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

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-Q

 

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-09913

 

 

AIM Counselor Series Trust (Invesco Counselor Series Trust)

(Exact name of registrant as specified in charter)

 

 

11 Greenway Plaza, Suite 1000 Houston, Texas 77046

(Address of principal executive offices) (Zip code)

 

 

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

(Name and address of agent for service)

 

 

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

Date of fiscal year end: 8/31

Date of reporting period: 05/31/14

 

 

 

Item 1. Schedule of Investments.

 

 

Invesco American Franchise Fund

Quarterly Schedule of Portfolio Holdings

May 31, 2014

 

 

 

 

 

 

LOGO

 

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

Schedule of Investments(a)

May 31, 2014

(Unaudited)

 

      Shares          Value  

Common Stocks & Other Equity Interests–99.45%

  

Aerospace & Defense–3.62%

  

B/E Aerospace, Inc. (b)

      965,305       $ 93,393,259   

Honeywell International Inc.

      1,529,013         142,427,561   

Precision Castparts Corp.

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

Agricultural Products–1.00%

  

Archer-Daniels-Midland Co.

      2,179,078         97,927,765   

Apparel Retail–0.43%

  

Gap, Inc. (The)

      1,014,641         41,833,648   

Apparel, Accessories & Luxury Goods–1.23%

  

Michael Kors Holdings Ltd. (b)

      1,276,651         120,490,321   

Application Software–2.21%

  

Salesforce.com, Inc. (b)

      3,169,415         166,806,311   

Splunk, Inc. (b)

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

Asset Management & Custody Banks–0.83%

  

Ameriprise Financial, Inc.

      722,633         81,375,702   

Biotechnology–10.28%

  

Alkermes PLC (b)

      2,758,501         126,366,931   

Amgen Inc.

      418,871         48,584,847   

Biogen Idec Inc. (b)

      554,376         177,051,063   

Celgene Corp. (b)

      1,196,486         183,098,253   

Gilead Sciences, Inc. (b)

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

Brewers–1.00%

  

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

      886,982         97,497,061   

Cable & Satellite–7.75%

  

Comcast Corp. -Class A

      1,422,001         74,228,452   

DISH Network Corp. -Class A (b)

      7,793,625         457,174,043   

Time Warner Cable Inc.

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

Casinos & Gaming–0.66%

  

Las Vegas Sands Corp.

      844,197         64,597,954   

Communications Equipment–1.93%

  

F5 Networks, Inc. (b)

      635,797         69,015,764   

QUALCOMM, Inc.

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

Construction & Engineering–2.70%

  

Fluor Corp.

      1,920,599         144,198,573   

Jacobs Engineering Group, Inc. (b)

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

Construction Materials–0.94%

  

Martin Marietta Materials, Inc.

      743,795       $ 91,338,026   

Consumer Electronics–1.00%

  

Harman International Industries, Inc.

      929,081         97,581,377   

Data Processing & Outsourced Services–3.22%

  

Alliance Data Systems Corp. (b)

      291,784         74,711,293   

MasterCard, Inc. -Class A

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

Drug Retail–1.03%

  

CVS Caremark Corp.

      1,283,997         100,562,645   

Fertilizers & Agricultural Chemicals–1.33%

  

Monsanto Co.

      1,064,112         129,662,047   

General Merchandise Stores–0.74%

  

Dollar General Corp. (b)

      1,349,616         72,582,349   

Health Care Facilities–0.98%

  

HCA Holdings, Inc. (b)

      1,814,149         96,131,756   

Home Entertainment Software–0.49%

  

Electronic Arts Inc. (b)

      1,364,550         47,936,642   

Home Improvement Retail–2.52%

  

Lowe’s Cos., Inc.

      5,237,408         246,577,169   

Hotels, Resorts & Cruise Lines–1.36%

  

Carnival Corp.

      3,320,398         132,915,532   

Household Appliances–1.04%

  

Whirlpool Corp.

      705,732         101,307,829   

Industrial Conglomerates–0.94%

  

Roper Industries, Inc.

      649,156         91,972,422   

Industrial Machinery–1.72%

  

Flowserve Corp.

      1,225,535         90,370,951   

Ingersoll-Rand PLC

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

Insurance Brokers–1.25%

  

Aon PLC

      1,358,607         122,193,114   

Internet Retail–5.51%

  

Amazon.com, Inc. (b)

      593,979         185,648,137   

Priceline Group Inc. (The) (b)

      233,922         299,099,687   

TripAdvisor Inc. (b)

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

Internet Software & Services–12.99%

  

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

      287,011         47,643,826   

Facebook Inc. -Class A (b)

      8,306,175         525,780,877   
 

 

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

 

Invesco American Franchise Fund

      Shares          Value  

Internet Software & Services–(continued)

  

Google Inc. -Class A (b)

      498,534       $ 84,986,961   

Google Inc. -Class C (b)

      491,873         275,930,916   

Yelp Inc. (b)

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

Investment Banking & Brokerage–0.85%

  

Morgan Stanley

      2,700,752         83,345,207   

IT Consulting & Other Services–0.40%

  

Cognizant Technology Solutions Corp. -Class A (b)

      804,492         39,106,356   

Life Sciences Tools & Services–1.01%

  

Thermo Fisher Scientific, Inc.

      844,517         98,732,483   

Movies & Entertainment–1.54%

  

Twenty-First Century Fox, Inc. -Class A

      2,073,524         73,423,485   

Walt Disney Co. (The)

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

Oil & Gas Equipment & Services–3.03%

  

Baker Hughes Inc.

      1,095,533         77,256,987   

Schlumberger Ltd.

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

Oil & Gas Exploration & Production–2.21%

  

Anadarko Petroleum Corp.

      1,418,569         145,914,008   

Pioneer Natural Resources Co.

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

Pharmaceuticals–4.00%

  

AbbVie Inc.

      628,155         34,127,661   

Actavis PLC (b)

      724,257         153,209,326   

Allergan, Inc.

      426,073         71,350,185   

Bristol-Myers Squibb Co.

      1,431,295         71,192,613   

Johnson & Johnson

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

Railroads–0.60%

  

Canadian Pacific Railway Ltd. (Canada)

      349,620         58,568,342   

Semiconductor Equipment–0.52%

  

Applied Materials, Inc.

      2,502,465         50,524,768   

Semiconductors–1.29%

  

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

      2,032,947         126,246,009   

Specialized REIT’s–1.24%

  

American Tower Corp.

      1,353,312         121,297,355   

Systems Software–2.75%

  

ServiceNow, Inc. (b)

      1,538,641         80,486,311   

VMware, Inc. -Class A (b)

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

Technology Hardware, Storage & Peripherals–4.95%

  

Apple Inc.

      764,643       $ 484,019,019   

Wireless Telecommunication Services–4.36%

  

Sprint Corp. (b)

      44,631,464         426,230,481   

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

               9,718,977,891   

Money Market Funds–0.53%

  

Liquid Assets Portfolio –Institutional Class (c)

      25,751,657         25,751,657   

Premier Portfolio –Institutional Class (c)

      25,751,658         25,751,658   

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

               51,503,315   

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

               9,770,481,206   

OTHER ASSETS LESS LIABILITIES–0.02%

  

      1,715,684   

NET ASSETS–100.00%

             $ 9,772,196,890   

Investment Abbreviations:

 

ADR   —American Depositary Receipt   
REIT           —Real Estate Investment Trust   

Notes to Schedule of Investments:

 

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

 

(b)  Non-income producing security.

 

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

 

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

 

Invesco American Franchise Fund

Notes to Quarterly Schedule of Portfolio Holdings

May 31, 2014

(Unaudited)

NOTE 1 -- Significant Accounting Policies

 

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

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

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

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

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

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

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

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to

 

Invesco American Franchise Fund

A. Security Valuations – (continued)

changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain of the Fund’s investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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

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

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

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

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

 

Invesco American Franchise Fund

E. Foreign Currency Translations – (continued)

transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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

F. Forward Foreign Currency Contracts – The Fund may enter into forward foreign currency contracts to manage or minimize currency or exchange rate risk. The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security. A forward foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

NOTE 2 -- Additional Valuation Information

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

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

As of May 31, 2014, all of the securities in this Fund were valued based on Level 1 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

 

Invesco American Franchise Fund

NOTE 3 -- Investment Securities

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

 

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

 

  

Aggregate unrealized appreciation of investment securities

 

    $

 

 2,928,551,718

 

   

 

Aggregate unrealized (depreciation) of investment securities

 

     

 

 (83,473,974)

 

   

 

Net unrealized appreciation of investment securities

 

    $

 

 2,845,077,744

 

   

 

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

   

 

Invesco American Franchise Fund

 

 

 

Invesco California Tax-Free Income Fund

Quarterly Schedule of Portfolio Holdings

May 31, 2014

 

 

 

 

 

LOGO

 

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

Schedule of Investments

May 31, 2014

(Unaudited)

 

      Interest
Rate		   Maturity
Date		    Principal
Amount
(000)		      Value  

Municipal Obligations–106.53%

           

California–102.15%

           

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Bay Area Toll Authority (San Francisco Bay Area);

           

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

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

Series 2008 F-1, Toll Bridge RB

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

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

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

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

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

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

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

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

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

Beverly Hills Unified School District (Election of 2008);

           

Series 2009, Unlimited Tax CAB GO Bonds (b)

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

Series 2009, Unlimited Tax CAB GO Bonds (b)

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

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

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

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

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

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

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

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

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

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

           

Series 2005 A, RB

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

Series 2009, RB

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

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

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

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

    5.75%   09/01/39      500         576,350   

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

    6.00%   07/01/39      500         559,615   

Series 2011 A, RB

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

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

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

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

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

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

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

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

           

Series 2008, RB

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

Series 2008, RB (c)(d)

    6.50%   10/01/18      20         24,723   

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

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

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

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

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

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

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

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

 

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

 

Invesco California Tax-Free Income Fund

      Interest
Rate		   Maturity
Date		    Principal
Amount
(000)		      Value  

California–(continued)

           

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

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

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

           

Series 2012 A, Mobile Home Park RB

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

Series 2014 A, Sr. Mobile Home Park RB

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

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

           

Series 2007, COP

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

Series 2007, COP

    5.25%   02/01/37      500         510,940   

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

           

Series 2010 A, RB

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

Series 2010 A, RB

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    6.30%   07/01/43      840         897,162   

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

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

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

    6.10%   07/01/32      820         861,746   

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

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

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

           

Series 2007 A, RB

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

Series 2014 A, RB

    5.13%   11/01/23      715         755,440   

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

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

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

    5.25%   10/01/43      600         653,400   

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

    6.75%   02/01/38      445         536,666   

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

           

Series 2009, Senior Living RB

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

Series 2009, Senior Living RB

    7.25%   11/15/41      500         578,435   

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

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

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

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

California (State of);

           

Series 2009, Various Purpose Unlimited Tax GO Bonds

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

Series 2009, Various Purpose Unlimited Tax GO Bonds

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

Series 2009, Various Purpose Unlimited Tax GO Bonds

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

Series 2010, Unlimited Tax GO Bonds

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

Series 2011, Various Purpose Unlimited Tax GO Bonds

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

Series 2011, Various Purpose Unlimited Tax GO Bonds

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

Series 2012, Ref. Unlimited Tax GO Bonds

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

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

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

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

           

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

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

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

    0.03%   12/01/16      175         175,000   

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

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

 

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

 

Invesco California Tax-Free Income Fund

      Interest
Rate		   Maturity
Date		    Principal
Amount
(000)		      Value  

California–(continued)

           

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

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

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

    0.00%   08/01/29      735         388,933   

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

           

Series 2012, Ref. Special Tax RB

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

Series 2012, Ref. Special Tax RB

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

Gilroy Unified School District (Election of 2008);

           

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

    0.00%   08/01/29      615         388,557   

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

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

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

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

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

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

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

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

Golden State Tobacco Securitization Corp.;

           

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

    4.50%   06/01/27      800         730,552   

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

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

Series 2013 A, Enhanced Tobacco Settlement Asset-Backed RB

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

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

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

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

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

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

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

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

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

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

    6.70%   09/01/35      515         589,680   

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

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

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

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

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

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

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

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

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

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

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

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

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

    6.10%   07/01/25      440         440,893   

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

           

Series 2010 A, Sr. RB

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

Series 2010 B, Sub. RB

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

Series 2013, RB (f)

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

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

           

Series 2011 A, Power System RB (e)

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

Series 2011 A, Water System RB

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

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

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

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

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

Subseries 2008 A-1, Power System RB

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

 

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

 

Invesco California Tax-Free Income Fund

      Interest
Rate		   Maturity
Date		    Principal
Amount
(000)		      Value  

California–(continued)

           

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

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

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

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

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

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

Los Angeles Unified School District (Election of 2004);

           

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

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

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

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

M-S-R Energy Authority;

           

Series 2009 B, Gas RB

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

Series 2009 B, Gas RB

    7.00%   11/01/34      465         632,149   

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

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

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

    0.00%   08/01/35      940         333,521   

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

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

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

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

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

    0.00%   08/01/31      840         390,264   

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

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

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

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

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

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

Palomar Pomerado Health; Series 2009, COP

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

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

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

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

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

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

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

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

           

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

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

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

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

Series 2007 AW, Sub. RB

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

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

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

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

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

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

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

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

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

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

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

Regents of the University of California;

           

Series 2009 E, Medical Center Pooled RB

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

Series 2009 O, General RB (e)

    5.75%   05/15/23      705         861,651   

Series 2009 O, General RB (e)

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

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

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

Riverside (City of);

           

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

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

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

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

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

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

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

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

Sacramento (County of);

           

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

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

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

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

Series 2010, Sr. Airport System RB

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

 

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

 

Invesco California Tax-Free Income Fund

      Interest
Rate		   Maturity
Date		    Principal
Amount
(000)		      Value  

California–(continued)

           

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

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

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

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

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

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

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

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

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

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

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

           

Series 2009 E, Second Series RB

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

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

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

Series 2011 G, Second Series RB

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

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

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

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

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

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

    7.00%   08/01/33      500         567,440   

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

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

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

    5.00%   08/01/33      500         542,810   

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

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

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

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

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

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

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

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

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

           

Series 2013, Special Tax RB

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

Series 2013, Special Tax RB

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

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

           

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

    5.00%   09/01/28      825         900,034   

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

    5.00%   09/01/29      715         775,267   

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

    5.10%   09/01/30      465         504,051   

Sierra View Local Health Care District; Series 2007, RB

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

Simi Valley Unified School District (Election of 2004);

           

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

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

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

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

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

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

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

    5.00%   08/15/34      445         481,187   

Southern California Metropolitan Water District;

           

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

    0.03%   07/01/35      200         200,000   

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

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

Series 2009 B, Ref. RB (e)

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

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

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

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

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

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

           

Series 2011 1, RB (e)

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

Series 2011-1, RB (e)

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

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

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

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

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

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

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

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

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

 

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

 

Invesco California Tax-Free Income Fund

      Interest
Rate		   Maturity
Date		    Principal
Amount
(000)		      Value  

California–(continued)

           

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

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

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

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

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

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

Guam–1.27%

           

Guam (Territory of) (Section 30);

           

Series 2009 A, Limited Obligation RB

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

Series 2009 A, Limited Obligation RB

    5.63%   12/01/29      660         723,934   

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

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

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

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

Puerto Rico–2.09%

           

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

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

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

    8.00%   07/01/35      255         228,016   

Puerto Rico Sales Tax Financing Corp.;

           

First Subseries 2010 C, RB

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

Series 2011 C, RB

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

Virgin Islands–1.02%

           

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

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

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

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

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

                        377,020,939   

FLOATING RATE NOTE OBLIGATIONS–(6.95)%

           

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

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

                        (24,620,000 ) 

OTHER ASSETS LESS LIABILITIES–0.42%

                        1,503,958   

NET ASSETS–100.00%

                      $   353,904,897   

Investment Abbreviations:

 

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

 

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

 

Invesco California Tax-Free Income Fund

Notes to Schedule of Investments:

 

(a)  Principal and/or interest payments are secured by the bond insurance company listed.
(b)  Zero coupon bond issued at a discount.
(c)  Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
(d)  Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.
(e)  Underlying security related to Dealer Trusts entered into by the Fund. See Note 1D.
(f)  Security subject to the alternative minimum tax.
(g)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at May 31, 2014 was $4,183,340, which represented 1.18% of the Fund’s Net Assets.
(h)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on May 31, 2014.
(i)  Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.
(j)  Security is subject to a shortfall agreement which may require the Fund to pay amounts to a counterparty in the event of a significant decline in the market value of the security underlying the inverse floater. In case of a shortfall, the maximum potential amount of payments the Fund could ultimately be required to make under the agreement is $615,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the inverse floater.
(k)  Current coupon rate for inverse floating rate municipal obligations. This rate resets periodically as the rate on the related security changes. Positions in inverse floating rate municipal obligations have a total value of $6,290,150, which represented 1.78% of the Fund’s Net Assets.
(l)  This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations.

 

Entities    Percentage

Assured Guaranty Municipal Corp.

    11.0%

American Municipal Bond Assurance Corp.

    7.7

National Public Finance Guarantee Corp.

    7.2

 

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

 

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

 

Invesco California Tax-Free Income Fund

Notes to Quarterly Schedule of Portfolio Holdings

May 31, 2014

(Unaudited)

NOTE 1 — Significant Accounting Policies

 

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

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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

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

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

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

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

 

Invesco California Tax-Free Income Fund

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

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

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

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

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

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

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

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

 

Invesco California Tax-Free Income Fund

NOTE 2 — Additional Valuation Information

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

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

As of May 31, 2014, all of the securities in this Fund were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

NOTE 3 — Investment Securities

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

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

Aggregate unrealized appreciation of investment securities

    $ 36,825,665   

Aggregate unrealized (depreciation) of investment securities

      (786,659)   

Net unrealized appreciation of investment securities

    $     36,039,006   

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

   

 

Invesco California Tax-Free Income Fund

 

 

Invesco Core Plus Bond Fund

Quarterly Schedule of Portfolio Holdings

May 31, 2014

 

 

 

 

 

 

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

Schedule of Investments(a)

May 31, 2014

(Unaudited)

 

     Principal
Amount		     Value  

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

  

Aerospace & Defense–0.25%

    

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

   $ 115,000      $ 117,156   

6.00%, 10/15/22(b)

     13,000        13,228   

7.75%, 03/15/20(b)

     108,000        122,310   

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

     61,000        60,314   

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

     204,000        223,380   

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

     885,000        899,018   

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

     75,000        75,656   

7.50%, 07/15/21

     50,000        55,375   

Sr. Unsec. Gtd. Sub. Notes,

6.00%, 07/15/22(b)

     24,000        24,180   

6.50%, 07/15/24(b)

     33,000        33,577   
              1,624,194   

Agricultural & Farm Machinery–0.01%

    

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

     59,000        61,286   

Agricultural Products–0.16%

    

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

     1,030,000        1,031,527   

Air Freight & Logistics–0.35%

    

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

     1,730,000        1,878,192   

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

     400,000        385,713   
              2,263,905   

Airlines–0.48%

    

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

     1,344        1,390   

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

     938,022        1,023,031   

Series 2011-1, Class B,

Sec. Pass Through Ctfs.,

7.00%, 01/31/18(b)

     74,015        80,862   
     Principal
Amount		     Value  

Airlines–(continued)

    

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

   $   1,092,717      $   1,248,430   

Series 2009-2, Class B,

Sec. Global Pass Through Ctfs.,

9.25%, 05/10/17

     3,048        3,439   

Series 2012-1, Class A,

Sr. Sec. Pass Through Ctfs.,

4.15%, 04/11/24

     475,391        495,892   

Series 2012-3, Class C,

Sec. Pass Through Ctfs.,

6.13%, 04/29/18

     134,000        143,380   

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

     11,345        11,403   

Series 2012-1, Class B,

Sec. Pass Through Ctfs.,

8.00%, 10/01/19

     9,267        10,656   

Series 2012-1, Class C,

Sec. Pass Through Ctfs.,

9.13%, 10/01/15

     6,981        7,426   

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

     64,118        66,843   
              3,092,752   

Alternative Carriers–0.04%

    

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

     74,000        80,475   

Sr. Unsec. Gtd. Notes,

6.13%, 01/15/21(b)

     164,000        174,045   
              254,520   

Apparel Retail–0.06%

    

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

     141,000        155,100   

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

     170,000        191,887   

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

     43,000        47,623   
              394,610   

Apparel, Accessories & Luxury Goods–0.03%

  

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

     151,000        168,365   

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

     16,000        16,740   
              185,105   
 

 

 

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

Invesco Core Plus Bond Fund

     Principal
Amount		     Value  

Application Software–0.02%

    

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

   $ 113,000      $ 114,695   

Asset Management & Custody Banks–1.93%

  

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

     2,865,000        2,974,959   

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

     965,000        967,508   

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

     2,645,000        2,754,407   

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

     3,495,000        3,898,939   

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

     1,645,000        1,654,030   

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

     86,000        87,290   
              12,337,133   

Auto Parts & Equipment–0.55%

    

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

     37,000        37,231   

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

     65,000        70,281   

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

     88,000        92,070   

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

     148,000        155,215   

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

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

Automobile Manufacturers–0.59%

    

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

     2,355,000        2,413,875   

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

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

Automotive Retail–0.01%

    

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

     73,000        73,183   

Biotechnology–0.45%

    

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

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

Biotechnology–(continued)

    

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

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

Broadcasting–0.36%

    

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

     74,000        79,643   

Sr. Unsec. Gtd. Sub. Global Notes,

7.63%, 03/15/20

     75,000        81,000   

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

     55,000        52,800   

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

     1,275,000        1,530,391   

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

     200,000        199,675   

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

     5,000        5,225   

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

     350,000        379,750   
              2,328,484   

Building Products–0.18%

    

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

     215,000        231,125   

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

     126,000        136,395   

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

     180,000        190,350   

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

     61,000        62,530   

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

     211,000        234,738   

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

     24,000        25,560   

7.88%, 03/30/20(b)

     60,000        66,750   

Sr. Unsec. Notes,

9.75%, 01/15/18

     155,000        186,581   
              1,134,029   

Cable & Satellite–0.68%

    

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

     118,000        121,835   

Sr. Unsec. Gtd. Notes,

6.50%, 04/30/21

     79,000        84,727   

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

     1,220,000        1,718,732   
 

 

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

Invesco Core Plus Bond Fund

     Principal
Amount		     Value  

Cable & Satellite–(continued)

    

9.38%, 01/15/19(b)

   $ 25,000      $ 32,593   

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

     1,090,000        1,158,777   

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

     299,000        315,071   

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

     66,000        73,508   

Sr. Unsec. Gtd. Global Notes,

7.63%, 06/15/21

     59,000        67,555   

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

     680,000        767,097   
              4,339,895   

Casinos & Gaming–0.11%

    

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

     155,000        172,438   

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

     61,000        62,220   

Sr. Sec. Global Notes,

11.25%, 06/01/17

     34,000        30,345   

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

     59,000        61,360   

Sr. Sec. Gtd. Notes,

8.00%, 10/01/20(b)

     73,000        75,555   

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

     22,000        22,220   

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

     45,000        50,175   

Sr. Unsec. Gtd. Notes,

7.75%, 03/15/22

     172,000        202,530   

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

     55,000        57,200   
              734,043   

Catalog Retail–0.99%

    

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

     2,190,000        2,285,842   

Sr. Sec. Notes,

7.50%, 10/01/19(b)

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

Coal & Consumable Fuels–0.09%

    

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

     15,000        14,663   

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

     50,000        53,250   
     Principal
Amount		     Value  

Coal & Consumable Fuels–(continued)

    

Sr. Unsec. Gtd. Notes,

5.88%, 04/15/22(b)

   $ 55,000      $ 57,200   

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

     450,000        368,550   

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

     78,000        80,535   
              574,198   

Commercial Printing–0.02%

    

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

     90,000        103,950   

Commodity Chemicals–0.30%

    

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

     1,780,000        1,899,705   

Communications Equipment–0.05%

    

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

     40,000        36,200   

Sr. Sec. Gtd. Notes,

7.00%, 04/01/19(b)

     135,000        133,819   

9.00%, 04/01/19(b)

     133,000        137,156   
              307,175   

Computer & Electronics Retail–0.02%

    

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

     150,000        156,938   

Construction & Engineering–0.27%

    

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

     105,000        113,137   

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

     200,000        196,372   

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

     400,000        427,345   

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

     125,000        132,500   

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

     861,000        874,991   
              1,744,345   

Construction Machinery & Heavy Trucks–0.44%

  

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

     127,000        136,207   

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

     1,965,000        1,978,479   

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

     129,000        133,515   
 

 

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

Invesco Core Plus Bond Fund

      Principal
Amount		      Value  

Construction Machinery & Heavy Trucks–(continued)

  

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

    $ 95,000       $ 102,125   

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

      89,000         91,002   

6.75%, 06/15/21

      30,000         31,950   

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

      108,000         112,590   

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

      142,000         146,260   

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

      70,000         75,075   

Sr. Unsec. Gtd. Notes,

6.50%, 04/01/20

      25,000         27,188   
                2,834,391   

Construction Materials–0.01%

  

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

      30,000         31,800   

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

      36,000         39,060   
                70,860   

Consumer Finance–0.07%

  

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

      40,000         42,600   

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

      355,000         380,599   
                423,199   

Data Processing & Outsourced Services–0.08%

  

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

      228,000         247,950   

First Data Corp.,

      

Sec. Gtd. Notes,

8.25%, 01/15/21(b)

      54,000         58,658   

Sr. Unsec. Gtd. Global Notes,

12.63%, 01/15/21

      37,000         44,539   

Sr. Unsec. Gtd. Sub. Global Notes,

11.75%, 08/15/21

      133,000         147,796   
                498,943   

Department Stores–0.08%

  

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

      500,000         512,750   

Distillers & Vintners–0.01%

  

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

      41,281         37,772   
      Principal
Amount		      Value  

Diversified Banks–6.44%

  

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

    $ 200,000       $ 202,094   

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

      200,000         214,500   

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

      200,000         200,380   

Unsec. Sub. Notes,

5.88%, 07/09/22(b)

      200,000         204,378   

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

      200,000         205,526   

4.00%, 02/11/23(b)

      500,000         501,996   

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

      1,390,000         1,385,635   

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

      400,000         422,000   

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

      140,000         142,218   

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

      10,000         11,140   

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

      1,330,000         1,338,253   

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

      810,000         885,418   

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

      1,385,000         1,398,951   

Unsec. Sub. Notes,

6.75%, 09/30/22(b)

      600,000         679,524   

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

      25,000         25,980   

Unsec. Sub. Global Notes,

5.50%, 09/13/25

      2,970,000         3,286,102   

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

      1,395,000         1,511,831   

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

      200,000         197,947   

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

      400,000         395,403   

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

      700,000         754,107   
 

 

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

Invesco Core Plus Bond Fund

      Principal
Amount		      Value  

Diversified Banks–(continued)

  

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

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

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

      1,050,000         1,124,725   

Unsec. Sub. Global Notes,

5.25%, 03/14/44

      1,475,000         1,567,283   

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

      400,000         442,860   

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

      255,000         262,237   

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

      2,840,000         2,975,719   

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

      955,000         1,121,377   

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

      575,000         646,679   

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

      1,255,000         1,304,316   

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

      2,885,000         2,893,774   

6.13%, 12/15/22

      95,000         103,842   

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

      78,000         91,914   

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

      420,000         424,689   

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

      1,309,000         1,384,268   

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

      775,000         797,713   

Unsec. Sub. Notes,

5.70%, 03/26/44(b)

      1,480,000         1,579,621   

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

      400,000         405,513   

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

      2,525,000         2,608,899   

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

      1,400,000         1,435,854   

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

      200,000         208,681   
      Principal
Amount		      Value  

Diversified Banks–(continued)

  

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

    $   3,500,000       $ 3,842,075   

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

      400,000         397,662   
                41,153,004   

Diversified Capital Markets–0.21%

  

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

      1,225,000         1,341,375   

Diversified Chemicals–0.72%

  

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

      630,000         659,994   

Sr. Unsec. Notes,

5.63%, 04/25/24(b)

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

Diversified Metals & Mining–2.71%

  

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

      170,000         219,268   

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

      2,369,000         2,597,510   

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

      2,969,000         3,011,854   

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

      3,229,000         3,199,522   

4.63%, 04/29/24(b)

      3,375,000         3,441,226   

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

      69,000         75,210   

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

      66,000         67,819   

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

      113,000         126,278   

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

      565,000         739,014   

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

      1,700,000         1,741,024   

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

      1,720,000         1,592,908   

5.38%, 04/16/20

      150,000         167,165   

6.75%, 04/16/40

      225,000         243,571   
 

 

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

Invesco Core Plus Bond Fund

      Principal
Amount		      Value  

Diversified Metals & Mining–(continued)

  

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

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

Diversified Support Services–0.21%

  

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

      1,325,000         1,330,870   

Drug Retail–0.03%

  

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

      194,640         221,525   

Electric Utilities–0.51%

  

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

      500,000         530,782   

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

      1,535,000         1,599,854   

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

      5,000         0   

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

      100,000         117,603   

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

      200,000         235,260   

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

      767,000         749,933   
                3,233,432   

Electronic Components–0.01%

  

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

      75,000         76,313   

Electronic Manufacturing Services–0.00%

  

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

      12,000         12,090   

Environmental & Facilities Services–0.01%

  

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

      38,000         41,230   

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

      41,000         42,845   
                84,075   

Forest Products–0.05%

  

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

      300,000         319,500   
      Principal
Amount		      Value  

Gas Utilities–0.04%

  

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

    $ 30,000       $ 31,538   

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

      237,000         234,511   
                266,049   

General Merchandise Stores–0.26%

  

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

      1,729,000         1,664,494   

Gold–0.69%

  

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

      600,000         598,825   

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

      1,675,000         1,524,250   

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

      1,365,000         1,401,442   

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

      14,000         14,917   

Sr. Unsec. Notes,

6.25%, 11/15/22(b)

      126,000         130,750   

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

      815,000         709,193   
                4,379,377   

Health Care Distributors–1.08%

  

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

      1,920,000         1,926,736   

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

      2,400,000         2,460,667   

4.88%, 03/15/44

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

Health Care Equipment–0.83%

  

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

      1,385,000         1,399,467   

4.88%, 05/15/44

      1,520,000         1,523,797   

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

      2,190,000         2,307,151   

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

      90,000         95,400   
                5,325,815   

Health Care Facilities–0.11%

  

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

      33,000         33,743   
 

 

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

Invesco Core Plus Bond Fund

      Principal
Amount		      Value  

Health Care Facilities–(continued)

  

Sr. Unsec. Gtd. Notes,

6.88%, 02/01/22(b)

    $ 164,737       $ 175,033   

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

      130,000         139,425   

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

      130,000         142,512   

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

      22,000         23,210   

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

      43,000         46,548   

Sr. Unsec. Global Notes,

6.75%, 02/01/20

      40,000         42,850   

8.13%, 04/01/22

      80,000         91,400   
                694,721   

Health Care REIT’s–0.71%

  

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

      12,000         12,690   

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

      1,305,000         1,366,200   

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

      65,000         71,175   

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

      1,495,000         1,555,734   

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

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

Health Care Services–0.62%

  

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

      25,000         26,875   

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

      3,465,000         3,852,729   

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

      69,000         71,932   
                3,951,536   

Health Care Supplies–0.01%

  

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

      76,000         76,000   

Homebuilding–0.33%

  

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

      191,000         192,910   

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

      66,000         70,125   
      Principal
Amount		      Value  

Homebuilding–(continued)

  

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

    $ 66,000       $ 71,445   

Sr. Unsec. Gtd. Notes,

7.00%, 01/15/19(b)

      90,000         92,250   

7.50%, 05/15/16

      115,000         123,194   

11.88%, 10/15/15

      10,000         11,275   

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

      42,000         45,570   

7.50%, 09/15/22

      20,000         22,150   

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

      87,000         98,745   

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

      1,470,000         1,343,227   

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

      29,000         28,928   
                2,099,819   

Hotels, Resorts & Cruise Lines–0.72%

  

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

      1,045,000         1,052,550   

3.95%, 10/15/20

      1,735,000         1,814,910   

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

      40,000         42,825   

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

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

Household Products–0.02%

  

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

      20,000         20,900   

Sr. Unsec. Gtd. Global Notes,

8.25%, 02/15/21

      100,000         107,125   
                128,025   

Hypermarkets & Super Centers–0.18%

  

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

      200,000         199,001   

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

      929,000         934,568   
                1,133,569   

Independent Power Producers & Energy Traders–0.06%

  

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

      1,000         1,177   

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

      350,000         397,876   

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

      9,000         10,350   
                409,403   
 

 

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

Invesco Core Plus Bond Fund

     Principal
Amount		     Value  

Industrial Conglomerates–0.72%

  

  

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

   $ 400,000      $ 413,921   

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

     925,000        1,136,109   

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

     1,000,000        1,154,985   

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

     200,000        211,500   

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

     1,350,000        1,490,465   

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

     170,000        178,925   
              4,585,905   

Industrial Machinery–0.02%

    

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

     91,000        96,688   

Industrial REIT’s–0.23%

    

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

     1,415,000        1,488,880   

Integrated Oil & Gas–1.40%

    

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

     4,660,000        4,743,619   

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

     3,105,000        3,183,548   

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

     200,000        212,500   

Sr. Unsec. Medium-Term Euro Notes,

4.75%, 03/13/23

     800,000        798,921   
              8,938,588   

Integrated Telecommunication Services–2.64%

  

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

     3,250,000        3,473,871   

5.15%, 09/15/23

     3,390,000        3,818,866   

6.40%, 09/15/33

     4,665,000        5,758,444   

6.55%, 09/15/43

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

Internet Software & Services–0.69%

  

  

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

   $ 224,000      $ 238,560   

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

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

Investment Banking & Brokerage–1.03%

  

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

     1,315,000        1,541,838   

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

     2,035,000        2,118,435   

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

     505,000        572,252   

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

     985,000        1,141,951   

Series H,

Jr. Unsec. Sub. Global Bonds,

5.45% (d)

     995,000        1,029,825   

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

     170,000        180,462   
              6,584,763   

Leisure Facilities–0.01%

    

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

     75,000        77,062   

Sr. Unsec. Gtd. Notes,

5.38%, 06/01/24(b)

     11,000        11,138   
              88,200   

Life & Health Insurance–0.98%

  

  

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

     50,000        57,054   

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

     2,200,000        2,148,222   

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

     735,000        823,570   

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

     425,000        491,297   

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

     1,640,000        2,017,200   

Series D,

Sr. Unsec. Medium-Term Notes,

4.75%, 09/17/15

     550,000        579,507   

7.38%, 06/15/19

     130,000        161,914   
              6,278,764   
 

 

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

Invesco Core Plus Bond Fund

     Principal
Amount		     Value  

Managed Health Care–0.17%

    

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

   $ 725,000      $ 829,972   

Sr. Unsec. Notes,

4.50%, 03/15/21

     180,000        197,627   

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

     33,000        35,557   
              1,063,156   

Marine–0.02%

    

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

     138,000        144,900   

Metal & Glass Containers–0.01%

  

  

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

     30,000        31,050   

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

     43,000        43,323   
              74,373   

Movies & Entertainment–1.12%

    

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

     61,000        63,592   

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

     80,000        86,800   

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

     2,100,000        2,317,073   

Sr. Unsec. Gtd. Notes,

5.88%, 11/15/16

     285,000        318,599   

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

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

Multi-Line Insurance–0.59%

    

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

     10,000        13,109   

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

     1,428,000        1,532,476   

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

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

Multi-Sector Holdings–0.03%

    

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

     200,000        202,912   

Multi-Utilities–0.77%

    

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

     200,000        201,817   
     Principal
Amount		     Value  

Multi-Utilities–(continued)

    

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

   $   2,525,000      $   2,541,977   

5.00%, 05/15/44(b)

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

Office REIT’s–0.21%

    

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

     1,290,000        1,320,953   

Office Services & Supplies–0.17%

    

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

     1,070,000        1,106,260   

Oil & Gas Drilling–0.79%

    

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

     7,000        7,333   

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

     1,785,000        1,876,612   

5.85%, 01/15/44

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

Oil & Gas Equipment & Services–0.01%

  

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

     64,000        65,200   

Oil & Gas Exploration & Production–0.86%

  

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

     57,000        61,204   

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

     25,000        29,125   

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

     1,725,000        1,757,344   

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

     974,000        1,057,167   

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

     350,000        376,250   

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

     70,000        77,000   

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

     400,000        396,963   

7.00%, 05/05/20(b)

     210,000        244,299   

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

     7,000        7,787   

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

     200,000        202,204   

6.00%, 05/03/42(b)

     200,000        195,260   
 

 

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

Invesco Core Plus Bond Fund

     Principal
Amount		     Value  

Oil & Gas Exploration & Production–(continued)

  

REGS,

Sr. Unsec. Medium-Term Euro Notes,

4.30%, 05/20/23(b)

   $ 200,000      $ 191,750   

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

     200,000        206,812   

Sr. Unsec. Gtd. Global Notes,

6.50%, 06/02/41

     100,000        116,743   

Sr. Unsec. Gtd. Notes,

3.13%, 01/23/19(b)

     120,000        123,790   

6.38%, 01/23/45(b)

     150,000        172,769   

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

     25,000        26,406   

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

     34,000        35,105   

Sr. Unsec. Gtd. Notes,

5.88%, 06/01/22

     56,000        58,310   

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

     141,000        151,222   
              5,487,510   

Oil & Gas Refining & Marketing–0.05%

  

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

     350,000        334,323   

Oil & Gas Storage & Transportation–0.57%

  

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

     127,000        133,350   

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

     820,000        766,483   

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

     1,656,000        1,710,253   

Series N,

Sr. Unsec. Gtd. Notes,

6.50%, 01/31/19

     420,000        502,257   

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

     72,000        77,940   

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

     11,000        11,880   

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

     35,000        40,687   

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

     31,000        31,373   
     Principal
Amount		     Value  

Oil & Gas Storage & Transportation–(continued)

  

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

   $ 28,000      $ 29,750   

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

     255,000        334,169   
              3,638,142   

Other Diversified Financial Services–1.65%

  

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

     1,495,000        1,506,213   

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

     820,000        829,940   

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

     65,000        66,707   

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

     2,980,000        3,047,050   

Series S, Jr. Unsec. Sub. Notes,

6.75% (d)

     1,255,000        1,358,538   

Sr. Unsec. Global Notes,

6.30%, 04/23/19

     190,000        225,278   

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

     2,823,000        2,942,977   

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

     535,000        543,025   
              10,519,728   

Packaged Foods & Meats–0.36%

  

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

     192,000        201,120   

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

     40,000        43,350   

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

     300,000        324,366   

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

     1,480,000        1,489,777   

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

     95,000        103,431   

Sr. Unsec. Gtd. Notes,

6.00%, 12/15/22(b)

     12,000        12,150   

6.75%, 12/01/21(b)

     26,000        27,658   

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

     24,000        25,140   

5.88%, 08/01/21(b)

     24,000        25,440   

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

     52,000        54,340   
              2,306,772   

Paper Packaging–0.13%

    

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

     14,000        14,280   
 

 

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

Invesco Core Plus Bond Fund

     Principal
Amount		     Value  

Paper Packaging–(continued)

    

Sr. Unsec. Gtd. Sub. Notes,

6.00%, 06/15/17(b)

   $ 7,000      $ 7,158   

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

     800,000        826,928   
              848,366   

Paper Products–0.03%

    

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

     19,000        19,309   

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

     181,000        187,787   
              207,096   

Personal Products–0.51%

    

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

     2,005,000        2,027,840   

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

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

Pharmaceuticals–0.63%

    

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

     1,526,000        2,147,320   

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

     1,480,000        1,515,319   

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

     112,000        117,040   

6.38%, 10/15/20(b)

     150,000        160,875   

6.75%, 08/15/21(b)

     25,000        26,750   

7.50%, 07/15/21(b)

     50,000        55,750   
              4,023,054   

Precious Metals & Minerals–0.10%

    

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

     600,000        636,000   

Property & Casualty Insurance–0.60%

    

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

     2,085,000        2,236,162   

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

     20,000        23,465   

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

     1,320,000        1,551,000   

Sr. Unsec. Gtd. Notes,

4.25%, 06/15/23(b)

     5,000        5,228   
              3,815,855   

Railroads–0.09%

    

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

     200,000        224,048   
     Principal
Amount		     Value  

Railroads–(continued)

    

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

   $ 400,000      $ 384,000   
              608,048   

Real Estate Development–0.08%

    

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

     200,000        187,170   

Sr. Unsec. Gtd. Notes,

7.88%, 05/27/19(b)

     300,000        304,500   
              491,670   

Regional Banks–0.72%

    

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

     800,000        872,193   

Unsec. Sub. Variable Rate Notes,

6.63%, 03/19/29(b)

     500,000        534,557   

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

     1,550,000        1,600,307   

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

     650,000        750,830   

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

     465,000        553,244   

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

     75,000        86,250   

Unsec. Sub. Global Notes,

5.13%, 06/15/17

     185,000        194,944   
              4,592,325   

Reinsurance–0.28%

    

Reinsurance Group of America Inc., Sr. Unsec. Medium-Term Notes, 4.70%, 09/15/23

     1,650,000        1,775,422   

Residential REIT’s–0.34%

    

Essex Portfolio L.P., Sr. Unsec. Gtd. Global Notes, 3.63%, 08/15/22

     2,135,000        2,144,984   

Retail REIT’s–0.38%

    

Realty Income Corp., Sr. Unsec. Notes,
2.00%, 01/31/18

     2,115,000        2,127,242   

WEA Finance LLC (Australia), Sr. Unsec. Gtd. Notes, 7.13%, 04/15/18(b)

     250,000        297,571   
              2,424,813   

Security & Alarm Services–0.01%

    

ADT Corp. (The), Sr. Unsec. Global Notes,
6.25%, 10/15/21

     70,000        74,200   
 

 

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

Invesco Core Plus Bond Fund

      Principal
Amount		      Value  

Semiconductor Equipment–0.06%

  

Amkor Technology Inc.,
Sr. Unsec. Global Notes,
6.38%, 10/01/22

    $ 88,000       $ 94,160   

6.63%, 06/01/21

      180,000         194,850   

Entegris Inc., Sr. Unsec. Gtd. Notes, 6.00%, 04/01/22(b)

      102,000         103,275   
                392,285   

Semiconductors–0.11%

      

Advanced Micro Devices, Inc., Sr. Unsec. Notes, 6.75%, 03/01/19(b)

      56,000         59,360   

Freescale Semiconductor Inc.,
Sr. Sec. Gtd. Notes,
6.00%, 01/15/22(b)

      137,000         146,590   

Sr. Unsec. Gtd. Global Notes,

8.05%, 02/01/20

      104,000         113,620   

Micron Technology Inc., Sr. Unsec. Notes, 5.88%, 02/15/22(b)

      132,000         140,910   

NXP B.V./NXP Funding LLC (Netherlands), Sr. Unsec. Gtd. Notes, 5.75%, 02/15/21(b)

      200,000         214,550   
                675,030   

Soft Drinks–0.02%

      

Ajecorp B.V. (Netherlands), Sr. Unsec. Gtd. Notes, 6.50%, 05/14/22(b)

      160,000         150,605   

Sovereign Debt–2.43%

      

Argentina Boden Bonds (Argentina), Sr. Unsec. Bonds, 7.00%, 10/03/15

      400,000         390,000   

Argentina Bonar Bonds (Argentina), Series X, Sr. Unsec. Bonds,
7.00%, 04/17/17

      300,000         277,500   

Banco Nacional de Desenvolvimento Economico e Social (Brazil),
Sr. Unsec. Notes,
4.00%, 04/14/19(b)

      1,606,000         1,633,344   

5.75%, 09/26/23(b)

      400,000         427,353   

Commonwealth of the Bahamas (Bahamas), Sr. Unsec. Notes,
5.75%, 01/16/24(b)

      400,000         424,809   

Guatemala Government Bond (Guatemala), Sr. Unsec. Bonds, 8.13%, 10/06/19(b)(f)

      520,000         671,320   

REGS,

Sr. Unsec. Euro Bonds,

8.13%, 10/06/19(b)(f)

      90,000         116,190   

Hungary Government International Bond (Hungary),
Sr. Unsec. Global Notes,
5.38%, 02/21/23

      400,000         428,392   

5.38%, 03/25/24

      400,000         426,000   

7.63%, 03/29/41

      450,000         565,875   

Indonesia Government International Bond (Indonesia),
Sr. Unsec. Notes,
3.38%, 04/15/23(b)

      300,000         284,250   

3.75%, 04/25/22(b)

      300,000         295,875   
      Principal
Amount		      Value  

Sovereign Debt–(continued)

      

Lebanon Government International Bond (Lebanon), REGS, Sr. Unsec. Euro Bonds, 6.00%, 01/27/23(b)

    $ 500,000       $ 497,500   

Magyar Export-Import Bank Zrt. (Hungary), Sr. Unsec. Gtd. Notes, 5.50%, 02/12/18(b)

      300,000         321,021   

Mexico Government International Bond (Mexico),
Sr. Unsec. Global Notes,
3.63%, 03/15/22

      650,000         678,526   

Sr. Unsec. Medium-Term Global

Notes, 4.75%, 03/08/44

      310,000         317,750   

Morocco Government International Bond (Morocco), REGS, Sr. Unsec. Euro Bonds, 4.25%, 12/11/22(b)

      400,000         402,900   

Mubadala (United Arab Emirates), Sr. Unsec. Gtd. Bonds, 3.25%, 04/28/22(b)

      300,000         304,775   

Nigeria Government International Bond (Nigeria),
Sr. Unsec. Notes,
5.13%, 07/12/18(b)

      200,000         208,000   

6.38%, 07/12/23(b)

      200,000         218,000   

Pakistan Government International Bond (Pakistan), Unsec. Bonds,
7.25%, 04/15/19(b)

      200,000         209,000   

Panama Government International Bond (Panama), Sr. Unsec. Global Bonds, 5.20%, 01/30/20

      1,250,000         1,409,375   

Perusahaan Penerbit SBSN (Indonesia), Sr. Unsec. Notes, 4.00%, 11/21/18(b)

      200,000         207,750   

Peruvian Government International Bond (Peru), Sr. Unsec. Global Bonds, 8.75%, 11/21/33

      436,000         673,620   

Philippine Government International Bond (Philippines),
Sr. Unsec. Global Bonds,
4.20%, 01/21/24

      200,000         214,750   

5.00%, 01/13/37

      300,000         341,640   

Poland Government International Bond (Poland), Sr. Unsec. Global Bonds, 4.00%, 01/22/24

      400,000         420,000   

Republic of Angola Via Northern Lights III B.V. (Angola), REGS, Sr. Unsec. Euro Notes, 7.00%, 08/16/19(b)

      850,000         940,312   

Republic of Azerbaijan International Bond (Azerbaijan), Sr. Unsec. Notes, 4.75%, 03/18/24(b)

      400,000         418,480   

Republic of Serbia (Serbia), Sr. Unsec. Bonds, 4.88%, 02/25/20(b)

      200,000         206,790   

REGS,

Sr. Unsec. Euro Bonds,

6.75%, 11/01/24(b)(c)

      216,276         220,601   
 

 

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

Invesco Core Plus Bond Fund

      Principal
Amount		      Value  

Sovereign Debt–(continued)

      

Romanian Government International Bond (Romania),
Sr. Unsec. Notes,
4.38%, 08/22/23(b)

    $ 230,000       $ 237,763   

4.88%, 01/22/24(b)

      800,000         856,000   

6.75%, 02/07/22(b)

      110,000         132,275   

Venezuela Government International Bond (Venezuela), REGS, Sr. Unsec. Euro Bonds, 6.00%, 12/09/20(b)

      205,000         150,009   
                15,527,745   

Specialized Finance–2.03%

      

Air Lease Corp., Sr. Unsec. Global Notes, 3.88%, 04/01/21

      2,425,000         2,472,742   

Aircastle Ltd., Sr. Unsec. Global Notes, 7.63%, 04/15/20

      195,000         225,712   

CIT Group Inc., Sr. Unsec. Global Notes, 5.00%, 08/15/22

      111,000         115,163   

CME Group Inc., Sr. Unsec. Global Notes, 5.30%, 09/15/43

      1,325,000         1,530,010   

International Lease Finance Corp.,
Sr. Unsec. Global Notes,
5.75%, 05/15/16

      400,000         430,500   

5.88%, 08/15/22

      120,000         128,700   

Sr. Unsec. Notes,

8.25%, 12/15/20

      195,000         237,900   

Moody’s Corp., Sr. Unsec. Global Notes, 4.88%, 02/15/24

      4,595,000         4,938,940   

National Rural Utilities Cooperative Finance Corp., Sr. Sec. Collateral Trust Global Bonds,
10.38%, 11/01/18

      2,130,000         2,892,659   
                12,972,326   

Specialized REIT’s–1.25%

      

American Tower Corp., Sr. Unsec. Global Notes, 3.50%, 01/31/23

      1,250,000         1,227,985   

Crown Castle International Corp., Sr. Unsec. Notes, 4.88%, 04/15/22

      40,000         41,600   

Crown Castle Towers LLC,
Sr. Sec. Gtd. Notes,
3.21%, 08/15/15(b)

      25,000         25,459   

4.88%, 08/15/20(b)

      1,835,000         2,038,364   

EPR Properties, Sr. Unsec. Gtd. Global Notes, 7.75%, 07/15/20

      3,880,000         4,651,799   
                7,985,207   

Specialty Chemicals–0.01%

      

Chemtura Corp., Sr. Unsec. Gtd. Notes, 5.75%, 07/15/21

      51,000         52,849   

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

      10,000         10,050   
                62,899   

Specialty Stores–0.05%

      

Michaels Stores Inc., Sr. Unsec. Gtd. Sub. Notes, 5.88%, 12/15/20(b)

      119,000         121,826   

Outerwall, Inc., Sr. Unsec. Gtd. Global Notes, 6.00%, 03/15/19

      125,000         130,625   
      Principal
Amount		      Value  

Specialty Stores–(continued)

      

Sally Holdings LLC/Sally Capital Inc., Sr. Unsec. Gtd. Global Bonds, 5.50%, 11/01/23

    $ 55,000       $ 56,788   
                309,239   

Steel–0.51%

      

ArcelorMittal (Luxembourg),
Sr. Unsec. Global Notes,
4.25%, 08/05/15

      19,000         19,594   

6.00%, 03/01/21

      172,000         185,760   

6.75%, 02/25/22

      20,000         22,420   

Evraz Group S.A. (Russia), REGS, Sr. Unsec. Euro Notes,
6.50%, 04/22/20(b)

      300,000         279,750   

OJSC Novolipetsk Steel via Steel Funding Ltd. (Russia), Sr. Unsec. Notes, 4.45%, 02/19/18(b)

      500,000         496,065   

SunCoke Energy Partners L.P./SunCoke Energy Partners Finance Corp.,
Sr. Unsec. Gtd. Notes,
7.38%, 02/01/20(b)

      32,000         34,240   

7.38%, 02/01/20(b)

      154,000         164,780   

United States Steel Corp.,
Sr. Unsec. Global Notes,
7.50%, 03/15/22

      100,000         109,750   

Sr. Unsec. Notes,

7.38%, 04/01/20

      22,000         24,530   

Vale Overseas Ltd. (Brazil),
Sr. Unsec. Gtd. Global Notes,
4.63%, 09/15/20

      730,000         784,078   

6.88%, 11/10/39

      400,000         443,089   

Vale S.A. (Brazil), Sr. Unsec. Global Notes, 5.63%, 09/11/42

      600,000         587,182   

Walter Energy, Inc.,
Sr. Sec. Gtd. Notes,
9.50%, 10/15/19(b)

      73,000         74,277   

Sr. Unsec. Gtd. Global Notes,

8.50%, 04/15/21

      41,000         22,858   
                3,248,373   

Technology Distributors–0.01%

      

Anixter Inc., Sr. Unsec. Gtd. Global Notes, 5.63%, 05/01/19

      50,000         53,563   

Technology Hardware, Storage & Peripherals–0.45%

  

Seagate HDD Cayman, Sr. Unsec. Gtd. Bonds, 4.75%, 01/01/25(b)

      2,905,000         2,894,106   

Tires & Rubber–0.01%

      

Goodyear Tire & Rubber Co. (The), Sr. Unsec. Gtd. Notes, 6.50%, 03/01/21

      50,000         54,813   

Tobacco–0.32%

      

Altria Group, Inc., Sr. Unsec. Gtd. Global Notes, 4.75%, 05/05/21

      1,845,000         2,044,359   
 

 

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

Invesco Core Plus Bond Fund

      Principal
Amount		      Value  

Trading Companies & Distributors–0.34%

  

AerCap Ireland Capital Ltd./AerCap Global Aviation Trust (Netherlands), Sr. Unsec. Gtd. Notes, 4.50%, 05/15/21(b)

    $   2,085,000       $   2,103,244   

United Rentals North America Inc.,
Sr. Unsec. Global Notes,
8.25%, 02/01/21

      65,000         73,125   

Sr. Unsec. Gtd. Notes,

6.13%, 06/15/23

      25,000         27,000   
                2,203,369   

Trucking–0.02%

      

Hertz Corp. (The), Sr. Unsec. Gtd. Global Notes, 5.88%, 10/15/20

      100,000         106,250   

Wireless Telecommunication Services–1.11%

  

America Movil S.A.B. de C.V. (Mexico),
Sr. Unsec. Global Notes,
4.38%, 07/16/42

      200,000         186,949   

Sr. Unsec. Gtd. Global Notes,

6.13%, 03/30/40

      1,115,000         1,333,283   

Bharti Airtel International Netherlands B.V. (India), Sr. Unsec. Gtd. Bonds,
5.35%, 05/20/24(b)

      700,000         739,141   

Digicel Ltd. (Jamaica), Sr. Unsec. Notes, 6.00%, 04/15/21(b)

      200,000         204,500   

Intelsat Jackson Holdings S.A. (Luxembourg), Sr. Unsec. Gtd. Global Bonds, 6.63%, 12/15/22

      124,000         130,200   

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

      100,000         106,500   

8.13%, 06/01/23

      60,000         64,800   

Rogers Communications Inc. (Canada), Sr. Unsec. Gtd. Global Notes,
5.00%, 03/15/44

      2,955,000         3,084,947   

SBA Communications Corp., Sr. Unsec. Global Notes, 5.63%, 10/01/19

      55,000         58,300   

Sprint Communications Inc.,
Sr. Unsec. Global Notes,
6.00%, 11/15/22

      69,000         71,760   

7.00%, 08/15/20

      39,000         43,193   

11.50%, 11/15/21

      15,000         20,400   

Sr. Unsec. Gtd. Notes,

7.00%, 03/01/20(b)

      105,000         121,275   

9.00%, 11/15/18(b)

      40,000         48,700   

Sprint Corp.,
Sr. Unsec. Gtd. Notes,
7.25%, 09/15/21(b)

      50,000         55,375   

7.88%, 09/15/23(b)

      81,000         91,732   
     Principal
Amount		     Value  

Wireless Telecommunication Services–(continued)

  

T-Mobile USA, Inc.,
Sr. Unsec. Gtd. Global Notes,
6.25%, 04/01/21

   $ 75,000      $ 80,062   

6.63%, 04/01/23

     129,000        139,965   

Sr. Unsec. Gtd. Notes,

6.63%, 04/28/21

     70,000        75,688   

6.84%, 04/28/23

     105,000        114,319   

VimpelCom Holdings B.V. (Russia), Sr. Unsec. Gtd. Notes,
5.20%, 02/13/19(b)

     300,000        295,593   
              7,066,682   

Total U.S. Dollar Denominated Bonds and Notes (Cost $319,766,916)

   

     338,729,588   

Asset-Backed Securities–26.40%

  

Adjustable Rate Mortgage Trust, Series 2005-1, Class 4A1, Floating Rate Pass Through Ctfs., 2.70%, 05/25/35(g)

     2,892,960        2,858,735   

AmeriCredit Automobile Receivables Trust,
Series 2011-2, Class D, Pass Through Ctfs., 4.00%, 05/08/17

     3,135,000        3,232,158   

Banc of America Commercial Mortgage Trust,
Series 2006-1, Class AJ,
Variable Rate Pass Through Ctfs., 5.46%, 09/10/45(g)

     3,100,000        3,286,849   

Series 2006-1, Class B,

Variable Rate Pass Through

Ctfs., 5.49%, 09/10/45(g)

     3,077,000        3,232,745   

Banc of America Mortgage Trust, Series 2005-12, Class A2, Floating Rate Pass Through Ctfs., 1.05%, 01/25/36(g)

     3,675,119        3,346,975   

Bear Stearns Adjustable Rate Mortgage Trust,
Series 2003-6, Class 1A3,
Floating Rate Pass Through Ctfs., 2.33%, 08/25/33(g)

     665,586        670,741   

Series 2006-1, Class A1,

Floating Rate Pass Through

Ctfs., 2.38%, 02/25/36(g)

     2,177,864        2,198,342   

Bear Stearns ALT-A Trust,
Series 2004-11, Class 2A3, Floating Rate Pass Through Ctfs., 2.47%, 11/25/34(g)

     4,548,027        4,512,416   

Bear Stearns Commercial Mortgage Securities Trust,
Series 2006-PW11, Class AAB, Variable Rate Pass Through Ctfs., 5.60%, 03/11/39(g)

     9,543        9,632   

Boca Hotel Portfolio Trust, Series 2013-BOCA, Class B, Floating Rate Pass Through Ctfs.,
1.90%, 08/15/26(b)(g)

     2,500,000        2,507,283   
 

 

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

Invesco Core Plus Bond Fund

     Principal
Amount		     Value  

CFCRE Commercial Mortgage Trust,
Series 2011-C2, Class C, Variable Rate Pass Through Ctfs., 5.74%, 12/15/47(b)(g)

   $   5,000,000      $   5,665,140   

CGBAM Commercial Mortgage Trust,
Series 2013-BREH, Class B, Floating Rate Pass Through Ctfs., 1.95%, 05/15/30(b)(g)

     2,570,000        2,585,554   

Citigroup Mortgage Loan Trust, Inc.,
Series 2004-HYB3, Class 2A,
Floating Rate Pass Through Ctfs.,
2.59%, 09/25/34(g)

     4,092,303        4,085,096   

Series 2004-UST1, Class A4,

Floating Rate Pass Through Ctfs.,

2.17%, 08/25/34(g)

     1,940,897        1,954,128   

Commercial Mortgage Trust,
Series 2013-THL, Class A2,
Floating Rate Pass Through Ctfs.,
1.20%, 06/08/30(b)(g)

     2,875,000        2,879,741   

Series 2014-CR15, Class B,

Variable Rate Pass Through Ctfs.,

4.87%, 02/10/47(g)

     3,000,000        3,283,277   

Countrywide Asset-Backed Ctfs.,
Series 2003-1, Class 3A, Floating Rate Pass Through Ctfs., 0.83%, 06/25/33(g)

     175,619        154,029   

Countrywide Home Loans Mortgage Pass Through Trust, Series 2007-13, Class A10, Pass Through Ctfs., 6.00%, 08/25/37

     1,048,759        982,987   

Credit Suisse Mortgage Trust,
Series 2009-2R, Class 1A11,
Floating Rate Pass Through Ctfs.,
2.62%, 09/26/34(b)(g)

     463,102        471,206   

Series 2010-6R, Class 1A1,

Pass Through Ctfs.,

5.50%, 02/27/37 (Acquired 03/01/10;

Cost $121,345)(b)

     117,810        119,545   

First Horizon Alternative Mortgage Securities Trust, Series 2005-FA8, Class 2A1,
Pass Through Ctfs.,
5.00%, 11/25/20

     357,400        365,478   

Series 2006-FA5, Class A3,

Pass Through Ctfs.,

6.25%, 08/25/36

     483,979        407,211   

Gallatin CLO III, 2007-1 Ltd., Series 2007-1A, Class A2L, Floating Rate Pass Through Ctfs., 0.56%, 05/15/21(b)(g)

     1,133,000        1,093,787   

GP Portfolio Trust, Series 20014-GPP, Class B, Floating Rate Pass Through Ctfs., 1.45%, 02/15/27(b)(g)

     5,000,000        5,009,680   

GS Mortgage Securities Trust,
Series 2013-GC14, Class B, Variable Rate Pass Through Ctfs., 4.93%, 08/10/46(b)(g)

     4,000,000        4,362,732   

Hamlet II Ltd. (Cayman Islands),
Series 2006-2A, Class A2B, Floating Rate Pass Through Ctfs., 0.55%, 05/11/21(b)(g)

     5,000,000        4,780,750   
     Principal
Amount		     Value  

Harborview Mortgage Loan Trust,
Series 2005-9, Class 2A1C, Floating Rate Pass Through Ctfs., 0.60%, 06/20/35(g)

   $ 45,678      $ 43,742   

Hilton USA Trust, Series 2013-HLT,
Class BFX, Pass Through Ctfs., 3.37%, 11/05/30(b)

     1,500,000        1,532,215   

ING Investment Management CLO II, Ltd. (Cayman Islands),
Series 2006-2A, Class A2,
Floating Rate Pass Through Ctfs.,
0.57%, 08/01/20(b)(g)

     5,000,000        4,921,500   

Series 2006-2A, Class B,

Floating Rate Pass Through Ctfs.,

0.63%, 08/01/20(b)(g)

     2,718,000        2,627,681   

JP Morgan Chase Commercial Mortgage Securities Corp., Series 2012-LC9, Class B, Variable Rate Pass Through Ctfs., 3.81%, 12/15/47(b)(g)

     5,000,000        5,088,123   

JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2006-LDP6, Class AJ,
Variable Rate Pass Through Ctfs.,
5.57%, 04/15/43(g)

     2,500,000        2,651,261   

Series 2006-LDP9, Class A3,

Pass Through Ctfs.,

5.34%, 05/15/47

     900,000        980,623   

JP Morgan Mortgage Trust,
Series 2005-A3, Class 1A1,
Floating Rate Pass Through Ctfs.,
5.06%, 06/25/35(g)

     2,300,057        2,315,260   

Series 2005-A3, Class 6A5,

Floating Rate Pass Through Ctfs.,

2.56%, 06/25/35(g)

     1,971,559        1,994,269   

Series 2005-A6, Class 7A1,

Floating Rate Pass Through Ctfs.,

2.74%, 08/25/35(g)

     2,075,308        1,998,720   

LB-UBS Commercial Mortgage Trust,
Series 2006-C7, Class AM,
Pass Through Ctfs.,
5.38%, 11/15/38

     2,110,000        2,298,177   

Series 2005-C7, Class AJ,

Variable Rate Pass Through Ctfs.,

5.32%, 11/15/40(g)

     5,200,000        5,468,193   

Series 2006-C7, Class A3,

Pass Through Ctfs.,

5.35%, 11/15/38

     300,000        328,135   

Lehman Mortgage Trust, Series 2006-1,
Class 3A5, Pass Through Ctfs., 5.50%, 02/25/36

     698,260        704,433   

Luminent Mortgage Trust, Series 2005-1,
Class A1, Floating Rate Pass Through Ctfs., 0.41%, 11/25/35(g)

     1,985,783        1,804,936   

Merrill Lynch Mortgage Investors Trust,
Series 2005-A5, Class A9, Floating Rate Pass Through Ctfs., 2.61%, 06/25/35(g)

     4,603,806        4,548,829   

Provident Home Equity Loan Trust,
Series 2000-2, Class A1, Floating Rate Pass Through Ctfs., 0.69%, 08/25/31(g)

     339,632        290,339   
 

 

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

Invesco Core Plus Bond Fund

     Principal
Amount		     Value  

RBSCF Trust, Series 2010-RR3, Class MS4A, Variable Rate Pass Through Ctfs., 4.97%, 04/16/40(b)(g)

   $ 233,136      $ 234,057   

Santander Drive Auto Receivables Trust, Series 2011-1, Class D, Pass Through Ctfs., 4.01%, 02/15/17

     1,545,000        1,597,598   

Sequoia Mortgage Trust,
Series 2013-3, Class A1,
Variable Rate Pass Through Ctfs.,
2.00%, 03/25/43(g)

     2,902,417        2,626,205   

Series 2013-4, Class A3,

Variable Rate Pass Through Ctfs.,

1.55%, 04/25/43(g)

     2,749,562        2,548,523   

Series 2013-6, Class A2,

Variable Rate Pass Through Ctfs.,

3.00%, 05/25/43(g)

     3,712,617        3,502,011   

Series 2013-7, Class A2,

Variable Rate Pass Through Ctfs.,

3.00%, 06/25/43(g)

     2,428,313        2,363,575   

Shellpoint Asset Funding Trust, Series 2013-1, Class A3, Variable Rate Pass Through Ctfs., 3.75%, 07/25/43(b)(g)

     4,337,881        4,198,678   

Sierra Timeshare Receivables Funding LLC, Series 2013-2A, Class A, Pass Through Ctfs., 2.28%, 11/20/25(b)

     1,515,138        1,536,787   

Specialty Underwriting & Residential Finance Trust, Series 2004-BC2, Class A2, Floating Rate Pass Through Ctfs., 0.69%, 05/25/35(g)

     41,645        38,671   

Structured Adjustable Rate Mortgage Loan Trust, Series 2007-3, Class 4A2, Floating Rate Pass Through Ctfs., 4.90%, 04/25/47(g)

     1,011,167        702,231   

Structured Asset Investment Loan Trust,
Series 2003-BC12, Class 3A, Floating Rate Pass Through Ctfs., 0.89%, 11/25/33(g)

     23,466        22,729   

Suntrust Alternative Loan Trust, Series 2005-1F, Class 2A8, Pass Through Ctfs., 6.00%, 12/25/35

     737,989        658,663   

Symphony CLO II, Ltd. (Cayman Islands),
Series 2006-2A, Class A2B, Floating Rate Pass Through Ctfs., 0.56%, 10/25/20(b)(g)

     4,545,000        4,420,876   

Thornburg Mortgage Securities Trust,
Series 2003-6, Class A2, Floating Rate Pass Through Ctfs., 1.15%, 12/25/33(g)

     1,860,883        1,730,172   

UBS-Citigroup Commercial Mortgage Trust, Series 2011-C1, Class C, Variable Rate Pass Through Ctfs., 6.07%, 01/10/45(b)(g)

     4,500,000        5,159,608   
     Principal
Amount		     Value  

Wachovia Bank Commercial Mortgage Trust,
Series 2005-C21, Class AJ,
Variable Rate Pass Through Ctfs.,
5.41%, 10/15/44(g)

   $   1,515,000      $ 1,591,149   

Series 2005-C21, Class AM,

Variable Rate Pass Through Ctfs.,

5.41%, 10/15/44(g)

     1,680,000        1,776,557   

WaMu Mortgage Pass Through Ctfs.,
Series 2003-AR8, Class A,
Floating Rate Pass Through Ctfs.,
2.41%, 08/25/33(g)

     1,547,663        1,573,411   

Series 2005-AR10,

Class 1A3, Floating Rate Pass Through

Ctfs., 2.42%, 09/25/35(g)

     525,000        491,701   

Series 2005-AR12, Class 1A8,

Floating Rate Pass Through Ctfs.,

2.35%, 10/25/35(g)

     2,593,297        2,530,725   

Series 2007-HY2, Class 2A2,

Floating Rate Pass Through Ctfs.,

2.48%, 11/25/36(g)

     1,703,522        1,489,781   

Wells Fargo Commercial Mortgage Trust, Series 2014-TISH, Class B, Floating Rate Pass Through Ctfs., 1.50%, 02/15/27(b)(g)

     2,500,000        2,505,143   

Wells Fargo Mortgage Backed Securities Trust,
Series 2004-K, Class 1A2,
Floating Rate Pass Through Ctfs.,
2.62%, 07/25/34(g)

     1,242,435        1,263,010   

Series 2004-Z, Class 2A1,

Floating Rate Pass Through Ctfs.,

2.61%, 12/25/34(g)

     1,600,196        1,636,253   

Series 2005-AR2, Class 2A2,

Floating Rate Pass Through Ctfs.,

2.61%, 03/25/35(g)

     3,196,774        3,280,923   

Series 2007-7, Class A1,

Pass Through Ctfs.,

6.00%, 06/25/37

     2,373,250        2,353,106   

WFRBS Commercial Mortgage Trust,
Series 2011-C5, Class B,
Variable Rate Pass Through Ctfs.,
5.82%, 11/15/44(b)(g)

     5,000,000        5,784,217   

Series 2013-C15, Class B,

Variable Rate Pass Through Ctfs.,

4.63%, 08/15/46(g)

     3,800,000        4,053,012   

Series 2013-C16, Class B,

Variable Rate Pass Through Ctfs.,

5.15%, 09/15/46(g)

     3,127,000        3,464,349   

Total Asset-Backed Securities
(Cost $164,982,948)

             168,786,374   

U.S. Government Sponsored Agency Mortgage-Backed Securities–19.26%

   

Collateralized Mortgage Obligations–0.07%

  

Fannie Mae REMICs, IO, 7.00%, 05/25/33

     22,765        5,257   

Fannie Mae REMICS, IO, 6.00%, 07/25/33

     23,739        4,862   
 

 

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

Invesco Core Plus Bond Fund

     Principal
Amount		     Value  

Collateralized Mortgage Obligations–(continued)

  

Federal Deposit Insurance Co., Series 2010-S1, Class 1A, Gtd. Floating Rate Notes, 0.70%, 02/25/48 (Acquired 03/05/10;
Cost $459,125)(b)(g)

   $ 459,125      $ 459,401   
              469,520   

Federal Home Loan Mortgage Corp. (FHLMC)–5.66%

  

Pass Through Ctfs.,

5.50%, 05/01/16 to 07/01/40

     7,333,131        8,275,194   

6.50%, 05/01/16 to 09/01/36

     1,304,443        1,469,548   

7.00%, 06/01/16 to 10/01/34

     2,536,278        2,893,966   

6.00%, 04/01/17 to 02/01/34

     611,573        676,540   

7.50%, 04/01/17 to 05/01/35

     1,134,036        1,371,213   

3.50%, 08/01/26

     2,026,630        2,146,035   

8.50%, 08/01/31

     95,245        118,895   

8.00%, 08/01/32

     79,924        98,345   

5.00%, 07/01/34 to 06/01/40

     7,494,018        8,317,889   

4.50%, 06/01/41

     5,230,945        5,663,870   

Federal Home Loan Mortgage Corp., ARM,
Pass Through Ctfs.,
2.53%, 12/01/36(g)

     198,486        212,777   

2.69%, 02/01/37(g)

     65,908        70,656   

2.52%, 05/01/37(g)

     492,323        527,253   

2.38%, 06/01/43(g)

     4,302,616        4,318,199   
              36,160,380   

Federal National Mortgage Association (FNMA)–12.75%

  

Pass Through Ctfs.,

7.50%, 11/01/15 to 08/01/37

     1,428,574        1,674,898   

7.00%, 12/01/15 to 02/01/34

     1,052,479        1,199,539   

6.50%, 05/01/16 to 01/01/37

     420,436        474,311   

6.00%, 05/01/17 to 10/01/39

     235,175        262,915   

5.00%, 03/01/18 to 12/01/39

     2,290,703        2,530,224   

5.50%, 11/01/18 to 06/01/40

     3,459,335        3,867,488   

8.00%, 08/01/21 to 04/01/33

     178,080        211,588   

9.50%, 04/01/30

     39,994        46,661   

8.50%, 10/01/32

     142,723        174,989   

Pass Through Ctfs.,

ARM 2.33%, 05/01/35(g)

     677,563        722,105   

2.28%, 01/01/37(g)

     359,025        382,350   

2.36%, 03/01/38(g)

     185,386        196,906   

Pass Through Ctfs., TBA

3.00%, 06/01/29 to 07/01/44(h)

     17,800,000        17,771,235   

3.50%, 07/01/44(h)

     19,800,000        20,344,494   

4.00%, 07/01/44(h)

     17,300,000        18,278,532   

4.50%, 07/01/44(h)

     12,400,000        13,378,922   
              81,517,157   

Government National Mortgage Association (GNMA)–0.78%

  

Pass Through Ctfs.,

7.50%, 06/15/23 to 05/15/32

     39,668        43,674   

9.00%, 09/15/24 to 10/15/24

     21,612        21,721   

8.50%, 02/15/25

     7,226        7,327   

8.00%, 08/15/25 to 09/15/26

     74,089        81,158   

6.56%, 01/15/27

     162,687        185,033   
     Principal
Amount		     Value  

Government National Mortgage Association (GNMA)– (continued)

   

7.00%, 04/15/28 to 09/15/32

   $ 447,161      $ 507,365   

6.00%, 11/15/28 to 02/15/33

     132,180        151,698   

6.50%, 01/15/29 to 09/15/34

     325,938        370,901   

5.50%, 06/15/35

     208,614        234,158   

5.00%, 07/15/35 to 08/15/35

     74,559        81,975   

Pass Through Ctfs., ARM

2.00%, 01/20/25 to 05/20/25(g)

     84,805        88,219   

3.00%, 06/20/25(g)

     10,452        10,874   

Pass Through Ctfs., TBA

4.00%, 06/01/44(h)

     3,000,000        3,204,375   
              4,988,478   

Total U.S. Government Sponsored Agency Mortgage-Backed Securities
(Cost $120,769,913)

             123,135,535   

U.S. Treasury Securities–8.55%

  

U.S. Treasury Bills–0.66%

  

0.00%, 11/13/14(i)(j)(k)

     720,000        719,852   

0.04%, 11/13/14(i)(j)(k)

     225,000        224,954   

0.05%, 11/13/14(i)(j)(k)

     145,000        144,970   

0.06%, 11/13/14(i)(j)(k)

     635,000        634,870   

0.08%, 11/13/14(i)(j)(k)

     475,000        474,903   

0.09%, 11/13/14(i)(j)(k)

     2,000,000        1,999,589   
              4,199,138   

U.S. Treasury Notes–7.73%

  

1.63%, 04/30/19

     27,931,000        28,073,957   

2.50%, 05/15/24

     21,323,000        21,377,660   
              49,451,617   

U.S. Treasury Bonds–0.16%

  

3.63%, 02/15/44

     946,000        1,001,513   

Total U.S. Treasury Securities
(Cost $54,024,877)

             54,652,268   

Municipal Obligations–2.18%

  

Florida Hurricane Catastrophe Fund Finance Corp., Series 2013 A, RB, 3.00%, 07/01/20

     1,450,000        1,473,026   

Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J);
Series 2010, Class A,
Build America Taxable RB,
6.66%, 04/01/57

     550,000        659,296   

Series 2010 A,

Taxable Build America RB,

6.64%, 04/01/57

     500,000        602,315   

Indiana (State of) Finance Authority (Ohio Valley Electric Corp.); Series 2012 A, Midwestern Disaster Relief RB, 5.00%, 06/01/39

     2,000,000        2,036,020   

Puerto Rico (Commonwealth of); Series 2014 A, Unlimited Tax GO Bonds, 8.00%, 07/01/35

     5,100,000        4,560,318   
 

 

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

Invesco Core Plus Bond Fund

     Principal
Amount		     Value  

Municipal Obligations–(continued)

  

Texas Municipal Gas Acquisition & Supply Corp. I; Series 2008 D, Sr. Lien Gas Supply RB, 6.25%, 12/15/26

   $ 2,000,000      $ 2,478,420   

Virginia (State of) Small Business Financing Authority (Elizabeth River Crossings Opco, LLC); Series 2012, Sr. Lien RB, 5.50%, 01/01/42(l)

     2,000,000        2,134,220   

Total Municipal Obligations (Cost $13,441,927)

             13,943,615   
    Shares        

Preferred Stocks–2.06%

    

Asset Management & Custody Banks–0.10%

  

State Street Corp., Series D, 5.90% Pfd.

     25,000        653,813   

Diversified Banks–0.33%

    

Citigroup Inc., Series K, 6.88% Pfd.

     39,000        1,044,030   

Wells Fargo & Co., 5.85% Pfd.

     42,000        1,092,840   
              2,136,870   

Investment Banking & Brokerage–1.38%

  

Goldman Sachs Group, Inc. (The), Series J, 5.50% Pfd.

     78,000        1,873,560   

Morgan Stanley, 6.88% Pfd.

     85,000        2,324,750   

Morgan Stanley, Series E, 7.13% Pfd.

     164,000        4,590,360   
              8,788,670   

Multi-Line Insurance–0.01%

  

  

Hartford Financial Services Group Inc. (The), 7.88% Jr. Sub. Pfd.

     2,292        68,943   

Regional Banks–0.11%

    

PNC Financial Services Group, Inc. (The), Series P, 6.13% Pfd.

     27,000        731,430   

Reinsurance–0.13%

    

Reinsurance Group of America, Inc., 6.20% Sr. Unsec. Sub. Pfd.

     30,000        804,300   

Total Preferred Stocks (Cost $12,292,668)

  

     13,184,026   
    Principal
Amount		        

Non-U.S. Dollar Denominated Bonds & Notes–1.26%(m)

  

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        144,244   

Casinos & Gaming–0.01%

    

Great Canadian Gaming Corp. (Canada), Sr. Unsec. Gtd. Notes, 6.63%, 07/25/22(b)

  CAD 75,000        73,852   
     Principal
Amount		   Value  

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   $ 179,912   

Hotels, Resorts & Cruise Lines–0.03%

  

Thomas Cook Group PLC (United Kingdom), Sr. Unsec. Gtd. Medium-Term Euro Notes, 7.75%, 06/22/17

   GBP   100,000     186,058   

Independent Power Producers & Energy Traders–0.03%

  

Infinis PLC (United Kingdom), Sr. Sec. Notes, 7.00%, 02/15/19(b)

   GBP   100,000     182,706   

Other Diversified Financial Services–0.06%

  

Cabot Financial Luxembourg S.A. (United Kingdom), REGS, Sr. Sec. Sec. Gtd. Euro Notes, 10.38%, 10/01/19(b)

   GBP   100,000     192,280   

Lowell Group Financing PLC (United Kingdom), REGS, Sr. Sec. Gtd. Euro Notes, 10.75%, 04/01/19(b)

   GBP   100,000     189,830   
              382,110   

Sovereign Debt–1.06%

      

Brazil Notas do Tesouro Nacional (Brazil), Series F, Sr. Unsec. Notes, 10.00%, 01/01/17

   BRL   900,000     403,849   

Costa Rica Government International Bond (Costa Rica), Unsec. Bonds, 11.50%, 12/21/22(b)

   CRC       90,000,000     174,629   

Mexican Bonos (Mexico),
Series M,
Sr. Unsec. Bonds,
7.75%, 05/29/31

   MXN   4,500,000     394,224   

Series M20,

Sr. Unsec. Bonds,

10.00%, 12/05/24

   MXN   1,300,000     134,045   

New Zealand Government Bond (New Zealand), Series 423, Sr. Unsec. Bonds, 5.50%, 04/15/23

   NZD   6,000,000     5,563,115   

Peruvian Government International Bond (Peru), Sr. Unsec. Notes, 8.60%, 08/12/17(b)

   PEN   210,000     86,219   
              6,756,081   

Wireless Telecommunication Services–0.02%

  

Mobile Challenger Intermediate Group S.A. (Switzerland), Sr. Sec. PIK Notes, 8.75%, 03/15/19(b)(n)

   EUR   100,000     140,750   

Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $7,772,038)

         8,045,713   
 

 

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

Invesco Core Plus Bond Fund

      Shares      Value  

Common Stocks–0.00%

  

Paper Products–0.00%

  

NewPage Holdings Inc. (Acquired 07/21/11-08/29/11;
Cost $34,248)(b)(o)

      160       $ 12,800   

TOTAL INVESTMENTS–112.69%
(Cost $693,085,535)

               720,489,919   

OTHER ASSETS LESS LIABILITIES–(12.69)%

  

      (81,121,218 ) 

NET ASSETS–100.00%

             $     639,368,701   

    

 
Investment Abbreviations:
ARM    —Adjustable Rate Mortgage
BRL    —Brazilian Real
CAD    —Canadian Dollar
CLO    —Collateralized Loan Obligation
CRC    —Costa Rican Colon
Ctfs.    —Certificates
Deb.    —Debentures
EUR    —Euro
FHLMC    —Federal Home Loan Mortgage Corp.
FNMA    —Federal National Mortgage Association
GBP    —British Pound
GNMA    —Government National Mortgage Association
GO    —General Obligation
Gtd.    —Guaranteed
IO    —Interest Only
Jr.    —Junior
MXN    —Mexican Peso
NZD    —New Zealand Dollar
PEN    —Peru Nuevo Sol
Pfd.    —Preferred
PIK    —Payment in Kind
RB    —Revenue Bonds
REGS    —Regulation S
REIT    —Real Estate Investment Trust
REMICS    —Real Estate Mortgage Investment Conduits
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, 2014 was $195,854,078, which represented 30.63% of the Fund’s Net Assets.

 

(c)  Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

 

(d)  Perpetual bond with no specified maturity date.

 

(e)  Defaulted security. Currently, the issuer is partially or fully in default with respect to interest payments. The value of this security at May 31, 2014 represented less than 1% of the Fund’s Net Assets.

 

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

 

(g)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on May 31, 2014.

 

(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)  All or a portion of the value was pledged as collateral to cover margin requirements for swap agreement. See Note 1H and Note 3.

 

(l)  Security subject to the alternative minimum tax.

 

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

 

(n)  All or a portion of this security is Payment-in-Kind.

 

Issuer    Cash Rate   PIK Rate

Mobile Challenger Intermediate Group S.A., Sr. Sec. PIK Notes

    8.75%   9.50%
(o)  Non-income producing security acquired as part of the NewPage Corp. bankruptcy reorganization.

 

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, 2014

(Unaudited)

NOTE 1 — Significant Accounting Policies

 

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

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

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and 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 trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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

 

Invesco Core Plus Bond Fund

 

A. Security Valuations – (continued)

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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

 

Invesco Core Plus Bond Fund

 

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 foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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

F. Forward Foreign Currency Contracts – The Fund may enter into forward foreign currency contracts to manage or minimize currency or exchange rate risk. The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security. A forward foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.
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”). A swap agreement may be negotiated bilaterally and traded over the counter (OTC) between two parties (‘uncleared/OTC”) or, in some instances, must be transacted through a future commission merchant (FCM) and cleared through a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). 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.

 

Invesco Core Plus Bond Fund

 

H. Swap Agreements – (continued)

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.

In a centrally cleared swap, the Fund’s ultimate Counterparty is a central clearinghouse. The Fund initially will enter into centrally cleared swaps through an executing broker. When a Fund enters into a centrally cleared swap, it must deliver to the central Counterparty (via the FCM) an amount referred to as “initial margin.” Initial margin requirements are determined by the central Counterparty, but an FCM may require additional initial margin above the amount required by the central Counterparty. Initial margin deposits required upon entering into centrally cleared swaps are satisfied by cash or securities as collateral at the FCM. Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is recorded on the Statement of Assets and Liabilities. During the term of a cleared swap agreement, a “variation margin” amount may be required to be paid by the Fund or may be received by the Fund, based on the daily change in price of the underlying reference instrument subject to the swap agreement and is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities until the centrally cleared swap is terminated at which time a realized gain or loss is recorded.

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 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 centrally cleared and OTC 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

 

Invesco Core Plus Bond Fund

 

H. Swap Agreements – (continued)

 

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 Fund 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 Fund may not be able to recover its investment in such issuer 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.

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, 2014. 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

    $ 12,530,213       $ 666,613      $ —       $ 13,196,826   

U.S. Treasury Securities

      —         54,652,268        —         54,652,268   

U.S. Government Sponsored Securities

      —         123,135,535        —         123,135,535   

Corporate Debt Securities

      —         323,201,843        0         323,201,843   

Asset-Backed Securities

      —         168,786,374        —         168,786,374   

Municipal Obligations

      —         13,943,615        —         13,943,615   

Foreign Debt Securities

      —         1,289,632        —         1,289,632   

Foreign Sovereign Debt Securities

      —         22,283,826        —         22,283,826   
       12,530,213         707,959,706        0         720,489,919   

Forward Foreign Currency Contracts*

      —         228,497        —         228,497   

Futures*

      340,533         —        —         340,533   

Swap Agreements*

      —         (570,430 )      —         (570,430 ) 

Total Investments

    $     12,870,746       $     707,617,773      $         0       $     720,488,519   

* Unrealized appreciation (depreciation).

 

Invesco Core Plus Bond Fund

NOTE 3 — Derivative Investments

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of May 31, 2014:

 

     Value
Risk Exposure/ Derivative Type    Assets    Liabilities

Credit risk

      

Swap agreements (a)

    $278,468    $(848,898)  

Currency risk

      

Forward foreign currency contracts (a)

    301,295    (72,798)  

Interest rate risk

      

Futures contracts (a)

    340,533    —  

Total

    $920,296    $(921,696)  

 

(a)  Includes cumulative appreciation (depreciation) of swap agreements, forward foreign currency contracts and futures contracts.

Effect of Derivative Investments for the nine months ended May 31, 2014

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

 

     Location of Gain (Loss) on Statement of Operations
      Futures    Forward Foreign
Currency Contracts		    Swap Agreements

Realized Gain (Loss)

         

Credit risk

    $—      $—      $(1,644,865)

Currency risk

    —      (571,864)    —  

Interest rate risk

    (5,890,353)    —      —  

Change in Unrealized Appreciation (Depreciation)

         

Credit risk

    —      —      (204,016)

Currency risk

    —      233,757    —  

Interest rate risk

    939,932    —      —  

Total

    $(4,950,421)    $(338,107)    $(1,848,881)

The table below summarizes the average notional value of futures contracts, forward foreign currency contracts and swap agreements outstanding during the period.

 

      Futures    Forward Foreign
Currency Contracts		    Swap Agreements

Average notional value

    $172,955,450    $17,149,830    $83,611,111

 

Invesco Core Plus Bond Fund

 

Open Forward Foreign Currency Contracts at Period-End  

Settlement

Date

 

         Contract to      Notional      Unrealized  
   Counterparty    Deliver      Receive      Value      Appreciation
(Depreciation)		  

06/05/14

   

Citigroup Global Markets Inc.

    EUR      260,847       USD      358,692       $ 355,580       $ 3,112  

06/05/14

   

Citigroup Global Markets Inc.

    USD      354,958       EUR      260,847        355,580        622  

06/05/14

   

RBC Capital Markets Corp.

    GBP      416,000       USD      694,452        697,272        (2,820 )

06/05/14

   

RBC Capital Markets Corp.

    USD      695,124       GBP      416,000        697,272        2,148  

06/23/14

   

Deutsche Banc

    AUD      6,100,000       USD      5,681,540        5,667,500         14,040   

06/23/14

   

Deutsche Banc

    USD      5,156,506       MXN      66,900,000         5,193,559         37,053   

07/08/14

   

Citigroup Global Markets Inc.

    NZD      6,448,842       USD      5,496,477         5,456,387         40,090   

07/08/14

   

Deutsche Banc

    NZD      6,600,000       USD      5,683,590         5,584,282         99,308   

07/09/14

   

Citigroup Global Markets Inc.

    EUR      4,000,000       USD      5,476,720         5,452,331         24,389  

07/09/14

   

Citigroup Global Markets Inc.

    GBP      180,000       USD      298,813         301,632         (2,819 ) 

07/25/14

   

RBC Capital Markets Corp.

    CAD      86,000       USD      77,871        79,211        (1,340 ) 

08/08/14

   

Citigroup Global Markets Inc.

    JPY      609,099,000       USD      6,000,000         5,986,329         13,671   

09/02/14

   

Citigroup Global Markets Inc.

    EUR      260,847       USD      354,952         355,580         (628 ) 

09/02/14

   

RBC Capital Markets Corp.

    GBP      416,000       USD      694,639         696,795         (2,156 ) 

09/12/14

   

Deutsche Banc

    CHF      4,948,832       USD      5,600,000         5,533,138         66,862   

09/12/14

   

Deutsche Banc

    USD      5,600,000       NOK      33,242,608         5,536,965         (63,035 ) 

Total forward foreign currency contracts - Currency Risk

  

    $ 228,497   

 

Currency Abbreviations:   
AUD — Australian Dollar    GBP —British Pound Sterling    NZD — New Zealand Dollar   
CAD — Canadian Dollar    JPY — Japanese Yen    USD — U.S. Dollar   
CHF — Swiss Franc    MXN — Mexican Peso      
EUR — Euro    NOK — Norwegian Krone      

 

Open Futures Contracts at Period-End  
Futures Contracts    Type of
Contract		    Number of
Contracts		   

Expiration

Month

    Notional
Value		    

Unrealized

Appreciation

  

U.S. 5 Year Treasury Notes

    Long    174    September-2014      $20,837,859        $48,565   

U.S. 10 Year Treasury Notes

    Short    487    September-2014      (61,126,109 )      75,989   

U.S. Long Bond

    Short    307    September-2014      (42,202,906 )      102,476   

U.S. Ultra Bond

    Short    112    September-2014      (16,831,500 )      113,503   

Total Futures Contracts – Interest Rate Risk

              $340,533   

 

Invesco Core Plus Bond Fund

 

Open Centrally Cleared Credit Default Swap Agreements at Period-End

 

Counterparty/

Clearinghouse

   

Reference

Entity

   

Buy/

Sell

Protection

   

(Pay)/

Receive

Fixed
Rate

      Expiration
Date		     

Implied

Credit

Spread(a)

     

Notional

Value

      Upfront
Payments		     

Unrealized

Appreciation

(Depreciation)

  

Credit Suisse Securities (USA) LLC/CME

    CDX.NA.

IG.22.V1

    Sell      1.00%         06/20/24         1.07%         $38,000,000         $492,584         $278,468   

Credit Suisse Securities (USA) LLC/CME

    CDX.NA.

IG.22.V1

    Buy      (1.00)         06/20/19         0.62         195,000,000         (3,111,635)         (485,772)   

Total Credit Default Swap Agreements – Credit Risk

  

               $(2,619,051)         $(207,304)   

Abbreviations:

CME – Chicago Mercantile Exchange

 

(a)  Implied credit spreads represent the current level as of May 31, 2014 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.

Open Over The Counter Credit Default Swap Agreements at Period-End

 

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 Securities LLC

    Citigroup
Inc.		    Buy      (1.00)%         06/20/17         0.43%         $5,500,000         $267,160         $(363,126)   

Total Credit Default Swap Agreements – Credit Risk

  

               $267,160         $(363,126)   
(a)  Implied credit spreads represent the current level as of May 31, 2014 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, 2014 was $1,778,194,335 and $1,726,178,810, respectively. During the same period, purchases and sales of long-term U.S. Treasury obligations were $194,796,138 and $204,366,084, 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

    $ 29,122,798   

Aggregate unrealized (depreciation) of investment securities

      (2,664,429 ) 

Net unrealized appreciation of investment securities

    $             26,458,369   

Cost of investments for tax purposes is $694,031,550.

   

 

Invesco Core Plus Bond Fund

 

 

 

Invesco Equally-Weighted S&P 500 Fund

Quarterly Schedule of Portfolio Holdings

May 31, 2014

 

 

 

 

 

 

LOGO

 

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

Schedule of Investments(a)

May 31, 2014

(Unaudited)

 

      Shares          Value  

Common Stocks & Other Equity Interests–97.75%

  

Advertising–0.40%

  

Interpublic Group of Cos., Inc. (The)

      289,663       $ 5,538,357   

Omnicom Group Inc.

      68,556         4,877,759   
                10,416,116   

Aerospace & Defense–2.13%

  

Boeing Co. (The)

      40,233         5,441,513   

General Dynamics Corp.

      46,020         5,435,882   

Honeywell International Inc.

      53,832         5,014,451   

L-3 Communications Holdings, Inc.

      42,958         5,205,221   

Lockheed Martin Corp.

      30,496         4,990,670   

Northrop Grumman Corp.

      40,786         4,957,538   

Precision Castparts Corp.

      19,649         4,970,804   

Raytheon Co.

      49,487         4,828,447   

Rockwell Collins, Inc.

      62,147         4,912,099   

Textron Inc.

      131,210         5,146,056   

United Technologies Corp.

      43,989         5,112,402   
                56,015,083   

Agricultural & Farm Machinery–0.20%

  

Deere & Co.

      56,802         5,178,638   

Agricultural Products–0.20%

      

Archer-Daniels-Midland Co.

      116,518         5,236,319   

Air Freight & Logistics–0.84%

      

C.H. Robinson Worldwide, Inc.

      96,856         5,797,800   

Expeditors International of Washington, Inc.

      127,070         5,782,956   

FedEx Corp.

      36,217         5,221,043   

United Parcel Service, Inc. -Class B

      51,450         5,344,626   
                22,146,425   

Airlines–0.43%

  

Delta Air Lines, Inc.

      145,171         5,793,774   

Southwest Airlines Co.

      207,075         5,477,134   
                11,270,908   

Aluminum–0.22%

  

Alcoa Inc.

      418,347         5,693,703   

Apparel Retail–0.90%

  

Gap, Inc. (The)

      117,709         4,853,142   

L Brands, Inc.

      87,005         4,993,217   

Ross Stores, Inc.

      68,160         4,665,552   

TJX Cos., Inc. (The)

      80,737         4,396,130   

Urban Outfitters, Inc. (b)

      139,331         4,670,375   
                23,578,416   

Apparel, Accessories & Luxury Goods–1.30%

  

Coach, Inc.

      100,859         4,105,970   

Fossil Group, Inc. (b)

      44,055         4,615,202   

Michael Kors Holdings Ltd. (b)

      50,480         4,764,302   
      Shares          Value  

Apparel, Accessories & Luxury Goods–(continued)

  

PVH Corp.

      43,056       $ 5,667,461   

Ralph Lauren Corp.

      30,941         4,748,825   

Under Armour, Inc. -Class A (b)

      101,654         5,163,007   

VF Corp.

      81,574         5,140,793   
                34,205,560   

Application Software–0.93%

  

Adobe Systems Inc. (b)

      73,719         4,757,824   

Autodesk, Inc. (b)

      98,141         5,139,644   

Citrix Systems, Inc. (b)

      82,829         5,132,913   

Intuit Inc.

      61,984         4,914,712   

Salesforce.com, Inc. (b)

      85,165         4,482,234   
                24,427,327   

Asset Management & Custody Banks–1.76%

  

Ameriprise Financial, Inc.

      45,756         5,152,583   

Bank of New York Mellon Corp. (The)

      149,509         5,167,031   

BlackRock, Inc.

      16,750         5,107,075   

Franklin Resources, Inc.

      96,893         5,349,462   

Invesco Ltd. (c)

      143,447         5,264,505   

Legg Mason, Inc.

      109,463         5,346,173   

Northern Trust Corp.

      79,839         4,822,276   

State Street Corp.

      76,521         4,994,526   

T. Rowe Price Group Inc.

      61,698         5,030,238   
                46,233,869   

Auto Parts & Equipment–0.59%

  

BorgWarner, Inc.

      81,027         5,095,788   

Delphi Automotive PLC (United Kingdom)

      76,238         5,264,996   

Johnson Controls, Inc.

      108,125         5,228,925   
                15,589,709   

Automobile Manufacturers–0.40%

  

Ford Motor Co.

      328,463         5,399,932   

General Motors Co.

      145,298         5,024,405   
                10,424,337   

Automotive Retail–0.76%

  

AutoNation, Inc. (b)

      93,368         5,337,848   

AutoZone, Inc. (b)

      9,288         4,945,860   

CarMax, Inc. (b)

      104,918         4,648,917   

O’Reilly Automotive, Inc. (b)

      33,517         4,958,840   
                19,891,465   

Biotechnology–1.28%

  

Alexion Pharmaceuticals, Inc. (b)

      28,258         4,699,870   

Amgen Inc.

      40,420         4,688,316   

Biogen Idec Inc. (b)

      14,897         4,757,655   

Celgene Corp. (b)

      33,151         5,073,097   

Gilead Sciences, Inc. (b)

      65,998         5,359,698   
 

 

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

 

Invesco Equally-Weighted S&P 500 Fund

      Shares          Value  

Biotechnology–(continued)

  

Regeneron Pharmaceuticals, Inc. (b)

      15,032       $ 4,614,223   

Vertex Pharmaceuticals Inc. (b)

      63,242         4,569,867   
                33,762,726   

Brewers–0.21%

  

Molson Coors Brewing Co. -Class B

      85,978         5,651,334   

Broadcasting–0.53%

  

CBS Corp. -Class B

      75,772         4,516,769   

Discovery Communications, Inc. -Class A (b)

      59,561         4,583,815   

Scripps Networks Interactive Inc. -Class A

      62,905         4,809,716   
                13,910,300   

Building Products–0.36%

  

Allegion PLC

      92,931         4,868,655   

Masco Corp.

      217,629         4,635,498   
                9,504,153   

Cable & Satellite–0.78%

  

Cablevision Systems Corp. -Class A

      291,710         5,142,847   

Comcast Corp. -Class A

      97,812         5,105,786   

DIRECTV (b)

      64,427         5,311,362   

Time Warner Cable Inc.

      35,887         5,065,809   
                20,625,804   

Casinos & Gaming–0.33%

  

International Game Technology

      330,877         4,152,506   

Wynn Resorts Ltd.

      21,568         4,636,473   
                8,788,979   

Coal & Consumable Fuels–0.41%

  

CONSOL Energy Inc.

      128,354         5,669,396   

Peabody Energy Corp.

      319,976         5,170,812   
                10,840,208   

Commodity Chemicals–0.21%

  

LyondellBasell Industries N.V. -Class A

      55,703         5,546,348   

Communications Equipment–1.19%

  

Cisco Systems, Inc.

      232,001         5,711,864   

F5 Networks, Inc. (b)

      46,088         5,002,852   

Harris Corp.

      68,264         5,273,394   

Juniper Networks, Inc. (b)

      193,334         4,728,950   

Motorola Solutions, Inc.

      77,795         5,244,939   

QUALCOMM, Inc.

      66,271         5,331,502   
                31,293,501   

Computer & Electronics Retail–0.39%

  

Best Buy Co., Inc.

      192,732         5,330,967   

GameStop Corp. -Class A

      127,070         4,809,600   
                10,140,567   

Construction & Engineering–0.54%

  

Fluor Corp.

      66,637         5,003,106   

Jacobs Engineering Group, Inc. (b)

      79,137         4,358,075   

Quanta Services, Inc. (b)

      140,119         4,757,040   
                14,118,221   
      Shares          Value  

Construction Machinery & Heavy Trucks–0.78%

  

Caterpillar Inc.

      51,925       $ 5,308,293   

Cummins Inc.

      35,542         5,435,438   

Joy Global Inc.

      88,847         5,077,606   

PACCAR Inc.

      76,203         4,828,222   
                20,649,559   

Construction Materials–0.17%

  

Vulcan Materials Co.

      74,788         4,559,824   

Consumer Electronics–0.40%

  

Garmin Ltd.

      94,907         5,590,971   

Harman International Industries, Inc.

      47,385         4,976,847   
                10,567,818   

Consumer Finance–0.78%

  

American Express Co.

      54,931         5,026,186   

Capital One Financial Corp.

      68,613         5,412,880   

Discover Financial Services

      86,640         5,123,023   

Navient Corp.

      315,202         4,980,192   
                20,542,281   

Data Processing & Outsourced Services–2.10%

  

Alliance Data Systems Corp. (b)

      17,779         4,552,313   

Automatic Data Processing, Inc.

      63,870         5,089,162   

Computer Sciences Corp.

      80,240         5,046,294   

Fidelity National Information Services, Inc.

      93,899         5,084,631   

Fiserv, Inc. (b)

      86,534         5,201,559   

MasterCard, Inc. -Class A

      64,883         4,960,305   

Paychex, Inc.

      118,441         4,869,109   

Total System Services, Inc.

      164,177         4,967,996   

Visa Inc. -Class A

      22,435         4,819,711   

Western Union Co. (The)

      310,937         5,027,851   

Xerox Corp.

      467,286         5,770,982   
                55,389,913   

Department Stores–0.59%

  

Kohl’s Corp.

      90,189         4,909,889   

Macy’s, Inc.

      84,554         5,063,939   

Nordstrom, Inc.

      80,763         5,496,730   
                15,470,558   

Distillers & Vintners–0.39%

  

Brown-Forman Corp. -Class B

      56,848         5,268,104   

Constellation Brands, Inc. -Class A (b)

      60,038         5,050,997   
                10,319,101   

Distributors–0.19%

  

Genuine Parts Co.

      57,979         5,005,327   

Diversified Banks–1.12%

  

Bank of America Corp.

      294,835         4,463,802   

Citigroup Inc.

      105,657         5,026,104   

Comerica Inc.

      101,918         4,889,007   

JPMorgan Chase & Co.

      87,204         4,845,926   

U.S. Bancorp

      119,239         5,030,693   

Wells Fargo & Co.

      104,498         5,306,408   
                29,561,940   
 

 

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

 

Invesco Equally-Weighted S&P 500 Fund

      Shares          Value  

Diversified Chemicals–0.78%

  

Dow Chemical Co. (The)

      101,813       $ 5,306,494   

E. I. du Pont de Nemours and Co.

      75,311         5,219,805   

Eastman Chemical Co.

      59,177         5,222,962   

FMC Corp.

      62,706         4,800,771   
                20,550,032   

Diversified Metals & Mining–0.21%

  

Freeport-McMoRan Copper & Gold Inc.

      159,472         5,430,022   

Diversified REIT’s–0.21%

  

Vornado Realty Trust

      50,775         5,436,987   

Diversified Support Services–0.41%

  

Cintas Corp.

      83,401         5,180,870   

Iron Mountain Inc.

      180,642         5,625,192   
                10,806,062   

Drug Retail–0.40%

  

CVS Caremark Corp.

      68,085         5,332,417   

Walgreen Co.

      73,851         5,310,626   
                10,643,043   

Education Services–0.18%

  

Graham Holdings Co. -Class B

      6,899         4,670,209   

Electric Utilities–2.65%

  

American Electric Power Co., Inc.

      98,846         5,273,434   

Duke Energy Corp.

      70,059         4,979,794   

Edison International

      95,144         5,246,240   

Entergy Corp.

      76,699         5,784,639   

Exelon Corp.

      161,658         5,953,864   

FirstEnergy Corp.

      157,746         5,334,970   

NextEra Energy, Inc.

      52,547         5,115,976   

Northeast Utilities

      110,341         5,009,481   

Pepco Holdings, Inc.

      244,724         6,778,855   

Pinnacle West Capital Corp.

      89,993         4,987,412   

PPL Corp.

      151,151         5,303,889   

Southern Co. (The)

      113,893         4,986,235   

Xcel Energy, Inc.

      162,294         4,992,163   
                69,746,952   

Electrical Components & Equipment–0.77%

  

AMETEK, Inc.

      94,131         4,996,474   

Eaton Corp. PLC

      69,499         5,121,381   

Emerson Electric Co.

      79,175         5,283,348   

Rockwell Automation, Inc.

      41,276         4,997,698   
                20,398,901   

Electronic Components–0.41%

  

Amphenol Corp. -Class A

      54,737         5,243,805   

Corning Inc.

      262,492         5,591,079   
                10,834,884   

Electronic Equipment & Instruments–0.19%

  

FLIR Systems, Inc.

      145,128         5,066,418   

Electronic Manufacturing Services–0.40%

  

Jabil Circuit, Inc.

      279,370         5,257,743   
      Shares          Value  

Electronic Manufacturing Services–(continued)

  

TE Connectivity Ltd. (Switzerland)

      86,898       $ 5,166,955   
                10,424,698   

Environmental & Facilities Services–0.59%

  

Republic Services, Inc.

      148,611         5,260,829   

Stericycle, Inc. (b)

      43,037         4,922,142   

Waste Management, Inc.

      121,372         5,422,901   
                15,605,872   

Fertilizers & Agricultural Chemicals–0.58%

  

CF Industries Holdings, Inc.

      19,630         4,776,175   

Monsanto Co.

      43,752         5,331,181   

Mosaic Co. (The)

      103,407         5,169,316   
                15,276,672   

Food Distributors–0.20%

  

Sysco Corp.

      137,819         5,172,347   

Food Retail–0.53%

  

Kroger Co. (The)

      112,803         5,385,215   

Safeway Inc.

      144,138         4,949,699   

Whole Foods Market, Inc.

      91,845         3,512,153   
                13,847,067   

Footwear–0.18%

  

NIKE, Inc. -Class B

      63,242         4,863,942   

Gas Utilities–0.21%

  

AGL Resources Inc.

      101,189         5,401,469   

General Merchandise Stores–0.72%

  

Dollar General Corp. (b)

      86,610         4,657,886   

Dollar Tree, Inc. (b)

      91,862         4,871,442   

Family Dollar Stores, Inc.

      82,156         4,814,341   

Target Corp.

      83,443         4,736,225   
                19,079,894   

Gold–0.16%

  

Newmont Mining Corp.

      189,198         4,330,742   

Health Care Distributors–0.76%

  

AmerisourceBergen Corp.

      73,305         5,364,460   

Cardinal Health, Inc.

      68,519         4,839,497   

McKesson Corp.

      27,394         5,194,998   

Patterson Cos. Inc.

      120,369         4,713,650   
                20,112,605   

Health Care Equipment–2.72%

  

Abbott Laboratories

      127,103         5,085,391   

Baxter International Inc.

      74,495         5,543,173   

Becton, Dickinson and Co.

      42,940         5,054,038   

Boston Scientific Corp. (b)

      380,725         4,884,702   

C.R. Bard, Inc.

      34,178         5,055,268   

CareFusion Corp. (b)

      123,091         5,284,297   

Covidien PLC

      70,498         5,154,109   

Edwards Lifesciences Corp. (b)

      68,661         5,575,273   

Intuitive Surgical, Inc. (b)

      11,707         4,328,546   
 

 

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

 

Invesco Equally-Weighted S&P 500 Fund

      Shares          Value  

Health Care Equipment–(continued)

  

Medtronic, Inc.

      84,152       $ 5,135,797   

St. Jude Medical, Inc.

      75,795         4,919,095   

Stryker Corp.

      61,706         5,213,540   

Varian Medical Systems, Inc. (b)

      58,791         4,847,318   

Zimmer Holdings, Inc.

      52,609         5,489,749   
                71,570,296   

Health Care Facilities–0.22%

  

Tenet Healthcare Corp. (b)

      124,452         5,849,244   

Health Care REIT’s–0.62%

  

HCP, Inc.

      133,294         5,565,024   

Health Care REIT, Inc.

      84,052         5,314,608   

Ventas, Inc.

      81,521         5,445,603   
                16,325,235   

Health Care Services–0.78%

  

DaVita HealthCare Partners Inc. (b)

      72,628         5,126,810   

Express Scripts Holding Co. (b)

      64,027         4,576,010   

Laboratory Corp. of America Holdings (b)

      51,795         5,313,131   

Quest Diagnostics Inc.

      92,428         5,535,513   
                20,551,464   

Health Care Supplies–0.20%

  

DENTSPLY International Inc.

      110,414         5,221,478   

Health Care Technology–0.17%

  

Cerner Corp. (b)

      83,556         4,516,202   

Home Entertainment Software–0.22%

  

Electronic Arts Inc. (b)

      167,338         5,878,584   

Home Furnishings–0.39%

  

Leggett & Platt, Inc.

      157,395         5,338,839   

Mohawk Industries, Inc. (b)

      35,532         4,820,271   
                10,159,110   

Home Improvement Retail–0.37%

  

Home Depot, Inc. (The)

      62,398         5,006,192   

Lowe’s Cos., Inc.

      100,900         4,750,372   
                9,756,564   

Homebuilding–0.59%

  

D.R. Horton, Inc.

      224,738         5,321,796   

Lennar Corp. -Class A

      123,768         5,062,111   

PulteGroup Inc.

      258,654         5,059,272   
                15,443,179   

Homefurnishing Retail–0.17%

  

Bed Bath & Beyond Inc. (b)

      72,521         4,412,903   

Hotel and Resort REIT’s–0.20%

  

Host Hotels & Resorts Inc.

      242,924         5,361,333   

Hotels, Resorts & Cruise Lines–0.80%

  

Carnival Corp.

      128,922         5,160,748   

Marriott International Inc. -Class A

      91,930         5,664,727   
      Shares          Value  

Hotels, Resorts & Cruise Lines–(continued)

  

Starwood Hotels & Resorts Worldwide, Inc.

      63,437       $ 5,065,444   

Wyndham Worldwide Corp.

      68,671         5,076,847   
                20,967,766   

Household Appliances–0.19%

  

Whirlpool Corp.

      34,861         5,004,297   

Household Products–0.78%

  

Clorox Co. (The)

      56,691         5,080,647   

Colgate-Palmolive Co.

      77,600         5,307,840   

Kimberly-Clark Corp.

      45,168         5,074,625   

Procter & Gamble Co. (The)

      62,714         5,066,664   
                20,529,776   

Housewares & Specialties–0.19%

  

Newell Rubbermaid Inc.

      168,936         4,946,446   

Human Resource & Employment Services–0.21%

  

Robert Half International, Inc.

      120,106         5,475,633   

Hypermarkets & Super Centers–0.39%

  

Costco Wholesale Corp.

      43,659         5,065,317   

Wal-Mart Stores, Inc.

      66,682         5,119,177   
                10,184,494   

Independent Power Producers & Energy Traders–0.42%

  

AES Corp. (The)

      358,670         5,057,247   

NRG Energy, Inc.

      165,272         5,890,294   
                10,947,541   

Industrial Conglomerates–0.81%

  

3M Co.

      38,151         5,438,425   

Danaher Corp.

      67,126         5,264,692   

General Electric Co.

      197,260         5,284,596   

Roper Industries, Inc.

      36,944         5,234,226   
                21,221,939   

Industrial Gases–0.57%

  

Air Products and Chemicals, Inc.

      41,355         4,961,359   

Airgas, Inc.

      46,688         4,963,868   

Praxair, Inc.

      37,595         4,971,563   
                14,896,790   

Industrial Machinery–1.96%

  

Dover Corp.

      62,069         5,411,175   

Flowserve Corp.

      65,164         4,805,193   

Illinois Tool Works Inc.

      61,690         5,339,269   

Ingersoll-Rand PLC

      87,051         5,207,391   

Pall Corp.

      57,481         4,870,940   

Parker Hannifin Corp.

      42,629         5,338,430   

Pentair PLC

      63,969         4,774,646   

Snap-on Inc.

      44,599         5,230,125   

Stanley Black & Decker Inc.

      62,682         5,478,407   

Xylem, Inc.

      134,635         5,021,886   
                51,477,462   

Industrial REIT’s–0.19%

  

Prologis, Inc.

      123,244         5,115,858   
 

 

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

 

Invesco Equally-Weighted S&P 500 Fund

      Shares          Value  

Insurance Brokers–0.40%

  

Aon PLC

      59,376       $ 5,340,277   

Marsh & McLennan Cos., Inc.

      100,859         5,070,182   
                10,410,459   

Integrated Oil & Gas–0.81%

  

Chevron Corp.

      43,410         5,330,314   

Exxon Mobil Corp.

      52,992         5,327,286   

Hess Corp.

      61,698         5,633,027   

Occidental Petroleum Corp.

      51,317         5,115,792   
                21,406,419   

Integrated Telecommunication Services–1.08%

  

AT&T Inc.

      152,454         5,407,543   

CenturyLink Inc.

      161,764         6,093,650   

Frontier Communications Corp.

      994,626         5,758,885   

Verizon Communications Inc.

      107,491         5,370,250   

Windstream Holdings Inc.

      599,665         5,738,794   
                28,369,122   

Internet Retail–0.89%

  

Amazon.com, Inc. (b)

      13,252         4,141,913   

Expedia, Inc.

      65,371         4,791,694   

Netflix Inc. (b)

      11,668         4,875,240   

Priceline Group Inc. (The) (b)

      3,906         4,994,329   

TripAdvisor Inc. (b)

      48,093         4,673,197   
                23,476,373   

Internet Software & Services–1.04%

  

Akamai Technologies, Inc. (b)

      83,205         4,521,360   

eBay Inc. (b)

      87,296         4,428,526   

Facebook Inc. -Class A (b)

      73,142         4,629,889   

Google Inc. -Class A (b)

      4,223         2,414,078   

Google Inc. -Class C (b)

      4,223         2,369,018   

VeriSign, Inc. (b)

      90,304         4,522,424   

Yahoo! Inc. (b)

      131,734         4,564,583   
                27,449,878   

Investment Banking & Brokerage–0.71%

  

Charles Schwab Corp. (The)

      190,142         4,793,480   

E*TRADE Financial Corp. (b)

      210,865         4,295,320   

Goldman Sachs Group, Inc. (The)

      29,955         4,787,108   

Morgan Stanley

      159,267         4,914,980   
                18,790,888   

IT Consulting & Other Services–0.74%

  

Accenture PLC -Class A

      60,864         4,957,373   

Cognizant Technology Solutions Corp. -Class A (b)

      98,571         4,791,536   

International Business Machines Corp.

      27,183         5,011,458   

Teradata Corp. (b)

      110,834         4,653,920   
                19,414,287   

Leisure Products–0.38%

  

Hasbro, Inc.

      90,618         4,866,187   

Mattel, Inc.

      132,864         5,159,109   
                10,025,296   
      Shares          Value  

Life & Health Insurance–1.30%

  

Aflac, Inc.

      77,261       $ 4,730,691   

Lincoln National Corp.

      98,258         4,712,454   

MetLife, Inc.

      95,788         4,878,483   

Principal Financial Group, Inc.

      109,173         5,106,021   

Prudential Financial, Inc.

      59,156         4,860,257   

Torchmark Corp.

      63,510         5,139,864   

Unum Group

      142,007         4,815,457   
                34,243,227   

Life Sciences Tools & Services–0.73%

  

Agilent Technologies, Inc.

      89,343         5,087,190   

PerkinElmer, Inc.

      110,686         4,977,549   

Thermo Fisher Scientific, Inc.

      40,516         4,736,726   

Waters Corp. (b)

      43,817         4,388,711   
                19,190,176   

Managed Health Care–1.06%

  

Aetna Inc.

      69,266         5,371,578   

Cigna Corp.

      64,705         5,809,215   

Humana Inc.

      45,238         5,630,321   

UnitedHealth Group Inc.

      65,431         5,210,271   

WellPoint, Inc.

      53,060         5,749,582   
                27,770,967   

Metal & Glass Containers–0.40%

  

Ball Corp.

      91,675         5,533,503   

Owens-Illinois, Inc. (b)

      153,398         5,097,416   
                10,630,919   

Motorcycle Manufacturers–0.20%

  

Harley-Davidson, Inc.

      73,686         5,249,391   

Movies & Entertainment–0.79%

  

Time Warner Inc.

      74,395         5,195,003   

Twenty-First Century Fox, Inc. -Class A

      153,398         5,431,823   

Viacom Inc. -Class B

      56,880         4,853,570   

Walt Disney Co. (The)

      61,860         5,196,859   
                20,677,255   

Multi-Line Insurance–0.97%

  

American International Group, Inc.

      101,939         5,511,842   

Assurant, Inc.

      75,772         5,138,099   

Genworth Financial Inc. -Class A (b)

      298,028         5,063,496   

Hartford Financial Services Group, Inc. (The)

      140,517         4,868,914   

Loews Corp.

      112,649         4,858,551   
                25,440,902   

Multi-Sector Holdings–0.38%

  

Berkshire Hathaway Inc. -Class B (b)

      40,430         5,188,786   

Leucadia National Corp.

      188,120         4,825,278   
                10,014,064   

Multi-Utilities–2.70%

  

Ameren Corp.

      120,398         4,737,661   

CenterPoint Energy, Inc.

      207,248         4,998,822   

CMS Energy Corp.

      171,987         5,116,613   

Consolidated Edison, Inc.

      90,618         4,984,896   
 

 

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

 

Invesco Equally-Weighted S&P 500 Fund

      Shares          Value  

Multi-Utilities–(continued)

  

Dominion Resources, Inc.

      70,871       $ 4,887,264   

DTE Energy Co.

      69,131         5,262,252   

Integrys Energy Group, Inc.

      85,770         4,973,802   

NiSource Inc.

      140,278         5,242,189   

PG&E Corp.

      111,684         5,122,945   

Public Service Enterprise Group Inc.

      135,149         5,265,405   

SCANA Corp.

      98,709         5,132,868   

Sempra Energy

      51,638         5,181,873   

TECO Energy, Inc.

      292,571         5,052,701   

Wisconsin Energy Corp.

      109,318         4,976,156   
                70,935,447   

Office REIT’s–0.20%

  

Boston Properties, Inc.

      44,284         5,344,193   

Office Services & Supplies–0.21%

  

Pitney Bowes Inc.

      196,167         5,420,094   

Oil & Gas Drilling–1.45%

  

Diamond Offshore Drilling, Inc.

      112,063         5,721,937   

Ensco PLC -Class A

      102,445         5,394,754   

Helmerich & Payne, Inc.

      50,568         5,559,951   

Nabors Industries Ltd.

      225,147         5,905,606   

Noble Corp. PLC

      170,331         5,358,613   

Rowan Cos. PLC -Class A

      156,204         4,836,076   

Transocean Ltd.

      127,528         5,418,665   
                38,195,602   

Oil & Gas Equipment & Services–1.27%

  

Baker Hughes Inc.

      80,149         5,652,107   

Cameron International Corp. (b)

      79,994         5,115,616   

FMC Technologies, Inc. (b)

      96,459         5,600,410   

Halliburton Co.

      89,748         5,801,311   

National Oilwell Varco Inc. (b)

      73,417         5,427,719   

Schlumberger Ltd.

      55,597         5,784,312   
                33,381,475   

Oil & Gas Exploration & Production–3.60%

  

Anadarko Petroleum Corp.

      60,404         6,213,155   

Apache Corp.

      62,516         5,827,741   

Cabot Oil & Gas Corp.

      145,855         5,285,785   

Chesapeake Energy Corp.

      197,891         5,683,430   

ConocoPhillips

      74,372         5,945,298   

Denbury Resources Inc.

      304,626         5,145,133   

Devon Energy Corp.

      78,948         5,834,257   

EOG Resources, Inc.

      53,268         5,635,754   

EQT Corp.

      48,394         5,172,351   

Marathon Oil Corp.

      149,735         5,489,285   

Murphy Oil Corp.

      82,197         5,069,089   

Newfield Exploration Co. (b)

      179,140         6,535,027   

Noble Energy, Inc.

      74,328         5,356,819   

Pioneer Natural Resources Co.

      26,591         5,588,365   

QEP Resources Inc.

      174,102         5,560,818   

Range Resources Corp.

      56,465         5,248,422   

Southwestern Energy Co. (b)

      112,394         5,110,555   
                94,701,284   
      Shares      Value  

Oil & Gas Refining & Marketing–0.77%

  

Marathon Petroleum Corp.

      52,704       $ 4,711,211   

Phillips 66

      62,945         5,337,106   

Tesoro Corp.

      93,088         5,231,546   

Valero Energy Corp.

      91,337         5,119,439   
                20,399,302   

Oil & Gas Storage & Transportation–0.83%

  

Kinder Morgan Inc.

      156,253         5,217,288   

ONEOK, Inc.

      84,238         5,432,508   

Spectra Energy Corp.

      135,408         5,494,857   

Williams Cos., Inc. (The)

      119,613         5,617,026   
                21,761,679   

Packaged Foods & Meats–2.59%

  

Campbell Soup Co.

      112,445         5,161,225   

ConAgra Foods, Inc.

      168,362         5,438,093   

General Mills, Inc.

      99,522         5,466,743   

Hershey Co. (The)

      46,640         4,539,938   

Hormel Foods Corp.

      105,096         5,171,774   

JM Smucker Co. (The)

      51,498         5,283,695   

Kellogg Co.

      81,333         5,610,350   

Keurig Green Mountain Inc.

      43,736         4,932,546   

Kraft Foods Group, Inc.

      89,295         5,309,481   

McCormick & Co., Inc.

      73,218         5,294,394   

Mead Johnson Nutrition Co.

      60,257         5,391,194   

Mondelez International Inc. -Class A

      144,620         5,440,604   

Tyson Foods, Inc. -Class A

      119,412         5,070,234   
                68,110,271   

Paper Packaging–0.79%

  

Avery Dennison Corp.

      98,122         4,974,786   

Bemis Co., Inc.

      128,822         5,334,519   

MeadWestvaco Corp.

      136,078         5,522,045   

Sealed Air Corp.

      154,354         5,082,877   
                20,914,227   

Paper Products–0.19%

  

International Paper Co.

      107,375         5,114,271   

Personal Products–0.39%

  

Avon Products, Inc.

      335,585         4,795,510   

Estee Lauder Cos. Inc. (The) -Class A

      71,475         5,476,414   
                10,271,924   

Pharmaceuticals–2.51%

  

AbbVie Inc.

      96,723         5,254,961   

Actavis PLC (b)

      23,089         4,884,247   

Allergan, Inc.

      38,594         6,462,951   

Bristol-Myers Squibb Co.

      91,726         4,562,451   

Eli Lilly and Co.

      84,138         5,036,501   

Forest Laboratories, Inc. (b)

      51,860         4,915,291   

Hospira, Inc. (b)

      117,653         5,784,998   

Johnson & Johnson

      53,368         5,414,717   

Merck & Co., Inc.

      88,926         5,145,258   

Mylan Inc. (b)

      94,114         4,690,642   

Perrigo Co. PLC

      29,930         4,136,326   
 

 

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

 

Invesco Equally-Weighted S&P 500 Fund

      Shares          Value  

Pharmaceuticals–(continued)

  

Pfizer Inc.

      158,604       $ 4,699,437   

Zoetis Inc.

      168,362         5,168,713   
                66,156,493   

Property & Casualty Insurance–1.41%

  

ACE Ltd.

      50,656         5,253,534   

Allstate Corp. (The)

      89,846         5,234,428   

Chubb Corp. (The)

      57,508         5,328,691   

Cincinnati Financial Corp.

      104,719         5,133,325   

Progressive Corp. (The)

      208,997         5,231,195   

Travelers Cos., Inc. (The)

      59,922         5,599,711   

XL Group PLC

      165,272         5,364,729   
                37,145,613   

Publishing–0.37%

  

Gannett Co., Inc.

      177,153         4,923,082   

News Corp. -Class A (b)

      284,178         4,848,077   
                9,771,159   

Railroads–0.81%

  

CSX Corp.

      174,532         5,131,241   

Kansas City Southern

      51,275         5,513,088   

Norfolk Southern Corp.

      52,397         5,278,998   

Union Pacific Corp.

      26,753         5,331,070   
                21,254,397   

Real Estate Services–0.21%

  

CBRE Group, Inc. -Class A (b)

      181,903         5,427,986   

Regional Banks–1.66%

  

BB&T Corp.

      128,755         4,882,390   

Fifth Third Bancorp

      221,720         4,587,387   

Huntington Bancshares Inc.

      517,579         4,797,957   

KeyCorp

      359,190         4,917,311   

M&T Bank Corp.

      42,179         5,119,265   

PNC Financial Services Group, Inc. (The)

      59,777         5,097,185   

Regions Financial Corp.

      465,967         4,748,204   

SunTrust Banks, Inc.

      128,254         4,914,693   

Zions Bancorp.

      157,997         4,517,134   
                43,581,526   

Research & Consulting Services–0.59%

  

Dun & Bradstreet Corp. (The)

      50,444         5,208,343   

Equifax Inc.

      69,734         4,936,470   

Nielsen N.V.

      112,932         5,450,098   
                15,594,911   

Residential REIT’s–0.81%

  

Apartment Investment & Management Co. -Class A

      162,828         5,125,825   

AvalonBay Communities, Inc.

      38,174         5,414,600   

Equity Residential

      85,297         5,271,355   

Essex Property Trust, Inc.

      31,037         5,616,456   
                21,428,236   

Restaurants–0.95%

  

Chipotle Mexican Grill, Inc. (b)

      8,599         4,704,427   
      Shares          Value  

Restaurants–(continued)

  

Darden Restaurants, Inc.

      100,634       $ 5,043,776   

McDonald’s Corp.

      50,760         5,148,587   

Starbucks Corp.

      66,691         4,884,449   

Yum! Brands, Inc.

      65,971         5,100,218   
                24,881,457   

Retail REIT’s–0.81%

  

General Growth Properties, Inc.

      223,118         5,316,902   

Kimco Realty Corp.

      226,381         5,188,653   

Macerich Co. (The)

      82,595         5,454,574   

Simon Property Group, Inc.

      32,692         5,441,910   

Washington Prime Group Inc. (b)

      1         10   
                21,402,049   

Security & Alarm Services–0.41%

  

ADT Corp. (The)

      176,396         5,679,951   

Tyco International Ltd.

      115,486         5,039,809   
                10,719,760   

Semiconductor Equipment–0.61%

  

Applied Materials, Inc.

      264,595         5,342,173   

KLA-Tencor Corp.

      74,061         4,852,477   

Lam Research Corp.

      94,167         5,842,120   
                16,036,770   

Semiconductors–2.38%

  

Altera Corp.

      140,358         4,650,061   

Analog Devices, Inc.

      98,886         5,179,649   

Avago Technologies Ltd. (Singapore)

      74,473         5,263,007   

Broadcom Corp. -Class A

      165,438         5,272,509   

First Solar, Inc. (b)

      91,675         5,663,681   

Intel Corp. (d)

      202,173         5,523,366   

Linear Technology Corp.

      106,612         4,921,210   

Microchip Technology Inc. (b)

      107,514         5,117,666   

Micron Technology, Inc. (b)

      206,729         5,910,382   

NVIDIA Corp.

      277,959         5,281,221   

Texas Instruments Inc.

      111,785         5,251,659   

Xilinx, Inc.

      95,437         4,481,722   
                62,516,133   

Soft Drinks–0.99%

  

Coca-Cola Co. (The)

      129,767         5,308,768   

Coca-Cola Enterprises, Inc.

      106,520         4,861,573   

Dr Pepper Snapple Group, Inc.

      94,563         5,456,285   

Monster Beverage Corp. (b)

      70,699         4,905,097   

PepsiCo, Inc.

      61,150         5,401,379   
                25,933,102   

Specialized Consumer Services–0.19%

  

H&R Block, Inc.

      168,649         5,022,367   

Specialized Finance–0.93%

  

CME Group Inc. -Class A

      65,726         4,732,272   

Intercontinental Exchange, Inc.

      24,170         4,746,988   

McGraw Hill Financial, Inc.

      62,264         5,091,327   

Moody’s Corp.

      61,385         5,250,873   

NASDAQ OMX Group, Inc. (The)

      125,939         4,773,088   
                24,594,548   
 

 

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

 

Invesco Equally-Weighted S&P 500 Fund

      Shares          Value  

Specialized REIT’s–1.00%

  

American Tower Corp.

      61,614       $ 5,522,463   

Crown Castle International Corp.

      66,095         5,071,469   

Plum Creek Timber Co., Inc.

      118,328         5,336,593   

Public Storage

      29,453         5,077,108   

Weyerhaeuser Co.

      165,881         5,211,981   
                26,219,614   

Specialty Chemicals–0.97%

  

Ecolab Inc.

      45,596         4,978,627   

International Flavors & Fragrances Inc.

      53,351         5,295,620   

PPG Industries, Inc.

      25,455         5,131,983   

Sherwin-Williams Co. (The)

      24,510         5,014,991   

Sigma-Aldrich Corp.

      52,094         5,132,822   
                25,554,043   

Specialty Stores–0.72%

  

PetSmart, Inc.

      73,164         4,204,735   

Staples, Inc.

      438,339         4,931,314   

Tiffany & Co.

      53,897         5,357,901   

Tractor Supply Co.

      69,705         4,532,219   
                19,026,169   

Steel–0.60%

  

Allegheny Technologies, Inc.

      144,577         5,937,777   

Nucor Corp.

      102,128         5,170,741   

United States Steel Corp.

      205,955         4,745,203   
                15,853,721   

Systems Software–0.96%

  

CA, Inc.

      157,345         4,514,228   

Microsoft Corp.

      131,384         5,378,861   

Oracle Corp.

      131,734         5,535,463   

Red Hat, Inc. (b)

      85,963         4,308,465   

Symantec Corp.

      245,695         5,402,833   
                25,139,850   

Technology Hardware, Storage & Peripherals–1.46%

  

Apple Inc.

      9,440         5,975,520   

EMC Corp.

      183,793         4,881,542   

Hewlett-Packard Co.

      170,389         5,708,032   

NetApp, Inc.

      135,445         5,012,819   

SanDisk Corp.

      67,593         6,531,512   

Seagate Technology PLC

      98,768         5,306,805   

Western Digital Corp.

      58,258         5,117,965   
                38,534,195   

Thrifts & Mortgage Finance–0.38%

  

Hudson City Bancorp, Inc.

      518,120         5,062,033   

People’s United Financial Inc.

      343,736         4,939,486   
                10,001,519   

Tires & Rubber–0.18%

  

Goodyear Tire & Rubber Co. (The)

      181,503         4,786,234   

Tobacco–0.86%

  

Altria Group, Inc.

      136,302         5,664,711   

Lorillard, Inc.

      95,511         5,937,919   
      Shares          Value  

Tobacco–(continued)

  

Philip Morris International Inc.

      61,999       $ 5,489,391   

Reynolds American Inc.

      91,152         5,435,394   
                22,527,415   

Trading Companies & Distributors–0.39%

  

Fastenal Co.

      102,086         4,976,693   

W.W. Grainger, Inc.

      20,050         5,180,318   
                10,157,011   

Trucking–0.21%

  

Ryder System, Inc.

      64,135         5,566,277   

Total Common Stocks & Other Equity Interests
(Cost $1,510,238,307)

               2,572,010,696   

Money Market Funds–1.54%

  

Liquid Assets Portfolio –Institutional Class (e)

      20,253,411         20,253,411   

Premier Portfolio –Institutional Class (e)

      20,253,411         20,253,411   

Total Money Market Funds
(Cost $40,506,822)

               40,506,822   

TOTAL INVESTMENTS–99.29%
(Cost $1,550,745,129)

   

      2,612,517,518   

OTHER ASSETS LESS LIABILITIES–0.71%

  

      18,639,212   

NET ASSETS–100.00%

  

    $ 2,631,156,730   

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 the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1E and Note 3.

 

(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 Equally-Weighted S&P 500 Fund

Notes to Quarterly Schedule of Portfolio Holdings

May 31, 2014

(Unaudited)

NOTE 1 -- Significant Accounting Policies

 

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

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

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

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

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

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

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

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

 

Invesco Equally-Weighted S&P 500 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. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

 

Invesco Equally-Weighted S&P 500 Fund

E. Futures Contracts –(continued)

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, 2014. 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

    $ 2,612,517,518       $                 --       $     --       $ 2,612,517,518   

  Futures*

      617,963             --             --         617,963   

Total Investments

    $       2,613,135,481       $     --       $                     --       $       2,613,135,481   

* Unrealized appreciation.

NOTE 3 -- Derivative Investments

 

Open Futures Contracts at Period-End
  Futures Contracts            Type of        
         Contract        		            Number of        
Contracts		            Expiration        
Month		    Notional
Value		    Unrealized
Appreciation

  E-Mini S&P 500

    Long    466            June-2014            $44,770,950    $617,963

 

 

Invesco Equally-Weighted S&P 500 Fund

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, 2014.

 

     Value
08/31/13		     Purchases at
Cost		     Proceeds from
Sales		     Change in
Unrealized
Appreciation		     Realized
Gain		     Value
05/31/14		     Dividend
Income		  

  Invesco Ltd.

   $ 2,960,373      $ 1,775,288      $ (224,077 )    $ 738,753      $ 14,168      $ 5,264,505      $ 89,759   

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, 2014 was $854,792,818 and $288,872,292, 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

    $ 1,038,880,782   

Aggregate unrealized (depreciation) of investment securities

      (9,270,502)   

Net unrealized appreciation of investment securities

    $                   1,029,610,280   

Cost of investments for tax purposes is $1,582,907,238.

   

 

 

Invesco Equally-Weighted S&P 500 Fund

 

 

Invesco Equity and Income Fund

Quarterly Schedule of Portfolio Holdings

May 31, 2014

 

 

 

 

 

LOGO

 

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

Schedule of Investments(a)

May 31, 2014

(Unaudited)

 

      Shares      Value  

Common Stocks & Other Equity Interests–63.31%

  

Aerospace & Defense–0.73%

  

General Dynamics Corp.

      818,587       $ 96,691,496   

Agricultural Products–0.66%

  

Archer-Daniels-Midland Co.

      1,952,110         87,727,823   

Apparel Retail–0.69%

  

Abercrombie & Fitch Co. -Class A

      2,407,276         91,500,561   

Application Software–1.62%

  

Adobe Systems Inc. (b)

      2,498,636         161,261,967   

Citrix Systems, Inc. (b)

      870,306         53,932,863   
                215,194,830   

Asset Management & Custody Banks–1.29%

  

Northern Trust Corp.

      1,335,372         80,656,469   

State Street Corp.

      1,397,117         91,189,826   
                171,846,295   

Automobile Manufacturers–0.85%

  

General Motors Co.

      3,266,047         112,939,905   

Biotechnology–0.69%

  

Amgen Inc.

      787,781         91,374,718   

Building Products–0.17%

  

Allegion PLC

      424,394         22,234,002   

Cable & Satellite–2.14%

  

Comcast Corp. -Class A

      2,819,203         147,162,397   

Time Warner Cable Inc.

      968,375         136,695,815   
                283,858,212   

Construction Machinery & Heavy Trucks–0.98%

  

Caterpillar Inc.

      1,278,198         130,670,181   

Consumer Finance–0.13%

  

Santander Consumer USA Holdings Inc.

      874,154         17,177,126   

Diversified Banks–4.68%

  

Bank of America Corp.

      5,627,108         85,194,415   

Comerica Inc.

      1,748,558         83,878,327   

JPMorgan Chase & Co.

      6,212,163         345,209,898   

Wells Fargo & Co.

      2,108,538         107,071,560   
                621,354,200   

Diversified Chemicals–0.82%

  

Dow Chemical Co. (The)

      2,083,848         108,610,158   

Diversified Metals & Mining–0.50%

  

Freeport-McMoRan Copper & Gold Inc.

      1,943,535         66,177,367   
      Shares      Value  

Electric Utilities–0.80%

  

Edison International

      722,794       $ 39,854,861   

Pinnacle West Capital Corp.

      1,193,012         66,116,725   
                105,971,586   

Electronic Components–0.83%

  

Corning Inc.

      5,194,136         110,635,097   

Health Care Equipment–0.83%

  

Medtronic, Inc.

      1,813,474         110,676,318   

Hotels, Resorts & Cruise Lines–0.96%

  

Carnival Corp.

      3,180,927         127,332,508   

Household Products–0.65%

  

Procter & Gamble Co. (The)

      1,076,311         86,955,166   

Industrial Conglomerates–1.71%

  

General Electric Co.

      8,456,933         226,561,235   

Industrial Machinery–0.78%

  

Ingersoll-Rand PLC

      1,729,632         103,466,586   

Insurance Brokers–2.22%

  

Aon PLC

      912,819         82,098,941   

Marsh & McLennan Cos., Inc.

      3,148,777         158,289,020   

Willis Group Holdings PLC

      1,314,259         55,120,022   
                295,507,983   

Integrated Oil & Gas–4.24%

  

Exxon Mobil Corp.

      874,638         87,927,358   

Occidental Petroleum Corp.

      1,000,472         99,737,054   

Royal Dutch Shell PLC -Class A (United Kingdom)

      5,741,456         225,678,779   

Total S.A. (France)

      2,129,017         149,409,167   
                562,752,358   

Integrated Telecommunication Services–1.10%

  

Koninklijke (Royal) KPN N.V. (Netherlands)(b)

      3,654,478         13,522,500   

Orange S.A. (France)

      1,052,659         17,600,088   

Telecom Italia S.p.A. (Italy)(b)

      9,703,811         12,050,922   

Telefonica S.A. (Spain)

      974,377         16,364,012   

Verizon Communications Inc.

      1,743,019         87,081,229   
                146,618,751   

Internet Software & Services–1.33%

  

eBay Inc. (b)

      3,470,833         176,075,358   

Investment Banking & Brokerage–2.86%

  

Charles Schwab Corp. (The)

      4,936,907         124,459,426   

Goldman Sachs Group, Inc. (The)

      481,625         76,968,491   

Morgan Stanley

      5,798,644         178,946,154   
                380,374,071   
 

 

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

 

Invesco Equity and Income Fund

      Shares      Value  

IT Consulting & Other Services–0.81%

  

Amdocs Ltd.

      2,227,656       $   107,194,807   

Managed Health Care–2.02%

  

Cigna Corp.

      802,266         72,027,441   

UnitedHealth Group Inc.

      1,050,675         83,665,250   

WellPoint, Inc.

      1,034,132         112,058,544   
                267,751,235   

Movies & Entertainment–1.72%

  

Time Warner Inc.

      725,251         50,644,277   

Viacom Inc. -Class B

      2,081,729         177,633,936   
                228,278,213   

Multi-Utilities–0.45%

  

PG&E Corp.

      1,299,675         59,616,092   

Oil & Gas Equipment & Services–1.02%

  

Baker Hughes Inc.

      1,925,091         135,757,417   

Oil & Gas Exploration & Production–2.27%

  

Anadarko Petroleum Corp.

      879,250         90,439,655   

Apache Corp.

      1,068,227         99,580,121   

Canadian Natural Resources Ltd. (Canada)

      2,748,780         111,893,424   
                301,913,200   

Other Diversified Financial Services–3.01%

  

Citigroup Inc.

      6,822,527         324,547,610   

Voya Financial, Inc.

      2,091,264         74,867,251   
                399,414,861   

Packaged Foods & Meats–1.30%

  

Mondelez International Inc. -Class A

      2,952,069         111,056,836   

Unilever N.V. -New York Shares (Netherlands)

      1,427,737         61,978,063   
                173,034,899   

Personal Products–1.11%

  

Avon Products, Inc.

      10,281,728         146,925,893   

Pharmaceuticals–5.09%

  

Bristol-Myers Squibb Co.

      1,590,457         79,109,331   

Eli Lilly and Co.

      1,787,116         106,976,764   

Merck & Co., Inc.

      2,381,262         137,779,819   

Novartis AG (Switzerland)

      1,287,497         115,697,766   

Novartis AG -ADR (Switzerland)

      109,421         9,854,455   

Pfizer Inc.

      2,192,806         64,972,842   

Sanofi (France)

      503,932         53,995,507   

Teva Pharmaceutical Industries Ltd. -ADR (Israel)

      2,136,785         107,886,275   
                676,272,759   

Property & Casualty Insurance–0.32%

  

Chubb Corp. (The)

      455,271         42,185,411   

Publishing–0.49%

  

Thomson Reuters Corp.

      1,888,690         65,488,292   

Railroads–0.74%

 

  

CSX Corp.

      3,338,882         98,163,131   
      Shares      Value  

Regional Banks–2.31%

  

BB&T Corp.

      2,114,461       $ 80,180,361   

Fifth Third Bancorp

      3,264,713         67,546,912   

PNC Financial Services Group, Inc. (The)

      1,858,581         158,481,202   
                306,208,475   

Security & Alarm Services–1.14%

  

ADT Corp. (The)

      201,103         6,475,517   

Tyco International Ltd.

      3,325,825         145,139,003   
                151,614,520   

Semiconductor Equipment–1.26%

  

Applied Materials, Inc.

      8,260,179         166,773,014   

Semiconductors–1.06%

  

Broadcom Corp. -Class A

      2,133,582         67,997,258   

Texas Instruments Inc.

      1,555,869         73,094,726   
                141,091,984   

Specialized Finance–0.47%

  

CME Group Inc. -Class A

      872,721         62,835,912   

Specialty Chemicals–0.42%

  

PPG Industries, Inc.

      275,168         55,476,620   

Systems Software–1.51%

  

Microsoft Corp.

      2,323,746         95,134,161   

Symantec Corp.

      4,779,865         105,109,232   
                200,243,393   

Wireless Telecommunication Services–0.53%

  

Vodafone Group PLC -ADR (United Kingdom)

      2,027,513         70,983,230   

Total Common Stocks & Other Equity Interests
(Cost $6,355,113,522)

   

      8,407,507,249   
     Principal
Amount		         

Bonds and Notes–21.93%

      

Advertising–0.06%

  

Interpublic Group of Cos., Inc. (The), Sr. Unsec. Global Notes,
2.25%, 11/15/17

    $ 4,145,000         4,237,327   

4.20%, 04/15/24

      3,565,000         3,672,841   
        7,910,168   

Aerospace & Defense–0.06%

  

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

      4,355,000         4,423,982   

Precision Castparts Corp., Sr. Unsec. Global Notes,
2.50%, 01/15/23

      4,150,000         3,997,068   
        8,421,050   

Agricultural & Farm Machinery–0.11%

  

Deere & Co., Sr. Unsec. Notes,
2.60%, 06/08/22

      14,645,000         14,396,585   
 

 

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

 

Invesco Equity and Income Fund

      Principal
Amount		      Value  

Agricultural Products–0.04%

  

Ingredion Inc., Sr. Unsec. Notes,
6.63%, 04/15/37

    $ 3,940,000       $ 4,868,758   

Air Freight & Logistics–0.32%

  

FedEx Corp.,
Sr. Unsec. Gtd. Bonds,
4.90%, 01/15/34

      4,310,000         4,632,827   

Sr. Unsec. Gtd. Notes,

5.10%, 01/15/44

      8,875,000         9,635,231   

United Parcel Service Inc., Sr. Unsec. Global Notes, 2.45%, 10/01/22

      3,320,000         3,226,173   

UTi Worldwide Inc., Sr. Unsec. Conv. Notes, 4.50%, 03/01/19(c)

      24,390,000         25,533,281   
                43,027,512   

Airlines–0.12%

  

Continental Airlines Pass Through Trust, Series 2010-1, Class A,
Sr. Sec. Pass Through Ctfs.,
4.75%, 01/12/21

      4,169,140         4,515,700   

Series 2012-1, Class A,
Sr. Sec. Pass Through Ctfs.,
4.15%, 04/11/24

      5,466,992         5,702,756   

Delta Air Lines Pass Through Trust, Series 2010-1, Class A,
Sr. Sec. Pass Through Ctfs.,
6.20%, 07/02/18

      2,345,685         2,643,294   

Virgin Australia Pass Through Trust (Australia), Series 2013-1, Class A, Sec. Gtd. Pass Through Ctfs.,
5.00%, 10/23/23(c)

      3,089,541         3,321,038   
                16,182,788   

Airport Services–0.05%

  

Heathrow Funding Ltd.
(United Kingdom),
Sr. Sec. Notes,
2.50%, 06/25/15(c)

      6,220,000         6,354,957   

Application Software–0.17%

  

Citrix Systems Inc., Sr. Unsec. Conv. Notes, 0.50%, 04/15/19(c)

      21,466,000         21,962,401   

Asset Management & Custody Banks–0.16%

  

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

      4,260,000         4,271,072   

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

      5,600,000         5,278,000   

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

      3,975,000         4,139,421   

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

      7,280,000         7,319,962   
                21,008,455   

Automobile Manufacturers–0.22%

  

Daimler Finance North America LLC (Germany), Sr. Unsec. Gtd. Notes,
1.88%, 09/15/14(c)

      7,170,000         7,194,776   

1.88%, 01/11/18(c)

      5,220,000         5,275,745   
      Principal
Amount		      Value  

Automobile Manufacturers–(continued)

  

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

    $   11,500,000       $   11,690,905   

Ford Motor Credit Co. LLC., Sr. Unsec. Global Notes,
2.50%, 01/15/16

      4,970,000         5,105,423   
                29,266,849   

Automotive Retail–0.12%

  

Advance Auto Parts, Inc.,
Sr. Unsec. Gtd. Notes,
4.50%, 12/01/23

      6,415,000         6,797,206   

5.75%, 05/01/20

      7,393,000         8,484,409   
                15,281,615   

Biotechnology–0.71%

  

Celgene Corp.,
Sr. Unsec. Global Notes,
4.00%, 08/15/23

      4,735,000         4,950,656   

4.63%, 05/15/44

      13,875,000         13,910,442   

Cubist Pharmaceuticals Inc.,
Sr. Unsec. Conv. Bonds,
1.88%, 09/01/20(c)

      17,424,000         19,569,330   

Sr. Unsec. Conv. Notes,

1.13%, 09/01/18(c)

      10,648,000         11,919,105   

Gilead Sciences, Inc.,
Sr. Unsec. Global Bonds,
2.05%, 04/01/19

      6,515,000         6,567,589   

Series D,

Sr. Unsec. Conv. Notes,

1.63%, 05/01/16

      10,367,000         37,036,159   
                93,953,281   

Brewers–0.13%

  

Anheuser-Busch InBev Worldwide, Inc. (Belgium), Sr. Unsec. Gtd. Global Notes, 0.80%, 07/15/15

      3,745,000         3,760,915   

3.63%, 04/15/15

      6,145,000         6,319,423   

FBG Finance Ltd. (Australia),
Sr. Unsec. Gtd. Notes,
5.13%, 06/15/15(c)

      6,965,000         7,285,340   
                17,365,678   

Broadcasting–0.41%

  

Grupo Televisa S.A.B. (Mexico),
Sr. Unsec. Global Notes,
5.00%, 05/13/45

      3,000,000         2,995,123   

Liberty Media Corp., Sr. Unsec. Conv. Notes, 1.38%, 10/15/23(c)

      52,757,000         51,240,236   
                54,235,359   

Cable & Satellite–0.41%

  

Comcast Corp.,
Sr. Unsec. Gtd. Global Notes,
4.25%, 01/15/33

      8,165,000         8,410,178   

5.70%, 05/15/18

      4,735,000         5,481,801   

Sr. Unsec. Gtd. Notes,

6.45%, 03/15/37

      2,465,000         3,145,757   

COX Communications Inc.,
Sr. Unsec. Global Notes,
5.45%, 12/15/14

      128,000         131,346   
 

 

See accompanying notes which are an integral part of this schedule.

 

Invesco Equity and Income Fund

      Principal
Amount		      Value  

Cable & Satellite–(continued)

  

Sr. Unsec. Notes,

4.70%, 12/15/42(c)

    $     4,980,000       $ 4,873,405   

6.25%, 06/01/18(c)

      3,700,000         4,253,770   

7.25%, 11/15/15

      5,000,000         5,457,200   

8.38%, 03/01/39(c)

      655,000         922,762   

DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.,
Sr. Unsec. Gtd. Global Notes,
5.15%, 03/15/42

      1,370,000         1,445,428   

Sr. Unsec. Gtd. Notes,
1.75%, 01/15/18

      4,215,000         4,235,043   

NBCUniversal Media LLC,
Sr. Unsec. Gtd. Global Notes,
5.15%, 04/30/20

      3,320,000         3,828,969   

5.95%, 04/01/41

      3,365,000         4,114,952   

Time Warner Cable, Inc., Sr. Unsec. Gtd. Notes, 5.88%, 11/15/40

      7,235,000         8,454,375   
                54,754,986   

Casinos & Gaming–0.35%

  

MGM Resorts International, Sr. Unsec. Gtd. Conv. Notes,
4.25%, 04/15/15

      31,716,000         46,126,957   

Catalog Retail–0.15%

  

Liberty Interactive LLC, Sr. Unsec. Conv. Global Bonds,
0.75%, 03/30/23(e)

      14,853,000         19,355,316   

Commodity Chemicals–0.08%

  

Montell Finance Co. B.V. (Netherlands),
Sr. Unsec. Gtd. Deb.,
8.10%, 03/15/27(c)

      7,384,000         9,979,683   

Communications Equipment–0.47%

  

Ciena Corp., Sr. Unsec. Conv. Notes, 4.00%, 12/15/20(c)

      29,353,000         38,782,651   

JDS Uniphase Corp., Sr. Unsec. Conv. Notes, 0.63%, 08/15/18(c)(e)

      19,999,000         19,911,505   

Juniper Networks Inc., Sr. Unsec. Global Notes, 4.50%, 03/15/24

      3,010,000         3,163,444   
                61,857,600   

Construction Machinery & Heavy Trucks–0.06%

  

Greenbrier Cos., Inc. (The), Sr. Unsec. Conv. Notes, 3.50%, 04/01/18

      4,891,000         8,051,809   

Construction Materials–0.57%

  

Cemex S.A.B. de C.V. (Mexico), Unsec. Sub. Conv. Notes,
4.88%, 03/15/15

      60,100,000         75,913,812   

Data Processing & Outsourced Services–0.05%

  

Computer Sciences Corp., Sr. Unsec. Global Notes, 4.45%, 09/15/22

      4,954,000         5,206,504   

Xerox Corp., Sr. Unsec. Notes,
4.25%, 02/15/15

      820,000         841,562   
                6,048,066   

Distillers & Vintners–0.02%

  

Brown-Forman Corp., Sr. Unsec. Notes, 2.25%, 01/15/23

      3,480,000         3,245,724   
      Principal
Amount		      Value  

Diversified Banks–1.73%

  

Abbey National Treasury Services PLC (United Kingdom), Sr. Unsec. Gtd. Medium-Term Euro Notes,
3.88%, 11/10/14(c)

    $     9,000,000       $ 9,108,731   

Banco Inbursa S.A. Institucion de Banca Multiple (Mexico), Sr. Unsec. Notes, 4.13%, 06/06/24(c)

      5,000,000         4,984,300   

Bank of America Corp.,
Sr. Unsec. Global Notes,
2.60%, 01/15/19

      8,220,000         8,336,700   

5.75%, 12/01/17

      2,825,000         3,203,724   

Sr. Unsec. Medium-Term Notes,
1.25%, 01/11/16

      6,465,000         6,512,555   

5.00%, 01/21/44

      2,905,000         3,079,975   

6.88%, 04/25/18

      9,445,000         11,182,296   

Series L,
Sr. Unsec. Medium-Term Global Notes,
5.65%, 05/01/18

      8,680,000         9,877,892   

Barclays Bank PLC (United Kingdom),
Sr. Unsec. Global Notes,
2.75%, 02/23/15

      2,535,000         2,577,004   

6.75%, 05/22/19

      8,500,000         10,312,754   

Unsec. Sub. Global Notes,
5.14%, 10/14/20

      5,015,000         5,481,937   

BBVA Bancomer S.A. (Mexico), Sr. Unsec. Notes, 4.38%, 04/10/24(c)

      6,875,000         6,944,254   

Bear Stearns Cos., LLC (The), Sr. Unsec. Global Notes, 7.25%, 02/01/18

      8,140,000         9,727,916   

Danske Bank A/S (Denmark), Sr. Unsec. Notes, 3.88%, 04/14/16(c)

      9,435,000         9,944,621   

HBOS PLC (United Kingdom), Unsec. Sub. Medium-Term Global Notes, 6.75%, 05/21/18(c)

      8,535,000         9,852,404   

HSBC Bank PLC (United Kingdom), Sr. Unsec. Notes, 4.13%, 08/12/20(c)

      8,540,000         9,226,960   

HSBC Finance Corp., Sr. Unsec. Sub. Global Notes, 6.68%, 01/15/21

      828,000         995,129   

HSBC Holdings PLC (United Kingdom), Unsec. Sub. Global Notes,
4.25%, 03/14/24

      2,165,000         2,231,656   

JPMorgan Chase & Co, Series S, Jr. Unsec. Sub. Notes, 6.75% (d)

      5,885,000         6,370,513   

JPMorgan Chase & Co.,
Sr. Unsec. Global Notes,
4.40%, 07/22/20

      5,700,000         6,259,794   

Sr. Unsec. Notes, 6.00%, 01/15/18

      7,395,000         8,498,155   

Korea Development Bank (The) (South Korea), Sr. Unsec. Global Notes, 4.38%, 08/10/15

      3,460,000         3,607,668   

Lloyds Bank PLC (United Kingdom), Sr. Unsec. Gtd. Global Notes,
2.30%, 11/27/18

      5,240,000         5,337,732   

Mizuho Financial Group Cayman 3 Ltd. (Japan), Unsec. Gtd. Sub. Notes, 4.60%, 03/27/24(c)

      5,010,000         5,210,862   
 

 

See accompanying notes which are an integral part of this schedule.

