NPORT-EX 2 edgar.htm
Schedule of Investments(a)
May 31, 2020
(Unaudited)
    Principal
Amount 		Value
U.S. Dollar Denominated Bonds & Notes–91.19%  
Advertising–0.51%  
Interpublic Group of Cos., Inc. (The), 4.75%, 03/30/2030       $550,000     $616,088
Lamar Media Corp.,                        
3.75%, 02/15/2028(b)       430,000     418,444
4.00%, 02/15/2030(b)       146,000     140,981
        1,175,513
Aerospace & Defense–0.18%  
Boeing Co. (The),                        
5.15%, 05/01/2030       126,000     134,804
5.71%, 05/01/2040       123,000     135,036
Spirit AeroSystems, Inc., 4.60%, 06/15/2028        16,000      12,800
TransDigm, Inc.,                        
6.50%, 07/15/2024        12,000      11,791
6.50%, 05/15/2025        37,000      35,894
6.38%, 06/15/2026        48,000      44,751
Triumph Group, Inc., 7.75%, 08/15/2025        55,000      35,951
        411,027
Agricultural & Farm Machinery–0.08%  
John Deere Capital Corp., 1.75%, 03/09/2027       129,000     132,544
Titan International, Inc., 6.50%, 11/30/2023        77,000      42,053
        174,597
Air Freight & Logistics–0.01%  
XPO Logistics, Inc., 6.50%, 06/15/2022(b)        15,000      15,052
Airlines–4.12%  
American Airlines Pass Through Trust,                        
Series 2017-1, Class B, 4.95%, 02/15/2025       359,749     231,324
Series 2016-1, Class AA, 3.58%, 01/15/2028       344,078     319,580
Series 2019-1, Class B, 3.85%, 02/15/2028       449,745     268,912
Series 2017-1, Class AA, 3.65%, 02/15/2029       478,252     445,147
Series 2017-2, Class A, 3.60%, 10/15/2029       539,512     391,996
Series 2017-2, Class AA, 3.35%, 10/15/2029       672,384     592,531
Series 2019-1, Class AA, 3.15%, 02/15/2032       918,635     825,964
Avianca Holdings S.A. (Colombia), 9.00%, 05/10/2023(b)(c)       253,000      41,587
British Airways Pass Through Trust (United Kingdom),                        
Series 2019-1, Class A, 3.35%, 06/15/2029(b)       324,000     251,299
Series 2019-1, Class AA, 3.30%, 12/15/2032(b)       765,643     672,492
    Principal
Amount 		Value
Airlines–(continued)  
Delta Air Lines Pass Through Trust,                        
Series 2019-1, Class A, 3.40%, 04/25/2024       $447,000     $388,837
Series 2019-1, Class AA, 3.20%, 04/25/2024       646,000     611,916
Series 2020-1, Class AA, 2.00%, 06/10/2028       500,000     461,419
Delta Air Lines, Inc.,                        
3.80%, 04/19/2023       269,000     239,219
2.90%, 10/28/2024       753,000     611,682
Norwegian Air Shuttle ASA Pass Through Trust (Norway), Series 2016-1, Class B, 7.50%, 11/10/2023(b)       484,750     293,273
Southwest Airlines Co.,                        
4.75%, 05/04/2023       246,000     249,530
5.25%, 05/04/2025       142,000     143,992
2.63%, 02/10/2030        38,000      31,667
United Airlines Pass Through Trust,                        
Series 2014-2, Class B, 4.63%, 09/03/2022       361,886     303,046
Series 2016-1, Class B, 3.65%, 01/07/2026       329,824     218,667
Series 2019-2, Class B, 3.50%, 05/01/2028       344,000     223,829
Series 2018-1, Class A, 3.70%, 03/01/2030       606,467     454,800
Series 2018-1, Class AA, 3.50%, 03/01/2030       570,079     519,553
Series 2019-1, Class A, 4.55%, 08/25/2031       284,627     212,979
Series 2019-1, Class AA, 4.15%, 08/25/2031       553,742     520,936
        9,526,177
Alternative Carriers–0.23%  
CenturyLink, Inc.,                        
Series S, 6.45%, 06/15/2021        50,000      51,531
Series Y, 7.50%, 04/01/2024        48,000      52,925
4.00%, 02/15/2027(b)       221,000     221,072
Level 3 Financing, Inc.,                        
5.38%, 05/01/2025        97,000      99,902
5.25%, 03/15/2026       108,000     112,030
        537,460
Aluminum–0.10%  
Alcoa Nederland Holding B.V., 6.75%, 09/30/2024(b)       200,000     203,623
Novelis Corp., 4.75%, 01/30/2030(b)        33,000      31,431
        235,054
Apparel Retail–0.37%  
L Brands, Inc.,                        
6.88%, 11/01/2035        91,000      75,732
6.75%, 07/01/2036        49,000      41,001
Michaels Stores, Inc., 8.00%, 07/15/2027(b)        44,000      35,522
Ross Stores, Inc., 5.45%, 04/15/2050       564,000     704,738
        856,993
 
See accompanying notes which are an integral part of this schedule.
Invesco Bond Fund
    Principal
Amount 		Value
Apparel, Accessories & Luxury Goods–0.03%  
Hanesbrands, Inc.,                        
4.63%, 05/15/2024(b)        $11,000      $11,221
4.88%, 05/15/2026(b)        63,000      63,934
        75,155
Asset Management & Custody Banks–1.88%  
Affiliated Managers Group, Inc., 4.25%, 02/15/2024     1,155,000   1,244,264
Ameriprise Financial, Inc., 3.00%, 04/02/2025       378,000     406,621
Apollo Management Holdings L.P., 4.95%, 01/14/2050(b)       799,000     718,203
Bank of New York Mellon Corp. (The), Series G, 4.70%(d)       437,000     450,656
Carlyle Holdings II Finance LLC, 5.63%, 03/30/2043(b)     1,355,000   1,532,316
        4,352,060
Auto Parts & Equipment–0.05%  
Adient US LLC, 9.00%, 04/15/2025(b)        14,000      14,997
Dana Financing Luxembourg S.a.r.l., 5.75%, 04/15/2025(b)        22,000      21,860
Dana, Inc., 5.38%, 11/15/2027        37,000      35,590
Panther BF Aggregator 2 L.P./Panther Finance Co., Inc., 8.50%, 05/15/2027(b)        30,000      29,507
Tenneco, Inc., 5.00%, 07/15/2026        29,000      14,873
        116,827
Automobile Manufacturers–2.03%  
Ford Motor Co.,                        
8.50%, 04/21/2023       329,000     342,473
9.00%, 04/22/2025       171,000     180,405
9.63%, 04/22/2030        13,000      14,463
4.75%, 01/15/2043        38,000      29,213
Ford Motor Credit Co. LLC,                        
5.09%, 01/07/2021       222,000     220,612
5.58%, 03/18/2024       750,000     748,837
Hyundai Capital America,                        
2.85%, 11/01/2022(b)       379,000     379,165
4.30%, 02/01/2024(b)     1,883,000   1,928,300
2.65%, 02/10/2025(b)       376,000     355,163
J.B. Poindexter & Co., Inc., 7.13%, 04/15/2026(b)        89,000      88,906
Volkswagen Group of America Finance LLC (Germany), 1.37% (3 mo. USD LIBOR + 0.94%), 11/12/2021(b)(e)       403,000     396,770
        4,684,307
Automotive Retail–0.46%  
Advance Auto Parts, Inc.,                        
4.50%, 12/01/2023       285,000     305,003
3.90%, 04/15/2030(b)       574,000     587,425
Asbury Automotive Group, Inc., 4.75%, 03/01/2030(b)        10,000       9,631
Lithia Motors, Inc.,                        
5.25%, 08/01/2025(b)        19,000      18,689
4.63%, 12/15/2027(b)        18,000      17,426
Murphy Oil USA, Inc., 5.63%, 05/01/2027        37,000      38,704
    Principal
Amount 		Value
Automotive Retail–(continued)  
Penske Automotive Group, Inc., 5.50%, 05/15/2026        $85,000      $83,922
        1,060,800
Biotechnology–0.91%  
AbbVie, Inc.,                        
4.05%, 11/21/2039(b)     1,079,000   1,214,873
4.88%, 11/14/2048       564,000     697,809
Amgen, Inc., 2.45%, 02/21/2030       176,000     184,478
        2,097,160
Brewers–0.37%  
Anheuser-Busch InBev Worldwide, Inc. (Belgium),                        
8.00%, 11/15/2039       343,000     526,289
4.35%, 06/01/2040       245,000     274,431
Molson Coors Beverage Co., 5.00%, 05/01/2042        42,000      43,311
        844,031
Broadcasting–0.21%  
AMC Networks, Inc.,                        
5.00%, 04/01/2024        39,000      39,219
4.75%, 08/01/2025        10,000      10,101
Fox Corp., 3.50%, 04/08/2030       125,000     134,731
Gray Television, Inc., 7.00%, 05/15/2027(b)        28,000      29,640
iHeartCommunications, Inc., 8.38%, 05/01/2027        46,000      43,116
ViacomCBS, Inc., 4.95%, 05/19/2050       225,000     228,704
        485,511
Building Products–1.06%  
Carrier Global Corp.,                        
2.24%, 02/15/2025(b)       791,000     793,946
2.72%, 02/15/2030(b)       630,000     601,955
3.38%, 04/05/2040(b)       617,000     551,702
3.58%, 04/05/2050(b)       417,000     376,743
Standard Industries, Inc.,                        
6.00%, 10/15/2025(b)       100,000     104,061
5.00%, 02/15/2027(b)        17,000      17,552
        2,445,959
Cable & Satellite–3.12%  
CCO Holdings LLC/CCO Holdings Capital Corp.,                        
5.75%, 02/15/2026(b)       213,000     222,584
4.50%, 08/15/2030(b)        24,000      24,956
Charter Communications Operating LLC/Charter Communications Operating Capital Corp.,                        
4.91%, 07/23/2025     1,195,000   1,369,403
5.38%, 04/01/2038        42,000      50,213
5.75%, 04/01/2048       328,000     405,119
Comcast Corp.,                        
3.95%, 10/15/2025       237,000     271,828
6.45%, 03/15/2037       551,000     805,898
4.60%, 10/15/2038       338,000     420,641
3.25%, 11/01/2039       119,000     130,643
3.45%, 02/01/2050       504,000     561,090
2.80%, 01/15/2051       371,000     366,912
See accompanying notes which are an integral part of this schedule.
