(b)     200,000     203,500
AT&T, Inc.,                      
3.78%, (3 mo. USD LIBOR + 1.18%), 06/12/2024(d)     393,000     395,089
5.25%, 03/01/2037     475,000     510,774
5.15%, 03/15/2042   1,070,000   1,135,699
4.75%, 05/15/2046     606,000     604,933
5.15%, 02/15/2050   1,281,000   1,343,732
5.70%, 03/01/2057     490,000     551,154
  Principal
Amount 		Value
Integrated Telecommunication Services–(continued)
Cincinnati Bell, Inc.,                      
7.00%, 07/15/2024(b)      $32,000      $27,600
8.00%, 10/15/2025(b)       7,000       6,038
Frontier Communications Corp.,                      
10.50%, 09/15/2022      63,000      45,913
8.00%, 04/01/2027(b)      74,000      76,960
Telecom Italia Capital S.A. (Italy), 7.20%, 07/18/2036     100,000     102,000
Telefonica Emisiones, S.A.U. (Spain), 7.05%, 06/20/2036   1,165,000   1,448,761
Verizon Communications, Inc. , 4.81%, 03/15/2039     413,000     451,599
      6,903,752
Interactive Media & Services–1.06%
Match Group, Inc. , 5.63%, 02/15/2029(b)     766,000     793,209
Tencent Holdings Ltd. (China),                      
2.99%, 01/19/2023(b)     298,000     297,529
3.60%, 01/19/2028(b)     620,000     613,740
3.98%, 04/11/2029(b)     225,000     227,316
3.93%, 01/19/2038(b)     448,000     439,227
      2,371,021
Internet & Direct Marketing Retail–1.01%
Alibaba Group Holding Ltd. (China),                      
4.20%, 12/06/2047     295,000     296,005
4.40%, 12/06/2057     290,000     298,772
QVC, Inc. , 5.45%, 08/15/2034   1,692,000   1,674,139
      2,268,916
Investment Banking & Brokerage–2.07%
Cantor Fitzgerald, L.P. , 6.50%, 06/17/2022(b)     564,000     604,570
Charles Schwab Corp. (The) , Series E, 4.63% (3 mo. USD LIBOR + 3.32%)(c)(d)     862,000     862,470
Goldman Sachs Group, Inc. (The),                      
5.25%, 07/27/2021     565,000     594,305
6.75%, 10/01/2037     310,000     390,878
4.80%, 07/08/2044   1,060,000   1,166,514
Series P, 5.00% (3 mo. USD LIBOR + 2.87%)(c)(d)     495,000     466,530
Jefferies Group LLC/Jefferies Group Capital Finance, Inc. , 4.15%, 01/23/2030     552,000     512,934
Raymond James Financial, Inc. , 4.95%, 07/15/2046      38,000      41,833
      4,640,034
IT Consulting & Other Services–0.31%
DXC Technology Co. , 4.45%, 09/18/2022     340,000     356,845
International Business Machines Corp. , 4.25%, 05/15/2049     320,000     329,054
      685,899
Leisure Facilities–0.04%
Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp. , 5.38%, 06/01/2024      44,000      45,210
See accompanying notes which are an integral part of this schedule.
Invesco Bond Fund
  Principal
Amount 		Value
Leisure Facilities–(continued)
Six Flags Entertainment Corp. , 4.88%, 07/31/2024(b)      $55,000      $54,461
      99,671
Life & Health Insurance–3.25%
Athene Holding Ltd. , 4.13%, 01/12/2028     970,000     952,522
Brighthouse Financial, Inc. , 4.70%, 06/22/2047     964,000     772,455
Dai-ichi Life Insurance Co., Ltd. (The) (Japan), 4.00% (3 mo. USD LIBOR + 3.66%)(b)(c)(d)     545,000     542,752
Global Atlantic Financial Group Ltd. , 8.63%, 04/15/2021(b)     950,000   1,028,925
MetLife, Inc.,                      
, 4.13%, 08/13/2042     390,000     405,009
Series C, 5.25% (3 mo. USD LIBOR + 3.58%)(c)(d)     910,000     918,158
Nationwide Financial Services, Inc. , 5.38%, 03/25/2021(b)   1,645,000   1,714,993
Pacific Life Insurance Co. , 4.30% (3 mo. USD LIBOR + 2.80%), 10/24/2067(b)(d)     430,000     403,691
Prudential Financial, Inc. , 3.91%, 12/07/2047     549,000     544,508
      7,283,013
Managed Health Care–0.51%
Centene Corp. , 5.38%, 06/01/2026(b)      82,000      85,255
Cigna Holding Corp. , 4.50%, 03/15/2021     435,000     446,474
Molina Healthcare, Inc. , 4.88%, 06/15/2025(b)      25,000      24,875
UnitedHealth Group, Inc. , 3.75%, 07/15/2025     483,000     507,846
WellCare Health Plans, Inc.,                      
5.25%, 04/01/2025      60,000      61,032
5.38%, 08/15/2026(b)      24,000      24,653
      1,150,135
Marine Ports & Services–0.29%
Adani Abbot Point Terminal Pty Ltd. (Australia), 4.45%, 12/15/2022(b)     685,000     642,812
Metal & Glass Containers–0.07%
Ball Corp. , 5.25%, 07/01/2025      67,000      70,685
Berry Global, Inc.,                      
5.50%, 05/15/2022      30,000      30,338
6.00%, 10/15/2022      20,000      20,400
Flex Acquisition Co., Inc. , 7.88%, 07/15/2026(b)      39,000      35,197
OI European Group B.V. , 4.00%, 03/15/2023(b)      11,000      10,835
      167,455
Movies & Entertainment–0.63%
AMC Entertainment Holdings, Inc.,                      
5.75%, 06/15/2025      44,000      40,150
6.13%, 05/15/2027      17,000      14,981
Netflix, Inc.,                      
5.75%, 03/01/2024      40,000      42,550
5.88%, 11/15/2028     146,000     153,665
5.38%, 11/15/2029(b)     238,000     242,165
  Principal
Amount 		Value
Movies & Entertainment–(continued)
Warner Media, LLC , 5.35%, 12/15/2043     $850,000     $918,333
      1,411,844
Multi-line Insurance–1.48%
Acrisure LLC/Acrisure Finance, Inc. , 8.13%, 02/15/2024(b)      13,000      13,382
American International Group, Inc. , 4.50%, 07/16/2044   1,485,000   1,500,498
Fairfax Financial Holdings Ltd. (Canada), 4.85%, 04/17/2028     415,000     431,419
Nationwide Mutual Insurance Co. , 4.95%, 04/22/2044(b)     830,000     893,240
XLIT Ltd. (Bermuda), 5.50%, 03/31/2045     415,000     483,680
      3,322,219
Multi-Utilities–0.49%
CenterPoint Energy, Inc. , Series A, Pfd., 6.13% (3 mo. USD LIBOR + 3.27%)(c)(d)   1,065,000   1,098,058
Office REITs–0.45%
Alexandria Real Estate Equities, Inc. , 3.95%, 01/15/2027     550,000     569,097
Office Properties Income Trust , 4.50%, 02/01/2025     447,000     436,792
      1,005,889
Office Services & Supplies–0.55%
Pitney Bowes, Inc.,                      
3.88%, 10/01/2021     805,000     778,113
4.95%, 04/01/2023     496,000     462,520
      1,240,633
Oil & Gas Drilling–0.11%
Diamond Offshore Drilling, Inc. , 4.88%, 11/01/2043      19,000      11,305
Ensco Rowan PLC,                      
4.50%, 10/01/2024       2,000       1,390
7.75%, 02/01/2026      73,000      54,567
Ensign Drilling, Inc. (Canada), 9.25%, 04/15/2024(b)      38,000      36,432
Noble Holding International Ltd. , 7.75%, 01/15/2024      48,000      37,800
Precision Drilling Corp. (Canada),                      
6.50%, 12/15/2021       5,667       5,709
7.75%, 12/15/2023       7,000       7,123
5.25%, 11/15/2024      43,000      38,485
Transocean, Inc. , 7.50%, 04/15/2031      54,000      44,820
      237,631
Oil & Gas Equipment & Services–0.26%
Archrock Partners, L.P./Archrock Partners Finance Corp. , 6.00%, 10/01/2022      20,000      20,100
Baker Hughes, a GE Co., LLC/Baker Hughes Co-Obligor, Inc. , 3.34%, 12/15/2027     510,000     500,822
Calfrac Holdings L.P. (Canada), 8.50%, 06/15/2026(b)      33,000      24,090
SESI, L.L.C. , 7.13%, 12/15/2021      39,000      29,250
      574,262
See accompanying notes which are an integral part of this schedule.
Invesco Bond Fund
  Principal
Amount 		Value
Oil & Gas Exploration & Production–1.08%
Antero Resources Corp. , 5.63%, 06/01/2023      $61,000      $60,543
Ascent Resources Utica Holdings, LLC/ARU Finance Corp. , 10.00%, 04/01/2022(b)      48,000      51,175
Brazos Valley Longhorn LLC/Brazos Valley Longhorn Finance Corp. , 6.88%, 02/01/2025      74,000      72,612
California Resources Corp. , 8.00%, 12/15/2022(b)      45,000      31,613
Callon Petroleum Co. , 6.13%, 10/01/2024      42,000      41,685
Centennial Resource Production, LLC , 6.88%, 04/01/2027(b)      76,000      75,635
Concho Resources, Inc. , 4.38%, 01/15/2025      60,000      62,198
Continental Resources, Inc. , 5.00%, 09/15/2022   1,280,000   1,291,059
Denbury Resources, Inc. , 5.50%, 05/01/2022      26,000      17,875
EP Energy LLC/Everest Acquisition Finance, Inc. , 8.00%, 11/29/2024(b)      32,000      20,160
Gulfport Energy Corp. , 6.00%, 10/15/2024      38,000      31,540
Jagged Peak Energy LLC , 5.88%, 05/01/2026      61,000      59,856
Murphy Oil USA, Inc. , 5.63%, 05/01/2027      35,000      36,050
Newfield Exploration Co. , 5.63%, 07/01/2024      52,000      57,108
Oasis Petroleum, Inc. , 6.88%, 01/15/2023      71,000      68,337
Parsley Energy, LLC/Parsley Finance Corp.,                      
6.25%, 06/01/2024(b)      34,000      34,765
5.63%, 10/15/2027(b)      25,000      24,875
QEP Resources, Inc.,                      
6.88%, 03/01/2021      46,000      46,920
5.25%, 05/01/2023      18,000      16,963
5.63%, 03/01/2026      17,000      15,428
Range Resources Corp.,                      
5.88%, 07/01/2022      34,000      33,490
4.88%, 05/15/2025      39,000      34,125
SM Energy Co.,                      
6.13%, 11/15/2022      48,000      46,680
6.63%, 01/15/2027       8,000       7,080
Southwestern Energy Co.,                      
7.50%, 04/01/2026      31,000      29,915
7.75%, 10/01/2027      68,000      65,280
Whiting Petroleum Corp. , 6.63%, 01/15/2026      40,000      36,750
WPX Energy, Inc. , 5.25%, 09/15/2024      46,000      45,425
      2,415,142
Oil & Gas Refining & Marketing–0.04%
Parkland Fuel Corp. (Canada), 6.00%, 04/01/2026(b)      34,000      34,595
Sunoco L.P. /Sunoco Finance Corp. , 4.88%, 01/15/2023      53,000      53,542
      88,137
  Principal
Amount 		Value
Oil & Gas Storage & Transportation–3.42%
Andeavor Logistics LP/Tesoro Logistics Finance Corp. , 6.38%, 05/01/2024     $102,000     $107,105
Antero Midstream Partners L.P./Antero Midstream Finance Corp. , 5.38%, 09/15/2024      66,000      65,475
Buckeye Partners, L.P.,                      
4.35%, 10/15/2024   1,221,000   1,200,063
5.60%, 10/15/2044     532,000     469,404
Energy Transfer Operating, L.P. , 5.88%, 01/15/2024      85,000      92,933
Energy Transfer Partners, L.P. , Series A, 6.25% (3 mo. USD LIBOR + 4.03%)(c)(d)      27,000      24,886
Enterprise Products Operating LLC,                      
, 4.80%, 02/01/2049     312,000     331,893
Series D,
6.88%, 03/01/2033 		    100,000     128,079
4.88%, (3 mo. USD LIBOR + 2.99%), 08/16/2077(d)     603,000     545,995
Holly Energy Partners L.P./Holly Energy Finance Corp. , 6.00%, 08/01/2024(b)      19,000      19,713
Kinder Morgan, Inc. , 7.80%, 08/01/2031     261,000     340,718
MPLX L.P.,                      
4.80%, 02/15/2029     333,000     353,802
4.70%, 04/15/2048     379,000     359,803
5.50%, 02/15/2049     521,000     551,623
Plains All American Pipeline, L.P. , Series B, 6.13% (3 mo. USD LIBOR + 4.11%)(c)(d)   1,428,000   1,326,919
Sabine Pass Liquefaction, LLC , 5.63%, 03/01/2025      66,000      72,316
SemGroup Corp. , 6.38%, 03/15/2025      39,000      37,635
Targa Resources Partners L.P./Targa Resources Partners Finance Corp.,                      
5.25%, 05/01/2023      54,000      54,321
5.13%, 02/01/2025      37,000      37,278
5.88%, 04/15/2026      62,000      64,248
Western Gas Partners, L.P. , 5.30%, 03/01/2048     195,000     181,980
Williams Cos., Inc. (The),                      
4.13%, 11/15/2020     447,000     454,582
7.88%, 09/01/2021      24,000      26,587
3.60%, 03/15/2022     729,000     741,740
4.55%, 06/24/2024      67,000      71,129
      7,660,227
Other Diversified Financial Services–0.66%
Carlyle Finance LLC , 5.65%, 09/15/2048(b)     902,000     975,102
Experian Finance PLC (United Kingdom), 4.25%, 02/01/2029(b)     310,000     328,620
ILFC E-Capital Trust II , 4.85% (3 mo. USD LIBOR + 1.80%), 12/21/2065(b)(d)     100,000      75,500
LPL Holdings, Inc. , 5.75%, 09/15/2025(b)      37,000      37,185
Tempo Acquisition LLC/Tempo Acquisition Finance Corp. , 6.75%, 06/01/2025(b)      59,000      59,738
See accompanying notes which are an integral part of this schedule.
