N-CSR 1 d453800dncsr.htm N-CSR N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number

  

  811-05686

AIM Investment Securities Funds (Invesco Investment Securities Funds)

 

(Exact name of registrant as specified in charter)

11 Greenway Plaza, Suite 1000    Houston, Texas 77046

 

(Address of principal executive offices)  (Zip code)

Sheri Morris    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:          2/28                        

Date of reporting period:      2/28/2023                        

 


ITEM 1.

REPORTS TO STOCKHOLDERS.

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

(b) Not applicable.


LOGO

 

   
Annual Report to Shareholders   February 28, 2023

Invesco Corporate Bond Fund

Nasdaq:

A: ACCBX C: ACCEX R: ACCZX Y: ACCHX R5: ACCWX R6: ICBFX

 

 

 

    

   
2    Management’s Discussion
2    Performance Summary
4    Long-Term Fund Performance
6    Supplemental Information
8    Schedule of Investments
28    Financial Statements
31    Financial Highlights
32    Notes to Financial Statements
42    Report of Independent Registered Public Accounting Firm
43    Fund Expenses
44    Tax Information
T-1    Trustees and Officers


 

Management’s Discussion of Fund Performance

 

   

Performance summary

 

For the fiscal year ended February 28, 2023, Class A shares of Invesco Corporate Bond Fund (the Fund), at net asset value (NAV), outperformed the Bloomberg U.S. Credit Index, the Fund’s broad market/style-specific benchmark.

    Your Fund’s long-term performance appears later in this report.

 

 

 

   

Fund vs. Indexes

 

Total returns, 2/28/22 to 2/28/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

 

Class A Shares

    -10.14

Class C Shares

    -10.84  

Class R Shares

    -10.38  

Class Y Shares

    -9.89  

Class R5 Shares

    -9.96  

Class R6 Shares

    -9.77  

Bloomberg U.S. Credit Index (Broad Market/Style-Specific Index)

    -10.15  

Lipper BBB Rated Funds Index (Peer Group Index)

    -12.19  

Source(s): RIMES Technologies Corp.; Lipper Inc.

 

       

 

 

Market conditions and your Fund

The beginning of the fiscal year was headlined by a historic rise in inflation along with global geopolitical and economic tensions. Inflation, as measured by the Consumer Price Index, reached 8.5%,1 its highest level in over 40 years. In response, the US Federal Reserve (the Fed) shifted to tighter monetary policy, hiking its Fed funds rate by 0.25%,2 its first increase since 2018. Geopolitical and economic tensions between Ukraine and Russia culminated with the latter invading Ukrainian territory. World leaders levied sanctions against Russia that had material effects on its fixed income markets, particularly sovereign debt and corporates, and levels of liquidity. The Russia-Ukraine war exacerbated inflationary pressures while also exerting downward pressure on economic growth through a surge in commodity/energy prices. Additionally, surges in COVID-19 cases in China exacerbated supply chain issues and aggravated inflation. During the first quarter of 2022, the two-year Treasury yield rose significantly from 0.78% to 2.28%, while the 10-year Treasury increased slightly from 1.63% to 2.32%.3

In the second quarter of 2022, the macro backdrop of tightening financial conditions and slowing economic growth was negative for credit asset classes. Inflation increased further to 9.1% and fixed income markets experienced significant negative performance as bond sectors felt the impact of rising interest rates with negative performance ranging from -0.9% (Bloomberg Asset-Backed Securities) to -9.8% (Bloomberg US Corporate High Yield).4 Credit spreads increased across all major credit-sensitive sectors, reflecting anticipation of an economic slowdown and increasing concerns about recession risk, with corporate spreads ending the second quarter of 2022 above their long-term historical average. The Fed continued its rapid tightening of

monetary policy in an effort to combat inflation via higher interest rates while simultaneously engineering a soft landing to not push the economy into a recession. The Fed aggressively raised its Fed funds rate during the fiscal year: a 0.50% hike in May, three 0.75% hikes in June, July and November, the largest hikes since 1994, a 0.50% hike in December, and a 0.25% hike in January to a target Fed funds rate of 4.50% to 4.75%, the highest since 2006.2 At their January 2023 meeting, the Fed indicated that there were signs of inflation coming down, but not enough to counter the need for more interest rate increases. While rates remained elevated across all maturities on the yield curve, the two-year Treasury rates increased from 1.44% to 4.81% during the fiscal year, while 10-year Treasury rates increased from 1.83% to 3.92%.3 At the end of the fiscal year, the yield curve remained inverted, which historically has been an indicator of a potential recession. However, attractive yields and encouraging macroeconomic data show signs of a possible rebound for fixed income markets, in our opinion.

The Fund, at NAV, generated negative returns for the fiscal year but outperformed its broad market/style-specific benchmark, the Bloomberg U.S. Credit Index.

Positioning and security selection in corporate bonds were the primary contributors to Fund performance relative to the broad market/style-specific benchmark during the fiscal year. In particular, overweight allocations to the energy and insurance sub-sectors contributed most to relative Fund performance while an underweight allocation to the consumer non-cyclical sub-sector and an overweight allocation to the finance companies sub-sector detracted most from relative Fund performance. Security selection within the banking and energy sub-sectors contributed most to Fund performance while security selection within the brokerage/asset

 

managers/exchanges and REITs sub-sectors detracted most from Fund performance. Additionally, an underweight in Treasuries and other government-related assets was additive to Fund performance due to a flattening of the yield curve and elevated inflation.

The Fund may use active duration and yield curve positioning for risk management and for generating excess return versus its broad market/style-specific benchmark. Duration measures a portfolio’s price sensitivity to interest rate changes. Yield curve positioning refers to actively emphasizing particular points (maturities) along the yield curve with favorable risk-return expectations. During the fiscal year, duration of the portfolio was maintained in-line with the broad market/style-specific benchmark, on average, and the timing of changes and the degree of variance from the Fund’s broad market/style-specific benchmark had a small positive effect on relative returns. We believe buying and selling US Treasury futures was an important tool used for the management of interest rate risk and to maintain our targeted portfolio duration during the fiscal year.

Part of the Fund’s strategy in seeking to manage credit and currency risk during the fiscal year entailed purchasing and selling credit and currency derivatives. We sought to manage credit risk by purchasing and selling credit default swaps at various points throughout the fiscal year. Management of currency risk was carried out via currency forwards and options on an as-needed basis and we believe it was effective in managing the currency positioning within the Fund during the fiscal year.

We wish to remind you that the Fund is subject to interest rate risk, meaning when interest rates rise, the value of fixed income securities tends to fall. We believe the risk may be greater in the current market environment because of interest rate volatility to combat inflation. The degree to which the value of fixed income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates, as well as individual security characteristics, such as price, maturity, duration and coupon and market forces, such as supply and demand for similar securities. We are monitoring interest rates, and the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise or fall faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of certain of the Fund’s investments.

Thank you for investing in Invesco Corporate Bond Fund and for sharing our long-term investment horizon.

 

 

2   Invesco Corporate Bond Fund


1

Source: US Bureau of Labor Statistics

 

2

Source: Federal Reserve of Economic Data

 

3

Source: US Department of the Treasury

 

4

Source: Bloomberg LP

 

 

Portfolio manager(s):

Matthew Brill

Chuck Burge

Michael Hyman

Niklas Nordenfelt

Todd Schomberg

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

See important Fund and, if applicable, index disclosures later in this report.

    

    

 

 

3   Invesco Corporate Bond Fund


 

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 2/28/13

 

LOGO

 

1

Source: RIMES Technologies Corp.

2

Source: Lipper Inc.

 

Past performance cannot guarantee future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects Fund expenses and management fees; performance of a market index does

not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

 

 

4   Invesco Corporate Bond Fund


    

    

    

 

 

Average Annual Total Returns

 

As of 2/28/23, including maximum applicable sales charges

 

Class A Shares

       

Inception (9/23/71)

    6.46

10 Years

    2.15  

  5 Years

    0.57  

  1 Year

    -13.99  

Class C Shares

       

Inception (8/30/93)

    4.52

10 Years

    1.99  

  5 Years

    0.66  

  1 Year

    -11.70  

Class R Shares

       

Inception (6/6/11)

    3.06

10 Years

    2.34  

  5 Years

    1.17  

  1 Year

    -10.38  

Class Y Shares

       

Inception (8/12/05)

    4.33

10 Years

    2.85  

  5 Years

    1.68  

  1 Year

    -9.89  

Class R5 Shares

       

Inception (6/1/10)

    4.22

10 Years

    2.94  

  5 Years

    1.74  

  1 Year

    -9.96  

Class R6 Shares

       

Inception (9/24/12)

    3.11

10 Years

    3.03  

  5 Years

    1.81  

  1 Year

    -9.77  

Effective June 1, 2010, Class A, Class C and Class I shares of the predecessor fund, Van Kampen Corporate Bond Fund, advised by Van Kampen Asset Management were reorganized into Class A, Class C and Class Y shares, respectively, of Invesco Van Kampen Corporate Bond Fund (renamed Invesco Corporate Bond Fund). Returns shown above, prior to June 1, 2010, for Class A, Class C and Class Y shares are those for Class A, Class C and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    Class A share performance reflects the maximum 4.25% sales charge, and Class C

share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

    

 

 

5   Invesco Corporate Bond Fund


 

Supplemental Information

Invesco Corporate Bond Fund’s primary investment objective is to seek to provide current income with preservation of capital. Capital appreciation is a secondary objective that is sought only when consistent with the Fund’s primary investment objective.

Unless otherwise stated, information presented in this report is as of February 28, 2023, and is based on total net assets.

Unless otherwise noted, all data is provided by Invesco.

To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

 

 

About indexes used in this report

The Bloomberg U.S. Credit Index is an unmanaged index considered representative of publicly issued, SEC-registered US corporate and specified foreign debentures and secured notes.

The Lipper BBB Rated Funds Index is an unmanaged index considered representative of BBB-rated funds tracked by Lipper.

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

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

    

    

 

 

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

 

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

 

6   Invesco Corporate Bond Fund


Fund Information

    

 

Portfolio Composition

 

 

By security type   % of total net assets

U.S. Dollar Denominated Bonds & Notes

      89.61 %

Preferred Stocks

      2.19

U.S. Treasury Securities

      1.62

Asset-Backed Securities

      1.14

Security Types Each Less Than 1% of Portfolio

      0.70

Money Market Funds Plus Other Assets Less Liabilities

      4.74
Top Five Debt Issuers*    
    % of total net assets

1.  Amgen, Inc.

      2.37 %

2.  Kinder Morgan, Inc.

      1.93

3.  Philip Morris International, Inc.

      1.77

4.  Bank of America Corp.

      1.51

5.  U.S. Treasury

      1.42

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

*

Excluding money market fund holdings, if any.

Data presented here are as of February 28, 2023.