Invesco Bond Fund
    Principal
Amount 		Value
Cable & Satellite–(continued)  
CSC Holdings LLC,                        
6.75%, 11/15/2021        $67,000      $70,775
5.25%, 06/01/2024        94,000      99,387
10.88%, 10/15/2025(b)       200,000     217,009
DISH DBS Corp.,                        
5.88%, 11/15/2024        40,000      39,596
7.75%, 07/01/2026        22,000      22,876
Intelsat Jackson Holdings S.A. (Luxembourg), 8.50%, 10/15/2024(b)(c)        43,000      24,622
NBCUniversal Media LLC, 5.95%, 04/01/2041     1,135,000   1,641,729
Sirius XM Radio, Inc., 5.38%, 07/15/2026(b)        41,000      42,641
Telenet Finance Luxembourg Notes S.a r.l. (Belgium), 5.50%, 03/01/2028(b)       200,000     211,000
Virgin Media Secured Finance PLC (United Kingdom), 5.50%, 08/15/2026(b)       200,000     209,081
        7,208,003
Casinos & Gaming–0.11%  
Boyd Gaming Corp.,                        
6.38%, 04/01/2026        20,000      19,940
6.00%, 08/15/2026        20,000      19,522
MGM Resorts International,                        
7.75%, 03/15/2022        42,000      43,809
6.00%, 03/15/2023        67,000      67,328
Scientific Games International, Inc., 8.25%, 03/15/2026(b)        19,000      17,483
Station Casinos LLC, 4.50%, 02/15/2028(b)        22,000      19,456
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.50%, 03/01/2025(b)        57,000      55,432
        242,970
Coal & Consumable Fuels–0.05%  
Parsley Energy LLC/Parsley Finance Corp.,                        
5.38%, 01/15/2025(b)        18,000      17,741
4.13%, 02/15/2028(b)        15,000      14,016
SunCoke Energy Partners L.P./SunCoke Energy Partners Finance Corp., 7.50%, 06/15/2025(b)       105,000      79,875
        111,632
Commodity Chemicals–0.15%  
Alpek S.A.B. de C.V. (Mexico), 4.25%, 09/18/2029(b)       246,000     241,126
Koppers, Inc., 6.00%, 02/15/2025(b)        37,000      34,155
Olin Corp., 5.63%, 08/01/2029        85,000      77,021
        352,302
Communications Equipment–0.05%  
Hughes Satellite Systems Corp.,                        
7.63%, 06/15/2021        50,000      52,374
5.25%, 08/01/2026        51,000      52,966
        105,340
Construction & Engineering–0.03%  
AECOM, 5.13%, 03/15/2027        24,000      25,551
    Principal
Amount 		Value
Construction & Engineering–(continued)  
Valmont Industries, Inc., 5.00%, 10/01/2044        $42,000      $43,007
        68,558
Construction Machinery & Heavy Trucks–0.19%  
Ashtead Capital, Inc. (United Kingdom), 4.00%, 05/01/2028(b)       255,000     251,175
Caterpillar, Inc., 3.25%, 04/09/2050       160,000     176,810
        427,985
Construction Materials–0.18%  
CRH America Finance, Inc. (Ireland), 3.95%, 04/04/2028(b)       384,000     410,094
Consumer Finance–0.46%  
Ally Financial, Inc.,                        
5.13%, 09/30/2024        34,000      35,470
4.63%, 03/30/2025       223,000     230,271
Credit Acceptance Corp.,                        
5.13%, 12/31/2024(b)       163,000     150,877
6.63%, 03/15/2026       280,000     264,600
Navient Corp.,                        
7.25%, 01/25/2022        25,000      24,931
7.25%, 09/25/2023       184,000     177,213
5.00%, 03/15/2027        82,000      70,366
Springleaf Finance Corp., 7.13%, 03/15/2026       120,000     118,481
        1,072,209
Copper–0.62%  
Freeport-McMoRan, Inc.,                        
5.00%, 09/01/2027       623,000     633,787
4.13%, 03/01/2028       299,000     291,246
4.25%, 03/01/2030       299,000     290,498
5.40%, 11/14/2034       187,000     185,673
Taseko Mines Ltd. (Canada), 8.75%, 06/15/2022(b)        75,000      43,014
        1,444,218
Data Processing & Outsourced Services–0.21%  
Alliance Data Systems Corp., 4.75%, 12/15/2024(b)        41,000      36,811
Cardtronics, Inc./Cardtronics USA, Inc., 5.50%, 05/01/2025(b)        36,000      33,971
PayPal Holdings, Inc., 2.65%, 10/01/2026       390,000     424,360
        495,142
Department Stores–0.09%  
Kohl’s Corp.,                        
9.50%, 05/15/2025       105,000     111,725
5.55%, 07/17/2045        42,000      32,973
Macy’s, Inc., 8.38%, 06/15/2025(b)        62,000      63,007
        207,705
Diversified Banks–12.27%  
Africa Finance Corp. (Supranational), 4.38%, 04/17/2026(b)     1,080,000   1,125,727
Australia & New Zealand Banking Group Ltd. (Australia), 6.75%(b)(d)       765,000     847,402
Banco del Estado de Chile (Chile), 2.70%, 01/09/2025(b)       345,000     349,097
See accompanying notes which are an integral part of this schedule.
