SEC Form N-CSRS filed by Invesco Bond Fund

11/4/22 9:46:55 AM ET

$VBF

Trusts Except Educational Religious and Charitable

Finance

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N-CSRS 1 d389739dncsrs.htm N-CSRS N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-02090

Invesco Bond Fund

(Exact name of registrant as specified in charter)

1555 Peachtree Street, N.E., Suite 1800 Atlanta, Georgia 30309

(Address of principal executive offices) (Zip code)

Sheri Morris 1555 Peachtree Street, N.E., Suite 1800 Atlanta, Georgia 30309

(Name and address of agent for service)

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

Date of fiscal year end: 2/28

Date of reporting period: 8/31/22

ITEM 1.

REPORTS TO STOCKHOLDERS.

(a) The Registrant’s semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

(b) Not applicable.

LOGO



Semiannual Report to Shareholders		August 31, 2022

Invesco Bond Fund

NYSE: VBF


2		Fund Performance

2		Share Repurchase Program Notice

3		Dividend Reinvestment Plan

4		Schedule of Investments

20		Financial Statements

23		Financial Highlights

24		Notes to Financial Statements

31		Approval of Investment Advisory and Sub-Advisory Contracts

33		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, 2/28/22 to 8/31/22
Fund at NAV	-10.15	%
Fund at Market Value	-10.07
Bloomberg Baa U.S. Corporate Bond Index^q (Broad Market/Style-Specific Index)	-9.84
Market Price Discount to NAV as of 8/31/22	-6.31

Source(s): ^qFactSet Research Systems Inc.

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 2022, 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, Computer-share Trust Company, N.A., P.O. Box 505000, Louisville, KY 40 233-5000. 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 505000, Louisville, KY 40233-5000. 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 non-certificated 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 a $2.50 service fee and per share fees. Per share fees include any applicable brokerage commissions the Agent is required to pay.

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, 2022

(Unaudited)


	Principal Amount		Value


U.S. Dollar Denominated Bonds & Notes–87.32%
Advertising–0.39%
Clear Channel Outdoor Holdings, Inc., 5.13%, 08/15/2027^(b)	$	44,000	$	39,463


Interpublic Group of Cos., Inc. (The), 4.75%, 03/30/2030		445,000		429,433


Lamar Media Corp.,
4.00%, 02/15/2030		221,000		192,751


3.63%, 01/15/2031		88,000		73,866


				735,513



Aerospace & Defense–1.02%
Boeing Co. (The),
2.75%, 02/01/2026		321,000		300,477


2.20%, 02/04/2026		406,000		371,684


3.63%, 02/01/2031		465,000		411,933


5.93%, 05/01/2060		476,000		455,511


Lockheed Martin Corp.,
4.15%, 06/15/2053		120,000		112,273


4.30%, 06/15/2062		140,000		131,058


TransDigm, Inc.,
6.25%, 03/15/2026^(b)		116,000		114,112


6.38%, 06/15/2026		48,000		46,137


				1,943,185



Airlines–2.18%
Allegiant Travel Co., 7.25%, 08/15/2027^(b)		37,000		36,794


American Airlines Pass-Through Trust,
Series 2021-1, Class B, 3.95%, 07/11/2030		228,000		190,404


Series 2021-1, Class A, 2.88%, 07/11/2034		289,000		242,683


American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/2026^(b)		128,000		121,941


British Airways Pass-Through Trust (United Kingdom),
Series 2019-1, Class AA, 3.30%, 12/15/2032^(b)		489,260		431,528


Series 2021-1, Class A, 2.90%, 03/15/2035^(b)		146,590		122,554


Delta Air Lines Pass-Through Trust,
Series 2020-1, Class AA, 2.00%, 06/10/2028		271,167		235,360


Delta Air Lines, Inc., 7.38%, 01/15/2026		33,000		33,704


Delta Air Lines, Inc./SkyMiles IP Ltd.,
4.50%, 10/20/2025^(b)		333,175		326,552


4.75%, 10/20/2028^(b)		543,681		519,695


	Principal Amount		Value


Airlines–(continued)
United Airlines Pass-Through Trust,
Series 2014-2, Class B, 4.63%, 09/03/2022	$	139,482	$	139,442


Series 2016-1, Class B, 3.65%, 01/07/2026		244,604		218,802


Series 2020-1, Class A, 5.88%, 10/15/2027		465,791		466,814


Series 2018-1, Class AA, 3.50%, 03/01/2030		451,138		404,535


Series 2019-1, Class A, 4.55%, 08/25/2031		239,200		199,440


Series 2019-1, Class AA, 4.15%, 08/25/2031		410,573		377,603


United Airlines, Inc.,
4.38%, 04/15/2026^(b)		37,000		33,784


4.63%, 04/15/2029^(b)		54,000		47,453


				4,149,088



Alternative Carriers–0.03%
Lumen Technologies, Inc., Series P, 7.60%, 09/15/2039		77,000		60,687



Aluminum–0.04%
Novelis Corp., 4.75%, 01/30/2030^(b)		88,000		76,666



Apparel Retail–0.05%
Gap, Inc. (The), 3.63%, 10/01/2029^(b)		143,000		99,810



Apparel, Accessories & Luxury Goods–0.12%
Kontoor Brands, Inc., 4.13%, 11/15/2029^(b)		98,000		83,992


Macy’s Retail Holdings LLC,
5.88%, 04/01/2029^(b)		84,000		72,796


5.88%, 03/15/2030^(b)		42,000		35,967


6.13%, 03/15/2032^(b)		7,000		5,822


4.50%, 12/15/2034		46,000		32,263


				230,840



Application Software–0.36%
salesforce.com, inc.,
2.90%, 07/15/2051		458,000		338,772


3.05%, 07/15/2061		278,000		201,167


SS&C Technologies, Inc., 5.50%, 09/30/2027^(b)		150,000		142,317


				682,256



Asset Management & Custody Banks–1.62%
Affiliated Managers Group, Inc., 4.25%, 02/15/2024		888,000		889,241


Ameriprise Financial, Inc.,
3.00%, 04/02/2025		303,000		295,243


4.50%, 05/13/2032		128,000		127,780


Apollo Management Holdings L.P., 4.95%, 01/14/2050^(b)(c)		50,000		44,103


Ares Capital Corp.,
2.88%, 06/15/2028		35,000		29,106


3.20%, 11/15/2031		40,000		31,229

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


4		Invesco Bond Fund


	Principal Amount		Value


Asset Management & Custody Banks–(continued)
Bank of New York Mellon Corp. (The),
4.60%, 07/26/2030^(c)	$	92,000	$	92,063


Series I, 3.75%^(c)(d)		419,000		354,022


Blackstone Secured Lending Fund,
2.75%, 09/16/2026		440,000		390,473


2.13%, 02/15/2027		330,000		273,946


2.85%, 09/30/2028		181,000		144,203


Carlyle Holdings II Finance LLC, 5.63%, 03/30/2043^(b)		40,000		37,609


CI Financial Corp. (Canada), 3.20%, 12/17/2030		371,000		282,946


State Street Corp., 4.16%, 08/04/2033^(c)		92,000		88,926


				3,080,890



Auto Parts & Equipment–0.27%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.,
4.75%, 04/01/2028^(b)		174,000		152,178


5.38%, 03/01/2029^(b)		66,000		57,626


Clarios Global L.P./Clarios US Finance Co., 8.50%, 05/15/2027^(b)		30,000		29,514


Nemak S.A.B. de C.V. (Mexico), 3.63%, 06/28/2031^(b)		261,000		199,309


NESCO Holdings II, Inc., 5.50%, 04/15/2029^(b)		85,000		74,949


				513,576



Automobile Manufacturers–2.08%
Allison Transmission, Inc.,
4.75%, 10/01/2027^(b)		33,000		30,746


3.75%, 01/30/2031^(b)		176,000		142,837


BMW US Capital LLC (Germany), 3.70%, 04/01/2032^(b)		155,000		144,731


Ford Motor Co.,
4.35%, 12/08/2026		160,000		154,500


3.25%, 02/12/2032		89,000		69,643


6.10%, 08/19/2032		360,000		351,058


4.75%, 01/15/2043		71,000		53,194


Ford Motor Credit Co. LLC,
4.39%, 01/08/2026		206,000		194,287


2.70%, 08/10/2026		232,000		201,221


General Motors Financial Co., Inc., 5.00%, 04/09/2027		235,000		231,986


Hyundai Capital America,
4.30%, 02/01/2024^(b)		1,496,000		1,487,263


2.00%, 06/15/2028^(b)		314,000		260,746


J.B. Poindexter & Co., Inc., 7.13%, 04/15/2026^(b)		166,000		161,068


Nissan Motor Acceptance Co. LLC, 1.85%, 09/16/2026^(b)		315,000		267,306


Volkswagen Group of America Finance LLC (Germany), 4.35%, 06/08/2027^(b)		213,000		207,483


				3,958,069



Automotive Retail–0.55%
Asbury Automotive Group, Inc.,
4.50%, 03/01/2028		23,000		20,572


4.63%, 11/15/2029^(b)		111,000		95,318


5.00%, 02/15/2032^(b)		74,000		61,924


AutoZone, Inc., 4.75%, 08/01/2032		174,000		172,590


	Principal Amount		Value


Automotive Retail–(continued)
Group 1 Automotive, Inc., 4.00%, 08/15/2028^(b)	$	177,000	$	151,513


Lithia Motors, Inc., 3.88%, 06/01/2029^(b)		240,000		202,981


Sonic Automotive, Inc.,
4.63%, 11/15/2029^(b)		239,000		204,597


4.88%, 11/15/2031^(b)		157,000		131,126


				1,040,621



Biotechnology–0.06%
CSL Finance PLC (Australia), 4.75%, 04/27/2052^(b)		108,000		104,085



Brewers–0.08%
Anadolu Efes Biracilik ve Malt Sanayii A.S. (Turkey), 3.38%, 06/29/2028^(b)		215,000		159,077



Building Products–0.02%
Advanced Drainage Systems, Inc., 6.38%, 06/15/2030^(b)		31,000		30,026



Cable & Satellite–2.04%
CCO Holdings LLC/CCO Holdings Capital Corp.,
5.00%, 02/01/2028^(b)		31,000		28,365


6.38%, 09/01/2029^(b)		197,000		191,583


4.75%, 03/01/2030^(b)		102,000		87,790


4.50%, 08/15/2030^(b)		124,000		104,433


4.50%, 05/01/2032		221,000		179,612


4.50%, 06/01/2033^(b)		84,000		66,049


4.25%, 01/15/2034^(b)		27,000		20,591


Charter Communications Operating LLC/Charter Communications Operating Capital Corp.,
5.38%, 04/01/2038		42,000		36,891


3.50%, 06/01/2041		274,000		190,153


3.50%, 03/01/2042		308,000		213,072


5.75%, 04/01/2048		264,000		235,374


3.90%, 06/01/2052		284,000		192,727


3.85%, 04/01/2061		387,000		247,926


4.40%, 12/01/2061		143,000		100,785


Comcast Corp.,
2.80%, 01/15/2051		234,000		162,148


2.89%, 11/01/2051		914,000		644,683


Cox Communications, Inc., 1.80%, 10/01/2030^(b)		18,000		14,303


CSC Holdings LLC,
5.25%, 06/01/2024		94,000		91,761


5.75%, 01/15/2030^(b)		200,000		155,215


DISH DBS Corp., 5.13%, 06/01/2029		136,000		80,785


Gray Escrow II, Inc., 5.38%, 11/15/2031^(b)		134,000		113,416


Sirius XM Radio, Inc.,
3.13%, 09/01/2026^(b)		38,000		33,891


4.00%, 07/15/2028^(b)		70,000		61,075


4.13%, 07/01/2030^(b)		175,000		148,484


3.88%, 09/01/2031^(b)		167,000		135,056


Virgin Media Secured Finance PLC (United Kingdom), 5.50%, 05/15/2029^(b)		200,000		178,138