        

 

 

7   Invesco Corporate Bond Fund


Schedule of Investments(a)

February 28, 2023

 

     

Principal

Amount

     Value

U.S. Dollar Denominated Bonds & Notes–89.61%

Advertising–0.21%

     

Clear Channel Outdoor Holdings, Inc., 5.13%, 08/15/2027(b)

   $        265,000      $          236,766

Interpublic Group of Cos., Inc. (The), 4.75%, 03/30/2030

     3,831,000      3,656,733

Lamar Media Corp.,

     

4.00%, 02/15/2030(c)

     1,319,000      1,135,527

3.63%, 01/15/2031

     523,000      431,237
              5,460,263

Aerospace & Defense–1.90%

Boeing Co. (The),

     

2.75%, 02/01/2026(c)

     1,347,000      1,249,030

2.20%, 02/04/2026

     2,079,000      1,888,977

5.15%, 05/01/2030

     5,000,000      4,841,469

3.63%, 02/01/2031

     3,957,000      3,472,311

5.93%, 05/01/2060

     5,937,000      5,555,077

Huntington Ingalls Industries, Inc., 3.84%, 05/01/2025

     4,639,000      4,457,513

Lockheed Martin Corp.,

     

5.10%, 11/15/2027

     2,921,000      2,961,321

4.15%, 06/15/2053

     1,490,000      1,282,991

5.70%, 11/15/2054

     2,121,000      2,298,705

4.30%, 06/15/2062

     1,796,000      1,557,392

5.90%, 11/15/2063

     2,121,000      2,345,018

Northrop Grumman Corp., 4.95%, 03/15/2053

     2,481,000      2,341,254

Raytheon Technologies Corp.,

     

5.00%, 02/27/2026

     1,102,000      1,100,626

5.15%, 02/27/2033(c)

     5,317,000      5,293,202

5.38%, 02/27/2053

     3,983,000      4,003,650

TransDigm UK Holdings PLC, 6.88%, 05/15/2026

     301,000      295,085

TransDigm, Inc.,

     

6.25%, 03/15/2026(b)

     547,000      540,395

6.38%, 06/15/2026

     141,000      136,885

6.75%, 08/15/2028(b)

     2,680,000      2,669,950
              48,290,851

Agricultural & Farm Machinery–0.73%

Cargill, Inc.,

     

5.13%, 10/11/2032(b)

     2,043,000      2,051,718

4.38%, 04/22/2052(b)

     1,796,000      1,595,548

John Deere Capital Corp., 4.90%, 03/03/2028

     14,934,000      14,910,145
              18,557,411

Agricultural Products–0.02%

 

  

Bunge Ltd. Finance Corp., 2.75%, 05/14/2031(c)

     560,000      461,360

Air Freight & Logistics–0.45%

 

  

United Parcel Service, Inc.,

     

4.88%, 03/03/2033

     3,730,000      3,706,643

5.05%, 03/03/2053

     7,949,000      7,854,367
              11,561,010
     

Principal

Amount

     Value

Airlines–1.57%

     

American Airlines Pass-Through Trust,

     

Series 2016-3, Class A, 3.00%, 10/15/2028

   $     2,606,968      $       2,314,091

Series 2017-2, Class AA, 3.35%, 10/15/2029

     249,629      223,169

Series 2021-1, Class B, 3.95%, 07/11/2030

     2,850,675      2,500,016

Series 2021-1, Class A, 2.88%, 07/11/2034

     2,743,418      2,268,946

American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/2026(b)

     998,000      972,340

British Airways Pass-Through Trust (United Kingdom),

     

Series 2019-1, Class AA, 3.30%, 12/15/2032(b)

     2,805,316      2,418,833

Series 2021-1, Class A, 2.90%, 03/15/2035(b)

     1,856,848      1,533,340

Delta Air Lines Pass-Through Trust,

     

Series 2019-1, Class A, 3.40%, 04/25/2024

     2,074,000      1,996,802

Series 2020-1, Class AA, 2.00%, 06/10/2028

     1,305,541      1,143,968

Delta Air Lines, Inc./SkyMiles IP Ltd.,

     

4.50%, 10/20/2025(b)

     3,639,715      3,537,280

4.75%, 10/20/2028(b)

     9,766,311      9,283,854

United Airlines Pass-Through Trust,

     

Series 2016-1, Class B, 3.65%, 01/07/2026

     1,517,449      1,403,970

Series 2020-1, Class A, 5.88%, 10/15/2027

     4,152,952      4,130,332

Series 2018-1, Class A, 3.70%, 03/01/2030

     272,671      233,753

Series 2018-1, Class AA, 3.50%, 03/01/2030

     2,259,045      2,027,276

Series 2019-1, Class A, 4.55%, 08/25/2031

     1,535,877      1,380,732

Series 2019-1, Class AA, 4.15%, 08/25/2031

     2,764,055      2,498,168

United Airlines, Inc., 4.38%, 04/15/2026(b)

     46,000      43,336
              39,910,206

Alternative Carriers–0.01%

 

  

Lumen Technologies, Inc.,
Series P, 7.60%, 09/15/2039

     459,000      227,937

Aluminum–0.02%

     

Novelis Corp., 3.25%, 11/15/2026(b)

     556,000      490,694

Apparel Retail–0.02%

 

  

Gap, Inc. (The), 3.63%, 10/01/2029(b)

     668,000      490,622

Application Software–0.21%

 

  

NCR Corp., 5.75%, 09/01/2027(b)

     511,000      495,814

Open Text Corp. (Canada), 6.90%, 12/01/2027(b)

     972,000      982,595
 

 

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

 

8   Invesco Corporate Bond Fund


     

Principal

Amount

     Value

Application Software–(continued)

salesforce.com, inc., 2.90%, 07/15/2051

   $     2,260,000      $       1,521,736

SS&C Technologies, Inc., 5.50%, 09/30/2027(b)

     516,000      486,092

Workday, Inc., 3.70%, 04/01/2029

     2,149,000      1,963,806
              5,450,043

Asset Management & Custody Banks–0.96%

Ameriprise Financial, Inc., 4.50%, 05/13/2032(c)

     1,685,000      1,641,948

Ares Capital Corp.,

     

2.88%, 06/15/2028(c)

     375,000      308,313

3.20%, 11/15/2031(c)

     400,000      305,478

Bank of New York Mellon Corp. (The),

     

4.54%, 02/01/2029(c)(d)

     3,808,000      3,702,205

5.83%, 10/25/2033(d)

     3,117,000      3,248,245

4.71%, 02/01/2034(d)

     2,464,000      2,371,979

Series I, 3.75%(d)(e)

     3,786,000      3,170,775

Blackstone Secured Lending Fund, 2.13%, 02/15/2027

     3,880,000      3,269,624

Northern Trust Corp., 6.13%, 11/02/2032(c)

     3,632,000      3,834,549

State Street Corp.,

     

5.82%, 11/04/2028(d)

     1,271,000      1,301,884

4.82%, 01/26/2034(c)(d)

     1,400,000      1,350,796
              24,505,796

Auto Parts & Equipment–0.27%

Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 4.75%, 04/01/2028(b)

     4,624,000      4,107,966

Clarios Global L.P./Clarios US Finance Co., 8.50%, 05/15/2027(b)

     178,000      177,155

Nemak S.A.B. de C.V. (Mexico), 3.63%, 06/28/2031(b)

     2,594,000      1,956,889

NESCO Holdings II, Inc., 5.50%, 04/15/2029(b)

     829,000      739,700
              6,981,710

Automobile Manufacturers–2.39%

Allison Transmission, Inc.,

     

4.75%, 10/01/2027(b)

     202,000      187,573

3.75%, 01/30/2031(b)

     1,046,000      869,529

BMW US Capital LLC (Germany), 3.70%, 04/01/2032(b)(c)

     1,546,000      1,400,054

Ford Motor Co.,

     

4.35%, 12/08/2026(c)

     515,000      492,210

3.25%, 02/12/2032

     531,000      403,150

6.10%, 08/19/2032(c)

     4,835,000      4,507,266

4.75%, 01/15/2043

     345,000      252,056

Ford Motor Credit Co. LLC,

     

4.39%, 01/08/2026

     1,045,000      984,170

4.95%, 05/28/2027

     200,000      186,555

7.35%, 11/04/2027

     3,938,000      3,999,433

5.11%, 05/03/2029(c)

     450,000      411,750

7.35%, 03/06/2030

     2,681,000      2,718,078

General Motors Financial Co., Inc.,

     

5.00%, 04/09/2027

     3,041,000      2,966,795

4.30%, 04/06/2029(c)

     4,102,000      3,744,543

Series B, 6.50%(d)(e)

     200,000      187,750
     

Principal

Amount

     Value

Automobile Manufacturers–(continued)

Hyundai Capital America,

     

4.30%, 02/01/2024(b)(c)

   $     9,369,000      $       9,249,973

2.65%, 02/10/2025(b)

     1,893,000      1,790,663

2.00%, 06/15/2028(b)

     2,563,000      2,136,248

J.B. Poindexter & Co., Inc., 7.13%, 04/15/2026(b)

     992,000      957,037

Nissan Motor Acceptance Co. LLC, 1.85%, 09/16/2026(b)

     5,261,000      4,460,959

PACCAR Financial Corp., 4.60%, 01/10/2028

     1,796,000      1,783,663

Toyota Motor Credit Corp.,

     

4.63%, 01/12/2028(c)

     3,045,000      3,007,306

4.45%, 06/29/2029(c)

     4,976,000      4,863,909

4.70%, 01/12/2033

     1,117,000      1,096,569

Volkswagen Group of America Finance LLC (Germany),

     

4.35%, 06/08/2027(b)

     5,180,000      4,973,022

4.60%, 06/08/2029(b)

     3,261,000      3,122,737
              60,752,998

Automotive Retail–0.53%

Asbury Automotive Group, Inc.,

     

4.50%, 03/01/2028

     137,000      122,721

4.63%, 11/15/2029(b)

     425,000      369,990

AutoZone, Inc., 4.75%, 08/01/2032

     2,211,000      2,111,460

Group 1 Automotive, Inc., 4.00%, 08/15/2028(b)

     1,063,000      913,787

LCM Investments Holdings II LLC, 4.88%, 05/01/2029(b)

     1,096,000      891,807

Lithia Motors, Inc., 3.88%, 06/01/2029(b)(c)

     4,401,000      3,681,634

Sonic Automotive, Inc.,

     

4.63%, 11/15/2029(b)(c)

     2,960,000      2,444,916

4.88%, 11/15/2031(b)(c)

     3,629,000      2,891,478
              13,427,793

Biotechnology–2.43%

AbbVie, Inc., 4.88%, 11/14/2048

     1,683,000      1,544,554

Amgen, Inc.,

     