Invesco Bond Fund
  Principal
Amount 		Value
Diversified Banks–(continued)
Bank of America Corp.,                      
3.86%, (3 mo. USD LIBOR + 0.94%), 07/23/2024(e)     $735,000     $796,440
2.59%, 04/29/2031     323,000     332,718
7.75%, 05/14/2038     765,000   1,224,495
Series AA, 6.10%(d)   1,422,000   1,497,643
Series DD, 6.30%(d)     418,000     458,059
Series Z, 6.50%(d)   1,074,000   1,158,153
Bank of China Ltd. (China), 5.00%, 11/13/2024(b)     540,000     594,328
Bank of Nova Scotia (The) (Canada), 4.90%(d)     532,000     526,680
BBVA Bancomer S.A. (Mexico), 4.38%, 04/10/2024(b)     535,000     569,853
Citigroup, Inc.,                      
5.50%, 09/13/2025   1,159,000   1,357,252
3.11%, 04/08/2026     430,000     453,526
4.41%, 03/31/2031     348,000     401,618
2.57%, (SOFR + 2.11%), 06/03/2031(e)     651,000     651,271
4.65%, 07/23/2048     259,000     321,762
Series Q, 5.95%(d)     350,000     327,250
Series T, 6.25%(d)     450,000     479,626
Series U, 5.00%(d)     956,000     895,652
Series V, 4.70%(d)     260,000     226,688
Federation des caisses Desjardins du Quebec (Canada), 2.05%, 02/10/2025(b)     615,000     624,840
Global Bank Corp. (Panama), 4.50%, 10/20/2021(b)     772,000     788,984
HSBC Holdings PLC (United Kingdom), 6.00%(d)     845,000     821,412
JPMorgan Chase & Co.,                      
2.30%, 08/15/2021     910,000     913,005
1.93%, (3 mo. USD LIBOR + 0.89%), 07/23/2024(e)     756,000     744,097
2.08%, 04/22/2026     576,000     590,133
3.63%, 12/01/2027     490,000     535,478
2.52%, 04/22/2031     468,000     478,978
2.96%, (SOFR + 2.52%), 05/13/2031(e)     358,000     369,353
3.11%, 04/22/2041     358,000     373,281
Series W, 1.39% (3 mo. USD LIBOR + 1.00%), 05/15/2047(e)     790,000     514,642
Series V, 4.75% (3 mo. USD LIBOR + 3.32%)(d)(e)     509,000     433,671
SMBC Aviation Capital Finance DAC (Ireland),                      
3.00%, 07/15/2022(b)     474,000     470,990
4.13%, 07/15/2023(b)     552,000     559,206
Societe Generale S.A. (France),                      
7.38%(b)(d)     295,000     297,664
7.38%(b)(d)     505,000     493,887
Standard Chartered PLC (United Kingdom),                      
2.10%, (3 mo. USD LIBOR + 1.20%), 09/10/2022(b)(e)     442,000     439,839
4.30%, 02/19/2027(b)     300,000     310,122
7.75%(b)(d)     255,000     263,094
Sumitomo Mitsui Financial Group, Inc. (Japan), 3.04%, 07/16/2029     625,000     665,799
    Principal
Amount 		Value
Diversified Banks–(continued)  
Wells Fargo & Co.,                        
2.19%, 04/30/2026       $168,000     $170,422
3.07%, 04/30/2041       240,000     241,126
5.38%, 11/02/2043     1,750,000   2,245,415
4.75%, 12/07/2046       357,000     421,774
        28,362,452
Diversified Capital Markets–0.68%  
Credit Suisse Group AG (Switzerland),                        
4.19%, 04/01/2031(b)       280,000     311,436
7.50%(b)(d)       285,000     293,235
5.10%(b)(d)       478,000     442,747
Macquarie Bank Ltd. (Australia), 6.13%(b)(d)       530,000     526,468
        1,573,886
Diversified Chemicals–0.36%  
Chemours Co. (The),                        
6.63%, 05/15/2023        21,000      21,107
7.00%, 05/15/2025        18,000      17,552
Dow Chemical Co. (The), 3.15%, 05/15/2024       243,000     255,163
OCP S.A. (Morocco), 4.50%, 10/22/2025(b)       519,000     520,183
Trinseo Materials Operating S.C.A./Trinseo Materials Finance, Inc., 5.38%, 09/01/2025(b)        24,000      22,995
        837,000
Diversified Metals & Mining–1.04%  
Anglo American Capital PLC (South Africa), 5.63%, 04/01/2030(b)       404,000     465,399
Corp. Nacional del Cobre de Chile (Chile), 3.15%, 01/14/2030(b)       390,000     402,802
Hudbay Minerals, Inc. (Canada), 7.63%, 01/15/2025(b)        45,000      41,026
Teck Resources Ltd. (Canada),                        
6.13%, 10/01/2035       508,000     526,258
6.25%, 07/15/2041       958,000     968,042
        2,403,527
Diversified REITs–1.06%  
iStar, Inc., 4.75%, 10/01/2024        90,000      81,234
Trust Fibra Uno (Mexico),                        
5.25%, 12/15/2024(b)       283,000     279,079
5.25%, 01/30/2026(b)       764,000     722,797
4.87%, 01/15/2030(b)       560,000     486,329
6.39%, 01/15/2050(b)       905,000     834,143
VICI Properties L.P./VICI Note Co., Inc.,                        
3.50%, 02/15/2025(b)        16,000      15,438
3.75%, 02/15/2027(b)        16,000      15,478
4.13%, 08/15/2030(b)        16,000      15,478
        2,449,976
Drug Retail–1.25%  
CVS Pass Through Trust, 5.77%, 01/10/2033(b)     1,216,442   1,338,373
CVS Pass-Through Trust, 6.04%, 12/10/2028       777,820     855,619
Walgreens Boots Alliance, Inc., 4.10%, 04/15/2050       723,000     699,964
        2,893,956
See accompanying notes which are an integral part of this schedule.
Invesco Bond Fund
    Principal
Amount 		Value
Education Services–0.06%  
Northwestern University, 2.64%, 12/01/2050       $135,000     $137,042
Electric Utilities–2.31%  
DPL, Inc., 4.35%, 04/15/2029        22,000      22,166
Drax Finco PLC (United Kingdom), 6.63%, 11/01/2025(b)       400,000     421,542
Electricite de France S.A. (France), 6.00%, 01/22/2114(b)     1,755,000   2,264,380
Entergy Corp., 3.75%, 06/15/2050        45,000      49,164
Georgia Power Co.,                        
2.85%, 05/15/2022       285,000     294,941
Series A, 2.20%, 09/15/2024     1,334,000   1,395,364
NRG Energy, Inc.,                        
6.63%, 01/15/2027        15,000      16,010
5.25%, 06/15/2029(b)       104,000     113,601
Southern Co. (The), Series B, 5.50%, 03/15/2057(e)       761,000     771,717
        5,348,885
Electrical Components & Equipment–0.06%  
EnerSys,                        
5.00%, 04/30/2023(b)        76,000      75,992
4.38%, 12/15/2027(b)        18,000      17,696
WESCO Distribution, Inc., 7.25%, 06/15/2028(b)        39,000      38,705
        132,393
Electronic Components–1.62%  
Corning, Inc., 5.45%, 11/15/2079     3,255,000   3,738,911
Electronic Equipment & Instruments–0.02%  
MTS Systems Corp., 5.75%, 08/15/2027(b)        53,000      47,889
Environmental & Facilities Services–0.01%  
Waste Pro USA, Inc., 5.50%, 02/15/2026(b)        32,000      31,726
Financial Exchanges & Data–0.41%  
Moody’s Corp.,                        
5.25%, 07/15/2044       404,000     535,233
3.25%, 05/20/2050       131,000     140,401
MSCI, Inc., 3.88%, 02/15/2031(b)       257,000     264,098
        939,732
Food Distributors–0.03%  
US Foods, Inc., 5.88%, 06/15/2024(b)        79,000      76,638
Food Retail–0.23%  
Albertsons Cos., Inc./Safeway, Inc./New Albertsons L.P./Albertson’s LLC,                        
3.50%, 02/15/2023(b)       394,000     397,280
6.63%, 06/15/2024        60,000      62,227
4.63%, 01/15/2027(b)        42,000      42,727
5.88%, 02/15/2028(b)        32,000      34,326
        536,560
Forest Products–0.18%  
Georgia-Pacific LLC, 2.10%, 04/30/2027(b)       344,000     350,351
Norbord, Inc. (Canada), 5.75%, 07/15/2027(b)        69,000      68,297
        418,648
    Principal
Amount 		Value
Gas Utilities–0.13%  
AmeriGas Partners L.P./AmeriGas Finance Corp.,                        
5.63%, 05/20/2024        $80,000      $83,849
5.88%, 08/20/2026        61,000      64,832
Suburban Propane Partners L.P./Suburban Energy Finance Corp., 5.50%, 06/01/2024        99,000     100,298
Superior Plus L.P./Superior General Partner, Inc. (Canada), 7.00%, 07/15/2026(b)        56,000      57,319
        306,298
Health Care Equipment–0.15%  
Becton Dickinson and Co., 3.79%, 05/20/2050       311,000     350,314
Health Care Facilities–0.60%  
Acadia Healthcare Co., Inc., 6.50%, 03/01/2024        27,000      27,394
HCA, Inc.,                        
5.00%, 03/15/2024       761,000     838,847
5.38%, 02/01/2025        39,000      42,911
5.25%, 04/15/2025        30,000      34,054
5.88%, 02/15/2026        71,000      79,644
5.38%, 09/01/2026        18,000      19,992
5.50%, 06/15/2047       286,000     343,129
        1,385,971
Health Care REITs–0.77%  
Diversified Healthcare Trust, 6.75%, 12/15/2021     1,090,000   1,060,204
MPT Operating Partnership L.P./MPT Finance Corp.,                        
5.00%, 10/15/2027        99,000     102,654
4.63%, 08/01/2029       328,000     325,489
Physicians Realty L.P., 4.30%, 03/15/2027       295,000     291,892
        1,780,239
Health Care Services–1.52%  
AMN Healthcare, Inc., 5.13%, 10/01/2024(b)        31,000      31,191
Cigna Corp.,                        
3.75%, 07/15/2023       543,000     591,227
2.11%, (3 mo. USD LIBOR + 0.89%), 07/15/2023(e)       742,000     733,023
3.00%, 07/15/2023(b)       998,000   1,054,470
4.80%, 08/15/2038       780,000     974,717
DaVita, Inc., 4.63%, 06/01/2030(b)        27,000      26,966
Hadrian Merger Sub, Inc., 8.50%, 05/01/2026(b)        60,000      50,914
MPH Acquisition Holdings LLC, 7.13%, 06/01/2024(b)        43,000      40,769
Team Health Holdings, Inc., 6.38%, 02/01/2025(b)        29,000      16,198
        3,519,475
Home Improvement Retail–0.07%  
Hillman Group, Inc. (The), 6.38%, 07/15/2022(b)        23,000      20,798
Lowe’s Cos., Inc., 4.00%, 04/15/2025       127,000     143,725
        164,523
See accompanying notes which are an integral part of this schedule.
Invesco Bond Fund
    Principal
Amount 		Value
Homebuilding–1.49%  
Ashton Woods USA LLC/Ashton Woods Finance Co., 9.88%, 04/01/2027(b)        $55,000      $56,523
Beazer Homes USA, Inc.,                        
6.75%, 03/15/2025        49,000      49,669
5.88%, 10/15/2027         6,000       5,659
KB Home, 4.80%, 11/15/2029        77,000      77,937
Lennar Corp.,                        
8.38%, 01/15/2021         6,000       6,217
5.38%, 10/01/2022        56,000      58,857
4.75%, 11/15/2022        31,000      32,442
5.25%, 06/01/2026        78,000      84,128
M.D.C. Holdings, Inc.,                        
3.85%, 01/15/2030       991,000     943,774
6.00%, 01/15/2043     1,643,000   1,745,227
Mattamy Group Corp. (Canada),                        
5.25%, 12/15/2027(b)        30,000      29,194
4.63%, 03/01/2030(b)       200,000     184,469
Meritage Homes Corp., 5.13%, 06/06/2027        52,000      53,745
PulteGroup, Inc., 6.38%, 05/15/2033         2,000       2,278
Taylor Morrison Communities, Inc.,                        
6.63%, 07/15/2027(b)        58,000      57,716
5.75%, 01/15/2028(b)        37,000      36,577
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., 5.88%, 04/15/2023(b)        10,000      10,011
        3,434,423
Hotel & Resort REITs–0.01%  
Service Properties Trust, 4.95%, 10/01/2029        42,000      33,669
Hotels, Resorts & Cruise Lines–0.06%  
Carnival Corp., 11.50%, 04/01/2023(b)       119,000     127,014
Marriott International, Inc., 4.63%, 06/15/2030        17,000      17,431
        144,445
Household Products–0.07%  
Reynolds Group Issuer, Inc./LLC,                        
5.13%, 07/15/2023(b)        17,000      17,257
7.00%, 07/15/2024(b)        76,000      76,582
Spectrum Brands, Inc.,                        
5.75%, 07/15/2025        33,000      34,134
5.00%, 10/01/2029(b)        37,000      36,253
        164,226
Independent Power Producers & Energy Traders–0.08%  
AES Corp. (The), 5.50%, 04/15/2025        98,000     100,755
Calpine Corp., 5.50%, 02/01/2024        41,000      41,435
Enviva Partners L.P./Enviva Partners Finance Corp., 6.50%, 01/15/2026(b)        35,000      37,100
        179,290
Industrial Conglomerates–0.91%  
GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/2035       630,000     630,412
General Electric Co., 5.55%, 01/05/2026     1,171,000   1,301,642
Honeywell International, Inc., 1.35%, 06/01/2025       157,000     160,325
        2,092,379
    Principal
Amount 		Value
Industrial Machinery–0.10%  
Cleaver-Brooks, Inc., 7.88%, 03/01/2023(b)        $94,000      $79,087
EnPro Industries, Inc., 5.75%, 10/15/2026        79,000      77,899
Mueller Industries, Inc., 6.00%, 03/01/2027        80,000      75,885
        232,871
Industrial REITs–0.08%  
Cibanco S.A. Ibm/PLA Administradora Industrial S de RL de C.V. (Mexico), 4.96%, 07/18/2029(b)       215,000     190,074
Integrated Oil & Gas–2.13%  
Cenovus Energy, Inc. (Canada), 4.25%, 04/15/2027        95,000      86,346
Ecopetrol S.A. (Colombia), 6.88%, 04/29/2030       640,000     732,160
Exxon Mobil Corp., 2.99%, 03/19/2025       402,000     440,565
Occidental Petroleum Corp.,                        
Series 1, 4.10%, 02/01/2021       826,000     813,610
2.60%, 08/13/2021       338,000     327,184
2.90%, 08/15/2024       153,000     122,400
3.20%, 08/15/2026        52,000      38,204
3.50%, 08/15/2029        44,000      29,810
6.20%, 03/15/2040        39,000      26,812
4.10%, 02/15/2047        51,000      29,835
Petrobras Global Finance B.V. (Brazil), 5.75%, 02/01/2029        58,000      58,333
Petroleos Mexicanos (Mexico),                        
5.95%, 01/28/2031(b)        20,000      16,298
6.95%, 01/28/2060(b)       185,000     144,687
Saudi Arabian Oil Co. (Saudi Arabia),                        
2.88%, 04/16/2024(b)     1,471,000   1,525,466
4.38%, 04/16/2049(b)       346,000     384,201
Total Capital International S.A. (France), 3.13%, 05/29/2050       139,000     140,846
        4,916,757
Integrated Telecommunication Services–3.18%  
AT&T, Inc.,                        
1.96%, (3 mo. USD LIBOR + 1.18%), 06/12/2024(e)       393,000     385,077
5.25%, 03/01/2037       452,000     553,454
5.15%, 03/15/2042     1,017,000   1,220,574
5.35%, 12/15/2043       808,000     986,494
4.75%, 05/15/2046       576,000     673,624
5.15%, 11/15/2046       945,000   1,156,657
CommScope, Inc., 6.00%, 03/01/2026(b)        67,000      70,612
Embarq Corp., 8.00%, 06/01/2036        71,000      75,922
Frontier Communications Corp., 10.50%, 09/15/2022(c)        66,000      23,167
Telecom Italia Capital S.A. (Italy), 7.20%, 07/18/2036       104,000     119,418
Telefonica Emisiones S.A. (Spain), 7.05%, 06/20/2036     1,108,000   1,591,927
Verizon Communications, Inc., 4.81%, 03/15/2039       392,000     504,019
        7,360,945
See accompanying notes which are an integral part of this schedule.