 

Invesco Equity and Income Fund

     Principal
Amount		     Value  

Diversified Banks–(continued)

  

National Australia Bank Ltd. (Australia),
Sr. Unsec. Bonds,
3.75%, 03/02/15(c)

   $ 3,390,000      $ 3,475,713   

Nordea Bank AB (Sweden),
Sr. Unsec. Notes,
4.88%, 01/27/20(c)

     4,495,000        5,055,344   

Series 2,
Sr. Unsec. Notes,
3.70%, 11/13/14(c)

     880,000        893,472   

Rabobank Nederland N.V. (Netherlands),
Sr. Unsec. Medium-Term Global Notes, 4.75%, 01/15/20(c)

     9,100,000        10,174,021   

Santander U.S. Debt S.A. Unipersonal (Spain), Sr. Unsec. Gtd. Notes,
3.72%, 01/20/15(c)

     3,200,000        3,252,739   

Societe Generale S.A. (France), Unsec. Sub. Notes, 5.00%, 01/17/24(c)

     7,365,000        7,563,771   

Standard Chartered PLC (United Kingdom),
Sr. Unsec. Notes,
3.85%, 04/27/15(c)

     4,190,000        4,312,799   

5.50%, 11/18/14(c)

     1,140,000        1,165,264   

Unsec. Sub. Notes,
5.70%, 03/26/44(c)

     6,395,000        6,825,456   

U.S. Bank N.A., Unsec. Sub. Notes, 3.78%, 04/29/20

     8,200,000        8,410,002   

Wells Fargo & Co.,
Sr. Unsec. Global Notes,
1.50%, 01/16/18

     2,070,000        2,066,809   

3.63%, 04/15/15

     750,000        771,152   

Unsec. Sub. Global Notes,
4.13%, 08/15/23

     11,753,000        12,168,406   

Unsec. Sub. Medium-Term Notes,
4.10%, 06/03/26

     4,515,000        4,554,178   
              229,554,658   

Diversified Capital Markets–0.08%

  

Credit Suisse AG (Switzerland), Unsec. Sub. Notes, 6.50%, 08/08/23(c)

     6,536,000        7,276,365   

UBS AG (Switzerland),
Sr. Unsec. Medium-Term Bank Notes, 3.88%, 01/15/15

     834,000        852,155   

Sr. Unsec. Medium-Term Global Bank Notes, 5.75%, 04/25/18

     2,414,000        2,777,775   
              10,906,295   

Diversified Chemicals–0.03%

  

Dow Chemical Co. (The), Sr. Unsec. Global Notes, 4.38%, 11/15/42

     4,145,000        3,998,374   

Diversified Metals & Mining–0.42%

  

Anglo American Capital PLC (United Kingdom),
Sr. Unsec. Gtd. Notes,
4.13%, 04/15/21(c)

     5,205,000        5,282,495   

9.38%, 04/08/19(c)

     3,185,000        4,108,051   

Freeport-McMoRan Copper & Gold Inc., Sr. Unsec. Global Notes,
1.40%, 02/13/15

     5,940,000        5,969,563   
     Principal
Amount		     Value  

Diversified Metals & Mining–(continued)

  

Glencore Finance Canada Ltd. (Canada),
Sr. Unsec. Gtd. Notes,
2.05%, 10/23/15(c)

   $ 4,700,000      $ 4,764,816   

2.70%, 10/25/17(c)

     4,700,000        4,821,123   

Glencore Funding LLC (Switzerland), Sr. Unsec. Gtd. Notes, 3.13%, 04/29/19(c)

     10,535,000        10,659,698   

Rio Tinto Finance USA Ltd. (United Kingdom),
Sr. Unsec. Gtd. Global Notes,
7.13%, 07/15/28

     2,175,000        2,844,878   

9.00%, 05/01/19

     5,240,000        6,899,322   

Southern Copper Corp.,
Sr. Unsec. Global Notes,
5.25%, 11/08/42

     7,260,000        6,723,554   

5.38%, 04/16/20

     1,170,000        1,303,882   

6.75%, 04/16/40

     1,695,000        1,834,902   
              55,212,284   

Diversified REIT’s–0.11%

  

Dexus Diversified Trust/Dexus Office Trust (Australia), Sr. Unsec. Gtd. Notes, 5.60%, 03/15/21(c)

     12,535,000        14,088,274   

Diversified Support Services–0.04%

  

Cintas Corp. No. 2, Sr. Unsec. Gtd. Notes, 2.85%, 06/01/16

     4,605,000        4,774,699   

Drug Retail–0.08%

  

CVS Pass Through Trust, Sr. Sec. Global Pass Through Ctfs., 6.04%, 12/10/28

     9,481,760        10,791,437   

Electric Utilities–0.28%

  

Baltimore Gas & Electric Co., Sr. Unsec. Notes, 3.35%, 07/01/23

     6,220,000        6,342,983   

Electricite de France S.A. (France),
Jr. Unsec. Sub. Notes,
5.63% (c)(d)

     8,670,000        9,036,307   

Sr. Unsec. Notes,
4.60%, 01/27/20(c)

     2,150,000        2,397,855   

4.88%, 01/22/44(c)

     9,110,000        9,611,283   

Enel Finance International N.V. (Italy), Sr. Unsec. Gtd. Notes, 3.88%, 10/07/14(c)

     600,000        606,284   

Iberdrola Finance Ireland Ltd. (Spain), Sr. Unsec. Gtd. Notes, 3.80%, 09/11/14(c)

     2,175,000        2,192,568   

Louisville Gas & Electric Co., Sr. Sec. First Mortgage Global Bonds,
1.63%, 11/15/15

     5,525,000        5,616,353   

Ohio Power Co., Series M, Sr. Unsec. Notes, 5.38%, 10/01/21

     1,050,000        1,235,639   

PPL Electric Utilities Corp., Sr. Sec. First Mortgage Bonds, 6.25%, 05/15/39

     355,000        467,556   
              37,506,828   

Electrical Components & Equipment–0.06%

  

Eaton Corp., Sr. Unsec. Gtd. Global Notes, 0.95%, 11/02/15

     8,285,000        8,334,182   

Fertilizers & Agricultural Chemicals–0.03%

  

Monsanto Co., Sr. Unsec. Global Notes, 3.60%, 07/15/42

     4,150,000        3,838,758   
 

 

See accompanying notes which are an integral part of this schedule.

 

Invesco Equity and Income Fund

      Principal
Amount		      Value  

Food Retail–0.10%

  

Kroger Co. (The), Sr. Unsec. Global Notes, 3.30%, 01/15/21

    $     12,870,000       $     13,186,666   

General Merchandise Stores–0.07%

  

Target Corp., Sr. Unsec. Global Notes, 2.90%, 01/15/22

      9,830,000         9,904,760   

Gold–0.16%

  

Barrick North America Finance LLC (Canada), Sr. Unsec. Gtd. Global Notes, 5.70%, 05/30/41

      4,000,000         3,992,165   

Gold Fields Orogen Holding BVI Ltd. (South Africa), Sr. Unsec. Gtd. Notes, 4.88%, 10/07/20(c)

      10,422,000         9,484,020   

Newmont Mining Corp., Sr. Unsec. Gtd. Global Notes, 3.50%, 03/15/22

      8,645,000         8,159,468   
                21,635,653   

Health Care Distributors–0.16%

  

AmerisourceBergen Corp., Sr. Unsec. Bonds, 3.40%, 05/15/24

      9,400,000         9,432,978   

McKesson Corp., Sr. Unsec. Global Notes, 2.28%, 03/15/19

      11,085,000         11,165,121   
                20,598,099   

Health Care Equipment–0.65%

  

CareFusion Corp.,
Sr. Unsec. Global Notes,
3.88%, 05/15/24

      6,825,000         6,896,290   

4.88%, 05/15/44

      7,465,000         7,483,648   

Edwards Lifesciences Corp., Sr. Unsec. Global Notes, 2.88%, 10/15/18

      7,055,000         7,233,095   

Medtronic Inc.,
Sr. Unsec. Global Notes,
4.00%, 04/01/43

      5,720,000         5,525,742   

4.63%, 03/15/44

      11,495,000         12,109,911   

NuVasive Inc., Sr. Unsec. Conv. Notes, 2.75%, 07/01/17

      13,684,000         15,411,605   

Volcano Corp., Sr. Unsec. Conv. Notes, 1.75%, 12/01/17

      32,517,000         31,419,551   
                86,079,842   

Health Care Facilities–0.53%

  

Brookdale Senior Living Inc., Sr. Unsec. Conv. Notes, 2.75%, 06/15/18

      24,795,000         33,984,647   

HealthSouth Corp., Sr. Unsec. Sub. Conv. Notes, 2.00%, 12/01/20(e)

      33,605,000         36,461,425   
                70,446,072   

Health Care REIT’s–0.21%

  

HCP, Inc., Sr. Unsec. Global Notes, 4.20%, 03/01/24

      4,690,000         4,876,884   

Health Care REIT, Inc., Sr. Unsec. Global Notes, 4.50%, 01/15/24

      5,990,000         6,340,272   

Senior Housing Properties Trust, Sr. Unsec. Notes, 4.30%, 01/15/16

      6,620,000         6,888,938   

Ventas Realty L.P., Sr. Unsec. Gtd. Notes, 5.70%, 09/30/43

      2,080,000         2,435,297   
      Principal
Amount		      Value  

Health Care REIT’s–(continued)

  

Ventas Realty L.P./Ventas Capital Corp., Sr. Unsec. Gtd. Notes,
2.70%, 04/01/20

    $ 4,710,000       $ 4,719,041   

4.25%, 03/01/22

      2,635,000         2,810,583   
                28,071,015   

Health Care Services–0.69%

  

Express Scripts Holding Co., Sr. Unsec. Gtd. Notes, 3.13%, 05/15/16

      3,800,000         3,974,342   

Medco Health Solutions Inc., Sr. Unsec. Gtd. Notes, 2.75%, 09/15/15

      3,535,000         3,629,168   

Omnicare, Inc.,
Sr. Unsec. Gtd. Sub. Conv. Notes,
3.75%, 04/01/42

      29,270,000         46,758,825   

Sr. Unsec. Sub. Gtd. Conv. Notes,
3.50%, 02/15/44

      18,351,000         20,151,692   

Series OCR,
Sr. Unsec. Gtd. Conv. Deb.,
3.25%, 12/15/15(e)

      16,126,000         17,234,663   
                91,748,690   

Homebuilding–0.07%

  

MDC Holdings, Inc., Sr. Unsec. Gtd. Notes, 6.00%, 01/15/43

      10,130,000         9,256,391   

Hotels, Resorts & Cruise Lines–0.08%

  

Wyndham Worldwide Corp.,
Sr. Unsec. Notes,
2.95%, 03/01/17

      1,225,000         1,275,767   

5.63%, 03/01/21

      8,170,000         9,085,781   
                10,361,548   

Housewares & Specialties–0.10%

  

Tupperware Brands Corp., Sr. Unsec. Gtd. Global Notes, 4.75%, 06/01/21

      12,185,000         13,061,305   

Hypermarkets & Super Centers–0.03%

  

Wal-Mart Stores, Inc., Sr. Unsec. Global Bonds, 3.30%, 04/22/24

      3,610,000         3,642,373   

Sr. Unsec. Global Notes,
6.50%, 08/15/37

      730,000         964,983   
                4,607,356   

Industrial Conglomerates–0.15%

  

General Electric Capital Corp.,
Sr. Unsec. Medium-Term Global Notes, 6.00%, 08/07/19

      8,500,000         10,087,969   

Series C,

Jr. Unsec. Sub. Global Bonds,

5.25% (d)

      9,400,000         9,541,000   
                19,628,969   

Industrial Machinery–0.07%

  

Pentair Finance S.A., Sr. Unsec. Gtd. Global Notes, 5.00%, 05/15/21

      7,940,000         8,803,904   

Insurance Brokers–0.03%

  

Marsh & McLennan Cos., Inc., Sr. Unsec. Global Notes, 4.05%, 10/15/23

      3,960,000         4,171,911   
 

 

See accompanying notes which are an integral part of this schedule.

 

Invesco Equity and Income Fund

      Principal
Amount		      Value  

Integrated Oil & Gas–0.31%

  

BP Capital Markets PLC (United Kingdom), Sr. Unsec. Gtd. Global Notes, 2.24%, 05/10/19

    $ 9,645,000       $ 9,754,615   

Chevron Corp., Sr. Unsec. Global Notes, 1.72%, 06/24/18

      5,275,000         5,327,587   

Husky Energy Inc. (Canada), Sr. Unsec. Global Notes,
3.95%, 04/15/22

      3,630,000         3,843,021   

Petrobras Global Finance B.V. (Brazil), Sr. Unsec. Gtd. Global Notes,
5.63%, 05/20/43

      6,505,000         5,874,243   

Shell International Finance B.V. (Netherlands), Sr. Unsec. Gtd. Global Notes, 3.10%, 06/28/15

      1,965,000         2,024,724   

Sunoco Logistics Partners Operations L.P., Sr. Unsec. Gtd. Notes,
5.30%, 04/01/44

      8,165,000         8,621,916   

5.50%, 02/15/20

      5,405,000         6,142,772   
                41,588,878   

Integrated Telecommunication Services–0.58%

  

AT&T Corp., Sr. Unsec. Gtd. Global Notes, 8.00%, 11/15/31

      63,000         92,106   

AT&T Inc., Sr. Unsec. Global Notes, 5.35%, 09/01/40

      2,077,000         2,279,522   

6.15%, 09/15/34

      3,675,000         4,319,070   

British Telecommunications PLC (United Kingdom), Sr. Unsec. Global Notes, 1.25%, 02/14/17

      5,420,000         5,442,202   

Deutsche Telekom International Finance B.V. (Germany), Sr. Unsec. Gtd. Global Bonds,
8.75%, 06/15/30

      2,545,000         3,725,937   

Verizon Communications, Inc., Sr. Unsec. Global Notes,
3.00%, 04/01/16

      3,575,000         3,724,682   

5.15%, 09/15/23

      13,405,000         15,100,855   

6.40%, 09/15/33

      18,470,000         22,799,240   

6.40%, 02/15/38

      3,500,000         4,282,081   

6.55%, 09/15/43

      12,000,000         15,150,980   
                76,916,675   

Internet Software & Services–0.12%

  

Baidu Inc. (China), Sr. Unsec. Global Notes, 3.25%, 08/06/18

      6,700,000         6,930,461   

Tencent Holdings Ltd. (China), Sr. Unsec. Notes, 3.38%, 05/02/19(c)

      9,435,000         9,667,667   
                16,598,128   

Investment Banking & Brokerage–1.87%

  

Charles Schwab Corp. (The), Sr. Unsec. Notes, 4.45%, 07/22/20

      7,880,000         8,758,580   

Goldman Sachs Group, Inc. (The), Sr. Unsec. Global Notes,
5.25%, 07/27/21

      5,510,000         6,208,250   

6.15%, 04/01/18

      10,325,000         11,889,245   
      Principal
Amount		      Value  

Investment Banking & Brokerage–(continued)

  

Sr. Unsec. Medium-Term

Global Notes, 3.70%,08/01/15

    $ 1,350,000       $ 1,396,518   

Unsec. Global Notes,

2.63%, 01/31/19

      5,200,000         5,266,001   

Unsec. Sub. Global Notes,

6.75%, 10/01/37

      4,585,000         5,514,434   

Series C,

Sr. Unsec. Exchangeable

Basket-Linked Conv.

Medium-Term Notes,

1.00%, 03/15/17(c)(g)

      61,461,000         75,939,982   

1.00%, 09/28/20(c)(f)

      59,890,000         61,960,996   

Jefferies Group LLC, Sr. Unsec. Conv. Notes,
3.88%, 11/01/17(e)

      10,572,000         11,364,900   

Macquarie Bank Ltd. (Australia), Sr. Unsec. Notes,
5.00%, 02/22/17(c)

      6,100,000         6,675,816   

Macquarie Group Ltd. (Australia), Sr. Unsec. Notes,
6.00%, 01/14/20(c)

      2,725,000         3,087,894   

Morgan Stanley, Sr. Unsec. Global Notes, 3.80%, 04/29/16

      5,560,000         5,867,585   

6.38%, 07/24/42

      8,140,000         10,279,063   

Sr. Unsec. Medium-Term

Global Notes,

4.00%, 07/24/15

      12,875,000         13,370,713   

Sr. Unsec. Notes,

3.45%, 11/02/15

      9,855,000         10,238,086   

5.75%, 01/25/21

      3,135,000         3,634,536   

Series F, Sr. Unsec. Notes,

3.88%, 04/29/24

      7,450,000         7,533,499   
                248,986,098   

IT Consulting & Other Services–0.00%

  

International Business Machines Corp., Sr. Unsec. Global Notes,
7.63%, 10/15/18

      100,000         124,415   

Life & Health Insurance–0.30%

  

Aegon N.V. (Netherlands), Sr. Unsec. Global Bonds,
4.63%, 12/01/15

      3,100,000         3,263,124   

Lincoln National Corp., Sr. Unsec. Global Notes, 4.00%, 09/01/23

      4,505,000         4,707,380   

MetLife, Inc., Sr. Unsec. Global Notes, 4.75%, 02/08/21

      3,565,000         4,007,980   

Series D, Sr. Unsec. Notes,

4.37%, 09/15/23

      6,408,000         6,916,778   

Pacific LifeCorp., Sr. Unsec. Notes, 6.00%, 02/10/20(c)

      3,425,000         3,959,279   

Prudential Financial, Inc., Sr. Unsec. Medium-Term Notes,
5.10%, 08/15/43

      4,010,000         4,427,098   

Series D, Sr. Unsec Medium-

Term Notes, 3.88%, 01/14/15

      950,000         970,498   

4.75%, 09/17/15

      5,030,000         5,299,858   

6.63%, 12/01/37

      3,475,000         4,551,764   

7.38%, 06/15/19

      1,020,000         1,270,401   
                39,374,160   
 

 

See accompanying notes which are an integral part of this schedule.

 

Invesco Equity and Income Fund

      Principal
Amount		      Value  

Managed Health Care–0.66%

  

Aetna, Inc., Sr. Unsec. Global Notes, 3.95%, 09/01/20

    $ 9,990,000       $ 10,825,734   

UnitedHealth Group Inc., Sr. Unsec. Global Notes, 1.63%, 03/15/19

      5,805,000         5,747,073   

Wellpoint Inc., Sr. Unsec. Conv. Bonds, 2.75%, 10/15/42

      45,576,000         70,984,620   
                  87,557,427   

Movies & Entertainment–0.06%

  

Live Nation Entertainment, Inc., Sr. Unsec. Conv. Notes,
2.50%, 05/15/19(c)

      4,582,000         4,765,280   

Time Warner, Inc., Sr. Unsec. Gtd. Notes, 5.88%, 11/15/16

      2,655,000         2,967,998   
                7,733,278   

Multi-Utilities–0.03%

  

Enable Midstream Partners L.P., Sr. Unsec. Notes, 2.40%, 05/15/19(c)

      4,395,000         4,408,521   

Office REIT’s–0.10%

  

Digital Realty Trust L.P., Sr. Unsec. Gtd. Global Notes,
4.50%, 07/15/15

      5,210,000         5,375,648   

Highwoods Realty L.P., Sr. Unsec. Notes, 3.20%, 06/15/21

      1,650,000         1,638,853   

Piedmont Operating Partnership L.P., Sr. Unsec. Gtd. Global Notes,
4.45%, 03/15/24

      6,115,000         6,261,728   
                13,276,229   

Office Services & Supplies–0.04%

  

Pitney Bowes Inc., Sr. Unsec. Global Notes, 4.63%, 03/15/24

      5,065,000         5,236,640   

Oil & Gas Drilling–0.10%

  

Noble Holding International Ltd., Sr. Unsec. Gtd. Global Notes,
2.50%, 03/15/17

      1,150,000         1,178,234   

Rowan Cos. Inc., Sr. Unsec. Gtd. Notes, 5.85%, 01/15/44

        11,390,000         12,109,095   
                13,287,329   

Oil & Gas Equipment & Services–0.11%

  

Helix Energy Solutions Group, Inc., Sr. Unsec. Conv. Notes,
3.25%, 03/15/18(e)

      11,911,000         15,223,747   

Oil & Gas Exploration & Production–0.71%

  

Cobalt International Energy Inc., Sr. Unsec. Conv. Notes,
2.63%, 12/01/19

      41,457,000         38,762,295   

Noble Energy, Inc., Sr. Unsec. Global Notes, 5.25%, 11/15/43

      7,940,000         8,755,369   

Petroleos Mexicanos (Mexico), Sr. Unsec. Gtd. Global Notes,
4.88%, 01/24/22

      7,430,000         8,010,828   

Southwestern Energy Co., Sr. Unsec. Gtd. Global Notes, 4.10%, 03/15/22

      7,500,000         7,941,116   

Stone Energy Corp., Sr. Unsec. Gtd. Conv. Notes, 1.75%, 03/01/17

      24,746,000         31,334,622   
                94,804,230   
      Principal
Amount		      Value  

Oil & Gas Refining & Marketing–0.04%

  

Phillips 66, Sr. Unsec. Gtd. Global Notes, 1.95%, 03/05/15

    $ 4,760,000       $ 4,814,771   

Oil & Gas Storage & Transportation–0.31%

  

Enterprise Products Operating LLC, Sr. Unsec. Gtd. Global Notes, 5.25%, 01/31/20

      2,889,000         3,306,262   

Sr. Unsec. Gtd. Notes,
6.45%, 09/01/40

      555,000         703,592   

Series N,
Sr. Unsec. Gtd. Notes,
6.50%, 01/31/19

      4,420,000         5,285,656   

Plains All American Pipeline L.P./ PAA Finance Corp., Sr. Unsec. Global Notes, 3.65%, 06/01/22

      4,275,000         4,431,652   

Spectra Energy Capital LLC, Sr. Unsec. Gtd. Notes,
7.50%, 09/15/38

      2,245,000         2,846,337   

Texas Eastern Transmission L.P., Sr. Unsec. Notes, 7.00%, 07/15/32

      3,835,000         5,025,638   

Western Gas Partners L.P., Sr. Unsec. Notes, 5.45%, 04/01/44

      9,710,000         10,607,895   

Williams Partners L.P., Sr. Unsec. Global Notes, 5.40%, 03/04/44

      9,000,000         9,642,500   
                41,849,532   

Other Diversified Financial Services–0.34%

  

Citigroup Inc.,
Sr. Unsec. Global Notes,
6.01%, 01/15/15

      1,615,000         1,669,561   

6.13%, 11/21/17

        11,440,000         13,092,818   

8.50%, 05/22/19

      2,385,000         3,056,666   

Sr. Unsec. Notes,
4.75%, 05/19/15

      1,000,000         1,039,181   

Unsec. Sub. Global Notes,
3.50%, 05/15/23

      5,000,000         4,850,748   

5.30%, 05/06/44

      2,765,000         2,834,556   

6.68%, 09/13/43

      8,000,000         9,785,433   

ING Bank N.V. (Netherlands), Sr. Unsec. Notes, 3.75%, 03/07/17(c)

      8,380,000         8,938,299   
                  45,267,262   

Packaged Foods & Meats–0.01%

  

Mondelez International Inc., Sr. Unsec. Global Notes,
6.50%, 02/09/40

      1,476,000         1,877,759   

Paper Packaging–0.09%

  

Packaging Corp. of America, Sr. Unsec. Global Notes,
4.50%, 11/01/23

      11,775,000         12,586,727   

Paper Products–0.03%

  

International Paper Co., Sr. Unsec. Global Notes, 6.00%, 11/15/41

      2,855,000         3,434,443   

Personal Products–0.01%

  

Avon Products Inc., Sr. Unsec. Global Notes, 2.38%, 03/15/16

      1,610,000         1,635,864   

Pharmaceuticals–0.73%

  

AbbVie Inc., Sr. Unsec. Global Notes, 1.20%, 11/06/15

      18,095,000         18,264,695   
 

 

See accompanying notes which are an integral part of this schedule.

 

Invesco Equity and Income Fund

      Principal
Amount		      Value  

Pharmaceuticals–(continued)

  

Mylan Inc., Sr. Unsec. Gtd. Notes, 6.00%, 11/15/18(c)

    $ 10,574,000       $ 11,115,918   

Novartis Capital Corp. (Switzerland),
Sr. Unsec. Gtd. Global Notes,
4.40%, 05/06/44

      12,800,000         13,268,799   

Perrigo Co. PLC, Sr. Unsec. Gtd. Notes, 2.30%, 11/08/18(c)

      3,945,000         3,965,824   

Salix Pharmaceuticals Ltd., Sr. Unsec. Conv. Notes, 1.50%, 03/15/19

      25,242,000         46,461,056   

Zoetis Inc., Sr. Unsec. Global Notes, 4.70%, 02/01/43

      4,101,000         4,259,765   
                97,336,057   

Property & Casualty Insurance–0.19%

  

CNA Financial Corp.,
Sr. Unsec. Global Bonds,
5.88%, 08/15/20

      4,915,000         5,766,484   

Sr. Unsec. Notes,

7.35%, 11/15/19

      425,000         527,307   

Markel Corp., Sr. Unsec. Notes, 5.00%, 03/30/43

      4,185,000         4,379,233   

Old Republic International Corp., Sr. Unsec. Conv. Notes, 3.75%, 03/15/18

      1,912,000         2,435,410   

Travelers Cos., Inc. (The), Sr. Unsec. Global Notes, 4.60%, 08/01/43

      6,455,000         6,876,269   

WR Berkley Corp., Sr. Unsec. Global Notes, 4.63%, 03/15/22

      5,040,000         5,390,030   
                25,374,733   

Railroads–0.22%

  

Burlington Northern Santa Fe, LLC, Sr. Unsec. Notes, 5.15%, 09/01/43

      19,380,000         21,554,702   

CSX Corp., Sr. Unsec. Notes,
5.50%, 04/15/41

      1,660,000         1,928,908   

Union Pacific Corp., Sr. Unsec. Notes, 4.85%, 06/15/44

      5,560,000         6,194,833   
                29,678,443   

Regional Banks–0.12%

  

Nationwide Building Society (United Kingdom), Sr. Unsec. Notes, 6.25%, 02/25/20(c)

      8,845,000         10,523,533   

PNC Funding Corp., Sr. Unsec. Gtd. Global Notes, 5.13%, 02/08/20

      5,305,000         6,060,655   
                16,584,188   

Reinsurance–0.06%

  

Reinsurance Group of America Inc., Sr. Unsec. Medium-Term Notes, 4.70%, 09/15/23

      7,510,000         8,080,859   

Retail REIT’s–0.05%

  

WEA Finance LLC (Australia), Sr. Unsec. Gtd. Notes, 7.13%, 04/15/18(c)

      5,290,000         6,296,606   
      Principal
Amount		      Value  

Semiconductor Equipment–0.56%

  

Lam Research Corp., Series B, Sr. Unsec. Conv. Notes, 1.25%, 05/15/18

    $   33,039,000       $   44,086,415   

Novellus Systems Inc., Sr. Unsec. Gtd. Conv. Notes, 2.63%, 05/15/41

      15,729,000         29,816,286   
                73,902,701   

Semiconductors–0.64%

  

Micron Technology Inc., Series G, Sr. Unsec. Conv. Global Bonds, 3.00%, 11/15/28(e)

      31,699,000         37,523,691   

NVIDIA Corp., Sr. Unsec. Conv. Notes, 1.00%, 12/01/18(c)

      42,110,000         48,005,400   
                85,529,091   

Soft Drinks–0.09%

  

PepsiCo, Inc., Sr. Unsec. Global Notes, 3.60%, 03/01/24

      11,445,000         11,768,885   

Sovereign Debt–0.15%

  

Brazilian Government International Bond (Brazil), Sr. Unsec. Global Bonds, 6.00%, 01/17/17

      16,505,000         18,460,842   

Peruvian Government International Bond (Peru), Sr. Unsec. Global Notes, 7.13%, 03/30/19

      1,650,000         2,019,188   
                20,480,030   

Specialized Finance–0.09%

  

Moody’s Corp., Sr. Unsec. Global Notes, 4.50%, 09/01/22

      9,185,000         9,683,592   

National Rural Utilities Cooperative Finance Corp., Sr. Sec. Collateral Trust Bonds, 3.05%, 02/15/22

      2,550,000         2,592,353   
                12,275,945   

Specialized REIT’s–0.30%

  

American Tower Corp.,
Sr. Unsec. Global Notes,
3.40%, 02/15/19

      7,235,000         7,566,269   

4.63%, 04/01/15

      2,425,000         2,505,451   

5.00%, 02/15/24

      5,500,000         5,985,150   

Sr. Unsec. Notes,

4.50%, 01/15/18

      4,620,000         5,036,884   

Crown Castle Towers LLC,
Sr. Sec. Gtd. Notes,
3.21%, 08/15/15(c)

      5,295,000         5,392,280   

6.11%, 01/15/20(c)

      6,300,000         7,418,250   

EPR Properties, Sr. Unsec. Gtd. Notes, 5.25%, 07/15/23

      6,060,000         6,346,484   
                40,250,768   

Steel–0.45%

  

ArcelorMittal (Luxembourg),
Sr. Unsec. Global Bonds,
10.35%, 06/01/19

      7,005,000         8,913,862   

Sr. Unsec. Global Notes,

4.25%, 08/05/15

      8,775,000         9,049,219   

6.13%, 06/01/18

      390,000         429,000   

7.25%, 03/01/41

      2,225,000         2,330,688   
 

 

See accompanying notes which are an integral part of this schedule.

 

Invesco Equity and Income Fund

      Principal
Amount		      Value  

Steel–(continued)

  

United States Steel Corp., Sr. Unsec. Conv. Notes, 2.75%, 04/01/19

    $   24,343,000       $   28,785,597   

Vale Overseas Ltd. (Brazil),
Sr. Unsec. Gtd. Global Notes,
4.63%, 09/15/20

      320,000         343,706   

5.63%, 09/15/19

      4,655,000         5,284,345   

Vale S.A. (Brazil), Sr. Unsec. Global Notes, 5.63%, 09/11/42

      4,075,000         3,987,945   
                59,124,362   

Systems Software–0.18%

  

NetSuite Inc., Sr. Unsec. Conv. Notes, 0.25%, 06/01/18

      23,004,000         23,794,762   

Technology Hardware, Storage & Peripherals–0.69%

  

Apple Inc., Sr. Unsec. Global Notes, 3.45%, 05/06/24

      3,055,000         3,097,798   

Hewlett-Packard Co., Sr. Unsec. Global Notes, 2.63%, 12/09/14

      5,620,000         5,683,317   

SanDisk Corp., Sr. Unsec. Conv. Notes, 0.50%, 10/15/20(c)

      55,749,000         68,222,839   

Seagate HDD Cayman, Sr. Unsec. Gtd. Bonds, 4.75%, 01/01/25(c)

      14,250,000         14,196,562   
                91,200,516   

Thrifts & Mortgage Finance–0.44%

  

MGIC Investment Corp.,
Sr. Unsec. Conv. Notes,
2.00%, 04/01/20

    $ 6,962,000       $ 9,877,338   

5.00%, 05/01/17

      24,396,000         28,131,637   

Radian Group Inc.,
Sr. Unsec. Conv. Notes,
2.25%, 03/01/19

      4,063,000         6,020,858   

3.00%, 11/15/17

      10,019,000         14,345,956   
                58,375,789   

Tobacco–0.13%

  

Altria Group, Inc., Sr. Unsec. Gtd. Global Notes,
4.13%, 09/11/15

      715,000         747,220   

Philip Morris International Inc., Sr. Unsec. Global Notes,
3.60%, 11/15/23

      3,940,000         4,061,660   

4.88%, 11/15/43

      11,740,000         12,698,041   
                17,506,921   

Trucking–0.09%

  

Penske Truck Leasing Co., L.P./PTL Finance Corp., Sr. Unsec. Notes,
2.50%, 03/15/16(c)

      7,435,000         7,643,656   

Ryder System, Inc., Sr. Unsec.
Medium- Term Notes,
3.15%, 03/02/15

      4,030,000         4,110,727   
                11,754,383   

Wireless Telecommunication Services–0.13%

  

America Movil S.A.B. de C.V. (Mexico), Sr. Unsec. Global Notes,
4.38%, 07/16/42

      6,610,000         6,178,668   

Sr. Unsec. Gtd. Global Notes,

2.38%, 09/08/16

      4,450,000         4,590,234   
      Principal
Amount		      Value  

Wireless Telecommunication Services–(continued)

  

Rogers Communications Inc. (Canada), Sr. Unsec. Gtd. Global Notes, 4.50%, 03/15/43

    $ 6,080,000       $ 5,960,075   
                16,728,977   

Total Bonds and Notes
(Cost $2,576,861,252)

   

      2,912,763,508   

U.S. Treasury Securities–5.84%

  

U.S. Treasury Bills–0.02%

  

0.04%, 11/13/14(h)(i)

      2,280,000         2,279,532   

U.S. Treasury Bonds–0.02%

  

3.63%, 02/15/44

      2,822,000         2,987,600   

U.S. Treasury Notes–5.80%

  

2.63%, 07/31/14

      95,125,000         95,527,094   

2.38%, 10/31/14

      206,415,000         208,386,677   

2.13%, 11/30/14

      77,385,000         78,172,874   

2.25%, 01/31/15

      19,650,000         19,933,129   

2.50%, 03/31/15

      495,000         504,843   

2.13%, 05/31/15

      4,445,000         4,533,430   

2.00%, 04/30/16

      17,445,000         17,997,301   

1.75%, 05/31/16

      950,000         975,900   

0.38%, 04/30/16

      21,000,000         21,015,124   

0.88%, 04/30/17

      2,000,000         2,006,153   

0.88%, 05/15/17

      73,025,000         73,238,371   

0.63%, 05/31/17

      4,410,000         4,386,370   

1.25%, 01/31/19

      23,000,000         22,801,322   

1.63%, 04/30/19

      122,832,000         123,460,680   

3.63%, 08/15/19

      58,350,000         64,320,322   

3.38%, 11/15/19

      10,000,000         10,904,490   

2.50%, 05/15/24

      22,430,000         22,487,498   
                770,651,578   

Total U.S. Treasury Securities
(Cost $771,017,841)

   

      775,918,710   
      Shares          

Preferred Stocks–1.03%

  

Asset Management & Custody Banks–0.17%

  

AMG Capital Trust II, $2.58 Jr. Gtd. Sub. Conv. Pfd.

      233,000         14,475,125   

State Street Corp., Series D, 5.90% Pfd.

      300,000         7,845,750   
                22,320,875   

Diversified Banks–0.09%

  

Wells Fargo & Co.,
5.85% Pfd.

      476,600         12,401,132   

Oil & Gas Storage & Transportation–0.35%

  

El Paso Energy Capital Trust I, $2.38, Jr. Unsec. Sub. Gtd. Conv. Pfd.

      875,900         46,440,218   

Regional Banks–0.42%

  

KeyCorp, Series A, $7.75 Conv. Pfd.

      427,098         55,202,417   

Total Preferred Stocks
(Cost $105,145,663)

   

      136,364,642   
 

 

See accompanying notes which are an integral part of this schedule.

 

Invesco Equity and Income Fund

      Principal
Amount		      Value  

U.S. Government Sponsored Agency Securities–0.92%

  

Federal Home Loan Mortgage Corp. (FHLMC)–0.54%

  

Unsec. Global Notes,

3.00%, 07/28/14

    $   23,700,000       $ 23,808,640   

6.75%, 03/15/31

      7,000,000         10,036,124   

Unsec. Global Notes,

4.88%, 06/13/18

      33,680,000         38,465,519   
                72,310,283   

Federal National Mortgage Association (FNMA)–0.38%

  

Unsec. Global Notes,

6.63%, 11/15/30

      6,315,000         8,915,154   

4.38%, 10/15/15

      38,850,000         41,040,527   
                49,955,681   

Total U.S. Government Sponsored Agency Securities
(Cost $121,202,705)

   

      122,265,964   

Municipal Obligations–0.10%

  

Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J); Series 2010, Class A, Build America Taxable RB, 6.66%, 04/01/57

      4,980,000         5,969,626   

Series 2010 A,

Taxable Build America RB,

6.64%, 04/01/57

      2,600,000         3,132,038   

Texas (State of) Transportation Commission; Series 2010 B, Taxable First Tier Build America RB, 5.03%, 04/01/26

      3,450,000         3,977,022   

Total Municipal Obligations
(Cost $11,090,528)

   

      13,078,686   

U.S. Government Sponsored Agency Mortgage-Backed Securities–0.00%

   

Federal Home Loan Mortgage Corp. (FHLMC)–0.00%

  

Pass Through Ctfs.,

6.50%, 05/01/29

      2         2   

5.50%, 02/01/37

      129         144   
                146   

Federal National Mortgage Association (FNMA)–0.00%

  

Pass Through Ctfs.,

7.00%, 07/01/18 to 07/01/32

      66,121         71,362   

5.50%, 03/01/21

      147         161   

8.00%, 08/01/21

      4,026         4,331   
                75,854   

Government National Mortgage Association (GNMA)–0.00%

  

Pass Through Ctfs.,

8.00%, 04/15/26 to 01/20/31

      37,693         41,080   

7.50%, 12/20/30

      2,536         3,085   
                44,165   

Total U.S. Government Sponsored Agency Mortgage-Backed Securities
(Cost $114,317)

    

      120,165   
      Shares      Value  

Money Market Funds–6.29%

  

Liquid Assets Portfolio –Institutional Class (j)

      417,707,825       $ 417,707,825   

Premier Portfolio –Institutional Class (j)

      417,707,825         417,707,825   

Total Money Market Funds
(Cost $835,415,650)

   

      835,415,650   

TOTAL INVESTMENTS–99.42%
(Cost $10,775,961,478)

   

      13,203,434,574   

OTHER ASSETS LESS LIABILITIES–0.58%

  

      77,146,887   

NET ASSETS–100.00%

             $   13,280,581,461   

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) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at May 31, 2014 was $798,614,892, which represented 6.01% of the Fund’s Net Assets.
(d) Perpetual bond with no specified maturity date.
(e) Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
(f) Exchangeable for a basket of five common shares.
(g) Exchangeable for a basket of four common stocks and one ordinary 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) 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, 2014

(Unaudited)

NOTE 1 — Significant Accounting Policies

 

A. Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and 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 trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain of the Fund’s investments.

 

Invesco Equity and Income 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 (net of withholding tax, if any) 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. Forward Foreign Currency Contracts – The Fund may enter into forward foreign currency contracts to manage or minimize currency or exchange rate risk. The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security. A forward foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts

 

Invesco Equity and Income Fund

E. Forward Foreign Currency Contracts – (continued)

are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

F. Futures Contracts – The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between 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. 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, 2014. 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, 2014, there were transfers from Level 1 to Level 2 of $0 and from Level 2 to Level 1 of $404,738,957, due to foreign fair value adjustments.

 

      Level 1    Level 2    Level 3    Total

  Equity Securities

      $ 9,157,386,881        $ 221,900,660      $        —                $ 9,379,287,541  

  U.S. Treasury Securities

        —          775,918,710              —                775,918,710  

  Corporate Debt Securities

        —          2,892,283,478              —                2,892,283,478  

  U.S. Government Sponsored Securities

        —          122,386,129              —                122,386,129  

  Municipal Obligations

        —          13,078,686              —                13,078,686  

  Foreign Sovereign Debt Securities

        —          20,480,030              —                20,480,030  
       $ 9,157,386,881        $ 4,046,047,693      $        —                $ 13,203,434,574  

  Forward Foreign Currency Contracts*

        —          1,136,059              —                1,136,059  

  Futures*

        176,058          —              —                176,058  

Total Investments

      $         9,157,562,939        $         4,047,183,752      $        —                $         13,204,746,691  

* Unrealized appreciation.

 

Invesco Equity and Income Fund

NOTE 3 — Derivative Investments

 

Open Forward Foreign Currency Contracts at Period-End  
                                         Unrealized  
    Settlement         Contract to      Notional      Appreciation  
    Date    Counterparty        Deliver      Receive      Value      (Depreciation)  

6/27/2014

    Bank of New York Co., Inc. (The)    CAD      70,502,556       USD      64,603,009       $ 64,986,486       $ (383,477)   

6/27/2014

    State Street Bank and Trust Co.    CAD      70,915,143       USD      64,975,118         65,366,792         (391,674)   

6/27/2014

    Bank of New York Co., Inc. (The)    CHF      41,692,767       USD      46,732,388         46,573,725         158,663   

6/27/2014

    State Street Bank and Trust Co.    CHF      41,818,263       USD      46,872,265         46,713,912         158,353   

6/27/2014

    Bank of New York Co., Inc. (The)    EUR      84,591,016       USD      115,794,104             115,304,288         489,816   

6/27/2014

    State Street Bank and Trust Co.    EUR      84,779,828       USD      116,057,226         115,561,654         495,572   

6/27/2014

    Bank of New York Co., Inc. (The)    GBP      66,988,591       USD      112,782,662         112,265,769         516,893   

6/27/2014

    State Street Bank and Trust Co.    GBP      67,345,496       USD      113,377,826         112,863,904         513,922   

6/27/2014

    Bank of New York Co., Inc. (The)    ILS      139,255,137       USD      39,880,388         40,074,651         (194,263)   

6/27/2014

    State Street Bank and Trust Co.    ILS      139,284,435       USD      39,855,336         40,083,082         (227,746)   

   Total open forward foreign currency contracts - Currency Risk

  

             $     1,136,059   

Currency Abbreviations:

CAD — Canadian Dollar

CHF — Swiss Franc

EUR — Euro

GBP — British Pound Sterling

ILS — Israeli Shekel

USD — U.S. Dollar

 

Open Futures Contracts at Period-End  
Futures Contracts           Type of        
         Contract        		           Number of        
Contracts		           Expiration        
Month		   Notional
Value		  

Unrealized
Appreciation

(Depreciation)

  
  U.S. Treasury 5 year Notes   Short     729   September-2014   $    (87,303,446)       $ (7,256)   
  U.S. Treasury 10 year Notes   Short   1080   September-2014       (135,556,875)     183,314   

Total Futures Contracts – Interest Rate Risk

               $     176,058   

 

Invesco Equity 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, 2014 was $3,329,993,523 and $3,428,767,739, respectively. During the same period, purchases and sales of long-term U.S. Treasury obligations were $1,960,629,946 and $2,028,438,183, 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

    $ 2,514,047,913   

Aggregate unrealized (depreciation) of investment securities

      (134,252,891)   

Net unrealized appreciation of investment securities

    $               2,379,795,022   

Cost of investments for tax purposes is $10,823,639,552.

   

 

Invesco Equity and Income Fund

    

 

 

Invesco Floating Rate Fund

Quarterly Schedule of Portfolio Holdings

May 31, 2014

 

 

 

 

 

LOGO

 

invesco.com/us    FLR-QTR-1         5/14    Invesco Advisers, Inc.
 

Schedule of Investments

May 31, 2014

(Unaudited)

 

      Interest
Rate		   Maturity
Date		    Principal
Amount
(000)		      Value  

Variable Rate Senior Loan Interests–89.49%(a)(b)

           

Aerospace & Defense–1.70%

           

Aveos Fleet Performance Inc. (Canada), Second Lien Term Loan (Acquired 03/12/10-12/30/11;
Cost $409,566) (c)

    0.00%   03/12/15    $ 413       $ 20,628   

Booz Allen Hamilton Inc., Term Loan B

    3.75%   07/31/19      4,815         4,841,335   

Camp Systems International Inc.,

           

First Lien Term Loan

    4.75%   05/31/19      3,927         3,949,174   

Second Lien Term Loan (Acquired 12/05/13; Cost $258,472)

    8.25%   11/30/19      258         264,928   

Consolidated Aerospace Manufacturing, LLC, Term Loan (Acquired 02/28/14; Cost $2,092,196)

    5.00%   03/27/20      2,103         2,102,517   

DAE Aviation Holdings, Inc.,

           

Term Loan B-1

    5.00%   11/02/18      4,010         4,065,468   

Term Loan B-2

    5.00%   11/02/18      1,432         1,451,281   

DynCorp International Inc., Term Loan

    6.25%   07/07/16      313         314,823   

IAP Worldwide Services,

           

First Lien Term Loan (Acquired 10/25/10-09/05/12; Cost $3,888,020)

    0.00%   12/31/15      3,960         1,194,707   

Second Lien Term Loan (e)

    —     06/30/16      2,369         47,384   

Landmark U.S. Holdings LLC,

           

Canadian Term Loan

    4.75%   10/25/19      275         275,990   

First Lien Term Loan

    4.75%   10/25/19      4,081         4,090,945   

LMI Aerospace, Inc., Term Loan

    4.75%   12/28/18      2,349         2,315,372   

PRV Aerospace, LLC, Term Loan

    6.50%   05/09/18      1,888         1,891,891   

Sequa Corp., Term Loan

    5.25%   06/19/17      4,863         4,820,403   

Transdigm Inc., Term Loan C

    3.75%   02/28/20      13,480         13,424,621   

Wesco Aircraft Hardware Corp., Term Loan B

    3.25%   02/26/21      1,178         1,174,325   
                         46,245,792   

Air Transport–0.70%

           

American Airlines, Inc., Term Loan B

    3.75%   06/27/19      5,297         5,312,007   

Delta Air Lines, Inc.,

           

Revolver Loan (f)

    0.00%   04/20/16      7,785         7,570,941   

Revolver Loan (f)

    0.00%   10/18/17      1,145         1,099,063   

Term Loan B-1

    3.50%   10/18/18      4,987         4,982,847   
                         18,964,858   

Automotive–4.06%

           

Affinia Group Inc., Term Loan B-2

    4.75%   04/27/20      1,510         1,519,447   

American Tire Distributors, Inc., Term Loan

    5.75%   06/01/18      3,030         3,045,090   

August U.S. Holding Co., Inc.,

           

First Lien Term Loan B-1 (Acquired 05/03/12-06/24/13; Cost $1,291,790)

    5.00%   04/27/18      1,293         1,297,819   

Second Lien Term Loan

    10.50%   04/29/19      463         467,361   

Second Lien Term Loan

    10.50%   04/29/19      1,413         1,427,344   

Term Loan B-1 (Acquired 05/03/12-06/24/13; Cost $1,631,659)

    5.00%   04/27/18      1,631         1,637,501   

Autoparts Holdings Ltd., First Lien Term Loan

    6.50%   07/28/17      4,689         4,703,627   

BBB Industries, LLC, Term Loan

    5.50%   03/27/19      2,508         2,517,217   

Dexter Axle Company, Term Loan

    4.50%   02/28/20      3,352         3,335,353   

Federal-Mogul Corp., Term Loan C

    4.75%   04/15/21      35,201         35,137,752   

Goodyear Tire & Rubber Co., Second Lien Term Loan

    4.75%   04/30/19      2,569         2,584,949   

KAR Auction Services, Inc., Term Loan B-2

    3.50%   03/11/21      5,623         5,609,361   

Key Safety Systems, Inc., Term Loan

    4.75%   05/09/18      3,921         3,940,810   

Metaldyne, LLC, Term Loan

    4.25%   12/18/18      4,658         4,671,802   

Pinafore, LLC, Term Loan B-2

    3.75%   09/29/16      43         42,640   

Schaeffler AG (Germany), Term Loan E (e)

    —   05/15/20      12,307         12,389,016   

TI Group Automotive Systems, LLC, Term Loan

    5.50%   03/28/19      12,924         13,016,529   

Tower Automotive Holdings USA, LLC, Term Loan

    4.00%   04/23/20      6,885         6,873,329   

 

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)

           

Transtar Holding Co.,

           

First Lien Term Loan

    5.75%   10/09/18    $ 4,645       $ 4,644,729   

Second Lien Term Loan

    10.00%   10/09/19      1,654         1,649,482   
                         110,511,158   

Beverage and Tobacco–0.17%

           

DS Services of America, Inc., Term Loan B

    5.25%   08/30/20      4,515         4,571,196   

Building & Development–2.28%

           

ABC Supply Co., Inc., Term Loan B

    3.50%   04/16/20      4,677         4,667,626   

Capital Automotive L.P.,

           

Second Lien Term Loan

    6.00%   04/30/20      3,668         3,750,768   

Term Loan B-1

    4.00%   04/10/19      4,055         4,074,646   

CBRE Services, Inc., Term Loan B

    2.90%   03/29/21      1,338         1,334,766   

HD Supply, Inc., Term Loan

    4.00%   06/28/18      3,917         3,921,950   

Lake at Las Vegas Joint Venture, LLC,

           

PIK Exit Revolver Term Loan (g)

    4.65%   02/28/17      138         49,770   

PIK Exit Revolver Term Loan (f)(g)

    0.00%   02/28/17      11         3,886   

Ply Gem Industries, Inc., Term Loan

    4.00%   02/01/21      1,226         1,216,430   

Quikrete Holdings, Inc.,

           

First Lien Term Loan

    4.00%   09/28/20      10,363         10,373,962   

Second Lien Term Loan

    7.00%   03/26/21      1,651         1,694,840   

Re/Max International, Inc., Term Loan

    4.00%   07/31/20      3,888         3,890,845   

Realogy Corp.,

           

Synthetic LOC (Acquired 11/18/11-08/08/12; Cost $1,633)

    4.40%   10/10/16      1         627   

Term Loan B

    3.75%   03/05/20      24,327         24,376,355   

United Subcontractors, Inc., Term Loan (Acquired 02/15/06-03/31/14; Cost $1,386,725)

    4.24%   06/30/15      129         125,439   

Valleycrest Companies LLC, Term Loan

    5.50%   06/13/19      1,300         1,301,861   

WireCo WorldGroup Inc., Term Loan

    6.00%   02/15/17      1,138         1,147,317   
                         61,931,088   

Business Equipment & Services–9.64%

           

4L Holdings, LLC, Term Loan

    5.50%   05/08/20      7,615         7,631,292   

Accelya International S.A. (Luxembourg),

           

Term Loan A-1

    5.08%   03/06/20      2,716         2,719,788   

Term Loan A-2

    5.08%   03/06/20      939         939,983   

Advantage Sales & Marketing Inc.,

           

First Lien Term Loan

    4.25%   12/17/17      1,696         1,701,652   

Second Lien Term Loan

    8.25%   06/17/18      273         274,695   

Asurion Corp.,

           

Incremental Term Loan B-1

    5.00%   05/24/19      26,226         26,351,059   

Incremental Term Loan B-2

    4.25%   07/08/20      22,387         22,321,972   

Second Lien Term Loan

    8.50%   03/03/21      29,705         30,584,199   

AVSC Holding Corp., First Lien Term Loan

    4.50%   01/24/21      6,133         6,145,680   

Brickman Group Ltd. LLC,

           

First Lien Term Loan

    4.00%   12/18/20      1,709         1,704,380   

Second Lien Term Loan

    7.50%   12/17/21      1,110         1,133,355   

Brock Holdings III, Inc., First Lien Term Loan

    6.00%   03/16/17      228         228,631   

Caraustar Industries, Inc., Term Loan

    7.50%   05/01/19      5,764         5,844,818   

Checkout Holding Corp.,

           

Second Lien Term Loan

    7.75%   04/11/22      3,962         3,956,610   

Term Loan B

    4.50%   04/09/21      6,681         6,697,647   

Connolly, LLC,

           

First Lien Term Loan

    5.00%   05/14/21      6,313         6,380,535   

Second Lien Term Loan

    8.00%   05/14/22      3,931         3,984,853   

Crossmark Holdings, Inc.,

           

First Lien Term Loan

    4.50%   12/20/19      4,824         4,789,642   

Second Lien Term Loan

    8.75%   12/21/20      576         574,990   

Emdeon Inc., Term Loan B-2

    3.75%   11/02/18      1,643         1,645,533   

 

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)

           

Expert Global Solutions, Inc., First Lien Term Loan B

    8.50%   04/03/18    $ 10,359       $ 10,022,507   

First Data Corp.,

           

Term Loan

    4.15%   03/24/18      35,852         35,919,117   

Term Loan

    4.15%   09/24/18      390         391,096   

Term Loan

    4.15%   03/24/21      373         373,597   

Genesys Telecom Holdings, U.S., Inc.,

           

Term Loan

    4.00%   02/07/20      795         793,329   

Term Loan 2

    4.50%   11/13/20      3,468         3,484,993   

Information Resources, Inc., Term Loan

    4.75%   09/30/20      3,816         3,826,008   

Inmar, Inc.,

           

Second Lien Term Loan

    8.00%   01/27/22      306         304,270   

Term Loan

    4.25%   01/27/21      2,461         2,448,028   

Koosharem LLC, First Lien Term Loan (e)

    —     06/30/14      149         131,316   

Kronos Inc.,

           

First Lien Incremental Term Loan

    4.50%   10/30/19      10,447         10,496,219   

Second Lien Term Loan

    9.75%   04/30/20      1,711         1,784,195   

Learning Care Group (US) No. 2 Inc., Term Loan

    5.50%   05/05/21      2,672         2,715,804   

Nuance Communications, Inc., Term Loan C

    2.90%   08/07/19      6,137         6,071,360   

Sensus USA, Inc., First Lien Term Loan

    4.75%   05/09/17      3,700         3,709,301   

Servicemaster Company, The,

           

Synthetic LOC

    4.51%   01/31/17      3,750         3,726,563   

Term Loan B

    4.40%   01/31/17      2,989         2,996,807   

Term Loan C

    4.25%   01/31/17      4,056         4,060,628   

SourceHOV LLC,

           

First Lien Term Loan B

    5.25%   04/30/18      5,156         5,191,915   

Second Lien Term Loan

    8.75%   04/30/19      355         360,468   

SunGard Data Systems Inc.,

           

Term Loan C

    3.90%   02/28/17      791         793,241   

Term Loan E

    4.00%   03/08/20      6,124         6,147,164   

TNS Inc.,

           

First Lien Term Loan

    5.00%   02/14/20      2,791         2,808,771   

Second Lien Term Loan

    9.00%   08/14/20      262         264,438   

Trans Union, LLC, Term Loan

    4.00%   04/09/21      14,685         14,664,684   

Wash MultiFamily Laundry Systems, LLC, Term Loan (Acquired 02/14/13; Cost $1,594,326)

    4.50%   02/21/19      1,589         1,589,000   

West Corp., Revolver Loan (f)

    0.00%   01/15/16      1,748         1,695,387   
                         262,381,520   

Cable & Satellite Television–3.57%

           

Cequel Communications, LLC, Term Loan

    3.50%   02/14/19      4,221         4,222,451   

CSC Holdings, LLC, Term Loan B

    2.65%   04/17/20      9,650         9,566,730   

ION Media Networks, Inc., Term Loan

    5.00%   12/18/20      9,998         10,097,669   

MCC Iowa,

           

Term Loan D-1

    1.88%   01/31/15      1,407         1,407,986   

Term Loan D-2

    1.88%   01/31/15      195         194,734   

Term Loan G

    4.00%   01/20/20      992         993,272   

Term Loan H

    3.25%   01/29/21      3,285         3,259,095   

Mediacom Illinois LLC, Term Loan E

    3.13%   10/23/17      1,938         1,943,909   

Quebecor Media Inc. (Canada), Term Loan B-1

    3.25%   08/17/20      5,498         5,442,174   

UPC Financing Partnership, Term Loan AH

    3.25%   06/30/21      6,419         6,379,334   

Virgin Media Investment Holdings Ltd. (United Kingdom), Term Loan B

    3.50%   06/05/20      13,381         13,292,131   

WaveDivision Holdings, LLC, Term Loan

    4.00%   10/15/19      1,861         1,865,706   

WideOpenWest Finance, LLC,

           

Term Loan B

    4.75%   04/01/19      8,008         8,061,537   

Term Loan B-1

    3.75%   07/17/17      4,834         4,843,557   

Ziggo B.V. (Netherlands),

           

Term Loan B-1

    3.25%   01/15/22      9,631         9,505,497   

Term Loan B-2

    3.25%   01/15/22      6,206         6,125,522   

 

See accompanying notes which are an integral part of this schedule.