5.25%, 03/02/2025

     1,667,000      1,663,581

5.15%, 03/02/2028

     11,735,000      11,692,184

5.25%, 03/02/2030

     5,690,000      5,664,443

2.00%, 01/15/2032

     125,000      96,717

5.25%, 03/02/2033

     10,367,000      10,298,891

3.15%, 02/21/2040

     1,308,000      962,754

5.60%, 03/02/2043

     7,988,000      7,893,105

5.65%, 03/02/2053

     12,463,000      12,369,262

5.75%, 03/02/2063

     9,837,000      9,708,775
              61,894,266

Brewers–0.22%

Anadolu Efes Biracilik ve Malt Sanayii A.S. (Turkey), 3.38%, 06/29/2028(b)

     2,337,000      1,818,074

Anheuser-Busch InBev Worldwide, Inc. (Belgium),

     

8.00%, 11/15/2039

     1,944,000      2,381,905

4.35%, 06/01/2040

     1,634,000      1,436,617
              5,636,596
 

 

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

 

9   Invesco Corporate Bond Fund


     

Principal

Amount

     Value

Building Products–0.01%

 

  

Owens Corning, 4.30%, 07/15/2047

   $        250,000      $          200,092

Cable & Satellite–1.69%

CCO Holdings LLC/CCO Holdings Capital Corp.,

     

5.00%, 02/01/2028(b)

     210,000      190,512

6.38%, 09/01/2029(b)(c)

     4,452,000      4,155,408

4.75%, 03/01/2030(b)

     607,000      511,052

4.50%, 08/15/2030(b)

     676,000      556,727

7.38%, 03/01/2031(b)(c)

     2,567,000      2,491,864

4.50%, 05/01/2032

     1,459,000      1,156,257

4.50%, 06/01/2033(b)

     243,000      189,289

4.25%, 01/15/2034(b)

     217,000      162,654

Charter Communications Operating LLC/Charter Communications Operating Capital Corp.,

     

4.91%, 07/23/2025

     3,904,000      3,821,476

5.38%, 04/01/2038

     249,000      208,587

3.50%, 06/01/2041

     2,150,000      1,408,223

3.50%, 03/01/2042

     2,592,000      1,674,393

5.75%, 04/01/2048

     1,960,000      1,639,126

3.90%, 06/01/2052

     2,188,000      1,384,263

6.83%, 10/23/2055

     3,356,000      3,161,059

3.85%, 04/01/2061

     2,733,000      1,612,159

Comcast Corp.,

     

5.50%, 11/15/2032(c)

     5,680,000      5,840,634

3.45%, 02/01/2050

     1,659,000      1,215,740

2.80%, 01/15/2051

     2,982,000      1,905,565

2.89%, 11/01/2051

     1,831,000      1,186,737

2.94%, 11/01/2056

     1,597,000      1,002,934

2.99%, 11/01/2063

     1,279,000      782,677

Cox Communications, Inc.,

     

2.60%, 06/15/2031(b)

     1,324,000      1,070,194

CSC Holdings LLC,

     

6.50%, 02/01/2029(b)

     727,000      617,059

5.75%, 01/15/2030(b)

     817,000      468,848

4.50%, 11/15/2031(b)

     264,000      187,702

5.00%, 11/15/2031(b)

     200,000      106,695

DISH DBS Corp., 5.13%,

     

06/01/2029

     809,000      478,827

Gray Escrow II, Inc., 5.38%,

     

11/15/2031(b)

     801,000      595,666

Sirius XM Radio, Inc.,

     

3.13%, 09/01/2026(b)

     419,000      370,868

4.00%, 07/15/2028(b)

     412,000      352,631

3.88%, 09/01/2031(b)

     460,000      358,105

Virgin Media Finance PLC (United Kingdom), 5.00%, 07/15/2030(b)

     296,000      241,506

Virgin Media Secured Finance PLC (United Kingdom), 5.50%, 05/15/2029(b)

     1,000,000      907,060

VZ Secured Financing B.V. (Netherlands), 5.00%, 01/15/2032(b)

     1,149,000      946,111
              42,958,608

Casinos & Gaming–0.06%

 

  

Everi Holdings, Inc., 5.00%, 07/15/2029(b)

     521,000      458,695
     

Principal

Amount

     Value

Casinos & Gaming–(continued)

 

  

Mohegan Tribal Gaming Authority, 8.00%, 02/01/2026(b)

   $        513,000      $          481,071

Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/2029(b)

     554,000      496,179
              1,435,945

Commodity Chemicals–0.05%

 

  

Mativ Holdings, Inc., 6.88%, 10/01/2026(b)

     1,493,000      1,377,188

Computer & Electronics Retail–0.33%

Dell International LLC/EMC Corp.,

     

4.00%, 07/15/2024(c)

     2,133,000      2,090,831

4.90%, 10/01/2026

     1,449,000      1,417,702

8.35%, 07/15/2046

     51,000      57,953

3.45%, 12/15/2051(b)

     1,174,000      718,412

Leidos, Inc.,

     

2.30%, 02/15/2031

     2,036,000      1,588,568

5.75%, 03/15/2033

     2,665,000      2,633,405
              8,506,871

Construction & Engineering–0.03%

AECOM, 5.13%, 03/15/2027

     133,000      127,328

Howard Midstream Energy Partners LLC, 6.75%, 01/15/2027(b)

     536,000      510,961
              638,289

Construction Machinery & Heavy Trucks–0.01%

Wabtec Corp., 4.95%, 09/15/2028

     209,000      201,867

Construction Materials–0.07%

CRH America Finance, Inc. (Ireland), 3.95%, 04/04/2028(b)

     2,012,000      1,895,604

Consumer Finance–0.82%

Ally Financial, Inc.,

     

5.13%, 09/30/2024

     434,000      430,474

4.63%, 03/30/2025

     1,303,000      1,275,953

2.20%, 11/02/2028

     247,000      201,433

American Express Co.,

     

2.55%, 03/04/2027

     1,408,000      1,275,311

4.42%, 08/03/2033(d)

     4,665,000      4,367,388

Capital One Financial Corp., 5.27%, 05/10/2033(c)(d)

     550,000      521,283

FirstCash, Inc., 5.63%, 01/01/2030(b)

     525,000      465,137

OneMain Finance Corp.,

     

6.88%, 03/15/2025

     300,000      293,165

7.13%, 03/15/2026

     925,000      900,108

3.88%, 09/15/2028

     283,000      225,271

5.38%, 11/15/2029(c)

     519,000      437,787

Synchrony Financial,

     

4.50%, 07/23/2025

     3,115,000      3,001,442

7.25%, 02/02/2033

     7,847,000      7,561,800
              20,956,552

Copper–0.16%

     

Freeport-McMoRan, Inc., 5.00%, 09/01/2027(c)

     2,322,000      2,259,912
 

 

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

 

10   Invesco Corporate Bond Fund


     

Principal

Amount

     Value

Copper–(continued)

PT Freeport Indonesia (Indonesia), 5.32%, 04/14/2032(b)

   $     1,919,000      $       1,774,520
              4,034,432

Data Processing & Outsourced Services–0.24%

Clarivate Science Holdings Corp.,

     

3.88%, 07/01/2028(b)

     2,692,000      2,325,479

4.88%, 07/01/2029(b)

     531,000      459,286

Fidelity National Information Services, Inc., 2.25%, 03/01/2031

     230,000      181,088

PayPal Holdings, Inc.,

     

2.85%, 10/01/2029(c)

     748,000      649,850

5.05%, 06/01/2052(c)

     2,769,000      2,524,272
              6,139,975

Department Stores–0.04%

Macy’s Retail Holdings LLC,

     

5.88%, 04/01/2029(b)

     280,000      254,651

5.88%, 03/15/2030(b)

     245,000      216,286

6.13%, 03/15/2032(b)

     75,000      64,593

4.50%, 12/15/2034

     574,000      417,502

4.30%, 02/15/2043

     165,000      101,609
              1,054,641

Distributors–0.04%

Genuine Parts Co.,

     

1.88%, 11/01/2030

     1,007,000      778,104

2.75%, 02/01/2032

     165,000      133,500
              911,604

Diversified Banks–12.07%

Africa Finance Corp. (Supranational), 4.38%, 04/17/2026(b)

     7,620,000      7,149,313

African Export-Import Bank (The) (Supranational),

             

2.63%, 05/17/2026(b)

     1,433,000      1,285,533

3.80%, 05/17/2031(b)

     1,858,000      1,538,978

Australia and New Zealand Banking Group Ltd. (Australia),

     

6.74%, 12/08/2032(b)

     4,445,000      4,599,188

6.75%(b)(d)(e)

     3,444,000      3,422,768

Banco do Brasil S.A. (Brazil), 3.25%, 09/30/2026(b)

     1,992,000      1,814,712

Bank of America Corp.,

     

5.62% (SOFR + 1.05%), 02/04/2028(f)

     2,933,000      2,916,368

4.38%, 04/27/2028(d)

     4,724,000      4,518,798

2.57%, 10/20/2032(d)

     1,439,000      1,146,371

2.97%, 02/04/2033(d)

     1,455,000      1,191,434

4.57%, 04/27/2033(d)

     4,273,000      3,974,099

5.02%, 07/22/2033(c)(d)

     4,635,000      4,461,515

2.48%, 09/21/2036(d)

     2,282,000      1,710,904

3.85%, 03/08/2037(d)

     860,000      726,242

7.75%, 05/14/2038

     2,009,000      2,375,065

Series AA, 6.10%(c)(d)(e)

     5,223,000      5,183,827

Series DD, 6.30%(c)(d)(e)

     1,589,000      1,606,876

Series TT, 6.13%(c)(d)(e)

     8,529,000      8,335,392

Bank of China Ltd. (China), 5.00%, 11/13/2024(b)

     2,850,000      2,814,874
     

Principal

Amount

     Value

Diversified Banks–(continued)

Bank of Nova Scotia (The) (Canada), 8.63%,
10/27/2082(c)(d)

   $     5,544,000      $       5,861,297

Barclays PLC (United Kingdom),

     

7.44%, 11/02/2033(d)

     6,004,000      6,487,010

8.00%(d)(e)

     4,510,000      4,431,977

BBVA Bancomer S.A. (Mexico), 4.38%, 04/10/2024(b)

     1,666,000      1,640,593

BPCE S.A. (France),

     

5.98%, 01/18/2027(b)(d)

     4,156,000      4,153,354

2.28%, 01/20/2032(b)(d)

     1,464,000      1,122,304

Citigroup, Inc.,

     

3.50%, 05/15/2023

     2,047,000      2,039,998

3.98%, 03/20/2030(d)

     2,058,000      1,878,509

2.56%, 05/01/2032(d)

     1,769,000      1,421,633

2.52%, 11/03/2032(d)

     964,000      761,315

3.79%, 03/17/2033(d)

     3,428,000      2,982,689

4.91%, 05/24/2033(d)

     2,864,000      2,715,962

2.90%, 11/03/2042(d)

     1,455,000      1,008,149

7.38%(d)(e)

