VBF - Invesco Bond Fund

What this means for you

Sit Investment is known for pushing closed-end funds to narrow the gap between price and value. For now it has told the regulator it is not seeking changes. One other large investor owns more than 5% of this fund and has said the same; that is common for banks, brokers and index funds that hold shares for their clients.

Nothing is required of you. If an investor changes its mind, it must file a new notice within days, and it will show up here.

Email me if this changes

What happened, and when

1. June 4, 2026

   Sit Investment raised its stake to 11.2% (from 5.9%), as a passive investor.

   Original document →

2. April 14, 2026

   First Trust Portfolios L.P. cut its stake to 8.6% (from 13.1%), as a passive investor.

   Original document →

3. Jan 14, 2026

   First Trust Portfolios L.P. cut its stake to 13.1% (from 16.6%), as a passive investor.

   Original document →

4. Oct 17, 2025

   First Trust Portfolios L.P. cut its stake to 16.6% (from 20.2%), as a passive investor.

   Original document →

5. Oct 2, 2025

   Sit Investment raised its stake to 5.9% (from 3.9%), as a passive investor.

   Original document →

About this fund

• Run by Invesco Advisers, Inc. As of Feb 28, 2026, from the fund's yearly report. Original document →
• Size: about $182 million of holdings, as of Aug 31, 2026. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund does not borrow. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 0.4% a year in management fees; 0.6% a year in total, including interest on borrowed money. Fiscal year ended Feb 28, 2026. As of Feb 28, 2026, from the fund's yearly report. Original document →
  Among the 90 funds we follow that invest in bonds, none charges a lower management fee and none charges less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year (ended Feb 28, 2026) the fund paid $0.84 a share, all of it income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Feb 28, 2026, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Feb 28, 2026): $16.63. The shares traded at $15.43, about 7.2% below that. As of Feb 28, 2026, from the fund's yearly report. Original document →
• How the holdings did: down 1.1% over the last three months we have (June-Aug 2026), before the share price is taken into account. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 1995.

How this has changed

• Payouts per share: $0.84 in the fiscal year ended Feb 28, 2026; $0.86 in the year ended Feb 28, 2025; $0.81 in the year ended Feb 29, 2024.As of Feb 28, 2026, from the fund's annual report. Original document →
• None of those payouts was your own money back; all of it was income or gains.As of Feb 28, 2026, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 0.57% a year in the fiscal year ended Feb 28, 2026; 0.62% a year in the year ended Feb 28, 2025; 0.57% a year in the year ended Feb 29, 2024.As of Feb 28, 2026, from the fund's annual report. Original document →
• Size of the holdings: about $190 million at Feb 28, 2026; $188 million at Feb 28, 2025; $184 million at Feb 29, 2024. From the fund's quarterly holdings reports. Original documents: Feb 28, 2026 →, Feb 28, 2025 →, Feb 29, 2024 →.
• Borrowing: about 3% on top of its own money at Feb 28, 2026; none at Feb 28, 2025; 3% at Feb 29, 2024. From the fund's quarterly holdings reports. Original documents: Feb 28, 2026 →, Feb 28, 2025 →, Feb 29, 2024 →.
• The fund had about 11.4 million shares at Feb 28, 2026, about the same as at Feb 29, 2024.As of Feb 28, 2026, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Feb 28, 2026: the shares returned +4.5%, counting payouts; the holdings +6.7%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Feb 28, 2026, from the fund's annual report. Original document →
• The year ended Feb 28, 2025: the shares returned +4.4%, counting payouts; the holdings +7.5%. As of Feb 28, 2025, from the fund's annual report. Original document →
• The year ended Feb 29, 2024: the shares returned +2.4%, counting payouts; the holdings +5%. As of Feb 29, 2024, from the fund's annual report. Original document →
• The year ended Feb 28, 2023: the shares returned -3.9%, counting payouts; the holdings -10.1%. As of Feb 28, 2023, from the fund's annual report. Original document →
• The year ended Feb 28, 2022: the shares returned -4.9%, counting payouts; the holdings -3.5%. As of Feb 28, 2022, from the fund's annual report. Original document →
• Those five years together: the shares returned +2%. $10,000 of shares bought at the start (March 1, 2021) would have become about $10,200 by Feb 28, 2026, with every payout counted, before tax. As of Feb 28, 2026, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to Aug 31, 2026: +2.3%. The quarterly reports carry no share price, so this is the holdings alone. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Of the 76 funds that invest in bonds with a fiscal year ending within six months of this one, 48 reported a higher share return for that year and 27 a lower one. As of Feb 28, 2026, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly bonds (88%), the rest preferred shares, asset-backed bonds and loans. About 73% issued in the U.S.

1. Morgan Stanley - 1.4%
2. CoreWeave Compute Acquisition Co. VIII, LLC, Delayed Draw Term Loan - 1.4%
3. Wells Fargo & Co., Series L, Conv. Pfd. preferred shares - 1.3%
4. Cash and short-term - 0.7%
5. Foundry JV Holdco LLC - 0.7%
6. Eagle Funding LuxCo S.a.r.l. - 0.5%
7. Raising Canes Restaurants, L.L.C., Term Loan - 0.5%
8. MAG Mutual Holding Co. - 0.5%
9. Beignet Investor LLC - 0.5%
10. Qts (Project Thunder) - 0.5%

As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →