N-CSRS



Semi-Annual Report to Shareholders		August 31, 2025

Invesco Bond Fund

NYSE:

VBF



2		Fund Performance

2		Share Repurchase Program Notice

3		Dividend Reinvestment Plan

4		Schedule of Investments

26		Financial Statements

29		Financial Highlights

30		Notes to Financial Statements

37		Approval of Investment Advisory and Sub-Advisory Contracts

39		Proxy Results

Unless otherwise noted, all data is provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance



Performance summary
Cumulative total returns, 2/28/25 to 8/31/25

Fund at NAV	2.50	%
Fund at Market Value	1.96
Bloomberg Baa U.S. Corporate Bond Index q (Broad Market/Style-Specific Index)	2.76
Market Price Discount to NAV as of 8/31/25	-5.73

Source(s): q RIMES Technologies Corp.

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Investment return, net asset value (NAV) and share market price will fluctuate so that you may have a gain or loss when you sell shares. Please visit invesco.com/us for the most recent

month-end

performance. Performance figures reflect Fund expenses, the reinvestment of distributions (if any) and changes in NAV for performance based on NAV and changes in market price for performance based on market price.

Since the Fund is a

closed-end

management investment company, shares of the Fund may trade at a discount or premium from the NAV. This characteristic is separate and distinct from the risk that NAV could decrease as a result of investment activities and may be a greater risk to investors expecting to sell their shares after a short time. The Fund cannot predict whether shares will trade at, above or below NAV. The Fund should not be viewed as a vehicle for trading purposes. It is designed primarily for risk-tolerant long-term investors.

The

Bloomberg Baa U.S. Corporate Bond Index

measures the

Baa-rated,

fixed-rate, taxable corporate bond market.

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

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

Important Notice Regarding Share Repurchase Program

In September 2025, the Board of Trustees of the Fund approved a share repurchase program that allows the Fund to repurchase up to 25% of the

20-day

average trading volume

of the Fund’s common shares when the Fund is trading at a 10% or greater discount to its net asset value. The Fund will repurchase

shares pursuant to this program if the Adviser reasonably believes that such repurchases may enhance shareholder value.


2		Invesco Bond Fund

Dividend Reinvestment Plan

The dividend reinvestment plan (the Plan) offers you a prompt and simple way to reinvest your dividends and capital gains distributions (Distributions) into additional shares of your Invesco

closed-end

Fund (the Fund). Under the Plan, the money you earn from Distributions will be reinvested automatically in more shares of the Fund, allowing you to potentially increase your investment over time. All shareholders in the Fund are automatically enrolled in the Plan when shares are purchased.

Plan benefits

∎	Add to your account:

You may increase your shares in your Fund easily and automatically with the Plan.

∎	Low transaction costs:

Shareholders who participate in the Plan may be able to buy shares at below-market prices when the Fund is trading at a premium to its net asset value (NAV). In addition , transaction costs are low because when new shares are issued by the Fund, there is no brokerage fee, and when shares are bought in blocks on the open market, the per share fee is shared among all participants.

∎	Convenience:

You will receive a detailed account statement from Computershare Trust Company, N.A. (the Agent), which administers the Plan. The statement shows your total Distributions, date of investment, shares acquired, and price per share, as well as the total number of shares in your reinvestment account. You can also access your account at

invesco.com/closed-end.

∎	Safekeeping:

The Agent will hold the shares it has acquired for you in safekeeping.

Who can participate in the Plan

If you own shares in your own name, your purchase will automatically enroll you in the Plan. If your shares are held in “street name” – in the name of your brokerage firm, bank, or other financial institution – you must instruct that entity to participate on your behalf. If they are unable to participate on your behalf, you may request that they reregister your shares in your own name so that you may enroll in the Plan.

How to enroll

If you haven’t participated in the Plan in the past or chose to opt out, you are still eligible to participate. Enroll by visiting

invesco.com/closed-end,

by calling toll-free 800 341 2929 or by notifying us in writing at Invesco

Closed-End

Funds, Computershare Trust Company, N.A., P.O. Box 43078, Providence, RI 02940-3078. If you are writing to us, please include the Fund name and account number and ensure that all shareholders listed on the account sign these written instructions. Your participation in the Plan will begin with the next Distribution payable after the Agent receives your authorization, as long as they receive it before the “record date,” which is generally 10 business days before the Distribution is paid. If your authorization arrives after such record date, your participation in the Plan will begin with the following Distribution.

How the Plan works

If you choose to participate in the Plan, your Distributions will be promptly reinvested for you, automatically increasing your shares. If the Fund is trading at a share price that is equal to its NAV, you’ll pay that amount for your reinvested shares. However, if the Fund is trading above or below NAV, the price is determined by one of two ways:

Premium: If the Fund is trading at a premium - a market price that is higher than its NAV

-you’ll

pay either the NAV or 95 percent of

the market price, whichever is greater. When the Fund trades at a premium, you may pay less for your reinvested shares than an investor purchasing shares on the stock exchange. Keep in mind, a portion of your price reduction may be taxable because you are receiving shares at less than market price.

Discount: If the Fund is trading at a discount - a market price that is lower than its NAV

you’ll pay the market price for your reinvested shares.

Costs of the Plan

There is no direct charge to you for reinvesting Distributions because the Plan’s fees are paid by the Fund. If the Fund is trading at or above its NAV, your new shares are issued directly by the Fund and there are no brokerage charges or fees. However, if the Fund is trading at a discount , the shares are purchased on the open market, and you will pay your portion of any per share fees. These per share fees are typically less than the standard brokerage charges for individual transactions because shares are purchased for all participants in blocks, resulting in lower fees for each individual participant. Any service or per share fees are added to the purchase price. Per share fees include any applicable brokerage commissions the Agent is required to pay.

Tax implications

The automatic reinvestment of Distributions does not relieve you of any income tax that may be due on Distributions. You will receive tax information annually to help you prepare your federal income tax return.

Invesco does not offer tax advice. The tax information contained herein is general and is not exhaustive by nature. It was not intended or written to be used, and it cannot be used, by any taxpayer for avoiding penalties that may be imposed on the taxpayer under US federal tax laws. Federal and state tax laws are complex and constantly changing. Shareholders should always consult a legal or tax adviser for information concerning their individual situation.

How to withdraw from the Plan

You may withdraw from the Plan at any time by calling 800 341 2929, by visiting invesco.com/

closed-end

or by writing to Invesco

Closed-End

Funds, Computershare Trust Company, N.A., P.O. Box 43078, Providence, RI 02940-3078. Simply indicate that you would like to withdraw from the Plan, and be sure to include your Fund name and account number. Also, ensure that all shareholders listed on the account sign these written instructions. If you withdraw, you have three options with regard to the shares held in the Plan:

If you opt to continue to hold your noncertificated whole shares (Investment Plan Book Shares), they will be held by the Agent electronically as Direct Registration Book-Shares (Book-Entry Shares) and fractional shares will be sold at the then-current market price. Proceeds will be sent via check to your address of record after deducting applicable fees, including per share fees such as any applicable brokerage commissions the Agent is required to pay.

If you opt to sell your shares through the Agent, we will sell all full and fractional shares and send the proceeds via check to your address of record after deducting $2.50 per account and a brokerage charge.

You may sell your shares through your financial adviser through the Direct Registration System (DRS). DRS is a service within the securities industry that allows Fund shares to be held in your name in electronic format. You retain full ownership of your shares, without having to hold a share certificate. You should contact your financial adviser to learn more about any restrictions or fees that may apply.

The Fund and Computershare Trust Company, N.A. may amend or terminate the Plan at any time. Participants will receive at least 30 days written notice before the effective date of any amendment. In the case of termination, Participants will receive at least 30 days written notice before the record date for the payment of any such Distributions by the Fund. In the case of amendment or termination necessary or appropriate to comply with applicable law or the rules and policies of the Securities and Exchange Commission or any other regulatory authority, such written notice will not be required.

To obtain a complete copy of the current Dividend Reinvestment Plan, please call our Client Services department at 800 341 2929 or visit

invesco.com/closed-end.


3		Invesco Bond Fund

Schedule of Investments

(a)

August 31, 2025

(Unaudited)


	Principal
	Amount		Value


U.S. Dollar Denominated Bonds & Notes–84.86%
Advertising–0.10%
Clear Channel Outdoor Holdings, Inc.,
7.13%, 02/15/2031 (b)	$	45,000	$	45,751


7.50%, 03/15/2033 (b)		45,000		45,833


Interpublic Group of Cos., Inc. (The), 4.75%, 03/30/2030		87,000		87,764


				179,348



Aerospace & Defense–1.80%
BAE Systems PLC (United Kingdom),
5.13%, 03/26/2029 (b)		200,000		206,342


5.50%, 03/26/2054 (b)		580,000		567,173


Boeing Co. (The),
6.30%, 05/01/2029		20,000		21,247


6.53%, 05/01/2034		52,000		56,980


5.81%, 05/01/2050		154,000		148,195


5.93%, 05/01/2060		207,000		199,023


General Dynamics Corp., 4.95%, 08/15/2035		67,000		67,738


Hexcel Corp., 5.88%, 02/26/2035		16,000		16,325


Howmet Aerospace, Inc., 4.85%, 10/15/2031		10,000		10,247


Huntington Ingalls Industries, Inc., 5.35%, 01/15/2030		20,000		20,625


5.75%, 01/15/2035		87,000		90,296


L3Harris Technologies, Inc., 5.40%, 07/31/2033		33,000		34,104


5.60%, 07/31/2053		41,000		39,917


Lockheed Martin Corp.,
4.40%, 08/15/2030		105,000		105,883


4.75%, 02/15/2034		85,000		85,088


4.80%, 08/15/2034		5,000		5,019


5.00%, 08/15/2035		188,000		189,268


4.15%, 06/15/2053		505,000		396,244


4.30%, 06/15/2062		43,000		33,499


5.90%, 11/15/2063		67,000		68,665


Northrop Grumman Corp., 4.95%, 03/15/2053		32,000		28,504


RTX Corp.,
5.75%, 01/15/2029		60,000		63,015


6.00%, 03/15/2031		22,000		23,770


5.15%, 02/27/2033		127,000		130,518


6.10%, 03/15/2034		104,000		112,948


6.40%, 03/15/2054		81,000		87,728


TransDigm, Inc.,
6.75%, 08/15/2028 (b)		133,000		136,895


6.38%, 03/01/2029 (b)		74,000		75,856


6.88%, 12/15/2030 (b)		90,000		93,394


7.13%, 12/01/2031 (b)		44,000		45,919


6.00%, 01/15/2033 (b)		89,000		90,063


6.38%, 05/31/2033 (b)		75,000		76,184


6.25%, 01/31/2034 (b)		49,000		50,314


				3,376,986


	Principal
	Amount		Value


Agricultural & Farm Machinery–0.57%
AGCO Corp.,
5.45%, 03/21/2027	$	11,000	$	11,149


5.80%, 03/21/2034		83,000		85,506


CNH Industrial Capital LLC, 4.75%, 03/21/2028		46,000		46,529


Imperial Brands Finance PLC (United Kingdom),
4.50%, 06/30/2028 (b)		205,000		206,369


5.63%, 07/01/2035 (b)		200,000		202,114


6.38%, 07/01/2055 (b)		240,000		241,074


John Deere Capital Corp.,
4.38%, 10/15/2030		144,000		145,221


5.10%, 04/11/2034		130,000		133,332


				1,071,294



Agricultural Products & Services–0.27%
Bunge Ltd. Finance Corp.,
4.55%, 08/04/2030		292,000		293,673


5.15%, 08/04/2035		173,000		173,530


Cargill, Inc., 4.75%, 04/24/2033 (b)		43,000		43,294


				510,497



Air Freight & Logistics–0.32%
GXO Logistics, Inc.,
6.25%, 05/06/2029		61,000		64,005


6.50%, 05/06/2034		94,000		99,487


United Parcel Service, Inc.,
4.65%, 10/15/2030		82,000		83,842


5.15%, 05/22/2034		88,000		90,718


5.25%, 05/14/2035		103,000		105,638


5.50%, 05/22/2054		168,000		161,359


				605,049



Alternative Carriers–0.06%
Lumen Technologies, Inc., 10.00%, 10/15/2032 (b)		18,000		18,255


Windstream Services LLC/Windstream Escrow Finance Corp., 8.25%, 10/01/2031 (b)		88,000		91,612


				109,867



Apparel Retail–0.01%
Saks Global Enterprises LLC, 11.00%, 12/15/2029 (b)		53,640		21,719



Application Software–0.39%
Autodesk, Inc., 5.30%, 06/15/2035		79,000		80,438


Cadence Design Systems, Inc., 4.70%, 09/10/2034		41,000		40,605


Cloud Software Group, Inc.,
6.50%, 03/31/2029 (b)		65,000		65,767


8.25%, 06/30/2032 (b)		26,000		27,817


Fair Isaac Corp., 6.00%, 05/15/2033 (b)		17,000		17,271


Intuit, Inc., 5.20%, 09/15/2033		135,000		140,059


Roper Technologies, Inc.,
4.45%, 09/15/2030		59,000		59,148


5.10%, 09/15/2035		151,000		150,692

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


4		Invesco Bond Fund


	Principal
	Amount		Value


Application Software–(continued)
SS&C Technologies, Inc.,
5.50%, 09/30/2027 (b)	$	85,000	$	85,086


6.50%, 06/01/2032 (b)		19,000		19,731


Synopsys, Inc., 5.70%, 04/01/2055		45,000		44,224


				730,838



Asset Management & Custody Banks–0.80%
Affiliated Managers Group, Inc., 5.50%, 08/20/2034		253,000		256,779


Ameriprise Financial, Inc.,
4.50%, 05/13/2032		21,000		20,996


5.15%, 05/15/2033		155,000		159,414


5.20%, 04/15/2035		256,000		259,158


Bank of New York Mellon Corp. (The),
4.89%, 07/21/2028 (c)		5,000		5,082


5.06%, 07/22/2032 (c)		87,000		89,651


5.83%, 10/25/2033 (c)		48,000		51,308


5.32%, 06/06/2036 (c)		82,000		84,126


Series J, 4.97%, 04/26/2034 (c)		51,000		51,516


BlackRock, Inc., 4.75%, 05/25/2033		141,000		143,207


Brookfield Asset Management Ltd. (Canada), 5.80%, 04/24/2035		217,000		224,999


Carlyle Holdings II Finance LLC, 5.63%, 03/30/2043 (b)		15,000		14,649


Citadel L.P.,
6.00%, 01/23/2030 (b)		14,000		14,592


6.38%, 01/23/2032 (b)		30,000		31,608


Golub Capital Private Credit Fund, 5.45%, 08/15/2028 (b)		74,000		74,317


State Street Corp.,
5.34% (SOFR + 0.95%), 04/24/2028 (d)		2,000		2,014


4.73%, 02/28/2030		6,000		6,136


4.83%, 04/24/2030		3,000		3,082


5.15%, 02/28/2036 (c)		8,000		8,104


				1,500,738



Automobile Manufacturers–1.87%
Allison Transmission, Inc.,
4.75%, 10/01/2027 (b)		6,000		5,952


3.75%, 01/30/2031 (b)		408,000		376,812


Daimler Truck Finance North America LLC (Germany),
4.65%, 10/12/2030 (b)		150,000		150,336


5.00%, 10/12/2032 (b)		332,000		332,300


Ford Motor Credit Co. LLC,
6.95%, 06/10/2026		335,000		339,451


7.35%, 11/04/2027		7,000		7,290


5.92%, 03/20/2028		200,000		203,037


7.20%, 06/10/2030		135,000		143,497


Honda Motor Co. Ltd. (Japan),
4.69%, 07/08/2030		184,000		185,773


5.34%, 07/08/2035		292,000		293,714


Hyundai Capital America,
5.50%, 03/30/2026 (b)		31,000		31,191


4.88%, 06/23/2027 (b)		131,000		132,187


5.00%, 01/07/2028 (b)		161,000		163,245


5.60%, 03/30/2028 (b)		4,000		4,119


5.35%, 03/19/2029 (b)		2,000		2,054


5.30%, 01/08/2030 (b)		70,000		72,114


	Principal
	Amount		Value


Automobile Manufacturers–(continued)
Mercedes-Benz Finance North America LLC (Germany), 5.13%, 08/01/2034 (b)	$	214,000	$	214,917


Nissan Motor Co. Ltd. (Japan), 4.81%, 09/17/2030 (b)		200,000		186,986


Toyota Motor Credit Corp.,
4.55%, 08/09/2029		3,000		3,053


5.35%, 01/09/2035		97,000		100,214


Volkswagen Group of America Finance LLC (Germany),
5.25%, 03/22/2029 (b)		255,000		260,134


5.60%, 03/22/2034 (b)		300,000		305,149


				3,513,525



Automotive Parts & Equipment–0.51%
BMW US Capital LLC (Germany),
4.50%, 08/11/2030 (b)		56,000		56,070


5.20%, 08/11/2035 (b)		147,000		146,266


Clarios Global L.P./Clarios US Finance Co., 6.75%, 02/15/2030 (b)		148,000		153,453


Cougar JV Subsidiary LLC, 8.00%, 05/15/2032 (b)		88,000		93,362


ERAC USA Finance LLC, 4.90%, 05/01/2033 (b)		149,000		150,682


Forvia SE (France), 8.00%, 06/15/2030 (b)		68,000		71,793


Magna International, Inc. (Canada), 5.88%, 06/01/2035		32,000		33,311


NESCO Holdings II, Inc., 5.50%, 04/15/2029 (b)		98,000		95,675


PHINIA, Inc.,
6.75%, 04/15/2029 (b)		40,000		41,340


6.63%, 10/15/2032 (b)		52,000		53,448


ZF North America Capital, Inc. (Germany),
6.88%, 04/14/2028 (b)		39,000		39,532


7.13%, 04/14/2030 (b)		18,000		17,935


				952,867



Automotive Retail–0.57%
Advance Auto Parts, Inc.,
5.95%, 03/09/2028		11,000		11,209


7.00%, 08/01/2030 (b)		73,000		74,958


Asbury Automotive Group, Inc.,
4.63%, 11/15/2029 (b)		71,000		69,118


AutoZone, Inc.,
4.75%, 08/01/2032		43,000		43,094


5.20%, 08/01/2033		83,000		84,721


Carvana Co., 0.00% PIK Rate, 9.00% Cash Rate, 06/01/2031 (b)(e)		89,880		102,052


Group 1 Automotive, Inc.,
4.00%, 08/15/2028 (b)		98,000		95,158


6.38%, 01/15/2030 (b)		92,000		94,437


LCM Investments Holdings II LLC,
4.88%, 05/01/2029 (b)		49,000		48,150


8.25%, 08/01/2031 (b)		88,000		93,364


Lithia Motors, Inc.,
4.63%, 12/15/2027 (b)		94,000		93,206


4.38%, 01/15/2031 (b)		101,000		96,057


O’Reilly Automotive, Inc., 5.00%, 08/19/2034		156,000		156,168


				1,061,692

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


5		Invesco Bond Fund


	Principal
	Amount		Value


Biotechnology–0.34%
AbbVie, Inc., 5.50%, 03/15/2064	$	148,000	$	142,314


Amgen, Inc.,
5.25%, 03/02/2030		18,000		18,651


5.75%, 03/02/2063		312,000		300,101


Gilead Sciences, Inc.,
5.25%, 10/15/2033		115,000		119,505


5.55%, 10/15/2053		54,000		52,868


				633,439



Broadcasting–0.13%
Gray Media, Inc., 9.63%, 07/15/2032 (b)		27,000		27,159


Paramount Global,
5.85%, 09/01/2043		69,000		62,118


4.95%, 05/19/2050		69,000		53,912


Univision Communications, Inc.,
8.00%, 08/15/2028 (b)		51,000		52,974


9.38%, 08/01/2032 (b)		47,000		49,525


				245,688



Broadline Retail–0.24%
El Puerto de Liverpool S.A.B. de C.V. (Mexico), 6.66%, 01/22/2037 (b)		200,000		212,340


Macy’s Retail Holdings LLC,
6.13%, 03/15/2032 (b)		7,000		6,840


7.38%, 08/01/2033 (b)		128,000		131,588


6.70%, 07/15/2034 (b)		113,000		98,741


				449,509



Building Products–0.26%
Amrize Finance US LLC,
4.70%, 04/07/2028 (b)		112,000		113,417


4.95%, 04/07/2030 (b)		29,000		29,611


5.40%, 04/07/2035 (b)		160,000		162,423


Carrier Global Corp., 5.90%, 03/15/2034		22,000		23,465


Lennox International, Inc., 5.50%, 09/15/2028		55,000		57,006


New Enterprise Stone & Lime Co., Inc., 5.25%, 07/15/2028 (b)		94,000		92,996


				478,918



Cable & Satellite–1.00%
CCO Holdings LLC/CCO Holdings Capital Corp.,
5.38%, 06/01/2029 (b)		58,000		57,586


6.38%, 09/01/2029 (b)		23,000		23,366


7.38%, 03/01/2031 (b)		16,000		16,565


4.75%, 02/01/2032 (b)		38,000		35,273


4.50%, 05/01/2032		169,000		154,649


4.50%, 06/01/2033 (b)		141,000		125,879


4.25%, 01/15/2034 (b)		110,000		95,594


Charter Communications Operating LLC/ Charter Communications Operating Capital Corp.,
6.65%, 02/01/2034		181,000		193,139


5.85%, 12/01/2035		150,000		150,322


5.75%, 04/01/2048		113,000		100,769


6.70%, 12/01/2055		130,000		128,521


Comcast Corp.,
5.50%, 11/15/2032		127,000		133,926


6.05%, 05/15/2055		348,000		352,316


	Principal
	Amount		Value


Cable & Satellite–(continued)
Directv Financing LLC/Directv Financing Co-Obligor, Inc.,
5.88%, 08/15/2027 (b)	$	47,000	$	46,801


10.00%, 02/15/2031 (b)		47,000		46,753


Sinclair Television Group, Inc., 8.13%, 02/15/2033 (b)		18,000		18,457


Virgin Media Secured Finance PLC (United Kingdom), 5.50%, 05/15/2029 (b)		200,000		197,063


				1,876,979



Cargo Ground Transportation–0.07%
Penske Truck Leasing Co. L.P./PTL Finance Corp.,
5.75%, 05/24/2026 (b)		8,000		8,062


5.35%, 01/12/2027 (b)		5,000		5,061


4.40%, 07/01/2027 (b)		9,000		9,022


5.70%, 02/01/2028 (b)		34,000		35,018


5.55%, 05/01/2028 (b)		44,000		45,388


Ryder System, Inc., 4.90%, 12/01/2029		34,000		34,740


				137,291



Casinos & Gaming–0.15%
Studio City Finance Ltd. (Macau), 5.00%, 01/15/2029 (b)		200,000		189,698


Voyager Parent LLC, 9.25%, 07/01/2032 (b)		89,000		93,984


				283,682



Commercial & Residential Mortgage Finance–0.61%
Aviation Capital Group LLC,
3.50%, 11/01/2027 (b)		8,000		7,854


6.25%, 04/15/2028 (b)		7,000		7,314


6.75%, 10/25/2028 (b)		67,000		71,435


4.80%, 10/24/2030 (b)		284,000		283,983


Nationstar Mortgage Holdings, Inc.,
6.50%, 08/01/2029 (b)		90,000		92,420


7.13%, 02/01/2032 (b)		87,000		90,752


Nationwide Building Society (United Kingdom), 6.56%, 10/18/2027 (b)(c)		242,000		247,732


PennyMac Financial Services, Inc., 4.25%, 02/15/2029 (b)		49,000		47,297


Radian Group, Inc., 6.20%, 05/15/2029		46,000		48,209


Rocket Cos., Inc.,
6.13%, 08/01/2030 (b)		102,000		105,022


6.38%, 08/01/2033 (b)		22,000		22,857


Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 2.88%, 10/15/2026 (b)		24,000		23,508


Walker & Dunlop, Inc., 6.63%, 04/01/2033 (b)		91,000		94,745


				1,143,128



Computer & Electronics Retail–0.26%
Dell International LLC/EMC Corp.,
6.02%, 06/15/2026		53,000		53,473


5.50%, 04/01/2035		359,000		365,844


Leidos, Inc., 5.75%, 03/15/2033		70,000		73,403


				492,720

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


6		Invesco Bond Fund


	Principal
	Amount		Value


Construction & Engineering–0.10%
AECOM, 6.00%, 08/01/2033 (b)	$	185,000	$	188,950



Construction Machinery & Heavy Transportation Equipment– 0.58%
Caterpillar, Inc.,
5.20%, 05/15/2035		105,000		107,640


5.50%, 05/15/2055		25,000		24,822


Cummins, Inc.,
4.70%, 02/15/2031		268,000		272,414


5.30%, 05/09/2035		305,000		311,780


Northriver Midstream Finance L.P. (Canada), 6.75%, 07/15/2032 (b)		96,000		98,793


Westinghouse Air Brake Technologies Corp.,
4.90%, 05/29/2030		71,000		72,659


5.50%, 05/29/2035		194,000		199,131


				1,087,239



Construction Materials–0.08%
JH North America Holdings, Inc.,
5.88%, 01/31/2031 (b)		88,000		89,026


6.13%, 07/31/2032 (b)		58,000		58,906


				147,932



Consumer Electronics–0.06%
LG Electronics, Inc. (South Korea), 5.63%, 04/24/2029 (b)		100,000		104,167



Consumer Finance–0.87%
American Express Co.,
5.65%, 04/23/2027 (c)		4,000		4,033


4.73%, 04/25/2029 (c)		4,000		4,066


5.65% (SOFR + 1.26%), 04/25/2029 (d)		165,000		167,375


5.53%, 04/25/2030 (c)		83,000		86,694


5.02%, 04/25/2031 (c)		233,000		239,477


5.44%, 01/30/2036 (c)		107,000		110,032


5.67%, 04/25/2036 (c)		148,000		154,709


Capital One Financial Corp., 7.15%, 10/29/2027 (c)		38,000		39,169


EZCORP, Inc., 7.38%, 04/01/2032 (b)		177,000		187,068


FirstCash, Inc., 6.88%, 03/01/2032 (b)		177,000		183,892


goeasy Ltd. (Canada), 6.88%, 02/15/2031 (b)		67,000		67,044


Navient Corp., 5.00%, 03/15/2027		100,000		99,337


OneMain Finance Corp.,
6.63%, 05/15/2029		57,000		58,684


4.00%, 09/15/2030		26,000		24,050


6.75%, 03/15/2032		45,000		46,124


7.13%, 09/15/2032		83,000		86,528


Synchrony Financial,
5.02%, 07/29/2029 (c)		35,000		35,256


6.00%, 07/29/2036 (c)		45,000		45,514


				1,639,052



Consumer Staples Merchandise Retail–0.38%
Dollar General Corp.,
5.00%, 11/01/2032		19,000		19,171


5.50%, 11/01/2052		492,000		459,438


Target Corp., 5.00%, 04/15/2035		161,000		161,513


	Principal
	Amount		Value


Consumer Staples Merchandise Retail–(continued)
Walmart, Inc.,
4.90%, 04/28/2035	$	4,000	$	4,065


4.50%, 09/09/2052		80,000		69,431


				713,618



Copper–0.00%
Freeport-McMoRan, Inc., 4.38%, 08/01/2028		9,000		9,024



Distillers & Vintners–0.03%
Brown-Forman Corp., 4.75%, 04/15/2033		21,000		21,134


Constellation Brands, Inc.,
4.80%, 05/01/2030		16,000		16,253


4.90%, 05/01/2033		15,000		14,972


				52,359



Distributors–0.20%
Genuine Parts Co.,
6.50%, 11/01/2028		123,000		131,019


4.95%, 08/15/2029		80,000		81,696


6.88%, 11/01/2033		149,000		167,416


				380,131



Diversified Banks–14.24%
Africa Finance Corp. (Supranational), 4.38%, 04/17/2026 (b)		1,080,000		1,075,964


Australia and New Zealand Banking Group Ltd. (Australia),
6.74%, 12/08/2032 (b)		333,000		366,269


5.20%, 09/30/2035 (b)(c)		425,000		422,333


6.75% (b)(c)(f)		784,000		795,017


Banco Bilbao Vizcaya Argentaria S.A. (Spain), 9.38% (c)(f)		14,000		15,509


Banco Santander S.A. (Spain), 5.55%, 03/14/2028 (c)		200,000		203,611


Bank of America Corp.,
5.23% (SOFR + 0.83%), 01/24/2029 (d)		4,000		4,007


4.62%, 05/09/2029 (c)		4,000		4,046


5.16%, 01/24/2031 (c)		37,000		38,197


5.41% (SOFR + 1.01%), 01/24/2031 (d)		79,000		79,037


5.43%, 08/15/2035 (c)		142,000		142,982


5.51%, 01/24/2036 (c)		200,000		206,135


5.46%, 05/09/2036 (c)		184,000		189,077


7.75%, 05/14/2038		650,000		782,110


2.68%, 06/19/2041 (c)		6,000		4,327


6.63% (c)(f)		184,000		189,889


Series DD, 6.30% (c)(f)		125,000		125,807


Bank of Montreal (Canada),
7.70%, 05/26/2084 (c)		456,000		476,584


7.30%, 11/26/2084 (c)		250,000		262,589


Bank of New Zealand (New Zealand), 5.70%, 01/28/2035 (b)(c)		256,000		264,283


Bank of Nova Scotia (The) (Canada),
8.63%, 10/27/2082 (c)		429,000		455,433


8.00%, 01/27/2084 (c)		235,000		250,994


Banque Federative du Credit Mutuel
(France), 4.59%, 10/16/2028 (b)		397,000		400,742

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


7		Invesco Bond Fund


	Principal
	Amount		Value


Diversified Banks–(continued)
Barclays PLC (United Kingdom),
5.37%, 02/25/2031 (c)	$	209,000	$	215,629


5.86%, 08/11/2046 (c)		200,000		198,811


BNP Paribas S.A. (France),
4.79%, 05/09/2029 (b)(c)		200,000		201,935


5.83% (SOFR + 1.43%), 05/09/2029 (b)(d)		417,000		422,031


5.09%, 05/09/2031 (b)(c)		400,000		406,523


BPCE S.A. (France),
6.29%, 01/14/2036 (b)(c)		250,000		263,192


6.92%, 01/14/2046 (b)(c)		271,000		282,814


CaixaBank S.A. (Spain), 4.89%, 07/03/2031 (b)(c)		200,000		202,407


Citigroup, Inc.,
5.55% (SOFR + 1.14%), 05/07/2028 (d)		8,000		8,057


5.17%, 02/13/2030 (c)		44,000		45,160


4.54%, 09/19/2030 (c)		111,000		111,546


4.95%, 05/07/2031 (c)		266,000		271,088


5.87% (SOFR + 1.46%), 05/07/2031 (d)		7,000		7,117


2.57%, 06/03/2031 (c)		7,000		6,428


6.17%, 05/25/2034 (c)		187,000		197,075


5.83%, 02/13/2035 (c)		160,000		164,549


5.41%, 09/19/2039 (c)		204,000		202,058


5.61%, 03/04/2056 (c)		411,000		401,504


Series AA, 7.63% (c)(f)		206,000		215,981


Series BB, 7.20% (c)(f)		143,000		147,575


Series DD, 7.00% (c)(f)		166,000		174,647


Series W, 4.00% (c)(f)		250,000		248,280


Series Y, 4.15% (c)(f)		95,000		92,959


Comerica, Inc., 5.98%, 01/30/2030 (c)		20,000		20,754


Corporacion Financiera de Desarrollo S.A. (Peru), 5.95%, 04/30/2029 (b)		200,000		206,958


Credit Agricole S.A. (France), 5.22%, 05/27/2031 (b)(c)		250,000		255,855


Fifth Third Bancorp,
6.34%, 07/27/2029 (c)		7,000		7,390


4.77%, 07/28/2030 (c)		41,000		41,516


4.34%, 04/25/2033 (c)		45,000		43,550


HSBC Holdings PLC (United Kingdom),
5.29%, 11/19/2030 (c)		290,000		299,145


5.13%, 03/03/2031 (c)		200,000		204,938


5.24%, 05/13/2031 (c)		253,000		260,153


5.97% (SOFR + 1.57%), 05/13/2031 (d)		458,000		466,231


7.40%, 11/13/2034 (c)		305,000		343,794


5.79%, 05/13/2036 (c)		282,000		293,503


6.88% (c)(f)		216,000		223,309


7.05% (c)(f)		249,000		257,496


ING Groep N.V. (Netherlands), 5.34%, 03/19/2030 (c)		200,000		206,515


	Principal
	Amount		Value


Diversified Banks–(continued)
JPMorgan Chase & Co.,
5.57%, 04/22/2028 (c)	$	4,000	$	4,086


4.32%, 04/26/2028 (c)		4,000		4,005


4.92%, 01/24/2029 (c)		2,000		2,036


5.30%, 07/24/2029 (c)		4,000		4,121


5.01%, 01/23/2030 (c)		41,000		42,003


5.58%, 04/22/2030 (c)		51,000		53,257


5.00%, 07/22/2030 (c)		93,000		95,405


4.60%, 10/22/2030 (c)		5,000		5,056


5.14%, 01/24/2031 (c)		83,000		85,558


5.10%, 04/22/2031 (c)		125,000		128,999


4.59%, 04/26/2033 (c)		63,000		62,755


5.72%, 09/14/2033 (c)		167,000		175,381


5.34%, 01/23/2035 (c)		48,000		49,322


5.50%, 01/24/2036 (c)		113,000		116,729


5.57%, 04/22/2036 (c)		106,000		110,246


5.58%, 07/23/2036 (c)		108,000		110,431


5.53%, 11/29/2045 (c)		198,000		198,962


Series W, 5.47% (3 mo. Term SOFR + 1.26%), 05/15/2047 (d)		232,000		206,426


Series NN, 6.88% (c)(f)		121,000		127,446


Series OO, 6.50% (c)(f)		455,000		468,456


KeyBank N.A., 5.85%, 11/15/2027		7,000		7,222


KeyCorp, 2.55%, 10/01/2029		18,000		16,841


Mitsubishi UFJ Financial Group, Inc. (Japan),
5.26%, 04/17/2030 (c)		344,000		355,299


5.16%, 04/24/2031 (c)		206,000		212,561


5.87% (SOFR + 1.48%), 04/24/2031 (d)		200,000		203,848


5.41%, 04/19/2034 (c)		205,000		214,002


5.43%, 04/17/2035 (c)		364,000		375,437


5.57%, 01/16/2036 (c)		287,000		298,716


5.62%, 04/24/2036 (c)		231,000		240,910


8.20% (c)(f)		222,000		242,996


Mizuho Financial Group, Inc. (Japan),
5.38%, 07/10/2030 (c)		200,000		207,260


4.71%, 07/08/2031 (c)		223,000		225,680


5.59%, 07/10/2035 (c)		325,000		338,426


5.32%, 07/08/2036 (c)		395,000		401,356


Morgan Stanley Private Bank N.A.,
4.47%, 07/06/2028 (c)		250,000		251,194


4.73%, 07/18/2031 (c)		250,000		253,590


National Australia Bank Ltd. (Australia), 5.90%, 01/14/2036 (b)(c)		494,000		514,047


National Securities Clearing Corp., 5.10%, 11/21/2027 (b)		8,000		8,178


Nordea Bank Abp (Finland),
4.25%, 08/28/2030 (b)		401,000		401,754


6.30% (b)(c)(f)		200,000		200,477


PNC Financial Services Group, Inc. (The),
5.58%, 06/12/2029 (c)		4,000		4,150


4.63%, 06/06/2033 (c)		7,000		6,891


5.07%, 01/24/2034 (c)		56,000		56,676


5.37%, 07/21/2036 (c)		146,000		148,424


Royal Bank of Canada (Canada), 7.50%, 05/02/2084 (c)		414,000		433,889

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


8		Invesco Bond Fund


	Principal
	Amount		Value


Diversified Banks–(continued)
Standard Chartered PLC (United Kingdom),
6.75%, 02/08/2028 (b)(c)	$	109,000	$	112,537


5.01%, 10/15/2030 (b)(c)		200,000		203,660


5.24%, 05/13/2031 (b)(c)		200,000		205,154


6.08% (SOFR + 1.68%), 05/13/2031 (b)(d)		200,000		203,979


5.40%, 08/12/2036 (b)(c)		363,000		362,798


Sumitomo Mitsui Trust Bank Ltd. (Japan),
5.20%, 03/07/2029 (b)		206,000		212,657


5.35%, 03/07/2034 (b)		200,000		206,517


Synovus Bank, 5.63%, 02/15/2028		896,000		914,871


Toronto-Dominion Bank (The) (Canada),
4.78%, 12/17/2029		4,000		4,089


8.13%, 10/31/2082 (c)		349,000		368,419


U.S. Bancorp, 5.78%, 06/12/2029 (c)		5,000		5,211


Wells Fargo & Co.,
5.71%, 04/22/2028 (c)		4,000		4,092


5.76% (SOFR + 1.37%), 04/23/2029 (d)		142,000		144,268


5.57%, 07/25/2029 (c)		43,000		44,585


5.20%, 01/23/2030 (c)		49,000		50,481


5.15%, 04/23/2031 (c)		225,000		231,797


5.39%, 04/24/2034 (c)		41,000		42,206


5.56%, 07/25/2034 (c)		25,000		25,967


5.50%, 01/23/2035 (c)		85,000		87,748


5.61%, 04/23/2036 (c)		288,000		299,130


5.38%, 11/02/2043		469,000		447,526


6.85% (c)(f)		144,000		151,215


7.63% (c)(f)		111,000		118,828


Series BB, 3.90% (c)(f)		101,000		100,092


Westpac Banking Corp. (Australia),
5.41%, 08/10/2033 (c)		14,000		14,314


5.62%, 11/20/2035 (c)		102,000		103,880


				26,709,940



Diversified Capital Markets–0.58%
Amazon Conservation DAC (Ecuador), 6.03%, 01/16/2042 (b)		305,000		310,545


Credit Suisse Group AG (Switzerland),
4.50% (b)(c)(f)(g)(h)		268,000		16,080


5.25% (b)(c)(f)(g)(h)		248,000		14,880


Sixth Street Lending Partners, 6.13%, 07/15/2030 (b)		2,000		2,063


UBS Group AG (Switzerland),
5.71%, 01/12/2027 (b)(c)		256,000		257,098


4.75%, 05/12/2028 (b)(c)		7,000		7,053


4.38% (b)(c)(f)		258,000		231,967


7.13% (b)(c)(f)		250,000		255,134


				1,094,820



Diversified Financial Services–2.71%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland),
6.95%, 03/10/2055 (c)		150,000		157,137


6.50%, 01/31/2056 (c)		280,000		288,739


Aircastle Ltd./Aircastle Ireland DAC, 5.00%, 09/15/2030 (b)		150,000		151,278


Apollo Global Management, Inc.,
6.38%, 11/15/2033		111,000		122,464


5.15%, 08/12/2035		169,000		168,368


	Principal
	Amount		Value


Diversified Financial Services–(continued)
Avolon Holdings Funding Ltd. (Ireland),
4.95%, 01/15/2028 (b)	$	88,000	$	88,928


6.38%, 05/04/2028 (b)		82,000		85,796


5.75%, 03/01/2029 (b)		4,000		4,144


5.75%, 11/15/2029 (b)		4,000		4,156


5.15%, 01/15/2030 (b)		5,000		5,090


BlackRock Funding, Inc., 4.90%, 01/08/2035		55,000		56,003


Corebridge Financial, Inc.,
6.05%, 09/15/2033		123,000		130,538


5.75%, 01/15/2034		136,000		142,182


Eagle Funding LuxCo S.a.r.l. (Mexico), 5.50%, 08/17/2030 (b)		1,277,000		1,296,602


Freedom Mortgage Holdings LLC, 8.38%, 04/01/2032 (b)		46,000		47,475


GGAM Finance Ltd. (Ireland), 6.88%, 04/15/2029 (b)		178,000		184,676


Global Aircraft Leasing Co. Ltd. (Cayman Islands), 8.75%, 09/01/2027 (b)		135,000		139,074


Horizon Mutual Holdings, Inc., 6.20%, 11/15/2034 (b)		551,000		535,514


Jackson Financial, Inc., 5.67%, 06/08/2032		11,000		11,404


Jane Street Group/JSG Finance, Inc.,
7.13%, 04/30/2031 (b)		8,000		8,363


6.13%, 11/01/2032 (b)		46,000		46,246


6.75%, 05/01/2033 (b)		186,000		192,321


LPL Holdings, Inc.,
5.70%, 05/20/2027		69,000		70,362


5.20%, 03/15/2030		167,000		170,954


5.15%, 06/15/2030		102,000		104,259


5.65%, 03/15/2035		285,000		288,238


5.75%, 06/15/2035		124,000		125,982


Macquarie Airfinance Holdings Ltd. (United Kingdom),
6.40%, 03/26/2029 (b)		2,000		2,105


5.15%, 03/17/2030 (b)		4,000		4,055


6.50%, 03/26/2031 (b)		2,000		2,144


Provident Funding Associates L.P./PFG Finance Corp., 9.75%, 09/15/2029 (b)		133,000		139,905


Wynnton Funding Trust II, 5.99%, 08/15/2055 (b)		312,000		310,464


				5,084,966



Diversified Metals & Mining–0.80%
BHP Billiton Finance (USA) Ltd. (Australia),
5.25%, 09/08/2030		60,000		62,652


5.25%, 09/08/2033		212,000		218,699


Glencore Funding LLC (Australia),
4.91%, 04/01/2028 (b)		45,000		45,767


5.37%, 04/04/2029 (b)		38,000		39,161


5.19%, 04/01/2030 (b)		78,000		80,212


5.63%, 04/04/2034 (b)		138,000		141,671


5.67%, 04/01/2035 (b)		157,000		160,724


5.89%, 04/04/2054 (b)		54,000		52,890


6.14%, 04/01/2055 (b)		65,000		65,591

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


9		Invesco Bond Fund


	Principal
	Amount		Value


Diversified Metals & Mining–(continued)
Rio Tinto Finance (USA) PLC (Australia), 4.88%, 03/14/2030	$	94,000	$	96,418


5.00%, 03/14/2032		79,000		81,027


5.25%, 03/14/2035		113,000		115,197


5.75%, 03/14/2055		67,000		67,121


5.88%, 03/14/2065		68,000		68,254


Windfall Mining Group, Inc./Groupe Minier Windfall, Inc. (South Africa), 5.85%, 05/13/2032 (b)		201,000		206,839


				1,502,223



Diversified REITs–0.10%
CubeSmart L.P., 2.50%, 02/15/2032		6,000		5,233


Iron Mountain Information Management Services, Inc., 5.00%, 07/15/2032 (b)		101,000		97,177


Uniti Group L.P./Uniti Group Finance 2019, Inc./CSL Capital LLC,
10.50%, 02/15/2028 (b)		65,000		68,438


8.63%, 06/15/2032 (b)		16,000		15,747


				186,595



Diversified Support Services–0.21%
Element Fleet Management Corp. (Canada),
6.32%, 12/04/2028 (b)		50,000		52,971


5.04%, 03/25/2030 (b)		139,000		141,816


RB Global Holdings, Inc. (Canada),
6.75%, 03/15/2028 (b)		138,000		141,420


7.75%, 03/15/2031 (b)		64,000		67,241


				403,448



Drug Retail–0.91%
CK Hutchison International (23) Ltd. (United Kingdom),
4.75%, 04/21/2028 (b)		331,000		336,233


4.88%, 04/21/2033 (b)		302,000		304,947


CVS Pass-Through Trust,
6.04%, 12/10/2028		319,587		326,503


5.77%, 01/10/2033 (b)		722,366		732,522


				1,700,205



Electric Utilities–5.75%
AEP Transmission Co. LLC, 5.38%, 06/15/2035		28,000		28,704


Alabama Power Co.,


5.85%, 11/15/2033		27,000		28,868


5.10%, 04/02/2035		31,000		31,405


American Electric Power Co., Inc., 5.20%, 01/15/2029		43,000		44,369


Arizona Public Service Co., 5.90%, 08/15/2055		172,000		171,625


Baltimore Gas and Electric Co., 5.45%, 06/01/2035		83,000		85,578


Brookfield Infrastructure Finance ULC (Canada), 6.75%, 03/15/2055 (c)		139,000		141,634


Capital Power (US Holdings), Inc. (Canada),
5.26%, 06/01/2028 (b)		46,000		46,805


6.19%, 06/01/2035 (b)		214,000		221,498


CenterPoint Energy Houston Electric LLC,
4.80%, 03/15/2030		88,000		90,183


5.05%, 03/01/2035		60,000		60,320


Series AJ, 4.85%, 10/01/2052		571,000		507,331


	Principal
	Amount		Value


Electric Utilities–(continued)
Chile Electricity Lux MPC II S.a.r.l.
(Chile), 5.58%, 10/20/2035 (b)	$	108,503	$	109,762


Commonwealth Edison Co., 5.95%, 06/01/2055		409,000		420,811


Connecticut Light and Power Co. (The), 5.25%, 01/15/2053		63,000		58,964


Consolidated Edison Co. of New York, Inc.,
5.50%, 03/15/2034		3,000		3,133


6.15%, 11/15/2052		30,000		31,409


5.90%, 11/15/2053		95,000		97,047


Constellation Energy Generation LLC,
6.13%, 01/15/2034		38,000		41,249


6.50%, 10/01/2053		39,000		42,109


5.75%, 03/15/2054		102,000		99,898


Duke Energy Carolinas LLC,
5.25%, 03/15/2035		178,000		183,196


5.35%, 01/15/2053		124,000		117,739


Duke Energy Corp.,
4.85%, 01/05/2029		43,000		43,837


5.00%, 08/15/2052		120,000		104,869


6.45%, 09/01/2054 (c)		93,000		96,522


Duke Energy Indiana LLC,
5.40%, 04/01/2053		84,000		80,054


5.90%, 05/15/2055		48,000		48,942


Electricite de France S.A. (France), 6.38%, 01/13/2055 (b)		202,000		202,978


Enel Finance International N.V. (Italy), 7.05%, 10/14/2025 (b)		212,000		212,554


Entergy Corp., 7.13%, 12/01/2054 (c)		162,000		169,120


Entergy Louisiana LLC,
5.15%, 09/15/2034		83,000		84,056


5.80%, 03/15/2055		98,000		97,667


Entergy Texas, Inc.,
5.25%, 04/15/2035		118,000		120,173


5.55%, 09/15/2054		69,000		65,853


Evergy Metro, Inc.,
4.95%, 04/15/2033		37,000		37,458


5.13%, 08/15/2035		159,000		159,047


Exelon Corp.,
5.13%, 03/15/2031		165,000		170,455


5.60%, 03/15/2053		133,000		126,190


5.88%, 03/15/2055		207,000		205,016


FirstEnergy Pennsylvania Electric Co., 5.20%, 04/01/2028 (b)		9,000		9,215


FirstEnergy Transmission LLC,
4.55%, 01/15/2030		42,000		42,380


5.00%, 01/15/2035		61,000		60,548


Florida Power & Light Co., 5.80%, 03/15/2065		63,000		63,876


Georgia Power Co., 4.95%, 05/17/2033		67,000		67,847


Kentucky Utilities Co., 5.85%, 08/15/2055		48,000		47,726


Louisville Gas and Electric Co., 5.85%, 08/15/2055		49,000		48,696


MidAmerican Energy Co.,
5.35%, 01/15/2034		25,000		25,997


5.85%, 09/15/2054		61,000		62,713


5.30%, 02/01/2055		460,000		434,112

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


10		Invesco Bond Fund


	Principal
	Amount		Value


Electric Utilities–(continued)
National Rural Utilities Cooperative Finance Corp.,
4.85%, 02/07/2029	$	5,000	$	5,122


5.00%, 02/07/2031		69,000		71,370


5.80%, 01/15/2033		51,000		54,366


5.00%, 08/15/2034		150,000		151,659


7.13%, 09/15/2053 (c)		457,000		480,963


NextEra Energy Capital Holdings, Inc.,
5.00%, 07/15/2032		26,000		26,445


5.45%, 03/15/2035		219,000		224,004


6.75%, 06/15/2054 (c)		62,000		65,659


6.38%, 08/15/2055 (c)		65,000		67,170


Niagara Mohawk Power Corp.,
4.65%, 10/03/2030 (b)		160,000		160,789


6.00%, 07/03/2055 (b)		174,000		173,229


Northern States Power Co.,
5.05%, 05/15/2035		166,000		167,897


5.65%, 05/15/2055		442,000		439,035


Oglethorpe Power Corp., 5.90%, 02/01/2055		39,000		38,259


Ohio Power Co., 5.65%, 06/01/2034		92,000		95,396


Oklahoma Gas and Electric Co., 5.60%, 04/01/2053		308,000		299,090


Oncor Electric Delivery Co. LLC,
5.65%, 11/15/2033		81,000		85,799


5.80%, 04/01/2055 (b)		173,000		173,213


PacifiCorp,
5.10%, 02/15/2029		49,000		50,217


5.30%, 02/15/2031		46,000		47,768


5.45%, 02/15/2034		115,000		116,965


5.80%, 01/15/2055		90,000		85,213


Pinnacle West Capital Corp.,
4.90%, 05/15/2028		18,000		18,278


5.15%, 05/15/2030		39,000		40,148


PPL Capital Funding, Inc., 5.25%, 09/01/2034		39,000		39,635


PPL Electric Utilities Corp., 5.55%, 08/15/2055		68,000		66,550


PSEG Power LLC, 5.20%, 05/15/2030 (b)		63,000		64,854


Public Service Co. of Colorado, 5.25%, 04/01/2053		64,000		58,301


Public Service Co. of New Hampshire, 5.35%, 10/01/2033		36,000		37,579


San Diego Gas & Electric Co.,
5.35%, 04/01/2053		165,000		154,006


5.55%, 04/15/2054		125,000		119,722


Sierra Pacific Power Co., 5.90%, 03/15/2054		2,000		1,993


Southern Co. (The),
5.70%, 10/15/2032		44,000		46,418


4.85%, 03/15/2035		102,000		100,229


Series B, 4.00%, 01/15/2051 (c)		129,000		128,715


Southwestern Electric Power Co., 5.30%, 04/01/2033		50,000		50,855


Trans-Allegheny Interstate Line Co., 5.00%, 01/15/2031 (b)		26,000		26,652


Union Electric Co.,
5.20%, 04/01/2034		141,000		144,480


5.25%, 04/15/2035		123,000		125,724


5.13%, 03/15/2055		71,000		64,942


	Principal
	Amount		Value


Electric Utilities–(continued)
Virginia Electric & Power Co., 5.00%, 04/01/2033	$	57,000	$	57,824


Vistra Operations Co. LLC,
5.63%, 02/15/2027 (b)		134,000		134,138


5.00%, 07/31/2027 (b)		40,000		39,917


4.38%, 05/01/2029 (b)		8,000		7,824


7.75%, 10/15/2031 (b)		243,000		258,335


6.88%, 04/15/2032 (b)		48,000		50,406


6.95%, 10/15/2033 (b)		118,000		130,436


6.00%, 04/15/2034 (b)		68,000		70,918


5.70%, 12/30/2034 (b)		86,000		87,752


Xcel Energy, Inc., 4.75%, 03/21/2028		28,000		28,357


				10,786,154



Electrical Components & Equipment–0.33%
EnerSys,
4.38%, 12/15/2027 (b)		97,000		95,383


6.63%, 01/15/2032 (b)		43,000		44,345


Molex Electronic Technologies LLC,
4.75%, 04/30/2028 (b)		64,000		64,699


5.25%, 04/30/2032 (b)		85,000		86,389


Regal Rexnord Corp.,
6.05%, 04/15/2028		39,000		40,393


6.30%, 02/15/2030		9,000		9,540


6.40%, 04/15/2033		255,000		271,440


				612,189



Electronic Components–0.24%
Amphenol Corp.,
5.00%, 01/15/2035		92,000		92,821


5.38%, 11/15/2054		55,000		53,441


Corning, Inc., 5.45%, 11/15/2079		246,000		223,497


Sensata Technologies, Inc., 3.75%, 02/15/2031 (b)		93,000		85,555


				455,314



Electronic Equipment & Instruments–0.06%
Keysight Technologies, Inc., 5.35%, 07/30/2030		102,000		106,004



Electronic Manufacturing Services–0.08%
EMRLD Borrower L.P./Emerald Co-Issuer, Inc., 6.63%, 12/15/2030 (b)		137,000		140,874


Jabil, Inc., 3.00%, 01/15/2031		8,000		7,346


				148,220



Environmental & Facilities Services–0.34%
GFL Environmental, Inc.,
4.00%, 08/01/2028 (b)		196,000		191,218


3.50%, 09/01/2028 (b)		96,000		93,044


Republic Services, Inc.,
5.00%, 12/15/2033		90,000		92,187


5.00%, 04/01/2034		2,000		2,036


Rollins, Inc., 5.25%, 02/24/2035		51,000		51,369


Veralto Corp., 5.35%, 09/18/2028		74,000		76,460


Waste Management, Inc., 5.35%, 10/15/2054		138,000		132,347


				638,661

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


11		Invesco Bond Fund


	Principal
	Amount		Value


Financial Exchanges & Data–0.38%
Intercontinental Exchange, Inc.,
4.60%, 03/15/2033	$	58,000		$58,117


4.95%, 06/15/2052		108,000		97,364


5.20%, 06/15/2062		138,000		127,098


Moody’s Corp., 5.25%, 07/15/2044		146,000		140,187


MSCI, Inc., 5.25%, 09/01/2035		149,000		147,901


Nasdaq, Inc.,
5.35%, 06/28/2028		15,000		15,483


5.55%, 02/15/2034		51,000		53,208


5.95%, 08/15/2053		19,000		19,387


6.10%, 06/28/2063		46,000		47,244


				705,989



Food Distributors–0.59%
JBS USA Holding Lux S.a.r.l./JBS USA Foods Group Holdings, Inc./JBS USA Food Co.,
5.50%, 01/15/2036 (b)		475,000		476,864