     8,411,000      8,528,754

Series A, 8.87% (3 mo. USD LIBOR + 4.07%)(e)(f)

     1,192,000      1,201,536

Series V, 4.70%(c)(d)(e)

     2,340,000      2,141,100

Commonwealth Bank of Australia (Australia), 2.69%, 03/11/2031(b)

     224,000      176,618

Cooperatieve Rabobank U.A. (Netherlands),

     

3.65%, 04/06/2028(b)(d)

     2,625,000      2,449,579

4.66%, 08/22/2028(b)(c)(d)

     3,885,000      3,753,715

3.76%, 04/06/2033(b)(c)(d)

     2,417,000      2,104,275

Federation des caisses Desjardins du Quebec (Canada),

     

5.28%, 01/23/2026(b)(d)

     1,124,000      1,115,784

4.55%, 08/23/2027(b)

     6,178,000      6,014,995

HSBC Holdings PLC (United Kingdom),

     

5.21%, 08/11/2028(d)

     3,440,000      3,366,033

2.36%, 08/18/2031(d)

     201,000      158,883

2.87%, 11/22/2032(d)

     386,000      306,059

5.40%, 08/11/2033(d)

     5,361,000      5,142,494

8.11%, 11/03/2033(d)

     6,069,000      6,704,305

6.00%(d)(e)

     3,533,000      3,276,857

8.00%(d)(e)

     5,374,000      5,368,626

ING Groep N.V. (Netherlands), 3.88%(d)(e)

     212,000      163,791

JPMorgan Chase & Co.,

     

3.63%, 12/01/2027

     1,459,000      1,362,590

4.32%, 04/26/2028(d)

     4,645,000      4,455,405

4.85%, 07/25/2028(c)(d)

     3,600,000      3,516,607

3.70%, 05/06/2030(d)

     2,058,000      1,858,025

2.58%, 04/22/2032(d)

     1,707,000      1,384,098

4.59%, 04/26/2033(d)

     3,050,000      2,844,542

4.91%, 07/25/2033(c)(d)

     4,551,000      4,359,706

5.72%, 09/14/2033(d)

     7,294,000      7,252,403

4.26%, 02/22/2048(d)

     1,386,000      1,188,203

Series W, 5.86% (3 mo. USD LIBOR + 1.00%),

             

05/15/2047(f)

     4,256,000      3,606,960

KeyBank N.A., 4.90%, 08/08/2032

     4,593,000      4,326,226
 

 

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

 

11   Invesco Corporate Bond Fund


     

Principal

Amount

     Value

Diversified Banks–(continued)

Lloyds Banking Group PLC (United Kingdom), 4.98%, 08/11/2033(d)

   $       200,000      $          186,506

Manufacturers & Traders Trust Co., 4.70%, 01/27/2028

     4,369,000      4,242,488

Mitsubishi UFJ Financial Group, Inc. (Japan),

     

5.02%, 07/20/2028(c)(d)

     3,092,000      3,028,083

2.05%, 07/17/2030

     1,418,000      1,130,882

1.80%, 07/20/2033(d)

     4,071,000      3,934,618

Mizuho Financial Group, Inc. (Japan),

     

2.20%, 07/10/2031(d)

     2,143,000      1,699,437

2.56%, 09/13/2031

     193,000      150,385

5.67%, 09/13/2033(c)(d)

     5,085,000      5,094,933

Multibank, Inc. (Panama), 7.75%, 02/03/2028(b)

     3,172,000      3,230,365

National Australia Bank Ltd. (Australia),

     

2.33%, 08/21/2030(b)

     256,000      199,592

6.43%, 01/12/2033(b)

     4,017,000      4,063,827

Natwest Group PLC (United Kingdom),

     

5.85%, 03/02/2027(d)

     1,063,000      1,063,973

6.02%, 03/02/2034(d)

     1,331,000      1,334,204

Nordea Bank Abp (Finland),

     

5.38%, 09/22/2027(b)

     2,426,000      2,421,287

6.63%(b)(c)(d)(e)

     3,226,000      3,139,811

Royal Bank of Canada (Canada),

     

5.00%, 02/01/2033(c)

     5,502,000      5,377,936

Societe Generale S.A. (France), 9.38%(b)(d)(e)

     2,534,000      2,678,945

Standard Chartered PLC (United Kingdom),

     

2.68%, 06/29/2032(b)(d)

     2,996,000      2,383,021

3.27%, 02/18/2036(b)(d)

     2,720,000      2,193,841

4.30%(b)(d)(e)

     5,262,000      4,286,425

7.75%(b)(d)(e)

     4,646,000      4,634,071

7.75%(b)(d)(e)

     5,568,000      5,588,874

Sumitomo Mitsui Financial Group, Inc. (Japan),

     

3.04%, 07/16/2029

     1,509,000      1,308,119

2.14%, 09/23/2030

     2,970,000      2,338,998

5.77%, 01/13/2033

     8,868,000      8,946,730

Swedbank AB (Sweden), 5.34%, 09/20/2027(b)

     2,857,000      2,823,237

Synovus Bank, 5.63%, 02/15/2028

     1,347,000      1,325,088

Toronto-Dominion Bank (The) (Canada), 8.13%, 10/31/2082(d)

     4,602,000      4,814,842

U.S. Bancorp,

     

4.97%, 07/22/2033(d)

     2,746,000      2,621,354

5.85%, 10/21/2033(c)(d)

     4,953,000      5,109,840

4.84%, 02/01/2034(d)

     6,998,000      6,702,458

2.49%, 11/03/2036(c)(d)

     5,668,000      4,369,399
     

Principal

Amount

     Value

Diversified Banks–(continued)

Wells Fargo & Co.,

     

3.53%, 03/24/2028(d)

   $     1,748,000      $       1,619,397

4.81%, 07/25/2028(d)

     2,076,000      2,022,291

4.15%, 01/24/2029(c)

     2,778,000      2,603,749

4.90%, 07/25/2033(d)

     2,036,000      1,945,744

3.07%, 04/30/2041(d)

     929,000      674,214

5.38%, 11/02/2043(c)

     5,935,000      5,618,998

4.75%, 12/07/2046

     1,593,000      1,368,576

4.61%, 04/25/2053(d)

     3,758,000      3,260,636

Westpac Banking Corp. (Australia),

     

5.41%, 08/10/2033(d)

     241,000      230,988

2.67%, 11/15/2035(d)

     101,000      77,642
              307,251,020

Diversified Capital Markets–2.43%

Credit Suisse AG (Switzerland),

     

7.95%, 01/09/2025

     7,214,000      7,288,771

5.00%, 07/09/2027

     5,407,000      4,959,487

7.50%, 02/15/2028

     7,115,000      7,189,546

Credit Suisse Group AG (Switzerland),

     

6.44%, 08/11/2028(b)(d)

     5,009,000      4,633,543

4.19%, 04/01/2031(b)(d)

     2,540,000      2,016,235

6.54%, 08/12/2033(b)(d)

     4,349,000      3,908,616

9.02%, 11/15/2033(b)(d)

     1,830,000      1,923,383

4.50%(b)(c)(d)(e)

     3,968,000      2,315,923

5.10%(b)(d)(e)

     4,230,000      2,629,580

5.25%(b)(d)(e)

     4,357,000      3,012,425

7.25%(b)(d)(e)

     330,000      243,824

7.50%(b)(d)(e)

     5,779,000      5,063,849

9.75%(b)(c)(d)(e)

     3,746,000      3,399,121

Macquarie Bank Ltd. (Australia), 6.13%(b)(d)(e)

     5,010,000      4,601,781

OWL Rock Core Income Corp., 4.70%, 02/08/2027(c)

     2,046,000      1,869,810

UBS Group AG (Switzerland),

     

5.71%, 01/12/2027(b)(d)

     1,277,000      1,274,914

4.75%, 05/12/2028(b)(d)

     3,537,000      3,407,354

4.38%(b)(d)(e)

     2,699,000      2,126,777
              61,864,939

Diversified Chemicals–0.48%

Braskem Netherlands Finance B.V. (Brazil), 7.25%, 02/13/2033(b)

     2,670,000      2,608,403

Celanese US Holdings LLC,

     

5.90%, 07/05/2024

     4,687,000      4,683,460

6.05%, 03/15/2025

     5,013,000      4,996,333
              12,288,196

Diversified Metals & Mining–0.77%

BHP Billiton Finance (USA) Ltd. (Australia),

     

4.88%, 02/27/2026

     6,055,000      6,017,685

4.75%, 02/28/2028

     3,764,000      3,719,847

4.90%, 02/28/2033

     4,372,000      4,356,818

Corp. Nacional del Cobre de Chile (Chile),

     

5.13%, 02/02/2033(b)

     1,861,000      1,811,775

3.15%, 01/15/2051(b)

     1,214,000      836,412

FMG Resources August 2006 Pty. Ltd. (Australia), 4.38%, 04/01/2031(b)(c)

     2,088,000      1,764,122
 

 

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

 

12   Invesco Corporate Bond Fund


     

Principal

Amount

     Value

Diversified Metals & Mining–(continued)

Hudbay Minerals, Inc. (Canada),

     

4.50%, 04/01/2026(b)

   $          28,000      $            25,168

6.13%, 04/01/2029(b)

     511,000      451,663

Teck Resources Ltd. (Canada), 6.13%, 10/01/2035

     503,000      507,134
              19,490,624

Diversified REITs–0.83%

CubeSmart L.P., 2.50%, 02/15/2032

     734,000      574,127

Trust Fibra Uno (Mexico),

     

5.25%, 12/15/2024(b)

     4,124,000      4,045,788

5.25%, 01/30/2026(b)

     2,991,000      2,856,300

4.87%, 01/15/2030(b)

     995,000      848,735

6.39%, 01/15/2050(b)

     8,001,000      6,255,432

VICI Properties L.P.,

     

4.75%, 02/15/2028

     3,429,000      3,237,765

4.95%, 02/15/2030

     3,429,000      3,204,427

5.13%, 05/15/2032

     250,000      232,188
              21,254,762

Diversified Support Services–0.04%

Ritchie Bros. Auctioneers, Inc. (Canada), 5.38%, 01/15/2025(b)

     1,028,000      1,029,413

Drug Retail–0.09%

CVS Pass-Through Trust,

     

6.04%, 12/10/2028

     914,030      921,276

5.77%, 01/10/2033(b)

     1,469,617      1,432,873
              2,354,149

Education Services–0.14%

Grand Canyon University, 3.25%, 10/01/2023

     3,480,000      3,436,500

Electric Utilities–3.77%

AEP Texas, Inc., 5.25%, 05/15/2052

     2,013,000      1,915,534

Alfa Desarrollo S.p.A. (Chile), 4.55%, 09/27/2051(b)

     3,105,637      2,279,538

American Electric Power Co., Inc.,

     

5.75%, 11/01/2027

     2,904,000      2,972,001

3.88%, 02/15/2062(d)

     6,372,000      5,345,679

Commonwealth Edison Co., Series 127, 3.20%, 11/15/2049

     1,703,000      1,212,425

Connecticut Light and Power Co. (The), 5.25%, 01/15/2053

     2,082,000      2,084,769

Consolidated Edison Co. of New York, Inc., 6.15%, 11/15/2052

     1,308,000      1,401,103

Drax Finco PLC (United Kingdom), 6.63%, 11/01/2025(b)

     3,016,000      2,966,658

Duke Energy Carolinas LLC,

     

4.95%, 01/15/2033(c)

     4,241,000      4,179,726

5.35%, 01/15/2053

     3,825,000      3,776,047

Duke Energy Corp.,

     

5.00%, 12/08/2027(c)

     1,534,000      1,523,353

4.30%, 03/15/2028

     2,316,000      2,213,440

5.00%, 08/15/2052

     3,966,000      3,532,195

3.25%, 01/15/2082(d)

     1,595,000      1,267,387
     

Principal

Amount

     Value

Electric Utilities–(continued)

Electricidad Firme de Mexico Holdings S.A. de C.V. (Mexico), 4.90%, 11/20/2026(b)

   $     1,453,000      $       1,305,695

Electricite de France S.A. (France), 6.00%, 01/22/2114(b)

     6,655,000      6,060,468

Enel Finance America LLC (Italy),

     

7.10%, 10/14/2027(b)(c)

     1,455,000      1,528,591

2.88%, 07/12/2041(b)

     1,466,000      916,239

Enel Finance International N.V. (Italy), 6.80%, 10/14/2025(b)

     2,952,000      3,028,186

Eversource Energy, Series R, 1.65%, 08/15/2030

     88,000      67,933

Exelon Corp., 5.60%, 03/15/2053

     2,843,000      2,779,805

FirstEnergy Corp., Series B, 4.15%, 07/15/2027

     1,000,000      933,895

Mercury Chile Holdco LLC (Chile), 6.50%, 01/24/2027(b)

     2,917,000      2,800,320

NextEra Energy Capital Holdings, Inc.,

     

6.05%, 03/01/2025

     2,889,000      2,908,135

4.63%, 07/15/2027

     5,027,000      4,889,380

5.00%, 07/15/2032

     1,661,000      1,600,428

NRG Energy, Inc., 4.45%, 06/15/2029(b)

     560,000      498,897

PacifiCorp,

     

2.90%, 06/15/2052

     1,822,000      1,209,979

5.35%, 12/01/2053

     8,978,000      8,872,164

Southern Co. (The),

     

5.70%, 10/15/2032

     2,158,000      2,194,282

Series B, 4.00%, 01/15/2051(d)

     10,782,000      10,136,697

Series 21-A, 3.75%, 09/15/2051(d)

     1,355,000      1,157,932

Tampa Electric Co., 5.00%, 07/15/2052

     1,612,000      1,496,942

Virginia Electric & Power Co.,

     

Series B, 3.75%, 05/15/2027

     1,482,000      1,408,185

Series C, 4.63%, 05/15/2052

     2,522,000      2,220,792

Vistra Operations Co. LLC,

     

5.50%, 09/01/2026(b)

     200,000      191,239

5.63%, 02/15/2027(b)

     180,000      170,770

5.00%, 07/31/2027(b)

     324,000      301,320

4.38%, 05/01/2029(b)(c)

     605,000      523,348
              95,871,477

Electrical Components & Equipment–0.87%

Acuity Brands Lighting, Inc., 2.15%, 12/15/2030

     2,094,000      1,645,286

CenterPoint Energy Houston Electric LLC, Series AJ, 4.85%, 10/01/2052

     4,371,000      4,163,257

EnerSys, 4.38%, 12/15/2027(b)

     819,000      744,268

Regal Rexnord Corp.,

     

6.05%, 04/15/2028(b)

     4,851,000      4,745,825

6.30%, 02/15/2030(b)

     250,000      244,781

6.40%, 04/15/2033(b)

     9,611,000      9,466,560

Sensata Technologies B.V., 5.88%, 09/01/2030(b)

     1,067,000      1,012,963
              22,022,940
 

 

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

 

13   Invesco Corporate Bond Fund


     

Principal

Amount

     Value

Electronic Components–0.57%

Corning, Inc., 5.45%, 11/15/2079

   $   15,203,000      $     13,506,539

Sensata Technologies, Inc., 3.75%, 02/15/2031(b)(c)

     1,056,000      881,350
              14,387,889

Electronic Equipment & Instruments–0.18%

Trimble, Inc., 6.10%, 03/15/2033

     2,987,000      2,980,862

Vontier Corp.,

     

2.40%, 04/01/2028

     200,000      164,060

2.95%, 04/01/2031

     1,794,000      1,368,391
              4,513,313

Electronic Manufacturing Services–0.10%

Jabil, Inc., 3.00%, 01/15/2031

     3,244,000      2,669,781

Environmental & Facilities Services–0.07%

Clean Harbors, Inc., 6.38%, 02/01/2031(b)

     1,746,000      1,735,618

Financial Exchanges & Data–1.00%

B3 S.A. - Brasil, Bolsa, Balcao (Brazil), 4.13%, 09/20/2031(b)

     3,543,000      2,939,804

Cboe Global Markets, Inc., 3.00%, 03/16/2032

     3,172,000      2,684,755

Intercontinental Exchange, Inc.,

     

4.00%, 09/15/2027

     3,135,000      3,051,769

4.35%, 06/15/2029(c)

     2,569,000      2,490,917

4.60%, 03/15/2033(c)

     2,432,000      2,322,837

4.95%, 06/15/2052

     3,337,000      3,165,959

5.20%, 06/15/2062

     2,529,000      2,490,219

Moody’s Corp.,

     

4.25%, 08/08/2032(c)

     1,214,000      1,124,481

2.75%, 08/19/2041

     1,370,000      944,441

5.25%, 07/15/2044

     1,298,000      1,242,085

3.75%, 02/25/2052

     1,639,000      1,256,105

3.10%, 11/29/2061

     2,997,000      1,867,098
              25,580,470

Food Distributors–0.10%

American Builders & Contractors Supply Co., Inc.,

     

4.00%, 01/15/2028(b)

     512,000      458,726

3.88%, 11/15/2029(b)

     2,605,000      2,151,965
              2,610,691

General Merchandise Stores–0.52%

Dollar General Corp.,

     

4.63%, 11/01/2027

     1,560,000      1,523,750

5.00%, 11/01/2032

     1,375,000      1,334,660

5.50%, 11/01/2052

     2,746,000      2,687,405

Target Corp.,

     

4.40%, 01/15/2033(c)

     5,016,000      4,759,853

4.80%, 01/15/2053(c)

     3,134,000      2,930,839
              13,236,507

Gold–0.02%

New Gold, Inc. (Canada), 7.50%, 07/15/2027(b)

     533,000      459,798
     

Principal

Amount

     Value

Health Care Equipment–0.53%

Alcon Finance Corp. (Switzerland),

     

5.38%, 12/06/2032(b)

   $     2,329,000      $       2,340,267

5.75%, 12/06/2052(b)

     1,860,000      1,892,294

Becton, Dickinson and Co., 4.69%, 02/13/2028

     9,435,000      9,227,779
              13,460,340

Health Care Facilities–0.50%

Encompass Health Corp., 4.50%, 02/01/2028

     506,000      465,029

HCA, Inc.,

     

5.00%, 03/15/2024

     7,618,000      7,569,259

5.38%, 02/01/2025

     317,000      314,152

5.25%, 04/15/2025

     151,000      149,572

5.88%, 02/15/2026

     166,000      165,954

5.38%, 09/01/2026

     111,000      109,459

5.88%, 02/01/2029

     216,000      216,095

3.50%, 09/01/2030(c)

     1,234,000      1,062,017

Tenet Healthcare Corp.,

     

4.88%, 01/01/2026(c)

     1,011,000      963,818

6.13%, 06/15/2030(b)

     1,884,000      1,797,162
              12,812,517

Health Care REITs–0.22%

CTR Partnership L.P./CareTrust Capital Corp., 3.88%, 06/30/2028(b)

     531,000      451,657

Diversified Healthcare Trust,

     

4.75%, 05/01/2024

     257,000      230,205

9.75%, 06/15/2025

     241,000      233,799

4.38%, 03/01/2031

     268,000      186,058

Healthcare Realty Holdings L.P., 2.00%, 03/15/2031

     933,000      713,147

MPT Operating Partnership L.P./MPT Finance Corp.,

     

4.63%, 08/01/2029

     2,064,000      1,545,461

3.50%, 03/15/2031(c)

     682,000      468,179

Omega Healthcare Investors, Inc.,

     

3.38%, 02/01/2031

     230,000      181,538

3.25%, 04/15/2033

     2,287,000      1,637,053
              5,647,097

Health Care Services–0.83%

Cigna Group (The),

     

7.88%, 05/15/2027

     4,420,000      4,816,939

4.38%, 10/15/2028

     1,388,000      1,333,623

4.80%, 08/15/2038

     3,873,000      3,572,100

Community Health Systems, Inc.,

     

5.25%, 05/15/2030(b)

     377,000      302,169

4.75%, 02/15/2031(b)

     251,000      194,194

DaVita, Inc., 3.75%, 02/15/2031(b)

     332,000      251,037

Piedmont Healthcare, Inc.,

     

Series 2032, 2.04%, 01/01/2032

     6,567,000      5,171,533

Series 2042, 2.72%, 01/01/2042

     1,513,000      1,047,661

2.86%, 01/01/2052

     1,729,000      1,130,569

Providence St. Joseph Health Obligated Group, Series 21-A, 2.70%, 10/01/2051

     4,628,000      2,756,696
 

 

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

 

14   Invesco Corporate Bond Fund


     

Principal

Amount

     Value

Health Care Services–(continued)

 

  

Select Medical Corp., 6.25%, 08/15/2026(b)(c)

   $        509,000      $          486,678
              21,063,199

Health Care Supplies–0.03%

Medline Borrower L.P., 3.88%, 04/01/2029(b)

     841,000      701,709

Home Improvement Retail–0.73%

Home Depot, Inc. (The), 4.95%, 09/15/2052(c)

     2,001,000      1,923,985

Lowe’s Cos., Inc.,

     

5.00%, 04/15/2033(c)

     7,324,000      7,053,506

5.63%, 04/15/2053(c)

     5,472,000      5,243,303

5.80%, 09/15/2062

     4,561,000      4,411,525
              18,632,319

Homebuilding–0.41%

Lennar Corp., 4.75%, 11/29/2027

     1,965,000      1,884,066

M.D.C. Holdings, Inc.,

     

