Edgar Filing: Invesco Bond Fund

Invesco Bond Fund

Quarterly Schedule of Portfolio Holdings

November 30, 2017

invesco.com/us

VK-CE-BOND-QTR-1 11/17

Invesco Advisers, Inc.

N-Q - VBF

OMB APPROVAL

OMB Number: 3235-0578

Expires: March 31, 2019

Estimated average burden

hours per response: 10.5

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		811-02090

Invesco Bond Fund
(Exact name of registrant as specified in charter)

1555 Peachtree Street, N.E., Suite 1800 Atlanta, Georgia 30309
(Address of principal executive offices) (Zip code)

Sheri Morris 1555 Peachtree Street, N.E., Suite 1800 Atlanta, Georgia 30309
(Name and address of agent for service)

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

Date of fiscal year end: 2/28

Date of reporting period: 11/30/17

Item 1. Schedule of Investments.

Schedule of Investments^(a)

November 30, 2017

(Unaudited)


	Principal Amount		Value


Bonds & Notes–93.06%

Advertising–0.06%

Lamar Media Corp., Sr. Unsec. Gtd. Global Notes, 5.75%, 02/01/2026	$	123,000	$	132,533


Aerospace & Defense–0.63%

Bombardier Inc. (Canada), Sr. Unsec. Notes, 6.00%, 10/15/2022^(b)		35,000		34,431

7.50%, 03/15/2025^(b)		31,000		31,194

Huntington Ingalls Industries, Inc., Sr. Unsec. Gtd. Notes, 3.48%, 12/01/2027^(b)		411,000		411,156

KLX Inc., Sr. Unsec. Gtd. Notes, 5.88%, 12/01/2022^(b)		66,000		69,218

Moog Inc., Sr. Unsec. Gtd. Notes, 5.25%, 12/01/2022^(b)		45,000		46,856

Northrop Grumman Corp., Sr. Unsec. Global Notes, 4.03%, 10/15/2047		714,000		730,943

TransDigm Inc., Sr. Unsec. Gtd. Sub. Global Notes, 6.50%, 07/15/2024		15,000		15,375

6.50%, 05/15/2025		120,000		122,772

				1,461,945


Agricultural & Farm Machinery–0.04%

Titan International, Inc., Sr. Sec. Gtd. First Lien Notes, 6.50%, 11/30/2023^(b)		94,000		93,737


Air Freight & Logistics–0.44%

Adani Abbot Point Terminal Pty Ltd. (Australia), Sr. Sec. Gtd. Notes, 4.45%, 12/15/2022^(b)		685,000		680,616

United Parcel Service, Inc., Sr. Unsec. Notes, 3.75%, 11/15/2047		303,000		305,759

XPO Logistics, Inc., Sr. Unsec. Gtd. Notes, 6.50%, 06/15/2022^(b)		25,000		26,219

				1,012,594


	Principal Amount		Value


Airlines–4.38%

American Airlines Pass Through Trust, Series 2015-2, Class B, Sec. Third Lien Pass Through Ctfs., 4.40%, 03/22/2025	$	431,149	$	443,717

Series 2016-1, Class AA, Sr. Sec. First Lien Pass Through Ctfs., 3.58%, 01/15/2028		413,943		424,250

Series 2016-3, Class AA, Sr. Sec. First Lien Pass Through Ctfs., 3.00%, 04/15/2030		874,175		861,063

Series 2017-1, Class A, Sec. Second Lien Pass Through Ctfs., 4.00%, 08/15/2030		472,000		495,270

Series 2017-1, Class AA, Sr. Sec. First Lien Pass Through Ctfs., 3.65%, 08/15/2030		590,000		613,441

Series 2017-1, Class B, Sec. Third Lien Pass Through Ctfs., 4.95%, 08/15/2026		510,000		535,602

Series 2017-2, Class A, Sec. Second Lien Pass Thru Ctfs., 3.60%, 04/15/2031		636,000		650,405

Series 2017-2, Class AA, Sr. Sec. First Lien Pass Thru Ctfs., 3.35%, 04/15/2031		793,000		801,921

Series 2017-2, Class B, Sec. Third Lien Pass Through Ctfs., 3.70%, 04/15/2027		425,000		422,596

Continental Airlines Pass Through Trust, Series 2010-1, Class B, Sec. Second Lien Pass Through Ctfs., 6.00%, 07/12/2020		181,821		186,367

Delta Air Lines Pass Through Trust, Series 2010-2, Class A, Sr. Sec. First Lien Pass Through Ctfs., 4.95%, 11/23/2020		184,321		189,445

LATAM Airlines Group S.A. Pass Through Trust (Chile), Series 2015-1, Class A, Sec. Global Pass Through Ctfs., 4.20%, 08/15/2029		1,293,355		1,312,755

Norwegian Air Shuttle ASA Pass Through Trust (Norway), Series 2016-1, Class A, Sec. Pass Through Ctfs., 4.88%, 11/10/2029^(b)		490,569		498,540

Series 2016-1, Class B, Sec. Pass Through Ctfs., 7.50%, 05/10/2025^(b)		585,477		626,167

United Airlines Pass Through Trust, Series 2014-2, Class B, Sec. Second Lien Pass Through Ctfs., 4.63%, 09/03/2022		531,304		550,936

Series 2016-1, Class B, Sec. Third Lien Pass Through Ctfs., 3.65%, 07/07/2027		419,000		416,048

Series 2016-2, Class B, Sec. Third Lien Pass Through Ctfs., 3.65%, 04/07/2027		483,000		479,119

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

Invesco Bond Fund


	Principal Amount		Value


Airlines–(continued)

WestJet Airlines Ltd. (Canada), Sr. Unsec. Notes, 3.50%, 06/16/2021^(b)	$	623,000	$	630,837


				10,138,479


Alternative Carriers–0.09%

CenturyLink, Inc., Series S, Sr. Unsec. Notes, 6.45%, 06/15/2021		60,000		59,887

Series Y, Sr. Unsec. Global Notes, 7.50%, 04/01/2024		58,000		56,695

Level 3 Financing, Inc., Sr. Unsec. Gtd. Global Notes, 5.25%, 03/15/2026		39,000		38,342

5.38%, 05/01/2025		63,000		63,334


				218,258


Aluminum–0.13%

Alcoa Nederland Holding B.V., Sr. Unsec. Gtd. Notes, 6.75%, 09/30/2024^(b) 200,000				221,060

Novelis Corp., Sr. Unsec. Gtd. Notes, 6.25%, 08/15/2024^(b)		67,000		70,852

				291,912


Apparel Retail–0.11%

Gap, Inc. (The), Sr. Unsec. Global Bonds, 5.95%, 04/12/2021 40,000				43,224

Hot Topic, Inc., Sr. Sec. Gtd. First Lien Notes, 9.25%, 06/15/2021^(b)		86,000		64,392

L Brands, Inc., Sr. Unsec. Gtd. Global Notes, 5.63%, 02/15/2022		98,000		106,007

6.75%, 07/01/2036		10,000		10,025

6.88%, 11/01/2035		40,000		40,600

				264,248


Apparel, Accessories & Luxury Goods–0.61%

Hanesbrands Inc., Sr. Unsec. Gtd. Notes, 4.63%, 05/15/2024^(b)		14,000		14,298

4.88%, 05/15/2026^(b)		75,000		76,852

Michael Kors (USA) Holdings, Inc., Sr. Unsec. Gtd. Notes, 4.00%, 11/01/2024^(b)		1,321,000		1,329,022

				1,420,172


Asset Management & Custody Banks–2.55%

Affiliated Managers Group, Inc., Sr. Unsec. Global Notes, 4.25%, 02/15/2024		1,215,000		1,276,069

Apollo Management Holdings L.P., Sr. Unsec. Gtd. Notes, 4.00%, 05/30/2024^(b)		355,000		364,336

Bank of New York Mellon Corp. (The), Unsec. Sub. Medium- Term Notes, 3.30%, 08/23/2029		768,000		762,084

Blackstone Holdings Finance Co. LLC, Sr. Unsec. Gtd. Notes, 5.00%, 06/15/2044^(b)		1,090,000		1,227,436


	Principal Amount		Value


Asset Management & Custody Banks–(continued)

Brookfield Asset Management Inc. (Canada), Sr. Unsec. Notes, 4.00%, 01/15/2025	$	520,000	$	535,254

Carlyle Holdings II Finance LLC, Sr. Unsec. Gtd. Notes, 5.63%, 03/30/2043^(b)		1,425,000		1,592,624

Prime Security Services Borrower, LLC/Prime Finance, Inc., Sec. Gtd. Second Lien Notes, 9.25%, 05/15/2023^(b)		124,000		137,175

				5,894,978


Auto Parts & Equipment–0.05%

Dana Financing Luxembourg S.a.r.l., Sr. Unsec. Gtd. Notes, 5.75%, 04/15/2025^(b)		25,000		26,617

Dana Inc., Sr. Unsec. Notes, 5.50%, 12/15/2024		17,000		18,090

Delphi Jersey Holdings PLC, Sr. Unsec. Notes, 5.00%, 10/01/2025^(b)		45,000		45,816

Hertz Corp. (The), Sec. Gtd. Second Lien Notes, 7.63%, 06/01/2022^(b)		18,000		18,625

				109,148


Automobile Manufacturers–0.23%

General Motors Financial Co., Inc., Sr. Unsec. Gtd. Notes, 3.15%, 01/15/2020		532,000		538,774


Automotive Retail–0.58%

Advance Auto Parts, Inc., Sr. Unsec. Gtd. Notes, 4.50%, 12/01/2023		300,000		314,757

5.75%, 05/01/2020		845,000		901,287

Lithia Motors, Inc., Sr. Unsec. Gtd. Notes, 5.25%, 08/01/2025^(b)		23,000		24,208

Murphy Oil USA, Inc., Sr. Unsec. Gtd. Global Notes, 5.63%, 05/01/2027		44,000		46,310

Penske Automotive Group Inc., Sr. Unsec. Sub. Gtd. Notes, 5.50%, 05/15/2026		55,000		56,100

				1,342,662


Brewers–1.17%

Anheuser-Busch InBev Finance, Inc. (Belgium), Sr. Unsec. Gtd. Global Notes, 4.90%, 02/01/2046		1,897,000		2,146,270

Anheuser-Busch InBev Worldwide Inc. (Belgium), Sr. Unsec. Gtd. Global Notes, 8.00%, 11/15/2039		361,000		561,169

				2,707,439


Broadcasting–0.17%

AMC Networks Inc., Sr. Unsec. Gtd. Global Notes, 4.75%, 08/01/2025		12,000		11,940

5.00%, 04/01/2024		50,000		50,750

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

Invesco Bond Fund


	Principal Amount		Value


Broadcasting–(continued)

Clear Channel Worldwide Holdings, Inc., Series B, Sr. Unsec. Gtd. Global Notes,f 6.50%, 11/15/2022	$	78,000	$	79,267

