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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-Q

 

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-09913

 

 

AIM Counselor Series Trust

(Invesco Counselor Series Trust)

(Exact name of registrant as specified in charter)

 

 

11 Greenway Plaza, Suite 1000 Houston, Texas 77046

(Address of principal executive offices) (Zip code)

 

 

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

(Name and address of agent for service)

 

 

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

Date of fiscal year end: 8/31

Date of reporting period: 05/31/13

 

 

 

Item 1. Schedule of Investments.

 

 

Invesco American Franchise Fund

Quarterly Schedule of Portfolio Holdings

May 31, 2013

 

LOGO

 

invesco.com/us   VK-AMFR-QTR-1    05/13    Invesco Advisers, Inc.
 

Schedule of Investments(a)

May 31, 2013

(Unaudited)

 

      Shares      Value  

Common Stocks & Other Equity
Interests–99.05%

   

Aerospace & Defense–2.90%

      

Boeing Co. (The)

      959,533       $ 95,012,958   

United Technologies Corp.

      743,725         70,579,502   
                165,592,460   

Apparel Retail–1.09%

      

Gap, Inc. (The)

      1,535,783         62,276,001   

Apparel, Accessories & Luxury
Goods–1.49%

   

Michael Kors Holdings Ltd. (b)

      843,715         53,002,176   

Prada S.p.A. (Italy)

      3,336,600         31,997,321   
                84,999,497   

Application Software–3.03%

      

Autodesk, Inc. (b)

      876,556         33,072,458   

Citrix Systems, Inc. (b)

      1,364,108         87,780,350   

Salesforce.com, Inc. (b)

      1,242,366         52,589,352   
                173,442,160   

Automobile Manufacturers–1.73%

  

General Motors Co. (b)

      2,913,119         98,725,603   

Biotechnology–7.57%

      

Amgen Inc.

      686,947         69,058,782   

Biogen Idec Inc. (b)

      193,129         45,866,206   

Celgene Corp. (b)

      977,769         120,901,137   

Gilead Sciences, Inc. (b)

      3,609,649         196,653,677   
                432,479,802   

Brewers–1.14%

      

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

      711,446         65,396,116   

Broadcasting–1.15%

      

CBS Corp. -Class B

      1,325,839         65,629,030   

Cable & Satellite–6.44%

      

Comcast Corp. -Class A

      705,354         28,319,963   

DIRECTV (b)

      2,159,234         131,993,974   

DISH Network Corp. -Class A

      5,393,609         207,869,691   
                368,183,628   

Casinos & Gaming–0.95%

      

Las Vegas Sands Corp.

      938,335         54,329,597   

Communications Equipment–3.94%

  

QUALCOMM, Inc.

      3,042,832         193,158,975   

Telefonaktiebolaget LM Ericsson -ADR
(Sweden)

      2,734,835         31,915,525   
                    225,074,500   
      Shares      Value  

Computer Hardware–4.35%

      

Apple Inc.

      553,402       $ 248,853,811   

Computer Storage & Peripherals–1.21%

  

EMC Corp.

      2,791,386         69,114,717   

Construction & Engineering–0.84%

  

Foster Wheeler AG (Switzerland)(b)

      2,086,176         48,023,772   

Construction & Farm Machinery &
Heavy Trucks–1.92%

      

Cummins Inc.

      917,902         109,808,616   

Consumer Finance–0.71%

      

Capital One Financial Corp.

      669,278         40,779,109   

Data Processing & Outsourced Services–1.80%

  

Visa Inc. -Class A

      578,787         103,105,116   

Fertilizers & Agricultural Chemicals–1.77%

  

Monsanto Co.

      552,453         55,598,870   

Mosaic Co. (The)

      750,448         45,642,247   
                    101,241,117   

General Merchandise Stores–1.19%

  

Dollar General Corp. (b)

      1,287,555         67,982,904   

Health Care Equipment–0.47%

      

Abbott Laboratories

      724,601         26,571,119   

Health Care Facilities–0.72%

      

HCA Holdings, Inc.

      1,057,585         41,309,270   

Health Care Services–0.92%

      

Express Scripts Holding Co. (b)

      845,723         52,536,313   

Health Care Technology–0.43%

      

Cerner Corp. (b)

      249,002         24,471,917   

Home Improvement Retail–1.99%

  

Lowe’s Cos., Inc.

      2,704,905         113,903,550   

Homebuilding–0.45%

      

PulteGroup Inc. (b)

      1,198,967         25,885,698   

Industrial Conglomerates–2.94%

      

Danaher Corp.

      928,631         57,407,968   

General Electric Co.

      4,743,112         110,609,372   
                168,017,340   

Industrial Machinery–0.84%

      

Ingersoll-Rand PLC

      834,950         48,034,674   

Insurance Brokers–0.64%

      

Aon PLC

      577,710         36,782,796   
 

 

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

Invesco American Franchise Fund

     Shares     Value  

Internet Retail–4.69%

  

Amazon.com, Inc. (b)

     391,200      $     105,244,536   

Priceline.com Inc. (b)

     202,597        162,873,806   
              268,118,342   

Internet Software & Services–9.22%

  

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

     156,959        15,168,518   

eBay Inc. (b)

     1,671,259        90,415,112   

Facebook Inc. -Class A (b)

     7,859,322        191,374,491   

Google Inc. -Class A (b)

     264,270        230,023,250   
              526,981,371   

Investment Banking & Brokerage–0.98%

  

Goldman Sachs Group, Inc. (The)

     346,693        56,192,001   

IT Consulting & Other Services–0.77%

  

International Business Machines Corp.

     211,601        44,017,240   

Life Sciences Tools & Services–0.77%

  

Thermo Fisher Scientific, Inc.

     500,581        44,201,302   

Movies & Entertainment–0.74%

  

Walt Disney Co. (The)

     672,750        42,437,070   

Oil & Gas Equipment & Services–3.21%

  

Schlumberger Ltd.

     989,239        72,244,124   

Weatherford International Ltd. (b)

     8,255,858        111,371,525   
              183,615,649   

Oil & Gas Exploration & Production–1.87%

  

Anadarko Petroleum Corp.

     1,219,861        106,701,242   

Other Diversified Financial Services–2.27%

  

Citigroup Inc.

     2,497,859        129,863,689   

Packaged Foods & Meats–2.02%

  

Mondelez International Inc. -Class A

     3,919,352        115,464,110   

Pharmaceuticals–3.33%

  

Allergan, Inc.

     481,433        47,897,769   

Johnson & Johnson

     480,207        40,423,825   

Pfizer Inc.

     3,362,736        91,567,302   

Zoetis Inc. (c)

     331,076        10,594,432   
              190,483,328   

Property & Casualty Insurance–0.51%

  

ACE Ltd.

     324,044        29,060,266   

Railroads–0.93%

  

Norfolk Southern Corp.

     693,383        53,106,204   

Restaurants–0.71%

  

Starbucks Corp.

     641,739        40,474,479   

Semiconductor Equipment–1.17%

  

Applied Materials, Inc.

     4,411,538        67,055,378   

Semiconductors–1.01%

  

Maxim Integrated Products, Inc.

     1,947,946        57,444,928   

Specialized REIT’s–1.51%

  

American Tower Corp.

     1,108,780        86,307,435   
     Shares     Value  

Systems Software–3.50%

  

Microsoft Corp.

     3,534,404      $ 123,280,011   

Oracle Corp.

     2,267,046        76,535,473   
              199,815,484   

Tobacco–0.85%

  

Philip Morris International Inc.

     534,268        48,570,304   

Trucking–0.77%

  

J.B. Hunt Transport Services, Inc.

     596,687        43,951,964   

Wireless Telecommunication Services–3.60%

  

Sprint Nextel Corp. (b)

     28,189,480        205,783,204   

Total Common Stocks & Other Equity
Interests
(Cost $4,309,670,445)

    

     5,662,195,223   

Money Market Funds–0.96%

  

Liquid Assets Portfolio –Institutional
Class (d)

     27,375,652        27,375,652   

Premier Portfolio –Institutional
Class (d)

     27,375,653        27,375,653   

Total Money Market Funds
(Cost $54,751,305)

             54,751,305   

TOTAL INVESTMENTS (excluding investments purchased with cash collateral from securities on loan)–100.01%
(Cost $4,364,421,750)

             5,716,946,528   

Investments Purchased with Cash
Collateral from Securities on Loan–0.14%

   

  

Money Market Funds–0.14%

  

Liquid Assets Portfolio - Institutional Class
(Cost $8,194,131)(d)(e)

     8,194,131        8,194,131   

TOTAL INVESTMENTS–100.15%
(Cost $4,372,615,881)

             5,725,140,659   

OTHER ASSETS LESS LIABILITIES–(0.15)%

  

     (8,609,247)   

NET ASSETS–100.00%

           $     5,716,531,412   

 

Investment Abbreviations:

ADR        

 

   

—American Depositary Receipt

 

REIT    —Real Estate Investment Trust

Notes to Schedule of Investments:

 

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

 

(b) Non-income producing security.

 

(c) All or a portion of this security was out on loan at May 31, 2013.

 

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

 

(e) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1D.
 

 

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

Invesco American Franchise Fund

Notes to Quarterly Schedule of Portfolio Holdings

May 31, 2013

(Unaudited)

NOTE 1 -- Significant Accounting Policies

 

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

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

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

Debt obligations (including convertible bonds) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the Adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trade is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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.

 

Invesco American Franchise Fund

 

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 is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D. Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds and is shown as such on the Schedule of Investments. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Fund if and to the extent that the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, is included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan is shown as a footnote on the Statement of Assets and Liabilities, if any.
E. Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such 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

 

Invesco American Franchise Fund

 

 

E. Foreign Currency Translations – (continued)

arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable.

F. Foreign Currency Contracts – The Fund may enter into foreign currency contracts to manage or minimize currency or exchange rate risk. The Fund may also enter into foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security. A foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The use of 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 foreign currency contracts include failure of the counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

NOTE 2 -- Additional Valuation Information

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

Level 1  

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

Level 2  

–  Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3  

– Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of May 31, 2013. 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  

Equity Securities

    $     5,693,143,338       $         31,997,321       $                     --       $     5,725,140,659   

 

Invesco American Franchise Fund

 

NOTE 3 -- Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the nine months ended May 31, 2013 was $2,787,357,926 and $3,424,002,149, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

 

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

Aggregate unrealized appreciation of investment securities

    $             1,396,733,515   

Aggregate unrealized (depreciation) of investment securities

      (70,956,142)   

Net unrealized appreciation of investment securities

    $ 1,325,777,373   

Cost of investments for tax purposes is $4,399,363,286.

   

NOTE 4 -- Subsequent Event

The Board of Trustees unanimously approved an Agreement and Plan of Reorganization (the “Agreement”) pursuant to which Invesco American Franchise Fund (the “Fund”) would acquire all of the assets and liabilities of Invesco Constellation Fund and Invesco Leisure Fund (the “Target Funds”) in exchange for shares of the Fund.

The Agreement was approved by the Fund’s shareholders on April 24, 2013 and the reorganization was closed on July 15, 2013. Upon closing of the reorganization, shareholders of the Target Funds will receive a corresponding class of shares of the Fund in exchange for their shares of the Target Funds and the Target Funds will liquidate and cease operations.

 

Invesco American Franchise Fund

 

  

 

Invesco California Tax-Free Income Fund

Quarterly Schedule of Portfolio Holdings

May 31, 2013

 

   LOGO      
   invesco.com/us    MS-CTFI-QTR-1    05/13    Invesco Advisers, Inc.

Schedule of Investments

May 31, 2013

(Unaudited)

 

      Interest
Rate		   Maturity
Date		    Principal
Amount
(000)		     
Value		  

Municipal Obligations–105.04%*

           

California–98.27%

           

ABAG Finance Authority for Non-profit Corps. (Episcopal Senior Communities); Series 2012, Ref. RB

    5.00%   07/01/32    $ 2,000       $     2,139,200   

ABAG Finance Authority for Non-profit Corps. (Sharp Healthcare); Series 2012 A, RB

    5.00%   08/01/28      900         1,005,480   

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

    6.75%   07/01/39      1,500         1,643,550   

Alameda (County of) Corridor Transportation Authority; Series 2013 A, Ref. Sr. Lien RB
(INS-AGM) (a)

    5.00%   10/01/29      1,500         1,720,965   

Alameda (County of) Joint Powers Authority (Juvenile Justice Refunding); Series 2008 A, Lease RB (INS-AGM) (a)

    5.00%   12/01/25      750         852,848   

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

    7.63%   01/01/40      1,575         1,723,585   

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

    0.00%   09/01/20      1,925         1,583,486   

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

    6.00%   09/01/16      4,000         4,515,320   

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

    5.38%   10/01/36      2,500         2,893,875   

Antelope Valley Healthcare District; Series 1997 A, Ref. RB (INS-AGM) (a)

    5.20%   01/01/20      3,000         3,008,160   

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

    5.00%   08/01/37      1,500         1,653,375   

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

    5.00%   09/15/32      2,215         2,440,598   

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

    5.25%   07/01/17      1,430         1,485,756   

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

    5.00%   09/01/14          2,735         2,895,654   

Bay Area Toll Authority (San Francisco Bay Area);

           

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

    5.00%   04/01/39      1,250         1,368,550   

Series 2008 F-1, Toll Bridge RB

    5.00%   04/01/39      2,500         2,737,100   

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

    5.25%   04/01/26      4,685         5,561,095   

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

    5.25%   04/01/29      5,205         6,161,783   

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

    5.13%   04/01/39      1,500         1,681,380   

Beverly Hills Unified School District (Election of 2008);

           

Series 2009, Unlimited Tax CAB GO Bonds (b)

    0.00%   08/01/26      1,465         953,217   

Series 2009, Unlimited Tax CAB GO Bonds (b)

    0.00%   08/01/32      3,045         1,413,337   

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

    5.00%   08/01/14      1,000         1,055,300   

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

    5.50%   08/01/18      1,850         1,857,770   

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

    5.00%   06/01/35      2,000         2,027,320   

California (State of) Educational Facilities Authority (Chapman University); Series 2011, RB

    5.00%   04/01/31      1,250         1,383,300   

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

    5.00%   01/01/38      2,100         2,270,604   

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

           

Series 2005 A, RB

    5.00%   04/01/35      2,000         2,046,120   

Series 2009, RB

    6.00%   04/01/40      2,000             2,325,840   

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

    5.25%   10/01/39      1,800         2,075,526   

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

    5.75%   09/01/39      500         574,580   

California (State of) Health Facilities Financing Authority (Catholic Healthcare West);

           

Series 2009 A, RB

    6.00%   07/01/39      500         594,605   

Series 2011 A, RB

    5.25%   03/01/41      2,500         2,752,675   

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

    5.25%   07/01/38      2,950         3,118,533   

California (State of) Health Facilities Financing Authority (City of Hope); Series 2012 A, RB

    5.00%   11/15/35      1,000         1,127,150   

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

    5.25%   04/01/39      2,000         2,164,880   

 

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

Invesco California Tax-Free Income Fund

      Interest
Rate		     Maturity
Date		      Principal
Amount
(000)
     Value  

California–(continued)

           

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

           

Series 2008, RB (c)(d)

      6.50 %      10/01/18       $ 20       $          25,582   

Series 2008, RB

      6.50 %      10/01/38         980         1,176,039   

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

      5.00 %      11/15/36         4,000         4,348,760   

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

      5.25 %      11/15/40         2,000         2,255,000   

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

      5.50 %      08/15/26         1,000         1,174,060   

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

      5.25 %      06/01/26         1,000         965,300   

California (State of) Municipal Finance Authority (Caritas); Series 2012 A, Mobile Home Park RB

      5.50 %      08/15/47         1,500         1,591,035   

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

           

Series 2007, COP

      5.00 %      02/01/20         2,385         2,587,057   

Series 2007, COP

      5.25 %      02/01/37         500         521,180   

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

           

Series 2010 A, RB

      5.50 %      07/01/30         1,000         1,084,320   

Series 2010 A, RB

      5.75 %      07/01/40         1,500         1,634,880   

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

      5.75 %      01/01/33         1,315         1,522,652   

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

      6.13 %      06/01/30         1,000         1,150,010   

California (State of) Pollution Control Finance Authority;

           

Series 2012, Water Furnishing RB (f)(g)

      5.00 %      07/01/27         1,000         1,039,930   

Series 2012, Water Furnishing RB (f)(g)

      5.00 %      07/01/37         2,500         2,523,525   

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

      5.00 %      01/01/22         2,000         2,187,760   

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

      5.13 %      10/01/31         2,000         2,201,920   

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

      5.00 %      03/01/30         5,000         5,272,750   

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

      6.10 %      07/01/32         820         872,611   

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

      6.25 %      10/01/39         2,000         2,239,360   

California (State of) Statewide Communities Development Authority
(California Baptist University); Series 2007 A, RB

      5.40 %      11/01/27         1,785         1,901,668   

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

      5.25 %      11/01/30         1,675         1,900,656   

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

      6.75 %      02/01/38         445         542,348   

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

           

Series 2009, Senior Living RB

      6.25 %      11/15/19         2,000         2,254,240   

Series 2009, Senior Living RB

      7.25 %      11/15/41         500         577,645   

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

      5.63 %      10/01/32         1,000         1,063,340   

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

      5.38 %      05/15/38         2,000         2,177,240   

California (State of);

           

Series 2004 B-1, VRD Unlimited Tax GO Bonds (LOC-Citibank, N.A.) (h)(i)

      0.05 %      05/01/34         1,500         1,500,000   

Series 2009, Various Purpose Unlimited Tax GO Bonds

      5.75 %      04/01/31         5,000         5,819,250   

Series 2009, Various Purpose Unlimited Tax GO Bonds

      6.00 %      11/01/35         1,750         2,111,567   

Series 2009, Various Purpose Unlimited Tax GO Bonds

      6.00 %      04/01/38         1,250         1,481,213   

Series 2010, Unlimited Tax GO Bonds

      5.25 %      11/01/40         3,000         3,414,780   

Series 2011, Various Purpose Unlimited Tax GO Bonds

      5.00 %      09/01/32         2,450         2,751,374   

Series 2011, Various Purpose Unlimited Tax GO Bonds

      5.00 %      10/01/41         2,500         2,713,375   

Series 2012, Ref. Unlimited Tax GO Bonds

      5.25 %      02/01/30         2,000         2,295,860   

Series 2013, Ref. Unlimited Tax GO Bonds

      5.00 %      10/01/25         1,000         1,132,840   

 

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

Invesco California Tax-Free Income Fund

      Interest
Rate		   Maturity
Date		    Principal
Amount
(000)		     
Value		  

California–(continued)

           

Series 2013, Various Purpose Unlimited Tax GO Bonds

    5.00%   02/01/38    $ 1,000       $     1,105,220   

Series 2013, Various Purpose Unlimited Tax GO Bonds

    5.00%   02/01/43      1,000         1,094,160   

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

    5.00%   06/01/21      3,000         3,656,580   

California Special Districts Association Finance Corp. (Special Districts Finance Program); Series 1997 DD, COP (INS-AGM) (a)

    5.63%   01/01/27      1,050         1,051,628   

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

    5.25%   11/01/38      1,000         1,104,290   

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

    5.00%   11/01/33      725         793,244   

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

    0.00%   08/01/29      735         369,764   

Corona-Norco Unified School District (Election of 2006);

           

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

    0.00%   08/01/24      1,000         663,140   

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

    0.00%   08/01/25      1,000         629,350   

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

    5.00%   08/01/37      2,500         2,755,875   

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

    5.00%   06/01/36      2,000         2,307,600   

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

    6.13%   06/01/34      1,000         1,093,830   

El Dorado (County of) Irrigation District; Series 2009 A, COP (INS-AGC) (a)

    5.75%   08/01/39      1,000         1,050,560   

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

    5.50%   06/01/34      1,000         1,133,120   

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

    0.00%   08/01/33      4,430         1,687,033   

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

    6.00%   09/01/32      1,800         1,976,418   

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

    5.38%   09/01/25      1,500         1,502,475   

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

    5.00%   09/01/21      1,480         1,481,465   

Foothill-Eastern Transportation Corridor Agency; Series 1999, Ref. Toll Road RB (INS-NATL) (a)

    5.13%   01/15/19      4,000         4,005,720   

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

           

Series 2012, Ref. Special Tax RB

    5.00%   09/01/26      960         1,047,130   

Series 2012, Ref. Special Tax RB

    5.00%   09/01/32      1,090         1,162,659   

Gilroy Unified School District (Election of 2008);

           

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

    0.00%   08/01/29      615         372,530   

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

    0.00%   08/01/29      4,735         2,278,908   

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

    0.00%   08/01/31      2,235         1,243,174   

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

    0.00%   08/01/31      1,415         609,002   

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

    5.00%   09/01/24      2,425         2,452,451   

Golden State Tobacco Securitization Corp.; Series 2013 A, Enhanced Tobacco Settlement Asset-Backed RB

    5.00%   06/01/30      1,000         1,106,520   

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

    5.70%   08/01/28      2,230         2,309,388   

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

    5.25%   05/01/23      1,000         1,116,220   

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

    4.00%   09/02/22      2,150         2,343,930   

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

    6.70%   09/01/35      515         589,175   

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

    5.75%   08/01/35      1,000         1,156,100   

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

    5.00%   05/01/28      1,700         1,847,424   

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

    5.00%   10/01/37      1,000         1,058,750   

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

    5.00%   11/01/29      2,000         2,230,140   

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

    6.00%   11/01/17      15,095         15,887,186   

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

    5.00%   06/01/40      2,500         2,656,825   

 

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

Invesco California Tax-Free Income Fund

      Interest
Rate		   Maturity
Date		      Principal
Amount
(000)		     
Value		  

California–(continued)

           

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

    6.10%     07/01/25       $ 475       $        476,021   

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

           

Series 2010 A, Sr. RB

    5.00%     05/15/35         2,500         2,786,000   

Series 2010 B, Sub. RB

    5.00%     05/15/40         1,000         1,089,620   

Series 2012, Sr. RB (f)

    5.00%     05/15/25         2,275         2,633,904   

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

           

Series 2004 C, Water System RB (c)(d)

    5.00%     07/01/14         1,000         1,051,070   

Series 2011 A, Power System RB (e)

    5.00%     07/01/22         1,800         2,189,970   

Series 2011 A, Water System RB

    5.25%     07/01/39         1,500         1,698,540   

Series 2012 A, Water System RB

    5.00%     07/01/43         2,000         2,222,600   

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

    5.00%     07/01/36         1,485         1,633,931   

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

    5.00%     07/01/37         1,000         1,102,180   

Subseries 2008 A-1, Power System RB

    5.25%     07/01/38         2,000         2,242,800   

Los Angeles (City of);

           

Series 2003 B, Ref. Wastewater System RB (INS-AGM) (a)

    5.00%     06/01/22         5,000         5,019,550   

Series 2012 B, Ref. Sub. Wastewater System RB

    5.00%     06/01/32         4,000         4,530,760   

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

    5.00%     07/01/35         1,000         1,071,420   

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

    5.00%     08/01/33         2,000         2,247,880   

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

    0.00%     08/01/24         1,265         738,570   

Los Angeles Unified School District (Election of 2004);

           

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

    5.00%     07/01/32         1,000         1,111,460   

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

    5.00%     01/01/34         3,000         3,332,880   

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

    6.50%     03/15/15         3,285         3,466,529   

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

    0.00%     08/01/35         940         307,502   

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

    5.00%     10/01/20         1,670         1,673,173   

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

    5.25%     08/01/34         1,000         1,090,180   

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

    0.00%     08/01/31         840         339,772   

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

    6.50%     03/01/28         1,000         1,125,510   

Mountain View (City of) Shoreline Regional Park Community; Series 2001 A, Tax Allocation RB (INS-NATL) (a)

    5.25%     08/01/16         1,570         1,574,333   

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

    7.00%     08/01/32         1,500         1,857,390   

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

    5.63%     10/01/34         1,000         1,116,410   

Oakland (Port of); Series 2012 P, Ref. Sr. Lien RB (f)

    5.00%     05/01/26         1,000         1,134,100   

Palomar Pomerado Health; Series 2009, COP

    6.75%     11/01/39         2,000         2,231,200   

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

    5.00%     09/01/30         1,045         1,090,249   

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

    5.25%     08/01/30         1,600         1,723,360   

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

    5.50%     08/01/31         1,000         1,152,160   

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

           

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

    5.00%     02/01/15         2,020         2,024,686   

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

    5.00%     02/01/16         1,110         1,112,309   

Series 2007 AW, Sub. RB

    5.13%     02/01/33         1,075         1,075,032   

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

    6.00%     04/01/19         1,195         1,380,643   

Poway Unified School District (Election of 2008 - School Facilities Improvement District No. 2007-1);
Series 2009 A, Unlimited Tax CAB GO Bonds (b)

    0.00%     08/01/32         6,460         2,694,272   

Rancho Cordova (City of) Community Facilities District No. 2003-1 (Sunridge Anatolia);

           

Series 2012, Ref. Special Tax RB

    5.00%     09/01/24         730         769,186   

Series 2012, Ref. Special Tax RB

    5.00%     09/01/27         1,000         1,047,450   

 

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

Invesco California Tax-Free Income Fund

      Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

California–(continued)

           

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

      5.00 %      09/01/34       $ 1,000       $     1,020,240   

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

      5.38 %      09/01/25         3,000         3,003,090   

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

      5.00 %      09/01/23         1,400         1,413,244   

Regents of the University of California;

           

Series 2009 E, Medical Center Pooled RB

      5.50 %      05/15/27         2,500         2,846,625   

Series 2009 O, General RB (e)

      5.75 %      05/15/23         705         860,206   

Series 2009 O, General RB (e)

      5.75 %      05/15/25         1,050         1,281,158   

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

      5.00 %      05/15/34         920         1,037,971   

Series 2012 G, Limited Project RB

      5.00 %      05/15/37         1,500         1,674,735   

Riverside (City of);

           

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

      5.00 %      10/01/33         1,000         1,088,850   

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

      5.00 %      10/01/28         500         550,870   

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

      5.00 %      10/01/38         1,800         1,949,814   

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

      5.00 %      06/01/32         1,500         1,651,830   

Sacramento (City of) Municipal Utility District; Series 2011 X, Ref. Electric RB

      5.00 %      08/15/27         2,150         2,486,432   

Sacramento (County of) Sanitation Districts Financing Authority (Sacramento Regional County Sanitation District);

           

Series 2006, RB (INS-NATL) (a)

      5.00 %      12/01/29         2,000         2,195,280   

Series 2011 A, Ref. RB

      5.00 %      12/01/26         1,500         1,760,055   

Sacramento (County of);

           

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

      5.00 %      07/01/32         1,000         1,087,620   

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

      5.00 %      07/01/41         1,015         1,078,163   

Series 2010, Sr. Airport System RB

      5.00 %      07/01/40         2,200         2,373,162   

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

      7.50 %      12/01/41         2,000         2,436,520   

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

      5.25 %      10/01/27         2,535         2,624,080   

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

      5.00 %      08/01/32         2,215         2,534,226   

San Diego (County of) Regional Airport Authority; Series 2013 B, Sr. RB (f)

      5.00 %      07/01/29         1,270         1,417,485   

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

      5.25 %      08/01/33         1,500         1,780,020   

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

      5.00 %      08/01/31         2,500         2,854,825   

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

           

Series 2009 E, Second Series RB

      6.00 %      05/01/39         1,000         1,210,640   

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

      5.00 %      05/01/23         5,000         5,792,250   

Series 2011 G, Second Series RB

      5.25 %      05/01/28         2,000         2,291,460   

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

      5.00 %      11/01/36         4,000         4,500,760   

San Francisco (City & County of) Public Utilities Commission; Series 2012, Water RB

      5.00 %      11/01/33         3,000         3,394,800   

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

      6.75 %      08/01/41         1,000         1,185,410   

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

      7.00 %      08/01/33         500         581,455   

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

      5.00 %      08/01/33         335         366,396   

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

      5.00 %      07/01/32         1,000         1,151,520   

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

      0.00 %      09/01/31         3,110         1,414,210   

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

      5.00 %      08/01/30         1,500         1,666,995   

San Mateo (City of) Community Facilities District No. 2008-1 (Bay Meadows);

           

Series 2013, Special Tax RB

      5.00 %      09/01/33         200         206,262   

Series 2013, Special Tax RB

      5.00 %      09/01/42         1,000         1,016,970   

 

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

Invesco California Tax-Free Income Fund

      Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

California–(continued)

           

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

      5.25 %      05/15/36       $ 3,000       $       3,407,400   

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

           

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

      5.00 %      09/01/28         825         899,077   

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

      5.00 %      09/01/29         715         773,916   

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

      5.10 %      09/01/30         465         503,502   

Sierra View Local Health Care District; Series 2007, RB

      5.25 %      07/01/32         1,500         1,548,540   

Simi Valley Unified School District (Election of 2004);

           

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

      0.00 %      08/01/28         3,480         1,851,290   

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

      0.00 %      08/01/30         2,765         1,286,942   

Sonoma-Marin Area Rail Transit District; Series 2012 A, Measure Q Sales Tax RB

      5.00 %      03/01/29         2,000         2,278,480   

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

      5.75 %      09/01/22         1,000         1,015,420   

Southern California Metropolitan Water District;

           

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

      5.00 %      07/01/35         1,520         1,629,531   

Series 2009 B, Ref. RB (e)

      5.00 %      07/01/27         8,585         10,009,852   

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

      9.33 %      07/01/15         3,500         3,871,490   

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

      9.33 %      07/01/15         2,500         2,767,050   

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

           

Series 2011-1, RB (e)

      5.25 %      07/01/29         2,100         2,457,399   

Series 2011-1, RB (e)

      5.25 %      07/01/31         2,100         2,439,318   

Tejon Ranch Public Facilities Financing Authority Community Facilities District No. 2008-1 (Tejon Industrial Complex Public Improvements - East);

           

Series 2012 A, Ref. Special Tax RB

      5.00 %      09/01/32         750         740,813   

Series 2012 B, Special Tax RB

      5.00 %      09/01/32         750         740,813   

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

      5.13 %      08/01/27         2,150         2,182,916   

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

      5.00 %      04/01/41         1,000         1,105,920   

Tustin Unified School District (School Facilities Improvement District No. 2002-1- Election of 2002); Series 2008 C, Unlimited Tax GO Bonds (INS-AGM) (a)

      5.00 %      06/01/28         750         839,408   

Twin Rivers Unified School District; Series 2009, Unlimited Tax CAB GO BAN (b)

      0.00 %      04/01/14         1,700         1,689,018   

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

      5.13 %      03/01/36         1,475         1,570,698   

Vernon (City of); Series 2009 A, Electric System RB

      5.13 %      08/01/21         2,000         2,256,880   

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

      5.00 %      01/01/35         3,000         3,208,740   

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

      0.00 %      08/01/25         2,500         1,484,100   

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

      5.63 %      09/01/39         1,000         1,111,490   

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

      0.00 %      08/01/24         4,685         3,106,811   
                                 407,479,673   

Guam–1.25%

           

Guam (Territory of) (Section 30);

           

Series 2009 A, Limited Obligation RB

      5.38 %      12/01/24         1,000         1,086,910   

Series 2009 A, Limited Obligation RB

      5.63 %      12/01/29         660         721,842   

Guam (Territory of) Power Authority; Series 2012 A, Ref. RB (INS-AGM) (a)

      5.00 %      10/01/25         1,500         1,739,265   

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

      5.13 %      01/01/42         1,500         1,630,050   
                                 5,178,067   

Puerto Rico–4.62%

           

Puerto Rico (Commonwealth of) Electric Power Authority;

           

Series 2007 TT, RB

      5.00 %      07/01/37         2,000         1,941,320   

Series 2010 AAA, RB

      5.25 %      07/01/29         2,000         2,016,960   

Puerto Rico (Commonwealth of) Industrial Tourist Educational, Medical & Environmental Control Facilities Financing Authority (Ana G. Mendez University System); Series 2012, Ref. RB

      5.38 %      04/01/42         2,000         2,015,920   

 

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

Invesco California Tax-Free Income Fund

      Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

Puerto Rico–(continued)

           

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

      5.45 %      07/01/17       $ 3,680       $       4,351,453   

Puerto Rico Sales Tax Financing Corp.;

           

First Subseries 2010 C, RB

      5.00 %      08/01/35         1,500         1,540,335   

First Subseries 2011 A-1, RB

      5.00 %      08/01/43         3,000         3,092,070   

Series 2011 C, RB

      5.00 %      08/01/40         4,000         4,223,320   
                                 19,181,378   

Virgin Islands–0.90%

           

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

      6.63 %      10/01/29         1,675         1,945,663   

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

      5.00 %      10/01/25         1,600         1,780,768   
                                 3,726,431   

TOTAL INVESTMENTS(l)–105.04% (Cost $396,730,302)

                                435,565,549   

FLOATING RATE NOTE OBLIGATIONS–(5.94)%

           

Notes with interest rates ranging from 0.11% to 0.15% at 05/31/13 and contractual maturites of collateral ranging from 07/01/22 to 10/01/39 (See Note 1D)(m)

                                (24,620,000)   

OTHER ASSETS LESS LIABILITIES–0.90%

                                3,720,651   

NET ASSETS–100.00%

                              $ 414,666,200   

 

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

 

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

Invesco California Tax-Free Income Fund

Notes to Schedule of Investments:

 

*  Calculated as a percentage of net assets. Amounts in excess of 100% are due to the Fund’s use of leverage.

 

(a)  Principal and/or interest payments are secured by the bond insurance company listed.

 

(b)  Zero coupon bond issued at a discount.

 

(c)  Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

 

(d)  Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

 

(e)  Underlying security related to Dealer Trusts entered into by the Fund. See Note 1D.

 

(f)  Security subject to the alternative minimum tax.

 

(g)  Securities purchased or received in a transaction exempt from registration under the Securities Act of 1933 (the “1933 Act”), as amended. These securities may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of these securities at May 31, 2013 represented 1.10% of the Fund’s Net Assets.

 

(h)  Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.

 

(i)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on May 31, 2013.

 

(j)  Security is subject to a shortfall agreement which may require the Fund to pay amounts to a counterparty in the event of a significant decline in the market value of the security underlying the inverse floater. In case of a shortfall, the maximum potential amount of payments the Fund could ultimately be required to make under the agreement is $615,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the inverse floater.

 

(k)  Current coupon rate for inverse floating rate municipal obligations. This rate resets periodically as the rate on the related security changes. Positions in inverse floating rate municipal obligations have a total value of $6,638,540 which represents 1.60% of the Fund’s Net Assets.

 

(l)  This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations.

 

Entities    Percentage  

Assured Guaranty Municipal Corp.

      12.6%   

National Public Finance Guarantee Corp.

      8.0   

American Municipal Bond Assurance Corp.

      7.3   

 

(m)  Floating rate note obligations related to securities held. The interest rates shown reflect the rates in effect at May 31, 2013. At May 31, 2013, the Fund’s investments with a value of $43,422,712 are held by Dealer Trusts and serve as collateral for the $24,620,000 in the floating rate note obligations outstanding at that date.

 

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

Invesco California Tax-Free Income Fund

Notes to Quarterly Schedule of Portfolio Holdings

May 31, 2013

(Unaudited)

NOTE 1 -- Significant Accounting Policies

 

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

Securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

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 is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes.

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

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

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

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

 

Invesco California Tax-Free Income Fund

 

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

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

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

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

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

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

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

 

Invesco California Tax-Free Income Fund

 

NOTE 2 -- Additional Valuation Information

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

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

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

As of May 31, 2013, all of the securities in this Fund were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

NOTE 3 -- Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the nine months ended May 31, 2013 was $40,502,093 and $51,472,302, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

 

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

Aggregate unrealized appreciation of investment securities

    $                       39,452,452   

Aggregate unrealized (depreciation) of investment securities

               (443,243)   

Net unrealized appreciation of investment securities

    $           39,009,209   

Cost of investments for tax purposes is $396,556,340.

      

 

Invesco California Tax-Free Income Fund

 

  

 

Invesco Core Plus Bond Fund

Quarterly Schedule of Portfolio Holdings

May 31, 2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

        
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Schedule of Investments(a)

May 31, 2013

(Unaudited)

 

      Principal
Amount		      Value  

U.S. Dollar Denominated Bonds and Notes–51.48%

  

Advertising–0.30%

      

Interpublic Group of Cos. Inc. (The),
Sr. Unsec. Global Notes,
10.00%, 07/15/17

    $ 765,000       $ 808,031   

National CineMedia LLC, Sr. Sec.
Global Notes, 6.00%, 04/15/22

      35,000         37,800   

Omnicom Group Inc., Sr. Unsec. Gtd. Global Notes, 3.63%, 05/01/22

      550,000         554,513   

WPP Finance (United Kingdom),
Sr. Unsec. Gtd. Global Notes,
8.00%, 09/15/14

      365,000         397,239   
                1,797,583   

Aerospace & Defense–0.45%

  

   

B/E Aerospace Inc., Sr. Unsec. Notes,
5.25%, 04/01/22

      20,000         21,100   

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

      60,000         62,850   

6.13%, 01/15/23(b)

      35,000         37,013   

7.75%, 03/15/20(b)

      70,000         82,600   

DigitalGlobe Inc., Sr. Unsec. Gtd. Notes, 5.25%, 02/01/21(b)

      85,000         86,275   

Erickson Air-Crane Inc., Sr. Sec. Gtd. Notes, 8.25%, 05/01/20(b)

      30,000         31,050   

GenCorp Inc., Sr. Sec. Gtd. Notes,
7.13%, 03/15/21(b)

      135,000         145,125   

General Dynamics Corp., Sr. Unsec. Gtd. Global Notes, 2.25%, 11/15/22

      1,375,000         1,296,527   

Huntington Ingalls Industries Inc.,
Sr. Unsec. Gtd. Global Notes,
6.88%, 03/15/18

      60,000         65,700   

7.13%, 03/15/21

      40,000         44,000   

Sequa Corp., Sr. Unsec. Gtd. Notes, 7.00%, 12/15/17(b)

      50,000         50,312   

Spirit Aerosystems Inc., Sr. Unsec. Gtd. Global Notes, 6.75%, 12/15/20

      50,000         53,875   

Textron Inc., Sr. Unsec. Notes,
4.63%, 09/21/16

      675,000         736,356   

TransDigm Inc., Sr. Unsec. Gtd. Sub. Notes, 5.50%, 10/15/20(b)

      10,000         10,450   
                2,723,233   

Agricultural Products–0.35%

  

   

Bunge Ltd. Finance Corp., Sr. Unsec. Gtd. Notes, 4.10%, 03/15/16

      245,000         262,529   

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

      1,030,000         1,024,379   
      Principal
Amount		      Value  

Agricultural Products–(continued)

  

   

Sr. Unsec. Notes, 3.20%, 11/01/15

    $ 75,000       $ 78,760   

6.63%, 04/15/37

      635,000         757,008   
                2,122,676   

Airlines–1.48%

      

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

      35,000         36,356   

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

      1,041,482         1,133,914   

Series 2011-1, Class B, Sec. Pass

Through Ctfs., 7.00%, 01/31/18(b)

      338,187         361,860   

Continental Airlines Pass Through Trust, Series 2007-1, Class C, Sec. Global Pass Through Ctfs., 7.34%, 04/19/14

      5,638         5,810   

Series 2009-1, Sec. Pass Through Ctfs.,

9.00%, 07/08/16

      1,178,777         1,376,222   

Series 2009-2, Class B, Sec. Global Pass

Through Ctfs., 9.25%, 05/10/17

      3,339         3,759   

Series 2010-1, Class B, Sec. Pass

Through Ctfs., 6.00%, 01/12/19

      24,476         25,578   

Series 2012-1, Class A, Sec. Pass

Through Ctfs., 4.15%, 04/11/24

      500,000         518,937   

Series 2012-3, Class C, Sr. Sec. Pass

Through Ctfs., 6.13%, 04/29/18

      120,000         125,700   

Delta Air Lines Pass Through Trust,
Series 2009-1, Class A, Sr. Sec. Pass Through Ctfs., 7.75%, 12/17/19

      490,847         579,506   

Series 2010-1, Class B, Sec. Pass

Through Ctfs., 6.38%, 01/02/16(b)

      85,000         90,047   

Series 2010-2, Class B, Sec. Pass

Through Ctfs., 6.75%, 11/23/15(b)

      10,000         10,600   

Series 2012-1, Class A, Sr. Sec. Pass

Through Ctfs., 4.75%, 05/07/20

      1,287,330         1,413,649   

Hawaiian Airlines, Series 2013-1, Class A, Sr. Sec. Gtd. Pass Through Ctfs.,
3.90%, 01/15/26

      2,045,000         2,039,887   

Series 2013-1, Class B, Sr. Sec. Gtd.

Pass Through Ctfs., 4.95%, 01/15/22

      995,000         995,000   
 

 

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

                                 Invesco Core Plus Bond Fund

      Principal
Amount		      Value  

Airlines–(continued)

      

UAL Pass Through Trust, Series 2009-1,
Sr. Sec. Gtd. Global Pass Through Ctfs., 10.40%, 11/01/16

    $ 5,478       $ 6,410   

Series 2009-2A, Sr. Sec. Gtd. Global

Pass Through Ctfs., 9.75%, 01/15/17

      3,556         4,145   

United Continental Holdings Inc.,
Sr. Unsec. Gtd. Notes, 6.38%, 06/01/18

      145,000         149,350   

US Airways Pass Through Trust, Series 1998-1, Class C, Sec. Pass Through Ctfs., 6.82%, 01/30/14

      19,579         19,359   

Series 2012-1, Class A, Sr. Sec. Pass

Through Ctfs., 5.90%, 10/01/24

      9,982         11,174   

Series 2012-1, Class B, Sec. Pass

Through Ctfs., 8.00%, 10/01/19

      9,993         11,267   

Series 2012-1, Class C, Sec. Pass

Through Ctfs., 9.13%, 10/01/15

      9,992         10,867   
                8,929,397   

Alternative Carriers–0.08%

      

Cogent Communications Group, Inc.,
Sr. Sec. Gtd. Notes, 8.38%, 02/15/18(b)

      30,000         33,675   

Level 3 Communications Inc., Sr. Unsec. Global Notes, 8.88%, 06/01/19

      30,000         32,775   

11.88%, 02/01/19

      30,000         34,650   

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

      50,000         52,375   

8.13%, 07/01/19

      110,000         119,625   

8.63%, 07/15/20

      15,000         16,575   

9.38%, 04/01/19

      160,000         177,600   
                467,275   

Apparel Retail–0.05%

      

J. Crew Group Inc., Sr. Unsec. Gtd.
Global Notes, 8.13%, 03/01/19

      105,000         112,350   

L Brands Inc., Sr. Unsec. Gtd. Global Notes, 8.50%, 06/15/19

      5,000         6,150   

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

      170,000         195,075   
                313,575   

Apparel, Accessories & Luxury Goods–0.15%

  

   

Hanesbrands Inc., Sr. Unsec. Gtd.
Global Notes, 6.38%, 12/15/20

      95,000         105,094   

Jones Group Inc./Apparel Group Holdings/Apparel Group USA/Footwear Accessories Retail, Sr. Unsec. Notes, 6.88%, 03/15/19

      252,000         271,530   
      Principal
Amount		      Value  

Apparel, Accessories & Luxury Goods–(continued)

  

   

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

    $ 76,000       $ 84,740   

7.63%, 05/15/20

      100,000         111,750   

Sr. Unsec. Notes, 6.88%, 05/01/22(b)

      75,000         83,625   

PVH Corp., Sr. Unsec. Global Notes, 4.50%, 12/15/22

      120,000         120,450   

Quiksilver Inc., Sr. Unsec. Gtd. Global Notes, 6.88%, 04/15/15

      100,000         99,875   
                877,064   

Application Software–0.01%

      

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

      85,000         86,700   

Asset Management & Custody Banks–0.98%

  

   

Bank of New York Mellon (The),
Series D, Jr. Unsec. Sub.
Global Notes, 4.50% (c)

      2,025,000         2,022,469   

Blackstone Holdings Finance Co. LLC,
Sr. Unsec. Gtd. Notes,
6.25%, 08/15/42(b)

      1,070,000         1,199,129   

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

      1,430,000         1,420,378   

Prospect Capital Corp., Sr. Unsec.
Global Notes, 5.88%, 03/15/23

      1,280,000         1,249,044   
                5,891,020   

Auto Parts & Equipment–0.05%

      

Allison Transmission Inc., Sr. Unsec.
Gtd. Notes, 7.13%, 05/15/19(b)

      146,000         157,315   

American Axle & Manufacturing Inc.,
Sr. Unsec. Gtd. Notes, 6.25%, 03/15/21

      120,000         125,700   

6.63%, 10/15/22

      25,000         27,062   
                310,077   

Automobile Manufacturers–1.00%

      

Chrysler Group LLC/CG Co-Issuer Inc.,
Sr. Sec. Gtd. Global Notes,
8.00%, 06/15/19

      200,000         223,500   

Ford Motor Co., Sr. Unsec. Global Notes, 4.75%, 01/15/43

      600,000         564,000   

Ford Motor Credit Co. LLC,

      

Sr. Unsec. Notes, 3.98%, 06/15/16

      2,300,000         2,446,907   

4.25%, 09/20/22

      2,700,000         2,782,046   
                6,016,453   

Biotechnology–0.00%

      

STHI Holding Corp., Sr. Sec. Gtd. Notes, 8.00%, 03/15/18(b)

      20,000         21,900   
 

 

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

                                 Invesco Core Plus Bond Fund

      Principal
Amount		      Value  

Brewers–0.36%

      

Anheuser-Busch InBev Worldwide Inc. (Belgium), Sr. Unsec. Gtd. Global Notes, 5.38%, 11/15/14

    $ 125,000       $ 133,416   

Heineken NV (Netherlands), Sr. Unsec. Notes, 1.40%, 10/01/17(b)

      1,360,000         1,342,920   

SABMiller Holdings Inc. (United Kingdom), Sr. Unsec. Gtd. Notes, 4.95%, 01/15/42(b)

      670,000         727,485   
                2,203,821   

Broadcasting–0.83%

      

Clear Channel Worldwide Holdings Inc., Series A, Sr. Unsec. Gtd. Notes, 6.50%, 11/15/22(b)

      15,000         15,863   

Series A, Sr. Unsec. Gtd. Sub.

Global Notes, 7.63%, 03/15/20

      8,000         8,460   

Series B, Sr. Unsec. Gtd. Notes,

6.50%, 11/15/22(b)

      40,000         42,700   

Series B, Sr. Unsec. Gtd. Sub. Global

Notes, 7.63%, 03/15/20

      185,000         197,487   

COX Communications Inc., Sr. Unsec. Notes, 4.50%, 06/30/43(b)

      1,470,000         1,368,723   

8.38%, 03/01/39(b)

      1,220,000         1,761,165   

9.38%, 01/15/19(b)

      25,000         33,941   

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

      1,275,000         1,530,306   

LIN Television Corp., Sr. Unsec. Gtd. Global Notes, 6.38%, 01/15/21

      60,000         64,350   

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

      5,000         5,078   
                5,028,073   

Building Products–0.17%

      

American Standard Americas, Sr. Sec. Notes, 10.75%, 01/15/16(b)

      130,000         137,475   

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

      65,000         65,650   

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

      155,000         163,912   

Masco Corp., Sr. Unsec. Global Notes, 5.95%, 03/15/22

      20,000         22,463   

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

      211,000         231,572   

10.00%, 12/01/18

      125,000         140,313   

USG Corp., Sr. Unsec. Gtd. Notes, 7.88%, 03/30/20(b)

      60,000         67,800   
      Principal
Amount		      Value  

Building Products–(continued)

      

Sr. Unsec. Notes, 9.75%, 01/15/18

    $ 155,000       $ 183,287   
                1,012,472   

Cable & Satellite–1.28%

      

British Sky Broadcasting Group PLC (United Kingdom), Sr. Unsec. Gtd. Notes, 9.50%, 11/15/18(b)

      25,000         33,655   

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

      100,000         101,750   

Comcast Corp., Sr. Unsec. Gtd. Global Notes, 6.50%, 01/15/15

      20,000         21,885   

Sr. Unsec. Gtd. Notes, 6.45%, 03/15/37

      80,000         101,919   

DIRECTV Holdings LLC/DIRECTV Financing Co., Inc., Sr. Unsec. Gtd. Global Notes, 2.40%, 03/15/17

      620,000         635,522   

DISH DBS Corp., Sr. Unsec. Gtd. Global Notes, 5.00%, 03/15/23

      135,000         128,587   

5.88%, 07/15/22

      60,000         60,450   

Sr. Unsec. Gtd. Notes,

5.13%, 05/01/20(b)

      90,000         88,200   

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

      31,000         34,023   

Sr. Unsec. Gtd. Global Notes,

7.63%, 06/15/21

      26,000         29,250   

Intelsat Jackson Holdings S.A. (Luxembourg), Sr. Unsec. Gtd. Global Notes, 7.25%, 10/15/20

      30,000         32,700   

7.50%, 04/01/21

      115,000         127,075   

Sr. Unsec. Gtd. Notes,

6.63%, 12/15/22(b)

      160,000         166,800   

Intelsat Luxembourg S.A. (Luxembourg), Sr. Unsec. Gtd. Notes, 7.75%, 06/01/21

      70,000         74,025   

8.13%, 06/01/23

      60,000         64,500   

Lynx I Corp. (United Kingdom), Sr. Sec. Notes, 5.38%, 04/15/21(b)

      200,000         208,500   

Nara Cable Funding Ltd. (Spain), Sr. Sec. Gtd. Notes, 8.88%, 12/01/18(b)

      200,000         214,500   

NBC Universal Media LLC, Sr. Unsec. Gtd. Global Notes, 2.10%, 04/01/14

      775,000         785,610   

5.15%, 04/30/20

      350,000         412,660   

5.95%, 04/01/41

      740,000         894,335   

Sirius XM Radio Inc., Sr. Unsec. Notes, 4.25%, 05/15/20(b)

      40,000         39,100   

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

      680,000         762,470   

ViaSat Inc., Sr. Unsec. Gtd. Global Notes, 6.88%, 06/15/20

      210,000         227,850   
 

 

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

                                 Invesco Core Plus Bond Fund

      Principal
Amount		      Value  

Cable & Satellite–(continued)

  

Virgin Media Secured Finance PLC (United Kingdom), Sr. Sec. Gtd. Global Notes, 5.25%, 01/15/21

    $ 200,000       $ 210,923   

6.50%, 01/15/18

      2,155,000         2,291,443   
                7,747,732   

Casinos & Gaming–0.29%

  

Ameristar Casinos Inc., Sr. Unsec. Gtd. Global Notes, 7.50%, 04/15/21

      55,000         60,225   

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

      40,000         43,300   

9.13%, 12/01/18

      20,000         21,650   

Caesars Entertainment Operating Co. Inc., Sec. Gtd. Global Notes, 12.75%, 04/15/18

      10,000         7,100   

Sr. Sec. Gtd. Global Notes,

10.00%, 12/15/15

      25,000         22,063   

Sr. Sec. Gtd. Notes,

9.00%, 02/15/20(b)

      40,000         38,700   

Sr. Unsec. Gtd. Global Notes,

5.38%, 12/15/13

      125,000         124,062   

Caesars Operating Escrow LLC/Caesars Escrow Corp., Sr. Sec. Gtd. Notes, 9.00%, 02/15/20(b)

      80,000         77,400   

CityCenter Holdings LLC/CityCenter Finance Corp., Sr. Sec. Gtd. Global Notes, 7.63%, 01/15/16

      75,000         80,250   

Sr. Sec. Gtd. Global PIK Notes,

10.75%, 01/15/17

      111,816         122,439   

Codere Finance Luxembourg S.A. (Spain), Sr. Sec. Gtd. Notes, 9.25%, 02/15/19(b)

      10,000         6,350   

MCE Finance Ltd. (China), Sr. Unsec. Gtd. Notes, 5.00%, 02/15/21(b)

      200,000         201,500   

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

      205,000         222,937   

8.63%, 02/01/19

      10,000         11,850   

Sr. Unsec. Gtd. Notes,

6.75%, 10/01/20(b)

      10,000         10,925   

7.75%, 03/15/22

      223,000         257,565   

Seneca Gaming Corp., Sr. Unsec. Gtd. Notes, 8.25%, 12/01/18(b)

      99,000         106,920   

Snoqualmie Entertainment Authority, Sr. Sec. Floating Rate Notes,
4.22%, 02/01/14(b)(d)

      160,000         159,400   

Sr. Sec. Notes,

9.13%, 02/01/15(b)

      25,000         25,000   

Sugarhouse HSP Gaming Prop Mezz L.P./Sugarhouse HSP Gaming Finance Corp., Sr. Sec. Notes, 6.38%, 06/01/21(b)

      10,000         10,025   
      Principal
Amount		      Value  

Casinos & Gaming–(continued)

  

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

    $ 55,000       $ 58,334   

Sr. Unsec. Global Notes,

7.75%, 08/15/20

      85,000         96,475   
                1,764,470   

Catalog Retail–0.70%

  

QVC Inc., Sr. Sec. Notes, 7.50%,
10/01/19(b)

      3,825,000         4,245,750   

Coal & Consumable Fuels–0.12%

      

Alpha Natural Resources Inc., Sr. Unsec. Gtd. Notes, 9.75%, 04/15/18

      40,000         43,000   

CONSOL Energy Inc., Sr. Unsec. Gtd. Global Notes, 8.25%, 04/01/20

      145,000         160,950   

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

      200,000         199,000   

Peabody Energy Corp., Sr. Unsec. Gtd. Global Notes, 6.00%, 11/15/18

      86,000         92,235   

Sr. Unsec. Gtd. Notes,

6.50%, 09/15/20

      200,000         216,500   
                711,685   

Commercial Printing–0.02%

  

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

      90,000         95,850   

Communications Equipment–0.03%

  

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

      40,000         33,800   

Sr. Sec. Gtd. Notes,

7.00%, 04/01/19(b)

      135,000         127,406   

9.00%, 04/01/19(b)

      50,000         49,375   
                210,581   

Computer & Electronics Retail–0.36%

  

Best Buy Co. Inc., Sr. Unsec. Global Notes, 7.25%, 07/15/13

      2,010,000         2,023,065   

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

      150,000         161,437   
                2,184,502   

Computer Storage & Peripherals–0.04%

  

Seagate HDD Cayman, Sr. Unsec. Gtd. Global Notes, 7.00%, 11/01/21

      242,000         267,410   
 

 

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

                                 Invesco Core Plus Bond Fund

      Principal
Amount		      Value  

Construction & Engineering–0.23%

      

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

    $ 105,000       $ 114,450   

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

      125,000         132,187   

URS Corp., Sr. Unsec. Gtd. Notes,
5.50%, 04/01/22(b)

      1,050,000         1,121,210   
                1,367,847   

Construction & Farm Machinery & Heavy Trucks–0.76%

  

Case New Holland Inc., Sr. Unsec. Gtd. Global Notes, 7.88%, 12/01/17

      40,000         47,100   

Caterpillar Financial Services Corp., Sr. Unsec. Notes, 0.70%, 11/06/15

      2,000,000         2,000,831   

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

      94,000         95,645   

Deere & Co., Sr. Unsec. Notes, 3.90%, 06/09/42

      1,365,000         1,297,026   

John Deere Capital Corp., Sr. Unsec. Global Notes, 0.88%, 04/17/15

      670,000         674,379   

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

      90,000         96,075   

Sr. Unsec. Gtd. Notes, 8.50%, 11/01/20

      100,000         114,000   

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

      103,000         106,605   

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

      70,000         74,375   

Sr. Unsec. Gtd. Notes,

6.50%, 04/01/20

      25,000         27,063   

Titan International Inc., Sr. Sec. Gtd. Global Notes, 7.88%, 10/01/17

      50,000         53,750   
                4,586,849   

Construction Materials–0.06%

  

Cemex Finance LLC (Mexico), Sr. Sec. Gtd. Notes, 9.50%, 12/14/16(b)

      100,000         106,287   

Ply Gem Industries Inc., Sr. Unsec. Gtd. Global Notes, 9.38%, 04/15/17

      15,000         16,425   

Texas Industries Inc., Sr. Unsec. Gtd. Global Notes, 9.25%, 08/15/20

      230,000         255,300   
                378,012   

Consumer Finance–0.22%

      

Ally Financial Inc., Sr. Unsec. Gtd. Global Notes, 7.50%, 09/15/20

      170,000         200,175   

8.00%, 03/15/20

      115,000         137,712   
      Principal
Amount		      Value  

Consumer Finance–(continued)

      

General Motors Financial Co. Inc., Sr. Unsec. Gtd. Notes, 4.75%, 08/15/17(b)

    $ 15,000       $ 15,863   

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

      355,000         377,434   

Series A, Sr. Unsec. Medium-Term

Notes, 5.00%, 10/01/13

      615,000         621,778   
                1,352,962   

Containers & Glass Products–0.04%

      

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

      215,000         220,375   

Data Processing & Outsourced Services–0.28%

  

Computer Sciences Corp., Sr. Unsec. Global Notes, 4.45%, 09/15/22

      760,000         790,042   

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

      228,000         250,800   

First Data Corp., Sr. Sec. Gtd. Notes, 6.75%, 11/01/20(b)

      120,000         126,150   

7.38%, 06/15/19(b)

      44,000         46,585   

8.25%, 01/15/21(b)