Invesco Bond Fund
  Principal
Amount 		Value
Other Diversified Financial Services–(continued)
VFH Parent LLC/Orchestra Co-Issuer, Inc. , 6.75%, 06/15/2022(b)      $14,000      $14,460
      1,490,605
Packaged Foods & Meats–0.58%
B&G Foods, Inc. , 5.25%, 04/01/2025      27,000      26,207
Conagra Brands, Inc. , 5.30%, 11/01/2038     639,000     675,279
JBS USA Lux S.A./JBS USA Finance, Inc. , 5.75%, 06/15/2025(b)      48,000      49,260
Lamb Weston Holdings, Inc. , 4.63%, 11/01/2024(b)      32,000      32,000
Mars, Inc. , 2.70%, 04/01/2025(b)     484,000     487,074
TreeHouse Foods, Inc. , 6.00%, 02/15/2024(b)      35,000      35,762
      1,305,582
Paper Products–0.36%
Mercer International, Inc. (Canada),                      
7.75%, 12/01/2022       3,000       3,116
6.50%, 02/01/2024      72,000      73,800
5.50%, 01/15/2026      14,000      13,857
Schweitzer-Mauduit International, Inc. , 6.88%, 10/01/2026(b)      62,000      62,930
Suzano Austria GmbH (Brazil),                      
6.00%, 01/15/2029(b)     342,000     365,512
7.00%, 03/16/2047(b)     260,000     283,010
      802,225
Pharmaceuticals–4.01%
Bausch Health Cos., Inc.,                      
5.88%, 05/15/2023(b)       7,000       7,042
6.13%, 04/15/2025(b)      31,000      30,395
5.50%, 11/01/2025(b)      27,000      27,202
9.00%, 12/15/2025(b)      39,000      42,120
Bayer US Finance II LLC (Germany),                      
3.23%, (3 mo. USD LIBOR + 0.63%), 06/25/2021(b)(d)     369,000     366,052
3.62%, (3 mo. USD LIBOR + 1.01%), 12/15/2023(b)(d)     815,000     800,194
Bristol-Myers Squibb Co.,                      
2.90%, 07/26/2024(b)   1,181,000   1,197,295
3.20%, 06/15/2026(b)     438,000     449,521
3.40%, 07/26/2029(b)     994,000   1,022,854
4.13%, 06/15/2039(b)     356,000     371,525
4.25%, 10/26/2049(b)   1,182,000   1,252,974
GlaxoSmithKline Capital PLC (United Kingdom), 2.88%, 06/01/2022     590,000     596,767
HLF Financing S.a.r.l. LLC/Herbalife International, Inc. , 7.25%, 08/15/2026(b)      34,000      33,702
Pfizer, Inc.,                      
2.95%, 03/15/2024     989,000   1,012,386
3.90%, 03/15/2039   1,651,000   1,738,966
Teva Pharmaceutical Finance IV, B.V. (Israel), 3.65%, 11/10/2021      39,000      36,611
      8,985,606
Property & Casualty Insurance–0.40%
Allstate Corp. (The) , 4.20%, 12/15/2046     275,000     295,351
  Principal
Amount 		Value
Property & Casualty Insurance–(continued)
W.R. Berkley Corp. , 7.38%, 09/15/2019     $600,000     $607,739
      903,090
Publishing–0.04%
Meredith Corp. , 6.88%, 02/01/2026      87,000      90,036
Railroads–0.25%
CSX Corp. , 4.65%, 03/01/2068     473,000     476,533
Kenan Advantage Group, Inc. (The) , 7.88%, 07/31/2023(b)      81,000      76,950
      553,483
Regional Banks–0.81%
CIT Group, Inc.,                      
5.00%, 08/15/2022      33,000      34,304
5.00%, 08/01/2023      48,000      50,200
Fifth Third Bancorp , 4.30%, 01/16/2024     660,000     700,161
First Niagara Financial Group, Inc. , 7.25%, 12/15/2021     340,000     376,636
M&T Bank Corp. , Series F, 5.13% (3 mo. USD LIBOR + 3.52%)(c)(d)     279,000     287,122
Synovus Financial Corp. , 3.13%, 11/01/2022     370,000     368,465
      1,816,888
Residential REITs–0.43%
Essex Portfolio L.P. , 3.63%, 08/15/2022     940,000     963,057
Restaurants–0.81%
1011778 BC ULC/New Red Finance, Inc. (Canada), 5.00%, 10/15/2025(b)      77,000      75,653
Aramark Services, Inc. , 5.00%, 04/01/2025(b)      35,000      34,913
Darden Restaurants, Inc. , 4.55%, 02/15/2048     173,000     172,113
Starbucks Corp.,                      
3.55%, 08/15/2029     641,000     651,978