Invesco Floating Rate Fund

      Interest
Rate		   Maturity
Date		    Principal
Amount
(000)		      Value  

Cable & Satellite Television–(continued)

           

Term Loan B-3 (e)

    —   01/15/22    $ 10,207       $ 10,074,295   
                         97,275,599   

Chemicals & Plastics–3.99%

           

Allnex & Cy S.C.A.,

           

Second Lien Term Loan

    8.25%   04/03/20      338         348,388   

Term Loan B-1

    4.50%   10/03/19      2,791         2,802,803   

Term Loan B-2

    4.50%   10/03/19      1,448         1,454,240   

Arysta LifeScience SPC, LLC,

           

First Lien Term Loan

    4.50%   05/29/20      12,700         12,742,219   

Second Lien Term Loan

    8.25%   11/30/20      1,038         1,053,265   

Ascend Performance Materials Operations LLC, Term Loan B

    6.75%   04/10/18      4,411         4,389,375   

Aster 1 SA (Germany),

           

Term Loan B-5

    5.58%   12/31/16      721         723,584   

Term Loan C-5

    5.58%   12/30/16      738         740,902   

Term Loan D-2 (e)

    —   06/29/18      4,096         4,117,684   

Chromaflo Technologies Corp.,

           

First Lien Term Loan B

    4.50%   12/02/19      2,178         2,179,101   

Second Lien Term Loan (Acquired 11/20/13; Cost $811,261)

    8.25%   05/30/20      815         823,244   

DuPont Performance Coatings, Inc., Term Loan B

    4.00%   02/01/20      10,003         10,013,105   

Emerald Performance Materials, LLC, First Lien Term Loan (Acquired 05/15/12; Cost $1,148,993)

    6.75%   05/18/18      1,157         1,165,340   

HII Holding Corp., First Lien Term Loan

    4.00%   12/20/19      5,569         5,582,649   

Huntsman International LLC, Term Loan (e)

    —   10/15/20      18,700         18,781,443   

Ineos US Finance LLC, Term Loan

    3.75%   05/04/18      13,979         13,915,897   

Kronos Worldwide Inc., Term Loan

    4.75%   02/18/20      1,932         1,954,801   

MacDermid, Inc., First Lien Term Loan B

    4.00%   06/07/20      2,876         2,878,514   

Momentive Performance Materials Inc., DIP Term Loan

    4.00%   04/15/15      892         894,875   

OMNOVA Solutions, Inc., Term Loan B-1

    4.25%   05/31/18      3,689         3,697,893   

Otter Products, LLC, Term Loan

    5.25%   04/29/19      1,032         1,033,304   

Oxea Finance LLC,

           

First Lien Term Loan B-2 (Acquired 06/18/13; Cost $4,595,177)

    4.25%   01/15/20      4,598         4,606,950   

Second Lien Term Loan

    8.25%   07/15/20      1,557         1,577,624   

Phillips Plastics Corp., Term Loan (Acquired 12/09/11-12/14/11; Cost $728,242)

    4.75%   02/12/17      732         731,760   

Tata Chemicals North America Inc., Term Loan

    3.75%   08/07/20      1,626         1,625,215   

Univar Inc., Term Loan B

    5.00%   06/30/17      3,958         3,970,382   

WNA Holdings, Inc.,

           

Second Lien Term Loan

    8.50%   12/07/20      642         653,492   

Term Loan

    4.50%   06/05/20      2,332         2,339,747   

Term Loan

    4.50%   06/07/20      1,711         1,716,570   
                         108,514,366   

Clothing & Textiles–0.18%

           

ABG Intermediate Holdings 2 LLC,

           

First Lien Term Loan (e)

    —   05/27/21      3,380         3,371,352   

Second Lien Term Loan (e)

    —   05/27/22      1,605         1,605,232   
                         4,976,584   

Conglomerates–0.49%

           

CeramTec Acquisition Corp.,

           

Term Loan B-1

    4.25%   08/31/20      4,838         4,850,386   

Term Loan B-2

    4.25%   08/28/20      478         479,254   

Term Loan B-3

    4.25%   08/28/20      1,462         1,465,910   

Epiq Systems, Inc., Term Loan (Acquired 08/23/13-11/06/13; Cost $4,384,867)

    4.25%   08/27/20      4,417         4,427,793   

Polymer Group, Inc., Term Loan

    5.25%   12/19/19      2,197         2,213,297   
                         13,436,640   

 

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–1.80%

           

Ardagh Glass Finance PLC,

           

Term Loan

    4.00%   12/17/19    $ 3,466       $ 3,468,440   

Term Loan

    4.25%   12/17/19      1,419         1,423,976   

Berlin Packaging, LLC,

           

First Lien Term Loan

    4.75%   04/02/19      4,322         4,362,055   

Second Lien Term Loan

    8.75%   04/02/20      845         859,734   

Berry Plastics Group, Inc.,

           

Term Loan D

    3.50%   02/08/20      14,635         14,530,007   

Term Loan E

    3.75%   01/06/21      2,665         2,657,309   

BWAY Holding Co., Term Loan

    4.50%   08/07/17      3,383         3,396,801   

Consolidated Container Co. LLC, Term Loan

    5.00%   07/03/19      1,368         1,371,292   

Devix US, Inc.,

           

First Lien Term Loan B

    4.25%   05/02/21      1,871         1,888,211   

Second Lien Term Loan (e)

    —     05/02/22      1,248         1,251,664   

Exopack Holdings S.A., Term Loan

    5.25%   05/08/19      3,430         3,483,180   

Hoffmaster Group, Inc.,

           

First Lien Term Loan

    5.25%   05/09/20      3,719         3,723,648   

Second Lien Term Loan

    10.00%   05/09/21      786         790,092   

Libbey Glass Inc., Term Loan

    3.75%   04/09/21      24         23,821   

Pertus Sechzehnte GmbH (Germany),

           

Term Loan B2A

    4.53%   12/14/16      500         501,193   

Term Loan C2A

    4.78%   06/14/17      500         501,193   

Ranpak Corp.,

           

First Lien Term Loan

    4.50%   04/23/19      552         555,797   

Second Lien Term Loan

    8.50%   04/23/20      650         662,853   

Reynolds Group Holdings Inc., Incremental Term Loan

    4.00%   12/01/18      1,627         1,630,881   

TricorBraun Inc., Term Loan

    4.00%   05/03/18      1,918         1,922,762   
                         49,004,909   

Cosmetics & Toiletries–0.41%

           

Nice-Pak Products, Inc., Term Loan

    8.00%   06/18/14      486         474,172   

Revlon Consumer Products Corp.,

           

Term Loan

    4.00%   08/19/19      6,417         6,427,831   

Term Loan

    3.25%   11/20/17      1,208         1,210,718   

Vogue International Inc., Term Loan B

    5.25%   02/14/20      3,133         3,152,949   
                         11,265,670   

Drugs–3.36%

           

BPA Laboratories, Inc.,

           

First Lien Term Loan

    2.73%   04/29/20      1,202         1,090,965   

Second Lien Term Loan

    2.73%   04/29/20      1,045         857,131   

Catalent Pharma Solutions Inc., Term Loan (e)

    —     05/20/21      4,701         4,729,908   

Endo Pharmaceuticals Holdings Inc., Term Loan B

    3.25%   02/28/21      458         455,707   

Grifols Worldwide Operations USA, Inc., Term Loan B

    3.15%   02/27/21      28,684         28,601,020   

Ikaria, Inc.,

           

First Lien Term Loan

    5.00%   02/12/21      2,873         2,888,783   

Second Lien Term Loan

    8.75%   02/14/22      306         311,022   

Millennium Laboratories, Inc., Term Loan B

    5.25%   04/16/21      19,639         19,798,212   

Quintiles Transnational Corp., Term Loan B-3

    3.75%   06/08/18      5,431         5,437,936   

Salix Pharmaceuticals, Ltd., Term Loan

    4.25%   01/02/20      807         812,597   

Valeant Pharmaceuticals International, Inc. (Canada),

           

Series C-2 Term Loan B

    3.75%   12/11/19      11,145         11,132,089   

Series E-1 Term Loan B

    3.75%   08/05/20      15,215         15,214,206   
                         91,329,576   

Ecological Services & Equipment–0.08%

           

ADS Waste Holdings, Inc., Term Loan B-2

    3.75%   10/09/19      1,261         1,256,455   

 

See accompanying notes which are an integral part of this schedule.

Invesco Floating Rate Fund

      Interest
Rate		   Maturity
Date		    Principal
Amount
(000)		      Value  

Ecological Services & Equipment–(continued)

           

WCA Waste Corp., Term Loan

    4.00%   03/23/18    $ 941       $ 940,403   
                         2,196,858   

Electronics & Electrical–5.54%

           

Aeroflex Inc., Term Loan B-1

    4.50%   11/11/19      5,996         6,018,472   

Blackboard Inc., Term Loan B-3

    4.75%   10/04/18      11,733         11,817,283   

Blue Coat Systems, Inc., Term Loan

    4.00%   05/31/19      1,026         1,027,935   

BMC Software Finance, Inc., Term Loan

    5.00%   09/10/20      2,651         2,662,906   

DEI Sales, Inc., Term Loan

    5.75%   07/13/17      1,956         1,935,490   

Dell International LLC, Term Loan C

    3.75%   10/29/18      18,970         18,940,566   

Deltek, Inc., First Lien Term Loan

    4.50%   10/10/18      10,256         10,286,031   

Entegris, Inc., Term Loan B

    3.50%   04/30/21      1,550         1,544,668   

FIDJI Luxembourg (BC4) S.A R.L (Luxembourg), Term Loan

    6.25%   12/24/20      3,487         3,515,010   

Freescale Semiconductor, Inc.,

           

Term Loan B-4

    4.25%   02/28/20      18,022         18,082,323   

Term Loan B-5

    5.00%   01/15/21      12,464         12,547,565   

Infor (US), Inc.,

           

Term Loan B-3

    3.75%   06/03/20      10,559         10,494,770   

Term Loan B-5

    3.75%   06/03/20      1,761         1,750,134   

Microsemi Corp., Term Loan

    3.51%   02/19/20      1,498         1,495,847   

Mirion Technologies, Inc., Term Loan

    5.75%   03/30/18      2,760         2,770,047   

Oberthur Technologies of America Corp., Term Loan B-2

    4.50%   10/18/19      1,890         1,902,294   

Omnitracs, Inc., Term Loan

    4.75%   11/25/20      4,636         4,672,368   

RP Crown Parent, LLC,

           

First Lien Term Loan

    6.00%   12/21/18      14,850         14,856,781   

Second Lien Term Loan

    11.25%   12/20/19      602         605,239   

Ship Luxco 3 S.a.r.l. (Luxembourg),

           

Term Loan

    4.50%   11/30/19      3,400         3,421,829   

Term Loan B-2A-II

    5.25%   11/29/19      1,486         1,499,508   

Term Loan C-2

    4.75%   11/29/19      915         922,390   

SkillSoft Corp.,

           

Second Lien Term Loan

    7.75%   04/28/22      2,784         2,766,468   

Term Loan

    4.50%   04/28/21      9,240         9,260,321   

Sybil Software LLC, Term Loan

    5.00%   03/20/20      4,110         4,119,443   

Verint Systems Inc., Incremental Term Loan B

    3.50%   09/06/19      1,820         1,817,708   
                         150,733,396   

Equipment Leasing–0.25%

           

Delos Finance S.a.r.l., Term Loan

    3.50%   03/06/21      4,094         4,099,369   

Flying Fortress Inc., Term Loan

    3.50%   06/30/17      2,738         2,741,608   
                         6,840,977   

Financial Intermediaries–2.50%

           

Bankruptcy Management Solutions, Inc., Term Loan B (Acquired 06/27/13; Cost $21,150)

    7.00%   06/27/18      23         19,753   

GEO Group, Inc., Term Loan

    3.25%   04/03/20      498         498,692   

Intertrust Group Holding B.V. (Netherlands),

           

Second Lien Term Loan 2

    8.00%   04/16/22      3,172         3,187,502   

Term Loan B-5

    4.42%   04/16/21      1,746         1,752,582   

iPayment Inc., Term Loan

    6.75%   05/08/17      3,978         3,936,442   

MIP Delaware, LLC, Term Loan B-1

    4.00%   03/09/20      930         934,447   

MoneyGram International, Inc., Term Loan

    4.25%   03/27/20      13,315         13,140,568   

Nuveen Investments, Inc., First Lien Term Loan B

    4.15%   05/15/17      29,700         29,802,068   

RJO Holdings Corp., Term Loan (Acquired 02/08/11; Cost $1,490,021)

    6.90%   12/10/15      1,627         1,537,473   

SAM Finance Lux S.a.r.l (Luxembourg), Term Loan

    4.25%   12/17/20      4,539         4,561,647   

Transfirst Holdings, Inc.,

           

First Lien Term Loan B-2

    4.00%   12/27/17      4,931         4,940,363   

Second Lien Term Loan B-1

    7.50%   06/27/18      3,824         3,859,698   
                         68,171,235   

 

See accompanying notes which are an integral part of this schedule.

Invesco Floating Rate Fund

      Interest
Rate		   Maturity
Date		    Principal
Amount
(000)		      Value  

Food & Drug Retailers–0.55%

           

Pantry Inc. (The), Term Loan

    4.75%   08/02/19    $ 2,256       $ 2,281,360   

Rite Aid Corp.,

           

Second Lien Term Loan 1

    5.75%   08/21/20      1,353         1,385,203   

Term Loan 7

    3.50%   02/21/20      4,134         4,134,429   

Supervalu Inc., Term Loan

    4.50%   03/21/19      7,100         7,107,797   
                         14,908,789   

Food Products–2.85%

           

AdvancePierre Foods, Inc.,

           

First Lien Term Loan

    5.75%   07/10/17      10,367         10,370,062   

Second Lien Term Loan

    9.50%   10/10/17      524         508,594   

Big Heart Pet Brands, Term Loan

    3.50%   03/08/20      8,476         8,415,047   

Candy Intermediate Holdings, Inc., Term Loan

    7.50%   06/18/18      2,824         2,722,997   

CSM Bakery Supplies LLC, Term Loan

    4.75%   07/03/20      7,273         7,326,684   

Del Monte Foods, Inc.,

           

First Lien Term Loan

    4.25%   02/18/21      4,400         4,401,605   

Second Lien Term Loan

    8.25%   08/18/21      2,559         2,536,316   

Diamond Foods, Inc., Term Loan

    4.25%   08/20/18      1,376         1,377,304   

Dole Food Co., Inc., Term Loan B

    4.50%   11/01/18      11,684         11,704,862   

H.J. Heinz Co., Revolver Term Loan (f)

    0.00%   06/07/18      10,581         10,421,945   

JBS USA, LLC,

           

Incremental Term Loan

    3.75%   09/18/20      2,632         2,630,156   

Term Loan

    3.75%   05/25/18      6,906         6,906,466   

New HB Acquisition, LLC, Term Loan B

    6.75%   04/09/20      3,048         3,171,863   

Pinnacle Foods Finance LLC, Term Loan H

    3.25%   04/29/20      4,992         4,970,123   

QCE LLC, Term Loan (d)

    0.00%   01/24/17      11         3,826   
                         77,467,850   

Food Service–2.26%

           

Aramark Corp.,

           

LOC (Acquired 02/29/12; Cost $81,958)

    3.65%   07/26/16      82         81,956   

Term Loan F

    3.25%   02/24/21      15,444         15,358,316   

ARG IH Corp., Term Loan

    5.00%   11/15/20      759         763,217   

CEC Entertainment Inc., Term Loan B

    4.25%   02/14/21      4,140         4,113,807   

Darling International Inc., Term Loan B

    3.25%   01/06/21      3,341         3,350,848   

Restaurant Holding Co., LLC, First Lien Term Loan

    8.75%   02/28/19      2,816         2,805,835   

Seminole Hard Rock Entertainment, Inc., Term Loan

    3.50%   05/14/20      1,916         1,909,563   

Steak N’ Shake Operations, Inc., Term Loan

    4.75%   03/19/21      2,368         2,365,838   

US Foods, Inc., Incremental Term Loan

    4.50%   03/29/19      15,313         15,349,628   

Weight Watchers International, Inc., Term Loan B-2

    4.00%   04/02/20      19,400         15,392,941   
                         61,491,949   

Forest Products–0.30%

           

NewPage Corp., Term Loan B

    9.50%   02/11/21      4,643         4,641,437   

Xerium Technologies, Inc., Term Loan

    5.75%   05/17/19      3,500         3,531,249   
                         8,172,686   

Healthcare–5.45%

           

Accellent Inc.,

           

Term Loan

    4.50%   03/12/21      10,064         10,011,922   

Second Lien Term Loan

    7.50%   03/11/22      2,122         2,112,959   

Alere Inc.,

           

Incremental Term Loan B-1

    4.25%   06/30/17      1,131         1,134,095   

Incremental Term Loan B-2

    4.25%   06/30/17      509         510,891   

Term Loan B

    4.25%   06/30/17      1,720         1,725,000   

ATI Holdings, Inc., Term Loan

    5.00%   12/20/19      1,124         1,136,416   

Biomet, Inc., Term Loan B-2

    3.66%   07/25/17      10,779         10,810,073   

Carestream Health, Inc., First Lien Term Loan

    5.00%   06/07/19      10,793         10,831,160   

 

See accompanying notes which are an integral part of this schedule.

Invesco Floating Rate Fund

      Interest
Rate		   Maturity
Date		    Principal
Amount
(000)		      Value  

Healthcare–(continued)

           

Community Health Systems, Inc.,

           

Term Loan D

    4.25%   01/27/21    $ 15,255       $ 15,360,187   

Term Loan E

    3.48%   01/25/17      5,673         5,686,353   

DaVita Inc., Term Loan B

    4.50%   10/20/16      4,880         4,894,884   

DJO Finance LLC, Term Loan B

    4.25%   09/15/17      13,465         13,527,638   

Drumm Investors LLC, Term Loan

    6.75%   05/04/18      813         814,238   

Hologic Inc., Term Loan B

    3.25%   08/01/19      1,702         1,701,546   

Kindred Healthcare, Inc., Term Loan

    4.00%   04/09/21      11,157         11,124,654   

Kinetic Concepts, Inc., Term Loan E-1

    4.00%   05/04/18      25,926         26,006,812   

Knowledge Universe Education LLC, Term Loan

    5.25%   03/18/21      2,349         2,374,372   

MPH Acquisition Holdings LLC, Term Loan

    4.00%   03/31/21      13,119         13,049,284   

Pharmaceutical Product Development, Inc., Term Loan

    4.00%   12/05/18      656         657,599   

Surgical Care Affiliates, LLC, Incremental Term Loan C

    4.00%   06/29/18      2,103         2,101,217   

TriZetto Group, Inc.,

           

Second Lien Term Loan

    8.50%   03/28/19      1,968         1,985,398   

Term Loan

    4.75%   05/02/18      6,508         6,530,019   

Western Dental Services, Inc., Term Loan

    6.00%   11/01/18      4,111         4,129,974   
                         148,216,691   

Home Furnishings–0.32%

           

Britax Group Ltd., Term Loan

    4.50%   10/15/20      1,795         1,692,141   

Mattress Holdings Corp., Term Loan B-2 (e)

    —     01/18/16      932         935,961   

Serta Simmons Holdings, LLC, Term Loan

    4.25%   10/01/19      6,005         6,022,572   
                         8,650,674   

Industrial Equipment–2.69%

           

Accudyne Industries LLC, Term Loan

    4.00%   12/13/19      2,354         2,352,641   

Alliance Laundry Systems LLC,

           

First Term Loan

    4.25%   12/10/18      708         708,679   

Second Lien Term Loan

    9.50%   12/10/19      535         544,067   

Apex Tool Group, LLC, Term Loan

    4.50%   01/31/20      7,401         7,222,046   

Crosby US Acquisition Corp.,

           

First Lien Term Loan

    4.00%   11/23/20      6,482         6,472,823   

Second Lien Term Loan

    7.00%   11/22/21      1,620         1,633,089   

Doncasters Finance US LLC, Term Loan B

    4.50%   04/09/20      6,591         6,618,899   

Doosan Infracore International, Inc., Term Loan B (e)

    —     05/28/21      6,983         7,018,284   

Filtration Group Corp.,

           

First Lien Term Loan

    4.50%   11/21/20      633         638,580   

Second Lien Term Loan

    8.25%   11/21/21      821         838,934   

Gardner Denver, Inc., Term Loan

    4.25%   07/30/20      4,518         4,519,528   

Generac Power System, Inc., Term Loan B

    3.25%   05/31/20      1,854         1,845,076   

Grede LLC, Term Loan B

    5.63%   05/02/18      2,620         2,627,483   

Husky Injection Molding Systems Ltd., Term Loan

    4.25%   06/29/18      5,785         5,806,227   

MX Holdings US, Inc., Term Loan B-1

    4.50%   08/14/20      3,368         3,380,787   

North American Lifting Holdings, Inc., First Lien Term Loan

    5.50%   11/27/20      3,889         3,939,539   

QS0001 Corp., First Lien Term Loan

    4.25%   11/09/18      4,425         4,437,850   

Rexnord LLC / RBS Global, Inc., Term Loan B

    4.00%   08/21/20      7,650         7,646,504   

Tank Holding Corp., Term Loan

    4.25%   07/09/19      2,569         2,569,577   

Unifrax Holding Co., Term Loan

    4.25%   11/28/18      537         538,769   

Virtuoso US LLC, Term Loan

    4.75%   02/11/21      1,950         1,963,160   
                         73,322,542   

Insurance–0.23%

           

Applied Systems, Inc.,

           

Second Lien Term Loan

    7.50%   01/23/22      1,231         1,255,847   

Term Loan

    4.25%   01/25/21      1,970         1,977,349   

Cooper Gay Swett & Crawford Ltd.,

           

First Lien Term Loan

    5.00%   04/16/20      1,935         1,876,897   

 

See accompanying notes which are an integral part of this schedule.

Invesco Floating Rate Fund

      Interest
Rate		   Maturity
Date		    Principal
Amount
(000)		      Value  

Insurance–(continued)

           

Second Lien Term Loan

    8.25%   10/16/20    $ 1,300       $ 1,260,720   
                         6,370,813   

Leisure Goods, Activities & Movies–2.35%

           

Alpha Topco Ltd. (United Kingdom), Term Loan B

    4.50%   04/30/19      21,944         22,023,150   

AMC Entertainment Inc., Term Loan

    3.50%   04/30/20      3,622         3,622,885   

Bauer Performance Sports Ltd. (Canada), Term Loan

    4.50%   04/15/21      3,080         3,086,461   

Bright Horizons Family Solutions, Inc., Term Loan B

    3.75%   01/30/20      1,990         1,992,582   

CWGS Group, LLC, Term Loan

    5.75%   02/20/20      7,736         7,822,585   

Dorna Sports SL (Spain), Term Loan B

    4.30%   04/30/21      2,447         2,465,564   

Equinox Holdings Inc.,

           

First Lien Term Loan

    4.25%   01/31/20      2,072         2,074,772   

Revolver (f)

    0.00%   02/01/18      1,866         1,726,295   

Kasima, LLC, Term Loan

    3.25%   05/17/21      1,448         1,440,697   

Live Nation Entertainment, Inc., Term Loan B-1

    3.50%   08/17/20      3,962         3,958,417   

Merlin Entertainments Group Luxembourg 2 S.a.r.l. (Luxembourg), Term Loan B-1

    3.40%   07/03/19      3,893         3,901,918   

Sabre, Inc.,

           

Incremental Term Loan

    4.50%   02/19/19      1,244         1,248,999   

Term Loan B

    4.25%   02/19/19      8,003         8,022,639   

Six Flags Theme Parks, Inc., Term Loan B

    3.50%   12/20/18      581         581,703   
                         63,968,667   

Lodging & Casinos–4.85%

           

Bally Technologies, Inc., Term Loan B

    4.25%   11/25/20      7,829         7,863,668   

Belmond Interfin Ltd. (Bermuda), Term Loan

    4.00%   03/21/21      2,365         2,375,604   

Boyd Acquisition Sub, LLC, Term Loan B

    4.25%   11/20/17      144         144,181   

Boyd Gaming Corp., Term Loan B

    4.00%   08/14/20      1,404         1,407,901   

Caesars Growth Properties Holdings, LLC, Term Loan B

    6.25%   05/08/21      6,991         6,966,689   

Cannery Casino Resorts, LLC, First Lien Term Loan

    6.00%   10/02/18      2,737         2,751,278   

Centaur Acquisition, LLC, First Lien Term Loan

    5.25%   02/20/19      2,046         2,054,192   

Four Seasons Holdings Inc., (Canada)

           

First Lien Term Loan

    3.50%   06/27/20      3,283         3,282,853   

Second Lien Term Loan

    6.25%   12/28/20      2,066         2,099,258   

Great Wolf Resorts, Inc., Term Loan B

    4.50%   08/06/20      6,083         6,103,336   

Harrah’s Operating Co., Inc.,

           

Term Loan B-5

    4.40%   01/26/18      2,908         2,687,412   

Term Loan B-6

    5.40%   01/26/18      9,145         8,546,304   

Hilton Worldwide Finance, LLC, Term Loan

    3.50%   10/26/20      31,428         31,349,868   

La Quinta Intermediate Holdings LLC, Term Loan

    4.00%   04/14/21      11,039         11,059,846   

MGM Resorts International, Term Loan B

    3.50%   12/20/19      6,050         6,044,661   

Scientific Games International, Inc., Term Loan

    4.25%   10/18/20      25,163         25,070,807   

Station Casinos LLC, Term Loan B

    4.25%   03/02/20      799         801,000   

Twin River Management Group, Inc., Term Loan

    5.25%   11/09/18      6,533         6,522,965   

Yonkers Racing Corp.,

           

First Lien Term Loan

    4.25%   08/16/19      4,481         4,402,318   

Second Lien Term Loan

    8.75%   08/20/20      392         385,102   
                         131,919,243   

Nonferrous Metals & Minerals–0.83%

           

Alpha Natural Resources, Inc., Term Loan B

    3.50%   05/22/20      5,393         5,235,699   

Arch Coal, Inc., Term Loan

    6.25%   05/16/18      5,650         5,571,903   

Noranda Aluminum Acquisition Corp., Term Loan B

    5.75%   02/28/19      3,384         3,251,035   

Walter Energy, Inc., Term Loan B

    7.25%   04/02/18      8,738         8,488,445   
                         22,547,082   

Oil & Gas–5.02%

           

Ameriforge Group Inc., First Lien Term Loan

    5.00%   12/19/19      69         69,377   

 

See accompanying notes which are an integral part of this schedule.

Invesco Floating Rate Fund

      Interest
Rate		   Maturity
Date		    Principal
Amount
(000)		      Value  

Oil & Gas–(continued)

           

Atlas Energy, L.P., Term Loan

    6.50%   07/31/19    $ 3,347       $ 3,400,961   

Bronco Midstream Funding, LLC, Term Loan

    5.00%   08/17/20      6,649         6,681,871   

Buffalo Gulf Coast Terminals LLC, Term Loan (Acquired 10/31/11-10/23/12; Cost $4,615,449)

    5.25%   10/31/17      4,599         4,628,126   

CITGO Petroleum Corp., Term Loan B

    8.00%   06/24/15      874         881,284   

Crestwood Holdings LLC, Term Loan B-1

    7.00%   06/19/19      4,130         4,205,749   

Drillships Financing Holding Inc., Term Loan B-1

    6.00%   03/31/21      20,730         20,823,675   

EMG Utica, LLC, Term Loan

    4.75%   03/27/20      2,761         2,768,285   

Energy Transfer Equity, L.P., Term Loan

    3.25%   12/02/19      5,685         5,633,923   

Fieldwood Energy LLC,

           

Second Lien Term Loan

    8.38%   09/30/20      7,115         7,342,391   

Term Loan

    3.88%   09/28/18      7,859         7,869,626   

Glenn Pool Oil & Gas Trust I, Term Loan (Acquired 06/08/11; Cost $695,322)

    4.50%   05/02/16      695         702,276   

HGIM Corp., Term Loan B

    5.50%   06/18/20      6,043         5,970,308   

Jonah Energy LLC, Second Lien Term Loan

    7.50%   05/12/21      3,530         3,569,976   

McDermott Finance L.L.C., Term Loan

    5.25%   04/16/19      2,405         2,424,427   

NGPL PipeCo LLC, Term Loan

    6.75%   09/15/17      8,234         8,158,149   

Obsidian Natural Gas Trust (United Kingdom), Term Loan (Acquired 05/05/11; Cost $723,465)

    7.00%   11/02/15      711         721,806   

Pacific Drilling S.A. (Luxembourg), Term Loan

    4.50%   06/04/18      3,556         3,560,407   

Petroleum Geo-Services ASA, Term Loan

    3.25%   03/14/21      4,820         4,755,698   

Samson Investment Company, Second Lien Term Loan

    5.00%   09/25/18      5,662         5,663,077   

Seadrill Operating L.P., Term Loan

    4.00%   02/21/21      12,316         12,286,467   

Tallgrass Operations, LLC, Term Loan

    4.25%   11/13/18      6,665         6,713,773   

Tervita Corp. (Canada), Term Loan

    6.25%   05/15/18      7,989         8,019,132   

UTEX Industries Inc.,

           

First Lien Term Loan

    5.00%   05/22/21      1,995         2,010,212   

Second Lien Term Loan (e)

    —     05/22/22      786         797,466   

Western Refining, Inc., Term Loan

    4.25%   11/12/20      2,756         2,770,772   

WildHorse Resources, LLC, Term Loan

    7.50%   12/13/18      4,225         4,285,905   
                         136,715,119   

Publishing–3.58%

           

Cenveo Corp., Term Loan B

    6.25%   02/13/17      9,365         9,458,523   

Endurance Business Media, Inc., Term Loan (Acquired 07/26/06; Cost $80,716)

    6.50%   12/15/14      62         16,040   

Getty Images, Inc.,

           

Revolver Loan (f)

    0.00%   10/18/17      6,977         6,139,770   

Term Loan

    4.75%   10/18/19      5,136         4,969,502   

Harland Clarke Holdings Corp.,

           

Term Loan B-2

    5.48%   06/30/17      340         341,904   

Term Loan B-4

    6.00%   08/04/19      1,439         1,462,728   

Interactive Data Corp., Term Loan

    4.75%   05/02/21      12,324         12,433,464   

Media General, Inc., Term Loan B

    4.25%   07/31/20      6,339         6,378,726   

MediMedia USA, Inc., First Lien Term Loan

    8.00%   11/20/18      5,549         5,520,837   

Merrill Communications, LLC, Term Loan

    5.75%   03/08/18      4,931         5,011,621   

MTL Publishing LLC, Term Loan B-2

    3.75%   06/29/18      4,963         4,953,586   

Multi Packaging Solutions, Inc.,

           

Term Loan A

    4.25%   09/30/20      1,570         1,574,654   

Term Loan B

    4.25%   09/30/20      4,365         4,376,947   

Newsday, LLC, Term Loan

    3.65%   10/12/16      3,615         3,628,100   

ProQuest LLC, Term Loan

    6.00%   04/13/18      1,779         1,791,478   

Southern Graphics Inc., Term Loan

    4.25%   10/17/19      4,412         4,423,382   

Tribune Co., Term Loan

    4.00%   12/27/20      25,058         25,093,021   
                         97,574,283   

Radio & Television–3.26%

           

Clear Channel Communications, Inc.,

           

Term Loan B

    3.80%   01/29/16      361         358,226   

Term Loan D

    6.90%   01/30/19      34,262         33,942,899   

Term Loan E

    7.65%   07/30/19      6,670         6,686,423   

 

See accompanying notes which are an integral part of this schedule.

Invesco Floating Rate Fund

      Interest
Rate		   Maturity
Date		    Principal
Amount
(000)		      Value  

Radio & Television–(continued)

           

Entravision Communications Corp., Term Loan B

    3.50%   05/29/20    $ 5,895       $ 5,826,457   

Gray Television, Inc., Term Loan

    4.50%   10/15/19      1,311         1,315,491   

Lin Television Corp., Term Loan B

    4.00%   12/21/18      685         686,421   

Mission Broadcasting, Inc., Term Loan B-2

    3.75%   10/01/20      639         637,226   

NEP/NCP HoldCo, Inc.,

           

Incremental Term Loan

    4.25%   01/22/20      3,518         3,523,192   

Second Lien Term Loan

    9.50%   07/22/20      132         136,348   

Nexstar Broadcasting, Inc., Term Loan B-2

    3.75%   10/01/20      724         722,625   

Nine Entertainment Corp., Term Loan B

    3.25%   02/05/20      4,554         4,519,499   

Raycom TV Broadcasting, LLC, Term Loan B

    4.25%   05/31/17      2,076         2,079,450   

Sinclair Television Group, Inc., Term Loan B

    3.00%   04/09/20      2,026         2,012,564   

TWCC Holding Corp.,

           

Second Lien Term Loan

    7.00%   06/26/20      7,572         7,518,785   

Term Loan

    3.50%   02/13/17      11,930         11,858,597   

Univision Communications Inc., First Lien Term Loan

    4.00%   03/01/20      6,778         6,771,330   
                         88,595,533   

Retailers (except Food & Drug)–4.60%

           

Academy, Ltd., Term Loan

    4.50%   08/03/18      2,259         2,267,794   

CDW LLC, Term Loan

    3.25%   04/29/20      12,975         12,828,933   

David’s Bridal, Inc.,

           

ABL Revolver (f)

    0.00%   10/11/17      1,573         1,519,209   

Term Loan

    5.00%   10/11/19      5,311         5,134,175   

Hudson’s Bay Co. (Canada), First Lien Term Loan

    4.75%   11/04/20      2,957         2,989,288   

J Crew Group, Inc., Term Loan

    4.00%   03/05/21      6,568         6,538,097   

Lands’ End, Inc., Term Loan B

    4.25%   04/02/21      4,568         4,569,712   

Leonardo Acquisition Corp., Term Loan

    4.25%   01/31/21      1,809         1,810,119   

National Vision, Inc., First Lien Term Loan (e)

    —     03/12/21      3,712         3,669,139   

Nine West Holdings, Inc., Term Loan

    4.75%   10/08/19      3,432         3,455,512   

OSP Group, Inc., First Lien Term Loan

    4.50%   03/18/21      3,965         3,980,296   

Payless, Inc.,

           

Second Lien Term Loan

    8.50%   03/11/22      1,570         1,578,264   

Term Loan

    5.00%   03/11/21      6,846         6,857,539   

Pep Boys - Manny, Moe & Jack, Term Loan

    4.25%   10/11/18      1,466         1,474,624   

Pier 1 Imports (U.S.), Inc., Term Loan

    4.50%   04/30/21      1,980         1,987,443   

Savers Inc., Term Loan

    5.00%   07/09/19      4,878         4,904,373   

Sears Holding Corp., Term Loan

    5.50%   06/30/18      24,261         24,494,043   

Spin Holdco Inc., First Lien Term Loan

    4.25%   11/14/19      18,494         18,512,200   

Stuart Weitzman Acquisition Co. LLC, Term Loan

    4.50%   04/08/20      610         607,836   

Toys ‘R’ US Property Co. I, LLC, Term Loan

    6.00%   08/21/19      12,584         12,111,954   

Toys ‘R’ US-Delaware, Inc.,

           

Term Loan

    6.00%   09/01/16      1,907         1,603,942   

Term Loan B-2

    5.25%   05/25/18      397         309,621   

Term Loan B-3

    5.25%   05/25/18      115         89,826   

Wilton Brands LLC, Term Loan B

    7.50%   08/30/18      1,874         1,814,248   
                         125,108,187   

Steel–0.35%

           

JFB Firth Rixson Inc., Term Loan

    4.25%   06/30/17      665         663,855   

JMC Steel Group Inc., Term Loan

    4.75%   04/03/17      1,079         1,085,733   

TMS International Corp., Term Loan B

    4.50%   10/16/20      3,381         3,406,409   

Waupaca Foundry, Inc., Term Loan

    4.00%   06/29/17      4,384         4,394,951   
                         9,550,948   

Surface Transport–1.14%

           

Hertz Corp. (The),

           

LOC (Acquired 03/14/11; Cost $544,074)

    3.75%   03/09/18      552         548,831   

 

See accompanying notes which are an integral part of this schedule.

Invesco Floating Rate Fund

      Interest
Rate		   Maturity
Date		    Principal
Amount
(000)		      Value  

Surface Transport–(continued)

           

Term Loan B-1

    3.75%   03/12/18    $ 901       $ 901,786   

JHCI Acquisition, Inc., First Lien Term Loan

    7.00%   07/11/19      2,742         2,763,013   

Kenan Advantage Group, Inc.,

           

Term Loan

    3.75%   06/10/16      629         630,976   

Term Loan D

    3.75%   06/10/16      727         729,287   

Navios Partners Finance (US) Inc., Term Loan

    5.25%   06/27/18      8,139         8,240,737   

Stena International S.a.r.l. (Luxembourg), Term Loan

    4.00%   03/03/21      8,212         8,181,133   

U.S. Shipping Corp., Term Loan

    9.00%   04/30/18      8,826         9,046,513   
                         31,042,276   

Telecommunications–5.57%

           

Arris Enterprises, Inc., Term Loan B

    3.50%   04/17/20      160         159,086   

Avaya Inc.,

           

Term Loan B-3

    4.73%   10/26/17      22,557         21,869,022   

Term Loan B-6

    6.50%   03/30/18      10,250         10,201,293   

Consolidated Communications, Inc., Term Loan

    4.25%   12/23/20      15,278         15,373,052   

Crown Castle Operating Company, Term Loan B-2

    3.00%   01/31/21      4,556         4,544,152   

Fairpoint Communications, Inc., Term Loan

    7.50%   02/14/19      9,076         9,388,614   

Hargray Communications Group, Inc., Term Loan

    4.75%   06/26/19      2,417         2,430,541   

Intelsat Jackson Holdings S.A., Term Loan B-2

    3.75%   06/30/19      10,437         10,467,040   

Level 3 Communications, Inc.,

           

Term Loan B

    4.00%   01/15/20      20,559         20,628,148   

Term Loan B-III

    4.00%   08/01/19      428         429,617   

LTS Buyer LLC, Second Lien Term Loan

    8.00%   04/12/21      82         83,372   

Nextgen Finance, LLC., Term Loan B (e)

    —     05/31/21      5,764         5,760,419   

NTELOS Inc., Term Loan B

    5.75%   11/08/19      6,618         6,609,801   

Syniverse Holdings, Inc., Term Loan

    4.00%   04/23/19      9,263         9,265,110   

Telesat LLC, Term Loan B-2

    3.50%   03/28/19      1,269         1,268,259   

U.S. TelePacific Corp., Term Loan

    5.75%   02/23/17      5,244         5,268,703   

Windstream Corp.,

           

Term Loan B-4

    3.50%   01/23/20      4,780         4,770,748   

Term Loan B-5

    3.50%   08/08/19      997         1,002,069   

XO Communications, LLC, Term Loan

    4.25%   03/17/21      2,610         2,624,199   

Yankee Cable Acquisition, LLC, Term Loan

    4.50%   03/02/20      6,075         6,103,650   

Zayo Group, LLC, Term Loan

    4.00%   07/02/19      13,402         13,401,690   
                         151,648,585   

Utilities–2.57%

           

Calpine Construction Finance Co., L.P.,

           

Term Loan B-1

    3.00%   05/03/20      5,460         5,370,290   

Term Loan B-2

    3.25%   01/31/22      7,231         7,152,108   

Calpine Corp.,

           

Term Loan

    4.00%   04/01/18      526         528,323   

Term Loan

    4.00%   10/09/19      8,794         8,829,017   

Term Loan B

    4.00%   10/30/20      1,021         1,024,915   

Dynegy Inc., Term Loan B-2

    4.00%   04/23/20      6,968         6,991,848   

EquiPower Resources Holdings, LLC,

           

First Lien Term Loan B

    4.25%   12/21/18      6,065         6,095,046   

First Lien Term Loan C

    4.25%   12/31/19      3,742         3,760,949   

NSG Holdings LLC, Term Loan (Acquired 12/17/12-10/04/13; Cost $865,650)

    3.75%   12/11/19      870         873,653   

Sapphire Power Finance LLC, Term Loan B

    6.00%   07/10/18      3,136         3,213,122   

Texas Competitive Electric Holdings,

           

DIP Delayed Draw Term Loan (d)(f)

    0.00%   05/05/16      4,065         4,086,205   

DIP Term Loan (d)(f)

    0.00%   05/05/16      2,680         2,693,180   

DIP Term Loan (d)

    1.84%   05/05/16      2,587         2,600,312   

Term Loan (d)

    0.00%   10/10/14      10,084         8,064,704   

Term Loan (d)

    0.00%   10/10/17      5,201         4,174,110   

 

See accompanying notes which are an integral part of this schedule.

Invesco Floating Rate Fund

      Interest
Rate		   Maturity
Date		    Principal
Amount
(000)		      Value  

Utilities–(continued)

           

USIC Holdings, Inc., First Lien Term Loan

    4.00%   07/10/20    $ 4,624       $ 4,583,501   
                         70,041,283   

Total Variable Rate Senior Loan Interests

                        2,435,664,622   

Structured Products–3.81%

           

Apidos Cinco CDO (h)(i)

    4.48%   05/14/20      345         337,313   

Apidos CLO IX (h)(i)

    6.73%   07/15/23      3,083         3,090,939   

Apidos CLO X (h)(i)

    6.47%   10/30/22      3,367         3,384,327   

Apidos CLO X (h)(i)

    6.47%   10/30/22      2,190         2,201,270   

Apidos CLO XI (h)(i)

    5.48%   01/17/23      2,070         1,977,535   

Apidos CLO XV (h)(i)

    4.98%   10/20/25      6,500         5,958,361   

Apidos Quattro CDO (h)(i)

    3.83%   01/20/19      408         400,567   

Ares XI CLO, Ltd. (h)(i)

    3.23%   10/11/21      724         703,759   

Atrium IV CDO Corp. (h)

    9.18%   06/08/19      205         216,064   

Atrium X CDO (h)(i)

    4.73%   07/16/25      3,742         3,405,093   

Babson CLO Ltd. 2007-I (h)(i)

    3.48%   01/18/21      1,034         972,314   

Babson CLO Ltd. 2013-II (h)(i)

    4.73%   01/18/25      6,540         5,918,968   

Carlyle Global Market Strategies 2012-2 (h)(i)

    6.48%   07/20/23      2,737         2,753,414   

Carlyle Global Market Strategies 2012-3 (h)(i)

    5.73%   10/14/24      3,188         3,133,842   

Carlyle Global Market Strategies 2013-1 (h)(i)

    5.73%   02/14/25      3,200         3,100,029   

Columbus Nova CLO Ltd. (h)(i)

    3.83%   05/16/19      1,093         1,062,993   

Columbus Nova CLO Ltd. (h)(i)

    3.83%   05/16/19      429         417,222   

Dryden Senior Loan Fund 2012-23 (h)(i)

    6.23%   07/17/23      1,770         1,764,028   

Dryden Senior Loan Fund 2013-30 (h)(i)

    5.22%   10/15/25      3,276         3,059,135   

Flagship CLO VI (h)(i)

    4.99%   06/10/21      987         973,140   

Flagship CLO VI (h)(i)

    4.99%   06/10/21      3,254         3,209,091   

Four Corners CLO II, Ltd. (h)(i)

    2.08%   01/26/20      103         99,948   

Four Corners CLO II, Ltd. (h)(i)

    2.09%   01/26/20      310         300,813   

Gramercy Park CLO (h)(i)

    5.73%   07/17/23      1,336         1,303,440   

Halcyon Loan Investors CLO II, Ltd. (h)(i)

    3.83%   04/24/21      917         865,399   

ING IM CLO 2012-3, Ltd. (h)(i)

    6.08%   10/15/22      1,243         1,240,528   

ING IM CLO 2012-4, Ltd. (h)(i)

    5.98%   10/15/23      1,861         1,847,105   

ING IM CLO 2013-1, Ltd. (h)(i)

    5.24%   04/15/24      4,808         4,509,144   

ING IM CLO 2013-3, Ltd. (h)(i)

    4.70%   01/18/26      2,745         2,480,536   

ING Investment Management CLO III, Ltd. (h)(i)

    3.73%   12/13/20      1,188         1,143,260   

ING Investment Management CLO IV, Ltd. (h)(i)

    4.48%   06/14/22      293         287,569   

Keuka Park CLO 2013-1 (h)(i)

    4.73%   10/21/24      617         558,648   

Kingsland Ltd (h)(i)

    4.73%   04/21/21      1,205         1,160,861   

KKR Financial CLO 2012-1 (h)(i)

    5.73%   12/15/24      2,100         2,042,000   

KKR Financial CLO 2013-1 (h)(i)

    4.99%   07/15/25      2,461         2,251,261   

Madison Park Funding IV Ltd. (h)(i)

    3.83%   03/22/21      1,344         1,306,194   

Madison Park Funding X Ltd. (h)(i)

    5.48%   01/20/25      1,953         1,877,085   

Marine Park CLO 2012-1 (h)(i)

    5.99%   05/18/23      2,191         2,160,493   

Octagon Investment Partners XIV Ltd. (h)(i)

    5.49%   01/15/24      1,675         1,608,159   

Octagon Investment Partners XIX Ltd. (h)(i)

    5.08%   04/15/26      2,920         2,695,490   

Octagon Investment Partners XVII Ltd. (h)(i)

    4.74%   10/25/25      1,975         1,788,491   

Octagon Investment Partners XVIII Ltd. (h)(i)

    5.49%   12/16/24      4,442         4,213,610   

Pacifica CDO VI, Ltd. (h)(i)

    3.97%   08/15/21      565         529,470   

Regatta IV Funding Ltd (h)(i)

    5.18%   07/25/26      3,250         2,941,250   

Seneca Park CLO Ltd. (h)(i)

    4.92%   07/17/26      2,750         2,506,782   

Sierra CLO II Ltd. (i)

    3.73%   01/22/21      733         708,042   

Silverado CLO 2006-II Ltd. (h)(i)

    3.98%   10/16/20      886         845,792   

Slater Mill Loan Fund, L.P. (h)(i)

    5.73%   08/17/22      1,108         1,081,683   

Symphony CLO IX, Ltd. (h)(i)

    5.23%   04/16/22      1,901         1,814,807   

Symphony CLO VIII, Ltd. (h)(i)

    5.98%   01/09/23      1,035         1,029,185   

Symphony CLO XI (h)(i)

    5.48%   01/17/25      2,640         2,516,295   

 

See accompanying notes which are an integral part of this schedule.