      359,000         381,886   

Sr. Unsec. Gtd. Sub. Notes,

11.75%, 08/15/21(b)

      30,000         28,988   

SunGard Data Systems Inc., Sr. Unsec. Gtd. Global Notes, 7.63%, 11/15/20

      12,000         13,245   

WEX Inc., Sr. Unsec. Gtd. Notes, 4.75%, 02/01/23(b)

      50,000         49,875   
                1,687,571   

Department Stores–0.01%

      

Sears Holdings Corp., Sr. Sec. Gtd. Global Notes, 6.63%, 10/15/18

      45,000         43,988   

Distillers & Vintners–0.01%

      

Constellation Brands Inc., Sr. Unsec. Gtd. Global Notes, 7.25%, 05/15/17

      60,000         70,200   

Sr. Unsec. Gtd. Notes,

6.00%, 05/01/22

      5,000         5,638   
                75,838   

Diversified Banks–5.11%

      

Abbey National Treasury Services PLC (United Kingdom), Sr. Unsec. Gtd. Global Notes, 2.88%, 04/25/14

      440,000         447,822   

Sr. Unsec. Gtd. Medium-Term

Euro Notes,

3.88%, 11/10/14(b)

      420,000         433,622   

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

      200,000         207,486   
 

 

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

                                  Invesco Core Plus Bond Fund

      Principal
Amount		      Value  

Diversified Banks–(continued)

      

Akbank TAS (Turkey), Sr. Unsec. Notes, 5.13%, 07/22/15(b)

    $ 100,000       $ 105,897   

6.50%, 03/09/18(b)

      200,000         227,886   

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

      200,000         223,163   

Banco Bradesco S.A. (Brazil), Sr. Unsec. Notes, 4.10%, 03/23/15(b)

      415,000         430,140   

Unsec. Sub. Notes,

5.75%, 03/01/22(b)

      200,000         214,997   

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

      200,000         195,465   

Unsec. Sub. Notes, 5.88%, 07/09/22(b)

      200,000         205,983   

Banco de Bogota (Colombia), Unsec. Sub. Notes, 5.38%, 02/19/23(b)

      300,000         307,260   

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

      200,000         200,135   

4.00%, 02/11/23(b)

      500,000         489,893   

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

      600,000         596,950   

Bangkok Bank PCL (Thailand), Sr. Unsec. Notes, 4.80%, 10/18/20(b)

      100,000         108,802   

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

      1,330,000         1,331,666   

Bank of Nova Scotia (Canada), Sr. Unsec. Global Notes, 2.38%, 12/17/13

      1,525,000         1,542,133   

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

      810,000         856,301   

BBVA Bancomer S.A. (Mexico), Unsec. Sub. Notes, 6.75%, 09/30/22(b)

      400,000         444,722   

Caixa Economica Federal (Brazil), Sr. Unsec. Notes, 3.50%, 11/07/22(b)

      400,000         376,031   

DBS Bank Ltd. (Singapore), Unsec. Sub. Notes, 3.63%, 09/21/22(b)

      200,000         207,628   

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

      200,000         202,533   

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

      400,000         392,609   

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

      700,000         753,234   

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

      1,360,000         1,510,139   
      Principal
Amount		      Value  

Diversified Banks–(continued)

      

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

    $   1,050,000       $   1,111,412   

Industrial Senior Trust (Guatemala), Sr. Unsec. Gtd. Notes, 5.50%, 11/01/22(b)

      100,000         100,151   

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

      255,000         263,258   

3.75%, 03/07/17(b)

      330,000         349,772   

Itau Unibanco Holding S.A. (Brazil), Unsec. Sub. Notes, 5.13%, 05/13/23(b)

      600,000         605,531   

Korea Development Bank (The) (South Korea), Sr. Unsec. Global Notes, 3.50%, 08/22/17

      730,000         768,597   

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

      955,000         1,083,889   

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

      575,000         644,007   

RBS Capital Trust II (United Kingdom), Jr. Unsec. Gtd. Sub. Global Bonds, 6.43% (c)

      11,000         10,533   

Royal Bank of Scotland Group PLC (The) (United Kingdom), Unsec. Sub. Notes, 6.13%, 12/15/22

      95,000         98,400   

Santander U.S. Debt S.A. Unipersonal (Spain), Sr. Unsec. Gtd. Notes, 3.72%, 01/20/15(b)

      700,000         700,540   

Societe Generale S.A. (France), Sr. Unsec. Medium-Term Notes, 5.20%, 04/15/21(b)

      1,460,000         1,619,997   

Sr. Unsec. Notes,

2.50%, 01/15/14(b)

      1,940,000         1,950,883   

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

      775,000         810,774   

5.50%, 11/18/14(b)

      1,880,000         2,001,065   

Turkiye Halk Bankasi A.S. (Turkey), Sr. Unsec. Notes, 3.88%, 02/05/20(b)

      600,000         590,929   

4.88%, 07/19/17(b)

      200,000         210,321   

Turkiye Is Bankasi A.S. (Turkey), Sr. Unsec. Notes, 3.88%, 11/07/17(b)

      1,670,000         1,706,372   

Turkiye Vakiflar Bankasi (Turkey), Unsec. Sub. Notes, 6.00%, 11/01/22(b)

      200,000         209,951   

U.S. Bancorp., Sr. Unsec. Medium-Term Notes, 2.00%, 06/14/13

      45,000         45,018   

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

      1,400,000         1,468,057   

VTB Bank OJSC Via VTB Capital S.A. (Russia), Sr. Unsec. Loan Participation Notes, 6.32%, 02/22/18(b)

      1,415,000         1,546,452   

6.55%, 10/13/20(b)

      660,000         726,604   
 

 

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

                                 Invesco Core Plus Bond Fund

      Principal
Amount		      Value  

Diversified Banks–(continued)

      

Sr. Unsec. Notes, 6.00%, 04/12/17(b)

    $ 200,000       $ 215,103   
                30,850,113   

Diversified Capital Markets–0.14%

  

UBS AG (Switzerland), Sr. Unsec. Global Bank Notes, 5.88%, 12/20/17

      200,000         234,553   

Sr. Unsec. Medium-Term Bank Notes,

3.88%, 01/15/15

      560,000         587,622   
                822,175   

Diversified Chemicals–0.33%

      

Dow Chemical Co. (The), Sr. Unsec. Global Notes, 3.00%, 11/15/22

      2,030,000         1,966,994   

Eagle Spinco Inc., Sr. Unsec. Gtd. Notes, 4.63%, 02/15/21(b)

      10,000         10,125   
                1,977,119   

Diversified Metals & Mining–1.37%

      

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

      170,000         223,667   

Corporacion Nacional del Cobre de Chile (Chile), Sr. Unsec. Notes, 3.00%, 07/17/22(b)

      200,000         192,725   

FMG Resources Pty. Ltd. (Australia), Sr. Unsec. Gtd. Notes, 6.38%, 02/01/16(b)

      115,000         117,875   

8.25%, 11/01/19(b)

      160,000         169,200   

Freeport-McMoran Copper & Gold Inc., Sr. Unsec. Notes, 3.88%, 03/15/23(b)

      2,000,000         1,961,228   

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

      565,000         746,442   

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

      1,700,000         1,717,017   

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

      1,720,000         1,500,735   

5.38%, 04/16/20

      150,000         166,659   

6.75%, 04/16/40

      725,000         769,245   

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

      100,000         114,922   

Walter Energy Inc., Sr. Unsec. Gtd. Notes, 8.50%, 04/15/21(b)

      41,000         41,615   

Xstrata Finance Canada Ltd. (Canada), Sr. Unsec. Gtd. Notes, 5.55%, 10/25/42(b)

      550,000         539,914   
                8,261,244   

 

      Principal
Amount		      Value  

Diversified REIT’s–0.22%

      

Qatari Diar Finance Co. (Qatar), Sr. Unsec. Gtd. Notes, 5.00%, 07/21/20(b)

    $   1,175,000       $   1,318,577   

Drug Retail–0.29%

      

CVS Caremark Corp., Sr. Unsec. Global Notes, 2.75%, 12/01/22

      1,555,000         1,513,412   

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

      202,832         230,987   
                1,744,399   

Electric Utilities–1.65%

      

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

      500,000         524,824   

Enel Finance International N.V. (Italy), Sr. Unsec. Gtd. Notes, 3.88%, 10/07/14(b)

      1,270,000         1,310,745   

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

      5,000         0   

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

      200,000         243,500   

Sr. Unsec. Gtd. Notes,

7.75%, 01/20/20(b)

      100,000         122,456   

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

      1,350,000         1,299,692   

NextEra Energy Capital Holdings Inc., Sr. Unsec. Gtd. Notes, 1.20%, 06/01/15

      300,000         302,110   

Ohio Power Co., Series M, Sr. Unsec. Notes, 5.38%, 10/01/21

      2,370,000         2,812,975   

PPL Electric Utilities Corp., Sec. First Mortgage Bonds, 6.25%, 05/15/39

      770,000         1,007,518   

Saudi Electricity Global Sukuk Co. 2 (Saudi Arabia), Sr. Unsec. Bonds, 3.47%, 04/08/23

      200,000         198,645   

5.06%, 04/08/43

      200,000         197,970   

System Energy Resources Inc., Sec. First Mortgage Bonds, 4.10%, 04/01/23

      1,000,000         1,027,075   

Virginia Electric & Power Co., Sr. Unsec. Notes, 5.00%, 06/30/19

      800,000         942,404   
                9,989,914   

Electrical Components & Equipment–0.02%

  

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

      75,000         77,813   

Polypore International Inc., Sr. Unsec. Gtd. Global Notes, 7.50%, 11/15/17

      55,000         59,056   
                136,869   

 

 

 

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

                                 Invesco Core Plus Bond Fund

      Principal
Amount		      Value  

Electronic Components–0.20%

      

Corning, Inc., Sr. Unsec. Notes, 4.75%, 03/15/42

    $   1,155,000       $   1,185,893   

Electronic Manufacturing Services–0.02%

  

Sanmina Corp., Sr. Unsec. Gtd. Notes, 7.00%, 05/15/19(b)

      132,000         141,570   

Environmental & Facilities Services–0.18%

  

Clean Harbors Inc., Sr. Unsec. Gtd. Global Notes, 5.13%, 06/01/21

      10,000         10,350   

5.25%, 08/01/20

      10,000         10,462   

Waste Management, Inc., Sr. Unsec. Gtd. Notes, 5.00%, 03/15/14

      1,050,000         1,085,857   
                1,106,669   

Food Distributors–0.01%

      

ARAMARK Corp., Sr. Unsec. Gtd. Notes, 5.75%, 03/15/20(b)

      45,000         46,913   

Forest Products–0.00%

      

Boise Cascade Co., Sr. Unsec. Gtd. Global Notes, 6.38%, 11/01/20

      5,000         5,388   

Millar Western Forest Products Ltd. (Canada), Sr. Unsec. Global Notes, 8.50%, 04/01/21

      20,000         20,800   
                26,188   

Gas Utilities–0.05%

      

AmeriGas Finance LLC/Corp., Sr. Unsec. Gtd. Global Notes, 7.00%, 05/20/22

      55,000         59,950   

Ferrellgas L.P./Ferrellgas Finance Corp., Sr. Unsec. Global Notes, 6.50%, 05/01/21

      73,000         77,745   

Suburban Propane Partners, L.P./Suburban Energy Finance Corp., Sr. Unsec. Global Notes, 7.38%, 08/01/21

      33,000         35,805   

Sr. Unsec. Notes,

7.38%, 03/15/20

      110,000         118,525   
                292,025   

General Merchandise Stores–0.57%

      

Dollar General Corp., Sr. Unsec. Global Notes, 1.88%, 04/15/18

      1,660,000         1,650,228   

3.25%, 04/15/23

      1,210,000         1,176,330   

Sr. Unsec. Gtd. Global Notes,

4.13%, 07/15/17

      575,000         624,007   
                3,450,565   

Gold–1.48%

      

AngloGold Ashanti Holdings PLC (South Africa), Sr. Unsec. Gtd. Global Notes, 5.13%, 08/01/22

      610,000         621,438   

 

      Principal
Amount		      Value  

Gold–(continued)

      

Barrick Gold Corp. (Canada), Sr. Unsec. Global Notes, 2.90%, 05/30/16

    $   1,210,000       $   1,250,254   

3.85%, 04/01/22

      750,000         715,992   

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

      600,000         568,086   

Eldorado Gold Corp. (Canada), Sr. Unsec. Notes, 6.13%, 12/15/20(b)

      30,000         30,600   

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

      2,435,000         2,251,519   

Kinross Gold Corp. (Canada), Sr. Unsec. Gtd. Global Notes, 5.13%, 09/01/21

      1,365,000         1,364,380   

6.88%, 09/01/41

      1,365,000         1,358,045   

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

      815,000         789,889   
                8,950,203   

Health Care Equipment–1.00%

      

AbbVie Inc., Sr. Unsec. Gtd. Notes, 1.20%, 11/06/15(b)

      4,305,000         4,338,662   

Biomet Inc., Sr. Unsec. Gtd. Notes, 6.50%, 08/01/20(b)

      25,000         26,437   

Sr. Unsec. Gtd. Sub. Notes,

6.50%, 10/01/20(b)

      70,000         71,750   

DJO Finance LLC/Corp., Sr. Unsec. Gtd. Global Notes, 7.75%, 04/15/18

      54,000         56,025   

Sr. Unsec. Gtd. Sub. Global Notes,

9.75%, 10/15/17

      21,000         22,103   

Medtronic Inc., Sr. Unsec. Global Notes, 4.00%, 04/01/43

      1,485,000         1,410,810   

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

      90,000         96,975   
                6,022,762   

Health Care Facilities–0.08%

      

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

      100,000         108,000   

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

      90,000         99,225   

Sr. Unsec. Gtd. Global Notes,

5.88%, 05/01/23

      90,000         96,075   

HealthSouth Corp., Sr. Unsec. Gtd. Notes, 7.75%, 09/15/22

      4,000         4,430   

Radiation Therapy Services Inc., Sr. Sec. Gtd. Global Notes, 8.88%, 01/15/17

      15,000         14,363   

Tenet Healthcare Corp., Sr. Sec. Gtd. Notes, 4.75%, 06/01/20(b)

      5,000         5,100   
 

 

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

                                 Invesco Core Plus Bond Fund

      Principal
Amount		      Value  

Health Care Facilities–(continued)

      

Sr. Unsec. Global Notes,

6.75%, 02/01/20

    $ 40,000       $ 42,300   

8.00%, 08/01/20

      77,000         85,277   
                454,770   

Health Care Services–0.15%

      

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

      25,000         26,687   

Express Scripts Holding Co., Sr. Unsec. Gtd. Notes, 3.13%, 05/15/16

      190,000         200,593   

Medco Health Solutions Inc., Sr. Unsec. Gtd. Notes, 2.75%, 09/15/15

      585,000         607,958   

Prospect Medical Holdings Inc., Sr. Sec. Notes, 8.38%, 05/01/19(b)

      85,000         92,225   
                927,463   

Health Care Technology–0.01%

      

MedAssets Inc., Sr. Unsec. Gtd. Global Notes, 8.00%, 11/15/18

      55,000         60,638   

Home Improvement Retail–0.04%

      

Michaels Stores Inc., Sr. Unsec. Gtd. Global Notes, 7.75%, 11/01/18

      200,000         217,500   

Homebuilding–0.20%

      

Beazer Homes USA Inc., Sr. Unsec. Gtd. Global Notes, 8.13%, 06/15/16

      27,000         30,173   

Sr. Unsec. Gtd. Notes,

7.25%, 02/01/23(b)

      79,000         84,332   

Sr. Unsec. Gtd. Notes,

9.13%, 06/15/18

      70,000         75,862   

DR Horton Inc., Sr. Unsec. Gtd. Global Notes, 4.75%, 02/15/23

      110,000         112,475   

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

      60,000         66,450   

Sr. Unsec. Gtd. Global Notes,

6.25%, 01/15/16

      100,000         104,250   

Sr. Unsec. Gtd. Notes,

7.50%, 05/15/16

      115,000         123,194   

11.88%, 10/15/15

      10,000         11,550   

KB Home, Sr. Unsec. Gtd. Notes, 7.50%, 09/15/22

      20,000         22,750   

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

      87,000         99,506   

Sr. Unsec. Gtd. Notes,

5.00%, 11/15/22(b)

      145,000         146,269   

M/I Homes Inc., Sr. Unsec. Gtd. Global Notes, 8.63%, 11/15/18

      65,000         72,313   

Meritage Homes Corp., Sr. Unsec. Gtd. Global Notes, 7.00%, 04/01/22

      35,000         39,725   
      Principal
Amount		      Value  

Homebuilding–(continued)

      

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

    $ 60,000       $ 62,625   

Taylor Morrison Communities Inc./ Monarch Communities Inc., Sr. Unsec. Gtd. Notes, 7.75%, 04/15/20(b)

      135,000         150,525   

Toll Brothers Finance Corp., Sr. Unsec. Gtd. Notes, 5.88%, 02/15/22

      18,000         20,160   
                1,222,159   

Hotels, Resorts & Cruise Lines–0.57%

  

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

      1,045,000         1,034,782   

Royal Caribbean Cruises Ltd., Sr. Unsec. Global Notes, 5.25%, 11/15/22

      605,000         636,762   

7.25%, 03/15/18

      25,000         29,000   

7.50%, 10/15/27

      70,000         80,150   

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

      1,530,000         1,680,399   
                3,461,093   

Household Products–0.10%

      

Central Garden & Pet Co., Sr. Unsec. Gtd. Sub. Notes, 8.25%, 03/01/18

      35,000         36,531   

Controladora Mabe S.A. de C.V. (Mexico), Sr. Unsec. Gtd. Notes,
7.88%, 10/28/19(b)

      500,000         568,577   
                605,108   

Housewares & Specialties–0.01%

      

American Greetings Corp., Sr. Unsec. Gtd. Notes, 7.38%, 12/01/21

      45,000         45,788   

Spectrum Brands Escrow Corp., Sr. Unsec. Gtd. Notes, 6.38%, 11/15/20(b)

      5,000         5,400   
                51,188   

Hypermarkets & Super Centers–0.10%

  

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

      600,000         597,985   

Independent Power Producers & Energy Traders–0.02%

  

AES Corp. (The), Sr. Unsec. Global Notes, 7.38%, 07/01/21

      50,000         58,750   

8.00%, 10/15/17

      8,000         9,460   

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

      9,000         10,215   

Sr. Unsec. Gtd. Notes,

6.63%, 03/15/23(b)

      15,000         16,125   
                94,550   

 

 

 

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

                                 Invesco Core Plus Bond Fund

      Principal
Amount		      Value  

Industrial Conglomerates–1.23%

      

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

    $ 65,000       $ 67,202   

Class C, Jr. Unsec. Sub. Global Notes,

5.25% (c)

      2,500,000         2,501,250   

General Electric Co., Sr. Unsec. Global Notes, 2.70%, 10/09/22

      825,000         813,416   

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

      1,000,000         1,167,650   

7.63%, 04/09/19(b)

      925,000         1,169,022   

Unsec. Gtd. Sub. Notes,

6.00% (b)(c)

      200,000         213,000   

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

      1,350,000         1,481,179   
                7,412,719   

Industrial Machinery–0.67%

      

Actuant Corp., Sr. Unsec. Gtd. Global Notes, 5.63%, 06/15/22

      20,000         20,750   

Pentair Finance S.A., Sr. Unsec. Gtd. Global Notes, 1.35%, 12/01/15

      2,700,000         2,722,022   

3.15%, 09/15/22

      1,355,000         1,310,643   

SPX Corp., Sr. Unsec. Gtd. Global Notes, 6.88%, 09/01/17

      20,000         22,300   
                4,075,715   

Integrated Oil & Gas–0.37%

      

Gazprom OAO Via Gaz Capital S.A. (Russia), Sr. Unsec. Loan Participation Notes, 4.95%, 05/23/16(b)

      200,000         214,130   

KazMunayGaz National Co. JSC (Kazakhstan), Sr. Unsec. Gtd. Notes, 7.00%, 05/05/20(b)

      210,000         247,101   

Sr. Unsec. Notes,

5.75%, 04/30/43(b)

      240,000         231,108   

Lukoil International Finance B.V. (Russia), Sr. Unsec. Gtd. Notes, 7.25%,
11/05/19(b)

      100,000         117,089   

Petrobras Global Finance B.V. (Brazil), Sr. Unsec. Gtd. Global Notes, 3.00%, 01/15/19

      200,000         195,508   

4.38%, 05/20/23

      200,000         193,498   

Petroleos de Venezuela S.A. (Venezuela), Sr. Unsec. Gtd. Notes, 8.50%,
11/02/17(b)

      200,000         188,156   

REGS, Sr. Unsec. Gtd. Euro Notes,

8.50%, 11/02/17(b)

      110,000         103,950   

Rosneft Oil Co. via Rosneft International Finance Ltd. (Russia), Sr. Unsec. Bonds, 3.15%, 03/06/17(b)

      500,000         500,627   

 

      Principal
Amount		      Value  

Integrated Oil & Gas–(continued)

      

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

    $ 200,000       $ 213,250   
                2,204,417   

Integrated Telecommunication Services–0.78%

  

AT&T Corp., Sr. Unsec. Gtd. Global Notes, 8.00%, 11/15/31

      13,000         18,852   

AT&T Inc., Sr. Unsec. Global Notes, 2.50%, 08/15/15

      905,000         937,539   

2.95%, 05/15/16

      160,000         168,971   

4.45%, 05/15/21

      85,000         95,013   

Globo Comunicacao e Participacoes S.A. (Brazil), Sr. Sec. Euro
Notes, 6.25% (b)(c)(f)

      100,000         106,305   

Qtel International Finance Ltd. (Qatar), Sr. Unsec. Gtd. Notes, 3.88%, 01/31/28(b)

      200,000         189,398   

Sr. Unsec. Gtd. Notes,

3.25%, 02/21/23(b)

      1,950,000         1,890,229   

Telefonica Emisiones S.A. Unipersonal (Spain), Sr. Unsec. Gtd. Global Notes, 5.46%, 02/16/21

      415,000         448,346   

Verizon Communications, Inc., Sr. Unsec. Global Notes, 4.75%, 11/01/41

      590,000         581,064   

Windstream Georgia Communications Corp., Sr. Unsec. Notes, 6.50%, 11/15/13

      265,000         268,546   
                4,704,263   

Internet Software & Services–0.06%

  

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

      100,000         107,000   

Equinix Inc., Sr. Unsec. Notes, 5.38%, 04/01/23

      145,000         151,525   

7.00%, 07/15/21

      100,000         112,000   
                370,525   

Investment Banking & Brokerage–2.68%

  

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

      2,400,000         2,814,000   

Goldman Sachs Group, Inc. (The), Sr. Unsec. Global Notes, 5.13%, 01/15/15

      780,000         828,532   

5.25%, 07/27/21

      1,110,000         1,241,397   

Sr. Unsec. Medium-Term Global

Notes, 3.70%, 08/01/15

      660,000         692,594   

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

      505,000         551,866   
 

 

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

                                 Invesco Core Plus Bond Fund

      Principal
Amount		      Value  

Investment Banking & Brokerage–(continued)

  

Morgan Stanley, Sr. Unsec. Global Notes, 6.38%, 07/24/42

    $   1,825,000       $ 2,144,402   

Sr. Unsec. Medium-Term Global Notes,

4.00%, 07/24/15

      450,000         474,469   

6.00%, 05/13/14

      955,000         1,000,080   

Sr. Unsec. Notes,

2.88%, 01/24/14

      100,000         101,405   

3.45%, 11/02/15

      2,010,000         2,098,140   

5.75%, 01/25/21

      985,000         1,124,081   

Unsec. Sub. Medium-Term Notes,

4.10%, 05/22/23

      3,040,000         2,910,833   

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

      170,000         180,208   
                16,162,007   

Leisure Facilities–0.02%

  

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

      75,000         75,375   

Speedway Motorsports Inc., Sr. Unsec. Gtd. Global Notes, 6.75%, 02/01/19

      50,000         53,562   
                128,937   

Life & Health Insurance–1.28%

  

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

      50,000         61,267   

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

      2,200,000         2,076,341   

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

      735,000         805,682   

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

      425,000         484,875   

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

      1,640,000         2,041,800   

Sr. Unsec. Medium-Term Notes,

7.38%, 06/15/19

      130,000         165,821   

Series D,

Sr. Unsec. Disc. Medium-Term Notes,

4.75%, 09/17/15

      550,000         596,664   

Series D,

Sr. Unsec. Medium-Term Notes,

3.88%, 01/14/15

      1,405,000         1,475,687   
                7,708,137   

Managed Health Care–0.34%

  

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

      725,000         818,819   

Sr. Unsec. Notes,

4.50%, 03/15/21

      180,000         198,243   

5.88%, 03/15/41

      125,000         148,266   
      Principal
Amount		      Value  

Managed Health Care–(continued)

  

Humana Inc., Sr. Unsec. Global Notes, 4.63%, 12/01/42

    $ 950,000       $ 906,426   
                2,071,754   

Marine–0.00%

  

Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S. Inc., Sr. Sec. Gtd. Global Notes, 8.63%, 11/01/17

      22,000         22,825   

Movies & Entertainment–0.13%

  

AMC Entertainment Inc., Sr. Unsec. Gtd. Global Notes, 8.75%, 06/01/19

      95,000         104,500   

Cinemark USA Inc., Sr. Unsec. Gtd. Global Notes, 5.13%, 12/15/22

      70,000         71,400   

Coinstar Inc., Sr. Unsec. Gtd. Notes, 6.00%, 03/15/19(b)

      105,000         108,150   

Live Nation Entertainment Inc., Sr. Unsec. Gtd. Notes, 7.00%, 09/01/20(b)

      150,000         163,875   

Time Warner, Inc., Sr. Unsec. Gtd. Notes, 5.88%, 11/15/16

      285,000         329,702   
                777,627   

Multi-Line Insurance–0.05%

  

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

      10,000         13,500   

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

      20,000         23,396   

Fairfax Financial Holdings Ltd. (Canada), Sr. Unsec. Notes, 5.80%, 05/15/21(b)

      3,000         3,209   

Hartford Financial Services Group Inc. (The), Jr. Unsec. Sub. Deb., 8.13%, 06/15/38

      100,000         119,500   

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

      100,000         120,000   

Nationwide Mutual Insurance Co., Unsec. Sub. Notes, 9.38%, 08/15/39(b)

      25,000         36,865   
                316,470   

Office REIT’s–0.12%

  

Digital Realty Trust L.P., Sr. Unsec. Gtd. Global Notes, 4.50%, 07/15/15

      675,000         714,270   

Office Services & Supplies–0.00%

  

Interface Inc., Sr. Unsec. Gtd. Global Notes, 7.63%, 12/01/18

      5,000         5,400   

Oil & Gas Drilling–0.19%

  

Atwood Oceanics Inc., Sr. Unsec. Notes, 6.50%, 02/01/20

      46,000         49,450   

Precision Drilling Corp. (Canada), Sr. Unsec. Gtd. Global Notes, 6.50%, 12/15/21

      95,000         102,362   
 

 

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

                                 Invesco Core Plus Bond Fund

      Principal
Amount		      Value  

Oil & Gas Drilling–(continued)

  

Transocean Inc., Sr. Unsec. Gtd. Global Notes, 4.95%, 11/15/15

    $ 930,000       $   1,007,593   
                1,159,405   

Oil & Gas Equipment & Services–0.14%

  

Bristow Group, Inc., Sr. Unsec. Gtd. Notes, 6.25%, 10/15/22

      35,000         38,063   

Calfrac Holdings L.P. (Canada), Sr. Unsec. Gtd. Notes, 7.50%, 12/01/20(b)

      200,000         206,500   

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

      30,000         30,900   

Gulfmark Offshore Inc., Sr. Unsec. Global Notes, 6.38%, 03/15/22

      152,000         158,840   

TMK OAO Via TMK Capital S.A. (Russia), Sr. Unsec. Notes, 6.75%, 04/03/20(b)

      400,000         392,846   
                827,149   

Oil & Gas Exploration & Production–1.93%

  

Access Midstream Partners L.P./ACMP Finance Corp., Sr. Unsec. Gtd. Global Notes, 6.13%, 07/15/22

      5,000         5,375   

Anadarko Petroleum Corp., Sr. Unsec. Notes, 7.63%, 03/15/14

      50,000         52,728   

Apache Corp., Sr. Unsec. Global Notes, 4.75%, 04/15/43

      1,325,000         1,330,969   

Berry Petroleum Co., Sr. Unsec. Notes, 6.38%, 09/15/22

      25,000         26,063   

6.75%, 11/01/20

      80,000         86,600   

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

      81,000         86,063   

Chaparral Energy Inc., Sr. Unsec. Gtd. Global Notes, 7.63%, 11/15/22

      105,000         112,875   

8.25%, 09/01/21

      75,000         82,500   

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

      25,000         28,188   

Sr. Unsec. Gtd. Notes,

5.75%, 03/15/23

      30,000         31,350   

6.13%, 02/15/21

      40,000         43,600   

6.63%, 08/15/20

      96,000         106,920   

Cimarex Energy Co., Sr. Unsec. Gtd. Notes, 5.88%, 05/01/22

      155,000         166,431   

Dolphin Energy Ltd. (United Arab Emirates), Sr. Sec. Bonds, 5.50%, 12/15/21(b)

      600,000         694,172   

EV Energy Partners L.P./EV Energy Finance Corp., Sr. Unsec. Gtd. Global Notes, 8.00%, 04/15/19

      92,000         96,370   

EXCO Resources Inc., Sr. Unsec. Gtd. Notes, 7.50%, 09/15/18

      81,000         81,000   

Forest Oil Corp., Sr. Unsec. Gtd. Global Notes, 7.25%, 06/15/19

      10,000         10,000   
      Principal
Amount		      Value  

Oil & Gas Exploration & Production–(continued)

  

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

    $ 350,000       $ 359,344   

Halcon Resources Corp., Sr. Unsec. Gtd. Global Notes, 8.88%, 05/15/21

      225,000         230,625   

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

      7,000         7,735   

Legacy Reserves LP/Legacy Reserves Finance Corp., Sr. Unsec. Gtd. Notes, 6.63%, 12/01/21(b)

      33,000         32,505   

MEG Energy Corp. (Canada), Sr. Unsec. Gtd. Notes, 6.38%, 01/30/23(b)

      49,000         50,470   

6.50%, 03/15/21(b)

      75,000         78,000   

Memorial Production Partners L.P./Memorial Production Finance Corp., Sr. Unsec. Gtd. Notes, 7.63%, 05/01/21(b)

      94,000         95,880   

Pemex Project Funding Master Trust (Mexico), Sr. Unsec. Gtd. Global Bonds, 6.63%, 06/15/35

      340,000         393,602   

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

      450,000         453,375   

Sr. Unsec. Notes,

4.30%, 05/20/23(b)

      200,000         193,466   

4.88%, 05/03/22(b)

      200,000         205,452   

5.63%, 05/20/43(b)

      200,000         183,064   

6.00%, 05/03/42(b)

      200,000         194,883   

Petrobras International Finance Co. (Brazil), Sr. Unsec. Gtd. Global Notes, 3.50%, 02/06/17

      1,495,000         1,534,462   

5.38%, 01/27/21

      210,000         222,699   

5.75%, 01/20/20

      645,000         710,851   

6.88%, 01/20/40

      625,000         675,584   

Petrohawk Energy Corp., Sr. Unsec. Gtd. Global Notes, 7.88%, 06/01/15

      1,930,000         1,975,934   

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

      200,000         196,305   

Sr. Unsec. Gtd. Global Notes,

5.50%, 01/21/21

      20,000         22,482   

6.50%, 06/02/41

      100,000         114,398   

QEP Resources Inc., Sr. Unsec. Global Notes, 5.25%, 05/01/23

      25,000         25,500   

Sr. Unsec. Notes,

5.38%, 10/01/22

      48,000         49,440   

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

      25,000         25,563   

5.75%, 06/01/21

      110,000         116,875   
 

 

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

                                 Invesco Core Plus Bond Fund

      Principal
Amount		      Value  

Oil & Gas Exploration & Production–(continued)

  

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

    $ 75,000       $ 77,625   

SM Energy Co., Sr. Unsec. Global Notes, 6.50%, 11/15/21

      125,000         136,875   

6.63%, 02/15/19

      110,000         118,250   

WPX Energy Inc., Sr. Unsec. Global Notes, 6.00%, 01/15/22

      105,000         114,187   
                11,636,635   

Oil & Gas Refining & Marketing–0.19%

  

Crosstex Energy L.P./Crosstex Energy Finance Corp., Sr. Unsec. Gtd. Global Notes, 7.13%, 06/01/22

      15,000         16,125   

CVR Refining LLC/Coffeyville Finance Inc., Sr. Sec. Gtd. Notes, 6.50%, 11/01/22(b)

      98,000         101,920   

Tesoro Logistics L.P./Tesoro Logistics Finance Corp., Sr. Unsec. Notes, 5.88%, 10/01/20(b)

      95,000         100,106   

United Refining Co., Sr. Sec. Gtd. Global Notes, 10.50%, 02/28/18

      85,000         96,900   

Valero Energy Corp., Sr. Unsec. Gtd. Global Notes, 6.63%, 06/15/37

      680,000         831,192   
                1,146,243   

Oil & Gas Storage & Transportation–0.99%

  

Access Midstream Partners L.P./ACMP Finance Corp., Sr. Unsec. Gtd. Global Notes, 5.88%, 04/15/21

      66,000         70,125   

Atlas Pipeline Partners L.P./Atlas Pipeline Finance Corp., Sr. Unsec. Gtd. Notes, 5.88%, 08/01/23(b)

      75,000         77,625   

6.63%, 10/01/20(b)

      75,000         80,250   

Eagle Rock Energy Partners L.P./Eagle Rock Energy Finance Corp., Sr. Unsec. Gtd. Global Notes, 8.38%, 06/01/19

      106,000         112,095   

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

      820,000         779,692   

Energy Transfer Equity L.P., Sr. Sec. Gtd. Notes, 7.50%, 10/15/20

      82,000         94,505   

Enterprise Products Operating LLC, Sr. Unsec. Gtd. Global Notes, 5.25%, 01/31/20

      150,000         173,259   

Sr. Unsec. Gtd. Notes,

6.45%, 09/01/40

      1,005,000         1,234,034   

Series N, Sr. Unsec. Gtd. Notes,

6.50%, 01/31/19

      420,000         514,393   

Inergy Midstream L.P./NRGM Finance Corp., Sr. Unsec. Gtd. Notes, 6.00%, 12/15/20(b)

      83,000         87,772   
      Principal
Amount		      Value  

Oil & Gas Storage & Transportation–(continued)

  

MarkWest Energy Partners L.P./MarkWest Energy Finance Corp., Sr. Unsec. Gtd. Notes, 5.50%, 02/15/23

    $ 200,000       $ 210,000   

6.50%, 08/15/21

      84,000         91,350   

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

      54,000         54,607   

Plains All American Pipeline L.P./ PAA Finance Corp., Sr. Unsec. Global Notes, 3.65%, 06/01/22

      400,000         413,738   

Rockies Express Pipeline LLC, Sr. Unsec. Notes, 6.00%, 01/15/19(b)

      10,000         9,900   

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

      11,000         11,908   

6.88%, 02/01/21

      205,000         222,425   

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

      35,000         38,937   

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

      255,000         333,734   

Williams Partners L.P., Sr. Unsec. Global Notes, 3.80%, 02/15/15

      1,305,000         1,369,330   
                5,979,679   

Other Diversified Financial Services–2.13%

  

Bank of America Corp., Sr. Unsec. Global Notes, 3.70%, 09/01/15

      700,000         736,361   

4.50%, 04/01/15

      40,000         42,344   

6.50%, 08/01/16

      10,000         11,438   

Series L,

Sr. Unsec. Medium-Term Global Notes,

5.65%, 05/01/18

      220,000         252,048   

Bear Stearns Cos., LLC (The), Unsec. Sub. Notes, 5.55%, 01/22/17

      115,000         129,021   

Citigroup Inc., Sr. Unsec. Global Notes, 6.01%, 01/15/15

      2,145,000         2,311,037   

Series A, Jr. Unsec. Sub. Global Notes,

5.95% (c)

      1,640,000         1,728,150   

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

      25,000         26,772   

Compiler Finance Sub Inc., Sr. Unsec. Notes, 7.00%, 05/01/21(b)

      7,000         7,035   

ERAC USA Finance LLC, Sr. Unsec. Gtd. Notes, 2.25%, 01/10/14(b)

      2,000,000         2,018,165   

General Electric Capital Corp., Sr. Unsec. Global Notes, 5.90%, 05/13/14

      25,000         26,300   

ING US Inc., Jr. Unsec. Gtd. Sub. Notes, 5.65%, 05/15/53(b)

      2,335,000         2,337,185   
 

 

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

                                 Invesco Core Plus Bond Fund

      Principal
Amount		      Value  

Other Diversified Financial Services–(continued)

  

JPMorgan Chase & Co., Sr. Unsec. Global Notes, 5.60%, 07/15/41

    $ 825,000       $ 955,603   

6.30%, 04/23/19

      190,000         228,893   

Series Q,

Jr. Unsec. Sub. Global Notes,

5.15% (c)

      1,940,000         1,959,400   

Oxford Finance LLC/Oxford Finance Co-Issuer Inc., Sr. Unsec. Notes, 7.25%, 01/15/18(b)

      75,000         80,437   
                12,850,189   

Packaged Foods & Meats–0.32%

  

Del Monte Corp., Sr. Unsec. Gtd. Global Notes, 7.63%, 02/15/19

      85,000         88,400   

Grupo Bimbo S.A.B. de C.V. (Mexico), Sr. Unsec. Gtd. Notes, 4.50%, 01/25/22(b)

      250,000         266,618   

4.88%, 06/30/20(b)

      1,065,000         1,165,446   

Mondelez International Inc., Sr. Unsec. Global Notes, 7.00%, 08/11/37

      70,000         92,149   

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

      145,000         162,038   

Simmons Foods Inc., Sr. Sec. Notes, 10.50%, 11/01/17(b)

      80,000         86,400   

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

      65,000         69,875   
                1,930,926   

Paper Packaging–0.14%

  

Cascades Inc. (Canada), Sr. Unsec. Gtd. Global Notes, 7.88%, 01/15/20

      40,000         43,200   

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

      800,000         807,873   
                851,073   

Paper Products–0.09%

  

International Paper Co., Sr. Unsec. Global Notes, 4.75%, 02/15/22

      265,000         293,675   

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

      19,000         19,238   

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

      50,000         53,250   

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

      170,000         177,650   
                543,813   

Personal Products–0.56%

  

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

      2,005,000         2,103,426   

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

      1,340,000         1,211,407   

First Quality Finance Co. Inc., Sr. Unsec. Notes, 4.63%, 05/15/21(b)

      26,000         25,675   
      Principal
Amount		      Value  

Personal Products–(continued)

  

Revlon Consumer Products Corp., Sr. Unsec. Gtd. Notes, 5.75%, 02/15/21(b)

    $ 40,000       $ 41,100   
                3,381,608   

Pharmaceuticals–0.16%

  

Actavis Inc., Sr. Unsec. Global Notes, 1.88%, 10/01/17

      1,000,000         993,095   

Railroads–0.23%

  

CSX Corp., Sr. Unsec. Global Notes, 6.15%, 05/01/37

      130,000         157,497   

Sr. Unsec. Notes,

5.50%, 04/15/41

      900,000         1,007,923   

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

      200,000         234,928   
                1,400,348   

Real Estate Development–0.03%

  

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

      200,000         205,791   

Real Estate Services–0.01%

  

CB Richard Ellis Services Inc., Sr. Unsec. Gtd. Global Notes, 6.63%, 10/15/20

      28,000         30,240   

Regional Banks–0.66%

  

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

      400,000         434,532   

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

      1,550,000         1,593,424   

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

      650,000         782,992   

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

      465,000         544,405   

Regions Financial Corp., Unsec. Sub. Notes, 7.38%, 12/10/37

      220,000         257,120   

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

      60,000         70,200   

Unsec. Sub. Global Notes,

5.13%, 06/15/17

      185,000         189,162   

Zions Bancorp., Series I, Jr. Unsec. Sub. Notes, 5.80% (c)

      120,000         121,200   
                3,993,035   

Research & Consulting Services–0.02%

  

FTI Consulting Inc., Sr. Unsec. Gtd. Global Notes, 6.75%, 10/01/20

      102,000         109,905   
 

 

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

                                 Invesco Core Plus Bond Fund

      Principal
Amount		      Value  

Residential REIT’s–0.35%

  

Essex Portfolio L.P., Sr. Unsec. Gtd. Global Notes, 3.63%, 08/15/22

    $   2,135,000       $   2,142,958   

Retail REIT’s–0.51%

  

Realty Income Corp., Sr. Unsec. Notes, 2.00%, 01/31/18

      2,115,000         2,105,371   

Simon Property Group L.P., Sr. Unsec. Notes, 4.75%, 03/15/42

      610,000         638,634   

WEA Finance LLC (Australia), Sr. Unsec. Gtd. Notes, 7.13%, 04/15/18(b)

      250,000         305,781   
                3,049,786   

Semiconductor Equipment–0.07%

  

Amkor Technology Inc., Sr. Unsec. Global Notes, 6.63%, 06/01/21

      180,000         185,400   

Sr. Unsec. Gtd. Global Notes,

7.38%, 05/01/18

      112,000         119,280   

Sensata Technologies B.V. (Luxembourg), Sr. Unsec. Gtd. Notes, 6.50%, 05/15/19(b)

      120,000         130,500   
                435,180   

Semiconductors–0.07%

  

Freescale Semiconductor Inc., Sr. Unsec. Gtd. Global Notes, 8.05%, 02/01/20

      170,000         182,750   

10.75%, 08/01/20

      25,000         28,437   

NXP BV/NXP Funding LLC (Netherlands), Sr. Unsec. Gtd. Notes, 5.75%, 02/15/21(b)

      200,000         209,500   
                420,687   

Soft Drinks–0.35%

  

Dr. Pepper Snapple Group Inc., Sr. Unsec. Gtd. Global Notes, 2.00%, 01/15/20

      750,000         729,655   

Fomento Economico Mexicano S.A.B. de C.V. (Mexico), Sr. Unsec. Global Notes, 2.88%, 05/10/23

      200,000         188,085   

4.38%, 05/10/43

      1,345,000         1,206,466   
                2,124,206   

Sovereign Debt–4.30%

  

Argentina Boden Bonds (Argentina), Sr. Unsec. Bonds, 7.00%, 10/03/15

      400,000         352,400   

Argentine Republic Government International Bond (Argentina), Series 1, Sr. Unsec. Global Notes, 8.75%, 06/02/17

      395,000         311,458   

Bolivian Government International
Bond (Bolivia), Sr. Unsec. Notes,
4.88%, 10/29/22(b)

      600,000         592,500   

Chile Government International Bond (Chile), Sr. Unsec. Global Notes, 2.25%, 10/30/22

      200,000         187,880   

3.25%, 09/14/21

      1,390,000         1,435,175   
      Principal
Amount		      Value  

Sovereign Debt–(continued)

  

Colombia Government International Bond (Colombia), Sr. Unsec. Global Bonds, 4.38%, 07/12/21

    $ 320,000       $ 348,000   

6.13%, 01/18/41

      520,000         625,300   

Costa Rica Government International Bond (Costa Rica), Sr. Unsec. Notes, 4.25%, 01/26/23(b)

      400,000         392,000   

Unsec. Notes,

4.38%, 04/30/25(b)

      200,000         195,500   

Croatia Government International Bond (Croatia), Sr. Unsec. Notes, 5.50%, 04/04/23(b)

      200,000         205,050   

Dominican Republic International Bond (Dominican Repubic), Sr. Unsec. Bonds, 7.50%, 05/06/21(b)

      100,000         113,750   

Sr. Unsec. Notes,

9.04%, 01/23/18(b)

      448,121         499,654   

Egypt Government International Bond (Egypt), REGS, Sr. Unsec. Euro Notes, 6.88%, 04/30/40(b)

      100,000         78,750   

Guatemala Government Bond (Guatemala), Sr. Unsec. Bonds, 8.13%, 10/06/19(b)(g)

      520,000         686,400   

REGS,

Sr. Unsec. Euro Bonds,

8.13%, 10/06/19(b)(g)

      90,000         118,800   

Hungary Government International Bond (Hungary), Sr. Unsec. Global Notes, 4.13%, 02/19/18

      300,000         299,841   

4.75%, 02/03/15

      60,000         61,589   

5.38%, 02/21/23

      400,000         403,025   

Indonesia Government International Bond (Indonesia), Sr. Unsec. Bonds, 6.63%, 02/17/37(b)

      300,000         358,125   

Sr. Unsec. Notes,

3.38%, 04/15/23(b)

      300,000         284,250   

Unsec. Notes,

3.75%, 04/25/22(b)

      300,000         296,625   

Lithuania Government International Bond (Lithuania), Sr. Unsec. Notes, 6.13%, 03/09/21(b)

      200,000         234,000   

Mexico Government International Bond (Mexico), Sr. Unsec. Global Notes, 3.63%, 03/15/22

      2,150,000         2,229,259   

Sr. Unsec. Medium-Term Global Notes,

4.75%, 03/08/44

      310,000         308,450   

Series A,

Sr. Unsec. Medium-Term Global Notes,

6.05%, 01/11/40

      300,000         358,500   

Namibia International Bonds (Namibia), Sr. Unsec. Notes, 5.50%, 11/03/21(b)

      200,000         216,000   

Panama Government International Bond (Panama), Sr. Unsec. Global Bonds, 5.20%, 01/30/20

      1,250,000         1,441,875   
 

 

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

                                 Invesco Core Plus Bond Fund

      Principal
Amount		      Value  

Sovereign Debt–(continued)

      

Perusahaan Penerbit SBSN (Indonesia), Sr. Unsec. Notes, 4.00%, 11/21/18(b)

    $ 200,000       $ 209,500   

Peruvian Government International Bond (Peru), Sr. Unsec. Global Bonds, 8.75%, 11/21/33

      436,000         683,430   

Philippine Government International Bond (Philippines), Sr. Unsec. Global Bonds, 5.00%, 01/13/37

      300,000         336,000   

6.38%, 10/23/34

      1,100,000         1,406,625   

Poland Government International Bond (Poland), Sr. Unsec. Global Notes, 5.00%, 03/23/22

      60,000         67,800   

5.13%, 04/21/21

      220,000         249,150   

Provincia de Buenos Aires (Argentina), Sr. Unsec. Notes, 11.75%, 10/05/15(b)

      300,000         258,000   

Republic of Angola Via Northern Lights III BV (Angola), REGS, Sr. Unsec. Euro Notes, 7.00%, 08/16/19(b)

      450,000         483,187   

Republic of Paraguay (Paraguay), Sr. Unsec. Bonds, 4.63%, 01/25/23(b)

      400,000         398,000   

Republic of Serbia (Serbia), Sr. Unsec. Bonds, 4.88%, 02/25/20(b)

      200,000         197,300   

Romanian Government International Bond (Romania), Sr. Unsec. Notes, 4.38%, 08/22/23(b)

      230,000         228,696   

6.75%, 02/07/22(b)

      110,000         130,125   

Russian Foreign Bond (Russia), Sr. Unsec. Euro Notes, 3.63%, 04/29/15(b)

      1,700,000         1,780,036   

5.00%, 04/29/20(b)

      600,000         669,300   

Rwanda International Government Bond (Rwanda), Sr. Unsec. Bonds, 6.63%, 05/02/23(b)

      200,000         188,000   

South Africa Government International Bond (South Africa), Sr. Unsec. Global Notes, 5.88%, 05/30/22

      100,000         114,813   

Sri Lanka Government International Bond (Sri Lanka), Sr. Unsec. Notes, 6.25%, 10/04/20(b)

      150,000         155,250   

REGS,

Unsec. Euro Notes,

7.40%, 01/22/15(b)

      150,000         159,000   

Turkey Government International Bond (Turkey), Sr. Unsec. Global Bonds, 5.63%, 03/30/21

      150,000         175,500   

Sr. Unsec. Global Notes,

6.75%, 05/30/40

      100,000         125,000   

8.00%, 02/14/34

      325,000         455,812   

Unsec. Global Notes,

4.88%, 04/16/43

      200,000         199,000   

5.13%, 03/25/22

      200,000         226,500   

6.00%, 01/14/41

      200,000         230,750   
      Principal
Amount		      Value  

Sovereign Debt–(continued)

      

Ukraine Government International Bond (Ukraine), Sr. Unsec. Bonds, 7.50%, 04/17/23(b)

    $ 750,000       $ 735,375   

Sr. Unsec. Notes,

6.75%, 11/14/17(b)

      150,000         149,250   

Uruguay Government International Bond (Uruguay), Unsec. Global Notes, 8.00%, 11/18/22

      763,519         1,034,568   

Venezuela Government International Bond (Venezuela), Sr. Unsec. Global Bonds., 9.25%, 09/15/27

      195,000         179,888   

REGS,

Sr. Unsec. Euro Bonds,

11.75%, 10/21/26(b)

      700,000         714,000   

REGS,

Sr. Unsec. Euro Notes,

12.75%, 08/23/22(b)

      700,000         764,750   

Vietnam Government International Bond (Vietnam), Sr. Unsec. Bonds, 6.75%, 01/29/20(b)

      100,000         110,487   

Vnesheconombank Via VEB Finance PLC (Russia), Sr. Unsec. Notes, 6.03%, 07/05/22(b)

      200,000         218,000   

Wakala Global Sukuk Bhd (Malaysia), Sr. Unsec. Bonds, 2.99%, 07/06/16(b)

      250,000         262,179   
                25,929,427   

Specialized Finance–1.35%

      

Air Lease Corp., Sr. Unsec. Global Notes, 6.13%, 04/01/17

      80,000         86,900   

Sr. Unsec. Gtd. Global Notes,

4.75%, 03/01/20

      77,000         79,118   

Aircastle Ltd., Sr. Unsec. Global Notes,

      

6.25%, 12/01/19

      10,000         10,900   

6.75%, 04/15/17

      110,000         121,550   

7.63%, 04/15/20

      135,000         155,587   

CIT Group Inc., Sr. Unsec. Global Notes,

      

5.00%, 08/15/22

      65,000         69,550   

5.25%, 03/15/18

      90,000         97,200   

Sr. Unsec. Notes,

5.50%, 02/15/19(b)

      205,000         222,937   

International Lease Finance Corp., Sr. Sec. Gtd. Notes, 6.50%, 09/01/14(b)

      1,915,000         2,035,884   

Sr. Unsec. Global Notes,

      

3.88%, 04/15/18

      65,000         65,122   

4.63%, 04/15/21

      65,000         64,513   

4.88%, 04/01/15

      1,050,000         1,092,656   

5.75%, 05/15/16

      400,000         429,500   

5.88%, 04/01/19

      20,000         21,538   

5.88%, 08/15/22

      155,000         166,431   

8.75%, 03/15/17

      85,000         100,428   

Sr. Unsec. Notes,

8.25%, 12/15/20

      155,000         188,325   
 

 

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

                                  Invesco Core Plus Bond Fund

      Principal
Amount		      Value  

Specialized Finance–(continued)

      

National Rural Utilities Cooperative Finance Corp., Sr. Sec. Collateral Trust Global Bonds, 10.38%, 11/01/18

    $     2,130,000       $     3,033,886   

Waha Aerospace B.V. (United Arab Emirates), Sr. Unsec. Gtd. Bonds, 3.93%, 07/28/20(b)

      75,000         79,574   
                8,121,599   

Specialized REIT’s–1.61%

      

American Tower Corp., Sr. Unsec. Global Notes, 3.50%, 01/31/23

      1,250,000         1,215,220   

4.63%, 04/01/15

      430,000         457,083   

Sr. Unsec. Notes,

4.50%, 01/15/18

      100,000         109,376   

EPR Properties, Sr. Unsec. Gtd. Global Notes, 7.75%, 07/15/20

      3,880,000         4,614,759   

Geo Group Inc. (The), Sr. Unsec. Gtd. Notes, 5.13%, 04/01/23(b)

      50,000         51,375   

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

      65,000         72,150   

RHP Hotel Properties L.P./RHP Finance Corp., Sr. Unsec. Gtd. Notes, 5.00%, 04/15/21(b)

      115,000         117,587   

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

      1,495,000         1,567,881   

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

      1,500,000         1,497,124   
                9,702,555   

Specialty Chemicals–0.06%

      

Ferro Corp., Sr. Unsec. Notes, 7.88%, 08/15/18

      63,000         66,780   

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

      20,000         20,800   

PolyOne Corp., Sr. Unsec. Notes, 5.25%, 03/15/23(b)

      220,000         227,150   

PQ Corp., Sr. Sec. Notes, 8.75%, 0
5/01/18(b)

      35,000         37,450   
                352,180   

Steel–0.87%

      

ArcelorMittal (Luxembourg), Sr. Unsec. Global Notes, 4.25%, 08/05/15

      30,000         31,005   

5.00%, 02/25/17

      400,000         421,185   

6.13%, 06/01/18

      845,000         924,122   

6.75%, 02/25/22

      20,000         21,536   

7.25%, 03/01/41

      1,280,000         1,254,147   

Commercial Metals Co., Sr. Unsec. Notes, 4.88%, 05/15/23

      20,000         19,150   
      Principal
Amount		      Value  

Steel–(continued)

      

OJSC Novolipetsk Steel via Steel Funding Ltd. (Russia), Unsec. Bonds, 4.45%, 02/19/18(b)

    $ 500,000       $ 509,766   

Samarco Mineracao S.A. (Brazil), Sr. Unsec. Notes, 4.13%, 11/01/22(b)

      300,000         289,222   

Steel Dynamics Inc., Sr. Unsec. Gtd. Notes, 6.13%, 08/15/19(b)

      60,000         65,400   

SunCoke Energy Partners L.P./SunCoke Energy Partners Finance Corp., Sr. Unsec. Gtd. Notes, 7.38%, 02/01/20(b)

      138,000         147,315   

United States Steel Corp., Sr. Unsec. Global Notes, 7.50%, 03/15/22

      160,000         165,600   

Sr. Unsec. Notes,

7.00%, 02/01/18

      50,000         53,250   

Vale Overseas Ltd. (Brazil), Sr. Unsec. Gtd. Global Notes, 4.63%, 09/15/20

      730,000         763,308   

Vale S.A. (Brazil), Sr. Unsec. Global Notes, 5.63%, 09/11/42

      600,000         558,429   
                5,223,435   

Technology Distributors–0.01%

      

Anixter Inc., Sr. Unsec. Gtd. Global Notes, 5.63%, 05/01/19

      50,000         53,375   

Tires & Rubber–0.04%

      

Cooper Tire & Rubber Co., Sr. Unsec. Notes, 8.00%, 12/15/19

      45,000         52,425   

Gajah Tunggal Tbk PT (Indonesia), Sr. Sec. Gtd. Notes, 7.75%, 02/06/18(b)

      200,000         206,561   
                258,986   

Tobacco–0.34%

      

Altria Group, Inc., Sr. Unsec. Gtd. Global Notes, 4.75%, 05/05/21

      1,845,000         2,045,381   

Trading Companies & Distributors–0.02%

  

   

United Rentals North America Inc., Sr. Sec. Gtd. Global Notes, 5.75%, 07/15/18

      5,000         5,363   

Sr. Unsec. Global Notes,

8.25%, 02/01/21

      65,000         72,312   

Sr. Unsec. Gtd. Notes,

6.13%, 06/15/23

      25,000         26,312   
                103,987   

Trucking–0.22%

      

Avis Budget Car Rental LLC/Avis Budget Finance Inc., Sr. Unsec. Gtd. Global Notes, 8.25%, 01/15/19

      120,000         131,700   

9.75%, 03/15/20

      15,000         17,644   
 

 

 

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

                                  Invesco Core Plus Bond Fund

      Principal
Amount		      Value  

Trucking–(continued)

      

Hertz Corp. (The), Sr. Unsec. Gtd. Global Notes, 5.88%, 10/15/20

    $ 100,000       $ 106,500   

6.75%, 04/15/19

      120,000         130,950   

7.38%, 01/15/21

      25,000         27,719   

Ryder System, Inc., Sr. Unsec. Medium-Term Notes, 3.15%, 03/02/15

      860,000         890,886   
                1,305,399   

Wireless Telecommunication Services–1.16%

  

America Movil S.A.B. de C.V. (Mexico), Sr. Unsec. Global Notes, 4.38%, 07/16/42

      200,000         180,126   

Sr. Unsec. Gtd. Global Notes,

6.13%, 03/30/40

      1,115,000         1,258,485   

Bharti Airtel International Netherlands B.V. (India), Sr. Unsec. Gtd. Notes, 5.13%, 03/11/23(b)

      400,000         408,304   

Cricket Communications, Inc., Sr. Unsec. Gtd. Global Notes, 7.75%, 10/15/20

      292,000         292,730   

Crown Castle Towers LLC, Sr. Sec. Gtd. Notes, 3.21%, 08/15/15(b)

      25,000         25,862   

4.88%, 08/15/20(b)

      1,835,000         2,062,545   

Digicel Ltd. (Jamaica), Sr. Unsec. Notes, 6.00%, 04/15/21(b)

      200,000         201,250   

MetroPCS Wireless Inc., Sr. Unsec. Gtd. Notes, 6.25%, 04/01/21(b)