3.85%, 01/15/2030

     4,167,000      3,475,192

6.00%, 01/15/2043

     3,525,000      2,989,814

3.97%, 08/06/2061

     3,651,000      2,106,202
              10,455,274

Hotel & Resort REITs–0.06%

Service Properties Trust,

     

5.50%, 12/15/2027

     1,168,000      1,053,755

4.38%, 02/15/2030

     644,000      492,767
              1,546,522

Hotels, Resorts & Cruise Lines–0.17%

Carnival Corp.,

     

5.75%, 03/01/2027(b)

     295,000      243,027

4.00%, 08/01/2028(b)

     580,000      490,918

Expedia Group, Inc.,

     

4.63%, 08/01/2027

     3,434,000      3,279,480

2.95%, 03/15/2031(c)

     185,000      148,739

Royal Caribbean Cruises Ltd., 4.25%, 07/01/2026(b)

     103,000      89,961
              4,252,125

Household Products–0.02%

Prestige Brands, Inc., 3.75%, 04/01/2031(b)

     582,000      473,472

Housewares & Specialties–0.01%

Newell Brands, Inc., 6.38%, 09/15/2027

     175,000      174,248

Hypermarkets & Super Centers–0.45%

Walmart, Inc.,

     

4.15%, 09/09/2032(c)

     3,472,000      3,348,808

6.50%, 08/15/2037

     4,491,000      5,255,236

4.50%, 09/09/2052(c)

     2,947,000      2,780,292
              11,384,336

Independent Power Producers & Energy Traders–0.40%

AES Corp. (The), 2.45%, 01/15/2031

     1,774,000      1,410,557

Calpine Corp., 3.75%, 03/01/2031(b)(c)

     3,338,000      2,713,263
     

Principal

Amount

     Value

Independent Power Producers & Energy Traders–(continued)

Clearway Energy Operating LLC, 4.75%, 03/15/2028(b)(c)

   $        589,000      $          541,159

EnfraGen Energia Sur S.A./EnfraGen Spain S.A./Prime Energia S.p.A. (Colombia), 5.38%, 12/30/2030(b)

     4,822,000      3,087,575

TransAlta Corp. (Canada), 7.75%, 11/15/2029

     476,000      487,165

Vistra Corp., 7.00%(b)(d)(e)

     2,207,000      2,066,668
              10,306,387

Industrial Conglomerates–0.45%

Bidvest Group UK PLC (The) (South Africa), 3.63%, 09/23/2026(b)

     2,813,000      2,517,748

Honeywell International, Inc., 5.00%, 02/15/2033(c)

     8,879,000      8,978,962
              11,496,710

Industrial Machinery–0.15%

EnPro Industries, Inc., 5.75%, 10/15/2026

     996,000      951,538

Flowserve Corp., 2.80%, 01/15/2032

     686,000      528,817

Roller Bearing Co. of America, Inc., 4.38%, 10/15/2029(b)

     66,000      57,130

Weir Group PLC (The) (United Kingdom), 2.20%, 05/13/2026(b)

     2,501,000      2,191,784
              3,729,269

Industrial REITs–0.23%

LXP Industrial Trust, 2.38%, 10/01/2031

     908,000      689,544

Prologis L.P., 4.63%, 01/15/2033(c)

     5,354,000      5,186,683
              5,876,227

Insurance Brokers–0.39%

Alliant Holdings Intermediate LLC/ Alliant Holdings Co-Issuer, 6.75%, 04/15/2028(b)

     342,000      334,820

Aon Corp./Aon Global Holdings PLC, 5.35%, 02/28/2033

     1,649,000      1,649,487

Arthur J. Gallagher & Co.,

     

5.50%, 03/02/2033

     2,409,000      2,409,509

5.75%, 03/02/2053

     4,015,000      3,999,529

Marsh & McLennan Cos., Inc., 6.25%, 11/01/2052

     1,453,000      1,615,204
              10,008,549

Integrated Oil & Gas–1.58%

BP Capital Markets America, Inc.,

     

4.81%, 02/13/2033(c)

     5,886,000      5,784,003

3.06%, 06/17/2041

     2,581,000      1,911,990

3.00%, 03/17/2052

     2,137,000      1,436,843

BP Capital Markets PLC (United Kingdom), 4.38%(d)(e)

     3,652,000      3,490,916

Ecopetrol S.A. (Colombia), 8.88%, 01/13/2033

     6,895,000      6,764,068

Gray Oak Pipeline LLC, 2.60%, 10/15/2025(b)

     2,412,000      2,183,944
 

 

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

 

15   Invesco Corporate Bond Fund


     

Principal

Amount

     Value

Integrated Oil & Gas–(continued)

Occidental Petroleum Corp.,

     

5.55%, 03/15/2026(c)

   $        322,000      $          320,623

8.50%, 07/15/2027

     87,000      93,433

6.13%, 01/01/2031

     913,000      920,751

6.20%, 03/15/2040

     468,000      456,932

Petroleos Mexicanos (Mexico),

     

8.75%, 06/02/2029

     5,790,000      5,446,332

6.70%, 02/16/2032

     3,593,000      2,859,619

10.00%, 02/07/2033(b)

     2,215,000      2,136,146

Petronas Capital Ltd. (Malaysia), 3.40%, 04/28/2061(b)

     2,779,000      1,960,107

Saudi Arabian Oil Co. (Saudi Arabia), 4.38%, 04/16/2049(b)

     2,407,000      2,036,861

Shell International Finance B.V. (Netherlands),

     

2.88%, 11/26/2041

     1,164,000      857,304

3.00%, 11/26/2051

     2,404,000      1,666,116
              40,325,988

Integrated Telecommunication Services–1.10%

Altice France S.A. (France),

     

8.13%, 02/01/2027(b)(c)

     472,000      441,745

5.13%, 07/15/2029(b)

     603,000      467,946

5.50%, 10/15/2029(b)

     325,000      254,697

AT&T, Inc., 3.55%, 09/15/2055

     6,696,000      4,541,283

British Telecommunications PLC (United Kingdom), 4.25%, 11/23/2081(b)(d)

     6,220,000      5,477,581

IHS Holding Ltd. (Nigeria),

     

5.63%, 11/29/2026(b)

     2,169,000      1,858,833

6.25%, 11/29/2028(b)

     1,677,000      1,381,429

Iliad Holding S.A.S. (France), 6.50%, 10/15/2026(b)

     1,250,000      1,169,475

Iliad Holding S.A.S.U. (France), 7.00%, 10/15/2028(b)

     300,000      275,947

Level 3 Financing, Inc., 3.75%, 07/15/2029(b)

     1,285,000      809,550

Sitios Latinoamerica S.A.B. de C.V. (Mexico), 5.38%, 04/04/2032(b)

     3,688,000      3,265,724

Telecom Italia S.p.A. (Italy), 5.30%, 05/30/2024(b)

     1,018,000      992,275

Telefonica Emisiones S.A. (Spain), 7.05%, 06/20/2036

     2,231,000      2,358,655

Verizon Communications, Inc.,

     

2.55%, 03/21/2031(c)

     739,000      604,823

2.65%, 11/20/2040

     850,000      576,442

3.40%, 03/22/2041

     968,000      730,293

3.00%, 11/20/2060

     2,690,000      1,622,441

3.70%, 03/22/2061

     1,780,000      1,252,728
              28,081,867

Interactive Home Entertainment–0.17%

Electronic Arts, Inc., 2.95%, 02/15/2051

     1,668,000      1,070,142

Roblox Corp., 3.88%, 05/01/2030(b)(c)

     3,907,000      3,215,500
              4,285,642
     

Principal

Amount

     Value

Interactive Media & Services–0.76%

Match Group Holdings II LLC,

     

4.63%, 06/01/2028(b)

   $        790,000      $          702,434

5.63%, 02/15/2029(b)(c)

     4,618,000      4,258,662

3.63%, 10/01/2031(b)

     55,000      43,087

Meta Platforms, Inc.,

     

3.85%, 08/15/2032(c)

     2,771,000      2,491,202

4.45%, 08/15/2052

     1,864,000      1,546,980

4.65%, 08/15/2062

     4,435,000      3,688,344

Tencent Holdings Ltd. (China),

     

3.60%, 01/19/2028(b)

     4,305,000      3,964,090

3.93%, 01/19/2038(b)(c)

     3,137,000      2,535,859
              19,230,658

Internet & Direct Marketing Retail–0.18%

Alibaba Group Holding Ltd. (China), 3.15%, 02/09/2051

     3,700,000      2,381,466

Prosus N.V. (China), 3.26%, 01/19/2027(b)

     2,374,000      2,112,774

QVC, Inc., 5.45%, 08/15/2034

     225,000      112,383
              4,606,623

Internet Services & Infrastructure–0.16%

Cogent Communications Group, Inc., 7.00%, 06/15/2027(b)

     496,000      480,326

Twilio, Inc.,

     

3.63%, 03/15/2029

     2,236,000      1,880,568

3.88%, 03/15/2031(c)

     1,218,000      998,547

VeriSign, Inc., 2.70%, 06/15/2031

     935,000      755,493
              4,114,934

Investment Banking & Brokerage–2.13%

Charles Schwab Corp. (The),

     

5.63% (SOFR + 1.05%), 03/03/2027(f)

     3,708,000      3,716,306

2.90%, 03/03/2032(c)

     1,093,000      925,325

Series G, 5.38%(d)(e)

     231,000      228,690

Series K, 5.00%(c)(d)(e)

     2,590,000      2,441,075

Goldman Sachs Group, Inc. (The),

     

3.50%, 04/01/2025

     1,779,000      1,714,239

5.16% (SOFR + 0.79%), 12/09/2026(f)

     4,954,000      4,864,869

5.18% (SOFR + 0.81%), 03/09/2027(c)(f)

     6,644,000      6,556,541

5.46% (SOFR + 0.92%), 10/21/2027(f)

     1,529,000      1,500,927

5.70% (SOFR + 1.12%), 02/24/2028(f)

     1,503,000      1,491,124

4.48%, 08/23/2028(c)(d)

     2,577,000      2,471,144

2.65%, 10/21/2032(d)

     1,722,000      1,373,996

6.75%, 10/01/2037

     3,603,000      3,840,383

4.80%, 07/08/2044

     3,228,000      2,900,637

Series T, 3.80%(d)(e)

     146,000      125,486

Series V, 4.13%(c)(d)(e)

     2,539,000      2,183,540

JAB Holdings B.V. (Austria), 4.50%, 04/08/2052(b)

     8,495,000      6,214,541

Morgan Stanley,

     

5.12%, 02/01/2029(c)(d)

     2,344,000      2,302,742

3.62%, 04/01/2031(d)

     1,709,000      1,514,568

2.51%, 10/20/2032(d)

     1,069,000      846,769

5.95%, 01/19/2038(d)

     1,886,000      1,844,138
 

 

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

 

16   Invesco Corporate Bond Fund


    

Principal

Amount

     Value  

 

 

Investment Banking & Brokerage–(continued)