Invesco Bond Fund
    Principal
Amount 		Value
Interactive Media & Services–1.95%  
Baidu, Inc. (China), 3.08%, 04/07/2025       $210,000     $219,085
Cumulus Media New Holdings, Inc., 6.75%, 07/01/2026(b)        41,000      34,242
Diamond Sports Group LLC/Diamond Sports Finance Co.,                        
5.38%, 08/15/2026(b)       621,000     495,148
6.63%, 08/15/2027(b)        55,000      33,221
Match Group, Inc.,                        
4.63%, 06/01/2028(b)       165,000     170,363
5.63%, 02/15/2029(b)       766,000     811,148
Tencent Holdings Ltd. (China),                        
2.99%, 01/19/2023(b)       298,000     308,484
1.81%, 01/26/2026(b)       200,000     201,252
3.60%, 01/19/2028(b)       620,000     672,338
2.39%, 06/03/2030(b)       381,000     380,994
3.93%, 01/19/2038(b)       448,000     508,760
3.24%, 06/03/2050(b)       200,000     199,728
3.29%, 06/03/2060(b)       200,000     200,786
Twitter, Inc., 3.88%, 12/15/2027(b)       284,000     283,823
        4,519,372
Internet & Direct Marketing Retail–0.72%  
Alibaba Group Holding Ltd. (China),                        
4.20%, 12/06/2047       295,000     354,472
4.40%, 12/06/2057       290,000     365,748
QVC, Inc.,                        
4.75%, 02/15/2027       198,000     189,585
5.45%, 08/15/2034       894,000     757,665
        1,667,470
Investment Banking & Brokerage–2.96%  
Cantor Fitzgerald L.P., 6.50%, 06/17/2022(b)       536,000     554,653
Charles Schwab Corp. (The),                        
Series E, 4.63%(d)       820,000     771,054
Series G, 5.38%(d)       628,000     660,970
Goldman Sachs Group, Inc. (The),                        
5.25%, 07/27/2021       565,000     591,944
3.50%, 04/01/2025       374,000     402,107
6.75%, 10/01/2037       295,000     408,653
4.80%, 07/08/2044     1,007,000   1,241,735
Series P, 5.00%(d)       495,000     453,322
Jefferies Group LLC/Jefferies Group Capital Finance, Inc., 4.15%, 01/23/2030       525,000     528,218
Morgan Stanley,                        
2.19%, 04/28/2026       290,000     298,272
2.70%, 01/22/2031       327,000     337,330
3.62%, 04/01/2031       358,000     398,330
Raymond James Financial, Inc., 4.65%, 04/01/2030       178,000     205,142
        6,851,730
IT Consulting & Other Services–0.14%  
DXC Technology Co., 4.45%, 09/18/2022       323,000     334,428
Leisure Facilities–0.02%  
Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp., 5.38%, 06/01/2024        44,000      41,970
    Principal
Amount 		Value
Life & Health Insurance–3.66%  
Athene Global Funding, 2.50%, 01/14/2025(b)       $376,000     $367,932
Athene Holding Ltd.,                        
4.13%, 01/12/2028       922,000     894,735
6.15%, 04/03/2030       455,000     498,247
Brighthouse Financial, Inc., 4.70%, 06/22/2047       916,000     809,751
Global Atlantic Fin Co.,                        
8.63%, 04/15/2021(b)       950,000   1,005,475
4.40%, 10/15/2029(b)     1,212,000   1,086,233
MetLife, Inc.,                        
4.13%, 08/13/2042       371,000     426,412
Series C, 5.25%(d)       865,000     775,797
Nationwide Financial Services, Inc.,                        
5.38%, 03/25/2021(b)     1,645,000   1,696,030
3.90%, 11/30/2049(b)       352,000     345,566
Prudential Financial, Inc., 3.91%, 12/07/2047       522,000     555,757
        8,461,935
Life Sciences Tools & Services–0.03%  
Charles River Laboratories International, Inc., 4.25%, 05/01/2028(b)        60,000      60,645
Managed Health Care–0.10%  
Centene Corp.,                        
5.25%, 04/01/2025(b)        60,000      62,043
5.38%, 06/01/2026(b)        86,000      91,144
5.38%, 08/15/2026(b)        26,000      27,589
4.63%, 12/15/2029        37,000      40,002
        220,778
Metal & Glass Containers–0.08%  
Ball Corp., 5.25%, 07/01/2025        70,000      78,670
Berry Global, Inc.,                        
5.50%, 05/15/2022        10,000      10,006
6.00%, 10/15/2022        10,000      10,110
Flex Acquisition Co., Inc.,                        
6.88%, 01/15/2025(b)        31,000      31,368
7.88%, 07/15/2026(b)        41,000      41,119
OI European Group B.V., 4.00%, 03/15/2023(b)        11,000      10,903
        182,176
Movies & Entertainment–0.27%  
AMC Entertainment Holdings, Inc.,                        
5.75%, 06/15/2025        46,000      12,190
6.13%, 05/15/2027        46,000      11,845
AMC Entertainment, Inc., 10.50%, 04/15/2025(b)        83,000      73,455
Netflix, Inc.,                        
5.88%, 11/15/2028       205,000     233,738
5.38%, 11/15/2029(b)       264,000     293,676
        624,904
Multi-line Insurance–2.14%  
American International Group, Inc.,                        
3.40%, 06/30/2030       540,000     567,832
4.50%, 07/16/2044     1,412,000   1,589,986
Fairfax Financial Holdings Ltd. (Canada),                        
4.85%, 04/17/2028       394,000     396,762
4.63%, 04/29/2030(b)       720,000     723,035
See accompanying notes which are an integral part of this schedule.
Invesco Bond Fund
    Principal
Amount 		Value
Multi-line Insurance–(continued)  
Massachusetts Mutual Life Insurance Co., 3.38%, 04/15/2050(b)       $193,000     $195,361
Nationwide Mutual Insurance Co., 4.95%, 04/22/2044(b)       830,000     931,435
XLIT Ltd. (Bermuda), 5.50%, 03/31/2045       415,000     541,400
        4,945,811
Multi-Utilities–0.49%  
CenterPoint Energy, Inc.,                        
2.50%, 09/01/2024       397,000     412,420
Series A, 6.13%(d)       572,000     543,717
CMS Energy Corp., 4.75%, 06/01/2050(e)       183,000     187,472
        1,143,609
Office REITs–0.35%  
Alexandria Real Estate Equities, Inc., 3.95%, 01/15/2027       523,000     576,952
Boston Properties L.P., 3.25%, 01/30/2031       230,000     241,384
        818,336
Office Services & Supplies–0.01%  
Pitney Bowes, Inc., 5.70%, 04/01/2023        16,000      12,258
Oil & Gas Drilling–0.02%  
Ensign Drilling, Inc. (Canada), 9.25%, 04/15/2024(b)        40,000      16,932
Precision Drilling Corp. (Canada), 5.25%, 11/15/2024        37,000      19,144
Transocean, Inc., 8.00%, 02/01/2027(b)        14,000       7,770
        43,846
Oil & Gas Equipment & Services–0.02%  
Hilcorp Energy I L.P./Hilcorp Finance Co., 6.25%, 11/01/2028(b)        43,000      36,918
Oil & Gas Exploration & Production–0.76%  
Antero Resources Corp., 5.63%, 06/01/2023        46,000      26,824
Apache Corp.,                        
5.10%, 09/01/2040        51,000      40,939
4.75%, 04/15/2043        12,000       9,322
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 10.00%, 04/01/2022(b)        26,000      22,831
Callon Petroleum Co.,                        
6.13%, 10/01/2024        39,000      12,992
6.38%, 07/01/2026        16,000       4,537
Cameron LNG LLC,                        
3.30%, 01/15/2035(b)       475,000     505,263
3.40%, 01/15/2038(b)       513,000     489,566
Concho Resources, Inc., 4.38%, 01/15/2025        60,000      61,667
Continental Resources, Inc., 4.50%, 04/15/2023        86,000      80,006
Endeavor Energy Resources L.P./EER Finance, Inc., 5.75%, 01/30/2028(b)        19,000      18,593
    Principal
Amount 		Value
Oil & Gas Exploration & Production–(continued)  
EQT Corp.,                        
6.13%, 02/01/2025        $32,000      $32,806
3.90%, 10/01/2027        17,000      14,971
7.00%, 02/01/2030        41,000      43,588
Genesis Energy L.P./Genesis Energy Finance Corp.,                        
6.25%, 05/15/2026        42,000      37,558
7.75%, 02/01/2028        52,000      48,696
Gulfport Energy Corp.,                        
6.63%, 05/01/2023        38,000      24,643
6.00%, 10/15/2024        40,000      23,525
MEG Energy Corp. (Canada), 6.50%, 01/15/2025(b)        14,000      13,808
PDC Energy, Inc., 5.75%, 05/15/2026        32,000      29,661
QEP Resources, Inc.,                        
6.88%, 03/01/2021        48,000      33,774
5.25%, 05/01/2023        20,000      10,712
5.63%, 03/01/2026        19,000      10,200
Southwestern Energy Co.,                        
7.50%, 04/01/2026        17,000      15,694
7.75%, 10/01/2027        63,000      58,946
Whiting Petroleum Corp.,                        
Conv., 1.25%, 04/01/2020(c)         6,000         795
5.75%, 03/15/2021(c)        41,000       4,933
6.63%, 01/15/2026(c)        42,000       4,962
WPX Energy, Inc.,                        
5.75%, 06/01/2026        67,000      67,195
5.25%, 10/15/2027         8,000       7,818
4.50%, 01/15/2030         4,000       3,674
        1,760,499
Oil & Gas Refining & Marketing–0.76%  
Calumet Specialty Products Partners L.P./Calumet Finance Corp., 7.63%, 01/15/2022        58,000      53,646
EnLink Midstream Partners L.P.,                        
4.85%, 07/15/2026        61,000      49,282
5.60%, 04/01/2044        53,000      32,221
NuStar Logistics L.P., 6.00%, 06/01/2026        91,000      87,573
Parkland Corp. (Canada),                        
6.00%, 04/01/2026(b)        66,000      67,517
5.88%, 07/15/2027(b)       410,000     410,949
PBF Holding Co. LLC/PBF Finance Corp., 6.00%, 02/15/2028(b)        53,000      44,685
Petronas Capital Ltd. (Malaysia),                        
3.50%, 04/21/2030(b)       250,000     275,046
4.55%, 04/21/2050(b)       320,000     390,307
4.80%, 04/21/2060(b)       200,000     262,274
Sunoco L.P./Sunoco Finance Corp., 5.88%, 03/15/2028        86,000      87,381
        1,760,881
Oil & Gas Storage & Transportation–4.19%  
Antero Midstream Partners L.P./Antero Midstream Finance Corp., 5.38%, 09/15/2024        39,000      32,687
Cheniere Energy Partners L.P., 5.63%, 10/01/2026        39,000      39,785
Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp., 5.75%, 04/01/2025        40,000      37,325
See accompanying notes which are an integral part of this schedule.