4.45%, 08/15/2049     858,000     888,474
      1,823,131
Retail REITs–0.15%
Regency Centers, L.P. , 4.13%, 03/15/2028     328,000     345,972
Security & Alarm Services–0.01%
Brink’s Co. (The) , 4.63%, 10/15/2027(b)      31,000      30,070
Semiconductor Equipment–0.19%
Lam Research Corp.,                      
4.00%, 03/15/2029     185,000     192,706
4.88%, 03/15/2049     220,000     238,588
      431,294
Semiconductors–2.24%
Analog Devices, Inc. , 3.13%, 12/05/2023     445,000     450,588
See accompanying notes which are an integral part of this schedule.
Invesco Bond Fund
  Principal
Amount 		Value
Semiconductors–(continued)
Broadcom Corp./Broadcom Cayman Finance Ltd.,                      
3.00%, 01/15/2022   $1,045,000   $1,039,647
3.88%, 01/15/2027   1,086,000   1,033,766
3.50%, 01/15/2028   1,025,000     938,442
Micron Technology, Inc.,                      
5.50%, 02/01/2025      50,000      51,495
4.98%, 02/06/2026     300,000     305,803
5.33%, 02/06/2029     175,000     176,545
NXP B.V./NXP Funding LLC (Netherlands),                      
3.88%, 09/01/2022(b)     806,000     820,911
4.63%, 06/01/2023(b)     200,000     208,460
      5,025,657
Soft Drinks–0.11%
Keurig Dr Pepper, Inc. , 4.99%, 05/25/2038(b)     237,000     252,440
Sovereign Debt–0.94%
Banque Ouest Africaine de Developpement (Supranational), 5.00%, 07/27/2027(b)     200,000     203,350
Oman Government International Bond (Oman), 4.13%, 01/17/2023(b)     310,000     296,535
Qatar Government International Bond (Qatar),                      
3.38%, 03/14/2024(b)     675,000     691,386
4.00%, 03/14/2029(b)     866,000     913,229
      2,104,500
Specialized Consumer Services–0.04%
ServiceMaster Co., LLC (The),                      
5.13%, 11/15/2024(b)      22,000      22,055
7.45%, 08/15/2027      72,000      76,680
      98,735
Specialized REITs–0.18%
Equinix, Inc. , 5.88%, 01/15/2026      90,000      94,508
GLP Capital L.P./GLP Financing II, Inc. , 5.38%, 04/15/2026      39,000      41,328
Iron Mountain US Holdings, Inc. , 5.38%, 06/01/2026(b)      54,000      52,920
Iron Mountain, Inc.,                      
6.00%, 08/15/2023      30,000      30,750
5.75%, 08/15/2024      15,000      14,918
5.25%, 03/15/2028(b)      20,000      19,000
Rayonier A.M. Products, Inc. , 5.50%, 06/01/2024(b)      65,000      52,781
SBA Communications Corp. , 4.88%, 09/01/2024      95,000      94,439
      400,644
Specialty Chemicals–0.10%
Ashland LLC , 4.75%, 08/15/2022      31,000      32,046
Element Solutions, Inc. , 5.88%, 12/01/2025(b)      36,000      36,675
GCP Applied Technologies, Inc. , 5.50%, 04/15/2026(b)      56,000      56,420
PolyOne Corp. , 5.25%, 03/15/2023      52,000      53,885
PQ Corp. , 6.75%, 11/15/2022(b)      33,000      34,196
      213,222
  Principal
Amount 		Value
Steel–0.10%
ArcelorMittal (Luxembourg), 7.00%, 10/15/2039      $31,000      $35,428
Cleveland-Cliffs, Inc. , 5.75%, 03/01/2025      50,000      48,875
Steel Dynamics, Inc. , 5.13%, 10/01/2021      75,000      75,281
United States Steel Corp. , 6.88%, 08/15/2025      86,000      74,605
      234,189
Technology Distributors–0.23%
Avnet, Inc. , 4.63%, 04/15/2026     485,000     502,258
CDW LLC/CDW Finance Corp. , 5.00%, 09/01/2025      13,000      13,195
      515,453
Technology Hardware, Storage & Peripherals–1.22%
Dell International LLC/EMC Corp.,                      
7.13%, 06/15/2024(b)     120,000     126,428
4.00%, 07/15/2024(b)     465,000     467,935
6.02%, 06/15/2026(b)     906,000     976,366
4.90%, 10/01/2026(b)     270,000     276,573
8.35%, 07/15/2046(b)     732,000     896,007
      2,743,309
Tobacco–1.26%
Altria Group, Inc.,                      