      75,000         78,750   

6.63%, 11/15/20

      220,000         236,500   

6.63%, 04/01/23(b)

      75,000         79,500   

7.88%, 09/01/18

      20,000         21,850   

SBA Communications Corp., Sr. Unsec. Notes, 5.63%, 10/01/19(b)

      35,000         36,531   

Sprint Capital Corp., Sr. Unsec. Gtd. Global Notes, 6.88%, 11/15/28

      290,000         292,537   

6.90%, 05/01/19

      77,000         83,449   

Sprint Nextel Corp., Sr. Unsec. Global Notes, 6.00%, 11/15/22

      75,000         78,000   

7.00%, 08/15/20

      10,000         10,888   

11.50%, 11/15/21

      15,000         20,775   

Sr. Unsec. Gtd. Notes,

7.00%, 03/01/20(b)

      105,000         117,994   

9.00%, 11/15/18(b)

      40,000         48,700   

VimpelCom Holdings B.V. (Russia), Sr. Unsec. Gtd. Notes, 5.20%, 02/13/19(b)

      300,000         302,351   

5.95%, 02/13/23(b)

      300,000         293,973   

7.50%, 03/01/22(b)

      600,000         655,500   
      Principal
Amount		      Value  

Wireless Telecommunication Services–(continued)

  

Wind Acquisition Finance S.A. (Italy), Sr. Sec. Gtd. Notes, 11.75%, 07/15/17(b)

    $ 200,000       $ 212,000   
                6,998,600   

Total U.S. Dollar Denominated Bonds and Notes
(Cost $298,578,741)

               310,740,334   

U.S. Government Sponsored Agency Mortgage-Backed Securities–26.52%

   

Collateralized Mortgage Obligations–0.30%

  

   

Fannie Mae REMICs,
0.96%, 06/25/37(d)

      1,127,278         1,144,221   

Fannie Mae REMICs, IO, 7.00%, 05/25/33

      30,854         7,590   

Fannie Mae REMICS, IO, 6.00%, 07/25/33

      34,429         5,877   

Federal Deposit Insurance Co., 0.75%, 02/25/48 (Acquired 03/05/10;
Cost $650,311)(b)(d)

      650,311         651,263   

Freddie Mac REMICS, 5.00%, 11/15/17

      27,932         28,234   
                1,837,185   

Federal Home Loan Mortgage Corp. (FHLMC)–14.56%

  

Pass Through Ctfs.,

6.00%, 08/01/14 to 02/01/34

      789,805         870,932   

5.50%, 05/01/16 to 07/01/40

      9,088,612         9,937,114   

6.50%, 05/01/16 to 09/01/36

      1,714,248         1,951,828   

7.00%, 06/01/16 to 10/01/34

      2,813,476         3,225,547   

7.50%, 04/01/17 to 05/01/35

      1,225,544         1,482,247   

3.50%, 08/01/26

      2,546,732         2,724,569   

8.50%, 08/01/31

      112,372         139,284   

8.00%, 08/01/32

      95,480         116,807   

5.00%, 07/01/34 to 06/01/40

      10,012,534         10,944,669   

4.50%, 06/01/41

      6,443,695         6,853,685   

Pass Through Ctfs., ARM

2.86%, 12/01/36(d)

      269,574         288,374   

3.01%, 02/01/37(d)

      86,011         92,345   

2.77%, 05/01/37(d)

      522,127         557,573   

Pass Through Ctfs., TBA

2.50%, 06/01/28(h)

      10,000,000         10,193,359   

3.50%, 07/01/43(h)

      17,500,000         18,030,469   

4.00%, 07/01/43(h)

      19,500,000         20,484,141   
                87,892,943   

Federal National Mortgage Association (FNMA)–10.80%

  

Pass Through Ctfs.,

7.50%, 11/01/15 to 08/01/37

      1,545,566         1,822,182   

7.00%, 12/01/15 to 02/01/34

      1,414,321         1,633,530   

6.50%, 05/01/16 to 01/01/37

      535,262         602,102   

6.00%, 05/01/17 to 10/01/39

      265,231         288,841   

5.00%, 03/01/18 to 12/01/39

      3,121,960         3,420,351   

5.50%, 11/01/18 to 06/01/40

      4,554,593         4,984,238   

8.00%, 08/01/21 to 04/01/33

      220,184         266,022   

9.50%, 04/01/30

      51,010         61,097   

8.50%, 10/01/32

      174,975         216,396   
 

 

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

                                  Invesco Core Plus Bond Fund

      Principal
Amount		      Value  

Federal National Mortgage Association (FNMA)–(continued)

  

Pass Through Ctfs., ARM,

2.34%, 05/01/35(d)

    $ 833,343       $ 886,089   

2.54%, 01/01/37(d)

      385,392         409,576   

2.65%, 03/01/38(d)

      203,316         216,242   

Pass Through Ctfs., TBA,

2.50%, 06/01/28(h)

      4,500,000         4,593,021   

3.00%, 06/01/28 to

07/01/43(h)

      16,500,000         16,665,079   

3.50%, 07/01/43(h)

      15,000,000         15,497,462   

4.00%, 07/01/43(h)

      12,960,000         13,649,513   
                65,211,741   

Government National Mortgage Association (GNMA)–0.86%

  

Pass Through Ctfs.,

7.50%, 06/15/23 to 05/15/32

      56,661         63,633   

9.00%, 09/15/24 to 10/15/24

      23,610         23,852   

8.50%, 02/15/25

      7,616         7,745   

8.00%, 08/15/25 to 09/15/26

      90,606         102,092   

6.56%, 01/15/27

      170,485         197,861   

7.00%, 04/15/28 to 09/15/32

      467,593         550,359   

6.00%, 11/15/28 to 02/15/33

      167,260         188,948   

6.50%, 01/15/29 to 09/15/34

      348,113         395,146   

5.50%, 06/15/35

      266,929         290,791   

5.00%, 07/15/35 to 08/15/35

      76,470         82,990   

Pass Through Ctfs., ARM,
2.00%, 01/20/25 to
05/20/25(d)

      96,992         101,273   

3.00%, 06/20/25(d)

      11,222         11,776   

Pass Through Ctfs., TBA,
3.50%, 06/01/43(h)

      3,000,000         3,146,953   
                5,163,419   

Total U.S. Government Sponsored Agency Mortgage-Backed Securities
(Cost $158,783,231)

    

      160,105,288   

Asset-Backed Securities–13.92%

  

AmeriCredit Automobile Receivables Trust, Series 2011-2, Class D, Pass Through Ctfs., 4.00%, 05/08/17

      3,135,000         3,276,000   

Banc of America Mortgage Securities Inc., Series 2005-12, Class A2, Floating Rate Pass Through Ctfs., 1.09%, 01/25/36(d)

      713,077         645,532   

Bear Stearns Adjustable Rate Mortgage Trust, Series 2003-6, Class 1A3, Floating Rate Pass Through Ctfs., 2.35%, 08/25/33(d)

      771,904         782,240   

Bear Stearns Commercial Mortgage Securities, Series 2004-PWR6, Class A6, Pass Through Ctfs., 4.83%, 11/11/41

      1,405,000         1,473,776   

Series 2005-PWR8, Class A4, Pass Through Ctfs., 4.67%, 06/11/41

      2,675,000         2,841,491   

Series 2005-T18, Class A4, Variable Rate Pass Through Ctfs., 4.93%, 02/13/42(d)

      44,377         47,158   
      Principal
Amount		      Value  

Asset-Backed Securities–(continued)

  

Series 2006-PW11, Class A4, Variable Rate Pass Through Ctfs.,
5.61%, 03/11/39(d)

    $   2,948,000       $   3,248,074   

Series 2006-PW11, Class AAB, Variable Rate Pass Through Ctfs.,
5.61%, 03/11/39(d)

      19,689         20,102   

Series 2006-T24, Class A3, Pass Through Ctfs., 5.53%, 10/12/41

      491,208         493,117   

Series 2006-T24, Class A4, Pass Through Ctfs., 5.54%, 10/12/41

      3,040,000         3,420,208   

Citigroup Commercial Mortgage Trust, Series 2006-C4, Class A3, Variable Rate Pass Through Ctfs., 5.94%, 03/15/49(d)

      625,000         696,087   

Citigroup Mortgage Loan Trust, Inc., Series 2004-UST1, Class A4, Floating Rate Pass Through Ctfs., 2.36%, 08/25/34(d)

      2,507,723         2,574,336   

Countrywide Asset-Backed Ctfs., Series 2003-1, Class 3A, Floating Rate Pass Through Ctfs., 0.87%, 06/25/33(d)

      178,442         171,802   

Series 2007-4, Class A1B, Pass Through Ctfs., 5.81%, 04/25/47

      31,032         30,994   

Countrywide Home Loan Mortgage Pass Through Trust, Series 2007-13, Class A10, Pass Through Ctfs., 6.00%, 08/25/37

      1,322,934         1,252,223   

Credit Suisse Mortgage Capital Ctfs., Series 2009-2R, Class 1A11, Floating Rate Pass Through Ctfs., 2.63%, 09/26/34(b)(d)

      830,560         843,797   

Series 2010-6R, Class 1A1, Pass Through Ctfs., 5.50%, 02/27/37 (Acquired 03/01/10; Cost $380,595)(b)

      369,509         394,682   

First Horizon Alternative Mortgage Securities, Series 2005-FA8, Class 2A1, Pass Through Ctfs., 5.00%, 11/25/20

      461,615         472,918   

Series 2006-FA5, Class A3, Pass Through Ctfs., 6.25%, 08/25/36

      552,311         488,387   

Fontainebleau Miami Beach Trust, Series 2012, Class B, Pass Through Ctfs., 3.88%, 05/05/27(b)

      3,000,000         3,123,716   

GE Capital Credit Card Master Note Trust, Series 2010-3, Class A, Pass Through Ctfs., 2.21%, 06/15/16

      70,000         70,050   

GS Mortgage Securities Corp. II, Series 2005-GG4, Class A4A, Pass Through Ctfs., 4.75%, 07/10/39

      2,760,000         2,917,207   
 

 

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

                                 Invesco Core Plus Bond Fund

      Principal
Amount		      Value  

GS Mortgage Securities Corp. Trust, Series 2012-ALOH, Class B, Pass Through Ctfs., 4.05%, 04/10/34(b)

    $   1,500,000       $   1,575,251   

Harborview Mortgage Loan Trust, Series 2005-9, Class 2A1C, Floating Rate Pass Through Ctfs., 0.65%, 06/20/35(d)

      51,840         49,277   

JP Morgan Chase Commercial Mortgage Securities Trust, Series 2006-LDP9, Class A3, Pass Through Ctfs., 5.34%, 05/15/47

      900,000         1,009,706   

LB-UBS Commercial Mortgage Trust, Series 2005-C1, Class A4, Pass Through Ctfs., 4.74%, 02/15/30

      780,000         819,653   

Series 2006-C1, Class A4, Pass Through Ctfs., 5.16%, 02/15/31

      845,000         923,820   

Series 2006-C7, Class A3, Pass Through Ctfs., 5.35%, 11/15/38

      300,000         337,103   

Lehman Mortgage Trust, Series 2006-1, Class 3A5, Pass Through Ctfs., 5.50%, 02/25/36

      815,705         839,522   

MBNA Credit Card Master Note Trust, Series 2004-B1, Pass Through Ctfs., 4.45%, 08/15/16

      4,200,000         4,326,670   

Morgan Stanley Capital I Trust, Series 2005-HQ5, Class A3, Pass Through Ctfs., 5.01%, 01/14/42

      1,987         1,986   

Series 2005-HQ7, Class A4, Variable Rate Pass Through Ctfs., 5.38%, 11/14/42(d)

      35,000         37,932   

Series 2005-HQ7, Class AJ, Variable Rate Pass Through Ctfs., 5.38%, 11/14/42(d)

      2,615,000         2,813,033   

Series 2005-T19, Class A4A, Pass Through Ctfs., 4.89%, 06/12/47

      2,638,000         2,835,504   

Provident Bank Home Equity Loan Trust, Series 2000-2, Class A1, Floating Rate Pass Through Ctfs., 0.73%, 08/25/31(d)

      369,311         249,496   

RBSCF Trust, Series 2010-RR3, Class MS4A, Variable Rate Pass Through Ctfs., 4.97%, 04/16/40(b)(d)

      3,509,108         3,607,648   

Santander Drive Auto Receivables Trust, Series 2011-1, Class D, Pass Through Ctfs., 4.01%, 02/15/17

      1,545,000         1,613,422   

Series 2012-6, Class A2, Pass Through Ctfs., 0.47%, 09/15/15

      2,300,000         2,300,685   

Sequoia Mortgage Trust, Series 2013-3, Class A1, Variable Rate Pass Through Ctfs., 2.00%, 03/25/43(d)

      3,166,069         3,113,255   

 

      Principal
Amount		      Value  

Series 2013-4, Class A3, Variable Rate Pass Through Ctfs., 1.55%,
04/25/43(d)

    $   2,938,991       $ 2,939,964   

Series 2013-6, Class A2, Variable Rate Pass Through Ctfs., 3.00%,
05/25/43(d)

      3,883,027         3,959,987   

Series 2013-7, Class A2, Variable Rate Pass Through Ctfs., 3.00%,
06/25/43(d)

      2,530,000         2,518,061   

Specialty Underwriting & Residential Finance Trust, Series 2004-BC2, Class A2, Floating Rate Pass Through Ctfs., 0.73%, 05/25/35(d)

      41,645         39,277   

Structured Adjustable Rate Mortgage Loan Trust, Series 2007-3, Class 4A2, Floating Rate Pass Through Ctfs.,
5.04%, 04/25/47(d)

      1,072,846         737,102   

Structured Asset Investment Loan Trust, Series 2003-BC12, Class 3A, Floating Rate Pass Through Ctfs., 0.93%,
11/25/33(d)

      32,779         31,648   

Suntrust Alternative Loan Trust, Series 2005-1F, Class 2A8, Pass Through Ctfs., 6.00%, 12/25/35

      838,652         816,252   

Wachovia Bank Commercial Mortgage Trust, Series 2005-C18, Class A4, Pass Through Ctfs., 4.94%, 04/15/42

      3,670,000         3,901,300   

Series 2005-C21, Class A4, Variable Rate Pass Through Ctfs., 5.41%, 10/15/44(d)

      1,324,595         1,435,592   

Series 2005-C21, Class AJ, Variable Rate Pass Through Ctfs., 5.41%, 10/15/44(d)

      1,515,000         1,629,979   

Series 2005-C21, Class AM, Variable Rate Pass Through Ctfs.,
5.41%, 10/15/44(d)

      1,680,000         1,827,097   

WaMu Mortgage Pass Through Ctfs., Series 2003-AR8, Class A, Floating Rate Pass Through Ctfs., 2.46%, 08/25/33(d)

      1,771,780         1,828,264   

Series 2005-AR10, Class 1A3, Floating Rate Pass Through Ctfs.,
2.49%, 09/25/35(d)

      525,000         490,457   

Wells Fargo Mortgage Backed Securities Trust, Series 2004-K, Class 1A2, Floating Rate Pass Through Ctfs.,
2.62%, 07/25/34(d)

      1,539,953         1,561,926   

Series 2004-Z, Class 2A1, Floating Rate Pass Through Ctfs.,
2.62%, 12/25/34(d)

      2,071,478         2,123,904   

WFRBS Commercial Mortgage Trust, Series 2013-C12, Class A2, Pass Through Ctfs., 2.07%, 03/15/48

      2,415,000         2,471,448   

Total Asset-Backed Securities
(Cost $75,570,115)

               84,050,118   

 

 

 

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

                                 Invesco Core Plus Bond Fund

      Principal
Amount		      Value  

U.S. Treasury Securities–9.43%

  

U.S. Treasury Bills–0.03%

      

0.09%, 11/14/13(i)(j)

    $ 100,000       $ 99,971   

0.18%, 11/14/13(i)(j)

      100,000         99,970   
                199,941   

U.S. Treasury Bonds–1.49%

      

6.25%, 05/15/30

      2,000,000         2,926,990   

3.50%, 02/15/39

      940,000         988,827   

4.25%, 05/15/39

      20,000         23,789   

3.88%, 08/15/40

      50,000         55,942   

3.13%, 02/15/42

      4,350,000         4,223,885   

2.75%, 08/15/42

      850,000         761,466   
                8,980,899   

U.S. Treasury Notes–7.91%

      

1.88%, 02/28/14

      8,010,000         8,114,180   

2.25%, 05/31/14

      19,595,000         20,000,133   

2.63%, 07/31/14

      4,300,000         4,421,864   

2.38%, 10/31/14

      1,875,000         1,931,677   

2.13%, 11/30/14

      625,000         642,625   

2.63%, 12/31/14

      2,000,000         2,075,161   

1.25%, 08/31/15

      350,000         357,030   

2.00%, 04/30/16

      1,000,000         1,042,923   

1.00%, 10/31/16

      3,000,000         3,036,944   

0.88%, 04/30/17

      1,700,000         1,706,620   

2.75%, 05/31/17

      4,000,000         4,310,410   

3.63%, 08/15/19

      100,000         113,735   
                47,753,302   

Total U.S. Treasury Securities
(Cost $56,047,413)

               56,934,142   
     Shares         

Preferred Stocks–0.99%

  

   

Consumer Finance–0.00%

      

Ally Financial, Inc., Series G, 7.00% Pfd.(b)

      4         3,922   

Diversified Banks–0.37%

      

CoBank ACB, Series F, 6.25% Pfd.(b)

      20,000         2,141,250   

Royal Bank of Scotland Group PLC (The) (United Kingdom), Series T, 7.25% Jr. Sub. Pfd.

      3,910         97,828   
                2,239,078   

Investment Banking & Brokerage–0.32%

  

Goldman Sachs Group, Inc. (The),
Series J, 5.50% Pfd.

      75,000         1,926,750   

Multi-Line Insurance–0.02%

  

   

Hartford Financial Services Group Inc. (The) 7.88% Jr. Sub. Pfd.

      4,070         124,542   

Office REIT’s–0.00%

      

DuPont Fabros Technology, Inc.,
Series B, 7.63% Pfd.

      200         5,270   

 

      Shares      Value  

Regional Banks–0.14%

      

PNC Financial Services Group, Inc. (The), Series P, 6.13% Pfd.

      27,000       $ 736,020   

Zions Bancorp., Series C, 9.50% Pfd.

      2,440         62,171   

Zions Bancorp., Series H, 5.75% Pfd.

      2,000         49,560   
                847,751   

Reinsurance–0.14%

      

Reinsurance Group of America, Inc., 6.20% Sr. Unsec. Sub. Pfd.

      30,000         805,800   

Tires & Rubber–0.00%

      

Goodyear Tire & Rubber Co. (The), $2.94 Conv. Pfd.

      165         8,242   

Total Preferred Stocks
(Cost $5,619,813)

               5,961,355   
     Principal
Amount		         

U.S. Government Sponsored Agency
Securities–0.79%

   

Federal Home Loan Mortgage Corp. (FHLMC)–0.79%

  

Federal Home Loan Mortgage Corp., Sr. Unsec. Global Notes, 5.50%, 08/23/17

    $ 2,740,000         3,249,530   

6.25%, 07/15/32

      1,080,000         1,527,790   

Total U.S. Government Sponsored Agency Securities
(Cost $4,261,654)

   

      4,777,320   

Municipal Obligations–0.43%

      

Florida (State of) Hurricane Catastrophe Fund Finance Corp., Series 2013 A, RB, 3.00%, 07/01/20

      1,450,000         1,422,203   

Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J); Series 2010 A, Taxable Build America RB, 6.64%, 04/01/57

      500,000         575,055   

Series 2010, Build America RB, 6.66%, 04/01/57

      550,000         625,086   

Total Municipal Obligations
(Cost $2,500,000)

               2,622,344   

Non-U.S. Dollar Denominated Bonds &
Notes–0.38%(k)

   

Broadcasting–0.02%

      

Central European Media Enterprises Ltd. (Czech Republic), REGS, Jr. Sec. Gtd. Euro Notes, 11.63%, 09/15/16(b)

   EUR 100,000         138,122   

Casinos & Gaming–0.02%

      

Codere Finance Luxembourg S.A. (Spain), REGS, Sr. Sec. Gtd. Euro Notes, 8.25%, 06/15/15(b)

   EUR 50,000         42,562   

Great Canadian Gaming Corp. (Canada), Sr. Unsec. Gtd. Notes, 6.63%, 07/25/22(b)

   CAD 75,000         77,040   
                119,602   

 

 

 

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

                                 Invesco Core Plus Bond Fund

     

Principal

Amount

      Value  

Distillers & Vintners–0.01%

  

CEDC Finance Corp. International Inc. (Poland), Sr. Sec. Gtd. Mortgage Notes, 8.88%,
12/01/16(b)(e)

    EUR  50,000       $ 53,933   

Diversified Banks–0.03%

      

Export-Import Bank of Korea (South Korea), Sr. Unsec. Notes, 4.00%, 11/26/15(b)

    PHP  3,300,000         81,295   

Itau Unibanco Holding S.A. (Brazil), Sr. Unsec. Notes, 10.50%,
11/23/15(b)

    BRL 150,000         74,622   
                155,917   

Electric Utilities–0.04%

      

RusHydro JSC via RusHydro Finance Ltd. (Russia), Sr. Unsec. Medium-Term Euro Loan Participation Notes, 7.88%, 10/28/15

    RUB 8,000,000         251,336   

Food Distributors–0.03%

      

Bakkavor Finance 2 PLC (United Kingdom), REGS, Sr. Sec. Gtd. Euro Notes, 8.25%, 02/15/18(b)

    GBP 100,000         158,387   

Independent Power Producers & Energy Traders–0.03%

  

Infinis PLC (United Kingdom), Sr. Sec. Notes, 7.00%, 02/15/19(b)

    GBP 100,000         154,209   

Investment Banking & Brokerage–0.03%

  

Morgan Stanley, Sr. Unsec. Notes, 10.09%, 05/03/17(b)

    BRL 340,000         169,460   

Leisure Facilities–0.02%

      

Cirsa Funding Luxembourg S.A. (Spain), REGS, Sr. Unsec. Gtd. Euro Notes, 8.75%, 05/15/18(b)

    EUR 100,000         132,622   

Other Diversified Financial Services–0.06%

  

Cabot Financial Luxembourg S.A. (United Kingdom), REGS, Sr. Sec. Gtd. Euro Notes, 10.38%, 10/01/19(b)

    GBP 100,000         173,200   

Lowell Group Financing PLC (United Kingdom), REGS, Sr. Sec. Gtd. Euro Notes, 10.75%, 04/01/19(b)

    GBP 100,000         171,833   
                345,033   

Sovereign Debt–0.07%

      

Mexican Bonos (Mexico), Series M20, Bonds, 10.00%, 12/05/24

    MXN  1,300,000         140,731   

Peruvian Government International Bond (Peru), Sr. Unsec. Notes, 8.60%, 08/12/17(b)

    PEN 210,000         92,669   

Republic of Costa Rica (Costa Rica), Unsec. Bonds, 11.50%,
12/21/22(b)

    CRC 90,000,000         218,245   
                451,645   
      Principal
Amount		     Value  

Wireless Telecommunication Services–0.02%

  

Mobile Challenger Intermediate Group S.A. (Switzerland), Sr. Sec. PIK Notes, 8.75%, 03/15/19(b)

    EUR  100,000      $ 130,935   

Total Non-U.S. Dollar Denominated Bonds & Notes
(Cost $2,329,612)

   

     2,261,201   
     Shares        

Common Stocks–0.00%

  

  

Paper Products–0.00%

     

NewPage Holdings Inc. (Acquired 07/21/11-08/29/11; Cost $34,248)
(Cost $34,248)(b)(l)

      160        15,200   

Money Market Funds–13.33%

  

  

Liquid Assets Portfolio –Institutional
Class (m)

      40,219,637        40,219,637   

Premier Portfolio –Institutional Class (m)

      40,219,638        40,219,638   

Total Money Market Funds
(Cost $80,439,275)

   

     80,439,275   

TOTAL INVESTMENTS–117.27%
(Cost $684,164,102)

   

     707,906,577   

OTHER ASSETS LESS LIABILITIES–(17.27)%

  

     (104,234,217)   

NET ASSETS–100.00%

            $ 603,672,360   

Investment Abbreviations:

 

ARM

    — Adjustable Rate Mortgage

BRL

    — Brazilian Real

CAD

    — Canadian Dollar

Conv.

    — Convertible

CRC

    — Costa Rican Colon

Ctfs.

    — Certificates

Deb.

    — Debentures

Disc.

    — Discounted

EUR

    — Euro

FHLMC

    — Federal Home Loan Mortgage Corp.

FNMA

    — Federal National Mortgage Association

GBP

    — British Pound

GNMA

    — Government National Mortgage Association

Gtd.

    — Guaranteed

Jr.

    — Junior

MXN

    — Mexican Peso

PEN

    — Peru Nuevo Sol

Pfd.

    — Preferred

PHP

    — Philippine Peso

PIK

    — Payment in Kind

RB

    — Revenue Bonds

REGS

    — Regulation S

REIT

    — Real Estate Investment Trust

REMICS

    — Real Estate Mortgage Investment Conduits

RUB

    — Russian Rouble
 

 

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

                                     Invesco Core Plus Bond Fund

Sec.

    — Secured

Sr.

    — Senior

Sub.

    — Subordinated

TBA

    — To Be Announced

Unsec.

    — Unsecured

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, 2013 was $114,036,984, which represented 18.89% 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, 2013.

 

(e) 

Defaulted security. Currently, the issuer is partially or fully in default with respect to interest payments. The aggregate value of these securities at May 31, 2013 was $53,933, which represented 0.01% of the Fund’s Net Assets.

 

(f) 

Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

 

(g) 

Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

 

(h) 

Security purchased on a forward commitment basis. This security is subject to dollar roll transactions. See Note 1D.

 

(i) 

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

 

(j) 

All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1G and Note 3.

 

(k) 

Foreign denominated security. Principal amount is denominated in currency indicated.

 

(l) 

Non-income producing security acquired as part of the NewPage Corp. bankruptcy reorganization.

 

(m) 

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

    

 

 

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

                                 Invesco Core Plus Bond Fund

Notes to Quarterly Schedule of Portfolio Holdings

May 31, 2013

(Unaudited)

NOTE 1 — Significant Accounting Policies

 

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

Debt obligations (including convertible bonds) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

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

Swap agreements are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end of day net present values, spreads, ratings, industry, and company performance.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the Adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trade is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

 

                                 Invesco Core Plus Bond Fund

A. Security Valuations – (continued)

 

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 is recorded on the accrual basis from settlement date. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes.

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

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

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

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D. Dollar Rolls and Forward Commitment Transactions - The Fund may enter into dollar roll transactions to enhance the Fund’s performance. The Fund executes its dollar roll transactions in the to be announced (“TBA”) market whereby the Fund makes a forward commitment to purchase a security and, instead of accepting delivery, the position is offset by the sale of the security with a simultaneous agreement to repurchase at a future date.

The Fund accounts for dollar roll transactions as purchases and sales and realizes gains and losses on these transactions. These transactions increase the Fund’s portfolio turnover rate. The Fund will segregate liquid assets in an amount equal to its dollar roll commitments. Dollar roll transactions are considered borrowings under the 1940 Act.

Dollar roll transactions involve the risk that a counter-party to the transaction may fail to complete the transaction. If this occurs, the Fund may lose the opportunity to purchase or sell the security at the agreed upon price. Dollar rolls transactions also involve the risk that the value of the securities retained by the Fund may decline below the price of the securities that the Fund has sold but is obligated to purchase under the agreement.

E.

Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such 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

 

                                 Invesco Core Plus Bond Fund

E. Foreign Currency Translations – (continued)

 

foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable.

F. Foreign Currency Contracts – The Fund may enter into foreign currency contracts to manage or minimize currency or exchange rate risk. The Fund may also enter into foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security. A foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The use of 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 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.
G. 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 two parties 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.
H. Swap Agreements – The Fund may enter into various swap transactions, including interest rate, total return, index, currency exchange rate and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between two parties (“Counterparties”). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

Interest rate, total return, index, and currency exchange rate swap agreements are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or return of an underlying asset, in a particular foreign currency, or in a “basket” of securities representing a particular index.

A CDS is an agreement between Counterparties to exchange the credit risk of an issuer. A buyer of a CDS is said to buy protection by paying a fixed payment over the life of the agreement and in some situations an upfront payment to the seller of the CDS. If a defined credit event occurs (such as payment default or bankruptcy), the Fund as a protection buyer would cease paying its fixed payment, the Fund would deliver eligible bonds issued by the reference entity to the seller, and the seller would pay the full notional value, or the “par value”, of the referenced obligation to the Fund. A seller of a CDS is said to sell protection and thus would receive a fixed payment over the life of the agreement and an

 

                                 Invesco Core Plus Bond Fund

H. Swap Agreements – (continued)

 

upfront payment, if applicable. If a credit event occurs, the Fund as a protection seller would cease to receive the fixed payment stream, the Fund would pay the buyer “par value” or the full notional value of the referenced obligation, and the Fund would receive the eligible bonds issued by the reference entity. In turn, these bonds may be sold in order to realize a recovery value. Alternatively, the seller of the CDS and its counterparty may agree to net the notional amount and the market value of the bonds and make a cash payment equal to the difference to the buyer of protection. If no credit event occurs, the Fund receives the fixed payment over the life of the agreement. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the CDS. In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default under the swap agreement or bankruptcy/insolvency of a party to the swap agreement. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances. The Fund’s maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the value of the contract. The risk may be mitigated by having a master netting arrangement between the Fund and the counterparty and by the designation of collateral by the counterparty to cover the Fund’s exposure to the counterparty.

Implied credit spreads represent the current level at which protection could be bought or sold given the terms of the existing CDS contract and serve as an indicator of the current status of the payment/performance risk of the CDS. An implied spread that has widened or increased since entry into the initial contract may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets.

Changes in the value of swap agreements are recognized as unrealized gains (losses) in the Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statement of Operations. The Fund segregates liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and counterparty risk in excess of amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements.

I. Other Risks – The Funds may invest in obligations issued by agencies and instrumentalities of the U.S. Government that may vary in the level of support they receive from the government. The government may choose not to provide financial support to government sponsored agencies or instrumentalities if it is not legally obligated to do so. In this case, if the issuer defaulted, the underlying fund holding securities of such issuer might not be able to recover its investment from the U.S. Government. Many securities purchased by the Fund are not guaranteed by the U.S. Government.
J. Leverage Risk – Leverage exists when a 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.
K. 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.

 

                                 Invesco Core Plus Bond Fund

NOTE 2 — Additional Valuation Information

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

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

The following is a summary of the tiered valuation input levels, as of May 31, 2013. 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  

  Equity Securities

    $     84,255,458       $ 2,160,372       $     —       $ 86,415,830   

  U.S. Treasury Securities

      —         56,934,142         —         56,934,142   

  U.S Government Sponsored Agency Securities

      —         164,882,608         —         164,882,608   

  Corporate Debt Securities

      —         284,810,907         0         284,810,907   

  Asset-Backed Securities

      —         84,050,118         —         84,050,118   

  Municipal Obligations

      —         2,622,344         —         2,622,344   

  Foreign Securities Debt

      —         2,261,201         —         2,261,201   

  Foreign Sovereign Debt

      —         25,929,427         —         25,929,427   
     $     84,255,458       $ 623,651,119       $ 0       $ 707,906,577   

  Foreign Currency Contracts*

      —         18,153         —         18,153   

  Futures*

      11,596         —         —         11,596   

  Swap Agreements*

      —         (410,600)         —         (410,600)   

Total Investments

    $     84,267,054       $     623,258,672       $ 0       $     707,525,726   

* Unrealized appreciation (depreciation)

NOTE 3 — Derivative Investments

 

Open Foreign Currency Contracts

Settlement

       Contract to    Notional    Unrealized

Date

    Counterparty    Deliver    Receive    Value    Appreciation

08/08/13

    RBC Dain Rauscher    EUR    381,000    USD    498,329    $    495,333    $      2,996

08/08/13

    RBC Dain Rauscher    GBP    441,000    USD    684,857    669,700    15,157

Total open foreign currency contracts

              $    18,153

Currency Abbreviations:

EUR — Euro    GBP — British Pound Sterling      USD — U.S. Dollar

 

                                 Invesco Core Plus Bond Fund

Open Futures Contracts
Short Contracts   

Number of

Contracts

   

Expiration

Month

   

Notional

Value

    Unrealized
Appreciation

U.S. 10 Year Treasury Notes

    170    September-2013    $    21,967,188    $    11,596

Open Credit Default Swap Agreements

 

Counterparty      Reference
Entity		   

Buy/Sell

Protection

   

Pay/Receive

Fixed Rate

   

Expiration

Date

   

Implied

Credit
Spread (a)

   

Notional

Value

    Upfront
Payments		   

 

Unrealized

Appreciation

(Depreciation)

    Bank of America

      Citigroup Inc.    Buy    (1.00)%    06/20/17    0.72%    $5,500,000    $349,614    $(410,600)
(a) 

Implied credit spreads represent the current level as of May 31, 2013 at which protection could be bought or sold given the terms of the existing credit default swap contract and serve as an indicator of the current status of the payment/performance risk of the credit default swap contract. An implied credit spread that has widened or increased since entry into the initial contract may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally.

NOTE 4 — Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the nine months ended May 31, 2013 was $1,037,954,501 and $941,238,330, respectively. During the same period, purchases and sales of U.S. Treasury obligations were $8,602,508 and $20,919,963, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period end.

 

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

Aggregate unrealized appreciation of investment securities

    $     27,991,026   

Aggregate unrealized (depreciation) of investment securities

      (5,155,445)   

Net unrealized appreciation of investment securities

    $     22,835,581   

Cost of investments for tax purposes is $685,070,996.

   

 

                                 Invesco Core Plus Bond Fund

  

 

  

Invesco Equally-Weighted S&P 500 Fund

Quarterly Schedule of Portfolio Holdings

May 31, 2013

 

  

LOGO

 

      
   invesco.com/us    MS-EWSP-QTR-1    05/13    Invesco Advisers, Inc.

Schedule of Investments(a)

May 31, 2013

(Unaudited)

 

      Shares      Value  

Common Stocks & Other Equity Interests–98.41%

      

Advertising–0.40%

      

Interpublic Group of Cos., Inc. (The)

      217,765       $ 3,096,618   

Omnicom Group Inc.

      48,491         3,012,746   
                6,109,364   

Aerospace & Defense–2.28%

      

Boeing Co. (The)

      35,118         3,477,384   

General Dynamics Corp.

      41,409         3,192,634   

Honeywell International Inc.

      38,706         3,036,873   

L-3 Communications Holdings, Inc.

      36,961         3,145,011   

Lockheed Martin Corp.

      31,699         3,354,705   

Northrop Grumman Corp.

      43,248         3,563,203   

Precision Castparts Corp.

      14,967         3,201,741   

Raytheon Co.

      50,914         3,392,909   

Rockwell Collins, Inc.

      46,804         3,030,559   

Textron Inc.

      93,840         2,529,926   

United Technologies Corp.

      30,983         2,940,287   
                34,865,232   

Agricultural Products–0.18%

      

Archer-Daniels-Midland Co.

      87,667         2,825,507   

Air Freight & Logistics–0.73%

      

C.H. Robinson Worldwide, Inc.

      50,048         2,837,221   

Expeditors International of Washington, Inc.

      73,732         2,877,760   

FedEx Corp.

      26,462         2,549,349   

United Parcel Service, Inc. -Class B

      33,783         2,901,960   
                    11,166,290   

Airlines–0.22%

      

Southwest Airlines Co.

      232,686         3,297,161   

Aluminum–0.18%

      

Alcoa Inc.

      331,328         2,816,288   

Apparel Retail–1.22%

      

Abercrombie & Fitch Co. -Class A

      59,111         2,960,279   

Gap, Inc. (The)

      78,739         3,192,866   

L Brands, Inc.

      62,987         3,149,980   

Ross Stores, Inc.

      50,760         3,263,868   

TJX Cos., Inc. (The)

      63,520         3,214,747   

Urban Outfitters, Inc. (b)

      69,056         2,895,518   
                18,677,258   

Apparel, Accessories & Luxury Goods–0.98%

      

Coach, Inc.

      58,302         3,396,674   

Fossil, Inc. (b)

      27,583         2,929,315   

PVH Corp.

      23,139         2,665,381   

Ralph Lauren Corp.

      16,075         2,814,572   
      Shares      Value  

Apparel, Accessories & Luxury Goods–(continued)

  

VF Corp.

      17,520       $ 3,221,227   
                15,027,169   

Application Software–0.86%

      

Adobe Systems Inc. (b)

      68,740         2,949,633   

Autodesk, Inc. (b)

      71,016         2,679,434   

Citrix Systems, Inc. (b)

      38,327         2,466,343   

Intuit Inc.

      42,105         2,460,616   

Salesforce.com, Inc. (b)

      61,398         2,598,977   
                13,155,003   

Asset Management & Custody Banks–1.85%

      

Ameriprise Financial, Inc.

      39,571         3,225,828   

Bank of New York Mellon Corp. (The)

      100,025         3,006,752   

BlackRock, Inc.

      11,490         3,208,008   

Franklin Resources, Inc.

      19,427         3,007,494   

Invesco Ltd. (c)

      101,484         3,424,070   

Legg Mason, Inc.

      94,586         3,314,293   

Northern Trust Corp.

      51,933         3,019,904   

State Street Corp.

      48,188         3,189,082   

T. Rowe Price Group Inc.

      37,934         2,877,673   
                28,273,104   

Auto Parts & Equipment–0.61%

      

BorgWarner, Inc. (b)

      35,882         2,908,954   

Delphi Automotive PLC (United Kingdom)

      66,342         3,238,153   

Johnson Controls, Inc.

      84,574         3,159,684   
                9,306,791   

Automobile Manufacturers–0.23%

      

Ford Motor Co.

      219,778         3,446,119   

Automotive Retail–0.80%

      

AutoNation, Inc. (b)

      63,833         2,957,383   

AutoZone, Inc. (b)

      7,404         3,026,977   

CarMax, Inc. (b)

      68,889         3,221,939   

O’Reilly Automotive, Inc. (b)

      27,246         2,967,362   
                    12,173,661   

Biotechnology–1.32%

      

Alexion Pharmaceuticals, Inc. (b)

      31,327         3,055,636   

Amgen Inc.

      30,673         3,083,557   

Biogen Idec Inc. (b)

      16,548         3,929,984   

Celgene Corp. (b)

      25,616         3,167,418   

Gilead Sciences, Inc. (b)

      62,793         3,420,963   

Regeneron Pharmaceuticals, Inc. (b)

      14,523         3,512,678   
                20,170,236   
 

 

 

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

Invesco Equally-Weighted S&P 500 Fund

      Shares      Value  

Brewers–0.19%

      

Molson Coors Brewing Co. -Class B

      60,222       $ 2,975,569   

Broadcasting–0.58%

      

CBS Corp. -Class B

      62,015         3,069,743   

Discovery Communications, Inc.
-Class A (b)

      36,619         2,887,774   

Scripps Networks Interactive -Class A

      44,337         2,986,540   
                8,944,057   

Building Products–0.20%

      

Masco Corp.

      143,066         3,007,247   

Cable & Satellite–0.81%

      

Cablevision Systems Corp. -Class A

      204,350         3,089,772   

Comcast Corp. -Class A

      69,578         2,793,557   

DIRECTV (b)

      56,963         3,482,148   

Time Warner Cable Inc.

      31,777         3,035,021   
                12,400,498   

Casinos & Gaming–0.41%

      

International Game Technology

      167,807         3,000,389   

Wynn Resorts Ltd.

      24,309         3,303,350   
                6,303,739   

Coal & Consumable Fuels–0.37%

  

CONSOL Energy Inc.

      88,814         3,080,070   

Peabody Energy Corp.

      129,669         2,550,589   
                5,630,659   

Commodity Chemicals–0.20%

      

LyondellBasell Industries N.V. -Class A (d)

      44,853         2,989,452   

Communications Equipment–1.25%

  

Cisco Systems, Inc.

      130,679         3,146,750   

F5 Networks, Inc. (b)

      30,350         2,525,424   

Harris Corp.

      62,807         3,148,515   

JDS Uniphase Corp. (b)

      184,285         2,509,962   

Juniper Networks, Inc. (b)

      137,880         2,444,612   

Motorola Solutions, Inc.

      45,462         2,634,978   

QUALCOMM, Inc.

      42,813         2,717,769   
                    19,128,010   

Computer & Electronics Retail–0.51%

  

Best Buy Co., Inc.

      141,434         3,896,507   

GameStop Corp. -Class A

      115,635         3,834,456   
                7,730,963   

Computer Hardware–0.59%

      

Apple Inc.

      6,607         2,971,036   

Dell Inc.

      201,464         2,689,544   

Hewlett-Packard Co.

      135,844         3,317,311   
                8,977,891   

Computer Storage & Peripherals–1.10%

  

EMC Corp. (b)

      117,396         2,906,725   

NetApp, Inc. (b)

      83,388         3,129,552   
      Shares      Value  

Computer Storage & Peripherals–(continued)

  

SanDisk Corp. (b)

      55,018       $ 3,247,162   

Seagate Technology PLC

      87,775         3,781,347   

Western Digital Corp.

      59,855         3,790,019   
                16,854,805   

Construction & Engineering–0.57%

  

Fluor Corp.

      44,358         2,803,869   

Jacobs Engineering Group, Inc. (b)

      55,050         3,138,401   

Quanta Services, Inc. (b)

      96,735         2,744,372   
                8,686,642   

Construction & Farm Machinery &
Heavy Trucks–0.90%

   

Caterpillar Inc.

      31,517         2,704,159   

Cummins Inc.

      23,845         2,852,577   

Deere & Co.

      31,389         2,734,296   

Joy Global Inc.

      45,188         2,443,767   

PACCAR Inc.

      56,534         3,030,222   
                13,765,021   

Construction Materials–0.18%

      

Vulcan Materials Co.

      52,133         2,793,286   

Consumer Electronics–0.41%

      

Garmin Ltd. (d)

      80,109         2,798,208   

Harman International Industries, Inc.

      64,893         3,445,818   
                6,244,026   

Consumer Finance–0.87%

      

American Express Co.

      44,090         3,338,054   

Capital One Financial Corp.

      52,633         3,206,929   

Discover Financial Services

      68,956         3,269,204   

SLM Corp.

      149,514         3,549,462   
                13,363,649   

Data Processing & Outsourced
Services–1.78%

   

Automatic Data Processing, Inc.

      45,031         3,094,530   

Computer Sciences Corp.

      57,329         2,557,447   

Fidelity National Information Services, Inc.

      75,249         3,378,680   

Fiserv, Inc. (b)

      33,675         2,935,113   

MasterCard, Inc. -Class A

      5,390         3,073,648   

Paychex, Inc.

      83,928         3,124,639   

Total System Services, Inc.

      117,638         2,765,669   

Visa Inc. -Class A

      17,754         3,162,698   

Western Union Co. (The)

      194,992         3,193,969   
                    27,286,393   

Department Stores–0.84%

      

J. C. Penney Co., Inc. (b)(d)

      188,798         3,319,069   

Kohl’s Corp.

      61,138         3,143,105   

Macy’s, Inc.

      68,459         3,309,308   

Nordstrom, Inc.

      52,133         3,066,463   
                12,837,945   

Distillers & Vintners–0.61%

      

Beam Inc.

      47,144         3,056,817   
 

 

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

Invesco Equally-Weighted S&P 500 Fund

      Shares      Value  

Distillers & Vintners–(continued)

  

Brown-Forman Corp. -Class B

      42,274       $ 2,909,297   

Constellation Brands, Inc. -Class A (b)

      64,849         3,437,645   
                9,403,759   

Distributors–0.20%

      

Genuine Parts Co.

      38,586         2,999,676   

Diversified Banks–0.60%

      

Comerica Inc.

      78,608         3,104,230   

U.S. Bancorp

      83,339         2,921,865   

Wells Fargo & Co.

      78,156         3,169,226   
                9,195,321   

Diversified Chemicals–0.99%

      

Dow Chemical Co. (The)

      87,052         2,999,812   

E. I. du Pont de Nemours and Co.

      58,041         3,238,107   

Eastman Chemical Co.

      39,494         2,832,510   

FMC Corp.

      46,674         2,926,926   

PPG Industries, Inc.

      20,770         3,190,480   
                    15,187,835   

Diversified Metals & Mining–0.17%

  

Freeport-McMoRan Copper & Gold Inc.

      85,718         2,661,544   

Diversified REIT’s–0.18%

      

Vornado Realty Trust

      33,863         2,707,347   

Diversified Support Services–0.38%

  

   

Cintas Corp.

      64,322         2,936,621   

Iron Mountain Inc.

      81,786         2,931,210   
                5,867,831   

Drug Retail–0.42%

      

CVS Caremark Corp.

      54,566         3,141,910   

Walgreen Co.

      70,194         3,352,466   
                6,494,376   

Education Services–0.22%

      

Apollo Group, Inc. -Class A (b)

      168,104         3,360,399   

Electric Utilities–2.38%

      

American Electric Power Co., Inc.

      60,070         2,752,407   

Duke Energy Corp.

      40,963         2,741,654   

Edison International

      56,244         2,583,849   

Entergy Corp.

      44,974         3,097,809   

Exelon Corp.

      88,786         2,782,553   

FirstEnergy Corp.

      69,748         2,720,870   

NextEra Energy, Inc.

      38,466         2,908,799   

Northeast Utilities

      67,584         2,816,225   

Pepco Holdings, Inc. (d)

      139,498         2,897,374   

Pinnacle West Capital Corp.

      50,004         2,824,226   

PPL Corp.

      93,105         2,765,219   

Southern Co. (The)

      62,946         2,763,329   

Xcel Energy, Inc.

      98,472         2,828,116   
                36,482,430   
      Shares      Value  

Electrical Components & Equipment–0.75%

      

Eaton Corp. PLC

      45,031       $ 2,974,748   

Emerson Electric Co.

      49,794         2,861,163   

Rockwell Automation, Inc.

      31,486         2,771,398   

Roper Industries, Inc.

      22,665         2,815,446   
                    11,422,755   

Electronic Components–0.42%

      

Amphenol Corp. -Class A

      38,949         3,034,127   

Corning Inc.

      224,447         3,449,750   
                6,483,877   

Electronic Equipment & Instruments–0.17%

  

FLIR Systems, Inc.

      105,970         2,581,429   

Electronic Manufacturing Services–0.59%

  

Jabil Circuit, Inc.

      151,018         3,029,421   

Molex Inc.

      99,711         2,925,521   

TE Connectivity Ltd. (Switzerland)

      67,568         2,999,343   
                8,954,285   

Environmental & Facilities Services–0.62%

  

Republic Services, Inc.

      91,141         3,107,908   

Stericycle, Inc. (b)

      28,964         3,179,089   

Waste Management, Inc.

      77,267         3,239,805   
                9,526,802   

Fertilizers & Agricultural Chemicals–0.54%

  

CF Industries Holdings, Inc.

      13,771         2,629,710   

Monsanto Co.

      27,602         2,777,866   

Mosaic Co. (The)

      47,371         2,881,104   
                8,288,680   

Food Distributors–0.19%

      

Sysco Corp.

      85,744         2,898,147   

Food Retail–0.61%

      

Kroger Co. (The)

      91,522         3,081,546   

Safeway Inc.

      120,878         2,781,403   

Whole Foods Market, Inc.

      67,120         3,480,843   
                9,343,792   

Footwear–0.21%

      

NIKE, Inc. -Class B

      52,161         3,216,247   

Gas Utilities–0.38%

      

AGL Resources Inc.

      69,971         2,961,872   

ONEOK, Inc.

      63,057         2,846,393   
                5,808,265   

General Merchandise Stores–0.79%

  

Dollar General Corp. (b)

      59,692         3,151,737   

Dollar Tree, Inc. (b)

      63,351         3,043,382   

Family Dollar Stores, Inc.

      48,532         2,967,732   
 

 

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

Invesco Equally-Weighted S&P 500 Fund

      Shares      Value  

General Merchandise Stores–(continued)

  

   

Target Corp.

      42,994       $ 2,988,083   
                    12,150,934   

Gold–0.16%

      

Newmont Mining Corp.

      72,680         2,491,470   

Health Care Distributors–0.79%

      

AmerisourceBergen Corp.

      58,843         3,182,230   

Cardinal Health, Inc.

      61,640         2,894,614   

McKesson Corp.

      26,094         2,971,063   

Patterson Cos. Inc.

      77,414         3,025,339   
                12,073,246   

Health Care Equipment–2.67%

      

Abbott Laboratories

      82,258         3,016,401   

Baxter International Inc.

      40,816         2,870,589   

Becton, Dickinson and Co.

      32,110         3,166,688   

Boston Scientific Corp. (b)

      380,873         3,519,266   

C.R. Bard, Inc.

      28,336         2,921,158   

CareFusion Corp. (b)

      85,257         3,133,195   

Covidien PLC

      43,772         2,783,899   

Edwards Lifesciences Corp. (b)

      31,591         2,099,538   

Intuitive Surgical, Inc. (b)

      5,543         2,757,809   

Medtronic, Inc.

      62,559         3,191,135   

St. Jude Medical, Inc.

      67,520         2,918,890   

Stryker Corp.

      43,406         2,881,724   

Varian Medical Systems, Inc. (b)

      38,643         2,589,467   

Zimmer Holdings, Inc.

      37,833         2,970,269   
                40,820,028   

Health Care Facilities–0.20%

      

Tenet Healthcare Corp. (b)

      66,035         3,128,078   

Health Care Services–0.81%

      

DaVita HealthCare Partners Inc. (b)

      24,028         2,981,154   

Express Scripts Holding Co. (b)

      48,507         3,013,255   

Laboratory Corp. of America Holdings (b)

      31,891         3,172,835   

Quest Diagnostics Inc.

      50,996         3,153,593   
                12,320,837   

Health Care Supplies–0.18%

      

DENTSPLY International Inc.

      66,745         2,787,271   

Health Care Technology–0.20%

      

Cerner Corp. (b)

      30,909         3,037,737   

Home Entertainment Software–0.23%

      

Electronic Arts Inc. (b)

      153,537         3,529,816   

Home Furnishings–0.19%

      

Leggett & Platt, Inc.

      89,454         2,862,528   

Home Improvement Retail–0.41%

      

Home Depot, Inc. (The)

      39,970         3,144,040   

Lowe’s Cos., Inc.

      72,569         3,055,881   
                6,199,921   
      Shares      Value  

Homebuilding–0.56%

      

D.R. Horton, Inc.

      118,517       $ 2,887,074   

Lennar Corp. -Class A (d)

      68,377         2,688,584   

PulteGroup Inc. (b)

      140,806         3,040,001   
                8,615,659   

Home Furnishing Retail–0.21%

      

Bed Bath & Beyond Inc. (b)

      48,050         3,279,412   

Hotels, Resorts & Cruise Lines–0.74%

      

Carnival Corp.

      79,975         2,647,173   

Marriott International Inc. -Class A

      70,804         2,974,476   

Starwood Hotels & Resorts Worldwide, Inc.

      45,600         3,114,480   

Wyndham Worldwide Corp.

      44,895         2,609,297   
                    11,345,426   

Household Appliances–0.20%

      

Whirlpool Corp.

      24,226         3,095,114   

Household Products–0.75%

      

Clorox Co. (The)

      33,875         2,814,335   

Colgate-Palmolive Co.

      49,295         2,851,223   

Kimberly-Clark Corp.

      30,286         2,932,594   

Procter & Gamble Co. (The)

      36,961         2,837,126   
                11,435,278   

Housewares & Specialties–0.20%

      

Newell Rubbermaid Inc.

      114,383         3,092,916   

Human Resource & Employment Services–0.18%

      

Robert Half International, Inc.

      78,435         2,726,401   

Hypermarkets & Super Centers–0.39%

      

Costco Wholesale Corp.

      27,685         3,036,214   

Wal-Mart Stores, Inc.

      39,061         2,923,325   
                5,959,539   

Independent Power Producers & Energy Traders–0.38%

      

AES Corp. (The)

      231,365         2,822,653   

NRG Energy, Inc.

      114,659         2,926,098   
                5,748,751   

Industrial Conglomerates–0.56%

      

3M Co.

      26,985         2,975,636   

Danaher Corp.

      46,056         2,847,182   

General Electric Co.

      120,013         2,798,703   
                8,621,521   

Industrial Gases–0.57%

      

Air Products & Chemicals, Inc.

      32,016         3,022,630   

Airgas, Inc.

      27,912         2,871,866   

Praxair, Inc.

      25,102         2,869,912   
                8,764,408   

 

 

 

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

Invesco Equally-Weighted S&P 500 Fund

      Shares      Value  

Industrial Machinery–1.96%

      

Dover Corp.

      38,680       $ 3,026,710   

Flowserve Corp.

      17,316         2,911,339   

Illinois Tool Works Inc.

      45,687         3,204,029   

Ingersoll-Rand PLC

      52,526         3,021,821   

Pall Corp.

      41,343         2,819,593   

Parker Hannifin Corp.

      29,123         2,905,311   

Pentair Ltd.

      55,189         3,214,207   

Snap-on Inc.

      34,801         3,170,023   

Stanley Black & Decker Inc.

      36,128         2,862,060   

Xylem, Inc.

      100,342         2,823,624   
                    29,958,717   

Industrial REIT’s–0.19%

      

Prologis, Inc.

      72,754         2,931,986   

Insurance Brokers–0.40%

      

Aon PLC

      47,379         3,016,621   

Marsh & McLennan Cos., Inc.

      77,142         3,087,223   
                6,103,844   

Integrated Oil & Gas–0.96%

      

Chevron Corp.

      24,059         2,953,242   

Exxon Mobil Corp.

      32,063         2,900,740   

Hess Corp.

      41,063         2,768,057   

Murphy Oil Corp.

      45,797         2,899,866   

Occidental Petroleum Corp.

      34,619         3,187,371   
                14,709,276   

Integrated Telecommunication Services–0.92%

      

AT&T Inc.

      77,773         2,721,277   

CenturyLink Inc.

      82,951         2,832,777   

Frontier Communications Corp. (d)

      700,918         2,901,800   

Verizon Communications Inc.

      59,481         2,883,639   

Windstream Corp. (d)

      333,263         2,676,102   
                14,015,595   

Internet Retail–1.02%

      

Amazon.com, Inc. (b)

      10,404         2,798,988   

Expedia, Inc.

      44,077         2,532,664   

Netflix Inc. (b)

      15,444         3,494,205   

Priceline.com Inc. (b)

      3,956         3,180,347   

TripAdvisor Inc. (b)

      55,903         3,605,185   
                15,611,389   

Internet Software & Services–1.02%

  

Akamai Technologies, Inc. (b)

      76,603         3,532,931   

eBay Inc. (b)

      53,693         2,904,791   

Google Inc. -Class A (b)

      3,430         2,985,506   

VeriSign, Inc. (b)

      60,981         2,868,546   

Yahoo! Inc. (b)

      124,573         3,276,270   
                15,568,044   

Investment Banking & Brokerage–0.81%

  

Charles Schwab Corp. (The)

      161,536         3,208,105   

E*TRADE Financial Corp. (b)

      252,454         2,936,040   
      Shares      Value  

Investment Banking & Brokerage–(continued)

  

Goldman Sachs Group, Inc. (The)

      18,647       $ 3,022,306   

Morgan Stanley

      123,869         3,208,207   
                    12,374,658   

IT Consulting & Other Services–0.93%

  

Accenture PLC -Class A

      36,409         2,989,543   

Cognizant Technology Solutions Corp.
-Class A (b)

      35,432         2,290,679   

International Business Machines Corp.

      13,559         2,820,543   

SAIC, Inc.

      233,831         3,390,549   

Teradata Corp. (b)

      48,326         2,694,175   
                14,185,489   

Leisure Products–0.40%

      

Hasbro, Inc.

      68,459         3,045,056   

Mattel, Inc.

      68,856         3,081,306   
                6,126,362   

Life & Health Insurance–1.45%

      

Aflac, Inc.

      56,895         3,168,483   

Lincoln National Corp.

      86,445         3,082,629   

MetLife, Inc.

      73,090         3,231,309   

Principal Financial Group, Inc.

      85,359         3,230,838   

Prudential Financial, Inc.

      47,864         3,301,180   

Torchmark Corp.

      48,890         3,153,894   

Unum Group

      107,609         3,064,704   
                22,233,037   

Life Sciences Tools & Services–0.99%

  

Agilent Technologies, Inc.

      66,296         3,013,153   

Life Technologies Corp. (b)

      47,012         3,483,589   

PerkinElmer, Inc.

      80,222         2,512,553   

Thermo Fisher Scientific, Inc.

      37,028         3,269,573   

Waters Corp. (b)

      30,193         2,919,965   
                15,198,833   

Managed Health Care–1.10%

      

Aetna Inc.

      56,467         3,409,478   

Cigna Corp.

      47,816         3,246,706   

Humana Inc.

      41,932         3,387,267   

UnitedHealth Group Inc.

      53,014         3,320,267   

WellPoint, Inc.

      45,260         3,483,662   
                16,847,380   

Metal & Glass Containers–0.37%

  

Ball Corp.

      63,605         2,745,192   

Owens-Illinois, Inc. (b)

      107,690         2,956,090   
                5,701,282   

Motorcycle Manufacturers–0.19%

  

Harley-Davidson, Inc.

      52,038         2,838,153   

Movies & Entertainment–0.79%

  

News Corp. -Class A

      93,318         2,996,441   

Time Warner Inc.

      49,647         2,897,895   

Viacom Inc. -Class B

      46,078         3,036,079   
 

 

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

Invesco Equally-Weighted S&P 500 Fund

      Shares      Value  

Movies & Entertainment–(continued)

  

Walt Disney Co. (The)

      49,707       $ 3,135,518   
                12,065,933   

Multi-Line Insurance–1.05%

      

American International Group, Inc. (b)

      72,074         3,204,410   

Assurant, Inc.

      66,590         3,312,187   

Genworth Financial Inc. -Class A (b)

      289,912         3,133,949   

Hartford Financial Services Group, Inc. (The)

      112,091         3,433,347   

Loews Corp.

      65,459         2,999,331   
                    16,083,224   

Multi-Sector Holdings–0.22%

      

Leucadia National Corp.

      106,964         3,356,530   

Multi-Utilities–2.65%

      

Ameren Corp.

      84,175         2,865,317   

CenterPoint Energy, Inc.

      130,738         3,030,507   

CMS Energy Corp.

      105,344         2,839,021   

Consolidated Edison, Inc.

      48,392         2,761,731   

Dominion Resources, Inc.

      51,060         2,887,443   

DTE Energy Co.

      42,800         2,850,908   

Integrys Energy Group, Inc.

      50,760         2,920,223   

NiSource Inc.

      100,839         2,897,104   

PG&E Corp.

      66,683         2,994,733   

Public Service Enterprise Group Inc.

      87,265         2,883,236   

SCANA Corp.

      58,147         2,932,935   

Sempra Energy

      36,270         2,948,751   

TECO Energy, Inc.

      164,707         2,900,490   

Wisconsin Energy Corp.

      68,922         2,812,707   
                40,525,106   

Office Electronics–0.19%

      

Xerox Corp.

      327,524         2,878,936   

Office REIT’s–0.19%

      

Boston Properties, Inc.

      27,725         2,954,931   

Office Services & Supplies–0.39%

  

Avery Dennison Corp.

      67,664         2,943,384   

Pitney Bowes Inc. (d)

      204,350         2,999,858   
                5,943,242   

Oil & Gas Drilling–1.12%

      

Diamond Offshore Drilling, Inc.

      42,062         2,894,286   

Ensco PLC -Class A

      49,440         2,974,805   

Helmerich & Payne, Inc.

      44,378         2,739,898   

Nabors Industries Ltd.

      171,954         2,752,983   

Noble Corp.

      79,573         3,083,454   

Rowan Cos. PLC -Class A (b)

      82,519         2,742,932   
                17,188,358   

Oil & Gas Equipment & Services–1.11%

  

Baker Hughes Inc.

      61,908         2,815,576   

Cameron International Corp. (b)

      43,585         2,653,019   

FMC Technologies, Inc. (b)

      55,339         3,080,169   

Halliburton Co.

      67,792         2,837,095   
      Shares      Value  

Oil & Gas Equipment & Services–(continued)

  

National Oilwell Varco Inc.

      41,834       $ 2,940,930   

Schlumberger Ltd.

      36,591         2,672,241   
                16,999,030   

Oil & Gas Exploration & Production–3.30%

  

Anadarko Petroleum Corp.

      34,332         3,003,020   

Apache Corp.

      37,708         3,096,958   

Cabot Oil & Gas Corp.

      44,159         3,107,027   

Chesapeake Energy Corp.

      133,742         2,920,925   

ConocoPhillips

      48,856         2,996,827   

Denbury Resources Inc. (b)

      155,039         2,844,966   

Devon Energy Corp.

      50,724         2,883,659   

EOG Resources, Inc.

      22,168         2,861,889   

EQT Corp.

      43,712         3,491,715   

Marathon Oil Corp.

      85,130         2,927,621   

Newfield Exploration Co. (b)

      120,266         2,861,128   

Noble Energy, Inc.

      50,718         2,923,893   

Pioneer Natural Resources Co.

      22,349         3,099,359   

QEP Resources Inc.

      91,316         2,589,722   

Range Resources Corp.

      36,183         2,720,238   

Southwestern Energy Co. (b)

      75,870         2,859,540   

WPX Energy Inc. (b)

      175,552         3,381,131   
                    50,569,618   

Oil & Gas Refining & Marketing–0.74%

  

   

Marathon Petroleum Corp.

      32,045         2,643,713   

Phillips 66

      43,202         2,875,957   

Tesoro Corp.

      48,848         3,011,479   

Valero Energy Corp.

      68,636         2,788,681   
                11,319,830   

Oil & Gas Storage & Transportation–0.57%

  

Kinder Morgan Inc.

      76,337         2,899,279   

Spectra Energy Corp.

      97,629         2,984,518   

Williams Cos., Inc. (The)

      82,187         2,891,339   
                8,775,136   

Other Diversified Financial Services–0.62%

  

Bank of America Corp.

      236,349         3,228,527   

Citigroup Inc.

      61,112         3,177,213   

JPMorgan Chase & Co.

      56,827         3,102,186   
                9,507,926   

Packaged Foods & Meats–2.50%

  

Campbell Soup Co.

      68,939         2,951,279   

ConAgra Foods, Inc.

      82,045         2,764,096   

General Mills, Inc.

      61,574         2,898,904   

H.J. Heinz Co.

      39,336         2,846,353   

Hershey Co. (The)

      33,831         3,014,680   

Hormel Foods Corp.

      74,000         2,946,680   

JM Smucker Co. (The)

      29,336         2,961,763   

Kellogg Co.

      46,370         2,877,258   

Kraft Foods Group, Inc.

      57,387         3,163,745   

McCormick & Co., Inc.

      40,636         2,807,135   
 

 

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

Invesco Equally-Weighted S&P 500 Fund

      Shares      Value  

Packaged Foods & Meats–(continued)

  

Mead Johnson Nutrition Co.

      38,071       $ 3,086,416   

Mondelez International Inc. -Class A

      99,815         2,940,550   

Tyson Foods, Inc. -Class A

      118,863         2,971,575   
                    38,230,434   

Paper Packaging–0.39%

      

Bemis Co., Inc.

      74,270         2,907,670   

Sealed Air Corp.

      126,787         3,045,424   
                5,953,094   

Paper Products–0.36%

      

International Paper Co.

      60,981         2,814,273   

MeadWestvaco Corp.

      78,328         2,741,480   
                5,555,753   

Personal Products–0.41%

      

Avon Products, Inc.

      144,369         3,402,777   

Estee Lauder Cos. Inc. (The) -Class A

      43,419         2,942,940   
                6,345,717   

Pharmaceuticals–2.42%

      

AbbVie Inc.

      76,398         3,261,431   

Actavis Inc. (b)

      32,579         4,016,665   

Allergan, Inc.

      26,063         2,593,008   

Bristol-Myers Squibb Co.

      76,275         3,509,413   

Eli Lilly & Co.

      51,717         2,749,276   

Forest Laboratories, Inc. (b)

      75,269         2,991,943   

Hospira, Inc. (b)

      94,743         3,285,687   

Johnson & Johnson

      36,483         3,071,139   

Merck & Co., Inc.

      66,388         3,100,319   

Mylan Inc. (b)

      92,832         2,829,519   

Perrigo Co.

      24,657         2,857,993   

Pfizer Inc.

      101,196         2,755,567   
                37,021,960   

Property & Casualty Insurance–1.55%

  

ACE Ltd.

      32,796         2,941,145   

Allstate Corp. (The)

      60,158         2,902,022   

Berkshire Hathaway Inc. -Class B (b)

      27,527         3,140,005   

Chubb Corp. (The)

      33,271         2,897,904   

Cincinnati Financial Corp.

      61,574         2,914,913   

Progressive Corp. (The)

      114,844         2,927,373   

Travelers Cos., Inc. (The)

      34,937         2,924,926   

XL Group PLC

      96,181         3,022,969   
                23,671,257   

Publishing–0.61%

      

Gannett Co., Inc.

      132,131         2,840,816   

McGraw-Hill Cos., Inc. (The)

      59,981         3,271,964   

Washington Post Co. (The) -Class B

      6,879         3,214,075   
                9,326,855   

Railroads–0.81%

      

CSX Corp.

      124,085         3,128,183   

Kansas City Southern

      28,999         3,210,189   

Norfolk Southern Corp.

      38,152         2,922,062   
      Shares      Value  

Railroads–(continued)

      

Union Pacific Corp.

      20,567       $ 3,180,069   
                    12,440,503   

Real Estate Services–0.18%

      

CBRE Group, Inc. -Class A (b)

      115,776         2,683,688   

Regional Banks–2.01%

      

BB&T Corp.

      90,851         2,990,815   

Fifth Third Bancorp

      174,585         3,177,447   

First Horizon National Corp.

      256,080         2,939,798   

Huntington Bancshares Inc.

      387,600         3,003,900   

KeyCorp

      289,324         3,118,913   

M&T Bank Corp. (d)

      27,440         2,878,456   

PNC Financial Services Group, Inc.

      43,873         3,143,062   

Regions Financial Corp.

      350,028         3,195,756   

SunTrust Banks, Inc.

      97,197         3,119,052   

Zions Bancorp.

      112,711         3,161,543   
                30,728,742   

Research & Consulting Services–0.43%

  

Dun & Bradstreet Corp. (The) (d)

      35,676         3,501,243   

Equifax Inc.

      50,206         3,057,545   
                6,558,788   

Residential REIT’s–0.58%

      

Apartment Investment & Management
Co. -Class A

      93,809         2,838,660   

AvalonBay Communities, Inc.

      22,990         3,049,854   

Equity Residential

      51,933         2,936,811   
                8,825,325   

Restaurants–0.98%

      

Chipotle Mexican Grill, Inc. (b)

      8,863         3,199,543   

Darden Restaurants, Inc.

      60,273         3,122,141   

McDonald’s Corp.

      28,899         2,790,776   

Starbucks Corp.

      48,623         3,066,653   

Yum! Brands, Inc.

      42,124         2,853,901   
                15,033,014   

Retail REIT’s–0.57%

      

Kimco Realty Corp.

      129,257         2,863,042   

Macerich Co. (The)

      43,869         2,847,537   

Simon Property Group, Inc.

      17,829         2,967,459   
                8,678,038   

Security & Alarm Services–0.35%

  

ADT Corp. (The)

      59,580         2,418,352   

Tyco International Ltd.

      88,924         3,006,521   
                5,424,873   

Semiconductor Equipment–0.80%

  

Applied Materials, Inc.

      210,689         3,202,473   

KLA-Tencor Corp.

      51,722         2,911,431   

Lam Research Corp. (b)

      66,528         3,112,180   

Teradyne, Inc. (b)

      167,217         2,999,873   
                12,225,957   
 

 

 

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

Invesco Equally-Weighted S&P 500 Fund

      Shares      Value  

Semiconductors–2.85%

      

Advanced Micro Devices, Inc. (b)(d)

      1,114,351       $ 4,457,404   

Altera Corp.

      80,928         2,686,000   

Analog Devices, Inc.

      61,948         2,845,272   

Broadcom Corp. -Class A

      85,155         3,057,916   

First Solar, Inc. (b)(d)

      108,510         5,900,774   

Intel Corp. (e)

      132,009         3,205,178   

Linear Technology Corp.

      74,250         2,784,375   

LSI Corp. (b)

      412,245         3,050,613   

Microchip Technology Inc. (d)

      77,414         2,824,063   

Micron Technology, Inc. (b)

      310,079         3,621,723   

NVIDIA Corp.

      222,521         3,224,329   

Texas Instruments Inc.

      80,836         2,901,204   

Xilinx, Inc.

      74,347         3,022,206   
                    43,581,057   

Soft Drinks–0.99%

      

Coca-Cola Co. (The)

      72,736         2,908,713   

Coca-Cola Enterprises, Inc.

      78,652         2,922,708   

Dr. Pepper Snapple Group, Inc.

      64,834         2,981,067   

Monster Beverage Corp. (b)

      60,260         3,289,594   

PepsiCo, Inc.

      36,951         2,984,532   
                15,086,614   

Specialized Consumer Services–0.20%

  

   

H&R Block, Inc.

      104,572         3,060,822   

Specialized Finance–1.03%

      

CME Group Inc.

      45,761         3,108,545   

IntercontinentalExchange Inc. (b)(d)

      17,986         3,079,383   

Moody’s Corp.

      55,990         3,719,975   

NASDAQ OMX Group, Inc. (The)

      89,063         2,801,922   

NYSE Euronext

      75,130         3,022,480   
                15,732,305   

Specialized REIT’s–1.50%

      

American Tower Corp.

      36,980         2,878,523   

HCP, Inc.

      58,314         2,762,917   

Health Care REIT, Inc.

      43,659         2,970,122   

Host Hotels & Resorts Inc.

      168,501         2,997,633   

Plum Creek Timber Co., Inc.

      58,005         2,766,839   

Public Storage

      18,958         2,877,824   

Ventas, Inc.

      40,555         2,894,410   

Weyerhaeuser Co.

      94,336         2,813,100   
                22,961,368   

Specialty Chemicals–0.81%

      

Ecolab Inc.

      36,507         3,083,746   

International Flavors & Fragrances Inc.

      38,554         3,095,501   

Sherwin-Williams Co. (The)

      17,197         3,242,150   

Sigma-Aldrich Corp.

      36,187         3,027,405   
                12,448,802   

Specialty Stores–0.62%

      

PetSmart, Inc.

      44,981         3,036,218   

Staples, Inc.

      220,118         3,301,770   
      Shares      Value  

Specialty Stores–(continued)

      

Tiffany & Co.

      40,607       $ 3,158,412   
                9,496,400   

Steel–0.62%

      

Allegheny Technologies, Inc.

      86,893         2,395,640   

Cliffs Natural Resources Inc. (d)

      115,354         2,080,986   

Nucor Corp.

      59,868         2,664,725   

United States Steel Corp. (d)

      136,299         2,411,129   
                9,552,480   

Systems Software–1.15%

      

BMC Software, Inc. (b)

      66,481         3,011,257   

CA, Inc.

      113,745         3,106,376   

Microsoft Corp.

      101,883         3,553,679   

Oracle Corp.

      79,885         2,696,918   

Red Hat, Inc. (b)

      53,825         2,595,980   

Symantec Corp. (b)

      116,106         2,599,613   
                    17,563,823   

Thrifts & Mortgage Finance–0.38%

  

   

Hudson City Bancorp, Inc.

      327,901         2,787,158   

People’s United Financial Inc. (d)

      214,652         2,953,612   
                5,740,770   

Tires & Rubber–0.22%

      

Goodyear Tire & Rubber Co. (The) (b)

      218,098         3,302,004   

Tobacco–0.80%

      

Altria Group, Inc.

      83,903         3,028,899   

Lorillard, Inc.

      73,866         3,134,873   

Philip Morris International Inc.

      31,310         2,846,392   

Reynolds American Inc.

      66,157         3,182,813   
                12,192,977   

Trading Companies & Distributors–0.40%

  

Fastenal Co.

      55,349         2,888,111   

W.W. Grainger, Inc.

      12,349         3,179,126   
                6,067,237   

Trucking–0.20%

      

Ryder System, Inc.

      48,474         3,055,801   

Wireless Telecommunication
Services–0.42%

   

Crown Castle International Corp. (b)

      39,736         2,831,190   

Sprint Nextel Corp. (b)

      485,159         3,541,661   
                6,372,851   

Total Common Stocks & Other Equity Interests
(Cost $755,070,436)

               1,505,691,277   
 

 

 

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

Invesco Equally-Weighted S&P 500 Fund

      Shares      Value  

Money Market Funds–1.32%

      

Liquid Assets Portfolio –Institutional Class (f)

      10,146,146       $ 10,146,146   

Premier Portfolio –Institutional Class (f)

      10,146,146         10,146,146   

Total Money Market Funds
(Cost $20,292,292)

               20,292,292   

TOTAL INVESTMENTS (excluding
investments purchased with cash
collateral from securities on loan)–99.74%
(Cost $775,362,728)

     

      1,525,983,569   

Investments Purchased with Cash Collateral from Securities on Loan

   

   

Money Market Funds–2.66%

      

Liquid Assets Portfolio - Institutional Class
(Cost $40,657,451)(f)(g)

      40,657,451         40,657,451   

TOTAL INVESTMENTS–102.39%
(Cost $816,020,179)

               1,566,641,020   

OTHER ASSETS LESS LIABILITIES–(2.39)%

  

      (36,618,757)   

NET ASSETS–100.00%

             $ 1,530,022,263   
Investment Abbreviations:   

REIT         —Real Estate Investment Trust

  

Notes to Schedule of Investments:

 

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

 

(b)  Non-income producing security.

 

(c)  The Fund’s Adviser is a subsidiary of Invesco Ltd. and therefore, Invesco Ltd. is considered to be affiliated with the Fund. See Note 4.

 

(d)  All or a portion of this security was out on loan at May 31, 2013.

 

(e)  All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1E and Note 3.

 

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

 

(g)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1D.
 

 

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

Invesco Equally-Weighted S&P 500 Fund

Notes to Quarterly Schedule of Portfolio Holdings

May 31, 2013

(Unaudited)

NOTE 1 -- Significant Accounting Policies

 

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

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

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

Debt obligations (including convertible bonds) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the Adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trade is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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.

 

Invesco Equally-Weighted S&P 500 Fund

 

A. Security Valuations – (continued)

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 is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D. Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds and is shown as such on the Schedule of Investments. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Fund if and to the extent that the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, is included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan is shown as a footnote on the Statement of Assets and Liabilities, if any.
E. 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 two parties 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

 

Invesco Equally-Weighted S&P 500 Fund

 

E. Futures Contracts – (continued)

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.

F. Collateral – To the extent the Fund has pledged 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. This practice does not apply to securities pledged as collateral for securities lending transactions.

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, 2013. 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  

Equity Securities

    $     1,566,641,020      $--    $--    $     1,566,641,020   

Futures*

      (310,806 )    --    --      (310,806 ) 

Total Investments

    $ 1,566,330,214      $--    $--    $ 1,566,330,214   

* Unrealized appreciation (depreciation).

 

Invesco Equally-Weighted S&P 500 Fund

 

NOTE 3 -- Derivative Investments

 

                                                                                                                                                                       
Open Futures Contracts
Long Contracts    Number of
Contracts		      Expiration
Month		    Notional
Value		    Unrealized
Appreciation
(Depreciation)

E-Mini S&P 500

    275      June-2013    $22,398,750    $(310,806)

NOTE 4 -- Investments in Affiliates

The Fund’s Adviser is a subsidiary of Invesco Ltd. and therefore, Invesco Ltd. is considered to be affiliated with the Fund. The following is a summary of the transactions in and earnings from investments in Invesco Ltd. for the nine months ended May 31, 2013.

 

     

Value

08/31/12

      Purchases at
Cost		      Proceeds from
Sales		      Change in
Unrealized
Appreciation		      Realized
Gain (Loss)		     

Value

05/31/13

      Dividend
Income		  

Invesco Ltd.

    $     2,262,766       $     235,073       $     (60,072)       $     986,514       $     (211)       $     3,424,070       $     55,587   

NOTE 5 -- Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the nine months ended May 31, 2013 was $282,796,304 and $187,642,940, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

 

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

  

Aggregate unrealized appreciation of investment securities

    $                  727,438,657   

Aggregate unrealized (depreciation) of investment securities

      (11,384,658 ) 

Net unrealized appreciation of investment securities

    $ 716,053,999   

Cost of investments for tax purposes is $850,587,021.

   

 

Invesco Equally-Weighted S&P 500 Fund

 

 

Invesco Equity and Income Fund

 

Quarterly Schedule of Portfolio Holdings

May 31, 2013

 

 

 

 

  LOGO    
 

 

invesco.com/us

  

 

VK-EQI-QTR-1    05/13

  

 

Invesco Advisers, Inc.

Schedule of Investments(a)

May 31, 2013

(Unaudited)

 

 

      Shares      Value  

Common Stocks & Other Equity Interests–66.05%

  

Aerospace & Defense–0.39%

      

General Dynamics Corp.

      574,350       $ 44,282,385   

Agricultural Products–0.86%

      

Archer-Daniels-Midland Co.

      3,051,220         98,340,821   

Application Software–0.92%

      

Adobe Systems Inc. (b)

      2,467,068         105,861,888   

Asset Management & Custody Banks–1.58%

  

Northern Trust Corp.

      1,364,620         79,352,653   

State Street Corp.

      1,531,967         101,385,576   
                180,738,229   

Biotechnology–1.08%

  

Amgen Inc.

      1,230,528         123,704,980   

Cable & Satellite–2.57%

      

Comcast Corp. -Class A

      3,630,177         145,751,607   

Time Warner Cable Inc.

      1,559,506         148,948,418   
                294,700,025   

Diversified Banks–1.65%

  

Comerica Inc.

      1,995,130         78,787,684   

Wells Fargo & Co.

      2,725,860         110,533,623   
                189,321,307   

Diversified Chemicals–1.23%

  

Dow Chemical Co. (The)

      2,229,610         76,832,361   

PPG Industries, Inc.

      418,000         64,208,980   
                141,041,341   

Diversified Support Services–0.22%

  

Cintas Corp.

      562,969         25,702,350   

Electric Utilities–1.22%

  

Edison International

      761,706         34,992,773   

FirstEnergy Corp.

      727,264         28,370,569   

Pinnacle West Capital Corp.

      1,361,241         76,882,892   
                140,246,234   

Electronic Components–0.33%

  

Corning Inc.

      2,483,695         38,174,392   

Food Distributors–0.89%

      

Sysco Corp.

      3,006,941         101,634,606   

Health Care Equipment–1.05%

  

Medtronic, Inc.

      2,364,021         120,588,711   

Home Improvement Retail–0.52%

  

Home Depot, Inc. (The)

      758,689         59,678,477   
      Shares      Value  

Hotels, Resorts & Cruise Lines–0.58%

  

Carnival Corp.

      2,016,823       $ 66,756,841   

Household Products–0.96%

  

Procter & Gamble Co. (The)

      1,432,428         109,953,173   

Industrial Conglomerates–1.98%

  

General Electric Co.

      9,732,615         226,964,582   

Industrial Machinery–0.71%

  

Ingersoll-Rand PLC

      1,421,031         81,751,913   

Insurance Brokers–2.58%

  

Aon PLC

      1,146,398         72,991,161   

Marsh & McLennan Cos., Inc.

      4,261,836         170,558,677   

Willis Group Holdings PLC

      1,338,626         52,286,731   
                295,836,569   

Integrated Oil & Gas–2.60%

  

Chevron Corp.

      1,258,234         154,448,224   

Exxon Mobil Corp.

      932,104         84,327,449   

Occidental Petroleum Corp.

      649,317         59,782,616   
                298,558,289   

Integrated Telecommunication Services–0.40%

  

Verizon Communications Inc.

      950,118         46,061,721   

Internet Software & Services–1.33%

  

   

eBay Inc. (b)(c)

      2,814,320         152,254,712   

Investment Banking & Brokerage–3.07%

  

Charles Schwab Corp. (The)

      5,633,081         111,872,988   

Goldman Sachs Group, Inc. (The)

      422,272         68,441,846   

Morgan Stanley

      6,616,330         171,362,947   
                351,677,781   

IT Consulting & Other Services–0.79%

  

   

Amdocs Ltd.

      2,541,784         90,741,689   

Managed Health Care–2.56%

  

Cigna Corp.

      1,291,039         87,661,548   

UnitedHealth Group Inc.

      1,345,587         84,274,114   

WellPoint, Inc.

      1,576,738         121,361,524   
                293,297,186   

Movies & Entertainment–2.07%

  

Time Warner Inc.

      856,621         50,000,968   

Viacom Inc. -Class B

      2,851,790         187,904,443   
                237,905,411   
 

 

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

Invesco Equity and Income Fund

      Shares      Value  

Oil & Gas Equipment & Services–1.18%

  

Baker Hughes Inc.

      1,623,342       $       73,829,594   

Halliburton Co.

      1,469,903         61,515,441   
                135,345,035   

Oil & Gas Exploration & Production–1.85%

  

Anadarko Petroleum Corp.

      1,354,634         118,489,836   

Canadian Natural Resources Ltd. (Canada)

      3,136,396         93,474,765   
                211,964,601   

Oil & Gas Storage & Transportation–0.49%

  

Williams Cos., Inc. (The)

      1,601,914         56,355,334   

Other Diversified Financial Services–6.69%

  

Bank of America Corp.

      4,452,563         60,822,011   

Citigroup Inc.

      5,663,061         294,422,541   

ING U.S. Inc. (b)

      1,485,957         42,394,353   

JPMorgan Chase & Co.

      6,766,241         369,369,096   
                767,008,001   

Packaged Foods & Meats–1.88%

  

Kraft Foods Group, Inc.

      819,290         45,167,458   

Mondelez International Inc. -Class A

      3,487,965         102,755,449   

Unilever N.V. -New York Shares (Netherlands)

      1,660,241         67,704,628   
                215,627,535   

Personal Products–2.02%

  

Avon Products, Inc. (c)

      9,826,400         231,608,248   

Pharmaceuticals–4.98%

  

Bristol-Myers Squibb Co.

      2,301,308         105,883,181   

Eli Lilly & Co.

      2,039,759         108,433,589   

Merck & Co., Inc.

      3,313,302         154,731,203   

Novartis AG (Switzerland)

      1,137,988         81,539,101   

Novartis AG -ADR (Switzerland)

      123,639         8,872,335   

Pfizer Inc.

      4,114,266         112,031,463   
                571,490,872   

Property & Casualty Insurance–0.58%

  

Chubb Corp. (The)

      763,965         66,541,351   

Publishing–0.35%

  

Thomson Reuters Corp. (Canada)

      1,215,214         40,436,808   

Railroads–0.52%

  

CSX Corp.

      2,360,242         59,501,701   

Regional Banks–2.85%

  

BB&T Corp.

      2,499,917         82,297,268   

Fifth Third Bancorp

      4,136,996         75,293,327   

PNC Financial Services Group, Inc. (The)

      2,361,840         169,202,217   
                326,792,812   
      Shares      Value  

Security & Alarm Services–1.62%

  

ADT Corp. (The)

      1,446,694       $       58,721,309   

Tyco International Ltd.

      3,750,487         126,803,966   
                185,525,275   

Semiconductor Equipment–1.32%

  

Applied Materials, Inc.

      9,951,446         151,261,979   

Semiconductors–0.49%

  

Texas Instruments Inc.

      1,573,862         56,485,907   

Soft Drinks–1.14%

  

Coca-Cola Co. (The)

      1,938,601         77,524,654   

PepsiCo, Inc.

      666,200         53,808,974   
                131,333,628   

Specialized Finance–0.54%

  

CME Group Inc.

      915,467         62,187,673   

Systems Software–2.30%

  

Microsoft Corp.

      5,308,333         185,154,655   

Symantec Corp. (b)

      3,536,770         79,188,280   
                264,342,935   

Wireless Telecommunication Services–1.11%

  

Vodafone Group PLC -ADR (United Kingdom)

      4,381,335         126,839,648   

    Total Common Stocks & Other Equity
    Interests (Cost $5,809,714,051)

   

      7,576,424,956   
      Principal
Amount		          

U.S. Dollar Denominated Bonds and Notes–21.61%

  

Advertising–0.09%

  

Interpublic Group of Cos. Inc. (The),
Sr. Unsec. Global Notes, 2.25%,11/15/17

    $     4,145,000         4,135,837   

10.00%, 07/15/17

      2,870,000         3,031,437   

WPP Finance (United Kingdom), Sr. Unsec. Gtd. Global Notes, 8.00%, 09/15/14

      3,225,000         3,509,852   
                10,677,126   

Aerospace & Defense–0.04%

  

Precision Castparts Corp., Sr. Unsec. Global Notes, 2.50%, 01/15/23

      4,150,000         4,009,127   

Agricultural Products–0.04%

  

Ingredion Inc., Sr. Unsec. Notes, 6.63%, 04/15/37

      3,940,000         4,697,023   

Air Freight & Logistics–0.03%

  

United Parcel Service Inc., Sr. Unsec. Global Notes, 2.45%, 10/01/22

      3,320,000         3,229,935   
 

 

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

Invesco Equity and Income Fund

     Principal
Amount		     Value  

Airlines–0.12%

  

Continental Airlines Pass Through Trust,
Series 2010-1, Class A,
Sec. Pass Through Ctfs.,
4.75%, 01/12/21

   $ 4,472,860      $ 4,903,373   

Series 2012-1, Class A,

Sec. Pass Through Ctfs.,

4.15%, 04/11/24

     5,750,000        5,967,781   

Delta Air Lines Pass Through
Trust, Series 2010-1, Class A,
Sec. Pass Through Ctfs., 6.20%,
07/02/18

     2,655,038        3,045,826   
              13,916,980   

Airport Services–0.06%

  

Heathrow Funding Ltd. (United Kingdom), Sr. Sec. Notes, 2.50%, 06/25/15(d)

     6,220,000        6,362,134   

Asset Management & Custody Banks–0.55%

  

Affiliated Managers Group, Inc., Sr. Unsec. Conv. Notes, 3.95%, 08/15/13(e)

     39,246,000        51,265,087   

Bank of New York Mellon (The), Series D, Jr. Unsec. Sub. Global Notes, 4.50% (f)

     7,600,000        7,590,500   

Prospect Capital Corp., Sr. Unsec. Global Notes, 5.88%, 03/15/23

     4,900,000        4,781,498   
              63,637,085   

Automobile Manufacturers–0.24%

  

Daimler Finance North America LLC (Germany),
Sr. Unsec. Gtd. Notes,
1.88%, 09/15/14(d)

     10,880,000        11,014,747   

1.88%, 01/11/18(d)

     5,220,000        5,204,538   

Ford Motor Co., Sr. Unsec. Global Notes, 4.75%, 01/15/43

     11,500,000        10,810,000   
              27,029,285   

Automotive Retail–0.16%

  

Advance Auto Parts, Inc., Sr. Unsec. Gtd. Notes, 5.75%, 05/01/20

     9,195,000        10,106,501   

AutoZone, Inc.,
Sr. Unsec. Global Notes,
2.88%, 01/15/23

     3,260,000        3,100,661   

6.50%, 01/15/14

     5,400,000        5,593,078   
              18,800,240   

Biotechnology–1.49%

  

Dendreon Corp., Sr. Unsec. Conv. Notes, 2.88%, 01/15/16

     20,646,000        15,536,115   

Gilead Sciences Inc., Series D, Sr. Unsec. Conv. Notes, 1.63%, 05/01/16

     41,411,000        99,541,898   

Vertex Pharmaceuticals Inc., Sr. Unsec. Sub. Conv. Notes, 3.35%, 10/01/15

     33,044,000        55,865,178   
              170,943,191   
     Principal
Amount		     Value  

Brewers–0.16%

  

Anheuser-Busch InBev Worldwide, Inc. (Belgium),
Sr. Unsec. Gtd. Global Notes,
0.80%, 07/15/15

   $ 3,745,000      $ 3,757,335   

3.63%, 04/15/15

     6,145,000        6,485,825   

FBG Financial Ltd. (Australia), Sr. Unsec. Gtd. Notes, 5.13%, 06/15/15(d)

     6,965,000        7,522,319   
              17,765,479   

Broadcasting–0.18%

  

COX Communications Inc.,
Sr. Unsec. Global Notes,
5.45%, 12/15/14

     128,000        137,238   

Sr. Unsec. Notes,

4.63%, 06/01/13

     4,225,000        4,224,986   

4.70%, 12/15/42(d)

     4,980,000        4,794,217   

6.25%, 06/01/18(d)

     3,700,000        4,432,892   

7.25%, 11/15/15

     5,000,000        5,719,633   

8.38%, 03/01/39(d)

     655,000        945,544   
              20,254,510   

Cable & Satellite–0.58%

  

Comcast Corp.,
Sr. Unsec. Gtd. Global Notes,
4.25%, 01/15/33

     8,165,000        8,152,412   

5.70%, 05/15/18

     4,735,000        5,656,197   

Sr. Unsec. Gtd. Notes,

6.45%, 03/15/37

     2,465,000        3,140,385   

DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.,
Sr. Unsec. Gtd. Global Notes,
2.40%, 03/15/17

     2,910,000        2,982,852   

5.15%, 03/15/42

     4,730,000        4,617,695   

Sr. Unsec. Gtd. Notes,

1.75%, 01/15/18

     4,215,000        4,175,673   

NBC Universal Media LLC,
Sr. Unsec. Gtd. Global Notes,
2.10%, 04/01/14

     3,425,000        3,471,887   

5.15%, 04/30/20

     3,320,000        3,914,380   

5.95%, 04/01/41

     3,365,000        4,066,807   

Time Warner Cable, Inc., Sr. Unsec. Gtd. Notes, 5.88%, 11/15/40

     7,235,000        7,700,643   

Virgin Media Secured Finance PLC (United Kingdom), Sr. Sec. Gtd. Global Notes, 6.50%, 01/15/18

     17,130,000        18,214,578   
              66,093,509   

Casinos & Gaming–0.95%

  

International Game Technology, Sr. Unsec. Conv. Notes, 3.25%, 05/01/14

     33,513,000        36,717,681   

MGM Resorts International, Sr. Unsec. Gtd. Conv. Notes, 4.25%, 04/15/15

     63,088,000        71,880,890   
              108,598,571   
 

 

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

Invesco Equity and Income Fund

     Principal
Amount		     Value  

Catalog Retail–0.07%

  

Liberty Interactive LLC, Sr. Unsec. Conv. Notes, 0.75%, 03/30/23(d)(e)

   $ 7,303,000      $ 7,718,358   

Communications Equipment–0.31%

  

Ciena Corp., Sr. Unsec. Conv. Notes, 4.00%, 12/15/20(d)

     29,353,000        35,920,734   

Computer Hardware–0.05%

  

Hewlett-Packard Co., Sr. Unsec. Global Notes, 2.63%, 12/09/14

     5,620,000        5,759,818   

Computer Storage & Peripherals–0.81%

  

SanDisk Corp., Sr. Unsec. Conv. Notes, 1.50%, 08/15/17

     69,333,000        92,342,889   

Construction & Farm Machinery & Heavy Trucks–0.13%

  

Deere & Co., Sr. Unsec. Notes, 2.60%, 06/08/22

     14,645,000        14,532,529   

Construction Materials–0.63%

  

Cemex S.A.B. de C.V. (Mexico), Unsec. Sub. Conv. Notes, 4.88%, 03/15/15

     60,100,000        72,570,750   

Consumer Finance–0.20%

  

American Express Credit Corp., Series C, Sr. Unsec. Medium-Term Global Notes, 7.30%, 08/20/13

     7,230,000        7,332,525   

Capital One Financial Corp., Sr. Unsec. Notes, 6.75%, 09/15/17

     220,000        265,772   

Ford Motor Credit Co. LLC., Sr. Unsec. Global Notes, 2.50%, 01/15/16

     4,970,000        5,073,439   

SLM Corp., Sr. Unsec. Medium-Term Notes, 3.88%, 09/10/15

     10,190,000        10,399,556   
              23,071,292   

Distillers & Vintners–0.03%

  

Brown-Forman Corp., Sr. Unsec. Notes, 2.25%, 01/15/23

     3,480,000        3,317,757   

Diversified Banks–1.47%

  

Abbey National Treasury Services PLC
(United Kingdom),
Sr. Unsec. Gtd. Global Notes,
2.88%, 04/25/14

     2,560,000        2,605,508   

Sr. Unsec. Gtd. Medium-Term Euro Notes,

3.88%, 11/10/14(d)

     9,000,000        9,291,907   

Bank of Nova Scotia (Canada), Sr.
Unsec. Global Notes, 2.38%,
12/17/13

     6,110,000        6,178,644   

Barclays Bank PLC (United Kingdom),
Sr. Unsec. Global Notes,
2.75%, 02/23/15

     2,535,000        2,611,966   

6.75%, 05/22/19

     8,500,000        10,536,461   

Unsec. Sub. Global Notes,

5.14%, 10/14/20

     5,015,000        5,301,664   
     Principal
Amount		     Value  

Diversified Banks–(continued)

  

BPCE S.A. (France), Sr. Unsec. Notes, 2.38%, 10/04/13(d)

   $ 7,025,000      $ 7,049,985   

Danske Bank A/S (Denmark), Sr. Unsec. Notes, 3.88%, 04/14/16(d)

     9,435,000        10,037,252   

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

     8,535,000        9,477,232   

HSBC Bank PLC (United Kingdom), Sr. Unsec. Notes, 4.13%, 08/12/20(d)

     8,540,000        9,273,317   

HSBC Finance Corp., Unsec. Sub. Global Notes, 6.68%, 01/15/21

     828,000        983,641   

ING Bank N.V. (Netherlands),
Sr. Unsec. Notes,
2.00%, 10/18/13(d)

     4,500,000        4,519,633   

3.75%, 03/07/17(d)

     9,590,000        10,164,587   

Korea Development Bank (The) (South Korea), Sr. Unsec. Global Notes, 4.38%, 08/10/15

     3,460,000        3,678,488   

National Australia Bank Ltd. (Australia), Sr. Unsec. Bonds, 3.75%, 03/02/15(d)

     3,390,000        3,566,235   

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

     4,495,000        5,034,454   

Series 2,

Sr. Unsec. Notes,

3.70%, 11/13/14(d)

     880,000        917,424   

Rabobank Nederland N.V. (Netherlands), Sr. Unsec. Medium-Term Global Notes, 4.75%, 01/15/20(d)

     9,100,000        10,235,748   

Santander U.S. Debt S.A. Unipersonal (Spain), Sr. Unsec. Gtd. Notes, 3.72%, 01/20/15(d)

     3,200,000        3,202,469   

Societe Generale S.A. (France), Sr. Unsec. Notes, 2.50%, 01/15/14(d)

     11,940,000        12,006,980   

Standard Chartered PLC (Hong Kong),
Sr. Unsec. Notes,
3.85%, 04/27/15(d)

     4,190,000        4,383,413   

5.50%, 11/18/14(d)

     1,140,000        1,213,412   

U.S. Bancorp., Sr. Unsec. Medium-Term Notes, 2.00%, 06/14/13

     8,165,000        8,168,233   

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

     8,200,000        8,598,618   

Wells Fargo & Co.,
Sr. Unsec. Global Notes,
1.50%, 01/16/18

     2,070,000        2,046,919   

3.63%, 04/15/15

     750,000        790,236   

Sr. Unsec. Notes,

5.63%, 12/11/17

     8,095,000        9,439,083   

Westpac Banking Corp. (Australia), Sr. Unsec. Global Notes, 2.10%, 08/02/13

     7,235,000        7,255,645   
              168,569,154   
 

 

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

Invesco Equity and Income Fund

     Principal
Amount		     Value  

Diversified Capital Markets–0.06%

    

UBS AG (Switzerland),
Sr. Unsec. Global Bank Notes,
5.88%, 12/20/17

   $ 3,022,000      $ 3,544,104   

Sr. Unsec. Medium-Term Bank Notes,

3.88%, 01/15/15

     834,000        875,136   

Sr. Unsec. Medium-Term Global Bank Notes,

5.75%, 04/25/18

     2,414,000        2,844,977   
              7,264,217   

Diversified Chemicals–0.03%

    

Dow Chemical Co. (The), Sr. Unsec. Global Notes, 4.38%, 11/15/42

     4,145,000        3,882,044   

Diversified Metals & Mining–0.34%

    

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

     3,185,000        4,190,468   

Freeport-McMoRan Copper & Gold Inc., Sr. Unsec. Global Notes, 1.40%, 02/13/15

     5,940,000        5,988,388   

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

     2,175,000        2,873,470   

9.00%, 05/01/19

     5,240,000        7,098,165   

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

     7,260,000        6,334,500   

5.38%, 04/16/20

     1,170,000        1,299,939   

6.75%, 04/16/40

     1,695,000        1,798,443   

Xstrata Finance Canada Ltd. (Canada),
Sr. Unsec. Gtd. Notes,
2.05%, 10/23/15(d)

     4,700,000        4,740,290   

2.70%, 10/25/17(d)

     4,700,000        4,752,615   
              39,076,278   

Diversified REIT’s–0.13%

    

Dexus Diversified Trust/Dexus Office Trust (Australia), Sr. Unsec. Gtd. Notes, 5.60%, 03/15/21(d)

     12,535,000        14,025,920   

Qatari Diar Finance QSC (Qatar), Sr. Unsec. Gtd. Notes, 5.00%, 07/21/20(d)

     440,000        493,765   
              14,519,685   

Diversified Support Services–0.04%

    

Cintas Corp. No. 2, Sr. Unsec. Gtd. Notes, 2.85%, 06/01/16

     4,605,000        4,814,742   

Drug Retail–0.09%

    

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

     9,052,942        10,309,545   

Electric Utilities–0.17%

    

Electricite de France S.A. (France), Sr. Unsec. Notes, 4.60%, 01/27/20(d)

     2,150,000        2,390,368   
     Principal
Amount		     Value  

Electric Utilities–(continued)

    

Enel Finance International N.V. (Italy),
Sr. Unsec. Gtd. Notes,
3.88%, 10/07/14(d)

   $ 600,000      $ 619,250   

5.13%, 10/07/19(d)

     6,755,000        7,342,860   

Iberdrola Finance Ireland Ltd. (Spain), Sr. Unsec. Gtd. Notes, 3.80%, 09/11/14(d)

     2,175,000        2,238,257   

Louisville Gas & Electric Co., Sr. Sec. First Mortgage Global Bonds, 1.63%, 11/15/15

     5,525,000        5,659,139   

Ohio Power Co., Series M, Sr. Unsec. Notes, 5.38%, 10/01/21

     1,050,000        1,246,254   

PPL Electric Utilities Corp., Sec. First Mortgage Bonds, 6.25%, 05/15/39

     355,000        464,505   
              19,960,633   

Electrical Components & Equipment–0.07%

  

Eaton Corp. PLC, Sr. Unsec. Gtd. Notes, 0.95%, 11/02/15(d)

     8,285,000        8,302,207   

Environmental & Facilities Services–0.06%

  

Waste Management, Inc., Sr. Unsec. Gtd. Notes, 5.00%, 03/15/14

     6,205,000        6,416,898   

Fertilizers & Agricultural Chemicals–0.03%

  

Monsanto Co., Sr. Unsec. Global Notes,, 3.60%, 07/15/42

     4,150,000        3,833,295   

General Merchandise Stores–0.09%

  

Target Corp., Sr. Unsec. Global Notes, 2.90%, 01/15/22

     9,830,000        9,974,601   

Gold–0.29%

    

Barrick Gold Corp. (Canada),
Sr. Unsec. Global Notes,
2.90%, 05/30/16

     6,045,000        6,246,105   

3.85%, 04/01/22

     3,485,000        3,326,978   

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

     4,000,000        3,787,243   

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

     12,145,000        11,229,854   

Newmont Mining Corp., Sr. Unsec. Gtd. Global Notes, 3.50%, 03/15/22

     8,645,000        8,230,377   
              32,820,557   

Health Care Equipment–0.84%

    

Medtronic Inc., Sr. Unsec. Global Notes, 4.00%, 04/01/43

     5,720,000        5,434,231   

NuVasive Inc., Sr. Unsec. Conv. Notes, 2.75%, 07/01/17

     13,684,000        13,453,083   
 

 

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

Invesco Equity and Income Fund

    

Principal

Amount

     Value  

Health Care Equipment–(continued)

  

Teleflex Inc., Sr. Unsec. Sub. Conv. Notes, 3.88%, 08/01/17

   $         33,647,000      $         46,474,919   

Volcano Corp., Sr. Unsec. Conv. Notes, 1.75%, 12/01/17

     32,517,000        30,789,534   
              96,151,767   

Health Care Facilities–0.71%

  

Brookdale Senior Living Inc., Sr. Unsec. Conv. Notes, 2.75%, 06/15/18

     24,795,000        30,683,812   

LifePoint Hospitals Inc., Sr. Unsec. Sub. Conv. Notes, 3.50%, 05/15/14

     46,059,000        50,751,261   
              81,435,073   

Health Care Services–0.53%

  

Express Scripts Holding Co., Sr. Unsec. Gtd. Notes, 3.13%, 05/15/16

     3,800,000        4,011,852   

Medco Health Solutions Inc., Sr. Unsec. Gtd. Notes, 2.75%, 09/15/15

     3,535,000        3,673,731   

Omnicare Inc.,
Sr. Unsec. Gtd. Sub. Conv. Notes,
3.75%, 04/01/42

     29,270,000        35,764,281   

Series OCR,

Sr. Unsec. Gtd. Conv. Deb.,

3.25%, 12/15/15(e)

     16,126,000        16,791,197   
              60,241,061   

Homebuilding–0.09%

  

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

     10,130,000        10,034,316   

Hotels, Resorts & Cruise Lines– 0.09%

  

Wyndham Worldwide Corp.,
Sr. Unsec. Notes,
2.95%, 03/01/17

     1,225,000        1,263,014   

5.63%, 03/01/21

     8,170,000        8,973,110   
              10,236,124   

Housewares & Specialties–0.11%

  

Tupperware Brands Corp., Sr. Unsec. Gtd. Global Notes, 4.75%, 06/01/21

     12,185,000        12,730,754   

Hypermarkets & Super Centers– 0.01%

  

Wal-Mart Stores, Inc., Sr. Unsec. Global Notes, 6.50%, 08/15/37

     730,000        961,580   

Industrial Conglomerates–0.04%

  

General Electric Co., Sr. Unsec. Global Notes, 5.25%, 12/06/17

     4,445,000        5,142,432   

Industrial Machinery–0.08%

  

Pentair Finance S.A., Sr. Unsec. Gtd. Global Notes, 5.00%, 05/15/21

     7,940,000        8,749,744   
    

Principal

Amount

     Value  

Integrated Oil & Gas–0.14%

  

Hess Corp., Sr. Unsec. Global Notes, 5.60%, 02/15/41

   $       3,325,000      $       3,553,738   

Husky Energy Inc. (Canada), Sr. Unsec. Global Notes, 3.95%, 04/15/22

     3,630,000        3,847,966   

Petrobras Global Finance B.V. (Brazil), Sr. Unsec. Gtd. Global Notes, 5.63%, 05/20/43

     6,505,000        6,076,403   

Shell International Finance B.V. (Netherlands), Sr. Unsec. Gtd. Global Notes, 3.10%, 06/28/15

     1,965,000        2,070,700   
              15,548,807   

Integrated Telecommunication Services–0.34%

  

AT&T Corp., Sr. Unsec. Gtd. Global Notes, 8.00%, 11/15/31

     63,000        91,359   

AT&T Inc.,
Sr. Unsec. Global Notes,
1.60%, 02/15/17

     5,940,000        5,982,062   

2.50%, 08/15/15

     450,000        466,180   

3.00%, 02/15/22

     6,410,000        6,392,028   

5.35%, 09/01/40

     2,077,000        2,230,126   

6.15%, 09/15/34

     3,675,000        4,326,909   

Deutsche Telekom International Finance B.V. (Germany), Sr. Unsec. Gtd. Global Bonds, 8.75%, 06/15/30

     2,545,000        3,689,718   

Verizon Communications, Inc.,
Sr. Unsec. Global Notes,

    

3.00%, 04/01/16

     3,575,000        3,765,015   

4.75%, 11/01/41

     2,925,000        2,880,701   

6.35%, 04/01/19

     4,090,000        4,984,548   

6.40%, 02/15/38

     3,500,000        4,236,360   

Windstream Georgia Communications Corp., Sr. Unsec. Notes, 6.50%, 11/15/13

     336,000        340,496   
              39,385,502   

Investment Banking & Brokerage–1.32%

  

Charles Schwab Corp. (The), Sr. Unsec. Notes, 4.45%, 07/22/20

     7,880,000        8,975,889   

Goldman Sachs Group, Inc. (The),
Sr. Unsec. Global Notes,
5.25%, 07/27/21

     5,510,000        6,162,249   

6.15%, 04/01/18

     10,325,000        11,999,861   

Sr. Unsec. Medium-Term Global Notes,

3.70%, 08/01/15

     1,350,000        1,416,670   

Unsec. Sub. Global Notes,

6.75%, 10/01/37

     4,585,000        5,002,016   

Series C,

Exchangeable Basket-Linked Conv.

Medium-Term Notes, 1.00%,

03/15/17(d)(g)

     61,461,000        67,698,677   

Macquarie Bank Ltd. (Australia), Sr. Unsec. Notes, 5.00%, 02/22/17(d)

     6,100,000        6,702,860   

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

     950,000        1,038,164   
 

 

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

Invesco Equity and Income Fund

      Principal
Amount		      Value  

Investment Banking & Brokerage–(continued)

  

Morgan Stanley,
Sr. Unsec. Global Notes,
3.80%, 04/29/16

      5,560,000         5,869,273   

6.38%, 07/24/42

      8,140,000         9,564,622   

Sr. Unsec. Medium-Term Global Notes,

4.00%, 07/24/15

      12,875,000         13,575,074   

Sr. Unsec. Notes,

3.45%, 11/02/15

      9,855,000         10,287,147   

5.75%, 01/25/21

      3,135,000         3,577,659   
                151,870,161   

IT Consulting & Other Services– 0.00%

  

International Business Machines Corp., Sr. Unsec. Global Notes, 7.63%, 10/15/18

      100,000         129,862   

Life & Health Insurance–0.24%

  

Aegon N.V. (Netherlands), Sr. Unsec. Global Bonds, 4.63%, 12/01/15

      3,100,000         3,362,558   

MetLife, Inc.,
Sr. Unsec. Global Notes,
4.75%, 02/08/21

      3,565,000         4,048,021   

Series A,

Sr. Unsec. Notes,

6.82%, 08/15/18

      3,070,000         3,811,047   

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

      3,425,000         3,907,523   

Prudential Financial, Inc.,
Series D,
Sr. Unsec. Medium-Term Notes,
3.88%, 01/14/15

      950,000         997,796   

4.75%, 09/17/15

      5,030,000         5,456,765   

6.63%, 12/01/37

      3,475,000         4,411,370   

7.38%, 06/15/19

      1,020,000         1,301,060   
                27,296,140   

Managed Health Care–0.57%

  

Aetna, Inc.,
Sr. Unsec. Global Notes,
3.95%, 09/01/20

      9,990,000         10,678,815   

4.13%, 11/15/42

      3,320,000         3,122,343   

Humana Inc., Sr. Unsec. Global Notes, 4.63%, 12/01/42

      3,940,000         3,759,282   

UnitedHealth Group Inc., Sr. Unsec. Global Notes, 1.63%, 03/15/19

      5,805,000         5,739,188   

WellPoint Inc., Sr. Unsec. Conv. Notes, 2.75%, 10/15/42(d)

      34,762,000         42,626,903   
                65,926,531   

Movies & Entertainment–0.03%

  

Time Warner, Inc., Sr. Unsec. Gtd. Notes, 5.88%, 11/15/16

      2,655,000         3,071,435   

Office Electronics–0.01%

  

Xerox Corp., Sr. Unsec. Notes, 4.25%, 02/15/15

      820,000         861,635   
      Principal
Amount		      Value  

Office REIT’s–0.05%

  

Digital Realty Trust L.P., Sr. Unsec. Gtd. Global Notes, 4.50%, 07/15/15

    $ 5,210,000       $ 5,513,106   

Oil & Gas Drilling–0.01%

  

Noble Holding International Ltd., Sr. Unsec. Gtd. Global Notes, 2.50%, 03/15/17

      1,150,000         1,168,598   

Oil & Gas Equipment & Services–0.13%

  

Helix Energy Solutions Group, Inc., Sr.
Unsec. Conv. Notes,
3.25%, 03/15/18(e)

      11,911,000         15,439,634   

Oil & Gas Exploration & Production–0.81%

  

Cobalt International Energy Inc., Sr. Unsec. Conv. Notes, 2.63%, 12/01/19

      41,457,000         44,954,934   

Petrobras International Finance Co. (Brazil), Sr. Unsec. Gtd. Global Notes, 6.88%, 01/20/40

      260,000         281,043   

Petroleos Mexicanos (Mexico), Sr. Unsec. Gtd. Global Notes,
4.88%, 01/24/22

      7,430,000         7,970,395   

5.50%, 01/21/21

      6,750,000         7,587,790   

Southwestern Energy Co., Sr. Unsec. Gtd. Global Notes, 4.10%, 03/15/22

      7,500,000         7,838,906   

Stone Energy Corp., Sr. Unsec. Gtd. Conv. Notes, 1.75%, 03/01/17

      24,746,000         23,941,755   

XTO Energy, Inc., Sr. Unsec. Notes, 5.75%, 12/15/13

      310,000         319,153   
                92,893,976   

Oil & Gas Refining & Marketing–0.04%

  

Phillips 66, Sr. Unsec. Gtd. Global Notes, 1.95%, 03/05/15

      4,760,000         4,859,719   

Oil & Gas Storage & Transportation–0.19%

  

Enterprise Products Operating LLC,
Sr. Unsec. Gtd. Global Notes,
5.25%, 01/31/20

      2,889,000         3,336,960   

Sr. Unsec. Gtd. Notes,

6.45%, 09/01/40

      555,000         681,481   

Series N,

Sr. Unsec. Gtd. Notes,

6.50%, 01/31/19

      4,420,000         5,413,370   

Plains All American Pipeline L.P./ PAA Finance Corp., Sr. Unsec. Global Notes, 3.65%, 06/01/22

      4,275,000         4,421,827   

Spectra Energy Capital LLC, Sr. Unsec. Gtd. Notes, 7.50%, 09/15/38

      2,245,000         3,040,557   

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

      3,835,000         5,019,095   
                21,913,290   
 

 

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

Invesco Equity and Income Fund

      Principal
Amount		      Value  

Other Diversified Financial Services–1.21%

  

Bank of America Corp.,
Sr. Unsec. Global Notes,
5.75%, 12/01/17

    $ 2,825,000       $ 3,234,851   

Sr. Unsec. Medium-Term Notes,

1.25%, 01/11/16

      6,465,000         6,439,225   

Series L,

Sr. Unsec. Medium-Term Global Notes,

5.65%, 05/01/18

      10,675,000         12,230,072   

Sr. Unsec. Medium-Term Notes,

7.38%, 05/15/14

      315,000         334,515   

Bear Stearns Cos., LLC (The), Sr. Unsec. Global Notes, 7.25%, 02/01/18

      8,140,000         9,962,407   

Citigroup Inc.,
Sr. Unsec. Global Notes,
6.01%, 01/15/15

      1,615,000         1,740,011   

6.13%, 11/21/17

      11,440,000         13,365,794   

8.50%, 05/22/19

      2,385,000         3,126,498   

Sr. Unsec. Notes,

4.75%, 05/19/15

      1,000,000         1,070,871   

Unsec. Sub. Global Notes,

3.50%, 05/15/23

      5,000,000         4,718,889   

4.05%, 07/30/22

      5,455,000         5,468,421   

ERAC USA Finance LLC, Sr. Unsec. Gtd. Notes, 2.75%, 07/01/13(d)

      5,060,000         5,068,372   

General Electric Capital Corp.,
Sr. Unsec. Global Notes,
5.90%, 05/13/14

      1,465,000         1,541,177   

Sr. Unsec. Medium-Term Global Notes,

4.65%, 10/17/21

      4,860,000         5,372,713   

Class C,

Jr. Unsec. Sub. Global Notes,

5.25% (f)

      9,400,000         9,404,700   

Series G,

Sr. Unsec. Medium-Term Global Notes,

6.00%, 08/07/19

      8,500,000         10,227,868   

ING US Inc., Sr. Unsec. Gtd. Notes, 5.75%, 07/15/22(d)

      9,455,000         10,599,814   

JPMorgan Chase & Co.,
Sr. Unsec. Global Notes,
4.40%, 07/22/20

      5,700,000         6,257,783   

Sr. Unsec. Notes,

6.00%, 01/15/18

      7,395,000         8,640,958   

Unsec. Sub. Global Notes,

5.13%, 09/15/14

      1,530,000         1,612,171   

Series Q,

Jr. Unsec. Sub. Global Notes,

5.15% (f)

      7,395,000         7,468,950   

Merrill Lynch & Co., Inc., Sr. Unsec. Medium-Term Notes, 6.88%, 04/25/18

      9,445,000         11,290,742   
                139,176,802   

Packaged Foods & Meats–0.12%

  

Grupo Bimbo S.A.B. de C.V. (Mexico), Sr. Unsec. Gtd. Notes, 4.88%, 06/30/20(d)

      5,095,000         5,575,539   
      Principal
Amount		      Value  

Packaged Foods & Meats–(continued)

  

Mondelez International Inc.,
Sr. Unsec. Global Notes,
6.88%, 02/01/38

    $ 842,000       $ 1,097,504   

7.00%, 08/11/37

      2,830,000         3,725,463   

Sr. Unsec.

Notes, 6.88%, 01/26/39

      2,125,000         2,806,137   
                13,204,643   

Paper Products–0.03%

  

International Paper Co., Sr. Unsec. Global Notes, 6.00%, 11/15/41

      2,855,000         3,323,673   

Pharmaceuticals–0.49%

  

AbbVie Inc., Sr. Unsec. Gtd. Notes, 1.20%, 11/06/15(d)

      18,095,000         18,236,490   

Salix Pharmaceuticals Ltd., Sr. Unsec. Conv. Notes, 1.50%, 03/15/19

      25,242,000         29,895,994   

Teva Pharmaceutical Finance Co. B.V. (Israel), Sr. Unsec. Gtd. Global Notes, 2.95%, 12/18/22

      3,900,000         3,808,725   

Zoetis Inc., Sr. Unsec. Notes, 4.70%, 02/01/43(d)

      3,675,000         3,716,951   
                55,658,160   

Property & Casualty Insurance–0.14%

  

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

      4,915,000         5,749,536   

Sr. Unsec. Notes,

7.35%, 11/15/19

      425,000         534,367   

Markel Corp., Sr. Unsec. Notes, 5.00%, 03/30/43

      4,185,000         4,107,271   

WR Berkley Corp., Sr. Unsec. Global Notes, 4.63%, 03/15/22

      5,040,000         5,422,800   
                15,813,974   

Railroads–0.03%

  

CSX Corp.,
Sr. Unsec. Global Notes,
6.15%, 05/01/37

      1,750,000         2,120,159   

Sr. Unsec. Notes,

5.50%, 04/15/41

      1,660,000         1,859,057   
                3,979,216   

Regional Banks–0.14%

  

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

      8,845,000         10,355,394   

PNC Funding Corp., Sr. Unsec. Gtd. Global Notes, 5.13%, 02/08/20

      5,305,000         6,120,066   
                16,475,460   
 

 

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

Invesco Equity and Income Fund

    

Principal

Amount

     Value  

Retail REIT’s–0.08%

    

Simon Property Group L.P., Sr.
Unsec. Notes, 4.75%, 03/15/42

   $ 2,815,000      $ 2,947,138   

WEA Finance LLC (Australia), Sr. Unsec. Gtd. Notes, 7.13%, 04/15/18(d)

     5,290,000        6,470,336   
              9,417,474   

Semiconductor Equipment–0.53%

    

Lam Research Corp., Series B, Sr. Unsec. Conv. Notes, 1.25%, 05/15/18

     33,039,000        37,396,018   

Novellus Systems Inc., Sr. Unsec.
Gtd. Conv. Notes, 2.63%,
05/15/41

     15,729,000        23,662,315   
              61,058,333   

Semiconductors–0.97%

    

Linear Technology Corp.,
Sr. Unsec. Conv. Notes,
3.00%, 05/01/14(d)(e)

     36,420,000        38,810,063   

Series A,

Sr. Unsec. Conv. Global Notes,

3.00%, 05/01/14(e)

     10,661,000        11,360,628   

Micron Technology Inc., Series A, Sr. Unsec. Conv. Notes, 1.50%, 08/01/18(e)

     24,953,000        32,111,392   

Xilinx Inc., Jr. Unsec. Sub. Conv.
Notes, 3.13%, 03/15/37(d)

     20,622,000        29,437,905   
              111,719,988   

Soft Drinks–0.03%

    

Fomento Economico Mexicano S.A.B. de C.V. (Mexico), Sr. Unsec. Global Notes, 4.38%, 05/10/43

     3,925,000        3,520,728   

Sovereign Debt–0.19%

    

Brazilian Government International Bond (Brazil), Sr. Unsec. Global Bonds, 6.00%, 01/17/17

     16,505,000        18,914,730   

Peruvian Government International Bond (Peru), Sr. Unsec. Global Notes, 7.13%, 03/30/19

     1,650,000        2,060,437   

Russian Foreign Bond (Russia), Sr. Unsec. Euro Bonds, 3.63%, 04/29/15(d)

     800,000        837,664   
              21,812,831   

Specialized Finance–0.10%

    

International Lease Finance Corp., Sr. Unsec. Global Notes, 5.88%, 08/15/22

     3,315,000        3,559,481   

Moody’s Corp., Sr. Unsec. Global Notes, 4.50%, 09/01/22

     5,380,000        5,583,005   

National Rural Utilities Cooperative Finance Corp., Sr. Sec. Collateral Trust Bonds, 3.05%, 02/15/22

     2,550,000        2,621,261   
              11,763,747   
    

Principal

Amount

     Value  

Specialized REIT’s–0.19%

    

American Tower Corp.,
Sr. Unsec. Global Notes,
4.63%, 04/01/15

   $ 2,425,000      $ 2,577,734   

Sr. Unsec. Notes,

4.50%, 01/15/18

     4,620,000        5,053,172   

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

     6,620,000        6,942,725   

Ventas Realty L.P./Ventas Capital Corp.,
Sr. Unsec. Gtd. Notes,
2.70%, 04/01/20

     4,710,000        4,661,551   

4.25%, 03/01/22

     2,635,000        2,801,639   
              22,036,821   

Steel–0.48%

    

ArcelorMittal (Luxembourg),
Sr. Unsec. Global Bonds,
10.35%, 06/01/19

     7,005,000        8,699,455   

Sr. Unsec. Global Notes,

4.25%, 08/05/15

     8,775,000        9,068,924   

6.13%, 06/01/18

     390,000        426,518   

7.25%, 03/01/41

     2,225,000        2,180,060   

United States Steel Corp., Sr. Unsec. Conv. Notes, 2.75%, 04/01/19

     24,343,000        25,666,651   

Vale Overseas Ltd. (Brazil),
Sr. Unsec. Gtd. Global Notes,
4.63%, 09/15/20

     320,000        334,601   

5.63%, 09/15/19

     4,655,000        5,264,649   

Vale S.A. (Brazil), Sr. Unsec. Global Notes, 5.63%, 09/11/42

     4,075,000        3,792,661   
              55,433,519   

Thrifts & Mortgage Finance–0.41%

    

MGIC Investment Corp.,
Sr. Unsec. Conv. Notes,
2.00%, 04/01/20

     4,060,000        4,839,013   

5.00%, 05/01/17

     20,997,000        22,663,637   

Radian Group Inc.,
Sr. Unsec. Conv. Notes,
2.25%, 03/01/19

     4,063,000        5,708,515   

3.00%, 11/15/17

     10,019,000        13,751,077   
              46,962,242   

Tobacco–0.01%

    

Altria Group, Inc., Sr. Unsec. Gtd. Global Notes, 4.13%, 09/11/15

     715,000        767,239   

Trucking–0.10%

    

Penske Truck Leasing Co., L.P./PTL Finance Corp., Sr. Unsec. Notes, 2.50%, 03/15/16(d)

     7,435,000        7,664,878   

Ryder System, Inc., Sr. Unsec. Medium-Term Notes, 3.15%, 03/02/15

     4,030,000        4,174,733   
              11,839,611   
 

 

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

Invesco Equity and Income Fund

     Principal
Amount		     Value  

Wireless Telecommunication Services–0.19%

  

America Movil S.A.B. de C.V.
(Mexico),
Sr. Unsec. Global Notes,
4.38%, 07/16/42

   $         6,610,000      $         5,953,170   

Sr. Unsec. Gtd. Global Notes,

2.38%, 09/08/16

     4,450,000        4,586,080   

Crown Castle Towers LLC,
Sr. Sec. Gtd. Notes,
3.21%, 08/15/15(d)

     5,095,000        5,270,678   

6.11%, 01/15/20(d)

     2,565,000        3,142,125   

Rogers Communications Inc.
(Canada), Sr. Unsec. Gtd. Global
Notes, 4.50%, 03/15/43

     3,425,000        3,386,783   
              22,338,836   

    Total U.S. Dollar Denominated Bonds
    and Notes (Cost $2,162,571,154)

             2,478,856,722   

U.S. Treasury Securities–7.41%

    

U.S. Treasury Bills–0.01%

    

0.18%, 11/14/13(h)(i)

     1,500,000        1,499,555   

U.S. Treasury Notes–5.98%

    

1.50%, 12/31/13

     28,000,000        28,223,935   

1.75%, 03/31/14

     12,000,000        12,159,875   

2.63%, 07/31/14

     95,125,000        97,820,879   

2.38%, 10/31/14

     231,415,000        238,410,200   

2.13%, 11/30/14

     77,385,000        79,567,321   

2.25%, 01/31/15

     19,650,000        20,296,428   

2.50%, 03/31/15

     495,000        514,924   

2.13%, 05/31/15

     4,445,000        4,604,386   

2.00%, 04/30/16

     17,445,000        18,193,798   

1.75%, 05/31/16

     950,000        984,397   

0.88%, 04/30/17

     2,000,000        2,007,789   

0.63%, 05/31/17

     4,410,000        4,379,423   

3.75%, 11/15/18

     34,750,000        39,565,635   

1.25%, 01/31/19

     25,000,000        25,062,008   

3.63%, 08/15/19

     58,350,000        66,364,212   

3.38%, 11/15/19

     20,000,000        22,484,539   

2.63%, 11/15/20

     6,500,000        6,945,006   

2.13%, 08/15/21

     2,440,000        2,494,987   

2.00%, 11/15/21

     4,700,000        4,742,043   

1.75%, 05/15/22

     10,900,000        10,682,495   
              685,504,280   

U.S. Treasury Bonds–1.42%

    

8.00%, 11/15/21

     3,557,000        5,290,253   

6.88%, 08/15/25

     20,000        29,507   

6.13%, 11/15/27

     19,110,000        27,074,612   

5.38%, 02/15/31

     5,205,000        7,007,502   

3.50%, 02/15/39

     31,890,000        33,546,490   

4.25%, 05/15/39

     9,900,000        11,775,708   

4.50%, 08/15/39

     1,060,000        1,311,358   

4.38%, 11/15/39

     13,200,000        16,006,276   

4.63%, 02/15/40

     18,150,000        22,870,912   

4.38%, 05/15/40

     1,280,000        1,552,928   

4.25%, 11/15/40

     500,000        594,737   

3.13%, 11/15/41

     15,400,000        14,963,134   
     Principal
Amount		     Value  

U.S. Treasury Bonds–(continued)

  

3.00%, 05/15/42

   $         22,475,000      $         21,268,492   
              163,291,909   

    Total U.S. Treasury Securities
    (Cost $812,701,267)

             850,295,744   
     Shares         

Preferred Stocks–1.54%

    

Health Care Facilities–0.29%

    

HealthSouth Corp., Series A, $65.00 Conv. Pfd.

     27,000      $ 32,980,500   

Health Care Services–0.18%

    

Omnicare Capital Trust II, Series B,
$2.00 Conv. Pfd.

     356,855        20,522,731   

Oil & Gas Storage & Transportation–0.45%

  

El Paso Energy Capital Trust I, $2.38,
Jr. Unsec. Sub. Gtd. Conv. Pfd.

     875,900        52,072,255   

Regional Banks–0.48%

    

KeyCorp, Series A, $7.75 Conv. Pfd.

     427,098        55,245,126   

Trucking–0.14%

    

2010 Swift Mandatory Common
Exchange Security Trust, $0.66
Conv. Pfd.(d)

     1,072,900        15,677,108   

    Total Preferred Stocks
    (Cost $129,791,699)

             176,497,720   
     Principal
Amount		         

U.S. Government Sponsored Agency Securities–1.10%

  

Federal Home Loan Mortgage Corp. (FHLMC)–0.65%

  

Sr. Unsec. Global Notes,

3.00%, 07/28/14

   $ 23,700,000        24,464,605   

6.75%, 03/15/31

     7,000,000        10,245,131   

Unsec. Global Notes,

4.88%, 06/13/18

     33,680,000        39,698,672   
              74,408,408   

Federal National Mortgage Association (FNMA)–0.45%

  

Sr. Unsec. Global Notes,

6.63%, 11/15/30

     6,315,000        9,118,994   

Sr. Unsec. Global Notes,

2.88%, 12/11/13

     600,000        608,658   

4.38%, 10/15/15

     38,850,000        42,467,341   
              52,194,993   

Total U.S. Government Sponsored Agency
Securities (Cost $121,808,087)

             126,603,401   
 

 

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

Invesco Equity and Income Fund

      Principal
Amount		      Value  

Municipal Obligations–0.11%

  

Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J);
Series 2010,
Build America RB,
6.66%, 04/01/57

    $         4,980,000       $         5,659,870   

Series 2010 A,

Taxable RB,

6.64%, 04/01/57

      2,600,000         2,990,286   

Texas (State of) Transportation
Commission; Series 2010 B,
Taxable First Tier Build America
RB, 5.03%, 04/01/26

      3,450,000         4,073,415   

Total Municipal Obligations
(Cost $11,090,528)

               12,723,571   

Asset-Backed Securities–0.00%

  

Nomura Asset Acceptance Corp., Series 2005 AR1, Floating Rate Pass Through Ctfs., 0.47%, 02/25/35 (Cost $2,004)(j)

      2,004         2,007   

U.S. Government Sponsored Mortgage-Backed
Securities–0.00%

   

Federal Home Loan Mortgage Corp. (FHLMC)–0.00%

  

Pass Through Ctfs.,

6.50%, 05/01/29

      4         4   

5.50%, 02/01/37

      279         301   
                305   

Federal National Mortgage Association (FNMA)–0.00%

  

Pass Through Ctfs.,

7.00%, 07/01/18 to 07/01/32

      89,905         100,695   

5.50%, 03/01/21

      222         241   

8.00%, 08/01/21

      4,943         5,423   
                106,359   

Government National Mortgage Association (GNMA)–0.00%

  

Pass Through Ctfs.,

8.00%, 04/15/26 to 01/20/31

      41,124         45,244   

7.50%, 12/20/30

      2,958         3,635   
                48,879   

Total U.S. Government Sponsored Mortgage-Backed Securities
(Cost $144,395)

               155,543   
      Shares      Value  

Money Market Funds–2.10%

  

Liquid Assets Portfolio –Institutional Class (k)

      120,227,951       $ 120,227,951   

Premier Portfolio –Institutional
Class (k)

      120,227,951         120,227,951   

Total Money Market Funds
(Cost $240,455,902)

               240,455,902   

TOTAL INVESTMENTS–99.92%
(Cost $9,288,279,087)

   

      11,462,015,566   

OTHER ASSETS LESS LIABILITIES–0.08%

  

      9,023,413   

NET ASSETS–100.00%

             $     11,471,038,979   

Investment Abbreviations:

 

ADR    —American Depositary Receipt
Conv.    —Convertible
Ctfs.    —Certificates
Deb.    —Debentures
Gtd.    —Guaranteed
Jr.    —Junior
Pfd.    —Preferred
RB    —Revenue Bonds
REIT    —Real Estate Investment Trust
Sec.    —Secured
Sr.    —Senior
Sub.    —Subordinated
Unsec.    —Unsecured

Notes to Schedule of Investments:

 

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

 

(b)  Non-income producing security.

 

(c)  A portion of this security is subject to call options written. See Note 1G and Note 3.

 

(d)  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, 2013 was $527,452,829, which represented 4.60% of the Fund’s Net Assets.

 

(e)  Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

 

(f)  Perpetual bond with no specified maturity date.

 

(g)  Each unit represents one common share and one trust share.

 

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

 

(i)  All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1F and Note 3.

 

(j)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on May 31, 2013.

 

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

 

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

Invesco Equity and Income Fund

Notes to Quarterly Schedule of Portfolio Holdings

May 31, 2013

(Unaudited)

NOTE 1 -- Significant Accounting Policies

 

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

Debt obligations (including convertible bonds) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

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

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the Adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trade is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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.

 

Invesco Equity and Income Fund

 

A. Security Valuations – (continued)

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 is recorded on the accrual basis from settlement date. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes.

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

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

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

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D. Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such 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.

E. Foreign Currency Contracts – The Fund may enter into foreign currency contracts to manage or minimize currency or exchange rate risk. The Fund may also enter into foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security. A foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The use of 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

 

Invesco Equity and Income Fund

 

E. Foreign Currency Contracts – (continued)

associated with 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 two parties 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. Call Options Written – The Fund may write covered call options. A covered call option gives the purchaser of such option the right to buy, and the writer (the Fund) the obligation to sell, the underlying security at the stated exercise price during the option period. Written covered call options are recorded as a liability in the Statement of Assets and Liabilities. The amount of the liability is subsequently “marked-to-market” to reflect the current market value of the option written. If a written covered call option expires on the stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or a loss if the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a written covered call option is exercised, the Fund realizes a gain or a loss from the sale of the underlying security and the proceeds of the sale are increased by the premium originally received. Realized gains and losses on these contracts are included in the Statement of Operations. A risk in writing a covered call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised.
H. 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.

 

Invesco Equity and Income Fund

 

NOTE 2 -- Additional Valuation Information

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

Level 1  

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

Level 2  

– Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3  

– Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of May 31, 2013. 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  

Equity Securities

    $ 7,863,181,870       $ 130,196,708       $ --       $ 7,993,378,578   

U.S. Treasury Securities

      --         850,295,744         --         850,295,744   

Corporate Debt Securities

      --         2,457,043,891         --         2,457,043,891   

U.S Government Sponsored Securities

      --         126,758,944         --         126,758,944   

Asset-Backed Securities

      --         2,007         --         2,007   

Municipal Obligations

      --         12,723,571         --         12,723,571   

Foreign Government Debt Securities

      --         21,812,831         --         21,812,831   
     $ 7,863,181,870       $ 3,598,833,696         --       $ 11,462,015,566   

Foreign Currency Contracts*

      --         (1,094,272)         --         (1,094,272)   

Futures*

      211,710         --         --         211,710   

Options*

      50,879         --         --         50,879   

Total Investments

    $     7,863,444,459       $     3,597,739,424       $                 --       $     11,461,183,883   

* Unrealized appreciation (depreciation).

 

Invesco Equity and Income Fund

 

NOTE 3 -- Derivative Investments

 

Open Foreign Currency Contracts  
                                                    Unrealized  
    Settlement             Contract to      Notional             Appreciation  
Date    Counterparty    Deliver      Receive      Value              (Depreciation)  

  06/21/13

    State Street      CHF         27,529,389         USD         28,372,916         28,792,562                        (419,646)   

  06/21/13

    Bank of New York      CHF         40,501,506         USD         41,773,208         42,359,898                        (586,690)   

  06/21/13

    Bank of New York      EUR         40,866,639         USD         52,574,645         53,114,747                        (540,102)   

  06/21/13

    State Street      GBP         67,421,512         USD         102,045,829         102,418,306                        (372,477)   
                                                       $               (1,918,915)   
    Settlement             Contract to      Notional             Unrealized  
Date    Counterparty    Deliver      Receive      Value             Appreciation  

  06/21/13

    Bank of New York      CAD         48,427,398         USD         47,068,301       $             46,687,059             $           381,242   

  06/21/13

    State Street      CAD         58,313,691         USD         56,649,884         56,218,067                        431,817   

  06/21/13

    State Street      USD         3,173,728         GBP         2,096,877       $ 3,185,312             $           824,643   

Total foreign currency contracts

  

                                        $               (1,094,272)   
  Currency Abbreviations:
  CAD -- Canadian Dollar
  CHF – Swiss Franc
  EUR -- Euro
  GBP -- British Pound Sterling
  USD -- U.S. Dollar

 

Open Futures Contracts  
 Short Contracts   

Number of

Contracts

               

Expiration

Month

               

Notional

Value

          

Unrealized

Appreciation

  

 U.S. Treasury 5 Year Notes

    881              September-2013              $ (107,846,790 )         $ 122,041   

 U.S. Treasury 10 Year Notes

    686              September-2013                (88,644,062 )           89,669   

Total

                                  $ (196,490,852 )         $ 211,710   

 

Invesco Equity and Income Fund

 

Open Options Written        
     

Contract

Month

     

Strike

Price

     

Number of

Contracts

     

Premiums

Received

      Value     

Unrealized

Appreciation

(Depreciation)

        

Calls

                     

Avon Products, Inc.

      July-2013         $24         14,740         $891,305         $958,100         $(66,795)        

eBay Inc.

      October-2013         65         2,814         342,794         225,120         117,674         
                         17,554         $1,234,099         $1,183,220         $50,879         

 

      Transactions During the Period  
     Call Option Contracts  
         Number of      
    Contracts      		      Premiums
Received		  

Beginning of period

      --       $ --   

Written

      17,554         1,234,099   

End of period

      17,554       $             1,234,099   

NOTE 4 -- Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the nine months ended May 31, 2013 was $2,028,281,716 and $2,429,702,314, respectively. During the same period, purchases and sales of U.S. Treasury obligations were $0 and $40,099,996, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

 

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

Aggregate unrealized appreciation of investment securities

    $ 2,155,885,372   

Aggregate unrealized (depreciation) of investment securities

      (49,272,970)   

Net unrealized appreciation of investment securities

    $                 2,106,612,402   

Cost of investments for tax purposes is $9,355,403,164.

   

 

Invesco Equity and Income Fund

 

 

 

Invesco Floating Rate Fund

  Quarterly Schedule of Portfolio Holdings
  May 31, 2013

 

 

 

 

 

 

 

 

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   invesco.com/us    FLR-QTR-1   05/13   Invesco Advisers, Inc.

Schedule of Investments

May 31, 2013

(Unaudited)

 

     

Interest

Rate

    

Maturity

Date

     

Principal

Amount

(000)

      Value  

Variable Rate Senior Loan Interests–86.03%(a)(b)

           

Aerospace & Defense–1.78%

           

ARINC Inc., Second Lien Term Loan

      6.20 %      10/25/15       $ 354       $ 348,295   

Aveos Fleet Performance Inc. (Canada),
PIK Second Lien Term Loan (Take Back)
(Acquired 10/23/07-12/30/11; Cost $1,587,792) (c)(d)(e)

      0.00 %      03/12/15         1,375         1,264,607   

Revolver Loan (c)(d)

      0.00 %      06/28/13         583         581,878   

Term Loan Cost (c)(d)

      0.00 %      06/28/13         508         515,873   

Booz Allen Hamilton Inc., Term Loan B

      4.50 %      07/31/19         945         954,053   

Camp International Holding Co., First Lien Term Loan

      5.25 %      05/31/19         2,684         2,717,958   

DAE Aviation Holdings, Inc.,
Term Loan B (Acquired 11/07/12; Cost $1,692,956)

      6.25 %      11/02/18         1,724         1,756,685   

Term Loan B2 (Acquired 11/07/12; Cost $767,468)

      6.25 %      11/02/18         782         796,364   

DigitalGlobe, Inc., Term Loan B

      3.75 %      01/31/20         1,146         1,155,177   

DynCorp International LLC, Term Loan B

      6.25 %      07/07/16         391         394,394   

IAP Worldwide Services, Inc., Term Loan

      10.00 %      12/31/15         4,009         2,759,756   

Landmark U.S. Holdings LLC,
Canadian Term Loan

      5.75 %      10/25/19         192         193,262   

First Lien Term Loan

      5.75 %      10/25/19         2,261         2,280,496   

LMI Aerospace, Inc., Term Loan

      4.75 %      12/28/18         473         477,480   

PRV Aerospace LLC, Term Loan B

      6.50 %      05/09/18         1,930         1,944,763   

Sequa Corp., Term Loan B

      5.25 %      06/19/17         2,866         2,902,869   

TASC, Inc., Term Loan B

      4.50 %      12/18/15         1,810         1,816,447   

Transdigm, Inc., Term Loan C

      3.75 %      02/28/20         4,940         5,007,130   
                                 27,867,487   

Air Transport–1.65%

           

Delta Air Lines, Inc.,
Term Loan B1

      4.00 %      10/18/18         4,503         4,525,791   

Revolver Loan (f)

      0.00 %      04/20/16         7,785         7,424,972   

Revolver Loan (f)

      0.00 %      10/18/17         1,145         1,053,269   

United Airlines, Inc., Term Loan B

      4.00 %      04/01/19         1,850         1,873,967   

US Airways Group Inc.,
Term Loan B1

      4.25 %      05/23/19         2,312         2,316,157   

Term Loan B2

      3.50 %      11/23/16         8,698         8,722,063   
                                 25,916,219   

Automotive–3.45%

           

Affinia Group Intermediate Holdings Inc., Term Loan B2

      4.75 %      04/25/20         1,715         1,725,601   

August U.S. Holding Co., Inc.,
Lux Second Lien Term Loan (Acquired 05/04/12; Cost $250,137)

      10.50 %      04/26/19         256         259,378   

Luxco Term Loan

      5.00 %      04/27/18         549         553,775   

Second Lien Term Loan (Acquired 05/04/12; Cost $81,904)

      10.50 %      04/26/19         84         84,929   

Term Loan B

      5.00 %      04/27/18         422         425,989   

BBB Industries, LLC, Term Loan

      5.50 %      03/27/19         2,640         2,653,001   

Federal-Mogul Corp.,
Term Loan B

      2.14 %      12/29/14         6,137         6,022,824   

Term Loan C

      2.14 %      12/28/15         1,803         1,769,509   

Goodyear Tire & Rubber Company (The), Second Lien Term Loan

      4.75 %      04/30/19         2,569         2,591,768   

Hertz Corp.,
LOC

      3.75 %      03/09/18         552         544,694   

Term Loan B

      3.75 %      03/11/18         910         917,717   

Term Loan B2

      3.00 %      03/11/18         908         912,085   

KAR Auction Services, Inc., Term Loan B

      3.75 %      05/19/17         6,064         6,159,794   

Key Safety Systems, Inc., Term Loan B

      4.75 %      05/10/18         3,385         3,406,172   

Metaldyne Co., LLC, Term Loan B

      5.00 %      12/18/18         3,066         3,139,027   

 

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

Invesco Floating Rate Fund

     

Interest

Rate

    

Maturity

Date

     

Principal

Amount

(000)

      Value  

Automotive–(continued)

           

Schaeffler AG (Germany), Term Loan C

      4.25 %      01/27/17       $ 7,287       $ 7,392,924   

TI Group Automotive Systems, LLC, Term Loan B

      5.50 %      03/28/19         7,343         7,425,703   

Tomkins Inc., Term Loan B2

      3.75 %      09/29/16         44         44,645   

Tower International Inc., Term Loan

      5.75 %      04/23/20         4,048         4,102,055   

Transtar Holding Co.,
First Lien Term Loan

      5.50 %      10/09/18         3,353         3,403,751   

Second Lien Term Loan

      9.75 %      10/09/19         524         541,365   
                                 54,076,706   

Beverage and Tobacco–0.31%

           

DS Waters Enterprises, L.P., First Lien Term Loan (Acquired 02/27/12-03/26/12;
Cost $1,617,379)

      10.50 %      08/29/17         1,639         1,679,646   

North American Breweries, Inc., Term Loan B

      7.50 %      12/11/18         3,159         3,174,814   
                                 4,854,460   

Building & Development–2.67%

           

ABC Supply Co., Inc., Term Loan

      3.50 %      04/16/20         4,700         4,725,253   

Building Materials Holding Corp., PIK Second Lien Term Loan (e)

      8.00 %      01/05/15         2,278         2,244,380   

Capital Automotive L.P.,
Second Lien Term Loan

      6.00 %      04/30/20         2,668         2,774,963   

Term Loan B

      4.00 %      04/10/19         8,837         8,909,023   

CB Richard Ellis Services, Inc., Term Loan B

      2.95 %      03/28/21         1,351         1,354,998   

CPG International Inc., Term Loan

      5.75 %      09/21/19         437         440,775   

Custom Building Products, Inc., Term Loan B

      6.00 %      12/14/19         3,498         3,541,692   

HD Supply, Inc., Term Loan B

      4.50 %      10/12/17         3,976         4,016,448   

Lake at Las Vegas Joint Venture, LLC,
PIK Exit Revolver Loan (Acquired 08/09/12; Cost $10,794) (e)(f)

      0.00 %      02/28/17         11         4,101   

PIK Exit Revolver Loan (Acquired 05/15/12-01/29/13; Cost $133,223) (e)

      5.00 %      02/28/17         133         50,625   

Nortek, Inc., Term Loan

      5.25 %      04/26/17         456         461,385   

Re/Max International, Inc., Term Loan

      5.50 %      04/16/16         2,646         2,678,661   

Realogy Corp.,
Extended LOC

      4.44 %      10/10/16         1         641   

Extended Term Loan

      4.50 %      03/05/20         9,259         9,367,267   

United Subcontractors, Inc., PIK Term Loan (Acquired 02/15/06-03/28/13;
Cost $1,381,343) (e)

      6.29 %      06/30/15         125         121,462   

WireCo WorldGroup, Inc., Term Loan

      6.00 %      02/15/17         1,161         1,170,768   
                                 41,862,442   

Business Equipment & Services–6.07%

           

Advantage Sales & Marketing, Inc.,
First Lien Term Loan

      4.25 %      12/18/17         1,451         1,465,865   

Second Lien Term Loan

      8.25 %      06/17/18         273         277,262   

Asurion LLC, Term Loan B1

      4.50 %      05/24/19         14,489         14,595,124   

Audio Visual Services Group, Inc., Term Loan (Acquired 11/09/12-01/14/13;
Cost $2,652,555)

      6.75 %      11/09/18         2,695         2,742,130   

Brock Holdings III, Inc., Term Loan B

      6.01 %      03/16/17         233         236,033   

Connolly Holdings, Inc., First Lien Term Loan

      6.50 %      07/13/18         1,998         2,021,803   

Duff & Phelps Investment Management Co., Term Loan B

      4.50 %      04/23/20         2,179         2,203,750   

Emdeon Business Services, LLC, Term Loan B2

      3.75 %      11/02/18         1,655         1,669,869   

Expert Global Solutions, Inc., Term Loan B

      8.50 %      04/03/18         4,492         4,562,466   

First Data Corp.,
Term Loan B

      4.20 %      03/23/18         8,199         8,182,924   

Term Loan

      4.20 %      03/24/17         6,540         6,537,547   

Term Loan

      4.20 %      09/24/18         641         639,104   

Garda World Security Corp., Term Loan B

      4.50 %      11/13/19         466         472,499   

iPayment, Inc., Term Loan B

      5.75 %      05/08/17         3,978         3,953,030   

 

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

Invesco Floating Rate Fund

     

Interest

Rate

    

Maturity

Date

     

Principal

Amount

(000)

      Value  

Business Equipment & Services–(continued)

           

ISS Holdings A/S (Denmark), Term Loan B12

      3.75 %      04/30/18       $ 1,307       $ 1,319,032   

Koosharem Corp. (Select Remedy),
PIK First Lien Term Loan (e)

      10.25 %      06/30/14         739         666,547   

PIK Second Lien Term Loan (c)(d)(e)

      0.00 %      12/31/14         362         36,230   

Kronos Inc.,
First Lien Term Loan

      4.50 %      10/30/19         4,696         4,744,034   

Second Lien Term Loan

      9.75 %      04/30/20         808         847,942   

Lonestar Intermediate Super Holdings, LLC, Term Loan B

      11.00 %      09/02/19         2,788         2,999,839   

Nielsen Finance LLC, Term Loan E

      2.95 %      05/01/16         3,387         3,425,532   

Sabre, Inc.,
Term Loan B

      5.25 %      02/19/19         3,283         3,330,945   

Term Loan C

      4.00 %      02/19/18         2,778         2,804,863   

SkillSoft Corp., Term Loan B

      5.00 %      05/26/17         3,426         3,472,463   

SourceHov LLC,
First Lien Term Loan

      5.25 %      04/30/18         883         895,330   

Second Lien Term Loan

      8.75 %      04/30/19         355         363,021   

Spin Holdco Inc., Term Loan B

      4.25 %      11/14/19         3,544         3,576,375   

Sungard Data Systems, Inc.,
Term Loan C

      3.95 %      02/28/17         843         849,679   

Term Loan D

      4.50 %      01/31/20         1,071         1,087,223   

Term Loan E

      4.00 %      03/08/20         9,320         9,457,878   

SymphonyIRI Group, Inc., Term Loan B

      4.50 %      12/01/17         911         920,838   

Total Safety US Inc.,
First Lien Term Loan

      5.75 %      03/13/20         490         495,196   

Second Lien Term Loan

      9.25 %      09/13/20         186         190,641   

Trans Union, LLC, Term Loan

      4.25 %      02/10/19         758         765,009   

WASH Multifamily Laundry Systems, LLC, Term Loan

      5.25 %      02/21/19         1,605         1,617,089   

West Corp., Revolver Loan (f)

      0.00 %      01/15/16         1,748         1,573,039   
                                 94,998,151   

Cable & Satellite Television–3.98%

           

Atlantic Broadband Finance, LLC, Term Loan B

      3.25 %      11/30/19         973         976,868   

Cequel Communications, LLC, Term Loan B

      3.50 %      02/14/19         3,634         3,658,167   

CSC Holdings, Inc., Term Loan B

      2.69 %      04/17/20         13,878         13,861,781   

Harron Communications Corp., Term Loan B

      5.00 %      10/06/17         4,045         4,093,446   

Kabel Deutschland GmbH, (Germany), Term Loan F

      3.25 %      02/01/19         2,674         2,680,393   

MCC Illinois, LLC, Term Loan E

      4.50 %      10/23/17         1,958         1,973,885   

MCC Iowa LLC,
Term Loan D-1

      1.91 %      01/30/15         1,945         1,953,256   

Term Loan D-2

      1.91 %      01/31/15         269         270,149   

Term Loan H

      3.25 %      01/29/21         4,310         4,322,851   

Telecommunications Management, LLC, First Lien Term Loan

      5.00 %      04/30/20         1,837         1,850,620   

TWCC Holding Corp., Term Loan B

      3.50 %      02/13/17         1,994         2,015,995   

UPC Financing Partnership, Term Loan AH

      3.25 %      06/30/21         7,930         7,943,210   

WaveDivision Holdings, LLC, Term Loan B

      4.00 %      08/09/19         3,179         3,210,803   

WideOpenWest Finance LLC,
Term Loan B

      4.75 %      04/01/19         3,990         4,031,584   

Term Loan B1

      4.25 %      07/17/17         4,883         4,933,182   

Yankee Cable Acquisition, LLC, Term Loan B

      5.25 %      03/01/20         4,500         4,560,678   
                                 62,336,868   

Chemicals & Plastics–3.88%

           

AI Chem & Cy S.C.A., Second Lien Term Loan

      8.25 %      04/03/20         338         348,600   

Term Loan B1

      4.50 %      10/04/19         972         980,573   

Term Loan B2

      4.50 %      10/04/19         504         508,772   

Arysta LifeScience Corp.,
First Lien Term Loan

      4.50 %      05/29/20         6,321         6,358,766   

 

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

Invesco Floating Rate Fund

     

Interest

Rate

    

Maturity

Date

     

Principal

Amount

(000)

      Value  

Chemicals & Plastics–(continued)

           

Second Lien Term Loan

      8.25 %      11/30/20       $ 1,038       $ 1,052,237   

Ascend Performance Materials LLC, Term Loan B

      6.75 %      04/10/18         3,568         3,604,151   

Aster Zweite Beteiligungs GmbH (Germany),
Extended Term Loan B5

      6.53 %      12/31/16         721         729,595   

Extended Term Loan C5

      6.53 %      12/31/14         738         747,056   

DuPont Performance Coatings, Inc., Term Loan B

      4.75 %      02/01/20         9,655         9,750,107   

Emerald Performance Materials, LLC, Term Loan B (Acquired 05/15/12; Cost $1,161,304)

      6.75 %      05/18/18         1,171         1,179,814   

Houghton International, Inc., Term Loan B

      4.00 %      12/20/19         2,326         2,334,808   

INEOS Holdings Ltd., Term Loan

      4.00 %      05/04/18         12,770         12,789,926   

Kronos Worldwide, Inc., Term Loan B

      7.00 %      06/13/18         1,065         1,072,997   

Nusil Technology, LLC, Term Loan

      5.25 %      04/07/17         321         322,587   

Omnova Solutions Inc., Term Loan B1

      4.25 %      05/31/18         3,727         3,775,811   

Phillips Plastics Corp., Term Loan B

      4.75 %      02/12/17         741         746,892   

PQ Corp., Term Loan

      4.50 %      08/07/17         7,040         7,107,082   

Taminco N.V., Term Loan B2

      4.25 %      02/15/19         1,284         1,297,223   

TricorBraun, Inc., Term Loan B

      4.00 %      05/03/18         2,002         2,015,757   

Univar Inc., Term Loan B

      5.00 %      06/30/17         3,999         3,978,999   
                                 60,701,753   

Clothing & Textiles–0.79%

           

Calceus Acquisition, Inc., Term Loan

      5.75 %      01/31/20         1,961         1,984,863   

PVH Corp., Term Loan B

      3.25 %      02/13/20         9,657         9,727,762   

Wolverine World Wide, Inc., Term Loan B

      4.00 %      07/31/19         686         694,394   
                                 12,407,019   

Conglomerates–0.87%

           

Jarden Corp.,
Term Loan A1

      2.19 %      03/31/16         6,440         6,496,384   

Term Loan B

      2.69 %      03/30/18         2,940         2,974,752   

Rexnord LLC, Term Loan B

      3.75 %      04/01/18         987         1,000,560   

RGIS Services, LLC, Term Loan C

      5.50 %      10/18/17         1,293         1,301,536   

Spectrum Brands, Inc., Term Loan

      4.51 %      12/17/19         1,805         1,830,665   
                                 13,603,897   

Containers & Glass Products–2.45%

           

Berlin Packaging LLC,
First Lien Term Loan

      4.75 %      04/02/19         2,323         2,353,040   

Second Lien Term Loan

      8.75 %      04/02/20         845         861,846   

Berry Plastics Holding Corp., Term Loan D

      3.50 %      02/08/20         10,788         10,810,747   

BWAY Corp., Term Loan B

      4.50 %      08/06/17         3,417         3,461,815   

Caraustar Industries, Inc., Term Loan

      7.50 %      05/01/19         1,177         1,194,509   

Consolidated Container Co. LLC, Term Loan

      5.00 %      07/03/19         1,382         1,397,995   

Exopack, LLC, Term Loan

      5.00 %      05/31/17         2,782         2,799,193   

Hoffmaster Group, Inc., First Lien Term Loan

      6.50 %      01/03/18         2,787         2,801,389   

Pact Group Pty Ltd., Term Loan B

      3.75 %      05/29/20         5,597         5,632,232   

Pertus Sechszehnte GmbH (Germany),
Term Loan B2

      2.57 %      06/12/15         500         500,548   

Term Loan C2

      2.82 %      06/13/16         500         503,047   

Ranpak Corp.,
First Lien Term Loan

      4.50 %      04/23/19         578         585,470   

Second Lien Term Loan

      8.50 %      04/23/20         650         666,102   

Reynolds Group Holdings Inc.,
Revolver Loan (f)

      0.00 %      11/05/14         3,987         3,984,019   

Term Loan

      4.75 %      09/28/18         805         813,964   
                                 38,365,916   

Cosmetics & Toiletries–0.65%

           

Bausch & Lomb, Inc., Term Loan

      4.00 %      05/18/19         6,307         6,336,431   

 

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

Invesco Floating Rate Fund

     

Interest

Rate

    

Maturity

Date

     

Principal

Amount

(000)

      Value  

Cosmetics & Toiletries–(continued)

           

Nice-Pak Products, Inc., Term Loan

      8.75 %      06/18/14       $ 544       $ 517,140   

Revlon, Inc., Term Loan B

      4.00 %      11/20/17         3,297         3,342,325   
                                 10,195,896   

Drugs–2.01%

           

Grifols Inc., Term Loan B

      4.25 %      06/01/17         4,302         4,345,336   

Harlan Laboratories, Inc., Term Loan B

      3.74 %      07/11/14         2,249         1,998,095   

IMS Health Inc., Term Loan B1

      3.75 %      09/01/17         4,350         4,383,557   

Medpace, Inc., Term Loan

      5.50 %      06/16/17         2,526         2,544,811   

RPI Finance Trust, Term Loan

      3.50 %      05/09/18         690         698,334   

Valeant Pharmaceuticals International, Inc., Term Loan C1

      3.50 %      12/11/19         11,286         11,378,886   

Warner Chilcott PLC,
Term Loan B1

      4.25 %      03/15/18         2,327         2,348,954   

Term Loan B1

      4.25 %      03/15/18         1,013         1,022,516   

Term Loan B2

      4.25 %      03/15/18         825         832,351   

Term Loan B3

      4.25 %      03/15/18         1,834         1,851,003   
                                 31,403,843   

Ecological Services & Equipment–1.23%

           

ADS Waste Holdings, Inc., Term Loan B

      4.25 %      10/09/19         4,433         4,472,068   

Sensus USA, Inc., First Lien Term Loan

      4.75 %      05/09/17         1,247         1,253,060   

ServiceMaster Co. (The),
Extended Syn LOC

      4.56 %      01/31/17         3,750         3,753,750   

Extended Term Loan

      4.45 %      01/31/17         3,070         3,074,757   

Term Loan

      4.25 %      01/31/17         5,788         5,804,533   

WCA Waste Systems, Inc., Term Loan

      4.00 %      03/23/18         950         956,932   
                                 19,315,100   

Electronics & Electrical–4.74%

           

Aeroflex Inc., Term Loan B

      4.50 %      11/09/19         6,251         6,302,707   

Blackboard, Inc.,
Second Lien Term Loan

      11.50 %      04/04/19         1,095         1,120,149   

Term Loan B2

      6.25 %      10/04/18         9,225         9,409,740   

Dealer Computer Services, Inc., Term Loan B

      2.19 %      04/21/16         789         796,799   

DEI Sales, Inc., Term Loan B

      5.75 %      07/13/17         2,141         2,145,481   

Deltek, Inc., First Lien Term Loan

      5.00 %      10/10/18         2,483         2,516,125   

DG FastChannel, Inc., Term Loan B

      7.25 %      07/26/18         4,373         4,318,339   

Edwards (Cayman Islands II) Ltd., (Cayman Islands), Term Loan B

      4.75 %      03/26/20         367         370,269   

Freescale Semiconductor, Inc., Term Loan B4

      5.00 %      02/28/20         9,471         9,544,137   

Infor (US), Inc.,
Term Loan B2

      5.34 %      04/05/18         5,678         5,748,126   

Term Loan B3

      3.75 %      05/30/20         3,534         3,548,543   

ION Trading Technologies S.a.r.l., (Luxembourg), First Lien Term Loan

      4.50 %      05/22/20         2,276         2,300,264   

Microsemi Corp., Repriced Term Loan

      3.75 %      02/19/20         885         893,177   

Mirion Technologies, Inc., Term Loan

      5.75 %      03/30/18         2,788         2,812,170   

Riverbed Technology, Inc., Term Loan

      4.00 %      12/18/19         1,767         1,793,423   

RP Crown Parent, LLC,
First Lien Term Loan

      6.75 %      12/21/18         3,572         3,632,142   

Second Lien Term Loan

      11.25 %      12/21/19         602         639,579   

Ship US Bidco, Inc. (Luxembourg),
Term Loan B2A

      5.25 %      11/30/17         986         994,580   

Term Loan C (g)

      —          05/02/22         2,915         2,952,205   

Sophia, L.P., Term Loan B

      4.50 %      07/19/18         6,740         6,804,092   

SS&C Technologies Inc.,
Term Loan B-1

      5.00 %      06/07/19         2,363         2,383,456   

Term Loan B-2

      5.00 %      06/07/19         244         246,564   

 

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

Invesco Floating Rate Fund

     

Interest

Rate

    

Maturity

Date

     

Principal

Amount

(000)

      Value  

Electronics & Electrical–(continued)

           

Verint Systems Inc., Term Loan B

      4.00 %      09/06/19       $ 2,836       $ 2,874,133   
                                 74,146,200   

Equipment Leasing–0.18%

           

Flying Fortress Inc., Term Loan

      3.50 %      06/30/17         2,804         2,833,110   

Financial Intermediaries–1.95%

           

Bankruptcy Management Solutions, Inc.,
PIK First Lien Term Loan (e)

      7.50 %      08/20/14         46         31,083   

PIK Second Lien Term Loan (e)

      8.43 %      08/20/15         21         779   

Geo Group, Inc. (The), Term Loan B

      3.25 %      04/03/20         503         507,001   

LPL Holdings, Inc., Term Loan B

      3.25 %      03/29/19         1,472         1,475,185   

MIP Delaware, LLC, Term Loan

      4.00 %      03/09/20         1,568         1,581,472   

Moneygram International, Inc., Term Loan B

      4.25 %      03/27/20         8,158         8,204,472   

Nuveen Investments, Inc., First Lien Term Loan

      4.19 %      05/13/17         13,348         13,429,620   

RJO Holdings Corp., Term Loan B

      6.95 %      12/10/15         1,646         1,324,896   

Transfirst Holdings, Inc.,
First Lien Term Loan

      4.75 %      12/27/17         2,558         2,576,839   

Second Lien Term Loan

      11.00 %      06/27/18         1,393         1,426,791   
                                 30,558,138   

Food & Drug Retailers–0.87%

           

Pantry, Inc. (The), Term Loan B

      5.75 %      08/03/19         1,276         1,294,981   

Rite Aid Corp.,
Second Lien Term Loan

      5.75 %      08/21/20         1,353         1,403,808   

Term Loan 6

      4.00 %      02/21/20         2,650         2,672,600   

Roundy’s Supermarkets, Inc., Term Loan B

      5.75 %      02/13/19         2,853         2,803,369   

Sprouts Farmers Markets Holdings, LLC, Term Loan

      4.50 %      04/23/20         2,613         2,626,033   

Supervalu Inc., Refi Term Loan B

      5.00 %      03/21/19         2,854         2,850,255   
                                 13,651,046   

Food Products–2.22%

           

AdvancePierre Foods, Inc.,
Second Lien Term Loan

      9.50 %      10/10/17         524         539,236   

First Lien Term Loan

      5.75 %      07/10/17         5,939         5,989,876   

Candy Intermediate Holdings, Inc., Term Loan

      7.51 %      06/18/18         2,017         2,033,809   

Del Monte Corp., Term Loan

      4.00 %      03/08/18         3,420         3,442,766   

Dole Food Company Inc., Term Loan B

      3.75 %      04/01/20         3,531         3,546,588   

Hostess Brands, Inc., Term Loan B

      6.75 %      04/09/20         863         888,183   

JBS USA Holdings, Inc., Term Loan

      3.75 %      05/25/18         7,877         7,940,736   

Pinnacle Foods Finance LLC, Term Loan G

      3.25 %      04/29/20         6,939         6,956,981   

QCE, LLC, First Lien Term Loan

      9.00 %      01/24/17         11         5,646   

Smart Balance, Inc., Term Loan

      7.00 %      07/02/18         3,441         3,494,872   
                                 34,838,693   

Food Service–3.74%

           

Aramark Corp.,
Extended LC-3 Facility

      3.69 %      07/26/16         147         148,620   

Extended Term Loan B

      3.78 %      07/26/16         2,232         2,259,867   

Term Loan C

      3.75 %      07/26/16         8,807         8,916,539   

Term Loan D

      4.00 %      08/22/19         5,414         5,490,326   

Burger King Corp., Term Loan B

      3.75 %      09/27/19         3,525         3,563,236   

Crossmark Holdings, Inc.,
Second Lien Term Loan

      8.75 %      12/21/20         576         578,592   

Term Loan

      4.50 %      12/20/19         1,992         1,997,448   

Dunkin’ Brands, Inc., Term Loan B3

      3.75 %      02/14/20         694         698,454   

Focus Brands, Inc., Refi Term Loan

      4.26 %      02/21/18         2,090         2,109,267   

Landry’s, Inc., Term Loan B

      4.75 %      04/24/18         5,950         6,033,619   

 

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

Invesco Floating Rate Fund

     

Interest

Rate

    

Maturity

Date

     

Principal

Amount

(000)

      Value  

Food Service–(continued)

           

OSI Restaurant Partners, LLC, Term Loan

      3.50 %      10/28/19       $ 2,132       $ 2,136,098   

Restaurant Holding Co., LLC, Term Loan B (Acquired 02/28/12-01/15/13; Cost $1,132,106)

      9.00 %      02/17/17         1,125         1,141,946   

Seminole Hard Rock Entertainment, Inc., Term Loan B

      3.50 %      05/15/20         1,177         1,183,228   

Weight Watchers International, Inc.,
Term Loan B

      3.04 %      04/02/16         2,435         2,456,018   

Term Loan B2

      3.75 %      04/02/20         17,802         17,842,889   

Wendy’s International, Inc., Term Loan B

      3.25 %      05/15/19         1,952         1,969,063   
                                 58,525,210   

Forest Products–0.20%

           

John Henry Holdings, Inc., Term Loan B

      6.00 %      12/06/18         1,959         2,005,371   

Xerium Technologies, Inc., Term Loan

      7.25 %      05/17/19         1,107         1,120,039   
                                 3,125,410   

Healthcare–6.61%

           

Alere, Inc.,
Incremental Term Loan B2

      4.25 %      06/30/17         515         521,734   

Term Loan B

      4.25 %      06/30/17         1,738         1,761,702   

Term Loan B1

      4.25 %      06/30/17         1,142         1,158,194   

AMN Healthcare, Inc., Term Loan B

      3.75 %      04/05/18         915         924,269   

Apria Healthcare Group I, Term Loan

      6.75 %      04/05/20         11,352         11,455,970   

ATI Holdings, Inc., Term Loan

      5.75 %      12/20/19         954         970,491   

Biomet Inc., Extended Term Loan B

      3.97 %      07/25/17         9,901         9,983,718   

CareStream Health, Inc., Term Loan B

      5.00 %      02/25/17         4,903         4,918,939   

Community Health Systems, Inc., Extended Term Loan B

      3.77 %      01/25/17         239         241,094   

DaVita, Inc.,
Term Loan A3

      2.70 %      11/01/17         4,938         4,964,360   

Term Loan B

      4.50 %      10/20/16         4,930         4,989,873   

DJO Finance LLC, Term Loan B3

      4.75 %      09/15/17         7,603         7,725,065   

Drumm Investors, LLC, Term Loan

      5.00 %      05/04/18         3,370         3,260,017   

Genoa Healthcare Group, LLC,
PIK Second Lien Term Loan (e)

      14.00 %      02/10/15         772         663,933   

Term Loan B (Acquired 12/30/11; Cost $47,552)

      7.25 %      08/08/14         48         45,174   

HCA, Inc.,
Extended Term Loan B4

      2.94 %      05/01/18         4,274         4,296,122   

Term Loan B5

      3.03 %      03/31/17         10,083         10,131,467   

HCR Healthcare, LLC, Term Loan

      5.00 %      04/06/18         549         546,157   

Health Management Associates, Inc., Term Loan B

      3.50 %      11/16/18         2,441         2,463,485   

Hologic Inc., Term Loan B

      4.50 %      08/01/19         2,119         2,137,389   

Intertrust Group Holding S.A., (Netherlands), Term Loan B (Acquired 02/07/13;
Cost $1,336,702)

      4.70 %      02/04/20         1,340         1,348,853   

Kindred Healthcare, Inc., Term Loan B

      4.25 %      06/01/18         4,864         4,888,697   

Kinetic Concepts, Inc., Term Loan C1

      5.50 %      05/04/18         12,877         13,078,646   

Pharmaceutical Product Development, Inc., Term Loan B

      4.25 %      12/05/18         663         669,224   

Sage Products Holdings, LLC, Term Loan B

      4.25 %      12/13/19         1,286         1,296,484   

Surgical Care Affiliates, Inc., Delayed Draw Term Loan B (g)

      —          05/08/18         2,118         2,131,659   

TriZetto Group, Inc.,
Second Lien Term Loan D

      8.50 %      03/28/19         1,968         1,987,859   

Term Loan B

      4.75 %      05/02/18         2,582         2,594,482   

Universal Health Services, Inc., Term Loan B

      2.44 %      11/15/16         500         504,497   

Western Dental Services, Inc., Term Loan B

      8.25 %      11/01/18         1,890         1,911,726   
                                 103,571,280   

 

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

Invesco Floating Rate Fund

     

Interest

Rate

    

Maturity

Date

     

Principal

Amount

(000)

      Value  

Home Furnishings–0.63%

           

Serta Simmons Holdings, LLC, Term Loan

      5.00 %      10/01/19       $ 4,634       $ 4,674,103   

Springs Windows Fashions, LLC, Term Loan B

      6.00 %      05/31/17         1,425         1,434,863   

Tempur-Pedic International Inc., Refi Term Loan B

      3.50 %      12/12/19         2,808         2,817,062   

Yankee Candle Co., Inc. (The), Term Loan B

      5.25 %      04/02/19         1,016         1,019,521   
                                 9,945,549   

Industrial Equipment–1.91%

           

Alliance Laundry Systems LLC, Second Lien Term Loan

      9.50 %      12/10/19         535         548,751   

Ameriforge Group, Inc.,
First Lien Term Loan

      5.00 %      12/19/19         1,445         1,465,151   

Second Lien Term Loan

      8.75 %      12/21/20         429         440,701   

Apex Tool Group, LLC, Term Loan B

      4.50 %      02/01/20         3,155         3,185,793   

Dundee Holdco 4 Ltd., Term Loan

      5.50 %      04/09/20         3,770         3,807,767   

Generac Power Systems, Inc., Term Loan B

      3.50 %      05/31/20         1,133         1,135,581   

Grede LLC, Term Loan B

      4.50 %      05/02/18         3,117         3,137,353   

Husky Injection Molding Systems Ltd., Term Loan B

      4.25 %      07/02/18         2,980         3,006,240   

Manitowoc Co., Inc. (The), Term Loan B

      4.25 %      11/13/17         380         385,183   

Milacron LLC, Term Loan

      4.25 %      03/28/20         3,173         3,204,211   

Tank Holding Corp., Term Loan

      4.25 %      07/09/19         2,932         2,946,344   

Terex Corp., Term Loan B

      4.50 %      04/28/17         1,463         1,490,593   

Tomkins Air Distributions, First Lien Term Loan

      5.00 %      11/09/18         2,049         2,073,558   

Unifrax Corp., Term Loan

      4.25 %      11/28/18         544         549,190   

WESCO Distribution, Inc., Term Loan B

      4.50 %      12/12/19         2,441         2,463,179   
                                 29,839,595   

Insurance–0.34%

           

Compass Investors Inc., Term Loan

      5.25 %      12/27/19         941         950,749   

Cooper Gay Swett & Crawford Ltd.,
First Lien Term Loan

      5.00 %      04/16/20         1,950         1,978,811   

Second Lien Term Loan

      8.25 %      10/16/20         1,300         1,325,706   

Hub International Limited, 2017 Extended Term Loan

      3.69 %      06/13/17         1,000         1,008,390   
                                 5,263,656   

Leisure Goods, Activities & Movies–3.10%

           

24 Hour Fitness Worldwide, Inc., Term Loan

      5.25 %      04/22/16         4,133         4,190,312   

Alpha Topco Ltd., (United Kingdom), Extended Term Loan B2

      6.00 %      04/30/19         10,168         10,318,751   

AMF Bowling Worldwide, Inc.,
DIP Delayed Draw Term Loan (Acquired 12/14/12; Cost $332,334)

      7.58 %      06/28/13         332         330,672   

DIP Delayed Draw Term Loan (Acquired 12/14/12; Cost $142,429) (f)

      0.00 %      06/28/13         142         141,717   

Second Lien Term Loan (c)(d)

      0.00 %      12/06/13         67         21,091   

Term Loan B (c)(d)

      0.00 %      06/07/13         1,273         1,232,587   

Bright Horizons Family Solutions, Inc., Term Loan B

      4.00 %      01/30/20         3,578         3,611,078   

Cedar Fair, L.P., Term Loan B

      3.25 %      03/06/20         4,184         4,225,927   

Equinox Holdings, Inc., First Lien Term Loan

      4.50 %      01/31/20         2,093         2,114,034   

Fender Musical Instruments Corp., Term Loan B

      5.75 %      04/03/19         591         593,122   

IMG Worldwide, Inc., Term Loan B

      5.50 %      06/16/16         4,788         4,831,659   

Kasima, LLC, Term Loan B

      3.25 %      05/17/21         3,448         3,469,504   

Live Nation Entertainment, Inc., Term Loan B

      4.50 %      11/07/16         2,174         2,200,138   

Otter Products, LLC, Term Loan B

      5.25 %      04/29/19         1,149         1,156,139   

SeaWorld Parks & Entertainment, Inc., Term Loan B2

      3.00 %      05/14/20         1,941         1,942,086   

Six Flags Theme Parks, Inc., Term Loan B

      4.00 %      12/20/18         587         595,310   

SRAM, LLC, Term Loan B

      4.01 %      04/10/20         1,251         1,255,230   

Topps Company, Inc. (The), Term Loan

      2.95 %      10/13/14         1,542         1,534,414   

WMG Acquisition Corp.,
Delayed Draw Term Loan 1 (g)

      —          07/01/20         580         578,551   

Delayed Draw Term Loan 2 (g)

      —          07/01/20         90         89,635   

 

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

Invesco Floating Rate Fund

     

Interest

Rate

    

Maturity

Date

     

Principal

Amount

(000)

      Value  

Leisure Goods, Activities & Movies –(continued)

           

Zuffa LLC, Term Loan B

      4.50 %      02/25/20       $ 4,023       $ 4,047,926   
                                 48,479,883   

Lodging & Casinos–2.65%

           

Boyd Gaming Corp.,
Class A Revolver Loan (f)