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


5		Invesco Bond Fund


	Principal Amount		Value


Cable & Satellite–(continued)
VZ Secured Financing B.V. (Netherlands), 5.00%, 01/15/2032^(b)	$	200,000	$	164,753


				3,879,059



Casinos & Gaming–0.24%
Boyne USA, Inc., 4.75%, 05/15/2029^(b)		67,000		59,706


CDI Escrow Issuer, Inc., 5.75%, 04/01/2030^(b)		99,000		91,841


Everi Holdings, Inc., 5.00%, 07/15/2029^(b)		87,000		78,258


MGM Resorts International, 6.00%, 03/15/2023		67,000		67,091


Mohegan Gaming & Entertainment, 8.00%, 02/01/2026^(b)		86,000		75,777


Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/2029^(b)		89,000		74,817


				447,490



Commodity Chemicals–0.12%
Mativ, Inc., 6.88%, 10/01/2026^(b)		251,000		229,177



Computer & Electronics Retail–0.62%
Dell International LLC/EMC Corp.,
6.02%, 06/15/2026		693,000		720,137


8.35%, 07/15/2046		8,000		9,699


3.45%, 12/15/2051^(b)		175,000		114,587


Leidos, Inc., 2.30%, 02/15/2031		433,000		340,492


				1,184,915



Construction & Engineering–0.10%
AECOM, 5.13%, 03/15/2027		24,000		23,323


Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029^(b)		88,000		75,186


Howard Midstream Energy Partners LLC, 6.75%, 01/15/2027^(b)		90,000		81,558


				180,067



Construction Materials–0.20%
CRH America Finance, Inc. (Ireland), 3.95%, 04/04/2028^(b)		384,000		371,397



Consumer Finance–0.83%
Ally Financial, Inc.,
5.13%, 09/30/2024		34,000		34,448


4.63%, 03/30/2025		223,000		222,477


2.20%, 11/02/2028		24,000		19,838


American Express Co.,
2.55%, 03/04/2027		208,000		193,269


4.99%, 05/26/2033^(c)		212,000		211,013


4.42%, 08/03/2033^(c)		402,000		388,124


Capital One Financial Corp., 5.27%, 05/10/2033^(c)		45,000		44,192


FirstCash, Inc., 5.63%, 01/01/2030^(b)		88,000		78,877


	Principal Amount		Value


Consumer Finance–(continued)
OneMain Finance Corp.,
6.88%, 03/15/2025	$	50,000	$	48,663


7.13%, 03/15/2026		153,000		142,703


3.88%, 09/15/2028		155,000		121,111


5.38%, 11/15/2029		90,000		74,687


				1,579,402



Copper–0.20%
Freeport-McMoRan, Inc., 4.38%, 08/01/2028		25,000		23,578


PT Freeport Indonesia (Indonesia),
5.32%, 04/14/2032^(b)		200,000		185,952


6.20%, 04/14/2052^(b)		200,000		178,000


				387,530



Data Processing & Outsourced Services–0.24%
Block, Inc., 3.50%, 06/01/2031		110,000		90,655


Clarivate Science Holdings Corp.,
3.88%, 07/01/2028^(b)		111,000		95,155


4.88%, 07/01/2029^(b)		89,000		73,724


PayPal Holdings, Inc., 5.05%, 06/01/2052		210,000		205,159


				464,693



Distributors–0.10%
Genuine Parts Co., 2.75%, 02/01/2032		233,000		193,522



Diversified Banks–12.72%
Africa Finance Corp. (Supranational), 4.38%, 04/17/2026^(b)		1,080,000		1,045,008


African Export-Import Bank (The) (Supranational),
2.63%, 05/17/2026^(b)		211,000		190,818


3.80%, 05/17/2031^(b)		200,000		164,587


Australia & New Zealand Banking Group Ltd. (Australia), 6.75%^(b)(c)(d)		765,000		762,097


Banco do Brasil S.A. (Brazil), 3.25%, 09/30/2026^(b)		263,000		241,988


Banco Mercantil del Norte S.A. (Mexico),
5.88%^(b)(c)(d)		200,000		173,500


6.63%^(b)(c)(d)		200,000		170,300


Banco Santander S.A. (Spain), 5.29%, 08/18/2027		300,000		293,798


Bank of America Corp.,
4.38%, 04/27/2028^(c)		381,000		371,589


4.95%, 07/22/2028^(c)		267,000		266,927


2.57%, 10/20/2032^(c)		222,000		181,625


2.97%, 02/04/2033^(c)		214,000		179,956


4.57%, 04/27/2033^(c)		317,000		302,967


5.02%, 07/22/2033^(c)		386,000		382,832


2.48%, 09/21/2036^(c)		363,000		281,632


3.85%, 03/08/2037^(c)		65,000		55,964


7.75%, 05/14/2038		765,000		946,617


2.68%, 06/19/2041^(c)		75,000		53,787


Series AA, 6.10%^(c)(d)		1,181,000		1,170,747


Series DD, 6.30%^(c)(d)		336,000		343,980


Series RR, 4.38%^(c)(d)		493,000		423,768


Series TT, 6.13%^(c)(d)		633,000		624,644


Bank of China Ltd. (China), 5.00%, 11/13/2024^(b)		540,000		549,069

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


6		Invesco Bond Fund


	Principal Amount		Value


Diversified Banks–(continued)
Bank of Nova Scotia (The) (Canada), 4.59%, 05/04/2037^(c)	$	472,000	$	427,130


Barclays PLC (United Kingdom), 8.00%^(c)(d)		332,000		322,040


BBVA Bancomer S.A. (Mexico), 4.38%, 04/10/2024^(b)		385,000		384,170


BPCE S.A. (France), 2.28%, 01/20/2032^(b)(c)		260,000		201,525


Citigroup, Inc.,
5.50%, 09/13/2025		934,000		958,696


4.66%, 05/24/2028^(c)		194,000		191,375


2.57%, 06/03/2031^(c)		33,000		27,618


2.56%, 05/01/2032^(c)		313,000		256,224


2.52%, 11/03/2032^(c)		149,000		120,539


3.06%, 01/25/2033^(c)		121,000		102,487


3.79%, 03/17/2033^(c)		377,000		339,188


4.91%, 05/24/2033^(c)		220,000		215,461


2.90%, 11/03/2042^(c)		222,000		162,536


4.65%, 07/23/2048		208,000		196,502


Series A, 5.95%^(c)(d)		108,000		107,190


Series V, 4.70%^(c)(d)		260,000		221,163


Cooperatieve Rabobank U.A. (Netherlands),
3.65%, 04/06/2028^(b)(c)		250,000		235,269


4.66%, 08/22/2028^(b)(c)		253,000		250,065


3.76%, 04/06/2033^(b)(c)		250,000		222,134


Credit Agricole S.A. (France), 4.75%^(b)(c)(d)		390,000		306,318


Development Bank of Kazakhstan JSC (Kazakhstan), 5.75%, 05/12/2025^(b)		325,000		324,274


HSBC Holdings PLC (United Kingdom), 6.00%^(c)(d)		845,000		778,374


JPMorgan Chase & Co.,
4.32%, 04/26/2028^(c)		374,000		365,573


4.85%, 07/25/2028^(c)		283,000		282,596


2.58%, 04/22/2032^(c)		302,000		249,718


4.59%, 04/26/2033^(c)		226,000		217,847


4.91%, 07/25/2033^(c)		434,000		429,674


Series W, 3.91%(3 mo. USD LIBOR + 1.00%), 05/15/2047^(e)		694,000		546,525


Series V, 5.60%(3 mo. USD LIBOR + 3.32%)^(d)(e)		423,000		419,299


Mitsubishi UFJ Financial Group, Inc. (Japan),
5.02%, 07/20/2028^(c)		223,000		224,273


1.80%, 07/20/2033^(c)		306,000		307,477


Mizuho Financial Group, Inc. (Japan), 2.56%, 09/13/2031		214,000		168,313


NatWest Group PLC (United Kingdom), 5.52%, 09/30/2028^(c)		200,000		200,252


Nordea Bank Abp (Finland), 6.63%^(b)(c)(d)		208,000		204,895


Standard Chartered PLC (United Kingdom),
7.75%^(b)(c)(d)		459,000		460,861


3.27%, 02/18/2036^(b)(c)		471,000		369,959


4.30%^(b)(c)(d)		393,000		284,543


7.75%^(b)(c)(d)		406,000		394,997


Sumitomo Mitsui Financial Group, Inc. (Japan), 2.14%, 09/23/2030		50,000		39,793


Turkiye Vakiflar Bankasi T.A.O. (Turkey), 5.50%, 10/01/2026^(b)		310,000		257,348


	Principal Amount		Value


Diversified Banks–(continued)
U.S. Bancorp,
4.55%, 07/22/2028^(c)	$	282,000	$	283,184


4.97%, 07/22/2033^(c)		216,000		213,142


2.49%, 11/03/2036^(c)		487,000		393,315


Wells Fargo & Co.,
4.81%, 07/25/2028^(c)		164,000		162,885


4.90%, 07/25/2033^(c)		161,000		158,599


5.38%, 11/02/2043		1,471,000		1,469,963


4.75%, 12/07/2046		287,000		262,605


4.61%, 04/25/2053^(c)		281,000		258,273


Westpac Banking Corp. (Australia), 5.41%, 08/10/2033^(c)		24,000		23,099


				24,177,486



Diversified Capital Markets–1.85%
Credit Suisse AG (Switzerland), 5.00%, 07/09/2027		405,000		394,766


Credit Suisse Group AG (Switzerland),
4.19%, 04/01/2031^(b)(c)		280,000		235,471


4.50%^(b)(c)(d)		468,000		306,804


5.10%^(b)(c)(d)		478,000		326,827


5.25%^(b)(c)(d)		448,000		337,899


7.50%^(b)(c)(d)		592,000		523,049


9.75%^(b)(c)(d)		275,000		278,437


Macquarie Bank Ltd. (Australia), 6.13%^(b)(c)(d)		530,000		490,177


OWL Rock Core Income Corp., 4.70%, 02/08/2027		149,000		135,757


UBS Group AG (Switzerland),
4.75%, 05/12/2028^(b)(c)		296,000		290,526


4.38%^(b)(c)(d)		258,000		194,911


				3,514,624



Diversified Chemicals–0.08%
OCP S.A. (Morocco), 5.13%, 06/23/2051^(b)		200,000		144,242



Diversified Metals & Mining–0.22%
FMG Resources August 2006 Pty. Ltd. (Australia), 4.38%, 04/01/2031^(b)		105,000		85,780


Hudbay Minerals, Inc. (Canada), 6.13%, 04/01/2029^(b)		86,000		75,821


South32 Treasury Ltd. (Australia), 4.35%, 04/14/2032^(b)		191,000		174,053


Teck Resources Ltd. (Canada), 6.13%, 10/01/2035		78,000		79,600


				415,254



Diversified REITs–1.81%
CubeSmart L.P., 2.50%, 02/15/2032		154,000		124,434


iStar, Inc.,
4.75%, 10/01/2024		139,000		139,235


5.50%, 02/15/2026		32,000		32,681


Trust Fibra Uno (Mexico),
5.25%, 12/15/2024^(b)		283,000		279,181


5.25%, 01/30/2026^(b)		764,000		725,235


4.87%, 01/15/2030^(b)		360,000		311,929


6.39%, 01/15/2050^(b)		1,180,000		960,620

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


7		Invesco Bond Fund


	Principal Amount		Value


Diversified REITs–(continued)
VICI Properties L.P.,
4.75%, 02/15/2028	$	254,000	$	244,103


4.95%, 02/15/2030		254,000		244,233


5.13%, 05/15/2032		207,000		197,557


5.63%, 05/15/2052		190,000		176,042


				3,435,250



Drug Retail–0.90%
CVS Pass-Through Trust,
6.04%, 12/10/2028		607,928		622,696


5.77%, 01/10/2033^(b)		1,059,745		1,086,121


				1,708,817



Education Services–0.27%
Grand Canyon University, 3.25%, 10/01/2023		520,000		513,500



Electric Utilities–3.38%
Alfa Desarrollo S.p.A. (Chile), 4.55%, 09/27/2051^(b)		200,458		144,635


American Electric Power Co., Inc., 3.88%, 02/15/2062^(c)		730,000		621,424


Duke Energy Corp.,
4.30%, 03/15/2028		202,000		197,870


5.00%, 08/15/2052		318,000		302,574


3.25%, 01/15/2082^(c)		188,000		150,282


Electricidad Firme de Mexico Holdings S.A. de C.V. (Mexico), 4.90%, 11/20/2026^(b)		218,000		185,168


Electricite de France S.A. (France), 6.00%, 01/22/2114^(b)		1,755,000		1,672,840


Enel Finance International N.V. (Italy), 2.88%, 07/12/2041^(b)		305,000		193,560


Entergy Louisiana LLC, 4.75%, 09/15/2052		70,000		67,955


FirstEnergy Corp., Series B, 4.40%, 07/15/2027		160,000		151,810


Interconexion Electrica S.A. ESP (Colombia), 3.83%, 11/26/2033^(b)		201,000		170,722


Mercury Chile Holdco LLC (Chile), 6.50%, 01/24/2027^(b)		317,000		282,590


NextEra Energy Capital Holdings, Inc.,
4.63%, 07/15/2027		393,000		394,865


5.00%, 07/15/2032		124,000		126,381


NRG Energy, Inc., 4.45%, 06/15/2029^(b)		94,000		85,235


Southern Co. (The),
Series B, 4.00%, 01/15/2051^(c)		365,000		338,881


5.46% (3 mo. USD LIBOR + 3.63%), 03/15/2057^(e)		600,000		598,788


Series 21-A, 3.75%, 09/15/2051^(c)		178,000		154,415


Tampa Electric Co., 5.00%, 07/15/2052		127,000		127,683


Virginia Electric & Power Co.,
Series B, 3.75%, 05/15/2027		166,000		163,260


Series C, 4.63%, 05/15/2052		88,000		85,906


	Principal Amount		Value


Electric Utilities–(continued)
Vistra Operations Co. LLC,
5.50%, 09/01/2026^(b)	$	50,000	$	48,341


5.63%, 02/15/2027^(b)		29,000		27,947


5.00%, 07/31/2027^(b)		55,000		51,254


4.38%, 05/01/2029^(b)		96,000		83,861


				6,428,247



Electrical Components & Equipment–0.48%
Acuity Brands Lighting, Inc., 2.15%, 12/15/2030		314,000		249,313


EnerSys,
5.00%, 04/30/2023^(b)		76,000		75,783


4.38%, 12/15/2027^(b)		141,000		128,526


Sensata Technologies B.V.,
4.88%, 10/15/2023^(b)		259,000		261,632


5.88%, 09/01/2030^(b)		210,000		205,535


				920,789



Electronic Components–1.19%
Corning, Inc., 5.45%, 11/15/2079		2,351,000		2,183,556


Sensata Technologies, Inc., 3.75%, 02/15/2031^(b)		91,000		75,300


				2,258,856



Electronic Equipment & Instruments–0.11%
Vontier Corp.,
2.40%, 04/01/2028		40,000		32,416


2.95%, 04/01/2031		233,000		179,561


				211,977



Electronic Manufacturing Services–0.02%
Jabil, Inc., 3.00%, 01/15/2031		40,000		33,418



Environmental & Facilities Services–0.06%
Covanta Holding Corp., 4.88%, 12/01/2029^(b)		129,000		109,070



Financial Exchanges & Data–1.45%
B3 S.A. - Brasil, Bolsa, Balcao (Brazil), 4.13%, 09/20/2031^(b)		434,000		367,273


Coinbase Global, Inc., 3.38%, 10/01/2028^(b)		4,000		2,592


FactSet Research Systems, Inc., 3.45%, 03/01/2032		205,000		179,363


Intercontinental Exchange, Inc.,
4.00%, 09/15/2027		277,000		273,221


4.35%, 06/15/2029		213,000		210,882


4.60%, 03/15/2033		186,000		184,642


4.95%, 06/15/2052		255,000		252,137


5.20%, 06/15/2062		194,000		191,790


Moody’s Corp.,
4.25%, 08/08/2032		113,000		109,411


2.75%, 08/19/2041		269,000		196,692


5.25%, 07/15/2044		326,000		332,188


3.75%, 02/25/2052		182,000		149,515


3.10%, 11/29/2061		455,000		311,167


				2,760,873

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


8		Invesco Bond Fund


	Principal Amount		Value


Food Distributors–0.09%
American Builders & Contractors Supply Co., Inc.,
4.00%, 01/15/2028^(b)	$	86,000	$	77,925


3.88%, 11/15/2029^(b)		117,000		96,021


				173,946



Health Care Facilities–0.68%
Encompass Health Corp., 4.50%, 02/01/2028		85,000		74,505


HCA, Inc.,
5.00%, 03/15/2024		618,000		622,394


5.38%, 02/01/2025		64,000		64,689


5.25%, 04/15/2025		30,000		30,352


5.88%, 02/15/2026		71,000		72,588


5.38%, 09/01/2026		18,000		18,072


3.50%, 09/01/2030		196,000		171,218


Tenet Healthcare Corp.,
4.88%, 01/01/2026^(b)		174,000		165,522


6.13%, 06/15/2030^(b)		76,000		73,059


				1,292,399



Health Care REITs–0.34%
CTR Partnership L.P./CareTrust Capital Corp., 3.88%, 06/30/2028^(b)		89,000		75,521


Diversified Healthcare Trust,
4.75%, 05/01/2024		43,000		38,814


9.75%, 06/15/2025		40,000		39,370


4.38%, 03/01/2031		45,000		30,944


MPT Operating Partnership L.P./MPT Finance Corp., 4.63%, 08/01/2029		110,000		93,845


Omega Healthcare Investors, Inc., 3.25%, 04/15/2033		389,000		295,719


Welltower, Inc., 3.85%, 06/15/2032		87,000		79,242


				653,455



Health Care Services–0.38%
Cigna Corp., 4.80%, 08/15/2038		30,000		28,966


Community Health Systems, Inc.,
5.25%, 05/15/2030^(b)		63,000		47,802


4.75%, 02/15/2031^(b)		42,000		31,068


Piedmont Healthcare, Inc.,
Series 2032, 2.04%, 01/01/2032		125,000		100,988


Series 2042, 2.72%, 01/01/2042		121,000		89,265


2.86%, 01/01/2052		138,000		94,423


Providence St. Joseph Health Obligated Group, Series 21-A, 2.70%, 10/01/2051		367,000		243,558


Select Medical Corp., 6.25%, 08/15/2026^(b)		85,000		81,417


				717,487



Health Care Supplies–0.03%
Medline Borrower L.P., 3.88%, 04/01/2029^(b)		75,000		63,656



Homebuilding–0.52%
M.D.C. Holdings, Inc.,
3.85%, 01/15/2030		639,000		523,916


6.00%, 01/15/2043		456,000		373,447


3.97%, 08/06/2061		124,000		71,045


	Principal Amount		Value


Homebuilding–(continued)
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., 5.88%, 04/15/2023^(b)	$	10,000	$	9,974


				978,382



Hotel & Resort REITs–0.04%
Service Properties Trust, 4.38%, 02/15/2030		108,000		79,284



Hotels, Resorts & Cruise Lines–0.17%
Carnival Corp.,
10.50%, 02/01/2026^(b)		76,000		78,379


5.75%, 03/01/2027^(b)		25,000		19,472


Expedia Group, Inc., 4.63%, 08/01/2027		238,000		231,924


				329,775



Household Products–0.14%
Colgate-Palmolive Co., 3.10%, 08/15/2027		197,000		191,964


Prestige Brands, Inc., 3.75%, 04/01/2031^(b)		98,000		78,563


				270,527



Independent Power Producers & Energy Traders–0.45%
AES Corp. (The), 2.45%, 01/15/2031		236,000		194,810


Calpine Corp., 3.75%, 03/01/2031^(b)		242,000		201,091


Clearway Energy Operating LLC, 4.75%, 03/15/2028^(b)		97,000		90,998


EnfraGen Energia Sur S.A./EnfraGen Spain S.A./Prime Energia S.p.A. (Spain), 5.38%, 12/30/2030^(b)		376,000		263,200


Vistra Corp., 7.00%^(b)(c)(d)		107,000		98,843


				848,942



Industrial Conglomerates–0.28%
Bidvest Group UK PLC (The) (South Africa), 3.63%, 09/23/2026^(b)		234,000		215,397


GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/2035		341,000		322,819


				538,216



Industrial Machinery–0.34%
EnPro Industries, Inc., 5.75%, 10/15/2026		167,000		164,145


Flowserve Corp., 2.80%, 01/15/2032		224,000		174,825


Mueller Water Products, Inc., 4.00%, 06/15/2029^(b)		87,000		78,429


Roller Bearing Co. of America, Inc., 4.38%, 10/15/2029^(b)		11,000		9,886


Weir Group PLC (The) (United Kingdom), 2.20%, 05/13/2026^(b)		246,000		214,247


				641,532



Industrial REITs–0.07%
LXP Industrial Trust, 2.38%, 10/01/2031		178,000		135,928



Insurance Brokers–0.10%
Willis North America, Inc., 4.65%, 06/15/2027		190,000		186,506

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


9		Invesco Bond Fund


	Principal Amount		Value


Integrated Oil & Gas–1.95%
BP Capital Markets America, Inc.,
3.06%, 06/17/2041	$	373,000	$	293,229


2.94%, 06/04/2051		204,000		146,502


3.00%, 03/17/2052		339,000		246,740


BP Capital Markets PLC (United Kingdom),
4.38%^(c)(d)		362,000		347,430


4.88%^(c)(d)		114,000		104,638


Occidental Petroleum Corp.,
8.50%, 07/15/2027		15,000		16,818


6.13%, 01/01/2031		193,000		200,853


6.20%, 03/15/2040		104,000		105,728


Petroleos Mexicanos (Mexico),
8.75%, 06/02/2029^(b)		419,000		386,733


6.70%, 02/16/2032		263,000		205,666


Petronas Capital Ltd. (Malaysia),
2.48%, 01/28/2032^(b)		291,000		254,275


3.40%, 04/28/2061^(b)		550,000		428,636


Qatar Energy (Qatar), 3.30%, 07/12/2051^(b)		273,000		218,188


Saudi Arabian Oil Co. (Saudi Arabia), 4.38%, 04/16/2049^(b)		346,000		318,036


Shell International Finance B.V. (Netherlands),
2.88%, 11/26/2041		211,000		164,156


3.00%, 11/26/2051		361,000		271,716


				3,709,344



Integrated Telecommunication Services–3.37%
Altice France S.A. (France),
5.13%, 07/15/2029^(b)		200,000		152,182


5.50%, 10/15/2029^(b)		55,000		43,501


AT&T, Inc.,
3.50%, 09/15/2053		983,000		725,884


3.55%, 09/15/2055		3,267,000		2,395,611


British Telecommunications PLC (United Kingdom), 4.25%, 11/23/2081^(b)(c)		470,000		411,665


IHS Holding Ltd. (Nigeria),
5.63%, 11/29/2026^(b)		206,000		178,173


6.25%, 11/29/2028^(b)		200,000		170,188


Iliad Holding S.A.S. (France), 6.50%, 10/15/2026^(b)		250,000		228,777


Level 3 Financing, Inc., 3.75%, 07/15/2029^(b)		220,000		177,034


Telefonica Emisiones S.A. (Spain), 7.05%, 06/20/2036		896,000		980,996


Verizon Communications, Inc.,
2.55%, 03/21/2031		151,000		127,768


2.65%, 11/20/2040		194,000		140,214


3.40%, 03/22/2041		164,000		132,298


3.00%, 11/20/2060		531,000		354,701


3.70%, 03/22/2061		235,000		181,480


				6,400,472



Interactive Home Entertainment–0.46%
Electronic Arts, Inc., 2.95%, 02/15/2051		359,000		261,556


ROBLOX Corp., 3.88%, 05/01/2030^(b)		247,000		206,470


Take-Two Interactive Software, Inc., 4.00%, 04/14/2032		210,000		193,849


	Principal Amount		Value


Interactive Home Entertainment–(continued)
WMG Acquisition Corp.,
3.75%, 12/01/2029^(b)	$	140,000	$	119,875


3.00%, 02/15/2031^(b)		119,000		94,671


				876,421



Interactive Media & Services–1.54%
Baidu, Inc. (China),
3.08%, 04/07/2025		210,000		202,194


1.72%, 04/09/2026		210,000		190,704


Match Group Holdings II LLC,
4.63%, 06/01/2028^(b)		133,000		118,585


3.63%, 10/01/2031^(b)		5,000		3,918


Meta Platforms, Inc.,
3.85%, 08/15/2032^(b)		518,000		487,537


4.45%, 08/15/2052^(b)		512,000		467,008


4.65%, 08/15/2062^(b)		356,000		321,919


Tencent Holdings Ltd. (China),
1.81%, 01/26/2026^(b)		200,000		184,019


3.60%, 01/19/2028^(b)		620,000		581,166


3.93%, 01/19/2038^(b)		448,000		372,173


				2,929,223



Internet & Direct Marketing Retail–0.39%
Alibaba Group Holding Ltd. (China), 3.15%, 02/09/2051		336,000		222,864


Meituan (China), 2.13%, 10/28/2025^(b)		400,000		352,383


Prosus N.V. (China), 3.26%, 01/19/2027^(b)		200,000		173,237


				748,484



Internet Services & Infrastructure–0.33%
Cogent Communications Group, Inc., 7.00%, 06/15/2027^(b)		83,000		79,421


Twilio, Inc.,
3.63%, 03/15/2029		196,000		163,880


3.88%, 03/15/2031		117,000		94,604


VeriSign, Inc., 2.70%, 06/15/2031		211,000		173,495


ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/2029^(b)		143,000		124,073


				635,473



Investment Banking & Brokerage–2.92%
Brookfield Finance I (UK) PLC (Canada), 2.34%, 01/30/2032		20,000		16,078


Charles Schwab Corp. (The), 3.35% (SOFR + 1.05%),
03/03/2027^(e)		329,000		324,503


2.90%, 03/03/2032		193,000		170,310


5.00%^(c)(d)		196,000		182,704


Series E, 6.40%(3 mo. USD LIBOR + 3.32%)^(d)(e)		668,000		661,229

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


10		Invesco Bond Fund


	Principal Amount		Value


Investment Banking & Brokerage–(continued)
Goldman Sachs Group, Inc. (The), 2.59% (SOFR + 0.81%), 03/09/2027^(e)	$	758,000	$	731,068


3.14% (SOFR + 0.92%), 10/21/2027^(e)		143,000		137,456


3.42% (SOFR + 1.12%), 02/24/2028^(e)		130,000		125,720


3.62%, 03/15/2028^(c)		414,000		392,043


2.65%, 10/21/2032^(c)		266,000		218,569


3.10%, 02/24/2033^(c)		148,000		126,025


6.75%, 10/01/2037		242,000		268,659


3.44%, 02/24/2043^(c)		177,000		139,689


4.80%, 07/08/2044		811,000		774,555


Series T, 3.80%^(c)(d)		15,000		12,431


Series V, 4.13%^(c)(d)		194,000		166,413


JAB Holdings B.V. (Austria), 4.50%, 04/08/2052^(b)		637,000		468,082


Jefferies Group LLC/Jefferies Group Capital Finance, Inc., 4.15%, 01/23/2030		30,000		27,010


Morgan Stanley,
3.62%, 04/01/2031^(c)		288,000		264,151


2.51%, 10/20/2032^(c)		165,000		135,230


4.89%, 07/20/2033^(c)		84,000		83,712


Raymond James Financial, Inc., 3.75%, 04/01/2051		163,000		133,137


				5,558,774



IT Consulting & Other Services–0.25%
DXC Technology Co., 2.38%, 09/15/2028		378,000		323,332


Gartner, Inc.,
4.50%, 07/01/2028^(b)		124,000		114,678


3.63%, 06/15/2029^(b)		51,000		43,928


				481,938



Life & Health Insurance–3.16%
American Equity Investment Life Holding Co., 5.00%, 06/15/2027		240,000		235,312


Athene Holding Ltd.,
4.13%, 01/12/2028		743,000		697,423


6.15%, 04/03/2030		330,000		333,440


3.45%, 05/15/2052		280,000		190,775


Brighthouse Financial, Inc., 4.70%, 06/22/2047		240,000		189,925


Corebridge Financial, Inc.,
4.40%, 04/05/2052^(b)		126,000		105,322


6.88%, 12/15/2052^(b)(c)		341,000		329,954


Delaware Life Global Funding, Series 21-1, 2.66%, 06/29/2026^(b)		1,080,000		987,995


GA Global Funding Trust, 2.90%, 01/06/2032^(b)		371,000		302,720


MAG Mutual Holding Co., 4.75%, 04/30/2041^(f)		1,039,000		892,387


MetLife, Inc., 5.00%, 07/15/2052		122,000		123,729


Nationwide Financial Services, Inc., 3.90%, 11/30/2049^(b)		292,000		232,416


Pacific Life Global Funding II,
2.84% (SOFR + 0.80%), 03/30/2025^(b)(e)		442,000		435,364


2.92% (SOFR + 0.62%), 06/04/2026^(b)(e)		232,000		223,474


	Principal Amount		Value


Life & Health Insurance–(continued)
Prudential Financial, Inc.,
3.91%, 12/07/2047	$	423,000	$	370,079


6.00%, 09/01/2052^(c)		299,000		295,507


Sammons Financial Group, Inc., 4.75%, 04/08/2032^(b)		65,000		57,141


				6,002,963



Managed Health Care–0.60%
Centene Corp.,
4.25%, 12/15/2027		93,000		88,450


4.63%, 12/15/2029		88,000		83,023


3.38%, 02/15/2030		154,000		132,270


2.50%, 03/01/2031		240,000		191,851
Kaiser Foundation Hospitals, Series 2021,
2.81%, 06/01/2041		280,000		214,870


3.00%, 06/01/2051		295,000		219,474


UnitedHealth Group, Inc., 3.70%, 05/15/2027		214,000		211,668


				1,141,606



Metal & Glass Containers–0.04%
Ball Corp., 5.25%, 07/01/2025		70,000		69,913



Movies & Entertainment–0.27%
Magallanes, Inc., 4.28%, 03/15/2032^(b)		25,000		21,802


Netflix, Inc.,
5.88%, 11/15/2028		93,000		94,275


5.38%, 11/15/2029^(b)		26,000		25,656


Tencent Music Entertainment Group (China),
1.38%, 09/03/2025		210,000		189,501


2.00%, 09/03/2030		235,000		177,651


				508,885



Multi-line Insurance–0.61%
Allianz SE (Germany), 3.20%^(b)(c)(d)		203,000		155,126


Liberty Mutual Group, Inc., 5.50%, 06/15/2052^(b)		250,000		244,513


Nationwide Mutual Insurance Co., 4.95%, 04/22/2044^(b)		830,000		753,436


				1,153,075



Multi-Utilities–0.17%
Algonquin Power & Utilities Corp. (Canada), 4.75%, 01/18/2082^(c)		368,000		319,209



Office REITs–0.66%
Alexandria Real Estate Equities, Inc.,
3.95%, 01/15/2027		438,000		427,933


2.95%, 03/15/2034		144,000		121,579


Highwoods Realty L.P., 2.60%, 02/01/2031		86,000		68,730


Office Properties Income Trust,
4.50%, 02/01/2025		436,000		408,107


2.65%, 06/15/2026		66,000		53,182


2.40%, 02/01/2027		239,000		180,903


				1,260,434



Oil & Gas Drilling–0.26%
Global Partners L.P./GLP Finance Corp., 7.00%, 08/01/2027		53,000		50,151

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


11		Invesco Bond Fund


	Principal Amount		Value


Oil & Gas Drilling–(continued)
Nabors Industries, Inc., 7.38%, 05/15/2027^(b)	$	85,000	$	82,169


NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/2026^(b)		70,000		64,146


Precision Drilling Corp. (Canada),
7.13%, 01/15/2026^(b)		17,000		16,371


6.88%, 01/15/2029^(b)		67,000		61,647


Rockies Express Pipeline LLC,
4.95%, 07/15/2029^(b)		37,000		33,422


4.80%, 05/15/2030^(b)		70,000		58,995


6.88%, 04/15/2040^(b)		57,000		47,569


Valaris Ltd.,
12.00% PIK Rate, 8.25% Cash Rate, 04/30/2028^(b)(g)		31,000		31,200


Series 1145, 12.00% PIK Rate, 8.25% Cash Rate, 04/30/2028^(g)		57,000		57,368


				503,038



Oil & Gas Equipment & Services–0.14%
Petrofac Ltd. (United Kingdom), 9.75%, 11/15/2026^(b)		256,000		193,758


USA Compression Partners L.P./USA Compression Finance Corp., 6.88%, 09/01/2027		82,000		75,932


				269,690



Oil & Gas Exploration & Production–1.46%
Aethon United BR L.P./Aethon United Finance Corp., 8.25%, 02/15/2026^(b)		176,000		176,229


Aker BP ASA (Norway), 3.10%, 07/15/2031^(b)		228,000		192,160


Apache Corp., 7.75%, 12/15/2029		149,000		158,528


Callon Petroleum Co., 8.00%, 08/01/2028^(b)		84,000		80,727


Cameron LNG LLC,
3.30%, 01/15/2035^(b)		383,000		325,509


3.40%, 01/15/2038^(b)		463,000		393,984


Earthstone Energy Holdings LLC, 8.00%, 04/15/2027^(b)		85,000		82,923


Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates),
2.16%, 03/31/2034^(b)		285,375		249,722


2.94%, 09/30/2040^(b)		431,366		361,025


Gazprom PJSC Via Gaz Finance PLC (Russia), 2.95%, 01/27/2029^(b)		415,000		213,725


Hilcorp Energy I L.P./Hilcorp Finance Co.,
6.25%, 11/01/2028^(b)		31,000		29,335


6.00%, 04/15/2030^(b)		109,000		100,497


6.25%, 04/15/2032^(b)		109,000		97,849


Murphy Oil Corp.,
6.38%, 07/15/2028		85,000		83,821


6.13%, 12/01/2042		30,000		23,514


Uzbekneftegaz JSC (Uzbekistan), 4.75%, 11/16/2028^(b)		278,000		205,719


				2,775,267



Oil & Gas Refining & Marketing–0.03%
Parkland Corp. (Canada), 4.50%, 10/01/2029^(b)		69,000		58,505


	Principal Amount		Value


Oil & Gas Storage & Transportation–3.92%
Boardwalk Pipelines L.P., 3.60%, 09/01/2032	$	98,000	$	82,673


Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp., 8.00%, 04/01/2029^(b)		171,000		169,768


Delek Logistics Partners L.P./Delek Logistics Finance Corp., 7.13%, 06/01/2028^(b)		91,000		85,142


El Paso Natural Gas Co. LLC, 8.38%, 06/15/2032		113,000		134,496


Enbridge, Inc. (Canada),
2.92% (SOFR + 0.63%), 02/16/2024^(e)		58,000		57,548


3.40%, 08/01/2051		133,000		99,404


Energy Transfer L.P.,
5.88%, 01/15/2024		85,000		86,168


5.00%, 05/15/2050		251,000		215,858


Enterprise Products Operating LLC, Series D,
6.88%, 03/01/2033		81,000		91,918


5.91% (3 mo. USD LIBOR + 2.99%), 08/16/2077^(e)		222,000		198,031


4.80%, 02/01/2049		238,000		219,295


4.20%, 01/31/2050		289,000		245,568


3.30%, 02/15/2053		187,000		138,954


EQM Midstream Partners L.P.,
7.50%, 06/01/2027^(b)		28,000		27,721


6.50%, 07/01/2027^(b)		69,000		66,727


7.50%, 06/01/2030^(b)		30,000		29,817


4.75%, 01/15/2031^(b)		48,000		41,600


Genesis Energy L.P./Genesis Energy Finance Corp.,
6.25%, 05/15/2026		42,000		38,019


8.00%, 01/15/2027		80,000		75,949


7.75%, 02/01/2028		52,000		48,283


Hess Midstream Operations L.P., 5.63%, 02/15/2026^(b)		124,000		121,136


Holly Energy Partners L.P./Holly Energy Finance Corp., 6.38%, 04/15/2027^(b)		84,000		82,196


Kinder Morgan, Inc.,
7.80%, 08/01/2031		204,000		236,103


4.80%, 02/01/2033		606,000		584,218


5.45%, 08/01/2052		599,000		583,301


Kinetik Holdings L.P., 5.88%, 06/15/2030^(b)		96,000		91,442


MPLX L.P.,
4.80%, 02/15/2029		255,000		249,259


4.70%, 04/15/2048		290,000		247,907


5.50%, 02/15/2049		405,000		386,401


4.95%, 03/14/2052		404,000		357,106


Northern Natural Gas Co., 3.40%, 10/16/2051^(b)		174,000		129,809


ONEOK Partners L.P., 6.85%, 10/15/2037		283,000		295,587


ONEOK, Inc., 6.35%, 01/15/2031		452,000		472,651


Plains All American Pipeline L.P., Series B, 6.13%^(c)(d)		36,000		30,677


Plains All American Pipeline L.P./PAA Finance Corp., 3.55%, 12/15/2029		40,000		35,063


Sunoco L.P./Sunoco Finance Corp., 5.88%, 03/15/2028		86,000		80,080

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


12		Invesco Bond Fund


	Principal Amount		Value


Oil & Gas Storage & Transportation–(continued)
Targa Resources Corp.,
5.20%, 07/01/2027	$	258,000	$	257,531


6.25%, 07/01/2052		264,000		272,436


Targa Resources Partners L.P./Targa Resources Partners Finance Corp.,
5.00%, 01/15/2028		33,000		32,219


5.50%, 03/01/2030		11,000		10,760


Venture Global Calcasieu Pass LLC, 3.88%, 11/01/2033^(b)		158,000		131,535


Williams Cos., Inc. (The),
4.55%, 06/24/2024		67,000		67,185


2.60%, 03/15/2031		405,000		338,734


4.65%, 08/15/2032		60,000		57,900


3.50%, 10/15/2051		195,000		145,804


				7,449,979



Other Diversified Financial Services–1.42%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 4.50%, 09/15/2023 DAC		323,000		321,440


Avolon Holdings Funding Ltd. (Ireland),
4.25%, 04/15/2026^(b)		164,000		151,275


2.75%, 02/21/2028^(b)		52,000		42,409


Blue Owl Finance LLC, 3.13%, 06/10/2031^(b)		40,000		30,409


Jackson Financial, Inc.,
5.17%, 06/08/2027		169,000		166,959


5.67%, 06/08/2032		216,000		209,937


Jane Street Group/JSG Finance, Inc., 4.50%, 11/15/2029^(b)		90,000		81,731


Pershing Square Holdings Ltd.,
3.25%, 11/15/2030^(b)		1,000,000		815,000


3.25%, 10/01/2031^(b)		1,000,000		792,695


Scientific Games Holdings L.P./Scientific Games US FinCo, Inc., 6.63%, 03/01/2030^(b)		107,000		95,285


				2,707,140



Packaged Foods & Meats–0.54%
JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 3.63%, 01/15/2032^(b)		272,000		235,701


Minerva Luxembourg S.A. (Brazil), 4.38%, 03/18/2031^(b)		943,000		786,467


				1,022,168



Paper Packaging–0.09%
Berry Global, Inc., 1.65%, 01/15/2027		188,000		161,745



Paper Products–0.13%
Suzano Austria GmbH (Brazil),
2.50%, 09/15/2028		121,000		102,428


Series DM3N, 3.13%, 01/15/2032		181,000		143,635


				246,063



Pharmaceuticals–0.13%
Bausch Health Cos., Inc.,
4.88%, 06/01/2028^(b)		49,000		33,934


5.25%, 02/15/2031^(b)		117,000		45,159


Mayo Clinic, Series 2021, 3.20%, 11/15/2061		219,000		163,184


				242,277


	Principal Amount		Value


Property & Casualty Insurance–0.64%
Fairfax Financial Holdings Ltd. (Canada),
4.85%, 04/17/2028	$	347,000	$	336,641


5.63%, 08/16/2032^(b)		376,000		368,837


Fidelity National Financial, Inc., 2.45%, 03/15/2031		290,000		229,985


Progressive Corp. (The), 3.70%, 03/15/2052		90,000		76,201


Stewart Information Services Corp., 3.60%, 11/15/2031		252,000		207,968


				1,219,632



Railroads–0.64%
CSX Corp.,
4.10%, 11/15/2032		392,000		379,107


4.50%, 11/15/2052		391,000		364,867


Empresa de los Ferrocarriles del Estado (Chile), 3.83%, 09/14/2061^(b)		240,000		171,448


Norfolk Southern Corp.,
3.40%, 11/01/2049		164,000		129,574


4.55%, 06/01/2053		152,000		143,565


Union Pacific Corp., 2.80%, 02/14/2032		30,000		26,698


				1,215,259



Real Estate Development–0.39%
Agile Group Holdings Ltd. (China),
5.50%, 04/21/2025^(b)		204,000		82,704


6.05%, 10/13/2025^(b)		200,000		78,818


Essential Properties L.P., 2.95%, 07/15/2031		235,000		180,872


Logan Group Co. Ltd. (China), 4.25%, 07/12/2025^(b)		200,000		33,000


Piedmont Operating Partnership L.P., 3.15%, 08/15/2030		210,000		173,046


Sino-Ocean Land Treasure Finance I Ltd. (China), 6.00%, 07/30/2024^(b)		239,000		116,034


Sino-Ocean Land Treasure IV Ltd. (China), 3.25%, 05/05/2026^(b)		200,000		82,515


				746,989



Regional Banks–2.51%
Citizens Financial Group, Inc.,
3.25%, 04/30/2030		35,000		30,919


5.64%, 05/21/2037^(c)		289,000		282,231


Series G, 4.00%^(c)(d)		290,000		247,858


Fifth Third Bancorp,
2.55%, 05/05/2027		197,000		181,598


4.77%, 07/28/2030^(c)		338,000		335,390


4.34%, 04/25/2033^(c)		198,000		188,526


Huntington Bancshares, Inc.,
4.44%, 08/04/2028^(c)		183,000		178,954


2.49%, 08/15/2036^(c)		198,000		149,723


KeyBank N.A., 4.90%, 08/08/2032		362,000		345,954


KeyCorp, 4.79%, 06/01/2033^(c)		135,000		131,642


PNC Financial Services Group, Inc. (The),
4.63%, 06/06/2033^(c)		470,000		445,531


Series U, 6.00%^(c)(d)		377,000		367,575


SVB Financial Group,
Series D, 4.25%^(c)(d)		582,000		465,142


Series E, 4.70%^(c)(d)		351,000		273,684

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


13		Invesco Bond Fund


	Principal Amount		Value


Regional Banks–(continued)
Synovus Financial Corp., 3.13%, 11/01/2022	$	303,000	$	302,659


Truist Financial Corp.,
4.12%, 06/06/2028^(c)		261,000		256,017


4.92%, 07/28/2033^(c)		616,000		590,343



4,773,746

Reinsurance–0.80%
Global Atlantic Fin Co.,
4.40%, 10/15/2029^(b)		1,031,000		918,690


3.13%, 06/15/2031^(b)		179,000		140,215


4.70%, 10/15/2051^(b)(c)		549,000		454,649


				1,513,554



Renewable Electricity–0.14%
Adani Green Energy Ltd. (India), 4.38%, 09/08/2024^(b)		298,000		268,945



Research & Consulting Services–0.04%
Dun & Bradstreet Corp. (The), 5.00%, 12/15/2029^(b)		87,000		77,308



Residential REITs–0.51%
American Homes 4 Rent L.P.,
3.63%, 04/15/2032		253,000		221,017


4.30%, 04/15/2052		126,000		101,800


Invitation Homes Operating Partnership L.P.,
2.30%, 11/15/2028		11,000		9,192


2.70%, 01/15/2034		239,000		182,300


Spirit Realty L.P.,
3.40%, 01/15/2030		483,000		416,107


2.70%, 02/15/2032		55,000		42,820


				973,236



Restaurants–0.46%
1011778 BC ULC/New Red Finance, Inc. (Canada),
3.88%, 01/15/2028^(b)		90,000		80,119


4.00%, 10/15/2030^(b)		254,000		206,456


Aramark Services, Inc., 5.00%, 04/01/2025^(b)		87,000		85,077


Arcos Dorados B.V. (Brazil), 6.13%, 05/27/2029^(b)		285,000		275,475


Papa John’s International, Inc., 3.88%, 09/15/2029^(b)		91,000		77,927


Starbucks Corp., 3.00%, 02/14/2032		73,000		63,846


Yum! Brands, Inc., 5.38%, 04/01/2032		86,000		79,282


				868,182



Retail REITs–0.62%
Agree L.P.,
4.80%, 10/01/2032		160,000		153,710


2.60%, 06/15/2033		39,000		30,523


Brixmor Operating Partnership L.P.,
4.05%, 07/01/2030		245,000		218,126


2.50%, 08/16/2031		143,000		110,768


Kimco Realty Corp., 2.25%, 12/01/2031		13,000		10,429


Kite Realty Group Trust, 4.75%, 09/15/2030		210,000		191,065


National Retail Properties, Inc., 3.50%, 04/15/2051		238,000		177,869


	Principal Amount		Value


Retail REITs–(continued)
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/2026^(b)	$	42,000	$	39,366


Regency Centers L.P., 4.13%, 03/15/2028		262,000		252,176


				1,184,032



Semiconductor Equipment–0.26%
Entegris Escrow Corp.,
4.75%, 04/15/2029^(b)		88,000		81,054


5.95%, 06/15/2030^(b)		188,000		178,608


KLA Corp., 4.95%, 07/15/2052		194,000		195,367


NXP B.V./NXP Funding LLC/NXP USA, Inc. (China), 3.40%, 05/01/2030		35,000		31,036


				486,065



Semiconductors–1.41%
Broadcom, Inc.,
2.45%, 02/15/2031^(b)		10,000		7,982


4.30%, 11/15/2032		394,000		355,118


3.47%, 04/15/2034^(b)		626,000		507,423


3.14%, 11/15/2035^(b)		405,000		307,224


3.19%, 11/15/2036^(b)		577,000		429,344


Marvell Technology, Inc., 2.95%, 04/15/2031		22,000		18,070


Micron Technology, Inc.,
4.98%, 02/06/2026		229,000		229,971


4.19%, 02/15/2027		603,000		587,516


2.70%, 04/15/2032		193,000		150,159


3.37%, 11/01/2041		97,000		68,915


Skyworks Solutions, Inc., 3.00%, 06/01/2031		13,000		10,560


				2,672,282



Soft Drinks–0.33%
Coca-Cola Icecek A.S. (Turkey), 4.50%, 01/20/2029^(b)		545,000		462,349


PepsiCo, Inc.,
3.90%, 07/18/2032		98,000		96,129


4.20%, 07/18/2052		72,000		70,749


				629,227



Sovereign Debt–2.14%
Bahamas Government International Bond (Bahamas), 9.00%, 06/16/2029^(b)		383,000		285,679


Banque Ouest Africaine de Developpement (Supranational), 5.00%, 07/27/2027^(b)		200,000		189,110


Bermuda Government International Bond (Bermuda), 5.00%, 07/15/2032^(b)		200,000		201,832


China Government International Bond (China), 2.50%, 10/26/2051^(b)		504,000		383,157


Dominican Republic International Bond (Dominican Republic), 5.30%, 01/21/2041^(b)		215,000		159,997


Egypt Government International Bond (Egypt),
3.88%, 02/16/2026^(b)		279,000		220,686


5.88%, 02/16/2031^(b)		262,000		179,321


7.50%, 02/16/2061^(b)		306,000		179,124

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


14		Invesco Bond Fund


	Principal Amount		Value


Sovereign Debt–(continued)
Guatemala Government Bond (Guatemala), 3.70%, 10/07/2033^(b)	$	258,000	$	209,605


Indonesia Government International Bond (Indonesia), 3.20%, 09/23/2061		277,000		203,204


Mexico Government International Bond (Mexico),
3.50%, 02/12/2034		247,000		207,245


4.40%, 02/12/2052		394,000		302,723


Morocco Government International Bond (Morocco), 4.00%, 12/15/2050^(b)		230,000		150,247


Oman Government International Bond (Oman), 6.25%, 01/25/2031^(b)		200,000		202,170


Perusahaan Penerbit SBSN Indonesia III (Indonesia), 3.55%, 06/09/2051^(b)		272,000		217,604


Turkey Government International Bond (Turkey), 4.75%, 01/26/2026		385,000		330,523


UAE International Government Bond (United Arab Emirates),
2.88%, 10/19/2041^(b)		247,000		203,445


3.25%, 10/19/2061^(b)		306,000		245,008


				4,070,680



Specialized Consumer Services–0.13%
Carriage Services, Inc., 4.25%, 05/15/2029^(b)		181,000		154,090


Terminix Co. LLC (The), 7.45%, 08/15/2027		75,000		87,148


				241,238



Specialized Finance–0.64%
Blackstone Private Credit Fund,
1.75%, 09/15/2024		82,000		75,510


2.63%, 12/15/2026		27,000		22,814


3.25%, 03/15/2027		294,000		252,489


Mitsubishi HC Capital, Inc. (Japan), 3.64%, 04/13/2025^(b)		682,000		667,378


National Rural Utilities Cooperative Finance Corp., 2.75%, 04/15/2032		226,000		195,297


				1,213,488



Specialized REITs–0.98%
American Tower Corp.,
2.70%, 04/15/2031		474,000		392,913


4.05%, 03/15/2032		134,000		123,127


3.10%, 06/15/2050		427,000		298,192


Crown Castle, Inc., 2.50%, 07/15/2031		211,000		173,458


EPR Properties, 4.75%,
12/15/2026		91,000		85,765


3.60%, 11/15/2031		189,000		148,452


Extra Space Storage L.P.,
3.90%, 04/01/2029		23,000		21,382


2.55%, 06/01/2031		207,000		169,131


2.35%, 03/15/2032		160,000		125,765


Life Storage L.P., 2.40%, 10/15/2031		261,000		208,502


	Principal Amount		Value


Specialized REITs–(continued)
SBA Communications Corp.,
3.88%, 02/15/2027	$	43,000	$	39,227


3.13%, 02/01/2029		95,000		78,406


				1,864,320



Specialty Chemicals–1.52%
Braskem Idesa S.A.P.I. (Mexico), 6.99%, 02/20/2032^(b)		510,000		396,066


Celanese US Holdings LLC,
5.90%, 07/05/2024		368,000		370,901


6.05%, 03/15/2025		393,000		394,157


6.17%, 07/15/2027		412,000		412,700


6.33%, 07/15/2029		115,000		114,735


6.38%, 07/15/2032		297,000		295,157


Rayonier A.M. Products, Inc., 7.63%, 01/15/2026^(b)		87,000		82,726


Sasol Financing USA LLC (South Africa),
4.38%, 09/18/2026		353,000		328,765


5.50%, 03/18/2031		591,000		497,344


				2,892,551



Specialty Stores–0.12%
PetSmart, Inc./PetSmart Finance Corp., 4.75%, 02/15/2028^(b)		250,000		223,226



Steel–0.04%
SunCoke Energy, Inc., 4.88%, 06/30/2029^(b)		90,000		74,806



Systems Software–0.48%
Camelot Finance S.A., 4.50%, 11/01/2026^(b)		259,000		241,253


Crowdstrike Holdings, Inc., 3.00%, 02/15/2029		313,000		277,456


Oracle Corp., 3.60%, 04/01/2050		556,000		379,149


VMware, Inc., 2.20%, 08/15/2031		13,000		10,155


				908,013



Technology Distributors–0.19%
Avnet, Inc., 4.63%, 04/15/2026		371,000		367,414



Technology Hardware, Storage & Peripherals–0.72%
Apple, Inc.,
3.35%, 08/08/2032		394,000		372,888


2.65%, 05/11/2050		389,000		285,400


3.95%, 08/08/2052		373,000		344,798


4.10%, 08/08/2062		393,000		361,825


				1,364,911



Thrifts & Mortgage Finance–0.01%
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 2.88%, 10/15/2026^(b)		24,000		20,205



Trading Companies & Distributors–0.90%
AerCap Global Aviation Trust (Ireland), 6.50%, 06/15/2045^(b)(c)		1,208,000		1,153,139


Air Lease Corp., 3.00%, 09/15/2023		314,000		309,721


Aircastle Ltd., 5.00%, 04/01/2023		85,000		84,974


Fortress Transportation and Infrastructure Investors LLC, 5.50%, 05/01/2028^(b)		183,000		156,007


				1,703,841

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


15		Invesco Bond Fund


	Principal Amount		Value


Trucking–1.72%
Aviation Capital Group LLC,
4.13%, 08/01/2025^(b)	$	616,000	$	578,431


3.50%, 11/01/2027^(b)		1,106,000		947,067


Penske Truck Leasing Co. L.P./PTL Finance Corp., 4.40%, 07/01/2027^(b)		93,000		90,476


Ryder System, Inc., 4.30%, 06/15/2027		138,000		134,793


SMBC Aviation Capital Finance DAC (Ireland),
4.13%, 07/15/2023^(b)		552,000		547,728


1.90%, 10/15/2026^(b)		205,000		176,060


Triton Container International Ltd. (Bermuda),
2.05%, 04/15/2026^(b)		470,000		408,295


3.15%, 06/15/2031^(b)		252,000		197,289


Uber Technologies, Inc., 4.50%, 08/15/2029^(b)		217,000		188,790


				3,268,929



Wireless Telecommunication Services–2.41%
America Movil S.A.B. de C.V. (Mexico), 5.38%, 04/04/2032^(b)		323,000		295,724


Empresa Nacional de Telecomunicaciones S.A. (Chile), 3.05%, 09/14/2032^(b)		167,000		139,767


Rogers Communications, Inc. (Canada), 4.55%, 03/15/2052^(b)		331,000		291,070


Sprint Capital Corp., 8.75%, 03/15/2032		53,000		64,051


Sprint Corp.,
7.63%, 02/15/2025		67,000		70,183


7.63%, 03/01/2026		50,000		52,946


Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC,
4.74%, 03/20/2025^(b)		496,376		498,422


5.15%, 03/20/2028^(b)		1,587,000		1,598,185


T-Mobile USA, Inc.,
2.25%, 02/15/2026		181,000		166,565


2.63%, 04/15/2026		207,000		191,858


2.70%, 03/15/2032		22,000		18,343


4.50%, 04/15/2050		246,000		215,073


3.40%, 10/15/2052		707,000		511,412


Vodafone Group PLC (United Kingdom),
3.25%, 06/04/2081^(c)		73,000		63,268


4.13%, 06/04/2081^(c)		246,000		193,556


5.13%, 06/04/2081^(c)		119,000		86,861


Xiaomi Best Time International Ltd. (China), 4.10%, 07/14/2051^(b)		200,000		126,902


				4,584,186


Total U.S. Dollar Denominated Bonds & Notes (Cost $187,111,386)				165,982,430



	Shares
Preferred Stocks–5.34%
Asset Management & Custody Banks–0.02%
Bank of New York Mellon Corp. (The), 4.70%, Series G, Pfd.^(c)		30,000		29,566



Diversified Banks–2.88%
Bank of America Corp., 6.50%, Series Z, Pfd.^(c)		865,000		872,569


Citigroup, Inc., 6.25%, Series T, Pfd.^(c)		450,000		447,727


Citigroup, Inc., 5.00%, Series U, Pfd.^(c)		956,000		891,566


	Shares		Value


Diversified Banks–(continued)
Citigroup, Inc., 4.00%, Series W, Pfd.^(c)		373,000	$	328,240


JPMorgan Chase & Co., 6.28% (3 mo. USD LIBOR + 3.47%), Series I, Pfd.^(e)		471,000		468,741


Wells Fargo & Co., 7.50%, Class A, Series L, Conv. Pfd.		1,992		2,470,080


				5,478,923



Investment Banking & Brokerage–1.76%
Charles Schwab Corp. (The), 4.00%, Series H, Pfd.^(c)		314,000		255,910


Goldman Sachs Group, Inc. (The), 5.00%, Series P, Pfd.^(c)		495,000		464,767


Morgan Stanley, 7.13%, Series E, Pfd.^(c)		62,725		1,603,878


Morgan Stanley, 6.88%, Series F, Pfd.^(c)		40,000		1,016,000


				3,340,555



Life & Health Insurance–0.13%
MetLife, Inc., 3.85%, Series G, Pfd.^(c)		274,000		255,204



Multi-Utilities–0.13%
CenterPoint Energy, Inc., 6.13%, Series A, Pfd.^(c)		271,000		252,304



Other Diversified Financial Services–0.04%
Equitable Holdings, Inc., 4.95%, Series B, Pfd.^(c)		69,000		67,296



Regional Banks–0.38%
PNC Financial Services Group, Inc. (The), 6.85% (3 mo. USD LIBOR + 4.07%), Series P, Pfd.^(e)		28,950		730,119


Total Preferred Stocks (Cost $10,407,489)				10,153,967



	Principal Amount
U.S. Treasury Securities–4.38%
U.S. Treasury Bills–0.20%
0.80% - 0.94%, 09/15/2022^(h)(i)	$	52,000		51,980


1.46% - 2.54%, 11/17/2022^(h)(i)		336,000		334,078


				386,058



U.S. Treasury Bonds–1.18%
3.38%, 08/15/2042		497,900		485,997


2.88%, 05/15/2052		1,892,700		1,744,833


				2,230,830



U.S. Treasury Notes–3.00%
3.13%, 08/15/2025		49,000		48,510


3.13%, 08/31/2027		2,167,900		2,148,762


3.13%, 08/31/2029		1,686,100		1,669,766


2.75%, 08/15/2032		1,904,600		1,837,641


				5,704,679


Total U.S. Treasury Securities (Cost $8,451,376)				8,321,567



Asset-Backed Securities–0.96%
IP Lending III Ltd., Series 2022-3A, Class SNR, 3.38%, 11/02/2026^(b)(f)		278,000		257,807


Jimmy Johns Funding LLC, Series 2017-1A, Class A2II, 4.85%, 07/30/2047^(b)		381,189		355,639

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


16		Invesco Bond Fund


	Principal
	Amount	Value


Sonic Capital LLC,
Series 2020-1A, Class A2I, 3.85%, 01/20/2050^(b)	$ 311,640	$	287,510


Series 2021-1A, Class A2I, 2.19%, 08/20/2051^(b)	208,075		167,568


Series 2021-1A, Class A2II, 2.64%, 08/20/2051^(b)	208,075		157,907


Wendy’s Funding LLC, Series 2018-1A, Class A2II, 3.88%, 03/15/2048^(b)	639,850		597,005


Total Asset-Backed Securities (Cost $2,034,786)			1,823,436



Municipal Obligations–0.32%
California (State of) Health Facilities Financing Authority (Social Bonds),
Series 2022, RB, 4.19%, 06/01/2037	145,000		137,385


Series 2022, RB, 4.35%, 06/01/2041	110,000		103,883


California State University,
Series 2021 B, Ref. RB, 2.72%, 11/01/2052	195,000		145,350


Series 2021 B, Ref. RB, 2.94%, 11/01/2052	295,000		218,314


Total Municipal Obligations (Cost $745,000)			604,932



Non-U.S. Dollar Denominated Bonds & Notes–0.30%^(j)
Food Retail–0.05%
Bellis Acquisition Co. PLC (United Kingdom), 3.25%, 02/16/2026^(b)	GBP 100,000		91,947



Movies & Entertainment–0.17%
Netflix, Inc., 3.88%, 11/15/2029^(b)	EUR 350,000		325,234


Investment Abbreviations:
Conv.		– Convertible
EUR		– Euro
GBP		– British Pound Sterling
LIBOR		– London Interbank Offered Rate
Pfd.		– Preferred
PIK		– Pay-in-Kind
RB		– Revenue Bonds
Ref.		– Refunding
REIT		– Real Estate Investment Trust
SOFR		– Secured Overnight Financing Rate
USD		– U.S. Dollar


	Principal
	Amount		Value


Pharmaceuticals–0.05%
Nidda Healthcare Holding GmbH (Germany), 3.50%, 09/30/2024^(b)	EUR	100,000	$	92,941



Sovereign Debt–0.03%
Ukraine Government International Bond (Ukraine), 4.38%, 01/27/2032^(b)	EUR	300,000		51,102


Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $919,896)				561,224



	Shares

Money Market Funds–0.17%
Invesco Government & Agency Portfolio, Institutional Class, 2.22%^(k)(l)		111,021		111,021


Invesco Liquid Assets Portfolio, Institutional Class, 2.26%^(k)(l)		93,932		93,951


Invesco Treasury Portfolio, Institutional Class, 2.14%^(k)(l)		126,881		126,881


Total Money Market Funds (Cost $331,836)				331,853



Options Purchased–0.06%
(Cost $177,909)^(m)				121,472


TOTAL INVESTMENTS IN SECURITIES–98.85% (Cost $210,179,678)				187,900,881


OTHER ASSETS LESS LIABILITIES–1.15%				2,193,112


NET ASSETS–100.00%			$	190,093,993

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


17		Invesco Bond Fund

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, 2022 was $68,975,565, which represented 36.28% 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)	Perpetual bond with no specified maturity date.

^(e)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2022.

^(f)	Security valued using significant unobservable inputs (Level 3). See Note 3.

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

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

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

^(j)	Foreign denominated security. Principal amount is denominated in the currency indicated.

^(k)

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended August 31, 2022.


							Change in
	Value		Purchases		Proceeds		Unrealized		Realized		Value
	February 28, 2022		at Cost		from Sales		Appreciation		Gain		August 31, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$ 503,687		$ 7,511,835		$ (7,904,501)		$ -		$ -		$111,021		$2,124
Invesco Liquid Assets Portfolio, Institutional Class		413,476		5,365,597		(5,685,239)		24		93		93,951		2,022
Invesco Treasury Portfolio, Institutional Class		575,642		8,584,954		(9,033,715)		-		-		126,881		2,876
Total		$1,492,805		$21,462,386		$(22,623,455)		$24		$93		$331,853		$7,022

^(l)	The rate shown is the 7-day SEC standardized yield as of August 31, 2022.

^(m)	The table below details options purchased.

Open Exchange-Traded Equity Options Purchased

Type of

Expiration

Number of

Exercise

Notional

Description

Contract

Date

Contracts

Price

Value^(a)

Value

Equity Risk

iShares iBoxx High Yield Corporate Bond ETF

Put

01/20/2023

344

USD 74.00

USD 2,545,600

102,512

^(a)	Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

Open Exchange-Traded Index Options Purchased

Type of

Expiration

Number of

Exercise

Notional

Description

Contract

Date

Contracts

Price

Value^(a)

Value

Equity Risk

S&P 500 Index

Call

03/17/2023

USD 4,400.00

USD 880,000

18,960

^(a)	Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

Open Exchange-Traded Equity Options Written

Type of

Expiration

Number of

Exercise

Notional

Description

Contract

Date

Contracts

Price

Value^(a)

Value

Equity Risk

iShares iBoxx High Yield Corporate Bond ETF

Put

01/20/2023

344

USD 65.00

USD 2,236,000

(27,176

)

^(a)	Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.


Open Futures Contracts


										Unrealized
	Number of		Expiration		Notional					Appreciation
Long Futures Contracts	Contracts		Month		Value		Value			(Depreciation)


Interest Rate Risk


U.S. Treasury 2 Year Notes		14		December-2022	$	2,916,594	$	(5,624	)	$	(5,624)


U.S. Treasury 5 Year Notes		9		December-2022		997,383		1,292			1,292


U.S. Treasury 10 Year Notes		114		December-2022		13,327,312		(62,022	)		(62,022)


U.S. Treasury Long Bonds		49		December-2022		6,656,344		(9,188	)		(9,188)


U.S. Treasury Ultra Bonds		6		December-2022		897,000		10,688			10,688


Subtotal–Long Futures Contracts								(64,854	)		(64,854)

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


18		Invesco Bond Fund

Open Futures Contracts–(continued)

Unrealized

Number of

Expiration

Notional

Appreciation

Short Futures Contracts

Contracts

Month

Value

(Depreciation)

Interest Rate Risk

U.S. Treasury 10 Year Ultra Notes

December-2022

$(11,016,500)

$102,438

Total Futures Contracts

$ 37,584

Open Forward Foreign Currency Contracts

Settlement

Contract to

Unrealized

Appreciation

Date

Counterparty

Deliver

Receive

(Depreciation)

Currency Risk

11/17/2022

Deutsche Bank AG

GBP

90,000

USD

104,709

11/17/2022

Goldman Sachs International

EUR

810,000

USD

841,517

23,328

Subtotal–Appreciation

23,333

Currency Risk

11/17/2022

Morgan Stanley and Co. International PLC

USD

457,331

EUR

447,000

(5,812)

Total Forward Foreign Currency Contracts

17,521

Abbreviations:

EUR –Euro

GBP –British Pound Sterling

USD –U.S. Dollar

Portfolio Composition

By security type, based on Net Assets

as of August 31, 2022


U.S. Dollar Denominated Bonds & Notes			87.32%


Preferred Stocks			5.34


U.S. Treasury Securities			4.38


Security Types Each Less Than 1% of Portfolio			1.64


Money Market Funds Plus Other Assets Less Liabilities			1.32

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


19		Invesco Bond Fund

Statement of Assets and Liabilities

August 31, 2022

(Unaudited)


Assets:
Investments in unaffiliated securities, at value (Cost $209,847,842)	$	187,569,028


Investments in affiliated money market funds, at value (Cost $331,836)		331,853


Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		23,333


Cash		664,140


Foreign currencies, at value (Cost $11,725)		12,253


Receivable for:
Investments sold		4


Dividends		38,374


Interest		2,090,332


Investments matured, at value (Cost $200,000)		32,000


Investment for trustee deferred compensation and retirement plans		28,873


Total assets		190,790,190



Liabilities:
Other investments:
Options written, at value (premiums received $41,613)		27,176


Variation margin payable - futures contracts		15,967


Unrealized depreciation on forward foreign currency contracts outstanding		5,812


Payable for:
Investments purchased		491,061


Dividends		46,406


Accrued fees to affiliates		27,036


Accrued trustees’ and officers’ fees and benefits		1,276


Accrued other operating expenses		52,590


Trustee deferred compensation and retirement plans		28,873


Total liabilities		696,197


Net assets applicable to common shares	$	190,093,993


Net assets applicable to common shares consist of:
Shares of beneficial interest	$	219,675,017


Distributable earnings (loss)		(29,581,024	)


	$	190,093,993



Common shares outstanding, no par value, with an unlimited number of common shares authorized:
Shares outstanding		11,415,552


Net asset value per common share	$	16.65


Market value per common share	$	15.60

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


20		Invesco Bond Fund

Statement of Operations

For the six months ended August 31, 2022

(Unaudited)


Investment income:
Interest (net of foreign withholding taxes of $549)	$	4,264,212


Dividends		185,923


Dividends from affiliated money market funds		7,022


Total investment income		4,457,157



Expenses:
Advisory fees		419,567


Administrative services fees		15,069


Custodian fees		7,721


Transfer agent fees		24,871


Trustees’ and officers’ fees and benefits		8,379


Registration and filing fees		11,948


Reports to shareholders		168,963


Professional services fees		32,527


Other		6,042


Total expenses		695,087


Less: Fees waived		(719	)


Net expenses		694,368


Net investment income		3,762,789



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(6,237,399	)


Affiliated investment securities		93


Foreign currencies		(52,446	)


Forward foreign currency contracts		131,443


Futures contracts		(853,959	)


Option contracts written		(27,660	)


		(7,039,928	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(18,773,229	)


Affiliated investment securities		24


Foreign currencies		2,090


Forward foreign currency contracts		(11,085	)


Futures contracts		40,162


Option contracts written		26,401


		(18,715,637	)


Net realized and unrealized gain (loss)		(25,755,565	)


Net increase (decrease) in net assets resulting from operations	$	(21,992,776	)

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


21		Invesco Bond Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2022 and the year ended February 28, 2022

(Unaudited)


	August 31,			February 28,
	2022			2022


Operations:
Net investment income	$	3,762,789		$	7,463,148


Net realized gain (loss)		(7,039,928	)		2,070,866


Change in net unrealized appreciation (depreciation)		(18,715,637	)		(17,518,644	)


Net increase (decrease) in net assets resulting from operations		(21,992,776	)		(7,984,630	)


Distributions to common shareholders from distributable earnings		(3,784,256	)		(13,735,198	)


Net increase (decrease) in net assets		(25,777,032	)		(21,719,828	)



Net assets:
Beginning of period		215,871,025			237,590,853


End of period	$	190,093,993		$	215,871,025

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


22		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		Years Ended						Year ended			Years Ended
	August 31,		February 28,						February 29,			February 28,
	2022		2022			2021			2020			2019			2018


Net asset value, beginning of period		$ 18.91	$	20.81		$	21.06		$	19.07		$	19.64		$	19.99


Net investment income^(a)		0.33		0.65			0.71			0.77			0.82			0.82


Net gains (losses) on securities (both realized and unrealized)		(2.26)		(1.35	)		0.52			2.27			(0.48	)		(0.16	)


Total from investment operations		(1.93)		(0.70	)		1.23			3.04			0.34			0.66


Less:
Dividends from net investment income		(0.33)		(0.66	)		(0.73	)		(0.81	)		(0.83	)		(0.83	)


Distributions from net realized gains		–		(0.54	)		(0.75	)		(0.24	)		(0.08	)		(0.18	)


Total distributions		(0.33)		(1.20	)		(1.48	)		(1.05	)		(0.91	)		(1.01	)


Net asset value, end of period		$ 16.65	$	18.91		$	20.81		$	21.06		$	19.07		$	19.64


Market value, end of period		$ 15.60	$	17.70		$	19.78		$	19.51		$	17.86		$	18.23


Total return at net asset value^(b)		(10.15)%		(3.46	)%		6.11	%		16.39	%		2.23	%		3.44	%


Total return at market value^(c)		(10.07)%		(4.94	)%		8.88	%		15.13	%		3.15	%		1.12	%


Net assets, end of period (000’s omitted)		$190,094	$	215,871		$	237,591		$	239,766		$	216,913		$	223,433


Portfolio turnover rate^(d)		64%		137	%		173	%		158	%		143	%		160	%



Ratios/supplemental data based on average net assets:
Ratio of expenses:


With fee waivers and/or expense reimbursements		0.69%^(e)		0.52	%		0.54	%		0.53	%		0.57	%		0.55	%


Without fee waivers and/or expense reimbursements		0.69%^(e)		0.52	%		0.54	%		0.53	%		0.57	%		0.55	%


Ratio of net investment income to average net assets		3.77%^(e)		3.17	%		3.39	%		3.83	%		4.30	%		4.04	%

^(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 Trust’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.


23		Invesco Bond Fund

Notes to Financial Statements

August 31, 2022

(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 diversified, 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 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 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. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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.

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

Securities for which market quotations are not readily available and unreliable 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/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general 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, acts of terrorism, 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.

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


24		Invesco Bond Fund

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 and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D.	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.

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.

I.	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 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


25		Invesco Bond Fund

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.

LIBOR Risk – The Fund may have investments in financial instruments that utilize the London Interbank Offered Rate (“LIBOR”) as the reference or benchmark rate for variable interest rate calculations. LIBOR is intended to measure the rate generally at which banks can lend and borrow from one another in the relevant currency on an unsecured basis. The UK Financial Conduct Authority (“FCA”), the regulator that oversees LIBOR, announced that the majority of LIBOR rates would cease to be published or would no longer be representative on January 1, 2022. Although the publication of most LIBOR rates ceased at the end of 2021, a selection of widely used USD LIBOR rates continues to be published until June 2023 to allow for an orderly transition away from these rates.

There remains uncertainty and risks relating to the continuing LIBOR transition and its effects on the Fund and the instruments in which the Fund invests. There can be no assurance that the composition or characteristics of any alternative reference rates (“ARRs”) or financial instruments in which the Fund invests that utilize ARRs will be similar to or produce the same value or economic equivalence as LIBOR or that these instruments will have the same volume or liquidity. Additionally, there remains uncertainty and risks relating to certain “legacy” USD LIBOR instruments that were issued or entered into before December 31, 2021 and the process by which a replacement interest rate will be identified and implemented into these instruments when USD LIBOR is ultimately discontinued. The effects of such uncertainty and risks in “legacy” USD LIBOR instruments held by the Fund could result in losses to the Fund.

M.	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.

N.	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.

O.	Other Risks - Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates near historical lows. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. 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 could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs. Additionally, from time to time, uncertainty regarding the status of negotiations in the U.S. Government to increase the statutory debt limit, commonly called the “debt ceiling”, could increase the risk that the U.S. Government may default on payments on certain U.S. Government securities, cause the credit rating of the U.S. Government to be downgraded, increase volatility in the stock and bond markets, result in higher interest rates, reduce prices of U.S. Treasury securities, and/or increase the costs of various kinds of debt. If a U.S. Government-sponsored entity is negatively impacted by legislative or regulatory action, is unable to meet its obligations, or its creditworthiness declines, the performance of a Fund that holds securities of that entity will be adversely impacted.

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.

COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Fund’s performance.


26		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, 2022, 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 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”) 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 June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 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, 2022, the Adviser waived advisory fees of $719.

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, 2022, expenses incurred under this agreement are shown in the Consolidated 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 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 or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the 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, 2022. 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	$	–	$	165,090,043	$	892,387	$	165,982,430


Preferred Stocks		5,820,077		4,333,890		–		10,153,967


U.S. Treasury Securities		–		8,321,567		–		8,321,567


Asset-Backed Securities		–		1,565,629		257,807		1,823,436


Municipal Obligations		–		604,932		–		604,932


Non-U.S. Dollar Denominated Bonds & Notes		–		561,224		–		561,224


Money Market Funds		331,853		–		–		331,853


Options Purchased		121,472		–		–		121,472


Total Investments in Securities		6,273,402		180,477,285		1,150,194		187,900,881



Other Investments - Assets*


Investments Matured		–		32,000		–		32,000


Futures Contracts		114,418		–		–		114,418


Forward Foreign Currency Contracts		–		23,333		–		23,333


		114,418		55,333		–		169,751


27		Invesco Bond Fund


	Level 1			Level 2			Level 3		Total



Other Investments - Liabilities*


Futures Contracts	$	(76,834	)	$	–		$	–	$	(76,834	)


Forward Foreign Currency Contracts		–			(5,812	)		–		(5,812	)


Options Written		(27,176	)		–			–		(27,176	)


		(104,010	)		(5,812	)		–		(109,822	)


Total Other Investments		10,408			49,521			–		59,929


Total Investments	$	6,283,810		$	180,526,806		$	1,150,194	$	187,960,810

*	Forward foreign currency contracts and futures contracts are valued at unrealized appreciation (depreciation). Investments matured and options written are shown at value.

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, 2022:


	Value
	Currency			Equity			Interest
Derivative Assets	Risk			Risk			Rate Risk			Total


Unrealized appreciation on futures contracts – Exchange-Traded^(a)	$	–		$	–		$	114,418		$	114,418


Unrealized appreciation on forward foreign currency contracts outstanding		23,333			–			–			23,333


Options purchased, at value – Exchange-Traded^(b)		–			121,472			–			121,472


Total Derivative Assets		23,333			121,472			114,418			259,223


Derivatives not subject to master netting agreements		–			(121,472	)		(114,418	)		(235,890	)


Total Derivative Assets subject to master netting agreements	$	23,333		$	–		$	–		$	23,333



	Value
	Currency			Equity			Interest
Derivative Liabilities	Risk			Risk			Rate Risk			Total


Unrealized depreciation on futures contracts – Exchange-Traded^(a)	$	–		$	–		$	(76,834	)	$	(76,834	)


Unrealized depreciation on forward foreign currency contracts outstanding		(5,812	)		–			–			(5,812	)


Options written, at value – Exchange-Traded		–			(27,176	)		–			(27,176	)


Total Derivative Liabilities		(5,812	)		(27,176	)		(76,834	)		(109,822	)


Derivatives not subject to master netting agreements		–			27,176			76,834			104,010


Total Derivative Liabilities subject to master netting agreements	$	(5,812	)	$	–		$	–		$	(5,812	)

^(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, 2022.

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

Deutsche Bank AG

$ 5

$ –

$ 5

$–

Goldman Sachs International

23,328

–

23,328

–

23,328

Morgan Stanley and Co. International PLC

–

(5,812)

–

(5,812

)

Total

$23,333

$(5,812)

$17,521

$–

17,521


28		Invesco Bond Fund

Effect of Derivative Investments for the six months ended August 31, 2022

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 Risk			Equity Risk			Interest Rate Risk			Total


Realized Gain (Loss):
Forward foreign currency contracts	$	131,443		$	-		$	-		$	131,443


Futures contracts		-			-			(853,959	)		(853,959	)


Options purchased^(a)		-			(16,008	)		-			(16,008	)


Options written		-			(27,660	)		-			(27,660	)


Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		(11,085	)		-			-			(11,085	)


Futures contracts		-			-			40,162			40,162


Options purchased^(a)		-			(77,342	)		-			(77,342	)


Options written		-			26,401			-			26,401


Total	$	120,358		$	(94,609	)	$	(813,797	)	$	(788,048	)

^(a)	Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation (depreciation) of investment securities.

The table below summarizes the average notional value of derivatives held during the period.


	Forward Foreign Currency Contracts		Futures Contracts		Equity Options Purchased		Index Options Purchased		Equity Options Written		Index Options Written


Average notional value	$	1,093,627	$	42,805,978	$	2,545,600	$	3,086,250	$	2,236,000	$	2,506,500


Average contracts		–		–		344		7		344		5

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 did not have a capital loss carryforward as of February 28, 2022.

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, 2022 was $57,553,892 and $61,262,922, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	1,082,731


Aggregate unrealized (depreciation) of investments		(23,835,094	)


Net unrealized appreciation (depreciation) of investments	$	(22,752,363	)

Cost of investments for tax purposes is $210,713,173.


29		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,

2022

Beginning shares

11,415,552

Shares issued through dividend reinvestment

–

Ending shares

11,415,552

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, 2022:

Declaration Date

Amount per Share

Record Date

Payable Date

September 1, 2022

$0.0590

September 15, 2022

September 30, 2022

October 3, 2022

$0.0590

October 17, 2022

October 31, 2022


30		Invesco Bond Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, 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, 2022. 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 that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. 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, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees 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 mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge 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 contract renewal 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 2, 2022 and June 13, 2022, 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 is a summary of 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 in prior years 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. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2022.

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, valuation and compliance risks, and technology used to manage such risks. 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. 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 considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the remote and hybrid working environment resulting from the novel coronavirus (“COVID-19”) pandemic and paved the way for a hybrid working framework in a normalized environment as employees return to the office. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems

preparedness and ongoing investment enabled Invesco Advisers 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 are appropriate and satisfactory.

The Board reviewed the services that may be provided 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 in which the Fund may invest, make recommendations regarding securities and assist with security trades. 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 are appropriate and satisfactory.

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, 2021 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 the Fund’s performance was in the first quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that there were only six funds (including the Fund) in the performance universe. The Board noted that the Fund’s performance was above the performance of the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a 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


31		Invesco Bond Fund

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 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 fee rate for shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that there were only four funds (including the Fund) in the expense group. The Board noted that the term “contractual 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 Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

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 also 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 based on the combined asset size of the Invesco Funds. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements as well as Invesco Advisers’ 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 Funds individually. 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.

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.


32		Invesco Bond Fund

Proxy Results

A Joint Annual Meeting (“Meeting”) of Shareholders of Invesco Bond Fund (the “Fund”) was held on August 8, 2022. 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:


	Matter	Votes For		Votes Withheld


(1).	Cynthia Hostetler		9,703,541.72		137,866.66
	Eli Jones		9,685,128.72		156,279.66
	Prema Mathai-Davis		9,667,577.72		173,830.66
	Ann Barnett Stern		9,701,796.72		139,611.66
	Daniel S. Vandivort		9,666,941.72		174,466.66


33		Invesco Bond Fund

(This page intentionally left blank)

Correspondence information

Send general correspondence to Computershare Trust Company, N.A., P.O. Box 505000, Louisville, KY 40233-5000.

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.

LOGO


SEC file number(s): 811-02090		VK-CE-BOND-SAR-1

ITEM 2.

CODE OF ETHICS.

Not applicable for a semi-annual report.

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6.

SCHEDULE OF INVESTMENTS.

Investments in securities of unaffiliated issuers is included as part of the reports to stockholders filed under Item 1 of this Form.

ITEM 7.

DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT COMPANIES.

Not applicable.

ITEM 9.

PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None.

ITEM 11.

CONTROLS AND PROCEDURES.

(a)

As of October 18, 2022, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (“Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of October 18, 2022, the Registrant’s disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(b)

There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12.

DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13.

EXHIBITS.


13(a) (1)		Not applicable.

13(a) (2)		Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002.

13(a) (3)		Not applicable.

13(a) (4)		Not applicable.

13(b)		Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Registrant: Invesco Bond Fund

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

Date:		November 4, 2022

Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


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

Date:		November 4, 2022

By:		/s/ Adrien Deberghes
		Adrien Deberghes
		Principal Financial Officer

Date:		November 4, 2022

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