3.80%, 02/14/2024     638,000     656,045
4.40%, 02/14/2026     980,000   1,021,107
4.80%, 02/14/2029     776,000     811,141
6.20%, 02/14/2059     302,000     335,295
      2,823,588
Trading Companies & Distributors–3.07%
AerCap Global Aviation Trust (Ireland), 6.50% (3 mo. USD LIBOR + 4.30%), 06/15/2045(b)(d)   2,979,000   3,023,685
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 3.50%, 05/26/2022     264,000     265,653
Air Lease Corp.,                      
3.88%, 04/01/2021     995,000   1,012,628
3.38%, 06/01/2021     825,000     833,080
3.00%, 09/15/2023     394,000     391,344
Aircastle Ltd.,                      
7.63%, 04/15/2020      12,000      12,446
5.00%, 04/01/2023      85,000      88,793
BMC East, LLC , 5.50%, 10/01/2024(b)      63,000      63,630
BOC Aviation Ltd. (Singapore), 3.73% (3 mo. USD LIBOR + 1.13%), 09/26/2023(b)(d)     524,000     524,466
Herc Rentals, Inc. , 7.75%, 06/01/2024(b)      11,000      11,598
United Rentals North America, Inc.,                      
5.50%, 07/15/2025      33,000      33,825
5.88%, 09/15/2026      79,000      82,061
6.50%, 12/15/2026      59,000      62,687
5.50%, 05/15/2027      16,000      16,180
5.25%, 01/15/2030     458,000     449,985
      6,872,061
See accompanying notes which are an integral part of this schedule.
Invesco Bond Fund
  Principal
Amount 		Value
Trucking–2.83%
Aviation Capital Group LLC,                      
3.25%, (3 mo. USD LIBOR + 0.67%), 07/30/2021(b)(d)     $264,000     $263,419
4.13%, 08/01/2025(b)     773,000     791,209
3.50%, 11/01/2027(b)   1,310,000   1,263,969
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. , 5.25%, 03/15/2025(b)      44,000      42,515
Avolon Holdings Funding Ltd. (Ireland), 4.38%, 05/01/2026(b)     180,000     180,626
DAE Funding LLC (United Arab Emirates), 4.00%, 08/01/2020(b)     170,000     170,425
Penske Truck Leasing Co., L.P./PTL Finance Corp.,                      
4.13%, 08/01/2023(b)   2,005,000   2,092,236
3.90%, 02/01/2024(b)     469,000     485,130
SMBC Aviation Capital Finance DAC (Ireland),                      
3.00%, 07/15/2022(b)     474,000     475,906
4.13%, 07/15/2023(b)     552,000     574,676
      6,340,111
Wireless Telecommunication Services–2.29%
America Movil, S.A.B. de C.V. (Mexico), 4.38%, 07/16/2042     620,000     649,212
Oztel Holdings SPC Ltd. (Oman), 6.63%, 04/24/2028(b)     379,000     368,335
Rogers Communications, Inc. (Canada), 4.35%, 05/01/2049     330,000     343,342
Sprint Communications, Inc. , 7.00%, 03/01/2020(b)      48,000      49,246
Sprint Corp. , 7.63%, 02/15/2025      36,000      38,160
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC,                      
4.74%, 03/20/2025(b)     922,000     943,898
5.15%, 03/20/2028(b)   1,587,000   1,628,659
Class A-1, 3.36%, 09/20/2021(b)     748,125     748,125
T-Mobile USA, Inc.,                      
6.38%, 03/01/2025     145,000     150,404
6.50%, 01/15/2026     212,000     224,190
      5,143,571
Total U.S. Dollar Denominated Bonds & Notes (Cost $198,908,354) 204,761,264
U.S. Treasury Securities–3.54%
U.S. Treasury Bills–0.25%
2.27% - 2.45%, 06/27/2019(f)(g)     565,000     564,035
U.S. Treasury Bonds–0.67%
3.00%, 02/15/2049   1,387,600   1,511,020
U.S. Treasury Notes–2.62%
2.13%, 05/15/2022     340,000     342,338
2.25%, 04/30/2024   4,034,300   4,094,972
2.38%, 04/30/2026     139,100     142,276
2.38%, 05/15/2029   1,258,700   1,285,693
      5,865,279
Total U.S. Treasury Securities (Cost $7,763,695) 7,940,334
  Shares Value
Preferred Stocks–2.84%
Diversified Banks–1.18%
Wells Fargo & Co., 0.00% Class A, Series L, $75.00 Pfd.     1,992   $2,639,400
Investment Banking & Brokerage–1.30%
Morgan Stanley, 7.13%, Series E, Pfd.    65,000   1,816,750
Morgan Stanley, 6.88%, Series F, Pfd.    40,000   1,110,400
      2,927,150
Regional Banks–0.36%
PNC Financial Services Group, Inc. (The), 6.13%, Series P, Pfd.    30,000     800,700
Total Preferred Stocks (Cost $5,923,864) 6,367,250
  Principal
Amount 		 
Asset-Backed Securities–0.58%
Jimmy Johns Funding LLC, Series 2017-1A, Class A-2-II, 4.85%, 07/30/2047(b)     $613,964     640,289
Wendy’s Funding LLC, Series 2018-1A, Class A-2-II, 3.88%, 03/15/2048(b)     661,625     669,604
Total Asset-Backed Securities (Cost $1,286,621) 1,309,893
Non-U.S. Dollar Denominated Bonds & Notes–0.18%
Movies & Entertainment–0.18%
Netflix, Inc. (United States), 3.88%, 11/15/2029(b) EUR   350,000     399,800
  Shares  
Money Market Funds–0.52%
Invesco Government & Agency Portfolio, Institutional Class, 2.30%(h)   404,349     404,349
Invesco Liquid Assets Portfolio, Institutional Class, 2.43%(h)   288,715     288,802
Invesco Treasury Portfolio, Institutional Class, 2.28%(h)   462,113     462,113
Total Money Market Funds (Cost $1,155,264) 1,155,264
TOTAL INVESTMENTS IN SECURITIES–99.00% (Cost $215,428,276) 221,933,805
OTHER ASSETS LESS LIABILITIES–1.00% 2,242,194
NET ASSETS–100.00% $224,175,999
See accompanying notes which are an integral part of this schedule.
Invesco Bond Fund
Investment Abbreviations:
EUR – Euro
LIBOR – London Interbank Offered Rate
Pfd. – Preferred
PIK – Pay-in-Kind
REGS – Regulation S
USD – U.S. Dollar
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at May 31, 2019 was $75,282,240, which represented 33.58% of the Fund’s Net Assets.
(c) Perpetual bond with no specified maturity date.
(d) Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on May 31, 2019.
(e) All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.
(f) All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1F.
(g) Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(h) The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of May 31, 2019.
    
Open Over-The-Counter Credit Default Swaptions Written
Description Type of
Contract 		Counterparty Exercise
Rate 		Buy/Sell
Protection 		Payment
Frequency 		Expiration
Date 		Premiums
Received 		Notional
Value 		Value Unrealized
Appreciation
(Depreciation)
Credit Risk                    
Markit CDX North America High Yield Index, Series 32, Version 1 Put Morgan Stanley & Co. International PLC 1.05% Sell Quarterly 06/19/2019 $(11,784) $(2,709,000) $(28,576) $(16,791)
Markit CDX North America High Yield Index, Series 32, Version 1 Put Morgan Stanley & Co. International PLC 1.05% Sell Quarterly 06/19/2019 $(19,691) $(3,613,000) (38,111) (18,421)
Total Credit Default Swaptions Written $(31,475) (66,687) (35,212)
    
Open Futures Contracts
Long Futures Contracts Number of
Contracts 		Expiration
Month 		Notional
Value 		Value Unrealized
Appreciation
(Depreciation)
Interest Rate Risk
U.S. Treasury 10 Year Bonds 98 September-2019 $12,421,500 $128,611 $128,611
U.S. Treasury Long Bonds 65 September-2019 9,991,719 219,728 219,728
U.S. Treasury Ultra Bonds 7 September-2019 1,230,469 37,444 37,444
U.S. Treasury 2 Year Notes 12 September-2019 2,576,062 10,474 10,474
Subtotal—Long Futures Contracts 396,257 396,257
Short Futures Contracts          
Interest Rate Risk
U.S. Treasury 5 Year Notes 5 September-2019 (586,836) (3,422) (3,422)
U.S. Treasury 10 Year Ultra Bonds 37 September-2019 (5,052,234) (52,697) (52,697)
Subtotal—Short Futures Contracts (56,119) (56,119)
Total Futures Contracts $340,138 $340,138
    
See accompanying notes which are an integral part of this schedule.