Sr. Unsec. Gtd. Sub. Global Notes, 7.63%, 03/15/2020		80,000		79,500

Netflix, Inc., Sr. Unsec. Global Notes, 5.75%, 03/01/2024		51,000		54,570

Nexstar Broadcasting, Inc., Sr. Unsec. Gtd. Notes, 5.63%, 08/01/2024^(b)		53,000		54,325

Tribune Media Co., Sr. Unsec. Gtd. Global Notes, 5.88%, 07/15/2022		59,000		60,475

				390,827


Building Products–0.38%

Builders FirstSource, Inc., Sr. Unsec. Gtd. Notes, 10.75%, 08/15/2023^(b)		70,000		79,100

Gibraltar Industries Inc., Sr. Unsec. Gtd. Sub. Global Notes, 6.25%, 02/01/2021		68,000		69,394

Owens Corning, Sr. Unsec. Gtd. Global Notes, 4.30%, 07/15/2047		701,000		682,513

Standard Industries Inc., Sr. Unsec. Notes, 5.00%, 02/15/2027^(b)		50,000		52,125

				883,132


Cable & Satellite–2.88%

Altice Luxembourg S.A. (Luxembourg), Sr. Unsec. Gtd. Notes, 7.75%, 05/15/2022^(b)		200,000		191,250

CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unsec. Global Notes, 5.75%, 09/01/2023		70,000		72,275

Sr. Unsec. Notes, 5.75%, 02/15/2026^(b)		145,000		150,800

Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., Sr. Sec. Gtd. First Lien Global Notes, 4.91%, 07/23/2025		1,257,000		1,329,803

Comcast Corp., Sr. Unsec. Gtd. Global Notes, 3.40%, 07/15/2046		390,000		355,741

Sr. Unsec. Gtd. Notes, 6.45%, 03/15/2037		580,000		771,867

Cox Communications, Inc., Sr. Unsec. Notes, 3.35%, 09/15/2026^(b)		689,000		671,365

CSC Holdings LLC, Sr. Unsec. Global Notes, 6.75%, 11/15/2021		85,000		91,587

Sr. Unsec. Notes, 10.88%, 10/15/2025^(b)		200,000		237,192

Discovery Communications LLC, Sr. Unsec. Gtd. Global Notes, 5.20%, 09/20/2047		165,000		164,744

DISH DBS Corp., Sr. Unsec. Gtd. Global Notes, 5.88%, 11/15/2024		162,000		163,385

7.88%, 09/01/2019		109,000		116,925


	Principal Amount		Value


Cable & Satellite–(continued)

Intelsat Jackson Holdings S.A. (Luxembourg), Sr. Unsec. Gtd. Global Bonds, 5.50%, 08/01/2023	$	55,000	$	45,169

Sr. Unsec. Gtd. Global Notes, 7.25%, 10/15/2020		86,000		81,700

7.50%, 04/01/2021		48,000		44,940

NBCUniversal Media LLC, Sr. Unsec. Gtd. Global Notes, 5.95%, 04/01/2041		1,193,000		1,520,948

Sirius XM Radio Inc., Sr. Unsec. Gtd. Notes, 3.88%, 08/01/2022^(b)		120,000		121,524

5.38%, 07/15/2026^(b)		69,000		72,450

6.00%, 07/15/2024^(b)		50,000		53,187

UPCB Finance IV Ltd. (Netherlands), Sr. Sec. First Lien Notes, 5.38%, 01/15/2025^(b)		200,000		204,000

Virgin Media Secured Finance PLC (United Kingdom), REGS, Sr. Sec. Gtd. First Lien Euro Bonds, 5.50%, 01/15/2025^(b)		200,000		209,250

				6,670,102


Casinos & Gaming–0.25%

Boyd Gaming Corp., Sr. Unsec. Gtd. Global Notes, 6.38%, 04/01/2026		23,000		25,128

6.88%, 05/15/2023		86,000		92,020

MGM Resorts International, Sr. Unsec. Gtd. Global Notes, 6.63%, 12/15/2021		52,000		57,979

Sr. Unsec. Gtd. Notes, 4.63%, 09/01/2026		28,000		28,700

6.00%, 03/15/2023		35,000		38,675

7.75%, 03/15/2022		53,000		61,613

Pinnacle Entertainment, Inc., Sr. Unsec. Global Notes, 5.63%, 05/01/2024		85,000		88,612

Scientific Games International Inc., Sr. Unsec. Gtd. Global Notes, 10.00%, 12/01/2022		81,000		89,505

Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., Sr. Unsec. Gtd. Notes, 5.25%, 05/15/2027^(b)		23,000		23,474

5.50%, 03/01/2025^(b)		69,000		71,436

				577,142


Coal & Consumable Fuels–0.02%

SunCoke Energy Partners, L.P./ SunCoke Energy Partners Finance Corp., Sr. Unsec. Gtd. Notes, 7.50%, 06/15/2025^(b)		44,000		46,585


Commodity Chemicals–0.04%

Koppers Inc., Sr. Unsec. Gtd. Notes, 6.00%, 02/15/2025^(b)		44,000		47,368

Valvoline Inc., Sr. Unsec. Gtd. Notes, 5.50%, 07/15/2024^(b)		41,000		43,665

				91,033

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

Invesco Bond Fund


	Principal Amount		Value


Communications Equipment–0.11%

CommScope Technologies LLC, Sr. Unsec. Gtd. Notes, 6.00%, 06/15/2025^(b)	$	123,000	$	132,225


Hughes Satellite Systems Corp., Sr. Sec. Gtd. First Lien Global Notes, 5.25%, 08/01/2026		62,000		63,162

Sr. Unsec. Gtd. Global Notes, 7.63%, 06/15/2021		63,000		69,930

				265,317


Construction & Engineering–0.01%

AECOM, Sr. Unsec. Gtd. Global Notes, 5.13%, 03/15/2027		27,000		27,589


Construction Machinery & Heavy Trucks–0.06%

Meritor Inc., Sr. Unsec. Gtd. Notes, 6.25%, 02/15/2024		44,000		46,475

Oshkosh Corp., Sr. Unsec. Gtd. Global Notes, 5.38%, 03/01/2025		43,000		45,902

Terex Corp., Sr. Unsec. Gtd. Notes, 5.63%, 02/01/2025^(b)		41,000		43,332

				135,709


Construction Materials–0.18%

James Hardie International Finance DAC (Ireland), Sr. Unsec. Notes, 5.00%, 01/15/2028^(b)		400,000		409,000


Consumer Finance–2.61%

Ally Financial Inc., Sr. Unsec. Global Notes, 4.13%, 03/30/2020		950,000		980,580

4.63%, 03/30/2025		131,000		139,351

5.13%, 09/30/2024		17,000		18,573

Sr. Unsec. Gtd. Global Notes, 8.00%, 03/15/2020		40,000		44,700

Capital One Financial Corp., Sr. Unsec. Global Notes, 3.05%, 03/09/2022		450,000		453,542

3.75%, 03/09/2027		1,210,000		1,222,549

Discover Bank, Sr. Unsec. Global Bonds, 3.45%, 07/27/2026		915,000		899,280

Discover Financial Services, Inc., Series C, Jr. Unsec. Sub. Global Notes, 5.50%^(c)		788,000		813,610

Navient Corp., Sr. Unsec. Medium-Term Notes, 7.25%, 01/25/2022		30,000		32,438

8.00%, 03/25/2020		65,000		71,013

Synchrony Financial, Sr. Unsec. Global Notes, 4.50%, 07/23/2025		1,300,000		1,354,185

				6,029,821


Copper–0.29%

First Quantum Minerals Ltd. (Zambia), Sr. Unsec. Gtd. Notes, 7.00%, 02/15/2021^(b)		80,000		83,200

Freeport-McMoRan Inc., Sr. Unsec. Gtd. Global Notes, 5.40%, 11/14/2034		65,000		63,537


	Principal Amount		Value


Copper–(continued)

Lundin Mining Corp. (Canada), Sr. Sec. Gtd. First Lien Notes, 7.88%, 11/01/2022^(b)	$	476,000	$	515,270

				662,007


Data Processing & Outsourced Services–0.31%

Fidelity National Information Services, Inc., Sr. Unsec. Global Notes, 4.50%, 08/15/2046		483,000		496,345

First Data Corp., Sr. Sec. Gtd. First Lien Notes, 5.00%, 01/15/2024^(b)		37,000		38,434

Sr. Unsec. Gtd. Notes, 7.00%, 12/01/2023^(b)		172,000		182,427

				717,206


Diversified Banks–12.16%

ANZ New Zealand (Int’l) Ltd. (New Zealand), Sr. Unsec. Gtd. Notes, 2.13%, 07/28/2021^(b)		815,000		799,010

Australia and New Zealand Banking Group Ltd. (Australia), Jr. Unsec. Sub. Notes, 6.75%^(b)(c)		1,355,000		1,546,394

Bank of America Corp., Unsec. Sub. Global Notes, 7.75%, 05/14/2038		765,000		1,132,871

Series X, Jr. Unsec. Sub. Notes, 6.25%^(c)		305,000		338,169

Series Z, Jr. Unsec. Sub. Notes, 6.50%^(c)		1,130,000		1,286,900

Series AA, Jr. Unsec. Sub. Notes, 6.10%^(c)		1,495,000		1,659,450

Series DD, Jr. Unsec. Sub. Notes, 6.30%^(c)		440,000		502,876

Bank of China Ltd. (China), Unsec. Sub. Notes, 5.00%, 11/13/2024^(b)		540,000		577,812

Barclays PLC (United Kingdom), Unsec. Sub. Global Notes, 4.84%, 05/09/2028		200,000		208,006

BBVA Bancomer S.A. (Mexico), Sr. Unsec. Notes, 4.38%, 04/10/2024^(b)		535,000		562,419

Citigroup Inc., Sr. Unsec. Global Notes, 2.88%, 07/24/2023		245,000		243,782

Unsec. Sub. Global Notes, 5.50%, 09/13/2025		1,220,000		1,374,759

Series N, Jr. Unsec. Sub. Global Notes, 5.80%^(c)		750,000		778,912

Series Q, Jr. Unsec. Sub. Global Notes, 5.95%^(c)		545,000		572,661

Series T, Jr. Unsec. Sub. Global Notes, 6.25%^(c)		450,000		504,059

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

Invesco Bond Fund


	Principal Amount		Value

Diversified Banks–(continued)