Invesco Floating Rate Fund

      Interest
Rate		   Maturity
Date		    Principal
Amount
(000)		      Value  

Structured Products–(continued)

           

Symphony CLO XII Ltd. (h)(i)

    5.13%   10/15/25    $ 1,850       $ 1,716,371   

Symphony CLO XIV Ltd. (h)(i)

    4.60%   07/14/26      2,750         2,478,300   

Voya CLO 2014-2A Ltd (h)(i)

    4.98%   07/17/26      1,875         1,714,688   

Total Structured Products

                        103,662,103   

Bonds and Notes–3.47%

           

Air Transport–0.02%

           

Continental Airlines, Inc. (h)

    6.75%   09/15/15      460         467,475   

Automotive–0.04%

           

Schaeffler AG (Germany) (h)

    4.75%   05/15/21      1,042         1,076,386   

Business Equipment & Services–0.21%

           

ADT Corp. (The)

    6.25%   10/15/21      2,222         2,355,320   

First Data Corp. (h)

    6.75%   11/01/20      3,042         3,285,360   
                         5,640,680   

Cable & Satellite Television–0.05%

           

UPC Broadband Holdings, B.V. (Netherlands) (h)

    7.25%   11/15/21      1,074         1,192,645   

UPC Broadband Holdings, B.V. (Netherlands) (h)

    6.88%   01/15/22      173         190,300   
                         1,382,945   

Chemicals & Plastics–0.30%

           

Hexion Specialty Chemicals, Inc.

    6.63%   04/15/20      7,205         7,628,294   

Ineos Holdings Ltd. (h)

    8.38%   02/15/19      241         265,702   

Ineos Holdings Ltd. (h)

    7.50%   05/01/20      157         172,308   

Taminco Global Chemical Corp. (h)

    9.75%   03/31/20      226         255,380   
                         8,321,684   

Containers & Glass Products–0.55%

           

Ardagh Glass Finance PLC (h)

    6.25%   01/31/19      1,631         1,688,085   

Ardagh Glass Finance PLC (h)

    7.00%   11/15/20      151         157,468   

Reynolds Group Holdings Inc.

    7.88%   08/15/19      1,854         2,034,765   

Reynolds Group Holdings Inc.

    9.88%   08/15/19      1,879         2,076,295   

Reynolds Group Holdings Inc.

    5.75%   10/15/20      8,650         9,039,250   
                         14,995,863   

Electronics & Electrical–0.16%

           

Blackboard Inc. (h)

    7.75%   11/15/19      4,194         4,424,670   

Food Products–0.02%

           

Chiquita Brands LLC

    7.88%   02/01/21      412         452,170   

Forest Products–0.06%

           

Verso Paper Holdings LLC

    11.75%   01/15/19      1,626         1,743,885   

Healthcare–0.23%

           

Biomet, Inc.

    6.50%   08/01/20      469         511,210   

Community Health Systems Inc. (h)

    6.88%   02/01/22      971         1,031,687   

DJO Finance LLC

    9.75%   10/15/17      1,099         1,166,314   

DJO Finance LLC

    8.75%   03/15/18      1,386         1,503,810   

Kinetic Concepts, Inc.

    10.50%   11/01/18      1,764         2,017,575   
                         6,230,596   

Lodging & Casinos–0.03%

           

Harrah’s Operating Co., Inc.

    8.50%   02/15/20      360         288,000   

 

See accompanying notes which are an integral part of this schedule.

Invesco Floating Rate Fund

      Interest
Rate		   Maturity
Date		    Principal
Amount
(000)		      Value  

Lodging & Casinos–(continued)

           

Harrah’s Operating Co., Inc.

    9.00%   02/15/20    $ 791       $ 638,733   
                         926,733   

Nonferrous Metals & Minerals–0.14%

           

TiZir Ltd. (United Kingdom)

    9.00%   09/28/17      3,600         3,717,000   

Oil & Gas–0.26%

           

Kinder Morgan, Inc. (h)

    5.00%   02/15/21      2,141         2,167,762   

Pacific Drilling S.A. (Luxembourg) (h)

    5.38%   06/01/20      2,798         2,748,507   

Tervita Corp. (Canada) (h)

    8.00%   11/15/18      1,949         2,012,343   

Western Refining, Inc.

    6.25%   04/01/21      190         198,550   
                         7,127,162   

Publishing–0.04%

           

Merrill Communications, LLC (h)

    10.00%   03/08/23      1,131         995,549   

Radio & Television–0.11%

           

Sinclair Television Group, Inc.

    6.38%   11/01/21      1,208         1,266,890   

Univision Communications Inc. (h)

    6.75%   09/15/22      1,561         1,721,003   
                         2,987,893   

Retailers (except Food & Drug)–0.35%

           

Claire’s Stores Inc. (h)

    9.00%   03/15/19      2,952         3,033,180   

Claire’s Stores Inc. (h)

    6.13%   03/15/20      2,079         2,001,037   

Guitar Center Inc. (h)

    6.50%   04/15/19      4,669         4,523,094   
                         9,557,311   

Telecommunications–0.66%

           

Avaya Inc. (h)

    7.00%   04/01/19      2,835         2,810,392   

Goodman Networks Inc. (h)

    12.13%   07/01/18      4,933         5,463,297   

Goodman Networks Inc. (h)

    12.13%   07/01/18      2,775         3,073,312   

Wind Telecomunicazioni S.p.A. (Italy) (h)

    7.25%   02/15/18      1,500         1,582,500   

Wind Telecomunicazioni S.p.A. (Italy) (h)

    7.25%   02/15/18      1,612         1,700,660   

Wind Telecomunicazioni S.p.A. (Italy) (h)

    6.50%   04/30/20      256         274,560   

Wind Telecomunicazioni S.p.A. (Italy) (h)

    7.38%   04/23/21      1,422         1,477,103   

Windstream Corp.

    7.50%   06/01/22      1,484         1,597,155   

Windstream Corp.

    6.38%   08/01/23      17         16,809   
                         17,995,788   

Utilities–0.24%

           

Calpine Corp. (h)

    7.50%   02/15/21      2,830         3,105,590   

Calpine Corp. (h)

    6.00%   01/15/22      807         869,542   

Calpine Corp. (h)

    7.88%   01/15/23      —         292   

NRG Energy Inc. (h)

    6.25%   07/15/22      1,579         1,675,714   

NRG Energy Inc.

    6.63%   03/15/23      880         943,800   
                         6,594,938   

Total Bonds and Notes

                        94,638,728   
              Shares         

Common Stocks & Other Equity Interests–0.27%

           

Automotive–0.01%

           

Dayco Products, LLC (h)(j)

               3,261         145,930   

Dayco Products, LLC (h)(j)

               856         38,306   
                         184,236   

 

See accompanying notes which are an integral part of this schedule.

Invesco Floating Rate Fund

                Shares      Value  

Building & Development–0.11%

          

Lake at Las Vegas Joint Venture, LLC, Class A (Acquired 04/28/10-07/15/10; 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   

Stile Acquisition Corp. (Canada) (h)(j)

              53,093         2,796,408   

United Subcontractors, Inc. (h)(j)

              4,840         82,288   
                        2,878,696   

Cable & Satellite Television–0.07%

          

Ion Media Networks, Inc. (Acquired 01/17/06-12/17/09; Cost $3,038,036) (h)(j)

              4,471         1,819,250   

Chemicals & Plastics–0.00%

          

LyondellBasell Industries N.V., Class A

              218         21,706   

Drugs–0.00%

          

BPA Laboratories, Inc. Class A, Wts. expiring 04/29/24
(Acquired 04/29/14; Cost $0) (h)(j)

              3,490         0   

BPA Laboratories, Inc. Class B, Wts. expiring 04/29/24
(Acquired 04/29/14; Cost $0) (h)(j)

              5,595         0   
                        0   

Financial Intermediaries–0.00%

          

Bankruptcy Management Solutions, Inc. (h)(k)

              335         11,390   

Bankruptcy Management Solutions, Inc. Class A, Wts. expiring 06/27/18
(Acquired 06/27/13; Cost $0) (h)(k)

              19         0   

Bankruptcy Management Solutions, Inc. Class B, Wts. expiring 06/27/18
(Acquired 06/27/13; Cost $0) (h)(k)

              21         0   

Bankruptcy Management Solutions, Inc. Class C, Wts. expiring 06/27/18
(Acquired 06/27/13; Cost $0) (h)(k)

              31         0   
                        11,390   

Forest Products–0.00%

          

Xerium Technologies, Inc. (j)

              1,766         24,336   

Leisure Goods, Activities & Movies–0.00%

          

AMF Bowling Centers, Inc. (j)

              1,665         46,412   

Lodging & Casinos–0.02%

          

Twin River Worldwide Holdings, Inc., Class A (h)(j)

              18,663         576,220   

Publishing–0.04%

          

Endurance Business Media, Inc., Class A
(Acquired 07/26/06; Cost $82,567) (h)(j)

              124         0   

F&W Publications, Inc. (h)(j)

              288         13,680   

Merrill Communications LLC, Class A (h)(j)

              133,776         401,328   

Tribune Co., Class A (k)

              9,050         716,760   
                        1,131,768   

Surface Transport–0.00%

          

U.S. Shipping Corp. (Acquired 09/28/07-09/30/09; Cost $87,805) (h)(j)

              87,805         48,293   

 

See accompanying notes which are an integral part of this schedule.

Invesco Floating Rate Fund

                Shares      Value  

Surface Transport–(continued)

          

U.S. Shipping Corp. (Acquired 09/28/07-09/30/09; Cost $0) (h)(j)

              6,189       $ 804   
                        49,097   

Telecommunications–0.02%

          

FairPoint Communications, Inc. (j)

              44,928         633,485   

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   

Total Common Stocks & Other Equity Interests

                       7,376,596   

Preferred Stocks–0.01%

          

Building & Development–0.01%

          

United Subcontractors, Inc. (Acquired 08/02/13; Cost $0) (j)

              4,840         145,214   

Money Market Funds–6.73%

          

Liquid Assets Portfolio –Institutional Class(l)

              91,578,673         91,578,673   

Premier Portfolio –Institutional Class(l)

              91,578,672         91,578,672   
                        183,157,345   

TOTAL INVESTMENTS–103.78% (Cost $2,818,534,035)

                       2,824,644,608   

OTHER ASSETS LESS LIABILITIES–(3.78)%

                       (102,957,219)   

NET ASSETS–100.00%

                     $     2,721,687,389   

Investment Abbreviations:

 

CDO    —Collateralized Debt Obligation
CLO    —Collateralized Loan Obligation
DIP    —Debtor-in-possession
LOC    —Letter of Credit
PIK    —Payment in Kind
Wts.    —Warrants

Notes to Schedule of Investments:

 

(a)  Senior secured floating rate 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/or interest payments. The value of this security at May 31, 2014 represented less than 1% of the Fund’s Net Assets.

 

(d)  The borrower has filed for protection in federal bankruptcy court.

 

(e)  This floating rate interest will settle after May 31, 2014, at which time the interest rate will be determined.

 

(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 1D and Note 3.

 

(g)  All or a portion of this security is Payment-in-Kind.

 

Issuer    Cash Rate    PIK Rate

Lake at Las Vegas Joint Venture, LLC, PIK Exit Revolver Term Loan

    —    5.00%

 

See accompanying notes which are an integral part of this schedule.

Invesco Floating Rate Fund

Notes to Schedule of Investments (continued):

 

(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, 2014 was $164,330,861, which represented 6.04% of the Fund’s Net Assets.

 

(i)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on May 31, 2014.

 

(j)  Non-income producing securities acquired through the restructuring of senior loans.

 

(k)  Non-income producing securities 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, 2014

(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 securities) 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 securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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 trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

 

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.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain of the Fund’s investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from the settlement date. Facility fees received may be amortized over the life of the loan. 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.

Other income is comprised primarily of amendment fees which are recorded when received. Amendment fees are received in return for changes in the terms of the loan or note.

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. 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.

 

Invesco Floating Rate Fund

E. Industry Concentration – To the extent that the Fund is concentrated in securities of issuers in the banking and financial services industries, the Fund’s performance will depend to a greater extent on the overall condition of those industries. The value of these securities can be sensitive to changes in government regulation, interest rates and economic downturns in the U.S. and abroad.
F. 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.
G. 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”.

H. Leverage Risk – The Fund may utilize leverage to seek to enhance the yield of the Fund by borrowing. There are risks associated with borrowing in an effort to increase the yield and distributions on the shares, including that the costs of the financial leverage may exceed the income from investments made with such leverage, the higher volatility of the net asset value of the shares, and that fluctuations in the interest rates on the borrowing may affect the yield and distributions to the shareholders. There can be no assurance that the Fund’s leverage strategy will be successful.

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.

 

Invesco Floating Rate Fund

The following is a summary of the tiered valuation input levels, as of May 31, 2014. 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

    $ 187,503,810       $ 1,161,784       $ 2,013,561       $ 190,679,155   

Variable Rate Senior Loan Interests

      —         2,381,668,114         53,996,508         2,435,664,622   

Bonds and Notes

      —         94,638,728         —         94,638,728   

Structured Products

      —         103,662,103         —         103,662,103   

Total Investments

    $     187,503,810       $     2,581,130,729       $     56,010,069       $     2,824,644,608   

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) during the nine months ended May 31, 2014:

 

    

Beginning
Balance,

as of August

31, 2013

     Purchases     Sales     Accrued
discounts/
premiums		    

Net

realized

gain (loss)

     Net Change in
Unrealized
Appreciation/
(Depreciation)		    

Transfers

into Level 3

    

Transfers out

of Level 3

    

Ending
Balance,

as of May

31, 2014

  
Variable Rate Senior Loan Interests   $ 57,870,285      $ 31,910,621      $ (26,894,215)      $ 122,759      $ (233,410)      $ 13,350      $ 16,676,294      $ (25,469,176)      $ 53,996,508   
Equity Securities     208,198        —        (97,167)        —        97,167        (2,497)        1,819,250        (11,390)        2,013,561   
Total   $   58,078,483      $   31,910,621      $   (26,991,382)      $   122,759      $   (136,243)      $   10,853      $   18,495,544      $   (25,480,566)      $ 56,010,069   

The Securities determined to be Level 3 at the end of the reporting period were valued utilizing quotes from a third-party vendor pricing service. 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

As of May 31, 2014, 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    Type   

Principal

Amount

      Value  

David’s Bridal, Inc.

    ABL Revolver Term Loan      $1,572,681         $1,519,209   

Delta Air Lines, Inc.

    Revolver Term Loan      1,144,857         1,099,063   

Delta Air Lines, Inc.

    Revolver Term Loan      7,785,030         7,570,941   

Equinox Holdings, Inc.

    Revolver Term Loan      1,866,265         1,726,295   

Getty Images, Inc.

    Revolver Term Loan      6,977,012         6,139,770   

H.J. Heinz Co.

    Revolver Term Loan      10,580,654         10,421,945   

Lake at Las Vegas Joint Venture, LLC

    PIK Exit Revolver Term Loan      10,794         3,886   

Texas Competitive Electric Holdings

    DIP Delayed Draw Term Loan      4,065,451         4,086,205   

Texas Competitive Electric Holdings

    DIP Term Loan      2,679,502         2,693,180   

West Corp.

    Revolver Loan      1,747,822         1,695,387   
            $38,430,068         $36,955,881   

 

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, 2014 was $2,103,822,121 and $1,514,959,474, 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

    $                 25,936,714   

Aggregate unrealized (depreciation) of investment securities

      (22,163,998)   

Net unrealized appreciation of investment securities

    $ 3,772,716   

Cost of investments for tax purposes is $2,820,871,892.

   

NOTE 5 — Senior Loan Participation 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 May 31, 2014, the following sets forth the selling participants with respect to interest in Senior Loans purchased by the Fund on a participation basis.

 

Selling Participant   

Principal

Amount

      Value  

Barclays Bank PLC

    $ 6,977,012       $ 4,302,146   

Goldman Sachs Lending Partners LLC

      12,153,335         11,941,154   

Total

    $   19,130,347       $   16,243,300   

 

Invesco Floating Rate Fund

 

 

Invesco Global Real Estate Income Fund

Quarterly Schedule of Portfolio Holdings

May 31, 2014

 

 

 

 

 

LOGO

 

invesco.com/us    GREI-QTR-1        5/14    Invesco Advisers, Inc.
 

Schedule of Investments

May 31, 2014

(Unaudited)

 

      Shares          Value  

Real Estate Investment Trusts, Common Stocks & Other Equity Interests–61.41%

   

Australia–5.52%

  

CFS Retail Property Trust

      2,499,503       $ 4,768,377   

Charter Hall Group

      957,356         3,839,846   

Dexus Property Group

      6,776,578         7,031,505   

Federation Centres Ltd.

      3,620,843         8,501,031   

Goodman Group

      1,784,769         8,454,012   

GPT Group

      1,108,313         4,022,445   

Investa Office Fund

      950,510         2,963,224   

Mirvac Group

      2,305,061         3,888,863   

Stockland

      3,292,356         11,949,079   

Westfield Retail Trust

      1,918,478         5,695,221   
                61,113,603   

Canada–4.34%

  

Allied Properties REIT

      375,300         12,123,426   

Artis REIT

      455,800         6,613,536   

Boardwalk REIT

      39,700         2,351,752   

Calloway REIT

      91,300         2,261,235   

Canadian Apartment Properties REIT

      111,900         2,303,854   

Canadian REIT

      179,800         7,536,308   

Chartwell Retirement Residences

      224,900         2,190,706   

Cominar REIT

      341,600         5,933,334   

H&R REIT

      315,500         6,792,519   
                48,106,670   

China–0.59%

  

Longfor Properties Co. Ltd.

      1,286,000         1,627,197   

Shimao Property Holdings Ltd.

      1,253,500         2,519,370   

SOHO China Ltd.

      3,071,000         2,412,278   
                6,558,845   

Finland–0.23%

  

Sponda Oyj

      484,261         2,501,948   

France–2.96%

  

Gecina S.A.

      38,581         5,506,552   

ICADE

      18,107         1,814,927   

Mercialys S.A.

      357,562         7,986,516   

Unibail-Rodamco S.E.

      62,409         17,463,892   
                32,771,887   

Germany–0.95%

  

Alstria Office REIT-AG

      155,701         2,086,009   

Deutsche Euroshop AG

      133,171         6,626,163   

Deutsche Wohnen AG

      82,398         1,780,350   
                10,492,522   

Hong Kong–2.25%

  

Fortune REIT

      3,243,000         2,836,004   

Link REIT (The)

      1,317,000         7,015,620   

New World Development Co. Ltd.

      2,310,000         2,646,571   
      Shares          Value  

Hong Kong–(continued)

  

Sino Land Co. Ltd.

      1,883,000       $ 2,914,505   

Sun Hung Kai Properties Ltd.

      245,000         3,349,671   

Sun Hung Kai Properties Ltd. -Wts. expiring 04/22/16(a)

      20,416         25,148   

Wharf Holdings Ltd. (The)

      862,000         6,087,649   
                24,875,168   

Japan–8.26%

  

Activia Properties, Inc.

      794         6,672,494   

Advance Residence Investment Corp.

      2,164         5,346,824   

Frontier Real Estate Investment Corp.

      1,464         7,938,389   

Hulic Co., Ltd.

      227,900         3,002,962   

Hulic Reit, Inc.

      2,036         3,000,000   

Industrial & Infrastructure Fund Investment Corp.

      478         4,270,412   

Japan Logistics Fund Inc.

      683         1,527,664   

Japan Prime Realty Investment Corp.

      2,815         10,121,111   

Japan Retail Fund Investment Corp.

      3,581         7,885,982   

Kenedix Office Investment Corp.

      1,930         10,086,051   

Mitsui Fudosan Co., Ltd.

      330,000         10,504,787   

Nippon Accommodations Fund Inc.

      890         3,243,517   

Nippon Prologis REIT Inc.

      2,255         4,945,358   

Sumitomo Realty & Development Co., Ltd.

      208,000         8,981,380   

United Urban Investment Corp.

      2,482         3,971,688   
                91,498,619   

Netherlands–0.48%

  

VastNed Retail N.V.

      51,987         2,649,425   

Wereldhave N.V.

      30,392         2,708,304   
                5,357,729   

Singapore–3.54%

  

Ascendas REIT

      4,568,000         8,959,005   

CapitaCommercial Trust

      2,793,000         3,763,191   

CDL Hospitality Trusts

      1,645,000         2,275,433   

Frasers Centrepoint Trust

      3,812,000         5,819,963   

Mapletree Commercial Trust

      3,280,000         3,517,181   

Mapletree Industrial Trust

      3,894,000         4,470,509   

Starhill Global REIT

      6,610,000         4,400,343   

Suntec REIT

      4,189,000         5,994,782   
                39,200,407   

South Africa–0.84%

  

Growthpoint Properties Ltd.

      1,645,163         3,652,981   

Hyprop Investments Ltd.

      510,636         3,813,064   

SA Corporate Real Estate Fund

      4,891,421         1,890,293   
                9,356,338   

Sweden–1.07%

  

Castellum AB

      404,696         6,960,002   

Fabege AB

      200,050         2,826,853   

Wihlborgs Fastigheter AB

      108,064         2,066,789   
                11,853,644   
 

 

See accompanying notes which are an integral part of this schedule.

 

Invesco Global Real Estate Income Fund

      Shares      Value  

United Kingdom–3.87%

  

Big Yellow Group PLC

      967,455       $ 8,139,783   

British Land Co. PLC

      314,472         3,771,698   

Hammerson PLC

      623,425         6,211,661   

Intu Properties PLC

      542,707         2,865,509   

Land Securities Group PLC

      1,220,700         21,868,481   
                42,857,132   

United States–26.51%

  

AvalonBay Communities, Inc.

      159,026         22,556,248   

BioMed Realty Trust, Inc.

      330,800         7,178,360   

Boston Properties, Inc.

      22,800         2,751,504   

Brixmor Property Group Inc.

      286,800         6,237,900   

Cohen & Steers Quality Income Realty Fund, Inc.

      357,173         4,025,340   

Corrections Corp. of America

      108,577         3,532,010   

EastGroup Properties, Inc.

      91,100         5,799,426   

Essex Property Trust, Inc.

      87,100         15,761,616   

Extra Space Storage Inc.

      126,000         6,596,100   

Federal Realty Investment Trust

      75,200         8,987,904   

General Growth Properties, Inc.

      571,500         13,618,845   

Geo Group Inc. (The)

      65,000         2,210,650   

Government Properties Income Trust

      216,750         5,531,460   

Healthcare Realty Trust, Inc.

      334,300         8,334,099   

Healthcare Trust of America, Inc. -Class A

      948,400         11,475,640   

Hersha Hospitality Trust

      1,051,500         6,655,995   

Highwoods Properties, Inc.

      183,400         7,442,372   

Host Hotels & Resorts Inc.

      155,400         3,429,678   

Hudson Pacific Properties Inc.

      301,600         7,147,920   

LaSalle Hotel Properties

      369,600         12,193,104   

Liberty Property Trust

      239,300         9,263,303   

Mid-America Apartment Communities, Inc.

      214,800         15,540,780   

National Health Investors, Inc.

      147,500         9,251,200   

National Retail Properties Inc.

      329,200         11,515,416   

Pebblebrook Hotel Trust

      101,600         3,610,864   

Piedmont Office Realty Trust Inc. -Class A

      590,200         10,989,524   

Prologis, Inc.

      109,600         4,549,496   

Public Storage

      44,077         7,597,993   

Realty Income Corp.

      162,266         7,026,118   

Retail Opportunity Investments Corp.

      929,900         14,692,420   

RLJ Lodging Trust

      371,900         10,305,349   

Simon Property Group, Inc.

      103,600         17,245,256   

Taubman Centers, Inc.

      73,800         5,527,620   

UDR, Inc.

      144,939         3,988,721   

Washington Prime Group Inc. (a)

      51,800         1,030,302   
                293,600,533   

Total Real Estate Investment Trusts, Common Stocks & Other Equity Interests
(Cost $618,164,500)

               680,145,045   
      Principal
Amount		          

Mortgage Backed Securities–16.87%

  

United Kingdom–0.68%

  

Hercules (Eclipse) PLC.,
Series 2006-4, Class B, Floating Rate Pass Through Ctfs., 0.88%, 10/25/18(b)(c)

      GBP    3,842,446         5,976,791   
      Principal
Amount		      Value  

United Kingdom–(continued)

  

Triton European Loan Conduit PLC, Series 26X, Class G, Floating Rate Pass Through Ctfs.,
1.21%, 10/25/19(b)(c)

      GBP         975,926       $ 1,521,595   
                7,498,386   

United States–16.19%

  

ACRE Commercial Mortgage Trust, Series 2013-FL1, Class D, Floating Rate Pass Through Ctfs.,
4.55%, 06/15/30(b)(d)

      $    10,040,000         10,206,880   

Banc of America Merrill Lynch Commercial Mortgage Inc., Variable Rate Pass Through Ctfs.,
4.90%, 11/10/38(b)(d)

      600,000         586,024   

Bear Stearns Commercial Mortgage Securities Trust,
Series 2004-PWR6, Class B, Variable Rate Pass Through Ctfs.,
4.95%, 11/11/41(b)(d)

      50,000         52,230   

Series 2005-PWR8, Class C, Pass Through Ctfs., 4.86%, 06/11/41

      4,900,000         4,885,614   

Citigroup/Deutsche Commercial Mortgage Trust, Series 2005-CD1, Class E, Variable Rate Pass Through Ctfs., 5.40%, 07/15/44(b)

      12,309,000         12,210,097   

Credit Suisse First Boston Mortgage Securities Corp., Series 2003-C5, Class G, Variable Rate Pass Through Ctfs., 5.75%, 12/15/36(b)(d)

      2,350,000         2,346,951   

Series 2005-C3, Class B, Pass Through Ctfs., 4.88%, 07/15/37

      9,950,000         9,811,556   

Series 2005-C4, Class D, Variable Rate Pass Through Ctfs.,
5.38%, 08/15/38(b)

      8,950,000         9,026,800   

Series 2005-C5, Class C, Variable Rate Pass Through Ctfs.,
5.10%, 08/15/38(b)

      4,975,000         5,131,175   

Credit Suisse Mortgage Capital Certificates, Series 2006-TF2A,
Class SVE, Floating Rate Pass Through Ctfs.,
0.70%, 10/15/21(b)(d)

      4,900,000         4,891,660   

Del Coronado Trust,
Series 2013-HDMZ, Class M,
Floating Rate Pass Through Ctfs.,
5.15%, 03/15/18(b)(d)

      4,900,000         4,911,270   

DLJ Commercial Mortgage Corp.,
Series 1998-CG1, Class B4, Variable Rate Pass Through Ctfs.,
7.40%, 06/10/31(b)(d)

      2,730         2,728   

FREMF Mortgage Trust,
Series 2012-K705, Class C, Variable Rate Pass Through Ctfs.,
4.16%, 09/25/44(b)(d)

      5,000,000         5,184,783   

Series 2012-KF01, Class C, Floating Rate Pass Through Ctfs.,
3.01%, 10/25/44(b)(d)

     1,278,000         1,347,689   
 

 

See accompanying notes which are an integral part of this schedule.

 

Invesco Global Real Estate Income Fund

      Principal
Amount		      Value  

United States–(continued)

  

GS Mortgage Securities Corp. II,
Series 2013-KING, Class E, Variable Rate Pass Through Ctfs.,
3.55%, 12/10/27(b)(d)

    $ 1,000,000       $ 935,077   

GS Mortgage Securities Corp. Trust,
Series 2013-NYC5, Class G, Variable Rate Pass Through Ctfs.,
3.77%, 01/10/30(b)(d)

      4,000,000         3,912,856   

GS Mortgage Securities Trust,
Series GSMS 2011-GC3, Class E, Pass Through Ctfs.,
5.00%, 03/10/44(d)

      7,475,000         7,061,049   

Series GSMS 2011-GC5, Class E, Variable Rate Pass Through Ctfs.,
5.47%, 08/10/44(b)(d)

      11,025,000         10,440,967   

Hilton USA Trust, Series 2013-HLF, Class EFL, Floating Rate Pass Through Ctfs., 3.90%, 11/05/30(b)(d)

      12,375,000         12,393,160   

JP Morgan Chase Commercial Mortgage Securities Corp.,
Series 2004-C3, Class F, Variable Rate Pass Through Ctfs., 5.25%, 01/15/42(b)(d)

      7,950,000         7,781,281   

Series 2012-PHH, Class D, Floating Rate Pass Through Ctfs., 3.42%, 10/15/25(b)(d)

      3,250,000         3,264,799   

Series 2012-PHH, Class E, Floating Rate Pass Through Ctfs., 3.42%, 10/15/25(b)(d)

      1,250,000         1,248,678   

JP Morgan Chase Commercial Mortgage Securities Trust, Series 2006-LDP7, Class AJ, Variable Rate Pass Through Ctfs.,
6.06%, 04/15/45(b)

      11,545,000         11,843,190   

Series 2011-C4, Class TAC1, Pass Through Ctfs., 7.99%, 07/15/46(d)

      1,899,131         2,082,219   

LB-UBS Commercial Mortgage Trust, Series 2005-C1, Class C, Variable Rate Pass Through Ctfs.,
4.84%, 02/15/40(b)

      170,000         173,118   

Series 2006-C4, Class AJ, Variable Rate Pass Through Ctfs.,
6.05%, 06/15/38(b)

      4,260,000         4,540,133   

Merrill Lynch Mortgage Trust, Series 2003-KEY1, Class F, Variable Rate Pass Through Ctfs.,
6.40%, 11/12/35(b)(d)

      937,000         966,441   

Series 2005-MCP1, Class E, Variable Rate Pass Through Ctfs., 5.13%, 06/12/43(b)(d)

      4,500,000         4,450,102   

Morgan Stanley Capital I Trust,
Series 2005-IQ10, Class B, Variable Rate Pass Through Ctfs.,
5.40%, 09/15/42(b)

      6,475,000         6,646,575   

Series 2006-IQ11, Class B, Variable Rate Pass Through Ctfs., 5.83%, 10/15/42(b)

      270,000         258,637   

Series 2006-TOP23, Class C, Variable Rate Pass Through Ctfs., 5.98%, 08/12/41(b)(d)

      4,900,000         5,041,995   
      Principal
Amount		      Value  

United States–(continued)

  

Series 2007-HQ11, Class AJ, Pass Through Ctfs., 5.51%, 02/12/44

   $ 5,000,000       $ 5,324,958   

Series 2007-TOP27, Class AJ, Variable Rate Pass Through Ctfs., 5.83%, 06/11/42(b)

      7,400,000         8,172,319   

Series 2007-TOP27, Class AM, Variable Rate Pass Through Ctfs., 5.83%, 06/11/42(b)

      25,000         28,079   

Wachovia Bank Commercial Mortgage Trust, Series 2005-C16, Class H, Variable Rate Pass Through Ctfs., 5.75%, 10/15/41(b)(d)

      550,000         550,431   

Series 2005-C16, Class TO, Variable Rate Pass Through Ctfs., 5.62%, 10/15/41(b)(d)

      422,546         422,959   

Series 2005-C19, Class F, Variable Rate Pass Through Ctfs., 5.60%, 05/15/44(b)(d)

      900,000         909,154   

Series 2005-C19, Class G, Variable Rate Pass Through Ctfs., 5.61%, 05/15/44(b)(d)

      5,000,000         5,044,760   

Series 2005-C19, Class H, Variable Rate Pass Through Ctfs 5.61%, 05/15/44(b)(d)

      1,700,000         1,715,216   

Series 2005-C21, Class D, Variable Rate Pass Through Ctfs., 5.41%, 10/15/44(b)

      3,450,000         3,528,579   
                179,332,189   

Total Mortgage Backed Securities (Cost $181,192,280)

               186,830,575   
      Shares          

Preferred Stocks–16.60%

  

Australia–0.52%

  

Goodman PLUS Trust, 6.46% Unsec. Sub. Gtd. Floating Rate Pfd.(b)

      60,179         5,698,262   

United States–16.08%

  

Alexandria Real Estate Equities Inc., Series D, $1.75 Conv. Pfd.

      252,000         7,233,182   

American Tower Corp., Series A, $5.25 Conv. Pfd.

      63,640         6,810,116   

Coresite Realty Corp., Series A, 7.25% Pfd.

      290,585         7,276,248   

CubeSmart, Series A, 7.75% Pfd.

      83,437         2,226,934   

DDR Corp., Series K, 6.25% Pfd.

      16,502         392,088   

Eagle Hospitality Properties Trust Inc., Series A, 8.25% Pfd.

      195,800         12,433   

EPR Properties, Series E, $2.25 Conv. Pfd.

      111,000         3,483,180   

EPR Properties, Series F, 6.63% Pfd.

      78,000         1,893,060   

Essex Property Trust, Inc., Series H, 7.13% Pfd.

      246,220         6,512,519   

Health Care REIT, Inc., Series I, $3.25 Conv. Pfd.

      209,100         12,389,175   
 

 

See accompanying notes which are an integral part of this schedule.

 

Invesco Global Real Estate Income Fund

     

Shares

      Value  

United States–(continued)

  

Hersha Hospitality Trust, Series B, 8.00% Pfd.

      338,500       $ 9,010,870   

Hudson Pacific Properties Inc., Series B, 8.38% Pfd.

      209,907         5,656,994   

Kilroy Realty Corp., Series G, 6.88% Pfd.

      282,410         7,283,354   

Kilroy Realty Corp., Series H, 6.38% Pfd.

      273,622         6,624,388   

LaSalle Hotel Properties, Series G, 7.25% Pfd.

      33,834         862,429   

LaSalle Hotel Properties, Series H, 7.50% Pfd.

      198,900         5,143,554   

LaSalle Hotel Properties, Series I, 6.38% Pfd.

      66,769         1,589,102   

National Retail Properties Inc., Series D, 6.63% Pfd.

      402,000         10,287,180   

National Retail Properties, Inc., Series E, 5.70% Pfd.

      148,500         3,458,936   

Pebblebrook Hotel Trust, Series A, 7.88% Pfd.

      238,700         6,339,872   

Pebblebrook Hotel Trust, Series B, 8.00% Pfd.

      153,910         4,117,092   

Pebblebrook Hotel Trust, Series C, 6.50% Pfd.

      313,370         7,649,362   

Public Storage, Series O, 6.88% Pfd.

      228,000         6,035,160   

Public Storage, Series Q, 6.50% Pfd.

      70,000         1,851,500   

Public Storage, Series Y, 6.38% Pfd.

      288,000         7,427,520   

Regency Centers Corp., Series 7, 6.00% Pfd.

      48,500         1,162,060   

SL Green Realty Corp., Series I, 6.50% Pfd.

      436,000         10,878,200   

Summit Hotel Properties, Inc., Series A, 9.25% Pfd.

      35,183         960,144   

Summit Hotel Properties, Inc., Series B, 7.88% Pfd.

      160,156         4,108,001   

Taubman Centers, Inc., Series J, 6.50% Pfd.

      212,895         5,324,504   

Taubman Centers, Inc., Series K, 6.25% Pfd.

      139,968         3,387,226   

Terreno Realty Corp., Series A, 7.75% Pfd.

      110,651         2,887,991   

Vornado Realty L.P., 7.88% Sr. Unsec. Pfd.

      33,077         856,694   

Vornado Realty Trust, Series G, 6.63% Pfd.

      22,000         560,340   

Vornado Realty Trust, Series I, 6.63% Pfd.

      281,574         7,182,953   

Vornado Realty Trust, Series J, 6.88% Pfd.

      10,000         264,800   

Weyerhaeuser Co., Series A, $3.19 Conv. Pfd.

      153,700         9,012,968   
                178,152,129   

Total Preferred Stocks
(Cost $179,600,135)

               183,850,391   
      Principal
Amount		      Value  

U.S. Dollar Denominated Bonds and Notes–2.12%

  

Brazil–0.73%

  

BR Properties S.A., Sr. Unsec. Gtd. Notes, 9.00% (d)(e)

      $    7,700,000       $ 8,027,250   

China–0.83%

  

Agile Property Holdings Ltd., Sr. Unsec. Gtd. Euro Notes,
9.88%, 03/20/17

      4,000,000         4,250,000   

Country Garden Holdings Co. Ltd., Sr. Unsec.Gtd.Notes,
11.13%, 02/23/18(d)

      4,500,000         4,945,860   
                9,195,860   

Hong Kong–0.29%

  

Shimao Property Holdings Ltd, REGS, Sr. Unsec. Gtd. Euro Notes, 9.65%, 08/03/17(d)

      3,000,000         3,195,000   

United States–0.27%

  

Retail Opportunity Investments Partnership L.P., Sr. Unsec. Gtd. Notes, 5.00%, 12/15/23

      1,975,000         2,099,901   

Senior Housing Properties Trust, Sr. Unsec. Notes, 4.30%, 01/15/16

      900,000         936,563   
                3,036,464   

Total U.S. Dollar Denominated Bonds and Notes
(Cost $23,132,150)

               23,454,574   

Non-U.S. Dollar Denominated Bonds & Notes–0.27%(c)

  

Australia–0.27%

  

General Property Trust, Sr. Unsec. Gtd. Medium-Term Notes, 6.75%, 01/24/19
(Cost $3,235,688)

      AUD    2,980,000         3,035,052   
      Shares          

Money Market Funds–3.74%

  

Liquid Assets Portfolio –Institutional Class (f)

      20,744,976         20,744,976   

Premier Portfolio –Institutional Class (f)

      20,744,976         20,744,976   

Total Money Market Funds
(Cost $41,489,952)

               41,489,952   

TOTAL INVESTMENTS–101.01%
(Cost $1,046,814,705)

   

      1,118,805,589   

OTHER ASSETS LESS LIABILITIES–(1.01)%

  

      (11,191,007 ) 

NET ASSETS–100.00%

             $ 1,107,614,582   
 

 

See accompanying notes which are an integral part of this schedule.

 

Invesco Global Real Estate Income Fund

Investment Abbreviations:

 

AUD   —Australian Dollar
Conv.   —Convertible
Ctfs.   —Certificates
GBP   —British Pound
Gtd.   —Guaranteed
Pfd.   —Preferred
REGS   —Regulation S
REIT   —Real Estate Investment Trust
Sr.   —Senior
Sub.   —Subordinated
Unsec.           —Unsecured
Wts.   —Warrants

Notes to Schedule of Investments:

 

(a)  Non-income producing security.

 

(b)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on May 31, 2014.

 

(c)  Foreign denominated security. Principal amount is denominated in currency indicated.

 

(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, 2014 was $113,919,469, which represented 10.29% of the Fund’s Net Assets.

 

(e)  Perpetual bond with no specified maturity date.

 

(f)  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, 2014

(Unaudited)

NOTE 1 -- Significant Accounting Policies

 

A. Security Valuations – Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the Adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices 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.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to

 

Invesco Global Real Estate Income Fund

A. Security Valuations – (continued)

changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain of the Fund’s investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. 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. Forward Foreign Currency Contracts – The Fund may enter into forward foreign currency contracts to manage or minimize currency or exchange rate risk. The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security. A forward foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.
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, 2014. 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, 2014, there were transfers from Level 1 to Level 2 of $51,343,378 and from Level 2 to Level 1 of $83,325,794, due to foreign fair value adjustments.

 

Invesco Global Real Estate Income Fund

      Level 1      Level 2      Level 3      Total  

Australia

    $ 54,421,971       $ 15,424,946       $  --           $ 69,846,917   

Brazil

      --         8,027,250         --             8,027,250   

Canada

      48,106,670         --         --             48,106,670   

China

      4,039,475         11,715,230         --             15,754,705   

Finland

      2,501,948         --         --             2,501,948   

France

      13,493,068         19,278,819         --             32,771,887   

Germany

      10,492,522         --         --             10,492,522   

Hong Kong

      13,226,443         14,843,725         --             28,070,168   

Japan

      28,239,645         63,258,974         --             91,498,619   

Netherlands

      5,357,729         --         --             5,357,729   

Singapore

      39,200,407         --         --             39,200,407   

South Africa

      9,356,338         --         --             9,356,338   

Sweden

      9,026,791         2,826,853         --             11,853,644   

United Kingdom

      2,865,509         47,490,009         --             50,355,518   

United States

      502,538,063         193,073,204         --             695,611,267   

Total Investments

    $     742,866,579       $     375,939,010       $          --           $   1,118,805,589   

NOTE 3 -- Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the nine months ended May 31, 2014 was $453,296,302 and $475,854,502, 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

    $ 76,300,220   

Aggregate unrealized (depreciation) of investment securities

      (12,091,226)   

Net unrealized appreciation of investment securities

    $ 64,208,994   

Cost of investments for tax purposes is $1,054,596,595.

   

 

 

Invesco Global Real Estate Income Fund

 

 

Invesco Growth and Income Fund

Quarterly Schedule of Portfolio Holdings

May 31, 2014

 

 

 

 

 

 

LOGO

 

invesco.com/us    VK-GRI-QTR-1         5/14    Invesco Advisers, Inc.
 

Schedule of Investments(a)

May 31, 2014

(Unaudited)

 

      Shares          Value  

Common Stocks & Other Equity Interests–96.60%

  

Aerospace & Defense–1.08%

      

General Dynamics Corp.

      845,926       $ 99,920,779   

Agricultural Products–0.98%

      

Archer-Daniels-Midland Co.

      2,021,972         90,867,422   

Apparel Retail–1.02%

      

Abercrombie & Fitch Co. -Class A

      2,485,210         94,462,832   

Application Software–2.55%

      

Adobe Systems Inc. (b)

      2,804,304         180,989,780   

Citrix Systems, Inc. (b)

      894,867         55,454,908   
                236,444,688   

Asset Management & Custody Banks–1.97%

  

Northern Trust Corp.

      1,468,659         88,707,004   

State Street Corp.

      1,438,663         93,901,534   
                182,608,538   

Automobile Manufacturers–1.26%

  

General Motors Co.

      3,365,815         116,389,883   

Biotechnology–1.02%

  

Amgen Inc.

      818,113         94,892,927   

Building Products–0.25%

  

Allegion PLC

      438,864         22,992,085   

Cable & Satellite–3.18%

  

Comcast Corp. -Class A

      2,903,036         151,538,479   

Time Warner Cable Inc.

      1,015,057         143,285,446   
                294,823,925   

Construction Machinery & Heavy Trucks–1.46%

  

Caterpillar Inc.

      1,320,886         135,034,176   

Consumer Finance–0.19%

  

Santander Consumer USA Holdings Inc.

      893,944         17,566,000   

Diversified Banks–11.00%

  

Bank of America Corp.

      5,794,438         87,727,791   

Citigroup Inc.

      7,025,405         334,198,516   

Comerica Inc.

      2,062,023         98,915,243   

JPMorgan Chase & Co.

      6,822,213         379,110,377   

Wells Fargo & Co.

      2,333,070         118,473,295   
                1,018,425,222   

Diversified Chemicals–1.22%

  

Dow Chemical Co. (The)

      2,158,426         112,497,163   
      Shares          Value  

Diversified Metals & Mining–0.74%

  

Freeport-McMoRan Copper & Gold Inc.

      2,018,366       $ 68,725,362   

Electric Utilities–1.34%

  

Edison International

      855,150         47,152,971   

Pinnacle West Capital Corp.

      1,396,020         77,367,428   
                124,520,399   

Electronic Components–1.35%

  

Corning Inc.

      5,847,411         124,549,854   

Health Care Equipment–1.23%

  

Medtronic, Inc.

      1,872,184         114,259,390   

Hotels, Resorts & Cruise Lines–1.53%

  

Carnival Corp.

      3,542,078         141,789,382   

Household Products–0.97%

  

Procter & Gamble Co. (The)

      1,112,559         89,883,642   

Industrial Conglomerates–2.53%

  

General Electric Co.

      8,739,374         234,127,829   

Industrial Machinery–1.15%

  

Ingersoll-Rand PLC

      1,780,144         106,488,214   

Insurance Brokers–3.37%

  

Aon PLC

      1,006,573         90,531,176   

Marsh & McLennan Cos., Inc.

      3,243,200         163,035,664   

Willis Group Holdings PLC

      1,401,761         58,789,856   
                312,356,696   

Integrated Oil & Gas–6.51%

  

Exxon Mobil Corp.

      908,661         91,347,690   

Occidental Petroleum Corp.

      1,118,792         111,532,374   

Royal Dutch Shell PLC -Class A (United Kingdom)

      6,116,148         240,406,757   

Total S.A. (France)

      2,267,961         159,159,915   
                602,446,736   

Integrated Telecommunication Services–1.70%

  

Koninklijke (Royal) KPN N.V. (Netherlands)(b)

      3,693,112         13,665,455   

Orange S.A. (France)

      1,064,070         17,790,876   

Telecom Italia S.p.A. (Italy)(b)

      10,088,638         12,528,829   

Telefonica S.A. (Spain)

      984,678         16,537,010   

Verizon Communications Inc.

      1,944,646         97,154,515   
                157,676,685   

Internet Software & Services–1.96%

  

eBay Inc. (b)

      3,574,794         181,349,300   
 

 

See accompanying notes which are an integral part of this schedule.

 

Invesco Growth and Income Fund

      Shares          Value  

Investment Banking & Brokerage–4.53%

  

Charles Schwab Corp. (The)

      5,113,252       $ 128,905,083   

Goldman Sachs Group, Inc. (The)

      496,067         79,276,467   

Morgan Stanley

      6,848,963         211,358,998   
                419,540,548   

IT Consulting & Other Services–1.26%

  

Amdocs Ltd.

      2,429,728         116,918,511   

Managed Health Care–3.20%

  

Cigna Corp.

      887,528         79,682,264   

UnitedHealth Group Inc.

      1,162,338         92,556,975   

WellPoint, Inc.

      1,144,037         123,967,849   
                296,207,088   

Movies & Entertainment–2.61%

  

Time Warner Inc.

      839,189         58,600,568   

Viacom Inc. -Class B

      2,144,155         182,960,746   
                241,561,314   

Multi-Utilities–0.69%

  

PG&E Corp.

      1,393,516         63,920,579   

Oil & Gas Equipment & Services–1.61%

  

Baker Hughes Inc.

      2,115,080         149,155,442   

Oil & Gas Exploration & Production–3.61%

  

Anadarko Petroleum Corp.

      966,182         99,381,480   

Apache Corp.

      1,109,094         103,389,743   

Canadian Natural Resources Ltd. (Canada)

      3,235,226         131,694,976   
                334,466,199   

Other Diversified Financial Services–0.83%

  

Voya Financial, Inc.

      2,153,451         77,093,546   

Packaged Foods & Meats–1.95%

  

Mondelez International Inc. -Class A

      3,038,719         114,316,609   

Unilever N.V. -New York Shares (Netherlands)

      1,529,702         66,404,364   
                180,720,973   

Personal Products–1.61%

  

Avon Products, Inc.

      10,460,696         149,483,346   

Pharmaceuticals–7.68%

  

Bristol-Myers Squibb Co.

      1,667,606         82,946,722   

Eli Lilly and Co.

      1,855,925         111,095,670   

Merck & Co., Inc.

      2,451,172         141,824,812   

Novartis AG (Switzerland)

      1,446,008         129,941,969   

Novartis AG -ADR (Switzerland)

      119,384         10,751,723   

Pfizer Inc.

      2,277,234         67,474,443   

Sanofi (France)

      518,740         55,582,161   

Teva Pharmaceutical Industries Ltd. -ADR (Israel)

      2,219,057         112,040,188   
                711,657,688   
      Shares          Value  

Property & Casualty Insurance–0.47%

  

Chubb Corp. (The)

      468,867       $ 43,445,216   

Publishing–0.73%

  

Thomson Reuters Corp.

      1,944,853         67,435,683   

Railroads–1.10%

  

CSX Corp.

      3,451,329         101,469,073   

Regional Banks–3.46%

  

BB&T Corp.

      2,177,868         82,584,755   

Fifth Third Bancorp

      3,596,979         74,421,495   

PNC Financial Services Group, Inc. (The)

      1,914,315         163,233,640   
                320,239,890   

Security & Alarm Services–1.69%

  

ADT Corp. (The)

      207,127         6,669,490   

Tyco International Ltd.

      3,437,833         150,027,032   
                156,696,522   

Semiconductor Equipment–1.85%

  

Applied Materials, Inc.

      8,492,965         171,472,963   

Semiconductors–1.58%

  

Broadcom Corp. -Class A

      2,218,489         70,703,244   

Texas Instruments Inc.

      1,601,554         75,241,007   
                145,944,251   

Specialized Finance–0.70%

  

CME Group Inc. -Class A

      898,673         64,704,456   

Specialty Chemicals–0.62%

  

PPG Industries, Inc.

      285,015         57,461,874   

Systems Software–2.41%

  

Microsoft Corp.

      2,616,008         107,099,368   

Symantec Corp.

      5,285,970         116,238,480   
                223,337,848   

Wireless Telecommunication Services–0.85%

  

Vodafone Group PLC -ADR
(United Kingdom)

      2,243,415         78,541,959   

Total Common Stocks & Other Equity Interests (Cost $6,375,615,361)

               8,946,574,098   

Money Market Funds–3.07%

  

Liquid Assets Portfolio –Institutional Class (c)

      142,285,770         142,285,770   

Premier Portfolio –Institutional Class (c)

      142,285,770         142,285,770   

Total Money Market Funds
(Cost $284,571,540)

               284,571,540   

TOTAL INVESTMENTS–99.67%
(Cost $6,660,186,901)

               9,231,145,638   

OTHER ASSETS LESS LIABILITIES–0.33%

  

      30,627,222   

NET ASSETS–100.00%

             $ 9,261,772,860   
 

 

See accompanying notes which are an integral part of this schedule.

 

Invesco Growth and Income 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)  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, 2014

(Unaudited)

NOTE 1 -- Significant Accounting Policies

 

A. Security Valuations – Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign currency contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the Adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain of the Fund’s investments.

 

Invesco Growth and Income 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. 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. Forward Foreign Currency Contracts – The Fund may enter into forward foreign currency contracts to manage or minimize currency or exchange rate risk. The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security. A forward foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts

 

Invesco Growth and Income Fund

E. Forward Foreign Currency Contracts – (continued)

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, 2014. 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, 2014, there were transfers from Level 2 to Level 1 of $429,886,377, due to foreign fair value adjustments.

 

      Level 1      Level 2      Level 3      Total  

  Equity Securities

    $ 9,015,419,043       $ 215,726,595       $                 --       $ 9,231,145,638   

  Forward Foreign Currency Contracts*

      --         1,189,264                         --         1,189,264   

Total Investments

    $   9,015,419,043       $   216,915,859       $                 --       $   9,232,334,902   

* Unrealized appreciation.