Invesco Bond Fund
    Principal
Amount 		Value
Oil & Gas Storage & Transportation–(continued)  
DCP Midstream Operating L.P., 5.13%, 05/15/2029        $65,000      $59,300
Energy Transfer Operating L.P.,                        
5.88%, 01/15/2024        85,000      92,944
3.75%, 05/15/2030       282,000     279,153
5.00%, 05/15/2050       310,000     299,275
Series A, 6.25%(d)        28,000      21,329
Enterprise Products Operating LLC,                        
3.13%, 07/31/2029       458,000     486,019
2.80%, 01/31/2030       306,000     318,319
4.80%, 02/01/2049       297,000     347,649
4.20%, 01/31/2050       360,000     389,871
3.70%, 01/31/2051       203,000     206,072
3.95%, 01/31/2060       292,000     294,928
Series D,
6.88%, 03/01/2033 		       95,000     119,684
4.88%, 08/16/2077(e)       573,000     502,518
EQM Midstream Partners L.P., 5.50%, 07/15/2028        92,000      85,242
Hess Midstream Operations L.P., 5.63%, 02/15/2026(b)        64,000      61,946
Holly Energy Partners L.P./Holly Energy Finance Corp., 5.00%, 02/01/2028(b)        16,000      15,798
Kinder Morgan, Inc., 7.80%, 08/01/2031       248,000     331,043
MPLX L.P.,                        
4.80%, 02/15/2029       317,000     346,094
4.70%, 04/15/2048       361,000     367,461
5.50%, 02/15/2049       496,000     563,231
NGL Energy Partners L.P./NGL Energy Finance Corp., 7.50%, 04/15/2026        60,000      41,878
ONEOK, Inc.,                        
5.85%, 01/15/2026       145,000     160,413
6.35%, 01/15/2031       552,000     624,576
Plains All American Pipeline L.P., Series B, 6.13%(d)       966,000     693,738
Plains All American Pipeline L.P./PAA Finance Corp., 3.55%, 12/15/2029       666,000     631,534
Sabine Pass Liquefaction LLC, 4.50%, 05/15/2030(b)        40,000      43,869
Targa Resources Partners L.P./Targa Resources Partners Finance Corp.,                        
5.25%, 05/01/2023        54,000      54,411
5.13%, 02/01/2025        56,000      55,948
5.88%, 04/15/2026       115,000     117,282
5.00%, 01/15/2028        33,000      32,188
5.50%, 03/01/2030(b)        11,000      10,935
Western Midstream Operating L.P.,                        
2.16%, (3 mo. USD LIBOR + 0.85%), 01/13/2023(e)       452,000     395,603
3.10%, 02/01/2025       252,000     235,776
4.75%, 08/15/2028        48,000      43,680
Williams Cos., Inc. (The),                        
4.13%, 11/15/2020       447,000     448,241
7.88%, 09/01/2021        24,000      25,871
3.60%, 03/15/2022       693,000     713,467
4.55%, 06/24/2024        67,000      72,710
        9,699,793
    Principal
Amount 		Value
Other Diversified Financial Services–1.05%  
Blackstone Holdings Finance Co. LLC, 5.00%, 06/15/2044(b)     $1,036,000   $1,232,862
Carlyle Finance LLC, 5.65%, 09/15/2048(b)       857,000   1,018,612
ILFC E-Capital Trust II, 3.57% (3 mo. USD LIBOR +1.80%), 12/21/2065(b)(e)       100,000      45,430
Lions Gate Capital Holdings LLC, 6.38%, 02/01/2024(b)        39,000      39,464
LPL Holdings, Inc., 5.75%, 09/15/2025(b)        39,000      40,667
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 6.75%, 06/01/2025(b)        62,000      61,883
        2,438,918
Packaged Foods & Meats–0.29%  
B&G Foods, Inc.,                        
5.25%, 04/01/2025        39,000      40,174
5.25%, 09/15/2027        16,000      16,457
Hershey Co. (The), 3.13%, 11/15/2049       331,000     362,477
JBS USA LUX S.A./JBS USA Finance, Inc., 5.75%, 06/15/2025(b)        50,000      51,375
Kraft Heinz Foods Co. (The),                        
6.88%, 01/26/2039        42,000      51,325
5.00%, 06/04/2042        39,000      40,149
Pilgrim’s Pride Corp., 5.88%, 09/30/2027(b)        65,000      67,751
TreeHouse Foods, Inc., 6.00%, 02/15/2024(b)        37,000      38,021
        667,729
Paper Packaging–0.14%  
Cascades, Inc./Cascades USA, Inc. (Canada), 5.38%, 01/15/2028(b)       310,000     315,619
Paper Products–0.23%  
Mercer International, Inc. (Germany),                        
6.50%, 02/01/2024        75,000      72,086
5.50%, 01/15/2026        16,000      14,530
Schweitzer-Mauduit International, Inc., 6.88%, 10/01/2026(b)        80,000      80,354
Suzano Austria GmbH (Brazil), 6.00%, 01/15/2029       342,000     361,515
        528,485
Pharmaceuticals–0.93%  
Bausch Health Cos., Inc.,                        
6.13%, 04/15/2025(b)        33,000      33,574
5.50%, 11/01/2025(b)        29,000      30,033
9.00%, 12/15/2025(b)        41,000      44,972
Bayer US Finance II LLC (Germany), 1.75% (3 mo. USD LIBOR + 1.01%), 12/15/2023(b)(e)       815,000     794,031
Bristol-Myers Squibb Co.,                        
2.90%, 07/26/2024(b)       648,000     700,360
3.20%, 06/15/2026(b)       416,000     467,225
HLF Financing S.a.r.l. LLC/Herbalife International, Inc., 7.25%, 08/15/2026(b)        41,000      40,756
Par Pharmaceutical, Inc., 7.50%, 04/01/2027(b)        34,000      34,743
        2,145,694
See accompanying notes which are an integral part of this schedule.
Invesco Bond Fund
    Principal
Amount 		Value
Property & Casualty Insurance–0.13%  
AmWINS Group, Inc., 7.75%, 07/01/2026(b)        $18,000      $19,376
WR Berkley Corp., 4.00%, 05/12/2050       269,000     279,622
        298,998
Publishing–0.02%  
Meredith Corp., 6.88%, 02/01/2026        53,000      49,245
Railroads–0.83%  
CSX Corp., 4.65%, 03/01/2068       450,000     576,833
Kenan Advantage Group, Inc. (The), 7.88%, 07/31/2023(b)        81,000      67,525
Norfolk Southern Corp.,                        
2.55%, 11/01/2029       109,000     115,100
3.40%, 11/01/2049       195,000     214,944
Union Pacific Corp.,                        
2.40%, 02/05/2030       501,000     525,431
3.95%, 08/15/2059       362,000     419,599
        1,919,432
Regional Banks–2.04%  
CIT Group, Inc.,                        
5.00%, 08/15/2022        33,000      33,185
5.00%, 08/01/2023        48,000      48,235
Citizens Bank N.A., 2.25%, 04/28/2025       300,000     306,448
Citizens Financial Group, Inc.,                        
2.50%, 02/06/2030       384,000     370,347
3.25%, 04/30/2030       180,000     185,345
Comerica, Inc., 5.63%(d)       170,000     169,490
Fifth Third Bancorp,                        
4.30%, 01/16/2024       628,000     684,189
2.55%, 05/05/2027       244,000     253,564
First Niagara Financial Group, Inc., 7.25%, 12/15/2021       340,000     364,848
Huntington Bancshares, Inc., Series F, 5.63%(d)       538,000     542,035
KeyCorp, 2.25%, 04/06/2027       559,000     560,061
Synovus Financial Corp., 3.13%, 11/01/2022       352,000     354,462
Truist Bank,                        
1.50%, 03/10/2025       250,000     255,560
2.25%, 03/11/2030       263,000     260,200
Truist Financial Corp., Series P, 4.95%(d)       330,000     333,713
        4,721,682
Research & Consulting Services–0.00%  
Dun & Bradstreet Corp. (The), 10.25%, 02/15/2027(b)        10,000      11,148
Residential REITs–0.71%  
Camden Property Trust, 2.80%, 05/15/2030       162,000     169,022
Essex Portfolio L.P., 3.63%, 08/15/2022       893,000     918,901
Spirit Realty L.P., 3.40%, 01/15/2030       642,000     552,379
        1,640,302
Restaurants–0.30%  
1011778 BC ULC/New Red Finance, Inc. (Canada), 5.00%, 10/15/2025(b)        80,000      81,064
Aramark Services, Inc., 5.00%, 04/01/2025(b)        37,000      37,300
    Principal
Amount 		Value
Restaurants–(continued)  
Starbucks Corp., 4.45%, 08/15/2049       $486,000     $568,915
        687,279
Retail REITs–0.22%  
Realty Income Corp., 3.25%, 01/15/2031       173,000     177,204
Regency Centers L.P., 4.13%, 03/15/2028       312,000     327,083
        504,287
Security & Alarm Services–0.03%  
Brink’s Co. (The), 4.63%, 10/15/2027(b)        33,000      30,961
Prime Security Services Borrower LLC/Prime Finance, Inc., 5.75%, 04/15/2026(b)        40,000      41,293
        72,254
Semiconductor Equipment–0.08%  
NXP B.V./NXP Funding LLC/NXP USA, Inc. (Netherlands), 3.40%, 05/01/2030(b)       188,000     196,141
Semiconductors–2.62%  
Analog Devices, Inc.,                        
3.13%, 12/05/2023       423,000     451,559
2.95%, 04/01/2025       155,000     165,465
Broadcom Corp./Broadcom Cayman Finance Ltd.,                        
3.88%, 01/15/2027     1,032,000   1,087,357
3.50%, 01/15/2028       975,000   1,000,834
Broadcom, Inc.,                        
4.70%, 04/15/2025(b)        40,000      43,922
5.00%, 04/15/2030(b)       483,000     535,057
4.30%, 11/15/2032(b)       490,000     519,114
Micron Technology, Inc.,                        
4.98%, 02/06/2026       285,000     320,384
4.19%, 02/15/2027       780,000     863,285
NXP B.V./NXP Funding LLC (Netherlands),                        
3.88%, 09/01/2022(b)       806,000     845,432
4.63%, 06/01/2023(b)       200,000     215,780
        6,048,189
Soft Drinks–0.63%  
Coca-Cola Co. (The),                        
2.60%, 06/01/2050       441,000     435,465
2.75%, 06/01/2060       298,000     292,248
Fomento Economico Mexicano, S.A.B. de C.V. (Mexico), 3.50%, 01/16/2050       725,000     736,308
        1,464,021
Sovereign Debt–1.51%  
Abu Dhabi Government International Bond (United Arab Emirates),                        
2.50%, 04/16/2025(b)       270,000     281,678
3.13%, 04/16/2030(b)       375,000     404,422
3.88%, 04/16/2050(b)       280,000     320,250
Banque Ouest Africaine de Developpement (Supranational), 5.00%, 07/27/2027(b)       200,000     201,000
See accompanying notes which are an integral part of this schedule.