Coöperatieve Rabobank U.A. (Netherlands), Jr. Unsec. Sub. Notes, 11.00%^(b)(c)	$	210,000	$	237,038
Crédit Agricole S.A. (France), Unsec. Sub. Notes, 4.38%, 03/17/2025^(b)		1,509,000		1,579,081
Global Bank Corp. (Panama), Sr. Unsec. Notes, 4.50%, 10/20/2021^(b)		772,000		788,019
HSBC Holdings PLC (United Kingdom), Jr. Unsec. Sub. Global Bonds, 6.00%^(c)		845,000		889,785
Sr. Unsec. Global Notes, 4.00%, 03/30/2022		500,000		524,929
Unsec. Sub. Global Notes, 4.38%, 11/23/2026		214,000		223,033
Industrial & Commercial Bank of China Ltd. (China), Sr. Unsec. Notes, 3.54%, 11/08/2027		266,000		266,849
ING Groep N.V. (Netherlands), Jr. Unsec. Sub. Global Notes, 6.50%^(c)		720,000		785,520
Intesa Sanpaolo S.p.A. (Italy), Sr. Unsec. Gtd. Medium-Term Notes, 3.88%, 01/15/2019		1,170,000		1,189,020
Sr. Unsec. Notes, 3.13%, 07/14/2022^(b)		395,000		393,334
JPMorgan Chase & Co., Sr. Unsec. Medium-Term Global Bonds, 2.30%, 08/15/2021		910,000		903,418
Unsec. Sub. Global Notes, 3.63%, 12/01/2027		515,000		517,918
Series V, Jr. Unsec. Sub. Global Notes, 5.00%^(c)		535,000		549,713
Series CC, Jr. Unsec. Sub. Global Notes, 4.63%^(c)		730,000		722,700
Nordea Bank AB (Sweden), Jr. Unsec. Sub. Notes, 5.50%^(b)(c)		775,000		796,312
Royal Bank of Scotland Group PLC (The) (United Kingdom), Sr. Unsec. Notes, 3.50%, 05/15/2023		894,000		895,802
Unsec. Sub. Global Bonds, 5.13%, 05/28/2024		100,000		106,348
Société Générale S.A. (France), Jr. Unsec. Sub. Notes, 7.38%^(b)(c)		295,000		320,444
Standard Chartered PLC (United Kingdom), Jr. Unsec. Sub. Notes, 7.75%^(b)(c)		255,000		279,863
Unsec. Sub. Notes, 4.30%, 02/19/2027^(b)		300,000		306,389
Wells Fargo & Co., Unsec. Sub. Global Notes, 5.38%, 11/02/2043		1,840,000		2,161,402
Unsec. Sub. Medium-Term Notes, 4.75%, 12/07/2046		375,000		410,944
Series U, Jr. Unsec. Sub. Global Notes, 5.88%^(c)		634,000		704,532


	Principal Amount		Value

Diversified Banks–(continued)

Westpac Banking Corp. (Australia), Jr. Unsec. Sub. Global Bonds, 5.00%^(c)	$	505,000	$	505,169
				28,145,642

Diversified Capital Markets–0.93%

Credit Suisse AG (Switzerland), Sr. Unsec. Notes, 3.00%, 10/29/2021		519,000		527,434
Credit Suisse Group Funding (Guernsey) Ltd. (Switzerland), Sr. Unsec. Gtd. Global Notes, 3.75%, 03/26/2025		515,000		526,791
Macquarie Bank Ltd. (Australia), Jr. Unsec. Sub. Notes, 6.13%^(b)(c)		530,000		553,188
Macquarie Group Ltd. (Australia), Sr. Unsec. Notes, 7.63%, 08/13/2019^(b)		498,000		539,322
				2,146,735

Diversified Chemicals–0.43%

Chemours Co. (The), Sr. Unsec. Gtd. Global Notes, 6.63%, 05/15/2023		409,000		434,562
7.00%, 05/15/2025		20,000		21,975
OCP S.A. (Morocco), Sr. Unsec. Notes, 4.50%, 10/22/2025^(b)		519,000		517,235
Trinseo Materials Operating S.C.A./Trinseo Materials Finance, Inc., Sr. Unsec. Gtd. Notes, 5.38%, 09/01/2025^(b)		27,000		28,246
				1,002,018

Diversified Metals & Mining–0.07%

HudBay Minerals, Inc. (Canada), Sr. Unsec. Gtd. Notes, 7.63%, 01/15/2025^(b)		55,000		60,981
Teck Resources Ltd. (Canada), Sr. Unsec. Gtd. Global Notes, 4.75%, 01/15/2022		64,000		67,520
Sr. Unsec. Notes, 6.13%, 10/01/2035		32,000		36,160
				164,661

Diversified REIT’s–0.98%

CyrusOne L.P./CyrusOne Finance Corp., Sr. Unsec. Gtd. Notes, 5.00%, 03/15/2024^(b)		16,000		16,680
5.00%, 03/15/2024^(b)		16,000		16,680
5.38%, 03/15/2027^(b)		36,000		37,800
Select Income REIT, Sr. Unsec. Global Notes, 4.50%, 02/01/2025		447,000		453,773
Trust F/1401 (Mexico), Sr. Unsec. Notes, 5.25%, 12/15/2024^(b)		881,000		941,789
Sr. Unsec. Notes, 5.25%, 01/30/2026^(b)		764,000		813,660
				2,280,382

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

Invesco Bond Fund


	Principal Amount		Value

Diversified Support Services–0.01%

Jaguar Holding Co. II/Pharmaceutical Product Development, LLC, Sr. Unsec. Gtd. Notes, 6.38%, 08/01/2023^(b)	$	25,000	$	25,813

Drug Retail–1.14%

CVS Pass Through Trust, Sr. Sec. First Lien Global Pass Through Ctfs., 6.04%, 12/10/2028		990,323		1,098,727
Sr. Sec. First Lien Mortgage Pass Through Ctfs., 5.77%, 01/10/2033^(b)		1,368,316		1,531,892
				2,630,619


Electric Utilities–2.74%

Electricite de France S.A. (France), Sr. Unsec. Notes, 6.00%, 01/22/2114^(b)		1,755,000		1,955,864

Enel Finance International N.V. (Italy),
Sr. Unsec. Gtd. Notes, 2.75%, 04/06/2023^(b)		715,000		704,205
3.50%, 04/06/2028^(b)		211,000		206,087
4.75%, 05/25/2047^(b)		455,000		475,296
Exelon Corp., Jr. Unsec. Sub. Notes, 3.50%, 06/01/2022		425,000		435,417

FirstEnergy Corp., Series B, Sr. Unsec. Global Notes, 3.90%, 07/15/2027		387,000		395,590

Series C, Sr. Unsec. Global Notes, 4.85%, 07/15/2047		326,000		352,704

Georgia Power Co., Sr. Unsec. Notes, 2.85%, 05/15/2022		300,000		300,874

Pacific Gas & Electric Co., Sr. Unsec. Notes, 3.30%, 12/01/2027^(b)		507,000		504,822

Southern Co. (The), Series B, Jr. Unsec. Sub. Global Notes, 5.50%, 03/15/2057		961,000		1,019,849

				6,350,708

Electrical Components & Equipment–0.07%
EnerSys, Sr. Unsec. Gtd. Notes, 5.00%, 04/30/2023^(b)		95,000		100,225


Sensata Technologies B.V., Sr. Unsec. Gtd. Notes, 4.88%, 10/15/2023^(b)		35,000		36,680

5.00%, 10/01/2025^(b)		35,000		37,538

				174,443

Environmental & Facilities Services–0.05%

Advanced Disposal Services, Inc., Sr. Unsec. Gtd. Notes, 5.63%, 11/15/2024^(b)		40,000		41,400


Core & Main LP, Sr. Unsec. Notes, 6.13%, 08/15/2025^(b)		60,000		61,425


Wrangler Buyer Corp., Sr. Unsec. Notes, 6.00%, 10/01/2025^(b)		6,000		6,120

				108,945


	Principal Amount		Value

Fertilizers & Agricultural Chemicals–0.77%

Mosaic Co. (The), Sr. Unsec. Global Notes, 3.25%, 11/15/2022	$	679,000	$	674,674

4.05%, 11/15/2027		1,126,000		1,119,271
				1,793,945

Financial Exchanges & Data–1.63%

Moody’s Corp., Sr. Unsec. Global Bonds, 5.50%, 09/01/2020		1,080,000		1,166,640

Sr. Unsec. Global Notes, 2.75%, 07/15/2019		40,000		40,319
4.88%, 02/15/2024		1,575,000		1,731,645
5.25%, 07/15/2044		425,000		507,293

MSCI Inc., Sr. Unsec. Gtd. Notes, 5.25%, 11/15/2024^(b)		80,000		85,000


Nasdaq, Inc., Sr. Unsec. Notes, 3.85%, 06/30/2026		230,000		236,198

				3,767,095

Food Distributors–0.05%

US Foods, Inc., Sr. Unsec. Gtd. Notes, 5.88%, 06/15/2024^(b)		100,000		105,500


Food Retail–0.25%

Albertsons Cos. LLC/ Safeway Inc./New Albertson’s, Inc./Albertson’s LLC, Sr. Unsec. Gtd. Global Notes, 6.63%, 06/15/2024		72,000		69,120


Alimentation Couche-Tard Inc. (Canada), Sr. Unsec. Gtd. Notes, 2.70%, 07/26/2022^(b)		409,000		404,709


Ingles Markets, Inc., Sr. Unsec. Global Notes, 5.75%, 06/15/2023		96,000		95,520

				569,349

Forest Products–0.15%

Klabin Finance S.A. (Brazil), Sr. Unsec. Gtd. Notes, 4.88%, 09/19/2027^(b)		352,000		349,606


Gas Utilities–0.11%

AmeriGas Partners, L.P./AmeriGas Finance Corp., Sr. Unsec. Global Notes, 5.63%, 05/20/2024		98,000		102,900

5.88%, 08/20/2026		28,000		29,190

Ferrellgas L.P./Ferrellgas Finance Corp., Sr. Unsec. Global Notes, 6.50%, 05/01/2021		37,000		35,242


Suburban Propane Partners, L.P./Suburban Energy Finance Corp., Sr. Unsec. Global Notes, 5.50%, 06/01/2024		90,000		89,550

				256,882

General Merchandise Stores–0.03%

Dollar Tree, Inc., Sr. Unsec. Gtd. Global Notes, 5.75%, 03/01/2023		66,000		69,383


Gold–0.24%

Yamana Gold Inc. (Canada), Sr. Unsec. Notes, 4.63%, 12/15/2027^(b)		565,000		565,037

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

Invesco Bond Fund


	Principal Amount		Value

Health Care Distributors–0.47%

AmerisourceBergen Corp., Sr. Unsec. Global Notes, 3.45%, 12/15/2027	$	554,000	$	551,290
4.30%, 12/15/2047		544,000		542,628
				1,093,918

Health Care Equipment–0.30%

Becton, Dickinson and Co., Sr. Unsec. Notes, 2.89%, 06/06/2022		444,000		441,268

Hill-Rom Holdings, Inc., Sr. Unsec. Gtd. Notes, 5.00%, 02/15/2025^(b)		61,000		62,373

Teleflex Inc., Sr. Unsec. Gtd. Global Notes, 4.63%, 11/15/2027		187,000		191,740

				695,381

Health Care Facilities–0.59%

Acadia Healthcare Co., Inc., Sr. Unsec. Gtd. Global Notes, 6.50%, 03/01/2024		50,000		51,875


Community Health Systems, Inc., Sr. Sec. Gtd. First Lien Global Notes, 5.13%, 08/01/2021		40,000		37,600

Sr. Sec. Gtd. First Lien Notes, 6.25%, 03/31/2023		65,000		61,100
Sr. Unsec. Gtd. Global Notes, 6.88%, 02/01/2022		16,935		10,288
8.00%, 11/15/2019		45,000		40,444
HCA Healthcare, Inc., Sr. Unsec. Notes, 6.25%, 02/15/2021		125,000		134,219

HCA, Inc., Sr. Sec. Gtd. First Lien Global Notes, 5.88%, 03/15/2022		52,000		56,485

6.50%, 02/15/2020		250,000		269,062
Sr. Sec. Gtd. First Lien Notes, 5.25%, 04/15/2025		76,000		81,130
5.50%, 06/15/2047		272,000		276,080
Sr. Unsec. Gtd. Notes, 5.38%, 02/01/2025		50,000		52,000
5.88%, 02/15/2026		30,000		31,988
HealthSouth Corp., Sr. Unsec. Gtd. Global Notes, 5.75%, 09/15/2025		45,000		46,912

LifePoint Health, Inc., Sr. Unsec. Gtd. Global Notes, 5.38%, 05/01/2024		40,000		39,350

Sr. Unsec. Gtd. Notes, 5.88%, 12/01/2023		11,000		11,234
Tenet Healthcare Corp., Sec. Gtd. Second Lien Notes, 7.50%, 01/01/2022^(b)		11,000		11,646

Sr. Unsec. Global Notes, 6.75%, 06/15/2023		95,000		89,181
8.13%, 04/01/2022		60,000		59,625
				1,360,219

Health Care REIT’s–1.35%

HCP, Inc., Sr. Unsec. Global Notes, 4.00%, 12/01/2022		994,000		1,040,608

4.25%, 11/15/2023		525,000		551,868
Physicians Realty L.P., Sr. Unsec. Gtd. Global Notes, 4.30%, 03/15/2027		310,000		315,525


	Principal Amount		Value

Health Care REIT’s–(continued)

Senior Housing Properties Trust, Sr. Unsec. Notes, 6.75%, 12/15/2021	$	1,090,000	$	1,208,920
				3,116,921

Health Care Services–0.63%

AMN Healthcare, Inc., Sr. Unsec. Gtd. Notes, 5.13%, 10/01/2024^(b)		40,000		41,400
DaVita Inc., Sr. Unsec. Gtd. Global Notes, 5.00%, 05/01/2025		47,000		47,176
Eagle Holding Co. II, LLC, Sr. Unsec. PIK Notes, 8.38% PIK Rate, 7.63% Cash Rate, 05/15/2022^(b)(d)		52,000		52,910
Envision Healthcare Corp., Sr. Unsec. Gtd. Notes, 6.25%, 12/01/2024^(b)		21,000		22,234
Express Scripts Holding Co., Sr. Unsec. Gtd. Global Notes, 3.00%, 07/15/2023		591,000		584,645
Laboratory Corp. of America Holdings, Sr. Unsec. Notes, 3.60%, 09/01/2027		450,000		450,797
MEDNAX, Inc., Sr. Unsec. Gtd. Notes, 5.25%, 12/01/2023^(b)		79,000		81,173
MPH Acquisition Holdings LLC, Sr. Unsec. Gtd. Notes, 7.13%, 06/01/2024^(b)		105,000		113,006
Surgery Center Holdings, Inc., Sr. Unsec. Gtd. Notes, 6.75%, 07/01/2025^(b)		22,000		20,130
8.88%, 04/15/2021^(b)		10,000		10,125
Team Health Holdings, Inc., Sr. Unsec. Gtd. Notes, 6.38%, 02/01/2025^(b)		45,000		40,950
				1,464,546

Home Entertainment Software–0.26%

Electronic Arts Inc., Sr. Unsec. Global Notes, 3.70%, 03/01/2021		575,000		593,216

Home Improvement Retail–0.04%

Hillman Group Inc. (The), Sr. Unsec. Gtd. Notes, 6.38%, 07/15/2022^(b)		90,000		89,325

Homebuilding–1.00%

Ashton Woods USA LLC/Ashton Woods Finance Co., Sr. Unsec. Notes, 6.75%, 08/01/2025^(b)		34,000		34,255
6.88%, 02/15/2021^(b)		40,000		41,100
Beazer Homes USA, Inc., Sr. Unsec. Gtd. Global Notes, 6.75%, 03/15/2025		60,000		63,432
8.75%, 03/15/2022		40,000		43,950
Sr. Unsec. Notes, 5.88%, 10/15/2027^(b)		8,000		8,040
CalAtlantic Group, Inc., Sr. Unsec. Gtd. Global Notes, 8.38%, 01/15/2021		8,000		9,280
Sr. Unsec. Gtd. Notes, 5.25%, 06/01/2026		21,000		22,129
5.38%, 10/01/2022		70,000		75,862

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

Invesco Bond Fund


	Principal Amount		Value

Homebuilding–(continued)

KB Home, Sr. Unsec. Gtd. Notes, 7.50%, 09/15/2022	$	30,000	$	34,575
Lennar Corp., Sr. Unsec. Gtd. Global Notes, 4.75%, 11/15/2022		40,000		42,400
MDC Holdings, Inc., Sr. Unsec. Gtd. Notes, 6.00%, 01/15/2043		1,815,000		1,805,925
Meritage Homes Corp., Sr. Unsec. Gtd. Global Notes, 6.00%, 06/01/2025		47,000		50,805
7.15%, 04/15/2020		25,000		27,438
Taylor Morrison Communities Inc./ Taylor Morrison Holdings II, Inc., Sr. Unsec. Gtd. Notes, 5.88%, 04/15/2023^(b)		57,000		60,740
				2,319,931

Hotel and Resort REIT’s–0.28%

Hospitality Properties Trust, Sr. Unsec. Notes, 4.95%, 02/15/2027		105,000		110,803
Host Hotels & Resorts L.P., Series F, Sr. Unsec. Global Notes, 4.50%, 02/01/2026		510,000		536,232
				647,035

Hotels, Resorts & Cruise Lines–0.13%

Choice Hotels International, Inc., Sr. Unsec. Gtd. Notes, 5.75%, 07/01/2022		80,000		87,900
Royal Caribbean Cruises Ltd., Sr. Unsec. Global Notes, 3.70%, 03/15/2028		221,000		219,946
				307,846

Household Products–0.10%

Reynolds Group Issuer Inc./LLC, Sr. Sec. Gtd. First Lien Global Notes, 5.75%, 10/15/2020		60,000		61,088
Sr. Sec. Gtd. First Lien Notes, 5.13%, 07/15/2023^(b)		21,000		21,814
Sr. Unsec. Gtd. Notes, 7.00%, 07/15/2024^(b)		61,000		65,563
Spectrum Brands, Inc., Sr. Unsec. Gtd. Global Notes, 5.75%, 07/15/2025		40,000		42,200
Springs Industries, Inc., Sr. Sec. Global Notes, 6.25%, 06/01/2021		46,000		47,150
				237,815

Independent Power Producers & Energy Traders–0.41%

AES Corp. (The), Sr. Unsec. Notes, 5.50%, 03/15/2024		45,000		47,363
5.50%, 04/15/2025		123,000		130,226
Calpine Corp., Sr. Unsec. Global Notes, 5.38%, 01/15/2023		24,000		24,000
5.50%, 02/01/2024		14,000		13,580
Dynegy Inc., Sr. Unsec. Gtd. Global Notes, 7.38%, 11/01/2022		30,000		32,138
Inkia Energy Ltd. (Peru), Sr. Unsec. Notes, 5.88%, 11/09/2027^(b)		601,000		607,010


	Principal Amount		Value

Independent Power Producers & Energy Traders–(continued)

NRG Energy, Inc., Sr. Unsec. Gtd. Global Notes, 6.25%, 05/01/2024	$	31,000	$	33,015
6.63%, 03/15/2023		34,000		35,346
6.63%, 01/15/2027		16,000		17,320
				939,998

Industrial Conglomerates–0.63%

ALFA, S.A.B. de C.V. (Mexico), Sr. Unsec. Notes, 6.88%, 03/25/2044^(b)		622,000		679,535
General Electric Co., Series D, Jr. Unsec. Sub. Global Notes, 5.00%^(c)		754,000		771,907
				1,451,442

Industrial Machinery–0.04%

CBC Ammo LLC/CBC FinCo Inc. (Brazil), Sr. Unsec. Notes, 7.25%, 11/15/2021^(b)		30,000		31,275
Mueller Industries, Inc., Unsec. Sub. Deb., 6.00%, 03/01/2027		40,000		41,300
TriMas Corp., Sr. Unsec. Gtd. Notes, 4.88%, 10/15/2025^(b)		22,000		22,261
				94,836

Integrated Oil & Gas–0.40%

Petróleos Mexicanos (Mexico), Sr. Unsec. Gtd. Notes, 5.38%, 03/13/2022^(b)		558,000		597,897
6.50%, 03/13/2027^(b)		308,000		340,032
				937,929

Integrated Telecommunication Services–5.77%

AT&T Inc., Sr. Unsec. Global Notes, 3.40%, 05/15/2025		416,000		408,081
3.90%, 08/14/2027		1,449,000		1,441,778
4.75%, 05/15/2046		606,000		581,541
5.15%, 03/15/2042		1,070,000		1,090,282
5.15%, 02/14/2050		911,000		905,284
5.25%, 03/01/2037		475,000		495,996
5.30%, 08/14/2058		866,000		853,851
5.70%, 03/01/2057		490,000		527,122
Sr. Unsec. Notes, 4.45%, 04/01/2024		365,000		385,577
Cincinnati Bell Inc., Sr. Unsec. Gtd. Notes, 7.00%, 07/15/2024^(b)		41,000		39,873
Frontier Communications Corp., Sr. Unsec. Global Notes, 8.50%, 04/15/2020		78,000		71,467
10.50%, 09/15/2022		95,000		75,525
SFR Group S.A. (France), Sr. Sec. Gtd. First Lien Bonds, 6.00%, 05/15/2022^(b)		200,000		201,875
T-Mobile USA, Inc., Sr. Unsec. Gtd. Global Bonds, 6.50%, 01/15/2026		83,000		91,170
Sr. Unsec. Gtd. Global Notes, 6.38%, 03/01/2025		83,000		89,304

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

Invesco Bond Fund


	Principal Amount		Value

Integrated Telecommunication Services–(continued)

Telecom Italia Capital S.A. (Italy), Sr. Unsec. Gtd. Global Notes, 7.20%, 07/18/2036	$	48,000	$	59,820
Telefónica Emisiones, S.A.U. (Spain), Sr. Unsec. Gtd. Global Notes, 5.46%, 02/16/2021		880,000		952,940
7.05%, 06/20/2036		1,165,000		1,540,428
Verizon Communications Inc., Sr. Unsec. Global Notes, 4.13%, 08/15/2046		307,000		279,739
4.52%, 09/15/2048		2,221,000		2,155,276
4.81%, 03/15/2039		413,000		426,117
5.01%, 08/21/2054		672,000		681,694
				13,354,740

Internet & Direct Marketing Retail–0.86%

Amazon.com, Inc., Sr. Unsec. Notes, 4.05%, 08/22/2047^(b)		541,000		565,432
4.25%, 08/22/2057^(b)		399,000		421,102
QVC, Inc., Sr. Sec. Gtd. First Lien Global Notes, 5.45%, 08/15/2034		1,000,000		994,739
				1,981,273

Internet Software & Services–0.26%

Alibaba Group Holding Ltd. (China), Sr. Unsec. Global Notes, 4.20%, 12/06/2047		295,000		298,825
4.40%, 12/06/2057		290,000		296,359
				595,184

Investment Banking & Brokerage–2.71%
Cantor Fitzgerald, L.P., Unsec. Notes, 6.50%, 06/17/2022^(b)		564,000		629,060
Charles Schwab Corp. (The), Series E, Jr. Unsec. Sub. Global Notes, 4.63%^(c)		862,000		884,393
E*TRADE Financial Corp., Sr. Unsec. Global Notes, 2.95%, 08/24/2022		128,000		127,105
Series B, Jr. Unsec. Sub. Global Notes, 5.30%^(c)		575,000		581,469
Goldman Sachs Group, Inc. (The), Sr. Unsec. Global Notes, 5.25%, 07/27/2021		565,000		614,671
Sr. Unsec. Medium-Term Notes, 4.80%, 07/08/2044		1,060,000		1,197,019
Unsec. Sub. Global Notes, 6.75%, 10/01/2037		310,000		409,533
Series P, Jr. Unsec. Sub. Notes, 5.00%^(c)		495,000		493,762
Jefferies Group LLC/Jefferies Group Capital Finance Inc., Sr. Unsec. Global Notes, 4.85%, 01/15/2027		330,000		348,021
Raymond James Financial, Inc., Sr. Unsec. Global Notes, 4.95%, 07/15/2046		885,000		975,928
				6,260,961


	Principal Amount		Value

IT Consulting & Other Services–0.15%

DXC Technology Co., Sr. Unsec. Global Notes, 4.45%, 09/18/2022	$	340,000	$	355,077

Leisure Facilities–0.06%

Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp., Sr. Unsec. Gtd. Global Notes, 5.38%, 06/01/2024		55,000		57,888
Six Flags Entertainment Corp., Sr. Unsec. Gtd. Notes, 4.88%, 07/31/2024^(b)		69,000		70,380
				128,268

Life & Health Insurance–2.48%
Dai-ichi Life Insurance Co., Ltd. (The) (Japan), Jr. Unsec. Sub. Notes, 4.00%^(b)(c)		545,000		536,879
Forethought Financial Group, Inc., Sr. Unsec. Notes, 8.63%, 04/15/2021^(b)		950,000		1,109,350
MetLife, Inc., Sr. Unsec. Global Notes, 4.13%, 08/13/2042		390,000		404,558
Series C, Jr. Unsec. Sub. Global Notes, 5.25%^(c)		910,000		949,585
Nationwide Financial Services, Inc., Sr. Unsec. Notes, 5.38%, 03/25/2021^(b)		1,645,000		1,780,877
Pacific Life Insurance Co., Unsec. Sub. Notes, 4.30%, 10/24/2067^(b)		430,000		428,121
Prudential Financial, Inc., Series D, Sr. Unsec. Medium-Term Notes, 6.63%, 12/01/2037		390,000		541,890
				5,751,260

Managed Health Care–0.48%
Centene Corp., Sr. Unsec. Notes, 4.75%, 01/15/2025		30,000		30,849
Cigna Corp., Sr. Unsec. Notes, 4.50%, 03/15/2021		435,000		458,260
Molina Healthcare, Inc., Sr. Unsec. Gtd. Notes, 4.88%, 06/15/2025^(b)		32,000		32,160
UnitedHealth Group Inc., Sr. Unsec. Global Notes, 3.75%, 07/15/2025		483,000		508,426
WellCare Health Plans Inc., Sr. Unsec. Notes, 5.25%, 04/01/2025		75,000		79,594
				1,109,289

Metal & Glass Containers–0.07%
Ball Corp., Sr. Unsec. Gtd. Global Notes, 5.25%, 07/01/2025		85,000		93,394
Berry Global, Inc., Sec. Gtd. Second Lien Global Notes, 6.00%, 10/15/2022		25,000		26,469
Sec. Gtd. Second Lien Notes, 5.50%, 05/15/2022		38,000		39,425
				159,288

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

Invesco Bond Fund


	Principal Amount		Value

Movies & Entertainment–1.27%

AMC Entertainment Holdings, Inc., Sr. Unsec. Gtd. Sub. Global Notes, 5.75%, 06/15/2025	$	85,000	$	83,194
Lions Gate Entertainment Corp., Sr. Unsec. Gtd. Notes, 5.88%, 11/01/2024^(b)		43,000		45,634
Time Warner Cable, Inc., Sr. Sec. Gtd. First Lien Global Deb., 6.75%, 07/01/2018		685,000		702,975
Time Warner, Inc., Sr. Unsec. Gtd. Deb., 6.50%, 11/15/2036		675,000		830,481
Sr. Unsec. Gtd. Global Deb., 5.35%, 12/15/2043		850,000		924,750
Viacom Inc., Jr. Unsec. Sub. Global Notes, 5.88%, 02/28/2057		25,000		24,696
6.25%, 02/28/2057		157,000		153,349
Sr. Unsec. Global Notes, 3.45%, 10/04/2026		194,000		184,386
				2,949,465

Multi-Line Insurance–2.37%

American Financial Group, Inc., Sr. Unsec. Notes, 3.50%, 08/15/2026		272,000		269,633
9.88%, 06/15/2019		1,055,000		1,168,730

American International Group, Inc., Sr. Unsec. Global Notes, 3.90%, 04/01/2026		635,000		655,503
4.50%, 07/16/2044		1,485,000		1,559,955
Massachusetts Mutual Life Insurance Co., Unsec. Sub. Notes, 4.90%, 04/01/2077^(b)		425,000		474,434
Nationwide Mutual Insurance Co., Unsec. Sub. Notes, 4.95%, 04/22/2044^(b)		830,000		916,283
XLIT Ltd. (Bermuda), Unsec. Gtd. Sub. Bonds, 5.50%, 03/31/2045		415,000		438,205
				5,482,743

Office REIT’s–0.41%

Alexandria Real Estate Equities, Inc., Sr. Unsec. Gtd. Global Notes, 3.95%, 01/15/2027		550,000		560,958
Hudson Pacific Properties, L.P., Sr. Unsec. Gtd. Notes, 3.95%, 11/01/2027		390,000		387,984
				948,942

Office Services & Supplies–0.53%

Pitney Bowes Inc., Sr. Unsec. Global Notes, 3.63%, 10/01/2021		805,000		756,660
4.70%, 04/01/2023		496,000		460,040
				1,216,700

Oil & Gas Drilling–0.09%

Ensco PLC, Sr. Unsec. Global Notes, 4.50%, 10/01/2024		56,000		45,710


	Principal Amount		Value

Oil & Gas Drilling–(continued)

Noble Holding International Ltd. (United Kingdom), Sr. Unsec. Gtd. Global Notes, 7.75%, 01/15/2024	$	43,000	$	37,410
Precision Drilling Corp. (Canada), Sr. Unsec. Gtd. Global Notes, 5.25%, 11/15/2024		54,000		50,895
6.50%, 12/15/2021		15,000		15,337
7.75%, 12/15/2023		9,000		9,338
Transocean Inc., Sr. Unsec. Gtd. Global Notes, 7.50%, 04/15/2031		50,000		44,250
				202,940

Oil & Gas Equipment & Services–0.06%

Archrock Partners, L.P./Archrock Partners Finance Corp., Sr. Unsec. Gtd. Global Notes, 6.00%, 10/01/2022		25,000		25,062
SESI, L.L.C., Sr. Unsec. Gtd. Global Notes, 7.13%, 12/15/2021		50,000		51,250
Weatherford International Ltd., Sr. Unsec. Gtd. Notes, 6.50%, 08/01/2036		50,000		40,250
8.25%, 06/15/2023		20,000		19,888
				136,450

Oil & Gas Exploration & Production–2.48%

Anadarko Petroleum Corp., Sr. Unsec. Notes, 6.60%, 03/15/2046		902,000		1,134,410
Antero Resources Corp., Sr. Unsec. Gtd. Global Notes, 5.63%, 06/01/2023		77,000		80,657
California Resources Corp., Sec. Gtd. Second Lien Notes, 8.00%, 12/15/2022^(b)		47,000		34,956
Callon Petroleum Co., Sr. Unsec. Gtd. Global Notes, 6.13%, 10/01/2024		53,000		54,855
Concho Resources Inc., Sr. Unsec. Gtd. Global Notes, 4.38%, 01/15/2025		103,000		107,506
Continental Resources Inc., Sr. Unsec. Gtd. Global Notes, 3.80%, 06/01/2024		75,000		74,250
Denbury Resources Inc., Sr. Unsec. Gtd. Sub. Notes, 5.50%, 05/01/2022		33,000		21,780
Enterprise Products Operating LLC, Series A, Jr. Unsec. Gtd. Sub. Variable Rate Notes, 5.08% (3 mo. USD LIBOR + 3.71%), 08/01/2066^(e)		300,000		300,375
Series D, Jr. Unsec. Gtd. Sub. Deb., 4.88%, 08/16/2077		665,000		665,000
Sr. Unsec. Gtd. Global Notes, 6.88%, 03/01/2033		100,000		130,589
EP Energy LLC/Everest Acquisition Finance Inc., Sr. Sec. Gtd. First Lien Notes, 8.00%, 11/29/2024^(b)		41,000		41,205
Gulfport Energy Corp., Sr. Unsec. Gtd. Global Notes, 6.00%, 10/15/2024		48,000		48,420
Newfield Exploration Co., Sr. Unsec. Global Notes, 5.63%, 07/01/2024		66,000		71,610

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

Invesco Bond Fund


	Principal Amount		Value

Oil & Gas Exploration & Production–(continued)

Noble Energy, Inc., Sr. Unsec. Global Notes, 3.85%, 01/15/2028	$	653,000	$	649,971
4.95%, 08/15/2047		807,000		839,443
Oasis Petroleum Inc., Sr. Unsec. Gtd. Global Notes, 6.88%, 01/15/2023		90,000		92,025

Parsley Energy LLC/Parsley Finance Corp., Sr. Unsec. Gtd. Notes, 6.25%, 06/01/2024^(b)		88,000		93,500

QEP Resources, Inc., Sr. Unsec. Global Notes, 5.25%, 05/01/2023		22,000		22,385
5.63%, 03/01/2026		21,000		21,391
Sr. Unsec. Notes, 6.88%, 03/01/2021		58,000		63,003
Range Resources Corp., Sr. Unsec. Gtd. Global Notes, 4.88%, 05/15/2025		50,000		49,000
5.88%, 07/01/2022		43,000		44,398
RSP Permian, Inc., Sr. Unsec. Gtd. Global Notes, 5.25%, 01/15/2025		69,000		70,725
SM Energy Co., Sr. Unsec. Global Notes, 6.13%, 11/15/2022		45,000		45,788
Southwestern Energy Co., Sr. Unsec. Global Notes, 4.10%, 03/15/2022		69,000		68,138
Tengizchevroil Finance Co. International Ltd. (Kazakhstan), Sr. Sec. Bonds, 4.00%, 08/15/2026^(b)		702,000		698,047
Whiting Petroleum Corp., Sr. Unsec. Gtd. Global Notes, 6.25%, 04/01/2023		86,000		86,430
WildHorse Resource Development Corp., Sr. Unsec. Gtd. Global Notes, 6.88%, 02/01/2025		65,000		66,470
WPX Energy Inc., Sr. Unsec. Notes, 5.25%, 09/15/2024		58,000		57,275
				5,733,602

Oil & Gas Storage & Transportation–7.09%

Abu Dhabi Crude Oil Pipeline LLC (United Arab Emirates), Sr. Sec. Notes, 3.65%, 11/02/2029^(b)		645,000		640,059
Andeavor Logistics LP/ Tesoro Logistics Finance Corp., Sr. Unsec. Gtd. Global Bonds, 3.50%, 12/01/2022		183,000		183,086
Sr. Unsec. Gtd. Global Notes, 5.20%, 12/01/2047		258,000		259,529
Sr. Unsec. Gtd. Notes, 4.25%, 12/01/2027		192,000		191,971
Sr. Unsec. Gtd. Global Notes, 6.38%, 05/01/2024		128,000		139,552
Sr. Unsec. Gtd. Notes, 5.25%, 01/15/2025		15,000		15,844

Antero Midstream Partners LP/Antero Midstream Finance Corp., Sr. Unsec. Gtd. Global Notes, 5.38%, 09/15/2024		84,000		87,150

Energy Transfer Equity, L.P., Sr. Sec. First Lien Notes, 5.88%, 01/15/2024		107,000		115,025


	Principal Amount		Value

Oil & Gas Storage & Transportation–(continued)

Energy Transfer Partners, L.P., Series A, Jr. Unsec. Sub. Global Notes, 6.25%^(c)	$	242,000	$	238,824
Energy Transfer, L.P., Sr. Unsec. Global Notes, 4.65%, 06/01/2021		324,000		341,252
Sr. Unsec. Notes, 4.20%, 04/15/2027		308,000		308,149
4.75%, 01/15/2026		845,000		880,192
5.15%, 03/15/2045		725,000		695,564
5.30%, 04/15/2047		651,000		636,206
EQT Midstream Partners L.P., Sr. Unsec. Notes, 4.00%, 08/01/2024		840,000		846,403
Holly Energy Partners L.P./Holly Energy Finance Corp., Sr. Unsec. Gtd. Notes, 6.00%, 08/01/2024^(b)		23,000		24,093
Kinder Morgan Energy Partners, L.P., Sr. Unsec. Gtd. Notes, 4.25%, 09/01/2024		516,000		536,717
5.40%, 09/01/2044		955,000		990,632
Kinder Morgan, Inc., Sr. Unsec. Gtd. Medium-Term Global Notes, 7.75%, 01/15/2032		207,000		265,810
7.80%, 08/01/2031		261,000		334,766
MPLX LP, Sr. Unsec. Global Bonds, 4.50%, 07/15/2023		426,000		451,366
NGPL PipeCo. LLC, Sr. Unsec. Bonds, 4.88%, 08/15/2027^(b)		292,000		304,241
Sr. Unsec. Notes, 4.38%, 08/15/2022^(b)		170,000		174,888
ONEOK Partners, L.P., Sr. Unsec. Gtd. Global Notes, 3.38%, 10/01/2022		400,000		405,215
ONEOK, Inc., Sr. Unsec. Gtd. Global Notes, 4.95%, 07/13/2047		696,000		703,862
Plains All American Pipeline, L.P., Series B, Jr. Unsec. Sub. Notes, 6.13%^(c)		2,130,000		2,111,362
Sabine Pass Liquefaction, LLC, Sr. Sec. First Lien Global Notes, 4.20%, 03/15/2028		1,231,000		1,242,306
5.00%, 03/15/2027		397,000		423,144
5.63%, 03/01/2025		159,000		175,220
SemGroup Corp., Sr. Unsec. Gtd. Notes, 6.38%, 03/15/2025^(b)		50,000		49,875
Sunoco Logistics Partners Operations L.P., Sr. Unsec. Gtd. Notes, 5.40%, 10/01/2047		368,000		367,749
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., Sr. Unsec. Gtd. Global Bonds, 5.13%, 02/01/2025		47,000		48,234
5.25%, 05/01/2023		855,000		878,512
Williams Cos., Inc. (The), Sr. Unsec. Global Notes, 4.55%, 06/24/2024		85,000		88,506
Sr. Unsec. Notes, 7.88%, 09/01/2021		31,000		36,270

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

Invesco Bond Fund


	Principal Amount		Value

Oil & Gas Storage & Transportation–(continued)

Williams Partners L.P., Sr. Unsec. Global Notes, 3.60%, 03/15/2022	$	729,000	$	746,746
Sr. Unsec. Notes, 4.13%, 11/15/2020		447,000		464,377
				16,402,697

Other Diversified Financial Services–0.58%

ILFC E-Capital Trust II, Jr. Unsec. Gtd. Sub. Variable Rate Notes, 4.61% (30yr. U.S. Treasury Yield Curve Rate + 1.80%), 12/21/2065^(b)(e)		300,000		290,250
LPL Holdings Inc., Sr. Unsec. Gtd. Notes, 5.75%, 09/15/2025^(b)		47,000		48,469
Park Aerospace Holdings Ltd. (Ireland), Sr. Unsec. Gtd. Notes, 4.50%, 03/15/2023^(b)		348,000		338,430
SMBC Aviation Capital Finance DAC (Ireland), Sr. Unsec. Gtd. Notes, 3.00%, 07/15/2022^(b)		474,000		470,291
SPARC EM SPC Panama Metro Line 2 S.P. (Cayman Islands), Sr. Sec. Gtd. Notes, 0.00%, 12/05/2022^(b)(f)		200,000		183,500
VFH Parent LLC/Orchestra Co- Issuer Inc., Sec. Gtd. Second Lien Notes, 6.75%, 06/15/2022^(b)		17,000		17,871
				1,348,811

Packaged Foods & Meats–0.10%

B&G Foods, Inc., Sr. Unsec. Gtd. Notes, 5.25%, 04/01/2025		35,000		35,871
JBS USA Lux S.A./JBS USA Finance Inc. (Brazil), Sr. Unsec. Gtd. Notes, 5.75%, 06/15/2025^(b)		60,000		58,875
Lamb Weston Holdings, Inc., Sr. Unsec. Gtd. Notes, 4.63%, 11/01/2024^(b)		41,000		42,589
TreeHouse Foods, Inc., Sr. Unsec. Gtd. Notes, 6.00%, 02/15/2024^(b)		100,000		105,125
				242,460

Paper Packaging–0.44%

Graphic Packaging International Inc., Sr. Unsec. Gtd. Notes, 4.88%, 11/15/2022		53,000		56,644
International Paper Co., Sr. Unsec. Global Notes, 5.15%, 05/15/2046		781,000		894,752
Plastipak Holdings Inc., Sr. Unsec. Notes, 6.25%, 10/15/2025^(b)		55,000		56,237
				1,007,633

Paper Products–0.24%

Clearwater Paper Corp., Sr. Unsec. Gtd. Global Notes, 4.50%, 02/01/2023		74,000		74,185
Fibria Overseas Finance Ltd. (Brazil), Sr. Unsec. Gtd. Global Notes, 4.00%, 01/14/2025		374,000		371,784
Mercer International Inc. (Canada), Sr. Unsec. Global Notes, 6.50%, 02/01/2024		20,000		21,175
7.75%, 12/01/2022		22,000		23,348


	Principal Amount		Value

Paper Products–(continued)

PH Glatfelter Co., Sr. Unsec. Gtd. Global Notes, 5.38%, 10/15/2020	$	57,000	$	57,926
				548,418

Pharmaceuticals–0.15%

Catalent Pharma Solutions, Inc., Sr. Unsec. Gtd. Notes, 4.88%, 01/15/2026^(b)		11,000		11,165
Eli Lilly and Co., Sr. Unsec. Global Notes, 2.35%, 05/15/2022		112,000		111,934
Valeant Pharmaceuticals International, Inc., Sr. Sec. Gtd. First Lien Notes, 5.50%, 11/01/2025^(b)		35,000		35,525
Sr. Unsec. Gtd. Notes, 5.63%, 12/01/2021^(b)		93,000		86,955
5.88%, 05/15/2023^(b)		20,000		17,525
6.13%, 04/15/2025^(b)		40,000		34,450
7.25%, 07/15/2022^(b)		45,000		43,931
				341,485

Property & Casualty Insurance–0.85%

Allstate Corp. (The), Sr. Unsec. Notes, 4.20%, 12/15/2046		275,000		292,841
Arch Capital Finance LLC, Sr. Unsec. Gtd. Notes, 5.03%, 12/15/2046		312,000		353,076
Liberty Mutual Group Inc., Jr. Unsec. Gtd. Sub. Bonds, 7.80%, 03/07/2087^(b)		530,000		674,425
W.R. Berkley Corp., Sr. Unsec. Notes, 7.38%, 09/15/2019		600,000		649,273
				1,969,615

Railroads–0.05%

Kenan Advantage Group Inc. (The), Sr. Unsec. Notes, 7.88%, 07/31/2023^(b)		103,000		107,120

Regional Banks–0.81%

CIT Group Inc., Sr. Unsec. Global Notes, 5.00%, 08/15/2022		42,000		44,992
5.00%, 08/01/2023		60,000		64,722
Fifth Third Bancorp, Unsec. Sub. Notes, 4.30%, 01/16/2024		660,000		700,521

First Niagara Financial Group Inc., Unsec. Sub. Notes, 7.25%, 12/15/2021		340,000		393,286
M&T Bank Corp., Series F, Jr. Unsec. Sub. Global Notes, 5.13%^(c)		279,000		296,786

Synovus Financial Corp., Sr. Unsec. Global Notes, 3.13%, 11/01/2022		370,000		368,605
				1,868,912

Reinsurance–0.32%

Reinsurance Group of America, Inc., Sr. Unsec. Medium-Term Notes, 4.70%, 09/15/2023		685,000		736,449

Residential REIT’s–0.42%

Essex Portfolio L.P., Sr. Unsec. Gtd. Global Notes, 3.63%, 08/15/2022		940,000		969,318

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

Invesco Bond Fund


	Principal Amount		Value

Restaurants–0.71%

1011778 BC ULC/ New Red Finance, Inc. (Canada), Sec. Gtd. Second Lien Notes, 5.00%, 10/15/2025^(b)	$	1,260,000	$	1,297,800
Sr. Sec. Gtd. First Lien Notes, 4.63%, 01/15/2022^(b)		200,000		205,000

Aramark Services, Inc., Sr. Unsec. Gtd. Notes, 5.00%, 04/01/2025^(b)		44,000		46,970

Carrols Restaurant Group, Inc., Sec. Gtd. Second Lien Global Notes, 8.00%, 05/01/2022		69,000		73,226

KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, Sr. Unsec. Gtd. Notes, 4.75%, 06/01/2027^(b)		23,000		23,596
				1,646,592

Retail REIT’s–0.47%

Brixmor Operating Partnership LP, Sr. Unsec. Global Notes, 3.25%, 09/15/2023		481,000		471,951

Realty Income Corp., Sr. Unsec. Notes, 3.25%, 10/15/2022		600,000		611,270
				1,083,221

Semiconductor Equipment–0.01%

Entegris Inc., Sr. Unsec. Gtd. Notes, 4.63%, 02/10/2026^(b)		26,000		26,683

Semiconductors–2.13%

Analog Devices, Inc., Sr. Unsec. Global Notes, 3.13%, 12/05/2023		445,000		448,074

Broadcom Corp./Broadcom Cayman Finance Ltd., Sr. Unsec. Gtd. Notes, 3.00%, 01/15/2022^(b)		1,045,000		1,033,873
3.50%, 01/15/2028^(b)		1,025,000		973,647
3.88%, 01/15/2027^(b)		1,086,000		1,067,271

Micron Technology, Inc., Sr. Unsec. Global Notes, 5.50%, 02/01/2025		63,000		66,799

NXP B.V./NXP Funding LLC (Netherlands), Sr. Unsec. Gtd. Notes, 3.88%, 09/01/2022^(b)		806,000		822,765
5.75%, 03/15/2023^(b)		489,000		507,337
				4,919,766

Sovereign Debt–0.89%

Argentine Republic Government International Bond (Argentina), Sr. Unsec. Global Bonds, 6.25%, 04/22/2019		941,000		983,815

Banque Ouest Africaine de Développement (Supranational), Sr. Unsec. Notes, 5.00%, 07/27/2027^(b)		200,000		208,500

Brazilian Government International Bond (Brazil), Sr. Unsec. Global Notes, 4.63%, 01/13/2028		400,000		398,700

Jamaica Government International Bond (Jamaica), Sr. Unsec. Global Notes, 7.88%, 07/28/2045		388,000		477,240
				2,068,255


	Principal Amount		Value

Specialized Consumer Services–0.05%

ServiceMaster Co., LLC (The), Sr. Unsec. Gtd. Notes, 5.13%, 11/15/2024^(b)	$	27,000	$	27,473
Sr. Unsec. Notes, 7.45%, 08/15/2027		91,000		98,962
				126,435

Specialized Finance–4.09%

AerCap Global Aviation Trust (Ireland), Jr. Unsec. Gtd. Sub. Notes, 6.50%, 06/15/2045^(b)		3,793,000		4,153,335

AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Netherlands), Sr. Unsec. Gtd. Global Notes, 3.50%, 05/26/2022		264,000		268,936
4.63%, 10/30/2020		150,000		157,870
5.00%, 10/01/2021		230,000		246,170

Air Lease Corp., Sr. Unsec. Global Notes, 3.00%, 09/15/2023		394,000		392,120
3.38%, 06/01/2021		825,000		844,575
3.63%, 12/01/2027		410,000		408,427
3.88%, 04/01/2021		995,000		1,035,403

Aircastle Ltd., Sr. Unsec. Global Notes, 7.63%, 04/15/2020		15,000		16,519
Sr. Unsec. Notes, 5.00%, 04/01/2023		108,000		114,480

Aviation Capital Group LLC, Sr. Unsec. Notes, 3.50%, 11/01/2027^(b)		1,310,000		1,285,771

International Lease Finance Corp., Sr. Unsec. Global Notes, 5.88%, 04/01/2019		515,000		538,063
				9,461,669

Specialized REIT’s–1.41%

Crown Castle Towers LLC, Sr. Sec. Gtd. First Lien Notes, 4.88%, 08/15/2020^(b)		1,215,000		1,279,117

EPR Properties, Sr. Unsec. Gtd. Global Notes, 7.75%, 07/15/2020		1,384,000		1,541,501

Equinix Inc., Sr. Unsec. Notes, 5.75%, 01/01/2025		7,000		7,516
5.88%, 01/15/2026		114,000		123,975

GLP Capital LP/GLP Financing II Inc., Sr. Unsec. Gtd. Notes, 5.38%, 04/15/2026		50,000		54,094

Iron Mountain Inc., Sr. Unsec. Gtd. Notes, 6.00%, 08/15/2023		38,000		40,006

Iron Mountain US Holdings, Inc., Sr. Unsec. Gtd. Notes, 5.38%, 06/01/2026^(b)		46,000		48,415

Rayonier A.M. Products Inc., Sr. Unsec. Gtd. Notes, 5.50%, 06/01/2024^(b)		66,000		65,446

SBA Communications Corp., Sr. Unsec. Global Notes, 4.88%, 09/01/2024		89,000		92,337
				3,252,407

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

Invesco Bond Fund


	Principal Amount		Value

Specialty Chemicals–0.23%

Ashland LLC, Sr. Unsec. Gtd. Global Notes, 4.75%, 08/15/2022	$	40,000	$	41,800
Axalta Coating Systems, LLC, Sr. Unsec. Gtd. Notes, 4.88%, 08/15/2024^(b)		150,000		157,500
GCP Applied Technologies Inc., Sr. Unsec. Gtd. Notes, 9.50%, 02/01/2023^(b)		60,000		66,975
Kraton Polymers LLC/Kraton Polymers Capital Corp., Sr. Unsec. Gtd. Notes, 10.50%, 04/15/2023^(b)		62,000		70,525
Platform Specialty Products Corp., Sr. Unsec. Gtd. Notes, 5.88%, 12/01/2025^(b)		59,000		59,516
PolyOne Corp., Sr. Unsec. Global Notes, 5.25%, 03/15/2023		66,000		71,115
PQ Corp., Sr. Sec. Gtd. First Lien Notes, 6.75%, 11/15/2022^(b)		42,000		45,412
Sr. Unsec. Gtd. Notes, 5.75%, 12/15/2025^(b)		9,000		9,225
Venator Finance S.a.r.l./Venator Materials Corp., Sr. Unsec. Gtd. Notes, 5.75%, 07/15/2025^(b)		21,000		22,208
				544,276

Steel–0.33%

ArcelorMittal (Luxembourg), Sr. Unsec. Global Notes, 7.50%, 10/15/2039		39,000		49,238
Steel Dynamics, Inc., Sr. Unsec. Gtd. Global Notes, 5.00%, 12/15/2026		19,000		20,128
5.13%, 10/01/2021		75,000		77,156
Sr. Unsec. Gtd. Notes, 4.13%, 09/15/2025^(b)		195,000		195,975
United States Steel Corp., Sr. Unsec. Global Notes, 6.88%, 08/15/2025		395,000		410,721
				753,218

Systems Software–0.02%

Symantec Corp., Sr. Unsec. Notes, 5.00%, 04/15/2025^(b)		42,000		44,100

Technology Distributors–0.24%

Avnet, Inc., Sr. Unsec. Global Notes, 4.63%, 04/15/2026		485,000		505,217
CDW LLC/CDW Finance Corp., Sr. Unsec. Gtd. Notes, 5.00%, 09/01/2025		42,000		44,100
				549,317

Technology Hardware, Storage & Peripherals–1.03%

Apple Inc., Sr. Unsec. Global Notes, 4.25%, 02/09/2047		255,000		272,804
Dell International LLC/ EMC Corp., Sr. Sec. Gtd. First Lien Notes, 6.02%, 06/15/2026^(b)		1,286,000		1,415,002
8.35%, 07/15/2046^(b)		311,000		391,441
Sr. Unsec. Gtd. Notes, 7.13%, 06/15/2024^(b)		115,000		124,823
Diebold Nixdorf, Inc., Sr. Unsec. Gtd. Global Notes, 8.50%, 04/15/2024		55,000		59,331


	Principal Amount		Value

Technology Hardware, Storage & Peripherals–(continued)

Western Digital Corp., Sr. Unsec. Gtd. Global Notes, 10.50%, 04/01/2024	$	95,000	$	110,497
				2,373,898

Thrifts & Mortgage Finance–0.11%

Nationwide Building Society (United Kingdom), Unsec. Sub. Notes, 4.13%, 10/18/2032^(b)		250,000		250,208

Tobacco–1.16%
BAT Capital Corp. (United Kingdom), Sr. Unsec. Gtd. Notes, 2.76%, 08/15/2022^(b)		682,000		677,054
3.22%, 08/15/2024^(b)		445,000		444,181
3.56%, 08/15/2027^(b)		643,000		643,181
Philip Morris International Inc., Sr. Unsec. Global Notes, 2.50%, 11/02/2022		940,000		930,065
				2,694,481

Trading Companies & Distributors–0.11%

BMC East, LLC, Sr. Sec. Gtd. First Lien Notes, 5.50%, 10/01/2024^(b)		51,000		52,785
H&E Equipment Services, Inc., Sr. Unsec. Gtd. Notes, 5.63%, 09/01/2025^(b)		73,000		76,650
Herc Rentals Inc., Sec. Gtd. Second Lien Notes, 7.75%, 06/01/2024^(b)		63,000		69,306
United Rentals North America, Inc., Sr. Unsec. Gtd. Global Notes, 5.50%, 07/15/2025		42,000		44,836
Sr. Unsec. Gtd. Notes, 5.50%, 05/15/2027		20,000		21,250
				264,827

Trucking–0.19%

Avis Budget Car Rental LLC/Avis Budget Finance Inc., Sr. Unsec. Gtd. Notes, 5.25%, 03/15/2025^(b)		27,000		26,696
DAE Funding LLC (United Arab Emirates), Sr. Unsec. Gtd. Notes, 4.00%, 08/01/2020^(b)		170,000		171,148
4.50%, 08/01/2022^(b)		233,000		232,417
				430,261