 

Invesco Growth and Income Fund

NOTE 3 -- Derivative Investments

 

Open Forward Foreign Currency Contracts at Period-End  
                                         Unrealized  
    Settlement         Contract to      Notional      Appreciation  
    Date    Counterparty        Deliver      Receive      Value      (Depreciation)  

06/27/14

    Bank of New York Mellon (The)    CAD      79,463,360       USD      72,813,987       $ 73,246,203       $ (432,216)   

06/27/14

    State Street Bank & Trust Co.    CAD      79,928,386       USD      73,233,390         73,674,845         (441,455)   

06/27/14

    Bank of New York Mellon (The)    CHF      46,720,933       USD      52,368,334         52,190,536         177,798   

06/27/14

    State Street Bank & Trust Co.    CHF      46,861,564       USD      52,525,081         52,347,631         177,450   

06/27/14

    Bank of New York Mellon (The)    EUR      89,063,758       USD      121,916,707         121,400,992         515,715   

06/27/14

    State Street Bank & Trust Co.    EUR      89,262,555       USD      122,193,743         121,671,968         521,775   

06/27/14

    Bank of New York Mellon (The)    GBP      72,034,103       USD      121,277,336         120,721,512         555,824   

06/27/14

    State Street Bank & Trust Co.    GBP      72,417,890       USD      121,917,328         121,364,698         552,630   

06/27/14

    Bank of New York Mellon (The)    ILS      144,616,836       USD      41,415,891         41,617,633         (201,742)   

06/27/14

    State Street Bank & Trust Co.    ILS      144,647,262       USD      41,389,874         41,626,389         (236,515)   

Total forward foreign currency contracts – Currency Risk

  

             $     1,189,264   

Currency Abbreviations:

CAD —   Canadian Dollar      GBP —   British Pound Sterling
CHF —   Swiss Franc       ILS —   Israeli Shekel
EUR —   Euro      USD —   U.S. Dollar

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, 2014 was $1,979,958,290 and $2,157,348,679, 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

    $  2,669,368,474   

Aggregate unrealized (depreciation) of investment securities

      (104,113,446)   

Net unrealized appreciation of investment securities

    $  2,565,255,028   

Cost of investments for tax purposes is $6,665,890,610.

   

 

Invesco Growth and Income Fund

    

 

 

Invesco Low Volatility Equity Yield Fund

Quarterly Schedule of Portfolio Holdings

May 31, 2014

 

 

 

 

 

LOGO

 

invesco.com/us    LVEY-QTR-1         5/14    Invesco Advisers, Inc.
 

Schedule of Investments(a)

May 31, 2014

(Unaudited)

 

      Shares          Value  

Common Stocks & Other Equity Interests–96.99%

  

Aerospace & Defense–4.34%

  

Lockheed Martin Corp.

      31,250       $ 5,114,063   

Northrop Grumman Corp.

      32,200         3,913,910   

Raytheon Co.

      65,300         6,371,321   
                15,399,294   

Agricultural Products–1.52%

      

Archer-Daniels-Midland Co.

      119,700         5,379,318   

Apparel Retail–0.28%

      

Guess?, Inc.

      39,300         1,002,150   

Biotechnology–1.97%

      

Myriad Genetics, Inc. (b)

      136,800         4,536,288   

PDL BioPharma Inc.

      264,000         2,473,680   
                7,009,968   

Broadcasting–0.20%

      

CTC Media, Inc. (Russia)

      68,900         700,713   

Building Products–0.15%

      

Allegion PLC

      10,200         534,378   

Coal & Consumable Fuels–0.56%

  

Peabody Energy Corp.

      123,400         1,994,144   

Commercial Printing–0.74%

      

R. R. Donnelley & Sons Co.

      166,600         2,638,944   

Communications Equipment–1.83%

  

Cisco Systems, Inc.

      263,700         6,492,294   

Computer & Electronics Retail–1.32%

  

GameStop Corp. -Class A

      123,600         4,678,260   

Computer Storage & Peripherals–1.06%

  

Lexmark International, Inc. -Class A

      86,500         3,770,535   

Construction Machinery & Heavy Trucks–1.38%

  

Caterpillar Inc.

      47,800         4,886,594   

Data Processing & Outsourced Services–0.94%

  

Western Union Co. (The)

      206,800         3,343,956   

Diversified Metals & Mining–0.12%

  

Compass Minerals International, Inc.

      4,600         427,754   

Diversified REIT’s–0.16%

      

Lexington Realty Trust

      51,200         581,120   

Electric Utilities–10.26%

      

American Electric Power Co., Inc.

      96,200         5,132,270   
      Shares          Value  

Electric Utilities–(continued)

      

Edison International

      87,800       $ 4,841,292   

Entergy Corp.

      79,600         6,003,432   

Exelon Corp.

      152,200         5,605,526   

FirstEnergy Corp.

      157,300         5,319,886   

IDACORP, Inc.

      6,000         328,980   

PPL Corp.

      161,100         5,652,999   

Southern Co. (The)

      73,400         3,213,452   

Xcel Energy, Inc.

      10,800         332,208   
                36,430,045   

Electronic Components–0.14%

      

Knowles Corp. (b)

      17,000         479,570   

Fertilizers & Agricultural Chemicals–0.10%

  

Scotts Miracle-Gro Co. (The) -Class A

      6,000         359,700   

Gas Utilities–0.45%

      

AGL Resources Inc.

      12,600         672,588   

New Jersey Resources Corp.

      16,600         913,166   
                1,585,754   

Health Care Distributors–0.70%

      

Cardinal Health, Inc.

      35,300         2,493,239   

Health Care REIT’s–0.40%

      

Ventas, Inc.

      21,100         1,409,480   

Hotel and Resort REIT’s–0.10%

  

Ryman Hospitality Properties, Inc.

      7,300         336,749   

Hypermarkets & Super Centers–0.54%

  

Wal-Mart Stores, Inc.

      25,100         1,926,927   

Industrial Conglomerates–1.43%

      

General Electric Co.

      190,000         5,090,100   

Integrated Oil & Gas–1.77%

      

Cenovus Energy Inc. (Canada)

      14,800         440,892   

Suncor Energy, Inc. (Canada)

      151,300         5,829,589   
                6,270,481   

Integrated Telecommunication Services–5.66%

  

AT&T Inc.

      181,200         6,427,164   

BCE Inc. (Canada)

      37,300         1,713,189   

CenturyLink Inc.

      163,400         6,155,278   

Windstream Holdings Inc.

      606,000         5,799,420   
                20,095,051   

IT Consulting & Other Services–0.06%

  

Amdocs Ltd.

      4,400         211,728   
 

 

 

See accompanying notes which are an integral part of this schedule.

 

Invesco Low Volatility Equity Yield Fund

      Shares          Value  

Mortgage REIT’s–6.21%

  

American Capital Agency Corp.

      223,500       $ 5,303,655   

Annaly Capital Management Inc.

      509,900         6,011,721   

CYS Investments, Inc.

      208,600         1,927,464   

Hatteras Financial Corp.

      69,500         1,410,155   

MFA Financial, Inc.

      364,800         3,002,304   

Starwood Property Trust, Inc.

      57,100         1,392,669   

Two Harbors Investment Corp.

      283,100         2,981,043   
                22,029,011   

Movies & Entertainment–0.30%

  

Regal Entertainment Group -Class A

      54,700         1,067,197   

Multi-Utilities–5.14%

      

Ameren Corp.

      129,300         5,087,955   

Consolidated Edison, Inc.

      38,300         2,106,883   

Integrys Energy Group, Inc.

      4,200         243,558   

PG&E Corp.

      42,900         1,967,823   

Public Service Enterprise Group Inc.

      154,300         6,011,528   

TECO Energy, Inc.

      152,300         2,630,221   

Vectren Corp.

      4,600         183,448   
                18,231,416   

Office REIT’s–1.79%

  

Digital Realty Trust, Inc.

      83,000         4,772,500   

Piedmont Office Realty Trust Inc. -Class A

      84,300         1,569,666   
                6,342,166   

Office Services & Supplies–1.76%

  

Pitney Bowes Inc.

      225,800         6,238,854   

Oil & Gas Drilling–3.03%

  

Nabors Industries Ltd.

      202,900         5,322,067   

Patterson-UTI Energy, Inc.

      164,200         5,433,378   
                10,755,445   

Oil & Gas Exploration & Production–7.24%

  

Baytex Energy Corp. (Canada)

      14,500         605,810   

Canadian Natural Resources Ltd. (Canada)

      127,200         5,173,224   

Chesapeake Energy Corp.

      183,300         5,264,376   

Encana Corp. (Canada)

      280,600         6,540,786   

Enerplus Corp. (Canada)

      49,700         1,127,693   

Gran Tierra Energy, Inc. (Canada)(b)

      36,700         264,974   

Marathon Oil Corp.

      116,300         4,263,558   

Pengrowth Energy Corp. (Canada)

      117,300         742,509   

Penn West Petroleum Ltd. (Canada)

      185,500         1,725,150   
                25,708,080   

Oil & Gas Refining & Marketing–3.95%

  

CVR Energy, Inc.

      66,900         3,148,314   

Marathon Petroleum Corp.

      18,400         1,644,776   

Valero Energy Corp.

      95,500         5,352,775   

Western Refining, Inc.

      94,300         3,868,186   
                14,014,051   
      Shares          Value  

Oil & Gas Storage & Transportation–0.46%

  

Spectra Energy Corp.

      39,800       $ 1,615,084   

Packaged Foods & Meats–0.08%

  

Tyson Foods, Inc. -Class A

      6,800         288,728   

Pharmaceuticals–4.55%

  

Eli Lilly and Co.

      84,300         5,046,198   

Merck & Co., Inc.

      87,900         5,085,894   

Pfizer Inc.

      203,700         6,035,631   
                16,167,723   

Reinsurance–1.87%

  

Everest Re Group, Ltd.

      16,650         2,664,333   

PartnerRe Ltd.

      35,500         3,811,635   

Validus Holdings, Ltd.

      4,700         175,451   
                6,651,419   

Residential REIT’s–0.14%

  

Starwood Waypoint Residential
Trust (b)

      18,600         507,594   

Retail REIT’s–0.72%

  

Kimco Realty Corp.

      42,300         969,516   

Retail Properties of America, Inc. -Class A

      105,200         1,582,208   
                2,551,724   

Semiconductors–3.40%

  

Intel Corp.

      212,500         5,805,500   

Intersil Corp. -Class A

      39,000         548,730   

Marvell Technology Group Ltd.

      367,200         5,717,304   
                12,071,534   

Specialized REIT’s–4.64%

  

Corrections Corp. of America

      12,200         396,866   

Geo Group Inc. (The)

      57,500         1,955,575   

Healthcare Trust of America, Inc. -Class A

      72,400         876,040   

Hospitality Properties Trust

      71,200         2,065,512   

National Health Investors, Inc.

      14,600         915,712   

Omega Healthcare Investors, Inc.

      100,900         3,722,201   

Potlatch Corp

      19,200         771,072   

Public Storage

      12,250         2,111,655   

RLJ Lodging Trust

      42,500         1,177,675   

Senior Housing Properties Trust

      103,000         2,469,940   
                16,462,248   

Specialty Stores–0.42%

  

Staples, Inc.

      131,800         1,482,750   

Systems Software–1.32%

  

CA, Inc.

      163,900         4,702,291   

Technology Hardware, Storage & Peripherals–5.16%

  

Apple Inc.

      9,520         6,026,160   

Hewlett-Packard Co.

      201,200         6,740,200   
 

 

See accompanying notes which are an integral part of this schedule.

 

Invesco Low Volatility Equity Yield Fund

      Shares          Value  

Technology Hardware, Storage & Peripherals–(continued)

  

NetApp, Inc.

      150,400       $ 5,566,304   
                18,332,664   

Thrifts & Mortgage Finance–1.23%

  

New York Community Bancorp, Inc.

      286,300         4,374,664   

Tobacco–5.40%

  

Altria Group, Inc.

      142,800         5,934,768   

Lorillard, Inc.

      114,400         7,112,248   

Reynolds American Inc.

      102,500         6,112,075   
                19,159,091   

Total Common Stocks & Other Equity Interests
(Cost $307,895,029)

               344,281,980   
     Principal
Amount		         

U.S. Treasury Bills–0.20%

  

0.08%, 09/11/14
(Cost $699,850) (c)(d)

    $ 700,000         699,941   
     Shares         

Money Market Funds–2.70%

  

Liquid Assets Portfolio –Institutional Class (e)

      4,802,666         4,802,666   

Premier Portfolio –Institutional
Class (e)

      4,802,666         4,802,666   

Total Money Market Funds
(Cost $9,605,332)

               9,605,332   

TOTAL INVESTMENTS–99.89%
(Cost $318,200,211)

               354,587,253   

OTHER ASSETS LESS LIABILITIES–0.11%

  

      390,360   

NET ASSETS–100.00%

             $     354,977,613   

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 Low Volatility Equity Yield Fund

Notes to Quarterly Schedule of Portfolio Holdings

May 31, 2014

(Unaudited)

NOTE 1 — Significant Accounting Policies

 

A. Security Valuations – Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including forward foreign currency contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the Adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

 

Invesco Low Volatility Equity Yield Fund

A. Security Valuations – (continued)

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain of the Fund’s investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

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. 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.

 

Invesco Low Volatility Equity Yield Fund

D. Futures Contracts – (continued)

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.

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, 2014. 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

    $ 353,887,312       $ —       $ —       $ 353,887,312   

  U.S. Treasury Securities

      —         699,941         —         699,941   
       353,887,312         699,941         —         354,587,253   

  Futures*

      367,093         —         —         367,093   

Total Investments

    $     354,254,405       $         699,941       $                 —       $     354,954,346   

* Unrealized appreciation.

NOTE 3 — Derivative Investments

 

Open Futures Contracts at Period-End
Futures Contracts    Type of
Contract		    Number of
Contracts		    Expiration
Month		    Notional
Value		   

Unrealized

Appreciation

E-Mini S&P 500 Index

    Long    103    June-2014    $9,902,060    $367,093

 

Invesco Low Volatility Equity Yield 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, 2014 was $302,926,823 and $328,885,637, 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

    $ 39,256,863   

Aggregate unrealized (depreciation) of investment securities

      (3,775,943)   

Net unrealized appreciation of investment securities

    $   35,480,920   

Cost of investments for tax purposes is $319,106,333.

   

 

Invesco Low Volatility Equity Yield Fund

 

 

Invesco S&P 500 Index Fund

Quarterly Schedule of Portfolio Holdings

May 31, 2014

 

 

 

 

 

LOGO

 

invesco.com/us    MS-SPI-QTR-1        5/14    Invesco Advisers, Inc.
 

Schedule of Investments(a)

May 31, 2014

(Unaudited)

 

      Shares          Value  

Common Stocks & Other Equity Interests–99.23%

  

Advertising–0.15%

  

Interpublic Group of Cos., Inc. (The)

      16,923       $ 323,568   

Omnicom Group Inc.

      10,348         736,260   
                1,059,828   

Aerospace & Defense–2.73%

  

Boeing Co. (The)

      27,297         3,691,919   

General Dynamics Corp.

      12,976         1,532,725   

Honeywell International Inc.

      31,296         2,915,223   

L-3 Communications Holdings, Inc.

      3,394         411,251   

Lockheed Martin Corp.

      10,776         1,763,492   

Northrop Grumman Corp.

      8,650         1,051,408   

Precision Castparts Corp.

      5,798         1,466,778   

Raytheon Co.

      12,552         1,224,699   

Rockwell Collins, Inc.

      5,354         423,180   

Textron Inc.

      11,277         442,284   

United Technologies Corp.

      33,637         3,909,292   
                18,832,251   

Agricultural & Farm Machinery–0.20%

  

Deere & Co.

      14,755         1,345,213   

Agricultural Products–0.17%

  

Archer-Daniels-Midland Co.

      26,277         1,180,888   

Air Freight & Logistics–0.76%

  

C.H. Robinson Worldwide, Inc.

      5,925         354,671   

Expeditors International of Washington, Inc.

      8,087         368,039   

FedEx Corp.

      11,086         1,598,158   

United Parcel Service, Inc. -Class B

      28,314         2,941,258   
                5,262,126   

Airlines–0.30%

  

Delta Air Lines, Inc.

      33,900         1,352,949   

Southwest Airlines Co.

      28,018         741,076   
                2,094,025   

Aluminum–0.08%

  

Alcoa Inc.

      43,013         585,407   

Apparel Retail–0.47%

  

Gap, Inc. (The)

      10,529         434,111   

L Brands, Inc.

      9,704         556,913   

Ross Stores, Inc.

      8,534         584,152   

TJX Cos., Inc. (The)

      28,385         1,545,563   

Urban Outfitters, Inc. (b)

      4,385         146,985   
                3,267,724   

Apparel, Accessories & Luxury Goods–0.48%

  

Coach, Inc.

      11,033         449,153   

Fossil Group, Inc. (b)

      1,929         202,082   

Michael Kors Holdings Ltd. (b)

      7,119         671,891   
      Shares          Value  

Apparel, Accessories & Luxury Goods–(continued)

  

PVH Corp.

      3,304       $ 434,906   

Ralph Lauren Corp.

      2,349         360,525   

Under Armour, Inc. -Class A (b)

      6,420         326,072   

VF Corp.

      14,100         888,582   
                3,333,211   

Application Software–0.61%

  

Adobe Systems Inc. (b)

      18,579         1,199,089   

Autodesk, Inc. (b)

      9,086         475,834   

Citrix Systems, Inc. (b)

      7,366         456,471   

Intuit Inc.

      11,322         897,721   

Salesforce.com, Inc. (b)

      22,402         1,179,017   
                4,208,132   

Asset Management & Custody Banks–1.19%

  

Ameriprise Financial, Inc.

      7,617         857,750   

Bank of New York Mellon Corp. (The)

      45,303         1,565,672   

BlackRock, Inc.

      5,014         1,528,769   

Franklin Resources, Inc.

      16,148         891,531   

Invesco Ltd. (c)

      17,287         634,433   

Legg Mason, Inc.

      4,185         204,395   

Northern Trust Corp.

      8,894         537,198   

State Street Corp.

      17,227         1,124,406   

T. Rowe Price Group Inc.

      10,466         853,293   
                8,197,447   

Auto Parts & Equipment–0.38%

  

BorgWarner, Inc.

      9,138         574,689   

Delphi Automotive PLC (United Kingdom)

      11,130         768,638   

Johnson Controls, Inc.

      26,503         1,281,685   
                2,625,012   

Automobile Manufacturers–0.63%

  

Ford Motor Co.

      157,409         2,587,804   

General Motors Co.

      52,031         1,799,232   
                4,387,036   

Automotive Retail–0.27%

  

AutoNation, Inc. (b)

      2,498         142,811   

AutoZone, Inc. (b)

      1,351         719,407   

CarMax, Inc. (b)

      8,909         394,758   

O’Reilly Automotive, Inc. (b)

      4,224         624,941   
                1,881,917   

Biotechnology–2.45%

  

Alexion Pharmaceuticals, Inc. (b)

      7,895         1,313,096   

Amgen Inc.

      30,134         3,495,243   

Biogen Idec Inc. (b)

      9,434         3,012,937   

Celgene Corp. (b)

      16,204         2,479,698   

Gilead Sciences, Inc. (b)

      61,395         4,985,888   
 

 

 

See accompanying notes which are an integral part of this schedule.

 

Invesco S&P 500 Index Fund

      Shares          Value  

Biotechnology–(continued)

  

Regeneron Pharmaceuticals, Inc. (b)

      3,148       $ 966,310   

Vertex Pharmaceuticals Inc. (b)

      9,409         679,894   
                16,933,066   

Brewers–0.06%

  

Molson Coors Brewing Co. -Class B

      6,335         416,400   

Broadcasting–0.34%

  

CBS Corp. -Class B

      22,025         1,312,911   

Discovery Communications, Inc. -Class A (b)

      8,869         682,558   

Scripps Networks Interactive Inc. -Class A

      4,420         337,953   
                2,333,422   

Building Products–0.07%

  

Allegion PLC

      3,595         188,342   

Masco Corp.

      14,223         302,950   
                491,292   

Cable & Satellite–1.26%

  

Cablevision Systems Corp. -Class A

      8,524         150,278   

Comcast Corp. -Class A

      104,034         5,430,575   

DIRECTV (b)

      18,910         1,558,940   

Time Warner Cable Inc.

      11,073         1,563,065   
                8,702,858   

Casinos & Gaming–0.12%

  

International Game Technology

      9,893         124,157   

Wynn Resorts Ltd.

      3,219         691,989   
                816,146   

Coal & Consumable Fuels–0.08%

  

CONSOL Energy Inc.

      9,119         402,786   

Peabody Energy Corp.

      10,852         175,369   
                578,155   

Commodity Chemicals–0.25%

  

LyondellBasell Industries N.V. -Class A

      17,232         1,715,790   

Communications Equipment–1.77%

  

Cisco Systems, Inc.

      205,602         5,061,921   

F5 Networks, Inc. (b)

      3,037         329,666   

Harris Corp.

      4,220         325,995   

Juniper Networks, Inc. (b)

      19,973         488,540   

Motorola Solutions, Inc.

      9,017         607,926   

QUALCOMM, Inc.

      67,495         5,429,973   
                12,244,021   

Computer & Electronics Retail–0.07%

  

Best Buy Co., Inc.

      10,864         300,498   

GameStop Corp. -Class A

      4,652         176,078   
                476,576   

Construction & Engineering–0.15%

  

Fluor Corp.

      6,396         480,212   

Jacobs Engineering Group, Inc. (b)

      5,301         291,926   

Quanta Services, Inc. (b)

      8,717         295,942   
                1,068,080   
      Shares          Value  

Construction Machinery & Heavy Trucks–0.69%

  

Caterpillar Inc.

      25,457       $ 2,602,469   

Cummins Inc.

      6,937         1,060,876   

Joy Global Inc.

      3,996         228,371   

PACCAR Inc.

      14,105         893,693   
                4,785,409   

Construction Materials–0.05%

  

Vulcan Materials Co.

      5,178         315,703   

Consumer Electronics–0.08%

  

Garmin Ltd.

      4,872         287,010   

Harman International Industries, Inc.

      2,749         288,727   
                575,737   

Consumer Finance–0.94%

  

American Express Co.

      36,472         3,337,188   

Capital One Financial Corp.

      22,817         1,800,033   

Discover Financial Services

      18,794         1,111,289   

Navient Corp.

      17,110         270,338   
                6,518,848   

Data Processing & Outsourced Services–1.85%

  

Alliance Data Systems Corp. (b)

      2,122         543,338   

Automatic Data Processing, Inc.

      19,236         1,532,724   

Computer Sciences Corp.

      5,824         366,271   

Fidelity National Information Services, Inc.

      11,639         630,252   

Fiserv, Inc. (b)

      10,111         607,772   

MasterCard, Inc. -Class A

      40,727         3,113,579   

Paychex, Inc.

      12,963         532,909   

Total System Services, Inc.

      6,635         200,775   

Visa Inc. -Class A

      20,242         4,348,589   

Western Union Co. (The)

      21,869         353,622   

Xerox Corp.

      44,456         549,032   
                12,778,863   

Department Stores–0.25%

  

Kohl’s Corp.

      8,000         435,520   

Macy’s, Inc.

      14,746         883,138   

Nordstrom, Inc.

      5,727         389,780   
                1,708,438   

Distillers & Vintners–0.17%

  

Brown-Forman Corp. -Class B

      6,465         599,112   

Constellation Brands, Inc. -Class A (b)

      6,701         563,755   
                1,162,867   

Distributors–0.08%

  

Genuine Parts Co.

      6,170         532,656   

Diversified Banks–4.88%

  

Bank of America Corp.

      421,806         6,386,143   

Citigroup Inc.

      121,193         5,765,151   

Comerica Inc.

      7,229         346,775   

JPMorgan Chase & Co.

      151,143         8,399,017   

U.S. Bancorp

      72,743         3,069,027   

Wells Fargo & Co.

      191,114         9,704,769   
                33,670,882   
 

 

See accompanying notes which are an integral part of this schedule.

 

Invesco S&P 500 Index Fund

      Shares          Value  

Diversified Chemicals–0.87%

  

Dow Chemical Co. (The)

      48,527       $ 2,529,227   

E. I. du Pont de Nemours and Co.

      37,000         2,564,470   

Eastman Chemical Co.

      6,045         533,532   

FMC Corp.

      5,296         405,462   
                6,032,691   

Diversified Metals & Mining–0.20%

  

Freeport-McMoRan Copper & Gold Inc.

      41,445         1,411,202   

Diversified REIT’s–0.11%

  

Vornado Realty Trust

      6,926         741,636   

Diversified Support Services–0.07%

  

Cintas Corp.

      4,002         248,604   

Iron Mountain Inc.

      6,772         210,880   
                459,484   

Drug Retail–0.90%

  

CVS Caremark Corp.

      47,194         3,696,234   

Walgreen Co.

      34,889         2,508,868   
                6,205,102   

Education Services–0.02%

  

Graham Holdings Co. -Class B

      174         117,788   

Electric Utilities–1.73%

  

American Electric Power Co., Inc.

      19,497         1,040,165   

Duke Energy Corp.

      28,196         2,004,172   

Edison International

      12,982         715,828   

Entergy Corp.

      7,162         540,158   

Exelon Corp.

      34,221         1,260,359   

FirstEnergy Corp.

      16,665         563,610   

NextEra Energy, Inc.

      17,376         1,691,727   

Northeast Utilities

      12,542         569,407   

Pepco Holdings, Inc.

      10,026         277,720   

Pinnacle West Capital Corp.

      4,382         242,850   

PPL Corp.

      25,173         883,321   

Southern Co. (The)

      35,439         1,551,519   

Xcel Energy, Inc.

      19,927         612,955   
                11,953,791   

Electrical Components & Equipment–0.65%

  

AMETEK, Inc.

      9,732         516,574   

Eaton Corp. PLC

      18,984         1,398,931   

Emerson Electric Co.

      28,083         1,873,979   

Rockwell Automation, Inc.

      5,525         668,967   
                4,458,451   

Electronic Components–0.25%

  

Amphenol Corp. -Class A

      6,294         602,965   

Corning Inc.

      52,224         1,112,371   
                1,715,336   

Electronic Equipment & Instruments–0.03%

  

FLIR Systems, Inc.

      5,660         197,591   

Electronic Manufacturing Services–0.16%

  

Jabil Circuit, Inc.

      7,489         140,943   
      Shares          Value  

Electronic Manufacturing Services–(continued)

  

TE Connectivity Ltd. (Switzerland)

      16,412       $ 975,857   
                1,116,800   

Environmental & Facilities Services–0.22%

  

Republic Services, Inc.

      10,818         382,957   

Stericycle, Inc. (b)

      3,407         389,659   

Waste Management, Inc.

      17,252         770,819   
                1,543,435   

Fertilizers & Agricultural Chemicals–0.55%

  

CF Industries Holdings, Inc.

      2,213         538,445   

Monsanto Co.

      20,901         2,546,787   

Mosaic Co. (The)

      13,574         678,564   
                3,763,796   

Food Distributors–0.13%

  

Sysco Corp.

      23,347         876,213   

Food Retail–0.27%

  

Kroger Co. (The)

      20,651         985,878   

Safeway Inc.

      9,191         315,619   

Whole Foods Market, Inc.

      14,845         567,673   
                1,869,170   

Footwear–0.33%

  

NIKE, Inc. -Class B

      29,702         2,284,381   

Gas Utilities–0.04%

  

AGL Resources Inc.

      4,712         251,527   

General Merchandise Stores–0.39%

  

Dollar General Corp. (b)

      11,711         629,818   

Dollar Tree, Inc. (b)

      8,271         438,611   

Family Dollar Stores, Inc.

      3,772         221,039   

Target Corp.

      25,251         1,433,247   
                2,722,715   

Gold–0.07%

  

Newmont Mining Corp.

      19,831         453,932   

Health Care Distributors–0.51%

  

AmerisourceBergen Corp.

      9,104         666,231   

Cardinal Health, Inc.

      13,685         966,571   

McKesson Corp.

      9,184         1,741,654   

Patterson Cos. Inc.

      3,263         127,779   
                3,502,235   

Health Care Equipment–2.02%

  

Abbott Laboratories

      61,587         2,464,096   

Baxter International Inc.

      21,680         1,613,209   

Becton, Dickinson and Co.

      7,739         910,880   

Boston Scientific Corp. (b)

      52,852         678,091   

C.R. Bard, Inc.

      3,095         457,782   

CareFusion Corp. (b)

      8,300         356,319   

Covidien PLC

      17,989         1,315,176   

Edwards Lifesciences Corp. (b)

      4,248         344,938   

Intuitive Surgical, Inc. (b)

      1,532         566,442   

Medtronic, Inc.

      39,944         2,437,782   
 

 

See accompanying notes which are an integral part of this schedule.

 

Invesco S&P 500 Index Fund

      Shares          Value  

Health Care Equipment–(continued)

  

St. Jude Medical, Inc.

      11,326       $ 735,057   

Stryker Corp.

      11,753         993,011   

Varian Medical Systems, Inc. (b)

      4,178         344,476   

Zimmer Holdings, Inc.

      6,755         704,884   
                13,922,143   

Health Care Facilities–0.03%

  

Tenet Healthcare Corp. (b)

      3,843         180,621   

Health Care REIT’s–0.33%

  

HCP, Inc.

      18,246         761,770   

Health Care REIT, Inc.

      11,573         731,761   

Ventas, Inc.

      11,784         787,171   
                2,280,702   

Health Care Services–0.49%

  

DaVita HealthCare Partners Inc. (b)

      7,030         496,248   

Express Scripts Holding Co. (b)

      30,973         2,213,640   

Laboratory Corp. of America Holdings (b)

      3,373         346,003   

Quest Diagnostics Inc.

      5,779         346,104   
                3,401,995   

Health Care Supplies–0.04%

  

DENTSPLY International Inc.

      5,709         269,979   

Health Care Technology–0.09%

  

Cerner Corp. (b)

      11,758         635,520   

Home Entertainment Software–0.06%

  

Electronic Arts Inc. (b)

      12,318         432,731   

Home Furnishings–0.07%

  

Leggett & Platt, Inc.

      5,543         188,018   

Mohawk Industries, Inc. (b)

      2,424         328,840   
                516,858   

Home Improvement Retail–0.94%

  

Home Depot, Inc. (The)

      56,205         4,509,327   

Lowe’s Cos., Inc.

      41,741         1,965,166   
                6,474,493   

Homebuilding–0.12%

  

D.R. Horton, Inc.

      11,320         268,058   

Lennar Corp. -Class A

      7,016         286,954   

PulteGroup Inc.

      13,703         268,031   
                823,043   

Homefurnishing Retail–0.08%

  

Bed Bath & Beyond Inc. (b)

      8,535         519,355   

Hotel and Resort REIT’s–0.10%

  

Host Hotels & Resorts Inc.

      30,203         666,580   

Hotels, Resorts & Cruise Lines–0.32%

  

Carnival Corp.

      17,444         698,283   

Marriott International Inc. -Class A

      8,825         543,797   

Starwood Hotels & Resorts Worldwide, Inc.

      7,611         607,738   
      Shares          Value  

Hotels, Resorts & Cruise Lines–(continued)

  

Wyndham Worldwide Corp.

      5,163       $ 381,701   
                2,231,519   

Household Appliances–0.06%

  

Whirlpool Corp.

      3,111         446,584   

Household Products–1.93%

  

Clorox Co. (The)

      5,224         468,175   

Colgate-Palmolive Co.

      34,838         2,382,919   

Kimberly-Clark Corp.

      15,163         1,703,563   

Procter & Gamble Co. (The)

      108,220         8,743,094   
                13,297,751   

Housewares & Specialties–0.05%

  

Newell Rubbermaid Inc.

      11,131         325,916   

Human Resource & Employment Services–0.04%

  

Robert Half International, Inc.

      5,484         250,016   

Hypermarkets & Super Centers–1.01%

  

Costco Wholesale Corp.

      17,549         2,036,035   

Wal-Mart Stores, Inc.

      64,574         4,957,346   
                6,993,381   

Independent Power Producers & Energy Traders–0.12%

  

AES Corp. (The)

      26,293         370,731   

NRG Energy, Inc.

      12,979         462,572   
                833,303   

Industrial Conglomerates–2.43%

  

3M Co.

      25,127         3,581,854   

Danaher Corp.

      23,975         1,880,359   

General Electric Co. (d)

      400,452         10,728,109   

Roper Industries, Inc.

      3,936         557,653   
                16,747,975   

Industrial Gases–0.41%

  

Air Products and Chemicals, Inc.

      8,454         1,014,226   

Airgas, Inc.

      2,653         282,067   

Praxair, Inc.

      11,749         1,553,688   
                2,849,981   

Industrial Machinery–0.83%

  

Dover Corp.

      6,777         590,819   

Flowserve Corp.

      5,472         403,505   

Illinois Tool Works Inc.

      15,600         1,350,180   

Ingersoll-Rand PLC

      10,319         617,282   

Pall Corp.

      4,378         370,992   

Parker Hannifin Corp.

      5,984         749,376   

Pentair PLC

      7,836         584,879   

Snap-on Inc.

      2,325         272,653   

Stanley Black & Decker Inc.

      6,169         539,171   

Xylem, Inc.

      7,371         274,938   
                5,753,795   

Industrial REIT’s–0.12%

  

Prologis, Inc.

      19,969         828,913   
 

 

See accompanying notes which are an integral part of this schedule.

 

Invesco S&P 500 Index Fund

      Shares          Value  

Insurance Brokers–0.32%

  

Aon PLC

      12,066       $ 1,085,216   

Marsh & McLennan Cos., Inc.

      21,902         1,101,014   
                2,186,230   

Integrated Oil & Gas–4.47%

  

Chevron Corp.

      76,198         9,356,352   

Exxon Mobil Corp.

      172,473         17,338,711   

Hess Corp.

      10,906         995,718   

Occidental Petroleum Corp.

      31,720         3,162,167   
                30,852,948   

Integrated Telecommunication Services–2.46%

  

AT&T Inc.

      207,820         7,371,375   

CenturyLink Inc.

      23,067         868,934   

Frontier Communications Corp.

      39,894         230,986   

Verizon Communications Inc.

      165,284         8,257,589   

Windstream Holdings Inc.

      23,824         227,996   
                16,956,880   

Internet Retail–1.31%

  

Amazon.com, Inc. (b)

      14,847         4,640,430   

Expedia, Inc.

      4,092         299,944   

Netflix Inc. (b)

      2,386         996,942   

Priceline Group Inc. (The) (b)

      2,081         2,660,829   

TripAdvisor Inc. (b)

      4,387         426,285   
                9,024,430   

Internet Software & Services–3.10%

  

Akamai Technologies, Inc. (b)

      7,098         385,705   

eBay Inc. (b)

      46,506         2,359,249   

Facebook Inc. -Class A (b)

      68,184         4,316,047   

Google Inc. -Class A (b)

      11,266         6,440,209   

Google Inc. -Class C (b)

      11,266         6,320,001   

VeriSign, Inc. (b)

      5,014         251,101   

Yahoo! Inc. (b)

      37,501         1,299,410   
                21,371,722   

Investment Banking & Brokerage–0.84%

  

Charles Schwab Corp. (The)

      46,646         1,175,946   

E*TRADE Financial Corp. (b)

      11,539         235,049   

Goldman Sachs Group, Inc. (The)

      16,804         2,685,447   

Morgan Stanley

      55,986         1,727,728   
                5,824,170   

IT Consulting & Other Services–1.55%

  

Accenture PLC -Class A

      25,424         2,070,785   

Cognizant Technology Solutions Corp. -Class A (b)

      24,243         1,178,452   

International Business Machines Corp.

      39,068         7,202,577   

Teradata Corp. (b)

      6,353         266,762   
                10,718,576   

Leisure Products–0.11%

  

Hasbro, Inc.

      4,629         248,577   

Mattel, Inc.

      13,584         527,467   
                776,044   
      Shares          Value  

Life & Health Insurance–0.95%

  

Aflac, Inc.

      18,192       $ 1,113,896   

Lincoln National Corp.

      10,527         504,875   

MetLife, Inc.

      44,843         2,283,854   

Principal Financial Group, Inc.

      11,008         514,844   

Prudential Financial, Inc.

      18,503         1,520,207   

Torchmark Corp.

      3,508         283,902   

Unum Group

      10,380         351,986   
                6,573,564   

Life Sciences Tools & Services–0.45%

  

Agilent Technologies, Inc.

      13,307         757,700   

PerkinElmer, Inc.

      4,532         203,804   

Thermo Fisher Scientific, Inc.

      15,636         1,828,005   

Waters Corp. (b)

      3,350         335,536   
                3,125,045   

Managed Health Care–1.05%

  

Aetna Inc.

      14,475         1,122,536   

Cigna Corp.

      10,886         977,345   

Humana Inc.

      6,178         768,914   

UnitedHealth Group Inc.

      39,480         3,143,793   

WellPoint, Inc.

      11,273         1,221,542   
                7,234,130   

Metal & Glass Containers–0.08%

  

Ball Corp.

      5,609         338,559   

Owens-Illinois, Inc. (b)

      6,548         217,590   
                556,149   

Motorcycle Manufacturers–0.09%

  

Harley-Davidson, Inc.

      8,788         626,057   

Movies & Entertainment–1.75%

  

Time Warner Inc.

      35,628         2,487,903   

Twenty-First Century Fox, Inc. -Class A

      77,463         2,742,965   

Viacom Inc. -Class B

      15,904         1,357,088   

Walt Disney Co. (The)

      65,066         5,466,195   
                12,054,151   

Multi-Line Insurance–0.70%

  

American International Group, Inc.

      58,427         3,159,148   

Assurant, Inc.

      2,872         194,751   

Genworth Financial Inc. -Class A (b)

      19,774         335,960   

Hartford Financial Services Group, Inc. (The)

      17,771         615,765   

Loews Corp.

      12,192         525,841   
                4,831,465   

Multi-Sector Holdings–1.38%

  

Berkshire Hathaway Inc. -Class B (b)

      71,850         9,221,229   

Leucadia National Corp.

      12,488         320,317   
                9,541,546   

Multi-Utilities–1.15%

  

Ameren Corp.

      9,668         380,436   

CenterPoint Energy, Inc.

      17,080         411,970   

CMS Energy Corp.

      10,694         318,146   

Consolidated Edison, Inc.

      11,670         641,967   
 

 

See accompanying notes which are an integral part of this schedule.

 

Invesco S&P 500 Index Fund

      Shares          Value  

Multi-Utilities–(continued)

  

Dominion Resources, Inc.

      23,208       $ 1,600,424   

DTE Energy Co.

      7,071         538,244   

Integrys Energy Group, Inc.

      3,236         187,656   

NiSource Inc.

      12,555         469,180   

PG&E Corp.

      18,265         837,815   

Public Service Enterprise Group Inc.

      20,157         785,317   

SCANA Corp.

      5,677         295,204   

Sempra Energy

      9,051         908,268   

TECO Energy, Inc.

      8,217         141,907   

Wisconsin Energy Corp.

      8,971         408,360   
                7,924,894   

Office REIT’s–0.11%

  

Boston Properties, Inc.

      6,071         732,648   

Office Services & Supplies–0.03%

  

Pitney Bowes Inc.

      8,042         222,200   

Oil & Gas Drilling–0.35%

  

Diamond Offshore Drilling, Inc.

      2,757         140,772   

Ensco PLC -Class A

      9,308         490,159   

Helmerich & Payne, Inc.

      4,267         469,157   

Nabors Industries Ltd.

      10,446         273,999   

Noble Corp. PLC

      10,096         317,620   

Rowan Cos. PLC -Class A

      5,006         154,986   

Transocean Ltd.

      13,498         573,530   
                2,420,223   

Oil & Gas Equipment & Services–1.63%

  

Baker Hughes Inc.

      17,448         1,230,433   

Cameron International Corp. (b)

      8,652         553,295   

FMC Technologies, Inc. (b)

      9,440         548,086   

Halliburton Co.

      33,960         2,195,175   

National Oilwell Varco Inc. (b)

      17,136         1,266,865   

Schlumberger Ltd.

      52,179         5,428,703   
                11,222,557   

Oil & Gas Exploration & Production–2.66%

  

Anadarko Petroleum Corp.

      20,132         2,070,777   

Apache Corp.

      15,753         1,468,495   

Cabot Oil & Gas Corp.

      16,865         611,188   

Chesapeake Energy Corp.

      20,207         580,345   

ConocoPhillips

      48,937         3,912,024   

Denbury Resources Inc.

      14,207         239,956   

Devon Energy Corp.

      15,308         1,131,261   

EOG Resources, Inc.

      21,810         2,307,498   

EQT Corp.

      6,000         641,280   

Marathon Oil Corp.

      27,816         1,019,735   

Murphy Oil Corp.

      6,872         423,796   

Newfield Exploration Co. (b)

      5,436         198,305   

Noble Energy, Inc.

      14,411         1,038,601   

Pioneer Natural Resources Co.

      5,718         1,201,695   

QEP Resources Inc.

      7,143         228,147   

Range Resources Corp.

      6,559         609,659   

Southwestern Energy Co. (b)

      14,085         640,445   
                18,323,207   
      Shares          Value  

Oil & Gas Refining & Marketing–0.66%

  

Marathon Petroleum Corp.

      11,756       $ 1,050,869   

Phillips 66

      23,453         1,988,580   

Tesoro Corp.

      5,279         296,680   

Valero Energy Corp.

      21,254         1,191,286   
                4,527,415   

Oil & Gas Storage & Transportation–0.55%

  

Kinder Morgan Inc.

      26,729         892,481   

ONEOK, Inc.

      8,316         536,299   

Spectra Energy Corp.

      26,773         1,086,448   

Williams Cos., Inc. (The)

      27,316         1,282,760   
                3,797,988   

Packaged Foods & Meats–1.50%

  

Campbell Soup Co.

      7,088         325,339   

ConAgra Foods, Inc.

      16,819         543,254   

General Mills, Inc.

      24,926         1,369,185   

Hershey Co. (The)

      6,005         584,527   

Hormel Foods Corp.

      5,327         262,142   

JM Smucker Co. (The)

      4,147         425,482   

Kellogg Co.

      10,254         707,321   

Keurig Green Mountain Inc.

      5,154         581,268   

Kraft Foods Group, Inc.

      23,834         1,417,169   

McCormick & Co., Inc.

      5,206         376,446   

Mead Johnson Nutrition Co.

      8,045         719,786   

Mondelez International Inc. -Class A

      67,890         2,554,022   

Tyson Foods, Inc. -Class A

      10,696         454,152   
                10,320,093   

Paper Packaging–0.13%

  

Avery Dennison Corp.

      3,839         194,637   

Bemis Co., Inc.

      4,056         167,959   

MeadWestvaco Corp.

      6,940         281,625   

Sealed Air Corp.

      7,801         256,887   
                901,108   

Paper Products–0.12%

  

International Paper Co.

      17,513         834,144   

Personal Products–0.15%

  

Avon Products, Inc.

      17,281         246,945   

Estee Lauder Cos. Inc. (The) -Class A

      10,188         780,605   
                1,027,550   

Pharmaceuticals–6.04%

  

AbbVie Inc.

      63,402         3,444,631   

Actavis PLC (b)

      6,953         1,470,838   

Allergan, Inc.

      11,927         1,997,295   

Bristol-Myers Squibb Co.

      65,618         3,263,839   

Eli Lilly and Co.

      39,308         2,352,977   

Forest Laboratories, Inc. (b)

      9,518         902,116   

Hospira, Inc. (b)

      6,662         327,571   

Johnson & Johnson

      112,909         11,455,747   

Merck & Co., Inc.

      117,368         6,790,912   

Mylan Inc. (b)

      14,843         739,775   

Perrigo Co. PLC

      5,338         737,712   
 

 

See accompanying notes which are an integral part of this schedule.

 

Invesco S&P 500 Index Fund

      Shares          Value  

Pharmaceuticals–(continued)

  

Pfizer Inc.

      254,761       $ 7,548,568   

Zoetis Inc.

      19,924         611,667   
                41,643,648   

Property & Casualty Insurance–0.85%

  

ACE Ltd.

      13,436         1,393,448   

Allstate Corp. (The)

      17,844         1,039,591   

Chubb Corp. (The)

      9,802         908,253   

Cincinnati Financial Corp.

      5,869         287,698   

Progressive Corp. (The)

      21,840         546,655   

Travelers Cos., Inc. (The)

      14,061         1,314,001   

XL Group PLC

      11,017         357,612   
                5,847,258   

Publishing–0.09%

  

Gannett Co., Inc.

      9,030         250,944   

News Corp. -Class A (b)

      19,873         339,033   
                589,977   

Railroads–0.94%

  

CSX Corp.

      40,194         1,181,704   

Kansas City Southern

      4,380         470,938   

Norfolk Southern Corp.

      12,378         1,247,083   

Union Pacific Corp.

      18,161         3,618,942   
                6,518,667   

Real Estate Services–0.05%

  

CBRE Group, Inc. -Class A (b)

      11,148         332,656   

Regional Banks–0.96%

  

BB&T Corp.

      28,373         1,075,904   

Fifth Third Bancorp

      33,983         703,108   

Huntington Bancshares Inc.

      33,175         307,532   

KeyCorp

      35,497         485,954   

M&T Bank Corp.

      5,254         637,678   

PNC Financial Services Group, Inc. (The)

      21,316         1,817,616   

Regions Financial Corp.

      56,657         577,335   

SunTrust Banks, Inc.

      21,377         819,167   

Zions Bancorp.

      7,353         210,222   
                6,634,516   

Research & Consulting Services–0.15%

  

Dun & Bradstreet Corp. (The)

      1,534         158,386   

Equifax Inc.

      4,855         343,685   

Nielsen N.V.

      11,340         547,268   
                1,049,339   

Residential REIT’s–0.31%

  

Apartment Investment & Management Co. -Class A

      5,859         184,441   

AvalonBay Communities, Inc.

      4,846         687,357   

Equity Residential

      13,353         825,215   

Essex Property Trust, Inc.

      2,457         444,619   
                2,141,632   

Restaurants–1.24%

  

Chipotle Mexican Grill, Inc. (b)

      1,241         678,939   

Darden Restaurants, Inc.

      5,264         263,832   
      Shares          Value  

Restaurants–(continued)

  

McDonald’s Corp.

      39,553       $ 4,011,861   

Starbucks Corp.

      30,169         2,209,577   

Yum! Brands, Inc.

      17,680         1,366,841   
                8,531,050   

Retail REIT’s–0.48%

  

General Growth Properties, Inc.

      20,808         495,855   

Kimco Realty Corp.

      16,324         374,146   

Macerich Co. (The)

      5,585         368,833   

Simon Property Group, Inc.

      12,542         2,087,741   
                3,326,575   

Security & Alarm Services–0.15%

  

ADT Corp. (The)

      7,316         235,575   

Tyco International Ltd.

      18,371         801,711   
                1,037,286   

Semiconductor Equipment–0.26%

  

Applied Materials, Inc.

      48,337         975,924   

KLA-Tencor Corp.

      6,657         436,167   

Lam Research Corp.

      6,500         403,260   
                1,815,351   

Semiconductors–1.89%

  

Altera Corp.

      12,630         418,432   

Analog Devices, Inc.

      12,480         653,702   

Avago Technologies Ltd. (Singapore)

      9,966         704,297   

Broadcom Corp. -Class A

      22,029         702,064   

First Solar, Inc. (b)

      2,809         173,540   

Intel Corp.

      198,447         5,421,572   

Linear Technology Corp.

      9,415         434,596   

Microchip Technology Inc. (b)

      7,954         378,610   

Micron Technology, Inc. (b)

      42,342         1,210,558   

NVIDIA Corp.

      22,121         420,299   

Texas Instruments Inc.

      43,274         2,033,013   

Xilinx, Inc.

      10,611         498,293   
                13,048,976   

Soft Drinks–1.86%

  

Coca-Cola Co. (The)

      151,233         6,186,942   

Coca-Cola Enterprises, Inc.

      9,485         432,895   

Dr Pepper Snapple Group, Inc.

      7,873         454,272   

Monster Beverage Corp. (b)

      5,379         373,195   

PepsiCo, Inc.

      60,765         5,367,373   
                12,814,677   

Specialized Consumer Services–0.05%

  

H&R Block, Inc.

      10,944         325,912   

Specialized Finance–0.51%

  

CME Group Inc. -Class A

      12,621         908,712   

Intercontinental Exchange, Inc.

      4,575         898,530   

McGraw Hill Financial, Inc.

      10,863         888,268   

Moody’s Corp.

      7,523         643,517   

NASDAQ OMX Group, Inc. (The)

      4,700         178,130   
                3,517,157   
 

 

See accompanying notes which are an integral part of this schedule.

 

Invesco S&P 500 Index Fund

      Shares          Value  

Specialized REIT’s–0.65%

  

American Tower Corp.

      15,765       $ 1,413,017   

Crown Castle International Corp.

      13,378         1,026,494   

Plum Creek Timber Co., Inc.

      7,031         317,098   

Public Storage

      5,757         992,392   

Weyerhaeuser Co.

      23,331         733,060   
                4,482,061   

Specialty Chemicals–0.55%

  

Ecolab Inc.

      10,808         1,180,126   

International Flavors & Fragrances Inc.

      3,247         322,297   

PPG Industries, Inc.

      5,528         1,114,500   

Sherwin-Williams Co. (The)

      3,422         700,175   

Sigma-Aldrich Corp.

      4,748         467,821   
                3,784,919   

Specialty Stores–0.19%

  

PetSmart, Inc.

      4,112         236,316   

Staples, Inc.

      25,971         292,174   

Tiffany & Co.

      4,346         432,036   

Tractor Supply Co.

      5,549         360,796   
                1,321,322   

Steel–0.14%

  

Allegheny Technologies, Inc.

      4,301         176,642   

Nucor Corp.

      12,679         641,938   

United States Steel Corp.

      5,807         133,793   
                952,373   

Systems Software–2.83%

  

CA, Inc.

      12,914         370,503   

Microsoft Corp.

      301,489         12,342,960   

Oracle Corp.

      138,218         5,807,920   

Red Hat, Inc. (b)

      7,531         377,454   

Symantec Corp.

      27,567         606,198   
                19,505,035   

Technology Hardware, Storage & Peripherals–4.35%

  

Apple Inc.

      35,601         22,535,433   

EMC Corp.

      80,848         2,147,323   

Hewlett-Packard Co.

      75,639         2,533,906   

NetApp, Inc.

      13,221         489,309   

SanDisk Corp.

      8,978         867,544   

Seagate Technology PLC

      13,120         704,938   

Western Digital Corp.

      8,375         735,744   
                30,014,197   

Thrifts & Mortgage Finance–0.05%

  

Hudson City Bancorp, Inc.

      18,943         185,073   

People’s United Financial Inc.

      12,382         177,929   
                363,002   

Tires & Rubber–0.04%

  

Goodyear Tire & Rubber Co. (The)

      9,902         261,116   

Tobacco–1.53%

  

Altria Group, Inc.

      79,502         3,304,103   

Lorillard, Inc.

      14,456         898,730   
      Shares          Value  

Tobacco–(continued)

  

Philip Morris International Inc.

      63,269       $ 5,601,837   

Reynolds American Inc.

      12,459         742,930   
                10,547,600   

Trading Companies & Distributors–0.17%

  

Fastenal Co.

      10,883         530,546   

W.W. Grainger, Inc.

      2,449         632,748   
                1,163,294   

Trucking–0.03%

  

Ryder System, Inc.