      0.00 %      12/17/15         937         921,560   

Class A Revolver Loan

      3.66 %      12/17/15         1,708         1,680,491   

Class A Revolver Loan

      3.66 %      12/17/15         201         202,060   

Caesars Entertainment Operating Co.,
Extended Term Loan B5

      4.44 %      01/26/18         117         103,192   

Extended Term Loan B6

      5.44 %      01/26/18         16,505         14,796,734   

Cannery Casino Resorts, LLC,
Second Lien Term Loan

      10.00 %      10/02/19         515         507,295   

Term Loan B

      6.00 %      10/02/18         2,766         2,810,994   

Centaur Acquisition, LLC, First Lien Term Loan

      5.25 %      02/20/19         2,404         2,432,460   

Golden Nugget, Inc., Second Lien Term Loan

      3.45 %      11/03/14         117         106,391   

Las Vegas Sands, LLC, Extended Term Loan B

      2.70 %      11/23/16         1,341         1,343,711   

MGM Resorts International, Term Loan B

      3.50 %      12/20/19         3,789         3,805,392   

Peninsula Gaming LLC, Term Loan

      4.25 %      11/20/17         156         157,880   

Seminole Tribe of Florida, Term Loan

      3.00 %      04/29/20         5,000         5,016,250   

Station Casinos, Inc., Term Loan B

      5.00 %      03/02/20         833         843,451   

Tropicana Entertainment Inc., Term Loan B

      7.50 %      03/16/18         1,639         1,656,434   

Twin River Management Group, Inc., Term Loan B

      6.50 %      11/09/18         4,987         5,061,384   
                                 41,445,679   

Nonferrous Metals & Minerals–1.76%

           

Alpha Natural Resources, LLC, Term Loan B

      3.50 %      05/22/20         3,448         3,441,489   

AMC Entertainment, Inc., Term Loan

      3.50 %      04/30/20         2,951         2,966,666   

Arch Coal, Inc., Term Loan B

      5.75 %      05/16/18         9,565         9,675,690   

Noranda Aluminum Acquisition Corp., Term Loan B

      5.75 %      02/28/19         2,958         2,973,144   

Novelis, Inc., Term Loan

      3.75 %      03/10/17         3,109         3,161,014   

Walter Energy, Inc., Term Loan B

      5.75 %      04/02/18         5,250         5,287,694   
                                 27,505,697   

Oil & Gas–2.82%

           

Buffalo Gulf Coast Terminals LLC, Term Loan (Acquired 10/31/11-10/23/12; Cost $4,657,512)

      5.25 %      10/31/17         4,646         4,738,996   

Chesapeake Energy Corp., Term Loan

      5.75 %      12/01/17         5,222         5,370,340   

CITGO Petroleum Corp., Term Loan B

      8.00 %      06/24/15         768         775,353   

EMG Utica, LLC, Term Loan

      4.75 %      03/27/20         1,820         1,833,550   

Energy Transfer Equity, L.P., Term Loan B

      3.75 %      03/24/17         1,125         1,137,971   

Glenn Pool Oil & Gas Trust, Term Loan (Acquired 06/18/11; Cost $1,074,418)

      4.50 %      05/02/16         1,074         1,079,790   

NGPL PipeCo LLC, Term Loan B

      6.75 %      09/15/17         5,356         5,418,584   

Obsidian Natural Gas Trust (United Kingdom), Term Loan (Acquired 12/09/10-05/05/11;
Cost $1,222,734)

      7.00 %      11/02/15         1,203         1,214,653   

Ruby Western Pipeline Holdings, LLC, Term Loan B

      3.50 %      03/27/20         1,931         1,945,564   

Samson Investment Co., Second Lien Term Loan

      6.00 %      09/25/18         5,262         5,309,333   

Saxon Enterprises, LLC, Term Loan B

      5.50 %      02/15/19         2,441         2,473,778   

Tallgrass Operations, LLC, Term Loan

      5.25 %      11/13/18         2,825         2,852,760   

Tervita Corp., (Canada), Term Loan

      6.25 %      05/15/18         5,579         5,656,139   

Utex Industries Inc.,
First Lien Term Loan

      4.75 %      04/10/20         1,300         1,310,538   

Second Lien Term Loan

      8.75 %      04/09/21         390         396,413   

Willbros United States Holdings, Inc., Term Loan B

      9.50 %      06/30/14         2,571         2,579,632   
                                 44,093,394   

Publishing–3.00%

           

Affiliated Media, Inc., Term Loan

      8.50 %      03/19/14         744         745,855   

Cenveo Corp., Term Loan

      6.25 %      02/13/17         4,814         4,875,877   

 

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

Invesco Floating Rate Fund

      Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		      Value  

Publishing–(continued)

           

EMI Music Publishing Ltd., Term Loan B

      4.25 %      06/29/18       $ 4,646       $ 4,689,979   

Endurance Business Media, Inc., First Lien Term Loan (Acquired 07/26/06; Cost $81,396)

      6.50 %      12/15/14         62         12,442   

F&W Media, Inc., Term Loan

      7.75 %      06/09/14         47         46,184   

Getty Images, Inc.,
Revolver Loan (g)

      —        10/18/17         1,478         1,370,810   

Term Loan B

      4.75 %      10/18/19         11,254         11,342,754   

Harland Clarke Holdings Corp., Extended Term Loan B2

      5.44 %      06/30/17         380         375,742   

Interactive Data Corp., Term Loan B

      3.75 %      02/11/18         898         902,305   

Lamar Media Corp., Term Loan B

      4.00 %      12/30/16         9         9,071   

MediMedia USA, Inc., Term Loan

      8.00 %      11/20/18         3,948         3,923,801   

Merrill Communications, LLC, First Lien Term Loan

      7.25 %      03/08/18         4,997         5,046,864   

Newsday LLC, Term Loan

      3.69 %      10/12/16         4,895         4,900,840   

ProQuest LLC, Term Loan B

      6.00 %      04/13/18         1,797         1,811,637   

Southern Graphics, Inc., Term Loan

      5.00 %      10/17/19         3,030         3,064,479   

Tribune Co., Term Loan B

      4.00 %      12/31/19         3,789         3,837,521   
                                 46,956,161   

Radio & Television–3.86%

           

ASP NEP/NCP Holdco, Inc.,
Second Lien Term Loan

      9.50 %      07/22/20         132         137,201   

Term Loan

      4.75 %      01/22/20         2,492         2,526,457   

Barrington Broadcasting Group LLC, Term Loan B

      7.50 %      06/14/17         267         268,557   

Clear Channel Communications, Inc., Term Loan B

      3.84 %      01/29/16         25,203         23,481,116   

FoxCo Acquisition Sub, LLC, Term Loan B

      5.50 %      07/14/17         2,584         2,625,006   

Granite Broadcasting Corp., Term Loan B

      8.50 %      05/23/18         1,711         1,730,726   

Gray Television, Inc., Term Loan B

      4.75 %      10/15/19         2,224         2,258,071   

LIN Television Corp., Term Loan B

      4.00 %      12/21/18         692         699,199   

Local TV Finance, LLC, Extended Term Loan B2

      4.20 %      05/07/15         1,174         1,184,767   

Media Holdco, L.P., Term Loan B

      7.25 %      07/24/18         2,344         2,379,592   

Mission Broadcasting, Inc., Term Loan B

      4.25 %      12/03/19         138         140,695   

Nexstar Broadcasting, Inc., Term Loan

      4.25 %      12/03/19         327         332,798   

Nine Entertainment Co., Term Loan B

      3.50 %      02/05/20         4,600         4,631,993   

Raycom TV Broadcasting, Inc., Term Loan B

      4.25 %      05/31/17         2,097         2,107,385   

Sinclair Television Group Inc., Term Loan B

      3.00 %      04/09/20         2,046         2,062,370   

Univision Communications Inc.,
Extended Term Loan

      4.50 %      03/02/20         7,230         7,226,467   

Refi Term Loan C2

      4.50 %      03/02/20         3,500         3,500,000   

Term Loan C3

      4.00 %      03/02/20         3,147         3,129,591   
                                 60,421,991   

Retailers (except Food & Drug)–3.55%

           

Academy, Ltd., Term Loan

      4.50 %      08/03/18         2,282         2,308,568   

CDW LLC, Term Loan

      3.50 %      04/29/20         7,061         7,049,801   

Collective Brands, Inc., Term Loan

      7.25 %      10/09/19         2,795         2,833,175   

David’s Bridal, Inc.,
Revolver Loan

      0.25 %      10/11/17         1,573         1,478,634   

Term Loan B

      5.00 %      10/11/19         1,227         1,237,748   

FTD, Inc., Term Loan (Acquired 06/13/11; Cost $2,091,775)

      4.75 %      06/11/18         2,099         2,120,475   

Guitar Center Inc., Extended Term Loan

      5.54 %      04/10/17         5,378         5,379,872   

JC Penney Corp Inc., First Lien Term Loan

      6.00 %      05/21/18         5,417         5,503,013   

Michaels Stores, Inc., Term Loan

      3.75 %      01/28/20         9,268         9,330,293   

National Vision, Inc., Term Loan B

      7.00 %      08/02/18         2,760         2,815,704   

Neiman Marcus Group, Inc. (The), Term Loan B

      4.00 %      05/16/18         1,969         1,972,197   

OSP Group, Inc., Term Loan

      5.50 %      02/05/20         3,544         3,579,073   

Pep Boys - Manny, Moe & Jack (The), Term Loan B (Acquired 09/27/12; Cost $1,471,236)

      5.00 %      10/11/18         1,481         1,501,584   

 

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

Invesco Floating Rate Fund

      Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		      Value  

Retailers (except Food & Drug)–(continued)

           

Savers Inc., Term Loan

      5.00 %      07/09/19       $ 4,927       $ 4,967,517   

Toys ‘R’ Us-Delaware, Inc.,
Term Loan

      6.00 %      09/01/16         1,021         1,025,901   

Term Loan B3

      5.25 %      05/25/18         518         515,320   

Wilton Brands LLC, Term Loan

      7.50 %      08/30/18         2,002         2,022,662   
                                 55,641,537   

Steel–0.45%

           

JFB Firth Rixson Inc., Term Loan

      4.25 %      06/30/17         672         678,273   

JMC Steel Group, Inc., Term Loan

      4.75 %      04/03/17         1,090         1,106,448   

Tube City IMS Corp., Term Loan

      4.75 %      03/20/19         2,986         3,028,522   

Waupaca Foundry, Inc., Term Loan

      4.50 %      06/29/17         2,156         2,165,104   
                                 6,978,347   

Surface Transport–0.98%

           

American Petroleum Tankers LLC, Term Loan B

      4.75 %      10/02/19         2,419         2,455,364   

Avis Budget Car Rental, LLC, Term Loan B

      3.00 %      03/15/19         611         613,169   

CEVA Group PLC (United Kingdom),
Extended Syn. LOC

      0.18 %      08/31/16         216         207,203   

Extended Term Loan B

      5.28 %      08/31/16         1,260         1,232,635   

JHCI Acquisition, Inc., First Lien Term Loan

      2.70 %      06/19/14         2,341         2,325,667   

Kenan Advantage Group, Inc., Term Loan

      3.75 %      06/10/16         783         788,897   

Lineage Logistics Holdings, LLC, Term Loan

      4.50 %      04/26/19         282         283,521   

Swift Transportation Co. Inc.,
Term Loan B1

      2.95 %      12/21/16         804         813,050   

Term Loan B2

      4.00 %      12/21/17         1,075         1,090,933   

U.S. Shipping Corp., Term Loan

      9.00 %      04/30/18         5,603         5,618,995   
                                 15,429,434   

Telecommunications–6.78%

           

Arris Group, Inc., Term Loan B

      3.50 %      04/17/20         4,318         4,328,376   

Avaya, Inc.,
Term Loan B3

      4.77 %      10/26/17         13,319         11,999,075   

Term Loan B5

      8.00 %      03/30/18         5,500         5,277,273   

Cellular South, Inc., Term Loan

      3.25 %      05/22/20         2,299         2,310,118   

Consolidated Communications, Inc.,
Extended Term Loan B

      4.20 %      12/31/17         997         1,005,893   

Term Loan B3

      5.25 %      12/31/18         7,149         7,238,394   

Cricket Communications, Inc.,
Term Loan

      4.75 %      10/10/19         2,587         2,605,187   

Term Loan C

      4.75 %      03/09/20         4,276         4,312,949   

Crown Castle International Corp., Term Loan

      3.25 %      01/31/19         595         597,791   

Fairpoint Communications, Inc., Term Loan

      7.50 %      02/14/19         6,047         5,998,966   

Genesys Telecom Holdings, U.S., Inc., Term Loan B

      4.00 %      02/07/20         803         809,573   

Global Tel*Link Corp., First Lien Term Loan

      5.00 %      05/22/20         3,725         3,740,075   

Intelsat Jackson Holdings Ltd. (Bermuda), Term Loan

      5.25 %      02/01/14         15,787         15,811,322   

Intelsat Jackson Holdings S.A., Term Loan B1

      4.25 %      04/02/18         6,952         7,019,397   

Level 3 Communications, Inc.,
Term Loan

      4.75 %      08/01/19         181         182,495   

Term Loan B

      5.25 %      08/01/19         9,328         9,470,848   

Light Tower Fiber LLC,
First Lien Term Loan

      4.50 %      04/13/20         3,087         3,119,521   

Second Lien Term Loan

      8.00 %      04/12/21         130         132,896   

NTELOS Inc., Term Loan B

      5.75 %      11/08/19         4,381         4,337,629   

Securus Technologies Holdings, Inc., Term Loan

      4.75 %      04/30/20         248         248,495   

Syniverse Holdings, Inc.,
Delayed Draw Term Loan

      4.00 %      04/23/19         6,111         6,149,369   

Term Loan

      5.00 %      04/23/19         2,043         2,062,912   

 

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

Invesco Floating Rate Fund

      Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		      Value  

Telecommunications–(continued)

           

Time Warner Telecom Holdings Inc., Term Loan B

      2.70 %      04/17/20       $ 1,545       $ 1,554,520   

TNS, Inc.,
First Lien Term Loan

      5.00 %      02/14/20         1,287         1,306,194   

Second Lien Term Loan

      9.00 %      08/14/20         115         115,502   

U.S. TelePacific Corp., Term Loan B

      5.75 %      02/23/17         2,278         2,282,194   

Windstream Corp., Term Loan B4

      3.50 %      01/23/20         2,085         2,098,721   
                                 106,115,685   

Utilities–1.90%

           

AES Corp. (The), Term Loan B

      3.75 %      06/01/18         1,007         1,018,848   

Calpine Corp.,
Term Loan

      4.00 %      04/01/18         792         799,922   

Term Loan B1

      3.00 %      05/04/20         4,146         4,130,571   

Term Loan B2

      3.25 %      01/31/22         2,073         2,073,868   

Term Loan B3

      4.00 %      10/09/19         6,604         6,676,977   

Dynegy Holdings Inc., Term Loan B2

      4.00 %      04/23/20         1,779         1,789,214   

La Frontera Generation, LLC, Term Loan

      1.00 %      09/30/20         669         675,993   

LSP Madison Funding LLC, Term Loan

      5.50 %      06/28/19         1,059         1,070,663   

NRG Energy Inc., Term Loan B

      3.25 %      07/02/18         978         973,328   

NSG Holdings LLC, Term Loan

      4.75 %      12/11/19         615         624,718   

Texas Competitive Electric Holdings Co., LLC,
Extended Term Loan

      4.72 %      10/10/17         5,010         3,637,974   

Term Loan

      3.72 %      10/10/14         8,006         6,220,000   
                                 29,692,076   

Total Variable Rate Senior Loan Interests

                                1,346,963,528   

Bonds and Notes–4.86%

           

Air Transport–0.31%

           

Air Lease Corp.

      7.38 %      01/30/19         3,757         4,301,342   

Continental Airlines, Inc. (h)

      6.75 %      09/15/15         460         483,000   
                                 4,784,342   

Auto Parts & Equipment–0.11%

           

Gestamp Funding Luxembourg S.A. (Luxembourg) (h)

      5.63 %      05/31/20         1,747         1,713,655   

Automotive–0.16%

           

Goodyear Tire & Rubber Co. (The)

      6.50 %      03/01/21         1,418         1,499,535   

Schaeffler Finance B.V. (Netherlands) (h)

      4.75 %      05/15/21         1,042         1,038,211   
                                 2,537,746   

Cable & Satellite Television–0.10%

           

Lynx I Corp. (United Kingdom) (h)

      5.38 %      04/15/21         200         208,500   

UPC Broadband Holdings, B.V. (Netherlands) (h)

      7.25 %      11/15/21         1,074         1,208,250   

UPC Broadband Holdings, B.V. (Netherlands) (h)

      6.88 %      01/15/22         173         188,955   
                                 1,605,705   

Chemicals & Plastics–0.40%

           

Hexion Specialty Chemicals, Inc. (h)

      6.63 %      04/15/20         5,355         5,582,587   

Ineos Holdings Ltd. (h)

      8.38 %      02/15/19         241         270,522   

Ineos Holdings Ltd. (h)

      7.50 %      05/01/20         157         173,093   

Taminco Global Chemical Corp. (h)

      9.75 %      03/31/20         226         257,640   
                                 6,283,842   

Containers & Glass Products–0.86%

           

Ardagh Glass Finance (Ireland) (h)

      7.00 %      11/15/20         858         896,610   

 

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

Invesco Floating Rate Fund

     

Interest

Rate

    

Maturity

Date

     

Principal

Amount

(000)

      Value  

Containers & Glass Products –(continued)

           

Reynolds Group Holdings Inc.

      7.88 %      08/15/19       $ 1,854       $ 2,039,400   

Reynolds Group Holdings Inc.

      9.88 %      08/15/19         1,879         2,057,505   

Reynolds Group Holdings Inc.

      5.75 %      10/15/20         8,318         8,525,950   
                                 13,519,465   

Data Processing & Outsourced Services–0.22%

           

First Data Corp. (h)

      6.75 %      11/01/20         3,207         3,371,359   

Diversified Chemicals–0.01%

           

Ineos Group Holdings PLC (h)

      6.13 %      08/15/18         200         199,500   

Food Products–0.03%

           

Chiquita Brands LLC (h)

      7.88 %      02/01/21         422         455,232   

Forest Products–0.11%

           

Verso Paper Holding LLC

      11.75 %      01/15/19         1,626         1,731,690   

Health Care Equipment–0.03%

           

Biomet Inc. (h)

      6.50 %      08/01/20         469         495,967   

Health Care Facilities–0.06%

           

Community Health Systems, Inc.

      5.13 %      08/15/18         940         989,350   

Healthcare–0.41%

           

Accellent Inc.

      8.38 %      02/01/17         2,878         3,065,070   

DJO Finance LLC

      8.75 %      03/15/18         1,386         1,538,460   

Kindred Healthcare, Inc.

      8.25 %      06/01/19         542         571,810   

Kinetic Concepts, Inc.,

      10.50 %      11/01/18         1,140         1,254,000   
                                 6,429,340   

Independent Power Producers & Energy Traders–0.06%

           

NRG Energy Inc. (h)

      6.63 %      03/15/23         880         946,000   

Lodging & Casinos–0.02%

           

Chester Downs & Marina LLC (h)

      9.25 %      01/15/20         331         324,380   

Nonferrous Metals & Minerals–0.07%

           

TiZir Ltd. (United Kingdom)

      9.00 %      09/28/17         1,000         1,027,500   

Oil & Gas–0.38%

           

NGPL PipeCo LLC (h)

      9.63 %      06/01/19         786         880,320   

Pacific Drilling S.A. (Luxembourg) (h)

      5.38 %      06/01/20         2,798         2,783,402   

Tervita Corp. (Canada) (h)

      8.00 %      11/15/18         1,949         2,060,678   

Western Refining, Inc. (h)

      6.25 %      04/01/21         190         197,600   
                                 5,922,000   

Publishing–0.06%

           

Merrill Communications, LLC

      10.00 %      03/08/23         1,010         863,888   

Radio & Television–0.50%

           

Clear Channel Communications, Inc. (h)

      9.00 %      12/15/19         1,713         1,738,695   

Univision Communications Inc. (h)

      6.75 %      09/15/22         4,645         4,993,375   

Univision Communications Inc. (h)

      6.88 %      05/15/19         1,000         1,070,000   
                                 7,802,070   

Retailers (except Food & Drug)–0.09%

           

Claire’s Stores, Inc. (h)

      9.00 %      03/15/19         1,202         1,361,265   

Telecommunications–0.56%

           

GNET Escrow Corp. (h)

      12.13 %      07/01/18         2,154         2,331,705   

 

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

Invesco Floating Rate Fund

     

Interest

Rate

    

Maturity

Date

     

Principal

Amount

(000)

      Value  

Telecommunications–(continued)

           

Goodman Networks, Inc. (h)

      13.13 %      07/01/18       $ 2,600       $ 2,899,000   

Wind Acquisition Finance S.A. (Italy) (h)

      6.50 %      04/30/20         256         270,080   

Wind Acquisition Finance S.A. (Italy) (h)

      7.25 %      02/15/18         1,612         1,688,570   

Windstream Corp.

      7.50 %      06/01/22         1,484         1,580,460   

Windstream Corp.

      6.38 %      08/01/23         17         16,915   
                                 8,786,730   

Utilities–0.31%

           

Calpine Corp. (h)

      7.50 %      02/15/21         3,185         3,471,318   

Calpine Corp. (h)

      7.88 %      01/15/23         —         286   

NRG Energy Inc.

      7.63 %      05/15/19         1,366         1,461,620   
                                 4,933,224   

Total Bonds and Notes

                                76,084,250   

Structured Products–3.31%

           

Apidos Cinco CDO Ltd. (Cayman Islands) (h)(i)

      4.53 %      05/14/20         345         331,230   

Apidos CLO II (Cayman Islands) (h)(i)

      5.03 %      12/21/18         919         916,905   

Apidos CLO X Ltd. (Cayman Islands) (h)(i)

      6.53 %      10/30/22         1,750         1,756,846   

Apidos IX CDO Ltd. (Cayman Islands) (h)(i)

      6.78 %      07/15/23         958         966,626   

Apidos Quattro CDO Ltd. (Cayman Islands) (h)(i)

      3.88 %      01/20/19         408         381,786   

Apidos X CDO Ltd. (Cayman Islands) (h)(i)

      6.53 %      10/30/22         1,367         1,372,348   

Apidos XI CDO Ltd. (h)(i)

      5.25 %      01/17/23         2,070         2,011,899   

Ares XI CLO Ltd. (h)(i)

      3.28 %      10/11/21         724         713,710   

Atrium CDO Corp. (Acquired 04/25/13; Cost $3,388,381) (h)(i)

      4.50 %      07/16/25         3,742         3,388,381   

Atrium IV CDO Corp. (h)

      9.18 %      06/08/19         205         213,145   

Banc of America Large Loan Trust

      3.70 %      11/12/15         10,570         10,517,536   

Columbus Nova CLO Ltd. (h)(i)

      3.87 %      05/16/19         1,093         1,005,462   

Columbus Nova CLO Ltd. (h)(i)

      3.87 %      05/16/19         429         394,641   

Flagship CLO VI Corp. (h)(i)

      5.03 %      06/10/21         987         944,691   

Flagship CLO VI Corp. (h)(i)

      5.03 %      06/10/21         3,254         3,115,275   

Four Corners CLO II, Ltd. (h)(i)

      2.13 %      01/26/20         103         99,312   

Four Corners CLO II, Ltd. (h)(i)

      2.15 %      01/26/20         310         298,902   

Gramercy Park CLO Ltd. (h)(i)

      5.78 %      07/17/23         1,336         1,347,489   

Halcyon Loan Investors CLO II, Ltd. (Cayman Islands) (h)(i)

      3.88 %      04/24/21         917         848,035   

ING Investment Management CLO I Ltd. (h)(i)

      6.04 %      04/15/24         4,808         4,697,304   

ING Investment Management CLO III, Ltd. (h)(i)

      3.78 %      12/13/20         1,188         1,103,329   

ING Investment Management CLO III, Ltd. (h)(i)

      6.13 %      10/15/22         1,243         1,254,223   

ING Investment Management CLO IV, Ltd. (Cayman Islands) (h)(i)

      4.53 %      06/14/22         293         274,158   

ING Investment Management CLO IV, Ltd. (h)(i)

      6.03 %      10/15/23         1,861         1,877,748   

KKR Financial CLO Ltd. (h)(i)

      5.50 %      12/15/24         2,100         2,074,188   

Madison Park Funding IV Ltd. (h)(i)

      3.88 %      03/22/21         1,344         1,296,662   

Pacifica CDO VI, Ltd. (h)(i)

      4.03 %      08/15/21         565         513,485   

Sierra CLO II Ltd. (i)

      3.78 %      01/22/21         733         639,703   

Silverado CLO II Ltd. (h)(i)

      4.03 %      10/16/20         886         812,134   

Slater Mill Loan Fund, L.P. (h)(i)

      5.77 %      08/17/22         1,108         1,107,959   

Symphony CLO IX, Ltd. (h)(i)

      5.28 %      04/16/22         1,901         1,848,092   

Symphony CLO VIII, Ltd. (h)(i)

      6.03 %      01/09/23         1,035         1,037,795   

Symphony CLO XI, Ltd. (h)(i)

      5.31 %      01/17/25         2,640         2,590,772   

Total Structured Products

                                51,751,771   

 

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

Invesco Floating Rate Fund

      Shares      Value  

Common Stocks & Other Equity Interests–0.48%

      

Aerospace & Defense–0.00%

      

ACTS Aero Technical Support & Services, Inc. (h)(j)

      122,977       $ 1,231   

Automotive–0.01%

      

Dayco Products, LLC (h)(j)

      3,261         112,506   

Dayco Products, LLC (h)(j)

      856         29,532   
                142,038   

Building & Development–0.00%

      

Lake at Las Vegas Joint Venture, LLC, Class A, (Acquired 04/28/10-7/15/10;
Cost $664,569) (h)(j)

      518         0   

Lake at Las Vegas Joint Venture, LLC, Class B, (Acquired 06/30/10;
Cost $3,408,940) (h)(j)

      4         0   

Lake at Las Vegas Joint Venture, LLC, Class C, Wts. expiring 07/15/15,
(Acquired 06/30/10; Cost $0)(h)(j)

      17         0   

Lake at Las Vegas Joint Venture, LLC, Class D, Wts. expiring 07/15/15,
(Acquired 06/30/10; Cost $0) (h)(j)

      24         0   

Lake at Las Vegas Joint Venture, LLC, Class E, Wts. expiring 07/15/15,
(Acquired 06/30/10; Cost $0) (h)(j)

      27         0   

Lake at Las Vegas Joint Venture, LLC, Class F, Wts. expiring 07/15/15,
(Acquired 06/30/10; Cost $0) (h)(j)

      30         0   

Lake at Las Vegas Joint Venture, LLC, Class G, Wts. expiring 07/15/15,
(Acquired 06/30/10; Cost $0) (h)(j)

      34         0   
                0   

Building Products–0.18%

      

Masonite Worldwide Holdings, Inc. (Canada) (h)(j)

      53,093         2,874,986   

Chemicals & Plastics–0.01%

      

Metokote Corp., Wts. expiring 11/22/23 (Acquired 12/05/11; Cost $0) (h)(j)

      61         106,598   

Construction & Engineering–0.00%

      

United Subcontractors, Inc., (h)(j)

      4,840         4,840   

Electric Utilities–0.00%

      

Bicent Power, LLC -Series A, -Wts. expiring 08/21/22, (Acquired 08/21/12;
Cost $0) (h)(j)

      101         0   

Bicent Power, LLC -Series B, -Wts. expiring 08/21/22, (Acquired 08/21/12;
Cost $0) (h)(j)

      164         0   
                0   

Financial Intermediaries–0.00%

      

Bankruptcy Management Solutions, Inc., (h)(k)

      214         4   

Bankruptcy Management Solutions, Inc., -Wts. expiring 10/01/17,
(Acquired 12/05/11; Cost $0) (h)(k)

      18         0   
                4   

Lodging & Casinos–0.03%

      

Twin River Worldwide Holdings, Inc., Class A (h)(j)

      18,663         440,913   

Paper Products–0.00%

      

Xerium Technologies, Inc. (j)

      1,766         17,430   

Publishing–0.05%

      

Endurance Business Media, Inc., Class A (h)(j)

      124         12   

F&W Media, Inc. (h)(k)

      288         14   

F&W Media, Inc., Wts. expiring 06/09/14 (h)(k)

      559         28   

Merrill Communications LLC

      133,776         277,585   

 

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

Invesco Floating Rate Fund

      Shares      Value  

Publishing–(continued)

      

Tribune Co. Class A

      9,050       $ 513,588   
                791,227   

Radio & Television–0.18%

      

Ion Media Networks, Inc. (h)(j)

      4,471         2,749,665   

Surface Transport–0.00%

      

U.S. Shipping Corp. (Acquired 09/28/07-09/30/09; Cost $87,805) (h)(j)

      87,805         0   

U.S. Shipping Corp. (Acquired 09/28/07-09/30/09; Cost $0) (h)(j)

      6,189         0   
                0   

Telecommunications–0.02%

      

FairPoint Communications, Inc. (j)

      44,928         381,888   

Total Common Stocks & Other Equity Interests

               7,510,820   

Money Market Funds–9.50%

      

Liquid Assets Portfolio –Institutional Class (l)

      74,349         74,349,320   

Premier Portfolio –Institutional Class (l)

      74,349         74,349,320   

Total Money Market Funds

               148,698,640   

TOTAL INVESTMENTS–104.18% (Cost $1,619,515,617)

               1,631,009,009   

OTHER ASSETS LESS LIABILITIES–(4.18)%

               (65,414,416 ) 

NET ASSETS–100.00%

             $     1,565,594,593   

 

Investment Abbreviations:

CDO    —Collateralized Debt Obligation
CLO    —Collateralized Loan Obligation
DIP    —Debtor-in-possession
LOC    —Letter of Credit
PIK    —Payment in Kind
Syn LOC    —Synthetic Letter of Credit
Wts.    —Warrants

Notes to Schedule of Investments:

 

(a) 

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

 

(b) 

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

 

(c) 

Defaulted security. Currently, the issuer is in default with respect to principal and interest payments. The aggregate value of these securities at May 31, 2013 was $3,652,266, which represented less than 1% of the Fund’s Net Assets.

 

(d) 

The borrower has filed for protection in federal bankruptcy court.

 

(e) 

All or a portion of this security is Payment-in-Kind.

 

(f) 

All or a portion of this holding is subject to unfunded loan commitments. Interest rate will be determined at the time of funding. See Note 3.

 

(g) 

This floating rate interest will settle after May 31, 2013, at which time the interest rate will be determined.

 

(h) 

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, 2013 was $90,474,616, which represented 5.78% of the Fund’s Net Assets.

 

(i) 

Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on May 31, 2013.

 

(j) 

Non-income producing securities acquired through the restructuring of senior loans.

 

(k) 

Acquired as part of a bankruptcy restructuring.

 

(l) 

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

 

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

Invesco Floating Rate Fund

Notes to Quarterly Schedule of Portfolio Holdings

May 31, 2013

(Unaudited)

NOTE 1 — Significant Accounting Policies

 

A. Security Valuations – Variable rate senior loan interests are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data.

Securities, including restricted securities, are valued according to the following policy. A security listed or traded on an exchange (except convertible bonds) is valued at its last sales price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales 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 (but not securities reported on the NASDAQ Stock Exchange) are valued based on the prices furnished by independent pricing services, in which case the securities may be considered fair valued, or by market makers. Each security reported on the NASDAQ Stock Exchange is valued at the NASDAQ Official Closing Price (“NOCP”) as of the close of the customary trading session on the valuation date or absent a NOCP, at the closing bid price.

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 the ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

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

Debt obligations (including convertible bonds) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Swap agreements are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end of day net present values, spreads, ratings, industry, and company performance.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the Adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trade 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.

 

 

Invesco Floating Rate Fund

A. Security Valuations – (continued)

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

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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 is recorded on the accrual basis from the settlement date. Facility fees received may be amortized over the life of the loan. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes.

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

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

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

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D. Other Risks – The Fund may invest all or substantially of its assets in senior secured floating rate loans, senior secured debt securities or other securities rated below investment grade. These securities are generally considered to have speculative characteristics and are subject to greater risk of loss of principal and interest than higher rated securities. The value of lower quality debt securities and floating rate loans can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market or economic developments.

The Fund invests in Corporate Loans from U.S. or non-U.S. companies (the “Borrowers”). The investment of the Fund in a Corporate Loan may take the form of participation interests or assignments. If the Fund purchases a participation interest from a syndicate of lenders (“Lenders”) or one of the participants in the syndicate (“Participant”), one or more of which administers the loan on behalf of all the Lenders (the “Agent Bank”), the Fund would be required to rely on the Lender that sold the participation interest not only for the enforcement of the Fund’s rights against the Borrower but also for the receipt and processing of payments due to the Fund under the Corporate Loans. As such, the Fund is subject to the credit risk of the Borrower and the Participant. Lenders and Participants interposed between the Fund and a Borrower, together with Agent Banks, are referred to as “Intermediate Participants”.

 

 

Invesco Floating Rate Fund

E. Bank Loan Risk Disclosures – Although the resale, or secondary market for floating rate loans has grown substantially over the past decade, both in overall size and number of market participants, there is no organized exchange or board of trade on which floating rate loans are traded. Instead, the secondary market for floating rate loans is a private, unregulated interdealer or interbank resale market. Such a market may therefore be subject to irregular trading activity, wide bid/ask spreads, and extended trade settlement periods. Similar to other asset classes, bank loan funds may be exposed to counterparty credit risk, or the risk than an entity with which the Fund has unsettled or open transactions may fail to or be unable to perform on its commitments. The Fund manages counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.
F. Securities Purchased on a When-Issued and Delayed Delivery Basis – The Fund may purchase and sell interests in Corporate Loans and Corporate Debt Securities and other portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date.

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, 2013. 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  

Equity Securities

    $ 152,486,533       $ 3,616,329       $ 106,598       $ 156,209,460   

Variable Rate Senior Loan Interests

      —         1,287,734,419         59,229,109         1,346,963,528   

Bonds and Notes

      —         76,084,250         —         76,084,250   

Structured Products

      —         48,363,390         3,388,381         51,751,771   

Total Investments

    $ 152,486,533       $ 1,415,798,388       $ 62,724,088       $ 1,631,009,009   

 

 

Invesco Floating Rate Fund

A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period in relation to net assets.

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Variable Rate Senior Loan Interests during the nine months ended May 31, 2013:

 

    

Beginning

Balance, as
of

August 31,
2012

     Purchases     Sales    

Accrued

discounts/

premiums

    

Net

realized

gain

    

Net change in

unrealized

appreciation

    

Transfers

into Level 3

    

Transfers

out of

Level 3

    

Ending

Balance, as

of May 31,

2013

  

Variable Rate Senior Loan Interests

     $-        $33,016,627        $ (524,370)      $20,193        $9,289        $650,747        $26,056,623        $-        $59,229,109   

The Variable Rate Senior Loan Interests determined to be level 3 at the end of the reporting period were valued utilizing quotes from a third-party vendor pricing service. Investments in Variable Rate Senior Loan Interests were transferred from Level 2 to Level 3 due to third-party vendor quotations utilizing single market quotes and was assumed to have occurred at the end of the reporting period. A significant change in third-party pricing information could result in a significantly lower or higher value in Level 3 investments.

NOTE 3 — Unfunded Loan Commitments

The Fund invests in participations, assignments, or acts as a party to the primary lending syndicate of a Senior Loan interest to corporations, partnerships, and other entities. When the Fund purchases a participation of a Senior Loan interest, the Fund typically enters into a contractual agreement with the lender or other third party selling the participation, but not with the borrower directly. As such, the Fund assumes the credit risk of the borrower, selling participant or other persons interpositioned between the Fund and the borrower.

At the nine months ended May 31, 2013, there were no interests in Senior Loans purchased by the Fund on a participation basis.

As of May 31, 2013, the Fund had unfunded loan commitments, which could be extended at the option of the borrower, pursuant to the following loan agreements with the following borrowers:

 

Borrower          Principal
Amount		      Value  

AMF Bowling Worldwide

    Delayed Draw Term Loan      $142,429         $141,717   

Boyd Gaming Corp.

    Revolver Loan      936,783         921,560   

Delta Air Lines, Inc.

    Revolver Loan      1,144,857         1,053,269   

Delta Air Lines, Inc.

    Revolver Loan      7,785,030         7,424,972   

Lake at Las Vegas Joint Venture, LLC

    Revolver Loan      10,794         4,101   

Reynolds Group Holdings Inc.

    Revolver Loan      3,986,510         3,984,019   

West Corp.

    Revolver Loan      1,747,822         1,573,039   
            $15,754,225         $15,102,677   

 

 

Invesco Floating Rate Fund

NOTE 4 — Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the nine months ended May 31, 2013 was $1,518,764,112 and $985,048,326, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

 

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

Aggregate unrealized appreciation of investment securities

    $ 24,337,041   

Aggregate unrealized (depreciation) of investment securities

      (14,762,661 ) 

Net unrealized appreciation of investment securities

    $ 9,574,380   

Cost of investments for tax purposes is $1,621,434,629.

   

 

 

Invesco Floating Rate Fund

  

 

Invesco Global Real Estate Income Fund

Quarterly Schedule of Portfolio Holdings

May 31, 2013

 

 

   LOGO     
   invesco.com/us       GREI-QTR-1    05/13    Invesco Advisers, Inc.

Schedule of Investments

May 31, 2013

(Unaudited)

 

      Shares      Value  

Real Estate Investment Trusts, Common Stocks & Other
Equity Interests–51.46%

   

Australia–6.93%

      

BWP Trust

      1,228,663       $          2,924,952   

CFS Retail Property Trust

      3,050,963         5,841,234   

Challenger Diversified Property Group

      1,337,055         3,432,693   

Charter Hall Group

      1,559,118         6,068,698   

Charter Hall Retail REIT

      1,351,329         5,296,741   

Commonwealth Property Office Fund

      3,587,574         3,764,611   

Dexus Property Group

      8,242,755         8,620,859   

Federation Centres Ltd.

      3,150,427         7,456,431   

Goodman Group

      1,146,706         5,591,398   

GPT Group

      1,108,313         4,096,041   

Investa Office Fund

      1,412,126         4,298,358   

Mirvac Group

      3,462,601         5,473,489   

Stockland

      3,296,779         11,454,492   
                74,319,997   

Canada–4.92%

      

Allied Properties REIT

      227,800         7,369,225   

Artis REIT

      455,800         7,165,837   

Calloway REIT

      201,100         5,452,277   

Canadian Apartment Properties REIT

      343,700         8,164,864   

Canadian REIT

      95,200         4,018,086   

Chartwell Retirement Residences

      607,900         6,373,334   

Cominar REIT

      283,800         6,167,066   

Dundee REIT -Class A

      163,500         5,375,883   

H&R REIT

      65,443         1,458,707   

RioCan REIT

      47,600         1,262,539   
                52,807,818   

China–0.24%

      

SOHO China Ltd.

      3,071,000         2,599,119   

France–2.82%

      

Gecina S.A.

      39,400         4,756,775   

Klepierre

      65,746         2,826,680   

Mercialys S.A.

      195,404         4,413,610   

Unibail-Rodamco S.E.

      74,120         18,229,762   
                30,226,827   

Germany–0.51%

      

Alstria Office REIT-AG

      100,000         1,207,004   

Deutsche Euroshop AG

      68,625         2,963,020   

GSW Immobilien AG

      32,313         1,259,076   
                5,429,100   

Hong Kong–2.03%

      

Fortune REIT

      3,243,000         3,012,139   

Kerry Properties Ltd.

      827,500         3,327,713   

Link REIT (The)

      497,500         2,563,888   

Shimao Property Holdings Ltd.

      1,253,500         2,715,447   

Sino Land Co. Ltd.

      1,883,000         2,760,977   

Wharf Holdings Ltd. (The)

      843,000         7,430,039   
                21,810,203   
      Shares      Value  

Japan–5.56%

      

Activia Properties, Inc.

      922       $          7,012,344   

Advance Residence Investment Corp.

      1,166         2,415,296   

GLP J-REIT(a)

      533         491,914   

GLP J-REIT

      1,772         1,635,406   

Industrial & Infrastructure Fund
Investment Corp. (a)

      46         426,468   

Industrial & Infrastructure Fund
Investment Corp.

      592         5,488,460   

Japan Prime Realty Investment Corp.

      1,609         5,018,770   

Japan Retail Fund Investment Corp.

      2,633         4,979,517   

Kenedix Realty Investment Corp.

      1,316         5,046,135   

Nippon Prologis REIT Inc.

      101         827,341   

Nomura Real Estate Office Fund, Inc.

      1,290         7,327,868   

Nomura Real Estate Residential Fund, Inc.

      1,648         8,514,492   

ORIX JREIT Inc.

      4,805         5,192,795   

United Urban Investment Corp.

      4,176         5,326,957   
                59,703,763   

Netherlands–0.27%

      

Corio N.V.

      66,415         2,951,780   

New Zealand–0.39%

      

Kiwi Income Property Trust

      1,890,124         1,793,722   

Precinct Properties New Zealand Ltd.

      2,730,018         2,360,596   
                4,154,318   

Singapore–3.59%

      

Ascendas REIT

      2,612,000         4,778,562   

Ascott Residence Trust

      2,382,000         2,503,103   

CapitaCommercial Trust

      2,167,000         2,598,545   

CapitaLand Ltd.

      1,625,000         4,427,363   

CapitaMall Trust

      1,648,000         2,761,226   

Frasers Centrepoint Trust

      2,873,000         4,609,373   

Mapletree Industrial Trust

      1,566,000         1,725,435   

Mapletree Logistics Trust

      5,320,000         5,083,779   

Starhill Global REIT

      4,019,000         2,759,407   

Suntec REIT

      5,351,000         7,302,591   
                38,549,384   

South Africa–0.96%

      

Capital Property Fund

      1,170,506         1,198,216   

Fountainhead Property Trust

      1,911,557         1,519,853   

Growthpoint Properties Ltd.

      1,441,541         3,614,508   

Hyprop Investments Ltd.

      278,329         1,883,779   

SA Corporate Real Estate Fund

      5,438,402         2,102,545   
                10,318,901   

Sweden–0.60%

      

Castellum AB

      140,308         2,099,771   

Fabege AB

      200,050         2,215,606   

Hufvudstaden AB -Class A

      157,409         2,075,830   
                6,391,207   
 

 

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

Invesco Global Real Estate Income Fund

      Shares      Value  

United Kingdom–3.59%

      

Big Yellow Group PLC

      874,037       $ 5,492,296   

British Land Co. PLC

      1,281,788                  11,721,304   

Hansteen Holdings PLC

      3,696,538         4,948,313   

Intu Properties PLC

      1,265,458         6,500,981   

Land Securities Group PLC

      702,505         9,866,948   
                38,529,842   

United States–19.05%

      

Acadia Realty Trust

      309,500         8,022,240   

AvalonBay Communities, Inc.

      81,226         10,775,441   

BioMed Realty Trust, Inc.

      276,500         5,787,145   

Brookfield Office Properties, Inc.

      497,334         8,547,928   

CBL & Associates Properties, Inc.

      508,400         11,688,116   

Cohen & Steers Quality Income Realty Fund, Inc.

      213,973         2,385,799   

Corrections Corp. of America

      182,377         6,410,552   

Digital Realty Trust, Inc.

      54,500         3,319,595   

Essex Property Trust, Inc.

      99,000         15,556,860   

Government Properties Income Trust

      255,250         6,205,127   

Health Care REIT, Inc.

      85,000         5,782,550   

Healthcare Realty Trust, Inc.

      490,500         13,052,205   

Hersha Hospitality Trust

      670,100         3,832,972   

Highwoods Properties, Inc.

      92,000         3,350,640   

Hospitality Properties Trust

      289,900         8,459,282   

Liberty Property Trust

      176,100         7,146,138   

LTC Properties, Inc.

      115,800         4,818,438   

National Retail Properties Inc.

      146,200         5,244,194   

Piedmont Office Realty Trust Inc. -Class A

      335,300         6,367,347   

Public Storage

      60,577         9,195,589   

Retail Opportunity Investments Corp.

      777,900         10,921,716   

RLJ Lodging Trust

      108,200         2,505,912   

Senior Housing Properties Trust

      365,450         9,446,882   

Simon Property Group, Inc.

      73,500         12,233,340   

UDR, Inc.

      280,100         6,826,037   

Urstadt Biddle Properties Inc. -Class A

      99,400         2,093,364   

Ventas, Inc.

      88,300         6,301,971   

Washington REIT

      68,400         1,902,888   

Weyerhaeuser Co.

      207,600         6,190,632   
                204,370,900   

Total Real Estate Investment Trusts, Common Stocks & Other Equity Interests
(Cost $527,717,515)

               552,163,159   

Preferred Stocks–21.25%

      

Australia–0.53%

      

Goodman PLUS Trust, 6.95% Unsec. Floating Rate Pfd. (b)

      60,179         5,683,110   

United States–20.72%

      

Alexandria Real Estate Equities Inc., Series D, $1.75 Conv. Pfd.

      425,000         11,926,563   

Boston Properties, Inc., 5.25% Pfd.

      200,000         4,990,000   
      Shares      Value  

United States–(continued)

      

Brandywine Realty Trust, Series E,
6.90% Pfd.

      37,000       $ 977,540   

CBL & Associates Properties, Inc.,
Series D, 7.38% Pfd.

      232,685         5,931,141   

CBL & Associates Properties, Inc.,
Series E, 6.63% Pfd.

      401,865                  10,464,565   

Chesapeake Lodging Trust,
Series A, 7.75% Pfd.

      90,000         2,324,700   

Coresite Realty Corp.,
Series A, 7.25% Pfd.

      188,185         4,890,928   

Corporate Office Properties Trust,
Series L, 7.38% Pfd.

      335,500         9,092,050   

Digital Realty Trust Inc.,
Series F, 6.63% Pfd.

      80,000         2,077,600   

Digital Realty Trust Inc.,
Series G, 5.88% Pfd.

      238,700         5,872,020   

Duke Realty Corp.,
Series J, 6.63% Pfd.

      185,000         4,680,500   

Duke Realty Corp.,
Series L, 6.60% Pfd.

      122,500         3,105,375   

DuPont Fabros Technology, Inc.,
Series A, 7.88% Pfd.

      159,400         4,144,400   

DuPont Fabros Technology, Inc.,
Series B, 7.63% Pfd.

      140,400         3,699,540   

Eagle Hospitality Properties Trust) Inc.,
Series A, 8.25% Pfd.

      195,800         13,217   

EPR Properties,
Series E, $2.25 Conv. Pfd.

      104,400         3,361,680   

EPR Properties,
Series F, 6.63% Pfd.

      78,000         1,978,080   

Equity LifeStyle Properties, Inc.,
Series C, 6.75% Pfd.

      4,400         114,092   

Essex Property Trust, Inc.,
Series H, 7.13% Pfd.

      199,200         5,310,672   

Health Care REIT, Inc.,
Series I, $3.25 Conv. Pfd.

      168,500         10,615,500   

Health Care REIT, Inc.,
Series J, 6.50% Pfd.

      178,500         4,739,175   

Hersha Hospitality Trust,
Series B, 8.00% Pfd.

      176,500         4,592,530   

Hersha Hospitality Trust,
Series C, 6.88% Pfd.

      63,875         1,658,834   

Hospitality Properties Trust,
Series C, 7.00% Pfd.

      52,123         1,324,445   

Hudson Pacific Properties Inc.,
Series B, 8.38% Pfd.

      177,816         4,692,564   

Inland Real Estate Corp.,
Series A, 8.13% Pfd.

      96,947         2,569,096   

Kilroy Realty Corp.,
Series G, 6.88% Pfd.

      274,000         7,282,920   

Kilroy Realty Corp.,
Series H, 6.38% Pfd.

      332,500         8,538,600   

Kimco Realty Corp.,
Series J, 5.50% Pfd.

      94,390         2,388,067   

Kimco Realty Corp.,
Series K, 5.63% Pfd.

      77,607         1,956,472   

LaSalle Hotel Properties,
Series G, 7.25% Pfd.

      33,834         853,970   

LaSalle Hotel Properties,
Series H, 7.50% Pfd.

      103,900         2,730,492   

LaSalle Hotel Properties,
Series I, 6.38% Pfd.

      199,000         4,963,060   
 

 

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

Invesco Global Real Estate Income Fund

          Shares      Value  

United States–(continued)

       

National Retail Properties Inc., Series D, 6.63% Pfd.

         136,000       $          3,525,120   

Pebblebrook Hotel Trust, Series A, 7.88% Pfd.

         238,700         6,385,225   

Pebblebrook Hotel Trust, Series B, 8.00% Pfd.

         139,200         3,723,600   

Pebblebrook Hotel Trust, Series C, 6.50% Pfd.

         177,286         4,394,920   

PS Business Parks, Inc., Series S, 6.45% Pfd.

         120,000         3,120,000   

PS Business Parks, Inc., Series U, 5.75% Pfd.

         76,000         1,896,200   

Public Storage, Series S, 5.90% Pfd.

         40,000         1,037,600   

Public Storage, Series T, 5.75% Pfd.

         80,000         2,048,000   

Public Storage, Series X, 5.20% Pfd.

         250,000         6,240,000   

Regency Centers Corp., Series 6, 6.63% Pfd.

         141,801         3,749,218   

Regency Centers Corp., Series 7, 6.00% Pfd.

         48,500         1,227,050   

Saul Centers, Inc., Series C, 6.88% Pfd.

         88,000         2,266,880   

Senior Housing Properties Trust, 5.63% Sr. Unsec. Pfd.

         48,000         1,196,160   

SL Green Realty Corp., Series C, 7.63% Pfd.

         119,165         3,019,641   

SL Green Realty Corp., Series I, 6.50% Pfd.

         301,000         7,750,750   

Summit Hotel Properties, Inc.,
Series B, 7.88% Pfd.

         162,241         4,200,419   

Sun Communities, Inc.,
Series A, 7.13% Pfd.

         9,470         245,178   

Taubman Centers, Inc., Series J, 6.50% Pfd.

         144,429         3,703,160   

Taubman Centers, Inc., Series K, 6.25% Pfd.

         316,000         8,073,800   

Terreno Realty Corp., Series A, 7.75% Pfd.

         71,631         1,941,200   

Ventas Realty L.P. / Ventas Capital Corp., 5.45% Sr. Unsec. Sub. Gtd. Pfd.

         40,000         1,007,200   

Vornado Realty Trust, Series G, 6.63% Pfd.

         22,000         561,440   

Vornado Realty Trust, Series I, 6.63% Pfd.

         279,203         7,086,172   
                   222,259,321   

Total Preferred Stocks
(Cost $224,128,515)

                  227,942,431   
        Principal
Amount		         

Mortgage Backed Securities–17.09%

  

   

Ireland–0.76%

       

DECO MHILL Ltd.,
Series 2012-MHLA, Class C,
Floating Rate Pass Through Ctfs.,
2.77%, 07/28/21(a)(b)(c)

   GBP     1,166,667         1,741,622   

Series 2012-MHLX, Class C,
Floating Rate Pass Through Ctfs.,
2.77%, 07/28/21(b)(c)

   GBP     1,000,000         1,492,834   
          Principal
Amount		      Value  

Ireland–(continued)

       

Epic More London PLC,
Series MLDN, Class C,
Floating Rate Pass Through Ctfs.,
1.09%, 07/15/17(b)(c)

   GBP     1,071,000       $          1,539,529   

Series MLDN, Class D,
Floating Rate Pass
Through Ctfs.,
1.16%, 07/15/17(b)(c)

   GBP     1,714,000         2,417,592   

Series MLDN, Class E,
Floating Rate Pass Through Ctfs.,
1.36%, 07/15/17(b)(c)

   GBP     750,000         1,036,090   
                   8,227,667   

United Kingdom–3.54%

       

Hercules (Eclipse) PLC, Series
2006-4, Class A, Floating Rate
Pass Through Ctfs.,
0.74%, 10/25/18(b)(c)

   GBP     1,893,432         2,696,898   

LCP Proudreed PLC, Series 1,
Class A, Floating Rate Pass
Through Ctfs., 0.77%,
08/25/16(b)(c)

   GBP     6,741,243         9,985,922   

Mall Funding PLC (The), Series
1, Class A, Floating Rate Pass
Through Ctfs., 1.18%,
04/22/17(b)(c)

   GBP     1,144,503         1,699,720   

Nemus II Arden PLC, Series
2006-2, Class A, Floating Rate Pass Through Ctfs.,
0.74%, 02/15/20(b)(c)

   GBP     5,351,080         7,967,298   

Real Estate Capital PLC, Series
5, Class C, Floating Rate Pass
Through Ctfs., 1.05%,
07/25/16(b)(c)

   GBP     2,250,742         3,412,713   

Triton European Loan Conduit PLC,
Series 26X, Class C,
Floating Rate Pass Through Ctfs.,
0.75%, 10/25/19(b)(c)

   GBP     2,586,827         3,763,134   

Series 26X, Class F,
Floating Rate Pass Through Ctfs.,
1.00%, 10/25/19(b)(c)

   GBP     134,157         183,837   

Windermere XI CMBS PLC,
Series X, Class A, Floating
Rate Pass Through Ctfs.,
0.75%, 04/24/17(b)(c)

   GBP     5,538,885         8,246,924   
                   37,956,446   

United States–12.79%

       

Bear Stearns Commercial Mortgage Securities Trust,
Series 2004-PWR6, Class B,
Variable Rate Pass
Through Ctfs.,4.95%,
11/11/41(a)(b)

       $     50,000         53,726   

Series 2005-PWR8, Class C,
Pass Through Ctfs.,
4.86%, 06/11/41

         4,900,000         4,844,909   

Series 2005-PWR8, Class D,
Pass Through Ctfs.,
4.90%, 06/11/41

         7,355,000         6,985,113   
 

 

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

Invesco Global Real Estate Income Fund

      Principal
Amount		      Value  

United States–(continued)

      

Citigroup Commercial Mortgage Trust,
Series 2005-EMG, Class D, Variable
Rate Pass Through Ctfs., 5.03%,
09/20/51(a)(b)

    $        500,000       $        504,408   

Citigroup/Deutsche Commercial
Mortgage Trust, Series 2005-CD1,
Class E, Variable Rate Pass Through
Ctfs., 5.39%, 07/15/44(b)

      7,219,000         7,002,105   

Credit Suisse First Boston Mortgage Securities Corp.,
Series 2003-C3, Class G,
Variable Rate Pass Through Ctfs.,
4.62%, 05/15/38(a)(b)

      25,000         24,972   

Series 2003-C5, Class G,

Variable Rate Pass Through Ctfs.,

5.75%, 12/15/36(a)(b)

      2,350,000         2,328,849   

Series 2003-CK2, Class K,

Pass Through Ctfs.,

4.90%, 03/15/36(a)

      3,000,000         2,930,541   

Series 2005-C3, Class B,

Pass Through Ctfs.,

4.88%, 07/15/37

      9,950,000         9,781,910   

Series 2005-C4, Class D,

Variable Rate Pass Through Ctfs.,

5.38%, 08/15/38(b)

      2,950,000         2,928,166   

Series 2005-C5, Class C,

Variable Rate Pass Through Ctfs.,

5.10%, 08/15/38(b)

      4,975,000         5,203,417   

DLJ Commercial Mortgage Corp.,
Series 1998-CG1, Class B4, Variable
Rate Pass Through Ctfs., 7.39%,
06/10/31(a)(b)

      89,762         89,749   

FREMF Mortgage Trust,
Series 2012-K705, Class C,
Variable Rate Pass Through Ctfs.,
4.16%, 09/25/44(a)(b)

      5,000,000         5,126,220   

Series 2012-KF01, Class C,

Floating Rate Pass Through Ctfs.,

3.23%, 10/25/44(a)(b)

      1,278,000         1,397,111   

GMAC Commercial Mortgage
Securities Inc., Series 2003-C1, Class
L, Variable Rate Pass Through Ctfs.,
5.00%, 05/10/36(a)(b)

      2,614,604         2,562,457   

GS Mortgage Securities Corp. II, Series
2013-KING, Class E, Variable Rate
Pass Through Ctfs.,
3.55%, 12/10/27(a)(b)

      1,000,000         928,902   

GS Mortgage Securities Corp. Trust,
Series 2011-ALF, Class D,
Pass Through Ctfs.,
4.21%, 02/10/21(a)

      4,000,000         4,034,000   

Series 2011-ALF, Class E,

Pass Through Ctfs.,

4.95%, 02/10/21(a)

      212,599         214,991   

Series 2013-NYC5, Class G,

Variable Rate Pass Through Ctfs.,

3.77%, 01/10/30(a)(b)

      4,000,000         3,829,162   

JP Morgan Chase Commercial Mortgage Securities Corp.,
Series 2004-C3, Class F,
Variable Rate Pass Through Ctfs., 5.25%, 01/15/42(a)(b)

      7,950,000         7,433,520   
      Principal
Amount		      Value  

United States–(continued)

      

Series 2012-PHH, Class D,

Floating Rate Pass Through Ctfs.,

3.46%, 10/15/25(a)(b)

    $      3,250,000       $      3,301,506   

Series 2012-PHH, Class E,

Floating Rate Pass Through Ctfs.,

3.46%, 10/15/25(a)(b)

      1,250,000         1,241,526   

JP Morgan Chase Commercial
Mortgage Securities
Trust, Series 2011-C4, Class TAC1,
Pass Through Ctfs., 7.99%,
07/15/46(a)

      1,935,971         2,066,801   

LB-UBS Commercial Mortgage Trust,
Series 2005-C1, Class C,
Variable Rate Pass Through Ctfs.,
4.84%, 02/15/40(b)

      170,000         177,398   

Series 2006-C4, Class AJ,

Variable Rate Pass Through Ctfs.,

6.08%, 06/15/38(b)

      4,260,000         4,415,015   

Merrill Lynch Mortgage Trust,
Series 2004-MKB1, Class B,
Variable Rate Pass Through Ctfs.,
5.28%, 02/12/42(b)

      25,000         25,913   

Series 2005-CIP1, Class AJ,

Variable Rate Pass Through Ctfs.,

5.14%, 07/12/38(b)

      3,100,000         3,276,596   

Series 2005-MCP1, Class E,

Variable Rate Pass Through Ctfs.,

5.13%, 06/12/43(a)(b)

      4,500,000         4,400,267   

Morgan Stanley Bank of
America Merrill Lynch Trust,
Series 2012-CKSV, Class CK,
Pass Through Ctfs.,
4.30%, 10/15/30(a)

      3,900,000         3,335,280   

Morgan Stanley Capital I Trust,
Series 2005-HQ7, Class AJ,
Variable Rate Pass Through Ctfs.,
5.38%, 11/14/42(b)

      5,360,000         5,765,910   

Series 2005-IQ10, Class AJ,

Variable Rate Pass Through Ctfs.,

5.39%, 09/15/42(b)

      2,500,000         2,672,844   

Series 2005-IQ10, Class B,

Variable Rate Pass Through Ctfs.,

5.44%, 09/15/42(b)

      6,475,000         6,655,287   

Series 2006-HQ9, Class D,

Varaible Rate Pass Through Ctfs.,

5.86%, 07/12/44(b)

      8,859,000         8,914,444   

Series 2006-IQ11, Class B,

Variable Rate Pass Through Ctfs.,

5.86%, 10/15/42(b)

      270,000         250,459   

Series 2007-T27, Class AJ,

Variable Rate Pass Through Ctfs.,

5.82%, 06/11/42(b)

      7,400,000         7,928,922   

Series 2007-T27, Class AM,

Variable Rate Pass Through Ctfs.,

5.82%, 06/11/42(b)

      25,000         28,383   

Wachovia Bank Commercial Mortgage Trust,
Series 2004-C15, Class 175B,
Variable Rate Pass Through Ctfs.,
5.85%, 10/15/41(a)(b)

      2,700,000         2,682,871   
 

 

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

Invesco Global Real Estate Income Fund

      Principal
Amount		      Value  

United States–(continued)

      

Series 2004-C15, Class 175C,

Variable Rate Pass Through Ctfs.,

6.04%, 10/15/41(a)(b)

    $ 396,000       $ 391,121   

Series 2005-C17, Class G,

Variable Rate Pass Through Ctfs.,

5.59%, 03/15/42(a)(b)

           2,100,000         1,839,699   

Series 2005-C19, Class F,

Variable Rate Pass Through Ctfs.,

5.61%, 05/15/44(a)(b)

      900,000         918,649   

Series 2005-C19, Class G,

Variable Rate Pass Through Ctfs.,

5.62%, 05/15/44(a)(b)

      5,000,000         5,069,832   

Series 2005-C21, Class D,

Variable Rate Pass Through Ctfs.,

5.24%, 10/15/44(b)

      3,450,000         3,578,852   

Wachovia Commercial Mortgage

Securities Inc., Series 2003-C5,

Class B, Pass Through

Ctfs., 4.11%, 06/15/35

      76,877         76,702   
                137,218,505   

Total Mortgage Backed Securities
(Cost $178,057,370)

               183,402,618   

U.S. Dollar Denominated Bonds and Notes–1.52%

  

Brazil–0.18%

      

BR Properties S.A., Sr. Unsec. Gtd.
Notes, 9.00% (a)(d)

      1,850,000         1,969,120   

China–1.25%

      

Agile Property Holdings Ltd., Sr.
Unsec. Gtd. Euro Notes,
9.88%, 03/20/17

      2,500,000         2,800,000   

Country Garden Holdings Co. Ltd.,
Sr. Unsec. Gtd. Notes,
11.75%, 09/10/14(a)

      1,000,000         1,105,013   

11.13%, 02/23/18(a)

      2,500,000         2,817,593   

Franshion Development Ltd., Sr.
Unsec. Gtd. Notes, 6.75%,
04/15/21(a)

      1,000,000         1,067,105   

KWG Property Holdings Ltd.,
Sr. Unsec. Gtd. Euro Notes,
13.25%, 03/22/17

      2,500,000         2,998,385   

Sr. Unsec. Gtd. Notes,

12.50%, 08/18/17(a)

      2,300,000         2,599,000   
                13,387,096   

United States–0.09%

      

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

      900,000         943,875   

Total U.S. Dollar Denominated Bonds and
Notes (Cost $15,564,790)

               16,300,091   
           Principal
Amount		      Value  

Non-U.S. Dollar Denominated Bonds & Notes–1.00%(c)

  

Australia–1.00%

        

General Property Trust, Sr. Unsec.
Gtd. Medium-Term Notes,
6.75%, 01/24/19

  

AUD

      2,980,000       $ 3,108,519   

Mirvac Group Finance Ltd., Sr.
Unsec. Gtd. Medium-Term
Notes, 8.00%, 09/16/16

  

AUD

      5,000,000         5,217,090   

Stockland Trust Management Ltd.,
Sr. Unsec. Gtd. Medium-Term
Notes, 7.50%, 07/01/16

  

AUD

      2,250,000         2,341,091   

Total Non-U.S. Dollar Denominated Bonds
& Notes (Cost $10,930,056)

                   10,666,700   
         Shares         

Money Market Funds–6.95%

        

Liquid Assets Portfolio –Institutional Class (e)

          37,297,552         37,297,552   

Premier Portfolio –Institutional Class (e)

          37,297,553         37,297,553   

Total Money Market Funds
(Cost $74,595,105)

                   74,595,105   

TOTAL INVESTMENTS–99.27%
(Cost $1,030,993,351)

                   1,065,070,104   

OTHER ASSETS LESS LIABILITIES–0.73%

                   7,863,248   

NET ASSETS–100.00%

                 $   1,072,933,352   

Investment Abbreviations:

 

AUD

    —Australian Dollar

Conv.