Wireless Telecommunication Services–1.96%

América Móvil, S.A.B. de C.V. (Mexico), Sr. Unsec. Global Notes, 4.38%, 07/16/2042		620,000		648,058
Sr. Unsec. Gtd. Global Notes, 6.13%, 03/30/2040		565,000		709,831
Bharti Airtel International Netherlands B.V. (India), Sr. Unsec. Gtd. Notes, 5.35%, 05/20/2024^(b)		200,000		214,900
CB Escrow Corp., Sr. Unsec. Notes, 8.00%, 10/15/2025^(b)		9,000		9,090
Rogers Communications Inc. (Canada), Sr. Unsec. Gtd. Global Notes, 5.00%, 03/15/2044		1,215,000		1,378,018

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

Invesco Bond Fund


	Principal Amount		Value

Wireless Telecommunication Services–(continued)

Sprint Communications Inc., Sr. Unsec. Gtd. Notes, 7.00%, 03/01/2020^(b)	$	60,000	$	64,425
Sprint Corp., Sr. Unsec. Gtd. Global Notes, 7.25%, 09/15/2021		86,000		91,805
7.63%, 02/15/2025		35,000		37,258
7.88%, 09/15/2023		167,000		180,360
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, Class A-1, Sr. Sec. Gtd. First Lien Asset- Backed Notes, 3.36%, 03/20/2023^(b)		1,197,000		1,209,329
				4,543,074
Total Bonds & Notes (Cost $205,104,011)				215,331,258

U.S. Treasury Securities–2.55%

U.S. Treasury Bills–0.04%^(g)(h)

1.04%, 02/01/2018		5,000		4,990
1.10%, 02/01/2018		95,000		94,816
1.15%, 02/01/2018		5,000		4,990
				104,796

U.S. Treasury Notes–1.93%

2.00%, 10/31/2022		1,940,200		1,927,999
2.25%, 10/31/2024		1,006,800		1,002,887
2.25%, 11/15/2027		1,549,400		1,526,489
				4,457,375

U.S. Treasury Bonds–0.58%

2.75%, 08/15/2047		1,366,800		1,342,053
Total U.S. Treasury Securities (Cost $5,916,812)				5,904,224
	Shares

Preferred Stocks–2.15%

Investment Banking & Brokerage–1.55%

Goldman Sachs Group, Inc. (The), Series J, 5.50% Pfd.		20,000		542,800
Morgan Stanley, Series E, 7.13% Pfd.		65,000		1,894,750
Morgan Stanley, Series F, 6.88% Pfd.		40,000		1,155,600
				3,593,150

Regional Banks–0.43%

CIT Group Inc., Series A, 5.80% Pfd.		10,000		10,338
PNC Financial Services Group, Inc. (The), Series P, 6.13% Pfd.		30,000		854,700
SunTrust Banks, Inc., Series G, 5.05% Pfd.		121,000		123,577
				988,615


	Shares		Value

Reinsurance–0.17%
Reinsurance Group of America, Inc., 6.20% Pfd.		14,000	$	386,400
Total Preferred Stocks (Cost $4,351,000)				4,968,165

	Principal Amount

Asset-Backed Securities–0.81%
DB Master Finance LLC, Series 2015-1A, Class A2II, Pass Through Ctfs., 3.98%, 02/20/2045^(b)	$	218,813		222,910
Series 2017-1A, Class A2I, Pass Through Ctfs., 3.63%, 11/20/2047^(b)		800,000		806,004
Series 2017-1A, Class A2II, Pass Through Ctfs., 4.03%, 11/20/2047^(b)		855,000		853,941
Total Asset-Backed Securities (Cost $1,879,796)				1,882,855

Municipal Obligations–0.17%

Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J); Series 2010 A, Taxable Build America RB, 6.64%, 04/01/2057 (Cost $319,500)		300,000		380,016

	Shares

Money Market Funds–0.60%

Invesco Government & Agency Portfolio – Institutional Class, 0.98% ⁽ⁱ⁾		486,646		486,646

Invesco Liquid Assets Portfolio – Institutional Class, 0.88% ⁽ⁱ⁾		347,534		347,604

Invesco Treasury Portfolio – Institutional Class, 0.98% ⁽ⁱ⁾		556,166		556,166

Total Money Market Funds (Cost $1,390,416)				1,390,416
TOTAL INVESTMENTS IN SECURITIES–99.34% (Cost $218,961,535)				229,856,934

OTHER ASSETS LESS LIABILITIES–0.66%				1,532,453

NET ASSETS–100.00%			$	231,389,387

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

Invesco Bond Fund

Investment Abbreviations:


Ctfs.		— Certificates
Deb.		— Debentures
Gtd.		— Guaranteed
Jr.		— Junior
LIBOR		— London Interbank Offered Rate
Pfd.		— Preferred
PIK		— Pay-in-Kind
RB		— Revenue Bonds


REGS		— Regulation S
REIT		— Real Estate Investment Trust
Sec.		— Secured
Sr.		— Senior
Sub.		— Subordinated
Unsec.		— Unsecured
USD		— United States 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 November 30, 2017 was $67,693,960, which represented 29.26% of the Fund’s Net Assets.

^(c)	Perpetual bond with no specified maturity date.

^(d)	All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.

^(e)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on November 30, 2017.

^(f)	Zero coupon bond issued at a discount. The interest rate shown represents the yield to maturity at issue.

^(g)	Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

^(h)	All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1F.

⁽ⁱ⁾	The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of November 30, 2017.


Open Futures Contracts
	Number of Contracts		Expiration Month		Notional Value		Value			Unrealized Appreciation (Depreciation)
Long Futures Contracts
U.S. Treasury 2 Year Notes		24		March–2018	$	5,145,750	$	(3,426	)	$	(3,426	)
U.S. Treasury 5 Year Notes		182		March–2018		21,174,562		(57,616	)		(57,616	)
U.S. Treasury 10 Year Notes		140		March–2018		17,366,563		(84,849	)		(84,849	)
U.S. Treasury 30 Years Notes		19		March–2018		2,882,656		(27,061	)		(27,061	)
Subtotal – Long								(172,952	)		(172,952	)
Short Futures Contracts
U.S. Treasury 10 Year Ultra Bonds		8		March–2018		(1,065,375)		8,168			8,168
U.S. Treasury Ultra Bonds		70		March–2018		(11,541,250)		142,540			142,540
Subtotal – Short								150,708			150,708
Total Futures Contracts – Interest Rate Risk							$	(22,244	)	$	(22,244	)

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

Invesco Bond Fund

Notes to Quarterly Schedule of Portfolio Holdings

November 30, 2017

(Unaudited)

NOTE 1 -- Significant Accounting Policies

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

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

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

Swap agreements are fair valued using an evaluated quote, if available, 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, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.

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

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

Invesco 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/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

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

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. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind income received in the form of securities in-lieu of cash is recorded as interest income. 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 the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

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.

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. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

Invesco Bond Fund

E.	Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to the daily mark-to-market obligation for forward foreign currency contracts.

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

Futures Contracts – The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between Counterparties to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

Swap Agreements – The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between Counterparties. These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

Interest rate, total return, index, and currency swap agreements are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or return of an underlying asset, in a particular foreign currency, or in a “basket” of securities representing a particular index.

A CDS is an agreement between Counterparties to exchange the credit risk of an issuer. A buyer of a CDS is said to buy protection by paying a fixed payment over the life of the agreement and in some situations an upfront payment to the seller of the CDS. If a defined credit event occurs (such as payment default or bankruptcy), the Fund as a protection buyer would cease paying its fixed payment, the Fund would deliver eligible bonds issued by the reference entity to the seller, and the seller would pay the full notional value, or the “par value”, of the referenced obligation to the Fund. A seller of a CDS is said to sell protection and thus would receive a fixed payment over the life of the agreement and an 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”

Invesco Bond Fund

G.	Swap Agreements – (continued)

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.

An interest rate swap is an agreement between Counterparties pursuant to which the parties exchange a floating rate payment for a fixed rate payment based on a specified notional amount.

Changes in the value of swap agreements are recognized as unrealized gains (losses) in the Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statement of Operations. The Fund segregates cash or liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund’s exposure is unlimited.

H.	Leverage Risk – Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

I.	Collateral – To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

Invesco Bond Fund

NOTE 2 -- Additional Valuation Information

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


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

The following is a summary of the tiered valuation input levels, as of November 30, 2017. 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.

The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the nine months ended November 30, 2017, there were no material transfers between valuation levels.


	Level 1			Level 2		Level 3		Total
Bonds & Notes	$	—		$	215,331,258	$	—	$	215,331,258
U.S. Treasury Securities		—			5,904,224		—		5,904,224
Preferred Stocks		4,834,250			133,915		—		4,968,165
Asset-Backed Securities		—			1,882,855		—		1,882,855
Municipal Obligations		—			380,016		—		380,016
Money Market Funds		1,390,416			—		—		1,390,416
		6,224,666			223,632,268		—		229,856,934
Futures Contracts*		(22,244	)		—		—		(22,244)
Total Investments	$	6,202,422		$	223,632,268	$	—	$	229,834,690

* Unrealized appreciation (depreciation).

NOTE 3 -- Derivative Investments

The Fund may enter into an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

Invesco Bond Fund

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 November 30, 2017:


		Value
Derivative Assets		Interest Rate Risk
Unrealized appreciation on futures contracts—Exchange-Traded		$ 150,708
Derivatives not subject to master netting agreements		(150,708)
Total Derivative Assets subject to master netting agreements		$ —

		Value
Derivative Liabilities		Interest Rate Risk
Unrealized depreciation on futures contracts—Exchange-Traded		$(172,952)
Derivatives not subject to master netting agreements		172,952
Total Derivative Liabilities subject to master netting agreements		$ —

Effect of Derivative Investments for the nine months ended November 30, 2017

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
	Credit Risk			Currency Risk		Interest Rate Risk			Total
Realized Gain (Loss):
Forward foreign currency contracts		$ —			$ 5,782		$ —			$ 5,782
Futures contracts		—			—		(433,683	)		(433,683	)
Swap agreements		(20,425	)		—		—			(20,425	)
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		—			—		—			—
Futures contracts		—			—		(4,469	)		(4,469	)
Swap agreements		19,096			—		—			19,096
Total		$ (1,329	)		$ 5,782		$ (438,152	)		$ (433,699	)

The table below summarizes the nine month average notional value of futures contracts and the four month average notional value of forward foreign currency contracts and swap agreements.


	Forward Foreign Currency Contracts	Futures Contracts	Swap Agreements
Average notional value	$ 1,720,596	$ 45,057,982	$ 2,500,000

Invesco Bond Fund

Item 2.

Controls and Procedures.

(a)

As of November 17, 2017, 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 November 17, 2017, 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: Invesco Bond Fund

By:				/s/ Sheri Morris
				Sheri Morris
				Principal Executive Officer

Date: January 29, 2018

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/ Sheri Morris
				Sheri Morris
				Principal Executive Officer

Date: January 29, 2018


By:				/s/ Kelli Gallegos
				Kelli Gallegos
				Principal Financial Officer

Date: January 29, 2018

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.