 

National Securities Clearing Corp., 5.10%, 11/21/2027(b)

   $ 4,355,000      $ 4,351,428  

 

 

Raymond James Financial, Inc., 3.75%, 04/01/2051

     1,210,000        910,766  

 

 
        54,319,234  

 

 

IT Consulting & Other Services–0.10%

 

DXC Technology Co., 2.38%, 09/15/2028(c)

     2,040,000        1,709,356  

 

 

Gartner, Inc.,

     

4.50%, 07/01/2028(b)

     569,000        522,883  

 

 

3.63%, 06/15/2029(b)

     294,000        254,525  

 

 

3.75%, 10/01/2030(b)

     176,000        149,182  

 

 
        2,635,946  

 

 

Leisure Facilities–0.04%

 

Carnival Holdings Bermuda Ltd., 10.38%, 05/01/2028(b)

     477,000        510,819  

 

 

VOC Escrow Ltd., 5.00%, 02/15/2028(b)

     563,000        496,482  

 

 
        1,007,301  

 

 

Leisure Products–0.13%

 

Brunswick Corp., 5.10%, 04/01/2052

     4,422,000        3,219,806  

 

 

Life & Health Insurance–3.10%

 

American Equity Investment Life Holding Co., 5.00%, 06/15/2027

     5,128,000        5,037,295  

 

 

Athene Holding Ltd.,

     

4.13%, 01/12/2028

     4,709,000        4,409,157  

 

 

6.15%, 04/03/2030(c)

     2,797,000        2,828,092  

 

 

3.45%, 05/15/2052

     1,874,000        1,193,813  

 

 

Delaware Life Global Funding,

     

Series 22-1, 3.31%, 03/10/2025(b)

     5,895,000        5,507,463  

 

 

Series 21-1, 2.66%, 06/29/2026(b)

     13,992,000        12,469,670  

 

 

F&G Annuities & Life, Inc., 7.40%, 01/13/2028(b)

     4,624,000        4,629,041  

 

 

GA Global Funding Trust, 2.90%, 01/06/2032(b)

     3,208,000        2,541,921  

 

 

Lincoln National Corp., Series C, 9.25%(c)(d)(e)

     2,708,000        2,966,343  

 

 

MAG Mutual Holding Co., 4.75%, 04/30/2041(g)

     11,777,000        10,123,731  

 

 

MetLife, Inc.,

     

5.00%, 07/15/2052

     1,552,000        1,489,331  

 

 

5.25%, 01/15/2054

     6,853,000        6,716,916  

 

 

Series D, 5.88%(d)(e)

     300,000        290,310  

 

 

Nationwide Financial Services, Inc., 3.90%, 11/30/2049(b)

     2,040,000        1,519,744  

 

 

New York Life Global Funding, 4.55%, 01/28/2033(b)

     4,423,000        4,261,749  

 

 

Pacific Life Global Funding II,

     

5.28% (SOFR + 0.80%),
03/30/2025(b)(f)

     4,852,000        4,843,882  

 

 

5.20% (SOFR + 0.62%),
06/04/2026(b)(f)

     2,167,000        2,111,498  

 

 

Pacific LifeCorp, 3.35%, 09/15/2050(b)

     1,428,000        1,007,590  

 

 
    

Principal

Amount

     Value  

 

 

Life & Health Insurance–(continued)

 

Prudential Financial, Inc.,

     

3.91%, 12/07/2047

   $ 1,062,000      $ 840,130  

 

 

6.00%, 09/01/2052(c)(d)

     3,755,000        3,622,310  

 

 

Sammons Financial Group, Inc., 4.75%, 04/08/2032(b)

     750,000        634,224  

 

 
        79,044,210  

 

 

Life Sciences Tools & Services–0.01%

 

Syneos Health, Inc., 3.63%, 01/15/2029(b)

     310,000        255,828  

 

 

Managed Health Care–1.18%

 

Centene Corp.,

     

4.25%, 12/15/2027

     5,000,000        4,624,750  

 

 

2.50%, 03/01/2031(c)

     3,193,000        2,492,184  

 

 

Kaiser Foundation Hospitals, Series 2021,

     

2.81%, 06/01/2041

     3,275,000        2,405,110  

 

 

3.00%, 06/01/2051

     3,415,000        2,377,858  

 

 

UnitedHealth Group, Inc.,

     

5.25%, 02/15/2028(c)

     4,255,000        4,315,037  

 

 

5.30%, 02/15/2030(c)

     7,237,000        7,347,758  

 

 

5.35%, 02/15/2033(c)

     6,219,000        6,366,216  

 

 
        29,928,913  

 

 

Marine–0.02%

     

NCL Corp. Ltd., 5.88%, 02/15/2027(b)

     536,000        497,655  

 

 

Metal & Glass Containers–0.01%

 

Ball Corp., 5.25%, 07/01/2025

     359,000        353,615  

 

 

Mortgage REITs–0.02%

 

Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.75%, 06/15/2029(b)

     607,000        494,306  

 

 

Movies & Entertainment–0.79%

 

Netflix, Inc.,

     

5.88%, 11/15/2028

     461,000        467,915  

 

 

5.38%, 11/15/2029(b)

     252,000        248,276  

 

 

Tencent Music Entertainment Group (China),

     

1.38%, 09/03/2025

     1,560,000        1,396,416  

 

 

2.00%, 09/03/2030

     2,480,000        1,890,693  

 

 

Warnermedia Holdings, Inc.,

     

4.28%, 03/15/2032(b)

     295,000        254,835  

 

 

5.05%, 03/15/2042(b)

     6,400,000        5,189,452  

 

 

5.14%, 03/15/2052(b)

     5,872,000        4,606,948  

 

 

5.39%, 03/15/2062(b)

     7,017,000        5,479,499  

 

 

WMG Acquisition Corp., 3.75%, 12/01/2029(b)(c)

     571,000        482,533  

 

 
        20,016,567  

 

 

Multi-line Insurance–0.21%

 

Allianz SE (Germany), 3.20%(b)(d)(e)

     2,007,000        1,514,651  

 

 

Massachusetts Mutual Life Insurance Co., 5.67%, 12/01/2052(b)

     1,417,000        1,435,639  

 

 

Nationwide Mutual Insurance Co., 4.95%, 04/22/2044(b)(c)

     2,759,000        2,361,675  

 

 
        5,311,965  

 

 
 

 

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

 

17   Invesco Corporate Bond Fund


     Principal
Amount
     Value  

 

 

Multi-Utilities–0.54%

 

Ameren Illinois Co., 5.90%, 12/01/2052

   $ 1,440,000      $ 1,565,959  

 

 

Dominion Energy, Inc., Series C,

     

2.25%, 08/15/2031

     354,000        280,174  

 

 

5.38%, 11/15/2032(c)

     7,089,000        6,963,842  

 

 

WEC Energy Group, Inc.,

     

5.15%, 10/01/2027

     2,802,000        2,789,343  

 

 

4.75%, 01/15/2028

     2,209,000        2,166,027  

 

 
        13,765,345  

 

 

Office REITs–0.80%

 

Alexandria Real Estate Equities, Inc.,

     

3.95%, 01/15/2027

     1,448,000        1,384,233  

 

 

4.75%, 04/15/2035

     699,000        661,757  

 

 

5.15%, 04/15/2053

     1,901,000        1,767,009  

 

 

Boston Properties L.P.,

     

2.90%, 03/15/2030

     1,976,000        1,624,407  

 

 

3.25%, 01/30/2031

     989,000        826,446  

 

 

2.55%, 04/01/2032(c)

     1,971,000        1,509,474  

 

 

2.45%, 10/01/2033(c)

     1,975,000        1,444,406  

 

 

Brandywine Operating Partnership L.P., 7.55%, 03/15/2028(c)

     5,176,000        5,079,524  

 

 

Highwoods Realty L.P., 2.60%, 02/01/2031

     85,000        63,293  

 

 

Office Properties Income Trust,

     

4.50%, 02/01/2025

     4,353,000        4,007,565  

 

 

2.40%, 02/01/2027

     2,634,000        1,948,239  

 

 
        20,316,353  

 

 

Oil & Gas Drilling–0.08%

 

Nabors Industries, Inc., 7.38%, 05/15/2027(b)

     509,000        491,063  

 

 

Rockies Express Pipeline LLC,

     

4.95%, 07/15/2029(b)

     222,000        193,318  

 

 

4.80%, 05/15/2030(b)

     430,000        372,221  

 

 

6.88%, 04/15/2040(b)

     339,000        278,009  

 

 

Transocean, Inc., 8.75%, 02/15/2030(b)

     251,000        255,695  

 

 

Valaris Ltd.,

     

12.00% PIK Rate, 8.25% Cash Rate, 04/30/2028(b)(h)

     182,000        186,031  

 

 

Series 1145, 12.00% PIK Rate, 8.25% Cash Rate, 04/30/2028(h)

     292,000        298,468  

 

 
        2,074,805  

 

 

Oil & Gas Equipment & Services–0.25%

 

Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 3.34%, 12/15/2027

     1,385,000        1,279,577  

 

 

Enerflex Ltd. (Canada), 9.00%, 10/15/2027(b)

     2,670,000        2,637,533  

 

 

Petrofac Ltd. (United Kingdom), 9.75%, 11/15/2026(b)

     3,614,000        2,344,853  

 

 
        6,261,963  

 

 

Oil & Gas Exploration & Production–1.80%

 

Aethon United BR L.P./Aethon United Finance Corp., 8.25%, 02/15/2026(b)

     1,046,000        1,007,394  
     Principal
Amount
     Value  

 

 

Oil & Gas Exploration & Production–(continued)

 

Apache Corp.,

     

7.75%, 12/15/2029

   $ 2,305,000      $ 2,387,700  

 

 

4.25%, 01/15/2030

     277,000        245,092  

 

 

Ascent Resources Utica Holdings LLC/ARU Finance Corp., 7.00%, 11/01/2026(b)

     476,000        462,446  

 

 

Callon Petroleum Co., 8.00%, 08/01/2028(b)

     501,000        491,769  

 

 

Cameron LNG LLC,

     

3.30%, 01/15/2035(b)

     1,635,000        1,363,485  

 

 

3.40%, 01/15/2038(b)

     2,982,000        2,502,278  

 

 

Comstock Resources, Inc., 6.75%, 03/01/2029(b)

     508,000        467,982  

 

 

Devon Energy Corp.,

     

5.25%, 10/15/2027

     7,370,000        7,289,435  

 

 

5.88%, 06/15/2028

     4,565,000        4,595,842  

 

 

Diamondback Energy, Inc., 6.25%, 03/15/2053(c)

     7,220,000        7,107,060  

 

 

EQT Corp., 5.70%, 04/01/2028

     1,563,000        1,537,811  

 

 

Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates),

     

2.16%, 03/31/2034(b)

     2,617,712        2,216,340  

 