    —Convertible

Ctfs.

    —Certificates

GBP

    —British Pound

Gtd.

    —Guaranteed

Pfd.

    —Preferred

REIT

    —Real Estate Investment Trust

Sr.

    —Senior

Sub.

    —Subordinated

Unsec.

    —Unsecured

Notes to Schedule of Investments:

 

(a) 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, 2013 was $68,923,995, which represented 6.42% of the Fund’s Net Assets.

 

(b)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on May 31, 2013.

 

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

 

(d)  Perpetual bond with no specified maturity date.

 

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

 

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

Invesco Global Real Estate Income Fund

Notes to Quarterly Schedule of Portfolio Holdings

May 31, 2013

(Unaudited)

NOTE 1 -- Significant Accounting Policies

 

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

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

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

Debt obligations (including convertible bonds) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the Adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trade 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 will be used to value debt obligations and corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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.

 

Invesco Global Real Estate Income Fund

 

A. Security Valuations –(continued)

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 is recorded on the accrual basis from settlement date. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes.

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

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

The Fund recharacterizes distributions received from REIT investments based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available timely from the REIT, the recharacterization will be based on available information which may include the previous year’s allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year. The Fund records as dividend income the amount recharacterized as ordinary income and as realized gain the amount recharacterized as capital gain in the Statement of Operations, and the amount recharacterized as return of capital in the Statement of Changes in Net Assets. These recharacterizations are reflected in the accompanying financial statements.

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 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.

 

Invesco Global Real Estate Income Fund

E. Foreign Currency Contracts – The Fund may enter into foreign currency contracts to manage or minimize currency or exchange rate risk. The Fund may also enter into foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security. A foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The use of 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 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. Other Risks – The Fund’s investments are concentrated in a comparatively narrow segment of the economy. Consequently, the Fund may tend to be more volatile than other mutual funds, and the value of the Fund’s investments may tend to rise and fall more rapidly.

Because, the Fund concentrates its assets in the real estate industry, an investment in the Fund will be closely linked to the performance of the real estate markets. Property values may fall due to increasing vacancies or declining rents resulting from economic, legal, cultural or technological developments.

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, 2013. 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.

During the nine months ended May 31, 2013, there were transfers from Level 1 to Level 2 of $131,451,472 and from Level 2 to Level 1 of $7,302,591, due to foreign fair value adjustments, additionally, there were transfers from Level 2 to Level 1 of $8,888,774, due to securities trading on an exchange.

 

Invesco Global Real Estate Income Fund

 

      Level 1      Level 2      Level 3      Total  

Australia

    $ 5,683,110       $ 84,986,697       $ —       $ 90,669,807   

Brazil

      —         1,969,120         —         1,969,120   

Canada

      52,807,818         —         —         52,807,818   

China

      —         15,986,215         —         15,986,215   

France

      18,229,762         11,997,065         —         30,226,827   

Germany

      —         5,429,100         —         5,429,100   

Hong Kong

      3,012,139         18,798,064         —         21,810,203   

Ireland

      —         8,227,667         —         8,227,667   

Japan

      827,341         58,876,422         —         59,703,763   

Netherlands

      —         2,951,780         —         2,951,780   

New Zealand

      —         4,154,318         —         4,154,318   

Singapore

      7,302,591         31,246,793         —         38,549,384   

South Africa

      6,704,393         3,614,508         —         10,318,901   

Sweden

      2,075,830         4,315,377         —         6,391,207   

United Kingdom

      5,492,296         70,993,992         —         76,486,288   

United States

      489,285,546         150,102,160         —         639,387,706   

  Total Investments

    $     591,420,826       $     473,649,278       $                      —       $     1,065,070,104   

NOTE 3 -- Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the nine months ended May 31, 2013 was $808,722,370 and $328,047,689, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

 

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

  

Aggregate unrealized appreciation of investment securities

    $ 42,663,289   

Aggregate unrealized (depreciation) of investment securities

      (17,911,651)   

Net unrealized appreciation of investment securities

    $                  24,751,638   

Cost of investments for tax purposes is $1,040,318,466.

   

 

Invesco Global Real Estate Income Fund

 

 

 

Invesco Growth and Income Fund

  Quarterly Schedule of Portfolio Holdings
  May 31, 2013

 

 

 

 

 

 

 

 

 

 

 

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Invesco Advisers, Inc.

Schedule of Investments(a)

May 31, 2013

(Unaudited)

 

      Shares      Value  

Common Stocks & Other Equity Interests–96.08%

  

Aerospace & Defense–0.56%

  

General Dynamics Corp.

      589,475       $ 45,448,522   

Agricultural Products–1.26%

  

Archer-Daniels-Midland Co.

      3,163,128         101,947,615   

Application Software–1.36%

  

Adobe Systems Inc. (b)

      2,567,004         110,150,142   

Asset Management & Custody Banks–2.31%

  

Northern Trust Corp.

      1,413,080         82,170,602   

State Street Corp.

      1,586,368         104,985,834   
                187,156,436   

Biotechnology–1.57%

  

Amgen Inc.

      1,263,481         127,017,745   

Cable & Satellite–3.73%

  

Comcast Corp. -Class A

      3,776,736         151,635,950   

Time Warner Cable Inc.

      1,579,021         150,812,296   
                302,448,246   

Diversified Banks–2.40%

  

Comerica Inc.

      2,065,976         81,585,392   

Wells Fargo & Co.

      2,775,106         112,530,549   
                194,115,941   

Diversified Chemicals–1.80%

  

Dow Chemical Co. (The)

      2,312,117         79,675,552   

PPG Industries, Inc.

      433,468         66,585,019   
                146,260,571   

Diversified Support Services–0.33%

  

Cintas Corp.

      583,881         26,657,087   

Electric Utilities–1.78%

  

Edison International

      781,626         35,907,899   

FirstEnergy Corp.

      745,343         29,075,830   

Pinnacle West Capital Corp.

      1,398,696         78,998,350   
                143,982,079   

Electronic Components–0.49%

  

Corning Inc.

      2,588,235         39,781,172   

Food Distributors–1.30%

  

Sysco Corp.

      3,128,744         105,751,547   

Health Care Equipment–1.50%

  

Medtronic, Inc.

      2,382,055         121,508,626   

Home Improvement Retail–0.77%

  

Home Depot, Inc. (The)

      790,542         62,184,034   
      Shares      Value  

Hotels, Resorts & Cruise Lines–0.86%

  

Carnival Corp.

      2,102,117       $ 69,580,073   

Household Products–1.41%

  

Procter & Gamble Co. (The)

      1,484,856         113,977,547   

Industrial Conglomerates–2.91%

  

General Electric Co.

      10,095,151         235,418,921   

Industrial Machinery–1.05%

  

Ingersoll-Rand PLC

      1,475,477         84,884,192   

Insurance Brokers–3.71%

  

Aon PLC

      1,178,969         75,064,956   

Marsh & McLennan Cos., Inc.

      4,305,329         172,299,267   

Willis Group Holdings PLC

      1,373,230         53,638,364   
                301,002,587   

Integrated Oil & Gas–3.73%

  

Chevron Corp.

      1,270,997         156,014,882   

Exxon Mobil Corp.

      955,468         86,441,190   

Occidental Petroleum Corp.

      653,841         60,199,141   
                302,655,213   

Integrated Telecommunication Services–0.59%

  

Verizon Communications Inc.

      986,220         47,811,946   

Internet Software & Services–1.95%

  

eBay Inc. (b)(c)

      2,914,945         157,698,524   

Investment Banking & Brokerage–4.49%

  

Charles Schwab Corp. (The)

      5,833,112         115,845,604   

Goldman Sachs Group, Inc. (The)

      433,953         70,335,102   

Morgan Stanley

      6,862,092         177,728,183   
                363,908,889   

IT Consulting & Other Services–1.07%

  

Amdocs Ltd.

      2,434,385         86,907,544   

Managed Health Care–3.72%

  

Cigna Corp.

      1,336,035         90,716,777   

UnitedHealth Group Inc.

      1,379,016         86,367,772   

WellPoint, Inc.

      1,618,963         124,611,582   
                301,696,131   

Movies & Entertainment–3.05%

  

Time Warner Inc.

      889,170         51,900,853   

Viacom Inc. -Class B

      2,966,924         195,490,622   
                247,391,475   
 

 

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

                                 Invesco Growth and Income Fund

      Shares      Value  

Oil & Gas Equipment & Services–1.71%

  

Baker Hughes Inc.

      1,659,698       $ 75,483,065   

Halliburton Co.

      1,503,910         62,938,634   
                138,421,699   

Oil & Gas Exploration & Production–2.67%

  

Anadarko Petroleum Corp.

      1,365,103         119,405,559   

Canadian Natural Resources Ltd. (Canada)

      3,241,428         96,605,059   
                216,010,618   

Oil & Gas Storage & Transportation–0.72%

  

Williams Cos., Inc. (The)

      1,660,545         58,417,973   

Other Diversified Financial Services–9.62%

  

Bank of America Corp.

      4,632,925         63,285,755   

Citigroup Inc.

      5,876,224         305,504,886   

ING U.S. Inc. (b)

      1,304,267         37,210,737   

JPMorgan Chase & Co.

      6,835,291         373,138,536   
                779,139,914   

Packaged Foods & Meats–2.75%

  

Kraft Foods Group, Inc.

      849,440         46,829,627   

Mondelez International Inc. -Class A

      3,619,048         106,617,154   

Unilever N.V. -New York Shares (Netherlands)

      1,702,638         69,433,578   
                222,880,359   

Personal Products–2.95%

  

Avon Products, Inc. (c)

      10,142,582         239,060,658   

Pharmaceuticals–7.26%

  

Bristol-Myers Squibb Co.

      2,362,938         108,718,777   

Eli Lilly & Co.

      2,090,443         111,127,950   

Merck & Co., Inc.

      3,395,660         158,577,322   

Novartis AG (Switzerland)

      1,178,569         84,446,811   

Novartis AG -ADR (Switzerland)

      119,384         8,566,996   

Pfizer Inc.

      4,291,506         116,857,708   
                588,295,564   

Property & Casualty Insurance–0.84%

  

Chubb Corp. (The)

      777,703         67,737,931   

Publishing–0.52%

  

Thomson Reuters Corp. (Canada)

      1,264,444         42,074,959   

Railroads–0.76%

  

CSX Corp.

      2,447,913         61,711,887   

Regional Banks–4.17%

  

BB&T Corp.

      2,588,691         85,219,708   

Fifth Third Bancorp

      4,273,634         77,780,139   

PNC Financial Services Group, Inc. (The)

      2,445,707         175,210,449   
                338,210,296   
      Shares      Value  

Security & Alarm Services–2.36%

  

ADT Corp. (The)

      1,484,977       $ 60,275,216   

Tyco International Ltd.

      3,883,770         131,310,264   
                191,585,480   

Semiconductor Equipment–1.92%

  

Applied Materials, Inc.

      10,222,963         155,389,038   

Semiconductors–0.72%

  

Texas Instruments Inc.

      1,632,103         58,576,177   

Soft Drinks–1.67%

  

Coca-Cola Co. (The)

      1,989,010         79,540,510   

PepsiCo, Inc.

      690,946         55,807,708   
                135,348,218   

Specialized Finance–0.79%

  

CME Group Inc.

      938,216         63,733,013   

Systems Software–3.32%

  

Microsoft Corp.

      5,348,829         186,567,156   

Symantec Corp. (b)

      3,677,062         82,329,418   
                268,896,574   

Wireless Telecommunication Services–1.63%

  

Vodafone Group PLC -ADR (United Kingdom)

      4,558,220         131,960,469   

Total Common Stocks & Other Equity Interests
(Cost $5,843,345,257)

   

      7,784,793,632   

Money Market Funds–4.05%

  

Liquid Assets Portfolio –Institutional Class (d)

      164,285,770         164,285,770   

Premier Portfolio –Institutional Class (d)

      164,285,770         164,285,770   

Total Money Market Funds
(Cost $328,571,540)

               328,571,540   

TOTAL INVESTMENTS–100.13%
(Cost $6,171,916,797)

   

      8,113,365,172   

OTHER ASSETS LESS LIABILITIES–(0.13)%

  

      (10,828,960 ) 

NET ASSETS–100.00%

             $ 8,102,536,212   

Investment Abbreviations:

ADR             — American Depositary Receipt

Notes to Schedule of Investments:

 

(a) 

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

 

(b) 

Non-income producing security.

 

(c) 

A portion of this security is subject to call options written. See Note 1F and Note 3.

 

(d) 

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

 

 

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

                                  Invesco Growth and Income Fund

Notes to Quarterly Schedule of Portfolio Holdings

May 31, 2013

(Unaudited)

NOTE 1 — Significant Accounting Policies

 

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

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

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

Debt obligations (including convertible bonds) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the Adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trade is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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.

 

                                  Invesco Growth and Income Fund

A. Security Valuations – (continued)

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 is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D. Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such 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.

E.

Foreign Currency Contracts – The Fund may enter into foreign currency contracts to manage or minimize currency or exchange rate risk. The Fund may also enter into foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security. A foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The use of 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 foreign currency contracts include failure of the counterparty to meet the terms of the contract and the

 

                                 Invesco Growth and Income Fund

E. Foreign Currency Contracts – (continued)

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. Call Options Written – The Fund may write covered call options. A covered call option gives the purchaser of such option the right to buy, and the writer (the Fund) the obligation to sell, the underlying security at the stated exercise price during the option period. Written call options are recorded as a liability in the Statement of Assets and Liabilities. The amount of the liability is subsequently “marked-to-market” to reflect the current market value of the option written. If a written covered call option expires on the stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or a loss if the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a written covered call option is exercised, the Fund realizes a gain or a loss from the sale of the underlying security and the proceeds of the sale are increased by the premium originally received. Realized gains and losses on these contracts are included in the Statement of Operations. A risk in writing a covered call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised.
G. 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, 2013. 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  

Equity Securities

    $ 8,028,918,361       $ 84,446,811       $ —       $ 8,113,365,172   

Foreign Currency Contracts*

      —         (1,119,839)         —         (1,119,839)   

Options*

      55,589         —         —         55,589   

Total Investments

    $     8,028,973,950       $     83,326,972       $     —       $     8,112,300,922   

* Unrealized appreciation (depreciation).

 

                                 Invesco Growth and Income Fund

NOTE 3 — Derivative Investments

 

Open Foreign Currency Contracts  

 

  

Settlement

Date

         Contract to      Notional      Unrealized  
   Counterparty    Deliver      Receive      Value      (Depreciation)  

 

     

6/21/13

    State Street    CHF      28,526,733       USD      29,400,820      $ 29,835,669         $    (434,849)     

 

  

6/21/13

    Bank of New York    CHF      41,462,300       USD      42,764,170        43,364,778         (600,608)     

 

  

6/21/13

    Bank of New York    EUR      41,908,244       USD      53,914,662         54,468,530         (553,868)     

 

  

6/21/13

    State Street    GBP      69,052,263       USD      104,514,053         104,895,539         (381,486)     

 

  
                    $   (1,970,811)   

 

  

Settlement

Date

         Contract to      Notional      Unrealized  
   Counterparty    Deliver      Receive      Value      Appreciation  

 

     

 

 

  

6/21/13

    State Street    CAD      62,833,462       USD      61,040,697       $ 60,575,411         $      465,286     

 

  

6/21/13

    Bank of New York    CAD      48,225,875       USD      46,872,434         46,492,778         379,656     

 

  

6/21/13

    State Street    USD      1,651,982       GBP      1,091,462       $ 1,658,012         $          6,030     

 

  
                    $      850,972     

 

  

      Total foreign currency contracts

  

      $  (1,119,839)   

 

  

Currency Abbreviations:

CAD — Canadian Dollar

CHF – Swiss Franc

EUR — Euro

GBP — British Pound Sterling

USD — U.S. Dollar

 

    

Transactions During the Period    

 

     Call Option Contracts
  

 

     Number of
Contracts		    Premiums
Received
  

 

Beginning of period

    —    $                    —

 

Written

    17,545    1,239,739

 

End of period

    17,545    $        1,239,739

 

 

Open Options Written

 

     Contract Month    Strike
Price		    Number of
Contracts		    Premiums
Received		    Value   

Unrealized

Appreciation

(Depreciation)

 

Calls

                  

Avon Products, Inc.

    July-13    $24    14,630    $884,642    $950,950    $(66,308)

 

eBay Inc.

    October-13    65    2,915    355,097    233,200    121,897

 

         17,545    $1,239,739    $1,184,150    $55,589

 

 

                                 Invesco Growth and Income Fund

NOTE 4 — Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the nine months ended May 31, 2013 was $1,842,205,217 and $1,814,883,999, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

 

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

Aggregate unrealized appreciation of investment securities

    $     1,950,646,488   

Aggregate unrealized (depreciation) of investment securities

      (14,910,802)   

Net unrealized appreciation of investment securities

    $ 1,935,735,686   

Cost of investments for tax purposes is $6,177,629,486.

   

 

                                 Invesco Growth and Income Fund

  

 

Invesco Pennsylvania Tax Free Income Fund

Quarterly Schedule of Portfolio Holdings

May 31, 2013

 

 

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Schedule of Investments

May 31, 2013

(Unaudited)

 

      Interest
Rate		   Maturity
Date		      Principal
Amount
(000)		     
Value		  

Municipal Obligations–100.68%

           

Pennsylvania–90.32%

           

Allegheny (County of) Higher Education Building Authority (Chatham University); Series 2012 A, University RB

    5.00%     09/01/35       $             1,000       $         1,058,770   

Allegheny (County of) Higher Education Building Authority (Duquesne University);

           

Series 1998, Ref. University RB (INS-AMBAC) (a)

    5.50%     03/01/20         1,750         2,081,327   

Series 2011 A, University RB

    5.50%     03/01/31         550         632,324   

Allegheny (County of) Higher Education Building Authority (Robert Morris University); Series 2008 A, University RB

    6.00%     10/15/38         1,000         1,090,730   

Allegheny (County of) Hospital Development Authority (Ohio Valley General Hospital); Series 2005 A, RB

    5.00%     04/01/25         1,600         1,562,896   

Allegheny (County of) Hospital Development Authority (University of Pittsburgh Medical Center); Series 2009, RB

    5.63%     08/15/39         1,250         1,398,562   

Allegheny (County of) Industrial Development Authority (Residential Resources, Inc.); Series 2006, Lease RB

    5.10%     09/01/26         980         990,731   

Allegheny (County of) Redevelopment Authority (Pittsburgh Mills); Series 2004, Tax Allocation RB

    5.60%     07/01/23         1,220         1,254,294   

Allegheny (County of) Residential Finance Authority; Series 2006 TT, Single Family Mortgage RB (CEP-GNMA) (b)

    5.00%     05/01/35         905         933,299   

Allegheny (County of); Series 2008 C 61, Unlimited Tax GO Bonds (INS-AGC) (a)

    5.00%     12/01/33         500         546,590   

Allegheny Valley Joint School District; Series 2004 A, Unlimited Tax GO Bonds (INS-NATL)(a)

    5.00%     11/01/28         1,500         1,573,230   

Allentown (City of) Commercial & Industrial Development Authority (Diocese of Allentown); Series 1999, VRD RB (LOC-Wells Fargo Bank, N.A.) (c)(d)

    0.08%     12/01/29         1,200         1,200,000   

Beaver (County of) Industrial Development Authority (FirstEnergy Generation); Series 2008 A, Ref. RB

    2.15%     03/01/17         700         696,738   

Beaver (County of) Industrial Development Authority; Series 2008 A, Ref. PCR (e)

    2.70%     04/02/18         230         233,445   

Beaver (County of); Series 2009, Unlimited Tax GO Notes (INS-AGM) (a)

    5.55%     11/15/31         1,390         1,580,430   

Berks (County of) Industrial Development Authority (One Douglassville); Series 2007 A, Ref. RB (b)

    6.13%     11/01/34         460         465,134   

Berks (County of) Municipal Authority (Albright College); Series 2004, RB

    5.50%     10/01/18         1,895         1,913,988   

Berks (County of) Municipal Authority (Reading Hospital Medical Center); Series 2012 A, RB

    5.00%     11/01/40         1,000         1,088,820   

Bethlehem Area School District; Series 2010, Unlimited Tax GO Bonds (INS-AGM) (a)

    5.25%     01/15/26         1,000         1,120,430   

Bucks (County of) Industrial Development Authority (Ann’s Choice, Inc. Facility);

           

Series 2005 A, Retirement Community RB

    5.90%     01/01/27         1,000         1,004,250   

Series 2005 A, Retirement Community RB

    6.13%     01/01/25         1,500         1,521,765   

Bucks (County of) Industrial Development Authority (Lutheran Community Telford Center); Series 2007, RB

    5.75%     01/01/37         2,000         2,028,920   

Central Bradford Progress Authority (Guthrie Healthcare System); Series 2011, RB

    5.38%     12/01/41         1,100         1,222,738   

Centre (County of) Hospital Authority (Mt. Nittany Medical Center);

           

Series 2009, RB (e)(f)

    6.13%     11/15/14         1,000         1,084,150   

Series 2011, RB

    6.25%     11/15/41         500         597,655   

Series 2012 B, RB

    5.00%     11/15/44         750         797,918   

Chartiers Valley Industrial & Commercial Development Authority (Asbury Health Center);

           

Series 2006, Ref. First Mortgage RB

    5.25%     12/01/15         500         525,115   

Series 2006, Ref. First Mortgage RB

    5.75%     12/01/22         900         944,226   

Chester (County of) Industrial Development Authority (University Student Housing, LLC at West Chester University of Pennsylvania); Series 2013, Student Housing RB

    5.00%     08/01/45         250         261,735   

Clairton (City of) Municipal Authority; Series 2012 B, RB

    5.00%     12/01/42         1,000         1,038,700   

Cumberland (County of) Municipal Authority (Asbury Pennsylvania Obligated Group); Series 2010, RB

    6.00%     01/01/40         870         944,637   

Cumberland (County of) Municipal Authority (Association of Independent Colleges & Universities of Pennsylvania Financing Program-Dickinson College); Series 2009, RB

    5.00%     11/01/39         750         821,580   

Cumberland (County of) Municipal Authority (Diakon Lutheran Ministries); Series 2007, RB

    5.00%     01/01/36         1,000         1,028,670   

Cumberland (County of) Municipal Authority (Messiah Village); Series 2008 A, RB

    5.63%     07/01/28         1,000         1,088,910   

Dauphin (County of) General Authority (Pinnacle Health System); Series 2009 A, Health System RB

    6.00%     06/01/36         2,215         2,474,886   

Dauphin (County of) General Authority (Riverfront Office); Series 1998, Office & Parking RB

    6.00%     01/01/25         1,055         1,056,466   

Delaware (County of) Authority (Cabrini College); Series 1999, College RB (INS-Radian) (a)

    5.75%     07/01/23         220         220,330   

Delaware (County of) Authority (Neumann College); Series 2008, College RB

    6.25%     10/01/38         175         177,034   

 

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

Invesco Pennsylvania Tax Free Income Fund

      Interest
Rate		   Maturity
Date		      Principal
Amount
(000)		     
Value		  

Pennsylvania–(continued)

           

Delaware (County of) Industrial Development Authority (Aqua Pennsylvania, Inc.); Series 2005 A, Water Facilities RB (INS-NATL) (a)(b)

    5.00%     11/01/38       $             1,500       $         1,564,905   

Delaware River Port Authority (Port District);

           

Series 2012, Ref. RB

    5.00%     01/01/25         540         606,620   

Series 2012, Ref. RB

    5.00%     01/01/27         535         593,176   

Delaware River Port Authority; Series 2010 D, RB

    5.00%     01/01/40         1,000         1,090,870   

Delaware Valley Regional Financial Authority;

           

Series 2002, RB

    5.75%     07/01/17         3,535         4,055,281   

Series 2002, RB

    5.75%     07/01/32         1,000         1,165,250   

Doylestown (City of) Hospital Authority; Series 2013 A, RB (INS-AGM)(a)

    5.00%     07/01/24         1,000         1,121,530   

East Hempfield (Township of) Industrial Development Authority (Student Services Inc. Student Housing);

           

Series 2013, RB

    5.00%     07/01/35         500         531,320   

Series 2013, RB

    5.00%     07/01/45         750         787,553   

Erie (City of) Higher Education Building Authority (Mercyhurst College);

           

Series 2004 B, Ref. College RB

    5.00%     03/15/23         1,000         1,015,220   

Series 2008, College RB

    5.50%     03/15/38         500         529,655   

Franklin (County of) Industrial Development Authority (Chambersburg Hospital); Series 2010, RB

    5.38%     07/01/42         1,000         1,083,730   

Geisinger Authority (Geisinger Health System Foundation); Series 2011 A1, Health System RB

    5.13%     06/01/41         500         552,045   

Lancaster (County of) Hospital Authority (Brethren Village); Series 2008 A, RB

    6.50%     07/01/40         350         370,878   

Lancaster (County of) Hospital Authority (Lancaster General Hospital); Series 2012, Health System RB

    5.00%     07/01/42         1,000         1,094,440   

Lancaster (County of) Hospital Authority (Masonic Homes); Series 2008 D, VRD RB (LOC-JPMorgan Chase Bank, N.A.) (c)(d)

    0.08%     07/01/34         1,275         1,275,000   

Lehigh (County of) (Lehigh Valley Health Network); Series 2012, General Purpose Hospital RB

    4.00%     07/01/43         1,000         973,490   

Lehigh (County of) General Purpose Authority (Bible Fellowship Church Homes, Inc.); Series 2013, RB

    5.25%     07/01/42         825         811,066   

Lehigh (County of) General Purpose Authority (KidsPeace Obligated Group); Series 1998, RB (g)

    6.00%     11/01/23         1,760         704,070   

Lehigh (County of) Industrial Development Authority (Lifepath, Inc.); Series 1998, Health Facility RB

    6.30%     06/01/28         1,085         1,065,427   

Lycoming (County of) Authority (Pennsylvania College of Technology); Series 2011, RB

    5.00%     07/01/30         750         819,480   

Lycoming (County of) Authority (Susquehanna Health System); Series 2009 A, Heath System RB

    5.75%     07/01/39         1,250         1,359,650   

Monroe (County of) Hospital Authority (Pocono Medical Center);

           

Series 2003, RB (e)(f)

    6.00%     01/01/14         1,000         1,033,520   

Series 2007, RB

    5.13%     01/01/37         1,500         1,553,490   

Montgomery (County of) Higher Education & Health Authority (Abington Memorial Hospital Obligated Group); Series 2012, RB

    5.00%     06/01/31         1,400         1,542,184   

Montgomery (County of) Industrial Development Authority (ACTS Retirement-Life Communities, Inc.);

           

Series 2009 A-1, RB

    6.25%     11/15/29         1,000         1,144,920   

Series 2012, Ref. RB

    5.00%     11/15/28         900         978,822   

Montgomery (County of) Industrial Development Authority (Philadelphia Presbytery Homes, Inc.); Series 2010, RB

    6.63%     12/01/30         1,500         1,746,120   

Montgomery (County of) Industrial Development Authority (Whitemarsh Community); Series 2008, Mortgage RB

    7.00%     02/01/36         500         530,870   

Montgomery (County of) Industrial Development Authority (Whitemarsh Continuing Care); Series 2005, Mortgage RB

    6.13%     02/01/28         1,100         1,117,446   

Northampton (County of) General Purpose Authority (Lehigh University); Series 2009, Higher Education RB

    5.50%     11/15/33         1,000         1,125,240   

Northampton (County of) General Purpose Authority (St. Luke’s Hospital);

           

Series 2008 A, Hospital RB

    5.50%     08/15/35         1,000         1,080,770   

Series 2010 C, Hospital RB (e)

    4.50%     08/15/16         1,000         1,085,030   

Northampton (County of) Industrial Development Authority (Morningstar Senior Living, Inc.); Series 2012, RB

    5.00%     07/01/32         535         557,582   

Pennsylvania (State of) Commonwealth Financing Authority; Series 2013 B, RB

    5.00%     06/01/42         1,200         1,305,564   

Pennsylvania (State of) Economic Development Financing Agency (Forum Place); Series 2012, Governmental Lease RB

    5.00%     03/01/34         500         547,595   

Pennsylvania (State of) Economic Development Financing Authority (Allegheny Energy Supply Co.); Series 2009, RB

    7.00%     07/15/39         1,830         2,171,807   

Pennsylvania (State of) Economic Development Financing Authority (Amtrak); Series 2012 A, Ref. Exempt Facilities RB (b)

    5.00%     11/01/41         1,200         1,268,724   

 

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

Invesco Pennsylvania Tax Free Income Fund

      Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

Pennsylvania–(continued)

           

Pennsylvania (State of) Economic Development Financing Authority (Philadelphia Biosolids Facility); Series 2009, Sewage Sludge Disposal RB

      6.25%        01/01/32       $             1,000       $         1,129,980   

Pennsylvania (State of) Economic Development Financing Authority (Shippingport); Series 2006 A, Exempt Facilities RB (e)

      2.55%        12/03/18         1,500         1,513,860   

Pennsylvania (State of) Economic Development Financing Authority (Waste Management, Inc.); Series 2005 A, Solid Waste Disposal RB (b)

      5.10%        10/01/27         1,300         1,388,062   

Pennsylvania (State of) Higher Educational Facilities Authority (AICUP Financing Program-Del Valley College); Series 2012, RB

      5.00%        11/01/42         535         562,462   

Pennsylvania (State of) Higher Educational Facilities Authority (Edinboro University Foundation);

           

Series 2008, RB

      5.88%        07/01/38         750         813,720   

Series 2010, RB

      6.00%        07/01/43         500         559,175   

Pennsylvania (State of) Higher Educational Facilities Authority (La Salle University); Series 2012, RB

      5.00%        05/01/42         700         748,496   

Pennsylvania (State of) Higher Educational Facilities Authority (Shippensburg University Student Services); Series 2012, RB

      5.00%        10/01/35         1,000         1,085,310   

Pennsylvania (State of) Higher Educational Facilities Authority (St. Joseph’s University);

           

Series 2010 A, RB

      5.00%        11/01/34         500         542,650   

Series 2010 A, RB

      5.00%        11/01/40         500         539,955   

Pennsylvania (State of) Higher Educational Facilities Authority (Temple University); First Series 2012, RB

      5.00%        04/01/42         1,170         1,286,906   

Pennsylvania (State of) Higher Educational Facilities Authority (Thomas Jefferson University); Series 2012, RB

      5.00%        03/01/42         480         525,917   

Pennsylvania (State of) Higher Educational Facilities Authority (Trustees of the University of Pennsylvania); Series 2005 C, RB (h)

      5.00%        07/15/38         4,700         5,019,600   

Pennsylvania (State of) Higher Educational Facilities Authority (University of Pennsylvania Health System); Series 2012 A, RB

      5.00%        08/15/42         555         606,071   

Pennsylvania (State of) Higher Educational Facilities Authority (University Properties, Inc.); Series 2010, Student Housing RB

      5.00%        07/01/42         1,000         1,047,290   

Pennsylvania (State of) Turnpike Commission;

           

Series 2008 B-1, Sub. RB

      5.50%        06/01/33         1,000         1,133,860   

Series 2009 C, Sub. Conv. CAB RB (INS-AGM) (a)(i)

      6.25%        06/01/33         2,000         2,080,280   

Series 2009 E, Sub. Conv. CAB RB (i)

      6.38%        12/01/38         1,435         1,413,073   

Series 2010 A 1, Motor License Fund Special RB

      5.00%        12/01/38         500         542,810   

Series 2010 A-2, Motor License Fund Special Conv. CAB RB (i)

      5.50%        12/01/34         1,000         971,720   

Series 2010 B 2, Conv. CAB RB (i)

      5.00%        12/01/30         625         592,538   

Series 2010 B 2, Conv. CAB RB (i)

      5.13%        12/01/35         500         468,175   

Philadelphia (City of) Hospitals & Higher Education Facilities Authority (Children’s Hospital of Philadelphia); Series 2011, RB

      5.00%        07/01/41         570         624,891   

Philadelphia (City of) Hospitals & Higher Education Facilities Authority (Jefferson Health System); Series 2010 B, RB

      5.00%        05/15/40         1,500         1,611,465   

Philadelphia (City of) Industrial Development Authority (Architecture & Design Charter High School); Series 2013, RB

      6.13%        03/15/43         585         585,146   

Philadelphia (City of) Industrial Development Authority (Discovery Charter School); Series 2012, RB

      6.25%        04/01/42         1,000         1,099,540   

Philadelphia (City of) Industrial Development Authority (Independence Charter School); Series 2007 A, RB

      5.50%        09/15/37         1,235         1,253,241   

Philadelphia (City of) Industrial Development Authority (MaST Charter School); Series 2010, RB

      6.00%        08/01/35         700         777,462   

Philadelphia (City of) Industrial Development Authority (New Foundations Charter School); Series 2012, RB

      6.63%        12/15/41         750         822,608   

Philadelphia (City of) Industrial Development Authority (Please Touch Museum); Series 2006, RB

      5.25%        09/01/31         1,250         1,226,162   

Philadelphia (City of) Industrial Development Authority; Series 1990, Commercial Development RB (b)

      7.75%        12/01/17         2,505         2,508,657   

Philadelphia (City of);

           

Ninth Series 2010, Gas Works RB

      5.25 %      08/01/40         1,500         1,582,740   

Series 2005 A, Airport RB (INS-NATL) (a)(b)

      5.00%        06/15/25         1,000         1,071,340   

Series 2009 A, Ref. Unlimited Tax GO Bonds (INS-AGC) (a)

      5.50%        08/01/24         1,000         1,131,080   

Series 2010 C, Water & Wastewater RB (INS-AGM) (a)

      5.00%        08/01/35         1,250         1,376,625   

Series 2011, Unlimited Tax GO Bonds

      6.00%        08/01/36         500         575,690   

Philadelphia School District; Series 2008 E, Limited Tax GO Bonds (INS-BHAC) (a)

      5.13%        09/01/23         1,500         1,745,505   

 

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

Invesco Pennsylvania Tax Free Income Fund

      Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

Pennsylvania–(continued)

           

Pittsburgh (City of) & Allegheny (County of) Sports & Exhibition Authority (Regional Asset District); Series 2010, Ref. Sales Tax RB (INS-AGM) (a)

      5.00 %      02/01/31       $ 1,000       $ 1,101,300   

Radnor Township School District;

           

Series 2005 B, Unlimited Tax GO Bonds (e)(f)

      5.00 %      08/15/15         130         143,081   

Series 2005 B, Unlimited Tax GO Bonds (INS-AGM) (a)

      5.00 %      02/15/35         870         930,909   

State Public School Building Authority (Harrisburg School District); Series 2009 A, RB (INS-AGC) (a)

      5.00 %      11/15/33         1,000         1,074,710   

Susquehanna Area Regional Airport Authority; Series 2012 A, Airport System RB (b)

      5.00 %      01/01/27         750         807,953   

Union (County of) Hospital Authority (Evangelical Community Hospital); Series 2011, Ref. & Improvement RB

      7.00 %      08/01/41         1,000         1,212,230   

Washington (County of) Industrial Development Authority (Washington Jefferson College); Series 2010, College RB

      5.25 %      11/01/30         500         553,165   

Washington (County of) Redevelopment Authority (Victory Centre Tanger Outlet Development); Series 2006 A, Tax Allocation RB (e)

      5.45 %      07/01/17         1,430         1,462,432   

Westmoreland (County of) Industrial Development Authority (Redstone Presbyterian Senior Care Obligated Group);

           

Series 2005 A, Retirement Community RB

      5.75 %      01/01/26         2,500         2,570,075   

Series 2005 A, Retirement Community RB

      5.88 %      01/01/32         900         920,682   

Westmoreland (County of) Municipal Authority; Series 2013, RB

      5.00 %      08/15/37         1,000         1,105,580   

Wilkes-Barre (City of) Finance Authority (University of Scranton); Series 2010, RB

      5.00 %      11/01/40         850         920,788   
                                     137,588,730   

Puerto Rico–6.61%

           

Puerto Rico (Commonwealth of) Electric Power Authority;

           

Series 2008 WW, RB

      5.25 %      07/01/33         1,500         1,503,570   

Series 2008 WW, RB

      5.50 %      07/01/21         1,000         1,051,220   

Series 2010 XX, RB

      5.75 %      07/01/36         1,000         1,031,890   

Puerto Rico (Commonwealth of) Industrial Tourist Educational, Medical & Environmental Control Facilities Financing Authority (Ana G. Mendez University System); Series 2012, Ref. RB

      5.13 %      04/01/32         500         500,140   

Puerto Rico (Commonwealth of) Infrastructure Financing Authority; Series 2005 C, Ref. Special Tax RB (INS-AMBAC) (a)

      5.50 %      07/01/27         600         614,472   

Puerto Rico Sales Tax Financing Corp.;

           

First Subseries 2010, Conv. CAB RB (i)

      6.25 %      08/01/33         1,065         850,253   

First Subseries 2010 A, CAB RB (j)

      0.00 %      08/01/34         3,500         1,046,710   

First Subseries 2010 A, CAB RB (j)

      0.00 %      08/01/35         5,000         1,400,300   

First Subseries 2010 A, RB

      5.38 %      08/01/39         470         493,843   

Series 2011 C, RB

      5.00 %      08/01/40         1,500         1,583,745   
                                 10,076,143   

Guam–2.82%

           

Guam (Territory of) (Section 30); Series 2009 A, Limited Obligation RB

      5.75 %      12/01/34         1,250         1,369,262   

Guam (Territory of) Power Authority;

           

Series 2010 A, RB

      5.50 %      10/01/40         410         450,643   

Series 2012 A, Ref. RB

      5.00 %      10/01/34         520         566,062   

Guam (Territory of) Waterworks Authority; Series 2010, Water & Wastewater System RB

      5.63 %      07/01/40         1,000         1,061,320   

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

      5.13 %      01/01/42         785         853,060   
                                 4,300,347   

Virgin Islands–0.93%

           

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

      6.63 %      10/01/29         750         871,193   

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

      5.00 %      10/01/29         500         545,920   
                                 1,417,113   

 

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

Invesco Pennsylvania Tax Free Income Fund

     
Value

TOTAL INVESTMENTS(k)–100.68% (Cost $144,046,692)

    $    153,382,333  

FLOATING RATE NOTE OBLIGATIONS–(2.06)%

   

Note with an interest rate of 0.14% at 05/31/13 and contractual maturity of collateral of 07/15/38
(See Note 1D)(l)

    (3,135,000)  

OTHER ASSETS AND OTHER LIABILITIES–1.38%

    2,093,443  

NET ASSETS–100.00%

    $    152,340,776  

Investment Abbreviations:

 

AGC

    —Assured Guaranty Corp.

AGM

    —Assured Guaranty Municipal Corp.

AMBAC

    —American Municipal Bond Assurance Corp.

BHAC

    —Berkshire Hathaway Assurance Corp.

CAB

    —Capital Appreciation Bonds

CEP

    —Credit Enhancement Provider

Conv.

    —Convertible

GNMA

    —Government National Mortgage Association

GO

    —General Obligation

INS

    —Insurer

LOC

    —Letter of Credit

NATL

    —National Public Finance Guarantee Corp.

PCR

    —Pollution Control Revenue Bonds

Radian

    —Radian Asset Assurance, Inc.

RB

    —Revenue Bonds

Ref.

    —Refunding

Sr.

    —Senior

Sub.

    —Subordinated

VRD

    —Variable Rate Demand
 

 

Notes to Schedule of Investments:

 

(a)  Principal and/or interest payments are secured by the bond insurance company listed.

 

(b)  Security subject to the alternative minimum tax.

 

(c)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on May 31, 2013.

 

(d)  Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.

 

(e)  Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

 

(f)  Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

 

(g)  Defaulted security. Currently, the issuer is partially or fully in default with respect to interest payments. The value of this security at May 31, 2013 represented less than 1% of the Fund’s Net Assets.

 

(h)  Underlying security related to Dealer Trusts entered into by the Fund. See Note 1D.

 

(i)  Convertible CAB. The interest rate shown represents the coupon rate at which the bond will accrue at a specified future date.

 

(j)  Zero coupon bond issued at a discount.

 

(k)  This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations.

 

  Entity    Percentage      

  Assured Guaranty Municipal Corp.

      6.1      %   

 

(l)  Floating rate note obligations related to securities held. The interest rates shown reflect the rates in effect at May 31, 2013. At May 31, 2013, the Fund’s investments with a value of $5,019,600 are held by Dealer Trusts and serve as collateral for the $3,135,000 in the floating rate note obligations outstanding at that date.

 

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

Invesco Pennsylvania Tax Free Income Fund

Notes to Quarterly Schedule of Portfolio Holdings

May 31, 2013

(Unaudited)

NOTE 1 -- Significant Accounting Policies

 

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

Securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

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 is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes.

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

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

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

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D. Floating Rate Note Obligations – The Fund invests in inverse floating rate securities, such as Residual Interest Bonds (“RIBs”) or Tender Option Bonds (“TOBs”) for investment purposes and to enhance the yield of the Fund. Inverse floating rate investments tend to underperform the market for fixed rate bonds in a rising interest rate environment, but

 

Invesco Pennsylvania Tax Free Income Fund

 

D. Floating Rate Note Obligations – (continued)

end to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable. Such transactions may be purchased in the secondary market without first owning the underlying bond or by the sale of fixed rate bonds by the Fund to special purpose trusts established by a broker dealer (“Dealer Trusts”) in exchange for cash and residual interests in the Dealer Trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The Dealer Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Fund to retain residual interests in the bonds. The floating rate notes issued by the Dealer Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the Dealer Trusts for redemption at par at each reset date. The residual interests held by the Fund (inverse floating rate investments) include the right of the Fund (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the Dealer Trusts to the Fund, thereby collapsing the Dealer Trusts.

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

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

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

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

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

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

 

Invesco Pennsylvania Tax Free Income Fund

 

NOTE 2 -- Additional Valuation Information

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

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

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

As of May 31, 2013, all of the securities in this Fund were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

NOTE 3 -- Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the nine months ended May 31, 2013 was $21,244,958 and $20,758,339, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

 

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

  

Aggregate unrealized appreciation of investment securities

    $ 10,773,689   

Aggregate unrealized (depreciation) of investment securities

      (1,297,790)   

Net unrealized appreciation of investment securities

    $                  9,475,899   

Cost of investments for tax purposes is $143,906,434.

   

 

Invesco Pennsylvania Tax Free Income Fund

 

  

 

Invesco S&P 500 Index Fund

Quarterly Schedule of Portfolio Holdings

May 31, 2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Schedule of Investments(a)

May 31, 2013

(Unaudited)

 

      Shares      Value  

Common Stocks & Other Equity Interests–99.25%

  

Advertising–0.15%

  

Interpublic Group of Cos., Inc. (The)

      16,833       $ 239,365   

Omnicom Group Inc.

      10,631         660,504   
                899,869   

Aerospace & Defense–2.45%

  

Boeing Co. (The)

      27,679         2,740,775   

General Dynamics Corp.

      13,512         1,041,775   

Honeywell International Inc.

      31,877         2,501,069   

L-3 Communications Holdings, Inc.

      3,695         314,408   

Lockheed Martin Corp.

      10,889         1,152,383   

Northrop Grumman Corp.

      9,644         794,569   

Precision Castparts Corp.

      5,956         1,274,108   

Raytheon Co.

      13,232         881,780   

Rockwell Collins, Inc.

      5,554         359,622   

Textron Inc.

      11,044         297,746   

United Technologies Corp.

      34,298         3,254,880   
                14,613,115   

Agricultural Products–0.14%

  

Archer-Daniels-Midland Co.

      26,786         863,313   

Air Freight & Logistics–0.73%

      

C.H. Robinson Worldwide, Inc.

      6,553         371,489   

Expeditors International of Washington, Inc.

      8,398         327,774   

FedEx Corp.

      11,894         1,145,868   

United Parcel Service, Inc. -Class B

      29,084         2,498,316   
                4,343,447   

Airlines–0.07%

  

Southwest Airlines Co.

      29,613         419,616   

Aluminum–0.06%

  

Alcoa Inc.

      43,492         369,682   

Apparel Retail–0.57%

      

Abercrombie & Fitch Co. -Class A

      3,189         159,705   

Gap, Inc. (The)

      12,089         490,209   

L Brands, Inc.

      9,734         486,797   

Ross Stores, Inc.

      9,044         581,529   

TJX Cos., Inc. (The)

      29,660         1,501,093   

Urban Outfitters, Inc. (b)

      4,486         188,098   
                3,407,431   

Apparel, Accessories & Luxury Goods–0.39%

  

Coach, Inc.

      11,420         665,329   

Fossil, Inc. (b)

      2,141         227,374   

PVH Corp.

      3,150         362,849   

Ralph Lauren Corp.

      2,450         428,970   

VF Corp.

      3,600         661,896   
                2,346,418   
      Shares      Value  

Application Software–0.55%

  

Adobe Systems Inc. (b)

      20,286       $ 870,472   

Autodesk, Inc. (b)

      9,138         344,777   

Citrix Systems, Inc. (b)

      7,581         487,837   

Intuit Inc.

      11,331         662,184   

Salesforce.com, Inc. (b)

      21,916         927,704   
                3,292,974   

Asset Management & Custody Banks–1.29%

  

Ameriprise Financial, Inc.

      8,275         674,578   

Bank of New York Mellon Corp. (The)

      47,322         1,422,499   

BlackRock, Inc.

      5,114         1,427,829   

Franklin Resources, Inc.

      5,618         869,723   

Invesco Ltd. (c)

      17,933         605,059   

Legg Mason, Inc.

      4,690         164,338   

Northern Trust Corp.

      8,851         514,686   

State Street Corp.

      18,581         1,229,690   

T. Rowe Price Group Inc.

      10,534         799,109   
                7,707,511   

Auto Parts & Equipment–0.34%

  

BorgWarner, Inc. (b)

      4,719         382,569   

Delphi Automotive PLC (United Kingdom)

      11,926         582,108   

Johnson Controls, Inc.

      27,833         1,039,841   
                2,004,518   

Automobile Manufacturers–0.42%

  

Ford Motor Co.

      159,528         2,501,399   

Automotive Retail–0.27%

                  

AutoNation, Inc. (b)

      1,564         72,460   

AutoZone, Inc. (b)

      1,476         603,433   

CarMax, Inc. (b)

      9,279         433,979   

O’Reilly Automotive, Inc. (b)

      4,526         492,927   
                1,602,799   

Biotechnology–2.07%

      

Alexion Pharmaceuticals, Inc. (b)

      7,939         774,370   

Amgen Inc.

      30,440         3,060,133   

Biogen Idec Inc. (b)

      9,611         2,282,516   

Celgene Corp. (b)

      17,030         2,105,760   

Gilead Sciences, Inc. (b)

      61,919         3,373,347   

Regeneron Pharmaceuticals, Inc. (b)

      3,107         751,490   
                12,347,616   

Brewers–0.05%

      

Molson Coors Brewing Co. -Class B

      6,347         313,605   
 

 

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

                                 Invesco S&P 500 Index Fund

      Shares      Value  

Broadcasting–0.37%

      

CBS Corp. -Class B

      23,797       $ 1,177,951   

Discovery Communications, Inc. -Class A (b)

      9,974         786,550   

Scripps Networks Interactive Inc. -Class A

      3,538         238,320   
                2,202,821   

Building Products–0.05%

  

Masco Corp.

      14,502         304,832   

Cable & Satellite–1.18%

      

Cablevision Systems Corp. -Class A

      8,723         131,892   

Comcast Corp. -Class A

      107,355         4,310,303   

DIRECTV (b)

      23,309         1,424,879   

Time Warner Cable Inc.

      12,019         1,147,935   
                7,015,009   

Casinos & Gaming–0.11%

      

International Game Technology

      10,753         192,263   

Wynn Resorts Ltd.

      3,275         445,040   
                637,303   

Coal & Consumable Fuels–0.09%

  

CONSOL Energy Inc.

      9,278         321,761   

Peabody Energy Corp.

      10,966         215,701   
                537,462   

Commodity Chemicals–0.17%

  

LyondellBasell Industries N.V. -Class A

      15,443         1,029,276   

Communications Equipment–1.90%

      

Cisco Systems, Inc.

      216,866         5,222,133   

F5 Networks, Inc. (b)

      3,238         269,434   

Harris Corp.

      4,616         231,400   

JDS Uniphase Corp. (b)

      9,563         130,248   

Juniper Networks, Inc. (b)

      20,969         371,780   

Motorola Solutions, Inc.

      11,224         650,543   

QUALCOMM, Inc.

      69,880         4,435,983   
                11,311,521   

Computer & Electronics Retail–0.08%

  

Best Buy Co., Inc.

      10,817         298,008   

GameStop Corp. -Class A

      4,954         164,275   
                462,283   

Computer Hardware–3.34%

  

Apple Inc.

      38,193         17,174,628   

Dell Inc.

      59,399         792,977   

Hewlett-Packard Co.

      79,421         1,939,461   
                19,907,066   

Computer Storage & Peripherals–0.73%

  

EMC Corp. (b)

      85,592         2,119,258   

NetApp, Inc. (b)

      14,658         550,115   

SanDisk Corp. (b)

      9,836         580,521   

Seagate Technology PLC

      12,990         559,609   
      Shares      Value  

Computer Storage & Peripherals–(continued)

  

Western Digital Corp.

      8,814       $ 558,102   
                4,367,605   

Construction & Engineering–0.16%

  

Fluor Corp.

      6,609         417,755   

Jacobs Engineering Group, Inc. (b)

      5,301         302,210   

Quanta Services, Inc. (b)

      8,672         246,025   
                965,990   

Construction & Farm Machinery & Heavy Trucks–0.93%

  

Caterpillar Inc.

      26,642         2,285,883   

Cummins Inc.

      7,180         858,943   

Deere & Co.

      15,843         1,380,084   

Joy Global Inc.

      4,337         234,545   

PACCAR Inc.

      14,376         770,554   
                5,530,009   

Construction Materials–0.05%

  

Vulcan Materials Co.

      5,299         283,920   

Consumer Electronics–0.05%

  

Garmin Ltd.

      4,428         154,670   

Harman International Industries, Inc.

      2,750         146,025   
                300,695   

Consumer Finance–0.97%

  

American Express Co.

      39,087         2,959,277   

Capital One Financial Corp.

      23,681         1,442,883   

Discover Financial Services

      20,148         955,217   

SLM Corp.

      18,437         437,694   
                5,795,071   

Data Processing & Outsourced Services–1.65%

  

Automatic Data Processing, Inc.

      19,726         1,355,571   

Computer Sciences Corp.

      6,261         279,303   

Fidelity National Information Services, Inc.

      11,924         535,388   

Fiserv, Inc. (b)

      5,480         477,637   

MasterCard, Inc. -Class A

      4,293         2,448,083   

Paychex, Inc.

      13,165         490,133   

Total System Services, Inc.

      6,534         153,614   

Visa Inc. -Class A

      20,974         3,736,308   

Western Union Co. (The)

      23,132         378,902   
                9,854,939   

Department Stores–0.28%

  

J. C. Penney Co., Inc. (b)

      5,813         102,193   

Kohl’s Corp.

      8,606         442,434   

Macy’s, Inc.

      16,076         777,114   

Nordstrom, Inc.

      6,088         358,096   
                1,679,837   

Distillers & Vintners–0.20%

  

Beam Inc.