Invesco Bond Fund
Open Forward Foreign Currency Contracts
Settlement
Date 		Counterparty Contract to Unrealized
Appreciation
(Depreciation)
Deliver Receive
Currency Risk            
08/30/2019 Goldman Sachs & Co. EUR 350,000 USD 393,673 $(152)
    
Abbreviations:
EUR – Euro
USD – U.S. Dollar
See accompanying notes which are an integral part of this schedule.
Invesco Bond Fund
Notes to Quarterly Schedule of Portfolio Holdings
May 31, 2019
(Unaudited)
NOTE 1—Significant Accounting Policies
A. Security Valuations — Securities, including restricted securities, are valued according to the following policy.
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. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
A security listed or traded on an exchange (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 asked 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 asked prices. For purposes of determining net asset value ("NAV") 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.
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 investment 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/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general 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
Invesco Bond Fund
B. Securities Transactions and Investment Income — (continued)
Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.
C. Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues 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. Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.
The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.
E. Forward Foreign Currency Contracts — The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.
The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to the daily mark-to-market obligation for forward foreign currency contracts.
A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts 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.
F. Futures Contracts — The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between Counterparties to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.
G. Put Options Purchased and Written — The Fund may purchase and write put options including options on securities indexes, or foreign currency and/or futures contracts. By purchasing a put option, the Fund obtains the right (but not the obligation) to sell the option’s underlying instrument at a fixed strike price. In return for this right, the Fund pays an option premium. The option’s underlying instrument may be a security, securities index, or a futures contract.
Additionally, the Fund may enter into an option on a swap agreement, also called a “swaption”. A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based premium. A receiver swaption gives the
Invesco Bond Fund
G. Put Options Purchased and Written — (continued)
owner the right to receive the total return of a specified asset, reference rate or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the Counterparties.
Put options may be used by the Fund to hedge securities it owns by locking in a minimum price at which the Fund can sell. If security prices fall, the put option could be exercised to offset all or a portion of the Fund’s resulting losses. At the same time, because the maximum the Fund has at risk is the cost of the option, purchasing put options does not eliminate the potential for the Fund to profit from an increase in the value of the underlying portfolio securities. The Fund may write put options to earn additional income in the form of option premiums if it expects the price of the underlying instrument to remain stable or rise during the option period so that the option will not be exercised. The risk in this strategy is that the price of the underlying securities may decline by an amount greater than the premium received. Put options written are reported as a liability in the Statement of Assets and Liabilities. Realized and unrealized gains and losses on put options purchased and put options written are included in the Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities and Option contracts written, respectively. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.
H. Leverage Risk — Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.
I. Collateral — To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.
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.
The following is a summary of the tiered valuation input levels, as of May 31, 2019. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
  Level 1 Level 2 Level 3 Total
Investments in Securities        
U.S. Dollar Denominated Bonds & Notes $— $204,761,264 $— $204,761,264
U.S. Treasury Securities — 7,940,334 — 7,940,334
Preferred Stocks 6,367,250 — — 6,367,250
Asset-Backed Securities — 1,309,893 — 1,309,893
Non-U.S. Dollar Denominated Bonds & Notes — 399,800 — 399,800
Money Market Funds 1,155,264 — — 1,155,264
Total Investments in Securities 7,522,514 214,411,291 — 221,933,805
Other Investments - Assets*        
Futures Contracts 396,257 — — 396,257
Other Investments - Liabilities*        
Futures Contracts (56,119) — — (56,119)
Forward Foreign Currency Contracts — (152) — (152)
Options Written — (66,687) — (66,687)
  (56,119) (66,839) — (122,958)
Total Other Investments 340,138 (66,839) — 273,299
Total Investments $7,862,652 $214,344,452 $— $222,207,104
    
* Futures contracts and forward foreign currency contracts are valued at unrealized appreciation (depreciation). Options written are shown at value.
Invesco Bond Fund