 

2.94%, 09/30/2040(b)

     3,734,672        2,953,068  

 

 

Genesis Energy L.P./Genesis Energy Finance Corp.,

     

6.25%, 05/15/2026

     255,000        241,982  

 

 

8.00%, 01/15/2027

     480,000        469,922  

 

 

7.75%, 02/01/2028

     304,000        291,354  

 

 

8.88%, 04/15/2030

     1,264,000        1,271,656  

 

 

Hilcorp Energy I L.P./Hilcorp Finance Co.,

     

6.25%, 11/01/2028(b)

     190,000        176,720  

 

 

6.00%, 04/15/2030(b)

     408,000        370,697  

 

 

6.25%, 04/15/2032(b)

     154,000        139,845  

 

 

Murphy Oil Corp.,

     

6.38%, 07/15/2028

     2,418,000        2,336,564  

 

 

6.13%, 12/01/2042

     180,000        142,610  

 

 

Strathcona Resources Ltd. (Canada), 6.88%, 08/01/2026(b)

     298,000        244,639  

 

 

Transocean Titan Financing Ltd., 8.38%, 02/01/2028(b)

     2,520,000        2,574,432  

 

 

Uzbekneftegaz JSC (Uzbekistan), 4.75%, 11/16/2028(b)

     3,661,000        3,052,359  

 

 
        45,940,482  

 

 

Oil & Gas Refining & Marketing–0.02%

 

Parkland Corp. (Canada), 4.50%, 10/01/2029(b)

     585,000        492,041  

 

 

Oil & Gas Storage & Transportation–6.57%

 

Boardwalk Pipelines L.P.,

     

3.40%, 02/15/2031

     1,401,000        1,189,428  

 

 

3.60%, 09/01/2032(c)

     3,083,000        2,591,069  

 

 

Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp., 8.00%, 04/01/2029(b)

     1,038,000        1,033,775  

 

 

Delek Logistics Partners L.P./Delek Logistics Finance Corp., 7.13%, 06/01/2028(b)

     540,000        475,697  

 

 

El Paso Natural Gas Co. LLC, 8.38%, 06/15/2032

     1,483,000        1,691,491  

 

 
 

 

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

 

18   Invesco Corporate Bond Fund


     Principal
Amount
     Value  

 

 

Oil & Gas Storage & Transportation–(continued)

 

Enbridge, Inc. (Canada),

     

3.40%, 08/01/2051

   $ 876,000      $ 604,437  

 

 

7.38%, 01/15/2083(d)

     4,812,000        4,773,504  

 

 

7.63%, 01/15/2083(d)

     3,645,000        3,713,344  

 

 

Energy Transfer L.P.,

     

5.88%, 01/15/2024

     508,000        508,570  

 

 

2.90%, 05/15/2025

     1,400,000        1,321,795  

 

 

5.55%, 02/15/2028

     1,026,000        1,023,004  

 

 

3.75%, 05/15/2030

     3,867,000        3,434,010  

 

 

5.75%, 02/15/2033

     2,465,000        2,428,296  

 

 

4.90%, 03/15/2035

     8,820,000        7,938,420  

 

 

5.00%, 05/15/2050

     5,916,000        4,857,148  

 

 

Series A, 8.89% (3 mo. USD LIBOR + 4.03%)(e)(f)

     342,000        324,473  

 

 

Enterprise Products Operating LLC,

     

3.13%, 07/31/2029(c)

     350,000        308,903  

 

 

5.35%, 01/31/2033

     241,000        241,018  

 

 

4.80%, 02/01/2049

     1,846,000        1,618,289  

 

 

4.20%, 01/31/2050

     1,998,000        1,606,941  

 

 

3.30%, 02/15/2053

     1,208,000        820,600  

 

 

Series D, 6.88%, 03/01/2033

     2,136,000        2,366,135  

 

 

7.86% (3 mo. USD LIBOR + 2.99%), 08/16/2077(f)

     4,274,000        4,094,764  

 

 

EQM Midstream Partners L.P.,

     

7.50%, 06/01/2027(b)

     164,000        160,886  

 

 

6.50%, 07/01/2027(b)

     411,000        389,747  

 

 

Global Partners L.P./GLP Finance Corp., 7.00%, 08/01/2027

     522,000        496,417  

 

 

GreenSaif Pipelines Bidco S.a.r.l. (Saudi Arabia),

     

6.13%, 02/23/2038(b)

     2,100,000        2,097,851  

 

 

6.51%, 02/23/2042(b)

     2,700,000        2,756,025  

 

 

Hess Midstream Operations L.P., 5.63%, 02/15/2026(b)

     729,000        710,392  

 

 

Kinder Morgan Energy Partners L.P., 4.30%, 05/01/2024(c)

     1,529,000        1,507,595  

 

 

Kinder Morgan, Inc.,

     

7.80%, 08/01/2031

     13,987,000        15,578,845  

 

 

7.75%, 01/15/2032

     14,427,000        16,116,269  

 

 

4.80%, 02/01/2033(c)

     7,599,000        7,048,151  

 

 

5.20%, 06/01/2033

     4,486,000        4,274,728  

 

 

3.25%, 08/01/2050

     200,000        127,008  

 

 

5.45%, 08/01/2052

     6,687,000        5,979,921  

 

 

MPLX L.P.,

     

4.80%, 02/15/2029

     1,835,000        1,764,271  

 

 

5.00%, 03/01/2033

     2,548,000        2,392,409  

 

 

4.70%, 04/15/2048

     2,167,000        1,745,224  

 

 

5.50%, 02/15/2049

     2,982,000        2,682,958  

 

 

4.95%, 03/14/2052

     5,473,000        4,558,133  

 

 

5.65%, 03/01/2053

     997,000        919,062  

 

 

NGL Energy Partners L.P./NGL Energy Finance Corp., 7.50%, 04/15/2026

     273,000        247,361  

 

 

NGPL PipeCo LLC, 7.77%, 12/15/2037(b)

     9,971,000        10,799,123  

 

 

Northern Natural Gas Co., 3.40%, 10/16/2051(b)

     1,010,000        699,147  

 

 

ONEOK Partners L.P., 6.85%, 10/15/2037

     3,177,000        3,310,000  

 

 
     Principal
Amount
     Value  

 

 

Oil & Gas Storage & Transportation–(continued)

 

ONEOK, Inc.,

     

6.35%, 01/15/2031

   $ 4,496,000      $ 4,610,626  

 

 

6.10%, 11/15/2032(c)

     1,871,000        1,882,660  

 

 

Plains All American Pipeline L.P., Series B, 8.97% (3 mo. USD LIBOR + 4.11%)(e)(f)

     385,000        358,031  

 

 

Plains All American Pipeline L.P./PAA Finance Corp., 3.55%, 12/15/2029

     200,000        173,625  

 

 

Sabine Pass Liquefaction LLC, 5.90%, 09/15/2037(b)

     3,044,000        3,046,687  

 

 

Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 8.50%, 10/15/2026(b)

     509,000        483,893  

 

 

Sunoco L.P./Sunoco Finance Corp., 5.88%, 03/15/2028

     723,000        694,600  

 

 

Targa Resources Corp.,

     

5.20%, 07/01/2027

     3,266,000        3,213,389  

 

 

6.25%, 07/01/2052

     3,369,000        3,219,898  

 

 

Targa Resources Partners L.P./Targa Resources Partners Finance Corp.,

     

5.00%, 01/15/2028

     201,000        191,624  

 

 

5.50%, 03/01/2030

     63,000        59,767  

 

 

TMS ISSUER S.a.r.l. (Saudi Arabia), 5.78%, 08/23/2032(b)

     1,055,000        1,074,602  

 

 

Venture Global Calcasieu Pass LLC, 3.88%, 11/01/2033(b)

     2,908,000        2,374,237  

 

 

Williams Cos., Inc. (The),

     

4.55%, 06/24/2024

     399,000        393,620  

 

 

3.50%, 11/15/2030

     1,033,000        904,842  

 

 

2.60%, 03/15/2031

     2,296,000        1,864,452  

 

 

4.65%, 08/15/2032(c)

     2,190,000        2,041,850  

 

 

5.65%, 03/15/2033

     4,188,000        4,188,667  

 

 

3.50%, 10/15/2051

     1,665,000        1,138,649  

 

 
        167,242,353  

 

 

Other Diversified Financial Services–1.00%

 

AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland),

     

4.50%, 09/15/2023

     2,340,000        2,324,343  

 

 

3.00%, 10/29/2028

     454,000        387,009  

 

 

Avolon Holdings Funding Ltd. (Ireland),

     

4.25%, 04/15/2026(b)

     1,558,000        1,446,850  

 

 

2.75%, 02/21/2028(b)

     431,000        360,148  

 

 

Carlyle Finance LLC, 5.65%, 09/15/2048(b)

     360,000        333,189  

 

 

Corebridge Financial, Inc., 6.88%, 12/15/2052(b)(c)(d)

     4,451,000        4,407,325  

 

 

Jackson Financial, Inc.,

     

5.17%, 06/08/2027(c)

     2,181,000        2,160,991  

 

 

5.67%, 06/08/2032(c)

     261,000        255,297  

 

 

Jane Street Group/JSG Finance, Inc., 4.50%, 11/15/2029(b)

     536,000        471,047  

 

 

Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/2028(b)

     580,000        490,376  

 

 

OPEC Fund for International Development (The) (Supranational), 4.50%, 01/26/2026(b)

     4,785,000        4,718,218  

 

 
 

 

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

 

19   Invesco Corporate Bond Fund


     Principal         
     Amount      Value  

 

 

Other Diversified Financial Services–(continued)

 

Pershing Square Holdings Ltd.,

     

3.25%, 11/15/2030(b)

   $ 3,600,000      $ 2,808,738  

 

 

3.25%, 10/01/2031(b)

     6,400,000        4,849,696  

 

 

Scientific Games Holdings L.P./Scientific Games US FinCo, Inc., 6.63%, 03/01/2030(b)

     635,000        559,126  

 

 
        25,572,353  

 

 

Packaged Foods & Meats–0.34%

 

JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 3.63%, 01/15/2032(b)(c)

     2,697,000        2,163,048  

 

 

Minerva Luxembourg S.A. (Brazil), 4.38%, 03/18/2031(b)

     8,139,000        6,398,290  

 

 
        8,561,338  

 

 

Paper Packaging–0.30%

     

Berry Global, Inc., 1.65%, 01/15/2027

     8,891,000        7,635,863  

 

 

Paper Products–0.12%

     

Suzano Austria GmbH (Brazil),

     

2.50%, 09/15/2028

     1,519,000        1,271,783  

 

 

Series DM3N, 3.13%,
01/15/2032(c)

     2,139,000        1,687,171  

 

 
        2,958,954  

 

 

Pharmaceuticals–0.49%

     

Bausch Health Cos., Inc., 4.88%, 06/01/2028(b)