6.25%, 03/01/2056 (b)		396,000		390,734


6.38%, 04/15/2066 (b)		183,000		181,088


Sysco Corp., 5.10%, 09/23/2030		56,000		57,768


				1,106,454



Food Retail–0.06%
Kroger Co. (The), 5.65%, 09/15/2064		126,000		118,371



Forest Products–0.06%
Georgia-Pacific LLC,
4.40%, 06/30/2028 (b)		40,000		40,374


4.95%, 06/30/2032 (b)		71,000		72,425


				112,799



Gas Utilities–0.49%
Atmos Energy Corp.,
5.90%, 11/15/2033		48,000		51,718


5.20%, 08/15/2035		172,000		174,402


6.20%, 11/15/2053		43,000		45,884


Piedmont Natural Gas Co., Inc., 5.40%, 06/15/2033		86,000		88,868


Snam S.p.A. (Italy),
5.75%, 05/28/2035 (b)		214,000		219,861


6.50%, 05/28/2055 (b)		201,000		209,545


Southern Co. Gas Capital Corp., 5.75%, 09/15/2033		35,000		36,876


Southern Natural Gas Co. L.L.C., 5.45%, 08/01/2035 (b)		62,000		62,384


Southwest Gas Corp., 5.45%, 03/23/2028		21,000		21,620


				911,158



Gold–0.24%
Boroo Investments Pte. Ltd. (Peru), 9.50%, 08/07/2032 (b)		267,000		255,653


New Gold, Inc. (Canada), 6.88%, 04/01/2032 (b)		190,000		198,189


				453,842



Health Care Distributors–0.38%
Cardinal Health, Inc.,
4.50%, 09/15/2030		44,000		44,097


5.45%, 02/15/2034		46,000		47,266


5.15%, 09/15/2035		43,000		42,719


	Principal
	Amount		Value


Health Care Distributors–(continued)
McKesson Corp.,
4.65%, 05/30/2030	$	159,000	$	161,793


4.95%, 05/30/2032		142,000		144,874


5.25%, 05/30/2035		276,000		281,416


				722,165



Health Care Equipment–0.19%
GE HealthCare Technologies, Inc., 4.80%, 01/15/2031		76,000		77,298


Hologic, Inc., 3.25%, 02/15/2029 (b)		40,000		38,241


Smith & Nephew PLC (United Kingdom), 5.40%, 03/20/2034		6,000		6,147


Stryker Corp.,
4.25%, 09/11/2029		18,000		18,067


4.85%, 02/10/2030		56,000		57,480


5.20%, 02/10/2035		152,000		155,538


				352,771



Health Care Facilities–0.41%
Adventist Health System, 5.76%, 12/01/2034		52,000		52,459


Providence St. Joseph Health Obligated Group, Series 21-A, 2.70%, 10/01/2051		175,000		101,105


Select Medical Corp., 6.25%, 12/01/2032 (b)		87,000		87,580


Tenet Healthcare Corp.,
4.25%, 06/01/2029		67,000		65,274


6.75%, 05/15/2031		75,000		78,003


Universal Health Services, Inc.,
4.63%, 10/15/2029		45,000		44,934


5.05%, 10/15/2034		166,000		160,126


UPMC,
5.04%, 05/15/2033		130,000		131,770


5.38%, 05/15/2043		51,000		48,858


				770,109



Health Care REITs–0.30%
Alexandria Real Estate Equities, Inc.,
5.25%, 05/15/2036		34,000		33,732


5.63%, 05/15/2054		194,000		182,362


Diversified Healthcare Trust, 0.00%, 01/15/2026 (b)(i)		98,000		96,440


Healthpeak OP LLC, 5.38%, 02/15/2035		60,000		60,692


MPT Operating Partnership L.P./MPT Finance Corp., 8.50%, 02/15/2032 (b)		18,000		18,886


Omega Healthcare Investors, Inc.,
5.20%, 07/01/2030		156,000		158,320


3.25%, 04/15/2033		12,000		10,450


				560,882



Health Care Services–1.55%
CommonSpirit Health,
5.32%, 12/01/2034		197,000		199,158


5.55%, 12/01/2054		71,000		67,283


Community Health Systems, Inc.,
5.25%, 05/15/2030 (b)		63,000		56,528


4.75%, 02/15/2031 (b)		42,000		35,840

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


12		Invesco Bond Fund


	Principal
	Amount		Value


Health Care Services–(continued)
CVS Health Corp.,
5.00%, 01/30/2029	$	64,000	$	65,239


5.25%, 01/30/2031		9,000		9,259


5.45%, 09/15/2035		175,000		175,460


6.75%, 12/10/2054 (c)		184,000		186,982


7.00%, 03/10/2055 (c)		661,000		689,825


6.20%, 09/15/2055		166,000		163,505


6.25%, 09/15/2065		261,000		255,370


DaVita, Inc.,
6.88%, 09/01/2032 (b)		43,000		44,518


6.75%, 07/15/2033 (b)		50,000		51,860


HCA, Inc.,
5.45%, 09/15/2034		16,000		16,211


5.75%, 03/01/2035		142,000		146,140


5.90%, 06/01/2053		138,000		131,947


6.20%, 03/01/2055		64,000		63,600


Icon Investments Six DAC,
5.81%, 05/08/2027		200,000		204,247


5.85%, 05/08/2029		210,000		219,697


Piedmont Healthcare, Inc., 2.86%, 01/01/2052		93,000		57,452


Quest Diagnostics, Inc., 6.40%, 11/30/2033		67,000		73,855


				2,913,976



Health Care Supplies–0.57%
DENTSPLY SIRONA, Inc., 8.38%, 09/12/2055 (c)		314,000		320,404


Medline Borrower L.P.,
3.88%, 04/01/2029 (b)		50,000		48,044


5.25%, 10/01/2029 (b)		96,000		95,131


Solventum Corp.,
5.40%, 03/01/2029		85,000		88,645


5.60%, 03/23/2034		194,000		201,564


5.90%, 04/30/2054		173,000		173,363


6.00%, 05/15/2064		140,000		139,766


				1,066,917



Home Improvement Retail–0.01%
Lowe’s Cos., Inc.,
5.63%, 04/15/2053		8,000		7,644


5.80%, 09/15/2062		7,000		6,743


5.85%, 04/01/2063		7,000		6,790


				21,177



Homebuilding–0.17%
Taylor Morrison Communities, Inc., 5.13%, 08/01/2030 (b)		93,000		92,796


Toll Brothers Finance Corp., 5.60%, 06/15/2035		226,000		229,594


				322,390



Hotel & Resort REITs–0.26%
Phillips Edison Grocery Center Operating Partnership I L.P.,
5.25%, 08/15/2032		151,000		154,207


5.75%, 07/15/2034		33,000		34,147


4.95%, 01/15/2035		81,000		79,256


RHP Hotel Properties L.P./RHP Finance Corp., 6.50%, 06/15/2033 (b)		93,000		96,122


RLJ Lodging Trust L.P., 4.00%, 09/15/2029 (b)		101,000		94,851


	Principal
	Amount		Value


Hotel & Resort REITs–(continued)
Service Properties Trust, 8.88%, 06/15/2032	$	27,000	$	27,882


				486,465



Hotels, Resorts & Cruise Lines–0.51%
Carnival Corp.,
5.88%, 06/15/2031 (b)		85,000		87,190


5.75%, 08/01/2032 (b)		239,000		243,242


6.13%, 02/15/2033 (b)		116,000		119,193


Expedia Group, Inc., 5.40%, 02/15/2035		119,000		120,978


Hilton Domestic Operating Co., Inc.,
5.88%, 04/01/2029 (b)		12,000		12,228


6.13%, 04/01/2032 (b)		7,000		7,194


5.88%, 03/15/2033 (b)		181,000		184,830


5.75%, 09/15/2033 (b)		41,000		41,364


Marriott International, Inc., 5.30%, 05/15/2034		55,000		55,827


Royal Caribbean Cruises Ltd.,
6.25%, 03/15/2032 (b)		41,000		42,341


6.00%, 02/01/2033 (b)		37,000		37,984


				952,371



Household Appliances–0.06%
Whirlpool Corp.,
4.75%, 02/26/2029		95,000		93,864


6.13%, 06/15/2030		6,000		6,071


6.50%, 06/15/2033		10,000		10,079


				110,014



Housewares & Specialties–0.09%
Newell Brands, Inc.,
6.38%, 09/15/2027		15,000		15,213


6.63%, 09/15/2029		46,000		46,310


6.38%, 05/15/2030		101,000		99,861


				161,384



Independent Power Producers & Energy Traders–0.47%
AES Corp. (The), 5.80%, 03/15/2032		236,000		242,941


Calpine Corp., 5.13%, 03/15/2028 (b)		140,000		139,985


FIEMEX Energia - Banco Actinver S.A. Institucion de Banca Multiple (Mexico), 7.25%, 01/31/2041 (b)		212,959		219,024


Vistra Corp.,
7.00% (b)(c)(f)		92,000		93,377


8.00% (b)(c)(f)		44,000		44,942


Series C, 8.88% (b)(c)(f)		124,000		135,195


				875,464



Industrial Conglomerates–0.32%
Honeywell International, Inc.,
4.95%, 09/01/2031		106,000		109,367


5.00%, 02/15/2033		61,000		62,245


Siemens Funding B.V. (Germany),
4.60%, 05/28/2030 (b)		200,000		203,606


5.20%, 05/28/2035 (b)		210,000		216,278


				591,496



Industrial Machinery & Supplies & Components–0.31%
Enpro, Inc., 6.13%, 06/01/2033 (b)		213,000		217,881


ESAB Corp., 6.25%, 04/15/2029 (b)		136,000		140,007

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


13		Invesco Bond Fund


	Principal
	Amount		Value


Industrial Machinery & Supplies & Components–(continued)
Ingersoll Rand, Inc.,
5.20%, 06/15/2027	$	47,000	$	47,827


5.40%, 08/14/2028		9,000		9,313


Nordson Corp.,
5.60%, 09/15/2028		15,000		15,561


5.80%, 09/15/2033		54,000		57,381


nVent Finance S.a.r.l. (United Kingdom), 5.65%, 05/15/2033		6,000		6,177


Roller Bearing Co. of America, Inc., 4.38%, 10/15/2029 (b)		97,000		94,482


				588,629



Industrial REITs–0.01%
LXP Industrial Trust, 6.75%, 11/15/2028		17,000		18,099



Insurance Brokers–0.42%
Alliant Holdings Intermediate LLC, 7.00%, 01/15/2031 (b)		137,000		141,803


Aon Corp./Aon Global Holdings PLC, 5.35%, 02/28/2033		28,000		29,033


Arthur J. Gallagher & Co.,
4.85%, 12/15/2029		15,000		15,299


5.00%, 02/15/2032		20,000		20,378


5.15%, 02/15/2035		57,000		57,193


5.55%, 02/15/2055		97,000		91,503


HUB International Ltd., 7.25%, 06/15/2030 (b)		133,000		139,202


Marsh & McLennan Cos., Inc.,
5.40%, 09/15/2033		110,000		114,602


6.25%, 11/01/2052		34,000		36,182


5.45%, 03/15/2053		35,000		33,583


5.70%, 09/15/2053		109,000		108,204


				786,982



Integrated Oil & Gas–1.53%
BP Capital Markets PLC, 6.13% (c)(f)		297,000		303,545


Ecopetrol S.A. (Colombia),
8.88%, 01/13/2033		417,000		443,834


8.38%, 01/19/2036		84,000		85,149


Eni S.p.A. (Italy), 5.50%, 05/15/2034 (b)		217,000		221,410


Occidental Petroleum Corp.,
5.20%, 08/01/2029		18,000		18,243


5.38%, 01/01/2032		17,000		17,110


6.20%, 03/15/2040		227,000		224,338


4.63%, 06/15/2045		95,000		72,736


4.10%, 02/15/2047		129,000		90,851


Petroleos Mexicanos (Mexico),
8.75%, 06/02/2029		186,000		197,513


6.63%, 06/15/2035		320,000		291,328


Saudi Arabian Oil Co. (Saudi Arabia),
4.75%, 06/02/2030 (b)		250,000		254,239


5.38%, 06/02/2035 (b)		298,000		306,175


6.38%, 06/02/2055 (b)		340,000		350,093


				2,876,564



Integrated Telecommunication Services–2.69%
AT&T, Inc.,
5.40%, 02/15/2034		104,000		107,249


3.55%, 09/15/2055		1,563,000		1,040,315


6.05%, 08/15/2056		272,000		273,724


	Principal
	Amount		Value


Integrated Telecommunication Services–(continued)
Bell Canada (Canada),
6.88%, 09/15/2055 (c)	$	68,000	$	69,619


7.00%, 09/15/2055 (c)		80,000		82,023


British Telecommunications PLC (United Kingdom), 4.25%, 11/23/2081 (b)(c)		270,000		267,839


FIBERCOP S.p.A. (Italy), 6.00%, 09/30/2034 (b)		200,000		190,261


Level 3 Financing, Inc.,
6.88%, 06/30/2033 (b)		105,000		106,045


7.00%, 03/31/2034 (b)		52,500		52,903


Maya S.A.S. (France), 7.00%, 10/15/2028 (b)		200,000		203,670


NTT Finance Corp. (Japan), 5.50%, 07/16/2035 (b)		212,000		217,294


Telecom Italia Capital S.A. (Italy),
6.38%, 11/15/2033		93,000		96,505


7.72%, 06/04/2038		88,000		96,186


Telefonica Emisiones S.A. (Spain), 7.05%, 06/20/2036		376,000		418,854


TELUS Corp. (Canada),
6.63%, 10/15/2055 (c)		26,000		26,458


7.00%, 10/15/2055 (c)		27,000		27,774


Verizon Communications, Inc.,
4.50%, 08/10/2033		1,226,000		1,199,763


5.25%, 04/02/2035		278,000		280,747


3.40%, 03/22/2041		19,000		14,730


3.00%, 11/20/2060		108,000		63,039


3.70%, 03/22/2061		60,000		41,161


Zegona Finance PLC (United Kingdom), 8.63%, 07/15/2029 (b)		152,000		161,924


				5,038,083



Interactive Media & Services–1.34%
Alphabet, Inc., 5.30%, 05/15/2065		115,000		110,701


Baidu, Inc. (China), 1.72%, 04/09/2026		210,000		206,864


Flutter Treasury DAC (Ireland), 5.88%, 06/04/2031 (b)		331,000		337,235


Match Group Holdings II LLC,
3.63%, 10/01/2031 (b)		5,000		4,516


6.13%, 09/15/2033 (b)		173,000		175,019


Meta Platforms, Inc.,
4.55%, 08/15/2031		32,000		32,634


4.75%, 08/15/2034		93,000		93,509


4.45%, 08/15/2052		200,000		166,761


5.40%, 08/15/2054		128,000		122,887


4.65%, 08/15/2062		161,000		134,249


5.75%, 05/15/2063		155,000		154,640


5.55%, 08/15/2064		209,000		202,414


WarnerMedia Holdings, Inc.,
4.28%, 03/15/2032		127,000		109,680


5.05%, 03/15/2042		958,000		646,233


5.14%, 03/15/2052		30,000		18,707


				2,516,049



Internet Services & Infrastructure–0.12%
CoreWeave, Inc.,
9.25%, 06/01/2030 (b)		172,000		172,798


9.00%, 02/01/2031 (b)		52,000		51,545


				224,343

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


14		Invesco Bond Fund


	Principal
	Amount		Value


Investment Banking & Brokerage–2.56%
Blue Owl Technology Finance Corp., 6.75%, 04/04/2029	$	5,000	$	5,178


Boost Newco Borrower LLC, 7.50%, 01/15/2031 (b)		200,000		212,313


Brookfield Finance, Inc. (Canada), 5.33%, 01/15/2036		500,000		497,220


Charles Schwab Corp. (The), Series K, 5.00% (c)(f)		89,000		88,572


Goldman Sachs Group, Inc. (The),
5.17% (SOFR + 0.81%), 03/09/2027 (d)		8,000		8,013


5.68% (SOFR + 1.29%), 04/23/2028 (d)		114,000		115,129


5.73%, 04/25/2030 (c)		51,000		53,428


5.05%, 07/23/2030 (c)		78,000		79,874


4.69%, 10/23/2030 (c)		61,000		61,687


5.21%, 01/28/2031 (c)		94,000		96,891


5.22%, 04/23/2031 (c)		226,000		233,399


5.85%, 04/25/2035 (c)		83,000		87,556


5.33%, 07/23/2035 (c)		89,000		90,553


5.54%, 01/28/2036 (c)		268,000		276,461


4.80%, 07/08/2044		13,000		11,704


5.73%, 01/28/2056 (c)		315,000		314,260


Series T, 3.80% (c)(f)		13,000		12,770


Series W, 7.50% (c)(f)		303,000		322,050


Series X, 7.50% (c)(f)		254,000		267,268


Jefferies Financial Group, Inc., 4.15%, 01/23/2030		25,000		24,688


Morgan Stanley,
5.12%, 02/01/2029 (c)		26,000		26,558


4.99%, 04/12/2029 (c)		61,000		62,141


5.16%, 04/20/2029 (c)		106,000		108,388


5.45%, 07/20/2029 (c)		23,000		23,749


6.41%, 11/01/2029 (c)		50,000		53,161


5.17%, 01/16/2030 (c)		24,000		24,675


5.04%, 07/19/2030 (c)		57,000		58,406


4.65%, 10/18/2030 (c)		89,000		89,885


5.19%, 04/17/2031 (c)		183,000		188,688


5.25%, 04/21/2034 (c)		145,000		148,081


5.42%, 07/21/2034 (c)		76,000		78,491


5.47%, 01/18/2035 (c)		72,000		74,269


5.83%, 04/19/2035 (c)		74,000		78,130


5.32%, 07/19/2035 (c)		123,000		125,392


5.59%, 01/18/2036 (c)		133,000		137,567


5.66%, 04/17/2036 (c)		151,000		157,236


5.95%, 01/19/2038 (c)		47,000		48,853


Nomura Holdings, Inc. (Japan), 4.90%, 07/01/2030		244,000		247,595


5.49%, 06/29/2035		200,000		204,347


				4,794,626



IT Consulting & Other Services–0.27%
International Business Machines Corp.,
4.80%, 02/10/2030		422,000		432,667


5.70%, 02/10/2055		71,000		69,788


				502,455



Leisure Facilities–0.07%
Vail Resorts, Inc., 5.63%, 07/15/2030 (b)		126,000		127,758


	Principal
	Amount		Value


Leisure Products–0.02%
Brunswick Corp., 5.85%, 03/18/2029	$	33,000	$	34,227



Life & Health Insurance–3.92%
200 Park Funding Trust, 5.74%, 02/15/2055 (b)		220,000		215,771


AIA Group Ltd. (Hong Kong),
5.38%, 04/05/2034 (b)		200,000		207,464


4.95%, 03/30/2035 (b)		210,000		211,121


5.40%, 09/30/2054 (b)		200,000		191,632


American National Global Funding, 5.55%, 01/28/2030 (b)		44,000		45,372


American National Group, Inc.,
5.00%, 06/15/2027		45,000		45,381


6.00%, 07/15/2035		313,000		316,604


7.00%, 12/01/2055 (c)		190,000		194,891


Athene Global Funding, 5.58%, 01/09/2029 (b)		80,000		82,828


Athene Holding Ltd.,
6.15%, 04/03/2030		8,000		8,545


6.25%, 04/01/2054		94,000		92,919


6.63%, 05/19/2055		204,000		209,352


Belrose Funding Trust II, 6.79%, 05/15/2055 (b)		332,000		344,457


Corebridge Global Funding,
5.67% (SOFR + 1.30%), 09/25/2026 (b)(d)		132,000		133,013


5.90%, 09/19/2028 (b)		41,000		42,919


5.20%, 01/12/2029 (b)		72,000		74,080


5.20%, 06/24/2029 (b)		70,000		72,138


Dai-ichi Life Insurance Co. Ltd. (The) (Japan), 6.20% (b)(c)(f)		211,000		219,301


Delaware Life Global Funding, Series 21-1, 2.66%, 06/29/2026 (b)		1,080,000		1,056,140


GA Global Funding Trust, 5.50%, 01/08/2029 (b)		152,000		157,072


High Street Funding Trust III, 5.81%, 02/15/2055 (b)		108,000		103,755


Jackson National Life Global Funding, 4.70%, 06/05/2028 (b)		150,000		151,843


Lincoln Financial Global Funding, 4.63%, 08/18/2030 (b)		91,000		91,662


MAG Mutual Holding Co., 4.75%, 04/30/2041 (b)(h)		1,039,000		938,217


MassMutual Global Funding II, 4.55%, 05/07/2030 (b)		238,000		240,967


MetLife, Inc.,
5.00%, 07/15/2052		36,000		32,489


5.25%, 01/15/2054		212,000		199,360


Series G, 6.35%, 03/15/2055 (c)		210,000		219,001


New York Life Global Funding, 4.55%, 01/28/2033 (b)		133,000		131,493


Nippon Life Insurance Co. (Japan),
5.95%, 04/16/2054 (b)(c)		281,000		291,406


6.50%, 04/30/2055 (b)(c)		200,000		213,499


Pacific Life Global Funding II, 5.03% (SOFR + 0.62%), 06/04/2026 (b)(d)		30,000		30,092


Pricoa Global Funding I, 4.65%, 08/27/2031 (b)		150,000		151,608


Prudential Financial, Inc., 5.20%, 03/14/2035		304,000		309,509

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


15		Invesco Bond Fund


	Principal
	Amount		Value


Life & Health Insurance–(continued)
Sammons Financial Group, Inc., 4.75%, 04/08/2032 (b)	$	6,000	$	5,816


Wynnton Funding Trust, 5.25%, 08/15/2035 (b)		325,000		325,500


				7,357,217



Managed Health Care–0.21%
Humana, Inc., 5.75%, 12/01/2028		22,000		22,942


UnitedHealth Group, Inc.,
4.25%, 01/15/2029		23,000		23,098


5.30%, 02/15/2030		100,000		104,093


5.35%, 02/15/2033		168,000		173,841


4.50%, 04/15/2033		15,000		14,707


5.63%, 07/15/2054		57,000		54,299


				392,980



Marine Transportation–0.05%
A.P. Moller - Maersk A/S (Denmark), 5.88%, 09/14/2033 (b)		83,000		87,804


NCL Corp. Ltd., 6.75%, 02/01/2032 (b)		3,000		3,096


Stena International S.A. (Sweden), 7.63%, 02/15/2031 (b)		9,000		9,293


				100,193



Metal, Glass & Plastic Containers–0.48%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 6.00%, 06/15/2027 (b)		200,000		200,166


Ball Corp., 5.50%, 09/15/2033		382,000		386,852


Crown Americas LLC, 5.88%, 06/01/2033 (b)		36,000		36,447


LABL, Inc., 8.63%, 10/01/2031 (b)		11,000		8,131


Smurfit Kappa Treasury Unlimited Co.
(Ireland), 5.20%, 01/15/2030		139,000		144,029


5.44%, 04/03/2034		128,000		131,486


				907,111



Movies & Entertainment–0.11%
Netflix, Inc., 5.40%, 08/15/2054		23,000		22,435


Starz Capital Holdings 1, Inc., 6.00%, 04/15/2030 (b)		103,000		94,495


WMG Acquisition Corp., 3.75%, 12/01/2029 (b)		95,000		90,221


				207,151



Multi-Family Residential REITs–0.20%
AvalonBay Communities, Inc.,
5.00%, 02/15/2033		26,000		26,476


5.30%, 12/07/2033		111,000		114,767


ERP Operating L.P., 4.95%, 06/15/2032		68,000		69,491


Mid-America Apartments L.P., 5.30%, 02/15/2032		116,000		120,865


UDR, Inc., 5.13%, 09/01/2034		36,000		36,171


				367,770



Multi-line Insurance–0.31%
Acrisure LLC, 7.50%, 11/06/2030 (b)		136,000		141,033


Allianz SE (Germany), 3.50% (b)(c)(f)		400,000		397,383


	Principal
	Amount		Value


Multi-line Insurance–(continued)
American International Group, Inc., 4.85%, 05/07/2030	$	46,000	$	47,095


				585,511



Multi-Utilities–1.26%
Ameren Illinois Co., 4.95%, 06/01/2033		62,000		63,172


Black Hills Corp., 6.15%, 05/15/2034		168,000		178,316


CenterPoint Energy, Inc., 6.70%, 05/15/2055 (c)		90,000		92,392


CMS Energy Corp., 6.50%, 06/01/2055 (c)		90,000		92,029


Dominion Energy, Inc.,
5.38%, 11/15/2032		136,000		140,463


6.00%, 02/15/2056 (c)		89,000		89,904


DTE Electric Co.,
5.20%, 03/01/2034		60,000		61,831


5.85%, 05/15/2055		37,000		37,884


DTE Energy Co.,
4.95%, 07/01/2027		28,000		28,391


5.85%, 06/01/2034		33,000		34,686


ENGIE S.A. (France),
5.25%, 04/10/2029 (b)		205,000		211,101


5.63%, 04/10/2034 (b)		200,000		207,563


5.88%, 04/10/2054 (b)		205,000		207,370


NiSource, Inc.,
5.25%, 03/30/2028		8,000		8,222


5.35%, 04/01/2034		103,000		105,433


5.85%, 04/01/2055		87,000		85,654


Public Service Enterprise Group, Inc., 6.13%, 10/15/2033		119,000		127,795


Sempra,
6.88%, 10/01/2054 (c)		137,000		139,363


6.55%, 04/01/2055 (c)		167,000		164,886


6.63%, 04/01/2055 (c)		112,000		112,591


6.38%, 04/01/2056 (c)		134,000		135,143


WEC Energy Group, Inc., 4.75%, 01/15/2028		32,000		32,509


				2,356,698



Office REITs–0.10%
Brandywine Operating Partnership L.P.,
8.30%, 03/15/2028		45,000		47,886


8.88%, 04/12/2029		26,000		28,287


Cousins Properties L.P.,
5.38%, 02/15/2032		28,000		28,601


5.88%, 10/01/2034		89,000		92,095


				196,869



Oil & Gas Drilling–0.08%
Summit Midstream Holdings LLC, 8.63%, 10/31/2029 (b)		92,000		91,826


Transocean, Inc., 8.75%, 02/15/2030 (b)		51,000		54,025


				145,851



Oil & Gas Equipment & Services–0.05%
Tidewater, Inc., 9.13%, 07/15/2030 (b)		94,000		100,369

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


16		Invesco Bond Fund


	Principal
	Amount		Value


Oil & Gas Exploration & Production–0.84%
Aethon United BR L.P./Aethon United Finance Corp., 7.50%, 10/01/2029 (b)	$	101,000	$	105,421


Caturus Energy LLC, 8.50%, 02/15/2030 (b)		90,000		93,452


Comstock Resources, Inc., 6.75%, 03/01/2029 (b)		92,000		90,774


ConocoPhillips Co., 5.70%, 09/15/2063		51,000		48,569


Diamondback Energy, Inc.,
5.15%, 01/30/2030		42,000		43,162


5.90%, 04/18/2064		52,000		48,178


EOG Resources, Inc.,
4.40%, 07/15/2028		46,000		46,459


5.35%, 01/15/2036		125,000		126,941


5.95%, 07/15/2055		84,000		84,817


Expand Energy Corp., 5.38%, 03/15/2030		23,000		23,246


Hilcorp Energy I L.P./Hilcorp Finance Co.,
8.38%, 11/01/2033 (b)		90,000		94,049


6.88%, 05/15/2034 (b)		10,000		9,605


7.25%, 02/15/2035 (b)		15,000		14,646


Transocean Titan Financing Ltd., 8.38%, 02/01/2028 (b)		46,143		47,444


Uzbekneftegaz JSC (Uzbekistan), 4.75%, 11/16/2028 (b)		278,000		263,527


Var Energi ASA (Norway),
5.88%, 05/22/2030 (b)		200,000		207,495


6.50%, 05/22/2035 (b)		200,000		209,565


Woodside Finance Ltd. (Australia), 5.70%, 05/19/2032		19,000		19,644


				1,576,994



Oil & Gas Refining & Marketing–0.46%
Empresa Nacional del Petroleo (Chile), 5.95%, 07/30/2034 (b)		210,000		217,458


Phillips 66 Co., 5.30%, 06/30/2033		106,000		108,437


Raizen Fuels Finance S.A. (Brazil),
6.70%, 02/25/2037 (b)		200,000		191,841


6.95%, 03/05/2054 (b)		225,000		207,886


Sunoco L.P., 6.25%, 07/01/2033 (b)		139,000		142,148


				867,770



Oil & Gas Storage & Transportation–4.30%
Antero Midstream Partners L.P./Antero Midstream Finance Corp., 6.63%, 02/01/2032 (b)		119,000		123,144


Columbia Pipelines Operating Co. LLC, 5.70%, 10/01/2054 (b)		129,000		119,293


Delek Logistics Partners L.P./Delek Logistics Finance Corp., 7.38%, 06/30/2033 (b)		95,000		95,132


Eastern Energy Gas Holdings LLC, 5.65%, 10/15/2054		55,000		52,573


El Paso Natural Gas Co. LLC, 8.38%, 06/15/2032		31,000		36,964


Enbridge, Inc. (Canada),
5.70%, 03/08/2033		99,000		103,315


7.63%, 01/15/2083 (c)		117,000		125,186


Series NC5, 8.25%, 01/15/2084 (c)		117,000		124,918


	Principal
	Amount		Value


Oil & Gas Storage & Transportation–(continued)
Energy Transfer L.P.,
5.55%, 02/15/2028	$	8,000	$	8,236


6.40%, 12/01/2030		8,000		8,659


5.55%, 05/15/2034		86,000		87,373


5.00%, 05/15/2050		111,000		92,230


5.95%, 05/15/2054		130,000		121,901


8.00%, 05/15/2054 (c)		148,000		157,773


6.05%, 09/01/2054		172,000		163,784


7.13%, 10/01/2054 (c)		450,000		465,198


6.50%, 02/15/2056 (c)		403,000		401,381


6.75%, 02/15/2056 (c)		334,000		333,198


Enterprise Products Operating LLC,
5.35%, 01/31/2033		7,000		7,262


5.20%, 01/15/2036		151,000		152,462


4.20%, 01/31/2050		112,000		88,183


Series D, 6.88%, 03/01/2033		32,000		36,039


7.43% (3 mo. Term SOFR + 3.25%), 08/16/2077 (d)		121,000		120,973


Excelerate Energy L.P., 8.00%, 05/15/2030 (b)		90,000		95,896


Florida Gas Transmission Co. LLC, 5.75%, 07/15/2035 (b)		274,000		282,535


Genesis Energy L.P./Genesis Energy Finance Corp.,
7.88%, 05/15/2032		74,000		76,857


8.00%, 05/15/2033		63,000		65,849


Global Partners L.P./GLP Finance Corp., 7.13%, 07/01/2033 (b)		95,000		97,308


GreenSaif Pipelines Bidco S.a.r.l. (Saudi Arabia),
5.85%, 02/23/2036 (b)		205,000		212,584


6.13%, 02/23/2038 (b)		200,000		211,494


6.51%, 02/23/2042 (b)		200,000		213,437


6.10%, 08/23/2042 (b)		200,000		206,812


Gulfstream Natural Gas System L.L.C., 5.60%, 07/23/2035 (b)		220,000		222,696


Kinder Morgan, Inc.,
5.15%, 06/01/2030		36,000		37,033


7.80%, 08/01/2031		42,000		48,656


5.20%, 06/01/2033		7,000		7,084


5.85%, 06/01/2035		48,000		49,893


MPLX L.P.,
4.80%, 02/15/2029		43,000		43,574


4.80%, 02/15/2031		184,000		184,194


5.40%, 09/15/2035		303,000		299,244


4.70%, 04/15/2048		123,000		99,858


5.50%, 02/15/2049		169,000		152,283


4.95%, 03/14/2052		155,000		127,820


5.65%, 03/01/2053		18,000		16,353


6.20%, 09/15/2055		132,000		128,402


NGL Energy Operating LLC/NGL Energy Finance Corp., 8.38%, 02/15/2032 (b)		25,000		25,445


Northern Natural Gas Co.,
3.40%, 10/16/2051 (b)		20,000		13,212


5.63%, 02/01/2054 (b)		34,000		32,206


ONEOK Partners L.P., 6.85%, 10/15/2037		125,000		136,376


ONEOK, Inc., 6.63%, 09/01/2053		179,000		183,955

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


17		Invesco Bond Fund


	Principal
	Amount		Value


Oil & Gas Storage & Transportation-(continued)
Plains All American Pipeline L.P./PAA Finance Corp., 3.55%, 12/15/2029	$	6,000	$	5,783


Prairie Acquiror L.P., 9.00%, 08/01/2029 (b)		90,000		93,908


South Bow Canadian infrastructure Holdings Ltd. (Canada),
7.50%, 03/01/2055 (c)		100,000		104,582


7.63%, 03/01/2055 (c)		177,000		184,334


South Bow USA Infrastructure Holdings LLC (Canada),
5.58%, 10/01/2034		40,000		39,697


6.18%, 10/01/2054		98,000		93,136


Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp., 7.38%, 02/15/2029 (b)		125,000		128,872


Targa Resources Corp., 5.50%, 02/15/2035		2,000		2,018


Venture Global LNG, Inc.,
9.50%, 02/01/2029 (b)		29,000		31,901


9.88%, 02/01/2032 (b)		153,000		166,694


9.00% (b)(c)(f)		93,000		92,412


Venture Global Plaquemines LNG LLC,
7.50%, 05/01/2033 (b)		11,000		12,072


6.50%, 01/15/2034 (b)		253,000		264,282


7.75%, 05/01/2035 (b)		19,000		21,167


6.75%, 01/15/2036 (b)		138,000		144,910


Western Midstream Operating L.P.,
6.15%, 04/01/2033		76,000		79,438


5.45%, 11/15/2034		40,000		39,531


Williams Cos., Inc. (The),
5.30%, 08/15/2028		88,000		90,816


4.80%, 11/15/2029		42,000		42,766


4.65%, 08/15/2032		10,000		9,879


5.65%, 03/15/2033		6,000		6,249


5.80%, 11/15/2054		56,000		54,320


6.00%, 03/15/2055		58,000		57,749


				8,062,749



Other Specialized REITs-0.16%
Iron Mountain, Inc.,
7.00%, 02/15/2029 (b)		100,000		103,071


4.50%, 02/15/2031 (b)		99,000		94,244


6.25%, 01/15/2033 (b)		93,000		95,224


				292,539



Other Specialty Retail-0.08%
Bath & Body Works, Inc., 6.63%, 10/01/2030 (b)		91,000		93,512


SGUS LLC, 11.00%, 12/15/2029 (b)		23,360		20,767


Tractor Supply Co., 5.25%, 05/15/2033		31,000		31,814


				146,093



Packaged Foods & Meats-0.76%
Campbell’s Co. (The),
5.20%, 03/21/2029		2,000		2,055


5.25%, 10/13/2054		73,000		65,797


J.M. Smucker Co. (The), 6.20%, 11/15/2033		52,000		55,950


Lamb Weston Holdings, Inc., 4.38%, 01/31/2032 (b)		102,000		96,016


	Principal
	Amount		Value


Packaged Foods & Meats-(continued)
Mars, Inc.,
4.80%, 03/01/2030 (b)	$	78,000	$	79,514


5.00%, 03/01/2032 (b)		70,000		71,493


5.20%, 03/01/2035 (b)		251,000		253,484


5.65%, 05/01/2045 (b)		51,000		50,317


5.70%, 05/01/2055 (b)		560,000		546,729


5.80%, 05/01/2065 (b)		138,000		135,544


McCormick & Co., Inc., 4.70%, 10/15/2034		68,000		66,074


				1,422,973



Paper & Plastic Packaging Products & Materials-0.06%
Cascades, Inc./Cascades USA, Inc. (Canada), 6.75%, 07/15/2030 (b)		14,000		14,234


Graphic Packaging International LLC, 6.38%, 07/15/2032 (b)		9,000		9,155


Sealed Air Corp.,
5.00%, 04/15/2029 (b)		48,000		47,647


6.88%, 07/15/2033 (b)		44,000		47,560


				118,596



Paper Products-0.00%
Magnera Corp., 7.25%, 11/15/2031 (b)		5,000		4,736



Passenger Airlines-0.92%
American Airlines Pass-Through Trust,
Series 2021-1, Class B, 3.95%, 07/11/2030		49,640		47,652


Series 2021-1, Class A, 2.88%, 07/11/2034		105,730		95,380


American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/2029 (b)		285,000		286,751


AS Mileage Plan IP Ltd.,
5.02%, 10/20/2029 (b)		42,000		42,094


5.31%, 10/20/2031 (b)		53,000		53,108


British Airways Pass-Through Trust (United Kingdom), Series 2021-1, Class A, 2.90%, 03/15/2035 (b)		78,134		71,427


CHC Group LLC, 11.75%, 09/01/2030 (b)		46,000		45,836


Delta Air Lines, Inc.,
4.95%, 07/10/2028		218,000		220,816


5.25%, 07/10/2030		69,000		70,410


Delta Air Lines, Inc./SkyMiles IP Ltd.,
4.50%, 10/20/2025 (b)		7,160		7,151


4.75%, 10/20/2028 (b)		120,417		121,128


United Airlines Pass-Through Trust,
Series 2016-1, Class B, 3.65%, 01/07/2026		20,743		20,592


Series 2020-1, Class A, 5.88%, 10/15/2027		49,416		50,627


Series 2018-1, Class AA, 3.50%, 03/01/2030		67,349		64,521


Series 2019-1, Class A, 4.55%, 08/25/2031		113,153		107,316


Series 2019-1, Class AA, 4.15%, 08/25/2031		172,573		167,318


Series 24-A, 5.88%, 02/15/2037		131,311		133,867


Series AA, 5.45%, 02/15/2037		122,621		126,077


				1,732,071

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


18		Invesco Bond Fund


	Principal
	Amount		Value


Passenger Ground Transportation-0.05%
Uber Technologies, Inc., 5.35%, 09/15/2054	$	101,000	$	94,896



Personal Care Products-0.24%
Kenvue, Inc.,
4.90%, 03/22/2033		130,000		132,114


5.10%, 03/22/2043		56,000		53,905


5.20%, 03/22/2063		57,000		51,955


Opal Bidco SAS (France), 6.50%, 03/31/2032 (Acquired 03/31/2025; Cost $200,000) (b)(j)		200,000		203,650


				441,624



Pharmaceuticals-1.50%
1261229 BC Ltd., 10.00%, 04/15/2032 (b)		65,000		67,544


Amneal Pharmaceuticals LLC, 6.88%, 08/01/2032 (b)		105,000		108,167


AstraZeneca Finance LLC (United Kingdom), 4.90%, 02/26/2031		79,000		81,748


Bausch Health Cos., Inc., 11.00%, 09/30/2028 (b)		27,000		28,342


Bristol-Myers Squibb Co.,
5.90%, 11/15/2033		4,000		4,310


6.25%, 11/15/2053		2,000		2,121


6.40%, 11/15/2063		3,000		3,212


Eli Lilly and Co.,
5.00%, 02/09/2054		2,000		1,834


5.55%, 10/15/2055		60,000		59,575


5.10%, 02/09/2064		117,000		106,663


5.20%, 08/14/2064		47,000		43,561


5.65%, 10/15/2065		53,000		52,598


EMD Finance LLC (Germany),
4.13%, 08/15/2028 (b)		151,000		151,040


4.38%, 10/15/2030 (b)		313,000		312,719


4.63%, 10/15/2032 (b)		150,000		149,011


5.00%, 10/15/2035 (b)		150,000		148,555


Endo Finance Holdings, Inc., 8.50%, 04/15/2031 (b)		86,000		91,664


HLF Financing S.a.r.l. LLC/Herbalife International, Inc., 4.88%, 06/01/2029 (b)		12,000		10,567


Merck & Co., Inc., 5.15%, 05/17/2063		33,000		30,045


Novartis Capital Corp.,
4.20%, 09/18/2034		117,000		113,398


4.70%, 09/18/2054		92,000		81,257


Pfizer Investment Enterprises Pte. Ltd., 4.75%, 05/19/2033		6,000		6,014


Takeda U.S. Financing, Inc.,
5.20%, 07/07/2035		411,000		413,048


5.90%, 07/07/2055		226,000		225,103


Teva Pharmaceutical Finance Netherlands IV B.V. (Israel), 5.75%, 12/01/2030		300,000		306,583


Teva Pharmaceuticals Finance Netherlands B.V. (Israel), 6.00%, 12/01/2032		214,000		220,217


				2,818,896



Property & Casualty Insurance-0.42%
CNA Financial Corp., 5.20%, 08/15/2035		331,000		327,873


	Principal
	Amount		Value


Property & Casualty Insurance-(continued)
Fairfax Financial Holdings Ltd. (Canada), 6.10%, 03/15/2055	$	195,000	$	192,657


Hanover Insurance Group, Inc. (The), 5.50%, 09/01/2035		92,000		92,079


Travelers Cos., Inc. (The),
5.05%, 07/24/2035		43,000		43,304


5.45%, 05/25/2053		49,000		47,658


5.70%, 07/24/2055		76,000		76,202


				779,773



Rail Transportation-0.47%
Burlington Northern Santa Fe LLC,
5.20%, 04/15/2054		160,000		149,452


5.80%, 03/15/2056		333,000		338,193


Canadian Pacific Railway Co. (Canada), 5.20%, 03/30/2035		103,000		104,998


Norfolk Southern Corp.,
5.55%, 03/15/2034		3,000		3,151


5.95%, 03/15/2064		3,000		3,062


TTX Co., 5.05%, 11/15/2034 (b)		277,000		282,410


Union Pacific Corp., 5.15%, 01/20/2063		8,000		7,254


				888,520



Real Estate Development-0.26%
Cushman & Wakefield U.S. Borrower LLC, 8.88%, 09/01/2031 (b)		85,000		91,206


Essential Properties L.P., 5.40%, 12/01/2035		46,000		45,414


Greystar Real Estate Partners LLC, 7.75%, 09/01/2030 (b)		84,000		89,007


Piedmont Operating Partnership L.P.,
9.25%, 07/20/2028		175,000		194,587


6.88%, 07/15/2029		70,000		74,109


				494,323



Regional Banks-0.43%
Citizens Financial Group, Inc.,
3.25%, 04/30/2030		7,000		6,622


5.64%, 05/21/2037 (c)		115,000		115,567


Huntington Bancshares, Inc., 4.44%, 08/04/2028 (c)		18,000		18,058


Regions Financial Corp., 5.72%, 06/06/2030 (c)		58,000		60,392


Synovus Financial Corp., 6.17%, 11/01/2030 (c)		33,000		34,339


Truist Financial Corp., Series P, 4.95% (c)(f)		45,000		44,903


Zions Bancorp. N.A., 4.70%, 08/18/2028 (c)		259,000		260,025


Zions Bancorporation N.A., 6.82%, 11/19/2035 (c)		253,000		265,210


				805,116



Reinsurance-0.60%
Fortitude Group Holdings LLC, 6.25%, 04/01/2030 (b)		47,000		48,880


Global Atlantic (Fin) Co.,
4.40%, 10/15/2029 (b)		181,000		178,431


3.13%, 06/15/2031 (b)		9,000		8,136


4.70%, 10/15/2051 (b)(c)		98,000		96,446


6.75%, 03/15/2054 (b)		201,000		205,591


7.95%, 10/15/2054 (b)(c)		117,000		123,411

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


19		Invesco Bond Fund


	Principal
	Amount		Value


Reinsurance-(continued)
RGA Global Funding, 5.00%, 08/25/2032 (b)	$	459,000	$	461,094


				1,121,989



Renewable Electricity-0.09%
California Buyer Ltd./Atlantica Sustainable Infrastructure PLC (United Kingdom), 6.38%, 02/15/2032 (b)		131,000		132,949


Idaho Power Co., 5.20%, 08/15/2034		32,000		32,867


				165,816



Research & Consulting Services-0.20%
CACI International, Inc., 6.38%, 06/15/2033 (b)		6,000		6,196


Clarivate Science Holdings Corp., 4.88%, 07/01/2029 (b)		102,000		96,449


Verisk Analytics, Inc.,
4.50%, 08/15/2030		61,000		61,281


5.13%, 02/15/2036		208,000		206,744


				370,670



Restaurants-0.57%
1011778 BC ULC/New Red Finance, Inc. (Canada), 5.63%, 09/15/2029 (b)		13,000		13,171


Arcos Dorados B.V. (Brazil), 6.38%, 01/29/2032 (b)		245,000		256,329


McDonald’s Corp.,
4.40%, 02/12/2031		276,000		277,033


4.95%, 03/03/2035		118,000		118,829


5.00%, 02/13/2036		305,000		305,363


Raising Cane’s Restaurants LLC, 9.38%, 05/01/2029 (b)		95,000		100,259


				1,070,984



Retail REITs-0.66%
Agree L.P., 5.63%, 06/15/2034		54,000		55,606


Brixmor Operating Partnership L.P., 5.75%, 02/15/2035		37,000		38,336


Kimco Realty OP LLC,
2.25%, 12/01/2031		7,000		6,158


4.85%, 03/01/2035		89,000		87,803


5.30%, 02/01/2036		312,000		315,459


Kite Realty Group L.P.,
4.95%, 12/15/2031		40,000		40,508


5.50%, 03/01/2034		21,000		21,495


Kite Realty Group Trust, 4.75%, 09/15/2030		33,000		33,159


NNN REIT, Inc.,
5.60%, 10/15/2033		41,000		42,708


5.50%, 06/15/2034		48,000		49,474


Realty Income Corp.,
4.85%, 03/15/2030		7,000		7,185


5.63%, 10/13/2032		56,000		58,953


5.13%, 04/15/2035		45,000		45,355


5.38%, 09/01/2054		31,000		29,395


Regency Centers L.P.,
5.00%, 07/15/2032		77,000		78,615


5.25%, 01/15/2034		55,000		56,345


5.10%, 01/15/2035		40,000		40,160


	Principal
	Amount		Value


Retail REITs-(continued)
Simon Property Group L.P., 4.75%, 09/26/2034	$	244,000	$	239,988


				1,246,702



Security & Alarm Services-0.10%
Brink’s Co. (The),
6.50%, 06/15/2029 (b)		85,000		87,474


6.75%, 06/15/2032 (b)		90,000		93,305


				180,779



Self-Storage REITs-0.97%
Americold Realty Operating Partnership L.P.,
5.60%, 05/15/2032		99,000		100,435


5.41%, 09/12/2034		62,000		60,947


Extra Space Storage L.P.,
5.70%, 04/01/2028		14,000		14,468


2.55%, 06/01/2031		7,000		6,289


4.95%, 01/15/2033		102,000		102,372


5.40%, 02/01/2034		118,000		120,448


Goodman US Finance Six LLC (Australia), 5.13%, 10/07/2034 (b)		30,000		30,014


Prologis L.P.,
4.75%, 01/15/2031		181,000		184,779


4.63%, 01/15/2033		150,000		149,674


4.75%, 06/15/2033		153,000		153,448


5.13%, 01/15/2034		68,000		69,520


5.00%, 03/15/2034		239,000		241,579


5.00%, 01/31/2035		145,000		145,850


5.25%, 05/15/2035		173,000		176,484


5.25%, 03/15/2054		170,000		159,130


Public Storage Operating Co., 5.35%, 08/01/2053		114,000		108,716


				1,824,153



Semiconductors-1.21%
Broadcom, Inc.,
4.30%, 11/15/2032		100,000		97,497


5.20%, 07/15/2035		186,000		187,767


Foundry JV Holdco LLC,
5.50%, 01/25/2031 (b)		200,000		207,825


5.88%, 01/25/2034 (b)		451,000		463,453


6.25%, 01/25/2035 (b)		333,000		352,778


6.20%, 01/25/2037 (b)		200,000		210,558


6.30%, 01/25/2039 (b)		200,000		211,700


Kioxia Holdings Corp. (Japan),
6.25%, 07/24/2030 (b)		64,000		64,107


6.63%, 07/24/2033 (b)		63,000		62,695


Micron Technology, Inc.,
5.30%, 01/15/2031		45,000		46,451


2.70%, 04/15/2032		10,000		8,805


5.65%, 11/01/2032		78,000		81,589


6.05%, 11/01/2035		256,000		269,090


Skyworks Solutions, Inc., 3.00%, 06/01/2031		7,000		6,314


				2,270,629



Single-Family Residential REITs-0.13%
American Homes 4 Rent L.P., 5.50%, 07/15/2034		122,000		124,964

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


20		Invesco Bond Fund


	Principal
	Amount		Value


Single-Family Residential REITs-(continued)
Invitation Homes Operating Partnership L.P.,
2.30%, 11/15/2028	$	7,000	$	6,610


4.88%, 02/01/2035		109,000		106,547


				238,121



Soft Drinks & Non-alcoholic Beverages-0.38%
Coca-Cola Co. (The), 5.40%, 05/13/2064		14,000		13,495


Coca-Cola FEMSA S.A.B. de C.V. (Mexico), 5.10%, 05/06/2035		299,000		299,900


Keurig Dr Pepper, Inc.,
4.35%, 05/15/2028		43,000		42,965


4.60%, 05/15/2030		156,000		156,095


5.15%, 05/15/2035		77,000		76,081


PepsiCo, Inc., 4.30%, 07/23/2030		129,000		129,851


				718,387



Sovereign Debt-2.02%
Bahamas Government International Bond (Bahamas), 8.25%, 06/24/2036 (b)		228,000		236,112


Barbados Government International Bond (Barbados), 8.00%, 06/26/2035 (b)		102,000		102,787


Costa Rica Government International Bond (Costa Rica), 7.30%, 11/13/2054 (b)		255,000		269,694


Dominican Republic International Bond (Dominican Republic),
6.95%, 03/15/2037 (b)		325,000		339,316


7.15%, 02/24/2055 (b)		240,000		249,240


Guatemala Government Bond (Guatemala),
6.05%, 08/06/2031 (b)		200,000		207,100


6.25%, 08/15/2036 (b)		200,000		205,624


6.88%, 08/15/2055 (b)		200,000		201,450


Peruvian Government International Bond (Peru), 5.38%, 02/08/2035		84,000		85,166


Republic of Poland Government International Bond (Poland), 5.38%, 02/12/2035		305,000		312,671


Romanian Government International Bond (Romania),
6.63%, 02/17/2028 (b)		190,000		197,864


5.88%, 01/30/2029 (b)		124,000		126,884


5.75%, 09/16/2030 (b)		322,000		325,257


7.13%, 01/17/2033 (b)		150,000		159,835


5.75%, 03/24/2035 (b)		178,000		169,303


6.63%, 05/16/2036 (b)		340,000		340,405


Trinidad & Tobago Government International Bond (Trinidad), 6.40%, 06/26/2034 (b)		255,000		255,633


				3,784,341



Specialized Consumer Services-0.54%
Carriage Services, Inc., 4.25%, 05/15/2029 (b)		149,000		140,703


Rentokil Terminix Funding LLC,
5.00%, 04/28/2030 (b)		457,000		465,646


5.63%, 04/28/2035 (b)		400,000		406,502


				1,012,851


	Principal
	Amount		Value


Specialized Finance-0.08%
CD&R Smokey Buyer, Inc./Radio Systems Corp., 9.50%, 10/15/2029 (b)	$	11,000	$	8,393


Jefferson Capital Holdings LLC,
9.50%, 02/15/2029 (b)		13,000		13,821


8.25%, 05/15/2030 (b)		30,000		31,438


TrueNoord Capital DAC (Ireland), 8.75%, 03/01/2030 (b)		89,000		94,634


				148,286



Specialty Chemicals-0.68%
Celanese US Holdings LLC, 7.20%, 11/15/2033		89,000		92,663


OCP S.A. (Morocco),
6.10%, 04/30/2030 (b)		202,000		208,379


6.70%, 03/01/2036 (b)		202,000		209,103


Sherwin-Williams Co. (The),
4.30%, 08/15/2028		281,000		282,304


4.50%, 08/15/2030		118,000		118,709


5.15%, 08/15/2035		62,000		62,488


Sociedad Quimica y Minera de Chile S.A. (Chile), 6.50%, 11/07/2033 (b)		265,000		283,178


Wayfair LLC, 7.25%, 10/31/2029 (b)		11,000		11,243


				1,268,067



Steel-0.35%
ArcelorMittal S.A. (Luxembourg), 6.55%, 11/29/2027		86,000		89,766


Cleveland-Cliffs, Inc.,
6.88%, 11/01/2029 (b)		51,000		51,834


7.00%, 03/15/2032 (b)		67,000		66,691


7.38%, 05/01/2033 (b)		2,000		1,994


POSCO Holdings, Inc. (South Korea),
5.13%, 05/07/2030 (b)		212,000		217,607


5.75%, 05/07/2035 (b)		217,000		226,797


				654,689



Systems Software-0.76%
Oracle Corp.,
6.25%, 11/09/2032		219,000		236,748


4.90%, 02/06/2033		110,000		110,077


4.70%, 09/27/2034		188,000		181,810


6.90%, 11/09/2052		159,000		172,314


5.38%, 09/27/2054		241,000		214,845


6.00%, 08/03/2055		133,000		130,030


5.50%, 09/27/2064		180,000		159,809


6.13%, 08/03/2065		218,000		211,856


				1,417,489



Technology Hardware, Storage & Peripherals-0.26%
Apple, Inc., 4.10%, 08/08/2062		151,000		118,399


Hewlett Packard Enterprise Co.,
5.00%, 10/15/2034		142,000		139,657


5.60%, 10/15/2054		225,000		207,959


Xerox Holdings Corp.,
5.50%, 08/15/2028 (b)		12,000		7,817


8.88%, 11/30/2029 (b)		14,000		8,579


				482,411



Telecom Tower REITs-0.05%
SBA Communications Corp., 3.13%, 02/01/2029		99,000		93,113

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


21		Invesco Bond Fund


	Principal
	Amount		Value


Tobacco-0.31%
B.A.T. Capital Corp. (United Kingdom),
6.00%, 02/20/2034	$	72,000	$	76,457


7.08%, 08/02/2043		18,000		19,985


Philip Morris International, Inc.,
4.88%, 02/13/2029		5,000		5,108


4.63%, 11/01/2029		26,000		26,422


4.38%, 04/30/2030		79,000		79,473


5.13%, 02/13/2031		26,000		26,878


4.75%, 11/01/2031		32,000		32,478


5.75%, 11/17/2032		39,000		41,314


5.63%, 09/07/2033		16,000		16,802


4.90%, 11/01/2034		139,000		138,459


4.88%, 04/30/2035		121,000		119,940


				583,316



Trading Companies & Distributors-0.49%
Air Lease Corp., Series B, 4.65% (c)(f)		168,000		166,577


Aircastle Ltd., 5.25% (b)(c)(f)		189,000		188,263


Ferguson Enterprises, Inc., 5.00%, 10/03/2034		84,000		83,214


GATX Corp.,
5.50%, 06/15/2035		3,000		3,056


6.05%, 06/05/2054		5,000		5,005


Mitsubishi Corp. (Japan),
5.00%, 07/02/2029 (b)		200,000		205,932


5.13%, 07/17/2034 (b)		252,000		258,677


				910,724



Transaction & Payment Processing Services-0.45%
Block, Inc.,
5.63%, 08/15/2030 (b)		43,000		43,982


6.00%, 08/15/2033 (b)		51,000		52,391


Fiserv, Inc.,
5.38%, 08/21/2028		78,000		80,495


4.55%, 02/15/2031		58,000		58,012


5.63%, 08/21/2033		127,000		131,846


5.45%, 03/15/2034		181,000		185,544


5.25%, 08/11/2035		124,000		123,559


Mastercard, Inc., 4.85%, 03/09/2033		156,000		159,565


				835,394



Water Utilities-0.05%
American Water Capital Corp., 5.70%, 09/01/2055		92,000		90,661



Wireless Telecommunication Services-0.76%
Rogers Communications, Inc. (Canada),
7.00%, 04/15/2055 (c)		105,000		107,969


7.13%, 04/15/2055 (c)		73,000		75,816


Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 5.15%, 03/20/2028 (b)		606,100		610,637


T-Mobile USA, Inc.,
4.50%, 04/15/2050		105,000		85,900


5.65%, 01/15/2053		138,000		132,263


6.00%, 06/15/2054		4,000		4,029


5.88%, 11/15/2055		128,000		126,397


	Principal
	Amount		Value


Wireless Telecommunication Services-(continued)
Vodafone Group PLC (United Kingdom),
5.75%, 02/10/2063	$	35,000	$	33,023


4.13%, 06/04/2081 (c)		199,000		184,532


5.13%, 06/04/2081 (c)		92,000		71,474


				1,432,040


Total U.S. Dollar Denominated Bonds & Notes (Cost $157,273,997)				159,137,995



U.S. Treasury Securities-3.85%

U.S. Treasury Bills-0.66%
3.88% - 4.11%, 05/14/2026 (k)(l)		1,276,000		1,242,509



U.S. Treasury Bonds-0.67%
4.88%, 08/15/2045		165,800		166,007


4.75%, 05/15/2055		1,123,400		1,093,209


				1,259,216



U.S. Treasury Notes-2.52%
3.88%, 07/31/2027		518,900		521,089


3.63%, 08/15/2028		730,400		731,399


3.88%, 07/31/2030		418,500		421,933


4.00%, 07/31/2032		4,800		4,822


4.25%, 08/15/2035		3,037,400		3,043,807


				4,723,050


Total U.S. Treasury Securities (Cost $7,211,184)				7,224,775



	Shares

Preferred Stocks-3.20%
Aerospace & Defense-0.08%

Boeing Co. (The), 6.00%, Conv. Pfd.		2,000		148,840



Diversified Banks-1.29%
Wells Fargo & Co., 7.50%, Class A, Series L, Conv. Pfd.		1,992		2,420,280



Diversified Financial Services-0.25%
Apollo Global Management, Inc., 7.63%, Pfd. (c)		17,750		469,488



Investment Banking & Brokerage-1.39%
Morgan Stanley, 7.13%, Series E, Pfd.		62,725		1,601,369


Morgan Stanley, 6.88%, Series F, Pfd.		40,000		1,014,400


				2,615,769



Regional Banks-0.19%
M&T Bank Corp., 7.50%, Series J, Pfd.		12,854		348,343


Total Preferred Stocks (Cost $5,982,089)				6,002,720



	Principal
	Amount

Asset-Backed Securities-2.85%
Centersquare Issuer LLC, Series 2025-3A, Class A2, 5.00%, 08/25/2055 (b)	$	270,000		260,906


CLI Funding IX LLC, Series 2025-1A, Class A, 5.35%, 06/20/2050 (b)		111,070		113,043


Domino’s Pizza Master Issuer LLC, Series 2025-1A, Class A2I, 4.93%, 07/25/2055 (b)		290,000		292,226


Series 2025-1A, Class A2II, 5.22%, 07/25/2055 (b)		240,000		242,337


Hilton Grand Vacations Trust, Series 2025-1A, Class A, 4.88%, 05/27/2042 (b)		91,435		92,854

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


22		Invesco Bond Fund


	Principal
	Amount		Value


Jersey Mike’s Funding, Series 2025-1A, Class A2, 5.61%, 08/16/2055 (b)	$	200,000	$	204,303


Jimmy John’s Funding LLC, Series 2017-1A, Class A2II, 4.85%, 07/30/2047 (b)		362,442		360,735


PMT Loan Trust, Series 2025-INV1, Class A7, 6.00%, 01/25/2060 (b)(m)		134,760		136,961


Qdoba Funding LLC, Series 2023-1A, Class A2, 8.50%, 09/14/2053 (b)		462,840		484,468


Sonic Capital LLC,
Series 2020-1A, Class A2I, 3.85%, 01/20/2050 (b)		302,100		297,060


Series 2021-1A, Class A2I, 2.19%, 08/20/2051 (b)		201,775		186,736


Series 2021-1A, Class A2II, 2.64%, 08/20/2051 (b)		201,775		174,877


Subway Funding LLC,
Series 2024-1A, Class A23, 6.51%, 07/30/2054 (b)		231,252		238,574


Series 2024-1A, Class A2I, 6.03%, 07/30/2054 (b)		254,080		258,347


Series 2024-1A, Class A2I, 6.27%, 07/30/2054 (b)		252,095		258,486


Series 2024-3A, Class A23, 5.91%, 07/30/2054 (b)		248,125		247,408


Series 2024-3A, Class A2I, 5.25%, 07/30/2054 (b)		233,237		233,599


Series 2024-3A, Class A2I, 5.57%, 07/30/2054 (b)		238,200		239,190


Wendy’s Funding LLC, Series 2018-1A, Class A2II, 3.88%, 03/15/2048 (b)		619,607		608,293


Zaxby’s Funding LLC, Series 2024-1A, Class A2I, 6.59%, 04/30/2054 (b)		148,500		152,490


Zayo Issuer LLC, Series 2025-2A, Class A2, 5.95%, 06/20/2055 (b)		258,000		266,731


Total Asset-Backed Securities (Cost $5,341,204)				5,349,624



Variable Rate Senior Loan Interests–0.76% (n)(o)
Aerospace & Defense–0.05%
TransDigm, Inc., Term Loan M, 6.85% (1 mo. Term SOFR + 2.50%), 08/30/2032		88,667		88,793



Automobile Manufacturers–0.01%
Panther BF Aggregator 2 L.P. (Power Solutions, Clarios POWSOL) (United Kingdom), Term Loan B, 7.07% (1 mo. SOFR + 2.75%), 01/15/2032		25,000		25,051



Health Care Facilities–0.03%
Select Medical Corp., Term Loan B, 6.32% (1 mo. SOFR + 0.20%), 11/30/2031		52,656		52,853



Passenger Airlines–0.11%
AAdvantage Loyalty IP Ltd. (American Airlines, Inc.), Term Loan B, 7.58% (3 mo. Term SOFR + 3.25%), 05/07/2032		212,567		213,962


	Principal
	Amount				Value


Restaurants–0.19%
Raising Cane’s Restaurants LLC, Term Loan B, 6.32% (1 mo. SOFR + 2.00%), 09/10/2031			$	351,345	$	351,895



Wireless Telecommunication Services–0.37%
X Corp., Term Loan B, 9.50%, 10/27/2029				700,000		689,248


Total Variable Rate Senior Loan Interests (Cost $1,430,499)						1,421,802



Non-U.S. Dollar Denominated Bonds & Notes–0.45% (p)
Cable & Satellite–0.06%
Sunrise FinCo I B.V. (Netherlands), 4.63%, 05/15/2032 (b)		EUR		100,000		118,271



Drug Retail–0.07%
Boots Group Finco L.P. (United Kingdom), 7.38%, 08/31/2032 (b)		GBP		100,000		138,204



Health Care Supplies–0.06%
Bausch + Lomb Netherlands B.V. and Bausch & Lomb, Inc., 5.87% (3 mo. EURIBOR + 3.88%), 01/15/2031 (b)(d)		EUR		100,000		118,316



Hotels, Resorts & Cruise Lines–0.06%
Carnival PLC, 4.13%, 07/15/2031 (b)		EUR		100,000		118,173



Metal, Glass & Plastic Containers–0.07%
Ball Corp., 4.25%, 07/01/2032		EUR		100,000		119,466



Specialized Consumer Services–0.06%
Allwyn Entertainment Financing (UK) PLC (Czech Republic), 4.13%, 02/15/2031 (b)		EUR		100,000		115,807



Transaction & Payment Processing Services–0.07%
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 5.50%, 05/15/2033 (b)		EUR		100,000		121,393


Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $826,813)						849,630


			Shares
Money Market Funds–3.16%
Invesco Government & Agency Portfolio, Institutional Class, 4.21% (q)(r)				2,073,057		2,073,057


Invesco Treasury Portfolio, Institutional Class, 4.17% (q)(r)				3,849,962		3,849,962


Total Money Market Funds (Cost $5,923,019)						5,923,019



Options Purchased–0.05% (Cost $98,245) (s)						85,232


TOTAL INVESTMENTS IN SECURITIES–99.18% (Cost $184,087,050)						185,994,797


OTHER ASSETS LESS LIABILITIES–0.82%						1,534,337


NET ASSETS–100.00%					$	187,529,134

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


23		Invesco Bond Fund

Investment Abbreviations:


Conv.		– Convertible
EUR		– Euro
EURIBOR		– Euro Interbank Offered Rate
GBP		– British Pound Sterling
Pfd.		– Preferred
PIK		– Pay-in-Kind
REIT		– Real Estate Investment Trust
SOFR		– Secured Overnight Financing Rate

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 August 31, 2025 was $71,234,845, which represented 37.99% of the Fund’s Net Assets.

(c)	Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

(d)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2025.

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

(f)	Perpetual bond with no specified maturity date.

(g)	Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at August 31, 2025 was $30,960, which represented less than 1% of the Fund’s Net Assets.

(h)	Security valued using significant unobservable inputs (Level 3). See Note 3.

(i)	Zero coupon bond issued at a discount.

(j)	Restricted security. The value of this security at August 31, 2025 represented less than 1% of the Fund’s Net Assets.

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

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

(m)	Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on August 31, 2025.

(n)

Variable rate senior loan interests often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with any accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, it is anticipated that the variable rate senior loan interests will have an expected average life of three to five years.

(o)

Variable rate senior loan interests are, at present, not readily marketable, not registered under the Securities Act of 1933, as amended (the “1933 Act”) and may be subject to contractual and legal restrictions on sale. Variable rate senior loan interests in the Fund’s portfolio generally have variable rates which adjust to a base, such as the Secured Overnight Financing Rate (“SOFR”), on set dates, typically every 30 days, but not greater than one year, and/or have interest rates that float at margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank.

(p)	Foreign denominated security. Principal amount is denominated in the currency indicated.

(q)

Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended August 31, 2025.


	Value February 28, 2025		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain		Value August 31, 2025		Dividend Income


Investments in Affiliated Money Market Funds:


Invesco Government & Agency Portfolio, Institutional Class		$-		$18,963,926		$(16,890,869)		$-		$-		$2,073,057		$20,677


Invesco Liquid Assets Portfolio, Institutional Class		-		-		-		-		-		-		881


Invesco Treasury Portfolio, Institutional Class		-		35,218,718		(31,368,756)		-		-		3,849,962		38,083


Total		$-		$54,182,644		$(48,259,625)		$-		$-		$5,923,019		$59,641

(r)	The rate shown is the 7-day SEC standardized yield as of August 31, 2025.

(s)	The table below details options purchased.

Open Exchange-Traded Index Options Purchased

Description

Type of
Contract

Expiration
Date

Number of
Contracts

Exercise
Price

Notional
Value

(a)

Value

Equity Risk

S&P 500® Mini Index

Call

11/28/2025

USD 655.00

USD 3,668,000

$85,232

(a)	Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

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


24		Invesco Bond Fund


Open Futures Contracts


Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)


Interest Rate Risk


U.S. Treasury 2 Year Notes		82		December-2025	$	17,100,203		$	30,928		$	30,928


U.S. Treasury 5 Year Notes		94		December-2025		10,290,062			49,226			49,226


U.S. Treasury Long Bonds		74		December-2025		8,454,500			(15,031	)		(15,031	)


U.S. Treasury Ultra Bonds		21		December-2025		2,447,813			1,641			1,641


Subtotal-Long Futures Contracts									66,764			66,764



Short Futures Contracts


Interest Rate Risk


U.S. Treasury 10 Year Notes		31		December-2025		(3,487,500	)		(10,216	)		(10,216	)


U.S. Treasury 10 Year Ultra Notes		83		December-2025		(9,495,719	)		(24,641	)		(24,641	)


Subtotal-Short Futures Contracts									(34,857	)		(34,857	)


Total Futures Contracts								$	31,907		$	31,907


Open Forward Foreign Currency Contracts


Settlement Date		Contract to		Unrealized Appreciation (Depreciation)

	Counterparty	Deliver	Receive


Currency Risk


10/31/2025	Citibank, N.A.	EUR 504,000	USD 593,760	$ 1,946


Currency Risk


10/31/2025	Morgan Stanley and Co. International PLC	GBP 100,000	USD 133,727	(1,491)


10/31/2025	State Street Bank & Trust Co.	EUR 90,000	USD 104,994	(687)


Subtotal-Depreciation				(2,178)


Total Forward Foreign Currency Contracts				$ (232)

Abbreviations:

EUR –Euro

GBP –British Pound Sterling

USD –U.S. Dollar

Portfolio Composition

By security type, based on Net Assets

as of August 31, 2025


U.S. Dollar Denominated Bonds & Notes			84.86%


U.S. Treasury Securities			3.85


Preferred Stocks			3.20


Asset-Backed Securities			2.85


Security Types Each Less Than 1% of Portfolio			1.26


Money Market Funds Plus Other Assets Less Liabilities			3.98

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


25		Invesco Bond Fund

Statement of Assets and Liabilities

August 31, 2025

(Unaudited)


Assets:
Investments in unaffiliated securities, at value (Cost $178,164,031)	$	180,071,778


Investments in affiliated money market funds, at value (Cost $5,923,019)		5,923,019


Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		1,946


Foreign currencies, at value (Cost $7,804)		7,819


Receivable for:
Investments sold		527,430


Dividends		68,115


Interest		2,259,766


Investment for trustee deferred compensation and retirement plans		30,566


Total assets		188,890,439



Liabilities:
Other investments:
Variation margin payable – futures contracts		35,397


Unrealized depreciation on forward foreign currency contracts outstanding		2,178


Payable for:
Investments purchased		1,064,612


Dividends		57,009


Amount due custodian		99,990


Accrued fees to affiliates		20,381


Accrued trustees’ and officers’ fees and benefits		1,318


Accrued other operating expenses		49,854


Trustee deferred compensation and retirement plans		30,566


Total liabilities		1,361,305


Net assets applicable to common shares	$	187,529,134


Net assets applicable to common shares consist of:
Shares of beneficial interest	$	219,759,218


Distributable earnings (loss)		(32,230,084	)


	$	187,529,134



Common shares outstanding, no par value, with an unlimited number of common shares authorized:
Shares outstanding		11,425,089


Net asset value per common share	$	16.41


Market value per common share	$	15.47

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


26		Invesco Bond Fund

Statement of Operations

For the six months ended August 31, 2025

(Unaudited)


Investment income:
Interest	$	5,071,262


Dividends		197,410


Dividends from affiliated money market funds		59,641


Total investment income		5,328,313



Expenses:
Advisory fees		392,212


Administrative services fees		13,223


Custodian fees		20,377


Transfer agent fees		23,690


Trustees’ and officers’ fees and benefits		11,201


Registration and filing fees		11,976


Reports to shareholders		18,135


Professional services fees		31,525


Other		3,565


Total expenses		525,904


Less: Fees waived		(1,717	)


Net expenses		524,187


Net investment income		4,804,126



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(495,588	)


Foreign currencies		7,750


Forward foreign currency contracts		(23,899	)


Futures contracts		(267,181	)


Option contracts written		2,658


		(776,260	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		644,792


Foreign currencies		1,476


Forward foreign currency contracts		(771	)


Futures contracts		(285,716	)


		359,781


Net realized and unrealized gain (loss)		(416,479	)


Net increase in net assets resulting from operations	$	4,387,647

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


27		Invesco Bond Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2025 and the year ended February 28, 2025

(Unaudited)


	August 31,			February 28,
	2025			2025


Operations:
Net investment income	$	4,804,126		$	9,680,920


Net realized gain (loss)		(776,260	)		(216,559	)


Change in net unrealized appreciation		359,781			3,784,399


Net increase in net assets resulting from operations		4,387,647			13,248,760


Distributions to common shareholders from distributable earnings		(4,798,537	)		(9,822,584	)


Net increase in common shares of beneficial interest		–			111,416


Net increase (decrease) in net assets		(410,890	)		3,537,592


Net assets:
Beginning of period		187,940,024			184,402,432


End of period	$	187,529,134		$	187,940,024

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


28		Invesco Bond Fund

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.


	Six Months Ended				Year Ended			Year Ended			Years Ended
	August 31,				February 28,			February 29,			February 28,
	2025				2025			2024			2023			2022			2021

Net asset value, beginning of period		$	16.45		$	16.15		$	16.23		$	18.91		$	20.81		$	21.06


Net investment income (a)			0.42			0.85			0.81			0.71			0.65			0.71


Net gains (losses) on securities (both realized and unrealized)			(0.04)			0.31			(0.08	)		(2.64	)		(1.35	)		0.52


Total from investment operations			0.38			1.16			0.73			(1.93	)		(0.70	)		1.23


Less:
Dividends from net investment income			(0.42)			(0.86	)		(0.81	)		(0.75	)		(0.66	)		(0.73)


Distributions from net realized gains			–			–			–			(0.00	)		(0.54	)		(0.75)


Total distributions			(0.42)			(0.86	)		(0.81	)		(0.75	)		(1.20	)		(1.48)


Net asset value, end of period		$	16.41		$	16.45		$	16.15		$	16.23		$	18.91		$	20.81


Market value, end of period		$	15.47		$	15.59		$	15.76		$	16.23		$	17.70		$	19.78


Total return at net asset value (b)			2.50	%		7.47	%		4.98	%		(10.07	)%		(3.46	)%		6.11	%


Total return at market value (c)			1.96	%		4.38	%		2.44	%		(3.92	)%		(4.94	)%		8.88	%


Net assets, end of period (000’s omitted)		$	187,529		$	187,940		$	184,402		$	185,220		$	215,871		$	237,591


Portfolio turnover rate (d)			96	%		145	%		175	%		134	%		137	%		173	%



Ratios/supplemental data based on average net assets:
Ratio of expenses:


With fee waivers and/or expense reimbursements			0.56	% (e)		0.62	%		0.57	%		0.63	%		0.52	%		0.54	%


Without fee waivers and/or expense reimbursements			0.56	% (e)		0.62	%		0.57	%		0.63	%		0.52	%		0.54	%


Ratio of net investment income to average net assets			5.14	% (e)		5.19	%		5.08	%		4.25	%		3.17	%		3.39	%

(a)	Calculated using average shares outstanding.

(b)

Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Not annualized for periods less than one year, if applicable.

(c)

Total return assumes an investment at the common share market price at the beginning of the period indicated, reinvestment of all distributions for the period in accordance with the Fund’s dividend reinvestment plan, and sale of all shares at the closing common share market price at the end of the period indicated. Not annualized for periods less than one year, if applicable.

(d)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

(e)	Annualized.

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


29		Invesco Bond Fund

Notes to Financial Statements

August 31, 2025

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Bond Fund (the “Fund”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a

closed-end

management investment company.

The Fund’s investment objective is to seek interest income while conserving capital.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946,

Financial Services – Investment Companies

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

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

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g.,

open-end

mutual funds) are valued using such company’s

end-of-business-day

net asset value per share.

Deposits, other obligations of U.S. and

non-U.S.

banks and financial institutions are valued at their daily account value.

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 New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). 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 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 standard

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

Non-traded

rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain 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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

B.	Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are


30		Invesco Bond Fund

computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.

Pay-in-kind

interest income and

non-cash

dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the

ex-dividend

date.

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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D.	Distributions – The Fund declares and pays monthly dividends from net investment income to common shareholders. Distributions from net realized capital gain, if any, are generally declared and paid annually and are distributed on a pro rata basis to common shareholders.

Federal Income Taxes –

The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

Accounting Estimates

– The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the

period-end

date and before the date the financial statements are released to print.

Indemnifications

– Under the Fund’s organizational documents, each Trustee, officer, employee or other agent of the Fund is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

Segment Reporting

– The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund’s chief operating decision maker (“CODM”), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund’s long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund’s financial statements.

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 the 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.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund’s ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund’s assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.


31		Invesco Bond Fund

J.	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 exchange of the two currencies on the settlement date, 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).

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 for hedging 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 instrument or asset. 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.

Call Options Purchased and Written

– The Fund may write covered call options and/or buy call options. A covered call option gives the purchaser of such option the right to buy, and the writer the obligation to sell, the underlying security or foreign currency at the stated exercise price during the option period. Options written by the Fund normally will have expiration dates between three and nine months from the date written. The exercise price of a call option may be below, equal to, or above the current market value of the underlying security at the time the option is written.

Additionally, the Fund may enter into an option on a swap agreement, also called a “swaption”. A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based premium. A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the Counterparties.

When the Fund writes a covered call option, an amount equal to the premium received by the Fund is recorded as an asset and an equivalent liability in the Statement of Assets and Liabilities. The amount of the liability is subsequently

“marked-to-market”

to reflect the current market value of the option written. If a written covered call option expires on the stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or a loss if the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a written covered call option is exercised, the Fund realizes a gain or a loss from the sale of the underlying security and the proceeds of the sale are increased by the premium originally received. Realized and unrealized gains and losses on call options written are included in the Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Option contracts written. A risk in writing a covered call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised.

When the Fund buys a call option, an amount equal to the premium paid by the Fund is recorded as an investment on the Statement of Assets and Liabilities. The amount of the investment is subsequently

“marked-to-market”

to reflect the current value of the option purchased. Realized and unrealized gains and losses on call options purchased are included in the Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

M.	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.

N.	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.

O.	Other Risks - Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

Fluctuations in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed income investments, particularly those with longer maturities. Such changes and resulting increased volatility may adversely impact the Fund, including its operations, universe of potential investment options, and return potential. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by shareholders, which could potentially increase the Fund’s portfolio turnover rate and transaction costs.

There is a possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may occur quickly and without advanced warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security.

Investments in high yield debt securities (“junk bonds”) and other lower-rated securities will subject the Fund to substantial risk of loss. These securities are considered to be speculative with respect to the issuer’s ability to pay interest and principal when due, are more susceptible to default or decline in market value and are less liquid than investment grade debt securities. Prices of high yield debt securities tend to be very volatile. The values of high yield debt securities often fluctuate more in response to company, political, regulatory or economic developments than higher quality bonds, and their values can decline significantly over short periods of time or during periods of economic difficulty when the bonds could be difficult to value or sell at a fair price, thus subjecting the Fund to a substantial risk of loss.


32		Invesco Bond Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Fund has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:


Average Daily Net Assets	Rate


First $ 500 million		0.420%


Over $500 million		0.350%

For the six months ended August 31, 2025, the effective advisory fee rate incurred by the Fund was 0.42%.

Under the terms of a master

sub-advisory

agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated

Sub-Advisers”)

the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated

Sub-Adviser(s)

that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated

Sub-Adviser(s).

The Adviser has contractually agreed, through at least August 31, 2026, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the six months ended August 31, 2025, the Adviser waived advisory fees of $1,717.

The Fund has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended August 31, 2025, expenses incurred under this agreement are shown in the Statement of Operations as

Administrative services fees

. Invesco has entered into a

sub-administration

agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

Certain officers and trustees of the Fund are officers and directors of Invesco.

NOTE 3–Additional Valuation Information

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. 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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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 Adviser’s 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 August 31, 2025. 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	$	–		$	158,168,818		$	969,177	$	159,137,995


U.S. Treasury Securities		–			7,224,775			–		7,224,775


Preferred Stocks		6,002,720			–			–		6,002,720


Asset-Backed Securities		–			5,349,624			–		5,349,624


Variable Rate Senior Loan Interests		–			1,421,802			–		1,421,802


Non-U.S. Dollar Denominated Bonds & Notes		–			849,630			–		849,630


Money Market Funds		5,923,019			–			–		5,923,019


Options Purchased		85,232			–			–		85,232


Total Investments in Securities		12,010,971			173,014,649			969,177		185,994,797



Other Investments - Assets*


Futures Contracts		81,795			–			–		81,795


Forward Foreign Currency Contracts		–			1,946			–		1,946


		81,795			1,946			–		83,741



Other Investments - Liabilities*


Futures Contracts		(49,888	)		–			–		(49,888	)


Forward Foreign Currency Contracts		–			(2,178	)		–		(2,178	)


		(49,888	)		(2,178	)		–		(52,066	)


Total Other Investments		31,907			(232	)		–		31,675


Total Investments	$	12,042,878		$	173,014,417		$	969,177	$	186,026,472

*	Forward foreign currency contracts and futures contracts are valued at unrealized appreciation (depreciation).


33		Invesco Bond Fund

NOTE 4—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.

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 August 31, 2025:


	Value


	Currency		Equity			Interest
Derivative Assets	Risk		Risk			Rate Risk			Total


Unrealized appreciation on futures contracts –Exchange-Traded (a)	$	–	$	–		$	81,795		$	81,795


Unrealized appreciation on forward foreign currency contracts outstanding		1,946		–			–			1,946


Options purchased, at value – Exchange-Traded (b)		–		85,232			–			85,232


Total Derivative Assets		1,946		85,232			81,795			168,973


Derivatives not subject to master netting agreements		–		(85,232	)		(81,795	)		(167,027	)


Total Derivative Assets subject to master netting agreements	$	1,946	$	–		$	–		$	1,946


						Value


			Currency			Interest
Derivative Liabilities			Risk			Rate Risk			Total


Unrealized depreciation on futures contracts –Exchange-Traded (a)			$	–		$	(49,888	)	$	(49,888	)


Unrealized depreciation on forward foreign currency contracts outstanding				(2,178	)		–			(2,178	)


Total Derivative Liabilities				(2,178	)		(49,888	)		(52,066	)


Derivatives not subject to master netting agreements				–			49,888			49,888


Total Derivative Liabilities subject to master netting agreements			$	(2,178	)	$	–		$	(2,178	)

(a)	The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.

(b)	Options purchased, at value as reported in the Schedule of Investments.

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of August 31, 2025.


	Financial Derivative Assets		Financial Derivative Liabilities						Collateral (Received)/Pledged
Counterparty	Forward Foreign Currency Contracts		Forward Foreign Currency Contracts			Net Value of Derivatives			Non-Cash		Cash		Net Amount


Citibank, N.A.		$1,946		$ –			$1,946			$–		$–		$ 1,946


Morgan Stanley and Co. International PLC		–		(1,491	)		(1,491	)		–		–		(1,491	)


State Street Bank & Trust Co.		–		(687	)		(687	)		–		–		(687	)


Total		$1,946		$(2,178	)		$ (232	)		$–		$–		$ (232)

Effect of Derivative Investments for the six months ended August 31, 2025

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
	Currency			Equity		Interest
	Risk			Risk		Rate Risk			Total


Realized Gain (Loss):
Forward foreign currency contracts	$	(23,899	)	$	-	$	-		$	(23,899	)


Futures contracts		-			-		(267,181	)		(267,181	)


Options purchased (a)		-			31,959		-			31,959


Options written		-			2,658		-			2,658


34		Invesco Bond Fund


	Location of Gain (Loss) on Statement of Operations
	Currency Risk			Equity Risk		Interest Rate Risk			Total


Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts	$	(771	)	$	-	$	-		$	(771	)


Futures contracts		-			-		(285,716	)		(285,716	)


Options purchased (a)		-			57,462		-			57,462


Total	$	(24,670	)	$	92,079	$	(552,897	)	$	(485,488	)

(a)	Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation (depreciation) on investment securities.

The table below summarizes the average notional value of derivatives held during the period.


	Forward Foreign Currency Contracts			Futures Contracts			Index Options Purchased			Index Options Written


Average notional value		$	477,550		$	63,725,017		$	2,555,000		$	588,000


Average contracts			–			–			32			1

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits

include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and “

Trustees’ and Officers’ Fees and Benefits

” includes amounts accrued by the Fund to fund such deferred compensation amounts.

NOTE 6–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at

period-end,

are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

NOTE 7–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal

year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund had a capital loss carryforward as of February 28, 2025, as follows:


Capital Loss Carryforward*


Expiration	Short-Term		Long-Term		Total


Not subject to expiration	$	6,625,256	$	26,281,554	$	32,906,810

*	Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended August 31, 2025 was $93,693,065 and $96,454,986, respectively. As of August 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting

period-end:


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	3,694,307


Aggregate unrealized (depreciation) of investments		(2,227,584	)


Net unrealized appreciation of investments	$	1,466,723

Cost of investments for tax purposes is $184,559,749.


35		Invesco Bond Fund

NOTE 9–Common Shares of Beneficial Interest

Transactions in common shares of beneficial interest were as follows:


	Six Months Ended August 31,		Year Ended February 28,
	2025		2025


Beginning shares		11,425,089		11,418,446


Shares issued through dividend reinvestment		–		6,643


Ending shares		11,425,089		11,425,089

The Fund may, when appropriate, purchase shares in the open market or in privately negotiated transactions at a price not above market value or net asset value, whichever is lower at the time of purchase.

NOTE 10–Dividends

The Fund declared the following dividends from net investment income subsequent to August 31, 2025:


Declaration Date	Amount per Share	Record Date		Payable Date


September 2, 2025	$0.0700		September 16, 2025		September 30, 2025


October 1, 2025	$0.0700		October 16, 2025		October 31, 2025


36		Invesco Bond Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of Invesco Bond Fund (the Fund) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Fund’s Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup

Sub-Advisory

Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH*, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated

Sub-Advisers

and the

sub-advisory

contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the

sub-advisory

contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated

Sub-Advisers

is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established

Sub-Committees.

The

Sub-Committees

meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board’s annual review process for the Invesco Funds’ investment advisory agreement and

sub-advisory

contracts (the annual review process). In considering whether to approve each Invesco Fund’s investment advisory agreement and

sub-advisory

contracts, the Board took into account evaluations and reports that it received from its committees and

sub-committees,

as well as the information provided to the Board and its committees and

sub-committees

throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data,, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual review process to

ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June

16-18,

2025, the independent Trustees also discussed the continuance of the investment advisory agreement and

sub-advisory

contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and

sub-advisory

contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and

sub-advisory

contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A.	Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board considered the additional services provided to the Fund due to the fact that the Fund is a

closed-end

fund, including, but not limited to, leverage management and monitoring, evaluating, and, where appropriate, making recommendations with respect to the Fund’s trading discount, share repurchase program, and distribution rates, as well as shareholder relations activities including with respect to investors focused on short-term profits. The Board received a description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of

its approach to data privacy and cybersecurity, including related testing. The Board also considered

non-advisory

services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers’ systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated

Sub-Advisers

under the

sub-advisory

contracts and the credentials and experience of the officers and employees of the Affiliated

Sub-Advisers

who provide these services. The Board noted the Affiliated

Sub-Advisers’

expertise with respect to certain asset classes and that the Affiliated

Sub-Advisers

have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated

Sub-Advisers

can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the

sub-advisory

contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated

Sub-Advisers

in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated

Sub-Advisers

supported the renewal of the

sub-advisory

contracts.

B.	Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the

sub-advisory

contracts for the Fund, as no Affiliated

Sub-Adviser

currently manages assets of the Fund.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Bloomberg Baa U.S. Corporate Bond Index (Index). The Board noted that there were only five funds (including the Fund) in the performance universe, therefore, Broadridge did not provide quintile rankings. The Board noted that the Fund’s performance was above the performance of the Index for the one year period, below the performance of the Index for the three year period and reasonably comparable to the performance of the Index for the five year period. The Board recognized that the performance data reflects a snapshot in time as of a


37		Invesco Bond Fund

particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions. The Board also reviewed supplementally historic premium and discount levels of the Fund as provided to the Board at meetings throughout the year.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

The Board received information regarding Invesco Advisers’ approach with respect to contractual management fee schedules and compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management and actual management fee rates for shares of the Fund were reasonably comparable to and below, respectively, the median contractual management and actual management fee rates of funds in its expense group. The Board noted that there were only four funds (including the Fund) in the expense group, therefore, Broadridge did not provide quintile rankings. The Board noted that the term “contractual management fee” and “actual management fee” for funds in the expense group may include both advisory and certain

non-portfolio

management administrative services fees, but that Broadridge is not able to provide information on a

fund-by-fund

basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent audited annual reports for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components. The independent Trustees reviewed and considered information provided in response to

follow-up

requests for information submitted by the independent Trustees to management regarding the Fund’s limited peer group.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have

all-inclusive

fee structures, which are not easily

un-bundled.

The Board also considered the services that may be provided by the Affiliated

Sub-Advisers

pursuant to the

sub-advisory

contracts, as well as the fees payable by Invesco Advisers to the Affiliated

Sub-Advisers

pursuant to the

sub-advisory

contracts.

D.	Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board

acknowledged the limitations in calculating and measuring the economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund may benefit from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, as well as Invesco Advisers’ management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

E.	Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual

fund-by-fund

basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers’ support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated

Sub-Advisers

are financially sound and have the resources necessary to perform their obligations under the

sub-advisory

contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

F.	Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund. The Board considered the organizational structure employed to provide these services.

The Board considered that the Fund’s uninvested cash may be invested in registered money market funds advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the

Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash.

*Effective as of August 29, 2025, Invesco Asset Management Deutschland GmbH merged into Invesco Management S.A.


38		Invesco Bond Fund

Proxy Results

A Joint Annual Meeting (“Meeting”) of Shareholders of Invesco Bond Fund (the “Fund”) was held on August 12, 2025. The Meeting was held for the following purpose:

(1). Election of Trustees by Common Shareholders.

The results of the voting on the above matter were as follows:


				Votes
	Matter	Votes For		Against/Withheld
(1).	Cynthia Hostetler		9,399,643.75		149,237.04
	Eli Jones		9,360,492.76		188,388.03
	Prema Mathai-Davis		9,347,623.44		201,257.35
	Daniel S. Vandivort		9,357,344.81		191,535.98
	James “Jim” Liddy		9,352,893.82		195,986.97


39		Invesco Bond Fund

Correspondence information

Send general correspondence to Computershare Trust Company, N.A., P.O. Box 43078, Providence, RI 02940-3078

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form

N-PORT.

The most recent list of portfolio holdings is available at invesco.com/us. Shareholders can also look up the Fund’s Form

N-PORT

filings on the SEC website at sec.gov. The SEC file number for the Fund is shown below.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 341 2929 or at invesco.com/

corporate/about-us/esg.

The information is also available on the SEC website,sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent

12-month

period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.


SEC file number(s): 811-02090		VK-CE-BOND-SAR-1