Invesco Bond Fund
    Principal
Amount 		Value
Sovereign Debt–(continued)  
Oman Government International Bond (Oman),                        
4.13%, 01/17/2023(b)       $310,000     $286,210
6.00%, 08/01/2029(b)       400,000     335,216
Peruvian Government International Bond (Peru), 2.39%, 01/23/2026       190,000     196,840
Qatar Government International Bond (Qatar),                        
3.40%, 04/16/2025(b)       200,000     213,850
3.75%, 04/16/2030(b)       200,000     222,988
4.40%, 04/16/2050(b)       205,000     244,182
Saudi Government International Bond (Saudi Arabia), 3.75%, 01/21/2055(b)       785,000     775,187
        3,481,823
Specialized Consumer Services–0.04%  
ServiceMaster Co. LLC (The),                        
5.13%, 11/15/2024(b)        22,000      22,332
7.45%, 08/15/2027        75,000      79,767
        102,099
Specialized Finance–0.45%  
Mitsubishi UFJ Lease & Finance Co. Ltd. (Japan), 3.64%, 04/13/2025(b)       682,000     746,131
National Rural Utilities Cooperative Finance Corp., 2.40%, 03/15/2030       285,000     300,058
        1,046,189
Specialized REITs–0.32%  
Crown Castle International Corp., 4.15%, 07/01/2050       135,000     156,408
Equinix, Inc., 5.88%, 01/15/2026        90,000      94,483
GLP Capital L.P./GLP Financing II, Inc., 5.38%, 04/15/2026        41,000      41,095
Iron Mountain US Holdings, Inc., 5.38%, 06/01/2026(b)        56,000      56,991
Iron Mountain, Inc.,                        
6.00%, 08/15/2023        30,000      30,378
5.75%, 08/15/2024        15,000      15,140
5.25%, 03/15/2028(b)        77,000      78,333
4.88%, 09/15/2029(b)       137,000     137,741
Rayonier A.M. Products, Inc., 5.50%, 06/01/2024(b)        68,000      31,528
SBA Communications Corp., 4.88%, 09/01/2024        95,000      98,235
        740,332
Specialty Chemicals–0.32%  
Ashland LLC, 4.75%, 08/15/2022         4,000       4,182
Braskem Idesa S.A.P.I. (Mexico), 7.45%, 11/15/2029(b)       605,000     544,309
Element Solutions, Inc., 5.88%, 12/01/2025(b)        38,000      39,156
GCP Applied Technologies, Inc., 5.50%, 04/15/2026(b)        58,000      57,359
PolyOne Corp., 5.25%, 03/15/2023        52,000      56,073
PQ Corp., 6.75%, 11/15/2022(b)        33,000      33,763
        734,842
Steel–0.31%  
Cleveland-Cliffs, Inc., 9.88%, 10/17/2025(b)         8,000       8,360
    Principal
Amount 		Value
Steel–(continued)  
POSCO (South Korea), 2.50%, 01/17/2025(b)       $685,000     $704,985
        713,345
Systems Software–0.33%  
Oracle Corp., 3.60%, 04/01/2050       690,000     772,303
Technology Distributors–0.23%  
Avnet, Inc., 4.63%, 04/15/2026       461,000     515,141
CDW LLC/CDW Finance Corp., 5.00%, 09/01/2025        13,000      13,474
        528,615
Technology Hardware, Storage & Peripherals–1.74%  
Apple, Inc.,                        
2.05%, 09/11/2026       469,000     501,608
2.65%, 05/11/2050       481,000     495,916
Dell International LLC/EMC Corp.,                        
7.13%, 06/15/2024(b)       120,000     124,762
4.00%, 07/15/2024(b)       442,000     459,801
5.85%, 07/15/2025(b)       135,000     151,300
6.02%, 06/15/2026(b)       861,000     973,697
4.90%, 10/01/2026(b)       256,000     277,002
8.10%, 07/15/2036(b)        42,000      50,971
8.35%, 07/15/2046(b)       695,000     883,082
NCR Corp., 8.13%, 04/15/2025(b)        88,000      95,150
        4,013,289
Thrifts & Mortgage Finance–0.11%  
Nationstar Mortgage Holdings, Inc., 6.00%, 01/15/2027(b)        11,000       9,926
Radian Group, Inc., 6.63%, 03/15/2025       249,000     254,104
        264,030
Tobacco–0.65%  
Altria Group, Inc.,                        
3.80%, 02/14/2024       607,000     660,592
4.80%, 02/14/2029       738,000     846,417
        1,507,009
Trading Companies & Distributors–1.78%  
AerCap Global Aviation Trust (Ireland), 6.50% (3 mo. USD LIBOR + 4.30%), 06/15/2045(b)(e)     1,714,000   1,279,929
Air Lease Corp.,                        
3.88%, 04/01/2021       995,000     973,220
3.38%, 06/01/2021       825,000     794,617
3.00%, 09/15/2023       375,000     345,336
Aircastle Ltd., 5.00%, 04/01/2023        85,000      74,710
BMC East LLC, 5.50%, 10/01/2024(b)        63,000      63,387
BOC Aviation Ltd. (Singapore), 2.36% (3 mo. USD LIBOR + 1.13%), 09/26/2023(b)(e)       294,000     282,205
Herc Holdings, Inc., 5.50%, 07/15/2027(b)        40,000      39,076
See accompanying notes which are an integral part of this schedule.
Invesco Bond Fund
    Principal
Amount 		Value
Trading Companies & Distributors–(continued)  
United Rentals North America, Inc.,                        
5.50%, 07/15/2025        $35,000      $36,316
5.88%, 09/15/2026        83,000      87,412
6.50%, 12/15/2026        62,000      66,406
5.50%, 05/15/2027        18,000      19,158
5.25%, 01/15/2030        56,000      58,510
        4,120,282
Trucking–1.58%  
Aviation Capital Group LLC,                        
4.13%, 08/01/2025(b)       735,000     544,763
3.50%, 11/01/2027(b)     1,246,000     863,995
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.,                        
5.25%, 03/15/2025(b)        46,000      37,030
10.50%, 05/15/2025(b)        37,000      41,347
DAE Funding LLC (United Arab Emirates), 4.00%, 08/01/2020(b)       157,000     156,389
Penske Truck Leasing Co. L.P./PTL Finance Corp., 4.13%, 08/01/2023(b)     1,907,000   2,016,774
        3,660,298
Wireless Telecommunication Services–2.10%  
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC,                        
Class A-1, 3.36%, 09/20/2021(b)       448,875     451,539
4.74%, 03/20/2025(b)       922,000     980,681
5.15%, 03/20/2028(b)     1,587,000   1,775,758
T-Mobile USA, Inc.,                        
6.38%, 03/01/2025       145,000     149,918
6.50%, 01/15/2026       212,000     224,214
4.50%, 04/15/2050(b)       305,000     344,446
VEON Holdings B.V. (Netherlands), 4.00%, 04/09/2025(b)       900,000     933,385
        4,859,941
Total U.S. Dollar Denominated Bonds & Notes (Cost $204,202,578)   210,866,140
U.S. Treasury Securities–3.13%  
U.S. Treasury Bills–0.21%  
0.15% - 0.40%, 09/03/2020(f)(g)       485,000     484,814
U.S. Treasury Bonds–0.84%  
2.00%, 02/15/2050     1,695,700   1,939,092
U.S. Treasury Notes–2.08%  
0.38%, 04/30/2025     2,799,900   2,809,798
0.25%, 05/31/2025       110,000     109,736
0.50%, 04/30/2027       726,000     726,468
0.63%, 05/15/2030     1,182,800   1,179,635
        4,825,637
Total U.S. Treasury Securities (Cost $7,234,488)   7,249,543
    Shares  
Preferred Stocks–2.75%  
Diversified Banks–1.16%  
Wells Fargo & Co., 7.50%, Class A, Series L, Conv. Pfd.       1,992   2,689,200
    Shares Value
Investment Banking & Brokerage–1.25%  
Morgan Stanley, 7.13%, Series E, Pfd.      65,000   $1,799,850
Morgan Stanley, 6.88%, Series F, Pfd.      40,000   1,086,000
        2,885,850
Regional Banks–0.34%  
PNC Financial Services Group, Inc. (The), 6.13%, Series P, Pfd.      30,000     792,000
Total Preferred Stocks (Cost $5,923,864)   6,367,050
    Principal
Amount 		 
Asset-Backed Securities–0.67%  
Jimmy Johns Funding LLC, Series 2017-1A, Class A2II, 4.85%, 07/30/2047(b)       $607,715     550,581
Sonic Capital LLC, Series 2020-1A, Class A2I, 3.85%, 01/20/2050(b)       364,088     339,687
Wendy’s Funding LLC, Series 2018-1A, Class A2II, 3.88%, 03/15/2048(b)       654,925     650,354
Total Asset-Backed Securities (Cost $1,639,290)   1,540,622
Non-U.S. Dollar Denominated Bonds & Notes–0.52%(h)  
Integrated Telecommunication Services–0.22%  
AT&T, Inc., Series B, 2.88%(d)   EUR   500,000     522,279
Movies & Entertainment–0.18%  
Netflix, Inc., 3.88%, 11/15/2029(b)   EUR   350,000     409,886
Sovereign Debt–0.12%  
Ukraine Government International Bond (Ukraine), 4.38%, 01/27/2030(b)   EUR   300,000     273,829
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $1,267,003)   1,205,994
Municipal Obligations–0.22%  
Grand Parkway Transportation Corp., Series 2020, Ref. RB, 3.24%, 10/01/2052
(Cost $490,000) 		      490,000     500,231
    Shares  
Money Market Funds–2.10%  
Invesco Government & Agency Portfolio, Institutional Class, 0.11%(i)(j)   1,475,722   1,475,722
Invesco Liquid Assets Portfolio, Institutional Class, 0.43%(i)(j)   1,689,941   1,691,462
Invesco Treasury Portfolio, Institutional Class, 0.08%(i)(j)   1,686,539   1,686,539
Total Money Market Funds (Cost $4,853,171)   4,853,723
TOTAL INVESTMENTS IN SECURITIES–100.58% (Cost $225,610,394)   232,583,303
OTHER ASSETS LESS LIABILITIES—(0.58)%   (1,349,931)
NET ASSETS–100.00%   $231,233,372
See accompanying notes which are an integral part of this schedule.
Invesco Bond Fund
Investment Abbreviations:
Conv. – Convertible
EUR – Euro
LIBOR – London Interbank Offered Rate
Pfd. – Preferred
RB – Revenue Bonds
Ref. – Refunding
REIT – Real Estate Investment Trust
SOFR – Secured Overnight Financing Rate
USD – U.S. Dollar
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at May 31, 2020 was $80,881,824, which represented 34.98% of the Fund’s Net Assets.
(c) Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at May 31, 2020 was $100,066, which represented less than 1% of the Fund’s Net Assets.
(d) Perpetual bond with no specified maturity date.
(e) Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on May 31, 2020.
(f) All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts.
(g) Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(h) Foreign denominated security. Principal amount is denominated in the currency indicated.
(i) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the three months ended May 31, 2020.
    
  Value
February 29, 2020 		Purchases
at Cost 		Proceeds
from Sales 		Change in
Unrealized
Appreciation 		Realized
Gain
(Loss) 		Value
May 31, 2020 		Dividend
Income
Investments in Affiliated Money Market Funds:              
Invesco Government & Agency Portfolio, Institutional Class $1,137,412 $5,401,968 $(5,063,658) $- $- $1,475,722 $1,055
Invesco Liquid Assets Portfolio, Institutional Class 880,832 4,933,636 (4,122,641) 465 (830) 1,691,462 1,869
Invesco Treasury Portfolio, Institutional Class 1,299,900 6,173,676 (5,787,037) - - 1,686,539 1,120
Total $3,318,144 $16,509,280 $(14,973,336) $465 $(830) $4,853,723 $4,044
    
(j) The rate shown is the 7-day SEC standardized yield as of May 31, 2020.
    
Open Futures Contracts
Long Futures Contracts Number of
Contracts 		Expiration
Month 		Notional
Value 		Value Unrealized
Appreciation
(Depreciation)
Interest Rate Risk
U.S. Treasury Long Bonds 41 September-2020 $7,313,375 $(12,901) $(12,901)
U.S. Treasury 2 Year Notes 257 September-2020 56,756,844 7,525 7,525
U.S. Treasury 5 Year Notes 52 September-2020 6,532,500 5,801 5,801
Subtotal—Long Futures Contracts 425 425
Short Futures Contracts          
Interest Rate Risk
U.S. Treasury Bond 10 September-2020 (2,180,313) (5,710) (5,710)
U.S. Treasury 10 Year Notes 52 September-2020 (7,231,250) (9,860) (9,860)
U.S. Treasury 10 Year Ultra Bonds 48 September-2020 (7,551,750) (39,102) (39,102)
Subtotal—Short Futures Contracts (54,672) (54,672)
Total Futures Contracts $(54,247) $(54,247)
    
See accompanying notes which are an integral part of this schedule.
Invesco Bond Fund
Open Forward Foreign Currency Contracts
Settlement
Date 		Counterparty Contract to Unrealized
Appreciation
(Depreciation)
Deliver Receive
Currency Risk            
08/28/2020 Citibank N.A. EUR 1,155,000 USD 1,271,736 $(12,717)
    
Abbreviations:
EUR – Euro
USD – U.S. Dollar
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Invesco Bond Fund
Notes to Quarterly Schedule of Portfolio Holdings
May 31, 2020
(Unaudited)
NOTE 1—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, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
  Level 1 Level 2 Level 3 Total
Investments in Securities        
U.S. Dollar Denominated Bonds & Notes $— $210,866,140 $— $210,866,140
U.S. Treasury Securities — 7,249,543 — 7,249,543
Preferred Stocks 6,367,050 — — 6,367,050
Asset-Backed Securities — 1,540,622 — 1,540,622
Non-U.S. Dollar Denominated Bonds & Notes — 1,205,994 — 1,205,994
Municipal Obligations — 500,231 — 500,231
Money Market Funds 4,853,723 — — 4,853,723
Total Investments in Securities 11,220,773 221,362,530 — 232,583,303
Other Investments - Assets*        
Futures Contracts 13,326 — — 13,326
Other Investments - Liabilities*        
Futures Contracts (67,573) — — (67,573)
Forward Foreign Currency Contracts — (12,717) — (12,717)
  (67,573) (12,717) — (80,290)
Total Other Investments (54,247) (12,717) — (66,964)
Total Investments $11,166,526 $221,349,813 $— $232,516,339
    
* Unrealized appreciation (depreciation).
NOTE 2— Coronavirus (COVID-19) Pandemic
During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective, as stated in the most recent shareholder report. Because of the uncertainties on valuation, the global economy and business operations, values reflected in the Schedule of Investments may materially differ from the value received upon actual sales of those investments.
The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.
Invesco Bond Fund