      6,520         422,757   

Brown-Forman Corp. -Class B

      6,202         426,822   
 

 

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

                                 Invesco S&P 500 Index Fund

      Shares      Value  

Distillers & Vintners–(continued)

  

Constellation Brands, Inc. -Class A (b)

      6,206       $ 328,980   
                1,178,559   

Distributors–0.08%

  

Genuine Parts Co.

      6,298         489,607   

Diversified Banks–1.85%

  

Comerica Inc.

      7,632         301,388   

U.S. Bancorp

      75,788         2,657,127   

Wells Fargo & Co.

      199,374         8,084,616   
                11,043,131   

Diversified Chemicals–0.92%

  

Dow Chemical Co. (The)

      48,983         1,687,954   

E. I. du Pont de Nemours & Co.

      37,999         2,119,964   

Eastman Chemical Co.

      6,261         449,039   

FMC Corp.

      5,632         353,183   

PPG Industries, Inc.

      5,832         895,854   
                5,505,994   

Diversified Metals & Mining–0.22%

  

Freeport-McMoRan Copper & Gold Inc.

      42,217         1,310,838   

Diversified REIT’s–0.09%

  

Vornado Realty Trust

      6,925         553,654   

Diversified Support Services–0.07%

      

Cintas Corp.

      4,220         192,664   

Iron Mountain Inc.

      6,834         244,931   
                437,595   

Drug Retail–0.76%

  

CVS Caremark Corp.

      50,075         2,883,319   

Walgreen Co.

      34,979         1,670,597   
                4,553,916   

Education Services–0.01%

  

Apollo Group, Inc. -Class A (b)

      4,108         82,119   

Electric Utilities–1.81%

  

American Electric Power Co., Inc.

      19,752         905,037   

Duke Energy Corp.

      28,660         1,918,214   

Edison International

      13,251         608,751   

Entergy Corp.

      7,262         500,207   

Exelon Corp.

      34,775         1,089,848   

FirstEnergy Corp.

      17,009         663,521   

NextEra Energy, Inc.

      17,238         1,303,538   

Northeast Utilities

      12,784         532,709   

Pepco Holdings, Inc.

      9,357         194,345   

Pinnacle West Capital Corp.

      4,486         253,369   

PPL Corp.

      23,705         704,038   

Southern Co. (The)

      35,342         1,551,514   

Xcel Energy, Inc.

      19,859         570,350   
                10,795,441   

Electrical Components & Equipment–0.66%

  

Eaton Corp. PLC

      19,160         1,265,710   
      Shares      Value  

Electrical Components & Equipment–(continued)

  

Emerson Electric Co.

      29,368       $ 1,687,485   

Rockwell Automation, Inc.

      5,733         504,619   

Roper Industries, Inc.

      4,036         501,352   
                3,959,166   

Electronic Components–0.24%

  

Amphenol Corp. -Class A

      6,494         505,882   

Corning Inc.

      59,886         920,448   
                1,426,330   

Electronic Equipment & Instruments–0.02%

  

FLIR Systems, Inc.

      5,898         143,675   

Electronic Manufacturing Services–0.18%

  

Jabil Circuit, Inc.

      7,481         150,069   

Molex Inc.

      5,639         165,448   

TE Connectivity Ltd. (Switzerland)

      17,092         758,714   
                1,074,231   

Environmental & Facilities Services–0.26%

  

Republic Services, Inc.

      12,093         412,371   

Stericycle, Inc. (b)

      3,507         384,929   

Waste Management, Inc.

      17,784         745,683   
                1,542,983   

Fertilizers & Agricultural Chemicals–0.56%

  

CF Industries Holdings, Inc.

      2,567         490,194   

Monsanto Co.

      21,792         2,193,147   

Mosaic Co. (The)

      11,253         684,408   
                3,367,749   

Food Distributors–0.14%

  

Sysco Corp.

      23,833         805,555   

Food Retail–0.28%

      

Kroger Co. (The)

      21,085         709,932   

Safeway Inc.

      9,744         224,209   

Whole Foods Market, Inc.

      14,066         729,463   
                1,663,604   

Footwear–0.31%

  

NIKE, Inc. -Class B

      29,509         1,819,525   

Gas Utilities–0.10%

  

AGL Resources Inc.

      4,812         203,692   

ONEOK, Inc.

      8,334         376,197   
                579,889   

General Merchandise Stores–0.53%

  

Dollar General Corp. (b)

      12,299         649,387   

Dollar Tree, Inc. (b)

      9,240         443,890   

Family Dollar Stores, Inc.

      3,872         236,773   

Target Corp.

      26,469         1,839,595   
                3,169,645   

Gold–0.12%

      

Newmont Mining Corp.

      20,202         692,525   
 

 

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

                                 Invesco S&P 500 Index Fund

      Shares      Value  

Health Care Distributors–0.40%

  

AmerisourceBergen Corp.

      9,361       $ 506,243   

Cardinal Health, Inc.

      13,863         651,006   

McKesson Corp.

      9,471         1,078,368   

Patterson Cos. Inc.

      3,363         131,426   
                2,367,043   

Health Care Equipment–2.08%

  

Abbott Laboratories

      63,882         2,342,553   

Baxter International Inc.

      22,203         1,561,537   

Becton, Dickinson & Co.

      7,888         777,915   

Boston Scientific Corp. (b)

      55,209         510,131   

C.R. Bard, Inc.

      3,092         318,754   

CareFusion Corp. (b)

      9,052         332,661   

Covidien PLC

      19,198         1,220,993   

Edwards Lifesciences Corp. (b)

      4,666         310,102   

Intuitive Surgical, Inc. (b)

      1,634         812,964   

Medtronic, Inc.

      41,134         2,098,245   

St. Jude Medical, Inc.

      11,504         497,318   

Stryker Corp.

      11,761         780,813   

Varian Medical Systems, Inc. (b)

      4,479         300,138   

Zimmer Holdings, Inc.

      6,887         540,698   
                12,404,822   

Health Care Facilities–0.03%

  

Tenet Healthcare Corp. (b)

      4,270         202,270   

Health Care Services–0.55%

  

DaVita HealthCare Partners Inc. (b)

      3,475         431,143   

Express Scripts Holding Co. (b)

      33,289         2,067,913   

Laboratory Corp. of America Holdings (b)

      3,744         372,491   

Quest Diagnostics Inc.

      6,434         397,878   
                3,269,425   

Health Care Supplies–0.04%

  

DENTSPLY International Inc.

      5,809         242,584   

Health Care Technology–0.10%

  

Cerner Corp. (b)

      5,971         586,830   

Home Entertainment Software–0.05%

  

Electronic Arts Inc. (b)

      12,204         280,570   

Home Furnishings–0.03%

  

Leggett & Platt, Inc.

      5,857         187,424   

Home Improvement Retail–1.12%

  

Home Depot, Inc. (The)

      60,813         4,783,551   

Lowe’s Cos., Inc.

      45,146         1,901,098   
                6,684,649   

Homebuilding–0.14%

  

D.R. Horton, Inc.

      11,369         276,949   

Lennar Corp. -Class A

      6,726         264,466   

PulteGroup Inc. (b)

      13,837         298,741   
                840,156   

Homefurnishing Retail–0.11%

  

Bed Bath & Beyond Inc. (b)

      9,197         627,695   
      Shares      Value  

Hotels, Resorts & Cruise Lines–0.31%

  

Carnival Corp.

      18,067       $ 598,018   

Marriott International Inc. -Class A

      9,908         416,235   

Starwood Hotels & Resorts Worldwide, Inc.

      7,878         538,067   

Wyndham Worldwide Corp.

      5,564         323,380   
                1,875,700   

Household Appliances–0.07%

  

Whirlpool Corp.

      3,162         403,977   

Household Products–2.11%

  

Clorox Co. (The)

      5,325         442,401   

Colgate-Palmolive Co.

      35,760         2,068,359   

Kimberly-Clark Corp.

      15,765         1,526,525   

Procter & Gamble Co. (The)

      111,103         8,528,266   
                12,565,551   

Housewares & Specialties–0.05%

  

Newell Rubbermaid Inc.

      11,648         314,962   

Human Resource & Employment Services–0.03%

  

Robert Half International, Inc.

      5,684         197,576   

Hypermarkets & Super Centers–1.18%

  

Costco Wholesale Corp.

      17,717         1,943,024   

Wal-Mart Stores, Inc.

      68,029         5,091,290   
                7,034,314   

Independent Power Producers & Energy Traders–0.11%

  

AES Corp. (The)

      25,175         307,135   

NRG Energy, Inc.

      13,143         335,409   
                642,544   

Industrial Conglomerates–2.37%

  

3M Co.

      25,818         2,846,951   

Danaher Corp.

      23,581         1,457,778   

General Electric Co. (d)

      422,926         9,862,634   
                14,167,363   

Industrial Gases–0.41%

  

Air Products & Chemicals, Inc.

      8,444         797,198   

Airgas, Inc.

      2,753         283,256   

Praxair, Inc.

      12,046         1,377,219   
                2,457,673   

Industrial Machinery–0.85%

  

Dover Corp.

      7,104         555,888   

Flowserve Corp.

      1,974         331,889   

Illinois Tool Works Inc.

      16,891         1,184,566   

Ingersoll-Rand PLC

      11,209         644,854   

Pall Corp.

      4,479         305,468   

Parker Hannifin Corp.

      6,085         607,039   

Pentair Ltd.

      8,383         488,226   

Snap-on Inc.

      2,325         211,784   

Stanley Black & Decker Inc.

      6,517         516,277   

Xylem, Inc.

      7,571         213,048   
                5,059,039   

Industrial REIT’s–0.13%

  

Prologis, Inc.

      18,822         758,527   
 

 

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

                                 Invesco S&P 500 Index Fund

      Shares      Value  

Insurance Brokers–0.28%

      

Aon PLC

      12,672       $ 806,826   

Marsh & McLennan Cos., Inc.

      22,303         892,566   
                1,699,392   

Integrated Oil & Gas–5.11%

      

Chevron Corp.

      79,014         9,698,969   

Exxon Mobil Corp.

      182,232         16,486,529   

Hess Corp.

      12,084         814,582   

Murphy Oil Corp.

      7,366         466,415   

Occidental Petroleum Corp.

      32,761         3,016,305   
                30,482,800   

Integrated Telecommunication Services–2.46%

  

AT&T Inc.

      223,358         7,815,296   

CenturyLink Inc.

      25,453         869,220   

Frontier Communications Corp.

      40,602         168,092   

Verizon Communications Inc.

      116,253         5,635,946   

Windstream Corp.

      24,016         192,849   
                14,681,403   

Internet Retail–1.12%

      

Amazon.com, Inc. (b)

      14,790         3,978,954   

Expedia, Inc.

      3,798         218,233   

Netflix Inc. (b)

      2,276         514,945   

Priceline.com Inc. (b)

      2,108         1,694,684   

TripAdvisor Inc. (b)

      4,488         289,431   
                6,696,247   

Internet Software & Services–2.29%

      

Akamai Technologies, Inc. (b)

      7,234         333,632   

eBay Inc. (b)

      47,458         2,567,478   

Google Inc. -Class A (b)

      10,860         9,452,653   

VeriSign, Inc. (b)

      6,204         291,836   

Yahoo! Inc. (b)

      39,417         1,036,667   
                13,682,266   

Investment Banking & Brokerage–0.90%

      

Charles Schwab Corp. (The)

      44,702         887,782   

E*TRADE Financial Corp. (b)

      11,606         134,978   

Goldman Sachs Group, Inc. (The)

      17,796         2,884,375   

Morgan Stanley

      55,838         1,446,204   
                5,353,339   

IT Consulting & Other Services–2.07%

      

Accenture PLC -Class A

      26,206         2,151,775   

Cognizant Technology Solutions Corp.
-Class A (b)

      12,274         793,514   

International Business Machines Corp.

      42,610         8,863,732   

SAIC, Inc.

      11,540         167,330   

Teradata Corp. (b)

      6,742         375,867   
                12,352,218   

Leisure Products–0.14%

      

Hasbro, Inc.

      4,629         205,898   

Mattel, Inc.

      14,012         627,037   
                832,935   
      Shares      Value  

Life & Health Insurance–0.96%

      

Aflac, Inc.

      19,023       $ 1,059,391   

Lincoln National Corp.

      11,040         393,686   

MetLife, Inc.

      44,479         1,966,417   

Principal Financial Group, Inc.

      11,217         424,563   

Prudential Financial, Inc.

      18,912         1,304,361   

Torchmark Corp.

      3,808         245,654   

Unum Group

      10,973         312,511   
                5,706,583   

Life Sciences Tools & Services–0.49%

      

Agilent Technologies, Inc.

      14,112         641,390   

Life Technologies Corp. (b)

      7,007         519,219   

PerkinElmer, Inc.

      4,632         145,074   

Thermo Fisher Scientific, Inc.

      14,545         1,284,323   

Waters Corp. (b)

      3,450         333,650   
                2,923,656   

Managed Health Care–0.97%

      

Aetna Inc.

      15,481         934,743   

Cigna Corp.

      11,630         789,677   

Humana Inc.

      6,479         523,374   

UnitedHealth Group Inc.

      41,686         2,610,794   

WellPoint, Inc.

      12,365         951,734   
                5,810,322   

Metal & Glass Containers–0.07%

      

Ball Corp.

      6,077         262,283   

Owens-Illinois, Inc. (b)

      6,672         183,147   
                445,430   

Motorcycle Manufacturers–0.08%

      

Harley-Davidson, Inc.

      9,195         501,495   

Movies & Entertainment–1.79%

      

News Corp. -Class A

      81,333         2,611,603   

Time Warner Inc.

      38,019         2,219,169   

Viacom Inc. -Class B

      18,520         1,220,283   

Walt Disney Co. (The)

      73,431         4,632,027   
                10,683,082   

Multi-Line Insurance–0.70%

      

American International Group, Inc. (b)

      60,045         2,669,601   

Assurant, Inc.

      3,173         157,825   

Genworth Financial Inc. -Class A (b)

      20,039         216,621   

Hartford Financial Services Group, Inc. (The)

      17,756         543,866   

Loews Corp.

      12,591         576,920   
                4,164,833   

Multi-Sector Holdings–0.06%

      

Leucadia National Corp.

      11,930         374,363   
 

 

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

                                 Invesco S&P 500 Index Fund

      Shares      Value  

Multi-Utilities–1.19%

      

Ameren Corp.

      9,868       $ 335,907   

CenterPoint Energy, Inc.

      17,393         403,170   

CMS Energy Corp.

      10,771         290,278   

Consolidated Edison, Inc.

      11,911         679,761   

Dominion Resources, Inc.

      23,439         1,325,475   

DTE Energy Co.

      7,034         468,535   

Integrys Energy Group, Inc.

      3,236         186,167   

NiSource Inc.

      12,656         363,607   

PG&E Corp.

      17,839         801,149   

Public Service Enterprise Group Inc.

      20,578         679,897   

SCANA Corp.

      5,385         271,619   

Sempra Energy

      9,202         748,123   

TECO Energy, Inc.

      8,317         146,462   

Wisconsin Energy Corp.

      9,313         380,064   
                7,080,214   

Office Electronics–0.07%

      

Xerox Corp.

      49,776         437,531   

Office REIT’s–0.11%

      

Boston Properties, Inc.

      6,178         658,451   

Office Services & Supplies–0.05%

      

Avery Dennison Corp.

      4,048         176,088   

Pitney Bowes Inc.

      8,204         120,435   
                296,523   

Oil & Gas Drilling–0.30%

      

Diamond Offshore Drilling, Inc.

      2,857         196,590   

Ensco PLC -Class A

      9,453         568,787   

Helmerich & Payne, Inc.

      4,367         269,619   

Nabors Industries Ltd.

      11,837         189,510   

Noble Corp.

      10,278         398,273   

Rowan Cos. PLC -Class A (b)

      5,006         166,399   
                1,789,178   

Oil & Gas Equipment & Services–1.46%

  

Baker Hughes Inc.

      17,968         817,185   

Cameron International Corp. (b)

      10,080         613,569   

FMC Technologies, Inc. (b)

      9,668         538,121   

Halliburton Co.

      37,898         1,586,031   

National Oilwell Varco Inc.

      17,351         1,219,775   

Schlumberger Ltd.

      54,023         3,945,300   
                8,719,981   

Oil & Gas Exploration & Production–2.41%

  

Anadarko Petroleum Corp.

      20,358         1,780,714   

Apache Corp.

      15,932         1,308,495   

Cabot Oil & Gas Corp.

      8,566         602,704   

Chesapeake Energy Corp.

      21,177         462,506   

ConocoPhillips

      49,660         3,046,144   

Denbury Resources Inc. (b)

      15,189         278,718   

Devon Energy Corp.

      15,357         873,045   

EOG Resources, Inc.

      11,052         1,426,813   

EQT Corp.

      6,126         489,345   

Marathon Oil Corp.

      28,784         989,882   

Newfield Exploration Co. (b)

      5,536         131,701   
      Shares      Value  

Oil & Gas Exploration & Production–(continued)

  

Noble Energy, Inc.

      14,606       $ 842,036   

Pioneer Natural Resources Co.

      5,382         746,376   

QEP Resources Inc.

      7,280         206,461   

Range Resources Corp.

      6,660         500,699   

Southwestern Energy Co. (b)

      14,277         538,100   

WPX Energy Inc. (b)

      8,142         156,815   
                14,380,554   

Oil & Gas Refining & Marketing–0.68%

  

Marathon Petroleum Corp.

      13,480         1,112,100   

Phillips 66

      25,278         1,682,757   

Tesoro Corp.

      5,596         344,993   

Valero Energy Corp.

      22,488         913,687   
                4,053,537   

Oil & Gas Storage & Transportation–0.47%

  

Kinder Morgan Inc.

      25,695         975,896   

Spectra Energy Corp.

      27,174         830,709   

Williams Cos., Inc. (The)

      27,719         975,155   
                2,781,760   

Other Diversified Financial Services–3.51%

  

Bank of America Corp.

      440,091         6,011,643   

Citigroup Inc.

      123,594         6,425,652   

JPMorgan Chase & Co.

      155,673         8,498,189   
                20,935,484   

Packaged Foods & Meats–1.62%

      

Campbell Soup Co.

      7,288         311,999   

ConAgra Foods, Inc.

      16,831         567,036   

General Mills, Inc.

      26,298         1,238,110   

H.J. Heinz Co.

      13,041         943,647   

Hershey Co. (The)

      6,105         544,016   

Hormel Foods Corp.

      5,427         216,103   

JM Smucker Co. (The)

      4,361         440,287   

Kellogg Co.

      10,155         630,118   

Kraft Foods Group, Inc.

      24,099         1,328,578   

McCormick & Co., Inc.

      5,407         373,516   

Mead Johnson Nutrition Co.

      8,245         668,422   

Mondelez International Inc. -Class A

      72,327         2,130,753   

Tyson Foods, Inc. -Class A

      11,535         288,375   
                9,680,960   

Paper Packaging–0.06%

      

Bemis Co., Inc.

      4,156         162,708   

Sealed Air Corp.

      7,914         190,094   
                352,802   

Paper Products–0.18%

      

International Paper Co.

      17,944         828,116   

MeadWestvaco Corp.

      7,144         250,040   
                1,078,156   

Personal Products–0.18%

      

Avon Products, Inc.

      17,581         414,384   

Estee Lauder Cos. Inc. (The) -Class A

      9,749         660,787   
                1,075,171   
 

 

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

                                 Invesco S&P 500 Index Fund

      Shares      Value  

Pharmaceuticals–5.81%

      

AbbVie Inc.

      64,289       $ 2,744,497   

Actavis Inc. (b)

      5,198         640,861   

Allergan, Inc.

      12,508         1,244,421   

Bristol-Myers Squibb Co.

      66,595         3,064,036   

Eli Lilly & Co.

      40,602         2,158,402   

Forest Laboratories, Inc. (b)

      9,530         378,818   

Hospira, Inc. (b)

      6,762         234,506   

Johnson & Johnson

      113,692         9,570,593   

Merck & Co., Inc.

      122,928         5,740,738   

Mylan Inc. (b)

      16,087         490,332   

Perrigo Co.

      3,599         417,160   

Pfizer Inc.

      292,399         7,962,025   
                34,646,389   

Property & Casualty Insurance–2.36%

  

ACE Ltd.

      13,800         1,237,584   

Allstate Corp. (The)

      19,418         936,724   

Berkshire Hathaway Inc. -Class B (b)

      74,184         8,462,169   

Chubb Corp. (The)

      10,614         924,479   

Cincinnati Financial Corp.

      5,990         283,567   

Progressive Corp. (The)

      22,597         575,998   

Travelers Cos., Inc. (The)

      15,372         1,286,944   

XL Group PLC

      11,996         377,034   
                14,084,499   

Publishing–0.05%

      

Gannett Co., Inc.

      9,345         200,917   

Washington Post Co. (The) -Class B

      194         90,643   
                291,560   

Railroads–0.92%

      

CSX Corp.

      41,518         1,046,669   

Kansas City Southern

      4,480         495,936   

Norfolk Southern Corp.

      12,792         979,739   

Union Pacific Corp.

      19,086         2,951,077   
                5,473,421   

Real Estate Services–0.05%

      

CBRE Group, Inc. -Class A (b)

      12,372         286,783   

Regional Banks–0.98%

      

BB&T Corp.

      28,463         937,002   

Fifth Third Bancorp

      35,599         647,902   

First Horizon National Corp.

      9,899         113,641   

Huntington Bancshares Inc.

      34,245         265,399   

KeyCorp

      37,575         405,058   

M&T Bank Corp.

      4,928         516,947   

PNC Financial Services Group, Inc.

      21,492         1,539,687   

Regions Financial Corp.

      57,486         524,847   

SunTrust Banks, Inc.

      21,919         703,381   

Zions Bancorp.

      7,490         210,094   
                5,863,958   

Research & Consulting Services–0.08%

  

Dun & Bradstreet Corp. (The)

      1,634         160,361   

Equifax Inc.

      4,855         295,669   
                456,030   
      Shares      Value  

Residential REIT’s–0.26%

      

Apartment Investment & Management
Co. -Class A

      5,960       $ 180,350   

AvalonBay Communities, Inc.

      4,627         613,818   

Equity Residential

      13,028         736,733   
                1,530,901   

Restaurants–1.31%

      

Chipotle Mexican Grill, Inc. (b)

      1,261         455,221   

Darden Restaurants, Inc.

      5,264         272,675   

McDonald’s Corp.

      40,785         3,938,608   

Starbucks Corp.

      30,476         1,922,121   

Yum! Brands, Inc.

      18,331         1,241,925   
                7,830,550   

Retail REIT’s–0.48%

      

Kimco Realty Corp.

      16,588         367,424   

Macerich Co. (The)

      5,585         362,523   

Simon Property Group, Inc.

      12,757         2,123,275   
                2,853,222   

Security & Alarm Services–0.17%

  

   

ADT Corp. (The)

      9,444         383,332   

Tyco International Ltd.

      18,953         640,801   
                1,024,133   

Semiconductor Equipment–0.26%

  

   

Applied Materials, Inc.

      48,808         741,882   

KLA-Tencor Corp.

      6,757         380,351   

Lam Research Corp. (b)

      6,602         308,841   

Teradyne, Inc. (b)

      7,740         138,856   
                1,569,930   

Semiconductors–1.78%

      

Advanced Micro Devices, Inc. (b)

      24,686         98,744   

Altera Corp.

      13,005         431,636   

Analog Devices, Inc.

      12,445         571,599   

Broadcom Corp. -Class A

      21,290         764,524   

First Solar, Inc. (b)

      2,485         135,134   

Intel Corp.

      201,167         4,884,335   

Linear Technology Corp.

      9,458         354,675   

LSI Corp. (b)

      22,358         165,449   

Microchip Technology Inc.

      7,959         290,344   

Micron Technology, Inc. (b)

      41,558         485,398   

NVIDIA Corp.

      25,414         368,249   

Texas Instruments Inc.

      44,934         1,612,681   

Xilinx, Inc.

      10,638         432,435   
                10,595,203   

Soft Drinks–2.08%

      

Coca-Cola Co. (The)

      155,889         6,234,001   

Coca-Cola Enterprises, Inc.

      10,672         396,572   

Dr Pepper Snapple Group, Inc.

      8,281         380,760   

Monster Beverage Corp. (b)

      5,860         319,897   

PepsiCo, Inc.

      62,749         5,068,237   
                12,399,467   
 

 

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

                                 Invesco S&P 500 Index Fund

       Shares         Value   

Specialized Consumer Services–0.05%

  

   

H&R Block, Inc.

      11,033       $ 322,936   

Specialized Finance–0.51%

  

   

CME Group Inc.

      12,482         847,902   

IntercontinentalExchange Inc. (b)

      2,976         509,521   

McGraw Hill Financial, Inc.

      11,420         622,961   

Moody’s Corp.

      7,880         523,547   

NASDAQ OMX Group, Inc. (The)

      4,815         151,480   

NYSE Euronext

      9,883         397,593   
                3,053,004   

Specialized REIT’s–1.03%

  

   

American Tower Corp.

      16,068         1,250,733   

HCP, Inc.

      18,439         873,640   

Health Care REIT, Inc.

      11,421         776,971   

Host Hotels & Resorts Inc.

      29,556         525,801   

Plum Creek Timber Co., Inc.

      6,615         315,535   

Public Storage

      5,866         890,459   

Ventas, Inc.

      11,873         847,376   

Weyerhaeuser Co.

      22,178         661,348   
                6,141,863   

Specialty Chemicals–0.38%

  

   

Ecolab Inc.

      10,796         911,938   

International Flavors & Fragrances Inc.

      3,347         268,730   

Sherwin-Williams Co. (The)

      3,490         657,970   

Sigma-Aldrich Corp.

      4,948         413,950   
                2,252,588   

Specialty Stores–0.18%

  

   

PetSmart, Inc.

      4,331         292,343   

Staples, Inc.

      27,408         411,120   

Tiffany & Co.

      4,875         379,177   
                1,082,640   

Steel–0.15%

      

Allegheny Technologies, Inc.

      4,403         121,391   

Cliffs Natural Resources Inc.

      6,161         111,144   

Nucor Corp.

      12,920         575,069   

United States Steel Corp.

      5,908         104,513   
                912,117   

Systems Software–2.91%

  

   

BMC Software, Inc. (b)

      5,346         242,147   

CA, Inc.

      13,536         369,668   

Microsoft Corp.

      306,616         10,694,766   

Oracle Corp.

      150,194         5,070,550   

Red Hat, Inc. (b)

      7,857         378,943   

Symantec Corp. (b)

      28,031         627,614   
                17,383,688   

Thrifts & Mortgage Finance–0.06%

  

   

Hudson City Bancorp, Inc.

      19,334         164,339   

People’s United Financial Inc.

      13,774         189,530   
                353,869   
       Shares         Value   

Tires & Rubber–0.03%

  

   

Goodyear Tire & Rubber Co. (The) (b)

      9,980       $ 151,097   

Tobacco–1.73%

      

Altria Group, Inc.

      81,745         2,950,995   

Lorillard, Inc.

      15,429         654,807   

Philip Morris International Inc.

      67,019         6,092,697   

Reynolds American Inc.

      13,086         629,567   
                10,328,066   

Trading Companies & Distributors–0.20%

   

   

Fastenal Co.

      10,978         572,832   

W.W. Grainger, Inc.

      2,430         625,579   
                1,198,411   

Trucking–0.02%

      

Ryder System, Inc.

      2,089         131,691   

Wireless Telecommunication Services–0.29%

  

Crown Castle International Corp. (b)

      11,923         849,514   

Sprint Nextel Corp. (b)

      122,456         893,929   
                1,743,443   

Total Common Stocks & Other Equity Interests
(Cost $338,945,769)

    

      592,257,502   

Money Market Funds–0.81%

  

Liquid Assets Portfolio –Institutional Class (e)

      2,419,250         2,419,250   

Premier Portfolio –Institutional Class (e)

      2,419,249         2,419,249   

Total Money Market Funds
(Cost $4,838,499)

   

      4,838,499   

TOTAL INVESTMENTS–100.06%
(Cost $343,784,268)

   

      597,096,001   

OTHER ASSETS LESS LIABILITIES–(0.06)%

   

      (350,299)   

NET ASSETS–100.00%

             $     596,745,702   

Investment Abbreviations:

REIT —Real Estate Investment Trust

Notes to Schedule of Investments:

 

(a) 

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

 

(b) 

Non-income producing security.

 

(c) 

The Fund’s Adviser is a subsidiary of Invesco Ltd. and therefore, Invesco Ltd. is considered to be affiliated with the Fund. See Note 3.

 

(d) 

All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1D and Note 4.

 

(e) 

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

 

 

 

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

                                 Invesco S&P 500 Index Fund

Notes to Quarterly Schedule of Portfolio Holdings

May 31, 2013

(Unaudited)

NOTE 1 — Significant Accounting Policies

 

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

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

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

Debt obligations (including convertible bonds) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the Adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trade is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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.

 

                                 Invesco S&P 500 Index Fund

A. Security Valuations-(continued)

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 is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

 

                                 Invesco S&P 500 Index Fund

NOTE 2 — Additional Valuation Information

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

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

The following is a summary of the tiered valuation input levels, as of May 31, 2013. 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  

Equity Securities

    $     597,096,001       $—      $—      $     597,096,001   

Futures*

      2,650       —      —        2,650   

Total Investments

    $ 597,098,651       $—      $—      $ 597,098,651   

* Unrealized appreciation.

NOTE 3 — Investments in Affiliates

The Fund’s Adviser is a subsidiary of Invesco Ltd. and therefore, Invesco Ltd. is considered to be affiliated with the Fund. The following is a summary of the transactions in and earnings from investments in Invesco Ltd. for the nine months ended May 31, 2013.

 

     

Value

08/31/12

      Purchases at
Cost		      Proceeds from
Sales		     Change in
Unrealized
Appreciation		      Realized
Gain		     

Value

05/31/13

      Dividend
Income		  

Invesco Ltd.

    $   432,184       $ 12,312       $ (19,729 )    $ 180,076       $ 216       $   605,059       $   10,241   

NOTE 4 — Derivative Investments

 

Open Futures Contracts

Long Contracts

    Number of
Contracts		    Expiration
Month		    Notional
Value		    Unrealized
Appreciation

E-Mini S&P 500 Index

    72    June-2013    $5,864,400    $2,650

 

                                 Invesco S&P 500 Index Fund

NOTE 5 — Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the nine months ended May 31, 2013 was $26,560,808 and $32,490,292, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

 

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

Aggregate unrealized appreciation of investment securities

    $     241,198,957   

Aggregate unrealized (depreciation) of investment securities

      (14,339,410)   

Net unrealized appreciation of investment securities

    $ 226,859,547   

Cost of investments for tax purposes is $370,236,454.

   

 

                                 Invesco S&P 500 Index Fund

  

 

Invesco Small Cap Discovery Fund

Quarterly Schedule of Portfolio Holdings

May 31, 2013

 

 

   LOGO      
   invesco.com/us    VK-SCD-QTR-1     05/13    Invesco Advisers, Inc.

Schedule of Investments(a)

May 31, 2013

(Unaudited)

      Shares      Value  

Common Stocks & Other Equity Interests–95.93%

  

Aerospace & Defense–1.70%

      

Hexcel Corp. (b)

      204,044       $ 7,094,610   

Triumph Group, Inc.

      91,785         7,127,105   
                14,221,715   

Air Freight & Logistics–0.77%

      

UTi Worldwide, Inc.

      403,881         6,393,436   

Airlines–0.64%

      

Alaska Air Group, Inc. (b)

      94,567         5,373,297   

Alternative Carriers–0.52%

      

tw telecom inc. (b)

      153,253         4,372,308   

Apparel Retail–2.17%

      

DSW Inc. -Class A

      78,546         5,811,618   

Genesco Inc. (b)

      79,450         5,369,231   

Stage Stores, Inc.

      299,792         6,898,214   
                18,079,063   

Apparel, Accessories & Luxury Goods–2.13%

  

Hanesbrands, Inc.

      139,239         6,942,457   

Tumi Holdings Inc. (b)

      230,969         5,600,998   

Under Armour, Inc. -Class A (b)(c)

      84,475         5,237,450   
                      17,780,905   

Application Software–6.88%

      

ACI Worldwide, Inc. (b)

      60,154         2,797,763   

Aspen Technology, Inc. (b)

      324,614         9,939,681   

Bottomline Technologies (de), Inc. (b)

      222,533         6,148,587   

Cadence Design Systems, Inc. (b)

      530,524         8,026,828   

Guidewire Software Inc. (b)

      176,212         7,217,643   

Manhattan Associates, Inc. (b)

      75,338         5,652,610   

MicroStrategy Inc. -Class A (b)

      67,513         6,176,089   

QLIK Technologies Inc. (b)

      160,795         4,946,054   

SolarWinds, Inc. (b)

      154,107         6,495,610   
                57,400,865   

Asset Management & Custody Banks–0.89%

  

Affiliated Managers Group, Inc. (b)

      45,418         7,448,552   

Auto Parts & Equipment–1.73%

      

Allison Transmission Holdings, Inc.

      229,375         5,459,125   

TRW Automotive Holdings Corp. (b)

      141,729         8,978,532   
                14,437,657   

Automotive Retail–0.98%

      

Group 1 Automotive, Inc.

      129,172         8,208,881   
      Shares      Value  

Biotechnology–5.88%

      

Amarin Corp. PLC -ADR (Ireland)(b)(c)

      254,419       $ 1,778,389   

ARIAD Pharmaceuticals, Inc. (b)

      306,063         5,613,196   

BioMarin Pharmaceutical Inc. (b)

      142,839         8,956,005   

Cubist Pharmaceuticals, Inc. (b)

      157,258         8,641,327   

Medivation Inc. (b)

      116,438         5,654,229   

NPS Pharmaceuticals, Inc. (b)

      467,728         7,366,716   

Onyx Pharmaceuticals, Inc. (b)

      94,525         9,022,411   

TESARO, Inc. (b)

      60,485         2,069,192   
                49,101,465   

Building Products–1.33%

      

Fortune Brands Home & Security Inc.

      97,864         4,137,690   

Trex Co., Inc. (b)

      125,823         6,991,984   
                11,129,674   

Commodity Chemicals–1.53%

      

Koppers Holdings, Inc.

      61,254         2,521,827   

Methanex Corp. (Canada)(c)

      232,787         10,289,186   
                12,811,013   

Communications Equipment–1.48%

  

Ciena Corp. (b)

      187,497         3,138,700   

JDS Uniphase Corp. (b)

      409,508         5,577,499   

Procera Networks, Inc. (b)

      246,936         3,644,775   
                      12,360,974   

Construction & Engineering–0.95%

      

MasTec Inc. (b)

      169,553         5,391,785   

Primoris Services Corp.

      118,354         2,522,124   
                7,913,909   

Construction & Farm Machinery & Heavy Trucks–0.60%

  

Manitowoc Co., Inc. (The)

      239,886         5,040,005   

Data Processing & Outsourced Services–2.41%

      

Cardtronics, Inc. (b)

      260,327         7,427,129   

Jack Henry & Associates, Inc.

      156,801         7,358,671   

MAXIMUS, Inc.

      70,877         5,289,551   
                20,075,351   

Electrical Components & Equipment–0.85%

  

Belden Inc.

      132,976         7,107,567   

Electronic Equipment & Instruments–0.92%

  

Cognex Corp.

      170,846         7,676,111   

Electronic Manufacturing Services–0.65%

  

IPG Photonics Corp. (c)

      91,657         5,435,260   
 

 

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

Invesco Small Cap Discovery Fund

      Shares      Value  

Environmental & Facilities Services–2.39%

      

Clean Harbors, Inc. (b)

      132,714       $ 7,591,241   

Progressive Waste Solutions Ltd. (Canada)

      228,968         5,328,085   

Waste Connections, Inc.

      175,254         7,052,221   
                      19,971,547   

Fertilizers & Agricultural Chemicals–0.27%

      

Intrepid Potash, Inc.

      120,517         2,263,309   

Footwear–0.88%

      

Steven Madden, Ltd. (b)

      152,054         7,374,619   

Health Care Equipment–3.24%

      

DexCom Inc. (b)

      302,984         6,311,157   

Insulet Corp. (b)

      242,733         7,248,007   

Sirona Dental Systems, Inc. (b)

      103,749         7,359,954   

Thoratec Corp. (b)

      196,151         6,114,027   
                27,033,145   

Health Care Facilities–2.30%

      

Acadia Healthcare Co., Inc. (b)

      270,472         9,031,060   

Health Management Associates Inc. -
Class A (b)

      464,686         6,408,020   

Tenet Healthcare Corp. (b)

      78,669         3,726,551   
                19,165,631   

Health Care Services–1.96%

      

MEDNAX, Inc. (b)

      79,539         7,383,605   

Team Health Holdings, Inc. (b)

      229,358         8,961,017   
                16,344,622   

Health Care Supplies–1.56%

      

Align Technology, Inc. (b)

      190,976         6,827,392   

Endologix, Inc. (b)

      462,529         6,216,390   
                13,043,782   

Health Care Technology–0.77%

      

HMS Holdings Corp. (b)

      104,929         2,612,732   

MedAssets, Inc. (b)

      231,160         3,791,024   
                6,403,756   

Home Furnishings–0.79%

      

La-Z-Boy Inc.

      358,752         6,626,149   

Homebuilding–2.12%

      

M/I Homes, Inc. (b)

      203,549         5,058,193   

PulteGroup Inc. (b)

      235,472         5,083,840   

Taylor Morrison Home Corp. -Class A (b)

      291,119         7,519,604   
                17,661,637   

Homefurnishing Retail–0.39%

      

Mattress Firm Holding Corp. (b)(c)

      91,322         3,283,939   
      Shares      Value  

Housewares & Specialties–0.62%

      

Jarden Corp. (b)

      110,484       $ 5,146,345   

Human Resource & Employment Services–0.87%

  

TrueBlue, Inc. (b)

      306,789         7,221,813   

Industrial Conglomerates–1.02%

      

Carlisle Cos. Inc.

      130,365         8,527,175   

Industrial Machinery–3.91%

      

Actuant Corp. -Class A

      123,551         4,200,734   

EnPro Industries, Inc. (b)

      171,730         8,650,040   

Thermon Group Holdings Inc. (b)

      345,480         6,830,140   

TriMas Corp. (b)

      177,538         5,725,600   

Watts Water Technologies, Inc. -Class A

      152,715         7,269,234   
                      32,675,748   

Internet Software & Services–2.11%

      

ExactTarget Inc. (b)

      184,631         4,248,359   

j2 Global, Inc. (c)

      138,303         5,655,210   

Web.com Group Inc. (b)

      366,830         7,699,762   
                17,603,331   

Investment Banking & Brokerage–1.63%

  

Evercore Partners Inc. -Class A

      177,487         7,049,784   

Stifel Financial Corp. (b)

      181,650         6,537,583   
                13,587,367   

IT Consulting & Other Services–0.79%

  

InterXion Holding N.V.
(Netherlands)(b)

      240,889         6,612,403   

Life Sciences Tools & Services–1.50%

  

Bruker Corp. (b)

      253,365         4,188,124   

Fluidigm Corp. (b)

      241,410         4,113,626   

Techne Corp.

      62,842         4,179,621   
                12,481,371   

Managed Health Care–0.91%

      

Centene Corp. (b)

      153,755         7,610,873   

Marine–0.64%

      

Kirby Corp. (b)

      68,375         5,338,720   

Metal & Glass Containers–0.73%

      

Greif Inc. -Class A

      117,023         6,096,898   

Movies & Entertainment–1.13%

      

Cinemark Holdings, Inc.

      173,399         5,087,526   

Lions Gate Entertainment Corp. (b)(c)

      151,691         4,368,701   
                9,456,227   

Office Services & Supplies–1.58%

      

Herman Miller, Inc.

      182,981         5,143,596   

Interface, Inc.

      37,699         633,343   

Steelcase Inc. -Class A

      536,515         7,425,368   
                13,202,307   

 

 

 

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

Invesco Small Cap Discovery Fund

      Shares      Value  

Oil & Gas Drilling–0.85%

      

Atwood Oceanics, Inc. (b)

      134,784       $ 7,077,508   

Oil & Gas Equipment & Services–1.36%

  

Dresser-Rand Group, Inc. (b)

      93,121         5,643,133   

TETRA Technologies, Inc. (b)

      545,549         5,679,165   
                11,322,298   

Oil & Gas Exploration & Production–2.88%

  

Berry Petroleum Co. -Class A

      112,840         4,887,100   

Gulfport Energy Corp. (b)

      85,070         4,056,988   

Kodiak Oil & Gas Corp. (b)

      671,141         5,892,618   

Oasis Petroleum Inc. (b)

      248,566         9,236,713   
                      24,073,419   

Packaged Foods & Meats–2.24%

      

Annie’s, Inc. (b)

      22,394         871,350   

B&G Foods Inc.

      230,242         6,626,365   

Hain Celestial Group, Inc. (The) (b)(c)

      89,294         5,948,766   

WhiteWave Foods Co. -Class A (b)

      301,177         5,252,527   
                18,699,008   

Personal Products–0.85%

      

Elizabeth Arden, Inc. (b)

      151,470         7,134,237   

Regional Banks–2.97%

      

BBCN Bancorp, Inc.

      322,651         4,158,972   

East West Bancorp, Inc.

      284,407         7,491,280   

Signature Bank (b)

      72,051         5,560,896   

SVB Financial Group (b)

      97,983         7,582,904   
                24,794,052   

Restaurants–2.01%

      

BJ’s Restaurants Inc. (b)

      143,684         5,393,897   

Brinker International, Inc.

      132,985         5,214,342   

Papa John’s International, Inc. (b)

      95,589         6,158,799   
                16,767,038   

Semiconductor Equipment–0.94%

      

Teradyne, Inc. (b)

      435,973         7,821,356   

Semiconductors–2.34%

      

Cavium Inc. (b)

      60,653         1,986,992   

Lattice Semiconductor Corp. (b)

      571,867         2,945,115   

Microsemi Corp. (b)

      337,632         7,404,270   

Semtech Corp. (b)

      196,618         7,184,422   
                19,520,799   

Specialty Chemicals–2.66%

      

Cytec Industries Inc.

      91,037         6,506,415   

PolyOne Corp.

      331,665         8,520,474   

Rockwood Holdings Inc.

      108,005         7,199,613   
                22,226,502   

Specialty Stores–1.36%

      

Tractor Supply Co.

      61,863         6,927,419   

Vitamin Shoppe, Inc. (b)

      100,320         4,387,997   
                11,315,416   
      Shares      Value  

Steel–0.65%

      

Commercial Metals Co.

      354,248       $ 5,462,504   

Systems Software–2.02%

      

CommVault Systems, Inc. (b)

      77,295         5,410,650   

Fortinet Inc. (b)

      393,316         7,575,266   

MICROS Systems, Inc. (b)

      91,324         3,853,873   
                16,839,789   

Trading Companies & Distributors–1.09%

  

MRC Global Inc. (b)

      169,168         4,802,680   

WESCO International, Inc. (b)(c)

      57,589         4,276,559   
                9,079,239   

Trucking–2.59%

      

Avis Budget Group, Inc. (b)

      223,811         7,421,573   

Knight Transportation, Inc.

      241,554         4,140,235   

Werner Enterprises, Inc.

      401,864         10,058,656   
                      21,620,464   

Total Common Stocks & Other Equity Interests
(Cost $594,310,879)

               800,854,351   

Money Market Funds–5.42%

      

Liquid Assets Portfolio –Institutional
Class (d)

      22,626,859         22,626,859   

Premier Portfolio –Institutional Class (d)

      22,626,859         22,626,859   

Total Money Market Funds
(Cost $45,253,718)

               45,253,718   

TOTAL INVESTMENTS (excluding investments purchased with cash collateral from securities on loan)–101.35%
(Cost $639,564,597)

               846,108,069   

Investments Purchased with Cash Collateral from Securities on Loan

   

Money Market Funds–2.46%

      

Liquid Assets Portfolio - Institutional Class
(Cost $20,554,345)(d)(e)

      20,554,345         20,554,345   

TOTAL INVESTMENTS–103.81%
(Cost $660,118,942)

               866,662,414   

OTHER ASSETS LESS LIABILITIES–(3.81)%

  

      (31,830,813)   

NET ASSETS–100.00%

             $ 834,831,601   
 

 

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

Invesco Small Cap Discovery Fund

Investment Abbreviations:

 

ADR

    —American Depositary Receipt
Notes to Schedule of Investments:

 

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

 

(b)  Non-income producing security.

 

(c)  All or a portion of this security was out on loan at May 31, 2013.

 

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

 

(e)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1D.

 

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

Invesco Small Cap Discovery Fund

Notes to Quarterly Schedule of Portfolio Holdings

May 31, 2013

(Unaudited)

NOTE 1 -- Significant Accounting Policies

 

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

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

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

Debt obligations (including convertible bonds) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the Adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trade is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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.

 

Invesco Small Cap Discovery Fund

 

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 is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D. Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds and is shown as such on the Schedule of Investments. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Fund if and to the extent that the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, is included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan is shown as a footnote on the Statement of Assets and Liabilities, if any.

 

Invesco Small Cap Discovery Fund

 

NOTE 2 -- Additional Valuation Information

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

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

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

As of May 31, 2013, all of the securities in this Fund were valued based on Level 1 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

NOTE 3 -- Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the nine months ended May 31, 2013 was $380,412,591 and $548,114,274, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

 

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

  

Aggregate unrealized appreciation of investment securities

    $                 213,830,735   

Aggregate unrealized (depreciation) of investment securities

      (10,644,196)   

Net unrealized appreciation of investment securities

    $ 203,186,539   

Cost of investments for tax purposes is $663,475,875.

   

 

Invesco Small Cap Discovery Fund

 

 

 

Invesco U.S. Quantitative Core Fund

 

Quarterly Schedule of Portfolio Holdings

May 31, 2013

 

  LOGO    
 

 

invesco.com/us

  

 

USQC-QTR-1    05/13

  

 

Invesco Advisers, Inc.

Schedule of Investments(a)

May 31, 2013

(Unaudited)

 

 

 

   Shares     Value  

Common Stocks & Other Equity Interests–97.35%

  

Aerospace & Defense–0.54%

    

Honeywell International Inc.

     23,700      $       1,859,502   

Agricultural Products–0.33%

    

Archer-Daniels-Midland Co.

     35,500        1,144,165   

Airlines–0.62%

    

Delta Air Lines, Inc.

     51,500        927,515   

Southwest Airlines Co.

     85,000        1,204,450   
              2,131,965   

Apparel Retail–2.72%

    

Abercrombie & Fitch Co. -Class A

     3,200        160,256   

American Eagle Outfitters, Inc.

     105,500        2,087,845   

Gap, Inc. (The)

     127,500        5,170,125   

TJX Cos., Inc. (The)

     38,600        1,953,546   
              9,371,772   

Asset Management & Custody Banks–1.22%

  

Bank of New York Mellon Corp. (The)

     5,900        177,354   

State Street Corp.

     60,600        4,010,508   
              4,187,862   

Auto Parts & Equipment–0.07%

  

Magna International Inc. (Canada)

     3,800        253,156   

Automobile Manufacturers–0.71%

  

General Motors Co. (b)

     71,600        2,426,524   

Automotive Retail–0.14%

    

CST Brands, Inc. (b)

     16,366        497,363   

Biotechnology–2.16%

    

Amgen Inc.

     73,900        7,429,167   

Cable & Satellite–2.31%

    

Comcast Corp. -Class A

     183,700        7,375,555   

Starz - Liberty Capital -Class A (b)

     25,000        577,000   
              7,952,555   

Communications Equipment–3.61%

  

Cisco Systems, Inc.

     406,700        9,793,336   

Research In Motion Ltd. (Canada)(b)

     189,300        2,640,735   
              12,434,071   

Computer & Electronics Retail–1.43%

  

GameStop Corp. -Class A

     148,900        4,937,524   

Computer Hardware–2.09%

    

Apple Inc.

     9,980        4,487,806   

Hewlett-Packard Co.

     111,300        2,717,946   
              7,205,752   

 

   Shares     Value  

Computer Storage & Peripherals–2.91%

  

Lexmark International, Inc. -Class A

     74,100      $       2,260,791   

Seagate Technology PLC

     103,800        4,471,704   

Western Digital Corp.

     51,700        3,273,644   
              10,006,139   

Consumer Finance–1.12%

    

Discover Financial Services

     75,900        3,598,419   

SLM Corp.

     10,800        256,392   
              3,854,811   

Department Stores–0.64%

    

Macy’s, Inc.

     45,900        2,218,806   

Diversified Banks–0.30%

    

Wells Fargo & Co.

     25,200        1,021,860   

Drug Retail–2.02%

    

CVS Caremark Corp.

     120,600        6,944,148   

Fertilizers & Agricultural Chemicals–3.25%

  

CF Industries Holdings, Inc.

     26,800        5,117,728   

Monsanto Co.

     60,300        6,068,592   
              11,186,320   

Food Retail–0.07%

    

Safeway Inc.

     11,100        255,411   

Home Entertainment Software–1.00%

  

Activision Blizzard, Inc.

     238,600        3,442,998   

Home Improvement Retail–0.91%

  

Home Depot, Inc. (The)

     39,700        3,122,802   

Household Products–1.47%

    

Procter & Gamble Co. (The)

     65,700        5,043,132   

Hypermarkets & Super Centers–2.63%

  

Wal-Mart Stores, Inc.

     121,000        9,055,640   

Industrial Conglomerates–4.77%

  

3M Co.

     39,900        4,399,773   

General Electric Co.

     515,900        12,030,788   
              16,430,561   

Integrated Oil & Gas–7.14%

    

Chevron Corp.

     60,600        7,438,650   

Exxon Mobil Corp.

     175,300        15,859,391   

Suncor Energy, Inc. (Canada)

     42,800        1,297,268   
              24,595,309   

Integrated Telecommunication Services–3.81%

  

AT&T Inc.

     269,300        9,422,807   

Verizon Communications Inc.

     76,300        3,699,024   
              13,121,831   
 

 

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

Invesco U.S. Quantitative Core Fund

     Shares     Value  

Internet Retail–1.94%

    

Expedia, Inc.

     93,400      $       5,366,764   

Netflix Inc. (b)

     5,750        1,300,937   
              6,667,701   

Internet Software & Services–2.78%

  

  

AOL Inc. (b)

     73,400        2,544,044   

Google Inc. -Class A (b)

     495        430,853   

Yahoo! Inc. (b)

     250,500        6,588,150   
              9,563,047   

Investment Banking & Brokerage–1.11%

  

  

Goldman Sachs Group, Inc. (The)

     3,200        518,656   

Morgan Stanley

     127,700        3,307,430   
              3,826,086   

IT Consulting & Other Services–0.09%

  

  

International Business Machines Corp.

     1,500        312,030   

Life & Health Insurance–2.94%

    

Lincoln National Corp.

     191,900        6,843,154   

MetLife, Inc.

     52,200        2,307,762   

Prudential Financial, Inc.

     14,000        965,580   
              10,116,496   

Managed Health Care–0.88%

    

UnitedHealth Group Inc.

     48,200        3,018,766   

Multi-Line Insurance–1.10%

    

American International Group, Inc. (b)

     22,600        1,004,796   

Assurant, Inc.

     11,900        591,906   

Hartford Financial Services Group, Inc. (The)

     71,200        2,180,856   
              3,777,558   

Oil & Gas Exploration & Production–1.37%

  

  

ConocoPhillips

     76,800        4,710,912   

Oil & Gas Refining & Marketing–3.16%

  

  

HollyFrontier Corp.

     56,300        2,786,850   

Phillips 66

     31,500        2,096,955   

Valero Energy Corp.

     147,300        5,984,799   
              10,868,604   

Other Diversified Financial Services–5.40%

  

  

Citigroup Inc.

     158,100        8,219,619   

JPMorgan Chase & Co.

     190,200        10,383,018   
              18,602,637   

Pharmaceuticals–8.87%

  

  

Eli Lilly & Co.

     127,000        6,751,320   

Forest Laboratories, Inc. (b)

     21,200        842,700   

Johnson & Johnson

     48,900        4,116,402   

Merck & Co., Inc.

     185,200        8,648,840   

Pfizer Inc.

     373,700        10,175,851   
              30,535,113   
     Shares     Value  

Property & Casualty Insurance–4.06%

  

  

Allstate Corp. (The)

     102,000      $ 4,920,480   

Berkshire Hathaway Inc. -Class B (b)

     41,800        4,768,126   

Travelers Cos., Inc. (The)

     12,700        1,063,244   

XL Group PLC

     102,100        3,209,003   
                    13,960,853   

Publishing–0.05%

  

  

Gannett Co., Inc.

     7,800        167,700   

Regional Banks–3.69%

    

Fifth Third Bancorp

     273,600        4,979,520   

Huntington Bancshares Inc.

     41,900        324,725   

KeyCorp

     269,100        2,900,898   

Regions Financial Corp.

     493,900        4,509,307   
              12,714,450   

Retail REIT’s–0.25%

    

Simon Property Group, Inc.

     5,250        873,810   

Semiconductors–1.68%

    

Cree, Inc. (b)

     39,500        2,462,825   

First Solar, Inc. (b)

     60,800        3,306,304   
              5,769,129   

Specialized Consumer Services–1.36%

  

  

H&R Block, Inc.

     160,500        4,697,835   

Specialized Finance–0.19%

  

  

McGraw Hill Financial, Inc.

     6,500        354,575   

Moody’s Corp.

     4,500        298,980   
              653,555   

Systems Software–5.99%

    

Microsoft Corp.

     353,900        12,344,032   

Oracle Corp.

     94,600        3,193,696   

Symantec Corp. (b)

     227,500        5,093,725   
              20,631,453   

Tobacco–0.45%

    

Philip Morris International Inc.

     17,100        1,554,561   

Total Common Stocks & Other Equity Interests (Cost $263,261,138)

             335,153,442   
     Principal
Amount		         

U.S. Treasury Bills–0.22%

    

  0.11%, 09/12/13 (Cost $749,764)(c)(d)

   $ 750,000        749,916   
 

 

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

Invesco U.S. Quantitative Core Fund

     Shares     Value  

Money Market Funds–2.45%

    

Liquid Assets Portfolio –Institutional Class (e)

     4,215,583      $ 4,215,583   

Premier Portfolio –Institutional Class (e)

     4,215,584        4,215,584   

    Total Money Market Funds
    (Cost $8,431,167)

             8,431,167   

TOTAL INVESTMENTS–100.02%
(Cost $272,442,069)

   

     344,334,525   

OTHER ASSETS LESS LIABILITIES–(0.02)%

  

     (62,568)   

NET ASSETS–100.00%

           $       344,271,957   

Investment Abbreviations:

REIT             —Real Estate Investment Trust

 

Notes  to Schedule of Investments:

 

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

 

(b)  Non-income producing security.

 

(c)  All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1D and Note 3.

 

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

 

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

 

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

Invesco U.S. Quantitative Core Fund

Notes to Quarterly Schedule of Portfolio Holdings

May 31, 2013

(Unaudited)

NOTE 1 -- Significant Accounting Policies

 

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

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

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

Debt obligations (including convertible bonds) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the Adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trade is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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.

 

Invesco U.S. Quantitative Core Fund

 

A. Security Valuations – (continued)

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 is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes.

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

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

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

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

 

Invesco U.S. Quantitative Core Fund

 

NOTE 2 -- Additional Valuation Information

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

  Level 1  

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

  Level 2  

– Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

  Level 3  

– Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of May 31, 2013. 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  

  Equity Securities

    $ 343,584,609       $ --       $ --       $ 343,584,609   

  U.S. Treasury Securities

      --         749,916         --         749,916   
     $ 343,584,609       $ 749,916       $ --       $ 344,334,525   

  Futures*

      302,051         --         --         302,051   

Total Investments

    $ 343,886,660       $ 749,916       $ --       $ 344,636,576   

* Unrealized appreciation.

NOTE 3 -- Derivative Investments

 

                                                                                                                            
Open Futures Contracts
Long Contracts      Number of    
Contracts		              Expiration    
Month		        Notional    
Value		    Unrealized
Appreciation

E-Mini S&P 500 Index

    106         June-2013    $8,633,700            $302,051

NOTE 4 -- Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the nine months ended May 31, 2013 was $175,788,678 and $217,883,861, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

 

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

  

Aggregate unrealized appreciation of investment securities

    $ 71,601,603   

Aggregate unrealized (depreciation) of investment securities

      (1,042,290 ) 

Net unrealized appreciation of investment securities

    $             70,559,313   

Cost of investments for tax purposes is $273,775,212.

   

 

Invesco U.S. Quantitative Core Fund

 

Item 2. Controls and Procedures.

 

  (a) As of May 23, 2013, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (“Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of May 23, 2013, the Registrant’s disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

 

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

Item 3. Exhibits.

Certifications of PEO and PFO as required by Rule 30a-2(a) under the Investment Company Act of 1940.

SIGNATURES

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

Registrant: AIM Counselor Series Trust (Invesco Counselor Series Trust)

 

By:  

/s/ Philip A. Taylor

  Philip A. Taylor
  Principal Executive Officer
Date:   July 30, 2013

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

 

By:  

/s/ Philip A. Taylor

  Philip A. Taylor
  Principal Executive Officer
Date:   July 30, 2013

 

By:  

/s/ Sheri Morris

  Sheri Morris
  Principal Financial Officer
Date:   July 30, 2013

EXHIBIT INDEX

Certifications of Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”) as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended.