Company: VBF
Filing Date: 2025-11-07
Form Type: N-CSRS
Source: 0001193125-25-271159
Chunk: 28

Company: Invesco Bond Fund
Filing Date: 2025-11-07
Form: N-CSRS
Chunk 28
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-fundbasis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent audited annual reports for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components. The independent Trustees reviewed and considered information provided in response to follow-uprequests for information submitted by the independent Trustees to management regarding the Fund’s limited peer group. The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusivefee structures, which are not easily un-bundled. The Board also considered the services that may be provided by the Affiliated Sub-Adviserspursuant to the sub-advisorycontracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Adviserspursuant to the sub-advisorycontracts.

| D. | Economies of Scale and Breakpoints |

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board

acknowledged the limitations in calculating and measuring the economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund may benefit from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party