      2,089         181,304   

Total Common Stocks & Other Equity Interests
(Cost $333,443,328)

               684,703,890   

Money Market Funds–0.61%

  

Liquid Assets Portfolio –Institutional Class (e)

      2,114,899         2,114,899   

Premier Portfolio –Institutional Class (e)

      2,114,898         2,114,898   

Total Money Market Funds
(Cost $4,229,797)

               4,229,797   

TOTAL INVESTMENTS–99.84%
(Cost $337,673,125)

               688,933,687   

OTHER ASSETS LESS LIABILITIES–0.16%

  

      1,072,757   

NET ASSETS–100.00%

             $ 690,006,444   

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 the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1D and Note 3.

 

(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, 2014

(Unaudited)

NOTE 1 -- Significant Accounting Policies

 

A. Security Valuations – Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the Adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain of the Fund’s investments.

 

 

Invesco S&P 500 Index 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. 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, 2014. 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

    $ 688,933,687       $                   --       $ --       $ 688,933,687   

  Futures*

      160,477                         --         --         160,477   

  Total Investments

    $ 689,094,164       $                 --       $                  --      $ 689,094,164   

* Unrealized appreciation.

NOTE 3 -- Derivative Investments

 

Open Futures Contracts at Period-End
  Futures Contracts-Market Risk          Type of      
      Contract       		         Number of      
Contracts		          Expiration      
Month		    Notional
Value		    Unrealized
Appreciation

  E-Mini S&P 500

    Long    61    June-2014    $5,860,575    $160,477

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, 2014.

 

     Value
08/31/13		     Purchases
at Cost		     Proceeds from
Sales		     Change in
Unrealized
Appreciation
     Realized
Gain		     Value
05/31/14		    

Dividend

Income

  

  Invesco Ltd.

   $ 544,689      $  --      $ (22,427 )    $ 107,663      $ 4,508      $ 634,433      $ 12,262   

 

 

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, 2014 was $23,330,566 and $27,972,909, 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

    $ 329,621,468   

Aggregate unrealized (depreciation) of investment securities

      (6,041,478)   

Net unrealized appreciation of investment securities

    $ 323,579,990   

Cost of investments for tax purposes is $365,353,697.

   

 

Invesco S&P 500 Index Fund

 

 

Invesco Pennsylvania Tax Free Income Fund        

Quarterly Schedule of Portfolio Holdings

May 31, 2014

 

 

 

 

 

 

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    invesco.com/us   VK-PTFI-QTR-1        5/14   Invesco Advisers, Inc.

Schedule of Investments

May 31, 2014

(Unaudited)

 

      Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		      Value  

Municipal Obligations–102.76%

           

Pennsylvania–97.16%

           

Allegheny (County of) Higher Education Building Authority (Chatham University);
Series 2012 A, University RB

      5.00 %      09/01/35       $ 1,000       $ 1,034,430   

Allegheny (County of) Higher Education Building Authority (Duquesne University);
Series 1998, Ref. University RB (INS-AMBAC) (a)

      5.50 %      03/01/20         1,750         2,036,037   

Series 2011 A, University RB

      5.50 %      03/01/31         550         620,021   

Allegheny (County of) Higher Education Building Authority (Robert Morris University);
Series 2008 A, University RB

      6.00 %      10/15/38         1,000         1,064,790   

Allegheny (County of) Hospital Development Authority (Ohio Valley General Hospital);
Series 2005 A, RB

      5.00 %      04/01/25         1,600         1,519,552   

Allegheny (County of) Hospital Development Authority (University of Pittsburgh
Medical Center); Series 2009, RB

      5.63 %      08/15/39         1,250         1,429,887   

Allegheny (County of) Industrial Development Authority (Residential Resources, Inc.);
Series 2006, Lease RB

      5.10 %      09/01/26         980         987,693   

Allegheny (County of) Redevelopment Authority (Pittsburgh Mills);
Series 2004, Tax Allocation RB

      5.60 %      07/01/23         1,220         1,258,125   

Allegheny (County of) Residential Finance Authority;
Series 2006 TT, Single Family Mortgage RB (CEP-GNMA) (b)

      5.00 %      05/01/35         850         860,667   

Allegheny (County of); Series 2008 C 61, Unlimited Tax GO Bonds (INS-AGC) (a)

      5.00 %      12/01/33         500         550,635   

Allegheny Valley Joint School District; Series 2004 A, Unlimited Tax GO Bonds (INS-NATL) (a)

      5.00 %      11/01/28         1,500         1,526,370   

Beaver (County of) Industrial Development Authority (FirstEnergy Generation Corp.);
Series 2008 A, Ref. PCR

      2.15 %      03/01/17         700         700,175   

Beaver (County of) Industrial Development Authority; Series 2008 A, Ref. PCR (c)

      2.70 %      04/02/18         230         233,567   

Beaver (County of); Series 2009, Unlimited Tax GO Notes (INS-AGM) (a)

      5.55 %      11/15/31         1,390         1,563,389   

Berks (County of) Industrial Development Authority (One Douglassville);
Series 2007 A, Ref. RB (b)

      6.13 %      11/01/34         450         442,008   

Berks (County of) Municipal Authority (Albright College); Series 2004, RB

      5.50 %      10/01/18         1,895         1,900,458   

Berks (County of) Municipal Authority (Reading Hospital Medical Center); Series 2012 A, RB

      5.00 %      11/01/40         1,000         1,078,890   

Bethlehem Area School District; Series 2010, Unlimited Tax GO Bonds (INS-AGM) (a)

      5.25 %      01/15/26         1,000         1,121,780   

Bucks (County of) Industrial Development Authority (Lutheran Community Telford Center);
Series 2007, RB

      5.75 %      01/01/37             2,000             2,011,560   

Central Bradford Progress Authority (Guthrie Healthcare System); Series 2011, RB

      5.38 %      12/01/41         1,100         1,230,064   

Centre (County of) Hospital Authority (Mt. Nittany Medical Center); Series 2009, RB (c)(d)

      6.13 %      11/15/14         1,000         1,027,450   

Series 2011, RB

      6.25 %      11/15/41         500         568,470   

Chartiers Valley Industrial & Commercial Development Authority (Asbury Health Center);
Series 2006, Ref. First Mortgage RB

      5.25 %      12/01/15         500         518,915   

Series 2006, Ref. First Mortgage RB

      5.75 %      12/01/22         900         929,682   

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         255,565   

Cumberland (County of) Municipal Authority (Asbury Pennsylvania Obligated Group);
Series 2010, RB

      6.00 %      01/01/40         870         903,747   

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         802,590   

Cumberland (County of) Municipal Authority (Diakon Lutheran Ministries); Series 2007, RB

      5.00 %      01/01/36         1,000         1,016,920   

Cumberland (County of) Municipal Authority (Messiah Village); Series 2008 A, RB

      5.63 %      07/01/28         1,000         1,049,700   

Dauphin (County of) General Authority (Pinnacle Health System); Series 2009 A,
Health System RB

      6.00 %      06/01/36         2,215         2,458,539   

Dauphin (County of) General Authority (Riverfront Office); Series 1998, Office & Parking RB

      6.00 %      01/01/25         1,000         1,000,280   

Delaware (County of) Authority (Cabrini College); Series 1999, College RB (INS-Radian) (a)

      5.75 %      07/01/23         220         220,348   

Delaware (County of) Authority (Neumann College); Series 2008, College RB

      6.25 %      10/01/38         150         158,022   

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         1,541,025   

Delaware River Port Authority (Port District);
Series 2012, Ref. RB

      5.00 %      01/01/25         540         593,719   

Series 2012, Ref. RB

      5.00 %      01/01/27         535         575,954   

Delaware River Port Authority; Series 2010 D, RB

      5.00 %      01/01/40         1,000         1,068,420   

Delaware Valley Regional Financial Authority;
Series 2002, RB

      5.75 %      07/01/17         3,535         4,013,321   

Series 2002, RB

      5.75 %      07/01/32         1,000         1,199,950   

 

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)

           

Doylestown (City of) Hospital Authority; Series 2013 A, RB (INS-AGM) (a)

      5.00 %      07/01/24       $ 1,000       $ 1,124,980   

East Hempfield (Township of) Industrial Development Authority (Student Services Inc. Student Housing);
Series 2013, RB

      5.00 %      07/01/35         500         514,800   

Series 2014, RB

      5.00 %      07/01/39         250         255,758   

Erie (City of) Higher Education Building Authority (Mercyhurst College);
Series 2004 B, Ref. College RB

      5.00 %      03/15/23         1,000         1,001,440   

Series 2008, College RB

      5.50 %      03/15/38         500         522,555   

Franklin (County of) Industrial Development Authority (Chambersburg Hospital);
Series 2010, RB

      5.38 %      07/01/42         1,000         1,063,040   

Geisinger Authority (Geisinger Health System Foundation);
Series 2011 A1, Health System RB

      5.13 %      06/01/41         500         544,085   

Series 2013 A, VRD Health System RB (e)

      0.03 %      10/01/43         700         700,000   

Lancaster (County of) Hospital Authority (Brethren Village); Series 2008 A, RB

      6.50 %      07/01/40         350         365,127   

Lehigh (County of) Authority; Series 2013 A, Water & Sewer RB

      5.00 %      12/01/38         930         1,001,777   

Lehigh (County of) General Purpose Authority (Bible Fellowship Church Homes, Inc.);
Series 2013, RB

      5.25 %      07/01/42         825         779,320   

Lehigh (County of) General Purpose Authority (KidsPeace Obligated Group); Series 1998, RB (f)

      6.00 %      11/01/23             1,760             880,000   

Lycoming (County of) Authority (Pennsylvania College of Technology); Series 2011, RB

      5.00 %      07/01/30         750         814,890   

Lycoming (County of) Authority (Susquehanna Health System); Series 2009 A, Heath System RB

      5.75 %      07/01/39         1,250         1,329,025   

Monroe (County of) Hospital Authority (Pocono Medical Center); Series 2007, RB

      5.13 %      01/01/37         1,500         1,541,385   

Montgomery (County of) Higher Education & Health Authority (Abington Memorial Hospital Obligated Group); Series 2012, RB

      5.00 %      06/01/31         1,400         1,520,022   

Montgomery (County of) Industrial Development Authority (ACTS Retirement-Life
Communities, Inc.);
Series 2009 A-1, RB

      6.25 %      11/15/29         1,000         1,135,010   

Series 2012, Ref. RB

      5.00 %      11/15/28         900         962,712   

Montgomery (County of) Industrial Development Authority (Philadelphia Presbytery Homes, Inc.); Series 2010, RB

      6.63 %      12/01/30         1,500         1,702,605   

Montgomery (County of) Industrial Development Authority (Whitemarsh Community);
Series 2008, Mortgage RB

      7.00 %      02/01/36         500         537,695   

Montgomery (County of) Industrial Development Authority (Whitemarsh Continuing Care);
Series 2005, Mortgage RB

      6.13 %      02/01/28         1,100         1,114,927   

Northampton (County of) General Purpose Authority (Lehigh University); Series 2009, Higher Education RB

      5.50 %      11/15/33         1,000         1,104,910   

Northampton (County of) General Purpose Authority (St. Luke’s Hospital);
Series 2008 A, Hospital RB

      5.50 %      08/15/35         1,000         1,050,390   

Series 2010 C, Hospital RB (c)

      4.50 %      08/15/16         1,000         1,064,180   

Northampton (County of) Industrial Development Authority (Morningstar Senior Living, Inc.); Series 2012, RB

      5.00 %      07/01/32         535         543,512   

Pennsylvania (Commonwealth of); First Series 2014, Unlimited Tax GO Bonds (g)

      5.00 %      06/15/34         3,000         3,456,420   

Pennsylvania (State of) Economic Development Financing Agency (Forum Place); Series 2012, Governmental Lease RB

      5.00 %      03/01/34         500         536,635   

Pennsylvania (State of) Economic Development Financing Authority (Amtrak); Series 2012 A, Ref. Exempt Facilities RB (b)

      5.00 %      11/01/41         1,200         1,270,500   

Pennsylvania (State of) Economic Development Financing Authority (Philadelphia Biosolids Facility); Series 2009, Sewage Sludge Disposal RB

      6.25 %      01/01/32         1,000         1,076,340   

Pennsylvania (State of) Economic Development Financing Authority (Shippingport); Series 2006 A, Exempt Facilities RB (c)

      2.55 %      12/03/18         1,500         1,517,250   

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         1,355,796   

Pennsylvania (State of) Higher Educational Facilities Authority (AICUP Financing Program-Del Valley College); Series 2012, RB

      5.00 %      11/01/42         535         543,977   

Pennsylvania (State of) Higher Educational Facilities Authority (Edinboro University Foundation);
Series 2008, RB

      5.88 %      07/01/38         750         774,600   

Series 2010, RB

      6.00 %      07/01/43         500         525,180   

Pennsylvania (State of) Higher Educational Facilities Authority (La Salle University);
Series 2012, RB

      5.00 %      05/01/42         1,180         1,239,071   

Pennsylvania (State of) Higher Educational Facilities Authority (Shippensburg University Student Services); Series 2012, RB

      5.00 %      10/01/35         1,300         1,346,059   

Pennsylvania (State of) Higher Educational Facilities Authority (St. Joseph’s University);
Series 2010 A, RB

      5.00 %      11/01/34         500         531,100   

 

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) Higher Educational Facilities Authority (Temple University);
First Series 2012, RB

      5.00 %      04/01/42       $ 820       $ 881,213   

Pennsylvania (State of) Higher Educational Facilities Authority (Trustees of the University of Pennsylvania); Series 2005 C, RB (g)

      5.00 %      07/15/38         4,700         4,898,575   

Pennsylvania (State of) Turnpike Commission;
Series 2008 B-1, Sub. RB

      5.50 %      06/01/33         1,000         1,115,190   

Series 2009 C, Sub. Conv. CAB RB (INS-AGM) (a)(h)

      6.25 %      06/01/33             2,000             2,258,880   

Series 2009 E, Sub. Conv. CAB RB (h)

      6.38 %      12/01/38         1,435         1,493,821   

Series 2010 A 1, Motor License Fund Special RB

      5.00 %      12/01/38         500         530,945   

Series 2010 A-2, Motor License Fund Special Conv. CAB RB (h)

      5.50 %      12/01/34         1,000         1,023,210   

Series 2010 B 2, Conv. CAB RB (h)

      5.00 %      12/01/30         625         635,050   

Series 2010 B 2, Conv. CAB RB (h)

      5.13 %      12/01/35         500         502,105   

Philadelphia (City of) Hospitals & Higher Education Facilities Authority (Children’s Hospital of Philadelphia); Series 2011, VRD RB (e)

      0.07 %      07/01/41         200         200,000   

Philadelphia (City of) Hospitals & Higher Education Facilities Authority (Jefferson Health System); Series 2010 B, RB

      5.00 %      05/15/40         1,500         1,582,455   

Philadelphia (City of) Industrial Development Authority (Architecture & Design Charter High School); Series 2013, RB

      6.13 %      03/15/43         585         570,650   

Philadelphia (City of) Industrial Development Authority (Discovery Charter School);
Series 2012, RB

      6.25 %      04/01/42         1,000         1,034,910   

Philadelphia (City of) Industrial Development Authority (First Philadelphia Preparatory Charter School); Series 2014 A, RB

      7.00 %      06/15/33         875         915,399   

Philadelphia (City of) Industrial Development Authority (Independence Charter School);
Series 2007 A, RB

      5.50 %      09/15/37         1,235         1,225,281   

Philadelphia (City of) Industrial Development Authority (MaST Charter School);
Series 2010, RB

      6.00 %      08/01/35         700         760,480   

Philadelphia (City of) Industrial Development Authority (New Foundations Charter School);
Series 2012, RB

      6.63 %      12/15/41         750         795,983   

Philadelphia (City of) Industrial Development Authority (Performing Arts Charter School);
Series 2013, RB (i)

      6.50 %      06/15/33         945         963,919   

Philadelphia (City of) Industrial Development Authority (Please Touch Museum);
Series 2006, RB (f)

      5.25 %      09/01/31         1,250         437,488   

Philadelphia (City of) Industrial Development Authority; Series 1990, Commercial
Development RB (b)

      7.75 %      12/01/17         2,505         2,517,725   

Philadelphia (City of);
Ninth Series 2010, Gas Works RB

      5.25 %      08/01/40         1,000         1,121,340   

Series 2005 A, Airport RB (INS-NATL) (a)(b)

      5.00 %      06/15/25         1,000         1,044,180   

Series 2009 A, Ref. Unlimited Tax GO Bonds (INS-AGC) (a)

      5.50 %      08/01/24         1,000         1,134,340   

Series 2010 C, Water & Wastewater RB (INS-AGM) (a)

      5.00 %      08/01/35         1,250         1,349,212   

Series 2011, Unlimited Tax GO Bonds

      6.00 %      08/01/36         500         571,325   

Philadelphia School District; Series 2008 E, Limited Tax GO Bonds (INS-BHAC) (a)

      5.13 %      09/01/23         1,500         1,723,395   

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         1,089,200   

Pittsburgh (City of) Water & Sewer Authority; Series 2013 A, Ref. First Lien RB

      5.00 %      09/01/31         500         561,550   

Radnor Township School District;
Series 2005 B, Unlimited Tax GO Bonds (c)(d)

      5.00 %      08/15/15         435         460,352   

Series 2005 B, Unlimited Tax GO Bonds (c)(d)

      5.00 %      08/15/15         130         137,576   

Series 2005 B, Unlimited Tax GO Bonds (INS-AGM) (a)

      5.00 %      02/15/35         435         454,475   

State Public School Building Authority (Harrisburg School District);
Series 2009 A, RB (INS-AGC) (a)

      5.00 %      11/15/33         1,000         1,052,600   

Susquehanna Area Regional Airport Authority; Series 2012 A, Airport System RB (b)

      5.00 %      01/01/27         750         813,097   

Union (County of) Hospital Authority (Evangelical Community Hospital); Series 2011, Ref. & Improvement RB

      7.00 %      08/01/41         1,000         1,180,540   

Washington (County of) Industrial Development Authority (Washington Jefferson College);
Series 2010, College RB

      5.25 %      11/01/30         500         544,310   

Washington (County of) Redevelopment Authority (Victory Centre Tanger Outlet Development); Series 2006 A, Tax Allocation RB (c)

      5.45 %      07/01/17         1,425         1,449,980   

Westmoreland (County of) Industrial Development Authority (Redstone Presbyterian Senior Care Obligated Group);
Series 2005 A, Retirement Community RB (c)(d)

      5.75 %      01/01/16         2,500         2,711,875   

Series 2005 A, Retirement Community RB (c)(d)

      5.88 %      01/01/16         900         978,048   

Westmoreland (County of) Municipal Authority; Series 2013, RB

      5.00 %      08/15/31         750         826,380   

Wilkes-Barre (City of) Finance Authority (University of Scranton); Series 2010, RB

      5.00 %      11/01/40         850         901,382   
                                 124,868,224   

 

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  

Guam–3.29%

           

Guam (Territory of) (Section 30); Series 2009 A, Limited Obligation RB

      5.75 %      12/01/34       $ 1,250       $ 1,369,038   

Guam (Territory of) Power Authority;
Series 2010 A, RB

      5.50 %      10/01/40         410         444,481   

Series 2012 A, Ref. RB

      5.00 %      10/01/34         520         562,271   

Guam (Territory of) Waterworks Authority; Series 2010, Water & Wastewater System RB

      5.63 %      07/01/40             1,000         1,036,110   

Guam (Territory of); Series 2011 A, Business Privilege Tax RB

      5.13 %      01/01/42         785         820,568   
                                 4,232,468   

Puerto Rico–1.24%

           

Puerto Rico (Commonwealth of) Infrastructure Financing Authority; Series 2005 C, Ref. Special Tax RB (INS-AMBAC) (a)

      5.50 %      07/01/28         600         586,752   

Puerto Rico (Commonwealth of); Series 2014 A, Unlimited Tax GO Bonds

      8.00 %      07/01/35         100         89,418   

Puerto Rico Sales Tax Financing Corp.;
First Subseries 2010, Conv. CAB RB (h)

      6.25 %      08/01/33         1,065         638,936   

Series 2011 C, RB

      5.25 %      08/01/40         310         277,596   
                                 1,592,702   

Virgin Islands–1.07%

           

Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan
Note - Diageo);
Series 2009 A, Sub. RB

      6.63 %      10/01/29         750         839,505   

Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note);
Series 2010 A, Sr. Lien RB

      5.00 %      10/01/29         500         539,760   
                                 1,379,265   

TOTAL INVESTMENTS(j)–102.76% (Cost $125,296,660)

                                132,072,659   

FLOATING RATE NOTE OBLIGATIONS–(3.99)%

           

Notes with interest and fee rates ranging from 0.59% to 0.60% at 05/31/14 and maturities of collateral ranging from 06/15/34 to 07/15/38 (See Note 1D)(k)

                                (5,135,000)   

OTHER ASSETS AND OTHER LIABILITIES–1.23%

                                1,582,602   

NET ASSETS–100.00%

                              $     128,520,261   

 

See accompanying notes which are an integral part of this schedule.

Invesco Pennsylvania Tax Free Income Fund

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
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)  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)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on May 31, 2014.

 

(f)  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, 2014 was $1,317,488, which represented 1.03% of the Fund’s Net Assets.

 

(g)  Underlying security related to Dealer Trusts entered into by the Fund. See Note 1D.

 

(h)  Convertible CAB. The interest rate shown represents the coupon rate at which the bond will accrue at a specified future date.

 

(i)  Security purchased or received in 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 value of this security at May 31, 2014 represented less than 1% of the Fund’s Net Assets.

 

(j)  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.

    5.6%
(k)  Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at May 31, 2014. At May 31, 2014, the Fund’s investments with a value of $8,354,995 are held by Dealer Trusts and serve as collateral for the $5,135,000 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, 2014

(Unaudited)

NOTE 1 — Significant Accounting Policies

 

A. Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Securities for which market quotations either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain of the Fund’s investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares of each class.

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

 

    

Invesco Pennsylvania Tax Free Income Fund

D. Floating Rate Note Obligations – The Fund invests in inverse floating rate securities, such as Residual Interest Bonds (“RIBs”) or Tender Option Bonds (“TOBs”) for investment purposes and to enhance the yield of the Fund. Inverse floating rate investments tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable. Such transactions may be purchased in the secondary market without first owning the underlying bond or by the sale of fixed rate bonds by the Fund to special purpose trusts established by a broker dealer (“Dealer Trusts”) in exchange for cash and residual interests in the Dealer Trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The Dealer Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Fund to retain residual interests in the bonds. The floating rate notes issued by the Dealer Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the Dealer Trusts for redemption at par at each reset date. The residual interests held by the Fund (inverse floating rate investments) include the right of the Fund (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the Dealer Trusts to the Fund, thereby collapsing the Dealer Trusts.

Recently published final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”) prohibit banking entities from engaging in proprietary trading of certain instruments and limit such entities’ investments in, and relationships with, “covered funds.” These rules may preclude banking entities from sponsoring and/or providing services for existing TOB trust programs. There can be no assurances that TOB trusts can be restructured substantially similar to their present form, that new sponsors of TOB trusts would begin providing these services, or that alternative forms of leverage will be available to the Fund in order to maintain current levels of leverage. Any alternative forms of leverage may be less advantageous to the Fund, and may adversely affect the Fund’s net asset value, distribution rate and ability to achieve its investment objective. The ultimate impact of these rules on the TOBs market and the municipal market generally is not yet certain.

TOBs are presently classified as private placement securities. Private placement securities are subject to restrictions on resale because they have not been registered under the Securities Act of 1933, as amended (the “1933 Act”), or are otherwise not readily marketable. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities.

The Fund accounts for the transfer of bonds to the Dealer Trusts as secured borrowings, with the securities transferred remaining in the Fund’s investment assets, and the related floating rate notes reflected as Fund liabilities under the caption Floating rate note obligations on the Statement of Assets and Liabilities. The Fund records the interest income from the fixed rate bonds under the caption Interest and records the expenses related to floating rate obligations and any administrative expenses of the Dealer Trusts as a component of Interest, facilities and maintenance fees on the Statement of Operations.

The Fund generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Fund to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and the changes in the value of such securities in response to changes in market rates of interest to a greater extent than the value of an equal principal amount of a fixed rate security having similar credit quality, redemption provisions and maturity which may cause the Fund’s net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate interests created by the special purpose trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such interests for repayment of principal, may not be able to be remarketed to third parties. In such cases, the special purpose trust holding the long-term fixed rate bonds may be collapsed. In the case of RIBs or TOBs created by the contribution of long-term fixed income bonds by the Fund, the Fund will then be required to repay the principal amount of the tendered securities. During times of market volatility, illiquidity or uncertainty, the Fund could be required to sell other portfolio holdings at a disadvantageous time to raise cash to meet that obligation.

E. Other Risks – The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located.

Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and a Fund’s investments in municipal securities.

There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.

 

    

Invesco 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, 2014, all of the securities in this Fund were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

NOTE 3 — Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the nine months ended May 31, 2014 was $5,853,287 and $15,714,312, 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

    $ 9,153,406   

Aggregate unrealized (depreciation) of investment securities

                  (2,187,951)   

Net unrealized appreciation of investment securities

    $ 6,965,455   

Cost of investments for tax purposes is $125,107,204.

   

 

    

Invesco Pennsylvania Tax Free Income Fund

 

 

Invesco Small Cap Discovery Fund

Quarterly Schedule of Portfolio Holdings

May 31, 2014

 

 

 

 

 

 

LOGO

 

invesco.com/us    VK-SCD-QTR-1         5/14    Invesco Advisers, Inc.
 

Schedule of Investments(a)

May 31, 2014

(Unaudited)

 

      Shares          Value  

Common Stocks–99.09%

  

Aerospace & Defense–1.02%

  

TASER International, Inc. (b)

      682,905       $ 9,062,149   

Airlines–0.51%

  

Alaska Air Group, Inc.

      45,959         4,525,123   

Apparel, Accessories & Luxury Goods–1.08%

  

G-III Apparel Group, Ltd. (b)

      129,901         9,524,341   

Application Software–6.21%

  

Aspen Technology, Inc. (b)

      205,273         8,824,686   

Bottomline Technologies (de), Inc. (b)

      193,630         5,580,417   

Cadence Design Systems, Inc. (b)

      615,889         10,279,188   

Guidewire Software Inc. (b)

      185,399         7,002,520   

Manhattan Associates, Inc. (b)

      287,880         9,344,585   

PTC Inc. (b)

      260,124         9,572,563   

Qlik Technologies Inc. (b)

      202,885         4,404,633   
                55,008,592   

Asset Management & Custody Banks–0.99%

  

Affiliated Managers Group, Inc. (b)

      46,274         8,727,276   

Auto Parts & Equipment–2.32%

  

Tenneco Inc. (b)

      171,763         10,949,891   

TRW Automotive Holdings Corp. (b)

      112,567         9,553,561   
                20,503,452   

Biotechnology–5.67%

  

Clovis Oncology Inc. (b)

      107,961         5,528,683   

Cubist Pharmaceuticals, Inc. (b)

      157,089         10,462,127   

Intercept Pharmaceuticals Inc. (b)

      7,540         1,784,039   

Medivation Inc. (b)

      153,876         11,206,789   

NPS Pharmaceuticals, Inc. (b)

      337,144         10,495,293   

Synageva BioPharma Corp. (b)(c)

      82,887         6,726,280   

TESARO, Inc. (b)

      149,690         3,987,742   
                50,190,953   

Broadcasting–0.55%

  

Nexstar Broadcasting Group, Inc. -Class A (c)

      105,123         4,884,015   

Building Products–4.22%

  

A.O. Smith Corp.

      241,740         11,937,121   

Lennox International Inc.

      150,149         12,750,653   

Owens Corning Inc.

      167,870         6,884,349   

Trex Co., Inc. (b)

      186,147         5,753,804   
                37,325,927   
      Shares          Value  

Commodity Chemicals–0.71%

  

Methanex Corp. (Canada)(c)

      109,807       $ 6,269,980   

Communications Equipment–2.16%

  

ARRIS Group Inc. (b)

      312,617         10,350,749   

Aruba Networks, Inc. (b)

      116,530         2,157,553   

Finisar Corp. (b)

      278,133         6,605,659   
                19,113,961   

Construction & Engineering–3.09%

  

Dycom Industries, Inc. (b)

      213,693         6,357,367   

Foster Wheeler AG (Switzerland)

      320,405         10,848,913   

MasTec Inc. (b)

      281,291         10,126,476   
                27,332,756   

Construction Machinery & Heavy Trucks–1.09%

  

Manitowoc Co., Inc. (The)

      356,767         9,650,547   

Consumer Electronics–1.13%

  

Harman International Industries, Inc.

      95,464         10,026,584   

Data Processing & Outsourced Services–4.12%

  

Euronet Worldwide, Inc. (b)

      196,708         9,272,815   

Jack Henry & Associates, Inc.

      148,746         8,625,780   

MAXIMUS, Inc.

      258,075         11,530,791   

WEX Inc. (b)

      73,334         7,061,331   
                36,490,717   

Electronic Components–1.03%

  

Belden Inc.

      126,411         9,100,328   

Electronic Equipment & Instruments–0.95%

  

Cognex Corp. (b)

      234,665         8,447,940   

Electronic Manufacturing Services–0.53%

  

IPG Photonics Corp. (b)(c)

      74,026         4,671,041   

Environmental & Facilities Services–1.18%

  

Clean Harbors, Inc. (b)

      170,517         10,420,294   

Footwear–0.85%

  

Steven Madden, Ltd. (b)

      237,369         7,562,576   

General Merchandise Stores–1.11%

  

Tuesday Morning Corp. (b)

      610,347         9,863,207   

Health Care Equipment–2.81%

  

DexCom Inc. (b)

      110,085         3,716,469   

Insulet Corp. (b)

      231,468         8,478,673   

Thoratec Corp. (b)

      166,382         5,510,572   
 

 

See accompanying notes which are an integral part of this schedule.

 

Invesco Small Cap Discovery Fund

      Shares          Value  

Health Care Equipment–(continued)

  

Wright Medical Group, Inc. (b)

      234,715       $ 7,135,336   
                24,841,050   

Health Care Facilities–3.48%

  

Acadia Healthcare Co., Inc. (b)

      313,064         13,349,049   

Capital Senior Living Corp. (b)

      346,378         8,223,014   

Tenet Healthcare Corp. (b)

      197,423         9,278,881   
                30,850,944   

Health Care Services–1.60%

  

Team Health Holdings, Inc. (b)

      279,893         14,210,168   

Health Care Supplies–0.92%

  

Align Technology, Inc. (b)

      149,293         8,152,891   

Home Furnishings–0.65%

  

La-Z-Boy Inc.

      235,290         5,745,782   

Home Improvement Retail–0.95%

  

Lumber Liquidators Holdings, Inc. (b)(c)

      108,426         8,422,532   

Homebuilding–0.57%

  

Taylor Morrison Home Corp. -Class A (b)

      235,246         5,010,740   

Housewares & Specialties–0.67%

  

Jarden Corp. (b)

      104,488         5,911,931   

Human Resource & Employment Services–1.73%

  

On Assignment, Inc. (b)

      166,450         5,867,362   

TrueBlue, Inc. (b)

      346,347         9,424,102   
                15,291,464   

Industrial Conglomerates–1.02%

  

Carlisle Cos. Inc.

      106,118         9,005,173   

Industrial Machinery–3.34%

  

EnPro Industries, Inc. (b)

      120,236         8,824,120   

ITT Corp.

      200,545         8,759,805   

TriMas Corp. (b)

      88,260         3,098,809   

Woodward Inc.

      198,981         8,894,451   
                29,577,185   

Internet Software & Services–4.12%

  

CoStar Group Inc. (b)

      49,816         7,898,327   

Dealertrack Technologies Inc. (b)

      219,945         8,734,016   

Marketo, Inc. (b)(c)

      188,588         4,371,470   

Web.com Group Inc. (b)

      286,796         9,877,254   

Yelp Inc. (b)(c)

      84,244         5,572,740   
                36,453,807   

Investment Banking & Brokerage–2.37%

  

Evercore Partners Inc. -Class A

      217,260         11,957,990   

Stifel Financial Corp. (b)

      199,873         9,034,260   
                20,992,250   
      Shares          Value  

IT Consulting & Other Services–0.79%

  

Acxiom Corp. (b)

      81,411       $ 1,850,472   

InterXion Holding N.V. (Netherlands)(b)

      196,047         5,154,076   
                7,004,548   

Leisure Products–1.24%

  

Brunswick Corp.

      255,556         11,014,464   

Life Sciences Tools & Services–3.84%

  

Bruker Corp. (b)

      470,289         9,852,555   

Fluidigm Corp. (b)

      239,526         6,644,451   

PAREXEL International Corp. (b)

      179,252         9,043,263   

Techne Corp.

      96,395         8,462,517   
                34,002,786   

Marine–0.52%

  

Kirby Corp. (b)

      41,882         4,630,055   

Movies & Entertainment–2.23%

  

Cinemark Holdings, Inc.

      365,356         11,516,021   

Lions Gate Entertainment Corp. (c)

      313,522         8,192,330   
                19,708,351   

Office Services & Supplies–1.50%

  

Steelcase Inc. -Class A

      811,323         13,297,584   

Oil & Gas Equipment & Services–1.56%

  

Dril-Quip, Inc. (b)

      64,066         6,548,827   

Superior Energy Services, Inc.

      217,806         7,228,981   
                13,777,808   

Oil & Gas Exploration & Production–3.70%

  

Gulfport Energy Corp. (b)

      124,501         7,660,546   

Laredo Petroleum Inc. (b)

      246,328         6,815,896   

PDC Energy, Inc. (b)

      144,532         9,277,509   

Stone Energy Corp. (b)

      202,912         9,007,264   
                32,761,215   

Oil & Gas Refining & Marketing–0.75%

  

Delek US Holdings, Inc.

      212,409         6,599,548   

Packaged Foods & Meats–2.43%

  

Annie’s, Inc. (b)(c)

      91,174         2,983,213   

B&G Foods Inc.

      140,268         4,805,582   

TreeHouse Foods, Inc. (b)

      91,933         6,890,378   

WhiteWave Foods Co. -Class A (b)

      218,246         6,872,567   
                21,551,740   

Pharmaceuticals–1.08%

  

Impax Laboratories, Inc. (b)

      346,153         9,609,207   

Regional Banks–2.29%

  

East West Bancorp, Inc.

      133,369         4,465,194   
 

 

See accompanying notes which are an integral part of this schedule.

 

Invesco Small Cap Discovery Fund

      Shares          Value  

Regional Banks–(continued)

  

Signature Bank (b)

      59,072       $ 6,841,719   

SVB Financial Group (b)

      85,309         8,995,834   
                20,302,747   

Restaurants–2.63%

  

Fiesta Restaurant Group, Inc. (b)

      192,214         7,740,458   

Jack in the Box Inc.

      141,530         8,170,527   

Texas Roadhouse, Inc.

      290,425         7,341,944   
                23,252,929   

Semiconductor Equipment–0.48%

  

GT Advanced Technologies Inc. (b)(c)

      250,756         4,227,746   

Semiconductors–2.75%

  

Cavium Inc. (b)

      159,706         7,822,400   

Integrated Device Technology, Inc. (b)

      343,108         4,563,336   

Power Integrations, Inc.

      102,448         5,152,110   

Silicon Laboratories Inc. (b)

      150,383         6,785,281   
                24,323,127   

Specialty Chemicals–2.66%

  

Cytec Industries Inc.

      65,200         6,477,620   

PolyOne Corp.

      229,659         9,216,216   

Rockwood Holdings Inc.

      103,271         7,886,806   
                23,580,642   

Specialty Stores–0.50%

  

Tractor Supply Co.

      67,472         4,387,029   

Steel–0.81%

  

Commercial Metals Co.

      404,200         7,174,550   

Systems Software–1.08%

  

CommVault Systems, Inc. (b)

      95,145         4,654,494   

MICROS Systems, Inc. (b)

      92,448         4,938,572   
                9,593,066   

Trading Companies & Distributors–0.75%

  

WESCO International, Inc. (b)(c)

      77,795         6,645,249   

Trucking–0.75%

  

Werner Enterprises, Inc.

      250,508         6,613,411   

Total Common Stocks
(Cost $681,044,114)

               877,225,478   

Money Market Funds–0.24%

      

Liquid Assets Portfolio –Institutional Class (d)

      1,041,909         1,041,909   

Premier Portfolio –Institutional Class (d)

      1,041,908         1,041,908   

Total Money Market Funds
(Cost $2,083,817)

               2,083,817   
      Shares          Value  

TOTAL INVESTMENTS (excluding investments purchased with cash collateral from securities on loan)–99.33%
(Cost $683,127,931)

             $ 879,309,295   

Investments Purchased with Cash Collateral from Securities on Loan

   

Money Market Funds–4.04%

      

Liquid Assets Portfolio - Institutional Class (Cost $35,779,565)(d)(e)

      35,779,565         35,779,565   

TOTAL INVESTMENTS–103.37%
(Cost $718,907,496)

               915,088,860   

OTHER ASSETS LESS LIABILITIES–(3.37)%

  

      (29,818,861 ) 

NET ASSETS–100.00%

             $ 885,269,999   

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, 2014.

 

(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. The following table presents the Fund’s gross and net amount of assets available for offset by the Fund as of May 31, 2014.

 

Counterparty   

Gross

Amount of
Securities
on Loan at

Value

      Cash
Collateral
Received
for
Securities
Loaned*		     Net
Amount		  

Brown Brothers Harriman

    $ 34,127,319       $ (34,127,319 )    $ --   

 

*Amount  does not include excess collateral received.
 

 

 

 

Invesco Small Cap Discovery Fund

Notes to Quarterly Schedule of Portfolio Holdings

May 31, 2014

(Unaudited)

NOTE 1 -- Significant Accounting Policies

 

A. Security Valuations – Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the Adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain of the Fund’s investments.

 

Invesco Small Cap Discovery 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 (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D. Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds and is shown as such on the Schedule of Investments. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, is included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan is shown as a footnote on the Statement of Assets and Liabilities, if any.

 

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, 2014, all of the securities in this Fund were valued based on Level 1 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

NOTE 3 -- Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the nine months ended May 31, 2014 was $581,216,275 and $640,228,867, 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

 

    $

 

 210,565,758

 

   

 

Aggregate unrealized (depreciation) of investment securities

 

     

 

 (17,057,603)

 

   

 

Net unrealized appreciation of investment securities

 

    $

 

 193,508,155

 

   

 

Cost of investments for tax purposes is $721,580,705.

   

 

Invesco Small Cap Discovery Fund

 

 

Invesco Strategic Real Return Fund

Quarterly Schedule of Portfolio Holdings

May 31, 2014

 

 

 

 

 

 

LOGO

 

invesco.com/us    SRR-QTR-1        5/14    Invesco Advisers, Inc.
 

Schedule of Investments(a)

May 31, 2014

(Unaudited)

     Principal
Amount		     Value  

U.S. Treasury Securities–44.94%

  

U.S. Treasury Bills–0.07%

    

0.04%, 11/13/14(b)(c)

   $ 10,000      $ 9,998   

U.S. Treasury Inflation - Indexed Bonds–44.87%

  

1.88%, 07/15/15

     137,217 (d)      142,907   

2.00%, 01/15/16

     134,475 (d)      141,987   

0.13%, 04/15/16

     275,008 (d)      282,210   

2.50%, 07/15/16

     156,721 (d)      170,350   

2.38%, 01/15/17

     134,691 (d)      147,522   

0.13%, 04/15/17

     309,893 (d)      320,241   

2.63%, 07/15/17

     105,986 (d)      118,800   

1.63%, 01/15/18

     124,018 (d)      135,461   

0.13%, 04/15/18

     342,296 (d)      353,526   

1.38%, 07/15/18

     109,532 (d)      119,873   

2.13%, 01/15/19

     107,812 (d)      121,521   

0.13%, 04/15/19

     154,226 (d)      158,607   

1.88%, 07/15/19

     121,683 (d)      137,043   

1.38%, 01/15/20

     138,716 (d)      152,044   

1.25%, 07/15/20

     235,020 (d)      257,605   

1.13%, 01/15/21

     264,536 (d)      286,324   

0.63%, 07/15/21

     251,513 (d)      264,921   

0.13%, 01/15/22

     289,069 (d)      290,886   

0.13%, 07/15/22

     282,453 (d)      284,187   

0.13%, 01/15/23

     281,402 (d)      280,583   

0.38%, 07/15/23

     279,109 (d)      284,929   

0.63%, 01/15/24

     189,296 (d)      196,293   

2.38%, 01/15/25

     235,573 (d)      286,437   

2.00%, 01/15/26

     159,465 (d)      188,543   

2.38%, 01/15/27

     128,835 (d)      158,592   

1.75%, 01/15/28

     117,254 (d)      135,341   

3.63%, 04/15/28

     163,558 (d)      230,607   

2.50%, 01/15/29

     103,411 (d)      130,840   

3.88%, 04/15/29

     188,217 (d)      275,939   

3.38%, 04/15/32

     43,912 (d)      63,575   

2.13%, 02/15/40

     111,465 (d)      140,865   

2.13%, 02/15/41

     172,570 (d)      219,680   

0.75%, 02/15/42

     162,020 (d)      151,130   

0.63%, 02/15/43

     158,209 (d)      142,286   

1.38%, 02/15/44

     60,808 (d)      66,320   
              6,837,975   

Total U.S. Treasury Securities
(Cost $6,739,733)

   

     6,847,973   
      Shares      Value  

Common Stocks–29.53%

  

Mutual Funds–29.53%

      

Invesco Floating Rate Fund –Class R6
(Cost $4,495,000)(e)

      564,695       $ 4,500,616   
     Principal
Amount		         

U.S. Dollar Denominated Bonds and Notes–24.18%

  

Aerospace & Defense–0.91%

      

TransDigm Inc., Sr. Unsec. Gtd. Sub. Global Notes, 7.50%, 07/15/21

    $ 125,000         138,438   

Alternative Carriers–0.89%

      

Level 3 Financing Inc., Sr. Unsec. Gtd. Global Notes, 7.00%, 06/01/20

      125,000         135,938   

Auto Parts & Equipment–0.86%

      

Dana Holding Corp., Sr. Unsec. Notes, 5.38%, 09/15/21

      125,000         130,781   

Broadcasting–0.88%

      

Clear Channel Worldwide Holdings Inc., Series B, Sr. Unsec. Gtd. Global Notes,
6.50%, 11/15/22

      125,000         134,531   

Building Products–0.87%

      

Gibraltar Industries Inc., Sr. Unsec. Gtd. Sub. Global Notes, 6.25%, 02/01/21

      125,000         132,188   

Cable & Satellite–1.71%

      

CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unsec. Gtd. Global Notes, 5.25%, 03/15/21

      125,000         129,062   

DISH DBS Corp., Sr. Unsec. Gtd. Global Notes, 5.13%, 05/01/20

      125,000         131,719   
                260,781   

Casinos & Gaming–0.92%

      

MGM Resorts International, Sr. Unsec. Gtd. Global Notes, 6.75%, 10/01/20

      125,000         139,687   

Coal & Consumable Fuels–0.87%

      

CONSOL Energy Inc., Sr. Unsec. Gtd. Global Notes, 6.38%, 03/01/21

      125,000         133,125   

Construction Machinery & Heavy Trucks–1.40%

  

Meritor Inc., Sr. Unsec. Gtd. Notes, 6.25%, 02/15/24

      125,000         127,812   
 

 

See accompanying notes which are an integral part of this schedule.

Invesco Strategic Real Return Fund

     Principal
Amount		      Value  

Construction Machinery & Heavy Trucks–(continued)

  

Navistar International Corp., Sr. Unsec. Gtd. Notes, 8.25%, 11/01/21

   $ 82,000       $ 85,485   
               213,297   

Data Processing & Outsourced Services–0.91%

  

First Data Corp., Sr. Unsec. Gtd. Sub. Global Notes, 11.75%, 08/15/21

     125,000         138,906   

Health Care Facilities–0.88%

     

Tenet Healthcare Corp., Sr. Unsec. Global Notes, 6.75%, 02/01/20

     125,000         133,906   

Household Appliances–0.88%

     

Reynolds Group Issuer Inc./LLC, Sr. Unsec. Gtd. Global Notes, 8.25%, 02/15/21

     125,000         133,906   

Internet Software & Services–0.52%

     

CyrusOne L.P./CyrusOne Finance Corp., Sr. Unsec. Gtd. Global Notes, 6.38%, 11/15/22

     75,000         79,875   

Leisure Facilities–0.01%

     

Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp., Sr. Unsec. Gtd. Notes, 5.38%, 06/01/24(f)

     2,000         2,025   

Oil & Gas Drilling–0.03%

     

Precision Drilling Corp. (Canada), Sr. Unsec. Gtd. Notes, 5.25%, 11/15/24(f)

     4,000         3,976   

Oil & Gas Equipment & Services–0.84%

     

Exterran Partners L.P./EXLP Finance Corp., Sr. Unsec. Gtd. Global Notes, 6.00%, 04/01/21

     125,000         127,344   

Oil & Gas Exploration & Production–1.81%

  

Baytex Energy Corp. (Canada), Sr. Unsec. Gtd. Notes, 5.63%, 06/01/24(f)

     4,000         3,996   

Halcon Resources Corp., Sr. Unsec. Gtd. Global Notes, 9.75%, 07/15/20

     125,000         137,500   

SandRidge Energy Inc., Sr. Unsec. Gtd. Global Notes, 7.50%, 03/15/21

     125,000         134,063   
               275,559   

Oil & Gas Storage & Transportation–0.95%

  

   

Energy Transfer Equity L.P., Sr. Sec. Gtd. Notes, 7.50%, 10/15/20

     125,000         145,156   
     Principal
Amount		     Value  

Semiconductor Equipment–0.88%

  

Amkor Technology Inc., Sr. Unsec. Global Notes, 6.38%, 10/01/22

   $ 125,000      $ 133,750   

Specialized Finance–1.80%

    

Aircastle Ltd., Sr. Unsec. Global Notes, 7.63%, 04/15/20

     125,000        144,687   

CIT Group Inc., Sr. Unsec. Global Notes, 5.00%, 08/15/22

     125,000        129,688   
              274,375   

Specialized REIT’s–0.85%

    

Crown Castle International Corp., Sr. Unsec. Notes, 4.88%, 04/15/22

     125,000        130,000   

Steel–0.89%

    

ArcelorMittal (Luxembourg), Sr. Unsec. Global Notes, 6.00%, 03/01/21

     125,000        135,000   

Trading Companies & Distributors–1.00%

  

International Lease Finance Corp., Sr. Unsec. Notes, 8.25%, 12/15/20

     125,000        152,500   

Wireless Telecommunication Services–2.62%

  

Intelsat Luxembourg S.A. (Luxembourg), Sr. Unsec. Gtd. Global Bonds, 7.75%, 06/01/21

     125,000        133,125   

Sprint Communications Inc., Sr. Unsec. Global Notes, 6.00%, 11/15/22

     125,000        130,000   

T-Mobile USA, Inc., Sr. Unsec. Gtd. Notes, 6.84%, 04/28/23

     125,000        136,094   
              399,219   

Total U.S. Dollar Denominated Bonds and Notes
(Cost $3,648,088)

   

     3,684,263   
    Shares        

Money Market Funds–0.79%

    

Liquid Assets Portfolio –Institutional Class (g)

     60,067        60,067   

Premier Portfolio –Institutional Class (g)

     60,067        60,067   

Total Money Market Funds
(Cost $120,134)

   

     120,134   

TOTAL INVESTMENTS–99.44%
(Cost $15,002,955)

             15,152,986   

OTHER ASSETS LESS LIABILITIES–0.56%

  

     85,064   

NET ASSETS–100.00%

           $  15,238,050   
 

 

See accompanying notes which are an integral part of this schedule.

Invesco Strategic Real Return Fund

Investment Abbreviations:
Gtd.    —Guaranteed
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)  Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

 

(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)  Principal amount of security and interest payments are adjusted for inflation.

 

(e)  Invesco Floating Rate Fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser. The value of this security as of May 31, 2014 represented 29.53% of the Fund’s Net Assets. See Note 4.

 

(f)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at May 31, 2014 was $9,997, which represented less than 1% of the Fund’s Net Assets.

 

(g)  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 Strategic Real Return Fund

Notes to Quarterly Schedule of Portfolio Holdings

May 31, 2014

(Unaudited)

NOTE 1 — Significant Accounting Policies

 

A. Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the Adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to

 

Invesco Strategic Real Return Fund

 

A. Security Valuations – (continued)

 

changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain of the Fund’s investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. 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.

 

Invesco Strategic Real Return Fund

 

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.

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, 2014. 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

    $         4,620,750       $ —       $         —       $ 4,620,750   

  U.S. Treasury Securities

      —         6,847,973         —         6,847,973   

  Corporate Debt Securities

      —         3,684,263         —         3,684,263   
       4,620,750                 10,532,236         —         15,152,986   

  Futures*

      1,491         —         —         1,491   

Total Investments

    $ 4,622,241       $ 10,532,236       $ —       $         15,154,477   
* Unrealized appreciation.

NOTE 3 — Derivative Investments

 

Open Futures Contracts at Period-End

  
Futures Contracts    Type of
Contract		    Number of
Contracts		    Expiration
Month		      Notional
Value		    

Unrealized

Appreciation

  

U.S. Treasury 10 Year Notes

    Short    4      September-2014       $ (502,063 )    $ 1,491   

Total Futures Contracts- Interest Rate Risk

                     $ 1,491   

 

Invesco Strategic Real Return Fund

 

NOTE 4 — Investments in Affiliates

The Fund’s Adviser and the adviser for Invesco Floating Rate Fund are subsidiaries of Invesco Ltd. and therefore, Invesco Floating Rate Fund is considered to be affiliated with the Fund. The following is a summary of the transactions in, and earnings from, investments in Invesco Floating Rate Fund for the period April 30, 2014 (commencement date) to May 31, 2014.

 

     

Value

04/30/14

      Purchases
at Cost		      Proceeds
from
Sales		      Change in
Unrealized
Appreciation		      Realized
Gain		     

Value

05/31/14

      Dividend
Income		  

Invesco Floating Rate Fund

    $ -       $ 4,495,000       $ -       $ 5,616       $ -       $ 4,500,616       $ 16,252   

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 period April 30, 2014 (commencement date) to May 31, 2014 was $8,146,089 and $0, respectively. During the same period, purchases and sales of long-term U.S. Treasury obligations were $6,853,677 and $156,867, respectively. In a fund’s initial year of operations, the cost of investments for tax purposes will not reflect any tax adjustments until fiscal year end reporting period.

 

Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis  

Aggregate unrealized appreciation of investment securities

    $             155,506   

Aggregate unrealized (depreciation) of investment securities

      (5,475 ) 

Net unrealized appreciation of investment securities

    $ 150,031   

Cost of investments is the same for tax and financial reporting purposes.

 

Invesco Strategic Real Return Fund

 

Item 2. Controls and Procedures.

 

  (a) As of May 23, 2014, 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, 2014, 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 29, 2014

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 29, 2014
By:  

/s/ Sheri Morris

  Sheri Morris
  Principal Financial Officer
Date:   July 29, 2014

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.